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

                           E U R O P E

          Monday, January 29, 2018, Vol. 19, No. 020


                            Headlines


C Y P R U S

CYPRUS: DBRS Confirms BB(low) Issuer Ratings, Trend Positive


F R A N C E

ASCOMETAL: Strasbourg Court Raises Questions Over Liberty Funding


G E R M A N Y

AIR BERLIN: Insolvency to Impact German Taxpayers


G R E E C E

HELLENIC TELECOMS: S&P Raises CCR to 'BB-', Outlook Positive
OPAP SA: S&P Raises Corp Credit Rating to 'B+', Outlook Stable


I R E L A N D

DENIS MORIARTY: Put Under Examinership, Operations to Continue
EUROPEAN RESIDENTIAL 2016-1: DBRS Confirms BB Cl. C Notes Rating
GRAND CANAL 2: DBRS Finalizes B(low) Rating on Class D Notes
HARVEST CLO XVIII: Moody's Assigns B1(sf) Rating to Cl. F Notes
HARVEST CLO XVIII: S&P Assigns B- (sf) Rating to Class F Notes

QUESADA DEVELOPMENTS: ODCE Seeks Report on Examinership


K A Z A K H S T A N

MANGISTAU ELECTRICITY: Fitch Rates KZT7.5BB Domestic Bonds BB-


R O M A N I A

TEL DRUM: Files for Insolvency Amid DNA Fraud Investigation


S P A I N

BANCO POPULAR EMPRESAS VII: DBRS Confirms 'CC' B Notes Rating
CAJAMAR 1: DBRS Discontinues CCC(low) Rating on Series B Notes


T U R K E Y

FIBABANKA AS: Fitch Rates US$300MM Senior Unsecured Notes BB-


U N I T E D   K I N G D O M

CARILLION PLC: Collapse Triggers Loan Agreement Defaults at HICL
PI UK HOLDCO: Moody's Assigns Definitive B2 CFR, Outlook Stable
PRECISE MORTGAGE 2018-1B: Moody's Rates Class X Notes B3 (sf)
PRECISE MORTGAGE 2018-1B: Fitch Assigns BB+ Rating to Cl. X Notes
ROYAL BANK: Fitch Affirms 'BB-' Rating on Capital Notes


X X X X X X X X

* BOND PRICING: For the Week January 22 to January 26, 2018



                            *********



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C Y P R U S
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CYPRUS: DBRS Confirms BB(low) Issuer Ratings, Trend Positive
------------------------------------------------------------
DBRS Ratings Limited has confirmed the Republic of Cyprus's Long-
Term Foreign and Local Currency -- Issuer Ratings at BB (low) and
changed the trend to Positive from Stable. DBRS has also
confirmed the Short-Term Foreign and Local Currency -- Issuer
Ratings at R-4 and maintained the Stable trend.

The Positive trend reflects DBRS's view that Cyprus's solid
fiscal and economic performances are likely to be maintained,
leading to the further decline in the government debt-to-GDP
ratio. After better-than-expected results for most of 2017, real
GDP growth is now forecast to be 3.7% for the full year --
compared to a previous forecast of less than 3% -- and projected
at around 3% in 2018 and 2019. Likewise, the forecast for the
fiscal surplus has been revised upwards to 1.0% of GDP in 2017 --
from 0.2% -- and rising to be above 1.3% over the next two years.
As a result of the stronger-than-expected developments and a
partial early debt repayment, the government debt ratio is set to
fall below 100% in 2017, one year earlier than initially
estimated in the government's Stability Programme in April. At
the same time, banks' non-performing loans (NPLs) continue to
decrease. Improvements in DBRS's building blocks of "Fiscal
Management and Policy", "Debt and Liquidity", and "Economic
Structure and Performance" were the key factors for the trend
change.

The ratings reflect Cyprus's solid fiscal performance achieved
over the past few years, as well as its attractiveness as a
business services centre and a tourist destination, its Eurozone
membership -- which has ensured financial support -- and its
enhanced public debt management framework that has reduced debt
refinancing risks.

However, the ratings also underline the depth of Cyprus's
challenges, given its still high levels of private and public
sector debt, sizable non-performing loans in the banking sector,
external imbalances, and the small size of its service-driven
economy, which exposes Cyprus to adverse changes in external
demand.

On the fiscal front, Cyprus accomplished the consolidation of its
budget position in a relatively short period. DBRS expects this
adjustment to be maintained. The fiscal deficit shifted from 5.7%
of GDP in 2011 to a small surplus of 0.5% in 2016. Over the next
four years, the budget position is expected to remain in a
healthy surplus above 1%, supported by strong revenues. The
government is also aiming to maintain a small structural surplus,
above its medium-term objective of a structural balance. Adopted
reforms to strengthen fiscal management, including the reform to
the wage indexation system, together with expenditure ceilings
embedded in the Fiscal Responsibility and Budget Law, are
expected to reinforce the sustainability of public finances.

Along with the better-than-expected fiscal performance, growth
has gathered momentum in 2017. Cyprus's real GDP growth was 3.8%
in the first three quarters of the year, after posting robust
growth for a second consecutive year in 2016. Growth has been
broad-based, with tourism, shipping, professional services,
manufacturing, and construction contributing to growth. The
outlook is for a continued solid recovery in the coming years,
driven by consumption, investment, and exports. Downside risks to
the outlook are related to a less favourable external
environment. Still-high, albeit declining, youth unemployment and
long-term unemployment remain additional challenges, but overall
long-term growth prospects look positive. Upside risks include
stronger-than-expected consumption from higher wages, a greater
degree of diversification in the tourism industry and market, and
the broader economic impact of a large casino-resort project,
currently under construction.

With the consolidation of the budget position complete and the
economy growing at a robust pace for a third year in a row, the
high government debt ratio is declining. After rising rapidly in
recent years, Cyprus's public debt peaked at 107.5% of GDP in
2015. Following a partial, early loan repayment to the Central
Bank of Cyprus in November 2017, the government debt-to-GDP ratio
is now forecast to decline from 107.1% in 2016 to 98.4% in 2017.
Cyprus has also made a partial early repayment to the IMF this
year. Official projections point to a ratio of 91.9% in 2018,
with the reduction supported by a primary surplus of 3.6-3.8% of
GDP, which is among highest in the Euro area (EA).

Although debt dynamics remain vulnerable to adverse shocks,
public debt management has been effective. This has resulted in a
more favourable debt profile, with the average maturity of
government debt at 7.6 years (5.0 years for marketable debt) in
Q3 2017, short-term debt accounting for less than 2% of total
debt, and a liquidity buffer covering 12-month funding needs.
This profile significantly reduces refinancing risks. Floating-
rate debt increased in recent years, but this mainly relates to
official loans, which account for 63% of total debt. Moreover,
the weighted average cost of debt has continued to decline,
reaching 2.2% in Q2 2017 compared to a peak of 4.2% in 2012.

DBRS expects the political commitment to prudent fiscal and debt
management to be maintained through the electoral cycle. Cyprus
benefits from a stable political environment and solid
institutions. The government demonstrated strong commitment to
the economic adjustment programme, exceeding fiscal targets and
making important efforts to obtain legislative support for
reforms. This commitment has been maintained since exiting the
programme in March 2016. Cyprus's next presidential election will
take place next year, with the first round on 28th January,
followed by a second round on 4th February. The candidates with
the most voting intentions are supported by the main political
parties: the ruling centre-right Democratic Rally (DISY), the
centrist Democratic Party (DIKO), and the left Progressive Party
of Working People (AKEL). A recent opinion poll shows that
President Anastasiades is leading in the first round of election
with 32.9%, followed by DIKO's candidate with 24% and AKEL's with
17.7%. Despite delays in the outstanding reforms in Parliament
due to the upcoming presidential election, DBRS expects broad
continuity on fiscal policy, on the debt management strategy, and
on efforts to address banking sector vulnerabilities, after the
election.

Meanwhile, in the private sector, indebtedness levels remain
high, but the deleveraging process continues. The decline in
household debt, of which a large share is in the form of
mortgages, has been notable, reaching 119% of GDP in Q2 2017 down
from a peak of 131% in Q1 2015. Non-financial corporate (NFC)
debt, which in part reflects special purpose entities (SPEs) of
foreign-financed shipping companies with international operations
and financial companies, has fallen from a peak of 231% in Q2
2016 to 221% in Q2 2017 (140% excluding SPEs). At the same time,
the housing market is recovering. After suffering a significant
correction between 2009 and 2016, and stabilising in Q1 2017,
property prices posted an annual rise of 1.2% in Q2 2017.
Property sales are also increasing, driven by higher demand from
both residents and non-residents and supported by low interest
rates. The recovery of the housing market is key to the
performance of the banking sector, as a sizable portion of banks'
non-performing exposures stem from property developers.

Cypriot banks continue to face significant challenges,
particularly in relation to high non-performing loans (NPLs).
After reaching a peak at the beginning of 2015, the stock of NPLs
has been declining largely driven by the NFC sector. Between
February 2015 and July 2017, NPLs fell by 21%. However, the NPL
ratio remains high, as total loans continue to reduce. NPLs for
the banking system were 44.2% of total outstanding loans in July
2017, compared to 49% in May 2016. The 90-days past due loans
ratio was 34.1%, down from 37.5% during the same period. At the
same time, the coverage ratio increased to 47.3% from 38.6% in
July 2016.

Important efforts to speed the resolution of legacy NPLs remain
ongoing and DBRS expects further progress. A comprehensive
framework of measures is in place, including the sale of loans
legislation. The loan securitisation law has been delayed, but
expected to be presented to Parliament in the next months.
Moreover, the third largest Cypriot bank recently signed an
agreement with an independent company for the management of NPLs,
while the second largest bank has approved the creation of an NPL
platform on loan servicing with a Spanish asset management
company. These efforts, together with the recovery of the Cypriot
economy, declining unemployment, and rising house prices, bode
well for the reduction in NPLs.

Finally, on the external sector, Cyprus's current account deficit
has significantly narrowed over the past few years. From 15.5% of
GDP in 2008, the deficit shrunk to 4.9% in 2016. In part
supported by tourism, the services balance remains in large
surplus. After a strong result last year reflecting the extension
of the tourist season and better air connectivity, the tourism
sector has continued to perform well in 2017. Although the UK and
Russia make up for a large share of tourist arrivals, the tourism
sector is diversifying into new markets, including outside
Europe. Overall, the current account is affected by large exports
and imports of transport equipment. The deficit and the negative
net international investment position (NIIP) also reflect in part
activities in the international business centre and SPEs
operating in the shipping sector, with limited links to the
domestic economy. Excluding SPEs, the current account deficit was
0.2% and the negative NIIP was 50.6% of GDP in 2016.
Nevertheless, given the country's net external liability
position, persistent external deficits remain a source of
potential vulnerability.

RATING DRIVERS

Upward rating action would come from continued positive
demonstration of Cyprus's ability to sustain healthy economic
growth and a sound fiscal position that would continue to support
the expected downward trajectory in the public debt ratio.
Important progress on public administration reform and on
privatisations could also put upward pressure on the ratings.
Moreover, Cyprus's ability to significantly reduce
vulnerabilities in the private sector, including a material
reduction of non-performing loans, would be positive for the
ratings. However, although currently unlikely, a period of
significantly weak growth, combined with large fiscal imbalances,
could lead to a change in the trend back to Stable.


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F R A N C E
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ASCOMETAL: Strasbourg Court Raises Questions Over Liberty Funding
-----------------------------------------------------------------
Maytaal Angel and Gilbert Reilhac at Reuters report that the
Strasbourg court in charge of selling troubled French steelmaker
Ascometal has raised questions over public funds as part of the
bid by UK-based metals and industrials firm Liberty House, a
union representative at the hearing said.

Asked about the court's questioning of the bid's funding, a
spokesman for Liberty House, as cited by Reuters, said: "We are
requesting no support from the State.  We have been offered
carbon refunds that are available to all businesses.  Regional
funding supports our growth plan . . . and is available to all
businesses."

Liberty House, which has been snapping up distressed steel and
aluminium assets around the world, is a top contender to take
over Ascometal alongside rival Swiss-based specialty steelmaker
Schmolz + Birkenbach, Reuters notes.

The two groups presented their respective bids to the District
Court in Strasbourg on Jan. 24, Reuters relates.

Ascometal, which makes specialty steel, filed for court
protection last November, Reuters recounts.

According to Reuters, Yann Amadoro, a representative of the CGT
union who was present at the hearing on Jan. 24, said the court
had questioned the financing "and the fact that they didn't
obtain all (the public funds) they wanted."

A source close to the court also confirmed that the court queried
Liberty's funding, Reuters states.

Ascometal, which employs more than 1,300 people, was taken over
by a group of French investors led by former finance ministry
official Frank Supplisson in 2014 after it filed for bankruptcy,
Reuters relates.  The investors had recourse to public funds but
their venture eventually failed, leading to last year's filing,
Reuters notes.

Liberty House has secured EUR20 million of funding from three
French regions for its bid and EUR5 million in carbon tax credits
from the French state, Reuters discloses.

Workers at three out of the five Ascoval and Ascometal sites
voted in favor of the offer by Liberty House, but the Central
Committee representing unions CGT, CFDT and CFE-CGC does not
favor one offer over the other, Reuters relays.

The Strasbourg court will decide on the winning bidder on today,
Jan. 29, according to Reuters.


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G E R M A N Y
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AIR BERLIN: Insolvency to Impact German Taxpayers
-------------------------------------------------
Xinhua reports that the insolvency of Germany's second largest
airline, Air Berlin, will impose significant costs on German
taxpayers.

The federal government, German tax authorities and the Federal
Labor Office would expect a shortfall around EUR200 million
(US$247.6 million), leaving aside other direct costs to customers
and employees caused by the bankruptcy, Sueddeutsche Zeitung (SZ)
newspaper said, citing a recent internal report by the airline's
insolvency administrators which it obtained, Xinhua relates.

Air Berlin's few remaining assets are opposed by a towering
mountain of EUR4.4 billion of debt, Xinhua notes.  As a
consequence, its creditors are unlikely to recover much of the
funds they lent to the firm, Xinhua states.

While private sector suppliers, service and leasing partners are
the most affected by Air Berlin's precarious financial situation,
the German government has also provided an emergency credit
facility of EUR150 million, EUR84 million of which have yet to be
repaid, Xinhua says.

According to the internal report, the taxpayers' claim on Air
Berlin was "not secured", a circumstance which also applied to a
combined EUR121.3 million in unpaid taxes and funds received by
the Federal Labor Office to ensure that the airlines 7,200
employees' salaries continued to be paid between August and
October 2017, Xinhua relays.

Furthermore, Air Berlin still owes its customers EUR30 million
for cancelled flights, delays, and lost- or damaged luggage,
EUR16.5 million of which are "unsecured", Xinhua discloses.

According to Xinhua, a spokesperson for insolvency administrator
Lucas Flother said customers could not expect to be reimbursed
for tickets which were invalidated by the bankruptcy.  The
outstanding claims of employees against Air Berlin for salaries
and pension payments amount to EUR9.5 million, of which EUR3.9
were "unsecured", Xinhua states.

                         About Air Berlin

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

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

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

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

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


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G R E E C E
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HELLENIC TELECOMS: S&P Raises CCR to 'BB-', Outlook Positive
------------------------------------------------------------
S&P Global Ratings raised its long-term corporate credit rating
on Greek integrated telecommunications operator Hellenic
Telecommunications Organization S.A. (OTE) to 'BB-' from 'B+'.
The outlook is positive. At the same time, S&P affirmed its 'B'
short-term corporate credit rating on OTE.

S&P said, "In addition, we raised our issue ratings on the senior
unsecured debt issued by OTE's wholly owned financing vehicle,
OTE PLC, to 'BB-' from 'B+'. We also affirmed the 'B' rating on
OTE PLC's commercial paper."

The upgrade of OTE follows the upgrade of Greece on Jan. 19,
2018, to 'B' from 'B-'. S&P said, "Our upgrade of Greece
primarily reflects Greece's steadily improving general government
finances and its gradually recovering economic prospects.
Following a multiyear recession, Greece has transitioned to
growth in 2017. We anticipate stronger economic recovery over the
next few years, including real GDP growth of 2.0% in 2018 and
economic growth of 2.4% on average over 2018-2021. Additionally,
the unemployment rate contracted to 20.5% in 2017 from its 27.9%
peak in 2013."

S&P said, "In our opinion, the declining political uncertainties
and improved economic prospects provide a more benign operational
environment for OTE. We continue to assess OTE's stand-alone
credit profile (SACP) at 'bb', supported by the company's solid
operating performance, particularly in its Greek fixed-line
operations, resilient overall top-line performance, and adequate
liquidity. Our assessment is further supported by OTE's dominant
position in the Greek telecom market and very modest debt amount.
We see potential for further rating upside if our assessment of
Greece's country risk, which partly reflects that capital
controls are still in place in the Greek market, moderates from
very high.

"All other aspects of our view of OTE's business and financial
risk profiles are generally similar to the ones we outlined in
our previous rating action, "Greek Telecom Operator OTE Outlook
Revised To Positive After A Similar Action On The Sovereign;
'B+/B' Ratings Affirmed", published on July 31, 2017.

"We continue to believe that OTE is unlikely to default in a
hypothetical sovereign stress scenario. We consider that OTE's
solid balance sheet, strong track record of cost-cutting, and
resilient free cash flow generation will protect the company in a
stress scenario.

"The positive outlook on OTE mirrors our positive outlook on
Greece and reflects that, over the next 12 months, there is at
least a one-in-three probability that we could raise our ratings
on the company.

"We would raise our rating on OTE to 'BB' if we raise our rating
on Greece to 'B+'.

"Additionally, we could raise the rating on OTE if we see the
very high country risk in Greece moderating, including the
lifting of capital controls and brightening economic prospects.
In our view, this scenario may somewhat reduce further the link
between our rating on OTE and the sovereign rating.

"We could also raise our rating on OTE if we observed that the
commitment of Deutsche Telekom (DT), OTE's 40% owner, had
strengthened. Stronger support could take the form of a
substantial increase in DT's stake in OTE or other explicit forms
of financial support. However, we view this as unlikely
currently.

"We could revise the outlook to stable following a similar rating
action on the sovereign rating.

"Although unlikely, we could also consider a downgrade if OTE's
liquidity weakens, limiting its ability to be rated higher than
Greece under a distressed scenario."


OPAP SA: S&P Raises Corp Credit Rating to 'B+', Outlook Stable
--------------------------------------------------------------
S&P Global Ratings said that it raised to 'B+' from 'B' its long-
term corporate credit rating on Greece-based gaming company OPAP
S.A. The outlook is stable.

S&P said, "Our upgrade of OPAP mirrors that of Greece on Jan. 19,
2018, to 'B' from 'B-', which primarily reflects the country's
steadily improving general government finances and its gradually
recovering economic prospects. Following a multiyear recession,
Greece transitioned to growth in 2017. We anticipate stronger
economic recovery over the next three years, including real GDP
growth of 2% in 2018, and that the economy will increase by 2.4%,
on average, over 2018-2021. Additionally, the unemployment rate
contracted to 20.5% in 2017 from its 27.9% peak in 2013.

"In our opinion, the declining political uncertainties and
improved economic prospects provide a more benign operational
environment for OPAP. We continue to assess OPAP's stand-alone
credit profile at 'b+', constrained by the very high country risk
in Greece, where the company generates about 95% of its revenues.
Our assessment of OPAP's business is supported by its strong
brand, its exclusive licenses to distribute its gaming products,
and the company's track record of high profit margins.

"Most other aspects of our view of OPAP's business and financial
risk are similar to the ones discussed in our previous research,
"Greece-Based Gaming Company OPAP S.A. Outlook Revised To
Positive; 'B' Long-Term Rating Affirmed", published on July 31,
2017.

"We continue to view OPAP as unlikely to default in a
hypothetical sovereign stress scenario. We believe that OPAP's
limited leverage and strong track record of cash flow generation
will protect it in a stress scenario.

"The stable outlook reflects our expectation that OPAP will
continue showing good operating performance over the next 12
months, mainly driven by the progressive roll-out of video
lottery terminals, which should lead to an adjusted debt-to-
EBITDA ratio of 1.5x-2.0x. Our base case also foresees that the
sovereign rating will not be lowered over the same period and
that the Greece's economic conditions will be positive for OPAP.

"We could raise the rating on OPAP if Greece's very high country
risk moderated, including through lifting of capital controls,
and an improved banking system and economic prospects. This would
need to be accompanied by OPAP's strong operating performance in
line with our base case, leading to an adjusted debt-to-EBITDA
ratio of 1.5x-2.0x and adequate liquidity in line with our base
case.

"We view a downgrade as unlikely over the next 12 months.
However, we could consider a negative rating action if we lowered
our sovereign rating on Greece back to 'B-' or if the likelihood
of Greece leaving the EU increased again to above one-in-three.
Rating pressure could also arise if materially weaker economic
conditions in Greece significantly impaired OPAP's liquidity from
our base case, or if OPAP incurred a sizable debt-financed merger
or acquisition, leading to an adjusted debt to EBITDA ratio above
3.0x."


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I R E L A N D
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DENIS MORIARTY: Put Under Examinership, Operations to Continue
--------------------------------------------------------------
Simon Brouder at Independent.ie reports that leading Kerry
construction firm Denis Moriarty Civil Engineering Contractors
have been placed in examinership.

The company -- based at the Kerries in Tralee -- applied for and
was granted High Court protection from its creditors on Jan. 15,
Independent.ie relates.

Neil Hughes of Dublin based law firm Baker Tilly Hughes Blake has
been appointed as interim examiner to the company, Independent.ie
discloses.

According to Independent.ie, management at Denis Moriarty Civil
Engineering say that the company will continue to trade as normal
during the examinership process.

The company, as cited by Independent.ie, said that the decision
to seek the protection of the High Court was not taken lightly
and the aim is to ensure the company's long term survival and the
retention of as many of its employees as possible.

Under the terms of the examinership any debts incurred from now
on will be honored as normal but all payments due to be made by
Moriarty before Monday, Jan. 15, are on hold until the
examinership period ends, Independent.ie states.


EUROPEAN RESIDENTIAL 2016-1: DBRS Confirms BB Cl. C Notes Rating
----------------------------------------------------------------
DBRS Ratings Limited confirmed its ratings on the Class A, Class
B and Class C Notes (Rated Notes) issued by European Residential
Loan Securitisation (ERLS) 2016-1 DAC (the Issuer) as follows:

-- EUR272,300,000 Class A Notes at A (sf)
-- EUR12,300,000 Class B Notes at BBB (sf)
-- EUR12,300,000 Class C Notes at BB (sf)

The confirmations reflect a stable cash flow performance since
issuance in December 2016. The observed recoveries have exceeded
DBRS initial expected recovery projections at the A, BB and B
rating stress scenarios. The rating on the Class A Notes
addresses timely payment of interest and ultimate payment of
principal. The ratings on the Class B and Class C Notes address
ultimate payment of interest and ultimate payment of principal.
The Class P and Class D Notes are unrated.

ERLS 2016-1 DAC is a securitisation of a pool of Irish performing
and non-performing residential mortgage loans. The mortgage loans
were originated by Irish Nationwide Building Society (INBS) and
are secured by Irish residential properties and a small
proportion of non-Irish residential properties. The portfolio is
100% residential and static. The issuer may sell part of the
portfolio subject to sale covenants. However, the sale price must
be at least 85% of the aggregate current balance of the mortgage
loans, which are subject to a sale.

At issuance, DBRS excluded 3.79% percent of the portfolio from
the analysis. The excluded loans consisted of loans where
enforcement procedures had been completed and a shortfall was
realized as well as loans where administrative and/or security
issues were identified and were not expected to be remedied
within 12 months. Whilst collections received in respect of
excluded loans will form available issuer funds and be applied in
accordance with the relevant priority of payments DBRS did not
consider potential recoveries from excluded loan in its analysis.
Consequently, DBRS analysis is based on the total portfolio minus
the excluded loans (Analysed Pool).

Based on the most recent investor report provided by the cash
manager, the outstanding note balance was EUR 409.9 million on 30
September 2017. This balance represented a 23.5% reduction from
the original balance of EUR 536.5 million at issuance. The Class
B Notes will begin to amortise following the full repayment of
the Class A Notes, which has an outstanding balance of EUR 156.3
million (as of September 30, 2017) and represents 57.4% of the
original Class A balance at closing (or EUR 115.9 million
reduction since closing). The principal note reduction is based
on the interest principal collections received corresponding to
the mortgage loans, recovery proceeds including funds received
from a portfolio sale.

EUR 52.8 million has been repaid to the Class A Notes and EUR
10.5 million to the Class P Notes as a result of a portfolio sale
of 448 loans. Amounts received in excess of 85% of the aggregate
current balance of the mortgage loans following a portfolio sale
will be applied as principal payments in the Class P Notes.
Portfolio sale proceeds in excess of 75% (but not exceeding 85%)
of the aggregate current balance of the sold mortgage loans, net
of costs, are credited to the portfolio sale reserve.

The loan pool remains relatively granular. According to the
investor report (as of 30 September 2017), the concentration of
the top ten borrowers in the portfolio accounted for 7.7% of the
outstanding balance compared to the 8.7% at closing . The current
number of loans in the pool is 2,118, which was disbursed to
2,096 borrowers. The average loan balance is EUR 183,290. The
weighted-average (WA) interest rate across the portfolio is 3.9%
and interest-only loans represent 12.9% of the outstanding pool.

At issuance, 65.5% of the Analysed Pool was in various stages of
the arrears/litigation process compared to 53.6% as of 30
September 2017. Since closing, the current performing status of
loans has increased to 46.6% from 35.1%. At issuance, 13.7%
reported of the Analysed Pool consisted of buy-to-let (BTL)
loans. The recovery process associated with BTL loans is
generally less intensive compared with mortgage loans associated
with Primary Dwelling Housing (PDH) loans. In addition, a BTL
property can be placed into receivership by the administrator.
The current BTL loans accounted for 13.5% as of the September
investor report. As of 30 September 2017, 24.6% (29.0% at
closing) of the Analysed Pool had properties located in Dublin
with the remaining 75.0% (71.0% at closing) of the Analysed Pool
located in Non-Dublin regions. A small proportion of the Analysed
Pool of approx. 0.3% has properties located outside of Ireland
(0.5% at closing).

The WA pay rate at closing was calculated at 47.8% by DBRS for
the Analysed Pool (46.39% when pay rates above 100% are capped to
100%). Based on an updated pool (as of 30 September 2017)
provided by the cash manager, DBRS calculated a current WA pay
rate of 48.0%. The DBRS stressed WA pay rates for this
transaction at the assignment of the initial ratings at each
rating stress levels are as follows:

-- 36.9% at A
-- 39.0% at BBB
-- 42.5% at BB
-- 46.3% at B.

The current reported WA pay rate of 47.8% is above all the rating
level thresholds.

The cumulative principal collections reported since the first
investor report as of November 2016 accounts for EUR 61.2
million. As reported in the cash manager report (as of 30
September 2017), the cumulative recoveries accounted EUR 39.7
million. The outstanding pool balance is equal to EUR 405,1
million (or EUR 388,1 million excluding the EUR 16.9 million of
excluded loans) which represents 72.5% of the original EUR 558,0
million reported at closing.

The ratings are based on DBRS's analysis of the projected
collections and recoveries of the underlying mortgage portfolio;
the historical performance and expertise of the servicer, Pepper
Finance Corporation (Ireland) DAC (trading as Pepper Asset
Servicing); the availability of reserves to cover interest
shortfalls and expenses; the cap agreement with HSBC Bank USA,
N.A; and the transaction's legal and structural features. DBRS
does not give credit on its analysis to portfolio sales.

The transaction benefits from an amortising reserve fund, which
provides liquidity support and principal support at maturity to
the Rated Notes. The reserve fund's support to the Class B and
Class C Notes is subject to performance-related triggers. The
reserve fund has a target balance equal to 3% of the outstanding
balance of the Rate Notes. The initial balance of the reserve
fund was EUR8.9 million and as of 30 September 2017 it stands at
approximately EUR5.6 million. The transaction also benefits from
a portfolio sale reserve fund (PSR). The amounts available
through the PSR provide liquidity support to the Rated Notes and
will be utilised after amounts standing to the credit of the
reserve fund. As of 30 September, the PSR balance is
approximately EUR 6.9 million.

The transaction's final maturity date is in January 24, 2059.

The sovereign rating of the Republic of Ireland remains the same
at A (high)/R-1(middle) with Stable trends as of the date of this
rating action.

Notes: All figures are in euros unless otherwise noted.


GRAND CANAL 2: DBRS Finalizes B(low) Rating on Class D Notes
------------------------------------------------------------
DBRS Ratings Limited finalised its provisional ratings assigned
to the following classes of notes issued by Grand Canal
Securities 2 DAC (the Issuer):

-- Class A at A (sf)
-- Class B at BBB (low) (sf)
-- Class C at BB (low) (sf)
-- Class D at B (low) (sf)

The ratings are based on the following analytical considerations:

-- Transaction capital structure, form and sufficiency of
    available credit enhancement.

-- The credit quality of the mortgage loan portfolio and the
    ability of the servicer and master servicer to perform
    collection and resolution activities. DBRS stressed the
    expected collections from the mortgage portfolio based on the
    Business and Resolution strategies. The expected collections
    are used as an input into the cash flow model. The mortgage
    portfolio was analysed in accordance with DBRS's "Rating
    European Non-Performing Loan Securitisations" and "Master
    European Residential Mortgage-Backed Securities Rating
    Methodology and Jurisdictional Addenda" methodologies.

-- The ability of the transaction to withstand stressed cash
    flow assumptions and repay the Rated Notes according to the
    terms of the transaction documents. The transaction cash
    flows were modelled using the expected collection from the
    mortgage loans. The transaction structure was modelled using
    Intex DealMaker.

-- The sovereign rating of the Republic of Ireland, rated
    A(high)/R-1(middle)/Stable as of the date of this report.

-- The legal structure and presence of legal opinions addressing
    the assignment of the assets to the issuer are consistent
    with DBRS's "Legal Criteria for European Structured Finance
    Transactions" methodology.

The rating on the Class A notes addresses timely payment of
interest and ultimate payment of principal. The ratings on the
Class B, Class C and Class D notes address the ultimate payment
of interest and principal. The Class E, Class P and Class F notes
are unrated. If interest payments on the Class B, Class C or
Class D notes are deferred, the transaction will not result in
default regardless of whether or not the respective class of
notes is the most senior outstanding.

The transaction benefits from four reserve funds: the Class A
Reserve Fund, the Class B Reserve Fund, the Class C Reserve Fund
and the Class D Reserve Fund. The Class A Reserve Fund has an
initial balance equal to 3.0% of the Class A notes and can
amortise to 3.0% of the outstanding balance of the Class A notes.
The Class B Reserve Fund is funded to an initial balance of 7.0%
of the outstanding balance of the Class B notes; it does not have
a target balance. The Class C Reserve Fund is funded to an
initial balance of 12.0% of the outstanding balance of the Class
C notes; it also does not have a target balance. The Class D
Reserve Fund is funded to an initial balance of 15.0% of the
outstanding balance of the Class D notes; it does not have a
target balance. Credits to the Class B, C and D reserves are made
outside of the waterfall based on the proceeds of the interest
rate cap allocated proportionately to the respective size of the
Class B, C and D notes relative to the cap notional.

Proceeds from the issuance of the Class A to F notes are used to
purchase the beneficial title and trust (from trust loans) of
first charge (including subsequent charges) performing and non-
performing Irish residential mortgage loans. The mortgage loans
were originated by Irish Nationwide Building Society (INBS) and
Springboard Mortgages Limited (Springboard) and are secured by
Irish residential properties. INBS was effectively nationalised
in August 2010 following a state bailout. In 2011, INBS, under
state-ownership, merged with Anglo Irish Bank to form the Irish
Banking Resolution Corporation (IBRC). In February 2013, IBRC was
put into special liquidation by the Irish government as part of
its strategy to resolve legacy bank assets. The mortgage loans
were acquired by Mars Capital through the legal title holders in
March and February 2015. Springboard was founded in 2006 as a
joint venture between Permanent TSB and Merrill Lynch, with
Permanent TSB taking full control of Springboard in 2008.
Mortgage loans originated by Springboard loans were acquired by
the legal title holder in October 2014.

Approximately 1.1% of the mortgage portfolio consists of mortgage
loans that cannot be transferred to the issuer. The legal title
holders, Mars Capital Ireland DAC, Mars Capital Ireland DAC 3 and
Mars Capital Ireland DAC 4, provides a declaration of trust over
these mortgage loans in favour of the beneficial title seller.
The beneficial interest in the trust is purchased by the Issuer.

The portfolio is granular; the largest borrower accounts for only
1.3% of the analysed portfolio. All mortgages are located in
Ireland with the largest concentration (i.e., 20.4% of the pool
balance) located in Dublin. Servicing of the portfolio is
undertaken by Mars Capital Finance Ireland DAC (MCF). Primary
servicing is currently delegated to Acenden (Ireland) DAC
(Acenden). Acenden will remain as delegated primary servicer for
a transitional period expected to last approximately three months
after which servicing will transfer to MCF. MCF is responsible
for all master servicing activities. Intertrust Finance (Ireland)
Limited (Intertrust Ireland) is appointed as the back-up servicer
facilitator.

On the payment date falling 48 months after the closing date, the
Rated Notes may be redeemed in full by the holder of the highest
number of Class F notes (Portfolio Option Holder) via the
purchase of the beneficial title to all the mortgage loans from
the issuer. The purchase price payable will be at least an amount
to redeem the Class A to Class E notes plus senior fees and
accrued interest. The purchase by the Portfolio Option Holder of
beneficial title to all the mortgage loan is subject to it having
obtained the necessary authorisations and consents to enable it
to exercise the portfolio option and it has in place a regulated
servicer to undertake loan administration, management and
monitoring services. As of the payment date falling 48 months
from the closing date, the interest on the Rated Notes increases.

The issuer entered into an Interest Rate Cap Agreement with HSBC
Bank plc and paid the interest rate cap fees in full on the
closing date and in return will receive payments to the extent
one-month Euribor is above 0.5% for months 0-24 and 1% for months
25-60. The cap agreement will terminate on the payment date
falling 60 months from closing, on which date the coupon cap on
the notes becomes applicable. The coupon caps on the Class A,
Class B, Class C and Class D notes are equal to 5.00%, 6.00%,
6.00% and 6.00%, respectively.

As of the pool cut-off date (October 31, 2017), 12.7% of the pool
is classed as real estate owned (REO). Amounts exceeding 80% of
the expected cumulative proceeds from such REO mortgage loans
will form part of REO mortgage loan sale excess amounts which are
used to amortise the unrated Class P notes. The REO mortgage loan
sale excess amounts are capped at the lower of the current
balance as of the cut-off date and the indexed original valuation
collateralising the REO mortgage loan. The Issuer can also unwind
or sell part of the Interest Rate Cap at the marked-to-market
position provided the notional of the Interest Rate Cap notional
does not fall below the outstanding balance of the Class A, Class
B, Class C notes and Class D notes. As a consequence, the Class P
notes may amortise before the Rated Notes. Payments received to
the Class P notes are capped at initial balance of the Class P
notes. Following repayment in full of the Class P notes, any
amount otherwise due to be paid to the Class P notes will be
applied as available funds.

The euro collection account is held with Barclays Bank Ireland
Plc, which is privately rated by DBRS. Funds deposited into the
collection accounts are deposited weekly into the Issuer
Transaction Account held with Bank of New York Mellon, London
Branch (BNY), which is privately rated by DBRS. DBRS concludes
that BNY meets DBRS's criteria to act in such capacity. The
transaction documents contain downgrade provisions relating to
the Transaction Account bank where, if downgraded below BBB
(low), the Issuer will replace the account bank. The downgrade
provision is consistent with DBRS's criteria for the initial
rating of A (sf) assigned to the Class A notes. Funds standing to
the credit of the transaction account may be invested in
authorised investments. The authorised investments are expected
to be in accordance with DBRS's "Legal Criteria for European
Structured Finance Transactions" for eligible investments. DBRS
concluded that the rating of the Issuer account bank meets DBRS
rating criteria to act in such capacity.

Notes: All figures are in euros unless otherwise noted.


HARVEST CLO XVIII: Moody's Assigns B1(sf) Rating to Cl. F Notes
---------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to
eight classes of notes issued by Harvest CLO XVIII DAC:

-- EUR 3,000,000 Class X Senior Secured Floating Rate Notes due
    2030, Definitive Rating Assigned Aaa (sf)

-- EUR 197,000,000 Class A-1 Senior Secured Floating Rate Notes
    due 2030, Definitive Rating Assigned Aaa (sf)

-- EUR 30,000,000 Class A-2 Senior Secured Fixed Rate Notes due
    2030, Definitive Rating Assigned Aaa (sf)

-- EUR 56,500,000 Class B Senior Secured Floating Rate Notes due
    2030, Definitive Rating Assigned Aa1 (sf)

-- EUR 33,500,000 Class C Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned A2 (sf)

-- EUR 22,000,000 Class D Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned Baa2 (sf)

-- EUR 21,000,000 Class E Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned Ba2 (sf)

-- EUR 10,500,000 Class F 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 October 2030. The definitive ratings reflect the
risks due to defaults on the underlying portfolio of assets, the
transaction's legal structure, and the characteristics of the
underlying assets. Furthermore, Moody's is of the opinion that
the Collateral Manager, Investcorp Credit Management EU Limited
("Investcorp"), has sufficient experience and operational
capacity and is capable of managing this CLO.

Harvest XVIII is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior obligations and up to
10% of the portfolio may consist of unsecured senior loans,
unsecured senior bonds, second lien loans, mezzanine obligations,
high yield bonds and/or first lien last out loans. At closing,
the portfolio is expected to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe. The
remainder of the portfolio will be acquired during the nine month
ramp-up period in compliance with the portfolio guidelines.

Investcorp 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 reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
improved and credit risk obligations, and are subject to certain
restrictions.

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR 39,200,000 of subordinated notes. Moody's
will not assign a rating to this class of notes.

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

Methodology Underlying the Rating Action:

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

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

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

Loss and Cash Flow Analysis:

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
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.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

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

Target Par Amount: EUR400,000,000

Defaulted par: EUR0

Diversity Score:40

Weighted Average Rating Factor (WARF): 2775

Weighted Average Spread (WAS): 3.50%

Weighted Average Recovery Rate (WARR): 44.00%

Weighted Average Life (WAL): 8.72 years

As part of its analysis, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
government bond ratings of A1 or below. According to the
portfolio constraints, the total exposure to countries with a
local currency country risk bond ceiling ("LCC") below Aa3 shall
not exceed 10%, , the total exposure to countries with an LCC
below A3 shall not exceed 5% and the total exposure to countries
with an LCC below Baa3 shall not exceed 0%. Given this portfolio
composition, the model was run with different target par amounts
depending on the target rating of each class of notes as further
described in the methodology. The portfolio haircuts are a
function of the exposure size to countries with LCC of A1 or
below and the target ratings of the rated notes, and amount to
0.75% for the Class X, A-1 and A-2 Notes, 0.50% for the Class B
Notes, 0.375% for the Class C notes and 0% for Classes D, E and F
Notes.

Stress Scenarios:

Together with the set of modeling assumptions above, Moody's
conducted an additional sensitivity analysis, which was a
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 the notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds
to higher expected losses), assuming that all other factors are
held equal.

Percentage Change in WARF -- increase of 15% (from 2775 to 3191)

Rating Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

Class A-1 Senior Secured Floating Rate Notes:0

Class A-2 Senior Secured Fixed Rate Notes:0

Class B Senior Secured Floating Rate Notes: -2

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: 0

Class F Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF -- increase of 30% (from 2775 to 3608)

Class X Senior Secured Floating Rate Notes: 0

Class A-1 Senior Secured Floating Rate Notes:0

Class A-2 Senior Secured Fixed Rate Notes:0

Class B Senior Secured Floating Rate Notes: -3

Class C Senior Secured Deferrable Floating Rate Notes: -4

Class D Senior Secured Deferrable Floating Rate Notes: -3

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: 0


HARVEST CLO XVIII: S&P Assigns B- (sf) Rating to Class F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Harvest CLO
XVIII DAC's class X, A1, A2, B, C, D, E, and F notes. At closing,
the issuer also issued unrated subordinated notes.

The ratings assigned to Harvest CLO XVIII's notes reflect our
assessment of:

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

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

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

-- The transaction's legal structure, which is 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 limited at the assigned rating levels,
as the exposure to individual sovereigns does not exceed the
diversification thresholds outlined in our criteria.

"We consider that the transaction's legal structure is bankruptcy
remote, in line with our legal criteria.

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

Harvest CLO XVIII 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. Investcorp Credit
Management EU Ltd. is the collateral manager.

RATINGS LIST

  Ratings Assigned

  Harvest CLO XVIII DAC
  EUR412.7 Million Senior Secured Floating- And Fixed-Rate Notes
  (Including EUR39.2 Million Subordinated Notes)

  Class          Rating           Amount
                                (mil. EUR)

  X              AAA (sf)            3.0
  A1             AAA (sf)          197.0
  A2             AAA (sf)           30.0
  B              AA (sf)            56.5
  C              A (sf)             33.5
  D              BBB (sf)           22.0
  E              BB- (sf)           21.0
  F              B- (sf)            10.5
  Sub.           NR                 39.2

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


QUESADA DEVELOPMENTS: ODCE Seeks Report on Examinership
-------------------------------------------------------
Gavin Daly at The Sunday Times reports that the Office of the
Director of Corporate Enforcement (ODCE) has sought a report on
the "contentious" examinership of a Co Kildare nursing home
business.

The corporate watchdog has written twice to Neil Hughes --
neil.hughes@bakertillyhb.ie -- of Baker Tilly Hughes Blake,
examiner to Quesada Developments, for details of the examinership
of the company, which runs the Beech Park Nursing Home at
Dunmurry West, The Sunday Times relates.  According to The Sunday
Times, the ODCE is also due to receive a report by an expert on
disputed directors' loans at Quesada.

The company was owned equally by businessmen Brendan O'Hanlon,
Dermot McSherry and Thomas Ryan, The Sunday Times discloses.
Mr. Hughes was appointed examiner on Sept. 5 after a petition by
Mr. O'Hanlon, supported by Mr. McSherry, The Sunday Times
recounts.  The nursing home premises was also in receivership,
The Sunday Times notes.


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


MANGISTAU ELECTRICITY: Fitch Rates KZT7.5BB Domestic Bonds BB-
--------------------------------------------------------------
Fitch Ratings has assigned Kazakhstan-based Mangistau Electricity
Distribution Network Company JSC's (MEDNC; BB-/RWN) KZT7.5
billion 14.5% five-year domestic bonds an expected senior
unsecured rating of 'BB-(EXP)'/Rating Watch Negative (RWN).

The rating is in line with MEDNC's Long-Term Issuer Default
Rating (IDR) as the bond will be a direct and unsecured
obligation of the company. The proceeds of the bond issue will be
used by the company for refinancing of current bonds and loans.

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

The RWN reflects uncertainty related to the new owner's (Limited
Liability Partnership Kazakhstan Utility Systems (KUS, BB-
/Stable)) strategy regarding MEDNC and the links with the new
shareholders. Fitch will resolve the RWN once sufficient
information is available to assess legal, operational and
strategic ties between the company and the new owners. Depending
on the strength of the ties, the company's ratings may either
converge towards its standalone profile or the ratings may be
aligned with the new owner if Fitch considers MEDNC an integral
part of KUS and the links with the new majority shareholder are
strong.

Fitch assesses the company's standalone profile as commensurate
with the mid 'B' rating category. This reflects its small size,
industry and customer concentration, negative free cash flow
(FCF) expectation and weakening credit metrics. The rating also
takes into account long-term tariff regulation, despite below-
inflation expected tariff growth over 2018-2020, sound-quality
counterparties and a near-monopoly position in electricity
transmission and distribution in the Region of Mangistau.

KEY RATING DRIVERS

Ownership Change: In September 2017 KUS boosted its stake in
MEDNC to 43.73% of capital. In January 2018 KUS acquired an
additional 12.92% stake in MEDNC from Single accumulative pension
fund JSC and sold half of it to its partner, KBI Energy. As a
result, KUS's share in MEDNC reached 50.19% of equity (52.63% of
ordinary shares), followed by KBI Energy with 43.96% of equity
(46.09% of ordinary shares).

Capex Drives Negative FCF: Fitch expect the company to continue
to generate healthy cash flow from operations of about KZT2
billion (about USD6 million) on average over 2017-2020. However,
its FCF is likely to remain significantly negative during this
period due to a KZT18.6 billion government-approved capex
programme, which will add to funding requirements. Fitch expects
funds flow from operations (FFO) gross adjusted leverage to
increase to about 4.6x on average over 2017-2020 from about 3.3x
on average over 2015-2016.

Long-term Tariffs: In November 2015, the regulator approved long-
term tariffs for MEDNC for 2016-2020. Tariffs for legal entities,
which represent over 70% of MEDNC distribution volumes, increased
by 13% on average in 2016-2017, but the growth rate will go down
to only 0.5% on average in 2018-2020. Long-term tariffs add
visibility to the company's cash flows, but below-inflation
tariff growth is a drag on the company's credit profile.

Near-Monopoly Position: MEDNC's credit profile is supported by
the company's near-monopoly position in electricity transmission
and distribution in the Region of Mangistau, one of Kazakhstan's
strategic oil- and gas-producing regions. It is also underpinned
by prospects for economic development and expansion in the
region, in relation to both oil and gas and transportation, and
by favourable long-term tariffs.

Small Scale, Concentrated Customer Base: The business profile is
constrained by MEDNC's small scale of operations limiting the
company's cash flow generation capacity, high exposure to a
single industry (oil and gas) and, within that, high customer
concentration (the top seven customers accounted for 70% of
distribution volumes in 2016). The latter is somewhat mitigated
by prepayment terms under transmission and distribution
agreements.

DERIVATION SUMMARY

MEDNC is a small electricity distribution company in Western
Kazakhstan. MEDNC has a significantly weaker business profile
than transmission companies PJSC Federal Grid Company of Unified
Energy System (FedGrid, BBB-/Positive) and Kazakhstan Electricity
Grid Operating Company (KEGOC, BBB-/Stable), which operate
nationwide, have higher geographic diversification and lower
volume risk. It is also weaker than PJSC Moscow United Electric
Grid Company (MOESK, BB+/Stable) due to lower customer
diversification, smaller scale of operations and less favourable
geography of operations.

MEDNC and its peers are subject to the regulatory uncertainties
influenced by macroeconomic shocks and possible political
interference. Their investment programmes are usually sizeable.
KEGOC is rated top-down, while FedGrid and MOESK are rated based
on a standalone basis plus an uplift for state support

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
-- Domestic GDP growth of 2.4% in 2017 and 3%-3.2% in 2018-2021
    and inflation of 9% in 2017 and 5%-7% over 2018-2021
-- Electricity distribution volumes increase slightly below GDP
    growth
-- Electricity distribution tariff growth as approved by the
    regulator
-- Cost inflation slightly below expected CPI to reflect the
    company's cost control efforts
-- Capex for 2017-2020 in line with government-approved level
-- Dividend payments on ordinary shares of KZT264 million in
    2017 for 2016 and 15% of IFRS net income over 2018-2021.

RATING SENSITIVITIES

Fitch will review the ratings once Fitch have more details on
MEDNC's acquisition by KUS and its partner.

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
-- Positive rating action is considered unlikely at this time.
    However, enhancement of the business profile, such as
    diversification and scale with only modest increase in
    leverage, would be positive for the standalone profile.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
-- Weak links with the new parent and the new parent's strategy,
    which may adversely affect MEDNC's credit profile.

LIQUIDITY

Weak Liquidity: At September 30, 2017, MEDNC's cash balance
totalled KZT0.3 billion against short-term debt of KZT2.6
billion. Short-term debt is mainly represented by KZT1.5 billion
of commercial bonds placed in July 2017 with 15% interest and
one-year maturity, and short-term part of Bank Centercredit
(B/Stable) loan of KZT0.9 billion. The company expects to place a
KZT7.5 billion local bond in 1Q18. Fitch anticipate that KUS may
assist in refinancing MEDNC's short-term debt.

FX Exposure: MEDNC is exposed to FX risk as about 20% of the
company's KZT15.0 billion debt represents local bonds that were
linked to the KZT/USD exchange rate and placed in September 2015.
The base rate is 250 KZT/USD and, if the tenge devalues,
principal increases proportionately. Thus as of 30 September 2017
when the exchange rate was 341 KZT/USD, the principal value of
this bond issue increased to KZT3.4 billion from KZT2.5 billion.


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


TEL DRUM: Files for Insolvency Amid DNA Fraud Investigation
-----------------------------------------------------------
Irina Marica at Romania-Insider.com reports that Romanian
construction company Tel Drum, which is currently being
investigated by the National Anticorruption Directorate (DNA) for
having illegally won several public contracts for roadwork in
Teleorman county, has filed for insolvency.

DNA prosecutors announced they've extended the investigation in
the Tel Drum case, the company being investigated for setting up
an organized crime group, continued tax evasion, and complicity
in abuse of office, Romania-Insider.com relates.  DNA also
imposed precautionary measures on all the movable and immovable
property of the firm, as well as on the amounts of money to be
transferred to it, Romania-Insider.com notes.  The insolvency
claim was filed the same day, Romania-Insider.com relays, citing
local Profit.ro.

In their turn, the DNA prosecutors have asked the Bucharest
Tribunal to rule against the initiation of the dissolution or
liquidation procedure of Tel Drum, or to suspend those
procedures, according to a press release from DNA, issued on
Thursday, Jan. 25, Romania-Insider.com recounts.  According to
Romania-Insider.com, they said that Tel Drum SA has already
requested the opening of insolvency proceedings, which creates
the risk of liquidation and short-term liquidation of the company
so that it can no longer be prosecuted.


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


BANCO POPULAR EMPRESAS VII: DBRS Confirms 'CC' B Notes Rating
-------------------------------------------------------------
DBRS Ratings Limited confirmed the ratings on the following Notes
issued by IM Grupo Banco Popular Empresas VII, FT (the Issuer):

-- Series A Notes confirmed at A (high) (sf)
-- Series B Notes confirmed at CC (sf)

The rating on the Series A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
Final Maturity Date (March 2056), while the rating on the Series
B Notes addresses the ultimate payment of interest and ultimate
payment of principal on or before the Final Maturity Date.

The rating actions follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of level of delinquencies and
defaults, as of the September 2017 payment date;

-- No revolving termination events have occurred;

-- Updated Portfolio Default rate (PD), recovery rate and
expected loss assumptions; and

-- The current available credit enhancement (CE) to the Series A
and Series B Notes to cover expected losses assumed in line with
the A (high) (sf) and CC (sf) rating levels, respectively.

The Issuer is a revolving cash flow securitisation collateralised
by a portfolio of term loans originated by Banco Popular Espa§ol,
S.A. (Popular) and Banco Pastor, S.A.U. to small and medium-sized
enterprises (SMEs) and self-employed individuals based in Spain.
Banco Santander SA (Santander), after having acquired Banco
Popular, acts as servicer of the portfolio. The transaction
envisages a two-year revolving period, expected to end on the
December 2018 payment date. During the revolving period,
Santander may sell additional portfolios to the Issuer, subject
to certain conditions and limitations.

PORTFOLIO PERFORMANCE

As of the September 22, 2017 payment date, the overall portfolio
consisted of 32,535 loans with an aggregate principal balance of
EUR2.2 billion.

The portfolio is performing within DBRS's expectations. The
percentage of outstanding balance of loans in arrears for more
than 90 days was at 1.1% in terms of the outstanding portfolio.
The cumulative default ratio was at 0.01% in terms of the initial
portfolio amount.

PORTFOLIO ASSUMPTIONS

DBRS has updated its default and recovery assumptions on the
outstanding portfolio to 31.7% and 16.3%, respectively, at the A
(high) (sf) rating level, 7.3% and 21.5%, respectively, at the CC
(sf) rating level.

CREDIT ENHANCEMENT

As of September 2017, the CE to the Series A Notes and Series B
Notes was 28% and 4%, respectively, stable since closing because
of the revolving period of the transaction. The CE of the Series
A Notes considers the subordination of Series B Notes and the
reserve fund (RF). The RF is available to cover missed interest
of the Series A Notes and, once the Series A Notes are fully
paid, interest of the Series B Notes throughout the life of the
transaction.

Santander acts as Account Bank and Paying Agent of the
transaction. On the basis of the DBRS public Long-Term Critical
Obligations Rating of Santander at A (high) and the mitigants
outlined in the transaction documents, DBRS considers the risk
arising from the exposure to the Account Bank to be consistent
with the rating assigned to the Series A Notes.

Notes: All figures are in euros unless otherwise noted.


CAJAMAR 1: DBRS Discontinues CCC(low) Rating on Series B Notes
--------------------------------------------------------------
DBRS Ratings Limited discontinued its ratings on the Series A and
Series B Notes issued by IM BCC Cajamar PYME 1, FT.

The rating actions reflect the payment in full of the Notes on 22
November 2017. The remaining balance and the ratings of the Notes
before the payment in full were:

-- EUR451,781,112.50 Series A Notes at A (high) (sf).
-- EUR255,000,000.00 Series B Notes at CCC (low) (sf).


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


FIBABANKA AS: Fitch Rates US$300MM Senior Unsecured Notes BB-
-------------------------------------------------------------
Fitch Ratings has assigned Fibabanka A.S.'s
(Fiba; BB-/Stable/bb-) US$300 million senior unsecured notes
issue due 2023 a final long-term rating of 'BB-'.

The final rating is in line with the expected rating that Fitch
assigned to the notes on Jan. 17, 2018 (see 'Fitch Rates Fiba's
Upcoming Senior USD Notes 'BB-(EXP)'').

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


CARILLION PLC: Collapse Triggers Loan Agreement Defaults at HICL
----------------------------------------------------------------
Noor Zainab Hussain at Reuters report that British investment
firm HICL Infrastructure said on Jan. 19 the collapse of
Carillion had triggered loan agreement defaults at projects and
management subcontracts with the construction outsourcing
company.

Britain's biggest corporate failure in a decade took place after
banks pulled the plug on lending to Carillion, Reuters recounts.
As a result, Carillion went into liquidation, forcing the
government to step in to guarantee public services provided by
the company ranging from school meals to road works, Reuters
relays.

"The company previously announced that 10 projects within the
HICL portfolio had facilities management subcontracts with
Carillion subsidiaries.  The liquidation of Carillion has
triggered loan agreement defaults at most of these projects,"
Reuters quotes HICL as saying in a statement.

According to Reuters, HICL said the current estimated impact of
Carillion's bankruptcy on HICL would be about GBP50 million
(US$71 million) in net asset value, adding to a prior provision
of GBP9.4 million.

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.


PI UK HOLDCO: Moody's Assigns Definitive B2 CFR, Outlook Stable
---------------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 corporate
family rating (CFR) and a B2-PD probability of default rating
(PDR) to PI UK Holdco II Limited. The rating agency has also
assigned a definitive B1 instrument rating to the USD1,010
million First Lien Term Loan B1 due 2025 raised by Pi US
Mergerco, Inc., the EUR813.7 million First Lien Term Loan B2 due
2025 raised by Pi Lux Finco S.a r.l., and the USD175 million
Revolving Credit Facility (RCF) due 2024 raised by PI UK BidCo
Limited (together the new first lien facilities). Moody's has
also assigned a definitive Caa1 instrument rating to the USD200
million Second Lien Term Loan 1 due 2026 and EUR212.4 million
Second Lien Term Loan 2 due 2026 issued by Pi Lux Finco S.a r.l.
(together the new second lien facilities). Pi US Mergerco, Inc.,
Pi Lux Finco S.a r.l., and PI UK BidCo Limited are all
subsidiaries of PI UK Holdco II Limited. The outlook on all the
ratings is stable.

Concurrently, Moody's has withdrawn the ratings of Paysafe Group
Plc, including its Ba2 CFR and Ba3-PD PDR -- both under review
for downgrade. The rating agency has also withdrawn the
instrument ratings on the EUR280 million Gtd. Term Loan A due
2020, EUR220 million Gtd. Term Loan B due 2022, and USD85 million
gtd. revolving credit facility (RCF) due 2020 raised by Paysafe
Holdings UK Limited, and the instrument rating on the USD380
million incremental gtd. term loan B due 2023 issued by Paysafe
Finance (US) LLC following repayment in full and cancellation of
all these facilities.

RATINGS RATIONALE

The rating action follows the completion of the acquisition of
Paysafe Group Plc by PI UK BidCo Limited on January 3, 2018 and
the repayment of the facilities raised by Paysafe Group Plc's
subsidiaries prior to its acquisition by its new private equity
sponsors, funds managed by Blackstone (Blackstone) and funds
managed and/or advised by CVC (CVC). The facilities were repaid
with part of the proceeds from the issuance of the new first lien
and new second lien facilities. PI UK Holdco II Limited is the
top entity of the banking group based on the legal documentation
for the new first lien and second lien facilities.

The final terms of the legal documentation are mostly in line
with the drafts reviewed for the assignment of provisional
ratings on November 17, 2017. Moody's notes though that the
aggregate amount of new first lien facilities was upsized by
USD50 million while the new second lien facilities were downsized
by a corresponding amount.

Paysafe's B2 CFR is weakly positioned within the rating category
and reflects primarily the group's very high adjusted leverage at
the closing of the acquisition of the company by Blackstone and
CVC. Paysafe's pro forma adjusted leverage (as adjusted by
Moody's mainly for capitalized development costs and operating
leases and pro forma for the acquisition of the company by
Blackstone and CVC, the disposal of the Asia Gateway business,
and the acquisition of Merchants' Choice Payment Solutions
(MCPS)) increased to 8.5x as of the last twelve months period to
June 30, 2017 from 2.9x (pro forma for the acquisition of MCPS
only) as of the same date. Other constraints on the rating
include (1) the fragmented and evolving nature of the industry
where the company operates driven by the proliferation of payment
solutions leading to an evolving competitive landscape, (2) the
higher degree of regulatory risk compared to other rated payment
processors due to Paysafe's exposure to online gambling --
although this exposure has decreased significantly pro forma for
the acquisition of MCPS and the disposal of the Asia Gateway
business, which closed on December 20, 2017, and (3) the
acquisitive nature of the company as Moody's expect that it will
continue participating in the consolidation of the highly
fragmented payment solutions industry.

Nevertheless, these factors are counter-balanced to an extent by
(1) the company's leading position in the niche market for
digital wallets and more broadly in higher value/higher risk
transactions, (2) the positive growth prospects for Paysafe's
payment solutions at mid- to high-single digit rates driven by
the secular growth of the penetration of digital payments that
could support a rapid de-leveraging of the business by c.1x per
annum in the absence of debt-funded acquisitions, (3) the
company's high profitability with a pro forma EBITDA margin (as
reported by the company pro forma for the acquisition of the
lower margin MCPS and the disposal of the higher margin Asia
Gateway business) projected at above 25% for 2017 and expected to
grow thanks to the operating leverage of Paysafe's
infrastructure, and (4) a solid liquidity position supported by
cash on balance sheet and a USD175 million RCF, of which USD19
million was drawn as of the closing of the transaction, and the
expectation that the company will continue generating strong free
cash flow (FCF) projected at above 5% of adjusted gross debt per
annum in the medium-term.

The new first lien facilities benefit from guarantees from
material subsidiaries representing at least 80% of group EBITDA,
subject to restrictions. The new first lien facilities will also
benefit from security limited to a pledge over shares and
intercompany receivables and, solely with respect to English
guarantors, an all asset debenture. The new second lien
facilities benefit from the same guarantee and security package
as the first lien facilities but on a second lien basis. The B1
ratings assigned to the new first lien facilities, one notch
above the CFR, reflect the cushion provided by the new second
lien facilities rated Caa1 ranking below. The c.USD2.4 billion of
shareholder loans raised by PI UK Holdco II Limited as part of
the transaction meet Moody's criteria to be treated as equity as
set out in the cross-sector rating methodology Hybrid Equity
Credit, published in January 2017.

The stable outlook on the ratings reflects Moody's expectation
that Paysafe will continue to deliver organic growth rates at
mid- to high-single digit rates and will be able to de-leverage
towards 7x within 12 to 18 months after the closing of the
acquisition of the company by Blackstone and CVC.

Factors that Could Lead to an Upgrade

In light of the weak positioning of Paysafe within the B2 rating
category Moody's considers that an upgrade is unlikely in the
short-term. Positive pressure on the rating could develop over
time if (1) Paysafe continues experiencing a strong momentum in
terms of revenue growth at or above high-single digit rates while
increasing its EBITDA margin and further improving its customer
verticals mix, (2) adjusted gross leverage decreases to below 6x
on a sustained basis, (3) the company generates FCF-debt at well
above 5% on a sustained basis with a significant portion of the
excess cash flow to be used for debt prepayment, and (4) Paysafe
maintains a good liquidity position.

Factors that Could Lead to a Downgrade

Negative pressure could arise if (1) Paysafe is subject to
unfavorable regulatory changes or negative market developments
leading to stable or declining revenues, (2) the company
maintains an adjusted gross leverage at well above 7x on a
sustained basis resulting for example from large debt-funded
acquisitions, or (3) FCF turns sustainably to flat or negative or
its liquidity position weakens.

LIST OF AFFECTED RATINGS

Conversion from provisional to definitive:

Issuer: Pi Lux Finco S.a r.l.

-- Backed Senior Secured 1st lien Bank Credit Facility, Assigned
    B1 (LGD3)

-- Backed Senior Secured 2nd lien Bank Credit Facility, Assigned
    Caa1 (LGD6)

Issuer: PI UK BidCo Limited

-- Backed Senior Secured 1st lien Credit Facility, Assigned B1
    (LGD3)

Issuer: PI UK Holdco II Limited

-- Corporate Family Rating, Assigned B2

Issuer: Pi US Mergerco, Inc.

-- Backed Senior Secured 1st Lien Bank Credit Facility, Assigned
    B1 (LGD3)

Assignment:

Issuer: PI UK Holdco II Limited

-- Probability of Default Rating, Assigned B2-PD

Withdrawals :

Issuer: Paysafe Finance (US) LLC

-- Backed Senior Secured Bank Credit Facility, Withdrawn,
    previously rated (P)Ba2 (LGD3) under review for downgrade

Issuer: Paysafe Group Plc

-- Probability of Default Rating, Withdrawn , previously rated
    Ba3-PD under review for downgrade

-- Corporate Family Rating, Withdrawn , previously rated Ba2
    under review for downgrade

Issuer: Paysafe Holdings UK Limited

-- Backed Senior Secured Bank Credit Facility, Withdrawn,
    previously rated Ba2 (LGD3) under review for downgrade

Issuer: Pi Lux Finco S.a r.l.

-- Backed Senior Secured Bank Credit Facility, Withdrawn,
    previously rated (P)B1 (LGD3) under review for downgrade

Issuer: Pi US Mergerco, Inc.

-- Backed Senior Secured Bank Credit Facility (Local Currency),
    Withdrawn , previously rated (P)B1 (LGD3) under review for
    downgrade

Outlook Actions:

Issuer: Paysafe Finance (US) LLC

-- Outlook, Changed To Rating Withdrawn From Rating Under Review

Issuer: Paysafe Group Plc

-- Outlook, Changed To Rating Withdrawn From Rating Under Review

Issuer: Paysafe Holdings UK Limited

-- Outlook, Changed To Rating Withdrawn From Rating Under Review

Issuer: Pi Lux Finco S.a r.l.

-- Outlook, Remains Stable

Issuer: PI UK BidCo Limited

-- Outlook, Remains Stable

Issuer: PI UK Holdco II Limited

-- Outlook, Remains Stable

Issuer: Pi US Mergerco, Inc.

-- Outlook, Remains Stable

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

Paysafe is a global provider of online payment solutions and
stored value products. The company reported revenues of USD1,000
million and adjusted EBITDA of USD301 million in fiscal year
ending December 31, 2016. The company operates in 3 distinct
segments: Payment processing (47% of group reported revenues in
2016), Digital wallets (31%), and Prepaid (22%). Paysafe Group
Plc was de-listed from the main market of the London Stock
Exchange on December 21, 2017 following its acquisition by
private equity sponsors Blackstone and CVC.


PRECISE MORTGAGE 2018-1B: Moody's Rates Class X Notes B3 (sf)
-------------------------------------------------------------
Moody's Investor Service has assigned long-term credit ratings to
Notes issued by Precise Mortgage Funding 2018-1B plc:

-- GBP 222.74M Class A Mortgage Backed Floating Rate Notes due
    December 2054, Definitive Rating Assigned Aaa (sf)

-- GBP 7.38M Class B Mortgage Backed Floating Rate Notes due
    December 2054, Definitive Rating Assigned Aa1 (sf)

-- GBP 7.38M Class C Mortgage Backed Floating Rate Notes due
    December 2054, Definitive Rating Assigned A1 (sf)

-- GBP 4.92M Class D Mortgage Backed Floating Rate Notes due
    December 2054, Definitive Rating Assigned Baa2 (sf)

-- GBP 3.69M Class E Mortgage Backed Floating Rate Notes due
    December 2054, Definitive Rating Assigned B2 (sf)

-- GBP 8.61M Class X Floating Rate Notes due December 2054,
    Definitive Rating Assigned B3 (sf)

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

RATINGS RATIONALE

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

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

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

At closing the mortgage pool balance consists of GBP 246.1
million of loans. An amortizing reserve fund is funded to 1.5% of
the aggregate principal amount outstanding of the rated notes as
of the closing date. Within the reserve fund an amount equal to
1.5% of Class A and Class B notes outstanding principal amount is
dedicated to provide liquidity to Class A and Class B notes.
Moreover, the Class A and B notes benefit from principal to pay
interest mechanism.

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

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

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

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

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

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

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

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


PRECISE MORTGAGE 2018-1B: Fitch Assigns BB+ Rating to Cl. X Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Precise Mortgage Funding 2018-1B Plc's
notes final ratings as follows:

Class A: 'AAAsf'; Outlook Stable
Class B: 'AA+sf'; Outlook Stable
Class C: 'A+sf'; Outlook Stable
Class D: 'BBB+sf'; Outlook Stable
Class E: 'BBB-sf'; Outlook Stable
Class X: 'BB+sf'; Outlook Stable

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

KEY RATING DRIVERS

Prime Underwriting
Fitch has treated the loans as prime. The loans have been granted
to borrowers with no adverse credit, full rental income
verification, full property valuations and with a clear lending
policy in place. The available data, although limited, shows
robust performance, which Fitch would expect of prime loans.
Fitch have applied a lender adjustment of 1.10x to account for a
certain feature in CCFS's underwriting process and its limited
performance history.

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

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

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

Final Ratings
The class B, C, D and E notes' final ratings are higher than the
expected ratings. This is because the final swap fixed rate and
final note margins are lower than the assumptions provided to
Fitch to assign expected ratings.

RATING SENSITIVITIES

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


ROYAL BANK: Fitch Affirms 'BB-' Rating on Capital Notes
-------------------------------------------------------
Fitch Ratings has affirmed The Royal Bank of Scotland Group plc's
(RBSG) Long- and Short-Term Issuer Default Ratings (IDRs) at
'BBB+' and 'F2' respectively. The Outlook is Stable.

The IDRs of RBSG's subsidiaries, The Royal Bank of Scotland Plc
(RBS), Royal Bank of Scotland International Limited (RBSIL),
Royal Bank of Scotland NV (RBS NV), RBS Securities Inc. (RBSSI),
have been affirmed at 'BBB+'/'F2'. National Westminster Bank
plc's (NatWest) and Ulster Bank Limited's (UBL) 'BBB+' Long-Term
IDRs are maintained on Rating Watch Positive (RWP). Adam and
Company PLC's (Adam & Co) expected ratings have been affirmed at
'A-(EXP)'/Stable/'F2(EXP)'.

In mid-2018, RBSG plans to transfer most of RBS's retail and
commercial customers to Adam & Co, which will be renamed Royal
Bank of Scotland. At the same time, RBS will be renamed NatWest
Markets Plc and together with RBSIL will become the main non-
ring-fenced banks.

The rating actions are part of Fitch's periodic review of major
UK banks.

KEY RATING DRIVERS

IDRS, VIABILITY RATINGS (VRs), DERIVATIVE COUNTERPARTY RATING
(DCR) AND SENIOR DEBT - RBSG, RBS, NATWEST AND ADAM & CO

RBSG's VR and IDRs are based on the group's consolidated
financial profile, which is primarily driven by the group's
retail and corporate banking operations. The ratings also reflect
RBSG's role as a holding company and take into account the
absence of holding company double leverage. RBS's and NatWest's
IDRs and senior debt ratings are driven by the institutions'
common VR. Fitch assigns a common VR to its two main operating
banks as they are managed as a group and are highly integrated.

NatWest and Adam & Co will become RBSG's two main UK-based ring-
fenced banks from mid-2018, and their ratings reflect Fitch's
expectation that the two operating banks' Long-Term IDRs will be
rated one notch above their VRs from mid-2018, when both banks
should have sufficient debt buffers that rank junior to protect
the banks' senior creditors from losses after a resolution of the
group. This expectation of sufficient junior debt buffers drives
the RWP on NatWest's Long-Term IDR and senior debt long-term
rating.

RBSG's VR primarily reflects an improved risk appetite and better
asset quality and Fitch expectation that profitability should
strengthen once the bank has resolved remaining conduct issues
and completed its restructuring. Capitalisation remains a key
factor in Fitch rating and provides a sizeable buffer for
remaining expected conduct charges. Uncertainties around the
timing and size of potential fines for legacy U.S. RMBS
activities remain.

Asset quality has improved and Fitch believes that the loan book
should remain resilient if economic growth in the UK slows down.
Nonetheless, the overall asset quality remains slightly weaker
than at higher-rated UK banks, which partly reflects RBSG's
exposure to Ireland where residential mortgage loans remain part
of the group's core activities but are significantly
underperforming in delinquencies and profitability, as well as
the group's larger market share in SME lending.

Profitability remains the bank's rating weakness, mainly because
of high conduct and restructuring costs. Operating profit
improved to 1.8% of risk-weighted assets (RWAs) in 9M17 (9M16:
0.3%) and Fitch expect the group will generate less volatile and
stronger profits if it successfully implements its strategy.
Profitability should benefit from the group's strong UK franchise
where it has leading market shares in the SME, retail and mid-
corporate segments.

The group's end-3Q17 common equity Tier 1 (CET1) ratio improved
to 15.5% (end-2016: 13.4%) as a result of attributable profit and
RWA reductions in core businesses. The CET1 ratio still remains
above the group's medium-term target of 13% and provides a
cushion for the expected conduct and litigations charges, notably
further U.S. RMBS-related fines.

Fitch views RBSG's funding and liquidity as balanced since the
group is predominantly funded by customer deposits with moderate
reliance on wholesale markets and a large, high-quality liquidity
buffer. The minimum requirement for own funds and eligible
liabilities set by the Bank of England, equivalent to 23.5% of
the group's RWAs by 2022, suggests that RBSG will be an active
issuer of eligible debt, including senior debt issued by the top
holding company, over the next few years.

RBS's DCR is at the same level as the Long-Term IDR because
derivative counterparties do not have preferential status over
other senior obligations in a resolution scenario.

SUPPORT RATING AND SUPPORT RATING FLOOR - RBSG, RBS, NATWEST AND
ADAM & CO

RBSG's, RBS's, NatWest's and Adam & Co's Support Ratings (SRs)
and Support Rating Floors (SRFs) reflect Fitch's view that senior
creditors cannot rely on extraordinary support from the sovereign
in the event the institutions become non-viable. In Fitch
opinion, the UK has implemented legislation and regulations to
provide a framework that is likely to require senior creditors
participating in losses for resolving even large banking groups.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The ratings of all subordinated debt and hybrid securities issued
by RBSG companies are notched down from the common VR assigned to
individual group companies, reflecting Fitch's assessment of
their incremental non-performance risk relative to their VRs (up
to three notches) and assumptions around loss severity (one to
two notches).

These features vary considerably by instrument. Subordinated debt
with no coupon flexibility is notched down once from the VR for
incremental loss severity. Legacy Upper Tier 2 subordinated debt
is notched down three times (once for loss severity and twice for
incremental non-performance risk). Legacy Tier 1 and preferred
stock is notched down either four or five times, dependent on
incremental non-performance risk (twice for loss severity and
either two or three times for incremental non-performance risk).
Additional Tier 1 instruments (contingent convertible capital
notes) are notched five times (twice for loss severity and three
times for incremental non-performance risk) given their fully
discretionary coupon payment.

SUBSIDIARIES - RBS NV, RBSIL, RBSSI AND UBL

The IDRs, DCR and SR of RBSSI, the group's U.S. broker-dealer,
are based on institutional support from the parent. The IDRs are
equalised with RBSG's IDRs, reflecting Fitch's view that RBSSI's
activities are core to the group's strategy, and that the
potential support for RBSSI, relative to RBSG's financial
resources, is easily manageable. Fitch believe that a default of
RBSSI would cause serious reputational damage to RBSG's global
franchise and operations. RBSSI's DCR is equalised with the
institution's Long-Term IDR.

RBSIL's IDRs are equalised with RBSG's, reflecting Fitch's view
of a high probability that RBSG would support the subsidiary, if
needed, mainly because Fitch view it as core to the group. It is
a fairly small, but wholly-owned and integrated deposit-gathering
subsidiary of the group, whose default would have serious
reputational implications for the wider group, in Fitch opinion.

RBS NV's IDRs and debt ratings are equalised with RBSG's,
reflecting Fitch's view of a high probability that RBSG would
support subsidiary, if needed. It is a fairly small, but wholly
owned, integrated subsidiary of the group, akin to a division,
whose default would in Fitch opinion have serious reputational
implications for the wider group.

UBL's IDRs are equalised with RBSG's, reflecting Fitch's view of
a high probability that RBSG would support the subsidiary, if
needed. It is a fairly small, but wholly owned and integrated
subsidiary of the group and a part of RBSG's UK personal and
business banking division. The RWP on UBL's Long-Term IDR
reflects Fitch's expectation that the IDR will benefit from a
one-notch uplift when the group is reorganised as UBL will be a
direct subsidiary of NatWest and remain within the ring-fenced
group.

RATING SENSITIVITIES

IDRS, VRs, DCR AND SENIOR DEBT - RBSG, RBS, NATWEST AND ADAM & CO

RBSG's ratings remain affected by uncertainty over the size and
timing of the remaining conduct costs the group faces and by
execution risk from restructuring. In Fitch's opinion, the
group's IDRs and VRs could be upgraded only after these
uncertainties are removed, if the group maintains sound
capitalisation and attains healthy recurring profitability.
RBSG's ratings could be downgraded if conduct costs erode
capitalisation without plans to restore the group within a short
period of time, or if litigation or reputation risk proves
particularly disruptive to the group's franchise and business
model.

RBSG's VRs and IDRs, and those of its subsidiaries, including
Adam & Co's expected ratings, are also sensitive to a material
worsening of underlying earnings and asset quality if the
economic environment deteriorates substantially in the UK.

Fitch expects to rate NatWest's and Adam & Co's Long-Term IDR one
notch above their common VRs when the group's reorganisation has
been completed and particularly if sufficient debt has been down-
streamed to these subsidiaries.

Fitch estimates that RBSG's consolidated qualifying junior debt
(QJD) buffer was equal to about 8.7% of RWAs at end-1H17. At the
same date, holdco senior debt was equal to about 3.8% of RWAs.
Fitch expects this debt to be down-streamed to the opcos,
including the two ring-fenced banks, in a manner that protects
these opcos' senior creditors in case of a resolution. Based on
Fitch's expectation of a regulatory intervention point and post-
resolution capital needs, Fitch believe that a debt buffer of QJD
and senior holdco debt that is down-streamed in a subordinated
manner of above 9% of RWAs could be required to restore viability
after a resolution, and the two ring-fenced banks' Long-Term IDR
would benefit from a one-notch uplift above the VR if the debt
buffer is maintained at above this level.

Fitch expects to affirm RBS's IDRs when the group's restructuring
has been completed and when RBS will change its name to NatWest
Markets. Fitch expects to withdraw the bank's VR at that point
because Fitch do not expect that NatWest Markets will have a
meaningful standalone franchise that could exist without the
membership of the parent.

NatWest Markets' IDRs will likely be driven by institutional
support from its parent, RBSG, and will likely be equalised with
its parent's to reflect the subsidiary's core and integral role
in the group. NatWest Markets' ratings will primarily be
sensitive to changes in the parent's IDRs, with which they are
equalised. They will also be sensitive to changes in the parent's
propensity to provide support, which could arise if NatWest
Markets' role in the group changes, which Fitch does not expect.
NatWest Markets' IDRs will also be sensitive to a weakening of
the parent's ability to provide support, which could be caused by
a sharp increase in the size of the subsidiary or in the size of
its potential liquidity to cover any increase in collateral
requirements.

RBSG's IDRs would be downgraded if there is a material increase
in double leverage at the holding company, which Fitch do not
expect.

RBS's DCR is primarily sensitive to changes in RBS's Long-Term
IDR.

SUPPORT RATING AND SUPPORT RATING FLOOR - RBSG, RBS, NATWEST AND
ADAM & CO
An upgrade of the SRs and upward revision of the SRFs would be
contingent on a positive change in the sovereign's propensity to
support its banks. While not impossible, in Fitch's opinion this
is highly unlikely.

The RWP on RBS's SR reflects Fitch's expectation that the SR will
be upgraded to '2' when the group restructuring has been
completed and when the SR will be based on institutional support
rather than sovereign support. At that stage, the SRF will be
withdrawn.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Subordinated debt and other hybrid capital ratings are primarily
sensitive to changes in the VRs of the issuers or their parents.
The securities' ratings are also sensitive to a change in their
notching, which could arise if Fitch changes its assessment of
the probability of their non-performance relative to the risk
captured in the issuers' VRs. This may reflect a change in
capital management in the group or an unexpected shift in
regulatory buffer requirements, for example. The ratings are also
sensitive to a change in Fitch's assessment of each instrument's
loss severity, which could reflect a change in the expected
treatment of liability classes during a resolution.

SUBSIDIARIES - RBS NV, RBSIL, RBSSI AND UBL

RBS NV's, RBSIL's, RBSSI's and UBL's ratings are primarily
sensitive to a change in Fitch's assessment of RBSG's propensity
to support the subsidiaries, which Fitch do not expect, or to a
change in RBSG's IDRs.

Fitch expects to upgrade UBL's Long-Term IDR when the group
reorganisation has been finalised because Fitch believe that
UBL's close integration within the ring-fenced group means that
the subsidiary's IDR should remain equalised with its parent's,
NatWest, which Fitch expect to upgrade to reflect the available
junior debt buffers.

The rating actions are:

The Royal Bank of Scotland Group plc
Long-Term IDR affirmed at 'BBB+'; Stable Outlook
Short-Term IDR affirmed at 'F2'
Viability Rating affirmed at 'bbb+'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'
Senior unsecured debt affirmed at 'BBB+'/'F2'
Subordinated debt affirmed at 'BBB'
Subordinated debt (US780097AM39) affirmed at 'BBB-'
Innovative, non-innovative Tier 1 and preferred stock
(US780097AH44; XS0121856859; US780097AE13) affirmed at 'BB'
Innovative, non-innovative Tier 1 and preferred stock affirmed at
'BB-'
Contingent convertible capital notes affirmed at 'BB-'

The Royal Bank of Scotland plc
Long-Term IDR affirmed at 'BBB+'; Stable Outlook
Short-Term IDR affirmed at 'F2'
Viability Rating affirmed at 'bbb+'
Support Rating '5' maintained on Rating Watch Positive
Support Rating Floor affirmed at 'No Floor'
Derivative Counterparty Rating: affirmed at 'BBB+(dcr)'
Senior unsecured debt affirmed at 'BBB+'/'F2'
Senior unsecured market linked securities affirmed at 'BBB+emr'
Subordinated lower tier 2 debt affirmed at 'BBB'
Subordinated upper tier 2 debt affirmed at 'BB+'

National Westminster Bank plc
Long-Term IDR 'BBB+' maintained on Rating Watch Positive
Short-Term IDR affirmed at 'F2'
Viability Rating affirmed at 'bbb+'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'
Long-term senior unsecured debt 'BBB+'; maintained on Rating
Watch Positive
Short-term senior unsecured debt affirmed at 'F2'
Subordinated lower tier 2 debt affirmed at 'BBB'
Subordinated upper tier 2 debt affirmed at 'BB+'

Adam and Company Plc
Long-Term IDR affirmed at 'A- (EXP)'; Stable Outlook
Short-Term IDR affirmed at 'F2 (EXP)'
Viability Rating affirmed at 'bbb+ (EXP)'
Support Rating affirmed at '5 (EXP)'
Support Rating Floor affirmed at 'No Floor (EXP)'

Royal Bank of Scotland NV
Long-Term IDR affirmed at 'BBB+'; Stable Outlook
Short-Term IDR affirmed at 'F2'
Support Rating affirmed at '2'
Senior unsecured debt affirmed at 'BBB+'
Senior unsecured market linked securities affirmed at 'BBB+emr'
Subordinated debt affirmed at 'BBB'

Royal Bank of Scotland International Ltd
Long-Term IDR affirmed at 'BBB+'; Stable Outlook
Short-Term IDR affirmed at 'F2'
Support Rating affirmed at '2'

RBS Securities Inc.
Long-Term IDR affirmed at 'BBB+'; Stable Outlook
Short-Term IDR affirmed at 'F2'
Support Rating affirmed at '2'
Derivative Counterparty Rating: affirmed at 'BBB+(dcr)'

Ulster Bank Limited
Long-Term IDR 'BBB+' maintained on Rating Watch Positive
Short-Term IDR affirmed at 'F2'
Support Rating '2' maintained on Rating Watch Positive



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


* BOND PRICING: For the Week January 22 to January 26, 2018
-----------------------------------------------------------

Issuer                         Coupon   Maturity  Currency  Price
------                         ------   --------  --------  -----
Steinhoff Europe AG              1.88   1/24/2025    EUR    62.26
Steinhoff Finance Holding Gm     1.25   8/11/2022    EUR    63.08
Steinhoff Finance Holding Gm     1.25  10/21/2023    EUR    55.43
New Look Secured Issuer PLC      6.50    7/1/2022    GBP    45.75
Oi Brasil Holdings Cooperati     5.75   2/10/2022    USD    43.40
Astaldi SpA                      4.88   6/21/2024    EUR    70.09
Intelsat Luxembourg SA           7.75    6/1/2021    USD    44.62
Portugal Telecom Internation     4.63    5/8/2020    EUR    43.50
Intelsat Luxembourg SA           8.13    6/1/2023    USD    42.01
New Look Secured Issuer PLC      4.50    7/1/2022    EUR    44.87
Agrokor dd                       9.88    5/1/2019    EUR    30.04
Ageasfinlux SA                   1.02                EUR    70.83
Portugal Telecom Internation     5.00   11/4/2019    EUR    40.00
Air Berlin PLC                   8.25   4/19/2018    EUR     1.07
New Look Senior Issuer PLC       8.00    7/1/2023    GBP    16.01
Promsvyazbank OJSC Via PSB F    10.20   11/6/2019    USD    96.75
Vallourec SA                     4.13   10/4/2022    EUR     7.89
Portugal Telecom Internation     4.50   6/16/2025    EUR    43.81
CGG SA                           5.88   5/15/2020    EUR    53.02
Oi Brasil Holdings Cooperati     5.63   6/22/2021    EUR    43.06
Portugal Telecom Internation     5.88   4/17/2018    EUR    44.13
EA Partners I BV                 6.88   9/28/2020    USD    74.77
Offshore Drilling Holding SA     8.38   9/20/2020    USD    44.45
Korian SA                        2.50                EUR    41.74
Banco Espirito Santo SA          4.75   1/15/2018    EUR    31.27
CGG SA                           1.75    1/1/2020    EUR     1.78
Air Berlin PLC                   6.75    5/9/2019    EUR     0.92
Portugal Telecom Internation     6.25   7/26/2016    EUR    41.41
Neopost SA                       3.38                EUR    55.94
Bank Otkritie Financial Corp    10.00   4/26/2019    USD    20.13
Maisons du Monde SA              0.13   12/6/2023    EUR    53.50
Privatbank CJSC Via UK SPV C    10.25   1/23/2018    USD    29.67
Immigon Portfolioabbau AG       10.00                EUR    16.38
Genfit                           3.50  10/16/2022    EUR    31.38
Pierre & Vacances SA             2.00    4/1/2023    EUR    58.72
Agrokor dd                       8.88    2/1/2020    USD    28.84
Avangardco Investments Publi    10.00  10/29/2018    USD    18.33
Agrokor dd                       9.13    2/1/2020    EUR    29.07
OAS Investments GmbH             8.25  10/19/2019    USD     7.00
Grupo Isolux Corsan SA           3.00  12/30/2021    EUR     0.50
UkrLandFarming PLC              10.88   3/26/2018    USD    22.47
Rickmers Holding AG              8.88   6/11/2018    EUR     2.42
Pacific Drilling SA              5.38    6/1/2020    USD    45.25
publity AG                       3.50  11/17/2020    EUR    77.00
BIM SAS                          2.50  11/13/2020    EUR    25.19
Bibby Offshore Services PLC      7.50   6/15/2021    GBP    15.50
Grupo Isolux Corsan SA           0.25  12/30/2021    EUR     0.28
EA Partners II BV                6.75    6/1/2021    USD    71.47
Banco Espirito Santo SA          4.00   1/21/2019    EUR    28.75
Mitsubishi UFJ Investor Serv     3.92  12/30/2099    EUR     5.54
CGG SA                           6.50    6/1/2021    USD    53.41
WPE International Cooperatie    10.38   9/30/2020    USD    18.90
Transcapitalbank JSC Via Tra    10.00   9/18/2020    USD    70.25
Banco Espirito Santo SA          2.63    5/8/2017    EUR    30.27
Promsvyazbank OJSC Via PSB F    10.50   7/30/2021    USD     5.01
CGG SA                           1.25    1/1/2019    EUR    21.38
Scholz Holding Gmbh              8.50  12/31/2019    EUR     8.00
FIGEAC-AERO                      1.13  10/18/2022    EUR    25.14
Air Berlin PLC                   5.63    5/9/2019    CHF     1.16
Santhera Pharmaceuticals Hol     5.00   2/17/2022    CHF    73.97
Credito Valtellinese SpA         4.70    8/4/2021    EUR    70.33
Promsvyazbank OJSC Via PSB F    10.50   3/17/2021    USD    10.50
Capital Raising GmbH             7.50                EUR    53.04
Barclays Bank PLC                2.23   7/31/2034    USD    63.00
Bilt Paper BV                    9.64                USD    20.33
Mriya Agro Holding PLC           9.45   4/19/2018    USD     5.38
ADLER Real Estate AG             2.50   7/19/2021    EUR    15.56
Cooperatieve Rabobank UA         0.50  11/26/2021    ZAR    73.09
Alno AG                          8.50   5/14/2018    EUR     3.65
CGG SA                           6.88   1/15/2022    USD    54.75
Allied Irish Banks PLC          12.50   6/25/2035    GBP    72.51
Hybrid Raising GmbH              6.63                EUR    53.11
Nexity SA                        0.13    1/1/2023    EUR    69.51
Norske Skogindustrier ASA        7.00  12/30/2026    EUR     1.64
Mobylife Holding A/S             7.25   5/23/2020    SEK     8.00
Nexans SA                        2.50    1/1/2019    EUR    74.87
Promsvyazbank OJSC Via PSB F     8.75                USD     5.00
Banca Carige SpA                 7.32  12/20/2020    EUR    65.20
3W Power SA                     10.00   8/29/2019    EUR     3.10
Banco Espirito Santo SA          7.13  11/28/2023    EUR     0.40
Orient Express Bank PJSC Via    10.00                USD    56.00
Norske Skog Holding AS           8.00   2/24/2021    EUR     2.21
Elli Investments Ltd            12.25   6/15/2020    GBP    65.00
Yuksel Insaat AS                 9.50  11/10/2015    USD    20.88
OGX Austria GmbH                 8.50    6/1/2018    USD     0.00
Alitalia-Societa' Aerea Ital     5.25   7/30/2020    EUR     5.83
Privatbank CJSC Via UK SPV C    11.00    2/9/2021    USD    13.34
IMMOFINANZ AG                    4.25    3/8/2018    EUR     4.32
Virgolino de Oliveira Financ    10.50   1/28/2018    USD     6.50
Aligera Holding AB publ          5.00    5/7/2019    SEK    29.63
Lloyds Bank PLC                  0.12   1/31/2033    USD    54.95
Johnston Press Bond Plc          8.63    6/1/2019    GBP    73.03
Privatbank CJSC Via UK SPV C    10.88   2/28/2018    USD    34.97
Stichting Afwikkeling Onderh    11.25                EUR     0.58
Norske Skogindustrier ASA        2.00  12/30/2115    EUR     1.10
Stichting Afwikkeling Onderh     6.25  10/26/2020    EUR     3.86
Beate Uhse AG                    7.75    7/9/2019    EUR     9.88
Cirio Holding Luxembourg SA      6.25   2/16/2004    EUR     1.07
Afren PLC                        6.63   12/9/2020    USD     0.04
Veneto Banca SpA                 9.50   12/1/2025    EUR     0.31
Waste Italia SpA                10.50  11/15/2019    EUR     2.00
Oi Brasil Holdings Cooperati     5.75   2/10/2022    USD    42.25
Lambay Capital Securities PL     6.25                GBP     2.00
Espirito Santo Financial Gro     6.88  10/21/2019    EUR     0.16
Lloyds Bank PLC                  1.50  12/27/2028    USD    72.50
Afren PLC                       10.25    4/8/2019    USD     0.01
LBI HF                           6.10   8/25/2011    USD     7.88
Bank Nederlandse Gemeenten N     0.50   7/12/2022    ZAR    69.35
KTG Agrar SE                     7.13    6/6/2017    EUR     3.69
Belfius Bank SA/NV               1.60                FRF    72.00
Banca Popolare di Vicenza        9.50   9/29/2025    EUR     0.55
BBVA International Preferred     1.40                GBP    45.75
New World Resources NV           4.00   10/7/2020    EUR     0.46
NTRP Via Interpipe Ltd          10.25    8/2/2017    USD    28.00
OSX 3 Leasing BV                13.00   3/20/2015    USD    29.25
Dexia SA                         1.45                EUR     8.75
Pescanova SA                     5.13   4/20/2017    EUR     1.91
GNB - Cia de Seguros de Vida     3.17                EUR    73.13
Lehman Brothers UK Capital F     5.13                EUR     2.94
Barclays Bank PLC                1.28   8/28/2029    USD    75.58
Cattles Ltd                      7.13    7/5/2017    GBP     0.24
Dexia Credit Local SA            1.40                EUR     5.67
New Look Senior Issuer PLC       8.00    7/1/2023    GBP    16.88
Intelsat Luxembourg SA          12.50  11/15/2024    USD    44.50
Kaupthing ehf                    5.75   10/4/2011    USD     0.25
Barclays Bank PLC                1.35   9/30/2031    USD    62.85
GEWA 5 to 1 GmbH & Co KG         6.50   3/24/2018    EUR    18.31
Steilmann SE                     7.00   9/23/2018    EUR     1.56
Phones4u Finance PLC             9.50    4/1/2018    GBP    74.50
Deutsche Bank AG/London          2.56  10/31/2034    USD    65.75
Cirio Del Monte NV               7.75   3/14/2005    EUR     1.25
Manchester Building Society      6.75                GBP    15.00
Mriya Agro Holding PLC          10.95   3/30/2016    USD     5.41
Kaupthing ehf                    7.63   2/28/2015    USD     0.25
Corporate Commercial Bank AD     8.25    8/8/2014    USD     1.40
Banca Carige SpA                 8.34                EUR    28.00
Lehman Brothers UK Capital F     6.90                USD     1.51
Pierre & Vacances SA             3.50   10/1/2019    EUR    42.32
Pescanova SA                     8.75   2/17/2019    EUR     2.33
Societe Centrale des Bois et     2.50   5/15/2023    EUR     7.80
New Look Secured Issuer PLC      6.50    7/1/2022    GBP    46.13
Espirito Santo Financial Gro     3.13   12/2/2018    EUR     0.28
BLT Finance BV                   7.50   5/15/2014    USD     2.04
Agrokor dd Via Aquarius + In     4.92    8/8/2017    EUR    24.88
New World Resources NV           8.00    4/7/2020    EUR     3.56
Aralco Finance SA               10.13    5/7/2020    USD     4.98
Lloyds Bank PLC                  1.11  11/27/2033    USD    64.75
Sazka AS                         9.00   7/12/2021    EUR     0.50
Afren PLC                       11.50    2/1/2016    USD     0.05
Alno AG                          8.00   3/21/2019    EUR     3.85
Lehman Brothers UK Capital F     5.75                EUR     1.47
Accentro Real Estate AG          6.25   3/27/2019    EUR     7.80
Royal Bank of Scotland PLC/T     0.95  11/16/2030    USD    65.63
HSBC France SA                   1.03                EUR    70.00
CGG SA                           6.50    6/1/2021    USD    55.35
Promsvyazbank PJSC              12.25    2/1/2018    RUB    50.00
German Pellets GmbH              7.25  11/27/2019    EUR     1.79
Cirio Finanziaria SpA            8.00  12/21/2005    EUR     0.54
German Pellets GmbH              7.25    7/9/2018    EUR     1.90
EFG International AG             1.14                EUR    64.53
Norske Skog Holding AS           8.00   2/24/2023    USD     2.31
ESFIL-Espirito Santo Financi     5.25   6/12/2015    EUR     0.07
Tonon Luxembourg SA              9.25   1/24/2020    USD     7.75
Deutsche Bank AG/London          0.21   6/30/2034    USD    61.50
Smart Solutions GmbH             8.00   12/3/2018    EUR     9.50
Touax SA                         6.00   7/10/2020    EUR    17.89
Cirio Finance Luxembourg SA      7.50   11/3/2002    EUR     4.81
Tonon Luxembourg SA             10.50   5/14/2024    USD    40.75
Virgolino de Oliveira Financ    11.75    2/9/2022    USD     6.50
Eniro AB                         6.00   4/14/2020    SEK     4.30
PNE Wind AG                      3.75  10/10/2019    EUR     3.50
Barclays Bank PLC                0.61  11/29/2030    USD    63.35
Deutsche Bank AG/London          0.81   9/30/2029    USD    70.00
Praktiker AG                     5.88   2/10/2016    EUR     0.08
Breeze Finance SA                6.71   4/19/2027    EUR    29.05
Portigon AG                      7.46  12/31/2019    EUR    31.00
Barclays Bank PLC                1.42   2/25/2031    USD    62.50
Manchester Building Society      8.00                GBP    25.00
Agrokor dd                       8.88    2/1/2020    USD    29.13
Del Monte Finance Luxembourg     6.63   5/24/2006    EUR     5.38
Espirito Santo Financial Gro     9.75  12/19/2025    EUR     0.51
Banca Carige SpA                 2.77   6/19/2018    EUR    68.64
Gebr Sanders GmbH & Co KG        8.75  10/22/2018    EUR    33.38
Barclays Bank PLC                0.46   3/21/2033    USD    58.65
Lehman Brothers UK Capital F     3.88                EUR     1.91
New Look Secured Issuer PLC      4.50    7/1/2022    EUR    45.00
Uppfinnaren 1 AB                10.00                SEK    61.33
CBo Territoria                   6.00    1/1/2020    EUR     4.08
Portugal Telecom Internation     5.24   11/6/2017    EUR    41.25
KPNQwest NV                      8.88    2/1/2008    EUR     0.06
Lloyds Bank PLC                  1.30   7/26/2033    USD    65.63
Lloyds Bank PLC                  1.04   4/25/2034    USD    62.50
Etablissements Maurel et Pro     1.63    7/1/2019    EUR    16.24
Havila Shipping ASA              5.39   11/7/2020    NOK    67.63
Vneshprombank Ltd Via VPB Fu     9.00  11/14/2016    USD     0.32
IT Holding Finance SA            9.88  11/15/2012    EUR     0.76
Cooperatieve Rabobank UA         0.50   2/26/2029    HUF    64.74
KPNQwest NV                      7.13    6/1/2009    EUR     0.07
Bank Nadra Via NDR Finance P     8.25   7/31/2018    USD     0.80
Hamburgische Landesbank-Giro     0.05   1/22/2041    EUR    63.15
Home Money LLC                  18.00   4/19/2022    RUB    68.77
Phosphorus Holdco PLC           10.00    4/1/2019    GBP     1.18
Sairgroup Finance BV             4.38    6/8/2006    EUR     9.25
Golden Gate AG                   6.50  10/11/2014    EUR    50.60
Frey                             6.00  11/15/2022    EUR    21.50
Havila Shipping ASA              4.61   11/7/2020    NOK    54.00
Alpha Bank AE                    2.50   6/20/2022    EUR    89.53
Promsvyazbank OJSC Via PSB F    10.20   11/6/2019    USD     2.37
Afren PLC                        6.63   12/9/2020    USD     0.04
Deutsche Bank AG/London          3.00   2/23/2035    EUR    72.50
Lehman Brothers Treasury Co      6.00   11/2/2035    EUR     7.50
Petrol AD                        5.50   1/26/2022    EUR    30.00
Atari SA                         5.50  10/30/2022    EUR     0.56
Steilmann SE                     6.75   6/27/2017    EUR     3.50
Waste Italia SpA                10.50  11/15/2019    EUR     2.00
Etablissements Maurel et Pro     2.75    7/1/2021    EUR    10.50
Windreich GmbH                   6.50   7/15/2016    EUR    13.38
Deutsche Bank AG/London          0.50   8/28/2034    USD    61.50
Stichting Afwikkeling Onderh     2.42                EUR     0.58
UniCredit Bank Austria AG        0.17  12/31/2031    EUR    71.38
Rena GmbH                        8.25   7/11/2018    EUR     2.00
Kommunalbanken AS                0.50   5/27/2022    ZAR    70.57
International Industrial Ban     9.00    7/6/2011    EUR     0.30
Barclays Bank PLC                0.30   3/28/2033    USD    59.70
Stroika Finance Ltd Via Emer     9.90   6/25/2019    RUB    10.00
Lehman Brothers Treasury Co      7.25   10/5/2035    EUR     7.50
Barclays Bank PLC                1.10   6/17/2033    USD    58.60
Vseukrainsky Aktsinerny Bank    10.90   6/14/2019    USD     0.89
PA Resources AB                 13.50    3/3/2016    SEK     0.12
Rem Offshore ASA                 5.00   12/8/2024    NOK    42.94
Enterprise Holdings LTD          7.00   3/30/2020    EUR     4.31
Northland Resources AB           4.00  10/15/2020    USD     0.15
MS Deutschland Beteiligungsg     6.88  12/18/2017    EUR     4.11
Koninklijke Luchtvaart Maats     0.75                CHF    38.00
Norske Skog Holding AS           8.00   2/24/2023    USD     2.31
Norske Skogindustrier ASA        7.13  10/15/2033    USD     2.52
Air Berlin Finance BV            6.00    3/6/2019    EUR     1.14
Ideal Standard International    11.75    5/1/2018    EUR     4.89
Pescanova SA                     6.75    3/5/2015    EUR     2.09
Barclays Bank PLC                0.34   9/29/2034    USD    65.72
Sequa Petroleum NV               5.00   4/29/2020    USD    68.75
EDOB Abwicklungs AG              7.50    4/1/2012    EUR     0.39
Finmek International SA          7.00   12/3/2004    EUR     6.13
DEMIRE Deutsche Mittelstand      6.00  12/30/2018    EUR     4.00
Barclays Bank PLC                1.46   5/30/2034    USD    65.50
Banco Espirito Santo SA          6.88   7/15/2016    EUR    28.38
Windreich GmbH                   6.50    3/1/2015    EUR    13.50
Offshore Drilling Holding SA     8.38   9/20/2020    USD    44.11
Norske Skog Holding AS           8.00   2/24/2021    EUR     2.21
Lloyds Bank PLC                  0.09   4/26/2033    USD    57.50
Banco Pinto & Sotto Mayor        1.13                EUR    39.50
Espirito Santo Financial Gro     5.05  11/15/2025    EUR     0.61
Depfa Funding III LP             0.87                EUR    56.69
Pacific Drilling SA              5.38    6/1/2020    USD    38.00
Orient Express Bank PJSC        13.60    8/9/2018    RUB    65.00
International Industrial Ban    11.00   2/19/2013    USD     0.17
Governo Portugues Consolidad     3.00                EUR    70.00
OGX Austria GmbH                 8.38    4/1/2022    USD     0.83
Societe Generale SA              2.04   3/31/2034    USD    69.40
KPNQwest NV                      8.13    6/1/2009    USD     0.07
Promsvyazbank OJSC Via PSB F    12.50                USD    10.50
Lehman Brothers Treasury Co      6.00   2/15/2035    EUR     7.50
Air Berlin Finance BV            8.50    3/6/2019    EUR     1.23
Lloyds Bank PLC                  1.24    7/5/2033    USD    62.13
World Wide Supply AS             7.75   5/26/2017    USD    15.38
Rudolf Woehrl AG                 6.50   2/12/2018    EUR     6.61
Atari SA                         7.50   2/17/2020    EUR     0.51
Stichting Afwikkeling Onderh     6.63   5/14/2018    EUR     3.86
OGX Austria GmbH                 8.50    6/1/2018    USD     0.83
Depfa Funding II LP              6.50                EUR    59.17
APP International Finance Co    11.75   10/1/2005    USD     0.28
Steilmann SE                     7.00    3/9/2017    EUR     1.56
Depfa Funding IV LP              1.54                EUR    57.25
Cooperatieve Rabobank UA         0.50   7/30/2043    MXN     9.55
Societe Generale SA              1.15   6/26/2034    USD    72.32
KTG Agrar SE                     7.25  10/15/2019    EUR     3.43
Northland Resources AB          15.00   7/15/2019    USD     2.62
SiC Processing GmbH              7.13    3/1/2016    EUR     2.91
IVG Immobilien AG                5.47                EUR     2.35
Ahtium PLC                       9.75    4/4/2017    EUR     3.25
PSN Pm OOO                      13.00   9/10/2026    RUB    43.01
Santander Finance Capital SA     2.00                EUR    70.63
Azubu Investments SA             5.00   8/25/2018    EUR    60.00
JZ Capital Partners Ltd          6.00   7/30/2021    GBP    10.50
CGG SA                           6.88   1/15/2022    USD    53.50
Tatfondbank OAO Via TFB Fina     8.50  11/12/2019    USD     2.18
Teksid Aluminum Luxembourg S    11.38   7/15/2011    EUR     0.11
Lloyds Bank PLC                  3.33   1/29/2034    USD    74.99
Sidetur Finance BV              10.00   4/20/2016    USD     3.65
CGG SA                           5.88   5/15/2020    EUR    53.75
BOA Offshore AS                  0.40   7/17/2047    NOK    10.88
Agroton Public Ltd               6.00   7/14/2019    USD    16.63
Svensk Exportkredit AB           0.50   3/15/2022    ZAR    70.56
Activa Resources AG              0.50  11/15/2021    EUR    23.00
Lehman Brothers Treasury Co      5.00   9/22/2014    EUR     7.50
Barclays Bank PLC                1.81   3/27/2029    USD    58.00
AKB Peresvet ZAO                 0.51   2/14/2032    RUB    24.13
3W Power SA                      5.50  11/11/2020    EUR     1.50
Veneto Banca SpA                 6.95   2/25/2025    EUR     0.13
UniCredit Bank Austria AG        0.15  12/27/2031    EUR    74.77
Otkritie Holding JSC            12.62   4/25/2028    RUB    16.10
Afren PLC                       10.25    4/8/2019    USD     0.01
Santander Issuances SAU          4.35   12/1/2026    EUR    75.16
Virgolino de Oliveira Financ    10.50   1/28/2018    USD     6.38
Bulgaria Steel Finance BV       12.00    5/4/2013    EUR     0.17
Frigoglass Finance BV            8.25   5/15/2018    EUR    47.75
Mifa Mitteldeutsche Fahrradw     7.50   8/12/2018    EUR     1.68
Laurel GmbH                      7.13  11/16/2017    EUR     7.75
SAG Solarstrom AG                6.25  12/14/2015    EUR    33.63
Abanka DD Via Afinance BV        1.57                EUR     1.90
Lehman Brothers Treasury Co      5.00   2/16/2015    EUR     7.50
KPNQwest NV                     10.00   3/15/2012    EUR     0.08
Enterprise Holdings LTD          7.00   9/26/2017    EUR     4.33
SeaBird Exploration Finance      6.00   6/30/2020    USD    20.13
Kaupthing ehf                    5.75   10/4/2011    USD     0.25
Veneto Banca SpA                 6.41                EUR     1.20
Cooperatieve Rabobank UA         0.50  10/30/2043    MXN     9.40
CRC Breeze Finance SA            6.11    5/8/2026    EUR    53.13
Virgolino de Oliveira Financ    10.88   1/13/2020    USD    25.50
Credit Suisse AG/London         10.50   2/15/2018    USD    71.31
getgoods.de AG                   7.75   10/2/2017    EUR     0.26
Agrokor dd                       9.13    2/1/2020    EUR    28.49
Intelsat Luxembourg SA          12.50  11/15/2024    USD    44.50
Finans-Avia OOO                  9.00   7/31/2022    RUB    69.51
Moscow United Electric Grid      8.55    5/6/2027    RUB    74.20
Caixa Geral de Depositos SA      1.31   11/5/2018    EUR    54.85
La Veggia Finance SPA            7.13  11/14/2004    EUR     0.56
Artea                            6.00    8/4/2019    EUR    14.19
Decipher Production Ltd         12.50   9/27/2018    USD     1.87
Wild Bunch AG                    8.00   3/23/2019    EUR    45.00
Mox Telecom AG                   7.25   11/2/2017    EUR     3.00
Afren PLC                       11.50    2/1/2016    USD     0.05
Banco Comercial Portugues SA     5.00                EUR    70.00
Hellas Telecommunications Lu     8.50  10/15/2013    EUR     1.04
Kardan NV                        6.33   2/25/2018    ILS    62.14
Minicentrales Dos SA             6.45   4/14/2028    EUR    65.75
Bank Otkritie Financial Corp    10.00   4/26/2019    USD    20.13
Hamburgische Landesbank-Giro     0.05  10/30/2040    EUR    67.85
Montepio Holding SGPS SA         5.00                EUR    50.00
Svensk Exportkredit AB           0.50   4/24/2029    AUD    65.04
Landesbank Hessen-Thueringen     0.06   4/23/2041    EUR    68.29
Banca Carige SpA                 5.70   9/17/2020    EUR    60.11
Lehman Brothers Treasury Co      2.88   3/14/2013    CHF     7.50
DOF ASA                          7.85   9/12/2019    NOK    40.00
Deutsche Agrar Holding GmbH      7.25   9/28/2018    EUR     2.20
Landesbank Hessen-Thueringen     0.05    5/3/2041    EUR    66.58
Northland Resources AB           4.00  10/15/2020    NOK     0.15
A-TEC Industries AG              8.75  10/27/2014    EUR     0.10
Banco Espirito Santo SA          6.90   6/28/2024    EUR    26.63
Svensk Exportkredit AB           0.50   1/31/2022    ZAR    71.64
Popular Capital SA               4.00                EUR     2.76
Royal Bank of Scotland PLC/T     0.50  12/13/2028    USD    62.97
BLT Finance BV                  12.00   2/10/2015    USD    10.50
Alpha Bank AE                    2.50   6/20/2022    EUR    89.55
Otkritie Holding JSC            11.56   7/27/2028    RUB    16.06
A-TEC Industries AG              2.75   5/10/2014    EUR     0.10
HPI AG                           3.50                EUR     2.27
Agrokor dd                       9.88    5/1/2019    EUR    29.86
ADLER Real Estate AG             6.00  12/27/2018    EUR    14.00
Governo Portugues Consolidad     2.75                EUR    68.00
Barclays Bank PLC                2.74   3/27/2029    USD    67.25
SAG Solarstrom AG                7.50   7/10/2017    EUR    33.63
Alpine Holding GmbH              5.25    7/1/2015    EUR     0.13
Lehman Brothers Treasury Co     11.25  12/31/2008    USD     1.90
International Finance Facili     0.50   6/24/2024    ZAR    56.41
Salvator Grundbesitz-AG          9.50  12/31/2021    EUR     4.00
Alpine Holding GmbH              6.00   5/22/2017    EUR     0.13
HSH Nordbank AG                  3.21    5/6/2030    EUR    74.44
OAS Investments GmbH             8.25  10/19/2019    USD     7.00
A-TEC Industries AG              5.75   11/2/2010    EUR     0.10
Mriya Agro Holding PLC           9.45   4/19/2018    USD     6.13
Moscow United Electric Grid     10.30   4/16/2026    RUB    66.02
Norske Skogindustrier ASA        7.13  10/15/2033    USD     2.52
Penell GmbH Elektrogrosshand     7.75   6/10/2019    EUR     5.00
Siberian Gostinecs PAO          17.00   6/26/2019    RUB    45.01
Plaza Centers NV                 6.90    7/1/2020    ILS    74.06
Barclays Bank PLC                0.50   4/24/2023    MXN    61.80
Lehman Brothers Treasury Co      7.00  11/26/2013    EUR     7.50
Barclays Bank PLC                1.21   11/1/2031    USD    62.80
Gazprom PJSC                     3.50  10/21/2043    RUB    65.01
Tonon Luxembourg SA             10.50   5/14/2024    USD    40.75
Lehman Brothers Treasury Co      7.00   5/17/2035    EUR     7.50
German Pellets GmbH              7.25    4/1/2016    EUR     1.85
Solon SE                         1.38   12/6/2012    EUR     0.25
BNP Paribas SA                   0.50   9/29/2029    AUD    63.86
Petromena ASA                   10.85  11/19/2018    USD     0.61
Societe Generale SA              1.60    1/9/2020    GBP     1.13
Municipality Finance PLC         0.50   7/30/2029    AUD    70.83
Sairgroup Finance BV             6.63   10/6/2010    EUR    11.00
Banco Pastor SAU                 2.08                EUR     1.55
OGX Austria GmbH                 8.38    4/1/2022    USD     0.83
Finance and Credit Bank JSC      9.25   1/25/2019    USD     0.67
SAir Group                       5.50   7/23/2003    CHF    11.81
Svensk Exportkredit AB           0.50   2/22/2022    ZAR    70.90
PromSvyazCapital AO             10.50   4/10/2026    RUB    97.75
UniCredit Bank Austria AG        0.02   1/25/2031    EUR    73.71
Veneto Banca SpA                 6.94   5/15/2025    EUR     0.31
Lehman Brothers Treasury Co      5.00   2/27/2014    EUR     7.50
Atari SA                         0.10    4/1/2020    EUR     5.88
Elli Investments Ltd            12.25   6/15/2020    GBP    65.00
Banco Espirito Santo SA         10.00   12/6/2021    EUR     0.39
Bank Nederlandse Gemeenten N     0.50   8/15/2022    ZAR    68.37
Rio Forte Investments SA         4.00   7/22/2014    EUR     6.63
Municipality Finance PLC         0.50   6/19/2024    ZAR    58.19
Kristensen Germany AG            0.50   6/30/2018    DKK #N/A N/A
Minicentrales Dos SA             4.81  11/29/2034    EUR    65.75
New World Resources NV           4.00   10/7/2020    EUR     0.46
Espirito Santo Financial Gro     5.05  11/15/2025    EUR     0.57
AKB Peresvet ZAO                13.50  10/16/2020    RUB    21.06
Rosneft Oil Co PJSC              8.35  11/24/2027    RUB    70.53
Barclays Bank PLC                1.33   3/21/2031    USD    62.02
Espirito Santo Financial Por     5.13   5/30/2016    EUR     4.76
Hypo Vorarlberg Bank AG          5.87                EUR    44.66
Lehman Brothers Treasury Co      6.00   3/14/2011    EUR     7.50
Cooperatieve Rabobank UA         0.50   1/31/2033    MXN    23.14
Oi Brasil Holdings Cooperati     5.63   6/22/2021    EUR    43.69
Svensk Exportkredit AB           0.50   6/20/2029    AUD    70.16
Plaza Centers NV                 6.00    7/1/2020    ILS    72.06
Ahtium PLC                       4.00  12/16/2015    EUR     1.52
Bank Julius Baer & Co Ltd/Gu     9.10   5/23/2018    USD    59.60
Lehman Brothers Treasury Co      8.25   3/16/2035    EUR     7.50
Agentstvo po Ipotechnomu Zhy     7.60  11/13/2050    RUB    70.53
Phones4u Finance PLC             9.50    4/1/2018    GBP    74.50
BNP Paribas SA                   0.50   7/20/2021    BRL    72.62
Alpine Holding GmbH              5.25   6/10/2016    EUR     0.13
BTV Hybrid I GmbH                6.50                EUR    37.92
Orient Express Bank PJSC        18.00   5/28/2020    RUB    75.00
Agentstvo po Ipotechnomu Zhy     7.60  11/13/2050    RUB    70.53
SPORTTOTAL AG                    6.00   3/17/2019    EUR     3.85
Lehman Brothers Treasury Co      5.10    5/8/2017    HKD     7.50
Virgolino de Oliveira Financ    11.75    2/9/2022    USD     6.75
Deutsche Bank AG/London          1.51  11/26/2034    USD    66.33
Barclays Bank PLC                1.40  12/23/2033    USD    68.00
Krakowski Bank Spoldzielczy      5.11   9/20/2023    PLN    65.20
Lehman Brothers Treasury Co      4.00   2/16/2017    EUR     7.50
Norske Skogindustrier ASA        2.00  12/30/2115    EUR     1.10
Delamare Finance PLC             1.72   2/19/2029    GBP    72.46
Marine Subsea AS                 9.00  12/16/2019    USD     0.50
Region of Abruzzo Italy          0.10   11/7/2036    EUR    63.01
SpareBank 1 SR-Bank ASA          1.45  12/21/2030    EUR    74.29
Svensk Exportkredit AB           0.50   6/29/2029    AUD    64.73
UkrLandFarming PLC              10.88   3/26/2018    USD    20.75
Podkarpacki Bank Spoldzielcz     5.81   3/31/2025    PLN    55.02
State of Rhineland-Palatinat     0.60  10/24/2046    EUR    74.62
MegaFon PJSC                     9.90   5/29/2026    RUB    66.01
Royal Bank of Scotland PLC/T     0.51   2/25/2031    USD    65.05
Barclays Bank PLC                1.33   8/31/2031    USD    64.80
New World Resources NV           8.00    4/7/2020    EUR     3.56
Svensk Exportkredit AB           0.50   8/28/2020    TRY    71.89
Credit Suisse AG/London          8.25   9/27/2018    USD    67.73
Lloyds Bank PLC                  1.04  10/25/2033    USD    70.00
Barclays Bank PLC                2.33  10/30/2034    USD    74.75
Minaya Capital AG                7.00    8/1/2018    EUR    60.00
Cooperatieve Rabobank UA         0.50  10/29/2027    MXN    42.34
Vnesheconombank                  8.24  12/15/2022    RUB    62.00
Kaupthing ehf                    9.00                USD     0.12
Banca Adriatica Spa              7.75   6/30/2018    EUR     1.24
Banca Popolare di Vicenza        9.50   10/2/2025    EUR     0.96
Svensk Exportkredit AB           0.50   8/29/2029    AUD    65.56
Heta Asset Resolution AG         5.92  12/31/2023    EUR    34.63
Barclays Bank PLC                1.35   9/30/2031    USD    65.50
Bibby Offshore Services PLC      7.50   6/15/2021    GBP    15.50
Otkritie Holding JSC            11.25  12/10/2026    RUB    17.21
SAir Group                       4.25    2/2/2007    CHF    11.75
Beluga Group PJSC               12.90   4/29/2020    RUB   106.60
Lehman Brothers Treasury Co      4.60  10/11/2017    ILS     7.50
Kardan NV                        6.78    2/2/2020    ILS    67.45
Rena GmbH                        7.00  12/15/2015    EUR     2.00
Societe Generale SA              0.37   2/28/2033    USD    63.11
Norske Skogindustrier ASA        7.00  12/30/2026    EUR     1.64
Credito Padano Banca di Cred     3.10                EUR    34.68
HSH Nordbank AG                  2.30    2/1/2036    EUR    71.69
Grupo Isolux Corsan SA           3.00  12/30/2021    USD     2.90
Grupo Isolux Corsan SA           0.25  12/30/2018    EUR     0.29
AKB Peresvet ZAO                 3.02    9/2/2020    RUB    21.02
United Aircraft Corp PJSC        8.00   3/17/2020    RUB    70.00
Bank Otkritie Financial Corp     8.00  11/11/2023    RUB    75.00
Johnston Press Bond Plc          8.63    6/1/2019    GBP    73.13
Tonon Luxembourg SA              9.25   1/24/2020    USD     7.75
WPE International Cooperatie    10.38   9/30/2020    USD    18.25
Bank Nederlandse Gemeenten N     0.50    6/7/2022    ZAR    69.56
SAir Group                       6.25   4/12/2005    CHF    11.75
Centrosolar Group AG             7.00   2/15/2016    EUR     1.30
Promsvyazbank OJSC Via PSB F    10.50   3/17/2021    USD    10.50
Rosneft Oil Co PJSC              8.35  11/24/2027    RUB    70.53
Salvator Grundbesitz-AG          9.50                EUR    18.20
Barclays Bank PLC                3.28   1/31/2029    USD    60.75
EFG International Finance Gu     7.00  11/27/2019    EUR    15.40
Bilt Paper BV                    9.64                USD    21.38
Bank Nederlandse Gemeenten N     0.50   9/20/2022    ZAR    67.70
Anglian Water Services Finan     0.93   1/26/2057    GBP    73.59
BNP Paribas SA                  11.60    6/6/2018    USD    70.25
Barclays Bank PLC                1.04   4/25/2034    USD    66.25
Rosneft Oil Co PJSC              7.85   12/3/2020    RUB    62.02
SAir Group                       6.25  10/27/2002    CHF    11.81
UniCredit Bank AO               12.00  11/20/2019    RUB    60.16
Heta Asset Resolution AG         0.43  12/31/2023    EUR    34.63
Raiffeisen Schweiz Genossens     8.99   7/22/2019    EUR    29.11
Russian Post FGUP                9.35  10/18/2019    RUB    72.00
Municipiul Timisoara             1.73   5/15/2026    RON    70.00
PSN Pm OOO                      12.00   8/31/2027    RUB    70.00
AKB Peresvet ZAO                 0.51    8/4/2034    RUB    22.04
Oberbank Hybrid 1 GmbH           0.87                EUR    50.40
AKB Peresvet ZAO                12.75   7/24/2018    RUB    25.00
Moscow United Electric Grid     10.00   5/26/2026    RUB    62.00
Bashneft PJSC                   10.50   5/12/2026    RUB    60.00
SG Issuer SA                     0.78   6/15/2020    SEK    57.41
Gold-Zack AG                     7.00  12/14/2005    EUR    12.06
Finans-Avia OOO                  0.01   7/31/2027    RUB    19.00
Rosneft Oil Co PJSC              9.15   12/3/2020    RUB    62.02
Bank Intesa AO                   9.75  10/10/2019    RUB    71.01
Banca delle Marche SpA           6.00    5/8/2018    EUR     1.93
Atomenergoprom JSC              11.10  12/12/2025    RUB    70.01
Lehman Brothers Treasury Co      8.25   12/3/2015    EUR     7.50
International Finance Facili     0.50   6/29/2027    ZAR    41.82
Podkarpacki Bank Spoldzielcz     5.11   5/28/2023    PLN    51.00
Lehman Brothers Treasury Co      1.46   2/19/2012    JPY     7.50
Kamaz PJSC                      11.24   7/18/2030    RUB    70.00
EFG International Finance Gu     2.10   3/23/2018    EUR     8.22
Lehman Brothers Treasury Co     10.00    1/3/2012    BRL     1.90
Kommunekredit                    0.50   7/30/2027    TRY    35.41
UniCredit Bank Austria AG        0.06   1/24/2031    EUR    73.83
Cerruti Finance SA               6.50   7/26/2004    EUR     1.45
Podkarpacki Bank Spoldzielcz     5.81    7/2/2020    PLN    72.50
Pongs & Zahn AG                  8.50                EUR     0.00
Lehman Brothers Treasury Co      5.00    5/2/2022    EUR     1.90
Lehman Brothers Treasury Co      5.00   3/18/2015    EUR     7.50
Ideal Standard International    11.75    5/1/2018    EUR     4.89
Driver & Bengsch AG              8.50  12/31/2027    EUR     0.00
Muehl Product & Service AG       6.75   3/10/2005    DEM     0.08
Societe Generale SA              1.73   1/31/2029    USD    73.54
Rosneft Oil Co PJSC              9.40  11/28/2024    RUB   100.40
Rosselkhozbank JSC               9.35   7/11/2025    RUB    65.01
Lehman Brothers Treasury Co      5.00   8/16/2017    EUR     7.50
Podkarpacki Bank Spoldzielcz     5.81   2/23/2025    PLN    50.00
LBI HF                           7.43                USD     0.00
BKS Hybrid alpha GmbH            7.35                EUR    60.15
SAir Group                       0.13    7/7/2005    CHF    12.00
Bank Nederlandse Gemeenten N     0.50   9/20/2022    MXN    68.31
Lehman Brothers Treasury Co      1.68    3/5/2015    EUR     1.90
Svensk Exportkredit AB           0.50   3/28/2029    AUD    70.62
Royal Bank of Scotland PLC/T     0.51   8/26/2031    USD    61.10
Lehman Brothers Treasury Co      4.00   7/27/2011    EUR     1.90
Rosneft Oil Co PJSC              7.95   5/30/2023    RUB   100.51
Astana Finance BV                7.88    6/8/2010    EUR    16.88
Municipality Finance PLC         0.50    5/8/2029    AUD    65.06
Region of Molise Italy           0.13  12/15/2033    EUR    67.40
SAir Group                       2.13   11/4/2004    CHF    11.75
Mriya Agro Holding PLC          10.95   3/30/2016    USD     6.13
HSBC Bank PLC                    0.50  12/29/2026    AUD    71.96
Lehman Brothers Treasury Co      6.25    9/5/2011    EUR     1.90
COFIDUR SA                       0.10  12/31/2024    EUR    24.76
Phosphorus Holdco PLC           10.00    4/1/2019    GBP     1.18
Bank Nederlandse Gemeenten N     0.50    8/9/2022    MXN    68.98
Virgolino de Oliveira Financ    10.88   1/13/2020    USD    25.50
Santander Finance Capital SA     2.00                USD    71.27
Otkritie Holding JSC            11.50    8/5/2025    RUB    14.95
EFG International Finance Gu     7.20   7/29/2020    EUR    27.64
Espirito Santo Financial Por     5.63   7/28/2017    EUR     4.23
Grupo Isolux Corsan SA           0.25  12/30/2021    USD     0.30
Miratorg-Finans OOO             11.00   8/24/2021    RUB    66.01
SG Issuer SA                     6.00   6/30/2022    USD    72.35
Lehman Brothers Treasury Co      6.65   8/24/2011    AUD     7.50
Lehman Brothers Treasury Co      6.00   3/18/2015    USD     7.50
Rosneft Oil Co PJSC              9.15   12/3/2020    RUB    62.02
Metalloinvest Holding Co OAO    11.90   2/12/2026    RUB    70.06
Lehman Brothers Treasury Co      7.50    5/2/2017    EUR     1.90
Lehman Brothers Treasury Co      0.50    8/1/2020    EUR     1.90
Northland Resources AB          15.00   7/15/2019    USD     2.62
ECM Real Estate Investments      5.00   10/9/2011    EUR    15.38
BLT Finance BV                   7.50   5/15/2014    USD     2.04
Lehman Brothers Treasury Co      7.00    6/6/2017    EUR     1.90
Lehman Brothers Treasury Co      5.25    4/1/2023    EUR     1.90
ENEL RUSSIA PJSC                12.10   9/28/2018    RUB    80.35
ML 33 Invest AS                  7.50                NOK    68.74
Barclays Bank PLC                0.50   1/28/2033    MXN    26.26
Barclays Bank PLC                2.49   2/28/2034    USD    69.30
Rosneft Oil Co PJSC              9.40  11/28/2024    RUB   100.40
City of Predeal Romania          2.50   5/15/2026    RON    60.00
KPNQwest NV                      7.13    6/1/2009    EUR     0.07
Windreich GmbH                   6.25    3/1/2015    EUR    14.63
Heta Asset Resolution AG         0.22  12/31/2023    EUR    34.63
EFG International Finance Gu     7.19    5/6/2019    EUR    12.26
Credit Suisse AG/London          7.00   11/8/2018    USD    65.78
Avangard Bank PJSC               9.75   2/20/2026    RUB    72.01
Privatbank CJSC Via UK SPV C    10.88   2/28/2018    USD    38.13
Hamon & CIE SA                   5.50   1/30/2020    EUR    64.50
Risland OOO                      9.25   1/10/2019    RUB     1.11
Lehman Brothers Treasury Co      0.50    7/2/2020    EUR     1.90
Fonciere Volta SA                4.50   7/30/2020    EUR     2.50
Rosneft Oil Co PJSC              9.50  12/17/2026    RUB    68.17
City of St Petersburg Russia     7.65   12/4/2026    RUB    99.10
Cooperatieve Rabobank UA         0.50  12/29/2027    MXN    39.85
SAir Group                       5.13    3/1/2003    CHF    13.00
Province of Brescia Italy        0.03   6/30/2036    EUR    65.52
Rosselkhozbank JSC              17.00  12/13/2024    RUB    61.32
Societe Generale SA              0.50   5/30/2023    MXN    63.48
City of Moscow Russia            7.50   5/18/2021    RUB    65.00
Petromena ASA                    9.75   5/24/2016    NOK     0.61
Lehman Brothers Treasury Co     15.00   3/30/2011    EUR     1.90
UmweltBank AG                    2.85                EUR    54.18
Aralco Finance SA               10.13    5/7/2020    USD     5.15
IDGC of Centre PJSC              9.32   8/14/2026    RUB    70.01
Municipality Finance PLC         0.50   4/26/2022    ZAR    69.80
Kommunalbanken AS                4.80   12/1/2022    TRY    70.28
Solarwatt GmbH                   7.00   11/1/2015    EUR    15.50
Banca delle Marche SpA           6.00   6/12/2018    EUR     1.93
Lehman Brothers Treasury Co      4.00   7/20/2012    EUR     1.90
Bashneft PJSC                   10.70   5/13/2024    RUB    70.01
Windreich GmbH                   6.75    3/1/2015    EUR    14.63
IDGC of Centre PJSC             11.58  11/11/2025    RUB    70.27
Landesbank Baden-Wuerttember    12.40  11/23/2018    EUR    70.40
AKB Peresvet ZAO                13.00   10/7/2017    RUB    24.13
Praim Finans OOO                 9.34   7/13/2021    RUB     1.12
Otkritie Holding JSC            11.50   5/26/2032    RUB    49.77
Kaupthing ehf                    5.25   7/18/2017    BGN     0.25
KPNQwest NV                      8.88    2/1/2008    EUR     0.06
Credit Suisse AG/London          8.00  11/29/2019    USD     7.64
United Confectioners Finance    10.50    4/3/2023    RUB   100.23
SAir Group                       2.75   7/30/2004    CHF    11.88
Gazprom PJSC                     3.50  10/21/2043    RUB    65.01
Rosneft Oil Co PJSC              9.40  11/28/2024    RUB    62.00
Rosneft Oil Co PJSC              9.40  11/28/2024    RUB   100.40
VEB-Leasing OAO                  8.71    9/1/2025    RUB    65.01
Bashneft PJSC                   10.90   4/29/2026    RUB   108.70
Vimpel-Communications PJSC       1.00   10/3/2025    RUB    62.00
Lloyds Bank PLC                  0.50   7/26/2028    MXN    34.90
Astana Finance BV                9.00  11/16/2011    USD    16.88
Lehman Brothers Treasury Co      4.25   3/13/2021    EUR     1.63
Lehman Brothers Treasury Co      4.87   10/8/2013    USD     1.90
Union Technologies Informati     0.10    1/1/2020    EUR     6.00
DekaBank Deutsche Girozentra     0.01   6/29/2046    EUR    54.61
SAir Group                       2.75   7/30/2004    CHF    11.75
LBI HF                           7.43                USD     0.00
Sankt-Peterburg Telecom OAO     10.70   1/31/2022    RUB    63.17
Transneft PJSC                   8.75   4/14/2027    RUB    60.66
Raiffeisen Centrobank AG         9.32  12/25/2018    EUR    26.89
Lehman Brothers Treasury Co      5.00    8/1/2025    EUR     1.90
Rosselkhozbank JSC               9.35   7/14/2025    RUB    65.01
Bashneft PJSC                   10.90   4/29/2026    RUB   110.00
Lehman Brothers Treasury Co      5.00   2/28/2032    EUR     1.90
Municipality Finance PLC         0.25   6/28/2040    CAD    32.49
Lehman Brothers Treasury Co     11.75    3/1/2010    EUR     1.90
UniCredit Bank Austria AG        0.12   1/22/2031    EUR    74.78
Lehman Brothers Treasury Co      4.60   11/9/2011    EUR     7.50
Vontobel Financial Products      2.00   6/22/2018    EUR    65.17
Credit Suisse AG/London          9.00   1/23/2020    USD     9.28
Agrokompleks OOO                 0.10   7/29/2019    RUB     2.50
Bashneft PJSC                    9.50  12/10/2026    RUB    63.93
Royal Bank of Scotland PLC/T     1.68   8/18/2031    USD    69.28
Lehman Brothers Treasury Co      3.00   6/23/2009    EUR     7.50
Lehman Brothers Treasury Co      6.00  10/24/2008    EUR     1.90
Rosneft Oil Co PJSC              9.40  11/28/2024    RUB    99.00
Polyplast OAO/Moscow            15.90    6/6/2018    RUB    90.01
HSBC Bank PLC                    0.50   6/23/2027    MXN    42.27
Credit Europe Bank Ltd          10.00  10/22/2018    RUB    66.01
Bulgaria Steel Finance BV       12.00    5/4/2013    EUR     0.17
Kreditanstalt fuer Wiederauf     0.25   10/6/2036    CAD    42.47
HSBC Bank PLC                    0.50   7/21/2021    BRL    71.75
Lehman Brothers Treasury Co      1.28   11/6/2010    JPY     7.50
Oberoesterreichische Landesb     0.32   11/6/2030    EUR    74.93
Oberoesterreichische Landesb     0.30   4/25/2042    EUR    71.31
AKB Peresvet ZAO                 0.51   6/23/2021    RUB    20.06
Raiffeisen Switzerland BV        9.00    4/1/2019    EUR    18.26
Podkarpacki Bank Spoldzielcz     5.01   10/6/2021    PLN    62.11
Podkarpacki Bank Spoldzielcz     5.81  10/24/2024    PLN    45.00
Rusfinans Bank OOO              11.00   10/2/2019    RUB    72.01
Investpro OOO                   13.00  12/31/2018    RUB     3.05
Lehman Brothers Treasury Co      7.59  11/22/2009    MXN     7.50
Lehman Brothers Treasury Co      5.55   3/12/2015    EUR     1.90
Lehman Brothers Treasury Co      6.00  10/30/2012    USD     1.90
Lehman Brothers Treasury Co      8.00  10/17/2014    EUR     1.90
Lehman Brothers Treasury Co      8.00   2/16/2016    EUR     1.90
City of Siret Romania            3.21    3/1/2028    RON    50.00
Commerzbank AG                  10.00    3/2/2020    EUR    62.56
Bank Julius Baer & Co Ltd/Gu     6.50   6/14/2018    USD    63.15
EFG International Finance Gu     7.20   2/25/2019    EUR    11.00
Xsystem SA                      10.00   3/31/2019    PLN    20.00
Landes-Hypothekenbank Steier     0.02    3/7/2043    EUR    70.44
Kaupthing ehf                    9.75   9/10/2015    USD     0.25
Barclays Bank PLC                0.50   3/19/2021    MXN    74.38
Rosneft Oil Co PJSC             11.90  11/28/2024    RUB   100.40
Cooperatieve Rabobank UA         0.50  11/30/2027    MXN    40.08
Lehman Brothers Treasury Co      2.50  12/15/2011    GBP     1.90
Metalloinvest Holding Co OAO     0.01    3/7/2022    RUB    65.00
Eiendomskreditt AS               4.13                NOK    56.60
Otkritie Holding JSC            10.00   4/20/2028    RUB    15.02
Svensk Exportkredit AB           0.50   6/28/2022    ZAR    68.66
UBS AG/London                   10.00  12/10/2019    USD     9.77
Commerzbank AG                   5.00    2/9/2018    EUR    62.89
Polski Bank Spoldzielczy w C     4.81   6/18/2020    PLN    50.00
Bashneft PJSC                    9.40   1/22/2024    RUB    66.57
ENEL RUSSIA PJSC                12.10   5/22/2025    RUB    67.00
Lehman Brothers Treasury Co      7.50  10/24/2008    USD     1.90
Lehman Brothers Treasury Co     10.00   6/11/2038    JPY     1.90
Nutritek International Corp      8.75  12/11/2008    USD     2.00
Lehman Brothers Holdings PLC     3.03   3/24/2009    JPY     2.76
Atomenergoprom JSC               9.33   12/3/2026    RUB    70.01
Lehman Brothers Treasury Co      4.50    3/7/2015    EUR     1.90
Rio Forte Investments SA         4.75  11/10/2015    EUR     6.63
Lehman Brothers Treasury Co     11.00    7/4/2011    CHF     1.90
Communaute Francaise de Belg     0.50   6/27/2046    EUR    68.90
Lehman Brothers Treasury Co      6.30  12/21/2018    USD     1.90
Bank ZENIT PJSC                  7.50   6/14/2024    RUB    65.01
Vontobel Financial Products      5.00   6/25/2018    EUR    60.46
Leonteq Securities AG/Guerns     5.00  12/27/2019    EUR    64.28
Bayerische Landesbank            2.60   3/29/2018    EUR    73.19
German Pellets GmbH              8.00                EUR     0.02
Municipality Finance PLC         0.50   5/31/2022    ZAR    69.07
Investpro OOO                   11.50  10/13/2020    RUB     2.00
RGS Nedvizhimost OOO            12.00   6/21/2021    RUB     1.55
Lehman Brothers Treasury Co      3.86   9/21/2011    SGD     7.50
Kaupthing ehf                    6.13   10/4/2016    USD     0.25
Lehman Brothers Treasury Co      7.00   4/14/2009    EUR     1.90
Lehman Brothers Treasury Co      0.50  12/20/2017    AUD     1.90
Rosneft Oil Co PJSC              9.40  11/28/2024    RUB    62.00
LBI HF                           6.10   8/25/2011    USD     7.88
Otkritie Holding JSC            12.70   9/30/2027    RUB    33.00
Lehman Brothers Treasury Co      5.00   4/24/2017    EUR     1.90
Lehman Brothers Treasury Co      6.00   9/20/2011    EUR     1.90
Societe Generale SA              0.50    8/4/2021    BRL    72.33
Banca Adriatica Spa              7.20   6/30/2018    EUR     1.24
HSBC Bank PLC                    0.50  10/30/2026    NZD    74.25
HSBC Bank PLC                    0.50   6/10/2021    BRL    72.62
Credit Europe Bank Ltd          10.00    4/6/2018    RUB    64.01
Lehman Brothers Treasury Co      0.01   9/20/2011    USD     1.90
Deutsche Bank AG/London          0.50   10/5/2021    IDR    70.36
Portugal Telecom Internation     4.38   3/24/2017    EUR    42.00
Otkritie Holding JSC            12.14   10/3/2036    RUB    19.13
Lehman Brothers Treasury Co      7.60   1/31/2013    AUD     1.90
KPNQwest NV                      8.88    2/1/2008    EUR     0.06
Lehman Brothers Treasury Co      4.05   9/16/2008    EUR     1.90
Lehman Brothers Treasury Co      5.00  11/22/2012    EUR     1.90
UniCredit Bank AG                4.60    7/2/2018    EUR    58.60
Bayerische Landesbank            2.70    7/6/2018    EUR    70.13
Bayerische Landesbank            3.20   7/27/2018    EUR    72.01
IT Holding Finance SA            9.88  11/15/2012    EUR     0.76
Lehman Brothers Treasury Co      6.45   2/20/2010    AUD     1.90
Svensk Exportkredit AB           0.50   8/25/2021    ZAR    73.77
BELLAGIO Holding GmbH            1.91                EUR    48.39
RGS Nedvizhimost OOO            12.00  10/19/2020    RUB     0.61
Bank ZENIT PJSC                  7.50  11/20/2025    RUB    56.28
Credit Agricole Corporate &      0.50    3/6/2023    RUB    72.33
Credit Suisse AG/London          8.54    1/7/2020    USD     9.95
UniCredit Bank AG                5.20    5/4/2020    USD    67.24
Rosselkhozbank JSC              12.87  12/21/2021    RUB   111.15
Credit Suisse AG/London          8.50    2/2/2018    USD    52.99
UBS AG/London                    5.50   5/17/2018    USD    56.30
Lehman Brothers Treasury Co      5.25    7/8/2014    EUR     1.90
Solomenskij Lesozavod ZAO       10.00   9/29/2021    RUB    62.00
Bashneft PJSC                   12.00   5/19/2025    RUB    60.00
Lehman Brothers Treasury Co      5.00  10/24/2008    CHF     1.90
Lehman Brothers Treasury Co      4.60    7/6/2016    EUR     1.90
Republic of Komi Russia          9.50  11/16/2022    RUB    61.02
DekaBank Deutsche Girozentra     0.12   6/23/2034    EUR    74.14
Delta-Finance OOO               10.00  12/17/2020    RUB     0.10
Credit Europe Bank Ltd          10.00   9/14/2018    RUB   103.00
Lehman Brothers Treasury Co      5.10   6/22/2046    EUR     1.90
Lehman Brothers Treasury Co     11.00  12/19/2011    USD     1.90
Lehman Brothers Treasury Co      3.50  10/31/2011    USD     1.90
KPNQwest NV                      7.13    6/1/2009    EUR     0.07
Sidetur Finance BV              10.00   4/20/2016    USD     3.65
Banca Adriatica Spa              8.00   6/30/2018    EUR     1.24
Lehman Brothers Treasury Co      3.03   1/31/2015    EUR     1.90
Kaupthing ehf                    7.50    2/1/2045    USD     0.26
Lehman Brothers Treasury Co      5.00    9/1/2011    EUR     1.90
Lehman Brothers Treasury Co      6.00  10/30/2012    EUR     1.90
Cooperatieve Rabobank UA         0.50   8/21/2028    MXN    37.14
ECM Real Estate Investments      5.00   10/9/2011    EUR    15.38
Heta Asset Resolution AG         5.03  12/31/2023    EUR    34.63
DZ Bank AG Deutsche Zentral-     5.75   2/23/2018    EUR    72.30
Credit Suisse AG/London          7.00  11/15/2019    USD     8.52
Raiffeisen Centrobank AG        10.63   9/25/2018    EUR    67.65
HSBC Trinkaus & Burkhardt AG     6.50   6/22/2018    EUR    70.56
BAWAG PSK Versicherungs AG       0.92                EUR    57.07
Lehman Brothers Treasury Co      5.25   5/26/2026    EUR     1.90
Region Invest OOO                9.53   1/12/2021    RUB     0.95
Region Invest OOO               10.50   9/12/2019    RUB     1.27
Stroytemp CJSC                   9.00  11/13/2019    RUB     0.10
Promnefteservis OOO             10.50  11/21/2019    RUB     2.20
Rosselkhozbank JSC              15.00   1/29/2025    RUB    66.73
Otkritie Holding JSC            11.50   7/22/2030    RUB    19.13
Otkritie Holding JSC            10.00   9/17/2027    RUB    17.95
Otkritie Holding JSC            11.50   7/23/2029    RUB    19.13
Lehman Brothers Treasury Co     12.00   7/13/2037    JPY     1.90
RGS Nedvizhimost OOO            12.50   7/22/2021    RUB     0.03
Lehman Brothers Treasury Co      2.00  11/16/2009    EUR     1.90
Lehman Brothers Treasury Co      1.75    2/7/2010    EUR     1.90
Eiendomskreditt AS               5.08                NOK    66.89
Atomenergoprom JSC               9.33   11/2/2026    RUB    70.01
Hellas Telecommunications Lu     8.50  10/15/2013    EUR     1.04
LBI HF                           2.25   2/14/2011    CHF     7.13
EDOB Abwicklungs AG              7.50    4/1/2012    EUR     0.39
Investpro OOO                   12.75    9/6/2018    RUB #N/A N/A
Otkritie Holding JSC            11.50   7/20/2028    RUB    14.02
Lehman Brothers Treasury Co      6.85  12/22/2008    EUR     1.90
Credit Suisse AG                 0.50  12/16/2025    BRL    45.68
Heta Asset Resolution AG         0.13  12/31/2023    EUR    34.63
Lehman Brothers Treasury Co      7.55  12/29/2008    USD     1.90
HSBC Bank PLC                    0.50   1/29/2027    NZD    73.33
UniCredit Bank AG                4.50   9/28/2018    EUR    19.74
Commerzbank AG                   0.10  12/27/2018    RUB     1.72
UniCredit Bank AG                5.40  11/29/2019    USD    61.42
Commerzbank AG                   4.50  12/29/2022    USD     7.00
Leonteq Securities AG/Guerns    10.20  10/24/2018    USD    66.12
Transneft PJSC                   9.65   6/30/2023    RUB    65.10
Leonteq Securities AG            7.20    5/2/2019    CHF    63.18
Credit Suisse AG/London          5.75    2/2/2018    USD    57.85
UniCredit Bank AG                3.10    1/4/2019    EUR    22.98
Agrokompleks OOO                 0.10   12/8/2022    RUB     3.21
Lehman Brothers Treasury Co      5.12   4/30/2027    EUR     1.90
Lehman Brothers Treasury Co      5.25  11/21/2009    USD     1.90
Lehman Brothers Treasury Co      5.50   4/23/2014    EUR     1.90
Lehman Brothers Treasury Co      0.50  12/20/2017    AUD     1.90
Zurcher Kantonalbank Finance     7.82    8/6/2018    EUR    66.66
Hellenic Republic Government     2.09   7/25/2057    EUR    39.88
Lehman Brothers Treasury Co     14.90   9/15/2008    EUR     1.90
Lehman Brothers Treasury Co      1.50  10/25/2011    EUR     1.90
Region Invest OOO               10.48   4/20/2021    RUB     0.67
LBI HF                           5.08    3/1/2013    ISK     7.13
UniCredit Bank AG                3.10   6/22/2018    EUR    17.85
UniCredit Bank AG                4.20   6/22/2018    EUR    17.01
Citigroup Global Markets Fun     7.00   6/16/2022    SEK    70.52
Commerzbank AG                   4.50  12/29/2022    USD     5.24
City of Bistrita Romania         2.73  11/25/2029    RON    60.00
Leonteq Securities AG/Guerns     7.00   6/26/2019    CHF    65.55
Commerzbank AG                   4.00    7/6/2018    EUR    53.07
EFG International Finance Gu     6.48   5/29/2018    EUR     3.05
Raiffeisen Schweiz Genossens     6.50    7/2/2018    USD    63.62
National Developing Co PAO      16.00   4/15/2021    RUB     0.10
Eurocent SA                      8.50   9/15/2018    PLN    10.00
HSBC Trinkaus & Burkhardt AG    11.60   3/23/2018    EUR    60.28
RBC PJSC                         6.00   4/19/2018    RUB    60.00
SG Issuer SA                     5.50   4/10/2021    EUR    67.54
RBC PJSC                         6.00   4/19/2018    RUB    75.00
UniCredit Bank AG                4.70   6/22/2018    EUR    22.83
Credit Suisse AG/London          8.25   8/29/2018    USD    68.79
Bank Julius Baer & Co Ltd/Gu     9.40  10/11/2018    USD    70.70
UniCredit Bank AG                4.90   9/28/2018    EUR    22.34
UniCredit Bank AG                4.10   9/28/2018    EUR    24.49
UniCredit Bank AG                3.60   9/28/2018    EUR    26.57
UniCredit Bank AG                4.10   6/22/2018    EUR    23.81
Leonteq Securities AG            8.20  11/23/2018    USD    68.90
Nota-Bank OJSC                  13.50    4/1/2016    RUB    31.50
Lehman Brothers Treasury Co      7.50   5/30/2010    AUD     1.90
Kaupthing ehf                    6.13   10/4/2016    USD     0.25
Lehman Brothers Treasury Co      1.00    5/9/2012    EUR     1.90
Lehman Brothers Treasury Co      6.60    2/9/2009    EUR     1.90
Heta Asset Resolution AG         7.50  12/31/2023    ATS    34.63
T-Generation CJSC               12.00   6/14/2019    RUB     0.10
Otkritie Holding JSC            11.50   7/23/2029    RUB    19.13
RGS Nedvizhimost OOO            12.50   1/19/2021    RUB     8.00
MIK OAO                         15.00   2/19/2020    RUB     0.02
Rosbank PJSC                     7.85   12/2/2022    RUB    70.53
RGS Nedvizhimost OOO            12.00  10/18/2017    RUB     0.68
Region Invest OOO               10.23    5/4/2021    RUB     0.81
SG Issuer SA                     0.10   6/11/2029    NZD    61.21
Ladya-Finans LLC                12.00  10/29/2021    RUB   100.00
Lehman Brothers Treasury Co      3.35  10/13/2016    EUR     1.90
Lehman Brothers Treasury Co      4.70   3/23/2016    EUR     1.90
Lehman Brothers Treasury Co      4.82  12/18/2036    EUR     1.90
Lehman Brothers Treasury Co      6.50   5/16/2015    EUR     1.90
Region Invest OOO               10.48   4/19/2021    RUB     0.72
Lehman Brothers Treasury Co      0.50    6/2/2020    EUR     1.90
Lehman Brothers Treasury Co     10.00   6/17/2009    USD     1.90
Lehman Brothers Treasury Co     12.40   6/12/2009    USD     1.90
Bank Intesa AO                   8.25   6/10/2018    RUB    64.01
Lehman Brothers Treasury Co      2.00   6/28/2011    EUR     1.90
Region Invest OOO               10.36   7/19/2022    RUB     1.44
Region Invest OOO               10.48   4/15/2021    RUB     0.67
Kaupthing ehf                    7.00   7/24/2009    ISK     0.25
LBI HF                           8.65    5/1/2011    ISK     7.13
Malahit AO                      15.00   7/14/2025    RUB     2.40
Lehman Brothers Treasury Co      8.28   3/26/2009    USD     1.90
Lehman Brothers Treasury Co      3.00   12/3/2012    EUR     1.90
Lehman Brothers Treasury Co      4.68  12/12/2045    EUR     1.90
First Mortgage Co Universal      6.50  12/12/2019    USD    25.20
Commerzbank AG                   4.50  12/30/2024    USD    15.22
Landesbank Baden-Wuerttember     3.00   9/28/2018    EUR    63.59
Landesbank Baden-Wuerttember     3.40   6/22/2018    EUR    72.98
SG Issuer SA                     6.65  10/10/2021    EUR    73.62
Lehman Brothers Treasury Co      5.00   12/6/2011    EUR     1.90
Barclays Bank PLC                0.50   3/26/2021    MXN    73.95
Barclays Bank PLC                0.50   3/13/2023    RUB    72.05
HSBC Bank PLC                    0.50   4/27/2027    NZD    72.69
Lehman Brothers Treasury Co      5.00   2/15/2018    EUR     1.90
Heta Asset Resolution AG         5.73  12/31/2023    EUR    34.63
HSBC Bank PLC                    0.50   2/24/2027    NZD    73.28
VEB-Leasing OAO                  8.65   1/16/2024    RUB    65.01
Lehman Brothers Treasury Co      4.50    3/6/2013    CHF     1.90
Northland Resources AB          12.25   3/26/2016    USD     2.62
BNP Paribas SA                   0.50  11/16/2032    MXN    32.72
Lehman Brothers Treasury Co      6.00   5/12/2017    EUR     1.90
Lehman Brothers Treasury Co      4.50    5/2/2017    EUR     7.50
Digital Invest OOO              10.22  10/22/2020    RUB     1.09
Lehman Brothers Treasury Co      7.00   9/20/2011    USD     1.90
Metalloinvest Holding Co OAO     0.01    3/7/2022    RUB    65.00
Lehman Brothers Treasury Co      3.50   6/20/2011    EUR     1.90
OOO SPV Structural Investmen     0.01    9/1/2023    RUB    70.21
Lehman Brothers Treasury Co      5.00   3/13/2009    EUR     1.90
Lehman Brothers Treasury Co     15.00    6/4/2009    CHF     1.90
Kaupthing ehf                    7.63   2/28/2015    USD     0.25
Digital Invest OOO               9.95   4/21/2020    RUB     1.16
Raiffeisen Centrobank AG         6.84   6/25/2019    EUR    24.05
Zurcher Kantonalbank Finance     7.50    7/6/2018    CHF    65.77
Leonteq Securities AG/Guerns     7.00   6/19/2019    USD    68.70
Deutsche Bank AG                 5.20  12/27/2018    EUR    71.10
Raiffeisen Centrobank AG         7.25  12/25/2018    EUR    23.62
Bank J Safra Sarasin AG/Guer    12.75    2/1/2018    USD    53.01
Lehman Brothers Treasury Co     11.00  12/20/2017    AUD     1.90
Lehman Brothers Treasury Co     12.22  11/21/2017    USD     1.90
Heta Asset Resolution AG         4.35  12/31/2023    EUR    34.63
Lehman Brothers Treasury Co     17.00    6/2/2009    USD     1.90
Lehman Brothers Treasury Co      5.50  11/30/2012    CZK     1.90
Soyuz AKB OAO                    9.50  11/22/2019    RUB   100.04
Soyuz AKB OAO                   13.00  11/22/2019    RUB    99.00
Lehman Brothers Treasury Co      5.22    3/1/2024    EUR     1.90
UniCredit Bank AG               11.30    1/4/2019    EUR    74.33
DZ Bank AG Deutsche Zentral-     5.25   7/27/2018    EUR    72.74
Commerzbank AG                  17.00   6/22/2018    EUR    70.82
Landesbank Baden-Wuerttember     5.50   7/26/2019    EUR    74.25
DZ Bank AG Deutsche Zentral-     7.50   3/23/2018    EUR    73.00
DZ Bank AG Deutsche Zentral-     5.25   9/28/2018    EUR    73.95
Vontobel Financial Products      9.45    3/9/2018    EUR    71.87
HSBC Trinkaus & Burkhardt AG     9.30   4/27/2018    EUR    63.90
HSBC Trinkaus & Burkhardt AG     7.00   3/23/2018    EUR    62.32
DZ Bank AG Deutsche Zentral-     5.25   9/28/2018    EUR    66.36
UniCredit Bank AG                9.40   3/23/2018    EUR    73.03
HSBC Trinkaus & Burkhardt AG    10.70   9/28/2018    EUR    70.09
Commerzbank AG                  18.00   5/25/2018    EUR    70.22
HSBC Trinkaus & Burkhardt AG     8.10   9/28/2018    EUR    74.57
Raiffeisen Centrobank AG         8.83   6/25/2019    EUR    27.18
Vontobel Financial Products      6.00   6/22/2018    EUR    64.30
DZ Bank AG Deutsche Zentral-     6.25   8/24/2018    EUR    73.85
EFG International Finance Gu     8.40   8/23/2018    USD    70.99
Commerzbank AG                  12.50   5/23/2018    EUR    66.82
Commerzbank AG                  11.50   7/27/2018    EUR    67.70
DZ Bank AG Deutsche Zentral-     9.50   9/28/2018    EUR    72.28
DZ Bank AG Deutsche Zentral-    11.90   3/23/2018    EUR    69.96
DZ Bank AG Deutsche Zentral-     8.50   6/22/2018    EUR    72.66
DZ Bank AG Deutsche Zentral-     9.90   6/22/2018    EUR    71.07
DZ Bank AG Deutsche Zentral-     7.60   9/28/2018    EUR    74.80
DZ Bank AG Deutsche Zentral-     8.30   9/28/2018    EUR    73.41
Deutsche Bank AG                 4.20   3/20/2018    EUR    70.80
Deutsche Bank AG                 4.20   6/19/2018    EUR    68.40
Deutsche Bank AG                 4.20   9/25/2018    EUR    69.30
Deutsche Bank AG                 4.20  12/27/2018    EUR    70.10
DZ Bank AG Deutsche Zentral-     8.25   9/28/2018    EUR    68.31
Credit Suisse AG/London         10.00   2/19/2020    USD     9.98
UniCredit Bank AG               13.60    1/4/2019    EUR    23.34
UniCredit Bank AG                4.60    1/4/2019    EUR    19.75
UniCredit Bank AG                8.20    1/4/2019    EUR    21.74
UniCredit Bank AG               10.10   6/22/2018    EUR    16.49
UniCredit Bank AG                7.70   6/22/2018    EUR    16.36
UniCredit Bank AG                8.90   9/28/2018    EUR    19.61
UniCredit Bank AG                5.60    1/4/2019    EUR    19.59
UniCredit Bank AG               11.60    1/4/2019    EUR    22.05
UniCredit Bank AG                3.30    1/4/2019    EUR    21.34
UniCredit Bank AG                5.70   9/28/2018    EUR    19.36
UniCredit Bank AG               12.00    1/4/2019    EUR    72.41
UniCredit Bank AG               13.50    1/4/2019    EUR    71.29
Commerzbank AG                  18.25   2/22/2018    EUR    55.81
Commerzbank AG                  17.50   3/22/2018    EUR    57.19
Vontobel Financial Products     10.50   6/25/2018    EUR    71.43
Vontobel Financial Products     14.00   6/25/2018    EUR    67.39
Vontobel Financial Products     13.00   9/28/2018    EUR    70.35
DZ Bank AG Deutsche Zentral-     7.00   6/22/2018    EUR    72.74
DZ Bank AG Deutsche Zentral-     5.00   6/22/2018    EUR    13.11
DZ Bank AG Deutsche Zentral-     9.00   6/22/2018    EUR    66.26
Societe Generale SA              8.00   5/28/2027    USD    68.60
Vontobel Financial Products      5.50   6/22/2018    EUR    59.69
BNP Paribas Emissions- und H    10.00   3/22/2018    EUR    64.64
HSBC Trinkaus & Burkhardt AG    10.60   6/22/2018    EUR    71.33
BNP Paribas Emissions- und H    10.00   3/22/2018    EUR    56.17
BNP Paribas Emissions- und H    13.00   3/22/2018    EUR    51.16
Vontobel Financial Products      9.50  11/23/2018    EUR    68.82
Vontobel Financial Products     13.00   3/23/2018    EUR    59.07
Vontobel Financial Products      9.70   6/25/2018    EUR    58.65
Vontobel Financial Products      7.55   6/22/2018    EUR    70.94
UniCredit Bank AG               14.10   3/23/2018    EUR    68.36
Commerzbank AG                  18.75   2/22/2018    EUR    62.06
Commerzbank AG                  13.50   2/22/2018    EUR    49.77
HSBC Trinkaus & Burkhardt AG    12.20   9/28/2018    EUR    68.24
HSBC Trinkaus & Burkhardt AG     9.70   7/27/2018    EUR    71.50
Raiffeisen Centrobank AG         8.33   6/25/2019    EUR    26.58
UniCredit Bank AG               10.50   6/22/2018    EUR    71.07
UniCredit Bank AG               13.60   6/22/2018    EUR    67.37
Commerzbank AG                   8.50   2/22/2018    EUR    69.66
Commerzbank AG                  15.75   2/22/2018    EUR    56.29
Commerzbank AG                  15.50   3/22/2018    EUR    65.67
HSBC Trinkaus & Burkhardt AG    10.90   2/23/2018    EUR    68.84
Commerzbank AG                  11.25  10/26/2018    EUR    74.20
Commerzbank AG                  12.00   2/22/2018    EUR    62.20
Commerzbank AG                  11.50   3/22/2018    EUR    71.02
Commerzbank AG                  17.50   3/22/2018    EUR    63.46
Commerzbank AG                   9.00   2/22/2018    EUR    63.39
Commerzbank AG                  10.75   2/22/2018    EUR    53.57
Commerzbank AG                  13.25  10/26/2018    EUR    72.40
Commerzbank AG                  15.50   7/27/2018    EUR    70.86
DZ Bank AG Deutsche Zentral-     7.75   7/27/2018    EUR    74.57
Commerzbank AG                  16.00   2/21/2018    EUR    62.16
UniCredit Bank AG               11.00   3/23/2018    EUR    69.44
UniCredit Bank AG               12.70   3/23/2018    EUR    66.20
Commerzbank AG                  12.75   2/22/2018    EUR    69.11
Commerzbank AG                  13.50   3/22/2018    EUR    68.11
Commerzbank AG                   9.75   3/22/2018    EUR    75.10
BNP Paribas Emissions- und H    12.00   3/22/2018    EUR    62.49
Commerzbank AG                  11.50   4/26/2018    EUR    67.85
DZ Bank AG Deutsche Zentral-     5.50   3/23/2018    EUR    69.01
DZ Bank AG Deutsche Zentral-     5.25   7/27/2018    EUR    14.71
Vontobel Financial Products      9.20    6/8/2018    EUR    74.83
HSBC Trinkaus & Burkhardt AG    12.10   3/23/2018    EUR    53.63
HSBC Trinkaus & Burkhardt AG     8.10   4/27/2018    EUR    60.32
HSBC Trinkaus & Burkhardt AG     3.50   4/27/2018    EUR    72.29
Vontobel Financial Products     10.55   7/27/2018    EUR    73.06
BNP Paribas Emissions- und H    18.00   6/21/2018    EUR    65.19
HSBC Trinkaus & Burkhardt AG    13.70   3/23/2018    EUR    63.29
HSBC Trinkaus & Burkhardt AG    10.30   3/23/2018    EUR    66.00
HSBC Trinkaus & Burkhardt AG     7.60   8/24/2018    EUR    70.73
Leonteq Securities AG/Guerns    10.00  12/19/2018    CHF    65.46
DZ Bank AG Deutsche Zentral-    10.75   9/28/2018    EUR    74.74
BNP Paribas Emissions- und H    15.00   6/21/2018    EUR    64.03
BNP Paribas Emissions- und H     6.00   9/27/2018    EUR    71.28
BNP Paribas Emissions- und H    10.00   9/27/2018    EUR    66.62
BNP Paribas Emissions- und H     6.00  12/31/2018    EUR    71.39
BNP Paribas Emissions- und H    10.00  12/31/2018    EUR    68.28
BNP Paribas Emissions- und H    25.00   2/22/2018    EUR    71.75
BNP Paribas Emissions- und H    23.00   2/22/2018    EUR    74.16
DZ Bank AG Deutsche Zentral-     8.20   3/23/2018    EUR    65.74
DZ Bank AG Deutsche Zentral-     6.40   3/23/2018    EUR    61.96
DZ Bank AG Deutsche Zentral-     7.20   3/23/2018    EUR    59.64
DZ Bank AG Deutsche Zentral-     7.90   3/23/2018    EUR    73.37
DZ Bank AG Deutsche Zentral-     7.40   3/23/2018    EUR    67.81
Vontobel Financial Products     10.50   3/23/2018    EUR    73.17
Credit Suisse AG/London          9.10    3/5/2018    USD    53.69
Vontobel Financial Products     11.50   3/23/2018    EUR    67.81
Vontobel Financial Products      6.50   3/23/2018    EUR    67.07
Vontobel Financial Products      3.50   3/23/2018    EUR    66.62
Raiffeisen Centrobank AG         7.54  12/28/2018    EUR    60.98
Raiffeisen Centrobank AG         6.23  12/28/2018    EUR    65.59
DZ Bank AG Deutsche Zentral-     6.00   2/23/2018    EUR    61.48
Deutsche Bank AG                 4.20   2/21/2018    EUR    74.80
BNP Paribas Emissions- und H     6.00   3/22/2018    EUR    56.06
BNP Paribas Emissions- und H     6.00   6/21/2018    EUR    57.47
BNP Paribas Emissions- und H     8.00   6/21/2018    EUR    58.24
Commerzbank AG                   1.00   2/19/2020    USD    63.67
UniCredit Bank AG               11.30   6/28/2019    EUR    72.88
UniCredit Bank AG               13.20   6/28/2019    EUR    31.32
Vontobel Financial Products      3.00    6/8/2018    EUR    64.50
Vontobel Financial Products      9.00   9/28/2018    EUR    68.58
Vontobel Financial Products      4.00    1/2/2019    EUR    73.32
Vontobel Financial Products      6.00    1/2/2019    EUR    70.81
Vontobel Financial Products      9.55    1/2/2019    EUR    67.56
HSBC Trinkaus & Burkhardt AG     3.00   6/22/2018    EUR    71.04
DZ Bank AG Deutsche Zentral-    12.50   4/27/2018    EUR    63.86
DZ Bank AG Deutsche Zentral-     5.75   6/22/2018    EUR    68.86
Commerzbank AG                   1.00   11/2/2020    USD    14.98
Leonteq Securities AG/Guerns    11.00   9/12/2018    USD    64.51
Commerzbank AG                   8.25   5/24/2018    EUR    74.85
Commerzbank AG                  10.25   5/24/2018    EUR    70.45
Commerzbank AG                  12.25   5/24/2018    EUR    67.03
Commerzbank AG                  14.25   5/24/2018    EUR    64.26
Commerzbank AG                  16.25   5/24/2018    EUR    61.80
Vontobel Financial Products     10.10    6/8/2018    EUR    71.77
Vontobel Financial Products     13.10   9/14/2018    EUR    71.88
UniCredit Bank AG                3.50   6/28/2019    EUR    28.73
UniCredit Bank AG                9.90    1/3/2020    EUR    73.11
UniCredit Bank AG                9.20   6/28/2019    EUR    72.85
UniCredit Bank AG                7.90   6/28/2019    EUR    26.67
Vontobel Financial Products      7.80    6/8/2018    EUR    66.22
Vontobel Financial Products     11.00   9/28/2018    EUR    67.18
Vontobel Financial Products      8.00    1/2/2019    EUR    68.63
UBS AG/London                   15.30   6/21/2018    EUR    71.37
UBS AG/London                   16.90   6/21/2018    EUR    74.97
BNP Paribas Emissions- und H     6.00  12/31/2018    EUR    75.23
Vontobel Financial Products      4.00   9/28/2018    EUR    68.92
Vontobel Financial Products      6.00   9/28/2018    EUR    70.25
Vontobel Financial Products      7.50   6/25/2018    EUR    57.76
Commerzbank AG                   7.25   6/22/2018    EUR    75.00
Commerzbank AG                   9.25   6/22/2018    EUR    71.52
Commerzbank AG                  11.25   6/22/2018    EUR    67.81
Commerzbank AG                  13.25   6/22/2018    EUR    65.77
Vontobel Financial Products      8.55   3/23/2018    EUR    72.88
HSBC Trinkaus & Burkhardt AG    11.20   3/23/2018    EUR    57.38
HSBC Trinkaus & Burkhardt AG     6.80   3/23/2018    EUR    65.47
HSBC Trinkaus & Burkhardt AG     4.00   3/23/2018    EUR    74.59
HSBC Trinkaus & Burkhardt AG     7.00   3/23/2018    EUR    66.52
Bank Julius Baer & Co Ltd/Gu     3.55    3/2/2018    SEK    63.80
Raiffeisen Schweiz Genossens    10.00    3/6/2018    USD    55.25
BNP Paribas Emissions- und H     8.00   3/22/2018    EUR    56.52
BNP Paribas Emissions- und H     8.00   3/22/2018    EUR    56.52
BNP Paribas Emissions- und H    10.00   3/22/2018    EUR    56.79
BNP Paribas Emissions- und H     4.00   6/21/2018    EUR    56.70
BNP Paribas Emissions- und H     8.00   6/21/2018    EUR    58.05
BNP Paribas Emissions- und H    10.00   6/21/2018    EUR    59.01
BNP Paribas Emissions- und H     6.00  12/31/2018    EUR    59.08
BNP Paribas Emissions- und H     8.00  12/31/2018    EUR    60.91
Landesbank Baden-Wuerttember     3.00   2/23/2018    EUR    72.68
Deutsche Bank AG                 6.20   2/21/2018    EUR    74.90
BNP Paribas Emissions- und H     4.00   3/22/2018    EUR    55.97
BNP Paribas Emissions- und H     6.00   6/21/2018    EUR    57.47
BNP Paribas Emissions- und H    10.00   6/21/2018    EUR    59.01
Bank Julius Baer & Co Ltd/Gu     8.75   2/23/2018    USD    67.10
Zurcher Kantonalbank Finance     6.75   8/20/2018    USD    58.45
HSBC Trinkaus & Burkhardt AG    12.60   3/23/2018    EUR    71.74
UBS AG/London                   13.25    9/6/2018    CHF    61.30
Landesbank Baden-Wuerttember     2.90   7/27/2018    EUR    71.87
Vontobel Financial Products     10.00   3/23/2018    EUR    58.63
Vontobel Financial Products      3.00   6/25/2018    EUR    68.85
Commerzbank AG                  13.50   9/28/2018    EUR    70.30
UniCredit Bank AG               10.70   3/23/2018    EUR    72.70
Commerzbank AG                  14.00   6/22/2018    EUR    65.73
UniCredit Bank AG               13.10   6/22/2018    EUR    68.97
Commerzbank AG                   5.75   2/22/2018    EUR    68.67
Commerzbank AG                   6.50   2/22/2018    EUR    63.55
Commerzbank AG                   8.25   2/22/2018    EUR    58.09
UniCredit Bank AG               12.00   6/22/2018    EUR    68.46
UBS AG/London                    9.70   2/22/2018    EUR    75.30
Vontobel Financial Products      4.00  12/21/2018    EUR    69.62
DZ Bank AG Deutsche Zentral-     9.50   6/22/2018    EUR    68.73
BNP Paribas Emissions- und H    11.00   3/22/2018    EUR    72.53
BNP Paribas Emissions- und H     8.00   6/21/2018    EUR    74.71
EFG International Finance Gu     7.40   6/28/2019    USD    69.51
Commerzbank AG                   7.00   3/21/2018    EUR    75.40
HSBC Trinkaus & Burkhardt AG    10.60   4/27/2018    EUR    70.38
DZ Bank AG Deutsche Zentral-     5.25   5/25/2018    EUR    13.26
BNP Paribas Emissions- und H     7.00   6/21/2018    EUR    66.70
BNP Paribas Emissions- und H    13.00   9/27/2018    EUR    62.34
BNP Paribas Emissions- und H     8.00  12/31/2018    EUR    66.45
HSBC Trinkaus & Burkhardt AG     9.80   6/22/2018    EUR    74.55
UniCredit Bank AG               13.60   3/23/2018    EUR    68.66
UniCredit Bank AG               14.60   3/23/2018    EUR    67.66
Commerzbank AG                  17.25   4/26/2018    EUR    62.64
Vontobel Financial Products      7.00    6/8/2018    EUR    65.93
HSBC Trinkaus & Burkhardt AG     9.00   3/23/2018    EUR    73.21
BNP Paribas Emissions- und H     8.00   9/27/2018    EUR    72.60
BNP Paribas Emissions- und H    12.00   9/27/2018    EUR    65.36
DZ Bank AG Deutsche Zentral-     8.50   9/28/2018    EUR    70.73
BNP Paribas Emissions- und H     7.00   9/27/2018    EUR    67.27
BNP Paribas Emissions- und H     7.00  12/31/2018    EUR    68.12
BNP Paribas Emissions- und H     9.00  12/31/2018    EUR    64.93
Commerzbank AG                  30.00   6/30/2020    USD     5.59
Commerzbank AG                  10.50   2/22/2018    EUR    64.90
Raiffeisen Centrobank AG        13.12  12/28/2018    EUR    37.52
Raiffeisen Centrobank AG         7.01  12/28/2018    EUR    33.74
Raiffeisen Centrobank AG        17.22   6/19/2018    EUR    27.36
DZ Bank AG Deutsche Zentral-     6.25  11/23/2018    EUR    70.18
HSBC Trinkaus & Burkhardt AG    11.80   6/22/2018    EUR    68.56
Commerzbank AG                   7.25  10/26/2018    EUR    73.73
Commerzbank AG                   9.25  10/26/2018    EUR    70.76
Commerzbank AG                  11.25  10/26/2018    EUR    68.70
BNP Paribas Emissions- und H     9.00   9/27/2018    EUR    68.74
DZ Bank AG Deutsche Zentral-     5.00   5/25/2018    EUR    73.78
Commerzbank AG                  11.75   2/22/2018    EUR    74.21
Commerzbank AG                  13.75   3/22/2018    EUR    61.52
Commerzbank AG                  15.75   3/22/2018    EUR    59.04
Commerzbank AG                  14.50   2/22/2018    EUR    58.62
BNP Paribas Emissions- und H     7.50   9/27/2018    EUR    71.69
Commerzbank AG                  10.50  11/23/2018    EUR    73.46
Commerzbank AG                  12.50  11/23/2018    EUR    71.66
BNP Paribas Emissions- und H    16.00   6/21/2018    EUR    60.80
BNP Paribas Emissions- und H    14.00   3/22/2018    EUR    74.35
BNP Paribas Emissions- und H    14.00   6/21/2018    EUR    69.13
BNP Paribas Emissions- und H     8.00   3/22/2018    EUR    71.06
BNP Paribas Emissions- und H    13.00   3/22/2018    EUR    63.21
BNP Paribas Emissions- und H     8.00   6/21/2018    EUR    72.17
BNP Paribas Emissions- und H    12.00   6/21/2018    EUR    63.00
Commerzbank AG                  16.50   2/22/2018    EUR    62.24
Landesbank Baden-Wuerttember     5.50   7/27/2018    EUR    69.62
Commerzbank AG                  11.75   3/22/2018    EUR    64.58
Commerzbank AG                   8.50   2/22/2018    EUR    69.11
Commerzbank AG                   6.50   2/22/2018    EUR    74.72
Commerzbank AG                  16.50   2/22/2018    EUR    56.24
Commerzbank AG                   7.75   3/22/2018    EUR    72.71
Commerzbank AG                   9.75   3/22/2018    EUR    68.13
BNP Paribas Emissions- und H     8.50   3/22/2018    EUR    71.47
HSBC Trinkaus & Burkhardt AG    13.40   6/22/2018    EUR    66.19
HSBC Trinkaus & Burkhardt AG     8.90   6/22/2018    EUR    74.20
BNP Paribas Emissions- und H    10.00   9/27/2018    EUR    68.01
BNP Paribas Emissions- und H    15.00   3/22/2018    EUR    60.60
Commerzbank AG                  13.00   3/21/2018    EUR    62.88
Commerzbank AG                  14.50   2/22/2018    EUR    64.61
Commerzbank AG                  10.50  10/26/2018    EUR    68.88
Erste Group Bank AG              8.30   4/20/2018    EUR    71.25
Bank Julius Baer & Co Ltd/Gu     6.50   6/15/2018    USD    57.10
Commerzbank AG                  12.50   2/22/2018    EUR    61.47
Deutsche Bank AG                 6.20   9/25/2018    EUR    70.60
Commerzbank AG                  14.00   5/24/2018    EUR    70.00
Commerzbank AG                  14.75   4/26/2018    EUR    71.02
Vontobel Financial Products     10.50   3/23/2018    EUR    71.18
Vontobel Financial Products      9.00   9/28/2018    EUR    73.05
Vontobel Financial Products     13.00   9/28/2018    EUR    68.52
Vontobel Financial Products      8.50    1/2/2019    EUR    73.16
Vontobel Financial Products     12.00    1/2/2019    EUR    69.86
Vontobel Financial Products     15.50    1/2/2019    EUR    67.46
Vontobel Financial Products     14.00   3/23/2018    EUR    66.38
Vontobel Financial Products      9.50   6/22/2018    EUR    72.12
Vontobel Financial Products     12.50   6/22/2018    EUR    68.52
Vontobel Financial Products     14.50   6/22/2018    EUR    66.38
EFG International Finance Gu    10.20   3/23/2018    USD    58.46
Deutsche Bank AG                 5.20   3/20/2018    EUR    70.90
Commerzbank AG                  12.00   5/24/2018    EUR    74.46
Commerzbank AG                  13.25   6/21/2018    EUR    72.56
Credit Suisse AG/London          8.50   3/13/2018    USD    59.99
HSBC Trinkaus & Burkhardt AG     6.50   6/22/2018    EUR    69.75
HSBC Trinkaus & Burkhardt AG     7.50  12/28/2018    EUR    67.99
HSBC Trinkaus & Burkhardt AG     5.00  12/28/2018    EUR    73.48
UBS AG/London                    7.70   6/28/2018    EUR    72.76
UBS AG/London                    4.30   6/28/2018    EUR    73.87
UBS AG/London                    6.50   3/22/2018    EUR    73.83
UBS AG/London                    4.40   6/28/2018    EUR    72.61
Societe Generale SA             14.75   3/19/2019    USD    47.95
BNP Paribas Emissions- und H    16.00   6/21/2018    EUR    67.17
BNP Paribas Emissions- und H    10.00   9/27/2018    EUR    73.90
BNP Paribas Emissions- und H    12.00   9/27/2018    EUR    70.70
Credit Suisse AG/London          8.25   7/26/2018    USD    64.21
Bank Julius Baer & Co Ltd/Gu     9.10    8/6/2018    USD    62.45
UniCredit Bank AG               12.50   3/23/2018    EUR    69.66
Vontobel Financial Products     14.00    6/8/2018    EUR    68.62
Commerzbank AG                  13.50   8/24/2018    EUR    67.06
DZ Bank AG Deutsche Zentral-     8.75    1/2/2019    EUR    74.38
BNP Paribas Emissions- und H    16.00   6/21/2018    EUR    69.55
Bank Julius Baer & Co Ltd/Gu    10.45   5/11/2018    USD    62.30
UBS AG/London                    6.50    1/7/2019    CHF    64.50
Deutsche Bank AG                 6.20   6/19/2018    EUR    69.20
Commerzbank AG                  15.25   8/24/2018    EUR    73.34
Commerzbank AG                  11.50   2/21/2018    EUR    49.64
Deutsche Bank AG                 5.20   6/19/2018    EUR    68.80
Commerzbank AG                  16.75   4/26/2018    EUR    68.69
Commerzbank AG                  11.25   6/21/2018    EUR    75.28
Commerzbank AG                  15.25   6/21/2018    EUR    70.11
Zurcher Kantonalbank Finance     6.00   1/17/2019    USD    69.66
BNP Paribas Emissions- und H     6.00  12/31/2018    EUR    73.30
Raiffeisen Centrobank AG         9.30   9/25/2018    EUR    69.54
Raiffeisen Centrobank AG        10.19   3/20/2018    EUR    69.75
Vontobel Financial Products      9.50   9/28/2018    EUR    72.57
Vontobel Financial Products      4.50   3/23/2018    EUR    68.99
Vontobel Financial Products     12.00   6/25/2018    EUR    59.58
Vontobel Financial Products      4.50   6/22/2018    EUR    69.73
UniCredit Bank AG               10.40   6/22/2018    EUR    72.74
DekaBank Deutsche Girozentra     3.00   6/27/2018    EUR    55.28
UniCredit Bank AG               14.50   3/23/2018    EUR    63.28
Commerzbank AG                  10.75   2/22/2018    EUR    72.30
Commerzbank AG                   7.25   2/22/2018    EUR    65.91
Vontobel Financial Products      8.50   9/28/2018    EUR    72.71
Vontobel Financial Products     14.55   9/28/2018    EUR    69.55
Deutsche Bank AG                 6.20  12/27/2018    EUR    72.00
Deutsche Bank AG                 5.20   9/25/2018    EUR    70.00
Deutsche Bank AG                 7.20   3/20/2018    EUR    63.50
Deutsche Bank AG                 5.20   6/19/2018    EUR    72.70
UBS AG/London                   16.00   8/30/2018    CHF    44.95
BNP Paribas Emissions- und H     4.00  12/31/2018    EUR    67.00
BNP Paribas Emissions- und H     6.00  12/31/2018    EUR    68.84
Leonteq Securities AG           10.00   7/10/2018    USD    57.95
UniCredit Bank AG                9.80   6/22/2018    EUR    74.99
UniCredit Bank AG               12.50   3/23/2018    EUR    72.88
Vontobel Financial Products      5.00   3/23/2018    EUR    73.32
Vontobel Financial Products      6.00   3/23/2018    EUR    69.02
Vontobel Financial Products      9.00   3/23/2018    EUR    61.94
Raiffeisen Centrobank AG         6.04   6/25/2019    EUR    23.38
DZ Bank AG Deutsche Zentral-     6.50   3/23/2018    EUR    67.76
DZ Bank AG Deutsche Zentral-     8.00   3/23/2018    EUR    69.48
DZ Bank AG Deutsche Zentral-     6.25   9/28/2018    EUR    73.90
Commerzbank AG                  11.50   4/27/2018    EUR    74.94
BNP Paribas Emissions- und H     6.00   6/21/2018    EUR    71.40
Vontobel Financial Products      6.55    3/9/2018    EUR    66.82
UniCredit Bank AG                5.00   7/30/2018    EUR    74.06
Landesbank Baden-Wuerttember     3.50   7/27/2018    EUR    70.65
Landesbank Baden-Wuerttember     3.00    1/4/2019    EUR    71.49
Landesbank Baden-Wuerttember     4.00   6/22/2018    EUR    69.23
Syntagma OOO                    16.50   5/10/2022    RUB     0.10
SG Issuer SA                     0.82    8/2/2021    SEK    56.32
Raiffeisen Schweiz Genossens     4.50   3/27/2018    EUR    74.41
Landesbank Baden-Wuerttember     3.30   6/22/2018    EUR    70.33
DekaBank Deutsche Girozentra     3.30   2/26/2018    EUR    52.64
DekaBank Deutsche Girozentra     2.70   3/16/2018    EUR    73.72
Credit Suisse AG/Nassau          5.25   5/14/2018    CHF    74.75
Landesbank Baden-Wuerttember     3.00   6/28/2019    EUR    70.05
DekaBank Deutsche Girozentra     3.15   5/18/2018    EUR    66.04
DekaBank Deutsche Girozentra     3.40    4/9/2018    EUR    57.16
Landesbank Baden-Wuerttember     3.00   5/25/2018    EUR    74.33
UniCredit Bank AG                3.75   10/2/2020    EUR    70.33
Credit Suisse AG/London          9.86   2/27/2020    USD     9.96
Landesbank Baden-Wuerttember     3.15   6/22/2018    EUR    68.63
Landesbank Baden-Wuerttember     3.00   2/23/2018    EUR    66.30
UniCredit Bank AG                5.00   6/25/2019    EUR    62.29
Landesbank Baden-Wuerttember     5.00   2/23/2018    EUR    71.77
Credit Suisse AG/London          7.00  12/11/2019    USD     9.44
DekaBank Deutsche Girozentra     3.00  12/17/2018    EUR    67.22
UniCredit Bank AG                3.75    9/7/2020    EUR    73.36
UniCredit Bank AG                4.00   6/26/2018    EUR    65.91
UniCredit Bank AG               13.50   3/23/2018    EUR    75.58
UniCredit Bank AG               11.00   6/22/2018    EUR    73.63
Commerzbank AG                   7.75   9/28/2018    EUR    74.76
Commerzbank AG                  11.75   9/28/2018    EUR    69.13
HSBC Trinkaus & Burkhardt AG    14.70   3/23/2018    EUR    68.36
UniCredit Bank AG               14.90   6/22/2018    EUR    74.71
UniCredit Bank AG               13.90   6/22/2018    EUR    67.70
UniCredit Bank AG               14.00   3/23/2018    EUR    64.76
UniCredit Bank AG               13.90   3/23/2018    EUR    71.06
Landesbank Baden-Wuerttember     2.80  11/23/2018    EUR    74.37
UniCredit Bank AG               13.40   3/23/2018    EUR    70.47
UniCredit Bank AG               10.00   6/22/2018    EUR    74.93
UniCredit Bank AG               13.10   6/22/2018    EUR    71.30
Vontobel Financial Products      6.50   2/23/2018    EUR    75.19
UniCredit Bank AG               13.00   3/23/2018    EUR    72.19
UniCredit Bank AG               13.00   3/23/2018    EUR    73.81
UniCredit Bank AG               10.50   6/22/2018    EUR    72.78
UniCredit Bank AG                9.00   3/23/2018    EUR    75.01
Raiffeisen Centrobank AG        11.14  12/25/2018    EUR    29.76
Raiffeisen Centrobank AG        11.32   6/19/2018    EUR    25.27
Raiffeisen Centrobank AG         4.13  12/28/2018    EUR    17.28
Raiffeisen Centrobank AG        13.79   6/19/2018    EUR    28.16
Raiffeisen Centrobank AG         3.54   6/19/2018    EUR    15.37
Raiffeisen Centrobank AG         8.49   6/19/2018    EUR    22.01
UniCredit Bank AG               12.20   3/23/2018    EUR    67.83
UniCredit Bank AG               11.60   3/23/2018    EUR    75.37
HSBC Trinkaus & Burkhardt AG    12.10   3/23/2018    EUR    55.96
HSBC Trinkaus & Burkhardt AG     6.20   3/23/2018    EUR    72.35
BNP Paribas Emissions- und H     8.00   6/21/2018    EUR    69.26
BNP Paribas Emissions- und H    12.00   6/21/2018    EUR    60.90
BNP Paribas Emissions- und H    10.00   6/21/2018    EUR    69.66
BNP Paribas Emissions- und H    12.00   6/21/2018    EUR    68.76
HSBC Trinkaus & Burkhardt AG    10.20   3/23/2018    EUR    64.10
BNP Paribas Emissions- und H    10.00   6/21/2018    EUR    72.95
BNP Paribas Emissions- und H    13.00   6/21/2018    EUR    66.15
BNP Paribas Emissions- und H     9.00   6/21/2018    EUR    66.04
BNP Paribas Emissions- und H    13.00   6/21/2018    EUR    58.55
HSBC Trinkaus & Burkhardt AG    11.80   3/23/2018    EUR    61.53
HSBC Trinkaus & Burkhardt AG     7.40   3/23/2018    EUR    70.98
DekaBank Deutsche Girozentra     3.50  10/28/2019    EUR    72.20
Bank Julius Baer & Co Ltd/Gu    12.15    5/4/2018    USD    69.00
HSBC Trinkaus & Burkhardt AG     8.30   3/23/2018    EUR    63.14
UniCredit Bank AG                4.00  10/14/2019    EUR    68.87
UniCredit Bank AG                4.40   7/13/2018    EUR    68.70
UniCredit Bank AG                3.80   7/23/2020    EUR    71.54
DekaBank Deutsche Girozentra     2.75  10/29/2018    EUR    61.25
DekaBank Deutsche Girozentra     3.25   4/20/2018    EUR    58.44
HSBC Trinkaus & Burkhardt AG     5.80   3/23/2018    EUR    70.73
Commerzbank AG                  14.00   4/25/2018    EUR    59.42
Vontobel Financial Products     10.50   9/28/2018    EUR    69.58
Raiffeisen Schweiz Genossens     3.00   9/22/2020    CHF    74.78
Norddeutsche Landesbank Giro     3.00  10/30/2018    EUR    62.89
HSBC Trinkaus & Burkhardt AG     5.00   6/22/2018    EUR    63.50
BNP Paribas Emissions- und H    13.00   2/22/2018    EUR    71.03
BNP Paribas Emissions- und H    18.00   2/22/2018    EUR    65.82
BNP Paribas Emissions- und H    13.00   3/22/2018    EUR    71.73
BNP Paribas Emissions- und H    13.00  12/31/2018    EUR    71.04
BNP Paribas Emissions- und H    15.00   3/22/2018    EUR    72.35
BNP Paribas Emissions- und H    11.00   9/27/2018    EUR    73.98
DZ Bank AG Deutsche Zentral-     5.00   7/27/2018    EUR    14.35
DZ Bank AG Deutsche Zentral-     8.25   9/28/2018    EUR    72.84
HSBC Trinkaus & Burkhardt AG     4.50  12/28/2018    EUR    73.65
HSBC Trinkaus & Burkhardt AG     4.50  12/28/2018    EUR    73.51
HSBC Trinkaus & Burkhardt AG    10.07   6/22/2018    EUR    69.24
Commerzbank AG                  11.75   7/27/2018    EUR    72.35
Commerzbank AG                  13.75   7/27/2018    EUR    69.87
DZ Bank AG Deutsche Zentral-    12.75   2/23/2018    EUR    66.82
EFG International Finance Gu     7.66   10/5/2018    USD    67.80
Leonteq Securities AG           14.00    8/2/2018    USD    58.74
UniCredit Bank AG               15.00   6/22/2018    EUR    68.47
UniCredit Bank AG               13.90   6/22/2018    EUR    69.42
UniCredit Bank AG               12.80   6/22/2018    EUR    70.43
Vontobel Financial Products      7.50   3/23/2018    EUR    65.27
Vontobel Financial Products     12.50   3/23/2018    EUR    56.40
Vontobel Financial Products     11.00   3/23/2018    EUR    72.62
HSBC Trinkaus & Burkhardt AG    12.30   6/22/2018    EUR    70.33
HSBC Trinkaus & Burkhardt AG    11.10   9/28/2018    EUR    71.83
HSBC Trinkaus & Burkhardt AG    10.10  12/28/2018    EUR    72.38
DZ Bank AG Deutsche Zentral-     5.00   3/23/2018    EUR    75.00
UniCredit Bank AG               14.50    1/4/2019    EUR    25.44
DekaBank Deutsche Girozentra     3.00   8/16/2019    EUR    74.87
Credit Suisse AG/London          8.00   10/9/2018    USD    67.89
DZ Bank AG Deutsche Zentral-     8.50   6/22/2018    EUR    72.36
DZ Bank AG Deutsche Zentral-     6.00   9/28/2018    EUR    73.34
Deutsche Bank AG                 5.20   3/20/2018    EUR    71.70
Deutsche Bank AG                 7.20   6/19/2018    EUR    73.50
Deutsche Bank AG                 5.20   6/19/2018    EUR    64.30
UniCredit Bank AG                8.80   6/22/2018    EUR    75.33
UniCredit Bank AG               11.20   3/23/2018    EUR    74.41
Vontobel Financial Products     14.50   3/23/2018    EUR    54.10
Vontobel Financial Products     14.50   3/23/2018    EUR    68.40
Araratbank OJSC                  7.00   6/18/2019    USD    25.92
Leonteq Securities AG           10.20  10/24/2018    EUR    45.18
HSBC Trinkaus & Burkhardt AG    11.20   9/28/2018    EUR    74.21
Commerzbank AG                   9.75   8/24/2018    EUR    63.06
Commerzbank AG                   6.75   9/28/2018    EUR    65.81
Commerzbank AG                   8.75   9/28/2018    EUR    63.70
Commerzbank AG                  10.75   9/28/2018    EUR    62.32
Commerzbank AG                   4.50  10/26/2018    EUR    70.45
Commerzbank AG                   6.50  10/26/2018    EUR    66.17
Commerzbank AG                   8.50   5/25/2018    EUR    64.69
Commerzbank AG                  10.50   7/27/2018    EUR    62.62
Commerzbank AG                   3.75   8/24/2018    EUR    73.73
Commerzbank AG                   5.75   8/24/2018    EUR    68.05
Commerzbank AG                   7.75   8/24/2018    EUR    64.96
Commerzbank AG                  11.75   8/24/2018    EUR    61.74
Commerzbank AG                   4.75   9/28/2018    EUR    69.62
Commerzbank AG                  10.50  10/26/2018    EUR    62.55
Commerzbank AG                   4.50   5/25/2018    EUR    72.49
Commerzbank AG                   6.50   5/25/2018    EUR    67.66
Commerzbank AG                  10.50   5/25/2018    EUR    62.67
Commerzbank AG                   6.50   7/27/2018    EUR    67.18
Commerzbank AG                   8.50   7/27/2018    EUR    64.41
Commerzbank AG                  12.50   7/27/2018    EUR    61.33
Commerzbank AG                   8.50  10/26/2018    EUR    63.94
Commerzbank AG                   4.50   7/27/2018    EUR    71.79
UBS AG/London                    8.20   6/22/2018    EUR    59.74
Leonteq Securities AG           11.00   3/19/2018    USD    52.67
UBS AG/London                    6.90   6/22/2018    EUR    62.27
UBS AG/London                    9.40   6/22/2018    EUR    57.47
UBS AG                           5.21   6/27/2018    USD    22.57
Goldman Sachs & Co Wertpapie    19.00   2/21/2018    EUR    74.15
Deutsche Bank AG                 5.20   3/20/2018    EUR    63.20
Deutsche Bank AG                 7.20   6/19/2018    EUR    65.10
Deutsche Bank AG                 4.20   6/19/2018    EUR    72.30
Leonteq Securities AG            8.40   7/10/2018    CHF    57.76
UniCredit Bank AG               13.90   3/23/2018    EUR    71.43
UniCredit Bank AG               10.80   6/22/2018    EUR    73.37
UniCredit Bank AG               11.80   6/22/2018    EUR    72.54
Vontobel Financial Products      5.95   9/27/2019    EUR    74.63
EFG International Finance Gu     8.50   2/27/2019    USD    63.81
Vontobel Financial Products     10.50   3/23/2018    EUR    58.97
Commerzbank AG                  10.50   8/24/2018    EUR    67.74
DZ Bank AG Deutsche Zentral-     9.00   3/23/2018    EUR    70.99
DZ Bank AG Deutsche Zentral-     8.75   9/28/2018    EUR    69.94
DZ Bank AG Deutsche Zentral-    13.00   3/23/2018    EUR    67.72
DZ Bank AG Deutsche Zentral-     5.25   4/27/2018    EUR    72.56
Deutsche Bank AG                 7.20   3/20/2018    EUR    72.00
Deutsche Bank AG                 4.20   3/20/2018    EUR    71.50
HSBC Trinkaus & Burkhardt AG     8.70  12/28/2018    EUR    74.03
Bank Julius Baer & Co Ltd/Gu    11.00   3/29/2018    USD    60.90
HSBC Trinkaus & Burkhardt AG     5.60   3/23/2018    EUR    75.45
HSBC Trinkaus & Burkhardt AG     7.70   3/23/2018    EUR    64.01
Deutsche Bank AG                 7.20   3/20/2018    EUR    68.90
Deutsche Bank AG                 7.20   6/19/2018    EUR    70.40
Deutsche Bank AG                 7.20   6/19/2018    EUR    74.40
Deutsche Bank AG                 6.20   6/19/2018    EUR    74.00
Deutsche Bank AG                 6.20   6/19/2018    EUR    70.60
Vontobel Financial Products     11.00   6/22/2018    EUR    67.99
Vontobel Financial Products      7.65    3/9/2018    EUR    75.39
Vontobel Financial Products     13.35    3/9/2018    EUR    67.71
Bank Julius Baer & Co Ltd/Gu     7.75    2/9/2018    USD    63.20
HSBC Trinkaus & Burkhardt AG    12.40   3/23/2018    EUR    60.20
HSBC Trinkaus & Burkhardt AG     8.60   2/23/2018    EUR    66.85
HSBC Trinkaus & Burkhardt AG     3.60   2/23/2018    EUR    71.70
Deutsche Bank AG                 6.20   3/20/2018    EUR    71.90
Commerzbank AG                   9.75   8/24/2018    EUR    72.88
Vontobel Financial Products      9.55   3/23/2018    EUR    72.41
Leonteq Securities AG            7.40   4/24/2020    USD    66.97
DZ Bank AG Deutsche Zentral-     5.50   6/22/2018    EUR    73.01
HSBC Trinkaus & Burkhardt AG    10.10   2/23/2018    EUR    62.96
Deutsche Bank AG                 7.20   3/20/2018    EUR    66.10
Commerzbank AG                  11.75   8/24/2018    EUR    70.19
Vontobel Financial Products      8.00   6/22/2018    EUR    71.33
DZ Bank AG Deutsche Zentral-     5.25   3/23/2018    EUR    70.45
Leonteq Securities AG           16.60    5/7/2018    USD    50.07
Commerzbank AG                  12.25   7/27/2018    EUR    74.05
Commerzbank AG                  13.75   3/23/2018    EUR    73.15
Commerzbank AG                  12.75   4/27/2018    EUR    74.19
Commerzbank AG                  11.00   6/22/2018    EUR    74.98
Commerzbank AG                  14.75   2/23/2018    EUR    72.02
Goldman Sachs & Co Wertpapie    21.00   2/21/2018    EUR    74.27
Deutsche Bank AG                 7.20   6/19/2018    EUR    67.60
HSBC Trinkaus & Burkhardt AG     8.40   3/23/2018    EUR    66.96
Deutsche Bank AG                 7.20   3/20/2018    EUR    72.00
Deutsche Bank AG                 7.20   6/19/2018    EUR    71.00
Deutsche Bank AG                 6.20   3/20/2018    EUR    75.40
HSBC Trinkaus & Burkhardt AG    10.30   9/28/2018    EUR    72.84
Vontobel Financial Products     11.50   6/22/2018    EUR    68.08
SG Issuer SA                     0.80  11/30/2020    SEK    50.06
Commerzbank AG                  10.00   9/28/2018    EUR    70.15
HSBC Trinkaus & Burkhardt AG     9.00   8/24/2018    EUR    74.82
Commerzbank AG                   8.00   11/6/2020    USD     9.10
HSBC Trinkaus & Burkhardt AG     9.70   4/27/2018    EUR    73.92
Vontobel Financial Products     12.50   9/28/2018    EUR    68.19
Vontobel Financial Products     11.00    1/2/2019    EUR    68.92
Leonteq Securities AG            8.40    9/6/2018    USD    56.63
Leonteq Securities AG            3.00   9/19/2019    CHF    64.15
Vontobel Financial Products      6.00   6/22/2018    EUR    73.91
Raiffeisen Centrobank AG         8.63   9/25/2018    EUR    67.68
Commerzbank AG                  12.50   4/25/2018    EUR    66.20
Credit Suisse AG/Nassau          8.50    4/6/2018    USD    54.11
DZ Bank AG Deutsche Zentral-     6.50   2/23/2018    EUR    12.64
DZ Bank AG Deutsche Zentral-     6.50  10/26/2018    EUR    74.01
UniCredit Bank AG               10.10    1/4/2019    EUR    22.87
Landesbank Hessen-Thueringen     4.00   5/16/2018    EUR    69.97
Deutsche Bank AG                 4.20   3/20/2018    EUR    75.10
Zurcher Kantonalbank Finance     5.25  10/24/2018    CHF    71.95
UniCredit Bank AG                5.10    1/4/2019    EUR    23.01
UniCredit Bank AG                5.00    1/3/2020    EUR    27.95
UniCredit Bank AG               10.00   9/28/2018    EUR    73.59
DZ Bank AG Deutsche Zentral-     8.50   3/23/2018    EUR    65.68
DZ Bank AG Deutsche Zentral-     8.75   6/22/2018    EUR    65.44
UniCredit Bank AG               10.90    1/3/2020    EUR    35.57
DZ Bank AG Deutsche Zentral-     5.50  10/26/2018    EUR    19.04
UniCredit Bank AG               14.70    1/4/2019    EUR    70.04
UniCredit Bank AG                7.00    1/3/2020    EUR    29.02
UniCredit Bank AG               11.60    1/3/2020    EUR    72.64
Deutsche Bank AG                 4.20   6/19/2018    EUR    69.80
Raiffeisen Centrobank AG         6.43  12/27/2019    EUR    27.09
Commerzbank AG                  11.75   3/23/2018    EUR    74.86
Commerzbank AG                  12.75   2/23/2018    EUR    73.76
BNP Paribas Emissions- und H    10.00   6/21/2018    EUR    63.56
BNP Paribas Emissions- und H     9.00   6/21/2018    EUR    67.60
DZ Bank AG Deutsche Zentral-     5.10   4/25/2018    EUR    70.87
DZ Bank AG Deutsche Zentral-     7.75   3/23/2018    EUR    57.28
Commerzbank AG                  13.00   6/22/2018    EUR    73.27
HSBC Trinkaus & Burkhardt AG    10.40   3/23/2018    EUR    69.55
Raiffeisen Switzerland BV       10.00   4/19/2018    USD    53.18
DZ Bank AG Deutsche Zentral-    12.75   4/27/2018    EUR    63.92
Deutsche Bank AG                 4.20   6/19/2018    EUR    73.20
Deutsche Bank AG                 4.20   9/25/2018    EUR    70.80
HSBC Trinkaus & Burkhardt AG    11.40   6/22/2018    EUR    72.26
HSBC Trinkaus & Burkhardt AG    10.10   9/28/2018    EUR    74.15
HSBC Trinkaus & Burkhardt AG     7.60   6/22/2018    EUR    74.50
Bank Julius Baer & Co Ltd/Gu    11.50  10/10/2018    USD    71.50
Deutsche Bank AG                 4.20   3/20/2018    EUR    71.60
Deutsche Bank AG                 4.20   9/25/2018    EUR    74.20
Deutsche Bank AG                 4.20  12/27/2018    EUR    71.80
Raiffeisen Centrobank AG         5.86  12/27/2019    EUR    30.15
Deutsche Bank AG                 5.20   2/21/2018    EUR    71.30
Raiffeisen Centrobank AG         8.57  12/27/2019    EUR    30.53
HSBC Trinkaus & Burkhardt AG     8.70   6/22/2018    EUR    71.26
HSBC Trinkaus & Burkhardt AG     7.40   9/28/2018    EUR    69.07
Deutsche Bank AG                 4.20   3/20/2018    EUR    75.10
Deutsche Bank AG                 4.20  12/27/2018    EUR    75.00
UniCredit Bank AG                6.00   9/28/2018    EUR    20.57
UniCredit Bank AG               14.80   9/28/2018    EUR    71.08
HSBC Trinkaus & Burkhardt AG     5.30   6/28/2019    EUR    75.07
HSBC Trinkaus & Burkhardt AG     9.20   9/28/2018    EUR    68.20
BNP Paribas Emissions- und H    13.00   9/27/2018    EUR    68.44
HSBC Trinkaus & Burkhardt AG     6.20   6/28/2019    EUR    70.07
DZ Bank AG Deutsche Zentral-     8.20   3/23/2018    EUR    11.97
Raiffeisen Schweiz Genossens    10.00  10/23/2018    CHF    66.14
DZ Bank AG Deutsche Zentral-    10.40   3/23/2018    EUR    64.94
DZ Bank AG Deutsche Zentral-    11.90   3/23/2018    EUR    62.74
UniCredit Bank AG               12.80   9/28/2018    EUR    72.14
Leonteq Securities AG            7.00   8/22/2018    CHF    56.45
DZ Bank AG Deutsche Zentral-     9.30   3/23/2018    EUR    67.19
Bank Julius Baer & Co Ltd/Gu     9.25  10/12/2018    USD    70.80
BNP Paribas Emissions- und H    15.00   9/27/2018    EUR    67.17
BNP Paribas Emissions- und H     8.00  12/31/2018    EUR    73.22
UniCredit Bank AG               11.00   6/22/2018    EUR    19.64
UniCredit Bank AG               12.10   9/28/2018    EUR    22.60
Commerzbank AG                  21.25   4/27/2018    EUR    79.29
HSBC Trinkaus & Burkhardt AG     7.20  12/28/2018    EUR    69.50
HSBC Trinkaus & Burkhardt AG     5.80  12/28/2018    EUR    72.97
DZ Bank AG Deutsche Zentral-     6.60   3/23/2018    EUR    12.23
Deutsche Bank AG                 4.20   6/19/2018    EUR    73.20
EFG International Finance Gu    11.00  10/25/2018    CHF    69.79
HSBC Trinkaus & Burkhardt AG     6.50   1/29/2018    EUR    52.97
UniCredit Bank AG                5.30   6/22/2018    EUR    20.25
UniCredit Bank AG               14.30   6/22/2018    EUR    71.29
Commerzbank AG                   9.75   9/28/2018    EUR    71.55
UniCredit Bank AG               12.50   6/22/2018    EUR    71.08
Commerzbank AG                  16.75   4/27/2018    EUR    79.42
Commerzbank AG                  18.75   4/27/2018    EUR    78.00
HSBC Trinkaus & Burkhardt AG     8.00  12/28/2018    EUR    65.38
HSBC Trinkaus & Burkhardt AG    12.10   6/22/2018    EUR    66.70
Bank Julius Baer & Co Ltd/Gu     8.35   9/24/2018    USD    71.10
HSBC Trinkaus & Burkhardt AG    11.80   3/23/2018    EUR    54.84
Deutsche Bank AG                 6.20   6/19/2018    EUR    73.74
DZ Bank AG Deutsche Zentral-     6.80   6/22/2018    EUR    72.00
DZ Bank AG Deutsche Zentral-     8.00   6/22/2018    EUR    68.10
HSBC Trinkaus & Burkhardt AG    12.30   9/28/2018    EUR    66.99
HSBC Trinkaus & Burkhardt AG     8.80   9/28/2018    EUR    73.43
HSBC Trinkaus & Burkhardt AG    11.10   4/27/2018    EUR    68.76
HSBC Trinkaus & Burkhardt AG    11.20   3/23/2018    EUR    71.97
HSBC Trinkaus & Burkhardt AG     9.20   6/22/2018    EUR    71.76
Deutsche Bank AG                 4.20   9/25/2018    EUR    74.20
Deutsche Bank AG                 4.20  12/27/2018    EUR    75.00
UniCredit Bank AG               12.10   6/22/2018    EUR    72.45
Araratbank OJSC                  7.25   6/27/2018    USD    25.43
UniCredit Bank AG               12.00   3/23/2018    EUR    73.33
HSBC Trinkaus & Burkhardt AG    11.10   9/28/2018    EUR    68.92
UniCredit Bank AG               10.50   3/23/2018    EUR    71.24
Vontobel Financial Products      8.00   9/28/2018    EUR    72.38
UniCredit Bank AG               12.20   6/22/2018    EUR    71.36
SG Issuer SA                     0.80  10/21/2020    SEK    68.03
Commerzbank AG                  17.75   5/25/2018    EUR    78.72
HSBC Trinkaus & Burkhardt AG     8.00   9/28/2018    EUR    72.29
HSBC Trinkaus & Burkhardt AG     7.10   9/28/2018    EUR    71.66
HSBC Trinkaus & Burkhardt AG     9.40  12/28/2018    EUR    68.89
HSBC Trinkaus & Burkhardt AG    11.30   3/23/2018    EUR    57.23
HSBC Trinkaus & Burkhardt AG     7.80   3/23/2018    EUR    69.49
Polski Bank Spoldzielczy w C     5.31   9/14/2027    PLN    50.01
HSBC Trinkaus & Burkhardt AG     8.00   6/22/2018    EUR    62.64
HSBC Trinkaus & Burkhardt AG    11.70   6/22/2018    EUR    55.65
Deutsche Bank AG                 6.20   6/19/2018    EUR    73.74
DZ Bank AG Deutsche Zentral-     8.40   3/23/2018    EUR    70.46
UBS AG/London                   12.50    4/5/2018    USD    61.00
UBS AG/London                   10.00    4/5/2018    USD    54.40
BNP Paribas Emissions- und H     6.00   6/21/2018    EUR    68.12
BNP Paribas Emissions- und H    10.00   6/21/2018    EUR    64.99
BNP Paribas Emissions- und H    13.00   6/21/2018    EUR    59.64
Vontobel Financial Products     10.00   3/23/2018    EUR    75.37
Commerzbank AG                  13.50   4/26/2018    EUR    64.70
Vontobel Financial Products     10.50   7/27/2018    EUR    71.52
Deutsche Bank AG                 6.20   3/20/2018    EUR    71.10
Bank Julius Baer & Co Ltd/Gu     5.25   3/14/2018    CHF    69.35
DZ Bank AG Deutsche Zentral-     6.75   3/23/2018    EUR    11.40
Commerzbank AG                  16.00   5/24/2018    EUR    67.67
UBS AG/London                    8.30   6/22/2018    EUR    54.25
UBS AG/London                    9.00   2/22/2018    EUR    51.60
DZ Bank AG Deutsche Zentral-     6.25   4/27/2018    EUR    73.73
HSBC Trinkaus & Burkhardt AG     5.70   6/22/2018    EUR    69.39
HSBC Trinkaus & Burkhardt AG    10.10   4/27/2018    EUR    58.14
BNP Paribas Emissions- und H     4.50   6/21/2018    EUR    73.43
Goldman Sachs & Co Wertpapie    25.00   3/21/2018    EUR    74.68
BNP Paribas Emissions- und H    12.00   3/22/2018    EUR    53.06
BNP Paribas Emissions- und H     7.00   6/21/2018    EUR    61.07
Vontobel Financial Products      9.50    1/2/2019    EUR    70.03
Vontobel Financial Products     11.50    1/2/2019    EUR    69.38
Commerzbank AG                   9.50   4/26/2018    EUR    71.84
HSBC Trinkaus & Burkhardt AG    13.10   3/23/2018    EUR    52.82
HSBC Trinkaus & Burkhardt AG    10.50   6/22/2018    EUR    57.33
Vontobel Financial Products      8.95    3/9/2018    EUR    71.97
DZ Bank AG Deutsche Zentral-     8.25   6/22/2018    EUR    74.27
Vontobel Financial Products     12.00   9/28/2018    EUR    70.58
Commerzbank AG                  15.50   4/26/2018    EUR    61.98
HSBC Trinkaus & Burkhardt AG     5.20   6/22/2018    EUR    73.46
HSBC Trinkaus & Burkhardt AG     6.10   3/23/2018    EUR    68.92
DZ Bank AG Deutsche Zentral-     5.40   6/22/2018    EUR    74.28
DZ Bank AG Deutsche Zentral-     8.20   6/22/2018    EUR    69.70
DZ Bank AG Deutsche Zentral-     5.30   6/22/2018    EUR    71.71
DZ Bank AG Deutsche Zentral-     9.50   6/22/2018    EUR    65.56
DZ Bank AG Deutsche Zentral-     5.50   6/22/2018    EUR    71.23
Lehman Brothers Treasury Co      3.00   9/13/2010    JPY     7.50
Lehman Brothers Treasury Co      5.50   6/22/2010    USD     7.50
Lehman Brothers Treasury Co      3.82  10/20/2009    USD     1.90
Lehman Brothers Treasury Co      3.00   9/12/2036    JPY     7.50
Lehman Brothers Treasury Co      6.70   4/21/2011    USD     1.90
Lehman Brothers Treasury Co      2.75  10/28/2009    EUR     1.90
Lehman Brothers Treasury Co      4.00    6/5/2011    USD     1.90
Lehman Brothers Treasury Co     14.10  11/12/2008    USD     1.90
Lehman Brothers Treasury Co      4.00   8/11/2010    USD     7.50
Lehman Brothers Treasury Co      9.25   6/20/2012    USD     1.90
Lehman Brothers Treasury Co      2.30   4/28/2014    JPY     1.90
Societe Generale SA              0.50    4/4/2024    MXN    58.74
Lehman Brothers Treasury Co      4.90   7/28/2020    EUR     1.90
Lehman Brothers Treasury Co      4.15   8/25/2020    EUR     1.90
Societe Generale SA              0.50   4/30/2023    RUB    71.21
Lehman Brothers Treasury Co      6.00   7/28/2010    EUR     1.90
Lehman Brothers Treasury Co      6.00   7/28/2010    EUR     1.90
Lehman Brothers Treasury Co      7.00   7/11/2010    EUR     1.90
Lehman Brothers Treasury Co     13.15  10/30/2008    USD     1.90
Lehman Brothers Treasury Co     16.80   8/21/2009    USD     1.90
Lehman Brothers Treasury Co      2.30    6/6/2013    USD     1.90
Lehman Brothers Treasury Co      4.30    6/4/2012    USD     1.90
Lehman Brothers Treasury Co      2.00   5/17/2010    EUR     1.90
Lehman Brothers Treasury Co      1.60   6/21/2010    JPY     1.90
Lehman Brothers Treasury Co      4.10   5/20/2009    USD     1.90
Heta Asset Resolution AG         4.88  12/31/2023    EUR    34.63
Lehman Brothers Treasury Co      4.00   2/28/2010    EUR     1.90
Lehman Brothers Treasury Co      2.40   6/20/2011    JPY     1.90
Lehman Brothers Treasury Co     11.00    5/9/2020    USD     1.90
Lehman Brothers Treasury Co     13.43    1/8/2009    ILS     1.90
Lehman Brothers Treasury Co      7.75    1/3/2012    AUD     1.90
Lehman Brothers Treasury Co     13.50    6/2/2009    USD     1.90
Lehman Brothers Treasury Co      3.10    6/4/2010    USD     1.90
Lehman Brothers Treasury Co      2.50   8/15/2012    CHF     1.90
Digital Invest OOO              10.48    4/7/2021    RUB     0.81
Lehman Brothers Treasury Co      7.38   9/20/2008    EUR     1.90
Lehman Brothers Treasury Co      3.85   4/24/2009    USD     1.90
Lehman Brothers Treasury Co      4.00   4/24/2009    USD     1.90
Lehman Brothers Treasury Co     10.50    8/9/2010    EUR     1.90
Lehman Brothers Treasury Co      8.00   5/22/2009    USD     1.90
Lehman Brothers Treasury Co      9.00   6/13/2009    USD     1.90
Lehman Brothers Treasury Co      4.00   4/13/2011    CHF     1.90
Lehman Brothers Treasury Co     10.00   3/27/2009    USD     1.90
Lehman Brothers Treasury Co      5.75   6/15/2009    CHF     1.90
Lehman Brothers Treasury Co      7.00  11/28/2008    CHF     1.90
Lehman Brothers Treasury Co      7.25   10/6/2008    EUR     1.90
Lehman Brothers Treasury Co      4.50   7/24/2014    EUR     1.90
Lehman Brothers Treasury Co      5.00   5/12/2011    CHF     1.90
Lehman Brothers Treasury Co      6.50   7/24/2026    EUR     1.90
Lehman Brothers Treasury Co      7.75   2/21/2016    EUR     1.90
Lehman Brothers Treasury Co      7.50   9/13/2009    CHF     1.90
Lehman Brothers Treasury Co      8.50    7/6/2009    CHF     1.90
Lehman Brothers Treasury Co      4.95  10/25/2036    EUR     1.90
Lehman Brothers Treasury Co      8.28   7/31/2013    GBP     1.90
Lehman Brothers Treasury Co      2.30   6/27/2013    USD     1.90
Lehman Brothers Treasury Co      2.37   7/15/2013    USD     1.90
Lehman Brothers Treasury Co      8.60   7/31/2013    GBP     1.90
Lehman Brothers Treasury Co      7.50   7/31/2013    GBP     1.90
Kaupthing ehf                    7.50   12/5/2014    ISK     0.25
Kaupthing ehf                    6.50   10/8/2010    ISK     0.25
Lehman Brothers Treasury Co      9.75   6/22/2018    USD     1.90
Heta Asset Resolution AG         5.27  12/31/2023    EUR    34.63
Lehman Brothers Treasury Co     10.00  10/23/2008    USD     1.90
Lehman Brothers Treasury Co     10.00  10/22/2008    USD     1.90
Lehman Brothers Treasury Co     16.00   11/9/2008    USD     1.90
Lehman Brothers Treasury Co     16.20   5/14/2009    USD     1.90
Lehman Brothers Treasury Co     10.60   4/22/2014    MXN     1.90
Lehman Brothers Treasury Co     10.00   5/22/2009    USD     1.90
Lehman Brothers Treasury Co      6.60   5/23/2012    AUD     1.90
Lehman Brothers Treasury Co      3.45   5/23/2013    USD     1.90
Lehman Brothers Treasury Co      9.00    5/6/2011    CHF     1.90
Lehman Brothers Treasury Co     11.00  12/20/2017    AUD     1.90
Credit Suisse AG/London          3.00  11/15/2025    ZAR    68.90
Lehman Brothers Treasury Co     11.00  12/20/2017    AUD     1.90
Lehman Brothers Treasury Co      0.50  12/20/2017    AUD     1.90
Lehman Brothers Treasury Co     10.00   2/16/2009    CHF     1.90
Lehman Brothers Treasury Co      5.38    2/4/2014    USD     1.90
Lehman Brothers Treasury Co      4.00    1/4/2011    USD     1.90
Lehman Brothers Treasury Co      0.50  12/20/2017    AUD     7.50
Lehman Brothers Treasury Co      6.72  12/29/2008    EUR     1.90
Lehman Brothers Treasury Co      7.06  12/29/2008    EUR     1.90
Lehman Brothers Treasury Co      9.30  12/21/2010    EUR     1.90
Lehman Brothers Treasury Co      8.00  12/31/2010    USD     1.90
Araratbank OJSC                  8.00   6/10/2018    USD    25.58
Transgazservice LLP             10.50   11/8/2019    RUB     5.02
Noyabrskaya Pge OOO              8.50  11/10/2020    RUB    60.00
UNGP-Finance OOO                10.00  12/16/2020    RUB     0.10
BNP Paribas Emissions- und H     3.00  10/12/2018    EUR    74.11
Landesbank Baden-Wuerttember     2.60   8/23/2019    EUR    73.23
National Developing Co PAO      12.00   7/19/2018    RUB     1.11
Lehman Brothers Treasury Co      9.00   3/17/2009    GBP     1.90
Lehman Brothers Treasury Co      8.00  12/27/2032    JPY     1.90
Lehman Brothers Treasury Co      1.50    2/8/2012    CHF     1.90
Lehman Brothers Treasury Co      4.50    8/2/2009    USD     1.90
Lehman Brothers Treasury Co      4.35    8/8/2016    SGD     7.50
Societe Generale SA              0.50   5/22/2024    MXN    57.99
HSBC Bank PLC                    0.50   12/8/2026    AUD    72.94
Lehman Brothers Treasury Co      3.00   8/13/2011    EUR     1.90
Kaupthing ehf                    3.75   2/15/2024    ISK     0.25
Lehman Brothers Treasury Co      7.50   6/15/2017    USD     1.90
Lehman Brothers Treasury Co      8.00  10/23/2008    USD     1.90
Lehman Brothers Treasury Co      7.00  10/22/2010    EUR     1.90
Lehman Brothers Treasury Co      2.00   6/21/2011    EUR     1.90
Lehman Brothers Treasury Co      6.00   6/21/2011    EUR     1.90
Lehman Brothers Treasury Co      3.40   9/21/2009    HKD     1.90
Lehman Brothers Treasury Co      4.00  10/12/2010    USD     1.90
Lehman Brothers Treasury Co      1.50  10/12/2010    EUR     1.90
Lehman Brothers Treasury Co     18.25   10/2/2008    USD     1.90
Lehman Brothers Treasury Co      2.50   8/23/2012    GBP     1.90
Lehman Brothers Treasury Co      6.00  12/30/2017    EUR     1.90
Lehman Brothers Treasury Co     13.00   7/25/2012    EUR     1.90
Lehman Brothers Treasury Co     10.00    8/2/2037    JPY     1.90
Lehman Brothers Treasury Co      4.10   8/23/2010    USD     1.90
Societe Generale SA              0.50   6/12/2023    RUB    70.60
Lehman Brothers Treasury Co      8.00   4/20/2009    EUR     1.90
Lehman Brothers Treasury Co      6.00   3/17/2011    EUR     1.90
Lehman Brothers Treasury Co      4.70   3/23/2016    EUR     1.90
Lehman Brothers Treasury Co      3.70    6/6/2009    EUR     1.90
Lehman Brothers Treasury Co      3.63    3/2/2012    EUR     1.90
Lehman Brothers Treasury Co     13.00  12/14/2012    USD     1.90
Kaupthing ehf                    5.00    1/4/2027    SKK     0.25
Lehman Brothers Treasury Co      7.00   2/15/2012    EUR     1.90
Lehman Brothers Treasury Co      4.69   2/19/2017    EUR     1.90
Credit Suisse AG/London          0.50    1/8/2026    BRL    44.50
Lehman Brothers Treasury Co      5.20   3/19/2018    EUR     1.90
Lehman Brothers Treasury Co      3.50  10/24/2011    USD     1.90
Lehman Brothers Treasury Co     13.50  11/28/2008    USD     1.90
Lehman Brothers Treasury Co      4.10   2/19/2010    EUR     1.90
Lehman Brothers Treasury Co      6.00   2/14/2012    EUR     1.90
Lehman Brothers Treasury Co      6.60   2/22/2012    EUR     1.90
Lehman Brothers Treasury Co      9.00   5/15/2022    USD     1.90
Lehman Brothers Treasury Co      6.75    4/5/2012    EUR     1.90
Lehman Brothers Treasury Co      0.25  10/19/2012    CHF     1.90
Lehman Brothers Treasury Co      7.39    5/4/2017    USD     1.90
Lehman Brothers Treasury Co      2.25   5/12/2009    USD     1.90
Lehman Brothers Treasury Co      4.00   5/17/2010    USD     1.90
Escher Marwick PLC               3.50  10/14/2031    USD    56.24
Digital Invest OOO              11.00    3/8/2021    RUB     0.74
Lehman Brothers Treasury Co      4.25   5/15/2010    EUR     1.90
Lehman Brothers Treasury Co      4.00   5/30/2010    USD     1.90
Lehman Brothers Treasury Co      2.48   5/12/2009    USD     1.90
Lehman Brothers Treasury Co      6.00   5/23/2018    CZK     1.90
Lehman Brothers Treasury Co      0.80  12/30/2016    EUR     1.90
Lehman Brothers Treasury Co      4.10   6/10/2014    SGD     7.50
Lehman Brothers Treasury Co      5.50   6/15/2009    CHF     1.90
Lehman Brothers Treasury Co      8.00    8/3/2009    USD     1.90
UNGP-Finance OOO                10.00   4/20/2021    RUB     0.10
HSBC Bank PLC                    0.50    6/9/2023    MXN    63.22
Lehman Brothers Treasury Co      4.00  11/24/2016    EUR     1.90
Lehman Brothers Treasury Co      4.00  10/24/2012    EUR     1.90
Lehman Brothers Treasury Co     11.00   6/29/2009    EUR     1.90
Lehman Brothers Treasury Co      7.75   1/30/2009    EUR     1.90
Lehman Brothers Treasury Co      0.25   7/21/2014    EUR     1.90
TPGK-Finance ZAO                10.83   9/17/2021    RUB     0.08
TPGK-Finance ZAO                10.83   9/17/2021    RUB     0.07
Societe Generale SA              0.50    7/6/2021    BRL    72.91
Lehman Brothers Treasury Co     10.00    1/4/2010    USD     1.90
Lehman Brothers Treasury Co      0.50   2/16/2009    EUR     1.90
Lehman Brothers Treasury Co      3.00    8/8/2017    EUR     1.90
Lehman Brothers Treasury Co      3.50   9/19/2017    EUR     1.90
Lehman Brothers Treasury Co      8.25    2/3/2016    EUR     1.90
Lehman Brothers Treasury Co      4.20   12/3/2008    HKD     7.50
Lehman Brothers Treasury Co      0.75   3/29/2012    EUR     1.90
Lehman Brothers Treasury Co      4.50  12/30/2010    USD     1.90
Kommunekredit                    0.50   5/11/2029    CAD    71.95
Lehman Brothers Treasury Co      7.50    8/1/2035    EUR     1.90
Lehman Brothers Treasury Co      6.00   12/6/2016    USD     1.90
Lehman Brothers Treasury Co      7.25   6/20/2010    USD     1.90
Lehman Brothers Treasury Co      3.00   8/15/2017    EUR     1.90
Lehman Brothers Treasury Co      3.50   9/29/2017    EUR     1.90
Lehman Brothers Treasury Co      1.95   11/4/2013    EUR     1.90
Lehman Brothers Treasury Co     23.30   9/16/2008    USD     1.90
Lehman Brothers Treasury Co     10.44  11/22/2008    CHF     1.90
Lehman Brothers Treasury Co      7.60    3/4/2010    NZD     1.90
Lehman Brothers Treasury Co      4.00   12/2/2012    EUR     1.90
Lehman Brothers Treasury Co      3.00    6/3/2010    EUR     1.90
Lehman Brothers Treasury Co      7.60   5/21/2013    USD     1.90
Bashneft PJSC                   12.00    5/9/2025    RUB    60.00
Lehman Brothers Treasury Co     12.00    7/4/2011    EUR     1.90
Lehman Brothers Treasury Co      8.00   3/19/2012    USD     1.90
Lehman Brothers Treasury Co      3.60   3/19/2018    JPY     1.90
Lehman Brothers Treasury Co      6.00    3/4/2015    USD     1.90
Lehman Brothers Treasury Co      1.00   2/26/2010    USD     1.90
Lehman Brothers Treasury Co     11.00    7/4/2011    USD     1.90
Lehman Brothers Treasury Co      5.50    7/8/2013    EUR     1.90
Societe Generale SA              0.50    4/3/2023    RUB    71.79
Lehman Brothers Treasury Co      7.50   2/14/2010    AUD     1.90
Lehman Brothers Treasury Co      7.32   7/31/2013    GBP     1.90
Lehman Brothers Treasury Co     16.00  10/28/2008    USD     1.90
Lehman Brothers Treasury Co      8.00   5/22/2009    USD     1.90
Lehman Brothers Treasury Co      4.60    8/1/2013    EUR     1.90
Lehman Brothers Treasury Co     16.00   10/8/2008    CHF     1.90
Lehman Brothers Treasury Co     14.90  11/16/2010    EUR     1.90
Lehman Brothers Treasury Co      7.60   3/26/2009    EUR     1.90
HSBC Bank PLC                    0.50  12/22/2025    BRL    43.60
Lehman Brothers Treasury Co      7.80   3/31/2018    USD     1.90
Lehman Brothers Treasury Co      9.50    4/1/2018    USD     1.90
Digital Invest OOO              10.48    4/8/2021    RUB     0.57
Lehman Brothers Treasury Co      8.88   1/28/2011    HKD     7.50
Lehman Brothers Treasury Co      0.50  12/20/2017    USD     1.90
Lehman Brothers Treasury Co      0.50  12/20/2017    USD     1.90
Lehman Brothers Treasury Co      0.50  12/20/2017    USD     1.90
Lehman Brothers Treasury Co      0.50  12/20/2017    USD     1.90
Lehman Brothers Treasury Co      7.05    4/8/2015    USD     1.90
Lehman Brothers Treasury Co      7.15   3/21/2013    USD     1.90
Digital Invest OOO              10.48    4/9/2021    RUB     0.57
Digital Invest OOO              10.48    4/9/2021    RUB     0.57
Lehman Brothers Treasury Co      4.00   3/10/2011    EUR     1.90
Lehman Brothers Treasury Co      8.00   3/21/2018    USD     1.90
Heta Asset Resolution AG         0.38  12/31/2023    EUR    34.63
Lehman Brothers Treasury Co      4.05   9/16/2008    EUR     1.90
Lehman Brothers Treasury Co     11.00   2/16/2009    CHF     1.90
Kommunalbanken AS                0.50  12/16/2020    TRY    70.54
Lehman Brothers Treasury Co     13.00   2/16/2009    CHF     1.90
Lehman Brothers Treasury Co      7.00   2/15/2010    CHF     1.90
Lehman Brothers Treasury Co      6.00   2/19/2023    USD     1.90
Lehman Brothers Treasury Co      6.25  11/30/2012    EUR     1.90
Lehman Brothers Treasury Co      8.80  12/27/2009    EUR     1.90
Lehman Brothers Treasury Co      8.05  12/20/2010    HKD     1.90
Lehman Brothers Treasury Co      2.50   11/9/2011    CHF     1.90
Lehman Brothers Treasury Co      7.63   7/22/2011    HKD     1.90
Lehman Brothers Treasury Co      0.50  12/20/2017    AUD     1.90
Lehman Brothers Treasury Co      3.50  12/20/2027    USD     1.90
Lloyds Bank PLC                  0.50   7/26/2021    BRL    72.50
Lehman Brothers Treasury Co      4.80  11/16/2012    HKD     1.90
Digital Invest OOO              10.22   11/3/2020    RUB     0.67
HSBC Bank PLC                    0.50  11/25/2025    BRL    43.94
Lehman Brothers Treasury Co     16.00  12/26/2008    USD     1.90
Lehman Brothers Treasury Co      6.00    8/7/2013    EUR     1.90
HSBC Bank PLC                    0.50   4/11/2023    MXN    64.15



                            *********

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 * * *