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

                           E U R O P E

             Monday, May 28, 2018, Vol. 19, No. 104


                            Headlines


B U L G A R I A

BULGARIAN TELECOMS: S&P Raises ICR to BB-, Outlook Stable


C R O A T I A

AGROKOR DD: Sberbank Willing to Offer Rescue Loans
AGROKOR DD: Dutch Company to Take Over Under Debt Settlement Plan


C Z E C H   R E P U B L I C

CEFC EUROPE: J&T Reaches Deal with CITIC to Settle Debt


D E N M A R K

EVERGOOD 4: Fitch Assigns 'B+' Long-Term IDR, Outlook Stable
TDC A/S: Fitch Cuts Senior Unsecured Debt Rating to 'B+(EXP)'


F I N L A N D

LINDA LINE: Declared Bankrupt by Harju County Court


G E R M A N Y

HETA ASSET: Moody's Hikes Senior Unsecured Debt Ratings to Caa3
SPRINGER SBM: S&P Affirms 'B' Long-Term Issuer Credit Rating


I R E L A N D

AURIUM CLO III: S&P Affirms B-(sf) Rating on Class F Notes
EUROMASTR 2007-1V: Fitch Affirms 'Bsf' Rating on Class E Debt
ION TRADING: S&P Cuts Issuer Credit Rating to 'B', Outlook Stable
MILLTOWN PARK CLO: Fitch Rates Class E Debt 'B-sf(EXP)'


I T A L Y

UNIPOL BANCA: Fitch Upgrades IDR to 'BB+', Outlook Stable


L U X E M B O U R G

AIR NEWCO: S&P Rates GBP488-Mil. First Lien Term Loan 'B-'
HOLCIM FINANCE: S&P Rates Proposed New Sub. Securities 'BB+'


N E T H E R L A N D S

LOWLAND MORTGAGE: Fitch Assigns 'BB+sf' Rating to Class E Notes


P O R T U G A L

NOVO BANCO: Moody's Confirms Caa1 Deposit Ratings, Outlook Pos.


R U S S I A

ALROSA PJSC: Fitch Affirms Short-term IDR at 'B'


S P A I N

TDA IBERCAJA 5: S&P Affirms D (sf) Rating on Class E Notes
TDA IBERCAJA 6: S&P Hikes Class D Notes Rating to BB-(sf)


S W E D E N

DOMETIC GROUP: S&P Assigns 'BB' Rating to Sr. Unsecured Notes


T U R K E Y

TURK TELEKOMUNIKASYON: Lenders Back Proposal to Settle Debt


U N I T E D   K I N G D O M

ARDONAGH MIDCO: Fitch Raises Long-Term IDR to B, Outlook Stable
DURHAM MORTGAGES B: S&P Assigns 'BB' Rating to Cl. F-Dfrd Certs
HOUSE OF FRASER: CVA Proposal Faces Opposition by Landlords

* UK: Half of Energy Suppliers on Brink of Going Under, D&B Says


X X X X X X X X

* BOND PRICING: For the Week May 21 to May 25, 2018


                            *********



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B U L G A R I A
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BULGARIAN TELECOMS: S&P Raises ICR to BB-, Outlook Stable
---------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
integrated telecoms operator Bulgarian Telecommunications Co. EAD
(Vivacom) to 'BB-' from 'B+'. The outlook is stable.

At the same time, S&P withdrew its issue rating on Vivacom's
senior secured notes that were repaid in April 2018.

All ratings were previously on CreditWatch with developing
implications, where S&P had placed them on June 29, 2017.

The upgrade points to Vivacom's markedly lower liquidity risks
following the recent refinancing of the group's EUR400 million
senior secured notes that were previously due in November 2018,
alongside the group's improving operating performance.

In April 2018, Vivacom refinanced its EUR400 million senior
secured notes with a new long-term senior facility agreement and
cash, and we note that debt at the parent level was extended. S&P
understands that, following the refinancing, the maturity of
Vivacom's reported debt (excluding the parent's debt)--which it
estimates at around Bulgarian lev (BGN) 700 million (around
EUR357 million)--has also been materially extended.

S&P said, "Our assessment of Vivacom's business risk remains
constrained by the group's relatively moderate scale, lack of
geographic diversification, since all its operations are
concentrated in Bulgaria, and a competitive market, with
generally lower prices compared with other EU countries. We also
consider that Vivacom, in Bulgaria's three-player mobile market,
still stands in the No. 3 slot (with a market share of mobile
service revenues of 29.8% in first-quarter 2018) after Telenor
Bulgaria and Mtel (of Telecom Austria Group). However, we
acknowledge Vivacom's continual expansion in the mobile services
market, narrowing the gap between the group and Mtel. The good
quality of Vivacom's 4G infrastructure, with the widest
population coverage in Bulgaria at 99%, according to Global
Wireless Solutions, has also helped the group gain ground. Ookla,
the provider of testing and analysis of Internet speeds, deemed
Vivacom's mobile network the fastest in Bulgaria in 2017."

Overall, Vivacom has a solid market position, sound quality
networks, multiproduct offerings, and the highest reported EBITDA
margin among its Bulgarian peers in first-quarter 2018 (38.7%).
The group maintains its leading market position in Bulgaria as
the largest telecom operator. Vivacom holds a dominant 80% market
share in the fixed-voice segment and leads in fixed-line
broadband Internet, with a 26% market share and 487,000
households passed at the end of first-quarter 2018, compared with
444,000 households passed at end-2017. Over the same period, the
number of fiber-to-the-home broadband subscriptions (FTTH)
increased by 4.2% to approximately 1.1 million. S&P understands
that Vivacom intends to further expand its fiber-optic network to
increase the number of fiber customers, and improve VDSL (very-
high-bit-rate digital subscriber line) coverage to support
growing demand for high-speed bandwidth connectivity.

S&P also takes into account Vivacom's multiproduct offerings,
including land-line telephony, broadband Internet, pay-TV, and
mobile telephony. Vivacom is one of the two market players--the
other being MTel--able to bring to the market a convergent
proposition supported by the solid quality of the infrastructure.
Vivacom is the only telecom operator in the country that provides
converged solutions through terrestrial, copper, and satellite
infrastructure, a mobile network, and public Internet.

Moreover, despite the price pressure in the market and bundling
discounts, Vivacom has maintained solid S&P Global Ratings-
adjusted EBITDA margins of around 36%. In first-quarter 2018, the
group's reported margin increased to 38.7% from 36.6% a year
before. That said, S&P expects some overhead inflation, which may
constrain margins in 2018-2019.

S&P said, "Our stable outlook reflects that Vivacom will
demonstrate moderate growth of both revenues and EBITDA in 2018-
2019, driven by improving performance of the mobile segment. We
expect that its stand-alone adjusted debt to EBITDA will be just
above 2.0x. We also expect that consolidated leverage (including
the parent's debt) will be in the range of 3.5x-4.5x and adequate
liquidity for Vivacom and its parent.

"We could downgrade Vivacom if liquidity or refinancing risks
emerged, including those related to debt at the holding company,
in particular if the parent's debt is not refinanced or extended
one year before the maturity.

"Although unlikely in the next 12 months, we could lower the
rating if consolidated leverage is above 4.5x, and if its FOCF
generating capacity significantly deteriorates. This could be a
result of weaker operating performance than we currently expect,
for example, driven by competitive pressure in the mobile
segment.

"We see limited upside for the rating in the next 12 months.
However, we could raise the rating if consolidated leverage
declined below 3.5x coupled with FOCF to debt of above 10%, and
in the absence of refinancing or liquidity risks supported by
long-term capital structure, included at the parent level. For an
upgrade, Vivacom should demonstrate sustainable growth of its
revenues and EBITDA and a supportive financial policy of the
shareholders."


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C R O A T I A
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AGROKOR DD: Sberbank Willing to Offer Rescue Loans
--------------------------------------------------
Jasmina Kuzmanovic, Luca Casiraghi and Anna Baraulina at
Bloomberg News report that Sberbank PJSC is willing to lend an
additional EUR80 million (US$94 million) to embattled Croatian
conglomerate Agrokor d.d. as it seeks to join a group of lenders
that offered rescue loans in exchange for protected status and
improve the final recovery on its investment.

According to Bloomberg, three people familiar with the talks said
the Russian bank is in talks with Agrokor's other creditors to
buy out banks and funds holding EUR70 million of super-senior
debt and is offering to top up the facility with another EUR10
million.

As part of the deal, an equivalent amount of Sberbank's existing
junior loans would be transferred to the super-senior pool,
Bloomberg discloses.

Sberbank, the Croatian company's largest lender with EUR1.1
billion of junior loans outstanding, is set to gain the biggest
stake after the restructuring of the largest private company in
the former Yugoslav republics, Bloomberg states.

The Russian lender initially refused to participate in the super-
senior loan arranged last year by a state-appointed commissioner
to fend off insolvency, saying it was illegal and favored
distressed-debt investors over long-term creditors, Bloomberg
notes.

In March, the bank dropped its lawsuits against the company and
returned to the negotiating table with other creditors, paving
the way for settlement talks which must close by July 10, when
state oversight over the company expires, Bloomberg relays.  The
people, as cited by Bloomberg, said if the deal is completed,
Agrokor's so-called roll-up debt will increase by EUR90 million
to EUR1.15 billion.

The state-appointed managers have said the company will refinance
the super-senior loan soon after the settlement is concluded,
according to Bloomberg.

Agrokor's suppliers criticized the decision to include Sberbank
in the rescue, saying it lessens the potential of the future
company after the restructuring, Bloomberg relates.


                         About Agrokor DD

Founded in 1976 and based in Zagreb, Crotia, Agrokor DD is the
biggest food producer and retailer in the Balkans, employing
almost 60,000 people across the region with annual revenue of
some HRK50 billion (US$7 billion).

On April 10, 2017, the Zagreb Commercial Court allowed the
initiation of the procedure for extraordinary administration over
Agrokor and some of its affiliated or subsidiary companies.  This
comes on the heels of an April 7, 2017 proposal submitted by the
management board of Agrokor Group for the administration
proceedings for the Company pursuant to the Law of Extraordinary
Administration for Companies with Systemic Importance for the
Republic of Croatia.

Mr. Ante Ramljak was simultaneously appointed extraordinary
commissioner/trustee for Agrokor on April 10.

In May 2017, Agrokor dd, in close cooperation with its advisors,
established that as of March 31, 2017, it had total liabilities
of HRK40.409 billion.  The company racked up debts during a rapid
expansion, notably in Croatia, Slovenia, Bosnia and Serbia, a
Reuters report noted.

On June 2, 2017, Moody's Investors Service downgraded Agrokor
D.D.'s corporate family rating (CFR) to Ca from Caa2 and the
probability of default rating (PDR) to D-PD from Ca-PD. The
outlook on the company's ratings remains negative.  Moody's also
downgraded the senior unsecured rating assigned to the notes
issued by Agrokor due in 2019 and 2020 to C from Caa2.  The
rating actions reflect Agrokor's decision not to pay the coupon
scheduled on May 1, 2017 on its EUR300 million notes due May 2019
at the end of the 30-day grace period.  It also factors in
Moody's understanding that the company is not paying interest on
any of the debt in place prior to Agrokor's decision in April
2017 to file for restructuring under Croatia's law for the
Extraordinary Administration for Companies with Systemic
Importance.

On June 8, 2017, Agrokor's Agrarian Administration signed an
agreement on a financial arrangement agreement worth EUR480
million, including EUR80 million of loans granted to Agrokor by
domestic banks in April.  In addition to this amount, additional
buffers are also provided with additional EUR50 million of
potential refinancing credit.  The total loan arrangement amounts
to EUR1,060 million, of which a new debt totaling EUR530 million
and the remainder is intended to refinance old debt.


AGROKOR DD: Dutch Company to Take Over Under Debt Settlement Plan
-----------------------------------------------------------------
Ivana Sekularac and Maja Zuvela at Reuters report that indebted
Croatian food group Agrokor will be taken over by a new Dutch-
based company, owned by creditors, under a proposed debt
settlement plan announced on May 25.

Agrokor, the largest company in the Balkans with 60,000 staff,
was put under state-run administration in April 2017, crippled by
debts built up during an ambitious expansion drive, Reuters
recounts.

According to Reuters, the draft debt settlement plan, drawn up by
Agrokor's crisis management team, proposed that a company to be
called Aisle Dutch TopCo would offer a debt-to-equity swap or
convertible bonds to creditors.

The team said the debt settlement deal would become effective
next year after the appeals period expires, Reuters relates.

The settlement must be voted on by July 10, according to an
emergency law adopted a year ago to save Agrokor from bankruptcy,
Reuters notes.

Creditors including foreign and local banks, bondholders and
suppliers, will start discussing the settlement plan this week,
Reuters states.

                         About Agrokor DD

Founded in 1976 and based in Zagreb, Crotia, Agrokor DD is the
biggest food producer and retailer in the Balkans, employing
almost 60,000 people across the region with annual revenue of
some HRK50 billion (US$7 billion).

On April 10, 2017, the Zagreb Commercial Court allowed the
initiation of the procedure for extraordinary administration over
Agrokor and some of its affiliated or subsidiary companies.  This
comes on the heels of an April 7, 2017 proposal submitted by the
management board of Agrokor Group for the administration
proceedings for the Company pursuant to the Law of Extraordinary
Administration for Companies with Systemic Importance for the
Republic of Croatia.

Mr. Ante Ramljak was simultaneously appointed extraordinary
commissioner/trustee for Agrokor on April 10.

In May 2017, Agrokor dd, in close cooperation with its advisors,
established that as of March 31, 2017, it had total liabilities
of HRK40.409 billion.  The company racked up debts during a rapid
expansion, notably in Croatia, Slovenia, Bosnia and Serbia, a
Reuters report noted.

On June 2, 2017, Moody's Investors Service downgraded Agrokor
D.D.'s corporate family rating (CFR) to Ca from Caa2 and the
probability of default rating (PDR) to D-PD from Ca-PD. The
outlook on the company's ratings remains negative.  Moody's also
downgraded the senior unsecured rating assigned to the notes
issued by Agrokor due in 2019 and 2020 to C from Caa2.  The
rating actions reflect Agrokor's decision not to pay the coupon
scheduled on May 1, 2017 on its EUR300 million notes due May 2019
at the end of the 30-day grace period.  It also factors in
Moody's understanding that the company is not paying interest on
any of the debt in place prior to Agrokor's decision in April
2017 to file for restructuring under Croatia's law for the
Extraordinary Administration for Companies with Systemic
Importance.

On June 8, 2017, Agrokor's Agrarian Administration signed an
agreement on a financial arrangement agreement worth EUR480
million, including EUR80 million of loans granted to Agrokor by
domestic banks in April.  In addition to this amount, additional
buffers are also provided with additional EUR50 million of
potential refinancing credit.  The total loan arrangement amounts
to EUR1,060 million, of which a new debt totaling EUR530 million
and the remainder is intended to refinance old debt.


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C Z E C H   R E P U B L I C
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CEFC EUROPE: J&T Reaches Deal with CITIC to Settle Debt
-------------------------------------------------------
Robert Muller at Reuters reports that Czech financial firm J&T
said on May 25 it had reached a deal with Chinese conglomerate
CITIC to settle debts owed by troubled Chinese group CEFC,
potentially drawing a line under a complex dispute.

"CITIC and J&T agreed on a strategic cooperation.  All loans by
CEFC Europe will be paid to J&T and all forfeitures will be
released," Reuters quotes Jaroslav Tvrdik, former vice-chairman
of CEFC Europe as saying on Twitter, confirming the deal.

The Czech-based CEFC business has been hit by problems at its
once rapidly expanding parent company CEFC China Energy which had
to scramble for financing when it was reported earlier this year
that its founder Chairman Ye Jianming was being investigated for
suspected economic crimes.

J&T Private Investments (JTPI) recently took over CEFC Europe,
whose assets include airlines, breweries, hotels and office
buildings, a machinery firm and soccer club Slavia Prague, and
installed a crisis management team because it had not paid debts
totalling EUR450 million, Reuters relates.

According to Reuters, J&T said in a statement on May 25 that
CITIC's unit Rainbow Wisdom will buy all debt owed by CEFC group
companies and "the crisis management installed by J&T will be
withdrawn".


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D E N M A R K
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EVERGOOD 4: Fitch Assigns 'B+' Long-Term IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has assigned Evergood 4 APS (Nets) a Long-Term
Issuer Default Rating (IDR) of 'B+' with Stable Outlook. This
rating reflects the acquisition of Nets A/S by Hellman & Friedman
LLC and the subsequent issue of debt to finance this transaction.
Fitch has also assigned an instrument rating of 'BB/RR2/74%' to
the company's senior secured facilities (including first lien
loans and revolving credit facility) issued by Nets. In addition,
Fitch has assigned a 'BB/RR2/74%' rating to the existing senior
notes issued by Nassa Topco AS.

Subsequent to the acquisition, Hellman & Friedman acquired 94.1%
of the outstanding shares and squeezed out the minority
shareholders. In addition, the tender offer process for the
existing senior notes was completed in March with EUR180.4
million notes tendered and EUR219.6 million notes remaining
outstanding. In April, the Trustee for the senior noteholders
acceded to the intercreditor agreement (ICA) and those
noteholders were granted guarantees and equal and ratable
security over the collateral securing the senior secured
facilities agreement. Given these amendments to the notes and the
terms of the existing ICA, Fitch views the senior noteholders as
pari passu with the senior secured facilities whereas they were
previously considered senior unsecured.

KEY RATING DRIVERS

Full-Service Payment Provider: Nets is a Nordic payment provider
benefitting from a leading position in Denmark, Norway and
Finland, and second position in Sweden behind Swedbank. Its key
differentiating factor is its full-service offering across the
payment value chain from merchant acquiring, payment processing
and clearing, in contrast to peers such as Nexi, Worldpay or
Concardis, which typically specialise in particular segments of
the payment value chain. Being an end-to-end payment provider
with its own payment network allows for higher margins and for
Nets to capture significant value.

High Leverage: The key factor constraining the ratings is the
high leverage resulting from the acquisition. Fitch expects pro
forma funds from operations (FFO) adjusted gross leverage to
increase to 9.2x after transaction completion and fall below 8x
by 2019. In addition, FFO fixed-charge coverage will decline to
2.3x in 2018 while remaining above Fitch's sensitivity guidance
of 2.2x for a downgrade. This is mitigated by the business'
strong visibility on cash flows, which are supported by a highly
recurring revenue base and high EBITDA margins. Fitch expects
free cash flow (FCF) margins to trend from 5% in 2018 towards 9%
in 2020.

Merchant Services to Drive Growth: Nets' growth strategy is
underpinned by expansion in its merchant services business. The
company has a dominant market position in Denmark and Norway.
Nets' business growth focus will be on Sweden, where it trails
market leader Swedbank. Fitch expects management to use a
combination of organic growth and opportunistic bolt-on
acquisitions to expand the company. Fitch would also expect
improved operating margins due to economies of scale and
investments in the technology platform as Nets increases its
revenue.

Supportive Operating Environment: Nordic governments have been
implementing a range of policy measures intended to encourage the
digitalisation of their economies. The Nordics are among the most
advanced digital societies, with some of the highest adoptions of
cashless payments in Europe. Fitch believes the growth of mobile
and e-commerce transactions, due to the switch from cash payments
to card payments, will support the company's growth. The Nordic
payment services market is further supported by favourable
macroeconomic conditions, with expected GDP growth of between 2%
and 3% over the next five years.

Ongoing Payments Industry Consolidation: Nets has strong track
record of M&A, acquiring companies such as Nodea Kortaccept, DIBS
and Paytrail, and Fitch expects Nets to participate in continued
industry consolidation on an opportunistic basis. Such
acquisitions should likely add scale and allow Nets to expand
into additional markets; however, leverage could increase in a
debt funded transaction. Fitch considers these potential
transactions as part of event risk.

DERIVATION SUMMARY

Nets is well positioned in the Nordic payment services market,
occupying leading positions in Denmark, Norway and Finland. Its
full-service offering across the entire payment value chain is
unique among peers and is a key competitive advantage allowing
for operating leverage and high margins. Nets' EBITDA margins
were 35.5% in 2016, which compare favourably with peers First
Data (26%) and Paysafe (30%), although they are lower than at
merchant acquirer Worldpay (42%) and Italian provider Nexi (39%).

The key rating constraint for Nets is its high gross leverage,
which is 9.2x on an FFO basis, adjusted for the transaction. This
is higher than at peers First Data Corp, Global Payments Inc and
Harbortouch Payments LLC, which have between 6x and 7x FFO
adjusted gross leverage.

Nexi (B+) may be the most comparable rated peer. While Nets has a
leading position throughout the value chain in a mature payments
market, Nexi has a faster potential growth rate in a less mature
Italian market, with a strong position in merchant acquiring and
payment processing.

The business's strong FCF generation abilities mitigate this: FCF
margins are between 5% and 10%. Fitch also projects FFO adjusted
gross leverage to fall towards 7.8x by 2019, supported by revenue
and margin growth.

KEY ASSUMPTIONS

Fitch's key assumptions within Its rating case for the issuer
include:

  - revenue growth of above 4% trending towards 3% by 2019;

  - gradual improvement in EBITDA margin trending towards 39% by
2020;

  - annual capex intensity between 8% and 8.5% of sales; and

  - no extraordinary dividend payments or acquisitions.

KEY RECOVERY ASSUMPTIONS

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

  - The recovery analysis assumes a 20% discount to Nets' last-
12-months' EBITDA as of September 2017, resulting in a post-
restructuring EBITDA around DKK2,200 million. At this level of
EBITDA, which assumes corrective measures have been taken, Fitch
would expect Nets to generate neutral to negative FCF.

  - Fitch also assumes a distressed multiple of 6.5x and a fully
drawn EUR200 million revolving credit facility (RCF).

  - These assumptions result in a recovery rate for the senior
secured debt within the 'RR2' range to allow a two-notch uplift
to the debt rating from the IDR.

RATING SENSITIVITIES

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

  - Successful implementation of strategy to expand the merchant
services division, increasing market share in the Nordics
excluding Denmark, leading to mid- to high-single-digit revenue
growth and margin expansion towards 40%

  - FFO adjusted gross leverage below 6.0x

  - FFO fixed-charge cover above 3.0x

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

  - Failure to implement merchant services expansion strategy,
resulting in low-single digit revenue growth and no improvement
in EBITDA margins

  - FFO adjusted gross leverage sustainably above 8.0x

  - FFO fixed charge cover below 2.2x

LIQUIDITY

Liquidity Supported by FCF:  Nets has a EUR200 million fully
available RCF that it can use if required, in addition to its
cash on balance sheet. Fitch forecasts strong FCF generation with
FCF margins in the high single digits, which will add to the
company's on-balance-sheet cash.


TDC A/S: Fitch Cuts Senior Unsecured Debt Rating to 'B+(EXP)'
-------------------------------------------------------------
Fitch Ratings has downgraded TDC A/S's (TDC) senior unsecured
debt to 'B+(EXP)' from 'BB-(EXP)', and removed it from Rating
Watch Evolving. The downgrade follows an update on the expected
capital structure of the company, including an increase in the
amount of the revolving credit facility (RCF) at TDC to EUR500
million from EUR300 million and the removal of a EUR200 million
capex facility.

The assignment of the final rating is contingent on the debt at
TDC being successfully refinanced.

KEY RATING DRIVERS

Lower Recoveries on Facilities Change: TDC announced a change in
the expected combination of credit facilities, which increases
the total amount of senior secured debt for claims in Fitch's
recovery analysis to EUR4.4 billion (term loan B of EUR3.9
billion and EUR500 million of RCF) from EUR4.25 billion (term
loan B of EUR3.9 billion, EUR300 million of RCF and 50% of EUR200
million capex facility). Previously, Fitch only included 50% of
the capex facility in the secured debt amount while RCFs are
treated as 100% drawn in its recovery analysis. The recovery rate
for the senior unsecured debt is therefore reduced to 'RR4'/41%
from 'RR3'/51%, which implies no notching relative to TDC's Long-
Term Issuer Default Rating (IDR) of 'B+'.

The recovery rate and the rating of EUR3.9 billion term loan B is
not affected by this change and remains 'BB+(EXP)'/'RR1'.

Subordination Risk: TDC has asked the holders of EUR500 million
notes due 2022 and GBP425 million notes due 2023 to waive their
change of control put option rights. If they waive their put
option rights, Fitch expects these notes will become subordinated
to the new senior secured debt. This would reduce the recovery
prospects of the 2022 and 2023 bonds if TDC goes into financial
distress. In its analysis, Fitch assumes that these bondholders
will not exercise their put option as currently the bonds are
trading at a significant premium to the put price.

HoldCo/OpCo Debt Assessed Jointly: Following a change in
ownership of TDC, the new owners plan to refinance the
acquisition debt initially raised by its parent DKT Holdings ApS
(DKT; B+(EXP)/Stable) and its intermediate holding companies
(collectively known as HoldCo), as well as existing debt at TDC,
the operating entity (OpCo). Fitch expects total OpCo debt to
amount to EUR4.9 billion, including the EUR3.9 billion senior
secured term loan B.

Fitch intends to analyse any HoldCo debt together with debt at
TDC as it sees both the OpCo and HoldCo tied together from a
credit perspective. Fitch does not expect to see significant
barriers to cash flow being up-streamed from the OpCo to the
HoldCo. Any HoldCo debt would be structurally subordinated to
both senior secured and unsecured debt at the OpCo.

The abovementioned change in the credit facilities composition
does not impact TDC's or DKT's Long-Term IDRs.

Fitch recently downgraded TDC's Long-Term IDR to 'B+' and
assigned DKT a Long-Term IDR of 'B+(EXP)'

DERIVATION SUMMARY

TDC's ratings reflect the company's leading position within the
Danish telecoms market. The company has strong in-market scale
and share that spans both fixed and mobile segments. Ownership of
both cable and copper-based local access network infrastructure
reduces the company's operating risk profile relative to domestic
European incumbent peers, which typically face infrastructure-
based competition from cable network operators.

TDC is rated lower than other peer incumbents such as Royal KPN
N.V (BBB/Stable) due to notably higher leverage, which puts it
more in line with cable operators with similarly high leverage
such as VodafoneZiggo Group B.V. (B+/Stable), Unitymedia GmbH
(B+/RWP), Telenet Group Holding N.V. (BB-/Stable) and Virgin
Media Inc. (BB-/Stable). TDC's incumbent status, leading
positions in both fixed and mobile markets, and unique
infrastructure ownership justify higher leverage thresholds than
cable peers.

KEY ASSUMPTIONS

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

  - Stabilisation of revenue in 2018 and a flat trend thereafter

  - Broadly stable EBITDA margin at around 40%-41% in 2018-2021

  - Capex at around 17% of revenue in 2018-2021 (including
    spectrum)

  - Conservative dividend policy to support initial deleveraging

  - No M&A

KEY RECOVERY RATING ASSUMPTIONS

- The recovery analysis assumes that the company would be
considered a going concern in bankruptcy and that it would
be reorganised rather than liquidated

  - A 10% administrative claim

  - Fitch's going-concern EBITDA estimate of DKK6.6 billion
reflects Fitch's view of a sustainable, post-reorganisation
EBITDA level upon which it bases the valuation of the company

  - Fitch's going-concern EBITDA estimate is 20% below LTM 2017
EBITDA, assuming likely operating challenges at the time of
distress

  - An enterprise value (EV) multiple of 6x is used to calculate
a post-reorganisation valuation and reflects a conservative mid-
cycle multiple

  - Fitch estimates the total amount of debt for claims at EUR6.8
billion, which includes debt instruments at OpCo and HoldCo level
as well as drawings on available credit facilities

  - Fitch incorporates EUR4.4 billion of prior-ranking debt (term
loan B of EUR3.9 billion and EUR500 million of RCF) and EUR1
billion of remaining senior unsecured debt at OpCo. Fitch
calculates the recovery prospects for the senior unsecured debt
at 'RR4'/41%, which implies no instrument rating notching from
TDC's Long-Term IDR of 'B+'. Senior unsecured notes at OpCo level
have priority over instruments at HoldCo due to structural
subordination.

RATING SENSITIVITIES

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

  - Expectation that funds from operations(FFO)-adjusted net
leverage will fall below 5.7x on a sustained basis

  - Strong and stable free cash flow (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 6.5x on a sustained basis

  - Further declines in the Danish business putting FCF margins
under pressure into mid- to low-single digits

LIQUIDITY

Comfortable Liquidity: Fitch expects the OpCo and HoldCo to have
comfortable liquidity positions upon refinancing, which will be
supported by EUR600 million of credit facilities. This comprises
EUR500 million of RCF at OpCo, and a EUR100 million RCF at
HoldCo. The company's liquidity profile is also supported by
strong pre-dividend FCF generation.


=============
F I N L A N D
=============


LINDA LINE: Declared Bankrupt by Harju County Court
---------------------------------------------------
YLE, citing Estonian national broadcaster ERR, reports that
Linda Line, the Helsinki-Tallinn ferry service marketed as the
fastest way to travel by sea between the cities, was declared
bankrupt in Harju County Court.

According to YLE, ERR said that Linda Line's parent company,
Lindaliini AS, filed the bankruptcy petition itself.

The firm ceased operations for the season in November 2017 and
reportedly had plans to introduce a new catamaran to their
operations as recently as last month, YLE relays, citing Finnish
daily Helsingin Sanomat, which also reported the firm had been
struggling for years.

Linda Line is 90% owned by Finnish firm Varsinais-Suomen
Tukkutoimi, and 10% of the company is owned by Jaanika Rohula,
who is also the firm's administrative manager, YLE discloses.

ERR reports that the first meeting of creditors will be held on
June 11 in Tallinn, according to YLE.



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


HETA ASSET: Moody's Hikes Senior Unsecured Debt Ratings to Caa3
---------------------------------------------------------------
Moody's Investors Service has upgraded the deficiency-guaranteed
senior unsecured debt ratings of Heta Asset Resolution AG (Heta)
to Caa3 from Ca and changed the outlook on these instruments to
positive from stable. At the same time, Moody's affirmed the
deficiency-guaranteed subordinated debt ratings of Heta at C.

The upgrade of Heta's backed senior unsecured bonds was triggered
by better than expected results of Heta's asset wind-down and
proceeds distribution, as reported in the bank's 2017 annual
report.

Heta's Aa1 rated backed subordinate bond (ISIN XS0863484035) that
benefits from an unconditional and irrevocable guarantee of the
Government of Austria (Aa1 stable) was unaffected by Moody's
rating actions.

RATINGS RATIONALE

UPGRADE OF HETA'S BACKED SENIOR BONDS REFLECTS IMPROVING ASSET
RECOVERY OUTLOOK

The upgrade of Heta's backed senior unsecured bonds reflects
Moody's assessment that the expected loss for the remaining
outstanding instruments has reduced following Heta's progress in
its wind-down process during 2017.

Moody's now expects senior unsecured bondholders to face losses
within a range of 20% to 35% of the original claim, as expressed
by the Caa3 rating, as opposed to a 35% to 65% loss range
represented by the prior Ca rating.

The rating agency's expected loss calculation takes into account
both the expected ultimate principal recovery and the loss of
contractual coupons that have been reset to zero for all of
Heta's unsecured debt instruments by Austria's Financial Market
Authority (FMA) since March 1, 2015.

Moody's expects the ultimate principal recovery rate for Heta's
senior unsecured bonds to be based on various sources, including
1) an interim cash payment received in 2017, equivalent to 44% of
the original claims; 2) a guarantee settlement payment by the
State of Carinthia (Aa3 positive), equivalent to 11% of the
original claims; 3) the distribution of unrestricted cash on
Heta's 2017 local GAAP balance sheet available to satisfy senior
unsecured claims of EUR3.2 billion or 24% of original claims; and
4) the proceeds of the wind-down of other remaining non-cash
assets, with a net book value of EUR1.5 billion or 11% of
original claims.

The main upside and downside risks from Heta's resolution to
senior unsecured creditor claims resides in the recovery and
profit and loss impact from Heta's non-cash assets. On a
consolidated basis, Heta's remaining EUR1.5 billion of non-cash
claims have been provisioned for with EUR2.2 billion of specific
and portfolio loan loss reserves, resulting in a coverage ratio
close to 60%.

THE POSITIVE OUTLOOK REFLECTS POTENTIAL FOR ACCELERATED AND
HIGHER REPAYMENT PROCEEDS

The positive outlook on Heta's backed senior bonds reflects the
potential for earlier and higher principal payments that could
further reduce the expected loss severity for these instruments.

The relatively small remaining balance of non-cash assets, and
Heta's plan to have its total assets reduced by 95% as of year-
end 2018 in comparison to year-end 2014, raise the chances that
bondholders will receive further early principal redemption
payments. At the same time, an early final settlement of Heta's
outstanding debts remains contingent upon the conclusion of,
among others, the ongoing lawsuits with its former owner,
Bayerische Landesbank (deposits Aa3 stable, senior unsecured A1
negative, Baseline Credit Assessment baa3).

Early interim distributions would reduce the expected loss
contribution from foregone coupon payments for Heta's
bondholders. Furthermore, asset recovery rates in excess of the
loan loss provisions currently built against the remaining non-
cash claims might raise the principal recovery rate for Heta's
senior bonds. Together, these two potential drivers of lower
economic losses underpin the positive outlook on Heta's backed
senior unsecured bonds.

AFFIRMATION OF DEFICIENCY-GUARANTEED SUBORDINATED DEBT REFLECTS
UNCHANGED RECOVERY EXPECTATION

Heta's wind-down results in a strictly sequential principal
distribution of proceeds to senior unsecured creditors ahead of
subordinated debt investors. Because Moody's expects the ultimate
principal recovery of senior debt investors to remain below the
original claim, subordinated debt investors will not benefit from
any such asset recoveries, as implied by the FMA's 100% principal
haircut imposed on Heta's subordinated debt.

Moody's believes Heta's subordinated debt investors will
therefore only benefit from the 10.98% guarantee-settlement
payment by the State of Carinthia, which translates into an
expected loss rate in excess of 65%, commensurate with the
current C ratings on these instruments.

WHAT COULD CHANGE THE RATING - UP

An upgrade of Heta's deficiency-guaranteed senior unsecured bonds
could be triggered by 1) higher than currently anticipated
proceeds from the asset wind-down; and 2) early interim cash
distributions that limit the foregone interest amount for
bondholders.

An upgrade of Heta's deficiency-guaranteed subordinated bonds
could be triggered by asset recoveries far in excess of current
expectations.

WHAT COULD CHANGE THE RATING - DOWN

A downgrade of Heta's deficiency-guaranteed senior unsecured
bonds could be triggered by an unexpected reduction of assets and
cash available for the distribution to senior unsecured
bondholders.

The C ratings of Heta's deficiency-guaranteed subordinated bonds
are already at the lowest possible level.

LIST OF AFFECTED RATINGS

Upgrade:

Carinthian-state-guaranteed Senior Unsecured (Local & Foreign
Currency), Upgraded to Caa3 from Ca, Outlook changed to Positive
from Stable

Affirmation:

Carinthian-state-guaranteed Subordinate Debt Ratings (Local
Currency), affirmed at C

Outlook Action:

Outlook, changed to Positive from Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
published in April 2018.


SPRINGER SBM: S&P Affirms 'B' Long-Term Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings said that it affirmed its 'B' long-term issuer
credit rating on Germany-based publisher Springer SBM One GmbH
(Springer) and removed the rating from CreditWatch with positive
implications, where it was placed on May 3, 2018. The outlook is
stable.

S&P said, "At the same time, we affirmed our 'B' issue rating on
Springer's senior credit facilities. The recovery rating on the
facilities is unchanged at '3', reflecting our expectation of
meaningful recovery (50%-70%; rounded estimate 65%) in the event
of a default.

"Our removal of the ratings from CreditWatch positive follows the
announcement that Springer's parent, Springer Nature AG & Co.
KGaA, has postponed its IPO on the Frankfurt Stock Exchange due
to unfavorable market conditions.

"We no longer expect any changes to Springer's capital structure
in the near future, and believe that its high leverage and
ownership by private equity sponsors will continue to constrain
the rating."

The rating reflects Springer's leading position as the largest
English content publisher globally, including scientific,
technical, and medical books and journals, largely presented in a
digital format. The high proportion of recurring subscription
sales, with good renewal rates, supports its profitability. These
strengths are offset by Springer's exposure to variations in
business confidence and economic cycles, mostly through the
professional unit (which is mainly represented by business-to-
business), as well as exposure to volatile emerging markets in
the education business.

S&P said, "The stable outlook reflects our view that over the
next 12 months, Springer Nature's EBITDA will continue to
gradually increase, but the group's capital structure will remain
highly leveraged and adjusted debt to EBITDA (including
shareholder loans) will be above 7.5x (about 6.5x-7.0x excluding
shareholder loans). The outlook also assumes that the group will
maintain adjusted FFO cash interest of 2.0x-2.5x and will further
increase its positive free operating cash flow (FOCF).

"We could raise the ratings if Springer Nature's adjusted
leverage--including shareholder loans--approaches 5x and adjusted
FFO to cash interest coverage is maintained at around 2.5x on a
sustainable basis, with continuing generation of significantly
positive FOCF. An upgrade would also hinge on our perception that
the group's financial policy would remain supportive of higher
ratings.

"We could lower the ratings if Springer Nature underperforms our
base-case scenario, resulting in adjusted FFO to cash interest
below 2x, or if FOCF turned negative for a prolonged period. We
could also take a negative rating action if the group entered
into sizable acquisitions leading to credit metrics below our
expectations, or if liquidity weakened."


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


AURIUM CLO III: S&P Affirms B-(sf) Rating on Class F Notes
----------------------------------------------------------
S&P Global Ratings affirmed its credit ratings on all of Aurium
CLO III DAC's notes.

The affirmations follow S&P's assessment of the transaction's
performance using data from the February 2018 monthly report, and
the application of its relevant criteria.

Aurium CLO III is a European cash flow corporate loan
collateralized debt obligation (CLO) securitization of a
revolving pool, comprising euro-denominated senior secured loans
granted to broadly syndicated corporate borrowers.

The portfolio's credit quality has remained stable since closing,
with a weighted-average rating of 'B'. Moreover, the manager
built up about EUR725,587 of par amount. As a result, the
transaction is slightly above the target par balance. The
portfolio recovery rates are more or less stable in comparison
with those at closing. The par-value and interest-coverage tests
are passing.

Although the portfolio's credit quality remains stable, the
weighted-average spread (WAS) earned on the portfolio, excluding
the up-tick provided by EURIBOR floors, has dropped to 3.60% from
4.10% at closing. The fall in WAS is mainly driven by spread
tightening and repricing activity on the underlying loans, a
trend we have observed in other CLO transactions. This spread
tightening has more than offset the par built, affecting downward
initial break-even default rates cushions, especially for junior
note ratings, which are more sensitive to the level of excess
spread.

After taking into consideration the above credit factors, the
transaction's performance, and the results of S&P's cash flow
analysis, it believes the available credit enhancement for the
class A, B, C, D, E, and F notes remains commensurate with the
currently assigned ratings. S&P has therefore affirmed its
ratings on these notes.

Aurium CLO III is a cash flow CLO transaction that closed in May
2017, with a four-year reinvestment period that ends in April
2021.

  RATINGS LIST

  Aurium CLO III DAC
  EUR387.35 Million Senior Secured Fixed- And floating Rate Notes
  (Including EUR39.35 Million Subordinated Notes)

  Class     Rating

  Ratings Affirmed

  A         AAA (sf)
  B-1       AA (sf)
  B-2       AA (sf)
  C         A (sf)
  D         BBB (sf)
  E         BB (sf)
  F         B- (sf)


EUROMASTR 2007-1V: Fitch Affirms 'Bsf' Rating on Class E Debt
-------------------------------------------------------------
Fitch Ratings has upgraded three tranches of EuroMASTR series
2007-1V plc and affirmed the others, as follows:

Class A2 (ISIN XS0305763061) affirmed at 'AAAsf'; Outlook Stable

Class B (ISIN XS0305764036) upgraded to 'AAAsf' from 'AAsf';
Outlook Stable

Class C (ISIN XS0305766080) upgraded to 'AAsf' from 'Asf';
Outlook Stable

Class D (ISIN XS0305766320) upgraded to 'BBB-sf'; from 'BBsf';
Outlook Stable

Class E (ISIN XS0305766676) affirmed at 'Bsf'; Outlook Stable

This transaction is a securitisation of non-conforming first-
charge residential mortgages originated in the UK by Victoria
Mortgage Funding.

KEY RATING DRIVERS

Stable Asset Performance

Loans in arrears by more than three months total 8.9% of the
outstanding loan balance as of March 2018, a level reduced from
9.3% one year earlier. Realised losses have increased only a very
small amount to 4.85% from 4.84% of the opening collateral
balance over the last 12 months. This is reflected in the
upgrades.

Increasing Credit Enhancement

Credit support is provided by the collateralised assets, as well
as a fully funded and non-amortising reserve fund, which
currently accounts for 4.7% of the class A-E notes' balance
compared with 4.3% a year ago. As a result, credit enhancement
for the class A2 notes has increased to 40.4% from 40.2% over the
past year despite the pro-rata allocation of principal receipts.

Interest-only Loans

84.0% of the loans are advanced on an interest-only basis with
52.6% maturing within a three year period between 2030 and 2032.
In the event that borrowers were to have difficulty in
refinancing these loans at their scheduled maturity, transaction
performance may be negatively affected.

RATING SENSITIVITIES

The loans in the pool currently earn a floating rate of interest
linked to three-month LIBOR. As a result, borrowers are exposed
to increases in market interest rates, which would put pressure
on affordability and potentially cause a deterioration of asset
performance. Should the transaction experience defaults and
losses on properties sold in excess of Fitch's expectations,
Fitch may take negative rating action on the 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

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

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

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


ION TRADING: S&P Cuts Issuer Credit Rating to 'B', Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating to
'B' from 'B+' on ION Trading Technologies. The outlook is stable.

At the same time, S&P lowered to 'B' from 'B+' its issue ratings
on the EUR2.96 billion equivalent first-lien term loans and the
EUR35 million revolving credit facility (RCF). These facilities
have a recovery rating of '3' (50%).

ION Trading Technologies announced recently that it is planning
to acquire Fidessa Group for a total enterprise value of EUR1.9
billion. ION Trading Technologies aims to integrate Fidessa as a
tuck-in acquisition and fund the transaction via an incremental
first-lien term loan issuance of EUR1.7 billion, as well as
EUR163 million in new equity contribution and EUR20 million of
incremental RCF. S&P expects that the additional RCF will remain
undrawn at closing. Fidessa is a global provider of order
management, trading connectivity, and trade execution solutions,
supporting both equities and derivatives. The company serves
roughly 85% of the leading Tier 1 financial institutions and
eight of the top-10 asset management institutions.

S&P said, "The downgrade primarily reflects the proposed
aggressive debt package used to fund the acquisition of Fidessa,
which exceeds our threshold at the 'B+' rating. Following the
transaction, we estimate that the pro forma S&P Global Ratings-
adjusted debt to EBITDA of the combined group at closing will
increase to about 11.0x, up from about 7.0x for ION Trading
Technologies on a stand-alone basis in 2017, and contrary to our
previous expectations of a short-term reduction in leverage.

"We anticipate meaningful deleveraging in the first two years
following the transaction as a result of cuts in the combined
group's operating cost base. We expect that ION Trading
Technologies will realize most of the synergies during fiscal
2019. The majority of the costs taken out will be related to cost
optimization at Fidessa, bringing it more in line with ION
Trading Technologies' cost structure, including offshoring of
certain functions. There will also be cost reductions related to
redundant duplicate costs from merging the two businesses. Cost
savings will come mainly from staff optimization measures, but
also from procurement savings and real estate efficiencies. This
should help improve the company's S&P Global Ratings-adjusted
EBITDA margin to about 54%-56% in 2019, from about 38% in 2018.

"We believe that ION Trading Technologies has a successful track
record of acquiring companies and improving their profitability
and we understand that most of the cuts in the operating cost
base will be actionable within the first 12 months, which
somewhat lowers integration risk, in our opinion. Nevertheless,
we see some risk that leverage could remain above our estimates
if the company fails to properly action planned cost synergies,
given the size of the acquisition--Fidessa will generate more
than half of the combined group's total revenues. Additionally,
we see a risk that the planned cost-cuts could lead to commercial
issues over the short to medium term if these undermine the
development of the group's platform, sales activity, or its
customer service division. While we see some potential risks to
the company's short-term growth prospects, we see more limited
risks to ION Trading Technologies' existing revenue base as it
operates a subscription-based business model, and given the
mission-critical nature of most of its products.

"We believe that the Fidessa acquisition will positively
reinforce ION Trading Technologies' business given the
significant increase in scale, which should allow the group to
take advantage of the trend toward vendor consolidation by Tier 1
financial institutions, and adequately compete with larger
players like FIS. Additionally, we believe that Fidessa's focus
on equity trading software and connectivity solutions complements
ION Trading Technologies' current fixed-income and foreign-
exchange product offering and will allow the group to provide
cross-asset class-trading solutions to its clients. This could
potentially lead to some revenue synergies, in light of the high
customer overlap and the potential to cross-sell the two
companies' solutions into the mutual customer base.

"Finally, we believe that the acquisition will improve ION
Trading Technologies' revenue profile, given Fidessa's currently
high level of recurring revenue. In 2017, 88% of total revenues
were generated through either subscription, rental licenses, or
maintenance contracts. This should raise the total recurring
revenue base for the combined group to 77% in 2017 compared to
64% for ION Trading Technologies stand-alone.

"Nevertheless, we expect that the acquisition will have a
negative impact on ION Trading Technologies' profitability given
Fidessa's lower margins and some integration costs in the initial
year following the integration. As a result, we expect that the
pro forma S&P Global Ratings-adjusted EBITDA margin for the
combined group will fall to roughly 38% in 2017 compared to 54%
for ION Trading Technologies stand-alone for the same fiscal
year. Our assessment of ION Trading Technologies' business
following the acquisition also reflects the group's relatively
niche focus on capital market software and its relatively high
client concentration, with its top-10 clients accounting for more
than 30% of total sales."

In S&P's base case for ION Trading Technologies, it assumes:

-- Revenue growth of 1%-2% in 2018 and 2019 compared to -6.8% in
    2017 for ION Trading Technologies on a stand-alone basis. S&P
    said, "We believe that in the short term, growth will not be
    materially affected by potential commercial issues relating
    to the integration of the two companies due to the higher
    portion of recurring revenues and the long-term nature of
    contracts with customers. Beyond our two-year horizon, we
    expect that revenues could be affected by workforce
    optimization measures. However, we believe that long-term
    revenue growth will continue to benefit from mid-single-digit
    growth in IT spending for financial institutions and their
    increasing shift toward outsourced IT spending versus in-
    house."

-- Meaningful improvement in the S&P Global Ratings-adjusted
    EBITDA margin to 54%-56% in 2019 compared to roughly 38% for
    the combined group in 2018 and 2017. S&P expects most of the
    margin improvement to occur during 2019 when the large
    majority of cost synergies are realized.

-- Total capital expenditure (capex) outflows--excluding
    capitalized development costs--of roughly EUR10 million per
    year in 2018 and 2019.

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

-- Adjusted debt to EBITDA of 10.5x in 2018 and 7.0x-7.5x in
    2019 compared to 7.0x in 2017 for ION Trading Technologies on
    a stand-alone basis.

-- Funds from operations (FFO) to debt of about 6% in 2018 and
    7%-9% 2019. Free operating cash flow (FOCF) of 5%-6% in 2018
    and 6%-8% in 2019.

S&P said, "The stable outlook reflects our expectation that ION
Trading Technologies will deleverage significantly in 2018-2019
as the company increases its EBITDA margin to 54% from 38% by
delivering acquisition-related operating cost cuts. As a result,
we expect that the company's S&P Global Ratings-adjusted debt to
EBITDA will fall to well below 8x in 2019.

"We could lower our rating if ION Trading Technologies was unable
to meaningfully deleverage following the transaction completion.
This could be due to challenges in integrating Fidessa and
delivering on planned cost synergies or because of a decline in
revenue coming from the loss of several contracts with key
clients. In particular, we could lower the rating if adjusted
leverage remains sustainably above 8x in the 12 months after
transaction close.

"An upgrade is unlikely over the next 12 months given the
significant leverage resulting from the acquisition. We could
raise our rating over the medium term if solid execution of ION
Trading Technologies' plans combined with debt prepayment support
a reduction in adjusted leverage to sustainably below 6.5x while
at the same time keeping FOCF to debt above 8%."


MILLTOWN PARK CLO: Fitch Rates Class E Debt 'B-sf(EXP)'
-------------------------------------------------------
Fitch Ratings has assigned Milltown Park CLO DAC expected
ratings, as follows:

EUR1.75 million class X: 'AAAsf(EXP)'; Outlook Stable

EUR248.0 million class A-1: 'AAAsf(EXP)'; Outlook Stable

EUR22.0 million class A-2A: 'AAsf(EXP)'; Outlook Stable

EUR20.0 million class A-2B: 'AAsf(EXP)'; Outlook Stable

EUR26.0 million class B: 'Asf(EXP)'; Outlook Stable

EUR19.0 million class C: 'BBBsf(EXP)'; Outlook Stable

EUR25.0 million class D: 'BBsf(EXP)'; Outlook Stable

EUR12.0 million class E: 'B-sf(EXP)'; Outlook Stable

EUR37.1 million subordinated notes: not rated

Milltown Park CLO DAC is a cash flow collateralised loan
obligation (CLO). Net proceeds from the issuance of the notes
will be used to purchase a portfolio of EUR400 million of mostly
European leveraged loans and bonds. The portfolio will be
actively managed by Blackstone/GSO Debt Funds Management Europe
Limited. The CLO will have a 4.5-year reinvestment period and an
8.5-year weighted average life.

KEY RATING DRIVERS

'B+'/'B'Portfolio Credit Quality

Fitch considers the average credit quality of obligors to be in
the 'B+'/'B' range. The Fitch-weighted average rating factor
(WARF) of the current portfolio is 31.6 compared with a covenant
of 33.

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 65.3% compared with a covenant of 62.6%.

Limited Interest Rate Exposure

Fixed-rate liabilities represent 5.4% of the target par, while
fixed-rate assets can represent up to 7.5% of the portfolio. The
transaction is therefore partially hedged against rising interest
rates.

Diversified Asset Portfolio

The transaction has a covenant that limits exposure to the top 10
obligors in the portfolio to 20%. This covenant ensures that the
asset portfolio will not be exposed to excessive obligor
concentration.

Hedged Non-Euro Assets Exposure

The transaction is permitted to invest up to 20% of the portfolio
in non-euro assets, provided perfect asset swaps can be entered
into.

RATING SENSITIVITIES

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

A 25% reduction in recovery rates would lead to a downgrade of
four notches for Class D notes and up to two notches for the
other 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 information relied upon for
the agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.


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


UNIPOL BANCA: Fitch Upgrades IDR to 'BB+', Outlook Stable
---------------------------------------------------------
Fitch Ratings has upgraded Unipol Banca S.p.A.'s (Unipol Banca)
Long-Term Issuer Default Rating (IDR) to 'BB+' from 'BB'. The
Outlook is Stable.

The rating action follows the upgrade of the bank's ultimate
parent company Unipol Gruppo S.p.A.'s (UG) Long-Term IDR to 'BBB'
from 'BBB-'.

Unipol Banca's Viability Rating (VR) of 'b' is unaffected.

KEY RATING DRIVERS

IDRS AND SUPPORT RATING (SR)

Unipol Banca's IDRs and SR reflect Fitch's view of a moderate
probability that support would be provided, in case of need, from
UG. The upgrade reflects UG's increased ability to provide
support to Unipol Banca, as reflected by the upgrade of its Long-
Term IDR.

Fitch believes that any support required by Unipol Banca would be
manageable for UG, given its significant capital cushion compared
with the size and potential capital needs of its subsidiary. A
default of Unipol Banca would carry high reputational risk for UG
as they operate in the same jurisdiction and share the same
brand. The bank and its parent are regulated and supervised as a
single entity by the Italian regulator, the Banca d'Italia, who
in its opinion would favour such support. UG and its primary
insurance subsidiary, UnipolSai Assicurazioni S.p.A., injected
EUR900 million in Unipol Banca in July 2017 to facilitate its
balance sheet clean-up and restore its viability, which Fitch
views as evidence of UG's propensity to support the bank
subsidiary.

The two-notch difference between Unipol Banca and UG's ratings
reflects Fitch's opinion that the bank does not play a strategic
role in the group, and synergies developed so far have been weak.
Unipol Banca's performance track record to date has been a drag
on UG's financial profile, in Fitch's view. Fitch believes that
UG will continue to evaluate strategic options for Unipol Banca
and that the subsidiary's recently completed restructuring will
possibly make it more attractive to integrate it with other
domestic banks.

Unipol Banca's Stable Outlook is in line with that on UG.

RATING SENSITIVITIES

IDRS, NATIONAL RATINGS AND SENIOR DEBT

Unipol Banca's IDRs and SR are sensitive to a change in UG's
ability and propensity to support the bank subsidiary. This means
that the bank's IDRs are primarily sensitive to changes in UG's
ratings. The ratings would also be affected by a change in
Fitch's assessment of UG's propensity to support Unipol Banca. A
sale of the bank or a reduction in UG's stake in the subsidiary
would likely diminish the parent's propensity to provide support.

The rating actions are as follows:

Long-Term IDR: upgraded to 'BB+' from 'BB'; Outlook Stable

Short-Term IDR: affirmed at 'B'

Viability Rating: unaffected at 'b'

Support Rating: affirmed at '3'


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


AIR NEWCO: S&P Rates GBP488-Mil. First Lien Term Loan 'B-'
----------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue rating to Luxembourg-
based Air Newco 5 S.a.R.L.'s (Air Newco) proposed upsized GBP488
million first lien term loan based on a recovery rating of '3'
(rounded estimate: 50%). S&P expects that the company will use
proceeds from the transaction to refinance the outstanding GBP139
million second lien term loan.

S&P expects to withdraw its issue rating of 'CCC' on the second
lien facility once the transaction closes.

The drop in the recovery percentage of the proposed first lien
debt package to the lower end of the '3' recovery rating reflects
the removal of subordinated debt under the new structure,
resulting in a high level of equally ranking first lien debt.

S&P said, "Our hypothetical default scenario envisages a default
in 2020 as a result of competition from larger rivals, as well as
a weak macroeconomic climate (including healthcare segment
budgetary constraints and the loss of clients in the business
solutions segment).

"We value Air Newco as a going concern given the company's
significant level of recurring revenues and long-term customer
relationships."

SIMULATED DEFAULT ASSUMPTIONS

-- Simulated year of default: 2020
-- Minimum capital expenditure: 1.5%
-- Cyclicality adjustment factor: 5%
-- Operational adjustment: 0%
-- Emergence EBITDA after recovery adjustments: GBP49.7 million
-- Implied enterprise value multiple: 6.0x

SIMPLIFIED WATERFALL

-- Gross enterprise value at default: EUR298.3 million
-- Administrative costs: 5%
-- Net value available to debt holders: EUR283.3 million
-- Total secured debt claims*: EUR526.5 million
    --Recovery expectation: 50%-70% (rounded estimate: 50%)

*All debt amounts include six months' prepetition interest.
Revolving credit facility assumed 85% drawn on the path to
default.


HOLCIM FINANCE: S&P Rates Proposed New Sub. Securities 'BB+'
------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issue rating to
the proposed new subordinated securities to be issued by Holcim
Finance (Luxembourg) S.A., a 100% owned and controlled finance
subsidiary of Switzerland-based building materials maker
LafargeHolcim Ltd., which will guarantee the proposed notes.

S&P said, "We understand LafargeHolcim intends to use the notes'
proceeds to redeem existing debt in order to improve the group's
debt maturity profile and leverage ratios. Following this
issuance, LafargeHolcim will exhibit a ratio of outstanding
hybrids to adjusted capitalization well below the 15% limit for
us to view hybrid leverage as having intermediate equity content.

"We classify the proposed new subordinated securities as having
intermediate equity content until the first reset date, because
the securities meet our criteria in terms of their subordination,
permanence, and optional deferability during this period.
Consequently, when we calculate LafargeHolcim's adjusted credit
ratios, we will treat 50% of the principal outstanding and
accrued interest under the proposed securities as equity rather
than debt, and 50% of the related payments on these securities as
equivalent to a common dividend."

The two-notch difference between S&P's 'BB+' issue rating on the
proposed hybrid notes and its 'BBB' issuer credit rating (ICR) on
LafargeHolcim Ltd. signifies that it has made the following
downward adjustments from the ICR:

-- One notch for the proposed notes' subordination, because our
    long-term ICR on LafargeHolcim is investment grade; and

-- An additional notch for payment flexibility due to the
    optional deferability of interest.

S&P said, "The notching of the proposed securities reflects our
view that LafargeHolcim Ltd. is relatively unlikely to defer
interest payments. Should our view change, we may significantly
increase the number of downward notches that we apply to the
issue rating. We may lower the issue rating before we lower the
ICR."

KEY FACTORS IN OUR ASSESSMENT OF THE INSTRUMENT'S PERMANENCE

Although the proposed securities are perpetual, LafargeHolcim
Ltd. can redeem them as of the first call date, occurring more
than five years and three months after the issue date, and on
each annual interest payment date thereafter. If any of these
events occur, the company intends to replace the proposed
instrument, although it is not obliged to do so. In S&P's view,
this statement of intent mitigates the issuer's ability to
repurchase the notes.

The interest to be paid on the proposed securities will increase
by 25 basis points (bps) five years after the first reset date,
and by a further 75bps 20 years after the first reset date. S&P
views the cumulative 100bps as a moderate step-up, which provides
LafargeHolcim with an incentive to redeem the instruments at such
time.

S&P said, "Consequently, we will no longer recognize the proposed
instrument as having intermediate equity content after the first
reset date, because the remaining period until its economic
maturity would, by then, be less than 20 years.

"However, we classify the instrument's equity content as
intermediate until its first reset date, as long as we think that
the loss of the beneficial intermediate equity content treatment
will not cause the issuer to call the instrument at that point."

KEY FACTORS IN OUR ASSESSMENT OF THE INSTRUMENT'S SUBORDINATION

The proposed securities will be deeply subordinated obligations
of LafargeHolcim Ltd. and have a perpetual maturity. As such,
they will be subordinated to senior debt instruments, and only
senior to junior obligations (common share capital) of the group.

KEY FACTORS IN OUR ASSESSMENT OF THE INSTRUMENT'S DEFERABILITY

S&P said, "In our view, LafargeHolcim's option to defer payment
of interest on the proposed securities is discretionary. It may
therefore choose not to pay accrued interest on an interest
payment date because it has no obligation to do so. However, any
outstanding deferred interest payment would have to be settled in
cash if an equity dividend or interest on equal-ranking
securities is paid, or if common shares or equal-ranking
securities are repurchased.

"That said, this condition remains acceptable under our rating
methodology because, once the issuer has settled the deferred
amount, it can choose to defer payment on the next interest
payment date."

The issuer retains the option to defer coupons throughout the
instrument's life. The deferred interest on the proposed
securities is cash cumulative and compounding.


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


LOWLAND MORTGAGE: Fitch Assigns 'BB+sf' Rating to Class E Notes
---------------------------------------------------------------
Fitch Ratings has assigned Lowland Mortgage Backed Securities 5
B.V.'s notes final ratings as follows:

Class A1: 'AAAsf'; Outlook Stable

Class A2: 'AAAsf'; Outlook Stable

Class B: 'AAAsf'; Outlook Stable

Class C: 'AA-sf'; Outlook Stable

Class D: 'A-sf'; Outlook Stable

Class E: 'BB+sf'; Outlook Stable

This transaction is a true-sale securitisation of prime mortgage
loans originated in the Netherlands by de Volksbank N.V. (through
one of its brands: BLG Wonen, RegioBank and SNS Bank). This is
the fifth RMBS transaction from de Volksbank issued under the
Lowland series.

KEY RATING DRIVERS

Seasoned Portfolio

The portfolio is characterised by high seasoning (81 months) and
a weighted average (WA) original loan-to-market-value (OTLMV) of
90%. More than 85% of the portfolio has a debt-to-income (DTI)
ratio below 30%; interest-only (IO) loans account for 47.8% of
the current pool balance; and 77.4% have OLTMVs in excess of 80%.
The proportion of mortgages originated before the 2011 reform of
the mortgage Code of Conduct is 49.0%.

Five-year Revolving Period

A five-year revolving period allows new assets to be added to the
portfolio. In Fitch's view, the additional purchase criteria
adequately mitigate any significant risk of credit migration due
to future loan additions. Fitch considered a stressed portfolio
composition in its analysis, based on the additional purchase
criteria, rather than the actual portfolio characteristics.

Interest Rate Risk

The transaction does not envisage any hedge to mitigate interest
rate risk resulting from possible mismatches between the fixed-
rate assets and floating rate liabilities. At transaction close,
the floating rate portion of the portfolio broadly corresponds to
the floating rate portion of the class A1 notes, while the
remainder of the portfolio carries a fixed rate and corresponds
to the proportion of the A2 notes.

In Fitch's analysis, the representation made by the seller to
maintain these proportions over time is constrained by its credit
strength and therefore not considered. Fitch has tested several
combinations of fixed- and floating rate loan proportions,
mortgage rate resets and interest rate stresses, to cater for
possible future imbalances resulting from an absence of a hedging
arrangement. The ratings are also supported by the fact that 8%
of issuance is principal only.

Historical Performance

Fitch applied a lender adjustment as the historical performance
of de Volksbank-originated loans compares negatively with average
Dutch RMBS originations. This resulted in an increase in the base
foreclosure frequency of 15%.

RATING SENSITIVITIES

Material increases in the frequency of foreclosures and loss
severity on foreclosed receivables could produce losses larger
than Fitch's base case expectations, which in turn may result in
negative rating action on the notes. Fitch's analysis revealed
that a 30% increase in the weighted average foreclosure
frequency, along with a 30% decrease in the weighted average
recovery rate, would imply a downgrade of the class A notes to
'AAsf' from 'AAAsf'.

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

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

DATA ADEQUACY

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

Fitch conducted a review of a small targeted sample of de
Volksbank's origination files in February 2018 and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.

Overall and together with the assumptions referred to above,
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.


===============
P O R T U G A L
===============


NOVO BANCO: Moody's Confirms Caa1 Deposit Ratings, Outlook Pos.
---------------------------------------------------------------
Moody's Investors Service has confirmed the long-term deposit
ratings of Novo Banco, S.A. (Novo Banco) at Caa1. The rating
action is triggered by the disclosure on April 26, 2018 of Novo
Banco's 2017 audited financial statements and reflects the
agency's assessment of the bank's liability structure at year-end
2017, incorporating the changes to its balance sheet following
the completion of the liability management exercise (LME) on
October 4, 2017. The outlook on the long-term deposit ratings has
been changed to positive from Ratings under Review.

The ratings agency has also taken the following actions on Novo
Banco: (1) affirmed the bank's baseline credit assessment (BCA)
and adjusted BCA at caa2; (2) affirmed the bank's long-term
senior unsecured debt ratings at Caa2; and (3) upgraded the
bank's long-term Counterparty Risk (CR) Assessment to B2(cr) from
B3(cr). The outlook on the long-term senior unsecured debt
ratings remains positive.

The short-term deposit and Commercial Paper ratings as well as
the short-term CR Assessment remain unaffected by Moody's rating
action at Not Prime and Not Prime(cr) respectively.

The affirmation of Novo Banco's standalone BCA reflects the
rating agency's view that the bank's improved solvency position
remains constrained by a very large stock of problematic assets
and loss making operations.

The positive outlook reflects Moody's view that upward pressure
could arise on the bank's long-term deposit ratings based on Novo
Banco's funding plan and expected balance sheet deleveraging,
leading to lower loss given failure and higher ratings uplift
under Moody's Advanced Loss Given Failure (LGF) analysis. The
positive outlook also reflects the benefits to Novo Banco's weak
credit fundamentals if the bank starts to deliver on the key
targets of its restructuring plan, namely a reduction of
problematic assets and downsizing of its operations.

Moody's rating action concludes the rating review on the long-
term deposit ratings that was initiated on April 5, 2017 and
extended on October 6, 2017 and February 22, 2018.

RATINGS RATIONALE

RATIONALE FOR THE AFFIRMATION OF THE BCA

Moody's affirmation of Novo Banco's standalone BCA at caa2
reflects the ongoing challenges to the bank's credit profile
stemming from the bank's very weak asset risk and loss making
operations.

In affirming the bank's BCA, Moody's has taken into consideration
the EUR1 billion capital injection made by Lone Star late last
year after it acquired a 75% stake in Novo Banco's capital on
October 18, 2017. The rating agency is also considering the
benefits from the LME that resulted in upfront capital gains of
EUR210 million and interest savings over the next five years.

As part of the sale process, the European Commission (EC)
approved a so-called "contingent capital agreement" up to a
maximum EUR3.89 billion on October 11, 2017, that will be
compensated by the Portuguese resolution fund (currently holding
a 25% stake of the bank's capital). This mechanism was triggered
at end-December 2017 and resulted in a compensation of EUR791.7
million, on account of the revaluation of a pre-established set
of assets, which had a net book value of EUR5.4 billion compared
with EUR7.9 billion at end-June 2016. Novo Banco reported a loss
of EUR1.4 billion at end-December 2017, mainly resulting from the
high impairments related to these assets. However, the impact on
capital was offset by the EUR1 billion capital injection, as well
as by the reduction in risk weighted assets resulting from the
bank's ongoing balance sheet deleveraging. At end-December 2017,
Moody's key capital metric, the tangible common equity to risk
weighted assets, improved to 7.7% from 6.7% a year earlier.

With an estimated non-performing asset (NPA, non-performing loans
+ foreclosed real estate assets) ratio of around 37% at end-
December 2017, Novo Banco is burdened by a very weak asset risk.
More positively, the recent extraordinary provisioning effort has
increased the bank's NPA coverage to an estimated 49% at end-
December 2017 from 43% a year earlier. Despite these
improvements, Novo Banco still faces ongoing challenges to its
improved solvency given the very large stock of NPAs and ongoing
uncertainties regarding the bank's de-risking strategy. This is
captured in its caa2 BCA.

The bank's BCA also reflects ongoing profitability challenges.
Moody's acknowledges the commitment of the new shareholders to a
five-year restructuring plan, approved by the EC at the closing
of Novo Banco's sale. The plan envisages a transformation of the
bank's operations, risk and business profile and wind-down of
non-core assets. Notwithstanding the long-term benefits of this
plan, the rating agency considers that it is still uncertain when
Novo Banco will be able to achieve break-even, and the
effectiveness of the measures that will be implemented to ensure
the future viability of the bank.

RATIONALE FOR THE DEPOSIT AND SENIOR DEBT RATINGS

The confirmation of Novo Banco's Caa1 long-term deposit ratings
and the affirmation of its Caa2 long-term senior debt ratings
reflect (1) the affirmation of the bank's caa2 BCA; (2) the
outcome of Moody's revised Advanced LGF analysis that indicates
moderate loss-given-failure for senior debt creditors and low for
depositors, resulting in no uplift and one notch of uplift
respectively from the BCA, and (3) low probability of government
support that results in no further uplift for the senior debt and
deposit ratings.

As part of the assessment of Novo Banco's liability structure
after the completion of the LME at end-December 2017, the rating
agency has changed the standard assumption of junior deposits of
its Advanced LGF analysis. Moody's views that around 26% of Novo
Banco's deposits can be considered junior and qualify as bail-in-
able under the Bank Recovery and Resolution Directive (BRRD), as
opposed to the previous assumption of 10%. This higher volume of
non-preferred deposits results in an unchanged one-notch uplift
for deposits and no uplift for senior debt.

RATIONALE FOR THE POSITIVE OUTLOOK

The positive outlook reflects Moody's view that upward pressure
could arise on the bank's long-term deposit and senior debt
ratings upon the planned issuance of EUR400 million of
subordinated debt as part of the EC's approved restructuring
plan, as well as further balance sheet deleveraging that could
result in a lower loss given failure for these instruments.

The positive outlook also reflects the potential benefit to the
bank's weak credit fundamentals should Novo Banco start to
deliver on the key targets of its restructuring plan, namely an
improvement to its asset risk profile and a transformation of its
operations. The bank's credit profile could also benefit from
enhanced visibility of its medium-term strategy and timeline of
the measures that are contemplated to ensure Novo Banco's future
viability.

WHAT COULD CHANGE THE RATING UP/DOWN

The standalone BCA of Novo Banco could be upgraded if the bank
makes progress in reducing its stock of problematic assets and on
restructuring its operations.

Novo Banco's long-term deposit and senior debt ratings could also
be upgraded as a result of the issuance of the planned EUR400
million subordinated bond and/or a substantial reduction in the
size of its balance sheet, which would indicate lower loss-given
failure faced by the bank's deposits and senior debt.

Given the positive outlook, a downgrade of Novo Banco's long-term
deposit and senior debt ratings is currently unlikely. However,
downward pressure on the bank's standalone BCA could result if
the bank's risk-absorption capacity deteriorates due to a further
deterioration of its asset risk, or larger-than-anticipated
losses; and/or if the bank's liquidity deteriorates from its
current position.

In addition, any change to the BCA would also be likely to affect
deposit and debt ratings, as they are linked to the standalone
BCA.

LIST OF AFFECTED RATINGS

Issuer: Novo Banco, S.A.

Upgrade:

Long-term Counterparty Risk Assessment, upgraded to B2(cr) from
B3(cr)

Confirmations:

Long-term Bank Deposits, confirmed at Caa1, outlook changed to
Positive from Rating under Review

Affirmations:

Adjusted Baseline Credit Assessment, affirmed caa2

Baseline Credit Assessment, affirmed caa2

Senior Unsecured Regular Bond/Debenture, affirmed Caa2 Positive

Outlook Action:

Outlook changed to Positive from Rating under Review

Issuer: NB Finance Ltd.

Affirmations:

Backed Senior Unsecured Regular Bond/Debenture, affirmed Caa2
Positive

Outlook Action:

Outlook remains Positive

Issuer: Novo Banco S.A., London Branch

Upgrade:

Long-term Counterparty Risk Assessment, upgraded to B2(cr) from
B3(cr)

Confirmation:

Long-term Bank Deposit, confirmed at Caa1, outlook changed to
Positive from Rating under Review

Outlook Action:

Outlook changed to Positive from Rating under Review

Issuer: Novo Banco S.A., Luxembourg Branch

Upgrade:

Long-term Counterparty Risk Assessment, upgraded to B2(cr) from
B3(cr)

Confirmations:

Long-term Bank Deposits, confirmed at Caa1, outlook changed to
Positive from Rating under Review

Affirmations:

Senior Unsecured Regular Bond/Debenture, affirmed Caa2 Positive

Outlook Action:

Outlook changed to Positive from Rating under Review

Issuer: Novo Banco, S.A., Cayman Branch

Upgrade:

Long-term Counterparty Risk Assessment, upgraded to B2(cr) from
B3(cr)

Confirmations:

Long-term Bank Deposits, confirmed at Caa1, outlook changed to
Positive from Rating under Review

Outlook Action:

Outlook changed to Positive from Rating under Review

Issuer: Novo Banco, S.A., Madeira Branch

Upgrade:

Long-term Counterparty Risk Assessment, upgraded to B2(cr) from
B3(cr)

Confirmations:

Long-term Bank Deposits, confirmed at Caa1, outlook changed to
Positive from Rating under Review

Outlook Action:

Outlook changed to Positive from Rating under Review

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
published in April 2018.


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


ALROSA PJSC: Fitch Affirms Short-term IDR at 'B'
------------------------------------------------
This replaces a rating action commentary published earlier to
include the affirmation of the Short-Term IDR for PJSC ALROSA.

Fitch Ratings has revised Russian diamond producer PJSC ALROSA's
Outlook to Positive from Stable, while affirming the company's
Long- and Short-Term Issuer Default Ratings (IDRs) at 'BB+' and
'B', respectively. ALROSA Finance SA's senior unsecured rating
has also been affirmed at 'BB+'.

The revised Outlook reflects Fitch's reassessment of the linkage
between ALROSA and the Russian Federation (BBB-/Positive) under
Fitch's Government-Related Entities (GRE) Rating Criteria.
Specifically, ALROSA's linkage with the state would justify a
single-notch uplift to its standalone credit profile (SCP), which
in its view is commensurate with a 'BB+' rating. However, the
methodology caps the possible uplift at government IDR minus 1,
i.e. 'BB+'. An upgrade of Russia's IDR would lift the current cap
to 'BBB-'.

ALROSA's 'BB+' SCP is underpinned by a strong business profile
and by Fitch's expectation that the deleveraging achieved since
end-2016 will be sustained over 2018-2020. Fitch forecasts funds
from operations (FFO) adjusted gross leverage below 1.5x under
its base case, which assumes broadly flat market conditions and
conservatively builds in higher shareholder distributions.

KEY RATING DRIVERS

Standalone Credit Profile

ALROSA's SCP is commensurate with a 'BB+' rating and is
underpinned by the company's leading position in the rough
diamond market globally, strong reserves base, robust cost
position, sustained deleveraging and adequate liquidity. The
standalone rating remains constrained by ALROSA's limited product
diversification and exposure to a cyclical single end-market
(retail jewellery). The operating environment has a moderate
influence on the SCP.

Deleveraging Provides Substantial Headroom

ALROSA has maintained the substantial debt reduction achieved in
2016 on the back of higher sales volumes, strong rouble
appreciation and resulting robust free cash flow (FCF)
generation. The RUB30.3 billion proceeds from the sale of its gas
asset to PAO Novatek (BBB/Stable) in February 2018 were used to
repay short-term debt, thus providing further headroom for
potential M&A and higher shareholder distributions assumed in
Fitch's base case. Fitch expects its financial profile to remain
conservative with FFO adjusted gross leverage maintained below
the 1.5x sensitivity for the rating over 2018-2020.

Positive Outlook on Linkage with Russia

The Positive Outlook reflects Fitch's expectation that an upgrade
of Russia's IDR will result in an upgrade in ALROSA's IDR as the
current cap imposed by the GRE methodology will be lifted to
'BBB-'. This assumes no weakening in support, which Fitch
assesses as moderate. ALROSA's main shareholders, Russia (33%)
and the Republic of Sakha (BBB-/Stable; 25%) control the
company's Board of Directors and top management. Fitch's view is
that Alrosa is likely to receive exceptional support from the
state should its creditworthiness deteriorate materially as in
2008-2009 when the Russian State Depository for Precious Metals
and Stones purchased around 40% of 2009 diamond sales, and state-
owned Bank VTB refinanced ALROSA's short-term debt.

Destocking Phase to Continue

ALROSA and DeBeers jointly account for around 50% of global
diamond output, and ALROSA has been historically adhering to its
price-over-volume strategy. ALROSA's destocking phase started in
2016 and into 2017, and is expected to continue in 2018 as the
company's output guidance of 36.6 million carats stands behind
its 38 million - 40 million carats sales guidance. The reduced
output is partly driven by a Mir mine flooding accident in August
2017, which took out nearly 9% of ALROSA's diamond capacity.
Fitch's base case does not assume any resumption of activities
before 2020 but the impact on production volumes is compensated
by the destocking and the accident might indirectly support
diamond prices as the mine accounted for 2.5% of global
production.

Longer-term Risks

The diamond industry is about to enter a phase when existing
diamond mines such as Rio Tinto's largest diamond mine Argyle
start being depleted after 2020. Although under an optimistic
supply scenario the depleting mines might be replaced by new
capacities, these remain limited and would require four to six
years of capital-intensive development, meaning that supply is
likely to reduce over the medium-term.

Diamond demand remains dominated by the US market despite an
increasing share of middle class-driven demand from China and
India. The longer-term risks for the demand include the
increasing share of lower-value synthetic diamond penetration
into the jewellery industry, should this not be properly
addressed by Diamonds Producer Association's revival of strong
advertising campaigns highlighting clearer differentiation of
natural diamonds from synthetic diamonds and/or other jewellery
and luxury goods. Fitch also notes that currently synthetic
diamonds are mainly of low size and used for industrial purposes.

Limited Impact from M&A

In May 2018 ALROSA's Supervisory Board announced that it would
consider the acquisition of Russia's largest state-owned diamond
cutter PO Kristall. The timing or likelihood of the transaction
is not yet certain but Fitch's base case conservatively assumes
that ALROSA will pay around RUB10 billion for the asset in late
2018 and that PO Kristall will add RUB15 billion to revenue, RUB1
billion to EBITDA and RUB10 billion to net debt starting from
2019. The transaction will not compromise ALROSA's strong
financial profile, in Fitch's view.

ALROSA is conservatively consistent in its foreign investments,
which are limited to Angola's state-owned Catoca diamond miner in
which it plans to increase its stake to 41% from the current 33%.
ALROSA is receiving dividends from Catoca, but its role there is
strategic as it plans to bring its expertise for the prospective
Luaxe mine, the largest diamond pipe discovered since 1960s with
a potential of eight million - 12 million carats annual capacity.
Fitch does not incorporate Luaxe capex into ALROSA's forecasts as
investment plans remain unclear.

Diamond Price and Volume Risk

The diamond industry is concentrated, and top producers' price-
over-volume strategy amplifies its volume risk while price risk
is below that of most other commodities. For example, the 2008-
2009 financial crisis led to a 45% decline in ALROSA's rough
diamond sales. The company's response was a 55% capex reduction
and minimal dividends for 2009-2010, which led to leverage
recovering to below the 2007 level by 2010. ALROSA's exposure to
diamond market shocks is mitigated by the company's medium-term
ability to reduce capex (expansion capex is around 30%-40% of
total, and maintenance capex can be partly delayed for one to two
years) and dividends to a significant extent.

Diamond sales volumes have stabilised at 120 million - 130
million carats since 2009, down from over 160 million carats
before. Diamond pricing fell by double-digits in 2008-09 before
recovering to pre-crisis levels sustainably from 2010. In
contrast, most other commodities had much sharper decline and
took longer to recover to pre-crisis annual peaks - e.g. oil took
several years to fully recover, and some other commodities such
as fertilisers and metals have remained below the 2008/09 peaks
since.

Dividends May Increase

ALROSA currently has a 50% dividend payout based on its IFRS net
income. With limited investment opportunities due to the industry
concentration and with expected sustained positive free cash flow
and low leverage, Fitch cannot rule out the possibility of a
change in the dividend policy after 2018. Fitch's base case
assumes that the group will increase its dividend payout from
2019. As ALROSA's pre-dividend FCF and net income are at similar
levels, Fitch does not expect major differences in FCF-based and
net income-based dividend approaches should ALROSA adopt the
former.

DERIVATION SUMMARY

ALROSA's mining peers include EMEA-based PJSC MMC Norilsk Nickel
(NN; BBB-/RWN), AO Holding Company Metalloinvest (BB/Stable) and
PJSC Polyus (BB-/Positive), as well as Canadian GoldCorp Inc.
(BBB/Stable) and Kinross Gold Corporation (BBB-/Stable). ALROSA's
global market and cost leadership supports its SCP at 'BB+'. In
terms of product diversification and scale, it is comparable with
Metalloinvest but lags behind NN. Constraints on Alrosa's rating
also include exposure to a cyclical single end-market (retail
jewellery). ALROSA's cost leadership translates into
profitability levels, which are commensurate with those of other
lowest-cost miners such as NN or Polyus Gold and above those of
the Canadian gold miners.

ALROSA's financial position is among the strongest in the mining
sector due to the company's cost leadership and consistently
positive FCF generation through the cycle. The company's leverage
is comparable with that of low-leveraged Kinross Gold, and
remains well below that of other abovementioned peers.

ALROSA's operating environment has a moderate impact on the
company's SCP.

KEY ASSUMPTIONS

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

  -Flat diamond prices over the next three years

  -USD/RUB exchange rate at 58 in 2018 and 59 thereafter

  -Diamond sales of around 39 million carats p.a. in 2018-2020

  -EBITDA margin to average 41% in 2018-2020

  -M&A net flow positive in 2018 as gas asset disposal mitigates
the PO Kristall and minority stake acquisitions

  -Capex-to-sales at around 12% and 80% dividend payout after
2018, driving marginally positive FCF generation

RATING SENSITIVITIES

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

  -Positive rating action on the Russian Federation

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

  -Prolonged diamond market weakness leading to EBITDA margin
below 30% on a sustained basis

  -Aggressive M&A and/or dividends driving FFO adjusted leverage
sustainably above 1.5x, which may lead to the Outlook being
revised to Stable

  -Aggressive M&A and/or dividends driving FFO adjusted leverage
sustainably above 2.5x, which may lead to a rating downgrade

  -Reduced support from the Russian Federation

  -Negative rating action on the Russian Federation

LIQUIDITY

Improved Liquidity

ALROSA's liquidity improved during 1Q18 as the company used its
RUB3 billion gas asset disposal proceeds to repay most of its
RUB35 billion short-term debt. The next major debt repayment is
RUB58 billion (USD1 billion) Eurobonds due in 2020. ALROSA's
sustainably positive FCF and strong access to Russian state-owned
banks and international funding underpin the company's sound
liquidity position.


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


TDA IBERCAJA 5: S&P Affirms D (sf) Rating on Class E Notes
----------------------------------------------------------
S&P Global Ratings took various credit rating actions on TDA
Ibercaja 5, Fondo de Titulizacion de Activos' notes.

S&P said, "The rating actions follow the application of our
relevant criteria and our full analysis of the most recent
transaction information that we have received, and reflect the
transaction's current structural features. We have also
considered our updated outlook assumptions for the Spanish
residential mortgage market.

"Our structured finance ratings above the sovereign (RAS)
criteria classify the sensitivity of this transaction as.
Therefore, after our March 23, 2018 upgrade of Spain to 'A-' from
'BBB+', the highest rating that we can assign to the senior-most
tranche in this transaction is six notches above the Spanish
sovereign rating, or 'AAA (sf)', if certain conditions are met.
For all the other tranches, the highest rating that we can assign
is four notches above the sovereign rating.

"Following the sovereign upgrade, on April 6, 2018, we raised to
'A' from 'A-' our long-term issuer credit rating (ICR) on Banco
Santander S.A., which is the swap provider in this transaction."

The servicer, Ibercaja Banco S.A. has a standardized, integrated,
and centralized servicing platform. It is a servicer for a large
number of Spanish residential mortgage-backed securities (RMBS)
transactions, and the historical performance of the Ibercaja
Banco transactions has outperformed our Spanish RMBS index.

The swap counterparty is Banco Santander. Considering the
remedial actions defined in the swap counterparty agreement, and
the current ICR, the maximum rating on the notes in this
transaction is now two notches higher, or 'AAA (sf)', than at
S&P's previous review.

S&P said, "Our European residential loans criteria, as applicable
to Spanish residential loans, establish how our loan-level
analysis incorporates our current opinion of the local market
outlook. Our current outlook for the Spanish housing and mortgage
markets, as well as for the overall economy in Spain, is benign.
Therefore, we revised our expected level of losses for an
archetypal Spanish residential pool at the 'B' rating level to
0.9% from 1.6%, in line with table 87 of our European residential
loans criteria, by lowering our foreclosure frequency assumption
to 2.00% from 3.33% for the archetypal pool at the 'B' rating
level.

"After applying our European residential loans criteria to this
transaction, the overall effect in our credit analysis results is
a decrease in the required credit coverage for each rating level
compared with our previous review, mainly driven by our revised
foreclosure frequency assumptions."

  Rating level     WAFF (%)    WALS (%)
  AAA                 21.97       26.89
  AA                  16.76       22.85
  A                   13.88       16.70
  BBB                 11.58       13.64
  BB                   9.22       11.63
  B                    7.26        9.88

WAFF--Weighted-average foreclosure frequency. WALS--Weighted-
average loss severity.

TDA Ibercaja 5's class A, B, C, and D notes' available credit
enhancement has slightly increased to 9.4%, 3.7%, 1.9%, and 0.9%,
respectively, due to the required reserve fund being at its
floor.
S&P said, "Following the application of our criteria, we have
determined that our assigned ratings on the classes of notes in
this transaction should be the lower of (i) the rating as capped
by our RAS criteria, (ii) the rating as capped by our
counterparty criteria, or (iii) the rating that the class of
notes can attain under our European residential loans criteria.

"The application of our European residential loans criteria,
reflecting our updated credit figures, indicates that the
available credit enhancement for the class A1 and A2 notes is
commensurate with 'AA+' and 'A' ratings, respectively. However,
the application of our RAS criteria caps our rating on the class
A1 notes at four notches above our unsolicited 'A-' long-term
sovereign rating on Spain, and at the sovereign rating for the
class A2 notes. We have therefore raised to 'AA (sf)' from 'AA-
(sf)' and removed from CreditWatch positive our rating on the
class A1 notes. At the same time, we have affirmed and removed
from CreditWatch positive our 'A- (sf)' rating on the class A2
notes.

"Our European residential loans criteria, including our updated
credit figures, indicate that the available credit enhancement
for the class B and C notes is commensurate with 'BB+ (sf)' and
'BB (sf)' ratings, respectively, excluding the application of a
commingling loss. Consequently, our ratings on these classes of
notes are linked to our long-term ICR on the servicer, Ibercaja
Banco (BB+/Positive/B). We have therefore raised and removed from
CreditWatch positive our ratings on the class B and C notes. Our
RAS criteria do not cap our ratings on these classes of notes as
the highest achievable ratings are lower than our sovereign
rating.

"Credit enhancement has slightly increased for the class D notes
since our previous review, but remains commensurate with the
currently assigned rating. Additionally, we believe that the
payments on this class of notes are not dependent upon favorable
financial and economic conditions. Consequently, we have affirmed
and removed from CreditWatch positive our 'B- (sf)' rating on the
class D notes. Our rating on the class D notes is linked to our
long-term ICR on the servicer, Ibercaja Banco.

"The class E notes continue to not pay interest due on each
interest payment date and we have therefore affirmed our 'D (sf)'
rating on this class of notes."

TDA Ibercaja 5 is a Spanish RMBS transaction that closed in May
2007. The transaction securitizes residential loans originated by
Ibercaja Banco, which were granted to individuals for the
acquisition of their first residence, mainly concentrated in
Madrid and Aragon, Ibercaja Banco's main markets.

  RATINGS LIST

  Class             Rating
              To               From

  TDA Ibercaja 5, Fondo de Titulizacion de Activos EUR1.207
  Billion Secured Floating-Rate Notes

  Ratings Raised And Removed From CreditWatch Positive

  A1          AA (sf)          AA- (sf)/Watch Pos
  B           BB+ (sf)         BB (sf)/Watch Pos
  C           BB (sf)          B (sf)/Watch Pos

  Ratings Affirmed And Removed From CreditWatch Positive

  A2          A- (sf)          A- (sf)/Watch Pos
  D           B- (sf)          B- (sf)/Watch Pos

  Rating Affirmed

  E           D (sf)


TDA IBERCAJA 6: S&P Hikes Class D Notes Rating to BB-(sf)
---------------------------------------------------------
S&P Global Ratings raised and removed from CreditWatch positive
its credit ratings on TDA Ibercaja 6, Fondo de Titulizacion de
Activos' class A, B, C, and D notes.

S&P said, "The rating actions follow the application of our
relevant criteria and our full analysis of the most recent
transaction information that we have received, and reflect the
transaction's current structural features. We have also
considered our updated outlook assumptions for the Spanish
residential mortgage market.

"Our structured finance ratings above the sovereign (RAS)
criteria classify the sensitivity of this transaction as
moderate. Therefore, after our March 23, 2018 upgrade of Spain to
'A-' from 'BBB+', the highest rating that we can assign to the
senior-most tranche in this transaction is six notches above the
Spanish sovereign rating, or 'AAA (sf)', if certain conditions
are met. For all the other tranches, the highest rating that we
can assign is four notches above the sovereign rating.

"Following the sovereign upgrade, on April 6, 2018, we raised to
'A' from 'A-' our long-term issuer credit rating (ICR) on Banco
Santander S.A., which is the swap provider in this transaction."

The servicer, Ibercaja Banco S.A., has a standardized,
integrated, and centralized servicing platform. It is a servicer
for a large number of Spanish residential mortgage-backed
securities (RMBS) transactions, and the historical performance of
the Ibercaja Banco transactions has outperformed our Spanish RMBS
index.

The bank account provider in this transaction is Societe Generale
S.A. (Madrid Branch), and the downgrade language in the
transaction documents is commensurate with a 'AA+ (sf)' rating.
The swap counterparty is Banco Santander. Considering the
remedial actions defined in the swap counterparty agreement,
which are not in line with our current counterparty criteria, the
maximum rating the notes can achieve in this transaction is 'A
(sf)', the long-term ICR on the swap counterparty, unless S&P
delink its ratings from the counterparty.

S&P said, "Our European residential loans criteria, as applicable
to Spanish residential loans, establish how our loan-level
analysis incorporates our current opinion of the local market
outlook. Our current outlook for the Spanish housing and mortgage
markets, as well as for the overall economy in Spain, is benign.
Therefore, we revised our expected level of losses for an
archetypal Spanish residential pool at the 'B' rating level to
0.9% from 1.6%, in line with table 87 of our European residential
loans criteria, by lowering our foreclosure frequency assumption
to 2.00% from 3.33% for the archetypal pool at the 'B' rating
level.

"After applying our European residential loans criteria to this
transaction, the overall effect in our credit analysis results is
a decrease in the required credit coverage for each rating level
compared with our previous review, mainly driven by our revised
foreclosure frequency assumptions."

  Rating level     WAFF (%)    WALS (%)
  AAA                 18.95       30.73
  AA                  13.17       26.45
  A                    9.95       19.65
  BBB                  7.44       16.09
  BB                   4.97       13.70
  B                    3.04       11.61

WAFF--Weighted-average foreclosure frequency. WALS--Weighted-
average loss severity.

TDA Ibercaja 6's class A, B, C, and D notes' credit enhancement
has increased to 13.3%, 8.7%, 6.4%, and 4.1%, respectively, due
to the amortization of the notes, which is sequential as the
reserve fund is not at its required level.

S&P said, "Following the application of our criteria, we have
determined that our assigned ratings on the classes of notes in
this transaction should be the lower of (i) the rating as capped
by our RAS criteria, (ii) the rating as capped by our
counterparty criteria, or (iii) the rating that the class of
notes can attain under our European residential loans criteria.

"The application of our RAS criteria caps our rating on the class
A notes at four notches above our unsolicited 'A-' long-term
sovereign rating on Spain. However, the application of our
European residential loans criteria, reflecting our updated
credit figures, caps our rating on the class A notes at 'AA-
(sf)' in runs where we did not give credit to the swap contract.
We have therefore removed from CreditWatch positive and raised to
'AA- (sf)' from 'A- (sf)' our rating on the class A notes, and
delinked it from our long-term ICR on the swap provider, Banco
Santander.

"The application of our European residential loans criteria,
reflecting our updated credit figures, caps our rating on the
class B notes 'AA (sf)' in runs where we gave credit to the swap
contract. However, the maximum rating the notes can achieve when
giving credit to the swap contract is 'A (sf)', our long-term ICR
on the swap counterparty. We have therefore removed from
CreditWatch positive and raised to 'A (sf)' from 'A- (sf)' our
rating on the class B notes.

"Our analysis indicates that the available credit enhancement for
the class C notes is commensurate with a 'A-' rating, including
the application of a commingling loss. We have therefore removed
from CreditWatch positive and raised to 'A- (sf)' from 'BBB (sf)'
our rating on the class C notes.

"Our rating on the class D notes is not capped by our RAS
analysis as the application of our European residential loans
criteria, including our updated credit figures, limit our rating
on the notes to 'BB- (sf)'. We have therefore removed from
CreditWatch positive and raised to 'BB- (sf)' from 'B- (sf)' our
rating on the class D notes. Our rating on the class D notes is
linked to our long-term ICR on the servicer, Ibercaja Banco
(BB+/Positive/B), as the available credit enhancement for this
tranche is commensurate with the stresses we apply at these
rating levels, excluding the application of a commingling loss."

TDA Ibercaja 6 is a Spanish RMBS transaction that closed in June
2008, and which we first rated in February 2011. The transaction
securitizes residential loans originated by Ibercaja Banco, which
were granted to individuals for the acquisition of their first
residence, mainly concentrated in Madrid and Aragon, Ibercaja
Banco's main markets.

  RATINGS LIST
  Class             Rating
              To               From

  TDA Ibercaja 6, Fondo de Titulizacion de Activos
  EUR1.521 Billion Asset-Backed Floating-Rate Notes

  Ratings Raised And Removed From CreditWatch Positive

  A           AA- (sf)         A- (sf)/Watch Pos
  B           A (sf)           A- (sf)/Watch Pos
  C           A- (sf)          BBB (sf)/Watch Pos
  D           BB- (sf)         B- (sf)/Watch Pos


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


DOMETIC GROUP: S&P Assigns 'BB' Rating to Sr. Unsecured Notes
-------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating to
Sweden-based leisure product manufacturer Dometic Group AB's
proposed senior unsecured notes with a benchmark amount of EUR500
million. S&P said, "The rating on the proposed notes is at the
same level as our long-term issuer credit rating on Dometic
Group, reflecting the absence of significant subordination risk.
The recovery rating on the proposed notes is '3', indicating our
expectations of a meaningful recovery (50%-70%; rounded estimate:
50%) in the event of payment default."

S&P said, "At the same time, we affirmed our 'BB' long-term
issuer credit rating on Dometic Group. The outlook is stable. We
also affirmed our 'BB' issue-level rating on Dometic's existing
senior unsecured bank facilities. The recovery rating on these
facilities is unchanged at '3' (50%-70%; rounded estimate 50%).

"Dometic plans to issue senior unsecured notes amounting to
EUR500 million (about SEK5.1 billion). We understand that the
company will use about SEK4.3 billion to repurchase outstanding
term loans and about SEK0.5 billion to repay drawings under its
revolving credit facility, with the remainder for general
corporate purposes.

"The rating on the proposed notes is at the same level as our
long-term issuer credit rating on Dometic Group, reflecting the
absence of significant subordination risk.

"We expect the company will use the majority of the proposed bond
issuance to repay outstanding debt, and we do not therefore
expect the transaction to materially affect the group's financial
risk profile. Dometic successfully closed the acquisition of
SeaStar at the end of 2017. We affirmed the rating following the
announced acquisition, and we understand the integration is
progressing according to plan."

Dometic's pro forma funds from operations (FFO) to debt stood at
about 24%-26% at end-2017 following the acquisition of SeaStar.
The group had a strong start to 2018, with 10% organic growth in
the first quarter, mainly stemming from a strong recreational
vehicle (RV) market. S&P said, "We forecast the group will
continue to generate solid free operating cash flows of about
SEK1.8 billion-SEK2.2 billion annually, and a gradual improvement
of credit ratios, including FFO to debt improving to about 25%-
27% in 2018 and 28%-30% in 2019. We expect Dometic will focus on
deleveraging and we note positively that the group remains
committed to its financial target of net debt to EBITDA of around
2x. The pro forma debt to EBITDA was about 3.2x-3.4x at the end
of 2017, following the closing of the transaction, which we
forecast will gradually improve to about 2.7x-2.9x over the
coming two years. On the negative side, we continue to view
Dometic's dividend policy as rather aggressive, since it aims to
distribute at least 40% of the previous year's net income, which
could lead to substantial cash outflows in coming years. However,
we expect the company's discretionary cash flow to debt to remain
above 10%, a level we consider in line with the current rating."

S&P said, "In our view, Dometic's acquisition of SeaStar had a
positive impact on its business risk profile, strengthening its
market position in the leisure marine industry, as well as
increasing its product and customer diversity. We forecast that
the inclusion of SeaStar will boost Dometic's profitability,
raising its EBITDA margin to about 19%-21% in 2018-2019, compared
with Dometic's stand-alone profitability of about 17.3% in 2017.
Dometic's solid operating margins and cash flows are key factors
supporting the rating. The group's business risk profile remains,
in our view, constrained by its moderate size by global standards
and its exposure to cyclical end markets, which rely on consumer
spending and is subject to overall economic conditions. We view
positively that the acquisition of SeaStar will reduce the
group's concentration in the RV business (about 55% of sales down
from 65%), which however remains core for the group. Although the
RV and Marine OEM sales are cyclical, we note positively the
group's growing share of more stable aftermarket sales."

S&P's base-case scenario assumes:

-- GDP growth of about 2.3% in the eurozone and 2.9% in the U.S.
    in 2018, which will continue to drive sales growth. S&P also
    expects a trend of increased outdoor activities and an ageing
    population will continue to have a positive volume impact on
    Dometic's end-markets. S&P forecasts that the group's sales
    will continue to grow at about 5%-10% per year;

-- EBITDA margins to improve to about 19%-21% in 2018-2019, from
    about 17.3% in 2017, thanks to the integration of SeaStar.
    S&P does not expect material restructuring costs and it
    forecasts that the group will continue to benefit from
    increasing aftermarket sales;

-- Capital expenditure of about 2% of group sales;

-- A dividend payout of about 40% of net income; and

-- Bolt-on acquisitions of about SEK350 million-SEK500 million
    (EUR33 million-EUR48 million).

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

-- FFO to debt of about 25%-27% at the end of 2018, gradually
    improving to about 28%-30% in 2019; Debt to EBITDA of about
    2.9x-3.1x, gradually improving to 2.7x-2.9x; and

-- Discretionary cash flow to debt remaining above 10% over
    2018-2019.

S&P said, "The stable outlook reflects our expectation that
Dometic should maintain solid profitability and continue to
generate positive discretionary cash flow, resulting in a gradual
improvement in credit ratios. We expect FFO to debt to remain
above 25% for 2018 to 2019. Although we do not expect any
acquisitions in the short term, we do not exclude that the
company will continue to grow through bolt-on acquisitions.

"We could lower the rating if an unexpectedly sharp economic
downturn in Europe or the U.S. were to occur, or if operating
issues appeared, squeezing the EBITDA margin. A ratio of FFO to
debt below 25% could lead to a downgrade. Larger-than-expected
dividends leading to discretionary cash flow to debt below 10%,
or large debt-funded acquisitions could also lead to a downgrade,
if, in our view, they lead to weakened metrics without the
prospect of rapid recovery.

"Upside rating potential is limited, but we could consider
raising the rating if Dometic strongly recovers its credit
ratios. This would include FFO to debt of at least 40%, supported
by a financial policy of sustaining at least this level of credit
ratios, and at the same time, discretionary cash flow to debt
remaining above 15% even in a downturn."



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


TURK TELEKOMUNIKASYON: Lenders Back Proposal to Settle Debt
-----------------------------------------------------------
Kerim Karakaya, Ercan Ersoy and Matthew Martin at Bloomberg News
report that banks that provided a US$4.75 billion loan to the
owner of Turk Telekomunikasyon AS are backing a proposal that
would settle Turkey's biggest default.

According to Bloomberg, people with knowledge of the matter said
under the plan proposed by an advisory group for the lenders,
creditors would get control of Ojer Telekomunikasyon AS, or Otas,
which took out the loan, through a special purpose vehicle.

The companies have been locked in talks since Otas failed to pay
a September 2016 installment on the loan, the country's biggest
ever syndicated facility, Bloomberg relays.

The people said banks, government officials and the companies
were due to meet Tuesday, May 22, to discuss the new proposal,
Bloomberg notes.

The people, as cited by Bloomberg, said under the proposals,
banks would each have a share in the SPV relative to the amount
they lent to Otas.

Banks with the largest exposure include Akbank TAS with US$1.7
billion, Turkiye Garanti Bankasi AS with almost US$1 billion and
Turkiye Turkiye Is Bankasi AS with around US$500 million,
Bloomberg states.  Lenders are said to have hired Lazard Ltd. and
Raiffeisen Investment AG last year to help with negotiations,
Bloomberg relays.

The Turkish Treasury, which has a 25% stake in Turk Telekom,
and Saudi Telecom Co., which owns 35% in Oger Telecom Ltd. that
controls Otas, are also involved in the negotiations, according
to Bloomberg.



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


ARDONAGH MIDCO: Fitch Raises Long-Term IDR to B, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has upgraded Ardonagh Midco 3 plc's Long-Term
Issuer Default Rating (IDR) to 'B' from 'B-'. The Outlook is
Stable. In addition, Fitch has upgraded the super senior
revolving credit facility (RCF) to 'BB'/'RR1'/100% from 'BB-
'/'RR1'/100%' and the senior secured notes to 'B+'/'RR3'/59% from
'B'/'RR3'/51%.

Fitch believes Ardonagh has executed the business plan outlined
when the group was created one year ago. It has successfully
integrated the original four companies as well as acquired three
additional specialty insurance companies. In addition, it has
acquired books of business and associated teams to replenish the
talent base.

Together this has allowed Ardonagh to establish itself as a
leading specialty insurance broker. Ardonagh has reduced
regulatory uncertainty through the payment of its Unregulated
Collective Investment Scheme (UCIS) fines and clarity on the
payment of Enhanced Transfer Value (ETV) fines. Lastly, liquidity
risks have been mitigated. FCF will be negative in 2018, but the
disposal of the Broker Network stake and upsizing of the RCF will
allow Ardonagh to meet its liquidity needs.

However, challenges still remain. The underwriting (MGA) business
has continued to underperform and margins are significantly below
expectations. The continued use of M&A to grow the business also
presents moderate execution risk. Ardonagh may not be able to
find suitable acquisition candidates, valuations of the
acquisition candidates may become unfavourable and the company
may need to add additional management resources to manage both
growth and integration.

KEY RATING DRIVERS

Ardonagh Acquisitions Successfully Integrated: Over the last
year, the Ardonagh group has integrated the acquisitions of Price
Forbes, Autonet, Direct Group and Chase Templeton. Subsequently,
Ardonagh acquired three additional companies - Carole Nash,
Mastercover and Healthy Pets - partially funded by a GBP55
million privately placed tap issuance. The Ardonagh group is
consequently much more diversified and focused on specialty lines
of business and the legacy Towergate insurance business is less
than 50% of sales. There have been limited cost synergies from
these acquisitions (approximately GBP15 million according to
management) but Fitch expects further cost savings are
achievable.

MGA Business Still Underperforming: Ardonagh Group's MGA and
Services business has underperformed both management and Fitch's
expectations. This manifested itself both in a decline in sales
in 2017 of 3.6% and EBITDA margins of 14.2%. While the costs are
partly a result of new hires for specialty underwriting lines,
Fitch views the turnaround plan as having been only partially
successful and that further corrective actions are required.
Fitch's expectations for 2018 include limited top line growth as
new hires generate additional sales but continued
underperformance on margins.

Transformation Programme Substantially Complete: Ardonagh's
Towergate subsidiary has been undergoing restructuring for the
past two years and it has utilised a transformation plan to
deliver operational and financial improvements. Ardonagh has made
significant progress on the transformation plan, but exceptional
items have continued into 2018 and the full annualised benefits
will not be realised until 2019 or later. However, in Fitch's
view, substantially all of the expense components of the plan
have been completed and the management team can dedicate
increasing resources to developing the strategy around the
Ardonagh group.

Leverage, FCF Show Positive Trend: The completion of the
transformation plan and the delivery of subsequent top line
growth and margin improvements will lead to material
deleveraging. In particular, FFO adjusted leverage has decreased
to 7.9x for 2017 from over 9x for 2016. Operational improvements
and the delivery of the transformation plan will lead to
deleveraging, sales growth and FCF improvement. However,
Ardonagh's FCF is expected to remain negative in 2018, trending
towards breakeven in 2019. The liquidity risk from negative FCF
and working capital outflows is mitigated by on balance sheet
cash and the addition of a GBP120 million super senior RCF.

Mature UK Market May Moderate Growth: Fitch believes the
management team has demonstrated the knowledge and skillset to
execute its strategy, risks remain in delivering the plan in a
highly competitive insurance and brokerage market. The UK non-
life insurance broker market is likely to experience limited
organic growth over the forecast horizon. In addition, Ardonagh
may not be able to continue to attract or retain the skilled
employees required to realise these plans or the employees they
have attracted may not deliver as expected. There is also the
potential for disruption from digital technology and
disintermediation, which is partly offset through the acquisition
of Autonet and Ardonagh's multiple distribution channels.

Reduced Regulatory Risk: Ardonagh has received greater clarity
from the FCA regarding the payment of fines relating to the sale
and advice of the ETV product. Ardonagh expects to pay GBP51
million over the two years beginning in 2H18. The magnitude of
payments is below what management previously guided to and will
enhance cash flow from 2020 onward. However, Fitch expects that
Ardonagh will draw on its RCF to make these payments.

Continued Shareholder Support: Shareholders have invested at
least GBP680 million in the Ardonagh group and have demonstrated
their support both through transactions to provide liquidity to
Ardonagh during the transformation plan and by financing the
acquisitions that form the Ardonagh group. This support continued
with the sale of the remaining stake in The Broker Network for
GBP30 million to entities affiliated with its shareholders and
the receipt of GBP12.4 million earn out from the earlier majority
stake sale. Continued shareholder support is a positive factor
for the group.

DERIVATION SUMMARY

Ardonagh has significantly smaller scale than its publicly rated
insurance broker peers and has a less diverse product line. While
its expertise in niche, high margin product lines and its leading
position among UK insurance brokers underpin a sustainable
business model, its higher financial risk and underperforming
business lines constrain the rating.

KEY ASSUMPTIONS

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

  - Sales grow at 8.6% CAGR 2017-2020

  - EBITDA margins grow from 21.7% in 2017 towards 30% in 2021

  - Capex includes maintenance of around 1%-2% p.a. and growth
capex of around GBP65 million in total

  - Exceptional items include regulatory fees and expenses as
well as costs related to the transformation plan

RATING SENSITIVITIES

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

  - FFO adjusted leverage below 5.0x

  - FFO fixed charge coverage above 2.5x

  - EBITDA margins greater or equal to 27%

  - Successful M&A that diversifies the business and builds on
its leadership in the UK Brokerage and Wholesale market

  - Organic growth supporting the capital structure that allows
for refinancing at lower cost of debt combined with operational
turnaround in the MGA business

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

  - FFO adjusted leverage above 6.5x

  - FFO fixed charge coverage below 2x

  - EBITDA margins below 22%

  - Weak organic growth and sustained integration costs

LIQUIDITY

The GBP105 million RCF with commitments to increase it to GBP120
million plus GBP48 million of unrestricted cash on balance sheet
as of 2017 provide for satisfactory liquidity. In addition, Fitch
considers GBP284.8 million in cash restricted primarily for
regulatory purposes. Long-dated maturities moderate refinancing
risk. This is offset by higher levels of business risk. If
Ardonagh executes its business plan, Fitch believes it will be
possible for the company to refinance its debt prior to maturity
and lower its cost.


DURHAM MORTGAGES B: S&P Assigns 'BB' Rating to Cl. F-Dfrd Certs
---------------------------------------------------------------
S&P Global Ratings has assigned credit ratings to Durham
Mortgages B PLC's class A to F-Dfrd notes. At closing, the issuer
also issued unrated class Z1-Dfrd, Z2, X-Dfrd, R notes, X
certificates, and Y certificates.

S&P based its credit analysis on the pool, which totals GBP2.29
billion. The pool comprises first-lien U.K. buy-to-let mortgage
loans that Bradford & Bingley PLC, Mortgage Express PLC, GMAC-RFC
Ltd., Kensington Mortgage Company Ltd., and Close Brothers Ltd.
originated. The loans are secured on properties in England,
Wales, Scotland, and Northern Ireland and were originated between
1997 and 2009.

On the closing date, the issuer purchased the beneficial interest
in the portfolio from the seller (Cornwall Home Loans Ltd.),
using the notes' issuance proceeds. The legal title of each loan
remained with Bradford & Bingley and Mortgage Express and will
move to Topaz Finance (or, as the case may be, one or more wholly
owned subsidiaries of Topaz Finance) on the transfer date, which
will be nine months after closing (or earlier if a perfection
trigger occurs).

Bradford & Bingley is the interim servicer of the loans in the
pool with a delegation to Computershare Mortgage Services Ltd.
and Homeloan Management Ltd. until the transfer date. After that,
Topaz Finance will become the long-term servicer for the assets.
Topaz is a subsidiary of Computershare Mortgage Services. S&P
said, "We reviewed Computershare Mortgage Services' servicing and
default management processes and are satisfied that it is capable
of performing its functions in the transaction. In our cash flow
modeling, we stressed a 0.5% servicing fee on day one because, in
our opinion, this reflects the likely cost of replacing the
servicer."

S&P said, "Our ratings address the timely receipt of interest and
ultimate repayment of principal to the class A notes. While not
the most senior class, the ratings on the class B-Dfrd to F-Dfrd
notes are interest-deferred ratings and address the ultimate
repayment of principal and interest. When these notes become the
most senior class, our ratings will address the ultimate
repayment of principal and timely payment of interest. For the
most senior class of notes, a deferral of interest would
constitute an event of default under the terms and conditions of
the notes.

"Our ratings reflect our assessment of the transaction's payment
structure, cash flow mechanics, and the results of our cash flow
analysis to assess whether the notes would be repaid under stress
test scenarios. Subordination, the general reserve, and excess
spread provide credit enhancement to the rated notes. Taking
these factors into account, we consider that the available credit
enhancement for the rated notes is commensurate with the ratings
assigned."

  RATINGS LIST

  Durham Mortgages B PLC
  GBP2.40 Billion Residential Mortgage-Backed Floating-Rate Notes
  (Including Unrated Notes And Certificates)

  Ratings Assigned

  Class              Rating        Amount
                                  (mil. GBP)

  A                  AAA (sf)      1,805.181
  X certificates     NR            N/A
  B-Dfrd             AA (sf)       183.970
  C-Dfrd             A (sf)        114.980
  D-Dfrd             A- (sf)       45.992
  E-Dfrd             BBB- (sf)     51.740
  F-Dfrd             BB (sf)       17.246
  VFN                NR            0.00
  Z1-Dfrd            NR            40.242
  Z2                 NR            40.242
  X-Dfrd             NR            45.990
  R                  NR            57.728
  Y certificates     NR            N/A

VFN--Variable funding note. NR--Not rated. TBD--To be determined.
N/A--Not applicable.


HOUSE OF FRASER: CVA Proposal Faces Opposition by Landlords
-----------------------------------------------------------
Rhiannon Curry at The Telegraph reports that House of Fraser's
plan to close scores of stores and slash the rents on other shops
faces a backlash from landlords frustrated at the wave of CVAs
that have taken place on the high street.

Both the British Property Federation (BPF) and Revo, which
represents both landlords and retailers, said members were
increasingly unlikely to approve company voluntary arrangements,
The Telegraph relates.

House of Fraser is planning to launch its CVA next month and is
expected to announce it wants to close around half the stores in
its 59-strong estate, as well as seeking rent reductions, The
Telegraph discloses.


* UK: Half of Energy Suppliers on Brink of Going Under, D&B Says
----------------------------------------------------------------
Jillian Ambrose at The Telegraph reports that half of Britain's
energy suppliers face an existential risk after the "Beast from
the East" tore through the balance sheets of the industry's small
players.

According to The Telegraph, thousands of energy customers could
be left in limbo due to a high risk that around 10 of the most
fragile suppliers are on the brink of going under.

Many hundreds of thousands more bill payers face the risk of
sudden energy tariff hikes because almost 40 suppliers may be
forced to squeeze their customers to survive, The Telegraph
discloses.

The startling strain endured by the industry in the wake of the
volatile winter energy market is laid bare in leaked proprietary
data compiled by one of the City's top analytics firms, Dun and
Bradstreet, The Telegraph notes.



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


* BOND PRICING: For the Week May 21 to May 25, 2018
---------------------------------------------------

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




                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2018.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


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