---

        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 30, 2018, Vol. 19, No. 084


                            Headlines


G E R M A N Y

NORDDEUTSCHE LANDESBANK: Moody's Ups Pref. Shares Rating to Caa1


I R E L A N D

BOSPHORUS CLO IV: Fitch Assigns 'B-(EXP)' Rating to Class F Debt
CARLYLE GLOBAL 2016-1: Fitch Rates Class E-R Notes 'B-(EXP)sf'
CVC CORDATUS VI: Moody's Assigns B2 Rating to Class F-R Notes


I T A L Y

ALITALIA SPA: Continued Political Uncertainty Further Delays Sale
BANCA IFIS: Fitch Assigns 'BB+' Rating to EUR300MM Senior Notes
EUROHOME MORTGAGES 2007-1: Fitch Affirms 'C' Ratings on 4 Notes
SNAITECH SPA: S&P Places B ICR on Watch Positive on PlayTech Deal
TEAMSYSTEM HOLDING: Fitch Assigns B Long-Term IDR, Outlook Stable


K A Z A K H S T A N

QAZAQ BANKI: S&P Lowers ICR to 'CCC-' Then Withdraws Rating


L U X E M B O U R G

CORURIPE LUX: Moody's Assigns (P)B2 Rating to USD350MM Notes
INTERNATIONAL AUTO: Refinancing No Impact on Moody's Caa1 CFR


P O L A N D

GETBACK SA: Fitch Lowers LT Issuer Default Rating to B-
GETBACK SA: Fails to Redeem Bonds Worth $25 Million


S P A I N

AUTOVIA DE LA MANCHA: Moody's Hikes EUR110MM Loan Rating to Ba2
CASER SA: Moody's Hikes IFSR From Ba1, Outlook Still Stable
GESTAMP AUTOMOCION: Moody's Rates New EUR400MM Notes Ba3


S W E D E N

INTRUM JUSTITIA: Moody's Affirms Ba2 CFR, Outlook Stable
INTRUM JUSTITIA: S&P Affirms 'BB+/B' ICRs, Outlook Stable


U N I T E D   K I N G D O M

BEAUFORT: PwC to Use Customer Funds to Cover Insolvency Cost
MOTHERCARE PLC: Seeks Outside Financing Amid Rescue Efforts
MOY PARK: S&P Places 'B' Issuer Credit Rating on Watch Developing
ORIGINAL FACTORY: Stores Face Closures Under Rescue Package
POUNDWORLD: 100 Stores to Face Closure Under Restructuring Plan


X X X X X X X X

* BOND PRICING: For the Week April 23 to April 27, 2018


                            *********



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


NORDDEUTSCHE LANDESBANK: Moody's Ups Pref. Shares Rating to Caa1
----------------------------------------------------------------
Moody's Investors Service has upgraded the hybrid instrument
ratings of Norddeutsche Landesbank GZ (NORD/LB, deposits Baa2,
negative/ senior unsecured debt Baa3, negative, b2), issued as
non-cumulative preference shares through its funding vehicles
Fuerstenberg Capital GmbH (I) and Fuerstenberg Capital II GmbH,
to Caa1(hyb) from Caa2(hyb). All other ratings of NORD/LB were
unaffected.

The rating actions on NORD/LB's preference shares were triggered
by the group's announcement on April 17 that it will write back
to par the principal of both instruments and service annual
coupons, in line with their contractual terms. The write back of
principal and the payment of coupons is possible because
NORD/LB's annual profit for 2017 under local generally accepted
accounting principles (local GAAP) is positive and sufficient in
size for both measures.

RATINGS RATIONALE

UPGRADE OF NORD/LB'S HYBRID RATINGS TAKES ACCOUNT OF THEIR FULL
PERFORMANCE IN 2017

The upgrades of NORD/LB's non-cumulative preference shares
recognises the improved position of hybrid investors after the
group's 2017 result under local GAAP allows for the write-back to
par of the instruments' principal and for the resumption of
coupon payments. In addition, the one notch upgrade to Caa1(hyb)
reflects Moody's view that NORD/LB's ongoing revenue and cost
pressures imply challenges to improving the group's underlying
profitability in 2018, and thereby to ensuring ongoing coupon
payments. Moody's said that NORD/LB's 2017 local GAAP result was
positive only due to several large positive one-off effects and
that, without these one-off effects, NORD/LB would not be able to
write back and service its preference shares. Following a loss-
making year in 2016, both instruments suffered losses due to
their participation in the 2016 balance sheet loss under local
GAAP, as well as from coupon suspension.

With this ratings upgrade, Moody's returns to its approach of
notching the hybrid instruments' ratings down from NORD/LB's ba3
adjusted baseline credit assessment (Adjusted BCA), instead of
applying its expected-loss rating approach, which Moody's had
been using since June 2016. However, the Caa1(hyb) rating level
implies a wider notching of minus four notches, instead of the
minus three notches typical for such non-cumulative instruments
with write-down features based on a balance sheet loss. The wider
notching highlights an elevated risk of the instruments' renewed
underperformance.

NORD/LB reported a EUR85 million net profit, based on its
unconsolidated local GAAP accounts for the financial year 2017.
The result strongly benefitted from a positive EUR393 million
effect from the merger with its former subsidiary, Bremer
Landesbank Kreditanstalt Oldenburg GZ. Although Moody's also
considers scope for efficiency improvements and a reduction in
NORD/LB's high net provisions on loans and advances in 2018,
after these charges reached almost EUR1.1 billion in 2017, the
group's reduced recurring earnings power will likely add to the
pressures on net profits in 2018. The rating agency added that
the bank's weakened asset quality in its shipping segment and
lower protection from loan loss coverage on nonperforming ship
exposures represent uncertainty for 2018 profits.

NORD/LB suffered a 23% decline in its pre-provision income at the
bank level, to EUR597 million.

WHAT COULD CHANGE THE RATING - UP

An upgrade of the hybrid ratings could be triggered by 1) an
upgrade of NORD/LB's b2 BCA, and therefore of its ba3 Adjusted
BCA; or 2) by Moody's decision to narrow down the notching to
three from the current four notches, from NORD/LB's ba3 Adjusted
BCA. Either of the two developments would be subject to improving
prospects of NORD/LB posting positive profits, while the upgrade
of NORD/LB's BCA would, in addition, also require a substantial
improvement of the bank's asset quality and capitalisation.

WHAT COULD CHANGE THE RATING - DOWN

A downgrade of the hybrid ratings could be triggered by 1)
indications that NORD/LB will post a sizeable loss in 2018, which
would lead Moody's to reposition NORD/LB's hybrid ratings based
on (approximate) losses on these instruments; or 2) a downgrade
of NORD/LB's Adjusted BCA. The latter could result from a
downgrade of NORD/LB's b2 BCA, for instance due to weakening
solvency metrics of NORD/LB. In addition, Moody's may consider
downgrading the Adjusted BCA in the unlikely event of indications
that affiliate support available to NORD/LB from the cross-sector
institutional protection scheme of Sparkassen-Finanzgruppe (Aa2
stable, a2) is no longer reliable.

LIST OF AFFECTED RATINGS

Issuer: Fuerstenberg Capital GmbH (I)

Upgrade:

Non-cumulative Preferred Stock (Local Currency), Upgraded to
Caa1(hyb) from Caa2(hyb)

Issuer: Fuerstenberg Capital II GmbH

Upgrade:

Non-cumulative Preferred Stock (Local Currency), Upgraded to
Caa1(hyb) from Caa2(hyb)

PRINCIPAL METHODOLOGY

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


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


BOSPHORUS CLO IV: Fitch Assigns 'B-(EXP)' Rating to Class F Debt
----------------------------------------------------------------
Fitch Ratings has assigned Bosphorus CLO IV DAC expected ratings,
as follows:

Class X: 'AAA(EXP)sf'; Outlook Stable
Class A: 'AAA(EXP)sf'; Outlook Stable
Class B-1: 'AA(EXP)sf'; Outlook Stable
Class B-2: 'AA(EXP)sf'; Outlook Stable
Class C: 'A(EXP)sf'; Outlook Stable
Class D: 'BBB(EXP)sf'; Outlook Stable
Class E: 'BB(EXP)sf'; Outlook Stable
Class F: 'B-(EXP)sf'; Outlook Stable
Subordinated notes: not rated

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

Bosphorus CLO IV DAC is a cash flow collateralised loan
obligation (CLO). Net proceeds from the issuance of the notes
will be used to purchase a portfolio of EUR400 million of mostly
European leveraged loans and bonds. The portfolio is actively
managed by Commerzbank AG, London Branch. The CLO envisages a
four-year reinvestment period and an 8.5-year weighted average
life (WAL).

KEY RATING DRIVERS

B' Portfolio Credit Quality

Fitch considers the average credit quality of obligors to be in
the 'B' range. The Fitch-weighted average rating factor of the
identified portfolio is 33.4, below the indicative maximum
covenant of 33.5 for assigning expected ratings.

High Recovery Expectations

At least 90% of the portfolio will comprise 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
identified portfolio is 64.1%, above the minimum covenant of
63.1% for assigning expected ratings.

Limited Interest Rate Exposure

Fixed-rate liabilities represent 2.5% of the target par, while
fixed-rate assets can represent up to 10% of the portfolio. The
transaction is therefore partially hedged against rising interest
rates.

Diversified Asset Portfolio

The covenanted maximum exposure to the top 10 obligors for
assigning the expected ratings is 20% of the portfolio balance.
This covenant ensures that the asset portfolio will not be
exposed to excessive obligor concentration.

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 rated notes.

DATA ADEQUACY
The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other
Nationally Recognised Statistical Rating Organisations and/or
European Securities and Markets Authority registered rating
agencies. Fitch has relied on the practices of the relevant
groups within Fitch and/or other rating agencies to assess the
asset portfolio information.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.


CARLYLE GLOBAL 2016-1: Fitch Rates Class E-R Notes 'B-(EXP)sf'
--------------------------------------------------------------
Fitch Ratings has assigned Carlyle Global Market Strategies Euro
CLO 2016-1 refinancing notes expected ratings, as follows:

Class X: 'AAA(EXP)sf'; Outlook Stable
Class A-1-R: 'AAA(EXP)sf'; Outlook Stable
Class B-2-A-R: 'AA(EXP)sf'; Outlook Stable
Class B-2-B-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
S-2 subordinated-R: not rated

Carlyle Global Market Strategies Euro CLO 2016-1 is a cash flow
collateralised loan obligation (CLO). The proceeds of this
issuance will be used to redeem the existing notes, with a new
identified portfolio comprising the existing portfolio, as
modified by sales and purchases conducted by the manager, CELF
Advisors LLP. The refinanced CLO envisages a further 4.5-year
reinvestment period and an 8.5-year weighted average life (WAL).

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

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
'B'/'B-' range. The agency rates almost all obligors in the
current portfolio. The weighted average rating factor (WARF) of
the current portfolio was 33.2 as of mid-April 2018, below the
maximum indicative covenant of 34.5 for assigning the expected
ratings.

High Recovery Expectations
The portfolio will comprise a minimum of 96% senior secured
loans. Fitch has assigned Recovery Ratings to almost the entire
current portfolio. The weighted average recovery rate (WARR) of
the current portfolio was 68.1% as of mid-April 2018, above the
minimum indicative covenant of 64% for assigning the expected
ratings.

Limited Interest Rate Risk
Between 0% and 10% of the portfolio can be invested in fixed-rate
assets, while most of the liabilities pay a floating-rate coupon.
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.

Diversified Asset Portfolio
The transaction contains a covenant that limits the exposure to
the top 10 obligors in the portfolio to 20%. This ensures that
the asset portfolio will not be exposed to excessive obligor
concentration. Furthermore, the portfolio profile tests limit the
maximum industry exposure based on Fitch industry definitions.
The maximum exposure to the largest and largest three Fitch
industries in the portfolio is covenanted at 17.5% and 40%
respectively.

TRANSACTION SUMMARY
The issuer will amend the capital structure and reset the
maturity of the notes as well as the reinvestment period. The
4.5-year reinvestment period is scheduled to end in 2022. The
issuer will introduce the new class X notes, ranking pari passu
and pro-rata to the class A-1-R notes. Principal on these notes
is scheduled to amortise in eight equal instalments starting from
the first payment date. Class X notional is excluded from the
over-collateralisation test calculation, but a breach of this
test will divert interest and principal proceeds to the repayment
of the class X notes.

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 four notches of the class D notes and up to two
notches for the other rated notes.

DATA ADEQUACY
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other
Nationally Recognised Statistical Rating Organisations and/or
European Securities and Markets Authority-registered rating
agencies. Fitch has relied on the practices of the relevant
groups within Fitch and/or other rating agencies to assess the
asset portfolio information.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.


CVC CORDATUS VI: Moody's Assigns B2 Rating to Class F-R Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by CVC Cordatus Loan
Fund VI Designated Activity Company (the "Issuer" or "CVC
Cordatus VI"):

EUR5,000,000 Class X Senior Secured Floating Rate Notes due 2032,
Assigned Aaa (sf)

EUR248,000,000 Class A-R Senior Secured Floating Rate Notes due
2032, Assigned Aaa (sf)

EUR9,000,000 Class B-1-R Senior Secured Floating Rate Notes due
2032, Assigned Aa2 (sf)

EUR35,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2032, Assigned Aa2 (sf)

EUR24,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2032, Assigned A2 (sf)

EUR20,400,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2032, Assigned Baa2 (sf)

EUR24,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2032, Assigned Ba2 (sf)

EUR11,600,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2032, Assigned B2 (sf)

RATINGS RATIONALE

Moody's definitive ratings of the notes address the expected loss
posed to noteholders. The definitve 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.

The Issuer issued the Refinancing Notes in connection with the
refinancing of the following classes of notes: Class A Notes,
Class B Notes, Class C Notes, Class D Notes and Class E Notes due
2029 (the "Original Notes"), previously issued on March 31, 2016
(the "Original Closing Date"). On the Refinancing Date, the
Issuer has 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 EUR54.5M of
Subordinated Notes, which remain outstanding.

CVC Cordatus VI 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 underlying portfolio is 100% ramped as of the
second refinancing closing date.

CVC Credit Partners Group Limited 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.

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. CVC Credit Partners Groups
Limited's 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.

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

Par Amount: EUR400,000,000

Diversity Score: 40

Weighted Average Rating Factor (WARF): 2750

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 4.25%

Weighted Average Recovery Rate (WARR): 42.5%

Weighted Average Life (WAL): 8.5 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 3163 from 2750)

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 Floating Rate Notes: -2

Class B-2-R Senior Secured Fixed 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-R Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3575 from 2750)

Ratings Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

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

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

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

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

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

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

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


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


ALITALIA SPA: Continued Political Uncertainty Further Delays Sale
-----------------------------------------------------------------
Massimiliano di Giorgio at Reuters report that the sale of
Italy's struggling carrier Alitalia has been further delayed
because of continued political uncertainty following March's
inconclusive elections.

The out-going centre-left government had hoped to complete a sale
by the end of this month, but industry minister Carlo Calenda
said Rome now expected to finish the process by the end of
October, Reuters relates.

The government also put back the deadline for repayment of a
EUR900-million (GBP784 million) bridge loan to Dec. 15, Reuters
discloses.

The national airline entered insolvency proceedings in May 2017
and the state is talking to three potential buyers, but early
optimism over the chances of a swift sale have evaporated as a
result of the prolonged political deadlock Reuters relays.

"It's clear that now we have to enter into a more intense phase
of negotiations . . . which requires that there be a government
that can express its preference with full legitimacy," Reuters
quotes Mr. Calenda as saying.

The minister said that during the election campaign, parties had
expressed different views about Alitalia's future, Reuters notes.

President Sergio Mattarella is holding consultations with Italy's
main political forces on forming a coalition but there is no sign
yet of an end to the stalemate, Reuters discloses.

Once a symbol of Italy's post-war economy, Alitalia has struggled
to keep up with competition from both low-cost airlines and high
speed trains at home, Reuters states.

With almost 12,000 employees, the government is seeking a buyer
who will guarantee the airline's survival without having to make
big cuts to its staff, according to Reuters.

                          About Alitalia

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

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

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

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

                         Chapter 15

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


BANCA IFIS: Fitch Assigns 'BB+' Rating to EUR300MM Senior Notes
---------------------------------------------------------------
Fitch Ratings has assigned Banca IFIS's (IFIS) EUR300 million
senior notes (ISIN: XS1810960390) a 'BB+' long-term rating.

The notes, which mature in April 2023, are issued under the
bank's EUR5 billion euro medium note programme and qualify as
direct, unconditional, unsubordinated and unsecured obligations
of the bank.

KEY RATING DRIVERS

SENIOR DEBT
The notes' rating is equalised with IFIS's Long-Term Issuer
Default Rating (IDR, BB+/Stable) as Fitch would consider a
default on the senior unsecured notes as a default of the bank.

RATING SENSITIVITIES

SENIOR DEBT
The rating of the notes is primarily sensitive to a change in
IFIS's Long-Term IDR. The notes could be rated one notch above
the Long-Term IDR if the bank's buffer consisting of qualifying
junior debt and senior non-preferred bonds exceeds the bank's
recapitalisation amount, which Fitch does not expect in the
short-term because the bank has not yet issued any senior non-
preferred debt.


EUROHOME MORTGAGES 2007-1: Fitch Affirms 'C' Ratings on 4 Notes
---------------------------------------------------------------
Fitch Ratings has affirmed Eurohome Mortgages 2007-1 plc's notes
as follows:

Class A (ISIN XS0309227279): affirmed at 'CCCsf'; off Rating
Watch Evolving (RWE); Recovery Estimate (RE) 90%
Class B (ISIN XS0309230497): affirmed at 'CCsf'; off RWE; RE 0%
Class C (ISIN XS0309232196): affirmed at 'Csf'; off RWE; RE 0%
Class D (ISIN XS0309232600): affirmed at 'Csf'; off RWE; RE 0%
Class E (ISIN XS0309233244): affirmed at 'Csf'; off RWE; RE 0%
Class X (ISIN XS0309234309): affirmed at 'Csf'; off RWE; RE 0%

The transaction is a securitisation of Italian and German
residential mortgage loans. The loans were originated by Deutsche
Bank AG via its German platform, topimmo, and its Italian
mortgage subsidiary DB Mutui. Total assets, including terminated
loans and delinquent loans, currently consist of EUR121 million
for the Italian sub-pool and EUR23 million for the German sub-
pool.

Fitch placed the transaction on RWE on October 5, 2017, following
the publication of Fitch's Exposure Draft: European RMBS Rating
Criteria.

KEY RATING DRIVERS

Recently Stabilised Performance

The performance of the two sub-pools has stabilised over the last
nine to 12 months, following a weak trend since closing in 2007.
As of end-December 2017, defaulted loans and loans in arrears by
more than 10 months in the Italian pool reached 38% (of the
Italian collateral balance including performing, delinquent and
defaulted assets), slightly up from 37% as of May 2017. The gross
cumulative default rate in Italy is 29.4%, when basing on the
Italian sub-pool assets at inception, only slightly up from 28.9%
in May 2017.

The portion of borrowers with three or more missed instalments in
the German pool stood at 37.5% (of the performing, delinquent and
defaulted loans balance), compared with 30% as of March 2017 and
19% in March 2016. This uptick is mainly driven by prepayments
since early 2016, which led to a sharp decrease in the collateral
balance and, therefore, in the denominator of the arrears ratio,
rather than by performance deterioration.

High Principal Deficiency Ledger but Stabilising

The weak performance of the underlying assets - and insufficient
net excess spread over time - has meant that the reserve fund,
which had been fully utilised by end-2008, remains depleted.
Since end-2016, the principal deficiency ledger (PDL) has stopped
accumulating and shown small decreases in some quarterly
collection periods, but it remains at an elevated level,
accounting for almost 90% of the class B sub-PDL. Credit
enhancement for the class A notes, calculated on a portfolio
balance net of terminated loans, is about 2%, whereas it is
negative for all other tranches.

German Pool Deleveraging on Prepayments

While the Italian sub-pool has displayed low prepayments since
inception, around 50% of the German loans outstanding at the
beginning of 2017 have now been prepaid as they reached their
interest reset date. Consequently, this has led to an increase in
the share of the Italian sub-pool to 84% by end-2017 from 79% as
of March 2017. As such, the performance of the aggregate
portfolio will mainly be driven by the Italian sub-pool in the
remaining life of the transaction.

Long Pool Remaining Life

Even though the seasoning of the underlying loans is almost 11
years, the weighted average remaining term of nearly two decades
for the aggregate portfolio is long, hence exposing the
transaction to future changes in the macroeconomic scenario and,
therefore, further defaults.

Subdued Italian Recoveries

Recoveries collected to date from the Italian sub-pool are fairly
low compared with the large amount of defaulted loans. As of
December 2017, cumulative recoveries only accounted for 16% of
cumulative defaults, despite the long seasoning of both the
transaction and its defaulted loans.

Future Performance

The note ratings are all below 'Bsf' reflecting distress, while
some sector-specific rating criteria, such as Fitch's EMEA RMBS
criteria applicable to Germany, do not address these rating
scenarios. Therefore, in line with its Global Structured Finance
Rating Criteria, Fitch has made projections of the portfolio's
performance based on the current circumstances, without applying
additional stress.

No separate default and recovery data are reported for the German
sub-pool. Fitch has assumed a remaining lifetime loss of around
30% for the outstanding German loans. The expectation is based on
the set of assumptions for the initial portfolio's lifetime
default and recovery rates as well as their timing calibrated to
produce a reasonable match to the observed pathway of the
quarterly reported terminated loans and net losses. Fitch views
these historical observations as a reasonable proxy for future
performance.

For the Italian sub-pool, the estimated annual default rate of 4%
(unchanged from last year's review) has been based on the
quarterly default history of the past five years. A weighted
average life of 10.5 years has been estimated based on the
reported remaining term to maturity of 228 months and an
assumption of no future prepayments. Then a remaining lifetime
default rate of 34.4% was calculated.

A lifetime recovery rate from new defaults of 32.5% (principal
collections only) was estimated based on the servicer's updated
loan-by-loan recovery data on fully resolved defaulted loans
(revised down from 44%, including interest and principal
recoveries, last year). With an observed recovery rate of about
2.5% per year in the Italian sub-pool over the last 36 months
(revised down from 3% last year), Fitch has estimated it will
take around 13 years to reach the cumulative recovery rate of
32.5% on new defaults. For the ongoing foreclosure processes,
Fitch has noted that a weighted average period of around six
years since default has lapsed and 8.4% recovery rate has been
achieved so far. Fitch assumed a further 24.1% of recoveries for
these loans to occur in 10 years based on the current pace.
Recoveries from future defaults have been assumed to be collected
in six years (8.4%) and after 13 years (the remaining 24.1%).

Fitch has assumed a Euribor rate of 2.5% over the transaction
horizon, when assessing potential contribution from the
portfolio's excess spread, and a discount rate of 2.5% when
computing the net present value of the recoveries from the
Italian sub-pool. We concluded that excess spread trapping over
the next few years may provide some limited support in a small
single-digit percentage range (of the outstanding class A notes
balance) to the PDL clearance.

Under the above assumptions, the class A notes may not be repaid
in full and may suffer a principal loss of up to 10% of their
current balance, which is reflected in the 'CCCsf' rating and the
RE of 90% (unchanged since last year) for class A.

RATING SENSITIVITIES

Further debits of the PDL balance such that the class B sub-PDL
reaches 100% of the class B notes amount and the class A sub-PDL
starts to be in deficit may lead to negative rating actions for
these notes. Conversely, restored net excess spread and
substantial clearing of the class B PDL may lead to positive
rating actions on the class A and B notes.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transaction. There were no findings that affected
the rating analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Fitch did not undertake a review of the information provided
about the underlying asset pools ahead of the transaction's
initial closing. The subsequent performance of the transaction
over the years is consistent with the agency's expectations given
the operating environment and Fitch is therefore satisfied that
the asset pool information relied upon for its initial rating
analysis was adequately reliable.

Overall, Fitch's assessment of the information relied upon for
the agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.


SNAITECH SPA: S&P Places B ICR on Watch Positive on PlayTech Deal
-----------------------------------------------------------------
S&P Global Ratings said that it placed its 'B' long-term issuer
credit rating and 'B' issue rating on Italian gaming company
Snaitech SpA on CreditWatch with positive implications.

The CreditWatch placement follows Playtech PLC's announcement on
April 12, 2018 that it agreed to acquire a 70.6% stake in
Snaitech SpA from two of its largest shareholders for an
estimated enterprise value of EUR846 million. Playtech will pay
EUR2.13 per Snaitech share in cash, for a total equity value of
EUR413 million. S&P views the combination of Playtech and
Snaitech, by way of Playtech's proposed acquisition, as a
material credit event with positive implications for Snaitech.
Once the initial transaction is finalized (expected in third-
quarter [Q3] 2018), the regulator will require Playtech to
acquire the remaining shares in Snaitech. S&P expects the final
transaction to be finalized by Q4 2018. It is subject to
regulatory and Snaitech's shareholders' approval.

S&P believes that the combined group would have a stronger market
position due to its larger scale of operation, stronger
geographical diversity, and enhanced product mix, with presence
in both the technological and the retail space. Furthermore, the
vertically integrated nature of the enlarged group could give
rise to cost and revenue synergies, mainly through onboarding
Snaitech's activities into Playtech's technological platforms. At
the same time, uncertainties remain on the completion of the
transaction, as well as on the combined group's pro forma capital
structure and the integration of Snaitech into Playtech's
operations.

The CreditWatch positive placement reflects S&P Global Ratings'
view that the potential takeover by Playtech would be a material
positive credit event for Snaitech. S&P intends to resolve the
CreditWatch placement when the transaction closes and financing
arrangements for Playtech and Snaitech are finalized, which S&P
understands is likely to occur by the end of Q3 2018.

S&P believes that if the transaction materializes and, subject to
more clarity on the combined group's financing structure, the
issuer credit rating on the combined entity is likely to fall
somewhere within the 'BB' category.


TEAMSYSTEM HOLDING: Fitch Assigns B Long-Term IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has assigned TeamSystem Holding S.p.A. (TeamSystem)
a Long-Term Issuer Default Rating (IDR) of 'B' with a Stable
Outlook. In addition, Fitch has also assigned 'B+' ratings to the
main operating company TeamSystem S.p.A.'s senior secured notes
and revolving credit facility (RCF). The notes and RCF each have
Recovery Ratings of 'RR3', with 52% and 70% recoveries,
respectively. The assignment of these ratings follows the
completion of debt issuance and the receipt of final documents.

TeamSystem, one of the largest software companies in Italy, is a
leading provider of financial and accounting software to small
and medium-sized enterprises. The company has used acquisitions
to develop its cloud software business and to create a migration
path to move its on-premises software customers to a cloud
service. This transition may take longer than expected while
additional competition may reduce TeamSystem's lead. The company
also has leverage greater than its 'B' rated peers. The key risk-
mitigating factors are a low customer churn, pricing power that
allows for above-inflation price increases and a strong ability
to generate free cash flow (FCF) underpinned by moderate capex
and broadly neutral working capital.

KEY RATING DRIVERS

Sustainable Business Model: TeamSystem is one of the leading
providers of financial and accounting software to small and
medium-sized businesses and to financial professionals.
TeamSystem's business model has shown consistency and
sustainability as recurring revenues have grown. The company has
market shares of 26% in the enterprise segment and 41% in the
professionals segment. Customer churn remains low, but TeamSystem
continues to face strong competition from Zucchetti and smaller
local companies.

High Leverage Offset by Strong Cash Flow: TeamSystem has
maintained high funds from operations (FFO) adjusted gross
leverage over the past four years at above 7x, after acquisitions
by Hellman & Friedman and previously HG Capital. In particular,
increased debt and the higher cost of that debt led FFO adjusted
gross leverage to remain above 9x in 2017. We expect leverage to
fall below 8x by end-2018, and then gradually towards 7x by 2021.
Deleveraging will be driven by growing EBITDA and lower interest
payments after the refinancing. In addition, the high leverage is
mitigated by forecast free cash flow (FCF) margins of above 8%,
which are set to rise towards 10% by 2021.

Expansion into Cloud Drives Growth: TeamSystem's core software
products of Alyante for medium-sized enterprises and Lynfa for
accountants were developed as on-premises software. The company
also offers its Agyo platform for such digital services as e-
invoicing and e-signature. TeamSystem has developed a two-stage
approach to adapt to the trends of enterprise software migrating
to a software-as-a-service (SaaS) business model and cloud
hosting. It has developed hosted versions of its traditional
software products and created cloud products for small SMEs
(FattureInCloud), medium-sized businesses and accounting
professionals (Reviso). Fitch believes this approach supports its
existing business while gradually moving its customer base to
cloud-based products with limited transition risk for on-premises
customers.

Italian Economy Improving but Risks Remain: Italy (BBB/Stable) is
a diversified, high value-added economy with outstanding
governance and human development indicators. While GDP growth has
improved, Fitch views Italy's medium-term growth prospects as
weaker than its European peers. This may have a pronounced impact
on the SME sector. While the Italian government's policies are
supportive of SMEs, the small average size of TeamSystem's
clients leaves those firms more vulnerable to distress in a
downturn.

M&A Mitigates Technology Risk: TeamSystem has been engaged in
selected M&A over the past few years to mitigate the risk of
technology disruption, expand its product portfolio, including
applications focused on industry verticals, and add personnel
with key technical skills. The three most notable acquisitions
have been Reviso International (formerly ECI Denmark), Alias Lab
and of FattureInCloud, whose products form the foundation of
TeamSystem's cloud products. Fitch believes that TeamSystem will
continue to both invest in R&D and pursue a disciplined M&A
strategy, but there is still a risk that increased valuations and
competition from technology companies with greater resources,
such as Sage Group, will limit its ability to access talent and
technology.

Italian Jurisdiction: As a result of TeamSystem's Italian
jurisdiction, additional consideration has been given to the
legal framework in the country. If TeamSystem Holding S.p.A. has
debt that is not sufficiently subordinated, those lenders of that
debt could limit the enforceability of the share pledge given by
TeamSystem Holding S.p.A. over its shares in TeamSystem S.p.A. to
the senior secured lenders. TeamSystem has adopted language to
enhance the enforceability of the share pledge by structurally
subordinating debt at TeamSystem Holding S.p.A.

DERIVATION SUMMARY

The ratings of TeamSystem are underpinned by its leading position
in the Italian financial software market, its stable customer
base, moderate pricing power and the progress in transitioning
the business to cloud software products. TeamSystem will benefit
from the digitisation of the Italian economy. In addition, it
benefits from its extensive salesforce and VAR network that
provide it with access to medium-sized businesses, which would be
difficult for new entrants into the Italian market to replicate.

TeamSystem is broadly comparable with other peers that Fitch
covers in its technology and credit opinions portfolios. It has
similar geographical leadership and scale but has made more
progress on the move to cloud software. TeamSystem also competes
with publicly traded companies such as Sage Group, which have
substantially greater scale, but their entry into the Italian
market in the near term seems unlikely. While its FFO adjusted
gross leverage is materially higher than the typical leverage of
between 6x and 7x for 'B'-rated peers, its EBITDA margin at 34.7%
and projected FCF margin above 8% are above that of 'B' rated
peers.

KEY ASSUMPTIONS

Fitch's Key Assumptions within Its Rating Case for the Issuer

- Revenue projected to grow by 5.1% CAGR between 2017 and 2020
- EBITDA margin increasing towards 35% by 2020
- Capital expenditure between 6% and 7% of sales
- EUR5 million of M&A a year
- No dividends paid over between 2017 and 2020

KEY RECOVERY ASSUMPTIONS

- The recovery analysis assumes that TeamSystem would remain a
going concern in restructuring and that the company would be
reorganised rather than liquidated. Fitch has assumed a 10%
administrative claim in the recovery analysis.

- The recovery analysis assumes a 20% discount to TeamSystem's
pro-forma EBITDA expected as of December 2018, resulting in a
post-restructuring EBITDA of about EUR90.4 million. At this level
of EBITDA, which assumes corrective measures have been taken,
Fitch would expect TeamSystem to generate neutral to negative
FCF.

- Fitch also assumes a distressed multiple of 6.0x and a fully
drawn EUR90 million RCF.

- These assumptions result in a recovery rate for the senior
secured debt within the 'RR3' range to allow a one-notch uplift
to the debt rating from the IDR. In addition, the recovery rating
of the super senior RCF is within the 'RR1' range; however, this
was capped at 'RR3' due to the application of a country cap for
Italy.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

-FFO adjusted gross leverage below 6x
-FFO fixed-charge coverage above 2.5x
-FCF margin consistently above 10%
-Successful implementation of the cloud strategy, with cloud
  sales approaching 20% of sales
-Disciplined M&A to acquire technology to build their cloud
  business or key talent

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

-FFO adjusted gross leverage sustainably above 7.5x
-FFO fixed-charge coverage below 1.5x
-FCF margin consistently below 5%
-Inability to grow in the SME cloud market
-Cost-optimisation plan under-performs and EBITDA margins
decline
  towards 32%

LIQUIDITY

Satisfactory Liquidity: With EUR16.3 million of on-balance-sheet
cash in 2017, a EUR90 million RCF and bullet maturities on its
long-term debt, TeamSystem has sufficient liquidity to meet its
near-term funding needs, including costs from the refinancing.
The primary draw on cash resources is additional funds required
for restructuring and operational transformation.


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


QAZAQ BANKI: S&P Lowers ICR to 'CCC-' Then Withdraws Rating
-----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Qazaq Banki to 'CCC-' from 'CCC+' and its Kazakhstan national
scale rating to 'kzCCC-' from 'kzB-' The ratings remain on
CreditWatch with negative implications. S&P also placed its 'C'
short-term issuer credit rating on CreditWatch negative.
S&P subsequently withdrew its ratings on Qazaq Banki at the
bank's request.

S&P said, "The downgrade reflects our view that Qazaq Banki's
liquidity has not improved and the bank's liquid assets have
remained at extremely low levels over the past two months. In
addition, we consider increasing negative publicity about the
bank is likely to prompt clients to withdraw funds. The publicity
resulted from Kazakh President Nursultan Nazarbayev's negative
public remarks regarding three Kazakh banks, including Qazaq
Banki, on April 18, 2018."

The bank's very low current liquid assets of below Kazakh tenge
(KZT) 10 billion are hardly sufficient to meet even moderate
requests for withdrawals from the current deposit base of about
KZT212 billion. The bank's fragile liquidity is partly supported
by an emergency liquidity line from the National Bank of
Kazakhstan (NBK).

Since S&P's last research update on Feb. 13, 2018, the bank has
not implemented the planned measures to improve liquidity. S&P
doubts whether the bank will be able to undertake the steps it
had planned to secure liquidity inflows, as follows:

-- Early repayment of KZT28 billion loans.
-- Attraction of KZT16 billion-KZT32 billion of new VIP
    deposits.
-- The bank's owners have connections to these potential
    depositors, and can therefore influence them.
-- Selling KZT15 billion-KZT20 billion of loans to other Kazakh
    banks.

S&P said, "We believe that Qazaq Banki may have significant
asset-quality problems. According to the regulator's (NBK)
analysis almost 35%-40% of the bank's total loans were
problematic as of Feb. 7, 2018. The bank's ratio of interest
received in cash to interest accrued, which was only 48% at year-
end 2017, is below the level of most local peers. This suggests a
significant portion of problem loans. We understand that Qazaq
Banki's loans are heavily exposed to construction and other
investment projects, and have long grace periods, and deferred
interest and principal payments. This complicates credit risk
assessment. Provisions are very low, in our view, at 6% of total
loans on March 1, 2018.

"Consequently, while the bank's regulatory tier 1 ratio was 14.5%
and its total capitalization ratio was 12.8% as of March 1, 2018,
comfortably above the regulatory minimums of 7.5% and 10.0%
respectively, we believe that the bank's capitalization might be
under pressure owing to low expected profits and potential
underprovisioning.

"At the time of withdrawal, the CreditWatch placement reflected
our concerns on Qazaq Banki's ability to service its obligations
in full and on time and to improve its liquidity."


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


CORURIPE LUX: Moody's Assigns (P)B2 Rating to USD350MM Notes
------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P) B2
Corporate Family Rating to S.A. Usina Coruripe Acucar e Alcool
("Usina Coruripe"). At the same time, Moody's assigned a (P) B2
rating to the company's proposed up to USD350 million senior
unsecured notes to be issued by Coruripe Lux S.A. and guaranteed
by Usina Coruripe and Coruripe Energetica S.A. This is a first
time that Moody's has rated Usina Coruripe. The outlook is
stable. The proposed issuance is part of Usina Coruripe's
liability management strategy and proceeds will be used to repay
existing refinancing agreements and for general purposes.

The provisional designation for ratings will be removed once the
notes have been issued and assuming no material changes have
occurred to the draft documentation reviewed by Moody's.

Ratings assigned:

S.A. Usina Coruripe Acucar e Alcool

- Corporate Family Ratings: (P) B2

Coruripe Lux S.A.

- Proposed senior unsecured notes due 2025: (P) B2

The outlook for the ratings is stable

RATINGS RATIONALE

Usina Coruripe's (P) B2 ratings incorporate its scale as one of
the 10 largest sugar-ethanol groups in Brazil with a crushing
capacity of 14.4 million tons of sugarcane and capacity
utilization of around 99%, cluster organization with ample access
to sugarcane and logistic infrastructure, geographic
diversification that provides some protection against weather and
other localized event risks and permits a more stable production
throughout the year, because of different harvest periods. It
also incorporates an improved debt profile and lower interest
burden following the issuance of USD 350 million (BRL 1.16
billion) in senior unsecured notes.

On the other hand, Coruripe's ratings are constrained by a still
tight amortization schedule following the proposed bond issuance
and the inherent volatility presented in a sugar-ethanol
business. Crushing is expected to show little increase with the
company operating at nearly full capacity, which coupled with
lower sugar prices will translate into stagnated revenues and
EBITDA at least until 2020. In order to tap into the potential of
local sugarcane supply, Coruripe would need to deploy expansion
investments which would burden cash flow and likely require an
increase in leverage. After the conclusion of the liability
management process we expect cash to be at BRL249 million and
short-term debt for the 2018/2019 harvest at BRL264 million
(which compares to BRL 441 million before transaction), as
estimated by Moody's for the full harvest 2017/2018. For the
2018/2019 harvest we project an EBITDA of BRL 859 million,
interest expenses of BRL227 million and capex of BRL 497 million.
The company will have additional BRL773 million in debt maturing
over the following three harvests (2020 until 2022) in this low
sugar prices and little revenue upside environment.

Coruripe's high capacity utilization and low land lease costs are
among the elements which contribute for its 0.114 USD/lb cash
cost, lower than the country's average of 0.140 USD/lb, but
higher than sector benchmark Sao Martinho (unrated)(0.101 USD/lb
cash cost). Crushing is distributed in one large cluster with
7,600 tons of capacity in a region between rivers Paranaiba and
Rio Grande, in Minas Gerais (MG), a small cluster 200 kilometers
east is Campo Florido (MG) with 3,800 tons of capacity, and a
third cluster in Alagoas (AL) with 3,000 tons of capacity.
Positioning in the southwest of MG allows for lower land
competition compared to traditional sugarcane regions, therefore,
land lease cost is lower at 12 tons/ha in 2016-2017 as compared
to traditional sugarcane regions where the cost may surpass 20
tons/ha. The Coruripe mill in AL is exposed to droughts, a risk
which is mitigated by an irrigation capability that covers 81% of
the planted land.

Close relationship with farmers and regional remuneration index
provides greater margin stability for Coruripe and incentivizes
high agricultural productivity. Instead of using a region-wide
index like CONSECANA, Coruripe's the benchmark to remunerate
farmers is the company's selling price, which is collected and
audited by a regional farmer's association. The mechanism itself
is similar to other indexes, it incorporates a fair remuneration
for the costs incurred by the agricultural activity which is then
multiplied by the amount of TRS delivered by which farmer. This
mechanism guarantees that third-party sugarcane costs varies
along with Coruripe's selling revenues and that the local
farmers' level of productivity is incorporated in the
remuneration.

The perspective of a global sugar production surplus lead to a
contraction of future sugar prices which have come down from over
0.200 USD/lb. in February 2017 to as low as 0.117 USD/lb. in
April 2018. The low price environment coupled with volatility,
which is a perennial source of risk, requires reinforced prudence
in terms of capital structure, strong liquidity and financial
flexibility. Fixing prices has been increasingly more challenging
for the 2018/2019 harvest as the futures curve reduced to USD
0.133 for March 2019. Coruripe hedge at 0.159 USD/lb
approximately 20% of the 2018/2019 expected sugar sales. Ethanol
prices should remain supportive at around BRL 1,700 m3 (full year
average) because of a sustained domestic market demand from the
light vehicle fleet and recuperating auto sales, despite an
increased offer of the product because of a more ethanol oriented
market mix. In terms of energy exports we expect volumes to
remain above 400,000 MWh per harvest (or 2.84% of crushing)
including Usina Coruripe and Coruripe Energetica S.A. which
generated revenues of BRL 43.3 million and BRL 40.5 million,
respectively, in 2017/2018.

The stable outlook incorporates Moody's view that Coruripe will
be able to sustain a liquidity profile that permits it to cover
its short-term maturities and will continue to have access to the
necessary working capital lines during the harvest.

An upgrade would require a considerable improvement in liquidity
with cash covering consistently short-term debt during the
harvest even in a low price environment. Quantitatively
EBITA/Interest Expense would need to be sustained above 3.0x,
while

Debt/EBITDA maintained below 4.0x and CFO/Net Debt above 20%.

A downgrade could happen if liquidity deteriorates with cash in
hand consistently failling to cover short-term debt.
Quantitatively the downgrade could happen if EBITA/Interest
Expense is consistently below 1.5x, CFO/Net Debt below 15%, and
Debt/EBITDA higher than 5x.

Founded in 1925 and headquartered in Coruripe, State of Alagoas,
Usina Coruripe is a sugar and ethanol producer and electricity
cogenerator with five crushing units, one in the State of Alagoas
and other four in the State of Minas Gerais. In the LTM ending in
March 2017, the company generated BRL2,342 million in net
revenues. The company currently has the largest plant in the
Northeast region of Brazil with 3,000 ton capacity.


INTERNATIONAL AUTO: Refinancing No Impact on Moody's Caa1 CFR
--------------------------------------------------------------
Moody's Investor Service said that its ratings for International
Automotive Components Group, S.A. (IACG) -- Caa1 corporate family
rating (CFR); Caa3-PD probability of default rating; Caa3 senior
secured notes rating -- are well positioned and unaffected by the
company's recent announcement governing the proposed refinancing
of its senior secured notes. Moody's plans to withdraw its
ratings for IACG upon successful completion of the refinancing
and associated repayment of the rated debt.

"The company will benefit from the refinancing transaction as it
will now have sufficient liquidity to focus on requisite
restructuring activities and the rationalization of its
footprint, which ultimately are needed to address and fulfill the
current business backlog," said Inna Bodeck, Moody's lead analyst
for the company.

International Automotive Components Group, S.A. (IACG), a
Luxembourg entity, together with its subsidiaries, offers
original equipment manufacturers around the world a broad
portfolio of interior components and systems through core product
categories, including Instrument Panels, Consoles & Cockpits,
Headliner & Overhead Systems, as well as Other Interior &
Exterior Components. IACG is primarily owned by affiliates of WL
Ross & Co. LLC. IACG' sales pro-forma for the 70% sale of its
soft trim and acoustics operations were approximately $4.5
billion for the twelve-month period ended September 30, 2017.


===========
P O L A N D
===========


GETBACK SA: Fitch Lowers LT Issuer Default Rating to B-
-------------------------------------------------------
Fitch Ratings has downgraded Polish debt purchaser GetBack S.A.'s
(GetBack) Long-Term Issuer Default Rating (IDR) to 'B-' from 'B+'
and placed it on Rating Watch Negative (RWN).

The downgrade reflects uncertainty over the company's access to
funding and liquidity, which has coincided with significant
changes in GetBack's management, including the dismissal of the
company's CEO. The RWN reflects Fitch's view that GetBack's IDR
could be downgraded further given uncertainties with respect to
its current liquidity position and the magnitude of the
reputational impact from recently disclosed corporate governance
shortcomings.

GetBack announced on April 17 that the supervisory board had
dismissed the company's CEO on 16 April with immediate effect.
This followed an announcement made by GetBack on 16 April that it
was in negotiations with Bank PKO BP S.A. (PKO) and Polski
Fundusz Rozwoju S.A. (PFR) about a possible PLN250 million
funding facility. This claim was denied by both PKO and PFR on
the same day and the Polish supervisory authority began
investigating GetBack's announcement. GetBack's shares and listed
bonds were suspended from trading on April 17 following a sharp
drop in its share price the previous day.

Separately, GetBack disclosed that it has agreed with Quercus TFI
S.A. to delay part of a principal repayment of a PLN10 million
private placement. While this does not constitute a distressed
debt exchange as per Fitch's definitions, it highlights in
Fitch's opinion the company's tight liquidity position.

On April 17, an extraordinary general assembly approved the issue
of 50 million new shares, which together with an initial share
capital increase approved earlier in 2018, could alleviate
liquidity pressure in the short- to medium-term.

KEY RATING DRIVERS

IDR

The downgrade primarily reflects that GetBack's franchise and
business model stability has been weakened by tighter funding
conditions, which have been exacerbated by the 16 April funding
facility announcement. In addition, changes at management and
supervisory board level, including the dismissal of the CEO, the
departure of the deputy CEO and a supervisory board member,
highlight corporate governance weaknesses and increase, at least
in the medium-term, GetBack's exposure to operational and
reputation risks.

Fitch has assessed the mutually agreed delay in repaying the
private placement notes does not constitute a restricted default
(RD) of GetBack. While the private placement notes are reference
obligations for GetBack's Long-Term IDR, the short-term payment
delay does not meet Fitch's criteria for a distressed debt
exchange, notably a material reduction in terms compared with the
original contractual terms and being conducted to avoid
bankruptcy, similar insolvency or a traditional payment default.

RATING SENSITIVITIES

The RWN reflects Fitch's view of a risk of further deterioration
in GetBack's already tight liquidity profile, which would lead to
a further downgrade. Non-payment of interest or principal in line
with agreed terms, which constitute either an uncured payment
default or distressed debt exchange on a debt instrument, would
lead us to downgrade GetBack's Long-Term IDR to 'RD', in line
with our rating definitions and criteria.

Any indication that GetBack's franchise and business model has
been permanently impaired as a result of recent developments
could also lead to a downgrade. In particular, inability to
implement the planned share capital increase or establish
alternative funding and liquidity sources could also lead to a
downgrade in the short-term.

Conversely, improved access to its traditional funding sources in
conjunction with a stabilisation in the company's management and
strategy could lead to an affirmation at current level.

Fitch will aim to resolve the RWN as soon as it has received
additional information with regard to GetBack's liquidity
position, business strategy under the recently appointed
management and ongoing regulatory investigations.


GETBACK SA: Fails to Redeem Bonds Worth $25 Million
---------------------------------------------------
Reuters reports that Polish debt collector GetBack has so far
failed to redeem bonds worth $25 million (GBP18 million), it said
on April 26, augmenting worries about the remaining $719 million
worth of bonds of a firm that only last year used to be a darling
of capital markets.

According to Reuters, the sudden crash of the bonds and shares of
GetBack has taken investors, analysts and regulators by surprise,
weighing on share prices of other listed firms.

The ratings agency Fitch cut its rating for GetBack's debt to
'restricted default' on April 26, reflecting the agency's view
that "the partial non-payment on bonds (. . .) constitutes an
uncured payment default", Reuters relates.

Earlier last week, Poland's financial regulator KNF asked
prosecutors to investigate GetBack, adding that nearly 200
institutions and over 9,000 retail investors held the firm's
bonds, Reuters discloses.

The company's shares have lost nearly 90% of their value since
October, Reuters states.



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


AUTOVIA DE LA MANCHA: Moody's Hikes EUR110MM Loan Rating to Ba2
---------------------------------------------------------------
Moody's Investors Service has upgraded to Ba2 from Ba3 the
underlying rating of the EUR110 million guaranteed senior secured
loan, due 2031 raised by Autovia de la Mancha S.A. ("Aumancha"),
a Spanish toll-road operator and special purpose company. The
outlook on the ratings remains stable.

The rating action follows Moody's recent decision to upgrade
Spain's government bond rating to Baa1 with a stable outlook from
Baa2 on April 13, 2018 and the subsequent upgrade of Junta de
Comunidades de Castilla-La Mancha rating on April 17, 2018, from
which Aumancha receives toll-road related payments.

The rating on the loan, taking into account the benefit of a
guarantee of scheduled payments of principal and interest
provided by Assured Guaranty (Europe) plc (A2 stable, the
Insurance Financial Strength Rating), is unchanged at A2.

In June 2003, Aumancha entered into a 30-year concession
agreement with Junta de Comunidades, Castilla-La Mancha
(Castilla-La Mancha, Ba1 stable) to build, operate and maintain a
52.3 km shadow toll road, the Toledo to Consuegra section of the
Autovia de los Vinedos motorway linking the cities of Toledo and
Tomelloso in central Spain.

RATINGS RATIONALE

Aumancha is a shadow toll road and relies on payments from the
offtaker, the region of Castilla-La Mancha. Aumancha has been
receiving timely payments in the last six years. Since 2012,
Castilla-La Mancha's payments have been supported by two
dedicated funds, the Fondo para la Financiacion de los Pagos a
Proveedores (FPPP) and the Fondo de Liquidez Autonomico (FLA).
Moody's expects that Castilla-La Mancha will continue to provide
timely payment to Aumancha and that the region will continue to
receive liquidity support from the Government of Spain until
fiscal pressures lift.

Aumancha has demonstrated a strong traffic performance over the
past 4 years with volumes of traffic outperforming the pre-crisis
levels at an average 5.2% growth per annum. The rating agency
notes that the impact of higher traffic growth is partially
offset by lower than expected inflation as Aumancha's tariffs are
indexed to the Spanish consumer price index (CPI).

The minimum and average DSCRs under the Moody's case, which
assumes long-term traffic growth at around 1.5% per annum, are
1.52x and 1.71x, respectively.

The Ba2 rating on the underlying loan remains constrained by (1)
the credit quality of Castilla-La Mancha as payer under the
concession agreement; (2) Aumancha's high leverage and (3)
exposure to traffic risk and low inflation.

However, the high leverage and the exposure to traffic risk are
mitigated by the robust traffic profile, Aumancha's satisfactory
debt service coverage ratios (DSCRs) even under downside traffic
cases, and its strong liquidity which would allow the project to
withstand possible revenue shortfalls.

The stable outlook reflects (1) the stable outlook on the
Castilla-La Mancha Ba1 rating and (2) Moody's view that Aumancha
will continue to benefit from positive traffic performance, on
the back of the improved regional economic environment.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's could consider upgrading the underlying rating if (1) the
rating of Castilla-La Mancha were upgraded and (2) Aumancha's
traffic revenues and financial metrics were at least in line with
Moody's Base Case.

Conversely, Moody's could consider downgrading the underlying
rating if (1) forecast traffic growth and/or forecast inflation
were to be revised downwards and there were a deterioration in
shadow toll revenues and DSCR consistently below Moody's
estimates; (2) operating, maintenance and lifecycle cost
assumptions were to prove inadequate; or (3) the rating of
Castilla-La Mancha were downgraded.


CASER SA: Moody's Hikes IFSR From Ba1, Outlook Still Stable
-----------------------------------------------------------
Moody's Investors Service has upgraded the insurance financial
strength rating (IFSR) of CASER S.A. (Caser) to Baa3 from Ba1.
The outlook remains stable.

RATINGS RATIONALE

The upgrade of the IFSR to Baa3 reflects the improvements in
Caser's credit fundamentals as a result of (i) a de-risked
investment portfolio; (ii) diminishing reliance on the Spanish
savings banks for the distribution of its insurance products; and
(iii) continued strong technical performances in the non-life
business. Today's rating action also follows Moody's upgrade of
Spain's sovereign rating to Baa1 from Baa2 on April 13, 2018,
which further supports Moody's view of improving asset quality.

Caser has continued reducing its exposure towards high risk
assets ("HRA"; as measured by the sum of all investments other
than investment grade bonds and mortgage loans divided by
shareholders' equity) to 32.6% at YE2016 from 67.6% at YE2015. In
addition, the quality of investments in fixed income has also
improved with a weighted average rating of Baa2 at year-end 2016,
driven by significant exposure to Spanish sovereign debt (Baa1
stable; c.55% of fixed income investments at YE2016).

With respect to distribution, Caser's reliance on channels
controlled by its shareholding savings banks has also decreased
over the last two years to approx. 55% of total premiums
(12M2017) from c.63% (12M2015). Moody's expects this ratio to
decrease further in the medium term, although bancassurance is
likely to remain the main distribution channel over the next 1-2
years.

Caser's Baa3 IFSR continues to be constrained by its linkages
with its main long-term shareholders -- Liberbank (LT bank
deposit B1 positive; BCA b1), Unicaja Banco (LT bank deposit Ba2
positive, BCA ba3), Ibercaja Banco SA (LT bank deposit Ba3
stable, BCA ba3) and ABANCA Corporacion Bancaria, S.A. (LT bank
deposit Ba3 stable, BCA ba3) -- primarily in terms of ownership
and distribution.

The rating is further supported by a very good technical
performances in its non-life business, where the issuer has
consistently reported underwriting profits with a combined ratio
below 95% since 2013. This is partly as a result of a focus on
retail and SME customers.

Caser is the 11th largest insurance group in Spain. In 2017, the
group reported EUR 1.59 billion premiums (unaudited), up by 11.3%
on prior year, driven by a significant rise in life premiums (up
by 19.2%) and lower, but still material growth in non-life
(+7.1%), with the latter remaining the largest contributor to
total premiums (c.62% thereof at 12M2017). Premium growth has
been particularly supported by strong growth in corporate clients
and in life savings products. Additionally, Moody's believes that
the non-life segment will continue benefitting from favourable
macroeconomic conditions in Spain.

Good premium growth has allowed Caser to report net income of
EUR66.3 million in 2017 (2016: EUR 40.3 million), although 2016
results had been affected by one-off negative tax losses. Moody's
expects Caser's return on capital to gradually improve over the
next two years.

OUTLOOK

The stable outlook for the rating reflects Moody's expectation of
(i) HRA and investment exposure to Caser's shareholding banks (as
a percentage of shareholders' equity) remaining at or below the
levels reported at YE2016 and (ii) Caser continuing to report
premium growth rates aligned to, or exceeding, those of the
overall Spanish insurance market and benefitting from Spain's
supportive macroeconomic conditions.

The most relevant downside risk to the stable outlook is the loss
of bancassurance agreements existing between Caser and its
shareholding savings banks. The consolidation process involving
the banking industry in Spain is still ongoing and further
mergers among saving banks are still likely. The loss of
bancassurance agreements would adversely impact the issuer's
distribution capabilities and geographic reach, its premium
growth and ultimately its profitability.

RATINGS DRIVERS

Upward pressure on the IFSR could occur as a result of:

- A change in the shareholders' structure with less dependency
on, or material improvement in, the credit profile of Caser's
main bank shareholders

- Continued growth in top-line premiums, with growth rates at
least aligned with those of the overall Spanish insurance market

- Improving profitability with a ROC (five-year average)
sustainably in excess of 6% in combination with stable
underwriting profitability

- Increasing diversification of its distribution channels
outside bancassurance to 60% of premiums

Conversely, downward pressure may result in case of:

- HRA as a percentage of shareholders' equity rising to above
100% and/or the concentration to investments in Caser's bank
shareholders in relation to shareholders' equity rising above 70%

- A substantial deterioration in Caser's market position with
significant declines in premiums to levels consistent with a
market share below 2%

- Sustained deterioration in Caser's economic capitalisation
with fully-loaded Solvency II coverage ratio decreasing below
130%

- A credit deterioration on Caser's main bank shareholders' debt
and BCA

LIST OF AFFECTED RATINGS

The following rating has been upgraded:

  CASER S.A. -- insurance financial strength rating upgraded to
  Baa3 from Ba1

The outlook on Caser remains stable.


GESTAMP AUTOMOCION: Moody's Rates New EUR400MM Notes Ba3
--------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to the EUR400
million guaranteed senior secured notes due 2026 launched by
Gestamp Automocion, S.A. Concurrently, Moody's affirmed Gestamp's
corporate family rating (CFR) at Ba2, the probability of default
rating (PDR) at Ba2-PD and the Ba3 instrument rating of the
existing EUR500 million notes due 2023, which have been issued by
Gestamp Funding Luxembourg S.A. The outlook on all ratings is
stable.

RATINGS RATIONALE

"The affirmation reflects the expectation that Gestamp's
financial leverage will improve in 2018 due to a combination of
gross debt reduction and profit growth", says Matthias Heck, a
Moody's Vice President -- Senior Credit Officer and Lead Analyst
for Gestamp. "The issuance of the new notes will extend the debt
maturity profile and therefore further improve Gestamp's
liquidity situation," added Mr. Heck.

On April 19, Gestamp launched new EUR400 million bonds due 2026,
which will be issued by the parent company Gestamp Automoci¢n.
Proceeds will be used to refinance other existing short-term debt
at the level of Gestamp Automoci¢n. The transaction should
therefore not impact the group's gross debt, while the redemption
of short-term debt maturities will improve the group's liquidity
profile.

In 2017, Gestamp's revenues increased by 8.6% to EUR8.2 billion,
outperforming global light vehicle sales (+2.4%) substantially.
At the same time, Gestamp's gross financial leverage, calculated
as Moody's adjusted gross debt / EBITDA, increased to 4.0x, from
3.4x at the end of 2016. The increase resulted from an increase
in adjusted debt to EUR3.7 billion, from EUR3.0 billion, which
over-compensated the improvement adjusted EBITDA to EUR930
million, from EUR880 million a year before. Moody's notes that
the increase in Gestamp's gross debt was accompanied with a
higher cash balance to pre-fund short-term debt maturities in
2018. As a result, Gestamp's net leverage only increased to 3.1x
at the end of 2017, from 2.9x at the end of 2016.

Moody's expects that Gestamp's gross financial debt will decline
in 2018 again, driven by the redemption of some of the short-term
debt maturities with cash on balance, and continued operating
profit growth. Operating profits should increase due to the
absence of negative operational one-offs, which occurred in the
NAFTA region in 2017, as well as due to the ramp-up of new
projects. As a result, Moody's expects that Gestamp's gross
leverage will decline to a level of 3.0x-3.5x, which is in line
with the expectation for a Ba2 rating.

The Ba3 rating assigned to the new instrument is in line with the
rating of the existing EUR500 million notes issued by Gestamp
Funding Luxembourg S.A. and one notch below the group's corporate
family rating. This reflects the fact that subsidiaries
representing approximately 54% of Gestamp's consolidated EBITDA
for the year ended December 31, 2017, are providing guarantees
while the other subsidiaries are not. This leads us to
distinguish between these two groups, giving first rank to
financial and non-financial debt at non-guaranteeing subsidiaries
including estimated EUR757 million trade payables and EUR41
million leasing liabilities. We rank debt at guaranteeing
subsidiaries and the senior facilities agreement and the notes
issued on the second rank. Finally, we see a somewhat weaker
position for borrowings from associated companies and other non-
bank financial debt at the level of Gestamp Automoci¢n, S.A.,
that is not participating in the security package.

Gestamp's Ba2 corporate family rating (CFR) is supported by (i)
the company's solid business profile reflecting strong and
growing market positions, technology leadership and a diversified
base of established customer relationships, (ii) a relatively
stable margin generation through the cycle and (iii) a strong
pipeline of new business mirrored by a consistently high capex
level leading to the expectation of further improving credit
metrics.

At the same time the ratings are constrained by (i) dependency on
global light vehicle production levels, which are highly
cyclical; (ii) sustained negative Free Cash Flow (FCF) generation
which results from its high ongoing capital expenditure program;
(iii) higher exposure to Europe than comparatively sized peers;
and (iv) weakened credit metrics in 2017 albeit expected to
improve in 2018 and 2019.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's would consider a positive rating action should Gestamp
manage to achieve an adjusted EBITA-margin of 7% (6.0% as of
December 2017) on a sustainable basis and reduce debt/EBITDA
towards 2.5x (FY 2017: 4.0x). Moreover, an upgrade would require
Free Cash Flow to turn positive and improve FCF/debt toward low
single digit sustainably despite of the planned capital
expenditures to support further growth. A rating downgrade would
be considered should Gestamp's EBITA margin fall below 6% or if
leverage would exceed 3.5x debt/EBITDA sustainably. Likewise, a
deterioration of its liquidity profile through more significant
negative Free Cash Flow could result in a downgrade.

The principal methodology used in these ratings was Global
Automotive Supplier Industry published in June 2016.

Gestamp Automocon, S.A., headquartered in Madrid / Spain,
designs, develops, and manufactures metal components for the
automotive industry. The company, which generated EUR 8.2 billion
revenues in 2017, employs around 41,000 employees and operates
105 plants and 13 R&D centers in 21 countries.

Gestamp is listed at the Madrid stock exchange. As of at December
31, 2017, the company's free float amounted to 28.73%. The
remaining shareholding of 71.27% is controlled (directly and
indirectly) by Acek, Desarrollo y Gestion Industrial, S.L., the
Riberas Family industrial holding (58.745%), and Mitsui % Co.
Ltd. (12.525%).


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


INTRUM JUSTITIA: Moody's Affirms Ba2 CFR, Outlook Stable
--------------------------------------------------------
Moody's Investors Service has affirmed Intrum Justitia AB's
(Intrum's) Corporate Family rating (CFR) at Ba2 and affirmed
Intrum's Ba2 senior unsecured debt rating. At the same time,
Moody's changed the outlook to stable from positive.

RATINGS RATIONALE

On April 17, 2018, Intrum announced that it has entered into a
partnership with Intesa Sanpaolo S.p.A. (LT local-currency bank
deposits A3 negative/LT Issuer rating Baa1 stable, BCA baa3) to
form a joint venture that will service non-performing loans
(NPLs) in Italy. Intrum will own 51% of the joint venture.
Furthermore, Intrum, together with CarVal Investors, will acquire
51% of a diversified NPL portfolio with a gross book value of
EUR10.8 billion from Intesa Sanpaolo. The portfolio will be
placed in a special purpose vehicle, of which Intrum will own
40.8%. The total transaction value is EUR3.6 billion, of which
Intrum expects its cash investment to be EUR670 million.

The affirmation of Intrum's Ba2 CFR reflects the company's: (i)
leading debt purchasing and debt servicing market position in
Europe; (ii) diversified business model, with 52% of external
revenues coming from third party debt collection; (iii) strong
financials, reflected by solid profitability metrics; and (iv)
proven track record of strong corporate governance and risk
management. These strengths are balanced against: (i) execution-
and operational-risk relating to its recent material
transactions; and (ii) model risk in terms of valuation and
pricing of its purchased debt portfolio (i.e. the risk of the
models over-estimating projected cash flow generation of a
portfolio of purchased debt).

The affirmation of the Ba2 rating of Intrum's senior unsecured
notes (EUR1.5 billion maturing in 2022; EUR300 million maturing
in 2022; SEK3.0 billion maturing in 2022; and EUR900 million
maturing in 2024) reflect their positioning within the company's
funding structure and the amount outstanding relative to total
debt.

RATIONALE FOR THE STABLE OUTLOOK

The change of outlook to stable from positive reflects Moody's
view that the transaction will result in higher leverage than
previously expected and increased execution- and operational-
risk, making it less likely that Intrum's CFR and debt ratings
will be upgraded during the next 12-18 months. The potential
positive impact of a market leading debt servicing position in
Italy is unlikely to outweigh the heightened risk over the next
12-18 months.

In Moody's view, the transaction will extend Intrum's timeframe
for deleveraging beyond what the agency previously expected.
Intrum estimates that its leverage, expressed as net debt to cash
EBITDA, will be 4.5x following the transaction. On the other
hand, Moody's has earlier stated that it expected Intrum's gross
debt to EBITDA would drop below 4.0x in 2018, which is now
unlikely.

The large transaction, worth around 10% of Intrum's total assets
at the end of 2017, increases execution- and operational-risk for
Intrum as it rapidly expands its Italian market position. Given
that the company completed its merger with Lindorff in June 2017
and it is still working on achieving synergies from that
transaction, Moody's views the Intesa Sanpaolo transaction as an
additional layer of complexity that increase risk.

While the Intesa Sanpaolo transaction decreases the likelihood of
a rating upgrade over the next 12-18 months, it provides Intrum
with a strong market position in Italy and a partnership with one
of the country's largest banks. If executed well, the joint
venture will position Intrum for future growth in Italy, Europe's
largest NPL market, which may provide strong returns in 2-3
years.

WHAT COULD CHANGE THE RATING UP / DOWN

Moody's could upgrade Intrum's CFR because of: (i) a
significantly reduced level of execution- and operational-risk as
a result of material progress in achieving targets related to the
Lindorff merger and the Intesa Sanpaolo deal; and/or (ii) a
material improvement in its leverage position.

Conversely, Moody's could downgrade Intrum's CFR should: (i) the
company perform materially worse than expected, with sustained
net income to average total assets well below 1% and EBITDA
interest coverage falling well below 3.5x; (ii) the company's
leverage rise well above 5.0x; (iii) Intrum's liquidity position
materially worsen, for example if the revolving credit facility
is highly utilised over a prolonged period and the company is
unable to reduce utilisation; and/or (iv) the company fails to
appropriately manage the risks related to its acquisitions.

A change in Intrum's CFR would likely result in a corresponding
change to its debt ratings.

LIST OF AFFECTED RATINGS

Issuer: Intrum Justitia AB

Affirmations:

LT Corporate Family Rating, Affirmed Ba2, Outlook changed To
Stable From Positive

Senior Unsecured Regular Bond/Debenture, Affirmed Ba2, Outlook
changed To Stable From Positive

Outlook Actions:

Outlook, Changed To Stable From Positive

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Finance
Companies published in December 2016.


INTRUM JUSTITIA: S&P Affirms 'BB+/B' ICRs, Outlook Stable
---------------------------------------------------------
Sweden-based credit management services provider Intrum Justitia
AB (publ) has entered into a strategic partnership with Intesa
Sanpaolo to co-manage a significant amount of Intesa's
nonperforming loans (NPLs).

Intrum intends to fund the joint venture and portfolio purchase
with a net cash investment of about EUR670 million, and with new
non-recourse asset-backed senior notes. The notes are financing a
special purpose vehicle (SPV) that will purchase a portfolio of
NPLs from Intesa.

S&P Global Ratings affirmed its 'BB+/B' long- and short-term
issuer credit ratings on Sweden-based credit management services
provider Intrum Justitia AB (publ). The outlook is stable.

S&P said, "At the same time, we affirmed the 'BB+' issue rating
on Intrum's senior unsecured notes. The recovery rating is
unchanged at '4', indicating our expectation of average recovery
(30%-50%; rounded estimate: 40%) in the event of payment default.

"The rating affirmation reflects our view that the transaction
provides Intrum medium-term opportunities associated with its new
strategic partnership, improved scale, and strengthened market
position in Italy, but also brings heightened operational risks
and a short-term increase in leverage.

"Although the transaction does not diverge materially from
Intrum's communicated strategy, we believe that fast growth in
the Italian market could lead to increasing risks with respect to
portfolio mispricing and understanding the Italian market's
distinctive characteristics. We also acknowledge that Intrum is
only part way through its multi-phase transformational merger
with Lindorff, which took place less than 12 months ago.

"Despite the challenges of higher leverage and material changes
for the group, we currently consider that a negative outlook
would overstate the likelihood of a possible future downgrade. We
believe that Intrum's strategic agreement with Intesa somewhat
reduces risks typically associated with merger and acquisition
activity. To date, Intrum has also integrated Lindorff as
expected while improving its credit metrics in line with its
guidance. However, we will continue to monitor Intrum's risk
appetite in pursuing its growth strategy in the next 12 months.
We believe that further transactions of a similar nature could
raise questions with respect to the group's commitment to its
financial policy."

On April 17, 2018, Intrum announced that it had entered into a
strategic partnership with Intesa Sanpaolo with respect to
managing a large portion of the bank's NPLs. The transaction is
split into two parts:

-- Intrum will hold a 51% share in a joint venture servicer,
    which will integrate Intesa's collections platform with most
    of Intrum's existing servicing operations in Italy. Intesa
    will hold the remaining 49%; and

-- Intrum will hold a 40.8% economic interest in an SPV that has
    purchased NPLs from Intesa. The purchased assets have a gross
    book value of EUR10.8 billion and will be part-financed by
    new nonrecourse asset-backed notes. Intesa will hold 49% of
    the SPV, with CarVal Investors holding the balance.

S&P said, "We understand that the joint venture servicer will be
consolidated on Intrum's balance sheet, whereas the SPV will not
be consolidated in Intrum's financial reporting.

"Our ratings on Intrum benefit from the strength of its market
positions across many European markets, its well-established
operations, and revenue diversity. If well managed, we believe
that over time the group will benefit from the position it is
looking to establish in Italy. The stock of NPLs in the Italian
market makes up a large proportion of total European NPLs and
therefore presents a significant opportunity for debt collection
companies to grow and make further use of their scale.

"However, the Italian market has distinctive characteristics and
the stock of NPLs is heavily biased toward secured debt. Given
Intrum's historical focus on collecting unsecured consumer debt
and the relative lack of maturity in the collections framework in
Italy, we believe this transaction represents an operational
challenge for Intrum. We have not taken a negative rating action
because we believe that this is substantially mitigated by the
strategic partnership with Intesa. As one of Italy's largest
banks, we believe that Intrum is well-placed to benefit from
Intesa's data and local knowledge of the Italian market.

"Although there is a near-term increase in Intrum's leverage, the
transaction has a limited impact on our medium-term view of
Intrum's credit metrics. This is because we expect an
acceleration in its EBITDA generation in the 12 months after the
transaction closes." S&P continues to expect that its metrics
will trend toward the weaker end of the following ranges over the
next 12 months, before improving further after that:

-- Gross debt to adjusted EBITDA of 3x-4x; and
-- Funds from operations (FFO) to gross debt of 20%-30%.

S&P said, "We also expect that its adjusted EBITDA coverage of
interest expense will remain comfortably above 6x.

"We expect Intrum will go through a phase of digesting its recent
activity, thereby reducing the risk of further transformational
growth. We believe that the Italian portfolio investment in
question will represent a significant amount of the group's
planned portfolio investments for 2018. We do not include the
SPV's asset-backed notes used to finance the portfolio purchase
in our calculation of Intrum's gross debt measure. This is
because we believe that the nonrecourse nature of the notes and
the strategic partnership with Intesa represent a sufficient
transfer of risk away from Intrum.

"However, we do consider that off-balance-sheet financing
activities could increase complexity. We also recognize Intrum's
ability and incentive to support the SPV if it were to experience
temporary underperformance. A further increase in complexity or
signs of a strain on Intrum's resources through support for the
SPV could lead us to take a negative rating action. Given
Intrum's strong liquidity position, our base-case view is that
this would not place a material amount of pressure on the group.

"The stable outlook on Intrum reflects our expectation that the
inherent risks of its multiyear execution process required to
integrate Lindorff and the new Italian operations will be well
managed. Our base case is that Intrum's appetite for further
transformational growth will reduce as it implements its
strategic plan, and that it will improve the group's credit
metrics over the next 12 months.

"We could lower the issuer credit rating if Intrum's gross debt
to adjusted EBITDA looks likely to remain above 4x or if FFO to
debt is below 20% over the next 12 months. Such a scenario could
unfold if it has difficulties implementing its strategic plan or
is less committed to meeting its leverage guidance, likely as a
result of further acquisitive or aggressive growth.

"We could also lower the rating if Intrum's appetite for further
off-balance-sheet transactions leads us to believe that the
potential for strain on Intrum's resources is increasing or the
group is becoming more complex.

"Given Intrum's current credit metrics and its task of
implementing its strategic plan, we consider upside to the
ratings as limited over the next 12 months. We could consider
potential future upside if Intrum demonstrates successful
integration, an improvement in credit metrics, and if we believed
its risk appetite for further significant growth is reducing."


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


BEAUFORT: PwC to Use Customer Funds to Cover Insolvency Cost
------------------------------------------------------------
Hannah Murphy at The Financial Times reports that administrators
for collapsed UK brokerage Beaufort Securities have defended
their plans to use customer funds to cover the cost of the
insolvency proceedings, in the face of an angry backlash.

Beaufort was shut by UK regulators in March, just hours before
the US Department of Justice brought criminal charges against the
company for its alleged involvement in securities fraud and money
laundering, the FT recounts.

Accountancy firm PwC, which was appointed as administrator by the
UK's Financial Conduct Authority, has faced mounting criticism
after it said that it could cost as much as GBP100 million to
return the cash and assets held by the company, currently valued
at GBP550 million, to its thousands of private investor clients,
the FT relates.

Some 700 clients with larger portfolios -- of more than
GBP150,000 in cash and assets -- are expected to bear much of the
cost, the FT states.

"In the absence of any other available resources . . . the
overall costs of delivering [returns] to clients has to be shared
appropriately by those to whom the assets belong," the FT quotes
Russell Downs, a joint administrator and partner at PwC, on
April 25, citing legislation introduced in the wake of the
financial crisis.  "I don't think there's an easy alternative but
to carry on with the administration."

PwC has faced anger from Beaufort clients, as well as others
concerned about the wider implications, the FT notes.

On April 25, Lord Lee of Trafford tabled a question in the House
of Lords asking for the exact legal basis of charging Beaufort
customers, the FT relays.

Mr. Downs, as cited by the FT, said that the FCA's special
administration regime, introduced after the collapse of Lehman
Brothers, "makes it pretty clear that the cost of covering the
administration of the client assets can be covered out of those
client assets".

"There's a legal and a practical basis for doing this."

The DoJ is bringing criminal charges against Beaufort and several
individuals -- including two former staffers -- for allegedly
manipulating US penny stocks via "pump-and-dump" schemes and
orchestrating money laundering, the FT discloses.

According to the FT, in formal proposals made public on April 25,
PwC said it had allocated GBP4 million for the insolvency process
so far.

When the process is complete, the costs will include, among other
things, PwC's fees, legal advisers to PwC, and keeping on several
staff from Beaufort to help with the process, the FT says.


MOTHERCARE PLC: Seeks Outside Financing Amid Rescue Efforts
-----------------------------------------------------------
Ben Woods at The Sunday Telegraph reports that high Street
struggler Mothercare is seeking outside financing as it races to
seal a rescue package by the middle of May.

The troubled chain has been working with investment bank
Rothschild to explore alternative financing options beyond its
current lenders, The Sunday Telegraph understands.

Accountancy giant KPMG is handling separate discussions with HSBC
and Barclays over Mothercare's existing debt, The Sunday
Telegraph discloses.

The retailer, which wants to have new funding in place by its
full-year results on May 17, has said talks with lenders have
been "constructive", The Sunday Telegraph relates.

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.


MOY PARK: S&P Places 'B' Issuer Credit Rating on Watch Developing
-----------------------------------------------------------------
S&P Global Ratings said that it placed its 'B' long-term issuer
credit rating on U.K.-based poultry producer Moy Park Holdings
Europe on CreditWatch with developing implications.

S&P said, "The CreditWatch placement reflects that we could raise
or lower our rating on Moy Park in the next three months
depending on JBS' ability to refinance its short-term debt and
improve liquidity. If JBS refinances its maturing bank facilities
in the near term we could upgrade both JBS and Pilgrim's Pride
Corp. (PPC), and by extension Moy Park.

"We have not placed our issue rating on Moy Park's senior
unsecured debt on CreditWatch developing as we expect this debt
to be fully repaid within the next three months following the
recent tender offer that was made to bondholders.

"We still view JBS as the ultimate owner of the group given its
over 75% shareholding interest in Moy Park's direct owner, PPC.
An affirmation or upgrade would be supported by our expectation
that JBS will maintain strong operations and demonstrate a
sustainable deleveraging trend, in part because of PPC's still
favorable operating outlook.

"We could, however, lower both our ratings on JBS and PPC if JBS
is not able to refinance on satisfactory terms, leaving it with a
deteriorating liquidity position.

"Although less likely than a successful refinancing, we believe
weaker liquidity at JBS could pressure the ratings and, in turn,
the ratings on PPC and Moy Park. We believe that any negative
development pertaining to the ongoing corruption investigations
into JBS' owners or other potential contingent liabilities could
impair banks' willingness to refinance JBS' debt, pressuring it
to seek other sources of liquidity.

"We currently cap our rating on Moy Park at the level of the
ultimate parent, JBS. The group is now a fully consolidated
subsidiary of PPC and, as such, cannot be rated higher than its
parent despite its strong debt protection metrics. Moy Park
recorded S&P Global Ratings-adjusted debt to EBITDA comfortably
at about 2.6x and EBITDA interest coverage of about 5.7x in 2017,
and we expect these metrics to remain below 3.0x and about 6.0x,
respectively, in 2018 and 2019.

"We could either raise, lower, or affirm the ratings on Moy Park,
depending on the degree to which the group's ultimate owner, JBS,
is able to fully refinance its large amount of upcoming bank debt
maturities."


ORIGINAL FACTORY: Stores Face Closures Under Rescue Package
-----------------------------------------------------------
Ben Marlow at The Telegraph reports that the backers of The
Original Factory Shop, one of the country's largest bargain
chains, are stitching together a rescue package that will see it
receive a one-off cash injection and ditch a chunk of its
portfolio of stores.

According to The Telegraph, the retailer wants to trim its estate
of 220 stores and negotiate cheaper rents on the rest.  Private
equity owner Duke Street Capital will also pump in about GBP10
million as part of the turnaround plan, The Telegraph discloses.

Last year, it reported a slight rise in turnover from GBP185
million to GBP190 million, The Telegraph relays.

However, profits took a hit from a number of one-off items
including GBP3.1 million from stock impairment, The Telegraph
states.  Duke Street backed a GBP68 million management buy-out of
the retailer in 2007, The Telegraph recounts.

According to The Telegraph, a source close to the company said:
"They are looking at a range of options for the business,
including raising new capital for growth.  No decision has been
made as to the direction this will all take."

Based in Burnley, the Original Factory Shop is a chain of
discount department stores that sells a wide range of goods
including clothing, footwear, electrical and household goods,
gardening tools and toys.


POUNDWORLD: 100 Stores to Face Closure Under Restructuring Plan
---------------------------------------------------------------
Angus Howarth at The Scotsman reports that discount chain
Poundworld is pursuing a restructuring plan that could see it
shut around a third of its stores, putting more than 1,500 jobs
in doubt.

According to The Scotsman, Poundworld is considering a so-called
Company Voluntary Arrangement (CVA), an insolvency procedure
which would allow it to slash its rents and close stores.

Under the plans, Poundworld could close 100 of its 355 stores,
The Scotsman discloses.

Poundworld, which is owned by private equity firm TPG Capital, is
expected to announce the terms of the CVA next month, The
Scotsman states.  Landlords will then vote on whether to approve
the proposal, The Scotsman notes.


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


* BOND PRICING: For the Week April 23 to April 27, 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 * * *