TCREUR_Public/131125.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 25, 2013, Vol. 14, No. 233

                            Headlines

F I N L A N D

TALVIVAARA MINING: Stakeholders Refuse to Provide Add'l. Funds


G E R M A N Y

CONERGY AG: Closes Purchase of Firm's Sales and Services Units
DEUTSCHE HYPOTHEKENBANK: Fitch Affirms 'D' Rating on B-2aB Notes
DEUTSCHE RASTSTATTEN: S&P Assigns Preliminary 'BB-' CCR


I R E L A N D

BWG: Concludes Debt Restructuring with Five Lenders
GALMERE FRESH: Bought Out of Examinership by Donworth Capital


I T A L Y

ASTALDI SPA: Fitch Assigns 'B+(EXP)' Issuer Default Rating


K A Z A K H S T A N

NOMAD INSURANCE: Fitch Affirms 'B' IFS Rating; Outlook Stable


L U X E M B O U R G

INTELSAT JACKSON: Moody's Rates US$1.75BB Secured Term Loan 'Ba3'
INTELSAT SA: S&P Puts 'B' CCR on CreditWatch Positive


N E T H E R L A N D S

DRYDEN 29 EURO: S&P Assigns Prelim. B- Rating to Class F Notes
PEARL MORTGAGE: Fitch Affirms 'Bsf' Ratings on Class B Notes
UCL RAIL: Moody's Changes Outlook on 'Ba1' CFR to Negative


P O L A N D

COGNOR SA: S&P Lowers Corp. Credit Rating to 'CC'; Outlook Neg.


R U S S I A

KHAKASSIA REPUBLIC: Fitch Affirms 'BB' Long-Term Currency Ratings
MARI EL REPUBLIC: Fitch Affirms 'BB' Long-Term Currency Ratings
SOVCOMFLOT OAO: Fitch Cuts IDR & Unsecured Notes Rating to BB-
TRANSSIBERIAN OJSC: A.M. Best Affirms 'B' Fin'l. Strength Rating
UDMURTIA REPUBLIC: Fitch Cuts Long-Term Currency Ratings to BB


S P A I N

FONCAIXA PYMES 4: Moody's Rates EUR129MM Series B Notes '(P)B1'


U K R A I N E

UKRAINE: Fitch Says EU Association Agreement Ratings Neutral
UKRZALIZNYTSIA: Fitch Affirms 'B-' Long-Term Currency Ratings


U N I T E D   K I N G D O M

ALBURN REAL ESTATE: Fitch Withdraws D Ratings on 5 Note Classes
ARCK: Two Former Partners Face Criminal Charges Over Collapse
BRAMWELL PUBS: Fails to Find Buyer For Ilkeston Pub
CO-OPERATIVE BANK: Treasury Orders Independent Investigation
GRAND SCHEME: OxonBikes Operator Goes Into Liquidation

GV HALE: Debts Lead to Business Takeover
LONDON BRONCOS: Intends to Go Into Administration
LONDON VINES: Wine Investment Firms Go Into Liquidation
M. GORDON & SONS: Father and Son Directors Banned For 11 Years
MALLORY PARK: Operating Company to Go Into Liquidation

MORTGAGE FUNDING: Fitch Assigns 'B+' Rating to Class B1 Notes
MORTGAGE FUNDING: S&P Assigns 'BB' Rating to Class A3 Notes
REDBRIDGE: Shops Face Closure Risk After Administrations
ROADCHEF ISSUER: Fitch Affirms 'B+' Rating on Class A Notes


X X X X X X X X

* Study Reveals Distressed Investors Continuing to Eye Europe
* BOND PRICING: For the Week November 18 to November 22, 2013


                            *********


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F I N L A N D
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TALVIVAARA MINING: Stakeholders Refuse to Provide Add'l. Funds
--------------------------------------------------------------
Jussi Rosendahl at Reuters reports that Talvivaara Mining Co.
Ltd. edged closer to bankruptcy on Thursday after saying unnamed
stakeholders had balked at providing additional funds to help
restructure debt of more than EUR300 million (US$404 million).

According to Reuters, Talvivaara, hurt by falling nickel prices
and production problems, said it was assessing other funding
options and could use its own cash to help it through the
overhaul process.  It said it had enough cash to last through the
first quarter of 2014, but admitted bankruptcy was a possibility,
Reuters notes.

In a statement on Thursday, the company said it had sought EUR40
million to help restructure its debt but the stakeholders in
question had turned this down, Reuters relates.

The group has around EUR333 million in outstanding bonds, Reuters
discloses.  It also has EUR130 million of general purpose loans
maturing next year, Reuters notes.  Including loans and upfront
payments from Belgium's Nyrstar and Canada-based uranium miner
Cameco Corp, it ended the third quarter with EUR865.6 million in
total liabilities, Reuters states.

Talvivaara did not say who it held it latest talks with, Reuters
notes.  According to Reuters, the government through its
investment arm Solidium is the biggest shareholder with 17%.  The
fund had already said it did not want to provide any further
support, Reuters relates.

The Finnish government said the breakdown of funding talks was
regrettable but repeated it wouldn't bail out the company alone
without private investor participation, Reuters relays.

The district court of Espoo is expected to decide in coming weeks
whether to allow the company to enter the overhaul process,
Reuters discloses.  Talvivaara, as cited by Reuters, said that if
such an overhaul fails and no other options are available, it
would expect to file for bankruptcy.

Talvivaara Mining Co. Ltd. is a Finnish nickel producer.



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


CONERGY AG: Closes Purchase of Firm's Sales and Services Units
--------------------------------------------------------------
Andrew Lee at rechargenews.com reports that US-based
financial investor Kawa Capital Management has closed its
purchase of the sales and service units of Conergy AG, along with
three other subsidiaries of the insolvent PV group.

According to the report, Kawa said former Conergy CEO Philip
Comberg is joining the board of Kawa Solar Holdings, the entity
that now owns the Conergy German units and its operations in the
UK, Italy and Australia.

Alexander Gorski, Conergy's chief operating officer, takes on the
role of CEO Europe, the report relates.

Deals to buy Conergy's sales units in the US, Canada, Singapore
and Thailand were closed in August, rechargenews.com reports.

As reported in the Troubled Company Reporter-Europe on Aug. 30,
2013, pv-magazine.com said Kawa Capital purchased the global
subsidiaries of Conergy, including its sales units in the U.S.,
Canada, Singapore and Thailand.

Conergy AG is a Hamburg-based solar panel manufacturer.

The Company filed for insolvency on July 5 and stopped its module
production in Frankfurt an der Oder near the Polish border after
a delay in payments from a large project and the failure of
executives to bridge the financial gap, Bloomberg News reported.
Conergy said in a separate statement that manufacturing at its
insolvent Conergy SolarModule GmbH & Co. KG will resume on
Systems GmbH in Rangsdorf near Berlin continue, Bloomberg noted.
Conergy's sales last year dropped 37% to EUR473.5 million while
the net loss widened to EUR99 million, Bloomberg disclosed.


DEUTSCHE HYPOTHEKENBANK: Fitch Affirms 'D' Rating on B-2aB Notes
----------------------------------------------------------------
Fitch Ratings has affirmed Deutsche Hypothekenbank (Actien-
Gesellschaft), Hannover 1999-1 (DHH)'s fixed-/floating-rate notes
due 2040 and withdrawn the ratings, as follows:

  EUR0m Class B-2aA fixed-rate notes (DE0002537891) affirmed at
  'Dsf'; Recovery Estimate (RE) 0%; withdrawn

  EUR0m Class B-2aB fixed-rate notes affirmed at 'Dsf'; RE0%;
  withdrawn

  EUR0m Class B-2b floating-rate notes (DE0002537909) affirmed at
  'Dsf'; RE0%; withdrawn

Key Rating Drivers:

The 10% clean-up call option in this synthetic transaction was
exercised in 2Q13, releasing at the August 2013 interest payment
date the remaining EUR7.3 million of collateral held in respect
of an equal balance comprising 24 loans. This resulted in the
class B-2 notes (the only notes outstanding) being retired at a
total loss of EUR3.8 million (incurred previously and responsible
for the 'Dsf' ratings). Consequently, Fitch has affirmed and
withdrawn the ratings.


DEUTSCHE RASTSTATTEN: S&P Assigns Preliminary 'BB-' CCR
-------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
preliminary 'BB-' long-term corporate credit rating to Deutsche
Raststatten Gruppe IV GmbH under its updated criteria for rating
corporate industrial companies, published on Nov. 19, 2013.
Deutsche Raststatten Gruppe IV is a subsidiary of leading
concession holder for German motorway services areas (MSAs),
Deutsche RaststĄtten Gruppe GmbH.  S&P refers to Deutsche
Raststatten Gruppe and its subsidiaries together as Tank & Rast
or the group.

At the same time, S&P assigned the following ratings:

   -- A preliminary issue rating of 'BB' to the EUR1.45 billion
      senior secured facilities, due in 2018 and 2019, to be
      issued by Deutsche Raststatten Holding GmbH.  The
      preliminary recovery rating on these facilities is '2',
      indicating S&P's expectation of substantial (70%-90%)
      recovery prospects in the event of a payment default.

   -- A preliminary issue rating of 'B' to the EUR460 million
      second-lien notes, due in 2020, to be issued by Deutsche
      Raststatten Gruppe IV.  The preliminary recovery rating on
      these notes is '6', indicating S&P's expectation of
      negligible (0%-10%) recovery prospects in the event of a
      payment default.

The preliminary ratings are subject to S&P's receipt and review
of the final versions of the documentation and to the closing of
the proposed refinancing, which S&P understands will occur in the
next few weeks.

The preliminary ratings reflect S&P's assumption that in the next
few weeks, Tank & Rast will refinance its outstanding debt by:

   -- Deutsche Raststatten Gruppe IV issuing EUR460 million of
      second-lien notes maturing in 2020.

   -- Deutsche Raststatten Holding signing a EUR1.45 billion
      senior facilities agreement (SFA). The SFA consists of an
      EUR830 million term loan A maturing in 2018; a
      EUR570 million term loan B maturing in 2019; and a
      EUR50 million revolving credit facility (RCF) maturing in
      2018.

   -- Deutsche Raststatten Gruppe III issuing an approximately
      EUR247 million noncash payment-in-kind (PIK) instrument
      maturing in 2021.

The preliminary ratings also reflect S&P's assessment of Deutsche
Raststatten Gruppe IV's financial risk profile as "highly
leveraged" and its business risk profile as "strong."

In S&P's view, Tank & Rast will achieve moderate EBITDA growth
thanks to its resilient business model and strategic
Initiatives -- such as the change in its fuel supply
arrangements -- to optimize operating performance.  In addition,
S&P believes that forecast EBITDA growth should enable Tank &
Rast to moderately reduce adjusted debt to EBITDA over the medium
term, alongside cash interest coverage of 2x.

S&P could consider lowering the rating if Tank & Rast's strategic
initiatives to increase EBITDA are not successful, or if a severe
deterioration in the German economy or a sudden spike in oil
prices caused the group's operating performance to deteriorate.
Specifically, S&P could lower the rating if cash interest
coverage falls sustainably below 2x.  S&P could also lower the
rating if free operating cash flow turns negative, or if
tightening covenant headroom causes the group's liquidity
position to weaken.

Ratings upside is limited due to Tank & Rast's high leverage and
ownership by a financial sponsor.



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I R E L A N D
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BWG: Concludes Debt Restructuring with Five Lenders
---------------------------------------------------
Mark Paul at The Irish Times reports that BWG, the operator of
the Spar and Mace retail brands, on Thursday concluded a debt
restructuring with a consortium of five lenders that will see an
estimated EUR100 million wiped from the group's property
borrowings.

According to The Irish Times, the company, which had debts of
about EUR300 million before the restructuring, has finalized a
five-year arrangement with its lenders Bank of Ireland, AIB,
Ulster Bank, Bank of Scotland (Ireland) and Blackstone.

BWG declined to comment on the exact terms of the deal agreed on
Nov. 21, but it is understood that its shareholders, including
chief executive Leo Crawford, property director John Clohisey and
finance director John O'Donnell, have provided warrants over a
portion of its equity, believed to be up to 75%, The Irish Times
discloses.

This is understood to be in recognition of the property debt
write-off achieved by BWG in the negotiations, The Irish Times
notes.

Its property portfolio has dropped in value by about EUR100
million since the onset of the property crash in 2007, although
its core retail business is understood to be performing
relatively well, The Irish Times relays.

The company was bought out by its management team in 2006 for a
reported EUR390 million, The Irish Times recounts.

They will remain in charge of the business following the
restructuring, The Irish Times states.

According to The Irish Times, it is believed that there is no
requirement for a fresh injection of equity under the deal.  BWG
had previously negotiated a one-year extension to its banking
facilities, which were due to run out at the end of this year,
The Irish Times notes.

BWG operates more than 900 symbol stores across Ireland and
Britain, as well as a chain of 22 Value Centre cash-and-carry
outlets.


GALMERE FRESH: Bought Out of Examinership by Donworth Capital
-------------------------------------------------------------
Business & Leadership reports that Donworth Capital has agreed to
buy Galmere Fresh Foods as well as negotiating the purchase of
Taravale Foods out of examinership.

Donworth said its overall EUR3 million investment over three
years will secure 80 jobs between the two fresh food production
companies, Business & Leadership relates.

Galmere Fresh Foods was founded in 1980 by chef JJ Coppinger and
produces freshly prepared salads and soups.

Taravale, founded in 1995 by Sean Fay, produces fresh salads,
sandwich fillers and pesto.



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I T A L Y
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ASTALDI SPA: Fitch Assigns 'B+(EXP)' Issuer Default Rating
----------------------------------------------------------
Fitch Ratings expects to rate Italy-based construction company
Astaldi Spa at Long term Issuer Default Rating (IDR) 'B+(EXP)'
with Positive Outlook and its senior unsecured bond at 'B+(EXP)',
with a Recovery Rating of 'RR4'.

The ratings are pending the upcoming issue of a senior unsecured
EUR400 million 2020 bond, aimed at refinancing outstanding bank
loans and extending the maturity profile. Failure to complete the
refinancing according to plan would result in the withdrawal of
the ratings. Final instrument rating will be contingent upon the
receipt of final documentation conforming materially to
information already received.

Astaldi's business profile is compatible with a low-to-mid rating
in the 'BB' category. It is supported by a solid construction
business that benefits from higher-than-average profitability,
strong market positioning in certain segments and a large order
backlog. However, the ratings are capped at 'B+' by the company's
high leverage, which is currently at its peak. Its small size and
an aggressive investment policy in greenfield concession also
represent major credit risks. Nevertheless, the Positive Outlook
reflects Fitch's expectations that leverage will decline in the
next two years. In particular, Fitch expects net leverage to fall
below 3.5x in 2015 from 4.3x in 2012, driven by increasing cash
generation in the construction business.

Astaldi's selected investments in ring-fenced greenfield
concession projects are aimed at supporting growth in the
construction business. The early stage of most of its concessions
implies some execution risk and the need for further equity
contribution from Astaldi. The concession business is therefore
expected to continue to absorb cash in the next two to three
years.

Key Rating Drivers:

Solid Construction Business
Astaldi's solid construction business is backed by a strong and
internationally diversified order backlog representing more than
3x annual sales (4.8x including also EUR4 billion of new orders
already signed but not yet in the backlog). Astaldi commands
leading positions in certain segments such as transport
infrastructure and benefits from a higher-than-average
profitability. Some concentration risk is present, due to some
large orders in new markets such as Russia. However, this risk is
mitigated by Astaldi's excellent track record of executing
projects on time and on budget. Careful risk management policies
have historically allowed the group to avoid loss-making
contracts.

Greenfield Concessions
Most of the group's concessions are still in the construction or
in the financing phase, with only few that are already
operational. Some execution risk is therefore present, although
mitigated by Astaldi's successful track record in project
execution. Operational risk is strongly mitigated by most of the
projects benefiting from granted revenue (a minimum fixed share
of revenue received regardless of performance) covering between
53% and 100% of total revenue.

Concessions Ancillary to Construction
While representing a boost for the construction business, Fitch
does not view investments in new concessions as essential for
growth. The orders coming from Astaldi's own concessions
represent only 10% of the current backlog and would generate
approximately 20% of revenue in the next two to three years.
Thus, the construction business could continue to show at least
stable results, even if Astaldi were to stop investing in new
concessions. Moreover, Astaldi's policy is to acquire only
minority equity stakes in concessions, thus limiting its
financial exposure to new initiatives.

Exit Strategy Still an Issue
While Astaldi strategy's towards concessions is one of fast asset
rotation, disposing projects as they reach their mature phase,
its projects are still in the early investment cycle phase with
no disposals. This limits visibility on the viability of the
company's strategy. Its first disposal (five car parks in Italy)
should be completed by end-2013. Successful completion of these
deal would be a credit-positive, giving Fitch more confidence in
Astaldi's strategy.

Working Capital
Unlike most of its international peers, Astaldi finances its
large working capital needs as advance payments on construction
contracts in Italy and Poland -- both core markets for the
group -- are not common. As a result, Astaldi operates with a
higher leverage than peers. By contrast, its construction
business profile is, in Fitch view, less risky: a sharp slowdown
in new orders in Italy would not cause financial and liquidity
stress, as happened to other international peers during the
financial crisis. This is because the unwinding of working
capital would allow repayment of debt. In addition, the short-
term nature of this debt implies it can be easily financed by a
revolving credit facility (RCF) or factoring programs. Lastly, as
future growth should come mainly from foreign markets, financing
needs related to working capital are likely to diminish, due to
advance payments.

Rating Sensitivities:

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

   -- Evidence of successful asset rotation in the concession
      business (ie completion of disposals, financial partners
      contributing to greenfield concession projects)

   -- Improved geographic mix and reduced exposure to Italy,
      increasing exposure to construction contracts with advance
      payments to reduce its working capital requirement

   -- Net leverage (defined as net debt adjusted for
      factoring/EBITDA + dividends from concessions declining to
      below 3.5x.

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

   -- Evidence of material losses on construction projects

   -- Net leverage remaining above 4.5x

Liquidity and Debt Structure:

The prospective bond issue will materially improve Astaldi's
liquidity. The company currently relies mostly on uncommitted
short-term lines and on the drawing of the EUR325 million RCF
(EUR265 million drawn at September 2013). Proceeds of the bond
will be used to repay outstanding debt, including the RCF.
Following this repayment, the RCF, together with other committed
facilities, will add up to EUR339 million available as a
liquidity back-up.



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K A Z A K H S T A N
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NOMAD INSURANCE: Fitch Affirms 'B' IFS Rating; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has revised the Outlooks on JBC NOMAD Insurance
Company's 'B' Insurer Financial Strength (IFS) rating and
'BB+(kaz)' National IFS rating to Stable from Negative and
affirmed the ratings.

Key Rating Drivers:

The Outlook revision reflects Fitch's view that NOMAD's business
position is gradually recovering after its license for the
compulsory motor third party liability line (MTPL) was suspended
in 4Q12. Although NOMAD experienced a 9% loss in total gross
written premium (GWP) and MTPL GWP fell by 10% in 9M13, most of
the decline was in 1Q13 and moderate growth was reported in 3Q13.

The growth in GWP was largely achieved by NOMAD retaining its
distribution system and franchise. The insurer maintained
positive operating profitability in 9M13, although it was
significantly below the levels of 2010-12. In addition, in 2013
the shareholder injected KZT1.7 billion to support the insurer's
solvency margin, but KZT1.1 billion was paid as dividends in the
same period. Nevertheless, Fitch sees this willingness to provide
capital as a demonstration of shareholder support.

Fitch believes that NOMAD is likely to continue to underwrite
profitably in the current operating environment. The insurer's
operating profitability weakened in 9M13 compared with 9M12, but
remained positive. The weakening was caused mainly by the
restructuring of its reinsurance program for one of its major
lines of business to proportional from non-proportional. Other
factors included growth in administrative expense levels relative
to the contracted business volumes and weakened profitability of
a number of lines.

The ratings continue to reflect NOMAD's adequate risk-adjusted
capitalization, as assessed by Fitch, and the relatively low
quality of its investment portfolio. The extra capital injected
in 9M13 has significantly reduced the risk of regulatory solvency
breaches. At end-3Q13 the company's solvency margin had improved
to a comfortable 166%, up from an only marginally compliant 106%
at end-2012.

NOMAD has significant exposure to non-investment-grade assets.
This is a reflection of the relatively low average credit quality
of investment instruments locally available. The level of
diversification is also low, with 60% of investments concentrated
in Kazakh banking groups. However, the liquidity profile of these
investments is satisfactory.

Large exposure to MTPL (36% of GWP in 9M13, and 55% of NWP in
9M13) continues to be a constraining rating factor as it makes
NOMAD particularly vulnerable to any possible changes in the
government regulation of pricing in this line. Fitch considers
that potential tariff liberalization could intensify competition
and significantly decrease the profitability of the line.

Rating Sensitivities:

Fitch would view any material deterioration in the operating
environment (such as liberalization of tariffs) in NOMAD's key
business lines, particularly MTPL, as a key trigger for a
downgrade.

Fitch would also view a material deterioration in NOMAD's risk-
adjusted capital or a prolonged fall in its statutory solvency
margin below 100% as a trigger for a downgrade. In addition,
should the shareholder's commitment to support the company
weaken, as assessed by Fitch, at a time when the regulatory
solvency coverage was close to the 100% minimum, it could also
trigger a downgrade.

If NOMAD manages to improve the diversification of it business
mix with reduced exposure to MTPL, particularly in net premiums,
and maintain underwriting profitability at positive levels, its
ratings could be upgraded.



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L U X E M B O U R G
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INTELSAT JACKSON: Moody's Rates US$1.75BB Secured Term Loan 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service rated Intelsat Jackson Holdings S.A.'s
new 6-year US$1.75 billion senior secured term loan and 4-year
US$500 million senior secured revolving term loan Ba3.

The new term loan replaces a like-sized commitment of Jackson's
US$3.25 billion senior secured term loan B-1 due April 12, 2018
while the new revolving credit facility replaces a like-sized
facility maturing January 12, 2016. The transaction has no impact
on Intelsat's B3 corporate family rating (CFR), B3-PDR
probability of default rating, or any instrument ratings in the
Intelsat family, and the new credit facilities are rated at the
same Ba3 level as the existing facilities. The outlook remains
unchanged at stable and, as the transaction has no impact on
liquidity, Intelsat's SGL-2 liquidity rating (indicating good
liquidity) is also unchanged.

Jackson is an indirect, wholly-owned subsidiary of Intelsat S.A.
(Intelsat) which, as the publicly traded ultimate parent of the
Intelsat group of companies and guarantor of all publicly traded
bonds issued by them, is the entity at which Moody's maintains
the family's CFR and PDR.

The following summarizes Moody's ratings and rating actions for
Intelsat:

Assignments:

Issuer: Intelsat Jackson Holdings S.A.

Senior Secured Bank Credit Facility, Assigned Ba3 (LGD1, 7%)

Ratings Rationale:

Intelsat's B3 CFR primarily reflects a limited ability to repay
debt, elevated leverage and uncertain free cash flow after 2014.
On average, free cash flow available to reduce debt is limited to
only ~1% of Intelsat's debt because maintenance capital
expenditures, interest expense and cash taxes consume nearly all
of the company's EBITDA. Post-2014 free cash flow is uncertain
since plans for several satellites whose useful lives expire
within four years have not been disclosed and deferred revenue
will exceed customer pre-payments and become a use of cash. There
is also the potential of interest rates increasing as debts are
rolled-over and, over several years, of competition from
terrestrial fiber eroding satellite's market share. Despite these
uncertainties and already elevated leverage, Moody's views
Intelsat's capital structure as sustainable since cash flow will
be modestly positive. The company's strong business profile,
which features a large 42 station-kept satellite fleet covering
99% of Earth's population, and a stable, predictable, contract-
based revenue stream with a solid $10.3 billion backlog (~4 years
of revenue) booked with well-regarded customers, also supports
the rating.

Rating Outlook:

Intelsat's stable ratings outlook is based on reasonable
visibility of modest, positive cash flow through 2014, along with
good liquidity arrangements.

What Could Change the Rating UP:

With company guidance indicating a three-year period of lower-
than-average capital spending, depending on plans for several
satellites whose useful lives expire within four years, Intelsat
has an opportunity to de-lever by way of debt reduction. Should
this result in sustainable free cash flow to debt
approaching/exceeding 5% of debt (all measures incorporating
Moody's adjustments), positive ratings pressure could result. An
upgrade would also depend on positive industry fundamentals,
maintenance of solid liquidity and clarity on capital structure
planning.

What Could Change the Rating DOWN:

Downwards rating pressure is most likely to come from debt-
financed capital expenditures related to several satellites whose
useful lives expire within four years or, alternatively, reduced
EBITDA should Intelsat not replace the applicable satellites.
Irrespective, should Debt-to-EBITDA trend back towards 8x, or
should sustainable free cash flow revert to a deficit, or should
liquidity arrangements deteriorate materially, downwards rating
pressure would result.

Headquartered in Luxembourg, and with offices and operations in
Washington D.C., Intelsat S.A. is one of the two largest fixed
satellite services operators in the world. After a recent IPO,
approximate 20% of Intelsat S.A.'s shares are publicly traded
with the balance continuing to be owned by financial investors
and management. Annual revenues are approximately US$2.6 billion;
EBITDA is approximately US$2.0 billion.


INTELSAT SA: S&P Puts 'B' CCR on CreditWatch Positive
-----------------------------------------------------
Standard & Poor's Ratings Services said it placed its 'B'
corporate credit rating and all other ratings on Luxembourg-based
FSS provider Intelsat S.A. on CreditWatch with positive
implications.  S&P has removed the ratings from "under criteria
observation" (UCO).

"The positive CreditWatch listing primarily reflects our
reassessment of the importance of earnings volatility and
absolute profitability in Intelsat's business risk profile," said
Standard & Poor's credit analyst Michael Altberg.

S&P views the company as having low earnings volatility and above
average profitability compared to most telecom and cable
companies.  This is a result of its strong revenue backlog and
high adjusted EBITDA margin, in the high-70% area.  Intelsat's
revenue backlog, as of Sept. 30, 2013, was $10.3 billion, or
roughly 4x annualized revenues.  Moreover, the company's cash
flows are fairly predictable because the large majority of
operating costs are fixed and modest following a satellite
launch. S&P expects lease-adjusted leverage will remain in the
mid-to-high-7x area over the next few years on muted revenue and
EBITDA growth due to a lack of material satellite launches.
However, free operating cash flow will benefit from reduced
interest expense from recent refinancing actions, customer
prepayments, and reduced capital spending.

The CreditWatch listing reflects the potential for a one-notch
upgrade of the company, to 'B+' from 'B'.  S&P would also expect
that all issue-level ratings, including the 'BB-' issue-level
rating on the company's senior secured debt at Intelsat Jackson
Holdings S.A., would be raised by one notch.  S&P expects to
resolve the CreditWatch listing within a month.



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DRYDEN 29 EURO: S&P Assigns Prelim. B- Rating to Class F Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services has assigned preliminary
credit ratings to Dryden 29 Euro CLO 2013 B.V.'s fixed- and
floating-rate class A-1A, A-1B, B-1A, B-1B, C, D, E, and F notes.
At closing, Dryden 29 Euro CLO 2013 will also issue an unrated
subordinated class of notes.

S&P has assigned its preliminary ratings following its assessment
of the collateral portfolio's credit quality.  S&P understands
that the portfolio at closing will be diversified, primarily
comprising broadly syndicated speculative-grade senior secured
term loans and senior secured bonds.

S&P's preliminary ratings are commensurate with the available
credit enhancement for the rated notes through the subordination
of cash flows payable to the subordinated notes.  S&P subjected
the preliminary capital structure to a cash flow analysis to
determine the break-even default rate for each rated class of
notes.

In S&P's analysis, it used the target par amount, the covenanted
weighted-average spread, the covenanted weighted-average coupon,
and the covenanted weighted-average recovery rates.  S&P applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

Under the transaction documents, if the concentration of the pool
comprising assets paying a fixed rate of interest is between 20%
and 30%, no additional hedging is required.  S&P modeled the mix
of fixed- and floating-rate assets at the maximum and minimum
levels under the transaction documents.  S&P also biased defaults
toward fixed-rate assets during low interest-rate environments
and toward floating-rate assets during high interest-rate
environments.

S&P's analysis shows that the credit enhancement available to
each rated class of notes is sufficient to withstand the defaults
applicable under the supplemental tests (not counting excess
spread) outlined in S&P's corporate collateralized debt
obligation (CDO) criteria.

S&P considers that the transaction's documented replacement and
remedy mechanisms adequately mitigate its exposure to
counterparty risk under S&P's current counterparty criteria.

Following the application of S&P's criteria for nonsovereign
ratings that exceed eurozone (European Economic and Monetary
Union) sovereign ratings, S&P considers the transaction's
exposure to country risk to be sufficiently mitigated at the
assigned rating levels, as the concentration of the pool
comprising of assets in countries rated lower than 'A-' does not
exceed 10% of the aggregate collateral balance.

At closing, S&P considers that the transaction's legal structure
will be bankruptcy-remote, in line with our European legal
criteria.

Dryden 29 Euro CLO 2013 is a European cash flow collateralized
loan obligation (CLO) transaction, comprising euro-denominated
senior secured loans and bonds issued by European borrowers.
Pramerica Investment Management Ltd. acts as collateral manager.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-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 Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:

        http://standardandpoorsdisclosure-17g7.com/2026.pdf

RATINGS LIST

Preliminary Ratings Assigned

Dryden 29 Euro CLO 2013 B.V.
EUR414.75 Million Floating-Rate, Fixed-Rate, And Subordinated
Notes

Class                 Prelim.        Prelim.
                      rating          amount
                                    (mil. EUR)

A-1A                  AAA (sf)        150.25
A-1B                  AAA (sf)         75.00
B-1A                  AA (sf)          25.50
B-1B                  AA (sf)          25.00
C                     A (sf)           32.75
D                     BBB (sf)         23.25
E                     BB (sf)          22.00
F                     B- (sf)          17.50
Subordinated          NR               43.50


PEARL MORTGAGE: Fitch Affirms 'Bsf' Ratings on Class B Notes
------------------------------------------------------------
Fitch Ratings has affirmed six tranches of Pearl Mortgage Backed
Securities 1 B.V. (Pearl 1) and Pearl Mortgage Backed Securities
2 B.V. (Pearl 2), a series of Dutch RMBS transactions backed by
the Nationale Hypotheek Garantie (NHG).

The mortgages in both transactions were originated and serviced
by SNS Bank N.V. (SNS, BBB+/Stable/F2) and its subsidiaries.

Key Rating Drivers:

Increasing Late-Stage Arrears with No Losses
The affirmation follows a performance review of the underlying
assets in the portfolio, which continues to show low arrears
levels and the sufficient level of credit enhancement (CE)
available to the rated tranches.

Loans in arrears by more than three months in the Pearl
transactions have increased but remained low, ranging from 0.53%
to 0.7% of the current portfolio compared with a year ago (0.39%
to 0.45%). The increase was mainly driven by an increase in the
portion of loans in late-stage arrears. For instance, over 70% of
the three-month plus arrears in the pool are loans with six or
more unpaid monthly instalments. In Fitch's opinion, the low
level of activity in the residential market means that consensual
sales have become more difficult and take longer to complete,
resulting in higher late-stage arrears.

In addition, no realised losses were reported on any of the
transactions since closing. All the defaulted loans were either
fully covered by the NHG guarantee or repurchased by SNS as per
repurchase commitment. Although the Pearl series benefits from
guaranteed gross excess spread of 0.25% per annum, Fitch is of
the view that the current sluggish economic environment may lead
to larger losses on properties sold, which may not be fully
covered by the NHG or excess revenue generated by the structure.
This view is reflected in the Negative Outlook of the junior
tranches in both transactions. These tranches act as the first
loss pieces and are therefore expected to see losses allocated as
house prices continue to fall and larger losses are realised.

Commingling Risk Mitigated
As of November 15, 2013, the issuers notified Fitch of their
intention to set up a dynamic commingling reserve aimed at
mitigating commingling risk in case of SNS's default. The dynamic
commingling reserve is 1.5x the average collection amount seen
for the transactions in the past 12 months. As of the latest
interest payment date, SNS has deposited commingling reserves of
EUR12.8 million and EUR11 million in accounts in the name of the
issuers, held with Rabobank Nederland (AA-/Negative/F1+) for
Pearl 1 and Pearl 2, respectively. In Fitch's view, this feature
is sufficient to mitigate the commingling risk in the event of
default of the servicer. The agency expects to receive the final
executed documents in the following weeks.

Revised Treatment in Deposit Set-Off Exposure
Fitch has changed the treatment of deposit set-off in structured
finance (SF) and covered bonds transactions in EU countries.
Fitch believes the likelihood of SF investors incurring losses as
a result of the set-off of insured domestic deposits by obligors
is highly remote in most EU countries. This view is based
primarily on the high level of political support for protecting
such deposits, reflected in deposit guarantee and bank resolution
frameworks.

Fitch's analysis of the Pearl 1 and 2 upon restructuring in
December 2011 factored in deposit set-off exposure of 3.4% and
2.3% of the collateral balance, respectively. Loan-by-loan
information received from SNS indicates that the level of
deposits over EUR100,000 are lower than the total deposit set-off
modelled at transaction restructuring. Allowing for the guarantee
of deposit balances of less than EUR100,000, the exposure for
both transaction has now been reduced to below 5bps of the
current collateral balance. As a result of the change of deposit
set-off risk treatment, Fitch now considers the class S and B
notes' CE in both cases to be sufficient to remove set off-risk
as a driver of the notes' rating cap to SNS's rating.

Rating Sensitivities:

The benefits from the low arrears and sufficient CE are somewhat
offset by continued house prices declines in the Netherlands.
Home price declines beyond Fitch's expectations could have a
negative effect on the ratings as this would limit recoveries,
putting additional stress on portfolio cash flows.

Although the rating cap on the class S and B notes in Pearl 1 and
2 to SNS's rating is no longer due to deposit set-off risk, these
tranches will remain sensitive to the NHG loans' compliance ratio
and repurchase commitment from SNS due to the low level of CE.

The rating actions are as follows:

Pearl Mortgage Backed Securities 1 B.V.
Class A (ISIN XS0265250638): affirmed at 'AAAsf'; Outlook Stable
Class S (ISIN XS0715998331): affirmed at 'BBB+sf'; Outlook Stable
Class B (ISIN XS0265252253): affirmed at 'Bsf'; Outlook Negative

Pearl Mortgage Backed Securities 2 B.V.
Class A (ISIN XS0304854598): affirmed at 'AAAsf'; Outlook Stable
Class S (ISIN XS0715998760): affirmed at 'BBBsf'; Outlook Stable
Class B (ISIN XS0304857690): affirmed at 'Bsf'; Outlook Negative


UCL RAIL: Moody's Changes Outlook on 'Ba1' CFR to Negative
----------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on the Ba1 corporate family rating (CFR) and Ba1-PD
probability of default rating (PDR) of UCL Rail B.V.
Concurrently, Moody's has affirmed these ratings.

Ratings Rationale:

The change of outlook on the ratings to negative reflects a
noticeable deterioration in UCL Rail's financial metrics and
liquidity, as a result of a weakened market environment. As of
June 2013, the company's last-12-months revenue and EBITDA
declined as a result of a downturn in the freight rail
transportation market in Russia and an increase in empty run
charges by Russian Railways JSC (Baa1 stable). Although UCL
Rail's EBITDA margin remained fairly high at 43% as of June 2013
(albeit reduced compared with 51% as of year-end 2012), in
absolute terms the company's EBITDA declined by 26% compared with
that as of year-end 2012. This raised leverage to 2.5x
debt/EBITDA and reduced EBIT interest coverage to 2.1x as of
June 2013, from 2.3x and 3.9x, respectively, as of year-end 2012
(all metrics are Moody's-adjusted).

UCL Rail's revenues and earnings remain vulnerable to the ongoing
decline in cargo rail transportation volumes in Russia resulting
from weakened GDP growth, as well as to the decrease in railcar
rental rates driven by continuing oversupply of railcars in the
market. Given that Moody's does not expect these two factors to
improve materially in the near term, the rating agency views UCL
Rail's potential for restoring its operating performance and
financial metrics in 2013 as limited. In particular, the
company's debt/EBITDA and EBIT interest coverage are likely to
exceed 2.5x and decline below 2.0x, respectively, as of year-end
2013 (all metrics are Moody's-adjusted).

At the same time, the company is likely to continue generating
solid positive free cash flow (FCF), mainly due to moderate
capital expenditure (capex). Positive FCF generation in the
medium term and strong business fundamentals support Moody's
expectation that UCL Rail will be able to restore its debt/EBITDA
and EBIT interest coverage to below 2.0x and above 2.5x (Moody's-
adjusted), respectively, over the following 12-18 months after an
expected deterioration as of year-end 2013. This would bring
these metrics in line with Moody's guidance for the company's Ba1
rating.

As of September 2013, UCL Rail's liquidity, formed mostly of the
company's cash balance and operating cash flow that it expected
to generate over the following 12 months, did not fully cover its
maintenance capex for the same period, obligations under an M&A
transaction completed in late September and substantial short-
term debt maturities. The size of available medium- and long-term
committed credit lines is not sufficient to cover the liquidity
gap. Moody's understands that the company is close to procuring
new credit facilities to address its weak liquidity. The rating
agency will closely monitor its progress in addressing the short-
term refinancing risks and in improving in-house liquidity
management.

In addition to a weakened market environment and the
deterioration in the company's financial metrics and liquidity,
which Moody's expects to be temporary, UCL Rail's rating factors
in (1) the company's highly concentrated ownership, which creates
the risk that the company might make rapid changes to its
strategy and development plans, along with the risk that it might
revise its conservative financial policy and increase its
shareholder distributions; (2) the company's short track record
of operating in its current form (i.e., following the acquisition
of Freight One in late 2011), and its evolving corporate
structure; (3) the fairly high average age of the company's
railcar fleet, at 20 years, with a substantial part of the fleet
requiring capital repairs in 2013-15 to extend its useful life;
and (4) the company's overall exposure to an emerging market
operating environment with a less developed regulatory, political
and legal framework.

More positively, in addition to Moody's expectation of recovery
in the company's financial metrics and improvement in its
liquidity, UCL Rail's rating reflects the company's (1) retained
strong business profile due to its ownership of Russia's largest
diversified freight railcar fleet, which represents around 18% of
the country's entire freight railcar fleet; (2) wide customer
base, which includes Russia's major industrial groups; (3)
conservative financial policy and Moody's expectation that the
company will prioritize deleveraging over shareholder
distributions; and (4) low foreign currency risk, as most of its
debt is denominated in domestic currency.

Rationale for Negative Outlook:

The negative outlook on UCL Rail's rating reflects (1) Moody's
concerns that a recovery in the company's financial metrics, with
its adjusted debt/EBITDA declining below 2.0x on a sustainable
basis, might take longer than the rating agency currently
estimates; and (2) the company's weak liquidity, recognizing that
UCL Rail is currently in the process of addressing the liquidity
gap.

What Could Change the Rating Up/Down:

Moody's does not envisage positive pressure being exerted on the
rating over the next 12-18 months. The rating agency could
consider changing the outlook on the current rating to stable if
the company reduces its debt/EBITDA to below 2.0x (as adjusted by
Moody's) and materially improves its liquidity and liquidity
management on a sustainable basis, while (1) continuing to
generate solidly positive FCF; (2) maintaining a strong market
position; and (3) demonstrating a robust operating performance.

Conversely, negative pressure could be exerted on the rating if
(1) debt/EBITDA remains above 2.0x (as adjusted by Moody's) on a
sustained basis; or (2) there is a material deterioration in the
company's operating performance or market position. Failure by
the company's management to improve liquidity and/or liquidity
management might exert further negative pressure on the rating.

UCL Rail B.V. is a holding company of the largest private freight
rail transportation group operating in Russia. The group's key
operating entities are (1) Freight One JSC, which is Russia's
major freight railcar operator, previously owned by Russian
Railways JSC (Baa1 stable); and (2) Independent Transport Company
LLC (ITC), which is a former captive railcar operator of NLMK
(Baa3 stable). UCL Rail is ultimately controlled by Mr. Vladimir
Lisin. In the last 12 months to June 2013, the group generated
revenue of US$3.8 billion.



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


COGNOR SA: S&P Lowers Corp. Credit Rating to 'CC'; Outlook Neg.
---------------------------------------------------------------
Standard & Poor's Rating Services said that it lowered its long-
term corporate credit rating on Poland-based steel maker Cognor
S.A. to 'CC' from 'CCC'.  The outlook is negative.

At the same time, S&P lowered its rating on Cognor's outstanding
EUR118 million senior secured notes to 'CC' from 'CCC-'.

The downgrades reflect Cognor's recently announced exchange offer
on its outstanding EUR118 million senior secured bond due in
February 2014.  S&P considers this offer to be distressed, rather
than opportunistic, and caused by Cognor's "weak" liquidity (as
S&P's criteria define the term).  As of Sept. 30, 2013, the
company had only Polish zloty (PLN) 31 million of cash, and no
available long-term credit facilities.  In addition, S&P
considers that the company's liquidity is constrained by the weak
steel market conditions in Poland.

The current proposal is to extend the maturity of the original
nominal debt by several years.  As part of the restructuring, the
existing noteholders will receive senior secured notes and
subordinated unsecured notes, exchangeable to shares.  The notes
may include some features to allow Cognor to build a cash cushion
and increase its financial flexibility.  S&P understands that the
company has received preliminary consent from 70% of the
bondholders.

In S&P's view, Cognor's business profile remains "vulnerable" and
its financial risk profile "highly leveraged."  In the first nine
months of 2013, Cognor reported EBITDA of PLN44 million; under
S&P's base-case scenario, it forecasts that full-year EBITDA will
be about PLN60 million-PLN65 million, in line with 2012.  The
results reflect the shrinking demand in the market, leading to
tighter margins, which the company has compensated for by
increasing the production of standard products.

"We assess Cognor's liquidity as "weak" under our criteria,
mostly because we calculate that the company does not have
sufficient sources of liquidity to meet the maturities due in
February 2014. We anticipate that the company is likely to
default unless it receives court approval for its new capital
restructuring proposal in the coming weeks," S&P said.

As of Sept. 30, 2013, the company had PLN31 million of cash
against PLN35 million of short-term facilities and PLN492 million
of senior secured debt due Feb. 1, 2014.

S&P don't expect material cash flow from operations in the coming
quarter.

The negative outlook reflects that S&P might lower Cognor's
corporate credit rating to 'SD' (selective default) and the
rating on its outstanding EUR118 million notes to 'D' in the next
few weeks if bondholders accept the exchange offer.

Once the transaction is resolved, S&P will revise the ratings
based on Cognor's updated liquidity position and maturity
schedule.



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


KHAKASSIA REPUBLIC: Fitch Affirms 'BB' Long-Term Currency Ratings
-----------------------------------------------------------------
Fitch Ratings has affirmed the Republic of Khakassia's Long-term
foreign and local currency ratings at 'BB', with Stable Outlooks
and Short-term foreign currency rating at 'B'. The agency has
also affirmed the region's National Long-term rating at 'AA-
(rus)' with Stable Outlook.

The republic's outstanding senior unsecured domestic bonds (ISIN
RU000A0JU8R1 and RU000A0JSQR7) of RUB4.2bn have also been
affirmed at 'BB' and 'AA-(rus)'.

Key Rating Drivers:

Fitch expects Khakassia's operating balance to be about 10% of
total revenue in 2013-2015, underpinned by steady tax
performance. The region's budgetary performance improved in 2012
with operating balance reaching 9.8% of operating revenue (2011:
6.5%). The republic's deficit before debt variation scaled back
to 2.4% of total revenue (2011: 16.3%), buoyed by sound fiscal
management.

Fitch expects the republic's direct risk to approach 40%-45% of
current revenue in 2013-2015. The debt increase will be used for
financing capex, with expected capital outlays in 2013 increasing
to 24% of total spending (2012: 16.3%).

The republic placed seven-year domestic bonds of RUB3 billion in
October 2013, contributing to stretching its debt profile. The
region replaced most of its short-term bank loans with loans up
to 36 months to maturity and domestic bonds in 2012-2013.
Khakasia's expected payback ratio in 2013 of 4.7 years is below
the average debt maturity.

The region's contingent risk remains moderate and limited to the
debt of few public sector entities and guarantees issued by the
region. Fitch assesses the republic's ability to control
contingent risk stemming from its public sector and issued
guarantees as prudent.

Fitch notes that despite high tax concentration, the republic's
prime taxpayers are distributed in three industries, which
mitigates sudden tax revenue shocks in one sector. Khakassia's
tax base is strong, but concentrated in a few companies
representing mining, non-ferrous metallurgy and hydro power
generation. The 10 largest taxpayers contributed 52% to the
republic's tax revenue in 2012 (2011: 54.5%). Taxes provided 72%
of operating revenue in 2012.

Rating Sensitivities:

- Consolidation of budgetary performance with an operating
   margin consistently above 10%, and maintenance of sound debt
   coverage matching average debt maturity in the medium term
   would be rating positive.

- An increase in direct risk above 40% of current revenue
   coupled with a weaker budgetary performance would be negative
   for the ratings.

Key Assumptions:

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

The republic will continue to have fair access to domestic
financial markets to enable it to refinance maturing debt.

Khakassia will continue to benefit from the revenue inflow
underpinned by a strong industrial base and natural resource
endowment. The local economy will continue to demonstrate modest
economic growth.


MARI EL REPUBLIC: Fitch Affirms 'BB' Long-Term Currency Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed the Mari El Republic's Long-term
foreign and local currency ratings at 'BB', with Stable Outlooks,
and Short-term foreign currency rating at 'B'. The agency has
also affirmed the region's National Long-term rating at 'AA-
(rus)' with Stable Outlook.

Mari El's outstanding senior unsecured domestic bonds (ISIN
RU000A0JT361) of RUB1.2bn have also been affirmed at 'BB' and
'AA-(rus)'.

Key Rating Drivers:

Fitch expects Mari El's budgetary performance to stabilize in
2013-2015, with margins hovering at around 8%-10% level. The
republic's operating balance was slightly volatile decreasing to
8.5% of operating revenue in 2012 from 12% in 2011. The margin
was negatively affected by increased opex marking the
commencement of electoral season. Fitch expects gradual
improvement in the region's operating margin in the medium term.

Fitch expects a further increase in Mari El's direct risk up to
about 45% of current revenue in 2013 and 50% in 2014-2015. The
region increased its direct risk to 41% of current revenue in
2012 (2011: 32.7%) to finance widening budget deficit. However,
the republic has diversified its debt portfolio, contracting
medium-term bank loans and issuing domestic bonds with prolonged
maturities.

The agency assesses Mari El's immediate refinancing risk as
moderate, considering plans to continue issuance of medium-term
bonds in 2014, supplemented by bank loans with maturities over 36
months.

Fitch expects the republic's debt management policy to remain
conservative, which is likely to maintain debt and debt coverage
ratios below 50% of current revenue and eight years of current
balance in 2013-2015. Fitch expects the republic's contingent
risk will remain limited to the minor debt of its public sector
entities and guarantees, and no new guarantees are likely to be
issued in 2013-2015.

Mari El's socio-economic profile is historically weaker than that
of the average Russian region. Its per capita gross regional
product was about 36% lower than the national median in 2011. The
region's economy demonstrated steady growth in 2010-2012,
expanding by an average of 5.3% yoy. The region contributed 0.2%
of the Russian Federation's GDP in 2010 and accounted for 0.5% of
the country's population.

Rating Sensitivities:

The region's ratings could be positively affected by an improved
budgetary performance with the deficit before debt decreasing
below 5% of total revenue coupled with the extension of the debt
maturity profile.

A downgrade or revision of the Outlook to Negative could occur as
a result of consistent deterioration of operating performance
with an operating margin below 5% coupled with growth of direct
risk above 50% of current revenue in the medium term.

Key Assumptions:

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

The republic will continue to have fair access to domestic
financial markets to enable it to refinance maturing debt.


SOVCOMFLOT OAO: Fitch Cuts IDR & Unsecured Notes Rating to BB-
--------------------------------------------------------------
Fitch Ratings has downgraded Russia-based OAO Sovcomflot's Long-
term Issuer Default Rating (IDR) to 'BB-' from 'BB'. Fitch has
also downgraded SCF Capital Limited's senior unsecured notes,
which are guaranteed by OAO Sovcomflot, to 'BB-' from 'BB'. The
Outlook on the Long-term IDR is Negative.

The downgrade reflects Fitch's expectations that Sovcomflot is
likely to continue to underperform Fitch previous forecasts over
2013-2015 with its leverage and coverage metrics breaching Fitch
previous negative rating guidelines. Although Fitch forecast
improvement of the financial profile in the medium term, it is
largely pre-conditioned on the company's recapitalization
following a planned IPO as well as the tanker shipping industry
recovery. The IPO has already been postponed several times and is
now scheduled by the Russian government (BBB/Stable) to take
place in 2014, consequently delaying its de-leveraging.

The Negative Outlook reflects the agency's view that the net
leverage metrics in 2013-2014 will remain weaker than Fitch
current negative rating guideline of 6x as well as Fitch
perception of the uncertainty around the IPO's timing and exact
amount of the proceeds to be reinvested in the company and also
the market recovery.

Fitch continues to view Sovcomflot's business profile as strong
and commensurate with solid BB rating category. This is
mitigating company's weaker credit metrics.

Sovcomflot's 'BB-' rating continues to benefit from a one-notch
uplift for state support from its standalone rating of 'B+'. The
rating of the senior unsecured bonds issued by SCF Capital
Limited is in line with the company's Long-term IDR.

Key Rating Drivers:

Weaker Than Expected Credit Metrics
Sovcomflot posted weaker than expected financials in 2012 and
Fitch expects it to underperform Fitch previous forecast over
2013-2015, largely due to the challenging shipping market
fundamentals, continuous sizeable investments and a further delay
of the IPO. Sovcomflot's FFO net adjusted leverage increased to
6.8x in 2012 (6.2x in 2011) and Fitch forecasts a further rise to
around 7.2x in 2013 with a visible de-leveraging to below 6x
anticipated only by 2015 mainly due to receipt of the IPO
proceeds as well as the expected improvement of the industry
fundamentals. This level is still well above Fitch's previous
negative rating guideline of 5.5x set for a 'BB-' standalone
rating. Fitch consider these leverage ratios to be weak and
commensurate with the mid-to-low 'B' rating category.

Fitch forecasts FFO fixed charge cover to remain below 2.5x until
2015 (2.7x in 2012), which is also weaker than Fitch's previous
negative rating guideline of 3.25x. Nevertheless, Fitch perceives
the company's coverage ratios to be solid for the 'B' rating
category and expect it to remain well placed among its peers.

Further Delay of the IPO
Recapitalization following the IPO remains key to Sovcomflot's
ability to materially de-leverage to below 6x on a net FFO
adjusted leverage basis. The split of the proceeds between the
company and the government has not yet been finalized and this
will have an impact on any expected credit metrics improvement.

However, the IPO's timing is equally important but remains
uncertain, in Fitch view, as it has already been postponed
several times -- from 2012 to 2013 and now to 2014 due to the
weak shipping market fundamentals. Although the government (as
Sovcomflot's sole shareholder) has already set the necessary
administrative foundation for the IPO to take place in 2014,
Fitch believes that industry trends may still play a key role in
determining the IPO's timing and assume the company's
recapitalization in 2015.

Weak Shipping Market Fundamentals
Crude and product tanker rates remain subdued in 2013 and largely
in line with the levels reached in 2012, which were historically
low, due to the persistently weak demand, overcapacity and
changes in the regional demand patterns affecting the distance
travelled. Since the US is becoming more self-sufficient in
crude, this leads to a reduction in crude movements from West
Africa and the Middle East to the US. Fitch forecasts an
improvement of the tanker industry fundamentals from 2015 driven
by rising oil demand and reduced net capacity growth.

Strong Business Profile
Sovcomflot's ratings continue to benefit from its strong business
profile, which is underpinned by the company's leading global
position as the tankers owner and in certain niche markets,
relatively young fleet, diversified customer base and a
relatively high share of long-term contracts coverage with a
gradual shift towards more profitable segments (eg LNG and
offshore). Fitch perceives the company's business profile to be
commensurate with the high 'BB' rating category and consider it a
positive rating factor while acknowledging that it is achieved
largely on the back of the company's continuous intensive
investments in fleet expansion, despite unfavorable industry
fundamentals and, as a result, stretched credit metrics.

State Support
Sovcomflot's 'BB-' Long-term IDR continues to benefit from a one-
notch uplift to its standalone rating of 'B+' as Fitch considers
the strategic and operational ties between the group and its 100%
parent (the state) to be moderately strong, despite the planned
partial privatization of the company. Fitch considers legal ties
as limited, for example, due to the lack of guarantees, but Fitch
considers Sovcomflot to be an integral part of the Russian
government's energy strategy, benefiting from Russia's growing
oil and gas market, working closely with the state-owned oil and
gas companies and, in the past, receiving tangible financial
support.

Senior Unsecured Rating
The rating of the senior unsecured notes remains aligned with the
company's Long-term IDR given the adequate level of unencumbered
assets, the value of which remained at around 2x of unsecured
debt. However, the agency would consider decoupling the ratings
should the amount of unencumbered assets fall below this level.

Liquidity & Debt Structure:

Adequate Liquidity
Fitch views Sovcomflot's liquidity as adequate as the company's
cash position of US$208 million at end-1H13 along with its
committed credit lines of US$248.2 million (65% of which are due
in 2018-2020) as of end-9M13 was sufficient to cover its
short-term debt of US$317 million at end-1H13. Its debt repayment
schedule is well balanced with a peak in 2017 due to the maturity
of its US$800 million Eurobonds. At the same time, Fitch expects
Sovcomflot to remain free cash flow negative over 2013-2016.

The company's cash is kept largely in US dollars and is placed
with either international banks or low investment-grade rated
Russian banks. Of US$24 million of cash held in the Cypriot
banks, the company was able to receive US$10 million and is
negotiating the receipt of the remaining amount.

Rating Sensitivities:

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

   -- Failure to receive the IPO proceeds, decline of tanker
      rates and/or more sizeable capex resulting in further
      deterioration of the company's credit metrics (eg FFO net
      adjusted leverage above 6x and FFO fixed charge coverage
      below 2x on a sustained basis).
   -- Evidence of weaker state support.
   -- The senior unsecured rating may be downgraded if the amount
      of unencumbered assets falls below 2x of unsecured debt.

Positive: Future developments that could lead to Outlook
stabilization and/or positive rating actions include:

   -- Material improvement of the company's credit metrics,
      albeit viewed by Fitch as unlikely in the short term, with
      FFO net adjusted leverage approaching 5.5x and FFO fixed
      charge cover approaching 2.5x for Outlook stabilization or
      reaching these levels on a sustained basis for an upgrade,
      due to, among other things, reinvestment of the IPO
      proceeds coinciding with strong recovery of the tanker
      industry and/or significant downsizing of the capex
      program.
   -- Evidence of stronger state support.


TRANSSIBERIAN OJSC: A.M. Best Affirms 'B' Fin'l. Strength Rating
----------------------------------------------------------------
A.M. Best Europe - Rating Services Limited has affirmed the
financial strength rating of B (Fair) and issuer credit rating of
"bb+" of OJSC Transsiberian Reinsurance Corporation (Transsib Re)
(Russia).  The outlook for both ratings remains stable.

The ratings of Transsib Re reflect its weak technical
performance, as well as the high execution risk and limited
expertise associated with Transsib Re's international expansion.
Offsetting these factors is Transsib Re's strong level of risk-
adjusted capitalisation.

The poor overall performance of Transsib Re's foreign operations
and motor portfolio in Russia, as well as its high expense base
have contributed to its weak technical performance over the last
five years.  Transsib Re is taking steps to improve its technical
profitability through the cancellation of loss-making treaties
and the re-evaluation of its geographic presence.

Approximately one quarter of Transsib Re's business is derived
from outside Russia and the Commonwealth of Independent States.
In the longer term, premium volumes sourced internationally are
expected to contribute significantly to Transsib Re's business.
To date, Transsib Re's international expansion has yet to
demonstrate sustained growth and profitability.  This factor,
combined with the soft market conditions in Russia, is likely to
continue to negatively affect Transsib Re's performance.

Transsib Re's risk-adjusted capitalization remains at a strong
level.  Capital contributions from Transsib Re's shareholders
have predominantly supported growth of its surplus base since
2008.  Due to the company's weak earnings profile, uncertainty
exists with the sustainability of Transsib Re's capital
management strategy in the medium to longer term.

There are currently no upward rating pressures until Transsib Re
demonstrates an improvement in underwriting performance, while
maintaining risk-adjusted capitalization at a supportive level.
Negative rating actions could occur if Transsib Re's operating
results were to continue to weaken.  Additionally, a decline in
its risk-adjusted capitalization and/or deterioration in the
economic fundamentals of Russia could negatively affect Transsib
Re's ratings.


UDMURTIA REPUBLIC: Fitch Cuts Long-Term Currency Ratings to BB
--------------------------------------------------------------
Fitch Ratings has downgraded Republic of Udmurtia's Long-term
foreign and local currency ratings to 'BB' from 'BB+' and its
National Long-term rating to 'AA-(rus)' from 'AA(rus)'. The
Outlooks are Stable. The Short-term foreign currency rating is
affirmed at 'B'.

-- Udmurtia's outstanding senior unsecured domestic bonds (ISINs
    RU000A0JPWK6, RU000A0JR530, RU000A0JRY67, RU000A0JU740) of
    RUB8.5bn have also been downgraded to 'BB' and 'AA-(rus)'.

Key Rating Drivers:

The downgrade of the ratings reflects the following rating
drivers and their relative weights:

High
Fitch expects the republic's budgetary performance to moderately
recover in 2013 and the operating balance will be around 3%-4% of
operating revenue in 2013-2014. However this remains below the
outturn of 2010-2011. Fitch expects the pressure on operating
performance will decline in 2013-2014 due to the federal
government's additional support in the form of current transfers.

The region's operating performance deteriorated significantly due
to high pressure on opex as a result of national government
decisions to increase public sector salaries and the decline of
current transfers from the federal budget. Operating balance fell
to -1.5% of operating revenue in 2012 after 6.8% in 2011.

Fitch assumes the region's deficit before debt variation will
narrow gradually in 2013-2015 driven by the planned reduction of
capital expenditure. Fitch expects the deficit will account for
9% of total revenue in 2013 decreasing from a high 13% in 2012.
Gradual deficit shrinking in the medium-term would contribute to
the slowdown of the debt growth.

Fitch estimates that Udmurtia's direct risk will reach 49% of
expected full-year current revenue in 2013 (2012: 39.6%) and will
stabilize between 50%-55% of current revenue in 2014-2015. The
region's debt payback ratio is weak and Fitch does not expect
that it will match the debt maturity profile in the medium-term.
This would lead to refinancing pressure on the region in 2014 and
2015.

The republic's direct risk maturity profile is stretched until
2032 due to the long-term loans from the federal government.
However, the region will need to repay 81% of direct risk
(RUB21.8 billion) in 2014-2016, which comprises mostly bank loans
with maturity up to three years. Fitch expects the republic will
refinance the maturing liabilities with issued debt or longer-
term bank loans.

Medium
The republic has a well-diversified industrial sector, which is
dominated by oil extraction, metallurgy and machine building.
Udmurtia's gross regional product (GRP) expanded by 3.2% in 2012
(2011: 4.8%). The republic's administration expects stability in
oil extraction and the modest growth of the processing industry,
contributing to GRP growth of about 2% in 2014-2016.

The ratings are negatively affected by the evolving nature of the
institutional framework for local and regional governments (LRGs)
in Russia. It has a shorter track record of stable development
than many of its international peers. The predictability of
Russian LRGs' budgetary policy is constrained by the continuous
reallocation of revenue and expenditure responsibilities between
the tiers of government.

Rating Sensitivities:

The inability to restore a positive operating balance and/or
sharp debt increase would result in a downgrade.

The ratings may be upgraded if a recovery of budgetary
performance results in an operating balance at around 10% of
operating revenue and debt payback in line with its debt maturity
profile.

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 Republic of Udmurtia will continue
      to receive steady flow of transfers from the federation.

   -- Udmurtia will continue to benefit from the revenue inflow
      underpinned by the well-diversified industrial base and
      natural resource endowment. The local economy will continue
      to demonstrate modest economic growth.

   -- Republic of Udmurtia will continue to have access to the
      domestic financial markets sufficient for refinancing
      maturing debt.



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


FONCAIXA PYMES 4: Moody's Rates EUR129MM Series B Notes '(P)B1'
---------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the Notes to be issued by FONCAIXA PYMES 4, FONDO DE
TITULIZACION DE ACTIVOS:

  EUR516M Series A Notes due September 2046, Assigned (P)A3 (sf)

  EUR129M Series B Notes due September 2046, Assigned (P)B1 (sf)

FONCAIXA PYMES 4, FONDO DE TITULIZACION DE ACTIVOS is a
securitization of loans and draw-downs under lines of credit
granted by Caixabank (Baa3/P-3, negative outlook) to small and
medium-sized enterprises (SMEs) and self-employed individuals.

At closing, the Fondo - a newly formed limited-liability entity
incorporated under the laws of Spain- will issue two series of
rated notes. Caixabank will act as servicer of the loans and
lines of credit, while GestiCaixa S.G.F.T., S.A. will be the
management company (Gestora) of the Fondo.

Ratings Rationale:

The provisional pool analyzed was, as of October 2013, composed
of a portfolio of 11,423 contracts (6.7% of the total pool amount
being draw-downs from lines of credit) granted to obligors
located in Spain. The assets were originated between 1997 and
2013, and have a weighted average seasoning of 2.9 years and a
weighted average remaining term of 7.1 years. Around 33.1% of the
portfolio is secured by mortgage guarantees (mostly second lien)
over residential and commercial properties. Geographically, the
pool is located mostly in Catalonia (32%), Madrid (13.8%) and
Andalusia (11.6%). Delinquent assets (up to 30 days in arrears)
represent around 2.4% of the provisional portfolio, and this
amount will be capped at a maximum of 5% of the total pool
notional at closing.

In Moody's view, the credit positive features of this deal
include, among others: (i) performance of Caixabank originated
transactions has been better than the average observed in the
Spanish market; (ii) well diversified pool across industry
sectors; (iii) exposure to the construction and building sector,
at around 16% of the pool volume (proportion of real estate
developers is only 0.3%), is below the average observed in the
Spanish market; (iv) refinanced and restructured loans have been
excluded from the pool; and (v) low LTV of mortgage portion of
the pool, of around 33%. The transaction also shows a number of
credit weaknesses, including: (i) 14.6% of the total portfolio
volume are bullet amortizing contracts and 8.3% are either
currently under grace period or can allow future grace periods or
payment holidays; (ii) there is strong linkage to Caixabank as it
holds several roles in the transaction (originator, servicer and
accounts bank); (iii) no interest rate hedge mechanism in place.

The ratings are primarily based on the credit quality of the
portfolio, its diversity, the structural features of the
transaction and its legal integrity.

In its quantitative assessment, Moody's assumed a mean default
rate of 12.4%, with a coefficient of variation of 71.7%, and a
stochastic mean recovery rate of 50%. Moody's also tested other
set of assumptions under its Parameter Sensitivities analysis.
For instance, if the assumed mean default probability of 12.4%
used in determining the initial rating was changed to 16.15% and
the mean recovery rate of 50% was changed to 40%, the model-
indicated rating for Series A and Series B of A3(sf) and B1(sf)
would be Baa3(sf) and Caa1(sf) respectively. For more details,
please refer to the full Parameter Sensitivity analysis to be
included in the New Issue Report of this transaction.

The global V-Score for this transaction is Medium/High, which is
in line with the score assigned for the Spanish SME sector and
representative of the volatility and uncertainty in the Spanish
SME sector. V-Scores are a relative assessment of the quality of
available credit information and of the degree of dependence on
various assumptions used in determining the rating. For more
information, the V-Score has been assigned according to the
report "V Scores and Parameter Sensitivities in the EMEA Small-
to-Medium Enterprise ABS Sector" published in June 2009.

In rating this transaction, Moody's used ABSROM to model the cash
flows and determine the loss for each tranche. The cash flow
model evaluates all default scenarios that are then weighted
considering the probabilities of the Inverse Normal distribution
assumed for the portfolio default rate. On the recovery side
Moody's assumes a stochastic (normal) recovery distribution which
is correlated to the default distribution. In each default
scenario, the corresponding loss for each class of notes is
calculated given the incoming cash flows from the assets and the
outgoing payments to third parties and noteholders. Therefore,
the expected loss or EL for each tranche is the sum product of
(i) the probability of occurrence of each default scenario; and
(ii) the loss derived from the cash flow model in each default
scenario for each tranche.

Therefore, Moody's analysis encompasses the assessment of stress
scenarios.



=============
U K R A I N E
=============


UKRAINE: Fitch Says EU Association Agreement Ratings Neutral
------------------------------------------------------------
Ukraine's announcement that it was halting preparations to sign
an Association Agreement with the European Union threatens to
leave in limbo a process that, if fully implemented, would
strengthen Ukraine's credit profile, Fitch Ratings says. But the
retreat may also reduce the more immediate risk of Russian
economic retaliation, which has already affected Ukraine's
exports in 2013.

Ukraine could be offered another opportunity to sign the EU
Association Agreement at some point. Its call for three-way talks
involving the EU and Russia indicates that the government wants
to keep an EU deal as an option and capitalize on the legislative
preparations it has already made.

However, European Parliamentary elections in May 2014, followed
by Ukraine's presidential election in April 2015, mean reviving
the process will probably take time. Thursday's decision
therefore looks set to prolong the status quo, with Ukraine
uncommitted to either an EU deal or membership of Russia's
Customs Union.

Signing and implementing the EU agreement, which includes a deep
and comprehensive free trade agreement (FTA), would be positive
for Ukraine's sovereign credit profile. The FTA includes
ambitious reforms in areas such as standards and public
procurement that could unlock efficiency savings, promote FDI
(and therefore ease pressure on reserves), and boost flagging
exports to Europe. These benefits would exceed those of Customs
Union membership.

However, by not signing the EU deal, Ukraine probably avoids
additional Russian pressure on its exports and its current
account deficit (which stood at 8.2% of GDP in September).
Russia's share of Ukraine's exports dipped in the first nine
months of 2013, as a result of trade disputes. Last year, goods
exported to Russia were worth US$17.6 billion, slightly exceeding
exports to the whole of Europe, which were worth US$17.4 billion
(including exports to non-EU member states). Russia takes most of
Ukraine's higher value-added goods.

Thursday's announcement, ahead of this week's third Eastern
Partnership Summit in Vilnius, has no immediate impact on
Ukraine's sovereign rating. The risks to a deal, including
Russian opposition, were well known. When Fitch revised the
Outlook on Ukraine's rating to Negative from Stable in July,
Fitch said there was a less than 50% chance of ratification.
Conversely, Fitch does not expect any rewards offered by Russia
in the short-term, such as access to financing or cheaper gas, to
go far to address the sovereign's economic policy or external
financing challenges.

Fitch subsequently downgraded Ukraine to 'B-' from 'B' this
month. This reflected the sovereign's fragile external financing
position and constraints on its ability to borrow in foreign
currency to refinance heavy external debt repayments in 2014-
2015, in the absence of an IMF agreement. These remain key rating
drivers, and the risks they present are reflected in the
continuing Negative Outlook on the rating.


UKRZALIZNYTSIA: Fitch Affirms 'B-' Long-Term Currency Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed the State Administration of Railways
Transport of Ukraine's (Ukrzaliznytsia) (UZ) Long-term foreign
and local currency ratings at 'B-'. The Outlook is Negative.
Fitch has also affirmed Shortline Plc's loan participation notes'
Long-term foreign currency rating at 'B-'. A full list of rating
actions is below.

Key Rating Drivers:

The affirmation reflects the equalization of UZ and Ukraine's
ratings. Previously the agency maintained a one-notch difference
between Ukraine's sovereign rating and UZ's rating. However,
given the fact that neither UZ or its operating entities are
reliant on transfers from the sovereign, Fitch does not consider
that UZ has a higher probability of default than Ukraine and the
present 'B-' rating already factors in a high probability of
default. Fitch downgraded the Ukraine's Issuer Default Rating
(IDR) to 'B-' from 'B'.

The affirmation of Shortline Plc's US$500 million loan
participation notes' reflects that the rating is equalized with
UZ's Long-term foreign currency rating.

UZ's mandate is to manage the six state-owned regional operating
railways companies and a number of auxiliary enterprises (UZ
group). Although there are no legal ownership ties with these
companies, UZ acts as the group's management company. UZ is the
sole rated entity, but its ratings also factor in the opacity of
links with railways companies it manages and contingent risk
stemming from their liabilities.

UZ group's EBITDA is structurally driven by its profitable
freight segment. Fitch forecasts that the group's EBITDA should
hover around UAH11 billion during 2013-2015, which corresponds to
a sound 20% margin. UZ group plans to spend about UAH20 billion
of cumulative investments in 2013-2015 for the upgrade of the
railway network and rolling stock. UZ group issued USD0.5 billion
(UAH4 billion) LPN with five years maturity via Shortline Plc.
The proceeds of the LPNs will be used to refinance existing
short-term debt and fund UZ group's capex program.

Despite the absolute debt increase, debt coverage remains
comfortable with the net debt/EBITDA ratio at 1.8x in 2013-2015.
However, since short-term debt maturities should remain material
in the medium term, Fitch believes that stable access to banks
and capital markets remains essential for UZ group.

Rating Sensitivities:

- Any further negative rating action on the sovereign could lead
   to a downgrade. Conversely any upgrade of the sovereign will
   not automatically result in an upgrade of UZ as Fitch will
   then re-introduce the one-notch rating difference.

- Shortline Plc notes' rating is likely to move in tandem with
   UZ's Long-term foreign currency rating.

The rating actions are as follows:

State Administration of Railways Transport of Ukraine

- Long-term foreign and local currency ratings affirmed at 'B-';
   Outlook Negative

- National Long-term rating affirmed at 'BBB+(ukr)'; Outlook
   Negative

- Short-term foreign currency rating affirmed at 'B'

Shortline Plc

- USD500m loan participation notes (ISIN XS0934134312,
   US825262AA68) Long-term foreign currency rating affirmed at
   'B-'



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


ALBURN REAL ESTATE: Fitch Withdraws D Ratings on 5 Note Classes
---------------------------------------------------------------
Fitch Ratings has downgraded Alburn Real Estate Capital Limited's
floating rate notes due 2016 and withdrawn the ratings as
follows:

  GBP0m Class A (XS0285749833) downgraded to 'Dsf' from 'Csf';
  Recovery Estimate (RE) 0%; withdrawn

  GBP0m Class B (XS0285751904) downgraded to 'Dsf' from 'Csf';
  RE0%; withdrawn

  GBP0m Class C (XS0285753272) downgraded to 'Dsf' from 'Csf';
  RE0%; withdrawn

  GBP0m Class D (XS0285753942) downgraded to 'Dsf' from 'Csf';
  RE0%; withdrawn

  GBP0m Class E (XS0285755053) downgraded to 'Dsf' from 'Csf';
  RE0%; withdrawn

Key Rating Drivers:

The remaining assets securing the sole securitized loan were sold
in 2Q13, with cumulative recoveries (net of swap breakage costs)
amounting to only 48% of the original loan balance. The proceeds
were allocated to the most senior tranche, which suffered a 28%
loss. All other tranches were written off in full (except 1% of
amortization repaid in the two years following closing in 2007).
With the loss realised, all tranches have been downgraded to
'Dsf' and the ratings subsequently withdrawn.


ARCK: Two Former Partners Face Criminal Charges Over Collapse
-------------------------------------------------------------
Caroline Binham at The Financial Times reports that two former
partners of Arck, which went into liquidation after its
GBP60 million collapse, have been charged with criminal offenses
by the UK's Serious Fraud Office working with Nottinghamshire
police.

Kathryn Clark, 51, of Nottinghamshire, and Richard Clay, 48, of
Leicestershire, each face a total of six charges, alleging fraud
and fraud by misrepresentation, the FT discloses.  According to
the FT, they have been bailed to appear at a magistrates' court
on Nov. 29.

The defendants "allegedly created and marketed various
unregulated financial products which they made available to
individual investors through regulated independent financial
advisers", the FT quotes the SFO as saying in a short statement
on Friday.

"It is estimated that approximately GBP60 million was invested in
these products by individual investors and, in some cases, IFAs
themselves."

The charges come after an 18-month SFO and police investigation
codenamed Project Bijou into the collapse of Nottingham-based
Arck, which was also probed by the UK financial regulator, the FT
relates.

Arck was a property investment company.


BRAMWELL PUBS: Fails to Find Buyer For Ilkeston Pub
---------------------------------------------------
Ilkeston Advertiser reports that an Ilkeston pub's future has
been plunged into more uncertainty after its parent company,
which went into administration last month, has failed to find it
a buyer.

The administrator for Bramwell Pubs and Bars has so far failed to
find a buyer for a number of pubs across the country, including
popular nightspot The Charter, according to Ilkeston Advertiser
reports.

The report relates that a spokesman for Zolfo Coopers, which has
secured 1,700 jobs at 78 pubs across the country by selling them
to the Stonegate Pub Company, is now looking for a buyer for the
remaining 107 pubs.

Peter Saville, partner at the administrators, said: "We are
extremely pleased to have secured the sale of this significant
number of units to Stonegate and we wish Stonegate and the staff
all the best for the future", the report notes.

"Our focus now is on working to secure futures for the remainder
of the estate and we continue to invite parties wishing to make
an expression of interest in these sites to contact Zolfo
Cooper," the report quoted Mr. Saville as saying.

The report discloses that the remaining businesses, including The
Charter in South Street and The Lockstone in Long Eaton, have
continued to trade.

The manager at the Charter declined to give a comment when the
Advertiser called this week or reveal how many jobs were at risk,
the report relays.

Buckinghamshire-based Bramwell went into administration on
October 31, blaming 'the challenging economic environment' for
its 'cash flow problems,' the report recalls.

It reported a GBP111.7 million pre-tax loss in its latest
accounts after experiencing GBP115.1 million exceptional costs to
settle debts in the year ending September 29, 2012, the report
relays.

The firm, formerly known as Barracuda, also operates under three
names: Wild Lime Bar and Kitchen, Smith And Jones Pubs and
Varsity, the report notes.

The report adds that local pubs on the list that were saved by
the deal with Stonegate included The Green House in Belper and
The Cape in Nottingham.


CO-OPERATIVE BANK: Treasury Orders Independent Investigation
------------------------------------------------------------
Andrew Bounds and John Aglionby at The Financial Times report
that the Treasury has ordered an independent investigation into
events at the Co-op Bank and the circumstances surrounding them.

The inquiry will be led by an independent person appointed by the
Prudential Regulation Authority and the Financial Conduct
Authority, the FT says.

The FCA and PRA also announced they were both considering whether
they should also launch formal enforcement investigations, the FT
relates.

The Treasury probe will cover at least as far back as 2008, back
into the time of the last Labour administration, and look into
the actions of regulators, government and the institution itself,
the FT discloses.  Its focus is still to be determined but will
include prudential issues, governance and the appointment of
senior staff, and acquisitions, the FT notes.

The Co-operative Group has said it will reform its democratic
organization and restructure the bank, the majority of which has
been sold to a group of bondholders, including several hedge
funds, to stave off collapse, the FT relays.

According to the FT, regulators are expected to announce the
scope of investigations into the bank's failure imminently, and
the Treasury is preparing to order its own probe.  These
investigations are expected to last for years, the FT says.

The timing is sensitive because the Co-op must secure bondholder
approval for the restructuring of its banking business in the
next two weeks, the FT notes.

                     About Co-operative Bank

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

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

                           *     *     *

The Troubled Company Reporter-Europe on Nov. 14 and 18, 2013 has
reported that Moody's Investors Service has affirmed The Co-
operative Bank's Caa1 senior unsecured debt and deposit ratings ,
and changed the outlook on the rating to negative from
developing, and Fitch Ratings has downgraded the company's Issuer
Default Rating to 'B' from 'BB-' and placed it on Rating Watch
Negative.


GRAND SCHEME: OxonBikes Operator Goes Into Liquidation
------------------------------------------------------
Oliver Evans at Oxford Mail reports that Oxford's bike hire
scheme is facing disruption after its operator, Grand Scheme Bike
Share, went into liquidation, Oxfordshire County Council said.

Oxonbikes was launched in June as the city's own "Boris Bikes"
pilot with 30 cycles at city hospitals, universities and
Thornhill Park and Ride.

"The OxonBikes operator [Grand Scheme Bike Share] has told us it
is going into liquidation . . . We are trying to find out more
information but expect service to be disrupted in the short
term," the council, as cited by Oxford Mail, said. "Apologies to
regular users for any inconvenience."

According to the report, cabinet member for environment
David Nimmo Smith said the council is seeking to appoint a new
operator "in the next couple of days".


GV HALE: Debts Lead to Business Takeover
----------------------------------------
The Star reports that jobs at a Doncaster law firm have been
saved after the company went into administration over unpaid tax
debts.

Waterdale-based GV Hale, which specialized in criminal cases, has
been taken over by a Nottingham legal practice and all 17 staffs
have been kept on, according to The Star report.

The firm's financial problems stemmed from the ill-health of
senior partner Ged Hale, who lives in Tickhill, and founded the
firm after starting his career as a Crown prosecutor, the report
relates.

Northern Briefs, trading as GV Hale, which also has an office in
Scunthorpe, went into administration and administrators Chris
White and John Russell, partners at The P&A Partnership, have
sold the company's business and assets to Nottingham-based The
Johnson Partnership, securing the jobs of the company's 17
employees, the report relays.

"It was an unfortunate chain of events which caused this firm's
downfall but we are very pleased that we have been able to sell
this business and protect the jobs of all the staff," the report
quoted Mr. White as saying.

"The company gradually ran into difficulties after director
Gerard Hale became seriously ill in March 2009 and was unable to
work, Mr. White said, the report notes

The report adds that the P&A Partnership met with Mr. Hale in
August 2013 to discuss the company's financial position.


LONDON BRONCOS: Intends to Go Into Administration
-------------------------------------------------
BBC reports that the Super League sides has not yet secured a
venue for their home games next year, and have also seen a raft
of players and backroom staff leave the club this off-season.

And after being included in next season's fixture list, they have
asked lawyers to appoint administrators, according to BBC
reports.

"This will allow 10 working days for the club to work with the
Rugby Football League," a statement said, the report notes.

"[It] will prevent any creditor from taking action against the
club in this period," the statement added, the report relays.

BBC London 94.9 also understands that none of the remaining
players, staff or academy members were paid the day they were
expecting their monthly salary.

The Broncos, who finished second-bottom of the Super League last
season, only have five players currently on their books.

The report says that Club captain Tony Clubb, experienced utility
back Luke Dorn and head of youth performance Phil Jones are among
those to have left since the season finished.

The report adds that since leaving the Twickenham Stoop, the club
have been linked with a move to Barnet FC's new stadium, with the
Conference Premier club's chairman Tony Kleanthous confirming
last week that talks have been held about a possible groundshare
at The Hive.


LONDON VINES: Wine Investment Firms Go Into Liquidation
-------------------------------------------------------
Jim Budd at decanter.com reports that another two companies
offering wine investment options have gone into liquidation in
the UK, including The London Vines Ltd with an estimated deficit
of hundreds of thousands of pounds.

decanter.com relates that a creditors' meeting for London Vines,
which was formed in 2010 and collapsed into voluntary liquidation
at the end of October this year, found the group to have a
deficit of GBP590,000 (US$960,000).

Company assets are believed to be negligible, and the final
deficit could still rise once all wine orders are accounted for,
the report says.

decanter.com notes that London Vines' demise follows the collapse
of several companies offering wine investment in recent years.

"I don't know what the true deficit is yet," Joanna Wallace,
insolvency practitioner, from Cheltenham-based Findlay James,
told decanter.com.

"Laura Goedhuis, of Private Reserves Ltd, is compiling a list of
clients who have not yet received their wine. Some of the
company's clients have their wine, but not all the wine is there.
At the moment, I can't quantify what wine is missing but it may
be substantial."

Separately, Ethical Elegance Ltd, a company that offered to
exchange 'underperforming assets' and claimed to exchange 'wine,
diamonds, art, gold and silver', has also gone into liquidation.
The deficit is currently unknown, decanter.com reports.


M. GORDON & SONS: Father and Son Directors Banned For 11 Years
--------------------------------------------------------------
Suhail Sarwar and his father Tariq Sarwar, directors of M. Gordon
& Sons Ltd, have accepted voluntary bans from acting as company
directors for 11 years each following an investigation by the
Insolvency Service.

The Sarwars bought the toy wholesalers, M. Gordon & Sons Ltd,
from the founding Gordon family in October 2005.

Suhail Sarwar (26) and Tariq Sarwar (47) have both given
undertakings to the Secretary of State for Business, Innovation &
Skill, which prevents them from becoming directly or indirectly
involved in the promotion, formation or management of a company
each for 11 years.

The investigation found that following a fire at the trading
premises on November 5, 2008, the company was due a large
insurance pay out for the loss of stock. Two months before it was
placed into administration, GBP272,000 paid out to the company
under the insurance claim.  The money however received from the
claim was diverted by Suhail Sarwar to his father's personal bank
account despite the company owing at least GBP1.6 million to
creditors.

In addition, Suhail and Tariq Sarwar failed to ensure that the
company maintained or preserved adequate accounting records to
explain payments totalling over GBP1.3 million made to third
parties with whom the company had no regular trading
relationship. The failure to maintain records which adequately
explain the transactions of the company means that it is not
possible to determine whether further funds, of a substantial
amount, have been similarly misused, contrary to creditors'
interests.

"Directors who favour themselves over the interests of legitimate
creditors when their company is in financial difficulty and
remove funds for personal benefit leaving suppliers high and dry
are not only in breach of a fundamental fiduciary duty but
lacking in commercial morality," Robert Clarke, Group Leader,
Company Investigations North, at the Insolvency Service, said.

"These disqualifications should serve as a reminder to others
tempted to do the same that the Insolvency Service will
rigorously pursue enforcement action and seek to remove them from
the market place to protect the public for a lengthy period."

M. Gordon & Sons Limited was incorporated on Feb. 10, 1976,
trading as a toy and household goods wholesaler from Derby Street
in Manchester. It entered administration on June 17, 2011.


MALLORY PARK: Operating Company to Go Into Liquidation
------------------------------------------------------
Leicester Mercury reports that the future of the Mallory Park
racing circuit hangs in the balance after creditors decided to
place its operating company into liquidation.

Mallory Park (Motorsport) Limited (MPML), which runs the track
was put into administration in October while a buyer was sought
for it, according to Leicester Mercury.

However, the report relates that administrators said the company
which owns the land the circuit is on, Yorkshire-based Titan
Properties Limited (TPL), would not enter into talks with
potential buyers of the company and lease for the track.

At a creditors meeting, it was decided to place MPML into
liquidation, which means the company will cease to exist by
November 29, the report notes.

Administrator Ian Robert believes the future of racing at the
circuit now lies with TPL.

Mr. Robert said: "We received a good deal of interest in Mallory
Park (Motorsport) Limited (MPML) from several parties within the
motor racing industry, the report notes.

"However, the decision of the landlord TPL to refuse discussions
with any potential purchasers has regrettably left no other
option but for the company to be placed into liquidation," the
report quoted Mr. Robert as saying.

"It is likely that this process will lead to the landlord
resuming control of the site and thus the future of Mallory Park
and any further racing there will be in his hands." Mr. Robert
said, the report adds.

TPL is the largest-known creditor for MPML.

The report notes that MPML called in administrators after it was
ordered by a court to reduce the number of operating days to
comply with a condition dating back to 1985.  The move came after
an increasing number of complaints by residents of the nearby
village of Kirkby Mallory.

MPML said the cut in operating days would make the track
unviable. They were also facing GBP23,000 in fines and costs from
the court case, the report relays.

The report adds that financial details of MPML revealed to
creditors showed it had assets worth GBP316,730.  But those were
outweighed by GBP384,484 worth of debts, the report relays.

At a creditors' meeting held in London, it was agreed that MPML
should be placed into liquidation.  This is expected to happen by
November 29.


MORTGAGE FUNDING: Fitch Assigns 'B+' Rating to Class B1 Notes
-------------------------------------------------------------
Fitch Ratings has upgraded Mortgage Funding 2008-1 plc's Class A1
notes and assigned ratings to additional notes of class A2, A3
and B1, as follows:

  GBP355,049,498 Class A1: Upgraded to 'AAsf' from 'BBsf';
  Outlook Stable
  GBP63,000,000 Class A2: 'Asf'; Outlook Stable
  GBP75,000,000 Class A3: 'BBB-sf'; Outlook Stable
  GBP40,000,000 Class B1: 'B+sf'; Outlook Stable
  GBP49,356,380 Class B2: not rated

The rating actions reflect further restructuring of the
transaction on November 21, 2013.

Key Rating Drivers:

New capital structure
Following the second master restructuring agreement, the existing
Class A notes have been amended to an outstanding balance of
GBP355 million from GBP493 million and subsequently renamed Class
A1. Similarly, the existing Class B notes have been amended to an
outstanding balance of GBP49.4 million from GBP89.4 million and
subsequently renamed Class B2. Simultaneously, additional notes
in the form of Classes A2, A3 and B1 have been issued, such that
the aggregate balance of Classes A1, A2 and A3 is equivalent to
that of the pre-restructured Class A note.

While the transaction does not benefit from a reserve fund,
credit support is supplemented by an over-collateralization
amount of GBP10.7 million, equivalent to 1.8% of the outstanding
note balance. Consequently, the credit enhancement of the rated
notes currently stands at 40.1%, 29.5%, 16.9% and 10.1% for
Classes A1, A2, A3 and B1 respectively.

Given the irreversible breach of the cumulative losses trigger in
December 2009, the transaction is no longer permitted to amortize
on a pro-rata basis. Fitch thus expects a further build-up in
credit enhancement levels over time.

Liquidity Support
From the payment date falling in December 2013, principal
receipts up to a cumulative amount of GBP5.5 million will be
diverted towards the funding of the liquidity reserve to a new
initial target of GBP7.5 million, equivalent to 1.3% of the
outstanding note balance. This is higher than the GBP2 million
available when the liquidity reserve was established in the first
phase of the transaction's restructuring. This reserve is
available to cover shortfalls in senior fees and interest on the
Class A1 notes.

Additionally, upon the exhaustion of the liquidity reserve, the
issuer will be able to use principal to cover interest shortfalls
on the Class A1 note in all instances and for Classes A2 and A3
provided that the associated principal deficiency does not exceed
75% of the respective note balance.

Asset Performance
The underlying portfolio comprises non-prime loans that were
predominantly originated at the peak of the market, including
high portions of interest-only loans, self-certified borrowers
and self-employed borrowers standing at 68%, 52% and 41% of the
outstanding collateral balance. Consequently, the volume of loans
in arrears by three months or more, at 21% of the outstanding
pool balance as of the September 2013 payment date, remains among
the highest across other UK non-conforming peers.

However, the overall portfolio collection rate, ranging between
92% and 95% over the past year, is comparable with rates seen in
other non-conforming portfolios. It also indicates that a large
portion of delinquent borrowers are meeting their monthly
mortgage payments. As a result, Fitch has applied less
conservative assumptions in its analysis for assessing default
probabilities for borrowers in arrears.


MORTGAGE FUNDING: S&P Assigns 'BB' Rating to Class A3 Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services has assigned credit ratings to
Mortgage Funding 2008-1 PLC's class A2 and A3 notes. Mortgage
Funding 2008-1 has also issued unrated class B1 notes.  At the
same time, S&P has raised to 'AA (sf)' from 'B- (sf)' its rating
on the class A1 notes, which were formerly the class A notes.

Mortgage Funding 2008-1 previously issued class A notes and
unrated class B notes when it originally closed on March 19,
2008. Following the restructuring of the transaction in November
2013, the class A and B notes were converted into class A1 and B2
notes, and Mortgage Funding 2008-1 issued the class A2, A3, and
B1 notes. After the restructuring, the new amounts for the class
A1 and B2 notes are GBP355,049,497.50 and GBP49,356,380.00,
respectively.

S&P's ratings reflect the transaction's payment structure and
cash flow mechanics, as well as the results of S&P's cash flow
analysis to determine whether the notes could be repaid under
stress test scenarios.

A combination of subordination, overcollateralization of
GBP10,700,340, and excess spread provides credit enhancement for
the rated notes.  Following S&P's credit and cash flow analysis,
it considers the available credit enhancement for the class A2
and A3 notes to be commensurate with the assigned ratings.

The transaction does not have a liquidity facility, a cash
reserve, or a swap agreement to hedge against interest rate
mismatches.  However, a liquidity reserve fund provides liquidity
support for the class A1 notes and can be used to pay senior
expenses.

Under the documentation, the issuer can use principal receipts to
address interest shortfalls on the class A1, A2, and A3 notes
(subject to certain conditions), and to pay senior expenses.

In August 2013, the class A notes were converted to British pound
sterling from euros at the current spot rate to
GBP554,750,192.50, mitigating the transaction's exposure to
foreign exchange risk.  At the same time, the class B notes were
written-down by GBP45,943,280.

On the September 2013 interest payment date (IPD), the issuer
used the amount received from claims under previously terminated
swaps with Lehman Brothers International (Europe) Ltd. to
partially redeem the class A notes.  Following the redemption,
the class A notes' outstanding balance decreased to
GBP493,049,497.50.

Following S&P's credit and cash flow analysis, we have raised to
'AA (sf)' from 'B- (sf)' its rating on the class A1 notes
(formerly, the class A notes) because S&P considers the available
credit enhancement to be commensurate with higher ratings.

The collateral comprises nonconforming U.K. residential mortgages
originated by Alliance & Leicester PLC, Southern Pacific Personal
Ltd., Southern Pacific Mortgages Ltd., Preferred Mortgages LTD,
Matlock London Ltd., and Langersal No.2 Ltd.

RATINGS LIST

Mortgage Funding 2008-1 PLC
GPB582.409 Million Mortgage-Backed Floating-Rate Notes (Including
GBP89.3 Million Unrated Notes)

Ratings Assigned

Class         Rating             Amount
                               (mil. GBP)

A2            A (sf)               63.0
A3            BB (sf)              75.0
B1            NR                   40.0

Rating Raised

Class                Rating
              To                   From

A1[1]         AA (sf)           B- (sf)

NR-Not rated.
[1]Formerly, the class A notes.


REDBRIDGE: Shops Face Closure Risk After Administrations
--------------------------------------------------------
Ilford Recorder reports that two struggling high street chains
have gone into administration again, putting their Redbridge
stores at risk.

The report relays that DVD rental chain Blockbuster revealed
72 of its stores will close, leading to 452 job losses.
And footwear firm Barratts disclosed it was going into
administration, the report notes.

Blockbuster last went into administration in January 2013 and
announced the next month that 164 shops would shut, but its
branch in The Broadway, Woodford Green, stayed open, the report
notes.

The report says that Barratts, which has a shop in High Road,
Ilford, has gone into administration for the third time in four
years and more than 1,000 jobs could be at risk.

A spokesman for Moorfields Corporate Recovery, administrators of
Blockbuster, could not comment on the fate of individual
branches, the report says.

Closures were not an "easy decision to make," particularly before
Christmas, and would likely be "extremely upsetting" to staff and
customers, the spokesman said, the report notes.

"At this stage, redundancies and/or store closures cannot be
ruled out," the report quoted Duff & Phelps as saying.


ROADCHEF ISSUER: Fitch Affirms 'B+' Rating on Class A Notes
-----------------------------------------------------------
Fitch Ratings has affirmed Roadchef Issuer plc's class A2 notes
at 'B+' and its class B notes at 'B-'. The Outlooks are Negative.

Roadchef is a whole business securitization of 15 MSAs (motorway
service areas) across the UK owned and operated by Roadchef plc.

Key Rating Drivers:

The affirmation reflects signs of both stabilization in trading
performance and potential uplift stemming from extended
development plans. These factors, however, are insufficient to
warrant a revision of the Negative Outlook. While some
improvements have been noted on the factors driving the Negative
Outlook (notably with regard to chronic lack of investments and
highly volatile and declining trading performance), both new and
existing constraints are present. These are namely (i) internal
issues such as the execution risks relating to both the new
development plans and more particularly the major rollout of a
(costly but potentially much improved) new financial IT system in
1H14, all partially funded by the sale of one site (representing
a loss of around 3% of annual EBITDA), and (ii) external issues
such as the latest regulatory developments and fragile UK economy
(potentially impacting Roadchef's critical retail income).

These changing factors increase uncertainty over the short term,
hence making assessment of the long-term sustainable free cash
flow (FCF) more challenging. The additional transfer of seven
forecourts to both BP and Shell (under rental agreements) during
the year should, however, reduce some uncertainty in the long
term (by reducing any fuel-related downside risks).

The ratings also remain constrained by the transaction's
continued close proximity to the EBITDA debt service coverage
ratio (DSCR) covenant of 1.25x (with 1.28x in trailing-12-month
(TTM) average) and the on-going weak cash position of the
business, which is still reliant on both the overdraft facility
(fully drawn at GBP12.7 million) and parent company support for
capex (GBP1.5 million equity injected in October 2012).

Roadchef's performance has improved with October 2013 TTM EBITDA
(excluding exceptional items) of GBP24.7 million, up 2.5% year-
on-year (slightly above Fitch's base case) in spite of major
roadwork affecting the flagship site Clacket Lane till end-2014
(amounting to a loss in EBITDA of GBP500k per annum according to
management). This improvement was driven primarily by growth in
catering revenues as a result of the continued rollout of
McDonalds, upgraded Costa Coffee outlets and refurbished sites
(with two developed this year bringing the total to 13 out of
21). However, the growth should be viewed in the context of
historical EBITDA volatility which is symptomatic of Roadchef's
exposure to the fragile UK economic environment, high proportion
of fixed costs and a still under-invested estate.

Fitch's updated base case cash flow forecast results in median
free cash flow (FCF) DSCRs (to legal maturity of the notes) of
1.36x and 1.14x for the class A2 and B notes (broadly in line
with last year's review), reflecting the transaction's continuing
vulnerability to potential performance declines. In addition,
while the forecast EBITDA DSCR to maturity is above the covenant
level of 1.25x, Fitch's FCF estimate is significantly lower due
to the inclusion of maintenance capex, the cost of Roadchef
partners' funding of the developments, negative working capital
swings, pension expense and tax. Additionally, the EBITDA
covenant has historically been cured (and, if needed, is expected
to continue to be) following numerous equity injections by the
parent group Delek.

In relation to developments' funding, Roadchef completed the sale
of the Annandale site from the securitised group to First
Motorway Services Ltd (a subsidiary of Roadchef plc), funded by
new loans at the plc level in October 2013. The purpose of the
sale was to generate cash for the development until 2015 of the
eight remaining un-invested sites, with the ramp-up phase for all
developments ending around two years later. Roadchef has
historically demonstrated that catering developments can generate
positive returns (10.1% CAGR in catering revenues over three
years). The further developments are therefore viewed positively
and are expected to continue to drive growth for the foreseeable
future; however, there is still some execution risk, and the
returns are also offset by the lost EBITDA resulting from the
sale (estimated at around GBP800k annually).

Roadchef has also continued to make progress with regard to its
IT/accounting systems. Full rollout of the internal system
planned for May 2014 is expected to bring savings of around GBP1
million per annum once the existing IBM contract expires in 2015.
Fitch views this as a credit positive, but not without some
execution risk.

In terms of regulation, the Highways Agency made several major
changes during the year (mainly credit negative), including most
significantly the removal of the minimum distance requirement
between MSAs (now reduced to three miles from 28) and the move to
approvals for new MSAs to be taken by local authorities, which
weakens barriers to entry in the medium- to long-term. As a
mitigant, any new site is still prohibited from becoming a
destination in its own right and new MSAs will still be subject
to stringent planning permissions and high start-up costs.

A gradual strengthening in the UK economic outlook (Fitch UK GDP
2014 growth forecast: 2.2%) in addition to motorway traffic
volumes which grew for the second consecutive year (2012: 0.9%)
are credit positives. However, these factors are offset by the
recent negative regulatory changes. Also, the sustainability of
improvements in the UK economy remains uncertain with average
weekly earnings continuously declining in real terms since 2008
(by 7% according to ONS).

Rating Sensitivities:

Any significant deterioration (improvement) in the forecast FCF
DSCR metrics due to a changing macroeconomic and industry
environment could result in a downgrade (upgrade) if they fall
below 1.2x and 1.0x (rise above 1.5x and 1.3x) for the A2 and B
notes respectively. Additionally, a Stable Outlook is possible if
the latest development plans continue to produce strong results
leading to further EBITDA growth over the next year, and cost
savings as a result of the new IT system delivering in line with
expectations.

The rating actions are as follows:

  GBP103m Class A2 notes due 2023: affirmed at 'B+'; Outlook
  Negative

  GBP42m Class B notes due 2026: affirmed at 'B-': Outlook
  Negative



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


* Study Reveals Distressed Investors Continuing to Eye Europe
-------------------------------------------------------------
Schulte Roth & Zabel on Nov. 21 announced key findings from its
2013 Distressed Investing M&A report, produced in association
with Mergermarket and Debtwire.  Most notably, the study reveals
that distressed investors, who have traditionally focused on M&A
opportunities in the U.S., are now increasingly taking advantage
of the historically low valuations of target firms in Europe.

Based on a series of interviews with investment bankers, private
equity practitioners and hedge fund investors, in the U.S. and
Europe, the report provides insight pertaining to their
experiences with distressed M&A activity and their expectations
for the upcoming 12-24 months.

SRZ partners Peter J.M. Declercq, Stuart D. Freedman, Adam C.
Harris, Jeffrey A. Lenobel, David E. Rosewater and Sonya Van de
Graaff contributed to the report, which was being released on
Nov. 21 at SRZ's 2nd Annual Distressed Investing Conference.
Mr. Rosewater, whose practice focuses on distressed investments
and acquisitions, mergers and acquisitions, and private
equity/leveraged buyouts, will present the study.

Additional findings from the report:

    * Interest rates will have the greatest influence on U.S.
      distressed asset valuations, according to 68% of
      respondents.

    * The political climate remains a top concern for 43% of
      respondents, but debt availability and rising interest
      rates have emerged as the leading factors affecting
      distressed pricing outside of the U.S.

    * The biggest deterrent to pursuing distressed assets is the
      lack of predictability in terms of investment scenarios,
      according to 65% of respondents.

    * According to a majority 77% of respondents, balance sheet
      restructurings remain the top targets for those purchasing
      distressed companies.

    * The high volume of M&A activity in the U.S. energy sector
      is a primary driver for many investors as 79% of
      respondents in the U.S., and 55% of respondents outside the
      U.S., cite this sector as most likely to see the best
      opportunities for distressed M&A transactions.  Second to
      energy, the real estate sector is the most valuable
      industry to distressed investors.

Mr. Harris, chair of SRZ's business reorganization group and a
member of the firm's executive committee, commented, "A steadily
improving economy, coupled with a favorable financing
environment, has resulted in a more limited range of distressed
investment opportunities.  Given the amount of money dedicated to
this asset class, we expect prices to rise as a function of
supply and demand."

The survey also probed participants on club deals, which are
distressed-for-control deals formed among a bigger group of
investors.  While a minority (36%) of respondents took part in
those deals, Mr. Freedman, SRZ M&A partner, commented, "In our
experience in these settings, while governance and structuring
issues require attention, they are generally readily resolvable.
Debt-for-equity swaps resulting in control of operating
businesses may pose more difficult issues, as investors may have
significantly different cost bases and return expectations,
leading to complex negotiations over governance and exit rights."
Mr. Freedman focuses his practice on mergers and acquisitions,
private equity and securities.  He represents various well-known
U.S. and offshore money managers in connection with a variety of
acquisitions and control and non-control investments, including
of companies engaged in financial restructurings.

As noted in the survey, "The volume of distressed transactions in
commercial real estate (CRE) will be enhanced over the next few
years by the gap that will exist between the prolific amount of
CRE mortgage loans that mature and the refinancing proceeds that
borrowers will be able to obtain when these loans become due,"
said Mr. Lenobel, chair of the real estate group and a member of
the firm's executive committee and operating committee.

Earlier this year, SRZ expanded its London office with the
addition of Mr. Declercq and Ms. Van de Graaff, who focus on
cross border insolvencies, European restructurings, distressed
mergers and acquisitions, and debt trading.  "Schulte Roth &
Zabel attorneys are known for our multidisciplinary approach to
matters, which allows us to give comprehensive representation and
advice to investors in all manner of distressed situations,"
commented
Alan S. Waldenberg, chair of the firm's executive committee and
chair of the tax group, who regularly represents clients in M&A
transactions, restructurings and workouts in the U.S., Europe and
Asia.

                   About Schulte Roth & Zabel

Schulte Roth & Zabel -- http://www.srz.com-- is a full-service
law firm with offices in New York, Washington, D.C. and London.
As one of the leading law firms serving the financial services
industry, the firm regularly advises clients on corporate and
transactional matters, as well as providing counsel on
regulatory, compliance, enforcement and investigative issues. The
firm's practices include business reorganization; mergers &
acquisitions; distressed investing; bank regulatory; employment &
employee benefits; environmental; finance; individual client
services; intellectual property, sourcing & technology;
investment management; litigation; real estate; regulatory &
compliance; securities & capital markets; structured products &
derivatives; and tax.


* BOND PRICING: For the Week November 18 to November 22, 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 * * *