TCREUR_Public/131028.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, October 28, 2013, Vol. 14, No. 213

                            Headlines

B U L G A R I A

BULGARIAN ENERGY: Fitch Assigns 'BB+' Senior Unsecured Rating


I R E L A N D

SIAC CONSTRUCTION: Creditors to Face EUR126M Hit From Liquidation


I T A L Y

RHINO MIDCO: Moody's Gives B2 Corp. Family Rating; Outlook Stable
WIND TELECOMUNICAZIONI: Fitch Affirms BB- Issuer Default Rating


L A T V I A

PLUS PUNKTS: Declared Insolvent by Ogre District Court


L U X E M B O U R G

MERLIN ENTERTAINMENTS: S&P Puts B+ CCR on CreditWatch Positive


N E T H E R L A N D S

DSB BANK: Receivers Mull Suit v. Central Bank Over Collapse


N O R W A Y

SONGA OFFSHORE: Moody's Lowers Corp. Family Rating to Caa1


R U S S I A

ORENBURG REGION: Fitch Affirms 'B' ST Foreign Currency Rating


S P A I N

ABENGOA SA: Fitch Affirms 'B+' Long-term Issuer Default Rating
FONCAIXA CONSUMO 1: Fitch Affirms BB+ Rating on EUR462MM Notes
RURAL DE GRANADA: Moody's Cuts Deposit Ratings to 'B1'
SERVICE POINT: Applies for Creditor Protection After Talks Fail


U N I T E D   K I N G D O M

ASSURANT GENERAL: S&P Affirms 'BBpi' Financial Strength Rating
CAVENDISH SQUARE: Fitch Affirms 'B-' Rating on Class C Notes
CO-OPERATIVE BANK: BoE Launches Inquiry Into GBP1.5BB Black Hole
DECO 11-UK: Moody's Cuts Rating on GBP74.5MM A-1B Notes to 'B1'
EXCALIBUR FUNDING: S&P Affirms 'D' Rating on Class A Notes

INEOS GROUP: Reverses Decision to Close Grangemouth Plant
LADBROKES PLC: Fitch Affirms 'B' Short-term IDR; Outlook Neg.
MEZZVEST INVESTMENTS: Moody's Cuts Class D Notes Rating to 'Ba3'
MURPHY LIMITED: In Administration, Cuts 239 Jobs
SCALFORD HALL: In Administration Following Cash Flow Problems

VALTO LTD: In Administration; Main Assets Sold


X X X X X X X X

* Fitch Says Euro Bank Tests Robust Enough, But Thin on Details
* EU Asset Managers Face Growing Margin Pressure in 2014
* SME Funding Challenges Continue in EU Countries, Fitch Says
* BOND PRICING: For the Week October 21 to October 25, 2013


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BULGARIAN ENERGY: Fitch Assigns 'BB+' Senior Unsecured Rating
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Fitch Ratings has assigned Bulgarian Energy Holding EAD (BEH) a
foreign currency senior unsecured rating of 'BB+' and planned
debut eurobond an expected foreign currency senior unsecured
rating of 'BB+(EXP)'.

The final rating is contingent on the receipt of final documents
conforming materially to the preliminary documentation. A full
list of BEH's ratings is provided at the end of this commentary.

The rating for the unsecured bonds of BEH, the holding company,
is at the same level as BEH's Long-term foreign currency Issuer
Default Rating (IDR) of 'BB+'/Stable, which is based on the
group's consolidated financial and business profile. We believe
that the structural subordination of the holding company's
creditors to the external creditors lending directly to its
operating companies is mitigated by the rising share of the
holding company's debt in total debt and the low ratio of prior-
ranking debt (the debt of subsidiaries who do not guarantee BEH)
to consolidated EBITDA.

Key Rating Drivers For BEH's Unsecured Debt:

Rising Share of Holding Company's Debt

We expect that the planned eurobond issue and additional planned
financing of BGN216 million by the holding company, together with
the repayment of some subsidiary debt, will increase the share of
holding company's debt in total group debt to 56% at end-2013
from 30% at end-June 2013. At the same time, the ratio of prior-
ranking debt (the debt of subsidiaries who do not guarantee BEH)
to consolidated EBITDA will decrease to 1.2x from 1.5x (based on
2012 audited EBITDA). This ratio is well below our threshold of
2x, when we would consider rating unsecured debt one-notch lower
due to the subordination effect from material levels of prior-
ranking obligations.

Central Funding Strategy:

There are no upstream guarantees from material subsidiaries to
the upcoming bond to be issued at the holding company level. If
there were, these would contractually equalize the position of
the holding company's creditors with the creditors of operating
subsidiaries. The group's funding strategy is to raise debt at
the BEH level and repay some subsidiary debt, thus over time
mitigating structural subordination within the group.

Key Features of Proposed Notes:

The preliminary bond documentation includes a negative pledge
clause monitoring the creation of secured debt (defined as
relevant indebtedness) of BEH and its material subsidiaries, a
change of control put option and also a cross-default provision
related to BEH and its material subsidiaries. There is also a
financial covenant related to incurrence of additional
indebtedness if the ratio of consolidated EBITDA to consolidated
fixed charge is below 4x.

Key Rating Drivers For BEH:

Dominant Market Position
BEH, together with its subsidiaries (BEH group), has a dominant
position in Bulgaria's electricity and gas markets. The group's
key segments, based on EBITDA contribution, are electricity
generation, electricity transmission and gas transmission and
transit.

Strong Links with the State:

BEH is notched up one level from its standalone rating of
'BB'/Stable, reflecting the group's strong links with the
Bulgarian state (BBB-/Stable). The strong linkage is mainly
evidenced by state guarantees for about 50% of the group's debt,
its strong operational ties with the state and its strategic
importance. We expect the share of state-guaranteed debt to
gradually decrease in the long term.

Regulatory Regime's Weakness:

The regulatory framework in Bulgaria is less developed than in
most other EU countries and provides for lower and less
predictable remuneration for electricity and gas network
businesses and for electricity and gas supply. Another constraint
relates to electricity price setting which is often influenced by
political decisions. A substantial part of power generation is
subject to price regulation.

Rated on a Consolidated Basis:

BEH is rated based on a consolidated business and financial
profile. Although BEH is a holding company, it has 100% ownership
of all its main subsidiaries. The group was created by the
government in 2008 as part of the restructuring of the energy
sector through an in-kind contribution of the shares of several
state-owned power companies to the predecessor of BEH. The
government views the whole BEH group as the state's strategic
asset in the electricity and gas markets.

The main source of recurring cash flow for the holding company is
dividends from subsidiaries. BEH supports some of its financially
weaker operating subsidiaries, in particular National Electric
Company EAD (NEK), with inter-company loans. In May 2013 it
refinanced NEK's EUR195m syndicated bank loan with a bridge loan
at the holding level.

Higher Leverage:

Fitch projects funds from operations (FFO) adjusted net leverage
to weaken to about 2x-3x in 2014-2015 from 1.7x in 2012 (0.6x in
2011) due to negative free cash flow on the back of higher capex.
BEH's leverage of 2x-3x is in line with Fitch's 2014-2015
leverage expectation for most central European (CE) utilities,
which are rated higher than the company. However, we view BEH's
debt capacity as lower than that of Fitch-rated CE peers.

Corporate Governance:

The ratings are negatively affected by corporate governance
limitations, including a qualified audit opinion for BEH group's
2009-2012 financial statements.

Rating Sensitivities:

Positive: Future developments that could lead to positive rating
actions include:

  -- FFO net adjusted leverage below 1.5x on a sustained basis,
     for instance due to a reduced capex plan and an improved
     financial performance, including liquidity management and
     debt maturity profile

  -- Rising and more predictable remuneration for regulated
     activities

  -- Progress in the liberalization of the electricity market
     through a rising share of market-based pricing in the
     generation sector

  -- Stronger corporate governance

Negative: Future developments that could lead to negative rating
action include:

  -- FFO net adjusted leverage exceeding 3x on a sustained basis,
     for instance due to financial underperformance or
substantial
     payments related to the ongoing litigation concerning the
     terminated Belene nuclear project

  -- Weakening links between BEH and Bulgaria through, for
     instance, a reduction of the share of state-guaranteed debt
     to less than 10%-15% of total group debt or lack of
     additional tangible support if needed

  -- A negative change in Bulgaria's ratings, which could affect
     BEH's ratings if the company's ratings become capped by the
     sovereign

  -- Failure to maintain sufficient liquidity

Liquidity And Debt Structure:

Stretched Liquidity:

At end-June 2013, the group's liquidity was temporarily stretched
as it had cash of BGN492 million versus short-term debt of BGN578
million. The relatively high short-term debt is mostly driven by
the upcoming maturity of a EUR195 million (BGN382 million) bridge
loan, which is due in November 2013. BEH plans to refinance this
loan with the upcoming long-term eurobond, which should improve
the group's liquidity position. The group faces weak
diversification of cash and cash equivalents as most of the cash
was held in a single bank as of end-June 2013.

Secured Debt:

Some subsidiary debt is secured on assets. However, we believe
that the amount of secured debt is not material to the senior
unsecured rating given that secured debt accounted for about 0.5x
EBITDA or 22% of total debt at end-2012.

Fitch rates BEH as follows:

  Long-term foreign currency IDR of 'BB+'; Stable Outlook
  Long-term local currency IDR of 'BB+'; Stable Outlook
  Foreign currency senior unsecured rating of 'BB+'
  Expected foreign currency senior unsecured rating of 'BB+(EXP)'
   for the upcoming eurobond



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SIAC CONSTRUCTION: Creditors to Face EUR126M Hit From Liquidation
-----------------------------------------------------------------
Tom Lyons at Independent.ie, citing an independent accountant's
report on the business prepared by Kieran Wallace of KPMG,
reports that SIAC Construction, which was granted court
protection from its creditors, would wipe out creditors to the
tune of EUR126 million if it was liquidated.

Independent.ie relates that KPMG said this is compared with a
current net asset position of EUR37 million if the company, which
was founded in 1913, was allowed to continue trading.  According
to Independent.ie, a note to the KPMG report also reveals that
Bank of Ireland is prepared to fund the business with a
EUR2.3 million credit line through its examinership and that KPMG
believed SIAC had a reasonable prospect of survival if it was
allowed to restructure.

Examinership, KPMG, as cited by Independent.ie, said, "will
secure the survival of the group as a going concern, will save up
to 250 jobs and will allow a dividend payment to all classes of
creditors affected by this process."

According to Independent.ie, a note in KPMG's report states that:
"Existing shareholders are also willing to contribute further
funds should a scheme of arrangement be successful."  SIAC is
owned roughly two-thirds by the Feighery family and one-third by
its senior management, Independent.ie discloses.

KPMG's report also reveals how badly SIAC was burned by Poland,
where it was part of a consortium which won a EUR365 million deal
to build a new road known as A4 from the Polish Roads Authority,
Independent.ie relays.  It shows how SIAC was faced with huge
difficulties in dealing with its Polish partner PBG even before
it went bust in June 2012, Independent.ie notes.

KPMG said the uncertainty around Poland infected SIAC's cash-flow
in Ireland causing key suppliers to tighten credit terms,
Independent.ie relates.  In July, SIAC -- aside from Poland --
owed trader creditors EUR26.1 million, Independent.ie recounts.
About EUR42 million is owed to banks, Independent.ie states.

SIAC Construction is an Irish building group.



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RHINO MIDCO: Moody's Gives B2 Corp. Family Rating; Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has assigned a corporate family rating
(CFR) of B2 and probability of default rating (PDR) of B1-PD to
Rhino Midco 2 Limited, a holding company of the Rhiag group.
Concurrently, Moody's has assigned (P)B2 rating to the proposed
EUR415 million Senior Secured Notes to be issued by Rhino Bondco
S.p.A. The outlook on all ratings is stable.

The proceeds from the notes will be used, along with equity
contribution from Apax and cash on the balance sheet, to finance
acquisition of the Rhiag group by funds advised by Apax Partners
from Alpha Private Equity, in a tertiary LBO, and also repay
existing loan facilities.

Moody's issues provisional ratings in advance of the final sale
of securities and these reflect Moody's credit opinion regarding
the transaction only. Upon a conclusive review of the final
documentation Moody's will endeavor to assign definitive ratings.
A definitive rating may differ from a provisional rating.

Ratings Rationale:

The B2 CFR reflects (i) sensitivity of automotive aftermarket to
macroeconomic conditions and oil price; (ii) the company's
exposure to the economy of Italy representing c. 49% and 63% of
2012 sales and EBITDA respectively; (iii) intense competition in
the sector leading to price pressure; (iv) modest size of the
company compared to some of its suppliers potentially limiting
its bargaining power; (v) high leverage proforma for the
transaction; (vi) risks relating to potential M&A activity.

Positively, the ratings are supported by (i) an established
presence in the fragmented aftermarket, characterized by higher
customer loyalty and less cyclicality compared to the automotive
sector; (ii) relative size compared to other independent players,
manifesting itself in a dense distribution network and leading to
economies of scale; (iii) a presence in less mature Eastern
European markets, contributing to c. 45% of 2012 sales; (iv) a
fragmented customer base, consisting of local wholesalers and
independent garages; (v) Rhiag's track record of strong
operational performance and deleveraging in the recent years.

The Independent Automotive Aftermarket ("IAM") channel of the
automotive aftermarket within which Rhiag operates is focused on
the car park of 4+ years age, usually served by independent
garages and not covered by manufacturers' warranties. This
provides more stability to the sector compared to the Original
Equipment Suppliers ("OES") channel, which is closely linked to
new vehicle supply. The economic environment, such as diminished
spending power and the increasing age of the car park, as well as
European regulation currently favor the IAM channel, assisted by
the growing age of the car park and lower prices which
independent garages are able to offer to consumers.

However, the IAM channel is facing different challenges, such as
the increasing quality of cars and parts (partially offset by the
increased complexity and average price per spare part), exposure
to oil prices linked to a decrease in mileage and intense
competition leading to consolidation and M&A risk. The IAM
channel in Europe is very fragmented, with few larger players of
similar size compared to Rhiag. Although Rhiag is by far the
biggest player in its key markets Italy, the Czech Republic and
Slovakia, the atomization of the industry results in intensive
price competition, from local competitors as well as from OES
trying to capture a share of the aftermarket channels through the
extension of warranties. The company is however regarded by
Moody's as well positioned to compete thanks to its strong local
distribution coverage, client relationships, including more than
2,000 Rhiag affiliated garages in Italy and 800 in Eastern
Europe, broad product range and direct access to suppliers.

The company's highly fragmented customer base is supplemented by
the diversification of its suppliers, with the top supplier
contributing c. 5% of the company's total purchases. However the
bargaining power of the company with its top suppliers may be
limited, given its exposure to large international players, such
as Schaeffler and Valeo.

The company's business profile benefits from its established
presence in Eastern Europe, where the aftermarket is expected to
exhibit stronger growth due to a lower car density, whereas the
mature market of Italy is expected to return to positive growth
in 2014. Although almost half of Rhiag's sales comes from Italy,
the company demonstrated a notable resilience in the current
economic environment, with local sales and EBITDA staying largely
stable over 2010-2012 period.

The company experienced some margin pressure in 2012, evidenced
by the management EBITDA margin declining to 12.1% in 2012 from
12.9% in 2011. This trend is likely to continue, driven by
growing price competition in all markets as well as higher
personnel costs related to the opening of new branches to gain
market share in Eastern European countries. This is expected to
be offset by growth in the top line coming from market growth
(primarily in Eastern Europe), increasing market share and the
introduction of new products. Moody's views some of these top-
line expectations as challenging to achieve. Given the fragmented
nature of the industry the company may also choose to grow via
bolt-on acquisitions, which may be financed by drawings under its
EUR75 million revolving credit facility (RCF). Any substantial
debt-financed acquisitions could have a negative impact on the
ratings.

Free cash flow is expected to stay positive year-on-year, despite
higher interest payments under the proposed capital structure,
working capital cash outflow and higher capex to support growth
in Eastern Europe. With total adjusted gross debt/Ebitda of 5.3x
at the end of 2013 based on management projections, the company's
financial profile is highly leveraged. Moody's does not
anticipate significant deleveraging given the absence of
amortizing debt in the capital structure and a slow growth in
EBITDA.

Liquidity is considered to be adequate, supported by
approximately EUR4 million cash pro forma for transaction (based
on existing cash balance of approximately EUR62 million at 30
June 2013) and a EUR75 million revolving credit facility (RCF),
which is expected to be undrawn at closing. The RCF benefits from
a single net leverage covenant, set with large headroom, that
applies only when at least 25% of the RCF is drawn.

The proposed capital structure includes EUR415 million Senior
Secured Notes, split into a seven year fixed-rate tranche and a
six-year floating rate tranche, and a EUR75 million six-year RCF.
Both senior secured notes and RCF will be secured by shares and
certain assets of HoldCos as well as the rights over receivables
due under certain intra-group funding loans. Additionally, RCF
will be secured by shares over Opcos. Both senior secured notes
and RCF benefit from Holdco and Opco guarantees, with a wider
scope of Opco guarantees in case of RCF. The RCF ranks super
senior in the enforcement waterfall. The (P)B2 rating on the
Senior Secured Notes reflects a limited amount of liabilities
ranking ahead of the notes in the pro forma structure.

Moody's understands that Apax's shareholder contribution into
Rhino Midco 2 Limited will be entirely in the form of common
equity.

The stable rating outlook is based on Moody's expectation that
the company will continue to grow in its key markets and generate
positive cash flow despite ongoing margin pressure.

What Could Change The Rating Up/Down:

Positive pressure on the ratings could arise if Moody's adjusted
gross Debt/EBITDA ratio decreases below 5.0x and (EBITDA-Capex)
Interest ratio rises above 2.0x. Negative pressure could arise if
due to underperformance Moody's adjusted gross Debt/EBITDA ratio
rises towards 6.0x or (EBITDA -- Capex) / Interest ratio falls
towards 1.5x.

Based in Italy, the Rhiag group is the leading B2B distributor of
spare parts primarily for passenger cars as well as commercial
vehicles in the independent Italian aftermarket, and one of the
largest players across Eastern Europe. The company generated
EUR673 million gross reported sales in 2012 and employed more
than 2,800 people in 7 countries as of December 31, 2012.


WIND TELECOMUNICAZIONI: Fitch Affirms BB- Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed WIND Telecomunicazioni Spa's Long-term
Issuer Default Rating (IDR) at 'BB-' with a Negative Outlook. It
has also downgraded senior unsecured and PIK instrument ratings
on lower expected recoveries due to Wind's shrinking EBITDA
generation. A full list of rating actions is provided at the end
of this commentary.

On a standalone basis WIND's rating corresponds to a 'B+' level
with a Negative Outlook; this is uplifted by one notch for
potential parental support. WIND is a number-three mobile
operator in Italy with approximately a 24% subscriber market
share and the second-largest alternative fixed-line/broadband
provider with approximately a 16% subscriber market share at end-
H113.

Key Rating Drivers

Difficult Operating Environment

The Negative Outlook reflects further revenue and EBITDA erosion,
and the likelihood that this negative trend will continue. The
Italian mobile market has experienced significant re-pricing with
Wind being at the forefront of tariff competition. The company
managed to erode the market shares of its peers but at the
expense of average revenue per user (ARPU) across the industry.
Mobile termination rate (MTR) cuts were also a major negative
factor behind ARPU pressures in addition to tariff under-cutting.
Austerity in Italy further weighs on the telecoms market.
However, 2014 is likely to be less negative following the end of
the glide-path of MTR cuts in July 2013.

High Leverage

Wind's leverage is high at 5.2x net debt (including PIK
debt)/EBITDA LTM-to-Q213 (Fitch defined). We estimate that
leverage may marginally increase by end-2013 due to continuing
EBITDA and cash flow pressures. The company is facing an increase
in cash tax payments as 2013 will be the first year that it pays
full income tax. This, coupled with high cash interest and high
capex on the back of a LTE roll-out, will push its free cash flow
(FCF) to, at best, marginally positive territory, limiting
flexibility to deleverage.

Shareholder Support Positive

Wind's ratings benefit from potential support from its sole
ultimate shareholder, Vimpelcom Ltd., whose credit profile
remains significantly stronger than Wind's.

The shareholder approved Wind's significant investment into LTE
spectrum in 2011. Vimpelcom also made a EUR35 million equity
contribution to Wind in 2012. These moves suggest that Wind
retains strategic importance for its ultimate shareholder.
However, Vimpelcom has not committed itself to any support. We
believe that a further rise in Wind's leverage may diminish
Vimpelcom's propensity to provide support for Wind.

Stable Fixed-Line

Wind significantly improved profitability in its fixed-line
segment which, we believe, should be sustainable with continuing
focus on more profitable direct customers. Fiber roll-out in
Italy is likely to be slow, protecting Wind's position as the
largest alternative fixed-line operator in Italy.

No Short-Term Refinancing Risks

Wind does not face any material refinancing risks before 2016
when the bulk of its debt comes due.

Rating Sensitivities

Negative: Future developments that may individually or
collectively lead to negative rating action include

  -- A deterioration in leverage beyond 5.5x net debt (including
     PIK debt)/EBITDA or 5x net debt (PIK excluded)/EBITDA for a
     sustained period

  -- Low-to-mid single digit decline in operating profitability
     in 2014 driven by a further deterioration in the operating
     environment and/or negative FCF generation

Positive: Future developments that may individually or
collectively lead to positive rating action include

  -- Evidence of tangible parental support such as equity
     contribution or debt refinancing via intercompany loans

  -- Stabilization of operating and financial performance

The rating actions are:

- Long-term IDR: affirmed at 'BB-'; Negative Outlook
- Short-term IDR: affirmed at 'B'
- WIND's senior credit facilities: affirmed at 'BB'
- Senior secured 2018 notes issued by WIND Acquisition Finance
    S.A.: affirmed at 'BB'
- Senior secured 2020 notes issued by WIND Acquisition Finance
    S.A.: affirmed at 'BB'
- Senior secured 2019 floating notes issued by WIND Acquisition
    Finance S.A.: affirmed at 'BB'
- Senior 2017 notes issued by WIND Acquisition Finance S.A.:
    downgraded to 'B' from 'B+'
- Senior PIK notes issued by WIND Acquisition Holdings Finance
    S.A.: downgraded to 'B-' from 'B'



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PLUS PUNKTS: Declared Insolvent by Ogre District Court
------------------------------------------------------
The Baltic Course, citing LETA/Nozare.lv, reports that the Ogre
District Court has declared the Plus punkts chain of kiosks and
corner shops insolvent.

The insolvency procedure was launched this month, The Baltic
Course relates.  Creditors' claims against the company must be
submitted within a month's time, starting from Oct. 25, according
to the report.

Maija Stolarova has been appointed Plus punkts insolvency
administrator, The Baltic Course discloses.

In September, sale of e-tickers and press deliveries at Plus
punkts stores was halted due to the company's failure fulfill
agreements with its suppliers, The Baltic Course recounts.  At
the moment, Plus punkts owes around LVL200,000 to the press
wholesale and delivery companies Preses serviss and Rigas karte,
The Baltic Course notes.

Plus punkts is based in Latvia.



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MERLIN ENTERTAINMENTS: S&P Puts B+ CCR on CreditWatch Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'B+'
long-term corporate credit rating on Luxembourg based Merlin
Entertainments S.a.r.l. on CreditWatch with positive
implications.

At the same time, S&P placed its 'BB-' issue rating on the
GBP1.5 billion-equivalent senior secured multi-currency
facilities, issued by Merlin Entertainments Group Luxembourg 2
S.a.r.l. and related entities, on CreditWatch with positive
implications.  The recovery rating on the facilities is unchanged
at '2', reflecting S&P's expectation of substantial (70%-90%)
recovery prospects in the event of a payment default.

The CreditWatch placement follows the announcement that Merlin's
prospective U.K. parent, Merlin Entertainments PLC, is planning
an IPO on the London Stock Exchange.  The CreditWatch placement
reflects the likelihood that S&P could raise the long-term
corporate credit rating on Merlin by one notch on completion of
the IPO and planned debt reduction with the IPO proceeds.

Merlin Entertainments plans to raise about GBP200 million in
proceeds from the IPO, which it will use to reduce net debt and
pay costs associated with the IPO.  S&P understands that the
existing shareholders will sell a proportion of their
shareholding in the IPO, with a targeted free float of at least
20%.  S&P forecasts that the debt reduction, coupled with sound
operating performance and earnings growth in 2013, will
strengthen Merlin's financial risk profile.  Pro forma the
transaction, S&P anticipates that Merlin's Standard & Poor's-
adjusted leverage will be about 4.5x, with adjusted interest
coverage of more than 3.5x and funds from operations to debt of
about 15%.  Therefore, after the IPO, Merlin's adjusted debt to
EBITDA will likely improve to a level that is commensurate with
an "aggressive" financial risk profile.

Private equity financial sponsors Blackstone Group LP and CVC
Capital Partners will continue to hold a substantial share in
Merlin Entertainments on completion of the IPO.  In light of the
continued financial sponsor ownership, a positive rating action
depends on Merlin's and the sponsors' ability and willingness to
maintain adjusted debt to EBITDA below 5x on a sustainable basis
after the IPO.  Financial policy considerations--including
leverage tolerance, appetite for acquisitions, capital
expenditure, and dividend policy--will be key rating drivers
under the new capital structure.

S&P expects to resolve the CreditWatch on completion of the IPO,
which it anticipates will occur within the next two months.

S&P will likely raise its long-term corporate credit and issue
ratings on Merlin by one notch if the IPO is successful and the
group is able to reduce debt as it plans.  Before resolving the
CreditWatch, S&P will assess Merlin's capital structure and
financial policies following the IPO and take into account any
potential changes to the group's use of the proceeds.



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DSB BANK: Receivers Mull Suit v. Central Bank Over Collapse
-----------------------------------------------------------
DutchNews.nl reports that the official receivers dealing with DSB
Bank, which went bankrupt in 2009, are planning to sue the Dutch
central bank for failing to properly supervise the privately-held
bank.

Claims pending against the collapsed bank total EUR3.7 billion,
of which EUR1.16 billion has been paid, as the bank's own
creditors make payments, DutchNews.nl discloses.  According to
DutchNews.nl, the Financieele Dagblad said that no damages claim
has yet been set.

Receiver Rutger Schimmelpenninck told the Financieele Dagblad
this position has been strengthened by statements made by former
central bank chief Nout Wellink in 2010, DutchNews.nl relates.
At that time, Wellink told a parliamentary inquiry that, with
hindsight, tougher conditions should have been attached to DSB's
banking licenses, DutchNews.nl notes.

According to DutchNews.nl, a damning report into DSB bank's
bankruptcy at the time said the central bank should never have
given DSB a banking license.

The report said that there were "so many shortcomings in the
leadership and organization of DSB bank that giving the permit
carried too many risks", DutchNews.nl relays.

DSB Bank -- http://www.dsbbank.com/-- is a fully licensed bank
in the Netherlands, providing mortgages, consumer loans, savings
and insurance products to retail clients.  The bank has a leading
market share in the Dutch market for consumer loans.  DSB Bank
also has operations in Belgium and Germany.  DSB Bank,
established in 1975, is privately owned by Dirk Scheringa,
currently CEO of DSB Bank, Chairman of the Executive Management
Board.  Mr. Scheringa is also 100% owner of AZ Alkmaar football
club, which plays in the Dutch Premier League and president of
the Scheringa Museum for Magic Realism, an international
collection of more than 500 works of art.

On Oct. 19, 2009, the Amsterdam court declared DSB bankrupt after
its owner failed to find a buyer.  The Dutch central bank took
control of DSB on Oct. 12 as an outflow of capital threatened the
company's existence.



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


SONGA OFFSHORE: Moody's Lowers Corp. Family Rating to Caa1
----------------------------------------------------------
Moody's Investors Service downgraded Songa Offshore SE's
corporate family rating (CFR) to Caa1 from B3 and probability of
default rating (PDR) to Caa1-PD from B3. The outlook is stable.

Ratings Rationale:

The rating action follows problems with part of the fleet during
2013, including rig downtime and lengthy acceptance testing,
leading to weaker cash flow than Moody's previously expected. It
also considers the rating agency's view that external liquidity
or funding is needed to meet the maintenance capex required for
the Songa Dee in Q3 2014 and the delivery of the Cat-D rigs.
Furthermore, it reflects Moody's view of continued weak covenant
headroom going forward, despite a reset of covenants earlier this
year and the rating agency's view that Songa has an aggressive
financial strategy, that consistently includes addressing
liquidity requirements only months before payments are needed.

Although the sale of the Eclipse, in January 2013, increased
Songa's short term liquidity and other rigs worked at high
utilization rates during their available operating time in H1
2013, the company generated considerable negative free cash flow
due to the Trym's long SPS and acceptance testing, the downtime
associated with Mercur's blow-out preventer (BoP) related issues
and non operating time after finishing its contract in Cuba and
transiting to Asia and Venus' inspection and re-certification in
Malaysia. At the end of June 2013, Songa's sources of liquidity
consisted of: US$105 million cash on the balance sheet but no
availability under its revolving credit facility (RCF). It has
since signed a term sheet with Nordic and Dutch banks as well as
export credit agencies for a US$1 billion loan, associated with
the financing of the delivery of the Cat-D 1&2 rigs, which allows
US$120 million to be drawn at loan agreement signing. Moody's
expects that this, together with weak operating cash flow for the
next twelve months, will not be sufficient to cover the extensive
capital expenditure related to Songa Dee's SPS scheduled for Q3
2014, and the delivery of the first two Cat-D rigs after
significant debt repayments of US$29 million per quarter and a
bullet loan repayment of US$50 million in March 2014.

The rating agency notes that the company continues to work on a
number of initiatives in order to strengthen its balance sheet,
including possible asset sales and partnerships. However, the
Caa1 rating reflects the fact that the liquidity profile has
weakened substantially over the course of this year. Should the
company manage to meet its liquidity needs through to successful
commissioning of the Cat-D rigs, its financial position from 2015
onwards should be significantly improved although it will remain
highly leveraged.

Rating Outlook:

The stable outlook assumes that despite Songa's weak liquidity it
will be able to meet its obligations over the next twelve months,
supported by the company's contract backlog of over US$6 billion,
that the Cat-D rigs will be delivered without further delays, and
there will be no further deterioration in operating performance.

What Could Change The Rating Up/Down:

In view of rating action, no near-term material upward pressure
is currently contemplated. However, there could be positive
pressure if Moody's expects leverage to fall under 6.0x
(following successful commissioning of the Cat-D rigs), with
sufficient headroom under the debt covenants and a stronger
overall liquidity profile. The ratings could be lowered if
earnings deteriorate, or if additional liquidity concerns emerge
such that the conditions for a stable outlook may not be met.

Songa, established in Norway in 2005 and listed on the Norwegian
stock exchange with a market capitalization of approximately
NOK1.3 billion, has grown rapidly through both acquisitions and
some re-commissioning of second-hand floaters and currently has a
fleet of five semisubmersibles, with four under construction. For
the year ending December 2012, it reported revenue of about
US$600 million.



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


ORENBURG REGION: Fitch Affirms 'B' ST Foreign Currency Rating
-------------------------------------------------------------
Fitch Ratings has affirmed the Russian Orenburg Region's Long-
term foreign and local currency ratings at 'BB' and the Short-
term foreign currency rating at 'B'. The National Long-term
rating has been affirmed at 'AA-(rus)'. The Outlooks on the Long-
term ratings are Positive.

The Orenburg Region's outstanding senior unsecured domestic bonds
of RUB9 billion (ISIN RU000A0JTGE4 and RU000A0JTZK1) and JSC
Orenburg Housing Mortgage Corporation's (OHMC) senior unsecured
bond of RUB1.37 billion (ISIN RU000A0JS3Q8) guaranteed by the
region have also been affirmed at 'BB' and 'AA-(rus)'.

Key Rating Drivers

Fitch expects Orenburg region's debt to remain moderate with
direct risk at RUB25 billion in 2014-2015, up from about RUB17
billion in 2012. In Fitch's base case scenario direct risk is not
expected to exceed 35% of current revenue in the medium term. The
payback ratio (direct risk/current balance) is likely to be at
about three years in 2013-2015, less than the expected average
maturity of the region's debt portfolio of about five years.

Orenburg region's liquidity was strong in 2011-2012. Cash
reserves increased to RUB2.3 billion in 2012 from RUB1.2 billion
in 2011. Additionally the region maintains stand-by credit lines
of up to RUB5 billion, tendered on a rolling basis with
commercial banks.

Fitch expects Orenburg region to restore its operating margin to
about 10% in 2013-2015, based on growing output in the core oil
and gas sector. The region's operating margin fell to 5.8% in
2012 from 9.9% in 2011, due to operating expenditure increase in
response to 2012 presidential initiatives aimed at salary
increases for certain groups of public employees.

The local economy is dominated by oil and gas companies, which
provide a sustainable tax base. Concentration of the tax base
exposes Orenburg region to potential changes in the fiscal regime
or business cycles in the sector. A robust economy supports
stronger-than-average wealth indicators -- GRP per capita
exceeded the Russian region median by 25% in 2012 -- while
average salary was just 10% below the median.

Orenburg region's contingent risk is low and limited to several
guarantees issued to local companies to promote economic
development and to self-serviced debt of its public entities. The
region guaranteed the domestic bond of OHMC of RUB1.37 billion
issued in 2012. None of the guarantees have been called by the
lenders and the region is likely to issue several new guarantees
in 2013-2015.

Orenburg region funded capex of RUB11.1 billion in 2012 (2011:
RUB11.6 billion), which represented 16.3% of total spending
(2011: 18.4%). The region's self-financing capacity is strong,
with the current balance and capital revenue comfortably covering
78% of capital outlays in 2012 (2011: 90%).

Rating Sensitivities

The ratings could be positively affected by a sustainable debt
coverage ratio of below four years of current balance and direct
risk remaining below 40% of current revenue.



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


ABENGOA SA: Fitch Affirms 'B+' Long-term Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Abengoa, S.A.'s Long-term Issuer
Default Rating (IDR) at 'B+' and its senior unsecured rating at
'B+' with a Recovery Rating 'RR4'. The Outlook on the IDR is
Stable. At the same time, Abengoa Finance, S.A.U. its wholly
owned subsidiary's senior unsecured rating has also been affirmed
at 'B+'/'RR4'.

The ratings reflect Abengoa's high operating risk and aggressive
financial policy. The company leverages its recourse cash flow -
Fitch's rating perimeter - to finance investments in non-recourse
funded concessions mainly in solar and transmission lines.
Recourse cash flow is driven by engineering & construction (E&C)
and, to a lesser extent, by bioenergy production. Recent
announcements to tighten financial targets, coupled with executed
divestments, bond and equity issuance, should restore Fitch-
adjusted net recourse leverage to below 3.0x over the next 12
months (above 4.0x in FY12), and allow the company to repay bank
debt and lengthen debt maturities. Management has also indicated
an increase in focus on asset divestments and recycling capital
over absolute growth.

Fitch adjusts leverage calculations for Abengoa to reflect the
non-recourse nature of concessions by excluding related EBITDA
and non-recourse debt but including sustainable dividends. Fitch
adds off-balance sheet receivables factoring for leverage
calculation.

Key Rating Drivers

New Financial Targets

Abengoa announced to cap corporate capex -- mainly investments in
concessions -- at EUR450 million per annum, down from an average
of EUR1 billion over the last three years. Under Fitch's
assumptions this should translate into free cash flow for the
recourse business over the next 18-24 months as long as working
capital remains stable. However, investments will continue to be
in greenfield concessions that exhibit higher risks than mature
concessions that are typically invested in by Fitch's 'BB-' or
higher-rated E&C peers. At the same time growing the E&C order
book may be more challenging under this less capital-intensive
model. As a result Abengoa is required to increase the proportion
of E&C contracts not associated to a concession or to reduce its
participation in new concessions to a minority investor approach.

Increased Focus on Asset Rotation

Its more disciplined investment approach is also likely to
increase asset rotation. Management has targeted disposals of
around EUR1.5 billion mostly in their concession pipeline over
the next 18-24 months. Abengoa has historically reduced leverage
through asset sales, a strategy that carries higher execution
risk. Abengoa's corporate capex is fully funded for 2013,
following its recently agreed sale of Befesa with an initial cash
payment of around EUR350 million and EUR420 million of proceeds
from other asset rotation.

Positive Equity and Bond Issuance

The recent EUR500 million equity issue and recurring bond market
transactions show Abengoa's ability to repay bank debt and
addressed refinancing needs for the next 18-24 months. However,
gross recourse leverage of around 6.0x is considerably high.
Fitch expects the company to continue to diversify away from bank
funding; around half of recourse debt is now bond-funded. Fitch
base case suggests net recourse interest cover remains below 2.5x
over 2014 and 2015, in line with other 'B' category peers.

Working-Capital Funds Growth

Abengoa has built up and successfully maintained a favorable
working capital position (trade payables greater than trade
receivables) on the balance sheet in excess of EUR2.5 billion
over the last three years, driven by its E&C segment. To some
extent this explains the necessity to maintain its high recourse
cash balance, which totaled around EUR2 billion at end-H113.
Fitch rating case does not expect a swift unwinding in working
capital, although this is viewed as an inherent risk to the
business and commensurate with an aggressive financial strategy.

Growing International E&C Segment

Abengoa has a strong geographical footprint and market positions
in the specialized sub-segments of E&C; notably capabilities to
design, build and operate renewable energy plants, transmission
lines and water treatment installations. Fitch expects this
segment to outperform with interim 2013 figures showing in excess
of a 10% increase in EBITDA. However, concentration risk is
evident with projects worth more than EUR500 million representing
15% of the total order book as at end-H113.

Bioenergy in Slow Recovery

Crush margins, the differential between ethanol sales price and
the input cost of corn, have recovered modestly during 2013.
Fitch expects this segment will generate around 5%-10% of
recourse EBITDA for FY13 & FY14, a slight improvement on our
prior year assumptions. The underlying volatility of this
business remains, with exposure to commodity pricing and
regulatory risk from changes in government policy and support.

Recourse EBITDA Less Predictable

A collapse in bioenergy EBITDA in FY12 was offset by increased
E&C activity and a new segment relating to technology income
derived from the use of Abengoa's in-house design and technology
solutions from its renewable energy capabilities. With a limited
track record this is more difficult to forecast, although
management expects this to represent around 20% of recourse
EBITDA in FY13. The E&C order book has fluctuated around EUR6
billion-EUR7 billion over the last three years, providing 20
months cover (order book/turnover) as at end-H113. This is
slightly below prior year, although still strong when compared to
peers.

Rating Sensitivities

Positive: Future developments that could lead to positive rating
actions include:

   -- Fitch-adjusted recourse net leverage below 3.0x and
recourse
      EBITDA net interest cover above 2.5x on a sustainable basis

   -- Increase in E&C order book that is not associated with
      concessions, reducing the capital intensity of the business

   -- A reduction in gross debt and use of working capital
      financing arrangements such as off balance sheet
receivables
      factoring and confirming

Negative: Future developments that could lead to negative rating
action include:

   -- Fitch-adjusted recourse net leverage above 4.0x and
recourse
      EBITDA net interest cover below 1.5x on a sustainable basis

   -- A significant decrease in the E&C order book and /or an
      inability to managing working capital resulting in material
      cash outflows

   -- A material deviation from Abengoa's maximum capex
commitment
      of EUR450 million and/or material support for
      underperforming concessions


FONCAIXA CONSUMO 1: Fitch Affirms BB+ Rating on EUR462MM Notes
--------------------------------------------------------------
Fitch Ratings has affirmed Foncaixa Consumo 1, FTA's classes A &
B as follows:

  -- EUR1.76bn Class A (ISIN ES0337504007): affirmed at 'Asf'
     Outlook Stable

  -- EUR462m Class B (ISIN ES0337504015): affirmed at 'BB+sf'
     Outlook Stable

This transaction is a securitization of unsecured consumer loans
and real estate secured consumer loans. All the loans are
originated and serviced by CaixaBank SA, which is also the
account bank and swap counterparty.

Key Rating Drivers:

The affirmation reflects increased credit enhancement (CE) for
class A notes to 28.8% from 23.5% since the rating review in
November 2012 and for class B notes to 7.1% from 5.8%. Loans in
arrears for more than 90 days are little changed, increasing to
1% in September 2013 from 0.87% since closing. The transaction is
amortizing sequentially.

As of end-September 2013, the reserve fund was underfunded at
EUR150.9 (target level is EUR154 million)

The Stable Outlook reflects Fitch's view on the credit quality of
the underlying portfolio and the strength of the originator
Caixabank SA (BBB/Negative/F2).

In line with Fitch's counterparty criteria, the ratings of the
transaction are capped at 'Asf' to reflect direct counterparty
exposure to Caixabank SA that acts as collateral servicer, paying
agent, SPV account bank and hedging counterparty. Counterparty
triggers were updated in November 2012 to be aligned with the
ratings of Caixabank.

Rating Sensitivities:

As of end-September 2013, standard unsecured loans represented
16.8% of the current portfolio while real estate secured loans
were 83.2%. The current portfolio remains granular, with the top
20 obligors representing 0.63% of the current outstanding
portfolio.

Current recoveries are lower than Fitch's expected base case.
Lengthy recovery periods are expected because of the high
proportion of real estate secured loans in the portfolio. Fitch
has performed its analysis applying special stresses on
recoveries, assuming that recoveries will not increase over the
life of the transaction. Results under stress scenarios are
consistent with the current credit quality of the transaction.


RURAL DE GRANADA: Moody's Cuts Deposit Ratings to 'B1'
------------------------------------------------------
Moody's Investors Service has downgraded the deposit ratings of
Caja Rural de Granada (CRG) to B1 from Ba2, following the
lowering of the bank's standalone bank financial strength rating
(BFSR) to E+ (equivalent to a b1 baseline credit assessment) from
D/ba2. The bank's short-term rating remains at Not Prime.

The lowering of CRG's BFSR reflects its weakened financial
profile and the deterioration of asset-quality metrics,
particularly in the corporate segment. Moody's believes that the
pace of asset-quality deterioration has accelerated in the
context of the ongoing real-estate crisis and the continuing weak
outlook for the non-export-oriented corporate sector, in view of
the ongoing contraction in the domestic economy. These ongoing
economic challenges are exacerbated by the bank's operating focus
on Andalusia (Ba2 negative), one of Spain's weakest regions.

Ratings Rationale:

Downgrade of the Long-term Deposit Ratings:

The downgrade of CRG's long-term deposit ratings by two notches
reflects (1) the lowering of its baseline credit assessment to b1
from ba2; and (2) Moody's assessment of a low probability of
support from the Spanish government for the bank in case of need.

Lowering of the Standalone Credit Assessment:

The lowering of CRG's BFSR to E+/b1 from D/ba2, reflects the
bank's ongoing asset-quality deterioration across all asset
classes, particularly in the corporate loan-book (asset-quality
data by asset class are not publicly available). This
deterioration not only affects those exposures related to the
real-estate and construction sectors, but also loans extended to
companies related to other economic sectors. CRG's exposure to
these two segments represented 51% of the bank's total loan book
at end-June 2013.

Moody's expects further asset-quality deterioration in the
context of the continuing weak operating environment; any signs
of a modest economic recovery at this stage stem primarily from
the export sector, whereas weak internal demand is not showing
any significant signs of recovery, and looks likely to continue
contracting into 2014. The rating agency says that the relatively
weaker operating environment in Andalusia -- one of Spain's
weakest economic regions, where unemployment stood at 35.8% as of
June 2013 (as compared to the national average of 26.3%), and the
bank's key operating focus -- poses additional credit risks. In
particular, Moody's expects further asset quality deterioration
in the corporate sector as well as for residential mortgages and
consumer loans.

As a result of these conditions, the increase in CRG's non-
performing loans (NPLs) has been particularly acute in recent
months, with an NPL ratio of 11.5% at end-June 2013, up from 8.4%
a year earlier. Moody's also notes that in addition to rising
NPLs, CRG has other problematic assets that indicate the
magnitude of the existing balance-sheet pressures the bank faces
(even before considering any possible further deterioration of
the loan book). The problematic assets are broadly defined to
include NPLs, plus real-estate assets received in return for the
cancellation of loans, plus refinanced loans categorized as
substandard or performing that in aggregate total a non-earning
assets ratio (as a percentage of gross loans) of 23%.

Furthermore, Moody's says that subdued lending volumes, low
interest rates and increasing non-earning assets have
significantly diminished CRG's capacity to generate recurring
earnings, which are expected to continue to suppress its ability
to use its earnings to fully offset its asset-quality pressures,
especially as the pressure from the operating environment doesn't
significantly improve. Moody's also notes that CRG's earnings are
supported in 2012 and 2013 by the income from the securities
carry trade (primarily borrowing cheap ECB money and investing
that into higher yielding Spanish government securities). In
addition, the rating agency is concerned that the underlying
bottom-line profitability remains pressured by the need to book
provisions against weakening assets, even if 2013 results will
likely significantly improve from the losses recorded in 2012,
which included the extraordinary provisioning requirements
introduced by the Spanish government.

Rationale for the Negative Outlook:

The negative outlook that Moody's has assigned to the BFSR and
deposit ratings reflects (1) the bank's vulnerability to a
further weakening of its credit profile, in light of the
continued vulnerability of the Spanish economy; and (2) the
downside risks to Moody's macroeconomic forecasts, which could
exert further pressure on the ratings if they were to
materialize.

What Could Change the Rating Up/Down:

CRG's ratings could be downgraded in the event of (1) further,
broad deterioration of its financial fundamentals; especially if
the banks non-earnings assets ratio were to increase further
beyond 25%; (2) macroeconomic operating conditions in Spain
deviating significantly from Moody's current GDP growth
projections: a GDP decline of -1.4% for 2013 and very weak growth
of less than 1% in 2014; and/or (3) a significant deterioration
of its liquidity profile.

An upgrade of the bank's ratings is unlikely, given the current
negative outlook. An improvement of its standalone ratings could
be driven by (1) the work out of its asset-quality challenges
resulting in a tailing-off of NPL increases and improving asset
quality metrics; and (2) a sustainable recovery in its
profitability indicators.


SERVICE POINT: Applies for Creditor Protection After Talks Fail
---------------------------------------------------------------
Clare Kane at Reuters reports that Service Point Solutions SA
said on Thursday it has applied for creditor protection after
talks with its lenders failed.

According to Reuters, the company said earlier on Thursday it was
talking to creditors after banks rejected its proposals to buy
back debt and that it had not ruled out applying for protection
from creditors.

"The company will continue working to reach an agreement that
will allow the restructuring of its balance sheet to protect
shareholders, creditors and employees," Reuters quotes Service
Point as saying in a statement.

Spain's stock market regulator, the CNMV, earlier suspended
trading in the group's shares, which had fallen 7.4% on Thursday,
Oct. 24 to EUR0.37, valuing the company at around EUR65 million
(US$90 million), according to Thomson Reuters data.

The company reported a net loss of EUR834 million for the first
half of 2013, Reuters relates.  Service Point took several steps
to support the business, including changing the management team
in Britain, which brings in a quarter of sales and exiting
France, and said the second half of the year would look brighter,
Reuters recounts.

Service Point Solutions SA is a Spanish printing company.



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


ASSURANT GENERAL: S&P Affirms 'BBpi' Financial Strength Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its unsolicited
public information (pi) insurer financial strength and
counterparty credit ratings on U.K. non-life insurer Assurant
General Insurance Ltd. (AGIL) at 'BBpi'.

The ratings predominantly reflect S&P's view of AGIL's fair
business risk profile and weak financial risk profile.  S&P bases
its assessment of AGIL's business risk profile on its opinion of
its intermediate industry and country risk and less-than-adequate
competitive position.  In assessing its financial risk profile,
S&P factors in its view of its weak capital and earnings,
intermediate risk position, and adequate financial flexibility.
S&P has assigned an anchor of 'bb-' to reflect the company's weak
capital position and significant expansion in new business lines.
The ratings are 'BBpi', as S&P's public information ratings
generally do not bear plus or minus modifiers.

S&P considers the company to be nonstrategic to its ultimate
parent, U.S.-based Assurant Inc., and therefore do not factor in
any notches for parental support.

AGIL faces intermediate industry and country risk.  It writes
most of its business in the U.K. (80%) and EU (11%).  The
remainder is property reinsurance business from fellow group
companies in North America (9%).  The company has been adversely
affected by the slowdown in consumer lending and the U.K. housing
market and by the payment protection misselling controversy.  Its
creditor business premium base has fallen significantly; it now
makes up just 13% of the company's gross written premium.

S&P views AGIL's competitive position as less than adequate.  S&P
bases its assessment on the company's recent poor operating
performance.  The company has made overall losses in the past
five years--its average combined ratio was over 120%. (Lower
combined ratios indicate better profitability.  A combined ratio
of greater than 100% signifies an underwriting loss.)

The weak underwriting performance indicates to S&P that the
company's competitive position is materially weaker than that of
some of its competitors.  The company expanded its operations
dramatically in 2012, largely by acquiring new business writing
accidental damage and extended warranty for gadgets and
furniture. As a result, its gross premium written grew to GBP126
million from GBP59 million in 2011.  The company had previously
focused on creditor insurance, so expansion improved its product
diversification, but a material strategic shift into a new
business line carries risks.

"We assess the company's capital and earnings as weak.  Capital
adequacy under our risk-based model has fallen, largely due to
the significant increase in premium written in property lines.
It is now significantly below our requirement at the 'BBB' level.
Regulatory capital remains above intervention levels, but is
relatively weak compared with U.K. non-life peers.  The company's
reported coverage of its minimum regulatory solvency requirements
was just 1.4x in 2012.  In that year, its immediate parent
company, Assurant Group Ltd., injected capital totaling
GBP11.5 million to help support the growth of the company," S&P
noted.

Although the company has continued to report losses, its
underwriting performance has improved.  Its combined ratio was
107% in 2012, down from 116% in 2011, and its losses before tax
in 2012 were GBP1.4 million, down from GBP4.5 million in 2011.

In S&P's view, AGIL's risk position is intermediate.  Its
investment portfolio has a conservative distribution by asset
class -- about 73% of its total invested assets are in bonds and
27% cash.

S&P considers the company's financial flexibility to be adequate.
Although S&P believes the company would have limited access to
the capital markets to raise more capital, in the past its parent
has been willing to inject capital to ensure its financial
strength.


CAVENDISH SQUARE: Fitch Affirms 'B-' Rating on Class C Notes
------------------------------------------------------------
Fitch Ratings has affirmed Cavendish Square Funding plc's notes,
as follows:

Class A1 (XS0241540763): affirmed at 'BBBsf'; Outlook Negative
Class A2 (XS0241541571): affirmed at 'BBsf'; Outlook Negative
Class B (XS0241542033): affirmed at 'Bsf'; Outlook Negative
Class C (XS0241543353): affirmed at 'B-sf'; Outlook Negative

Key Rating Drivers

The affirmation reflects the increase in available credit
enhancement (CE) for the notes due to the deleveraging of the
underlying portfolio. The class A1 balance has been reduced by
EUR39.02 million since the previous review.

Over the past year the assets rated below 'BBB-sf' have reduced
to 43.58% from 47.74% and the 'CCC-sf' and below bucket has also
reduced to 9% from 13%. However, the reported cumulative defaults
have increased to 13.10% in September 2013 from 9.12% in October
2012.

Additionally the portfolio continues to be concentrated at the
sector level with RMBS and CMBS assets representing 60% and
12.56% respectively of the total assets, and residually in
structured finance CDO and ABS assets. The vast majority of the
assets are mezzanine with original tranche thickness below 10%.

The over collateralization test for class C is currently
breaching its trigger level. Consequently the excess spread is
currently being diverted to bring this test back into compliance.
This has resulted in slightly faster principal repayments for the
senior note. However, currently none of the notes are deferring
any interest payments.

The Negative Outlook reflects the extension risk of the portfolio
assets beyond their expected weighted average life and a
considerable exposure of 21% of the portfolio assets to
peripheral Europe.

Cavendish Square Funding plc (the issuer) is a cash arbitrage
securitization of structured finance assets.

Rating Sensitivities

Fitch tested the impact on the ratings of bringing the maturity
of the assets in the portfolio to their legal maturity, and this
stress would result in a downgrade of up to two categories across
the capital structure.


CO-OPERATIVE BANK: BoE Launches Inquiry Into GBP1.5BB Black Hole
----------------------------------------------------------------
James Quinn at The Sunday Telegraph reports that the Bank of
England has launched an inquiry into the circumstances leading to
the discovery of the GBP1.5 billion black hole at the
Co-operative Bank in May of this year.

The Sunday Telegraph can reveal that the Bank's Prudential
Regulation Authority is carrying out a review of the events at
the troubled mutual lender.

The inquiry will assess actions taken by the regulator and its
supervisory predecessor, the Financial Services Authority (FSA),
look at correspondence including letters, emails and telephone
calls, and scrutinize its past assessment of the lender's books,
The Sunday Telegraph discloses.

It is understood that the review will date back to before the Co-
op's merger with the Britannia Building Society, The Sunday
Telegraph states.

Central to the inquiry will be whether the PRA and its
predecessor missed anything in its role as supervisor, and
whether the capital shortfall should have been disclosed sooner.
The Sunday Telegraph notes.

According to The Sunday Telegraph, another key issue will be what
changed between the bank publishing its annual 2012 results in
March this year, when the bank's Tier One capital ratio stood at
9.2%, and June, when the shortfall was confirmed.

The investigatory work is currently intended for internal use
only, and will not be prepared for publication, unlike the FSA's
report into the near-collapse of the Royal Bank of Scotland, The
Sunday Telegraph says.

The Co-op was due to publish details of its plan to fill the
GBP1.5 billion hole on Oct. 21, but late on Oct. 25 it issued a
statement saying this will now happen on Nov. 4, The Sunday
Telegraph notes.

However, it is understood that a final deal with bondholders,
including seven hedge funds that will together control a majority
of the bank's equity, has yet to be reached, The Sunday Telegraph
discloses.  According to The Sunday Telegraph, it is believed
that a group speaking on behalf of retail bondholders was
admitted to the negotiations only on Thursday.

The Co-operative Group, the bank's parent organization, will
retain a 30% stake, making it the single largest shareholder, The
Sunday Telegraph says.

                     About Co-operative Bank

Co-op Bank -- part of the mutually owned food-to-funerals
conglomerate Co-operative Group -- traces its history back to
1872.  The bank gained prominence for specializing in ethical
investment.  It refuses to lend to companies that test their
products on animals, and its headquarters in Manchester is
powered by rapeseed oil grown on Co-operative Group farms.

Founded in 1863, the Co-op Group has more than six million
members, employs more than 100,000 people, and has turnover of
more than GBP13 billion.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on May 13,
2013, Moody's Investors Service downgraded the deposit and senior
debt ratings of Co-operative Bank plc to Ba3/Not Prime from
A3/Prime 2, following its lowering of the bank's baseline credit
assessment (BCA) to b1 from baa1.  The equivalent standalone bank
financial strength rating (BFSR) is now E+ from C- previously.


DECO 11-UK: Moody's Cuts Rating on GBP74.5MM A-1B Notes to 'B1'
---------------------------------------------------------------
Moody's Investors Service has taken rating actions on the
following classes of Notes issued by Deco 11 - UK Conduit 3 p.l.c
(amounts reflect initial outstandings):

-- GBP74.5M A-1B Notes, Downgraded to B1 (sf); previously on Dec
    20, 2012 Downgraded to Ba3 (sf)

-- GBP220M A-1A Notes, Affirmed Aa1 (sf); previously on Dec 20,
    2012 Downgraded to Aa1 (sf)

Moody's does not rate Class A2, Class B, Class C, Class D, Class
E, Class F or Class X issued by Deco 11 - UK Conduit 3 p.l.c.

Ratings Rationale:

Downgrade action on the Class A-1B Notes reflects Moody's
increased loss expectation for the pool since its last review.
This is primarily due to a lower recovery expectation for the
Mapeley Gamma Loan (69% of the current pool) and to a lesser
extent, for the Wildmoor Northpoint Loan (12% of the current
pool).

The key parameters in Moody's analysis are the default
probability of the securitized loans (both during the term and at
maturity) as well as Moody's value assessment for the properties
securing these loans. Moody's derives from those parameters a
loss expectation for the securitized pool.

Based on Moody's revised assessment of these parameters, the loss
expectation for the remaining pool, which now consists of eight
loans (compared to 17 at closing) is very large in the range of
40-50%. Main drivers for the high expected loss are the low
recovery expectations for the Mapeley Gamma and the Wildmoor
Northpoint Loans.

The current credit enhancement level on the Class A-1A is
sufficient to maintain the Aa1 rating despite the high loss
expectation for the outstanding pool. Following the sequential
allocation of principal proceeds from the full repayment of four
loans, the Class A-1A credit enhancement increased to 67% from
56% since Moody's last transaction review in December 2012. The
Class A1-B credit enhancement is currently 45%.

As Moody's highlighted in its prior review, the ratings of the
Notes are in particular sensitive to the recovery assumptions for
the Mapeley Gamma Loan, which are influenced by the performance
of the underlying secondary properties and the work-out strategy
of the special servicer. Given that the values of the properties
are mostly driven by the in-place lease agreements and the
adverse lease expiry profile, recoveries could be potentially
higher if the special servicer was able to implement certain
asset management initiatives including re-gearing some of the
leases. Following the loan's transfer into special servicing in
October 2012, an LPA receiver has been appointed, but a new asset
manager has not been appointed and none of the properties in the
portfolio have been sold yet. According to information provided
by the special servicer, the special servicer has been working
closely with the LPA receiver and property manager on new lease
approvals and extensions and is also currently reviewing the
updated business plan prepared by the chosen asset manager. As
the loan sponsor will not inject further equity, any asset
management initiatives need to be funded by excess cash from the
properties. The availability of excess cash depends on whether
the in-place tenants will renew their leases or new tenants can
be found for vacated space.

In general, Moody's analysis reflects a forward-looking view of
the likely range of commercial real estate collateral performance
over the medium term. From time to time, Moody's may, if
warranted, change these expectations. Performance that falls
outside an acceptable range of the key parameters such as
property value or loan refinancing probability for instance, may
indicate that the collateral's credit quality is stronger or
weaker than Moody's had anticipated when the related securities
ratings were issued. Even so, a deviation from the expected range
will not necessarily result in a rating action nor does
performance within expectations preclude such actions. There may
be mitigating or offsetting factors to an improvement or decline
in collateral performance, such as increased subordination levels
due to amortization and loan re- prepayments or a decline in
subordination due to realized losses.

Primary sources of assumption uncertainty are the current
stressed macro-economic environment and continued weakness in the
occupational and lending markets. Moody's anticipates (i) lending
will remain constrained over the next years, while subject to
strict underwriting criteria and heavily dependent on the
underlying property quality, (ii) strong differentiation between
prime and secondary properties, with further value declines
expected for non-prime properties, and (iii) occupational markets
will remain under pressure in the short term and will only slowly
recover in the medium term in line with anticipated economic
recovery. Overall, Moody's central global macroeconomic scenario
for the world's largest economies is for only a gradual
strengthening in growth over the coming two years. Fiscal
consolidation and volatility in financial markets will continue
to weigh on business and consumer confidence, while heightened
uncertainty hampers spending, hiring and investment decisions. In
2013, Moody's expects no growth in the Euro area and only slow
growth in the UK.

Moody's Portfolio Analysis:

As of the July 2013 interest payment date (IPD), the
transaction's total pool balance was GBP311.6 million, down by
30% since closing. This is due to the repayment of nine of the
smaller loans since closing. Eight loans remain in the pool
secured by a portfolio of 31 properties mainly in use as office
(53% by underwritten market value), warehouse/distribution (28%),
retail (14%) and hotel (5%).

As of the July 2013 IPD, three loans (84% of the current pool)
were in default. Three loans which together comprise 14% of the
pool have scheduled maturity dates in October 2013. Moody's does
not expect the loans to be repaid, increasing the level of
defaulted loans to six loans representing 98% of the pool
balance.

To date, two loans, the Paladru and the Mill Loans (2% of the
original pool balance) have been worked out with losses. The GBP
6.2 million aggregate loss has been allocated to the Class F and
partially to the Class E Notes as non-accruing interest (NAI)
amounts. The transaction waterfall has switched to sequential and
consequently all principal proceeds are first being allocated to
the Class A-1A Notes.

The largest loan, the Mapeley Gamma Loan (69% of the current
pool) has been accelerated by the special servicer and an LPA
receiver has been appointed. The loan, which defaulted due to a
loan-to-value (LTV) covenant breach ahead of its January 2017
maturity date is secured by 24 office properties located
throughout the UK. The portfolio is exposed to weak secondary
occupational and investment markets. Since Moody's prior review,
the weighted average lease term to expiry or break reduced to 4.5
years from 4.8 years and the vacancy increased to 23% from 21%.
The current reported interest coverage ratio is 1.13x versus
1.26x at Moody's prior review. Moody's lowered its value
assessment of the portfolio by 7% resulting in an LTV ratio of
201% compared with the reported ratio of 186%.

The second largest loan, the Wildmoor Northpoint loan (12% of the
current pool), secured by a secondary shopping centre located in
North East England has been in special servicing since March
2010. The latest reported vacancy rate of the property is 12.6%
compared with 11.3% at Moody's prior review and 8.4% as of the
loan's transfer into special servicing. The vacancy level could
increase further given that approximately 44% of the existing
rental income expires/ breaks over the next three years. Moody's
adjusted its value estimate downwards to GBP 17 million (29%
haircut to the July 2012 valuation) translating into an LTV ratio
of 255% on the whole loan.


EXCALIBUR FUNDING: S&P Affirms 'D' Rating on Class A Notes
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'D(sf)' credit
rating on Excalibur Funding No. 1 PLC's floating-rate class A
notes.

In January 2011, a notice from Wilmington Trust SP Services, sent
on behalf of the issuer, Excalibur Funding No. 1, indicated that
the value of the assets backing the notes fell below the class A
notes' balance.  Under the transaction documents, this triggered
an event of default under the notes.

Subsequently, on Feb. 14, 2011, a notice from the trustee stated
that both classes of notes were immediately due and payable.  The
class A noteholders then directed the trustee to enforce on the
security.

On March 9, 2011, S&P therefore lowered to 'D (sf)' its rating on
the class A notes.

Since then, the class A notes have not been repaid and S&P
continues to believe that it is unlikely that the notes will be
fully repaid.  In addition, interest has not been fully paid on
this class of notes since July 2012.  Therefore, S&P has affirmed
its 'D (sf)' rating on the class A notes.

Excalibur Funding No. 1 is a commercial real estate
collateralized debt obligation (CDO) that securitized a portfolio
of pan-European commercial real estate assets.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an property-backed security as defined
in the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com


INEOS GROUP: Reverses Decision to Close Grangemouth Plant
---------------------------------------------------------
John Aglionby and Guy Chazan at The Financial Times report that
Ineos Group has reversed a decision to close the petrochemical
plant at Grangemouth, after the Unite union caved in to the
owner's demands for a pay freeze and changes in working
conditions.

A huge cheer was heard from the room where workers were told at a
meeting with managers that the plant, which Ineos said on
Wednesday would close, was to reopen immediately, subject to a
safety assessment, the FT relates.

According to the FT, Calum Maclean, Grangemouth chairman, did not
rule out "limited" redundancies but said the vast majority of the
800 employees at the petrochemical plant would keep their jobs.
Mr. Maclean, as cited by the FT, said hundreds of contract staff,
who had been told they would lose their posts, would now be
required.

Ineos said in a statement that Unite had agreed to no strikes for
three years, to move to a "more modern" pension scheme, a pay
freeze for three years and changes to union agreements on site --
including no full-time union conveners, the FT notes.

"We've already put GBP1 billion into Grangemouth and now we're
putting in another GBP300 million.  We haven't run away from the
problem," the FT quotes Jim Ratcliffe, Ineos chairman, as saying.

Ineos, as cited by the FT, said the GBP300 million would be used
to fund ongoing losses and finance the building of a gas terminal
to import shale gas from the US.

The crisis at Scotland's largest industrial complex was triggered
after Unite rejected Ineos's demand that employees accept a pay
freeze, changes to the pension scheme and union representation,
the FT relates.

But the union backed down after Ineos closed the petrochemical
plant and said it would review the future of the refinery, the FT
notes.

Mr. Maclean, as cited by the FT, said the next step was a 45-day
consultation period with the employees and unions about the
survival plan for the plant.

In a separate report, Mure Dickie and Messrs. Chazan and Aglionby
relates that fresh from a crushing victory over the Unite union
at Scotland's largest industrial complex, Mr. Ratcliffe, majority
owner of Ineos, has called for an overhaul of UK industrial
policy.

Mr. Ratcliffe, as cited by the FT, said such cliff-hanger
disputes could be avoided if the UK reformed its labor relations.
He said that the UK should also cut energy taxes to make
manufacturing more competitive, the FT notes.

"I think it's very important for the UK to have a very big
manufacturing base.  Manufacturing needs to be encouraged, and
putting high taxes [on energy] just frightens manufacturing off,"
the FT quotes Mr. Ratcliffe as saying.

                          About INEOS Group

INEOS Group is the world's third largest chemical company
consisting of some 15 businesses.  Product lines include ethylene
oxide-based specialty and intermediate chemicals, fluorochemicals
used as refrigerants and propellants, and phenol and acetate
products.  INEOS Chlor makes chlor-alkali chemicals.  INEOS Group
was formed in 1998 after CEO Jim Ratcliffe, who controls the
group, led a management buyout.  It now operates more than 60
manufacturing facilities in 13 countries worldwide.  Ratcliffe
has placed INEOS among the world's top chemical companies (with
ExxonMobil, Dow, and BASF) through his many and varied
acquisitions.


LADBROKES PLC: Fitch Affirms 'B' Short-term IDR; Outlook Neg.
-------------------------------------------------------------
Fitch Ratings has changed Ladbrokes Plc's Outlook to Negative
from Stable. Its ratings have been affirmed at Long-term Issuer
Default (IDR) 'BB+, Short-term IDR 'B' and senior unsecured
'BB+'.

The change of Outlook reflects a contraction of rating headroom
at the current 'BB+' level and heightened risks that trading
weaknesses could affect Ladbrokes' cash flow generation and
leverage. While we expect investments to turn around the online
business over the medium term, the exercise is proving more
costly than expected. Also Ladbrokes is increasingly slow at
closing its gap with competitors. Online exceptional charges and
lower online and UK retail profits will likely cause negative
cash flow and higher leverage than levels consistent with the
'BB+' rating for 2013 and, possibly, 2014.

Key Rating Drivers

Weaker UK Retail
H113 saw a 19.8% reduction in UK retail operating profit. UK
betting has been subject to adverse race results and race
cancellations in H113, as well as to a fast pace of innovations
from competitors. Content costs from providers such as Turf TV
have also risen during the year. While UK machine gross win grew
3.2% in H113, this was due to a greater number of machines. Gross
win per shop per week was down 1% during the period, and machines
profits which have, in recent years, compensated the secular
decline of horse betting, are now stagnating. These are
structural changes that are capping industry participants'
ratings at a low investment grade level, and have been factored
into Ladbrokes' 'BB+' rating.

Digital Business Disappointing
The online gaming business's operating performance has been
disappointing, particularly when compared with main competitor
William Hill Plc. Ladbrokes is near completion of a re-launch of
its online unit but has been faced with execution challenges such
as adoption lag. This has led management to cut divisional profit
guidance for 2013. Its online gaming offer and customer
relationship management system should start benefiting in 2014
from a new product and marketing services agreement with
Playtech -- a gaming software, customer relationship management,
marketing and services specialist -- but larger competitors
continue to gain ground in this innovation-led sector.

New UK Gaming Tax
In the UK a change from VAT to machine games duty (MGD) has seen
an increase in tax incurred on machines in stores in H113.
Offsetting this increase in tax, Fitch expects new store openings
(73 net openings in H113) and a more effective liability
management system should deliver higher operating margins for the
UK operations. In addition a likely new gaming tax in 2014 for
online gaming should, following some temporary disruption, ensure
a fairer tax environment for industry players such as Ladbrokes
as opposed to smaller competitors based in offshore tax
locations.

Leverage to Reduce Slowly
Fitch predicts an increase in leverage to up to 3.5x (on a funds
from operations (FFO) net adjusted leverage basis) for FY13,
before falling to 2.9x-3.1x by 2015 at the latest on renewed free
cash flow (FCF) generation. This is provided that no significant
debt-funded acquisition takes place. Fitch considers 3.0x as the
maximum leverage compatible with the 'BB+' rating given the
current degree of business risks.

Possible M&A
Opportunities created by a liberalizing European gaming industry
and the scope for the development of online gaming make further
M&A possible. However, Ladbrokes has been cautious towards M&A
transactions entailing legal risks.

Lower Forecasts
Fitch has revised its projections to factor in weaker UK retail
profits, slower growth from gaming machines and the 2013
exceptional charges. Fitch projects that FCF in 2013 will be
negative, but could improve in 2014 if the online unit starts to
see stronger performance.

Rating Sensitivities

Positive: Future developments that could lead to the Outlook
being revised to Stable include:

   -- Strengthened operations with an established competitive
      profile in online gaming and a stabilized UK retail
      business.

   -- FFO adjusted net leverage falling to 3.0x or below

Negative: Future developments that could lead to negative rating
action include:

   -- FCF remaining in the low single digits as a % of sales

   -- FFO adjusted net leverage staying persistently higher than
      3.0x, due to poor trading at any given time, or due to M&A
      for over 12-18 months.


MEZZVEST INVESTMENTS: Moody's Cuts Class D Notes Rating to 'Ba3'
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the
following notes issued by Mezzvest Investments II Limited:

-- EUR180M Class A2 Secured Floating Rate Facilities, due 2023,
    Downgraded to Aa2 (sf); previously on Jul 25, 2007 Assigned
    Aaa (sf)

-- EUR95M Class B Secured Floating Rate Facilities, due 2023,
    Downgraded to A3 (sf); previously on Jul 10, 2009 Confirmed
at
    Aa2 (sf)

-- EUR95M Class C Secured Floating Rate Facilities, due 2023,
    Downgraded to Baa3 (sf); previously on Jul 10, 2009 Confirmed
    at A2 (sf)

-- EUR30M Class D Secured Floating Rate Variable Funding
    Facilities (current outstanding balance: EUR22.1M), due 2023,
    Downgraded to Ba3 (sf); previously on Jul 10, 2009 Confirmed
    at Baa2 (sf)

Moody's also affirmed the ratings of the following notes issued
by Mezzvest Investments II Limited:

-- EUR450M Class A1 Secured Floating Rate Variable Funding
    Facilities (current outstanding balance: approximately
    EUR194.2M), due 2023, Affirmed Aaa (sf); previously on Jul
25,
    2007 Assigned Aaa (sf)

Mezzvest Investments II Limited, issued in July 2007, is a multi
currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly European mezzanine loans as well as second
lien loans. Such loans are paying interests either fully or
partially in cash or by payment in kind (PIK). The portfolio is
advised by CapVest Associates LLP. This transaction passed its
reinvestment period in June 2012.

Ratings Rationale:

According to Moody's, the rating actions taken on the notes are
primarily driven by the reduced granularity and deterioration in
the credit quality of underlying collateral pool since the
payment date in October 2012.

The ongoing deleveraging of the transaction has led to a
reduction in the granularity of the portfolio, decreasing the
reported diversity score of the transaction to 15 from 19 in
October 2012. In addition, the concentration of assets with
credit estimates has increased in the portfolio which resulted in
a deterioration of the WARF assumed in the analysis due to the
stress applied to large credit estimate exposures. The reported
WARF, which does not include the credit estimate stresses
applicable to concentrated pools, has increased to 3,653 from
3,310 in October 2012. During the same period the proportion of
assets rated Caa1 and below increased to 14.6% from 8.9%.

Moody's notes that the Class A-1 notes have been paid down by
approximately 53.1% or EUR223.2 million since the payment date in
October 2012. Furthermore, approximately EUR41.7 million of
principal proceeds are expected to be available at the end of
October following a repayment of one collateral asset and will be
mainly applied to pay down the Class A-1 notes on the next
payment date in January 2014. As of the latest monthly report
dated September 2013, the Class B, C and D overcollateralization
ratios are reported at 167%, 144% and 139%, respectively, as
compared to 169%, 149% and 144%, respectively, on the payment
date in October 2012. The current overcollateralization ratios do
not account for the approximately EUR 113 million and EUR1.4
million pay down of the Class A and Class D notes, respectively,
in October 2013. All overcollateralization tests are currently in
compliance.

Moody's notes that the key model inputs used in its analysis,
such as par, weighted average rating factor, diversity score, and
weighted average recovery rate are based on its published
methodology and may be different from the trustee's reported
numbers. In its base case, Moody's analyzed the underlying
collateral pool to have a performing par and principal proceeds
balance of EUR862.1 million, defaulted par of EUR248.3 million, a
weighted average default probability of 31.76% (consistent with a
WARF of 4,549), a weighted average recovery rate upon default of
15% for a Aaa liability target rating, a diversity score of 13
and a weighted average spread of 3.17%. The default probability
is derived from the credit quality of the collateral pool and
Moody's expectation of the remaining life of the collateral pool.
The average recovery rate to be realized on future defaults is
based primarily on the seniority of the assets in the collateral
pool. For a Aaa liability target rating, Moody's assumed that
100% of the portfolio exposed to non first-lien loan corporate
assets would recover 15% upon default. The historical and market
performance trends and collateral manager latitude for trading
the collateral are also relevant factors. These default and
recovery properties of the collateral pool are incorporated in
cash flow model analysis where they are subject to stresses as a
function of the target rating of each CLO liability being
reviewed.

In addition to the base case analysis described above, Moody's
also performed sensitivity analyses on key parameters for the
rated notes:

Deterioration of credit quality to address the refinancing and
sovereign risks - Approximately 4.83% of the portfolio is rated
B3 and below with maturities between 2014 and 2016, which may
create challenges for issuers to refinance. The portfolio is also
exposed to 11.1% of obligors located in Italy. Moody's considered
the scenario where the WARF of the portfolio was increased to
4,639 by forcing to Ca the credit quality of 25% of such
exposures subject to refinancing or sovereign risks. This
scenario generated model outputs that were up to one notch lower
than in the base case.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy and 2) the large concentration
of speculative-grade debt maturing between 2014 and 2016 which
may create challenges for issuers to refinance. CLO notes'
performance may also be impacted either positively or negatively
by 1) the manager's investment strategy and behavior and 2)
divergence in legal interpretation of CDO documentation by
different transactional parties due to embedded ambiguities.

Sources of additional performance uncertainties are described
below:

1) Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio. Pace of amortization could vary significantly subject
to market conditions and this may have a significant impact on
the notes' ratings. In particular, amortization could accelerate
as a consequence of high levels of prepayments in the loan market
or collateral sales by the Collateral Manager or be delayed by
rising loan amend-and-extend restructurings. Fast amortization
would usually benefit the ratings of the senior notes but may
negatively impact the mezzanine and junior notes.

2) Moody's also notes that around 76% of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates. Large single exposures
to obligors bearing a credit estimate have been subject to a
stress applicable to concentrated pools as per the report titled
"Updated Approach to the Usage of Credit Estimates in Rated
Transactions" published in October 2009.

3) Foreign currency exposure: The deal has significant exposure
to non-EUR denominated assets. Volatilities in foreign exchange
rate will have a direct impact on interest and principal proceeds
available to the transaction, which may affect the expected loss
of rated tranches.

4) Recovery of defaulted assets: Market value fluctuations in
defaulted assets reported by the trustee and those assumed to be
defaulted by Moody's may create volatility in the deal's
overcollateralization levels. Further, the timing of recoveries
and the manager's decision to work out versus sell defaulted
assets create additional uncertainties. Moody's analyzed
defaulted recoveries assuming the lower of the market price and
the recovery rate in order to account for potential volatility in
market prices.

Moody's modelled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2013.

Under this methodology, Moody's used its Binomial Expansion
Technique, whereby the pool is represented by independent
identical assets, the number of which is being determined by the
diversity score of the portfolio. The default and recovery
properties of the collateral pool are incorporated in a cash flow
model where the default probabilities are subject to stresses as
a function of the target rating of each CLO liability being
reviewed. The default probability range is derived from the
credit quality of the collateral pool, and Moody's expectation of
the remaining life of the collateral pool. The average recovery
rate to be realized on future defaults is based primarily on the
seniority and jurisdiction of the assets in the collateral pool.

The cash flow model used for this transaction, whose description
can be found in the methodology listed above, is Moody's EMEA
Cash-Flow model.

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

In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record,
and the potential for selection bias in the portfolio. All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.

On August 14, 2013, Moody's released a report, which describes
how Moody's proposes to incorporate/assess the additional credit
risk of exposures domiciled in countries with country ceilings
that are single A or lower when rating CLO tranches that carry
ratings higher than those ceilings.


MURPHY LIMITED: In Administration, Cuts 239 Jobs
------------------------------------------------
Construction Inquirer reports that Murphy Limited has gone into
administration with the loss of 293 jobs.

The company has no connection with the much larger Murphy Group
who is often referred to as Green Murphy in the industry,
according to Construction Inquirer.

The report relates that Deloitte was called in to the firm's
Tottenham Hale head office and the administrator decided to cease
trading the business.

The report notes that Deloitte confirmed 293 staff have been made
redundant while a small number of workers will be retained while
options are explored to dispose of Murphy Limited's business and
assets.

The report relates that other group companies including Northern
Reliable Industrial Services Limited, Reliable Construction
Limited and Clear Route Utility Services Limited, are unaffected
by the administration of Murphy Limited and continuing to trade
as normal.

The report notes that Nick Edwards, Joint Administrator and
restructuring services partner at Deloitte, said: "The company
has suffered a prolonged period of difficult trading which has
resulted in it being unable to meet its financial obligations . .
. .  Regrettably, owing to the nature of the services provided by
the business and the investment required to continue to trade,
there is no other option but to announce these redundancies at
this time . . . .  We have sought to retain a number of employees
for the present time to assist the Administrators with an orderly
wind down and sale of Murphy's business and assets."

Murphy Limited specialized in laying underground electrical
cables primarily for utility companies.  Murphy Limited employs
327 people across sites including its London Head office,
Manchester, Penrith, Preston, Sheffield, Ashford, Stanlow and
Bradford.


SCALFORD HALL: In Administration Following Cash Flow Problems
-------------------------------------------------------------
Melton Times reports that Scalford Hall Limited has gone into
administration following cash flow problems.

Scalford Hall Limited will continue to trade as usual while
administrators explore future options, according to Melton Times.

Peter Holder, Kevin Coates -- kcoates@zolfocooper.eu -- and Anne
O'Keefe -- aokeefe@zolfocooper.eu -- partners at advisory and
restructuring specialists Zolfo Cooper, were appointed joint
administrators on Oct 16.

"The administrators were appointed as a result of the company
experiencing cash flow problems in the current challenging
economic environment . . . . The joint administrators will
continue to trade the business while exploring a range of options
for its future, including a sale of the business," the report
quoted Mr. Holder as saying.

"During this process we will continue to trade on a 'business as
usual' basis . . . .  We believe Scalford Hall is an attractive
proposition for a range of potential buyers and welcome
expressions of interest from third parties . . . .  We would also
like to take this opportunity to thank the staff for their
continued support and professionalism during this process," Mr.
Holder said, the report notes.

Scalford Hall employs about 50 people in total, including casual
staff.

Scalford Hall Limited owns and operates the 88-bedroom Scalford
Hall country house hotel.


VALTO LTD: In Administration; Main Assets Sold
----------------------------------------------
John Campbell at BBC News reports that Valto Ltd. has been placed
into administration as part of the restructuring of a major
Northern Ireland business.

Valto was owned by brothers Shamus and Francis Jennings, BBC
discloses.

According to BBC, some of Valto's main assets have been sold to
new companies controlled by the Jennings, with the rump of the
business going into administration.

BBC relates that a spokesperson for Valto said its main lender,
Ulster Bank, "has provided assistance throughout the process."

Ulster Bank was owed about GBP120 million when Valto's most
recent accounts were filed in January this year, BBC discloses.

According to BBC, the restructuring will mean the Saint Anne's
Square development in Belfast's Cathedral Quarter will transfer
into the ownership of the Ducales Group, whose principal
shareholder is Shamus Jennings.

Beacon House, an office block at Clarendon Dock in Belfast, has
been sold to Glenmayne Ltd., a firm controlled by the Jennings
family, BBC relates.

Valto reported a GBP21 million loss in its 2012 accounts, which
came on top of a GBP36 million loss in the 18 months to
March 2011, BBC recounts.

It had a 2012 operating profit of GBP3.4 million but that was
wiped out through losses on the sale of investments, write-offs
and a GBP6 million interest bill, BBC relays.

At that time, the company had net liabilities of GBP169,000
compared to net assets of GBP95 million in 2009, BBC relates.

According to BBC, the spokesperson added that Valto had traded
profitably in the past but in common with the property sector
throughout the UK and Ireland, there had been a significant
reduction in the value of its investment properties.

"The restructure has been undertaken to rebalance the group's
financial position and the directors had appointed administrators
from the consultancy BDO," BBC quotes the spokesperson as saying.

Valto Ltd. is a property firm.



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


* Fitch Says Euro Bank Tests Robust Enough, But Thin on Details
---------------------------------------------------------------
The European Central Bank's framework for its review of eurozone
banks appears comprehensive and should be sufficiently robust to
bolster investor confidence when completed, Fitch Ratings says.
But the outline is thin on details for identifying banks likely
to have capital shortfalls under the asset quality review (AQR)
and under the EU-wide stress test to be conducted with the
European Banking Authority (EBA). Further details on the process
would improve transparency and reduce short-term uncertainties.

The eurozone's largest banks will have to meet an 8% common
equity Tier 1 ratio to pass both tests, which will be completed
by November 2014, before the ECB assumes the role of single
supervisor. This is 1pp above the Basel III minimum, including
the capital conservation buffer, so sets a reasonable (though not
conservative) standard, especially as the ratio will be adjusted
to ensure more consistent application and what is intended to be
prudent assessment of assets and risk weights.

The tests are sufficiently robust to lead to capital shortfalls
in a few weaker banks. Banks that adopt a more aggressive
approach to risk weights or to non-performing or restructured
loans are likely to have larger adjustments applied to their
reported capital ratios, and so absent substantial capital
buffers are likely to be more vulnerable to follow-up actions.
Those meeting the 8% risk-weighted capital standard, but with
very high leverage, may also be at risk.

"We expect capital shortfalls mostly to be met through private
means, such as raising equity, cutting dividends, asset sales and
liability management exercises. Many European banks are already
been bolstering capital using these options. For example, the
average Fitch Core Capital/weighted risks ratio improved to over
11%, from 8.7%, for 25 major western European banks over the two
years to end-2012. Exercises like the upcoming tests mean that
the impetus to build capital is set to continue," Fitch says.

"A public backstop, if needed, would most likely be provided on a
national level. We believe that if state support is used it would
be likely to be a small amount relative to the bank's size and to
the capital shortfall identified by the stress test. In this
case, the European Commission can make an exception to the
burden-sharing requirements for banks in receipt of state aid."

The adjustment for risk weights should help address investor
concerns about the lack of transparency on this metric and
resulting inability to compare across banks and over time. There
should be a more harmonized treatment for credit and market risk,
as the scope of the exercise is broad. For example, the
adjustments could reduce variation in the value-at-risk
multiplier -- a significant source of variation for market risk
weights.

Adjustments for asset quality will be focused on the riskiest
asset classes, initially identified by national regulators, such
as real estate, SME, shipping and legacy structured finance
portfolios. The AQR will also concentrate on non-performing and
restructured exposures, using the definition published by the EBA
this week, and on sovereign exposures.

The 8% capital threshold is based on transitional regulatory
metrics rather than fully loaded Basel III. However, the
transitional metric threshold could be tougher to meet if an
extended time horizon is used for the EU-wide stress test.
Although the 1 January 2014 Basel III transitional definitions
for capital will apply for the AQR, the stress test will use
definitions valid at the end of the horizon. This could mean that
the 8% pass mark is much closer to the fully loaded basis, which
will be applicable for EU banks from 1 January 2019. The lack of
detail means this is not yet clear.

Another uncertainty is how leverage will be assessed. The ECB has
stated that the leverage ratio will provide supplementary
information for assessing the outcome, so it is likely to be used
as part of the capital adequacy assessment even though a
threshold has not been set.


* EU Asset Managers Face Growing Margin Pressure in 2014
--------------------------------------------------------
Margins on assets under management at European fund managers are
likely to come under more pressure next year and beyond as
competition intensifies and sources of higher fee-generating
business decline, Fitch Ratings says. We expect the number of
products available to investors to shrink as fund managers
counter this by focusing on cost reduction, especially among
managers that are subsidiaries of larger financial groups.

The average margin on European fund managers' assets under
management slipped to 40 basis points in 2012 from 44bp in 2010.
This drop, while not huge, illustrates the long-term risk of
margin pressure.

This decline has been partly driven by a shift away from high-fee
equity products. We believe it is likely to continue due to an
increasing shift among institutional investors towards passive
investments. Margins will also decline as retail investors move
towards low-cost products, such as exchange-traded and target
date funds. The trend is structural, even if a renewed investor
interest in equity may temporarily boost margins.

Competition is also likely to intensify in Europe because of the
relative openness to foreign managers, who are attracted by the
efficiency and simplicity of the UCITS fund framework. This has
already proved a strong draw for US managers but is also starting
to attract Asian and Latam-based managers.

Margins are particularly low in the captive institutional
segment, which is big in Europe and mainly comprises assets
managed for parent insurance companies. Fees are on average half
those charged to third party institutional investors. This is
unlikely to change in a low government-yield environment.

These pressures will lead to further rationalization of the
industry as firms aim to manage fewer, bigger funds. Around 1,000
funds were eliminated in 2012 and the industry is on track to hit
a similar number in 2013. 1,000 funds, however, only represents
around 3% of the total number in Europe. As many as 65% of cross-
border fund ranges do not have a single flagship with assets of
more than EUR1 billion.

Some fund managers still have room for further cost-cutting
through internal process rationalization. These tend to be the
subsidiaries of larger financial groups; independent fund
managers have done more to cut costs and leverage economies of
scale, reducing their cost/income ratios by around 10bp over the
last three years.


* SME Funding Challenges Continue in EU Countries, Fitch Says
-------------------------------------------------------------
Fitch Ratings has published a fourth report in a series under the
banner 'SME Market Review'. The report compares SME funding
across selected European countries: Germany, the UK, Spain and
Italy.

SMEs remain reliant on bank loans for external finance. While
there have been recent initiatives for SMEs to access capital
market funding it is still early days to assess whether these new
sources of funding would grow sustainably and offer an
alternative to bank loans.

After the credit boom, bank lending has contracted sharply, not
only in the peripheral zone but also in the UK. Only Germany is
reporting a marginal growth in lending to businesses. German SMEs
also benefit from the cheapest bank loan funding since
the beginning of the decade. In contrast loan interest rates and
loan margins over Euribor in Spain and Italy have increased
gradually over the past two years due to the increased funding
costs of banks in the periphery and the persistent recessionary
environment.

SME CLOs could play an important role in stimulating lending to
businesses. Throughout the crisis they have remained a crucial
tool for banks to access cheap funding from the European Central
Bank repo facility. However despite the placement of two SME CLO
transactions this year they will remain uneconomic unless the
return sought by investors is reduced or the margins on SME loans
increase.


* BOND PRICING: For the Week October 21 to October 25, 2013
------------------------------------------------------------

Issuer              Coupon   Maturity Currency Price
------              ------   -------- -------- -----

AUSTRIA
-------
IMMOFINANZ AG          4.25   3/8/2018    EUR    4.70
Alpine Holding Gmb     6.00  5/22/2017    EUR    0.25
Alpine Holding Gmb     5.25   7/1/2015    EUR    0.25
Alpine Holding Gmb     5.25  6/10/2016    EUR    0.25
A-TEC Industries A     8.75 10/27/2014    EUR    1.63
A-TEC Industries A     2.75  5/10/2014    EUR    2.00
A-TEC Industries A     5.75  11/2/2010    EUR    1.88
Hypo Alpe-Adria-Ba     0.79 11/29/2032    EUR   70.93
Hypo Alpe-Adria-Ba     0.68 12/18/2030    EUR   72.49
Investkredit Bank      4.63  4/12/2022    EUR   74.70
KA Finanz AG           4.90  6/23/2031    EUR   67.75
KA Finanz AG           4.44 12/20/2030    EUR   65.13
Oberoesterreichisc     0.63  11/6/2030    EUR   72.60
Oberoesterreichisc     0.52  4/25/2042    EUR   65.26
Oesterreichische V     1.06  7/29/2018    EUR   25.00
Oesterreichische V     5.27   2/8/2027    EUR   63.00
Raiffeisen Centrob    14.40   3/6/2014    EUR   73.77
UniCredit Bank Aus     0.75  8/20/2033    EUR   73.41
UniCredit Bank Aus     0.70 12/27/2031    EUR   71.81
UniCredit Bank Aus     0.57  1/25/2031    EUR   73.50
UniCredit Bank Aus     0.61  1/24/2031    EUR   73.64
UniCredit Bank Aus     0.72  1/22/2031    EUR   73.74

BELGIUM
-------
Econocom Group         4.00   6/1/2016    EUR   27.70
Ideal Standard Int    11.75   5/1/2018    EUR   72.33
Ideal Standard Int    11.75   5/1/2018    EUR   73.13

BULGARIA
--------
Petrol AD              8.38  1/26/2017    EUR   57.66
Aralco Finance SA     10.13   5/7/2020    USD   75.05
Aralco Finance SA     10.13   5/7/2020    USD   74.63
OGX Austria GmbH       8.50   6/1/2018    USD   12.03
OGX Austria GmbH       8.38   4/1/2022    USD   12.03
OGX Austria GmbH       8.50   6/1/2018    USD   11.88
OGX Austria GmbH       8.38   4/1/2022    USD   11.88
Clariden Leu Ltd/N     5.25   8/6/2014    CHF   65.59
Clariden Leu Ltd/N     4.50  8/13/2014    CHF   62.47
Credit Suisse/Nass     7.25   4/4/2014    USD   64.87
Clariden Leu Ltd/N     4.52  9/10/2014    CHF   65.99

CYPRUS
------
Cyprus Government      4.63   2/3/2020    EUR   73.86
Cyprus Government      6.00   7/1/2023    EUR   73.75
Cyprus Government      4.75   7/1/2020    EUR   73.13
Cyprus Government      5.25   7/1/2022    EUR   71.00
Cyprus Government      5.00   7/1/2021    EUR   71.75

CZECH REPUBLIC
--------------
Sazka AS               9.00  7/12/2021    EUR   10.13

DENMARK
-------
Kommunekredit          0.50  7/30/2027    TRY   26.38
Kommunekredit          0.50  9/19/2019    BRL   53.55
Kommunekredit          0.50  2/20/2020    BRL   51.34
Kommunekredit          0.50  5/11/2029    CAD   50.52
Kommunekredit          0.50 10/22/2019    BRL   53.10
Kommunekredit          0.50 12/14/2020    ZAR   60.44

FINLAND
-------
Municipality Finan     0.50 10/27/2016    BRL   73.96
Municipality Finan     0.50 11/30/2016    BRL   73.14
Municipality Finan     0.50 11/16/2017    TRY   71.26
Municipality Finan     0.50  6/19/2024    ZAR   37.00
Municipality Finan     0.50  2/17/2017    BRL   71.34
Municipality Finan     0.50  4/27/2018    ZAR   70.77
Municipality Finan     0.50  5/31/2022    ZAR   45.84
Municipality Finan     0.50 11/17/2016    BRL   73.90
Municipality Finan     0.50 11/10/2021    NZD   67.05
Municipality Finan     0.50 11/21/2018    ZAR   67.19
Municipality Finan     0.50  4/26/2022    ZAR   46.35
Municipality Finan     0.50 12/20/2018    ZAR   66.70
Municipality Finan     0.50  3/28/2018    BRL   62.02
Municipality Finan     0.50 12/14/2018    TRY   64.02
Municipality Finan     0.50   2/7/2018    BRL   68.42
Municipality Finan     0.50  3/16/2017    BRL   71.42
Municipality Finan     0.50  2/22/2019    IDR   65.22
Municipality Finan     0.50 11/21/2018    TRY   64.13
Municipality Finan     0.50  1/10/2018    BRL   64.01
Municipality Finan     0.50  6/22/2017    IDR   74.39
Municipality Finan     0.50  1/23/2018    BRL   64.50
Municipality Finan     0.25  6/28/2040    CAD   23.91
Municipality Finan     0.50 12/21/2021    NZD   66.64
Municipality Finan     0.50 11/25/2020    ZAR   54.11
Municipality Finan     0.50  3/17/2025    CAD   61.50
Talvivaara Mining      4.00 12/16/2015    EUR   17.99

FRANCE
------
Air France-KLM         4.97   4/1/2015    EUR   12.75
Air France-KLM         2.03  2/15/2023    EUR   10.59
Alcatel-Lucent/Fra     4.25   7/1/2018    EUR    3.12
Alcatel-Lucent/Fra     5.00   1/1/2015    EUR    3.36
Assystem               4.00   1/1/2017    EUR   24.27
AtoS                   2.50   1/1/2016    EUR   61.09
AtoS                   1.50   7/1/2016    EUR   60.87
BNP Paribas SA         0.50  1/31/2018    RUB   73.33
BNP Paribas SA         0.50 11/16/2032    MXN   39.68
BNP Paribas SA         0.50   5/6/2021    MXN   71.71
Caisse Centrale du     7.00  5/16/2014    EUR   53.03
Caisse Centrale du     7.00  5/18/2015    EUR    9.08
Caisse Centrale du     7.00  9/10/2015    EUR   15.35
Cap Gemini SA          3.50   1/1/2014    EUR   48.05
CGG SA                 1.75   1/1/2016    EUR   28.39
CGG SA                 1.25   1/1/2019    EUR   31.31
Club Mediterranee      6.11  11/1/2015    EUR   19.71
Credit Agricole Co     0.50  2/28/2018    RUB   73.06
Credit Agricole Co     0.50   3/6/2023    RUB   48.05
Dexia Credit Local     0.88  7/10/2017    EUR   74.75
Dexia Credit Local     4.38  2/12/2019    EUR   71.75
Etablissements Mau     7.13  7/31/2014    EUR   16.90
Etablissements Mau     7.13  7/31/2015    EUR   15.67
Faurecia               4.50   1/1/2015    EUR   24.46
Faurecia               3.25   1/1/2018    EUR   27.55
GFI Informatique S     5.25   1/1/2017    EUR    5.30
Ingenico               2.75   1/1/2017    EUR   57.77
Le Noble Age           4.88   1/3/2016    EUR   19.50
Nexans SA              2.50   1/1/2019    EUR   72.92
Nexans SA              4.00   1/1/2016    EUR   58.43
Novasep Holding SA     9.75 12/15/2016    USD   49.50
Novasep Holding SA     9.75 12/15/2016    USD   49.50
OL Groupe              7.00 12/28/2015    EUR    6.53
Orpea                  1.75   1/1/2020    EUR   48.99
Orpea                  3.88   1/1/2016    EUR   51.28
Peugeot SA             4.45   1/1/2016    EUR   26.65
Publicis Groupe SA     1.00  1/18/2018    EUR   60.32
SG Option Europe S     8.00  9/29/2015    USD   62.49
SG Option Europe S     7.00   5/5/2017    EUR   52.35
SG Option Europe S     7.00  9/22/2017    EUR   68.73
SG Option Europe S     8.00 12/18/2014    USD   40.49
SG Option Europe S     7.50 12/24/2014    EUR   38.00
SG Option Europe S     7.25   8/5/2014    EUR   62.59
Societe Air France     2.75   4/1/2020    EUR   21.03
Societe Generale S     0.50  6/12/2023    RUB   45.95
Societe Generale S     0.50   4/3/2023    RUB   46.79
Societe Generale S     0.50 11/29/2022    AUD   63.45
Societe Generale S     0.50  7/11/2022    USD   71.63
Societe Generale S     0.50  4/27/2022    USD   72.50
Societe Generale S     0.50 12/21/2022    AUD   63.21
Societe Generale S     0.50  4/30/2023    RUB   46.47
Societe Generale S     0.50  7/11/2022    AUD   64.99
Societe Generale S     0.50  12/6/2021    AUD   67.38
Societe Generale S     0.50  4/27/2022    AUD   65.81
Societe Generale S     0.50   9/7/2021    AUD   69.04
SOITEC                 6.75  9/18/2018    EUR    2.50
SOITEC                 6.25   9/9/2014    EUR    8.61
Tem SAS                4.25   1/1/2015    EUR   55.58
Zlomrex Internatio     8.50   2/1/2014    EUR   62.00
Zlomrex Internatio     8.50   2/1/2014    EUR   62.00

GEORGIA
-------
Bank J Safra Saras    13.60  2/17/2014    CHF   71.13
Bank Julius Baer &     6.20  4/15/2014    CHF   63.95
Bank Julius Baer &     9.00 12/13/2013    USD   67.65
Bank Julius Baer &    14.00  5/23/2014    USD   55.80
Bank Julius Baer &     8.50 12/13/2013    USD   56.05
Bank Julius Baer &     9.50 12/13/2013    USD   61.50
Bank Julius Baer &    12.60 12/13/2013    USD   52.65
Bank Julius Baer &     7.25  4/10/2014    USD   64.50
Bank Julius Baer &     9.00  1/29/2014    CHF   71.40
Bank Julius Baer &     6.10  4/17/2014    CHF   65.15
Bank Julius Baer &     6.20  4/17/2014    EUR   65.45
Bank Julius Baer &     5.00 12/23/2013    CHF   67.05
Bank Julius Baer &    10.20 11/29/2013    USD   52.45
Bank Julius Baer &    11.50  3/18/2014    USD   61.85
Bank Julius Baer &     6.80  4/11/2014    USD   70.15
Bank Julius Baer &     6.50  4/11/2014    USD   71.25
Bank Julius Baer &     9.00  4/11/2014    USD   71.05
Bank Julius Baer &     7.80  2/14/2014    USD   70.35
Bank Julius Baer &     7.50  2/14/2014    CHF   69.75
Bank Julius Baer &    10.00   4/4/2014    USD   62.75
Bank Julius Baer &     6.90  3/21/2014    USD   70.45
Banque Cantonale V     4.90   9/9/2014    CHF   73.73
EFG International      6.00 11/30/2017    EUR   39.45
EFG International     13.40 11/14/2013    CHF   58.64
EFG International      6.82   6/4/2014    CHF   70.01
EFG International     12.86 10/30/2017    EUR   35.40
EFG International     12.10  3/10/2014    USD   50.04
EFG International      4.50  2/20/2014    USD   58.50
EFG International      5.85 10/14/2014    CHF   72.75
EFG International     10.00 12/17/2013    USD   66.27
Leonteq Securities    11.90  1/15/2014    EUR   50.01
Leonteq Securities    17.00 11/21/2013    CAD   40.23
Leonteq Securities     9.25  11/5/2013    USD   36.80
Leonteq Securities    12.65 12/10/2013    EUR   50.06
Leonteq Securities     7.80  8/26/2014    CHF   55.40
Leonteq Securities    15.00  2/13/2014    CHF   55.94
Leonteq Securities    12.00 11/15/2013    CHF   54.70
Leonteq Securities    17.05  2/14/2014    CHF   42.69
Leonteq Securities    10.03 10/25/2013    CHF   48.39
Leonteq Securities     5.06  5/26/2014    CHF   74.49
Leonteq Securities    18.00  12/6/2013    CHF   58.34
Leonteq Securities     8.40 11/27/2013    CHF   69.11
Leonteq Securities     8.80  12/6/2013    EUR   66.34
Leonteq Securities    20.00 12/12/2013    CHF   59.36
Leonteq Securities    12.80 12/12/2013    CHF   56.01
Leonteq Securities     8.00 12/12/2013    CHF   67.47
Leonteq Securities     8.10 12/13/2013    CHF   56.63
Leonteq Securities     9.20 11/15/2013    CHF   72.96
Leonteq Securities     7.21 11/14/2013    CHF   72.00
Leonteq Securities    10.00 11/21/2013    CHF   48.23
Leonteq Securities    13.60  12/6/2013    CHF   53.15
Leonteq Securities     8.75   6/6/2014    GBP   71.26
Leonteq Securities     8.00  12/6/2013    USD   65.15
Leonteq Securities    12.89 12/10/2013    GBP   52.10
Leonteq Securities    10.20 11/14/2013    CHF   56.32
Leonteq Securities     8.01 11/15/2013    CHF   44.99
Leonteq Securities    21.75  5/22/2014    USD   45.78
Leonteq Securities    20.00  5/27/2014    CHF   71.16
Leonteq Securities    12.00  2/24/2014    CHF   69.73
Leonteq Securities     9.46   6/3/2014    AUD   61.68
Leonteq Securities    24.40  2/25/2014    USD   44.15
Leonteq Securities    22.75   2/4/2014    USD   68.91
Leonteq Securities    15.60   2/6/2014    CHF   55.74
Leonteq Securities    12.25  1/30/2014    CHF   49.87
Leonteq Securities    20.52  3/25/2014    USD   50.23
Leonteq Securities    10.00  1/17/2014    CHF   54.64
Leonteq Securities    21.50  3/21/2014    USD   57.05
Leonteq Securities     8.90  3/28/2014    EUR   63.16
Leonteq Securities    14.25  2/13/2015    USD   62.34
Leonteq Securities    11.50  2/11/2014    USD   70.57
Leonteq Securities    20.50  2/13/2014    CHF   65.24
Leonteq Securities     5.80  8/20/2014    USD   70.34
Leonteq Securities    13.25  2/14/2014    USD   60.87
Leonteq Securities    10.00  7/29/2014    USD   58.84
Leonteq Securities    29.61 10/26/2017    EUR   39.70
Leonteq Securities     9.00 10/31/2013    CHF   43.77
Leonteq Securities    12.00   3/5/2014    CHF   60.81
Leonteq Securities     8.50 12/24/2013    USD   54.18
Leonteq Securities    14.06 12/18/2013    USD   52.76
Leonteq Securities     5.76 12/20/2013    GBP   67.92
Leonteq Securities    10.00  1/23/2014    CHF   54.82
Leonteq Securities     8.00  6/19/2014    CHF   73.01
Leonteq Securities     6.80 12/19/2014    USD   71.84
Leonteq Securities    14.05 12/27/2013    CHF   55.88
Leonteq Securities     6.00  5/20/2014    CHF   66.65
Leonteq Securities    10.00 11/27/2013    CHF   74.15
Leonteq Securities    20.00 11/27/2013    CHF   57.98
Leonteq Securities    11.95 11/29/2013    EUR   54.01
Leonteq Securities     8.35   1/3/2014    AUD   70.38
Leonteq Securities     9.20 12/27/2013    CHF   70.21
Leonteq Securities     9.60   1/8/2014    USD   47.95
Leonteq Securities     8.40  1/15/2014    CHF   74.30
Leonteq Securities    14.00  9/22/2014    CHF   66.90
Leonteq Securities    10.80  1/15/2014    CHF   54.68
Leonteq Securities     5.50  1/25/2016    EUR   64.28
Leonteq Securities    12.00  12/6/2013    GBP   52.45
Leonteq Securities    20.14   4/9/2014    USD   55.40
Leonteq Securities     5.50  8/19/2014    USD   72.76
Leonteq Securities    20.07  2/19/2014    USD   41.82
Leonteq Securities    10.00   2/6/2014    USD   57.48
Leonteq Securities    23.90  1/24/2014    USD   43.75
Leonteq Securities    10.00  11/5/2013    USD   71.34
Leonteq Securities    25.70  1/24/2014    USD   50.45
Mare Baltic PCC Lt     2.00  11/1/2015    DKK    0.00
Zurcher Kantonalba    12.35 11/13/2013    CHF   56.78
Zurcher Kantonalba     8.22 11/15/2013    CHF   56.56
Zurcher Kantonalba     6.05 12/19/2013    EUR   65.62
Zurcher Kantonalba     9.00 12/31/2013    CHF   58.57
Zurcher Kantonalba    10.40  12/5/2013    EUR   60.48
Zurcher Kantonalba    10.65  12/6/2013    CHF   57.99

GERMANY
-------
ATU Auto-Teile-Ung     7.47  10/1/2014    EUR   18.67
BDT Media Automati     8.13  10/9/2017    EUR   65.75
BNP Paribas Emissi     6.00 11/21/2013    EUR   72.21
BNP Paribas Emissi     5.00 11/21/2013    EUR   58.40
BNP Paribas Emissi     7.00 12/30/2013    EUR   60.64
BNP Paribas Emissi     5.50 11/21/2013    EUR   60.09
BNP Paribas Emissi     5.00 11/21/2013    EUR   60.05
BNP Paribas Emissi     6.50 12/30/2013    EUR   59.53
BNP Paribas Emissi     5.50 11/21/2013    EUR   68.77
BNP Paribas Emissi     4.50 11/21/2013    EUR   72.24
BNP Paribas Emissi     6.00 11/21/2013    EUR   74.37
Bremer Landesbank      0.69  3/21/2031    EUR   67.09
Bremer Landesbank      0.72   4/5/2041    EUR   54.49
Centrosolar Group      7.00  2/15/2016    EUR   13.75
Commerzbank AG         8.40 12/30/2013    EUR    2.56
Commerzbank AG         5.05 12/24/2013    EUR   67.54
DekaBank Deutsche      2.21  9/22/2021    EUR   13.92
Deutsche Bank AG       7.00 10/31/2013    EUR   56.20
Deutsche Bank AG       5.00 11/29/2013    EUR   65.00
Deutsche Bank AG       5.00 10/31/2013    EUR   64.80
Deutsche Bank AG       6.00 10/31/2013    EUR   61.70
Deutsche Bank AG       6.00 11/29/2013    EUR   62.00
Deutsche Bank AG       7.00 11/29/2013    EUR   56.60
Deutsche Bank AG       8.20  6/24/2014    EUR   61.80
Deutsche Bank AG       6.20  6/24/2014    EUR   66.00
Deutsche Bank AG       7.20  6/24/2014    EUR   62.90
Deutsche Bank AG       6.20  3/25/2014    EUR   66.40
Deutsche Bank AG       8.20  3/25/2014    EUR   61.50
Deutsche Bank AG       7.20  3/25/2014    EUR   62.90
Deutsche Bank AG       5.00  8/20/2014    EUR   69.00
Deutsche Bank AG       5.00  8/20/2014    EUR   65.10
Deutsche Bank AG       5.00  8/20/2014    EUR   61.50
Deutsche Bank AG       5.00  8/20/2014    EUR   56.80
Deutsche Bank AG       6.00  8/20/2014    EUR   69.80
Deutsche Bank AG       6.00  8/20/2014    EUR   65.90
Deutsche Bank AG       6.00  8/20/2014    EUR   62.30
Deutsche Bank AG       6.00  8/20/2014    EUR   57.70
Deutsche Bank AG       7.00  8/20/2014    EUR   70.70
Deutsche Bank AG       7.00  8/20/2014    EUR   66.70
Deutsche Bank AG       7.00  8/20/2014    EUR   63.20
Deutsche Bank AG       7.00  8/20/2014    EUR   58.50
Deutsche Bank AG       6.00  6/25/2014    EUR   66.70
Deutsche Bank AG       5.00  6/25/2014    EUR   59.24
Deutsche Bank AG       7.50  6/24/2014    EUR   55.20
Deutsche Bank AG       8.50  6/24/2014    EUR   55.90
Deutsche Bank AG       9.50  6/24/2014    EUR   56.60
Deutsche Bank AG       5.50  6/24/2014    EUR   52.50
Deutsche Bank AG       6.50  6/24/2014    EUR   53.20
Deutsche Bank AG       7.50  6/24/2014    EUR   53.90
Deutsche Bank AG       8.50  6/24/2014    EUR   54.50
Deutsche Bank AG       9.50  6/24/2014    EUR   55.20
Deutsche Bank AG       5.50  6/24/2014    EUR   51.20
Deutsche Bank AG       6.50  6/24/2014    EUR   51.90
Deutsche Bank AG       7.50  6/24/2014    EUR   52.60
Deutsche Bank AG       8.50  6/24/2014    EUR   53.30
Deutsche Bank AG       9.50  6/24/2014    EUR   53.90
Deutsche Bank AG       5.50  6/24/2014    EUR   60.00
Deutsche Bank AG       6.50  6/24/2014    EUR   60.70
Deutsche Bank AG       7.50  6/24/2014    EUR   61.30
Deutsche Bank AG       8.50  6/24/2014    EUR   62.00
Deutsche Bank AG       9.50  6/24/2014    EUR   62.70
Deutsche Bank AG       5.50  6/24/2014    EUR   58.30
Deutsche Bank AG       6.50  6/24/2014    EUR   59.00
Deutsche Bank AG       7.50  6/24/2014    EUR   59.70
Deutsche Bank AG       8.50  6/24/2014    EUR   60.40
Deutsche Bank AG       9.50  6/24/2014    EUR   61.00
Deutsche Bank AG       6.50  6/24/2014    EUR   57.40
Deutsche Bank AG       7.50  6/24/2014    EUR   58.10
Deutsche Bank AG       8.50  6/24/2014    EUR   58.80
Deutsche Bank AG       9.50  6/24/2014    EUR   59.50
Deutsche Bank AG       6.50  6/24/2014    EUR   55.90
Deutsche Bank AG       7.50  6/24/2014    EUR   56.60
Deutsche Bank AG       8.50  6/24/2014    EUR   57.30
Deutsche Bank AG       9.50  6/24/2014    EUR   58.00
Deutsche Bank AG       5.50  6/24/2014    EUR   53.80
Deutsche Bank AG       6.50  6/24/2014    EUR   54.50
Deutsche Bank AG       6.00  4/24/2014    EUR   68.90
Deutsche Bank AG       7.00  4/24/2014    EUR   65.30
Deutsche Bank AG       8.00  4/24/2014    EUR   62.10
Deutsche Bank AG       8.00  7/22/2014    EUR   72.10
Deutsche Bank AG       9.50  3/25/2014    EUR   62.10
Deutsche Bank AG       5.50  3/25/2014    EUR   58.60
Deutsche Bank AG       6.50  3/25/2014    EUR   59.10
Deutsche Bank AG       7.50  3/25/2014    EUR   59.50
Deutsche Bank AG       9.50  3/25/2014    EUR   60.40
Deutsche Bank AG       8.50  3/25/2014    EUR   58.30
Deutsche Bank AG       6.50  3/25/2014    EUR   55.90
Deutsche Bank AG       7.50  3/25/2014    EUR   56.30
Deutsche Bank AG       8.50  3/25/2014    EUR   56.80
Deutsche Bank AG       9.50  3/25/2014    EUR   57.20
Deutsche Bank AG       5.50  3/25/2014    EUR   54.00
Deutsche Bank AG       8.50  3/25/2014    EUR   55.30
Deutsche Bank AG       9.50  3/25/2014    EUR   55.70
Deutsche Bank AG       8.50  3/25/2014    EUR   53.90
Deutsche Bank AG       6.50  3/25/2014    EUR   51.70
Deutsche Bank AG       9.50  3/25/2014    EUR   53.00
Deutsche Bank AG       7.50  9/23/2014    EUR   74.80
Deutsche Bank AG       8.50  9/23/2014    EUR   73.60
Deutsche Bank AG       8.00 12/20/2013    EUR   54.70
Deutsche Bank AG       9.50 12/20/2013    EUR   63.80
Deutsche Bank AG      11.00 12/20/2013    EUR   64.10
Deutsche Bank AG       7.50  3/25/2014    EUR   61.20
Deutsche Bank AG       6.50  3/25/2014    EUR   57.40
Deutsche Bank AG       6.50  3/25/2014    EUR   54.40
Deutsche Bank AG       7.50  3/25/2014    EUR   54.90
Deutsche Bank AG       5.50  3/25/2014    EUR   52.60
Deutsche Bank AG       6.50  3/25/2014    EUR   53.00
Deutsche Bank AG       7.50  3/25/2014    EUR   53.50
Deutsche Bank AG       5.50  3/25/2014    EUR   51.30
Deutsche Bank AG       8.50  3/25/2014    EUR   52.60
Deutsche Bank AG       8.00 12/20/2013    EUR   63.60
Deutsche Bank AG       8.00 12/20/2013    EUR   59.70
Deutsche Bank AG       9.50 12/20/2013    EUR   60.00
Deutsche Bank AG       9.50 12/20/2013    EUR   55.00
Deutsche Bank AG      11.00 12/20/2013    EUR   60.20
Deutsche Bank AG       6.00  3/25/2014    EUR   66.40
Deutsche Bank AG       8.00  3/25/2014    EUR   61.40
Deutsche Bank AG       7.00  3/25/2014    EUR   62.80
Deutsche Bank AG      11.00 12/20/2013    EUR   55.20
Deutsche Bank AG       6.00 10/31/2013    EUR   62.70
Deutsche Bank AG       8.00 10/31/2013    EUR   53.80
Deutsche Bank AG       6.00 11/29/2013    EUR   63.00
Deutsche Bank AG       8.00 10/31/2013    EUR   72.80
Deutsche Bank AG       7.00  2/28/2014    EUR   60.60
Deutsche Bank AG       5.00 12/20/2013    EUR   63.10
Deutsche Bank AG       7.00 12/20/2013    EUR   56.10
Deutsche Bank AG       7.50 11/29/2013    EUR   55.80
Deutsche Bank AG       5.00 11/29/2013    EUR   67.30
Deutsche Bank AG       7.00 11/29/2013    EUR   59.20
Deutsche Bank AG       8.00 11/29/2013    EUR   54.30
Deutsche Bank AG       6.00  2/28/2014    EUR   64.00
Deutsche Bank AG       8.00  2/28/2014    EUR   56.00
Deutsche Bank AG       6.00 12/20/2013    EUR   59.40
Deutsche Bank AG       6.50 11/29/2013    EUR   59.20
Deutsche Bank AG       8.50 10/31/2013    EUR   58.90
Deutsche Bank AG       7.50 10/31/2013    EUR   62.70
Deutsche Bank AG       7.50 11/29/2013    EUR   63.20
Deutsche Bank AG       8.50 11/29/2013    EUR   59.40
Deutsche Bank AG       7.50 12/20/2013    EUR   59.60
Deutsche Bank AG      10.00 12/20/2013    EUR   53.60
Deutsche Bank AG       8.00 12/20/2013    EUR   56.30
Deutsche Bank AG       8.50 12/20/2013    EUR   56.40
Deutsche Bank AG       9.00 12/20/2013    EUR   54.90
Deutsche Bank AG       5.00 10/31/2013    EUR   67.10
Deutsche Bank AG       7.00 10/31/2013    EUR   58.80
Deutsche Bank AG       9.00 11/29/2013    EUR   73.50
Deutsche Bank AG       5.50 11/29/2013    EUR   62.90
Deutsche Bank AG       8.50 12/20/2013    EUR   59.80
Deutsche Bank AG       9.00 12/20/2013    EUR   58.10
Deutsche Bank AG      10.00 12/20/2013    EUR   58.30
Deutsche Bank AG       6.00 12/20/2013    EUR   55.90
Deutsche Bank AG       6.50 12/20/2013    EUR   56.00
Deutsche Bank AG       6.00 12/20/2013    EUR   57.60
Deutsche Bank AG       7.00 12/20/2013    EUR   57.80
Deutsche Bank AG       8.00 12/20/2013    EUR   57.90
Deutsche Bank AG       7.50 12/20/2013    EUR   56.20
Deutsche Bank AG      10.00 12/20/2013    EUR   56.60
Deutsche Bank AG       7.00 12/20/2013    EUR   59.50
Deutsche Bank AG       9.50 12/20/2013    EUR   56.50
Deutsche Bank AG       6.00  3/26/2014    EUR   66.95
Deutsche Bank AG       7.50 12/20/2013    EUR   57.90
Deutsche Bank AG       9.00 12/20/2013    EUR   59.90
Deutsche Bank AG       5.00  3/26/2014    EUR   70.59
Deutsche Bank AG       9.00 12/20/2013    EUR   56.40
Deutsche Bank AG      12.00 12/20/2013    EUR   51.20
Deutsche Bank AG       6.50 12/20/2013    EUR   59.40
Deutsche Bank AG      10.00 12/20/2013    EUR   55.00
Deutsche Bank AG       5.00  6/24/2014    EUR   71.70
Deutsche Bank AG       4.50  3/25/2014    EUR   75.00
Deutsche Bank AG       5.00  3/25/2014    EUR   72.70
Deutsche Bank AG       7.00  1/31/2014    EUR   62.00
Deutsche Bank AG       8.00  1/31/2014    EUR   60.40
Deutsche Bank AG       5.50  3/25/2014    EUR   60.30
Deutsche Bank AG       6.50  3/25/2014    EUR   60.80
Deutsche Bank AG       8.50  3/25/2014    EUR   61.60
Deutsche Bank AG       8.50  3/25/2014    EUR   59.90
Deutsche Bank AG       7.50  3/25/2014    EUR   57.90
Deutsche Bank AG       9.50  3/25/2014    EUR   58.70
Deutsche Bank AG       9.50  3/25/2014    EUR   54.30
Deutsche Bank AG       7.50  3/25/2014    EUR   52.20
Deutsche Bank AG       6.00  1/31/2014    EUR   65.80
Deutsche Bank AG       4.50  6/24/2014    EUR   73.70
Dresdner Bank AG       0.89 11/19/2029    EUR   51.13
Dresdner Bank AG       5.45  2/22/2029    EUR   65.92
Dresdner Bank AG       1.08 12/31/2021    EUR   72.13
DZ Bank AG Deutsch    12.00 10/25/2013    EUR   73.65
DZ Bank AG Deutsch     2.35  3/24/2023    EUR   70.50
DZ Bank AG Deutsch     6.25 10/25/2013    EUR   70.93
DZ Bank AG Deutsch     8.50 10/25/2013    EUR   72.67
DZ Bank AG Deutsch     7.00 10/25/2013    EUR   50.42
DZ Bank AG Deutsch     5.75 12/31/2013    EUR   55.46
DZ Bank AG Deutsch     7.00 12/31/2013    EUR   72.18
DZ Bank AG Deutsch     7.75  11/8/2013    EUR   54.90
DZ Bank AG Deutsch     6.25 10/25/2013    EUR   73.66
DZ Bank AG Deutsch     7.00 12/31/2013    EUR   51.95
DZ Bank AG Deutsch     5.00 12/13/2013    EUR   62.43
DZ Bank AG Deutsch     5.75 11/22/2013    EUR   74.95
DZ Bank AG Deutsch     6.50 11/22/2013    EUR   49.33
DZ Bank AG Deutsch     6.25  11/8/2013    EUR   56.39
DZ Bank AG Deutsch     5.00 12/31/2013    EUR   64.79
DZ Bank AG Deutsch     9.40 12/31/2013    EUR   58.13
DZ Bank AG Deutsch     9.50 10/25/2013    EUR   48.70
DZ Bank AG Deutsch    15.75 11/22/2013    EUR    4.94
DZ Bank AG Deutsch    10.75 12/31/2013    EUR   56.51
DZ Bank AG Deutsch     9.25  3/28/2014    EUR   58.18
DZ Bank AG Deutsch     5.75  6/27/2014    EUR   60.94
DZ Bank AG Deutsch     9.75  6/27/2014    EUR   58.40
DZ Bank AG Deutsch     8.50  9/26/2014    EUR   59.94
DZ Bank AG Deutsch     7.00   4/7/2014    EUR   62.91
DZ Bank AG Deutsch     7.50  6/13/2014    EUR   63.50
DZ Bank AG Deutsch     5.00 10/25/2013    EUR   58.00
DZ Bank AG Deutsch     5.00 12/20/2013    EUR   68.68
DZ Bank AG Deutsch     9.50  1/10/2014    EUR   65.98
DZ Bank AG Deutsch    12.25  1/10/2014    EUR   68.31
DZ Bank AG Deutsch    10.75  7/11/2014    EUR   74.40
DZ Bank AG Deutsch     6.30  7/11/2014    EUR   69.50
DZ Bank AG Deutsch     5.50 12/13/2013    EUR   55.94
DZ Bank AG Deutsch     3.50 12/31/2013    EUR   64.92
DZ Bank AG Deutsch     7.50  6/13/2014    EUR   66.92
DZ Bank AG Deutsch     2.50 12/13/2013    EUR   68.49
DZ Bank AG Deutsch     8.00  3/28/2014    EUR   53.91
DZ Bank AG Deutsch     7.40  7/11/2014    EUR   68.63
DZ Bank AG Deutsch     4.75 12/13/2013    EUR   59.73
DZ Bank AG Deutsch     7.50  1/15/2014    EUR   74.79
DZ Bank AG Deutsch     6.00 11/11/2013    EUR   49.46
DZ Bank AG Deutsch     5.00 12/13/2013    EUR   59.41
DZ Bank AG Deutsch     6.25   3/7/2014    EUR   58.45
DZ Bank AG Deutsch     5.50  2/14/2014    EUR   56.46
DZ Bank AG Deutsch    10.00 12/31/2013    EUR   63.87
DZ Bank AG Deutsch     5.25  6/27/2014    EUR   69.05
DZ Bank AG Deutsch     8.75  9/26/2014    EUR   66.80
DZ Bank AG Deutsch     9.25  3/28/2014    EUR   65.56
DZ Bank AG Deutsch     9.75  6/27/2014    EUR   65.38
DZ Bank AG Deutsch     4.00 12/13/2013    EUR   60.82
DZ Bank AG Deutsch     5.25 10/25/2013    EUR   54.26
DZ Bank AG Deutsch     6.00 12/13/2013    EUR   72.70
DZ Bank AG Deutsch     6.50  6/27/2014    EUR   64.75
DZ Bank AG Deutsch     7.50  6/27/2014    EUR   63.09
DZ Bank AG Deutsch     9.75  6/13/2014    EUR   64.24
DZ Bank AG Deutsch     4.50 12/31/2013    EUR   62.28
DZ Bank AG Deutsch     6.50  3/14/2014    EUR   52.87
DZ Bank AG Deutsch     6.00  1/17/2014    EUR   58.65
DZ Bank AG Deutsch     4.00  3/28/2014    EUR   57.78
DZ Bank AG Deutsch     4.00 12/20/2013    EUR   68.55
DZ Bank AG Deutsch     5.75 11/22/2013    EUR   58.79
DZ Bank AG Deutsch     9.75 11/22/2013    EUR   53.48
DZ Bank AG Deutsch     7.50  1/10/2014    EUR   70.79
DZ Bank AG Deutsch     6.00  3/28/2014    EUR   60.96
EDOB Abwicklungs A     7.50  3/29/2049    EUR    3.25
EDOB Abwicklungs A     7.50  3/29/2049    EUR    3.25
Estavis AG             7.75  6/25/2017    EUR    2.29
getgoods.de AG         7.75  10/2/2017    EUR   68.50
Goldman Sachs & Co    11.00 10/23/2013    EUR   60.54
Goldman Sachs & Co    13.00 10/23/2013    EUR   47.86
Goldman Sachs & Co     7.00 12/27/2013    EUR   68.38
Goldman Sachs & Co    12.00 12/27/2013    EUR   44.22
Goldman Sachs & Co    13.00 12/27/2013    EUR   72.58
Goldman Sachs & Co     7.00 12/27/2013    EUR   67.54
Goldman Sachs & Co    10.00 11/20/2013    EUR   70.02
Goldman Sachs & Co    16.00 12/27/2013    EUR   43.09
Goldman Sachs & Co    16.00 11/20/2013    EUR   61.82
Goldman Sachs & Co    13.00 12/27/2013    EUR   47.51
Goldman Sachs & Co    10.00 12/27/2013    EUR   48.06
Goldman Sachs & Co    14.00 10/23/2013    EUR   44.71
Goldman Sachs & Co    14.00 11/20/2013    EUR   72.30
Goldman Sachs & Co    16.00 10/23/2013    EUR   68.51
Goldman Sachs & Co    12.00  3/26/2014    EUR   73.08
Goldman Sachs & Co     8.00  3/26/2014    EUR   57.54
Goldman Sachs & Co    14.00 10/23/2013    EUR   69.75
Goldman Sachs & Co    11.00  3/26/2014    EUR   74.11
Goldman Sachs & Co    14.00 11/20/2013    EUR   70.69
Goldman Sachs & Co    16.00 10/23/2013    EUR   68.67
Goldman Sachs & Co    16.00 11/20/2013    EUR   66.17
Goldman Sachs & Co    16.00  3/26/2014    EUR   69.23
Goldman Sachs & Co     6.00 10/23/2013    EUR   72.71
Goldman Sachs & Co    12.00 10/23/2013    EUR   71.90
Goldman Sachs & Co    14.00 11/20/2013    EUR   72.42
Goldman Sachs & Co     8.00 11/20/2013    EUR   57.14
Goldman Sachs & Co     9.00 10/23/2013    EUR   47.84
Goldman Sachs & Co    11.00  3/26/2014    EUR   56.14
Goldman Sachs & Co     8.00 10/23/2013    EUR   52.12
Goldman Sachs & Co    18.00 10/23/2013    EUR   43.70
Goldman Sachs & Co    12.00 11/20/2013    EUR   74.24
Goldman Sachs & Co    13.00 11/20/2013    EUR   72.22
Goldman Sachs & Co     9.00 12/27/2013    EUR   55.96
Goldman Sachs & Co     7.00  3/26/2014    EUR   54.46
Goldman Sachs & Co    12.00 10/23/2013    EUR   49.40
Goldman Sachs & Co    15.00 11/20/2013    EUR   46.58
Goldman Sachs & Co    16.00  3/26/2014    EUR   50.67
Goldman Sachs & Co    17.00 10/23/2013    EUR   72.12
Goldman Sachs & Co     6.00  3/26/2014    EUR   63.79
Goldman Sachs & Co    13.00 12/24/2014    EUR   72.15
Goldman Sachs & Co     9.00 12/24/2014    EUR   61.30
Goldman Sachs & Co    15.00 12/27/2013    EUR   71.38
Goldman Sachs & Co     8.00 12/27/2013    EUR   67.72
Goldman Sachs & Co    14.00 12/27/2013    EUR   50.02
Goldman Sachs & Co    16.00 12/27/2013    EUR   46.96
Goldman Sachs & Co     8.00 12/27/2013    EUR   67.65
Goldman Sachs & Co     6.00  3/26/2014    EUR   69.01
Goldman Sachs & Co    10.00 12/27/2013    EUR   59.73
Goldman Sachs & Co    15.00 12/27/2013    EUR   55.64
Goldman Sachs & Co     9.00 12/27/2013    EUR   54.56
Goldman Sachs & Co    10.00  3/26/2014    EUR   53.04
Goldman Sachs & Co     6.00 12/27/2013    EUR   67.36
Goldman Sachs & Co     6.00 12/27/2013    EUR   60.95
Goldman Sachs & Co     9.00 12/27/2013    EUR   61.49
Goldman Sachs & Co    15.00 12/27/2013    EUR   55.92
Goldman Sachs & Co     4.00  3/26/2014    EUR   63.10
Goldman Sachs & Co     5.00  3/26/2014    EUR   67.72
Goldman Sachs & Co     5.00  3/26/2014    EUR   65.56
Goldman Sachs & Co     7.00  3/26/2014    EUR   58.88
Goldman Sachs & Co     9.00  3/26/2014    EUR   56.78
Goldman Sachs & Co    10.00  3/26/2014    EUR   60.15
Goldman Sachs & Co     5.00  6/25/2014    EUR   61.58
Goldman Sachs & Co     8.00  6/25/2014    EUR   61.84
Goldman Sachs & Co    10.00  6/25/2014    EUR   59.71
Goldman Sachs & Co    15.00  3/26/2014    EUR   54.92
Goldman Sachs & Co    19.00  3/26/2014    EUR   56.61
Goldman Sachs & Co     4.00  6/25/2014    EUR   66.52
Goldman Sachs & Co     4.00  6/25/2014    EUR   62.76
Goldman Sachs & Co     6.00  9/24/2014    EUR   61.79
Goldman Sachs & Co     8.00  9/24/2014    EUR   65.32
Goldman Sachs & Co     8.00  9/24/2014    EUR   63.62
Goldman Sachs & Co    19.00  6/25/2014    EUR   57.83
Goldman Sachs & Co     5.00  9/24/2014    EUR   67.95
Goldman Sachs & Co    13.00  9/24/2014    EUR   58.17
Goldman Sachs & Co    17.00  9/24/2014    EUR   59.59
Goldman Sachs & Co     8.00 10/23/2013    EUR   49.40
Goldman Sachs & Co     5.00 10/23/2013    EUR   62.52
Goldman Sachs & Co     5.00 12/27/2013    EUR   57.12
Goldman Sachs & Co     6.00  3/26/2014    EUR   63.94
Goldman Sachs & Co     7.00  8/20/2014    EUR   58.46
Goldman Sachs & Co    10.00 12/27/2013    EUR   69.58
Goldman Sachs & Co     7.00 12/27/2013    EUR   49.99
Goldman Sachs & Co    11.00 12/27/2013    EUR   59.96
Goldman Sachs & Co    13.00 12/27/2013    EUR   58.55
Goldman Sachs & Co     7.00 12/27/2013    EUR   64.12
Goldman Sachs & Co    14.00 12/27/2013    EUR   71.02
Goldman Sachs & Co    11.00 12/27/2013    EUR   47.15
Goldman Sachs & Co    10.00 12/27/2013    EUR   49.26
Goldman Sachs & Co     6.50 12/27/2013    EUR   43.13
Goldman Sachs & Co     8.00 12/27/2013    EUR   37.67
Goldman Sachs & Co     3.00 12/24/2014    EUR   68.05
Goldman Sachs & Co    12.00  3/26/2014    EUR   54.84
Goldman Sachs & Co    17.00  2/26/2014    EUR   74.27
Goldman Sachs & Co     8.00 12/27/2013    EUR   59.43
Goldman Sachs & Co     9.00  3/26/2014    EUR   59.71
Goldman Sachs & Co    17.00  3/26/2014    EUR   55.75
Goldman Sachs & Co     8.00  1/22/2014    EUR   61.77
Goldman Sachs & Co     7.00  3/26/2014    EUR   61.74
Goldman Sachs & Co    17.00  1/22/2014    EUR   72.86
Goldman Sachs & Co    12.00 12/27/2013    EUR   52.26
Goldman Sachs & Co    14.00  2/26/2014    EUR   52.23
Goldman Sachs & Co    11.00  1/22/2014    EUR   58.90
Goldman Sachs & Co    13.00  1/22/2014    EUR   56.41
Goldman Sachs & Co    16.00  1/22/2014    EUR   55.68
Goldman Sachs & Co    17.00 12/27/2013    EUR   70.65
Goldman Sachs & Co    11.00 12/24/2014    EUR   58.55
Goldman Sachs & Co    13.00 12/27/2013    EUR   50.47
Goldman Sachs & Co     7.00 12/27/2013    EUR   72.82
Goldman Sachs & Co    13.00 12/27/2013    EUR   55.54
Goldman Sachs & Co    16.00 12/27/2013    EUR   73.11
Goldman Sachs & Co    10.00 12/27/2013    EUR   73.16
Goldman Sachs & Co     8.00 12/27/2013    EUR   70.65
Goldman Sachs & Co    14.00 11/20/2013    EUR   66.64
Goldman Sachs & Co    12.00 10/23/2013    EUR   61.94
Goldman Sachs & Co    15.00 12/27/2013    EUR   63.22
Goldman Sachs & Co    14.00  3/26/2014    EUR   66.42
Goldman Sachs & Co     6.00  3/26/2014    EUR   63.94
Goldman Sachs & Co     8.00 11/20/2013    EUR   50.98
Goldman Sachs & Co    10.00 10/23/2013    EUR   49.39
Goldman Sachs & Co    11.00  3/26/2014    EUR   49.64
Goldman Sachs & Co    11.00 11/20/2013    EUR   45.17
Goldman Sachs & Co    15.00 11/20/2013    EUR   42.06
Goldman Sachs & Co    17.00 11/20/2013    EUR   41.31
Goldman Sachs & Co    13.00 10/23/2013    EUR   70.25
Goldman Sachs & Co    10.00  3/26/2014    EUR   73.65
Goldman Sachs & Co    16.00 11/20/2013    EUR   67.23
Goldman Sachs & Co    13.00  3/26/2014    EUR   69.70
Goldman Sachs & Co     6.00  3/26/2014    EUR   54.89
Goldman Sachs & Co     9.00 12/27/2013    EUR   56.40
Goldman Sachs & Co    18.00 12/27/2013    EUR   52.01
Goldman Sachs & Co    15.00  3/26/2014    EUR   54.90
Goldman Sachs & Co    12.00  2/26/2014    EUR   55.73
Goldman Sachs & Co     7.00 12/27/2013    EUR   59.19
Goldman Sachs & Co     7.00 12/27/2013    EUR   48.72
Goldman Sachs & Co    12.00 11/20/2013    EUR   73.14
Goldman Sachs & Co    12.00  3/26/2014    EUR   68.12
Goldman Sachs & Co    12.00  3/26/2014    EUR   51.20
Goldman Sachs & Co     7.00 10/23/2013    EUR   74.87
Goldman Sachs & Co    13.00 12/27/2013    EUR   66.31
Goldman Sachs & Co    15.00 10/23/2013    EUR   71.91
Goldman Sachs & Co     6.00 11/20/2013    EUR   52.23
Goldman Sachs & Co    14.00 11/20/2013    EUR   48.85
Goldman Sachs & Co    16.00 11/20/2013    EUR   45.57
Goldman Sachs & Co    11.00 10/23/2013    EUR   74.03
Goldman Sachs & Co     8.00 12/27/2013    EUR   56.22
Goldman Sachs & Co    11.00 11/20/2013    EUR   49.88
Goldman Sachs & Co    18.00 10/23/2013    EUR   42.71
Goldman Sachs & Co    15.00  3/26/2014    EUR   47.30
Goldman Sachs & Co    15.00 10/23/2013    EUR   70.26
Goldman Sachs & Co    15.00 10/23/2013    EUR   70.26
Goldman Sachs & Co    15.00 11/20/2013    EUR   70.55
Goldman Sachs & Co    13.00 12/27/2013    EUR   54.06
Goldman Sachs & Co    16.00 12/27/2013    EUR   65.08
Goldman Sachs & Co    13.00 12/27/2013    EUR   68.50
Goldman Sachs & Co     9.00 12/27/2013    EUR   61.48
Goldman Sachs & Co    10.00 12/27/2013    EUR   56.30
Goldman Sachs & Co     6.00 12/27/2013    EUR   57.30
Goldman Sachs & Co    15.00 12/27/2013    EUR   68.63
Goldman Sachs & Co    14.00 12/27/2013    EUR   48.78
Goldman Sachs & Co    13.00 12/27/2013    EUR   48.65
Goldman Sachs & Co     6.00 11/20/2013    EUR   64.83
Goldman Sachs & Co    14.00 11/20/2013    EUR   51.46
Goldman Sachs & Co    16.00 11/20/2013    EUR   50.28
Goldman Sachs & Co    15.00  3/26/2014    EUR   52.47
Goldman Sachs & Co    16.00 12/27/2013    EUR   48.06
Goldman Sachs & Co    12.00 10/23/2013    EUR   49.43
Goldman Sachs & Co    17.00 10/23/2013    EUR   50.76
Goldman Sachs & Co     9.00  3/26/2014    EUR   53.69
Goldman Sachs & Co    11.00 12/27/2013    EUR   47.15
Goldman Sachs & Co    13.00 12/27/2013    EUR   71.84
Goldman Sachs & Co    10.00 12/27/2013    EUR   55.02
Goldman Sachs & Co     9.00 12/27/2013    EUR   59.61
Goldman Sachs & Co     4.00 12/27/2013    EUR   60.59
Goldman Sachs & Co     4.00 12/27/2013    EUR   69.44
Goldman Sachs & Co     7.00  3/26/2014    EUR   57.47
Goldman Sachs & Co     3.00  3/26/2014    EUR   64.72
Goldman Sachs & Co     8.00  9/24/2014    EUR   59.95
Goldman Sachs & Co    13.00  2/26/2014    EUR   48.40
Goldman Sachs & Co     9.00 10/23/2013    EUR   52.85
Goldman Sachs & Co     6.00 10/23/2013    EUR   64.68
Goldman Sachs & Co     7.00 12/27/2013    EUR   63.13
Goldman Sachs & Co     4.00  3/26/2014    EUR   74.62
Goldman Sachs & Co     9.00  6/25/2014    EUR   60.40
Gunther Zamek Prod     7.75  5/15/2017    EUR   55.50
Hamburgische Lande     0.60  1/22/2041    EUR   68.03
Hamburgische Lande     0.61 10/30/2040    EUR   68.07
Hamburgische Lande     0.61 11/28/2030    EUR   74.77
Hamburgische Lande     0.60 10/25/2030    EUR   75.00
Hamburgische Lande     0.56 10/30/2030    EUR   74.24
Hamburgische Lande     0.64  7/18/2031    EUR   74.20
Hamburgische Lande     0.69  11/8/2030    EUR   74.82
Hamburgische Lande     0.59   2/5/2031    EUR   73.86
Hamburgische Lande     0.58 10/25/2030    EUR   74.61
Hamburgische Lande     0.59  12/1/2030    EUR   73.55
Hanwha Q-CELLS Gmb     6.75 10/21/2015    EUR    1.32
HSBC Trinkaus & Bu    10.50 12/30/2013    EUR   73.80
HSBC Trinkaus & Bu    12.50 12/30/2013    EUR   70.21
HSBC Trinkaus & Bu    11.00 12/30/2013    EUR   73.68
HSH Nordbank AG        1.03  2/14/2017    EUR   68.24
HSH Nordbank AG        1.07  2/14/2017    EUR   68.16
IKB Deutsche Indus     1.12  9/13/2016    EUR   74.66
IKB Deutsche Indus     0.97  1/23/2017    EUR   71.62
KFW                    0.25  10/6/2036    CAD   33.42
Landesbank Berlin      4.80  11/7/2014    EUR   58.28
Landesbank Berlin      7.25  6/27/2014    EUR   58.30
Landesbank Berlin      4.00 12/30/2013    EUR   63.19
Landesbank Berlin      5.00  6/27/2014    EUR   64.20
Landesbank Berlin      4.00 12/30/2014    EUR   68.24
Landesbank Berlin      7.00 12/30/2014    EUR   64.80
Landesbank Berlin      4.75 12/30/2014    EUR   65.47
Landesbank Berlin      8.50  3/28/2014    EUR   62.32
Landesbank Berlin      4.75  3/28/2014    EUR   70.71
Landesbank Berlin      8.50  3/28/2014    EUR   65.88
Landesbank Berlin     11.00 12/30/2013    EUR    7.94
Landesbank Berlin      5.50  6/27/2014    EUR   62.69
Landesbank Berlin      4.00  3/28/2014    EUR   61.97
Landesbank Berlin      5.00   8/8/2014    EUR   58.13
Landesbank Berlin      5.00  3/28/2014    EUR   60.58
Landesbank Berlin      6.00  3/28/2014    EUR   65.28
Landesbank Berlin      3.00  3/28/2014    EUR   72.82
Landesbank Berlin      4.50  3/28/2014    EUR   68.83
Landesbank Berlin      5.00 12/30/2013    EUR   59.52
Landesbank Berlin      4.00  3/28/2014    EUR   65.95
Landesbank Berlin      8.00  3/28/2014    EUR   60.17
Landesbank Berlin      7.00  6/27/2014    EUR   58.72
Landesbank Berlin     11.00  6/27/2014    EUR   14.56
Landesbank Berlin      4.00  6/27/2014    EUR   65.46
Landesbank Berlin      5.50 12/23/2013    EUR   60.90
Landesbank Berlin      4.00  6/27/2014    EUR   68.01
Landesbank Berlin      7.00  6/27/2014    EUR   62.46
Landesbank Hessen-     0.85  7/18/2031    EUR   63.96
Landesbank Hessen-     4.00  6/20/2014    EUR   59.10
Landeskreditbank B     0.25 10/13/2037    CAD   29.38
Landeskreditbank B     0.50  5/10/2027    CAD   57.81
Landwirtschaftlich     0.50  4/19/2017    TRY   74.97
LBBW                   0.62  10/4/2030    EUR   71.11
LBBW                   4.00 11/22/2013    EUR   74.51
LBBW                   4.00  3/28/2014    EUR   60.31
LBBW                   5.00  3/28/2014    EUR   57.49
LBBW                   3.00 11/22/2013    EUR   66.79
LBBW                   5.00 11/22/2013    EUR   62.53
LBBW                   4.00 11/22/2013    EUR   65.79
LBBW                   4.00  7/25/2014    EUR   64.82
LBBW                   3.00  2/28/2014    EUR   67.30
LBBW                   5.00  2/28/2014    EUR   58.88
LBBW                   6.00  2/28/2014    EUR   56.10
LBBW                   5.00 11/22/2013    EUR   58.10
LBBW                   3.00 11/22/2013    EUR   63.63
LBBW                   4.00 11/22/2013    EUR   60.83
LBBW                   3.00  6/27/2014    EUR   64.58
LBBW                   4.00  6/27/2014    EUR   61.78
LBBW                   5.00  6/27/2014    EUR   59.62
LBBW                   3.00  8/22/2014    EUR   67.39
LBBW                   4.00  8/22/2014    EUR   65.35
LBBW                   5.00  8/22/2014    EUR   63.72
LBBW                   3.00  2/28/2014    EUR   64.90
LBBW                   5.00  2/28/2014    EUR   61.60
LBBW                   5.00  9/26/2014    EUR   61.16
LBBW                   4.00 10/25/2013    EUR   58.36
LBBW                   4.00  3/28/2014    EUR   61.06
LBBW                   3.00  3/28/2014    EUR   64.74
LBBW                   4.00  1/24/2014    EUR   67.54
LBBW                   6.00  1/24/2014    EUR   60.58
LBBW                   7.00  1/24/2014    EUR   58.00
LBBW                   7.00 11/22/2013    EUR   69.09
LBBW                   4.00  6/27/2014    EUR   63.66
LBBW                   6.00  6/27/2014    EUR   59.62
LBBW                   6.00  7/25/2014    EUR   61.69
LBBW                   4.00  3/28/2014    EUR   60.09
LBBW                   5.10  1/15/2014    EUR   68.01
LBBW                   5.00  6/27/2014    EUR   58.31
LBBW                   4.00  6/27/2014    EUR   59.42
LBBW                   3.00  6/27/2014    EUR   61.09
LBBW                   3.00  9/26/2014    EUR   64.39
LBBW                   4.00  9/26/2014    EUR   62.54
LBBW                   7.00  9/26/2014    EUR   59.20
LBBW                   5.00 11/22/2013    EUR   63.58
LBBW                   6.00 11/22/2013    EUR   64.98
LBBW                   8.00 11/22/2013    EUR   58.71
Norddeutsche Lande     0.69 10/21/2030    EUR   74.42
Praktiker AG           5.88  2/10/2016    EUR    1.50
Qimonda Finance LL     6.75  3/22/2013    USD    3.44
SiC Processing Gmb     7.13   3/1/2016    EUR    5.50
Solarwatt GmbH         7.00  11/1/2015    EUR   14.75
Solarworld AG          6.13  1/21/2017    EUR   37.25
Solarworld AG          6.38  7/13/2016    EUR   33.00
Solon SE               1.38  12/6/2012    EUR    0.63
Sparkasse KoelnBon     0.68   5/7/2031    EUR   71.54
Sparkasse KoelnBon     0.74  9/29/2034    EUR   68.26
TAG Immobilien AG      6.50 12/10/2015    EUR    9.45
TUI AG                 2.75  3/24/2016    EUR   64.09
UniCredit Bank AG      0.92 11/19/2029    EUR   65.48
Vontobel Financial     5.45 12/31/2013    EUR   59.48
Vontobel Financial     5.47  3/17/2014    EUR   35.50
Vontobel Financial     4.30 12/31/2013    EUR   63.20
Vontobel Financial     7.70 12/31/2013    EUR   54.94
Vontobel Financial     5.30  6/27/2014    EUR   60.94
Vontobel Financial     4.25 12/31/2013    EUR   63.14
Vontobel Financial     5.30 12/31/2013    EUR   59.38
Vontobel Financial     9.85 12/31/2013    EUR   73.66
Vontobel Financial     4.20 12/31/2013    EUR   63.14
Vontobel Financial     5.35 12/31/2013    EUR   59.50
Vontobel Financial     7.40 12/31/2013    EUR   54.84
Vontobel Financial     9.85 12/31/2013    EUR   51.06
Vontobel Financial     6.10 12/31/2013    EUR   59.66
Vontobel Financial     5.50 12/31/2013    EUR   59.56
Vontobel Financial     6.85 12/31/2013    EUR   54.78
Vontobel Financial     7.15 12/31/2013    EUR   54.82
Vontobel Financial     9.10 12/31/2013    EUR   50.96
Vontobel Financial     5.10  4/14/2014    EUR   30.60
Vontobel Financial    17.15 12/31/2013    EUR   52.48
Vontobel Financial     4.25 12/31/2013    EUR   63.20
Vontobel Financial     8.65 12/31/2013    EUR   56.66
Vontobel Financial     6.30 12/31/2013    EUR   59.72
Vontobel Financial     8.70 12/31/2013    EUR   73.44
Vontobel Financial     7.85 12/31/2013    EUR   50.72
Vontobel Financial     5.50 12/31/2013    EUR   54.52
Vontobel Financial     5.10  6/27/2014    EUR   60.50
Vontobel Financial     8.00 12/31/2013    EUR   55.02
Vontobel Financial     7.35  6/27/2014    EUR   57.28
Vontobel Financial     4.60  3/28/2014    EUR   60.20
Vontobel Financial     4.75 12/31/2013    EUR   59.42
Vontobel Financial     7.20  3/28/2014    EUR   56.40
Vontobel Financial     7.45 12/31/2013    EUR   59.94
Vontobel Financial    10.20 12/31/2013    EUR   56.98
Vontobel Financial     4.80 12/31/2013    EUR   56.58
Vontobel Financial     5.50 12/31/2013    EUR   56.38
Vontobel Financial     8.85 12/31/2013    EUR   54.96
Vontobel Financial     8.35 12/31/2013    EUR   56.92
Vontobel Financial     7.70 12/31/2013    EUR   54.74
Vontobel Financial     7.40 12/31/2013    EUR   59.92
Vontobel Financial     5.40  6/27/2014    EUR   57.68
Vontobel Financial     5.05  3/28/2014    EUR   57.46
Vontobel Financial     7.60  3/28/2014    EUR   58.24
Vontobel Financial     5.65  3/28/2014    EUR   57.40
Vontobel Financial     4.35 12/31/2013    EUR   63.26
Vontobel Financial     8.65 12/31/2013    EUR   60.16
Vontobel Financial     7.75 12/31/2013    EUR   54.72
Vontobel Financial     8.15 12/31/2013    EUR   56.38
Vontobel Financial    15.75 12/31/2013    EUR   52.14
Vontobel Financial    10.45 12/31/2013    EUR   55.40
Vontobel Financial     6.35 12/31/2013    EUR   54.68
Vontobel Financial     8.00 12/31/2013    EUR   54.98
Vontobel Financial     5.25 12/31/2013    EUR   59.50
Vontobel Financial     6.45 12/31/2013    EUR   74.82
Vontobel Financial     5.00  1/24/2014    EUR   61.50
Vontobel Financial     7.39 11/25/2013    EUR   62.60
WGZ-Bank AG Westde     2.50 12/23/2013    EUR   68.43
WGZ-Bank AG Westde     3.00  1/30/2014    EUR   69.85
WGZ-Bank AG Westde     4.00  1/30/2014    EUR   65.48
WGZ-Bank AG Westde     5.00  1/30/2014    EUR   63.64
WGZ-Bank AG Westde     6.00 12/18/2013    EUR   52.92
WGZ-Bank AG Westde     4.00 12/18/2013    EUR   59.07
WGZ-Bank AG Westde     5.00 12/18/2013    EUR   55.81
WGZ-Bank AG Westde     7.50 12/18/2013    EUR   50.43
WGZ-Bank AG Westde     4.00  3/27/2014    EUR   66.20
WGZ-Bank AG Westde     3.00  6/25/2014    EUR   61.31
WGZ-Bank AG Westde     5.50  6/25/2014    EUR   56.15
WGZ-Bank AG Westde     4.00  6/25/2014    EUR   58.30
WGZ-Bank AG Westde     7.00  6/25/2014    EUR   54.32
WGZ-Bank AG Westde     6.00  1/30/2014    EUR   61.94
WGZ-Bank AG Westde     6.00  3/11/2014    EUR   54.62
WGZ-Bank AG Westde     4.00  9/30/2014    EUR   74.98
WGZ-Bank AG Westde     5.00  9/30/2014    EUR   73.89
WGZ-Bank AG Westde     6.00  9/30/2014    EUR   73.00
WGZ-Bank AG Westde     3.00  3/27/2014    EUR   68.09
WGZ-Bank AG Westde     5.00  3/27/2014    EUR   64.45
WGZ-Bank AG Westde     6.00  3/27/2014    EUR   62.91
Windreich GmbH         6.50  7/15/2016    EUR   11.13
Windreich GmbH         6.50   3/1/2015    EUR    9.88
Windreich GmbH         6.75   3/1/2015    EUR   11.13
Windreich GmbH         6.25   3/1/2015    EUR   11.13

GREECE
------
Yioula Glassworks      9.00  12/1/2015    EUR   74.00
Yioula Glassworks      9.00  12/1/2015    EUR   74.00

ICELAND
-------
Kaupthing Bank Hf      7.13  5/19/2016    USD    0.13
Kaupthing Bank Hf      5.75  10/4/2011    USD   22.88
Kaupthing Bank Hf      5.75  10/4/2011    USD   22.88
Kaupthing Bank Hf      7.63  2/28/2015    USD   22.88
Kaupthing Bank Hf      6.50   2/3/2045    EUR    0.13
Kaupthing Bank Hf      3.00  2/12/2010    CHF   22.88
Kaupthing Bank Hf      4.70  2/15/2010    CAD   22.88
Kaupthing Bank Hf      6.13  10/4/2016    USD   22.88
Kaupthing Bank Hf      4.65  2/19/2013    EUR   22.88
Kaupthing Bank Hf      6.13  10/4/2016    USD   22.88
Kaupthing Bank Hf      7.50   2/1/2045    USD    0.13
Kaupthing Bank Hf      1.99   7/5/2012    JPY   22.88
Kaupthing Bank Hf      9.75  9/10/2015    USD   22.88
Kaupthing Bank Hf      7.13  5/19/2016    USD    0.13
Kaupthing Bank Hf      5.50   2/2/2009    USD   22.88
Kaupthing Bank Hf      1.80 10/20/2009    JPY   22.88
Kaupthing Bank Hf      5.80   9/7/2012    EUR   22.88
Kaupthing Bank Hf      7.63  2/28/2015    USD   22.88
Kaupthing Bank Hf      0.80  2/15/2011    EUR   22.88
Kaupthing Bank Hf      7.50  12/5/2014    ISK   22.88
Kaupthing Bank Hf      3.75  2/15/2024    ISK   22.88
Kaupthing Bank Hf      7.00  4/28/2012    ISK    0.13
Kaupthing Bank Hf      5.25  7/18/2017    BGN   22.88
Kaupthing Bank Hf      1.65   7/5/2010    JPY   22.88
Kaupthing Bank Hf      7.90   2/1/2016    EUR   22.88
Kaupthing Bank Hf      4.95   5/6/2009    EUR   22.88
Kaupthing Bank Hf      8.00  6/22/2011    ISK    0.13
Kaupthing Bank Hf      7.70  10/2/2011    EUR   22.88
Kaupthing Bank Hf      4.50  1/17/2011    EUR   22.88
Kaupthing Bank Hf      0.69  5/21/2011    JPY   22.88
Kaupthing Bank Hf      7.00  7/24/2009    ISK   22.88
Kaupthing Bank Hf      0.20  7/12/2009    JPY   22.88
Kaupthing Bank Hf      5.00  11/8/2013    EUR   22.88
Kaupthing Bank Hf      7.50   4/2/2011    EUR   22.88
Kaupthing Bank Hf      7.50  10/2/2010    EUR   22.88
Kaupthing Bank Hf      7.00   1/3/2011    EUR   22.88
Kaupthing Bank Hf      4.53  4/24/2012    EUR   22.88
Kaupthing Bank Hf      4.47 10/27/2010    EUR   22.88
Kaupthing Bank Hf      0.95 10/20/2010    JPY   22.88
Kaupthing Bank Hf      5.00   1/4/2027    SKK   22.88
Kaupthing Bank Hf      4.90  5/29/2017    EUR   22.88
Kaupthing Bank Hf      6.50  10/8/2010    ISK   22.88
Kaupthing Bank Hf      5.40  3/22/2014    ISK    0.13
Kaupthing Bank Hf      7.90  4/28/2016    EUR   22.88
Kaupthing Bank Hf      1.75   6/7/2016    EUR   22.88
Kaupthing Bank Hf      6.40 12/15/2015    EUR   22.88
LBI HF                 6.10  8/25/2011    USD    8.00
LBI HF                 3.20  5/10/2010    SKK    8.00
LBI HF                 2.25  2/14/2011    CHF    8.00
LBI HF                 6.10  8/25/2011    USD    8.00
LBI HF                 3.00  12/7/2010    CHF    8.00
LBI HF                 4.40  1/18/2010    CAD    8.00
LBI HF                 4.38 10/20/2008    EUR    8.00
LBI HF                 4.75  5/31/2013    EUR    8.00
LBI HF                 4.53  4/24/2012    EUR    8.00
LBI HF                 7.25   4/2/2011    EUR    8.00
LBI HF                 8.65   5/1/2011    ISK    8.00
LBI HF                 4.08  3/16/2015    EUR    8.00
LBI HF                 6.75  8/18/2015    EUR    8.00
LBI HF                 4.40  11/3/2009    CZK    8.00
LBI HF                 6.00   6/6/2017    EUR    8.00
LBI HF                 5.44   9/3/2018    EUR    0.13
LBI HF                 4.28 11/19/2010    EUR    8.00
LBI HF                 2.14   2/3/2020    JPY    8.00
LBI HF                 4.32  1/31/2010    EUR    8.00
LBI HF                 4.40 11/30/2035    EUR    0.13
LBI HF                 5.25   6/5/2023    EUR    8.00
LBI HF                 5.08   3/1/2013    ISK    8.00
LBI HF                 7.00   4/2/2010    EUR    8.00
LBI HF                 3.00 10/22/2015    EUR    8.00
LBI HF                 1.68 12/22/2014    JPY    8.00
LBI HF                 4.00  9/23/2015    EUR    8.00
LBI HF                 3.45 12/18/2033    JPY    0.13
LBI HF                 2.22 10/15/2019    JPY    8.00
LBI HF                 4.34   3/1/2011    EUR    8.00
LBI HF                 3.34  5/11/2012    EUR    8.00
LBI HF                 7.75  2/22/2016    USD    8.00
LBI HF                 2.75  3/16/2011    EUR    8.00
LBI HF                 3.36  8/17/2012    EUR    8.00
LBI HF                 7.20  4/27/2026    EUR    0.13
LBI HF                 6.75  2/18/2015    EUR    8.00
LBI HF                 3.11 11/10/2008    EUR    8.00
LBI HF                 4.34 12/22/2025    EUR    8.00

IRELAND
-------
Corsicanto Ltd         3.50  1/15/2032    USD   74.94
Depfa ACS Bank         4.90  8/24/2035    CAD   69.73
Depfa ACS Bank         0.50   3/3/2025    CAD   46.53
Kalvebod PLC           2.00   5/1/2106    DKK   40.00

ITALY
-------
Banca delle Marche     1.18   6/1/2017    EUR   42.39
A2A SpA                3.20  8/10/2036    EUR   62.44
Banca delle Marche     5.50  9/16/2030    EUR   69.25
Banca di Cividale      0.34  10/2/2036    EUR   57.63
Banca Monte dei Pa     1.23  1/15/2018    EUR   74.60
Cassa Depositi e P     0.29 10/31/2029    EUR   61.70
Cirio Finanziaria      8.00 12/21/2005    EUR    0.63
City of Lecco Ital     0.46  6/30/2026    EUR   67.27
Comune di Andrano      3.92 12/31/2035    EUR   71.20
Comune di Fiumicin     0.49 12/31/2026    EUR   66.65
Comune di Grontard     4.10 12/31/2035    EUR   73.36
Comune di Marcheno     4.23 12/31/2036    EUR   74.59
Comune di Marscian     4.03 12/31/2035    EUR   72.47
Comune di Mercato      3.97 12/31/2035    EUR   71.83
Comune di Piadena      4.05 12/31/2035    EUR   72.74
Comune di San Ferd     0.53 12/27/2026    EUR   67.26
Comune di Santa Ma     0.60  5/31/2026    EUR   69.00
Comune di Seminara     0.72 10/31/2026    EUR   69.14
Comune di Verona       0.43  12/1/2026    EUR   64.53
Enel SpA               0.96 10/20/2032    EUR   63.62
Intesa Sanpaolo Sp     1.06  3/20/2023    EUR   74.70
Italy Government I     1.85  9/15/2057    EUR   65.06
Italy Government I     2.00  9/15/2062    EUR   67.03
Italy Government I     2.20  9/15/2058    EUR   72.77
Italy Government I     2.87  5/19/2036    JPY   69.43
Province of Bresci     0.73 12/22/2036    EUR   57.22
Province of Bresci     0.72  6/30/2036    EUR   57.58
Province of Chieti     0.65 12/29/2023    EUR   74.35
Province of Milan      0.59 12/22/2033    EUR   63.54
Province of Rovigo     0.59 12/28/2035    EUR   58.80
Province of Teramo     0.44 12/30/2030    EUR   60.80
Province of Teramo     0.47 12/30/2025    EUR   68.61
Province of Trevis     0.47 12/31/2034    EUR   58.04
Province of Trevis     0.57 12/31/2034    EUR   59.52
Province of Trevis     0.34 12/31/2034    EUR   56.82
Region of Abruzzo      0.68  11/7/2036    EUR   63.64
Region of Abruzzo      0.52  11/7/2031    EUR   61.27
Region of Abruzzo      4.45   3/1/2037    EUR   70.52
Region of Aosta Va     0.45  5/28/2021    EUR   73.65
Region of Molise I     0.72 12/15/2033    EUR   64.40
Region of Piemont      0.45 11/27/2036    EUR   55.47
Region of Puglia I     0.74   2/6/2023    EUR   69.69
Seat Pagine Gialle    10.50  1/31/2017    EUR   23.00
Seat Pagine Gialle    10.50  1/31/2017    EUR   22.13
Seat Pagine Gialle    10.50  1/31/2017    EUR   22.63
Seat Pagine Gialle    10.50  1/31/2017    EUR   22.75
Seat Pagine Gialle    10.50  1/31/2017    EUR   22.13
Seat Pagine Gialle    10.50  1/31/2017    EUR   22.63

LUXEMBOURG
----------
3W Power SA            9.25  12/1/2015    EUR   55.75
ArcelorMittal          7.25   4/1/2014    EUR   20.83
Bank of New York M     4.48 12/30/2099    EUR   18.04
Bank of New York M     4.73 12/15/2050    EUR   52.00
Cerruti Finance SA     6.50  7/26/2004    EUR    3.00
Cirio Finance Luxe     7.50  11/3/2002    EUR    1.25
Cirio Holding Luxe     6.25  2/16/2004    EUR    0.13
Codere Finance Lux     8.25  6/15/2015    EUR   52.02
Codere Finance Lux     9.25  2/15/2019    USD   50.50
Codere Finance Lux     9.25  2/15/2019    USD   50.98
Codere Finance Lux     8.25  6/15/2015    EUR   50.75
Codere Finance Lux     8.25  6/15/2015    EUR   51.75
Codere Finance Lux     8.25  6/15/2015    EUR   50.75
Del Monte Finance      6.63  5/24/2006    EUR   13.63
ECM Real Estate In     5.00  10/9/2011    EUR   10.38
ECM Real Estate In     5.00  10/9/2011    EUR   10.38
Erste Europaeische     0.27   2/1/2037    USD   55.57
European Media Cap    10.00   2/1/2015    USD   75.00
European Media Cap    10.00   2/1/2015    USD   75.00
Finmek Internation     7.00  12/3/2004    EUR    0.13
Hellas Telecommuni     8.50 10/15/2013    EUR    0.13
Hellas Telecommuni     8.50 10/15/2013    EUR    0.13
Hypothekenbank Fra     0.25 12/20/2029    USD   67.37
International Indu     9.00   7/6/2011    EUR    1.00
International Indu    11.00  2/19/2013    USD    0.88
IT Holding Finance     9.88 11/15/2012    EUR    0.13
IT Holding Finance     9.88 11/15/2012    EUR    0.13
La Veggia Finance      7.13 11/14/2004    EUR    0.25
Teksid Aluminum Lu    11.38  7/15/2011    EUR    0.75

NETHERLANDS
-----------
Astana Finance BV      7.88   6/8/2010    EUR    4.00
Astana Finance BV      9.00 11/16/2011    USD    3.50
Astana Finance BV     14.50   7/2/2013    USD    3.75
Bank Nederlandse G     0.50  5/10/2017    TRY   73.62
Bank Nederlandse G     0.50  7/12/2022    ZAR   52.90
Bank Nederlandse G     0.50  7/12/2017    TRY   72.46
Bank Nederlandse G     0.50   6/7/2022    ZAR   53.32
Bank Nederlandse G     0.50  6/12/2017    TRY   73.13
Bank Nederlandse G     0.50   8/9/2017    TRY   72.30
Bank Nederlandse G     0.50  6/22/2021    ZAR   57.64
Bank Nederlandse G     0.50  3/29/2021    NZD   70.64
Bank Nederlandse G     0.50  8/15/2022    ZAR   52.50
Bank Nederlandse G     0.50   8/9/2022    MXN   64.98
Bank Nederlandse G     0.50   3/3/2021    NZD   64.80
Bank Nederlandse G     0.50  2/24/2025    CAD   65.15
Bank Nederlandse G     0.50  5/12/2021    ZAR   58.17
Bank Nederlandse G     0.50  9/20/2022    ZAR   52.08
BLT Finance BV         7.50  5/15/2014    USD    9.01
BLT Finance BV        12.00  2/10/2015    USD   10.25
BLT Finance BV         7.50  5/15/2014    USD    9.63
Bulgaria Steel Fin    12.00   5/4/2013    EUR    0.38
Bulgaria Steel Fin    12.00   5/4/2013    EUR    0.38
Cirio Del Monte NV     7.75  3/14/2005    EUR    3.38
Cooperatieve Centr     0.50 11/26/2021    ZAR   48.95
Cooperatieve Centr     0.50 10/30/2043    MXN   23.60
Cooperatieve Centr     0.50  8/21/2028    MXN   46.15
Cooperatieve Centr     0.50  7/30/2043    MXN   23.80
Cooperatieve Centr     0.50  1/31/2033    MXN   36.68
Cooperatieve Centr     0.50 10/29/2027    MXN   48.35
Cooperatieve Centr     0.50 11/30/2027    MXN   48.11
Cooperatieve Centr     0.50 12/29/2027    MXN   47.89
Cooperatieve Centr     9.20  3/13/2014    USD   60.77
Cooperatieve Centr     8.60  3/13/2014    CHF   60.50
Cooperatieve Centr     8.15   3/5/2014    CHF   58.60
Cooperatieve Centr     9.20  3/13/2014    USD   60.43
JP Morgan Structur     6.00   2/7/2014    USD   69.19
JP Morgan Structur     5.00  12/3/2013    CHF   64.32
JP Morgan Structur     6.00  2/25/2014    EUR   73.83
JP Morgan Structur    12.30 11/29/2013    USD   48.32
KPNQwest NV            8.88   2/1/2008    EUR    0.25
KPNQwest NV            7.13   6/1/2009    EUR    0.25
KPNQwest NV           10.00  3/15/2012    EUR    0.25
KPNQwest NV            8.13   6/1/2009    USD    0.38
KPNQwest NV            7.13   6/1/2009    EUR    0.25
KPNQwest NV            8.88   2/1/2008    EUR    0.25
KPNQwest NV            8.88   2/1/2008    EUR    0.25
KPNQwest NV            7.13   6/1/2009    EUR    0.25
Lehman Brothers Tr     7.25  10/5/2035    EUR    9.75
Lehman Brothers Tr     6.00  11/2/2035    EUR    6.00
Lehman Brothers Tr     8.25  3/16/2035    EUR   14.00
Lehman Brothers Tr     6.00  2/15/2035    EUR    6.00
Lehman Brothers Tr     7.00  5/17/2035    EUR   10.38
Lehman Brothers Tr     2.88  3/14/2013    CHF    2.13
Lehman Brothers Tr     5.00  9/22/2014    EUR    6.00
Lehman Brothers Tr     5.00  2/16/2015    EUR    6.00
Lehman Brothers Tr     5.10   5/8/2017    HKD    2.50
Lehman Brothers Tr     7.00 11/26/2013    EUR    6.00
Lehman Brothers Tr     6.00  3/14/2011    EUR    6.00
Lehman Brothers Tr     5.00  2/27/2014    EUR    6.00
Lehman Brothers Tr     8.50   7/5/2016    EUR    6.00
Lehman Brothers Tr     4.00  2/16/2017    EUR    1.38
Lehman Brothers Tr    14.90  9/15/2008    EUR    1.38
Lehman Brothers Tr     4.50   5/2/2017    EUR    6.00
Lehman Brothers Tr     5.00  3/18/2015    EUR    6.00
Lehman Brothers Tr     3.03  1/31/2015    EUR    1.38
Lehman Brothers Tr     4.00 10/24/2012    EUR    6.00
Lehman Brothers Tr     1.00   5/9/2012    EUR    6.00
Lehman Brothers Tr     5.25  5/26/2026    EUR    6.00
Lehman Brothers Tr     8.25  12/3/2015    EUR    1.38
Lehman Brothers Tr     5.70  3/18/2015    USD    6.00
Lehman Brothers Tr     7.00   6/6/2017    EUR    6.00
Lehman Brothers Tr    11.00 12/20/2017    AUD    6.00
Lehman Brothers Tr     4.00  12/2/2012    EUR    6.00
Lehman Brothers Tr     6.00 10/30/2012    EUR    6.00
Lehman Brothers Tr     1.46  2/19/2012    JPY    2.50
Lehman Brothers Tr     3.00  6/23/2009    EUR    6.00
Lehman Brothers Tr     1.75   2/7/2010    EUR    1.38
Lehman Brothers Tr     4.00  2/28/2010    EUR    1.38
Lehman Brothers Tr     4.00  7/20/2012    EUR    6.00
Lehman Brothers Tr    10.00  6/17/2009    USD    1.38
Lehman Brothers Tr     7.00 10/22/2010    EUR    6.00
Lehman Brothers Tr     4.00  7/27/2011    EUR    6.00
Lehman Brothers Tr     4.05  9/16/2008    EUR    6.00
Lehman Brothers Tr    10.44 11/22/2008    CHF    1.38
Lehman Brothers Tr     5.00  8/16/2017    EUR    6.00
Lehman Brothers Tr    12.22 11/21/2017    USD    6.00
Lehman Brothers Tr     3.00  9/13/2010    JPY    2.50
Lehman Brothers Tr     4.10  6/10/2014    SGD    1.38
Lehman Brothers Tr     8.00  4/20/2009    EUR    6.00
Lehman Brothers Tr     3.86  9/21/2011    SGD    1.38
Lehman Brothers Tr     3.50 12/20/2027    USD    6.00
Lehman Brothers Tr     5.00  5/12/2011    CHF    6.00
Lehman Brothers Tr     5.00   8/1/2025    EUR    6.00
Lehman Brothers Tr     5.55  3/12/2015    EUR    1.38
Lehman Brothers Tr     7.05   4/8/2015    USD    6.00
Lehman Brothers Tr     4.70  3/23/2016    EUR    6.00
Lehman Brothers Tr     6.25   9/5/2011    EUR    6.00
Lehman Brothers Tr    23.30  9/16/2008    USD    1.38
Lehman Brothers Tr     8.00 10/17/2014    EUR    6.00
Lehman Brothers Tr     8.88  1/28/2011    HKD    2.50
Lehman Brothers Tr     5.25 11/21/2009    USD    6.00
Lehman Brothers Tr     4.10  2/19/2010    EUR    6.00
Lehman Brothers Tr    10.00   1/3/2012    BRL    6.00
Lehman Brothers Tr    13.50   6/2/2009    USD    1.38
Lehman Brothers Tr     6.00   8/7/2013    EUR    6.00
Lehman Brothers Tr     8.00  3/21/2018    USD    6.00
Lehman Brothers Tr    13.50 11/28/2008    USD    1.38
Lehman Brothers Tr    10.00  6/11/2038    JPY    6.00
Lehman Brothers Tr     3.50  9/19/2017    EUR    1.38
Lehman Brothers Tr     5.50  4/23/2014    EUR    6.00
Lehman Brothers Tr     5.50  6/22/2010    USD    6.00
Lehman Brothers Tr     8.00  2/16/2016    EUR    6.00
Lehman Brothers Tr     4.00  3/10/2011    EUR    6.00
Lehman Brothers Tr     4.00  4/13/2011    CHF    6.00
Lehman Brothers Tr     4.50   3/7/2015    EUR    6.00
Lehman Brothers Tr     7.60  1/31/2013    AUD    1.38
Lehman Brothers Tr    16.00  11/9/2008    USD    1.38
Lehman Brothers Tr     9.75  6/22/2018    USD    6.00
Lehman Brothers Tr     5.12  4/30/2027    EUR    1.38
Lehman Brothers Tr     7.50   5/2/2017    EUR    6.00
Lehman Brothers Tr     5.00  2/28/2032    EUR    6.00
Lehman Brothers Tr     4.60   7/6/2016    EUR    6.00
Lehman Brothers Tr     5.10  6/22/2046    EUR    1.38
Lehman Brothers Tr     6.65  8/24/2011    AUD    2.50
Lehman Brothers Tr    16.00 12/26/2008    USD    1.38
Lehman Brothers Tr     2.50 12/15/2011    GBP    1.38
Lehman Brothers Tr     4.68 12/12/2045    EUR    1.38
Lehman Brothers Tr     7.06 12/29/2008    EUR    6.00
Lehman Brothers Tr     4.05  9/16/2008    EUR    6.00
Lehman Brothers Tr     2.00  6/28/2011    EUR    6.00
Lehman Brothers Tr     5.70   3/4/2015    USD    6.00
Lehman Brothers Tr     4.69  2/19/2017    EUR    1.38
Lehman Brothers Tr     7.59 11/22/2009    MXN    2.50
Lehman Brothers Tr     1.28  11/6/2010    JPY    2.50
Lehman Brothers Tr     0.50 12/20/2017    AUD    6.00
Lehman Brothers Tr     0.50 12/20/2017    AUD    6.00
Lehman Brothers Tr     6.60   2/9/2009    EUR    6.00
Lehman Brothers Tr     0.50   6/2/2020    EUR    1.38
Lehman Brothers Tr     0.50 12/20/2017    AUD    6.00
Lehman Brothers Tr     5.38   2/4/2014    USD    6.00
Lehman Brothers Tr     6.30 12/21/2018    USD    6.00
Lehman Brothers Tr     7.00  2/15/2010    CHF    1.38
Lehman Brothers Tr    16.20  5/14/2009    USD    1.38
Lehman Brothers Tr     4.60 10/11/2017    ILS    2.38
Lehman Brothers Tr    15.00  3/30/2011    EUR    6.00
Lehman Brothers Tr     7.50 10/24/2008    USD    1.38
Lehman Brothers Tr     8.00   8/3/2009    USD    1.38
Lehman Brothers Tr     8.60  7/31/2013    GBP    6.00
Lehman Brothers Tr     0.50 12/20/2017    AUD    6.00
Lehman Brothers Tr     0.50   7/2/2020    EUR    1.38
Lehman Brothers Tr     5.25   7/8/2014    EUR    1.38
Lehman Brothers Tr     6.50  5/16/2015    EUR    6.00
Lehman Brothers Tr    14.90 11/16/2010    EUR    1.38
Lehman Brothers Tr     6.72 12/29/2008    EUR    6.00
Lehman Brothers Tr     0.50 12/20/2017    AUD    6.00
Lehman Brothers Tr    15.00   6/4/2009    CHF    1.38
Lehman Brothers Tr    18.25  10/2/2008    USD    1.38
Lehman Brothers Tr     3.50 10/31/2011    USD    6.00
Lehman Brothers Tr     2.80  3/19/2018    JPY    1.38
Lehman Brothers Tr     2.00 11/16/2009    EUR    6.00
Lehman Brothers Tr     7.25  10/6/2008    EUR    1.38
Lehman Brothers Tr     5.00 11/22/2012    EUR    6.00
Lehman Brothers Tr     9.25  6/20/2012    USD    6.00
Lehman Brothers Tr     7.60  5/21/2013    USD    6.00
Lehman Brothers Tr    13.00  2/16/2009    CHF    1.38
Lehman Brothers Tr     0.01  9/20/2011    USD    6.00
Lehman Brothers Tr     6.00  2/19/2023    USD    6.00
Lehman Brothers Tr    10.60  4/22/2014    MXN    6.00
Lehman Brothers Tr     3.00  12/3/2012    EUR    6.00
Lehman Brothers Tr     2.50  8/23/2012    GBP    1.38
Lehman Brothers Tr     2.37  7/15/2013    USD    6.00
Lehman Brothers Tr     4.87  10/8/2013    USD    1.38
Lehman Brothers Tr     5.75  6/15/2009    CHF    1.38
Lehman Brothers Tr     6.00 10/24/2008    EUR    1.38
Lehman Brothers Tr     7.38  9/20/2008    EUR    1.38
Lehman Brothers Tr     3.00  8/15/2017    EUR    6.00
Lehman Brothers Tr     3.50  9/29/2017    EUR    1.38
Lehman Brothers Tr     3.00   8/8/2017    EUR    6.00
Lehman Brothers Tr     8.25   2/3/2016    EUR    6.00
Lehman Brothers Tr    13.43   1/8/2009    ILS    1.38
Lehman Brothers Tr    16.00  10/8/2008    CHF    1.38
Lehman Brothers Tr     5.00  3/13/2009    EUR    6.00
Lehman Brothers Tr     5.25   4/1/2023    EUR    1.38
Lehman Brothers Tr     7.63  7/22/2011    HKD    1.38
Lehman Brothers Tr    11.00   7/4/2011    CHF    1.38
Lehman Brothers Tr     7.80  3/31/2018    USD    6.00
Lehman Brothers Tr     5.00   5/2/2022    EUR    1.38
Lehman Brothers Tr     4.25  5/15/2010    EUR    6.00
Lehman Brothers Tr     8.28  7/31/2013    GBP    6.00
Lehman Brothers Tr     4.35   8/8/2016    SGD    2.50
Lehman Brothers Tr     8.50   7/6/2009    CHF    1.38
Lehman Brothers Tr    10.50   8/9/2010    EUR    1.38
Lehman Brothers Tr     7.00  7/11/2010    EUR    6.00
Lehman Brothers Tr     4.82 12/18/2036    EUR    1.38
Lehman Brothers Tr     4.20  12/3/2008    HKD    6.00
Lehman Brothers Tr     3.00   6/3/2010    EUR    6.00
Lehman Brothers Tr    12.40  6/12/2009    USD    1.38
Lehman Brothers Tr    11.00   7/4/2011    USD    1.38
Lehman Brothers Tr    12.00   7/4/2011    EUR    1.38
Lehman Brothers Tr     5.50   7/8/2013    EUR    6.00
Lehman Brothers Tr     9.30 12/21/2010    EUR    1.38
Lehman Brothers Tr     8.00 12/31/2010    USD    1.38
Lehman Brothers Tr     1.50   2/8/2012    CHF    6.00
Lehman Brothers Tr     0.50 12/20/2017    USD    6.00
Lehman Brothers Tr     0.50 12/20/2017    USD    6.00
Lehman Brothers Tr     0.50 12/20/2017    USD    6.00
Lehman Brothers Tr     0.50 12/20/2017    USD    6.00
Lehman Brothers Tr    11.00  2/16/2009    CHF    1.38
Lehman Brothers Tr    10.00  2/16/2009    CHF    1.38
Lehman Brothers Tr     8.00  3/19/2012    USD    6.00
Lehman Brothers Tr     9.50   4/1/2018    USD    6.00
Lehman Brothers Tr     7.15  3/21/2013    USD    6.00
Lehman Brothers Tr     6.25 11/30/2012    EUR    6.00
Lehman Brothers Tr     1.00  2/26/2010    USD    6.00
Lehman Brothers Tr     3.50  6/20/2011    EUR    6.00
Lehman Brothers Tr     7.50  2/14/2010    AUD    1.38
Lehman Brothers Tr    10.00 10/23/2008    USD    1.38
Lehman Brothers Tr    10.00 10/22/2008    USD    1.38
Lehman Brothers Tr     6.45  2/20/2010    AUD    1.38
Lehman Brothers Tr    10.00  5/22/2009    USD    1.38
Lehman Brothers Tr     4.60   8/1/2013    EUR    6.00
Lehman Brothers Tr     8.00  5/22/2009    USD    1.38
Lehman Brothers Tr     7.60   3/4/2010    NZD    1.38
Lehman Brothers Tr     3.63   3/2/2012    EUR    1.38
Lehman Brothers Tr     7.75  2/21/2016    EUR    6.00
Lehman Brothers Tr     8.80 12/27/2009    EUR    1.38
Lehman Brothers Tr    11.00 12/20/2017    AUD    6.00
Lehman Brothers Tr     0.75  3/29/2012    EUR    6.00
Lehman Brothers Tr     5.00  12/6/2011    EUR    1.38
Lehman Brothers Tr    11.00 12/20/2017    AUD    6.00
Lehman Brothers Tr     4.00   1/4/2011    USD    1.38
Lehman Brothers Tr    11.75   3/1/2010    EUR    1.38
Lehman Brothers Tr     3.82 10/20/2009    USD    1.38
Lehman Brothers Tr     3.00  8/13/2011    EUR    6.00
Lehman Brothers Tr     4.80 11/16/2012    HKD    1.38
Lehman Brothers Tr     4.00 10/12/2010    USD    1.38
Lehman Brothers Tr     8.00 10/23/2008    USD    1.38
Lehman Brothers Tr     6.00  9/20/2011    EUR    6.00
Lehman Brothers Tr     3.40  9/21/2009    HKD    1.38
Lehman Brothers Tr     2.30  4/28/2014    JPY    6.00
Lehman Brothers Tr     7.50  6/15/2017    USD    6.00
Lehman Brothers Tr     6.00 12/30/2017    EUR    6.00
Lehman Brothers Tr     4.10  5/20/2009    USD    1.38
Lehman Brothers Tr     2.00  5/17/2010    EUR    1.38
Lehman Brothers Tr    13.00  7/25/2012    EUR    1.38
Lehman Brothers Tr    10.00   8/2/2037    JPY    6.00
Lehman Brothers Tr     1.50 10/12/2010    EUR    6.00
Lehman Brothers Tr     4.10  8/23/2010    USD    1.38
Lehman Brothers Tr     4.60  11/9/2011    EUR    6.00
Lehman Brothers Tr     6.00  2/14/2012    EUR    1.38
Lehman Brothers Tr     7.00  2/15/2012    EUR    1.38
Lehman Brothers Tr     6.00  5/12/2017    EUR    6.00
Lehman Brothers Tr     6.60  2/22/2012    EUR    1.13
Lehman Brothers Tr     5.20  3/19/2018    EUR    1.38
Lehman Brothers Tr     1.95  11/4/2013    EUR    1.38
Lehman Brothers Tr    11.00 12/19/2011    USD    6.00
Lehman Brothers Tr    10.00  3/27/2009    USD    6.00
Lehman Brothers Tr     5.00 10/24/2008    CHF    1.38
Lehman Brothers Tr     7.00  4/14/2009    EUR    1.38
Lehman Brothers Tr     7.75  1/30/2009    EUR    1.38
Lehman Brothers Tr     0.25  7/21/2014    EUR    6.00
Lehman Brothers Tr     4.95 10/25/2036    EUR    6.00
Lehman Brothers Tr    11.00  6/29/2009    EUR    1.38
Lehman Brothers Tr     5.50  6/15/2009    CHF    1.38
Lehman Brothers Tr     1.50 10/25/2011    EUR    6.00
Lehman Brothers Tr     6.75   4/5/2012    EUR    6.00
Lehman Brothers Tr     5.00  4/24/2017    EUR    6.00
Lehman Brothers Tr     7.39   5/4/2017    USD    6.00
Lehman Brothers Tr     3.35 10/13/2016    EUR    6.00
Lehman Brothers Tr     0.80 12/30/2016    EUR    6.00
Lehman Brothers Tr     6.00  5/23/2018    CZK    6.00
Lehman Brothers Tr     4.00  5/30/2010    USD    1.38
Lehman Brothers Tr     4.00  5/17/2010    USD    6.00
Lehman Brothers Tr     2.48  5/12/2009    USD    6.00
Lehman Brothers Tr     2.25  5/12/2009    USD    6.00
Lehman Brothers Tr     2.30  6/27/2013    USD    1.38
Lehman Brothers Tr     3.50 10/24/2011    USD    6.00
Lehman Brothers Tr     0.25 10/19/2012    CHF    6.00
Lehman Brothers Tr     1.68   3/5/2015    EUR    6.00
Lehman Brothers Tr     9.00  5/15/2022    USD    6.00
Lehman Brothers Tr     7.50  7/31/2013    GBP    6.00
Lehman Brothers Tr     7.32  7/31/2013    GBP    6.00
Lehman Brothers Tr     7.50  9/13/2009    CHF    1.38
Lehman Brothers Tr     6.50  7/24/2026    EUR    6.00
Lehman Brothers Tr     4.50   8/2/2009    USD    1.38
Lehman Brothers Tr     0.50  2/16/2009    EUR    1.38
Lehman Brothers Tr     4.25  3/13/2021    EUR    1.38
Lehman Brothers Tr     6.00  3/17/2011    EUR    6.00
Lehman Brothers Tr     4.70  3/23/2016    EUR    6.00
Lehman Brothers Tr     6.00  12/6/2016    USD    6.00
Lehman Brothers Tr     5.00   9/1/2011    EUR    6.00
Lehman Brothers Tr     3.70   6/6/2009    EUR    6.00
Lehman Brothers Tr     4.50   3/6/2013    CHF    6.00
Lehman Brothers Tr     4.00  4/24/2009    USD    1.38
Lehman Brothers Tr     9.00  6/13/2009    USD    1.38
Lehman Brothers Tr     9.00  3/17/2009    GBP    1.38
Lehman Brothers Tr     7.00 11/28/2008    CHF    1.38
Lehman Brothers Tr     3.85  4/24/2009    USD    1.38
Lehman Brothers Tr     8.00  5/22/2009    USD    1.38
Lehman Brothers Tr     4.50  7/24/2014    EUR    6.00
Lehman Brothers Tr     4.50 12/30/2010    USD    1.38
Lehman Brothers Tr     7.75   1/3/2012    AUD    1.38
Lehman Brothers Tr     3.10   6/4/2010    USD    1.38
Lehman Brothers Tr     2.50  8/15/2012    CHF    6.00
Lehman Brothers Tr    13.15 10/30/2008    USD    1.38
Lehman Brothers Tr     0.50   8/1/2020    EUR    1.38
Lehman Brothers Tr    14.10 11/12/2008    USD    1.38
Lehman Brothers Tr     4.00  8/11/2010    USD    6.00
Lehman Brothers Tr    12.00  7/13/2037    JPY    6.00
Lehman Brothers Tr     6.00  7/28/2010    EUR    1.38
Lehman Brothers Tr     6.00  7/28/2010    EUR    1.38
Lehman Brothers Tr     7.50   8/1/2035    EUR    6.00
Lehman Brothers Tr     4.90  7/28/2020    EUR    6.00
Lehman Brothers Tr     4.15  8/25/2020    EUR    1.38
Lehman Brothers Tr     7.50  5/30/2010    AUD    1.38
Lehman Brothers Tr    11.00   5/9/2020    USD    6.00
Lehman Brothers Tr     4.30   6/4/2012    USD    1.38
Lehman Brothers Tr     4.00   6/5/2011    USD    1.38
Lehman Brothers Tr     2.30   6/6/2013    USD    1.38
Lehman Brothers Tr     6.00  6/21/2011    EUR    6.00
Lehman Brothers Tr     2.00  6/21/2011    EUR    6.00
Lehman Brothers Tr    10.00   1/4/2010    USD    6.00
Lehman Brothers Tr    17.00   6/2/2009    USD    1.38
Lehman Brothers Tr    16.80  8/21/2009    USD    1.38
Lehman Brothers Tr     5.22   3/1/2024    EUR    1.38
Lehman Brothers Tr     6.60  5/23/2012    AUD    1.38
Lehman Brothers Tr     3.45  5/23/2013    USD    6.00
Lehman Brothers Tr    16.00 10/28/2008    USD    1.38
Lehman Brothers Tr     5.00  2/15/2018    EUR    6.00
Lehman Brothers Tr     9.00   5/6/2011    CHF    1.38
Lehman Brothers Tr     2.75 10/28/2009    EUR    6.00
Lehman Brothers Tr     5.50 11/30/2012    CZK    6.00
Lehman Brothers Tr     2.50  11/9/2011    CHF    6.00
Lehman Brothers Tr     4.00 11/24/2016    EUR    6.00
Lehman Brothers Tr     6.00 10/30/2012    USD    1.38
Lehman Brothers Tr     3.00  9/12/2036    JPY    2.50
Lehman Brothers Tr    13.00 12/14/2012    USD    6.00
Lehman Brothers Tr     2.40  6/20/2011    JPY    6.00
Lehman Brothers Tr     1.60  6/21/2010    JPY    6.00
Lehman Brothers Tr     8.05 12/20/2010    HKD    1.38
Lehman Brothers Tr     7.25  6/20/2010    USD    6.00
Lehman Brothers Tr     7.00  9/20/2011    USD    6.00
Lehman Brothers Tr     6.70  4/21/2011    USD    6.00
Magyar Telecom BV      9.50 12/15/2016    EUR   45.04
Magyar Telecom BV      9.50 12/15/2016    EUR   44.63
Morgan Stanley BV      9.00  4/16/2015    EUR   71.90
Nederlandse Waters     0.50  3/11/2025    CAD   65.79
New World Resource     7.88   5/1/2018    EUR   68.24
New World Resource     7.88  1/15/2021    EUR   36.78
New World Resource     7.88  1/15/2021    EUR   36.25
New World Resource     7.88   5/1/2018    EUR   68.47
NIBC Bank NV          25.98   5/7/2029    EUR   50.62
Nutritek Internati     8.75 12/11/2008    USD    2.00
Q-Cells Internatio     1.38  4/30/2012    EUR   32.45
Q-Cells Internatio     5.75  5/26/2014    EUR   32.09
Sairgroup Finance      4.38   6/8/2006    EUR   10.50
Sairgroup Finance      6.63  10/6/2010    EUR   12.13
Sidetur Finance BV    10.00  4/20/2016    USD   55.25
Sidetur Finance BV    10.00  4/20/2016    USD   55.00
SNS Bank NV            6.25 10/26/2020    EUR    2.13
SNS Bank NV            6.63  5/14/2018    EUR    4.13
WPE International     10.38  9/30/2020    USD   59.90
WPE International     10.38  9/30/2020    USD   59.38

NORWAY
------
Eksportfinans ASA      0.25  7/14/2033    CAD    8.50
Eksportfinans ASA      0.50   5/9/2030    CAD   14.25
Kommunalbanken AS      0.50   3/7/2017    BRL   69.77
Kommunalbanken AS      0.50  5/10/2017    BRL   68.32
Kommunalbanken AS      0.50  8/29/2017    BRL   66.85
Kommunalbanken AS      0.50  5/25/2018    ZAR   70.89
Kommunalbanken AS      0.50  9/26/2017    BRL   65.80
Kommunalbanken AS      0.50  3/28/2017    BRL   68.91
Kommunalbanken AS      0.50  6/28/2017    BRL   67.67
Kommunalbanken AS      0.50  9/20/2018    BRL   64.71
Kommunalbanken AS      0.50   3/2/2018    BRL   62.66
Kommunalbanken AS      0.50   6/1/2017    BRL   68.22
Kommunalbanken AS      0.50  8/15/2018    BRL   67.16
Kommunalbanken AS      0.50  3/29/2017    BRL   70.51
Kommunalbanken AS      0.50  8/16/2016    BRL   73.83
Kommunalbanken AS      0.50  5/27/2022    ZAR   47.60
Kommunalbanken AS      0.50  7/28/2016    BRL   74.11
Norske Skogindustr     7.00  6/26/2017    EUR   60.59
Norske Skogindustr    11.75  6/15/2016    EUR   74.02
Norske Skogindustr     6.13 10/15/2015    USD   72.75
Norske Skogindustr     6.13 10/15/2015    USD   69.53
Norske Skogindustr     7.13 10/15/2033    USD   51.63
Norske Skogindustr    11.75  6/15/2016    EUR   73.50
Norske Skogindustr     7.13 10/15/2033    USD   50.08
Petromena ASA          9.75  5/24/2014    NOK    6.75
Petromena ASA         10.85 11/19/2010    USD    6.75

PORTUGAL
--------
AdP - Aguas de Por     0.33  1/23/2023    EUR   63.88
Banco Espirito San     3.50   1/2/2043    EUR   50.13
Caixa Geral de Dep     5.98   3/3/2028    EUR   57.00
CP - Comboios de P     5.70   2/5/2030    EUR   60.31
Empresa de Desenvo     0.33 11/21/2018    EUR   66.63
Metropolitano de L     4.80  12/7/2027    EUR   73.38
Metropolitano de L     4.06  12/4/2026    EUR   71.93
Parpublica - Parti     4.20 11/16/2026    EUR   68.25
Portugal Obrigacoe     4.10  4/15/2037    EUR   72.12
Rede Ferroviaria N     4.25 12/13/2021    EUR   70.38
Rede Ferroviaria N     4.05 11/16/2026    EUR   71.78

ROMANIA
-------
City of Iasi Roman     4.45 11/15/2028    RON   71.23

RUSSIA
------
Arizk                  3.00 12/20/2030    RUB   46.44
Kuzbassenergo-Fina     8.70  4/15/2021    RUB   72.01
Mechel                 8.40  5/27/2021    RUB   70.02
Mechel                 8.40   6/1/2021    RUB   70.13
Mechel                 8.40  5/27/2021    RUB   70.21
Mobile Telesystems     5.00  6/29/2021    RUB   74.25
MORTGAGE AGENT AHM     3.00   9/9/2045    RUB    9.17
Novosibirsk TIN Pl    12.50  8/26/2014    RUB    5.00
RBC OJSC               3.27  4/19/2018    RUB   51.50
Russian Railways J     8.40   6/8/2028    RUB  100.00
Saturn Research &      8.50   6/6/2014    RUB    1.01
TGC-2                 12.00 10/10/2018    RUB   75.00
World of Building      4.20  6/25/2019    RUB    3.60

SPAIN
-----
Autonomous Communi     4.25 10/31/2036    EUR   65.75
Autonomous Communi     4.22  4/26/2035    EUR   64.14
Autonomous Communi     4.69 10/28/2034    EUR   68.88
Autonomous Communi     2.97   9/8/2039    JPY   59.88
Autonomous Communi     0.48 10/17/2022    EUR   70.50
Autonomous Communi     2.10  5/20/2024    EUR   73.97
Autonomous Communi     0.27 11/29/2021    EUR   74.92
Banco de Castilla      1.50  6/23/2021    EUR   65.00
Bankinter SA           6.00 12/18/2028    EUR   65.13
City of Madrid Spa     0.34 10/10/2022    EUR   66.37
City of Madrid Spa     4.55  6/16/2036    EUR   73.57
Comunidad Autonoma     3.90 11/30/2035    EUR   63.84
Comunidad Autonoma     4.20 10/25/2036    EUR   66.58
Comunidad Autonoma     4.06 11/23/2035    EUR   63.94
Diputacion Foral d     4.32 12/29/2023    EUR   61.41
Ibercaja Banco SAU     1.09  4/20/2018    EUR   70.93
Junta Comunidades      0.41  12/5/2023    EUR   54.38
Junta Comunidades      3.88  1/31/2036    EUR   60.38
Junta de Extremadu     0.95  6/10/2024    EUR   72.31
Pescanova SA           5.13  4/20/2017    EUR   18.74
Pescanova SA           8.75  2/17/2019    EUR   17.79
Pescanova SA           6.75   3/5/2015    EUR   17.96
Spain Government I     2.92  12/2/2030    JPY   69.99

SWEDEN
------
Dannemora Mineral     11.75  3/22/2016    USD   41.50
Northland Resource     4.00 10/15/2020    USD    6.63
Northland Resource     4.00 10/15/2020    NOK    7.00
Svensk Exportkredi     0.50  9/14/2016    BRL   74.58
Svensk Exportkredi     0.50  2/22/2022    ZAR   46.97
Svensk Exportkredi     0.50  6/29/2017    IDR   73.20
Svensk Exportkredi     0.50  1/31/2022    ZAR   47.32
Svensk Exportkredi     0.50  6/28/2022    ZAR   45.13
Svensk Exportkredi     0.50  3/19/2018    IDR   68.74
Svensk Exportkredi     0.50  8/28/2018    BRL   59.21
Svensk Exportkredi     0.50  3/15/2022    ZAR   46.66
Svensk Exportkredi     0.50  8/26/2021    AUD   68.36
Svensk Exportkredi     0.50 12/17/2027    USD   60.33
Svensk Exportkredi     0.50 12/14/2016    BRL   72.32
Svensk Exportkredi     0.50  9/28/2017    IDR   71.27
Svensk Exportkredi     0.50   2/3/2017    BRL   70.83
Svensk Exportkredi     0.50  7/21/2017    BRL   67.44
Svensk Exportkredi     0.50 12/21/2016    BRL   72.17
Svensk Exportkredi     0.50  9/20/2017    TRY   71.95
Svensk Exportkredi     0.50 12/22/2016    BRL   72.19
Svensk Exportkredi     0.50  8/28/2020    TRY   54.02
Svensk Exportkredi     0.50   9/5/2017    IDR   71.10
Svensk Exportkredi     0.50  3/10/2017    BRL   70.65
Svensk Exportkredi     0.50  1/26/2017    BRL   71.31
Svensk Exportkredi     0.50  6/30/2017    BRL   67.86
Svensk Exportkredi     1.00 11/15/2021    AUD   72.00
Svensk Exportkredi     0.50  6/21/2017    BRL   68.05
Svensk Exportkredi     0.50  8/25/2021    ZAR   56.85

SWITZERLAND
-----------
UBS AG                24.75   1/3/2014    EUR   66.60
Banque Cantonale V    11.80  1/29/2014    CHF   63.63
Banque Cantonale V     6.50  10/5/2015    CHF   72.74
Banque Cantonale V     2.00   7/8/2014    CHF   61.29
SAir Group             6.25 10/27/2002    CHF   11.00
SAir Group             4.25   2/2/2007    CHF   11.63
SAir Group             2.13  11/4/2004    CHF   11.00
SAir Group             0.13   7/7/2005    CHF   11.25
SAir Group             5.50  7/23/2003    CHF   11.00
SAir Group             2.75  7/30/2004    CHF   11.00
SAir Group             2.75  7/30/2004    CHF   11.13
SAir Group             6.25  4/12/2005    CHF   10.88
UBS AG                24.50   1/3/2014    EUR   53.44
UBS AG                23.75   1/3/2014    EUR   58.46
UBS AG                 8.87  4/15/2014    USD   10.17
UBS AG                24.00   1/3/2014    EUR   71.67
UBS AG                24.25   1/3/2014    EUR   60.63
UBS AG                18.45 10/24/2013    USD    8.73
UBS AG                14.25   1/3/2014    EUR   52.30
UBS AG                20.00   1/3/2014    EUR   56.56
UBS AG                 7.25  7/29/2014    USD   31.57
UBS AG                 6.03  5/14/2014    USD   54.95
UBS AG                24.50   1/3/2014    EUR   67.05
UBS AG                 7.50   1/3/2014    EUR   64.51
UBS AG                12.70  4/22/2014    USD   66.71
UBS AG                 8.94  2/13/2014    USD   14.64
UBS AG                 6.29  2/26/2014    USD   32.99
UBS AG                 6.22  2/26/2014    USD   38.93
UBS AG                24.00   1/3/2014    EUR   72.58
UBS AG                16.50   1/3/2014    EUR   69.19
UBS AG                18.25   1/3/2014    EUR   62.22
UBS AG                18.75   1/3/2014    EUR   66.02
UBS AG                20.25   1/3/2014    EUR   63.41
UBS AG                17.25   1/3/2014    EUR   42.91
UBS AG                11.50   1/3/2014    EUR   52.05
UBS AG                15.50   1/3/2014    EUR   72.73
UBS AG                22.00   1/3/2014    EUR   61.74
UBS AG                17.75   1/3/2014    EUR   68.54
UBS AG                 6.04  8/29/2014    USD   35.75
UBS AG                10.46   1/2/2014    USD   35.35
UBS AG                 8.75   1/3/2014    EUR   69.50
UBS AG                15.25   1/3/2014    EUR   63.26
UBS AG                10.75   1/3/2014    EUR   69.94
UBS AG                12.50   1/3/2014    EUR   62.75
UBS AG                19.00   1/3/2014    EUR   53.05
UBS AG                14.25   1/3/2014    EUR   70.59
UBS AG                20.50   1/3/2014    EUR   69.50
UBS AG                 8.50   1/3/2014    EUR   69.72
UBS AG                24.00   1/3/2014    EUR   63.30
UBS AG                22.25   1/3/2014    EUR   63.98
UBS AG                 9.53 12/17/2013    USD   48.94
UBS AG                 6.49  5/23/2014    USD   21.20
UBS AG                 6.53  5/27/2014    USD   21.09
UBS AG                 6.33  5/12/2014    USD   19.48
UBS AG                 9.25  4/30/2014    USD    9.78
UBS AG                14.00  6/27/2014    EUR   55.27
UBS AG                11.75  6/27/2014    EUR   48.70
UBS AG                 8.29  1/14/2014    USD   19.98
UBS AG                 5.22  1/28/2014    USD   11.48
UBS AG                 7.86  1/31/2014    USD   20.24
UBS AG                 9.17  6/30/2014    USD   67.70
UBS AG                 7.25   8/8/2014    USD   45.54
UBS AG                 8.35 10/24/2013    USD   50.89
UBS AG                 9.45 10/22/2013    USD   20.95
UBS AG                 9.00   1/3/2014    EUR   48.64
UBS AG                14.75   1/3/2014    EUR   44.63
UBS AG                 7.15  2/26/2014    USD   32.50
UBS AG                10.75   1/3/2014    EUR   55.72
UBS AG                 5.00   1/3/2014    EUR   63.46
UBS AG                 8.21  2/26/2014    USD   50.39
UBS AG                10.00   1/3/2014    EUR   43.67
UBS AG                13.50   1/3/2014    EUR   56.28
UBS AG                13.75   1/3/2014    EUR   56.97
UBS AG                10.00   1/3/2014    EUR   62.22
UBS AG                 8.25   1/3/2014    EUR   62.15
UBS AG                23.00   1/3/2014    EUR   69.99
UBS AG                18.75   1/3/2014    EUR   69.15
UBS AG                 7.25   1/3/2014    EUR   69.51
UBS AG                23.25   1/3/2014    EUR   48.61
UBS AG                22.75   1/3/2014    EUR   59.35
UBS AG                21.50   1/3/2014    EUR   61.38
UBS AG                17.50   1/3/2014    EUR   68.73
UBS AG                14.50   1/3/2014    EUR   74.99
UBS AG                16.00   1/3/2014    EUR   71.69
UBS AG                21.00   1/3/2014    EUR   38.60
UBS AG                 6.19   1/8/2014    USD   19.82
UBS AG                 9.93  6/18/2014    USD   50.46
UBS AG                 9.89 11/22/2013    EUR   71.22
UBS AG                 8.00   1/3/2014    EUR   55.16
UBS AG                 4.75   1/3/2014    EUR   69.04
UBS AG                 4.50  6/27/2014    EUR   48.72
UBS AG                 8.75  6/27/2014    EUR   58.09
UBS AG                 6.80  2/20/2014    USD   27.83
UBS AG                 6.80  2/20/2014    USD   27.76
UBS AG                 5.50  3/28/2014    EUR   55.86
UBS AG                 9.50  3/28/2014    EUR   50.93
UBS AG                13.50  3/28/2014    EUR   62.47
UBS AG                12.00  3/28/2014    EUR   42.70
UBS AG                11.50   1/3/2014    EUR   39.79
UBS AG                14.00  3/28/2014    EUR   52.93
UBS AG                 7.75  6/27/2014    EUR   45.94
UBS AG                 6.00  3/28/2014    EUR   49.43
UBS AG                 7.00  6/27/2014    EUR   50.45
UBS AG                11.00  3/28/2014    EUR   46.42
UBS AG                11.00  6/27/2014    EUR   59.64
UBS AG                13.00  6/27/2014    EUR   45.50
UBS AG                13.00   1/3/2014    EUR   59.17
UBS AG                10.75  3/28/2014    EUR   58.16
UBS AG                 5.00  6/27/2014    EUR   63.87
UBS AG                10.50  6/27/2014    EUR   52.89
UBS AG                12.25  6/27/2014    EUR   71.08
UBS AG                 6.25  6/27/2014    EUR   56.36
UBS AG                11.25  3/28/2014    EUR   72.74
UBS AG                11.00   1/3/2014    EUR   70.06
UBS AG                12.25  3/28/2014    EUR   68.98
UBS AG                12.00   1/3/2014    EUR   66.02
UBS AG                13.75  6/27/2014    EUR   65.24
UBS AG                 8.00  3/28/2014    EUR   56.96
UBS AG                20.25   1/3/2014    EUR   67.22
UBS AG                24.50   1/3/2014    EUR   59.05
UBS AG                21.75   1/3/2014    EUR   58.98
UBS AG                12.25   1/3/2014    EUR   52.20
UBS AG                18.00   1/3/2014    EUR   64.27
UBS AG                24.75   1/3/2014    EUR   54.61
UBS AG                22.00   1/3/2014    EUR   63.63
UBS AG                19.25   1/3/2014    EUR   71.52
UBS AG                23.50   1/3/2014    EUR   72.60
UBS AG                18.50   1/3/2014    EUR   71.37
UBS AG                 6.50   1/3/2014    EUR   63.77
UBS AG                13.00   1/3/2014    EUR   49.48
UBS AG                 5.75   1/3/2014    EUR   54.70
UBS AG                 4.25   1/3/2014    EUR   54.36
UBS AG                 6.25   1/3/2014    EUR   48.11
UBS AG                20.00   1/3/2014    EUR   64.93
UBS AG                14.41 11/21/2013    USD   40.01
UBS AG                23.25   1/3/2014    EUR   65.06
UBS AG                15.50   1/3/2014    EUR   45.13
UBS AG                18.25   1/3/2014    EUR   41.49
UBS AG                 6.75   1/3/2014    EUR   68.80
UBS AG                20.75   1/3/2014    EUR   70.05
UBS AG                16.25   1/3/2014    EUR   72.22
UBS AG                19.75   1/3/2014    EUR   64.89
UBS AG                10.00   1/3/2014    EUR   55.96
UBS AG                13.75   1/3/2014    EUR   47.78
UBS AG                12.50   1/3/2014    EUR   49.77
UBS AG                 8.50   1/3/2014    EUR   60.73
UBS AG                23.50   1/3/2014    EUR   36.11
UBS AG                22.75   1/3/2014    EUR   59.75
UBS AG                19.50   1/3/2014    EUR   65.22
UBS AG                20.50   1/3/2014    EUR   70.00
UBS AG                23.50   1/3/2014    EUR   72.59
UBS AG                18.25   1/3/2014    EUR   41.55
UBS AG                24.75   1/3/2014    EUR   72.66
UBS AG                17.50   1/3/2014    EUR   69.19
UBS AG                21.50   1/3/2014    EUR   61.80
UBS AG                 7.98  3/17/2014    USD   10.60
UBS AG                14.75  3/28/2014    EUR   71.70
UBS AG                11.50  6/27/2014    EUR   74.62
UBS AG                 4.50  3/28/2014    EUR   64.14
UBS AG                 6.50  3/28/2014    EUR   44.45
UBS AG                 7.30   7/7/2014    USD   28.53

TURKEY
------
APP International     11.75  10/1/2005    USD    5.00
Yuksel Insaat AS       9.50 11/10/2015    USD   72.64

UKRAINE
-------
Agroton Public Ltd    12.50  7/14/2014    USD   50.00

UNITED KINGDOM
--------------
Alpha Credit Group     0.73  2/21/2021    EUR   52.38
Alpha Credit Group     6.00  7/29/2020    EUR   72.88
Barclays Bank PLC      0.61 12/28/2040    EUR   64.00
Barclays Bank PLC      8.00  5/23/2014    USD   10.81
Barclays Bank PLC      2.20 11/30/2025    USD   21.86
Barclays Bank PLC      0.50  3/13/2023    RUB   47.04
Barclays Bank PLC      6.75 10/16/2015    GBP    1.15
Barclays Bank PLC      7.40  2/13/2014    GBP    1.04
Barclays Bank PLC      2.50   3/7/2017    EUR   35.67
Barclays Bank PLC      8.25  1/26/2015    USD    1.13
Barclays Bank PLC      1.99  12/1/2040    USD   71.38
Barclays Bank PLC      1.64   6/3/2041    USD   66.57
Barclays Bank PLC      7.50  4/29/2014    GBP    1.06
Barclays Bank PLC      2.33   1/2/2041    USD   73.08
Cattles Ltd            6.88  1/17/2014    GBP    2.50
Cattles Ltd            7.13   7/5/2017    GBP    2.50
Commercial Bank Pr     5.80   2/9/2016    USD   69.01
Co-Operative Bank      9.25  4/28/2021    GBP   72.74
Co-Operative Bank      5.75  12/2/2024    GBP   68.46
Co-Operative Bank      7.88 12/19/2022    GBP   70.52
Co-Operative Bank      5.88  3/28/2033    GBP   69.57
Co-Operative Bank      5.63 11/16/2021    GBP   55.13
Co-Operative Bank      1.01  5/18/2016    EUR   69.71
Credit Suisse AG/L    11.50   4/4/2014    CHF   70.01
Credit Suisse AG/L     8.50  11/5/2013    CHF   45.66
Credit Suisse AG/L     6.50  1/14/2014    CHF   55.22
Credit Suisse AG/L     9.00 11/14/2013    CHF   51.41
Credit Suisse AG/L     1.64   6/1/2042    USD   46.62
Credit Suisse AG/L     8.00  1/14/2014    USD   55.38
Credit Suisse AG/L     6.85   8/8/2014    USD   57.36
Credit Suisse AG/L    10.50 11/15/2013    USD   51.48
Credit Suisse Inte     4.40 10/24/2013    EUR   57.10
Credit Suisse Inte     4.45 12/13/2013    EUR   53.20
Dunfermline Buildi     6.00  3/31/2015    GBP    1.38
Emporiki Group Fin     5.00  2/24/2022    EUR   60.75
Emporiki Group Fin     5.00  12/2/2021    EUR   61.13
Emporiki Group Fin     5.10  12/9/2021    EUR   62.13
ERB Hellas PLC         0.52   9/3/2014    EUR   72.13
Goldman Sachs Inte     2.50  8/17/2018    EUR   20.40
HSBC Bank PLC          0.50   4/3/2023    AUD   62.86
HSBC Bank PLC          0.50  12/2/2022    AUD   64.19
HSBC Bank PLC          0.50  2/24/2023    AUD   63.27
HSBC Bank PLC          0.50 10/25/2021    AUD   68.62
HSBC Bank PLC          0.50 11/30/2021    NZD   65.52
HSBC Bank PLC          0.50 12/20/2018    RUB   69.82
HSBC Bank PLC          0.50  6/30/2021    NZD   67.16
HSBC Bank PLC          0.50   2/2/2023    AUD   63.51
HSBC Bank PLC          0.50 12/29/2022    AUD   63.89
HSBC Bank PLC          0.50   2/5/2018    RUB   74.86
HSBC Bank PLC          0.50   3/1/2018    RUB   74.48
HSBC Bank PLC          0.50  4/27/2027    NZD   47.02
HSBC Bank PLC          0.50 11/22/2021    AUD   68.35
HSBC Bank PLC          0.50  7/30/2027    NZD   46.29
HSBC Bank PLC          0.50  1/29/2027    NZD   47.70
HSBC Bank PLC          0.50 10/30/2026    NZD   48.42
HSBC Bank PLC          0.50 12/29/2026    AUD   50.10
HSBC Bank PLC          0.50  12/8/2026    AUD   50.28
HSBC Bank PLC          0.50  2/24/2027    NZD   47.50
Royal Bank of Scot     1.69 11/14/2016    GBP    1.10
RSL Communications    10.50 11/15/2008    USD    1.20
RSL Communications    10.13   3/1/2008    USD    1.25
RSL Communications     9.13   3/1/2008    USD    1.25
RSL Communications     9.88 11/15/2009    USD    1.25
RSL Communications    12.00  11/1/2008    USD    1.25
UBS AG/London         25.00  3/20/2014    CHF   62.25
UBS AG/London          7.63  9/30/2015    USD   16.71
UBS AG/London         20.25  4/17/2014    CHF   66.13
UBS AG/London          6.88  8/31/2015    USD   15.37


                            *********

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

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

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

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


                            *********


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

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

Copyright 2013.  All rights reserved.  ISSN 1529-2754.

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

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

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


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