---

        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, January 15, 2018, Vol. 19, No. 010


                            Headlines


B U L G A R I A

ENEMONA: Financial Regulator to Delist Shares Due to Insolvency


C R O A T I A

AGROKOR DD: Says Many of Units Insolvent, Value Less Than Debt


F I N L A N D

NORDIC PACKAGING: S&P Affirms 'B' Long-Term CCR, Outlook Stable


G E R M A N Y

NIKI: Austrian Administrator to Cooperate with German Counterpart


I R E L A N D

PURPLE FINANCE 1: Moody's Assigns B1 Rating to Class F Notes
PURPLE FINANCE 1: S&P Assigns B-(sf) Rating to Class F Notes


L U X E M B O U R G

ARD SECURITIES: Moody's Rates New $350MM Sr. Sec. PIK Notes Caa2
ARD SECURITIES: S&P Assigns 'B+' Long-Term CCR, Outlook Positive
BOARDRIDERS SA: Moody's Puts Caa1 CFR on Review for Upgrade


R O M A N I A

BANCA TRANSILVANIA: Bancpost Deal Neutral for Ratings, Fitch Says


R U S S I A

DELOPORTS LLC: Global Ports Deal Creates Uncertainty, Fitch Says
PHOSAGRO BOND: Moody's Rates Proposed Sr. Unsecured USD LPNs Ba1
PHOSAGRO BOND: Fitch Assigns 'BB+(EXP)' Rating to Proposed LPNs


S E R B I A

JAGODINSKA PIVARA: Asset Auction Scheduled for February 8


S W E D E N

COM HEM: S&P Places 'BB' CCR on Watch Positive on Tele2 AB Merger


U N I T E D   K I N G D O M

CARILLION PLC: Appeals for State-Backed Rescue
ENSCO PLC: Moody's Lowers Senior Unsecured Notes Rating to B3
MARB BONDCO: S&P Rates New 2025 Senior Unsecured Notes 'B+'
MCMULLEN FACADES: Creditors Won't Get Paid Following Takeover
PRECISE MORTGAGE 2018-1B: Moody's Rates Class X Notes (P)Caa2

PRECISE MORTGAGE 2018-1B: Fitch Rates Class E Notes 'BB(EXP)sf'


X X X X X X X X

* BOND PRICING: For the Week January 8 to January 12, 2018


                            *********



===============
B U L G A R I A
===============


ENEMONA: Financial Regulator to Delist Shares Due to Insolvency
---------------------------------------------------------------
SeeNews reports that Bulgaria's financial regulator said it has
delisted engineering, construction and energy group Enemona from
the register of public companies due to a court decision
declaring the company insolvent.

According to SeeNews, the Financial Supervision Commission said
in a statement on Jan. 10 the regulator has decided to remove the
company's shares, preferred shares and warrants from the register
of public companies, thus delisting them from the Bulgarian Stock
Exchange.

The company was declared insolvent by a court decision from
Oct. 24, filed with the country's commercial register, SeeNews
relates.

The insolvency proceedings were opened in 2015 after a complaint
by Dutch lender ING Bank over claims amounting to BGN261,765 from
Enemona and BGN4.7 million from Enemona's subsidiary -- Enemona
Unitilities, SeeNews recounts.  The companies were due to repay
the loan at end-August 2015 but failed to do so, SeeNews notes.

According to a list of the company's creditors, filed with the
country's commercial register last year, Enemona's biggest
creditors include Societe Generale Expressbank, owed BGN21.1
million, Unicredit Bulbank - BGN19.5 million, Bulgaria's National
Revenue Agency - BGN16 million, Investbank - BGN14.6 million, and
DSK Bank - BGN11.1 million, SeeNews discloses.



=============
C R O A T I A
=============


AGROKOR DD: Says Many of Units Insolvent, Value Less Than Debt
--------------------------------------------------------------
SeeNews reports that Croatia's ailing Agrokor said that many of
its units are insolvent, with their collective worth estimated to
be substantially lower than the total debt they owe.

According to SeeNews, Agrokor said in its monthly report on
Jan. 10 the expected cash flows of the group are insufficient to
service the current debt in a reasonable period of time.

In December, Agrokor proposed a debt settlement plan which
foresees a debt-for-equity swap and a partial debt write-off,
SeeNews relates.

"The draft settlement plan offers the creditors a transparent,
quick, fair and equitable solution designed to preserve the
maximum total value," SeeNews quotes Agrokor as saying.  "In
order to achieve this, a total separation of assets from legacy
liabilities is proposed as well as a separation of old
shareholders of Agrokor from the new group planned to be formed
as well as a full restructuring of pre-petition debt through a
combination of re-instated debt and equity."

It added that after the completion of the process, the creditors
would represent 100% ownership and would take full operational
control over Agrokor, SeeNews notes.

Major suppliers and minority shareholders of Agrokor have,
however, opposed the plan, saying that only the biggest creditors
will gain from the swap, SeeNews relays.

The minority shareholders said earlier this month that the debt
settlement plan is designed to pave the way for a takeover of the
healthy part of Agrokor at an extremely low price, and at the
expense of minority shareholders and suppliers of the food-to-
retail concern, SeeNews recounts.

Agrokor, however, argued on Jan. 10 that the settlement plan
presents a path and the next steps necessary to be taken to
successfully finalize the extraordinary administration procedure,
SeeNews notes.

The settlement proposal must be submitted to the Commercial Court
in Zagreb by April 10, 2018 at the latest, SeeNews discloses.
The settlement plan is first voted on by the creditors, while the
final confirmation rests with the Commercial Court in Zagreb,
according to SeeNews.

                         About Agrokor DD

Founded in 1976 and based in Zagreb, Crotia, Agrokor DD is the
biggest food producer and retailer in the Balkans, employing
almost 60,000 people across the region with annual revenue of
some HRK50 billion (US$7 billion).

On April 10, 2017, the Zagreb Commercial Court allowed the
initiation of the procedure for extraordinary administration over
Agrokor and some of its affiliated or subsidiary companies.  This
comes on the heels of an April 7, 2017 proposal submitted by the
management board of Agrokor Group for the administration
proceedings for the Company pursuant to the Law of Extraordinary
Administration for Companies with Systemic Importance for the
Republic of Croatia.

Mr. Ante Ramljak was simultaneously appointed extraordinary
commissioner/trustee for Agrokor on April 10.

In May 2017, Agrokor dd, in close cooperation with its advisors,
established that as of March 31, 2017, it had total liabilities
of HRK40.409 billion.  The company racked up debts during a rapid
expansion, notably in Croatia, Slovenia, Bosnia and Serbia, a
Reuters report noted.

On June 2, 2017, Moody's Investors Service downgraded Agrokor
D.D.'s corporate family rating (CFR) to Ca from Caa2 and the
probability of default rating (PDR) to D-PD from Ca-PD. The
outlook on the company's ratings remains negative.  Moody's also
downgraded the senior unsecured rating assigned to the notes
issued by Agrokor due in 2019 and 2020 to C from Caa2.  The
rating actions reflect Agrokor's decision not to pay the coupon
scheduled on May 1, 2017 on its EUR300 million notes due May 2019
at the end of the 30-day grace period. It also factors in Moody's
understanding that the company is not paying interest on any of
the debt in place prior to Agrokor's decision in April 2017 to
file for restructuring under Croatia's law for the Extraordinary
Administration for Companies with Systemic Importance.

On June 8, 2017, Agrokor's Agrarian Administration signed an
agreement on a financial arrangement agreement worth EUR480
million, including EUR80 million of loans granted to Agrokor by
domestic banks in April. In addition to this amount, additional
buffers are also provided with additional EUR50 million of
potential refinancing credit. The total loan arrangement amounts
to EUR1,060 million, of which a new debt totaling EUR530 million
and the remainder is intended to refinance old debt.


=============
F I N L A N D
=============


NORDIC PACKAGING: S&P Affirms 'B' Long-Term CCR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings said that it affirmed its 'B' long-term
corporate credit rating on Finland-based Nordic Packaging and
Container Holdings Ltd. and its subsidiary Nordic Packaging And
Container (Finland) Holdings Oy. S&P also affirmed the 'B' issue
rating on the senior secured facilities (EUR40 million revolving
credit facility and EUR315 million first lien) issued by Nordic
Packaging And Container (Finland) Holdings Oy. The outlook on
both entities remains stable.

The affirmation follows NPAC's announcement on Dec. 22, 2017 that
it had entered into an agreement with Mondi Group to sell its
semichemical fluting business activities (Powerflute) for EUR365
million. The transaction is expected to close in the first half
of 2018, upon receipt of regulatory approvals.

After the disposal of Powerflute (a EUR42 million EBITDA
packaging business), NPAC's operations will be limited to its
Corenso operations and the manufacture of coreboards and cores.
NPAC will generate annual EBITDA of about EUR30 million and have
over 800 employees.

S&P said, "Although NPAC has not yet commented on the final
application of the disposal proceeds (EUR365 million), we believe
that it will repay at least EUR195 million of the EUR315 million
term loan B, reducing the leverage to 4.0x (as required under the
current senior facility agreement). We believe that the company
might apply the remainder of the proceeds (approximately EUR170
million) to fund shareholder payments and transaction expenses.

"Although we do not yet have the final transaction details, we
believe that this transaction could remain rating-neutral.

"The disposal will, in our view, result in a slightly weaker
business risk profile but lead to a significant improvement in
credit metrics, due to the expected reduction in leverage (to at
least 4.0x). Our view of the financial risk profile, which
remains unchanged (FS-6) given the sponsor's aggressive historic
track record, will continue to constrain the rating."

After the disposal, the group will have a strong niche position
in coreboard and cores, particularly in the Nordics, good EBITDA
margins, and an adequate geographic diversification (in terms of
both sales and manufacturing footprint). S&P's assessment also
reflects the small size of its operations, exposure to recycled-
content prices, and the fragmented, competitive, and commoditized
nature of its operations.

As required under the current senior facility agreement, leverage
is likely to decline to 4.0x. S&P has not received any guidance
from the company, but believe that any further reduction in
leverage is unlikely and that the remainder of the sales proceeds
is likely to fund payments to shareholders.

S&P also does not expect any movement in the 'B' issue rating on
the senior secured facilities.

S&P said, "The stable outlook reflects our expectation that the
disposal of Powerflute will result in a lower leverage and
improved financial metrics but a somewhat weaker business risk
profile.

"We could lower the ratings if profit margins, earnings, cash
flows, or liquidity deteriorated significantly. This could be
triggered by the loss of key customers (such as Stora Enso),
prolonged plant closures, cost increases, or adverse economic
conditions. We could also lower the ratings if leverage post the
sale of Powerflute remained above 5.0x or the sponsor pursued a
more aggressive financial policy, causing financial metrics to
materially deviate from our expectations.

"We could raise the ratings if we changed our view of the
sponsor's financial policy, for instance if the sponsor openly
committed to maintaining a sustainably lower level of leverage,
equivalent to S&P Global Ratings adjusted debt to EBITDA of less
than 5.0x.

"We will review our ratings upon receipt and satisfactory review
of all final transaction details and documentation."


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


NIKI: Austrian Administrator to Cooperate with German Counterpart
-----------------------------------------------------------------
Reuters reports that insolvent airline Niki's new Austrian
administrator Ulla Reisch plans to build on her German
counterpart's work and reach a solution for the airline within
three weeks, she said.

Insolvency proceedings technically have to start from scratch
after an Austrian court decided that the case, which so far has
been handled in Germany, should move to Austria, Reuters notes.

"We will not start from the beginning as if there had never been
proceedings in this case," Mr. Reisch told Reuters.

"I think a solution can be found within 2 to 3 weeks."

                        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.


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


PURPLE FINANCE 1: Moody's Assigns B1 Rating to Class F Notes
------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Purple Finance
CLO 1 Designated Activity Company:

-- EUR173.7M Class A Senior Secured Floating Rate Notes due
    2031, Definitive Rating Assigned Aaa (sf)

-- EUR45.7M Class B Senior Secured Floating Rate Notes due 2031,
    Definitive Rating Assigned Aa2 (sf)

-- EUR20.4M Class C Senior Secured Deferrable Floating Rate
    Notes due 2031, Definitive Rating Assigned A2 (sf)

-- EUR15M Class D Senior Secured Deferrable Floating Rate Notes
    due 2031, Definitive Rating Assigned Baa2 (sf)

-- EUR13.8M Class E Senior Secured Deferrable Floating Rate
    Notes due 2031, Definitive Rating Assigned Ba2 (sf)

-- EUR9.5M Class F Senior Secured Deferrable Floating Rate Notes
    due 2031, Definitive Rating Assigned B1 (sf)

RATINGS RATIONALE

Moody's definitive rating of the rated notes addresses the
expected loss posed to noteholders by the legal final maturity of
the notes in 2031. The definitive ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, Natixis Asset
Management ("NAM"), has sufficient experience and operational
capacity and is capable of managing this CLO.

Purple Finance CLO 1 Designated Activity Company is a managed
cash flow CLO. At least 95% of the portfolio must consist of
senior secured loans and up to 5% of the portfolio may consist of
unsecured obligations, second-lien loans, mezzanine loans and/or
high yield bonds. The portfolio is expected to be approximately
67.7% ramped up as of the closing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe.

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

In addition to the seven classes of notes rated by Moody's, the
Issuer has issued EUR30.3M of subordinated notes which will not
be rated.

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

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

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

Loss and Cash Flow Analysis:

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

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

Par amount: EUR300,000,000

Diversity Score: 36

Weighted Average Rating Factor (WARF): 2700

Weighted Average Spread (WAS): 3.50%

Weighted Average Recovery Rate (WARR): 44%

Weighted Average Life (WAL): 8 years

As part of the base case, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
country risk ceiling (LCC) of A1 or below. As per the portfolio
constraints, exposures to countries with local currency country
risk ceiling ratings of A1 or below cannot exceed 10%, with
exposures to countries local currency country risk ceiling
ratings of Baa1 to Baa3 further limited to 5%. As a worst case
scenario, a maximum 5% of the pool would be domiciled in
countries with LCC of A3 and 5% in countries with LCC of Baa3.
The remainder of the pool will be domiciled in countries which
currently have a LCC of Aa3 and above. Given this portfolio
composition, the model was run with different target par amounts
depending on the target rating of each class of notes as further
described in the methodology. The portfolio haircuts are a
function of the exposure size to peripheral countries and the
target ratings of the rated notes and amount to 0.75% for the
Class A Notes, 0.50% for the Class B Notes, 0.375% for the Class
C Notes and 0% for Classes D, E and F Notes.

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3105 from 2700)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: 0

Class B Senior Secured Floating Rate Notes: -1

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: 0

Class F Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3510 from 2700)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: 0

Class B Senior Secured Floating Rate Notes: -3

Class C Senior Secured Deferrable Floating Rate Notes: -4

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: 0

Further details regarding Moody's analysis of this transaction
may be found in the pre-sale report, available on Moodys.com.

Methodology Underlying the Rating Action:

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


PURPLE FINANCE 1: S&P Assigns B-(sf) Rating to Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Purple Finance CLO
1 DAC's floating-rate class A, B, C, D, E, and F notes. At
closing, Purple Finance CLO 1 also issued an unrated subordinated
class of notes.

Purple Finance CLO 1 is a European cash flow collateralized loan
obligation (CLO), securitizing a portfolio of primarily senior
secured euro-denominated leveraged loans and bonds issued by
European borrowers. Natixis Asset Management is the collateral
manager.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following such
an event, the notes permanently switch to semiannual payment. The
portfolio's reinvestment period ends approximately four years
after closing.

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average 'B'
rating. We consider that the portfolio is well-diversified,
primarily comprising broadly syndicated speculative-grade senior
secured term loans and senior secured bonds. Therefore, we have
conducted our credit and cash flow analysis by applying our
criteria for corporate cash flow collateralized debt obligations.

"In our cash flow analysis, we used the EUR300 million target par
amount, the covenanted weighted-average spread (3.50%), the
covenanted weighted-average coupon (5.00%), and the target
minimum weighted-average recovery rates at the 'AAA' rating level
as indicated by the manager. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category."

Elavon Financial Services DAC is the bank account provider and
custodian. The documented downgrade remedies are in line with our
current counterparty criteria.

Following the application of S&P's structured finance ratings
above the sovereign criteria, it considers that the transaction's
exposure to country risk is sufficiently mitigated at the
assigned rating levels.

S&P considers that the issuer is bankruptcy remote, in accordance
with its legal criteria.

Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, it believes its ratings are
commensurate with the available credit enhancement for each class
of notes.

RATINGS LIST

  Ratings Assigned

  Purple Finance CLO 1 DAC
  EUR308.4 Million Senior Secured Floating-Rate Notes And
  Subordinated Notes

  Class                 Rating           Amount
                                       (mil. EUR)

  A                     AAA (sf)          173.7
  B                     AA (sf)            45.7
  C                     A (sf)             20.4
  D                     BBB (sf)           15.0
  E                     BB (sf)            13.8
  F                     B- (sf)             9.5
  Sub                   NR                 30.3

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


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


ARD SECURITIES: Moody's Rates New $350MM Sr. Sec. PIK Notes Caa2
----------------------------------------------------------------
Moody's Investors Service has assigned a Caa2 instrument rating
to the new $350 million senior secured PIK notes due 2023 and
borrowed by ARD Securities Finance S.a.r.l. Concurrently, Moody's
has also withdrawn the corporate family rating (CFR) of B2,
probability of default rating (PDR) of B2-PD and stable outlook
at Ardagh Packaging Group Ltd and assigned a B2 CFR, B2-PD PDR
and stable outlook at ARD Securities Finance S.a.r.l., the new
topmost holding company carrying rated debt. The move of the CFR
and PDR reflects both the current transaction and changes to the
legal structure of the group in 2017 around the IPO of the
operating company Ardagh Group S.A.

RATINGS RATIONALE

The Caa2 instrument rating for the new PIK notes reflect their
ranking in the capital structure of Ardagh, after both the
secured and unsecured debt of operating company Ardagh Group
S.A., as well as the existing PIK toggle notes at ARD Finance
S.A., a holding company of Ardagh Group S.A. and wholly-owned
subsidiary of ARD Securities Finance Sarl. The new PIK notes will
be secured by a pledge over the shares of ARD Finance S.A.

The new PIK notes add 0.2x to Moody's-adjusted debt/EBITDA so
that pro-forma leverage is at 7.2x for the twelve months to
September 2017. Hence Ardagh's leverage remains high for the
rating category.

The B2 CFR continues to reflect (i) the high leverage, (ii)
aggressive financial policy, and (iii) high share of commoditised
products, particularly in the metals business for which pricing
pressure needs to be offset by cost and efficiency improvements,
innovation and volume growth in a highly competitive operating
environment. However, it also reflects the (i) scale, (ii) market
positions and (iii) diversity of the company, which also provides
for opportunities to generate EBITDA improvements from synergies,
cost savings and targeted capital investments. Moody's also
expects the company to generate meaningful free cash flow.

Ardagh's liquidity remains solid with EUR504 million of cash in
the group as of September 2017. In addition, the group entered
into an additional committed $850 million asset-backed revolving
credit facility in December 2017. The next material debt
maturities are the $440 million 6% senior notes due June 2021.

Rating Outlook

The stable outlook continues to reflect Moody's expectation of
gradual deleveraging of the business in 2018, particularly at
listed Ardagh Group S.A. level. However, this does not consider
further debt-funded acquisitions or shareholder remuneration, of
which the company has a track record.

What can change the rating up/down

Given Ardagh's currently high leverage, meaningful steps of
deleveraging, for the entire group, would be needed for upward
pressure to develop. More specifically, the ratings could come
under positive pressure should Ardagh be able to reduce Moody's-
adjusted debt/EBITDA sustainably below 5.5x and sustainably
generate Moody's-adjusted free cash flow to debt above 5%.
Conversely, the ratings could come under negative pressure should
the company deviate from a gradual deleveraging trajectory, for
example from weakening operating performance or further debt
increases, so that Moody's-adjusted debt/EBITDA remains
materially above 7.0x for an extended period of time, or if free
cash flow weakens thereby reducing the group's ability to repay
debt.

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass, and Plastic Containers published in
September 2015.

Ardagh Packaging Group Ltd, registered in Luxembourg, is a
leading supplier of glass and metal containers. Pro forma for
acquisitions, the company generated sales of approximately EUR7.6
billion in 2016.


ARD SECURITIES: S&P Assigns 'B+' Long-Term CCR, Outlook Positive
----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term corporate credit
rating to Luxembourg-based financing subsidiary ARD Securities
Finance S.a r.l. The outlook is positive.

S&P also assigned its 'B-' issue rating to the proposed $350
million payment-in-kind (PIK) notes due 2023, to be issued by ARD
Securities Finance. The '6' recovery rating reflects its
expectation of negligible (0%) recovery in the event of default.

At the same time, S&P affirmed the 'B+' long-term corporate
credit ratings on Luxembourg-registered glass and metal packaging
manufacturer Ardagh Group S.A., its Ireland-based subsidiary
Ardagh Packaging Group, and financial holding companies Ardagh
Packaging Holdings and ARD Finance. The outlooks are positive.

S&P also affirmed the 'BB' issue ratings and '1' recovery rating
on Ardagh's senior secured debt, the 'B' issue ratings and '5'
recovery rating on Ardagh's senior unsecured debt, and the 'B-'
issue rating and '6' recovery rating on ARD Finance's
subordinated PIK toggle notes.

The issue and recovery ratings on the proposed PIK notes are
based on preliminary information and are subject to the
successful issuance of these notes and our satisfactory review of
the final documentation.

The majority shareholders of metal and glass packaging company
Ardagh Group S.A., plan to raise $350 million through the
issuance of new PIK notes. The notes will be issued through the
newly incorporated ARD Securities Finance S.a.r.l., a subsidiary
of ultimate holding company ARD Holdings S.A. that sits above ARD
Finance S.A. in the organization hierarchy. ARD Finance S.A.
issued the existing $770 million and EUR845 million PIK toggle
notes. The new issuance will be secured by shares of ARD Finance,
which comprises 92.1% of the listed Ardagh Group, but will be
deeply subordinated to the group's secured and unsecured debt,
and to the existing PIK toggle notes.

S&P said, "Although we view the transaction as aggressive and
contrary to the group's stated intention to reduce leverage, the
amount of additional debt is not significant compared with the
group's total adjusted debt of about EUR9.4 billion as of Sept.
30, 2017. The increase in leverage is only about 0.2x of total
leverage according to our previous 2018 forecasts. We would
expect proceeds from the operating group to be used to service,
and ultimately repay this holding company debt, either through
dividends or refinancing at the operating company. In addition,
we still expect reported leverage at the Ardagh Group level
(i.e., excluding the PIK instruments and our adjustments) to fall
to below 4.5x-5.0x. The reduced leverage will likely be supported
by EBITDA growth and strong cash generation and we expect the PIK
instruments to be largely paid down following the first call date
in September 2019." This level is consistent with the upper bound
of the range management has intimated is acceptable for the
listed entity.

The transaction does not affect S&P's view of the group's
improving business risk, which continues to underpin the positive
outlook on the ratings. Ardagh is the third-largest global
manufacturer of metal beverage cans and this complements its
leadership positions in glass beverage packaging and metal food
packaging. S&P considers that Ardagh's business risk profile has
been enhanced by the acquisition of metal and beverage operations
from Ball Corporation and Rexam PLC in 2016, as these
acquisitions added further scale and partly mitigate substitution
risk at its mature glass businesses.

Ardagh's primary focus is on the relatively stable beverage and
food end markets, and the global glass container and metal
packaging markets are highly consolidated. Our business risk
assessment also reflects Ardagh's relatively strong
profitability, underpinned by its scale, efficient cost base, and
ability to manage input cost changes.

The positive outlook signifies that there is still at least a
one-in-three chance of an upgrade in 2018 if S&P sees further
evidence that Ardagh has successfully integrated its acquired
assets and demonstrated strong cash flow generation.

S&P said, "We could raise the ratings on Ardagh if we consider
that the group's business risk has substantively improved
following the successful integration of recent acquisitions. We
would expect to see evidence in the form of stable underlying
operating performance, with improved profitability and cash
flows.

"We could raise the ratings in the event that the group's
financial policy appear to be more creditor-friendly, and if we
believe that free operating cash flow will be utilized primarily
for debt repayment, with a lower likelihood of leverage
increasing above 7.0x. This transaction does not support this
view.

"We could revise the outlook down to stable if operational
performance weakened, for example, due to problems integrating
the group's new assets, quality problems, or the loss of key
customers. In such a scenario, we would not expect to see
improved profitability or consider that the group's business risk
was materially enhanced by its recent acquisitions.

"We could also revise the outlook to stable if Ardagh's financial
risk profile deteriorated, or we no longer believed that its
financial policy had become more benign, for instance, after
large purely debt-funded acquisitions or a material increase in
shareholder remuneration, beyond the group's stated dividend
policy."


BOARDRIDERS SA: Moody's Puts Caa1 CFR on Review for Upgrade
-----------------------------------------------------------
Moody's Investors Service placed the ratings of Boardriders S.A.
on review for upgrade, including its Caa1 Corporate Family
Rating, Caa1-PD Probability of Default Rating and Caa1 rating on
its 9.5% Senior Notes due 2020. Boardriders S.A. is a Luxembourg-
based indirect subsidiary of Boardriders, Inc..

The review was prompted by the announcement that Boardriders'
signed a definitive agreement to acquire all of the shares of
Billabong International Limited for A$1.00 per share, for a total
enterprise value of A$380 million, or 7.4 times Billabong's pro-
forma FY17 earnings before interest, tax, depreciation and
amortization. The transaction is expected to close in April 2018.

"The transaction combines the two premier companies in the global
action sports apparel industry with complementary business
philosophies, product offerings and geographic footprints, which
could potentially drive material cost savings over time," stated
Moody's Apparel analyst, Mike Zuccaro. "These potential strategic
benefits have prompted Moody's review for upgrade."

Ratings placed on Review for Upgrade:

Issuer: Boardriders SA

-- Corporate Family Rating at Caa1

-- Probability of Default Rating at Caa1-PD

-- Senior Unsecured Regular Bond/Debenture at Caa1(LGD4)

Outlook Actions:

Issuer: Boardriders SA

-- Outlook, Changed Rating Under Review from Positive

RATINGS RATIONALE

While both companies have made progress in recent operational
turnaround efforts, a meaningful amount of uncertainty remains
with regards to sustainably in light of ongoing challenged in the
global apparel and footwear industry. The transaction will also
give rise to significant integration risk, and the company's
final capital structure has not yet been disclosed.

The review will focus on recent operating performance and the
level of integration risk associated with the transaction, as
well as the amount and timing of any potential synergies. It will
also focus on how the transaction will be financed and the timing
of operating and credit metric improvement following closing of
the transaction. Moody's notes that the review could extend
longer than 90 days in the event of a lengthy regulatory review
of the transaction.

Boardriders S.A. is a Luxembourg-based indirect subsidiary of
Boardriders, Inc., which designs and distributes branded apparel,
footwear, accessories, and related products under brands
including Quiksilver, Roxy and DC.


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


BANCA TRANSILVANIA: Bancpost Deal Neutral for Ratings, Fitch Says
-----------------------------------------------------------------
Fitch Ratings says the recent announcement by Romania-based
Banca Transilvania (BT, BB/Stable/bb) that it plans to acquire
the smaller retail lender Bancpost in the local market is
currently neutral for the bank's ratings.

On 24 November 2017, BT and Eurobank Group (Eurobank) jointly
announced that they had reached an agreement on the acquisition
by BT of Eurobank's shares in Bancpost and two smaller consumer
finance and leasing subsidiaries in Romania (together, BP). The
financial terms of the transaction, including the acquisition
price and its funding source, have not been disclosed. The
transaction is expected to closed in 2Q18 following regulatory
approval.

Based on publicly available information on the transaction Fitch
believe the acquisition and the possible subsequent merger with
BP will not alter significantly BT's credit profile and financial
metrics and thus will have no immediate impact on the bank's
ratings. At the same time, Fitch view the acquisition as
strategically sound and positive for the development of the
bank's franchise, and it should underpin BT's strong positioning
in the domestic market.

Based on end-2016 accounts (the latest date for which IFRS
accounts are available for both banks), BP could contribute
around 19% of BT's and BP's combined assets, while adding around
3% to BT's 13% share in sector assets. BP's predominantly retail
lending and funding profile fits well with that of BT, with the
latter set to benefit from its strengthened franchise in the core
retail business segment (52% and 65% of BT's loans and deposits
respectively at end-1H17).

Fitch believes that the clean-up of BP's balance-sheet planned by
Eurobank prior to the deal will help to eliminate pressure on
BT's asset quality. At end-2016, BP reported impaired loans at
14% of loans (standalone) with 50% coverage by reserves;
residential mortgages contributed nearly half of the loan
impairment. BT itself reported individually impaired loans at
10.6% of loans at end-1H17 with reasonable 64% reserve coverage.
Fitch estimates if BP was to merge with BT in its form as of end-
2016, the combined entity's asset quality metrics would only be
marginally weaker than those of BT.

Concentration risks have been limited at BT and Fitch do not
expect these to increase as a result of the acquisition given
BP's retail lending focus (61% of loans), while BP also had a
moderate exposure to cyclical sectors such as construction and
real estate (around 8% of loans, comparable to BT). FX lending
levels, mostly in EUR (70% of the total), were higher at BP at
47% of net loans at end-2016 than BT's 24%, although on a
combined basis these levels would increase only moderately to 28%
of net loans.

BP's profitability metrics are weaker than those of BT (pre-
impairment profit/average assets ratios of 1.3% and 3.6%,
respectively, in 2016), constrained by weaker cost efficiency,
although the effect on BT's performance should be rather limited
since BP's pre-impairment profit was below 10% of BT's in 2016.
Greater scale economies as a result of the transaction could be
positive for BT's performance. Fitch estimates that on a combined
basis, pre-impairment profit would have been equal to a solid 3%
of average assets, or 6% of net loans at end-2016, allowing
absorption of some of the weaknesses in BP's credit profile.

Fitch expects the effect of the acquisition on BT's
capitalisation to be contained: based on Fitch assumption that
the acquisition price and dividends together will not exceed
expected profit for 2017, Fitch estimate that BT's Fitch Core
Capital (FCC) ratio should still be above a solid 18% after the
acquisition compared with 18.6% at end-2016. Fitch estimate BP's
FCC ratio at 17.7% at end-2016, although its net impaired loans
were significant at around 40% FCC (BT: 19% at end-1H17). These
levels would need to be assessed post-transaction, taking into
account the planned balance-sheet clean-up at BP, but even prior
to any clean-up unreserved impaired loans of the combined banks
would still be manageable, at slightly above 20% of FCC, due to
BT's large capital base effect.

Deposit funding is key to both banks (85%-91% of liabilities),
dominated by retail deposits (63%-65% of the total) and Fitch
forecast that the loans/deposits ratio will be at around 70% on a
combined basis (at end-2016 BT: 71%, BP: 68%). Liquidity cushions
were sizeable at both banks (over 30% of assets) while BP was a
net creditor to Eurobank at end-2016. Should it need to repay all
parent group borrowings (including the subordinated debt of
RON0.5 billion, 4% of liabilities), its liquidity cushion would
still be large relative to its remaining liabilities.

Based on the information available Fitch do not foresee downside
to BT's ratings following the acquisition, while upside could
arise from the continued reduction of problem assets, maintenance
of solid solvency and profitability metrics and robust risk
controls in a period of aggressive growth (see also 'Fitch
Affirms 4 Romanian Banks' IDRs; Upgrades Banca Comerciala
Romana's VR' dated Oct. 9, 2017 at ww.fitchratings.com).

Fitch will evaluate further the impact of the transaction on BT's
credit profile once more information is available.


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


DELOPORTS LLC: Global Ports Deal Creates Uncertainty, Fitch Says
----------------------------------------------------------------
Fitch Ratings believes that Management Company "Delo" LLC's
(parent company of LLC DeloPorts) proposed purchase of a 30.75%
stake in Global Ports Investment PLC (Global Ports; BB/Negative)
creates uncertainty for DeloPorts' ratings (BB-/Stable).

Fitch estimates that the purchase price was significant and close
to the market value. Sources of financing and the final
acquisition structure are unknown. In addition, the transaction
remains subject to certain conditions, including antimonopoly
approval.

The agency notes that Deloports has some financial flexibility in
its capital structure despite the ongoing expansion programme and
that the recent financial performance has been encouraging. In
addition, the agency understands that the company remains
committed to a long-term leverage target of net debt/EBITDA of
2.0x.

Fitch will monitor whether any new debt will be raised at
DeloPorts or its subsidiaries to fund the acquisition price. The
new structure is expected to be known in April 2018. If it causes
DeloPorts' consolidated debt/EBITDA to exceed 2.5x on a sustained
basis in Fitch's rating case, the agency could take negative
rating action as this leverage would not be commensurate with the
ratings.

Fitch does not anticipate changes in ratings for Global Ports, as
a result of the change in the shareholding.

LLC DeloPorts is a privately-held Russian holding company that
owns and operates several stevedoring assets in the Russian port
of Novorossiysk. Its two main subsidiaries are the container
terminal NUTEP and the grain terminal KSK.

Global Ports is a leading container terminal operator serving
Russian cargo flows in the Baltic and the Far-East basins.


PHOSAGRO BOND: Moody's Rates Proposed Sr. Unsecured USD LPNs Ba1
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating with a loss
given default assessment of LGD4 to the proposed senior unsecured
USD loan participation notes (LPNs) to be issued by PhosAgro Bond
Funding DAC (Ba1 stable). PhosAgro Bond Funding DAC is a company
incorporated as a designated activity company under the laws of
Ireland.

The outlook on the rating is stable.

PhosAgro Bond Funding DAC will issue the notes for the sole
purpose of financing a loan to PJSC PhosAgro (PhosAgro, Ba1
stable), pursuant to a loan agreement between the two companies.

The loan will be guaranteed by PhosAgro's key operating
subsidiary, JSC Apatit, which accounts for more than 80% of the
group's consolidated revenue, EBITDA and assets.

Moody's expects that the issuance proceeds will be mostly used
for repayment of PhosAgro's outstanding notes due February 13,
2018.

RATINGS RATIONALE

The proposed notes' rating of Ba1 is at the same level as
PhosAgro's corporate family rating (CFR), reflecting Moody's
assumption that the notes will rank pari passu with the other
unsecured and unsubordinated obligations of PhosAgro's group.

These obligations include two Ba1-rated outstanding LPNs issues,
$500 million each, due February 13, 2018 and November 3, 2021,
respectively, of PhosAgro Bond Funding DAC.

Moody's expects that the issuance proceeds will be mostly used
for repayment of the notes due February 13, 2018. Therefore, the
issuance will not materially increase PhosAgro's leverage.

PhosAgro's Ba1 CFR continues to reflect a high degree of
robustness in its financial profile, supported by its (1)
significant global market presence and focus on premium priced
fertilisers; (2) self-sufficiency in key raw materials and
respectively low cost base, additionally supported by the weak
rouble, and ability to deliver relatively high margins through
the cycle; and (3) solid financial and liquidity profile.

The CFR is constrained by PhosAgro's exposure to Russia's
macroeconomic environment and is at the same level as Russia's
sovereign rating and the foreign-currency bond country ceiling of
Ba1.

PhosAgro remains exposed to Russia's environment, despite the
significant contribution of exports to revenue (66.4% in 2016 and
61.9% for the first nine months of 2017), given that all
company's production facilities are located within Russia.

In addition, PhosAgro's rating factors in its susceptibility to
the current weakness of the global fertiliser market and, more
broadly, the cyclical nature of the fertiliser industry, which is
heightened by the company's concentration in phosphate
fertilisers and its smaller size when compared to its global peer
group.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook on PhosAgro's ratings factors in (1) the
stable outlook on Russia's sovereign rating and the positioning
of the country's sovereign ceiling; and (2) PhosAgro's solid
intrinsic credit quality.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Moody's could consider upgrading PhosAgro's ratings if Moody's
were to upgrade Russia's sovereign rating and/or raise the
foreign-currency bond country ceiling, provided that there is no
material deterioration in operating conditions or company-
specific factors.

The ratings are likely to be downgraded if (1) there is a
downgrade of Russia's sovereign rating and a lowering of the
foreign-currency bond country ceiling; (2) the company's
liquidity profile deteriorates; and/or (3) the company fails to
deliver adjusted RCF/debt above 15% and adjusted debt/EBITDA
below 3x on a sustainable basis.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Global Chemical
Industry Rating Methodology published in December 2013.

Headquartered in Moscow, PhosAgro is the holding company of a
group of chemical companies engaged in the manufacture of
phosphate and complex fertilisers. In the 12 months to September
2017, PhosAgro generated sales of RUB175.7 billion ($3.0 billion)
and adjusted EBITDA of RUB53.7 billion ($920 million). The
company generates nearly a third of its revenues from the Russian
market, whilst deriving the remainder from exports to 100
countries. It is ultimately controlled by Mr. Andrey Guriev and
his family members, who have a voting stake of 48.48%.


PHOSAGRO BOND: Fitch Assigns 'BB+(EXP)' Rating to Proposed LPNs
---------------------------------------------------------------
Fitch Ratings has assigned PhosAgro Bond Funding Designated
Activity Company's proposed issue of loan participation notes
(LPNs) an expected senior unsecured rating of 'BB+(EXP)'. Fitch
will assign the notes a final rating upon receipt of final
documentation materially conforming to the information reviewed.

The proposed LPNs have major terms and conditions identical to
the outstanding USD500 million LPNs due 2021 (BB+). Both issues
represent a loan from the issuer, Phosagro Bond Funding
Designated Activity Company, an Ireland-based private limited
liability company, to the borrower, PJSC PhosAgro (PhosAgro)
(BB+/Positive), pursuant to the terms of a loan agreement. The
noteholders will benefit from the irrevocable and unconditional
guarantee of JSC Apatit, PhosAgro's major mining and production
subsidiary.

KEY RATING DRIVERS

Key LPN Terms: The LPNs will be used to refinance PhosAgro's
outstanding USD500 million LPNs maturing in February 2018. They
contain covenants similar to the outstanding notes', including
negative pledge, pari passu, cross default, a covenant fall-away
clause under investment-grade status, and they have no financial
covenants.

Positive Rating Outlook: The Outlook reflects Fitch's expectation
of PhosAgro's FFO net adjusted leverage moving towards the
positive guideline of 1.5x after 2018, following the completion
of its expansion capex programme. This is underpinned by
PhosAgro's strong market position and market-leading cost
competitiveness, which continue to support its strong cash
generation capacity and allow it to reduce leverage at a time of
low fertiliser prices and moderate capex.

Fertiliser Pricing Recovery: In 2017 diammonium phosphate (DAP)
and urea prices exceeded expectations. DAP 2017 prices averaged
about USD350/t, above both the USD345/t factual 2016 average and
the USD340/t Fitch-expected 2017 average levels. Similarly, the
2017 average price for urea of about USD220/t was above the 2016
average of USD199/t and Fitch-expected 2017 average of USD210/t.
The price was supported by China's progress in reducing capacity
and a rise in Chinese domestic demand, higher sulphur and ammonia
costs, and by The Mosaic Company's (BBB-/Stable) recently
announced 2mt DAP capacity suspension for at least 2018.

Strong Performance Despite Pressure: PhosAgro's overall profile
has remained strong during the ongoing broad market pressure if
compared to those of its peers eg, Mosaic due to the rouble
depreciation having pushed it to the first quartile on the DAP
cash cost curve since 2015, as the majority of its costs are
rouble-denominated. PhosAgro also has a smaller capex programme
than its peers such as OCP S.A. (BBB-/Negative), with capital
intensity peaking in 2015-2016, moderating during 2017-2018 and
declining to historical lows from 2019 onwards as its low-cost
760kt ammonia and 500kt urea plants are completed.

Capex Moderate After 2018: Fitch expect PhosAgro's capex to
remain slightly above RUB30 billion, or 16%-18% of sales, over
2017 and 2018 as all nitrogen and most phosphate capacity
expansion is completed. After 2018 phosphate mining development
and maintenance become the key factors behind the reduced capex
level, which is expected closer to RUB20 billion, or 10%-12% of
sales, in 2019 and 2020. Fitch therefore expect that capex to
EBITDA will revert to the company's 50% long-term target after
2018.

Commitment to Reduce Leverage: Management has a history of public
announcements targeting the 1x net debt/EBITDA, which it came
close to reaching in 2015 after paying back debt and posting
record earnings. The company deviated from the target in 2016-
2017 as fertiliser price pressure combined with the temporary
capex peak and a dividend payout that was linked to the previous
year's strong performance. Its largest capex projects, mainly new
ammonia and urea plants, came to an end in 2017 and with prices
expected to set above the 2016 lows.

Fitch forecasts PhosAgro will be able to achieve its positive
guideline after 2018 and foresees a general reduction in leverage
over the rating horizon.

Risk of Market Volatility: A combination of dividend policy (up
to 50% of net income) and capex policy (up to 50% of EBITDA)
would translate into neutral free cash-flow generation and an
ability to stay at a targeted leverage level given broadly stable
fertiliser and FX markets. However, significant market
volatility, similar to that in 2016-2017, may translate into a
deviation from the company's commitment to reduce leverage.
Remedial measures such as a temporary dividend cut would become
critical to the company's ability to revert to the targeted
leverage level within a reasonable period.

DERIVATION SUMMARY

PhosAgro's 'BB+' IDR reflects PhosAgro's strong operational cash-
flow generation, which largely covers its capex and dividends, as
well as operations in the first quartile of the global phosphate
fertilisers cost curve. Its global phosphate peers include OCP
(BBB-/Negative) and Mosaic (BBB-/Stable). Both are leveraged at
over 4x on low fertiliser pricing and are expected by Fitch to
deleverage to below 4x over the rating horizon as OCP's capex
moderates and Mosaic deleverages after its operations are
rationalised and dividends are cut.

PhosAgro's Russian peers include EuroChem Group AG (BB/Negative)
and PJSC Uralkali (BB-/Negative), both on Negative Outlook.
EuroChem is facing low and volatile fertiliser prices and is
expected to delever after its 2017 capex peak as its potash
projects come online. Uralkali's 2015-2016 share buybacks, amidst
low fertiliser pricing, are driving its Negative Outlook. The
ability to generate positive free cash flow and reduce absolute
debt in a depressed price environment is key in current market
circumstances.

No Country Ceiling or parent/subsidiary aspects impact the
rating. PhosAgro's IDR reflects incorporates the higher-than-
average systemic risk associated with its operations concentrated
in Russia.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch Rating Case for PhosAgro:
- fertiliser prices in line with Fitch's fertiliser price deck;
- USD/RUB forecast at 61 in 2018 and 60 thereafter;
- dividend payout assumed to moderate at 30% in 2018 before
   increasing towards 50% in 2019-2020;
- post 2017 positive FCF leading to debt reduction and FFO
   adjusted net leverage moving gradually towards 1.5x.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Positive FCF from 2018 leading to debt reduction and FFO
   adjusted net leverage at or below 1.5x
- Evidence of moving towards management's leverage target of net
   debt-to-EBITDA of 1x

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- FFO adjusted net leverage at or above 2.5x for a sustained
   period
- EBITDAR margin below 20% for a sustained period

LIQUIDITY

Healthy Liquidity: PhosAgro's end-3Q17 liquidity is manageable
with short-term non-public debt of RUB4 billion covered by its
RUB6 billion cash cushion and its RUB29 billion LPNs falling due
in February 2018 likely to be refinanced with the prospective
LPNs. Fitch expectations of positive free cash-flow generation in
2018 add comfort to the issuer's liquidity level.


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


JAGODINSKA PIVARA: Asset Auction Scheduled for February 8
---------------------------------------------------------
SeeNews reports that Serbia's Bankruptcy Supervision Agency said
it is selling the production facilities of insolvent state-
controlled beer and non-alcoholic drinks producer Jagodinska
Pivara.

According to SeeNews, the Bankruptcy Supervision Agency said in a
statement on Jan. 9 the auction will take place on Feb. 8 at a
starting price of RSD355.5 million (US$3.6 million/EUR3.0
million).

The list of assets put up for sale includes a beverage production
factory, yeast and bottling factories, silos and storage
facilities in Nis, Krusevac and Pozarevac, an office building and
machinery, SeeNews discloses.

A deposit of RSD142.2 million is required to participate in the
tender, SeeNews notes.

The Bankruptcy Supervision Agency put Jagodinska Pivara on the
list of state-owned companies to be liquidated in August 2016,
SeeNews recounts.  The company's debt exceeds RSD2.5 billion,
SeeNews relays, citing media reports.



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


COM HEM: S&P Places 'BB' CCR on Watch Positive on Tele2 AB Merger
-----------------------------------------------------------------
S&P Global Ratings placed its 'BB' long-term corporate credit
rating on Swedish cable operator Com Hem Holding AB and 'BB'
issue ratings on the group's debt on CreditWatch with positive
implications.

The CreditWatch placement follows the announcement on Jan. 10,
2018, that Tele2 (not rated) and Com Hem have agreed to merge
through a combination of cash and shares. Com Hem's shareholders
will receive approximately 26.9% of shares in Tele2 and Swedish
krona (SEK) 6.6 billion (equivalent to EUR675 million) in cash.
We understand the proposed transaction, which we expect will
close in the second half of 2018, is subject to customary
regulatory approvals.

The combined entity will have much larger scale, with annual pro
forma revenues of SEK31.8 billion, compared with about SEK7.1
billion for Com Hem. It will also become a strong No. 2 player in
Sweden with a complementary product portfolio offering mobile and
fixed telecom services, including a No. 2 position in mobile and
fixed broadband and a No. 1 position in digital TV in Sweden.
Furthermore, the combined entity will have some geographic
diversification, with operations in eight countries, although
about 70% of revenues and a greater portion of EBITDA will come
from Sweden. This will be partly offset by lower profitability
and a small presence in riskier countries, including Kazakhstan.

S&P said, "Furthermore, we believe that the credit ratios of the
combined entity will be better than Com Hem's stand-alone ratios.
Pro forma reported net debt to EBITDA for the 12 months to end-
September 2017 was 2.8x (excluding Tele2 Netherlands and Tele2
Austria,) compared with 3.7x for Com Hem. Over time, we
understand that credit ratios will strengthen, given a financial
policy targeting reported net debt to EBITDA of 2.0x-2.5x,
compared with 3.5x-4.0x for Com Hem.

"We plan to resolve the CreditWatch after the transaction closes,
which we expect will take place in the second half of 2018. We
anticipate at least a two-notch upgrade once we complete our
analysis, after assessing the future business prospects,
strategy, capital structure and free operating cash flow
generation of the enlarged entity."


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


CARILLION PLC: Appeals for State-Backed Rescue
----------------------------------------------
Ben Marlow and Tom Rees at The Telegraph report that bosses at
Carillion have appealed for a state-backed rescue, telling
ministers that its survival rests on a bail-out of the firm's
most troubled contracts.

According to The Telegraph, the crisis-hit construction firm, one
of the largest suppliers of services to the public sector, has
called on the government to step in to reduce the financial
burden of a string of failed projects around the country.  It is
understood that the cry for help centres around three public
private partnership (PPP) contracts in the UK, The Telegraph
states.

Although the company has refused to name the trio of bungled
contracts, problems with building the GBP350 million Midland
Metropolitan Hospital in Smethwick, expensive delays constructing
the GBP335 million Royal Liverpool Hospital and a GBP550 million
stretch of the Aberdeen bypass, top the list, The Telegraph
notes.

It has also asked Whitehall to pledge to dramatically speed up
future outstanding payments, The Telegraph relays.

The Government is notoriously slow at settling bills with
contractors, and frequent delays have exacerbated Carillion's
cash crunch, according to The Telegraph.

The company's advisers are attempting to pull-off one of the most
complex restructuring deals in recent memory, assembling a
coalition of banks, bondholders, suppliers, and other creditors.
However, government intervention is crucial, The Telegraph
discloses.

Carillion plc employs about 43,000 people worldwide and provides
services to half the UK's prisons, as well as hundreds of
hospitals and schools.


ENSCO PLC: Moody's Lowers Senior Unsecured Notes Rating to B3
-------------------------------------------------------------
Moody's Investors Service downgraded Ensco plc's (Ensco) senior
unsecured notes to B3 from B2, and simultaneously assigned a B3
rating to the company's proposed $500 million senior notes, due
2026. Moody's also affirmed Ensco's B2 Corporate Family Rating
(CFR), B2-PD Probability of Default Rating (PDR) and SGL-1
Speculative Grade Liquidity Rating. The rating outlook remains
negative.

The proposed 2026 senior unsecured notes will rank equally in
right of payment with all of Ensco's existing senior unsecured
notes. Net proceeds will be primarily used to redeem nearer term
maturities through a cash tender offer process that was launched
concurrently with the note offering.

"The downgrade of the notes reflects the structural subordination
of the notes to Ensco's revolving credit facility, which has
guarantees from material Ensco subsidiaries and thereby has a
priority claim to Ensco's assets," commented Sajjad Alam, Moody's
Senior Analyst. "The negative outlook captures the ongoing weak
fundamentals of the offshore drilling industry and Ensco's
increasing financial leverage despite pro-active maturity
management and liquidity enhancing initiatives."

The following summarizes rating action:

Affirmed:

Issuer: Ensco plc

-- Corporate Family Rating, Affirmed B2

-- Probability of Default Rating, Affirmed B2-PD

-- Speculative Grade Liquidity Rating, Affirmed SGL-1

-- Commercial Paper, Affirmed NP

Assigned:

Issuer: Ensco plc

-- Senior Unsecured Regular Bond/Debentures, Assigned B3 (LGD4)

Downgraded:

Issuer: Ensco plc

-- Senior Unsecured Regular Bond/Debentures, Downgraded to B3
    (LGD4), from B2 (LGD4)

Issuer: ENSCO International Incorporated

-- Senior Unsecured Regular Bond/Debenture, Downgraded to B3
    (LGD4), from B2 (LGD4)

Issuer: Pride International, Inc.

-- Senior Unsecured Regular Bond/Debentures, Downgraded to B3
    (LGD4), from B2 (LGD4)

Outlook Actions:

Issuer: Ensco plc

-- Maintain Negative Outlook

Issuer: ENSCO International Incorporated

-- Maintain Negative Outlook

Issuer: Pride International, Inc.

-- Maintain Negative Outlook

RATINGS RATIONALE

Ensco's B2 CFR reflects its high and increasing financial
leverage, declining cash flow and elevated re-contracting risks
in a weak offshore contract drilling market. A large number of
Ensco's rigs are scheduled to come off contract in 2018 and
Moody's expects these rigs to transition to lower rates or remain
unutilized. While contracting activity increased in the second
half of 2017, especially in shallow water markets, dayrates could
remain depressed near cash breakeven levels through 2019 because
of persistent global oversupply of rigs and weak customer demand.
While the acquired high-quality Atwood rigs has significantly
improved Ensco's market position and contracting prospects in an
eventual market recovery, these rigs may remain underutilized for
an extended period. The B2 rating is underpinned by Ensco's pro
forma $3.2 billion of contracted revenue backlog as of September
30, 2017, strong liquidity, large and mostly high quality
offshore fleet, excellent operating track record and
diversification across geography, rig types, and customers all of
which have provided credit support in this protracted industry
downturn.

Ensco's senior unsecured notes are rated B3, one notch below the
B2 because of their structural subordination to the $2 billion
revolving credit facility that benefit from operating subsidiary
guarantees, which were granted during the most recent credit
facility amendment following the Atwood acquisition. The revolver
has a superior claim to the large majority of Ensco's drilling
rigs.

Ensco has very good liquidity, which is reflected in the SGL-1
rating. Pro forma for the Atwood closing, Ensco had over $900
million of cash and an undrawn $2.0 billion revolver. The
revolver matures in September 2022; however, the revolver
commitment gets reduced to $1.28 billion in October 2019 and 1.24
billion in October 2020. Ensco should be able to cover all of its
pro forma capital expenditures, including $230 million of
newbuild capex commitments through 2019, with cash on hand and
operating cash flow. Moody's expects maintenance capex of $100
million in 2018. Proceeds from the proposed note offering will
help Ensco refinance a large portion of the $1 billion of
maturing debt in 2019 through 2021. The revolving credit facility
has a 60% Total Debt/Book capitalization maintenance covenant and
it requires guarantees from Ensco's rig-owing subsidiaries
representing at least 85% of total book value, as well as at
least 3x coverage of book value of marketed rigs / capacity under
the revolver. Moody's expects sufficient covenant headroom
through 2018. All of Ensco's assets are unencumbered, giving the
company the flexibility to sell rigs, although executing such a
sale might be tough in weak markets.

The negative outlook reflects Ensco's increasing financial
leverage and the prolonged nature of the current industry
downturn. A downgrade could result if the EBITDA/Interest ratio
cannot be sustained above 1.5x or if the company substantially
depletes its cash balance. Any material increase in debt or loss
of backlog will also pressure ratings. Without significant debt
reduction, a positive rating action is unlikely. An upgrade could
be considered if the debt/EBITDA ratio can be sustained below 6x
in a stable to improving industry environment.

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

Ensco plc is headquartered in London, UK and is one of the
world's largest providers of offshore contract drilling services
to the oil and gas industry.


MARB BONDCO: S&P Rates New 2025 Senior Unsecured Notes 'B+'
-----------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating to MARB
BondCo PLC's proposed senior unsecured notes due 2025. S&P also
assigned a recovery rating of '4' to the proposed notes, which
indicates an average recovery expectation of 30%-50% (rounded to
30%).

The notes will be fully and unconditionally guaranteed by the
parent company, Marfrig Global Foods S.A. (B+/Stable/--). Marfrig
will use the net cash proceeds for liability management, funding
the tender offer for its outstanding notes due in 2018 and 2019,
and therefore extending its overall debt maturity profile.

Given that the company will use the cash proceeds for refinancing
purposes, S&P doesn't expect the new notes to significantly
impact the company's net leverage and capital structure.
Therefore, the base case of the recovery analysis from our review
on Oct. 17, 2017, won't be affected.

RATINGS LIST

  Marfrig Global Foods S.A.
   Corporate Credit Rating
    Global Scale                B+/Stable/--
    Brazil National Scale       brA-/Stable/--


  Ratings Assigned

  MARB BondCo PLC
   Senior Unsecured Notes       B+
    Recovery Rating             '4' (30%)


MCMULLEN FACADES: Creditors Won't Get Paid Following Takeover
-------------------------------------------------------------
Margaret Canning at Belfast Telegraph reports that creditors of
Northern Ireland construction firm McMullen Facades who are owed
a total of GBP11.3 million will not be paid after it went bust
before being bought over, it has emerged.

The purchase of the business and assets of McMullen Facades makes
it likely the name will no longer be linked with the glass trade
after nearly five decades, Belfast Telegraph notes.

An administrators' report on McMullen Facades, which was based in
Moira, said 400 unsecured creditors were owed money, including a
German manufacturer owed GBP2.1 million, Belfast Telegraph
discloses.

Administrators Deloitte sold the business and assets to UK
construction giant JRL two days after it went into
administration, Belfast Telegraph recounts.

The administrators' report details that in its most recent
statutory accounts, McMullen Facades reported sales of GBP37.3
million and earnings before interest and tax of just under GBP1
million, Belfast Telegraph relays.

According to Belfast Telegraph, the report remarks: "The company
(McMullen) was profitable and had a strong net asset position.
Unfortunately due to the group funding arrangement, it could not
support its own cash position and was therefore insolvent on a
cash flow basis."

The company was placed into administration on Nov. 17, Belfast
Telegraph recounts.

McMullen Facades had already been marketed for sale and five
offers were made, Belfast Telegraph notes.  Administrators once
appointed then continued to negotiated and reached a deal with
JRL on Nov. 22, Belfast Telegraph relates.

A secured creditor owed GBP23.1 million has only received GBP1.25
million, Belfast Telegraph states.  But the report said unsecured
creditors are unlikely to receive any money, Belfast Telegraph
discloses. All its 270 employees have been transferred to JRL,
Belfast Telegraph notes.

The company's name has now been changed to JRL Unitised Facades,
according to Belfast Telegraph.


PRECISE MORTGAGE 2018-1B: Moody's Rates Class X Notes (P)Caa2
-------------------------------------------------------------
Moody's Investor Service has assigned provisional long-term
credit ratings to Notes to be issued by Precise Mortgage Funding
2018-1B plc:

-- GBP[*]M Class A Mortgage Backed Floating Rate Notes due
    December 2054, Assigned (P)Aaa (sf)

-- GBP[*]M Class B Mortgage Backed Floating Rate Notes due
    December 2054, Assigned (P)Aa1 (sf)

-- GBP[*]M Class C Mortgage Backed Floating Rate Notes due
    December 2054, Assigned (P)A2 (sf)

-- GBP[*]M Class D Mortgage Backed Floating Rate Notes due
    December 2054, Assigned (P)Baa3 (sf)

-- GBP[*]M Class E Mortgage Backed Floating Rate Notes due
    December 2054, Assigned (P)B2 (sf)

-- GBP[*]M Class X Floating Rate Notes due December 2054,
    Assigned (P)Caa2 (sf)

The static portfolio backing this transaction consists of first
ranking buy-to-let mortgage loans advanced to semi-professional
landlords with small portfolios secured by properties located in
England and Wales. The loans have been originated by Charter
Court Financial Services Limited (not rated) under its trading
name of Precise Mortgages.

RATINGS RATIONALE

The ratings take into account the credit quality of the
underlying mortgage loan pool, from which Moody's determined the
MILAN Credit Enhancement and the portfolio expected loss, as well
as the transaction structure and legal considerations. The
expected portfolio loss of [2]% and the MILAN required credit
enhancement of [12]% serve as input parameters for Moody's cash
flow model and tranching model, which is based on a probabilistic
lognormal distribution.

The portfolio expected loss is [2.0]%, which is marginally higher
than other comparable buy-to-let transactions in the UK. This is
mainly due to: (i) the originator's limited historical
performance, (ii) the current macroeconomic environment in the
UK, (iii) the low weighted-average seasoning of the collateral of
[0.9] years; and (iv) benchmarking with similar UK buy-to-let
transactions.

The portfolio MILAN CE is [12.0]%, which is marginally higher
than other comparable buy-to-let transactions in the UK. This is
mainly due to: (i) the originator's limited historical
performance, (ii) benchmarking with other UK buy-to-let
transactions (iii) and [89.2]% of the pool being interest-only
loans. Nevertheless, the weighted average current LTV of this
pool is [67.4]% which compares favorably to previous securitized
pools of the sponsor.

At closing the mortgage pool balance will consist of GBP [246.9]
million of loans. An amortizing reserve fund will be funded to
[1.5]% of the aggregate principal amount outstanding of the rated
notes as of the closing date. Within the reserve fund an amount
equal to [1.5]% of Class A and Class B notes outstanding
principal amount will be dedicated to provide liquidity to Class
A and Class B notes. Moreover, the Class A and B notes benefit
from principal to pay interest mechanism.

Operational Risk Analysis: Charter Mortgages Limited ("CML", not
rated) a 100% owned by Charter Court Financial Services Group
Limited (not rated) will be acting as servicer. In order to
mitigate the operational risk, there will be a back-up servicer
facilitator, Intertrust Management Limited (not rated), and
Elavon Financial Services DAC, (Aa2/P-1) acting through its UK
Branch, will be acting as an independent cash manager from close.
To ensure payment continuity over the transaction's lifetime the
transaction documents incorporate estimation language whereby the
cash manager can use the three most recent servicer reports to
determine the cash allocation in case no servicer report is
available.

Interest Rate Risk Analysis: The transaction will benefit from a
swap provided by Natixis (A1(cr)/P-1(cr)). Under the swap
agreement during the term of the life of the fixed rate loans the
issuer will pay a fixed swap rate and on the other side the swap
counterparty will pay three-month sterling Libor. Approximately
[34.7]% of the pool comprises floating rate loans. As these
floating rate loans are linked to three-month LIBOR with the same
reset date as the notes, there is no basis risk mismatch.

The provisional 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 for
Class A to D notes, ultimate payment of interest on or before the
rated legal final maturity date for Class E and X notes and
ultimate payment of principal at par on or before the rated final
legal maturity date for all rated notes. Moody's ratings only
address 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.

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

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

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

Moody's Parameter Sensitivities: If the portfolio expected loss
was increased from [2.0]% to [6.0]% of current balance, and the
MILAN CE was increased from [12.0]% to [19.2]%, the model output
indicates that the Class A notes would achieve A1(sf) assuming
that all other factors remained equal. Moody's Parameter
Sensitivities provide a quantitative/model-indicated calculation
of the number of rating notches that a Moody's structured finance
security may vary if certain input parameters used in the initial
rating process differed. The analysis assumes that the deal has
not aged and is not intended to measure how the rating of the
security might migrate over time, but rather how the initial
rating of the security might have differed if key rating input
parameters were varied. Parameter Sensitivities for the typical
EMEA RMBS transaction are calculated by stressing key variable
inputs in Moody's primary rating model.

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

Significantly different loss assumptions compared with Moody's
expectations at close due to either a change in economic
conditions from Moody's central scenario forecast or
idiosyncratic performance factors would lead to rating actions.
For instance, should economic conditions be worse than forecast,
the higher defaults and loss severities resulting from greater
unemployment, worsening household affordability and a weaker
housing market could result in downgrade of the ratings.
Deleveraging of the capital structure or conversely a
deterioration in the notes available credit enhancement could
result in an upgrade or a downgrade of the ratings, respectively.


PRECISE MORTGAGE 2018-1B: Fitch Rates Class E Notes 'BB(EXP)sf'
---------------------------------------------------------------
Fitch Ratings has assigned Precise Mortgage Funding 2018-1B Plc's
notes expected ratings:

Class A: 'AAA(EXP)sf'; Outlook Stable
Class B: 'AA(EXP)sf'; Outlook Stable
Class C: 'A(EXP)sf'; Outlook Stable
Class D: 'BBB(EXP)sf'; Outlook Stable
Class E: 'BB(EXP)sf'; Outlook Stable
Class X: 'BB+(EXP)sf'; Outlook Stable

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

This transaction is a securitisation of buy-to-let (BTL)
mortgages that were originated by Charter Court Financial
Services (CCFS), trading as Precise Mortgages (Precise), in
England and Wales.

KEY RATING DRIVERS

Prime Underwriting
Fitch has treated the loans as prime. The loans have been granted
to borrowers with no adverse credit, full rental income
verification, full property valuations and with a clear lending
policy in place. The available data, though limited, shows robust
performance, which would be expected of prime loans. A lender
adjustment of 1.1x has been applied to account for a certain
feature in CCFS's underwriting process and limited performance
history.

Geographical Diversification
The pool displays no geographical concentration in excess of 2x
population. This differs from the previous issuance (Precise
Mortgage Funding 2017-1B Plc, PMF 2017-1B Plc), where at closing,
the London concentration was within 0.1% of Fitch's threshold for
adjustment. Compared with PMF 2017-1B Plc, the diversification
away from London has resulted in a lower weighted average
sustainable price discount (WA SPD), contributing to lower WA
sustainable loan to value and base foreclosure frequency.

Borrower Affordability
CCFS changed its serviceability calculation at the start of 2017
to impose higher interest coverage ratios (ICRs) of 145% and 160%
respectively for tax payers in the higher and additional brackets
where it had previously used 125% for all borrowers. In addition,
an upward stress to the interest rate has been applied.

Class X Note Capped
Prior to the optional redemption date, all excess spread will be
used to make payments of interest and principal on the class X
note. However, any subordinated hedging amounts payable are due
senior to these items in the revenue priority of payments. In
case of a default of the swap counterparty and the swap mark-to-
market is in favour of the swap counterparty, excess spread may
not be available to make payments to the class X note. Fitch has
therefore capped the class X note at 'BB+sf'.

RATING SENSITIVITIES

Material increases in the frequency of defaults and loss severity
on defaulted receivables producing losses greater than Fitch's
base case expectations may result in negative rating action on
the notes. Fitch's analysis revealed that a 30% increase in the
WA foreclosure frequency, along with a 30% decrease in the WA
recovery rate, would imply a downgrade of the class A notes to
'AA-sf' from 'AAAsf'.


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


* BOND PRICING: For the Week January 8 to January 12, 2018
----------------------------------------------------------

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 2018.  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.


                 * * * End of Transmission * * *