/raid1/www/Hosts/bankrupt/TCREUR_Public/180514.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, May 14, 2018, Vol. 19, No. 094


                            Headlines


D E N M A R K

DKT HOLDINGS: S&P Assigns B+ Issuer Credit Rating, Outlook Stable


G E R M A N Y

UNITYMEDIA: Fitch Places 'B+' Long-Term IDR on Rating Watch Pos.


G R E E C E

GRIFONAS FINANCE NO. 1: Moody's Raises Cl. B Notes Rating to Caa1


I T A L Y

SALINI IMPREGILO: S&P Lowers ICR to 'BB', Outlook Stable


N E T H E R L A N D S

CADOGAN VII CLO: Fitch Rates Class F Notes 'B-(EXP)sf'
DRYDEN CLO 2017: Fitch Assigns 'BB(EXP)sf' Rating to Class E Debt
OCI NV: S&P Assigns 'BB-' Issuer Credit Rating, Outlook Stable
SAMVARDHANA MOTHERSON: S&P Affirms 'BB+' ICR, Outlook Stable


N O R W A Y

PETROLEUM GEO-SVCS: S&P Alters Outlook to Pos. & Affirms CCC+ ICR


R U S S I A

RN BANK: S&P Affirms BB+/B Issuer Credit Ratings, Outlook Stable


S P A I N

CAMPOFRIO FOOD: Moody's Withdraws Ba2 CFR & Ba2-PD PDR


S W E D E N

EVERGOOD 4 APS: S&P Assigns 'B' Rating on Leveraged Buyout


T U R K E Y

TURK TELEKOM: S&P Lowers ICRs to 'BB+/B', Outlook Stable
TURKCELL: S&P Cuts Issuer Credit Rating to 'BB+', Outlook Stable


U N I T E D   K I N G D O M

BEAUFORT: PwC Can Use Customer Funds to Pay Insolvency Fees
CARPETRIGHT PLC: Takes Out Second Loan from Major Shareholder
COTE: Mulls CVA Following Financial Difficulties
MOTHERCARE PLC: To Seek Investor Funding, Expected to Unveil CVA
MRH: S&P Affirms 'B' ICR & Alters Outlook on Parent to Negative

POUNDWORLD: Owner Instructs Deloitte to Seek Buyer for Business


X X X X X X X X

* BOND PRICING: For the Week May 7 to May 11, 2018


                            *********



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D E N M A R K
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DKT HOLDINGS: S&P Assigns B+ Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issuer credit
rating to DKT Holdings ApS, the ultimate parent of Danish
telecommunications network operator TDC A/S, and to DKT Finance
ApS, an indirect subsidiary and intermediate holding company of
DKT Holdings. The outlook on both entities is stable.

S&P said, "The rating on DKT Holdings incorporates our view of
TDC's robust market position as the incumbent telecom operator in
Denmark, balanced by the high leverage of the group after
completion of the leveraged buyout (LBO). Following the upcoming
squeeze-out process, DKT Holdings will own 100% of TDC for a
total purchase price of about EUR5.4 billion. This is funded by
about EUR0.7 billion of equity, about EUR2.0 billion of
shareholder loans, and EUR2.8 billion of new debt. As a result,
we estimate that adjusted debt to EBITDA for the consolidated
group headed by DKT Holdings, including shareholder loans, will
be between 7.5x and 7.8x in 2018 and 2019, compared with 3.2x for
TDC in 2017. In addition, we expect that high cash interest
payments, together with continued high capital expenditure
(capex) of 18%-21% of sales excluding spectrum, will constrain
our adjusted free operating cash flow (FOCF) to debt ratio to 2%-
4% over this timeframe. This is materially weaker than our
previous forecast of 9%-11% for TDC on a stand-alone basis in
2018.

"In our view, the LBO has little impact on our assessment of the
existing business. We understand that the new owners are planning
to carry on with TDC's current strategy, in particular ongoing
cost-saving measures, planned upgrades of TDC's networks, and
various initiatives to improve the product portfolio and digitize
internal and customer-facing processes. Over the longer term, the
new owners may decide to separate TDC's wholesale business from
the retail activities and open up fixed and mobile networks to a
greater extent for use by other operators and service providers,
as well as pursue significant investments in fiber-to-the-home
and fifth-generation (5G) networks. We think that network
separation and a broader wholesale portfolio may somewhat reduce
commercial flexibility of TDC's retail business, but we believe
that could be offset by potentially less onerous regulatory
access obligations. Furthermore, enlarged coverage with fiber
technologies could reduce the risk of infrastructure overbuilding
by other players, such as utility companies that have passed more
than 40% of Danish homes with fiber (TDC's estimate). This could
incrementally strengthen TDC's business, albeit being negative
for FOCF for a certain period.

"Our view of DKT's business risk profile is supported by TDC's
position as the leading telecom operator in Denmark, its well-
invested mobile network, its ownership of Norwegian cable
operator Get, as well as its solid EBITDA margins. Although TDC
is exposed to fierce competition, as of the first-quarter of
2018, the company enjoyed relatively high market shares in
Denmark for fixed-line telephony services (63%), fixed-line
broadband (51%), mobile services (41%), and pay TV (55%),
according to company's estimates. In Norway, Get is the No.2
provider of high-speed broadband and TV to consumers, with market
shares in broadband and TV of 18% and 19%, respectively, at end-
2017. We also think that TDC's competitive positioning benefits
from its well-invested fourth-generation (4G) mobile network,
which covers more than 99.5% of the Danish population. Moreover,
despite pressure on domestic EBITDA, continual efficiency
initiatives have allowed TDC to maintain robust adjusted EBITDA
margins of more than 40%. We expect continued high margins of
43%-45% in our forecast for the next three years.

"TDC's exposure to the challenging market conditions in Denmark
represents the key weakness in our assessment of its business.
The company continues to face fierce competition in its business-
to-business (B2B) division as well as in the business-to-consumer
(B2C) segment, in particular for mobile and broadband services.
In TDC's B2B segment, average revenue per user (ARPU) for mobile
services has declined by about 26% over the last four years. In
2017, TDC managed to return to slight growth in B2C mobile ARPUs,
and the decline is B2B ARPUs is flattening out. However, we think
that the market structure with four mobile network operators and
several mobile virtual network operators (MVNOs) will limit
pricing upside. Also, TDC is increasingly confronted with the
churn of TV customers to over-the-top (OTT) services, and
continued customer attrition to competitors in broadband.

"We derive our assessment of DKT Holdings' financial risk
primarily from the high debt burden after completion of the LBO.
We consider DKT's owners as infrastructure investors, since we
expect them to follow a longer-term investment horizon of at
least 10 years. However, DKT Holdings' capital structure, which
includes EUR2 billion of shareholder loans, is highly leveraged,
and we expect our adjusted debt to EBITDA to remain above 7.5x in
the next few years (5.5x-6.0x excluding the shareholder loans).
In the near-term, we expect the potential for leverage reduction
to be limited, as we forecast only modest EBITDA growth and FOCF,
our adjusted debt will increase due to interest accrual on the
shareholder loans, and because we expect DKT Holdings' owners to
pursue shareholder distributions, albeit at a moderate level. We
understand that DKT Holdings would be willing to contemplate
further value-accretive acquisitions, such as in the area of
content or complementary infrastructure in Denmark, but we see
only limited risk that any deals would materially impair credit
metrics relative to our base case. We treat DKT Holdings'
shareholder loans as debt, since they give the borrower a
prepayment option, which is not sufficiently neutralized by other
payment restrictions in the proposed senior debt documentation.

"The stable outlook on DKT Holdings reflects our view that the
group's operating performance in Denmark will continue to improve
in 2018 and 2019, particularly driven by better pricing in
consumer mobile and further cost savings, contributing to
gradually easing revenue decline and stable or modestly growing
EBITDA. We think this will enable DKT Holdings to maintain
adjusted debt to EBITDA, including shareholder loans, of 7.5x-
7.8x and FOCF to debt of 3%-4% in 2018.

"We could lower the rating if intense competition, a surge in
capex, or debt-funded shareholder distributions caused adjusted
debt to EBITDA to increase above 8.5x, and FOCF to debt to weaken
below 2% for a prolonged period.

"We could raise the rating if higher-than-expected EBITDA and
FOCF growth, or the reduction of external debt through asset
disposals or other measures, supported an improvement in our
adjusted debt to EBITDA to below 5.5x and FOCF to debt of more
than 5% on a sustainable basis."


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G E R M A N Y
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UNITYMEDIA: Fitch Places 'B+' Long-Term IDR on Rating Watch Pos.
----------------------------------------------------------------
Fitch Ratings has placed Unitymedia GmbH's (UM) 'B+' Long-Term
Issuer Default Rating (IDR) and all associated instrument ratings
on Rating Watch Positive (RWP) following the announced sale of UM
by parent company, Liberty Global plc (LG) to Vodafone Group plc
(VOD; BBB+/Stable).

The RWP reflects Fitch's intention to apply Parent Subsidiary
Linkage (PSL) to UM following closing of the transaction. Fitch's
initial assessment of the transaction structure implies strong
strategic and operational ties with moderately strong legal ties;
resulting in a UM IDR that is likely to be one notch below that
of new parent, VOD. Fitch affirmed VOD's IDR at 'BBB+'/Stable
upon announcement of the transaction.

Fitch will resolve the RWP following a successful deal completion
in line with the terms announced. Regulatory approvals are
expected by Fitch to take around one year.

KEY RATING DRIVERS

Parent Subsidiary Linkage: A successful completion of the
transaction will see Fitch apply its PSL criteria to UM. The
acquisition will see VOD consolidate 100% of the German cable
market having previously acquired Kabel Deutschland, positioning
it far more strongly to compete in fixed and convergent services
relative to the incumbent, Deutsche Telekom. Germany is Europe's
largest communications market and VOD's single largest portfolio
business. The transaction gives rise to significant operational
synergies; Fitch believes that strategic and operational ties are
strong. Fitch views legal ties as moderately strong given plans
to refinance acquired debt centrally over time.

Change of Control, Refinancing Plans: The transaction is expected
to trigger change of control provisions in UM's outstanding debt,
giving lenders and bondholders the option to put the debt to VOD.
VOD is expected to allow roughly EUR4.5 billion of outstanding
bonds to run off over time, and to refinance around EUR2.2
billion of bank debt relatively quickly. The absence of a formal
guarantee for UM's debt precludes a stronger view of legal ties.
Intended refinancing plans imply a centralised financing approach
will be adopted, which along with the change of control
provisions imply moderately strong links.

RWP Resolution, Guidance: Fitch will resolve the RWP upon
successful closing of the transaction. Regulatory clearance will
be required and is likely to take at least 12 months. Upon
completion we expect that UM's IDR will be notched down once from
VOD. Outstanding UM debt, whether secured or unsecured is likely
to benefit from multi-notch upgrades.

DERIVATION SUMMARY

UM's operating and market position compare well relative with
similarly leveraged European telecoms peers. The company has
stronger revenue growth and cash-flow generation than many of its
peers, and has a good organic deleveraging capacity. Its
relatively low funding costs and continued growth expectations,
in Fitch's view, are likely to ensure that parent company,
Liberty Global, maintains slightly higher leverage at UM than at
Telenet or Virgin Media - both rated BB-/Stable. The peer group
further includes the wider cable sector peers, including UPC
Holding (BB-/Stable) and VodafoneZiggo (B+/Stable), as well as
Italy's alternative telco, WIND Tre (B+/Stable) and Irish
incumbent, eir (B+/Stable). Compared with these, UM displays
above sector average growth, consistently high margins and strong
cash-flow generation. Forecast leverage driven by anticipated
shareholder payments is the key metric anchoring the rating at
'B+'

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer (on
a standalone basis)

  - Mid-single digit revenue growth in 2018 and slower thereafter
as the business matures

  - Adjusted EBITDA margin to remain in the low-to-mid 60% range

  - Capex in the range of EUR620 million - EUR660 million

  - Cash distributions in the form of shareholder loan payments
in line with available free cash flow (FCF) and a bank covenant
of up to 5.5x total net debt to annualised EBITDA

RATING SENSITIVITIES

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

  - FFO-adjusted net leverage lower than 5.0x on a sustainable
basis, with strong and stable FCF generation, reflecting a stable
competitive and regulatory environment

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

  - FFO-adjusted net leverage above 5.8x on a sustainable basis

  - FCF margin consistently below 10%

LIQUIDITY

Strong Liquidity: Liquidity is provided by undrawn bank lines -
the group has a EUR80 million super senior RCF due 2023 and
EUR420 million senior secured RCF due 2023 both fully available
based on March 2018 compliance reporting. Underlying cash-flow
generation is strong, although Fitch expects available cash to be
upstreamed to parent company, LG subject to group leverage.

FULL LIST OF RATING ACTIONS

UnityMedia GmbH

  - Long-Term IDR: 'B+' placed on RWP

  - Senior notes: 'B+', Recovery Rating 'RR4' placed on RWP

UnityMedia Hessen GmbH & Co KG

  - Super senior revolving credit facility: 'BB+', Recovery
Rating 'RR1', placed on RWP

  - Senior secured revolving credit facility: 'BB+', Recovery
Rating 'RR1', placed on RWP

UnityMedia Hessen GmbH & Co KG and UnityMedia NRW GmbH as co-
issuers

  - Senior secured notes: 'BB+', Recovery Rating 'RR1', placed on
RWP

UnityMedia Finance LLC
  - Senior secured notes: 'BB+', Recovery Rating 'RR1', placed on
RWP


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G R E E C E
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GRIFONAS FINANCE NO. 1: Moody's Raises Cl. B Notes Rating to Caa1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 6 Notes,
and confirmed the rating of 1 Note in 3 Greek RMBS transactions.
The rating action reflects the decrease in country risk and the
related rise in the local-currency country ceiling for Greece on
February 21, 2018.

Issuer: Estia Mortgage Finance II PLC

EUR1137.5M Class A Notes, Upgraded to Ba3 (sf); previously on Feb
27, 2018 Caa1 (sf) Placed Under Review for Possible Upgrade

Issuer: Grifonas Finance No. 1 Plc

EUR897.7M Class A Notes, Upgraded to Ba3 (sf); previously on Feb
27, 2018 B3 (sf) Placed Under Review for Possible Upgrade

EUR23.8M Class B Notes, Upgraded to Caa1 (sf); previously on Feb
27, 2018 Caa3 (sf) Placed Under Review for Possible Upgrade

EUR28.5M Class C Notes, Confirmed at Caa3 (sf); previously on Feb
27, 2018 Caa3 (sf) Placed Under Review for Possible Upgrade

Issuer: KION Mortgage Finance Plc

EUR553.8M Class A Notes, Upgraded to Ba2 (sf); previously on Feb
27, 2018 B3 (sf) Placed Under Review for Possible Upgrade

EUR28.2M Class B Notes, Upgraded to Ba3 (sf); previously on Feb
27, 2018 Caa3 (sf) Placed Under Review for Possible Upgrade

EUR18M Class C Notes, Upgraded to B1 (sf); previously on Feb 27,
2018 Caa3 (sf) Placed Under Review for Possible Upgrade


RATINGS RATIONALE

The upgrades reflects Greece's reduced country risk associated to
the affected transactions. In its analysis, Moody's considered
their performance, available credit enhancement among other
transaction features, and reassessed the loss distribution of the
underlying pool in light of the new country ceiling. Moody's also
confirmed the rating of 1 Note that had sufficient credit
enhancement to maintain the current rating of the affected Notes.

Greece's long-term country ceilings for foreign and local-
currency bonds have been raised to Ba2 from B3. Therefore the
maximum achievable rating for structured finance transactions
backed by Greek receivables is Ba2 (sf). The decrease in
sovereign risk is reflected in Moody's quantitative analysis for
mezzanine and junior tranches.

The portfolio credit enhancement represents the required credit
enhancement under the senior tranche for it to achieve the
country ceiling. By increasing the maximum achievable rating for
a given MILAN CE, the revised methodology alters the loss
distribution curve and implies lower probability of high loss
scenarios.

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's reassessed its lifetime
loss expectation for the portfolio reflecting the collateral
performance to date.

Moody's updated the expected loss assumption as a percentage of
original pool balance to 12.37% for Estia Mortgage Finance II
PLC, to 5.47% for Grifonas Finance No. 1 Plc, and to 2.06% for
KION Mortgage Finance Plc. In its calculations of these expected
loss assumptions, Moody's has taken into consideration the amount
of repurchased loans in Estia Mortgage Finance II PLC and KION
Mortgage Finance Plc, resulting in lower expected losses than
typical life-time losses which would have been experienced
without repurchases, especially in KION Mortgage Finance Plc.

In previous actions, Moody's noted that a MILAN CE that would
generate the desired loss distribution could not be established
given the low level of the Greek country ceilings, and the
relatively high level of expected losses.

Moody's has now reassessed the MILAN CE, and a loss distribution
has now been established given a higher level of Greek country
ceilings, and therefore a cash flow analysis has been carried out
to determine the Notes ratings.

Moody's updated the MILAN CE driven by the Minimum Expected Loss
Multiple EL, a floor defined in Moody's updated methodology for
rating EMEA RMBS transactions. Moody's updated the MILAN CE to
35% for Estia Mortgage Finance II PLC, to 25% for Grifonas
Finance No. 1 Plc, and to 30% for KION Mortgage Finance Plc.

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
these 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:

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 and (4) a decrease in sovereign risk.

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.


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I T A L Y
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SALINI IMPREGILO: S&P Lowers ICR to 'BB', Outlook Stable
--------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Italian construction company Salini Impregilo to 'BB' from 'BB+'.
The outlook is stable.

S&P said, "At the same time, we lowered to 'BB' from 'BB+' our
long-term issue rating on Salini Impregilo's EUR283 million
senior unsecured notes maturing in 2018, EUR600 million senior
unsecured notes maturing in 2021, and on EUR500 million senior
unsecured notes maturing in 2024. The recovery rating on the
notes remains '4', and we estimate recovery prospects at 45%.

"Additionally, we removed both ratings from CreditWatch where we
placed them with negative implications on March 21, 2018.

"The downgrade reflects our view that Salini Impregilo's adjusted
funds from operations (FFO) to debt will remain below 30% in
2018-2019, following a pronounced drop in 2017 as result of
reported sluggish operating cash flow generation and adverse
movement in foreign exchange (forex) rates that hurt its net
financial position."

In 2017, Salini Impregilo's working capital absorbed a sizable
EUR330 million of its cash flow, which we understand was mainly
because of fewer-than-expected advanced payments and an increase
in work in progress related to few large contracts in Africa and
the Middle East that were awarded in 2016-2017. Movements in
forex rates, mainly U.S. dollar depreciation against the euro,
also dented Salini Impregilo's cash flow, as about 70% of
revenues are denominated in currencies other than the euro. The
group reported a forex impact of EUR135 million on revenues and
EUR41 million on EBITDA. As result, the group's reported
operating cash flow generation in 2017 was nil, which compares
with a positive EUR256 million in 2016. The group's operating
cash flow in 2017 is even weaker when we adjust it for about
EUR175 million of trade receivable sold at end-2017. In addition,
Salini Impregilo's net financial position was weighed down
because its gross debt is denominated mostly in euro, while its
cash, most of which is located outside Europe, is mainly
denominated in other currencies, such as the U.S. dollar. This
resulted in S&P Global Ratings' adjusted FFO to debt of 24.4% in
2017, versus our previous expectation of 31%-32%.

S&P said, "In our view, FFO to debt should somewhat improve in
2018-2019, but it is unlikely that it will be comfortably above
30%. Instead, we believe that it will be in the 26%-28% range.
This is because we believe that working capital and capital
expenditures (capex) will likely continue to drain significant
cash flow generation in the period, though much less than in
2017, as result of still sustained revenue growth (see our base-
case scenario below for more details). This would leave not much
room for material debt reduction. Supporting our view, Salini
Impregilo revised downward its 2018-2019 financial targets and
now aims at a gross debt reduction of EUR200 million over the
same period."

On April 30, 2018, Salini Impregilo announced that it is
evaluating several investment opportunities in the U.S., together
with non-core asset divestments options, particularly for the
plants and paving business unit of U.S.-based construction
company Lane Industries. This may free up resources to fund the
growth of the core construction business in the U.S., while at
the same time allow the group to further reduce gross debt. S&P's
base-case scenario for the ratings does not incorporate these
potential developments, as it does not have sufficient details on
them at this stage.

S&P continues to believe that Salini Impregilo benefits from good
geographic diversity, generating about 23% of revenues in Europe,
26% in the U.S., 13% in Africa, and 26% in the Middle East, with
the remaining share stemming from Australia and Latin America.
The company's focus on infrastructure--water, road, rails, and
civil construction--creates growth potential, in S&P's view. In
emerging markets, the company enjoys increasing urbanization and
the growing economic weight of the middle class, while it
benefits from the need to replace aging facilities in its mature
markets.

The group had a solid order backlog of EUR34 billion as of end-
2017, with a ratio of backlog to revenues in excess of 5.6x. We
believe a large part of revenue growth in coming years will come
from the U.S., where Salini Impregilo's market position has
strengthened significantly thanks to the acquisition of Lane
Industries in January 2016. About 40% of new orders in 2017 were
generated in the U.S. S&P said, "We view this market as one of
the most promising, given its pronounced needs for infrastructure
renovation. We expect the company's U.S. units to contribute
approximately 30% of revenues in 2018-2019."

S&P said, "Nevertheless, although we acknowledge that contracts
in Africa often display attractive profitability, we think that
Salini Impregilo's marked exposure to emerging markets overall
poses risks related to severe operating setbacks and adverse
trends in working capital. Furthermore, Salini Impregilo's
project concentration is higher than most rated peers. Based on
2017 data, its 10-largest projects represented about 47% of total
revenues, mainly concentrated in emerging markets. Lastly, Salini
Impregilo remains smaller than higher-rated European companies,
such as Strabag SE, Hochtief AG, and the ACS Group.

"The stable outlook reflects our view that the company's adjusted
FFO to debt should modestly recover in 2018-2019 to the 26%-28%
range. The company's solid order backlog provides very high
visibility on revenues and EBITDA in 2018-2019, reducing risk. We
expect that Salini Impregilo's adjusted EBITDA margin will remain
around 10% through 2019, and that it will maintain a moderate
dividend distribution policy, with a pay-out ratio not exceeding
40%.

"An upgrade of Salini Impregilo would rely on FFO to debt
comfortably above 30%, which is far from the levels we forecast
in 2018-2019 in our base-case scenario. Further out, however, we
might consider raising the ratings if the company's continued
strong backlog and favorable economic conditions translated into
higher-than-anticipated earnings and debt reduction. An upgrade
would also depend on whether Salini Impregilo successfully
manages its working capital needs, such that FOCF becomes
sustainably and meaningfully positive, and whether Salini
Impregilo significantly reduces its current litigation and
dispute risks.

"Under our current base-case scenario, we do not incorporate any
change in the company financial risk profile as a result of
Salini Impregilo's announcement on April 30, 2018, that it is
evaluating several investment and disposal opportunities in the
U.S., because we do not have sufficient details on it at this
stage. However, in the event this translated into significant
debt reduction and FFO to debt improved comfortably above 30%, it
could lead to a positive rating action.

"We could consider a negative rating action if Salini Impregilo's
adjusted FFO to debt declines to below 20% without short-term
prospects of recovery. This would most likely happen if the
company suffered further severe operating setback or adverse
trend in working capital, particularly given its exposure to some
high-risk countries and some large contracts, including countries
in the Middle East. Significant cash disbursement due to adverse
outcome of client disputes would also likely put pressure on the
ratings.

"We understand that Salini Impregilo is not planning to pursue
further debt-funded acquisitions in the next few years, and
believe that any such activity may put pressure on the ratings.
We may also lower our ratings if the company's liquidity position
deteriorates, although we see this as unlikely."


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N E T H E R L A N D S
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CADOGAN VII CLO: Fitch Rates Class F Notes 'B-(EXP)sf'
------------------------------------------------------
Fitch Ratings has assigned Cadogan Square VII CLO B.V notes
expected ratings, as follows:

Class A: 'AAA(EXP)sf'; Outlook Stable

Class B-1: 'AA(EXP)sf'; Outlook Stable

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

Class C: 'A(EXP)sf'; Outlook Stable

Class D: 'BBB(EXP)sf'; Outlook Stable

Class E: 'BB(EXP)sf'; Outlook Stable

Class F: 'B-(EXP)sf'; Outlook Stable

Class M: not rated (EXP)

Cadogan Square VII CLO B.V. is a cash flow collateralised loan
obligation (CLO). Net proceeds from the notes will be used to
redeem the old notes, with a new identified portfolio comprising
the existing portfolio, as modified by sales and purchases
conducted by the manager. The portfolio is actively managed by
Credit Suisse Asset management 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' Portfolio Credit Quality: Fitch considers the average credit
quality of obligors to be in the 'B' range. The Fitch-weighted
average rating factor (WARF) of the identified portfolio is 33.2
versus a maximum covenant for assigning expected ratings 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 63.4% versus a
minimum covenant for assigning expected ratings of 63.2%

Interest Rate Exposure: Up to 12.5% of the portfolio can be
invested in fixed-rate assets, while fixed-rate liabilities
represent 4.4% of the target par. Fitch modelled both 0% and
12.5% fixed-rate buckets and found that the rated notes can
withstand the interest rate mismatch associated with each
scenario.

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

Limited FX Risk: The transaction is allowed to invest up to 20%
of the portfolio in non-euro-denominated assets, provided these
are hedged with perfect asset swaps within six months of
purchase. Unhedged and principal hedged obligations are limited
at 4% and subject to principal haircuts. Unhedged and principal
hedged obligations can only be purchased if the transaction is
above the reinvestment target par.

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.


DRYDEN CLO 2017: Fitch Assigns 'BB(EXP)sf' Rating to Class E Debt
-----------------------------------------------------------------
Fitch Ratings has assigned Dryden 62 Euro CLO 2017 B.V. expected
ratings, as follows:

Class A: 'AAA(EXP)sf'; Outlook Stable

Class B-1: 'AA(EXP)sf'; Outlook Stable

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

Class C: 'A(EXP)sf'; Outlook Stable

Class D: 'BBB(EXP)sf'; Outlook Stable

Class E: 'BB(EXP)sf'; Outlook Stable

Class F: 'B-(EXP)sf'; Outlook Stable

Subordinated notes: not rated

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

Dryden 62 Euro CLO 2017 B.V. is a cash flow collateralised loan
obligation (CLO). Net proceeds from the issuance of the notes
will be used to purchase a portfolio of EUR400 million of mostly
European leveraged loans and bonds. The portfolio is actively
managed by PGIM Limited. The CLO envisages a 4.5-year
reinvestment period and an 8.5-year weighted average life (WAL).
The WAL test can be increased by nine months on any date on or
after the end of the non-call period if certain conditions are
met or at any time subject to rating agency confirmation from
Fitch.

KEY RATING DRIVERS

'B' Portfolio Credit Quality

Fitch considers the average credit quality of obligors to be in
the 'B' range. The Fitch-weighted average rating factor of the
identified portfolio is 31.8.

High Recovery Expectations

At least 92.5% 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 of the current
portfolio is 60.0%.

Interest Rate Exposure

Fixed-rate liabilities represent 9.25% of the target par, while
fixed-rate assets can represent up to 20% of the portfolio, with
a minimum at 10%. The transaction is therefore partially hedged
against rising interest rates.

Diversified Asset Portfolio

The transaction will feature different Fitch test matrices with
different allowances for exposure to the 10 largest obligors
(maximum 18% and 27.5%). The manager can then interpolate between
these matrices. The transaction also includes limits on maximum
industry exposure based on Fitch industry definitions. The
maximum exposure to the three-largest Fitch industries in the
portfolio is covenanted at 40%.

Limited FX Risk

The transaction is allowed to invest up to 30% of the portfolio
in non-euro-denominated assets, provided these are hedged with
perfect asset swaps within six months of purchase. Unhedged non-
euro assets must not exceed 2.5% of the portfolio at any time.

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 five 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.

SOURCES OF INFORMATION

The information was used in the analysis.
  - Loan-by-loan data provided by Barclays Bank PLC as at
April 25, 2018
  - Draft offering circular provided by Barclays Bank PLC as at
April 27, 2018


OCI NV: S&P Assigns 'BB-' Issuer Credit Rating, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issuer credit
rating to OCI N.V., a Netherlands-based producer of nitrogen
fertilizers and industrial chemicals. The outlook is stable.

S&P said, "At the same time, we assigned our 'BB-' issue rating
to OCI's $1.15 billion-equivalent euro- and U.S. dollar-
denominated senior secured notes with five-year maturity. The
recovery rating on the notes is '4', reflecting our expectation
of 30%-50% recovery (rounded estimate: 40%) in the event of a
payment default."

The final ratings are in line with the preliminary ratings S&P
assigned on April 10, 2018.

The rating reflects OCI's very steep deleveraging trend, with
funds from operations (FFO) to debt strengthening to around 20%
in 2018-2019, despite the very high leverage OCI reported on Dec.
31, 2017, translating into S&P Global Ratings-adjusted debt to
EBITDA of nearly 9.0x and FFO to debt of 5.5%. The elevated
leverage in 2017 was due to bottom-of-the-cycle conditions in the
nitrogen fertilizer market and extensive capital spending (capex)
programs that are now coming to an end.

S&P said, "From 2018, we expect OCI will show substantially
improved credit metrics, driven by increased volumes and higher
capacity utilization across new and existing assets in a
recovering market environment for both fertilizers and methanol.
We anticipate the company's adjusted EBITDA in 2018 will be
around $1.1 billion, up from $525 million in 2017. The completion
of large capex programs will lead to materially reduced capex and
strong free cash flow generation, which we anticipate OCI will
use for deleveraging."

The ongoing strengthening in EBITDA and cash flow is also due to
large cash dividends to be received from Natgasoline, a joint-
venture (JV) owned 50% by OCI. S&P said, "We anticipate
significant cash to be upstreamed from Natgasoline in 2018
following a planned dividend recapitalization and reduction to a
normalized level of $80 million-$90 million in 2019. As a result,
we expect adjusted debt to EBITDA will more than halve to below
4.0x in 2018 and further improve to around 3.5x in 2019. We view
OCI's financial risk profile as aggressive."

OCI is a global producer and distributor of nitrogen-based
fertilizers and commodity chemicals, primarily methanol. The
product portfolio comprises ammonia, urea, calcium-ammonium
nitrate, urea-ammonium nitrate, methanol, melamine, and diesel
exhaust fluid. The group generated $2.25 billion of sales and
reported EBITDA of $479.2 million in 2017. In April 2018, OCI
issued $1.15 billion new senior secured notes due 2023 (including
EUR400 million euro notes and $650 million dollar notes) at the
holding company level (OCI N.V.). Concurrently, OCI refinanced
its existing $660 million credit facility into new $1.1 billion
senior secured credit facilities (not rated) including a four-
year $400 million term loan A (denominated in euro) and a $700
million multi-currency revolving credit facility (RCF).

OCI enjoys a favorable position on the global cost curve in both
nitrogen fertilizers and methanol, thanks to its access to low-
cost natural gas feedstock in the U.S. and very competitive long-
term gas supply agreements in North Africa. As a result, OCI's
EBITDA margin has been above the industry average and higher than
that of European peers like Yara and EuroChem. S&P expects
margins to improve materially in the next two years, driven by
higher plant efficiency following the ramp-up of existing and new
assets with strong margins, such as nitrogen fertilizer plants
IFCo in the U.S. and Sorfert in Algeria.

OCI has invested more than $5 billion in acquisitions (BioMCN, a
methanol producer in the Netherlands), large-scale green-field
projects (IFCo in the U.S.; Natgasoline, a methanol production
facility in the U.S.), and continued operational improvements
since 2010. As a result, total production capacity will increase
by over 50% from 2016 levels to a run-rate of 13.4 million metric
tons per year in 2019 (including 50% capacity of Natgasoline).
The transformative capex projects are now nearing completion,
which will lead to a considerable increase in production volume
and very low maintenance capex.

All of OCI's plants are strategically located near end markets
with good logistical infrastructure and easy access to natural
gas supply. IFCo is located in the center of the Midwest Corn
Belt, with the highest demand for nitrogen fertilizer products in
the U.S. Natgasoline and OCI Beaumont are located on the Texas
Gulf Coast with easy access to domestic U.S. demand and
international markets, including Europe and Asia. The North
African assets focus on exports to European markets and benefit
from freight advantages to Europe, thanks to proximity and import
duty exemptions.

In addition, OCI holds strong market positions, though in a very
fragmented market. The company is globally the No.4 producer of
nitrogen fertilizer and the No.5 methanol producer by capacity.

A rating constraint is OCI's relatively modest size in the global
nitrogen fertilizer market. With revenues of $2.25 billion in
2017, OCI is smaller than industry peers like Yara, CF
Industries, and EuroChem in nitrogen fertilizer production, and
smaller than Methanex, CEL, Zagros, and SABIC in methanol
production.

Moreover, OCI has significant concentration in terms of both
geography and manufacturing footprint. With 53% of group revenues
in 2017 generated in Europe and 28% in North America, OCI is
highly concentrated in developed markets. There is also certain
concentration in OCI's asset base because a significant share of
assets is located in countries we classify as high risk. For
example, based on the 2019 run-rate capacity, 33% of production
assets are located in Egypt and Algeria. Excluding the 50% JV,
Natgasoline, the share of North Africa production capacity is
even higher at 35%.

S&P takes into consideration the large scale of OCI's production
facilities, the history of significant delays for the more
technologically complex structures, and cost overruns in carrying
out some green-field projects. While the construction of
Natgasoline was completed in April 2018 and the refurbishment at
BioMCN is expected to finish in the last quarter of 2018, the
pace of ramping up volumes at IFCo and Natgasoline and
maintaining high utilization across other assets is not fully
assured.

OCI's financial policy is focused on deleveraging. This is
illustrated by the company's clearly defined aim to use its free
operating cash flow to reduce reported gross debt so as to reach
the policy target of reported net debt to EBITDA of about 2.0x.
S&P expects no dividend payout until the net leverage target has
been achieved.

S&P said, "The stable outlook reflects our view that OCI will
show a substantial strengthening in operating performance and a
steep deleveraging in 2018. We anticipate that this will follow
the ramp-up of volumes and higher capacity utilization across new
and existing assets in the recovering market environment for both
fertilizers and methanol, along with the large cash dividend
anticipated from Natgasoline. The completion of large capex
programs will lead to materially reduced capex and continuous
strong free cash flow generation, which we expect OCI will use
for deleveraging. The stable outlook also factors in our
expectation that the company's FFO-to-debt ratio will approach
20% in 2018 and exceed 20% in 2019.

"We could raise the rating if the expected improvement in
operating performance, driven by successful completion of current
expansion projects and volume ramp-up, were to materialize in the
next 12-18 months, such that the adjusted FFO to debt was
consistently and sustainably above 20%. In such a case, the
company would also demonstrate sustained generation of
significant free cash flow over a cycle and a financial policy in
line with a higher rating.

"We could lower the rating if the improvement in operating
performance and the subsequent deleveraging were below our
expectations, such that adjusted FFO to debt remained below 20%.
This could follow weaker-than-expected market conditions, slower
ramp-up of production volumes, and lower plant efficiency because
of unexpected operational issues. In addition, negative free cash
flow, insufficient headroom under financial covenants, or a less
supportive financial policy than we expected would also result in
downward pressure on the rating."


SAMVARDHANA MOTHERSON: S&P Affirms 'BB+' ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings revised its outlook to stable from positive on
the Netherlands-based Samvardhana Motherson Automotive Systems
Group B.V. (SMRP). At the same time, S&P affirmed its 'BB+' long-
term issuer credit rating on SMRP.

S&P said, "We also affirmed our 'BB+' issue rating on SMRP's
EUR100 million senior secured notes, EUR300 million senior
secured notes, and US$400 million senior secured notes. We have
revised up the recovery rating on these instruments to '3' from
'4', now indicating our expectation of average recovery (50%-70%;
rounded estimate: 60%) in the event of a payment default.

"The outlook revision reflects our view of slower-than-expected
deleveraging at SMRP's parent company Motherson Sumi Systems
(MSSL). We believe the group's latest debt-financed acquisition
of Reydel Automotive France SAS for US$201 million, the slower-
than-expected ramp-up of new facilities, and a significant
appreciation in euro vis-a-vis Indian rupees will hamper
deleveraging at the group level. We expect the group's funds from
operations (FFO)-to-debt ratio to have strengthened to only 35%
in fiscal 2018 (ended March 31) -- versus our previous
expectation of above 40% -- from about 30% in fiscal 2017. These
factors diminish the possibility of strengthening the group
credit profile (GCP)."

The addition of Reydel, a global player in automotive instrument
and door panels, will strengthen SMRP's business risk profile
since the acquired company adds about 15% of revenues (about
EUR850 million). The acquisition will also reduce the company's
customer concentration on the Volkswagen group -- which will
represent about 40% of revenues versus from 48% previously -- as
Reydel adds new clients like Renault and PSA.

S&P said, "We believe that both SMRP and MSSL could continue to
grow faster than the industry on the back of a prudent mix of
organic and inorganic opportunities, but we assume the bulk of
its growth will come from debt-funded acquisitions like the
Reydel deal. We believe that both companies have good track
records of conservatively managing acquisitions and leverage. The
group's guidance of net debt leverage tolerance of 2.5x leads us
to think that it would not engage in sizable acquisitions that
could threaten its existing financial position. However, although
this cautious growth approach adds scale and diversity to the
company's business position, it prevents deleveraging sufficient
to strengthen the overall financial risk profile, in our view.

"Our estimates for fiscal 2019 and thereafter are based on a pro-
forma consolidation of Reydel's acquisition from the start of
fiscal 2019, although the company has guided the acquisition to
be effective as of the second quarter of fiscal 2019.

"Our base-case assumptions do not include potential acquisitions,
as these are opportunistic in nature and difficult to predict.
However, any transformational acquisition remains a risk to our
leverage estimates. We believe the company is committed to its
stated financial policies and debt tolerances. As such, the risk
of higher-than-expected leverage remains low."

With a 51% stake, MSSL is SMRP's main shareholder. Samvardhana
Motherson International Ltd. (not rated) holds the remaining 49%.
S&P said, "We classify SMRP as a core entity of the MSSL group.
We base this assessment on our view that SMRP is unlikely to be
sold, has MSSL's long-term commitment, constitutes a material
proportion of the consolidated MSSL group (70% of sales and 60%
of EBITDA), and shares a brand with the main group. That said,
the rating on SMRP is equal to our 'bb+' GCP, which is one notch
higher than our assessment of SMRP's stand-alone credit profile
(SACP) due to our understanding of better operational performance
and lower leverage at the parent level."

S&P said, "The stable outlook on SMRP reflects our view that the
company's operating performance will remain resilient over the
coming years, with stable operating profitability. We align our
view of SMRP's creditworthiness with that on MSSL, factoring in
our view of additional parental support. We expect MSSL will
continue its growth strategy while maintaining stable credit
metrics, with FFO to debt of about 35%-45% over the next 12-18
months.

"We could upgrade SMRP if MSSL improves its financial metrics,
such that FFO to debt exceeds 45% on a sustainable basis, and the
company commits to a more conservative financial policy, keeping
debt to EBITDA below 2x. This scenario will most likely occur in
the absence of any significant debt-funded acquisition.

"A weakening of SMRP's credit metrics may not lead us to lower
the rating, provided such declines are offset by the resilient
performance of MSSL's other activities. We could lower our
ratings, however, if MSSL's ratio of FFO to debt unexpectedly
declines below 30%. Such a situation could materialize if large
debt-fueled acquisitions indicate a deviation in the company's
debt tolerance or if the operating performance deteriorates,
probably due to the loss of a key customer.

"Rating pressure might also arise if we were to reassess SMRP's
core status within the MSSL group. This could occur, for example,
if MSSL sold some of its shares in SMRP, ultimately resulting in
MSSL no longer having a controlling stake in the company. Any
loss of substantial business from Volkswagen, on which SMRP
relies heavily, could have pronounced repercussions for SMRP if
not compensated by additional business from other automakers."


===========
N O R W A Y
===========


PETROLEUM GEO-SVCS: S&P Alters Outlook to Pos. & Affirms CCC+ ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Norwegian seismic group
Petroleum Geo-Services ASA (PGS) to positive from stable and
affirmed the long-term issuer credit rating at 'CCC+'.

S&P said, "At the same time, we affirmed our 'CCC+' issue rating
on PGS' US$400 million seven-year term loan. The '3' recovery
rating on this facility indicates our expectation of meaningful
(50%-70%) recovery (rounded estimate: 65%) in the event of a
payment default.

"The outlook revision reflects the early signs of recovery in the
seismic industry seen in the last few months, which has led to
better results for PGS than we expected in the last quarter of
2017 and in the first quarter of 2018. In our view, if the trend
continues in the next quarters, PGS will be able to generate
positive free operating cash flow (FOCF) of about $60 million in
2018, which would support a gradual deleveraging and a
transformation of the capital structure into a more sustainable
one. That said, the seismic industry continues to be volatile. At
this stage, we have limited visibility on PGS' performance in the
second half of the year, and the positive early signs could turn
out to be a false indication, if the major oil exploration
companies continue to tighten their exploration budgets.

"At the same time, we continue to see PGS' capital structure as
unsustainable, with adjusted debt of $1.6 billion as of March 31,
2018 (consisting of a reported gross debt of $1.2 billion and
operating leases of $0.3 billion), underlying the current 'CCC+'
rating. In our view, the absolute debt level, the volatile
EBITDA, and the limited FOCF point to the volatility of PGS'
credit metrics in the short term. For example, under our base
case, we project S&P Global Ratings' adjusted debt to EBITDA of
5.5x in 2018, versus more than 10.0x in 2017."

In the first quarter of 2018, PGS reported sales of $198 million
and EBITDA of $92 million (equivalent to an adjusted EBITDA of
about $37 million), compared with sales of $155 million and
EBITDA of $30 million in the first quarter of 2017. The
supportive results come after a trough year for the seismic
industry. The improvement owes mostly to the good performance of
the MultiClient segment. The second driver is the company's $100
million costcutting program.

S&P said, "In our view, the seismic subsector is one of the most
vulnerable in the oilfield services industry. When exploration
and production (E&P) companies revise their exploration budgets,
seismic companies have only a short lead time before this change
affects their results. Consequently, the 2017 financial results
for seismic companies still reflect E&P companies' small appetite
for spending cash on exploration.

"Under our Brent oil price assumption of $65 per barrel (/bbl)
for the rest of 2018, we do not project a material pick-up in the
exploration budget, meaning that 2018 will also be tough for
seismic data providers, but better than in 2017.

"That said, we consider current global capital expenditures
(capex) to be substantially below the levels needed to sustain
global oil production, which may support higher oil prices in the
future. In turn, this would provide some incentive for E&P
companies to spend more cash on exploration, reviving the demand
for PGS' services. WesternGeco, Schlumberger's seismic division,
recently announced that it would exit the seismic market, which
we view as positive for the two leading players: CGG and PGS.

"Under our base-case scenario, we project that PGS's adjusted
EBITDA will be $180 million-$220 million (equivalent to a
reported EBITDA of $480 million-$520 million when adding back the
spending on MultiClient and excluding the restructuring costs).
We assume that EBITDA could further improve by another $20
million-$50 million. In comparison, adjusted EBITDA stood at $155
million in 2017."

The following assumptions underpin our base-case scenario:

-- An average Brent oil price of $65/bbl in the rest of 2018,
    declining to $60/bbl in 2019. Based on those working
    assumptions, S&P does not expect a material change in E&P
    companies' exploration budgets. The current Brent price is
    $72/bbl.

-- Moderately increasing revenues in 2018 of about $850 million,
    with some upside in 2019.

-- S&P's estimate of cash costs of about $650 million in 2018,
    including restructuring costs (with further benefits to
    materialize in 2019). Recently, the company guided for a
    total cash cost of $600 million in 2018 (excluding the
    restructuring costs of about $40 million, revised from $575
    million).

-- Capex of about $60 million in 2018, down from $150 million in
    2017 after the completion of spending on a new vessel. In
    addition, PGS will continue to invest substantial amounts in
    building its MultiClient library of seismic data. That said,
    S&P assumes that the company will continue to benefit from
    prefunding to cover its investments in new seismic data.

-- Moderate working capital outflows in 2018-2019, supporting
    modest recovery in the activity.

-- No dividend payments.

Based on these assumptions, we arrive at the following credit
measures:

-- Adjusted debt to EBITDA around 5.5x in 2018, with further
    improvement in 2019.

-- Positive FOCF of about $50 million in each one of the coming
    years.

S&P said, "In our view, PGS' credit metrics and FOCF could change
somewhat as a result of the company's spending on the MultiClient
business. In this respect, we do not rule out a scenario in which
an industry uptick would nevertheless not fuel an increase in
FOCF, if PGS increases spending on MultiClient business.

"Our assessment of PGS' weak business risk profile is underpinned
by the lack of operational diversity, with heavy reliance on oil
and gas E&P companies' investments, which tend to be highly
cyclical. In addition, building a quality data library is risky
by nature, requiring ongoing heavy investment, not always with
contracts in place to support the investments. These risks are
partially mitigated by PGS' important global position within the
consolidated marine sector, which is supported by its relatively
competitive fleet."

The positive outlook on PGS reflects a potential positive rating
action in the coming six to 12 months if industry conditions
improve further, translating into improved credit metrics,
positive FOCF, and the company's ability to address its
maturities due in 2020.

S&P said, "Under our base-case scenario, we project adjusted debt
to EBITDA at around 5.5x in 2018, which corresponds with a higher
rating. That said, given the volatile nature of the seismic
industry, an upgrade would also hinge on actual results in the
coming quarters.

"We may raise the rating if we assess the company's capital
structure as sustainable, together with its liquidity remaining
adequate. Such a rating action would need to be supported by
further recovery in the market and successful execution of the
recently completed cost-cutting program. We would need to see
adjusted debt to EBITDA trending below 6x, together with positive
FOCF supporting a reduction in the absolute debt level.

"While we view PGS' current liquidity as adequate, an upgrade
would also be linked to the company's ability to refinance its
large maturities in 2020.

"We could revise the outlook to stable or negative, or lower the
rating, if the company's liquidity deteriorated, such that we
deemed a default likely within 12 months. In our view, such a
scenario could materialized if the current early signs of
improvement in the market prove short lived." Other scenarios
could include:

-- The order intake falls below the trough level seen in 2017;
-- S&P does not see a contribution from the cost-cutting
    program; or
-- PGS intends to embark on another distressed exchange offer.


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


RN BANK: S&P Affirms BB+/B Issuer Credit Ratings, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings said that it affirmed its 'BB+/B' long-term
and short-term issuer credit ratings on Russia-based RN Bank JSC.
The outlook is stable.

S&P said, "The affirmation reflects our opinion that RN Bank
continues to demonstrate sound operating performance and remains
a strategically important subsidiary of both RCI Banque
(BBB/Stable/A-2) and Nissan Motor Co. (A/Stable/A-1).
RN Bank's stand-alone credit profile (SACP) is 'b+'. This
assessment balances the risks related to the bank's business
concentration in the niche car financing segment in Russia with
solid underwriting procedures that have so far allowed it to
maintain good loan portfolio quality and ongoing financial and
managerial support from shareholders.

"We assess RN Bank's business position as weak, reflecting its
highly concentrated business focus on car financing linked with
two producers, Renault and Nissan. This makes it dependent on the
parent businesses' growth dynamics in Russia and their ongoing
support. We also note that RN Bank is smaller than global peers.
With total assets of Russian ruble (RUB) 81 billion (about US$1.4
billion) as of April 1, 2018, under Russian accounting standards
RN Bank ranked No. 72 among Russian banks. At the same time, the
recent acquisition of Avtovaz by Renault could support the bank's
business future growth as Lada cars produced by Avtovaz are
currently among the best selling vehicles in Russia.

"We think that RN Bank's capital and earnings are strong,
supported by the solid earnings generation capacity and announced
capital increase of RUB3 billion planned in the third quarter of
2018. We understand that shareholders will participate in capital
increase pro rata with their current stakes in RN Bank--RCI
Banque (30%), Nissan Motor Co. (30%), and UniCredit AO (40%). We
anticipate the bank's risk-adjusted capital ratio will be close
to 13% in the next 12-18 months, assuming annual loan portfolio
growth of 12%, credit costs around 1.2%-1.4% of total loans,
absence of dividends in 2018, and a dividend payout close to one-
third of the annual profit in 2019, under our estimate.

"Our assessment of RN Bank's risk position as adequate takes into
account the high sector concentration in the loan portfolio. This
is mitigated by the better-than-sector-average quality of its
assets and prudent risk management compared with other consumer
finance banks in Russia. We expect the level of RN Bank's
nonperforming loans (NPLs, more than 90 days overdue) will remain
in the range of 1.0%-1.3% of total loans in the next 12-18
months.

"We assess RN Bank's funding as average, supported by continued
funding support from shareholders. Although the bank's stable
funding ratio (SFR) at around 63% at the end of 2017 is below
average for Russian banks (above 100% on the same date), this is
mitigated by two factors: (i) low SFR is a result of a
significant amount of funding support--accounting for more than
half of total funding as of end-2017--provided from shareholders,
RCI Banque, UniCredit Bank AO, and Nissan Motor Co., which is
reported as short-term funding while in fact we expect this
funding from committed shareholders to be rolled-over regularly
and to remain a stable funding source for RN Bank over the next
few years; and (ii) we expect the overall funding base of RN Bank
to be very stable, as demonstrated by the track record over the
past years.

"We consider RN Bank's liquidity to be adequate, given the bank's
access to ample liquidity lines from the parents. The bank's
liquid assets accounted for 8.3% of total assets on April 1,
2018.

"We see RN Bank's group status toward RCI Banque and Nissan Motor
Co. as strategically important because RN Bank functions as a
financing vehicle supporting the sales of Renault-Nissan-
Mitsubishi Alliance production in Russia and thus underpinning
customer loyalty to these brands. Russia is one of the largest
markets for Renault-Nissan-Mitsubishi Alliance globally and both
shareholders have invested material resources to develop
production facilities in Russia in recent years. For this reason,
we consider that RCI Banque and Nissan Motor Co. would have
strong incentives to continue supporting RN Bank in its normal
operations and provide extraordinary support in the case of
stress.

"Although the share of funding from the parent companies
decreased to 52% of total funding as of end-2017 from 83% a year
ago, we believe that this was driven by purely commercial reasons
and we consider shareholders to remain committed to provide
financial support to the bank. In addition, RN Bank successfully
placed two bond issues in 2017 in the total amount of RUB10
billion, which reduced its total cost of funds.

"The stable outlook reflects our view that RN Bank's
creditworthiness will likely remain at the current level over the
next 12-18 months. We believe that the bank will continue
benefiting from the ongoing support of shareholders that provide
it with financial resources and managerial expertise. We expect
the bank's capitalization to remain strong, supported by the
sound earnings generating capacity and good quality of its loan
portfolio with credit costs staying at about 1.2%-1.4% of total
loans, which is below average for the Russian banking sector.

"We could downgrade RN Bank if we saw a diminished commitment
from RCI Banque or Nissan Motor Co. to provide support in terms
of capital or funding. We could also take this action if the
bank's strategy for the Russian market changed in such a way that
we considered that the bank's group status toward one or both
shareholders had weakened and our expectations for shareholder
support diminished.

"We would also consider lowering our ratings on RN Bank if its
SACP deteriorated due to weakening capital levels, with our risk-
adjusted capital ratio falling below 10%, or if we observed the
bank's increasing risk appetite, leading to material asset
quality deterioration. In addition, we could lower the ratings if
we considered, contrary to our current expectations, that its
funding profile had deteriorated or its liquidity management had
substantially weakened.

"We could upgrade RN Bank if we considered that its market
standing and business position had improved, demonstrated by a
strong track record of sustainable good operating results through
the macroeconomic cycle. We consider such an improvement unlikely
within the forecast horizon, but possible in the longer term."


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


CAMPOFRIO FOOD: Moody's Withdraws Ba2 CFR & Ba2-PD PDR
------------------------------------------------------
Moody's Investors Service has withdrawn the Ba2 corporate family
rating and Ba2-PD probability of default rating of Campofrio Food
Group, S.A. Moody's rating action follows the full repayment of
Campofrio's rated debt on April 6, 2018, funded with the proceeds
from an intercompany loan provided by its parent company.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons given that the notes previously rated have been repaid.

COMPANY PROFILE

Headquartered in Madrid, Campofrio is the largest producer of
processed meat products in Europe. The company is 100% owned by
Sigma Alimentos Espa§a, S.L., a subsidiary of Sigma Alimentos
S.A. de C.V. (Sigma, Baa3 stable), a subsidiary of Alfa, S.A.B.
de C.V. (Alfa, Baa3 stable).

LIST OF AFFECTED RATINGS

Withdrawals:

Issuer: Campofrio Food Group, S.A.

LT Corporate Family Rating, Withdrawn , previously rated Ba2

Probability of Default Rating, Withdrawn , previously rated Ba2-
PD

Outlook Actions:

Issuer: Campofrio Food Group, S.A.

Outlook, Changed To Rating Withdrawn From Positive


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


EVERGOOD 4 APS: S&P Assigns 'B' Rating on Leveraged Buyout
----------------------------------------------------------
S&P Global Ratings said that it assigned its 'B' long-term issuer
credit rating to Evergood 4 Aps, the new parent company of
leading Nordic payment service provider Nets A/S. The outlook is
stable.

S&P said, "We also assigned our 'B' issue rating to the group's
first-lien term loan and revolving credit facility (RCF). The
recovery rating is '3', indicating our expectation of meaningful
(rounded estimate: 50%) recovery prospects for creditors in the
event of a payment default.

"The ratings are in line with the preliminary ratings we assigned
on Nov. 20, 2017.

"In addition, we affirmed our 'B' long-term issuer credit rating
on Nets A/S and its subsidiary Nassa TopCo. The outlook on both
entities is stable.

"At the same time, we raised our issue rating on Nassa Topco's
outstanding EUR220 million unsecured notes to 'BB-' from 'B+'. We
also revised upward the recovery rating to '1' from '2',
reflecting our expectation of almost full recovery (rounded
estimate: 95%) in the event of default."

The rating action follows Evergood's completion -- through
financial sponsors Hellman & Friedman -- of the leveraged buyout
of Nets A/S. It did so through the issuance of EUR1,940 million
equivalent of first-lien term loans, EUR590 million equivalent of
second-lien term loans, and EUR2,765 million equivalent of equity
capital. The first-lien term loan is EUR220 million less than it
was in the initially proposed capital structure. This is because
EUR220 million of the EUR400 million outstanding notes issued by
Nassa Topco have been incorporated into the capital structure and
have not been redeemed.

S&P said, "The rating reflects our forecast that Nets will
continue to post very high adjusted gross debt to EBITDA
(leverage) of more than 8x at year-end 2018. We also expect its
interest burden to increase significantly, leading to interest
coverage of about 2.5x. The rating also reflects the company's
financial sponsor ownership, which we believe will result in a
continued aggressive balance-sheet position." These constraints
are partly balanced by Nets' leading position as a Nordic payment
service provider, with a strong presence across the payment value
chain, especially in Denmark and Norway; improving EBITDA margin;
and solid medium-term growth prospects.

The underlying credit factors for the group are in line those
discussed in the previously published report "Evergood 4 ApS
Assigned Preliminary 'B' Rating; Outlook Stable; Proposed Debt
Rated 'B'."

S&P said, "Our ratings on Nets are in line with those on
Evergood, reflecting our assessment of Nets as a core subsidiary
of the group that essentially represents all the group's
operations.

"The stable outlook reflects our expectation that Nets will
continue increasing its revenues, maintain an adjusted EBITDA
margin above 20% and adequate liquidity, and generate significant
positive FOCF in 2018, excluding changes in working capital from
clearing activities.

"We could raise the rating if revenues and margins improve more
quickly than we're forecasting, resulting in EBITDA interest
coverage sustainably above 3.0x, FOCF to debt sustainably above
5%, and leverage declining to about 7x.

"We could lower the rating if revenues or EBITDA declined
substantially, for instance because of competitive pressure. We
could also consider a downgrade if FOCF approached breakeven
(excluding working-capital changes related to clearing
activities) or if we revised our assessment of the group's
liquidity downward to less than adequate."


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


TURK TELEKOM: S&P Lowers ICRs to 'BB+/B', Outlook Stable
--------------------------------------------------------
S&P Global Ratings lowered its long- and short-term issuer credit
ratings on Turkish telecommunications operator Turk Telekom to
'BB+/B' from 'BBB-/A-3'. The outlook is stable.

S&P said, "We also lowered our issue rating on Turk Telekom's
senior unsecured debt to 'BB+' from 'BBB-'. We assigned a '3'
recovery rating to the debt, reflecting our expectation of
meaningful recovery (50%-70%; rounded estimate: 65%) in the event
of default.

"The rating actions follow our downgrade of Turkey (see "Turkey
Ratings Lowered On Deteriorating External Performance and Higher
Inflation; Outlook Stable," published May 1, 2018, on
RatingsDirect).

"Because we limit our rating on Turk Telekom to two notches above
the sovereign foreign currency rating, the rating action on the
sovereign resulted in a lower rating on the company. In addition,
we cap the rating on Turk Telekom at the 'BB+' transfer and
convertibility (T&C) assessment on Turkey because Turk Telekom is
a nonexport company. Our T&C assessment reflects our view of the
likelihood of Turkey restricting access to foreign exchange
liquidity for Turkish companies.

"We continue to assess Turk Telekom's stand-alone credit profile
(SACP) at 'bbb-', which is three notches higher than the foreign
currency credit rating on Turkey. Our rating on Turk Telekom is
higher than the sovereign foreign currency rating because Turk
Telekom passes our hypothetical sovereign default stress test,
which, among other factors, assumes a 50% devaluation of the lira
against hard currencies and a 15%-20% decline in organic EBITDA.
Because of this, we currently assess that our rating on Turk
Telekom can exceed the sovereign rating by two notches. We
believe the company would pass the hypothetical sovereign
default, because we understand that management keeps 67% of its
cash in hard currencies as of March 31, 2018, and aims to keep
sufficient cash reserves to serve its next 12-months' debt
obligations. Therefore, in the hypothetical case of depreciation
of the lira, we think the appreciation of the cash balance would
offset the increase in unhedged short-term debt maturities and
capex.

"The SACP primarily reflects our view of Turk Telekom's strong
position in its domestic fixed line business (63% subscriber
market share in retail broadband; 82% subscriber market share in
wholesale broadband as of fourth-quarter 2017); improving
position, albeit at a slow pace, in mobile market (26% subscriber
market share as of fourth-quarter 2017); extensive network
infrastructure (87% LTE [long-term evolution] population
coverage); and strong profitability (our expectation of S&P
Global Ratings' adjusted EBITDA margin of 37%-38% in 2018 and
2019). Moreover, we expect that the company's debt to EBITDA will
improve to 1.6x-1.8x in 2018 and 2019 from 2.2x in 2017, on an
S&P Global Ratings' adjusted basis, and consider that the company
is improving its free cash flow generation, with reduced capital
expenditure (capex) requirements and dividends (no payments for
2017). We expect free operating cash flow (FOCF) to debt to be
between 15%-20% in 2018 and 2019, compared with 11.7% in 2017."

Somewhat offsetting this is Turk Telekom's exposure to high
country risks in Turkey, exposure to foreign exchange risk
(approximately 40% of debt was hedged against U.S. dollar and
euro as of first-quarter 2018).

"The stable outlook on Turk Telekom mirrors our stable outlook on
Turkey, and our expectation of continued solid operational
performance. Our current assessment of Turk Telekom's SACP
reflects our expectation that for 2018 and 2019 the company will
maintain revenue growth of above 10% and a leverage (debt-to-
EBITDA) ratio below 2.25x.

"In addition to a negative rating action on the sovereign, we
could also downgrade Turk Telekom if we lowered our T&C
assessment on Turkey, due to deterioration in Turkish
corporations' access to domestic and external liquidity, or if we
believed the business risk of operating in Turkey had materially
increased.

"We could upgrade Turk Telekom if we raise the sovereign rating
on Turkey and the T&C assessment."


TURKCELL: S&P Cuts Issuer Credit Rating to 'BB+', Outlook Stable
----------------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term issuer
credit rating on Turkcell Iletisim Hizmetleri A.S. (Turkcell) to
'BB+' from 'BBB-'. The outlook is stable.

S&P said, "We lowered the issue rating on Turkcell's senior
unsecured notes and senior unsecured debt to 'BB+' from 'BBB-'.
We assigned a '3' recovery rating to this debt, indicating our
expectation of meaningful (50%-70%) recovery (rounded estimate:
65%) for noteholders in the case of a default.

"We lowered the rating following our downgrade of Turkey.

"Our rating on Turkcell can be two notches above the sovereign
foreign currency rating. Therefore, the rating action on the
sovereign resulted in a lower rating on the company. In addition,
we cap the rating on Turkcell at our 'BB+' transfer and
convertibility (T&C) assessment on Turkey because Turkcell is a
nonexport company. Our T&C assessment reflects our view of the
likelihood that Turkey would restrict access to foreign exchange
liquidity for Turkish companies.

"Our rating on Turkcell is two notches higher than our
unsolicited sovereign foreign currency rating on Turkey, because
Turkcell passes our hypothetical sovereign default stress test,
which, among other factors, assumes a 50% devaluation of the
Turkish lira against hard currencies and a 15%-20% decline in
organic EBITDA. We currently assess that the rating on Turkcell
can exceed the sovereign rating by two notches. This is because
we understand that management keeps almost 80% of its cash in
hard currencies, and aims to keep sufficient cash reserves to
serve its next 12 months of debt obligations. Therefore, in the
hypothetical case of a depreciation of the lira, we think the
appreciation of the cash balance would offset the increase in
unhedged short-term debt maturities and capital expenditures.

"However, we continue to assess Turkcell's stand-alone credit
profile (SACP) at 'bbb', supported by our expectations of
gradually stronger credit ratios, with adjusted debt to EBITDA
between 1.4x and 1.6x and funds from operations to debt at about
50%-60% in 2018 and 2019. First-quarter 2018 results reinforced
our view of the company's solid operational performance through
its focus on a digitalized strategy, with its offering including
instant messaging, music, TV, and personal cloud services.

"Our 'bbb' assessment of Turkcell's SACP reflects our
anticipation that Turkcell will post annual revenue growth
exceeding 10%, stabilizing margins, lower required capital
investments, and, with the recent $500 million bond issuance,
improved liquidity. For more details about our base case for
Turkcell, please see our latest publication on Turkcell, "Telecom
And Technology Provider Turkcell 'BBB-' Rating Affirmed On Solid
Operating Performance; Outlook Remains Negative," published March
28, 2018, on RatingsDirect.

"The stable outlook on Turkcell reflects our stable outlook on
Turkey, and our expectation of continued solid operational
performance. Our SACP assessment is reflective of our expectation
of revenue growth above 10% and a leverage ratio below 2.0x in
2018 and 2019.

"If we took a negative rating action on the sovereign, we could
downgrade Turkcell. Given that we cap the rating at the level of
the T&C assessment, we would also lower our rating on Turkcell if
we revised down our T&C assessment on Turkey, for example due to
deterioration in Turkish corporations' access to domestic and
external liquidity, or if we believed the business risk of
operating in Turkey had materially increased.

"We could upgrade Turkcell if we took the same action on the
sovereign and revised up the T&C assessment."


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


BEAUFORT: PwC Can Use Customer Funds to Pay Insolvency Fees
-----------------------------------------------------------
Kate Beioley at The Financial Times reports that customers of
collapsed UK brokerage Beaufort Securities have voted in favor of
retaining PwC as administrator and accepted its proposals to use
up to GBP100 million of private investors' funds to pay
insolvency fees, following a fiery creditors' meeting on May 10.

PwC confirmed on May 11 that clients of the broker, which was
shut down by the UK regulator in March, had voted in favor of its
proposals, which include a worst-case scenario of spending GBP100
million to return cash and assets valued at GBP550 million to
customers, the FT relates.

PwC also confirmed a creditors' committee had been appointed to
oversee the insolvency process, the FT discloses.  PwC said the
committee represented "the spectrum of client interests", the FT
notes.

PwC told clients on May 10 it had so far spent GBP6 million on
the administration and expected to spend about GBP20 million by
the end of September, the FT recounts.

But customers remain angry about the potential cost of the
insolvency, which will be taken from their accounts, according to
the FT.

PwC has argued that major discrepancies in Beaufort's accounts
and the "exotic" and illiquid nature of many customer investments
make the process more costly and complex, the FT relays.


CARPETRIGHT PLC: Takes Out Second Loan from Major Shareholder
-------------------------------------------------------------
Jonathan Eley at The Financial Times reports that struggling
floor coverings retailer Carpetright has been forced to take out
a second loan from a major shareholder to stay afloat, this time
on much more punitive terms, highlighting the challenges facing
chain stores that must try to boost sales while digesting higher
costs and coping with a downturn in consumer spending.

Carpetright, whose market value has shrunk to just GBP27 million
from a peak of GBP900 million in late 2006, said it obtained an
unsecured loan of GBP17.25 million -- including a GBP2.25 million
arrangement fee -- from Meditor, which owns 29.9% of the company,
the FT relates.

The repayment date for principal and interest is July 31 2020,
and the interest rate is 18% a year compounding monthly,
suggesting that the company could end up repaying more than GBP25
million, the FT discloses.

A previous GBP12.5 million loan from Meditor, charged at 3% a
year, is due to be repaid from the proceeds of a GBP60 million
share issue that the company intends to launch this week, the FT
states.

The group's unsecured creditors recently approved a Company
Voluntary Arrangement, which allows a business to keep trading
while it pays creditors over an agreed period, the FT recounts.

According to the FT, the CVA will lead to 92 Carpetright stores
closing by the end of September, 113 will have their rents
reduced by between 30 and 50% and the remaining 195 will remain
on the same rents.

The retailer has also extended its existing bank credit facility,
the FT notes.  It has no bond debt, the FT says.  Wilf Walsh,
chief executive of Carpetright, acknowledged the terms of the
loan were tough but said the headwinds for the business were
clear, the FT relays.


COTE: Mulls CVA Following Financial Difficulties
------------------------------------------------
Paul Bisping at Business Sale reports that restaurant chain Cote
is considering pursuing insolvency for part of its business
following recent financial difficulties.

BC Partners-owned Cote is already looking to close a number of
its restaurants that trade under the Limeyard and Jackson & Rye
brands, all of which were purchased in 2016, Business Sale
discloses.

According to Business Sale, while the main Cote sites are said to
be performing "resiliently", Cote has revealed that it still
needs to take action on the other sites to prevent further
financial pressure on the group.

As a result, Cote has revealed that one potential option would be
a Company Voluntary Arrangement (CVA), which is a form of
insolvency that would allow for the closing of a number of sites
and a reduction in rent on remaining restaurants, Business Sale
relates.  This could eventually lead to the partial business sale
of a branch of the group, Business Sale states.

Commenting on the news, a spokesman for Cote has confirmed that
the group is currently exploring a number of options as it
attempts to cope with the current difficulties facing the
restaurant sector and high street in general, Business Sale
notes.


MOTHERCARE PLC: To Seek Investor Funding, Expected to Unveil CVA
----------------------------------------------------------------
Ben Woods at The Telegraph reports that struggling baby chain
Mothercare plans to tap long-suffering investors for tens of
millions of pounds as it embarks on a sweeping restructuring plan
to revive its fortunes.

The Telegraph understands the troubled firm will hit major
shareholders with an equity share placing when it outlines a
rescue plan alongside full-year results this week.

The chain is also expected to unveil plans for a company
voluntary arrangement (CVA), a type of insolvency process that
allows companies to shut stores and drive down rents, The
Telegraph discloses.

Such a move could see Mothercare make swingeing cuts to its store
estate, sparking potentially hundreds of job losses, The
Telegraph states.  The retailer has around 1,300 sites worldwide.

Mothercare has been working with investment bank Rothschild to
explore alternative financing options beyond its current lenders,
The Telegraph relays.  Accountancy giant KPMG is handling
separate discussions with HSBC and Barclays over Mothercare's
existing debt, The Telegraph discloses.

The retail industry has been left licking its wounds after being
confronted by waning consumer confidence, the shift to online and
escalating costs, according to The Telegraph.

Hikes to the National Living Wage, inflation and rising taxes
sparked by last year's business rates revaluation have also put
margins under intense pressure, The Telegraph notes.

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


MRH: S&P Affirms 'B' ICR & Alters Outlook on Parent to Negative
---------------------------------------------------------------
S&P Global Ratings revised its outlook on U.K.-based petrol
station operator MRH's parent, LSF9 Robin Investments Ltd. (MRH),
to negative from stable. S&P affirmed its 'B' long-term issuer
credit rating on MRH.

S&P said, "We are also affirming our 'B+' long-term issue rating
on MRH's senior secured debt. The '2' recovery rating reflects
our expectations of substantial recovery (70%-90%; rounded
estimate 75%) in the event of default.

"The rating actions reflect that we equalize our ratings on MRH
with those on its new parent, CD&R Firefly 4 Ltd. (B/Negative/--
). We view MRH as a core subsidiary of CD&R Firefly 4 Ltd. and
consider that it is integral to the group's strategy and
performance, in particular through increased scale to drive
improved purchasing terms. MRH services approximately 490 fuel
stations and convenience stores in the U.K. and contributes more
than 50% of the combined entity's EBITDA."

The negative outlook on MRH mirrors that on CD&R Firefly 4 Ltd.
The ratings on the two entities will move in tandem, provided S&P
continues to regard MRH as a core subsidiary within the combined
group.


POUNDWORLD: Owner Instructs Deloitte to Seek Buyer for Business
---------------------------------------------------------------
Margi Murphy at The Telegraph reports that thousands of British
high street jobs may be under threat now that Poundworld's US
owner has ditched a rescue plan to bring the loss making discount
chain back from the brink, opting to sell up instead.

According to The Telegraph, American private equity backer TPG is
said to have instructed Deloitte to find a buyer for Poundworld,
which employs around 5,500 staff across the UK, by April.

Potential bidders were contacted on May 11 about the sale, The
Telegraph relays, citing Sky News.

Fewer than two weeks ago it emerged that the company was seeking
creditor approval to shut up to 100 stores, threatening hundreds
of jobs as part of a Company Voluntary Arrangement (CVA), The
Telegraph recounts.

But the decision to seek a buyer for the entire business could
spell the end for the rescue plan, The Telegraph notes.

Failure to strike a deal within weeks may lead to the discount
chain facing administration, The Telegraph states.  TPG decided
to put the company up for sale after receiving interest from
prospective buyers, a source told Sky News, which first reported
on the sale, The Telegraph relates.

West Yorkshire-based Poundworld, which also owns the Bargain Buys
brand, launched in 2004 and serves more than two million
customers a week across its 355 shops.


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


* BOND PRICING: For the Week May 7 to May 11, 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.


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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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