TCREUR_Public/131111.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, November 11, 2013, Vol. 14, No. 223

                            Headlines

B E L G I U M

BELFIUS BANK: Fitch Upgrades Viability Rating to 'bb+'


C Z E C H   R E P U B L I C

LEGIOS: Ceske Budejovice Court Rejects Moratorium Petition
ODEVNI PODNIK: Flagship Brand Sold at Auction for CZK790,000


F R A N C E

AVON FRANCE: Set to Declare Insolvency; Unions Oppose Move
FAGORBRANDT: To Seek Creditor Protection


G E R M A N Y

SIC PROCESSING: Yingli Denies US$30-Mil. Debt Claims


I R E L A N D

IRISH BANK: Liquidation Needed to Protection Financial System
SIAC CONSTRUCTION: Six Parties Express Interest to Invest


I T A L Y

BANCA POPOLARE: S&P Lowers Counterparty Credit Rating to 'BB-'


L U X E M B O U R G

LATA LUX: S&P Affirms 'B+' Corp. Credit Rating; Outlook Stable


N E T H E R L A N D S

AEG POWER: S&P Lowers Corp. Credit Rating to 'CC'; Outlook Neg.
MARFRIG ALIMENTOS: Fitch Affirms 'B' FC Issuer Default Rating


P O L A N D

LOT POLISH: EU Commission Launches Probe Into State Aid


R U S S I A

ALLIANCE OIL: S&P Puts 'B' ICR on CreditWatch Developing
BYSTROBANK JSC: Fitch Affirms 'B-' Long-Term IDRs; Outlook Stable
DME LTD: S&P Assigns 'BB+' Corp. Credit Rating; Outlook Stable
DME LTD: Fitch Assigns 'BB+' LT Issuer Default Ratings
HACIENDA INVESTMENTS S&P Assigns 'BB+/B' Corp. Credit Ratings

TAMBOV REGION: Fitch Affirms 'BB+' Long-term Currency Ratings


S L O V E N I A

SLOVENIA: Adopts Amendments to Insolvency Legislation


S P A I N

BBVA-7 FTGENCAT: S&P Lowers Rating on Class C Notes to 'D'


U N I T E D   K I N G D O M

AUDIOGO: To Go Into Administration, To Cut Jobs
BEAVER MAINTENANCE: In Administration, Cuts 15 Jobs
BLOCKBUSTER UK: To Close Last of 300 Stores in U.S.
DIAMOND CENTRE: In Receivership, Seeks Buyer
FFOS FARM: In Administration; Eight Jobs Axed

MIDDLE ENGLAND DEVELOPMENTS: Falls Into Administration
SPORTHOUSE: Goes Into Administration, Faces Uncertain Future


X X X X X X X X

* BOND PRICING: For the Week November 4 to November 8, 2013


                            *********


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B E L G I U M
=============


BELFIUS BANK: Fitch Upgrades Viability Rating to 'bb+'
------------------------------------------------------
Fitch Ratings has affirmed Belgium-based Belfius Bank SA/NV's
Long-term Issuer Default Rating (IDR) and Support Rating Floor at
'A-'. At the same time, the agency has upgraded the Viability
Rating (VR) to 'bb+' from 'bb'.

Key Rating Drivers - IDRs, Support Rating, Support Rating Floor
And Senior Debt:

The bank's IDRs, Support Rating (SR) and Support Rating Floor
(SRF) reflect Fitch's view of an extremely high probability that
the Belgian state (AA/Stable) would support the bank if required.
This opinion is based on Belfius's systemic importance as the
third-largest domestic retail bank (with a market share of around
13% of retail deposits) and from its full ownership by the
Belgian state.

Rating Sensitivities - IDRs, Support Rating, Support Rating Floor
And Senior Debt:

The IDRs, senior debt ratings, SRs and SRFs are sensitive to a
change in Fitch's assumptions about the potential of sovereign
support for Belfius. Changes in assumptions could be driven by a
change either in the sovereign's ability, for example, triggered
by a change in Belgium's sovereign rating, or in its perceived
propensity to provide such support.

In Fitch's view, there is a clear intention ultimately to reduce
implicit state support for financial institutions in the EU, as
demonstrated by a series of legislative, regulatory and policy
initiatives. On 11 September 2013, Fitch outlined its approach to
incorporating support in its bank ratings in light of evolving
support dynamics for banks worldwide.

The IDRs and SRs would be downgraded and the SRFs revised down if
Fitch concludes that potential sovereign support has weakened
relative to its previous assessment.

Key Rating Drivers - VR:

The upgrade of the bank's VR reflects an improvement in
capitalization, especially as measured by the Fitch core capital
ratio (9.5% at end-H113, up from 7.5% at end-2012), given a
reduction in negative revaluation reserves. The VR benefits from
the bank's solid retail and public finance franchises in Belgium,
which provide it with a healthy customer-driven funding mix and
low risk loan book (non-performing loans representing only 2.5%
of gross loans at end-H113, roughly 70% covered by reserves), but
only modest profitability (annualized operating return on equity
of 9.7% in H113).

The VR remains negatively affected by the outsized legacy bond
portfolio (2.6x of equity at end-H113), although Fitch believes
that the quality of this portfolio has stabilized. Belfius also
retains a large derivatives book, which stems from the bank's
previous role as a competence center for derivatives within Dexia
(A/Stable) before the latter was nationalized in October 2011.
Fitch believes that this business is well managed and the market
and credit risks are low, especially considering the increased
government and regulatory oversight after change of ownership and
restructuring, although it will nevertheless be an operational
burden for Belfius until it is substantially run down.

Belfius reported an operating profit in H113 after two years of
operating losses as calculated by Fitch, but revenue is under
pressure and costs remain high (cost-to-income ratio of 76% in
H113). Fitch expects operating profitability to improve over time
as the bank implements cost cutting measures and legacy assets
are wound down.

Belfius has historically provided funding to Dexia, but this
exposure has significantly decreased (EUR14.4 billion at end-
August 2013) and is now essentially in the form of government-
guaranteed debt issued by Dexia. Moreover, this exposure does not
weigh on the bank's funding as it is refinanced with central bank
repo facilities, in large part using the guaranteed debt as
collateral.

The Fitch core capital ratio is lower than the regulatory core
Tier 1 ratio (14.3% at end-H113) due to the deduction of still
large negative revaluation reserves (EUR1.4 billion at end-H113),
investment in the insurance subsidiary and deferred tax assets.
Negative revaluation reserves have declined significantly owing
to sale of bonds, amortization of the bank's portfolio and
tightening credit spreads. Remaining negative revaluation
reserves will not necessarily translate into losses as the bank's
solid funding base should enable the asset portfolio to be held
to maturity if necessary rather than realizing a loss on sale
from the widened credit spread.

Rating Sensitivities - VR:

Belfius's VR would benefit from a material improvement in the
bank's profitability and/or further notable reduction in its
legacy bond portfolio and derivatives assets. However, any
deterioration in Belfius's capital as measured by Fitch, for
example due to an increase in negative revaluation reserves
and/or losses on derivatives could be detrimental for its VR. The
VR would also be sensitive to marked asset quality deterioration
due to higher-than-expected domestic and European economic
stress, resulting in securities and loan impairment charges.

Key Rating Drivers and Sensitivities - Subordinated Debt:

Subordinated lower Tier 2 securities (XS0286515621, issued by
Belfius Funding but guaranteed by Belfius) are notched off
Belfius's VR, in line with Fitch's rating criteria for such
securities. Their upgrade reflects that of the bank's VR and
their ratings are sensitive to any changes in Belfius's VR.

Rating Drivers And Sensitivities -- Subsidiary And Affiliated
Companies:

Belfius Funding and Dexia Financial Products, Inc. are wholly-
owned financing subsidiaries of Belfius and all their issues are
guaranteed by Belfius. Their debt ratings are aligned with
Belfius's rating and are sensitive to the same factors that might
drive a change in the bank's senior and subordinated debt
ratings.

The rating actions are as follows:

Belfius Bank:

Long-term IDR affirmed at 'A-'; Outlook Stable
Short-term IDR affirmed at 'F1'
Senior debt affirmed at 'A-/F1'
Viability Rating: upgraded to 'bb+' from 'bb'
Support rating: affirmed at '1'
Support Rating Floor: affirmed at 'A-'

Belfius Funding

Senior debt: affirmed at 'A-/F1'
Subordinated (lower Tier 2) debt XS0286515621: upgraded to 'BB'
from 'BB-'

Dexia Financial Products, Inc

Commercial paper: affirmed at 'F1'



===========================
C Z E C H   R E P U B L I C
===========================


LEGIOS: Ceske Budejovice Court Rejects Moratorium Petition
----------------------------------------------------------
CTK, citing information from the Insolvency Register, reports
that the Regional Court in Ceske Budejovice has rejected a
petition by Legios to declare a moratorium to protect it from
creditors.

According to CTK, the court has appointed a preliminary
administrator for the company.

Legios, based in southern Bohemia, is in insolvency proceedings
over debt exceeding CZK2.75 billion, CTK discloses.  It has
recently changed its name to INDUSTRY PLANT LG, a.s., CTK
relates.

The moratorium could have postponed the declaration of insolvency
by three months, CTK notes.  Legios, CTK says, is going to ask
for the moratorium again.

Legios is a Czech locomotive and railway wagon producer.



ODEVNI PODNIK: Flagship Brand Sold at Auction for CZK790,000
------------------------------------------------------------
CTK, citing public auction portal verejnedrazby.cz, reports that
the trademark Prostejov Profashion, which was the flagship brand
of bankrupt Czech clothes producer Odevni podnik Prostejov (OP),
was sold at an auction for CZK790,000 on Nov. 6.

The starting price of the group of trademarks OP Prostejov
Profashion was CZK495,000, CTK discloses.  The name of the new
owner will be announced after the price is paid for the brand,
CTK says.  The trademark WILLIAM & DELVIN was also auctioned off
on Nov. 6 at a price of CZK350,000, CTK relays.

OP's insolvency administrator Miloslava Horska launched the sale
of the company's trademarks in early October, CTK recounts.

The total value of OP's 30 brands that are being offered to
potential buyers in an online auction was set at about CZK3
million by experts, CTK notes.



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F R A N C E
===========


AVON FRANCE: Set to Declare Insolvency; Unions Oppose Move
----------------------------------------------------------
Cosmetics Business reports that Avon appears to be in the course
of declaring insolvency in France, leaving nearly 9,000 of its
11,000 "ambassadors", mostly women, without an income stream.  
The move has been condemned by French trade unions, Cosmetics
Business says.

At the end of October, Avon met with French unions CFDT and CFE-
CGC, who were both lobbying on behalf of the direct seller's 127
employees and commission-only ambassadors, Cosmetics Business
relates.

According to Cosmetics Business, Malik Gueye, President of the
CFE-CGC, confirmed that "the company plans to move towards a
cessation of activity and possibly liquidation proceedings" in an
unprofitable market.  "It's an electric shock."

The filing for bankruptcy should have taken place at the end of
October, but has been postponed, though ambassadors report not
being able to get hold of the company since late September,
Cosmetics Business notes.  They have not been informed officially
of future proceedings, but there are rumors that, in January,
Avon will cease trading altogether in France, Cosmetics Business
states.

Avon is a direct selling company.


FAGORBRANDT: To Seek Creditor Protection
----------------------------------------
Christopher Bjork and William Horobin at The Wall Street Journal
report that Spanish appliance maker Fagor Electrodomesticos on
Wednesday edged toward a possible bankruptcy filing after its
French unit said it was seeking protection from creditors.

According to the Journal, Fagor's French unit, FagorBrandt, said
putting itself "into administration should allow it to continue
looking for solutions to continue its business while preserving
employment and the interests of suppliers and business partners
as much as possible"

A spokeswoman for Fagor Electrodomesticos, as cited by the
Journal, said it may file for creditor protection with Spanish
courts this week or next, barring a "slim possibility" that new
financing materializes.

Jose Manuel Soria, Spain's industry minister, said Wednesday that
Fagor would file for bankruptcy protection imminently, citing a
conversation he had late Tuesday with the chairman of Mondragon,
the Journal relates.

"There was a possible plan for the salvation [of Fagor] that
involved an additional contribution of money on the part of
Mondragon, who finally decided that they could not do it," the
Journal quotes Mr. Soria as saying.

Fagor employs 5,700 workers and also has factories in Poland,
Morocco, Italy and China, the Journal discloses.  The company
would default on more than EUR800 million (US$1.08 billion) in
debt if it seeks creditor protection, the Journal notes.

Mondragon, which is based in Spain's Basque country, said it has
poured a total of EUR300 million into Fagor in recent years, the
Journal relays.

Late last month, however, Mondragon's members decided not to
continue supporting Fagor because the appliance maker's proposed
business plan didn't guarantee its future viability and would be
too costly for the corporation, the Journal recounts.

Fagor is a Spanish consumer appliance company.



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


SIC PROCESSING: Yingli Denies US$30-Mil. Debt Claims
----------------------------------------------------
Sandra Enkhardt and Edgar Meza at pv-magazine.com report that
SiC Processing GmbH said Yingli owes it more than US$30 million
in liabilities, adding that the Chinese group's outstanding debt
was a major factor behind its insolvency.  Yingli denies the
claims, according to the report.

The report relates that Christopher Seagon, the insolvency
administrator of SiC Processing and its Chinese subsidiary, SiC
Processing in Baoding, has said he intends to enforce contractual
compensation claims for short deliveries against Yingli and
several of its subsidiaries.

pv-magazine.com relates that Mr. Seagon said Yingli owes Sic
approximately EUR23 million (US$31.65 million) and stresses that
the outstanding debt is a major reason behind SiC's financial
troubles and the company's insolvency in Germany.

"It's incredible that a Chinese company of this size -- which is
being considered by the Chinese government as a key supplier in
its plans to construct 35 GW of solar energy by 2015 -- has not
paid its suppliers, forcing them to shut down their operations,
while also undercutting European photovoltaic manufacturers in
price and threatening their existence in the process," the report
quotes Mr. Seagon as saying.

pv-magazine.com says SiC claims Yingli owes it about EUR5 million
from unfulfilled deliveries and services that have not been paid,
despite repeated requests from Mr. Seagon, in more than 300 days.
A further EUR18 million stems from breach of contract,
Mr. Seagon, as cited by pv-magazine.com, said.

The company said if the debt remains unpaid, SiC's Chinese
subsidiary will have to cease operations and lay off 180
employees, according to the report.

According to pv-magazine.com, Yingli has made counter claims of
its own against SiC, saying in a statement that it "has been
working with SiC to try to amicably settle the disputes between
the two sides, and has fully performed its obligations that were
not subject to disputes."

Yingli added that it paid all amounts -- "with regard to payment
of processing fees and damages alleged by SiC in the news" --
prior to September 30, 2013.

Yingli also claims SiC owes it outstanding payments. "As SiC also
owes to Yingli rents and utility bills and both parties remained
divided over the determination of the residual payments, Yingli
suggests that both parties further communicate and work to solve
the issue," the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 28, 2012, Solar Industry said the local court in Amberg,
Germany, has ordered debtor-in-possession proceedings in
accordance with section 270b of the German Insolvency Code
(Insolvenzordnung) for SiC Processing GmbH. The company's
Norwegian subsidiary also filed for insolvency after its only
customer, REC Wafer Norway, filed its own insolvency application.
For SiC Processing GmbH, the court has appointed Dr. Hubert
Ampferl, a partner at Nuremberg, Germany-based law firm Dr. Beck
& Partner, preliminary supervisor, according to Solar Industry.

SiC Processing GmbH is a Germany-based provider of solar slurry
recovery services.



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


IRISH BANK: Liquidation Needed to Protection Financial System
-------------------------------------------------------------
The Irish Times reports that lawyers for state-owned Irish Bank
Resolution Corporation, formerly Anglo Irish Bank, pleaded for
protection from a U.S. bankruptcy court saying that the
liquidated bank was a "very unique" case.

The Delaware bankruptcy court heard the bank's case for
Chapter 15 bankruptcy protection, guarding about EUR1 billion of
US assets and blocking legal actions against it, at a hearing on
Nov. 6, The Irish Times relates.

According to The Irish Times, US-based Irish developer John Flynn
and two US companies Castleway and Walnut Properties, owned by
Swiss-based developer John McCann, are challenging IBRC's attempt
to secure court protection.

They claim to be disadvantaged as creditors and borrowers by the
Government's passage of emergency legislation in February putting
the bank into special liquidation, The Irish Times discloses.  
The law was passed as part of the restructuring of the EUR35
billion State bailout to reduce the annual cost of the
nationalized bank, The Irish Times notes.

After a hearing of more than four hours, US bankruptcy judge
Christopher Sontchi asked both sides to submit documents
outlining the factual evidence and conclusions of law setting out
their arguments, The Irish Times relays.  The judge requested the
written submissions by next Tuesday because of the importance of
the issues raised, and said that he would rule on the case as
quickly as possible, The Irish Times recounts.  He granted a
request from Mr. Flynn's lawyer putting a stay on IBRC selling
loans linked to the Blackrock and Galway Clinics, in which the
property developer is a shareholder, pending his ruling, The
Irish Times discloses.

Mr. Flynn is suing IBRC in a separate action in a New York court
for being overcharged by US$11 million, while Castleway and
Walnut are contesting the decision of the bank and the State's
National Asset Management Agency not to release security on
properties so they can repay US$60 million in loans, The Irish
Times says.  They argue that the US court should not recognize
the liquidation because it was driven by the Minister for Finance
acting only in the interests of the Irish State, not the bank's
creditors, according to The Irish Times.

In the summing up by the both sides, the judge heard a short
history of Ireland's financial crisis, The Irish Times discloses.  
US lawyers for the bank argued that the crisis required the
emergency special liquidation legislation, The Irish Times
relates.

According to The Irish Times, IBRC's lawyer Van Durrer of law
firm Skadden Arps asked the court to protect IBRC under
Chapter 15, a section of US bankruptcy that allows the US courts
to recognize foreign insolvencies, saying that the Irish
Government passed the IBRC legislation to protect the country's
financial system.

The global financial crisis had left Ireland like many "too big
to fail" financial institutions requiring a bailout and that the
court must keep this in mind when deciding on whether to protect
IBRC, Mr. Durrer, as cited by The Irish Times, said.

                     About Irish Bank Resolution

Irish Bank Resolution Corp., the liquidation vehicle for what was
once one of Ireland's largest banks, filed a Chapter 15 petition
(Bankr. D. Del. Case No. 13-12159) on Aug. 26, 2013, to protect
U.S. assets of the former Anglo Irish Bank Corp. from being
seized by creditors.  Irish Bank Resolution sought assistance
from the U.S. court in liquidating Anglo Irish Bank Corp. and
Irish Nationwide Building Society.  The two banks failed and were
merged into IBRC in July 2011.  IBRC is tasked with winding them
down and liquidating their assets.  In February, when Irish
lawmakers adopted the Irish Bank Resolution Corp., IBRC was
placed into a special liquidation in the Irish High Court to
complete liquidation and distribution of the two banks' assets.

IBRC's principal asset as of June 2012 was a loan portfolio
valued at some EUR25 billion (US$33.5 billion). About 70 percent
of the loans were to Irish borrowers. Some 5 percent of the
portfolio was under U.S. law, according to a court filing.  Total
liabilities in June 2012 were about EUR50 billion, according
to a court filing.

Most assets in the U.S. have been sold already.  IBRC is involved
in lawsuits in the U.S.

The IRBC liquidators want the U.S. bankruptcy judge to rule that
Ireland is home to the so-called foreign main bankruptcy
proceeding.  If the judge agrees and determines that IBRC
otherwise qualifies, creditor actions in the U.S. will halt
automatically.


SIAC CONSTRUCTION: Six Parties Express Interest to Invest
---------------------------------------------------------
Mary Carolan at The Irish Times reports that the High Court has
heard six parties have expressed an interest in investing in
Siac Construction and eight of its related companies.

The Irish Times relates that Mr. Justice Peter Kelly on Nov. 7
confirmed Michael McAteer as examiner to the companies after
saying he was satisfied proposals for a survival scheme surpassed
the threshhold required for the court to exercise its discretion
to appoint an examiner.

According to The Irish Times, Mr. McAteer, who was appointed
interim examiner last month, now has 100 days to come up with a
survival scheme but the court heard he hopes to hold a creditors'
meeting as soon as Dec. 18.

The court heard there were no objections to the examinership and
the companies' main bank, Bank of Ireland, had agreed to continue
to provide capital funding during the examinership while their
250 employees had also expressed support, The Irish Times relays.

Mr. Justice Kelly said that despite maintaining profitability
after the 2007 crash right up until 2011, it moved into a
EUR4 million loss situation in 2012 and this was largely the
result of the collapse in the domestic building industry, The
Irish Times recounts.

The judge, as cited by The Irish Times, said that the companies'
creditor banks, Bank of Ireland, KBC and Bank of Scotland, which
were neutral on the examinership, were owed EUR40 million and
needless to say, this was an extremely worrying time for all
involved, including creditors and employees.

There had been six expressions of interest in investing received
by the examiner, The Irish Times discloses.  The judge said
Between EUR5 million and EUR8 million, either as debt or equity,
or a combination of both, is required and a number of the
interested parties are aware that this is the level of investment
that will be required, The Irish Times notes.

Siac Construction is an Irish building engineering company.



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I T A L Y
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BANCA POPOLARE: S&P Lowers Counterparty Credit Rating to 'BB-'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit ratings on Italy-based Banca Popolare di
Milano SCRL (BPM) and core subsidiary Banca Akros SpA to 'BB-'
from 'BB'.  At the same time, S&P placed the 'BB-/B' long- and
short-term counterparty credit ratings on both entities on
CreditWatch with negative implications.

S&P lowered its long-term issue ratings on the senior unsecured
debt of BPM to 'BB-' from 'BB', and placed the ratings on
CreditWatch with negative implications.

S&P also lowered its long-term issue ratings on BPM's
nondeferrable subordinated debt to 'B-' from 'B+', and placed the
ratings on CreditWatch with negative implications.

The downgrade reflects S&P's view that BPM's management is facing
more challenges in addressing BPM's corporate governance issues
than S&P initially expected when the new management team was
appointed and presented a business plan over a year ago following
an inspection by the Bank of Italy (BoI) in 2011.  In S&P's view,
these challenges are impairing BPM's management stability--as
demonstrated by the recent resignation of its CEO--and strategic
focus, as well as increasing the risks in its financial profile.

When BPM's CEO Piero Montani resigned, he cited his inability to
continue given what he described as heated debate between BPM's
management and supervisory boards.  He also cited the mistrust of
a group of employee-shareholders for BPM's plans to strengthen
its corporate governance.

In S&P's view, Montani's resignation highlights the significant
difficulties BPM's management faces in addressing the bank's
corporate governance problems.  In 2012, following an inspection
by the BoI in the previous year, a new management team presented
a plan designed to resolve BPM's governance issues.  However,
parts of the plan were opposed by some of the bank's employee-
shareholders.  These ongoing difficulties have prompted S&P to
revise its view of BPM's business position to "weak" from
"moderate."

These difficulties have also increased the risks to BPM's
financial profile, in particular its management stability and
strategic focus in implementing its business and financial plan.
This, in turn, poses risks to BPM's financial performance and
solvency levels in the context of Italy's difficult economic
environment.  The nature of these risks is not fully captured by
S&P's forecast risk-adjusted capital (RAC) ratio for BPM and S&P
has therefore revised its assessment of BPM's risk position to
"moderate" from "adequate."

S&P's revised assessments of BPM's business and risk positions
have, in turn, prompted it to revise downward its assessment of
its stand-alone credit profile (SACP) to 'b+' from 'bb'.  
However, the two-notch downward revision of the SACP is mitigated
by one notch of uplift that S&P now incorporate into the ratings
to reflect the potential that BPM would receive extraordinary
financial support from the Italian government if needed.  S&P
bases this view on its assessment of BPM's "moderate" systemic
importance and Italy's "supportive" stance toward its banking
system.

The two-notch downgrade of BPM's nondeferrable subordinated debt,
to 'B-' from 'B+', reflects S&P's revision of the SACP,
consistent with its criteria.

The CreditWatch placement reflects S&P's views on the likelihood
of the continuing implications of BPM's corporate governance
challenges on its business and financial profiles.

S&P could lower the ratings on BPM and its core subsidiary Banca
Akros by an additional one or two notches if it was to believe
one or both of the following:

   -- That BPM's continuing corporate governance issues are
      likely to impair its business stability; or

   -- That BPM is unlikely to complete its capital-strengthening
      plan, which would also likely enable it to meet the
      solvency level required by the European Banking Authority
     (EBA).

BPM's business plan included the reimbursement of a EUR500
million Tremonti bond (hybrid instruments subscribed by the
government and recognized as Core Tier 1 equity) on June 30,
2013, which BPM expected to recoup by a EUR500 million rights
issue by the first quarter of 2014.  In S&P's current assessment
of BPM's capital, it incorporates this rights issue within this
timeframe as there is a pre-underwriting commitment expiring on
April 30, 2014.  However, S&P now believes that BPM's ongoing
corporate governance challenges are likely to make it more
difficult for BPM to undertake the rights issue because the
pre-underwriting agreement is conditioned on BPM's management and
supervisory boards approving changes to improve BPM's corporate
governance.

S&P also thinks that the recent developments make it more likely
that the BoI will not remove the higher regulatory capital
requirements or "add-ons" to BPM's regulatory capital ratios,
imposed by the BoI on BPM after the 2011 inspection.  The add-ons
currently penalize BPM's Core Tier 1 ratio by 150 basis points
(bps), and, in S&P's view, their removal is conditional on BPM
making progress in improving its corporate governance as required
by the BoI.

In this context, S&P also believes that it is unlikely that BPM
will be able to maintain a minimum common equity Tier 1 (CET1)
ratio of 8% in the EBA's upcoming asset quality review (AQR) and
stress test if BPM does not complete the aforementioned capital
increase, particularly if it were to recognize higher-than-
expected credit losses as part of this exercise.  BPM's Core Tier
1 ratio was 7.45% on June 30, 2013.  According to an Oct. 23
statement by the EBA, if a bank subject to the AQR and stress
test does not reach the 8% CET1 ratio, and private sources of
capital or asset disposals are insufficient or not readily
available to fulfill the capital shortfall, that bank may need to
draw upon public support.



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


LATA LUX: S&P Affirms 'B+' Corp. Credit Rating; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B+'
long-term corporate credit rating on Lata Lux Holding Parent
Sarl, the parent of Spanish metal food can manufacturer Mivisa
Envases, S.A.U. (Mivisa).  The outlook is stable.

At the same time, S&P assigned its 'B+' long-term corporate
credit rating to Mivisa, which holds the rated debt.  The outlook
is stable.

In addition, S&P affirmed its 'B+' issue rating on the
EUR780 million senior secured bank facilities borrowed by Mivisa
and not by Lata Lux Holding Parent as S&P erroneously stated in
previous publications.  The recovery rating on these facilities
is unchanged at '3', indicating S&P's expectation of meaningful
(50%-70%) recovery for debtholders in the event of a payment
default.  S&P understands that these facilities will be repaid in
full when the acquisition closes, at which point S&P will
withdraw the issue and recovery ratings.

The affirmation follows the announcement by Philadelphia-based
metal packaging producer Crown Holdings Inc. that it will acquire
Mivisa from private equity funds controlled by the Blackstone
Group for EUR1.2 billion in cash, including debt.  The
acquisition, which is subject to review by the European
Commission and other competition authorities, is due to close in
2014.

The ratings on Mivisa and its parent Lata Lux Holding Parent
(together, "the group") reflect S&P's assessment of the group's
"highly leveraged" financial risk profile and "fair" business
risk profile.  Supporting rating factors include Mivisa's strong
market positions and track record of passing through increases in
input costs to customers, which mitigates the group's exposure to
volatility in tinplate prices.  Furthermore, S&P considers
Mivisa's robust operating efficiency, supported by its
centralized manufacturing production process with local assembly
lines, to be a major contributor to the group's high operating
margins.

In S&P's view, over the next two quarters, Mivisa's operating
performance will continue to translate into positive free
operating cash flow, and the group will maintain an "adequate"
liquidity position over the short term.  Furthermore, S&P
forecasts that modest revenue growth and continued input cost
pass-through will allow the group to maintain Standard & Poor's-
adjusted credit metrics at the upper end of a "highly leveraged"
financial risk profile.

S&P could take a negative rating action as a result of
deteriorating operating cash flow generation--for example, if
free operating cash flow were to turn negative.  In S&P's
opinion, such a development would most likely be the result of
significant working capital outflows or expansion capex beyond
its current forecast.  Likewise, S&P could lower the ratings if
the group pays a high dividend that increases leverage above
levels that S&P views as commensurate with the current ratings.

S&P could take a positive rating action if the group's credit
metrics improve to levels that S&P views as commensurate with an
"aggressive" financial risk profile over a sustained period.  
This zould occur if free operating cash flow generation is
materially stronger than S&P's current forecasts, and the group
deleverages more quickly than it anticipates.  However, S&P
considers material deleveraging as unlikely, in view of the plans
to sell Mivisa to Crown Holdings.



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


AEG POWER: S&P Lowers Corp. Credit Rating to 'CC'; Outlook Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on Netherlands-based power solutions
provider AEG Power Solutions B.V. to 'CC' from 'CCC-'.  The
outlook is negative.

The downgrade reflects S&P's view that AEG Power Solutions faces
heightened risk that the company will either miss a payment, or
implement a debt restructuring in the near term.  Under S&P's
criteria, a debt restructuring in distressed conditions
constitutes an event of default.

3W Power, the parent holding company of AEG Power Solutions, has
called an ad hoc meeting of the holders of its EUR100 million
notes due 2015.  In addition, 3W Power has announced that it
intends to renegotiate the payment of the coupon due on Dec. 1,
2013, and start discussions about the restructuring of the notes.

Against the backdrop of the liquidity shortage communicated by
AEG Power Solutions' management and the possibility that the
company will be unable to make its forthcoming interest payment
on time, S&P considers the company to be in financial distress.  
As such S&P treats the intended restructuring of the unsecured
notes as a distressed exchange.

S&P treats an exchange offer as tantamount to default when two
conditions are met:

   -- The offer, in S&P's view, implies the investor will receive
      less value than the promise of the original securities; and

   -- The offer, in S&P's view, is distressed, rather than purely
      opportunistic.

If AEG Power Solutions finds a way to boost its liquidity so that
it is able to make the forthcoming interest payment on time, S&P
would assess the risk of distressed exchange of the notes and
review its ratings on the company.  S&P's assessment would in
part be based on additional information it expects to receive as
the company advances in its attempt to find a resolution.

The negative outlook reflects the likelihood of S&P lowering the
rating to 'D' (Default) if AEG Power Solutions misses its
interest payment due in December 2013, or 'SD' (Selective
Default) if the company announces a debt restructuring.

If the noteholders accept the changes that AEG Power Solutions
proposes for the terms of the coupon payment and capital
structure, S&P will review the ratings after the transaction has
been completed.  In this case, the 'SD' or 'D' ratings would no
longer be applicable.  In this scenario, S&P would conduct a
forward-looking review after the transaction closes and raise the
rating as soon as it completes this exercise.  The magnitude of
the potential rating change would take into account any benefits
realized from the restructuring, as well as any other interim
developments.


MARFRIG ALIMENTOS: Fitch Affirms 'B' FC Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed the foreign and local currency Issuer
Default Ratings (IDRs) of Marfrig Alimentos S.A. at 'B' as well
as its national scale rating at 'BBB (bra)'.

Fitch has removed the ratings of Marfrig and its affiliates from
Rating Watch Negative and has assigned a Stable Rating Outlook to
Marfrig.

These rating affirmations and the assignment of a Stable Outlook
conclude the review of Marfrig, which was downgraded and placed
on Rating Watch Negative during June 2013 as a result of weak
operating performance and increasing leverage. Subsequently,
Marfrig's divestment of the Seara Brasil and Zenda leather
businesses to JBS S.A. for BRL5.8 billion (USD2.6 billion) and
their strategy for managing and growing its businesses in a
profitable fashion to generating cash flow have resulted in a
stable ratings outlook. The ratings build in an expectation that
Marfrig's net leverage will organically improve to below 4.0x by
the end of 2015. Marfrig's strategy for managing and growing its
businesses in a profitable fashion, generating cash flow are key
factors to the company's long-term credit quality.

Key Rating Drivers:

Focus On Deleveraging And Cash Flow:

Fitch expects Marfrig's net debt to EBITDA ratio to organically
fall to below 4.0x by 2015 from 4.9x at fiscal year-end 2012
(FYE12). Fitch expects Marfrig to gradually improve free cash
flow after 2014 and operating margin due to better asset and
logistics management, lower capex, lower working capital use and
interest expense post-divestment of Seara (BRL5.8 billion) which
was completed at the end of September 2013. These expectations
are consistent with Marfrig's guidance of having the company
breakeven free cash flow in 2014 and generating positive free
cash flow in 2015 and onwards. Marfrig's ability to maintain a
sustainable capital structure will depend on its ability to
start generating positive free cash flow, which is contingent
upon the company's success in executing its business strategy
while focusing on the improvement of its credit metrics.

Simplified Business Profile:

While Marfrig's divestiture lowers consolidated leverage,
simplifies the organizational structure and decreases execution
risk, the divestment of Seara will reduce the company's economies
of scale in Brazil and product diversification due to the
exclusion of a well-established consumer brand. The group is now
structured in to three business units, Marfrig beef (47% of
revenues) the world's third largest beef producer, Moy Park (25%)
one of the largest poultry-based processed product supplier in
the UK, and Keystone Foods (28%) which processes food to major
restaurant chains (notably McDonald). The company's product and
geographic diversification continues to help to reduce risks
related to disease, trade restrictions and currency fluctuation.
As of June 2013, processed foods represented 49% of sales,
excluding Seara. Revenues were dominated in USD (42%), Euro/Pound
(22%) and Real (22%) and 22% of the company's debt was
denominated in BRL.

No Major Acquisitions Anticipated:

Fitch does not foresee any major acquisitions in the next 18
months as Marfrig's management will need to focus on the
improvement of the company cash flow generation. Fitch expects
Marfrig to focus on the development of its existing activities
with the development by Moy Park of multi-protein retail sales in
markets across UK and Continental Europe, keystone expanding
geographically (Indonesia and Middle East) and developing of new
accounts, and Marfrig beef optimizing its plants and distribution
capacity.

Improved Debt Maturity Profile and Liquidity:

The group has improved its debt maturity and liquidity profile
following the divestment of Seara. As of June 2013, the group
held BRL2.3 billion of cash and marketable securities with a
current debt at about BRL2.2 billion (mostly revolving credit and
trade finance lines). With the divestment of Seara, Fitch
estimates that Marfrig's short-term maturity will be reduced to
approximately BRL1.0 billion. Marfrig's largest bond refinancing
requirements is now during 2017 (US$600 million) as the company
has redeemed most of its 2016 bond (about US$183 million still
outstanding).

Rating Sensitivities:

Considerations that could lead to a negative rating action
(rating or Outlook) include Marfrig's inability to start
generating positive free cash flow over the next 24 months and
maintaining net leverage above 4.0x on a sustainable basis could
result in a downgrade. An upgrade of Marfrig's ratings over the
medium term is possible should the company and new management be
able to improve the group's profitability and generate consistent
positive free cash flow and reduce leverage on a gross and net
debt basis.

Fitch affirms Marfrig ratings as follows:

Marfrig Alimentos S.A.
-- Local currency IDR at 'B';
-- Foreign currency IDR at 'B';
-- National scale rating at 'BBB(bra)'.

Marfrig Overseas Ltd
-- Foreign currency IDR at 'B';
-- Senior unsecured notes due 2016 at 'B/RR4';
-- Senior unsecured notes due 2020 at 'B/RR4'.

Marfrig Holdings (Europe) B.V.
-- Foreign currency IDR at 'B';
-- Senior unsecured notes due 2017 at 'B/RR4'.
-- Senior unsecured notes due 2018 at 'B/RR4'.
-- Senior unsecured note due 2021 at 'B/RR4.



===========
P O L A N D
===========


LOT POLISH: EU Commission Launches Probe Into State Aid
-------------------------------------------------------
Jan Cienski at The Financial Times reports that the European
Commission on Wednesday launched an in-depth investigation into
whether Poland violated EU competition rules in giving about
EUR200 million in state aid to lossmaking Lot Polish Airlines.

According to the FT, the probe is aimed at verifying whether the
aid will turn Lot Polish around and allow it to become a viable
carrier without further infusions of state help.

The FT relates that in a statement, the commission said it "has
doubts whether Lot's restructuring plan complies with the
requirements" of the EU's guidelines on state aid, adding it also
had misgivings over whether proposed capacity reduction was
enough not to distort competition and whether the airline was
contributing enough to its own rescue.

Brussels, the FT says, will also look at whether Lot has received
other state aid, which would make it ineligible for the current
rescue program as such efforts are only permitted once a decade.

Sebastian Mikosz, Lot Polish's CEO, as cited by the FT, said in a
statement that the commission's action had been long expected.

"The commission routinely launches such a procedure in the case
of entities, including airlines, asking for public help in order
to restructure," the FT quotes Mr. Mikosz as saying.

Faced with strong competition from low-cost carriers, Lot Polish
has long struggled to keep out of the red, the FT discloses.  
Last year, it posted an unexpected PLN400 million (EUR96 million)
loss, its fifth year of losses in a row, and needed an immediate
injection of aid to keep flying, the FT recounts.

Mr. Mikosz, who took over in February, has been slashing costs,
revamping contracts with workers, and restructuring the airline's
network, the FT relays.  His aim is to repair the state-owned
airline as quickly as possible and then put it up for sale, the
FT notes.

Headquartered in Warsaw, Poland, Polskie Linie Lotnicze LOT, or
LOT Polish Airlines -- http://www.lot.com-- serves about a dozen
cities in Poland and about 120 destinations across Europe and
North America.  Subsidiaries include regional carrier EuroLOT and
charter operator Centralwings.  Overall, LOT and its affiliates
maintain a fleet of about 55 aircraft, consisting of Embraer
regional jets, Boeing 767s and 737s, and ATR turboprops.  The
airline is a member of the Star Alliance marketing group, and LOT
serves many of its North American destinations through code-
sharing with Star partners United Airlines and Air Canada.
(Code-sharing allows airlines to sell tickets on one another's
flights and thus extend their networks.) The Polish government
owns 68% of the company.



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


ALLIANCE OIL: S&P Puts 'B' ICR on CreditWatch Developing
--------------------------------------------------------
Standard & Poor's Ratings Services said it had placed its 'B'
long-term issuer credit rating and 'ruA-' Russia national scale
rating on Russia-based Alliance Oil Co. Ltd. on CreditWatch with
developing implications.

The CreditWatch placement follows an announced offer by Alliance
Group, Alliance Oil's 45% shareholder, to buy out all of Alliance
Oil's outstanding common and preferred shares for US$1.2 billion
and delist the company.

The CreditWatch placement reflects uncertainties about Alliance
Oil's future strategy, corporate governance, and financial
policy, and the potential pressure on liquidity and debt should
the transaction proceed.  It also reflects S&P's lack of
information about the credit quality of the privately held
Alliance Group. Because the transaction requires the approval of
75% of Alliance Oil's shareholders, there is no certainty it will
proceed in its current form.

S&P understands that Alliance Group's US$1.2 billion offer is to
be financed through a loan at the shareholder level.  Currently,
there is no clarity about the terms and conditions of the loan.  
S&P sees some risks that it could create contingent liabilities
for Alliance Oil, for example, if debt needs to be effectively
repaid with the company's cash flow or asset sales.  S&P
understands, however, that the offer itself does not trigger any
covenant breaches or change of control provisions under Alliance
Oil's outstanding debt.

It remains to be seen whether a shareholder change would lead to
any shifts in Alliance Oil's governance, strategy, financial
policy, or disclosures.  S&P will need to clarify whether
Alliance Group's credit profile would create any constraints on
Alliance Oil, or whether S&P can expect any parental support.

S&P's current ratings on Alliance Oil reflect its view of the
company's business risk profile as "weak" and financial risk
profile as "highly leveraged."

S&P plans to resolve the CreditWatch if and when the transaction
is closed (currently scheduled for December 2013) and its
implications for Alliance Oil are clarified.  A CreditWatch
resolution will also require more information about Alliance
Group's credit profile and any likely parental support or
negative intervention.

Ratings downside could stem from pressure on Alliance Oil's
strategy, governance, financial policy, leverage, or liquidity.  
It may also materialize if S&P believes Alliance Group's credit
quality is weaker than what it considers appropriate for a 'B'
rating, or if it sees a possibility of negative interference from
the parent.

Ratings upside could arise if Alliance Group's credit quality is
above what S&P considers commensurate with a 'B' and if it sees
potential for parental support.  S&P could change the
implications of its CreditWatch assigning to negative if it is
unable to get sufficient information about Alliance Group's
credit quality, or if it appears no higher than what we consider
'B'-commensurate.

S&P would likely affirm the ratings on Alliance Oil if the
transaction does not lead to any material change in the company's
leverage, liquidity, or strategy, and if S&P don't see any
possibility for either negative or positive parent intervention.


BYSTROBANK JSC: Fitch Affirms 'B-' Long-Term IDRs; Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed JSC Bystrobank's Long-term Issuer
Default Ratings (IDRs) at 'B-' with a Stable Outlook. A full list
of rating actions is at the end of this commentary.

Key Rating Drivers - IDRs, Viability Rating (VR), National Rating
And Senior Unsecured Debt:

The affirmation reflects risks relating to Bystrobank's rapidly
growing unsecured retail lending, which has also resulted in a
significant tightening of both liquidity and regulatory capital.
In addition, the ratings reflect the bank's small size by
international standards and potentially significant related party
exposures in the concentrated corporate loan book. At the same
time, the ratings also consider the bank's significant market
position in its home Udmurtia region, and improvements in
efficiency and pre-impairment performance driven by retail loan
expansion.

The bank's retail lending (75% of gross loans at end-H113) is
potentially risky due to rapid growth (46% in H113 and 59% in
2012) and the shifting focus to more risky segments. Although the
NPL ratio was broadly flat in H113 (6.6% compared with 6.7% at
end-2012) due to growth, NPL generation ratio in the retail book
increased in H113 to 6.5% (annualized) from 2.2% in 2012. Fitch
considers that asset quality metrics will likely continue to
deteriorate as the loan book seasons. In accordance with
management, this deterioration is due to a shifting of the loan
book towards more risky segments (unsecured and car loans), which
is compensated by higher yields and provisions.

Bystrobank's profitability improved in H113 (ROAE of 16%,
compared with 12% in 2012) thanks to (i) a shifting of the loan
book towards higher-yielding segments (unsecured and car loans)
(ii) the introduction of insurance commissions, which amounted to
40% of total non-interest income in H113 (2012: no such income).
However, in Fitch's view, further deterioration of asset quality
could put negative pressure on profitability.

Bystrobank is mainly customer funded, with retail deposits
contributing 67% of total liabilities and 14% coming from
corporates at end-H113. Retail deposits proved to be relatively
stable during the 2008-2009 crisis, with a maximum outflow of 5%,
followed by a quick recovery. However, Fitch does not consider
Bystrobank to be immune to deposit outflow risk, which is
aggravated by regional concentration, with 74% of retail deposits
coming from the Udmurtia region. The bank's liquidity has
tightened considerably as loan growth has run ahead of deposit
growth, and at end-9M13 almost all eligible securities had been
financed with the Central Bank. As a result, the liquidity
cushion was sufficient to cover an outflow of only 7% of customer
accounts at end-9M13.

Fitch considers Bystrobank's capitalization as weak given the
bank's relatively high credit risks and further growth plans. The
regulatory capital ratio of 11.1% at end-9M13 meant that the bank
could have increased impairment reserves by only 1.5% of gross
loans before breaching the minimum regulatory 10% ratio. However,
as a moderate mitigant, the bank follows very conservative
statutory provision policy, which resulted in roughly three times
higher reserves in national accounts rather than under IFRS.
Thus, the Basel total capital ratio (16.4% at end-H113) and the
Fitch core capital ratio (14.9%) were slightly less tight, mainly
due to lower reserves in IFRS accounts. Solvency is supported by
internal capital generation (annualized ROAE of 28% in H113 in
statutory accounts), although this is highly dependent on asset
quality. Management anticipates a RUB500 million-RUB600 million
equity injection (equal to 16%-19% of end-9M13 total regulatory
capital) from a few sources, most likely of which is an
international financial organization. Fitch would view this as
credit positive, although the effect on capitalization would
likely be only temporary due to ambitious growth plans.

Rating Sensitivities - Long-Term IDR, VR, National Rating And
Senior Unsecured Debt:

The ratings could be upgraded if the bank is able to consistently
maintain loan impairment at a manageable level, ensuring
reasonable earnings, while also managing its capital and
liquidity somewhat less tightly. A significant deterioration in
asset quality and/or a deposit outflow would put negative
pressure on the ratings.

The rating actions are as follows:

  Long-term foreign and local currency IDRs: affirmed at 'B-';
  Stable Outlook
  Short-term IDR: affirmed at 'B'
  National Rating: affirmed at 'BB-(rus)'; Stable Outlook
  Viability Rating: affirmed at 'b-'
  Support Rating: affirmed at '5'
  Support Rating Floor: affirmed at 'No Floor'
  Senior unsecured debt: affirmed at 'B-(EXP)/BB-(rus)(EXP)';
  Recovery Rating 'RR4(EXP)'


DME LTD: S&P Assigns 'BB+' Corp. Credit Rating; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
'BB+' long-term and 'B' short-term corporate credit ratings to
Russian airport operator DME Ltd.  The outlook is stable.

The ratings on DME reflect S&P's assessment of the company's
"fair" business risk profile and "intermediate" financial risk
profile.

DME is a privately owned Cyprus-based company that operates
Domodedovo, Russia's largest airport by passenger traffic in
2012, located 42 kilometers southeast of Moscow.  Together with
two other airports, Sheremetyevo (SVO) and Vnukovo (VKO), it
forms the Moscow Aviation Hub (MAH), which is responsible for
more than 70% of passenger traffic in Russia.

DME's "fair" business risk profile reflects S&P's view that the
company is subject to substantial legal and regulatory risks
because it operates in an industry that has strategically
important infrastructure critical to national security.  In S&P's
opinion, regulations for airports in Russia lack transparency and
are often unpredictable.

The company is exposed to country risk in Russia, including the
somewhat complex enforcement of taxes: tax regulations that are
subject to various interpretations: an unpredictable court
system: and a developing political and institutional environment.  
Its corporate structure includes numerous offshore companies--
such as the Cyprus-based holding company of the main airport
assets--which, in S&P's view, heighten these risks.

Mitigating the aforementioned factors are inherent demand for air
travel in Russia is robust, reflected in strong and above-
industry-average growth of passenger levels in recent years.

DME's "intermediate" financial risk profile reflects S&P's view
of its somewhat less-established corporate governance mechanisms.  
S&P understands the company only recently introduced a formal
board of directors and is currently working to extend its
composition.  S&P also understands that some decisions, such as
the composition of senior management, are made by DME's
shareholder.

S&P's base-case scenario forecasts that DME will continue to
operate well in 2013-2014, underpinned by relatively robust air
travel demand in Russia.  S&P nevertheless anticipates that
traffic volume will taper slightly in 2013 and in 2014, given a
weaker economic environment in Russia.

In S&P's view, DME will continue its partly debt-financed
investments in order to expand and upgrade its airport assets in
the next 24 months such that its adjusted debt to EBITDA remains
between 1.5x and 2.0x.  S&P anticipates that passenger traffic
growth and the company's modernization efforts will lead EBITDA
and cash flows to improve, and that its profitability will remain
sound with EBITDA margins in the high-30% range.

S&P also anticipates that the company will maintain "adequate"
liquidity.

The ratings could come under downward pressure if DME manages
capex in such a way that its leverage rises above 2x adjusted
debt to EBITDA for a prolonged period.  S&P could also consider a
negative rating action if there were adverse regulatory changes,
increased operational risk, or a change in financial policy,
including a more aggressive shareholder distribution than S&P
currently anticipates.

"We view any upside for the ratings as limited in the short term
due to the political and regulatory risks inherent in the
industry and the country risks associated with doing business in
Russia.  An upgrade is most likely to be linked to us revising
the business risk profile to "satisfactory" (which would likely
occur if we were to gain more clarity as to how the company is
managing risks).  An upgrade would also be dependent on DME
enhancing its corporate governance practices to a level we would
view as commensurate with an investment-grade rating. This could
take some time, in our view," S&P said.


DME LTD: Fitch Assigns 'BB+' LT Issuer Default Ratings
------------------------------------------------------
Fitch Ratings has assigned DME Ltd. a Long-term Issuer Default
Rating (IDR) of 'BB+' with a Stable Outlook. DME operates
Domodedovo airport in Moscow. The group owns the terminal
buildings and leases the runways and other airfield assets from
the Russian government. Fitch has also assigned the proposed
senior unsecured notes up to US$350 million to be issued by DME
Airport Limited a 'BB+(EXP)' rating. DME Airport Limited is a
special purpose vehicle registered in Ireland that will on-lend
the proceeds to Hacienda Investments Ltd, a subsidiary of DME
Ltd. Proceeds from the notes will be used for general corporate
purposes.

Key Rating Drivers:

Fitch assessed DME's standalone credit profile as commensurate
with investment grade. This is supported by strong operational
and financial profile of the airport coupled with further
expected traffic growth. However, concerns about corporate
governance and the complexity of corporate structure, as well as
some regulatory and political uncertainty constrained the rating
to 'BB+'.

Strong Operating Profile and Growth Potential
Moscow represents a significant catchment area and captures a
significant portion of Russia's passenger air traffic (73% in
2012). Passenger traffic volumes have grown by an average of 15%
at Domodedovo airport in the past 10 years due to the combined
effect of economic growth, de-regulation, growing propensity to
travel and DME's increasing market share (44% in 2012). Fitch
expects traffic growth to continue, albeit at more moderate
rates. DME benefits from strong origin & destination traffic base
of 73%, although most of the traffic is leisure-related. The
airline base is well diversified, with no airline contributing
more than 13% of revenues. S7 (member of oneworld alliance) and
Transaero (the second-largest Russian international carrier) are
the largest airlines operating at DME.

Lack of Visibility of Competitive Landscape
Moscow is currently served by three airports and DME competes
with the state-owned Sheremetyevo airport (SVO) hosting Russia's
national flag carrier Aeroflot, and Vnukovo (VKO). DME is best
positioned for future expansion due to availability of
substantial land plots, but the uncertainty of SVO and VKO's
development plans constrain the assessment of Volume risk to
Midrange.

More Commercial than Regulated
DME operates under a favorable dual-till regime and has a
diversified revenue structure. Revenues from the airport's
regulated services (most of aviation services and some auxiliary
aviation services) made up 28% of total revenues in 2012. The
regulatory framework provides for the recovery of operating and
capex costs. The methodology and tariff-setting process are not
entirely transparent, but there is a demonstrated history of
revenue and cash flow stability within this segment, even during
the 2009 downturn. About 70% of revenues come from mostly
unregulated auxiliary aviation services and commercial services.
Price risk is Midrange.

Strong Cash Flow Generation, Terminal Expansion Needs
DME has substantial levels of excess cash flow after maintenance
capex (averaging over US$300 million p.a in the past three
years). The airport's runway capacity is sufficient for current
operations and future growth. However, substantial investments
are required for the expansion of terminal buildings. The
existing terminal is currently operating above its capacity.
Infrastructure Development/Renewal risk is Midrange.

Low Leverage and Strong Profitability
DME has a sound track record of financial performance and
profitability with EBITDA margin of 36% in 2012 (2011: 37%).
Leverage has been limited to-date and the debt/EBITDA ratio is
estimated to reach 1.6x after the issuance of the notes. Fitch's
traffic projections are more conservative than management's, but
even under that scenario, cash flows should be sufficient to
serve the overall debt, which is projected to reach a maximum of
2.2x of EBITDA in 2015 under Fitch's rating case. The Debt
Service risk factor assessment is Stronger.

Corporate Governance and Some Regulatory Uncertainty
Concerns about corporate governance practices and transparency of
the corporate and organizational structure of the group are the
main constraining factor. The group has a complex corporate
structure with over 20 DME subsidiaries located in Russia and
offshore (Cyprus and Isle of Man). The group's decision-making is
intricate and concentrated with the sole shareholder, Mr. Dmitry
Kamenschik and the group's CEO. The absence of the board of
directors is a weakness. Fitch considers the group's insurance
practices as below market standard.

Regulatory uncertainty relates to the government's stance towards
the airport's corporate and ownership structure and the
runway/land lease agreements (litigated in the past, but with
favorable outcomes for DME). There is further uncertainty about
when the government may implement the new concession regime for
airports in the Moscow hub and how this may affect DME. Fitch
gained some comfort from DME's important role in the Moscow hub
and its unique development potential.

Not Capped by Cyprus Country Ceiling
DME Ltd is a holding company domiciled in Cyprus and the proceeds
of the notes will be on-lent to a Cyprus registered subsidiary
(Hacienda Investments Ltd.), which is the holder of most of the
group's assets (airport terminal buildings). However, most of the
assets used in airport's operations are physically located in
Russia and all operating cash flows are generated by Russian
subsidiaries. Residual cash flows are up-streamed to the
treasury/financing companies of the group in Cyprus/Isle of Man.
As per Fitch's Criteria 'Rating Non-Financial Corporates Above
the Country Ceiling', the ratings are not constrained by Cyprus's
Country Ceiling as the assets and revenue generation are in
Russia and the group's exposure to Cyprus bank accounts is
currently limited with most cash assets held in Russian bank
accounts. The group is in the process of transferring Cyprus bank
accounts to accounts in a Western European jurisdiction. The
transfer is expected to be completed by the end of the year.

Notes' Rating Aligned with DME's IDR
The notes will be issued by an Irish SPV and on-lent to Hacienda
Investments Ltd. The on-loan will be guaranteed by DME and other
subsidiaries of the group on a joint and several basis. The
guarantors' combined EBITDA and total assets should amount to at
least 85% of the consolidated group's EBITDA and total assets.

The notes are structured as corporate unsecured debt. The notes
bear foreign exchange risk, which Fitch did not consider to be
very high due to the partial natural hedge, as a portion of
airport's revenues (currently ca 12%) are received in USD and
exceed the interest payments due on the notes. At maturity
(assumed in 2018), USD-denominated revenues over two years prior
to maturity should be sufficient to cover the bullet payment. The
refinancing risk at maturity was considered manageable.

Fitch considers several features of the notes weak: (i) the
nature of the borrower (Cyprus-registered property company) and
its ability to ensure that some of the covenants and undertakings
under the on-loan are enforced across the whole group; (ii) the
formula of the 85% guarantor EBITDA test which excludes the
negative EBITDA values and the lack of transparency in the ratio
calculation, and (iii) the possibility that other subsidiaries of
the group that are not guarantors may raise debt that will be
more senior to the notes. Fitch considered that these weaknesses
are mitigated by the presence of DME's guarantee and the high
inter-dependency between Hacienda and DME.

Rating Sensitivities:

Rating upside potential is currently limited: corporate
governance and corporate structure concerns remain material and
substantial improvements would need to be demonstrated for the
rating to be considered for an upgrade, including streamlining of
DME's corporate and organizational structure and improvements in
the group's insurance practices. Greater clarity with respect to
the regulatory framework (i.e. more transparent and comprehensive
concession regime) would be positive for the rating, but would
not justify an upgrade without improvements in corporate
governance and transparency.

Conversely, material adverse regulatory events (i.e. interruption
or regulatory intervention in some of DME's auxiliary aviation
services) or operational events (i.e. sustained loss of
volume/pricing power) could put the rating under pressure.
Furthermore, an upward revision of capex plans that necessitated
greater leverage than currently anticipated could lead to a
negative rating action.


HACIENDA INVESTMENTS S&P Assigns 'BB+/B' Corp. Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
'BB+' long-term and 'B' short-term corporate credit ratings to
Hacienda Investments Ltd. (Hacienda), an operating subsidiary of
Russian airport operator DME Ltd. (DME).  The outlook is stable.

At the same time, S&P assigned its 'BB+' issue rating to the
proposed loan participation notes to be issued by special-purpose
vehicle DME Airport Ltd.

In addition, S&P assigned its 'BB+' issue rating to the pass-
through loan through which DME Airport will onlend the proceeds
from the proposed notes to Hacienda.  Finally, S&P assigned the
pass-through loan a recovery rating of '3', indicating its
expectation of meaningful (50%-70%) recovery in the event of a
payment default.

The long-term rating on Hacienda reflects that on DME. We
equalize the rating on Hacienda with that on DME to reflect S&P's
view of an almost certain likelihood that DME would provide
financial support to Hacienda, if needed.  S&P bases its view on
the following:

   -- Hacienda is 100% owned by DME.

   -- DME, together with some other group entities, guarantees
      all of Hacienda's debt.

   -- Hacienda is the holding company of DME's major assets,
      including the airport passenger terminal that Hacienda
      rents to other group operating subsidiaries.  Therefore S&P
      believes that Hacienda is a core subsidiary of DME, and
      closely integrated into the group's business.  In addition,
      there are substantial intragroup cash flows between
      Hacienda and DME.

   -- DME has made and continues to make substantial investments
      in the assets of which Hacienda is the holding entity.

   -- As one of the main subsidiaries of the DME group, Hacienda
      is closely associated with DME and we think that its
      default would impair DME's access to the capital markets.

S&P currently do not anticipate that the parent-subsidiary
relationship between Hacienda and DME will change in the short to
medium term, but S&P notes that any change in its view of
Hacienda's status within the DME group may prompt it to reassess
its current approach of ratings equalization.

The rating on DME reflects S&P's assessment of the company's
"fair" business risk profile, "intermediate" financial risk
profile, and "adequate" liquidity.

The stable outlook on Hacienda reflects that on its parent DME.  
It also reflects S&P's assumption that Hacienda will remain a
core subsidiary of DME and will remain closely integrated into
the group's operations and will continue to hold of all the
group's major assets.

S&P will likely revise its rating on Hacienda if we revise that
on DME.

In addition, a material change in the parent-subsidiary
relationship between Hacienda and DME -- which S&P currently do
not anticipate -- could cause it to change its current approach
of ratings equalization.


TAMBOV REGION: Fitch Affirms 'BB+' Long-term Currency Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed the Russian Region of Tambov's
Long-term foreign and local currency ratings at 'BB+' and Short-
term foreign currency rating at 'B'. The agency has also affirmed
the region's National Long-term rating at 'AA(rus)'. The Outlooks
are Stable.

Key Rating Drivers:

The ratings reflect the region's sound budgetary performance,
albeit with the expectation of moderate deterioration, and low
debt burden. The ratings also factor in the modest size of the
local economy and budget, which leads to a high dependence on
transfers from the federal government.

Tambov's operating margin averaged 15.4% during 2011-2012 and the
region recorded a surplus before debt variation in both years.
Fitch expects the region's operating performance to deteriorate
during 2013-2015 due to increasing operating expenditure pressure
following decisions at the national level to increase public
sector salaries and reduce transfers from the federal budget.
However, the operating margin remains sound, averaging 10%-12%.

After two years of surplus before debt variation, the region will
face a deficit in 2013. Fitch forecasts the deficit before debt
variation will reach RUB3.4 billion and will mostly be covered by
outstanding cash. Fitch expects the deficit to narrow in 2014-
2015 to RUB1.4 billion and RUB0.8 billion, respectively, and the
region will use bank loans for deficit financing during that
period. The administration has already contracted a three-year
RUB1 billion revolving credit line with Sberbank of Russia
(BBB/Stable/F3/bbb), which will mostly cover future deficits.

At the beginning of 2013, the region had accumulated significant
cash reserves of RUB5 billion, which covered 82% of Tambov's
direct risk. Fitch expects the region will use the bulk of this
accumulated cash for deficit financing in 2013. However, the
region's cash will stay sound at RUB1.6 billion by year-end.

Fitch does not expect the region's direct risk will materially
increase relative to current revenue in the medium term. Direct
risk accounted for 22% of current revenue (RUB6 billion) in 2012
and Fitch forecasts that debt will not exceed a moderate 24%
during 2013-2015. This means an increase in the absolute debt
burden to RUB8 billion by end-2015. The region mostly relies on
bank loans with three-year maturities, which is short term by
international standards. However this short debt maturity profile
matches Tambov's debt coverage (direct risk to current balance)
of two years.

Tambov's economy is historically weaker than that of the average
Russian region. Despite the recent fast development, the region's
wealth indicators remain well below the national median, which
supresses the region's tax base. This has led to the region's
high dependence on federal transfers. However, federal transfers
act as a stabilizing factor during recessions, making the region
less vulnerable to negative external shocks.

Rating Sensitivities:

Direct risk stabilization at about 20% of current revenue,
coupled with maintenance of sustainable strong operating
performance in line with 2012 actuals could lead to an upgrade.

Deterioration of the budgetary performance with operating margin
below 10% for two consecutive years, resulting in weakening of
the debt coverage beyond the debt maturity profile could lead to
a downgrade.

Key Assumptions:

   -- Russia has an evolving institutional framework with the
      system of intergovernmental relations between federal,
      regional and local governments still under development.
      However, Fitch expects Tambov will continue to receive a
      steady flow of transfers from the federation.

   -- Russia's economy will continue to demonstrate modest
      economic growth. Fitch does not expect dramatic external
      macroeconomic shocks.

   -- The federal government's budgetary performance will remain
      sound, which will support the region.

   -- Tambov will continue to have reasonable access to domestic
      financial markets to enable it to refinance maturing debt.



===============
S L O V E N I A
===============


SLOVENIA: Adopts Amendments to Insolvency Legislation
-----------------------------------------------------
SeeNews reports that Slovenia adopted amendments to the
insolvency legislation which will enable faster restructuring of
indebted companies.

The amendments provide the legal framework for resolving one of
the key problems in Slovenia, which is the over-indebtedness of
companies, whose main creditors are banks, the government, as
cited by SeeNews, said in a statement quoting Minister of Justice
Senko Plicanic.  "The amendments provide a legal measure for out-
of-court restructuring which is consistent with the existing law
on insolvency and provides an incentive to both creditors and
shareholders to opt for out-of-court restructuring deals."

According to SeeNews, the novelty of preventive restructuring
will enable the conclusion of agreements on the financial
restructuring of large and medium-sized companies which are
directly under threat of insolvency but which are not yet
insolvent.



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


BBVA-7 FTGENCAT: S&P Lowers Rating on Class C Notes to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from
'CCC- (sf)' its credit rating on BBVA-7 FTGENCAT Fondo de
Titulizacion de Activos' (BBVA-7 FTGENCAT) class C notes.

The rating action follows S&P's assessment of the transaction's
performance.  Cumulative defaults over the original portfolio
balance have increased to 6.04% as of the end of September 2013,
from 5.37%, year-on-year.  Under the transaction documents, the
interest deferral trigger for the class C notes, which is based
on cumulative defaults over the original balance of assets
securitized at closing, is 5.05%. The notes have breached this
interest deferral trigger since the July 2012 payment date.

Due to the increased cumulative defaults over the past year and
the reserve fund's full depletion on the last interest payment
date, the class C notes missed their payment due on the Oct. 2013
interest payment date.  S&P has therefore lowered to 'D (sf)'
from 'CCC- (sf)' its rating on BBVA-7 FTGENCAT's class C notes.

BBVA-7 FTGENCAT closed in February 2008 and securitizes secured
and unsecured loans granted to small and midsize enterprises
(SMEs). Banco Bilbao Vizcaya Argentaria S.A. is the originator of
the transaction.

           STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an residential mortgage-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



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


AUDIOGO: To Go Into Administration, To Cut Jobs
-----------------------------------------------
Liza-Jane Gillespie at The Bath Chronicle reports AudioGO has
confirmed that it has gone into administration and redundancies
will be made later.

The audio publisher, which employs around 100 workers in the
city, filed a notice of intention to appoint administrators,
according to The Bath Chronicle.  The report relates that it is
expected that financial firm BDO will be appointed as
administrators.

The report notes that AudioGO said that the company had suspended
trading because of financial problems. It was later confirmed
managing director Mike Bowen had been suspended and financial
director Bradley Whittock had left the business, the report
relates.

Speaking to the Bath Chronicle AudioGO's head of marketing and
sales, Rachel Josephson, said: "Unfortunately, we were not able
to conclude negotiations with a potential buyer.  There will be
significant redundancies made this week."

The report notes that accounts submitted last year to Companies
House show that AudioGO reported increased profits to GBP2.4
million.  However, the report relates that the company's cash
situation was sharply reduced, with cash in the bank falling to
GBP346,142, compared with GBP1.9 million a year earlier.


BEAVER MAINTENANCE: In Administration, Cuts 15 Jobs
---------------------------------------------------
Insider Media Limited reports that Beaver Maintenance has slipped
into administration with the loss of all 15 employees.

Accountancy firm Mazars' restructuring services partner Tim Ball
-- tim.ball@mazars.co.uk -- was appointed to handle the ongoing
operations of Beaver Maintenance, according to Insider Media
Limited.

"I am reviewing the position of the company and the possibility
of selling its business and assets as a going concern . . . . Its
failure is due to the recession and intense competition in the
building repairs sector. All 15 employees have been made
redundant," the report quoted Mr. Ball as saying.

The report notes that Beaver Maintenance had an average turnover
of approximately GBP1.5 million.

Beaver Maintenance is a Bristol-based building maintenance
company.  The business operated from the suburb of Southmead and
specialized in carrying out building repairs and maintenance work
for local authorities, especially schools, as well as for other
commercial and domestic clients.


BLOCKBUSTER UK: To Close Last of 300 Stores in U.S.
---------------------------------------------------
Graham Ruddick at The Telegraph reports that Blockbuster is to
close the last of its 300 stores in the US and axe its mail DVD
operations in the country.

The company's brand and "significant video library" will be
retained by owner Dish, which will now focus on streaming service
Blockbuster On Demand, The Telegraph discloses.

"This is not an easy decision, yet consumer demand is clearly
moving to digital distribution of video entertainment," The
Telegraph quotes Joseph P. Clayton, Dish president and chief
executive, as saying.  "Despite our closing of the physical
distribution elements of the business, we continue to see value
in the Blockbuster brand, and we expect to leverage that brand as
we continue to expand our digital offerings."

It comes just over a week after the company called in
administrators for the second time this year in the UK, putting
more than 2,000 jobs and 264 stores at risk, The Telegraph notes.

Private equity group, Gordon Brothers Europe, which bought the
remnants of Blockbuster in March, said that a turnaround plan for
the company had failed, The Telegraph relates.

Blockbuster initially collapsed in January with 528 stores and
4,190 staff as it struggled to compete with online rivals such as
Netflix, The Telegraph recounts.  Many of the former Blockbuster
stores are now convenience stores, with Morrisons buying 48, The
Telegraph states.

Gordon Brothers, as cited by The Telegraph, said 32 jobs will be
cut at Blockbuster's UK head office immediately and a search will
begin for a buyer for the business or its assets.  Blockbuster
stores will remain open while a buyer is sought, according to The
Telegraph.

Blockbuster UK is a DVD rental company.  It is part of
Blockbuster L.L.C.



DIAMOND CENTRE: In Receivership, Seeks Buyer
--------------------------------------------
UTV News reports that Diamond Centre has gone into receivership
but will remain open for business while administrators BDO look
for a new buyer.

None of the 160 people employed at the center are expected to
lose their jobs, according to UTV News.

The report notes that a spokesperson for the Diamond Centre said:
"The Diamond Centre has been trading for 11 years and like most
retail has been going through difficult times . . . .  The center
experienced closures outside of its control of UK national stores
who had gone into administration . . . .  I trust that everyone
in the Coleraine Borough and further afield will continue to
support the Diamond Centre and that customer support is very much
appreciated by all the staff."

The report relates that it comes after the shopping center's
owner, Valto, went into administration.  They own a number of
properties including the Diamond Centre, which is part of
Bishopsgate Shopping Centres Ltd.

BDO said its appointment as administrator comes as part of a
planned restructuring of the Valto groups' business activities.


FFOS FARM: In Administration; Eight Jobs Axed
---------------------------------------------
Insider Media Limited reports that all eight employees have been
made redundant after Ffos Farm Distribution went into
administration.

According to Insider Media, Alistair Wardell and Nigel Morrison
of insolvency practitioner Grant Thornton in Cardiff were
appointed joint administrators of Ffos Farm Distribution,
formerly LDLC, on October 17, 2013.

Ffos Farm Distribution was a meat wholesaler based in South
Wales.


MIDDLE ENGLAND DEVELOPMENTS: Falls Into Administration
------------------------------------------------------
Place North West reports that administrators Leonard Curtis have
been appointed to take over Liverpool-based developer Middle
England Developments.

The company was wound up by Her Majesty Revenue & Customs in
September, with debts reportedly topping GBP3 million, according
to Place North West.

In 2011, the report notes that the company bought a derelict
church on Rodney Street for GBP1 and began its conversion into
student flats, which is ongoing.

Earlier this year, the report relates that the developer
completed the conversion of a former Merseytravel office, the
Richmond Building at 24 Hatton Garden in Liverpool city center
into an apart-hotel.

Founder Nigel Russell is understood to have offered creditors 45p
in the pound for their debts in a deal before the administrators
were appointed, the report notes.

Mr. Russell, the report relays, was convicted in the mid-2000s
and served time in a federal jail in the US for passport fraud,
tax evasion and owning a firearm without a license, before being
deported.

Middle England Developments was founded in 2007 by Nigel Russell.


SPORTHOUSE: Goes Into Administration, Faces Uncertain Future
------------------------------------------------------------
Freddy Mayhew and Ramzy Alwakeel at Romford Recorder reports that
Sporthouse has gone into administration.

Sporthouse faces an uncertain future despite this year signing a
deal with sports promoter Matchroom, according to Romford
Recorder.

The centre's director is hotelier Paul Harris, who owns Harefield
Manor in Main Road.  The report notes that Mr. Harris became
Sporthouse's second proprietor in seven months when he bought it
in November.

A spokesman for chartered accountancy firm Moore Stephens, which
has taken over the running of the site, said it had been actively
seeking a buyer since June, the report relates.

The reports notes that the unnamed spokesman said: "a number of
expressions of interest and offers to purchase" had been
received, adding none of the 28 employees had been made redundant
and that a full service is continuing for customers.

Sporthouse is an Olympic and Paralympic training venue.



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


* BOND PRICING: For the Week November 4 to November 8, 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.


                 * * * End of Transmission * * *