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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, April 23, 2018, Vol. 19, No. 079


                            Headlines


F R A N C E

SFR GROUP: S&P Lowers Issuer Credit Rating to 'B', Outlook Stable


G E R M A N Y

CALYXO GMBH: Enters Into Insolvency Process
P&ISWBIDCO GMBH: Moody's Assigns B2 CFR & Rates New Debt B2
SCOUT24 AG: Moody's Alters Outlook to Pos., Affirms Ba3 CFR


G R E E C E

GREECE: Creditors Inch Closer to Debt Deal, Eurogroup Head Says


I R E L A N D

ELM PARK: Moody's Assigns B1 Rating to Class E-R Notes
LANSDOWNE MORTGAGE 1: Fitch Affirms CCsf Ratings on 4 Tranches
MAN GLG I: Moody's Rates EUR12-Mil. Class F Notes 'B1'
ST. PAUL'S CLO IX: Fitch Assigns B- Rating to Class F Notes


I T A L Y

GAMENET: Moody's Affirms B1 CFR & Rates EUR225MM Secured Notes B1
SNAITECH SPA: S&P Puts B2 CFR on Review for Upgrade


L A T V I A

LIEPAJAS METALURGS: British Steel Wants to Buy All Assets


L I T H U A N I A

UAB VAE: Parent Opts to Liquidate Business


L U X E M B O U R G

ALTICE INTERNATIONAL: S&P Lowers ICR to 'B', Outlook Stable
ALTICE LUXEMBOURG: S&P Cuts Senior Secured Notes Rating to 'B-'
SBM BALEIA: Fitch Affirms BB- Rating on Series 2012-1 Notes


N E T H E R L A N D S

ALTICE NV: S&P Cuts ICR to 'B' on High Leverage, Outlook Stable
AVAST HOLDING: S&P Affirms BB- Corp Credit Rating, Outlook Stable
BNPP IP 2015-1: Moody's Rates EUR9-Mil. Class F Notes 'B2'
CONTEGO CLO III: Moody's Assigns B2 Rating to Class F Notes
GROSVENOR PLACE 2015-1: Moody's Rates Class E-R Notes (P)B2

GROSVENOR PLACE 2015-1: Fitch Assigns B-(EXP) Rating to E-R Notes


R O M A N I A

BUCHAREST FILM: Files for Insolvency Process


R U S S I A

ACBA-CREDIT AGRICOLE: Fitch Affirms B+ LT Foreign Currency IDR
KEMEROVO REGION: Fitch Affirms 'BB-' LT Issuer Default Ratings
KHAKASSIA REPUBLIC: Fitch Withdraws B+ LT Issuer Default Ratings


S P A I N

GESTAMP AUTOMOCION: S&P Rates New Senior Secured Notes 'BB+'


T U R K E Y

MANISA METROPOLITAN: Fitch Affirms 'BB' Issuer Default Rating


U N I T E D   K I N G D O M

ALLIED HEALTHCARE: Opts for CVA Due to Challenging Environment
BBA AVIATION: Moody's Assigns Ba2 CFR, Outlook Stable
GVC HOLDINGS: S&P Raises Long-Term ICR to 'BB', Outlook Positive
HIBU MIDCO: S&P Alters Outlook to Positive & Affirms 'B-' ICR
HOUSE OF FRASER: Calls in KPMG to Advise on Restructuring Plan

MOTHERCARE PLC: To Shut Down Tunbridge Wells Store on May 7


X X X X X X X X

* BOND PRICING: For the Week April 16 to April 20, 2018


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F R A N C E
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SFR GROUP: S&P Lowers Issuer Credit Rating to 'B', Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings lowered to 'B' from 'B+' its long-term issuer
credit ratings on French cable and telecommunications company SFR
Group S.A. and its subsidiary Ypso Holding Sarl. The outlook is
stable.

S&P said, "At the same time, we removed the ratings from
CreditWatch where we had placed them with negative implications
on Jan. 16, 2018.

"We also lowered our issue ratings on SFR's senior secured
revolving credit facilities (RCFs) and term loans to 'B' from
'B+'. The recovery rating remains at '3', indicating our
expectation of meaningful recovery (65%) in the event of a
payment default.

"The downgrade reflects our belief that parent company Altice
N.V.'s deleveraging and free operating cash flow (FOCF) in 2018
and 2019 will fall short of previous expectations. We now
forecast only a moderate rebound from 2019, since the group's
U.S. cable assets, which provided EBITDA growth and FOCF
generation, are to be structurally separated from Altice N.V.
Furthermore, the rating on SFR is capped by the rating on its
parent company Altice N.V., primarily because the group has the
flexibility to extract cash from SFR to service debt interest at
or fund other subsidiaries of the group.

"Our stand-alone credit profile (SACP) on SFR remains unchanged
at 'b+', reflecting our view that SFR's management will
successfully execute its turnaround strategy in France, S&P
Global Ratings-adjusted debt to EBITDA will remain at 4.5x-5.5x,
and SFR's FOCF will be negative in 2018 before rebounding in
2019. However, we believe that FOCF is unlikely to rise to robust
levels relative to its debt burden because of the accumulated
operational weaknesses and management setbacks over the last 18
months, which will take time to resolve, high ongoing investments
(including the pay-TV minimum guarantee), and heavy interest
charges. We forecast investment of more than EUR2.0 billion per
year at SFR for the next three years (21%-24% of revenues). In
addition, we expect a EUR100 million-EUR150 million per year flow
from SFR to Altice's pay-TV entity in 2018-2020, and interest
charges of EUR900 million-EUR1.0 billion per year, resulting from
SFR's high debt burden.

"In addition, we estimate that SFR's debt to EBITDA, including
our adjustments, will only moderately improve. We forecast it
will remain at around 4.5x because of the effects of previous
pricing missteps and customer losses that will take time to
offset, combined with heavy cash restructuring outflows (about
EUR500 million relating to SFR's voluntary departure plan) and a
one-time (about EUR200 million) value-added tax (VAT) impact on
FOCF in 2018, on top of a one-time (about EUR735 million) cash
outflow relating to the planned reorganization of Altice's
European operations under Altice Europe. This compares with our
debt-to-EBITDA estimate of about 4.7x for 2017, pro forma the
reorganization plan and after heavy restructuring costs."

SFR Group, which delivers about two-thirds of Altice N.V.'s
revenues excluding the U.S., has been facing market share erosion
in a very competitive four-player market. It is the second-
largest fixed and mobile operator in France, with around 26%
market share by total revenues, behind French incumbent Orange
with 47% and before Bouygues and Free with about 13% each. Over
2015-2017, management and operating missteps led to substantial
fixed and mobile clients losses (about 2.3 billion total
mobile -- excluding machine-to-machine -- and 1.3 billion total
fixed customers), sharp decline in average revenue per user
(ARPU) and SFR reported a 2.7% revenue and 4.5% EBITDA drop in
2017 (based on the previous scope of consolidation, which
excludes the French Oversees Territories).

In S&P's opinion, the root causes were operational distractions
at a time of multiple mergers and acquisitions, aggressive
restructuring, defective management decisions, and insufficient
oversight.

Altice N.V. is now striving to turn around operations after
implementing several management changes and a back-to-basics
strategy in France, which focuses mainly on customer retention
through improved internal processes and smarter content
monetization. S&P said, "Our recent concerns about management and
governance, as well as about the group's complexity, have
subsided, because the experienced top management team has
regained better oversight at the French operations, identified
critical shortcomings, and implemented correcting measures.
However, since this ongoing turnaround has yet to translate into
results, we will monitor the sustainability of the rebound and of
Altice's differentiation strategy based on exclusive and
expensive sports contents in France."

"Potentially large proceeds from planned tower disposals in 2018
in France would contribute to significant debt reduction on a
reported basis, but would not likely be a major driver of S&P
Global Ratings-adjusted metrics, given our operating lease
adjustments, which we add back to debt.

"We assess SFR as a core subsidiary of Altice N.V. We think it is
unlikely to be sold because of its substantial scale within the
group, and because France remains a core market for Altice's
majority shareholder, in our view. In addition, Altice has
delisted SFR after gradually increasing its stake to 100%. We do
not view SFR as an insulated group subsidiary, either, because
holding companies, Altice Luxembourg and Altice N.V., are able to
extract cash from SFR to service their debt interest and other
intra-group needs. As a result, we cap the rating on SFR at 'B',
in line with our 'b' group credit profile on Altice.

"The stable outlook mirrors the outlook on SFR's parent company
Altice N.V., which in turn reflects our view that management has
regained a satisfactory degree of control over operations in
France and implemented measures that should translate into
gradually improving operations and, after one-time impacts on
cash flows in 2018, at least break-even FOCF from 2019. It also
reflects our anticipation that adjusted debt to EBITDA will not
significantly exceed 6x in 2019 and that management will
successfully execute the turnaround strategy.

"On a stand-alone basis, the outlook reflects our anticipation
that SFR's management will successfully execute its turnaround
strategy and that adjusted debt to EBITDA will remain between
4.5x and 5.5x and FOCF to debt between 1% and 3%.

"We could revise down our assessment of SFR's 'b+' SACP in the
next year if key operating indicators and revenues do not improve
as we anticipate, resulting in EBITDA further declining in 2019,
if FOCF to debt approaches 0% in 2019, if adjusted leverage
increases above 5.5x, if liquidity weakens, or if high turnover
of senior management resumes. In addition, any lack of success in
cutting reported debt could be negative for credit market
perception, thereby potentially raising the cost of future
funding and further constraining FOCF.

"We could revise our SACP assessment upward if SFR posts steady
operational improvements (such as churn reduction and successful
content monetization, translating into net customer additions and
growing revenues) and raises its FOCF to debt to at least 5.0%,
while sustainably reducing adjusted debt to EBITDA below 4.5x.

"We could downgrade SFR if we were to downgrade its parent
company, Altice N.V. We could lower the rating on Altice N.V. by
one notch in the next year if key operating indicators do not
improve as we anticipate, resulting in EBITDA further declining
in 2019, or if FOCF does not rebound to at least break even in
2019, if liquidity weakens, or if high turnover of senior
management resumes." In addition, any lack of success in cutting
reported debt could be negative for credit market perception,
thereby potentially raising the cost of future funding and
further constraining FOCF.

Rating upside will depend on Altice's capacity to post steady
operational improvements, such as churn reduction and the
successful monetization of its exclusive content, translating
into positive net customer additions, stabilizing ARPUs, and
growing revenues. S&P could raise the rating if the group's FOCF
to debt sustainably rises to at least 3%, while adjusted debt to
EBITDA falls to less than 6x.


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G E R M A N Y
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CALYXO GMBH: Enters Into Insolvency Process
-------------------------------------------
Compound Semiconductor reports that Calyxo GmbH has entered
insolvency proceedings in Thalheim, Germany.

Calyxo was employing 155 employees at its manufacturing
operations in Thalheim. Workers wages and salaries are secured by
the bankruptcy funds for three months until the end of June, the
report says.

"The application for insolvency has no impact on the day-to-day
business operations," the report quotes court appointed attorney
Lucas Flother, who is the company's provisional insolvency
administrator, as saying. "All services will continue to be of
the usual quality. The goal is to maintain business operations
and as many jobs as possible."

"Calyxo is a core competitive company, but in a very difficult
market environment. Whether a refurbishment is possible, will
show in the context of a closer examination in the next few
months," says Flother, notes the report.

German-based Calyxo GmbH manufactures CdTe thin-film module.


P&ISWBIDCO GMBH: Moody's Assigns B2 CFR & Rates New Debt B2
-----------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family
rating (CFR) and B2-PD probability of default rating (PDR) to
P&ISWBidCo GmbH (P&I, company). Concurrently, Moody's has
assigned B2 instrument ratings to the new EUR355 million senior
secured term loan B due 2025 and the new EUR25 million senior
secured revolving credit facility (RCF) due 2024. The outlook on
all ratings is stable.

The new bank debt together with EUR48 million of cash on the
balance sheet will replace the existing debt, including the
EUR345 first lien term loan B1 due 2023, the EUR15 million
revolving credit facility due 2022, the EUR45 million
acquisition/capex facility due 2022 as well as the EUR55 million
second lien term loan, all originally borrowed by the company.

RATING RATIONALE

The rating assignments reflect both the 6.0x pro-forma Moody's-
adjusted debt/EBITDA expected for fiscal year end March 2018 (R&D
expensed), a 0.8x decline following the transaction, and the
continued solid performance of the company in fiscal 2018. The B2
ratings on the term loan and RCF additionally reflect the fact
that no subordinated debt remains in the capital structure and
hence the instrument ratings are aligned with the CFR.

The company continues to demonstrate solid performance in fiscal
2018 with expected revenue growth of 3.7% and expected EBITDA
growth of 3.3%. While licenses sales are expected to decline by
8.0% given the company's greater focus on selling Software-as-a-
Service (SaaS) solutions, combined SaaS and other subscriptions/
services are expected to grow by 12.8%. Traditional maintenance
revenue should grow by 3.3% and the consulting business by 7.5%.
As a result of these trends, the company now generates 62.4% of
its revenue from recurring business, defined as maintenance, SaaS
and other subscription/service contracts, which is up from 60.6%
in the prior year.

Additionally, the B2 CFR reflects (i) the relatively small size
of the business, in terms of revenues, and concentration on HR/
payroll-related software in German-speaking regions in Europe
with public entities and manufacturing companies representing 69%
of customers (with the remaining 31% across multiple industries),
(ii) the related risk of customers switching gradually to larger
providers with a more comprehensive Enterprise Resource Planning
(ERP) system offering, (iii) the industry-wide pressures to move
towards a SaaS offering which will exert some pressure margins in
the coming year, with some uncertainty over margins and cloud
subscription renewal rates under the new model going forward.
Moody's considers it easier to transition specialised software
solutions to the cloud (as opposed to complete ERP systems).
While this could result in opportunities, it could also lead to a
slightly higher churn and, additionally, there is a risk that
customers could switch to providers with broader ERP offerings as
they transition to the cloud.

However, the rating also reflects the company's strong track
record of continuous revenue and EBITDA growth over the last 5
years, its high margins and resulting good free cash flow
generation that supports its deleveraging potential. In addition,
it reflects (i) the high renewal rates and switching costs
characteristic for enterprise software and as evidenced over
recent years, (ii) the company's good number two market position
in the German medium-sized enterprise market as well as with a
range of public customers (ie civil service, healthcare), and
(iii) the resulting ca. 62% of recurring revenues. Moody's also
understands that the German-speaking market is characterised by a
high level of regulatory complexity (ie data privacy and tax
regulations) providing for further reduced switching incentives
away from entrenched providers, particularly providers outside
the region. The rating also factors in the company's abilities to
provide tailored solutions and service to its customers as a
differentiating factor.

LIQUIDITY PROFILE

Moody's views P&I's liquidity profile as adequate. Moody's
expects the company to retain EUR41 million of cash on the
balance sheet, for March 2018 and pro-forma for the transaction.
In addition, the company has access to the undrawn revolving
credit facility (RCF) due 2024 of EUR25 million. Moody's also
expects the company to remain visibly free cash flow generative
(after interest payments).

Moody's notes that the company tends to receive customer payments
in the first quarter of the calendar year followed by a working
capital unwind of deferred revenues over the reminder of the
year. Hence March tends to be the high point during the year in
terms of liquidity with a ca. EUR30 million reduction in the
following nine months to December. There is one financial
maintenance covenant in the debt documentation only tested when
the RCF is drawn more than 35% under which Moody's expects the
company to retain solid headroom. The next maturity of term debt
is the EUR355 million term loan B in 2025.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that the company
will continue to successfully manage through its SaaS transition
with limited negative margin impact, will remain free cash flow
generative and on a deleveraging path. The ratings and outlook do
not incorporate any debt-funded acquisitions.

WHAT COULD CHANGE THE RATING UP/DOWN

P&I's successful transition to the cloud/subscription model
illustrated by EBITDA growth and Moody's-adjusted debt/EBITDA
(R&D expensed) falling sustainably towards 5.5x and Moody's-
adjusted FCF/debt reaching 10%, while maintaining its good
liquidity, could result in positive pressure. Negative pressure
on the rating could result from a failure to transition customers
to the cloud /subscription model with stagnating or declining
EBITDA so that leverage increases towards 7x. Further leverage
increases from debt-funded acquisitions as well as weakening free
cash flow or liquidity could also pressure the rating.

P&ISWBidco GmbH, through holding companies, is the parent of P&I
Personal & Informatik AG, a provider of HR-related software
solutions to public and small- to medium-sized private entities,
predominantly in Germany, but also Austria and Switzerland. Since
2016, the company is owned by Permira (83%), HgCapital (15%) and
management (2%). The company is expected to generated EUR130
million of revenue in the year to March 2018.


SCOUT24 AG: Moody's Alters Outlook to Pos., Affirms Ba3 CFR
-----------------------------------------------------------
Moody's Investors Service changed the outlook of Scout24 AG to
positive from stable. Concurrently, Moody's has affirmed the
corporate family rating (CFR) of Ba3 and its probability of
default rating (PDR) of Ba3-PD.

The change in outlook to positive reflects the good operating
performance of the business during 2017, supported by positive
pricing trends on its European auto platform (AS24) and
stabilisation of core agent numbers for its German real estate
platform (IS24), and expectations that profitability will
continue to strengthen in the next 12-18 months driven by revenue
growth across its verticals and geographies.

The positive outlook also reflects the further optimization of
the company's capital structure in March 2018 following a
voluntary repayment of EUR35 million of the outstanding EUR570
million term loan due 2021 and the partial refinancing of the
term loan via the placement of EUR215 million Schuldschein loan
with tranches of 3 to 6 years.

RATINGS RATIONALE

The positive operating performance coupled with voluntary debt
repayments have supported the company's deleveraging trajectory
to a Moody's adjusted gross leverage of 2.6x at the end of
December 2017 (approximately 2.4x pro-forma for EUR35 million
voluntary partial repayment of the outstanding term loans in
March 2018) from 3.1x at the end of December 2016. Excluding
debt-funded acquisitions, the company remains committed to repay
debt with a target net leverage of 1.0x-1.5x over time. At the
end of December 2017, the company reported Net Leverage of 2.2x
from 2.8x one year earlier.

At the end of 2017, the company finalised the transition to
membership-based pricing strategy for its IS24 platform. Moody's
positively notes that the number of IS24's core agents has now
stabilised at around 17,500 thanks to win backs and new customer
acquisitions during the second half of 2017. During 2017 the IS24
platform reported growth in both revenue and EBITDA of +5% and
+4% respectively driven by a stable clients base and +7% ARPU
growth. During the same period, AS24 platform delivered a +15%
revenue growth, mainly the result of solid ARPU growth of +9% in
Germany and +14% in Benelux and Italy, and EBITDA growth of +34%
versus prior year as the platform benefitted from high
operational gearing.

Moody's anticipates that the company will continue to benefit
from ARPU growth as a result of upselling of premium products
across platforms during the next 12-18 months. The positive price
trends coupled with operating leverage should support high single
digit growth rate in both revenue and EBITDA in 2018.

According to management, the positive momentum in the German real
estate market generated a reduction in the listings' average
durations on platforms and, as a result, a subsequent decline in
the number of listings per agent in 2017. The decline in listings
did not have an impact on the company's revenue generation which
is supported by the subscription-based model. IS24 reported a
decline of -8% in the number of listings per customers in 2017
compared to 2016 which is however below the -22% decline which
the company estimates for its direct competitors during the same
period. As such, the management estimates that IS24's market
share expanded in 2017 with the number of listings compared with
the #2 competitor raising to 1.8x in 2017 from 1.6x in 2016.

Moody's notes that the company has decided to combine all
activities relating to services provided along the value chain of
the real estate or automotive market and to non-real estate and
non-automotive third-party display advertising in a third new
vertical called "Scout24 Consumer Services". While the new
reporting does not represent an increase in diversification per
se, the new consumer services segment will extend the focus from
listings to transactions aiming at increasing consumer
monetisation and delivering additional products and solutions to
customers.

Scout24 AG's Ba3 corporate family rating (CFR) takes into account
(1) Scout24's market leading position; (2) high level of
recurring subscription-based revenues and track record of solid
and consistent growth over the past years; (3) the positive free
cash flow generation; and (4) the consistent deleveraging in line
with the stated financial policy.

The CFR also reflects (1) the company's modest size compared with
the universe of rated Business & Consumer Services peers; (2) the
high concentration around two verticals with meaningful exposure
to the German Real Estate sector; (3) the embedded threat of
disruptive new models or increase in competition from established
digital players; and (4) the high operating leverage which makes
profitability sensitive to revenue trends.

Liquidity profile

The company has a good liquidity position supported by a EUR200
million revolving credit facility, which is currently drawn for
EUR50 million, and by EUR57 million of cash on balance sheet at
the end of December 2017. The company benefits from high cash
conversion and limited capital expenditures of around 5% of
revenue and mainly linked to products development. In 2018 capex
is expected to increase to EUR30-35 million impacted by
approximately EUR8 million of one-off outflows partially linked
to the relocation of the new office in Munich.

Following the debt refinancing at the beginning of 2017 and the
placement of EUR215 million of Schuldschein in March 2018,
Moody's expects the company to sustain annual cash interest
payments of around EUR10 million which represents a significant
improvement compared to the approximately EUR30 million of cash
interest payments during 2016 EUR14 million in 2017). Part of the
interest savings have been absorbed by higher cash taxes and to
support dividend payments. From 2017, the company has put in
place a dividend policy with a pay-out target ratio of 30%-50% of
adjusted net income. In 2017 the company paid a EUR32 million
dividend and it is proposing to make a EUR60 million dividend
payment during the second half of 2018 (representing a 40% pay-
out ratio).

Moody's estimates that despite increased dividend payments, the
company will continue to generate positive free cash flow -
calculated after interest expenses, cash taxes, working capital
changes, capex and dividend payments - of above EUR70 million per
annum. Moody's expects that excess cash flow will continue to be
used to make debt repayments and to pursue small bolt-on
acquisitions in order to consolidate S24's market positioning,
increase scale and revenue diversification and enhance its
technological offering.

Rating outlook

The positive outlook reflects Scout24's solid position within the
current rating category and Moody's expectation that the company
will continue to deliver positive performance and meaningful
deleveraging while maintaining its leading positions in its core
markets. The outlook also assumes that the company will not adopt
a more aggressive financial policy with regard to shareholder
distributions.

Factors that could lead to an upgrade

Whilst the positive outlook reflects the likelihood of continued
strong performance within its rating category, nonetheless
Scout24's modest scale and the high concentration around two
verticals with meaningful exposure to the German real estate
sector still limit the likelihood of a rating upgrade in the near
term. However, if the scale and the business diversification
improve over time combined with a solid track record through the
cycle, Moody's could consider an upgrade if (i) Moody's adjusted
Free Cash Flow / debt is at around 20%; (ii) revenue continues to
grow steadily and EBITDA margins improve on a sustained basis;
and (iii) Moody's adjusted gross leverage reduces below 2.5x on a
sustained basis.

Factors that could lead to a downgrade

Conversely, downward ratings pressure could develop if (i)
Scout24's competitive profile weakens with material decline in
its leading positions in its core markets; (ii) Moody's adjusted
gross leverage increases above 4.0x; or (iii) the liquidity
profile significantly weakens.

PRINCIPAL METHODOLOGY

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

CORPORATE PROFILE

Scout24 AG is the parent company of Scout24 Holding GmbH, a
leading online classifieds platform dedicated to the real estate
and the automotive sectors in Germany and other European
countries. Scout24 operates via two brands: ImmobilenScout24
(IS24), the market leading online real estate classifieds portal
in Germany, and AutoScout24 (AS24), an online car and motorbike
classifieds platform with market leading positions in Italy,
Belgium, Austria and the Netherlands, and number 2 position in
Germany. AS24 also operates in Spain and France and offers local
language versions in 11 additional countries. From 1 January
2018, the company has introduced a new vertical, Consumer
Services, which combined all products and services related to the
search for vehicles or property and which were previously mainly
reported within IS24 and AS24 verticals. The company is listed on
the Frankfurt Stock Exchange with public free float of 90.26% at
the end of 2017. The market capitalization at the end of March
2017 was EUR4.0 billion. For the full year ended December 2017,
the company reported revenue of EUR480 million and ordinary
operating EBITDA of EUR253 million (ordinary operating EBITDA
margin 53%).


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GREECE: Creditors Inch Closer to Debt Deal, Eurogroup Head Says
---------------------------------------------------------------
Viktoria Dendrinou at Bloomberg News reports that Greece's
creditors are getting closer on a deal to ease the country's debt
burden, according to Eurogroup President Mario Centeno.

Greece's EUR86-billion (US$106-billion) bailout program is set to
run out in August, and creditors are working on finding a
compromise on debt repayments that would help to manage the
country's financing needs after it stops receiving international
aid, Bloomberg discloses.  A debt deal would also allow the
International Monetary Fund to participate in the current
bailout, Bloomberg notes.

Further easing Greek debt is a key precondition for the
Washington-based IMF before it can participate in the country's
program, Bloomberg states.  According to Bloomberg, while the IMF
has co-financed Greece's first two bailouts it hasn't yet
activated its third one, arguing the euro area must arrange for
more debt sustainability.  But the participation of the fund,
even a few months before the end of the bailout, is important for
some countries including Germany, who see the IMF coming on board
as a seal of approval that will offer credibility to the bailout,
according to Bloomberg.

Talks among Greece's creditors and euro-area countries on likely
debt measures have been going on at a technical level for months,
Bloomberg relays.  That includes a proposal to link debt
repayments to economic growth, so the country can pay back more
if it is doing well, and less if it isn't, Bloomberg discloses.
The aim is to have a final agreement in the early summer, but key
differences among creditors on the scope and type of debt relief
persist, Bloomberg says.


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ELM PARK: Moody's Assigns B1 Rating to Class E-R Notes
------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to six
classes of notes ("Refinancing Notes") issued by Elm Park CLO
Designated Activity Company (the "Issuer" or "Elm Park CLO"):

EUR324,500,000 Class A-1-R Senior Secured Floating Rate Notes due
2029, Assigned Aaa (sf)

EUR60,500,000 Class A-2-R Senior Secured Floating Rate Notes due
2029, Assigned Aa1 (sf)

EUR42,500,000 Class B-R Senior Secured Deferrable Floating Rate
Notes due 2029, Assigned A2 (sf)

EUR26,250,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2029, Assigned Baa2 (sf)

EUR33,500,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2029, Assigned Ba2 (sf)

EUR14,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2029, Assigned B1 (sf)

RATINGS RATIONALE

Moody's definitive ratings of the notes address the expected loss
posed to noteholders by the legal final maturity of the notes in
2029. The definitive ratings reflect the risks due to defaults on
the underlying portfolio of loans given the characteristics and
eligibility criteria of the constituent assets, the relevant
portfolio tests and covenants as well as the transaction's
capital and legal structure. Furthermore, Moody's is of the
opinion that the collateral manager, Blackstone / GSO Debt Funds
Management Europe Limited, has sufficient experience and
operational capacity and is capable of managing this CLO.

The Issuer has issued the Refinancing Notes in connection with
the refinancing of the following classes of notes: Class A-1
Notes, Class A-2 Notes, Class B Notes, Class C Notes, Class D
Notes, Class E Notes due 2029 (the "Original Notes"), previously
issued on 26 May 2016 (the "Original Closing Date"). On the
refinancing date, the Issuer used the proceeds from the issuance
of the Refinancing Notes to redeem in full its respective
Original Notes. On the Original Closing Date, the Issuer also
issued EUR 56.93 million of Subordinated Notes, which remain
outstanding. However, the terms and conditions of the
Subordinated Notes were amended in accordance with the
Refinancing Notes' conditions.

Pursuant to this refinancing, the Trust Deed, Conditions and
Collateral Management and Administration Agreement are being
amended ("Transaction Documents") per the Supplemental Trust
Deed, dated, on or about, 16th April 2018 and entered into by the
Issuer, Citibank, N.A. London Branch (the "Trustee") and
Blackstone / GSO Debt Funds Management Europe Limited (the
"Collateral Manager"), amongst others. Amendment to the
Transaction Documents include: (1) increasing the Weighted
Average Life Test by 18 months to Nov 26, 2025 from May 26, 2024,
(2) amendments to certain definitions of the Conditions including
but not limited to "Secured Senior Loan", "Secured Senior Note",
"Secured Senior RCF Percentage" and "Cov-Lite Loan" (3)
amendments to the Reinvestment Criteria and (4) insertion of a
new Moody's Test Matrix together with amendments to the "Moody's
Weighted Average Recovery Adjustment." Moody's has incorporated
these amendments in its' analysis for the assignment of the
definitive ratings.

Elm Park CLO 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,
second lien loans, mezzanine obligations, high yield bonds and/or
first lien last out loans.

Blackstone / GSO Debt Funds Management Europe Limited manages the
CLO. It directs 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 (two years remaining).
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk and credit improved obligations, and are subject to certain
restrictions.

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

Loss and Cash Flow Analysis:

Moody's modelled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
August 2017. The cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of the
binomial distribution assumed for the portfolio default rate. In
each default scenario, the corresponding loss for each class of
notes is calculated given the incoming cash flows from the assets
and the outgoing payments to third parties and noteholders.

Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.

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

Par Amount: EUR 547,093,910.85

Diversity Score: 46

Weighted Average Rating Factor (WARF): 3360

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 4.18%

Weighted Average Recovery Rate (WARR): 46%

Weighted Average Life (WAL): 7.61 years

Stress Scenarios:

Together with the set of modelling assumptions above, Moody's
conducted an additional sensitivity analysis, which was an
important component in determining the definitive ratings
assigned to the rated notes. This sensitivity analysis includes
increased default probability relative to the base case.

Below is a summary of the impact of an increase in default
probability (expressed in terms of WARF level) on each of the
rated notes (shown in terms of the number of notch difference
versus the current model output, whereby a negative difference
corresponds to higher expected losses), holding all other factors
equal.

Percentage Change in WARF: WARF + 15% (to 3864 from 3360)

Ratings Impact in Rating Notches:

Class A-1-R Senior Secured Floating Rate Notes: 0

Class A-2-R Senior Secured Floating Rate Notes: -1

Class B-R Senior Secured Deferrable Floating Rate Notes: -2

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

Class D-R Senior Secured Deferrable Floating Rate Notes: 0

Class E-R Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 4368 from 3360)

Ratings Impact in Rating Notches:

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

Class A-2-R Senior Secured Floating Rate Notes: -3

Class B-R Senior Secured Deferrable Floating Rate Notes: -3

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

Class D-R Senior Secured Deferrable Floating Rate Notes: -1

Class E-R Senior Secured Deferrable Floating Rate Notes: 0


LANSDOWNE MORTGAGE 1: Fitch Affirms CCsf Ratings on 4 Tranches
--------------------------------------------------------------
Fitch Ratings has affirmed Lansdowne Mortgage Securities No. 1
Plc (L1) and Lansdowne Mortgage Securities No. 2 Plc (L2) and
removed them from Rating Watch Evolving (RWE), as follows:

L1

Class A2 (XS0250832614): affirmed at 'CCCsf': off RWE; Outlook
Stable Recovery Estimate (RE) 100%

Class M1 (XS0250833695): affirmed at 'CCsf': off RWE; Outlook
Stable RE 90%

Class M2 (XS0250834073): affirmed at 'CCsf': off RWE; Outlook
Stable RE 0%

Class B1 (XS0250834404): affirmed at 'CCsf': off RWE; Outlook
Stable RE 0%

Class B2 (XS0250835120): affirmed at 'CCsf': off RWE; Outlook
Stable RE 0%

L2

Class A2 (XS0277482286): affirmed at 'CCCsf': off RWE; Outlook
Stable RE 90%

Class M1 (XS0277482526): affirmed at 'CCsf': off RWE; Outlook
Stable RE 0%

Class M2 (XS0277482955): affirmed at 'CCsf': off RWE; Outlook
Stable RE 0%

Class B (XS0277483417): affirmed at 'CCsf': off RWE; Outlook
Stable RE 0%

The transactions are securitisations of Irish residential
mortgage loans originated by Start Mortgages Ltd.

KEY RATING DRIVERS

Payment Interruption Risk
The transactions may be unable maintain timely payments on the
most senior notes outstanding in a payment interruption event.
This is because current reserve fund balances are expected to be
depleted by losses. As there is no dedicated liquidity, note
payments will be exposed to payment interruption in this event.

Credit Enhancement (CE) Build-up
Sequential amortisation has led to increasing CE available to
support the rated notes, despite drawings on the reserve fund in
L2 for the last two interest payment dates. We expect the
transactions to continue paying sequentially and CE to continue
to grow, subject to reserve fund draws to cover for losses.

European RMBS Rating Criteria
The rating actions reflect the application of Fitch's new
European RMBS Rating Criteria. We placed the ratings on RWE on 5
October 2017 pending the criteria's publication.

RATING SENSITIVITIES

If the transactions continue to make timely payments while
withstanding negative carry and losses from delinquencies and
foreclosures, leading to a decrease in late stage arrears, Fitch
will reduce its foreclosure frequency assumptions. This may
result in upgrades of the notes' ratings.


MAN GLG I: Moody's Rates EUR12-Mil. Class F Notes 'B1'
------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Man GLG Euro CLO
I Designated Activity Company (the "Issuer" or "GLG CLO"):

EUR3,000,000 Class X Senior Secured Floating Rate Notes due 2030,
Definitive Rating Assigned Aaa (sf)

EUR219,000,000 Class A-1 Senior Secured Floating Rate Notes due
2030, Definitive Rating Assigned Aaa (sf)

EUR15,000,000 Class A-2 Senior Secured Fixed Rate Notes due 2030,
Definitive Rating Assigned Aaa (sf)

EUR42,000,000 Class B-1 Senior Secured Floating Rate Notes due
2030, Definitive Rating Assigned Aa2 (sf)

EUR13,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2030,
Definitive Rating Assigned Aa2 (sf)

EUR26,000,000 Class C Deferrable Mezzanine Floating Rate Notes
due 2030, Definitive Rating Assigned A2 (sf)

EUR22,000,000 Class D Deferrable Mezzanine Floating Rate Notes
due 2030, Definitive Rating Assigned Baa2 (sf)

EUR22,200,000 Class E Deferrable Junior Floating Rate Notes due
2030, Definitive Rating Assigned Ba2 (sf)

EUR12,000,000 Class F Deferrable Junior Floating Rate Notes due
2030, Definitive Rating Assigned B1 (sf)

RATINGS RATIONALE

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

GLG CLO is a managed cash flow CLO. At least 90% of the portfolio
must consist of secured senior loans or senior secured bonds and
up to 10% of the portfolio may consist of unsecured senior loans,
second-lien loans, high yield bonds and mezzanine loans. The
portfolio is expected to be approximately at least 75% ramped up
as of the closing date and to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe. The
remainder of the portfolio will be acquired during the six month
ramp-up period in compliance with the portfolio guidelines.

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

In addition to the nine classes of notes rated by Moody's, the
Issuer will issue EUR38,000,000 of subordinated notes. Moody's
has not assigned 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. Please see the Rating Methodologies
page on www.moodys.com for a copy of this methodology.

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

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

Loss and Cash Flow Analysis:

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

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

Par Amount: EUR400,000,000

Diversity Score: 46

Weighted Average Rating Factor (WARF): 2980

Weighted Average Spread (WAS): 3.55%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 44.0%

Weighted Average Life (WAL): 8.5 years

As part of the base case, Moody's has addressed the potential
exposure to obligors domiciled in countries with local a currency
country risk ceiling (LCC) of A1 or below. As per the portfolio
constraints, exposures to countries with a LCC of A1 or below
cannot exceed 10%, with exposures to countries with LCCs of Baa1
to Baa3 further limited to 2.5%. As a worst case scenario, a
maximum 2.5% of the pool would be domiciled in countries with
LCCs of Baa1 to Baa3 while the remaining 7.5% would be domiciled
in countries with LCCs of A1 to A3. The remainder of the pool
will be domiciled in countries which currently have a LCC of Aa3
and above. Given this portfolio composition, the model was run
with different target par amounts depending on the target rating
of each class of notes as further described in the methodology.
The portfolio haircuts are a function of the exposure size to
peripheral countries and the target ratings of the rated notes
and amount to 0.375% for the Class X and Class A notes, 0.250%
for the Class B notes, 0.188% for the Class C notes and 0% for
Classes D, E and F.

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3427 from 2980)

Ratings 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-1 Senior Secured Floating Rate Notes: -2

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

Class C Deferrable Mezzanine Floating Rate Notes: -2

Class D Deferrable Mezzanine Floating Rate Notes: -2

Class E Deferrable Junior Floating Rate Notes: -1

Class F Deferrable Junior Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3874 from 2980)

Class X Senior Secured Floating Rate Notes: 0

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

Class A-2 Senior Secured Fixed Rate Notes: -1

Class B-1 Senior Secured Floating Rate Notes: -3

Class B-2 Senior Secured Fixed Rate Notes: -3

Class C Deferrable Mezzanine Floating Rate Notes: -4

Class D Deferrable Mezzanine Floating Rate Notes: -3

Class E Deferrable Junior Floating Rate Notes: -1

Class F Deferrable Junior Floating Rate Notes: -1


ST. PAUL'S CLO IX: Fitch Assigns B- Rating to Class F Notes
-----------------------------------------------------------
Fitch Ratings has assigned St. Paul's CLO IX DAC expected
ratings, as follows:

Class A: 'AAAsf'; Outlook Stable
Class B: 'AAsf'; Outlook Stable
Class C: 'Asf'; Outlook Stable
Class D: 'BBBsf'; Outlook Stable
Class E: 'BB-sf'; Outlook Stable
Class F: 'B-sf'; Outlook Stable
Subordinated notes: not rated

St. Paul's CLO IX DAC is a cash flow collateralised loan
obligation (CLO). Net proceeds from the notes will be used to
purchase a EUR400 million portfolio of mainly euro-denominated
leveraged loans and bonds. The transaction has a four-year
reinvestment period and a weighted average life of 8.5 years. The
portfolio of assets will be managed by Intermediate Capital
Managers Limited.

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

KEY RATING DRIVERS

'B' Portfolio Credit Quality
Fitch places the average credit quality of obligors in the 'B'
range. The Fitch weighted average rating factor (WARF) of the
identified portfolio is 32.3, below the covenanted maximum of 35.

High Recovery Expectations
The portfolio will comprise a minimum of 90% senior secured
obligations. Fitch views the recovery prospects for these assets
as more favourable than for second-lien, unsecured and mezzanine
assets. The weighted average recovery rate of the identified
portfolio is 69.5%, above the covenanted minimum of 65%.

Interest Rate Exposure
Fixed-rate liabilities represent 9.21% of the target par, while
unhedged fixed-rate assets cannot exceed 15% of the portfolio,
depending on the matrix selected by the manager. The transaction
is therefore partially hedged against rising interest rates.

Diversified Asset Portfolio
The transaction contains two covenants that limit the top 10
obligors in the portfolio to 20% and 25%, respectively, of the
portfolio balance. This ensures that the asset portfolio will not
be exposed to excessive obligor concentration.

Unhedged Non-Euro Assets Exposure
The transaction is allowed to invest up to 2.5% of the portfolio
in non-euro-denominated primary market assets without entering
into an asset swap on settlement, subject to principal haircuts.
Unhedged assets may only be purchased if after the applicable
haircuts the aggregate balance of the assets is above the
reinvestment target par balance. Additionally, no credit in the
overcollateralisation tests is given to assets left unhedged for
more than 180 days after settlement.

RATING SENSITIVITIES

A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to two notches for the rated
notes.

A 25% reduction in recovery rates would lead to a downgrade of up
to four notches for the class F notes and up to three notches for
the remaining rated notes.


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


GAMENET: Moody's Affirms B1 CFR & Rates EUR225MM Secured Notes B1
-----------------------------------------------------------------
Moody's Investors Service affirmed the B1 corporate family rating
(CFR) and B1-PD Probability of Default Rating (PDR) for Gamenet
Group S.p.A. ("Gamenet or the "company"). Concurrently, Moody's
has assigned B1 instrument ratings to the proposed EUR225 million
senior secured notes due 2023. The outlook for the ratings is
stable.

The proposed transaction includes refinancing the existing EUR200
million 2021 senior secured notes with the proposed EUR225
million 2023 senior secured notes and refinancing the EUR30
million revolving credit facility (RCF) which is unrated.

RATINGS RATIONALE

The B1 corporate family rating (CFR) is supported by (i) a modest
financial leverage of 3.3x expected at the end FY2017 (PF for the
new capital structure); (ii) increased diversification and
strengthened market shares in both betting and gaming machines
since the acquisition of Intralot Italia and expansion of the
retail and online segments, (iii) successful IPO in December 2017
resulting in 35% free float, and; (iv) barriers to entry from
existing long term concessions.

Conversely Gamenet's rating is constrained by (i) the ongoing
risk of licence renewal, particularly betting shops & corners
(already expired and expected to occur in 2018/2019) and gaming
machines (due 2021/2022) and related, potentially material,
pressure on cash flow; (ii) its geographic concentration; with
Italy being the sole country of operation it is exposed to a
constantly evolving gambling regulatory and fiscal regime and to
the Italian economy, however we note that the company has proven
resilient to recent periods of recession; (iii) the presence in
mature and competitive market segments which limit organic growth
prospects (a limitation mitigated by the Company's Distribution
Insourcing Strategy which allows increasing profitability at
constant revenues, by insourcing activities previously performed
by other members of the supply chain) and; (iv) the increased
operating risk in light of increased exposure to retail and
sports betting, however we also note the benefits of this
diversification, as mentioned above.

Liquidity Profile

Gamenet's liquidity position is viewed as adequate to meet its
quarterly needs and other requirements, including concession-
related payments, small bolt-on acquisitions, the replacement of
AWPs, and dividends. Liquidity is underpinned by EUR57 million of
cash on the balance sheet expected post transaction and full
availability under the proposed EUR30 million super senior
revolving credit facility (RCF) which is subject to a springing
covenant on a minimum EBITDA of EUR55 million on the RCF to be
tested quarterly when the RCF is drawn more than 35%.

Structural considerations

Gamenet's B1-PD probability of default rating (PDR) is in line
with the B1 CFR, reflecting our assumption of a 50% family
recovery rate as is customary for a capital structure including
bonds and bank debt. The B1 rating on the proposed senior secured
notes due 2023, secured by share pledges and rights on the
proceeds loan, is also in line with the CFR. The proposed
structure includes an unrated EUR30 million super senior RCF
(with Gamenet S.p.A. and Gamenet Group S.p.A. as co-borrowers)
which shares similar security and guarantees, and has priority in
case of an enforcement under the terms of the intercreditor
agreement.

Rating Outlook

The stable outlook reflects Moody's view that Gamenet's
profitability will continue to improve in 2018, that the company
will not embark on any material debt-funded acquisitions, and
that the proposed refinancing transaction is achieved as
envisaged.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure on the rating could occur if (i) Gamenet's scale,
business diversity and operating performance continue to improve,
and (ii) Moody's-adjusted leverage falls sustainably below 2.5x
whilst achieving visible and sustained positive free cash flow
and maintaining good liquidity.

Downward pressure on the rating could occur if (i) Gamenet's
performance weakens or is negatively impacted by a changing
regulatory and fiscal regime, (ii) leverage raises sustainably
above 3.5x, (iii) free cash flow turns sustainably negative
(excluding one-off capex required to renew betting licences), or
(iv) liquidity weakens.

CORPORATE PROFILE

Headquartered in Rome, Gamenet was founded in 2006 following a
participation in the first round of public gaming concessions
awarded in Italy. In July 2016 the company merged with Intralot
Italia, creating one of the largest gaming companies in Italy
with bets of over EUR7.1 billion, more than 590 employees and a
significant presence in i) Awards with prizes machines (AWPs) ii)
Video lottery terminals (VLTs), iii) Retail and street
operations, and iv) Betting and online.

Operating with legal concessions from Italy's national gaming
regulator, Gamenet ranks 3rd in Italy by revenues (after IGT and
Snaitech, and at the same level of SISAL excluding payment
services). In terms of Italian gaming segments Gamenet is the
third-largest concessionaire of gaming machines (by wagers), the
fifth largest sports betting operator with a 10% share, and the
second largest operator of gaming halls.

As of December 2017, the company had a network of 10,300 points
of sale and had access to a distribution network of 693 betting
shops & corners and c. 770 gaming halls (of which 68 are directly
managed).

In December 2017 Gamenet listed on the Milan Stock Exchange and
its ownership structure is as follows: free float 35% , private
equity firm Trilantic Capital Partners 45%, and Intralot Global
Holdings B.V. 20%.


SNAITECH SPA: S&P Puts B2 CFR on Review for Upgrade
---------------------------------------------------
Moody's Investors Service placed the ratings of SNAITECH S.p.A.
on review for upgrade, including its B2 Corporate Family Rating,
B2-PD Probability of Default Rating and B2 rating on its EUR570
million Senior Secured Notes due 2021.

The review follows the announcement that Playtech plc
("Playtech") proposes to acquire approximately 70.6% of
Snaitech's issued share capital with the agreement of certain
Snaitech shareholders, valuing the total equity at EUR413 million
-- a 17% premium to the last trading day prior to the
announcement -- and for a total enterprise value of EUR846
million (6.2x EBITDA before synergies). Following successful
completion of this initial transaction -- expected in Q3 2018 --
Playtech would be required to make a mandatory offer for the
remaining shares in Snaitech. The acquisition is subject to
achieving, by 9 August 2018: (i) approval by Playtech
shareholders; (ii) anti-trust clearance where applicable, and;
(iii) consent of ADM, the Italian gaming regulator. The overall
transaction is expected to close in Q4 2018.

RATINGS RATIONALE

The proposed acquisition benefits Snaitech's business profile
because it would create a larger, more geographically diverse,
vertically integrated gaming enterprise that combines two market
leading players in the B2B/B2C space in the Italian gaming
market, Europe's largest. Given Playtech's track record of
successfully developing the online segment through structured
agreements and Snaitech's complementary technology and local
experience, the underdeveloped online segment in Italy offers
significant growth prospects for the combined group.

Although the final transaction financing details have not yet
been disclosed, the total amount including cash and new debt has
been estimated at approximately EUR1.0 billion and the target
post-transaction net leverage is 1.5x. Moody's estimates that on
a Moody's adjusted basis, combined leverage will be in the range
of 3x to 4x depending on the cash component, compared to
Snaitech's current Moody's leverage of 5.1x.

The improved scale, business profile and the anticipated
reduction in Snaitech's financial leverage have prompted the
review for upgrade, and at this stage Moody's anticipates an
upgrade of at least two notches To resolve the review, Moody's
assessment will include: (i) execution and integration risk; (ii)
group strategy; and, (iii) synergies.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Gaming
Industry published in December 2017.

CORPORATE PROFILE

Founded in 1990 and headquartered in Italy, Snaitech is a
diversified betting and gaming company listed on the Milan Stock
Exchange since 1996. The company is a leader in sports and horse
race betting and one of the largest authorised gaming machine
operators with concession rights for over 54,000 AWPs and over
10,000 VLTs. Their network includes 743 sports and horse race
betting shops plus 952 sports betting corners and 449 horse race
betting corners. Snaitech also operates well-known online sports
betting and casino games.

Snaitech reported revenue and EBITDA of EUR890 million and EUR136
million respectively in 2017, and although 100% of results
currently originate from Italy this will decrease marginally
going forward as the company has initiated the process of
exporting their B2B services, starting in 2017 with Spain.

The company's current shareholders comprise Global Games S.p.A.
(indirectly and equally controlled by Investindustrial and
Palladio Finanziaria) with 55.5%, OI Games S.A. and OI Games 2
S.A. with 15%, and c.29.4% free float.


===========
L A T V I A
===========


LIEPAJAS METALURGS: British Steel Wants to Buy All Assets
---------------------------------------------------------
LETA reports that a consortium that includes British companies
British Steel and its owner, Greybull Capital, plus Estonian
company Baltic Metal Holding in a letter dated with April 17 to
KVV Liepajas Metalurgs insolvency administrator Vita Dika, Janis
Ribens, a board member of Privatization Agency's subsidiary FeLM,
and Citadele Bank confirmed its interest to purchase all assets
of the insolvent company.

According to information at the disposal of LETA, the British
Steel consortium already voiced a similar wish to purchase the
company already in February by sending a letter to the
responsible officials. In February, British Steel noted that the
outdated rolling mill should be replaced and voiced readiness to
invest EUR 60-75 million in replacement of the equipment.

LETA relates that the company also voiced readiness to sign a
protocol of intent with the current owners of KVV Liepajas
Metalurgs on acquisition of assets.

British Steel called on KVV Liepajas Metalurgs insolvency
administrator to cancel all previous and future auctions in order
to preserve all assets as a whole, the report says.

As soon as all involved parties have signed the protocol of
intent, British Steel is ready to pay a deposit that would prove
its resolution, LETA relates.

KVV Liepajas Metalurgs insolvency administrator Dika refused to
answer LETA questions about the letter sent by British Steel.

London-based investment company Greybull Capital was founded in
2008 and deals with long-term investments in private companies,
and its investment portfolio includes energy, technologies,
retail, and manufacturing companies.

The assets of Latvia's insolvent steel company KVV Liepajas
Metalurgs are being auctioned off because none of the company's
potential investors had met the requirements set by the secured
creditors or provided the required guarantees that would prove
their ability to acquire KVV Liepajas Metalurgs in one piece and
relaunch its operations, LETA recalls.

Austrian company Smart Stahl GmbH bought the rolling mill of the
insolvent Latvian steel company KVV Liepajas Metalurgs at the
auction on March 20, the report discloses. Smart Stahl GmbH had
won the auction by offering EUR1.57 million (VAT excluded) or
EUR1.9 million (VAT included).

An attempt to sell insolvent KVV Liepajas Metalurgs company's
electric steel casting plant along with its equipment failed on
March 28 as the auction drew no bidders.

At the end of March, two company's real estate properties were
sold in an auction. Some other real estate auctions should
conclude on April 20, LETA states.

Liepajas Metalurgs metallurgical plant based in the Liepaja port
city in south-western Latvia was first declared insolvent after
it failed to repay a state-guaranteed loan to an Italian bank.
The government sold the plant to Ukrainian investors, KVV Group,
in late 2014.

Liepajas Metalurgs was renamed KVV Liepajas Metalurgs and
officially re-opened on March 6, 2015, but soon started having
problems again and was once more declared insolvent in
September 2016.


=================
L I T H U A N I A
=================


UAB VAE: Parent Opts to Liquidate Business
------------------------------------------
Lietuvos Energija, UAB, on April 18 disclosed that it has adopted
a decision to liquidate UAB VAE SPB by appointing the interim CEO
of the subsidiary as its liquidator.  The decision to liquidate
UAB VAE SPB has been approved by the written consent of the
Ministry of Finance of the Republic of Lithuania, which is the
institution to implement the Company shareholder rights.

Whereas UAB VAE SPB is no longer carrying out any commercial
activities, the settlement with the creditors and the liquidation
procedures are expected to be completed within no later than six
months of the decision date.

The decision to terminate the activities of the company was
adopted with a reference to the draft National Energy
Independence Strategy (NEIS) submitted to the Seimas.  The NEIS
draft proposes to prioritize the development of renewable energy
resources, and does not contain any provisions or objectives
related to the implementation of the new nuclear power plant
project.

UAB VAE SPB is based in Lithuania.


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


ALTICE INTERNATIONAL: S&P Lowers ICR to 'B', Outlook Stable
-----------------------------------------------------------
S&P Global Ratings has lowered its long-term issuer credit rating
on cable and telecommunications company Altice International
S.a.r.l. to 'B' from 'B+'. The outlook is stable.

S&P said, "We also lowered our issue rating on Altice
International's senior secured debt to 'B+' from 'BB-'. The
recovery rating on this debt is unchanged at '2', with expected
recovery in the event of a default of about 70% (revised from 75%
previously).

"We lowered our issue rating on the unsecured debt to 'CCC+' from
'B-'. The recovery rating on this debt is unchanged at '6' with
zero recovery expected in the event of a payment default.

"At the same time, we removed all the ratings from CreditWatch,
where we had placed them with negative implications on Jan. 16,
2018.

"The downgrade reflects our belief that parent company Altice
N.V.'s deleveraging and free operating cash flow (FOCF) in 2018
and 2019 will fall short of previous expectations. We now
forecast only a moderate rebound from 2019, since the group's
U.S. cable assets, which provided EBITDA growth and FOCF
generation, are to be structurally separated from Altice N.V.
Furthermore, the rating on Altice International is capped by the
rating on its parent company Altice N.V., primarily because the
group is able to extract cash from Altice International to
service debt interest at other holding companies of the group.

"We revised down our assessment of Altice International's stand-
alone credit profile (SACP) to 'b+' from 'bb-', reflecting our
expectations that FOCF will be negative in 2018 and only almost
break-even in 2020. We further believe that Altice
International's FOCF is unlikely to rise to robust levels because
of the additional EUR200 million debt service it will cover for
holding company Altice Corporate Finance after the U.S. entities
are separated in the reorganization. This is in addition to the
EUR440 million it already services for Altice Luxembourg's debt.
Altice International also faces high ongoing investments and
heavy interest charges.

In S&P's forecast, it assumes:

-- Cash advances to Altice Luxembourg and Altice Corporate
    Finance for their debt service of about EUR610 million;

-- Capital expenditure investment of about EUR700 million-EUR800
    million per year for the next three years (18%-19% of
    revenues);

-- Annual pension contributions from Portugal Telecom of around
    EUR100 million; and

-- Own interest charges of about EUR500 million per year.

S&P said, "Incorporating these assumptions combined with one-off
cash outflows relating to the planned reorganization of Altice
N.V.'s European operations, we expect adjusted debt to EBITDA
will only moderately improve, and will remain higher than 5.0x.
This compares with our estimate of about 5.1x for 2017, pro forma
the reorganization and after restructuring costs."

Altice International, which delivers about one-fourth of Altice
N.V.'s revenues excluding the U.S., has been facing market share
erosion at Portugal Telecom (which contributes more than one-half
of Altice International's revenues) in a very competitive three-
player market. It is the Portuguese incumbent and largest player,
with around 47% market share by total revenues, before No.2 NOS
with 33% and No.3 Vodafone with about 20%.

Over 2016-2017, operating missteps and strong market competition
led to a sharp decline in average revenues per user (ARPU) for
Portugal Telecom. In particular, competition came from Vodafone,
which sought to expand its fixed-broadband customer base through
competitive fixed-mobile convergent offers, and NOS' winning
mobile customers with its leading pay-TV position and attractive
convergent offers. For Portugal Telecom, this translated into a
reported 2.7% revenue drop and 7.3% EBITDA drop in 2017 (based on
the previous scope of consolidation).

Altice N.V. is now striving to turn around operations after
implementing several management changes and a back-to-basics
strategy in its European operations, which focuses mainly on
customer retention through improved internal processes and
smarter content monetization. Our recent concerns about
management and governance, as well as about the group's
complexity, have subsided, because the experienced top management
team has reestablished better oversight over the European
operations, identified critical shortcomings, and implemented
corrective measures. However, since this ongoing turnaround has
yet to translate into results, S&P will monitor the
sustainability of the rebound and of Altice's differentiation
strategy based on exclusive and expensive sports contents in
France.

Potentially large proceeds from planned tower disposals in 2018
in Portugal and the sale of the Dominican Republic operations
(about 17% of Altice International's revenues under the new scope
of consolidation) would contribute to significant debt reduction
on a reported basis, but would not likely be a major driver of
S&P Global Ratings' adjusted metrics, given that S&P would add
back to debt the lease obligations arising from the mobile tower
disposals.

S&P said, "We assess Altice International as a core subsidiary of
Altice N.V. We think it is unlikely to be sold because of its
significant scale within the group, and because Portugal remains
a core market for Altice N.V.'s majority shareholder, in our
view. In addition, Portugal hosts Altice Lab, the group's
research and development and innovation center for its global
operations. We do not view Altice International as an insulated
group subsidiary either, because the holding companies, Altice
Luxembourg and Altice N.V., are able to extract cash to service
their debt interests. As a result, we cap the rating on Altice
International at 'B', in line with our 'b' group credit profile
assessment on Altice N.V.

"The stable outlook mirrors the outlook on Altice International's
parent company Altice N.V., which in turn reflects our view that
management has regained a satisfactory degree of control over its
European operations and implemented measures that should
translate into gradually improving operations and, after onetime
impacts on cash flows in 2018, at least break-even FOCF from
2019. It also reflects our anticipation that adjusted debt to
EBITDA will not significantly exceed 6x in 2019 and that
management will successfully execute the turnaround strategy.

"On a stand-alone basis, the stable outlook reflects our
anticipation that, after one-time restructuring maneuvers in
2018, management's turnaround strategy will improve Altice
International's FOCF toward break-even by 2020, and that Altice
International will maintain adjusted debt to EBITDA at Portugal
Telecom around 5.5x and FOCF to debt of 1%-3%.

"We could revise down our assessment of Altice International's
SACP in the next year if key operating indicators and revenues do
not improve as we anticipate, and that in turn results in further
EBITDA decline in 2019, FOCF to debt remaining at about zero in
2019, adjusted leverage climbing above 6x, if liquidity weakens,
or if high turnover of senior management resumes. In addition,
any lack of success in cutting reported debt could be negative
for credit market perception, thereby potentially raising the
cost of future funding and further constraining FOCF.

"We could revise our SACP assessment upward if Altice
International posts steady operational improvements and increase
its FOCF to debt to at least 5%, while sustainably reducing
adjusted leverage below 5x.

"We could downgrade Altice International if we were to downgrade
Altice N.V. We could lower the rating on Altice N.V. by one notch
in the next year if key operating indicators do not improve as we
anticipate, resulting in EBITDA further declining in 2019 or, if
FOCF does not rebound to at least break-even in 2019, if
liquidity weakens, or if high turnover of senior management
resumes." In addition, any lack of success in cutting reported
debt could be negative for credit market perception, thereby
potentially raising the cost of future funding and further
constraining FOCF.

Rating upside will depend on Altice N.V.'s capacity to post
steady operational improvements, such as churn reduction and the
successful monetization of its exclusive contents, translating
into positive customer net additions, stabilizing ARPUs, and
growing revenues. S&P could raise the rating if its FOCF to debt
sustainably rises to at least 3%, while adjusted debt to EBITDA
falls to less than 6x.


ALTICE LUXEMBOURG: S&P Cuts Senior Secured Notes Rating to 'B-'
---------------------------------------------------------------
S&P Global Ratings lowered its 'B' issue rating on the senior
secured notes issued by Altice Luxembourg S.A. (B/Stable/--) to
'B-' from 'B', following the downgrade of Altice N.V. The
recovery rating remains at '5', reflecting our expectation of 15%
recovery in the event of a default. At the same time, S&P removed
the ratings from CreditWatch negative, where it placed them on
Jan. 16, 2018.

KEY ANALYTICAL FACTORS:

S&P said, "Our 'B-' issue rating and '5' recovery rating reflect
Altice Luxembourg senior secured notes' reliance on dividends
from its operating sub-groups SFR and Altice International to
service its interest, as well as their subordination to the
EUR200 million super senior revolving credit facility (RCF) and
all the debt of the nonguarantors (all subsidiaries except SFR
Group). Our hypothetical default scenario assumes that SFR and
Altice International are unable to upstream sufficient cash to
service Altice Luxembourg's senior secured notes' interest, due
to a prolonged operating underperformance. We anticipate that
Altice Luxembourg would sell its stake in Altice International to
repay its debt following a payment default and that there would
be sufficient equity value left, after reimbursing Altice
International's creditors, for recovery prospects of at least 10%
for Altice Luxembourg's noteholders."

The recovery prospects have decreased slightly, to 15% from 20%,
because of expected increasing leverage at Altice International
following the planned reorganization.

SIMULATED DEFAULT ASSUMPTIONS:

-- Year of default: 2021
-- Jurisdiction: Luxembourg

SIMPLIFIED WATERFALL:

-- Gross proceeds from Altice International's disposal: about
    EUR1.4 billion
-- Administrative costs: 5%
-- Net value available to debtors: EUR1.3 billion
-- Super senior RCF[1]: about EUR176 million
-- Secured debt claims[1]: about EUR6.7 billion
-- Recovery expectation[2]: 15% (Recovery rating: 5)

[1]All debt amounts include six months of prepetition interest.
RCF assumed 85% drawn on the path to default.
[2]Rounded down to the nearest 5%.


SBM BALEIA: Fitch Affirms BB- Rating on Series 2012-1 Notes
-----------------------------------------------------------
Fitch Ratings has affirmed SBM Baleia Azul, S.a.r.l.'s senior
secured notes as follows:

-- Series 2012-1 senior secured notes due 2027 at 'BB-'.

The Rating Outlook remains Stable.

The notes are backed by the flows related to the charter
agreement signed with Petroleo Brasileiro S.A. (Petrobras) for
the use of the floating production storage and offloading unit
(FPSO) Cidade de Anchieta for a term of 18 years. SBM do Brasil
Ltda. (SBM Brasil), the Brazilian subsidiary of SBM Holding Inc.
S.A. (SBM), is the operator of the FPSO. SBM is the sponsor of
the transaction. The FPSO Cidade de Anchieta began operating at
the Baleia Azul oil field in September 2012.

KEY RATING DRIVERS

Linkage to Petrobras' Credit Quality: The off-taker's credit
quality is a key risk factor for determining the strength of the
off-taker's payment obligation. On Feb. 27, 2018, Fitch
downgraded Petrobras' Long-Term Issuer Default Rating (LT IDR) to
'BB-'/Outlook Stable from 'BB'/Outlook Negative. Petrobras'
ratings continue to reflect its close linkage with the sovereign
rating of Brazil due to the government's control of the company
and its strategic importance to Brazil as its near-monopoly
supplier of liquid fuels.

Strength of Off-taker's Payment Obligation: Fitch's view on the
strength of the off-taker's payment obligation is typically
notched from the off-taker's IDR, and will act as the ultimate
rating cap to the transaction. Fitch's qualitative assessment of
asset/contract/operator characteristics and the off-
taker's/industry's characteristics related to this transaction
would ultimately cap the transaction at Petrobras' LT IDR.

Supply and Demand Fundamentals: The growth and stability of the
FPSO market is more robust than other floating facilities for
many reasons; they usually require less capex; can be brought on
production quicker (even as a full-scale conversion), with
attendant cash flow benefits and have the possibility for
relocation from one comparable field to another.

Credit Quality of the Operator/Sponsor: SBM Offshore N.V. is the
ultimate parent of SBM Holding Inc. S.A., the main sponsor of the
transaction. The transaction benefits from SBM Offshore N.V.'s
solid business position, global leadership in leasing FPSOs and
overall strong operational performance of its fleet. The rating
of the transaction is ultimately capped by Fitch's view of the
credit quality of the sponsor.

Stable Asset Performance: Asset performance is in line with
expectations, tied to characteristics of the contract including
fixed rates, which provide for cash flow stability. Average
uptime levels have been consistently stable, at 98.9% on average
during 2017; the latter compares favourably to the 96.8% average
in 2016. Average economic uptime levels, considering gas
production and water injection with bonus days, have averaged
107%, materially higher than Fitch's base case assumption,
including bonus, of 98.5%.

Available Liquidity: The transaction benefits from a $26 million
(letters of credit provided by ABN Amro, rated A+/Stable) debt
service reserve account equivalent to the following two quarterly
payments of principal and interest. As of December 2017, net debt
balance closed at approximately $345.9 million.

RATING SENSITIVITIES

The rating may be sensitive to changes in the credit quality of
Petrobras as charter off-taker and any deterioration in the
credit quality of SBM as operator and sponsor. In addition, the
transaction's rating is sensitive to the operating performance of
the FPSO Cidade de Anchieta.


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


ALTICE NV: S&P Cuts ICR to 'B' on High Leverage, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings lowered to 'B' from 'B+' its long-term issuer
credit ratings on cable and telecommunications holding company
Altice N.V. and its rated subsidiaries Altice International
S.a.r.l., Altice Luxembourg SA, and SFR Group S.A. The outlook is
stable.

S&P said, "At the same time, we removed the ratings from
CreditWatch where we had placed them with negative implications
on Jan. 16, 2018.

"We also lowered all related issue ratings by one notch, and
removed them from CreditWatch.

"The downgrade reflects our belief that the group's deleveraging
and free operating cash flow (FOCF) in 2018 and 2019 will fall
short of previous expectations. We now forecast only a moderate
rebound from 2019, since the group's U.S. cable assets, which
provided EBITDA growth and FOCF generation, are to be
structurally separated from Altice N.V.

"We now think that Altice N.V.'s FOCF will be about negative
EUR800 million in 2018, primarily due to hefty restructuring cash
outflows of EUR500 million and a onetime value-added tax (VAT)
impact of EUR200 million, and only break even in 2019. We do not
forecast a rise in FOCF to robust levels in the next two to three
years because of consistently high network investments, expensive
media content, and heavy interest charges. We forecast network
investment of more than EUR3 billion per year through 2020 (22%-
23% of sales). This includes media content spending of EUR400
million-EUR500 million annually in 2018-2020 and EUR1.9 billion
in total over 2018-2023, albeit partly mitigated by a EUR300
million cash injection in the Altice Pay TV unit. Cash flows are
also saddled with interest charges of around EUR2 billion
annually resulting from high debt leverage.

"In addition, we foresee that debt to EBITDA, including our
adjustments, will remain higher than 6x in 2018 and 2019 because
of limited FOCF generation and limited underlying EBITDA growth
(excluding restructuring costs) as the effects of previous
pricing missteps and customer losses will take time to offset.
This compares with our leverage estimate of about 7x for 2017,
pro forma the U.S. spin-off and after heavy restructuring costs."

SFR Group, which delivers more than two-thirds of Altice N.V.'s
revenues excluding the U.S., has been facing market share erosion
in a very competitive four-player market. It is the second-
largest fixed and mobile operator in France, with around 26%
market share by revenue, behind French incumbent Orange with 47%
and before Bouygues and Free with about 13% each. Over 2015-2017,
management and operating missteps led to substantial fixed and
mobile client losses (about 2.3 million total mobile (excluding
machine-to-machine) and 1.3 million total fixed customers) and
the company reported a 2.7% revenue and 4.5% EBITDA drop (based
on the old scope of consolidation excluding French Oversees
Territories). In S&P's opinion, the root causes were operational
distractions at a time of multiple mergers and acquisitions,
aggressive restructuring, poor decisions related to pricing and
content, and insufficient oversight. Operational setbacks in
France were compounded by a 7% EBITDA drop in Portugal (about 15%
of Altice N.V.'s consolidated earnings) in 2017, on the back of a
sharp decline in average revenues per user (ARPU). This ARPU
decline stemmed from market turmoil after unexpected regulatory
decisions and from competitors Vodafone and NOS, which have
sought to continue expanding their market shares.

Altice N.V. is now striving to turn around operations after
implementing several management changes and implementing a back-
to-basics strategy in France, which focuses mainly on customer
retention through improved internal processes and smarter content
monetization. S&P said, "Our recent concerns about management and
governance, as well as about the group's complexity, have
subsided, because the experienced top management team has
reestablished better oversight over the French operations,
identified critical shortcomings, and implemented corrective
measures. However, since this ongoing turnaround has yet to
translate into results, we will monitor the sustainability of the
rebound and of Altice's differentiation strategy based on
exclusive and expensive sports contents in France."

Potentially large proceeds from planned mobile tower disposals in
2018 in France and Portugal, and the potential sale of the
Dominican Republic operations would contribute to significant
debt reduction on a reported basis, but would not likely be a
major driver of S&P Global Ratings-adjusted metrics, given that
we would add back to debt the lease obligations arising from the
mobile tower disposals. Overall, therefore, we believe that
Altice N.V.'s adjusted leverage will remain considerably higher
than that of its European peers, including Liberty Global.

In comparison with international peers, we continue to think that
Altice's telecom business enjoys some underlying resilience,
based on its diverse and large-scale fixed and mobile
infrastructures in France, Portugal, and Israel. S&P said, "That
said, we think that Liberty Global has a stronger business risk
profile than Altice, given higher margins, larger cash flow
generation, broader asset diversity, and a stronger operating
track record. Our expectation of steadily higher adjusted
leverage and negative cash flow, as well as our view of a weaker
business risk profile for Altice N.V. compared with Liberty
Global overall is reflected in the two-notch rating difference."

S&P said, "The stable outlook reflects our view that management
has regained a satisfactory degree of control over operations in
France and implemented measures that should translate into
gradually improving operations and, after one-time impacts on
cash flows in 2018, at least break-even FOCF from 2019. It also
reflects our anticipation that adjusted debt to EBITDA will not
significantly exceed 6x in 2019 and that management will
successfully execute the turnaround strategy.

"We could lower the rating by one notch in the next year if key
operating indicators do not improve as we anticipate, resulting
in EBITDA further declining in 2019 or if FOCF does not at least
break even in 2019." In addition, any lack of success in cutting
reported debt could be negative for credit market perception,
thereby potentially raising the cost of future funding and
further constraining FOCF.

Rating upside will depend on Altice's capacity to post steady
operational improvements, such as churn reduction and the
successful monetization of its exclusive contents, translating
into positive customer net additions, stabilizing ARPUs, and
growing revenues. S&P could raise the rating if the group's FOCF
to debt sustainably rises to at least 3%, while adjusted debt to
EBITDA falls to less than 6x.


AVAST HOLDING: S&P Affirms BB- Corp Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings said that it affirmed its 'BB-' long-term
issuer credit rating on Avast Holding B.V. (Avast) and its
financing subsidiary, Avast Software B.V. The outlook is stable.

S&P said, "We also affirmed our 'BB-' issue rating on the
existing $1.8 billion senior secured term loan B (split into a
$1.2 billion tranche and a EUR500 million tranche) and $85
million senior secured revolving credit facility (RCF). The
recovery rating is '3', reflecting our expectation of meaningful
recovery prospects (50%-70%; rounded estimate: 60%) in a default
scenario.

"The affirmation reflects our view that the improvement in our
forecast credit metrics from Avast's plan to reduce its
indebtedness will be largely offset by several factors that we
did not take into account in our previous base-case forecasts.
These include lower expected revenue growth and EBITDA margins in
2018, a post-IPO dividend policy of 40% of reported levered free
cash flow, and a weakened U.S. dollar against the euro that
increased the debt balance by about $65 million in 2017. Overall,
we view the IPO transaction positively and expect adjusted gross
leverage to improve to 3.4x-3.5x in 2018 pro forma the
transaction. However, this reflects only a marginal improvement
compared with 3.6x-3.7x in our previous forecasts.

"We forecast total organic revenue growth of about 4% in 2018
(that is, pro forma the Piriform acquisition in July 2017 and the
reversal of deferred revenue revaluations related to AVG)
compared with about 8% previously. This particularly incorporates
a potential decline in the small-to-midsize business (SMB)
segment where there has been some sales disruption from the AVG
integration.

"However, we believe that Avast's organic revenue growth
prospects remain solid over the next few years. This is supported
by potential increases in its premium desktop antivirus customer
base, which accounted for only 4% of the total base at the end of
2017, or by up-selling higher-tier products to existing premium
customers. The average revenue per antivirus customer has
therefore risen to $45.35 in 2017 from about $43 in 2015. We also
anticipate revenue growth from the company cross-selling paid
non-antivirus products to its user base of over 435 million users
(as of December 2017). Finally, the group has significant
indirect consumer monetization channels such as advertising,
search traffic, and software distribution fees."

Given that Avast has high operating leverage due to its scalable
technology platform, the revised growth assumptions contribute to
an expected reduction in adjusted EBITDA margins to 54%-55% in
2018 compared with 57%-58% in previous forecasts. The lower
assumed margins are also driven by higher operating expenses
related to the IPO process and operating as a publicly listed
entity, as well as investments in new products to support future
growth.

This still represents a significant improvement in EBITDA margins
from about 51% in 2017, on an S&P Global Ratings-adjusted basis.
The EBITDA margin excludes the negative noncash effect of about
$100 million from the revaluation of deferred revenues acquired
from AVG. Due to continued EBITDA growth, S&P's forecast adjusted
gross leverage to decrease to about 3.0x by 2019 pro forma for
the IPO, from about 4.7x in 2017.

Avast benefits from solid free operating cash flow (FOCF)
generation, which is expected to increase to about $280 million
in 2018 (equivalent to above 60% of adjusted EBITDA), supported
by working capital inflows from deferred revenues and limited
capital expenditure (capex) requirements. In addition to the IPO-
related debt repayment, we forecast FOCF to debt to improve to
around 19% over 2018-2019 from about 12% in 2017. S&P said,
"However, we do not assume further debt repayments considering
Avast's publicly stated post-IPO dividend policy of about 40% of
reported levered free cash flow starting from 2019. Furthermore,
we expect that excess cash would more likely be used for
acquisitions if a suitable target arises."

S&P said, "In general, our assessment of Avast's business risk
remains constrained by revenue concentration in the consumer
desktop segment (about two-thirds of 2017 organic revenues),
which, in our view, has lower switching costs and shorter
subscription periods of one-to-three years compared with the
enterprise market. Avast also faces competition from some larger
and better capitalized competitors, such as Microsoft. We also
see a longer-term challenge of mobile user monetization given the
steady secular shift of online activity toward mobile devices
resulting in stagnant PC sales."

On the other hand, Avast benefits from being the global leading
provider of consumer endpoint security by users due to its
freemium business model. It is, however, third by revenues behind
Symantec and McAfee, which focus more on the traditional premium
market and have more sizable business customer bases. Avast also
has relatively strong EBITDA margins compared with its peer
group, supported by a cost-effective online direct sales and
distribution model, community-based support, and highly automated
threat detection processes. Avast further benefits from a
geographically diversified user base, with 35% of its users in
the Americas; 48% of its users in Europe, the Middle East and
Africa; and the rest in Asia-Pacific.

S&P's base-case scenario incorporates the following assumptions:

-- 7%-8% compound annual growth rate in the global IT security
    market over 2017-2020 with demand driven by increasing
    concern about cybersecurity both in the consumer and business
    end-user segments, including both endpoint and network
    security.

-- Organic revenue growth (including the discontinued business
    segment) for Avast of about 4% in 2018 and 8%-9% in 2019,
    from about 9% in 2017. S&P said, "We expect the consumer
    segment to benefit from cross-selling paid non-antivirus
    products to desktop consumers and an increasing premium
    desktop consumer base. However, we also assume that the SMB
    segment could decline by up to mid-single digits in 2018 due
    to the AVG integration before a return to slight growth in
    2019."

-- S&P Global Ratings-adjusted EBITDA margins of 54%-55% over
    2018-2019, from about 51% in 2017. In 2018, this largely
    reflects a reduction in integration costs to below $10
    million, from $26 million in 2017, and in-year cost synergies
    of about $38 million due to continued progress in the AVG
    integration.

-- Modest net working capital inflows of about $15 million over
    2018-2019 due to increasing deferred revenues from continued
    billings growth.

-- Annual capex of $25 million-$30 million over 2018-2019.

-- Cash taxes, in S&P's view, of about $75 million-$85 million
    over 2018-2019 excluding potential one-off tax payments.

-- No dividend payments in 2018 and a payment of $105 million-
    $110 million in 2019 only if the IPO is successful due to the
    post-IPO dividend policy.

Based on these assumptions, S&P arrives at the following adjusted
credit measures pro forma for the IPO transaction:

-- Debt to EBITDA of 3.4x-3.5x in 2018 and 3.0x-3.2x in 2019.
-- FOCF to debt of about 19% in 2018 and 2019.
-- Discretionary cash flow (DCF) to debt of about 19% in 2018
    and 11%-12% in 2019.
-- EBITDA interest coverage of about 7x in 2018 and 7.5x-8.5x in
    2019.

Alternatively, S&P arrives at the following adjusted credit
measures if the IPO is not completed:

-- Debt to EBITDA of 4.0x-4.2x in 2018 and 3.5x-3.7x in 2019.
-- FOCF to debt of about 15.5% over 2018-2019.
-- DCF to debt of about 15.5% over 2018-2019.
-- EBITDA interest coverage of about 6.5x in 2018 and 7x in
    2019.

S&P said, "The stable outlook reflects our assumption that, in
2018, Avast will reduce S&P Global Ratings-adjusted gross debt to
EBITDA to about 3.5x and maintain FOCF to debt of about 19% if
the IPO is successful (or about 4x and 15.5%, respectively,
otherwise). This should be supported by total organic revenue
growth of about 4%, adjusted EBITDA margins of just below 55%,
and continued progress in the AVG integration.

"We could lower the rating if the planned IPO transaction is not
successful and we no longer expect Avast to reduce adjusted gross
leverage toward near 4x in 2018 or about 3.5x in 2019, combined
with FOCF to debt of sustainably below 15%."

This could be due to a lack of organic revenue growth or adjusted
EBITDA margins of well below 55% in 2018 driven by AVG
integration issues or greater-than-expected investments in new
product development. This could also be a result of aggressive
shareholder distributions or additional debt-financed
acquisitions.

S&P said, "We could raise the rating if Avast successfully
integrates AVG and diversifies its revenue base meaningfully
outside the traditional consumer desktop antivirus segment, while
improving its adjusted EBITDA margin back to about 60% and FOCF
to debt to about 20%.

"We could also upgrade Avast if we expect gross leverage to
reduce to and remain below 3x on a sustainable basis. This would
likely be due to a successful IPO combined with adjusted EBITDA
margins increasing to above 55% and a return to high single-digit
organic revenue growth from improved user base monetization."


BNPP IP 2015-1: Moody's Rates EUR9-Mil. Class F Notes 'B2'
----------------------------------------------------------
Moody's Investors Service ("Moody's") that it has assigned the
following definitive ratings to refinancing notes ("Refinancing
Notes") issued by BNPP IP Euro CLO 2015-1 B.V. (the "Issuer"):

EUR1,500,000 Class X Senior Secured Floating Rate Notes due 2030,
Definitive Rating Assigned Aaa (sf)

EUR185,000,000 Class A Senior Secured Floating Rate Notes due
2030, Definitive Rating Assigned Aaa (sf)

EUR13,500,000 Class B-1 Senior Secured Floating Rate Notes due
2030, Definitive Rating Assigned Aa2 (sf)

EUR12,632,000 Class B-2 Senior Secured Fixed Rate Notes due 2030,
Definitive Rating Assigned Aa2 (sf)

EUR24,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned A2 (sf)

EUR16,800,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned Baa2 (sf)

EUR18,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned Ba2 (sf)

EUR9,000,000 Class F Senior Secured Deferrable Floating Rate
Notes 2030, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

Moody's definitive ratings of the notes address the expected loss
posed to noteholders by the legal final maturity of the notes in
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, BNP PARIBAS ASSET MANAGEMENT France SAS ("BNPP AMF", the
"Manager"), has sufficient experience and operational capacity
and is capable of managing this CLO.

The Issuer has issued the Refinancing Notes in connection with
the refinancing of the following classes of notes: Class A-1-R
Notes, Class A-2-R Notes, Class B-1-R Notes, Class B-2-R Notes,
Class C-R Notes and Class D-R Notes due 2028, which were
refinanced in April 2017 and Class E Notes and Class F Notes due
2028 (the "Original Notes"), previously issued in April 2015 (the
"Original Closing Date"). On the Refinancing Date, the Issuer
used the proceeds from the issuance of the Refinancing Notes to
redeem in full the Original Notes. On the Original Closing Date
the Issuer also issued Subordinated Notes, which will remain
outstanding.

Material changes to the terms and conditions occurring in
connection to the refinancing include: (1) the use of excess par
to skew the WARR collateral quality test, (2) looser rules for
maturity amendments, (3) looser collateral quality valuation
provisions such as Caa haircut provision and deep discount
substitution rules and (4) weaker asset selection constraints
with regards to PIKable assets and countries with non-Aaa
ceilings. The length of the reinvestment period is extended and
will expire on July 2022. Furthermore, the Manager will be able
to choose from a new set of collateral quality test covenants
(the "Matrix").

BNPP IP Euro CLO 2015-1 B.V. is a managed cash flow CLO with a
target portfolio made up of EUR 300,000,000 par value of mainly
European corporate leveraged loans. At least 90% of the portfolio
must consist of senior secured loans and senior secured bonds and
up to 10% of the portfolio may consist of unsecured senior loans,
second-lien loans or mezzanine loans. The portfolio is 100%
ramped up as of the closing date and is comprised predominantly
of corporate loans to obligors domiciled in Western Europe.

BNPP AMF will actively manage the collateral pool of 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 4.25-year reinvestment period. Thereafter,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk and
credit improved obligations, and are subject to certain
restrictions.

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:

Performing par and principal proceeds balance: EUR300,000,000

Defaulted par: EUR 0

Diversity Score: 38

Weighted Average Rating Factor (WARF): 2800

Weighted Average Spread (WAS): 3.35%

Weighted Average Recovery Rate (WARR): 43.5%

Weighted Average Life (WAL): 8.5 years

As part of its analysis, Moody's has addressed the potential
exposure to obligors domiciled in countries with a local currency
country risk ceiling of A1 or below. Given the portfolio
constraints and the current sovereign ratings in Europe, such
exposure may not exceed 10% of the total portfolio with exposures
to countries with local currency country risk ceiling of Baa1 to
Baa3 further limited to 5%. As a worst case scenario, a maximum
5% of the pool would be domiciled in countries with A3 and a
maximum of 5% of the pool would be domiciled in countries with
Baa3 local currency country ceiling each. The remainder of the
pool will be domiciled in countries which currently have a local
currency country ceiling of Aaa or Aa1 to Aa3. Given this
portfolio composition, the model was run with different target
par amounts depending on the target rating of each class as
further described in the methodology. The portfolio haircuts are
a function of the exposure size to peripheral countries and the
target ratings of the rated notes and amount to 0.75% for the
Class X Notes and Class A Notes, 0.50% for the Class B-1 Notes
and Class B-2 Notes, 0.38% for the Class C Notes and 0% for
classes D, E and F.

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 2800 to 3220)

Rating Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

Class A Senior Secured Floating Rate Notes: 0

Class B-1 Senior Secured Floating Rate Notes : -1

Class B-2 Senior Secured Fixed Rate Notes : -1

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF -- increase of 30% (from 2800 to 3640)

Class X Senior Secured Floating Rate Notes: 0

Class A Senior Secured Floating Rate Notes: -1

Class B-1 Senior Secured Floating Rate Notes : -3

Class B-2 Senior Secured Fixed 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: -2


CONTEGO CLO III: Moody's Assigns B2 Rating to Class F Notes
-----------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Contego CLO III
B.V. ("Contego CLO III" or the "Issuer"):

EUR2,000,000 Class X Senior Secured Floating Rate Notes due 2030,
Definitive Rating Assigned Aaa (sf)

EUR181,500,000 Class A-R Senior Secured Floating Rate Notes due
2030, Definitive Rating Assigned Aaa (sf)

EUR7,000,000 Class B-1-R Senior Secured Fixed Rate Notes due
2030, Definitive Rating Assigned Aa2 (sf)

EUR28,160,000 Class B-2-R Senior Secured Floating Rate Notes due
2030, Definitive Rating Assigned Aa2 (sf)

EUR18,240,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned A2 (sf)

EUR15,900,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned Baa2 (sf)

EUR19,950,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned Ba2 (sf)

EUR8,250,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

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

The Issuer will issue the Class X Notes, Class A-R Notes, the
Class B-1-R Notes, the Class B-2-R Notes, the Class C-R Notes,
the Class D-R Notes, the Class E-R Notes and Class F Notes (the
"Refinancing Notes") in connection with the refinancing of the
Class A Senior Secured Floating Rate Notes due 2029, the Class B
Senior Secured Floating Rate Notes due 2029, the Class C Senior
Secured Deferrable Floating Rate Notes due 2029, the Class D
Senior Secured Deferrable Floating Rate Notes due 2029 and the
Class E Senior Secured Deferrable Floating Rate Notes due 2029
("the Refinanced Notes"), previously issued on April 26, 2016
(the "Original Issue Date"). The Issuer will use the proceeds
from the issuance of the Refinancing Notes to redeem in full the
Original Notes that will be refinanced. On the Original Issue
Date, the Issuer also issued EUR 40,300,000 of unrated
Subordinated Notes, which will remain outstanding and unrated.

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

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

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. Please see the Rating Methodologies
page on www.moodys.com for a copy of this methodology.

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

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

Loss and Cash Flow Analysis:

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
August 2017. The cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of the
binomial distribution assumed for the portfolio default rate. In
each default scenario, the corresponding loss for each class of
notes is calculated given the incoming cash flows from the assets
and the outgoing payments to third parties and noteholders.
Moody's used the following base-case modeling assumptions:

Par amount: EUR 300,000,000

Diversity Score: 38

Weighted Average Rating Factor (WARF): 2935

Weighted Average Spread (WAS): 3.6%

Weighted Average Coupon (WAC): 4.25%

Weighted Average Recovery Rate (WARR): 44.5%

Weighted Average Life (WAL): 8.5 years

As part of the base case, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
country risk ceiling (LCC) of A1 or below. As per the portfolio
constraints, exposures to countries with local currency country
risk ceiling ratings of A1 or below cannot exceed 10%, with
exposures to countries local currency country risk ceiling
ratings of Baa1 to Baa3 further limited to 2.5%. As a worst case
scenario, a maximum 7.5% of the pool would be domiciled in
countries with LCC of A3 and 2.5% in countries with LCC of Baa3.
The remainder of the pool will be domiciled in countries which
currently have a LCC of Aa3 and above. Given this portfolio
composition, the model was run with different target par amounts
depending on the target rating of each class of notes as further
described in the methodology. The portfolio haircuts are a
function of the exposure size to peripheral countries and the
target ratings of the rated notes and amount to 0.375% for the
Class X and A-R Notes, 0.25% for the Class B-R Notes, 0.1875% for
the Class C-R Notes and 0% for Classes D-R, E-R and F Notes.

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3375 from 2935)

Ratings Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

Class A-R Senior Secured Floating Rate Notes: 0

Class B-1-R Senior Secured Fixed Rate Notes: -2

Class B-2-R Senior Secured Floating Rate Notes: -2

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

Class D-R Senior Secured Deferrable Floating Rate Notes : -2

Class E-R Senior Secured Deferrable Floating Rate Notes : -1

Class F Senior Secured Deferrable Floating Rate Notes : 0

Percentage Change in WARF: WARF +30% (to 3816 from 2935)

Class X Senior Secured Floating Rate Notes: 0

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

Class B-1-R Senior Secured Fixed Rate Notes: -4

Class B-2-R Senior Secured Floating Rate Notes: -4

Class C-R Senior Secured Deferrable Floating Rate Notes : -4

Class D-R Senior Secured Deferrable Floating Rate Notes: -2

Class E-R Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: -2


GROSVENOR PLACE 2015-1: Moody's Rates Class E-R Notes (P)B2
-----------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Grosvenor
Place CLO 2015-1 B.V. (the "Issuer"):

EUR 2,000,000 Class X Senior Secured Floating Rate Notes due
2029, Assigned (P)Aaa (sf)

EUR 201,500,000 Class A-1A-R Senior Secured Floating Rate Notes
due 2029, Assigned (P)Aaa (sf)

EUR 5,000,000 Class A-1B-R Senior Secured Fixed Rate Notes due
2029, Assigned (P)Aaa (sf)

EUR 28,650,000 Class A-2A-R Senior Secured Floating Rate Notes
due 2029, Assigned (P)Aa2 (sf)

EUR 20,000,000 Class A-2B-R Senior Secured Fixed Rate Notes due
2029, Assigned (P)Aa2 (sf)

EUR 19,950,000 Class B-R Senior Secured Deferrable Floating Rate
Notes due 2029, Assigned (P)A2 (sf)

EUR 18,900,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2029, Assigned (P)Baa2 (sf)

EUR 20,300,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2029, Assigned (P)Ba2 (sf)

EUR 11,500,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2029, Assigned (P)B2 (sf)

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

RATINGS RATIONALE

Moody's provisional ratings of the rated notes address the
expected loss posed to noteholders by the legal final maturity of
the notes in 2029. The provisional ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, CQS (UK) LLP has
sufficient experience and operational capacity and is capable of
managing this CLO.

The Issuer has issued the Refinancing Notes in connection with
the refinancing of the following classes of notes (the "Original
Notes"): Class A-1A-R Notes, Class A-1B-R Notes, Class A-2A-R
Notes, Class A-2B-R, Class B-R Notes, Class C-R Notes due 2029,
previously issued on April 28, 2017, and Class D and Class E
Notes due 2029, previously issued on April 30, 2015 (the
"Original Closing Date"). On the Refinancing Date, the Issuer
will use the proceeds from the issuance of the Refinancing Notes
to redeem in full its respective Original Notes. On the Original
Closing Date, the Issuer also issued one class of unrated notes
and one class of subordinated notes, which remain outstanding.

Grosvenor Place CLO 2015-1 B.V. is a managed cash flow CLO. At
least 90% of the portfolio must consist of senior secured loans
and senior secured bonds. The portfolio is expected to be fully
ramped up as of the Issue Date and to be comprised predominantly
of corporate loans to obligors domiciled in Western Europe.

CQS (UK) LLP 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 two-year reinvestment period. Thereafter, purchases
are permitted using principal proceeds from unscheduled principal
payments and proceeds from sales of credit improved and credit
impaired obligations, and are subject to certain restrictions.

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

Loss and Cash Flow Analysis:

Moody's modelled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
August 2017. The cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of the
binomial distribution assumed for the portfolio default rate. In
each default scenario, the corresponding loss for each class of
notes is calculated given the incoming cash flows from the assets
and the outgoing payments to third parties and noteholders.

Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.

Par amount: EUR 350,000,000

Diversity Score: 34

Weighted Average Rating Factor (WARF): 3010

Weighted Average Spread (WAS): 3.75%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 44.4%

Weighted Average Life (WAL): 7 years

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3462 from 3010)

Ratings Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

Class A-1A-R Senior Secured Floating Rate Notes: 0

Class A-1B-R Senior Secured Fixed Rate Notes: 0

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

Class A-2B-R Senior Secured Fixed Rate Notes: -2

Class B-R Senior Secured Deferrable Floating Rate Notes: -2

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

Class D-R Senior Secured Deferrable Floating Rate Notes: -1

Class E-R Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3913 from 3010)

Ratings Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

Class A-1A-R Senior Secured Floating Rate Notes: 0

Class A-1B-R Senior Secured Fixed Rate Notes: 0

Class A-2A-R Senior Secured Floating Rate Notes: -3

Class A-2B-R Senior Secured Fixed Rate Notes: -3

Class B-R Senior Secured Deferrable Floating Rate Notes: -4

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

Class D-R Senior Secured Deferrable Floating Rate Notes: -1

Class E-R Senior Secured Deferrable Floating Rate Notes: -1


GROSVENOR PLACE 2015-1: Fitch Assigns B-(EXP) Rating to E-R Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Grosvenor Place CLO 2015-1 B.V.'s
refinancing notes expected ratings as follows:

Class X: 'AAA(EXP)sf'; Outlook Stable
Class A-1A-R: 'AAA(EXP)sf'; Outlook Stable
Class A-1B-R: 'AAA(EXP)sf'; Outlook Stable
Class A-2A-R: 'AA(EXP)sf'; Outlook Stable
Class A-2B-R: 'AA(EXP)sf'; Outlook Stable
Class B-R: 'A(EXP)sf'; Outlook Stable
Class C-R: 'BBB(EXP)sf'; Outlook Stable
Class D-R: 'BB(EXP)sf'; Outlook Stable
Class E-R: 'B-(EXP)sf'; Outlook Stable

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

Grosvenor Place CLO 2015-1 B.V. is a cash flow collateralised
loan obligation (CLO). Net proceeds from the notes will be used
to redeem the old notes, with a new identified portfolio
comprising the existing portfolio, as modified by sales and
purchases conducted by the manager. The portfolio is managed by
CQS (UK) LLP. The refinanced CLO envisages a further 2-year
reinvestment period and a 6.5-year weighted average life (WAL).

KEY RATING DRIVERS

'B/B-' Portfolio Credit Quality
Fitch views the average credit quality of obligors to be in the
'B'/'B-' range. The Fitch-weighted average rating factor (WARF)
of the current portfolio is 33.2, below the indicative maximum
covenant of 34 for assigning expected ratings.

High Recovery Expectations
The portfolio will comprise a minimum 90% of senior secured
obligations. Fitch views the recovery prospects for these assets
as more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch-weighted average recovery rate of the current
portfolio is 62.8%, above the minimum covenant of 60% for
assigning expected ratings.

Limited Interest Rate and FX Risk
Up to 10% of the portfolio can be invested in fixed-rate assets.
Fitch modelled both 0% and 10% fixed-rate buckets and found that
the rated notes can withstand the interest rate mismatch
associated with each scenario. The transaction is allowed to
invest in non-euro-denominated assets, provided these are hedged
with perfect asset swaps before settlement. Non-euro assets must
not exceed 10% of the portfolio.

TRANSACTION SUMMARY

The issuer will amend the capital structure and reset the
maturity of the notes as well as the reinvestment period. The
transaction will feature a two-year reinvestment period, which is
scheduled to end in April 2020. The maturity will be extended to
October 2029.

The issuer will introduce the new class X notes, ranking pari
passu and pro-rata to the class A-1A-R and A-1B-R notes.
Principal on these notes is scheduled to amortise in equal
instalments during the first four quarterly payment dates. Class
X notional is excluded from the par value tests calculation, but
a breach of this test will divert interest and principal proceeds
to the repayment of the class X notes.

Unlike some second-generation European CLOs, this transaction
features a turbo par value test for the most junior rated
tranche. A breach of this test in the interest waterfall will
result in interest proceeds being diverted to redeem the class E
notes. Once the class E notes are fully repaid, any remaining
interest proceeds will be applied to redeem the most senior
notes. In the principal waterfall, a breach of the class E PV
test will result in principal proceeds being diverted to redeem
the most senior notes. However, this feature has a very limited
impact under Fitch stress scenarios.

RATING SENSITIVITIES

Adding to all rating levels the increase generated by applying a
125% default multiplier to the portfolio's mean default rate
would lead to a downgrade of up to two notches for the rated
notes. A 25% reduction in recovery rates would lead to a
downgrade of up to two notches for the rated notes.


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


BUCHAREST FILM: Files for Insolvency Process
--------------------------------------------
FilmNewEurope.com reports that Bucharest Film Studios, the former
MediaPro Studios, has filed for insolvency. Media Pro Studios was
sold by Central European Media Enterprises (CME) to a group of
American and Romanian investors including Donald Kushner and
Bobby Paunescu in 2015, the report says.

According to FilmNewEurope.com, Bucharest Film Studios' request
for insolvency came after a creditor asked for the company's
insolvency at the end of 2017. The company also has over 30
lawsuits filed this year by former employees who haven't been
paid, according to romania-insider.com quoting paginademedia.ro,
FilmNewEurope.com relays.

In 2016, the company rebranded as Bucharest Film Studios, and
Polyana Cristescu, ex-daughter-in-law of the Romanian dictator
Nicolae Ceausescu, became as a member of the Council of
Administration, FilmNewEurope.com discloses.


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


ACBA-CREDIT AGRICOLE: Fitch Affirms B+ LT Foreign Currency IDR
--------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign-Currency Issuer
Default Ratings (IDRs) of ACBA-Credit Agricole Bank CJSC (ACBA)
and Ardshinbank (Ardshin) at 'B+' with Stable Outlooks.

KEY RATING DRIVERS - ALL RATINGS

The banks' IDRs and senior debt ratings are driven by their
intrinsic strength, as captured by their 'b+' Viability Ratings
(VRs). The latter factor in the banks' reasonable financial
metrics, supported by the cyclical economic upswing and relative
currency stability, available capital buffers (stronger at ACBA),
comfortable liquidity cushions and solid domestic franchises
(market shares by total assets of 13% for Ardshin and 7% for
ACBA, while the latter had a strong 50% share in agricultural
lending). The ratings also consider the banks' high balance-sheet
concentrations and high loan dollarisation (63% at Ardshin and
37% at ACBA).

The banks' Support Rating Floors of 'No Floor' and Support
Ratings of '5' reflect Fitch's view that the Armenian authorities
have limited financial flexibility to provide extraordinary
support to banks, if necessary, given the banking sector's large
foreign currency liabilities relative to the country's
international reserves. Potential support from the private
shareholder is not factored into Ardshin's ratings, as it cannot
be reliably assessed.

Fitch also believes that extraordinary support from ACBA's 28%-
shareholder, Credit Agricole (CA, A+/Stable), cannot be relied
upon and therefore factored into the bank's ratings. This view
considers (i) the minority ownership; and (ii) CA's limited
presence in emerging markets, and Fitch's belief that the
Armenian market is not of strategic importance for CA. There have
been no prior cases of extraordinary capital or liquidity support
being required by ACBA, and so support from CA has not been fully
tested.

ACBA's VR
ACBA's recent growth has been moderate, with the bank focusing on
asset quality management following its deterioration in 2015.
Non-performing loans (NPLs, loan more than 90 days overdue) were
still significant at 8% of loans at end-2017, but down from 10%
at end-2016 and fully covered by reserves. The NPL origination
ratio (calculated as the net change in NPLs plus write-offs
divided by average performing loans in the period) decreased to
below 2% in 2017 from 3% in 2016 and 8.6% in 2015. Restructured
exposures remained minor, while Fitch views 2.7% of loans (equal
to 10% of Fitch Core Capital, FCC) as fairly high risk (due to
overdue payments in other banks, deterioration of financial
performance, etc.) although not yet NPLs. These were modestly
provisioned due to the availability of loan collateral.

ACBA's loan concentrations by borrower are moderate for a CIS
bank. At end-2017, exposures to the 25 largest borrowers
accounted for about 20% of loans or 67% of FCC. Agricultural
loans comprised 31% of end-2017 loans (and could be higher during
the year given the seasonal nature of lending) representing a
significant single sector exposure.

Pre-impairment profit has remained healthy, at 5% of average
loans in 2015-2017, offering significant loss absorption
capacity. Lower loan impairment charges (26% of pre-impairment
profit in 2017, down from 71% in 2016), supported a stronger ROAE
of 9.4% in 2017 (2016: 3.3%).

ACBA's FCC ratio was a solid 24% at end-2017. Its regulatory
capital ratio was lower at 19.4%, reflecting higher risk weights
for FX exposures and capital deductions for some non-core assets.
This allowed the bank to absorb additional credit losses equal to
12% of loans without breaching the regulatory minimum capital
ratio of 12%. ACBA intends to manage its solvency ratios with
comfortable buffers above the regulatory capital limits, although
annual sizeable dividend pay-outs cannot be excluded.

The share of non-deposit funding remains high, albeit decreasing
in favour of client accounts, as captured by the loan-to-deposit
ratio of 124% at end-2017, down from 157% at end-2016. Non-
deposit funding is mainly in the form of longer-term external
funding raised from international financial institutions (IFIs)
and government bodies (17% and 11% of end-2017, respectively) and
used to finance the agricultural, micro- and SME segments.
Wholesale-funding refinancing needs appear manageable, while
customer funding, which is highly dollarised (55% of the total),
has proven to be sticky. ACBA's cushion of liquid assets, net of
obligatory reserves held with the central bank and upcoming
wholesale maturities within the next 12 months, was equivalent to
30% of customer deposits at end-2017.

Ardshin's VR
Ardshin's asset quality metrics stabilised in 2017 following the
improved performance of the bank's retail portfolio (26% of total
loans at end-2017). NPLs remained low at 1.9% of loans with 77%-
coverage by total reserves at end-2017 (end-2016: 1.7% and 92%,
respectively) after regular moderate write-offs. Restructured
loans made up a further 1.3% of loans and were weakly
provisioned. NPLs and restructured loans, net of specific
reserves, were equal to 16% of FCC at end-2017.

In Fitch's view, further risks stem from unreserved receivables
from a debt collection agency (1.4% of loans or 9% of FCC), which
manages a portfolio of distressed assets, collateralised by real
estate, which the bank received as a result of the acquisition of
local Areximbank in 2016. At end-2017, the bank also had a large
portfolio of repossessed assets (AMD11 billion or 17% of FCC).
The realisation of this collateral takes considerable time and
the bank may incur extra costs and additional impairment charges.
At the same time, Fitch believes that if Ardshin has to create
reserves against these receivables or mark down the repossessed
assets, they could be gradually absorbed by the bank's pre-
impairment profits without putting pressure on capital.

Ardshin's FCC ratio decreased to 15.3% at end-2017 from 16.8% at
end-2016 after a large dividend pay-out relating to the Arexim
acquisition and following loan growth. The regulatory capital
adequacy ratio was lower, at 13.6% at end-February 2018, largely
reflecting the deduction of repossessed collateral. The
regulatory capital cushion could allow the bank to absorb credit
losses equal to a modest 2% of loans without breaching the
regulatory minimum capital ratio of 12%.

The bank's reasonable pre-impairment profit, equal to 3.8% of
average loans in 2017, should be sufficient to absorb existing
unreserved problem assets. Loan impairment charges remained high
at 48% of pre-impairment profit in 2017 (2016: 53%), constraining
ROAE at a moderate level (9% in 2017; 8% in 2016, net of one-off
effects).

Funding is largely from customers (69% of total liabilities),
visibly concentrated and highly dollarised (61% of the total).
External funding (27% of total liabilities) is mostly from
international financial institutions and foreign banks (attracted
to finance certain loan programmes or for trade financing
purpose) and a Eurobond issue, which will amortise during 2019-
2020.

Deposits have been stable, supporting liquidity management. The
bank's liquidity cushion in all currencies (comprising cash,
short-term interbank - net of mandatory reserves - and unpledged
government securities, including those received in reverse repo
transactions), net of upcoming wholesale maturities within the
next 12 months, was equivalent to a moderate 12% of customer
deposits at end-2017. However, Fitch believes refinancing risks
relating to wholesale maturities are moderate, given that these
are partially from international financial institutions.

RATING SENSITIVITIES - ALL RATINGS

ACBA's and Ardshin's credit metrics remain sensitive to the
performance of the economy and stability of the local currency.
Upside potential for the ratings is currently limited given
Fitch's assessment that the operating environment in Armenia
remains fairly volatile and vulnerable to external shocks,
despite a recent economic recovery, only moderately supporting
the banks' financial metrics. Balance-sheet clean-ups from
problem/non-core assets along with improved profitability and
stronger solvency metrics (Ardshin) would be positive for the
banks' credit profiles.

The ratings could be downgraded if a weaker operating environment
or a material increase in risk appetite translated into a marked
deterioration of banks' asset quality and capital metrics without
sufficient support being provided by shareholders.

Changes to the banks' Long-Term IDRs would impact the senior
unsecured debt ratings.

The rating actions are as follows:

ACBA
Long-Term IDR affirmed at 'B+', Outlook Stable
Short-Term IDR: affirmed at 'B'
Viability Rating: affirmed at 'b+'
Support Rating: affirmed at '5'
Support Rating Floor: affiirmed at 'No Floor'
Senior unsecured debt: affirmed at 'B+'; Recovery Rating 'RR4'

Ardshin
Long-Term IDR: affirmed at 'B+', Outlook Stable
Short-Term IDR: affirmed at 'B'
Viability Rating: affirmed at 'b+'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Senior unsecured debt (issued by Dilijan Finance B.V.): affirmed
at 'B+', Recovery Rating 'RR4'


KEMEROVO REGION: Fitch Affirms 'BB-' LT Issuer Default Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed Russian Kemerovo Region's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB-
' with a Stable Outlook and Short-Term Foreign Currency IDR at
'B'. The region's senior unsecured debt rating has been affirmed
at 'BB-'.

The ratings reflect the region's satisfactory budgetary
performance, albeit prone to volatility linked to commodity price
fluctuations, and moderate direct risk. The ratings also take
into account the concentrated profile of the region's
industrialised economy and evolving institutional framework
leading to the limited budget flexibility.

KEY RATING DRIVERS

Fiscal Performance Assessed as Weakness, Trend Revised to
Positive
Fitch projects the region's budgetary performance will scale back
in 2018 after exceptional results in 2017 due to the expected
moderation in corporate income tax (CIT), which demonstrated
rapid growth in 2017. The region's operating margin is projected
to hover at about 6%-8% in the medium-term, outperforming the
historical average of 4% in 2014-2016. The better performance is
likely to be underpinned by expected growth of tax proceeds and
spending control.

In 2017, the region recorded an extraordinary budgetary
performance with the operating margin at 22.4% and surplus before
debt variation at 15.2% of total revenue after a prolonged period
of budget deficit. This was driven by exceptionally high CIT
proceeds, which almost doubled in 2017 and reached RUB50.2
billion (2016: RUB25.5 billion) following booming coal prices-
the region's major commodity. This led to 32% growth of operating
revenue, which far outpaced 8% opex growth in 2017.

In Fitch's view, the region will return to budget deficit in
2018, although the scale of the deficit will be modest, at around
2%-4% of the total revenue over the medium term supported by the
strengthened operating balance and a moderate level of capex.
Fitch expects that the region will fund its expected deficit with
cash accumulated in 2017, limiting debt growth over the medium
term. The level of liquidity increased significantly in 2017 to
RUB14.5 billion while in 2014-2016 year-end cash averaged a low
RUB0.8 billion.

Direct Debt and Other Long-Term Liabilities Assessed as Neutral,
Trend is Stable

Fitch expects the region's direct risk will remain moderate and
will not exceed 50% of current revenue over the medium term.
Direct risk declined to RUB56 billion in 2017 (43% of current
revenue) from RUB63billion in 2016 (64% of current revenue). As
of 1 April 2018, direct risk had further decreased to RUB46
billion as the region repaid in advance part of the bank loans.
The payback ratio (direct-risk-to-current balance) decreased
significantly to 2.1 years in 2017 from almost 30 years in 2016.
Fitch projects the payback ratio will normalise in 2018-2020
approaching closer to 10 years.

The agency views immediate refinancing pressure for the region as
limited. Kemerovo's 2018 maturities are fully covered by
accumulated cash while repayments scheduled in 2019-2020 are low.
Kemerovo's direct risk is currently dominated by low-cost budget
loans, which represented 55% of the total, followed by bank loans
(24%) and domestic bonds (21%).

Like the majority of Russian regions, Kemerovo participates in
the budget loans restructuring programme initiated by the federal
government at the end of 2017, which eases immediate refinancing
pressure. Under the programme, the maturity of RUB16 billion
budget loans granted to the region in 2015-2017 have been
prolonged until 2024, with most repayments to be made close to
the end of maturity. This will help save on interest payments and
limit borrowing from the market over the medium term.

Management and Administration Assessed as Neutral, Trend is
Stable
The region recently received an interim head, after the
resignation of his long-serving predecessor was announced on
April 1, 2018. The administration remains under pressure
following a deadly fire in the region's capital city of Kemerovo
shopping mall on March 25, 2018. The socio-political context is
likely to dominate regional policy agenda in the near future as
the death toll reached 64. In terms of budget and debt management
the former administration's approach was rather conservative and
mostly prudent. Fitch assumes continuity of these policies and
practices over the medium term, allowing the region to record
budgetary performance in line with its expectations and limit
growth of debt.

Economy Assessed as Neutral, Trend is Stable

The region's economic profile is dominated by the coal and metal
industries. These sectors provide a broad tax base for the
region, prone to volatility on the corresponding commodities
markets. Of the top 10 taxpayers, seven companies are engaged in
coal mining, providing 25% of total taxes in 2017. According to
preliminary data, the region's economy grew 3.4% in 2017
supported by favourable prices in the coal industry and thus
outpacing 1.5% national economic growth. Fitch forecasts the
Russian economy to demonstrate modest growth at 2% per year in
2018-2019, and the region's economy is likely to follow this
trend.

Institutional Framework Assessed as Weakness, Trend is Stable

The region's credit profile remains constrained by the weak
institutional framework for Russian local and regional
governments (LRGs). It has a short track record of stable
development compared with many of its international peers. The
frequent reallocation of revenue and expenditure responsibilities
within tiers of government reduces the predictability of LRGs'
budgetary policies and hampers Kemerovo's forecasting ability.

RATING SENSITIVITIES

Maintenance of the operating balance close to 10% of operating
revenue, coupled with a direct risk payback ratio (direct risk-
to-current balance) of around 10 years on a sustained basis,
could lead to an upgrade.

The inability to maintain a positive operating margin on a
sustained basis or an increase in direct risk above 80% of
current revenue could lead to a downgrade.


KHAKASSIA REPUBLIC: Fitch Withdraws B+ LT Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has withdrawn Russian Republic of Khakassia's 'B+'
Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDRs) with Stable Outlooks and the region's 'B' Short-Term
Foreign-Currency IDR. Fitch has also withdrawn Republic of
Khakassia's senior unsecured debt ratings of 'B+'.

KEY RATING DRIVERS

Fitch has chosen to withdraw Republic of Khakassia's ratings for
commercial reasons. As Fitch does not have sufficient information
to maintain the ratings, accordingly, the agency has withdrawn
Khakassia's ratings without affirmation and will no longer
provide ratings or analytical coverage for Republic of Khakassia.

RATING SENSITIVITIES

Not applicable


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


GESTAMP AUTOMOCION: S&P Rates New Senior Secured Notes 'BB+'
------------------------------------------------------------
S&P Global Ratings said that it has affirmed its 'BB' long-term
issuer credit rating on Spain-based auto supplier Gestamp
Automocion S.A. The outlook is stable.

S&P said, "We also assigned our 'BB+' issue rating to Gestamp's
proposed EUR400 million senior secured notes. The recovery rating
is '2', indicating our expectation of substantial recovery (70%-
90%; rounded estimate: 70%) if a default occurs.

"At the same time, we affirmed our 'BB+' issue rating on the
company's outstanding EUR500 million senior secured notes due
2023. The recovery rating remains at '2', indicating our
expectation of substantial recovery (70%-90%; rounded estimate:
70%) if a default occurs.

"The affirmation reflects our expectation that Gestamp will
maintain relatively steady operating performance in 2018-2019,
with annual revenues of about EUR8.5 billion and an S&P Global
Ratings-adjusted EBITDA margin of about 11%."

Headquartered in Spain, with 2017 revenues of EUR8.2 billion,
Gestamp is a leading automotive supplier of body and chassis
components to global carmakers. S&P said, "We expect Gestamp will
continue benefitting from greater use of its hot-stamping
technology, enabling the company to expand faster than the light-
vehicle production market and further strengthen its market
position as the leading company in this field. In our base-case
scenario, we forecast that adjusted EBITDA will increase by 5%-
10% over the next 12 months, and that capital expenditures
(capex) will be at a similar amount as in 2017 (EUR883 million),
including spending to continue supporting the growth and
development of the business. For 2018, we expect the FFO-to-debt
ratio will be in the 20%-25% range, similar to the 2017 figure
(22%), due to increased EBITDA. We expect free operating cash
flow (FOCF) to remain in negative territory due to high capex."

S&P said, "The stable outlook reflects our view that Gestamp will
maintain a stable operating performance and leverage metrics in
2018, with EBITDA margins of about 11% and FFO to debt in the
middle of the 20%-25% range.

"We could lower the ratings if Gestamp's adjusted FFO-to-debt
ratio falls below 20% or if its adjusted debt-to-EBITDA ratio
rises above 4x. This could happen if, for instance, the auto
market deteriorates or Gestamp loses several key contracts with
automakers. A debt-financed acquisition or an increase in
shareholder remuneration could also trigger a negative rating
action. We may also downgrade Gestamp if it posts significantly
negative FOCF, possibly because of high investments or an
increase in working capital.

"We could raise the ratings if Gestamp continues to strengthen
its competitive position and further diversify its customer base,
through, for example, greater penetration of the Asian car
manufacturing industry, as well as further strengthening of
EBITDA margins toward 15%. Also supportive would be if Gestamp
achieves FFO to debt above 30% and debt to EBITDA below 3x,
combined with meaningfully positive FOCF; however this is less
likely under our base case."


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


MANISA METROPOLITAN: Fitch Affirms 'BB' Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Turkish Metropolitan Municipality of
Manisa's Long-Term Foreign Issuer Default Rating (IDR) at 'BB'
and Long- Term Local Currency IDR at 'BB+'. Fitch has also
affirmed Manisa's National Long-Term Rating at 'AA(tur)'. The
Outlooks on the Long-Term Ratings are Stable.

The ratings reflect the robust operating performance of Manisa
despite opex growth outpacing that of operating revenue, and a
rapid accumulation of debt and an increase in net overall risk
arising from a significant increase in infrastructure investments
related to its new responsibilities as a new metropolitan
municipality. The increased net overall risk is, however,
supported by a healthy current balance with debt-to-current
balance at below three years.

The Stable Outlook reflects our expectations that Manisa's
operating margin will remain robust at above 35%, supportive of
the expected large increase in capex in 2018-2019. We expect
capex to be scaled back after 2020, leading to debt
sustainability of about three years, below the weighted average
maturity of the region's outstanding debt.

KEY RATING DRIVERS

Fiscal Performance (Strength / Stable): Fitch has a slightly more
conservative rating case than the administration's, which expects
Manisa's operating margin to average 35%-40% due to the slowdown
of the national economy in 2018. A well-diversified buoyant local
economy should, however, allow Manisa to remain resilient and
perform above the national average. This will be driven by a
nominal increase of shared tax revenue of 19% on average in 2018-
2020 and opex control after 2018.

At end-2017 shared tax revenue increased 19% yoy, exceeding
Fitch's and the administration's expectations of 13% and 2.5%
respectively, which helped lift operating revenue 16.7% yoy.
However, large realisation of opex, mainly on goods and services,
resulted in opex growing faster than operating revenue at 29.1%,
resulting in an operating margin (35%) that was below Fitch's
estimate of 41.9%.

Additional capex above budget in 4Q17 of TRY280 million led to a
realisation rate of 152% of the budgeted amount, which resulted
in a significantly large deficit before debt variation at 59.2%
of total revenue at end-2017 (2016: 22% deficit), exceeding
Fitch's expectation of 27.1%. This reduced capex coverage by the
current balance to 27.4%, from 64% in 2016.

Fitch believes that, as a new metropolitan city, preparation of
the tender processes of large infrastructure projects, such as
road maintenance, construction of diverse services buildings
areas for the newly added metropolitan districts, may take time
and could result in an increase in capex realisations.

Overall Manisa posted a large budget deficit of 36.5% of total
revenue or TRY273.3 million in 2017, which was a non-cash item,
as it was recorded in the balance sheet. Of that amount, TRY48.8
million was recorded as a receivable, which is a lent amount to
Soma Heating Facilities, which however is an operational unit of
the metropolitan municipality itself, and therefore recorded on
its budget. The remaining amount of TRY225.5 million was recorded
as payables, because infrastructure projects are treated as a
budget expense within the fiscal year. As infrastructure projects
will be completed during 2018, related invoices will be paid off
accordingly.

Fitch expects coverage of capex by the current balance to improve
to about 70% once envisaged capex is implemented in 2018-2019,
before being scaled back.

Economy (Neutral / Stable): Manisa is the 14th-largest city by
population and the 19th -largest by budget size. At end-2017, its
population increased 1.2% to 1,413,041 or 1.7% of Turkey's.
Although its GDP per capita of USD11,112, according to the latest
statistics from 2014, was 8% below the national average, Manisa
has a well-diversified and buoyant local economy, with a far
lower unemployment rate of 6.4% against Turkey's average of
11.1%.

Debt & Liquidity (Neutral / Negative): Fitch changed its view on
Manisa's debt trend to negative from stable as it expects direct
debt to increase to about 100% of current revenue over the medium
term (2017: 67.7%), contrary to our previous expectations of 80%.
This is due to the expected significant increase in capex, ahead
of upcoming local elections, and thereby high leverage.

Fitch said, "We expect Manisa's direct debt payback ratio - a
measure of debt sustainability - to increase on average to about
three years in 2018-2020 (2017: 2.3 years), which is commensurate
with 'BB' category peers. In 2017, Manisa's direct debt increased
62.4% to TRY451.1 million. All the new borrowings are bank loans
in Turkish lira, with a majority of loans from IL Bank, a Turkish
municipal bank, and state banks such as Halk Bank and Vakif
Bank."

Management (Neutral / Stable): Manisa was awarded the
metropolitan status after Law 6360 was implemented in 2014. The
city has a stable track record of budgetary performance, with
prudent cost discipline. The administration's commitment to opex
control was weakened by the large capex realisations in 2017,
which Fitch expects the administration to recover from 2018
onwards, as no additional capex is planned.

The administration has an ambitious capex programme as Manisa
develops its basic infrastructure, such as the public transport
network or construction of diverse service units, after the
enlargement of the boundaries of the metropolitan municipality in
2014.

Institutional Framework (Weakness /Stable): Manisa's credit
profile is constrained by a weak institutional framework for
Turkish subnationals, reflecting a short track record of a stable
inter-governmental relationship between the central and local
governments on the allocation of revenue and responsibilities, a
weak financial equalisation system and evolving debt management
in comparison with their international peers.

RATING SENSITIVITIES

Sustained reduction of debt-to-current revenue to below 50% and
continuation of sound fiscal performance with a current margin
sufficient to cover at least 60% of capex (2017: 27.4%) on a
sustained basis, together with opex being on budget, could
trigger a positive rating action.

Inability to adjust capex in relation to its current balance and
to apply cost control, leading to weaker budgetary performance
with a debt-to-current balance above four years, would result in
a downgrade.


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


ALLIED HEALTHCARE: Opts for CVA Due to Challenging Environment
--------------------------------------------------------------
BBC News reports that Allied Healthcare, which cares for 13,500
elderly and vulnerable patients across the UK, is set to file for
protection from its creditors due to a "highly challenging
environment".

The company said it would continue to provide care and there
would be no redundancies, BBC relates.

"Councils have robust contingency plans" to manage care, the
Local Government Association, as cited by BBC, said.

"As with many independent providers in the UK health and social
care sector, Allied Healthcare has been operating in a highly
challenging environment for a sustained period of time, which has
placed pressure on the company," BBC quotes company spokesperson
as saying.  "As a result of these challenges, Allied Healthcare
has taken the decision to pursue a Company Voluntary Arrangement
(CVA)."

Allied employs 8,700 people and is owned by a private equity
firm.  It also offers learning disabilities support services, has
150 contracts with local authorities in England, Scotland and
Wales, according to BBC.


BBA AVIATION: Moody's Assigns Ba2 CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service assigned a Ba2 corporate family rating
(CFR), Ba2-PD probability of default rating to BBA Aviation plc
("BBA"). Concurrently, Moody's assigned a Ba2 rating to the
senior unsecured $500 million notes maturing in 2026 issued by
BBA U.S. Holdings Inc. The outlook on the ratings is stable.

RATINGS RATIONALE

BBA's Ba2 rating takes into account its March 2018 publication of
a revised financial policy following the integration of Landmark
Aviation, the disposal of ASIG and completed acquisitions of
ONTIC. The Ba2 therefore also reflects the progressive financial
policy that will allow additional distributions to shareholders
up to a (company reported) 3.0x net leverage, which converts into
approximately 5.2x gross leverage expected for 2018 when
including Moody's adjustments. The material contemplated
shareholder distributions, although discretionary in nature, will
constrain the generation of meaningful cash flows.

The rating also considers the cyclical nature of the business and
general aviation (B&GA) end market and the willingness of the
company to temporarily tolerate a reported net leverage of up to
3.0x (~5.0x Moody's adjusted gross leverage). The rating
assessment assumes that BBA will continue to be acquisitive,
however, limited to bolt-on acquisitions rather than
transformational transactions such as the acquisition of Landmark
Aviation.

The company's progressive dividend policy with additional
shareholder distributions as detailed in the FY2017 financial
publication would settle Moody's adjusted at levels of around
4.5x-5.0x debt/EBITDA (higher in earlier years as EBITDA
improves; higher at times of reaching the upper end of its 2.5x -
- 3.0x net leverage target). The elevated leverage coupled with
the progressive dividend policy and in conjunction with the
tolerance for a temporary elevated net leverage up to 3.0x has
been a key consideration for the Ba2 rating. We note in this
respect the financial flexibility that the operating business
model allows, for instance at times when shareholder
distributions can be scaled back to accommodate acquisitions or
in case of a cyclical downturn. We view BBA's dividend payout to
be high, relative to profits and operating cash flows generated,
which, in turn, leaves limited ability to generate positive FCF,
despite the generation of relatively high margins.

STRUCTURAL CONSIDERATIONS

The new $500 million senior unsecured notes are rated Ba2 in line
with the CFR despite being structurally subordinated to
meaningful opco level liabilities including trade payables and
operating leases. We expect the initially relatively weak
recovery rate to strengthen over time due to the assumption that
overall unsecured debt will increase in line with EBITDA growth
on the back of BBA's financial policy to remain at company-
reported net leverage target of 2.5x to 3.0x net debt / EBITDA,
therefore a notching was avoided. A weakening of BBA's CFR due to
higher than expected leverage could lead to the introduction of a
notching of the unsecured bond. Furthermore, on a structurally
subordinated rank, BBA has on a pari passu basis the new $500
million senior unsecured notes, $650 million revolving credit
facility, $450 million acquisition facility as well as
outstanding $382 million US private placements maturing in 2021,
2023, 2024 and 2026.

OUTLOOK

The stable outlook reflects Moody's expectation that BBA will
maintain credit metrics that are commensurate with the Ba2 rating
such as leverage in the range of 4.5x-5.0x Moody's-adjusted
debt/EBITDA. At the same time, the stable outlook takes into
consideration that BBA's financial policy toward shareholder
distribution is now more aggressive and that potential dividend
payments weigh on free cash flow generation.

WHAT COULD CHANGE THE RATING UP / DOWN

The rating could be downgraded to Ba3 if debt/EBITDA remains
sustainably above 5.0x, EBIT/interest expense of less than 2.5x
and if free cash flow is negative for an extended period. For the
rating to be upgraded to Ba1 we would a expect a restoration of
metric levels prior to the Landmark acquisition, i.e. debt/EBITDA
well below 4.5x on a sustainable basis and EBIT/interest expense
above 3.0x.

LIQUIDITY

BBA's liquidity is solid indicated by available liquidity for the
next 12 months slightly exceeding $1 billion including
overfunding from the $500 million bond issuance, cash on balance
sheet, funds from operations as well as ample headroom undrawn
availability under the RCF comfortably sufficient to cover its
liquidity needs amounting to approximately $0.5 billion which
includes working cash requirements, dividends, capital
expenditures as well as other cash payments.

COMPANY PROFILE

BBA Aviation plc (BBA), headquartered in London and with shares
listed on the London Stock Exchange, has fixed base operator
(FBO) locations at 198 general aviation airports, with the US
being the largest market followed by Europe. An FBO is a
commercial business granted the right by an airport to operate on
the airport and provide aeronautical services.

In 2017 83% of underlying operating profit was generated by
Flight Support and approximately 85% of revenues in 2017 were
generated in North America leaving a high degree of end market
and geographical concentration. BBA expects the B&GA market to
grow moderately in 2018. Given the cyclical nature of B&GA
activities, lower GDP growth or even a recession can result in
lower or negative revenue growth.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: BBA Aviation plc

Corporate Family Rating, Assigned Ba2

Probability of Default Rating, Assigned Ba2-PD

Assignments:

Issuer: BBA U.S. Holdings Inc.

Backed Senior Unsecured Regular Bond/Debenture, Assigned Ba2

Outlook Actions:

Issuer: BBA Aviation plc

Outlook, Remains Stable

Issuer: BBA U.S. Holdings Inc.

Outlook, Assigned Stable


GVC HOLDINGS: S&P Raises Long-Term ICR to 'BB', Outlook Positive
----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
U.K.-based online gaming operator GVC Holdings PLC to 'BB' from
'BB-' and removed the rating from CreditWatch, where S&P had
placed it with positive implications on March 5, 2018. The
outlook is positive.

S&P said, "At the same time, we affirmed our 'BB' issue-level
rating and '3' recovery rating on the company's existing senior
secured EUR300 million term loan B and GBP1.4 billion equivalent
term loan B2 facilities. The '3' recovery rating indicates our
expectation of meaningful recovery (50%-70%; rounded estimate:
65%) in the event of a payment default.

"The rating reflects our view that the acquisition of Ladbrokes
Coral Group strengthens GVC's business profile and positions it
as the largest gaming company in Europe, with revenues of about
EUR3.7 billion. We consider that the merged entity benefits from
a more diversified product mix and broader geographical
diversification, which will enhance its capacity to weather some
of the potential effects of future regulatory events. In terms of
product diversity, we calculate the combined entity will generate
about 50% of its revenues from the online segment and about 40%
from the U.K. retail segment. Geographically, we estimate that
GVC will generate about 75% of its combined revenues from the
U.K, Italy, and Germany, which are the top three gaming markets
in Europe.

"We still view the online gaming segment as highly competitive,
with modest barriers to entry and high potential for future
regulatory events. GVC is exposed to the risk of regulatory
change affecting online gambling. For example, the legality of
online casino and poker in Germany is still debatable and the
U.K. may hike its point-of-use (POU) tax rate. We consider the
lack of license exclusivity in online gaming as a weakness, as it
represents a lower barrier to entry. Despite GVC's market-leading
positions, we calculate that the combined group's online
operations represent only about 5% of global online net gaming
revenues (NGR)."

These constraints are, to some extent, offset by GVC's premium
gaming brands (which include bwin, Ladbrokes, Coral, party poker,
and Foxy Bingo). It also operates in a high-growth online gaming
segment and it owns the proprietary technology for the main
online product segments, including sports betting, casino, poker,
and bingo. Additionally, the acquisition of Ladbrokes Coral
provides significant opportunities for synergies, especially in
the technological, data, and customer relationship management
(CRM) space.

Ladbrokes Coral currently relies on the technology offered by
third-party vendors, mainly Playtech Ltd. S&P anticipates that it
will transition to GVC's proprietary platform over the next three
years. The fixed cost base in the online segment could enhance
the group's operating efficiency and the increased scale will
also enable the group to build on its marketing and advertising
spending, which is key in the gaming industry.

S&P said, "Overall, we consider that GVC and Ladbrokes Coral have
complementary business models, with a strong presence in both
digital and retail-based gaming. The group's ability to improve
its overall business profile further will depend on its success
in exploiting its No. 1 position and increasing its share of the
online segment NGR. It will also need to successfully integrate
Ladbrokes Coral's operations with those of GVC's other
activities, and improve S&P Global Ratings-adjusted EBITDA
margins to about 25%-30% (after incorporating the impact of the
U.K. government's triennial review of fixed-odds betting
terminals [FOBTs]). Nevertheless, we recognize that integration
risks remain significant, given the magnitude of the transaction
and considering that GVC has never acquired a business that had a
significant retail presence.

"We forecast that GVC's credit metrics will weaken over the next
12-24 months, partly because of the additional debt issued to
fund the acquisition, and partly because we expect the U.K.
retail gambling to see a decline in earnings following the
triennial review. Our current base-case scenario assumes that the
triennial review will cap the maximum stake on FOBTs at GBP20.
Although we see a potential for a higher decline in earnings
under a GBP2 scenario, we consider that the effect would be
somewhat mitigated by the contingent value rights (CVR) mechanism
incorporated into the Ladbrokes Coral acquisition.

"On a stand-alone basis, we forecast that GVC's adjusted debt to
EBITDA was about 2.3x for 2017. Following the acquisition, we
expect GVC's leverage to weaken to about 3.5x-4.5x. The adjusted
debt to EBITDA range cited above indicates the likely outcomes
that could arise from the different scenarios of the triennial
review. We base our financial risk profile assessment on the
credit metrics for 2018 and 2019, due to uncertainty relating to
the impact of the triennial review and significant exceptional
costs relating to the acquisition.

The group's stated financial policy is to maintain its net debt
to EBITDA below 2.0x. However, given the acquisition, GVC's
current guidance is that the combined group's net debt to EBITDA
will remain above 2.0x (but below 3.0x) until the end of FY2019.
Now that the group has achieved an industry-leading position, we
do not expect any material debt-financed acquisition over the
next two years. S&P anticipates that GVC will generate robust
free operating cash flow (FOCF) of about EUR400 million,
supported by limited working capital needs and low effective
corporate tax rates in Gibraltar and Malta, where the group's key
operating subsidiaries are domiciled.

S&P said, "We analyze Ladbrokes Coral Group as a core subsidiary
of GVC because of the significant size of Ladbrokes Coral's
operations (about two-thirds of the combined group's revenue) and
management's commitment to support the group in integrating the
businesses. GVC has also given Ladbrokes Coral's outstanding
unsecured bonds the same seniority and guarantees as GVC's
existing secured term loan facilities, which supports our
assessment."

S&P's base-case scenario for GVC after the acquisition assumes:

-- Pro forma revenue of EUR3.7 billion and adjusted EBITDA (with
    operating lease adjustment) of about EUR700 million for
    FY2017.

-- Revenue growth of about 2%-5% for FY2018 and modest
    improvement in EBITDA margins of about 20% (including
    exceptional costs).

-- The FIFA World Cup in 2018 will materially boost the sports
    betting business, but the performance of the U.K. retail
    segment may falter.

-- Exceptional costs of about EUR100 million-EUR120 million in
    FY2018.

-- Regulation arising from the triennial review will come into
    force in FY2019, and the maximum stake on FOBTs will be
    capped at GBP20. In such a scenario, the CVR liability of
    about GBP585 million (EUR630 million) will be refinanced by
    drawing additional debt.

-- From 2019 onward, the forecast guidance could vary
    considerably, depending on the timing of the triennial review
    and its specific outcomes.

-- Annual capital expenditure (capex) of about EUR190 million-
    EUR200 million.

-- Annual working capital investment of about EUR20 million-
    EUR30 million.

-- S&P adjusted debt calculation includes a provision of EUR200
    million toward the Greek tax authority's tax assessment for
    historical periods.

-- S&P does not factor any of the potential synergies from the
    Ladbrokes Coral acquisition into its base case because in its
    view, these will be insignificant in the short term, compared
    with integration- and transaction-related costs.

Based on these assumptions, S&P arrives at the following credit
measures for FY2018:

-- Debt to EBITDA of about 4.8x (about 4.0x excluding
    exceptional costs).

-- Funds from operations (FFO) to debt of about 17% (about 20%
    excluding exceptional costs).

-- FOCF to debt of about 14%.

S&P said, "The positive outlook reflects a one-in-three
possibility that we could raise our ratings on GVC in the next 18
months if the enlarged group's leverage were maintained well
below an adjusted debt to EBITDA ratio of 4.0x, even after the
effect of the triennial review. It incorporates the view that the
company will build on its market-leading position and continue to
increase revenues by about 2%-5% while improving margins to about
20%.

"We could raise our ratings on GVC once the triennial results are
published and it is clearer to us whether the combined group will
be able to reach total leverage well below an adjusted debt-to-
EBITDA ratio of 4.0x. This could occur if GVC overcomes the
reduction in maximum stakes on FOBT machines, through cost-
cutting initiatives such as shop closures and staff
rationalization. This could be further supported by a relatively
quick integration of Ladbrokes Coral's activity into the group,
which could also create significant cost synergies. The positive
outlook also incorporates our assumption that GVC will not
undertake further material debt-financed acquisitions or larger-
than-expected dividend payments in the near future.

"We could revise the outlook to stable if the impact of the U.K.
government's triennial review made it unlikely that GVC would be
able to reduce leverage below 4.0x within 18 months. This could
occur if the cap is set above GBP30, which would increase the
debt burden under the CVR mechanism."

Further rating pressure could arise if the group undertook an
unexpected material debt-financed acquisition or if integrating
the Ladbrokes Group proved significantly more difficult than
expected, implying that cost synergies would not be achieved and
the overall combined EBITDA would be significantly lower than S&P
expected.


HIBU MIDCO: S&P Alters Outlook to Positive & Affirms 'B-' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook to positive from stable on
directory publisher and digital services provider Hibu Midco Ltd.
(Hibu Group), a subsidiary of Hibu Group 2013 Ltd. S&P affirmed
its 'B-' long-term issuer credit rating on the group.

S&P said, "At the same time, we assigned our 'B-' issue rating to
Hibu Group's proposed GBP225 million senior secured term notes
due 2023 to be issued by Yell Bondco plc. The recovery rating on
these notes is '4', reflecting our expectation of average
recovery (30%-50%; rounded estimate: 45%) in the event of a
payment default.

"We also assigned our 'B+' issue rating to the group's proposed
GBP25 million super senior secured revolving credit facility
(RCF). The recovery rating on this facility is '1', reflecting
our expectations of very high recovery (90%-100%: rounded
estimate: 95%).

"Following the transaction, we will withdraw our issue and
recovery ratings on the existing GBP300 million (now amortized
down to GBP185 million) senior secured term notes and GBP250
million subordinated payment-in-kind (PIK) term note (now
amortized down to GBP200 million).

The outlook revision primarily reflects the group's reduction in
total S&P Global Ratings-adjusted debt with the proposed partial
conversion of the payment-in-kind (PIK) debt into equity. S&P
said, "This now leads us to forecast that, at the Hibu Group
level, adjusted debt to EBITDA will likely remain below 3x in
fiscal 2018 (ended March 31) and fiscal 2019, versus 3x-4x in our
previous forecasts. We also take into account the group's
successful transition from print to digital business in the U.K."

Hibu Group is a provider of digital directories in the U.K. (Yell
Ltd.) and of print and digital directories in the U.S. (Hibu
Inc.). The group also offers digital marketing services to small
and midsize enterprises. S&P said, "Our rating on Hibu reflects
our analysis of the entire group, including its operations in the
U.K. and the U.S. We view the group as a whole, despite the new
restricted group, which excludes Hibu Inc. The digital and print
directories segments in the U.S. have been in structural decline
for several years. We believe that Hibu Group fully controls both
entities, and we understand that the group does not plan to
divest the U.S. operations in the coming 12-24 months."

S&P said, "For fiscal 2018, we expect adjusted debt to EBITDA to
be about 2.5x and will likely remain below 3.0x in fiscal 2019
following the refinancing. We also anticipate that the group will
report positive free operating cash flows (FOCF) in excess of
GBP60 million. Additionally, we think that management has
successfully transformed Yell Ltd. into a digital marketing
services company, with the last Yellow Pages likely to be printed
in January 2019. Digital revenues and EBITDA at Yell Ltd. have
been rising since 2015, from GBP15 million to an expected GBP62
million in 2018. Although it will take more time than the
transformation at Yell Ltd. in the U.K., we project that Hibu
Group will gradually turn its U.S. business into a stable and
profitable digital marketing services business. Print and digital
directories still represent about 50% of the revenues in the U.S.

"Despite the near completion of the digital transformation of
Yell Ltd., we continue to consider Hibu Group's operations to be
exposed to the declining printing and digital directories in the
U.S., with the emergence of many online players driving a
pronounced evolution of how users search for people and gather
information. We assume that printing and digital directories
operations in the U.S. will cause a 25% contraction of the U.S.
division's top line in fiscal 2018. In the U.K., we note
positively that digital revenues are expected to grow by 4% in
fiscal 2018. However, the market remains subject to high online
competition--in particular from dominating players Google and
Facebook--and, to a smaller degree, very limited barriers to
entry. We believe that margins will remain under pressure and
will not recover to the historical level of 28.5% in 2017, given
Hibu Group's transition to the highly fragmented, intensely
competitive, and rapidly evolving online market. We believe that
the group's online business will have significantly less pricing
power than it had in its former leading or incumbent positions in
the traditional print classified directories business."

Since its refinancing in 2016, Hibu Group has materially
decreased its adjusted debt to EBITDA to 2.6x in fiscal 2017 from
6.5x in fiscal 2016. In fiscal 2018 the group has continued to
repay its debt using excess cash (as per the debt documentation's
cash sweep mechanism), maintaining its adjusted leverage between
2.5x and 3.0x. This is despite the projected decline in EBITDA to
about GBP169 million in fiscal 2018 from about GBP193 million in
fiscal 2017, primarily owing to the group's transition to online
from print in the U.K. Following the refinancing and the partial
conversion of the PIK loan into equity, S&P forecasts adjusted
debt to EBITDA will likely remain below 3x over the next two
fiscal years and positive FOCF generation in excess of GBP60
million.

S&P said, "In our view, despite a lower adjusted debt-to-EBITDA
ratio than similarly rated peers in other industries, the rating
on Hibu Group is constrained by its operations in a market
dominated by a limited number of large players, leaving limited
pricing power to smaller players like Hibu Group. We therefore
incorporate in our analysis our view that the group's earnings
and credit metrics could deteriorate quickly.

"The positive outlook reflects our view that Hibu Group's credit
metrics will likely improve thanks to the proposed refinancing
and partial equitization of the PIK loan and the strengthening of
the group's operations in the U.K. (Yell Ltd.) alongside Hibu
Inc.'s gradual shift to digital from print in the U.S.

"We could upgrade Hibu Group over the next 12 months if we
anticipate that the group's adjusted debt to EBITDA will remain
comfortably below 3.0x in fiscal 2019 and thereafter, together
with positive reported FOCF in excess of GBP60 million. Any
upgrade would hinge on the U.K. operations performing strongly
(including organic growth in revenues and EBITDA), and the
group's ability to withstand declining operations in the U.S.,
without meaningful cash outflows at Hibu Inc.

"We could revise the outlook to stable if Hibu Group inadequately
manages the transition of its business model in the U.S. or if
Yell Ltd.'s operations underperform expectations. This could lead
to a more pronounced decline in Hibu Group's consolidated EBITDA
than anticipated, resulting in debt to EBITDA being above 3x and
lower reported FOCF."


HOUSE OF FRASER: Calls in KPMG to Advise on Restructuring Plan
--------------------------------------------------------------
BBC News reports that department store chain House of Fraser has
appointed turnaround specialists to advise it on a restructuring
plan which could involve store closures and job losses.

The retailer has called in KPMG to examine all options, including
an insolvency process called a Company Voluntary Arrangement
(CVA), BBC relates.

House of Fraser has 59 stores, 6,000 staff and 11,500 concession
staff, BBC discloses.

In January, it asked landlords to cut rents, after poor Christmas
trading, BBC recounts.

Under a CVA, House of Fraser would again try to get agreement
from landlords to reduce rents and maybe shut some of its 59
stores, BBC states.

No decision has yet been made on the turnaround route it will
pursue, BBC notes.

According to BBC, in a statement, a spokesperson said the chain
could only confirm that they had appointed KPMG and were "working
closely with them to look at options that best support our
transformation programme".

Several big high street names have struggled in the face of
online competition, a decline in consumer confidence and rising
overheads, BBC relays.


MOTHERCARE PLC: To Shut Down Tunbridge Wells Store on May 7
-----------------------------------------------------------
Gabriel Shepard at KentLive reports that Mothercare has become
the latest big name to quit Tunbridge Wells town centre.

According to KentLive, the store, based on the first floor of the
Royal Victoria Place, will shut its doors for the last time on
Monday, May 7.

A sign in the window advises shoppers to then visit branches in
Maidstone, Orpington or Bluewater, KentLive discloses.

The toys, clothes and baby equipment specialist recently posted
poor sales results and both its chairman and chief executive have
left in the past month, KentLive relates.

Its new chief executive David Wood, as cited by KentLive, said:
"Mothercare is currently facing a number of challenges, not least
a highly competitive retail environment.  We recognize the clear
needs ahead of us as we pursue our refinancing to allow us to
complete our transformation plan."

In line with many high street chains, the business has been
severely disrupted by online competition, KentLive notes.

A fortnight ago the Telegraph reported Mothercare could be about
to enter a company voluntary arrangement -- an insolvency
agreement used by chains including Prezzo and New Look to prevent
them going bust, KentLive recounts.

This, it is understood, could result in the loss of a third of
its 143 stores, KentLive states.

Mothercare plc is a retailer for parents and young children. The
principal activity of the Company is to operate as a specialist
omni-channel retailer, franchisor and wholesaler of products for
mothers-to-be, babies and children under the Mothercare and Early
Learning Centre brands.  The Company's operating segments include
the UK business and the International business.


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


* BOND PRICING: For the Week April 16 to April 20, 2018
-------------------------------------------------------

Issuer                    Coupon   Maturity  Currency  Price
------                    ------   --------  --------  -----
Steinhoff Europe AG         1.88   1/24/2025   EUR    55.29
Casino Guichard Perrac      1.97               EUR    74.72
VIEO BV                     6.75    9/7/2022   EUR    65.31
Mitsubishi UFJ Investo      4.17  12/15/2050   EUR    71.92
Steinhoff Finance Hold      1.25  10/21/2023   EUR    40.15
Bourbon Corp                6.45               EUR    65.00
Intelsat Luxembourg SA      7.75    6/1/2021   USD    63.16
EA Partners I BV            6.88   9/28/2020   USD    74.26
Agrokor dd                  9.88    5/1/2019   EUR    30.13
Intelsat Luxembourg SA      8.13    6/1/2023   USD    59.21
Portugal Telecom Inter      4.63    5/8/2020   EUR     8.14
Astaldi SpA                 4.88   6/21/2024   EUR    61.84
Portugal Telecom Inter      5.00   11/4/2019   EUR     8.24
Oi Brasil Holdings Coo      5.75   2/10/2022   USD    48.38
Mallinckrodt Internati      4.75   4/15/2023   USD    72.79
New Look Secured Issue      6.50    7/1/2022   GBP    46.78
QGOG Constellation SA       6.25   11/9/2019   USD    44.96
Transcapitalbank JSC V     10.00   9/18/2020   USD    56.15
Offshore Drilling Hold      8.38   9/20/2020   USD    50.48
Holdikks SAS                6.75   7/15/2021   EUR    63.40
Econocom Group SA/NV        0.50    3/6/2023   EUR     8.26
Grupo Isolux Corsan SA      3.00  12/30/2021   EUR     0.73
Ensco PLC                   5.75   10/1/2044   USD    72.51
Vallourec SA                4.13   10/4/2022   EUR     7.31
Ageasfinlux SA              1.02               EUR    71.55
EA Partners II BV           6.75    6/1/2021   USD    71.25
Air Berlin PLC              8.25   4/19/2018   EUR     1.09
Bank Otkritie Financia     10.00   4/26/2019   USD    25.38
Neopost SA                  3.38               EUR    55.72
Portugal Telecom Inter      5.88   4/17/2018   EUR     6.88
Portugal Telecom Inter      4.38   3/24/2017   EUR     9.32
Portugal Telecom Inter      4.50   6/16/2025   EUR     9.29
Promsvyazbank OJSC Via     10.20   11/6/2019   USD    17.05
getBACK SA                  6.12   5/10/2020   PLN    51.80
Banco Espirito Santo S      2.63    5/8/2017   EUR    28.56
Yuksel Insaat AS            9.50  11/10/2015   USD    19.39
Air Berlin PLC              6.75    5/9/2019   EUR     1.07
ADLER Real Estate AG        2.50   7/19/2021   EUR    16.74
Immigon Portfolioabbau     10.00               EUR    17.02
OAS Investments GmbH        8.25  10/19/2019   USD     5.00
Pacific Drilling SA         5.38    6/1/2020   USD    35.44
Agrokor dd                  9.13    2/1/2020   EUR    29.33
UkrLandFarming PLC         10.88   3/26/2018   USD    20.00
Nexans SA                   2.50    1/1/2019   EUR    74.19
Maisons du Monde SA         0.13   12/6/2023   EUR    49.07
Grupo Isolux Corsan SA      0.25  12/30/2021   EUR     0.17
Privatbank CJSC Via UK     10.25   1/23/2018   USD    21.93
Agrokor dd                  8.88    2/1/2020   USD    28.31
OSX 3 Leasing BV           13.00   3/20/2015   USD    27.10
WPE International Coop     10.38   9/30/2020   USD    18.82
Genfit                      3.50  10/16/2022   EUR    31.12
Banco Espirito Santo S      4.75   1/15/2018   EUR    26.98
New Look Secured Issue      4.50    7/1/2022   EUR    46.09
Avangardco Investments     10.00  10/29/2018   USD    20.76
Banco Espirito Santo S      4.00   1/21/2019   EUR    29.24
Portugal Telecom Inter      6.25   7/26/2016   EUR     7.54
BIM SAS                     2.50  11/13/2020   EUR    24.18
Oi Brasil Holdings Coo      5.63   6/22/2021   EUR     9.21
Nexity SA                   0.25    3/2/2025   EUR    67.76
Scholz Holding Gmbh         8.50  12/31/2019   EUR     7.44
New Look Senior Issuer      8.00    7/1/2023   GBP    24.03
America Movil BV            5.50   9/17/2018   EUR    75.14
Korian SA                   2.50               EUR    41.87
Alitalia-Societa' Aere      5.25   7/30/2020   EUR     6.83
Rickmers Holding AG         8.88   6/11/2018   EUR     2.24
Lambay Capital Securit      6.25               GBP     0.48
Mriya Agro Holding PLC      9.45   4/19/2018   USD     7.73
Nexity SA                   0.13    1/1/2023   EUR    68.38
Bilt Paper BV               9.64               USD    22.27
Santhera Pharmaceutica      5.00   2/17/2022   CHF    69.70
Banco Espirito Santo S      7.13  11/28/2023   EUR     0.41
Orient Express Bank PJ     10.00               USD    56.00
Virgolino de Oliveira      10.50   1/28/2018   USD     5.67
OGX Austria GmbH            8.50    6/1/2018   USD     0.00
Mitsubishi UFJ Investo      3.92  12/30/2099   EUR     5.86
Norske Skog Holding AS      8.00   2/24/2021   EUR     2.00
Pierre & Vacances SA        2.00    4/1/2023   EUR    57.98
Lloyds Bank PLC             0.76  12/27/2028   USD    72.50
Aralco Finance SA          10.13    5/7/2020   USD     4.02
Waste Italia SpA           10.50  11/15/2019   EUR     2.24
Air Berlin PLC              5.63    5/9/2019   CHF     1.04
Lehman Brothers UK Cap      5.13               EUR     7.37
Fred Olsen Energy ASA       4.00   2/28/2019   NOK    61.67
Allied Irish Banks PLC     12.50   6/25/2035   GBP    72.31
3W Power SA                10.00   8/29/2019   EUR     2.00
Cattles Ltd                 7.13    7/5/2017   GBP     0.27
Societa' Per LA Gestio      9.50   12/1/2025   EUR     0.52
Espirito Santo Financi      9.75  12/19/2025   EUR     0.44
Afren PLC                   6.63   12/9/2020   USD     0.32
Bibby Offshore Service      7.50   6/15/2021   GBP    15.25
GEWA 5 to 1 GmbH & Co       6.50   3/24/2018   EUR    19.35
Norske Skogindustrier       2.00  12/30/2115   EUR     1.12
Privatbank CJSC Via UK     10.88   2/28/2018   USD    28.76
FIGEAC-AERO                 1.13  10/18/2022   EUR    24.59
Stichting Afwikkeling       6.25  10/26/2020   EUR     4.67
Breeze Finance SA           6.71   4/19/2027   EUR    29.05
Johnston Press Bond Pl      8.63    6/1/2019   GBP    72.42
Afren PLC                  10.25    4/8/2019   USD     0.07
Deutsche Bank AG/Londo      1.07  10/31/2034   USD    61.75
Pescanova SA                8.75   2/17/2019   EUR     2.01
Hellenic Republic Gove      2.09   7/25/2057   EUR    39.88
NTRP Via Interpipe Ltd     10.25    8/2/2017   USD    31.48
Vseukrainsky Aktsinern     10.90   6/14/2019   USD     0.08
Lloyds Bank PLC             0.59  11/27/2033   USD    57.03
Stichting Afwikkeling      11.25               EUR     1.15
Privatbank CJSC Via UK     11.00    2/9/2021   USD    10.35
TradeDoubler AB             6.75  12/20/2018   SEK    75.00
Lloyds Bank PLC             1.04  10/25/2033   USD    66.30
Alno AG                     8.50   5/14/2018   EUR     4.27
Koninklijke Luchtvaart      0.75               CHF    36.55
Banca Popolare di Vice      9.50   9/29/2025   EUR     0.57
New World Resources NV      4.00   10/7/2020   EUR     0.22
Beate Uhse AG               7.75    7/9/2019   EUR     2.08
Mobylife Holding A/S        7.25   5/23/2020   SEK     7.66
Lloyds Bank PLC             0.09   4/26/2033   USD    51.09
OGX Austria GmbH            8.38    4/1/2022   USD     0.01
Mriya Agro Holding PLC     10.95   3/30/2016   USD     6.31
KTG Agrar SE                7.13    6/6/2017   EUR     4.02
Belfius Bank SA/NV          1.60               FRF    69.53
Norske Skogindustrier       7.00  12/30/2026   EUR     1.51
Tonon Luxembourg SA         9.25   1/24/2020   USD     4.75
Kaupthing ehf               7.63   2/28/2015   USD     0.25
PNE Wind AG                 3.75  10/10/2019   EUR     3.45
Espirito Santo Financi      6.88  10/21/2019   EUR     0.08
New World Resources NV      8.00    4/7/2020   EUR     3.42
Bank Nadra Via NDR Fin      8.25   7/31/2018   USD     0.35
Capital Raising GmbH        7.50               EUR    54.17
Afren PLC                  11.50    2/1/2016   USD     0.08
Virgolino de Oliveira      11.75    2/9/2022   USD     6.92
ESFIL-Espirito Santo F      5.25   6/12/2015   EUR     0.29
BBVA International Pre      1.40               GBP    59.42
Dexia Credit Local SA       1.40               EUR     6.65
International Industri      9.00    7/6/2011   EUR     0.38
Scandinavian Airlines       0.63               CHF    26.63
BLT Finance BV              7.50   5/15/2014   USD     0.34
Pescanova SA                5.13   4/20/2017   EUR     1.64
JZ Capital Partners Lt      6.00   7/30/2021   GBP    10.50
Elli Investments Ltd       12.25   6/15/2020   GBP    58.72
Praktiker AG                5.88   2/10/2016   EUR     0.95
Bank Nederlandse Gemee      0.50   7/12/2022   ZAR    71.79
Barclays Bank PLC           1.12   4/30/2029   USD    75.00
Espirito Santo Financi      3.13   12/2/2018   EUR     0.20
Barclays Bank PLC           0.50  12/23/2033   USD    61.70
Touax SCA-SGTR-CITE-SG      6.00   7/10/2020   EUR    17.47
Offshore Drilling Hold      8.38   9/20/2020   USD    50.28
Vneshprombank Ltd Via       9.00  11/14/2016   USD     0.08
Lloyds Bank PLC             1.04   4/25/2034   USD    67.25
Cirio Holding Luxembou      6.25   2/16/2004   EUR     0.32
German Pellets GmbH         7.25    7/9/2018   EUR     1.66
Royal Bank of Scotland      0.88  11/16/2030   USD    57.25
Intelsat Luxembourg SA     12.50  11/15/2024   USD    54.36
Banco Pinto & Sotto Ma      1.12               EUR    41.00
Lehman Brothers UK Cap      6.90               USD     1.38
Deutsche Bank AG/Londo      3.00   2/23/2035   EUR    72.50
getBACK SA                  5.90  12/30/2020   PLN    30.00
Corporate Commercial B      8.25    8/8/2014   USD     1.89
Capita PLC                  2.88  11/10/2027   EUR    70.85
Lehman Brothers UK Cap      3.88               EUR     8.52
Lehman Brothers Treasu      7.25   10/5/2035   EUR     6.75
LBI HF                      6.10   8/25/2011   USD     6.00
Lloyds Bank PLC             2.13   4/26/2027   USD    70.19
Del Monte Finance Luxe      6.63   5/24/2006   EUR     5.66
Sazka AS                    9.00   7/12/2021   EUR     0.50
CBo Territoria              6.00    1/1/2020   EUR     3.92
Dexia SA                    1.45               EUR     8.50
Ideal Standard Interna     11.75    5/1/2018   EUR     4.63
DEMIRE Deutsche Mittel      6.00  12/30/2018   EUR     4.30
Wild Bunch AG               8.00   3/23/2019   EUR    45.00
Lloyds Bank PLC             0.50    7/5/2033   USD    56.10
Cirio Del Monte NV          7.75   3/14/2005   EUR     0.70
Manchester Building So      6.75               GBP    14.44
International Finance       0.50   6/24/2024   ZAR    58.43
Phosphorus Holdco PLC      10.00    4/1/2019   GBP     1.84
Havila Shipping ASA         5.65   11/7/2020   NOK    67.42
KPNQwest NV                10.00   3/15/2012   EUR     0.08
OGX Austria GmbH            8.50    6/1/2018   USD     0.00
Barclays Bank PLC           1.21   11/1/2031   USD    61.85
KPNQwest NV                 7.13    6/1/2009   EUR     0.08
Kaupthing ehf               5.75   10/4/2011   USD     0.25
Cirio Finance Luxembou      7.50   11/3/2002   EUR     5.17
Deutsche Bank AG/Londo      1.01  11/26/2034   USD    65.75
Northland Resources AB      4.00  10/15/2020   USD     0.14
Oi Brasil Holdings Coo      5.75   2/10/2022   USD    21.00
Agrokor dd Via Aquariu      4.92    8/8/2017   EUR    14.84
Cooperatieve Rabobank       0.50   7/30/2043   MXN    12.12
Kommunalbanken AS           0.50   5/27/2022   ZAR    72.54
KTG Agrar SE                7.25  10/15/2019   EUR     3.17
New Look Senior Issuer      8.00    7/1/2023   GBP    23.82
Barclays Bank PLC           0.80   5/30/2034   USD    58.75
Virgolino de Oliveira      10.88   1/13/2020   USD    26.81
UniCredit Bank Austria      0.02   1/25/2031   EUR    74.07
Societa' Per LA Gestio      6.41               EUR     0.16
Cirio Finanziaria SpA       8.00  12/21/2005   EUR     0.40
getBACK SA                  5.72   2/16/2021   PLN    53.10
Pacific Drilling SA         5.38    6/1/2020   USD    34.94
Cooperatieve Rabobank       0.50   2/26/2029   HUF    65.28
Air Berlin Finance BV       6.00    3/6/2019   EUR     1.10
Depfa Funding III LP        0.87               EUR    56.17
Steilmann SE                7.00    3/9/2017   EUR     1.50
Societe Generale SA    #N/A N/A    3/17/2032   USD    68.00
RENE LEZARD Mode GmbH       7.25  11/25/2017   EUR     0.50
Barclays Bank PLC           0.03   3/21/2031   USD    63.40
IT Holding Finance SA       9.88  11/15/2012   EUR     0.16
EDOB Abwicklungs AG         7.50    4/1/2012   EUR     0.19
APP International Fina     11.75   10/1/2005   USD     0.18
ADLER Real Estate AG        6.00  12/27/2018   EUR    14.50
Afren PLC                   6.63   12/9/2020   USD     0.32
Banca Carige SpA            8.34               EUR    28.01
Lloyds Bank PLC             1.88  10/17/2033   USD    66.35
Rena GmbH                   8.25   7/11/2018   EUR     2.00
Portugal Telecom Inter      5.24   11/6/2017   EUR     9.13
Teksid Aluminum Luxemb     11.38   7/15/2011   EUR     0.40
Gazprombank JSC             7.52   10/6/2022   RUB    62.06
World Wide Supply AS        7.75   5/26/2017   USD    15.48
Eniro AB                    6.00   4/14/2020   SEK     5.27
Royal Bank of Scotland      0.41  12/13/2028   USD    65.00
Air Berlin Finance BV       8.50    3/6/2019   EUR     1.04
Depfa Funding IV LP         1.54               EUR    57.42
Pierre & Vacances SA        3.50   10/1/2019   EUR    39.11
Tonon Luxembourg SA        10.50   5/14/2024   USD    42.39
Burovoya Kompaniya Eur     10.25   6/21/2019   RUB    64.18
Agrokor dd                  8.88    2/1/2020   USD    29.55
Lehman Brothers UK Cap      5.75               EUR     1.38
Alno AG                     8.00   3/21/2019   EUR     4.00
Portigon AG                 7.46  12/31/2019   EUR    30.80
Rem Offshore ASA            5.00   12/8/2024   NOK    47.59
Barclays Bank PLC           1.04   4/25/2034   USD    55.10
Windreich GmbH              6.50   7/15/2016   EUR    13.94
German Pellets GmbH         7.25  11/27/2019   EUR     1.72
Depfa Funding II LP         6.50               EUR    59.40
Afren PLC                  10.25    4/8/2019   USD     0.07
mybet Holding SE            6.25  12/12/2020   EUR    59.00
Petromena ASA              10.85  11/19/2018   USD     0.61
Sairgroup Finance BV        4.38    6/8/2006   EUR     9.18
Petrol AD                   6.00   1/26/2022   EUR    30.00
Golden Gate AG              6.50  10/11/2014   EUR    38.50
Sistema PJSFC               9.25   2/23/2028   RUB    90.00
Manchester Building So      8.00               GBP    25.00
Steilmann SE                6.75   6/27/2017   EUR     3.50
Finmek International S      7.00   12/3/2004   EUR     5.54
Barclays Bank PLC           1.83   3/27/2029   USD    61.77
UniCredit Bank Austria      0.17  12/31/2031   EUR    71.51
Alpine Holding GmbH         6.00   5/22/2017   EUR     0.91
Sidetur Finance BV         10.00   4/20/2016   USD     5.26
Havila Shipping ASA         4.61   11/7/2020   NOK    53.75
Alpine Holding GmbH         5.25    7/1/2015   EUR     0.91
Sequa Petroleum NV          5.00   4/29/2020   USD    69.31
Frey                        6.00  11/15/2022   EUR    24.00
Deutsche Bank AG/Londo      0.14   9/30/2029   USD    71.00
Steilmann SE                7.00   9/23/2018   EUR     1.50
3W Power SA                 5.50  11/11/2020   EUR     1.00
Hamburgische Landesban      0.05   1/22/2041   EUR    63.41
International Industri     11.00   2/19/2013   USD     0.22
Royalbeach Spielwaren       7.38  11/10/2020   EUR     1.05
EFG International AG        1.14               EUR    73.35
Bulgaria Steel Finance     12.00    5/4/2013   EUR     0.17
Banco Espirito Santo S      6.88   7/15/2016   EUR    27.98
Tatfondbank OAO Via TF      8.50  11/12/2019   USD     4.84
Mriya Agro Holding PLC      9.45   4/19/2018   USD     7.73
getBACK SA                  5.72   4/30/2021   PLN    54.00
Artea                       6.00    8/4/2019   EUR    14.01
O1 Properties Finance       8.25   9/27/2021   USD    73.80
MS Deutschland Beteili      6.88  12/18/2017   EUR     3.00
OAS Investments GmbH        8.25  10/19/2019   USD     5.90
Lehman Brothers Treasu      6.00   2/15/2035   EUR     6.75
Barclays Bank PLC           1.72   2/28/2034   USD    62.60
Waste Italia SpA           10.50  11/15/2019   EUR     2.24
SAG Solarstrom AG           6.25  12/14/2015   EUR    33.63
PSN Pm OOO                 13.00   9/10/2026   RUB    17.77
Pescanova SA                6.75    3/5/2015   EUR     1.90
Barclays Bank PLC           0.61  11/29/2030   USD    63.60
Lloyds Bank PLC             1.30   7/26/2033   USD    60.21
Finans-Avia OOO             9.00   7/31/2022   RUB    69.94
BOA Offshore AS             0.40   7/17/2047   NOK    10.70
getgoods.de AG              7.75   10/2/2017   EUR     0.21
PA Resources AB            13.50    3/3/2016   SEK     0.12
getBACK SA                  6.11   9/14/2021   PLN    10.00
QGOG Constellation SA       6.25   11/9/2019   USD    44.96
Gebr Sanders GmbH & Co      8.75  10/22/2018   EUR    20.86
Moscow United Electric      8.55    5/6/2027   RUB    66.01
Governo Portugues Cons      3.00               EUR    75.00
KPNQwest NV                 8.88    2/1/2008   EUR     0.08
Hellas Telecommunicati      8.50  10/15/2013   EUR     0.59
Home Money LLC             20.00  10/23/2018   RUB    46.00
Lehman Brothers Treasu      6.00   11/2/2035   EUR     6.75
Rosneft Oil Co PJSC         7.85   1/18/2021   RUB    61.00
New Look Secured Issue      4.50    7/1/2022   EUR    46.44
Minicentrales Dos SA        6.45   4/14/2028   EUR    65.75
Ahtium PLC                  9.75    4/4/2017   EUR     3.29
Marine Subsea AS            9.00  12/16/2019   USD     0.50
Agroton Public Ltd          6.00   7/14/2019   USD    16.00
Norske Skog Holding AS      8.00   2/24/2021   EUR     2.00
Windreich GmbH              6.50    3/1/2015   EUR    14.09
Barclays Bank PLC           0.87   3/27/2029   USD    53.00
Lehman Brothers Treasu      5.10    5/8/2017   HKD     6.75
Stichting Afwikkeling       2.42               EUR     1.33
New Look Secured Issue      6.50    7/1/2022   GBP    46.82
getBACK SA                  6.22    8/8/2019   PLN    30.00
getBACK SA                  5.73  10/22/2019   PLN    60.01
Minicentrales Dos SA        4.81  11/29/2034   EUR    65.75
Virgolino de Oliveira      10.50   1/28/2018   USD     6.35
Norske Skog Holding AS      8.00   2/24/2023   USD     2.34
Element Leasing OOO         0.01   3/30/2021   RUB    71.00
Bank ZENIT PJSC             8.50  10/16/2018   RUB    61.03
Barclays Bank PLC           1.35   9/30/2031   USD    63.00
Norske Skogindustrier       7.13  10/15/2033   USD     2.56
Societe Generale SA         1.60    1/9/2020   GBP     1.12
CRC Breeze Finance SA       6.11    5/8/2026   EUR    45.01
A-TEC Industries AG         5.75   11/2/2010   EUR     0.35
AKB Peresvet ZAO            0.51   2/14/2032   RUB    23.50
Societa' Per LA Gestio      6.95   2/25/2025   EUR     0.40
Mox Telecom AG              7.25   11/2/2017   EUR     3.00
Lehman Brothers Treasu      5.00   9/22/2014   EUR     6.75
Grupo Isolux Corsan SA      3.00  12/30/2021   USD     1.21
Afren PLC                  11.50    2/1/2016   USD     0.08
Alpine Holding GmbH         5.25   6/10/2016   EUR     0.91
Lehman Brothers Treasu      8.25   3/16/2035   EUR     6.75
Societa' Per LA Gestio      6.94   5/15/2025   EUR     0.29
A-TEC Industries AG         8.75  10/27/2014   EUR     0.35
KPNQwest NV                 8.13    6/1/2009   USD     0.08
Bank Nederlandse Gemee      0.50    6/7/2022   ZAR    71.20
Stroika Finance Ltd Vi      9.90   6/25/2019   RUB    11.60
Finance and Credit Ban      9.25   1/25/2019   USD     0.68
DOM RF Russia Housing       7.20   1/21/2028   RUB    99.75
Banco Espirito Santo S      6.90   6/28/2024   EUR    27.30
UkrLandFarming PLC         10.88   3/26/2018   USD    21.02
Rio Forte Investments       4.00   7/22/2014   EUR     6.83
Gazprom PJSC                3.40  10/21/2043   RUB    60.00
Center for Cargo Conta      7.50   1/19/2023   RUB    71.46
Otkritie Holding JSC       11.56   7/27/2028   RUB    10.57
Sberbank of Russia PJS     10.00   6/20/2019   RUB    65.01
RN Bank JSC                 8.45  10/14/2020   RUB    64.64
Tonon Luxembourg SA         9.25   1/24/2020   USD     4.90
A-TEC Industries AG         2.75   5/10/2014   EUR     0.35
International Finance       0.50   6/29/2027   ZAR    42.35
OGX Austria GmbH            8.38    4/1/2022   USD     0.01
Svensk Exportkredit AB      0.50   6/29/2029   AUD    62.87
SAG Solarstrom AG           7.50   7/10/2017   EUR    33.63
Gazprom PJSC                3.40  10/21/2043   RUB    60.00
Svensk Exportkredit AB      0.50   4/24/2029   AUD    63.45
Region of Abruzzo Ital      0.10   11/7/2036   EUR    63.54
Banco Pastor SAU            2.07               EUR     5.72
Kaupthing ehf               5.75   10/4/2011   USD     0.25
Activa Resources AG         0.50  11/15/2021   EUR    20.50
Svensk Exportkredit AB      0.50   1/31/2022   ZAR    73.58
Northland Resources AB      4.00  10/15/2020   NOK     0.14
German Pellets GmbH         7.25    4/1/2016   EUR     1.69
Kommunekredit               0.50   7/30/2027   TRY    34.93
Rosneft Oil Co PJSC         7.85   12/3/2020   RUB    65.00
Region of Molise Italy      0.13  12/15/2033   EUR    67.71
Svensk Exportkredit AB      0.50   3/15/2022   ZAR    72.57
Espirito Santo Financi      5.05  11/15/2025   EUR     0.65
Kardan NV                   6.33    5/1/2018   ILS    59.79
Minaya Capital AG           7.00    8/1/2018   EUR    49.00
Svensk Exportkredit AB      0.50   8/29/2029   AUD    62.50
Banco Santander SA          2.00               USD    73.46
Montepio Holding SGPS       5.00               EUR    50.00
Lehman Brothers Treasu      5.00   2/16/2015   EUR     6.75
Cooperatieve Rabobank       0.50  10/30/2043   MXN    11.93
Rosbank PJSC                9.80  12/20/2026   RUB    64.14
Gazprombank JSC             6.20  10/10/2019   RUB    70.13
Rena GmbH                   7.00  12/15/2015   EUR     2.00
SiC Processing GmbH         7.13    3/1/2016   EUR     2.71
Mifa Mitteldeutsche Fa      7.50   8/12/2018   EUR     2.23
BLT Finance BV             12.00   2/10/2015   USD    10.50
La Veggia Finance SPA       7.13  11/14/2004   EUR     0.56
Norske Skogindustrier       7.13  10/15/2033   USD     2.56
Northland Resources AB     15.00   7/15/2019   USD     2.62
Holdikks SAS                6.75   7/15/2021   EUR    65.38
Samaratransneft-Termin     10.00   3/20/2023   RUB    71.45
Rosneft Oil Co PJSC         7.75   12/9/2027   RUB    95.00
O1 Properties Finance       6.00   5/18/2021   USD    73.85
Federal Grid Co Unifie      3.50   6/30/2048   RUB    61.01
Ahtium PLC                  4.00  12/16/2015   EUR     1.41
Deutsche Agrar Holding      7.25   9/28/2018   EUR     1.42
Lehman Brothers Treasu      8.25   12/3/2015   EUR     6.75
Cooperatieve Rabobank       0.50  10/29/2027   MXN    44.87
Norske Skog Holding AS      8.00   2/24/2023   USD     2.34
RN Bank JSC                 9.45   4/16/2020   RUB   100.01
Lehman Brothers Treasu      5.00   3/18/2015   EUR     6.75
United Aircraft Corp P      8.00   3/17/2020   RUB    66.00
Oi Brasil Holdings Coo      5.63   6/22/2021   EUR     9.21
New World Resources NV      4.00   10/7/2020   EUR     0.22
Grupo Isolux Corsan SA      0.25  12/30/2018   EUR     0.20
Heta Asset Resolution       0.13  12/31/2023   EUR    34.63
Banco Espirito Santo S     10.00   12/6/2021   EUR     0.41
City of Novosibirsk Ru      7.85  11/27/2027   RUB    65.00
Krakowski Bank Spoldzi      5.08   9/20/2023   PLN    67.00
Kamaz PJSC                 11.24   7/18/2030   RUB #N/A N/A
Intelsat Luxembourg SA     12.50  11/15/2024   USD    54.36
RN Bank JSC                10.40    7/9/2021   RUB #N/A N/A
SeaBird Exploration Fi      6.00   6/30/2020   USD    20.00
Stichting Afwikkeling       6.63   5/14/2018   EUR     1.43
Promsvyazbank OJSC Via     10.20   11/6/2019   USD    17.05
Aralco Finance SA          10.13    5/7/2020   USD     5.55
Braster SA                  7.51   5/29/2019   PLN    72.00
Federal Grid Co Unifie      3.40   4/27/2048   RUB    61.01
LBI HF                      6.10   8/25/2011   USD     6.00
Bank ZENIT PJSC             8.00   3/27/2025   RUB    72.03
RusHydro PJSC               8.50    2/2/2023   RUB    72.01
New World Resources NV      8.00    4/7/2020   EUR     3.42
Araratbank OJSC             6.50  10/29/2019   USD    25.88
Agrokor dd                  9.13    2/1/2020   EUR    29.58
Bank Otkritie Financia     10.00   4/26/2019   USD    25.38
Societe Generale SA        12.00    4/2/2020   USD    70.48
Cooperatieve Rabobank       0.50   1/31/2033   MXN    25.42
Lenta LLC                  11.75    3/3/2020   RUB    66.04
Landesbank Hessen-Thue      0.05    5/3/2041   EUR    67.17
Bank Intesa AO              9.75  10/10/2019   RUB    65.01
Grupo Isolux Corsan SA      0.25  12/30/2021   USD     0.22
Azubu Investments SA        5.00   8/25/2018   EUR    60.00
Vimpel-Communications       7.00    3/8/2022   RUB    72.02
Russian Bank for Small      7.50   8/11/2022   RUB    63.48
Espirito Santo Financi      5.13   5/30/2016   EUR     3.50
IKS 5 Finance OOO          10.90    3/9/2023   RUB    80.01
Otkritie Holding JSC       12.62   4/25/2028   RUB    12.12
Magadan Oblast              8.00  12/25/2022   RUB   100.00
OOO SPV Structural Inv      0.01    9/1/2023   RUB    73.29
Lehman Brothers Treasu      7.00   5/17/2035   EUR     6.75
HPI AG                      3.50               EUR     1.15
Deutsche Bank AG/Londo      0.50   10/5/2021   IDR    72.70
Credito Padano Banca d      3.10               EUR    35.90
Ideal Standard Interna     11.75    5/1/2018   EUR     4.63
Agrokor dd                  9.88    5/1/2019   EUR    30.52
Lehman Brothers Treasu      6.00   3/14/2011   EUR     6.75
Vimpel-Communications       1.00   10/3/2025   RUB    72.34
Sibur Holding PAO           9.65   9/16/2026   RUB   104.15
Banco Santander SA          2.00               USD    71.27
ENEL RUSSIA PJSC           12.10   9/28/2018   RUB    71.01
Russian Regional Devel      7.80   7/30/2021   RUB    66.33
Virgolino de Oliveira      11.75    2/9/2022   USD     6.85
Podkarpacki Bank Spold      4.98   10/6/2021   PLN    61.05
Hamburgische Landesban      0.05  10/30/2040   EUR    66.34
Johnston Press Bond Pl      8.63    6/1/2019   GBP    72.60
Svensk Exportkredit AB      0.50   6/28/2022   ZAR    70.70
Rosneft Oil Co PJSC         8.35  11/24/2027   RUB    63.00
Societe Generale SA         1.88  10/31/2033   USD    65.50
Lehman Brothers Treasu      7.00  11/26/2013   EUR     6.75
Vantage Development SA      5.87   5/29/2020   PLN   101.01
Rusfinans Bank OOO         10.00   8/12/2026   RUB    75.00
Bank Nederlandse Gemee      0.50   9/20/2022   ZAR    70.28
Tonon Luxembourg SA        10.50   5/14/2024   USD    42.39
Penell GmbH Elektrogro      7.75   6/10/2019   EUR     3.00
Barclays Bank PLC           1.75  10/18/2028   USD    58.10
Muehl Product & Servic      6.75   3/10/2005   DEM     0.05
City of Moscow Russia       7.50   5/18/2021   RUB    65.01
Otkritie Holding JSC       11.25  12/10/2026   RUB    12.14
BKS Hybrid alpha GmbH       7.35               EUR    73.76
Rosbank PJSC                9.80  12/20/2026   RUB    64.13
Solon SE                    1.38   12/6/2012   EUR     0.25
Banca Popolare di Vice      9.50   10/2/2025   EUR     0.57
City of Predeal Romani      2.50   5/15/2026   RON    60.00
Reso-Leasing OOO            8.90   10/3/2025   RUB    65.01
Banca Carige SpA            5.70   9/17/2020   EUR    66.73
Stichting Afwikkeling       8.45   8/20/2018   USD     1.43
Municipality Finance P      0.50   4/26/2022   ZAR    71.77
Rosneft Oil Co PJSC         7.85   1/18/2021   RUB    61.00
Russian Highways           10.25  11/20/2020   RUB   101.26
Rosneft Oil Co PJSC         8.35  11/24/2027   RUB    63.00
Cooperatieve Rabobank       0.50  11/30/2027   MXN    42.93
Lehman Brothers Treasu      5.00   2/27/2014   EUR     6.75
Barclays Bank PLC           0.50   1/28/2033   MXN    26.21
Samolet Group              12.00   5/17/2022   RUB    90.00
Gazprom Neft PJSC           7.70  12/16/2024   RUB    62.03
WPE International Coop     10.38   9/30/2020   USD    18.75
Privatbank CJSC Via UK     10.88   2/28/2018   USD    28.76
TransFin-M PAO             10.25   11/3/2027   RUB    60.00
Virgolino de Oliveira      10.88   1/13/2020   USD    26.81
IDGC of Centre PJSC        11.58  11/11/2025   RUB    70.00
Reso-Leasing OOO            9.00  10/30/2025   RUB    61.01
Podkarpacki Bank Spold      5.81    7/2/2020   PLN    72.00
Societe Generale SA         0.91   6/30/2035   USD    67.25
Rosselkhozbank JSC          8.85   7/15/2025   RUB    38.00
Russian Railways JSC       11.20  10/16/2025   RUB    68.00
Delamare Finance PLC        1.95   2/19/2029   GBP    73.19
IDGC of Centre PJSC         9.32   8/14/2026   RUB    70.00
O1 Group Finance           10.25   4/22/2027   RUB    31.00
Rosneft Oil Co PJSC         8.65   12/3/2020   RUB    62.00
Barclays Bank PLC           1.81   9/13/2028   USD    65.10
Lehman Brothers Treasu      6.00   3/18/2015   USD     6.75
Espirito Santo Financi      5.05  11/15/2025   EUR     0.86
Transcapitalbank JSC        9.00   5/30/2023   RUB    63.01
Eiendomskreditt AS          4.42               NOK    56.91
UniCredit Bank Austria      0.06   1/24/2031   EUR    74.18
Heta Asset Resolution       0.22  12/31/2023   EUR    34.63
UmweltBank AG               2.85               EUR    54.63
Lehman Brothers Treasu      6.65   8/24/2011   AUD     6.75
Rosbank PJSC               10.40   5/27/2026   RUB    95.02
Transneft PJSC              8.75   4/14/2027   RUB    60.07
Credit Suisse AG/Londo      7.00  12/11/2019   USD     9.43
Sairgroup Finance BV        6.63   10/6/2010   EUR    11.08
Bibby Offshore Service      7.50   6/15/2021   GBP    15.25
AKB Peresvet ZAO           13.50  10/16/2020   RUB    20.00
Polski Bank Spoldzielc      4.81   6/18/2020   PLN    52.00
ROSSETI PJSC               10.29  10/31/2045   RUB    68.00
Bank Nederlandse Gemee      0.50    8/9/2022   MXN    71.46
Delta Credit Bank JSC      11.00   5/18/2026   RUB   104.00
Vnesheconombank             9.76  12/17/2021   RUB    65.01
Agrokompleks OOO            0.10   12/8/2022   RUB     3.10
Pongs & Zahn AG             8.50               EUR     0.00
ML 33 Invest AS             7.50               NOK    68.71
Lenta LLC                  12.40   8/28/2025   RUB    66.01
IKS 5 Finance OOO           9.75    8/1/2023   RUB   101.31
Transports publics fri      0.47   7/29/2051   CHF    74.88
Gazprom Capital OOO         8.90    2/3/2027   RUB    63.44
Societe Generale SA         8.60   7/29/2022   USD    54.00
Vnesheconombank             8.24  12/15/2022   RUB    62.00
SPORTTOTAL AG               6.00   3/17/2019   EUR     4.00
Municipality Finance P      0.50   6/19/2024   ZAR    59.97
Cooperatieve Rabobank       0.50  12/29/2027   MXN    42.40
Rosbank PJSC               10.40   6/30/2020   RUB    64.23
Rosneft Oil Co PJSC         7.85   12/3/2020   RUB    62.00
Federal Grid Co Unifie      3.20   4/27/2048   RUB    61.01
Lehman Brothers Treasu      1.28   11/6/2010   JPY     6.75
Landesbank Hessen-Thue      0.06   4/23/2041   EUR    68.57
SUEK Finance OOO           12.50   8/19/2025   RUB    63.03
BTV Hybrid I GmbH           6.50               EUR    37.25
International Bank of       8.25   10/9/2024   USD    72.85
Barclays Bank PLC           0.50   4/24/2023   MXN    65.49
Lehman Brothers Treasu      0.50  12/20/2017   AUD     6.75
RusHydro PJSC               0.10    2/2/2023   RUB    60.35
ADDvise Group AB            7.25  10/10/2022   SEK    73.05
Lehman Brothers Treasu      4.00   7/27/2011   EUR     2.57
Bank Julius Baer & Co       7.80  11/30/2018   USD    77.05
Municipality Finance P      0.50   5/31/2022   ZAR    71.12
Russian Post FGUP           9.35  10/18/2019   RUB    73.00
Delta Credit Bank JSC      12.10   7/28/2025   RUB   101.21
Praim Finans OOO            9.34   7/13/2021   RUB     5.00
Republic of Komi Russi      9.50  11/16/2022   RUB    61.00
Moscow United Electric     10.00   5/26/2026   RUB    60.00
Lehman Brothers Treasu      9.25   6/20/2012   USD     2.57
Caixa Geral de Deposit      1.31   11/5/2018   EUR    68.65
Societe Generale SA         0.21   3/31/2034   USD    69.47
getBACK SA                  5.79  11/27/2019   PLN    10.00
Municipality Finance P      0.50    5/8/2029   AUD    67.20
IKS 5 Finance OOO          11.90  10/11/2022   RUB    63.48
Rusfinans Bank OOO         10.05   6/10/2019   RUB #N/A N/A
Municipality Finance P      0.50   7/30/2029   AUD    72.17
Lehman Brothers Treasu      5.00    5/2/2022   EUR     2.57
Federal Grid Co Unifie      0.10  10/16/2020   RUB    63.01
Vnesheconombank            11.60   2/17/2025   RUB    66.00
Main Road JSC               4.50  11/22/2028   RUB    61.25
TransFin-M PAO             10.25   10/9/2026   RUB    66.00
Transbaltstroi OOO         11.00  11/26/2020   RUB    63.00
ROSSETI PJSC               11.25  11/14/2025   RUB    68.00
Centrosolar Group AG        7.00   2/15/2016   EUR     1.48
Finans-Avia OOO             0.01   7/31/2027   RUB    17.00
Rosneft Oil Co PJSC         7.85   1/18/2021   RUB    61.00
Rosintrud OOO              11.00    2/5/2021   RUB    65.01
SAir Group                  0.13    7/7/2005   CHF    12.10
Russian Post FGUP           2.75   12/6/2023   RUB    71.00
SAir Group                  5.13    3/1/2003   CHF    13.00
Svensk Exportkredit AB      0.50   6/20/2029   AUD    71.62
Lehman Brothers Treasu     10.00   6/11/2038   JPY     2.57
Elli Investments Ltd       12.25   6/15/2020   GBP    58.72
Beluga Group PJSC          12.90   4/29/2020   RUB   106.00
COFIDUR SA                  0.10  12/31/2024   EUR    21.00
getBACK SA                  5.76   9/18/2019   PLN    50.00
Rosselkhozbank JSC         15.00   1/29/2025   RUB    90.01
Vimpel-Communications       1.00   10/3/2025   RUB    62.00
TransFin-M PAO             11.00   6/23/2021   RUB    64.01
Banca delle Marche SpA      6.00   6/12/2018   EUR     1.93
SAir Group                  6.25  10/27/2002   CHF    11.89
State Transport Leasin     14.30  12/10/2024   RUB    61.00
Plaza Centers NV            6.00    7/1/2020   ILS    72.25
Gold-Zack AG                7.00  12/14/2005   EUR    12.70
Atari SA                    0.10    4/1/2020   EUR     6.05
Volga Capital PAO          12.00   6/27/2022   RUB    90.00
KB MIA AO                   8.25    3/7/2025   RUB    65.01
Mriya Agro Holding PLC     10.95   3/30/2016   USD     7.12
HSBC Bank PLC               0.50  12/29/2026   AUD    71.20
Lehman Brothers Treasu      7.60   5/21/2013   USD     2.57
SUEK Finance OOO           12.50   8/19/2025   RUB    64.01
Russian Railways JSC        9.70   5/22/2046   RUB    68.00
Rossiysky Capital OJSC      7.75   1/16/2020   RUB    63.01
State Transport Leasin      8.42    9/5/2031   RUB    67.01
Credit Europe Bank Ltd     10.00  10/22/2018   RUB    66.01
Lehman Brothers Treasu      2.88   3/14/2013   CHF     6.75
Miratorg-Finans OOO        11.00   8/24/2021   RUB    66.00
SpareBank 1 SR-Bank AS      1.45  12/21/2030   EUR    74.11
Hypo Vorarlberg Bank A      5.87               EUR    44.77
PSN Pm OOO                 12.00   8/31/2027   RUB     1.23
Rosselkhozbank JSC         17.00  12/13/2024   RUB    63.05
Rosneft Oil Co PJSC         7.85   1/18/2021   RUB    99.92
Bulgaria Steel Finance     12.00    5/4/2013   EUR     0.17
Lehman Brothers Treasu      5.00   5/12/2011   CHF     2.57
Bank Nederlandse Gemee      0.50   8/15/2022   ZAR    70.87
Banca delle Marche SpA      6.00    5/8/2018   EUR     1.93
Lehman Brothers Treasu      4.00   7/20/2012   EUR     2.57
Societe Generale SA        14.88  11/29/2019   USD    51.09
Federal Grid Co Unifie      3.20  10/30/2048   RUB    61.01
Russian Railways JSC        5.10   4/29/2043   RUB    68.00
Kaupthing ehf               9.00               USD     0.12
Rusfinans Bank OOO          9.90   7/18/2018   RUB   100.60
Kaupthing ehf               5.00    1/4/2027   SKK     0.25
Nutritek International      8.75  12/11/2008   USD     2.00
SAir Group                  5.50   7/23/2003   CHF    11.89
SG Issuer SA                6.80    1/6/2020   USD    73.14
Rosselkhozbank JSC         12.87  12/21/2021   RUB    69.61
Rosneft Oil Co PJSC         7.85   1/18/2021   RUB    99.92
Rosbank PJSC                9.35   9/29/2025   RUB   101.25
Bilt Paper BV               9.64               USD    22.27
ROSSETI PJSC                9.15   8/18/2026   RUB    68.00
Lehman Brothers Holdin      3.03   3/24/2009   JPY     2.76
German Pellets GmbH         8.00               EUR     0.01
getBACK SA                  5.80  10/30/2019   PLN    11.00
Rosselkhozbank JSC          8.85   7/11/2025   RUB    64.00
Reso-Leasing OOO            9.25   9/21/2023   RUB    63.01
Russian Railways JSC        8.65    2/4/2032   RUB    63.01
Heta Asset Resolution       4.35  12/31/2023   EUR    34.63
Russian Post FGUP           5.07  11/17/2023   RUB    60.06
Podkarpacki Bank Spold      5.11   5/28/2023   PLN    51.50
TransFin-M PAO             10.50   6/28/2027   RUB #N/A N/A
Lehman Brothers Treasu      3.86   9/21/2011   SGD     6.75
Otkritie Holding JSC       10.00   9/17/2027   RUB    15.01
Bank ZENIT PJSC            10.00   6/13/2024   RUB    68.89
Rosneft Oil Co PJSC         8.50   7/14/2027   RUB    63.00
Araratbank OJSC             8.00   6/10/2018   USD    25.33
getBACK SA                  5.72   10/5/2019   PLN    50.00
UniCredit Bank AO           9.20  11/20/2018   RUB    67.01
Lehman Brothers Treasu      5.00   8/16/2017   EUR     6.75
Eurocent SA                 8.50   9/15/2018   PLN     4.20
Commerzbank AG             30.00   6/30/2020   USD     1.25
RBC PJSC                    6.00   4/19/2018   RUB    61.59
Kamaz PJSC                 10.39   12/5/2030   RUB #N/A N/A
TGC-1 PJSC                  3.90  12/14/2021   RUB    63.01
Federal Grid Co Unifie      3.40    9/7/2048   RUB    61.01
Rosneft Oil Co PJSC         7.85   1/18/2021   RUB    61.00
First Mortgage Co Univ      6.50  12/12/2019   USD    25.14
Kardan NV                   6.78    2/2/2020   ILS    65.01
Region of Tambov Russi      8.00   12/5/2025   RUB    71.10
SAir Group                  4.25    2/2/2007   CHF    11.89
Lehman Brothers Treasu      6.00   2/19/2023   USD     2.57
Lehman Brothers Treasu      7.00    6/6/2017   EUR     2.57
Kaupthing ehf               7.50    2/1/2045   USD     0.26
Societe Generale SA         8.00   5/28/2027   USD    53.45
Novikombank ZAO            10.00   6/12/2020   RUB    66.00
EFG International Fina      6.48   5/29/2018   EUR     1.55
Rosneft Oil Co PJSC         7.85   1/18/2021   RUB    61.00
Bank ZENIT PJSC             8.00  11/11/2019   RUB    61.00
BLT Finance BV              7.50   5/15/2014   USD     0.34
Lehman Brothers Treasu      5.55   3/12/2015   EUR     2.57
Absolut Bank PAO           12.00  12/25/2018   RUB    60.00
Svensk Exportkredit AB      0.50   2/22/2022   ZAR    72.91
Metalloinvest Holding       0.01    3/7/2022   RUB    63.00
Province of Brescia It      0.03   6/30/2036   EUR    68.67
Lehman Brothers Treasu      8.25    2/3/2016   EUR     2.57
Otkritie Holding JSC       11.50    8/5/2025   RUB    12.51
Upravlenie Otkhodami Z      4.00   4/29/2027   RUB    71.95
HSBC Bank PLC               0.50   12/8/2026   AUD    73.78
Societe Generale SA         0.50   5/30/2023   MXN    66.24
ROSSETI PJSC                9.15   8/18/2026   RUB    68.00
Heta Asset Resolution       7.50  12/31/2023   ATS    34.63
Araratbank OJSC             7.00   6/18/2019   USD    25.75
EFG International Fina      7.20   2/25/2019   EUR     6.80
Lehman Brothers Treasu      3.00   6/23/2009   EUR     6.75
Svensk Exportkredit AB      0.50   3/28/2029   AUD    72.06
Whale Finance LLC           8.75   3/13/2019   RUB    51.00
Lehman Brothers Treasu      4.60  10/11/2017   ILS     6.75
Bashneft PJSC              10.90   4/29/2026   RUB    70.01
ECM Real Estate Invest      5.00   10/9/2011   EUR    15.38
Metalloinvest Holding       0.01   3/10/2022   RUB    65.00
Rio Forte Investments       3.90   7/10/2014   USD     6.88
Lehman Brothers Treasu      8.00   2/16/2016   EUR     2.57
Lehman Brothers Treasu      7.15   3/21/2013   USD     2.57
Credit Suisse AG/Nassa      8.25   6/18/2018   CHF    69.83
UBS AG/London              10.00   5/31/2018   EUR    68.95
Podkarpacki Bank Spold      5.78   3/31/2025   PLN    47.00
Rosneft Oil Co PJSC         7.85   1/18/2021   RUB    61.00
Russian Railways JSC        3.50   2/28/2040   RUB    68.00
Barclays Bank PLC           0.98   4/16/2029   USD    64.83
LBI HF                      7.43               USD     0.00
PromSvyazCapital AO        12.00  11/13/2026   RUB    65.00
Lehman Brothers Treasu      4.60   11/9/2011   EUR     6.75
Phosphorus Holdco PLC      10.00    4/1/2019   GBP     1.84
Lehman Brothers Treasu      7.00   2/15/2010   CHF     2.57
Lehman Brothers Treasu      7.60   1/31/2013   AUD     2.57
Windreich GmbH              6.75    3/1/2015   EUR    14.78
Lehman Brothers Treasu      5.00   12/6/2011   EUR     2.57
Communaute Francaise d      0.50   6/27/2046   EUR    71.00
Federal Grid Co Unifie      9.35  10/17/2051   RUB    61.01
Siberian Gostinecs PAO     16.50   6/26/2019   RUB    41.01
Credit Suisse AG/Londo      9.86   2/27/2020   USD     9.70
Credit Suisse AG/Londo      7.00    7/1/2024   USD     9.92
Bank Spoldzielczy W Bi      5.28    4/9/2025   PLN    78.05
Rosselkhozbank JSC          8.85   7/14/2025   RUB    64.00
Lehman Brothers Treasu     10.00    1/3/2012   BRL     2.57
Lehman Brothers Treasu     23.30   9/16/2008   USD     2.57
Lehman Brothers Treasu      6.00  10/30/2012   EUR     2.57
IT Holding Finance SA       9.88  11/15/2012   EUR     0.16
Soyuz AKB OAO               7.40  10/11/2018   RUB    99.95
Rusfinans Bank OOO          8.90   4/24/2018   RUB    70.01
Fonciere Volta SA           4.50   7/30/2020   EUR     2.26
VEB-Leasing OAO             8.65   1/16/2024   RUB    62.01
Podkarpacki Bank Spold      5.81   2/23/2025   PLN    50.00
Societe Generale SA         0.02  12/31/2034   USD    69.63
Bayerische Landesbank       3.00   10/5/2018   EUR    61.99
Federal Grid Co Unifie      3.50   3/23/2050   RUB    61.01
Municipiul Timisoara        1.91   5/15/2026   RON    70.00
Rusfinans Bank OOO          8.05   10/2/2018   RUB    64.01
Barclays Bank PLC           0.50   3/13/2023   RUB    74.04
Investpro OOO              13.00  12/31/2018   RUB     2.01
Astana Finance BV           9.00  11/16/2011   USD    16.00
Hamon & CIE SA              5.50   1/30/2020   EUR    66.14
Northland Resources AB     15.00   7/15/2019   USD     2.62
Norske Skogindustrier       7.00  12/30/2026   EUR     1.51
Metalloinvest Holding      11.85  10/21/2025   RUB   106.82
Solarwatt GmbH              7.00   11/1/2015   EUR    15.50
HSBC Trinkaus & Burkha      6.50   6/22/2018   EUR    62.47
Russian Railways JSC        4.00  10/11/2038   RUB    68.00
Russian Railways JSC        3.70  11/29/2028   RUB    68.00
Sovcombank PAO              8.00   6/24/2021   RUB    70.00
Societe Generale SA         1.15   6/26/2034   USD    67.75
Araratbank OJSC             7.25   6/27/2018   USD    25.23
Federal Grid Co Unifie      3.40   3/23/2050   RUB    61.01
DZ Bank AG Deutsche Ze     11.75   6/20/2018   EUR    71.33
Main Road JSC               4.00  10/30/2029   RUB    60.01
Oberbank Hybrid 1 GmbH      0.87               EUR    49.77
Lehman Brothers Treasu      0.50    7/2/2020   EUR     2.57
Risland OOO                 9.25   1/10/2019   RUB     1.00
Lehman Brothers Treasu      0.25  10/19/2012   CHF     2.57
Lehman Brothers Treasu     14.90   9/15/2008   EUR     2.57
Lehman Brothers Treasu      4.15   8/25/2020   EUR     2.57
Norske Skogindustrier       2.00  12/30/2115   EUR     1.12
Cooperatieve Rabobank       0.50   8/21/2028   MXN    39.65
UBS AG                      4.75   3/11/2019   USD    25.08
Credit Suisse AG            7.50    6/5/2018   USD     7.68
Credit Suisse AG/Londo      7.00   10/9/2018   USD    70.75
HSBC Trinkaus & Burkha     10.07   6/22/2018   EUR    61.92
Bayerische Landesbank       2.70    7/6/2018   EUR    51.98
Bayerische Landesbank       2.40   7/20/2018   EUR    58.22
Russian Railways JSC        6.40   5/30/2040   RUB    68.00
Federal Grid Co Unifie      3.20  10/30/2048   RUB    61.01
Federal Grid Co Unifie      3.50   6/30/2048   RUB    61.01
IDGC of the South PJSC      9.24    7/1/2022   RUB    65.00
Rosneft Oil Co PJSC         7.85   12/3/2020   RUB    62.00
State of Saxony-Anhalt      0.65    7/3/2028   EUR    53.00
Citigroup Global Marke     13.60   1/25/2023   SEK    73.12
Lehman Brothers Treasu      6.00   5/23/2018   CZK     2.57
Lehman Brothers Treasu     11.00    7/4/2011   CHF     2.57
Credit Agricole Corpor      0.50    3/6/2023   RUB    73.97
Investpro OOO              12.75    9/6/2018   RUB     0.11
LBI HF                      7.43               USD     0.00
Lehman Brothers Treasu      9.30  12/21/2010   EUR     2.57
Lehman Brothers Treasu      6.60   5/23/2012   AUD     2.57
AKB Peresvet ZAO           12.75   7/24/2018   RUB    22.00
Lloyds Bank PLC             0.50   7/26/2028   MXN    37.56
Espirito Santo Financi      5.63   7/28/2017   EUR     3.92
Kaupthing ehf               6.13   10/4/2016   USD     0.25
Lehman Brothers Treasu      7.50    8/1/2035   EUR     2.57
Bashneft PJSC              10.50   5/12/2026   RUB    60.01
Lehman Brothers Treasu      5.22    3/1/2024   EUR     2.57
Landes-Hypothekenbank       0.02    3/7/2043   EUR    70.60
Svensk Exportkredit AB      0.50   8/28/2020   TRY    71.84
Lehman Brothers Treasu      7.59  11/22/2009   MXN     6.75
UniCredit Bank AG           7.00   6/22/2018   EUR    73.64
Raiffeisen Schweiz Gen      8.20    6/4/2018   USD    66.29
UniCredit Bank AG           9.10   6/22/2018   EUR    59.25
Nauka-Svyaz OAO            13.50   5/10/2018   RUB    75.00
UniCredit Bank AG           4.40   9/19/2018   EUR    46.16
Salvator Grundbesitz-A      9.50  12/31/2021   EUR     1.75
Beluga Group PJSC           9.75   5/28/2020   RUB   101.02
Union Technologies Inf      0.10    1/1/2020   EUR     5.30
QNB Finansbank AS/Turk     16.21  10/19/2018   TRY    14.25
Region Invest OOO          10.50   9/12/2019   RUB     0.28
RGS Nedvizhimost OOO       12.50   2/25/2021   RUB     0.34
Oberbank AG                 7.40               EUR    70.49
Lehman Brothers Treasu      3.60   3/19/2018   JPY     2.57
Oberoesterreichische L      0.30   4/25/2042   EUR    71.55
Lehman Brothers Treasu      0.50  12/20/2017   AUD     2.57
SG Issuer SA                0.10   6/11/2029   NZD    61.80
Otkritie Holding JSC       10.00   4/20/2028   RUB    12.51
Bank Nederlandse Gemee      0.50   9/20/2022   MXN    70.80
LBI HF                      2.25   2/14/2011   CHF     8.38
Heta Asset Resolution       0.43  12/31/2023   EUR    34.63
Rio Forte Investments       4.75  11/10/2015   EUR     6.88
Lehman Brothers Treasu      4.82  12/18/2036   EUR     2.57
Kaupthing ehf               3.75   2/15/2024   ISK     0.25
KPNQwest NV                 7.13    6/1/2009   EUR     0.08
Lehman Brothers Treasu      4.10   6/10/2014   SGD     6.75
Atomenergoprom JSC          9.33   11/2/2026   RUB   100.96
Lehman Brothers Treasu      4.50    3/6/2013   CHF     2.57
KIT Finance Capital OO     10.53    9/4/2019   RUB    66.67
Lehman Brothers Treasu      4.00   3/10/2011   EUR     2.57
Lehman Brothers Treasu     11.00  12/19/2011   USD     2.57
UBS AG/London               5.50   11/1/2018   USD    70.40
Bank Julius Baer & Co       8.00   11/2/2018   USD    65.65
EFG International Fina      6.26    5/7/2018   EUR    43.95
Landesbank Baden-Wuert     12.40  11/23/2018   EUR    57.67
Sviaz Bank OAO              9.75   12/9/2021   RUB    67.01
Russian Railways JSC        3.20   9/19/2033   RUB    68.00
Commerzbank AG             27.00   5/23/2018   EUR    74.80
EFG International Fina      6.21   7/22/2019   EUR    58.95
Russian Railways JSC        3.50    6/8/2028   RUB    68.00
VEB-Leasing OAO             8.71    9/1/2025   RUB    62.00
Societe Generale SA         0.50   6/12/2023   RUB    72.88
Windreich GmbH              6.25    3/1/2015   EUR    14.78
Lehman Brothers Treasu      7.38   9/20/2008   EUR     2.57
Eiendomskreditt AS          5.37               NOK    67.12
Lehman Brothers Treasu     13.00   2/16/2009   CHF     2.57
Lehman Brothers Treasu     15.00   3/30/2011   EUR     2.57
Bank ZENIT PJSC             7.50  11/20/2025   RUB    56.02
Lehman Brothers Treasu      8.00  12/27/2032   JPY     2.57
Hybrid Raising GmbH         6.63               EUR    54.00
Heta Asset Resolution       5.03  12/31/2023   EUR    34.63
Kaupthing ehf               5.25   7/18/2017   BGN     0.25
Lehman Brothers Treasu      0.50    8/1/2020   EUR     2.57
Societe Generale SA         0.50    4/3/2023   RUB    73.85
Lehman Brothers Treasu      4.05   9/16/2008   EUR     2.57
Kaupthing ehf               6.13   10/4/2016   USD     0.25
Kamaz PJSC                  9.92  11/24/2031   RUB #N/A N/A
Commerzbank AG             10.00    3/2/2020   EUR    55.12
Deutsche Bank AG            7.20   6/19/2018   EUR    58.50
Credit Suisse AG/Londo      8.54    1/7/2020   USD     9.86
Credit Suisse AG/Londo      6.55   1/15/2021   USD     9.78
Vontobel Financial Pro      9.50   6/22/2018   EUR    67.02
Russian Railways JSC        3.50   5/29/2035   RUB    68.00
Credit Suisse AG/Londo      9.00   1/23/2020   USD     8.75
Bayerische Landesbank       2.90   6/22/2018   EUR    55.86
UniCredit Bank AG           3.75    9/7/2020   EUR    54.68
Raiffeisen Schweiz Gen      6.50    7/2/2018   USD    66.27
City of Siret Romania       3.21    3/1/2028   RON    50.00
Societe Generale SA         1.14   1/31/2034   USD #N/A N/A
Driver & Bengsch AG         8.50  12/31/2027   EUR     0.00
Bayerische Landesbank       2.60  11/16/2018   EUR    65.00
Russian Railways JSC        3.50   5/20/2044   RUB    68.00
Russian Railways JSC        6.40  10/15/2040   RUB    66.34
Polski Bank Spoldzielc      5.30   9/14/2027   PLN    61.00
AKB Peresvet ZAO           13.00   10/7/2017   RUB    23.50
Escher Marwick PLC          3.50  10/14/2031   USD    63.47
KIT Finance Capital OO     11.50   12/9/2026   RUB    66.00
Heta Asset Resolution       0.38  12/31/2023   EUR    34.63
Heta Asset Resolution       5.92  12/31/2023   EUR    34.63
Lehman Brothers Treasu     15.00    6/4/2009   CHF     2.57
Heta Asset Resolution       5.73  12/31/2023   EUR    34.63
Lehman Brothers Treasu      6.00  10/30/2012   USD     2.57
Lehman Brothers Treasu      6.72  12/29/2008   EUR     2.57
Lehman Brothers Treasu      8.28   3/26/2009   USD     2.57
Banca Adriatica Spa         7.75   6/30/2018   EUR     1.24
Northland Resources AB     12.25   3/26/2016   USD     2.62
Lehman Brothers Treasu      5.00   2/28/2032   EUR     2.57
Lehman Brothers Treasu      2.75  10/28/2009   EUR     2.57
Lehman Brothers Treasu      6.00   12/6/2016   USD     2.57
Lehman Brothers Treasu      5.12   4/30/2027   EUR     2.57
Otkritie Holding JSC       12.70   9/30/2027   RUB    29.18
Bank ZENIT PJSC             7.50   6/14/2024   RUB    67.01
Lehman Brothers Treasu      2.40   6/20/2011   JPY     2.57
Lehman Brothers Treasu     13.15  10/30/2008   USD     2.57
TM-energo finance OOO       6.00   2/14/2030   RUB    95.00
Lehman Brothers Treasu     10.60   4/22/2014   MXN     2.57
Astana Finance BV           7.88    6/8/2010   EUR    16.00
Lehman Brothers Treasu      7.80   3/31/2018   USD     2.57
Lehman Brothers Treasu      9.50    4/1/2018   USD     2.57
Lehman Brothers Treasu      8.00   3/21/2018   USD     2.57
Xsystem SA                 10.00   3/31/2019   PLN    20.00
UBS AG/London              10.00   5/24/2018   EUR    69.50
EFG International Fina      7.00  11/27/2019   EUR    11.51
Landesbank Baden-Wuert      3.85   6/22/2018   EUR    70.43
Raiffeisen Switzerland      9.00    4/1/2019   EUR    10.21
UniCredit Bank AG           4.30  10/17/2018   EUR    46.10
Delta-Finance OOO          10.00  12/17/2020   RUB     1.00
UNGP-Finance OOO           10.00  12/16/2020   RUB     0.50
Noyabrskaya Pge OOO         8.50  11/10/2020   RUB    60.00
First Collection Burea     15.00   1/16/2019   RUB    75.10
EFG International Fina     10.50   5/18/2018   EUR    71.39
Russian Railways JSC        3.20   8/18/2033   RUB    68.00
UniCredit Bank AG           4.10   10/1/2020   EUR    66.16
Syntagma OOO               16.50   5/10/2022   RUB     1.00
Finca Uco Cjsc              7.50   2/22/2019   USD    25.55
Agrokompleks OOO            0.10   7/29/2019   RUB     3.10
Investpro OOO              11.50  10/13/2020   RUB     0.01
MIK OAO                    15.00   2/19/2020   RUB     1.11
Region Invest OOO           9.53   1/12/2021   RUB     0.47
Lehman Brothers Treasu      0.50    6/2/2020   EUR     2.57
HSBC Bank PLC               0.50   4/11/2023   MXN    67.00
Lehman Brothers Treasu      5.00  11/22/2012   EUR     2.57
HSBC Bank PLC               0.50   6/23/2027   MXN    44.96
Center-Invest Commerci      9.90   7/20/2018   RUB    63.01
Laurel GmbH                 7.13  11/16/2017   EUR     7.75
Sidetur Finance BV         10.00   4/20/2016   USD     5.26
Otkritie Holding JSC       11.50   7/20/2028   RUB    12.12
Hellas Telecommunicati      8.50  10/15/2013   EUR     1.05
Malahit AO                 15.00   7/14/2025   RUB     0.01
Western High-Speed Dia     10.44   5/13/2031   RUB   100.00
UNGP-Finance OOO           10.00   4/20/2021   RUB     5.00
Lehman Brothers Treasu      4.50  12/30/2010   USD     2.57
SAir Group                  2.75   7/30/2004   CHF    11.89
Lehman Brothers Treasu      6.00   9/20/2011   EUR     2.57
Lehman Brothers Treasu      3.40   9/21/2009   HKD     2.57
Lehman Brothers Treasu      2.50   8/23/2012   GBP     2.57
Solomenskij Lesozavod      10.00   9/29/2021   RUB    80.00
Societe Generale SA         0.50   4/30/2023   RUB    73.37
Rusfinans Bank OOO          8.05   6/30/2020   RUB    65.01
Lehman Brothers Treasu      2.50  12/15/2011   GBP     2.57
Vontobel Financial Pro     11.50   6/22/2018   EUR    53.55
DZ Bank AG Deutsche Ze      5.50   2/20/2019   EUR    75.47
Bayerische Landesbank       3.20   7/27/2018   EUR    53.50
Bank Julius Baer & Co       6.60   7/27/2018   USD    69.75
RBC PJSC                    6.00   4/19/2018   RUB    61.00
Lehman Brothers Treasu      0.50  12/20/2017   USD     2.57
Lehman Brothers Treasu      8.50    7/6/2009   CHF     2.57
Bashneft PJSC              10.70   5/13/2024   RUB   100.00
Lehman Brothers Treasu      0.01   9/20/2011   USD     2.57
Lehman Brothers Treasu      1.46   2/19/2012   JPY     6.75
Deutsche Bank AG            5.20   6/19/2018   EUR    72.50
Deutsche Bank AG            7.20   6/19/2018   EUR    60.90
Deutsche Bank AG            7.20   6/19/2018   EUR    65.40
Vontobel Financial Pro      5.35    6/8/2018   EUR    73.15
Vontobel Financial Pro     13.10   9/14/2018   EUR    66.50
BNP Paribas Emissions-     10.00   6/21/2018   EUR    73.51
BNP Paribas Emissions-      8.00   6/21/2018   EUR    69.32
BNP Paribas Emissions-      7.00  12/31/2018   EUR    72.34
Raiffeisen Switzerland      5.00   8/14/2020   EUR    62.56
Vontobel Financial Pro     10.75    6/8/2018   EUR    62.38
EFG International Fina      8.40   8/23/2018   USD    57.30
Vontobel Financial Pro      7.80    6/8/2018   EUR    62.07
Deutsche Bank AG            6.20   6/19/2018   EUR    69.90
HSBC Trinkaus & Burkha      5.70   6/22/2018   EUR    55.48
HSBC Trinkaus & Burkha      5.20   6/22/2018   EUR    65.44
HSBC Trinkaus & Burkha      4.10   4/27/2018   EUR    67.68
BNP Paribas Emissions-     10.00   6/21/2018   EUR    74.88
BNP Paribas Emissions-     10.00   6/21/2018   EUR    70.59
BNP Paribas Emissions-     10.00   6/21/2018   EUR    52.95
Vontobel Financial Pro     10.95    6/8/2018   EUR    72.00
DZ Bank AG Deutsche Ze      6.50   6/22/2018   EUR    65.22
Vontobel Financial Pro     11.80    6/8/2018   EUR    62.53
BNP Paribas Emissions-      6.00   6/21/2018   EUR    60.44
BNP Paribas Emissions-      9.00   6/21/2018   EUR    53.53
BNP Paribas Emissions-     13.00   6/21/2018   EUR    46.22
Commerzbank AG              6.50   7/27/2018   EUR    73.85
DZ Bank AG Deutsche Ze      9.50   9/28/2018   EUR    58.83
BNP Paribas Emissions-     18.00   6/21/2018   EUR    64.46
Commerzbank AG              0.10  12/27/2018   RUB     2.16
Vontobel Financial Pro      8.50   6/22/2018   EUR    74.59
HSBC Trinkaus & Burkha     13.40   6/22/2018   EUR    51.44
HSBC Trinkaus & Burkha      8.90   6/22/2018   EUR    59.25
HSBC Trinkaus & Burkha      7.60   6/22/2018   EUR    72.30
UBS AG/London               7.30   6/22/2018   EUR    73.94
DZ Bank AG Deutsche Ze     13.50   9/28/2018   EUR    64.89
Raiffeisen Centrobank      11.84   6/19/2018   EUR    57.63
Raiffeisen Centrobank      11.14   6/19/2018   EUR    68.82
Raiffeisen Centrobank       9.89  12/28/2018   EUR    58.68
Raiffeisen Centrobank       4.13  12/28/2018   EUR    10.02
Raiffeisen Centrobank       9.32  12/25/2018   EUR    20.28
Raiffeisen Centrobank       3.54   6/19/2018   EUR     8.06
Vontobel Financial Pro     10.05    6/8/2018   EUR    71.61
Vontobel Financial Pro     13.20    6/8/2018   EUR    66.24
DZ Bank AG Deutsche Ze      6.25   6/18/2018   EUR    70.27
Bank Julius Baer & Co       8.00  11/14/2018   EUR    70.00
Vontobel Financial Pro     12.00   6/22/2018   EUR    74.23
Leonteq Securities AG/     10.40   2/13/2019   CHF    69.66
DZ Bank AG Deutsche Ze      6.25  11/23/2018   EUR    57.70
Commerzbank AG             13.00   6/22/2018   EUR    72.41
Commerzbank AG             11.75   8/24/2018   EUR    74.10
DZ Bank AG Deutsche Ze     15.00   6/22/2018   EUR    62.15
Raiffeisen Centrobank       7.25  12/25/2018   EUR    16.50
Vontobel Financial Pro      3.60    2/1/2019   EUR    74.23
HSBC Trinkaus & Burkha     10.50   6/22/2018   EUR    44.53
DZ Bank AG Deutsche Ze      5.25   5/25/2018   EUR     3.80
DZ Bank AG Deutsche Ze      6.00   6/22/2018   EUR    74.35
Deutsche Bank AG            6.20   6/19/2018   EUR    69.59
Deutsche Bank AG            6.20   6/19/2018   EUR    69.59
Goldman Sachs & Co Wer     17.00   6/20/2018   EUR    64.56
UBS AG/London              11.75   11/1/2018   USD    67.05
Commerzbank AG             11.00   6/22/2018   EUR    74.24
Vontobel Financial Pro      8.50   6/22/2018   EUR    74.61
HSBC Trinkaus & Burkha     11.70   6/22/2018   EUR    42.98
Vontobel Financial Pro      7.60    6/8/2018   EUR    73.89
UBS AG/London              10.60   6/21/2018   EUR    70.14
UBS AG/London              14.00   6/21/2018   EUR    67.11
BNP Paribas Emissions-      8.00   6/21/2018   EUR    45.74
BNP Paribas Emissions-     10.00   6/21/2018   EUR    46.09
Raiffeisen Schweiz Gen      8.80    7/3/2018   CHF    69.27
UBS AG/London              19.00   6/21/2018   EUR    61.64
BNP Paribas Emissions-      6.00  12/31/2018   EUR    48.38
Vontobel Financial Pro      6.00   6/22/2018   EUR    74.95
Commerzbank AG              7.25   5/24/2018   EUR    73.45
Commerzbank AG             11.50   7/27/2018   EUR    53.87
Deutsche Bank AG            7.20   6/19/2018   EUR    73.70
Raiffeisen Centrobank       7.54  12/28/2018   EUR    54.04
Raiffeisen Centrobank       6.23  12/28/2018   EUR    46.39
Vontobel Financial Pro     10.00   4/27/2018   EUR    66.84
Vontobel Financial Pro     10.00   9/28/2018   EUR    72.81
UBS AG/London              10.80   6/21/2018   EUR    75.17
HSBC Trinkaus & Burkha      3.50   4/27/2018   EUR    64.60
Vontobel Financial Pro      8.50   4/27/2018   EUR    68.86
Deutsche Bank AG            6.20   6/19/2018   EUR    73.50
Deutsche Bank AG            5.50   6/19/2018   EUR    76.30
BNP Paribas Emissions-      6.00   6/21/2018   EUR    74.43
DZ Bank AG Deutsche Ze     13.25   4/27/2018   EUR    73.81
UBS AG/London               9.40   6/22/2018   EUR    47.72
DZ Bank AG Deutsche Ze      5.25   4/27/2018   EUR    56.85
UBS AG/London              11.25   4/23/2018   CHF    64.55
Vontobel Financial Pro      9.20    6/8/2018   EUR    70.07
Deutsche Bank AG            5.50  12/27/2018   EUR    76.40
DZ Bank AG Deutsche Ze      5.00   4/27/2018   EUR    71.58
DZ Bank AG Deutsche Ze      8.50    1/2/2019   EUR    73.46
EFG International Fina     14.00    5/4/2018   USD    53.81
Leonteq Securities AG       7.20    5/2/2019   CHF    55.01
Leonteq Securities AG      14.00    8/2/2018   USD    67.17
UniCredit Bank AG          14.70    1/4/2019   EUR    72.13
UniCredit Bank AG           4.60    1/4/2019   EUR     7.90
UniCredit Bank AG           8.20    1/4/2019   EUR     9.66
UniCredit Bank AG          13.50    1/4/2019   EUR    74.78
UBS AG/London               8.30   6/22/2018   EUR    42.42
UBS AG/London               9.00   6/22/2018   EUR    71.87
BNP Paribas Emissions-     17.00   6/21/2018   EUR    68.97
BNP Paribas Emissions-     18.00   9/27/2018   EUR    68.98
UniCredit Bank AG          12.90    1/4/2019   EUR    71.80
UniCredit Bank AG           7.70   6/22/2018   EUR     5.36
UniCredit Bank AG           4.70   9/28/2018   EUR    75.27
Vontobel Financial Pro     12.00   5/25/2018   EUR    71.26
UniCredit Bank AG          10.80   9/28/2018   EUR    72.91
UniCredit Bank AG          12.00    1/4/2019   EUR    60.13
UniCredit Bank AG           4.20   6/22/2018   EUR     5.32
Commerzbank AG              1.00   11/2/2020   USD #N/A N/A
Deutsche Bank AG            5.50  12/27/2018   EUR    73.50
UniCredit Bank AG          13.50    1/4/2019   EUR    58.71
BNP Paribas Emissions-      7.00  12/31/2018   EUR    73.17
Bank Julius Baer & Co       7.30   8/16/2019   USD    72.10
UniCredit Bank AG           3.10   6/22/2018   EUR     5.49
UniCredit Bank AG           8.20   9/28/2018   EUR    64.51
Vontobel Financial Pro      8.50   4/27/2018   EUR    70.16
BNP Paribas Emissions-      8.00   6/21/2018   EUR    70.25
BNP Paribas Emissions-     12.00   6/21/2018   EUR    49.16
BNP Paribas Emissions-      9.50   6/21/2018   EUR    66.41
Goldman Sachs & Co Wer     13.00   4/25/2018   EUR    75.07
Leonteq Securities AG/     15.20  11/28/2018   USD    71.24
UniCredit Bank AG          10.10   6/22/2018   EUR     5.57
UniCredit Bank AG          11.60    1/4/2019   EUR    11.72
UniCredit Bank AG          12.20   9/28/2018   EUR    75.70
BNP Paribas Emissions-     14.00   6/21/2018   EUR    74.90
Goldman Sachs & Co Wer     14.00   4/25/2018   EUR    65.67
Goldman Sachs & Co Wer     17.00   4/25/2018   EUR    70.22
BNP Paribas Emissions-      9.00   6/21/2018   EUR    73.40
BNP Paribas Emissions-     14.00   6/21/2018   EUR    63.65
Goldman Sachs & Co Wer     12.00  12/28/2018   EUR    74.40
UBS AG                      4.26    3/7/2019   USD    56.88
Commerzbank AG             10.50  10/26/2018   EUR    56.09
HSBC Trinkaus & Burkha      9.30   4/27/2018   EUR    53.38
Deutsche Bank AG            5.50   9/25/2018   EUR    75.30
BNP Paribas Emissions-     13.00   6/21/2018   EUR    69.00
BNP Paribas Emissions-     12.00   6/21/2018   EUR    74.24
DZ Bank AG Deutsche Ze      5.75   6/22/2018   EUR    73.11
UBS AG/London               6.90   6/22/2018   EUR    52.24
DZ Bank AG Deutsche Ze     13.50   6/22/2018   EUR    70.03
BNP Paribas Emissions-     12.00  12/31/2018   EUR    73.16
UBS AG/London               8.20   6/22/2018   EUR    49.85
Bank Julius Baer & Co      10.00  10/24/2018   USD    62.10
BNP Paribas Emissions-     16.00   6/21/2018   EUR    73.23
Vontobel Financial Pro      4.00   6/22/2018   EUR    73.11
Vontobel Financial Pro      6.00   6/22/2018   EUR    69.85
Vontobel Financial Pro     11.55   6/22/2018   EUR    71.79
Vontobel Financial Pro      9.00    6/8/2018   EUR    74.34
BNP Paribas Emissions-      7.00   6/21/2018   EUR    48.29
Commerzbank AG             12.00   5/24/2018   EUR    74.13
Deutsche Bank AG            7.20   6/19/2018   EUR    70.10
Deutsche Bank AG            6.20   6/19/2018   EUR    66.60
Commerzbank AG             12.50   5/23/2018   EUR    52.03
Bashneft PJSC               9.50  12/10/2026   RUB    60.01
DZ Bank AG Deutsche Ze      9.00   6/18/2018   EUR    74.80
Landesbank Baden-Wuert      4.00   4/27/2018   EUR    75.88
UBS AG/London               8.00   6/22/2018   EUR    73.52
UBS AG/London               8.90   6/22/2018   EUR    71.11
UniCredit Bank AG          12.10   9/28/2018   EUR    71.67
UniCredit Bank AG           5.60    1/4/2019   EUR     8.30
Deutsche Bank AG            7.20   6/19/2018   EUR    74.40
Raiffeisen Centrobank       4.01  12/28/2018   EUR    75.01
Raiffeisen Centrobank       5.75  12/28/2018   EUR    75.23
Vontobel Financial Pro      8.00   6/22/2018   EUR    66.93
Vontobel Financial Pro     11.00   6/22/2018   EUR    63.10
BNP Paribas Emissions-      4.50   6/21/2018   EUR    65.54
Deutsche Bank AG            4.20   6/19/2018   EUR    73.10
Vontobel Financial Pro      4.00  12/21/2018   EUR    66.46
UBS AG/London               7.70   6/22/2018   EUR    70.70
Vontobel Financial Pro      9.50   6/22/2018   EUR    74.13
Vontobel Financial Pro      7.50   6/22/2018   EUR    76.64
HSBC Trinkaus & Burkha      8.10   4/27/2018   EUR    46.91
Vontobel Financial Pro      7.00   9/28/2018   EUR    76.47
Leonteq Securities AG       7.40   4/24/2020   USD    59.45
DZ Bank AG Deutsche Ze      8.50   6/22/2018   EUR    58.19
Vontobel Financial Pro     11.90    6/8/2018   EUR    73.75
Raiffeisen Switzerland     10.00   4/19/2018   USD    43.84
Vontobel Financial Pro     12.55   6/22/2018   EUR    68.10
Vontobel Financial Pro     14.50   6/22/2018   EUR    65.33
HSBC Trinkaus & Burkha      6.30   6/22/2018   EUR    66.40
HSBC Trinkaus & Burkha      6.30   6/22/2018   EUR    73.89
HSBC Trinkaus & Burkha     10.60   4/27/2018   EUR    54.75
Commerzbank AG              4.50   5/25/2018   EUR    65.69
Commerzbank AG              9.25  10/26/2018   EUR    57.46
Commerzbank AG             11.25  10/26/2018   EUR    55.24
Raiffeisen Centrobank      10.72  12/28/2018   EUR    57.27
Raiffeisen Centrobank      13.02   6/19/2018   EUR    56.66
Raiffeisen Centrobank      13.79   6/19/2018   EUR    22.03
Raiffeisen Centrobank       8.49   6/19/2018   EUR    14.93
Commerzbank AG              5.00   7/27/2018   EUR    64.90
HSBC Trinkaus & Burkha      7.60   9/28/2018   EUR    76.36
HSBC Trinkaus & Burkha     10.90   6/22/2018   EUR    69.46
HSBC Trinkaus & Burkha      9.80   6/22/2018   EUR    71.82
HSBC Trinkaus & Burkha      8.00   6/22/2018   EUR    49.27
HSBC Trinkaus & Burkha     10.10   4/27/2018   EUR    44.85
HSBC Trinkaus & Burkha      3.00   6/22/2018   EUR    71.48
Leonteq Securities AG      10.00   7/27/2018   EUR    70.52
HSBC Trinkaus & Burkha     11.80   6/22/2018   EUR    53.72
Commerzbank AG             12.50   5/25/2018   EUR    73.46
Commerzbank AG             12.25   7/27/2018   EUR    73.41
Commerzbank AG              5.25  10/26/2018   EUR    66.57
Commerzbank AG              7.25  10/26/2018   EUR    60.77
Vontobel Financial Pro      6.50   6/22/2018   EUR    71.96
Raiffeisen Centrobank      11.14  12/25/2018   EUR    23.60
Raiffeisen Centrobank      11.32   6/19/2018   EUR    18.72
Leonteq Securities AG       9.00   3/27/2020   USD    60.49
BNP Paribas Emissions-     11.00  12/31/2018   EUR    73.05
Bank Julius Baer & Co       8.25   4/19/2018   USD    71.65
Vontobel Financial Pro     10.50   6/22/2018   EUR    71.15
Goldman Sachs & Co Wer     16.00   9/26/2018   EUR    73.09
Vontobel Financial Pro     14.00   6/22/2018   EUR    70.83
Vontobel Financial Pro     12.50   6/22/2018   EUR    74.32
BNP Paribas Emissions-     19.00   6/21/2018   EUR    73.75
Leonteq Securities AG/     12.80  10/30/2018   USD    77.60
UniCredit Bank AG           3.30    1/4/2019   EUR     7.79
UniCredit Bank AG           5.70   9/28/2018   EUR    71.26
UniCredit Bank AG          13.40    1/4/2019   EUR    73.21
BNP Paribas Emissions-      7.00   6/21/2018   EUR    74.60
BNP Paribas Emissions-     13.00   6/21/2018   EUR    67.92
Deutsche Bank AG            5.50   9/25/2018   EUR    74.80
Deutsche Bank AG            6.50  12/27/2018   EUR    74.20
Goldman Sachs & Co Wer     16.00   6/20/2018   EUR    68.66
Goldman Sachs & Co Wer     19.00   4/25/2018   EUR    68.84
Commerzbank AG              8.00   11/6/2020   USD     4.20
UBS AG/London               9.90   6/22/2018   EUR    70.30
BNP Paribas Emissions-     18.00   6/21/2018   EUR    72.05
BNP Paribas Emissions-     15.00   9/27/2018   EUR    72.20
UniCredit Bank AG          13.60    1/4/2019   EUR    13.01
UniCredit Bank AG          12.10    1/4/2019   EUR    74.42
UniCredit Bank AG          14.00    1/4/2019   EUR    71.04
BNP Paribas Emissions-     13.00   6/21/2018   EUR    71.76
BNP Paribas Emissions-      6.50   6/21/2018   EUR    73.60
BNP Paribas Emissions-      8.00   6/21/2018   EUR    57.75
BNP Paribas Emissions-      6.00   6/21/2018   EUR    72.23
BNP Paribas Emissions-     10.00   6/21/2018   EUR    73.18
Vontobel Financial Pro     12.10    6/8/2018   EUR    67.91
Vontobel Financial Pro     14.20    6/8/2018   EUR    66.10
UniCredit Bank AG          14.30   6/22/2018   EUR    69.45
DZ Bank AG Deutsche Ze      7.75   6/18/2018   EUR    74.58
BNP Paribas Emissions-      9.50  12/31/2018   EUR    71.80
Vontobel Financial Pro     10.55    6/8/2018   EUR    62.35
Vontobel Financial Pro      7.10    6/8/2018   EUR    61.86
Commerzbank AG              3.00   9/28/2018   EUR    67.52
Vontobel Financial Pro     27.00   5/25/2018   EUR    73.31
DZ Bank AG Deutsche Ze      7.25   6/18/2018   EUR    74.50
Commerzbank AG              3.25  10/26/2018   EUR    69.44
Leonteq Securities AG      16.60    5/7/2018   USD    52.73
Vontobel Financial Pro      8.00  11/23/2018   EUR    74.29
Vontobel Financial Pro     14.50   6/22/2018   EUR    72.80
Deutsche Bank AG            7.20   6/19/2018   EUR    66.30
Deutsche Bank AG            5.20   6/19/2018   EUR    65.90
Deutsche Bank AG            5.20   6/19/2018   EUR    58.10
Deutsche Bank AG            4.20   6/19/2018   EUR    65.70
Deutsche Bank AG            4.20   6/19/2018   EUR    72.20
Vontobel Financial Pro     10.50   6/22/2018   EUR    71.80
BNP Paribas Emissions-      4.00  12/31/2018   EUR    59.64
BNP Paribas Emissions-      6.00  12/31/2018   EUR    61.05
EFG International Fina      8.50   2/27/2019   USD    51.78
BNP Paribas Emissions-      6.00   6/21/2018   EUR    57.41
BNP Paribas Emissions-      8.00  12/31/2018   EUR    73.88
BNP Paribas Emissions-      8.50   6/21/2018   EUR    73.95
BNP Paribas Emissions-      8.00   6/21/2018   EUR    74.78
BNP Paribas Emissions-     13.00   6/21/2018   EUR    66.34
BNP Paribas Emissions-     10.00   6/21/2018   EUR    51.14
BNP Paribas Emissions-      8.00   6/21/2018   EUR    58.62
BNP Paribas Emissions-      9.00   6/21/2018   EUR    55.45
BNP Paribas Emissions-     13.00   6/21/2018   EUR    48.09
BNP Paribas Emissions-      6.00   6/21/2018   EUR    66.60
BNP Paribas Emissions-     12.00   6/21/2018   EUR    54.06
BNP Paribas Emissions-     13.00   6/21/2018   EUR    51.66
BNP Paribas Emissions-      7.00   6/21/2018   EUR    74.01
Commerzbank AG              8.50   7/27/2018   EUR    51.06
Commerzbank AG             12.50   7/27/2018   EUR    47.90
Commerzbank AG              3.75   8/24/2018   EUR    60.72
Commerzbank AG              7.75   8/24/2018   EUR    51.85
Commerzbank AG             11.75   8/24/2018   EUR    48.56
Commerzbank AG              6.75   9/28/2018   EUR    52.99
Commerzbank AG             10.75   9/28/2018   EUR    49.40
Commerzbank AG              4.50  10/26/2018   EUR    58.06
Commerzbank AG              6.50  10/26/2018   EUR    53.64
Commerzbank AG             10.50  10/26/2018   EUR    49.89
Commerzbank AG              4.50   5/25/2018   EUR    58.08
Commerzbank AG              8.50   5/25/2018   EUR    50.69
Credit Suisse AG/Londo      2.80  11/17/2020   USD    72.29
Credit Suisse AG/Londo      7.55   11/9/2018   USD    75.00
Deutsche Bank AG           10.20   6/19/2018   EUR    74.00
Deutsche Bank AG            5.20   6/19/2018   EUR    73.30
Deutsche Bank AG           10.20   6/19/2018   EUR    70.60
Vontobel Financial Pro     11.05    6/8/2018   EUR    69.68
Deutsche Bank AG            4.20   6/19/2018   EUR    72.84
Vontobel Financial Pro      9.80    6/8/2018   EUR    71.27
Vontobel Financial Pro     14.00    6/8/2018   EUR    63.10
Vontobel Financial Pro      8.95    6/8/2018   EUR    62.12
BNP Paribas Emissions-      9.00   6/21/2018   EUR    74.36
BNP Paribas Emissions-     12.00   6/21/2018   EUR    50.32
BNP Paribas Emissions-      5.00   6/21/2018   EUR    72.06
BNP Paribas Emissions-     10.00   6/21/2018   EUR    61.13
BNP Paribas Emissions-     10.00   6/21/2018   EUR    58.10
BNP Paribas Emissions-      3.50   6/21/2018   EUR    75.51
BNP Paribas Emissions-     12.00   6/21/2018   EUR    74.23
BNP Paribas Emissions-     10.00   6/21/2018   EUR    68.48
Commerzbank AG             10.50   7/27/2018   EUR    49.26
Commerzbank AG              5.75   8/24/2018   EUR    54.92
Commerzbank AG              9.75   8/24/2018   EUR    49.93
Commerzbank AG              4.75   9/28/2018   EUR    56.86
Commerzbank AG              8.75   9/28/2018   EUR    50.83
Commerzbank AG              8.50  10/26/2018   EUR    51.34
Commerzbank AG              6.50   5/25/2018   EUR    53.53
Commerzbank AG             10.50   5/25/2018   EUR    48.71
Commerzbank AG              4.50   7/27/2018   EUR    58.34
Commerzbank AG              6.50   7/27/2018   EUR    53.78
UBS AG/London               6.00   11/8/2018   EUR    69.35
Vontobel Financial Pro     11.50   6/22/2018   EUR    71.98
UniCredit Bank AG           5.20    5/4/2020   USD    57.29
Vontobel Financial Pro     12.00   6/22/2018   EUR    66.54
Vontobel Financial Pro     10.55   9/28/2018   EUR    69.01
Vontobel Financial Pro     14.00   9/28/2018   EUR    64.13
Vontobel Financial Pro     11.50    1/2/2019   EUR    69.10
Vontobel Financial Pro     12.55    1/2/2019   EUR    66.86
DZ Bank AG Deutsche Ze      7.25   6/18/2018   EUR    70.42
DZ Bank AG Deutsche Ze      8.00   6/22/2018   EUR    67.16
DZ Bank AG Deutsche Ze      6.50   6/22/2018   EUR    70.26
DZ Bank AG Deutsche Ze      8.25   6/22/2018   EUR    70.58
DZ Bank AG Deutsche Ze      8.00   6/22/2018   EUR    71.65
Deutsche Bank AG            2.70   6/19/2018   EUR    72.80
Deutsche Bank AG            2.70   9/25/2018   EUR    73.20
Deutsche Bank AG            2.70  12/27/2018   EUR    73.40
Vontobel Financial Pro      6.50   6/22/2018   EUR    76.46
Deutsche Bank AG           10.00   6/19/2018   EUR    66.10
Deutsche Bank AG           10.00  12/27/2018   EUR    71.10
Vontobel Financial Pro      7.00   9/28/2018   EUR    73.06
Vontobel Financial Pro      5.00   6/22/2018   EUR    75.33
UniCredit Bank AG          13.00   6/22/2018   EUR    70.87
UniCredit Bank AG          14.60   6/22/2018   EUR    73.48
Leonteq Securities AG       8.40   7/10/2018   CHF    47.30
Leonteq Securities AG      10.00   7/10/2018   USD    47.35
UniCredit Bank AG          10.20   6/22/2018   EUR    74.98
UniCredit Bank AG          14.00   6/22/2018   EUR    69.63
UniCredit Bank AG          10.80   6/22/2018   EUR    68.03
UniCredit Bank AG           8.80   6/22/2018   EUR    70.39
UniCredit Bank AG           7.90   6/22/2018   EUR    71.96
UniCredit Bank AG           9.80   6/22/2018   EUR    68.90
UniCredit Bank AG          11.80   6/22/2018   EUR    66.13
UniCredit Bank AG          11.10   6/22/2018   EUR    73.55
UniCredit Bank AG          15.00   6/22/2018   EUR    62.58
UniCredit Bank AG          13.90   6/22/2018   EUR    63.68
UniCredit Bank AG          12.80   6/22/2018   EUR    64.89
UniCredit Bank AG          13.60   6/22/2018   EUR    74.90
Leonteq Securities AG/     15.00    9/6/2018   CHF    66.41
UniCredit Bank AG          14.90   6/22/2018   EUR    71.67
DZ Bank AG Deutsche Ze      7.90   9/24/2018   EUR    74.73
UniCredit Bank AG          11.80   6/22/2018   EUR    72.92
DZ Bank AG Deutsche Ze      8.25   9/24/2018   EUR    72.69
DZ Bank AG Deutsche Ze      9.90   6/22/2018   EUR    73.53
Vontobel Financial Pro      5.00   6/22/2018   EUR    76.19
Vontobel Financial Pro      8.00   6/22/2018   EUR    71.15
Vontobel Financial Pro      9.50   6/22/2018   EUR    68.89
Vontobel Financial Pro      9.00   9/28/2018   EUR    70.83
Vontobel Financial Pro     12.30    6/8/2018   EUR    74.13
Vontobel Financial Pro      7.00   6/22/2018   EUR    69.93
DZ Bank AG Deutsche Ze      7.25   6/18/2018   EUR    74.19
Commerzbank AG              6.00   4/25/2018   EUR    72.91
Vontobel Financial Pro      9.50   6/22/2018   EUR    74.79
Vontobel Financial Pro      7.50   6/22/2018   EUR    71.69
Vontobel Financial Pro     10.50   6/22/2018   EUR    71.76
Zurcher Kantonalbank F      8.21   8/23/2018   EUR    72.60
Bank Julius Baer & Co       9.10   5/23/2018   USD    48.40
Vontobel Financial Pro     13.00   6/22/2018   EUR    64.99
Vontobel Financial Pro     14.00   6/22/2018   EUR    63.53
Raiffeisen Centrobank      10.63   9/25/2018   EUR    72.79
Vontobel Financial Pro      9.00   9/28/2018   EUR    72.03
Raiffeisen Centrobank       3.32   9/25/2018   EUR    72.61
Vontobel Financial Pro     12.50   9/28/2018   EUR    66.53
Raiffeisen Centrobank       8.63   9/25/2018   EUR    56.80
Vontobel Financial Pro     10.00    1/2/2019   EUR    71.19
Raiffeisen Centrobank      10.63   9/25/2018   EUR    57.36
Vontobel Financial Pro      8.50    1/2/2019   EUR    73.87
Raiffeisen Centrobank       7.97   9/25/2018   EUR    72.99
DZ Bank AG Deutsche Ze      4.50   9/24/2018   EUR    71.13
DZ Bank AG Deutsche Ze     10.50   6/22/2018   EUR    67.72
HSBC Trinkaus & Burkha      9.00   6/22/2018   EUR    74.41
Vontobel Financial Pro     12.00   6/22/2018   EUR    74.22
Vontobel Financial Pro     11.50   9/28/2018   EUR    75.31
Vontobel Financial Pro      9.00   6/22/2018   EUR    71.33
Vontobel Financial Pro     11.50   6/22/2018   EUR    66.89
Deutsche Bank AG           10.00   9/25/2018   EUR    68.70
Deutsche Bank AG           10.00   6/19/2018   EUR    71.70
Deutsche Bank AG           10.00   9/25/2018   EUR    74.40
Vontobel Financial Pro     11.50   6/22/2018   EUR    66.30
Vontobel Financial Pro      6.50    1/2/2019   EUR    74.60
Vontobel Financial Pro      7.55    1/2/2019   EUR    72.46
Vontobel Financial Pro      8.55   9/28/2018   EUR    70.85
Vontobel Financial Pro      8.50   6/22/2018   EUR    72.07
Vontobel Financial Pro      5.55   6/22/2018   EUR    74.08
Vontobel Financial Pro      6.50   6/22/2018   EUR    72.94
Vontobel Financial Pro      7.50   6/22/2018   EUR    71.25
DZ Bank AG Deutsche Ze      5.00   6/22/2018   EUR     3.87
DZ Bank AG Deutsche Ze      6.25   6/22/2018   EUR    70.45
EFG International Fina      8.00   4/21/2020   USD    62.18
DZ Bank AG Deutsche Ze      5.10   4/25/2018   EUR    63.36
Vontobel Financial Pro      2.00   6/22/2018   EUR    54.62
Vontobel Financial Pro      5.50   6/22/2018   EUR    49.43
Vontobel Financial Pro      5.00   9/28/2018   EUR    63.04
Vontobel Financial Pro      7.50   6/22/2018   EUR    71.65
Vontobel Financial Pro      6.00   6/22/2018   EUR    53.25
Commerzbank AG             11.75   5/24/2018   EUR    70.40
Commerzbank AG              8.25   5/24/2018   EUR    59.49
Commerzbank AG             10.25   5/24/2018   EUR    55.26
Commerzbank AG             16.25   5/24/2018   EUR    47.08
Deutsche Bank AG            6.20   8/22/2018   EUR    74.40
Deutsche Bank AG            7.20   6/19/2018   EUR    75.00
Vontobel Financial Pro     11.65   9/14/2018   EUR    69.04
Vontobel Financial Pro      7.20    6/8/2018   EUR    73.08
Vontobel Financial Pro      9.30    6/8/2018   EUR    70.23
Vontobel Financial Pro      7.80   9/14/2018   EUR    71.94
BNP Paribas Emissions-      8.00   6/21/2018   EUR    73.17
Vontobel Financial Pro      5.35    6/8/2018   EUR    67.28
Vontobel Financial Pro      3.00    6/8/2018   EUR    61.39
Zurcher Kantonalbank F      7.50   8/17/2018   CHF    71.80
DZ Bank AG Deutsche Ze      8.25   6/22/2018   EUR    69.15
UniCredit Bank AG          12.00   6/22/2018   EUR    72.17
UniCredit Bank AG          15.00   6/22/2018   EUR    68.45
Credit Suisse AG/Nassa      8.25    6/7/2018   CHF    69.00
UniCredit Bank AG          13.80   6/22/2018   EUR    72.99
DZ Bank AG Deutsche Ze      8.70   6/18/2018   EUR    72.98
DZ Bank AG Deutsche Ze      7.00   6/18/2018   EUR    70.47
Vontobel Financial Pro      8.50   6/22/2018   EUR    71.20
Vontobel Financial Pro      6.50   6/22/2018   EUR    74.00
UniCredit Bank AG          13.00   6/22/2018   EUR    70.07
UniCredit Bank AG          14.20   6/22/2018   EUR    67.90
Vontobel Financial Pro     10.55   6/22/2018   EUR    68.66
UniCredit Bank AG          10.70   6/22/2018   EUR    74.94
UniCredit Bank AG          12.80   6/22/2018   EUR    74.41
DZ Bank AG Deutsche Ze      6.75   9/24/2018   EUR    72.03
BNP Paribas Emissions-      3.50   9/27/2018   EUR    73.69
Vontobel Financial Pro      6.50   6/22/2018   EUR    73.58
Vontobel Financial Pro     11.00   6/22/2018   EUR    66.80
Vontobel Financial Pro      8.50   6/22/2018   EUR    71.99
Vontobel Financial Pro      7.00   9/28/2018   EUR    73.64
DZ Bank AG Deutsche Ze      5.30   6/22/2018   EUR    63.88
DZ Bank AG Deutsche Ze      8.00   6/22/2018   EUR    60.10
DZ Bank AG Deutsche Ze      9.50   6/22/2018   EUR    57.53
Vontobel Financial Pro     10.50   9/28/2018   EUR    56.17
Vontobel Financial Pro     11.00    1/2/2019   EUR    56.77
UniCredit Bank AG           5.07    5/9/2018   EUR    73.89
Raiffeisen Schweiz Gen      9.00   4/18/2018   CHF    70.92
Leonteq Securities AG/     11.00   9/12/2018   USD    53.22
Deutsche Bank AG            5.50   9/25/2018   EUR    75.10
Goldman Sachs & Co Wer     21.00   6/20/2018   EUR    69.54
Commerzbank AG              9.75   5/24/2018   EUR    74.29
Commerzbank AG              4.25   5/24/2018   EUR    74.47
Commerzbank AG             14.25   5/24/2018   EUR    49.41
Commerzbank AG              8.75   5/24/2018   EUR    73.90
Goldman Sachs & Co Wer      7.00   5/23/2018   EUR    74.63
Vontobel Financial Pro     15.15   6/15/2018   EUR    66.81
Credit Suisse AG/Londo      8.00   10/9/2018   USD    57.28
HSBC Trinkaus & Burkha     10.60   6/22/2018   EUR    56.36
Vontobel Financial Pro     10.20    3/8/2019   EUR    72.71
UBS AG/London              17.00   6/28/2018   EUR    68.02
UBS AG/London              11.30   6/28/2018   EUR    74.82
HSBC Trinkaus & Burkha      5.40   9/28/2018   EUR    65.16
DZ Bank AG Deutsche Ze      9.25   6/22/2018   EUR    73.72
EFG International Fina      7.66   10/5/2018   USD    56.45
Goldman Sachs & Co Wer     24.00   5/23/2018   EUR    73.62
UniCredit Bank AG          11.00   6/22/2018   EUR     6.27
Commerzbank AG             13.75   7/27/2018   EUR    55.04
UniCredit Bank AG          14.70    1/4/2019   EUR    57.29
UniCredit Bank AG          14.50    1/4/2019   EUR    14.04
UniCredit Bank AG          14.30    1/4/2019   EUR    72.47
Credit Suisse AG/Londo      7.00   11/8/2018   USD    55.41
UBS AG/London              11.60   6/28/2018   EUR    74.42
Vontobel Financial Pro     11.60  12/14/2018   EUR    75.11
Vontobel Financial Pro     11.95   9/14/2018   EUR    74.75
Vontobel Financial Pro      9.50  11/23/2018   EUR    56.45
Bank Julius Baer & Co       8.55  12/12/2018   CHF    66.80
Commerzbank AG              5.75   7/27/2018   EUR    71.85
UniCredit Bank AG          10.10    1/4/2019   EUR    11.29
UniCredit Bank AG          14.80    1/4/2019   EUR    74.98
UniCredit Bank AG           3.10    1/4/2019   EUR     8.18
UniCredit Bank AG           5.10    1/4/2019   EUR     8.64
Vontobel Financial Pro     10.50   9/28/2018   EUR    68.77
Vontobel Financial Pro     11.55    1/2/2019   EUR    68.83
Vontobel Financial Pro      8.50    1/2/2019   EUR    66.67
BNP Paribas Emissions-     15.00   6/21/2018   EUR    70.74
UniCredit Bank AG           6.30   9/28/2018   EUR    67.38
Commerzbank AG              7.75   7/27/2018   EUR    65.13
Vontobel Financial Pro      9.50   7/27/2018   EUR    74.22
Vontobel Financial Pro     10.50   7/27/2018   EUR    75.11
UniCredit Bank AG           5.30   6/22/2018   EUR     6.36
UniCredit Bank AG           4.10   6/22/2018   EUR     7.34
UniCredit Bank AG           4.70   6/22/2018   EUR     6.79
Leonteq Securities AG/     10.20  12/20/2018   CHF    61.58
HSBC Trinkaus & Burkha      9.80   6/22/2018   EUR    59.41
Commerzbank AG              5.75   9/28/2018   EUR    66.96
Commerzbank AG              9.75   9/28/2018   EUR    57.80
Commerzbank AG             11.75   9/28/2018   EUR    55.25
Leonteq Securities AG/     10.00   6/20/2019   CHF    72.01
DZ Bank AG Deutsche Ze     13.00   4/27/2018   EUR    75.04
BNP Paribas Emissions-      6.00  12/31/2018   EUR    55.22
BNP Paribas Emissions-     10.00  12/31/2018   EUR    58.03
Commerzbank AG              9.00   8/24/2018   EUR    74.81
Goldman Sachs & Co Wer     17.00   6/20/2018   EUR    71.50
Bank Julius Baer & Co       6.50   6/15/2018   USD    49.20
Vontobel Financial Pro     10.55   9/28/2018   EUR    68.80
Vontobel Financial Pro      5.50    1/2/2019   EUR    70.36
Vontobel Financial Pro      5.50   6/22/2018   EUR    71.01
Vontobel Financial Pro      6.55   9/28/2018   EUR    69.41
Vontobel Financial Pro      8.00   9/28/2018   EUR    70.06
BNP Paribas Emissions-     10.00   9/27/2018   EUR    69.30
BNP Paribas Emissions-     13.00   9/27/2018   EUR    68.05
BNP Paribas Emissions-     10.00   6/21/2018   EUR    71.71
BNP Paribas Emissions-     10.00   9/27/2018   EUR    75.56
BNP Paribas Emissions-     12.00   9/27/2018   EUR    52.19
Commerzbank AG              9.75   4/27/2018   EUR    73.28
UBS AG/London              16.00   8/30/2018   CHF    26.75
Commerzbank AG              5.00   6/22/2018   EUR    73.10
Commerzbank AG              8.75   4/26/2018   EUR    74.42
Vontobel Financial Pro      6.45   9/14/2018   EUR    73.59
Vontobel Financial Pro      4.00   6/22/2018   EUR    73.64
Vontobel Financial Pro      3.55   9/28/2018   EUR    71.28
Vontobel Financial Pro      6.55   9/28/2018   EUR    72.63
HSBC Trinkaus & Burkha     11.10   9/28/2018   EUR    57.87
HSBC Trinkaus & Burkha      8.70  12/28/2018   EUR    61.75
Deutsche Bank AG            5.20   9/25/2018   EUR    74.20
UBS AG/London               5.25   6/21/2018   EUR    66.00
Commerzbank AG             15.25   6/21/2018   EUR    54.60
Vontobel Financial Pro     10.35   9/14/2018   EUR    71.02
Vontobel Financial Pro      6.20   9/14/2018   EUR    73.63
Vontobel Financial Pro     10.30   9/14/2018   EUR    68.31
Vontobel Financial Pro     12.00   6/25/2018   EUR    66.32
Vontobel Financial Pro      9.70   6/25/2018   EUR    66.07
Vontobel Financial Pro      4.50   6/22/2018   EUR    66.14
Vontobel Financial Pro     12.55    1/2/2019   EUR    69.54
BNP Paribas Emissions-     12.00   6/21/2018   EUR    74.78
Vontobel Financial Pro     12.50   9/28/2018   EUR    73.60
Vontobel Financial Pro     12.00   6/22/2018   EUR    74.55
Societe Generale SA         9.00   7/31/2019   USD    74.48
UniCredit Bank AG          12.80   9/28/2018   EUR    57.31
Deutsche Bank AG            5.20   6/19/2018   EUR    72.80
Commerzbank AG              8.00   5/24/2018   EUR    65.78
Commerzbank AG             13.25   6/21/2018   EUR    57.06
Vontobel Financial Pro      7.80   9/14/2018   EUR    73.11
Vontobel Financial Pro      8.00   9/14/2018   EUR    73.77
Vontobel Financial Pro      7.50   6/25/2018   EUR    65.66
Vontobel Financial Pro      7.05    1/2/2019   EUR    71.46
Vontobel Financial Pro     10.00   6/22/2018   EUR    71.82
Vontobel Financial Pro      5.50   9/28/2018   EUR    68.94
BNP Paribas Emissions-     11.00   6/21/2018   EUR    74.44
BNP Paribas Emissions-     12.00   6/21/2018   EUR    73.30
BNP Paribas Emissions-     13.00   6/21/2018   EUR    72.21
BNP Paribas Emissions-     12.00   6/21/2018   EUR    73.27
Vontobel Financial Pro      6.50   9/28/2018   EUR    72.77
Vontobel Financial Pro      6.00    1/2/2019   EUR    74.02
DZ Bank AG Deutsche Ze     16.00   8/22/2018   EUR    72.08
UniCredit Bank AG          14.30   6/22/2018   EUR    74.58
EFG International Fina      7.40   9/13/2019   USD    62.55
HSBC Trinkaus & Burkha      7.79   5/28/2018   EUR    71.33
Zurcher Kantonalbank F      5.00   7/11/2018   CHF    64.21
Vontobel Financial Pro      7.00   6/22/2018   EUR    74.09
BNP Paribas Emissions-      8.00   6/21/2018   EUR    74.53
Vontobel Financial Pro     10.50   9/28/2018   EUR    69.77
BNP Paribas Emissions-      8.00   9/27/2018   EUR    59.52
Leonteq Securities AG/     14.00  11/28/2018   EUR    76.28
DZ Bank AG Deutsche Ze      5.00   6/18/2018   EUR    72.59
Vontobel Financial Pro      5.50   6/22/2018   EUR    73.75
DZ Bank AG Deutsche Ze     11.00   6/22/2018   EUR    53.47
Commerzbank AG             16.00   5/24/2018   EUR    51.97
Vontobel Financial Pro      7.90    6/8/2018   EUR    70.78
DZ Bank AG Deutsche Ze     11.00   6/22/2018   EUR    73.63
Leonteq Securities AG/     12.20  12/20/2018   USD    61.90
HSBC Trinkaus & Burkha      4.10   6/22/2018   EUR    68.06
Vontobel Financial Pro     10.55   7/27/2018   EUR    58.66
DZ Bank AG Deutsche Ze      7.75   6/18/2018   EUR    69.24
Bank Julius Baer & Co       8.35   9/24/2018   USD    58.50
DZ Bank AG Deutsche Ze      5.00   7/27/2018   EUR     4.73
DZ Bank AG Deutsche Ze      6.25   9/28/2018   EUR    67.38
DZ Bank AG Deutsche Ze      8.75    1/2/2019   EUR    62.40
BNP Paribas Emissions-     16.00   6/21/2018   EUR    54.14
BNP Paribas Emissions-     13.00  12/31/2018   EUR    60.15
HSBC Trinkaus & Burkha      4.00   6/22/2018   EUR    75.10
HSBC Trinkaus & Burkha      4.50  12/28/2018   EUR    62.71
HSBC Trinkaus & Burkha      5.00   6/22/2018   EUR    57.45
Commerzbank AG             17.25   4/26/2018   EUR    47.23
Vontobel Financial Pro     10.20    6/8/2018   EUR    68.20
Vontobel Financial Pro      6.50    1/2/2019   EUR    71.39
HSBC Trinkaus & Burkha     12.30   6/22/2018   EUR    55.20
HSBC Trinkaus & Burkha      3.90   9/28/2018   EUR    72.86
HSBC Trinkaus & Burkha      6.10  12/28/2018   EUR    66.66
HSBC Trinkaus & Burkha      7.80   7/27/2018   EUR    61.48
Commerzbank AG             16.75   4/26/2018   EUR    51.41
Commerzbank AG              5.25   6/21/2018   EUR    74.27
Bank Julius Baer & Co       5.60    7/6/2018   EUR    71.40
HSBC Trinkaus & Burkha      6.50   9/28/2018   EUR    75.55
HSBC Trinkaus & Burkha      8.10   9/28/2018   EUR    61.08
Landesbank Baden-Wuert      6.00   7/27/2018   EUR    72.29
Commerzbank AG             10.50   8/24/2018   EUR    54.36
Goldman Sachs & Co Wer     24.00   4/25/2018   EUR    65.88
Goldman Sachs & Co Wer     17.00   5/23/2018   EUR    72.06
Goldman Sachs & Co Wer     22.00   5/23/2018   EUR    67.86
Goldman Sachs & Co Wer     22.00   6/20/2018   EUR    67.80
Goldman Sachs & Co Wer     20.00   7/25/2018   EUR    69.41
Goldman Sachs & Co Wer     17.00   9/26/2018   EUR    71.57
Vontobel Financial Pro     11.50   6/22/2018   EUR    70.07
Leonteq Securities AG/      7.00   6/26/2019   CHF    55.51
BNP Paribas Emissions-      7.00   9/27/2018   EUR    73.82
Vontobel Financial Pro      7.50   9/28/2018   EUR    74.32
Vontobel Financial Pro      9.00   6/22/2018   EUR    71.29
BNP Paribas Emissions-     16.00   6/21/2018   EUR    46.74
Raiffeisen Centrobank      16.62   6/19/2018   EUR    74.82
Commerzbank AG             14.00   6/22/2018   EUR    51.36
Vontobel Financial Pro      9.50   9/28/2018   EUR    68.33
Vontobel Financial Pro     10.05    1/2/2019   EUR    71.04
Vontobel Financial Pro      9.00   9/28/2018   EUR    70.51
BNP Paribas Emissions-      9.00   9/27/2018   EUR    55.67
Commerzbank AG              7.50   6/22/2018   EUR    72.78
UniCredit Bank AG          14.70   6/22/2018   EUR    75.16
Raiffeisen Schweiz Gen      7.78   8/31/2018   USD    58.51
Vontobel Financial Pro     10.15   7/27/2018   EUR    72.65
Commerzbank AG             14.00   5/24/2018   EUR    54.25
Vontobel Financial Pro      4.05    1/2/2019   EUR    69.64
HSBC Trinkaus & Burkha      3.40   6/22/2018   EUR    72.89
HSBC Trinkaus & Burkha     10.10  12/28/2018   EUR    59.82
HSBC Trinkaus & Burkha      4.10  12/28/2018   EUR    73.31
HSBC Trinkaus & Burkha      7.60  10/26/2018   EUR    63.03
Raiffeisen Centrobank       6.04   6/25/2019   EUR    14.64
Deutsche Bank AG            5.20   6/19/2018   EUR    74.00
Vontobel Financial Pro      8.00    1/2/2019   EUR    70.53
Goldman Sachs & Co Wer     16.00   6/20/2018   EUR    71.32
Goldman Sachs & Co Wer     21.00   6/20/2018   EUR    67.63
Goldman Sachs & Co Wer     15.00   7/25/2018   EUR    72.61
Commerzbank AG              7.75   8/24/2018   EUR    62.60
Commerzbank AG             11.75   8/24/2018   EUR    55.90
Vontobel Financial Pro      6.00   6/22/2018   EUR    72.82
EFG International Fina      7.40   6/28/2019   USD    58.10
UBS AG/London              16.90   6/21/2018   EUR    68.20
BNP Paribas Emissions-      6.00   6/21/2018   EUR    45.39
Vontobel Financial Pro      7.50   6/22/2018   EUR    75.22
Raiffeisen Centrobank       8.33   6/25/2019   EUR    19.65
DZ Bank AG Deutsche Ze      6.50   9/28/2018   EUR    71.95
DZ Bank AG Deutsche Ze      6.00   6/22/2018   EUR    68.14
BNP Paribas Emissions-      9.00   6/21/2018   EUR    73.72
Citigroup Global Marke      7.00   6/16/2022   SEK    50.63
Deutsche Bank AG            6.20   9/25/2018   EUR    72.20
Deutsche Bank AG            6.20   9/25/2018   EUR    66.80
Goldman Sachs & Co Wer     16.00   5/23/2018   EUR    71.97
Goldman Sachs & Co Wer     17.00   9/26/2018   EUR    71.57
DekaBank Deutsche Giro      3.00   6/27/2018   EUR    40.78
Bank Julius Baer & Co       6.50   6/14/2018   USD    49.05
UBS AG/London              13.25    9/6/2018   CHF    39.65
UBS AG/London              22.70   9/27/2018   EUR    74.91
UBS AG/London              17.00   6/28/2018   EUR    71.79
UBS AG/London              13.20    1/3/2019   EUR    73.93
Zurcher Kantonalbank F      7.50    7/6/2018   CHF    56.76
HSBC Trinkaus & Burkha     12.20   9/28/2018   EUR    54.45
HSBC Trinkaus & Burkha     10.70   9/28/2018   EUR    56.32
Goldman Sachs & Co Wer     18.00   4/25/2018   EUR    70.71
Goldman Sachs & Co Wer     14.00   9/26/2018   EUR    74.79
Goldman Sachs & Co Wer     15.00  12/28/2018   EUR    74.70
Vontobel Financial Pro     10.50   6/22/2018   EUR    69.89
Vontobel Financial Pro     11.55   9/28/2018   EUR    69.25
Vontobel Financial Pro     10.00   9/28/2018   EUR    68.55
Commerzbank AG             13.50   8/24/2018   EUR    52.88
UBS AG/London              12.10   6/28/2018   EUR    74.98
UBS AG/London              23.30   6/28/2018   EUR    69.35
BNP Paribas Emissions-     18.00   6/21/2018   EUR    72.31
EFG International Fina      5.50   9/21/2020   USD    69.27
BNP Paribas Emissions-     18.00   6/21/2018   EUR    50.09
BNP Paribas Emissions-     12.00   9/27/2018   EUR    57.00
BNP Paribas Emissions-     11.00   9/27/2018   EUR    72.92
DZ Bank AG Deutsche Ze     10.50   6/22/2018   EUR    66.56
DZ Bank AG Deutsche Ze     12.25    1/2/2019   EUR    60.76
BNP Paribas Emissions-      8.00  12/31/2018   EUR    56.63
BNP Paribas Emissions-      6.00  12/31/2018   EUR    55.22
BNP Paribas Emissions-     16.00  12/31/2018   EUR    62.26
HSBC Trinkaus & Burkha      4.50  12/28/2018   EUR    62.52
HSBC Trinkaus & Burkha      5.50   6/22/2018   EUR    68.46
HSBC Trinkaus & Burkha      7.50   9/28/2018   EUR    64.25
HSBC Trinkaus & Burkha      9.00   8/24/2018   EUR    60.72
HSBC Trinkaus & Burkha      9.30   4/27/2018   EUR    59.65
BNP Paribas Emissions-     16.00   6/21/2018   EUR    65.81
BNP Paribas Emissions-     12.00   6/21/2018   EUR    69.57
HSBC Trinkaus & Burkha      8.70   8/24/2018   EUR    62.31
BNP Paribas Emissions-     17.00   6/21/2018   EUR    73.83
BNP Paribas Emissions-     19.00   6/21/2018   EUR    69.32
BNP Paribas Emissions-      7.00   9/27/2018   EUR    54.68
BNP Paribas Emissions-     13.00   6/21/2018   EUR    75.51
BNP Paribas Emissions-      9.00  12/31/2018   EUR    53.22
UBS AG/London               9.60   6/21/2018   EUR    74.28
BNP Paribas Emissions-     10.00   6/21/2018   EUR    46.09
BNP Paribas Emissions-      8.00  12/31/2018   EUR    49.80
DZ Bank AG Deutsche Ze      7.25   6/22/2018   EUR    71.74
DZ Bank AG Deutsche Ze      8.25   9/28/2018   EUR    70.53
BNP Paribas Emissions-     19.00  12/31/2018   EUR    64.37
Leonteq Securities AG       8.20  10/17/2018   USD    49.85
Leonteq Securities AG      10.20  10/24/2018   EUR    51.36
Vontobel Financial Pro      4.50   3/22/2019   EUR    53.14
DZ Bank AG Deutsche Ze     13.75   7/25/2018   EUR    75.18
Landesbank Hessen-Thue      4.00   5/16/2018   EUR    47.16
Vontobel Financial Pro      4.00    1/2/2019   EUR    63.47
UBS AG/London               9.25   6/15/2018   CHF    55.65
Goldman Sachs & Co Wer     19.00   5/23/2018   EUR    67.36
Goldman Sachs & Co Wer     14.00   6/20/2018   EUR    72.38
Vontobel Financial Pro      9.50   5/29/2018   EUR    73.11
Vontobel Financial Pro     10.00   6/22/2018   EUR    74.19
Vontobel Financial Pro     11.00   6/22/2018   EUR    72.19
Vontobel Financial Pro     12.00   6/22/2018   EUR    70.32
UniCredit Bank AG          10.40   6/22/2018   EUR    60.40
UniCredit Bank AG           8.10   6/22/2018   EUR    64.86
UniCredit Bank AG           7.10   6/22/2018   EUR    73.24
UniCredit Bank AG           9.30   6/22/2018   EUR    69.66
UniCredit Bank AG          11.80   6/22/2018   EUR    66.55
UniCredit Bank AG          13.10   6/22/2018   EUR    56.74
UniCredit Bank AG          13.90   6/22/2018   EUR    74.80
UniCredit Bank AG           6.50   6/22/2018   EUR    66.26
UniCredit Bank AG          13.60   6/22/2018   EUR    73.34
UniCredit Bank AG           7.70   6/22/2018   EUR    62.53
UniCredit Bank AG           5.30   6/22/2018   EUR    70.44
UniCredit Bank AG          13.60   6/22/2018   EUR    51.49
UniCredit Bank AG          12.00   6/22/2018   EUR    53.77
Zurcher Kantonalbank F      6.00   5/16/2018   EUR    69.74
Vontobel Financial Pro      7.00   6/22/2018   EUR    67.05
Vontobel Financial Pro     11.00   6/22/2018   EUR    67.93
DZ Bank AG Deutsche Ze      8.25   6/22/2018   EUR    65.55
Commerzbank AG             10.75   4/26/2018   EUR    74.11
Commerzbank AG             11.75   4/26/2018   EUR    72.13
Commerzbank AG             12.75   4/26/2018   EUR    70.34
DZ Bank AG Deutsche Ze      7.00   6/18/2018   EUR    74.46
DZ Bank AG Deutsche Ze      9.00   6/18/2018   EUR    74.80
BNP Paribas Emissions-      7.00   9/27/2018   EUR    72.64
Commerzbank AG              9.50   4/26/2018   EUR    56.13
Commerzbank AG             11.50   4/26/2018   EUR    52.45
Commerzbank AG              8.25   4/26/2018   EUR    73.92
Commerzbank AG             10.25   4/26/2018   EUR    70.08
Commerzbank AG             10.25   4/26/2018   EUR    71.73
Commerzbank AG             10.50   4/25/2018   EUR    70.11
UniCredit Bank AG           7.00   6/22/2018   EUR    71.17
UniCredit Bank AG           8.10   6/22/2018   EUR    72.91
UniCredit Bank AG          10.00   6/22/2018   EUR    69.74
UniCredit Bank AG          12.20   6/22/2018   EUR    69.69
UniCredit Bank AG          10.60   6/22/2018   EUR    70.88
UniCredit Bank AG          11.50   6/22/2018   EUR    64.85
UniCredit Bank AG          14.10   6/22/2018   EUR    70.86
UBS AG/London               8.60   6/22/2018   EUR    70.08
Vontobel Financial Pro      7.00    6/8/2018   EUR    61.96
Vontobel Financial Pro      9.65    6/8/2018   EUR    67.94
Vontobel Financial Pro      5.25    6/8/2018   EUR    67.55
Vontobel Financial Pro      7.05    6/8/2018   EUR    67.81
Vontobel Financial Pro      8.70    6/8/2018   EUR    68.04
Vontobel Financial Pro      8.25    6/8/2018   EUR    73.44
Vontobel Financial Pro      7.25    6/8/2018   EUR    73.30
Vontobel Financial Pro      4.80    6/8/2018   EUR    72.95
DZ Bank AG Deutsche Ze      6.00   5/23/2018   EUR    73.45
Bank Julius Baer & Co      10.45   5/11/2018   USD    64.30
Bank Julius Baer & Co       6.30   5/11/2018   USD    67.25
Goldman Sachs & Co Wer     19.00   5/23/2018   EUR    71.26
Goldman Sachs & Co Wer     23.00   5/23/2018   EUR    68.84
Goldman Sachs & Co Wer     15.00   5/23/2018   EUR    71.41
Goldman Sachs & Co Wer     13.00  12/28/2018   EUR    74.80
Raiffeisen Centrobank       9.30   9/25/2018   EUR    67.77
UniCredit Bank AG          10.80   6/22/2018   EUR    72.60
UniCredit Bank AG          14.40   6/22/2018   EUR    63.82
UniCredit Bank AG           6.10   6/22/2018   EUR    70.24
UniCredit Bank AG          14.20   6/22/2018   EUR    68.66
UniCredit Bank AG          10.50   6/22/2018   EUR    56.31
UniCredit Bank AG           4.20   6/22/2018   EUR    75.35
Zurcher Kantonalbank F      6.00   5/16/2018   CHF    68.90
Credit Suisse AG/Londo      8.00  10/22/2018   USD    61.20
BNP Paribas Emissions-      7.00   9/27/2018   EUR    63.95
BNP Paribas Emissions-     13.00   9/27/2018   EUR    54.81
BNP Paribas Emissions-      8.00  12/31/2018   EUR    61.53
BNP Paribas Emissions-     15.00   6/21/2018   EUR    68.63
BNP Paribas Emissions-     13.00   9/27/2018   EUR    71.31
BNP Paribas Emissions-     16.00   9/27/2018   EUR    68.10
BNP Paribas Emissions-      9.00  12/31/2018   EUR    73.84
UniCredit Bank AG          13.00    1/4/2019   EUR    72.64
UniCredit Bank AG          10.20    1/4/2019   EUR    74.13
UniCredit Bank AG          11.00    1/3/2020   EUR    72.09
UniCredit Bank AG           6.80    1/3/2020   EUR    72.91
UniCredit Bank AG           7.70    1/3/2020   EUR    72.56
UniCredit Bank AG          12.40    1/3/2020   EUR    72.17
UniCredit Bank AG           7.00    1/3/2020   EUR    16.67
UniCredit Bank AG           4.30    1/3/2020   EUR    71.32
UniCredit Bank AG           3.50   6/28/2019   EUR    10.83
UniCredit Bank AG           9.90    1/3/2020   EUR    62.84
UniCredit Bank AG           6.30   6/28/2019   EUR    66.79
UniCredit Bank AG          11.30   6/28/2019   EUR    59.95
UniCredit Bank AG           9.20   6/28/2019   EUR    61.95
UniCredit Bank AG          15.00   6/28/2019   EUR    71.48
Vontobel Financial Pro      9.00   9/28/2018   EUR    55.49
Vontobel Financial Pro     11.00   9/28/2018   EUR    53.84
Goldman Sachs & Co Wer     13.00   6/20/2018   EUR    71.61
UniCredit Bank AG           3.50  12/19/2019   EUR    65.17
DekaBank Deutsche Giro      0.01   6/29/2046   EUR    56.01
BNP Paribas Emissions-     28.00   5/24/2018   EUR    64.09
BNP Paribas Emissions-     15.00   9/27/2018   EUR    74.58
Vontobel Financial Pro      8.00    1/2/2019   EUR    57.15
Vontobel Financial Pro      9.55    1/2/2019   EUR    55.73
BNP Paribas Emissions-     14.00   5/24/2018   EUR    72.91
BNP Paribas Emissions-     16.00  12/31/2018   EUR    72.17
BNP Paribas Emissions-     24.00   6/21/2018   EUR    65.50
BNP Paribas Emissions-     20.00   9/27/2018   EUR    69.86
BNP Paribas Emissions-     18.00   9/27/2018   EUR    72.22
Vontobel Financial Pro      8.50    1/2/2019   EUR    61.77
Vontobel Financial Pro     15.50    1/2/2019   EUR    54.59
Vontobel Financial Pro     14.50   6/22/2018   EUR    51.52
DZ Bank AG Deutsche Ze      6.00   9/28/2018   EUR    74.72
DZ Bank AG Deutsche Ze     10.25   6/22/2018   EUR    67.67
DZ Bank AG Deutsche Ze      8.75   6/22/2018   EUR    70.91
SG Issuer SA                5.50   4/10/2021   EUR    67.57
Bank Julius Baer & Co       9.10    8/6/2018   USD    51.00
Deutsche Bank AG/Londo      2.00    6/6/2018   EUR    50.81
Landesbank Baden-Wuert      2.90   7/27/2018   EUR    53.05
UniCredit Bank AG           5.00   6/25/2019   EUR    45.11
Raiffeisen Schweiz Gen      4.20   7/17/2019   CHF    72.46
Raiffeisen Schweiz Gen      4.00   7/24/2019   CHF    72.87
EFG International Fina      6.40    4/9/2020   EUR    73.60
Raiffeisen Schweiz Gen      4.20   5/22/2019   CHF    73.79
Raiffeisen Schweiz Gen      4.50   5/22/2018   CHF    72.65
Leonteq Securities AG       6.60   5/29/2018   EUR    51.55
UniCredit Bank AG           4.40   7/13/2018   EUR    45.61
Landesbank Baden-Wuert      3.00   7/26/2019   EUR    59.48
UniCredit Bank AG           5.40  11/29/2019   USD    51.40
Raiffeisen Schweiz Gen      4.30    6/5/2019   CHF    74.41
UniCredit Bank AG           3.75   10/2/2020   EUR    51.78
UniCredit Bank AG           4.60    7/2/2018   EUR    41.02
Landesbank Hessen-Thue      8.00   5/15/2020   EUR    73.67
Landesbank Baden-Wuert      3.20   7/27/2018   EUR    65.37
Landesbank Baden-Wuert      3.00   6/28/2019   EUR    52.67
Landesbank Baden-Wuert      3.35   6/22/2018   EUR    66.25
DekaBank Deutsche Giro      2.75  10/29/2018   EUR    43.01
Landesbank Hessen-Thue      4.00   4/30/2019   EUR    52.82
DekaBank Deutsche Giro      3.25   5/18/2018   EUR    74.11
Landesbank Baden-Wuert      3.00   8/24/2018   EUR    66.19
Leonteq Securities AG       5.00    5/7/2019   CHF    73.27
Raiffeisen Schweiz Gen      8.99   7/22/2019   EUR    21.86
DekaBank Deutsche Giro      3.25   4/20/2018   EUR    42.27
EFG International Fina      7.19    5/6/2019   EUR     8.27
UniCredit Bank AG           5.00   7/30/2018   EUR    48.61
Landesbank Baden-Wuert      4.00   6/22/2018   EUR    46.41
Landesbank Baden-Wuert      3.50   7/27/2018   EUR    47.26
UniCredit Bank AG           3.80   7/23/2020   EUR    52.36
EFG International Fina      5.30   6/24/2019   EUR    61.19
DekaBank Deutsche Giro      2.75   7/17/2019   EUR    62.90
Zurcher Kantonalbank F      5.75   7/27/2018   CHF    61.06
Credit Suisse AG/Londo      8.25   7/26/2018   USD    53.71
DZ Bank AG Deutsche Ze      7.25   6/22/2018   EUR    74.51
DZ Bank AG Deutsche Ze      9.00   6/18/2018   EUR    72.47
Commerzbank AG             10.25   4/26/2018   EUR    71.87
Commerzbank AG              7.50   4/26/2018   EUR    61.02
Zurcher Kantonalbank F      7.75   5/18/2018   EUR    70.58
Bank Julius Baer & Co      12.15    5/4/2018   USD    56.20
Commerzbank AG             10.50   4/26/2018   EUR    73.67
Commerzbank AG             12.00   4/26/2018   EUR    67.20
Commerzbank AG              8.50   4/26/2018   EUR    74.66
Commerzbank AG             14.00   4/25/2018   EUR    45.28
Leonteq Securities AG      15.00   8/22/2018   CHF    63.56
UniCredit Bank AG          14.40   6/22/2018   EUR    73.37
UniCredit Bank AG          14.60   6/22/2018   EUR    64.67
UniCredit Bank AG           9.40   6/22/2018   EUR    73.32
UniCredit Bank AG          13.10   6/22/2018   EUR    65.64
UniCredit Bank AG           9.00   6/22/2018   EUR    71.27
UniCredit Bank AG          11.90   6/22/2018   EUR    68.65
UniCredit Bank AG           8.20   6/22/2018   EUR    75.89
UniCredit Bank AG          13.60   6/22/2018   EUR    74.20
UniCredit Bank AG          14.90   6/22/2018   EUR    66.95
UniCredit Bank AG           6.10   6/22/2018   EUR    68.32
UniCredit Bank AG          13.90   6/22/2018   EUR    52.80
UniCredit Bank AG          11.60   6/22/2018   EUR    74.61
UniCredit Bank AG          12.60   6/22/2018   EUR    69.58
UniCredit Bank AG          11.50   6/22/2018   EUR    71.01
UniCredit Bank AG          14.40   6/22/2018   EUR    67.35
UniCredit Bank AG          11.80   6/22/2018   EUR    73.32
UniCredit Bank AG          12.60   6/22/2018   EUR    74.82
Vontobel Financial Pro      4.00   9/28/2018   EUR    66.32
Vontobel Financial Pro      8.00   9/28/2018   EUR    59.37
Credit Suisse AG/Londo      8.25   9/27/2018   USD    57.02
Commerzbank AG             12.50  11/23/2018   EUR    58.11
Vontobel Financial Pro      6.50    1/2/2019   EUR    75.06
Vontobel Financial Pro     10.50    1/2/2019   EUR    68.09
BNP Paribas Emissions-     13.00  12/31/2018   EUR    58.32
Vontobel Financial Pro     13.50   6/22/2018   EUR    72.64
Vontobel Financial Pro     15.05   6/22/2018   EUR    70.87
Leonteq Securities AG/     12.80   1/10/2019   CHF    63.47
UniCredit Bank AG          11.80   9/28/2018   EUR    73.77
Commerzbank AG              9.75   7/27/2018   EUR    60.73
Commerzbank AG             11.75   7/27/2018   EUR    57.57
UniCredit Bank AG          12.10   9/28/2018   EUR     9.45
UniCredit Bank AG           6.00   9/28/2018   EUR     7.64
UniCredit Bank AG           4.90   9/28/2018   EUR     7.59
Commerzbank AG             14.75   4/26/2018   EUR    53.62
Commerzbank AG             10.00   5/24/2018   EUR    61.69
Commerzbank AG              7.25   6/21/2018   EUR    67.93
Commerzbank AG             11.25   6/21/2018   EUR    59.88
Vontobel Financial Pro      9.75   9/14/2018   EUR    71.00
Vontobel Financial Pro     12.70    6/8/2018   EUR    68.53
Vontobel Financial Pro      9.50   9/28/2018   EUR    68.03
Commerzbank AG             11.50   4/27/2018   EUR    58.38
UBS AG/London               6.00   6/28/2018   EUR    73.70
HSBC Trinkaus & Burkha      5.40   6/22/2018   EUR    66.23
DZ Bank AG Deutsche Ze      7.75   9/28/2018   EUR    67.53
Commerzbank AG             12.00   5/24/2018   EUR    58.47
Commerzbank AG              9.25   6/21/2018   EUR    63.37
Vontobel Financial Pro      4.00   9/28/2018   EUR    65.57
Vontobel Financial Pro      6.00   9/28/2018   EUR    66.46
UBS AG/London               6.50    1/7/2019   CHF    54.35
Bank Julius Baer & Co       6.80   9/12/2018   CHF    72.90
Bank Julius Baer & Co       6.45   7/13/2018   USD    69.10
Vontobel Financial Pro      7.55   6/22/2018   EUR    66.70
Commerzbank AG              7.75   9/28/2018   EUR    61.36
Credit Suisse AG/Nassa      7.50   7/29/2019   CHF    64.06
Commerzbank AG             14.00   6/22/2018   EUR    74.85
BNP Paribas Emissions-     16.00   6/21/2018   EUR    52.08
BNP Paribas Emissions-     10.00   9/27/2018   EUR    60.40
Vontobel Financial Pro      9.20  12/14/2018   EUR    73.53
Vontobel Financial Pro      9.40    6/8/2018   EUR    69.52
Vontobel Financial Pro      7.10    6/8/2018   EUR    71.38
Commerzbank AG             10.00   9/28/2018   EUR    57.05
Goldman Sachs & Co Wer     22.00   5/23/2018   EUR    75.16
Goldman Sachs & Co Wer     22.00   6/20/2018   EUR    74.92
Goldman Sachs & Co Wer     23.00   4/25/2018   EUR    74.45
Zurcher Kantonalbank F      5.41   10/4/2019   CHF     9.23
UBS AG/London              19.00    1/3/2019   EUR    71.96
UBS AG/London              13.10    1/3/2019   EUR    73.86
DZ Bank AG Deutsche Ze      9.50   6/22/2018   EUR    73.29
BNP Paribas Emissions-      7.00   6/21/2018   EUR    53.08
BNP Paribas Emissions-     13.00   9/27/2018   EUR    49.46
BNP Paribas Emissions-      7.00  12/31/2018   EUR    56.59
BNP Paribas Emissions-      8.00  12/31/2018   EUR    54.79
Vontobel Financial Pro      2.50   9/28/2018   EUR    69.68
Vontobel Financial Pro     12.50   9/28/2018   EUR    54.52
Deutsche Bank AG            5.50   6/19/2018   EUR    73.30
Goldman Sachs & Co Wer     21.00   4/25/2018   EUR    68.88
Commerzbank AG             10.75   5/24/2018   EUR    72.20
Commerzbank AG              6.25   5/24/2018   EUR    65.36
Commerzbank AG             12.25   5/24/2018   EUR    52.03
Deutsche Bank AG            6.20   7/25/2018   EUR    74.00
UBS AG/London               5.00    6/1/2018   CHF    64.10
Deutsche Bank AG            5.20   6/19/2018   EUR    69.00
Deutsche Bank AG            7.20   6/19/2018   EUR    63.50
Vontobel Financial Pro      9.80   9/14/2018   EUR    72.00
Deutsche Bank AG            5.20   6/19/2018   EUR    65.00
DZ Bank AG Deutsche Ze      6.50   6/22/2018   EUR    72.90
DZ Bank AG Deutsche Ze      6.00   6/22/2018   EUR    73.14
Vontobel Financial Pro     10.10    6/8/2018   EUR    66.92
BNP Paribas Emissions-     15.00   6/21/2018   EUR    74.66
EFG International Fina      8.00    3/9/2020   USD    58.29
Commerzbank AG             10.00   5/24/2018   EUR    74.89
Deutsche Bank AG            7.20   6/19/2018   EUR    73.10
Deutsche Bank AG            7.20   6/19/2018   EUR    66.80
Goldman Sachs & Co Wer     24.00   5/23/2018   EUR    74.11
Vontobel Financial Pro      8.80  12/14/2018   EUR    69.73
HSBC Trinkaus & Burkha      7.60   6/22/2018   EUR    62.60
HSBC Trinkaus & Burkha     10.30   9/28/2018   EUR    58.96
HSBC Trinkaus & Burkha      5.80   9/28/2018   EUR    69.34
HSBC Trinkaus & Burkha      9.70   4/27/2018   EUR    57.92
UniCredit Bank AG          13.80   6/22/2018   EUR    71.82
UniCredit Bank AG           9.50   6/22/2018   EUR    74.15
UniCredit Bank AG          11.00   6/22/2018   EUR    68.32
UniCredit Bank AG           8.60   6/22/2018   EUR    75.90
UniCredit Bank AG          14.50   6/22/2018   EUR    67.09
UniCredit Bank AG           9.00   6/22/2018   EUR    60.95
UniCredit Bank AG          13.20   6/22/2018   EUR    74.11
UniCredit Bank AG           5.60   6/22/2018   EUR    73.44
UniCredit Bank AG          14.10   6/22/2018   EUR    62.28
Commerzbank AG             14.00   9/28/2018   EUR    73.31
Commerzbank AG             17.00   6/22/2018   EUR    72.95
Commerzbank AG             15.00   8/24/2018   EUR    73.53
HSBC Trinkaus & Burkha     11.10   9/28/2018   EUR    55.20
HSBC Trinkaus & Burkha     12.10   6/22/2018   EUR    52.26
HSBC Trinkaus & Burkha      9.20   6/22/2018   EUR    57.35
HSBC Trinkaus & Burkha      6.70   6/22/2018   EUR    64.39
Stroytemp CJSC              9.00  11/13/2019   RUB     1.00
Leonteq Securities AG/      5.00  12/27/2019   EUR    65.02
DZ Bank AG Deutsche Ze      8.40   6/22/2018   EUR    67.69
BNP Paribas Emissions-     14.00  12/31/2018   EUR    70.77
BNP Paribas Emissions-     16.00   6/21/2018   EUR    73.86
BNP Paribas Emissions-     12.00   9/27/2018   EUR    74.06
Commerzbank AG              3.00   7/27/2018   EUR    75.47
Commerzbank AG             20.00   5/25/2018   EUR    72.88
Commerzbank AG             19.00   6/22/2018   EUR    74.03
Zurcher Kantonalbank F      5.25  10/24/2018   CHF    62.11
DZ Bank AG Deutsche Ze      5.50  10/26/2018   EUR     7.16
UniCredit Bank AG          14.00    1/4/2019   EUR    72.25
UniCredit Bank AG          14.50   9/28/2018   EUR    72.31
UniCredit Bank AG          14.90   6/22/2018   EUR    73.94
UniCredit Bank AG          14.90    1/4/2019   EUR    71.80
UniCredit Bank AG          10.90    1/3/2020   EUR    22.57
Landesbank Baden-Wuert      3.00   6/22/2018   EUR    73.55
UniCredit Bank AG           5.00    1/3/2020   EUR    14.04
UniCredit Bank AG          11.60    1/3/2020   EUR    62.09
UniCredit Bank AG           5.80    1/3/2020   EUR    67.82
Raiffeisen Schweiz Gen      5.00    8/6/2018   CHF    72.02
Raiffeisen Schweiz Gen      5.00   8/29/2018   CHF    74.69
Raiffeisen Schweiz Gen      3.00   9/22/2020   CHF    75.00
Bank J Safra Sarasin A     12.10    7/6/2018   CHF    70.55
Podkarpacki Bank Spold      5.81  10/24/2024   PLN    55.00
Polski Bank Spoldzielc      4.81  11/26/2024   PLN    60.00
Landesbank Baden-Wuert      3.05   6/22/2018   EUR    56.10
Vontobel Financial Pro      3.00    1/2/2019   EUR    66.38
Vontobel Financial Pro      6.00    1/2/2019   EUR    59.98
UniCredit Bank AG           4.00   6/26/2018   EUR    39.99
Landesbank Baden-Wuert      3.00   5/25/2018   EUR    54.42
Landesbank Baden-Wuert      3.15   6/22/2018   EUR    50.04
Landesbank Baden-Wuert      3.30   6/22/2018   EUR    51.29
EFG International Fina      8.00   5/26/2020   USD    65.52
Deutsche Bank AG            6.20   6/19/2018   EUR    69.20
Deutsche Bank AG            4.20   9/25/2018   EUR    69.80
Deutsche Bank AG            6.20   9/25/2018   EUR    70.70
Deutsche Bank AG            4.20   9/25/2018   EUR    66.10
Deutsche Bank AG            4.20  12/27/2018   EUR    74.50
Raiffeisen Schweiz Gen     10.00  10/23/2018   CHF    63.71
DZ Bank AG Deutsche Ze      8.60   6/22/2018   EUR    70.88
Leonteq Securities AG/      7.00   4/16/2020   CHF    70.06
UniCredit Bank AG          14.00   6/22/2018   EUR    74.61
UniCredit Bank AG          13.70   6/22/2018   EUR    68.22
UniCredit Bank AG           9.10   6/22/2018   EUR    67.79
UniCredit Bank AG          13.90   6/22/2018   EUR    67.88
UniCredit Bank AG          11.80   6/22/2018   EUR    71.35
UniCredit Bank AG          13.90   6/22/2018   EUR    65.60
UniCredit Bank AG           4.80   6/22/2018   EUR    72.84
UniCredit Bank AG          12.50   6/22/2018   EUR    58.64
UniCredit Bank AG           7.60   6/22/2018   EUR    67.52
UniCredit Bank AG          13.70   6/22/2018   EUR    73.40
UniCredit Bank AG          14.30   6/22/2018   EUR    72.70
UniCredit Bank AG           9.90   6/22/2018   EUR    62.65
Vontobel Financial Pro      5.50   9/28/2018   EUR    63.26
HSBC Trinkaus & Burkha      8.80   9/28/2018   EUR    69.51
HSBC Trinkaus & Burkha      4.50   9/28/2018   EUR    56.04
HSBC Trinkaus & Burkha      8.00  12/28/2018   EUR    54.18
HSBC Trinkaus & Burkha      5.50  12/28/2018   EUR    50.37
HSBC Trinkaus & Burkha      9.60   9/28/2018   EUR    74.49
Zurcher Kantonalbank F      6.00   5/23/2018   CHF    60.35
Deutsche Bank AG            4.20   9/25/2018   EUR    70.60
Deutsche Bank AG            4.20  12/27/2018   EUR    71.40
Credit Suisse AG/Nassa      8.00   8/24/2018   CHF    69.25
DZ Bank AG Deutsche Ze      9.00   6/18/2018   EUR    73.27
Deutsche Bank AG            4.20   6/19/2018   EUR    69.50
Deutsche Bank AG            4.20   6/19/2018   EUR    69.50
Deutsche Bank AG            4.20  12/27/2018   EUR    68.30
Commerzbank AG             13.25   8/24/2018   EUR    73.55
Deutsche Bank AG            4.20  12/27/2018   EUR    70.60
Deutsche Bank AG            4.20   6/19/2018   EUR    73.10
HSBC Trinkaus & Burkha      4.40   6/28/2019   EUR    70.06
DZ Bank AG Deutsche Ze      7.50   6/22/2018   EUR    74.70
DZ Bank AG Deutsche Ze      7.70   6/22/2018   EUR    73.03
Bank Julius Baer & Co       9.25  10/12/2018   USD    58.70
BNP Paribas Emissions-      7.00   6/21/2018   EUR    62.66
BNP Paribas Emissions-     15.00   9/27/2018   EUR    53.41
BNP Paribas Emissions-     12.00   9/27/2018   EUR    72.83
Commerzbank AG             21.25   4/27/2018   EUR    71.43
Vontobel Financial Pro      2.50    1/2/2019   EUR    69.93
Vontobel Financial Pro      5.00   6/22/2018   EUR    73.00
Commerzbank AG             17.75   5/25/2018   EUR    71.94
HSBC Trinkaus & Burkha     11.10   4/27/2018   EUR    53.29
HSBC Trinkaus & Burkha      5.50  12/28/2018   EUR    74.80
HSBC Trinkaus & Burkha      7.80   9/28/2018   EUR    71.41
HSBC Trinkaus & Burkha      7.60   6/22/2018   EUR    70.53
HSBC Trinkaus & Burkha      8.00   9/28/2018   EUR    72.71
Deutsche Bank AG            4.20   9/25/2018   EUR    70.60
Deutsche Bank AG            4.20  12/27/2018   EUR    71.40
UBS AG/London               5.50   5/17/2018   USD    46.70
Bank Julius Baer & Co       9.40  10/11/2018   USD    58.55
EFG International Fina      7.20  10/26/2020   USD    76.52
EFG International Fina     11.00  10/25/2018   CHF    60.94
Raiffeisen Centrobank       8.57  12/27/2019   EUR    22.33
Raiffeisen Centrobank       6.43  12/27/2019   EUR    17.95
Deutsche Bank AG            6.20  12/27/2018   EUR    68.40
Deutsche Bank AG            6.20   6/19/2018   EUR    73.50
Deutsche Bank AG            4.20   6/19/2018   EUR    68.90
Deutsche Bank AG            4.20   6/19/2018   EUR    65.10
Deutsche Bank AG            6.20   9/25/2018   EUR    74.80
Deutsche Bank AG            4.20   9/25/2018   EUR    73.90
Deutsche Bank AG            6.20   9/25/2018   EUR    67.00
HSBC Trinkaus & Burkha      4.30  12/28/2018   EUR    71.25
HSBC Trinkaus & Burkha      6.20   6/28/2019   EUR    59.21
HSBC Trinkaus & Burkha      2.50   6/22/2018   EUR    75.34
HSBC Trinkaus & Burkha      9.20   9/28/2018   EUR    55.40
HSBC Trinkaus & Burkha      4.90   9/28/2018   EUR    53.29
UniCredit Bank AG          14.90   6/22/2018   EUR    70.52
UniCredit Bank AG          10.50   6/22/2018   EUR    57.88
UniCredit Bank AG          13.80   6/22/2018   EUR    72.94
UniCredit Bank AG          14.70   6/22/2018   EUR    73.77
UniCredit Bank AG          13.20   6/22/2018   EUR    66.57
UniCredit Bank AG          10.90   6/22/2018   EUR    73.28
UniCredit Bank AG          12.10   6/22/2018   EUR    66.94
UniCredit Bank AG          14.30   6/22/2018   EUR    64.47
UniCredit Bank AG          12.90   6/22/2018   EUR    69.57
UniCredit Bank AG           7.50   6/22/2018   EUR    64.41
UniCredit Bank AG          12.20   6/22/2018   EUR    55.19
UniCredit Bank AG          13.00   6/22/2018   EUR    72.07
UniCredit Bank AG          14.90   6/22/2018   EUR    71.40
UniCredit Bank AG          15.00   6/22/2018   EUR    72.09
HSBC Trinkaus & Burkha     10.85   6/22/2018   EUR    70.30
Vontobel Financial Pro      6.00   6/22/2018   EUR    74.80
HSBC Trinkaus & Burkha      8.10   6/22/2018   EUR    74.06
Commerzbank AG             15.75   5/25/2018   EUR    74.06
Commerzbank AG             15.75   7/27/2018   EUR    73.55
HSBC Trinkaus & Burkha     12.30   9/28/2018   EUR    53.31
HSBC Trinkaus & Burkha      8.80   9/28/2018   EUR    59.80
HSBC Trinkaus & Burkha      6.70   9/28/2018   EUR    65.29
SG Issuer SA                0.82    8/2/2021   SEK    54.49
HSBC Trinkaus & Burkha      5.80  12/28/2018   EUR    75.02
HSBC Trinkaus & Burkha      7.80   9/28/2018   EUR    74.31
HSBC Trinkaus & Burkha      9.50   6/22/2018   EUR    74.03
Zurcher Kantonalbank F      6.60   5/15/2018   EUR    70.24
Bank Julius Baer & Co      11.50  10/10/2018   USD    58.85
Deutsche Bank AG            4.20   6/19/2018   EUR    73.80
Deutsche Bank AG            4.20   9/25/2018   EUR    74.90
Deutsche Bank AG            4.20   6/19/2018   EUR    66.30
Deutsche Bank AG            4.20   9/25/2018   EUR    67.30
Landesbank Baden-Wuert      7.00   6/22/2018   EUR    73.42
Deutsche Bank AG            6.20  12/27/2018   EUR    72.00
Deutsche Bank AG            4.20  12/27/2018   EUR    67.00
Deutsche Bank AG            6.20   6/19/2018   EUR    65.40
UBS AG/London               7.00  10/12/2018   USD    56.70
SG Issuer SA                0.80  11/30/2020   SEK    48.68
National Developing Co     16.00   4/15/2021   RUB     1.00
Promnefteservis OOO        10.50  11/21/2019   RUB     1.05
UniCredit Bank AG           9.80    1/4/2019   EUR    64.33
UniCredit Bank AG          11.10    1/4/2019   EUR    72.13
UniCredit Bank AG          10.10    1/4/2019   EUR    72.10
UniCredit Bank AG           8.40    1/4/2019   EUR    66.62
UniCredit Bank AG          10.80    1/4/2019   EUR    74.86
UniCredit Bank AG          14.00   6/22/2018   EUR    71.24
UniCredit Bank AG           7.10    1/4/2019   EUR    69.31
UniCredit Bank AG          12.10    1/4/2019   EUR    73.65
Societe Generale SA        12.01   7/20/2020   USD #N/A N/A
Vontobel Financial Pro      7.00   7/27/2018   EUR    74.01
Zurcher Kantonalbank F      6.00   1/17/2019   USD    55.57
DZ Bank AG Deutsche Ze      6.25   6/18/2018   EUR    70.13
DZ Bank AG Deutsche Ze      5.25   7/27/2018   EUR    69.00
Vontobel Financial Pro     11.00   7/27/2018   EUR    72.81
Leonteq Securities AG/     10.20  10/24/2018   USD    57.07
Commerzbank AG              7.00   6/22/2018   EUR    72.23
DZ Bank AG Deutsche Ze     10.75   7/27/2018   EUR    71.12
EFG International Fina      6.00    8/3/2020   USD    63.06
EFG International Fina     12.20    8/2/2018   EUR    74.94
Vontobel Financial Pro      5.50   9/28/2018   EUR    66.99
Vontobel Financial Pro      9.00   9/28/2018   EUR    59.82
Vontobel Financial Pro      5.50    1/2/2019   EUR    68.17
Commerzbank AG              5.25  10/26/2018   EUR    72.71
Commerzbank AG             11.25  10/26/2018   EUR    60.40
Citigroup Global Marke      5.60   9/15/2022   SEK    59.51
Commerzbank AG              9.25  10/26/2018   EUR    63.02
Vontobel Financial Pro     10.00    1/2/2019   EUR    73.07
BNP Paribas Emissions-     15.00  12/31/2018   EUR    71.35
BNP Paribas Emissions-     19.00   6/21/2018   EUR    68.74
Commerzbank AG             13.50   9/28/2018   EUR    56.05
Commerzbank AG              9.25   6/22/2018   EUR    56.83
Raiffeisen Schweiz Gen      6.75   3/15/2019   CHF    71.30
BNP Paribas Emissions-     13.00  12/31/2018   EUR    73.60
BNP Paribas Emissions-     15.00   6/21/2018   EUR    72.53
BNP Paribas Emissions-     18.00   9/27/2018   EUR    68.81
Commerzbank AG              7.25   6/22/2018   EUR    60.38
BNP Paribas Emissions-     16.00   9/27/2018   EUR    71.70
Leonteq Securities AG/     10.60   3/15/2019   CHF    67.45
Vontobel Financial Pro      8.00    1/2/2019   EUR    72.78
Commerzbank AG             17.00   6/22/2018   EUR    54.95
Commerzbank AG              7.25  10/26/2018   EUR    66.86
Landesbank Baden-Wuert      3.10  10/25/2019   EUR    70.04
Norddeutsche Landesban      3.00  10/30/2018   EUR    43.69
DekaBank Deutsche Giro      2.60  10/12/2018   EUR    64.46
Landesbank Baden-Wuert      3.35  11/23/2018   EUR    65.43
Landesbank Hessen-Thue      8.00  11/17/2020   EUR    73.82
Raiffeisen Centrobank       5.66   3/19/2019   EUR    65.19
T-Generation CJSC          12.00   6/14/2019   RUB     0.50
Baltic Leasing OOO         11.25   6/19/2020   RUB    65.01
Leonteq Securities AG       7.00   8/22/2018   CHF    46.65
DekaBank Deutsche Giro      3.00   8/16/2019   EUR    70.92
Leonteq Securities AG       8.40   9/27/2018   USD    49.11
SG Issuer SA                0.80  10/21/2020   SEK    46.72
UniCredit Bank AG           4.40  12/17/2019   EUR    75.76
Leonteq Securities AG       8.20  11/23/2018   USD    49.28
Vontobel Financial Pro     13.60  12/14/2018   EUR    74.97
Leonteq Securities AG/     11.00   4/12/2019   EUR    72.56
DekaBank Deutsche Giro      3.50  10/28/2019   EUR    52.86
Leonteq Securities AG       8.40    9/6/2018   USD    46.84
Landesbank Baden-Wuert      2.80  11/23/2018   EUR    71.79
Landesbank Baden-Wuert      3.40   9/28/2018   EUR    52.02
Landesbank Baden-Wuert      3.00   9/27/2019   EUR    66.19
Leonteq Securities AG       5.00    9/4/2018   CHF    65.83
BNP Paribas Emissions-      3.00  10/12/2018   EUR    53.80
Zurcher Kantonalbank F      6.51   10/5/2018   CHF    57.39
Landesbank Baden-Wuert      2.60   8/23/2019   EUR    55.49
National Developing Co     12.00   7/19/2018   RUB     1.00
EFG International Fina      7.20   7/29/2020   EUR    21.12
Zurcher Kantonalbank F      7.82    8/6/2018   EUR    52.79
DZ Bank AG Deutsche Ze      7.40   6/18/2018   EUR    74.98
Vontobel Financial Pro     13.00   9/28/2018   EUR    54.74
Vontobel Financial Pro     12.00    1/2/2019   EUR    57.48
Vontobel Financial Pro      4.00   6/22/2018   EUR    70.20
Vontobel Financial Pro      9.50   6/22/2018   EUR    57.58
DZ Bank AG Deutsche Ze      8.50   9/28/2018   EUR    72.88
Vontobel Financial Pro      5.00   6/22/2018   EUR    65.92
Vontobel Financial Pro      6.50   6/22/2018   EUR    62.22
Vontobel Financial Pro     12.50   6/22/2018   EUR    53.73
UniCredit Bank AG          12.20    1/4/2019   EUR    74.69
DZ Bank AG Deutsche Ze     10.25   9/28/2018   EUR    69.18
Credit Suisse AG/Londo      7.00   7/19/2018   USD    73.42
UBS AG/London              10.10   6/28/2018   EUR    69.51
UBS AG/London               6.30   6/28/2018   EUR    73.11
UniCredit Bank AG           8.60    1/4/2019   EUR    73.80
UniCredit Bank AG          11.50    1/4/2019   EUR    70.58
UniCredit Bank AG           6.00    1/4/2019   EUR    72.40
UniCredit Bank AG          11.20    1/4/2019   EUR    62.29
DZ Bank AG Deutsche Ze      7.75   7/27/2018   EUR    60.63
DZ Bank AG Deutsche Ze     10.75   6/22/2018   EUR    70.07
Commerzbank AG              4.00    7/6/2018   EUR    37.40
HSBC Trinkaus & Burkha     11.00   6/22/2018   EUR    74.39
HSBC Trinkaus & Burkha      6.50  12/28/2018   EUR    73.02
UBS AG/London              16.40   6/28/2018   EUR    71.67
Commerzbank AG              5.25   6/22/2018   EUR    65.99
Commerzbank AG             13.25  10/26/2018   EUR    58.38
Commerzbank AG             18.00   5/25/2018   EUR    53.83
DZ Bank AG Deutsche Ze      8.25   9/28/2018   EUR    74.96
Vontobel Financial Pro     12.00   9/28/2018   EUR    56.84
BNP Paribas Emissions-      9.00   9/27/2018   EUR    71.61
BNP Paribas Emissions-     13.00   9/27/2018   EUR    68.94
BNP Paribas Emissions-      7.00  12/31/2018   EUR    72.43
BNP Paribas Emissions-     10.00  12/31/2018   EUR    70.18
BNP Paribas Emissions-     15.00   6/21/2018   EUR    49.57
BNP Paribas Emissions-      6.00   9/27/2018   EUR    58.63
BNP Paribas Emissions-     10.00   9/27/2018   EUR    53.59
BNP Paribas Emissions-      6.00  12/31/2018   EUR    60.13
BNP Paribas Emissions-     10.00  12/31/2018   EUR    56.21
BNP Paribas Emissions-     12.00   6/21/2018   EUR    73.53
BNP Paribas Emissions-     20.00   6/21/2018   EUR    64.81
Vontobel Financial Pro     11.50    1/2/2019   EUR    57.02
Raiffeisen Schweiz Gen      8.75  12/27/2018   CHF    64.73
DZ Bank AG Deutsche Ze      8.00   6/20/2018   EUR    74.13
Vontobel Financial Pro      6.00   9/28/2018   EUR    63.49
DZ Bank AG Deutsche Ze      5.50   9/28/2018   EUR    74.51
DZ Bank AG Deutsche Ze     10.75   9/28/2018   EUR    42.09
DZ Bank AG Deutsche Ze      7.25   6/18/2018   EUR    71.68
DZ Bank AG Deutsche Ze      7.75   6/22/2018   EUR    72.98
Vontobel Financial Pro     14.55   9/28/2018   EUR    55.43
Vontobel Financial Pro      8.50   9/28/2018   EUR    59.60
DZ Bank AG Deutsche Ze      9.50   6/22/2018   EUR    54.47
Goldman Sachs & Co Wer     17.00   4/25/2018   EUR    70.69
Goldman Sachs & Co Wer     21.00   5/23/2018   EUR    67.66
Commerzbank AG              5.75   8/24/2018   EUR    68.89
HSBC Trinkaus & Burkha      6.50   6/22/2018   EUR    75.84
HSBC Trinkaus & Burkha      8.30   9/28/2018   EUR    72.79
HSBC Trinkaus & Burkha      5.80   9/28/2018   EUR    67.29
HSBC Trinkaus & Burkha      9.70   7/27/2018   EUR    57.11
Commerzbank AG              9.50   7/27/2018   EUR    74.07
Vontobel Financial Pro      9.50    1/2/2019   EUR    70.65
UBS AG/London              15.30   6/21/2018   EUR    65.10
BNP Paribas Emissions-      6.00   6/21/2018   EUR    45.39
Commerzbank AG              1.00   2/19/2020   USD    62.25
Raiffeisen Centrobank       8.83   6/25/2019   EUR    20.18
Credit Suisse AG/Londo      8.25   8/29/2018   USD    57.78
Deutsche Bank AG            5.20  12/27/2018   EUR    72.70
Deutsche Bank AG            6.20   6/19/2018   EUR    65.20
Deutsche Bank AG            5.20   9/25/2018   EUR    66.40
Zurcher Kantonalbank F      6.75   8/20/2018   USD    47.01
Zurcher Kantonalbank F      6.50   6/20/2018   CHF    64.37
DZ Bank AG Deutsche Ze     10.75   8/24/2018   EUR    50.25
Deutsche Bank AG            6.20   6/19/2018   EUR    72.70
Vontobel Financial Pro     11.50   6/22/2018   EUR    74.14
BNP Paribas Emissions-      7.00   6/21/2018   EUR    73.37
DZ Bank AG Deutsche Ze      5.25   7/27/2018   EUR     4.86
Deutsche Bank AG            6.20  12/27/2018   EUR    73.40
UBS AG/London              12.25   8/23/2018   USD    70.45
HSBC Trinkaus & Burkha      3.00   6/22/2018   EUR    61.66
DZ Bank AG Deutsche Ze      5.25   9/28/2018   EUR    71.51
DZ Bank AG Deutsche Ze      6.00   9/28/2018   EUR    69.77
Deutsche Bank AG            5.20   9/25/2018   EUR    71.70
Leonteq Securities AG/      7.00   6/19/2019   USD    55.52
Vontobel Financial Pro     13.00   6/22/2018   EUR    70.65
DZ Bank AG Deutsche Ze      5.25   6/22/2018   EUR    75.23
DZ Bank AG Deutsche Ze      6.25   6/18/2018   EUR    68.23
Goldman Sachs & Co Wer     22.00   4/25/2018   EUR    65.83
Goldman Sachs & Co Wer     19.00   7/25/2018   EUR    69.13
Goldman Sachs & Co Wer     13.00   9/26/2018   EUR    74.35
Goldman Sachs & Co Wer     14.00  12/28/2018   EUR    74.00
Commerzbank AG              9.75   8/24/2018   EUR    58.71
Vontobel Financial Pro     13.50   6/22/2018   EUR    74.16
DZ Bank AG Deutsche Ze      5.75   6/22/2018   EUR    67.52
DZ Bank AG Deutsche Ze      6.25   9/24/2018   EUR    69.91
Goldman Sachs & Co Wer     17.00   6/20/2018   EUR    72.91
UBS AG/London              10.90   6/21/2018   EUR    74.06
UBS AG/London              10.10   6/21/2018   EUR    70.78
BNP Paribas Emissions-      4.00   6/21/2018   EUR    45.04
UBS AG/London              16.90   6/21/2018   EUR    72.04
Vontobel Financial Pro     11.00   6/22/2018   EUR    70.38
Raiffeisen Centrobank       6.84   6/25/2019   EUR    16.43
Commerzbank AG             15.50   7/27/2018   EUR    55.64
Commerzbank AG             11.25   6/22/2018   EUR    53.26
Commerzbank AG             13.25   6/22/2018   EUR    51.22
Commerzbank AG              4.00   8/24/2018   EUR    72.77
Raiffeisen Centrobank       7.37   3/19/2019   EUR    62.38
Vontobel Financial Pro     13.50   9/28/2018   EUR    70.12
Vontobel Financial Pro      7.50    1/2/2019   EUR    65.96
Vontobel Financial Pro     14.00   7/27/2018   EUR    71.94
Vontobel Financial Pro     13.00    1/2/2019   EUR    73.33
Commerzbank AG             15.25   8/24/2018   EUR    58.21
Commerzbank AG             10.25   9/28/2018   EUR    63.64
Commerzbank AG             12.25   9/28/2018   EUR    61.29
DZ Bank AG Deutsche Ze      8.25   6/18/2018   EUR    72.75
DZ Bank AG Deutsche Ze      7.75   6/18/2018   EUR    74.48
Commerzbank AG             10.50  11/23/2018   EUR    60.15
EFG International Fina      7.20   10/5/2020   USD    70.72
DZ Bank AG Deutsche Ze      9.50   6/22/2018   EUR    73.29
DZ Bank AG Deutsche Ze      5.25   6/18/2018   EUR    65.56
DZ Bank AG Deutsche Ze      7.25   6/18/2018   EUR    63.58
DZ Bank AG Deutsche Ze      8.25   3/18/2019   EUR    71.66
Commerzbank AG              4.50  11/23/2018   EUR    73.65
Commerzbank AG              6.50  11/23/2018   EUR    67.05
Commerzbank AG              8.50  11/23/2018   EUR    62.89
HSBC Trinkaus & Burkha      7.60   8/24/2018   EUR    57.07
Vontobel Financial Pro      9.50    1/2/2019   EUR    58.22
Commerzbank AG              6.00   8/24/2018   EUR    62.50
Leonteq Securities AG/     10.00  12/19/2018   CHF    55.17
UniCredit Bank AG           8.70   6/28/2019   EUR    73.16
UniCredit Bank AG          13.10   6/28/2019   EUR    72.00
UniCredit Bank AG           7.90   6/28/2019   EUR    14.12
UniCredit Bank AG          13.20   6/28/2019   EUR    19.68
Leonteq Securities AG       3.00   9/19/2019   CHF    61.74
Credit Suisse AG/Londo      7.00  11/15/2019   USD     7.90
UniCredit Bank AG           3.50   1/29/2020   EUR    60.68
Credit Suisse AG/Londo      8.00  11/29/2019   USD     6.31
BNP Paribas Emissions-     14.00   3/21/2019   EUR    73.48
Commerzbank AG              4.50  12/29/2022   USD     7.00
Commerzbank AG              4.50  12/30/2024   USD    15.22
Commerzbank AG              4.50  12/29/2022   USD     5.24
Raiffeisen Centrobank      12.71  12/28/2018   EUR    74.37
DZ Bank AG Deutsche Ze      9.25  12/28/2018   EUR    74.05
Kaupthing ehf               7.50   12/5/2014   ISK     0.25
Lehman Brothers Treasu      4.00   12/2/2012   EUR     2.57
Lehman Brothers Treasu      6.70   4/21/2011   USD     2.57
Lehman Brothers Treasu      3.00   9/12/2036   JPY     6.75
Lehman Brothers Treasu      4.68  12/12/2045   EUR     2.57
Digital Invest OOO         10.22  10/22/2020   RUB     0.34
HSBC Bank PLC               0.50    6/9/2023   MXN    66.10
Lehman Brothers Treasu      2.00   5/17/2010   EUR     2.57
Lehman Brothers Treasu      4.10   5/20/2009   USD     2.57
KIT Finance Capital OO     10.90  10/13/2026   RUB   100.50
Lehman Brothers Treasu      3.00   9/13/2010   JPY     6.75
Kaupthing ehf               9.75   9/10/2015   USD     0.25
Lehman Brothers Treasu      5.25    4/1/2023   EUR     2.57
Lehman Brothers Treasu     13.00  12/14/2012   USD     2.57
Lehman Brothers Treasu      4.87   10/8/2013   USD     2.57
Lehman Brothers Treasu      1.95   11/4/2013   EUR     2.57
Lehman Brothers Treasu      2.30   6/27/2013   USD     2.57
Lehman Brothers Treasu     11.25  12/31/2008   USD     2.57
Kaupthing ehf               6.50   10/8/2010   ISK     0.25
Lehman Brothers Treasu      2.37   7/15/2013   USD     2.57
Credit Suisse AG/Londo      0.50    1/8/2026   BRL    53.08
BNP Paribas Emissions-      8.25   4/26/2018   EUR    69.07
Lehman Brothers Treasu      4.00   5/30/2010   USD     2.57
Lehman Brothers Treasu      2.48   5/12/2009   USD     2.57
Lehman Brothers Treasu      0.80  12/30/2016   EUR     2.57
Lehman Brothers Treasu      5.50    7/8/2013   EUR     2.57
Lehman Brothers Treasu     12.00    7/4/2011   EUR     2.57
Lehman Brothers Treasu      8.88   1/28/2011   HKD     6.75
Lehman Brothers Treasu     11.00    7/4/2011   USD     2.57
Lehman Brothers Treasu      4.25   5/15/2010   EUR     2.57
Stroyzhilinvest             8.61   7/10/2019   RUB    62.00
Lehman Brothers Treasu      4.50    5/2/2017   EUR     6.75
Lehman Brothers Treasu      3.35  10/13/2016   EUR     2.57
Lehman Brothers Treasu     12.40   6/12/2009   USD     2.57
Nota-Bank OJSC             13.50    4/1/2016   RUB    31.50
Lehman Brothers Treasu     10.00   5/22/2009   USD     2.57
AKB Peresvet ZAO            0.51    8/4/2034   RUB    21.71
Lehman Brothers Treasu     17.00    6/2/2009   USD     2.57
Lehman Brothers Treasu      7.60    3/4/2010   NZD     2.57
Lehman Brothers Treasu     10.44  11/22/2008   CHF     2.57
Lehman Brothers Treasu     13.50    6/2/2009   USD     2.57
HSBC Bank PLC               0.50   4/27/2027   NZD    73.42
Lehman Brothers Treasu     10.00   6/17/2009   USD     2.57
Lehman Brothers Treasu     16.00  12/26/2008   USD     2.57
Kaupthing ehf               7.00   7/24/2009   ISK     0.25
LBI HF                      5.08    3/1/2013   ISK     8.38
Lehman Brothers Treasu     13.43    1/8/2009   ILS     2.57
Lehman Brothers Treasu      4.05   9/16/2008   EUR     2.57
Lehman Brothers Treasu      7.75    1/3/2012   AUD     2.57
Lehman Brothers Treasu      3.10    6/4/2010   USD     2.57
Lehman Brothers Treasu      2.00   6/28/2011   EUR     2.57
Lehman Brothers Treasu      3.00    6/3/2010   EUR     2.57
Lehman Brothers Treasu     16.00   11/9/2008   USD     2.57
Lehman Brothers Treasu      8.00   5/22/2009   USD     2.57
Lehman Brothers Treasu      4.60    8/1/2013   EUR     2.57
Lehman Brothers Treasu      9.75   6/22/2018   USD     2.57
Lehman Brothers Treasu      8.00  10/23/2008   USD     2.57
Lehman Brothers Treasu      7.00  10/22/2010   EUR     2.57
ECM Real Estate Invest      5.00   10/9/2011   EUR    15.38
Lehman Brothers Treasu      1.50  10/12/2010   EUR     2.57
Lehman Brothers Treasu      7.50   6/15/2017   USD     2.57
Lehman Brothers Treasu      2.25   5/12/2009   USD     2.57
Lehman Brothers Treasu      4.00   5/17/2010   USD     2.57
Lehman Brothers Treasu      3.50  12/20/2027   USD     2.57
Lehman Brothers Treasu      8.80  12/27/2009   EUR     2.57
Lehman Brothers Treasu      4.00    1/4/2011   USD     2.57
Lehman Brothers Treasu     11.00  12/20/2017   AUD     2.57
Lehman Brothers Treasu     11.00  12/20/2017   AUD     2.57
Lehman Brothers Treasu      3.00   12/3/2012   EUR     2.57
HSBC Bank PLC               0.50   2/24/2027   NZD    73.97
Lehman Brothers Treasu     12.22  11/21/2017   USD     2.57
Lehman Brothers Treasu      4.80  11/16/2012   HKD     2.57
RGS Nedvizhimost OOO       12.50   7/22/2021   RUB     0.34
Lehman Brothers Treasu     14.90  11/16/2010   EUR     2.57
Lehman Brothers Treasu      2.50   11/9/2011   CHF     2.57
Lehman Brothers Treasu     16.00   10/8/2008   CHF     2.57
Lehman Brothers Treasu      5.50  11/30/2012   CZK     2.57
Lehman Brothers Treasu      0.50  12/20/2017   AUD     2.57
Lehman Brothers Treasu      1.00   2/26/2010   USD     2.57
Lehman Brothers Treasu      9.00    5/6/2011   CHF     2.57
Lehman Brothers Treasu      3.45   5/23/2013   USD     2.57
Lehman Brothers Treasu     10.00  10/23/2008   USD     2.57
Lehman Brothers Treasu      7.06  12/29/2008   EUR     2.57
Lehman Brothers Treasu      0.50  12/20/2017   USD     2.57
Lehman Brothers Treasu      5.38    2/4/2014   USD     2.57
Lehman Brothers Treasu     11.00  12/20/2017   AUD     2.57
Lehman Brothers Treasu      0.50  12/20/2017   USD     2.57
Lehman Brothers Treasu      0.50  12/20/2017   USD     2.57
Lehman Brothers Treasu      6.30  12/21/2018   USD     2.57
Lehman Brothers Treasu     10.00   2/16/2009   CHF     2.57
Lehman Brothers Treasu     11.00   2/16/2009   CHF     2.57
Lehman Brothers Treasu      0.50  12/20/2017   AUD     2.57
Lehman Brothers Treasu      0.50  12/20/2017   AUD     2.57
Lehman Brothers Treasu      8.00  12/31/2010   USD     2.57
Kommunalbanken AS           4.80   12/1/2022   TRY    68.26
Lehman Brothers Treasu      3.50   6/20/2011   EUR     2.57
Lehman Brothers Treasu      5.50   6/22/2010   USD     6.75
Lehman Brothers Treasu      6.45   2/20/2010   AUD     2.57
Lehman Brothers Treasu     10.00  10/22/2008   USD     2.57
Cerruti Finance SA          6.50   7/26/2004   EUR     1.22
Lehman Brothers Treasu      7.63   7/22/2011   HKD     2.57
Lehman Brothers Treasu      7.50   2/14/2010   AUD     2.57
Lehman Brothers Treasu      6.00    3/4/2015   USD     2.57
Otkritie Holding JSC       11.50   7/23/2029   RUB    16.50
Otkritie Holding JSC       11.50   7/23/2029   RUB    16.50
Lehman Brothers Treasu      7.00  11/28/2008   CHF     2.57
Lehman Brothers Treasu      7.25   10/6/2008   EUR     2.57
Lehman Brothers Treasu     10.50    8/9/2010   EUR     2.57
Lehman Brothers Treasu      4.95  10/25/2036   EUR     2.57
Lehman Brothers Treasu     11.00   6/29/2009   EUR     2.57
Lehman Brothers Treasu      4.00  10/24/2012   EUR     2.57
Region Invest OOO          10.48   4/20/2021   RUB     0.36
Lehman Brothers Treasu      4.50   7/24/2014   EUR     2.57
Lehman Brothers Treasu      0.25   7/21/2014   EUR     2.57
Lehman Brothers Treasu      9.00   3/17/2009   GBP     2.57
Lehman Brothers Treasu      3.85   4/24/2009   USD     2.57
Lehman Brothers Treasu      9.00   6/13/2009   USD     2.57
Region Invest OOO          10.48   4/19/2021   RUB     0.39
Lehman Brothers Treasu      8.00    8/3/2009   USD     2.57
Lehman Brothers Treasu      8.00   5/22/2009   USD     2.57
AKB Peresvet ZAO            3.60    9/2/2020   RUB    19.02
Lehman Brothers Treasu      4.35    8/8/2016   SGD     6.75
Lehman Brothers Treasu      4.50    8/2/2009   USD     2.57
Lehman Brothers Treasu      7.50   9/13/2009   CHF     2.57
Lehman Brothers Treasu      4.00   4/24/2009   USD     2.57
Bashneft PJSC              12.00    5/9/2025   RUB    60.01
Petromena ASA               9.75   5/24/2016   NOK     0.61
Lehman Brothers Treasu      5.25   5/26/2026   EUR     2.57
Lehman Brothers Treasu      2.00  11/16/2009   EUR     2.57
Lehman Brothers Treasu      3.70    6/6/2009   EUR     2.57
Lehman Brothers Treasu      6.85  12/22/2008   EUR     2.57
Lehman Brothers Treasu      4.60    7/6/2016   EUR     2.57
Lehman Brothers Treasu      6.50   7/24/2026   EUR     2.57
Region Invest OOO          10.48   4/15/2021   RUB     0.40
Lehman Brothers Treasu      5.10   6/22/2046   EUR     2.57
Lehman Brothers Treasu      7.60   3/26/2009   EUR     2.57
Lehman Brothers Treasu      7.55  12/29/2008   USD     2.57
Lehman Brothers Treasu     10.00    1/4/2010   USD     2.57
Lehman Brothers Treasu      5.25  11/21/2009   USD     2.57
Lehman Brothers Treasu      4.25   3/13/2021   EUR     2.57
Lehman Brothers Treasu     12.00   7/13/2037   JPY     2.57
Lehman Brothers Treasu      0.50   2/16/2009   EUR     2.57
Digital Invest OOO          7.35    4/7/2021   RUB     0.38
Digital Invest OOO          7.35    4/8/2021   RUB     0.39
Digital Invest OOO          7.35    4/9/2021   RUB     0.34
Lehman Brothers Treasu      6.00   3/17/2011   EUR     2.57
Lehman Brothers Treasu      4.70   3/23/2016   EUR     2.57
Lehman Brothers Treasu      8.00   4/20/2009   EUR     2.57
Lehman Brothers Treasu      6.50   5/16/2015   EUR     2.57
Lehman Brothers Treasu      3.00    8/8/2017   EUR     2.57
Lehman Brothers Treasu      3.50   9/29/2017   EUR     2.57
Lehman Brothers Treasu      3.00   8/15/2017   EUR     2.57
Lehman Brothers Treasu      3.50   9/19/2017   EUR     2.57
Kreditanstalt fuer Wie      0.25   10/6/2036   CAD    42.58
Banca Adriatica Spa         7.20   6/30/2018   EUR     1.24
Banca Adriatica Spa         8.00   6/30/2018   EUR     1.24
Lehman Brothers Treasu      4.70   3/23/2016   EUR     2.57
Otkritie Holding JSC       12.14   10/3/2036   RUB    16.50
Otkritie Holding JSC       11.50   5/26/2032   RUB #N/A N/A
Societe Generale SA         0.50    4/4/2024   MXN    61.71
Lehman Brothers Treasu      6.00   5/12/2017   EUR     2.57
Lehman Brothers Treasu      4.10   2/19/2010   EUR     2.57
Lehman Brothers Treasu      5.20   3/19/2018   EUR     2.57
Lehman Brothers Treasu      6.00   2/14/2012   EUR     2.57
Lehman Brothers Treasu      6.60   2/22/2012   EUR     2.57
Lehman Brothers Treasu      1.75    2/7/2010   EUR     2.57
Lehman Brothers Treasu      7.00   2/15/2012   EUR     2.57
Lehman Brothers Treasu      7.50    5/2/2017   EUR     2.57
Lehman Brothers Treasu      1.68    3/5/2015   EUR     2.57
Lehman Brothers Treasu      9.00   5/15/2022   USD     2.57
BELLAGIO Holding GmbH       1.91               EUR    49.12
Lehman Brothers Treasu      5.00   4/24/2017   EUR     2.57
Lehman Brothers Treasu     13.50  11/28/2008   USD     2.57
Lehman Brothers Treasu      4.69   2/19/2017   EUR     2.57
Lehman Brothers Treasu      3.50  10/31/2011   USD     2.57
Lehman Brothers Treasu      3.50  10/24/2011   USD     2.57
Lehman Brothers Treasu      7.39    5/4/2017   USD     2.57
RGS Nedvizhimost OOO       12.00  10/18/2017   RUB     0.34
Lehman Brothers Treasu      4.10   8/23/2010   USD     2.57
SAir Group                  6.25   4/12/2005   CHF    11.89
SAir Group                  2.13   11/4/2004   CHF    11.89
Digital Invest OOO         10.22   11/3/2020   RUB     0.40
Lehman Brothers Treasu      3.82  10/20/2009   USD     2.57
Lehman Brothers Treasu      7.00   7/11/2010   EUR     2.57
Lehman Brothers Treasu      5.00    8/1/2025   EUR     2.57
Lehman Brothers Treasu      6.00   7/28/2010   EUR     2.57
Lehman Brothers Treasu      0.75   3/29/2012   EUR     2.57
Municipality Finance P      0.25   6/28/2040   CAD    33.19
Societe Generale SA         0.50   5/22/2024   MXN    60.98
Kommunekredit               0.50   5/11/2029   CAD    74.07
Lehman Brothers Treasu      3.03   1/31/2015   EUR     2.57
Lehman Brothers Treasu      6.00   7/28/2010   EUR     2.57
Lehman Brothers Treasu      4.90   7/28/2020   EUR     2.57
Region Invest OOO          10.36   7/19/2022   RUB     0.46
HSBC Bank PLC               0.50  12/22/2025   BRL    49.34
Lehman Brothers Treasu      7.75   2/21/2016   EUR     2.57
Lehman Brothers Treasu      4.20   12/3/2008   HKD     6.75
Kommunalbanken AS           0.50  12/16/2020   TRY    70.29
Lehman Brothers Treasu      4.50    3/7/2015   EUR     2.57
EDOB Abwicklungs AG         7.50    4/1/2012   EUR     0.19
Lehman Brothers Treasu      1.50    2/8/2012   CHF     2.57
Credit Suisse AG/Londo      3.00  11/15/2025   ZAR    68.77
Digital Invest OOO          9.95   4/21/2020   RUB     0.31
Barclays Bank PLC           1.64    6/3/2041   USD    73.67
HSBC Bank PLC               0.50  11/25/2025   BRL    49.67
Credit Suisse AG            0.50  12/16/2025   BRL    54.02
Lehman Brothers Treasu      3.63    3/2/2012   EUR     2.57
Lehman Brothers Treasu      5.00    9/1/2011   EUR     2.57
Lehman Brothers Treasu      7.00   9/20/2011   USD     2.57
Lehman Brothers Treasu      7.25   6/20/2010   USD     2.57
Lehman Brothers Treasu      4.00   2/28/2010   EUR     2.57
Heta Asset Resolution       4.88  12/31/2023   EUR    34.63
Digital Invest OOO          9.08    3/8/2021   RUB     0.39
Region Invest OOO          10.23    5/4/2021   RUB     0.36
Lehman Brothers Treasu      2.30   4/28/2014   JPY     2.57
Business-Consulting OA      6.00   12/6/2030   RUB    95.00
AKB Peresvet ZAO            0.51   6/23/2021   RUB    20.03
SAir Group                  2.75   7/30/2004   CHF    11.88
HSBC Bank PLC               0.50   1/29/2027   NZD    74.02
KPNQwest NV                 7.13    6/1/2009   EUR     0.08
Lehman Brothers Treasu     18.25   10/2/2008   USD     2.57
Lehman Brothers Treasu     10.00    8/2/2037   JPY     2.57
Lehman Brothers Treasu     13.00   7/25/2012   EUR     2.57
Lehman Brothers Treasu      3.00   8/13/2011   EUR     2.57
Lehman Brothers Treasu      4.00  10/12/2010   USD     2.57
Lehman Brothers Treasu      2.00   6/21/2011   EUR     2.57
Lehman Brothers Treasu      6.00   6/21/2011   EUR     2.57
Lehman Brothers Treasu      6.75    4/5/2012   EUR     2.57
Lehman Brothers Treasu      6.00  12/30/2017   EUR     2.57
Lehman Brothers Treasu     16.80   8/21/2009   USD     2.57
Lehman Brothers Treasu     14.10  11/12/2008   USD     2.57
Kommunalbanken AS           5.00    9/8/2022   TRY    74.43
Lehman Brothers Treasu      1.60   6/21/2010   JPY     2.57
Lehman Brothers Treasu      6.25    9/5/2011   EUR     2.57
Lehman Brothers Treasu      5.25    7/8/2014   EUR     2.57
Lehman Brothers Treasu      4.00   8/11/2010   USD     6.75
RGS Nedvizhimost OOO       12.50   1/19/2021   RUB     0.34
Lehman Brothers Treasu      5.00   2/15/2018   EUR     2.57
Lehman Brothers Treasu      1.00    5/9/2012   EUR     2.57
Lehman Brothers Treasu     16.00  10/28/2008   USD     2.57
Lehman Brothers Treasu      5.50   4/23/2014   EUR     2.57
Lehman Brothers Treasu      6.60    2/9/2009   EUR     2.57
Lehman Brothers Treasu     16.20   5/14/2009   USD     2.57
Lehman Brothers Treasu     11.00    5/9/2020   USD     2.57
Lehman Brothers Treasu      4.30    6/4/2012   USD     2.57
Lehman Brothers Treasu      4.00    6/5/2011   USD     2.57
Lehman Brothers Treasu      5.00   3/13/2009   EUR     2.57
Lehman Brothers Treasu      2.30    6/6/2013   USD     2.57
Lehman Brothers Treasu      7.50   5/30/2010   AUD     2.57
Lehman Brothers Treasu      2.50   8/15/2012   CHF     2.57
LBI HF                      8.65    5/1/2011   ISK     8.38
Lehman Brothers Treasu      6.00    8/7/2013   EUR     2.57
Otkritie Holding JSC       11.50   7/22/2030   RUB    16.50
Lehman Brothers Treasu      8.28   7/31/2013   GBP     2.57
RGS Nedvizhimost OOO       12.00  10/19/2020   RUB     0.34
Lehman Brothers Treasu      7.50   7/31/2013   GBP     2.57
Heta Asset Resolution       5.27  12/31/2023   EUR    34.63
Lehman Brothers Treasu      8.60   7/31/2013   GBP     2.57
Lehman Brothers Treasu      7.32   7/31/2013   GBP     2.57
KPNQwest NV                 8.88    2/1/2008   EUR     0.08
Lehman Brothers Treasu      8.00   3/19/2012   USD     2.57
KPNQwest NV                 8.88    2/1/2008   EUR     0.08
Kaupthing ehf               7.63   2/28/2015   USD     0.25
Lehman Brothers Treasu      6.25  11/30/2012   EUR     2.57
Lehman Brothers Treasu     11.75    3/1/2010   EUR     2.57
Lehman Brothers Treasu      7.05    4/8/2015   USD     2.57
Lehman Brothers Treasu      8.05  12/20/2010   HKD     2.57
Lehman Brothers Treasu      8.00  10/17/2014   EUR     2.57
RGS Nedvizhimost OOO       12.00   6/21/2021   RUB     0.34
Lehman Brothers Treasu      4.00  11/24/2016   EUR     2.57
BKZ Finance OAO             6.00   12/6/2030   RUB    99.90
Lehman Brothers Treasu      4.00   4/13/2011   CHF     2.57
Lehman Brothers Treasu      5.00  10/24/2008   CHF     2.57
Lehman Brothers Treasu      7.00   4/14/2009   EUR     2.57
Lehman Brothers Treasu      6.00  10/24/2008   EUR     2.57
Lehman Brothers Treasu      1.50  10/25/2011   EUR     2.57
Lehman Brothers Treasu      5.75   6/15/2009   CHF     2.57
Lehman Brothers Treasu      7.50  10/24/2008   USD     2.57
Lehman Brothers Treasu     10.00   3/27/2009   USD     2.57
Lehman Brothers Treasu      7.75   1/30/2009   EUR     2.57
Bashneft PJSC              12.00   5/19/2025   RUB    60.01
Lehman Brothers Treasu      5.50   6/15/2009   CHF     2.57
BNP Paribas SA              0.50  11/16/2032   MXN    33.82



                            *********

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 * * *