TCREUR_Public/131202.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, December 2, 2013, Vol. 14, No. 238



HOLDING ROADS: Files for Insolvency Following Financial Woes


CYPRUS: S&P Raises Sovereign Credit Ratings to 'B-/B'
SONGA OFFSHORE: Moody's Affirms 'Caa1' Corp. Family Rating
SONGA OFFSHORE: S&P Lowers Corp. Credit Rating to 'CC'


KRISTINA CRUISES: Goes In Administration


GEORGIA: S&P Affirms 'BB-/B' Sovereign Credit Ratings


FREESEAS INC: Crede CG to Sell 75 Million Common Shares
FREESEAS INC: Had US$29.9-Mil. Loss for 3 Quarters Ended Sept. 30


A|WEAR: Kavanagh Fennell Appointed as New Receiver
INTERMEDIATE FINANCE: Moody's Lifts Rating on Cl. C Notes to Ba1


ALITALIA SPA: Attempt to Raise Emergency Cash Falls Short
BANCA MONTE: Seeks to Return to Profitability Under Rescue Plan
BANCA MONTE: Securitisation Services Appointed as Servicer
SOCIETA CATTOLICA: S&P Rates Planned Sub. Unsecured Debt 'BB+'


URANIUM ONE: S&P Lowers Long-Term Corp. Credit Rating to 'B+'
URANIUM ONE: Fitch Assigns 'BB-' LT Issuer Default Rating


MONTENEGRO: S&P Revises Outlook to Neg. & Affirms 'BB-' Rating


LAMBDA FINANCE: Moody's Lifts Ratings on Two Note Classes to Ba2
LEVERAGED FINANCE: Moody's Affirms Caa3 Ratings on 2 Note Classes
NXP FUNDING: S&P Raises Rating on Sr. Secured Term Loan to 'BB'


GAZPROM-MEDIA HOLDINGS: Fitch Affirms BB LT Issuer Default Rating
ROSSIYSKIY KREDIT: Moody's Alters Caa1 Rating Outlook to Negative
ROSSIYSKIY KREDIT: Moody's Cuts National Scale Rating to
SAMARA OBLAST: S&P Revises Outlook to Pos. & Affirms 'BB+' ICR


IBERCAJA BANCO: Moody's Lowers Debt & Deposit Ratings to 'Ba3'

U N I T E D   K I N G D O M

AA BOND CO: S&P Affirms 'BB' Rating on Class B Notes
BLOCKBUSTER UK: To Close 30 More Stores, To Cut 182 More Jobs
CO-OPERATIVE BANK: Bondholders Back GBP1.5BB Rescue Plan
INVERCLYDE: In Administration Due to "Refinancing Agreement"
PRINCE OF WHALES: Stonegate Pub Buys Firm Out of Administration


* BOND PRICING: For the Week November 25 to November 29, 2013



HOLDING ROADS: Files for Insolvency Following Financial Woes
------------------------------------------------------------ reports that Holding Roads has filed for insolvency.

The company made the statement exactly two years after a spate of
reports about its poor financial state flooded local media, notes.

According to, the company posted a loss of BGN6.12
million at the end of September 2011 and said its debts to banks
and non-banking financial institutions increase.

In the middle of September 2011, the United Bulgarian Bank, a
unit of the National Bank of Greece SA, froze the bank accounts
of the company, relates.

"Accounts, receivables and bank tapes of Holding Roads at First
Investment Bank and Bulbank, worth BGN7.5 million have been
distrained for the benefit of United Bulgarian Bank," quotes the company as saying in a statement.

A loan borrowed from the United Bulgarian Bank, a unit of the
National Bank of Greece SA, was due on May 31, but the company
said it had no money, relays.  Its construction
machines and other equipment have been seized by Interlease, the
company that leased them, discloses.

Holding Roads is a Bulgarian road construction company.


CYPRUS: S&P Raises Sovereign Credit Ratings to 'B-/B'
Standard & Poor's Ratings Services raised its long- and short-
term foreign and local currency sovereign credit ratings on the
Republic of Cyprus to 'B-/B from 'CCC+/C'.  The outlook is


The upgrade reflects S&P's view that the immediate risks to
Cyprus' program implementation, and, therefore, to full and
timely payment of debt service, appear to have receded.  The
stable outlook reflects S&P's view of the implementation risks
that remain as the end of the three-year Troika program
approaches, balanced against the upside potential we see coming
from Cyprus' economy.

S&P anticipates that the Cypriot government -- having
successfully completed the first two Troika program reviews --
will continue to timely comply with the program recommendations
it has agreed with the Troika.  The program has improved the
government's debt profile, covering its borrowing requirements
(apart from 6% of GDP in short-term debt) through to March 2016.

As part of the program, the government has merged and
recapitalized Cyprus' two largest banks.  The new Bank of Cyprus
has regained access to ECB facilities, although it still relies
on Central Bank of Cyprus Emergency Liquidity Assistance for an
estimated 45% of GDP.  Thanks partly to the Cypriot government's
policy response S&P now believes that Cyprus' economic
contraction will be less severe than we had initially

Although the pace of contraction of the Cypriot economy (5.5%
year-on-year in third-quarter 2013) has been the most rapid in
the eurozone in 2013, it is now contracting less quickly than S&P
forecasts in July (when S&P thought it would shrink by 14% for
the year).  For this reason, S&P is revising its GDP forecasts
for 2013 and 2014 to -8% and -6%, but S&P remains uncertain about
these estimates.  Factors preventing a more severe contraction--
savings have helped to support consumption and Cyprus' tourism
and business services sectors have proved resilient--are, in
part, temporary.  The Cypriot population's ability to draw down
deposits further to support consumption is limited, corporate
indebtedness is high (about 160% of GDP), and unemployment
continues to increase, even as real wages are cut.

The July 2013 debt exchange has termed out the government's
maturity profile.  Apart from short-term instruments, all
remaining commercial debt payments are covered by the support
program for its duration.  The Cypriot government has also
renegotiated the terms of a EUR2.5 billion bilateral loan from
the Russian Federation, extending its grace period and maturity
date and lowing its interest rate to 2.5% from 4.5%.  S&P expects
the government's debt burden to peak at about 135% of GDP at end-
2016. By then, slightly less than one-third of Cyprus' sovereign
debt (excluding treasury bills) will be commercial debt.

S&P views Cyprus' small economy as relatively flexible; it sees
some evidence of business services exports being relatively
stable despite the default of Cypriot flagship banks to non-
insured depositors.  Financial stability does, however, remain a
key risk, in S&P's opinion.  Once capital controls are lifted,
the stability of private sector deposits will be uncertain.  At
the same time, financial intermediation has come close to a
standstill within Cyprus, with a notable increase in private-
sector debt and commercial arrears: a warning sign for future
growth performance.

The restructuring of Cyprus' financial sector will, in S&P's
view, have a major effect on its economy.  By the end of 2013,
S&P anticipates that the sector will have been downsized to below
4x GDP from 9x GDP in 2009.  This reflects sales of Cypriot
banks' foreign branches and subsidiaries, as well as the write-
down of their head office loan books.  This has happened in
parallel with the conversion into equity of 47.5% of uninsured
deposits at the Bank of Cyprus.

Risks to the government's compliance with the Troika program
remain, and continue to constrain the ratings.  In S&P's view,
the Cypriot authorities could potentially be unable to meet the
EUR1.4 billion privatization objective (equivalent to 8% of GDP)
through to 2018, due to political and popular resistance to state
asset sales.

However, there are also potential upside risks to the
government's credit profile.  Primarily, if current exploration
for oil and gas in offshore fields were to yield additional
discoveries, this could materially improve the Cypriot
government's revenues.  This prospect, however, is enmeshed in
geopolitics, as Turkey would be the logical offtaker for Cyprus'
gas exports, but commercial incentives could be thwarted by the
contentious issues regarding the partition of Cyprus.  The
prospect is further clouded by differences among the Cypriot
coalition party members.  If the coalition weakened, the entire
Troika program implementation would be put at risk.

S&P also notes that the Troika program provides little margin for
error; fiscal slippage, either through implementation problems,
lower-than-anticipated growth, or additional financial sector
recapitalization needs, could deplete program buffers, leaving a
financing gap.  To reduce this risk, the government has strictly
restrained expenditure and is targeting more ambitious reductions
in the primary fiscal deficit than the program envisaged.  S&P
believes that the government's fiscal buffers may be exhausted
before the end of the program, however, requiring either
additional measures or a new support program.


The stable outlook reflects S&P's view of the implementation
risks that remain as the end of the three-year Troika program
approaches, balanced against the upside potential S&P sees coming
from Cyprus' economy.

"We could lower the ratings if the government appeared unable to
fulfill the Troika's conditions or if a large government
financing gap emerged.  In our view, the biggest risk to
complying with Troika borrowing conditions will likely be in the
area of the government's privatization targets.  We expect that
the first steps toward privatizing public enterprises (telecoms,
electricity utilities, and the port authority) could potentially
trigger opposition from those with vested interests in these
sectors, and could likely require a change in Cyprus'
constitution.  If Cyprus' economy does not start growing again by
the first half of 2015, the Troika would, in our view, likely
reappraise the financing assumptions in its Memorandum of
Understanding with Cyprus," S&P said.

S&P could raise the ratings if the economy were to bottom-out
sooner and at higher levels than S&P currently projects, enabling
general government debt to GDP to plateau earlier and lower.
Stabilization of the financial system would likely be a
prerequisite for renewed growth.  Ratings could also improve if
the fledgling oil and gas sector appeared likely to boost
economic activity over the 2013-2016 rating horizon.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.  The chair
ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.


                                        To                 From
Cyprus (Republic of)
Sovereign Credit Rating                B-/Stable/B
Senior Unsecured                       B-                 CCC+
Short-Term Debt                        B                  C
Commercial Paper                       B                  C

Ratings Affirmed

Cyprus (Republic of)
Transfer & Convertibility Assessment   AAA

SONGA OFFSHORE: Moody's Affirms 'Caa1' Corp. Family Rating
Moody's Investors Service has downgraded Songa Offshore SE's
probability of default rating (PDR) to Ca-PD from Caa1-PD.
Concurrently, the rating agency has affirmed the Caa1 corporate
family rating (CFR) and revised the outlook to negative.

The rating actions follow the company's announcement of a
proposed debt refinancing and restructuring, with the issuance of
up to US$425 million in new capital, in the form of up to US$275
million in new equity and a US$150 million convertible bond. The
capital raise is dependent on a number of conditions, including
the extension of the existing bank facility and unsecured bond
maturities, reductions in the bond interest rates and the bank
amortization payments, and waivers on certain maintenance
covenants, and the company has already received the required pre-
acceptance from two-thirds of the bond holders that is necessary.
Upon successful completion of the restructuring -- expected
around the end of December 2013 -- Moody's expects to review the
ratings and assign the LD suffix to the PDR.

Ratings Rationale:

The downgrade of the PDR to Ca-PD reflects Moody's view that
under its definition of default, Songa's recapitalization
including maturity extensions and interest rate reductions, will
constitute a default within the company's group structure.
Moody's notes, however, that this recapitalization will not
adversely affect Songa's CFR as, at maturity, the company still
intends to redeem all debt at par and the 2016 bonds at 103.5%.

Songa will use the proceeds from up to US$425 million in new
capital to boost liquidity and refinance existing debt, including
a US$111 million prepayment of a US$222 million vendor loan from
Statoil ASA that is due on delivery of two of the new Cat-D rigs
under construction. Moody's expects that the proposed
recapitalization will improve Songa's liquidity profile and
resolve the 2014 funding gap that was one of the reasons for the
rating downgrade to Caa1 (from B3) in October of this year.

Negative Outlook:

The negative outlook reflects Moody's view that, under its rating
definitions, a default will occur as a result of the proposed
recapitalization, maturity extensions and interest rate and
payment profile amendments.

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

SONGA OFFSHORE: S&P Lowers Corp. Credit Rating to 'CC'
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Cyprus-domiciled drilling company
Songa Offshore S.E. to 'CC' from 'B-'.  The outlook is negative.

The downgrade follows Songa's announcement to implement an
extensive debt restructuring plan, including amendments to
existing bank and bond debt with a reduced debt amortization
schedule and the extension of maturity dates.  S&P views this as
a distressed exchange, which constitutes an event of default
under its criteria.

To consider an exchange offer as tantamount to default, S&P
assess whether two conditions have been met:

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

   -- The offer, in our view, is distressed, rather than purely

Where the issuer credit rating is 'B-' or lower, the exchange
would ordinarily be viewed as distressed and would therefore lead
to de facto restructuring.  S&P's view is further supported by
what it sees as Songa's "weak" liquidity profile, "weak"
management and governance (including high management turnover),
and recent financial covenant issues.  Songa has obtained a
waiver on the leverage ratio covenant specified under the
existing bond documentation, valid up to and including Dec. 31,
2013.  S&P notes that the amendments to financial covenants
included in the plan should relieve recurring issues with
maintenance covenant headroom.

S&P views a 'CC' corporate credit rating as appropriate for an
entity that has announced its intention to undertake an exchange
offer or a similar restructuring that we classify as distressed,
but that has not yet completed the transaction.

S&P notes that successful completion of the plan is contingent on
final agreement from several stakeholders, including its bankers.
S&P understands that Songa has already received commitments from
the majority of its bondholders, and has successfully placed
US$425 million of new capital as part of the proposal.  Songa is
also negotiating improved terms with Statoil ASA on its existing
charter agreements.  Furthermore, Songa has announced that it
will continue to pursue sales of Songa Venus and Songa Mercur,
which should bring in more cash flow.  S&P acknowledges that if
agreed, these comprehensive proposals will be beneficial to
Songa, improving its long-term capital structure and relieving
liquidity issues.

However, S&P notes that financing for the four new Cat D rigs has
not yet been concluded, although S&P understands that funding for
the first two, which are due to be delivered in the last quarter
of 2014, is in its final stages of documentation.

The negative outlook reflects the likelihood of S&P lowering the
rating to 'D' (Default) if the debt restructuring is completed as

If all of Songa's stakeholders accept the changes to the capital
structure and contract terms that the company is proposing, S&P
will review the ratings shortly after the transaction has been
completed.  In this case, the 'D' ratings would no longer be
applicable; S&P would conduct a forward-looking review after the
transaction closes and raise the rating as expediently as
possible.  The magnitude of the potential rating change would
take into account benefits realized from the debt restructuring,
including the US$425 million of new capital, the extended debt
maturity profile, and reduced interest rates, as well as any
interim developments.


KRISTINA CRUISES: Goes In Administration
Uutiset News reports that Kristina Cruises has gone into
administration and cancelled all cruises to the Canary Islands
scheduled for the winter season.

The family-owned company is seeking a corporate reorganization
and is therefore unable to provide customers the cruises they
have booked, according to Uutiset News.

The cancellations affect some 2,500 holiday-makers, the report

The company did not want to estimate how much money it would need
to continue operations in the spring and summer, when it has
planned cruises to the Mediterranean, Norway, Iceland and
Spitzbergen, the report relates.

Managing Director Mikko Partanen said that his firm would return
payments to customers, the report adds.

Kristina Cruises is a Finnish shipping company.


GEORGIA: S&P Affirms 'BB-/B' Sovereign Credit Ratings
Standard & Poor's Ratings Services affirmed its long- and short-
term sovereign credit ratings on the Government of Georgia at
'BB-/B'.  The outlook is stable.


The ratings reflect S&P's view that the ongoing political
transition in Georgia will support the medium-term stabilization
of fiscal and external balance sheets.  S&P views economic growth
prospects as strong, despite this year's economic slowdown and
ongoing near-term political tension and policy uncertainty.  The
ratings are constrained by Georgia's high external
vulnerabilities, limited monetary flexibility, and low GDP per
capita.  These factors are partially offset by the moderate
levels of government debt and stabilizing government finances.

Georgia is entering a new phase in its political transition, with
a new president and new prime minister, neither of which are
well-known political figures.  The October election of President
Giorgi Margvelashvili ends the nearly decade-long rule of
Mikheil Saakashvili, who came to power in the 2003 Rose
Revolution.  The leadership change marks an end to the awkward
cohabitation between President Saakashvili (United National
Movement) and Prime Minister Bidzina Ivanishvili, whose Georgian
Dream (GD) coalition unexpectedly won a parliamentary election
one year ago.  The new president will have much less power than
Mr. Saakasvhili, after constitutional changes adopted in 2010
shifted power from the president to the parliament and prime
minister.  Mr Ivanishvili, having previously indicated that he
did not intend to stay in politics for the long term, stepped
down in November and chose interior minister Irakli Garibashvili
as his successor.
Mr. Garibashvili will be tasked with foreign, domestic, and
economic policymaking.

In S&P's view, Mr. Ivanishvili's departure from politics leaves
questions as to the functioning of the sometimes divided GD
coalition, which he founded.  It remains to be seen what role he
will play in the future, particularly with regard to the
president and the prime minister, both of whom he handpicked.
The two democratic and peaceful transfers of power over the last
year bode well, in S&P's view, for medium-term political
stability and strengthening institutional effectiveness.

That said, the domestic political scene has been tense over the
last year, and uncertainty over the new government's policy
agenda has weighed on public and private investment and economic
growth. S&P anticipates that only net exports will make a
substantial positive contribution to GDP growth in 2013 on the
back of an increase in commodity exports and tourism receipts.
Nevertheless, S&P expects real GDP growth to recover in 2014.
S&P bases its growth forecast on its assumptions of stabilization
in the political environment, coherent policymaking, and higher
public investment.

The current account deficit has narrowed significantly over 2013
to an estimated 6.4% of GDP, from 11.7% in 2012.  The main causes
of the reduced deficit are slower growth and the related
contraction in imports.  Despite the narrowing of the current
account balance, which will be mostly covered by net foreign
direct investment this year, Georgia's large net external
liability position remains a source of external vulnerability.
External liabilities amount to about 100% of GDP and 180% of
current account receipts.

"We expect the government to meet its fiscal target this year for
a deficit of below 3% of GDP.  Given the slowdown in the economy
and low inflation, revenue fell slightly in 2013 in nominal
terms. There has also been an increase in public wages, pensions,
and social expenditures, as part of the government's agenda to
support more inclusive growth.  Offsetting the decline in revenue
and increase in social spending, the government has cut goods and
services expenditures and capital spending.  We expect there will
be a break in the recent trend of fiscal consolidation in the
near-term as the government ramps up social expenditures,
resulting in the deficit widening to 3.9% of GDP in 2014," S&P

Georgia has been experiencing deflation since early 2012; October
was the first month this year that the CPI was up.  The central
bank has loosened monetary policy, cutting the policy rate to
3.75% from 8% in 2011, but this has had limited effect because
policy transmission mechanisms are weak in light of the country's
still-high dollarization.  Growth in depository corporation
claims has slowed to an estimated 11% this year from 13% in 2012.
However, with depository corporation claims still comparatively
low at about 35% of GDP, S&P expects credit growth to accelerate
after the political environment stabilizes.  S&P notes that the
central bank would like to see more long-term lari lending, and
the government plans to issue longer-dated local-currency
treasury bills.  About two-thirds of loans and deposits are in
dollars, a proportion which has fallen slightly in recent years.


The stable outlook on the ratings balances S&P's view of
Georgia's large net external liability position and dependence on
external financing against its strong economic growth prospects
and potential for improved policy effectiveness, provided that
the political environment stabilizes.

S&P might lower the ratings if the uncertainties in the political
environment continue, depressing economic growth, owing to poorly
coordinated or ineffective policymaking or worsening tensions
between the political groups.

S&P might consider raising the ratings if the political
transition continues smoothly, with policy predictability and
effectiveness improving.  Continued strong economic performance,
propelled by domestic and foreign direct investment, and the
stabilization of external balance sheets, could also support an

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.  The chair
ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.


Ratings Affirmed

Georgia (Government of)
Sovereign Credit Rating                 BB-/Stable/B
Transfer & Convertibility Assessment    BB
Senior Unsecured                        BB-
Commercial Paper                        B


FREESEAS INC: Crede CG to Sell 75 Million Common Shares
FreeSeas Inc. registered with the U.S. Securities and Exchange
Commission 75,000,000 shares of its common stock for resale by
Crede CG III, Ltd.

These shares of Common Stock include 5,625,000 shares of Common
Stock issuable upon conversion of Series B Convertible Preferred
Stock, 31,875,000 shares of Common Stock issuable upon conversion
of Series C Convertible Preferred Stock and 37,500,000 shares
issuable upon exercise or exchange of warrants.

The shares of Common Stock offered by the selling stockholder
have been or may be issued pursuant to the Securities Purchase
Agreement dated Nov. 3, 2013.

The Company's common stock is currently quoted on The NASDAQ
Capital Market under the symbol "FREE."  On Nov. 19, 2013, the
closing price of the Company's common stock was US$0.34 per

A copy of the Form F-1 prospectus is available for free at:


                         About FreeSeas Inc.

Headquartered in Athens, Greece, FreeSeas Inc., formerly known as
Adventure Holdings S.A., was incorporated in the Marshall Islands
on April 23, 2004, for the purpose of being the ultimate holding
company of ship-owning companies.  The management of FreeSeas'
vessels is performed by Free Bulkers S.A., a Marshall Islands
company that is controlled by Ion G. Varouxakis, the Company's
Chairman, President and CEO, and one of the Company's principal

The Company's fleet consists of six Handysize vessels and one
Handymax vessel that carry a variety of drybulk commodities,
including iron ore, grain and coal, which are referred to as
"major bulks," as well as bauxite, phosphate, fertilizers, steel
products, cement, sugar and rice, or "minor bulks."  As of
Oct. 12, 2012, the aggregate dwt of the Company's operational
fleet is approximately 197,200 dwt and the average age of its
fleet is 15 years.

Freeseas disclosed a net loss of US$30.88 million in 2012, a net
loss of US$88.19 million in 2011, and a net loss of US$21.82
million in 2010.  The Company's balance sheet at Dec. 31, 2012,
showed US$114.35 million in total assets, US$106.55 million in
total liabilities and US$7.80 million in total shareholders'

RBSM LLP, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2012.  The independent auditors noted that the Company has
incurred recurring operating losses and has a working capital
deficiency.  In addition, the Company has failed to meet
scheduled payment obligations under its loan facilities and has
not complied with certain covenants included in its loan
agreements.  It has also failed to make required payments to
Deutsche Bank Nederland as agreed to in its Sept. 7, 2012,
amended and restated facility agreement and received notices of
default from First Business Bank.  Furthermore, the vast majority
of the Company's assets are considered to be highly illiquid and
if the Company were forced to liquidate, the amount realized by
the Company could be substantially lower that the carrying value
of these assets.  These conditions, among others, raise
substantial doubt about the Company's ability to continue as a
going concern.

FREESEAS INC: Had US$29.9-Mil. Loss for 3 Quarters Ended Sept. 30
FreeSeas Inc. reported a net loss of US$29.94 million on
US$4 million of operating revenues for the nine months ended
Sept. 30, 2013, as compared with a net loss of US$24.25 million
on US$12.13 million of operating revenues for the same period a
year ago.

As of Sept. 30, 2013, the Company had US$107.35 million in total
assets, US$106.63 million in total liabilities, all current, and
US$711,000 in total shareholders' equity.

"Management is currently seeking and will continue to seek to
restructure the Company's indebtedness and obtain waivers on
covenant violations.  Based on the Company's cash flow
projections for the remainder of 2013, cash on hand and cash
provided by operating activities will not be sufficient to cover
scheduled debt service as of September 30, 2013, operating
expenses and capital expenditure requirements for at least twelve
months from the balance sheet date.  All of the above raises
doubt regarding the Company's ability to continue as a going
concern," the Company said in the Report.

A copy of the Report is available for free at:


                         About FreeSeas Inc.

Headquartered in Athens, Greece, FreeSeas Inc., formerly known as
Adventure Holdings S.A., was incorporated in the Marshall Islands
on April 23, 2004, for the purpose of being the ultimate holding
company of ship-owning companies.  The management of FreeSeas'
vessels is performed by Free Bulkers S.A., a Marshall Islands
company that is controlled by Ion G. Varouxakis, the Company's
Chairman, President and CEO, and one of the Company's principal

The Company's fleet consists of six Handysize vessels and one
Handymax vessel that carry a variety of drybulk commodities,
including iron ore, grain and coal, which are referred to as
"major bulks," as well as bauxite, phosphate, fertilizers, steel
products, cement, sugar and rice, or "minor bulks."  As of
Oct. 12, 2012, the aggregate dwt of the Company's operational
fleet is approximately 197,200 dwt and the average age of its
fleet is 15 years.

Freeseas disclosed a net loss of US$30.88 million in 2012, a net
loss of US$88.19 million in 2011, and a net loss of US$21.82
million in 2010.

RBSM LLP, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2012.  The independent auditors noted that the Company has
incurred recurring operating losses and has a working capital
deficiency.  In addition, the Company has failed to meet
scheduled payment obligations under its loan facilities and has
not complied with certain covenants included in its loan
agreements.  It has also failed to make required payments to
Deutsche Bank Nederland as agreed to in its Sept. 7, 2012,
amended and restated facility agreement and received notices of
default from First Business Bank.  Furthermore, the vast majority
of the Company's assets are considered to be highly illiquid and
if the Company were forced to liquidate, the amount realized by
the Company could be substantially lower that the carrying value
of these assets.  These conditions, among others, raise
substantial doubt about the Company's ability to continue as a
going concern.


A|WEAR: Kavanagh Fennell Appointed as New Receiver
-------------------------------------------------- reports that Ken Fennell of Kavanagh Fennell
-- -- has been appointed as receiver
to A|wear.

A|wear owner Latzur Limited had been in examinership since

The purpose of the examinership had been to re-structure A|wear
to put the business on a sustainable footing and to protect as
many jobs as possible, according to  The company
said in a statement that this had not happened, the report notes.

"In the intervening weeks post-examinership, sales projections
for the business have not materialised and no viable investment
proposal was forthcoming, leaving the business with no option but
to seek the appointment of a receiver," the company said, the
report relates. discloses that the receiver will assess the
feasibility of trading some of the stores over the coming days
but it is inevitable that some stores will cease to trade.

A|wear has 31 retail locations in Ireland and 9 concession stores
in the UK.  The business employs 358 staff across its locations
and head office which is based on Grafton Street, Dublin.  There
are 117 full-time staff and 241 part-time staff between all
retail operations and the head office functions.

INTERMEDIATE FINANCE: Moody's Lifts Rating on Cl. C Notes to Ba1
Moody's Investors Service has upgraded the ratings of the
following notes issued by Intermediate Finance II PLC:

Issuer: Intermediate Finance II PLC

EUR63M Class B-1 Senior Secured Floating Rate Notes due 2024,
Upgraded to Aaa (sf); previously on Nov 14, 2013 Upgraded to A3
(sf) and Placed Under Review for Possible Upgrade

EUR15M Class B-2 Senior Secured Fixed Rate Notes due 2024,
Upgraded to Aaa (sf); previously on Nov 14, 2013 Upgraded to A3
(sf) and Placed Under Review for Possible Upgrade

EUR78M Class C Secured Deferrable Floating Rate Notes due 2024,
Upgraded to Ba1 (sf); previously on Nov 14, 2013 Upgraded to Ba3
(sf) and Placed Under Review for Possible Upgrade

Moody's confirmed the ratings of the following notes:

EUR39M Class D Secured Deferrable Floating Rate Notes due 2024,
Confirmed at B2 (sf); previously on Nov 14, 2013 Upgraded to B2
(sf) and Placed Under Review for Possible Upgrade

Moody's affirmed the ratings of the following notes:

EUR195M (current outstanding balance of EUR 24.5M) Class A-2
Senior Secured Floating Rate Notes due 2024, Affirmed Aaa (sf);
previously on Nov 14, 2013 Upgraded to Aaa (sf)

Intermediate Finance II PLC, issued in July 2007, is a
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield mezzanine European and US loans. The portfolio
is managed by Intermediate Capital Managers Limited. This
transaction ended the reinvestment period in July 2013.

Ratings Rationale:

According to Moody's, the rating actions taken on the notes are
primarily a result of significant amortization of the Class A
notes and subsequent improvement of the overcollateralization
ratios of all outstanding tranches. Moody's notes that there were
significant pay-down of the A-2 notes since the last payment date
in July 2013. The deal has accumulated a very large amount of
principal proceeds over the past couple of years, that was
applied to paydown the senior notes instead of being reinvested
during the reinvestment period. In its rating analysis, Moody's
typically assumes cash is reinvested during the reinvestment
period until a few months before the reinvestment period is to
end. On November 14th, 2013, Moody's upgraded and/or placed under
review for upgrade all outstanding classes of notes. Action
concludes the review of this transaction.

As of the trustee report dated September 2013, the Class A&B, C
and D notes overcollateralization ratios are reported at 169.6%,
131.9% and 118.8%, respectively, as compared to 147.7%, 120.0%
and 109.7% since June 2013. Moody's notes that following its
analysis, the latest trustee report in October has become
available. Moody's took into consideration the latest report.

Moody's notes that the key model inputs used by Moody's in its
analysis, such as par, weighted average rating factor, diversity
score, and weighted average recovery rate, are based on its
published methodology and may be different from the trustee's
reported numbers. In its base case, Moody's analyzed the
underlying collateral pool to have a performing par and principal
proceeds balance of EUR181.8 million and GBP31.7 million,
defaulted par of EUR76.1 million, a weighted average default
probability of 40.6% (consistent with a WARF of 4411), a weighted
average recovery rate upon default of 15% for a Aaa liability
target rating, a diversity score of 16.4 and a weighted average
spread of 4.2%.

As part of the base case, Moody's has addressed the exposure to
obligors domiciled in countries with local currency country
ceiling rating of A1 and below. Given the portfolio is exposed to
14.8% of obligors located in Spain, the model was run with
different par amounts depending on the target rating of each
class of notes as further described in the Section 4.2.11 and
Appendix 14 of the methodology published in November 2013. The
portfolio haircuts are a function of the exposure size to
peripheral countries and the target ratings of the rated notes
and amount to a 1.4% par haircut for the Class A and B notes.

The default probability is derived from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The average recovery rate to be realised on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that 100% of the portfolio is exposed to non
first-lien loan corporate assets that would recover 15% upon
default. In each case, historical and market performance trends
and collateral manager latitude for trading the collateral are
also relevant factors. These default and recovery properties of
the collateral pool are incorporated in cash flow model analysis
where they are subject to stresses as a function of the target
rating of each CLO liability being reviewed.

In addition to the base case analysis described above, Moody's
also performed sensitivity analyses on key parameters for the
rated notes: Deteriorating credit quality of portfolio to address
the refinancing risks. Approximately 3.6% of the portfolio is
European corporate rated B3 and below and maturing between 2013
and 2015, which may create challenges for issuers to refinance.
Moody's considered a model run where the base case WARF was
increased to 4521 by forcing ratings on 25% of refinancing
exposures to Ca. This run generated model outputs that were
consistent with the base case results.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy and 2) the large concentration
of lowly rated debt maturing between 2013 and 2015 which may
create challenges for issuers to refinance. CLO notes'
performance may also be impacted either positively or negatively
by 1) the manager's investment strategy and behavior and 2)
divergence in legal interpretation of CDO documentation by
different transactional parties due to embedded ambiguities.

Sources of additional performance uncertainties are described

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

2) Moody's also notes that around 88.2% of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates. Large single exposures
to obligors bearing a credit estimate have been subject to a
stress applicable to concentrated pools as per the report titled
"Updated Approach to the Usage of Credit Estimates in Rated
Transactions" published in October 2009.

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

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

Moody's modelled the transaction using the Binomial Expansion
Technique, as described in Section of the "Moody's Global
Approach to Rating Collateralized Loan Obligations" rating
methodology published in November 2013. Under this methodology,
Moody's used its Binomial Expansion Technique, whereby the pool
is represented by independent identical assets, the number of
which is being determined by the diversity score of the
portfolio. The default and recovery properties of the collateral
pool are incorporated in a cash flow model where the default
probabilities are subject to stresses as a function of the target
rating of each CLO liability being reviewed. The default
probability range is derived from the credit quality of the
collateral pool, and Moody's expectation of the remaining life of
the collateral pool. The average recovery rate to be realised on
future defaults is based primarily on the seniority of the assets
in the collateral pool.

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

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

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


ALITALIA SPA: Attempt to Raise Emergency Cash Falls Short
Agnieszka Flak at Reuters reports that loss-making Alitalia Spa
has yet to raise all of the EUR300 million (US$407 million) it
was seeking in an emergency cash call, piling more pressure on
the Italian airline and find a strategic investor to keep it

According to Reuters, Alitalia said on Thursday it had received
EUR173 million by a deadline for existing shareholders to
subscribe to its cash call via pledges and bank guarantees and
expected to raise the rest from the state-owned postal service
and other investors.

The emergency cash, part of a bigger rescue package engineered by
the government to keep Alitalia's aircraft in the air, is seen as
a stopgap measure giving the airline a few more months to find a
partner to help revamp the group, Reuters notes.

But with EUR700,000 of daily losses and net debt of EUR800
million Alitalia could soon have to ground its planes, Reuters

The failure to fully cover the capital increase illustrates that
some of Alitalia's existing investors have doubts that the
carrier, which has made a profit only sporadically in its 67-year
history, can be turned around, Reuters discloses.

Alitalia said on Thursday it had received the EUR173 million by
the Nov. 27 deadline in pledges from current shareholders and
guarantee payments by Italy's top two banks Intesa Sanpaolo and
UniCredit, Reuters relays.

According The Wall Street Journal's Gilles Castonguay, Intesa and
UniCredit, Italy's two largest banks by assets, have committed to
buy EUR100 million worth of unsubscribed shares. Intesa is also a
shareholder with a 8.9% stake, the Journal discloses.

The airline, Reuters says, expects to sell remaining unsubscribed
shares in a second phase of the cash call that ends on Dec. 10.

Italy's postal service, which the government brought into the
rescue plan last month, has said it would invest EUR75 million
and the airline hopes to convince other investors to stump up the
remainder, Reuters recounts.

"Given the information received to date and taking into account
subscription commitments already made, the company believes that
the conditions exist for the capital increase to be fully
covered," Reuters quotes Alitalia as saying.

Even after it raises all the money, Alitalia will still be in a
precarious position because it has yet to find an airline other
than Air France-KLM with which to form an alliance that can help
it survive over the long run, the Journal says.

Air France-KLM has so far expressed support for the airline, but
not much else, the Journal states.

But Tommaso Di Tanno, a member of Alitalia's board of statutory
auditors, told a weekly television news program on Nov. 25 that
he had doubts about reassurances from some shareholders and
politicians regarding the possibility of finding another partner,
the Journal relays.  "It doesn't seem to me that there's a fight
[among potential partners] for Alitalia," the Journal quotes Mr.
Di Tannon as saying.

Alitalia also has EUR200 million in new credit lines from Intesa
and UniCredit, but Andrea Giuricin, a transport expert at Bicocca
University in Milan, said the amount -- in addition to the EUR300
million --  would only keep Alitalia in the air until March or
April.  "It's enough to get it through winter," Mr. Giuricin, as
cited by the Journal, said.

                          About Alitalia

Alitalia-Compagnia Aerea Italiana has navigated its way through
a successful restructuring.  After filing for bankruptcy
protection in 2008, Alitalia found additional investors, acquired
rival airline Air One, and re-emerged as Italy's leading airline
in early 2009.  Operating a fleet of about 150 aircraft, the
airline now serves more than 75 national and international
destinations from hubs in Fiumicino (Rome), Milan, Turin, Venice,
Naples, and Catania.  Alitalia extends its network as a member of
the SkyTeam code-sharing and marketing alliance, which also
includes Air France, Delta Air Lines, and KLM.  An Italian
investor group owns a majority of the company, while Air France-
KLM owns 25%.

BANCA MONTE: Seeks to Return to Profitability Under Rescue Plan
Sonia Sirletti at Bloomberg News reports that Banca Monte dei
Paschi di Siena SpA, the bailed-out Italian bank, is seeking to
return to profit after it reduces costs and increases capital
under a European Union-backed reorganization plan.

According to Bloomberg, Monte Paschi said in a statement on
Nov. 28 it is targeting net income of EUR200 million (US$272
million) in 2015 and EUR900 million in 2017.

The bank, Bloomberg says, plans to shed 8,000 staff; sell
EUR3 billion of new shares; and shrink its balance sheet by 25%
under a plan that received EU approval two days ago.

Chief Executive Officer Fabrizio Viola and Chairman Alessandro
Profumo are being forced by European regulators to conduct a more
rigorous overhaul of the world's oldest bank than initially
planned to secure approval for state aid, Bloomberg discloses.
The pair, appointed last year, sought the cash after their
predecessors lost billions of dollars on Italian sovereign debt
and derivatives contracts, Bloomberg recounts.

Monte Paschi, engulfed by probes into alleged misconduct by its
former managers, said it plans to cut its sovereign-debt holdings
and trading activities and reduce its consumer credit and leasing
portfolios, Bloomberg relays.  The bank, Bloomberg says, will cut
the assets on its balance sheet to EUR181 billion by the end of
2017 from about EUR207 billion on Sept. 30.  Assets amounted to
EUR240 billion at the end of 2011, Bloomberg discloses.

The company, as cited by Bloomberg, said the reorganization will
allow it to repay EUR4.1 billion of state aid by 2017.

Monte Paschi plans to reduce its EUR23 billion of Italian
sovereign debt, the most among the country's biggest banks
relative to tangible equity, to about EUR17 billion in 2017,
Bloomberg says.  The lender, which has paid back EUR1 billion
from the EUR29 billion it borrowed in the European Central Bank's
long-term refinancing operations, plans to repay the full amount
by 2015, Bloomberg notes.

Banca Monte dei Paschi di Siena SpA -- is
an Italy-based company engaged in the banking sector.  It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts.  In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services.  The Company comprises more than 3,000
branches, and a structure of channels of distribution.  Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa.  It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 18,
2013, Fitch downgraded MPS's Viability Rating (VR) to 'ccc' from
'b' and removed it from Rating Watch Negative (RWN).

TCR-Europe also reported on June 19, 2013, that Standard & Poor's
Ratings Services lowered its long-term counterparty credit rating
on Italy-based Banca Monte dei Paschi di Siena SpA (MPS) to 'B'
from 'BB', and affirmed the 'B' short-term rating.  S&P also
lowered its rating on MPS' Lower Tier 2 subordinated notes to
'CCC-' from 'CCC+'.  S&P affirmed the ratings on MPS' junior
subordinated debt at 'CCC-' and on its preferred stock at 'C'.
At the same time, S&P removed the ratings from CreditWatch, where
it placed them with negative implications on Dec. 5, 2012.

BANCA MONTE: Securitisation Services Appointed as Servicer
Moody's Investors Service stated that Securitisation Services
S.p.A. (NR) has been recently appointed back up servicer in the
following transactions:

  -- Five residential mortgage backed securities (RMBS) deals
     serviced by Banca Monte dei Paschi di Siena S.p.A. (MPS;
     B2/Not Prime): Siena Mortgages 2010 -7; Siena Mortgages
     07-5; Siena Mortgages 07-5, Series 2; Siena Mortgages 09-6
     and Siena Mortgages 09-6 Series 2

  -- One SME deal serviced by MPS Capital Services (MPSCS; B2/Not
     Prime): Siena SME 11-1

  -- One leasing transaction serviced by Monte dei Paschi di
     Siena Leasing & Factoring, Banca per i Servizi Finanziari
     alle Imprese S.p.A. (MPS L&F; NR): Siena Lease 11-1

This appointment is the result of the rating trigger existing in
the servicing agreements of these deals. These agreements
consider the appointment of a back up servicer at loss of Ba3 by
the parent company, MPS (B2/Not Prime). This rating trigger was
hit in May 2013 after MPS was downgraded to B2 from Ba2.

Additionally, the respective servicers will be effectively
replaced at the loss of Caa2 by MPS. The Siena Lease 11-1 S.r.l.
deal explicitly contemplates the subcontracting of servicing
tasks from Securitisation Services S.p.A. to Trebi
GeneralconsultS.p.A. (which specializes in IT services) and
Eurholding S.p.a. (which specializes in administrative tasks).

The appointment of a back up servicer is a mitigant to the
disruption risk in these transactions, being consistent with the
current rating on the notes, as described in Global Structured
Finance Operational Risk, published in June 2013.

SOCIETA CATTOLICA: S&P Rates Planned Sub. Unsecured Debt 'BB+'
Standard & Poor's Ratings Services said that it had affirmed its
'BBB' insurer financial strength and counterparty credit ratings
on Italy-based composite insurer Societa Cattolica di
Assicurazione (Cattolica).  The outlook is negative.

At the same time, S&P assigned a 'BB+' issue rating to
Cattolica's planned subordinated, unsecured debt issue.

The affirmation reflects S&P's view that the announcement of the
acquisition of Fata Assicurazioni from Assicurazioni Generali SpA
for EUR179 million does not change S&P's view of Cattolica's
satisfactory business risk profile and lower adequate financial
risk profile.

Based on the draft prospectus received, S&P has classified the
subordinated notes as having intermediate equity content under
its hybrid capital criteria.  S&P includes securities of this
nature, up to a maximum of 25%, in its calculation of total
adjusted capital, which forms the basis of S&P's consolidated
risk-based capital analysis of insurance companies.  Such
inclusion is subject to the bonds being considered eligible for
regulatory solvency treatment and the aggregate amount of
included hybrid capital not exceeding the total amount eligible
for regulatory solvency treatment.  The confirmation of the
equity content and rating are also subject to the notes' final
terms and conditions. S&P expects no changes compared with the
draft prospectus.

Cattolica's financial flexibility remains adequate, in S&P's
view. S&P considers that Cattolica's exposure to Italian
sovereign risk is high.  Italian government bonds alone made up
two-thirds of the group's invested assets on Sept. 30, 2013.
Consequently, S&P is unlikely to rate Cattolica higher than the
long-term foreign currency sovereign credit rating on Italy.  The
negative outlook on Cattolica primarily reflects that on Italy,
given the high concentration of Cattolica's investments in
Italian government bonds.  In application of S&P's criteria, any
downgrade of Italy would trigger a similar downgrade of

The negative outlook also incorporates potential deterioration of
Cattolica's capital adequacy as a result of further unfavorable
economic and financial trends in Italy.

S&P could lower the ratings on Cattolica if further potential
deterioration in Italian financial markets was such that S&P
believed it would materially impair its view of the company's
capital adequacy or risk position.

S&P could consider revising the outlook to stable, at any time
over the next two years, if the outlook on Italy were revised to


URANIUM ONE: S&P Lowers Long-Term Corp. Credit Rating to 'B+'
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Toronto-based uranium producer Uranium
One Inc. to 'B+' from 'BB-'.  The outlook is stable.

Standard & Poor's also lowered its assessment of the company's
stand-alone credit profile to 'b' from 'b+'.

At the same time, Standard & Poor's assigned its 'B+' issue-level
rating and '3' recovery rating to Uranium One's proposed
US$350 million senior secured notes.  In addition, Standard &
Poor's assigned its 'B-' issue-level rating and '6' recovery
rating to Uranium One's senior unsecured ruble bond notes
outstanding. A '3' recovery rating indicates meaningful (50%-70%)
recovery in a default scenario; a '6' recovery rating indicates
negligible (10%-30%) recovery.

"We downgraded Uranium One given our expectation of a high level
of expected volatility for cash flow/leverage ratios based on the
company's pro forma debt balance and contemporary uranium
prices," said Standard & Poor's credit analyst George Economou.

Pro forma to the proposed senior secured notes offering, S&P
believes that the company's credit measures will be very
sensitive to the price of uranium with a US$5.00 per pound
contraction increasing its 2014 adjusted debt-to-EBITDA ratio to
more than 6.0x and a funds from operations (FFO)-to-debt ratio
below 10%, ratios that are consistent with a "highly leveraged"
financial risk profile.

S&P views Uranium One's business risk profile as "weak,"
reflecting its assessment of the company's competitive position,
country risk, and risk in the mining industry.  In S&P's view,
the company has a better-than-average position on an industry
cost curve and average profitability compared with mining
industry peers; however, Uranium One also has high mine and
geographic concentration as well as a relatively short aggregate
mining life based on proven and probable reserves that are
reported in accordance with National Instrument 43-101, the
Canadian mineral resource classification system.

S&P considers Uranium One to be a government-related entity under
its criteria and have assigned a one-notch uplift based on this

S&P assess Uranium One's financial risk profile as highly
leveraged, reflecting high potential volatility in financial
measures; a great reliance on indirect, subordinated cash flows
from its joint venture mines; and reduced financial flexibility
from lower cash balances.

The stable outlook reflects Standard & Poor's view that Uranium
One's low-cost production profile and long-term sales contracts
should help support the company's operating performance and cash
flow generation through next year.  S&P estimates that, under its
base case assumptions, the company's proportionately consolidated
adjusted debt-to-EBITDA leverage ratio should increase to 4.5x-
5.5x and its FFO-to-debt ratio should decrease to 15%-20% with
modestly positive cash available for debt repayment through 2015.

S&P expects that the ratings could be pressured if any
combination of significantly tighter uranium margins, higher
capital expenditures, or acquisitions contributed to a debt-to-
EBITDA leverage ratio above 5.5x for an extended period.  S&P
estimates that this could occur if EBITDA were to deteriorate
significantly following a decline in uranium margins below
US$15.00 per pound due to a combination of weaker uranium demand
expectations and accelerating cash costs at Uranium One.

Although S&P don't expect in the next year, it could consider a
positive rating action on the company's stand-alone credit
profile if Uranium One demonstrates sustainably improved credit
metrics, including an adjusted debt-to-EBITDA leverage ratio
close to 3x, due to better-than-expected profitability and
reduced debt balances.

In addition, S&P would reassess its view on extraordinary
government support if it sees a fundamental change in Uranium
One's role and link to the Russian Federation.

URANIUM ONE: Fitch Assigns 'BB-' LT Issuer Default Rating
Fitch Ratings has assigned Canada-based Uranium One Inc. a
Long-term foreign currency Issuer Default Rating (IDR) of 'BB-'.
The Outlook is Stable.

Fitch has also assigned an expected 'BB-(EXP)' rating to the
US$350 million senior secured notes to be issued by Uranium One
Investment Inc., a fully-owned subsidiary of Uranium One. The
final notes rating is contingent on the receipt of final
documents conforming materially to the preliminary documentation

Uranium One's rating is notched up three levels from Fitch's
standalone assessment of 'B-' for support from its Russian state-
owned parent, JSC Atomic Energy Power Corporation
(Atomenergoprom) (BBB/Stable), and, ultimately, from the Russian
Federation (BBB/Stable), in line with the agency's Parent and
Subsidiarity Rating Linkage. Atomenergoprom is a principal
company of the State Atomic Energy Corporation Rosatom (Rosatom),
wholly owned by the Russian Federation. Fitch's view of support
is based on Uranium One's strong strategic and operational ties
with its parent.

Fitch believes that Uranium One's low-cost position for the
extraction of triuranium octoxide (U3O8) is important for
Rosatom's successful future development. Rosatom is the world's
leader in integrated uranium mining, enrichment and fuel
fabrication, in nuclear power plant engineering, fabrication and
construction, and a top nuclear power utility in Russia. Uranium
One currently accounts for about 38% of Rosatom's uranium needs
but given the recently announced delays in the development of
Rosatom's own mining assets in Russia, Fitch expects this share
to increase in the medium term. Uranium One obtains nearly all of
its uranium from Kazakhstan from joint ventures (JVs) with JSC
National Atomic Company Kazatomprom (BBB-/Stable) and sells over
half of its production to Rosatom predominantly at spot prices.

Uranium One's standalone creditworthiness is constrained by its
small size, by its dependence on production and dividends from
the JVs, and by exposure to a single commodity and spot uranium
prices. Based on Fitch conservative uranium price forecast
ranging between US$35.5 per pound (lb) to US$44.5/lb until 2016,
Fitch expects that Uranium One's funds from operations (FFO) that
includes income from wholly-consolidated operations and a
proportionate share of dividends from JVs will drop sharply in
2014-2015 and its FFO adjusted leverage will deteriorate
dramatically to above 15x in 2014-2015 before improving to about
6x (gross) and about 4.5x (net) by end-2016.

In Fitch view, Uranium One does not have robust legal ties with
its parent, such as financial guarantees from Atomenergoprom /
Rosatom for a large portion of its debt nor cross default
provisions in the parent's debt documentation that would cover
Uranium One and indicate stronger linkage between the subsidiary
and the parent.

Key Rating Drivers:

Strategic Mining Asset
Fitch views the full consolidation of Uranium One by Rosatom in
October 2013 as an indication of the company's importance to the
latter's long-term growth strategy. In 2012, Uranium One had
total attributable production of 12.2m lbs of uranium, 93% of
which were produced in Kazakhstan. Uranium One's production is a
key factor in Rosatom's long-term aim of maintaining its leading
position across global nuclear markets.

Low Production Cost
Using the low-cost in situ leaching method, Uranium One obtains
nearly all of its uranium from JVs with Kazatomprom. In 2012 the
company reported cash costs of US$16/lb of U3O8, and forecasts
2013 cash costs of US$19/lb, making it one of the lowest-cost
producers worldwide. Being a low-cost supplier, Uranium One
should help Rosatom to improve its enrichment margins. The
company sells its products predominately at spot prices, which
distinguishes it from some other mining companies such as
Kazatomprom that sell their uranium at a mix of long-term and
spot prices.

Prices Impede New Projects
Uranium spot prices reached a multi-year low of US$35/lb in
October 2013, making production at many existing and new fields
unprofitable. As a result, a number of new projects have been
placed on care and maintenance with a potential for further
temporary suspension. It has recently been reported that due to
low uranium prices, Rosatom has decided to stop developing
several mining assets including Uranium One's projects Willow
Creek in the US (annual production below 1m lb to be maintained)
and Honeymoon in Australia (production to be placed on care and
maintenance). Fitch believes that Uranium One's position as a key
supplier of uranium to Rosatom will become even more important
over the medium term.

'B-' Standalone Assessment
The standalone assessment is capped by the company's small size,
by its dependence on production and dividends from the JVs and by
high expected FFO-adjusted gross leverage. Uranium One almost
exclusively depends on dividends from its JVs to service its
debt. In 2012, it received US$185 million in dividends from JVs
and in 9M13, dividends received amounted to US$98.3 million, down
from US$129.1 million in 9M12. In addition, Uranium One had
US$67.3 million in dividends receivable at 30 September 2013.
Despite the JVs' production being in line with management
forecasts, Fitch believes that in the current price environment
the dividend stream from the JVs could be significantly lower
than that per management expectations. Therefore, Fitch expects
Uranium One's standalone credit profile to deteriorate
significantly in 2014-2015 before improving by end-2016.

Liquidity and Debt Structure:

Fitch views Uranium One's current liquidity position as currently
satisfactory but limited. At September 30, 2013, it had US$482
million in unrestricted cash, plus US$1.45 billion in restricted
cash earmarked for repayment of a US$1.45 billion revolving
credit facility from an affiliate of its intermediate parent, JSC
Atomredmetzoloto, which was fully repaid on November 5, 2013.
Uranium One's other short-term debt includes US$260 million
convertible debentures that the company made an offer for on
November 15, 2013. Its long-term debt consists of US$465 million
RUB-denominated bonds that mature in 2016 and 2020. Uranium One
does not maintain any open bank credit facilities.

Uranium One's proposed US$350 million notes will be guaranteed by
certain subsidiaries that accounted for 4.7% of its adjusted
EBITDA and 24.5% of its consolidated total assets at
September 30, 2013. Uranium One's fully-owned mining assets in
the US and Australia will also serve as the security interest for
the notes. Nonetheless, Fitch expects that the company will
predominantly rely on dividends from its Kazakh JVs, which are
not included as security for the notes, to service the notes.
Consequently, Fitch assigns the expected rating to Uranium One's
notes at the same level as the IDR.

Rating Sensitivities:

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

   -- A stronger linkage between Atomenergoprom/Rosatom and
      Uranium One, i.e., more robust legal ties such as financial
      guarantees from Atomenergoprom/Rosatom for a large portion
      of Uranium One's debt or cross default provisions that
      would include Uranium One

   -- Improved financial profile, e.g., FFO adjusted gross
      leverage of below 3x and FFO fixed charge cover of at least
      6x on a sustained basis would be positive for Uranium One's
      standalone profile

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

   -- Weakening linkage between Atomenergoprom/Rosatom and
      Uranium One may result in Fitch reviewing the notching gap

   -- Failure to improve the financial profile by end-2017 in
      line with expectations of a 'B-' rated mining company,
      e.g., FFO adjusted gross leverage of above 3.5x and FFO
      fixed charge cover of 5x and less on a sustained basis
      would be negative for the standalone profile

Full List of Rating Actions:

Uranium One Inc.

   -- Foreign Currency Long-term IDR: 'BB-'; Outlook: Stable
   -- Local Currency Long-term IDR: 'BB-'; Outlook: Stable
   -- Foreign Currency Short-term IDR: 'B'
   -- Local Currency Short-term IDR: 'B'
   -- Senior Unsecured Rating: 'BB-'

Uranium One Investment Inc.

   -- Senior secured USD350m notes: 'BB-(EXP)'


MONTENEGRO: S&P Revises Outlook to Neg. & Affirms 'BB-' Rating
Standard & Poor's Ratings Services revised its outlook on
Montenegro to negative from stable.  At the same time, S&P
affirmed its 'BB-/B' long- and short-term sovereign credit
ratings on Montenegro.


The outlook revision reflects what S&P considers to be
considerable external risks.  S&P estimates the country's gross
external financing needs as very high, at 155% of current account
receipts (CARs) and usable reserves.  In addition, S&P estimates
its net external liabilities position as very high at 440% of
CARs.  These ratios indicate that Montenegro is exposed to the
risk of increasing external debt servicing costs or a reversal of
foreign direct investment (FDI) inflows.

S&P considers that emerging market sovereigns may be particularly
exposed should the U.S. Federal Reserve Bank tighten monetary
conditions.  Montenegro's vulnerability is heightened because the
authorities' monetary flexibility is reduced by its unilateral
adoption of the euro, meaning that the central bank lacks
effective lender of last resort capabilities.  S&P anticipates
that external risks would rise should economic and budgetary
performance significantly underperform its current expectations.

The ratings affirmation balances S&P's view of the external
vulnerabilities and very limited monetary policy flexibility
against the country's stable political environment, coupled with
S&P's expectation that the government net debt ratio will
gradually decline to 47.5% in 2016 from 54.0% of GDP in 2013.

Montenegro's economy is characterized by relatively low GDP per
capita, estimated at close to US$7,000 in 2013.  It is primarily
based on tourism and related services.  The economy has emerged
from the double-dip recession into which it fell in 2012 when bad
weather affected agriculture at the same time as the country
experienced a decline in manufacturing.  S&P expects relatively
high levels of corporate indebtedness, coupled with significant
nonperforming loans in the banking sector, to constrain growth in
the coming years as credit continues to contract.  S&P's
forecasts show economic growth of 1.9% in 2013, accelerating to
an average of 2.7% in 2014-2016, largely propelled by an increase
in investments.  S&P forecasts investment growth of over 6% in
real terms in 2014.

Given the small size of the economy, one or two large investment
projects can have a noticeable influence.  S&P understands that
there is significant potential for Montenegro to further develop
its tourism sector, which is currently approaching capacity
constraints.  It could also take advantage of its mountainous
territory to generate hydropower for export.  There are several
projects of this type in the pipeline, including the construction
of an underwater electric cable from Montenegro to Italy,
building the second block of the thermal power plant Pljevlja,
and others. Apart from construction of a Bar-Boljare highway,
which is not expected to proceed under S&P's base-case scenario,
it includes these projects in its forecasts.

With gross external financing needs estimated at close to 155% of
CARs and usable reserves and narrow net external debt amounting
to 178% of CARs in 2013, Montenegro faces significant external
risks. Although current account deficits have recently declined,
they are expected to remain substantial at close to 17% of GDP
for the two-to-three-year forecast horizon, fueled by the high
deficit in the goods account.

The quality of external data in Montenegro is relatively poor.
Errors and omissions, which we estimate at around 5.5% of GDP
this year and next, are consistently large and positive.  S&P
considers that this may indicate unrecorded tourism export
revenue, which would suggest that the official current account
deficit data could overstate the imbalance significantly.

The upcoming investment projects will likely increase imports of
capital goods, preventing recorded current account deficits from
shrinking significantly over the forecast horizon.  S&P expects
these deficits will be financed largely by FDI, which is forecast
to be close to 15% of GDP in 2014-2016.  High deficits mean that
Montenegro remains vulnerable to sudden changes in the market
environment, which could lead to a disorderly unwinding of the
existing imbalances.

No official statistics exist on Montenegro's international
investment position.  S&P's estimates suggest that gross external
debt accounts for a high 128% of GDP in 2013 and will decline
only gradually to 119% in 2016.  The decline will reflect the
slower accumulation of public external debt as budget deficits
continue to moderate and the only gradual increase in banking
sector external debt.  S&P expects banks to continue to rely more
on the domestic deposit base than on external borrowing to
support their operations.

In recent years, the government has concentrated on delivering
fiscal consolidation measures and making Montenegro more
business-friendly.  Talks on potential EU accession, which
started in the summer of 2012, could bring further improvements,
given the EU's continued focus on implementing structural
reforms.  That said, S&P do not expect Montenegro to join the EU
within the forecast horizon.

The ratings are also supported by S&P's expectation of the
country's improving budget position, although risks remain.
Although general government budget deficits rose above 5.0% of
GDP on average in 2009-2011, the headline deficit narrowed to
3.4% of GDP in 2012 and S&P expects it to narrow further to 1.8%
this year.  S&P considers that there is potential for further
fiscal consolidation.  Revenues could increase if the government
enforces more efficient collection of companies' tax arrears and
tackles the grey economy, the size of which is estimated to be

The government paid around 3% of GDP this year in relation to
guarantees for bankrupt aluminum producer Kombinat Aluminijuma
Podgorica (KAP).  S&P excluded this one-off payment in its
deficit calculations and expect no sizable additional public
outlays related to KAP.

S&P's forecasts also exclude the potentially very high costs
associated with the construction of the Bar-Boljare highway --
S&P do not expect this project to proceed in the near future.
Were it to go ahead, the project could reverse recent
improvements in fiscal dynamics and cause a sizable increase in
the debt ratio.

S&P estimates that net general government debt will amount to
nearly 54% of GDP in 2013, up from 26% in 2008.  Close to 76% of
government debt is to nonresidents and nearly all of it is in
euros.  S&P anticipates debt levels will stabilize and gradually
reduce over the next three years as budget deficits continue to
moderate.  There are downside risks, however, given that more
guarantees might be called, causing debt levels to increase above
the 60% threshold established under S&P's sovereign rating
methodology.  That said, the remaining guarantees are less likely
to be called than those made to KAP, in S&P's view.

Montenegro's debt servicing costs have not been a significant
burden for the public finances so far; they represented just 3.5%
of general government revenues on average over 2010-2012.  The
low cost stemmed from the excess liquidity present in global
financial markets and the high proportion of Montenegro's
borrowing that was on concessional terms -- this might change
should quantitative easing be tapered off, especially given
Montenegro's large refinancing requirements.  S&P views
contingent liabilities as limited, as defined in its sovereign
rating methodology.

The lack of monetary policy flexibility is reflected in
Montenegro's decision to unilaterally adopt first the deutschmark
and then the euro as its currency.  The country is not part of
the eurozone (European Economic and Monetary Union), and
Montenegrin banks have no access to European Central Bank (ECB)
liquidity facilities.  The government's policy options are
further constrained by shrinking domestic credit and a relatively
undeveloped capital market.

The 'AAA' transfer and convertibility (T&C) assessment reflects
S&P's opinion of the extremely low likelihood of the sovereign
restricting nonsovereign access to foreign currency needed for
debt service, while the local currency remains the euro.


The negative outlook reflects S&P's view of Montenegro's
persistent external vulnerabilities in the context of a possible
tightening of global liquidity conditions.  It reflects S&P's
view that there is at least a one-in-three chance of a rating
downgrade during 2014.  Specifically, we could lower the ratings
on Montenegro if one or more of the following scenarios

   -- FDI inflows stopping suddenly, leading to a disorderly
      adjustment of the high current account deficits;

   -- External debt servicing costs rising significantly beyond
      S&P's current expectations;

   -- Foreign-owned banks operating in Montenegro being
      materially hit by problems in their parent institutions;

   -- Sizable fiscal slippages occurring, caused either by
      deviating from budget deficit reduction or one-off
      developments that substantially increase public debt levels
      (for example, guarantees being called).

S&P could revise the outlook to stable if it concludes that these
risks have abated or if EU accession talks bring structural
improvements to Montenegro's policymaking and institutions,
beyond its current expectations.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues according to the relevant criteria.  Qualitative
and quantitative risk factors were considered and discussed,
looking at track-record and forecasts.  The chair ensured every
voting member was given the opportunity to articulate his/her
opinion.  The chair or designee reviewed the draft report to
ensure consistency with the Committee decision.  The views and
the decision of the rating committee are summarized in the above
rationale and outlook.


Ratings Affirmed; CreditWatch/Outlook Action
                                      To                 From
Montenegro (Republic of)
Sovereign Credit Rating              BB-/Neg/B     BB-/Stable/B
Senior Unsecured                     BB-
Transfer & Convertibility Assessment AAA


LAMBDA FINANCE: Moody's Lifts Ratings on Two Note Classes to Ba2
Moody's Investors Service has upgraded the Class B1, B2 and B3
notes (the "Class B notes") to A2(sf) from Baa1(sf), the Class
C1, C2 and C3 notes (the "Class C notes") to Baa1(sf) from
Ba1(sf) and the class D1 and D2 notes (the "Class D notes") to
Ba2(sf) from
B2(sf) of the Gracechurch Corporate Loans Series 2007-1
transaction. At the same time, Moody's affirmed the A1(sf) rating
of Class A1, A2 and A3 notes (the "Class A notes"), the A2(sf)
rating of class AB1 and AB2 (the "Class AB notes") and the
Caa1(sf) rating of Class E1 and E2 notes (the "Class E notes").
Rating action reflects the (1) better-than-expected collateral
performance and (2) deleveraging of the transaction and the
build-up of credit enhancement since the closing date.

Gracechurch Corporate Loans Series 2007-1 is a synthetic
securitization backed by loans granted to small and medium-sized
enterprises (SME) originated by Barclays Bank PLC (A2/P-1) and
issued in 2007.

Ratings Rationale:

Solid Collateral Performance:

Upgrade reflects the better-than-expected collateral performance,
evidenced by the low default levels observed in the transaction
since the closing date in February 2007. As of October 2013,
cumulative defaults represented 2.5% of the pool balance at
closing. Moody's decreased its default rate over current balance
assumption to 12.0% from 18.6%, reflecting the lower-than-
expected default rate, which corresponds to a rating proxy of Ba3
over the assumed weighted average life of the pool of 4.9 years.
In addition, Moody's decreased its mean recovery rate assumption
to 45%, reflecting lower-than-expected recoveries; and increased
its coefficient of variation assumption to 51.5% from 40.2%,
which results in a portfolio credit enhancement of 23.8%.

Deleveraging of The Transaction And Build Up Of Credit

Upgrade also reflects the deleveraging of the transaction and the
increase in credit enhancement since the closing date, which at
present is 46.9%, 33.8% and 25.6% for the Class B, C and D notes,
respectively. Moody's believes these levels of credit enhancement
are sufficient to support the upgrades. Affirmation of the Class
A and AB notes were driven by their very high levels of credit
enhancement, which stand at 82.2% and 58.0% respectively.
However, the maximum rating achievable by those notes is
constrained by counterparty risk considerations (see "MOODY'S HAS
affirmation of the rating on the Class E notes is mainly driven
by borrower concentration risk to which the Class E notes are
exposed. According to Moody's computations, the current level of
credit enhancement available to the Class E notes covers only the
seven largest borrowers of the pool. At the October 2013
reporting date, the top borrower represented 4.3% while the top
10 borrowers represented 20.2%.

Moody's Has Considered Exposure to Counterparty Risk

Moody's has also taken into consideration the exposure of the
notes to Barclays Bank PLC (Barclays), which performs a variety
of roles in the transaction: servicer, CDS counterparty, cross
currency swap counterparty and cash deposit bank.

In its role as cash deposit bank, Barclays holds the note
proceeds until the final discharge date, which is the earlier of
the legal final maturity date (September 2031), the 10% clean-up
call date or any other date on which all the notes are fully
redeemed. Following Barclays' downgrade to A2 by Moody's in June
2012 and the consequent cash deposit bank downgrade event, the
bank did not replace itself nor put a guarantee in place. As a
result, Moody's considers that the notes are fully exposed to
Barclays' risk until their maturity. As such, the ratings for the
Class A and all other classes of notes are constrained at A1(sf)
and A2(sf), respectively. Moody's considers that the Class A
notes can achieve a higher rating than the cash deposit bank as
their exposure to the latter is mitigated by their short
remaining life, at less than a year.

The rating agency also assessed the exposure to Barclays as cross
currency swap counterparty, which does not have a negative effect
on the rating levels at this time. Moody's used ABSROM to model
the cash flows and determine the losses 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. In each
default scenario, Moody's calculates the corresponding loss for
each class of notes, given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders. Therefore, the expected loss for each tranche is the
sum product of the probability of occurrence of each default
scenario and the loss derived from the cash flow model in each
default scenario for each tranche. As such, Moody's analysis
encompasses the assessment of stressed scenarios.

List of Affected Notes

Issuer: Lambda Finance B.V. - Gracechurch Corporate Loans Series

GBP1046M A1 Notes, Affirmed A1 (sf); previously on Aug 8, 2013
Downgraded to A1 (sf)

EUR1058.75M A2 Notes, Affirmed A1 (sf); previously on Aug 8, 2013
Downgraded to A1 (sf)

US$2290M A3 Notes, Affirmed A1 (sf); previously on Aug 8, 2013
Downgraded to A1 (sf)

GBP106.75M AB1 Notes, Affirmed A2 (sf); previously on Aug 8, 2013
Downgraded to A2 (sf)

EUR103.75M AB2 Notes, Affirmed A2 (sf); previously on Aug 8, 2013
Downgraded to A2 (sf)

GBP32.6M B1 Notes, Upgraded to A2 (sf); previously on Jul 8, 2009
Downgraded to Baa1 (sf)

EUR65.15M B2 Notes, Upgraded to A2 (sf); previously on Jul 8,
2009 Downgraded to Baa1 (sf)

US$10M B3 Notes, Upgraded to A2 (sf); previously on Jul 8, 2009
Downgraded to Baa1 (sf)

GBP36.4M C1 Notes, Upgraded to Baa1 (sf); previously on Jul 8,
2009 Downgraded to Ba1 (sf)

EUR70.6M C2 Notes, Upgraded to Baa1 (sf); previously on Jul 8,
2009 Downgraded to Ba1 (sf)

US$23M C3 Notes, Upgraded to Baa1 (sf); previously on Jul 8, 2009
Downgraded to Ba1 (sf)

GBP33M D1 Notes, Upgraded to Ba2 (sf); previously on Jul 8, 2009
Downgraded to B2 (sf)

EUR40.25M D2 Notes, Upgraded to Ba2 (sf); previously on Jul 8,
2009 Downgraded to B2 (sf)

GBP43.1M E1 Notes, Affirmed Caa1 (sf); previously on Jul 8, 2009
Downgraded to Caa1 (sf)

EUR40.95M E2 Notes, Affirmed Caa1 (sf); previously on Jul 8, 2009
Downgraded to Caa1 (sf)

LEVERAGED FINANCE: Moody's Affirms Caa3 Ratings on 2 Note Classes
Moody's Investors Service has taken the following rating actions
on notes issued by Leveraged Finance Europe Capital III B.V.:

  EUR213.6M (currently EUR20.57 M outstanding) Class A Bond,
  Affirmed Aaa (sf); previously on Feb 5, 2013 Affirmed Aaa (sf)

  EUR26.25M Class B Bond, Upgraded to Aaa (sf); previously on
  Nov 14, 2013 Upgraded to Aa2 (sf) and Placed Under Review for
  Possible Upgrade

  EUR11.7M Class C Bond, Confirmed at Baa1 (sf); previously on
  Nov 14, 2013 Upgraded to Baa1 (sf) and Placed Under Review for
  Possible Upgrade

  EUR19.8M Class D Bond, Affirmed Caa2 (sf); previously on Feb 5,
  2013 Downgraded to Caa2 (sf)

  EUR7.35M (currently EUR2.86M outstanding) Class E Bond,
  Affirmed Caa3 (sf); previously on Feb 5, 2013 Downgraded to
  Caa3 (sf)

  EUR6M Class R Bond (EUR0.56M Rated Balance outstanding),
  Affirmed Caa3 (sf); previously on Feb 5, 2013 Downgraded to

  EUR15M Class S Bond (EUR1.8M Rated Balance outstanding),
  Affirmed Aa1 (sf); previously on Feb 5, 2013 Downgraded to

Leveraged Finance Europe Capital III B.V., issued in August 2004,
is a Collateralised Loan Obligation ("CLO") backed by a portfolio
of mostly high yield European loans. It is predominantly composed
of senior secured loans. The portfolio is managed by BNP Paribas.
The reinvestment period of this transaction ended in October

NXP FUNDING: S&P Raises Rating on Sr. Secured Term Loan to 'BB'
Standard & Poor's Ratings Services said that it raised to 'BB'
from 'BB-' its issue rating on the senior secured term loan A
issued by NXP Funding LLC, a wholly owned subsidiary of NXP B.V.
At the same time, S&P removed the issue ratings on the senior
secured loans from CreditWatch, where they had been placed with
positive implications on Sept. 10, 2013.  In addition, S&P
revised upward the recovery rating on the loan to '2' from '3',
indicating its expectation of substantial (70%-90%) recovery in
the event of a default.

S&P also assigned a 'BB' issue rating and a recovery rating of
'2' to the new US$400 million senior secured term loan D, the
proceeds of which were used to repay the US$496 million
outstanding term loan C.  The existing issue and recovery ratings
on the group's super senior revolving credit facility and senior
notes are affirmed.

The rating action on NXP's senior secured debt reflects S&P's
view that the recovery prospects for senior secured lenders have
improved following the issuance of US$500 million of senior notes
in September 2013.  The issuer used the proceeds of this issuance
to repay US$422 million of senior secured floating-rate notes in
October 2013.

Recovery Analysis

At S&P's hypothetical point of default in 2017, it calculates
that EBITDA would decline to about US$395 million.  S&P estimates
the group's stressed enterprise value at the point of
hypothetical default to be approximately US$2.37 billion, which
is equivalent to 6x stressed EBITDA.  After taking these factors
into account and deducting the costs of enforcement and other
priority liabilities totaling about US$270 million, S&P arrives
at a net enterprise value of about US$2.1 billion.  S&P's
valuation assumes a proportionate consolidation of its 61.2%
stake in Systems on Silicon Manufacturing Co. Pte. Ltd. (SSMC).

However, S&P considers there could be additional upside to its
valuation of SSMC at the point of default.

S&P expects that about US$830 million of super-priority debt will
be outstanding at the hypothetical point of default, including
the fully drawn revolving credit facility (RCF) and six months of
prepetition interest.  This equates to very high (90%-100%)
recovery prospects for the RCF lenders, and translates into a
recovery rating of '1' on this instrument.

Following the repayment of the senior secured notes due 2018, S&P
estimates that the recovery prospects for the remaining senior
secured debtholders have improved to 70%-90%, which equates to a
recovery rating of '2'.

The value held outside of the guarantor group would, in S&P's
view, be shared between senior unsecured and unsatisfied secured
claims on a pari passu basis.  It will allow for modest recovery
prospects within the 10%-30% range for the proposed senior
unsecured debtholders.  This translates into a recovery rating
of '5' on the senior notes.


GAZPROM-MEDIA HOLDINGS: Fitch Affirms BB LT Issuer Default Rating
Fitch Ratings has affirmed Gazprom-Media Holding's (GMHP) Long-
term Issuer Default Rating (IDR) at 'BB' with a Stable Outlook on
the announcement of a planned acquisition of ProfMedia.

GMPH is a diversified media company, with most revenues and
EBITDA generated by its two free-to-air channels, NTV and TNT.
The company also owns content production company Comedy Club, a
few radio channels and print magazines, and NTV-Plus, a direct-
to-home pay-TV operator.

Key Rating Drivers:

Acquisition is Rating Neutral
GMHP has announced that it is planning to acquire the TV, radio
and content production assets of ProfMedia, a diversified Russian
media company. Fitch views the acquisition as having an appealing
strategic rationale and synergetic with GMPH's existing assets.
Fitch expects that leverage will not exceed 1.2x net debt/EBITDA,
which is consistent with the current rating. This estimate is
based on the assumption that the deal price does not exceed
RUB35 billion including debt. If the final price of the
acquisition significantly differs from this estimate, Fitch would
likely review GMPH's ratings. The company will remain strongly
free cash flow generative, supporting its robust deleveraging

Good Operating Fit
The company will be able to significantly expand its portfolio of
TV and radio channels and strengthen its market share. GMPH has
agreed to acquire three free-to-air TV channels, four leading
radio stations and a controlling stake in Central Partnership, a
large TV and films content producer and distributor. The assets
are complementary to GMPH's existing businesses and would allow
the company to use its content production capacity and a library
of content rights more efficiently across the group. Following
the acquisition, GMHP's TV channels will account for over 30% of
the federal TV ad market in Russia by revenues.

Leverage to Remain Below 1.2x Net Debt/EBITDA
Fitch understands GMPH's leverage will remain below 1.2x net
debt/EBITDA following the transaction. Although no exact
financial terms have been announced, the size of Prof Media's
business and current market valuations suggest that this
acquisition is unlikely to cost GMHP more than RUB35 billion,
including ProfMedia's debt, which was reported at RUB9.7 billion
at end-2012. The ProfMedia segments that are to be acquired by
GMPH generated RUB3.8 billion of adjusted EBITDA (company's
definition) in 2012.

Ample Liquidity
GMPH's has ample liquidity, which will significantly reduce its
dependence on external funding to finance the transaction. The
company had over RUB15bn of cash and bank deposits on its balance
sheet as of end-September 2013. Fitch understands the acquisition
will be for cash. GMPH will assume a major part of ProfMedia's

The deal is subject to regulatory scrutiny, and is expected to
close in 1H14.

Rating Sensitivities:

Although not considered an imminent risk, structural changes in
the TV market such as a fragmenting TV audience or a growing
share of ad revenues diverting to the Internet could weaken
GPMH's leadership and pricing power.

   -- A significant decline in viewership share/TV ad market
      share would be rating negative.

   -- A leverage increase to above 1.2x net debt/EBITDA on a
      sustained basis could be negative.

   -- A stronger commitment to maintain net leverage at or below
      1x net debt/EBITDA and more clarity on the targeted capital
      structure/dividend policy would be credit positive.

Full List of Rating Actions:

* Long-Term IDR: affirmed at 'BB', Outlook Stable
* National Long-Term Rating: affirmed at 'AA-(rus)', Outlook

ROSSIYSKIY KREDIT: Moody's Alters Caa1 Rating Outlook to Negative
Moody's Investors Service has affirmed and changed to negative
from stable the outlook on Rossiyskiy Kredit Bank's Caa1
long-term deposit ratings. Concurrently, Moody's has affirmed the
bank's Not-Prime short-term deposit ratings as well as the
standalone E bank financial strength rating (BFSR), which is
equivalent to a baseline credit assessment (BCA) of caa1. The
BFSR maintains a stable outlook.

Ratings Rationale:

Moody's rating action reflects Moody's view of the risks
associated with (1) the rapid growth of Bank Rossiyskiy Kredit's
loan book; (2) the deterioration of the bank's capital adequacy
level; and (3) the bank's increasing reliance on interbank

After the change in ownership of Bank Rossiyskiy Kredit in
mid-2012, the bank's loan book grew sharply and reached RUB44.4
billion as at end-September 2013, a threefold increase from
RUB13.3 billion reported as at end-September 2012 (under local
GAAP). In Moody's view, such rapid growth poses higher risks of
asset quality erosion, particularly considering: (1) the
predominance of high single-name concentrations associated with
this growth, with the largest loans accounting for about 25% of
the bank's regulatory capital; and (2) most of the new exposures
are loans granted in order to finance purchases of real estate
assets and securities.

Bank Rossiyskiy Kredit's regulatory capital adequacy ratio
declined sharply to 11.1% as at end-September 2013 from 22.5% as
at year-end 2012 owing to the bank's weak profitability and the
rapid loan book growth. Moody's notes that for the first nine
months of 2013, the bank's revenue (in accordance with local
GAAP) hardly covered its operating expenses, thus resulting in
modest profits, mostly because of non-recurring items such as
reversal of loan loss reserves.

Moody's also notes liquidity risks associated with Bank
Rossiyskiy Kredit's increasing reliance on short-term interbank
funding. As at end-September 2013, borrowings from banks reached
45% of total non-equity funding (0% as at year-end 2011). Most of
these borrowings are of a short-term nature and are predominantly
used to finance the aforementioned loan growth.

What Could Move the Ratings Up/Down:

Moody's notes that Bank Rossiyskiy Kredit's ratings have limited
upside potential, as captured in the negative outlook. However,
the outlook can be changed to stable if the bank improves its
capital adequacy and profitability.

Moody's says that Bank Rossiyskiy Kredit's ratings could be
downgraded if the ongoing rapid loan growth exerts further
negative pressure on the bank's financial fundamentals such as
asset quality and profitability.

ROSSIYSKIY KREDIT: Moody's Cuts National Scale Rating to
Moody's Interfax Rating Agency has downgraded the national scale
rating (NSR) of Rossiyskiy Kredit Bank to from The
NSRs carry no specific outlooks.

Ratings Rationale:

The rating action reflects Moody's view of the risks associated
with (1) the rapid growth of Bank Rossiyskiy Kredit's loan book;
(2) the deterioration of the bank's capital adequacy level; and
(3) the bank's increasing reliance on interbank funding.

After the change in ownership of Bank Rossiyskiy Kredit in
mid-2012, the bank's loan book grew sharply and reached
RUB44.4 billion as at end-September 2013, a threefold increase
from RUB13.3 billion reported as at end-September 2012 (under
local GAAP). In Moody's Interfax view, such rapid growth poses
higher risks of asset quality erosion, particularly considering:
(1) the predominance of high single-name concentrations
associated with this growth, with the largest loans accounting
for about 25% of the bank's regulatory capital; and (2) most of
the new exposures are loans granted in order to finance purchases
of real estate assets and securities.

Bank Rossiyskiy Kredit's regulatory capital adequacy ratio
declined sharply to 11.1% as at end-September 2013 from 22.5% as
at year-end 2012 owing to the bank's weak profitability and the
rapid loan book growth. Moody's Interfax notes that for the first
nine months of 2013, the bank's revenue (in accordance with local
GAAP) hardly covered its operating expenses, thus resulting in
modest profits, mostly because of non-recurring items such as
reversal of loan loss reserves.

Moody's Interfax also notes liquidity risks associated with Bank
Rossiyskiy Kredit's increasing reliance on short-term interbank
funding. As at end-September 2013, borrowings from banks reached
45% of total non-equity funding (0% as at year-end 2011). Most of
these borrowings are of a short-term nature and are predominantly
used to finance the aforementioned loan growth.

What Could Move the Ratings Up/Down:

Moody's Interfax notes that Bank Rossiyskiy Kredit's ratings have
limited upside potential, as captured in the negative outlook.
However, the outlook can be changed to stable if the bank
improves its capital adequacy and profitability.

Moody's Interfax says that Bank Rossiyskiy Kredit's ratings could
be downgraded if the ongoing rapid loan growth exerts further
negative pressure on the bank's financial fundamentals such as
asset quality and profitability.

Headquartered in Moscow, Russia, Bank Rossiyskiy Kredit reported
total (unaudited; local GAAP) assets of RUB59.9 billion and
shareholder equity of RUB7.8 billion at 30 September 2013. Net
income for the first nine months of 2013 was RUB329 million.

Moody's Interfax Rating Agency's National Scale Ratings (NSRs)
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs differ from Moody's
global scale ratings in that they are not globally comparable
with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".ru" for Russia. For
further information on Moody's approach to national scale
ratings, please refer to Moody's Rating Methodology published in
October 2012 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".

              About Moody's and Moody's Interfax:

Moody's Interfax Rating Agency (MIRA) specializes in credit risk
analysis in Russia. MIRA is a joint-venture between Moody's
Investors Service, a leading provider of credit ratings, research
and analysis covering debt instruments and securities in the
global capital markets, and the Interfax Information Services
Group. Moody's Investors Service is a subsidiary of Moody's
Corporation (NYSE: MCO).

SAMARA OBLAST: S&P Revises Outlook to Pos. & Affirms 'BB+' ICR
Standard & Poor's Ratings Services revised its outlook on
Russia's Samara Oblast to positive from stable.  At the same
time, S&P affirmed its 'BB+' long-term issuer credit rating and
'ruAA+' Russia national scale rating on the oblast.


The outlook revision reflects that S&P might improve its
assessment of the region's financial management over the next two
years if it sustains sound budgetary performance and positive
liquidity, despite slower revenue growth and higher social

The ratings reflect S&P's view of Russia's "developing and
unbalanced" institutional framework, which limits the oblast's
budgetary flexibility, as well as S&P's view of the oblast's low
economic wealth and "negative" financial management in an
international comparison.  Moderately sound budgetary
performance, which remains somewhat volatile, is neutral for the
oblast's creditworthiness.  The ratings are supported by S&P's
expectation that the oblast will maintain modest debt, positive
liquidity, and low contingent liabilities.

Samara is one of Russia's key industrial regions, with oil
production and refining providing an estimated 16% of its gross
regional product (GRP).  S&P forecasts economic growth in Samara
to continue over the next three years, but GRP per capita to stay
below US$12,000 until 2015.  S&P also expects the oblast's tax
base to remain dominated by a few large taxpayers.  In 2012, the
oblast's 10 largest taxpayers provided more than 35% of its tax
revenues, with an estimated 13% from subsidiaries of OJSC Oil Co.
Rosneft.  This modest concentration exposes the oblast's budget
revenues to the volatility of global oil prices and changes in
the national tax regime.  In 2013, the oblast will likely receive
lower corporate profit tax revenues from members of consolidated
taxpayer groups than S&P previously forecasts, which will
translate into lower revenue growth.

"In our view, Russia's developing and unbalanced institutional
framework hinders long-term financial planning and limits the
predictability of regions' financial indicators, including those
of Samara Oblast.  The system leaves the region's management with
little flexibility in revenues and expenditure.  We expect that
in 2013-2016 more than 90% of the oblast's revenues will come
from state-regulated taxes and transfers from the federal
government. The oblast's modifiable revenues, mainly transport
tax and non-tax revenues, will likely not exceed a low 7% of its
operating revenues.  Moreover, in 2012 the federal government
required the regions to increase social expenditure, primarily
for public-sector salaries, without providing adequate
compensation.  In our view, these mandates will put pressure on
regional budgets over the medium term and require regions to seek
resources to fund them," S&P said.

In S&P's base-case scenario for 2013-2016, it therefore forecasts
Samara's budgetary performance to gradually weaken.  This is
particularly owing to the expected slowdown in economic and
budget-revenue growth and the need to fund increasing social
spending.  S&P assumes the oblast will post operating balances of
6% of operating revenues on average over the period, compared
with 9% in 2010-2012.

On the capital side, the oblast will have to address
infrastructure development needs and prepare for the Federation
of International Football Association's World Cup in 2018 in the
city of Samara.  Currently, S&P expects the federal government to
provide 80% of the amount required for the World Cup preparation,
estimated at about Russian ruble (RUB) 210 billion (about
US$6.6 billion), or about 1.7x S&P's forecast of Samara Oblast's
revenues for 2013.  The oblast will likely finance the remaining
20% from its budget.  Therefore, deficits after capital accounts
will likely widen to just beyond 5% of total revenues this year,
and remain at this moderate level over the next three years,
compared with 3% on average in 2010-2012.

In S&P's view, the oblast's tax-supported debt will therefore
remain relatively low in an international context, and gradually
increase to about 43% of consolidated operating revenues in 2016.

However, unlike some of its peers, Samara has demonstrated a
cautious approach to spending in 2012-2013, in S&P's view.  The
oblast now thoroughly reviews budget expenditure items and has
implemented cost-containing measures for maintenance and other
discretionary operating spending to control overall spending
growth and stabilize debt levels.  In S&P's view, if management
adheres to fiscal discipline in 2014-2016 and follows its draft
budget, which currently forecasts modest deficits after capital
accounts, it might sustain consistently sound budgetary

"We continue to view Samara's financial management as a
"negative" factor for its creditworthiness in an international
context, as we do for most Russian local and regional
governments.  This is mainly due to our view of a lack of
reliable long-term financial and capital planning, and limited
visibility regarding the policy for government-related entities,"
S&P added.  In line with S&P's upside scenario for Samara, if it
observed continuity in expenditure, debt, and liquidity
management, which are currently relatively sophisticated and
better than the Russian average, S&P might improve its assessment
of financial management to "neutral."

The oblast's contingent liabilities will likely remain low over
the next three years, thanks to its limited involvement in the
regional economy and a relatively financially healthy municipal


S&P considers Samara Oblast's liquidity position to be
"positive," as defined in its criteria.  S&P expects the oblast's
average cash reserves to exceed debt service falling due within
the next 12 months.  However, S&P views its access to external
liquidity as "limited," given the weaknesses of the domestic
capital market.

S&P expects that throughout the last quarter of 2013 and first
three quarters of 2014 the oblast will have average cash -- net
of the deficit after capital accounts -- of about RUB16 billion
(about US$500 million), which will exceed its annual debt

For S&P's base-case scenario, it also assumes that over the next
three years the oblast will mainly finance its deficit after
capital accounts by placing amortizing bonds with maturities of
five to seven years.  This should allow the oblast to maintain a
relatively smooth debt-maturity schedule and average annual debt
service of about 11% of operating revenues in 2014-2016.

In 2013, the oblast started organizing committed bank lines that
it could use to cover temporary cash shortfalls.  S&P expects it
will continue this practice in 2014 and therefore secure an
additional liquidity reserve.


The positive outlook reflects S&P's view that in 2013-2016 Samara
Oblast will be able to meet increasing social expenditure needs,
with only modest weakening of its budgetary performance, and
maintain positive liquidity.

S&P could raise the ratings within the next 12 to 24 months if
the oblast's management maintains control over operating spending
growth, as well as cautious financial, debt, and liquidity
management policies.  This would likely underpin the oblast's
consistently sound budgetary performance, with deficits after
capital accounts below 5% of total revenues.  These factors could
lead S&P to revise its view of management to "neutral" from
"negative" for the oblast's creditworthiness.

S&P could revise the outlook to stable within the next 12 months
if Samara's management failed to adjust spending growth to a
slowdown in revenue growth and the oblast's budgetary performance
remained volatile, with average deficits after capital accounts
exceeding 5% of total revenues.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.  The chair
ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.


Ratings Affirmed; CreditWatch/Outlook Action

                                        To           From
Samara Oblast
Issuer Credit Rating                   BB+/Pos/--  BB+/Stable/--
Russia National Scale                  ruAA+       ruAA+
Senior Unsecured                       BB+         BB+
Senior Unsecured                       ruAA+       ruAA+


IBERCAJA BANCO: Moody's Lowers Debt & Deposit Ratings to 'Ba3'
Moody's Investors Service has downgraded by one notch the long
term senior debt and deposit ratings of Ibercaja Banco SA to Ba3
from Ba2, following the lowering of the bank's standalone bank
financial strength rating (BFSR) to E+ (equivalent to a b1
baseline credit assessment) from D-/ba3. The short term ratings
were unaffected. All of the bank's ratings now carry a negative

The downgrade of Ibercaja's ratings reflects the bank's weakened
financial profile following (1) the integration with Grupo Banco
Cajatres S.A. (Caja 3, unrated) that was recently completed (at
end-June 2013 Caja 3 had EUR20.1 billion in assets compared to
EUR44.2 billion for Ibercaja at the same date); and (2) the
deterioration of the group's asset-quality metrics, particularly
in the corporate segment, for which Moody's expects further

This rating action concludes the review for downgrade that was
extended on July 11, 2013.

Ratings Rationale:

Downgrade of the Senior Debt and Deposit Ratings:

The one-notch downgrade of Ibercaja's senior debt and deposit
ratings reflects (1) the one notch lowering of its standalone BCA
to b1; and (2) Moody's assessment of a moderate probability of
support from the Spanish government for the bank in case of need.

The negative outlook on Ibercaja's standalone BFSR drives the
negative outlook on the bank's debt and deposit ratings.

Downgrade of Standalone Credit Assessment:

The lowering of Ibercaja's BCA to b1 reflects the rating agency's
view that the integration of Caja 3 has weakened the combined
entity's financial strength. On a consolidated basis (post-
integration) Moody's considers Ibercaja's risk-absorption
capacity to be weaker, based on the incremental expected losses
in the combined entity's risk assets according to the rating
agency's own scenario analyses. The downgrade also reflects
Ibercaja's asset-quality deterioration throughout the first nine
months of 2013, because of the ongoing negative pressures from
the adverse domestic operating environment, with domestic demand
showing very weak signs of recovery. Moody's therefore
anticipates a further decline in asset quality for the remainder
of 2013 and during 2014. This deterioration not only affects
those exposures related to the real-estate and construction
sectors, but also loans extended to companies in other economic
sectors. Ibercaja's exposure to these two segments represented
30% of the bank's total loan book at end-September 2013.

Ibercaja's asset-quality metrics have compared very favorably to
the system's average during the crisis. However, in Q2 2013 the
bank reclassified some corporate exposures to non-performing
loans, namely related to the real estate segment that resulted in
a sharp increase in the amount of non-performing loans (NPLs).
The NPL ratio rose to 7.5% at end-June 2013 and reached 8.9%
(including Caja 3) at end-September 2013 from 5.5% at year-end
2012. Despite standing below the system's average of around 12%,
this ratio highlights the asset-quality challenges the bank is

Moody's also notes that in addition to rising NPLs, Ibercaja has
other problematic assets that indicate the broad balance-sheet
pressures the bank faces (even before considering any possible
further deterioration of the loan book). The problematic assets
are broadly defined to include NPLs, plus real-estate assets
received in return for the cancellation of loans, plus refinanced
loans categorized as substandard or performing. In aggregate,
these totaled a non-earning assets ratio (as a percentage of
gross loans) of 20.1% as of end-September 2013.

Furthermore, Moody's says that subdued lending volumes, low
interest rates and increasing non-earning assets have
significantly diminished Ibercaja's capacity to generate
recurring earnings, which are expected to continue to suppress
its ability to use its earnings to fully offset its asset-quality
pressures, especially if the pressures from the operating
environment continue. Moody's also notes that Ibercaja's earnings
following the integration with Caja 3 are supported by the income
from the securities carry trade (primarily borrowing ECB money at
low rates and investing that into higher yielding Spanish
government securities). Furthermore, Ibercaja's underlying
bottom-line profitability remains pressured by the need to book
provisions against weakening assets. This would be the case even
if its 2013 results will show significant improvement from the
losses recorded in 2012, which included the extraordinary
provisioning requirements that the Spanish government introduced.

Rationale For the Negative Outlook:

The negative outlook that Moody's has assigned to the BFSR
reflects (1) the bank's vulnerability to a further weakening of
its credit profile in light of the anticipated modest recovery of
the Spanish economy; and (2) the negative implications for its
corporate loan exposures.

The outlook also reflects the downside risks to Moody's
macroeconomic forecasts, which could exert further credit-
negative pressure if these risks were to materialize.

Subordinated Debt and Hybrid Ratings:

In line with the lowering of the bank's BCA, Moody's has
downgraded the senior subordinated debt ratings of Ibercaja to B2
from B1 with a negative outlook. At the same time, Moody's has
also downgraded to Caa2 (hyb) from Caa1 (hyb) the preference
shares of the bank.

What Could Move the Rating Up/Down:

Further downward pressure would be exerted on the bank's
standalone BCA if (1) a broad deterioration of its financial
fundamentals means that the bank cannot deliver its solvency
targets of a core Tier 1 ratio above 10% for 2013 and 2014; (2)
operating conditions worsen beyond Moody's current expectations
of a very modest GDP recovery for 2014; and/or (3) the bank's
liquidity profile deteriorates significantly.

The bank's debt and deposit ratings are linked to the standalone
BCA, and any change to the BCA would likely also affect these
ratings. Furthermore, any change in Moody's systemic support
assumptions may directly impact Ibercaja's senior debt ratings.

Moody's is unlikely to raise the banks' BCA, given the negative
outlook. An improvement of its BCA could be driven by clear
visibility of an asset-quality improvement, together with a
sustainable recovery in its recurring earnings. Any significant
macroeconomic growth beyond Moody's central scenario of 0-1% in
2014 could underpin signs of a turnaround and also increase
positive rating pressure.

U N I T E D   K I N G D O M

AA BOND CO: S&P Affirms 'BB' Rating on Class B Notes
Standard & Poor's Ratings Services assigned its 'BBB-(sf)' credit
rating to AA Bond Co. Ltd.'s fixed-rate secured class A3 notes.
S&P has also affirmed its credit ratings on AA Bond Co.'s
original class A and B notes.

The transaction is a corporate securitization of the operating
business of the Automobile Association group (the AA group).  The
group operates a roadside assistance service in the U.K. and
Ireland, and also provides complementary services such as
insurance, driving services, and home emergency response.
Breakdown services are provided either through a membership model
or as part of a business service agreement, whereby the services
are provided to the underlying customer base of the AA group's
corporate clients.  Business customers typically include fleet
operators and motor manufacturers.  The AA group is also a large
U.K. personal lines insurance broker, particularly for motor and
home insurance.

AA Bond Co. will onlend the proceeds from the issuance of the
class A3 notes to the borrower, AA Senior Co Ltd. (AA), via an
issuer-borrower secured loan.  The proceeds of the class A3 notes
will be used to redeem a portion of the borrower's floating bank
debt that has been outstanding since the transaction closed in
July 2013.  This means that the issuance of the new class of debt
will have no impact on the transaction's leverage.

AA's payment of interest and repayment of principal under the
issuer-borrower secured loan provides AA Bond Co. with its
primary source of funds to make interest payments and principal
payments when due on the class A3 notes.

The new class A3 notes will rank pari passu with the class A1 and
class A2 notes and the outstanding bank debt.  Similar to the
other classes of notes, the A3 notes feature a bullet maturity in
2043 and benefit from a cash flow-trapping mechanism that diverts
residual cash flows toward the pro rata prepayment of the notes
if they are outstanding after their expected maturity.  In the
case of the A3 notes, the expected maturity falls seven years
from the closing date.

No termination will occur under the current swap portfolio
following the redemption of a portion of the floating-rate bank
debt entered into at closing.  In fact, part of the interest-rate
swap that previously hedged the prepaid portion of debt against
interest-rate fluctuations has been overlaid to avoid termination
and the payment of termination costs.  However, the terms and
conditions of the overlay swap result in an increased swap cost
for the remaining bank debt.

The existing noteholders and those acceding to the financing
platform benefit from first-ranking security rights over the AA
group's cash flow-generating assets, even if the borrower becomes
insolvent.  Consistent with our criteria "Methodology For Rating
And Surveilling European Corporate Securitizations," published
Jan. 23, 2008, on RatingsDirect, S&P's analysis looks beyond the
AA's and its operating subsidiaries' insolvency, based on a long-
term cash flow analysis where S&P projects their business
performance under scenarios corresponding to specific rating

The cash flows S&P projects under each rating scenario in its
analysis are predicated on its view of the AA's and its operating
subsidiaries' business risk profile, and is guided by the
parameters defined in S&P's criteria article titled
"Understanding Standard & Poor's Rating Definitions," published
on June 3, 2009. S&P subsequently applies the projected cash
flows available for debt service at each rating level in line
with the priority of payments.

S&P's cash flow analysis focuses on a scenario where a
refinancing does not take place on the expected maturity date of
each class of notes.  As such, the entire cash flow generated by
the securitization is used to repay the loans and notes in the
capital structure, rather than for purposes benefitting the
equity holders.  This is due to certain structural features such
as mandatory cash sweeps and lock-up triggers.

S&P continues to view the AA and its operating subsidiaries'
business risk profile as "satisfactory."  This, combined with the
level of stress that S&P considers to be commensurate with 'BBB-'
and 'BB' rating scenarios under the abovementioned criteria,
continues to require the class A and B notes to withstand a
cumulative EBITDA loss of about 15%-30% over a 25-year period.
S&P has compared this with a "flat" case, that is, one that
forecasts the AA's current operations, taking into account the
nature of the business and S&P's views on the automobile

S&P's modeling validates that, in 'BBB-' and 'BB' rating
scenarios, the cash flow generated by the securitized business
would be sufficient to meet the interest and principal
obligations on the class A and B notes.  Consequently, S&P has
assigned a 'BBB- (sf)' rating to the class A3 notes and affirmed
its ratings on the class A and B notes.


Class              Rating             Amount
                                  (GBP in Millions)

AA Bond Co. Ltd.
GBP3.405 Bil. Fixed-Rate Secured Notes (Including Tap Issuances)

New Ratings

A3 Notes           BBB- (sf)          500

Ratings Affirmed

A1 Notes           BBB- (sf)          475
A2 Notes           BBB- (sf)          500
B Notes            BB (sf)            655

BLOCKBUSTER UK: To Close 30 More Stores, To Cut 182 More Jobs
Ian Silvera at International Business Times reports that
Blockbuster UK is to shut 30 more stores across the UK resulting
in 182 further job losses after going into administration.

The embattled retailer had already disclosed earlier this month
that 72 stores will be scrapped and 452 jobs will be lost --
bringing the total number of job losses to 634, according to
International Business Times.

But after the high-street veteran's administrators could not find
an acceptable offer for the business, it has had to take further
measures, the report notes.

"It is unfortunate that we have been unable to secure a buyer to
date, and therefore we have had to take the decision to make
further store closures," said administrators Simon Thomas and
Nick O'Reilly, of Moorfields Corporate Recovery, the reports

"We are continuing to review the profitability of the portfolio
and may have to make further closures over the next couple of
weeks," they added, the report relates.

The reports notes that Moorfields Corporate said it is listing
job vacancies for a number of leading retailers, including
Santander, to support employees affected by the store closures.

In addition, the administrators stressed they are making every
effort to support customers and to date have issued more than
30,000 refunds for goods and services not received, the report

The report discloses that the news comes after the company faced
a period of poor trading performance across both rental and
retail sales since its acquisition for an unspecified amount by
investment firm Gordon Brothers Europe in March.

The UK became Blockbuster's largest business outside of the US,
where it was born.

The report notes that Blockbuster follows the demise of
entertainment business HMV Group and digital photography
specialist Jessops, both of which have recently succumbed to the
difficult trading environment.

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

CO-OPERATIVE BANK: Bondholders Back GBP1.5BB Rescue Plan
Harry Wilson at The Telegraph reports that Co-operative Bank has
cleared a major hurdle in its attempt to complete a GBP1.5
billion rescue recapitalization after bondholders gave their
"overwhelming" support to the plan.

According to The Telegraph, the struggling lender said late on
Friday that early votes showed 99.9% of the investors in
preference shares and two tranches of its junior debt had given
their support to the deal ahead of a final vote this month.

In a statement, the Co-op Bank said it was "highly confident" the
recapitalization of the business would go ahead, meaning the
chances of the lender being forced to put itself into resolution
have diminished, The Telegraph relates.

The recapitalization will ultimately see the Co-op Group cede
control of the bank to its bondholders, who will inject GBP1
billion into the troubled business through exchanging their debt
for new bonds, as well as shares in the lender, The Telegraph

                     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

INVERCLYDE: In Administration Due to "Refinancing Agreement"
Evening Times reports that Inverclyde has gone into
administration as it enters its busiest period of the year.

Inverclyde has been placed in administration due to a
"refinancing agreement", according to a recently released
statement, according to Evening Times.

However, the report relates that mall boss Claire Jefcoate
insists it is business as usual at the beleaguered center as the
Christmas shopping period nears.

"It's just due to refinancing . . . .  This is a very vibrant and
busy shopping center," the report quoted Ms. Jefcoate as saying.

"There could possibly be a change of ownership in the coming
months," Ms. Jefcoate said, the report relates.

The report notes that when pressed on whether she could guarantee
the center would remain open, Ms. Jefcoate said: "No, because
nobody can say that.

"There have been other centers that have gone into administration
and come out of it . . . .  That's what we foresee happening
here," Ms. Jefcoate said, the report discloses.

Inverclyde is an Oak Mall Shopping Center in Greenock.

PRINCE OF WHALES: Stonegate Pub Buys Firm Out of Administration
Lacashire Telegraph reports that Stonegate Pub Company has
acquired the Prince of Wales in New Market Street from the
administrators of its previous owner, Bramwell Pubs.  The process
saved 16 jobs.

The company went into administration on October 31 and the
acquisition is one of 78 pubs nationally.

The report notes that Toby Smith, head of Stonegate Pub Company,
said: "We are delighted to have concluded the purchase of the
Prince of Wales and welcome the team to Stonegate. . . . It is a
fantastic site with great potential and we are particularly
pleased that with this deal we can secure the jobs of
approximately 1600 people nationally too."

The acquisition was completed and the pub will continue to
operate with its current staff, the report relates.

The report recalls that Bramwell Pubs' administration involved
all 185 of their sites and was being handled by three partners at
restructurers Zolfo Cooper.

Prince of Wales is a Chorley town-center pub.


* BOND PRICING: For the Week November 25 to November 29, 2013

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

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

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

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 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

Sazka AS               9.00  7/12/2021    EUR   10.13

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

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

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

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

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 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Agroton Public Ltd    12.50  7/14/2014    USD   50.00

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

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  Go to 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

                 * * * End of Transmission * * *