/raid1/www/Hosts/bankrupt/TCREUR_Public/180122.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Monday, January 22, 2018, Vol. 19, No. 015


                            Headlines


G E O R G I A

MFO CRYSTAL: Fitch Puts Final 'B' Rating to GEL10MM Unsec. Notes


I R E L A N D

CARLYLE GLOBAL 2015-3: Moody's Assigns B1 Rating to Cl. E Notes
CARLYLE GLOBAL 2015-3: S&P Assigns B- Rating to Class E Notes
TABERNA EUROPE I: Fitch Affirms 'Csf' Ratings on 4 Tranches


I T A L Y

ALITALIA SPA: Air France-KLM May Join Bidding Race
MOSSI & GHISOLFI: Indorama Okayed as Lead Bidder for U.S. Plant


L U X E M B O U R G

SES SA: Moody's Affirms Hybrid Bonds Ba1 BACKED Jr. Sub. Rating


N E T H E R L A N D S

ALTICE NV: S&P Places 'B+' CCR on CreditWatch Negative
DRYDEN 29 2013: S&P Assigns B- (sf) Rating to Class F-R Notes
GAMMA INFRASTRUCTURE: S&P Assigns Prelim 'B' CCR, Outlook Stable


R O M A N I A

CLUJANA: Enters Insolvency Due to Mounting Debts


S E R B I A

ZELJEZARA ZENICA: Zenica Court Opens Bankruptcy Proceedings


S P A I N

HAYA REAL ESTATE: S&P Assigns 'B-' CCR, Outlook Stable
PYMES SANTANDER 13: Moody's Rates Series C Notes (P)Caa3 (sf)


S W I T Z E R L A N D

SELECTA GROUP: S&P Affirms 'B' CCR Following Proposed Refinancing


T U R K E Y

FIBABANKA AS: Fitch Assigns 'BB-(EXP)' Rating to Sr. Unsec. Notes


U K R A I N E

FERREXPO PLC: Fitch Raises Long-Term IDR to B, Outlook Positive


U N I T E D   K I N G D O M

CARILLION PLC: Five UK Banks Face Heavy Losses Following Collapse
CINEWORLD UK: Moody's Assigns First-Time B1 CFR, Outlook Stable
EG FINCO: Moody's Assigns B2 Ratings to Senior Secured Facilities
EG GROUP: Fitch Assigns First-Time 'B(EXP)' IDR, Outlook Stable


X X X X X X X X

* BOND PRICING: For the Week January 15 to January 19, 2018


                            *********



=============
G E O R G I A
=============


MFO CRYSTAL: Fitch Puts Final 'B' Rating to GEL10MM Unsec. Notes
---------------------------------------------------------------
Fitch Ratings has assigned JSC MFO Crystal's (Crystal) GEL10
million issue of senior unsecured notes a final long-term rating
of 'B'. The bonds mature in December 2019, and the coupon is paid
quarterly at a rate of 450 basis points over the National Bank of
Georgia's monetary policy rate.

Crystal has Foreign and Local Currency Long-Term Issuer Default
Ratings of 'B' with Stable Outlooks, and Short-Term Local and
Foreign Currency Issuer Default Ratings of 'B'.

KEY RATING DRIVERS
The issue's rating corresponds to Crystal's 'B' Long-Term Local-
Currency IDR, which reflects the business focus on microfinance
(MFO) lending in a high-risk operating environment in Georgia,
Crystal's rapid recent growth, and market and refinancing risks
resulting from the predominance of foreign-currency wholesale
funding.

The ratings also factor in Crystal's sound performance to date,
reflected in the company's solid asset quality, profitability and
capitalisation metrics. At the same time, the ratings are
constrained by the mono-line business model, as Crystal is
focused on micro lending in Georgia.

RATING SENSITIVITIES
Changes to Crystal's Long-Term Local-Currency IDR would impact
the issue's rating. An extended record of sound performance,
asset quality and capitalisation, coupled with a notable further
strengthening of Crystal's franchise, could result in upside for
the ratings.

At the same time, the ratings could be downgraded in case of
significant deterioration of asset quality and profitability,
leading to capital erosion and greater pressure on liquidity.


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


CARLYLE GLOBAL 2015-3: Moody's Assigns B1 Rating to Cl. E Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to the ten classes of notes issued
by Carlyle Global Market Strategies Euro CLO 2015-3 D.A.C. (the
"Issuer", "Carlyle CLO 2015-3"):

-- EUR6,000,000 Class X Senior Secured Floating Rate Notes due
    2030, Definitive Rating Assigned Aaa (sf)

-- EUR344,000,000 Class A1-A Senior Secured Floating Rate Notes
    due 2030, Definitive Rating Assigned Aaa (sf)

-- EUR10,000,000 Class A1-B Senior Secured Fixed Rate Notes due
    2030, Definitive Rating Assigned Aaa (sf)

-- EUR52,200,000 Class A2-A Senior Secured Floating Rate Notes
    due 2030, Definitive Rating Assigned Aa2 (sf)

-- EUR15,000,000 Class A2-B Senior Secured Fixed Rate Notes due
    2030, Definitive Rating Assigned Aa2 (sf)

-- EUR57,600,000 Class B Senior Secured Deferrable Floating Rate
    Notes due 2030, Definitive Rating Assigned A2 (sf)

-- EUR16,400,000 Class C-1 Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned Baa2 (sf)

-- EUR10,000,000 Class C-2 Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned Baa2 (sf)

-- EUR33,600,000 Class D Senior Secured Deferrable Floating Rate
    Notes due 2030, Definitive Rating Assigned Ba2 (sf)

-- EUR18,600,000 Class E Senior Secured Deferrable Floating Rate
    Notes due 2030, Definitive Rating Assigned B1 (sf)

RATINGS RATIONALE

Moody's definitive ratings of the rated notes address the
expected loss posed to noteholders by the legal final maturity of
the notes in July 2030. The definitive ratings reflect the risks
due to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, CELF Advisors LLP
("CELF Advisors") has sufficient experience and operational
capacity and is capable of managing this CLO.

Carlyle CLO 2015-3 is a managed cash flow CLO. At least 90% of
the portfolio must consist of senior secured loans and senior
secured bonds and up to 10% of the portfolio may consist of
unsecured senior loans, second-lien loans, mezzanine obligations
and high yield bonds. The portfolio is expected to be at least
85% ramped up as of the closing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe.

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

In addition to the ten classes of notes rated by Moody's, the
Issuer will issue EUR55,100,000 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. CELF Advisors' investment
decisions and management of the transaction will also affect the
notes' performance.

Loss and Cash Flow Analysis:

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

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

Par amount: EUR600,000,000

Diversity Score: 48

Weighted Average Rating Factor (WARF): 2950

Weighted Average Spread (WAS): 3.70%

Weighted Average Recovery Rate (WARR): 43.50%

Weighted Average Life (WAL): 8.5 years

Stress Scenarios:

Together with the set of modelling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the definitive ratings 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 3393 from 2950)

Ratings Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

Class A1-A Senior Secured Floating Rate Notes: 0

Class A1-B Senior Secured Fixed Rate Notes: 0

Class A2-A Senior Secured Floating Rate Notes: -1

Class A2-B Senior Secured Fixed Rate Notes: -1

Class B Senior Secured Deferrable Floating Rate Notes: -2

Class C-1 Senior Secured Deferrable Floating Rate Notes: -2

Class C-2 Senior Secured Deferrable Fixed Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: 0

Class E Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3835 from 2950)

Ratings Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

Class A1-A Senior Secured Floating Rate Notes: -1

Class A1-B Senior Secured Fixed Rate Notes: -1

Class A2-A Senior Secured Floating Rate Notes: -2

Class A2-B Senior Secured Fixed Rate Notes: -2

Class B Senior Secured Deferrable Floating Rate Notes: -4

Class C-1 Senior Secured Deferrable Floating Rate Notes: -3

Class C-2 Senior Secured Deferrable Fixed Rate Notes: -3

Class D Senior Secured Deferrable Floating Rate Notes: -1

Class E Senior Secured Deferrable Floating Rate Notes: -1

Methodology Underlying the Rating Action:

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


CARLYLE GLOBAL 2015-3: S&P Assigns B- Rating to Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Carlyle Global
Market Strategies Euro CLO 2015-3 DAC's class X, A1-A, A1-B, A2-
A, A2-B, B, C-1, C-2, D, and E notes.

The proceeds from the issuance of these notes were used to redeem
the existing class A-1, A-2, B, C, D, E, and subordinated notes.
Concurrent with the new note issuance, key transactional features
such as the weighted-average life and the reinvestment period
were also reset.

Carlyle Euro 2015-3 is a cash flow collateralized loan obligation
(CLO) transaction securitizing a portfolio of primarily senior
secured loans granted to speculative-grade European corporations.
CELF Advisors LLP manages the transaction.

The portfolio represents a well-diversified pool of corporate
borrowers, with a fairly uniform exposure to all of them at
closing. Therefore, S&P has conducted its credit and cash flow
analysis by applying its criteria for corporate cash flow
collateralized debt obligations.

In S&P's cash flow analysis, it used a portfolio target par
amount of EUR600 million, using the covenanted weighted-average
spread (3.70%) and weighted-average recovery rates at each rating
level as provided to S&P by the issuer.

The issuer is bankruptcy remote under S&P's legal criteria.

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

  RATINGS LIST

  Carlyle Global Market Strategies Euro CLO 2015-3 DAC
  EUR618.50 Million Senior Secured Fixed And Floating-Rate Notes
  And Unrated Notes
  Class                  Rating                        Amount
                                                     (mil. EUR)

  X                      AAA (sf)                         6.0
  A1-A                   AAA (sf)                       344.0
  A1-B                   AAA (sf)                        10.0
  A2-A                   AA (sf)                         52.2
  A2-B                   AA (sf)                         15.0
  B                      A (sf)                          57.6
  C-1                    BBB (sf)                        16.4
  C-2                    BBB (sf)                        10.0
  D                      BB (sf)                         33.6
  E                      B- (sf)                         18.6
  Sub. notes             NR                              55.1

  NR--Not rated.


TABERNA EUROPE I: Fitch Affirms 'Csf' Ratings on 4 Tranches
-----------------------------------------------------------
Fitch Ratings has upgraded two tranches of Taberna Europe CDO I,
plc (Taberna Europe I) and Taberna Europe CDO II P.L.C (Taberna
Europe II) and affirmed six, as follows:

Taberna Europe I
-- Class A1 notes affirmed at 'Asf' '; Outlook Positive
-- Class A2 notes upgraded to 'CCCsf' from 'CCsf'
-- Class B notes affirmed at 'Csf'
-- Class C notes affirmed at 'Csf'
-- Class D notes affirmed at 'Csf'
-- Class E notes affirmed at 'Csf'

Taberna Europe II
-- Class A1 upgraded to 'A-sf' from 'Bsf'; Outlook Stable
-- Class A2 notes affirmed at 'CCsf'

The two European collateralised debt obligations (CDOs) are
exposed to senior unsecured, subordinate debt, trust preferred
securities issued by real estate companies, commercial mortgage
backed securities, commercial real estate debt, and securities
issued by financial companies.

KEY RATING DRIVERS
The upgrade of Taberna Europe I's class A2 notes mainly reflects
expected deleveraging leading to increased credit enhancement
this year. The class A1 notes received EUR2.5 million (of the
last review balance of EUR4.2 million) in the past year mainly
from interest proceeds diverted from junior notes to redeem the
senior notes, leading to a marginal increase in credit
enhancement. Fitch expect the class A1 notes to fully amortise
this year and for the class A2 notes to receive partial payment
following the anticipated pay down of one of the assets. This
will lead to a further increase in credit enhancement for the
class A2 notes.

The upgrade of Taberna Europe II's class A1 notes is mainly
driven by deleveraging. Since Fitch's last review, the class A1
notes have amortised by EUR44.5 million, and the remaining EUR8.9
million balance is now fully covered by the notes issued by KKR
financial holdings, LLC (A-/Stable). Therefore, the class A1
notes' rating is linked to KKR financial holdings' rating.

Taberna Europe I's class A-1 notes' rating is capped by the
increased concentration of the portfolio. Of the seven performing
assets in Taberna I, only two of them are above investment grade.
The high degree of concentration contributes to the tail risk
that may affect non-senior notes. As per its criteria, Fitch may
not upgrade existing ratings to a higher rating category for a
portfolio with fewer than 10 obligors rated in the 'B' category.
The Taberna II portfolio also consists of seven performing
assets, six of which are below investment grade.

The affirmation of the remaining notes in both transactions
reflects the low credit enhancement and limited excess spread.
Taberna I has limited excess spread given the relatively high
spread on its junior notes.

The average credit quality of the performing collateral has
remained relatively stable over the past year in both
transactions. There have been no new deferrals or defaults since
Fitch's last review. The Stable Outlook on the notes reflects the
overall stable credit quality of the collateral in both
transactions.

Fitch analysed the transaction in accordance with the 'Structured
Finance CDOs Surveillance Rating Criteria ' and the 'CLOs and
Corporate CDOs Rating Criteria'. Default hurdles were projected
using the Structured Finance Portfolio Credit Model (PCM) and
Corporate PCM.

RATING SENSITIVITIES
Increasing the default probabilities by downgrading the obligors
that make up more than 5% contribution of the collateral by
rating category has no impact as the default rates are already
too high for both the transactions.


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


ALITALIA SPA: Air France-KLM May Join Bidding Race
--------------------------------------------------
James Politi and David Keohane at The Financial Times report that
Air France-KLM has held talks with Alitalia about entering the
race to acquire the ailing Italian flag carrier, a decade after
its efforts to purchase its peer were scuppered by political
opposition.

According to the FT, people familiar with the matter said
Alitalia's government-appointed commissioners met AF-KLM
executives in Paris to discuss the Franco-Dutch airline's
interest in joining the auction, possibly through a joint bid
with easyJet, the British low-cost carrier.

A potential joint offer from AF-KLM and easyJet would join
Lufthansa, the German airline, and Cerberus Capital Management,
the private equity group, as the most likely contenders to buy
Alitalia, the FT states.

Alitalia -- and the Italian government -- had hoped to get the
sale wrapped up by the end of last year, but the offers that came
in late 2017 were not considered sufficiently strong to merit any
kind of exclusive negotiation, let alone a formal deal, the FT
notes.

This prompted the commissioners to engage in a new set of talks
with potential buyers, including AF-KLM, which was granted access
to Alitalia's data room after the meeting, but also Delta Air
Lines, the US airline, which acquired a 10% stake in the French
airline last year, the FT relays.

The entry of AF-KLM into the picture means that it could still
take weeks -- if not months -- for Alitalia's commissioners and
the government to settle on the best offer, entering into
exclusive talks with a single buyer, the FT discloses.  Most
likely, this means the fate of Alitalia will be decided after the
general election in Italy, set for March 4, the FT says.

                          About Alitalia

Alitalia - Societa Aerea Italiana S.p.A., is the flag carrier of
Italy.  Alitalia operates 123 aircraft with approximately 4,200
flights weekly to 94 destinations, including 26 destinations in
Italy and 68 destinations outside of Italy.  It has a strong
global presence, flying within Europe as well as to cities across
North America, South America, Africa, Asia and the Middle East.
During 2016, the Debtor provided passenger service to
approximately 22.6 million passengers.  Its air freight business
also is substantial, having carried over 74,000 tons in 2016.
Alitalia is a member of the SkyTeam alliance, participating with
other member airlines in issuing tickets, code-share flights,
mileage programs and other similar services.

Alitalia previously navigated its way through a successful
restructuring.  After filing for bankruptcy protection in 2008,
Alitalia found additional investors, acquired rival airline Air
One, and re-emerged as Italy's leading airline in early 2009.

Alitalia was the subject of a bail-out in 2014 by means of a
significant capital injection from Etihad Airways, with goals of
achieving profitability during 2017.

After labor unions representing Alitalia workers rejected a plan
that called for job reductions and pay cuts in April 2017, and
the refusal of Etihad Airways to invest additional capital,
Alitalia filed for extraordinary administration proceedings on
May 2, 2017.

                         Chapter 15

On June 12, 2017, Alitalia filed a Chapter 15 bankruptcy petition
in Manhattan, New York, in the U.S. (Bankr. S.D.N.Y. Case No.
17-11618) to seek recognition of the Italian insolvency
proceedings and protect its assets from legal action or creditor
collection efforts in the U.S.  The Hon. Sean H. Lane is the case
judge in the U.S. case.  Dr. Luigi Gubitosi, Prof. Enrico Laghi,
and Prof. Stefano Paleari are the foreign representatives
authorized to sign the Chapter 15 petition.  Madlyn Gleich
Primoff, Esq., Freshfields Bruckhaus Deringer US LLP, is the U.S.
counsel to the Foreign Representatives.


MOSSI & GHISOLFI: Indorama Okayed as Lead Bidder for U.S. Plant
---------------------------------------------------------------
Steven Church at Bloomberg News reports that the judge overseeing
the bankruptcy of the U.S. operations of plastics maker Mossi &
Ghisolfi approved Indorama Ventures as the lead bidder for a
closed polyethylene manufacturing plant in West Virginia.

According to Bloomberg, Indorama has agreed to make a binding,
opening offer of US$10 million at an auction scheduled for
Jan. 29.  Should no other offers come in, Indorama has agreed to
buy the plant, Bloomberg notes.

The plant is being sold by M&G Polymers USA as part of the
bankruptcy of Mossi & Ghisolfi's U.S. business, Bloomberg states.

M&G Polymers attorney told judge at a hearing on Jan. 19 in
Wilmington, Delaware, the company is hoping for more bids at the
auction, Bloomberg relates.

Mossi & Ghisolfi's main U.S. asset, an unfinished plant in Texas,
would be sold at a separate auction, Bloomberg discloses.

As reported by The Troubled Company Reporter on Oct. 20, 2017,
ICIS News related that Italian-based polyethylene terephthalate
(PET) producer Mossi Ghisolfi Group filed for an in-court
settlement with its creditors.  The firm filed for "concordato
preventivo" with the Tribunal of Alessandria, in accordance with
article 161 sixth paragraph of the Bankruptcy Law, in order to
ensure equal treatment of creditors, ICIS News disclosed.  This
filing would affect its Mossi & Ghisolfi (M&G), M&G Finanziaria,
Biochemtex, Beta Renewables, Italian Bio Products, IBP Energia,
M&G Polimeri and Acetati Immobiliare companies, ICIS News noted.

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



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


SES SA: Moody's Affirms Hybrid Bonds Ba1 BACKED Jr. Sub. Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed the Baa2 the long term
issuer and senior unsecured ratings and the (P)Baa2 senior
unsecured MTN ratings of SES S.A. (SES), a leading global
satellite services provider, while also affirming the company's
Ba1 junior subordinate rating (on SES's hybrid bonds).
Concurrently, Moody's has affirmed the Commercial Paper ratings
of P-2 at SES S.A. and SES Global Americas Holdings GP. The
outlook on all ratings is stable.

"The affirmation of SES's ratings follows its recent designation
by Moody's as a Government-Related Issuer based on its
approximately 20% ownership by the Luxembourg government. The
affirmation at Baa2 with a stable outlook balances the negative
impact on the rating of the company's weaker operating trends and
credit metrics with the positive impact on the rating derived
from Moody's assessment of the likely support from the Luxembourg
government," says Alejandro Nunez, a Moody's Vice President --
Senior Analyst and lead analyst for SES.

RATINGS RATIONALE

SES's Baa2 rating affirmation reflects, in part, the company's
recent designation as a Moody's Government-Related Issuer (GRI),
which applies to an entity with full or partial government
ownership or control, a special charter, or a public-policy
mandate from the national or local government. The Government of
Luxembourg together with the government's wholly-owned state
banks, Banque et Caisse d'Epargne de l'Etat (BCEE, long-term
senior unsecured rating of Aa3, stable) and Societe Nationale de
Credit et d'Investissement (SNCI), owns approximately 20% of SES.

The rating of an issuer designated as a GRI is based on four key
components: (1) an assessment of the GRI's standalone credit risk
(termed Baseline Credit Assessment or BCA); (2) the default risk
of the supporting government; (3) the default dependence between
the GRI and the government; and (4) the expected level of support
from that government.

The default risk of the Government of Luxembourg is reflected
through its long term issuer rating of Aaa with a stable outlook.
The low level of default dependence between SES and the
Luxembourg government reflects the weak correlation between the
strength of SES's credit profile and the future evolution of the
Luxembourg economy despite the government's direct involvement
with the company. The moderate level of government support
reflects the history of support provided by the Luxembourg
government to GRIs and the strategic importance of SES to the
Grand Duchy of Luxembourg.

In the case of SES, the BCA of baa3 reflects the company's
underlying fundamental credit strength, in the same manner that
the company's long-term issuer rating of Baa2 reflected the
company's credit quality prior to rating action. The baa3 BCA is
one notch lower than the existing Baa2 level, reflecting the
company's negative like-for-like revenue growth over the past two
years, especially in Fixed Data, and, to a lesser extent, in
Video as well as a continued negative, albeit increasing, level
of free cash flow. Visibility in terms of future operating
performance is lower than in the past, while Moody's does not
expect credit metrics to materially improve from the current weak
levels of Debt/EBITDA (Moody's adjusted) of around 3.5x and
FCF/Debt of around 0%.

The company's baa3 BCA continues to reflect: (1) the company's
strong position as a global market leader in satellite-based
communications services, with a long-term contract-based
franchise; (2) the strategic fit of and revenue contribution from
O3b's satellite constellation to SES's geostationary (GEO)
satellite fleet; (3) SES's cautious approach to its acquisitions
and infrastructure investments; and (4) SES's excellent liquidity
and record of moderately conservative financial policies.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that: (1)
increasing pricing pressure and decelerating growth in certain
markets, particularly in the Enterprise/Data end-market and, to a
lesser extent in Video, will lead to stagnant earnings growth
such that Moody's-adjusted gross leverage will remain around 3.5x
in 2018; and (2) SES will continue to manage its capital spending
program past its peak investment period in 2017, balance sheet
strength and financial policies in a balanced manner, consistent
with Moody's expectations for the rating.

WHAT COULD CHANGE THE RATING UP/DOWN

Negative pressure could be exerted on SES's rating in case of:
(1) a material deterioration in its operating performance; or (2)
a sustained increase in its gross debt/EBITDA (as adjusted by
Moody's) to over 3.75x, or a material deterioration in FCF/debt
(as adjusted by Moody's); or (3) the company loosening its
financial policy leverage target ratio (reported net debt/EBITDA
of below 3.3x); or (4) the Luxembourg government or its wholly-
owned investment affiliates reducing their aggregate economic
ownership in SES below their current c.20% level (leading to SES
no longer being considered a GRI), which would likely result in a
one-notch downgrade.

Positive rating pressure could develop on SES's rating if the
company achieves gross debt/EBITDA (as adjusted by Moody's) well
below 3.25x and FCF/Gross Debt (as adjusted by Moody's) of more
than 5% on a sustained basis.

LIST OF AFFECTED RATINGS

Issuer: SES S.A.

Affirmations:

-- LT Issuer Rating, Affirmed at Baa2

-- BACKED Senior Unsecured, Affirmed at Baa2

-- BACKED Junior Subordinate, Affirmed at Ba1

-- BACKED Senior Unsecured MTN Program, Affirmed at (P)Baa2

-- Commercial Paper, Affirmed at P-2

Outlook Actions:

-- Outlook, Stable

Issuer: SES Global Americas Holdings GP

Affirmations:

-- BACKED Senior Unsecured, Affirmed at Baa2

-- BACKED Senior Unsecured MTN Program, Affirmed at (P)Baa2

-- Commercial Paper, Affirmed at P-2

Outlook Actions:

-- Outlook, Stable

PRINCIPAL METHODOLOGY

The methodologies used in these ratings were Communications
Infrastructure Industry published in September 2017, and
Government-Related Issuers published in August 2017.

Headquartered in Luxembourg, with a fleet of over fifty
geosynchronous satellites around the globe, SES provides Fixed
Satellite Services (FSS) for video, internet and data, and voice
applications for a range of media, enterprise and government
customers. SES owns 100% of O3b, and holds strategic
participations in Ciel in Canada (70% economic interest),
Quetzsat in Mexico (100%) and YahLive in the Middle East (35%).
In the nine months that ended September 30, 2017, the company
reported revenues of EUR1.5 billion and EBITDA of EUR1.0 billion.


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


ALTICE NV: S&P Places 'B+' CCR on CreditWatch Negative
------------------------------------------------------
S&P Global Ratings placed its 'B+' long-term corporate credit
ratings on cable and telecommunications holding company Altice
N.V. and its rated subsidiaries Altice International S.a.r.l.,
Altice Luxembourg SA, and SFR Group S.A., on CreditWatch with
negative implications. S&P also placed on CreditWatch negative
all related issue ratings.

The CreditWatch placement follows the company's recent
announcement that it plans to spin off its 67.2% interest in
Altice USA through a distribution in kind to Altice N.V.'s
shareholders. S&P believes that a smaller Altice N.V., which will
be more exposed to the ongoing challenges faced in the French
market, may not be able to cut leverage in line with its 2017
base-case forecast, where it envisaged a fall in S&P Global
Ratings-adjusted debt to EBITDA to below 6x in 2018 from around
6.5x in its 2017 forecast (after restructuring charges).

S&P said, "On a consolidated level, at Altice N.V., we think that
the spin-off of the sound U.S. cable assets (accounting for about
one-third of revenues) will weaken the company's overall
resilience. It will reduce asset diversity and deprive the
company of the growth traction so far provided by the U.S.
market, while it refocuses on the European operations, which have
weaker revenue prospects. We currently forecast Altice N.V.'s
reported consolidated EBITDA to decline by 1% annually on average
over 2017-2018 pro forma for the U.S. spin-off, compared with
positive growth of about 3% including the U.S. operations."

Given that Altice N.V. will no longer benefit from the traction
of EBITDA growth in the U.S., deleveraging at the Altice N.V.
consolidated level will be more reliant on its capacity to cut
absolute debt through free operative cash flows (FOCF; about EUR1
billion in S&P's 2018 forecast, pro forma the spin-off). In
addition, this comes at a time when FOCF will likely be
constrained by heavy outlays on fiber deployments, as well as
hefty and rising spending on media content at Altice Pay TV unit
(EUR442 million in 2018, up from EUR341 million in 2017, and
further rising to more than EUR0.5 billion in 2019 and in 2020).

S&P said, "Overall, we think that the spin-off of the U.S. assets
will remove a potential source of support to Altice N.V.'s
European assets. The announced $1.5 billion special cash dividend
to be distributed by the U.S. company before the separation is
not material, in our view, since it represents only about 2% of
Altice N.V.'s reported gross debt of EUR33 billion pro forma for
the separation. It will translate into EUR900 million of proceeds
for Altice N.V., of which only about EUR625 million is earmarked
for debt reduction.

"In our view, these factors more than offset any benefits from
the separation, which may include improved management and a
stronger focus on execution of the turnaround.

"In addition, we bear in mind the steep decline in the company's
market capitalization, which has more than halved since late
2017, and a prolonged deterioration of credit market confidence,
which, if not sustainably restored through a credible debt-
reduction plan and operational turnaround in France, could result
in higher funding costs in the medium term.

"We expect to review the CreditWatch status within the next three
months, after Altice N.V. has announced its full-year results and
we have met with management. In addition, we will seek details on
the timeline and potential impact of the disposal of noncore
assets. We could lower the ratings before completion of the
announced spin-off, which may happen only in second-quarter 2018.

"A downgrade by one notch could result if we were to believe that
operations in France were too weak to support expectations of a
swift and timely turnaround. Specifically, a downgrade is
probable if our adjusted ratio of debt to EBITDA is unlikely to
fall below 6x in 2018 and FOCF to debt is unlikely to strengthen
comfortably to the 3%-5% range."


DRYDEN 29 2013: S&P Assigns B- (sf) Rating to Class F-R Notes
-------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Dryden 29 Euro
CLO 2013 B.V.'s class X-R, A-R, B-1-R, B-2-R, C-R, D-R, E-R, and
F-R notes. At the same time, we withdrew our ratings on the
original A-1A-R, A-1B-R, B-1A-R, B-1B-R, C-R, D, E, and F notes.
Additionally, the issuer also issued unrated subordinated notes.

Dryden 29 Euro CLO 2013 B.V. is a European cash flow corporate
loan collateralized loan obligation (CLO) securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by European borrowers. PGIM Ltd. is the
collateral manager.

On the Jan. XX, 2018, re-issuance date, the issuer will redeem
the class A-1A-R, A-1B-R, B-1A-R, B-1B-R, C-R, D, E, and F notes
through liquidation and use the proceeds from the issuance of the
re-issued class X-R, A-R, B-1-R, B-2-R, C-R, D-R, E-R, and F-R
notes to repurchase the portfolio.

The ratings reflect:

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

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

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

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

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

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

"We also considered that the transaction's legal structure will
be bankruptcy remote, in line with our legal criteria.

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

RATINGS ASSIGNED

  Dryden 29 Euro CLO 2013 B.V.
  EUR414.9 Million Senior Secured Floating- And Fixed-Rate Notes
  (Including EUR43.5 Million Subordinated Notes)

  Class                Rating         Amount
                                    (mil. EUR)

  X-R                  AAA (sf)          1.0
  A-R                  AAA (sf)        230.0
  B-1-R                AA (sf)          21.6
  B-2-R                AA (sf)          40.0
  C-R                  A (sf)           23.6
  D-R                  BBB (sf)         20.8
  E-R                  BB (sf)          21.6
  F-R                  B- (sf)          12.8
  Subordinated notes   NR               43.5

  RATINGS WITHDRAWN

  Class            Rating
                   To           From

  A-1A-R             NR           AAA (sf)
  A-1B-R             NR           AAA (sf)
  B-1A-R             NR           AA (sf)
  B-1B-R             NR           AA (sf)
  C-R                NR           A (sf)
  D                  NR           BBB (sf)
  E                  NR           BB (sf)
  F                  NR           B- (sf)

  NR--Not rated.


GAMMA INFRASTRUCTURE: S&P Assigns Prelim 'B' CCR, Outlook Stable
----------------------------------------------------------------
On Jan. 16, 2018, S&P Global Ratings assigned its preliminary 'B'
long-term corporate credit rating to Netherlands-based cable and
fiber operator Gamma Infrastructure III BV (DELTA CAIW). The
outlook is stable.

S&P said, "At the same time, we assigned our preliminary 'B'
issue rating to the proposed EUR500 million senior secured term
loan B which will be borrowed by Gamma Infrastructure III BV. The
preliminary recovery rating on the loan is '3', indicating our
expectation of meaningful recovery (50%-70%; rounded estimate:
55%) in the event of a payment default.

"The preliminary ratings are subject to the successful issuance
of the proposed facilities, and our satisfactory review of the
final documentation. Accordingly, the preliminary ratings should
not be construed as evidence of final ratings. If S&P Global
Ratings does not receive the final documentation within a
reasonable time frame, or if the final documentation departs from
the materials we have already reviewed, we reserve the right to
withdraw or revise our ratings. Potential changes include, but
are not limited to, the use of proceeds, interest rate, maturity,
size, financial and other covenants, and the security and ranking
of the senior secured term loan, capital expenditure (capex)
facility, and revolving credit facility (RCF).

"The rating is constrained by our expectation of negative free
operating cash flow (FOCF) through 2018 and related execution
risks, owing to the group's significant and discretionary
investments to expand its fiber to the home (FTTH) network in
selected rural areas. We also anticipate adjusted leverage (debt
to EBITDA) steadily above 5x. In our rating, we also incorporate
our view of DELTA CAIW's small size, operations in selected areas
of the Netherlands, and the group's lack of quadruple-play
offering. This is mitigated by the group's well-maintained and
very high-speed cable and fiber networks, its leading position in
the Dutch province of Zeeland and in several underpenetrated
rural areas in the Netherlands, where competing cable networks
are not present, and the group's average profitability likely to
be enhanced by cost synergies.

"Our view of DELTA CAIW's business is supported by the group's
high-speed infrastructure network of cable and fiber, generally
offering higher speeds than the competition. CAIW's FTTH network
offers speeds beyond 1 gigabit per second (Gbps) and we expect
Delta's cable network, which will be upgraded to DOCSIS 3.1. in
2018, will be able to offer similar speeds. Competitors operate
older and slower networks in the markets where DELTA CAIW
operates." DELTA CAIW benefits from strong market shares and
penetration rates in its current areas of service because it
operates in areas where competition is less intense than in
cities, given the heavy cost of deploying a fiber network in
rural areas. Due to the low level of competition, strong market
shares, and high-quality network, the churn rate remains at about
5%.
Management plans to replicate CAIW's model and further develop
its FTTH network in other underpenetrated areas. S&P believes
this investment will strengthen DELTA CAIW's positioning, and
support revenue and EBIDTA growth. Risks are significantly
mitigated, in our view, by management's policy to invest only if
the company manages to secure at least a 50% penetration rate in
a given area.

These business strengths are partly offset by DELTA CAIW's small
size and small share of the overall Dutch broadband and TV
market.
S&P expects the combined group will generate about EUR330 million
of revenues and report EBITDA at about EUR100 million in 2017.
Geographic reach is also limited to certain regions of the
Netherlands. Delta operates in Zeeland, where the population and
GDP are relatively stable. CAIW operates in selected rural areas,
where the population is growing at a slightly slower rate than
the national average.

The narrow mobile offering and limited differentiation of TV
content further drives our assessment of the group's business
profile. S&P said, "While we believe the group operates in areas
where competition is not fierce, we see a risk that it could
intensify should larger and better capitalized competitors decide
to invest within DELTA CAIW's footprint, which could also have a
negative impact on churn rate and earnings."

S&P said, "Our view of DELTA CAIW's financial risk is primarily
constrained by our anticipation it will report negative FOCF
through 2018. The FTTH network deployment in the rural areas
where the group has secured a penetration rate of at least 50%
requires large upfront investments for deploying the core
backbone network and the last mile. Although outlays are likely
to be matched with additional revenues, given management's
required milestones before deploying fiber to a community, we
believe that potential time lags or more expensive civil works,
as well as the period before first revenues come in, represent a
key risk.

"Moreover, we assess DELTA CAIW's capital structure as highly
leveraged owing to adjusted leverage that we calculate will be
about 7x in 2018. An additional rating constraint is the group's
ultimate ownership by infrastructure private-equity firm EQT
Infrastructure III Fund, which we consider a financial sponsor.

"We are mindful that additional funds may be needed if the ramp-
up is successful, and the group decides to further expand its
FTTH network. That said, the scaling up of investments is
discretionary, and we also understand that the sponsor is
committed to supporting growth of the business if needed.
The stable outlook on DELTA CAIW reflects our view that the
discretionary FTTH expansion plans and the related required
booking milestones will support solid revenue growth of about 5%
and a sound adjusted EBITDA margin of 25%-30% after one-time
integration costs over the next 12 months. These positives are,
however, offset by our expectation of negative FOCF and adjusted
leverage at about 7x.

"We would consider lowering our rating if, after a spike in 2018
at about 7.0x (about 6.3x before one-time restructuring costs),
the group does not manage to reduce its leverage to about 6.0x.
We could also consider a downgrade if the pace of DELTA CAIW's
revenue and EBITDA growth slowed, if integration costs were
underestimated, or if liquidity markedly deteriorated. These
events could occur if any increased competition were to
accentuate churn and slow the growth plan, or if delays in
connecting households to the core backbone network or unexpected
civil work challenges resulted in a mismatch between the massive
capex outlay and revenue and EBITDA growth.

"Although unlikely at this stage, given our expectation of
negative FOCF, we would likely raise our rating on DELTA CAIW if
EBITDA growth translates into higher absorption of capex,
resulting in positive FOCF and adjusted leverage approaching 5x."


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


CLUJANA: Enters Insolvency Due to Mounting Debts
------------------------------------------------
Romania Insider reports that Clujana, one of the oldest shoe
factories in Romania, went into insolvency, according to a
decision of the Cluj Specialized Court, cited by local Mediafax.

The company has difficulties in repaying over RON13 million
(EUR2.8 million) worth of historical debts to the tax authority
ANAF, which was accumulated during 2013-2014, Romania Insider
discloses.

However, the factory has orders and contracts to continue its
activity, Romania Insider relays, citing the company's general
manager Florin Gliga.  He said that the company has the financial
resources to continue its activity and pay its historical debt,
but lacks the liquidities to pay the historical debts, Romania
Insider notes.  This problem can be solved by asset sales, as the
company owns valuable assets that it doesn't use for production,
according to Romania Insider.  However, the company filed for
insolvency to avoid the fire sale of its assets by ANAF, Romania
Insider states.

Clujana currently has 378 employees and is controlled by the Cluj
County Council.  The company had a turnover of EUR2.2 million in
2016.


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


ZELJEZARA ZENICA: Zenica Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
SeeNews reports that Bosnia's Zenica municipal court has opened
bankruptcy proceedings against majority state-owned Zeljezara
Zenica.

Accordging to SeeNews, news daily Oslobodjenje reported on
Jan. 18 the court has appointed an insolvency administrator and
invited creditors to file their claims against Zeljezara Zenica
in the next 30 days.

Zeljezara Zenica has assets worth BAM100.21 million (US$62.9
million/EUR51.2 million), while its liabilities amount to
BAM69.95 million, SeeNews discloses.

The company is based in Bosnia's fourth-largest city, Zenica.



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


HAYA REAL ESTATE: S&P Assigns 'B-' CCR, Outlook Stable
------------------------------------------------------
S&P Global Ratings said that it assigned its 'B-' long-term
corporate credit rating to Spain-based Haya Real Estate S.L.U.
and Haya Finance 2017 S.A. The outlook is stable.

S&P said, "At the same time, we assigned our 'B-' rating to the
group's EUR475 million senior secured notes (consisting of a
EUR250 million fixed rate tranche and a EUR225 million variable
rate tranche) maturing in 2022. The recovery rating on these
facilities is '4', indicating our view of average recovery
prospects estimated at 30% in the event of a default.

"Despite some changes to our underlying assumptions, such as the
total issue size and the split between floating-rate and fixed-
rate instruments, the ratings are in line with the preliminary
ratings we assigned on Nov. 6, 2017."

Haya is currently one of the three largest real estate debt and
asset servicers in the Spanish market, with assets under
management of EUR40 billion, and reported revenues of EUR194
million in 2016.

S&P's ratings reflect its vulnerable business risk profile
assessment. The Spanish real estate servicing market is highly
competitive, with four to five competing debt and asset servicers
of a similar size to Haya, offering comparable services to
banking clients, making it difficult for operators to offer a
differentiated service and attract a clear price premium. The
nature of the Spanish real estate servicing market is such that
service providers pay a lump sum upfront to secure exclusive
rights to service a book of assets, for a contracted period, with
pre-agreed pricing. While providing barriers to new entrants and
a contracted revenue base for incumbents, it also results in
material reinvestment risk and a relatively small number of
contracts for which market participants must compete in order to
drive revenue and EBITDA growth. Furthermore, service providers
typically have significant levels of customer concentration, with
over 95% of Haya's revenues and EBITDA being derived from four
contracts. The largest, with Spanish state-backed asset
resolution entity SAREB, accounts for over 50% of 2016 revenues.
While S&P expects customer concentration to decline over time,
Haya will likely continue to face higher levels of concentration
risk than the majority of professional services providers. Haya's
business risk profile is also limited by the material contract
renewal risk it faces, with the existing SAREB contract expiring
at the end of 2019.

S&P said "We view Haya's financial risk profile as aggressive.
While we acknowledge that our forecast cash flow leverage metrics
are in line with a stronger financial risk profile assessment,
our assessment is constrained by our view of Haya's financial
policy. Haya is currently 100% owned and controlled by a
financial sponsor, and as a result we expect the company to have
a greater tolerance for higher leverage.

"The rating incorporates a one-notch negative adjustment under
our comparable ratings analysis modifier. This reflects Haya's
operation in a relatively new industry that we expect to decline
and which may have a finite lifespan. We believe that a decline
in the volume of nonperforming real estate loans in Spain
presents additional refinancing risk."

S&P's base case assumes:

-- S&P Global Ratings-adjusted revenue growth of about 10% in
    2017 and 10%-15% in 2018, following a new mandate in fourth-
    quarter (Q4) 2017 with Spanish bank Liberbank.

-- Adjusted EBITDA margins to remain flat at around 65%-70% in
    2017 and 2018.

-- Capital expenditure (capex) of around EUR5 million-EUR10
    million in 2017 and 2018.

-- Acquisitions of about EUR85 million in 2017 reflecting the
    acquisition of a servicing entity that signed the new mandate
    with Liberbank.

-- Cash payment of about EUR190 million in Q4 2017 representing
    dividends, repayment of shareholder loans, and a new loan to
    Haya's ultimate shareholder.

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

--  Adjusted debt to EBITDA of about 3.0x-3.5x in 2017 and 2.7x-
     3.2x in 2018.

-- Adjusted funds from operations (FFO) to debt of 20%-25% in
    2017 and 2018.

-- Unadjusted free operating cash flow of more than EUR75
    million in 2017 and 2018.

S&P said, "Our stable outlook reflects our view that Haya will
continue to expand in the next 12 months on the back of a
recovery in the Spanish real estate market and the onboarding of
the newly won Liberbank assets, resulting in free operating cash
generation of above EUR75 million.

"We could consider taking a positive rating action if Haya were
to demonstrate successful management of its contract renewal
risk, and improve its customer diversification through the
onboarding of new asset portfolios with new clients.

"We see limited pressure on the rating in the near term. However,
we could take a negative rating action if we became concerned
about the sustainability of Haya's capital structure.
Specifically, we would consider lowering the rating if free
operating cash generation were to turn negative for a prolonged
period."


PYMES SANTANDER 13: Moody's Rates Series C Notes (P)Caa3 (sf)
-------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the debts to be issued by FONDO DE TITULIZACION PYMES
SANTANDER 13 (the Issuer):

-- EUR2,254.5M Series A Notes due May 2043, Assigned (P)A1 (sf)

-- EUR445.5M Series B Notes due May 2043, Assigned (P)B2 (sf)

-- EUR135.0M Series C Notes due May 2043, Assigned (P)Caa3 (sf)

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

The transaction is a cash securitisation of standard loans and
credit lines granted by Banco Santander S.A. (Spain)
("Santander", Long Term Deposit Rating: A3 Not on Watch /Short
Term Deposit Rating: P-2 Not on Watch) to small and medium-sized
enterprises (SMEs) and self-employed individuals located in
Spain.

RATINGS RATIONALE

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

In Moody's view, the strong credit positive features of this deal
include, among others: (i) a relatively short weighted average
life of around 2.0 years; (ii) a granular pool (the effective
number of obligors over 1,000); (iii) a geographically well-
diversified portfolio; and (iv) refinanced and restructured
assets have been excluded from the pool. However, the transaction
has several challenging features: (i) a strong linkage to
Santander related to its originator, servicer, accounts holder
and liquidity line provider roles; (ii) no interest rate hedge
mechanism in place; and (iii) a complex mechanism that allows the
Issuer to compensate (daily) the increase on the disposed amount
of certain credit lines with the decrease of the disposed amount
from other lines, and/or the amortisation of the standard loans.

Key collateral assumptions:

Mean default rate: Moody's assumed a mean default rate of 8.8%
over a weighted average life of 2.1 years (equivalent to a B1
proxy rating as per Moody's Idealized Default Rates). This
assumption is based on: (1) the available historical vintage
data, (2) the performance of the previous transactions originated
by Santander and (3) the characteristics of the loan-by-loan
portfolio information. Moody's took also into account the current
economic environment and its potential impact on the portfolio's
future performance, as well as industry outlooks or past observed
cyclicality of sector-specific delinquency and default rates.

Default rate volatility: Moody's assumed a coefficient of
variation (i.e. the ratio of standard deviation over the mean
default rate explained above) of 56%, as a result of the analysis
of the portfolio concentrations in terms of single obligors and
industry sectors.

Recovery rate: Moody's assumed a stochastic recovery rate with a
42.5% mean, primarily based on the characteristics of the
collateral-specific loan-by-loan portfolio information,
complemented by the available historical data.

Portfolio credit enhancement: the aforementioned assumptions
correspond to a portfolio credit enhancement of 24%, that takes
into account the current local currency country risk ceiling
(LCC) for Spain of Aa2.

As of December 2017, the audited provisional asset pool of
underlying assets was composed of a portfolio of 61,893 contracts
amounting to EUR3,062 million. In terms of outstanding amounts,
around 80.6% corresponds to standard loans and 19.4% to credit
lines. The top industry sector in the pool, in terms of Moody's
industry classification, is Construction & Building (21.1%). The
top borrower group represents 0.85% of the portfolio and the
effective number of obligors is 2,251.The assets were originated
mainly between 2014 and 2017 and have a weighted average
seasoning of 2.8 years and a weighted average remaining term of
4.0 years. The interest rate is fixed for 20.7% of the pool while
the remaining part of the pool bears a floating interest rate.
Geographically, the pool is concentrated mostly in the regions of
Madrid (22%) and Catalonia (18%). At closing, any loans in
arrears more than 30 days will be excluded from the final pool.

Around 23% of the portfolio is secured by first-lien mortgages
over different types of properties.

Key transaction structure features:

Reserve fund: The transaction benefits from a EUR135 million
reserve fund, equivalent to 5% of the balance of the Series A and
Series B notes at closing. The reserve fund provides both credit
and liquidity protection to the notes.

Counterparty risk analysis:

Santander will act as servicer of the assets for the Issuer,
while Santander de Titulizacion, S.G.F.T., S.A. (not rated) will
be the management company (Gestora) of the transaction.

All of the payments under the assets in the securitised pool are
paid into the collection account at Santander. There is a sweep
of the funds held in the collection account into the Issuer
account every two days. The Issuer account is held at Santander
with a transfer requirement if the ratings of the account bank
falls below Baa3 or P-3. Moody's has taken into account the
commingling risk in its analysis.

Stress scenarios :

Moody's also tested other sets of assumptions under its Parameter
Sensitivities analysis. For instance, if the assumed default rate
of 8.8% used in determining the initial rating was changed to
12.8% and the recovery rate of 42.5% was changed to 32.5%, the
model-indicated rating for Series A and Series B of A1(sf) and
B2(sf) would be A2(sf) and Caa2(sf) respectively.

Principal Methodology:

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

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

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

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


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


SELECTA GROUP: S&P Affirms 'B' CCR Following Proposed Refinancing
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term corporate credit
rating on Switzerland-based Selecta Group B.V. The outlook is
negative.

S&P said, "At the same time, we assigned our 'BB-' issue rating
to Selecta's proposed super senior revolving credit facility
(RCF) due in 2023, and our 'B' issue rating to the proposed
EUR1.3 billion senior secured notes due 2024. The recovery rating
on the proposed RCF facility is '1', indicating our expectation
of very high (90%-100%; rounded estimate: 95%) recovery prospects
in the event of a payment default. The recovery rating on the
proposed senior secured notes is '3', indicating our expectation
of meaningful (50%-70%; rounded estimate: 50%) recovery prospects
in the event of a payment default.

"In addition, we affirmed our 'B' issue rating on the group's
EUR350 million and Swiss franc (CHF) 245 million senior secured
notes due June 2020 and our 'BB-' issue rating on Selecta's super
senior RCF due in 2019. The recovery rating on the senior secured
notes is '3', indicating our expectation of meaningful (50%-70%;
rounded estimate: 60%) recovery prospects in the event of a
default. The recovery rating on the RCF facility is '1',
indicating our expectation of very high (90%-100%; rounded
estimate: 95%) recovery prospects in the event of a payment
default. We expect the existing instruments to be repaid as part
of the transaction.

The affirmation follows Selecta's announcement that it has agreed
to acquire Italy-based vending services company Gruppo Argenta
SpA (Argenta), alongside its intention to issue EUR1.3 billion of
senior secured notes and a EUR150 million super senior RCF.
Selecta plans to use the proceeds of the proposed issuances to
pay the cash portion of the acquisition price and to refinance
the capital structure of the combined group, having assumed
Argenta's debt under the terms of the acquisition.

In addition, S&P expects the group's strategic shareholders to
replace the existing payment-in-kind (PIK) loan with new
preferred equity certificates (PECs), which we mostly treat as
equity.

The Argenta acquisition will result in Selecta becoming the
second-largest player, after IVS, in the Italian vending market,
the only major European market in which it did not previously
operate. S&P said, "The Argenta and Pelican Rouge acquisitions
provide a material improvement in the group's scale and density,
which we regard as key success factors in the vending services
market. We also view Argenta's innovative product offerings and
sizable market share in Northern Italy as complimentary to the
group's future growth prospects."

S&P said, "While we recognize the boost the acquisition will have
on Selecta's operations, we would be unlikely to consider this
sufficient to revise our view of its business risk profile, which
remains constrained by the fragmented nature of the vending
market and weaker operating efficiency than other business
services companies. Furthermore, we note that there is material
execution risk associated with integrating Pelican Rouge and
Argenta; Selecta has a limited track record of assimilating
sizable acquisitions.

"We expect the purchase to slightly improve Selecta's leverage
metrics as the meaningful increase in cash-paying debt is offset
by Selecta replacing the existing PIK loan with PECs, the
majority
of which we consider to be equity-like.

"Post-transaction, we expect adjusted debt of about EUR1.5
billion, comprised of: i) the proposed issuance of EUR1.3 billion
of senior secured notes; ii) non-cancellable operating lease
obligations of about EUR80 million; iii) finance leases and
liabilities under factoring and reverse factoring programs of
about EUR65 million; and iv) about EUR15 million of PECs, which
we would consider to be debt-like due to their being held outside
the controlling group.

"We expect pro-forma debt to EBITDA of 7.2x-7.5x in financial
2018 (ending Sept. 30, 2018), after taking into account certain
integration and restructuring expenses, which we would consider
to be operating in nature. We expect the combined group's
increased scale and density to drive revenue and margin growth in
financial 2019, with lower integration and restructuring expenses
resulting in debt to EBITDA falling to 6.2x-6.5x.

"We also view the acquisition as beneficial to the group's
ability to generate positive free operating cash flow (FOCF) in
the future, which Selecta has struggled to demonstrate on a
stand-alone basis in recent years. We anticipate that the
combined entity should be able to generate reported FOCF of
around EUR30 million after integration costs from 2019 and
demonstrate an improvement thereafter."

The negative outlook reflects the meaningful execution risks
associated with Selecta's integration of Pelican Rouge and
Argenta. S&P's outlook also reflects its view that the group may
not be able to consistently generate positive FOCF, which will
require the realization of significant operating and capital
expenditure synergies following the group's negative FOCF
generation due to operational underperformance in recent years.

S&P said, "We could take a negative rating action if Selecta
fails to generate positive FOCF, absent specific charges relating
to the current acquisition and refinancing. We could also take a
negative rating action should Selecta fail to finalize the
proposed transaction, which would present heightened refinancing
risk for the group's upcoming maturities.

"We could revise the outlook to stable if Selecta completes the
proposed transaction and demonstrates progress in both
integrating the Pelican Rouge and Argenta businesses and meeting
its growth plans for financial 2018. Specifically, we could
revise the outlook if we expect the company to generate positive
FOCF after 2018, with no major cost overruns and operational
issues in 2018."


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


FIBABANKA AS: Fitch Assigns 'BB-(EXP)' Rating to Sr. Unsec. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Fibabanka A.S.'s (Fiba) upcoming
benchmark senior unsecured notes issue an expected long-term
rating of 'BB-(EXP)'. The issue is expected to have a five-year
tenor.

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

KEY RATING DRIVERS

The senior unsecured notes are rated at the same level as Fiba's
Long-Term Foreign-Currency Issuer Default Rating (IDR), as the
notes constitute Fiba's direct, unconditional, unsubordinated and
unsecured obligations and will rank equally among themselves and
with all of the bank's other unsubordinated and unsecured
obligations. The Long-Term IDR of Fiba in turn is driven by the
bank's standalone strength, as reflected in its Viability Rating
(VR) of 'bb-'.

Fiba's VR reflects the bank's limited franchise in the Turkish
banking sector, small absolute size and rapid growth in recent
years. It also reflects Fiba's record of reasonable financial
metrics and sound strategic implementation.

RATING SENSITIVITIES
Changes to Fiba's VR, which drives the Long-Term IDRs, would
impact the issue's rating. Fiba's VR could be downgraded in case
of significant deterioration in asset quality that put pressure
on performance and capital ratios. Material strengthening of
Fiba's franchise without a sharp increase in risk appetite could
result in upside for the bank's VR.

Fiba's other ratings are unaffected by this action, and are as
follows:
Long-Term Foreign- and Local-Currency IDRs: 'BB-'; Stable Outlook
Short-Term Foreign- and Local-Currency IDRs: 'B'
National Long-Term Rating: 'A+(tur)'; Stable Outlook
Viability Rating: 'bb-'
Support Rating: '5'
Support Rating Floor: 'No Floor'
Tier 2 capital notes: 'B+'


=============
U K R A I N E
=============


FERREXPO PLC: Fitch Raises Long-Term IDR to B, Outlook Positive
---------------------------------------------------------------
Fitch Ratings has upgraded Ukraine-based Ferrexpo plc's Long-Term
Issuer Default Rating (IDR) to 'B' from 'B-'. The Outlook on the
IDR is Positive. In addition, Ferrexpo's senior unsecured ratings
have been upgraded to 'B' from 'B-'. The Recovery Rating is
unchanged at 'RR4'.

The rating action reflects Ferrexpo's improved liquidity profile
following the signing of a new pre-export financing (PXF)
facility in November 2017 and Fitch expectation that the company
will be able to redeem its fairly large upcoming debt maturities
in 2018 and 2019 from internally generated cash flows and
available cash balances. The Positive Outlook factors in Fitch
view that, should Ferrexpo maintain a solid liquidity profile,
its credit profile would be commensurate with a 'B+' rating.

Ferrexpo is now rated one notch above the 'B-' Country Ceiling
for Ukraine (B-/Stable). This is in line with Fitch 'Rating Non-
Financial Corporates Above the Country Ceiling Rating Criteria'
and takes into account the company's hard-currency external debt
service cover, which is expected to remain above 1x as well as
the company's cash balances outside Ukraine.

KEY RATING DRIVERS

Improved Liquidity: Ferrexpo's liquidity was supported by a new
three-year USD195 million PXF facility provided by a syndicate of
international banks, which together with internally generated
cash flows and available cash balances will allow the company to
meet its fairly large upcoming debt maturities in 2018 and 2019.
The company has demonstrated a clear path to deleveraging since
end-2015. Fitch estimate Ferrexpo's funds from operations (FFO)
adjusted gross leverage to have declined to 1.4x at end-2017
(2016: 1.8x; 2015: 3.4x) and to fall further to 1.0x in 2018, in
line with Fitch expectations of positive free cash flow (FCF)
generation and a declining debt balance.

The company is on track to redeem its Eurobonds due in two equal
instalments in April 2018 and April 2019 (total USD346 million)
as well as the remaining USD131 million of its USD350 million PXF
facility due 2018, among other bank debt.

Rating above Country Ceiling: Fitch upgraded Ferrexpo's Long-Term
IDR to 'B', one notch above Ukraine's Country Ceiling of 'B-' due
to the improvement in the company's hard-currency external debt
service ratio following the signing of its new PXF facility in
November 2017. Fitch expect the ratio to remain above 1x for the
next two years. All of Ferrexpo's earnings are in hard currency
(US dollars), with cash held outside Ukraine, thus the company is
able to service its hard-currency debt with recurring hard-
currency cash flows and cash balances. Ferrexpo's Ukraine
operations have not been affected by the military conflict in the
Donbas region, 425 km away.

Low Cost Producer: Ferrexpo's operations are positioned in the
first quartile of the global iron ore pellet producer's cost
curve, according to CRU. Ferrexpo's cash costs have improved
significantly over the past four years to 2016 to USD28/tonne
from USD60/tonne, largely due to the depreciation of the
Ukrainian hryvnia (UAH) against the US dollar as 50% of operating
costs are linked to the UAH. Fitch base case assumes cash costs
of USD32/tonne-USD33/tonne from 2017-2019, escalating to
USD36/tonne in 2020 due to increased energy costs, as well as
increase in variable costs on forecast higher pellet production
volumes. Fitch view is that Ferrexpo will remain a low-cost
producer in that scenario.

Profitability Sound but Moderating: Due to high pellet premium
received over the benchmark 62% iron ore price in 2017,
Ferrexpo's EBITDA margin for 2017 is estimated at a healthy 45%,
but is forecast to decline to a still healthy 39% in 2018 as new
supply enters the market, resulting in a price drop. Fitch base
case assumes that moderating iron ore prices and cost increases
will reduce EBITDA margins to 36% in 2019 and 24% in 2020.

Pellet Premium to Moderate: Strong demand for pellets in the four
key import regions (Europe, MENA, China, and Asia) underpinned
prices in 2017 and will continue in 1H18, according to CRU. A
crucial factor for the premium in 2018 is the return to
production of both Samarco and Vale's two pellet plants. The
increased supply will lower the PLATTS Atlantic premium to
USD40/tonne from USD45/tonne in 2018. As production continues to
ramp up in 2019, CRU expects premiums to fall to USD36/tonne.

Long-Term Contracts: The company has long-term contracts with
steel producers in Europe and Asia, which provides a measure of
certainty in revenue compared with peers operating in the spot
market, although pellet premiums are negotiated annually, semi-
annually, or on a quarterly basis. Ferrexpo is thus exposed to
the movement in the price of iron ore as an index-based pricing
model is applied to long-term contracts.

DERIVATION SUMMARY

Ferrexpo is a small iron ore premium pellet producer and one of
the top 10 pellet exporters globally. The company is smaller in
terms of size and scale of its mining operations compared with
major global peers such as Vale S.A. (BBB+/Stable) and Fortescue
Metals Group Limited (BB+/Stable), but its operations are
positioned within the first quartile of the cost curve and its
pellet product is of premium quality, allowing the company to
access the premium pellet market. Ferrexpo's closest Ukrainian
peer is Metinvest B.V. (B/Stable), which has greater exposure to
the local market. Although Metinvest has greater scale than
Ferrexpo, its product offerings are of lower value and
consequently is EBITDA margins are lower, resulting in weaker FFO
adjusted leverage ratios.

No country-ceiling, parent/subsidiary or operating environment
aspects have an impact on the ratings.

KEY ASSUMPTIONS

Fitch's Key Assumptions within Fitch Rating Case for the Issuer
-- Price assumptions for iron ore: USD55/tonne in 2018-2019,
    USD50/tonne in 2020; Platts Atlantic Pellet Premium of
    USD40/tonne in 2018, decreasing to around USD35/tonne in
    2019.
-- Capex of USD130 million in 2018, and USD60 million in 2019-
    2020.
-- Dividends of USD56 million in 2017, and USD60 million in each
    of 2018 and 2019.
-- Production volumes of 10.4 million tonnes from 2017 to 2019,
    and 11.5 million tonnes in 2020.
-- USD/UAH of 29 in 2018, 31 in 2019 and 32 in 2020.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action
-- Maintenance of improved liquidity position and debt maturity
    profile, including renewal of PXF facilities, strong cash
    generation due to higher-than-expected iron ore prices and/or
    pellet premiums, and continued deleveraging.
-- Maintenance of the hard currency external debt service ratio
    above 1.5x
-- Upgrade of the Long-Term Issuer Default Rating and Country
    Ceiling for Ukraine.

Developments That May, Individually or Collectively, Lead to
Outlook being revised to Stable
-- The hard currency external debt service ratio maintained
    between 1.0-1.5x

LIQUIDITY

Improving Liquidity: At end-2017, Ferrexpo had available cash
balances of USD306 million (post new PXF refinancing) compared
with Fitch's forecast of USD331 million in short-term debt.
Liquidity should also be supported by FCF of USD179 million under
Fitch base case.

The group has USD350 million PXF facilities, which began
amortising at a rate of USD43.8 million per quarter from November
2016 and is due to be redeemed in full in August 2018. In
November 2017, Ferrexpo announced the signing of a new three-year
secured revolving credit facility of USD195 million, which will
amortise over eight quarters with final repayment on 31 December
2020. Ferrexpo's other significant debt instrument is a USD346
million Eurobond that matures in two equal instalments in April
2018 and April 2019. Fitch believe that the company will be able
to redeem the debt from internally generated cash flows and
available cash balances.

FULL LIST OF RATING ACTIONS

Ferrexpo plc
Long-Term IDR upgraded to 'B' from 'B-'; Outlook Positive.
Short-Term IDR: affirmed at 'B'.

Ferrexpo Finance
Senior unsecured debt guaranteed by Ferrexpo plc: upgraded to 'B'
from 'B-' / 'RR4'


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


CARILLION PLC: Five UK Banks Face Heavy Losses Following Collapse
-----------------------------------------------------------------
Sandrine Bradley at Reuters reports that sources said five UK
banks are facing heavy losses on loans to Carillion, after
irreconcilable differences between the company, its lenders and
the government pushed the UK construction and services group into
liquidation on Jan. 15.

According to Reuters, Royal Bank of Scotland, HSBC, Santander,
Lloyds and Barclays are among the most heavily exposed after
providing GBP140 million of emergency loans in September 2017 and
are also lenders on a GBP790 million revolving credit facility.

Those two loans make up the bulk of Carillion Plc's GBP1.6
billion committed debt facilities, along with GBP350 million of
private placements, around GBP170 million of convertible bonds, a
GBP112 million Schuldschein loan and GBP45 million of bilateral
loans, Reuters notes.

"These (five) banks have massive exposure to Carillion.  They
face high provisions in the next quarter," Reuters quotes a
restructuring adviser as saying.

Barclays has further exposure after providing one of two
bilateral loans totalling GBP45 million with Germany's Helaba
Bank, Reuters states.

A banking source said six banks, including RBS, HSBC, Santander
and Lloyds, also provided another GBP350 million of early
prepayment facilities to Carillion's operating company, Reuters
relays.

These facilities allowed the banks to pay suppliers directly and
then gave Carillion 120 days to repay lenders, according to
Reuters.

At the time of its collapse, Carillion had used GBP100 million of
the GBP140 million emergency loans that were put in place in
September 2017 after July's profit warning, Reuters discloses.

Several sources, as cited by Reuters, said Carillion's GBP790
million revolving credit, which was signed in November 2015, was
also fully drawn at the time of its collapse.

The five UK banks were in last-minute talks to give Carillion a
further GBP100 million-GBP175 million of short-term loans, two
restructuring advisers said, to fund the company while a debt
restructuring plan was finalized and implemented, Reuters
relates.

The short-term loans would have been refinanced by a GBP360
million cash injection as part of a debt restructuring agreement
that would have converted all of Carillion Plc's existing debt
into equity, Reuters relays, citing several sources.

Carillion held a meeting with creditors on Jan. 10 to discuss its
business plan and said that it needed at least GBP360 million to
sustain its business going forward, Reuters recounts.

Lenders said, however, that they were unable to commit funding
without government support in the form of money, guarantees or
the government taking back some contracts, Reuters notes.

Lenders were expecting to agree a debt restructuring in the first
quarter, before a six-month debt waiver expired in April, which
would be implemented in the second quarter, Reuters 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.


CINEWORLD UK: Moody's Assigns First-Time B1 CFR, Outlook Stable
---------------------------------------------------------------
Moody's Investors Service has assigned a B1 Corporate Family
rating (CFR) and a B1-PD Probability of Default rating (PDR) to
Cineworld UK Holdco Limited ("Cineworld" or "the group").
Concurrently, Moody's has assigned B1 ratings to the USD4,007
million Senior Secured Term Loan borrowed by Cineworld Finance
US, Inc. and the USD300 million Senior Secured Revolving Credit
Facility borrowed by Cineworld UK Holdco Limited. The outlook on
all ratings is stable.

This is the first time Moody's has assigned ratings to Cineworld.

Proceeds from the Term Loan will be used to finance, in part, the
acquisition of Regal Entertainment Group ("Regal"), to refinance
existing Regal debt and to pay transaction expenses.

"Cineworld is a leading European cinema group and the acquisition
of Regal gives it a strong position in the US, the largest
international cinema market, improving its business profile and
mitigating high opening pro forma leverage of 5.3x," says Colin
Vittery, a Moody's Vice President -- Senior Credit Officer and
lead analyst for Cineworld.

A full list of affected ratings can be found at the end of this
Press Release.

RATINGS RATIONALE

The B1 CFR assigned to Cineworld reflects its: (1) position as a
leading international cinema exhibitor with strong market
positions in its markets of operation and particularly in its
largest market following the Regal acquisition, the US where it
is #2. Scale is a powerful barrier to entry and should drive
economies in film rental and concession procurement; (2) good
geographical diversification with operations in 10 national
markets; (3) the value inherent in control of the of the "first
run window"; (4) the quality of the group's estate; (5) the
resilience of the industry over many years, driven by the strong
value proposition; and (6) the stated financial policy and
experienced management team.

The CFR also reflects (1) the relative maturity of the industry
in the UK and US, with declining attendance trends in the US; (2)
the reliance on Hollywood studio output and seasonality of
earnings; (3) the high gross leverage of the business following
the Regal acquisition, estimated at Moody's adjusted 5.3x (pro
forma December 31, 2017) and the slow deleveraging to 4.9x in 12
to 18 months; and (4) the acquisition and integration risks
associated with a deal the size of the Regal transaction.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects the expectation that Cineworld will
close the acquisition of Regal in accordance with the timetable
outlined and on the terms announced. The stable outlook reflects
the fact that Cineworld's rating is well positioned at the B1
category and incorporates Moody's expectations that the company
will deliver positive free cash flow sufficient to delever the
business to below 5.0x in the next 12 months, maintain its market
share, refrain from further debt-financed acquisitions and keep
its existing financial policy.

WHAT COULD CHANGE THE RATING UP / DOWN

Given the maturity of the industry in the UK and US, limited
opportunities for growth, and the secular decline in US
attendance driven by the rise in competitive threats, an upgrade
is considered unlikely in the next 18 months. However, Moody's
could consider an upgrade if the company's (1) leverage (Moody's
adjusted debt-to-EBITDA) is sustained below 4x; and (2) debt
coverage (Moody's adjusted free cash flow to debt) is sustained
above 5%.

Moody's could consider a negative rating action if (1) free cash
flow turned negative, on a sustained basis; or (2) leverage
(Moody's adjusted debt-to-EBITDA) does not reduce below 5.0x
within 12 months. A negative rating action could also be
considered if liquidity weakened, attendance deteriorated,
margins fell, there was a loss in market share, or the company's
scale or diversity was diminished. Moody's could also consider a
downgrade if there were material and negative changes in
competition, financial policy, capital structure, or the business
model such that there is a material increase in credit risk.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: Cineworld UK Holdco Limited

-- LT Corporate Family Rating, Assigned B1

-- Probability of Default Rating, Assigned B1-PD

-- Backed Senior Secured Bank Credit Facility, Assigned B1 (LDG
   4)

Issuer: Cineworld Finance US, Inc.

-- Backed Senior Secured Bank Credit Facility, Assigned B1 (LDG
    4)

Outlook Actions:

Issuer: Cineworld UK Holdco Limited

-- Outlook, Assigned Stable.

Issuer: Cineworld Finance US, Inc.

-- Outlook, Assigned Stable.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Cineworld Group plc was founded in 1995 and listed its shares on
the London Stock Exchange in May 2007. The Company has grown
through expansion and by acquisition to become one of the leading
cinema groups in Europe. Cineworld currently operates 2,227
screens across 232 sites in the UK and Ireland, Poland, the Czech
Republic, Slovakia, Hungary, Bulgaria, Romania and Israel.

On December 5, 2017, Cineworld announce the proposed acquisition
of Regal Entertainment Group, the second largest US cinema
operator by screens. The acquisition is subject to customary
approvals and expected to close in Q1 2018. Post-acquisition,
Cineworld will have 9,542 screens across the US and Europe,
making it the second largest operator in the world (by screens)
and present in 10 national markets.

The largest shareholder in Cineworld is Global City Holdings
B.V., a Greidinger Family holding vehicle, which holds
approximately 28% of the quoted equity. Pro forma for the Regal
acquisition at 30 June 2017, the group had LTM revenues of
USD4,370 million and EBITDA of USD907 million.


EG FINCO: Moody's Assigns B2 Ratings to Senior Secured Facilities
-----------------------------------------------------------------
Moody's Investors Service has assigned B2 ratings to the senior
secured facilities being raised by EG Finco Limited (Finco),
which will be used for a refinancing of existing debt and to fund
agreed acquisitions in Italy and Germany. Concurrently Moody's
has affirmed the B2 corporate family rating (CFR) of EG Group
Limited (EG), the ultimate parent of the EG group. The
probability of default rating (PDR) has been upgraded to B2-PD
from B3-PD and the outlook on all ratings is stable. A full list
of the facilities is provided at the end of this press release.

"The B2 ratings balance the significant operational and financial
progress made since the merger between Euro Garages and EFR in
late 2016, with the debt-funded nature of the acquisitions and
execution risks associated with expansion into new territories",
says David Beadle, a Moody's VP - Senior Credit Officer and lead
analyst for the EG Group. "Moody's acknowledge the relatively
limited impact on pro-forma credit metrics as well as the
company's strong track record of successfully integrating major
new portfolios", he added.

RATINGS RATIONALE

EG has grown significantly over recent years, initially driven by
a series of portfolio acquisitions in the UK, and then notably
via the November 2016 acquisition of EFR, which had an
established portfolio of over 1,100 sites across the Benelux and
France. In the case of EFR, the typical risks associated with
acquiring a large scale target operating outside of a company's
existing geography were mitigated by the prior involvement of
EG's partial owners -- funds advised by TDR Capital LLP - as
majority owners of EFR.

The agreed acquisitions of portfolios of more than 1,000 Esso
branded sites in each of Italy and Germany do not benefit from
this dynamic, although Moody's positively notes that most of the
portfolios acquired in the UK were from Esso's owners, Exxon
Mobil Corporation (Aaa stable) which limits execution risks .
Moreover, the gap of around six months between scheduled
completion dates should allow management time to focus on the
important early post-acquisition phases on a sequential basis.
Nevertheless, until a period of time has passed where performance
in line with expectations can be evidenced, and considering the
partial releveraging arising from the acquisitions, the
refinancing offsets the positive rating pressure that had begun
to emerge thanks to strong current year performance and
expectations of further deleveraging.

In the circumstances, the B2 CFR of EG reflects: (i) the strong
market positions as a leading independent fuel station operator
in the UK, the Benelux and France, with further geographical
diversity to come from acquisitions in Italy and Germany
scheduled to complete in Q1 and Q4 2018 respectively ; (ii)
exposure to broadly stable fuel demand patterns and supportive
long-term trends towards convenience offerings; (iii) large and
well-invested portfolio of sites, with a significant proportion
of freeholds; and (iv) opportunities to continue to improve the
company's profitability via the ongoing roll-out of its 'Food-to-
Go' retail offering, in particular across the core Northern
European estate and in due course Italy and Germany.

The B2 CFR also reflects: (i) the inherently low profit margins
associated with fuel retail operations; (ii) still material
leverage, which Moody's calculate will be 5.9x pro-forma for the
closing of the Italian and German acquisitions; and (iii)
execution risks in respect of these acquisitions and a degree of
ongoing event risk should the company choose to make further
sizeable portfolio acquisitions.

EG's shareholders have decided to undertake a full refinancing of
the group's existing senior secured facilities alongside raising
debt to fund the agreed acquisitions in Italy and Germany. In due
course the refinancing will result in term loans increasing to
approximately EUR2.8 billion from approximately EUR1.6 billion
currently. Drawdown will be delayed in respect of a EUR900
million equivalent tranche linked to the Germany acquisition,
which is scheduled for completion in October. Moody's-adjusted
gross leverage is currently around 5.7x and the rating agency
calculates this will increase to 5.9x pro-forma for the closing
of the Italian and German acquisitions and taking account of the
full year impact on profitability of synergies and portfolio
changes that have already occurred. Furthermore, while pro-forma
gross Moody's-adjusted leverage would be as low as 5.6x if run-
rate adjustments expected to have occurred by the time the German
acquisition is completed are taken into account, on an LTM basis
leverage will exceed 6.0x well into 2019. This is because the
debt related to the acquired sites will be included in the
calculation but it will take time for the related earnings (and
expected uplift from the existing sites and synergies) to
materialise. In the meantime, the rating agency notes positively
EG's strong underlying cash generation profile and expects the
group to generate annual free cash flow of more than EUR100
million in 2018.

In addition to the term loans, the pari-passu ranking senior
secured facilities will include a GBP250 million Revolving Credit
Facility (RCF) and EUR385 million Letter of Credit Facility
(LCF). All of the senior secured credit facilities are rated B2,
in line with the CFR, and will be secured and guaranteed by at
least 80% of assets and EBITDA. Somewhat unusually in the current
market, the facilities will benefit from meaningful asset
backing, with around 40% of the group's sites owned on a freehold
basis. However, in its loss-given-default analysis Moody's
considers the covenant-lite nature of the facilities offsets this
feature and, as such, has assumed a standard 50% recovery rate,
which results in a B2-PD.

Moody's considers the liquidity of EG to be strong. Pro-forma for
the refinancing the group has cash balances totaling over EUR150
million and enjoys a strong underlying level of cash generation,
notwithstanding periodic variability in total capex. Liquidity is
further supported by the rating agency's expectation of ongoing
full availability under the RCF, which Moody's expects will be
fully sufficient to cover working capital needs. The RCF will
have one springing maintenance covenant based on net senior
secured leverage, tested only when the facility is drawn by more
than 40% and against which EG is expected to maintain sizeable
headroom. The Term Loan B is cov-lite.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that fuel
volumes will remain resilient, and that EG's financial
performance will continue to improve, driven by an ongoing
successful roll-out of additional Food-to-Go units, but also
factors in execution risks, albeit considered limited, in respect
of the Italian & German acquisitions. No further material
acquisitions are factored in.

The ratings could experience upward pressure if, following a
period where results of the Italian & German portfolios prove to
be in line with expectations, the company achieves further
sustained overall earnings growth, leading to positive free cash
flow and a debt/EBITDA ratio falling sustainably below 5.5x.

Negative pressure could be exerted on EG's ratings if operating
performance deteriorates or does not improve resulting in
leverage exceeding 6.5x on a sustained basis; or if free cash
flow were to turn negative for an extended period of time; or
liquidity were to weaken.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail
Industry published in October 2015.

CORPORATE PROFILE

EG Group, headquartered in Blackburn, is the parent company of a
group which is one of the leading independent motor-fuel
forecourt operators in Europe. The group operates around 350 fuel
sites across Great Britain under the Euro-Garages fascia, with
three main segments: fuel (operated under the Esso, BP, and Shell
brands), convenience retail (mostly under the Spar brand), and
Food-to-Go, which chiefly comprises the company's franchises of
Greggs, Starbucks and Subway. After acquiring the Netherlands
headquartered European Forecourt Retail (EFR) in November 2016,
EG operates approximately 1,100 sites across the Benelux and
France, with fuel retailed under the brands of BP, Esso and its
own Firezone, while key non-fuel brands include the Spar in the
Netherlands, Louis Delhaize in Belgium and Carrefour in France,
plus (to date limited) branded food-to-good offerings including
Starbucks, Burger King, and more local brands such as Pomme de
Pain. In August 2017 EG signed an agreement with Exxon Mobil to
acquire a portfolio of 1,165 Esso branded fuel sites in Italy and
subsequently, in November announced a transaction to acquire a
further 1,017 Esso sites in Germany from Exxon.

The EFR transaction resulted in an equalisation of the ownership
of the EG Group between funds managed by TDR Capital LLP and the
two brothers who founded Euro Garages, Mohsin & Zuber Issa.
Previously, EG was majority owned by the Issa brothers, with a
minority stake held by funds advised by TDR, while EFR was
majority owned by funds advised by TDR.

The EG Group currently has annual Revenues of more than EUR5
billion and in the LTM to November 2017 had adjusted EBITDA (as
defined by EG) of EUR301 million.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: EG Group Limited

-- Corporate Family Rating, Affirmed B2

Upgrades:

Issuer: EG Group Limited

-- Probability of Default Rating, Upgraded to B2-PD from B3-PD

Assignments:

Issuer: EG Finco Limited

-- Senior Secured Bank Credit Facility, Assigned B2

Outlook Actions:

Issuer: EG Group Limited

-- Outlook, Remains Stable

Issuer: EG Finco Limited

-- Outlook, Remains Stable


EG GROUP: Fitch Assigns First-Time 'B(EXP)' IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has assigned UK-based EG Group Limited (EG) an
expected Long-Term Issuer Default Rating (IDR) of 'B(EXP)' with a
Stable Outlook. In addition, Fitch has assigned the senior
secured debt, including the term loan Bs denominated in multiple
currencies, an expected issue rating of 'B(EXP)' with a Recovery
Rating of 'RR4'(49%).

The 'B(EXP)' IDR reflects EG's high leverage and strategy
execution risk, which are mitigated by its leading position as a
petrol fuel station (PFS) and convenience retail/food-to-go (FTG)
operator in western Europe.

The group will benefit from increased scale and geographic
diversification following the planned acquisitions of Esso petrol
stations in Italy and Germany. However, EG will also face higher
interest payments, capex arising from the opening of new sites as
well as increased execution risk associated with its strategy in
continental Europe as the group enters new markets.

The conversion of the expected ratings into final ratings is
conditional upon the completion of the proposed refinancing, the
planned acquisitions and the final terms and conditions of the
debt instruments being in line with information already received.

KEY RATING DRIVERS

Leading Petrol Station Operator: The expected IDR reflects the
improved position of EG in western Europe as a leading PFS and
convenience retail/FTG operator following the proposed
acquisition of Esso petrol stations in Germany and Italy. Given
EG's existing presence in the UK, France and the Benelux, these
transactions will significantly increase the group's scale and
diversify its operations in the largest and fourth-largest fuel
markets in Europe, i.e. Germany and Italy respectively. EG will
own 3,645 sites (up from 1,463 currently), selling over 10
billion litres of fuel per year across Europe. The combined group
will also own and manage a portfolio of 213 high-quality highway
sites.

Increased Scale and Diversification Benefits: Fitch expects the
combined EG Group will benefit from a better negotiating position
with oil majors due to its larger scale and increased margins
through its diversification strategy and its partnerships with
convenience retail and FTG brands (Starbucks, Subway, Spar, etc).
The group's strategy is based on growing the convenience
retail/FTG business on their sites, benefiting from above-average
growth in the sector as "time-short" consumers increasingly want
to shop more frequently and more easily/closer to home or office.

Significant Owner-Operated Assets: EG is a cash-flow generative
business, underpinned by the group's owned and operated asset
base, as EG owns all its sites in the UK (360 sites) and a
significant number in Europe. As dealer contracts expire in
Europe, EG intends to convert some of the largest sites to a
company-owned/company-operated (COCO) model, allowing the group
greater control over convenience retail and FTG development. EG
also owns 118 valuable motorway sites in continental Europe,
which will increase by 80 once the two acquisitions are complete.
With the acquisitions in Germany and Italy, around 40% of the
total portfolio will be owned by the group on a freehold basis.

Meaningful Execution Risk from Acquisitions: EG has been
transformed from a small entrepreneurial group into a major
European fuel and retail operator in less than three years. The
group is acquisitive as the European fuel station sector
consolidates. Fitch believes that the Esso acquisitions involve
meaningful execution risks, as the group will enter two new
countries and their scale will likely require changes to
management's organisation and control functions across the wider
group. However, Fitch sees EG's business model as sustainable and
management has a good track record of growing the business,
identifying significant synergies and cost-savings opportunities
from the integration of its targets.

Growing Convenience, FTG Segments: EG's strategy is to strongly
develop the convenience retail and FTG offer on its sites both to
improve footfall and to offset the stagnation in fuel volumes and
gross profits from fuel sales. Currently, EG has in excess of 500
retail outlets and will install a further 102 stores in
continental Europe in the next nine months. Fitch sees this
diversification as critical, given stable-to-negative fuel
volumes, broadly fixed fuel margins and growing alternative fuel
usage. The group estimates that 67% of total gross margin will
come from the higher-margin convenience retail and FTG business
by 2022 (currently around 62% in the UK).

Capex Fuels Diversification and Margins: In Fitch's rating case,
EG's free cash flow (FCF) will be constrained by capex reaching
on average EUR120 million per year. Capex will fund the opening
of new sites, the conversion of the most promising stations from
CODO (company- owned and dealer-operated) to COCO and support the
roll-out of EG's convenience retail / FTG strategy. Therefore,
Fitch expects the group to increase its overall market share in
western Europe by volume, increase its weighted average operating
margins, due to its more profitable activities, and attract new
customers to its convenience retail or FTG sites.

High Leverage Mitigated by Positive FCF: EG's rating is
constrained by high Fitch-estimated gross leverage pro forma for
the Esso acquisitions of around 7.0x on a funds from operations
(FFO) lease-adjusted basis as the planned acquisitions will be
entirely debt-funded. Fitch expect de-leveraging will be moderate
in the next four years but FCF to be positive, at around EUR150
million-EUR160 million per year in 2019-2020 despite high capex
and high interest payments including potential hedging costs.
While Fitch expect the group to generate positive cash flows from
2018 onwards, EG is nevertheless vulnerable to adverse events
such as a downturn in consumer spending or a sharp rise in fuel
costs, as it might not be able to pass the full increase onto
customers.

DERIVATION SUMMARY

EG's IDR of 'B(EXP)'/Stable reflects the leading market position
of the group as an independent petrol station operator, positive
FCF and on-going diversification towards more profitable non-fuel
retailing and FTG segments. Although pro forma FFO lease-adjusted
gross leverage is high at around 7.0x and more in line with a 'B-
' rating, Fitch expects EG to de-leverage on a net basis,
especially if synergies prove to be more significant than
expected. A majority of the business is comparable to other
players that Fitch covers in its food/non-food retail rating and
credit opinions portfolios although the COCO operating model
should provide more flexibility and profitability for EG.

With 213 highway sites, EG can also be compared with Moto
Ventures Limited (B/Stable). Both companies have similar
leverage, although Moto benefits from an infrastructure-like
business profile and operates in a regulated market with high
barriers to entry that Fitch believe is more defensive than that
of EG. EG, in turn, is more geographically diversified with a
strong market share in seven western European countries against
only one for Moto.

KEY ASSUMPTIONS

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

-- Slight decline in fuel volumes, with stable gross margins;
-- Convenience retail sales growth of 2%-3% per year, including
    new sites roll-out with stable gross margins of 32%-36%,
    depending on the country;
-- Like-for-like FTG sales increase of 1% on top of new sites
    roll-out with stable gross margins above 60%;
-- Stable overall EBITDA margin around 4% of sales based on
    current fuel prices;
-- Capex around EUR120 million per year to fund new sites
    openings, COCO conversions and convenience retail and FTG
    roll-out;
-- Neutral working capital;
-- No further transformative acquisitions; and
-- No dividends.

KEY RECOVERY ASSUMPTIONS

As part of its bespoke recovery analysis, Fitch applied a
discount of 25% to the 2018 Fitch-estimated EBITDA (adjusted for
the Esso acquisitions) to derive a post-restructuring EBITDA.
Fitch estimate that with a 25% discount, the group should be cash
flow-neutral, while paying its cash interest, distressed
corporate tax and around EUR100 million of capex per year.

In a distressed scenario, Fitch believes that a 5.5x multiple
reflects a conservative view of the weighted average value of
EG's European portfolio. Fitch believe that the UK, German and
French petrol filling stations would attract a higher multiple,
while the Italian stations under a CODO model would be valued
lower, as suggested by the Esso Italian carve-out EBITDA multiple
in the region of 5x. By comparison, Moto's 7.5x distressed
multiple reflects the regulated nature of the market, the high
quality of their highway sites and their infrastructure-like cash
flow generation profile.

As per its criteria, Fitch assumes the revolving credit facility
(RCF) and letter of credit (LC) facility to be fully drawn and
takes 10% off the enterprise value to account for administrative
claims. Considering that all the debt ranks pari passu at the
senior secured level (including EUR27 million of local debt), the
debtholders would achieve a recovery of 49%, resulting in an
expected instrument rating of 'B(EXP)'/'RR4'/49%.

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
positive rating action:
-- Evidence of success in the roll-out strategy of convenience
    retail and FTG sites in Germany and Italy, leading to EBITDA
    margin rising sustainably above 5%;
-- FFO fixed charge cover above 2.5x on a sustained basis;
-- Sustainable EBITDA growth leading to FCF generation above 3%
    of sales; and
-- FFO gross lease-adjusted leverage below 5.5x through the
    cycle, due to additional profits from new convenience
    retail/FTG outlet and/or rising fuel operating profits.

Developments that may, individually or collectively, lead to
negative rating action:
-- Significant decline in fuel volumes and convenience retail
    sales and/or margins leading to the EBITDA margin falling
    below 3% based on current fuel prices;
-- FFO fixed charge cover below 2x on a sustained basis; and
-- Sustained profit erosion and sustained negative FCF leading
    to FFO gross lease-adjusted leverage sustainably above 7.5x.

LIQUIDITY

Sound Liquidity: At refinancing close, Fitch expect EG to have
around EUR150 million of cash to fund the next two to three years
of development capex related to new site openings, COCO
conversions and convenience retail/FTG diversification. EG's
liquidity should also benefit from a GBP250 million RCF and
EUR385 million LC facility. Change in working capital should be
positive due to upfront payments by customers (fuel, convenience
retail and FTG).


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


* BOND PRICING: For the Week January 15 to January 19, 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 * * *