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

                           E U R O P E

            Monday, May 7, 2018, Vol. 19, No. 089


                            Headlines


E S T O N I A

ODYSSEY EUROPE: Moody's Assigns B2 CFR, Outlook Stable
ODYSSEY EUROPE: S&P Assigns Preliminary 'B' ICR, Outlook Stable


I R E L A N D

BILBAO CLO I: Moody's Assigns (P)Ba2 Rating to Class D Notes
BILBAO CLO I: Fitch Assigns 'B-(EXP)' Rating to Class D Notes
FROSN-2018: Fitch Rates Class E Notes 'BB-sf', Outlook Stable


I T A L Y

BPER BANCA: Fitch Affirms 'BB' IDR, Alters Outlook to Pos.
LATINO ITALY: Moody's Assigns First-Time B1 CFR, Outlook Stable
LATINO ITALY: Fitch Assigns B+(EXP) Long-Term IDR, Outlook Stable
SIENA LEASE 2016-2: Moody's Raises Rating on Class D Notes to B2


N E T H E R L A N D S

GROSVENOR CLO 2015-1: Moody's Assigns B2 Rating to Cl. E-R Notes
GROSVENOR CLO 2015-1: Fitch Rates Class E-R Notes 'B-sf'


P O L A N D

BALTICSERVIS SP ZOO: Files for Bankruptcy in Szczecin
PROCHNIK SA: Management Opts to File Bankruptcy Motion


S P A I N

ALDESA AGRUPACION: Fitch Rates Proposed EUR300M Notes 'B(EXP)'
GRUPO ALDESA: Moody's Rates Proposed Notes 'B2' & Affirms B2 CFR


T U R K E Y

TURKEY: S&P Cuts Sovereign Credit Ratings to 'BB-/B'


U N I T E D   K I N G D O M

CALVETRON: Enters Administration, 1,408 Jobs at Risk
CAMBRIDGE ANALYTICA: Probe to Continue Despite Bankruptcy Filing
CEVA GROUP: Moody's Reviews Caa2 CFR for Upgrade
DRAX FINCO: Fitch Rates USD300MM Senior Secured Notes 'BB+'
GRAINGER PLC: Fitch Affirms Then Withdraws BB+ IDR

HOUSE OF FRASER: In Talks with Pensions Regulator
HOUSE OF FRASER: Sports Direct Launches Legal Action
MERLIN ENTERTAINMENTS: Moody's Rates Proposed Sr. Notes 'Ba2'
MERLIN ENTERTAINMENTS: S&P Affirms 'BB' Sr. Unsecured Debt Rating
NEMUS II: Fitch Lowers Rating on Class E Notes to 'CCsf'

STRATTON MORTGAGE: Moody's Assigns Ca Rating to Class X Notes


X X X X X X X X

* BOND PRICING: For the Week April 30 to May 4, 2018


                            *********



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E S T O N I A
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ODYSSEY EUROPE: Moody's Assigns B2 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service has assigned a B2 Corporate Family
rating (CFR) and B2-PD Probability of Default Rating (PDR) to
Odyssey Europe Holdco S.a.r.l. Concurrently, Moody's has assigned
B2 instrument ratings to the proposed EUR200 million senior
secured notes. The outlook for the ratings is stable.

Odyssey Europe Holdco S.a.r.l. is the holding company of Olympic
Entertainment Group -- a leading gaming operator in the Baltic
Region -- and the topco entity of the new restricted group. This
is the first time that Moody's has assigned ratings to Olympic.

On April 4, 2018, the private equity sponsor Novalpina Capital
launched a voluntary take-over offer (VTO) to take Olympic
private via for a total equity value of EUR288 million. With 64%
of shares from two major shareholders' stake sale and through
open market purchases, Novalpina will hold sufficient shares to
delist the company and will potentially achieve 100% ownership
through the squeeze-out of minorities if shares tendered through
the VTO reach 90%. The transaction is expected to close on 10 May
2018.

The transaction will be financed with EUR90 million of sponsor
equity, EUR200 million of senior secured notes and a partly drawn
EUR25million revolving credit facility (RCF) which is unrated.
Following completion of the transaction upstream guarantees will
be provided by entities representing approximately 82% of company
adj. EBITDA.

Pro forma for the announced new capital structure and based on
results for FY2017, Moody's adjusted gross leverage is c.4.2 x,
and Moody's does not expect leverage to change materially in the
next 12-18 months.

RATINGS RATIONALE

Olympic's B2 rating with a stable outlook is supported by (i)
leading positions in its core markets with c. 35% market share of
combined gross gaming revenue (GGR) in the Baltic States, with
barriers to entry due to strong brand recognition, local
knowledge and a fixed tax base which creates operating leverage;
(ii) stable revenue due to the low bet high volume nature of
primary operating segments (tables and gaming machines), high
margin and cash generative nature due to low gaming and corporate
taxes; (iii) positive macroeconomic environment expected in its
key markets going forward, and; (iv) the company's well invested
asset base with flagship casinos that will not require major
capex over the next few years.

The B2 rating is constrained by the company's (i) relatively
small scale and geographic concentration in the Baltic region
where it is a strong player with limited scope for further
penetration; (ii) exposure to the risks of evolving regulation,
particularly license renewal and potential tax increases,
although the core market is currently stable and there are no
apparent triggers for immediate or adverse reform; (iii)
profitable diversification into other European markets is
challenging due to more severe regulatory environments and other
barriers to entry, however Moody's notes that the company's
Italian operation generates positive cash flow, and; (iv) very
moderate deleveraging profile going forward.

Liquidity Profile

Moody's considers Olympic's liquidity to be good based on a cash
balance of EUR58.5 million at the end of 2017, a certain level of
capex flexibility, and a EUR25 million revolving credit facility
of which around EUR11.2 million will be available as a liquidity
backstop. Supporting liquidity through the projection period is
the maturity profile of the RCF and the proposed notes (4.5 years
and 5 years respectively). The RCF contains a leverage covenant
which Moody's considers highly unlikely to be breached in the
near term.

Structural considerations

Olympic's pro forma debt capital structure comprises EUR200
million senior secured notes and a super senior EUR25 million RCF
(unrated). The B2-PD PDR is at the same level as the CFR,
reflecting the use of a 50% recovery rate as is typical for
transactions including bonds and bank debt with minimal financial
covenants. Whilst the super senior RCF ranks ahead of the notes
in terms of receipt of enforcement proceeds, due to the RCF's
relatively small size the proposed senior secured notes carry the
same B2 rating as the CFR.

Rating outlook

The stable outlook assumes that the company will maintain its
current scale and adopt a conservative financial policy with no
major debt-funded acquisitions or shareholder distributions. It
also assumes that there will be no materially adverse regulatory
changes such as tax increases or loss of licences.

WHAT COULD CHANGE THE RATING UP/DOWN

Whilst unlikely in the near term, upward pressure on the rating
could occur over time after the company has established a track
record as a private equity owned business, achieved a reduction
in Moody's adjusted leverage to below 3.5x on a sustainable basis
and free cash flow consistently above 10% of Moody's adjusted
debt whilst maintaining a good liquidity profile.

Downward pressure on the rating could occur if the conditions for
a stable outlook were not met, adjusted leverage increased
sustainably to or above 5x, or if liquidity deteriorated.

PRINCIPAL METHODOLOGY

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

CORPORATE PROFILE

Headquartered in Tallinn, Estonia, Olympic Entertainment Group is
a Pan-European gaming group with leading positions in Estonia,
Latvia and Lithuania and operations in Slovakia, Italy and Malta.
It operates flagship casinos in almost all its markets as well as
arcade locations. In total it operates 115 fully licensed casinos
and 27 betting shops with a broad portfolio of slot machines and
electronic roulette terminals, gaming tables such as blackjack,
poker and roulette, tournament poker gaming tables and sports
betting. The company also operates fully licensed sports betting
shops in Lithuania and has a multi-channel presence in the
Baltics with an online offering providing various casino games,
poker and sports betting since 2010.

Olympic generated EUR215 million of Revenue before Gaming Taxes
and company adj. EBITDA of EUR49 million (28% margin). At present
the company is listed on the Nasdaq Tallinn Stock Exchange with a
market cap of EUR288 million.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: Odyssey Europe Holdco S.a.r.l.

LT Corporate Family Rating, Assigned B2

Probability of Default Rating, Assigned B2-PD

Senior Secured Regular Bond/Debenture, Assigned B2

Outlook Actions:

Outlook, Assigned Stable


ODYSSEY EUROPE: S&P Assigns Preliminary 'B' ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' issuer credit
rating to Estonia-based Odyssey Europe Holdco S.a.r.l. (Olympic
Entertainment Group AS). The outlook is stable.

At the same time, S&P assigned its preliminary 'B' issue ratings
to the proposed EUR200 million senior secured notes.

S&P said, "The final issuer and issue ratings will depend upon
our receipt and satisfactory review of all final issuance
documentation. Accordingly, the preliminary ratings should not be
construed as evidence of the final ratings. If S&P Global Ratings
does not receive final documentation within a reasonable time
frame, or if final documentation departs from materials reviewed,
it reserves the right to withdraw or revise its ratings.

"Our preliminary ratings on Olympic reflect the company's higher
exposure to high-impact adverse changes (for example, economic,
political, regulatory, or sector trends) given its relatively
small scale of revenues and EBITDA in comparison to peers, its
limited product diversification, and its financial-sponsor
ownership." The business constraints are offset by the company's
leading positions in its core markets (the Baltics), which
represent around 90% of total EBITDA, significant barriers to
entry given the relatively high initial investment for casino
openings, and an operation which is well diversified
geographically.

Olympic currently holds the No. 1 position in Estonia and
Lithuania and No. 2 position in Latvia by land-based gross gaming
revenue (GGR) market share and has a strong brand recognition in
all three countries. In terms of market share, the company has a
61% land-based market share in Estonia, 27% in Lithuania, and 30%
in Latvia. Olympic also benefits from significant barriers to
entry in the Baltics as it becomes difficult for smaller
competitors to enter the market given the fixed gaming tax
expenses that result in very low margins for smaller casino
operators.

Apart from these markets, the company has a presence in another
three countries; Italy (14% of total 2017 revenues), Slovakia
(8%), and Malta (7%). In the highly competitive and fragmented
Italian market, Olympic operates 14 video lottery terminal (VLT)
gaming halls that have a total of 523 slot machines, and it is
currently applying for an online license. In Slovakia, Olympic
operates six casinos and it holds the No. 1 position by casino
GGR market share. S&P said, "However, because of a change in
regulation in the city of Bratislava, which is expected to
prohibit gaming from 2019 onward (subject to court ruling) we
believe that the company might close its casinos in this region.
In Malta, Olympic enjoys the No. 2 position by GGR market share
with its one single casino opened in December 2015 and is
expected to generate EUR2 million of EBITDA by 2018. We view the
geographical diversification as supportive of the business risk,
as it helps the company decrease its exposure to adverse
regulatory changes in one specific market (as seen in Slovakia,
for example)."

S&P said, "We continue to see regulation as one of the main risks
for companies that operate in this industry. We acknowledge that
the regulatory environment in the Baltic region has historically
been more favorable and stable than other European countries,
with a largely fixed flat tax per gaming machine and limited
taxation changes. The flat tax per machine provides Olympic with
a significant advantage, given the higher revenue per machine
generated compared with competitors in the Baltics. However, we
believe that the risk of future adverse regulatory changes cannot
be neglected for any of these regions or any market where the
company operates. As a result of its small scale of operations,
Olympic is more vulnerable to high-impact adverse external
changes such as regulation, politics, or sector trends than other
globally rated companies that generate significantly higher
EBITDA and cash flow base, in our view."

Olympic's product offering is quite limited, deriving around 85%
of revenues from land-based gaming, primarily table and slot
revenues within the casinos, and 5% from online gaming. The
company does provide a variety of ancillary services like
cocktail and sport bars, restaurants, and a hotel, which
represent around 10% of total revenues. However, S&P believes
that these ancillary revenues are strongly linked to the
performance of the casinos.

Olympic has had a presence in the online segment since 2010, but
has been facing intense competition from many other online
players. The competitive landscape is more concentrated in Latvia
than in Estonia, where there are four large players. The
addressable market size for online gaming is increasing in the
Baltic regions, but its contribution to Olympic's revenue and
EBITDA remains quite meagre. Because of the volatility and
intense competition not only in the online but also in the
offline market, Olympic must spend higher amounts on promotion to
maintain its leading positions and further increase its market
share, which currently constrains our business risk assessment.

The company leases all its venues, which means its fixed costs,
at around 62% of total costs, are higher than those of other
rated peers. Nevertheless, the company's reported EBITDA margins
(based on net revenues before gaming taxes) are strong at
approximately 22%, thanks to the lower taxation and license fees
in the main operating countries.

S&P said, "We do not forecast in our base case that Olympic will
pursue any acquisitions or casino openings over the next two to
three years. We assume that it will grow organically, propelled
by a greater number of visits and spend per visit. In our base
case, we assume the discontinuance of the operations in Slovakia,
which were expected to generate around EUR10.2 million of net
sales and EUR1.9 million of EBITDA in 2018. As a result of these
casino closures, we forecast a decrease in revenues (net revenues
before gaming taxes) of around 2% in 2018 to about EUR210 million
and reported EBITDA of around 3% to around EUR46 million. We
expect EBITDA margin to be around 22% in fiscal year 2018 (versus
22.3% in fiscal year 2017), mainly because of the increased
personal expenses in Estonia, Latvia, and Lithuania, coupled with
higher online marketing expenses in the same countries."

After the proposed transaction, Olympic's adjusted debt will be
EUR275 million, which includes the proposed EUR200 million senior
secured notes, the drawn part (EUR13.8 million) of the proposed
EUR25 million super senior revolving credit facility (RCF) and
operating lease obligations of around EUR60 million-EUR65
million. As a result, S&P forecasts a weighted-average adjusted
debt to EBITDA of 4.5x for the next two years.

S&P said, "Our forecast of Olympic's funds from operations (FFO)
to debt at 16.5%-17.0% and free operating cash flows (FOCF) to
debt at around 9.0%-9.5% is supported by our expectation of the
company's strong cash conversion, mainly from 2019 onward,
propelled by limited capital expenditure (capex) consisting of
new slot machines/games expenses and casino renovation costs. We
expect working capital needs to be very limited. These
assumptions are in line with the company's track record of strong
cash flow generation, with the exception of fiscal year 2016,
when the company incurred in a significant expansionary capex,
primarily to finance the opening of Hilton Tallinn Park Hotel
(EUR18.2 million).

"The stable outlook reflects our expectation that Olympic will
maintain its leverage at around 4.7x for the next 12 months,
while continuing to generate positive FOCF.

"The stable outlook also reflects our expectation of a continued
commitment from the financial sponsors to maintain a financial
policy that supports moderate deleveraging through EBITDA growth,
along with adequate liquidity.

"We could lower the rating over the next 12 months if the company
reported revenues materially below our base-case forecast, with
an EBITDA margin below 20%, such that adjusted leverage increases
above 6.5x or FOCF to debt turns negative. This could occur if
any unexpected regulatory changes in the main operating countries
result in closures of casinos, or if potential taxation increases
materially deteriorate the company's profitability. It could also
occur if the company incurred in debt-financed acquisitions or if
capex was materially higher than expected, leading to negative
FOCF generation.

"We could also lower the rating if we saw evidence of a more
aggressive financial policy leading to a sustained weakening of
Olympic's credit metrics, for example, through distribution of
significant dividends.

"We see a rating upgrade as unlikely in the next 12 months, given
our expectation that leverage will remain above 4.5x, and the
lack of a track record on the financial sponsor and its long-term
financial policy.

"However, we could consider a positive rating action once the
financial sponsor has a longer track record and we have a clear
view on its commitment to maintain a financial policy that
supports lower leverage. In this case, we could raise the rating
if Olympic manages to significantly increase revenues and EBITDA
base without incurring material additional debt or if the company
pays down debt, leading to an adjusted debt to EBITDA at 4.0x-
4.5x on a sustainable basis. We believe that the operating
outperformance could happen if there were a higher-than-expected
number of casino openings, resulting in a significant increase of
scale and gain in market share."



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BILBAO CLO I: Moody's Assigns (P)Ba2 Rating to Class D Notes
------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Bilbao CLO
I Designated Activity Company:

EUR2,000,000 Class X Senior Secured Floating Rate Notes due 2031,
Assigned (P)Aaa (sf)

EUR206,000,000 Class A-1A Senior Secured Floating Rate Notes due
2031, Assigned (P)Aaa (sf)

EUR30,000,000 Class A-1B Senior Secured Fixed Rate Notes due
2031, Assigned (P)Aaa (sf)

EUR9,000,000 Class A-1C Senior Secured Floating Rate Notes due
2031, Assigned (P)Aaa (sf)

EUR28,500,000 Class A-2A Senior Secured Floating Rate Notes due
2031, Assigned (P)Aa2 (sf)

EUR10,000,000 Class A-2B Senior Secured Fixed Rate Notes due
2031, Assigned (P)Aa2 (sf)

EUR27,000,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)A2 (sf)

EUR21,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)Baa2 (sf)

EUR28,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)Ba2 (sf)

EUR12,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)B2 (sf)

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

RATINGS RATIONALE

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

Bilbao CLO I is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans and senior secured
floating rate notes and up to 10% of the portfolio may consist of
unsecured loans, second-lien loans, mezzanine obligations and
high yield bonds. The portfolio is expected to be approximately
60-70% ramped up as of the closing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe.

Guggenheim 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 and a quater-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 ten classes of notes rated by Moody's, will include a junior
(P)Aaa(sf) tranche, the Class A-1C which will be subordinated to
the Class X, Class A-1A and A-1B, the senior (P)Aaa(sf) tranches
in both the interest and principal priorities of payment. In
addition to the rated notes, the Issuer will issue EUR 38.2 m of
subordinated notes, which will not be rated.

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

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. Guggenheim'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. As such, Moody's
encompasses the assessment of stressed scenarios.

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

Par amount: EUR400,000,000

Diversity Score: 37

Weighted Average Rating Factor (WARF): 2770

Weighted Average Spread (WAS): 3.30%

Weighted Average Coupon: 3.75%

Weighted Average Recovery Rate (WARR): 43.6%

Weighted Average Life (WAL): 8.5 years

Moody's has analysed the potential impact associated with
sovereign related risk of peripheral European countries. As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling (LCC) of A1 or below. As per the portfolio constraints,
exposures to countries with a LCC of A1 or below cannot exceed
10%, with exposures to countries with a LCC of below A3 further
limited to 5%. Given the current composition of qualifying
countries, Moody's has assumed a maximum 5% of the pool would be
domiciled in countries with LCC of Baa1 to Baa3. The remainder of
the pool will be domiciled in countries which currently have a
LCC of Aa3 and above. Given this portfolio composition, the model
was run with different target par amounts depending on the target
rating of each class of notes as further described in the
methodology. The portfolio haircuts are a function of the
exposure size to peripheral countries and the target ratings of
the rated notes and amount to 0.375% for the Class X and A-1
notes, 0.25% for the Class A-2 notes, 0.1875% for the Class B
notes and 0% for Classes C, D and E.

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3186 from 2770)

Ratings Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

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

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

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

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

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

Class B Senior Secured Deferrable Floating Rate Notes: -2

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -1

Class E Senior Secured Deferrable Floating Rate Notes: -1

Percentage Change in WARF: WARF +30% (to 3601 from 2770)

Class X Senior Secured Floating Rate Notes: 0

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

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

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

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

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

Class B Senior Secured Deferrable Floating Rate Notes: -4

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -3



BILBAO CLO I: Fitch Assigns 'B-(EXP)' Rating to Class D Notes
-------------------------------------------------------------
Fitch Ratings has assigned Bilbao CLO I DAC notes expected
ratings, as follows:

EUR2 million Class X: 'AAA(EXP)sf'; Outlook Stable

EUR206 million Class A-1A: 'AAA(EXP)sf'; Outlook Stable

EUR30 million Class A-1B: 'AAA(EXP)sf'; Outlook Stable

EUR9 million Class A-1C: 'AAA(EXP)sf'; Outlook Stable

EUR28.5 million Class A-2A: 'AA(EXP)sf'; Outlook Stable

EUR10 million Class A-2B: 'AA(EXP)sf'; Outlook Stable

EUR27 million Class B: 'A(EXP)sf'; Outlook Stable

EUR21 million Class C: 'BBB-(EXP)sf'; Outlook Stable

EUR28.5 million Class D: 'BB(EXP)sf'; Outlook Stable

EUR12 million Class E: 'B-(EXP)sf'; Outlook Stable

EUR38.2 million subordinated notes: not rated

Bilbao CLO I DAC is a cash flow collateralised loan obligation
(CLO). Net proceeds from the issuance of the notes will be used
to purchase a EUR400 million portfolio of mostly European
leveraged loans and bonds. The portfolio is actively managed by
Guggenheim Partners Europe Limited. The CLO envisages an
approximately 4.25-year reinvestment period and an 8.5-year
weighted average life (WAL).

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

KEY RATING DRIVERS

'B+/B' Portfolio Credit Quality: Fitch considers the average
credit quality of obligors to be in the 'B+'/'B' range. The
Fitch-weighted average rating factor (WARF) of the current
portfolio is 31.2 versus a maximum covenant of 34.

High Recovery Expectations: At least 96% of the portfolio
comprises 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 (WARR) of the current portfolio is 68.8% versus a
minimum covenant of 65.2%.

Diversified Asset Portfolio
For the analysis, Fitch created a stress portfolio based on the
transaction's portfolio profile tests and collateral quality
tests. These included a top 10 obligor at 20% limit, 8.5 year
weighted average life, top industry limit at 17.5% with top three
industries at 40%, and maximum 'CCC' bucket at 7.5%.

Limited Interest Rate Exposure
Up to 10% of the portfolio can be invested in fixed-rate assets,
while fixed-rate liabilities represent 10% of the target par.
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.

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.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO RULE 17G-10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

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.


FROSN-2018: Fitch Rates Class E Notes 'BB-sf', Outlook Stable
-------------------------------------------------------------
Fitch Ratings has assigned FROSN-2018 DAC's notes final ratings
as follows:

EUR16.7 million class RFN: 'AAAsf'; Outlook Stable
EUR250.9 million class A1: 'AAAsf'; Outlook Stable
EUR0.3 million class X: not rated
EUR42.5 million class A2: 'AA+sf'; Outlook Stable
EUR23.2 million class B: 'AAsf'; Outlook Stable
EUR54.0 million class C: 'Asf'; Outlook Stable
EUR84.9 million class D: 'BBBsf'; Outlook Stable
EUR58.4 million class E: 'BB-sf'; Outlook Stable

The notes finance 87.9% of a EUR577 million commercial real
estate loan to entities related to Blackstone Real Estate
Partners advanced by Citibank, N.A., London Branch and Morgan
Stanley Principal Funding, Inc. as well as 47.5% of a EUR13.9
million capital expenditure loan. The remaining financing is
retained by the originators as vertical issuer debt. The RFN
notes and corresponding portion of the VRR loan finance the
liquidity reserve.

The loan is backed by a portfolio of 63 mainly office and retail
properties located primarily in the Helsinki Metropolitan Area
and Tampere, Finland.

KEY RATING DRIVERS
Granular Portfolio: The portfolio consists of 63 mostly secondary
quality office and retail assets located across Finland, with a
concentration around Helsinki and Tampere, the two most
prosperous regions. Tenant concentration is moderate, and most
assets are multi-let. Fitch considers the portfolio a fairly
representative cross-sector of Finnish commercial real estate.

Mixed Quality, Some Vacancy: The larger properties include the
highest quality assets, but also have a greater share of the
portfolio's overall vacancy, which at 30% is relatively high for
EMEA CMBS 2.0. Many of the smaller assets are dated, but serve
local tenant demand.

Pro-Rata Principal Pay: Property release amounts repay the class
A, B, C, D and E noteholders pro rata, exposing creditors to
adverse selection and rising concentration. This is mitigated by
a release premium (10%, rising to 15%) and allocated loan amounts
designed to be risk weighted.

Mezzanine Purchase Option: The mezzanine lender holds an option
to purchase the senior loan (exercisable within 15 business days
upon various purchase events, commencing at loan default), which,
if barely covered by market value, could deter bidding. The class
E notes' rating is a notch lower than the model-implied rating to
account for a minimum equity cushion.

Limited Liquidity Protection: The class RFN, A1, A2 and B notes
benefit from liquidity protection provided by a reserve funded at
closing. The reserve will amortise in line with the balance of
these four senior notes. Unusually, no liquidity will be provided
for junior notes, even if they become senior (interest will
remain deferrable for the class B to E notes). Due to the risk of
interest deferral (compounded by the borrower account bank not
meeting Fitch's counterparty criteria) the class C notes and
below are capped at the 'Asf' category.

KEY PROPERTY ASSUMPTIONS (all by market value)
'BBsf' WA cap rate: 7.1%
'BBsf' WA structural vacancy: 19%
'BBsf' WA rental value decline: 5.3%

'BBBsf' WA cap rate: 7.6%
'BBBsf' WA structural vacancy: 21.2%
'BBBsf' WA rental value decline: 8.5%

'Asf' WA cap rate: 8.2%
'Asf' WA structural vacancy: 23.2%
'Asf' WA rental value decline: 13.9%

'AAsf' WA cap rate: 8.7%
'AAsf' WA structural vacancy: 25.5%
'AAsf' WA rental value decline: 17.4%

'AAAsf' WA cap rate: 9.3%
'AAAsf' WA structural vacancy: 29.3%
'AAAsf' WA rental value decline: 21.3%

RATING SENSITIVITIES
The change in model output that would apply if the capitalisation
rate assumption for each property is increased by a relative
amount is as follows:

Current rating: class A1/A2/B/C/D/E:
AAAsf/AA+sf/AAsf/Asf/BBBsf/BB-sf

Increase capitalisation rates by 10%: class A1/A2/B/C/D/E:
AA+sf/AA-sf/A+sf/A-sf/BB+sf/B+sf

Increase capitalisation rates by 20%: class A1/A2/B/C/D/E:
AAsf/A+sf/Asf/BBBsf/BBsf/B-sf

The change in model output that would apply if the rental value
decline (RVD) and vacancy assumption for each property is
increased by a relative amount is as follows:

Increase RVD and vacancy by 10%: class A1/A2/B/C/D/E:
AA+sf/AAsf/AA-sf/A-sf/BBB-sf/BB-sf

Increase RVD and vacancy by 20%: class A1/A2/B/C/D/E: AA+sf/AA-
sf/A+sf/A-sf/BBB-sf/BB-sf

The change in model output that would apply if the capitalisation
rate, RVD and vacancy assumptions for each property is increased
by a relative amount is as follows:

Increase in all factors by 10%: class A1/A2/B/C/D/E:
AAsf/A+sf/Asf/BBB+sf/BBsf/Bsf

Increase in all factors by 20%: class A1/A2/B/C/D/E: A+sf/A-
sf/BBB+sf/BBB-sf/B+sf/CCCsf

DUE DILIGENCE USAGE
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY
Fitch reviewed the results of a third party assessment conducted
on the asset portfolio information, and concluded that there were
no findings that affected the rating analysis.

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.


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


BPER BANCA: Fitch Affirms 'BB' IDR, Alters Outlook to Pos.
----------------------------------------------------------
Fitch Ratings has revised the Outlook on BPER Banca S.p.A.'s
(BPER) Long-Term Issuer Default Rating (IDR) to Positive from
Stable and affirmed the IDR at 'BB'. Fitch has also affirmed the
Viability Rating (VR) at 'bb'.

KEY RATING DRIVERS
IDRS, VR AND SENIOR DEBT
BPER's ratings reflect its sound second-tier multi-regional
franchise in Italy, a sufficiently diversified and relatively
stable business model, adequate funding and liquidity profile and
management's commitment to materially reduce its large stock of
impaired loans. This large stock of legacy problem assets results
in BPER having weak asset quality metrics, albeit improving, and
high capital encumbrance to unreserved impaired loans. Fitch
views both of these factors as having a high influence on BPER's
ratings.

The revision of the Outlook to Positive reflects Fitch's
expectation that the bank's overall financial profile will
benefit from a planned material asset quality clean-up over the
next 18 to 24 months.

BPER's asset quality metrics are gradually improving helped by
Italy's economic recovery as well as more effective credit
controls. In Fitch's assessment of asset quality, Fitch sees
limited execution risks from the bank's planned securitisations
of nearly 30% of impaired loans in 2018. This should materially
reduce its impaired loan ratio to just above 13% at end-2018 from
19.6% at end-2017, although this will remain high by
international comparison. To support the securitisation deals and
in the context of IFRS9 first-time adoption, BPER will book
nearly EUR1 billion of additional loan impairment charges (LIC)
against equity.

BPER's fully loaded CET1 and Total Capital ratios were maintained
with satisfactory buffers over regulatory minimum requirements at
13.7% and 16.5%, respectively, at end-2017. At the same date,
Fitch Core Capital (FCC) ratio was 15.8%. The impact of the
additional LIC will be fully recognised on the FCC ratio, which
we estimate will decline to a still satisfactory level of around
15%. The approximately 200bp impact on regulatory capital ratios
will be phased in over the next five years. However, in Fitch's
opinion, BPER's capital remains at risk from unreserved impaired
loans, which weigh on the bank's capitalisation (close to 100% of
FCC at end-2017). In Fitch's assessment of capital, Fitch also
estimates that this ratio should reduce significantly to about
70% upon the completion of the asset quality clean-up in 2018.

Fitch expects operating profitability to continue improving
gradually but remain modest, mainly as a result of lower LICs as
asset quality improves. The bank's revenue generation has been
suffering from the prolonged low interest rates and stiff
competition domestically for higher-quality borrowers. This has
been partly offset by good net commission income, which
represented nearly 35% of total revenue in 2017 supported by
growth in fees from asset management and insurance products. The
bank will be challenged to improve cost efficiency.

Funding is adequate and relies largely on a stable customer
deposit base. Wholesale funding is largely in the form of covered
bonds and securitisation. Liquidity is acceptable, with
regulatory ratios consistently above minimums. ECB funding rose
to 13% of total assets in March 2017, following the participation
in the last TLTRO 2 auction targeted to optimise the cost of
funding.

SUPPORT RATING AND SUPPORT RATING FLOOR
The bank's Support Rating and the Support Rating Floor reflect
Fitch's view that senior creditors cannot rely on receiving full
extraordinary support from the sovereign if the bank becomes non-
viable. The EU's Bank Recovery and Resolution Directive and the
Single Resolution Mechanism for eurozone banks provide a
framework for resolving banks that requires senior creditors to
participate in losses, if necessary, instead or ahead of, a bank
receiving sovereign support.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
BPER's subordinated debt is rated one notch below the VR to
reflect the higher loss severity compared with senior debt.

RATING SENSITIVITIES
IDRS, VR AND SENIOR DEBT
BPER's ratings could be upgraded if the impaired loan reduction
proceeds as planned and the bank shows it has good control of new
impaired loan generation, resulting in a reduction of its
capital's vulnerability to unreserved impaired loans. This would
have to be accompanied by maintaining sound capital ratios and
improving operating profitability.

The Outlook could be revised back to Stable if the bank fails to
meet its asset quality clean-up plan. Additionally, a material
weakening of profitability and capital would be rating negative.

SUPPORT RATING AND SUPPORT RATING FLOOR
An upgrade of the SR and upward revision of the SRF would be
contingent on a positive change in the sovereign's propensity to
support the banks. In Fitch's view, this is highly unlikely,
although not impossible.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
Subordinated debt ratings are broadly sensitive to changes in the
VR, from which they are notched. The ratings are also sensitive
to a change in the notes' notching, which could arise if Fitch
changed its assessment of their expected loss severity.

The rating actions are as follows:

BPER
Long-Term IDR: affirmed at 'BB'; Outlook revised to Positive from
Stable
Short-Term IDR: affirmed at 'B'
Viability Rating: affirmed at 'bb'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Long-term senior debt programme ratings: affirmed at 'BB'
Short-term senior debt programme ratings: affirmed at 'B'
Subordinated debt: affirmed at 'BB-'


LATINO ITALY: Moody's Assigns First-Time B1 CFR, Outlook Stable
---------------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating (CFR) and B1-PD probability of default rating (PDR)
to Latino Italy S.p.A., a provider of payment services to banks,
merchants, and cardholders in Italy. Concurrently, Moody's has
assigned a B1 instrument rating to the EUR2,200 million senior
secured notes to be split between fixed and floating rate notes
due in 2023 to be issued by Nexi Capital S.p.A., a subsidiary of
Latino Italy S.p.A. The outlook on the ratings is stable.

Mercury UK Holdco, the parent of Nexi, has initiated a
reorganisation of the group which will lead to the spinning off
of the banking activities from the payment activities. The
banking activities will be grouped under Equinova UK Holdco
Limited (Equinova), a newly created holding company owned by
Mercury UK Holdco, and will be ring-fenced from the payment
activities to fall under Nexi. This reorganisation will also
result in a separation of Mercury UK Holdco's activities from a
regulatory standpoint. Nexi's payment activities will be subject
to the prudential requirements set for electronic money
institutions and for payment institutions while Equinova's
banking activities will be subject to banking supervision and the
associated capital adequacy requirements. The reorganisation is
expected to complete in July 2018.

The proceeds from the EUR2,200 million senior secured notes
alongside those from EUR400 million of privately-placed notes, to
be issued by Nexi Capital S.p.A., will be mainly used to (1)
repay the EUR2,300 million of outstanding notes at Mercury Bondco
plc, of which the first issuance related to the acquisition in
2015 of Mercury UK Holdco by Bain Capital, Advent International,
and Clessidra (the sponsors), (2) pay accrued interest and
prepayment premiums on Mercury Bondco plc's notes, (3) pay
transaction fees, and (4) pay pro-rata dividends or buyback
minority shareholders of the company.

RATINGS RATIONALE

"Nexi's B1 CFR reflects (1) the company's diversified operations
across the payments value chain in Italy with leading market
shares in merchant acquiring, card issuing, point-of-sale (POS)
and ATM management, among others, resulting in the company's high
integration into the payment eco-system, (2) the company's strong
relationship with around 150 partner banks which are both clients
and distributors of its payment solutions to both merchants and
individuals through their large branch network, (3) the high
barriers to entry into the payment processing market in Italy due
to the relatively limited number of players having the scale to
offer cost-effective outsourcing solutions, (4) the good growth
prospects supported by the relatively low penetration of card
transactions in Italy compared to other major European countries,
and (5) the good liquidity position backed by a large super
senior revolving credit facility (RCF), positive free cash flow
(FCF) projected over the medium-term, and different factoring and
overdraft lines to cover the company's co-issuing and settlement
operations", says Sebastien Cieniewski, Moody's lead analyst for
Nexi.

These strengths are nevertheless mitigated by (1) Nexi's high pro
forma adjusted leverage ratio (as adjusted by Moody's mainly for
operating leases and pro forma for the reorganisation and the
raising of the new notes) estimated at 6.9x as of 31 December
2017 although Moody's expects de-leveraging to below 6.0x within
the next 18 months driven by organic growth and the realization
of cost savings and revenue synergies, (2) the concentration of
operations in a single country and the relative concentration of
customers due to the wholesale nature of its issuing and clearing
services which is partly mitigated by the long-term nature of
bank contracts, and (3) the historically acquisitive nature of
the business as demonstrated by Mercury UK Holdco's M&A activity
in 2016 and 2017.

Moody's positively views the fact that Nexi, which generated
EUR951 million of pro forma net operating revenues in 2017, is
the largest payment services provider in Italy holding for
example a 62% market share of payment card transactions in
respect of issuing and co-issuing on a pro forma basis for the
year ended December 31, 2017 (excluding Pago Bancomat) and a 76%
market share in merchant acquiring (by value of Visa and
Mastercard transactions). The company benefits from the
fragmentation of the Italian banking market, with the outsourcing
of issuing and acquiring activities being attractive for
financial institutions lacking the scale of operations to compete
with the country's largest banks. The company enjoys high
barriers to entry due to its high integration within the payment
systems of its bank clients leading to low customer churn and its
large distribution capacity of merchant acquiring and cardholder
services through its partner banks. Nexi operates in a market
with a strong growth potential supported by the relatively low
but growing penetration of card payments which accounted for 21%
of total consumer spending in 2017 compared to close to 60% in
the United Kingdom.

Moody's considers that the company's credit profile is
constrained by its high adjusted leverage at c.6.9x pro forma for
the transaction as of 31 December 2017. However Nexi should
experience de-leveraging driven by organic revenue growth which
will translate into improving margins due to the operating
leverage of the business and the transformation plan implemented
by management and the sponsors. The company estimates that the
transformation plan will deliver an estimated EUR126 million
upside to Nexi's 2017 normalized pro forma EBITDA (as reported by
the company) of EUR368.7 million over the next 2 years through
the implementation of cost savings, the realization of post-
merger synergies from recent acquisitions, and the positive
impact from initiatives in the areas of innovation and customer
value management. Moody's believes that while it is difficult to
predict the success of such an extensive transformation plan,
even a partial realization of these initiatives will contribute
to Nexi reducing its adjusted gross leverage to below 6.0x over
the next 18 months.

Nexi benefits from a good liquidity position supported by (1) a
EUR124 million cash balance pro forma for the transaction, (2) an
undrawn EUR325 million super senior RCF pro forma for the
transaction as of 31 December 2017, and (3) positive FCF
generation at above 5% as a percentage of total adjusted debt.
FCF will be constrained at low single-digit rates in 2018
negatively impacted by significant costs related to the
implementation of the transformation plan and high capex spend.
Nexi experiences a significant volatility in working capital
needs. In addition to a requirement to fund differences in timing
of settlement between counterparties in the merchant acquiring
business, the company also funds customer receivables on behalf
of its co-issuer banks. Nexi has thus dedicated clearing and
overdraft facilities to cover these needs with a largely non-
recourse factoring line of up to EUR3,000 million to cover
funding needs of the issuing business which averaged at EUR1,800
million and peaked at c.EUR2,600 million in 2017.

The senior secured notes and the privately-placed notes will rank
pari passu and will benefit from a guarantee from Nexi and from a
pledge over the shares, intercompany receivables and material
bank accounts of Nexi Capital S.p.A. and Nexi as well as the
latter's shares in its material subsidiaries. The super senior
RCF will benefit from the same security package but will rank
ahead of the notes in an enforcement scenario under the
provisions of the intercreditor agreement. The senior secured
notes are rated B1, at the same level as the CFR, reflecting the
relatively small amount of super senior RCF and trade payables
ranking ahead.

The stable outlook incorporates Moody's view that Nexi will
likely experience revenue and EBITDA growth that will support the
group's rapid de-leveraging from an elevated level as of the
closing of the transaction.

WHAT COULD CHANGE THE RATING UP/DOWN

While unlikely in the short-term, upwards pressure could arise if
(1) Nexi maintains a high level of organic growth at above 5% per
annum while delivering a significant EBITDA margin improvement
due to the successful implementation of the transformation plan,
(2) adjusted gross leverage decreases to below 5.5x on a
sustainable basis, and (3) adjusted FCF-to-debt increases towards
high single-digit rates, and (4) the company maintains a good
liquidity position and does not perform large debt-funded
acquisitions. On the other hand, negative pressure on the rating
could arise if (1) Nexi experiences the loss of large customer
contracts or increased churn in merchant acquiring due to
increased competition, (2) adjusted gross leverage is maintained
at above 6.5x on a sustainable basis due to debt-funded
acquisitions or the inability to deliver on the transformation
plan, or (3) liquidity deteriorates or FCF/debt is maintained at
low-single digit rates as a percentage of debt.

COMPANY PROFILE

Headquartered in Milan, Italy, Nexi is the leading provider of
payment solutions in its domestic market, including card issuing,
merchant acquiring, POS and ATM management and other technology-
driven services to financial institutions, individual
cardholders, and corporate clients.

PRINCIPAL METHODOLOGY

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


LATINO ITALY: Fitch Assigns B+(EXP) Long-Term IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has assigned Latino Italy S.p.A. an expected Long-
Term Issuer Default Rating (IDR) of 'B+(EXP)' with a Stable
Outlook. In addition, Fitch has assigned an expected 'BB-(EXP)'
rating with Recovery Rating 'RR3'/57% to the senior secured notes
issued by Nexi Capital S.p.A. The latter is envisaged to merge
with Latino Italy S.p.A. once the reorganisation of the group is
finalised.

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

KEY RATING DRIVERS

Market Leader; Diversified Business:  Nexi is the leading player
in the Italian credit card and digital payments value chain,
providing mainly card issuance and merchant-acquiring solutions,
alongside digital payment services. As the financial sponsor
ownership and management transition the company into a
corporation with payment institution regulation from a licensed
bank holding company, the core business model remains
characterised by a business-to-business approach focused on the
value enhancement of partner banks.

High Barriers to Entry: Nexi's network covers approximately 76%
of Italian customer spending processed through Visa and
Mastercard in Italy, where the key competitor is SIA. Nexi's
longstanding bank relationships and the close ties between
merchants and their domestic banks translate into a high barrier
to entry for potential new market entrants.

Growing Digital Payments Adoption: Nexi's operating environment
reflects a diversified, high value-added Italian economy with a
banking sector and consumer payments culture in transition. The
country remains the fourth-largest market in Europe in consumer
spending with a slow electronic payment adoption, resulting in
Italy's lower card usage for digital transactions than in other
western European countries with more digitally advanced banking
systems. However, digital transactions have grown due to higher
use by younger generations, expansion of e-commerce, and improved
process safety. Fitch expects a secular trend of further
adoption, mainly driven by an increasing number of acquired
merchants, potentially followed by a growing adoption of
diversified digitally advanced solutions.

Few Players: Nexi is the largest Italian payment provider with
exposure across the whole payment value chain with the exception
of network services and ranks number one in all active business
segments, followed by nearest competitor SIA. Its contractual
arrangements with partner banks are anchored by long-term
relationships and a high rate of customer retention. The
competitive landscape is known for high barriers to entry,
represented by an IT infrastructure suitable to cover the whole
product spectrum across Italy, while requiring constant
innovation within the offered services and limited appetite among
banks and merchants to incur switching costs.

High Leverage: With an estimated pro-forma funds from operations
(FFO)-adjusted gross leverage of 7.6x and net leverage of 6.5x,
Nexi is more leveraged than non-financial sponsor-owned peers;
however, this is not a primary leveraged buyout financing since
it was acquired as a financial institution entity in 2015. High
operating margins and declining capital expenditure support
deleveraging capacity through the cycle.

DERIVATION SUMMARY

Nexi is well-positioned in the growing Italian payment services
market occupying a leading position, due to its longstanding
relationships with key partner banks. These relationships,
together with high switching costs for merchants and banks to
potential competitors, translate into high barriers to entry.
Following its consolidation with several acquired entities since
its own acquisition by its sponsors in 2015, and operating under
the ICBPI brand, Nexi's carved-out business is characterised by a
wide product offering with considerable operating leverage, which
allows the company to expand its EBITDA margins above 40% and
free cash flow (FCF) margins above 10%. This compares favourably
with EBITDA margins of key peers that Fitch covers in its
business services and credit opinion portfolios such as First
Data Corp, Global Payments INC and Evergood 4 APS (NETS).

The key constraining factors for Nexi are its high leverage, 100%
exposure to Italy and lack of historical operating and financial
transparency as a corporate entity. Its 7.6x pro-forma FFO gross
leverage is higher than most non-financial sponsor owned peers,
though less than the recent leveraged buyout of Nordic payment
systems peer Nets. Fitch recently assigned a 'B+' IDR to Nets
with FFO gross adjusted leverage sustainably below 6.0X for a
positive rating action and sustainably above 8.0X for a negative
rating action. Nexi's pro forma FFO gross leverage profile is
projected to remain in a similar range over a two-year horizon,
which supports the Stable Outlook.

KEY ASSUMPTIONS

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

  -Revenue CAGR of 3.6% driven by both the cards and merchant
services segments

  -EBITDA margin improvement to around 47% by 2021 (from 39% in
2017), driven by realised synergies and market growth

  -The settlement facility has been excluded from working capital
and not treated as debt due to its almost entirely non-recourse
nature and the lack of any implied credit transfer from partner
banks to Nexi

  -Annual costs of approximately EUR15 million associated with
maintaining the settlement facility

  -Capex falling to 8% of revenue over the long term from 13% in
2018

  - Annual acquisitions of EUR25 million

KEY RECOVERY ASSUMPTIONS

  - The recovery analysis assumes that Nexi 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 Nexi's LTM
EBITDA as of December 2017, resulting in a post-restructuring
EBITDA around EUR320 million. At this level of EBITDA, which
assumes corrective measures have been taken, Fitch would expect
Nexi to generate neutral-to-negative FCF.

  - Fitch also assumes a distressed multiple of 6.5x and a fully
drawn EUR325 million revolving credit facility (RCF).

  - These assumptions result in a recovery rate for the senior
secured debt of 'RR3'/57% once the super senior RCF has been
fully paid, to allow a one-notch uplift to the debt rating from
the IDR, after considering the 'RR3'/ 70% cap for Italy according
to Fitch's criteria.

RATING SENSITIVITIES

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

  - Increasing market share in Italy or expansion outside of
Italy with EBITDA margins consistently above 45%

  -FFO adjusted gross leverage below 6.0x

  -FFO fixed charge cover above 3.0x
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action

  -Failure to realise synergies from past acquisitions and credit
metrics trending toward stress case

  -FFO adjusted gross leverage sustainably above 8.0x

  -FFO fixed charge cover sustainably below 2.5x

  -Disruption/deterioration in the settlement facility setup

LIQUIDITY

Comfortable Liquidity: Liquidity remains comfortable given cash
on balance sheet, positive FCF, an undrawn EUR325 million RCF,
and no near-term debt due.

FULL LIST OF RATING ACTIONS

Latino Italy S.p.A.

  -Long-Term IDR: 'B+(EXP)'; Stable Outlook

  -EUR325 million super senior RCF: 'BB-(EXP)'/'RR3'/70%

Nexi Capital S.p.A.

  -EUR2,600 million senior secured notes: 'BB-(EXP)'/'RR3'/57%


SIENA LEASE 2016-2: Moody's Raises Rating on Class D Notes to B2
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of Class C and
Class D notes on Siena Lease 2016-2 S.R.L.:

EUR202.5M Class C Notes, Upgraded to Baa1 (sf); previously on Oct
27, 2017 Upgraded to Baa3 (sf)

EUR251M Class D Notes, Upgraded to B2 (sf); previously on Oct 27,
2017 Upgraded to B3 (sf)

Moody's has also affirmed the ratings of following notes:

EUR761.3M (Current outstanding balance EUR126.7M) Class A Notes,
Affirmed Aa2 (sf); previously on Apr 4, 2017 Affirmed Aa2 (sf)

EUR202.5M Class B Notes, Affirmed Aa3 (sf); previously on Oct 27,
2017 Upgraded to Aa3 (sf)

Siena Lease 2016-2 S.R.L. is a cash securitisation of lease
receivables originated by MPS Leasing & Factoring S.p.A (fully
owned by Banca Monte dei Paschi di Siena S.p.A., rated B3/(P)NP)
and granted to individual entrepreneurs and small and medium-
sized enterprises (SME) domiciled in Italy.

RATINGS RATIONALE

The rating action is prompted by deal deleveraging resulting in
an increase in credit enhancement for the affected tranches.

The credit enhancement levels of Class C and Class D notes have
increased since the last rating action in October 2017 to 46.0%
from 41.0% and to 20.6% from 18.3%, respectively.

Eligible investments cap

Current definition of eligible investments for Siena Lease 2016-2
S.R.L. includes a minimum rating level at A3. As a result, the
maximum achievable rating for Siena Lease 2016-2 S.R.L. Class B
notes based on the methodology is Aa3 (sf).

Revision of key collateral assumption

As part of the review, Moody's reassessed its default
probabilities (DP) as well as recovery rate (RR) assumptions
based on updated loan by loan data on the underlying pools and
delinquency, default and recovery ratio update. Moody's
maintained its DP on current balance of 23.60% and RR assumption
of 30% as well as portfolio credit enhancement (PCE) of 33% due
to observed pool performance in line with expectations.

Exposure to counterparties

Moody's rating action took into consideration the notes' exposure
to relevant counterparties, such as servicer and account bank.

Moody's considered how the liquidity available in the
transactions and other mitigants support continuity of notes
payments, in case of servicer default. None of the ratings of the
outstanding classes of Siena Lease 2016-2 S.R.L. are constrained
by operational risk.

The principal methodology used in these ratings was "Moody's
Approach to Rating ABS Backed by Equipment Leases and Loans"
published in December 2015.

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) deleveraging of the capital
structure and (3) improvements in the credit quality of the
transaction counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2)
performance of the underlying collateral that is worse than
Moody's expected, (3) deterioration in the notes' available
credit enhancement and (4) deterioration in the credit quality of
the transaction counterparties.



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


GROSVENOR CLO 2015-1: Moody's Assigns B2 Rating to Cl. E-R Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Grosvenor Place
CLO 2015-1 B.V.:

EUR2,000,000 Class X Senior Secured Floating Rate Notes due 2029,
Definitive Rating Assigned Aaa (sf)

EUR201,500,000 Class A-1A-R Senior Secured Floating Rate Notes
due 2029, Definitive Rating Assigned Aaa (sf)

EUR5,000,000 Class A-1B-R Senior Secured Fixed Rate Notes due
2029, Definitive Rating Assigned Aaa (sf)

EUR28,650,000 Class A-2A-R Senior Secured Floating Rate Notes due
2029, Definitive Rating Assigned Aa2 (sf)

EUR20,000,000 Class A-2B-R Senior Secured Fixed Rate Notes due
2029, Definitive Rating Assigned Aa2 (sf)

EUR19,950,000 Class B-R Senior Secured Deferrable Floating Rate
Notes due 2029, Definitive Rating Assigned A2 (sf)

EUR18,900,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2029, Definitive Rating Assigned Baa2 (sf)

EUR20,300,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2029, Definitive Rating Assigned Ba2 (sf)

EUR11,500,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2029, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

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

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

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

CQS (UK) LLP will direct the selection, acquisition and
disposition of collateral on behalf of the Issuer and may engage
in trading activity, including discretionary trading, during the
transaction's two-year reinvestment period. Thereafter, purchases
are permitted using principal proceeds from unscheduled principal
payments and proceeds from sales of credit improved and credit
impaired obligations, and are subject to certain restrictions.

The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority ,save for the Class E-R
Par Value Test which failure will be remedied by (i) using
Interest Proceeds to first redeem the Class E-R Notes, followed
by redeeming the other Rated Notes sequentially, and to the
extent not remedied using Interest Proceeds, (ii) using Principal
Proceeds to redeem the Rated Notes sequentially.

Methodology Underlying the Rating Action:

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

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

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

Loss and Cash Flow Analysis:

Moody's modelled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique. The cash flow model
evaluates all default scenarios that are then weighted
considering the probabilities of the binomial distribution
assumed for the portfolio default rate. In each default scenario,
the corresponding loss for each class of notes is calculated
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders.

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

Par amount: EUR350,000,000

Diversity Score: 34

Weighted Average Rating Factor (WARF): 3040

Weighted Average Spread (WAS): 3.75%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 44.4%

Weighted Average Life (WAL): 6.5 years

Stress Scenarios:

Together with the set of modelling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the definitive ratings assigned to the
rated notes. This sensitivity analysis includes increased default
probability relative to the base case. Here 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 3496 from 3040)

Ratings Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

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

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

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

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

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

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

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

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

Percentage Change in WARF: WARF +30% (to 3952 from 3040)

Ratings Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

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

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

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

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

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

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

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

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


GROSVENOR CLO 2015-1: Fitch Rates Class E-R Notes 'B-sf'
--------------------------------------------------------
Fitch Ratings has assigned Grosvenor Place CLO 2015-1 B.V.'s
refinancing notes final ratings as follows:

Class X: 'AAAsf'; Outlook Stable
Class A-1A-R: 'AAAsf'; Outlook Stable
Class A-1B-R: 'AAAsf'; Outlook Stable
Class A-2A-R: 'AAsf'; Outlook Stable
Class A-2B-R: 'AAsf'; Outlook Stable
Class B-R: 'Asf'; Outlook Stable
Class C-R: 'BBBsf'; Outlook Stable
Class D-R: 'BBsf'; Outlook Stable
Class E-R: 'B-sf'; Outlook Stable

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

KEY RATING DRIVERS
'B/B-' Portfolio Credit Quality
Fitch views the average credit quality of obligors to be in the
'B'/'B-' range. The Fitch-weighted average rating factor (WARF)
of the current portfolio is 32.85, below the maximum covenant of
34 for assigning the ratings.

High Recovery Expectations
The portfolio will comprise a minimum 90% of senior secured
obligations. Fitch views the recovery prospects for these assets
as more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch-weighted average recovery rate of the current
portfolio is 62.7%, above the minimum covenant of 59.4% for
assigning the ratings.

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

Fitch Test Matrices
The transaction features two Fitch test matrices with different
exposures to the largest 10 obligors (maximum 20.0% and 26.5%).
The manager can interpolate between these two matrices for the
Fitch maximum WARF and minimum weighted average spread (WAS).

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

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

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

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

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO RULE 17G-10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY
The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other
Nationally Recognized Statistical Rating Organizations 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.

SOURCES OF INFORMATION
The information was used in the analysis.

  -Transaction reporting provided by US Bank Trust Services as at
March 2018

  -Offering circular provided by transaction counsel as at 20
April 2018


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


BALTICSERVIS SP ZOO: Files for Bankruptcy in Szczecin
-----------------------------------------------------
Reuters reports that Chemoservis Dwory SA said its unit,
Balticservis sp. Z o.o., has filed for bankruptcy.

It filed for bankruptcy on April 30 in Szczecin, Reuters relates.

Headquartered in Poland, Chemoservis-Dwory S.A. engages in the
production and repair of chemical apparatus.


PROCHNIK SA: Management Opts to File Bankruptcy Motion
------------------------------------------------------
Reuters reports that the management of Prochnik SA says it has
resolved to prepare a motion to file for the company's
bankruptcy.

According to Reuters, despite that decision, Prochnik still sees
the motion for rehabilitation proceedings from March 27 as just
and well-grounded.

If the court decides on opening of rehabilitation proceedings for
the company, the management will revise its decision regarding
the bankruptcy motion, Reuters discloses.

Prochnik S.A. manufactures and sells men's and women's wear in
Poland.


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


ALDESA AGRUPACION: Fitch Rates Proposed EUR300M Notes 'B(EXP)'
--------------------------------------------------------------
Fitch Ratings has assigned Aldesa Agrupacion Empresarial S.A.U.'s
(Aldesa AE) proposed EUR300 million senior secured notes due 2025
an expected rating of 'B(EXP)' with a Recovery Rating of
'RR4'/'50%'. The bond is rated at the same level as Grupo Aldesa
S.A.'s (Aldesa) Long-Term Issuer Default Rating (B/Stable), the
parent of Aldesa AE.

The expected rating assumes that the proceeds from the new notes
will fund the early redemption of the existing EUR250 million
7.25% notes due April 2021, as well as the call premium and
transaction fees, with any excess cash being kept as a source of
group liquidity.

Aldesa and several material subsidiaries will guarantee the
planned notes, which will be senior secured obligations of Aldesa
AE. The proposed notes will rank equally in right of payment with
all existing and future senior secured debt, including
obligations under the revolving credit facility. The notes will
be secured equally on a first priority basis over the capital
stock of the issuer and several material subsidiaries of Aldesa,
which is the same collateral as the existing notes. The proposed
notes will be structurally subordinated to debt of non-guarantor
subsidiaries and to debt that is secured by assets outside of the
notes' collateral. Fitch expects the level of prior-ranking debt
to be insufficient to impair debt recovery estimates to the point
of notching down the senior secured debt rating from the IDR.

The assignment of the final rating is conditional on the receipt
of final documentation conforming to the information already
received to date and confirmation of the final amount and tenor
of the notes.

The expected rating factors in our expectation that the planned
note issue will not be detrimental to Aldesa's net leverage
position. This is despite a further increase in gross debt of
EUR50 million as Fitch assumes any surplus cash will remain on
balance sheet. Aldesa's leverage metrics remain high for a 'B'
rating, but Fitch expects the company to gradually deleverage to
more conservative metrics in the foreseeable future. The expected
rating also assumes manageable leverage, due to sound liquidity,
positive expected free cash flow (FCF) supported by broadly
neutral working capital movements, and an absence of material
short-term debt.

Any evidence of substantial negative FCF, leverage and coverage
metrics failing to improve and deteriorating liquidity could be
negative for the rating.

KEY RATING DRIVERS
Adequate Business Profile: Aldesa's ratings reflect a business
profile commensurate with a 'B' rating. The company has
effectively used its recognised technical capabilities in sub-
segments of the infrastructure construction industry, such as
tunnelling, to enter new markets and build solid positions
outside Spain, notably in Mexico. Geographic and customer
concentrations are satisfactory for a 'B' rated issuer, although
this risk remains material. A solid record of risk management and
the group's long relationships with major customers somewhat
mitigate concentration risks. Aldesa's relatively small size,
with sales of less than EUR1.0 billion, remains a negative
factor.

Gradual Improvement Expected: Fitch forecasts Aldesa will
progressively improve EBITDA and FFO generation. Fitch also
expects Aldesa to continue to leverage its technical skills and
strong positions in its main markets to increase activities in
profitable segments of the construction industry. However, the
operating environment is not forecast to sustain a recovery
towards the previous peak of profitability (in 2012). The
precarious fiscal position of Spain and Mexico will continue to
hold back higher-margin civil work projects, while fiercer
competition in Aldesa's key markets will also limit the potential
for improvements.

Multiple Headwinds in End-Markets: Fitch expects the construction
sectors in Aldesa's key countries to face multiple headwinds. A
brightening economic outlook in Spain, the implementation of pro-
business policies in Mexico and strong macroeconomic fundamentals
in Poland are expected to support higher infrastructure and
building investments, mostly through the private sector.
Nonetheless, weak fiscal positions and political uncertainties in
Spain and Mexico will continue to weigh on public sector
projects. Similar to Spain, the Polish construction industry is
significantly reliant on EU funding. Therefore, mounting tension
between the Polish national government and the EU poses downside
risks to our rating scenario.

Working Capital Requirements: The Fitch calculated net working-
capital (NWC) position became positive at end-2017. Fitch expects
broadly neutral working capital movements following two years of
material working capital (WC) outflows, which supports our
expectation of positive FCF in the foreseeable future. A risk of
material WC outflows remains due to the current level of advance
payments and days payable as well as inherent risk of delays in
the collection of receivables. The potential resulting increase
in leverage could put downward pressure on the ratings, although
Fitch deems the company's liquidity sufficient to withstand some
NWC position increases.

Weak Financial Structure: Aldesa's leverage is high for the
rating, with FFO-adjusted net leverage of 6.8x at end-2017, up
from 6.0x at end-2016, but stable from 6.8x in 2014. This leaves
Aldesa with a limited safety margin to prevent a potential
default in a weak economic environment. However, in our view,
sound liquidity, expected positive FCF generation, a long-dated
bullet maturity profile and mostly fixed debt mean Aldesa should
be able to manage its currently high leverage. In addition,
although deleveraging will be slow, Fitch expects leverage
metrics to improve from 2018.

Robust Backlog: The total backlog has remained around EUR1.4
billion since 2013, of which 64% relates to construction projects
in 2017. At present, the slow development of the order book is
not a negative rating factor, as Fitch expects new contracts to
generate higher margins. The resulting backlog-to-revenue
coverage ratio of 1.6x in 2017, down from 1.7 x in 2015, is
viewed as sustainable and is adequate to allow for growth.
Project concentration remains high, but commensurate with the
current rating. Prudent project management and the geographical
diversification of the backlog, mostly in high investment-grade
countries, somewhat mitigate this risk.

Sound Contract Risk Management: Aldesa has robust risk management
policies in place. The company has no large loss-making contracts
or evidence of material disputes, and maintains a record of good
execution. Management has taken a number of strategic steps to
avoid the restructurings, or even bankruptcies, that have
affected competitors during the Spanish construction crisis.
Fitch is confident in Aldesa's prudent approach to project
management and sound bidding processes. The company notably has a
track record of favouring margins over growth and focusing on
projects aligned with its specialties and size.

DERIVATION SUMMARY
Aldesa has used its strong technical skills in niche sub-segments
of the construction industry, such as tunnelling, to build solid
market positions in its two main markets, Mexico and Spain. While
Aldesa's business profile is well within Fitch's expectations for
a 'B' rated engineering and construction company, the group has
greater geographic concentration than global peers, such as
Salini Impregilo S.p.a. (BB+/Stable) and Astaldi S.p.A
(B/Negative). Its operations are also smaller with sales of less
than EUR1.0 billion in 2017, while its next largest rated peer,
Astaldi, generates around EUR3.0 billion of sales.

With an EBITDA margin around 6%, profitability is lower than
Astaldi's (10%), but above Obrascon Huarte Lain SA's (3%,
B+/Negative). Aldesa also has high leverage metrics, although in
line with OHL and Astaldi. No parent/subsidiary linkage, country
ceiling and operating environment influence have an effect on
these ratings.

KEY ASSUMPTIONS
Fitch's Key Assumptions Within the Rating Case for the Issuer

  - Revenue growth of around 4.0% in 2018-2021;

  - Gradual recovery of the Spanish construction market;

  - Annual recourse EBITDA reaching EUR65 million by 2021;

  - Broadly neutral aggregate working capital outflows over 2018-
2021;

  - No dividends received from non-recourse subsidiaries;

  - No dividends paid to common shareholder;

  - No material asset disposals.

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

  - FFO adjusted net leverage around 4.5x and FFO fixed charge
cover around 2.0x on a sustained basis

  - Significant improvement in the operating risk profile driven
by increased scale (sales sustainably in excess of EUR1.0
billion) and internationalisation, reduced concentration risk and
funding diversification

  - A material increase in steady income upstreamed from the
concession business without a releveraging of assets

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

  - FFO adjusted net leverage failing to significantly improve to
5.5x and FFO fixed charge cover failing to improve to 1.5x by
end-2019

  - Negative FCF on a sustained basis

  - Evidence of supporting weakening non-recourse activities or a
material increase in new concessions leading to equity
contributions from the recourse business

LIQUIDITY
Sound Liquidity Following Refinancing: Fitch expects the group's
liquidity profile to improve following the completion of the
planned refinancing transaction, under the assumption of excess
cash remaining on balance sheet. The average debt maturity will
increase as the new notes will not be repayable until 2025. Other
maturities of the restricted group are limited, notably excluding
the Cofides put option (value: EUR12.3 million, expiry date:
October 2018).

The EUR25 million reduction in the nominal of the new revolving
credit facility (EUR75 million against EUR100 million) maturing
in 2022 is more than offset by the EUR50 million increase in the
size of the notes. Combined with EUR95 million of readily
available cash at end-2017 and Fitch's expectation of positive
FCF generation, this continues to provide headroom to cover debt
maturities and a sudden loss in existing working-capital
management facilities.


GRUPO ALDESA: Moody's Rates Proposed Notes 'B2' & Affirms B2 CFR
----------------------------------------------------------------
Moody's Investors Service has assigned a B2 instrument rating to
Grupo Aldesa S.A.'s proposed EUR300 million senior secured notes
due 2025, to be issued by Aldesa Agrupacion Empresarial, S.A.U.,
a direct subsidiary of the group. Concurrently, Moody's affirmed
Aldesa's B2 corporate family rating (CFR) and the B2-PD
probability of default rating (PDR). The B2 instrument rating on
the group's existing EUR250 million senior secured notes remains
unchanged and will be withdrawn upon completion of the
transaction. The outlook on all ratings is stable.

RATINGS RATIONALE

Proceeds from the proposed EUR300 million notes will be used to
redeem Aldesa's outstanding EUR250 million 7.25% senior secured
notes ahead of their final maturity in April 2021, to cover an
applicable call premium and expected fees and transaction costs.
The transaction will result in a cash overfunding of around EUR39
million and will be largely neutral to the group's net leverage,
whereas gross leverage within the restricted group will initially
increase to around 5.8x gross debt/EBITDA. Expected leverage on a
consolidated and Moody's-adjusted basis of 7.6x gross debt/EBITDA
at closing of the transaction remains high as well. The B2
ratings and stable outlook are therefore weakly positioned at the
outset, given high financial leverage both on a recourse basis
excluding project-related non-recourse debt but also on a
consolidated basis.

Nevertheless, Moody's expects Aldesa's profits at the recourse
level to continue to grow in line with revenues at low-single-
digits (around 3% p.a.) over the next two years, supported by its
healthy order backlog of almost EUR1.4 billion as of December 31,
2017 (covering 1.6x annual recourse revenue). Moody's expects a
slight contraction in profitability in the group's core markets
Spain and Mexico this year given higher activity in projects with
private clients, with typically lower margin. Losses generated in
Peru in 2017 (EUR6 million negative EBITDA) are unlikely to recur
this year. Beyond 2018, Moody's expects Aldesa to benefit from a
continued good momentum in the Spanish and Polish residential
construction markets, while growth in Mexico will likely remain
lower in the next 12-18 months. Assuming profitability in the
recourse business to remain broadly stable (6.2-6.5% EBITDA
margins) in the medium term, the group's cash flow generation
will slightly improve this year. Although free cash flow in the
recourse business will remain at least around breakeven in
Moody's view over the next two to three years, stronger growth in
Spain could provide some upside potential given the typically
faster collection of receivables and longer payment terms with
suppliers in the country. That said, the rating affirmation also
recognizes Aldesa's adequate liquidity profile, which will be
backed by a sizeable cash position of more than EUR200 million
pro forma for the refinancing and which Moody's expects the group
to retain in the business for day-to-day cash management
purposes.

LIQUIDITY

Aldesa's liquidity in its recourse business is adequate. As of
December 2017, Aldesa recourse cash balance was EUR165 million,
allocated to its various regions where projects are executed,
importantly Mexico, Spain and Poland. In addition, the group will
have access to its proposed new EUR75 million revolving credit
facility (RCF). The RCF contains a maximum recourse net
debt/EBITDA covenant of 3.75x, which leaves significant headroom
at the 2017 year-end test date (2.1x as of December 2017), while
Moody's expects the group to maintain comfortable headroom under
the covenant at all times.

The group's liquidity further benefits from very limited short-
term debt maturities, given that over 90% of the restricted
group's indebtedness relates to the proposed new EUR300 million
notes. Moody's expects Aldesa's confirming and receivables
securitization programmes to remain in place, although noting
these are uncommitted.

STRUCTURAL CONSIDERATIONS

In Moody's loss-given-default (LGD) assessment, the proposed new
EUR300 million senior secured notes are ranked together with the
proposed EUR75 million senior secured RCF, as both instruments
benefit from the same security package and are guaranteed by
material subsidiaries of the restricted group. The guarantors
represent at least 80% of the restricted group's consolidated
assets and EBITDA. In Moody's LGD assessment, the new notes are
considered as ranking equally with trade payables and short term
lease commitments. Together these obligations rank junior only to
minor mortgages loans within the restricted group, amounting to
EUR9 million as of December 2017. As a result, the new notes are
rated B2, in line with the CFR.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that Aldesa's
leverage in the restricted group will gradually reduce towards
5.5x gross debt/EBITDA by the end of 2019, and below 2x on a net
leverage basis, supported by modest revenue growth, broadly
stable profitability and positive free cash flow generation on a
consolidated level.

WHAT COULD CHANGE THE RATING DOWN / UP

Aldesa's ratings could be downgraded if (1) FCF generation
remains negative for a prolonged period of time; (2) the group's
liquidity cushion deteriorates, including decreasing headroom
under financial covenants; and (3) if recourse net debt/EBITDA
moves above 3.0x (2.15x pro-forma as of December 2017) and gross
consolidated adjusted debt/EBITDA exceeds 7.5x.

The ratings could be upgraded if (1) Aldesa makes further
progress in diversifying its order backlog and executing projects
successfully, which should also be reflected in fairly stable
EBITDA margins; (2) the group generates positive free cash flow;
and (3) if recourse net debt/EBITDA remains below 2.0x on a
sustainable basis and gross consolidated adjusted debt/EBITDA is
reduced to below 6.5x, while maintaining comfortable cash
balances typically at least EUR200 million.

COMPANY PROFILE

Grupo Aldesa S.A., headquartered in Madrid, Spain, is a family-
owned Spanish construction company, mostly focused on transport
infrastructure, but also on construction of solar and wind energy
plants. In 2017, Aldesa generated sales of EUR920 million,
reported consolidated EBITDA of EUR93 million. Consolidated
EBITDA includes the group's non-recourse activities, which
generated around 40% of EBITDA in 2017. The group's customer base
mainly consists of private entities, which has increased over the
last three years. Aldesa generated 70% of revenues outside of
Spain in 2017, mainly in Mexico (48% of group revenue) and Poland
(15%).

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Construction
Industry published in March 2017.


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


TURKEY: S&P Cuts Sovereign Credit Ratings to 'BB-/B'
----------------------------------------------------
On May 1, 2018, S&P Global Ratings lowered its unsolicited
foreign currency long- and short-term sovereign credit ratings on
Turkey to 'BB-/B' from 'BB/B' and its unsolicited local currency
long- and short-term sovereign credit ratings to 'BB/B' from
'BB+/B'. The outlook is stable.

S&P said, "At the same time, we lowered our unsolicited long-term
national scale rating on Turkey to 'trAA' from 'trAA+' and
affirmed our 'trA-1' short-term national scale rating.

"We also lowered our transfer and convertibility assessment from
'BBB-' to 'BB+'."

As a "sovereign rating" (as defined in EU CRA Regulation
1060/2009 "EU CRA Regulation"), the ratings on Turkey are subject
to certain publication restrictions set out in Art 8a of the EU
CRA Regulation, including publication in accordance with a pre-
established calendar.

Under the EU CRA Regulation, deviations from the announced
calendar are allowed only in limited circumstances and must be
accompanied by a detailed explanation of the reasons for the
deviation.

In this case, the reason for the deviation is a deterioration in
Turkey's external, inflation, and fiscal outlook beyond our
previous base case. The next scheduled rating publication on the
sovereign rating on Turkey will be on Aug. 17, 2018.

S&P said, "We are downgrading Turkey because of what we view as
increasing macroeconomic imbalances. In this context, the
downgrade reflects our concerns over a deteriorating inflation
outlook and the long-term depreciation and volatility of Turkey's
exchange rate, notwithstanding the central bank's recent decision
to hike its late liquidity window rate. The rating action also
reflects our concerns over Turkey's deteriorating external
position and rising distress in the externally leveraged private
sector. It also reflects our view of weakening in Turkey's fiscal
position as a result of continued public and quasi-public
stimulus to the economy."

OUTLOOK

S&P said, "The stable outlook on Turkey balances risks from what
we see as an overheating economy and growing macroeconomic
imbalances, namely a deteriorating current account and fiscal
deficit and a weaker exchange rate and inflation outlook over the
next 12 months, against the buffer provided by still low general
government debt.

"We could lower the ratings on Turkey if external financing
conditions and Turkey's exchange rate deteriorate further,
increasing vulnerabilities in Turkey's private sector, which has
large external refinancing needs. In addition, we could lower the
ratings if Turkey's fiscal position on a stock and flow basis
deteriorates further should the government continue to rely on
fiscal stimulus measures to support the economy or should
contingent liabilities mount or hit the government's balance
sheet, for example if stress in the financial sector were to
rise.

"We could raise our ratings on Turkey if the central bank manages
to sustainably and credibly bring inflation within its 5% target
range and if Turkey's external position improves sustainably,
both in flow and stock terms, such as through lower external
refinancing needs, a reduced current account deficit, and more
stable sources of funding."

RATIONALE

S&P said, "Our downgrade reflects our view that there is a risk
of a hard landing for Turkey's overheating, credit-fueledeconomy.
In our view, this is reflected in the rising imbalances in
Turkey's economy, most notably in its widening debt-financed
current account deficit and high inflation. The ongoing weakness
of the Turkish lira is not only fueling inflation, but also
amplifying risks related to Turkey's high external debt. On April
25, the central bank hiked its late liquidity window rate by 75
basis points and has, since then, announced its intention to
simplify the monetary framework. We think these steps will be
insufficient to reduce by much the gap between inflation (at
11.1% last year) and the central bank's 5% medium-term target, or
to reduce the volatility of Turkey's real effective exchange
rate." The central bank, which has been facing increasing
political pressure, has not met its inflation target since 2012.

The lira has declined by 8% against the U.S. dollar since the
beginning of the year, and by 41% on a trade-weighted basis since
the end of 2013. S&P said, "We expect this will make it more
challenging for Turkey's private sector to meet its foreign
currency-denominated debt repayments. We also believe the Turkish
lira's volatility, in nominal and real effective terms, will lead
to another year of double-digit inflation."

The rating action also reflects fiscal weakening as the
government continues to stimulate the economy amid growing
concerns over distress in Turkey's highly externally leveraged
private sector, and as the weakening exchange rate accelerates
the increase in government debt, 40% of which is denominated in
foreign currency.

Turkey's institutional setting is increasingly characterized by
centralized decision-making processes, while the move toward an
executive presidency may raise further concerns over checks and
balances, which also constrains the rating. S&P believes that the
combination of these factors exacerbates the risks from Turkey's
large external financing needs.

S&P said, "Our ratings on Turkey are supported by the sovereign's
currently moderate debt burden and our base-case projection of an
only modest accumulation of government liabilities relative to
GDP over the next few years. We also expect that Turkey's
flexible exchange rate regime will enable the economy to adjust
to external shocks, although high dollarization, especially in
the corporate sector, limits the benefits of a weaker lira to the
economy."

Institutional and Economic Profile: Economic overheating and
rising imbalances

-- Fueled by government stimulus and a favorable external
    environment, Turkey's economy is overheating.

-- High inflation, a deteriorating current account deficit, and
    a depreciating exchange rate are signs of rising imbalances.

-- Elections scheduled for 2019 will prevent a measured
    government response to rising imbalances.

S&P said, "Turkey's economy is overheating. Real GDP grew by 7.4%
in 2017, and we have now revised our 2018 growth forecast
slightly upward to 4.4%. Yet, despite very rapid GDP growth
rates, in U.S. dollar terms Turkey's 2017 GDP was 10.5% below its
2013 level, which gives a better indication for Turkey's ability
to service foreign currency debt. Economic growth remains
primarily driven by government measures targeted at stimulating
the domestic economy. To that end, Turkey's government has
recently decided on another new Turkish lira (TRY) 135 billion
(3.8% of 2018 GDP) incentive package, mostly tax cuts for certain
corporates, to boost economic growth. This overstimulation of the
economy has a range of negative side-effects, including a
deteriorating current account deficit and persistent double-digit
inflation. In addition, the Turkish lira has been on a downward
trend since the beginning of the year, which has accelerated in
recent weeks. Since our last publication on Feb. 23, 2018, the
lira has depreciated by 8%. We believe the Turkish government
will continue to push the economy, accepting the buildup of
imbalances until parliamentary/presidential elections, which have
been brought forward from November 2019 to June 24, 2018. Even
after the elections, we do not expect a return to more prudent
macroeconomic policies, as electoral considerations will continue
to play a role in the run-up to local elections in March 2019.

"The state of emergency will remain in place at least until the
elections, de facto allowing the Turkish President to rule by
decree. The prolonged state of emergency and move toward the
executive presidency underpins our concerns over centralized
decision-making processes and an erosion of checks and balances."
These concerns are also supported by state asset seizures under
the state of emergency over the past two years that raise
questions about the durability of property rights in Turkey, as
well as the transparency and accountability of government
activities, and other aspects of country risk. Overall, this
results in a weak business climate that continues to drag on
private sector investment activity.

The consequences of the credit-driven boom of the past two years
are also starting to show. Turkish banks have been lending
heavily under the government-sponsored credit guarantee fund
(CGF), under which the government covers the first 7% of losses
on a portfolio basis. Some of the loans under the CGF were used
to rollover corporate loans that otherwise may have not been able
to refinance their outstanding loans. S&P said, "We are
increasingly seeing signs of distress, such as some larger
Turkish corporate holdings approaching creditors about
restructuring their loans. We think these trends could accelerate
in the weak exchange rate environment, especially given the large
net open foreign exchange position, which amounts to about 25% of
GDP (as of January 2018). Moreover, the banking system's
financing capacity is shrinking, given the strong loan growth
last year, as well as the rising cost of wholesale funding and
domestic deposits. In this respect, the CGF has delayed, but not
prevented, a liquidity squeeze in Turkey's private sector, which
we think could become more apparent as credit conditions tighten
during the remainder of 2018."

Exports continue to be a bright spot in the economy. In the first
two months of 2018, exports increased by 10% year on year in
value terms. S&P said, "For the remainder of the year, we
continue to expect strong export performance due to the ongoing
expansion of Turkey's main trading partners, especially the EU,
and the anticipation of a stronger tourism season as indicated by
strong pre-bookings, also from Western Europe. The latter,
however, is also vulnerable to the security situation in Turkey
and neighboring countries. The escalation of tensions in Syria,
as well as Turkey's incursion into Kurdish-controlled areas of
Syria, in our view, does not bode well for the geopolitical
situation in the region. We remain concerned about potential
clashes between Turkish and American troops should Turkish troops
push further toward the Syrian city of Manbij."

Turkey's relations with key allies and trading partners,
including the U.S. and EU, remain complicated. In particular, S&P
understands that the U.S. government may consider imposing fines
or other penalties on one or more Turkish financial institutions,
including state-owned entities, and potentially companies in
other sectors, for allegedly enabling Iranian counterparties to
evade U.S. sanctions. Turkey's purchase of S-400 surface-to-air
missiles from Russia could also potentially be sanctionable under
the U.S.'s Countering America's Adversaries Through Sanctions
Act. An escalation of tensions with the U.S. could have serious
economic and financial consequences for Turkey, given Turkish
banks' reliance on external financing. Turkey's relations with
certain EU members, which have recently thawed somewhat, could
come under renewed pressure over Turkish politicians' desire to
campaign in those countries in the run-up to the June election.

Flexibility and Performance Profile: External financing needs
loom large

-- Turkey's current account deficit continues to deteriorate.

-- Fiscal and quasi-fiscal policy is playing a larger role in
    the economy.

-- The weaker lira will continue to fuel inflation.

Turkey's current account deficit (CAD) continues to deteriorate.
In February, the 12-month rolling CAD amounted to 6.1% of GDP or
$53.3 billion. S&P said, "The financing of the CAD, one of our
key concerns at the time of our last report, has continued to
deteriorate as well. Up until mid-April, equity markets have seen
net capital outflows from nonresidents and bond market flows
remain highly volatile. Should these capital outflows accelerate
further, it would increasingly question Turkey's ability to
finance its large CAD--the third-largest in the world in nominal
terms. Overall, Turkey's gross external financing requirements
remain large. For 2018, they will amount to 179% of current
account receipts and usable reserves. Our conservative estimate
of usable reserves amounts to only 1.4 months of current account
payments in 2018, down from 5.3 months in 2009 and the second-
lowest in the emerging market peer group. We exclude foreign
exchange assets held instead of Turkish lira assets under the
central bank's reserve option mechanism from our calculation of
usable reserves. In our view, Turkey's net foreign exchange
reserves are therefore only a weak buffer.

"We believe government incentives will continue to fuel imports.
Consequently, we forecast the CAD will widen to 6% of GDP in
2018. Rising oil prices--the price for a barrel of oil (Brent)
has increased by over 12% since the start of the year--will also
push up Turkey's CAD, as the country is only able to meet around
a quarter of its total energy demand from its own domestic
resources. Rising exports, especially from Turkey's recovering
tourism sector, will not be able to offset this growth in
imports. In addition, the tourism sector remains very susceptible
to changes in the geopolitical environment and Turkey's domestic
security situation, increasing vulnerabilities in the case of an
adverse shock. As noted before, our forecast of Turkey's current
account deficit relies as much on our assumptions on the
availability of external financing as it does on our projections
for net exports. For this reason, we highlight the shift in the
composition of Turkey's current account financing toward debt
from equity. As recently as 2015, foreign direct investments
covered up to 55% of Turkey's CAD." During 2017, however, most of
Turkey's external financing came via more volatile portfolio
inflows, especially in the government bond market. Downward
pressure on the Turkish lira, the anticipation of higher yields
in advanced economies, and a gradual scaling back of extremely
loose monetary policy globally can negatively affect Turkey's
ability to refinance itself externally, and increases the risk of
a marked deterioration in external financing conditions.

Persistent CADs since 1998, which are common among rapidly
expanding emerging market sovereigns, have pushed up Turkey's
external debt, which has more than quadrupled since then. In
2017, Turkey's narrow net external debt exceeded current account
receipts (CARs) by about 137%, the third-highest ratio among the
20 largest emerging market sovereigns S&P rates. This high
external debt leads to average gross external financing needs of
180% of CARs over 2018-2021 according to S&P's forecast.

S&P said, "We have also revised upward our forecast for the 2018
general government deficit to 2.4% of GDP. We expect that the
Turkish government will continue to use its own balance sheet to
support the economy." A recent announcement of another TRY135
billion incentive package for companies in certain sectors, such
as defense, automotive, agriculture or health, consists mostly of
exemptions from value-added tax and customs duty as well as a
reduction of the recently increased corporate tax rate. This
continued stimulus of an already overheating economy follows
temporary cuts to taxes on white goods' sales and income tax
exemptions provided last year. As a result of these measures, the
deficit already widened to 2% of GDP of the upwardly revised
national account series last year. Despite continued fiscal
stimulus, general government debt remains low as a percentage of
GDP, at 28.3% of GDP in 2017. However, 19% nominal GDP growth
masks the fact that, in lira terms, the debt stock grew by TRY139
billion, 1.5x the size of the prior year. In part, this reflects
the lira's depreciation because approximately 40% of the central
government debt was denominated in foreign currency at year-end
2017, up from its 2012 low of about 27% on the back of a 112%
depreciation of the lira against the dollar. The high share of
foreign currency debt highlights Turkey's vulnerability to
adverse exchange rate movements.

S&P said, "Strong nominal GDP growth will contain the government
debt ratio in our baseline scenario. Still, in nominal terms we
expect the debt stock will increase by another TRY443 billion
(13% of 2018 GDP) by 2021. However, contingent liabilities may
represent a risk to our debt forecast. The Turkish treasury
strictly limits new guarantees, to a maximum of 0.5% of 2017 GDP
($4.5 billion); its outstanding guarantees currently amount to
about 1.6% of GDP. However, we understand that one of the
government decrees extending the state of emergency (Decree 696)
allows the treasury to onlend to companies within the newly
established so-called sovereign wealth fund, beyond the limits
stipulated in the budget law. This could become particularly
relevant should U.S. sanctions be more significant than
expected."

The lira's continued weakening since the end of 2017 poses a
major risk to banks' capital levels and asset quality. Asset
quality has remained relatively resilient so far, with
nonperforming loans (NPLs) amounting to only 2.9% of total assets
as of March 31, 2018. However, this ratio alone does not reveal
the full picture regarding potential problem loans in Turkey. S&P
said, "If we add problem assets sold since 2010, the NPL ratio
rises by 1.5 percentage points. Furthermore, restructured loans
in regulatory classifications Group I and II represent a further
3.8%. Hence, when adjusted to include problem asset sales by
large Turkish banks, and restructurings not included in NPLs, the
NPL ratio rises to high-single-digits. There is recent evidence
of rising distress in pockets of the corporate loan book. The
debt of several highly leveraged borrowers had to be restructured
recently, including that of Yildiz Holding and Dogus Holding.
These follow the ongoing problem relating to Otas (a company that
was set up by Oger Telecom to acquire a 55% stake in Turk Telekom
in 2005), where a few large Turkish banks are exposed through
large loans. We understand that the repayment problems of the
latter relate to lira depreciation, while the former two relate
to high leverage. Despite escalated asset quality vulnerability,
domestic banks remain well regulated and amply capitalized, which
mitigates some of the risks."

Turkish banks have a structural lack of long-term lira funding,
which makes them reliant on swaps to close their currency
positions. They use currency swaps to convert not only borrowing
in foreign currencies, but also high amounts of domestic deposits
in foreign currencies, owing to the use of dollars to fund
lending in lira. This is evident from the disparity between the
loan-to-deposit ratio in lira and that in foreign currency. For
lira, this ratio was a high 138%, while for foreign currency it
was only 93% as of Dec. 31, 2017. S&P also notes that the trend
has been negative since year-end 2013, when the loan-to-deposit
ratio in lira was about 120%. These hedging instruments have
shorter tenors (less than 24 months) than the liabilities they
are hedging, which represents roll-over risk for Turkish banks.
Additionally, the swaps expose banks to counterparty risk if they
become ineffective. Moreover, state-owned banks are relatively
large, representing about one-third of total banking system
assets. One or more of these institutions could potentially be
subject to U.S. sanctions as a result of transactions that appear
to have circumvented U.S. sanctions on Iran. In S&P's base case,
it does not anticipate that any related fines will be large
enough to create systemic risks for Turkey's banking sector, but
there remains a risk of more substantial repercussions.

Price pressures remain high and consumer price inflation averaged
10.3% in the first three months of the year, while year-end
inflation expectations deteriorated simultaneously to above 10%
average inflation at year-end 2018, according to data from the
central bank survey. S&P also revised upward its forecast for
average consumer price inflation to 10.3% in 2018 given the
continued lira weakness and its high pass-through impact. In its
last monetary policy council session, the Turkish central bank
decided to hike the late liquidity window rate by 75 basis
points, while keeping all other interest rates unchanged. While
slightly above consensus, this is well below previous episodes of
exchange rate pressure. For example, in January 2014 the central
bank hiked its late liquidity window rate by 475 basis points and
its overnight rate by 425 basis points.

Since introducing the 5% medium-term inflation target in 2012,
the central bank has not been able to meet this target, while the
Turkish lira exchange rate has been very volatile. S&P said, "The
central bank has been facing increasing political pressure over
recent years, which in our view is impairing its effectiveness,
often by delaying timely responses to rising inflation. Even
though we forecast inflation rates will gradually decline through
to 2021, we expect they will remain well above the 5% medium-term
central bank target. More recently, the central bank has
indicated a preference to return to a monetary framework focusing
on a single policy rate, a decision that could improve the
clarity of rate decisions. However, in our view, the risk of
taking a highly gradual approach to monetary tightening is that
inflationary expectations become more entrenched, posing a
greater challenge to authorities."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  RATINGS LIST

                                      Rating
                               To               From
  Turkey
   Sovereign Credit Rating
    Foreign Currency|U~        BB-/Stable/B     BB/Negative/B
    Local Currency|U~          BB/Stable/B      BB+/Negative/B
    Turkey National Scale|U~   trAA/--/trA-1    trAA+/--/trA-1
   Transfer & Convertibility
    Assessment|U~              BB+              BBB-

  |U~ Unsolicited ratings with no issuer participation and/or no
access to internal documents.


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


CALVETRON: Enters Administration, 1,408 Jobs at Risk
----------------------------------------------------
BBC News reports that the owner of the Jacques Vert fashion
brand, Calvetron, is in administration, putting more than 1,400
jobs at risk.

Administrator Duff & Phelps has been appointed to Calvetron,
which also owns the Windsmoor, Dash and Eastex brands, BBC
relates.

Calvetron ran about 300 UK concessions in stores, including
Debenhams and House of Fraser -- which have both faced their own
trading troubles, BBC discloses.

A squeeze on consumer spending and rise in online competition has
seen many top names close and thousands of jobs lost, BBC relays.

Duff & Phelps, as cited by BBC, said Calvetron would continue to
trade while it looked to see if the business could be sold.

Calvetron employs a total of 1,408 people -- 997 in the UK, 155
in Ireland and 256 in Canada, according to BBC.


CAMBRIDGE ANALYTICA: Probe to Continue Despite Bankruptcy Filing
----------------------------------------------------------------
The Associated Press reports that British authorities are
promising to continue their investigation of Cambridge Analytica,
the campaign consultant at the center of the Facebook privacy
scandal, even though the company is going out of business.

Cambridge Analytica announced on May 2 that it plans to file for
bankruptcy in Britain and the U.S., saying negative publicity
surrounding allegations that it improperly harvested data from
millions of Facebook users drove potential clients away, the AP
relates.

According to the AP, the U.K. Information Commissioner's Office
said Cambridge Analytica's demise won't stop its inquiry into the
company's practices.

"The ICO will continue its civil and criminal investigations and
will seek to pursue individuals and directors as appropriate and
necessary even where companies may no longer be operating," the
AP quotes the office as saying in a statement.  "We will also
monitor closely any successor companies using our powers to audit
and inspect, to ensure the public is safeguarded."

Cambridge Analytica is part of SCL Group, a U.K.-based company
that offers a variety of data, analytics and communication
services around the world.

                     Bankruptcy Proceedings

Earlier on May 2, 2018, SCL Elections Ltd., as well as certain of
its and Cambridge Analytica LLC's U.K. affiliates (collectively,
the "Company" or "Cambridge Analytica") filed applications to
commence insolvency proceedings in the U.K.  The Company is
immediately ceasing all operations and the boards have applied to
appoint insolvency practitioners Crowe Clark Whitehill LLP to act
as the independent administrator for Cambridge Analytica.

Additionally, parallel bankruptcy proceedings will soon be
commenced on behalf of Cambridge Analytica LLC and certain of the
Company's U.S. affiliates in the United States Bankruptcy Court
for the Southern District of New York.

Over the past several months, Cambridge Analytica has been the
subject of numerous unfounded accusations and, despite the
Company's efforts to correct the record, has been vilified for
activities that are not only legal, but also widely accepted as a
standard component of online advertising in both the political
and commercial arenas.

In light of those accusations, noted Queen's Counsel Julian
Malins was retained to conduct an independent investigation into
the allegations regarding the Company's political activities.

Despite Cambridge Analytica's unwavering confidence that its
employees have acted ethically and lawfully, which view is now
fully supported by Mr. Malins' report, the siege of media
coverage has driven away virtually all of the Company's customers
and suppliers.  As a result, it has been determined that it is no
longer viable to continue operating the business, which left
Cambridge Analytica with no realistic alternative to placing the
Company into administration.


CEVA GROUP: Moody's Reviews Caa2 CFR for Upgrade
------------------------------------------------
Moody's Investors Service has placed the CFR and all instrument
ratings of CEVA Group plc on review for upgrade: Caa2 Corporate
Family Rating and existing Instrument Ratings: Caa1 Senior
Secured Bank Credit Facility, Caa3 Senior Secured Facilities and
C Senior Unsecured Facilities. The Caa2-PD Probability of Default
Rating remains unchanged. The outlook has been changed to Rating
Under Review from Stable.

The review follows the announcement that the group intends to
list its shares in the Swiss Stock Exchange on 4 May 2018, with
expected proceeds of CHF 743 million from the offering and an
additional CHF 407 million from the sale of the CMA CGM
Securities, whereby CMA CGM will be acquiring a 24.99% stake in
the group.

RATINGS RATIONALE

Moody's action was prompted by the expectation of a significant
reduction in leverage as outlined in the IPO prospectus. This
will address Moody's previous concern regarding the
sustainability of the group's capital structure as CEVA has
publicly announced that they intend to use the IPO proceeds to
repay debt. The repayment of debt will also improve the group's
cash flows as interest payments are expected to reduce
considerably.

Post transaction, the group targets reported net leverage of
2.5x-3x with further de-leveraging towards 1.5x over time.
Moody's estimates that on a Moody's adjusted basis, leverage will
be in the range of 4-4.5x, compared to current Moody's adjusted
leverage of 8.5x.

Moody's expects free cash flow to be comfortably positive in
2019, whereas 2018 will still include interest payments related
to the existing capital structure. Moody's continues to expect
the group to incur restructuring and other exceptional
expenditure over the next 12-18 months. Interest coverage
(EBIT/interest expense) is expected to improve to 1x.

The anticipated reduction in CEVA's financial leverage has
prompted the review for upgrade, and at this stage Moody's
anticipates that the CFR would likely be upgraded by up to three
notches. The review will focus on (i) the completion of the IPO;
(ii) the use of proceeds and future capital structure; and (iii)
Moody's view of the company's future operational and financial
prospects.
As part of the internal reorganization transactions taking place
ahead of the IPO, CEVA Holdings LLC, the group's current holding
company, will release its subsidiary CEVA Group PLC from its
obligations under an existing $953 million Intercompany PIK loan
Note, which is currently treated as debt in the metrics, in
exchange for additional equity. Therefore, should this
transaction proceed as expected it will likely result in a
distressed exchange under Moody's definition of default. Moody's
expects to assign a "/LD" indicator to the company's PDR upon
closing of the transaction.

LIST OF AFFECTED RATINGS

Issuer: CEVA Group plc

Placed On Review for Upgrade:

Corporate Family Rating (Foreign Currency), Placed on Review for
Upgrade, currently Caa2

Senior Secured Bank Credit Facility, Placed on Review for
Upgrade, currently Caa1

Senior Secured Regular Bond/Debenture, Placed on Review for
Upgrade, currently Caa1

Senior Secured Regular Bond/Debenture, Placed on Review for
Upgrade, currently Caa3

Senior Unsecured Regular Bond/Debenture, Placed on Review for
Upgrade, currently C

Outlook Actions:

Issuer: CEVA Group plc

Outlook, Changed To Rating Under Review From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Surface Transportation and Logistics Companies published in May
2017.

COMPANY PROFILE

CEVA is the sixth-largest integrated logistics provider in the
world in terms of revenues ($7 billion for the year ended 31
December 2017). CEVA offers integrated supply-chain services
through the two service lines of Contract Logistics and Freight
Management and maintains leadership positions in several sectors
globally including automotive, high-tech and consumer/retail.

Following a debt restructuring in May 2013, CEVA Holdings LLC
(Holdings) is the ultimate parent company of CEVA. Apollo, a US-
based equity fund, and its affiliates own approximately 22% of
the equity in Holdings, while Franklin Templeton Investments
Corp. owns approximately 27% and funds affiliated with Capital
Research and Management Company around 28%. Apollo affiliates
hold a majority of the voting rights of Holdings and have the
right to elect a majority of its and CEVA's boards.


DRAX FINCO: Fitch Rates USD300MM Senior Secured Notes 'BB+'
-----------------------------------------------------------
Fitch Ratings has assigned Drax Finco PLC's USD300 million
(GBP214 million) senior secured fixed rate notes a final rating
of 'BB+'.

The issuance refinances the senior secured floating rates notes
with an extended tenure to 2025 and is also for cash overfunding.

KEY RATING DRIVERS

Regulatory Support: Drax assets play a key role in supporting the
growth of UK renewables. Regulatory support with Contract for
Difference and Renewable Obligation Certificates (ROC) underpin
predictable, inflation-linked cash flows until March 2027. Fitch
expects this support, which currently accounts for 67% of EBITDA,
to increase, based on a structural recovery in ROC recycle prices
and conversion of a fourth unit to biomass this summer. This is
supported by growth in ancillary service revenues, based on
National Grid forecasts of 5% CAGR through 2035. However,
significant additional growth in capacity payments and reduction
in merchant price risk hinges on a major recovery in auction
clearing prices from December 2018.

Merchant Price Risk Hedged: Around 25% of generation revenues are
exposed to wholesale price risk under the Renewable Obligation
scheme, with potential vulnerability to price volatility and
impact on cash flows and the rating. Drax hedges approximately
90% of biomass output up to 12 months ahead, partly deferring
price volatility. An increase in hedged prices of around 3% yoy
supports an increase in EBITDA estimates from 2019.

New Gas Projects Uncertainty: Beyond 2018, there is some
uncertainty regarding the capital structure. This reflects the
uncertainty facing open cycle gas turbine development projects of
1.3GW and repowering of coal units to gas of around up to 3.6GW
capacity. A final investment decision for both projects would
need a substantial recovery in clearing prices at the next
capacity market auctions in February 2019 and February 2020. In
view of the very low level of clearing prices at the last
auction, Fitch makes no allowance for related capex or EBITDA in
the rating case. In addition, Drax has yet to decide whether or
not to fund these projects on balance sheet.

Biomass Supply Chain Risk: Uninterrupted availability of fuel
supplies is key to maintaining biomass output and cash flow
generation. While the average life of fixed price supply
contracts is around 7.5 years and currency is hedged for 5 years,
Drax is working on optimising the supply chain and will need to
lower costs further if biomass is to be competitive after 2027.

Retail Supply Diversification Benefit: With Opus acquired in
February 2017, the B2B supply business offers some
diversification and, in accelerating the sale of ROC's, some cash
flow benefits. EBITDA margins are modest at around 1.5%, but
Drax's original supply business Haven has turned profitable and
there is scope for market share and further efficiency gains.
This partly offsets integration risk as Opus & Haven billing
systems are merged.

Strong FCF Generation: Excluding new gas projects and
acquisitions, underlying capex is set to be around GBP100
million, supporting strong FCF generation. This gives additional
financial flexibility within the rating. Drax has refinanced
GBP200 million senior secured floating rate notes (FRN) maturing
in 2022 with USD300 million (GBP214 million) fixed rate senior
secured notes and for cash overfunding, maturing in 2025.

DERIVATION SUMMARY

Closest peer MRE (BB/Stable), is substantially smaller, less
diversified and has higher expected gearing with FFO adjusted net
leverage averaging 3.75x for 2018-21 compared with just over 1.5x
for Drax. Average forecast FFO fixed charge cover is higher at
8.0x for Drax compared with MRE at 3.6x. This is partially offset
by MRE's lower supply chain risk than Drax. Elsewhere, Viesgo
Generacion S.L.U. (BB/Stable), has slightly higher gearing than
Drax with forecast average FFO adjusted net leverage of 1.8x
(2018-20), but is exposed to merchant price risk and does not
have comparable UK regulatory support underpinning cash flows at
MRE and Drax.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Our Rating Case for the Issuer

  - Output projections are as per management guidance (including
CFD unit planned outage in 2021)

  - Power price assumptions are based on the current forward
curve. Fitch assumes a smaller premium on baseload than
management for peak prices. Although these will likely increase
in future as the market has a greater need of system support
services, the starting point premium currently averages GBP2.50-
3/ MWh.

  - No capex or EBITDA related to OCGT projects

  - Dividend projections are based on latest consensus equity
estimates

RATING SENSITIVITIES

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

  - Higher wholesale electricity prices or output above Fitch's
expectations leading to FFO net adjusted leverage sustainably
below 1.5x against 2.7x in FY17, supported by a strong commitment
to a strengthened capital structure, along with no adverse
regulatory change.

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

  - Lower wholesale electricity prices or output below Fitch's
expectations leading to FFO net adjusted leverage sustainably
above 2.5x and FFO fixed charge cover below 5x.

  - Change to the regulatory framework with a material negative
impact on profitability and cash flow.

LIQUIDITY

Strong Liquidity: Cash and cash equivalents at end December 2017
were GBP223.3 million. The company also has access to an unused
GBP200 million RCF due in 2021 with a year extension. In view of
modest capex and working capital requirements, Fitch expects Drax
to be substantially FCF positive. There are no material debt
maturities before 2022. Additionally the company has refinanced
existing GBP200 million senior secured floating rate notes with
an extended tenure, to 2025. This involved issuance of USD300
million (c.GBP214 million) fixed rate senior secured notes to
refinance the FRN and for cash overfunding.


GRAINGER PLC: Fitch Affirms Then Withdraws BB+ IDR
--------------------------------------------------
Fitch Ratings has affirmed Grainger plc's Long-Term Issuer
Default Rating at 'BB+' with a Stable Outlook as well as the
residential property company's senior secured notes at 'BBB-'. At
the same time, the agency has withdrawn Grainger's ratings for
commercial reasons, and will no longer provide ratings or
analytical coverage for the company.

KEY RATING DRIVERS

Further Progress on Transition: Grainger continues to progress
towards its goal of doubling rental income by 2020 through its
planned investments of GBP850 million. The large investment
pipeline, although positive for its business profile once
completed, carries some execution risk through capital
commitments, development risk in its direct developments, and
demand risk. At the end of the financial year to September 2017
(FYE17), the company had committed GBP651 million of private
rented sector (PRS) investments, of which it had spent GBP218
million. An additional GBP243 million of investments are in the
planning or legal stages.

Grainger's planned investments will more than double the number
of units in the company's wholly owned market rented portfolio.
Grainger's strong history of implementing development projects is
positive from a credit perspective, and Fitch expects the limited
supply of housing in the UK to support rental demand for market-
rented properties.

Investments Drive Leverage: Fitch expects Grainger's investment
in PRS to gradually increase gross debt, despite being partly
funded by released capital from the company's portfolio of
reversionary assets. Fitch expects the loan-to-value (LTV;
including proportionally consolidated JVs) to remain well within
our rating sensitivities for the company.

Fitch's assessment of Grainger's leverage is stricter than the
LTV mid-point guideline for the 'BB' category, owing to the
company's reversionary assets, which is viewed as potentially
less liquid than market-rented residential assets. As the
proportion of market-rented assets increases, the composition of
Grainger's portfolio will better align with higher- rated peers.

High Rental Growth in FY17: Grainger exceeded Fitch's
expectations in FY17 with high net operating income (NOI) growth
of 8%, driven by 3.3% like-for-like rental growth in the PRS
portfolio and 4.3% in the regulated portfolio. Management further
reduced overhead costs by 14% yoy and improved the company's net
rental margin. There are signs of a slowdown in the general UK
rental market, particularly in London where growth slowed to 0.4%
yoy in December 2017 from 2.7% at end-September 2016, according
to the ONS index. Grainger outperformed this slowing market in
2017.

Improved Interest Coverage: Grainger improved its EBITDA net
interest cover (NIC) to 3.5x in FY17 from 2.0x in FY16 by
refinancing at reduced interest rates in 2017. This reduced the
average cost of debt to 3.5% from 4.4% and increased the
company's average debt maturity to 4.4 years (5.2 years including
extension options) from 3.1 years at FYE16.

Solid Asset Cover: Grainger's GBP275 million secured notes are
rated a notch higher than the company's IDR to reflect above-
average recovery expectations.

The secured notes benefit from a guarantor group providing a
floating charge over most of Grainger's UK residential portfolio,
which in turn corresponds to an asset cover of around 1.9x as of
September 2017 (asset cover is defined as the market value of
properties held by the secured notes core guarantors over core
gross debt facilities). According to Fitch's criteria, a decline
in asset cover to below 1.5x would lead to an alignment of the
secured rating with the IDR.

DERIVATION SUMMARY

Grainger is positioned in the 'BB+' category below investment-
grade UK REIT peers, such as Hammerson plc (BBB+/RWN) and The
British Land Company plc (BBB+/Positive), owing to a higher
reliance on reversionary income from asset sales rather than
recurring rental income. This more variable form of income
offsets some of the benefits of owning stable residential assets,
as well as Grainger's financial position, which is strong for the
company's ratings. Grainger has an extensive development pipeline
that will increase gross debt in the coming years.

KEY ASSUMPTIONS

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

  -Low single-digit rental growth

  -Annual vacancies of 6.5% on regulated tenancy portfolio

  -Stable margin on regulated tenancy and tenanted sales

  -Acquisitions and developments of around GBP600 million over
the next three to five years

RATING SENSITIVITIES

No longer relevant as the ratings are being withdrawn.

LIQUIDITY

Comfortable Liquidity: Grainger had GBP78 million of readily
available cash and GBP219 million of an undrawn committed
revolver, which matures in August 2022, with an option for a
further two-year extension. This liquidity is more than
sufficient to cover the limited short-term maturities occurring
over the next 24 months. Fitch expects Grainger's development
pipeline to be funded through a combination of asset sales when
regulated units become vacant, retained operational cash flow and
additional debt.


HOUSE OF FRASER: In Talks with Pensions Regulator
-------------------------------------------------
Josephine Cumbo at The Financial Times reports that ailing UK
department store House of Fraser is in talks with Britain's
Pension Regulator over its two retirement schemes as it works on
the details of a rescue plan.

The regulator's confirmation of the discussions came a day after
the 165-year-old group announced a restructuring, including store
closures, the FT notes.
The restructuring was agreed with Hong Kong-listed C.banner
International as part of a deal to inject GBP70 million of fresh
capital into the group, the FT relates.  The investment is
conditional on House of Fraser restructuring its store portfolio,
which it intends to do via a Company Voluntary Arrangement, or
CVA, the FT states.
The Pension Regulator has become involved because of the
retailer's two "defined benefit" schemes, which as of March this
year had a surplus of GBP97 million and liabilities of GBP608
million, the FT relays.

"We are in discussions with the company and the trustee of the
pension scheme and will continue to monitor the situation," the
FT quotes the Pensions Regulator as saying.  "We will not comment
further unless it becomes appropriate to do so."

The UK Pension Protection Fund, the lifeboat scheme for failed
company DB retirement plans, can play a critical role in the CVA
in its role as creditor, according to the FT.
John Ralfe, an independent pensions expert, said House of
Fraser's pension obligations could complicate its restructuring,
the FT notes.

"Sorting out House of Fraser's two pension schemes -- with total
liabilities of GBP600 million -- makes a CVA more difficult,"
Mr. Ralfe, as cited by the FT, said, adding that a CVA would
automatically trigger an assessment by the PPF, as was the case
with BHS after its 2016 collapse.


HOUSE OF FRASER: Sports Direct Launches Legal Action
----------------------------------------------------
BBC News reports that Mike Ashley's Sports Direct has launched
legal action against House of Fraser, following the firm's move
to close stores as part of a rescue plan.

The sports chain owns an 11.1% stake in House of Fraser, which
announced a major restructuring, BBC notes.

According to BBC, Mr. Ashley says his firm has been "repeatedly
denied information to which it is legally entitled".

A High Court writ says the billionaire should be provided with a
copy of House of Fraser's corporate plan, BBC discloses.

Sport Direct does not have a representative on the House of
Fraser board, BBC notes.

The legal action comes after a difficult few weeks for House of
Fraser, which said that C.banner, the Chinese owner of Hamleys,
was taking over the group, BBC relays.

The sale is conditional on House of Fraser shutting some of its
59 stores, which will be carried out through a so-called company
voluntary arrangement, BBC states.

But the move has angered Sports Direct, BBC relates.

"We have been frozen out by House of Fraser," BBC quotes
Liam Rowley, head of strategic investments at the retailer, as
saying.

"Their dealings in China are opaque, and it is blatant that we
have been unfairly prejudiced.

"We have no option other than litigation to protect the interests
of Sports Direct and its shareholders."

The legal papers, lodged by Sports Direct subsidiary West Coast
Capital, names the owners and directors of House of Fraser,
including chairman Frank Slevin, according to BBC.

House of Fraser is a British department store group.


MERLIN ENTERTAINMENTS: Moody's Rates Proposed Sr. Notes 'Ba2'
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the
proposed USD400 million senior unsecured notes to be issued by
Merlin Entertainments PLC (Merlin). The Ba2 corporate family
rating is unchanged and the rating outlook is stable.

"We expect that the net proceeds of the notes will be used for
refinancing of the company's outstanding bank debt. The
transaction (together with the one announced on 18th April) is
credit positive in our view because it will slightly reduce debt
and will provide more flexibility for further deleveraging thanks
to partial replacement of the term loans with drawing on the
upsized revolving facility", says Egor Nikishin, an Analyst at
Moody's.

The new notes will rank pari passu with all other unsecured
obligations of the issuer and benefit from a negative pledge. The
new notes alongside the EUR700 million notes issued in 2015 and
2017 are senior unsecured obligations of the issuer and will
represent virtually all of the group's outstanding debt, apart
from finance leases. Moody's understands that the guarantors of
the new notes are substantially the same as for the existing
notes and represent 74% of the group's revenue and 84% of EBITDA.

The company has also increased its revolving credit facility
(RCF) to GBP600 million from GBP300 million and extended its
maturity to 2023. The company plans to use the new notes, GBP85
million of cash on balance sheet and draw GBP271 million on the
new RCF to fully repay the outstanding USD and GBP denominated
terms loans and pay issuance fees in total amount of GBP642
million.

RATINGS RATIONALE

The Ba2 CFR reflects Merlin's strong position as a global
operator of theme parks and attractions, with 125 attractions in
25 countries and over 66 million visitors in 2017. Merlin is the
second-largest operator of visitor attractions globally after
Walt Disney Company (A2 stable). In spite of the company's
resilient performance in recent years, Moody's continues to
believe that the nature of the company's activities leaves it
exposed to economic cycles and weather conditions, as well as
accidents and other shocks, such as terrorist attacks.

Merlin's rating is also supported by certain qualitative factors,
and notably its portfolio of internationally recognised brand
names such as The Dungeons, SEA LIFE, LEGOLAND Discovery Centres,
LEGOLAND Parks, Madame Tussauds and the London Eye; its diversity
of theme parks and `midway' attractions (i.e., city centre or
resort-based attractions with a 1-2 hour dwell time); and also
its mixture of indoor and outdoor activities. Altogether, Moody's
believes that these factors have contributed to its relative
resilience to external shocks in recent years.

In Moody's view, the refinancing is credit positive for Merlin.
The company's leverage will slightly improve by 0.2x following
the transaction, with pro-forma adjusted debt/EBITDA at 4.2x as
of December 2017, because the company plans to repay GBP79 of the
term loans using cash on balance sheet. The cash balance pro-
forma for the transaction will remain solid at GBP224 million
(based on December 2017 numbers), which together with undrawn
GBP329 million RCF provides sufficient liquidity cushion. In
addition, with the new capital structure Merlin will get an
opportunity to de-lever further by gradually repaying the drawn
RCF.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that the company
will likely continue to grow earnings organically but that free
cash flow generation will be limited owing to investments in its
growth strategy. Moody's further expects the company to improve
its performance in the Resort Theme Parks division, although
Moody's still does not expect Merlin over the next 12-18 months
to return to the revenue and profit levels it generated in this
segment prior to the accident at Alton Towers in 2015.

FACTORS THAT COULD LEAD TO AN UPGRADE

Upward pressure to the rating could occur if leverage, as
measured by adjusted debt/EBITDA, were to fall below 4.0x on a
sustained basis.

FACTORS THAT COULD LEAD TO A DOWNGRADE

A more aggressive financial policy or a significant industry
downturn, neither of which Moody's expects at this time, could
lead to negative rating pressure if (1) gross leverage were to
increase above 5.0x, or (2) there were any liquidity concerns. In
this regard, the rating does not incorporate any large-scale
debt-funded acquisitions.

PRINCIPAL METHODOLOGY

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


MERLIN ENTERTAINMENTS: S&P Affirms 'BB' Sr. Unsecured Debt Rating
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' issue rating on the senior
unsecured debt issued by U.K.-based theme park operator Merlin
Entertainments PLC (Merlin; BB/Stable/--) following the company's
proposed refinancing transaction. The '3' recovery rating (50%-
70% recovery prospects, rounded estimate: 65%) on the senior
unsecured debt is unchanged.

As part of this transaction, Merlin proposes to repay its British
pound sterling- and U.S. dollar-denominated fixed-rate bank loans
from the proceeds of a proposed $400 million fixed-rate senior
unsecured bond issuance and its amended GBP600 million multi-
currency revolving credit facility (RCF), along with available
cash. Merlin's unsecured debt also includes its existing EUR700
million fixed-rate notes.

S&P said, "We affirmed our 'BB' issue rating on the amended
GBP600 million multi-currency RCF due 2023 (increased from GBP300
million). We also assigned a 'BB' issue rating to the proposed
$400 million fixed-rate bonds due 2026. The recovery rating on
both these instruments is '3' (50%-70%, rounded estimate: 65%).

"We expect the refinancing transaction to be credit-neutral, with
a slight decrease in reported debt and relatively flat interest
expenses. We do not expect this transaction to merit a revision
of the existing rating or outlook on Merlin."


NEMUS II: Fitch Lowers Rating on Class E Notes to 'CCsf'
--------------------------------------------------------
Fitch Ratings has taken the following actions on Nemus II (Arden)
plc's floating-rate notes due 2020:

GBP3 million Class B (XS0278300560) affirmed at 'Asf'; Outlook
Negative

GBP7.7 million Class C (XS0278300727) downgraded to 'Bsf' from
'BBBsf'; Outlook Negative

GBP7.1 million Class D (XS0278301295) downgraded to 'Bsf' from
'BBsf'; Outlook Negative
GBP13.9 million Class E (XS0278301378) downgraded to 'CCsf' from
'CCCsf'; Recovery Estimate (RE) revised to 50% from 100%

GBP1 million Class F (XS0278301535) affirmed at 'CCsf'; RE
revised to 0% from 50%

The transaction closed in December 2006 and was originally the
securitisation of six loans secured on 22 properties located
throughout the UK and Jersey. Only one loan remains - the GBP32.6
million Buchanan House - which is secured on a Glasgow office
property by the same name.

KEY RATING DRIVERS
The downgrades and downward revisions in REs reflect greater
uncertainty related to the remedial works on Buchanan House, in
part as a consequence of the heightened scrutiny applied to
cladding following the Grenfell Tower fire. With less than two
years until bond maturity, and the substantial repairs required,
including redoing works that have already been carried out, there
is a lower probability of the property being liquidated in time
to avoid a maturity default.

The class B notes are insulated from default risk as they are
expected to repay from quarterly cash sweep before note maturity,
although Fitch cannot rule out the risk of costs associated with
the works falling on the borrower, and therefore reducing cash
flow. This has resulted in the Negative Outlook being maintained
on this class notes.

The replacement of defective cladding came to a halt in the
aftermath of the Grenfell Tower fire, amid a review of safety
standards and cladding materials. Information-gathering on the
composition of the various cladding panels has become more
difficult due to the reluctance of manufacturers to share
details, given ongoing police investigations and the threat of
criminal charges. Some of the replacement materials already
applied to Buchanan House need to be replaced as they have been
reclassified to medium risk from low risk. It remains undecided
who will carry the additional costs.

Fitch understands from the special servicer that the works are
yet to be resumed. Further delays increase the likelihood of the
class C and below notes remaining outstanding after the February
2020 maturity. The impact of potential costs falling on the
borrower also increases the risk of principal losses, which would
be felt most sharply by the junior notes (Fitch expects the class
E and F notes to suffer a loss).

Since the last rating action, the class C and D notes have seen
interest shortfalls cured, due to the collection of 1% default
penalty interest on the loan in addition to contractual interest.
In February 2018, only a minimal shortfall on the class E notes
remained and Fitch expects the class F notes shortfall of
GBP33,106 to be cleared by bond maturity.

RATING SENSITIVITIES
Timely completion of the remedial works and evidence of buyer
interest in the asset could lead to the Rating Outlooks being
revised to Stable. Should the amortisation of the class B notes
slow materially, they could become exposed to the same risk
factor (timely sale) as the other notes, and therefore be
downgraded accordingly.

Fitch estimates a 'Bsf' loan-to-value ratio (LTV) above 100%. The
reported LTV stood at 95.6% in February 2018.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO RULE 17G-10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool and the transaction. There were no findings that were
material to this 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.

Prior to the transaction closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio
information, which indicated no adverse findings material to the
rating analysis.

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.


STRATTON MORTGAGE: Moody's Assigns Ca Rating to Class X Notes
-------------------------------------------------------------
Moody's Investors Service has assigned definitive long-term
credit ratings to Notes issued by Stratton Mortgage Funding plc:

GBP122.5M Class A Floating Rate Notes due March 2044, Assigned
Aaa (sf)

GBP4.9M Class B Floating Rate Notes due March 2044, Assigned Aa3
(sf)

GBP4.9M Class C Floating Rate Notes due March 2044, Assigned Baa1
(sf)

GBP4.2M Class D Floating Rate Notes due March 2044, Assigned Ba3
(sf)

GBP3.9M Class X Floating Rate Notes due March 2044, Assigned Ca
(sf)

Moody's has not assigned ratings to the GBP 4.3M Class Z1 and GBP
2.9M Class Z2 Notes due March 2044.

The portfolio backing this transaction consists of UK non-
conforming residential loans originated by Mortgages PLC (MPLC).
The loans in the pool were previously securitized in Mortgages No
6 plc and Mortgages No 7 plc. On the closing date the assets are
pooled together into the Stratton Mortgage Funding plc
securitisation.

RATINGS RATIONALE

The ratings take into account the credit quality of the
underlying mortgage loan pool, from which Moody's determined the
MILAN Credit Enhancement (CE) and the portfolio expected loss, as
well as the transaction structure and legal considerations. The
expected portfolio loss of 4.0% and the MILAN CE of 15.0% serve
as input parameters for Moody's cash flow model, which is based
on a probabilistic lognormal distribution.

The portfolio expected loss is 4.0%, which is in line than other
recent UK non-conforming transactions and takes into account: (i)
the historical performance of the collateral, (ii) the number of
loans in arrears at closing: 29.3% of the pool is in arrears at
the end of March 2018, of which 10.3% is less than 30 days in
arrears and 11.7% is more than 90 days in arrears, (iii) the
weighted-average current LTV of 68.0% and the weighted-average
indexed LTV of 50.1%, (iv) the proportion of interest-only loans:
77.8% of the pool, of which 1.1% are part and part loans, (v) the
current macroeconomic environment and Moody's view of the future
macroeconomic environment in the UK, and (vi) benchmarking with
similar transactions in the UK non-conforming sector.

The MILAN CE for this pool is 15.0%, which is lower than other
recent UK non-conforming transactions and takes into account: (i)
the WA current LTV of 68.0% and WA indexed LTV of 50.1% which are
lower compared to the average of the UK non-conforming sector,
(ii) the presence of 73.6% of the loans where the borrower income
is either self-certified or was not verified, (iii) the presence
of 30.3% of loans in the pool that were modified at some point in
the past as a result of loss mitigation techniques (iv) the
weighted average seasoning of the pool of 13.2 years and (v) the
level of arrears around 29.3% at the end of March 2018 of which
10.3% is less than 30 days in arrears and 11.7% is more than 90
days in arrears.

A non-amortising reserve fund is funded at closing. The reserve
fund is equal to 2.0% of the original balance of Class A, B, C, D
and Z1 Notes, which represents the reserve fund required amount.
It consists of two components, the first is a liquidity
component, which is funded at closing and is sized at 2.2% of
Class A and B note balance at closing. The liquidity component of
the reserve fund will amortise to the lesser of 2.2% of Class A
and B note balance at closing and 2.75% of the currently
outstanding balance of Class A and B Notes during the life of the
transaction. The liquidity component of the reserve is available
to cover senior fees, interest and PDL on Class A. Class B
interest is covered by the liquidity component of the reserve
subject to no PDL on the Class B. The liquidity component of the
reserve will be replenished in the revenue waterfall below the
Class B interest payments.

The second component of the reserve fund is sized at 2.0% of the
Class A, B, C, D and Z1 Notes at closing minus the balance of the
liquidity reserve component from time to time. This means that at
closing the credit component of the reserve fund is residual and
it will increase throughout the life of the transaction as the
liquidity component amortises. The general component of the
reserve fund is available upon certain conditions to cover both
principal and interest and senior fee shortfalls.

Operational Risk Analysis: At closing the loans in the pool are
serviced by Homeloan Management Limited ("HML"), however
servicing will be transferred following transfer of the legal
titles. A commitment letter with Topaz Finance Limited ("Topaz")
was signed at closing, in which Topaz agreed to service the loans
following perfection of the title transfer. HML and Topaz are
subsidiaries of Computershare Limited, which is not rated by
Moody's. In order to mitigate the operational risk, Intertrust
Management Limited serves as a back-up servicer facilitator to
the transaction. Elavon Financial Services DAC (Aa2 on review for
downgrade/P-1), acting through its UK Branch, is acting as an
independent cash manager from closing. To ensure payment
continuity over the transaction's lifetime, the transaction
documents incorporate estimation language whereby the cash
manager can use the three most recent servicer reports to
determine the cash allocation in case no servicer report is
available. Class A Notes benefit from principal to pay interest,
and the liquidity component of the reserve fund. The liquidity
component of the reserve provides the Class A Notes with the
equivalent of 2 quarters of liquidity.

Interest Rate Risk Analysis: The transaction is unhedged with
14.8% of the pool balance linked to Bank of England Base Rate
(BBR) and 85.2% SVR-linked loans. Moody's has taken the absence
of basis swap into account in its cashflow modelling.

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

Moody's Parameter Sensitivities: If the portfolio expected loss
was increased from 4.0% to 12% of current balance, and the MILAN
CE was kept constant at 15.0%, the model output indicates that
the Class A Notes would still achieve Aaa (sf) assuming that all
other factors remained equal. Moody's Parameter Sensitivities
quantify the potential rating impact on a structured finance
security from changing certain input parameters used in the
initial rating. The analysis assumes that the deal has not aged
and is not intended to measure how the rating of the security
might change over time, but instead what the initial rating of
the security might have been under different key rating inputs.

Parameter Sensitivities for the typical EMEA RMBS transaction are
calculated by stressing key variable inputs in Moody's primary
rating model.

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

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

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

Significantly different loss assumptions compared with Moody's
expectations at close due to either a change in economic
conditions from Moody's central scenario forecast or
idiosyncratic performance factors would lead to rating actions.
For instance, should economic conditions be worse than forecast,
the higher defaults and loss severities resulting from a greater
unemployment, worsening household affordability and a weaker
housing market could result in a downgrade of the ratings.
Downward pressure on the ratings could also stem from (1)
deterioration in the notes' available credit enhancement; (2)
counterparty risk, based on a weakening of a counterparty's
credit profile, or (3) any unforeseen legal or regulatory
changes. Conversely, the ratings could be upgraded: (1) if
economic conditions are significantly better than forecasted; (2)
upon deleveraging of the capital structure, or (3) a better than
expected performance.


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


* BOND PRICING: For the Week April 30 to May 4, 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.


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