/raid1/www/Hosts/bankrupt/TCREUR_Public/180611.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, June 11, 2018, Vol. 19, No. 114


                            Headlines


A U S T R I A

STEINHOFF INT'L: Austrian Unit Seeks New Credit Underwriter


B E L A R U S

DEVELOPMENT BANK: S&P Affirms 'B/B' Issuer Credit Ratings


F R A N C E

CCR RE: S&P Assigns 'BB+' ICR on Restricted Tier 1 Notes
HOLDIKKS SAS: S&P Lowers ICR to 'CCC-', On CreditWatch Negative


G E O R G I A

MFO CRYSTAL: Fitch Affirms 'B' Long-Term IDR, Outlook Stable


G E R M A N Y

CHEPLAPHARM ARZNEIMITTEL: Moody's Assigns B1 CFR, Outlook Stable
CHEPLAPHARM ARZNEIMITTEL: S&P Assigns Preliminary 'B' ICR


H U N G A R Y

NITROGENMUVEK ZRT: Fitch Puts Final 'B+' Rating to EUR200M Bond


I R E L A N D

OZLME IV: Moody's Assigns (P)B2 Rating to Class F Notes


I T A L Y

DEIULEMAR: Administrators Seize Bank of Valletta Assets
OFFICINE MACCAFERRI: Fitch Affirms 'B-' LT IDR, Outlook Stable


N E T H E R L A N D S

EA PARTNERS II: Fitch Cuts Senior Secured Notes Rating to C


R U S S I A

CB NOVOPOKROVSKIY: Liabilities Exceed Assets, Assessment Shows


S E R B I A

ELEKTROPORCELAN: Bankruptcy Agency Invites Bids for Assets


S P A I N

FONCAIXA PYMES 6: Moody's Raises Rating on Class B Notes to B2


T U R K E Y

EKSPO FAKTORING: Moody's Puts B2 CFR on Review for Downgrade


U N I T E D   K I N G D O M

ASTON VILLA: Reaches Agreement with HMRC Over Tax Bill
DEVELOPMENTS ONE: Residential Project Put on Hold After Collapse
GAMES CENTRE: Increased Online Competition Prompts Liquidation
SHOP DIRECT: Moody's Alters Outlook to Neg., Affirms B2 CFR
SHOP DIRECT: Fitch Corrects June 5 Ratings Release

WILLIAM HILL: S&P Affirms 'BB+' Long-Term ICR, Outlook Negative


X X X X X X X X

* BOND PRICING: For the Week June 4 to June 8, 2018


                            *********



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A U S T R I A
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STEINHOFF INT'L: Austrian Unit Seeks New Credit Underwriter
-----------------------------------------------------------
Boris Groendahl at Bloomberg News reports that Steinhoff
International Holdings NV's Austrian unit is in talks with
international insurance companies to find a new credit
underwriter for its suppliers.

According to Bloomberg, Chief Executive Officer Gunnar George
said in a statement on June 8 Rudolf Leiner GmbH, a furniture
chain also known by its brand name Kika/Leiner, expects to
conclude the search this week.  Mr. George, as cited by
Bloomberg, said he's in close contact with suppliers in the
meantime.

Kika/Leiner sold the Leiner flagship store in Vienna to
Rene Benko's Signa Holding GmbH at the end of last year to secure
operational funding after Kika/Leiner's South African parent was
rocked by an accounting scandal, Bloomberg recounts.  The
termination of the credit insurance could threaten to cut the
furniture chain off from its product supply, Bloomberg states.

Steinhoff, which also owns chains including Conforama in France
and Mattress Firm in the U.S., has plunged more than 97% in value
and is in constant talks with creditors about restructuring most
of its EUR9.6 billion (US$11.3 billion) of debt, Bloomberg
relays.

Steinhoff International is a South African international retail
holding company that is dual listed in Germany.


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B E L A R U S
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DEVELOPMENT BANK: S&P Affirms 'B/B' Issuer Credit Ratings
---------------------------------------------------------
S&P Global Ratings affirmed its 'B/B' long- and short-term
foreign and local currency issuer credit ratings on Development
Bank of the Republic of Belarus JSC (DBRB). The outlook is
stable.

S&P said, "We equalize our ratings on DBRB with those on Belarus
because, in our view, there is an almost certain likelihood that
Belarus' government would provide DBRB with timely and
extraordinary support sufficient to service the bank's financial
obligations, if needed." S&P bases its assessment of the
likelihood of extraordinary support on our view of DBRB's:

-- Integral link with the Belarus government, demonstrated by
    the state's 100% ultimate ownership, capital injections
    provided in the past, and the government's ultimate
    responsibility for the payment of the bank's bonds. Key
    government figures, including the prime minister, are members
    of DBRB's supervisory board, allowing the state to maintain
    close oversight of the bank's activities. S&P does not
    currently expect any of these arrangements to change; and

-- Critical public policy role as the main institution providing
    long-term capital-intensive loans under the Belarusian
    government's direction, and a tool to fulfil several other
    policy functions. As of year-end 2017, DBRB's total assets
    were equivalent to 6.1% of GDP and constituted 9.2% of the
    banking system's assets. DBRB remains a key agent in the
    implementation of certain projects and programs that the
    government considers important for the country.

S&P said, "Although we currently view the government's capacity
to support government-related entities (GREs) as doubtful, we
believe that DBRB's importance in achieving several political and
social objectives would lead the government to prioritize support
to DBRB ahead of other GREs in Belarus."

DBRB was established in 2011, following the International
Monetary Fund's recommendation on reforming Belarus' banking
sector, which had been heavily involved in directed, subsidized
lending under vaguely defined government programs. The bank's
initial objective was to centralize lending under such programs,
thereby allowing state-owned commercial banks to function on
market terms. S&P believes this goal has been only partially
achieved, given that some government-led lending remains with
other state-owned banks operating in Belarus, including
Belarusbank and Belagroprombank.

DBRB's mandate has since broadened, and currently includes:

-- Financing capital-intensive long-term investments and
    important social projects;

-- Acting as an export bank, supporting Belarusian producers
    focused on overseas markets;

-- Managing the problem directed loans in the wood-processing
    sector under various government programs. These loans were
    acquired by the Ministry of Finance earlier as part of a
    clean-up of the banking sector;

-- Supporting development and extending investment credit to
    small and midsize enterprises (SMEs); and

-- Serving as an agent of the government for managing so-called
    "family capital," that is, cashless lump sums introduced in
    late 2014 to families with three children or more, which have
    to be managed for 18 years to maintain a minimum yield before
    they can be spent on housing or education.

Since its establishment, the bank has been ultimately 100%
government owned. At present, the government directly controls
close to 95.5% of DBRB through the Council of Ministers, while
Belaruskali (national 100% state-owned potash fertilizer company)
holds a 4.5% stake and the central bank 0.01%. S&P understands
that the central bank plans to exit its small stake in the bank's
capital in the near term, but it doesn't expect any operational
changes as a result.

S&P said, "We understand that work is ongoing to amend the law
governing DBRB's activities. According to the bank's management,
most of the changes would further formalize activities it is
already undertaking at the government's direction. In addition,
following the amendments, there could be more autonomy for the
bank to select projects for implementation. Fundamentally,
however, we expect that the overall vector of activities will
remain unchanged, and primarily focus on large, capital-intensive
projects, export, and SME support." These activities would
ultimately be funded via the inflow of resources from managing
family capital, as well as from domestic bond issuance and
syndicated loans.

Historically, as a development institution, DBRB was not subject
to the same prudential regulatory requirements as commercial
banks. S&P said, "However, we note that the supervisory and
regulatory requirements for DBRB were tightened in 2016, and many
of the requirements applicable to commercial banks also started
to apply to DBRB. We don't view this as a weakening of DBRB's
role or status, but rather as a sign of the state's desire to
standardize regulation and bring reporting and governance
standards at DBRB in line with those in the wider banking sector.
Still, even after this development, DBRB remains exempt from
certain provisions applicable to commercial banks. We also note
that its profits remain exempt from the income tax."

In the past, the government of Belarus made several equity
injections into DBRB. It did so every year in 2012-2015 and, in
2016, the bank's capital increased through retained profit.
Although no capital injection was foreseen in the 2018 budget,
S&P understands the government will provide additional capital to
DBRB this year, primarily related to DBRB's expanding activities
in the leasing segment. According to management, this reflects
the authorities' desire to maintain adequate capitalization of
the institution.

S&P said, "We also view as positive the government's assumption
of ultimate responsibility for bond-like debt issued by DBRB, as
stated in a presidential decree adopted at the end of 2014.
Although the government does not provide a legal guarantee of
timely payment on a bond in the event of financial distress, we
believe it has incentives to provide such support to DBRB in a
timely fashion should financial problems emerge at the bank. That
said, we note that the government does not guarantee or otherwise
explicitly promise full recovery on other types of DBRB's debt,
such as syndicated loans, for example.

"We have revised our assessment of DBRB's stand-alone credit
profile (SACP) to 'b' from 'b-'. The SACP is an indication of the
institution's creditworthiness without taking into account the
potential for extraordinary government support. We expect that
economic performance and the debt-servicing capacity of key
corporate borrowers in Belarus will likely stabilize in 2018,
which should result in lower credit losses and stabilizing
nonperforming loans (NPLs) at Belarus banks. We believe such a
situation is beneficial for DBRB's asset quality and financial
performance. In particular, we think the bank will likely
demonstrate more stable asset quality, which has improved after a
balance-sheet cleanup undertaken by the government in 2017."

The bank's asset quality indicators are now on par with those of
its domestic peers', and its credit costs have decreased. Annual
credit costs for 2012-2016 averaged 9.3%, and 11.1% of DBRB's
loan book was written off in the first half of 2017. After the
loan portfolio cleanup, NPLs (loans overdue by 90 days or more)
had reduced to 2.8% by year-end 2017 from 18.7% a year earlier.
Last year, DBRB reported Belarusian ruble (BYN) 228 million of
net profit, up from BYN112 million in 2016. The share of loans
denominated in foreign currency is a moderate 39% of total loans,
which is broadly in line with the sector average.

The stable outlook on DBRB mirrors the outlook on Belarus.

S&P said, "We could raise our ratings on DBRB if we took a
positive rating action on Belarus, provided that DBRB's integral
link with and critical role for the government remained
unchanged.

"We could lower our ratings on DBRB following a negative rating
action on the sovereign. Even if the sovereign rating is
unchanged, we could take a negative action on DBRB if its link
with, or role for, the government weakened over the next 12
months and its SACP deteriorated at the same time. This could be
the case, for example, if the institution's capitalization levels
declined alongside a weakening mandate or government's diminished
commitment to provide support."


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F R A N C E
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CCR RE: S&P Assigns 'BB+' ICR on Restricted Tier 1 Notes
--------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issue credit
rating to the Restricted Tier 1 (RT1) notes to be issued by CCR
RE. The issue rating is subject to S&P's receipt and review of
the bonds' final terms and conditions.

The rating on the bonds is four notches below the long-term
issuer credit rating (ICR) on CCR Re (A-/Stable); one notch to
reflect the notes' deeply subordinated status to senior
bondholders, one notch to reflect the risk of potential write
down of principal, and two notches to reflect the mandatory and
unconditional optional interest cancellation features. S&P thinks
the notes' various mandatory and unconditional optional coupon
cancellation triggers increase the risk of coupon nonpayment on a
going-concern basis, and considering the potential loss of
principal for noteholders with the mandatory write down on a
going concern basis.

S&P's rating and equity content assessment reflects its
understanding that:

-- The bonds are deeply subordinated to senior creditors;

-- The issuer has unconditional discretion to cancel interest
    payments;

-- Interest cancellation is mandatory under certain
    circumstances, including if the solvency condition is not
    met, or under Solvency II regulation CCR RE's own funds
   (capital resources) are not sufficient to meet either the
    solvency capital requirement (SCR) and/or minimum capital
    requirement (MCR);

-- The bonds will be eligible as RT1 capital under Solvency II;
    and

-- The notes will be written down if the amount of own fund
    items eligible to cover the SCR is equal to or less than 75%
    of the SCR; the amount of own fund items eligible to cover
    the MCR is equal to or less than the MCR; or a breach of the
    SCR has occurred and has not been remedied within three
    months from the date on which the breach was first observed.

S&P said, "As the company's regulatory capital position evolves,
we could alter the notching on these instruments to reflect
changes in the likelihood of default. A sustainable and
significant increase in CCR RE's SCR coverage could reduce the
notches between the issue rating on the notes and the ICR, while
material deterioration in the group's capital position or
increased sensitivity to stress could led us to increase the
notching by one or more.

"CCR RE's management has publicly indicated its target to
maintain its SCR coverage between 180 and 220%. We would not
envisage changing the notching of this instrument if the group's
SCR coverage remains within its target range (it was 190% in Q4
2017). However, we could consider increasing the notching if SCR
coverage drops lastingly below its target (180%) or if the
group's risk profile changes in a way that the SCR ratio would
become structurally more volatile.

"However, given the high importance of CCR RE to the group, we
expect that the group will support the hybrid payments in a
stress scenario.

"We understand that the notes are perpetual, but are callable at
par at first call date. The notes carry a fixed interest rate,
which will be reset on the first call date and on each reset date
thereafter. There is no step-up in the coupon rate if the bonds
are not called at the first call date."

CCR RE has the option to redeem the bonds at par before the first
call date under specific circumstances, such as for changes in
tax, regulatory, or rating agency treatment. Any such early
redemption within the first five years must be replaced by an
instrument of at least the same quality.

S&P said, "We expect to classify the bonds as having intermediate
equity content, subject to our receipt and review of the bonds'
final terms and conditions. Hybrid capital instruments with
intermediate equity content can comprise up to 25% of total
adjusted capital (TAC), which is the basis of our consolidated
risk-based capital analysis of insurance companies. The inclusion
in TAC is also subject to the issue being considered eligible for
regulatory solvency regarding both amount and terms and
conditions.

"We think that CCR RE will use the proceeds for the company's
general corporate purposes (which may include, without
limitation, the refinancing of existing T2 debt, or strengthening
its capital base to pursue strategic business development)."


HOLDIKKS SAS: S&P Lowers ICR to 'CCC-', On CreditWatch Negative
---------------------------------------------------------------
S&P Global Ratings said that it lowered its long-term issuer
credit rating on HoldIKKS SAS, the parent company of French
premium fashion retailer IKKS Group SAS (collectively IKKS), to
'CCC-' from 'CCC+'.

S&P said, "At the same time, we lowered our long-term issue
rating on IKKS' EUR33 million super senior revolving credit
facility (RCF) to 'CCC+' from 'B'. The recovery rating remains
'1', reflecting our expectation of very high recovery prospects
(90%-100%; rounded estimate: 95%) in the event of a payment
default.

"We also lowered our issue rating on the group's senior secured
notes to 'CCC-', from 'CCC+'. The recovery rating remains '4',
reflecting our expectation of average (30%-50%; rounded estimate:
30%) recovery prospects in the event of default.
We simultaneously placed all these ratings on CreditWatch with
negative implications."

The downgrade follows IKKS' breach of its financial maintenance
covenant for year-end 2017 and its failure to file audited
accounts with its lenders for the same period, both of which
constitute an event of default per the credit agreement. S&P
said, "We understand that IKKS remains current on its payment
obligations and has sufficient funds to meet its near-term
liquidity needs, including approximately EUR11 million of
interest payable on July 15, 2018. However, we believe there is
now a material possibility that IKKS could face a liquidity
stress or undertake a distressed debt restructuring in the next
six months."

If not waived, these breaches could lead lenders to accelerate
repayment of IKKS' EUR33 million RCF -- which was fully drawn at
March 31, 2018 -- which would then become due immediately. Cross-
default and cross-acceleration clauses would in turn lead the
company's EUR320 million senior secured notes to also become
immediately payable. Such a scenario would create a significant
liquidity stress for the company and would likely lead to a
payment default, in our opinion. That said, IKKS continues to
negotiate with its lenders and we believe it unlikely at this
stage that they would elect to enforce their right to accelerate
payment.

S&P said, "We believe the company will generate sufficient funds
to meet its July 2018 interest payment of up to EUR11 million.
However, absent any tangible progress in discussions with
lenders, we cannot rule out the possibility that the company
could delay interest payments in order to preserve its liquidity
or launch a distressed debt restructuring at prices materially
below par. We could consider either scenario as tantamount to a
default.

"We believe the group's majority owner--financial sponsor LBO
France--has the capacity to support the company, but the
prolonged negotiations with lenders lead us to question the
shareholders' willingness to provide timely support to IKKS,
weighing on the rating.

"The CreditWatch placement reflects our opinion that there is at
least a 50% chance we could lower the rating in the next 90 days.
We could take a negative rating action, including a multiple
notch downgrade, if IKKS were to enter a payment default, either
by missing an interest payment -- the next of which is due in
July 2018 -- or by failing to repay the amounts outstanding under
the group's debt instruments following an acceleration by
lenders. We could also consider a distressed debt restructuring
as tantamount to a default.

"Alternatively, we could remove the CreditWatch placement if IKKS
successfully renegotiated its covenants, preserving the existing
capital structure and its ability to service its debt obligations
in the near term. In such an event, any further rating actions
would be dependent on our opinion of IKKS' trading performance
and the sustainability of the measures taken.

"We understand negotiations between IKKS and its lenders are
ongoing, and we expect to resolve the CreditWatch once sufficient
information relating to a potential resolution becomes
available."


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G E O R G I A
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MFO CRYSTAL: Fitch Affirms 'B' Long-Term IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed JSC MFO Crystal's (Crystal) Long-Term
Issuer Default Ratings (IDRs) at 'B' with a Stable Outlook.

KEY RATING DRIVERS

IDRS AND SENIOR DEBT

The affirmation of Crystal's Long- and Short-Term IDRs reflects
the stability of the company's business model, risk appetite and
financial performance. The ratings also reflect Crystal's focus
on microfinance lending in the relatively high-risk operating
environment in Georgia, recent rapid growth (46% on average for
the last four years) and market, and refinancing risk arising
from a currency mismatch of assets and liabilities and
predominance of wholesale funding. The ratings also factor in
Crystal's sound reported asset quality metrics, reasonable
profitability and capitalisation.

The ratings are constrained by the mono-line business model, as
Crystal is engaged in microfinance lending in Georgia. Crystal
has a notable franchise in the microfinance sector (15% of sector
as of end-2017), but the sector excludes banks' microfinance
exposures, which significantly diminish Crystal's franchise
(nearly by 3x) and banks have greater pricing power due to
cheaper funding.

Currency risk is heightened at Crystal, as over half of funding
is in foreign currency while lending is only permitted in
Georgian lari under National Bank of Georgia regulation (NBG)
adopted in 2017 (for loans below GEL100,000). Crystal had 10% of
loans in foreign currency at end-2017 and this portfolio is being
run-down. Crystal uses on- and off-balance sheet hedging
instruments to minimise the effects from potential fluctuations
of the local currency exchange rate. However, the short-term
nature of these instruments may result in potential volatility
for the cost of hedging.

Reported asset quality metrics are sound, with the share of non-
performing loans (NPLs, loans overdue over 90 days) at 0.5% of
gross loans at end-2017 and fully reserved. At the same time, the
NPL origination ratio (defined as net increase in NPLs plus
write-offs divided by average performing loans) also appears low
at below 2% in 2017, while impairment charges were sufficient
2.2%, fully covering the credit losses. However, asset quality
should be viewed in line with Crystal's fast growth.

The net interest margin was reasonable at 23% in 2017, albeit
down from 25% in 2016 due to intensified competition. Operating
expenses were high at 65% of gross revenues, driven by rapid
expansion of the business in the regions. Impairment charges were
moderate at 27% of pre-impairment profit thanks to relatively
stable asset quality metrics, which resulted in a reasonable
return on average equity of 19% in 2017.

The Fitch Core Capital (FCC) to total assets ratio was 20% at
end-2017, down from 22% at end-2016, as income retention was
insufficient to offset loan growth. The debt to tangible equity
ratio was a moderate 4.0x at the same date, providing room for
further expansion. Fitch understands that the shareholders are
ready to provide additional capital in case of need.

Wholesale funding is core at Crystal, as microfinance
organisations are not permitted to collect customer deposits.
Financing from IFIs and international funds made up a significant
92% of total funding at end-2017, mostly in foreign currency (64%
of the total). Creditors are reasonably diversified by name, with
the largest creditor accounting for 14% of the total funding.
Securities issued on the domestic debt market in December 2017
made up an additional 6% of liabilities, and marked the debut
issue of Georgian microfinance organisations.

Cash cushion was low 8% of total funding at end-2017, but
liquidity benefits from a relatively short-term and amortising
loan book (average loan tenor is 20 months), while the maturity
of borrowed funds is comfortable, with no significant spikes in
repayments.

RATING SENSITIVITIES

IDRS AND SENIOR DEBT

The ratings could be upgraded in case of strengthening of
Crystal's franchise and extended record of reasonable
performance, asset quality and capitalisation metrics. At the
same time, the ratings could be downgraded in case of significant
deterioration of asset quality leading to capital erosion.
Liquidity pressure could also be negative for the ratings.

The rating actions are as follows:

Long-Term Foreign- and Local-Currency IDRs: affirmed at 'B';
Outlook Stable;

Short-Term Foreign- and Local-Currency IDRs: affirmed at 'B';

Senior unsecured rating: affirmed at 'B', Recovery Rating 'RR4'


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G E R M A N Y
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CHEPLAPHARM ARZNEIMITTEL: Moody's Assigns B1 CFR, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has assigned a B1 Corporate Family
rating and a B1-PD Probability of Default rating to Cheplapharm
Arzneimittel GmbH, the parent company of the Cheplapharm group.
Concurrently Moody's has assigned B1 instrument ratings to EUR830
million of senior secured term loans B (EUR530 million term loan
B1 and EUR300 million term loan B2 respectively) and to EUR250
million of senior secured revolving credit facilities. The
outlook is stable.

RATINGS RATIONALE

Cheplapharm Arzneimittel GmbH's B1 Corporate Family rating is
mainly supported by the company's (i) profitable and cash flow
generative business model focused on acquiring IP rights of
branded off patent products from big pharma companies with a
strategy to outsource both production and distribution to third
parties, (ii) strong portfolio of legacy and niche products with
a good therapeutic and geographical diversity despite the group's
small size, (iii) successful track record of running its business
model, which has enabled Cheplapharm to become a strong partner
of well-established big pharma companies looking to divest tail
branded products or small portfolios, (iv) strict investment
criteria focused on short payback periods, which should protect
creditors from sales erosion typical of off patent branded
products in the late stages of their life cycle, and (v) more
conservative financial policies than private equity owned
companies and more stringent terms and conditions under the loan
documentation than current market standards.

Cheplapharm's rating remains constrained by the group's (i) small
size with 2017 revenues of EUR226 million (less small based on
EBITDA due to strong profitability), (ii) a degree of product
concentration with the three largest products accounting for
close to 50% of revenues although revenue concentration is
somewhat mitigated by the broad geographical reach of the company
(key risks to the business model such as delisting of products,
acceleration in sales erosion from historical patterns are market
by market risks), (iii) very acquisitive strategy in the recent
past and need to pursue further acquisitions in the future to
sustain growth and counter-balance typical sales erosion patterns
of legacy off patent branded products notwithstanding that the
current portfolio of products would be well sufficient to service
and repay the debt under the banking case; (iv) relatively short
track record of working together with well-recognised big pharma
companies such as Roche, and (v) somewhat elevated leverage with
a 2017 Moody's adjusted debt/EBITDA of around 4.2x pro-forma of
the new capital structure (excluding any drawing under term loan
B2 and contributions from new acquisitions).

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook assigned to the rating reflects Moody's
expectations that Cheplapharm will continue to maintain
conservative financial policies with a Moody's adjusted leverage
as measured by debt/EBITDA not exceeding 4.5x over time. The
rating can accommodate an acquisition of up to EUR300 million
with a strict adherence to the investment criteria referenced in
the long form of the draft term sheet (net debt/EBITDA below
4.25x pro-forma of the acquisition, purchase price not exceeding
3.5x revenues and return on investment below 5.5 years).

LIQUIDITY

The liquidity profile of Cheplapharm pro-forma of the refinancing
will be solid. Cheplapharm will have access to a EUR250 million
revolving credit facility, which is more than sufficient to cover
the group's liquidity needs mainly consisting of modest capex,
working capital requirements and small cash interest on
shareholder loans. Moody's expects the group's cash position to
grow quickly supported by the group's solid free cash flow
generation profile. Moody's also notes that Cheplapharm will have
access to EUR300 million of term loan B2, which can be drawn for
a period of 12 months to fund the group's external growth
strategy under strict investment criteria. Cheplapharm will have
only one springing covenant under its senior facilities
agreement, which will be only tested if the revolving credit
facility is drawn more than 40%. Cheplapharm should have good
covenant headroom under its financial covenant.

STRUCTURAL CONSIDERATIONS

The pro-forma capital structure of Cheplapharm will mainly
consist of senior secured bank debt. The term loans B1 / B2 and
the RCF will rank pari passu and be secured over the same
security package. There are certain operating subsidiaries of
Cheplapharm Arzneimittel AG, which are outside of the restricted
group. Under the senior facilities agreement, Cheplapharm can
give up to EUR10 million guarantees to these non-restricted
subsidiaries, which Moody's has added to its Moody's adjusted
debt.

Moody's has also included in its adjusted debt a shareholder loan
where Cheplapharm can elect to pay interest in cash to its
adjusted debt. The shareholder loan also offers some loss
absorption in a default scenario hence it has included it in its
waterfall. The small size of this instrument (EUR32 million) does
not lead to an uplift of the senior secured instrument ratings
from the corporate family ratings.

Moody's has used a family recovery rate of 50% despite an all
bank debt structure due to the covenant lite package offered to
lenders.

WHAT COULD CHANGE THE RATING UP / DOWN

Positive rating pressure is not considered in the short term.
Positive pressure would build if leverage as measured by
Debt/EBITDA would drop towards 3.5x. A higher rating would also
require a further diversification of the group's portfolio of
drugs coupled with an increase in size of the company.

Negative pressure would build if leverage as measured by
Debt/EBITDA would increase sustainably above 4.5x. A
deterioration in the group's profitability with EBITDA margins to
drop materially and sustainably below 50% could lead to negative
pressure on the rating.

The principal methodology used in these ratings was
Pharmaceutical Industry published in June 2017.


CHEPLAPHARM ARZNEIMITTEL: S&P Assigns Preliminary 'B' ICR
---------------------------------------------------------
S&P Global Ratings said that it had assigned its preliminary 'B'
long-term issuer credit rating to the Germany-based off-patent
branded pharmaceuticals company Cheplapharm Arzneimittel GmbH.
The outlook is stable.

At the same time, S&P assigned a preliminary 'B' issue-level
rating and '3' recovery rating to the company's proposed EUR530
million term loan B1 and EUR300 million term loan B2 both due
2025, with recovery prospects of 50%-70% (rounded estimate: 50%).

The final ratings will be subject to the successful closing of
the proposed issuance and will depend on our receipt and
satisfactory review of all final transaction documentation.
Accordingly, the preliminary ratings should not be construed as
evidence of the final ratings. S&P said, "If the final debt
amounts and the terms of the final documentation depart from the
materials we have already reviewed, or if we do not receive the
final documentation within what we consider to be a reasonable
time frame, we reserve the right to withdraw or revise our
ratings."

Founded in 1998, Cheplapharm is a Germany-based off-patent
branded pharma company. It reported revenues and EBITDA of about
EUR226 million and about EUR134 million respectively in 2017.

The company mainly acquires intellectual property (IP) rights
from pharmaceutical companies after the respective products have
run out of patent protection and show relatively stable revenues.
Cheplapharm operates with an asset-light business model focused
on the buy-and-build strategy. Primarily, the company identifies
the right target, outsources manufacturing by utilizing a network
of contract manufacturing organizations, outsourcing distribution
and marketing to external networks, and implementing its
experienced life-cycle management activities to optimize the
process.

Cheplapharm's portfolio spans different therapeutic areas such as
obesity (about 21% of total 2018 forecast sales), cardiology
(about 20%), and virology (about 11%), and is marketed in more
than 100 countries via its global distribution network. The
company operates in Europe (about 54% of total 2018 forecast
sales), Asia-Pacific (about 31%), North America (about 5%), Latin
America, and Africa.

S&P said, "We view the proposed transaction as positive for
Cheplapharm's refinancing risk. Despite the cash-interest-bearing
debt increasing by EUR300 million, the company's overall cost of
debt is going down and the debt maturity has been extended to
2025. We forecast a cash interest cost of approximately EUR24
million-EUR28 million in 2018, which results in S&P Global
Ratings-adjusted EBITDA interest coverage of above 5x.

"Our assessment of Cheplapharm's business risk profile is
constrained primarily by its relatively small size compared with
other global generics pharmaceutical companies. Additionally, its
portfolio primarily comprises niche and older legacy products
that have lost patent protection, which are exposed to price
erosion and are experiencing gradual revenue decline.
Furthermore, the company lacks in-house research and development
capabilities, focusing rather on acquisition of assets and
corresponding IPs from the larger pharmaceutical companies, for
which these products are either too small or less attractive in
terms of returns.

"We view the European generics market as fragmented and price-
competitive, with growth trends driven by volume as a result of
governments trying to reduce health care spending. We expect the
market to grow at a compound annual rate of about 4% in 2017-
2022, driven by new molecule launches and low price erosion,
benefiting from aging populations, and an increasing prevalence
of chronic diseases, with a stable regulatory environment.
Specifically in the off-patent branded industry, we can see there
will be more acquisition opportunities, given the growing number
of drugs whose patents expire between 2018-2022." However, there
is some uncertainty about the price of these off-patent drugs
because of the increase in competition in that space.

Despite its growing size (it is projected to reach about EUR370
million in revenues 2018), Cheplapharm remain a small player
compared with other generic players such as Teva with revenues of
about EUR22 billion and Mylan with revenues of about EUR12
billion. Cheplapharm ranks outside the top 10 generics
pharmaceutical companies. However, these larger players compete
mainly on price, deriving cost savings from scale and operating
efficiencies covering a broad range of products. Cheplapharm, on
the other hand, focuses on small niche drugs, with limited or no
competition, that have been on the market and off-patent for some
time, benefiting from a good stance with prescribers and
patients. This is an important factor as a high proportion of the
company's products are subject to patients co-payments or are
fully paid out of pocket. The company's strategy to focus on
small products with limited competition, and not to participate
in price-driven tenders in markets such as Germany, offers a
certain degree of revenue protection. This is further supported
by its high degree of geographic diversification, with no country
representing more than 15% of revenues. This is important, as
governments often change reimbursement mechanisms in their
efforts to curb costs.

Cheplapharm's biggest-selling drugs are Xenical for treating
obesity, the cardiology drug Dilatrend, and the virology drug
Cymevene. Together these account for nearly 50% of the company's
revenues. Although this product concertation is relatively high,
it is mitigated by a good geographic diversity because the top
three countries by sales (Italy, France, and Japan) are forecast
to represent about 31% of total Cheplapharm's revenues in 2018.

As Cheplapharm's portfolio mainly comprises niche and old legacy
products that have been on the market for some time, their
revenues are naturally declining by 3%-6% per year and as such
need to be replaced for the company to maintain top-line growth.
As Cheplapharm's business model is solely focused on sourcing
assets from outside, it exposes the company to a potential lack
of suitable assets and requires sufficient liquidity to finance
these acquisitions.

The company's main strengths are its established track record of
careful product selection and good relationships with potential
sellers, which are usually large pharmaceutical companies; and
its ability to integrate into its outsourced supply chain and
marketing and selling organizations worldwide. Another key
strength within life-cycle management activities is represented
by the active management of the newly acquired products to reduce
overhead, complexity, and production costs, coupled with a
proactive price strategy that allows the company to generate
additional value from these products. Additionally, marketing is
not necessary, as the products are already well known to the
prescribers. With limited expenses on research and development,
outsourced production and distribution, and price stability, the
company has been able to generate average EBITDA margins of about
55%.

Cheplapharm's limited capital expenditures, low working capital
requirements, and no dividends translate into a projected robust
free operating cash flow (FOCF) and discretionary cash flow of
about EUR60 million in 2018. S&P said, "We project that leverage
will likely be at the upper end of the 4.5x-5.0x range, depending
on the timing and the size of acquisitions. We note that the
company relies on externally sourced products to generate revenue
and EBITDA growth and it is subject to the availability of target
products in the market."

The negative comparable rating analysis modifier reflects the
fact that Cheplapharm is relatively new in the capital markets
and operates with a business model that relies solely on the
acquisitions of new drugs to deliver future growth. This could
lead the company to overspend on acquisitions and increase
leverage above S&P's base case.

S&P said, "The stable outlook reflects our view that
Cheplapharm's geographically diversified portfolio and presence
in niche markets will protect it to certain extent from price
erosion, enabling it to generate low-single-digit organic
revenues growth coupled with stable profitability, with an
expected reported EBITDA margin of about 40% over the next 12-18
months. We also anticipate the company's adjusted debt-to-EBITDA
ratio will remain at about 5.0x and FOCF will remain positive at
above EUR60 million, which should help the company to build
resources to acquire assets that would support future growth and
replenish lost sales from the existing product portfolio.

"We could lower the rating if the group's ability to generate at
least EUR50 million-EUR60 million of FOCF per year diminishes.
This could happen if the company suffered from an operational
setback, either to the top line or to profitability from
unexpected tightening of reimbursement terms; increasing
competition to its products that would put pressure on prices; or
lower cost synergies, leading to deterioration in the top line
and profitability. Alternatively, the inability to replace
declining revenues with newly acquired products, the purchase of
products that we deem higher risk, or overpayment for such
products that would lead so a substantial increase in leverage
above 5x could also lead to a downgrade.

"We could consider a positive rating action if the company
demonstrates a sound track record of adjusted debt to EBITDA
consistently below 5x, supported by the ability to achieve
revenue growth in the low single digits, while maintaining
profitability of about 35%-40% and cash flow generation of above
EUR50 million."


=============
H U N G A R Y
=============


NITROGENMUVEK ZRT: Fitch Puts Final 'B+' Rating to EUR200M Bond
---------------------------------------------------------------
Fitch Ratings has assigned Hungary-based fertiliser company
Nitrogenmuvek Zrt's (B/Stable) EUR200 million 2025 7% bond a
final senior unsecured rating of 'B+' with a Recovery Rating of
'RR3'. The bond has been used to refinance the USD200 million
2020 bonds.

Nitrogenmuvek's rating is constrained by persistent high leverage
in FY17, despite the increase in volumes and the finalisation of
the investment programme that has been taking place since 2014.
FY17 funds from operations (FFO) net adjusted leverage (net
leverage) was 5.8x versus Fitch's previous forecast of 4.0x. The
rating is also constrained by Fitch's expectation that the
company will face a prolonged de-levering period back within
guidelines from its current peak leverage. Fitch expects net
leverage to stay over 2.5x by 2019-2020, due to volume growth
being offset by continued weak pricing, a scheduled outage during
2019, and high gas costs in Europe.

The rating is supported by the de-leveraging that is forecast to
occur until 2020-21 due to the large reduction in capex from 2018
following the completion of the capacity expansion programme, and
forecast zero dividends until the net debt to EBITDA incurrence
test declines to 3x.

KEY RATING DRIVERS

High 2017 Leverage: End-2017 net leverage was 5.8x, little
changed from end-2016 due to weak fertiliser pricing and higher
gas costs and the resulting continued weakening of margins. The
company's net working capital position has continued to grow as
it has increased its exposure into non-fertiliser trading
businesses (seed sales, crop trading and pesticides). When
combined with higher gas costs and nitrogen fertiliser prices not
re-bounding significantly from their current five-year low, this
translated into weak FFO generation in 2017.

Deleveraging Drives Stable Outlook: Gross debt reduced to HUF84
billion in 2017 from a peak of HUF95 billion in 2016 as
Nitrogenmuvek finalised its capacity expansion programme and
increased volumes produced. Capacity expansion and construction
of nitric acid and granulation plants have been completed, with
only dolomite mill construction to be completed in 2018. Fitch
forecasts very minor future capex.

Weak 2017 FFO but an overall positive working-capital swing from
2016 limited the reduction of the cash cushion at FY17 to HUF21
billion, but Nitrogenmuvek maintained large inventories. The
increase in 2018 volumes and stable prices, planned destocking,
lower capex and assumed zero dividends mean that the company will
shift to neutral-to-positive FCF generation from 2018 and reduce
its gross debt. However, the extent of the recovery in fertiliser
prices will determine the pace of deleveraging.

New Businesses Supress Margins: Nitrogenmuvek continues to expand
its lower-margin crop, pesticide and seed trading operations,
boosting direct sales to farmers and enhancing its presence in
central Europe. Sales from crop, seeds and pesticide trading are
expected to increase to 40% in 2021 from 30% in 2018 and are key
to the company's strategy of higher direct selling to farmers.
These activities have high expenses and very narrow margins due
to expensive third party purchases and farmer income pressure.

Fitch believes that the expansion into new business segments will
boost sales but will have a dilutive impact on the EBITDA margin,
with high cost of goods sold and higher working capital swings.
However, the expansion will help improve Nitrogenmuvek's brand
names and market coverage, with the aim of increasing volumes and
realised sales prices in the longer term.

Large Domestic Market Share: Nitrogenmuvek is the only producer
of nitrogen fertilisers in Hungary with a significant market
share. Barriers to entry include the extent of the return on
investment given the small regional market, the lead time of four
to five years for new plant construction, high transportation
costs for importers (Hungary is landlocked) and import tariffs
for non-EU producers. Nitrogenmuvek also benefits from the higher
growth potential of central European countries where nitrogen
fertiliser use per hectare remains below that of mature
agricultural markets, especially of calcium ammonium nitrate as
it suits Europe's environmental regulations for fertilisers and
is easy to store.

Price and Gas Cost Volatility: Nitrogenmuvek lacks the product
and geographical diversification of its international peers, and
is located on the upper part of the ammonia cost curve, which
leaves it substantially exposed to nitrogen price volatility.
Nitrogen prices are currently going through a trough on the back
of excessive supply additions. The company is also exposed to
volatile natural gas prices, its main raw material, which are
based on spot rates from the TTF gas exchange. Increases in the
cost of gas, while nitrogen fertiliser prices remain low will be
detrimental for the company.

Bond Covenants: The notes are senior unsecured and benefit from a
net debt to EBITDA debt incurrence financial covenant of 3x. This
is in line with existing and previous debt obligations. It ranks
pari-passu with existing loan obligations, and benefits from
negative pledge and change of control, and will be redeemable at
the option of the company. The issuance benefits from strong
recoveries and therefore is given a notching uplift, but is
capped at 'RR3' in line with the treatment of Hungarian issuers
under Fitch's Country-Specific Treatment of Recovery Ratings
Criteria.

FX Risk Improves: Nitrogenmuvek's euro notes provide a better
currency hedge than its previous USD200 million notes, as at FY17
40% of revenues were euro-denominated and 45% of costs were euro-
denominated or euro-linked. We note that the Hungarian florint
remains the main operating cash flow currency and that there
would still be a mismatch between almost all debt being euro-
denominated, but less than half of cash flows being in euros,
leading to convertibility and translation risk. Therefore, a
strong appreciation of the euro against the forint could result
in a deterioration of the group's credit metrics due to the
mismatch between operating cash flows and the euro-denominated
debt.

DERIVATION SUMMARY

Nitrogenmuvek has smaller scale, higher product concentration and
weaker cost position compared with Fitch-rated EMEA nitrogen
fertiliser players PJSC Acron (BB-/Stable) and EuroChem Group AG
(BB/Negative). This is somewhat mitigated by Nitrogenmuvek's
dominant share within its landlocked domestic market of Hungary,
its strong and increasing share of direct sales to farmers as
well as strong liquidity.

Nitrogenmuvek has significant leverage resulting from a multi-
year capex programme, which was finalised in 2017, with
moderately positive free cash flow (FCF) driving it back towards
3x by 2020. No country ceiling, parent/subsidiary, operating
environment aspects or other factors impact the rating.

KEY ASSUMPTIONS

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

  - Fertiliser prices generally following Fitch's global
fertiliser price assumptions with minor increases

  - Fertiliser sales volumes increase to 1,300kt per year
following end of capex programme (1,200kt assumed in 2019 due to
shutdown) with focus on calcium ammonium nitrate

  - Non-fertiliser segment to increase sales in the double digits
but with low single digit margins over the next three years

  - Gas costs move in line with Fitch's European gas price
assumptions

  - Annual capex at around HUF2 billion from 2018 onwards

Assumptions for Recovery Analysis

  - Post-restructuring EBITDA of HUF12.1 billion at FY18 reflects
bottom of the cycle conditions that would provoke a distress as
well as Fitch's expectation of the company's corrective actions

  - 5.0x distressed multiple reflects the typical multiple
applied to small-scale chemical producers

  - 10% administrative claims are deducted from the liquidation
enterprise value

  - EUR200 million notes rank pari passu with all the remaining
senior unsecured debt in the waterfall

  - The uplift on the notes rating is capped at 'RR3' (plus one
notch) in line with the treatment of Hungarian issuers under
Fitch's Country-Specific Treatment of Recovery Ratings Criteria

RATING SENSITIVITIES

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

  - Positive FCF translating into FFO net adjusted leverage
sustained below 2.5x

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

  - Weak operating cash flows, high dividends, high capex or
unexpected maintenance leading to FFO adjusted net leverage
maintained above 4.5x

  - Neutral to negative free cash flow over the forecast period

LIQUIDITY

Comfortable Liquidity: Nitrogenmuvek's end-2017 liquidity was
comfortable with a HUF21 billion cash cushion covering the HUF6
billion short term debt maturities. Given the company's positive
FCF generation from 2018, Fitch does not expect liquidity
pressure. The EUR200 million notes have further pushed out the
bond maturity to 2025.


=============
I R E L A N D
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OZLME IV: Moody's Assigns (P)B2 Rating to Class F Notes
-------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
eight classes of notes to be issued by OZLME IV Designated
Activity Company:

EUR 223,000,000 Class A-1 Senior Secured Floating Rate Notes due
2032, Assigned (P)Aaa (sf)

EUR 25,000,000 Class A-2 Senior Secured Fixed Rate Notes due
2032, Assigned (P)Aaa (sf)

EUR 37,000,000 Class B Senior Secured Floating Rate Notes due
2032, Assigned (P)Aa2 (sf)

EUR 5,250,000 Class C-1 Senior Secured Deferrable Floating Rate
Notes due 2032, Assigned (P)A2 (sf)

EUR 22,750,000 Class C-2 Senior Secured Deferrable Floating Rate
Notes due 2032, Assigned (P)A2 (sf)

EUR 23,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Assigned (P)Baa2 (sf)

EUR 24,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Assigned (P)Ba2 (sf)

EUR 12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Assigned (P)B2 (sf)

RATINGS RATIONALE

Moody's provisional rating of the Notes addresses the expected
loss posed to noteholders. The rating reflects the risks due to
defaults on the underlying portfolio of assets, the transaction's
legal structure, and the characteristics of the underlying
assets.

OZLME IV is a managed cash flow CLO. The issued notes are
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 90% of the portfolio must
consist of senior secured loans, senior secured bonds and
eligible investments, and up to 10% of the portfolio may consist
of second lien loans, unsecured loans, mezzanine obligations and
high yield bonds.

Och-Ziff Europe Loan Management Limited manages the CLO. It
directs the selection, acquisition, and disposition of collateral
on behalf of the Issuer. After the reinvestment period, which
ends in October 2022, the Manager may reinvest unscheduled
principal payments and proceeds from sales of credit risk and
credit improved obligations, subject to certain restrictions.

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR 40.8m of subordinated notes which will not
be rated.

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

Methodology Underlying the Rating Action:

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

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

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

Loss and Cash Flow Analysis:

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2017.

The cash flow model evaluates all default scenarios that are then
weighted considering the probabilities of the binomial
distribution assumed for the portfolio default rate. In each
default scenario, the corresponding loss for each class of notes
is calculated given the incoming cash flows from the assets and
the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. For modeling
purposes, Moody's used the following base-case assumptions:

Performing par and principal proceeds balance: EUR400,000,000

Diversity Score: 40

Weighted Average Rating Factor (WARF): 2800

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 4.25%

Weighted Average Recovery Rate (WARR): 43.5%

Weighted Average Life (WAL): 8.5 years

Stress Scenarios:

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

Here is a summary of the impact of an increase in default
probability (expressed in terms of WARF level) on the Notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds
to higher expected losses), assuming that all other factors are
held equal:

Percentage Change in WARF -- increase of 15% (from 2800 to 3220)

Rating Impact in Rating Notches

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

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

Class B Senior Secured Floating Rate Notes: -2

Class C-1 Senior Secured Deferrable Floating Rate Notes: -2

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

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: 0

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

Rating Impact in Rating Notches

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

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

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

Class C-1 Senior Secured Deferrable Floating Rate Notes: -4

Class C-2 Senior Secured Deferrable Floating Rate Notes: -4

Class D Senior Secured Deferrable Floating Rate Notes: -3

Class E Senior Secured Deferrable Floating Rate Notes: -2

Class F Senior Secured Deferrable Floating Rate Notes: -2


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


DEIULEMAR: Administrators Seize Bank of Valletta Assets
-------------------------------------------------------
David Lindsay at Malta Independent reports that the insolvency
administrators of bankrupt Italian shipping company Deiulemar
have seized EUR392,774,566 in Bank of Valletta negotiable
securities held in Italy, according to an Italian court notice
issued on June 8.

According to Malta Independent, Italian prosecutors have alleged
that Bank of Valletta allowed Deiulemar's owners to set up three
trusts, into which the owners are accused of having funnelled
illicit funds.  BOV also served as a trustee for all three
trusts: Capital Trust, Trust Gaino and Trust Gilda, Malta
Independent notes.

Deiulemar's insolvency administrators, together with
representatives of 13,000 Italian bondholders from Torre del
Greco, had filed the court application against BOV after the
bondholders found they had lost their life savings the shipping
line's owners illicitly transferred assets to trusts in Malta,
Switzerland, Madeira and the British Virgin Islands, Malta
Independent relates.

The BOV-held securities worth an equivalent amount of EUR393
million had been frozen at the time and have now been seized,
Malta Independent discloses.

The multi-million euro sum was held in trust in Bank of Valletta
accounts linked to the owners of Deiulemar, whose 2012 collapse
had led to seven people being jailed for fraudulent bankruptcy,
Malta Independent states.

The Deiulemar shipping company, which was based in the city of
Torre del Greco, Naples, had accumulated some EUR900 million in
debts before its collapse, which was deemed a case of fraudulent
bankruptcy by a court in Rome, according to Malta Independent.

Investigators believe that the owners illicitly transferred
assets to trusts in Malta, Switzerland, Madeira and the British
Virgin Islands to avoid exposure to creditors, Malta Independent
relays.


OFFICINE MACCAFERRI: Fitch Affirms 'B-' LT IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Italy-based building products company
Officine Maccaferri S.p.A.'s (Officine Maccaferri) Long-Term
Issuer Default Rating (IDR) and senior unsecured rating at 'B-'
with a Recovery Rating 'RR4' (50%). The Outlook is Stable.

The ratings reflect volatile cash flow and high funds from
operations (FFO) adjusted gross leverage against improving
operating performance, solid market positions and geographic
diversification. Rating headroom is limited at the current rating
level due to volatile and currently negative free cash flow (FCF)
generation and high FFO leverage. However, there is no immediate
pressure on liquidity due to the absence of short-term debt
maturities.

The senior unsecured bond rating reflects Fitch's recovery
analysis of the company on a going-concern basis, using an
industry-consistent multiple applied to an appropriately stressed
EBITDA level, while taking into account the geographical
diversity of the company's assets. As some of the assets are
domiciled in countries with a 'RR4' cap, Fitch uses a 50%
recovery assumption to arrive at a Recovery Rating of 'RR4',
resulting in the equalisation of the senior unsecured debt rating
with the IDR.

KEY RATING DRIVERS

High Leverage: Financial metrics deteriorated at end-2016 with
funds from operations (FFO) adjusted gross leverage at 9.5x, due
to lacklustre operating performance and significant restructuring
costs. However, in 2017 improving operating performance allowed
the company to deliver FFO adjusted gross leverage of 9.0x, while
total cash flows benefitted from a combination of increased
business activity, improved working capital dynamics and the sale
of the company's headquarters. Fitch forecasts FFO adjusted gross
leverage to remain above 7.0x over 2018 to 2021 (assuming no
acquisitions over this period) and a further increase in the
gross debt quantum - either in the form of bank debt or
additional use of factoring - or deterioration in cash flow
generation will put pressure on the rating.

Trading Improving:  Operating performance is improving, with 2017
sales up 6.7% yoy and reported EBITDA up 10%. Fitch forecasts
continued EBITDA margin improvement in 2018 and revenue growing
organically at around 2%-2.8% over the coming years, benefitting
from improving market conditions.

Volatile Cash-Flow: Despite Officine Maccaferri's geographic
diversification and a solid business profile for the ratings, the
company's profitability and cash flow generation has been
volatile. Political instability and currency devaluation,
particularly in emerging markets where the company operates,
resulted in volatile funds from operations (FFO), which constrain
the ratings. Fitch expects the company's new strategy to
stabilise cash flow generation, leading to sustained marginally
positive FCF over 2018 to 2021.

Intragroup Relationship: Officine Maccaferri is part of a family-
owned conglomerate (SECI Group). As at December 2017, the company
extended a EUR32 million loan to its parent (SECI S.p.A.). Fitch
does not factor any repayment of the intercompany loan over the
rating horizon of 2018-2021, and the loan is not included among
the financial assets in its net leverage calculation. Fitch does
not expect any further lending from Officine Maccaferri to the
parent in its forecasts.

DERIVATION SUMMARY

Officine Maccaferri holds global leading positions in the Dual
Twist mesh products and rockfall protection structures, with
strong geographic diversification for its ratings. Despite its
business profile, the company's small size and high leverage
positions the rating in the 'b' category together with other
niche and specialised players such as L'isolante K-Flex S.p.A.
(B+ / Stable) and Praesidiad Group Limited (B / Stable). Compared
with these companies, the higher leverage, lower margins and
volatile cash flow generation constrain the rating of Officine
Maccaferri to the lower end of the 'b' category.

KEY ASSUMPTIONS

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

  - Organic revenue growth at around 2.5% CAGR for 2018-2021

  - EBITDA margin of around 9% driven by operating efficiencies

  - Capex at 2% of sales on a sustained basis in line with
management guidance

  - Restricted cash required for intra year-working capital
swings at EUR10 million

  - Short-term debt and factoring rolled over the rating horizon

RATING SENSITIVITIES

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

  - FFO adjusted gross leverage below 5.0x on a sustained basis

  - FFO fixed charge cover above 2.5x on a sustained basis
(2017:1.6x)

  - Positive FCF on a sustained basis

  - EBIT margin consistently above 5% (2017: 4.8x)

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

  - Any sign of future FCF remaining negative on a sustained
basis with FFO adjusted gross leverage above 6.5x

  - FFO fixed charge cover below 2.0x on a sustained basis

  - EBIT margin below 4.5%, on a sustained basis

LIQUIDITY

Adequate Liquidity: Despite expected weak FCF generation in the
short- to medium-term and a small committed back-up revolving
credit facility, liquidity is deemed adequate. It benefitted in
2017 from the sale of real estate assets, which was partially
absorbed by higher capex.


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


EA PARTNERS II: Fitch Cuts Senior Secured Notes Rating to C
-----------------------------------------------------------
Fitch Ratings has downgraded EA Partners II B.V.'s (EAP II) notes
senior secured rating to 'C' with a Recovery Rating of 'RR4' from
'CC' with a Recovery Rating of 'RR3', following a criteria
change. Separately, Fitch has assessed the impact of the re-
commencement of remarketing at EAP II as neutral.

KEY RATING DRIVERS

Fitch's Updated Criteria:  Fitch's "Country-Specific Treatment of
Recovery Ratings Criteria" has led to the change in the country
groupings including for Serbia and the Seychelles, which resulted
in the change of the country-specific caps for Recovery Ratings
to 'RR4' from 'RR3'. This affected the Recovery Rating for EAP
II's notes and led to a downgrade of EAP II's senior secured
rating.

Remarketing Event: The remarketing agent announced that it was
unable to arrange the sale of Alitalia's and Air Berlin's debt
obligations until the first deadline stipulated by the bond
prospectus and will recommence the remarketing process.

Fitch does not expect the remarketing to have an adverse effect
on EAP II's senior secured rating because it is derived from the
creditworthiness of the obligor of the weakest credit quality
(Alitalia and Air Berlin in default), and its assessment of the
recovery prospects of the notes, which already incorporates a
downside scenario for the remarketing of defaulted obligors.
While a successful remarketing (eg there are sufficient proceeds
to redeem a portion of the notes at par plus accrued interest)
may have a positive impact on the ratings, Fitch views this as
unlikely.

DERIVATION SUMMARY

The notes' rating reflects Fitch's view of the creditworthiness
of the obligor of the weakest credit quality and the recovery
prospects for the notes. The credit quality of the obligors
varies substantially depending on their business profiles and
financial profiles that it generally sees as weak compared with
peers. Both Alitalia and Air Berlin filed for insolvency
proceedings. Etihad Airways PJSC's 'A' Issuer Default Rating is
three notches below that of the Emirate of Abu Dhabi.

KEY ASSUMPTIONS

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

  - The proceeds from the notes' issue were on-lent to obligors.

  - The notes are secured over assets that represent senior
unsecured claims to respective obligors.

  - The notes do not have a cross-default provision.

  - Unsuccessful remarketing under EAP II.

Key Recovery Rating Assumptions
  - Alitalia's entry into administration, Air Berlin's
insolvency.

  - No committed financial support from Etihad Airways to its
equity airline partners.

  - Continuous performance of performing and financially sound
obligors and recoveries upon default for other obligors and other
features of the transactions.

  - Fitch applied a bespoke recovery analysis for most of the
obligors. The recoveries were driven by the liquidation value for
most of the obligors. Fitch hase assumed a 10% administrative
claim. The advance rates applied for inventory (50%), accounts
receivable (70%-80%) and property, plant and equipment (50%-75%)
are in line with peers and depend on company-specific
characteristics. Capital leases are not in recovery waterfall.

RATING SENSITIVITIES

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

  - A successful remarketing of Alitalia's and Air Berlin's debt
obligations may be positive, although Fitch considers this to be
unlikely

  - If, following an unsuccessful remarketing of Alitalia's and
Air Berlin's debt obligations and a subsequent note event of
default, the noteholders choose to re-balance the structure and
maintain it

  - Sustained improvement of recovery prospects of the obligors,
unless there are limitations due to country-specific treatment of
Recovery Ratings, could be positive for the notes' ratings.

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

  - Unlikely given Fitch's definition of debt instruments ratings
and Recovery Ratings

LIQUIDITY

Liquidity Pool: The EAP II transaction contains a liquidity pool,
its only cross-collateralised feature (excluding the ratchet
account component, which is not cross-collateralised), which is
available to service the interest or principal on the notes, if
an obligor fails to pay interest or principal on their respective
debt obligation when due. Contractually, the liquidity pool does
not have to be replenished if it is used to service the notes.
The utilisation of 100% of the liquidity pool is challenging due
to a 75% threshold that triggers a remarketing of the debt
obligation.

Insufficient Liquidity: The liquidity pool is not sufficient to
cover all the coupon payments of Alitalia and Air Berlin for the
whole duration of the notes under EAP II. Assuming that all other
obligors will remain performing, the amount of the total
liquidity pool only covers Alitalia's and Air Berlin's coupon
payments until December 2018 under EAP II (notes due in June
2021).


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


CB NOVOPOKROVSKIY: Liabilities Exceed Assets, Assessment Shows
--------------------------------------------------------------
The provisional administration to manage the credit institution
CB Novopokrovskiy LLC (hereinafter, the Bank) appointed by Bank
of Russia Order No. OD-3388, dated December 4, 2017, following
the revocation of its banking license, in the course of
examination of the bank's financial standing has revealed actions
performed by its former management and owners bearing the
evidence of assets withdrawal through the assignment of
receivables on loans on a deferred-payment basis.

Alongside information sent earlier, the Bank of Russia submitted
information on financial transactions bearing the evidence of
criminal offence conducted by the former management of CB
Novopokrovskiy LLC to the Prosecutor General's Office of the
Russian Federation, the Ministry of Internal Affairs of the
Russian Federation and the Investigative Committee of the Russian
Federation for consideration and procedural decision-making.

According to the estimate by the provisional administration, the
assets of CB Novopokrovskiy LLC do not exceed RUR4,245 million,
whereas the bank's liabilities to its creditors amount to
RUR7,345 million.

The current development of the bank's status has been detailed in
a press statement released by the Bank of Russia.


===========
S E R B I A
===========


ELEKTROPORCELAN: Bankruptcy Agency Invites Bids for Assets
----------------------------------------------------------
SeeNews reports that Serbia's Bankruptcy Supervision Agency on
June 8 said it is inviting bids for the purchase of assets of
insolvent state-controlled producer of insulator materials
Elektroporcelan.

According to SeeNews, the Bankruptcy Supervision Agency said in a
notice the estimated value of the assets of Elektroporcelan for
sale stands at RSD567 million (US$5.7 million/EUR4.8 million).

The deadline for the submission of bids is July 9, SeeNews
discloses.

A deposit of RSD200 million is required to participate in the
tender, SeeNews states.

Elektroporcelan was declared insolvent in November 2016, SeeNews
recounts.  Since then, the Bankruptcy Supervision Agency has
attempted twice to sell the company's assets but its offers drew
no bids, SeeNews notes.



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


FONCAIXA PYMES 6: Moody's Raises Rating on Class B Notes to B2
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of one
tranche, confirmed the ratings of four tranches and affirmed the
ratings of three tranches in four Spanish ABS-SME deals.

Issuer: FONCAIXA PYMES 6, FT

EUR918.4M (Current outstanding amount of EUR333.1M) Class A
Notes, Affirmed Aa1 (sf); previously on Apr 24, 2018 Upgraded to
Aa1 (sf)

EUR201.6M Class B Notes, Upgraded to B2 (sf); previously on Apr
24, 2018 B3 (sf) Placed Under Review for Possible Upgrade

Issuer: FONCAIXA PYMES 7, FT

EUR2150.5M (Current outstanding amount of EUR479.1M) Class A
Notes, Affirmed Aa1 (sf); previously on Apr 24, 2018 Upgraded to
Aa1 (sf)

EUR379.5M Class B Notes, Confirmed at B2 (sf); previously on Apr
24, 2018 B2 (sf) Placed Under Review for Possible Upgrade

Issuer: CAIXABANK PYMES 8, FONDO DE TITULIZACION

EUR1957.5M (Current outstanding amount of EUR1261.4M) Class A
Notes, Affirmed Aa1 (sf); previously on Apr 24, 2018 Upgraded to
Aa1 (sf)

EUR292.5M Class B Notes, Confirmed at Caa1 (sf); previously on
Apr 24, 2018 Caa1 (sf) Placed Under Review for Possible Upgrade

Issuer: CAIXABANK PYMES 9, FONDO DE TITULIZACION

EUR1628M (Current outstanding amount of EUR1509.4M) Series A
Notes, Confirmed at A1 (sf); previously on Apr 24, 2018 A1 (sf)
Placed Under Review for Possible Upgrade

EUR222M Series B Notes, Confirmed at Caa3 (sf); previously on Apr
24, 2018 Caa3 (sf) Placed Under Review for Possible Upgrade

The four transactions are ABS backed by small to medium-sized
enterprise (ABS SME) loans located in Spain. Foncaixa PYMES 6,
FT, Foncaixa PYMES 7, FT, CaixaBank PYMES 8, Fondo de
Titulizacion and CaixaBank PYMES 9, Fondo de Titulizacion were
originated by CaixaBank, S.A. (Baa1/P-2).

RATINGS RATIONALE

Moody's rating action concludes the review of Notes placed on
review for upgrade on April 24, 2018.

These Notes were placed on review following the upgrade of the
Government of Spain's sovereign rating to Baa1 from Baa2 and the
raising of the country ceiling of Spain to Aa1 from Aa2.

The rating actions are also prompted by the upgrade of CaixaBank,
S.A.'s Long Term deposit rating to Baa1 from Baa2. The LT
Counterparty Risk Assessment was affirmed at Baa1(cr).

In addition, credit enhancement (CE) levels for Class B Notes in
Foncaixa PYMES 6, FT have increased to 8.38% from 6.24% over the
past 12 months. In Foncaixa PYMES 7, FT the Class B CE level
increased to 9.07% from 7.21% in the same period. CaixaBank PYMES
8, Fondo de Titulizacion CE level for Class B Notes increased to
5.94% from 4.50% over the past 12 months. For Series A and B
Notes in CaixaBank PYMES 9, Fondo de Titulizacion the CE levels
have increased to 17.68% and 4.86% from 16.55% and 4.55%
respectively in the same period.

Counterparty Exposure

Moody's rating actions have taken into consideration the Notes'
exposure to relevant counterparties, such as servicer, account
banks or swap providers.

Moody's considered how the liquidity available in the
transactions and other mitigants support continuity of Notes
payments, in case of servicer default, using the CR Assessment as
a reference point for servicers.

Moody's also matches banks' exposure in structured finance
transactions to the CR Assessment for commingling risk, with a
recovery rate assumption of 45%.

Moody's also assessed the default probability of the account bank
providers by referencing the bank's deposit rating.

The principal methodology used in these ratings was "Moody's
Global Approach to Rating SME Balance Sheet Securitizations"
published in August 2017.

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) deleveraging of the capital
structure and (3) improvements in the credit quality of the
transaction counterparties and (4) a decrease in sovereign risk.

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


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


EKSPO FAKTORING: Moody's Puts B2 CFR on Review for Downgrade
------------------------------------------------------------
Moody's Investors Service has downgraded and placed on review for
further downgrade the ratings of 17 banks and placed on review
for downgrade the ratings of two finance companies. The
downgrades reflect Moody's view that the operating environment in
Turkey has deteriorated, with negative implications for the
institutions' funding profiles.

The reviews will focus on the likelihood of (1) further
deterioration of the operating environment and its impact on the
banks' standalone credit strength, (2) changes in affiliate
support for foreign-owned banks, and (3) weakening of government
capacity to support, following Moody's review for downgrade of
Turkey's Ba2 government bond rating.

The full list of the affected ratings can be found at the end of
this press release.

RATINGS RATIONALE

  -- RATINGS DOWNGRADES

WEAKER OPERATING ENVIRONMENT

Moody's said that the operating environment in Turkey,
particularly in terms of market funding, has deteriorated since
its last rating action on Turkish banks in March 2018.

These adverse developments are evidenced by the recent erosion in
investor confidence, primarily reflecting mounting uncertainty
regarding the future direction of macroeconomic policy. The cost
of banks' foreign currency funding has widened significantly this
year, following an increase of the benchmark 10-year government
bond yield of roughly 300bps between January 2018 and late May
(of which almost 200 bps since March). In addition, the Turkish
lira has depreciated by around 24% against the US dollar in the
same period this year (almost 20% since March). Furthermore, the
roll-over ratio for banks' long-term external funding declined in
March, compared to the whole of the first quarter of 2018.
Constrained funding conditions are a key challenge for Turkish
banks, given their high reliance on US dollar short term market
funding, which stood at USD75 billion, or about half of their
foreign currency market funding at March 2018.

Moody's has captured this deterioration in market funding by
lowering the Macro Profile it assigns to Turkish banks to Weak,
from Weak +, through a one-notch negative qualitative adjustment
for Funding Conditions.

Details of these rating downgrades, and other associated rating
actions, are further down in this Press Release.

  -- REVIEWS FOR DOWNGRADE

The reviews for downgrade will focus on the following three
drivers.

1) POTENTIAL FURTHER DETERIORATION OF THE OPERATING ENVIRONMENT

In addition to the deterioration in funding conditions captured
by the lower Macro Profile, the sharp deterioration of the
Turkish lira against the US dollar is expected to lead to (i) an
increase in problem loans coming from the significant number of
Turkish companies that have borrowed in US dollars and are not
hedged, and (ii) reduced capital ratios, as lira depreciation
increases assets and risk-weighted assets.

Additionally, on May 30, 2018, Moody's revised its forecasts for
GDP growth to 2.5% in 2018 and 2% in 2019, against a credit-
fuelled 7.4% in 2017; the rating agency has also increased its
expectation for inflation to 16% (against 12.2% in May 2018),
which will pressure these financial institutions' financial
performance.

Overall, Moody's placed on review for downgrade the BCAs and
adjusted BCAs for 17 banks, long-term local and foreign currency
deposit ratings for 15 banks, senior unsecured debt and issuer
ratings, where applicable, for ten banks, subordinated debt
ratings for nine banks, long-term CR Assessments for 17 banks,
long-term national scale ratings for seven banks, short-term
national scale deposit rating for six banks, and corporate family
ratings, issuer ratings and issuer national scale ratings for two
finance companies.

The situation in Turkey remains subject to change and Moody's
said that during the review period it will assess the severity of
the deterioration in the operating environment, the extent to
which this may deteriorate further, the impact this may have on
the Turkish banks' creditworthiness and the Turkish government's
policy responses to these challenges.

2) EVOLUTION OF AFFILIATE SUPPORT

Where foreign-owned Turkish bank ratings currently benefit from
an uplift from affiliate support, Moody's will assess the extent
to which the deterioration of operating conditions in Turkey may
lead to a parent having a lower incentive to provide support to
subsidiaries in the country, which would result in a reduction in
uplift for the banks' deposit and debt ratings from affiliate
support.

There are eight potentially affected banks: Alternatifbank A.S.,
Denizbank A.S., HSBC Bank A.S. (Turkey), ING Bank A.S. (Turkey),
QNB Finansbank AS, Turk Ekonomi Bankasi A.S., Turkiye Garanti
Bankasi A.S., and Yapi ve Kredi Bankasi A.S.

3) WEAKENING OF GOVERNMENT CAPACITY TO SUPPORT

Moody's continues to incorporate one or two notches of government
support into the ratings of seven government-owned and
systemically important banks. These banks are: Akbank TAS, Export
Credit Bank of Turkey A.S., T.C. Ziraat Bankasi, Turkiye Halk
Bankasi A.S., Turkiye Is Bankasi A.S., Turkiye Sinai Kalkinma
Bankasi A.S., and Turkiye Vakiflar Bankasi TAO. The long-term
deposits, where applicable, and debt ratings of these banks have
been placed on review for downgrade, in line with the review for
downgrade of the Ba2 sovereign rating. This reflects the
potential weakening of the Turkish government's capacity to
provide support to the country's banks in case of need, as
evidenced by the review for downgrade currently in place on
Turkey's Ba2 government bond rating.

The rating agency also notes that the sovereign rating action
takes into account the government's limited foreign currency
resources, with the Central Bank's net foreign currency reserves
of USD26 billion. This could result in the country's authorities
becoming more selective in providing support to the banking
system in a stress scenario.

REVIEW FOR DOWNGRADE

All long-term ratings and assessments, including national scale
ratings (NSRs), are on review for downgrade. The short-term
national scale deposit ratings of Alternatifbank A.S., HSBC Bank
A.S. (Turkey), ING Bank A.S. (Turkey), Odea Bank A.S., Turkyie
Garanti Bankasi A.S., and Yapi ve Kredi Bankasi A.S., are also on
review for downgrade.

  -- FACTORS THAT COULD LEAD TO AN UPGRADE/DOWNGRADE

Moody's considers that there is limited upward pressure on the
affected ratings at present, as indicated by the reviews for
downgrade. However, the confirmation of the Turkish government
bond rating at Ba2, improving operating conditions and unchanged
affiliate support assumptions could lead Moody's to confirm the
affected bank and finance company ratings at current levels.

Conversely, Moody's could downgrade the ratings following a
downgrade of Turkey's sovereign ratings and foreign currency
deposit ceiling, lower affiliate support assumptions and/or a
further deterioration of the affected financial institutions'
standalone credit strength, driven by a continuation of the
adverse trends in the operating environment or specific instances
of worsening asset quality, losses, or reduced capitalisation and
liquidity. These conditions could be reflected in a further
lowering of the Weak Macro Profile Moody's assigns to Turkey.

DETAILS OF RATING DOWNGRADES AND ASSOCIATED RATING ACTIONS

The lower Macro Profile resulted in the following actions for the
17 rated Turkish banks:

  - Standalone baseline credit assessment (BCA) and adjusted BCA:

one-notch downgrade for the BCA and adjusted BCA of all 17 rated
Turkish banks.

  - Long-term local currency deposit rating:

11 downgraded by one notch and placed on review for further
downgrade, and four placed on review for downgrade (two issuers,
Export Credit Bank of Turkey A.S., and Turkiye Sinai Kalkinma
Bankasi A.S., do not have deposit ratings but issuer ratings, see
below). The downgrades reflect the downgrade of the banks'
adjusted BCAs, while the four being placed on review for
downgrade (Alternatifbank A.S., ING Bank A.S. (Turkey), QNB
Finansbank AS, Turk Ekonomi Bankasi A.S.) reflect the uplift from
affiliate support; these banks' adjusted BCAs are all ba2
(previously ba1), in line with Turkey's sovereign debt rating;
prior to this action, their long-term local currency deposit
ratings were constrained at Ba2, the same level of the sovereign
debt rating.

  - Foreign-currency deposit rating:

Four downgraded by one notch and placed on review for further
downgrade (HSBC Bank A.S. (Turkey), Odea Bank A.S., Sekerbank
T.A.S., Turkiye Halk Bankasi A.S.), and 11 being placed on review
for downgrade. The downgrades reflect the downgrade of the
adjusted BCAs, while for those only being placed on review for
downgrade this reflects the fact that the foreign currency
deposit ratings were already constrained at Ba3 by the relevant
foreign currency deposit ceiling.

  - Long-term senior unsecured debt and/or issuer ratings:

Nine downgraded by one notch and placed on review for further
downgrade (Akbank TAS, Export Credit Bank of Turkey A.S., T.C.
Ziraat Bankasi, Yapi ve Kredi Bankasi A.S., Turkiye Garanti
Bankasi A.S., Turkiye Halk Bankasi A.S., Turkiye Is Bankasi A.S.,
Turkiye Sinai Kalkinma Bankasi A.S., Turkiye Vakiflar Bankasi
TAO), and one placed on review for downgrade (QNB Finansbank AS);
the other seven Turkish banks affected by this action do not have
rated senior unsecured debt. The downgrades reflect the downgrade
of the adjusted BCAs, while the placing on review for downgrade
of QNB Finansbank AS's senior unsecured rating reflects the
relative position against foreign currency debt ceiling. For QNB
Finansbank AS, the adjusted BCA is ba2 (previously ba1), in line
with the sovereign debt rating; prior to this action, Moody's
constrained QNB Finansbank AS's debt ratings at Ba2, the same
level as the sovereign.

  - Subordinated debt:

Nine downgraded by one notch and placed on review for further
downgrade, in line with the downgrade of the adjusted BCAs. The
subordinated debt is affected for the following nine banks:
Akbank TAS, Alternatifbank A.S., Odea Bank A.S., Turkiye Garanti
Bankasi A.S., Turkiye Halk Bankasi A.S., Turkiye Is Bankasi A.S.,
Turkiye Sinai Kalkinma Bankasi A.S., Turkiye Vakiflar Bankasi
TAO, Yapi ve Kredi Bankasi A.S. The other eight Turkish banks do
not have rated subordinated debt.

  - Long-term Counterparty Risk Assessment (CR Assessment):

Eight downgraded by one notch and placed on review for further
downgrade. Other nine were instead placed on review for
downgrade, currently at Ba1(cr) or Ba2(cr). The downgrades
reflect the downgrade of the adjusted BCAs; for those placed on
review, the action reflects the relative position relative to
sovereign ceilings. Out of these nine banks where the long-term
CR Assessment was only put on review for downgrade, for four
banks (Alternatifbank A.S., ING Bank A.S. (Turkey), QNB
Finansbank AS, Turk Ekonomi Bankasi A.S.), the adjusted BCAs were
downgraded to ba2 from ba1, however the long-term CR Assessments
were placed on review for downgrade, currently at Ba1(cr), as the
long-term CR Assessment for Turkish banks are constrained at
Ba1(cr), one level above the Ba2 sovereign debt rating. For five
banks (Akbank TAS, Export Credit Bank of Turkey A.S., T.C. Ziraat
Bankasi, Turkiye Is Bankasi A.S., Turkiye Sinai Kalkinma Bankasi
A.S.), the adjusted BCA was downgraded to b1 from ba3 and placed
on review for further downgrade, however the long-term CR
Assessments remain at Ba2(cr) and were placed on review for
downgrade; Moody's standard notching continues to provide one
notch of uplift for the CR Assessment, and government support now
results in a further uplift of one notch to a long-term CR
Assessment of Ba2(cr).

  - All short-term ratings and CR Assessments were affirmed at
Not Prime (NP) and NP(cr) respectively.

  - National Scale Ratings (NSR):

The action reflects the action of the deposit rating and Moody's
National Scale Rating Maps by country. Overall, the long-term
national scale deposit ratings of five out of seven Turkish banks
with NSRs were downgraded and placed on review for further
downgrade: for HSBC Bank A.S. (Turkey), Odea Bank A.S., Turkiye
Garanti Bankasi A.S., and Yapi ve Kredi Bankasi A.S. by three
notches; for Sekerbank T.A.S. by two notches; Moody's placed on
review for downgrade the long-term national scale ratings of
Alternatifbank A.S. and ING Bank A.S. (Turkey), in line with the
review for downgrade of the bank's deposit ratings. The short-
term deposit national scale rating of four banks were put on
review for downgrade (Alternatifbank A.S., Turkiye Garanti
Bankasi A.S., ING Bank A.S. (Turkey), Yapi ve Kredi Bankasi
A.S.), the short-term deposit national scale rating of two banks
were downgraded and put on review for downgrade (HSBC Bank A.S.
(Turkey), Odea Bank A.S .), and the short-term deposit national
scale rating of one bank was downgraded (Sekerbank T.A.S.).

The ratings of the two finance companies Ekspo Faktoring A.S.
(corporate family rating and issuer rating B2, national scale
issuer rating Ba1.tr) and Optima Faktoring A.S. (corporate family
rating B3, issuer rating Caa2, national scale issuer rating
B3.tr) were not downgraded because their ratings remain resilient
at their current levels to the weaker operating environment.
These issuers' ratings were placed on review for downgrade.

LIST OF AFFECTED RATINGS

Issuer: Ekspo Faktoring A.S.

- Placed on Review for Downgrade:

- Long-term Corporate Family Ratings, currently B2, outlook
changed to Rating under Review from Stable

- Long-term Issuer Ratings, currently B2, outlook changed to
Rating under Review from Stable

- NSR Long-term Issuer Rating, currently Ba1.tr

- Outlook Action:

- Outlook changed to Rating under Review from Stable

Issuer: Optima Faktoring A.S.

- Placed on Review for Downgrade:

- Long-term Corporate Family Rating, currently B3, outlook
changed to Rating under Review from Stable

- Long-term Issuer Ratings, currently Caa2, outlook changed
to Rating under Review from Stable

- NSR Long-term Issuer Rating, currently B3.tr

- Outlook Action:

- Outlook changed to Rating under Review from Stable

Issuer: ING Bank A.S. (Turkey)

- Downgraded and placed under Review for further Downgrade:

- Baseline Credit Assessment, downgraded to b2 from b1

- Adjusted Baseline Credit Assessment, downgraded to ba2 from
ba1

- Placed on Review Downgrade:

- Long-term Bank Deposits (Foreign Currency), currently Ba3,
outlook changed to Rating under Review from Stable

- Long-term Bank Deposits (Local Currency), currently Ba2,
outlook changed to Rating under Review from Stable

- NSR Long-term Bank Deposits, currently Aa1.tr

- NSR Short-term Bank Deposits, currently TR-1

- Long-term Counterparty Risk Assessment, currently Ba1(cr)

- Affirmations:

- Short-term Bank Deposits, affirmed NP

- Short-term Counterparty Risk Assessment , Affirmed NP(cr)

- Outlook Action:

- Outlook changed to Rating under Review from Stable

Issuer: QNB Finansbank AS

- Downgraded and placed under Review for further Downgrade:

- Baseline Credit Assessment, downgraded to b1 from ba3

- Adjusted Baseline Credit Assessment, downgraded to ba2 from
ba1

- Placed on Review Downgrade:

- Long-term Bank Deposits (Foreign Currency), currently Ba3,
outlook changed to Rating under Review from Stable

- Long-term Bank Deposits (Local Currency), currently Ba2,
outlook changed to Rating under Review from Stable

- Long-term Counterparty Risk Assessment, currently Ba1(cr)

- Senior Unsecured Regular Bond/Debenture, currently Ba2,
outlook changed to Rating under Review from Stable

- Senior Unsecured Medium-Term Note Program, currently (P)Ba2

- Affirmations:

- Short-term Bank Deposits, affirmed NP

- Short-term Counterparty Risk Assessment, affirmed NP(cr)

- Other Short Term, affirmed (P)NP

- Outlook Action:

- Outlook changed to Rating under Review from Stable

Issuer: T.C. Ziraat Bankasi

- Downgraded and placed under Review for further Downgrade:

- Long-term Bank Deposits (Local Currency), downgraded to Ba3
Rating under Review from Ba2 Stable

- Baseline Credit Assessment, downgraded to b1 from ba3

- Adjusted Baseline Credit Assessment, downgraded to b1 from
ba3

- Senior Unsecured Regular Bond/Debenture, downgraded to Ba3
Rating under Review from Ba2 Stable

- Senior Unsecured Medium-Term Note Program, downgraded to
(P)Ba3 from (P)Ba2

- Placed on Review Downgrade:

- Long-term Bank Deposits (Foreign Currency), currently Ba3,
outlook changed to Rating under Review from Stable

- Long-term Counterparty Risk Assessment, currently Ba2(cr)

- Affirmations:

- Short-term Bank Deposits, affirmed NP

- Short-term Counterparty Risk Assessment, affirmed NP(cr)

- Other Short Term, affirmed (P)NP

- Outlook Action:

- Outlook changed to Rating under Review from Stable

Issuer: Turkiye Garanti Bankasi A.S.

- Downgraded and placed under Review for further Downgrade:

- Long-term Bank Deposits (Local Currency), downgraded to Ba3
Rating under Review from Ba2 Stable

- NSR Long-term Bank Deposits, downgraded to A1.tr from
Aa1.tr

- Long-term Counterparty Risk Assessment, downgraded to
Ba2(cr) from Ba1(cr)

- Baseline Credit Assessment, downgraded to b1 from ba3

- Adjusted Baseline Credit Assessment, downgraded to ba3 from
ba2

- Senior Unsecured Regular Bond/Debenture, downgraded to Ba3
Rating under Review from Ba2 Stable

- Senior Unsecured Medium-Term Note Program, downgraded to
(P)Ba3 from (P)Ba2

- Subordinate Regular Bond/Debenture, downgraded to B2(hyb)
from B1(hyb)

- Placed on Review Downgrade:

- Long-term Bank Deposits (Foreign Currency), currently Ba3,
outlook changed to Rating under Review from Stable

- NSR Short-term Bank Deposits, currently TR-1

- Affirmations:

- Short-term Bank Deposits, affirmed NP

- Short-term Counterparty Risk Assessment, affirmed NP(cr)

- Other Short Term, affirmed (P)NP

- Outlook Action:

- Outlook changed to Rating under Review from Stable

Issuer: Turkiye Halk Bankasi A.S.

- Downgraded and placed under Review for further Downgrade:

- Long-term Bank Deposits (Local and Foreign Currency),
downgraded to B1 Rating under Review from Ba3 Negative

- Long-term Counterparty Risk Assessment, downgraded to
Ba3(cr) from Ba2(cr)

- Baseline Credit Assessment, downgraded to b3 from b2

- Adjusted Baseline Credit Assessment, downgraded to b3 from
b2

- Senior Unsecured Regular Bond/Debenture, downgraded to B1
Rating under Review from Ba3 Negative

- Subordinate Regular Bond/Debenture, downgraded to
(P)Caa2(hyb) from (P)Caa1(hyb)

- Affirmations:

- Short-term Bank Deposits, affirmed NP

- Short-term Counterparty Risk Assessment, affirmed NP(cr)

- Outlook Action:

- Outlook changed to Rating under Review from Negative

Issuer: Turkiye Is Bankasi A.S.

- Downgraded and placed under Review for further Downgrade:

- Long-term Bank Deposits (Local Currency), downgraded to Ba3
Rating under Review from Ba2 Negative

- Baseline Credit Assessment, downgraded to b1 from ba3

-Adjusted Baseline Credit Assessment, downgraded to b1 from ba3

-Senior Unsecured Regular Bond/Debenture, downgraded to Ba3
Rating under Review from Ba2 Negative

-Senior Unsecured Medium-Term Note Program, downgraded to (P)Ba3
from (P)Ba2

-Subordinate Regular Bond/Debenture, downgraded to B2 from B1

-Subordinate Regular Bond/Debenture, downgraded to B3(hyb) from
B2(hyb)

- Placed on Review Downgrade:

- Long-term Bank Deposits (Foreign Currency), currently Ba3,
outlook changed to Rating under Review from Negative

- Long-term Counterparty Risk Assessment, currently Ba2(cr)

- Affirmations:

- Short-term Bank Deposits, affirmed NP

- Short-term Counterparty Risk Assessment, affirmed NP(cr)

- Other Short Term, affirmed (P)NP

- Outlook Action:

- Outlook changed to Rating under Review from Negative

Issuer: Akbank TAS

- Downgraded and placed under Review for further Downgrade:

- Long-term Bank Deposits (Local Currency), Downgraded to Ba3
Rating under Review from Ba2 Stable

- Baseline Credit Assessment, downgraded to b1 from ba3

- Adjusted Baseline Credit Assessment, downgraded to b1 from
ba3

- Senior Unsecured Regular Bond/Debenture, downgraded to Ba3
Rating under Review from Ba2 Stable

- Senior Unsecured Medium-Term Note Program, downgraded to
(P)Ba3 from (P)Ba2

- Subordinate Regular Bond/Debenture, downgraded to B3(hyb)
from B2(hyb)

- Placed on Review Downgrade:

- Long-term Bank Deposits (Foreign Currency), currently Ba3,
outlook changed to Rating under Review from Stable

- Long-term Counterparty Risk Assessment, currently Ba2(cr)

- Affirmations:

- Short-term Bank Deposits, affirmed NP

- Short-term Counterparty Risk Assessment, affirmed NP(cr)

- Other Short Term, affirmed (P)NP

- Outlook Action:

- Outlook changed to Rating under Review from Stable

- Issuer: Alternatifbank A.S.

- Downgraded and placed under Review for further Downgrade:

- Adjusted Baseline Credit Assessment, downgraded to ba2 from
ba1

- Baseline Credit Assessment, downgraded to b2 from b1

- Subordinate Regular Bond/Debenture, downgraded to B1(hyb)
from Ba3(hyb)

- Placed on Review Downgrade:

- Long-term Bank Deposits (Foreign Currency), currently Ba3,
outlook changed to Rating under Review from Stable

- Long-term Bank Deposits (Local Currency), currently Ba2,
outlook changed to Rating under Review from Stable

- NSR Long-term Bank Deposits, currently Aa1.tr

- NSR Short-term Bank Deposits, currently TR-1

- Long-term Counterparty Risk Assessment, currently Ba1(cr)

- Affirmations:

- Short-term Bank Deposits, affirmed NP

- Short-term Counterparty Risk Assessment, affirmed NP(cr)

- Outlook Action:

- Outlook changed to Rating under Review from Stable

Issuer: Denizbank A.S.

- Downgraded and placed under Review for further Downgrade:

- Long-term Bank Deposits (Local Currency), downgraded to Ba3
Rating under Review from Ba2 Negative

- Long-term Counterparty Risk Assessment, downgraded to
Ba2(cr) from Ba1(cr)

- Baseline Credit Assessment, downgraded to b1 from ba3

- Adjusted Baseline Credit Assessment, downgraded to ba3 from
ba2

- On Review for Possible Downgrade:

- Long-term Bank Deposits (Foreign Currency), currently Ba3,
outlook changed to Rating under Review from Negative

- Affirmations:

- Short-term Bank Deposits, affirmed NP

- Short-term Counterparty Risk Assessment, affirmed NP(cr)

- Outlook Action:

- Outlook changed to Rating under Review from Negative

Issuer: Export Credit Bank of Turkey A.S.

- Downgraded and placed under Review for further Downgrade:

- Long-term Issuer Rating, downgraded to Ba3 Rating under
Review from Ba2 Stable

- Baseline Credit Assessment, downgraded to b1 from ba3

- Adjusted Baseline Credit Assessment, downgraded to b1 from
ba3

- Senior Unsecured Regular Bond/Debenture, downgraded to Ba3
Rating under Review from Ba2 Stable

- Senior Unsecured Medium-Term Note Program, downgraded to
(P)Ba3 from (P)Ba2

On Review for Possible Downgrade:

- Long-term Counterparty Risk Assessment, currently Ba2(cr)

Affirmations:

- Short-term Issuer Ratings, affirmed NP

- Short-term Counterparty Risk Assessment, affirmed NP(cr)

- Other Short Term, affirmed (P)NP

- Outlook Action:

- Outlook changed to Rating under Review from Stable

Issuer: HSBC Bank A.S. (Turkey)

- Downgraded and placed under Review for further Downgrade:

- Long-term Bank Deposits (Local and Foreign Currency),
downgraded to B1 Rating under Review from Ba3 Negative

- NSR Long-term Bank Deposit, downgraded to Baa2.tr from
A2.tr

- NSR Short-term Bank Deposits, downgraded to TR-2 from TR-1

- Long-term Counterparty Risk Assessment, downgraded to
Ba3(cr) from Ba2(cr)

- Baseline Credit Assessment, downgraded to b3 from b2

- Adjusted Baseline Credit Assessment, downgraded to b1 from
ba3

- Affirmations:

- Short-term Bank Deposits, affirmed NP

- Short-term Counterparty Risk Assessment, affirmed NP(cr)

- Outlook Action:

- Outlook changed to Rating under Review from Negative

Issuer: Odea Bank A.S.

- Downgraded and placed under Review for further Downgrade:

- Long-term Bank Deposits (Local and Foreign Currency),
downgraded to B1 Rating under Review from Ba3 Stable

- NSR Long-term Bank Deposits, downgraded to Baa1.tr from
A1.tr

- NSR Short-term Bank Deposits, downgraded to TR-2 from TR-1

- Long-term Counterparty Risk Assessment, downgraded to
Ba3(cr) from Ba2(cr)

- Baseline Credit Assessment, downgraded to b1 from ba3

- Adjusted Baseline Credit Assessment, downgraded to b1 from
ba3

- Subordinate Regular Bond/Debenture, downgraded to B3(hyb)
from B2(hyb)

- Affirmations:

- Short-term Bank Deposits, affirmed NP

- Short-term Counterparty Risk Assessment, affirmed NP(cr)

- Outlook Action:

- Outlook changed to Rating under Review from Stable

Issuer: Sekerbank T.A.S.

- Downgraded and placed under Review for further Downgrade:

- Long-term Bank Deposits (Local and Foreign Currency),
downgraded to B3 Rating under Review from B2 Stable

- NSR Long-term Bank Deposits, downgraded to Ba2.tr from
Baa3.tr

- Long-term Counterparty Risk Assessment, downgraded to
B2(cr) from B1(cr)

- Baseline Credit Assessment, downgraded to b3 from b2

- Adjusted Baseline Credit Assessment, downgraded to b3 from
b2

- Downgraded:

- NSR Short-term Bank Deposits, downgraded to TR-4 from TR-3

- Affirmations:

- Short-term Bank Deposits, affirmed NP

- Short-term Counterparty Risk Assessment, affirmed NP(cr)

- Outlook Action:

- Outlook changed to Rating under Review from Stable

Issuer: Turk Ekonomi Bankasi A.S.

- Downgraded and placed under Review for further Downgrade:

- Baseline Credit Assessment, downgraded to b1 from ba3

- Adjusted Baseline Credit Assessment, downgraded to ba2 from
ba1

- Placed on Review Downgrade:

- Long-term Bank Deposits (Foreign Currency), currently Ba3,
outlook changed to Rating under Review from Stable

- Long-term Bank Deposits (Local Currency), currently Ba2,
outlook changed to Rating under Review from Stable

- Long-term Counterparty Risk Assessment, currently Ba1(cr)

- Affirmations:

- Short-term Bank Deposits, affirmed NP

- Short-term Counterparty Risk Assessment, affirmed NP(cr)

- Outlook Action:

- Outlook changed to Rating under Review from Stable

Issuer: Turkiye Sinai Kalkinma Bankasi A.S.

- Downgraded and placed under Review for further Downgrade:

- Long-term Issuer Ratings, downgraded to Ba3 Rating under
Review from Ba2 Stable

- Baseline Credit Assessment, downgraded to b1 from ba3

- Adjusted Baseline Credit Assessment, downgraded to b1 from
ba3

- Senior Unsecured Regular Bond/Debenture, downgraded to Ba3
Rating under Review from Ba2 Stable

- Senior Unsecured Medium-Term Note Program, downgraded to
(P)Ba3 from (P)Ba2

- Subordinate Regular Bond/Debenture, downgraded to B3(hyb)
from B2(hyb)

- On Review for Possible Downgrade:

- Long-term Counterparty Risk Assessment, currently Ba2(cr)

- Affirmations:

- Short-term Issuer Ratings, affirmed NP

- Short-term Counterparty Risk Assessment, affirmed NP(cr)

- Other Short Term, affirmed (P)NP

- Outlook Action:

- Outlook changed to Rating under Review from Stable

Issuer: Turkiye Vakiflar Bankasi TAO

- Downgraded and placed under Review for further Downgrade:

- Adjusted Baseline Credit Assessment, downgraded to b2 from
b1

- Baseline Credit Assessment, downgraded to b2 from b1

- Long-term Counterparty Risk Assessment, downgraded to
Ba3(cr) from Ba2(cr)

- Subordinate Regular Bond/Debenture, downgraded to B3 from
B2

- Subordinate Regular Bond/Debenture, downgraded to Caa1(hyb)
from B3(hyb)

- Senior Unsecured Medium-Term Note Program, downgraded to
(P)Ba3 from (P)Ba2

- Senior Unsecured Regular Bond/Debenture, downgraded to Ba3
Rating under Review from Ba2 Stable

- Long-term Bank Deposits (Local Currency), downgraded to Ba3
Rating under Review from Ba2 Stable

- Placed on Review Downgrade:

- Long-term Bank Deposits (Foreign Currency), currently Ba3,
outlook changed to Rating under Review from Stable

- Affirmations:

- Short-term Counterparty Risk Assessment, affirmed NP(cr)

- Short-term Bank Deposits, affirmed NP

- Other Short Term, affirmed (P)NP

- Outlook Action:

- Outlook changed to Rating under Review from Stable

Issuer: Yapi ve Kredi Bankasi A.S.

- Downgraded and placed under Review for further Downgrade:

- Long-term Bank Deposits (Local Currency), downgraded to Ba3
Rating under Review from Ba2 Negative

- NSR Long-term Bank Deposits, downgraded to A2.tr from
Aa2.tr

- Long-term Counterparty Risk Assessment, downgraded to
Ba2(cr) from Ba1(cr)

- Baseline Credit Assessment, downgraded to b1 from ba3

- Adjusted Baseline Credit Assessment, downgraded to ba3 from
ba2

- Senior Unsecured Regular Bond/Debenture, downgraded to Ba3
Rating under Review from Ba2 Negative

- Senior Unsecured Medium-Term Note Program, downgraded to
(P)Ba3 from (P)Ba2

- Subordinate Regular Bond/Debenture, downgraded to B1 from
Ba3

- Subordinate Regular Bond/Debenture, downgraded to B2(hyb)
from B1(hyb)

- Placed on Review Downgrade:

- Long-term Bank Deposits (Foreign Currency), currently Ba3,
outlook changed to Rating under Review from Negative

- NSR Short-term Bank Deposits, currently TR-1

- Affirmations:

- Short-term Bank Deposits, affirmed NP

- Short-term Counterparty Risk Assessment, affirmed NP(cr)

- Other Short Term, affirmed (P)NP

- Outlook Action:

- Outlook changed to Rating under Review from Negative

The principal methodology used in rating Akbank TAS,
Alternatifbank A.S., Denizbank A.S., Export Credit Bank of Turkey
A.S., HSBC Bank A.S. (Turkey), ING Bank A.S. (Turkey), Odea Bank
A.S., QNB Finansbank AS, Sekerbank T.A.S., T.C. Ziraat Bankasi,
Turk Ekonomi Bankasi A.S., Turkiye Garanti Bankasi A.S., Turkiye
Halk Bankasi A.S., Turkiye Is Bankasi A.S., Turkiye Sinai
Kalkinma Bankasi A.S., Turkiye Vakiflar Bankasi TAO and Yapi ve
Kredi Bankasi A.S. was Banks published in June 2018. The
principal methodology used in rating Ekspo Faktoring A.S. and
Optima Faktoring A.S. was Finance Companies published in December
2016.


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


ASTON VILLA: Reaches Agreement with HMRC Over Tax Bill
------------------------------------------------------
Shrivathsa Sridhar at Reuters reports that Championship club
Aston Villa on June 7 said it has reached an agreement with
British tax authorities (HM Revenue & Customs) over a tax bill
and are currently not working with administration advisors or
insolvency practitioners.

According to Reuters, the BBC reported that Villa owe GBP4
million (US$5.36 million) and have already paid HMRC GBP500,000
on June 6.  They will pay another GBP1.2 million this week,
Reuters discloses.

Villa suspended chief executive Keith Wyness with immediate
effect on June 5, with British media reports saying that the
missed tax payment was the reason, Reuters relates.


DEVELOPMENTS ONE: Residential Project Put on Hold After Collapse
----------------------------------------------------------------
Rachel Constantine at Business-Sale reports that a residential
building development in the heart of Birmingham has been put on
hold as it seeks a new buyer, following the collapse of the two
companies working on the scheme.

The residential development has mothballed due to its contractor,
Developments One (Birmingham) Ltd, entering administration as a
result of its main developer going into insolvency, Business-Sale
relates.  Despite construction commencing upon the appointment of
a second contractor, it could not prevent Development One from
violating its financial agreements, Business-Sale states.

Simon and Daniel Plant from The SFP Group have been appointed by
the secured creditors UE Finco Ltd on May 21, 2018, Business-Sale
discloses.

SFP has since advised that the construction of the residential
units be put on hold until a new buyer and administrator has been
secured, Business-Sale relays.  According to Business-Sale, the
group has also instructed the structural engineers, insurers and
independent property advisers to assess the work completed thus
far, and to review the completion date and strategies for the
future.


GAMES CENTRE: Increased Online Competition Prompts Liquidation
--------------------------------------------------------------
Philip Gates at insider.co.uk reports that Games Centre Limited
video games retailer has been placed into the hands of
provisional liquidators resulting in the loss of 39 jobs.

The award-winning firm has its head office in Kilmarnock and
eight branches throughout Scotland, insider.co.uk discloses.

It traded as a partnership since 1996 and as a limited company
from 2003 selling pre-owned and new video games and consoles from
its outlets in Kilmarnock, Hamilton, Paisley, Irvine, Ayr,
Dumfries, Airdrie and Clydebank, insider.co.uk notes.

However, Games Centre suffered from a fall in high street
footfall and increased online competition as well as the shift to
digital games streaming which crippled its profits and cash-flow,
according to insider.co.uk.

Begbies Traynor's Kenny Craig -- kenny.craig@begbies-traynor.com
-- and Ken Pattullo -- ken.pattullo@begbies-traynor.com -- have
been appointed to oversee the liquidation of the company which
has immediately ceased trading, insider.co.uk relates.


SHOP DIRECT: Moody's Alters Outlook to Neg., Affirms B2 CFR
-----------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on the B2 corporate family rating (CFR) and B1-PD
probability of default rating (PDR) of Shop Direct Limited (Shop
Direct or the company), as well as the B2 rating on the GBP550
million 2022 senior secured notes issued by the company's
subsidiary, Shop Direct Funding plc. Moody's has affirmed all the
ratings.

"Today's change in outlook reflects our view that Shop Direct's
credit metrics could for a sustained period remain outside of the
range we consider appropriate for the B2 rating", says David
Beadle, a Moody's Vice President -- Senior Credit Officer and
lead analyst for Shop Direct. "However, notwithstanding elevated
leverage and weaker than expected net cash flow, we continue to
view the company's liquidity profile as adequate", he added.

RATINGS RATIONALE

Shop Direct's profitability since the refinancing last autumn has
been lower than Moody's initially expected. Meanwhile, the level
of cash leaving the restricted group to the shareholders has been
higher than the rating agency expected. While Moody's believes
Shop Direct's medium term growth prospects remain positive, the
rating agency considers that profit growth in the next 12-18
months will be lower than previously anticipated. Furthermore,
higher PPI claims will constrain net cash flow.

The company's revenues for the nine months to March 31, 2018 (Q3
fiscal 2018) have grown by 1.6%, with Very's 10.6% growth largely
offset by a 15.0% revenue decline in Littlewoods. Gross margins
have been negatively impacted by a change in product mix, with an
increased contribution from the lower margin electricals
division. As such, despite cost control initiatives the reported
EBITDA margin has fallen to 11.1% from 11.5% and reported EBITDA
in the period is GBP3 million lower year-on-year at GBP167
million.

Moody's notes positively that the credit quality of the company's
debtor book has remained stable and that the related
securitisation facility was extended and upsized in December 2017
as expected. Furthermore, the rating agency considers the company
may yet record relatively strong results in the final quarter of
the fiscal year to June 30, 2018 (fiscal 2018), albeit with low
probability of reported EBITDA materially exceeding fiscal 2017's
GBP236 million. Moody's also anticipates seasonality will lead to
a somewhat lower level of borrowing under the securitisation
facility by the fiscal year end. On this basis Moody's-adjusted
gross leverage will be around 8.5x, compared to more than 9x as
at March 31.

The rating agency's base case for fiscal 2019 factors in modest
growth in Shop Direct's profitability such that leverage will
remain above 8.0x. However, Moody's cautions that there are a
number of variables in this calculation, including for example,
the level of funds flowing to or from the shareholders. In this
regard Moody's notes that in the 9 months to March 31 a total of
GBP123 million has been lent to the company's parent, outside of
the restricted group. The company describes this as in accordance
with the shareholder's central treasury management policy and
states that the payments have been made in full compliance with
the terms of the company's bond documentation. However, Moody's
notes in particular that the GBP75 million upstreamed since the
refinancing coincided with the company drawing its GBP100 million
super senior revolver in full.

The announcement with publication of the Q3 results of a further
GBP100 million provision in respect of PPI claims will lead to a
further constraint on net cash flow in the next 12-18 months,
alongside the lower than originally expected growth in
profitability. Nevertheless, Moody's continues to believe Shop
Direct's liquidity profile remains adequate. This assessment
includes assumptions that (1) the increase in the PPI provision
will prove adequate to cover claims; and (2) the shareholder
support referenced in the statement published on May 25, 2018
would be forthcoming if necessary.

The B2 CFR continues to reflect Shop Direct's (1) long track
record of offering credit to customers to drive purchasing
decisions and loyalty; (2) successful transition to pure-play e-
tailer, benefitting from the ongoing shift of retail spend
online; and (3) diverse product range and wide supplier base
which limit exposure to fashion risk.

Less positively, the CFR also takes account of the company's (1)
leveraged capital structure and low net cash flow generation; (2)
exposure to a single country and focus on a specific subset of
consumers; (3) reliance on ongoing access to securitisation
facilities (albeit the long track record and stability of loan
book quality is notable); (4) the slowdown in revenue growth,
softer profit margins, and increased PPI payment needs; and (5)
more aggressive financial policies than initially expected.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects Moody's view that the company's
credit metrics are now weak for the B2 rating category and are
likely to remain so during the next 12-18 months. More
positively, the outlook also reflects Moody's expectation that
Shop Direct will continue to grow profitability and that the
company's liquidity profile will remain adequate.

WHAT COULD CHANGE THE RATING UP/DOWN

Positive rating pressure is not expected in the short to medium
term. However, the rating outlook could be stabilised in the
event that financial performance improves materially such that
Moody's-adjusted gross leverage is sustainably below 8.0x, and
the company can sustain a positive free cash flow profile. Any
positive rating action would also depend on the shareholders
demonstrating a commitment to more conservative financial
policies.

Downward pressure on the ratings could arise in the event the
company fails to return to a deleveraging trend and/or trajectory
of profitability growth of more than 5% per annum during fiscal
2019. A deterioration in liquidity due to, for example, higher
than now anticipated PPI claims or continued aggressive financial
policies could also lead to a downgrade.

COMPANY PROFILE

Shop Direct has a history dating back over 120 years and
historically operated both physical stores and home shopping, via
mail order catalogues printed and distributed twice a year. Today
the company is a pure-play digital retailer, with an integrated
retail and financial services model delivered via two core
brands, Very and Littlewoods. In the fiscal year ended June 30,
2017 the company reported sales of GBP1.9 billion and EBITDA of
GBP236 million. The business has been owned by the family trusts
of entrepreneurs Sir David and Sir Frederick Barclay since 2002.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail
Industry published in May 2018.


SHOP DIRECT: Fitch Corrects June 5 Ratings Release
--------------------------------------------------
Fitch Ratings replaced a ratings release published on June 5,
2018 which relates to omitted comment within the linked Ratings
Information Disclosure Form. The content of the Rating Action
Commentary is unchanged from the prior release.

The revised release is as follows:

Fitch Ratings has downgraded Shop Direct Limited's (SDL) Long-
Term Issuer Default Rating (IDR) to 'B' from 'B+'. The Outlook is
Negative. Fitch has also downgraded Shop Direct Funding plc's
senior secured notes' rating to 'B' from 'B+' with a Recovery
Rating of 'RR4' (38%).

The downgrade reflects the higher credit risk profile arising
from unexpected additional PPI provisioning, which could lead to
higher cash payments if materialised over the next 18 months.
This comes at a time of high shareholder distributions as
revealed in incremental cash outflows to outside the restricted
group in year-to-date March 2018 (9 months), albeit permitted by
the terms of the bond documentation.

Fitch still views SDL's business model as fundamentally solid,
benefiting from a competitive advantage with its target
customers. Fitch does not rule out other shareholder
distributions with debt and, together with limited visibility
over future PPI provisioning and claims, this creates uncertainty
over the group's intention to reduce debt and leverage over time
to levels compatible with a 'B' IDR, hence the Negative Outlook.
If this persists in a challenging UK consumer environment during
the Brexit process, eroding the group's liquidity headroom, this
could lead to further negative rating action. Since the
shareholders have stated their commitment to provide support
should it be needed, a permanent cash injection into the
restricted group supporting the liquidity or satisfying the PPI
claims, along with the commitment to reduce debt over the medium
term could result in a revision of the Outlook to Stable.

KEY RATING DRIVERS

Higher PPI Claims: SDL reported an increase in provisions of
GBP100 million in 9M FY18 to cover customer redress claims
related to historical insurance sales (PPI) in addition to over
GBP88 million provisioned for in FY17. While there is a deadline
of August 2019 for claimants, Fitch currently has limited
visibility as to whether there may be further provisioning. Fitch
views PPI-related payments, if they materialise, as exceptional
cash outflows in its forecasts spreading through to potentially
December 2019. This could place permanent pressure on the group's
liquidity cushion at a time when the GBP100 million super-senior
RCF is fully drawn (as of end-March 2018) even if Fitch
acknowledges there is some seasonality in sales and working
capital which may unwind in Q4.

Negative Free Cash Flow Forecast: Fitch understands from
management that it intends to leave the income contributions from
consumer finance to fund marketing expenses in retail unchanged.
Therefore Fitch only factors mild profit margin attrition over
time with funds from operations (FFO) margin falling to 7% in
FY19 from 8.7% in FY17. However, weaker profits and higher
interest costs due to higher debt levels, and payments related to
PPI, will lead to negative free cash flow (FCF) (-2% of revenues
in FY18) before any progressive improvement can be seen. In the
absence of cash preservation measures a more permanent negative
FCF margin profile could diminish available liquidity and
increase refinancing risks, leading to further negative rating
action.

Rising Leverage: As a result of increased PPI claims, larger-
than-expected dividends and cash outflows to shareholders outside
the restricted group, Fitch has revised higher its forecast of
FFO adjusted gross leverage (incorporating a proxy of retail-only
cash flows and Fitch-adjusted debt). Fitch projects leverage
could permanently grow to above 6.0x (FY17: 5.7x) over FY18-FY21
against its previous projections of leverage trending down
towards 5.0x by FY21. However, this could be mitigated by
shareholder support in the form of cash contributions, enabling
leverage to remain below 6.0x, which is aligned with a 'B' rating
profile and sustainable for SDL, given its robust commercial
business.

Cash Transfers Outside Restricted Group: SDL has increased its
amount of "other receivables" with SDHL, its immediate topco
outside the restricted group, by GBP123 million in 9M FY18 to
GBP576 million outstanding. Fitch views such intercompany loans
through which SDL provides funds to SDHL on an on-demand and
interest-free basis as consistent with a dividend payment. The
bond indenture allows for such payments because of loose
covenants in the form of net debt/EBITDA (as defined in the
indenture) below 2.75x, and in EBITDA definition (which allows
for the inclusion of unrealised cost savings for example).

A permanent injection of cash from SDHL central treasury allowing
SDL to satisfy PPI claim payments smoothly, and support for the
business in a more challenging UK consumer environment during
Brexit would be deemed credit-positive and could lead to the
Rating Outlook being revised to Stable.

Weak Governance and Aggressive Financial Policy: SDL's governance
structures are weaker than those of its listed peers with
ownership concentration and some lack of transparency or
independent oversight considering intra-group related-party
transactions. While management and the group's owners could
remain opportunistic about further shareholder distributions in
the future, Fitch expects these will be subject to future
financial performance. However, the group needs to demonstrate a
more complete alignment of shareholder interests with creditor
interests over time.

Captive Client Base, Online Retail: SDL provides consumer
financing as a complementary core offering to its online general
merchandise retail operations. Its profitable consumer finance
operations (from loans given to the group's own retail customers)
should continue to allow spending on operating, IT and marketing
costs to support retail sales volume growth. Fitch continues to
view this feature as supportive of the group's solid business
model but it exposes SDL to non-bank financial institution-type
risks, such as receivable asset quality through the economic
cycle, and funding/liquidity.

In addition, based on a preliminary review of the FCA proposals
to protect consumers from high-cost credit, Fitch does not expect
SDL to be materially hit by the regulation changes to be
implemented in early 2019, given SDL's discipline in granting
credit applications based on affordability.

DERIVATION SUMMARY

With over 50% of the group's consolidated total assets related to
trade receivables - relative to 4% equivalent figure for Marks
and Spencer Group plc (M&S, BBB-/Stable) or 6% for New Look
Retail Group Ltd (CC) - SDL's asset base is inherently different
to other traditional retailers'. Financial services (FS) income
is driven by the retail customer base with over 95% of retail
purchases by customers using their credit account.

With the key focus on online retail operations and client base,
the cost base is also different to traditional retailers' without
any meaningful fixed assets or operating leases. This is
reflected in stronger EBITDAR-based profit margin conversion into
FCF pre-financing costs. SDL's dedicated online retail activities
are enabled by consumer finance operations via intra-group loans.
This is an unusual business arrangement but helps to support
SDL's commercial operations. Fitch therefore acknowledges SDL's
product and service offering to clients is compelling relative to
key competitor Amazon, Inc. (A+/Stable) or pure online start-ups
such as Boohoo or ASOS.

SDL also benefits from an efficient distribution infrastructure
with the lowest picking costs and established online platform
without duplication of costs/capex compared with M&S, New Look or
other brick-and-mortar retailers with an expanding online
presence.

Adjusted for FS activities, SDL's FFO adjusted leverage forecast
(reflective of its proxy for retail-only activities) above 6.0x
for the next two-to-three years is lower than the median of
Fitch's low 'B' category credit opinions in the retail sector.

KEY ASSUMPTIONS

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

  - Annual retail revenue growth averaging 3.2% by FY20,
reflecting ongoing growth at Very.co.uk compensated by a decline
in Littlewoods;

  - Retail-only EBITDA margin reaching 11.5% in FY18, before
gradually falling, reflecting a weaker gross margin as SDL seeks
to attract customers in a more subdued macroeconomic environment;

  - Capex/revenue ratio of around 4%;

  - Pension contribution of GBP15 million p.a. from 2019 to 2021
recorded as other items before FFO;

  - Non-operating/non-recurring cash outflows mainly related to
fulfilment centres, debt refinancing and payments for PPI claims;
and

  - GBP123 million shareholder distributions related to dividend
payments and cash payments to central treasury at SDHL (for FY18
only).

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that SDL would be considered a
going concern in bankruptcy and that the group would be
reorganised rather than liquidated. Fitch has assumed a 10%
administrative claim.

Going-Concern Approach

Fitch follows a going-concern approach for its recovery analysis
as it expects a better valuation in distress than liquidating the
assets (and extinguishing the securitisation debt) after
satisfying trade payables. Fitch's analysis focuses on a
surviving online retailer with consumer finance structured
differently (joint venture or owned by a third-party bank), and
it is therefore viewed as a corporate.

Fitch uses its proxy retail-only EBITDA of GBP80.8 million, which
excludes marketing contribution from SDFC. Fitch applies an 8%
discount to EBITDA, which results in stabilised post-
restructuring EBITDA of GBP74 million. Fitch also takes out the
GBP1.3 billion non-recourse securitisation financing outside the
group under SDFC, as it assumes that consumer finance can be
arranged or structured by a third-party bank or in a joint
venture after restructuring.

Fitch uses a 5.0x distressed enterprise value/EBITDA multiple,
reflecting a growing online retail and technology platform and
competitive position enabled by consumer finance, which mitigates
the lack of tangible asset support. Retail peers such as M&S
conduct consumer finance activities in a JV where financing is
provided by an external party bank. Therefore in a distressed
scenario a relatively undamaged asset-light online retail brand
with (instead of core) consumer financing could realise 5.0x
post-restructuring EBITDA, in Fitch's view.

For the debt waterfall, Fitch assumes a fully drawn super senior
revolving credit facility of GBP100 million and GBP4.3 million of
debt located in non-guarantor entities. This debt ranks ahead of
the bonds. After satisfaction of these claims in full, any value
remaining would be available for noteholders (GBP550 million) and
a GBP50 million pari passu revolving credit facility issued by
Shop Direct Funding plc. This translates into an instrument
rating for the bonds of 'B'/'RR4'/38%.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action (Stable Outlook)

  - Visibility on PPI claims resolution leading to enhanced cash
flow generation

  - The rebuilding of a comfortable liquidity position thanks to
cash flow generation and/or shareholder contributions

  - Ability and commitment to bring retail-only FFO adjusted
(gross) leverage below 6x, for example, driven by steady
profitability and more creditor friendly financial policies

  - Steady business growth (at least mildly positive sales
growth) and profitability reflected in FFO margin staying above
7%

  - Neutral to positive FCF (post exceptionals) along with FFO
fixed charge cover above 3.0x

  - Maintenance of adequate asset quality not affecting FS
profitability and cash flows, and ultimately continuing to
support SDL's retail activities

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

  - Inability or lack of commitment to keep retail-only FFO
adjusted (gross) leverage below 7x prompted by additional
dividend payments, or further material PPI claims not yet
provisioned for, which are not offset by material improvements in
profitability

  - Liquidity position remaining tight due to negative cash flow
and/or insufficient shareholder support-Weak business growth
(neutral to mildly positive sales growth) and profitability under
more challenging market conditions in the UK reflected in FFO
margin below 5%

  - Consistently negative FCF (post exceptionals) over the rating
horizon along with FFO fixed charge cover below 2.5x

  - Weaker asset quality: deterioration in SDL's asset quality
negatively affecting FS profitability and cash flows, and
ultimately its ability to support retail activities through FS
profitability would be rating negative

LIQUIDITY

Weakening Liquidity: By end-3Q FY18, SDL had a cash balance of
GBP12 million with an available GBP50 million pari-passu RCF. Its
other GBP100 million super senior RCF has been fully drawn and
Fitch sees little appetite to repay this debt before maturity
even though it expects 4Q will see some unwinding of working
capital requirements. Considering the increased provision on PPI
claims and high shareholder remuneration (despite SDL's
communicated intention to support the business), Fitch views the
liquidity profile as weakening at SDL (restricted group) level.


WILLIAM HILL: S&P Affirms 'BB+' Long-Term ICR, Outlook Negative
---------------------------------------------------------------
S&P Global Ratings said that it affirmed its 'BB+' long-term
issuer credit rating on U.K.-based betting operator William Hill
PLC and removed the rating from CreditWatch with negative
implications where it was placed on Nov. 3, 2017. The outlook is
negative.

S&P said, "At the same time, we affirmed our 'BB+' issue ratings
on the GBP375 million unsecured notes due 2020 and GBP350 million
senior unsecured notes maturing in 2023. The recovery rating is
unchanged at '3', which indicates our expectation for meaningful
recovery (50%-70%; rounded estimate: 65%) of principal in the
event of a payment default."

The negative outlook follows the U.K. government's announcement
on May 17, 2018 to reduce the maximum stake on fixed-odds betting
terminals (FOBTs, or B2 machines) to GBP2 from GBP100. S&P
considers that this decision will hit William Hill's retail
operations, putting significant pressure on the overall business'
operating performance. To date, the majority of EBITDA is derived
from the retail operations, with the machines being one of the
main sources of income. Furthermore, the U.K. Gambling Commission
has decided to mitigate the detrimental effect that the stake
reduction could have on taxes coming from the industry, through
an increase in remote gaming duty (RGD). This tax, which is paid
by online gaming operators, could further hurt William Hill, this
time on its online operations.

The U.K.-retail-based gaming industry has been under considerable
pressure in the past year-and-a-half. On Oct. 24, 2016, the
government launched a review of gaming machines and social
responsibility measures (the triennial review). The aim was to
find the right balance between sector growth and to ensure the
companies are socially responsible and doing all they should to
protect consumers. On Oct. 31, 2017, the U.K. government
published its proposal for reducing maximum stakes for B2 gaming
machines. The possible options suggested by the government
included reducing maximum stakes to either GBP50, GBP30, GBP20,
or GBP2, from the previous GBP100 limit. Finally, on May 17,
2018, the U.K. government announced its decision to reduce the
maximum stakes on fixed-odds betting terminals to GBP2.

S&P said, "Since the government's final decision has been
postponed, we now expect the new legislation will only start to
take place in 2020. Therefore, the majority of the impact on
earnings will materialize in that year. We expect William Hill
will start to prepare for the new legislation by closing
unprofitable shops with leases maturing during 2019. We therefore
anticipate that activity will start to decline in 2019. That
said, we acknowledge that timing uncertainties remain high and
final dates for implementation are yet to be determined.

In 2017, William Hill derived about 55% of total gaming net
revenues from its retail operations, with B2 machines generating
approximately half of retail revenues. In addition, the vast
majority of machine players were playing over GBP2 a spin.
Therefore, the effect that the reduction in stakes will have on
their playing habits remains unknown. Only time will tell if
those players will spend their money on different products within
the shops, or if the retail operators will lose those clients.
Therefore, William Hill is significantly exposed to the outcome
of the triennial review and the reduction in stakes, with many
uncertainties regarding substitution and overall impact.

S&P said, "In this context, we have revised downward our forecast
for William Hill in light of the expected strain on the company's
financial metrics. We now forecast William Hill's revenues and
EBITDA to remain broadly flat in 2019 compared to 2018, but to
drop significantly in 2020.

"Having said that, we note that in anticipation of the potential
negative repercussions of the triennial review, William Hill
started building some headroom to absorb the potential shocks. It
did this by increasing its cash balances through several
disposals, thereby decreasing its net leverage to a low level,
which provides the company with some cushion. Furthermore, we
consider that William Hill's mitigating measures -- such as cost
savings stemming from shop closures, or revenue substitution from
customers turning to other gaming products -- could partly
undermine the regulatory impact.

"In our view, the company still maintains a strong gaming brand
in the U.K. market and has limited historical cyclicality. We
also take into account its expertise and technology in sports
betting, modern gaming machine portfolio, and sizable online
business. These strengths -- coupled with the industry's cash-
generative nature -- are likely, in our opinion, to continue to
support robust profitability over the medium term, after
overcoming the initial shock. Although William Hill currently
only operates in a selection of U.S. states where sports betting
is legal, the potential opening up of the entire market would
create significant opportunities in the medium term, which could
also support an uptick in earnings once regulatory changes in
this market materialize.

"William Hill's financial risk profile reflects the company's
moderate S&P Global Ratings-adjusted leverage, currently at about
2.0x-2.2x, which we expect could increase to 2.5x-3.0x or higher
once the new regulation is fully implemented. It also reflects
the strong and steady free operating cash flow (FOCF) generation,
and the strong FOCF to debt, currently more than 30% but expected
to decrease to 20%-25% by 2020."

In S&P's base case, it assumes:

Revenues to drop by 2.5% in 2018, largely explained by William
Hill's discontinuation of its Australian operations, followed by
a further 1% drop in 2019 and a 7.5% decrease in 2020 primarily
stemming from the impact of the U.K. government's decision to cut
the maximum stakes on FOBTs to GBP2. This follows a decline of
approximately 25% in machine activity, partly mitigated by an
increase in online activity and the U.S. operations.

Adjusted EBITDA margin to remain between 18%-19% in 2018 and
2019, but to drop in 2020 to close to 16% as a result of the
expected drop in EBITDA following the implementation of the FOBT
stake reduction.

Capital expenditure (capex) of about GBP100 million per year.
Shareholder returns of about GBP110 million per year in 2018-
2019, reducing in 2020, per management guidance to the market.

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

-- Adjusted debt to EBITDA of about 2.2x in 2018 increasing to
    2.7x by 2020.

-- Funds from operations (FFO) to debt of 35% in 2018,
    decreasing to about 25% by 2020.

-- FOCF to debt of 32% in 2018, decreasing to 22% by 2020.

S&P said, "The negative outlook reflects our view that William
Hill's operating performance will come under pressure in the next
18-24 months following the U.K. government's decision to reduce
the maximum stake on FOBTs to GBP2 from GBP100. The outlook also
reflects the U.K. Gambling Commission proposal to increase the
RGD paid by online gaming operators, which in our view would hit
William Hill's online business. Those changes could create a
significant decline in earnings and EBITDA, and would likely
cause an increase in leverage in 2020.

"We could lower the rating if William Hill's leverage increased
above 3x and FOCF to debt decreased below 20% in the next 18-24
months. This could be the case if the impact of the U.K.
government's decision to reduce the maximum stake on FOBTs to
GBP2 will have a material effect on the company's retail
operations, leading to a significant drop in gaming revenues and
EBITDA. A high increase in remote gaming duty could put further
pressure on earnings and the rating. We could also take a
negative rating action if William Hill decided to undertake an
unexpected material debt-financed acquisition (most probably in
the U.S. market) that would push leverage over our 3x threshold
for the current rating.

"We could revise the outlook to stable if William Hill were
capable of absorbing the blow from the latest regulatory changes
by maintaining its leverage below 3x. This could occur if the
company successfully offset the loss in revenues on its B2
machines by growing in other business lines such as online or in
its U.S operations, or if customer loyalty led to a lower-than-
expected negative impact on the company's operations through
substitution with other gaming products."


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


* BOND PRICING: For the Week June 4 to June 8, 2018
---------------------------------------------------

Issuer                         Coupon   Maturity  Currency  Price
------                         ------   --------  --------  -----
Astaldi SpA                      7.13   12/1/2020   EUR    72.68
FF Group Finance Luxembourg S    1.75    7/3/2019   EUR    41.39
Mitsubishi UFJ Investor Servi    4.18  12/15/2050   EUR    60.04
FF Group Finance Luxembourg I    3.25   11/2/2021   CHF    39.98
Aryzta AG                        5.31               CHF    64.33
Andrade Gutierrez Internation    4.00   4/30/2018   USD    71.45
Steinhoff Europe AG              1.88   1/24/2025   EUR    67.31
Astaldi SpA                      4.88   6/21/2024   EUR    56.73
Holdikks SAS                     6.75   7/15/2021   EUR    49.08
Aryzta AG                        3.50               CHF    53.42
Steinhoff Finance Holding Gmb    1.25  10/21/2023   EUR    46.10
O1 Properties Finance PLC        8.25   9/27/2021   USD    66.63
HSBC Bank PLC                    2.13               USD    74.55
VIEO BV                          6.75    9/7/2022   EUR    67.00
QGOG Constellation SA            6.25   11/9/2019   USD    15.35
Galapagos Holding SA             7.00   6/15/2022   EUR    67.95
Ensco PLC                        5.75   10/1/2044   USD    71.17
Casino Guichard Perrachon SA     1.94               EUR    63.78
Teva Pharmaceutical Finance N    4.10   10/1/2046   USD    72.93
HSBC Bank PLC                    2.75               USD    74.33
Agrokor dd                       9.88    5/1/2019   EUR    27.79
Intelsat Luxembourg SA           8.13    6/1/2023   USD    75.74
Ageasfinlux SA                   1.02               EUR    66.23
Vallourec SA                     4.13   10/4/2022   EUR     7.40
BNP Paribas SA                   2.53               USD    71.17
HSBC Bank PLC                    1.98               USD    74.69
Offshore Drilling Holding SA     8.38   9/20/2020   USD    50.81
Oi Brasil Holdings Cooperatie    5.75   2/10/2022   USD     7.05
New Look Secured Issuer PLC      6.50    7/1/2022   GBP    43.40
Turkey Government Bond           7.10    3/8/2023   TRY    73.60
BIM SAS                          2.50  11/13/2020   EUR    23.48
America Movil BV                 5.50   9/17/2018   EUR    71.48
House of Fraser Funding PLC      6.35   9/15/2020   GBP    73.25
Rothschilds Continuation Fina    2.75               USD    69.45
EA Partners I BV                 6.88   9/28/2020   USD    72.53
Portugal Telecom Internationa    5.00   11/4/2019   EUR     5.76
Transcapitalbank JSC Via Tran   10.00   9/18/2020   USD    55.00
Portugal Telecom Internationa    4.63    5/8/2020   EUR     7.20
Bank Otkritie Financial Corp    10.00   4/26/2019   USD    17.33
Bourbon Corp                     6.45               EUR     1.00
EA Partners II BV                6.75    6/1/2021   USD    70.11
Yuksel Insaat AS                 9.50  11/10/2015   USD    19.36
DNB Bank ASA                     2.56               USD    71.38
Nexans SA                        2.50    1/1/2019   EUR    74.03
Econocom Group SA/NV             0.50    3/6/2023   EUR     8.13
OAS Investments GmbH             8.25  10/19/2019   USD     5.10
Societe Generale SA              2.55               USD    88.00
DNB Bank ASA                     2.38               USD    71.38
Air Berlin PLC                   8.25   4/19/2018   EUR     0.46
Immigon Portfolioabbau AG       10.00               EUR    16.46
Rickmers Holding AG              8.88   6/11/2018   EUR     2.22
Pacific Drilling SA              5.38    6/1/2020   USD    42.00
Mitsubishi UFJ Investor Servi    3.92  12/30/2099   EUR     5.25
Air Berlin PLC                   6.75    5/9/2019   EUR     0.86
Neopost SA                       3.38               EUR    56.63
Agrokor dd                       9.13    2/1/2020   EUR    27.90
ADLER Real Estate AG             2.50   7/19/2021   EUR    15.95
Portugal Telecom Internationa    4.38   3/24/2017   EUR     5.04
Nexity SA                        0.13    1/1/2023   EUR    65.38
Avangardco Investments Public   10.00  10/29/2018   USD    19.71
Banco Espirito Santo SA          2.63    5/8/2017   EUR    28.59
Agrokor dd                       8.88    2/1/2020   USD    27.54
Portugal Telecom Internationa    4.50   6/16/2025   EUR     6.79
Promsvyazbank OJSC Via PSB Fi   10.20   11/6/2019   USD    15.13
Grupo Isolux Corsan SA           3.00  12/30/2021   EUR     0.39
New Look Senior Issuer PLC       8.00    7/1/2023   GBP    20.00
Genfit                           3.50  10/16/2022   EUR    31.21
Banco Espirito Santo SA          4.75   1/15/2018   EUR    27.69
Portugal Telecom Internationa    5.88   4/17/2018   EUR     4.67
Korian SA                        2.50               EUR    41.71
Maisons du Monde SA              0.13   12/6/2023   EUR    48.84
Nexity SA                        0.25    3/2/2025   EUR    65.76
DNB Bank ASA                     2.38               USD    71.38
New Look Secured Issuer PLC      4.50    7/1/2022   EUR    43.08
Scholz Holding Gmbh              8.50  12/31/2019   EUR     0.75
EOS Imaging SA                   6.00   5/31/2023   EUR
Mriya Agro Holding PLC           9.45   4/19/2018   USD     7.90
Virgolino de Oliveira Finance   10.50   1/28/2018   USD     5.44
Grupo Isolux Corsan SA           0.25  12/30/2021   EUR     0.16
3W Power SA                     10.00   8/29/2019   EUR     1.48
UkrLandFarming PLC              10.88   3/26/2018   USD    20.00
Privatbank CJSC Via UK SPV Cr   10.25   1/23/2018   USD    20.45
OSX 3 Leasing BV                13.00   3/20/2015   USD    25.01
New World Resources NV           8.00    4/7/2020   EUR     1.36
Fred Olsen Energy ASA            4.03   2/28/2019   NOK    60.62
Alitalia-Societa' Aerea Itali    5.25   7/30/2020   EUR     3.08
Portugal Telecom Internationa    6.25   7/26/2016   EUR     4.98
OGX Austria GmbH                 8.50    6/1/2018   USD     0.00
Banco Espirito Santo SA          4.00   1/21/2019   EUR    28.55
WPE International Cooperatief   10.38   9/30/2020   USD    17.75
Alno AG                          8.50   5/14/2018   EUR     2.91
Lambay Capital Securities PLC    6.25               GBP     1.41
Bilt Paper BV                    9.64               USD    22.23
Koninklijke Luchtvaart Maatsc    0.75               CHF    36.75
Afren PLC                        6.63   12/9/2020   USD     0.06
Orient Express Bank PJSC Via    10.00               USD    56.00
Oi Brasil Holdings Cooperatie    5.63   6/22/2021   EUR     7.20
Privatbank CJSC Via UK SPV Cr   11.00    2/9/2021   USD     8.34
Cattles Ltd                      7.13    7/5/2017   GBP     0.25
Air Berlin PLC                   5.63    5/9/2019   CHF     0.93
Turkey Government Internation    7.10    3/8/2023   TRY    73.11
Manchester Building Society      6.75               GBP    16.59
Banco Espirito Santo SA          7.13  11/28/2023   EUR     0.25
Elli Investments Ltd            12.25   6/15/2020   GBP    50.00
Societa' Per LA Gestione DI A    9.50   12/1/2025   EUR     0.17
SeniVita Sozial gemeinnuetzig    7.00               EUR    66.30
KTG Agrar SE                     7.13    6/6/2017   EUR     3.83
Dexia Credit Local SA            1.40               EUR     6.19
Norske Skog Holding AS           8.00   2/24/2021   EUR     1.20
Waste Italia SpA                10.50  11/15/2019   EUR     2.17
Lloyds Bank PLC                  0.76  12/27/2028   USD    63.67
Allied Irish Banks PLC          12.50   6/25/2035   GBP    73.03
O1 Group Finance                 9.75   4/22/2027   RUB     5.56
Johnston Press Bond Plc          8.63    6/1/2019   GBP    70.86
Santhera Pharmaceuticals Hold    5.00   2/17/2022   CHF    73.12
Norske Skogindustrier ASA        7.00  12/30/2026   EUR     0.98
Deutsche Bank AG/London          0.28  10/31/2034   USD    61.75
Lehman Brothers UK Capital Fu    5.13               EUR     9.23
Cirio Holding Luxembourg SA      6.25   2/16/2004   EUR     0.54
Credit Suisse AG                        7/31/2030   USD    65.25
Tatfondbank OAO Via TFB Finan    8.50  11/12/2019   USD     7.35
Astaldi SpA                      7.13   12/1/2020   EUR    71.16
Natwest Markets PLC              0.07  11/16/2030   USD    58.43
Virgolino de Oliveira Finance   11.75    2/9/2022   USD     5.26
Frey                             6.00  11/15/2022   EUR    22.90
Hellenic Republic Government     2.09   7/25/2057   EUR    39.88
Aralco Finance SA               10.13    5/7/2020   USD     2.98
Azubu Investments SA             5.00   8/25/2018   EUR    10.00
FIGEAC-AERO                      1.13  10/18/2022   EUR    24.87
German Pellets GmbH              7.25    7/9/2018   EUR     1.47
Capital Raising GmbH             7.50               EUR    54.14
CBo Territoria                   6.00    1/1/2020   EUR
Afren PLC                       10.25    4/8/2019   USD     0.07
Pescanova SA                     5.13   4/20/2017   EUR     1.28
BOA OCV AS                       9.75  12/31/2020   NOK    58.00
BBVA International Preferred     1.67               GBP    52.20
Bank Nederlandse Gemeenten NV    0.50    6/7/2022   ZAR    71.00
BLT Finance BV                   7.50   5/15/2014   USD     0.17
Privatbank CJSC Via UK SPV Cr   10.88   2/28/2018   USD    29.01
Stichting Afwikkeling Onderha   11.25               EUR     1.08
EFG International AG             1.26               EUR    57.54
New World Resources NV           4.00   10/7/2020   EUR     0.18
Ideal Standard International    11.75    5/1/2018   EUR     0.47
Kaupthing ehf                    7.63   2/28/2015   USD     0.25
GEWA 5 to 1 GmbH & Co KG         6.50   3/24/2018   EUR    19.50
International Industrial Bank    9.00    7/6/2011   EUR     0.36
Lehman Brothers UK Capital Fu    3.88               EUR    10.30
Barclays Bank PLC                0.87   3/27/2029   USD    59.07
Hamon & CIE SA                   5.50   1/30/2020   EUR    65.09
QGOG Constellation SA            6.25   11/9/2019   USD    31.17
Inside Secure SA                 6.00   6/29/2022   EUR     3.67
Touax SCA-SGTR-CITE-SGT-CMTE-    6.00   7/10/2020   EUR    17.81
Afren PLC                       11.50    2/1/2016   USD     0.08
Pescanova SA                     8.75   2/17/2019   EUR     1.52
Sazka AS                         9.00   7/12/2021   EUR     0.03
getBACK SA                       6.10   5/10/2020   PLN    35.10
Scandinavian Airlines System     0.63               CHF    27.46
AgroGeneration                   8.00    4/1/2019   EUR    76.90
Pierre & Vacances SA             2.00    4/1/2023   EUR    56.36
Intelsat Luxembourg SA          12.50  11/15/2024   USD    95.00
LBI HF                           6.10   8/25/2011   USD     5.00
Eurobank Ergasias SA             6.41   1/17/2028   EUR    64.95
ESFIL-Espirito Santo Financie    5.25   6/12/2015   EUR     0.06
Mriya Agro Holding PLC          10.95   3/30/2016   USD     6.77
CRC Breeze Finance SA            6.11    5/8/2026   EUR    45.01
Tonon Luxembourg SA              9.25   1/24/2020   USD     4.87
Banco Pinto & Sotto Mayor        1.13               EUR    46.26
Banca Popolare di Vicenza        9.50   9/29/2025   EUR     0.35
Beate Uhse AG                    7.75    7/9/2019   EUR     2.03
Home Money LLC                  18.00   4/19/2022   RUB    26.02
Turkey Government Internation    7.10    3/8/2023   TRY    73.11
GNB - Cia de Seguros de Vida     3.17               EUR    74.35
Sairgroup Finance BV             4.38    6/8/2006   EUR    11.75
Cirio Finance Luxembourg SA      7.50   11/3/2002   EUR     5.04
NTRP Via Interpipe Ltd          10.25    8/2/2017   USD    30.22
Lloyds Bank PLC                  0.50    7/5/2033   USD    55.62
EDOB Abwicklungs AG              7.50    4/1/2012   EUR     0.36
German Pellets GmbH              7.25  11/27/2019   EUR     1.73
Hybrid Raising GmbH              6.63               EUR    53.76
Espirito Santo Financial Grou    6.88  10/21/2019   EUR     0.07
Dexia SA                         1.45               EUR     8.50
Bank Nederlandse Gemeenten NV    0.50   8/15/2022   ZAR    71.19
Stichting Afwikkeling Onderha    6.25  10/26/2020   EUR     4.70
Barclays Bank PLC                1.81   9/13/2028   USD    57.76
Bank Nadra Via NDR Finance PL    8.25   7/31/2018   USD     0.35
Barclays Bank PLC                0.12   5/30/2034   USD    61.50
Lehman Brothers UK Capital Fu    6.90               USD     3.07
Norske Skogindustrier ASA        2.00  12/30/2115   EUR     1.12
Barclays Bank PLC                0.06  11/29/2030   USD    60.13
Petrol AD                        6.00   1/26/2022   EUR    31.13
Virgolino de Oliveira Finance   10.88   1/13/2020   USD    23.75
Selectirente                     3.50    1/1/2020   EUR    68.10
KTG Agrar SE                     7.25  10/15/2019   EUR     3.83
Breeze Finance SA                6.71   4/19/2027   EUR    29.05
Vseukrainsky Aktsinerny Bank    10.90   6/14/2019   USD     0.08
Sequa Petroleum NV               5.00   4/29/2020   USD    69.34
Cirio Finanziaria SpA            8.00  12/21/2005   EUR     0.71
Manchester Building Society      8.00               GBP    21.68
Vneshprombank Ltd Via VPB Fun    9.00  11/14/2016   USD     0.09
Praktiker AG                     5.88   2/10/2016   EUR     1.09
Portigon AG                      7.46  12/31/2019   EUR    30.30
Norske Skog Holding AS           8.00   2/24/2021   EUR     1.20
Kommunekredit                    0.50   7/30/2027   TRY    31.82
Credit Agricole Corporate & I    2.40   5/17/2048   EUR    49.67
DEMIRE Deutsche Mittelstand R    6.00  12/30/2018   EUR     4.15
Artea                            6.00    8/4/2019   EUR    14.10
Lehman Brothers Treasury Co B    6.00   2/15/2035   EUR     6.00
IT Holding Finance SA            9.88  11/15/2012   EUR     0.11
Kommunalbanken AS                0.50   5/27/2022   ZAR    72.35
Northland Resources AB           4.00  10/15/2020   USD     0.14
Espirito Santo Financial Grou    3.13   12/2/2018   EUR     0.28
Barclays Bank PLC                0.50   4/24/2023   MXN    64.13
Del Monte Finance Luxembourg     6.63   5/24/2006   EUR     5.54
Norske Skog Holding AS           8.00   2/24/2023   USD     2.38
Barclays Bank PLC                0.63   4/30/2029   USD    70.85
KPNQwest NV                      7.13    6/1/2009   EUR     0.08
Barclays Bank PLC                0.03   3/21/2031   USD    62.85
O1 Properties Finance PLC        7.00   1/29/2021   USD    72.37
Havila Shipping ASA              5.65   11/7/2020   NOK    66.80
Offshore Drilling Holding SA     8.38   9/20/2020   USD    51.28
Lehman Brothers Treasury Co B    7.25   10/5/2035   EUR     6.00
Societe Generale SA             10.00   6/30/2032   USD    67.63
UniCredit Bank Austria AG        0.17  12/31/2031   EUR    80.77
Banco Espirito Santo SA          6.88   7/15/2016   EUR    28.16
Depfa Funding IV LP              1.54               EUR    57.42
Hellas Telecommunications Lux    8.50  10/15/2013   EUR     0.42
Lloyds Bank PLC                  0.12  10/25/2033   USD    58.57
Pierre & Vacances SA             3.50   10/1/2019   EUR    37.22
PNE Wind AG                      3.75  10/10/2019   EUR     3.40
Corporate Commercial Bank AD     8.25    8/8/2014   USD     1.89
Volkswagen Bank Rus OOO          9.95   7/16/2021   RUB   101.61
Republic of Italy Government     0.08   7/31/2045   EUR    74.37
Espirito Santo Financial Grou    9.75  12/19/2025   EUR     0.46
Kaupthing ehf                    5.75   10/4/2011   USD     0.25
Burovoya Kompaniya Eurasia OO   10.25   6/21/2019   RUB    63.45
Barclays Bank PLC                0.16   9/16/2025   USD    74.72
Steilmann SE                     7.00   9/23/2018   EUR     1.51
Lehman Brothers UK Capital Fu    5.75               EUR     3.00
Oi Brasil Holdings Cooperatie    5.75   2/10/2022   USD     6.78
World Wide Supply AS             7.75   5/26/2017   USD    15.27
Teksid Aluminum Luxembourg SA   11.38   7/15/2011   EUR     0.11
JZ Capital Partners Ltd          6.00   7/30/2021   GBP    10.40
Tonon Luxembourg SA             10.50   5/14/2024   USD    42.01
House of Fraser Funding PLC      6.35   9/15/2020   GBP    73.00
Rena GmbH                        8.25   7/11/2018   EUR     2.00
Bibby Offshore Services PLC      7.50   6/15/2021   GBP    14.60
OGX Austria GmbH                 8.38    4/1/2022   USD     0.40
Agrokor dd                       8.88    2/1/2020   USD    28.59
Cooperatieve Rabobank UA         0.50   2/26/2029   HUF    63.09
Stichting Afwikkeling Onderha    2.42               EUR     1.08
Holdikks SAS                     6.75   7/15/2021   EUR    48.78
O1 Properties Finance PLC        8.25   9/27/2021   USD    67.01
Lloyds Bank PLC                  1.14   4/26/2027   USD    69.44
Afren PLC                        6.63   12/9/2020   USD     0.00
Bank Nederlandse Gemeenten NV    0.50   7/12/2022   ZAR    71.49
Depfa Funding III LP             0.87               EUR    56.78
Sairgroup Finance BV             6.63   10/6/2010   EUR    11.75
Societe Generale SA              8.25   5/26/2020   EUR    74.08
O1 Properties Finance ZAO       12.00    8/2/2018   RUB    54.00
New Look Senior Issuer PLC       8.00    7/1/2023   GBP    21.36
Virgolino de Oliveira Finance   10.50   1/28/2018   USD     5.44
Banco Pastor SAU                 2.07               EUR     6.54
OGX Austria GmbH                 8.50    6/1/2018   USD     0.01
Cirio Del Monte NV               7.75   3/14/2005   EUR     0.98
KPNQwest NV                     10.00   3/15/2012   EUR     0.08
Turkey Government Internation    4.88   4/16/2043   USD    73.99
Steilmann SE                     7.00    3/9/2017   EUR     1.51
Alpine Holding GmbH              6.00   5/22/2017   EUR     0.20
Finmek International SA          7.00   12/3/2004   EUR     5.56
Barclays Bank PLC                0.98   4/16/2029   USD    58.72
Pacific Drilling SA              5.38    6/1/2020   USD    34.94
Afren PLC                       10.25    4/8/2019   USD     0.00
Cooperatieve Rabobank UA         0.50  10/30/2043   MXN    11.11
Phosphorus Holdco PLC           10.00    4/1/2019   GBP     3.18
Otkritie Holding JSC            12.50  12/10/2026   RUB    10.10
SeaBird Exploration Finance L    6.00   6/30/2020   USD    20.00
Svensk Exportkredit AB           0.50   4/24/2029   AUD    63.66
Deutsche Bank AG/London          3.00   2/23/2035   EUR    75.00
Lehman Brothers Treasury Co B    8.25   3/16/2035   EUR     6.00
Stichting Afwikkeling Onderha    6.63   5/14/2018   EUR     4.02
Deutsche Bank AG/London          0.16  11/26/2034   USD    55.49
Kardan NV                        6.33   7/24/2018   ILS    53.72
MS Deutschland Beteiligungsge    6.88  12/18/2017   EUR     3.50
Natwest Markets PLC              0.41  12/13/2028   USD    62.61
Galapagos Holding SA             7.00   6/15/2022   EUR    68.95
Alpine Holding GmbH              5.25   6/10/2016   EUR     0.16
Windreich GmbH                   6.50    3/1/2015   EUR    13.13
Lehman Brothers Treasury Co B    6.00   11/2/2035   EUR     6.00
Alno AG                          8.00   3/21/2019   EUR     4.00
Barclays Bank PLC                0.50   2/28/2034   USD    63.59
O1 Properties Finance ZAO       13.00   10/2/2020   RUB    85.00
New Forwarding Co OJSC           7.25   2/14/2023   RUB    99.00
mybet Holding SE                 6.25  12/12/2020   EUR    65.00
Sidetur Finance BV              10.00   4/20/2016   USD     5.38
Agroton Public Ltd               6.00   7/14/2019   USD    16.00
International Industrial Bank   11.00   2/19/2013   USD     0.18
Decipher Production Ltd         12.50   9/27/2018   USD     1.87
Golden Gate AG                   6.50  10/11/2014   EUR    39.10
OAS Investments GmbH             8.25  10/19/2019   USD     5.53
Banco Espirito Santo SA          6.90   6/28/2024   EUR    27.26
Phones4u Finance PLC             9.50    4/1/2018   GBP    74.28
Deutsche Bank AG/London          0.14   9/30/2029   USD    62.14
Montepio Holding SGPS SA         5.00               EUR    50.00
3W Power SA                      5.50  11/11/2020   EUR     1.00
KPNQwest NV                      8.13    6/1/2009   USD     0.08
Ahtium PLC                       9.75    4/4/2017   EUR     3.30
New World Resources NV           8.00    4/7/2020   EUR     1.36
New Look Secured Issuer PLC      6.50    7/1/2022   GBP    43.79
Lehman Brothers Treasury Co B    7.00   5/17/2035   EUR     6.00
Finans-Avia OOO                  9.00   7/31/2022   RUB    69.05
Waste Italia SpA                10.50  11/15/2019   EUR     2.17
APP International Finance Co    11.75   10/1/2005   USD     0.22
Societe Generale SA              0.91   6/30/2035   USD    63.13
getgoods.de AG                   7.75   10/2/2017   EUR     0.21
Espirito Santo Financial Port    5.13   5/30/2016   EUR     4.61
UAHM-Finance OOO                 4.00   3/28/2023   RUB
Svensk Exportkredit AB           0.50   6/29/2029   AUD    63.18
Gazprombank OJSC Via GPB Euro    8.75   6/29/2024   RUB    59.78
Windreich GmbH                   6.50   7/15/2016   EUR    13.13
Steilmann SE                     6.75   6/27/2017   EUR     2.21
Von Roll Holding AG              1.00   4/11/2022   CHF
Mox Telecom AG                   7.25   11/2/2017   EUR     2.85
O1 Properties Finance PLC        6.00   5/18/2021   USD    67.59
Alpine Holding GmbH              5.25    7/1/2015   EUR     0.20
Wild Bunch AG                    8.00   3/23/2019   EUR    45.00
Marine Subsea AS                 9.00  12/16/2019   USD     0.69
Depfa Funding II LP              6.50               EUR    57.81
Societa' Per LA Gestione DI A    6.41               EUR     0.19
PA Resources AB                 13.50    3/3/2016   SEK     0.12
Kamaz PJSC                      11.24   7/18/2030   RUB    70.00
Hamburgische Landesbank-Giroz    0.05   1/22/2041   EUR    63.61
Banco Santander SA               2.00               USD    72.01
Svensk Exportkredit AB           0.50   8/29/2029   AUD    62.68
IDGC of Centre PJSC              6.95   3/28/2028   RUB    60.00
Barclays Bank PLC                1.08  10/10/2029   USD    56.87
Pescanova SA                     6.75    3/5/2015   EUR     1.43
Havila Shipping ASA              4.94   11/7/2020   NOK    53.91
Agrokor dd Via Aquarius + Inv    4.92    8/8/2017   EUR    15.38
Mriya Agro Holding PLC           9.45   4/19/2018   USD     7.90
Royalbeach Spielwaren Und Spo    7.38  11/10/2020   EUR     1.15
Ideal Standard International    11.75    5/1/2018   EUR     0.47
Tonon Luxembourg SA             10.50   5/14/2024   USD    42.01
SAG Solarstrom AG                7.50   7/10/2017   EUR    33.63
KPNQwest NV                      8.88    2/1/2008   EUR     0.08
Otkritie Holding JSC            11.56   7/27/2028   RUB    11.20
Societe Generale SA             15.72   1/27/2020   USD    54.42
Societe Generale SA             10.00   7/30/2032   USD    70.75
Stroika Finance Ltd Via Emerg    9.90   6/25/2019   RUB    11.60
Gebr Sanders GmbH & Co KG        8.75  10/22/2018   EUR    20.69
Kaupthing ehf                    5.75   10/4/2011   USD     0.25
Finance and Credit Bank JSC V    9.25   1/25/2019   USD     0.73
Air Berlin Finance BV            6.00    3/6/2019   EUR     0.72
Mobylife Holding A/S             7.25   5/23/2020   SEK     8.27
Portugal Telecom Internationa    5.24   11/6/2017   EUR     5.86
Stichting Afwikkeling Onderha    8.45   8/20/2018   USD     3.20
Region of Abruzzo Italy          0.11   11/7/2036   EUR    63.73
International Finance Facilit    0.50   6/24/2024   ZAR    57.93
Barclays Bank PLC                0.50  12/23/2033   USD    63.25
Landesbank Hessen-Thueringen     0.06    5/3/2041   EUR    66.75
Republic of Italy Government     0.08   7/31/2045   EUR    72.77
Cooperatieve Rabobank UA         0.50   7/30/2043   MXN    11.29
BNP Paribas SA                  13.00   8/24/2027   USD    74.50
OGK-2 PJSC                       6.95   3/31/2023   RUB    59.67
Minicentrales Dos SA             6.45   4/14/2028   EUR    65.75
Intelsat Luxembourg SA          12.50  11/15/2024   USD    71.50
Heta Asset Resolution AG         0.13  12/31/2023   EUR    34.63
Air Berlin Finance BV            8.50    3/6/2019   EUR     0.95
Rena GmbH                        7.00  12/15/2015   EUR     2.00
SAG Solarstrom AG                6.25  12/14/2015   EUR    33.63
Kommunalkredit Austria AG        1.69   2/24/2026   EUR    75.42
Agrokor dd                       9.13    2/1/2020   EUR    27.88
Promsvyazbank OJSC Via PSB Fi   10.20   11/6/2019   USD    14.71
OT Logistics SA                  6.81   2/23/2020   PLN    14.00
Lehman Brothers Treasury Co B    5.00   9/22/2014   EUR     6.00
Solon SE                         1.38   12/6/2012   EUR     0.10
Activa Resources AG              0.50  11/15/2021   EUR    24.00
German Pellets GmbH              7.25    4/1/2016   EUR     1.60
Lehman Brothers Treasury Co B    5.10    5/8/2017   HKD     6.00
Norske Skogindustrier ASA        7.13  10/15/2033   USD     3.87
Municipality Finance PLC         0.50   6/19/2024   ZAR    58.69
Bulgaria Steel Finance BV       12.00    5/4/2013   EUR     0.17
Minicentrales Dos SA             4.81  11/29/2034   EUR    65.75
Svensk Exportkredit AB           0.50   1/31/2022   ZAR    73.62
La Veggia Finance SPA            7.13  11/14/2004   EUR     0.29
Home Money LLC                  20.00  10/23/2018   RUB    25.00
Republic of Italy Government     0.91   7/31/2035   EUR    74.31
Otkritie Holding JSC            12.62   4/25/2028   RUB    11.62
OGX Austria GmbH                 8.38    4/1/2022   USD     0.40
SiC Processing GmbH              7.13    3/1/2016   EUR     2.75
Rosneft Oil Co PJSC              7.95   5/30/2023   RUB    75.00
Barclays Bank PLC                1.16  11/28/2029   USD    56.79
IKS 5 Finance OOO                9.75    8/1/2023   RUB    65.75
Bank Julius Baer & Co Ltd/Gue   12.10  12/27/2018   EUR    62.85
Societe Generale SA              1.60    1/9/2020   GBP     1.12
Rosneft Oil Co PJSC              7.85   1/18/2021   RUB    60.00
Barclays Bank PLC                1.35   9/30/2031   USD    54.20
Rem Offshore ASA                 5.00   12/8/2024   NOK    49.70
International Bank of Azerbai    8.25   10/9/2024   USD    66.89
Municipality Finance PLC         0.50    5/8/2029   AUD    68.03
Societa' Per LA Gestione DI A    6.94   5/15/2025   EUR     0.28
Svensk Exportkredit AB           0.50   3/15/2022   ZAR    72.48
SAir Group                       0.13    7/7/2005   CHF    13.02
New Look Secured Issuer PLC      4.50    7/1/2022   EUR    43.07
BOA Offshore AS                  0.40   7/17/2047   NOK    10.00
Barclays Bank PLC                1.04   5/14/2029   USD    57.63
Reso-Leasing OOO                 9.00  10/30/2025   RUB    61.01
COFIDUR SA                       0.10  12/31/2024   EUR    21.00
ADLER Real Estate AG             6.00  12/27/2018   EUR    15.05
Vimpel-Communications PJSC       1.00   10/3/2025   RUB    72.48
A-TEC Industries AG              5.75   11/2/2010   EUR     0.36
Deutsche Agrar Holding GmbH      7.25   9/28/2018   EUR     1.38
Banco Santander SA               2.00               USD    70.03
SG Issuer SA                     0.78   6/15/2020   SEK    41.51
Rostelecom PJSC                  8.65   4/14/2027   RUB    64.16
City of Predeal Romania          3.50   5/15/2026   RON    60.00
Reso-Leasing OOO                12.60   10/2/2026   RUB    85.00
Hamburgische Landesbank-Giroz    0.05  10/30/2040   EUR    66.32
New World Resources NV           4.00   10/7/2020   EUR     0.18
Union Technologies Informatiq    0.10    1/1/2020   EUR     5.30
Heta Asset Resolution AG         5.73  12/31/2023   EUR    34.63
Eiendomskreditt AS               4.42               NOK    56.70
Bank Nederlandse Gemeenten NV    0.50   9/20/2022   ZAR    70.81
Krakowski Bank Spoldzielczy      5.08   9/20/2023   PLN    56.20
Finans-Avia OOO                  0.01   7/31/2027   RUB    16.30
Lloyds Bank PLC                  0.12   4/25/2034   USD    57.39
Barclays Bank PLC                0.25  10/30/2034   USD    57.97
A-TEC Industries AG              8.75  10/27/2014   EUR     0.36
Societe Generale SA              0.46  10/31/2033   USD    69.20
RENE LEZARD Mode GmbH            7.25  11/25/2017   EUR     1.14
Heta Asset Resolution AG         7.50  12/31/2023   ATS    34.63
Oberbank Hybrid 1 GmbH           0.87               EUR    48.86
Agrokor dd                       9.88    5/1/2019   EUR    29.08
Bank Nederlandse Gemeenten NV    0.50   9/20/2022   MXN    69.41
Bilt Paper BV                    9.64               USD    22.23
Virgolino de Oliveira Finance   10.88   1/13/2020   USD    23.75
Deutsche Bank AG/London         13.75   6/20/2026   TRY    75.89
Ahtium PLC                       4.00  12/16/2015   EUR     1.50
ML 33 Invest AS                  7.50               NOK    68.72
Credit Suisse AG/Nassau          9.50   8/17/2018   CHF    55.32
Vnesheconombank                  8.24  12/15/2022   RUB    63.17
BLT Finance BV                  12.00   2/10/2015   USD    10.50
Northland Resources AB           4.00  10/15/2020   NOK     0.14
Lehman Brothers Treasury Co B    6.00   3/18/2015   USD     6.00
Virgolino de Oliveira Finance   11.75    2/9/2022   USD     5.26
Oi Brasil Holdings Cooperatie    5.63   6/22/2021   EUR     7.20
Barclays Bank PLC                1.60   3/27/2029   USD    57.63
Cooperatieve Rabobank UA         0.50   1/31/2033   MXN    24.39
getBACK SA                       5.77  11/27/2019   PLN    12.50
Espirito Santo Financial Grou    5.05  11/15/2025   EUR     0.83
Transneft PJSC                   9.65   6/30/2023   RUB    65.00
Cooperatieve Rabobank UA         0.50  10/29/2027   MXN    42.86
Aralco Finance SA               10.13    5/7/2020   USD     4.90
Deutsche Bank AG                 5.20   6/19/2018   EUR    72.50
Norske Skog Holding AS           8.00   2/24/2023   USD     2.38
Johnston Press Bond Plc          8.63    6/1/2019   GBP    71.44
Heta Asset Resolution AG         0.22  12/31/2023   EUR    34.63
Svensk Exportkredit AB           0.50   2/22/2022   ZAR    72.83
Fast Finance SA                 10.50   1/15/2021   PLN    65.00
Tonon Luxembourg SA              9.25   1/24/2020   USD     4.87
Mifa Mitteldeutsche Fahrradwe    7.50   8/12/2018   EUR     2.26
RN Bank JSC                      8.45  10/14/2020   RUB    62.84
WPE International Cooperatief   10.38   9/30/2020   USD    17.50
Deutsche Bank AG                 1.73   1/16/2045   EUR    72.45
Bank Intesa AO                   8.25   6/10/2018   RUB    80.00
getBACK SA                       6.00   10/2/2018   PLN    50.00
Delta Credit Bank JSC            9.65   10/1/2024   RUB   103.00
Miratorg-Finans OOO             11.00   8/24/2021   RUB    60.00
Gazprom Neft PJSC                7.70  12/16/2024   RUB    63.05
Lehman Brothers Treasury Co B    5.00   2/16/2015   EUR     6.00
Anglian Water Services Financ    0.93   1/26/2057   GBP    74.57
Lehman Brothers Treasury Co B    7.00  11/26/2013   EUR     6.00
Grupo Isolux Corsan SA           0.25  12/30/2018   EUR     0.40
AKB Peresvet ZAO                13.50  10/16/2020   RUB    19.53
Commerzbank AG                  30.00   6/30/2020   USD     0.53
Vontobel Financial Products G    9.50   9/28/2018   EUR    55.39
IKS 5 Finance OOO               11.90  10/11/2022   RUB    67.02
LBI HF                           6.10   8/25/2011   USD     5.00
Societa' Per LA Gestione DI A    6.95   2/25/2025   EUR     0.43
VEB-Leasing OAO                  8.71    9/1/2025   RUB    62.00
UkrLandFarming PLC              10.88   3/26/2018   USD    20.87
Barclays Bank PLC                0.64  12/27/2028   USD    64.73
Barclays Bank PLC                1.25   1/31/2029   USD    56.54
Rossiysky Capital OJSC           7.75   1/20/2020   RUB    71.01
United Aircraft Corp PJSC        8.00   3/17/2020   RUB    65.00
Severo-Zapadnaya Koncessionna    5.18   9/26/2031   RUB    59.60
Banco Espirito Santo SA         10.00   12/6/2021   EUR     0.26
International Finance Facilit    0.50   6/29/2027   ZAR    41.56
SpareBank 1 SR-Bank ASA          1.45  12/21/2030   EUR    73.39
Delamare Finance PLC             1.95   2/19/2029   GBP    73.31
Minaya Capital AG                7.00    8/1/2018   EUR    38.40
AKB Peresvet ZAO                 0.51   6/23/2021   RUB    22.00
Lloyds Bank PLC                  0.46   7/26/2033   USD    59.72
Natwest Markets PLC              0.30   8/18/2031   USD    61.26
getBACK SA                       6.11   9/14/2021   PLN     5.50
Delta Credit Bank JSC           12.10   7/28/2025   RUB    65.01
Lehman Brothers Treasury Co B    4.60  10/11/2017   ILS     6.00
City of Novosibirsk Russia       7.85  11/27/2027   RUB   100.30
BNP Paribas Emissions- und Ha   11.00   6/21/2018   EUR    67.04
HPI AG                           3.50               EUR     1.15
Beluga Group PJSC               12.90   4/29/2020   RUB    72.00
Afren PLC                       11.50    2/1/2016   USD     0.08
Petromena ASA                   10.85  11/19/2018   USD     0.61
Rosneft Oil Co PJSC              7.95   5/30/2023   RUB    61.46
Lehman Brothers Treasury Co B    5.00   2/27/2014   EUR     6.00
Bank Intesa AO                   9.75  10/10/2019   RUB    67.01
UmweltBank AG                    2.85               EUR    72.69
BNP Paribas SA                   0.50   9/29/2029   AUD    65.53
Rosbank PJSC                    10.40   6/30/2020   RUB    65.01
Bank Nederlandse Gemeenten NV    0.50    8/9/2022   MXN    70.32
Banca del Monte di Lucca-SpA     2.43   6/29/2020   EUR    53.97
Braster SA                       7.51   5/29/2019   PLN    67.00
Societe Generale SA              2.59   3/17/2032   USD    63.60
Lehman Brothers Treasury Co B    1.28   11/6/2010   JPY     6.00
A-TEC Industries AG              2.75   5/10/2014   EUR     0.36
Lenta LLC                       11.00    3/3/2020   RUB    63.11
Penell GmbH Elektrogrosshande    7.75   6/10/2019   EUR     3.55
Region of Molise Italy           0.13  12/15/2033   EUR    57.95
LBI HF                           7.43               USD     0.00
SAir Group                       2.13   11/4/2004   CHF    13.00
Russian Highways                 8.10  12/13/2019   RUB    63.21
Metalloinvest Holding Co OAO     0.01    3/7/2022   RUB    63.00
Delta Credit Bank JSC            8.65    7/4/2018   RUB    60.93
Deutsche Bank AG/London          0.50   10/5/2021   IDR    72.26
Svensk Exportkredit AB           0.50   8/28/2020   TRY    68.83
Bank Otkritie Financial Corp    10.00   4/26/2019   USD    19.99
Svensk Exportkredit AB           0.50   6/20/2029   AUD    72.21
Vontobel Financial Products G   10.00   7/10/2018   EUR    63.48
SPORTTOTAL AG                    6.00   3/17/2019   EUR     3.85
Sberbank of Russia PJSC         10.00   6/20/2019   RUB    65.01
Elli Investments Ltd            12.25   6/15/2020   GBP    50.00
Lehman Brothers Treasury Co B    5.00   3/18/2015   EUR     6.00
Svensk Exportkredit AB           0.50   6/28/2022   ZAR    70.60
Norske Skogindustrier ASA        7.13  10/15/2033   USD     3.87
EGB Investments SA               6.31   6/22/2018   PLN    20.00
Bibby Offshore Services PLC      7.50   6/15/2021   GBP    14.60
getBACK SA                       6.00   9/16/2018   PLN     5.50
Northland Resources AB          12.25   3/26/2016   USD     2.62
Lehman Brothers Treasury Co B    2.88   3/14/2013   CHF     6.00
Norske Skogindustrier ASA        7.00  12/30/2026   EUR     0.98
SAir Group                       5.50   7/23/2003   CHF    13.02
Credito Padano Banca di Credi    3.10               EUR    36.26
SUEK Finance OOO                12.50   8/19/2025   RUB    61.41
Deutsche Bank AG/London          0.50    4/5/2038   MXN    15.00
Lehman Brothers Treasury Co B    5.00    5/2/2022   EUR     2.57
BLT Finance BV                   7.50   5/15/2014   USD     0.17
Atari SA                         0.10    4/1/2020   EUR     6.00
Rosneft Oil Co PJSC              7.35   1/18/2021   RUB    60.00
Rosneft Oil Co PJSC              7.85   1/18/2021   RUB    61.40
VEB-Leasing OAO                  7.56   1/31/2025   RUB    61.76
getBACK SA                       5.71  10/22/2019   PLN    15.00
Municipality Finance PLC         0.50   4/26/2022   ZAR    71.75
KPNQwest NV                      7.13    6/1/2009   EUR     0.08
Russian Bank for Small and Me    7.00   3/17/2022   RUB    60.01
Espirito Santo Financial Grou    5.05  11/15/2025   EUR     0.61
Kreditanstalt fuer Wiederaufb    0.25   10/6/2036   CAD    42.62
Samolet Group                   12.00   5/17/2022   RUB    62.45
VEB-Leasing OAO                  8.71   2/18/2025   RUB    61.64
UBS AG/London                    9.25   6/15/2018   CHF    38.75
IKS 5 Finance OOO               10.90    3/9/2023   RUB    66.22
Vimpel-Communications PJSC       7.00    3/8/2022   RUB    70.01
TransFin-M PAO                   9.85   2/22/2027   RUB    67.51
RESO-Garantia Insurance PJSC     0.02   9/13/2022   RUB    65.00
ENEL RUSSIA PJSC                12.10   9/28/2018   RUB    71.01
Credit Suisse AG/London                 12/2/2020   USD     9.93
getBACK SA                       5.70   4/30/2021   PLN    28.00
getBACK SA                       5.60   6/24/2019   PLN    10.00
Spektr OOO                       8.50   3/12/2026   RUB   100.00
Lehman Brothers Treasury Co B    8.25   12/3/2015   EUR     6.00
Region of Belgorod Russia        8.25   6/11/2024   RUB    70.02
Norske Skogindustrier ASA        2.00  12/30/2115   EUR     1.12
Grupo Isolux Corsan SA           3.00  12/30/2021   USD     1.54
Bashneft PJSC                    9.50  12/12/2024   RUB    60.00
Otkritie Holding JSC             8.75   12/8/2027   RUB    19.60
Rosneft Oil Co PJSC              7.85   1/18/2021   RUB    60.00
Rosneft Oil Co PJSC              9.40  11/28/2024   RUB    67.36
Hypo Vorarlberg Bank AG          5.87               EUR    40.84
getBACK SA                       5.90   1/29/2019   PLN    12.50
VEB-Leasing OAO                  8.65   1/16/2024   RUB    62.00
AKB Peresvet ZAO                 0.51   2/14/2032   RUB    23.38
getBACK SA                       5.90  12/30/2020   PLN    35.00
Rosneft Oil Co PJSC              8.65   12/3/2020   RUB    62.48
Severo-Zapadnaya Koncessionna    5.18   9/26/2031   RUB    65.00
DOM RF Russia Housing and Urb    6.75   3/24/2028   RUB    63.27
SAir Group                       4.25    2/2/2007   CHF    13.00
State of Saxony-Anhalt           0.65    7/3/2028   EUR    20.00
Cooperatieve Rabobank UA         0.50  11/30/2027   MXN    41.42
Societe Generale SA              0.21   3/31/2034   USD    68.39
Rio Forte Investments SA         4.00   7/22/2014   EUR     6.41
Privatbank CJSC Via UK SPV Cr   10.88   2/28/2018   USD    29.01
Heta Asset Resolution AG         5.27  12/31/2023   EUR    34.63
Lehman Brothers Treasury Co B    5.00   8/16/2017   EUR     6.00
Northland Resources AB          15.00   7/15/2019   USD     2.62
PSN Pm OOO                      12.00   8/31/2027   RUB     1.90
DZ Bank AG Deutsche Zentral-G    6.25   3/20/2019   EUR    75.64
Rosselkhozbank JSC               8.85   7/15/2025   RUB    70.01
Landesbank Hessen-Thueringen     0.07   4/23/2041   EUR    67.93
Lehman Brothers Treasury Co B    7.60   5/21/2013   USD     2.57
Windreich GmbH                   6.75    3/1/2015   EUR    13.13
Otkritie Holding JSC            11.50   7/23/2029   RUB    13.25
Windreich GmbH                   6.25    3/1/2015   EUR    13.13
Rusfinans Bank OOO               9.90   7/18/2018   RUB    70.00
Raiffeisen Schweiz Genossensc    6.50    7/2/2018   USD    66.69
Credit Suisse AG/London          9.00   1/23/2020   USD     7.92
RusHydro PJSC                    0.10    2/2/2023   RUB    69.57
Investpro OOO                   13.00  12/31/2018   RUB     3.00
ECM Real Estate Investments A    5.00   10/9/2011   EUR    15.38
SG Issuer SA                     5.50   4/10/2021   EUR    66.71
State Transport Leasing Co OJ    8.42    9/5/2031   RUB    67.35
RESO-Garantia Insurance PJSC    11.75   3/24/2023   RUB    75.00
Societe Generale SA              0.15   9/30/2034   USD    63.13
Reso-Leasing OOO                 9.25   9/21/2023   RUB    63.01
Metalloinvest Holding Co OAO     0.01    3/7/2022   RUB    65.00
Oberoesterreichische Landesba    0.30   4/25/2042   EUR    73.52
getBACK SA                       6.22   9/16/2019   PLN    70.00
Lehman Brothers Treasury Co B    5.00   5/12/2011   CHF     2.57
PSN Pm OOO                      13.00   9/10/2026   RUB    28.00
Transcapitalbank JSC             9.00   5/30/2023   RUB    63.01
Agrokompleks OOO                 0.10   12/8/2022   RUB     3.04
Driver & Bengsch AG              8.50  12/31/2027   EUR     0.00
Vnesheconombank                 11.60   2/17/2025   RUB    66.06
Heta Asset Resolution AG         0.43  12/31/2023   EUR    34.63
AKB Peresvet ZAO                 0.51    8/4/2034   RUB    23.00
getBACK SA                       5.72   10/5/2019   PLN    15.00
Lehman Brothers Treasury Co B    6.65   8/24/2011   AUD     6.00
RusHydro PJSC                    8.50    2/2/2023   RUB    61.87
Centrosolar Group AG             7.00   2/15/2016   EUR     0.81
Plaza Centers NV                 6.90    7/1/2020   ILS    73.12
Landesbank Hessen-Thueringen     8.00   5/15/2020   EUR    72.39
Rosneft Oil Co PJSC              7.85   1/18/2021   RUB    60.00
Rosneft Oil Co PJSC              7.85   1/18/2021   RUB    60.00
getBACK SA                       5.71   3/17/2019   PLN    20.00
getBACK SA                       5.80   10/1/2019   PLN    15.00
Societe Generale SA              0.50   5/30/2023   MXN    64.69
Federal Grid Co Unified Energ    0.10  10/16/2020   RUB    70.00
Solarwatt GmbH                   7.00   11/1/2015   EUR    15.50
getBACK SA                       5.68  10/30/2019   PLN    20.00
DekaBank Deutsche Girozentral    0.01   6/29/2046   EUR    55.76
Lehman Brothers Treasury Co B    3.86   9/21/2011   SGD     6.00
Commerzbank AG                  13.00   3/13/2023   USD     9.25
Communaute Francaise de Belgi    0.50   6/27/2046   EUR    67.51
UBS AG/London                   13.25    9/6/2018   CHF    46.40
Bank Julius Baer & Co Ltd/Gue   10.50  11/30/2018   USD    62.75
Podkarpacki Bank Spoldzielczy    5.78  10/24/2024   PLN    50.00
EFG International Finance Gue    6.40    4/9/2020   EUR    73.60
Two Capitals Highway OOO        13.25   6/19/2030   RUB
Delta Credit Bank JSC           12.00   3/27/2024   RUB   105.00
Banca Popolare di Vicenza        9.50   10/2/2025   EUR     0.35
Lehman Brothers Treasury Co B    0.50    8/1/2020   EUR     2.57
Lehman Brothers Treasury Co B   11.00   6/29/2009   EUR     2.57
HSBC Bank PLC                    0.50  12/29/2026   AUD    71.65
Mriya Agro Holding PLC          10.95   3/30/2016   USD     7.00
UBS AG/London                    8.00   4/29/2021   USD     9.78
Plaza Centers NV                 6.00    7/1/2020   ILS    72.41
GPB Aerofinans OOO               9.67   3/15/2030   RUB    65.01
BKS Hybrid alpha GmbH            7.35               EUR    72.84
Metalloinvest Holding Co OAO    11.90   2/12/2026   RUB   119.07
Heta Asset Resolution AG         5.92  12/31/2023   EUR    34.63
Rosbank PJSC                    10.40   5/27/2026   RUB    62.43
Federal Grid Co Unified Energ    0.10  10/16/2020   RUB    58.10
Municipality Finance PLC         0.50   7/30/2029   AUD    72.51
Barclays Bank PLC                0.98   7/22/2024   USD    75.00
City of Moscow Russia            7.50   5/18/2021   RUB    65.01
Lehman Brothers Treasury Co B    4.20   12/3/2008   HKD     6.00
getBACK SA                       5.73   9/22/2018   PLN    20.00
Main Road JSC                    4.00  10/30/2029   RUB    60.77
getBACK SA                       6.00  12/14/2018   PLN    15.00
EFG International Finance Gue    7.00  11/27/2019   EUR    10.19
Podkarpacki Bank Spoldzielczy    5.08   5/28/2023   PLN    49.50
Rosneft Oil Co PJSC              7.85   1/18/2021   RUB    60.00
Leonteq Securities AG/Guernse    5.00  12/27/2019   EUR    65.19
getBACK SA                       5.84   2/28/2019   PLN    15.00
Barclays Bank PLC                0.50   1/28/2033   MXN    24.84
Credit Agricole Corporate & I    0.50    3/6/2023   RUB    73.68
Pongs & Zahn AG                  8.50               EUR     0.00
HSBC Bank PLC                    0.50   6/23/2027   MXN    43.31
Risland OOO                      9.25   1/10/2019   RUB     1.00
BTV Hybrid I GmbH                6.50               EUR    36.11
Bashneft PJSC                    9.50  12/10/2026   RUB    60.00
HSBC Trinkaus & Burkhardt AG    12.00   6/22/2018   EUR    63.72
Leonteq Securities AG/Guernse   11.80  12/21/2018   USD    70.68
UBS AG/London                    8.50    1/6/2020   EUR    68.65
Bayerische Landesbank            2.40   7/20/2018   EUR    46.90
getBACK SA                       5.70   2/28/2019   PLN    20.00
UAHM-Finance OOO                 5.00   7/25/2025   RUB    63.53
Otkritie Holding JSC            11.50   7/22/2030   RUB    13.25
Kaupthing ehf                    7.63   2/28/2015   USD     0.25
Otkritie Holding JSC            12.70   9/30/2027   RUB    15.16
Muehl Product & Service AG       6.75   3/10/2005   DEM     0.05
Province of Brescia Italy        0.03   6/30/2036   EUR    62.66
Laurel GmbH                      7.13  11/16/2017   EUR     5.25
Metalloinvest Holding Co OAO     0.01   3/10/2022   RUB    53.25
TransFin-M PAO                  13.00    9/3/2025   RUB    63.00
Kardan NV                        6.78    2/2/2020   ILS    64.30
getBACK SA                       5.70   2/16/2021   PLN    36.00
UBS AG/London                    5.50   9/13/2018   CHF    53.10
Credit Suisse AG/London          9.00  10/30/2020   USD     9.84
Bashneft PJSC                    9.40   1/22/2024   RUB    60.00
Praim Finans OOO                 9.34   7/13/2021   RUB     5.00
Salvator Grundbesitz-AG          9.50               EUR    18.50
Sovcombank PAO                   8.00   6/24/2021   RUB    70.00
Salvator Grundbesitz-AG          9.50  12/31/2021   EUR     7.80
Podkarpacki Bank Spoldzielczy    5.81   2/23/2025   PLN    50.00
Siberian Gostinecs PAO          16.50   6/26/2019   RUB    40.11
Svensk Exportkredit AB           0.50   3/28/2029   AUD    72.63
Lehman Brothers Treasury Co B    4.00   7/20/2012   EUR     2.57
VEB-Leasing OAO                 10.10  10/20/2021   RUB    85.01
Region Invest OOO                7.35   4/15/2021   RUB     0.40
Societe Generale SA              0.50   6/12/2023   RUB    72.06
Kaupthing ehf                    9.00               USD     0.12
Rio Forte Investments SA         3.90   7/10/2014   USD     6.38
Upravlenie Otkhodami ZAO         4.00   4/29/2027   RUB    71.06
Lehman Brothers Treasury Co B    0.50    6/2/2020   EUR     2.57
Bank Otkritie Financial Corp    10.10   4/16/2023   RUB    70.02
Astana Finance BV                9.00  11/16/2011   USD    16.00
Bashneft PJSC                   10.70   5/13/2024   RUB    70.02
Heta Asset Resolution AG         5.03  12/31/2023   EUR    34.63
Phones4u Finance PLC             9.50    4/1/2018   GBP    74.28
Kaupthing ehf                    3.75   2/15/2024   ISK     0.25
getBACK SA                       5.55   9/21/2018   PLN    15.00
HSBC Trinkaus & Burkhardt AG     6.50   6/22/2018   EUR    67.10
EFG International Finance Gue    7.20   2/25/2019   EUR     4.59
UniCredit Bank AG                5.00   7/30/2018   EUR    38.98
EFG International Finance Gue    9.60  10/15/2019   EUR    16.64
UniCredit Bank AG                4.40   9/19/2018   EUR    36.10
Cooperatieve Rabobank UA         0.50  12/29/2027   MXN    40.73
Lehman Brothers Treasury Co B   15.00   3/30/2011   EUR     2.57
Escher Marwick PLC               3.50  10/14/2031   USD    59.85
Lehman Brothers Treasury Co B    6.00   2/19/2023   USD     2.57
Lehman Brothers Treasury Co B    5.38    2/4/2014   USD     2.57
HSBC Bank PLC                    0.50  12/22/2025   BRL    46.20
Lehman Brothers Treasury Co B    5.55   3/12/2015   EUR     2.57
Sidetur Finance BV              10.00   4/20/2016   USD     5.38
Republic of Komi Russia          9.50  11/16/2022   RUB    61.70
Investpro OOO                   12.75    9/6/2018   RUB     1.66
Societe Generale SA              1.15   6/26/2034   USD    57.30
getBACK SA                       5.98  12/19/2018   PLN    15.00
Polski Bank Spoldzielczy w Ci    4.81   6/18/2020   PLN    50.00
Rosneft Oil Co PJSC              7.85   1/18/2021   RUB    60.00
Delta Credit Bank JSC            5.00  10/30/2025   RUB    58.40
Lehman Brothers Treasury Co B    4.87   10/8/2013   USD     2.57
Region Invest OOO                7.35   4/20/2021   RUB     0.40
Lehman Brothers Treasury Co B    6.00   3/14/2011   EUR     6.00
Autonomous Region of Yamal Ne    7.00  12/25/2024   RUB    65.01
Lehman Brothers Treasury Co B    9.50    4/1/2018   USD     2.57
Banca delle Marche SpA           6.00   6/12/2018   EUR     1.93
Upravlenie Otkhodami ZAO        10.50   10/9/2030   RUB   100.00
getBACK SA                       5.76   9/18/2019   PLN    15.00
Lehman Brothers Treasury Co B    8.25    2/3/2016   EUR     2.57
Lehman Brothers Treasury Co B    7.59  11/22/2009   MXN     6.00
Lehman Brothers Treasury Co B    4.95  10/25/2036   EUR     2.57
Lehman Brothers Treasury Co B    2.50  12/15/2011   GBP     2.57
Lehman Brothers Treasury Co B    8.00   2/16/2016   EUR     2.57
HSBC Bank PLC                    0.50    6/9/2023   MXN    64.54
Rossiysky Capital OJSC          13.00  11/22/2019   RUB    60.81
Vnesheconombank                  8.35  11/24/2020   RUB    66.17
DZ Bank AG Deutsche Zentral-G    6.50   9/24/2018   EUR    58.58
DekaBank Deutsche Girozentral    6.23    8/1/2018   EUR    71.30
Fonciere Volta SA                4.50   7/30/2020   EUR     2.26
Podkarpacki Bank Spoldzielczy    4.98   10/6/2021   PLN    53.20
Credit Suisse AG/London          8.00  11/29/2019   USD     7.55
VEB-Leasing OAO                  7.56    2/4/2025   RUB    62.34
SAir Group                       5.13    3/1/2003   CHF    13.00
MIK OAO                         15.00   2/19/2020   RUB     2.00
Lehman Brothers Treasury Co B   10.00   6/11/2038   JPY     2.57
Otkritie Holding JSC            11.50    8/5/2025   RUB    10.02
Barclays Bank PLC                0.50   3/13/2023   RUB    73.48
Lehman Brothers Treasury Co B   11.00    7/4/2011   CHF     2.57
Lehman Brothers Treasury Co B    6.00  10/30/2012   USD     2.57
EDOB Abwicklungs AG              7.50    4/1/2012   EUR     0.36
HSBC Trinkaus & Burkhardt AG    12.30   6/22/2018   EUR    43.61
UBS AG/London                   11.25    7/1/2019   EUR    68.65
Credit Suisse AG/London          8.54    1/7/2020   USD     9.98
SG Issuer SA                     6.80    1/6/2020   USD    74.50
UniCredit Bank AG                4.30  10/17/2018   EUR    36.05
Leonteq Securities AG/Guernse   12.00   1/23/2019   CHF    66.13
UniCredit Bank AG                3.60    1/5/2020   EUR    69.20
Podkarpacki Bank Spoldzielczy    5.78   3/31/2025   PLN    51.00
Credit Suisse AG/London         11.90   3/31/2020   USD    10.13
UniCredit Bank AG                5.00   11/5/2018   EUR    67.50
Podkarpacki Bank Spoldzielczy    5.81    7/2/2020   PLN    72.00
Rosneft Oil Co PJSC              7.85   12/3/2020   RUB    62.64
Russian Railways JSC             3.50   2/28/2040   RUB    75.00
Nutritek International Corp V    8.75  12/11/2008   USD     2.00
RGS Nedvizhimost OOO            12.00   6/21/2021   RUB     0.34
KB MIA AO                        8.25    3/7/2025   RUB   100.33
Lehman Brothers Treasury Co B    7.50   2/14/2010   AUD     2.57
Kaupthing ehf                    5.25   7/18/2017   BGN     0.25
HSBC Bank PLC                    0.50   4/11/2023   MXN    65.47
Rosbank PJSC                     0.02   4/30/2024   RUB    61.40
Lehman Brothers Treasury Co B    3.35  10/13/2016   EUR     2.57
Lehman Brothers Treasury Co B    3.63    3/2/2012   EUR     2.57
Lehman Brothers Treasury Co B    4.35    8/8/2016   SGD     6.00
Lehman Brothers Treasury Co B    4.60    7/6/2016   EUR     2.57
SAir Group                       6.25  10/27/2002   CHF    13.00
Hellas Telecommunications Lux    8.50  10/15/2013   EUR     1.05
Bashneft PJSC                   12.00    5/9/2025   RUB    60.00
Grupo Isolux Corsan SA           0.25  12/30/2021   USD     0.67
LBI HF                           7.43               USD     0.00
Bashneft PJSC                   12.00   5/19/2025   RUB    60.00
Transports publics fribourgeo    0.47   7/29/2051   CHF    71.85
IT Holding Finance SA            9.88  11/15/2012   EUR     0.11
Credit Suisse AG/London         10.50    4/9/2021   USD    10.32
UniCredit Bank AG                7.70   6/22/2018   EUR     2.48
Agrokompleks OOO                 0.10   7/29/2019   RUB     2.34
Raiffeisen Switzerland BV        9.00    4/1/2019   EUR    10.00
Bayerische Landesbank            3.20   7/27/2018   EUR    43.00
EFG International Finance Gue    7.19    5/6/2019   EUR     6.12
UniCredit Bank AG                4.40   7/13/2018   EUR    36.90
EFG International Finance Gue    7.20   7/29/2020   EUR    19.41
Deutsche Bank AG                10.20   6/19/2018   EUR    63.70
Bulgaria Steel Finance BV       12.00    5/4/2013   EUR     0.17
Rusfinans Bank OOO              10.00   8/12/2026   RUB    75.00
Lehman Brothers Treasury Co B    6.00   5/23/2018   CZK     2.57
Societe Generale SA              0.28  11/26/2034   USD    63.13
Malahit AO                      15.00   7/14/2025   RUB     0.01
TransFin-M PAO                  10.50   9/17/2019   RUB   100.03
Cerruti Finance SA               6.50   7/26/2004   EUR     1.21
Lehman Brothers Treasury Co B    3.00    6/3/2010   EUR     2.57
Lehman Brothers Treasury Co B    4.00   7/27/2011   EUR     2.57
Lehman Brothers Treasury Co B    2.50   11/9/2011   CHF     2.57
Region Invest OOO                7.35    5/4/2021   RUB     0.18
Gold-Zack AG                     7.00  12/14/2005   EUR    12.70
Raiffeisen Schweiz Genossensc    8.99   7/22/2019   EUR    22.21
German Pellets GmbH              8.00               EUR     0.01
Lehman Brothers Treasury Co B    7.00   9/20/2011   USD     2.57
Cooperatieve Rabobank UA         0.50   8/21/2028   MXN    38.15
Lehman Brothers Treasury Co B    7.00    6/6/2017   EUR     2.57
Municipality Finance PLC         0.25   6/28/2040   CAD    33.24
Federal Grid Co Unified Energ    3.20  10/30/2048   RUB    61.00
Eiendomskreditt AS               5.37               NOK    66.96
Astana Finance BV                7.88    6/8/2010   EUR    16.00
AKB Metallinvestbank PAO         8.50   5/21/2020   RUB    56.01
Vontobel Financial Products G   12.35    6/8/2018   EUR    63.03
BNP Paribas Emissions- und Ha   28.00   6/21/2018   EUR    72.10
Leonteq Securities AG/Guernse    6.40    6/4/2020   CHF    58.16
Vnesheconombank                  9.76  12/17/2021   RUB    65.38
EFG International Finance Gue   11.00   7/19/2018   EUR    62.43
Raiffeisen Schweiz Genossensc   10.25  10/30/2018   CHF    54.68
Bank Julius Baer & Co Ltd/Gue    7.00    8/3/2018   CHF    48.45
Bank Julius Baer & Co Ltd/Gue    6.50   6/14/2018   USD    50.20
Bank Julius Baer & Co Ltd/Gue    6.25   2/13/2019   CHF    66.80
Credit Suisse AG/Nassau          8.00  10/25/2018   USD    67.38
Zurcher Kantonalbank Finance     8.40   9/28/2018   CHF    59.33
IDGC of the South PJSC           9.24    7/1/2022   RUB    65.00
Bayerische Landesbank            5.00   8/17/2018   EUR    71.52
Bayerische Landesbank            2.70    7/6/2018   EUR    41.81
Landesbank Baden-Wuerttemberg    5.00   7/27/2018   EUR    71.34
Reso-Leasing OOO                 8.90   10/3/2025   RUB    65.01
Kaupthing ehf                    5.00    1/4/2027   SKK     0.25
Baltic Leasing OOO              12.95   2/12/2021   RUB    64.37
Center-Invest Commercial Bank    8.50  11/13/2018   RUB    60.81
Digital Invest OOO               7.35    4/8/2021   RUB     0.14
Soyuz AKB OAO                    7.40  10/11/2018   RUB    61.39
Turkey Government Bond           8.00   3/12/2025   TRY    72.00
SAir Group                       6.25   4/12/2005   CHF    13.00
Societe Generale SA              0.50   4/30/2023   RUB    72.66
United Confectioners Finance     8.00    4/3/2023   RUB    61.54
Magadan Oblast                   8.00  12/25/2022   RUB    65.31
Lehman Brothers Treasury Co B   23.30   9/16/2008   USD     2.57
City of St Petersburg Russia     7.65   12/4/2026   RUB    61.70
Lehman Brothers Treasury Co B   16.00   10/8/2008   CHF     2.57
Lehman Brothers Treasury Co B    6.00   9/20/2011   EUR     2.57
Petromena ASA                    9.75   5/24/2016   NOK     0.61
Lehman Brothers Treasury Co B    6.00   12/6/2016   USD     2.57
Lehman Brothers Treasury Co B    4.05   9/16/2008   EUR     2.57
Otkritie Holding JSC            11.50   7/20/2028   RUB    10.60
Deutsche Bank AG                 6.20   6/19/2018   EUR    66.80
Vontobel Financial Products G   10.50   6/22/2018   EUR    54.11
HSBC Trinkaus & Burkhardt AG     7.00   6/22/2018   EUR    71.11
Credit Suisse AG/Nassau         10.00  10/29/2018   CHF    62.80
UBS AG/London                    8.75    6/6/2019   EUR    64.50
Vontobel Financial Products G    2.50   9/28/2018   EUR    57.38
Vontobel Financial Products G    7.50   6/22/2018   EUR    56.93
Leonteq Securities AG/Guernse   15.20  11/28/2018   USD    62.07
Bank Julius Baer & Co Ltd/Gue    5.50   8/27/2018   CHF    63.40
Raiffeisen Schweiz Genossensc    9.10    3/8/2019   CHF    59.23
Main Road JSC                    4.50  11/22/2028   RUB    52.25
Noyabrskaya Pge OOO              8.50  11/10/2020   RUB    60.00
Zurcher Kantonalbank Finance     3.00   7/22/2019   CHF    53.05
DZ Bank AG Deutsche Zentral-G    6.75   9/24/2018   EUR    58.74
Credit Suisse AG/London          9.86   2/27/2020   USD     9.70
UniCredit Bank AG                3.80   7/23/2020   EUR    42.94
Leonteq Securities AG            3.00   9/19/2019   CHF    62.67
National Developing Co PAO      12.00   7/19/2018   RUB     1.50
Deutsche Bank AG                 5.20   6/19/2018   EUR    66.80
Rosneft Oil Co PJSC              9.40  11/28/2024   RUB    63.00
Waste Management NN CJSC         5.50   6/15/2022   RUB    59.82
Region Invest OOO                9.53   1/12/2021   RUB     0.28
Lehman Brothers Treasury Co B    5.00   4/24/2017   EUR     2.57
RGS Nedvizhimost OOO            12.50   2/25/2021   RUB     0.34
Region Invest OOO                7.35   4/19/2021   RUB     0.14
Lehman Brothers Treasury Co B    5.00   2/28/2032   EUR     2.57
RGS Nedvizhimost OOO            12.50   1/19/2021   RUB     0.34
Lehman Brothers Treasury Co B    3.50  10/31/2011   USD     2.57
Lehman Brothers Treasury Co B    9.00   5/15/2022   USD     2.57
Region Invest OOO               10.50   9/12/2019   RUB     0.17
KPNQwest NV                      7.13    6/1/2009   EUR     0.08
Nota-Bank OJSC                  13.50    4/1/2016   RUB    31.50
Lehman Brothers Holdings PLC     3.03   3/24/2009   JPY     2.76
Bashneft PJSC                   10.50   5/12/2026   RUB    60.00
ECM Real Estate Investments A    5.00   10/9/2011   EUR    15.38
Rosselkhozbank JSC               6.60   9/18/2023   RUB    62.02
Lehman Brothers Treasury Co B   13.00   2/16/2009   CHF     2.57
AKB Peresvet ZAO                13.00   10/7/2017   RUB    23.38
KPNQwest NV                      8.88    2/1/2008   EUR     0.08
KPNQwest NV                      8.88    2/1/2008   EUR     0.08
Lehman Brothers Treasury Co B    7.60    3/4/2010   NZD     2.57
Lehman Brothers Treasury Co B   10.00   6/17/2009   USD     2.57
Region Invest OOO               10.36   7/19/2022   RUB     0.17
Municipality Finance PLC         0.50   5/31/2022   ZAR    70.97
IDGC of Centre PJSC             11.58  11/11/2025   RUB   116.50
Lehman Brothers Treasury Co B    0.50    7/2/2020   EUR     2.57
Lehman Brothers Treasury Co B    2.50   8/15/2012   CHF     2.57
Rosbank PJSC                     0.01   4/30/2024   RUB    61.40
Lehman Brothers Treasury Co B    5.25    7/8/2014   EUR     2.57
Societe Generale SA              0.50    4/4/2024   MXN    59.82
Lehman Brothers Treasury Co B    6.00  10/30/2012   EUR     2.57
KIT Finance Capital OOO         10.53    9/4/2019   RUB    66.67
Stroytemp CJSC                   9.00  11/13/2019   RUB     1.00
Promnefteservis OOO             10.50  11/21/2019   RUB     1.01
National Developing Co PAO      16.00   4/15/2021   RUB     1.00
Lehman Brothers Treasury Co B    0.50   2/16/2009   EUR     2.57
Lehman Brothers Treasury Co B    7.25   6/20/2010   USD     2.57
Otkritie Holding JSC            10.00   9/17/2027   RUB     9.10
TransFin-M PAO                  12.00   11/1/2019   RUB   103.87
Lehman Brothers Treasury Co B    7.00   4/14/2009   EUR     2.57
BNP Paribas SA                   0.50  11/16/2032   MXN    24.54
Kaupthing ehf                    6.13   10/4/2016   USD     0.25
RGS Nedvizhimost OOO            12.50   7/22/2021   RUB     0.34
Otkritie Holding JSC            11.50   5/26/2032   RUB    30.58
Bashneft PJSC                   12.10    6/3/2025   RUB    60.00
Kaupthing ehf                    7.50    2/1/2045   USD     0.26
Banca Adriatica Spa              7.20   6/30/2018   EUR     1.24
HSBC Bank PLC                    0.50  11/25/2025   BRL    46.63
Societe Generale SA              0.50    4/3/2023   RUB    73.22
Kommunalbanken AS                0.50  12/16/2020   TRY    67.08
SUEK Finance OOO                12.50   8/19/2025   RUB    66.01
TransFin-M PAO                  10.50  11/11/2024   RUB    61.40
Societe Generale SA              1.14   1/31/2034   USD    63.13
OOO SPV Structural Investment    0.01    9/1/2023   RUB    73.89
RGS Nedvizhimost OOO            12.00  10/18/2017   RUB     0.34
Deutsche Bank AG                 4.20   6/19/2018   EUR    72.50
UBS AG/London                   22.70   9/27/2018   EUR    59.77
BNP Paribas Emissions- und Ha   16.00   9/27/2018   EUR    63.36
Vontobel Financial Products G    9.50   6/22/2018   EUR    53.66
UniCredit Bank AG                5.20    5/4/2020   USD    58.26
UBS AG/London                    6.00   8/30/2019   CHF    54.80
Vontobel Financial Products G    7.55   1/25/2019   EUR    72.75
HSBC Trinkaus & Burkhardt AG     6.20   6/22/2018   EUR    72.91
EFG International Finance Gue    6.00    8/3/2020   USD    65.86
Vontobel Financial Products G    7.00  12/27/2019   EUR    67.25
Finca Uco Cjsc                   7.50   2/22/2019   USD    25.75
Araratbank OJSC                  6.50  10/29/2019   USD    25.65
Bank J Safra Sarasin AG/Guern   12.10    7/6/2018   CHF    50.25
Rossiysky Capital OJSC           7.75   1/16/2020   RUB    63.01
Araratbank OJSC                  8.00   6/10/2018   USD    25.48
Bank Julius Baer & Co Ltd/Gue   14.40   1/24/2019   USD    68.85
Deutsche Bank AG                 4.20   6/19/2018   EUR    66.49
Deutsche Bank AG                 6.20   6/19/2018   EUR    63.26
Bayerische Landesbank            3.00   10/5/2018   EUR    50.07
Erste Group Bank AG              4.00  10/19/2019   EUR    76.90
Lehman Brothers Treasury Co B    2.50   8/23/2012   GBP     2.57
Otkritie Holding JSC            10.00   4/20/2028   RUB    10.50
Lehman Brothers Treasury Co B    1.75    2/7/2010   EUR     2.57
UAHM-Finance OOO                 3.00   3/30/2021   RUB   100.00
Whale Finance LLC                8.75   3/13/2019   RUB    51.00
Kaupthing ehf                    9.75   9/10/2015   USD     0.25
Rusfinans Bank OOO               8.05   10/2/2018   RUB    64.01
Lehman Brothers Treasury Co B   11.00  12/20/2017   AUD     2.57
Phosphorus Holdco PLC           10.00    4/1/2019   GBP     3.18
Lehman Brothers Treasury Co B   10.00    1/3/2012   BRL     2.57
Lehman Brothers Treasury Co B    0.50  12/20/2017   USD     2.57
Kaupthing ehf                    7.00   7/24/2009   ISK     0.25
Landesbank Baden-Wuerttemberg    3.10  10/25/2019   EUR    60.06
UniCredit Bank AG                5.40  11/29/2019   USD    52.11
Bayerische Landesbank            2.60  11/16/2018   EUR    52.73
Araratbank OJSC                  7.25   6/27/2018   USD    25.40
Center-Invest Commercial Bank   10.50   7/20/2018   RUB    63.01
Rusfinans Bank OOO               8.05   6/30/2020   RUB    61.43
AKB Peresvet ZAO                12.75   7/24/2018   RUB    18.21
Federal Grid Co Unified Energ    3.20  10/30/2048   RUB    61.00
Lloyds Bank PLC                  0.50   7/26/2028   MXN    36.51
Credit Suisse AG                 0.50  12/16/2025   BRL    48.07
Credit Suisse AG/London          3.00  11/15/2025   ZAR    67.66
Center-Invest Commercial Bank    8.25   5/22/2019   RUB    61.41
Lehman Brothers Treasury Co B    4.10   5/20/2009   USD     2.57
Heta Asset Resolution AG         4.88  12/31/2023   EUR    34.63
BNP Paribas Emissions- und Ha    6.00   6/21/2018   EUR    53.65
UniCredit Bank AG               13.30   6/28/2019   EUR    69.13
First Mortgage Co Universal C    6.50  12/12/2019   USD    25.36
DZ Bank AG Deutsche Zentral-G    8.50   9/28/2018   EUR    61.24
DZ Bank AG Deutsche Zentral-G    9.25   6/22/2018   EUR    74.03
Raiffeisen Centrobank AG        12.39   6/25/2019   EUR    70.55
DZ Bank AG Deutsche Zentral-G    9.00   6/18/2018   EUR    59.69
Vontobel Financial Products G   14.50   6/22/2018   EUR    63.29
Vontobel Financial Products G    8.50   6/22/2018   EUR    56.03
Zurcher Kantonalbank Finance     5.00   8/12/2019   CHF    52.37
VTB Bank PJSC                    3.00   8/14/2043   RUB    65.00
Vontobel Financial Products G   13.00   6/28/2019   EUR    68.28
Vontobel Financial Products G    9.00   1/25/2019   EUR    66.49
VTB Bank PJSC                    3.00   9/18/2046   RUB    65.00
Goldman Sachs & Co Wertpapier   17.00   6/20/2018   EUR    76.20
Lehman Brothers Treasury Co B   12.00   7/13/2037   JPY     2.57
Credit Suisse AG/London          0.50    1/8/2026   BRL    46.90
AKB Peresvet ZAO                13.25   4/25/2018   RUB    23.38
Lehman Brothers Treasury Co B    9.30  12/21/2010   EUR     2.57
Lehman Brothers Treasury Co B    8.00   5/22/2009   USD     2.57
Lehman Brothers Treasury Co B    2.00   6/28/2011   EUR     2.57
Rusfinans Bank OOO               9.95   8/22/2019   RUB    63.49
Lehman Brothers Treasury Co B    3.00   12/3/2012   EUR     2.57
Landesbank Hessen-Thueringen     7.77   7/15/2021   EUR    67.14
Lehman Brothers Treasury Co B    4.70   3/23/2016   EUR     2.57
Lehman Brothers Treasury Co B    3.03   1/31/2015   EUR     2.57
Lehman Brothers Treasury Co B    5.25  11/21/2009   USD     2.57
Lehman Brothers Treasury Co B    5.12   4/30/2027   EUR     2.57
Lehman Brothers Treasury Co B    2.00  11/16/2009   EUR     2.57
Sviaz Bank OAO                   9.75   12/9/2021   RUB    68.01
Northland Resources AB          15.00   7/15/2019   USD     2.62
Lehman Brothers Treasury Co B    5.00  11/22/2012   EUR     2.57
BNP Paribas Emissions- und Ha   10.00  12/31/2018   EUR    45.76
BNP Paribas Emissions- und Ha    8.50   9/27/2018   EUR    73.40
BNP Paribas Emissions- und Ha   11.00   9/27/2018   EUR    71.13
BNP Paribas Emissions- und Ha   12.00   6/21/2018   EUR    58.99
UBS AG/London                   16.60   9/27/2018   EUR    64.30
BNP Paribas Emissions- und Ha   28.00   6/21/2018   EUR    74.51
Commerzbank AG                  12.50  11/23/2018   EUR    64.16
BNP Paribas Emissions- und Ha   24.00   6/21/2018   EUR    74.36
BNP Paribas Emissions- und Ha   20.00   6/21/2018   EUR    50.94
BNP Paribas Emissions- und Ha    9.50   9/27/2018   EUR    66.73
Zurcher Kantonalbank Finance     4.50   11/2/2018   CHF    55.65
Vontobel Financial Products G   10.50   9/21/2018   EUR    70.55
Zurcher Kantonalbank Finance     6.60    4/3/2019   CHF    63.81
Vontobel Financial Products G   12.00   9/14/2018   EUR    68.48
Commerzbank AG                   1.00   11/2/2020   USD
BNP Paribas Emissions- und Ha   23.00   6/21/2018   EUR    76.99
Commerzbank AG                  10.00    1/2/2019   EUR    67.46
Commerzbank AG                  11.00    1/2/2019   EUR    66.10
Commerzbank AG                  13.50   9/28/2018   EUR    62.64
Deutsche Bank AG                 4.20   6/19/2018   EUR    73.00
Deutsche Bank AG                 6.20   6/19/2018   EUR    68.30
Deutsche Bank AG                 6.20   9/25/2018   EUR    70.00
Deutsche Bank AG                 6.20  12/27/2018   EUR    71.50
Commerzbank AG                   9.75   9/28/2018   EUR    46.60
Vontobel Financial Products G   11.00   9/28/2018   EUR    68.58
Vontobel Financial Products G   10.00   9/28/2018   EUR    70.56
Deutsche Bank AG                 4.20   6/19/2018   EUR    71.00
BNP Paribas Emissions- und Ha    6.50  12/31/2018   EUR    64.77
Commerzbank AG                  10.50  10/26/2018   EUR    70.89
UBS AG/London                   10.10   6/22/2018   EUR    62.67
HSBC Trinkaus & Burkhardt AG     9.80   9/28/2018   EUR    70.64
Vontobel Financial Products G    5.50   9/28/2018   EUR    51.31
Vontobel Financial Products G   13.00    1/2/2019   EUR    66.58
Deutsche Bank AG                 6.20   6/19/2018   EUR    72.60
BNP Paribas Emissions- und Ha    3.00  12/31/2018   EUR    71.45
Vontobel Financial Products G    4.00   9/28/2018   EUR    54.13
Commerzbank AG                  10.50  10/26/2018   EUR    70.20
Credit Suisse AG/London          8.25   9/27/2018   USD    58.02
Commerzbank AG                  14.25   7/27/2018   EUR    71.65
Raiffeisen Centrobank AG         5.66   3/19/2019   EUR    69.82
BNP Paribas Emissions- und Ha   10.00   9/27/2018   EUR    72.40
UBS AG/London                   10.40   9/27/2018   EUR    70.55
Commerzbank AG                  15.25   6/22/2018   EUR    71.92
Commerzbank AG                  12.00   9/28/2018   EUR    71.60
Vontobel Financial Products G   11.55   6/22/2018   EUR    68.29
UBS AG/London                   16.10   9/27/2018   EUR    64.33
BNP Paribas Emissions- und Ha   12.00   6/21/2018   EUR    71.86
BNP Paribas Emissions- und Ha   21.00   6/21/2018   EUR    66.75
BNP Paribas Emissions- und Ha   12.00  12/31/2018   EUR    72.78
BNP Paribas Emissions- und Ha   24.00   6/21/2018   EUR    51.10
BNP Paribas Emissions- und Ha   15.00   9/27/2018   EUR    60.37
UBS AG/London                   17.50   9/27/2018   EUR    70.58
BNP Paribas Emissions- und Ha   15.00   6/21/2018   EUR    74.43
Leonteq Securities AG/Guernse   10.20  12/20/2018   CHF    64.28
Leonteq Securities AG/Guernse   12.20  12/20/2018   USD    64.95
Commerzbank AG                   5.75   9/28/2018   EUR    54.61
Vontobel Financial Products G   12.50   9/28/2018   EUR    66.88
Vontobel Financial Products G   10.00   6/22/2018   EUR    70.73
BNP Paribas Emissions- und Ha   10.00  12/31/2018   EUR    64.89
EFG International Finance Gue   11.80  10/18/2018   EUR    70.84
Commerzbank AG                   7.75   9/28/2018   EUR    49.69
Commerzbank AG                  11.75   9/28/2018   EUR    44.38
Vontobel Financial Products G   13.55   6/22/2018   EUR    66.05
Commerzbank AG                   8.00   9/28/2018   EUR    73.57
Raiffeisen Schweiz Genossensc   10.50  10/16/2018   CHF    56.87
BNP Paribas Emissions- und Ha   16.00   6/21/2018   EUR    69.18
Vontobel Financial Products G    8.75   9/28/2018   EUR    65.54
Deutsche Bank AG                 4.20   6/19/2018   EUR    66.70
Leonteq Securities AG/Guernse   13.20   1/16/2019   CHF    61.35
Commerzbank AG                  11.50  10/26/2018   EUR    69.61
UBS AG/London                    9.40   6/22/2018   EUR    47.59
Vontobel Financial Products G    8.00   9/28/2018   EUR    47.85
UniCredit Bank AG               10.70   3/22/2019   EUR    72.68
BNP Paribas Emissions- und Ha   16.00   6/21/2018   EUR    74.30
BNP Paribas Emissions- und Ha   17.00   6/21/2018   EUR    54.69
BNP Paribas Emissions- und Ha   10.00   6/21/2018   EUR    46.24
BNP Paribas Emissions- und Ha    7.50  12/31/2018   EUR    70.83
BNP Paribas Emissions- und Ha    6.00   9/27/2018   EUR    47.60
BNP Paribas Emissions- und Ha   11.00   6/21/2018   EUR    71.36
BNP Paribas Emissions- und Ha    9.50  12/31/2018   EUR    73.47
BNP Paribas Emissions- und Ha    9.50   6/21/2018   EUR    64.22
BNP Paribas Emissions- und Ha    8.50   9/27/2018   EUR    66.42
BNP Paribas Emissions- und Ha   10.00  12/31/2018   EUR    64.13
Vontobel Financial Products G   12.05   6/15/2018   EUR    68.09
Commerzbank AG                  14.25   8/24/2018   EUR    61.59
Commerzbank AG                  13.75   8/24/2018   EUR    72.54
Commerzbank AG                   8.00    1/2/2019   EUR    70.20
Commerzbank AG                  13.00  10/26/2018   EUR    63.40
Vontobel Financial Products G   12.35  12/14/2018   EUR    69.43
BNP Paribas Emissions- und Ha   23.00   9/27/2018   EUR    70.78
Landesbank Baden-Wuerttemberg    5.00    1/4/2019   EUR    72.00
BNP Paribas Emissions- und Ha   19.00   6/21/2018   EUR    75.65
BNP Paribas Emissions- und Ha   12.00   6/21/2018   EUR    42.73
BNP Paribas Emissions- und Ha    7.50   6/21/2018   EUR    76.39
BNP Paribas Emissions- und Ha   10.00  12/31/2018   EUR    74.29
BNP Paribas Emissions- und Ha   13.00   6/21/2018   EUR    40.68
BNP Paribas Emissions- und Ha    7.00   6/21/2018   EUR    72.59
Vontobel Financial Products G    9.00  10/30/2018   EUR    70.45
BNP Paribas Emissions- und Ha   10.00   9/27/2018   EUR    72.31
BNP Paribas Emissions- und Ha   12.00   9/27/2018   EUR    69.32
BNP Paribas Emissions- und Ha   11.00   6/21/2018   EUR    63.03
BNP Paribas Emissions- und Ha   12.00   6/21/2018   EUR    59.55
BNP Paribas Emissions- und Ha    7.50  12/31/2018   EUR    75.33
BNP Paribas Emissions- und Ha    8.50  12/31/2018   EUR    68.41
BNP Paribas Emissions- und Ha    7.00   6/21/2018   EUR    70.50
BNP Paribas Emissions- und Ha   10.00   6/21/2018   EUR    64.78
Vontobel Financial Products G   15.05   9/14/2018   EUR    65.15
Deutsche Bank AG                 8.20   6/19/2018   EUR    73.20
UniCredit Bank AG               14.50    1/4/2019   EUR    10.44
HSBC Trinkaus & Burkhardt AG    10.10  12/28/2018   EUR    48.70
HSBC Trinkaus & Burkhardt AG     4.10  12/28/2018   EUR    60.97
BNP Paribas Emissions- und Ha   21.00   6/21/2018   EUR    73.35
BNP Paribas Emissions- und Ha   15.00   9/27/2018   EUR    58.57
Commerzbank AG                   9.00    1/2/2019   EUR    68.82
Commerzbank AG                  12.00    1/2/2019   EUR    65.23
Vontobel Financial Products G   13.00   9/28/2018   EUR    67.04
Deutsche Bank AG                 4.20   6/19/2018   EUR    68.20
Deutsche Bank AG                 4.20   9/25/2018   EUR    74.20
Deutsche Bank AG                 4.20  12/27/2018   EUR    70.40
Commerzbank AG                   9.00   7/27/2018   EUR    70.40
Commerzbank AG                  15.00   7/27/2018   EUR    60.64
Deutsche Bank AG                 4.20   9/25/2018   EUR    69.40
Commerzbank AG                  10.00   9/28/2018   EUR    46.07
HSBC Trinkaus & Burkhardt AG     8.70   8/24/2018   EUR    50.15
BNP Paribas Emissions- und Ha   29.00   6/21/2018   EUR    72.53
Commerzbank AG                  10.50   6/22/2018   EUR    69.66
Commerzbank AG                   9.50   8/24/2018   EUR    71.13
Leonteq Securities AG/Guernse   13.40    1/3/2019   EUR    62.31
HSBC Trinkaus & Burkhardt AG    11.10   9/28/2018   EUR    46.53
HSBC Trinkaus & Burkhardt AG     6.10  12/28/2018   EUR    54.69
BNP Paribas Emissions- und Ha   18.00   6/21/2018   EUR    72.77
BNP Paribas Emissions- und Ha   10.00  12/31/2018   EUR    74.21
Credit Suisse AG/London          8.00   10/9/2018   USD    58.35
BNP Paribas Emissions- und Ha    8.00   6/21/2018   EUR    66.45
BNP Paribas Emissions- und Ha   13.00   6/21/2018   EUR    53.44
BNP Paribas Emissions- und Ha    9.50   6/21/2018   EUR    66.98
BNP Paribas Emissions- und Ha    6.00  12/31/2018   EUR    49.09
Raiffeisen Schweiz Genossensc    6.75   3/15/2019   CHF    64.33
Commerzbank AG                   5.25  10/26/2018   EUR    54.48
Commerzbank AG                   9.25  10/26/2018   EUR    46.50
Vontobel Financial Products G    8.50   9/28/2018   EUR    67.67
Commerzbank AG                   9.25   6/22/2018   EUR    45.26
HSBC Trinkaus & Burkhardt AG     4.50   9/28/2018   EUR    45.49
HSBC Trinkaus & Burkhardt AG     8.00  12/28/2018   EUR    44.18
Commerzbank AG                   5.25   6/22/2018   EUR    53.20
DZ Bank AG Deutsche Zentral-G    8.50   9/24/2018   EUR    61.07
Vontobel Financial Products G    4.50   3/22/2019   EUR    53.31
HSBC Trinkaus & Burkhardt AG     7.80   9/28/2018   EUR    65.66
HSBC Trinkaus & Burkhardt AG     7.60  12/28/2018   EUR    67.31
Commerzbank AG                   6.50   6/22/2018   EUR    64.54
DZ Bank AG Deutsche Zentral-G    6.25  11/23/2018   EUR    47.11
Raiffeisen Centrobank AG         8.86   9/25/2018   EUR    69.89
Commerzbank AG                   7.25  10/26/2018   EUR    49.37
Commerzbank AG                  11.25  10/26/2018   EUR    44.58
UBS AG/London                    6.90   6/22/2018   EUR    51.38
Commerzbank AG                  15.75   7/27/2018   EUR    73.55
Commerzbank AG                   3.25   6/22/2018   EUR    62.13
Commerzbank AG                  14.00   9/28/2018   EUR    74.11
Commerzbank AG                  15.00   8/24/2018   EUR    73.73
BNP Paribas Emissions- und Ha    5.00  12/31/2018   EUR    75.65
HSBC Trinkaus & Burkhardt AG     6.50   9/28/2018   EUR    69.69
HSBC Trinkaus & Burkhardt AG     7.60  12/28/2018   EUR    67.31
Commerzbank AG                   5.50   9/28/2018   EUR    65.94
BNP Paribas Emissions- und Ha    9.00   9/27/2018   EUR    76.16
Bank Julius Baer & Co Ltd/Gue   11.50  10/10/2018   USD    59.55
Raiffeisen Schweiz Genossensc   10.00  10/16/2018   CHF    54.91
Bank Julius Baer & Co Ltd/Gue    8.35   9/24/2018   USD    59.65
Commerzbank AG                   7.25   6/22/2018   EUR    48.37
DZ Bank AG Deutsche Zentral-G    7.60   6/18/2018   EUR    71.19
Raiffeisen Centrobank AG         7.37   3/19/2019   EUR    60.18
BNP Paribas Emissions- und Ha    5.00   6/27/2019   EUR    75.72
Deutsche Bank AG                 6.20   9/25/2018   EUR    67.30
EFG International Finance Gue    7.66   10/5/2018   USD    58.10
Commerzbank AG                  10.50  10/26/2018   EUR    45.43
Raiffeisen Centrobank AG         7.65   3/19/2019   EUR    70.93
BNP Paribas Emissions- und Ha   12.00   6/21/2018   EUR    69.81
BNP Paribas Emissions- und Ha   23.00   6/21/2018   EUR    64.90
BNP Paribas Emissions- und Ha    8.00  12/31/2018   EUR    73.50
BNP Paribas Emissions- und Ha   18.00   9/27/2018   EUR    58.20
BNP Paribas Emissions- und Ha    7.50  12/31/2018   EUR    69.43
Vontobel Financial Products G   10.50  10/26/2018   EUR    69.42
BNP Paribas Emissions- und Ha   17.00   9/27/2018   EUR    73.53
DZ Bank AG Deutsche Zentral-G   10.75   9/28/2018   EUR    48.30
DZ Bank AG Deutsche Zentral-G    5.00   9/28/2018   EUR    72.45
BNP Paribas Emissions- und Ha   10.00   6/21/2018   EUR    73.82
BNP Paribas Emissions- und Ha   13.00  12/31/2018   EUR    61.42
Commerzbank AG                   6.75   6/22/2018   EUR    67.38
Commerzbank AG                   9.50  10/26/2018   EUR    65.55
Commerzbank AG                  17.00   6/22/2018   EUR    72.54
Vontobel Financial Products G    8.75   9/28/2018   EUR    70.70
HSBC Trinkaus & Burkhardt AG     6.80   6/22/2018   EUR    68.08
HSBC Trinkaus & Burkhardt AG     6.80   6/22/2018   EUR    68.08
HSBC Trinkaus & Burkhardt AG     6.50   9/28/2018   EUR    69.69
Deutsche Bank AG                 6.20   6/19/2018   EUR    70.50
Deutsche Bank AG                 6.20   6/19/2018   EUR    65.70
UBS AG/London                   17.00   6/28/2018   EUR    53.51
UBS AG/London                   11.30   6/28/2018   EUR    59.67
Vontobel Financial Products G   16.30    6/8/2018   EUR    68.24
Vontobel Financial Products G   13.30   9/14/2018   EUR    72.07
Vontobel Financial Products G    6.25   6/15/2018   EUR    52.70
Vontobel Financial Products G    4.35   9/14/2018   EUR    75.44
Goldman Sachs & Co Wertpapier   23.00   6/20/2018   EUR    68.97
Goldman Sachs & Co Wertpapier   22.00   6/20/2018   EUR    75.50
Goldman Sachs & Co Wertpapier   22.00   6/20/2018   EUR    72.26
Goldman Sachs & Co Wertpapier   20.00   7/25/2018   EUR    74.22
HSBC Trinkaus & Burkhardt AG     4.60   6/22/2018   EUR    70.60
HSBC Trinkaus & Burkhardt AG     6.20  12/28/2018   EUR    68.80
HSBC Trinkaus & Burkhardt AG     6.40   8/24/2018   EUR    66.93
HSBC Trinkaus & Burkhardt AG     7.60   6/22/2018   EUR    50.10
HSBC Trinkaus & Burkhardt AG     5.50   6/22/2018   EUR    55.15
HSBC Trinkaus & Burkhardt AG    10.30   9/28/2018   EUR    47.47
HSBC Trinkaus & Burkhardt AG     7.50   9/28/2018   EUR    52.10
HSBC Trinkaus & Burkhardt AG     9.00   8/24/2018   EUR    48.80
Leonteq Securities AG/Guernse   10.60   3/15/2019   CHF    51.73
Leonteq Securities AG/Guernse   13.00   3/15/2019   EUR    67.62
UniCredit Bank AG               11.80   9/28/2018   EUR    64.85
UniCredit Bank AG               13.30   9/28/2018   EUR    63.47
UniCredit Bank AG               14.90   9/28/2018   EUR    62.18
Deutsche Bank AG                 3.20   3/19/2019   EUR    69.50
Deutsche Bank AG                 3.20   6/25/2019   EUR    69.30
Vontobel Financial Products G    8.00    1/2/2019   EUR    59.69
Vontobel Financial Products G   10.00    1/2/2019   EUR    60.08
BNP Paribas Emissions- und Ha   17.00  12/31/2018   EUR    63.69
BNP Paribas Emissions- und Ha   13.00  12/31/2018   EUR    60.45
BNP Paribas Emissions- und Ha   15.00  12/31/2018   EUR    58.38
BNP Paribas Emissions- und Ha   13.00   6/21/2018   EUR    61.98
BNP Paribas Emissions- und Ha   15.00   6/21/2018   EUR    57.69
BNP Paribas Emissions- und Ha   19.00   6/21/2018   EUR    54.06
BNP Paribas Emissions- und Ha   16.00   9/27/2018   EUR    58.06
BNP Paribas Emissions- und Ha   18.00   9/27/2018   EUR    55.41
BNP Paribas Emissions- und Ha   20.00   6/21/2018   EUR    70.12
BNP Paribas Emissions- und Ha    7.00  12/31/2018   EUR    71.37
BNP Paribas Emissions- und Ha    8.00   9/27/2018   EUR    70.03
BNP Paribas Emissions- und Ha   17.00   9/27/2018   EUR    60.98
BNP Paribas Emissions- und Ha   18.00   6/21/2018   EUR    69.25
BNP Paribas Emissions- und Ha    8.00   6/21/2018   EUR    70.54
BNP Paribas Emissions- und Ha    9.00   6/21/2018   EUR    70.58
BNP Paribas Emissions- und Ha   13.00   6/21/2018   EUR    64.35
BNP Paribas Emissions- und Ha   20.00   6/21/2018   EUR    59.30
BNP Paribas Emissions- und Ha    9.00   9/27/2018   EUR    72.72
BNP Paribas Emissions- und Ha    8.00  12/31/2018   EUR    74.08
BNP Paribas Emissions- und Ha   14.00  12/31/2018   EUR    66.40
Vontobel Financial Products G    7.00   1/25/2019   EUR    66.22
Leonteq Securities AG/Guernse    8.00  12/27/2019   EUR    69.20
Raiffeisen Schweiz Genossensc    8.75  12/27/2018   CHF    48.96
Commerzbank AG                   5.50   8/24/2018   EUR    70.60
Commerzbank AG                   6.50   8/24/2018   EUR    68.58
Commerzbank AG                   5.75   9/28/2018   EUR    70.40
Commerzbank AG                   6.00  10/26/2018   EUR    70.38
Commerzbank AG                   7.00  10/26/2018   EUR    68.42
Commerzbank AG                   8.00  10/26/2018   EUR    66.81
HSBC Trinkaus & Burkhardt AG     9.60  12/28/2018   EUR    66.60
Vontobel Financial Products G   17.00   9/28/2018   EUR    72.15
Vontobel Financial Products G   15.55   9/28/2018   EUR    71.69
DZ Bank AG Deutsche Zentral-G    7.25   6/18/2018   EUR    57.92
DZ Bank AG Deutsche Zentral-G    8.25  12/24/2018   EUR    62.13
DZ Bank AG Deutsche Zentral-G    8.25   3/18/2019   EUR    63.89
DZ Bank AG Deutsche Zentral-G   11.00    1/2/2019   EUR    72.85
DZ Bank AG Deutsche Zentral-G    5.75   6/22/2018   EUR    74.36
DZ Bank AG Deutsche Zentral-G    5.25   3/22/2019   EUR    65.11
DZ Bank AG Deutsche Zentral-G   13.00   6/22/2018   EUR    72.19
DZ Bank AG Deutsche Zentral-G   12.25   6/22/2018   EUR    72.96
DZ Bank AG Deutsche Zentral-G   12.25   6/22/2018   EUR    69.57
DZ Bank AG Deutsche Zentral-G    8.00   6/22/2018   EUR    69.37
DZ Bank AG Deutsche Zentral-G    9.25   6/22/2018   EUR    66.67
DZ Bank AG Deutsche Zentral-G    8.25   9/28/2018   EUR    72.84
DZ Bank AG Deutsche Zentral-G   10.50   9/28/2018   EUR    70.12
DZ Bank AG Deutsche Zentral-G    4.25   9/28/2018   EUR    79.47
DZ Bank AG Deutsche Zentral-G    8.50    1/2/2019   EUR    74.67
Deutsche Bank AG                 6.20   6/19/2018   EUR    69.80
Deutsche Bank AG                 4.20   6/19/2018   EUR    69.70
Deutsche Bank AG                 4.20   9/25/2018   EUR    70.80
Deutsche Bank AG                 6.20   9/25/2018   EUR    71.50
Deutsche Bank AG                 6.20  12/27/2018   EUR    72.90
Deutsche Bank AG                 4.20  12/27/2018   EUR    71.80
DZ Bank AG Deutsche Zentral-G   12.25    1/2/2019   EUR    69.59
DZ Bank AG Deutsche Zentral-G    7.70   6/18/2018   EUR    63.61
BNP Paribas Emissions- und Ha   16.00   6/21/2018   EUR    42.28
BNP Paribas Emissions- und Ha    8.00  12/31/2018   EUR    46.06
BNP Paribas Emissions- und Ha   13.00  12/31/2018   EUR    48.91
BNP Paribas Emissions- und Ha   19.00  12/31/2018   EUR    52.32
BNP Paribas Emissions- und Ha    6.00  12/31/2018   EUR    44.92
BNP Paribas Emissions- und Ha   10.00  12/31/2018   EUR    47.20
BNP Paribas Emissions- und Ha   16.00  12/31/2018   EUR    50.62
Vontobel Financial Products G    6.50    1/2/2019   EUR    53.32
Vontobel Financial Products G    5.50    1/2/2019   EUR    52.74
Vontobel Financial Products G    4.05   9/28/2018   EUR    53.68
Vontobel Financial Products G    5.05   9/28/2018   EUR    53.99
Vontobel Financial Products G   10.50   9/28/2018   EUR    55.70
Vontobel Financial Products G   13.50   9/28/2018   EUR    56.64
Vontobel Financial Products G   12.55    1/2/2019   EUR    56.80
Vontobel Financial Products G   11.55    1/2/2019   EUR    56.22
Vontobel Financial Products G   10.50    1/2/2019   EUR    55.62
Vontobel Financial Products G    8.50    1/2/2019   EUR    54.47
Vontobel Financial Products G    7.50    1/2/2019   EUR    53.89
Vontobel Financial Products G   11.80    6/8/2018   EUR    49.77
Vontobel Financial Products G    8.95    6/8/2018   EUR    49.74
Vontobel Financial Products G    5.15    6/8/2018   EUR    49.71
Vontobel Financial Products G   13.05    3/8/2019   EUR    75.40
Vontobel Financial Products G    7.00    6/8/2018   EUR    56.09
Vontobel Financial Products G    9.65    6/8/2018   EUR    70.14
Vontobel Financial Products G    5.25    6/8/2018   EUR    73.59
Vontobel Financial Products G    8.70    6/8/2018   EUR    73.62
Vontobel Financial Products G    6.25    6/8/2018   EUR    57.42
Vontobel Financial Products G    6.00   6/22/2018   EUR    70.54
Vontobel Financial Products G    6.50   6/22/2018   EUR    68.05
Leonteq Securities AG            7.00   8/15/2018   EUR    74.68
Vontobel Financial Products G    6.70    3/8/2019   EUR    74.65
Vontobel Financial Products G    8.50   6/22/2018   EUR    63.63
Vontobel Financial Products G   10.00   6/22/2018   EUR    59.74
Vontobel Financial Products G   12.00   6/22/2018   EUR    56.34
UniCredit Bank AG               14.50   6/22/2018   EUR    75.20
UniCredit Bank AG               14.40   6/22/2018   EUR    69.80
UniCredit Bank AG               10.40   6/22/2018   EUR    58.45
UniCredit Bank AG                8.10   6/22/2018   EUR    63.16
UniCredit Bank AG               14.20   6/22/2018   EUR    69.85
Bank Julius Baer & Co Ltd/Gue   10.20  11/15/2018   CHF    58.05
UniCredit Bank AG               13.90   6/22/2018   EUR    72.23
UniCredit Bank AG               13.60   6/22/2018   EUR    57.11
UniCredit Bank AG               10.50   6/22/2018   EUR    44.70
UniCredit Bank AG                5.80   6/22/2018   EUR    69.24
UniCredit Bank AG                7.70   6/22/2018   EUR    50.07
UniCredit Bank AG                9.10   6/22/2018   EUR    47.22
UniCredit Bank AG                4.40   6/22/2018   EUR    73.31
UniCredit Bank AG               12.00   6/22/2018   EUR    42.45
UniCredit Bank AG                7.50   6/22/2018   EUR    65.71
DZ Bank AG Deutsche Zentral-G    9.75   9/26/2018   EUR    72.37
Vontobel Financial Products G    7.00   6/22/2018   EUR    54.15
Vontobel Financial Products G   11.00   6/22/2018   EUR    54.48
DZ Bank AG Deutsche Zentral-G    5.75   6/22/2018   EUR    63.47
BNP Paribas Emissions- und Ha    7.00   9/27/2018   EUR    63.37
DZ Bank AG Deutsche Zentral-G    7.00   6/18/2018   EUR    61.60
BNP Paribas Emissions- und Ha    4.50   9/27/2018   EUR    71.50
BNP Paribas Emissions- und Ha    5.50   9/27/2018   EUR    67.07
UniCredit Bank AG                4.30   6/29/2018   EUR    61.93
UBS AG/London                    7.30   6/22/2018   EUR    70.58
Leonteq Securities AG            9.00   3/27/2020   USD    62.79
HSBC Trinkaus & Burkhardt AG     8.00   6/22/2018   EUR    68.77
HSBC Trinkaus & Burkhardt AG     8.00   6/22/2018   EUR    39.22
HSBC Trinkaus & Burkhardt AG     5.70   6/22/2018   EUR    44.50
HSBC Trinkaus & Burkhardt AG    12.00   6/22/2018   EUR    61.22
HSBC Trinkaus & Burkhardt AG     8.30   9/28/2018   EUR    71.20
HSBC Trinkaus & Burkhardt AG     7.70   6/22/2018   EUR    67.11
HSBC Trinkaus & Burkhardt AG     5.80   6/22/2018   EUR    70.72
HSBC Trinkaus & Burkhardt AG     5.20   6/22/2018   EUR    70.60
HSBC Trinkaus & Burkhardt AG    11.70   6/22/2018   EUR    33.74
HSBC Trinkaus & Burkhardt AG    10.50   6/22/2018   EUR    35.13
Landesbank Baden-Wuerttemberg    8.00   9/28/2018   EUR    73.56
Landesbank Baden-Wuerttemberg    4.00   9/28/2018   EUR    73.60
DZ Bank AG Deutsche Zentral-G    5.00   6/18/2018   EUR    57.82
Vontobel Financial Products G    6.00   7/27/2018   EUR    73.38
Vontobel Financial Products G   10.55   7/27/2018   EUR    46.80
DZ Bank AG Deutsche Zentral-G   15.00   8/22/2018   EUR    76.69
BNP Paribas Emissions- und Ha   16.00   6/21/2018   EUR    40.69
BNP Paribas Emissions- und Ha   10.00   9/27/2018   EUR    48.83
Vontobel Financial Products G   12.00   2/22/2019   EUR    73.97
BNP Paribas Emissions- und Ha    9.00   9/27/2018   EUR    75.04
BNP Paribas Emissions- und Ha    8.50  12/31/2018   EUR    74.89
BNP Paribas Emissions- und Ha   11.00   9/27/2018   EUR    59.24
DZ Bank AG Deutsche Zentral-G    5.00   7/27/2018   EUR     2.37
HSBC Trinkaus & Burkhardt AG     4.50  12/28/2018   EUR    64.37
HSBC Trinkaus & Burkhardt AG    10.07   6/22/2018   EUR    64.90
BNP Paribas Emissions- und Ha    9.00   9/27/2018   EUR    65.15
BNP Paribas Emissions- und Ha    7.00   9/27/2018   EUR    69.83
BNP Paribas Emissions- und Ha   10.00   9/27/2018   EUR    62.40
BNP Paribas Emissions- und Ha    8.00  12/31/2018   EUR    67.61
BNP Paribas Emissions- und Ha    7.00  12/31/2018   EUR    69.95
BNP Paribas Emissions- und Ha   10.00  12/31/2018   EUR    65.47
BNP Paribas Emissions- und Ha    7.50   6/21/2018   EUR    68.15
BNP Paribas Emissions- und Ha    9.50   6/21/2018   EUR    64.09
BNP Paribas Emissions- und Ha    5.50   9/27/2018   EUR    72.48
BNP Paribas Emissions- und Ha    6.50   9/27/2018   EUR    69.75
BNP Paribas Emissions- und Ha    8.50   9/27/2018   EUR    66.25
BNP Paribas Emissions- und Ha   15.00   6/21/2018   EUR    56.35
Vontobel Financial Products G    6.50   9/28/2018   EUR    69.47
Vontobel Financial Products G    7.50   9/28/2018   EUR    67.48
Vontobel Financial Products G    8.50   9/28/2018   EUR    65.62
Vontobel Financial Products G   10.50   9/28/2018   EUR    62.29
Vontobel Financial Products G   12.50   9/28/2018   EUR    59.54
Vontobel Financial Products G   12.00   6/22/2018   EUR    59.83
Vontobel Financial Products G   13.50   6/22/2018   EUR    58.10
Vontobel Financial Products G   15.05   6/22/2018   EUR    56.49
Vontobel Financial Products G    9.00   7/27/2018   EUR    64.49
Vontobel Financial Products G    6.50   6/22/2018   EUR    70.56
Vontobel Financial Products G    8.50   6/22/2018   EUR    65.81
Vontobel Financial Products G    6.50    1/2/2019   EUR    71.06
Vontobel Financial Products G    9.55    1/2/2019   EUR    64.54
Vontobel Financial Products G   10.50   7/27/2018   EUR    60.72
Commerzbank AG                   6.00   7/27/2018   EUR    69.06
Vontobel Financial Products G   13.65    6/8/2018   EUR    75.02
UBS AG/London                   19.30   6/28/2018   EUR    66.36
UBS AG/London                    6.10   9/27/2018   EUR    69.17
UBS AG/London                    8.25    8/3/2018   CHF    57.20
Vontobel Financial Products G    7.10    6/8/2018   EUR    64.74
Goldman Sachs & Co Wertpapier   21.00   7/25/2018   EUR    71.10
Goldman Sachs & Co Wertpapier   25.00   6/20/2018   EUR    73.59
Goldman Sachs & Co Wertpapier   25.00   7/25/2018   EUR    72.97
HSBC Trinkaus & Burkhardt AG     5.80   9/28/2018   EUR    56.69
Vontobel Financial Products G   15.00   6/22/2018   EUR    69.01
Vontobel Financial Products G   13.50   6/22/2018   EUR    68.94
DZ Bank AG Deutsche Zentral-G    5.00   7/27/2018   EUR    71.42
DZ Bank AG Deutsche Zentral-G    5.75   6/22/2018   EUR    72.71
DZ Bank AG Deutsche Zentral-G    8.50   6/22/2018   EUR    75.31
DZ Bank AG Deutsche Zentral-G    9.50   6/22/2018   EUR    43.19
DZ Bank AG Deutsche Zentral-G    6.25   9/24/2018   EUR    74.04
DZ Bank AG Deutsche Zentral-G    8.75   6/22/2018   EUR    61.74
UBS AG/London                   16.00   8/30/2018   CHF    20.45
Landesbank Baden-Wuerttemberg    3.00   6/28/2019   EUR    73.85
DZ Bank AG Deutsche Zentral-G    7.20   6/18/2018   EUR    69.62
HSBC Trinkaus & Burkhardt AG     6.50   9/28/2018   EUR    65.23
Goldman Sachs & Co Wertpapier   19.00   1/23/2019   EUR    73.47
Goldman Sachs & Co Wertpapier   21.00   1/23/2019   EUR    72.81
Goldman Sachs & Co Wertpapier   20.00   2/20/2019   EUR    73.60
Goldman Sachs & Co Wertpapier   16.00   6/26/2019   EUR    75.26
Goldman Sachs & Co Wertpapier   24.00   9/26/2018   EUR    71.00
Goldman Sachs & Co Wertpapier   13.00  10/24/2018   EUR    75.55
Goldman Sachs & Co Wertpapier   25.00  10/24/2018   EUR    70.96
Goldman Sachs & Co Wertpapier   20.00  11/21/2018   EUR    72.58
Goldman Sachs & Co Wertpapier   23.00  12/28/2018   EUR    72.21
Vontobel Financial Products G   12.55   6/22/2018   EUR    66.34
Goldman Sachs & Co Wertpapier    7.00   1/23/2019   EUR    73.05
Goldman Sachs & Co Wertpapier    5.00   6/20/2018   EUR    69.44
Goldman Sachs & Co Wertpapier    7.00   6/20/2018   EUR    73.64
Goldman Sachs & Co Wertpapier    7.00   9/26/2018   EUR    71.22
HSBC Trinkaus & Burkhardt AG    13.40   6/22/2018   EUR    40.44
HSBC Trinkaus & Burkhardt AG     8.90   6/22/2018   EUR    47.25
HSBC Trinkaus & Burkhardt AG     5.70   6/22/2018   EUR    68.82
Vontobel Financial Products G   11.05    6/8/2018   EUR    55.77
Vontobel Financial Products G   13.20    6/8/2018   EUR    52.69
Vontobel Financial Products G    7.60    6/8/2018   EUR    70.54
DZ Bank AG Deutsche Zentral-G    6.25   6/18/2018   EUR    72.91
Vontobel Financial Products G   14.00    6/8/2018   EUR    56.29
Vontobel Financial Products G   10.95    6/8/2018   EUR    74.21
DZ Bank AG Deutsche Zentral-G    6.50   6/22/2018   EUR    70.81
Vontobel Financial Products G   10.55    6/8/2018   EUR    49.76
Vontobel Financial Products G    7.10    6/8/2018   EUR    49.73
UBS AG/London                    8.60   6/22/2018   EUR    55.82
Vontobel Financial Products G    7.05    6/8/2018   EUR    73.65
Goldman Sachs & Co Wertpapier   14.00   6/20/2018   EUR    76.07
Vontobel Financial Products G   10.15    3/8/2019   EUR    66.62
Vontobel Financial Products G    7.50   6/22/2018   EUR    65.76
Vontobel Financial Products G    9.50   6/22/2018   EUR    61.63
Vontobel Financial Products G   11.00   6/22/2018   EUR    57.99
UniCredit Bank AG               12.60   6/22/2018   EUR    73.63
Vontobel Financial Products G   13.70    3/8/2019   EUR    71.71
UniCredit Bank AG               13.60   6/22/2018   EUR    75.65
UniCredit Bank AG                6.10   6/22/2018   EUR    68.76
UniCredit Bank AG               11.80   6/22/2018   EUR    73.30
UniCredit Bank AG               13.10   6/22/2018   EUR    54.45
UniCredit Bank AG                6.50   6/22/2018   EUR    53.33
UniCredit Bank AG                4.20   6/22/2018   EUR    61.36
UniCredit Bank AG                9.40   6/22/2018   EUR    62.54
UniCredit Bank AG                5.30   6/22/2018   EUR    57.05
UniCredit Bank AG               13.60   6/22/2018   EUR    40.44
UniCredit Bank AG               11.40   6/22/2018   EUR    59.69
Leonteq Securities AG/Guernse   11.20    5/8/2019   CHF    68.73
DZ Bank AG Deutsche Zentral-G    6.25  12/28/2018   EUR    73.26
Vontobel Financial Products G   15.05    1/2/2019   EUR    74.26
Leonteq Securities AG/Guernse   12.80   1/10/2019   CHF    66.45
Commerzbank AG                  11.75   8/24/2018   EUR    72.68
Vontobel Financial Products G   13.60  12/14/2018   EUR    61.18
UniCredit Bank AG               12.80   9/28/2018   EUR    45.96
Vontobel Financial Products G   13.45  12/14/2018   EUR    68.18
BNP Paribas Emissions- und Ha    6.50   6/21/2018   EUR    64.10
BNP Paribas Emissions- und Ha   10.00   6/21/2018   EUR    58.91
BNP Paribas Emissions- und Ha   18.00   6/21/2018   EUR    50.87
BNP Paribas Emissions- und Ha    7.50   9/27/2018   EUR    66.01
BNP Paribas Emissions- und Ha    9.00   9/27/2018   EUR    61.20
BNP Paribas Emissions- und Ha    6.50  12/31/2018   EUR    67.27
BNP Paribas Emissions- und Ha    9.00  12/31/2018   EUR    63.55
BNP Paribas Emissions- und Ha   11.00  12/31/2018   EUR    60.28
UniCredit Bank AG                6.65  11/25/2019   EUR    73.75
Bank Julius Baer & Co Ltd/Gue    8.00   11/2/2018   USD    67.50
Landesbank Baden-Wuerttemberg    4.00   2/22/2019   EUR    74.92
Deutsche Bank AG                 7.20  12/27/2018   EUR    70.30
Commerzbank AG                  17.25   8/24/2018   EUR    71.37
DZ Bank AG Deutsche Zentral-G   10.75   8/24/2018   EUR    62.66
Deutsche Bank AG                 4.20  12/27/2018   EUR    74.80
Deutsche Bank AG                 5.20   9/25/2018   EUR    73.70
Deutsche Bank AG                 5.20  12/27/2018   EUR    74.70
Deutsche Bank AG                 4.20   6/19/2018   EUR    75.00
DZ Bank AG Deutsche Zentral-G    5.00  12/24/2018   EUR    66.05
Leonteq Securities AG            7.40   4/24/2020   USD    60.11
DZ Bank AG Deutsche Zentral-G    7.60    1/2/2019   EUR    74.37
DZ Bank AG Deutsche Zentral-G    8.50    1/2/2019   EUR    71.16
Landesbank Baden-Wuerttemberg    5.50   8/24/2018   EUR    71.44
UniCredit Bank AG               10.10   6/22/2018   EUR     2.48
UniCredit Bank AG                3.10   6/22/2018   EUR     2.78
HSBC Trinkaus & Burkhardt AG     8.90   6/22/2018   EUR    64.95
BNP Paribas Emissions- und Ha   10.00  12/31/2018   EUR    68.88
BNP Paribas Emissions- und Ha    6.50   6/21/2018   EUR    74.69
BNP Paribas Emissions- und Ha    7.50  12/31/2018   EUR    74.32
UniCredit Bank AG               11.80   9/28/2018   EUR    66.88
UniCredit Bank AG               12.00   9/28/2018   EUR    71.99
UniCredit Bank AG               14.70    1/4/2019   EUR    46.58
Vontobel Financial Products G    9.55  12/14/2018   EUR    70.07
UniCredit Bank AG                6.30   9/28/2018   EUR    54.98
UniCredit Bank AG               13.60   9/28/2018   EUR    69.58
Vontobel Financial Products G   12.25  12/14/2018   EUR    67.37
Vontobel Financial Products G    9.40  12/14/2018   EUR    64.08
Vontobel Financial Products G   12.00  12/14/2018   EUR    72.97
DekaBank Deutsche Girozentral    3.10   1/10/2020   EUR    69.96
UBS AG/London                   11.75   11/1/2018   USD    68.40
Vontobel Financial Products G   15.75   9/14/2018   EUR    70.03
DZ Bank AG Deutsche Zentral-G   15.00   6/22/2018   EUR    72.96
Vontobel Financial Products G   11.65   9/14/2018   EUR    68.90
BNP Paribas Emissions- und Ha   19.00   6/21/2018   EUR    72.14
UBS AG/London                   16.40   6/28/2018   EUR    56.63
BNP Paribas Emissions- und Ha   15.00   6/21/2018   EUR    65.97
BNP Paribas Emissions- und Ha   14.00   9/27/2018   EUR    67.44
BNP Paribas Emissions- und Ha    6.50   9/27/2018   EUR    72.68
BNP Paribas Emissions- und Ha   10.00   9/27/2018   EUR    68.60
BNP Paribas Emissions- und Ha    5.00  12/31/2018   EUR    76.30
BNP Paribas Emissions- und Ha    5.50  12/31/2018   EUR    74.19
BNP Paribas Emissions- und Ha    7.00  12/31/2018   EUR    73.51
Commerzbank AG                   4.00    7/6/2018   EUR    30.21
HSBC Trinkaus & Burkhardt AG     7.40   3/22/2019   EUR    73.61
HSBC Trinkaus & Burkhardt AG     6.00   9/28/2018   EUR    71.36
HSBC Trinkaus & Burkhardt AG     5.90  12/28/2018   EUR    72.50
HSBC Trinkaus & Burkhardt AG     6.30   3/22/2019   EUR    71.96
Commerzbank AG                  10.50   1/25/2019   EUR    71.62
Commerzbank AG                  11.50   1/25/2019   EUR    70.46
Commerzbank AG                  12.50   1/25/2019   EUR    69.29
Commerzbank AG                   6.50   1/25/2019   EUR    74.19
Commerzbank AG                   7.50   1/25/2019   EUR    73.16
Commerzbank AG                   8.50   1/25/2019   EUR    72.30
Commerzbank AG                  11.50   1/25/2019   EUR    75.99
Raiffeisen Schweiz Genossensc    5.40    8/2/2019   CHF    76.84
DZ Bank AG Deutsche Zentral-G    4.75   9/24/2018   EUR    62.74
DZ Bank AG Deutsche Zentral-G    5.50   9/24/2018   EUR    60.16
DZ Bank AG Deutsche Zentral-G    8.00   9/24/2018   EUR    63.73
DZ Bank AG Deutsche Zentral-G    7.25  12/24/2018   EUR    65.15
DZ Bank AG Deutsche Zentral-G    8.25   3/18/2019   EUR    64.68
DZ Bank AG Deutsche Zentral-G    9.50   9/24/2018   EUR    68.46
Credit Suisse AG/Nassau          7.50   7/29/2019   CHF    48.42
UniCredit Bank AG               10.60   6/22/2018   EUR    74.34
UniCredit Bank AG               14.80   6/28/2019   EUR    65.81
UniCredit Bank AG               13.90   9/28/2018   EUR    72.71
UniCredit Bank AG               14.50   6/28/2019   EUR    74.13
UniCredit Bank AG               12.20   6/28/2019   EUR    73.68
UniCredit Bank AG               11.40   3/22/2019   EUR    73.77
UniCredit Bank AG               14.70    1/3/2020   EUR    70.15
UniCredit Bank AG               12.30   3/22/2019   EUR    68.87
UniCredit Bank AG               13.60   3/22/2019   EUR    74.14
UniCredit Bank AG               12.40    1/3/2020   EUR    69.28
Commerzbank AG                   8.00   11/6/2020   USD     3.32
HSBC Trinkaus & Burkhardt AG     1.00  12/28/2018   EUR    74.03
Vontobel Financial Products G   12.95   9/21/2018   EUR    74.60
EFG International Finance Gue   12.00  11/15/2018   CHF    65.38
Vontobel Financial Products G   12.70   9/14/2018   EUR    60.84
Leonteq Securities AG/Guernse   11.00   4/12/2019   EUR    59.98
UniCredit Bank AG               13.80   9/28/2018   EUR    60.42
Vontobel Financial Products G    9.50    1/2/2019   EUR    63.14
Societe Generale SA             14.88  11/29/2019   USD    51.09
Goldman Sachs & Co Wertpapier   16.00   6/20/2018   EUR    74.00
Goldman Sachs & Co Wertpapier   17.00   6/20/2018   EUR    51.12
Goldman Sachs & Co Wertpapier   22.00   6/20/2018   EUR    70.21
Goldman Sachs & Co Wertpapier   20.00   7/25/2018   EUR    72.05
BNP Paribas Emissions- und Ha    7.50   3/21/2019   EUR    69.15
Commerzbank AG                  10.50   7/27/2018   EUR    39.15
Commerzbank AG                   3.75   8/24/2018   EUR    49.30
Commerzbank AG                   9.75   8/24/2018   EUR    39.95
Commerzbank AG                   4.75   9/28/2018   EUR    46.11
Commerzbank AG                   8.50  10/26/2018   EUR    41.48
Commerzbank AG                   4.50   7/27/2018   EUR    47.12
Vontobel Financial Products G    9.00   6/22/2018   EUR    67.47
BNP Paribas Emissions- und Ha    7.00  12/31/2018   EUR    72.36
BNP Paribas Emissions- und Ha   13.00   3/21/2019   EUR    73.60
Commerzbank AG                   6.50   6/22/2018   EUR    67.66
BNP Paribas Emissions- und Ha    7.00   9/27/2018   EUR    71.48
BNP Paribas Emissions- und Ha    6.00  12/31/2018   EUR    72.23
Commerzbank AG                  14.00   8/24/2018   EUR    67.64
Commerzbank AG                   3.00   9/28/2018   EUR    55.32
DZ Bank AG Deutsche Zentral-G    9.00   6/22/2018   EUR    70.20
Vontobel Financial Products G    4.85   9/14/2018   EUR    72.65
Vontobel Financial Products G    6.45   9/14/2018   EUR    69.87
Deutsche Bank AG                 5.20  11/21/2018   EUR    76.40
Deutsche Bank AG                 5.20  10/24/2018   EUR    65.10
Deutsche Bank AG                 5.20  11/21/2018   EUR    70.60
Deutsche Bank AG                 5.20   6/25/2019   EUR    68.40
Raiffeisen Centrobank AG         8.39  12/27/2019   EUR    71.69
Raiffeisen Centrobank AG         8.01   6/25/2019   EUR    70.78
Raiffeisen Centrobank AG        10.59  12/28/2018   EUR    69.03
Commerzbank AG                   7.25   6/21/2018   EUR    54.60
Commerzbank AG                  13.25   6/21/2018   EUR    45.04
Commerzbank AG                  12.00   6/21/2018   EUR    63.16
Commerzbank AG                   8.25   6/21/2018   EUR    72.49
Deutsche Bank AG                 4.20  11/21/2018   EUR    70.20
Vontobel Financial Products G   11.55   9/28/2018   EUR    74.39
Vontobel Financial Products G   10.30   9/14/2018   EUR    55.29
Vontobel Financial Products G    8.60   9/14/2018   EUR    54.82
Vontobel Financial Products G   13.50    1/2/2019   EUR    73.36
Vontobel Financial Products G   17.00    1/2/2019   EUR    71.12
Vontobel Financial Products G   16.55   9/28/2018   EUR    71.03
Vontobel Financial Products G   13.00   6/28/2019   EUR    74.27
UBS AG/London                    6.50    1/7/2019   CHF    55.30
DZ Bank AG Deutsche Zentral-G    6.75   3/18/2019   EUR    67.18
HSBC Trinkaus & Burkhardt AG     7.50   3/22/2019   EUR    71.96
HSBC Trinkaus & Burkhardt AG     5.60   3/22/2019   EUR    73.98
Deutsche Bank AG                 5.20   6/19/2018   EUR    63.50
Deutsche Bank AG                 5.20   7/25/2018   EUR    68.50
Vontobel Financial Products G   10.05   9/28/2018   EUR    68.28
Vontobel Financial Products G   12.00   9/28/2018   EUR    66.72
Vontobel Financial Products G   16.00   9/28/2018   EUR    64.01
Vontobel Financial Products G    9.00   6/28/2019   EUR    71.00
Deutsche Bank AG                 5.20   7/25/2018   EUR    64.00
Bank Julius Baer & Co Ltd/Gue    5.80   7/13/2018   USD    66.40
BNP Paribas Emissions- und Ha   12.00   6/21/2018   EUR    74.10
Landesbank Hessen-Thueringen     2.25   7/13/2020   EUR    70.60
Landesbank Baden-Wuerttemberg    5.00  11/23/2018   EUR    62.94
DZ Bank AG Deutsche Zentral-G   12.00   6/18/2018   EUR    66.14
DZ Bank AG Deutsche Zentral-G    7.80   9/24/2018   EUR    70.18
DZ Bank AG Deutsche Zentral-G    9.20   9/24/2018   EUR    68.46
DZ Bank AG Deutsche Zentral-G    7.60  12/24/2018   EUR    71.70
DZ Bank AG Deutsche Zentral-G    8.60  12/24/2018   EUR    70.19
DZ Bank AG Deutsche Zentral-G    7.60   3/18/2019   EUR    71.11
DZ Bank AG Deutsche Zentral-G    8.25   6/18/2018   EUR    71.64
DZ Bank AG Deutsche Zentral-G    5.00   9/24/2018   EUR    60.01
DZ Bank AG Deutsche Zentral-G    5.75   9/24/2018   EUR    65.13
DZ Bank AG Deutsche Zentral-G    8.25  12/24/2018   EUR    60.16
DekaBank Deutsche Girozentral    3.00   6/27/2018   EUR    33.89
BNP Paribas Emissions- und Ha    7.40   7/26/2018   EUR    59.11
Bank Julius Baer & Co Ltd/Gue    8.00  11/14/2018   EUR    72.45
Deutsche Bank AG                 6.20   1/23/2019   EUR    74.30
DZ Bank AG Deutsche Zentral-G    8.25   6/18/2018   EUR    63.51
HSBC Trinkaus & Burkhardt AG    12.20   9/28/2018   EUR    43.68
HSBC Trinkaus & Burkhardt AG     6.70   9/28/2018   EUR    73.25
Commerzbank AG                   4.50  12/29/2022   USD
Deutsche Bank AG                 5.20  10/24/2018   EUR    75.40
Deutsche Bank AG                 5.20  10/24/2018   EUR    69.60
Deutsche Bank AG                 5.20  11/21/2018   EUR    66.30
Deutsche Bank AG                 5.20   6/19/2018   EUR    68.00
Deutsche Bank AG                 5.20   3/19/2019   EUR    67.90
Deutsche Bank AG                 5.20   9/25/2018   EUR    64.80
Deutsche Bank AG                 5.20  12/27/2018   EUR    70.30
Deutsche Bank AG                 5.20  12/27/2018   EUR    65.90
Raiffeisen Centrobank AG         9.94  12/27/2019   EUR    71.66
Raiffeisen Centrobank AG        10.17   6/25/2019   EUR    70.44
Raiffeisen Centrobank AG         6.03  12/27/2019   EUR    69.81
Raiffeisen Centrobank AG         6.85  12/27/2019   EUR    72.04
Commerzbank AG                   9.25   6/21/2018   EUR    50.62
Commerzbank AG                  11.00   6/21/2018   EUR    64.95
Deutsche Bank AG                 4.20   3/19/2019   EUR    71.30
Vontobel Financial Products G   12.70    6/8/2018   EUR    70.32
Vontobel Financial Products G   10.35   9/14/2018   EUR    72.45
Vontobel Financial Products G    9.55   9/28/2018   EUR    76.53
Vontobel Financial Products G   14.00   9/28/2018   EUR    72.62
Vontobel Financial Products G    6.75   9/14/2018   EUR    54.31
Vontobel Financial Products G    7.70   9/14/2018   EUR    56.69
Vontobel Financial Products G   10.00    1/2/2019   EUR    76.18
Vontobel Financial Products G   11.50    1/2/2019   EUR    74.56
Vontobel Financial Products G   15.55    1/2/2019   EUR    72.33
Vontobel Financial Products G   10.55   6/28/2019   EUR    75.68
HSBC Trinkaus & Burkhardt AG     7.80   3/22/2019   EUR    68.24
HSBC Trinkaus & Burkhardt AG     4.00   6/28/2019   EUR    73.55
HSBC Trinkaus & Burkhardt AG     5.40  12/28/2018   EUR    73.96
HSBC Trinkaus & Burkhardt AG     8.50   9/28/2018   EUR    76.53
Deutsche Bank AG                 5.20   6/19/2018   EUR    68.00
Deutsche Bank AG                 5.20   7/25/2018   EUR    71.00
Deutsche Bank AG                 5.20   7/25/2018   EUR    64.00
Deutsche Bank AG                 5.20   9/25/2018   EUR    71.70
Deutsche Bank AG                 5.20   9/25/2018   EUR    64.80
Vontobel Financial Products G    9.50    1/2/2019   EUR    70.55
Vontobel Financial Products G   12.00    1/2/2019   EUR    67.88
Vontobel Financial Products G   15.00    1/2/2019   EUR    65.95
Deutsche Bank AG                 5.20   7/25/2018   EUR    68.50
Vontobel Financial Products G   11.00   6/28/2019   EUR    69.46
Deutsche Bank AG                 5.20   7/25/2018   EUR    73.00
Deutsche Bank AG                 5.20   7/25/2018   EUR    73.00
Vontobel Financial Products G    8.00  11/23/2018   EUR    60.82
BNP Paribas Emissions- und Ha    7.00   6/21/2018   EUR    42.43
BNP Paribas Emissions- und Ha    7.00   9/27/2018   EUR    44.24
BNP Paribas Emissions- und Ha    7.00  12/31/2018   EUR    46.12
BNP Paribas Emissions- und Ha    8.00  12/31/2018   EUR    44.62
BNP Paribas Emissions- und Ha   16.00   6/21/2018   EUR    69.37
BNP Paribas Emissions- und Ha   12.00   6/21/2018   EUR    66.19
BNP Paribas Emissions- und Ha   15.00   6/21/2018   EUR    64.31
BNP Paribas Emissions- und Ha   16.00   6/21/2018   EUR    63.08
BNP Paribas Emissions- und Ha   19.00   6/21/2018   EUR    54.76
BNP Paribas Emissions- und Ha   12.00   9/27/2018   EUR    62.13
BNP Paribas Emissions- und Ha   12.00   6/21/2018   EUR    68.19
Zurcher Kantonalbank Finance    11.00    2/1/2019   EUR    70.98
BNP Paribas Emissions- und Ha    5.00   9/27/2018   EUR    74.67
BNP Paribas Emissions- und Ha    8.50   9/27/2018   EUR    70.26
BNP Paribas Emissions- und Ha    9.50  12/31/2018   EUR    69.39
BNP Paribas Emissions- und Ha   11.00  12/31/2018   EUR    67.77
Commerzbank AG                  13.50   8/24/2018   EUR    42.10
Landesbank Hessen-Thueringen     7.25   3/15/2023   EUR    67.72
DZ Bank AG Deutsche Zentral-G    5.60   6/22/2018   EUR    71.33
HSBC Trinkaus & Burkhardt AG     7.30   6/22/2018   EUR    63.59
HSBC Trinkaus & Burkhardt AG    11.00   6/22/2018   EUR    59.85
HSBC Trinkaus & Burkhardt AG     8.30   6/22/2018   EUR    59.69
HSBC Trinkaus & Burkhardt AG     7.90  12/28/2018   EUR    63.63
HSBC Trinkaus & Burkhardt AG     7.10  12/28/2018   EUR    63.17
HSBC Trinkaus & Burkhardt AG     5.60   9/28/2018   EUR    72.19
Goldman Sachs & Co Wertpapier   17.00   6/20/2018   EUR    74.95
BNP Paribas Emissions- und Ha    8.50   9/27/2018   EUR    76.24
BNP Paribas Emissions- und Ha   13.00   9/27/2018   EUR    72.30
BNP Paribas Emissions- und Ha   11.00  12/31/2018   EUR    74.28
Commerzbank AG                   8.50   7/27/2018   EUR    40.79
Commerzbank AG                   5.75   8/24/2018   EUR    44.33
Commerzbank AG                  11.75   8/24/2018   EUR    38.68
Commerzbank AG                   6.75   9/28/2018   EUR    42.79
Commerzbank AG                   8.75   9/28/2018   EUR    40.91
Commerzbank AG                  10.75   9/28/2018   EUR    39.63
Commerzbank AG                   4.50  10/26/2018   EUR    47.24
Commerzbank AG                  10.50  10/26/2018   EUR    40.21
Commerzbank AG                   6.50   7/27/2018   EUR    43.19
BNP Paribas Emissions- und Ha    9.50   6/27/2019   EUR    76.39
Vontobel Financial Products G    7.00   6/22/2018   EUR    70.43
Vontobel Financial Products G   10.50   9/28/2018   EUR    65.68
BNP Paribas Emissions- und Ha   18.00   9/27/2018   EUR    66.06
BNP Paribas Emissions- und Ha    8.50   6/27/2019   EUR    70.47
Commerzbank AG                   7.50   6/22/2018   EUR    66.08
Commerzbank AG                  15.00   7/27/2018   EUR    66.51
Raiffeisen Centrobank AG        10.24   3/19/2019   EUR    72.98
DZ Bank AG Deutsche Zentral-G    7.00   6/18/2018   EUR    71.41
Vontobel Financial Products G   10.20    6/8/2018   EUR    64.67
Landesbank Baden-Wuerttemberg    4.50   9/28/2018   EUR    73.44
DZ Bank AG Deutsche Zentral-G    7.75   9/28/2018   EUR    72.94
Deutsche Bank AG                 5.20   6/19/2018   EUR    63.40
Deutsche Bank AG                 5.20   9/25/2018   EUR    69.20
Deutsche Bank AG                 5.20   6/25/2019   EUR    72.50
Raiffeisen Centrobank AG        12.71  12/28/2018   EUR    62.59
Commerzbank AG                   9.00   6/21/2018   EUR    69.17
Commerzbank AG                   5.25   6/21/2018   EUR    60.18
Commerzbank AG                  11.25   6/21/2018   EUR    47.55
Commerzbank AG                  15.25   6/21/2018   EUR    42.82
Commerzbank AG                  10.00   6/21/2018   EUR    66.94
Commerzbank AG                  13.00   6/21/2018   EUR    61.55
Deutsche Bank AG                 4.20  10/24/2018   EUR    69.20
Deutsche Bank AG                 4.20   6/25/2019   EUR    71.40
DZ Bank AG Deutsche Zentral-G    9.75   2/20/2019   EUR    72.74
Commerzbank AG                  10.75  11/23/2018   EUR    74.79
Deutsche Bank AG                 5.50   6/19/2018   EUR    65.70
Deutsche Bank AG                 5.50   6/19/2018   EUR    61.40
Deutsche Bank AG                 5.50  12/27/2018   EUR    65.10
Vontobel Financial Products G    6.00   6/22/2018   EUR    54.01
UniCredit Bank AG                9.00   6/22/2018   EUR    70.63
UniCredit Bank AG               14.60   6/22/2018   EUR    58.66
BNP Paribas Emissions- und Ha    4.00   6/21/2018   EUR    36.11
BNP Paribas Emissions- und Ha    6.00   6/21/2018   EUR    36.19
Leonteq Securities AG           10.00   7/10/2018   USD    49.28
UniCredit Bank AG                4.00   6/22/2018   EUR    74.67
UniCredit Bank AG               10.80   6/22/2018   EUR    61.35
UniCredit Bank AG                7.90   6/22/2018   EUR    65.31
UniCredit Bank AG               10.70   6/22/2018   EUR    65.86
Commerzbank AG                  12.50    1/2/2019   EUR    74.40
UniCredit Bank AG               13.60   6/22/2018   EUR    59.90
Deutsche Bank AG                 6.20   7/25/2018   EUR    66.30
Deutsche Bank AG                 6.20   7/25/2018   EUR    62.10
Deutsche Bank AG                 6.20   8/22/2018   EUR    66.70
Deutsche Bank AG                 6.20   8/22/2018   EUR    64.60
Deutsche Bank AG                 6.20  10/24/2018   EUR    65.60
Vontobel Financial Products G    5.75    3/8/2019   EUR    64.65
UniCredit Bank AG               14.20   6/22/2018   EUR    76.25
Vontobel Financial Products G   10.65  12/14/2018   EUR    71.03
DZ Bank AG Deutsche Zentral-G    9.90   6/22/2018   EUR    69.52
DZ Bank AG Deutsche Zentral-G    5.00   6/22/2018   EUR    71.28
DZ Bank AG Deutsche Zentral-G    5.25   6/22/2018   EUR    65.53
Vontobel Financial Products G   13.00   6/22/2018   EUR    56.51
BNP Paribas Emissions- und Ha    7.00   6/21/2018   EUR    66.59
DZ Bank AG Deutsche Zentral-G    5.20   6/22/2018   EUR    72.77
DZ Bank AG Deutsche Zentral-G    5.30   6/22/2018   EUR    69.06
DZ Bank AG Deutsche Zentral-G    9.50   6/22/2018   EUR    61.50
Zurcher Kantonalbank Finance     6.75   8/20/2018   USD    48.97
BNP Paribas Emissions- und Ha    9.00  12/31/2018   EUR    74.66
DZ Bank AG Deutsche Zentral-G    5.00   6/18/2018   EUR    68.81
Commerzbank AG                  16.00   8/24/2018   EUR    72.23
Goldman Sachs & Co Wertpapier   17.00   9/26/2018   EUR    73.99
BNP Paribas Emissions- und Ha   17.00   6/21/2018   EUR    69.04
Commerzbank AG                  12.50   7/27/2018   EUR    37.88
Commerzbank AG                   7.75   8/24/2018   EUR    41.66
Commerzbank AG                   6.50  10/26/2018   EUR    43.47
Vontobel Financial Products G    7.50   9/28/2018   EUR    70.43
BNP Paribas Emissions- und Ha   13.00   9/27/2018   EUR    68.28
BNP Paribas Emissions- und Ha   10.00  12/31/2018   EUR    69.91
BNP Paribas Emissions- und Ha    6.00   6/27/2019   EUR    72.73
DZ Bank AG Deutsche Zentral-G   11.00   6/22/2018   EUR    63.15
BNP Paribas Emissions- und Ha   11.00   9/27/2018   EUR    67.41
BNP Paribas Emissions- und Ha    9.50  12/31/2018   EUR    69.03
BNP Paribas Emissions- und Ha    9.00   3/21/2019   EUR    65.31
BNP Paribas Emissions- und Ha   14.00   3/21/2019   EUR    61.12
Commerzbank AG                  13.00   9/28/2018   EUR    68.98
Commerzbank AG                  12.25    1/2/2019   EUR    71.16
Leonteq Securities AG/Guernse   12.00   4/30/2019   EUR    71.87
UBS AG/London                    6.00   11/8/2018   EUR    71.50
Vontobel Financial Products G   10.50   7/27/2018   EUR    57.93
Zurcher Kantonalbank Finance     5.00   7/11/2018   CHF    67.57
Vontobel Financial Products G    7.90    6/8/2018   EUR    67.46
Commerzbank AG                   6.00  10/26/2018   EUR    69.99
EFG International Finance Gue   11.00  10/25/2018   CHF    45.96
Raiffeisen Centrobank AG         8.57  12/27/2019   EUR    20.56
Raiffeisen Centrobank AG         6.43  12/27/2019   EUR    16.01
Vontobel Financial Products G   13.00    1/2/2019   EUR    75.42
Vontobel Financial Products G   13.00   3/22/2019   EUR    75.85
BNP Paribas Emissions- und Ha   19.00   6/21/2018   EUR    74.41
UniCredit Bank AG               10.50   9/28/2018   EUR    73.82
UniCredit Bank AG               14.20   9/28/2018   EUR    70.53
Leonteq Securities AG/Guernse   10.40   2/13/2019   CHF    67.83
Vontobel Financial Products G   13.40   9/14/2018   EUR    71.18
Commerzbank AG                   5.00   7/27/2018   EUR    52.54
Vontobel Financial Products G   13.85   9/14/2018   EUR    67.46
Vontobel Financial Products G   10.05   9/14/2018   EUR    75.66
Vontobel Financial Products G   10.50   9/28/2018   EUR    71.49
BNP Paribas Emissions- und Ha    7.00   1/24/2019   EUR    67.95
Commerzbank AG                   7.00   8/24/2018   EUR    68.23
Commerzbank AG                   8.00   9/28/2018   EUR    71.30
Vontobel Financial Products G   10.50    1/2/2019   EUR    64.47
Commerzbank AG                  16.75   7/27/2018   EUR    73.91
Commerzbank AG                  15.50   8/24/2018   EUR    74.74
Commerzbank AG                   4.75  10/26/2018   EUR    73.79
Deutsche Bank AG                 6.20   3/19/2019   EUR    75.90
Deutsche Bank AG                 6.20   6/25/2019   EUR    76.30
Landesbank Baden-Wuerttemberg    7.00   1/25/2019   EUR    74.36
DZ Bank AG Deutsche Zentral-G    6.00   9/28/2018   EUR    68.40
DZ Bank AG Deutsche Zentral-G    5.20   3/28/2019   EUR    68.41
DZ Bank AG Deutsche Zentral-G    6.25  12/28/2018   EUR    64.98
DZ Bank AG Deutsche Zentral-G    6.40    1/2/2019   EUR    71.92
Vontobel Financial Products G    9.75   7/27/2018   EUR    62.62
Landesbank Baden-Wuerttemberg    3.30   6/22/2018   EUR    43.21
Commerzbank AG                  15.25   8/24/2018   EUR    62.67
Vontobel Financial Products G    8.55    1/2/2019   EUR    66.23
UBS AG/London                   10.70    1/3/2019   EUR    62.01
UBS AG/London                    7.30    1/3/2019   EUR    67.18
UBS AG/London                    5.00   3/28/2019   EUR    70.91
Commerzbank AG                   9.50  11/23/2018   EUR    71.18
HSBC Trinkaus & Burkhardt AG     9.30  12/28/2018   EUR    71.80
HSBC Trinkaus & Burkhardt AG    12.60   1/25/2019   EUR    69.78
HSBC Trinkaus & Burkhardt AG    11.10   1/25/2019   EUR    66.38
HSBC Trinkaus & Burkhardt AG    13.10   1/25/2019   EUR    76.44
HSBC Trinkaus & Burkhardt AG     5.40   6/22/2018   EUR    73.44
HSBC Trinkaus & Burkhardt AG     7.30  12/28/2018   EUR    73.18
HSBC Trinkaus & Burkhardt AG    11.90   1/25/2019   EUR    70.04
Commerzbank AG                   7.50  11/23/2018   EUR    72.22
Commerzbank AG                  12.00   9/28/2018   EUR    63.37
UBS AG/London                    9.30    1/3/2019   EUR    64.38
UBS AG/London                    5.60    1/3/2019   EUR    70.30
UBS AG/London                   13.20    1/3/2019   EUR    60.39
UBS AG/London                    7.00   9/26/2019   EUR    70.47
UBS AG/London                    7.60   9/27/2018   EUR    65.44
UBS AG/London                    5.90   3/28/2019   EUR    67.31
UBS AG/London                    7.10   3/28/2019   EUR    64.54
UBS AG/London                    7.00   6/27/2019   EUR    68.85
UBS AG/London                   12.20    1/3/2019   EUR    73.05
UBS AG/London                   15.20   9/27/2018   EUR    70.90
UBS AG/London                    9.30   9/27/2018   EUR    76.69
UBS AG/London                   12.50   9/27/2018   EUR    75.00
EFG International Finance Gue   10.40   1/24/2019   EUR    72.20
HSBC Trinkaus & Burkhardt AG     8.90   1/25/2019   EUR    72.18
HSBC Trinkaus & Burkhardt AG    14.70   1/25/2019   EUR    63.67
HSBC Trinkaus & Burkhardt AG     7.00   1/25/2019   EUR    73.50
Commerzbank AG                   5.75  10/26/2018   EUR    74.22
Vontobel Financial Products G    2.50   1/29/2019   EUR    66.87
Commerzbank AG                  22.00   7/27/2018   EUR    61.91
Commerzbank AG                  12.50   7/27/2018   EUR    61.42
Commerzbank AG                  10.50    1/2/2019   EUR    65.59
Commerzbank AG                   5.00    1/2/2019   EUR    69.33
Commerzbank AG                   6.50    1/2/2019   EUR    72.47
Commerzbank AG                   8.50  11/23/2018   EUR    69.80
DZ Bank AG Deutsche Zentral-G    5.00   3/28/2019   EUR    68.41
Landesbank Baden-Wuerttemberg    3.05   6/22/2018   EUR    47.33
Deutsche Bank AG                 2.70   6/19/2018   EUR    63.30
Deutsche Bank AG                 2.70  12/27/2018   EUR    64.50
Deutsche Bank AG                10.00   6/19/2018   EUR    53.20
Deutsche Bank AG                10.00   9/25/2018   EUR    55.80
Deutsche Bank AG                10.00  12/27/2018   EUR    71.90
Vontobel Financial Products G    6.55   9/28/2018   EUR    70.39
Vontobel Financial Products G    5.00   6/22/2018   EUR    70.53
Vontobel Financial Products G    8.50   6/22/2018   EUR    65.28
Credit Suisse AG/Nassau          8.25    6/7/2018   CHF    65.59
DZ Bank AG Deutsche Zentral-G    5.90   6/18/2018   EUR    66.20
DZ Bank AG Deutsche Zentral-G    7.90   9/24/2018   EUR    60.81
Vontobel Financial Products G    6.50   6/22/2018   EUR    70.41
Vontobel Financial Products G   10.55   6/22/2018   EUR    64.75
DZ Bank AG Deutsche Zentral-G    8.25   9/24/2018   EUR    59.19
DZ Bank AG Deutsche Zentral-G    5.00   9/24/2018   EUR    58.21
Vontobel Financial Products G   10.55  10/26/2018   EUR    70.30
Vontobel Financial Products G    8.00  10/26/2018   EUR    70.56
Zurcher Kantonalbank Finance     8.00  10/31/2019   CHF    58.65
Landesbank Baden-Wuerttemberg    4.50   7/27/2018   EUR    70.85
Landesbank Baden-Wuerttemberg    6.00   7/27/2018   EUR    66.39
UBS AG/London                    8.50   7/19/2018   CHF    57.50
EFG International Finance Gue   12.20    8/2/2018   EUR    62.21
Zurcher Kantonalbank Finance     5.75   7/27/2018   CHF    64.18
Credit Suisse AG/London          8.25   7/26/2018   USD    54.78
Bank Julius Baer & Co Ltd/Gue    6.60   7/27/2018   USD    59.40
Vontobel Financial Products G    5.50   6/22/2018   EUR    74.39
Vontobel Financial Products G    9.50   6/22/2018   EUR    68.64
Vontobel Financial Products G    9.00   6/22/2018   EUR    69.54
Vontobel Financial Products G    8.00   6/22/2018   EUR    70.44
Vontobel Financial Products G    7.55   6/22/2018   EUR    71.39
Vontobel Financial Products G    6.50   6/22/2018   EUR    72.34
Vontobel Financial Products G    6.00   6/22/2018   EUR    73.35
HSBC Trinkaus & Burkhardt AG    11.90   6/22/2018   EUR    61.88
HSBC Trinkaus & Burkhardt AG    10.10   6/22/2018   EUR    66.01
HSBC Trinkaus & Burkhardt AG     8.70   9/28/2018   EUR    70.53
Leonteq Securities AG           10.40  11/22/2019   EUR    68.39
Landesbank Hessen-Thueringen     5.00   6/12/2018   EUR    61.60
UniCredit Bank AG               14.40   6/22/2018   EUR    72.71
UniCredit Bank AG                8.10   6/22/2018   EUR    66.17
UniCredit Bank AG                6.40   6/22/2018   EUR    69.68
UniCredit Bank AG               14.90   6/22/2018   EUR    71.19
UniCredit Bank AG               14.10   6/22/2018   EUR    66.28
UniCredit Bank AG               13.30   6/22/2018   EUR    73.77
UniCredit Bank AG               10.50   6/22/2018   EUR    45.96
UniCredit Bank AG                9.50   6/22/2018   EUR    61.03
UniCredit Bank AG                5.90   6/22/2018   EUR    67.38
UniCredit Bank AG               13.80   6/22/2018   EUR    55.91
BNP Paribas Emissions- und Ha   19.00   6/21/2018   EUR    76.84
UniCredit Bank AG               13.30   6/22/2018   EUR    74.69
UniCredit Bank AG                9.10   6/22/2018   EUR    62.58
UniCredit Bank AG                7.20   6/22/2018   EUR    67.88
UniCredit Bank AG               14.30   6/22/2018   EUR    57.63
UniCredit Bank AG               14.40   6/22/2018   EUR    68.45
UniCredit Bank AG                6.70   6/22/2018   EUR    69.21
UniCredit Bank AG               14.50   6/22/2018   EUR    53.37
UniCredit Bank AG                7.50   6/22/2018   EUR    51.67
UniCredit Bank AG                9.00   6/22/2018   EUR    48.64
UniCredit Bank AG                5.60   6/22/2018   EUR    71.99
UniCredit Bank AG               14.90   6/22/2018   EUR    68.71
UniCredit Bank AG               14.10   6/22/2018   EUR    68.12
UniCredit Bank AG               10.70   6/22/2018   EUR    70.38
HSBC Trinkaus & Burkhardt AG    10.85   6/22/2018   EUR    56.42
HSBC Trinkaus & Burkhardt AG    11.10   9/28/2018   EUR    44.33
HSBC Trinkaus & Burkhardt AG     6.70   9/28/2018   EUR    53.24
Vontobel Financial Products G   10.00   3/22/2019   EUR    70.81
Vontobel Financial Products G   11.50   3/22/2019   EUR    72.03
Vontobel Financial Products G    8.50   6/22/2018   EUR    73.89
Commerzbank AG                  16.00   7/27/2018   EUR    61.18
Vontobel Financial Products G    6.50    1/2/2019   EUR    75.69
Vontobel Financial Products G    8.50    1/2/2019   EUR    63.90
DZ Bank AG Deutsche Zentral-G    5.00   1/25/2019   EUR    72.03
DekaBank Deutsche Girozentral    6.70   1/31/2019   EUR    66.94
UBS AG/London                    9.40   3/28/2019   EUR    63.10
UBS AG/London                   10.40   9/27/2018   EUR    62.45
UniCredit Bank AG               13.20   6/28/2019   EUR    16.16
Vontobel Financial Products G   10.55   9/28/2018   EUR    55.88
Vontobel Financial Products G    8.50    1/2/2019   EUR    60.53
DZ Bank AG Deutsche Zentral-G    8.00   6/22/2018   EUR    54.04
Vontobel Financial Products G    9.00   9/28/2018   EUR    44.58
Vontobel Financial Products G   10.00    1/2/2019   EUR    70.84
Vontobel Financial Products G    2.50    1/2/2019   EUR    57.88
Vontobel Financial Products G    6.00    1/2/2019   EUR    48.78
Vontobel Financial Products G    9.55    1/2/2019   EUR    45.17
DZ Bank AG Deutsche Zentral-G    8.25   9/26/2018   EUR    71.08
Vontobel Financial Products G   10.50   6/22/2018   EUR    73.96
Deutsche Bank AG                 2.70   6/19/2018   EUR    67.80
Deutsche Bank AG                 2.70   9/25/2018   EUR    60.10
Deutsche Bank AG                10.00  12/27/2018   EUR    58.30
Vontobel Financial Products G    8.50   9/28/2018   EUR    67.50
Vontobel Financial Products G    5.00   9/28/2018   EUR    73.78
Vontobel Financial Products G    6.00   9/28/2018   EUR    72.10
Vontobel Financial Products G    4.00   6/22/2018   EUR    72.50
DZ Bank AG Deutsche Zentral-G    7.10   6/18/2018   EUR    62.45
DZ Bank AG Deutsche Zentral-G    5.00   9/24/2018   EUR    67.46
DZ Bank AG Deutsche Zentral-G    7.00   6/18/2018   EUR    56.94
Vontobel Financial Products G   14.00   9/28/2018   EUR    75.76
DZ Bank AG Deutsche Zentral-G    6.75    1/2/2019   EUR    69.53
Commerzbank AG                  14.50   9/28/2018   EUR    76.06
DZ Bank AG Deutsche Zentral-G    8.60   6/22/2018   EUR    56.95
DZ Bank AG Deutsche Zentral-G    6.40   6/22/2018   EUR    68.93
UniCredit Bank AG               14.50   9/28/2018   EUR    58.49
UniCredit Bank AG               14.90    1/4/2019   EUR    65.30
UniCredit Bank AG               14.90    1/4/2019   EUR    72.65
UniCredit Bank AG                8.30    1/3/2020   EUR    72.61
UniCredit Bank AG               10.40   6/28/2019   EUR    66.86
UniCredit Bank AG               11.00    1/3/2020   EUR    73.20
UniCredit Bank AG               12.40    1/3/2020   EUR    72.95
UniCredit Bank AG               13.70    1/3/2020   EUR    65.29
UniCredit Bank AG               12.20    1/3/2020   EUR    72.54
UniCredit Bank AG                4.30    1/3/2020   EUR    61.42
UniCredit Bank AG                6.50   6/28/2019   EUR    75.52
UniCredit Bank AG               13.30   6/28/2019   EUR    70.69
UniCredit Bank AG               11.60    1/3/2020   EUR    70.27
UniCredit Bank AG                8.70   6/28/2019   EUR    73.58
UniCredit Bank AG               13.10   6/28/2019   EUR    71.31
Commerzbank AG                  10.25  11/23/2018   EUR    76.99
Vontobel Financial Products G   12.00   6/22/2018   EUR    53.24
Vontobel Financial Products G   14.00   9/28/2018   EUR    51.72
Vontobel Financial Products G    7.00    1/2/2019   EUR    63.12
Vontobel Financial Products G   11.50    1/2/2019   EUR    56.41
Vontobel Financial Products G   12.00   6/22/2018   EUR    72.05
Vontobel Financial Products G    7.50   6/22/2018   EUR    57.92
Vontobel Financial Products G   10.50   6/22/2018   EUR    57.46
UniCredit Bank AG                6.80    1/3/2020   EUR    75.64
UniCredit Bank AG                9.90    1/3/2020   EUR    53.44
UniCredit Bank AG               15.00   6/28/2019   EUR    70.44
Zurcher Kantonalbank Finance     8.21   8/23/2018   EUR    55.56
Vontobel Financial Products G   14.00   6/22/2018   EUR    50.55
Vontobel Financial Products G    6.05   9/28/2018   EUR    64.85
Vontobel Financial Products G    9.00   9/28/2018   EUR    58.44
Vontobel Financial Products G   12.50   9/28/2018   EUR    53.74
Vontobel Financial Products G    5.00    1/2/2019   EUR    70.19
Vontobel Financial Products G   12.55    1/2/2019   EUR    54.52
DZ Bank AG Deutsche Zentral-G    7.25   6/18/2018   EUR    72.85
Vontobel Financial Products G   11.00   9/28/2018   EUR    43.11
Vontobel Financial Products G   12.50    1/2/2019   EUR    68.17
Vontobel Financial Products G    3.00    1/2/2019   EUR    54.52
Vontobel Financial Products G    4.00    1/2/2019   EUR    51.85
Vontobel Financial Products G    8.00    1/2/2019   EUR    46.36
DZ Bank AG Deutsche Zentral-G    8.25   6/22/2018   EUR    68.91
Deutsche Bank AG                 2.70   9/25/2018   EUR    64.00
Deutsche Bank AG                 2.70  12/27/2018   EUR    68.80
Deutsche Bank AG                10.00   6/19/2018   EUR    74.00
Deutsche Bank AG                10.00   9/25/2018   EUR    69.50
DZ Bank AG Deutsche Zentral-G    8.25   6/22/2018   EUR    70.82
DZ Bank AG Deutsche Zentral-G    9.00   6/18/2018   EUR    74.12
UBS AG/London                    8.30   6/22/2018   EUR    33.61
UBS AG/London                    7.70   6/22/2018   EUR    67.41
UBS AG/London                    8.00   6/22/2018   EUR    67.08
UBS AG/London                    9.10   6/22/2018   EUR    74.95
Goldman Sachs & Co Wertpapier    7.00   3/20/2019   EUR    71.48
Goldman Sachs & Co Wertpapier   16.00   9/26/2018   EUR    71.16
Raiffeisen Schweiz Genossensc   11.00   6/20/2018   CHF    60.17
Landesbank Hessen-Thueringen     3.30   7/13/2018   EUR    72.50
Vontobel Financial Products G   14.00   6/22/2018   EUR    56.56
Vontobel Financial Products G    8.00   6/22/2018   EUR    71.21
Vontobel Financial Products G    9.50   6/22/2018   EUR    66.87
Vontobel Financial Products G   11.00   6/22/2018   EUR    63.04
Vontobel Financial Products G   12.50   6/22/2018   EUR    59.59
UBS AG                           4.75   3/11/2019   USD    25.08
Vontobel Financial Products G   13.50   6/22/2018   EUR    59.36
DZ Bank AG Deutsche Zentral-G    6.25   6/18/2018   EUR    72.36
DZ Bank AG Deutsche Zentral-G    5.50   6/18/2018   EUR    63.27
Landesbank Baden-Wuerttemberg    4.00   6/28/2019   EUR    71.09
HSBC Trinkaus & Burkhardt AG     5.40   6/28/2019   EUR    69.33
HSBC Trinkaus & Burkhardt AG     4.10   6/22/2018   EUR    43.25
HSBC Trinkaus & Burkhardt AG     5.60   7/27/2018   EUR    68.67
HSBC Trinkaus & Burkhardt AG     5.80  10/26/2018   EUR    69.99
HSBC Trinkaus & Burkhardt AG     9.80   6/22/2018   EUR    47.32
HSBC Trinkaus & Burkhardt AG     5.40   6/22/2018   EUR    53.32
Raiffeisen Schweiz Genossensc    7.78   8/31/2018   USD    58.96
HSBC Trinkaus & Burkhardt AG     3.20   6/22/2018   EUR    65.74
Goldman Sachs & Co Wertpapier   16.00   6/20/2018   EUR    74.91
Goldman Sachs & Co Wertpapier   19.00   7/25/2018   EUR    71.91
DZ Bank AG Deutsche Zentral-G    4.75   9/24/2018   EUR    57.11
DZ Bank AG Deutsche Zentral-G    8.25  12/24/2018   EUR    62.95
DZ Bank AG Deutsche Zentral-G   10.75   6/22/2018   EUR    63.65
BNP Paribas Emissions- und Ha   12.00   6/21/2018   EUR    63.77
BNP Paribas Emissions- und Ha    8.00   6/21/2018   EUR    74.88
BNP Paribas Emissions- und Ha    5.50   6/21/2018   EUR    68.17
BNP Paribas Emissions- und Ha    9.00   6/21/2018   EUR    62.91
BNP Paribas Emissions- und Ha    4.50   6/21/2018   EUR    70.48
BNP Paribas Emissions- und Ha    8.00   6/21/2018   EUR    63.60
BNP Paribas Emissions- und Ha    5.50  12/31/2018   EUR    69.58
BNP Paribas Emissions- und Ha   12.00   6/21/2018   EUR    38.74
DZ Bank AG Deutsche Zentral-G   10.75   3/20/2019   EUR    75.53
DZ Bank AG Deutsche Zentral-G    7.75   9/26/2018   EUR    70.85
DZ Bank AG Deutsche Zentral-G    8.50  12/28/2018   EUR    70.36
Goldman Sachs & Co Wertpapier   13.00   1/23/2019   EUR    76.03
Goldman Sachs & Co Wertpapier   19.00   3/20/2019   EUR    74.37
Goldman Sachs & Co Wertpapier   16.00  10/24/2018   EUR    74.34
Goldman Sachs & Co Wertpapier   15.00  11/21/2018   EUR    74.84
Goldman Sachs & Co Wertpapier   23.00  11/21/2018   EUR    71.90
Vontobel Financial Products G   10.50   6/22/2018   EUR    69.71
Goldman Sachs & Co Wertpapier    7.00   2/20/2019   EUR    73.44
Goldman Sachs & Co Wertpapier    7.00   3/20/2019   EUR    73.90
Goldman Sachs & Co Wertpapier    7.00   6/26/2019   EUR    74.34
Goldman Sachs & Co Wertpapier    7.00  10/24/2018   EUR    71.62
Goldman Sachs & Co Wertpapier    7.00  11/21/2018   EUR    72.00
Goldman Sachs & Co Wertpapier    7.00  12/28/2018   EUR    72.55
HSBC Trinkaus & Burkhardt AG    11.80   6/22/2018   EUR    42.46
HSBC Trinkaus & Burkhardt AG     6.30   6/22/2018   EUR    53.35
HSBC Trinkaus & Burkhardt AG     9.80   6/22/2018   EUR    68.34
HSBC Trinkaus & Burkhardt AG     7.60   6/22/2018   EUR    65.40
Raiffeisen Schweiz Genossensc    6.00   11/5/2018   CHF    58.69
Raiffeisen Schweiz Genossensc    6.00    5/9/2019   CHF    69.36
Vontobel Financial Products G    6.50   6/22/2018   EUR    74.16
Vontobel Financial Products G   10.05    6/8/2018   EUR    57.45
Vontobel Financial Products G   12.10    6/8/2018   EUR    54.17
Vontobel Financial Products G   14.20    6/8/2018   EUR    62.11
UniCredit Bank AG               14.30   6/22/2018   EUR    55.36
Vontobel Financial Products G   10.55   7/27/2018   EUR    63.56
Vontobel Financial Products G    6.00   1/18/2019   EUR    60.71
Societe Generale SA              8.60   7/29/2022   USD    54.00
BNP Paribas Emissions- und Ha   18.00   6/21/2018   EUR    38.88
BNP Paribas Emissions- und Ha   12.00   9/27/2018   EUR    45.88
Landesbank Baden-Wuerttemberg    4.55  11/23/2018   EUR    73.11
BNP Paribas Emissions- und Ha    7.00   9/27/2018   EUR    65.38
BNP Paribas Emissions- und Ha    9.00   9/27/2018   EUR    62.09
BNP Paribas Emissions- und Ha    6.00  12/31/2018   EUR    70.81
BNP Paribas Emissions- und Ha    6.50  12/31/2018   EUR    68.86
BNP Paribas Emissions- und Ha    7.00  12/31/2018   EUR    67.04
BNP Paribas Emissions- und Ha    9.00  12/31/2018   EUR    73.14
BNP Paribas Emissions- und Ha    8.00  12/31/2018   EUR    73.07
Leonteq Securities AG/Guernse   18.00    2/4/2019   CHF    58.52
HSBC Trinkaus & Burkhardt AG     4.50  12/28/2018   EUR    64.14
HSBC Trinkaus & Burkhardt AG     5.00   6/22/2018   EUR    60.86
UBS AG/London                    8.00   7/26/2018   CHF    59.35
BNP Paribas Emissions- und Ha    8.00   9/27/2018   EUR    65.69
BNP Paribas Emissions- und Ha   12.00   6/21/2018   EUR    70.60
BNP Paribas Emissions- und Ha   15.00   6/21/2018   EUR    70.79
BNP Paribas Emissions- und Ha    7.50  12/31/2018   EUR    68.25
BNP Paribas Emissions- und Ha   13.00  12/31/2018   EUR    47.47
BNP Paribas Emissions- und Ha    6.50   6/21/2018   EUR    68.11
BNP Paribas Emissions- und Ha    8.00   6/21/2018   EUR    66.04
BNP Paribas Emissions- und Ha   14.00   6/21/2018   EUR    60.04
BNP Paribas Emissions- und Ha    6.00   9/27/2018   EUR    71.08
BNP Paribas Emissions- und Ha    7.00   6/21/2018   EUR    67.99
Vontobel Financial Products G    9.50   9/28/2018   EUR    63.90
Vontobel Financial Products G   11.50   9/28/2018   EUR    60.88
Vontobel Financial Products G    9.50   6/22/2018   EUR    63.67
Vontobel Financial Products G   10.50   6/22/2018   EUR    61.68
Vontobel Financial Products G    7.00   7/27/2018   EUR    68.67
Vontobel Financial Products G   11.50   7/27/2018   EUR    60.91
Vontobel Financial Products G    7.50   6/22/2018   EUR    68.10
Vontobel Financial Products G   14.00   7/27/2018   EUR    57.78
Vontobel Financial Products G   13.00    1/2/2019   EUR    59.97
Vontobel Financial Products G    8.00    1/2/2019   EUR    67.57
Vontobel Financial Products G   11.00    1/2/2019   EUR    61.97
Vontobel Financial Products G    8.00   8/24/2018   EUR    62.83
Commerzbank AG                   7.75   7/27/2018   EUR    69.71
Commerzbank AG                   8.75   7/27/2018   EUR    67.41
Commerzbank AG                   9.75   7/27/2018   EUR    65.46
Commerzbank AG                  10.75   7/27/2018   EUR    63.71
Commerzbank AG                  11.75   7/27/2018   EUR    62.18
Commerzbank AG                   5.75   7/27/2018   EUR    58.43
Commerzbank AG                   7.75   7/27/2018   EUR    52.48
Commerzbank AG                   9.75   7/27/2018   EUR    48.63
Commerzbank AG                  11.75   7/27/2018   EUR    45.85
Commerzbank AG                  13.75   7/27/2018   EUR    43.61
Vontobel Financial Products G    9.50   7/27/2018   EUR    59.83
Credit Suisse AG/London          7.00   11/8/2018   USD    56.56
Vontobel Financial Products G   15.15   6/15/2018   EUR    53.09
Landesbank Hessen-Thueringen     4.25    7/9/2019   EUR    69.90
Vontobel Financial Products G    6.50    1/2/2019   EUR    75.63
HSBC Trinkaus & Burkhardt AG    10.60   6/22/2018   EUR    44.73
HSBC Trinkaus & Burkhardt AG     5.40   9/28/2018   EUR    53.03
HSBC Trinkaus & Burkhardt AG     9.90  12/28/2018   EUR    64.65
HSBC Trinkaus & Burkhardt AG     7.70  12/28/2018   EUR    67.52
HSBC Trinkaus & Burkhardt AG     5.80   3/22/2019   EUR    71.74
HSBC Trinkaus & Burkhardt AG     5.60   8/24/2018   EUR    69.08
HSBC Trinkaus & Burkhardt AG     5.80  11/23/2018   EUR    70.35
Vontobel Financial Products G   15.45   9/14/2018   EUR    75.06
Vontobel Financial Products G   14.90  12/14/2018   EUR    75.81
Vontobel Financial Products G    9.40  12/14/2018   EUR    63.99
Vontobel Financial Products G   10.70  12/14/2018   EUR    62.91
Vontobel Financial Products G   12.00  12/14/2018   EUR    61.92
Vontobel Financial Products G    9.50  11/23/2018   EUR    45.59
Vontobel Financial Products G    7.00  11/23/2018   EUR    66.42
Deutsche Bank AG                 4.20   6/18/2018   EUR    73.79
Deutsche Bank AG                 4.20   6/18/2018   EUR    73.79
Deutsche Bank AG                 4.20   9/24/2018   EUR    74.66
Deutsche Bank AG                 4.20   9/24/2018   EUR    74.66
Deutsche Bank AG                 4.20  12/24/2018   EUR    75.15
Deutsche Bank AG                 4.20  12/24/2018   EUR    75.15
Deutsche Bank AG                 4.20   3/18/2019   EUR    75.49
Deutsche Bank AG                 4.20   3/18/2019   EUR    75.47
Deutsche Bank AG                 4.20   6/24/2019   EUR    75.10
Deutsche Bank AG                 4.20   6/24/2019   EUR    75.10
Bank Julius Baer & Co Ltd/Gue    8.55  12/12/2018   CHF    48.85
Zurcher Kantonalbank Finance     3.00  12/12/2018   CHF    48.83
Deutsche Bank AG                 6.20   6/18/2018   EUR    73.87
Deutsche Bank AG                 6.20   6/18/2018   EUR    73.87
Deutsche Bank AG                 6.20   9/24/2018   EUR    75.29
Deutsche Bank AG                 6.20   9/24/2018   EUR    75.29
Deutsche Bank AG                 6.20  12/24/2018   EUR    76.29
Deutsche Bank AG                 6.20  12/24/2018   EUR    76.30
DZ Bank AG Deutsche Zentral-G    8.25    1/2/2019   EUR    65.01
DZ Bank AG Deutsche Zentral-G   11.25    1/2/2019   EUR    62.08
Vontobel Financial Products G   10.80   9/21/2018   EUR    66.75
DZ Bank AG Deutsche Zentral-G   10.50    1/2/2019   EUR    72.57
Vontobel Financial Products G    4.30   9/21/2018   EUR    53.70
Vontobel Financial Products G    4.10  12/14/2018   EUR    62.96
Vontobel Financial Products G    5.20  12/14/2018   EUR    55.07
Vontobel Financial Products G    6.40  12/14/2018   EUR    55.70
Vontobel Financial Products G    7.60  12/14/2018   EUR    56.34
Vontobel Financial Products G    8.80  12/14/2018   EUR    56.97
Vontobel Financial Products G   10.30  12/14/2018   EUR    68.71
Vontobel Financial Products G   11.85  12/14/2018   EUR    69.55
Vontobel Financial Products G   13.20  12/14/2018   EUR    70.28
Vontobel Financial Products G    8.25   9/28/2018   EUR    69.31
Landesbank Baden-Wuerttemberg   12.40  11/23/2018   EUR    46.55
Landesbank Baden-Wuerttemberg    5.00   6/22/2018   EUR    70.41
Landesbank Baden-Wuerttemberg    8.00   6/22/2018   EUR    65.96
Commerzbank AG                  11.25   6/22/2018   EUR    70.46
UBS AG/London                    5.20    1/3/2019   EUR    70.31
UBS AG/London                    4.80   3/28/2019   EUR    70.50
UBS AG/London                   19.00    1/3/2019   EUR    58.71
UBS AG/London                    6.00   3/28/2019   EUR    67.58
UBS AG/London                    5.60   6/27/2019   EUR    71.32
UBS AG/London                   13.10    1/3/2019   EUR    60.19
UBS AG/London                    5.00   9/27/2018   EUR    68.79
UBS AG/London                    8.40    1/3/2019   EUR    64.06
UBS AG/London                    7.00    1/3/2019   EUR    66.85
EFG International Finance Gue   11.00  12/20/2018   EUR    67.49
Bank Julius Baer & Co Ltd/Gue   10.20   2/19/2019   USD    66.95
Vontobel Financial Products G    7.50   6/22/2018   EUR    73.70
HSBC Trinkaus & Burkhardt AG     5.60  12/28/2018   EUR    69.37
HSBC Trinkaus & Burkhardt AG     3.60  12/28/2018   EUR    65.01
Commerzbank AG                  14.00   6/22/2018   EUR    59.87
Vontobel Financial Products G    7.00    1/2/2019   EUR    62.38
Goldman Sachs & Co Wertpapier   21.00   6/20/2018   EUR    70.17
DZ Bank AG Deutsche Zentral-G    7.75   6/18/2018   EUR    55.95
HSBC Trinkaus & Burkhardt AG     7.00  12/28/2018   EUR    61.56
DZ Bank AG Deutsche Zentral-G    9.20   6/18/2018   EUR    61.67
DZ Bank AG Deutsche Zentral-G    6.40   9/24/2018   EUR    65.26
DZ Bank AG Deutsche Zentral-G    6.00  12/24/2018   EUR    66.47
DZ Bank AG Deutsche Zentral-G    6.80  12/24/2018   EUR    64.98
DZ Bank AG Deutsche Zentral-G    4.60   3/18/2019   EUR    66.54
DZ Bank AG Deutsche Zentral-G    5.00   3/18/2019   EUR    64.96
DZ Bank AG Deutsche Zentral-G    9.75   6/22/2018   EUR    68.53
DZ Bank AG Deutsche Zentral-G    8.25    1/2/2019   EUR    78.16
DZ Bank AG Deutsche Zentral-G    7.25   6/22/2018   EUR    57.98
DZ Bank AG Deutsche Zentral-G   10.50   6/22/2018   EUR    53.40
DZ Bank AG Deutsche Zentral-G    6.25   9/28/2018   EUR    54.88
DZ Bank AG Deutsche Zentral-G    8.75    1/2/2019   EUR    50.98
DekaBank Deutsche Girozentral    4.05   5/17/2019   EUR    74.66
Leonteq Securities AG            7.20    5/2/2019   CHF    55.31
Leonteq Securities AG           14.00    8/2/2018   USD    44.32
BNP Paribas Emissions- und Ha    8.50   6/21/2018   EUR    70.66
BNP Paribas Emissions- und Ha   11.00   6/21/2018   EUR    65.91
BNP Paribas Emissions- und Ha   14.00   6/21/2018   EUR    59.90
BNP Paribas Emissions- und Ha   10.00  12/31/2018   EUR    68.76
BNP Paribas Emissions- und Ha   13.00   6/21/2018   EUR    76.37
BNP Paribas Emissions- und Ha   13.00   6/21/2018   EUR    72.55
BNP Paribas Emissions- und Ha    4.50   6/21/2018   EUR    71.21
BNP Paribas Emissions- und Ha    5.00   6/21/2018   EUR    69.66
BNP Paribas Emissions- und Ha    7.00   6/21/2018   EUR    66.10
BNP Paribas Emissions- und Ha    8.50   6/21/2018   EUR    64.16
BNP Paribas Emissions- und Ha    9.50   6/21/2018   EUR    61.71
BNP Paribas Emissions- und Ha    6.50   6/21/2018   EUR    66.87
BNP Paribas Emissions- und Ha   14.00   6/21/2018   EUR    56.81
BNP Paribas Emissions- und Ha    7.00  12/31/2018   EUR    67.16
BNP Paribas Emissions- und Ha    8.00   6/21/2018   EUR    46.16
BNP Paribas Emissions- und Ha    9.50   6/21/2018   EUR    71.23
DZ Bank AG Deutsche Zentral-G    8.25   3/20/2019   EUR    71.38
Commerzbank AG                   7.50   8/24/2018   EUR    74.52
Commerzbank AG                  15.00   6/22/2018   EUR    62.91
Commerzbank AG                  10.25   9/28/2018   EUR    51.47
HSBC Trinkaus & Burkhardt AG     3.00   6/22/2018   EUR    64.24
Landesbank Baden-Wuerttemberg    4.60   1/25/2019   EUR    62.32
Deutsche Bank AG                 6.20   6/19/2018   EUR    71.30
Vontobel Financial Products G    6.00   9/28/2018   EUR    60.52
Vontobel Financial Products G    7.50   6/25/2018   EUR    74.15
Raiffeisen Schweiz Genossensc    8.80    7/3/2018   CHF    61.15
Commerzbank AG                  10.50   8/24/2018   EUR    43.61
BNP Paribas Emissions- und Ha    6.50   6/21/2018   EUR    63.26
Zurcher Kantonalbank Finance     6.50   6/20/2018   CHF    67.64
BNP Paribas Emissions- und Ha    8.00   6/21/2018   EUR    36.26
BNP Paribas Emissions- und Ha    8.00  12/31/2018   EUR    40.43
Leonteq Securities AG            8.40   7/10/2018   CHF    49.12
UniCredit Bank AG                4.70   6/22/2018   EUR    72.58
UniCredit Bank AG                5.40   6/22/2018   EUR    70.60
UniCredit Bank AG                9.80   6/22/2018   EUR    68.17
UniCredit Bank AG               12.60   6/22/2018   EUR    61.77
UniCredit Bank AG               12.80   6/22/2018   EUR    58.20
Commerzbank AG                  13.75  10/26/2018   EUR    72.79
Vontobel Financial Products G    9.50   9/14/2018   EUR    62.16
Deutsche Bank AG                 5.50   6/19/2018   EUR    72.60
Deutsche Bank AG                 6.20   8/22/2018   EUR    60.60
Deutsche Bank AG                 6.20  10/24/2018   EUR    67.70
Deutsche Bank AG                 6.20  10/24/2018   EUR    61.60
Vontobel Financial Products G    4.40   9/21/2018   EUR    53.73
Vontobel Financial Products G    8.05   9/21/2018   EUR    54.80
Vontobel Financial Products G   10.20    3/8/2019   EUR    59.88
Commerzbank AG                   1.00   2/19/2020   USD    71.79
BNP Paribas Emissions- und Ha    3.50   9/27/2018   EUR    67.71
Vontobel Financial Products G   10.20    6/8/2018   EUR    63.20
Credit Suisse AG/Nassau         11.05   2/11/2019   CHF    68.79
Vontobel Financial Products G   11.50   6/22/2018   EUR    59.54
Vontobel Financial Products G   10.00   6/22/2018   EUR    62.99
BNP Paribas Emissions- und Ha    9.00   6/21/2018   EUR    66.66
Societe Generale SA             12.00    4/2/2020   USD    70.48
DZ Bank AG Deutsche Zentral-G    8.00   6/22/2018   EUR    64.53
Vontobel Financial Products G    9.50   8/24/2018   EUR    65.82
Vontobel Financial Products G    7.50   8/24/2018   EUR    73.55
Vontobel Financial Products G    7.00   8/24/2018   EUR    65.94
Vontobel Financial Products G    5.00   9/28/2018   EUR    51.15
Vontobel Financial Products G   11.50   6/22/2018   EUR    75.89
Deutsche Bank AG                 5.50   6/19/2018   EUR    59.50
Deutsche Bank AG                 5.50   9/25/2018   EUR    67.00
Deutsche Bank AG                 5.50   9/25/2018   EUR    64.90
Deutsche Bank AG                 5.50   9/25/2018   EUR    62.90
Deutsche Bank AG                 5.50  12/27/2018   EUR    71.40
Deutsche Bank AG                 5.50  12/27/2018   EUR    67.10
Commerzbank AG                  12.00   9/28/2018   EUR    73.13
Deutsche Bank AG                 5.50  12/27/2018   EUR    63.30
Commerzbank AG                  11.25  10/26/2018   EUR    74.10
DZ Bank AG Deutsche Zentral-G    6.90   9/24/2018   EUR    68.09
BNP Paribas Emissions- und Ha   10.00   6/21/2018   EUR    36.34
UniCredit Bank AG               14.00   6/22/2018   EUR    74.46
UniCredit Bank AG               11.70   6/22/2018   EUR    63.75
Vontobel Financial Products G   11.60  12/14/2018   EUR    74.37
UniCredit Bank AG                6.20   6/22/2018   EUR    68.74
UniCredit Bank AG               13.90   6/22/2018   EUR    56.98
UniCredit Bank AG               15.00   6/22/2018   EUR    73.02
Deutsche Bank AG                 6.20   8/22/2018   EUR    73.50
Deutsche Bank AG                 5.50   9/25/2018   EUR    73.80
Vontobel Financial Products G    7.25   9/14/2018   EUR    63.33
Deutsche Bank AG                 6.20   7/25/2018   EUR    73.20
Deutsche Bank AG                 6.20   7/25/2018   EUR    68.60
Deutsche Bank AG                 6.20   8/22/2018   EUR    69.10
Deutsche Bank AG                 6.20   8/22/2018   EUR    62.50
BNP Paribas Emissions- und Ha    5.00   9/27/2018   EUR    69.21
Vontobel Financial Products G    7.30    6/8/2018   EUR    70.20
Vontobel Financial Products G    8.25    6/8/2018   EUR    67.70
Vontobel Financial Products G    9.20    6/8/2018   EUR    65.38
BNP Paribas Emissions- und Ha    6.00  12/31/2018   EUR    69.72
HSBC Trinkaus & Burkhardt AG     9.00   7/27/2018   EUR    69.16
Vontobel Financial Products G   11.50   6/22/2018   EUR    42.32
Vontobel Financial Products G   10.50   9/28/2018   EUR    45.05
Vontobel Financial Products G   12.50   9/28/2018   EUR    43.58
Vontobel Financial Products G   11.00    1/2/2019   EUR    46.00
DZ Bank AG Deutsche Zentral-G    6.00   6/22/2018   EUR    60.67
DZ Bank AG Deutsche Zentral-G    8.00   6/22/2018   EUR    57.93
DZ Bank AG Deutsche Zentral-G    4.00    8/2/2018   EUR    69.98
Deutsche Bank AG                 5.50   6/19/2018   EUR    68.00
Deutsche Bank AG                 5.50   6/19/2018   EUR    63.50
Deutsche Bank AG                 5.50   9/25/2018   EUR    69.30
Deutsche Bank AG                 5.50   9/25/2018   EUR    61.00
Deutsche Bank AG                 5.50  12/27/2018   EUR    68.20
Commerzbank AG                  10.25  10/26/2018   EUR    75.06
Vontobel Financial Products G   11.50   6/22/2018   EUR    53.07
Vontobel Financial Products G    9.50   6/22/2018   EUR    55.39
BNP Paribas Emissions- und Ha    6.00   6/21/2018   EUR    36.19
BNP Paribas Emissions- und Ha   10.00   6/21/2018   EUR    36.34
BNP Paribas Emissions- und Ha    6.00  12/31/2018   EUR    39.29
UniCredit Bank AG                7.00   6/22/2018   EUR    66.98
UniCredit Bank AG                8.80   6/22/2018   EUR    63.74
UniCredit Bank AG                9.80   6/22/2018   EUR    62.25
UniCredit Bank AG               11.80   6/22/2018   EUR    59.49
Vontobel Financial Products G    9.20  12/14/2018   EUR    73.10
UniCredit Bank AG               15.00   6/22/2018   EUR    55.82
Commerzbank AG                  14.50   9/28/2018   EUR    72.02
Deutsche Bank AG                 6.20  10/24/2018   EUR    74.40
Vontobel Financial Products G    7.75  12/14/2018   EUR    63.38
Vontobel Financial Products G    4.30  12/14/2018   EUR    72.91
Vontobel Financial Products G    3.95    3/8/2019   EUR    75.14
Vontobel Financial Products G    5.15   9/14/2018   EUR    62.75
Deutsche Bank AG                 6.20   7/25/2018   EUR    64.10
Deutsche Bank AG                 6.20   7/25/2018   EUR    60.20
UniCredit Bank AG               14.90   6/22/2018   EUR    72.91
Deutsche Bank AG                 6.20  10/24/2018   EUR    69.90
Deutsche Bank AG                 6.20  10/24/2018   EUR    63.50
Vontobel Financial Products G    7.10    3/8/2019   EUR    60.87
Vontobel Financial Products G   10.35    3/8/2019   EUR    65.09
UniCredit Bank AG               13.80   6/22/2018   EUR    74.46
Vontobel Financial Products G    8.05    3/8/2019   EUR    60.75
Landesbank Baden-Wuerttemberg    5.00   6/28/2019   EUR    70.95
Landesbank Baden-Wuerttemberg    7.00   6/28/2019   EUR    67.15
BNP Paribas Emissions- und Ha    3.00  12/31/2018   EUR    71.45
Commerzbank AG                  10.25   8/24/2018   EUR    73.68
DZ Bank AG Deutsche Zentral-G    5.25   8/24/2018   EUR    73.88
UniCredit Bank AG               14.30   6/22/2018   EUR    72.24
UniCredit Bank AG               12.90   6/22/2018   EUR    69.72
DZ Bank AG Deutsche Zentral-G    5.50   6/22/2018   EUR    65.35
Credit Suisse AG/London          8.25   8/29/2018   USD    59.02
Vontobel Financial Products G    6.50    1/2/2019   EUR    71.06
Vontobel Financial Products G   11.50    1/2/2019   EUR    63.94
DZ Bank AG Deutsche Zentral-G    5.40   9/24/2018   EUR    70.90
DZ Bank AG Deutsche Zentral-G    6.30   9/24/2018   EUR    68.84
DZ Bank AG Deutsche Zentral-G    5.10   3/18/2019   EUR    70.33
DZ Bank AG Deutsche Zentral-G    8.25    1/2/2019   EUR    65.99
UBS AG/London                   15.30   6/21/2018   EUR    58.39
DZ Bank AG Deutsche Zentral-G    9.00   9/28/2018   EUR    63.18
DZ Bank AG Deutsche Zentral-G    8.50   6/22/2018   EUR    60.87
Vontobel Financial Products G    8.50   9/28/2018   EUR    48.00
Vontobel Financial Products G    9.50    1/2/2019   EUR    47.23
Commerzbank AG                  12.75   7/27/2018   EUR    67.94
UBS AG/London                    5.90    1/3/2019   EUR    70.73
Commerzbank AG                   5.75   8/24/2018   EUR    56.13
Commerzbank AG                  14.00   7/27/2018   EUR    64.17
Commerzbank AG                  15.25   8/24/2018   EUR    46.35
DekaBank Deutsche Girozentral    3.00   6/21/2021   EUR    70.78
Vontobel Financial Products G    4.00   9/28/2018   EUR    59.89
Vontobel Financial Products G   12.00   6/22/2018   EUR    63.64
Deutsche Bank AG                 5.20   6/19/2018   EUR    73.10
Vontobel Financial Products G    8.50    1/2/2019   EUR    63.75
Vontobel Financial Products G   10.50   9/28/2018   EUR    62.14
DZ Bank AG Deutsche Zentral-G    6.50  12/24/2018   EUR    59.20
DZ Bank AG Deutsche Zentral-G    6.10  12/24/2018   EUR    70.02
DZ Bank AG Deutsche Zentral-G    5.25   9/28/2018   EUR    69.51
DZ Bank AG Deutsche Zentral-G    6.50   3/18/2019   EUR    60.59
UBS AG/London                    3.60   6/21/2018   EUR    74.64
Vontobel Financial Products G   12.00   9/28/2018   EUR    45.52
Vontobel Financial Products G   11.50    1/2/2019   EUR    46.23
UBS AG/London                    6.00   9/27/2018   EUR    69.12
Commerzbank AG                  11.75   7/27/2018   EUR    69.50
UBS AG/London                    5.60   3/21/2019   EUR    71.12
Vontobel Financial Products G    5.55   6/22/2018   EUR    56.84
Vontobel Financial Products G    9.50   6/22/2018   EUR    57.02
Vontobel Financial Products G   14.55   6/22/2018   EUR    72.75
UBS AG/London                    5.25   6/21/2018   EUR    62.45
Commerzbank AG                  13.00   6/22/2018   EUR    70.09
Commerzbank AG                  12.50   8/24/2018   EUR    70.96
Commerzbank AG                   9.75   8/24/2018   EUR    47.17
Commerzbank AG                  11.75   8/24/2018   EUR    44.71
Commerzbank AG                  12.25   9/28/2018   EUR    49.35
Vontobel Financial Products G    7.00   9/28/2018   EUR    69.61
UBS AG/London                    6.25  11/23/2018   USD    74.00
Zurcher Kantonalbank Finance     4.75  11/30/2018   CHF    56.15
Vontobel Financial Products G   10.05   6/22/2018   EUR    63.55
Vontobel Financial Products G    9.50    1/2/2019   EUR    64.32
Vontobel Financial Products G    9.50   9/28/2018   EUR    61.62
Vontobel Financial Products G    9.70   6/25/2018   EUR    74.27
Vontobel Financial Products G    7.55   6/22/2018   EUR    60.45
Vontobel Financial Products G    4.50   6/22/2018   EUR    60.30
Deutsche Bank AG                 6.20   6/19/2018   EUR    63.20
Landesbank Baden-Wuerttemberg    6.00   7/27/2018   EUR    68.89
Landesbank Baden-Wuerttemberg    6.00   7/27/2018   EUR    71.07
Vontobel Financial Products G    8.50   9/28/2018   EUR    57.19
Vontobel Financial Products G   10.00   9/28/2018   EUR    55.55
Landesbank Baden-Wuerttemberg    4.00  11/23/2018   EUR    72.33
Vontobel Financial Products G   10.00   6/22/2018   EUR    69.91
Vontobel Financial Products G    5.50   6/22/2018   EUR    69.70
Vontobel Financial Products G    9.00   9/28/2018   EUR    68.72
Vontobel Financial Products G    9.80   9/14/2018   EUR    58.38
BNP Paribas Emissions- und Ha   13.00   9/27/2018   EUR    64.01
BNP Paribas Emissions- und Ha    8.00   6/21/2018   EUR    73.84
BNP Paribas Emissions- und Ha    9.00   6/21/2018   EUR    71.85
Vontobel Financial Products G   10.10    6/8/2018   EUR    60.28
Vontobel Financial Products G   13.10   9/14/2018   EUR    59.78
BNP Paribas Emissions- und Ha    8.00   6/21/2018   EUR    71.64
BNP Paribas Emissions- und Ha   10.00   6/21/2018   EUR    71.72
BNP Paribas Emissions- und Ha    7.00   9/27/2018   EUR    64.53
BNP Paribas Emissions- und Ha   10.00   9/27/2018   EUR    59.83
BNP Paribas Emissions- und Ha    9.00   9/27/2018   EUR    44.96
BNP Paribas Emissions- und Ha    7.00   6/21/2018   EUR    62.83
BNP Paribas Emissions- und Ha   10.00   6/21/2018   EUR    59.99
Commerzbank AG                  13.25  10/26/2018   EUR    47.09
Vontobel Financial Products G    5.35    6/8/2018   EUR    66.18
Commerzbank AG                  15.50   7/27/2018   EUR    43.95
DZ Bank AG Deutsche Zentral-G    5.00   8/24/2018   EUR    70.75
DZ Bank AG Deutsche Zentral-G    5.00   8/24/2018   EUR    73.93
Raiffeisen Centrobank AG        16.62   6/19/2018   EUR    63.70
Raiffeisen Centrobank AG        12.49   6/19/2018   EUR    64.60
Commerzbank AG                   8.75   8/24/2018   EUR    68.98
Vontobel Financial Products G   10.00  11/23/2018   EUR    65.20
DZ Bank AG Deutsche Zentral-G    8.25   6/22/2018   EUR    67.55
Deutsche Bank AG                 6.20   9/25/2018   EUR    64.90
Vontobel Financial Products G   11.00   6/22/2018   EUR    56.48
DZ Bank AG Deutsche Zentral-G    6.00   9/28/2018   EUR    74.31
DZ Bank AG Deutsche Zentral-G    8.25   9/28/2018   EUR    57.32
Commerzbank AG                  13.00   8/24/2018   EUR    61.45
Commerzbank AG                  10.25   9/28/2018   EUR    64.49
Commerzbank AG                  12.25   9/28/2018   EUR    62.45
Commerzbank AG                   7.25  11/23/2018   EUR    69.21
Commerzbank AG                   8.25  11/23/2018   EUR    67.60
Commerzbank AG                  10.25  11/23/2018   EUR    64.99
Commerzbank AG                   4.50  11/23/2018   EUR    61.26
Commerzbank AG                   8.50  11/23/2018   EUR    51.25
Vontobel Financial Products G   16.00   9/28/2018   EUR    68.64
Vontobel Financial Products G   12.00    1/2/2019   EUR    68.08
Vontobel Financial Products G   13.55    1/2/2019   EUR    69.00
Vontobel Financial Products G   15.00    1/2/2019   EUR    71.76
Raiffeisen Centrobank AG        10.66   9/25/2018   EUR    73.89
Commerzbank AG                   6.50   6/22/2018   EUR    65.68
Commerzbank AG                   6.50   8/24/2018   EUR    66.77
DekaBank Deutsche Girozentral    3.50  12/20/2018   EUR    58.81
EFG International Finance Gue    7.40   9/13/2019   USD    65.14
Landesbank Baden-Wuerttemberg    5.00   3/22/2019   EUR    69.88
HSBC Trinkaus & Burkhardt AG     5.20   6/22/2018   EUR    65.05
HSBC Trinkaus & Burkhardt AG     8.70   6/22/2018   EUR    63.77
HSBC Trinkaus & Burkhardt AG     8.20   9/28/2018   EUR    65.90
Goldman Sachs & Co Wertpapier   17.00   9/26/2018   EUR    74.61
Vontobel Financial Products G    7.05    1/2/2019   EUR    69.85
Vontobel Financial Products G    5.25   9/14/2018   EUR    68.93
Vontobel Financial Products G    6.60   9/14/2018   EUR    64.84
BNP Paribas Emissions- und Ha   10.00   9/27/2018   EUR    65.58
Goldman Sachs & Co Wertpapier    7.00   9/26/2018   EUR    67.32
Vontobel Financial Products G    5.35    6/8/2018   EUR    66.56
BNP Paribas Emissions- und Ha   12.00   9/27/2018   EUR    71.55
BNP Paribas Emissions- und Ha    8.00   6/21/2018   EUR    55.88
BNP Paribas Emissions- und Ha   12.00   9/27/2018   EUR    63.01
BNP Paribas Emissions- und Ha   12.00   9/27/2018   EUR    41.92
Commerzbank AG                   9.25  10/26/2018   EUR    51.17
Commerzbank AG                  11.25  10/26/2018   EUR    48.86
DZ Bank AG Deutsche Zentral-G   10.75   8/24/2018   EUR    58.71
Landesbank Hessen-Thueringen     4.00   6/21/2019   EUR    64.10
Raiffeisen Centrobank AG        15.44   6/19/2018   EUR    64.88
DZ Bank AG Deutsche Zentral-G    5.00   6/18/2018   EUR    71.33
DZ Bank AG Deutsche Zentral-G    4.75   6/18/2018   EUR    61.52
DZ Bank AG Deutsche Zentral-G    8.60   6/18/2018   EUR    64.35
DZ Bank AG Deutsche Zentral-G    7.40   9/24/2018   EUR    66.27
Vontobel Financial Products G   10.50   6/22/2018   EUR    59.89
Vontobel Financial Products G    3.00    6/8/2018   EUR    56.05
Vontobel Financial Products G    7.80    6/8/2018   EUR    56.09
UniCredit Bank AG               13.40   6/22/2018   EUR    73.17
Vontobel Financial Products G   14.00   9/28/2018   EUR    61.66
Vontobel Financial Products G    8.55    1/2/2019   EUR    67.89
Vontobel Financial Products G   13.00    1/2/2019   EUR    63.12
Bank Julius Baer & Co Ltd/Gue    9.50   8/23/2018   USD    63.65
Vontobel Financial Products G    6.50   9/28/2018   EUR    69.47
Vontobel Financial Products G    7.50   9/28/2018   EUR    67.46
Vontobel Financial Products G    9.05   9/28/2018   EUR    65.80
Vontobel Financial Products G   12.00   9/28/2018   EUR    62.76
DZ Bank AG Deutsche Zentral-G    5.60   3/18/2019   EUR    68.79
Credit Suisse AG/Nassau          8.25   6/18/2018   CHF    66.43
DZ Bank AG Deutsche Zentral-G    6.80  12/24/2018   EUR    68.42
DZ Bank AG Deutsche Zentral-G    6.25    1/2/2019   EUR    61.25
DZ Bank AG Deutsche Zentral-G    5.00   3/18/2019   EUR    62.14
DZ Bank AG Deutsche Zentral-G   11.00   6/22/2018   EUR    58.96
Vontobel Financial Products G    6.00   9/28/2018   EUR    51.47
UBS AG/London                   19.00   6/21/2018   EUR    48.09
UBS AG/London                   16.90   6/21/2018   EUR    65.52
EFG International Finance Gue   13.00   12/6/2018   EUR    66.33
Deutsche Bank AG                 6.20   6/19/2018   EUR    73.10
Vontobel Financial Products G    9.00   9/28/2018   EUR    61.67
Vontobel Financial Products G   11.00   6/22/2018   EUR    66.17
Vontobel Financial Products G    7.00   8/24/2018   EUR    70.13
Deutsche Bank AG                 5.20   9/25/2018   EUR    64.60
Leonteq Securities AG/Guernse    7.00   6/19/2019   USD    57.90
Vontobel Financial Products G   10.00   6/22/2018   EUR    61.38
Commerzbank AG                   5.75   6/22/2018   EUR    70.32
Commerzbank AG                  10.00   8/24/2018   EUR    64.43
Vontobel Financial Products G   14.50   6/22/2018   EUR    68.98
DZ Bank AG Deutsche Zentral-G    6.50   9/28/2018   EUR    74.59
DZ Bank AG Deutsche Zentral-G    6.00   6/22/2018   EUR    72.71
DZ Bank AG Deutsche Zentral-G    8.75   6/22/2018   EUR    55.14
DZ Bank AG Deutsche Zentral-G    5.25   7/27/2018   EUR     2.44
Commerzbank AG                  10.50  11/23/2018   EUR    48.86
Commerzbank AG                  12.50  11/23/2018   EUR    47.09
Commerzbank AG                  11.00   8/24/2018   EUR    63.34
Commerzbank AG                  12.00   8/24/2018   EUR    62.33
Commerzbank AG                   9.25   9/28/2018   EUR    65.67
Commerzbank AG                  11.25   9/28/2018   EUR    63.39
Commerzbank AG                  11.75  10/26/2018   EUR    63.17
Commerzbank AG                   6.25  11/23/2018   EUR    71.13
Commerzbank AG                   9.25  11/23/2018   EUR    66.19
Commerzbank AG                  11.25  11/23/2018   EUR    63.95
Commerzbank AG                   6.50  11/23/2018   EUR    54.95
Vontobel Financial Products G   14.00   9/28/2018   EUR    67.99
Vontobel Financial Products G   12.00   9/28/2018   EUR    67.33
Vontobel Financial Products G    9.55   9/28/2018   EUR    79.32
Vontobel Financial Products G   10.50    1/2/2019   EUR    77.84
Raiffeisen Centrobank AG        10.54   3/19/2019   EUR    73.33
Vontobel Financial Products G    9.00   6/22/2018   EUR    61.93
EFG International Finance Gue    7.40   6/28/2019   USD    60.45
Vontobel Financial Products G   15.00   9/28/2018   EUR    73.11
DZ Bank AG Deutsche Zentral-G    6.40   9/24/2018   EUR    71.20
Credit Suisse AG/Nassau          7.00   9/24/2018   EUR    70.27
Vontobel Financial Products G   11.50   6/22/2018   EUR    56.17
Vontobel Financial Products G   11.55   9/28/2018   EUR    56.03
Vontobel Financial Products G   10.05    1/2/2019   EUR    58.12
Vontobel Financial Products G    6.55   9/28/2018   EUR    64.69
Vontobel Financial Products G    7.50   9/28/2018   EUR    54.76
Landesbank Baden-Wuerttemberg    4.50  11/23/2018   EUR    72.16
Landesbank Baden-Wuerttemberg    4.00  11/23/2018   EUR    74.12
EFG International Finance Gue   12.60  11/29/2018   EUR    64.55
Leonteq Securities AG/Guernse    7.00   6/26/2019   CHF    57.66
Vontobel Financial Products G    5.50    1/2/2019   EUR    68.96
Vontobel Financial Products G    5.50   9/28/2018   EUR    67.62
Vontobel Financial Products G    6.55   9/28/2018   EUR    67.95
Vontobel Financial Products G    8.15   9/14/2018   EUR    61.35
BNP Paribas Emissions- und Ha    7.00   9/27/2018   EUR    70.32
BNP Paribas Emissions- und Ha   10.00   9/27/2018   EUR    71.71
Vontobel Financial Products G    3.45   9/14/2018   EUR    73.17
Vontobel Financial Products G    7.80   9/14/2018   EUR    65.36
BNP Paribas Emissions- und Ha    8.50   9/27/2018   EUR    69.25
BNP Paribas Emissions- und Ha    9.00  12/31/2018   EUR    68.30
BNP Paribas Emissions- und Ha    7.00  12/31/2018   EUR    59.44
BNP Paribas Emissions- und Ha   10.00   9/27/2018   EUR    66.31
BNP Paribas Emissions- und Ha    9.00  12/31/2018   EUR    68.18
BNP Paribas Emissions- und Ha    6.50   9/27/2018   EUR    65.64
BNP Paribas Emissions- und Ha   16.00   6/21/2018   EUR    36.37
BNP Paribas Emissions- und Ha    8.00   6/21/2018   EUR    62.87
BNP Paribas Emissions- und Ha    9.00   6/21/2018   EUR    59.95
BNP Paribas Emissions- und Ha   11.00   6/21/2018   EUR    58.38
BNP Paribas Emissions- und Ha   13.00   6/21/2018   EUR    56.40
Commerzbank AG                   7.25  10/26/2018   EUR    54.58
Vontobel Financial Products G    6.55    6/8/2018   EUR    49.64
Vontobel Financial Products G   10.75    6/8/2018   EUR    49.76
Vontobel Financial Products G    5.50   6/22/2018   EUR    72.43
Vontobel Financial Products G   10.00   9/28/2018   EUR    74.16
Vontobel Financial Products G   10.50   6/22/2018   EUR    62.36
DZ Bank AG Deutsche Zentral-G    6.25   6/22/2018   EUR    52.26
Vontobel Financial Products G    7.00   6/22/2018   EUR    65.11
DZ Bank AG Deutsche Zentral-G    7.25   6/18/2018   EUR    72.70
Vontobel Financial Products G   11.00   6/22/2018   EUR    62.03
DZ Bank AG Deutsche Zentral-G    6.25   6/22/2018   EUR    72.90
Leonteq Securities AG/Guernse   11.00   9/12/2018   USD    55.26
Landesbank Baden-Wuerttemberg    3.00   7/27/2018   EUR    72.72
Vontobel Financial Products G    9.50    1/2/2019   EUR    57.81
Vontobel Financial Products G    8.00    1/2/2019   EUR    56.94
Vontobel Financial Products G    6.55    1/2/2019   EUR    64.52
Commerzbank AG                  13.50   9/28/2018   EUR    44.94
Leonteq Securities AG/Guernse   13.40   2/27/2019   EUR    67.56
Raiffeisen Centrobank AG        13.87   6/19/2018   EUR    63.37
BNP Paribas Emissions- und Ha    6.80  10/25/2018   EUR    69.99
Commerzbank AG                  17.00   6/22/2018   EUR    42.94
UniCredit Bank AG                3.90   6/22/2018   EUR    75.45
UniCredit Bank AG               14.40   6/22/2018   EUR    67.98
DZ Bank AG Deutsche Zentral-G    5.50   9/28/2018   EUR    66.79
DZ Bank AG Deutsche Zentral-G    6.50   6/22/2018   EUR    58.80
Vontobel Financial Products G    7.50    1/2/2019   EUR    69.40
Vontobel Financial Products G    9.50    1/2/2019   EUR    66.38
Vontobel Financial Products G   10.55    1/2/2019   EUR    65.16
Vontobel Financial Products G   10.55   9/28/2018   EUR    64.23
DZ Bank AG Deutsche Zentral-G    7.90   6/18/2018   EUR    67.27
DZ Bank AG Deutsche Zentral-G    7.20   9/24/2018   EUR    67.06
DZ Bank AG Deutsche Zentral-G    5.00    1/2/2019   EUR    68.63
DZ Bank AG Deutsche Zentral-G    5.25   3/22/2019   EUR    71.36
UBS AG/London                   12.25   8/23/2018   USD    62.05
Vontobel Financial Products G   14.55   9/28/2018   EUR    44.23
Commerzbank AG                  10.75   7/27/2018   EUR    71.24
UBS AG/London                    6.10   6/21/2018   EUR    67.58
Commerzbank AG                  14.00   6/22/2018   EUR    68.64
Commerzbank AG                   7.75   8/24/2018   EUR    50.57
DZ Bank AG Deutsche Zentral-G    5.00   6/22/2018   EUR     1.67
Vontobel Financial Products G    2.00   6/22/2018   EUR    55.98
Vontobel Financial Products G    5.50   6/22/2018   EUR    50.14
Vontobel Financial Products G    5.50   6/22/2018   EUR    68.73
UBS AG/London                    8.75   8/16/2018   CHF    64.20
Landesbank Baden-Wuerttemberg    8.00   7/27/2018   EUR    66.67
Landesbank Baden-Wuerttemberg    4.00   7/27/2018   EUR    70.95
Bank Julius Baer & Co Ltd/Gue    6.50   6/15/2018   USD    50.35
Vontobel Financial Products G   10.50   6/22/2018   EUR    56.12
Vontobel Financial Products G    8.00   6/22/2018   EUR    56.01
Vontobel Financial Products G   10.55   9/28/2018   EUR    58.10
Landesbank Baden-Wuerttemberg    6.00  11/23/2018   EUR    68.30
Commerzbank AG                   0.10  12/27/2018   RUB     2.16
Vontobel Financial Products G    8.00   9/28/2018   EUR    68.40
Vontobel Financial Products G   11.65   9/14/2018   EUR    55.81
Vontobel Financial Products G    9.30    6/8/2018   EUR    72.59
BNP Paribas Emissions- und Ha    6.50   9/27/2018   EUR    72.29
BNP Paribas Emissions- und Ha    6.00   9/27/2018   EUR    74.11
BNP Paribas Emissions- und Ha    8.00   9/27/2018   EUR    48.21
BNP Paribas Emissions- und Ha   13.00   6/21/2018   EUR    75.52
BNP Paribas Emissions- und Ha    6.00   6/21/2018   EUR    66.06
BNP Paribas Emissions- und Ha   12.00   6/21/2018   EUR    57.37
Landesbank Hessen-Thueringen     4.00  10/10/2018   EUR    69.50
Commerzbank AG                   7.75   8/24/2018   EUR    71.15
Commerzbank AG                   8.00   9/28/2018   EUR    71.06
Commerzbank AG                   5.25  10/26/2018   EUR    60.05
DZ Bank AG Deutsche Zentral-G    7.75   9/26/2018   EUR    71.70
DZ Bank AG Deutsche Zentral-G    9.25   9/26/2018   EUR    68.72
UniCredit Bank AG                6.90    1/4/2019   EUR    73.06
UniCredit Bank AG                7.10    1/4/2019   EUR    57.05
UniCredit Bank AG                7.50    1/4/2019   EUR    74.62
UniCredit Bank AG                9.20    1/4/2019   EUR    72.02
UniCredit Bank AG                7.70    1/4/2019   EUR    69.56
UniCredit Bank AG                9.80    1/4/2019   EUR    64.89
UniCredit Bank AG               10.90    1/4/2019   EUR    70.27
UniCredit Bank AG               10.00    1/4/2019   EUR    67.93
UniCredit Bank AG                8.20    1/4/2019   EUR    68.25
UniCredit Bank AG                6.50    1/4/2019   EUR    73.27
UniCredit Bank AG                8.60    1/4/2019   EUR    70.32
UniCredit Bank AG               10.10    1/4/2019   EUR    68.52
UniCredit Bank AG                7.30    1/4/2019   EUR    72.43
UniCredit Bank AG               10.60    1/4/2019   EUR    63.60
UniCredit Bank AG                6.00    1/4/2019   EUR    60.06
UniCredit Bank AG                8.40    1/4/2019   EUR    54.59
UniCredit Bank AG               12.20    1/4/2019   EUR    61.31
UniCredit Bank AG               10.10    1/4/2019   EUR    64.21
BNP Paribas Emissions- und Ha   19.00   9/27/2018   EUR    76.52
Leonteq Securities AG           15.00   8/22/2018   CHF    60.66
UniCredit Bank AG               14.60   6/22/2018   EUR    72.43
UniCredit Bank AG               10.00   6/22/2018   EUR    63.03
UniCredit Bank AG               12.20   6/22/2018   EUR    71.22
UniCredit Bank AG               13.10   6/22/2018   EUR    58.88
UniCredit Bank AG                9.00   6/22/2018   EUR    64.56
UniCredit Bank AG               11.90   6/22/2018   EUR    77.50
Raiffeisen Schweiz Genossensc    7.60   8/22/2018   CHF    58.45
UniCredit Bank AG               11.50   6/22/2018   EUR    71.42
Vontobel Financial Products G   11.00   6/28/2019   EUR    73.73
Vontobel Financial Products G    9.50   6/28/2019   EUR    71.89
HSBC Trinkaus & Burkhardt AG     2.80   6/22/2018   EUR    74.72
HSBC Trinkaus & Burkhardt AG     6.40   9/28/2018   EUR    68.75
HSBC Trinkaus & Burkhardt AG     7.00  12/28/2018   EUR    67.13
HSBC Trinkaus & Burkhardt AG     9.20   6/22/2018   EUR    45.62
HSBC Trinkaus & Burkhardt AG     9.50   6/22/2018   EUR    59.60
HSBC Trinkaus & Burkhardt AG     4.30  12/28/2018   EUR    52.95
HSBC Trinkaus & Burkhardt AG     4.40   6/28/2019   EUR    56.23
HSBC Trinkaus & Burkhardt AG     9.30   6/22/2018   EUR    69.50
Raiffeisen Schweiz Genossensc   10.00  10/23/2018   CHF    62.77
Deutsche Bank AG                 4.20   9/25/2018   EUR    67.70
Deutsche Bank AG                 4.20  12/27/2018   EUR    65.30
UniCredit Bank AG               14.90   6/22/2018   EUR    54.76
UniCredit Bank AG                6.10   6/22/2018   EUR    55.13
UniCredit Bank AG               13.90   6/22/2018   EUR    41.48
UniCredit Bank AG                4.40   6/22/2018   EUR    71.15
UniCredit Bank AG               11.60   6/22/2018   EUR    58.33
UniCredit Bank AG               13.80   6/22/2018   EUR    70.39
UniCredit Bank AG               12.60   6/22/2018   EUR    74.42
UniCredit Bank AG               13.70   6/22/2018   EUR    72.75
UniCredit Bank AG               14.90   6/22/2018   EUR    71.97
UniCredit Bank AG               14.10   6/22/2018   EUR    73.31
UniCredit Bank AG                9.10   6/22/2018   EUR    75.14
UniCredit Bank AG               13.20   6/22/2018   EUR    74.87
UniCredit Bank AG               14.80   6/22/2018   EUR    71.77
UniCredit Bank AG                4.90   6/22/2018   EUR    73.64
Vontobel Financial Products G   14.50    1/2/2019   EUR    71.63
Vontobel Financial Products G   12.50    1/2/2019   EUR    70.45
Vontobel Financial Products G   10.55    1/2/2019   EUR    69.30
Vontobel Financial Products G    8.55    1/2/2019   EUR    78.08
UniCredit Bank AG               10.90   6/22/2018   EUR    58.83
UniCredit Bank AG               13.90   6/22/2018   EUR    54.07
UniCredit Bank AG               11.80   6/22/2018   EUR    57.15
UniCredit Bank AG                8.20   6/22/2018   EUR    64.62
UniCredit Bank AG               13.40   6/22/2018   EUR    73.72
UniCredit Bank AG               13.90   6/22/2018   EUR    73.63
UniCredit Bank AG                5.60   6/22/2018   EUR    71.61
UniCredit Bank AG               12.10   6/22/2018   EUR    60.20
Vontobel Financial Products G    6.00   6/22/2018   EUR    73.41
BNP Paribas Emissions- und Ha   17.00  10/25/2018   EUR    77.25
HSBC Trinkaus & Burkhardt AG    12.30   9/28/2018   EUR    42.72
Vontobel Financial Products G   12.00   3/22/2019   EUR    74.75
HSBC Trinkaus & Burkhardt AG     7.60   6/22/2018   EUR    63.77
HSBC Trinkaus & Burkhardt AG     8.00   9/28/2018   EUR    65.93
HSBC Trinkaus & Burkhardt AG     6.20   6/28/2019   EUR    48.77
HSBC Trinkaus & Burkhardt AG     6.20  12/28/2018   EUR    70.84
HSBC Trinkaus & Burkhardt AG     9.20   9/28/2018   EUR    44.73
DZ Bank AG Deutsche Zentral-G    6.20   6/18/2018   EUR    70.76
Deutsche Bank AG                 4.20   9/25/2018   EUR    64.40
Deutsche Bank AG                 4.20  12/27/2018   EUR    68.60
Landesbank Baden-Wuerttemberg    4.00   6/22/2018   EUR    70.42
BNP Paribas Emissions- und Ha    8.00  12/31/2018   EUR    50.22
Landesbank Baden-Wuerttemberg    4.00   6/22/2018   EUR    70.37
BNP Paribas Emissions- und Ha   11.00   6/21/2018   EUR    64.15
BNP Paribas Emissions- und Ha   12.00   6/21/2018   EUR    62.92
BNP Paribas Emissions- und Ha   16.00   6/21/2018   EUR    60.12
BNP Paribas Emissions- und Ha   14.00  12/31/2018   EUR    58.18
BNP Paribas Emissions- und Ha    7.50   6/21/2018   EUR    64.14
BNP Paribas Emissions- und Ha    5.50  12/31/2018   EUR    71.19
Commerzbank AG                  19.00   6/22/2018   EUR    73.39
Deutsche Bank AG                 4.20  12/27/2018   EUR    58.10
Deutsche Bank AG                 4.20   9/25/2018   EUR    57.10
Deutsche Bank AG                 6.20  12/27/2018   EUR    62.70
Leonteq Securities AG/Guernse   11.00  11/26/2018   EUR    60.64
HSBC Trinkaus & Burkhardt AG     6.70   6/22/2018   EUR    51.70
HSBC Trinkaus & Burkhardt AG     9.60   9/28/2018   EUR    60.62
HSBC Trinkaus & Burkhardt AG     2.50   6/22/2018   EUR    61.33
HSBC Trinkaus & Burkhardt AG     6.90   6/22/2018   EUR    69.92
DZ Bank AG Deutsche Zentral-G    9.00   6/18/2018   EUR    71.48
Deutsche Bank AG                 4.20   6/19/2018   EUR    63.40
Deutsche Bank AG                 4.20   6/19/2018   EUR    63.40
Deutsche Bank AG                 4.20   6/19/2018   EUR    60.40
Deutsche Bank AG                 4.20  12/27/2018   EUR    65.30
Landesbank Baden-Wuerttemberg    2.50   6/22/2018   EUR    74.49
BNP Paribas Emissions- und Ha    7.00   6/21/2018   EUR    50.28
BNP Paribas Emissions- und Ha   13.00   9/27/2018   EUR    44.00
BNP Paribas Emissions- und Ha   10.00   9/27/2018   EUR    70.65
BNP Paribas Emissions- und Ha    9.00   6/21/2018   EUR    66.08
BNP Paribas Emissions- und Ha    4.50   9/27/2018   EUR    72.06
BNP Paribas Emissions- und Ha    8.00   9/27/2018   EUR    67.99
BNP Paribas Emissions- und Ha   10.00   9/27/2018   EUR    61.51
BNP Paribas Emissions- und Ha   16.00   9/27/2018   EUR    55.03
BNP Paribas Emissions- und Ha    8.50   6/21/2018   EUR    64.18
BNP Paribas Emissions- und Ha    4.50  12/31/2018   EUR    73.62
BNP Paribas Emissions- und Ha    9.50  12/31/2018   EUR    66.91
Deutsche Bank AG                 4.20  12/27/2018   EUR    55.00
Deutsche Bank AG                 4.20   6/19/2018   EUR    59.40
Deutsche Bank AG                 6.20   6/19/2018   EUR    59.60
Deutsche Bank AG                 6.20   6/19/2018   EUR    56.10
Deutsche Bank AG                 4.20   6/19/2018   EUR    56.00
Deutsche Bank AG                 4.20   6/19/2018   EUR    52.90
Deutsche Bank AG                 4.20   9/25/2018   EUR    60.50
Deutsche Bank AG                 6.20   9/25/2018   EUR    57.70
DZ Bank AG Deutsche Zentral-G    6.50   9/28/2018   EUR    64.28
DZ Bank AG Deutsche Zentral-G    8.75   9/28/2018   EUR    64.23
DZ Bank AG Deutsche Zentral-G    7.50   6/22/2018   EUR    70.95
DZ Bank AG Deutsche Zentral-G    5.60   6/22/2018   EUR    68.87
UniCredit Bank AG               10.30   9/28/2018   EUR    64.15
Commerzbank AG                   3.00   7/27/2018   EUR    62.04
Deutsche Bank AG                 6.20  12/27/2018   EUR    56.20
Deutsche Bank AG                 6.20   9/25/2018   EUR    61.20
Deutsche Bank AG                 4.20  12/27/2018   EUR    61.50
Zurcher Kantonalbank Finance     5.25  10/24/2018   CHF    64.92
DZ Bank AG Deutsche Zentral-G   11.50   9/28/2018   EUR    73.83
DZ Bank AG Deutsche Zentral-G    5.50  10/26/2018   EUR     4.32
DZ Bank AG Deutsche Zentral-G    7.70   6/22/2018   EUR    58.81
DZ Bank AG Deutsche Zentral-G    4.60   6/22/2018   EUR    61.94
UniCredit Bank AG               14.00    1/4/2019   EUR    73.33
UniCredit Bank AG                5.00    1/3/2020   EUR    10.85
UniCredit Bank AG                8.90   6/28/2019   EUR    71.55
UniCredit Bank AG                9.20   6/28/2019   EUR    51.66
Commerzbank AG                  10.00   9/28/2018   EUR    77.27
Commerzbank AG                  12.00   9/28/2018   EUR    75.67
Vontobel Financial Products G   13.00   6/22/2018   EUR    51.86
Vontobel Financial Products G    5.00   9/28/2018   EUR    69.00
Vontobel Financial Products G    7.55   9/28/2018   EUR    61.36
Vontobel Financial Products G    6.00    1/2/2019   EUR    66.32
Vontobel Financial Products G   10.00    1/2/2019   EUR    58.24
Bank Julius Baer & Co Ltd/Gue    9.25  10/12/2018   USD    60.00
BNP Paribas Emissions- und Ha   10.00   9/27/2018   EUR    65.35
Landesbank Baden-Wuerttemberg    7.00   6/22/2018   EUR    61.73
BNP Paribas Emissions- und Ha   12.00   9/27/2018   EUR    63.02
BNP Paribas Emissions- und Ha   13.00   9/27/2018   EUR    57.96
BNP Paribas Emissions- und Ha    5.00  12/31/2018   EUR    72.38
BNP Paribas Emissions- und Ha    9.00  12/31/2018   EUR    67.84
Deutsche Bank AG                 6.20  12/27/2018   EUR    59.20
Deutsche Bank AG                 6.20   6/19/2018   EUR    53.00
Deutsche Bank AG                 6.20   9/25/2018   EUR    54.60
Deutsche Bank AG                 4.20   9/25/2018   EUR    54.00
DZ Bank AG Deutsche Zentral-G    8.25   6/22/2018   EUR    59.83
Commerzbank AG                  13.75  10/26/2018   EUR    76.68
DZ Bank AG Deutsche Zentral-G    8.40   6/22/2018   EUR    74.70
DZ Bank AG Deutsche Zentral-G    6.70   6/22/2018   EUR    61.61
DZ Bank AG Deutsche Zentral-G    4.80   6/22/2018   EUR    72.84
UniCredit Bank AG               13.00    1/4/2019   EUR    73.96
UniCredit Bank AG               12.60   9/28/2018   EUR    66.15
UniCredit Bank AG               10.60    1/3/2020   EUR    68.09
UniCredit Bank AG               14.50   6/28/2019   EUR    62.17
UniCredit Bank AG                7.70    1/3/2020   EUR    74.54
DZ Bank AG Deutsche Zentral-G    5.00   9/24/2018   EUR    71.91
UniCredit Bank AG                8.90   6/28/2019   EUR    69.83
UniCredit Bank AG               11.60    1/3/2020   EUR    52.97
UniCredit Bank AG                5.80    1/3/2020   EUR    57.80
UniCredit Bank AG                9.60    1/3/2020   EUR    71.67
Bank Julius Baer & Co Ltd/Gue    6.55   3/27/2019   CHF    76.25
UniCredit Bank AG                6.30   6/28/2019   EUR    56.10
UniCredit Bank AG               11.30   6/28/2019   EUR    49.99
UniCredit Bank AG               11.00   6/22/2018   EUR    61.57
UniCredit Bank AG               12.90   6/22/2018   EUR    55.57
UniCredit Bank AG                9.90   6/22/2018   EUR    60.65
UniCredit Bank AG                7.40   6/22/2018   EUR    66.85
UniCredit Bank AG               14.90   6/22/2018   EUR    74.28
UniCredit Bank AG                4.80   6/22/2018   EUR    59.13
UniCredit Bank AG               12.20   6/22/2018   EUR    43.59
UniCredit Bank AG                7.60   6/22/2018   EUR    64.04
UniCredit Bank AG               14.60   6/22/2018   EUR    75.71
UniCredit Bank AG               12.50   6/22/2018   EUR    56.41
UniCredit Bank AG                7.60   6/22/2018   EUR    65.86
UniCredit Bank AG                9.60   6/22/2018   EUR    71.91
UniCredit Bank AG               13.00   6/22/2018   EUR    67.60
UniCredit Bank AG               11.80   6/22/2018   EUR    68.95
UniCredit Bank AG               15.00   6/22/2018   EUR    73.53
UniCredit Bank AG                9.90   6/22/2018   EUR    60.74
UBS AG/London                    7.00  10/12/2018   USD    58.20
Raiffeisen Switzerland BV       11.40   4/12/2019   CHF    61.92
Landesbank Baden-Wuerttemberg    6.50   8/24/2018   EUR    70.67
HSBC Trinkaus & Burkhardt AG     8.80   9/28/2018   EUR    48.26
Vontobel Financial Products G   12.55   3/22/2019   EUR    72.86
HSBC Trinkaus & Burkhardt AG     8.80   9/28/2018   EUR    62.16
HSBC Trinkaus & Burkhardt AG    12.10   6/22/2018   EUR    41.20
HSBC Trinkaus & Burkhardt AG     6.20  12/28/2018   EUR    70.84
DZ Bank AG Deutsche Zentral-G    6.80   6/18/2018   EUR    69.38
Deutsche Bank AG                 4.20   9/25/2018   EUR    64.40
Deutsche Bank AG                 4.20   9/25/2018   EUR    61.40
Deutsche Bank AG                 4.20  12/27/2018   EUR    62.30
Credit Suisse AG/Nassau          8.00   8/24/2018   CHF    65.72
Credit Suisse AG/London          8.00  10/22/2018   USD    62.43
BNP Paribas Emissions- und Ha    7.00   9/27/2018   EUR    52.02
BNP Paribas Emissions- und Ha   15.00   9/27/2018   EUR    42.74
Landesbank Baden-Wuerttemberg    5.50   6/22/2018   EUR    65.76
BNP Paribas Emissions- und Ha   11.00   9/27/2018   EUR    64.45
BNP Paribas Emissions- und Ha    4.00  12/31/2018   EUR    75.73
BNP Paribas Emissions- und Ha   16.00   9/27/2018   EUR    64.14
BNP Paribas Emissions- und Ha    6.00   6/21/2018   EUR    69.59
BNP Paribas Emissions- und Ha   13.00   6/21/2018   EUR    61.74
BNP Paribas Emissions- und Ha    9.50   9/27/2018   EUR    66.46
BNP Paribas Emissions- und Ha   15.00   6/21/2018   EUR    54.61
BNP Paribas Emissions- und Ha    7.50  12/31/2018   EUR    67.84
EFG International Finance Gue    8.00   5/26/2020   USD    64.32
UBS AG/London                   12.50  10/11/2018   CHF    56.10
Zurcher Kantonalbank Finance     6.25   9/21/2018   CHF    59.49
Vontobel Financial Products G   11.00    1/2/2019   EUR    76.76
UniCredit Bank AG               12.50   9/28/2018   EUR    62.33
BNP Paribas Emissions- und Ha   15.00   9/27/2018   EUR    70.53
BNP Paribas Emissions- und Ha   20.00   9/27/2018   EUR    56.26
BNP Paribas Emissions- und Ha   16.00  12/31/2018   EUR    59.31
BNP Paribas Emissions- und Ha    7.50   9/27/2018   EUR    67.58
BNP Paribas Emissions- und Ha    9.00   9/27/2018   EUR    65.90
BNP Paribas Emissions- und Ha   23.00   6/21/2018   EUR    69.28
Vontobel Financial Products G   11.00    1/2/2019   EUR    69.30
Leonteq Securities AG/Guernse    7.60   9/18/2019   USD    65.58
Leonteq Securities AG/Guernse    7.00   4/16/2020   CHF    73.06
Raiffeisen Centrobank AG        13.29   9/25/2018   EUR    68.47
Raiffeisen Centrobank AG         4.43   9/25/2018   EUR    72.44
Commerzbank AG                  11.25   6/22/2018   EUR    42.14
Commerzbank AG                  13.25   8/24/2018   EUR    74.02
Leonteq Securities AG/Guernse   11.00    4/8/2019   EUR    68.87
Landesbank Hessen-Thueringen     4.00   2/17/2021   EUR    69.26
HSBC Trinkaus & Burkhardt AG     7.80   9/28/2018   EUR    65.66
BNP Paribas Emissions- und Ha    5.00   3/21/2019   EUR    76.09
BNP Paribas Emissions- und Ha    7.00   9/27/2018   EUR    75.54
BNP Paribas Emissions- und Ha    6.00  12/31/2018   EUR    76.22
Deutsche Bank AG                 6.20  12/27/2018   EUR    70.80
Deutsche Bank AG                 5.20   6/19/2018   EUR    65.60
EFG International Finance Gue    8.40   8/23/2018   USD    59.73
BNP Paribas Emissions- und Ha   12.00   9/27/2018   EUR    71.86
Bank Julius Baer & Co Ltd/Gue    7.20   2/13/2019   CHF    67.95
EFG International Finance Gue    8.00   4/21/2020   USD    60.79
BNP Paribas Emissions- und Ha   10.00   9/27/2018   EUR    73.13
DZ Bank AG Deutsche Zentral-G    5.20   6/18/2018   EUR    68.01
DZ Bank AG Deutsche Zentral-G    5.00  12/28/2018   EUR    65.80
Vontobel Financial Products G   11.00    1/2/2019   EUR    74.22
DZ Bank AG Deutsche Zentral-G    6.50   6/18/2018   EUR    65.19
Deutsche Bank AG                 7.20   6/19/2018   EUR    67.50
DZ Bank AG Deutsche Zentral-G    6.50   6/22/2018   EUR    69.45
UniCredit Bank AG               14.60    1/4/2019   EUR    70.55
Vontobel Financial Products G   11.90    6/8/2018   EUR    59.01
BNP Paribas Emissions- und Ha    8.50  12/31/2018   EUR    71.30
BNP Paribas Emissions- und Ha    8.00   6/21/2018   EUR    72.62
UniCredit Bank AG                8.20   9/28/2018   EUR    52.31
BNP Paribas Emissions- und Ha   13.00   6/21/2018   EUR    64.89
UniCredit Bank AG               13.00    1/4/2019   EUR    74.91
BNP Paribas Emissions- und Ha   11.00   6/21/2018   EUR    68.39
UniCredit Bank AG               12.00    1/4/2019   EUR    48.95
BNP Paribas Emissions- und Ha    8.00   6/21/2018   EUR    71.21
UniCredit Bank AG               11.50    1/4/2019   EUR    67.77
Raiffeisen Schweiz Genossensc    9.20   2/12/2019   CHF    64.20
UniCredit Bank AG                6.00   9/28/2018   EUR     4.54
UniCredit Bank AG                8.90   9/28/2018   EUR    75.93
UniCredit Bank AG               13.60   9/28/2018   EUR    69.75
UniCredit Bank AG               14.90   9/28/2018   EUR    72.61
UniCredit Bank AG               14.90    1/4/2019   EUR    60.64
HSBC Trinkaus & Burkhardt AG     7.60   8/24/2018   EUR    45.89
Commerzbank AG                   6.00   8/24/2018   EUR    50.63
Leonteq Securities AG/Guernse   10.00  12/19/2018   CHF    45.97
Commerzbank AG                  11.50   7/27/2018   EUR    72.68
Commerzbank AG                  13.75   6/22/2018   EUR    74.66
HSBC Trinkaus & Burkhardt AG     3.40   6/22/2018   EUR    59.11
HSBC Trinkaus & Burkhardt AG     3.90   9/28/2018   EUR    60.12
HSBC Trinkaus & Burkhardt AG     7.80   7/27/2018   EUR    49.35
Goldman Sachs & Co Wertpapier   21.00   6/20/2018   EUR    66.70
DZ Bank AG Deutsche Zentral-G    5.00   6/18/2018   EUR    65.47
DZ Bank AG Deutsche Zentral-G    7.50    1/2/2019   EUR    65.50
DZ Bank AG Deutsche Zentral-G   10.30    1/2/2019   EUR    62.47
Deutsche Bank AG                 5.20   6/19/2018   EUR    63.20
DZ Bank AG Deutsche Zentral-G    7.00   6/22/2018   EUR    69.21
DZ Bank AG Deutsche Zentral-G    5.25   6/22/2018   EUR    65.29
Vontobel Financial Products G    9.00   8/24/2018   EUR    62.46
Commerzbank AG                   5.00  12/21/2018   EUR    70.82
Deutsche Bank AG                 7.20   6/19/2018   EUR    60.60
Deutsche Bank AG                 6.20   6/19/2018   EUR    63.50
Deutsche Bank AG                 5.50   6/19/2018   EUR    71.10
Deutsche Bank AG                 5.50  12/27/2018   EUR    73.90
Vontobel Financial Products G   10.50   6/22/2018   EUR    72.81
Vontobel Financial Products G    6.00   6/22/2018   EUR    63.54
Deutsche Bank AG                 7.20   6/19/2018   EUR    66.90
DZ Bank AG Deutsche Zentral-G   10.25   6/22/2018   EUR    61.73
DZ Bank AG Deutsche Zentral-G   13.50   8/24/2018   EUR    69.04
DZ Bank AG Deutsche Zentral-G    7.25   6/22/2018   EUR    73.48
Deutsche Bank AG                 6.20   6/19/2018   EUR    72.70
DZ Bank AG Deutsche Zentral-G    8.25  12/24/2018   EUR    65.80
DZ Bank AG Deutsche Zentral-G    6.25  12/24/2018   EUR    59.15
DZ Bank AG Deutsche Zentral-G   13.50   6/22/2018   EUR    66.88
Deutsche Bank AG                 6.20   6/19/2018   EUR    60.50
Deutsche Bank AG                 5.50   6/19/2018   EUR    73.10
Deutsche Bank AG                 5.50   9/25/2018   EUR    72.60
BNP Paribas Emissions- und Ha    5.00  12/31/2018   EUR    68.88
Vontobel Financial Products G    4.00   6/22/2018   EUR    66.78
Deutsche Bank AG                 7.20   9/25/2018   EUR    68.70
Deutsche Bank AG                 4.20   9/25/2018   EUR    73.80
DZ Bank AG Deutsche Zentral-G    9.00   6/22/2018   EUR    71.78
Deutsche Bank AG                 4.20   6/19/2018   EUR    72.60
Commerzbank AG                  10.00    3/2/2020   EUR    64.76
UniCredit Bank AG               11.70   9/28/2018   EUR    67.36
UniCredit Bank AG                4.60    1/4/2019   EUR     5.14
Vontobel Financial Products G    8.90    6/8/2018   EUR    66.39
Vontobel Financial Products G    9.20    6/8/2018   EUR    63.28
Vontobel Financial Products G    4.40    6/8/2018   EUR    72.29
Deutsche Bank AG                 5.20   6/19/2018   EUR    73.80
UBS AG/London                    6.00   9/27/2018   EUR    69.35
DZ Bank AG Deutsche Zentral-G    8.50   6/22/2018   EUR    46.32
UBS AG/London                   12.90    1/3/2019   EUR    71.28
UBS AG/London                    9.20    1/3/2019   EUR    73.56
EFG International Finance Gue    8.00    3/9/2020   USD    60.47
Vontobel Financial Products G    8.00   6/22/2018   EUR    63.45
Deutsche Bank AG                 7.20   6/19/2018   EUR    63.60
BNP Paribas Emissions- und Ha    5.00   3/21/2019   EUR    70.69
Vontobel Financial Products G    8.00   6/22/2018   EUR    60.62
Vontobel Financial Products G   11.00   6/22/2018   EUR    56.74
Deutsche Bank AG                 6.20   9/25/2018   EUR    74.40
UniCredit Bank AG                5.00   6/29/2018   EUR    67.80
DZ Bank AG Deutsche Zentral-G   10.25   6/22/2018   EUR    75.91
Landesbank Baden-Wuerttemberg    7.00   8/24/2018   EUR    67.12
BNP Paribas Emissions- und Ha   11.00  12/31/2018   EUR    69.83
BNP Paribas Emissions- und Ha   18.00   6/21/2018   EUR    59.23
Leonteq Securities AG/Guernse   11.00  11/21/2018   CHF    71.29
DZ Bank AG Deutsche Zentral-G    4.90   6/18/2018   EUR    70.31
UBS AG/London                    7.80   3/28/2019   EUR    68.87
DZ Bank AG Deutsche Zentral-G    9.50   9/28/2018   EUR    47.33
Deutsche Bank AG                 7.20   6/19/2018   EUR    64.70
Deutsche Bank AG                 7.20   6/19/2018   EUR    63.30
UBS AG/London                    5.90   3/28/2019   EUR    71.43
Vontobel Financial Products G    8.50   9/28/2018   EUR    73.58
Vontobel Financial Products G   10.50   9/28/2018   EUR    71.39
UBS AG/London                   14.40    1/3/2019   EUR    70.11
Vontobel Financial Products G   11.25   6/22/2018   EUR    63.76
DZ Bank AG Deutsche Zentral-G    5.00   6/18/2018   EUR    72.51
Raiffeisen Switzerland BV        5.00   8/14/2020   EUR    63.54
Vontobel Financial Products G   11.25    6/8/2018   EUR    61.17
Vontobel Financial Products G   12.30    6/8/2018   EUR    59.27
Vontobel Financial Products G   11.80    6/8/2018   EUR    73.75
BNP Paribas Emissions- und Ha   15.00   6/21/2018   EUR    70.72
Commerzbank AG                  11.50   7/27/2018   EUR    42.91
Commerzbank AG                   6.00   7/27/2018   EUR    67.35
Bank Julius Baer & Co Ltd/Gue    7.30   8/16/2019   USD    73.30
Commerzbank AG                  13.50  11/23/2018   EUR    76.49
UniCredit Bank AG                9.30   9/28/2018   EUR    72.87
Vontobel Financial Products G   10.35    6/8/2018   EUR    62.50
UniCredit Bank AG                9.60   9/28/2018   EUR    70.56
Vontobel Financial Products G    7.50    6/8/2018   EUR    70.79
UniCredit Bank AG               10.50   9/28/2018   EUR    69.98
UniCredit Bank AG                5.70   9/28/2018   EUR    58.53
BNP Paribas Emissions- und Ha    4.50   6/21/2018   EUR    71.03
UniCredit Bank AG               10.80   9/28/2018   EUR    72.47
BNP Paribas Emissions- und Ha    8.50   6/21/2018   EUR    70.64
UniCredit Bank AG                4.70   9/28/2018   EUR    62.45
UniCredit Bank AG               14.40    1/4/2019   EUR    72.83
BNP Paribas Emissions- und Ha    7.00   6/21/2018   EUR    38.55
BNP Paribas Emissions- und Ha   11.00  12/31/2018   EUR    62.16
BNP Paribas Emissions- und Ha   12.00  12/31/2018   EUR    59.98
BNP Paribas Emissions- und Ha    6.50   6/21/2018   EUR    76.45
UniCredit Bank AG               13.50    1/4/2019   EUR    47.75
Bank Julius Baer & Co Ltd/Gue   10.00  10/24/2018   USD    63.20
Vontobel Financial Products G    7.50    1/2/2019   EUR    76.78
HSBC Trinkaus & Burkhardt AG     7.60  10/26/2018   EUR    51.20
Raiffeisen Schweiz Genossensc   12.00   9/11/2018   CHF    59.05
Bank Julius Baer & Co Ltd/Gue    5.50   9/26/2018   CHF    54.80
Raiffeisen Centrobank AG         6.04   6/25/2019   EUR    12.90
HSBC Trinkaus & Burkhardt AG     8.70  12/28/2018   EUR    50.35
Commerzbank AG                  12.75   7/27/2018   EUR    76.68
Commerzbank AG                   9.25   6/22/2018   EUR    74.44
BNP Paribas Emissions- und Ha   16.00   9/27/2018   EUR    68.16
BNP Paribas Emissions- und Ha    9.00   6/21/2018   EUR    62.60
BNP Paribas Emissions- und Ha   12.00   6/21/2018   EUR    56.18
BNP Paribas Emissions- und Ha   10.00   6/21/2018   EUR    65.38
BNP Paribas Emissions- und Ha   13.00   6/21/2018   EUR    68.37
BNP Paribas Emissions- und Ha    9.00   6/21/2018   EUR    73.87
BNP Paribas Emissions- und Ha   10.00   6/21/2018   EUR    66.88
BNP Paribas Emissions- und Ha   18.00   9/27/2018   EUR    55.65
BNP Paribas Emissions- und Ha    9.00   9/27/2018   EUR    74.22
BNP Paribas Emissions- und Ha   13.00   9/27/2018   EUR    72.87
Vontobel Financial Products G    8.50   9/28/2018   EUR    67.51
BNP Paribas Emissions- und Ha   15.00   6/21/2018   EUR    38.76
BNP Paribas Emissions- und Ha   10.00   9/27/2018   EUR    43.18
BNP Paribas Emissions- und Ha   12.00   6/21/2018   EUR    69.83
BNP Paribas Emissions- und Ha    7.00   9/27/2018   EUR    75.40
BNP Paribas Emissions- und Ha    8.00   9/27/2018   EUR    75.71
BNP Paribas Emissions- und Ha    9.50  12/31/2018   EUR    67.90
BNP Paribas Emissions- und Ha    7.00  12/31/2018   EUR    77.44
BNP Paribas Emissions- und Ha   10.00  12/31/2018   EUR    71.66
Bank Julius Baer & Co Ltd/Gue    6.80   9/12/2018   CHF    52.80
Bank Julius Baer & Co Ltd/Gue    7.85   6/20/2019   CHF    76.40
Credit Suisse AG/London          9.00   3/19/2021   USD     9.65
DZ Bank AG Deutsche Zentral-G    6.60   6/18/2018   EUR    67.93
DZ Bank AG Deutsche Zentral-G    5.90   9/24/2018   EUR    69.41
Bank J Safra Sarasin AG/Guern   11.00   7/10/2018   CHF    68.61
UniCredit Bank AG                9.80    1/4/2019   EUR    52.54
UniCredit Bank AG                5.60    1/4/2019   EUR    76.24
UniCredit Bank AG                8.40    1/4/2019   EUR    67.89
UniCredit Bank AG                7.00    1/4/2019   EUR    71.36
UniCredit Bank AG               10.00    1/4/2019   EUR    70.81
UniCredit Bank AG               10.90    1/4/2019   EUR    69.74
UniCredit Bank AG                8.40    1/4/2019   EUR    73.31
UniCredit Bank AG                7.30    1/4/2019   EUR    70.61
UniCredit Bank AG               11.20    1/4/2019   EUR    62.57
UniCredit Bank AG               11.50    1/4/2019   EUR    66.86
UniCredit Bank AG               11.60    1/4/2019   EUR    66.07
UniCredit Bank AG                8.40    1/4/2019   EUR    70.36
UniCredit Bank AG                9.00    1/4/2019   EUR    72.43
UniCredit Bank AG               11.80    1/4/2019   EUR    68.74
UniCredit Bank AG               11.40    1/4/2019   EUR    62.41
UniCredit Bank AG               12.20    1/4/2019   EUR    61.02
UniCredit Bank AG                9.20    1/4/2019   EUR    66.16
UniCredit Bank AG               10.00    1/4/2019   EUR    68.06
UniCredit Bank AG                4.90    1/4/2019   EUR    63.56
UniCredit Bank AG               11.20    1/4/2019   EUR    50.79
DZ Bank AG Deutsche Zentral-G    7.75   7/27/2018   EUR    48.62
UniCredit Bank AG                6.80   6/22/2018   EUR    70.51
UniCredit Bank AG                5.80   6/22/2018   EUR    74.15
UniCredit Bank AG               12.40   6/22/2018   EUR    59.11
UniCredit Bank AG               14.00   6/22/2018   EUR    56.85
UniCredit Bank AG               10.80   6/22/2018   EUR    61.57
UniCredit Bank AG                9.40   6/22/2018   EUR    64.27
UniCredit Bank AG                8.10   6/22/2018   EUR    67.24
DZ Bank AG Deutsche Zentral-G    8.25   9/28/2018   EUR    55.51
UBS AG/London                    6.00   1/14/2019   EUR    70.90
Credit Suisse AG/London          7.00   7/19/2018   USD    67.87
Leonteq Securities AG/Guernse   10.20  10/24/2018   USD    56.90
Deutsche Bank AG                 4.20  12/27/2018   EUR    67.50
Deutsche Bank AG                 4.20  12/27/2018   EUR    65.40
Deutsche Bank AG                 3.20  12/27/2018   EUR    64.80
Deutsche Bank AG                 4.20   6/19/2018   EUR    70.40
Deutsche Bank AG                 4.20   6/19/2018   EUR    67.90
Deutsche Bank AG                 3.20   6/19/2018   EUR    67.90
Deutsche Bank AG                 4.20   6/19/2018   EUR    65.60
Deutsche Bank AG                 3.20   6/19/2018   EUR    65.50
Deutsche Bank AG                 3.20   6/19/2018   EUR    63.40
Deutsche Bank AG                 4.20   6/19/2018   EUR    63.40
Deutsche Bank AG                 3.20   9/25/2018   EUR    71.00
Deutsche Bank AG                 4.20   9/25/2018   EUR    71.30
Deutsche Bank AG                 3.20   9/25/2018   EUR    68.60
Deutsche Bank AG                 4.20   9/25/2018   EUR    68.90
Deutsche Bank AG                 3.20   9/25/2018   EUR    66.30
Deutsche Bank AG                 4.20   9/25/2018   EUR    66.60
Deutsche Bank AG                 3.20   9/25/2018   EUR    64.10
Deutsche Bank AG                 4.20   9/25/2018   EUR    64.50
Deutsche Bank AG                 3.20  12/27/2018   EUR    71.40
Deutsche Bank AG                 3.20  12/27/2018   EUR    69.10
Deutsche Bank AG                 4.20  12/27/2018   EUR    69.70
Deutsche Bank AG                 3.20  12/27/2018   EUR    66.90
Deutsche Bank AG                 3.20   6/19/2018   EUR    70.40
Goldman Sachs & Co Wertpapier   20.00   6/20/2018   EUR    71.45
Goldman Sachs & Co Wertpapier   18.00   7/25/2018   EUR    73.31
Goldman Sachs & Co Wertpapier   17.00   8/22/2018   EUR    74.30
Goldman Sachs & Co Wertpapier   16.00   9/26/2018   EUR    75.49
Vontobel Financial Products G    7.00   7/27/2018   EUR    60.07
Zurcher Kantonalbank Finance     6.00   1/17/2019   USD    58.40
DZ Bank AG Deutsche Zentral-G    6.25   6/18/2018   EUR    56.83
DZ Bank AG Deutsche Zentral-G    4.75   9/24/2018   EUR    55.22
DZ Bank AG Deutsche Zentral-G    7.40   6/18/2018   EUR    60.42
DZ Bank AG Deutsche Zentral-G    6.10   9/24/2018   EUR    62.01
Commerzbank AG                   7.00   6/22/2018   EUR    57.43
Vontobel Financial Products G   11.00   7/27/2018   EUR    58.76
Vontobel Financial Products G    5.50   9/28/2018   EUR    54.60
Vontobel Financial Products G    9.00   9/28/2018   EUR    48.16
Vontobel Financial Products G   13.00   9/28/2018   EUR    43.74
Vontobel Financial Products G    5.50    1/2/2019   EUR    55.96
Vontobel Financial Products G    8.50    1/2/2019   EUR    50.23
Vontobel Financial Products G   12.00    1/2/2019   EUR    46.58
Vontobel Financial Products G   15.50    1/2/2019   EUR    44.18
Vontobel Financial Products G    4.00   6/22/2018   EUR    56.93
Vontobel Financial Products G    5.00   6/22/2018   EUR    53.18
Vontobel Financial Products G    6.50   6/22/2018   EUR    49.94
Vontobel Financial Products G    9.50   6/22/2018   EUR    45.82
Vontobel Financial Products G   12.50   6/22/2018   EUR    42.37
Vontobel Financial Products G   14.50   6/22/2018   EUR    40.37
DZ Bank AG Deutsche Zentral-G   11.75   6/22/2018   EUR    74.81
DZ Bank AG Deutsche Zentral-G   11.00   7/27/2018   EUR    70.11
DZ Bank AG Deutsche Zentral-G    6.75   6/22/2018   EUR    73.46
DZ Bank AG Deutsche Zentral-G   10.25   6/22/2018   EUR    54.34
DZ Bank AG Deutsche Zentral-G    8.50   9/28/2018   EUR    59.36
DZ Bank AG Deutsche Zentral-G    8.75   6/22/2018   EUR    56.96
DZ Bank AG Deutsche Zentral-G   10.75   7/27/2018   EUR    57.14
Deutsche Bank AG                 5.20  12/27/2018   EUR    68.00
Deutsche Bank AG                 6.20   9/25/2018   EUR    69.50
Deutsche Bank AG                 5.20   9/25/2018   EUR    66.90
Commerzbank AG                  13.25   6/22/2018   EUR    40.28
Commerzbank AG                   4.00   8/24/2018   EUR    59.77
Bank Julius Baer & Co Ltd/Gue    9.40  10/11/2018   USD    59.60
Commerzbank AG                  12.25   7/27/2018   EUR    71.80
Raiffeisen Schweiz Genossensc    5.00    8/6/2018   CHF    72.52
Polski Bank Spoldzielczy w Ci    4.81   6/22/2021   PLN
T-Generation CJSC               12.00   6/14/2019   RUB     0.50
Spoldzielczy Bank Rozwoju        5.31   7/16/2025   PLN
Deutsche Bank AG                 6.20   6/19/2018   EUR    68.00
Deutsche Bank AG                 6.20  12/27/2018   EUR    68.60
Vontobel Financial Products G    6.75    1/2/2019   EUR    60.12
Goldman Sachs & Co Wertpapier   12.00  12/28/2018   EUR    72.95
Goldman Sachs & Co Wertpapier   16.00   6/20/2018   EUR    66.49
DZ Bank AG Deutsche Zentral-G    5.75   6/18/2018   EUR    58.71
DZ Bank AG Deutsche Zentral-G    8.50   3/18/2019   EUR    69.73
Deutsche Bank AG                 6.20   1/23/2019   EUR    71.20
Deutsche Bank AG                 6.20   2/20/2019   EUR    67.30
DZ Bank AG Deutsche Zentral-G   13.75   7/25/2018   EUR    74.34
DZ Bank AG Deutsche Zentral-G   12.25   7/25/2018   EUR    70.27
DZ Bank AG Deutsche Zentral-G   15.00   7/25/2018   EUR    74.42
Deutsche Bank AG                 6.20   2/20/2019   EUR    71.50
Deutsche Bank AG                 6.20   2/20/2019   EUR    67.30
HSBC Trinkaus & Burkhardt AG    10.70   9/28/2018   EUR    45.27
HSBC Trinkaus & Burkhardt AG     5.80   9/28/2018   EUR    54.87
HSBC Trinkaus & Burkhardt AG     9.70   7/27/2018   EUR    45.61
Commerzbank AG                  11.00  11/23/2018   EUR    71.51
Commerzbank AG                  12.00  11/23/2018   EUR    70.30
HSBC Trinkaus & Burkhardt AG     8.50   9/28/2018   EUR    68.16
HSBC Trinkaus & Burkhardt AG     7.40  12/28/2018   EUR    71.71
Commerzbank AG                  16.25   8/24/2018   EUR    65.28
Commerzbank AG                  12.50  10/26/2018   EUR    69.31
DZ Bank AG Deutsche Zentral-G    4.75   6/18/2018   EUR    61.50
DZ Bank AG Deutsche Zentral-G    7.25   9/24/2018   EUR    65.59
DZ Bank AG Deutsche Zentral-G    6.25   3/18/2019   EUR    66.91
Commerzbank AG                  14.00   6/22/2018   EUR    40.35
Deutsche Bank AG                 6.20   2/20/2019   EUR    74.60
Zurcher Kantonalbank Finance     7.50    7/6/2018   CHF    58.72
Deutsche Bank AG                 6.20   1/23/2019   EUR    66.90
Deutsche Bank AG                 6.20   2/20/2019   EUR    71.50
Credit Suisse AG/London          7.00   10/9/2018   USD    68.55
Vontobel Financial Products G    8.00  11/23/2018   EUR    64.97
Bank Julius Baer & Co Ltd/Gue    5.60    7/6/2018   EUR    68.10
Deutsche Bank AG                 6.20   2/20/2019   EUR    74.60
HSBC Trinkaus & Burkhardt AG     8.10   9/28/2018   EUR    49.40
Commerzbank AG                  14.00  11/23/2018   EUR    68.19
Commerzbank AG                  13.50    1/2/2019   EUR    69.32
HSBC Trinkaus & Burkhardt AG    10.30   9/28/2018   EUR    64.54
Commerzbank AG                  17.25   7/27/2018   EUR    64.27
Commerzbank AG                  15.25   9/28/2018   EUR    66.43
Commerzbank AG                  14.50  10/26/2018   EUR    67.40
HSBC Trinkaus & Burkhardt AG    10.50   3/22/2019   EUR    71.29
HSBC Trinkaus & Burkhardt AG     6.70   9/28/2018   EUR    68.85
HSBC Trinkaus & Burkhardt AG     6.40   3/22/2019   EUR    69.51
HSBC Trinkaus & Burkhardt AG     3.50  10/26/2018   EUR    73.63
HSBC Trinkaus & Burkhardt AG     3.40  11/23/2018   EUR    73.56
HSBC Trinkaus & Burkhardt AG     3.50   2/23/2019   EUR    73.93
HSBC Trinkaus & Burkhardt AG     5.40   9/28/2018   EUR    72.83
Zurcher Kantonalbank Finance     9.50   7/13/2018   CHF    65.57
DZ Bank AG Deutsche Zentral-G    7.25   6/18/2018   EUR    62.62
Deutsche Bank AG                 5.20   6/19/2018   EUR    70.50
Deutsche Bank AG                 5.20   9/25/2018   EUR    69.20
Commerzbank AG                   3.25  10/26/2018   EUR    57.21
Vontobel Financial Products G    8.55   9/28/2018   EUR    70.12
Vontobel Financial Products G   14.00   9/28/2018   EUR    65.31
Vontobel Financial Products G   10.50    1/2/2019   EUR    69.01
Vontobel Financial Products G   13.50    1/2/2019   EUR    66.86
Deutsche Bank AG                 5.20   7/25/2018   EUR    71.00
BNP Paribas Emissions- und Ha   13.00   9/27/2018   EUR    39.60
BNP Paribas Emissions- und Ha    9.00  12/31/2018   EUR    43.32
BNP Paribas Emissions- und Ha    8.00   6/21/2018   EUR    69.67
BNP Paribas Emissions- und Ha   16.00   6/21/2018   EUR    69.97
BNP Paribas Emissions- und Ha   12.00   9/27/2018   EUR    73.02
DZ Bank AG Deutsche Zentral-G    6.25  12/28/2018   EUR    66.92
Bank Julius Baer & Co Ltd/Gue   14.10   1/24/2019   USD    68.45
Commerzbank AG                  15.00   8/24/2018   EUR    73.47
Commerzbank AG                  15.75   7/27/2018   EUR    71.70
Bank Julius Baer & Co Ltd/Gue    6.45   7/13/2018   USD    60.05
BNP Paribas Emissions- und Ha   16.00   6/21/2018   EUR    74.05
BNP Paribas Emissions- und Ha   14.00   6/21/2018   EUR    59.07
BNP Paribas Emissions- und Ha    9.00   6/21/2018   EUR    69.71
BNP Paribas Emissions- und Ha    9.50   6/21/2018   EUR    68.23
Bank Julius Baer & Co Ltd/Gue    9.10    8/6/2018   USD    51.85
BNP Paribas Emissions- und Ha   11.00  12/31/2018   EUR    71.42
BNP Paribas Emissions- und Ha   12.00  12/31/2018   EUR    69.89
BNP Paribas Emissions- und Ha    7.00   9/27/2018   EUR    71.28
BNP Paribas Emissions- und Ha    8.00   9/27/2018   EUR    71.59
BNP Paribas Emissions- und Ha    7.50  12/31/2018   EUR    72.33
BNP Paribas Emissions- und Ha    9.00  12/31/2018   EUR    71.08
Landesbank Baden-Wuerttemberg    7.00  11/23/2018   EUR    74.33
DZ Bank AG Deutsche Zentral-G   11.00   2/20/2019   EUR    63.36
UBS AG/London                   14.50   7/31/2019   USD    70.95
Vontobel Financial Products G   10.70   9/14/2018   EUR    71.19
Vontobel Financial Products G   13.20   9/14/2018   EUR    69.48
Vontobel Financial Products G   11.05  12/14/2018   EUR    71.43
Vontobel Financial Products G   12.95  12/14/2018   EUR    70.22
Vontobel Financial Products G   10.50   9/21/2018   EUR    64.06
Vontobel Financial Products G   12.10    3/8/2019   EUR    64.51
Vontobel Financial Products G    5.80    3/8/2019   EUR    71.32
Vontobel Financial Products G    7.75    3/8/2019   EUR    68.55
Vontobel Financial Products G    9.80    3/8/2019   EUR    66.29
Commerzbank AG                  12.75   8/24/2018   EUR    71.82
Commerzbank AG                  11.50   9/28/2018   EUR    72.79
Commerzbank AG                  11.00  10/26/2018   EUR    73.28
Commerzbank AG                  12.75   8/24/2018   EUR    72.34
Commerzbank AG                  13.75   8/24/2018   EUR    71.59
Commerzbank AG                   9.50  11/23/2018   EUR    76.18
Commerzbank AG                  12.50  11/23/2018   EUR    73.29
BNP Paribas Emissions- und Ha    5.00   3/21/2019   EUR    70.88
BNP Paribas Emissions- und Ha    6.00   3/21/2019   EUR    68.85
BNP Paribas Emissions- und Ha    7.00   3/21/2019   EUR    67.01
BNP Paribas Emissions- und Ha    8.50   3/21/2019   EUR    65.75
BNP Paribas Emissions- und Ha    5.50   9/26/2019   EUR    73.45
BNP Paribas Emissions- und Ha    5.00   6/27/2019   EUR    72.82
Deutsche Bank AG                 4.20   9/24/2019   EUR    74.60
Deutsche Bank AG                 4.20  12/24/2019   EUR    75.10
Deutsche Bank AG                 4.20  12/27/2018   EUR    76.40
Deutsche Bank AG                 6.20  12/27/2018   EUR    75.00
Deutsche Bank AG                 4.20  12/27/2018   EUR    73.80
Deutsche Bank AG                 4.20   3/19/2019   EUR    74.30
Deutsche Bank AG                 4.20   6/25/2019   EUR    76.50
Deutsche Bank AG                 4.20   6/25/2019   EUR    74.10
Delta-Finance OOO               10.00  12/17/2020   RUB     1.00
Landesbank Baden-Wuerttemberg    2.80  11/23/2018   EUR    65.74
DekaBank Deutsche Girozentral    3.50  10/28/2019   EUR    42.32
DZ Bank AG Deutsche Zentral-G   10.50   6/22/2018   EUR    54.35
DZ Bank AG Deutsche Zentral-G    6.50   6/22/2018   EUR    68.82
Vontobel Financial Products G   11.50   9/28/2018   EUR    73.12
Deutsche Bank AG                 2.70   6/19/2018   EUR    59.40
Deutsche Bank AG                 2.70   9/25/2018   EUR    68.40
Deutsche Bank AG                 2.70  12/27/2018   EUR    60.60
Deutsche Bank AG                10.00   6/19/2018   EUR    67.10
Leonteq Securities AG/Guernse   10.00   1/30/2019   CHF    56.53
Vontobel Financial Products G    7.50   9/28/2018   EUR    68.89
Vontobel Financial Products G    6.00   6/22/2018   EUR    68.68
DZ Bank AG Deutsche Zentral-G    8.70   6/18/2018   EUR    58.72
DZ Bank AG Deutsche Zentral-G    6.10   9/24/2018   EUR    64.04
Vontobel Financial Products G    8.50   6/22/2018   EUR    67.45
Raiffeisen Schweiz Genossensc   10.70    6/6/2018   CHF    62.31
Vontobel Financial Products G   11.00   6/22/2018   EUR    75.87
Vontobel Financial Products G    9.00   9/28/2018   EUR    72.41
DZ Bank AG Deutsche Zentral-G    4.75   9/24/2018   EUR    54.35
DZ Bank AG Deutsche Zentral-G    7.50   9/24/2018   EUR    55.09
DZ Bank AG Deutsche Zentral-G    6.25  12/24/2018   EUR    61.06
DZ Bank AG Deutsche Zentral-G    5.50  12/24/2018   EUR    58.73
DZ Bank AG Deutsche Zentral-G    5.25   9/24/2018   EUR    59.22
DZ Bank AG Deutsche Zentral-G    6.50   3/18/2019   EUR    59.74
DZ Bank AG Deutsche Zentral-G    8.50  12/24/2018   EUR    57.51
DZ Bank AG Deutsche Zentral-G    5.25   3/18/2019   EUR    59.69
UBS AG/London                    8.25    7/4/2019   EUR    69.20
Landesbank Baden-Wuerttemberg    6.00   1/24/2020   EUR    70.84
Deutsche Bank AG                 5.20   6/19/2018   EUR    70.80
Deutsche Bank AG                 7.20   6/19/2018   EUR    62.40
Deutsche Bank AG                 5.20   6/19/2018   EUR    62.30
BNP Paribas Emissions- und Ha    4.00  12/31/2018   EUR    64.60
BNP Paribas Emissions- und Ha    6.00  12/31/2018   EUR    65.74
UniCredit Bank AG                5.00   6/25/2019   EUR    37.03
UniCredit Bank AG                3.75   10/2/2020   EUR    42.83
UniCredit Bank AG                4.60    7/2/2018   EUR    33.24
Landesbank Hessen-Thueringen     4.00   4/30/2019   EUR    38.03
Landesbank Baden-Wuerttemberg    3.00   8/24/2018   EUR    56.14
Landesbank Baden-Wuerttemberg    3.20   7/27/2018   EUR    55.32
Landesbank Baden-Wuerttemberg    3.00   6/28/2019   EUR    45.52
Landesbank Baden-Wuerttemberg    3.35   6/22/2018   EUR    66.62
Leonteq Securities AG            5.00    5/7/2019   CHF    71.70
DekaBank Deutsche Girozentral    2.75  10/29/2018   EUR    34.12
Landesbank Baden-Wuerttemberg    4.00   6/22/2018   EUR    39.34
Raiffeisen Schweiz Genossensc    4.20   5/22/2019   CHF    72.04
Landesbank Baden-Wuerttemberg    3.00   7/26/2019   EUR    51.61
Bayerische Landesbank            2.90   6/22/2018   EUR    44.87
Raiffeisen Schweiz Genossensc    4.30    6/5/2019   CHF    72.39
Landesbank Baden-Wuerttemberg    3.50   7/27/2018   EUR    40.10
Landesbank Baden-Wuerttemberg    3.85   6/22/2018   EUR    75.17
EFG International Finance Gue    5.30   6/24/2019   EUR    49.19
UniCredit Bank AG                3.50   1/29/2020   EUR    48.49
UniCredit Bank AG                3.50  12/19/2019   EUR    52.03
Raiffeisen Schweiz Genossensc   10.00  12/31/2024   CHF    72.31
DekaBank Deutsche Girozentral    3.00    1/7/2019   EUR    67.78
UniCredit Bank AG                3.75    9/7/2020   EUR    45.00
Deutsche Bank AG                 4.20   6/19/2018   EUR    70.80
EFG International Finance Gue    8.50   2/27/2019   USD    53.95
EFG International Finance Gue    6.21   7/22/2019   EUR    48.46
Landesbank Baden-Wuerttemberg    2.60   8/23/2019   EUR    48.10
Vontobel Financial Products G    8.00   6/22/2018   EUR    71.21
Vontobel Financial Products G    9.00   6/22/2018   EUR    66.84
Vontobel Financial Products G   12.00   6/22/2018   EUR    59.56
Landesbank Hessen-Thueringen     4.35   2/24/2023   EUR    72.03
BNP Paribas Emissions- und Ha    6.50   6/21/2018   EUR    70.56
BNP Paribas Emissions- und Ha    5.00  12/31/2018   EUR    74.83
BNP Paribas Emissions- und Ha   10.00   6/21/2018   EUR    69.85
BNP Paribas Emissions- und Ha    9.00   6/21/2018   EUR    70.58
BNP Paribas Emissions- und Ha   13.00   6/21/2018   EUR    62.32
BNP Paribas Emissions- und Ha   10.00   6/21/2018   EUR    40.56
Deutsche Bank AG                10.20   6/19/2018   EUR    67.00
Landesbank Baden-Wuerttemberg    9.00   7/27/2018   EUR    70.12
Vontobel Financial Products G   14.50   6/22/2018   EUR    70.28
BNP Paribas Emissions- und Ha   10.00  12/31/2018   EUR    62.79
Deutsche Bank AG                 7.20   6/19/2018   EUR    70.90
BNP Paribas Emissions- und Ha    6.00   6/21/2018   EUR    65.22
BNP Paribas Emissions- und Ha    9.00   6/21/2018   EUR    42.61
Vontobel Financial Products G    8.00   12/7/2018   EUR    70.01
Deutsche Bank AG                10.20   6/19/2018   EUR    59.50
HSBC Trinkaus & Burkhardt AG     9.10   6/22/2018   EUR    66.98
Vontobel Financial Products G   12.00   6/22/2018   EUR    74.04
Leonteq Securities AG            8.40   9/27/2018   USD    51.00
HSBC Trinkaus & Burkhardt AG     9.30   6/22/2018   EUR    69.13
Leonteq Securities AG           10.00   7/27/2018   EUR    65.73
Vontobel Financial Products G   10.50   6/22/2018   EUR    63.02
HSBC Trinkaus & Burkhardt AG     4.02   7/27/2018   EUR    75.16
BNP Paribas Emissions- und Ha    6.00   6/21/2018   EUR    46.08
BNP Paribas Emissions- und Ha    9.50  12/31/2018   EUR    65.61
BNP Paribas Emissions- und Ha    8.50   6/21/2018   EUR    66.94
BNP Paribas Emissions- und Ha   10.00   6/21/2018   EUR    59.49
BNP Paribas Emissions- und Ha    8.00   6/21/2018   EUR    73.84
BNP Paribas Emissions- und Ha    9.50   6/21/2018   EUR    71.40
BNP Paribas Emissions- und Ha   13.00   6/21/2018   EUR    36.26
DekaBank Deutsche Girozentral    2.75   7/17/2019   EUR    47.67
Landesbank Hessen-Thueringen     4.00  10/14/2020   EUR    74.08
Credit Suisse AG/London          7.00  12/11/2019   USD     9.43
Leonteq Securities AG            8.40    9/6/2018   USD    46.66
Landesbank Baden-Wuerttemberg    2.50   8/24/2018   EUR    75.03
Polski Bank Spoldzielczy w Ci    4.78  11/26/2024   PLN    60.00
Rosselkhozbank JSC              17.00  12/13/2024   RUB    63.64
VEB-Leasing OAO                  8.71   2/20/2025   RUB    61.61
Deutsche Bank AG                 6.20   6/19/2018   EUR    63.26
BNP Paribas Emissions- und Ha    8.00  12/31/2018   EUR    67.74
BNP Paribas Emissions- und Ha    5.50   6/21/2018   EUR    74.65
BNP Paribas Emissions- und Ha    6.00   6/21/2018   EUR    72.55
BNP Paribas Emissions- und Ha   10.00   6/21/2018   EUR    63.68
UBS AG/London                    5.00    8/6/2018   CHF    74.05
Landesbank Baden-Wuerttemberg    3.40   9/28/2018   EUR    43.78
Raiffeisen Schweiz Genossensc    4.20   7/17/2019   CHF    73.10
Zurcher Kantonalbank Finance     6.51   10/5/2018   CHF    42.92
Goldman Sachs & Co Wertpapier   13.00   6/20/2018   EUR    69.86
Leonteq Securities AG            8.20  10/17/2018   USD    52.02
Leonteq Securities AG            5.20   8/14/2018   CHF    72.33
Deutsche Bank AG/London          2.00    6/6/2018   EUR    50.80
UniCredit Bank AG                4.00   6/26/2018   EUR    32.34
Araratbank OJSC                  7.00   6/18/2019   USD    25.91
Leonteq Securities AG           10.20  10/24/2018   EUR    60.52
Landesbank Baden-Wuerttemberg    2.90   7/27/2018   EUR    44.85
Leonteq Securities AG            5.00    9/4/2018   CHF    64.13
UniCredit Bank AG                4.10   10/1/2020   EUR    55.43
Raiffeisen Schweiz Genossensc    4.00   7/24/2019   CHF    73.20
Landesbank Baden-Wuerttemberg    3.00   9/27/2019   EUR    57.14
Landesbank Baden-Wuerttemberg    3.15   6/22/2018   EUR    42.16
Zurcher Kantonalbank Finance     7.82    8/6/2018   EUR    53.31
Landesbank Baden-Wuerttemberg    3.00   6/22/2018   EUR    67.15
Landesbank Baden-Wuerttemberg    3.35  11/23/2018   EUR    55.68
Lehman Brothers Treasury Co B    5.20   3/19/2018   EUR     2.57
HSBC Bank PLC                    0.50   12/8/2026   AUD    73.47
Lehman Brothers Treasury Co B    7.00   2/15/2012   EUR     2.57
Lehman Brothers Treasury Co B    4.69   2/19/2017   EUR     2.57
HSBC Bank PLC                    0.50   1/29/2027   NZD    74.94
Kommunalbanken AS                5.00    9/8/2022   TRY    68.54
Lehman Brothers Treasury Co B    4.00   5/17/2010   USD     2.57
Lehman Brothers Treasury Co B    7.50   6/15/2017   USD     2.57
Lehman Brothers Treasury Co B    2.48   5/12/2009   USD     2.57
Lehman Brothers Treasury Co B    2.25   5/12/2009   USD     2.57
Lehman Brothers Treasury Co B    2.37   7/15/2013   USD     2.57
Kaupthing ehf                    7.50   12/5/2014   ISK     0.25
Lehman Brothers Treasury Co B   11.25  12/31/2008   USD     2.57
Societe Generale SA              0.50   5/22/2024   MXN    59.08
Oberbank AG                      7.40               EUR    69.08
Otkritie Holding JSC            12.14   10/3/2036   RUB    13.25
Lehman Brothers Treasury Co B    3.00   9/12/2036   JPY     6.00
Lehman Brothers Treasury Co B    1.95   11/4/2013   EUR     2.57
Lehman Brothers Treasury Co B    6.70   4/21/2011   USD     2.57
Landes-Hypothekenbank Steierm    0.02    3/7/2043   EUR    72.65
Lehman Brothers Treasury Co B   14.90   9/15/2008   EUR     2.57
Societe Generale SA              1.66   8/29/2034   USD    63.13
Lehman Brothers Treasury Co B    6.00   2/14/2012   EUR     2.57
Lehman Brothers Treasury Co B    4.10   2/19/2010   EUR     2.57
Lehman Brothers Treasury Co B    6.60   2/22/2012   EUR     2.57
Lehman Brothers Treasury Co B    6.00   5/12/2017   EUR     2.57
Lehman Brothers Treasury Co B    7.50    5/2/2017   EUR     2.57
Lehman Brothers Treasury Co B    0.25  10/19/2012   CHF     2.57
BELLAGIO Holding GmbH            1.91               EUR    49.11
Lehman Brothers Treasury Co B   13.50  11/28/2008   USD     2.57
Lehman Brothers Treasury Co B    4.00   5/30/2010   USD     2.57
Lehman Brothers Treasury Co B    3.50  10/24/2011   USD     2.57
Lehman Brothers Treasury Co B    1.68    3/5/2015   EUR     2.57
Lehman Brothers Treasury Co B    6.75    4/5/2012   EUR     2.57
Lehman Brothers Treasury Co B   10.00   2/16/2009   CHF     2.57
Lehman Brothers Treasury Co B    8.00   3/21/2018   USD     2.57
Lehman Brothers Treasury Co B    4.00   3/10/2011   EUR     2.57
Lehman Brothers Treasury Co B   11.75    3/1/2010   EUR     2.57
Lehman Brothers Treasury Co B    1.00   2/26/2010   USD     2.57
Lehman Brothers Treasury Co B    1.46   2/19/2012   JPY     6.00
Lehman Brothers Treasury Co B    4.00   8/11/2010   USD     6.00
Lehman Brothers Treasury Co B    2.30    6/6/2013   USD     2.57
Lehman Brothers Treasury Co B    7.50   5/30/2010   AUD     2.57
Lehman Brothers Treasury Co B   11.00    5/9/2020   USD     2.57
Lehman Brothers Treasury Co B    4.30    6/4/2012   USD     2.57
Lehman Brothers Treasury Co B    4.00    6/5/2011   USD     2.57
Digital Invest OOO               7.35   4/21/2020   RUB     0.14
Lehman Brothers Treasury Co B    8.60   7/31/2013   GBP     2.57
Barclays Bank PLC                1.99   12/1/2040   USD    74.11
Lehman Brothers Treasury Co B    8.88   1/28/2011   HKD     6.00
Lehman Brothers Treasury Co B   16.80   8/21/2009   USD     2.57
Digital Invest OOO               7.35    4/7/2021   RUB     0.14
Lehman Brothers Treasury Co B    7.50   7/31/2013   GBP     2.57
Lehman Brothers Treasury Co B    8.28   7/31/2013   GBP     2.57
Lehman Brothers Treasury Co B    7.32   7/31/2013   GBP     2.57
Lehman Brothers Treasury Co B    5.00   3/13/2009   EUR     2.57
Lehman Brothers Treasury Co B    0.50  12/20/2017   AUD     2.57
Lehman Brothers Treasury Co B    0.50  12/20/2017   AUD     2.57
Lehman Brothers Treasury Co B    8.00  12/31/2010   USD     2.57
HSBC Bank PLC                    0.50   4/27/2027   NZD    74.35
Lehman Brothers Treasury Co B    5.50   4/23/2014   EUR     2.57
Lehman Brothers Treasury Co B   10.00  10/23/2008   USD     2.57
Lehman Brothers Treasury Co B    6.60   5/23/2012   AUD     2.57
Lehman Brothers Treasury Co B    8.00  10/17/2014   EUR     2.57
Lehman Brothers Treasury Co B    4.60    8/1/2013   EUR     2.57
Lehman Brothers Treasury Co B   15.00    6/4/2009   CHF     2.57
Lehman Brothers Treasury Co B   10.44  11/22/2008   CHF     2.57
Lehman Brothers Treasury Co B   16.00   11/9/2008   USD     2.57
Lehman Brothers Treasury Co B   10.00   5/22/2009   USD     2.57
Lehman Brothers Treasury Co B    7.60   1/31/2013   AUD     2.57
Lehman Brothers Treasury Co B    1.00    5/9/2012   EUR     2.57
Lehman Brothers Treasury Co B   10.60   4/22/2014   MXN     2.57
Lehman Brothers Treasury Co B   16.20   5/14/2009   USD     2.57
Lehman Brothers Treasury Co B    5.00   2/15/2018   EUR     2.57
Lehman Brothers Treasury Co B    9.00    5/6/2011   CHF     2.57
Lehman Brothers Treasury Co B    3.45   5/23/2013   USD     2.57
Lehman Brothers Treasury Co B   16.00  10/28/2008   USD     2.57
Lehman Brothers Treasury Co B   10.00  10/22/2008   USD     2.57
Lehman Brothers Treasury Co B    6.00  12/30/2017   EUR     2.57
Lehman Brothers Treasury Co B    4.10   6/10/2014   SGD     6.00
Digital Invest OOO               7.35  10/22/2020   RUB     0.12
Lehman Brothers Treasury Co B    7.15   3/21/2013   USD     2.57
Lehman Brothers Treasury Co B    7.05    4/8/2015   USD     2.57
Lehman Brothers Treasury Co B    4.00  10/12/2010   USD     2.57
Lehman Brothers Treasury Co B    1.50  10/12/2010   EUR     2.57
Lehman Brothers Treasury Co B    7.00  10/22/2010   EUR     2.57
Lehman Brothers Treasury Co B    8.00  10/23/2008   USD     2.57
Lehman Brothers Treasury Co B   10.00    8/2/2037   JPY     2.57
Lehman Brothers Treasury Co B    6.25  11/30/2012   EUR     2.57
Lehman Brothers Treasury Co B    0.50  12/20/2017   AUD     6.00
Lehman Brothers Treasury Co B    0.50  12/20/2017   AUD     2.57
Digital Invest OOO               9.08    3/8/2021   RUB     0.14
Lehman Brothers Treasury Co B   11.00  12/20/2017   AUD     2.57
Lehman Brothers Treasury Co B    4.00    1/4/2011   USD     2.57
Lehman Brothers Treasury Co B    0.50  12/20/2017   AUD     2.57
Lehman Brothers Treasury Co B    8.80  12/27/2009   EUR     2.57
Digital Invest OOO               7.35   11/3/2020   RUB     0.14
Lehman Brothers Treasury Co B    3.50   6/20/2011   EUR     2.57
Lehman Brothers Treasury Co B    6.00    3/4/2015   USD     2.57
Lehman Brothers Treasury Co B    7.80   3/31/2018   USD     2.57
Lehman Brothers Treasury Co B    8.00   3/19/2012   USD     2.57
Lehman Brothers Treasury Co B   13.00   7/25/2012   EUR     2.57
Lehman Brothers Treasury Co B    4.60   11/9/2011   EUR     6.00
Lehman Brothers Treasury Co B    7.00   2/15/2010   CHF     2.57
Lehman Brothers Treasury Co B    6.30  12/21/2018   USD     2.57
Lehman Brothers Treasury Co B   11.00   2/16/2009   CHF     2.57
Lehman Brothers Treasury Co B    8.05  12/20/2010   HKD     2.57
Lehman Brothers Treasury Co B   11.00    7/4/2011   USD     2.57
Lehman Brothers Treasury Co B    7.63   7/22/2011   HKD     2.57
Lehman Brothers Treasury Co B    6.60    2/9/2009   EUR     2.57
Lehman Brothers Treasury Co B    7.06  12/29/2008   EUR     2.57
Bank ZENIT PJSC                  7.50  11/20/2025   RUB    50.08
Lehman Brothers Treasury Co B    6.72  12/29/2008   EUR     2.57
Lehman Brothers Treasury Co B   13.43    1/8/2009   ILS     2.57
Lehman Brothers Treasury Co B   13.50    6/2/2009   USD     2.57
Lehman Brothers Treasury Co B   17.00    6/2/2009   USD     2.57
Delta Credit Bank JSC           10.57   3/30/2019   RUB    63.08
Lehman Brothers Treasury Co B   12.40   6/12/2009   USD     2.57
Lehman Brothers Treasury Co B    3.10    6/4/2010   USD     2.57
Lehman Brothers Treasury Co B    7.75    1/3/2012   AUD     2.57
Lehman Brothers Treasury Co B   16.00  12/26/2008   USD     2.57
Lehman Brothers Treasury Co B   12.22  11/21/2017   USD     2.57
Lehman Brothers Treasury Co B    4.80  11/16/2012   HKD     2.57
Lehman Brothers Treasury Co B    0.50  12/20/2017   USD     2.57
Lehman Brothers Treasury Co B    0.50  12/20/2017   USD     2.57
Lehman Brothers Treasury Co B    6.00   6/21/2011   EUR     2.57
Lehman Brothers Treasury Co B    5.50  11/30/2012   CZK     2.57
Lehman Brothers Treasury Co B    3.40   9/21/2009   HKD     2.57
Lehman Brothers Treasury Co B    0.50  12/20/2017   USD     2.57
Lehman Brothers Treasury Co B   11.00  12/20/2017   AUD     2.57
Lehman Brothers Treasury Co B    6.25    9/5/2011   EUR     2.57
Lehman Brothers Treasury Co B   14.10  11/12/2008   USD     2.57
Otkritie Holding JSC            11.50   7/23/2029   RUB    13.25
Lehman Brothers Treasury Co B    6.00    8/7/2013   EUR     2.57
Digital Invest OOO               7.35    4/9/2021   RUB     0.17
LBI HF                           8.65    5/1/2011   ISK     8.25
Lehman Brothers Treasury Co B    7.39    5/4/2017   USD     2.57
Lehman Brothers Treasury Co B    4.50    5/2/2017   EUR     6.00
Lehman Brothers Treasury Co B    0.80  12/30/2016   EUR     2.57
Lehman Brothers Treasury Co B   14.90  11/16/2010   EUR     2.57
Lehman Brothers Treasury Co B    2.00   6/21/2011   EUR     2.57
Lehman Brothers Treasury Co B    4.25   5/15/2010   EUR     2.57
Lehman Brothers Treasury Co B   18.25   10/2/2008   USD     2.57
Leonteq Securities AG            7.00   8/22/2018   CHF    46.70
DekaBank Deutsche Girozentral    3.00   8/16/2019   EUR    63.86
Polski Bank Spoldzielczy w Ci    5.30   9/14/2027   PLN    55.01
Leonteq Securities AG            8.20  11/23/2018   USD    49.25
UniCredit Bank AG                5.00   6/21/2018   EUR    72.57
UniCredit Bank AG                4.60   6/21/2018   EUR    73.60
UniCredit Bank AG                5.40   6/21/2018   EUR    70.58
UniCredit Bank AG                5.20   6/21/2018   EUR    71.58
UniCredit Bank AG                4.80   6/21/2018   EUR    73.08
UniCredit Bank AG                5.60   6/21/2018   EUR    69.63
UniCredit Bank AG                5.80   6/21/2018   EUR    68.70
BNP Paribas Emissions- und Ha    3.00  10/12/2018   EUR    44.08
UniCredit Bank AG                4.40   6/21/2018   EUR    74.67
DekaBank Deutsche Girozentral    2.60  10/12/2018   EUR    51.67
Landesbank Baden-Wuerttemberg    3.00  11/23/2018   EUR    62.72
Leonteq Securities AG            7.00  10/23/2018   CHF    71.28
Landesbank Baden-Wuerttemberg    3.00   8/24/2018   EUR    72.61
Goldman Sachs & Co Wertpapier   15.00   6/20/2018   EUR    71.30
UniCredit Bank AG                4.40  12/17/2019   EUR    72.84
Lehman Brothers Treasury Co B    6.00   3/17/2011   EUR     2.57
Lehman Brothers Treasury Co B    4.10   8/23/2010   USD     2.57
Kommunalbanken AS                4.80   12/1/2022   TRY    63.10
Lehman Brothers Treasury Co B   10.00    1/4/2010   USD     2.57
Lehman Brothers Treasury Co B    4.25   3/13/2021   EUR     2.57
Lehman Brothers Treasury Co B    5.00    9/1/2011   EUR     2.57
Lehman Brothers Treasury Co B    3.50   9/19/2017   EUR     2.57
LBI HF                           2.25   2/14/2011   CHF     8.25
Lehman Brothers Treasury Co B    6.50   5/16/2015   EUR     2.57
Lehman Brothers Treasury Co B    3.00   8/15/2017   EUR     2.57
Lehman Brothers Treasury Co B    1.50  10/25/2011   EUR     2.57
Lehman Brothers Treasury Co B    8.00    8/3/2009   USD     2.57
Lehman Brothers Treasury Co B    5.50   6/15/2009   CHF     2.57
Lehman Brothers Treasury Co B    4.50   7/24/2014   EUR     2.57
Lehman Brothers Treasury Co B    7.75   1/30/2009   EUR     2.57
Lehman Brothers Treasury Co B    5.75   6/15/2009   CHF     2.57
Lehman Brothers Treasury Co B    0.01   9/20/2011   USD     2.57
Lehman Brothers Treasury Co B   10.00   3/27/2009   USD     2.57
Lehman Brothers Treasury Co B    4.50    3/6/2013   CHF     2.57
Lehman Brothers Treasury Co B   10.50    8/9/2010   EUR     2.57
Lehman Brothers Treasury Co B    8.00   5/22/2009   USD     2.57
Lehman Brothers Treasury Co B    7.00  11/28/2008   CHF     2.57
Lehman Brothers Treasury Co B    9.00   6/13/2009   USD     2.57
Lehman Brothers Treasury Co B    7.38   9/20/2008   EUR     2.57
Lehman Brothers Treasury Co B    4.05   9/16/2008   EUR     2.57
Lehman Brothers Treasury Co B    4.00  11/24/2016   EUR     2.57
Heta Asset Resolution AG         4.35  12/31/2023   EUR    34.63
Lehman Brothers Treasury Co B    4.00  10/24/2012   EUR     2.57
Lehman Brothers Treasury Co B    0.25   7/21/2014   EUR     2.57
Lehman Brothers Treasury Co B    6.00  10/24/2008   EUR     2.57
Kaupthing ehf                    6.13   10/4/2016   USD     0.25
Lehman Brothers Treasury Co B    7.50  10/24/2008   USD     2.57
Lehman Brothers Treasury Co B    4.00   4/13/2011   CHF     2.57
Lehman Brothers Treasury Co B    5.00  10/24/2008   CHF     2.57
Lehman Brothers Treasury Co B    4.00   4/24/2009   USD     2.57
Lehman Brothers Treasury Co B    3.85   4/24/2009   USD     2.57
Lehman Brothers Treasury Co B    7.25   10/6/2008   EUR     2.57
Lehman Brothers Treasury Co B    9.00   3/17/2009   GBP     2.57
Lehman Brothers Treasury Co B   11.00  12/19/2011   USD     2.57
Lehman Brothers Treasury Co B    5.25   5/26/2026   EUR     2.57
Lehman Brothers Treasury Co B    3.70    6/6/2009   EUR     2.57
Lehman Brothers Treasury Co B    8.00  12/27/2032   JPY     2.57
Lehman Brothers Treasury Co B    6.50   7/24/2026   EUR     2.57
Lehman Brothers Treasury Co B    7.75   2/21/2016   EUR     2.57
Lehman Brothers Treasury Co B    5.10   6/22/2046   EUR     2.57
Lehman Brothers Treasury Co B    7.50   9/13/2009   CHF     2.57
Lehman Brothers Treasury Co B    4.50    8/2/2009   USD     2.57
Lehman Brothers Treasury Co B    8.50    7/6/2009   CHF     2.57
Lehman Brothers Treasury Co B    1.50    2/8/2012   CHF     2.57
Lehman Brothers Treasury Co B    4.70   3/23/2016   EUR     2.57
Lehman Brothers Treasury Co B    8.00   4/20/2009   EUR     2.57
Soyuz AKB OAO                    9.00   6/11/2020   RUB    63.00
Lehman Brothers Treasury Co B    5.00   12/6/2011   EUR     2.57
Kommunekredit                    0.50   5/11/2029   CAD    74.31
Lehman Brothers Treasury Co B    3.00    8/8/2017   EUR     2.57
Lehman Brothers Treasury Co B    4.15   8/25/2020   EUR     2.57
Lehman Brothers Treasury Co B    7.60   3/26/2009   EUR     2.57
Lehman Brothers Treasury Co B    0.75   3/29/2012   EUR     2.57
Lehman Brothers Treasury Co B    7.00   7/11/2010   EUR     2.57
Lehman Brothers Treasury Co B    5.00    8/1/2025   EUR     2.57
Lehman Brothers Treasury Co B    6.00   7/28/2010   EUR     2.57
Lehman Brothers Treasury Co B    6.00   7/28/2010   EUR     2.57
Lehman Brothers Treasury Co B    4.90   7/28/2020   EUR     2.57
Lehman Brothers Treasury Co B    7.50    8/1/2035   EUR     2.57
Lehman Brothers Treasury Co B    6.85  12/22/2008   EUR     2.57
Banca Adriatica Spa              8.00   6/30/2018   EUR     1.24
Lehman Brothers Treasury Co B    3.50   9/29/2017   EUR     2.57
Espirito Santo Financial Port    5.63   7/28/2017   EUR     4.66
Banca Adriatica Spa              7.75   6/30/2018   EUR     1.24
Lehman Brothers Treasury Co B    8.28   3/26/2009   USD     2.57
Lehman Brothers Treasury Co B    7.55  12/29/2008   USD     2.57
Goldman Sachs & Co Wertpapier   10.00   3/20/2019   EUR    63.76
Lehman Brothers Treasury Co B    4.50    3/7/2015   EUR     2.57
Lehman Brothers Treasury Co B    4.50  12/30/2010   USD     2.57
Societe Generale SA              0.02  12/31/2034   USD    63.13
Raiffeisen Centrobank AG        11.18   6/19/2018   EUR    74.24
Raiffeisen Centrobank AG        12.80   6/19/2018   EUR    73.47
Raiffeisen Centrobank AG        10.55   6/19/2018   EUR    73.22
Raiffeisen Centrobank AG        14.48   6/19/2018   EUR    73.09
Raiffeisen Centrobank AG        11.14  12/25/2018   EUR    22.40
Raiffeisen Centrobank AG        11.32   6/19/2018   EUR    17.42
Raiffeisen Centrobank AG         7.25  12/25/2018   EUR    15.10
Raiffeisen Centrobank AG         8.03  12/25/2018   EUR    73.41
SG Issuer SA                     0.80  11/30/2020   SEK    47.47
SG Issuer SA                     0.82    8/2/2021   SEK    51.74
Raiffeisen Centrobank AG         3.54   6/19/2018   EUR     6.61
Raiffeisen Centrobank AG         3.87  12/28/2018   EUR    63.61
Raiffeisen Centrobank AG         8.49   6/19/2018   EUR    13.53
Lehman Brothers Treasury Co B    3.50  12/20/2027   USD     2.57
Raiffeisen Centrobank AG         7.54  12/28/2018   EUR    59.71
Raiffeisen Centrobank AG        10.72  12/28/2018   EUR    57.27
Raiffeisen Centrobank AG        13.02   6/19/2018   EUR    56.66
Raiffeisen Centrobank AG        12.45  12/28/2018   EUR    66.07
Raiffeisen Centrobank AG         8.63   9/25/2018   EUR    54.88
Raiffeisen Centrobank AG        10.63   9/25/2018   EUR    55.55
Raiffeisen Centrobank AG         6.84   6/25/2019   EUR    14.93
Raiffeisen Centrobank AG         9.30   9/25/2018   EUR    67.88
Citigroup Global Markets Fund    5.60   9/15/2022   SEK    57.51
Norddeutsche Landesbank Giroz    3.00  10/30/2018   EUR    34.73
Raiffeisen Centrobank AG        12.23   6/19/2018   EUR    72.49
Raiffeisen Centrobank AG         6.22  12/25/2018   EUR    73.38
Raiffeisen Centrobank AG        12.73   6/19/2018   EUR    72.49
Raiffeisen Centrobank AG         2.33  12/25/2018   EUR    64.48
Raiffeisen Centrobank AG         4.13  12/28/2018   EUR     8.69
Raiffeisen Centrobank AG         9.32  12/25/2018   EUR    18.99
Raiffeisen Centrobank AG         3.54   6/19/2018   EUR    62.74
Raiffeisen Centrobank AG        13.79   6/19/2018   EUR    20.82
Citigroup Global Markets Fund   13.60   1/25/2023   SEK    69.19
Raiffeisen Centrobank AG         6.23  12/28/2018   EUR    46.39
Raiffeisen Centrobank AG        11.84   6/19/2018   EUR    57.63
Raiffeisen Centrobank AG         9.89  12/28/2018   EUR    58.68
Citigroup Global Markets Fund    7.00   6/16/2022   SEK    50.24
Raiffeisen Centrobank AG        10.57  12/28/2018   EUR    68.27
Raiffeisen Centrobank AG        11.68  12/28/2018   EUR    67.32
HSBC Bank PLC                    0.50   2/24/2027   NZD    74.88
Raiffeisen Centrobank AG         8.33   6/25/2019   EUR    18.26
Raiffeisen Centrobank AG         8.83   6/25/2019   EUR    18.80
Commerzbank AG                   4.50  12/30/2024   USD
Commerzbank AG                   4.50  12/29/2022   USD
SG Issuer SA                     0.80  10/21/2020   SEK    50.94
Lehman Brothers Treasury Co B   12.00    7/4/2011   EUR     2.57
Lehman Brothers Treasury Co B    9.75   6/22/2018   USD     2.57
Lehman Brothers Treasury Co B    5.50    7/8/2013   EUR     2.57
Lehman Brothers Treasury Co B    2.75  10/28/2009   EUR     2.57
Lehman Brothers Treasury Co B    3.82  10/20/2009   USD     2.57
Lehman Brothers Treasury Co B    5.50   6/22/2010   USD     6.00
Lehman Brothers Treasury Co B    6.45   2/20/2010   AUD     2.57
Lehman Brothers Treasury Co B    2.40   6/20/2011   JPY     2.57
Lehman Brothers Treasury Co B    1.60   6/21/2010   JPY     2.57
Kaupthing ehf                    6.50   10/8/2010   ISK     0.25
Lehman Brothers Treasury Co B    2.30   6/27/2013   USD     2.57
Lehman Brothers Treasury Co B    4.00   12/2/2012   EUR     2.57
Lehman Brothers Treasury Co B    2.00   5/17/2010   EUR     2.57
Lehman Brothers Treasury Co B    4.00   2/28/2010   EUR     2.57
Lehman Brothers Treasury Co B    2.30   4/28/2014   JPY     2.57
Lehman Brothers Treasury Co B    5.25    4/1/2023   EUR     2.57
SG Issuer SA                     0.10   6/11/2029   NZD    62.93
Lehman Brothers Treasury Co B   13.00  12/14/2012   USD     2.57
Lehman Brothers Treasury Co B    4.82  12/18/2036   EUR     2.57
AKB Peresvet ZAO                 3.57    9/2/2020   RUB    18.01
Lehman Brothers Treasury Co B    3.00   6/23/2009   EUR     6.00
Lehman Brothers Treasury Co B    5.22    3/1/2024   EUR     2.57
Lehman Brothers Treasury Co B    4.68  12/12/2045   EUR     2.57
Barclays Bank PLC                1.64    6/3/2041   USD    71.06
SAir Group                       2.75   7/30/2004   CHF    13.00
SAir Group                       2.75   7/30/2004   CHF    13.00
Heta Asset Resolution AG         0.38  12/31/2023   EUR    34.63
LBI HF                           5.08    3/1/2013   ISK     8.25
Lehman Brothers Treasury Co B   13.15  10/30/2008   USD     2.57
Lehman Brothers Treasury Co B    3.60   3/19/2018   JPY     2.57
Rio Forte Investments SA         4.75  11/10/2015   EUR     6.38
Lehman Brothers Treasury Co B    3.00   8/13/2011   EUR     2.57
Lehman Brothers Treasury Co B    9.25   6/20/2012   USD     2.57
Soyuz AKB OAO                   13.00  11/22/2019   RUB    66.01
Lehman Brothers Treasury Co B    3.00   9/13/2010   JPY     6.00



                            *********

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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