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

                          E U R O P E

          Monday, March 16, 2020, Vol. 21, No. 54

                           Headlines



F R A N C E

GROUPE ECORE: S&P Cuts Issuer Credit Rating to B-, Outlook Stable


I R E L A N D

MADISON PARK XV: S&P Assigns Prelim B- (sf) Rating on Cl. F Notes


K A Z A K H S T A N

ATFBANK JSC: S&P Affirms B-/B Issuer Credit Rating, Outlook Stable
BANK CENTERCREDIT: S&P Alters Outlook to Stable & Affirms B/B ICR
NURBANK: S&P Alters Outlook to Stable & Affirms 'B-/B' ICR


N E T H E R L A N D S

PANTHER CDO IV: S&P Affirms CCC- (sf) Rating on Class E1, E2 Notes


P O R T U G A L

ASSOCIACAO - PORT: Declared Insolvent by Lisbon Judicial Court


S W I T Z E R L A N D

GARRETT MOTION: S&P Alters Outlook to Negative & Affirms 'BB-' ICR


U N I T E D   K I N G D O M

ANACAP FINANCIAL: S&P Downgrades ICR to 'B+', Outlook Stable
FLYBE: Up to 120 Jobs at Risk at Edinburgh Airport After Collapse
INTERSERVE PLC: Auditors Cast Significant Doubt Over Future
NMC HEALTH: Discovers Evidence of Suspected Fraud in Finances
PREMIER OIL: ARCM Calls on Firm to Abandon North Sea Acquisitions

RHINO: Administrators Forced Firm to Sign Away Rights to Sue


X X X X X X X X

[*] BOND PRICING: For the Week March 9 to March 13, 2020

                           - - - - -


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F R A N C E
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GROUPE ECORE: S&P Cuts Issuer Credit Rating to B-, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit and issue
ratings on Groupe Ecore Holding (Ecore) to 'B-' from 'B'.

The downgrade reflects Ecore's weaker-than-expected results, linked
to the European steel industry contraction and wider regional
slowdown in 2019, which are expected to continue in 2020.   S&P now
expects the company to report adjusted EBITDA of up to EUR55
million in 2020, which would translate to elevated credit metrics,
including an adjusted debt to EBITDA of more than 6.5x. The current
rating is supported by the company's agile cost structure, which
should allow it to generate breakeven free operating cash flow
(FOCF) during the trough of the cycle, and its comfortable debt
maturity profile.

Weak European industry conditions are here to stay.   The European
steel industry contraction in 2019 has led to an unprecedented drop
in ferrous scrap prices and availability. In addition, the Turkish
market, which was an important outlet for the company's recycled
scrap, faced headwinds from global trade barriers. S&P said, "In
our view, the recent drop in commodity prices, low inventory
levels, some capacity curtailments, and still-expanding economies
will lead to 1.1% steel demand growth in Europe. Based on
preliminary indications, 2020 started with good order intake but
profitability remained subdued. Scrap prices remain low and any
negative developments may add further pressure, with knock-on
effects for overall scrap availability. In addition, potential
increased headwinds from the COVID-19 pandemic's effect on output
add to future uncertainty about supply-demand dynamics and any
rebound in prices. In first-quarter 2020, the company was still in
a low price environment, with multi-year low ferrous prices, and we
have yet to see tangible signs of a sustainable recovery."

The company's weaker-than-expected results were due to lower
volumes but the commitment to maintain its pricing strategy
remains.  After peak results of about EUR80 million in fiscal 2018
(ended Sept. 30, 2018), the company's 2019 adjusted EBITDA dropped
to EUR60 million. The decline started in third-quarter 2019 and
continued into the fourth quarter, before reaching a trough in
first-quarter 2020, with reported EBITDA of only EUR9 million.
According to the company, the 50% profit decline in the past
quarter stems from several factors (such as a 20% drop in volumes)
that are unlikely to be repeated in the coming quarters. We view
favorably the company's decision to stick with its
margin-protection strategy over pursuing volumes. In recent years,
the strategy translated into less volatile profitability.

Positive FOCF and stable debt should delay another negative rating
action, while leverage remains elevated.  S&P said, "We now assume
a 10% drop in volumes and low scrap prices in 2020 and have
consequently revised our base-case scenario for Ecore. We project
adjusted EBITDA of about EUR55 million in 2020 (versus EUR60
million-EUR70 million previously), with only limited recovery in
2021." Despite very low profitability, the company could be able to
generate limited FOCF of less than EUR10 million in 2020. This is
thanks to relatively low interest expenses and limited capital
expenditure (capex) needs and in the short-term will allow the
company to maintain its current debt position (reported gross debt
was EUR250 million and its cash position was EUR43 million at Dec.
31, 2019). However, it also translates into unsustainable leverage,
with adjusted debt to EBITDA above 6.5x, which will become an issue
as S&P moves closer to the maturity of the EUR255 million notes in
2023.

The stable outlook on Ecore is currently supported by its ability
to maintain debt at current levels in 2020 and complete the
refinancing of its EUR140 million factoring facility due in April.
It also reflects S&P views that Ecore's margin should remain
resilient and that it should continue to generate positive FOCF
through the downturn.

S&P said, "Under our base-case scenario, we project adjusted EBITDA
of about EUR55 million (equivalent to reported EBITDA of about
EUR50 million) in 2020. We also project gross debt of about EUR250
million, leading to adjusted debt to EBITDA of more than 6.5x this
year."

In S&P's view, a downgrade could occur if it was to classify the
company's capital structure as unsustainable, or if it saw pressure
on liquidity. At this stage, the following scenarios could
translate into a lower rating:

-- A failure to complete the refinancing of its factoring line,
due in April 2020, in the coming weeks.

-- Lower demand or prices than currently expected for the
company's services, leading to negative FOCF and an increase in net
debt.

-- S&P's perception of much higher risk of a distressed exchange.
This could be reinforced by increasingly weaker market and macro
conditions resulting in lower visibility and demand.

-- Over the medium term, a negative revision of the company's
business risk profile could also lead to pressure on the rating.
This could happen if EBITDA remained below EUR60 million for a
longer period and/or became more volatile.

At this stage, a positive rating action is likely to remain remote.
A higher rating would be subject to the following:

-- Improvement in market conditions, leading to a material pick-up
in demand for the company's services, with EBITDA of about EUR60
million.

-- Adjusted debt to EBITDA trending toward 5.0x or better,
together with positive FOCF.

-- Adequate liquidity, along with an plausible plan to refinance
the notes due in 2023.




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I R E L A N D
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MADISON PARK XV: S&P Assigns Prelim B- (sf) Rating on Cl. F Notes
-----------------------------------------------------------------
S&P Global Ratings has assigned preliminary credit ratings to
Madison Park Euro Funding XV DAC's class A-1, A-2, B, C, D, E, and
F notes. At closing, the issuer will also issue unrated
subordinated notes.

This is a European cash flow CLO transaction, securitizing a pool
of primarily syndicated senior secured loans or bonds. The
transaction will be managed by Credit Suisse Asset Management Ltd.

The preliminary ratings assigned to the transaction's notes reflect
our assessment of:

-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with our counterparty rating framework.

Under the transaction documents, the rated notes will pay quarterly
interest unless there is a frequency switch event.

Following this, the notes will permanently switch to semiannual
payment.

The portfolio's reinvestment period will end approximately four and
a half years after closing, and the portfolio's maximum average
maturity date will be eight and a half years after closing.

  Table 1
  Portfolio Benchmarks
  S&P weighted-average rating factor             2,775
  Default rate dispersion                          495
  Weighted-average life (years)                    5.4
  Obligor diversity measure                      111.5
  Industry diversity measure                      21.2
  Regional diversity measure                       1.2
  Weighted-average rating                          'B'
  'CCC' category rated assets (%)                  0.9
  'AAA' weighted-average recovery rate (%)       34.94
  Floating-rate assets (%)                          96
  Weighted-average spread (net of floors; %)      3.96

S&P said, "Our preliminary ratings reflect our assessment of the
preliminary collateral portfolio's credit quality, which has a
weighted-average 'B' rating, with an S&P Global Ratings'
weighted-average rating factor (SPWARF) of 2,775. In our analysis,
we note that the current portfolio presented to us contains a
larger proportion of non-identified assets than we would typically
see in other European CLO transactions.

"We consider that the portfolio on the effective date will be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow
collateralized debt obligations.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.93%), the
covenanted weighted-average coupon (5.00%), and the covenanted
weighted-average recovery rates for all rating levels. As the
portfolio is being ramped, we have considered the portfolio's
indicative spreads and recovery rates. The transaction also
benefits from a EUR10 million interest cap with a strike rate of
1.5% until May 2027, reducing interest rate mismatch between assets
and liabilities in a scenario where interest rates exceed 1.5%.

"We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.

"The Bank of New York Mellon (London Branch) is the bank account
provider and custodian. At closing, we anticipate that the
documented downgrade remedies will be in line with our current
counterparty criteria.

"Under our structured finance sovereign risk criteria, the
transaction's exposure to country risk is sufficiently mitigated at
the assigned preliminary rating levels.

"At closing, we consider that the issuer will be bankruptcy remote,
in accordance with our legal criteria.

"Our cash flow analysis also considers scenarios where the
underlying pool comprises 100% of floating-rate assets (i.e., the
fixed-rate bucket is 0%) and where the fixed-rate bucket is fully
utilized (in this case 12.5%). In both scenarios classes B to F
achieve break-even default rates that exceed their respective
scenario default rates, so all classes of notes have positive
cushions.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to F notes could withstand
stresses commensurate with higher rating levels than those we have
assigned. However, as the CLO is still in its reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we have capped our assigned ratings on the notes.

"In our view, the portfolio is granular in nature, and
well-diversified across obligors, industries, and asset
characteristics when compared to other CLO transactions we have
rated recently. As such, we have not applied any additional
scenario and sensitivity analysis when assigning preliminary
ratings to any classes of notes in this transaction.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for each
class of notes."

  Ratings List

  Class   Prelim.   Prelim.    Sub (%)  Interest rate*    
          rating    amount
                    (mil. EUR)     
  A-1     AAA (sf)    193.00   41.25    Three/six-month EURIBOR
                                          plus 1.20%
  A-2     AAA (sf)    42.00    41.25    Three/six-month EURIBOR
                                          plus 1.35%
  B       AA (sf)     48.75    29.06    Three/six-month EURIBOR
                                          plus 1.85%
  C       A (sf)      27.00  22.31    Three/six-month EURIBOR
                                          plus 3.00%
  D       BBB (sf)    22.65  16.65    Three/six-month EURIBOR
                                          plus 5.00%
  E       BB- (sf)    22.25    11.09    Three/six-month EURIBOR
                                          plus 7.50%
  F       B- (sf)     11.25    8.28     Three/six-month EURIBOR
                                          plus 9.50%
  Sub. notes   NR     35.35    N/A      N/A

*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

§EURIBOR component capped at 1.50%.
EURIBOR--Euro Interbank Offered Rate.
NR—Not rated.
N/A--Not applicable.




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K A Z A K H S T A N
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ATFBANK JSC: S&P Affirms B-/B Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B-/B' long-term and short-term
issuer credit ratings on Kazakhstan-based ATFBank JSC. The outlook
is stable. Simultaneously, S&P affirmed its 'kzBB' Kazakhstan
national scale rating on the bank.

S&P said, "We affirmed our ratings on ATFBank because we consider
that the support measures announced by the bank's owners, the
National Bank of the Republic of Kazakhstan (NBRK) and the Agency
for Regulation and Development of the Financial Market (ARDFM),
will be sufficient to cover the residual provisioning needs
identified as a result of the system-wide AQR. The affirmation of
ATFBank's ratings also reflects our view that ATFBank will be able
to fulfil its financial commitments in the medium term. We consider
that the bank has sufficient liquid assets to meet its obligations
and no significant debt repayments are expected over the next
year." ATFBank's regulatory liquidity ratio (k4) stood at 1.09x on
Feb. 1, 2020, well above the minimum level of 0.3x. The bank's
client funds have been relatively stable and have increased by
about 7% over the past six months.

As reported by monetary authorities, ATFBank will need to create
additional KZT44.1 billion loan loss provisions. We understand that
there is no requirement to create these provisions immediately.
First, the bank will receive a Tier 1 capital injection of up to
KZT10.3 billion from the owner (to be provided within the next
three months), as well as a five-year asset guarantee of KZT33.8
billion from the state-related Problem Loan Fund. The guarantee
will provide capital relief and will also motivate the bank's
management to proceed with the workout of problem loans or their
provisioning. That said, the guarantee has an annual fee of 3%, and
certain restrictions will apply to the bank and its owners for the
guarantee term; for instance, prohibition of any dividend
distributions and a cap on management compensation.

Should ATF have created the provisions immediately, with no
additional support measures, the bank's regulatory Tier 1 capital
ratio (k1) could have fallen to 5.2%, which is below the regulatory
minimum of 7.5%. S&P said, "We understand that there will be
neither formal breach of regulatory requirements, nor forbearance,
but the announced measures are yet to be executed. As a result, we
consider that ATFBank is 'at risk' of meeting regulatory capital
requirements, according to our criteria."

S&P said, "We expect ATFBank's capital buffers will remain
relatively low compared with those of local and global peers in the
next 12-18 months. We forecast that our risk-adjusted capital (RAC)
ratio for ATFBank will be about 4.0% during this period. This is
because the bank's earnings generation capacity is still low, and
internal capital build-up is not sufficient to compensate for the
anticipated credit costs of about 3% and the planned growth of
risk-weighted assets. We estimate problem loans (classified as
Stage 3 under International Financial Reporting Standards) to be at
about 30% of the bank's gross loan portfolio at end-2019, after
about KZT80 billion of the bank's problem loans were redeemed last
year. We estimate that ATFBank's loan loss provisions covered
problem loans by about 60% at the end of 2019. We still expect a
significant bulk of problem assets to remain on the bank's balance
sheet in the next 12-18 months, and its loan portfolio to remain
highly concentrated during this period. In addition, we consider
that the bank's growth plans--focused mainly on the risky unsecured
retail lending segment--may lead to accumulation of credit risks.

"In our view, ATFBank's funding and liquidity profiles are in line
with the system average, and we foresee that the current
composition of funding will remain broadly stable in the next 12-18
months. The funding base mainly comprises customer accounts, which
made up 75% of total funding. We have not seen any deterioration in
ATFBank's customer confidence after AQR results were announced and,
under our base case, we do not expect any massive deposit outflows
over the outlook horizon.

"Our outlook on ATFBank remains stable, because we expect that the
support measures from the bank's owner and the government will help
it to gradually form additional loan loss provisions required by
the regulator. We expect that the bank will be able to maintain a
stable funding profile and promptly fulfil its financial
commitments in the medium term.

"We could lower the ratings in the next 12 months if we observed
pressure on the bank's funding and liquidity metrics, or if we saw
material weakening of the bank's asset quality and capitalization.
The latter scenario could occur if, contrary to our expectations,
ATFBank does not receive the expected support from the state or the
shareholder.

"A positive rating action is unlikely in the next 12 months.
However, we could raise our ratings on ATFBank if its asset quality
indicators improved materially, to a level comparable with peers,
and we saw improvements in the bank's capitalization."


BANK CENTERCREDIT: S&P Alters Outlook to Stable & Affirms B/B ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Kazakhstan-based Bank
CenterCredit JSC to stable from negative. At the same time, S&P
affirmed its 'B/B' long- and short-term global scale issuer credit
ratings on the bank, as well as its long-term 'kzBB+' Kazakhstan
national scale rating.

S&P revised the outlook to stable and affirmed the rating because
it thinks that the support measures announced by the bank's owners,
National Bank of Republic of Kazakhstan (NBRK) and the Agency for
Regulation and Development of the Financial Market (ARDFM), will be
sufficient to cover the residual provisioning needs identified as a
result of the recent regulatory AQR assessment.

As reported by the monetary authorities, Bank CenterCredit will
need to create an additional KZT26.4 billion of provisions. S&P
understands Bank CenterCredit will not create these provisions
immediately. First, NBRK and ARDFM will provide up to KZT5.8
billion of Tier 1 capital within the next three months. Moreover,
the state-related Problem Loan Fund will provide a five-year asset
guarantee for up to KZT20.6 billion. The guarantee will provide
capital relief, as well as fostering the bank's management in its
working out or provisioning problem loans more efficiently. That
said, the guarantee has an annual fee of 3% and certain
restrictions will apply to the bank and its owners for the period
of the guarantee. For instance, it implies prohibition of any
dividend distributions and a cap on management compensation.

If Bank CenterCredit had created these provisions immediately, with
no additional support measures, the bank's regulatory Tier 1
capital ratio could have fallen to 7.1%, which is below the 7.5%
regulatory minimum. S&P understands there will be neither formal
breach of regulatory requirements, nor forbearance, but the
announced measures have yet to be executed. Therefore, S&P
considers that Bank CenterCredit is at risk of not meeting
regulatory capital requirements.

Bank CenterCredit picked up the pace of its legacy problem loans
workout and provision creation over 2019 after the AQR. Problem
loans (classified as Stage 3 under International Financial
Reporting Standard 9) declined to 25% of the gross loan book as of
end-2019 (from 29% at end-2018). Loan loss provision coverage
improved to 39% of overall problem loans as of end-2019 (from 36%
at end-2018) but remains insufficient. Therefore, S&P expects Bank
CenterCredit's credit losses will remain elevated at around 3% for
2020 and continue to weigh on its earning capacity.

Despite the proposed support measures, Bank CenterCredit's capital
and earnings will likely remain a relative weakness for the rating,
given the pressure on profits from the ongoing balance sheet
clean-up. S&P said, "We anticipate our projected risk-adjusted
capital ratio (RAC), which we calculate using globally comparable
risk weights, will remain around 3.4%-3.7% in the next 12-18
months. Our key assumptions include the support from the owners and
the guarantee from the Problem Loan Fund, the bank's moderated loan
portfolio growth levels of about 5% per year, and a net interest
margin of 3.9%-4.0% over the next 12 months."

S&P said, "We view the bank's funding and liquidity to be in line
with the system average. We expect Bank CenterCredit will maintain
a broadly stable deposit base and sufficient liquid assets. We saw
no deterioration in customer confidence after the results of the
AQR were published, and we do not expect any massive deposit
outflows over the next 18 months.

"We continue to incorporate one notch of uplift for potential
government support in case of need into the rating, reflecting the
bank's sizable share in key business segments, including retail, as
well as its known brand name, which safeguards the stability of its
funding base, mainly comprised of retail and corporate depositors.

"The outlook is stable because we think the support measures from
the shareholders and the government will ease pressure on the
bank's capital adequacy and asset quality through creation of
additional provisions.

"We could take a negative rating action in the next 12 months if we
saw a significant decline in Bank CenterCredit's capitalization,
with its RAC ratio dropping below 3%. This could happen if,
contrary to our expectations, the bank doesn't receive the expected
support from the shareholders and the state, or if we see material
deterioration in asset quality indicators. A negative rating action
could also follow if we believe that the bank's growth strategy was
leading to additional risk accumulation, and the bank was unable to
demonstrate earnings generation commensurate with its lending
growth. Moreover, we could take a negative rating action if we
considered that the government no longer regarded Bank CenterCredit
as important to the stability of the banking sector and therefore
was unwilling to provide the bank with timely extraordinary support
at a time of stress."

A positive rating action appears remote in the next 12 months,
given number of steps still required to improve Bank CenterCredit's
asset quality and capital position.


NURBANK: S&P Alters Outlook to Stable & Affirms 'B-/B' ICR
----------------------------------------------------------
S&P Global Ratings revised its outlook on Kazakhstan-based Nurbank
to stable from negative. At the same time, S&P affirmed its 'B-/B'
long- and short-term issuer credit ratings and its 'kzBB-'
long-term Kazakhstan national scale rating on the bank.

S&P said, "We believe that, thanks to support measures, Nurbank
will be able to cover the residual provisioning needs identified in
the National Bank of Kazakhstan's recent asset quality review,
announced by the bank's owner, the national bank, and the Agency
for Regulation and Development of the Financial Market. As reported
by the banking regulator on Feb. 28, 2020, Nurbank needed to create
additional provisions of KZT73 billion as of Jan. 1, 2020.

"We understand that Nurbank is not required to create these
provisions immediately. The bank will first receive up to KZT20.9
billion via a tier 1 capital injection from the major shareholder,
who we believe will do so in the next three months." Nurbank will
also receive a five-year asset guarantee from state-related Problem
Loan Fund for up to KZT20.9 billion and a 15-year subordinated loan
for KZT48.6 billion, which will allow for a gain from a
subordinated loan in the amount of KZT31.2 billion. The guarantee
by the Problem Loan Fund will help support capital at the
sufficient level and help the bank's management workout or
provision problem loans more efficiently. That said, the guarantee
has an annual fee of 3% and certain restrictions will apply to the
bank and its shareholders for the period of guarantee. This
implies, for instance, the prohibition of any dividend
distributions on ordinary shares and a cap on management
compensation. In addition, the Problem Loan Fund will provide
Nurbank with a below-average interest rate on the subordinated
loan, allowing the bank to post a one-off capital gain and,
together with the capital injection from the owner, cover
additional provisioning needs.

Should Nurbank have created the needed provisions immediately, with
no additional support measures, its regulatory tier 1 capital ratio
could have fallen to -2.4%--below the 7.5% regulatory minimum. S&P
said, "We understand Nurbank will follow regulatory guidance and
will be neither formal breach of regulatory requirements nor
forbearance. That said, we consider that Nurbank is at risk of
failing to meet regulatory capital requirements since the announced
measures have yet to be executed. Similarly, we regard the bank's
capital position as weak, reflecting the risks associated with
additional provisioning until Nurbank completes the measures
announced by the regulator."

Nurbank has been cleaning up its balance sheet since 2013, but its
asset quality metrics remain weaker than the sector average. S&P
said, "We still consider that cleaning up Nurbank's legacy problem
loans will take substantial efforts. In addition, coverage of
problem loans by reserves is very low (25%), and we think Nurbank's
pre-provision core earnings capacity is not sufficient to
materially improve this ratio without above-mentioned measures. We
estimate that the bank's gross nonperforming loans will represent
about 40% of the total loan book at year-end 2019. Until we see
significant improvements in loan book credit quality, toxic assets
might constrain the bank's competitive position and prospects for
new business generation, while hindering its earnings capacity and
capital adequacy. Therefore, we believe that Nurbank is currently
reliant on the aforementioned external support. We expect cost of
risk will likely exceed average figures for the banking sector in
Kazakhstan."

S&P said, "At the same time, we expect the increase in Nurbank's
provisions will hinge on the major shareholder's and the state's
ability to provide support to the bank. We do not expect that
anytime soon the bank will substantially increase its business
volumes and return on equity will be below market average for the
banking system.

"We view the bank's funding and liquidity to be in line with the
system average. We haven't seen a deterioration in customer
confidence following the announcement of the asset quality review's
results. Moreover, under our base case, we do not expect any
massive deposit outflows over the outlook horizon.

"The stable outlook reflects our expectation that support measures
from the major shareholder and the banking regulator will enable
Nurbank to maintain its current adequate liquidity and sustain its
capital position while gradually improving its asset quality via
the creation of additional provisions.

"We could take a negative rating action in the next 12 months if we
saw a significant decline in Nurbank's capitalization, the bank
experienced pronounced funding and liquidity pressure, or if we saw
a material weakening in asset quality indicators. This could
happen, for instance, if the amount provided in the support
measures was lower than expected or insufficient to meet the
provisioning needs."

A positive rating action appears remote in the next 12 months.




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PANTHER CDO IV: S&P Affirms CCC- (sf) Rating on Class E1, E2 Notes
------------------------------------------------------------------
S&P Global Ratings raised its credit rating on Panther CDO IV
B.V.'s class B notes. At the same time, S&P has affirmed its
ratings on the class C, D, E1, and E2 notes.

The rating actions follow its analysis of the transaction's
performance and the application of its relevant criteria.

S&P subjected the capital structure to our cash flow analysis to
determine the break-even default rate (BDR) for each class of notes
at each rating level. The BDRs represent its estimate of the level
of asset defaults that the notes can withstand and still fully pay
interest and principal to the noteholders.

Since S&P's last review in November 2017. S&P has observed:

-- With further portfolio amortization, the credit enhancement has
increased for the class B to D notes. Class E1 and E2 continue to
have no credit enhancement.

-- The weighted average spread on the portfolio during the same
period has reduced to 1.01% from 1.33%.

-- Notwithstanding the increase in exposure to structured finance
assets, the credit quality of the portfolio has improved. This
resulted in a decrease in the scenario default rates at each rating
level.

S&P said, "We used the performing portfolio balance, the reported
weighted-average spread, and the weighted-average recovery rates in
accordance with our collateralized debt obligations (CDOs) of
pooled structured finance assets criteria and our corporate CDO
criteria. We incorporated various cash flow stress scenarios using
our shortened and additional default patterns and levels for each
rating category assumed for each class of notes, combined with
different interest stress scenarios as outlined in these criteria.
We have estimated future defaults in the portfolio in each rating
scenario by applying our corporate CDO criteria.

"For the portion of the assets not rated by S&P Global Ratings, we
apply our third-party mapping criteria to map notched ratings from
another rating agency and to infer our rating input for the purpose
of inclusion in CDO Evaluator. In performing this mapping, we
generally apply a three-notch downward adjustment for structured
finance assets that are rated by one rating agency and a two-notch
downward adjustment if the asset is rated by two rating agencies.

"Additionally, as part of our analysis and in accordance with our
criteria, we have applied our supplemental tests to address event
and model risk. In accordance with paragraph 56 of our corporate
CDO criteria, as the transaction employs excess spread, we have
applied the supplemental test by running our cash flows using the
forward interest rate curve, including the highest loss from the
largest obligor test net of recoveries.

"Our analysis shows that the available credit enhancement for the
class B notes is now commensurate with a higher rating than that
previously assigned. Therefore, we have raised our rating to 'AAA
(sf)' from 'AA+ (sf)' on the class B notes.

"At the same time, our analysis shows that the available credit
enhancement for the class C and D notes is now commensurate with
higher ratings than those currently assigned. However, as both
classes of notes are deferring payments, they remain highly
dependent on the collateral's performance absent of defaults, on
the actual weighted-average spread, and on recovery assumptions.
Therefore, we have affirmed our ratings on the class C and D notes
at 'A- (sf)' and 'B (sf)', respectively

"Last, our analysis shows that class E1 and E2 notes continue
deferring interest, and the available weighted-average spread would
be insufficient to serve the debt payment on these classes when the
most-senior classes fully amortize as the weighted-average cost of
debt would be greater, leading to negative carry. Therefore, we
have affirmed our 'CCC- (sf)' rating on the class E1 and E2
notes."

Panther CDO IV is a cash flow CDO transaction managed by M&G
Investments Management Ltd. A portfolio of property B-notes,
structured finance securities, leveraged loans, high-yield
securities, private placements, and other debt obligations backs
the transaction. Panther CDO IV closed in December 2006 and its
reinvestment period ended in March 2014.




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

ASSOCIACAO - PORT: Declared Insolvent by Lisbon Judicial Court
--------------------------------------------------------------
The Portugal News reports that A-ETPL, Associacao - Port Work
Company of Lisbon announced that it had been notified of the
decision to declare its insolvency and the appointment of the
insolvency administrator.

In a statement, A-ETPL states that the sentence handed down by the
Lisbon Judicial Court of Justice Lisbon Commercial Court - Judge 7
set a deadline of 30 days for claiming credits, The Portugal News
relates.

According to The Portugal News, among the effects of the judgment
now known, A-ETPL points out that the powers of administration and
disposition of assets belong to the insolvency practitioner and are
considered "seized, for delivery to the insolvency practitioner,
all the elements of accounting and all company assets."

It also points out that "the debtors of A-ETPL will now have to
make all the installments to which they are obliged directly to the
insolvency practitioner", The Portugal News notes.

On Feb. 20, A-ETPL, a company providing labor to the seven stowage
companies in the Port of Lisbon, informed that it was going to file
for insolvency due to the financial situation it was in, The
Portugal News recounts.

"A-ETPL, at a general meeting, decided to request the association's
insolvency, given the financial situation in which it finds itself,
and given the impossibility of finding solutions for its viability
with the union representing workers," The Portugal News quotes a
statement sent to Lusa as saying.

The insolvency was announced a day after the dockers in the Port of
Lisbon started a three-week strike in protest against overdue wages
and non-compliance with the agreements entered into by the A-ETPL,
The Portugal News relays.




=====================
S W I T Z E R L A N D
=====================

GARRETT MOTION: S&P Alters Outlook to Negative & Affirms 'BB-' ICR
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Garrett Motion Inc. to
negative from stable, and affirmed its 'BB-' long-term issuer
credit rating and our ratings on the company's debt.

S&P said, "We expect the effects of COVID-19 will hamper Garrett
Motion's EBITDA and free operating cash flow (FOCF) in 2020.  Given
Garrett Motion's large supply base in China and our expectation of
lower global auto demand following the outbreak of the novel
coronavirus, we expect the company's operating performance will
deteriorate in 2020. According to Garrett Motion's estimate, the
supply chain disruptions, alongside higher freight costs and lower
demand, will lead to EBITDA of $440 million-$480 million in 2020,
compared with $583 million in 2019. With limited means to further
reduce its capital expenditure (capex) from an already low level
(about 3% of sales), we expect that the company's FOCF will bear
the brunt of the expected EBITDA contraction. We therefore assume
that the company's FOCF will also weaken in 2020, reaching about
$220 million-$250 million from about $296 million in 2019.
Consequently, we expect an S&P Global Ratings-adjusted FOCF-to-debt
ratio to fall to about 8.0%-9.0% in 2020 from 10.8% in 2019."

The headroom under Garrett Motion's maintenance covenant will
likely narrow to below 15% in second half 2020.   Garrett Motion's
loan documentation includes two financial maintenance covenants: A
gross leverage ratio and an interest coverage ratio. S&P said, "We
anticipate a tightening in covenant headroom when there is a step
down in the gross leverage covenant to 3.75x from 4.00x from
September 2020, which will coincide with an anticipated weakening
in operating performance. We understand the company intends to
reduce gross debt through early repayments, similar to when it used
cash flow to reduce net debt by $176 million in 2019. However, this
measure might not be enough to restore headroom to about 15% at all
times. That said, we assume the company will take the appropriate
steps to restore adequate covenant headroom by end-June 2020."

Lingering questions around when demand will stabilize represents a
major downside risk to our base case.  S&P said, "We currently
assume demand will stabilize in 2021 and lead to a recovery in
Garrett Motion's credit metrics, with the EBITDA margin bouncing
back to the 16%-18% range from 15%-16% in 2020. This takes into
account lower freight costs from a normalization of the supply
chain, but still considers the ongoing contraction of profitability
due to the unfavorable product mix. In addition, we project FOCF to
debt to recover to about 12% in 2021 from about 8%-9% in 2020.
Nevertheless, we note that a more-severe-than-expected impact on
global demand and economic growth could lead us to revise our
current assumptions."

S&P said, "The negative outlook indicates that we could lower our
ratings if Garrett Motion does not proactively address the
tightening headroom under its maintenance covenant by end-June
2020, or fails to sustainably restore its FOCF to debt to above 10%
in the next 12-18 months.

"We could downgrade the company if its liquidity concerns were not
promptly addressed. Rating pressure could also stem from tougher
market conditions because of a more severe economic downturn
triggered by the coronavirus outbreak--combined with a continuing
rapid decline of demand for diesel cars--that prevents the company
from sustainably maintaining an EBITDA margin above 15%.

"We could revise our outlook to stable if Garrett Motion improves
its FOCF to debt to above 10% and ensures adequate headroom under
its covenants."




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

ANACAP FINANCIAL: S&P Downgrades ICR to 'B+', Outlook Stable
------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
AnaCap Financial Europe (AFE) to 'B+' from 'BB-'. S&P also lowered
its issue rating on the group's senior secured notes to 'B+' and
revising downward its recovery rating on the notes to '4' (rounded
estimate: 40%) from '3' (rounded estimate: 50%).

S&P said, "The downgrade reflects our negative view of the
visibility and volatility of AFE's cash flows. It also reflects the
group's persistently high leverage, with gross debt to EBITDA at
4.15x-4.25x for 2019. We expect this ratio to remain above 4x under
our revised base case for 2020. This follows significantly delayed
cash collections across AFE's core geographies of Spain, Portugal,
and Italy after the group reviewed its portfolio valuations in the
fourth quarter of 2019. We now expect improvements in cash flow
generation and leverage reduction will only take place in 2021.
Continued underperformance in these markets, most likely following
further spreading of the new coronavirus, could lead us to take a
negative rating action on the group, all else remaining equal."

S&P expects leverage for AFE to remain relatively high and volatile
for the 'BB-' rating level.

AFE's full year 2019 results disclosed a material impairment of
EUR35.9 million on its portfolio. This impairment has extended and
flattened the group's cash flow collection profile. This has
significantly reduced expected collections in 2020 and moved a
greater proportion of collections into 2021 and beyond. S&P has
revised its collections forecast to EUR120 million-EUR130 million
in 2020, down from its previous forecast of EUR154 million. This
new forecast does not include any potential effect of the
coronavirus on Southern European collections.

S&P said, "As such, we expect our core cash flow metrics for 2020
to remain relatively high for the rating level, with debt to S&P
Global Ratings adjusted cash EBITDA above 4x, before improving
materially in the second half of 2021. Despite this forecasted
improvement, we view this delay, and the volatility of the group's
cash flows, as rating weaknesses."

Given AFE's concentrated asset profile, the extended period of
leverage reduction leaves the group's financial position vulnerable
to asset quality deterioration in the next 12-24 months.

S&P said, "We think the group's overall financial position remains
vulnerable to further asset underperformance, which further
supports the downgrade. Although we note AFE's rigorous
underwriting process, a similar impairment to 2019's in the next 12
months would weigh on the group's overall financial position and
undermine its ability to achieve cash flow metrics in line with its
significant financial risk profile on a consistent basis. Although
we are not revising the financial risk profile, our decision to
assign a negative comparable rating adjustment captures these risks
to a certain extent. That said, further underperformance in AFE's
core geographies could still lead us to revise our financial risk
profile to aggressive if further asset quality concerns arise in
the near future. As such, if AFE discloses further material
impairments over the next six to 12 months, likely stemming from
further cash flow delays in the wake of the coronavirus outbreak
across Southern Europe, we could consider a negative rating
action.

"The group's relatively weak, volatile cash flow metrics and our
view of its prospective vulnerability to asset underperformance
over the next 12 months are key factors behind the downgrade."

AFE will continue to operate as a niche player in Europe's
distressed debt market, with a robust originations process and
tight cost control under its master servicing model.

S&P said, "Our rating also captures AFE's limited scale and
diversification, offset by its track record of sector-leading
operating efficiency and flexibility. Indeed, we think AFE's agile,
niche, and profitable business model support the rating. AFE's
costs in 2019 were better than we expected, and we now expect the
group to deliver tight cost control over 2020. We forecast AFE's
cost to collect will be approximately EUR10 million lower under our
revised base case for 2020, at EUR26 million-EUR28 million. We also
note revenue from AFE's expanding master servicing operations will
partly offset greater overhead expenses of EUR9 million-EUR11
million as the group centralizes more of its collections functions.
This strong underlying cost control will be key for rating
stability over our outlook horizon."

The stable outlook on AFE reflects S&P Global Ratings' view that
the group's relatively robust, if volatile, cash flow profile, and
defendable niche in the European distressed debt market will
support the 'B+' rating on the group over the next 12 months.

S&P said, "We could consider taking a negative rating action on AFE
if we saw further operational underperformance in the group's core
markets of Italy, Spain, and Portugal over the next six to 12
months. Specifically, we would take a negative rating action if the
ongoing coronavirus outbreaks in these countries result in further
delays in collections, as well as material impairments and forecast
revisions, such that we expect debt to EBITDA will remain
materially above 4x in 2020 and 2021.

"Although an upgrade is unlikely at present, we could consider
taking a positive rating action on AFE if it is able to demonstrate
stable, predictable cash flow generation on a consistent basis."

S&P's base-case scenario for 2020 incorporates the following key
assumptions:

-- Adjusted cash EBITDA to increase modestly to EUR93
million-EUR95 million in 2020 from EUR90 million at end-2019.

-- Cash interest expense of EUR20 million-EUR22 million in 2020.

-- Capital deployment of EUR90 million-EUR100 million in 2020.

-- No need to access the public debt capital market in 2020.

Based on these assumptions, S&P forecasts the following credit
metrics for AFE at year-end 2020:

-- Gross debt to adjusted cash EBITDA of 4.1x-4.2x.
-- Funds from operations to debt of 18%-19%.
-- EBITDA cash interest coverage of 4.4x-4.6x.


FLYBE: Up to 120 Jobs at Risk at Edinburgh Airport After Collapse
-----------------------------------------------------------------
Jamie McKenzie at The Scotsman reports that up to 120 jobs at
Edinburgh Airport are at risk following the collapse of Flybe, the
Unite union has warned.

And the union says another 80 Swissport staff are under threat at
Aberdeen and Glasgow airports, The Scotsman discloses.

The cargo and baggage handling firm has launched a formal
redundancy consultation process at all three airports, The Scotsman
relates.

A spokeswoman for the company also highlighted the COVID-19
outbreak and its "significant impact" on global aviation, with
large reductions in flight passenger numbers worldwide, The
Scotsman notes.

On March 11, the Evening News was contacted by a former Swissport
employee at Edinburgh Airport who received a letter stating his
employment was coming to an end after the collapse of the budget
airline earlier this month, The Scotsman relays.

Unite, which represents the overwhelming majority of the Swissport
employees at Edinburgh Airport where around 300 workers are based,
has reacted to the news, The Scotsman discloses.

According to The Scotsman, Sandy Smart, Unite regional industrial
officer, said: "More than a third of the Swissport workforce at
Edinburgh Airport face redundancy which would be a devastating
blow.  This would represent around 120 people facing unemployment
in the coming weeks taking the tally to more than 200 across
Swissport's operations in Scotland.

"Unite repeats our call for the company to halt this redundancy
process and talk to us in order to find solutions to keep people in
work across all three airports.  Solutions are being brought
forward and routes reestablished which we believe makes these
announcements totally unnecessary."

A Swissport spokeswoman, as cited by The Scotsman, said: "The
outbreak of Covid-19 has had a significant impact on global
aviation, with large reductions in flight and passenger numbers
worldwide.  With the unfortunate news about Flybe it is clear the
sector is entering a challenging period.  As the situation evolves,
we have a responsibility to our employees, customers and partners
to ensure our business remains resilient and reliable in this fluid
market environment.

"We have launched a formal consultation process through which we
will seek to agree a series of proposals which we believe will put
the business on firmer footing for the future.  This process will
be led by employee representatives and senior management.  We
understand that this will be an uncertain and concerning time for
colleagues and our priority is to support them throughout this
period."

Swissport provides ground handling services including baggage
handling, passenger services, plane de-icing and cleaning among
others and claims to be the world's leading provider of airport
ground services and air cargo handling, with 66,000 employees,
operating in 307 airports.

UK airline Flybe entered into administration on March 5, The
Scotsman recounts.

The Exeter-based firm, which avoided going under in January, made a
recent bid for financial support which failed, but said that the
impact of the ongoing global coronavirus outbreak on air travel was
partly to blame for its collapse, The Scotsman relates.


INTERSERVE PLC: Auditors Cast Significant Doubt Over Future
-----------------------------------------------------------
Oliver Gill at The Telegraph reports that struggling contractor
Interserve has been plunged into a fresh crisis after auditors
red-flagged its finances, even before Britain was gripped by the
pandemic.

According to The Telegraph, accounts signed off at the end of last
month reveal a catalogue of concerns, which collectively "cast
significant doubt" over the future of one of Britain's biggest
outsourcers.

Interserve employs more than 60,000 people worldwide and is one of
a handful of "strategic suppliers" to the Government by maintaining
scores of schools and hospitals as well as transport networks such
as the London Underground, The Telegraph discloses.

Financial statements were belatedly signed off this February after
directors secured a GBP125 million cash injection from lenders, The
Telegraph relates.  Almost GBP300 million has been poured into the
business to keep it afloat since creditors took control a year ago
through a pre-pack administration, The Telegraph notes.


NMC HEALTH: Discovers Evidence of Suspected Fraud in Finances
-------------------------------------------------------------
Daniel Thomas and Simeon Kerr at The Financial Times report that
NMC Health has found evidence of suspected fraud in its finances
following damaging revelations over billions of dollars of
undisclosed debt on its balance sheet and doubts over its cash
position.

The Middle East-focused healthcare group last week admitted net
debt was twice what it had disclosed, after it found almost US$3
billion of borrowings hidden from its board that had been used for
unknown purposes, the FT relates.  Shares were suspended at the end
of last month, the FT recounts.

According to the FT, the company has been under siege since
December when prominent US short seller Muddy Waters raised
questions over its debt, asset values and cash position.

NMC began looking into its own finances after the allegations, with
former FBI director Louis Freeh hired to lead an internal
investigation, the FT discloses.  But it is still struggling to
find answers in a mounting accounting scandal, the FT notes.

NMC on March 12 said its advisers had "discovered evidence leading
to suspected fraudulent behavior in relation to some elements of
NMC's previous financial activities", the FT relays.

It added that NMC was "fully committed to investigating these
activities and has notified the relevant authorities in the UK and
UAE to determine what action they also consider to be appropriate",
the FT notes.

Although NMC, which operates hospitals and pharmacies across the
United Arab Emirates, initially rejected the allegations from Muddy
Waters as "false and misleading", it has since admitted that the
board had little idea of how much debt had been raised by the
company or what it was for, according to the FT.

Banks, increasingly concerned about their loans to NMC, have
started to work together as they try to identify their true
exposure ahead of the restructuring, the FT  relates.  Its
international lenders include HSBC, JPMorgan and Standard
Chartered, the FT states.

According to the FT, people briefed on the matter said the
healthcare provider's ability to survive this crisis has also been
called into question as some banks limit access to working capital
facilities.  The late payment of February salaries renewed focus on
the company's financial health, which has been compounded by the
revelations over undisclosed debt and suspected fraud, the FT
notes.


PREMIER OIL: ARCM Calls on Firm to Abandon North Sea Acquisitions
-----------------------------------------------------------------
Nathalie Thomas at The Financial Times reports that a Hong
Kong-based hedge fund battling Premier Oil over its US$2.9 billion
refinancing is calling for the UK company to abandon US$871 million
of North Sea acquisitions and focus on cash flow as oil prices
remain under strain.

According to the FT, Asia Research and Capital Management said on
March 12 that the acquisitions from BP and the Korea National Oil
Corporation (KNOC) -- which were announced by Premier in January
alongside its refinancing proposals -- were negotiated last year
using forward prices for oil and gas that "were unrealistic at the
time and are even more unrealistic today".

"We believe Premier Oil should be focusing on its cash flow
position and protecting the balance sheet as a matter of priority,"
the FT quotes ARCM as saying in a statement. "We encourage the
company to engage with its creditors to find a long-term solution
which would significantly reduce leverage and provide a stable
balance sheet, from which the company could then prudently pursue
growth opportunities."

ARCM, which is Premier's largest lender but also has a giant 17%
short position in its shares, is hoping to derail the company's
refinancing and acquisitions at a court hearing this week in
Edinburgh, the FT states.  The plans have already been approved by
a majority of other creditors but the acquisitions rely on a US$500
million equity raise from shareholders, the FT notes.

Premier's shares were down a further 34% by early afternoon on
Thursday, March 12, as investors continued to worry over its debt
levels and ability to close the refinancing and acquisitions, the
FT discloses.

Premier Oil warned in its full-year results that should the
refinancing -- which will extend the maturity on its loans by 2.5
years to November 2023 -- and acquisitions not succeed and
"downside price and or production scenarios materialize" then it
could breach "one or more" of its financial covenants this year,
the FT relates.


RHINO: Administrators Forced Firm to Sign Away Rights to Sue
------------------------------------------------------------
Michael O'Dwyer at The Telegraph reports that administrators at
Deloitte have been accused of improperly forcing a company to sign
away its rights to sue them for wrongdoing as part of a rescue
deal.

According to The Telegraph, Jason Schofield, who owned and ran
Rhino Enterprises, a Leeds-based storage firm, is suing two
Deloitte administrators for almost GBP19 million in the High Court.
He alleges they failed to pursue a mis-selling claim against
Barclays because of Deloitte's close relationship with the bank,
The Telegraph discloses.

Rhino's subsidiaries exited administration in 2015 when it agreed a
company voluntary arrangement, a form of insolvency which allows
struggling companies to renegotiate existing debts and contracts,
The Telegraph recounts.

Lawyers for Rhino claimed at a hearing in the High Court that
administrators from Deloitte should not be protected by a release
clause that purports to safeguard them from being sued for
wrongdoing, The Telegraph relates.





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

[*] BOND PRICING: For the Week March 9 to March 13, 2020
--------------------------------------------------------
Issuer                  Coupon  Maturity  Currency  Price
------                  ------  --------  --------  -----
Intelsat Luxembourg SA   8.125    6/1/2023      USD    41.539
Intelsat Connect Finance 9.500    2/15/2023     USD    60.918
Moby SpA                 7.750    2/15/2023     EUR    32.000
Valaris plc              7.750    2/1/2026      USD    48.981
Nostrum Oil & Gas Finance8.000    7/25/2022     USD    46.164
Petra Diamonds US Treasur7.250    5/1/2022      USD    61.344
Casino Guichard Perrachon3.992                  EUR    55.482
Naviera Armas SA         6.500    7/31/2023     EUR    72.933
Valaris plc              8.000    1/31/2024     USD    56.708
Vallourec SA             2.250    9/30/2024     EUR    72.632
Mitsubishi UFJ Investor S4.092    12/15/2050    EUR    70.994
Valaris plc              4.875    6/1/2022      USD    72.700
Vallourec SA             4.125    10/4/2022     EUR     5.619
Pro-Gest SpA             3.250    12/15/2024    EUR    64.758
Mallinckrodt Internationa5.750    8/1/2022      USD    53.256
Valaris plc              5.750    10/1/2044     USD    40.160
Ageasfinlux SA           0.950                  EUR    71.357
Rallye SA                4.000    4/2/2021      EUR    27.070
Naviera Armas SA         4.250    11/15/2024    EUR    67.800
Officine Maccaferri-SpA  5.750    6/1/2021      EUR    35.407
Nostrum Oil & Gas Finance7.000    2/16/2025     USD    45.094
Astaldi SpA              7.125    12/1/2020     EUR    12.932
Valaris plc              5.200    3/15/2025     USD    48.548
Casino Guichard Perrachon1.154                  EUR    36.602
Distribuidora Internacion0.875    4/6/2023      EUR    53.583
Ferroglobe PLC / Globe Sp9.375    3/1/2022      USD    73.707
Valaris plc              4.500    10/1/2024     USD    49.851
Maisons du Monde SA      0.125    12/6/2023     EUR    42.131
Thomas Cook Group PLC    6.250    6/15/2022     EUR     6.875
Intralot Capital Luxembou6.750    9/15/2021     EUR    64.032
Quadient                 3.375                  EUR    59.169
HI Bidco AS              7.300    10/30/2022    NOK    58.219
Valaris plc              7.375    6/15/2025     USD    55.552
Offshore Drilling Holding8.375    9/20/2020     USD    31.787
Rallye SA                4.371    1/23/2023     EUR    27.025
Debenhams PLC            5.250    7/15/2021     GBP    21.000
Jain International Tradin7.125    2/1/2022      USD    31.637
Air France-KLM           0.125    3/25/2026     EUR    17.922
Intralot Capital Luxembou5.250    9/15/2024     EUR    43.055
Valaris plc              4.750    1/15/2024     USD    54.663
Cooperativa Muratori & Ce6.000    2/15/2023     EUR     2.549
Abengoa Abenewco 2 Bis SA1.500    4/26/2024     EUR
ADLER Real Estate AG     2.500    7/19/2021     EUR    14.780
Mallinckrodt Internationa5.625    10/15/2023    USD    43.841
Neoen SA                 1.875    10/7/2024     EUR    38.303
HI Bidco AS              9.800    1/30/2023     NOK    21.072
Valaris plc              5.850    1/15/2044     USD    44.013
Mallinckrodt Internationa5.500    4/15/2025     USD    40.932
Mallinckrodt Internationa4.750    4/15/2023     USD    47.847
Hema Bondco II BV        8.500    1/15/2023     EUR    45.021
Boparan Finance PLC      4.375    7/15/2021     EUR    73.330
Econocom Group SA/NV     0.500    3/6/2023      EUR     7.119
Intelsat Connect Finance 9.500    2/15/2023     USD    61.569
Cooperativa Muratori & Ce6.875    8/1/2022      EUR     2.467
Senvion Holding GmbH     3.875    10/25/2022    EUR     6.000
Senivita Social Estate AG6.500    5/12/2020     EUR    56.400
Rallye SA                3.250    2/8/2024      CHF    26.000
Korian SA                2.500                  EUR    49.797
Genfit                   3.500    10/16/2022    EUR    24.639
Pierre & Vacances SA     2.000    4/1/2023      EUR    54.631
Yell Bondco PLC          8.500    5/2/2023      GBP    61.411
Astaldi SpA              4.875    6/21/2024     EUR    11.802
FF Group Finance Luxembou1.750    7/3/2019      EUR     4.500
HOCHDORF Holding AG      2.500                  CHF    54.079
Ferroglobe PLC / Globe Sp9.375    3/1/2022      USD    73.478
Top Gun Realisations 74 P6.500    7/1/2022      GBP    18.791
O1 Properties Finance PLC8.250    9/27/2021     USD    40.000
FF Group Finance Luxembou3.250    11/2/2021     CHF    10.246
Pizzaexpress Financing 1 8.625    8/1/2022      GBP    35.739
Greenyard Fresh NV       3.750    12/22/2021    EUR    69.732
KCA Deutag UK Finance PLC7.250    5/15/2021     USD    69.046
Valaris plc              5.400    12/1/2042     USD    43.610
Boparan Finance PLC      5.500    7/15/2021     GBP    73.053
Banco Espirito Santo SA  4.000    1/21/2019     EUR    25.244
EA Partners I BV         6.875    9/28/2020     USD    45.074
Galapagos Holding SA     7.000    6/15/2022     EUR     7.684
Rallye SA                5.250    2/1/2022      EUR    27.513
Rallye SA                4.000    11/23/2020    CHF    26.556
Transcapitalbank JSC Via 10.000   9/18/2020     USD    54.906
KCA Deutag UK Finance PLC9.875    4/1/2022      USD    69.900
Immigon Portfolioabbau AG5.980                  EUR    15.866
Bourbon Corp             6.446                  EUR     2.651
FIGEAC-AERO              1.125    10/18/2022    EUR    23.775
Alno AG                  8.500    5/14/2018     EUR    11.527
Privatbank CJSC Via UK SP11.000   2/9/2021      USD     9.532
EA Partners II BV        6.750    6/1/2021      USD    48.500
Grupo Isolux Corsan SA   6.000    12/30/2021    EUR     0.398
Steinhoff Finance Holding1.250    10/21/2023    EUR    41.118
Air Berlin PLC           8.250    4/19/2018     EUR     1.999
Grupo Isolux Corsan SA   1.000    12/30/2021    EUR     1.453
Thomas Cook Finance 2 PLC3.875    7/15/2023     EUR     7.056
Santhera Pharmaceuticals 5.000    2/17/2022     CHF    55.749
CNP Assurances           2.000                  EUR    75.000
Bilt Paper BV            9.640                  USD     1.004
Petra Diamonds US Treasur7.250    5/1/2022      USD    61.611
Allied Irish Banks PLC   12.500   6/25/2035     GBP    70.751
Quant AB                 6.000    2/15/2023     EUR    70.738
Banco Espirito Santo SA  2.625    5/8/2017      EUR    24.550
House of Fraser Funding P6.504    9/15/2020     GBP     4.517
Stobart Finance PLC      2.750    5/8/2024      GBP    74.000
UkrLandFarming PLC       10.875   3/26/2018     USD     4.250
KCA Deutag UK Finance PLC9.625    4/1/2023      USD    69.370
Lehman Brothers UK Capita5.125                  EUR     7.092
Mitsubishi UFJ Investor S3.859    12/30/2099    EUR     4.853
Scandinavian Airlines Sys0.625                  CHF    36.872
Lambay Capital Securities6.250                  GBP     0.574
Rickmers Holding AG      8.875    6/11/2018     EUR     1.682
Nexity SA                0.125    1/1/2023      EUR    66.293
Prime Living AB          7.201    10/19/2023    SEK     5.000
Evan Group PLC           6.000    7/31/2022     EUR    70.963
Lehman Brothers UK Capita6.900                  USD     2.745
Avangardco Investments Pu10.000   10/29/2018    USD     6.000
Privatbank CJSC Via UK SP10.250   1/23/2018     USD    30.529
Banco Espirito Santo SA  7.125    11/28/2023    EUR     0.075
Nostrum Oil & Gas Finance8.000    7/25/2022     USD    46.047
Bank Otkritie Financial C10.000   4/26/2019     USD     9.701
Rallye SA                3.400    1/31/2022     EUR    28.000
Hellenic Bank PCL        10.000                 EUR    49.907
LA Perla Fashion Finance 7.250    3/29/2023     EUR    39.215
Air Berlin PLC           6.750    5/9/2019      EUR     1.782
Virgolino de Oliveira Fin11.750   2/9/2022      USD     4.022
Hamon & CIE SA           3.300    1/30/2025     EUR    50.000
Virgolino de Oliveira Fin10.500   1/28/2018     USD     3.000
Alno AG                  8.000    3/21/2019     EUR    15.250
Alitalia-Societa Aerea It5.250    7/30/2020     EUR     6.000
Portugal Telecom Internat6.250    7/26/2016     EUR     1.198
Yuksel Insaat AS         9.500    11/10/2015    USD     1.000
Nexity SA                0.250    3/2/2025      EUR    69.492
Banco Espirito Santo SA  4.750    1/15/2018     EUR    25.549
Afren PLC                6.625    12/9/2020     USD     0.051
Civitas Properties Financ4.000    11/24/2022    EUR    74.500
Eramet                   4.000                  EUR    51.385
Koninklijke Luchtvaart Ma0.750                  CHF    37.100
Rallye SA                1.000    10/2/2020     EUR    27.125
Claranova SADIR          5.000    7/1/2023      EUR     1.180
Agrokor dd               9.125    2/1/2020      EUR    19.247
Stichting Afwikkeling Ond6.250    10/26/2020    EUR     1.000
KCA Deutag UK Finance PLC9.875    4/1/2022      USD    69.926
Espirito Santo Financial 6.875    10/21/2019    EUR     0.130
DOF Subsea AS            9.500    3/14/2022     USD    66.448
Abengoa Abenewco 2 Bis SA1.500    4/26/2024     USD     6.350
Nostrum Oil & Gas Finance7.000    2/16/2025     USD    45.224
Orient Express Bank PJSC 10.000                 USD    40.081
EDOB Abwicklungs AG      7.500    4/1/2012      EUR     0.466
Cirio Holding Luxembourg 6.250    2/16/2004     EUR     0.822
New World Resources NV   4.000    10/7/2020     EUR     0.021
DOF Subsea AS            8.830    5/22/2020     NOK    70.000
Lehman Brothers UK Capita3.875                  EUR     7.125
Afren PLC                11.500   2/1/2016      USD     0.017
EOS Imaging SA           6.000    5/31/2023     EUR     5.797
KCA Deutag UK Finance PLC7.250    5/15/2021     USD    69.869
Mallinckrodt Internationa5.625    10/15/2023    USD    43.175
KTG Agrar SE             7.125    6/6/2017      EUR     0.561
Stichting Afwikkeling Ond11.250                 EUR     1.109
JZ Capital Partners Ltd  6.000    7/30/2021     GBP     9.800
APP International Finance11.750   10/1/2005     USD     0.769
Top Gun Realisations 73 P8.000    7/1/2023      GBP     1.189
Banca Popolare di Vicenza2.821    12/20/2017    EUR     0.200
Dexia Credit Local SA    1.317                  EUR     6.758
Lloyds Bank PLC          1.380    7/5/2033      USD    67.931
Europejskie Centrum Odszk5.790    4/14/2020     PLN    71.000
OGX Austria GmbH         8.500    6/1/2018      USD     0.001
BBVA International Prefer1.574                  GBP    66.500
Paragon GmbH & Co KGaA   4.000    4/23/2024     CHF    73.000
Agrokor dd               8.875    2/1/2020      USD    19.364
Dexia SA                 1.382                  EUR     7.642
Abengoa Abenewco 2 Bis SA1.500    4/26/2024     USD     6.500
ESFIL-Espirito Santo Fina5.250    6/12/2015     EUR     0.060
KCA Deutag UK Finance PLC9.625    4/1/2023      USD    69.752
Banca Popolare di Vicenza9.500    9/29/2025     EUR     0.038
Banco Espirito Santo SA  2.237                  EUR     0.086
Agrokor dd               9.875    5/1/2019      EUR    19.336
Region of Abruzzo Italy  0.036    11/7/2036     EUR    64.574
Caixa Economica Montepio 5.000                  EUR    51.000
Prime Living AB          4.598    9/29/2022     SEK    34.380
Portigon AG              7.460    6/1/2020      EUR    19.000
New World Resources NV   8.000    4/7/2020      EUR     1.454
Air Berlin PLC           5.625    5/9/2019      CHF     1.363
HOCHDORF Holding AG      3.500    3/30/2020     CHF    26.600
Mallinckrodt Internationa5.750    8/1/2022      USD    52.115
Societe Centrale des Bois2.500    5/15/2023     EUR     6.880
Offshore Drilling Holding8.375    9/20/2020     USD    32.439
Mallinckrodt Internationa5.500    4/15/2025     USD    41.092
BIM SAS                  2.500    11/13/2020    EUR    22.436
Kaupthing ehf            7.625    2/28/2015     USD     0.250
Manchester Building Socie6.750                  GBP    20.676
CBo Territoria           3.750    7/1/2024      EUR     4.900
Privatbank CJSC Via UK SP10.875   2/28/2018     USD    31.133
Tonon Luxembourg SA      9.250    1/24/2020     USD     0.536
Norske Skog Holding AS   8.000    2/24/2021     EUR     0.084
Waste Italia SpA         10.500   11/15/2019    EUR     1.000
DOF Subsea AS            9.850    11/27/2023    NOK    58.476
SeniVita Sozial gGmbH    7.000                  EUR    23.100
Tresu Investment Holding 5.000    9/29/2022     EUR    41.625
LBI ehf                  6.100    8/25/2011     USD     7.375
Sairgroup Finance BV     4.375    6/8/2006      EUR     0.409
Veneto Banca SpA         9.500    12/1/2025     EUR     0.788
Norske Skogindustrier ASA7.000    12/30/2026    EUR     0.036
Cattles Ltd              8.125    7/5/2017      GBP     0.001
International Industrial 9.000    7/6/2011      EUR     0.059
Cirio Finance Luxembourg 7.500    11/3/2002     EUR     2.278
Cirio Del Monte NV       7.750    3/14/2005     EUR     0.450
Solstad Offshore ASA     5.380    9/24/2021     NOK     4.667
YA Holding AB            3.020    6/18/2022     SEK    56.629
Rena GmbH                7.000    12/15/2015    EUR     2.096
Lehman Brothers UK Capita5.750                  EUR     1.500
Idea Bank SA             5.090    8/14/2020     PLN    71.000
Virgolino de Oliveira Fin10.875   1/13/2020     USD    21.677
Deutsche Bank AG/London  0.032    10/31/2034    USD    69.875
Praktiker AG             5.875    2/10/2016     EUR     0.542
Russian Federal Bond - OF0.250    7/20/2044     RUB    24.815
Verimatrix SA            6.000    6/29/2022     EUR     3.751
Cooperatieve Rabobank UA 0.500    2/26/2029     HUF    70.780
Chr Bygga Bostader Holdin9.163    7/5/2021      SEK    50.000
Alpine Holding GmbH      6.000    5/22/2017     EUR     0.477
Del Monte Finance Luxembo6.625    5/24/2006     EUR     1.709
Banco Espirito Santo SA  6.875    7/15/2016     EUR    24.785
Kaupthing ehf            5.750    10/4/2011     USD     0.250
Manchester Building Socie8.000                  GBP    20.559
Hellas Telecommunications6.054    1/15/2015     USD     0.033
Banco Espirito Santo SA  2.417                  EUR     0.217
GEWA 5 to 1 GmbH & Co KG 6.500    3/24/2018     EUR     5.260
Boparan Finance PLC      4.375    7/15/2021     EUR    73.325
Norske Skogindustrier ASA2.000    12/30/2115    EUR     0.415
Bulgaria Steel Finance BV12.000   5/4/2013      EUR     0.216
Elli Investments Ltd     12.250   6/15/2020     GBP    52.501
German Pellets GmbH      7.250    11/27/2019    EUR     0.672
OGX Austria GmbH         8.500    6/1/2018      USD     0.001
EFG International AG     0.286                  EUR    45.000
Aralco Finance SA        10.125   5/7/2020      USD     1.880
International Finance Fac0.500    6/24/2024     ZAR    74.180
Windreich GmbH           6.500    7/15/2016     EUR     8.000
KTG Agrar SE             7.250    10/15/2019    EUR     0.561
WPE International Coopera10.375   9/30/2020     USD     3.417
German Pellets GmbH      7.250    7/9/2018      EUR     0.582
Naviera Armas SA         4.250    11/15/2024    EUR    68.509
Banco Espirito Santo SA  6.900    6/28/2024     EUR    25.226
NTRP Via Interpipe Ltd   10.250   8/2/2017      USD    30.000
Pizzaexpress Financing 1 8.625    8/1/2022      GBP    35.739
Afren PLC                10.250   4/8/2019      USD     0.034
Erotik-Abwicklungsgesells7.750    7/9/2019      EUR     0.779
Senvion Holding GmbH     3.875    10/25/2022    EUR     6.000
PA Resources AB          13.500   3/3/2016      SEK     0.124
Espirito Santo Financial 3.125    12/2/2018     EUR     0.103
OGX Austria GmbH         8.375    4/1/2022      USD     0.001
Sequa Petroleum NV       5.000    4/29/2020     USD    68.238
Espirito Santo Financial 9.750    12/19/2025    EUR     0.790
Finmek International SA  7.000    12/3/2004     EUR     2.193
Astaldi SpA              7.125    12/1/2020     EUR    12.932
Moby SpA                 7.750    2/15/2023     EUR    32.000
UkrLandFarming PLC       10.875   3/26/2018     USD     5.121
Hellas Telecommunications8.500    10/15/2013    EUR     0.444
Pro-Gest SpA             3.250    12/15/2024    EUR    64.389
CRC Breeze Finance SA    6.110    5/8/2026      EUR    50.250
Saleza AS                9.000    7/12/2021     EUR     0.213
Corporate Commercial Bank8.250    8/8/2014      USD     0.289
Steilmann SE             7.000    3/9/2017      EUR     1.429
Vneshprombank Ltd Via VPB9.000    11/14/2016    USD     0.326
Societe Generale SA      12.000   5/29/2020     USD    29.106
Eniro AB                 6.000    4/14/2020     SEK    75.226
Cooperatieve Rabobank UA 0.500    7/30/2043     MXN    17.959
Breeze Finance SA        6.708    4/19/2027     EUR    28.950
Solship Invest 1 AS      5.000    12/8/2024     NOK    10.000
Enertronica Santerno SpA 7.000    12/31/2022    EUR    51.000
International Industrial 11.000   2/19/2013     USD     0.156
Cooperatieve Rabobank UA 0.500    10/29/2027    MXN    57.658
Kommunekredit            0.500    7/30/2027     TRY    41.379
Mriya Agro Holding PLC   10.950   3/30/2016     USD     7.875
KPNQwest NV              8.875    2/1/2008      EUR     0.634
Ideal Standard Internatio11.750   5/1/2018      EUR     0.240
Naviera Armas SA         6.500    7/31/2023     EUR    72.976
Sairgroup Finance BV     6.625    10/6/2010     EUR     0.409
Intralot Capital Luxembou5.250    9/15/2024     EUR    43.000
Golfino AG               8.000    11/18/2023    EUR     0.010
Cooperatieve Rabobank UA 0.500    10/30/2043    MXN    17.297
Gebr Sanders GmbH & Co KG8.750    10/22/2018    EUR    14.406
Norske Skogindustrier ASA7.125    10/15/2033    USD     0.036
Island Offshore Shipholdi4.090    6/30/2021     NOK    13.000
Norske Skog Holding AS   8.000    2/24/2023     USD     0.214
HPI AG                   3.500                  EUR     3.000
State Transport Leasing C7.550    1/18/2030     RUB    60.010
Alpine Holding GmbH      5.250    7/1/2015      EUR     0.477
Bank Nadra Via NDR Financ8.250    7/31/2018     USD     0.208
Solon SE                 1.375    12/6/2012     EUR     0.769
getgoods.de AG           7.750    10/2/2017     EUR     0.126
Galapagos Holding SA     7.000    6/15/2022     EUR     7.684
Virgolino de Oliveira Fin11.750   2/9/2022      USD     3.407
Alpine Holding GmbH      5.250    6/10/2016     EUR     0.478
Steilmann SE             6.750    6/27/2017     EUR     2.184
Stichting Afwikkeling Ond2.358                  EUR     1.109
Steilmann SE             7.000    9/23/2018     EUR     1.429
Finance and Credit Bank J9.250    1/25/2019     USD     0.993
Centrosolar Group AG     7.000    2/15/2016     EUR     2.387
Region of Molise Italy   0.060    12/15/2033    EUR    60.913
Dolphin Drilling ASA     4.490    8/28/2019     NOK     0.296
KPNQwest NV              10.000   3/15/2012     EUR     0.634
Windreich GmbH           6.500    3/1/2015      EUR     8.000
Societe Generale SA      7.000    10/20/2020    USD
Stichting Afwikkeling Ond6.625    5/14/2018     EUR     1.000
Vseukrainsky Aktsinerny B10.900   6/14/2019     USD     1.056
Abengoa Abenewco 2 Bis SA1.500    4/26/2024     EUR     6.200
Thomas Cook Group PLC    6.250    6/15/2022     EUR     6.875
Officine Maccaferri-SpA  5.750    6/1/2021      EUR    35.407
Societe Generale SA      12.000   7/8/2021      USD    42.300
Mox Telecom AG           7.250    11/2/2017     EUR     1.295
Credit Suisse AG/London  12.000   7/3/2020      USD    47.450
Industrial S.p.A.        5.300    8/7/2021      EUR    105.22
Afren PLC                11.500   2/1/2016      USD     0.017
Phosphorus Holdco PLC    10.000   4/1/2019      GBP     2.671
Banco Santander SA       2.008                  EUR     3.289
BOA Offshore AS          0.409    7/17/2047     NOK     8.112
Intralot Capital Luxembou6.750    9/15/2021     EUR    65.463
Leonteq Securities AG/Gue1.600    1/28/2022     EUR    39.790
Sberbank of Russia PJSC  1.165    1/27/2025     RUB    80.000
Virgolino de Oliveira Fin10.500   1/28/2018     USD     3.000
Virgolino de Oliveira Fin10.875   1/13/2020     USD    21.677
Sberbank of Russia PJSC  1.054    7/16/2024     RUB    80.000
International Finance Fac0.500    6/29/2027     ZAR    55.404
Decipher Production Ltd  12.500   9/27/2019     USD     1.500
Pescanova SA             5.125    4/20/2017     EUR     0.443
Hema Bondco II BV        8.500    1/15/2023     EUR    45.448
Havila Shipping ASA      6.360    11/7/2020     NOK    60.338
Ahtium PLC               4.000    12/16/2015    EUR     0.586
International Bank of Aze8.250    10/9/2024     USD    61.250
Air Berlin Finance BV    6.000    3/6/2019      EUR     2.433
O1 Properties Finance PLC7.000    1/29/2021     USD    72.183
Ahtium PLC               9.750    4/4/2017      EUR     0.976
Sberbank of Russia PJSC  0.010    2/28/2020     RUB    98.700
KPNQwest NV              7.125    6/1/2009      EUR     0.634
Linas Matkasse Newco AB  8.195    10/9/2022     SEK    55.000
Afren PLC                6.625    12/9/2020     USD     0.051
Bibby Offshore Services P7.500    6/15/2021     GBP    11.113
Yell Bondco PLC          8.500    5/2/2023      GBP    61.653
SALVATOR Vermoegensverwal9.500    12/31/2021    EUR     6.300
Agrokor dd               8.875    2/1/2020      USD    19.364
Mifa Mitteldeutsche Fahrr7.500    8/12/2018     EUR     2.411
Deutsche Agrar Holding Gm7.250    9/28/2018     EUR     1.254
Evrofinansy-Nedvizhimost 1.500    10/23/2020    RUB    100.00
Landesbank Schleswig-Hols2.239    1/5/2040      USD    50.306
Rena GmbH                8.250    7/11/2018     EUR     2.096
Portugal Telecom Internat5.242    11/6/2017     EUR     0.694
New World Resources NV   4.000    10/7/2020     EUR     0.021
Tonon Luxembourg SA      12.500   5/14/2024     USD     0.445
SiC Processing GmbH      7.125    3/1/2016      EUR     2.858
Mriya Agro Holding PLC   9.450    4/19/2018     USD     7.875
Kardan NV                6.325    1/15/2020     ILS     6.580
Veneto Banca SpA         6.950    2/25/2025     EUR     0.100
Muehl Product & Service A6.750    3/10/2005     DEM     0.032
Credito Padano Banca di C3.100                  EUR    34.123
Activa Resources AG      0.500    11/15/2021    EUR     5.110
Sberbank of Russia PJSC  1.169    1/21/2025     RUB    80.030
Barclays Bank PLC        1.376    10/10/2029    USD    71.394
Barclays Bank PLC        0.252    6/17/2033     USD    72.173
SAG Solarstrom AG        6.250    12/14/2015    EUR    31.000
Golden Gate AG           6.500    10/11/2014    EUR    38.260
Stichting Afwikkeling Ond8.450    8/20/2018     USD     1.000
A-TEC Industries AG      2.750    5/10/2014     EUR     0.141
IT Holding Finance SA    9.875    11/15/2012    EUR     0.202
HSBC Bank PLC            0.500    12/22/2025    BRL    67.327
Depfa Funding III LP     0.378                  EUR    56.730
Rio Forte Investments SA 4.000    7/22/2014     EUR     5.615
Veneto Banca SpA         6.944    5/15/2025     EUR     0.436
WEB Windenergie AG       4.000    12/17/2025    EUR    55.010
New World Resources NV   8.000    4/7/2020      EUR     1.454
Air Berlin Finance BV    8.500    3/6/2019      EUR     2.750
Credit Suisse AG/London  10.200   2/3/2023      USD     9.780
WPE International Coopera10.375   9/30/2020     USD     3.417
Espirito Santo Financial 5.050    11/15/2025    EUR     0.239
Depfa Funding II LP      6.500                  EUR    59.250
Royalbeach Spielwaren Und7.375    11/10/2020    EUR     2.420
Veneto Banca SpA         6.411                  EUR     0.369
AKB Peresvet ZAO         0.510    2/14/2032     RUB    12.000
Pescanova SA             8.750    2/17/2019     EUR     0.443
Finans-Avia OOO          10.000   7/31/2022     RUB     7.380
Atari SA                 0.100    4/1/2020      EUR     7.060
Societe Generale SA      13.200   12/11/2020    USD    63.100
O1 Properties Finance AO 13.000   10/2/2020     RUB    99.000
Landesbank Baden-Wuerttem0.400    2/7/2040      EUR     0.000
Cooperatieve Rabobank UA 0.500    12/29/2027    MXN    56.130
Top Gun Realisations 73 P8.000    7/1/2023      GBP     1.189
SAir Group               5.500    7/23/2003     CHF     9.875
O1 Properties Finance PLC8.250    9/27/2021     USD    47.774
Waste Italia SpA         10.500   11/15/2019    EUR     1.000
Thomas Cook Finance 2 PLC3.875    7/15/2023     EUR     7.031
Lehman Brothers Treasury 2.000    3/16/2035     EUR     3.400
SAG Solarstrom AG        7.500    7/10/2017     EUR    31.000
Lloyds Bank PLC          0.500    7/26/2028     MXN    53.151
Marine Subsea AS         9.000    12/16/2019    USD     0.688
Barclays Bank PLC        12.860   5/28/2020     USD    66.000
Northland Resources AB   15.000   7/15/2019     USD     2.621
AlphaNotes ETP Dac       0.010    9/9/2029      USD    72.607
Afren PLC                10.250   4/8/2019      USD     0.034
Credit Suisse AG/London  10.000   3/13/2020     USD     4.000
MS Deutschland Beteiligun6.875    12/18/2017    EUR     1.820
Cooperativa Muratori & Ce6.875    8/1/2022      EUR     2.467
UniCredit Bank AG        6.600    7/20/2028     EUR    43.660
Leonteq Securities AG    12.000   8/28/2020     CHF    14.930
Agrokor dd Via Aquarius +4.921    8/8/2017      EUR    14.375
WEB Windenergie AG       5.250    4/8/2023      EUR    55.010
Heta Asset Resolution AG 7.500    12/31/2023    ATS     1.748
Northland Resources AB   4.000    10/15/2020    NOK     0.138
Bank Otkritie Financial C10.000   4/26/2019     USD     9.701
Polski Bank Spoldzielczy 5.290    9/14/2027     PLN    21.000
Irish Bank Resolution Cor4.000    4/23/2018     EUR    42.733
Mobylife Holding A/S     7.407    5/23/2020     SEK     8.125
mybet Holding SE         6.250    12/12/2020    EUR     0.500
Boparan Finance PLC      5.500    7/15/2021     GBP    73.345
Raiffeisen Centrobank AG 6.000    7/21/2020     EUR    57.790
BNP Paribas SA           1.000    1/23/2040     MXN    39.569
Havila Shipping ASA      5.000    11/7/2020     NOK    50.387
SpareBank 1 SR-Bank ASA  1.383    12/21/2030    EUR    72.506
Lehman Brothers Treasury 1.692    10/5/2035     EUR     3.400
Lehman Brothers Treasury 6.650    8/24/2011     AUD     3.400
Privatbank CJSC Via UK SP10.875   2/28/2018     USD    31.133
Cooperatieve Rabobank UA 0.500    1/31/2033     MXN    36.587
Heta Asset Resolution AG 0.064    12/31/2023    EUR     1.748
Lehman Brothers Treasury 1.692    11/2/2035     EUR     3.400
Societe Generale SA      12.000   4/2/2020      USD    44.900
A-TEC Industries AG      8.750    10/27/2014    EUR     0.141
Agrokor dd               9.125    2/1/2020      EUR    19.247
Teksid Aluminum Luxembour12.375   7/15/2011     EUR     0.338
Norske Skog Holding AS   8.000    2/24/2021     EUR     0.084
Raiffeisen Schweiz Genoss6.250    2/17/2020     CHF    55.810
EFG International Finance6.130    6/20/2024     EUR    43.770
German Pellets GmbH      7.250    4/1/2016      EUR     0.622
Municipality Finance PLC 0.500    6/19/2024     ZAR    73.256
Societe Generale SA      8.600    7/29/2022     USD    53.150
Top Gun Realisations 74 P6.500    7/1/2022      GBP    18.791
ING Bank NV              6.500    12/30/2020    EUR    72.600
BKZ Finance OAO          6.000    12/6/2030     RUB    85.000
Kaupthing ehf            9.000                  USD     0.122
Barclays Bank PLC        2.000    6/12/2029     TRY    40.523
Plaza Centers NV         6.900    7/1/2020      ILS    21.350
Finans-Avia OOO          0.010    7/31/2027     RUB     3.670
Corner Banca SA          12.400   11/2/2020     CHF    63.000
Cooperativa Muratori & Ce6.000    2/15/2023     EUR     2.549
Banca Popolare di Vicenza9.500    10/2/2025     EUR     0.094
Phosphorus Holdco PLC    10.000   4/1/2019      GBP     2.671
Hellas Telecommunications6.054    1/15/2015     USD     0.033
Heta Asset Resolution AG 0.148    12/31/2023    EUR     1.748
Zaklady Miesne Henryk Kan6.950    3/29/2021     PLN
UniCredit Bank AG        4.000    5/14/2020     EUR    69.430
Spoldzielczy Bank Rozwoju5.290    7/16/2025     PLN    52.000
Natixis SA               0.300    6/25/2048     USD    47.850
Solarwatt GmbH           7.000    11/1/2015     EUR    15.500
Trinfiko Holdings ZAO    10.000   3/20/2024     RUB    100.00
Heta Asset Resolution AG 5.920    12/31/2023    EUR     1.748
Pescanova SA             6.750    3/5/2015      EUR     0.443
mybet Holding SE         6.250    12/11/2020    EUR    20.000
Aralco Finance SA        10.125   5/7/2020      USD     1.880
Banco Espirito Santo SA  10.000   12/6/2021     EUR     0.075
Grupo Isolux Corsan SA   6.000    12/30/2021    USD     0.398
Deutsche Bank AG/London  0.500    10/18/2038    MXN    19.932
Bilt Paper BV            9.640                  USD     1.004
Barclays Bank PLC        1.450    9/24/2038     MXN    28.821
BLT Finance BV           12.000   2/10/2015     USD    10.500
SG Issuer SA             5.500    4/10/2021     EUR    70.160
Agrokor dd               9.875    5/1/2019      EUR    19.336
Leonteq Securities AG    14.000   6/12/2020     CHF     6.130
Transneft PJSC           9.650    6/30/2023     RUB    68.070
Credit Suisse AG/London  6.250    10/31/2025    USD    11.734
Leonteq Securities AG    7.200    2/2/2021      EUR    60.460
SALVATOR Vermoegensverwal9.500                  EUR    15.400
Bank Otkritie Financial C0.010    9/24/2025     RUB    64.070
SAir Group               6.250    10/27/2002    CHF     9.875
IT Holding Finance SA    9.875    11/15/2012    EUR     0.202
COFIDUR SA               0.100    12/31/2024    EUR    25.800
WEB Windenergie AG       6.250                  EUR    55.010
SAir Group               5.125    3/1/2003      CHF    13.500
SAir Group               0.125    7/7/2005      CHF     9.875
Minicentrales Dos SA     0.010    6/6/2047      EUR    65.750
Norske Skogindustrier ASA7.125    10/15/2033    USD     0.036
Petromena ASA            10.850   11/19/2018    USD     0.607
Kaupthing ehf            7.625    2/28/2015     USD     0.250
Minicentrales Dos SA     0.010    6/6/2047      EUR    65.750
KPNQwest NV              8.125    6/1/2009      USD     0.634
Ideal Standard Internatio11.750   5/1/2018      EUR     0.240
Credito Padano Banca di C3.100                  EUR    34.345
La Veggia Finance SA     7.125    11/14/2004    EUR     0.287
UniCredit Bank AG        12.300   6/26/2020     EUR    63.090
Fast Finance SA          10.500   1/15/2021     PLN
Erste Group Bank AG      5.800    1/31/2023     EUR    65.550
KPNQwest NV              7.125    6/1/2009      EUR     0.634
Grupo Isolux Corsan SA   0.250    12/30/2018    EUR     1.453
ECM Real Estate Investmen5.000    10/9/2011     EUR    15.375
Kaupthing ehf            6.125    10/4/2016     USD     0.250
AKB Peresvet ZAO         0.510    8/4/2034      RUB    17.100
Cooperatieve Rabobank UA 0.500    8/21/2028     MXN    52.862
Zaklady Miesne Henryk Kan6.950    3/29/2021     PLN
Raiffeisen Schweiz Genoss5.250    2/9/2021      CHF    39.410
RENE LEZARD Mode GmbH    7.250    11/25/2017    EUR     1.400
Gold-Zack AG             7.000    12/14/2005    EUR     9.050
Bulgaria Steel Finance BV12.000   5/4/2013      EUR     0.216
A-TEC Industries AG      5.750    11/2/2010     EUR     0.141
Northland Resources AB   4.000    10/15/2020    USD     0.138
PSN Pm OOO               9.500    9/10/2026     RUB    21.625
OGX Austria GmbH         8.375    4/1/2022      USD     0.001
Bibby Offshore Services P7.500    6/15/2021     GBP    11.113
Commerzbank AG           6.000    6/6/2022      USD     2.070
EFG International Finance10.500   2/7/2022      EUR    75.550
Cooperatieve Rabobank UA 0.500    11/30/2027    MXN    56.143
Grupo Isolux Corsan SA   1.000    12/30/2021    USD     1.453
Otkritie Holding JSC     10.000   4/20/2028     RUB
Pongs & Zahn AG          8.500                  EUR     0.016
Irish Bank Resolution Cor6.750    11/30/2013    BGN    42.750
KPNQwest NV              8.875    2/1/2008      EUR     0.634
Norske Skog Holding AS   8.000    2/24/2023     USD     0.214
Cerruti Finance SA       6.500    7/26/2004     EUR     1.389
DekaBank Deutsche Girozen0.010    6/29/2046     EUR    74.620
SAir Group               4.250    2/2/2007      CHF     9.875
Barclays Bank PLC        0.500    1/28/2033     MXN    35.169
Lehman Brothers Treasury 7.250    10/6/2008     EUR     2.571
Lehman Brothers Treasury 5.103    6/22/2046     EUR     2.571
Kaupthing ehf            3.092                  ISK     0.250
Leonteq Securities AG/Gue9.800    6/12/2020     CHF    66.620
SAir Group               6.250    4/12/2005     CHF     9.875
Northland Resources AB   15.000   7/15/2019     USD     2.621
Danske Bank A/S          10.300   7/9/2023      SEK    55.300
Credit Suisse AG/London  4.360    2/28/2020     EUR    67.000
Commerzbank AG           1.000    11/2/2020     USD    18.680
WEB Windenergie AG       5.500    4/8/2023      EUR    55.010
Lehman Brothers Treasury 0.500    12/20/2017    AUD     2.571
Espirito Santo Financial 0.515    10/27/2024    EUR     1.217
Norske Skogindustrier ASA7.000    12/30/2026    EUR     0.036
Heta Asset Resolution AG 0.370    12/31/2023    EUR     1.748
Hellenic Republic Governm2.085    7/25/2057     EUR    50.339
Lehman Brothers Treasury 6.600    2/22/2012     EUR     2.571
Espirito Santo Financial 5.125    5/30/2016     EUR     1.677
House of Fraser Funding P6.504    9/15/2020     GBP     4.517
DekaBank Deutsche Girozen4.810    6/30/2020     EUR    53.240
Commerzbank AG           5.350    3/2/2020      USD    54.040
Leonteq Securities AG    10.000   3/2/2020      EUR    52.030
Raiffeisen Schweiz Genoss10.300   2/19/2020     EUR    62.880
Bayerische Landesbank    2.800    3/13/2020     EUR    73.840
UniCredit Bank AG        4.500    8/6/2021      EUR    68.610
Laurel GmbH              7.125    11/16/2017    EUR     7.750
Lehman Brothers Treasury 14.900   9/15/2008     EUR     2.571
Lehman Brothers Treasury 11.750   3/1/2010      EUR     2.571
AKB Peresvet ZAO         13.250   4/25/2018     RUB    18.000
Credit Suisse AG/London  12.500   7/24/2020     USD    25.680
Lehman Brothers Treasury 2.875    3/14/2013     CHF     3.750
Lehman Brothers Treasury 10.000   6/11/2038     JPY     2.571
Windreich GmbH           6.250    3/1/2015      EUR     8.000
MIK OAO                  15.000   2/19/2020     RUB    60.020
DekaBank Deutsche Girozen7.000    2/28/2020     EUR    72.440
Commerzbank AG           13.200   9/19/2023     SEK    77.000
Raiffeisen Schweiz Genoss5.500    5/4/2020      CHF    54.770
EFG International Finance5.150    6/10/2020     EUR    40.570
Fonciere Volta SA        4.500    7/30/2020     EUR     2.360
Business-Consulting OAO  6.000    12/6/2030     RUB    65.000
Sberbank of Russia PJSC  0.010    5/22/2023     RUB    73.110
LBI ehf                  7.431                  USD     0.001
Otkritie Holding JSC     12.090   12/8/2027     RUB     0.010
Petromena ASA            9.750    5/24/2016     NOK     0.607
Bayerische Landesbank    2.300    9/11/2020     EUR    73.530
SAir Group               2.750    7/30/2004     CHF     9.875
EDOB Abwicklungs AG      7.500    4/1/2012      EUR     0.466
Norske Skogindustrier ASA2.000    12/30/2115    EUR     0.415
HSBC Bank PLC            0.500    6/23/2027     MXN    58.207
Lehman Brothers Treasury 0.500    12/20/2017    USD     2.571
Lehman Brothers Treasury 7.600    1/31/2013     AUD     2.571
SAir Group               2.125    11/4/2004     CHF     9.875
Windreich GmbH           6.750    3/1/2015      EUR     8.000
Tonon Luxembourg SA      12.500   5/14/2024     USD     0.445
DZ Bank AG Deutsche Zentr8.000    2/26/2020     EUR    73.760
Commerzbank AG           6.000    5/9/2022      USD     1.000
UBS AG/London            6.000    2/28/2020     CHF    60.650
Leonteq Securities AG/Gue2.750    9/15/2022     CHF    31.750
UniCredit Bank AG        3.800    7/23/2020     EUR    38.800
Landesbank Baden-Wuerttem4.800    2/28/2020     EUR    62.480
Archer Finance OOO       9.250    3/29/2022     RUB     0.590
UniCredit Bank AG        4.500    11/18/2020    EUR    40.720
Astana Finance BV        7.875    6/8/2010      EUR    16.000
Nutritek International Co8.750    12/11/2008    USD     2.089
Intelsat SA              4.500    6/15/2025     USD    44.250
Credit Suisse AG/London  6.500    3/28/2022     USD     3.910
State of Saxony-Anhalt   0.134    7/3/2028      EUR    42.000
Kaupthing ehf            7.500    12/5/2014     ISK     0.250
Kaupthing ehf            4.390    10/14/2008    CZK     0.250
Rosbank PJSC             0.020    4/30/2024     RUB    60.000
Heta Asset Resolution AG 5.730    12/31/2023    EUR     1.748
Rio Forte Investments SA 4.750    11/10/2015    EUR     5.394
Barclays Bank PLC        10.500   5/29/2020     USD    33.490
EFG International Finance6.400    6/22/2020     CHF    51.740
Leonteq Securities AG/Gue6.000    5/22/2020     CHF    66.300
Landesbank Baden-Wuerttem5.000    4/24/2020     EUR    63.080
UniCredit Bank AG        3.750    9/7/2020      EUR    40.970
UniCredit Bank AG        3.730    3/12/2020     EUR    65.200
UBS AG/London            11.500   3/9/2020      CHF    73.250
UBS AG/London            10.000   3/9/2020      CHF    56.200
Landesbank Baden-Wuerttem2.230    5/22/2020     EUR    74.660
Spoldzielczy Bank Rozwoju5.290    3/12/2025     PLN    70.000
Raiffeisen Centrobank AG 8.000    3/3/2020      EUR    61.870
Bank Julius Baer & Co Ltd6.250    10/5/2020     CHF    71.250
Bayerische Landesbank    2.500    9/10/2021     EUR    71.560
Bayerische Landesbank    3.200    7/3/2020      EUR    71.610
Kaupthing ehf            5.750    10/4/2011     USD     0.250
Rio Forte Investments SA 3.900    7/10/2014     USD     5.500
Otkritie Holding JSC     12.140   10/3/2036     RUB    60.010
UniCredit Bank AG        5.200    5/4/2020      USD    43.400
Landesbank Hessen-Thuerin6.600    2/17/2023     EUR    50.360
Sberbank of Russia PJSC  7.550    7/12/2021     RUB    70.020
Landesbank Hessen-Thuerin6.250    12/22/2022    EUR    55.150
EFG International Finance7.000    5/23/2022     EUR    65.100
Commerzbank AG           2.540    4/15/2020     EUR    67.800
Societe Generale SA      9.000    7/22/2022     USD    47.100
Samaratransneft-Terminal 12.000   4/27/2022     RUB    19.000
Tonon Luxembourg SA      9.250    1/24/2020     USD     0.536
Lehman Brothers Treasury 5.250    4/1/2023      EUR     2.571
Natixis SA               2.100    6/8/2021      EUR    47.395
Leonteq Securities AG    4.000    12/18/2026    CHF    67.670
UniCredit Bank AG        3.630    3/12/2020     EUR    57.880
Leonteq Securities AG/Gue10.000   3/16/2020     USD    52.450
UBS AG/London            12.500   3/16/2020     CHF    36.050
Landesbank Hessen-Thuerin5.700    6/16/2022     EUR    64.330
UniCredit Bank AG        4.100    10/1/2020     EUR    52.650
City of Predeal Romania  3.500    5/15/2026     RON    60.000
Raiffeisen Schweiz Genoss5.750    2/25/2021     CHF    61.680
Gazprombank JSC          0.010    11/24/2022    RUB    72.270
Bayerische Landesbank    3.100    7/31/2020     EUR    71.060
Bank Julius Baer & Co Ltd7.650    6/8/2020      EUR    62.600
Landesbank Hessen-Thuerin4.000    2/17/2021     EUR    74.180
Landesbank Hessen-Thuerin5.550    3/16/2023     EUR    56.100
Astana Finance BV        9.000    11/16/2011    USD    15.250
Lehman Brothers Treasury 1.500    10/25/2011    EUR     2.571
Lehman Brothers Treasury 4.680    12/12/2045    EUR     2.571
Lehman Brothers Treasury 6.000    3/18/2015     USD     3.400
Municipality Finance PLC 0.250    6/28/2040     CAD    36.439
DekaBank Deutsche Girozen5.000    2/28/2020     EUR    56.440
SAir Group               2.750    7/30/2004     CHF     9.875
Kaupthing ehf            3.750    2/1/2045      USD     0.100
Lehman Brothers Treasury 13.500   11/28/2008    USD     2.571
SG Issuer SA             3.000    10/10/2034    ZAR    43.579
Lehman Brothers Treasury 12.400   6/12/2009     USD     2.571
Lehman Brothers Treasury 1.000    5/9/2012      EUR     2.571
Lehman Brothers Treasury 8.875    1/28/2011     HKD     3.400
Lehman Brothers Treasury 6.250    9/5/2011      EUR     2.571
Espirito Santo Financial 5.625    7/28/2017     EUR     1.226
Credit Suisse AG         0.500    12/16/2025    BRL    67.395
LBI ehf                  8.650    5/1/2011      ISK     7.375
Bayerische Landesbank    2.500    8/21/2020     EUR    74.630
Bayerische Landesbank    3.550    8/21/2020     EUR    62.300
Bayerische Landesbank    3.150    7/31/2020     EUR    61.860
Bayerische Landesbank    3.100    7/10/2020     EUR    58.910
Bayerische Landesbank    3.000    7/17/2020     EUR    66.020
Bayerische Landesbank    3.100    10/23/2020    EUR    65.400
Raiffeisen Switzerland BV5.600    11/2/2020     CHF    66.000
UBS AG/London            12.000   6/19/2020     USD    44.110
Leonteq Securities AG    16.200   6/4/2020      EUR    72.810
Landesbank Hessen-Thuerin5.900    2/2/2024      EUR    74.580
Credit Suisse AG/London  4.590    2/28/2020     EUR    39.790
Banque Cantonale Vaudoise6.300    9/7/2020      CHF    61.270
Bayerische Landesbank    3.400    10/2/2020     EUR    65.510
Credit Suisse AG/London  7.250    4/24/2020     USD    41.400
Bayerische Landesbank    4.000    5/3/2020      EUR    70.850
Landesbank Hessen-Thuerin4.750    3/3/2020      EUR    71.000
Corner Banca SA          8.200    5/14/2020     CHF    27.080
UniCredit Bank AG        3.750    12/21/2021    EUR    69.510
Bayerische Landesbank    2.800    6/5/2020      EUR    74.120
Societe Generale SA      0.933    4/30/2024     USD    69.200
Leonteq Securities AG    5.600    5/16/2022     CHF    66.030
Bayerische Landesbank    2.200    10/30/2020    EUR    74.430
Leonteq Securities AG/Gue5.200    6/12/2020     CHF    64.810
Landesbank Hessen-Thuerin5.100    2/17/2023     EUR    59.850
Bayerische Landesbank    2.800    4/3/2020      EUR    71.520
Landesbank Hessen-Thuerin6.500    2/16/2023     EUR    70.450
Bayerische Landesbank    3.100    11/13/2020    EUR    74.630
LBI ehf                  7.431                  USD     0.001
ECM Real Estate Investmen5.000    10/9/2011     EUR    15.375
Kreditanstalt fuer Wieder0.250    10/6/2036     CAD    46.508
Credit Suisse AG/London  0.500    1/8/2026      BRL    67.131
Lehman Brothers Treasury 5.220    3/1/2024      EUR     2.571
Espirito Santo Financial 5.050    11/15/2025    EUR     0.564
LBI ehf                  2.250    2/14/2011     CHF     7.375
Lehman Brothers Treasury 4.250    3/13/2021     EUR     2.571
Bayerische Landesbank    2.700    8/20/2021     EUR    71.130
Bayerische Landesbank    3.300    9/11/2020     EUR    63.940
Bayerische Landesbank    2.600    11/13/2020    EUR    74.270
Bayerische Landesbank    3.000    2/21/2020     EUR    74.500
Deutsche Bank AG/London  2.000    10/25/2023    TRY    61.965
Lehman Brothers Treasury 3.630    3/2/2012      EUR     2.571
Northland Resources AB   12.250   3/26/2016     USD     2.621
Mriya Agro Holding PLC   9.450    4/19/2018     USD     7.875
Societe Generale SA      0.500    5/22/2024     MXN    73.788
Lehman Brothers Treasury 1.500    2/8/2012      CHF     2.571
Rosbank PJSC             0.010    4/30/2024     RUB    60.000
Credit Suisse AG/London  11.000   6/22/2020     USD    76.860
Natixis SA               2.750    3/1/2021      USD    66.596
Rosbank PJSC             0.030    4/30/2024     RUB    60.000
Landesbank Baden-Wuerttem3.000    9/25/2020     EUR    70.690
Credit Suisse AG/London  6.500    4/30/2021     USD     3.910
Lehman Brothers Treasury 10.000   3/27/2009     USD     2.571
Bank Otkritie Financial C0.010    7/16/2025     RUB    67.000
Lehman Brothers Treasury 7.320    7/31/2013     GBP     2.571
Elli Investments Ltd     12.250   6/15/2020     GBP    52.501
TransFin-M PAO           10.500   6/28/2027     RUB    60.010
Lehman Brothers Treasury 1.750    2/7/2010      EUR     2.571
Lehman Brothers Treasury 13.500   6/2/2009      USD     2.571
Lehman Brothers Treasury 10.442   11/22/2008    CHF     2.571
Rosbank PJSC             0.040    4/30/2024     RUB    60.000
Samaratransneft-Terminal 10.000   3/30/2022     RUB    20.000
Landesbank Hessen-Thuerin5.650    7/20/2023     EUR    67.120
UniCredit Bank AG        4.200    7/26/2022     EUR    64.990
DekaBank Deutsche Girozen2.000    7/30/2021     EUR    70.070
Landesbank Baden-Wuerttem4.850    2/28/2020     EUR    69.860
Landesbank Baden-Wuerttem4.000    2/28/2020     EUR    59.000
Leonteq Securities AG/Gue6.000    1/20/2021     CHF    60.000
UBS AG/London            6.250    7/13/2020     CHF    26.040
UBS AG/London            5.250    7/13/2020     CHF    57.300
Landesbank Hessen-Thuerin2.750    5/20/2021     EUR    60.100
Raiffeisen Schweiz Genoss6.800    7/20/2020     CHF    56.300
UBS AG/London            12.040   7/9/2020      USD    10.045
UniCredit Bank AG        7.000    12/24/2021    EUR    67.290
UniCredit Bank AG        7.500    12/24/2021    EUR    73.530
UniCredit Bank AG        8.400    3/27/2020     EUR    64.510
UniCredit Bank AG        8.800    12/24/2021    EUR    72.440
UniCredit Bank AG        12.800   3/27/2020     EUR    71.940
UniCredit Bank AG        9.300    12/24/2021    EUR    71.630
UniCredit Bank AG        9.500    12/24/2021    EUR    71.350
Commerzbank AG           11.500   6/26/2020     EUR    60.080
Bank Julius Baer & Co Ltd6.750    7/13/2020     EUR    75.300
Commerzbank AG           12.500   6/26/2020     EUR    67.920
UBS AG/London            6.250    6/21/2021     CHF    57.200
UBS AG/London            6.000    6/29/2020     CHF    44.050
UBS AG/London            6.250    6/29/2020     CHF    55.200
UBS AG/London            7.500    6/29/2020     EUR    53.500
UBS AG/London            6.000    12/28/2020    CHF    55.950
Zurcher Kantonalbank Fina6.500    7/3/2020      CHF    38.400
Landesbank Hessen-Thuerin3.500    8/3/2022      EUR    53.120
Raiffeisen Schweiz Genoss5.200    1/6/2021      CHF    57.210
Landesbank Hessen-Thuerin5.750    8/3/2023      EUR    69.320
DekaBank Deutsche Girozen3.100    7/31/2020     EUR    71.590
DekaBank Deutsche Girozen3.000    7/31/2020     EUR    61.110
Landesbank Baden-Wuerttem2.000    7/24/2020     EUR    57.400
Landesbank Baden-Wuerttem3.500    7/24/2020     EUR    51.400
Landesbank Baden-Wuerttem5.000    7/24/2020     EUR    48.000
Landesbank Baden-Wuerttem2.000    7/24/2020     EUR    66.350
Landesbank Baden-Wuerttem3.000    7/24/2020     EUR    61.740
Landesbank Baden-Wuerttem4.000    7/24/2020     EUR    58.700
Landesbank Baden-Wuerttem2.000    7/24/2020     EUR    67.600
Landesbank Baden-Wuerttem3.000    7/24/2020     EUR    62.580
Landesbank Baden-Wuerttem4.000    7/24/2020     EUR    58.800
Landesbank Baden-Wuerttem5.000    7/24/2020     EUR    55.940
Landesbank Baden-Wuerttem3.000    7/24/2020     EUR    79.870
Landesbank Baden-Wuerttem3.500    7/24/2020     EUR    70.100
Landesbank Baden-Wuerttem5.000    7/24/2020     EUR    62.460
Landesbank Baden-Wuerttem6.500    7/24/2020     EUR    57.550
Landesbank Baden-Wuerttem5.500    7/24/2020     EUR    68.810
Landesbank Baden-Wuerttem5.000    7/24/2020     EUR    74.690
Landesbank Baden-Wuerttem6.500    7/24/2020     EUR    69.560
Landesbank Baden-Wuerttem2.000    7/24/2020     EUR    69.120
Landesbank Baden-Wuerttem3.500    7/24/2020     EUR    62.710
Landesbank Baden-Wuerttem2.000    7/24/2020     EUR    66.570
Landesbank Baden-Wuerttem3.500    7/24/2020     EUR    59.820
Landesbank Baden-Wuerttem2.000    7/24/2020     EUR    55.000
Landesbank Baden-Wuerttem3.500    7/24/2020     EUR    49.480
Landesbank Baden-Wuerttem5.000    7/24/2020     EUR    45.850
Landesbank Baden-Wuerttem2.000    7/24/2020     EUR    73.260
Landesbank Baden-Wuerttem2.500    7/24/2020     EUR    27.060
Landesbank Baden-Wuerttem4.000    7/24/2020     EUR    24.810
Landesbank Baden-Wuerttem2.500    7/24/2020     EUR    65.980
Landesbank Baden-Wuerttem3.500    7/24/2020     EUR    61.780
Landesbank Baden-Wuerttem4.500    7/24/2020     EUR    58.950
Landesbank Baden-Wuerttem4.000    7/24/2020     EUR    73.570
UBS AG/London            11.000   6/29/2020     CHF    58.250
UBS AG/London            7.000    6/29/2020     CHF    73.000
UBS AG/London            6.500    6/29/2020     CHF    54.900
DekaBank Deutsche Girozen7.000    2/1/2021      EUR    57.390
UBS AG/London            3.200    3/26/2020     EUR    60.700
Credit Suisse AG/Nassau  7.000    1/13/2021     CHF    60.360
Leonteq Securities AG    7.600    7/13/2021     CHF    63.780
Leonteq Securities AG/Gue6.200    1/13/2021     CHF    61.130
UniCredit Bank AG        14.200   12/28/2020    EUR    68.410
UniCredit Bank AG        10.100   6/25/2021     EUR    64.330
UniCredit Bank AG        9.000    6/25/2021     EUR    64.870
UniCredit Bank AG        9.000    6/25/2021     EUR    72.270
UniCredit Bank AG        8.000    6/25/2021     EUR    72.440
UniCredit Bank AG        7.000    6/25/2021     EUR    73.920
UniCredit Bank AG        7.000    6/25/2021     EUR    66.690
UniCredit Bank AG        8.000    6/25/2021     EUR    65.700
UniCredit Bank AG        7.400    6/25/2021     EUR    74.210
UniCredit Bank AG        10.600   6/25/2021     EUR    70.800
Landesbank Hessen-Thuerin3.500    8/17/2022     EUR    68.120
Leonteq Securities AG    5.400    7/25/2022     CHF    65.890
HSBC Trinkaus & Burkhardt5.300    6/26/2020     EUR    66.480
HSBC Trinkaus & Burkhardt5.400    6/26/2020     EUR    45.880
HSBC Trinkaus & Burkhardt5.200    6/26/2020     EUR    74.610
UBS AG/London            9.000    7/20/2020     CHF    64.700
UBS AG/London            6.000    7/20/2020     CHF    56.300
UBS AG/London            6.500    7/20/2020     EUR    51.650
Credit Suisse AG/Nassau  7.250    7/30/2020     EUR    74.740
Landesbank Baden-Wuerttem4.000    10/22/2021    EUR    74.320
DekaBank Deutsche Girozen4.000    8/21/2020     EUR    55.140
Landesbank Baden-Wuerttem3.700    8/27/2021     EUR    71.990
Raiffeisen Schweiz Genoss5.800    8/3/2020      EUR    50.640
UBS AG/London            8.000    7/20/2020     CHF    55.800
Leonteq Securities AG/Gue6.200    7/27/2021     CHF    54.240
UniCredit Bank AG        5.350    8/24/2021     EUR    72.970
Leonteq Securities AG    10.000   8/3/2020      CHF    30.860
Raiffeisen Schweiz Genoss7.500    7/27/2020     CHF    55.000
Leonteq Securities AG/Gue10.000   7/27/2020     CHF    59.440
DekaBank Deutsche Girozen3.100    8/21/2020     EUR    66.480
DekaBank Deutsche Girozen3.150    8/21/2020     EUR    67.150
Landesbank Baden-Wuerttem2.300    8/27/2021     EUR    58.700
DekaBank Deutsche Girozen8.150    2/26/2021     EUR    58.890
Leonteq Securities AG    6.200    8/6/2020      CHF    56.370
Goldman Sachs & Co Wertpa12.000   6/24/2020     EUR    64.080
Goldman Sachs & Co Wertpa9.000    3/25/2020     EUR    68.970
Goldman Sachs & Co Wertpa12.000   3/25/2020     EUR    63.820
Goldman Sachs & Co Wertpa9.000    6/24/2020     EUR    68.230
UniCredit Bank AG        6.000    6/25/2021     EUR    67.860
UniCredit Bank AG        11.300   6/25/2021     EUR    74.300
UniCredit Bank AG        8.700    12/24/2021    EUR    72.120
UniCredit Bank AG        9.400    6/25/2021     EUR    71.450
UniCredit Bank AG        10.200   6/25/2021     EUR    70.250
UniCredit Bank AG        11.300   6/25/2021     EUR    69.420
UniCredit Bank AG        12.000   6/25/2021     EUR    68.480
UniCredit Bank AG        10.700   6/25/2021     EUR    69.830
UniCredit Bank AG        5.100    6/25/2021     EUR    69.350
UniCredit Bank AG        5.500    12/24/2021    EUR    69.150
UniCredit Bank AG        8.600    12/24/2021    EUR    66.200
UniCredit Bank AG        6.200    12/24/2021    EUR    68.050
UniCredit Bank AG        13.600   3/27/2020     EUR    59.300
UniCredit Bank AG        6.300    3/27/2020     EUR    67.620
UniCredit Bank AG        10.800   3/27/2020     EUR    61.740
UniCredit Bank AG        7.700    12/24/2021    EUR    66.490
UniCredit Bank AG        12.500   3/27/2020     EUR    71.960
UniCredit Bank AG        14.900   6/25/2021     EUR    72.210
UniCredit Bank AG        7.000    12/24/2021    EUR    73.920
Raiffeisen Schweiz Genoss5.700    12/29/2020    EUR    73.520
Credit Suisse AG/Nassau  7.200    7/5/2021      CHF    61.720
Landesbank Baden-Wuerttem4.000    4/24/2020     EUR    70.840
UniCredit Bank AG        8.900    12/29/2020    EUR    51.490
UniCredit Bank AG        7.300    12/29/2020    EUR    71.050
UniCredit Bank AG        6.800    12/29/2020    EUR    58.640
UniCredit Bank AG        7.400    12/29/2020    EUR    57.580
UniCredit Bank AG        9.100    12/29/2020    EUR    49.530
UniCredit Bank AG        8.300    12/29/2020    EUR    72.170
UniCredit Bank AG        6.000    12/29/2020    EUR    54.370
UniCredit Bank AG        8.400    12/29/2020    EUR    43.890
UniCredit Bank AG        9.200    12/29/2020    EUR    43.130
UniCredit Bank AG        6.700    12/29/2020    EUR    46.200
UniCredit Bank AG        8.500    12/29/2020    EUR    49.560
UniCredit Bank AG        10.100   12/29/2020    EUR    47.140
UniCredit Bank AG        6.800    12/29/2020    EUR    48.200
UniCredit Bank AG        7.400    12/29/2020    EUR    46.720
UniCredit Bank AG        6.100    12/29/2020    EUR    56.030
UniCredit Bank AG        6.800    12/29/2020    EUR    54.500
UniCredit Bank AG        6.600    12/29/2020    EUR    59.350
UniCredit Bank AG        9.300    12/29/2020    EUR    54.780
UniCredit Bank AG        9.400    12/29/2020    EUR    61.640
UniCredit Bank AG        7.200    12/29/2020    EUR    65.050
UniCredit Bank AG        14.800   12/29/2020    EUR    29.590
UniCredit Bank AG        6.500    12/29/2020    EUR    59.280
UniCredit Bank AG        12.200   12/29/2020    EUR    32.210
UniCredit Bank AG        9.300    12/29/2020    EUR    53.800
UniCredit Bank AG        6.900    12/29/2020    EUR    69.450
UniCredit Bank AG        10.600   12/29/2020    EUR    53.850
UniCredit Bank AG        11.200   12/29/2020    EUR    52.940
UniCredit Bank AG        6.200    12/29/2020    EUR    71.550
UniCredit Bank AG        10.100   12/29/2020    EUR    50.110
UniCredit Bank AG        7.800    12/29/2020    EUR    69.790
UniCredit Bank AG        10.800   12/29/2020    EUR    73.180
UniCredit Bank AG        9.500    12/29/2020    EUR    69.720
UniCredit Bank AG        7.300    12/29/2020    EUR    70.370
UniCredit Bank AG        6.700    12/29/2020    EUR    72.010
UniCredit Bank AG        8.200    12/29/2020    EUR    72.100
UniCredit Bank AG        8.800    12/29/2020    EUR    75.420
UniCredit Bank AG        7.900    12/29/2020    EUR    41.950
UniCredit Bank AG        8.900    12/29/2020    EUR    40.320
UniCredit Bank AG        7.500    12/29/2020    EUR    73.910
UniCredit Bank AG        8.400    12/29/2020    EUR    70.740
UniCredit Bank AG        9.500    12/29/2020    EUR    68.230
UniCredit Bank AG        7.800    12/29/2020    EUR    64.950
UniCredit Bank AG        6.400    12/29/2020    EUR    68.040
UniCredit Bank AG        6.600    12/29/2020    EUR    63.710
UniCredit Bank AG        6.500    12/29/2020    EUR    63.800
UniCredit Bank AG        7.200    12/29/2020    EUR    26.290
UniCredit Bank AG        8.100    12/29/2020    EUR    60.550
UniCredit Bank AG        7.300    12/29/2020    EUR    62.000
UniCredit Bank AG        8.700    12/29/2020    EUR    65.980
UniCredit Bank AG        6.500    12/29/2020    EUR    26.480
UniCredit Bank AG        8.000    12/29/2020    EUR    67.740
UniCredit Bank AG        10.700   12/29/2020    EUR    56.970
UniCredit Bank AG        9.100    12/29/2020    EUR    60.260
UniCredit Bank AG        7.000    12/29/2020    EUR    55.310
UniCredit Bank AG        10.900   12/29/2020    EUR    74.350
UniCredit Bank AG        8.100    12/29/2020    EUR    75.800
UniCredit Bank AG        12.000   12/29/2020    EUR    52.370
UniCredit Bank AG        8.300    12/29/2020    EUR    53.270
UniCredit Bank AG        7.200    12/29/2020    EUR    62.060
UniCredit Bank AG        9.000    12/29/2020    EUR    47.400
UniCredit Bank AG        7.900    12/29/2020    EUR    48.900
UBS AG/London            8.000    7/20/2020     EUR    53.350
Goldman Sachs & Co Wertpa8.000    3/25/2020     EUR    75.250
Goldman Sachs & Co Wertpa13.000   6/24/2020     EUR    71.110
Leonteq Securities AG/Gue2.500    6/5/2024      EUR    58.590
UBS AG/London            7.000    6/8/2020      CHF    71.900
UBS AG/London            5.750    11/23/2020    CHF    57.400
UBS AG/London            10.750   6/8/2020      CHF    63.550
UBS AG/London            6.500    12/7/2020     EUR    56.450
UBS AG/London            7.250    6/8/2020      USD    64.320
Landesbank Baden-Wuerttem2.500    8/25/2023     EUR    73.000
Landesbank Hessen-Thuerin2.750    8/31/2020     EUR    69.800
Leonteq Securities AG    7.000    8/3/2020      EUR    72.370
Goldman Sachs & Co Wertpa10.000   3/25/2020     EUR    68.850
Goldman Sachs & Co Wertpa8.000    6/24/2020     EUR    74.240
Goldman Sachs & Co Wertpa13.000   6/24/2020     EUR    62.070
Landesbank Hessen-Thuerin4.000    8/31/2022     EUR    73.080
Leonteq Securities AG/Gue10.280   6/11/2020     CHF    72.210
UBS AG/London            6.100    6/25/2020     EUR    55.490
Natixis SA               3.150    6/8/2021      USD    46.430
Leonteq Securities AG    5.000    6/15/2021     CHF    52.320
Leonteq Securities AG/Gue7.000    6/15/2020     CHF    54.340
DekaBank Deutsche Girozen2.700    4/17/2020     EUR    53.300
UBS AG/London            11.000   3/12/2020     USD    56.270
UBS AG/London            6.250    9/14/2020     CHF    67.650
UBS AG/London            12.000   3/12/2020     EUR    29.500
Societe Generale SA      8.000    9/12/2020     USD    57.820
Raiffeisen Schweiz Genoss7.100    6/15/2020     CHF    53.350
Societe Generale Effekten9.140    3/20/2020     EUR    64.090
Landesbank Hessen-Thuerin2.000    3/29/2022     EUR    73.160
Credit Suisse AG/London  10.500   3/23/2020     USD    66.380
UBS AG/London            11.000   3/12/2020     CHF    57.650
UBS AG/London            11.000   3/12/2020     CHF    58.200
UBS AG/London            7.500    3/12/2020     EUR    67.600
DekaBank Deutsche Girozen2.200    4/16/2021     EUR    56.590
Landesbank Hessen-Thuerin5.200    10/22/2024    EUR    67.430
DekaBank Deutsche Girozen6.300    10/9/2020     EUR    59.420
UBS AG/London            7.250    3/5/2020      CHF    70.600
UBS AG/London            11.000   3/5/2020      CHF    56.250
UBS AG/London            10.000   9/7/2020      CHF    43.500
Leonteq Securities AG/Gue8.000    3/17/2020     CHF    49.320
SecurAsset SA            5.250    6/30/2022     EUR    42.250
DekaBank Deutsche Girozen4.300    1/4/2021      EUR    52.320
DekaBank Deutsche Girozen7.050    10/9/2020     EUR    45.090
Raiffeisen Centrobank AG 10.286   3/24/2020     EUR    68.590
Leonteq Securities AG    5.200    12/22/2020    CHF    54.920
UBS AG/London            12.000   3/5/2020      CHF    71.250
Raiffeisen Centrobank AG 5.500    10/9/2020     EUR    59.300
UBS AG/London            7.000    12/14/2020    CHF    55.900
DekaBank Deutsche Girozen4.250    10/9/2020     EUR    51.400
UBS AG/London            10.250   6/15/2020     CHF    49.900
UBS AG/London            11.000   3/6


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

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

Copyright 2020.  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
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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