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

                           E U R O P E

           Monday, January 13, 2014, Vol. 15, No. 8

                            Headlines

C Z E C H   R E P U B L I C

METROPOLITNI SPORITELNI: Attorney's Office Challenges Insolvency


G E R M A N Y

WELTBILD GMBH: Files For Insolvency Amid Sales Slump


G R E E C E

FRIGOGLASS SAIC: Moody's Revises Outlook on B1 CFR to Negative


I R E L A N D

AVOCA CLO VI: Fitch Upgrades Rating on Class F Notes to 'Bsf'
BARNA WASTE: Mayo Council Lost Up to EUR100,000 on Examinership
RICHMOND PARK: Moody's Rates EUR15.61-Mil. Class E Notes 'B2'
TITAN EUROPE 2006-5: S&P Lowers Rating on Class A1 Notes to 'B+'


I T A L Y

CIR-COMPAGNIE: S&P Revises Outlook to Stable & Affirms 'BB' CCR
LUCCHINI SPA: Potential Buyers Have Until Jan. 20 to Submit Bids
WINDERMERE XIV: Fitch Affirms 'CC' Ratings on 3 Note Classes


K A Z A K H S T A N

URANIUM ONE: Fitch Assigns 'BB-' Rating to US$300MM 6.25% Notes


K Y R G Y Z S T A N

AKTEL LTD: Court Declares Mobile Operator as Bankrupt


M O N T E N E G R O

KOMBINAT ALUMINIJUMA: Four Companies Place Bids for Assets


N E T H E R L A N D S

ALUMINIUM DELFZIJL: Files for Bankruptcy After Failed Energy Deal
DECO 14: S&P Lowers Rating on Class D Notes to 'D'
* High LTFVs Key Default Driver for Dutch RMBS, Moody's Says


R O M A N I A

ARMONIA MALL: Expects Potential Buyers to Submit Bids This Month


S L O V E N I A

MERKUR: Launches New Debt Restructuring Plan


S P A I N

CIRSA FUNDING: Moody's Assigns B3 Rating to EUR120MM Offering


T U R K E Y

TURKLAND BANK: Fitch Cuts Long-Term IDRs to BB; Outlook Negative
* TURKEY: Further Lira Losses Could Hit Fitch's Assigned Ratings


U N I T E D   K I N G D O M

CASH4PHONES.CO.UK: Phone Recycling Site Files For Insolvency
ENTERPRISE INNS: Moody's Revises Outlook on B3 CFR to Positive
FANSHAWE NURSING: Fails to Find Buyer; Faces Closure
I-SLEEP LTD: Insolvency Service Shuts Down Furniture Retailer
SHIELD HOLDCO: Moody's Affirms 'B2' CFR; Outlook Remains Negative

SHIELD HOLDCO: S&P Revises Outlook to Positive & Affirms 'B' CCR
TIE RACK: Creditors Balk at Company Voluntary Arrangement
TRITON PLC: Fitch Raises Rating on Class G Notes to 'BBsf'


X X X X X X X X

* BOND PRICING: For the Week January 6 to January 10, 2014


                            *********


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C Z E C H   R E P U B L I C
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METROPOLITNI SPORITELNI: Attorney's Office Challenges Insolvency
----------------------------------------------------------------
Czech News Agency (CTK), citing daily Hospodarske noviny (HN),
reports that the Prague High State Attorney's Office has filed an
appeal against the decision to declare credit union Metropolitni
sporitelni druzstvo (MSD) insolvent.

According to the report, the daily said the State Attorney's
Office wants the credit union to return to liquidation controlled
by the Czech National Bank (CNB).

CTK relates that the central bank said MSD had granted loans in
the amount of tens or even hundreds of millions of crowns to
finance unspecified, unverified and unreal business plans.

The Deposit Insurance Fund (FPV) will probably pay compensations
worth a record CZK12 billion to the credit union's clients, the
report relays.

CTK says the Czech National Bank (CNB) revoked the credit union's
license in December at the CNB's request and a court appointed
David Termer MSD's liquidator.

MSD management in the meantime filed an insolvency petition and
Ivo Hala -- hala@akhala.cz -- was appointed the credit union's
insolvency administrator, CTK notes.

HN adds that Mr. Hala is known for his contacts to controversial
entrepreneur Petr Sisak, which the CNB and the State Attorney's
Office do not like, CTK relays.

According to CTK, the daily said the High Court in Prague will
decide on the appeal and it may need months.

"Thus far, I have never seen a case when a State Attorney's
Office would appeal an insolvency decision," Mr. Hala told HN,
CTK reports.

CTK relates that Mr. Hala said he had already submitted to the
court databases needed for the payment of compensations to MSD
clients.

"The latest possible date for the start of the payments is
January 27," CTK quotes Mr. Hala as saying.



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


WELTBILD GMBH: Files For Insolvency Amid Sales Slump
----------------------------------------------------
The Associated Press reports that German publishing group
Weltbild GmbH, whose owners include 12 Roman Catholic dioceses,
has filed for insolvency amid declining sales.

Weltbild said it applied for insolvency at a court in Augsburg on
January 10.  The company has more than 6,000 employees in total
though not all of its activities are covered by the application.

According to the news agency, the company said the application
came after sales declined in the July-December period, and lower
revenue expected over the next three years meant the amount of
money needed to right the company's finances was double what was
originally anticipated.

AP relates that Weltbild said it emerged on January 9 that
"contrary to the management's expectations . . . the necessary
financing will not be available." It plans to continue operations
under an insolvency administrator, the report adds.



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G R E E C E
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FRIGOGLASS SAIC: Moody's Revises Outlook on B1 CFR to Negative
--------------------------------------------------------------
Moody's Investors Service has changed the outlook to negative
from stable on Frigoglass SAIC B1 corporate family rating (CFR).
The outlook on Frigoglass's B1-PD probability of default rating
(PDR) and on the B1 senior unsecured rating assigned to the notes
issued by Frigoglass Finance B.V. and due 2018 was also changed
to negative. Concurrently, Moody's has affirmed these ratings.

The change of outlook follows the group's weak operating
performance during the third quarter of FYE 2013 and Moody's
expectation that operating results have remained weak during the
remainder of 2013, resulting in financial metrics below the
rating agency's initial expectations and significant tightening
of the group's liquidity.

Ratings Rationale

"The change of outlook reflects our expectation that the group
will not meet the guidance originally set for the rating assigned
in May last year and our concern that operating performance might
remain under pressure for the first part of 2014 resulting in an
ongoing deterioration of Frigoglass's financial leverage," says
Paolo Leschiutta, a Moody's Senior Credit Officer -- Vice
President and lead analyst for Frigoglass. "In addition,
following weak results during the third quarter ending September
2013 and our expectation of ongoing deterioration during the
fourth quarter 2013, Frigoglass might have difficulties meeting
the financial covenants requirements contained in its bank
facilities at year end 2013," continued Mr. Leschiutta.

Frigoglass' B1 ratings were assigned in May 2013 based on Moody's
expectation that the group's financial leverage, measured by the
debt/EBITDA, adjusted for operating leases and pension deficits,
would have remained below 4.0x and its retained cash flow
(RCF)/net debt ratio would be around 20%. Following weaker-than-
expected results during 2013, Frigoglass' financial leverage was
5.4x and RCF/net debt 8.1% as at September 2013 on a last twelve
month (LTM) basis. The main reason behind the deterioration in
credit metrics was significant pressure on revenues and
profitability as a result of a marked reduction in orders, in
particular from Coca-Cola bottlers (representing approximately
50% of group business), and adverse foreign exchange movements.
September 2013 financial leverage, however, was also inflated by
a degree of seasonality in the group's financial debt.

Moody's expects a degree of recovery in Frigoglass financial
ratios by year-end 2013, although this is likely to be below the
rating agency's previous expectations, with Frigoglass's
financial leverage likely to remain well above the 4.5x which was
set as a maximum to maintain the rating. Moody's would expect
some recovery during the next year as the group is implementing
certain cost savings initiatives that should help a recovery in
its profitability.

The current rating assumes that Frigoglass's key banks will
remain supportive in case the group fails to meet the financial
covenant requirements at year-end. To this extent we note that as
at September 2013 approximately EUR24 million out of the EUR50
million revolving credit facilities were utilized and the group
had available EUR66.7 million of cash on balance sheet.

Rating Outlook

The negative outlook reflects Moody's expectation that
Frigoglass's key credit metrics are likely to remain weak over
the next 6-12 months and that the group will remain challenged to
reduce financial leverage below 4.5x as its operating
performances are likely to remain weak.

What Could Change The Rating UP/DOWN

Moody's does not expect any upward pressure on the rating.
However, a track record of improving performance and success in
delivering operating margin improvements through the group
restructuring program, leading to financial leverage approaching
3.5x and an EBITA interest cover above 2x, would be credit
positive.

Conversely, downwards rating pressure could arise if Frigoglass's
operating profitability or liquidity deteriorate further, or if
the group generates negative free cash flow with the inability to
reduce its financial leverage below 4.5x and increase its RCF/net
debt above 10% over the next couple of quarters. A rating
downgrade could also follow the inability of the group to
maintain, or restore as required, sufficient headroom under its
financial covenants.

Principal Methodology

The principal methodology used in this rating was the Global
Manufacturing Industry rating methodology published in December
2010. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA, published in June 2009.

Incorporated in Greece, Frigoglass has a widespread global
presence, with a focus on countries in both Western and Eastern
Europe (accounting for 16% and 27% of the group's revenues,
respectively), Africa and the Middle East (37% of revenues) and
Asia and Oceania (17%). The group produces beverage refrigerators
(or iced-cold merchandiser) for global players in the beverage
industry, with key customers including Coca-Cola Company
bottlers, major brewers, Pepsi and dairy companies. Truad
Verwaltungs A.G. owns approximately 45% of Frigoglass and is a
long-term investor in the group. Truad Verwaltungs A.G. is a
trust representing the interests of the Leventis family and no
member has a majority vote.



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I R E L A N D
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AVOCA CLO VI: Fitch Upgrades Rating on Class F Notes to 'Bsf'
-------------------------------------------------------------
Fitch Ratings has upgraded Avoca CLO VI plc's junior notes and
revised the Outlook on the junior and mezzanine as follows:

-- Class A1 (ISIN XS0272579763): affirmed at 'AAAsf'; Outlook
    Stable

-- Class A2 (ISIN XS0272580266): affirmed at 'AAAsf'; Outlook
    Stable

-- Class B (ISIN XS0272580779): affirmed at 'AAsf'; Outlook
    Stable

-- Class C (ISIN XS0272580936): affirmed at 'Asf'; Outlook
    revised to Stable from Negative

-- Class D (ISIN XS0272582395): affirmed at 'BBBsf'; Outlook
    revised to Stable from Negative

-- Class E (ISIN XS0272583286): upgraded to 'BBsf' from 'B+sf';
    Outlook Stable

-- Class F (ISIN XS0272583955): upgraded to 'Bsf' from 'B-sf';
    Outlook Stable

-- Class V (ISIN XS0272586891): affirmed at 'BBBsf'; Outlook
    revised to Stable from Negative

Key Rating Drivers

The upgrade on the class E and F notes reflects an increase in
credit enhancement, overall favorable portfolio performance and
limited reinvestments being permitted after the reinvestment
period ended in January 2013.

The revised Outlook on the junior and mezzanine notes reflects an
increase in credit enhancement, which Fitch believes to be
sufficient to cover potential losses resulting from refinancing
risks.  The maturity profile of the portfolio has been
significantly extended, with assets maturing over the next two
years currently only representing 7.7% of the portfolio, compared
with 24.2% a year ago.

Credit enhancement on all notes has benefitted from limited
amortization on the class A1 notes, which have paid down by
EUR16 million over the past year.  Given a high cash balance a
similar or higher amount may be paid down on the upcoming payment
date as of January 2014 and positively impact credit enhancement.

The affirmation of the senior notes reflects the transaction's
stable performance over the past 12 months.  Since the end of its
reinvestment period only the reinvestment of unscheduled proceeds
is permitted, given the portfolio quality tests and similar
criteria have been passed.  This criteria were fulfilled
throughout the whole of last year and the portfolio was therefore
traded actively with unscheduled proceeds.  This has contributed
to the overall positive rating migration of the portfolio over
the last 12 months, which is indicated by a significant increase
of 'B+' rated assets and a reduction in 'B' and 'B-' rated
assets.

Rating Sensitivities

Fitch has run a number of stress tests to analyze the ratings'
sensitivity to a change in the underlying assumptions.  The first
test addressed a reduction of expected recovery rates by 25%,
which suggests a downgrade of all but the class A1 notes by a
notch or a category.  The second test simulated an increase of
the default probability by 25% and indicated a potential
downgrade on the class A2 to C notes by a notch.

The company is headquartered in Ireland.


BARNA WASTE: Mayo Council Lost Up to EUR100,000 on Examinership
---------------------------------------------------------------
Mayo Advertiser reports that Independent councilor
Michael Kilcoyne queried the amount of money that was lost by
Mayo County Council at the council's annual budget meeting on
Jan. 6.

According to Mayo Advertiser, Director of Services Martin Keating
responded, saying "Barna Waste, Cllr Kilcoyne raised the question
of when they went into examinership how much did we lose.  I
don't have the exact figure but the net loss of gate fees
excluding VAT would be in the region of EUR90,000 to EUR100,000.
That would represent the terms that were available to our
collectors at the time which would have been four weeks' credit.
Those terms have been pulled back significantly since for all
those collectors."

As reported by the Troubled Company Reporter-Europe on July 23,
2013, Galway Independent related that the future of over 250
long-term employees at Barna Waste had been secured, following
approval of a "scheme of arrangement" by the High Court.  The
company entered examinership in April and court-appointed
examiner, Neil Hughes of Hughes Blake, presented a Scheme of
Arrangement prepared on behalf of the Directors of Bruscar
Bhearna Teoranta, trading as Barna Waste, to the High Court,
which was approved by Judge Brian McGovern, Galway Independent
recounts.  As part of the examinership process, Cognito Asset
Management Limited, an investment and corporate restructuring
business, in conjunction with the existing management team,
successfully completed the buyout of Barna Waste Group, Galway
Independent disclosed.

Barna Waste Group is a major employer in Connaught with over 250
employees and over 30,000 customers.  It has an extensive base of
domestic customers across the region and provides a wide range of
waste management services to commercial customers including skip
hire, recycling, and sludge removal.


RICHMOND PARK: Moody's Rates EUR15.61-Mil. Class E Notes 'B2'
-------------------------------------------------------------
Moody's Investors Service has assigned the following ratings to
Notes issued by Richmond Park CLO Limited:

EUR351,050,000 Class A-1 Senior Secured Floating Rate Notes due
2027, Definitive Rating Assigned Aaa (sf)

EUR74,375,000 Class A-2 Senior Secured Floating Rate Notes due
2027 Notes, Definitive Rating Assigned Aa2 (sf)

EUR34,210,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2027, Definitive Rating Assigned A2 (sf)

EUR26,785,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2027, Definitive Rating Assigned Baa2 (sf)

EUR46,110,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2027, Definitive Rating Assigned Ba2 (sf)

EUR15,610,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2027, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

Moody's rating of the rated notes addresses the expected loss
posed to noteholders by legal final maturity of the notes in
2027. The ratings reflect the risks due to defaults on the
underlying portfolio of loans given the characteristics and
eligibility criteria of the constituent assets, the relevant
portfolio tests and covenants as well as the transaction's
capital and legal structure. Furthermore, Moody's is of the
opinion that the collateral manager, Blackstone/GSO Debt Funds
Management Europe Limited, has sufficient experience and
operational capacity and is capable of managing this CLO.

Richmond Park is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans or senior secured
notes and up to 10% of the portfolio may consist of unsecured
senior obligations, second-lien loans, mezzanine obligations and
high yield bonds. The portfolio is 50% ramped up as of the
closing date and to be comprised predominantly of corporate loans
to obligors domiciled in Western Europe. The remainder of the
portfolio will be acquired during the six month ramp-up period in
compliance with the portfolio guidelines.

GSO will manage the CLO. It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's four-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations or credit improved obligations, and are subject
to certain restrictions.

In addition to the six classes of notes rated by Moody's, the
Issuer issued EUR67.55 million of subordinated notes which is not
rated by Moody's.

The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
November 2013. The cash flow model evaluates 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.

Moody's used the following base-case modelling assumptions:

Par amount: EUR595,000,000

Diversity Score: 34

Weighted Average Rating Factor (WARF): 2700

Weighted Average Spread (WAS): 4.05%

Weighted Average Coupon (WAC): 6.25%

Weighted Average Recovery Rate (WARR): 41%

Weighted Average Life (WAL): 8.0 years.

Summary of the notable changes since the provisional rating stage

WARF covenant reduced to 2700 from 2800

WARR covenant reduced to 41% from 42.7%

WAS covenant reduced to 4.05%from 4.10%

Class D IC test (102%) added to the structure

Factors that would lead to an upgrade or downgrade of the rating

The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. GSO's investment decisions and
management of the transaction will also affect the notes'
performance.

Together with the set of modelling assumptions above, Moody's
conducted an additional sensitivity analysis, which was an
important component in determining the rating assigned to the
rated notes. This sensitivity analysis includes increased default
probability relative to the base case. Below is a summary of the
impact of an increase in default probability (expressed in terms
of WARF level) on each of the rated notes (shown in terms of the
number of notch difference versus the current model output,
whereby a negative difference corresponds to higher expected
losses), holding all other factors equal:

Percentage Change in WARF: WARF + 15% (to 3105 from 2700)

Ratings Impact in Rating Notches:

Class A-1 Notes: 0

Class A-2 Notes:-3

Class B Notes: -3

Class C Notes: -3

Class D Notes: -3

Class E Notes: 0

Percentage Change in WARF: WARF +30% (to 3510 from 2700)

Class A-1 Notes: -1

Class A-2 Notes:-4

Class B Notes: -9

Class C Notes: -7

Class D Notes: -6

Class E Notes: -2

The V Score for this transaction is Medium/High. Moody's assigned
this V Score in a manner similar to the Medium/High V score
assigned for the global cash flow CLO sector, as described in the
special report titled, "V Scores and Parameter Sensitivities in
the Global Cash Flow CLO Sector," dated July 6, 2009, available
on www.moodys.com.

Moody's V Scores provide a relative assessment of the quality of
available credit information and the potential variability around
the various inputs to a rating determination. The V Score ranks
transactions by the potential for significant rating changes
owing to uncertainty around the assumptions due to data quality,
historical performance, the level of disclosure, transaction
complexity, the modelling and the transaction governance that
underlie the ratings. V Scores apply to the entire transaction,
rather than individual tranches.


TITAN EUROPE 2006-5: S&P Lowers Rating on Class A1 Notes to 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B+ (sf)' from
'BB+ (sf)' and removed from CreditWatch negative its credit
rating on Titan Europe 2006-5 PLC's class A1 notes.  At the same
time, S&P has affirmed its 'D (sf)' ratings on the class A2, A3,
B, C, D, E, and F notes.

The rating actions follow continued interest shortfalls on the
class A2, A3, B, C, D, E, and F notes, and an October 2013 notice
stating that enforcement costs associated with the Quartier 206
loan will decrease the funds available for distribution to the
notes.

In November 2013, S&P received a notice stating that the issuer
expects ongoing costs and expenses related to the enforcement
proceedings on the Quartier 206 loan to exceed EUR5 million.

S&P also understands that funds were withheld in order to pay
fees arising from the enforcement proceedings.  The October
interest payment date (IPD) cash manager report indicates that
the issuer reserved approximately EUR1 million.

According to the October 2013 cash manager report, the class A2,
A3, B, C, D, E, and F notes experienced interest shortfalls.  S&P
notes that on the October 2013 IPD, although interest was paid on
the class A1 notes, only EUR17,000 was paid on the class A2
notes -- whereas EUR136,000 was due.  On the July 2013 IPD, no
interest was paid on the class A2 notes.

While S&P notes that the special servicer is taking action to
mitigate the risk of interest shortfalls occurring on the class
A1 notes, S&P do not believe that this risk has been mitigated
entirely.

In light of these factors, S&P believes that the class A1 notes
have therefore become more vulnerable to cash flow disruptions.
S&P has therefore lowered to 'B+ (sf)' from 'BB+ (sf)' and
removed from CreditWatch negative its rating on the class A1
notes.

S&P has affirmed its 'D (sf)' ratings on the class A2, A3, B, C,
D, E, and F notes as they have continued to experience interest
shortfalls.

Titan Europe 2006-5 is a European commercial mortgage-backed
securities (CMBS) transaction that closed in December 2006.

RATINGS LIST

Class       Rating            Rating
            To                From

Titan Europe 2006-5 PLC
EUR660.969 Million Commercial Mortgage-Backed Floating-Rate Notes

Rating Lowered And Removed From CreditWatch Negative

A1          B+ (sf)           BB+ (sf)/Watch Neg

Ratings Affirmed

A2          D (sf)
A3          D (sf)
B           D (sf)
C           D (sf)
D           D (sf)
E           D (sf)
F           D (sf)



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I T A L Y
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CIR-COMPAGNIE: S&P Revises Outlook to Stable & Affirms 'BB' CCR
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
outlook on Italy-based holding company CIR-Compagnie Industriali
Riunite SpA (CIR) to stable from positive.  At the same time, S&P
affirmed its 'BB/B' long- and short-term corporate credit ratings
on the company.

In addition, S&P affirmed its 'BB' ratings on CIR's senior
unsecured debt.  The recovery rating on this debt is unchanged at
'3', indicating S&P's expectation of meaningful (50%-70%)
recovery in the event of a payment default.

The outlook revision follows Sorgenia's decision to stop
servicing its EUR1.8 billion bank loans, a large portion of which
are due in 2015, amid intense refinancing discussions.  Sorgenia,
one of CIR's main assets, focuses on electricity generation and
gas supply in Italy.  The company has very high leverage and its
performance has been poor.  Furthermore, its aim of reducing debt
and improving profitability of its core electricity generation
business is proving difficult to achieve, given the weak domestic
operating environment for unregulated power and gas companies.

Sorgenia's suspension of bank debt payments may result in early
redemption of CIR's EUR300 million bond due in 2024.  About
EUR259 million is outstanding under this bond.  Early redemption
would not affect CIR's net financial surplus, in S&P's view.
However, it may significantly reduce CIR's financial flexibility,
thereby limiting its ability to improve the credit
characteristics of its asset portfolio.  As of Sept. 30, 2013,
CIR's cash and other liquid investments totaled EUR476 million,
pro forma expected net legal proceeds relating to Lodo Mondadori.
CIR's liquidity could reduce to EUR217 million if it redeemed all
its financial debt before the due dates.

The rating affirmation reflects S&P's view that CIR would still
retain a net financial surplus even after early redemption of the
bond, and that the credit quality of its remaining core assets
would not be affected by the latest developments at Sorgenia.
The holding company's relatively low leverage and adequate
liquidity are key rating supports.

S&P affirmed its 'BB' issue rating on the EUR300 million bond due
2024 because its potential early redemption does not constitute
an event of default under S&P's criteria, given CIR's willingness
and ability to repay the instrument in full if necessary.

The stable outlook reflects S&P's view that CIR should retain
some financial flexibility, even assuming full early redemption
of the EUR300 million bond and potential financial support to
Sorgenia. This would be consistent with the track record of good
financial headroom at holding company level.  The stable outlook
also reflects S&P's expectation that the overall credit quality
of CIR's core asset portfolio, other than Sorgenia, would not
worsen over the next 12-18 months.

S&P would consider a negative rating action if any financial
support that CIR provided to Sorgenia were not accompanied by a
credible plan for a sustainable capital structure.  S&P would
also consider a negative rating action if it believed that the
outcome of the discussions between Sorgenia and its lenders could
reduce CIR's and the other subsidiaries' access to financing in
the future.

S&P might take a positive rating action if Sorgenia reached an
agreement with its lenders, providing a sustainable capital
structure and adequate liquidity, and if CIR maintained
relatively low leverage.


LUCCHINI SPA: Potential Buyers Have Until Jan. 20 to Submit Bids
----------------------------------------------------------------
The Extraordinary Receiver of Lucchini S.p.A. under extraordinary
administration ("Lucchini") and Lucchini Servizi S.r.l. under
extraordinary administration ("Lucchini Servizi") intend to
solicit expressions of interest for the acquisition OF ALL OR
PART OF THE BUSINESS COMPLEXES RUN BY LUCCHINI AND LUCCHINI
SERVIZI AT THE PLANTS OF PIOMBINO AND LECCO described as:
   (a) business complex at the Piombino plant run by Lucchini
       (the "Piombino Complex"), consisting of:

       (i) blast furnace, coke-oven plant and its facilities,
           machinery and equipment;

      (ii) rolling mills (i.e. heavy section mill, wire rod
           mill, small to medium-size mill and rail rolling
           mill);

     (iii) finishing lines;

      (iv) logistics and harbor activities;

       (v) land and buildings owned by Lucchini or in public
           concession;

      (vi) employment contracts and other contracts entered into
           by Lucchini for the performance of the activities at
           the plants referred to in points (i) to (iv);

     (vii) steel plant (including all facilities, machinery and
           auxiliary equipment) and its employment contracts and
           other contracts;

    (viii) trademarks and patents;

   (b) business complex at the Lecco plant run by Lucchini
       (the "Lecco Complex"), consisting of:

       (i) lease contracts for land and buildings (The land and
           buildings of Lecco are owned by Servola S.p.A. which
           has committed to sell them);

      (ii) wire rod mill;

     (iii) employment contracts and other contracts;

   (c) corporate complex at the Piombino plant run by Lucchini
       Servizi (the " Lucchini Servizi Complex"), consisting of:

       (i) maintenance contracts and various services;

      (ii) employment contracts.

Unless otherwise provided for and/or permitted by the tender
regulations, the Company will assess the expressions of interest
and any offers that may follow according to the following order
of preference:

(1) expression of interest/offer concerning all complexes of the
Piombino and Lecco plants run by Lucchini and Lucchini Servizi as
described above, together ("integrated steel production"); or

(2a) expression of interest/offer concerning the Piombino complex
(with the exception of the blast furnace, the coking plant and
its facilities, machinery and equipment), Lecco Complex and the
Lucchini Servizi Complex.  The offer or shall, however, commit to
build a pig iron (or pre-reduced ore) production facility,
within the Piombino plant's premises and an electric furnace with
a production capacity in line with the market currently served by
Lucchini and Lucchini Servizi ("reconversion to electric steel
production with pigiron production plant"); or

(2b) expression of interest/offer concerning the Piombino Complex
(with the exception of the blast furnace, the coking plant and
its facilities, machinery and equipment), the Lecco Complex and
the Lucchini Servizi Complex.  The offeror shall, however, commit
to build an electric furnace within the Piombino plant with a
production capacity in line with the market currently served b
y Lucchini and Lucchini Servizi("reconversion to electric steel
production"); or

(3) expression of interest/offer concerning the Piombino Complex
(with the exception of the blast furnace, steel plant, coking
plant and related facilities, machinery and equipment), the Lecco
Complex and the Lucchini Servizi complex, (the "rolling center");
or

(4) expression of interest/offer concerning any of the individual
complexes managed by Lucchini and Lucchini Servizi or part of
them ("sale in parts").

Expressions of interest must be submitted by e-mail in Italian or
English to the following address:
affarisocietari@pec.lucchini.com and must be received by the
Extraordinary Receiver Mr. Piero Nardi within 24.00 o'clock of
Jan. 20, 2014.  The subject of the e-mail shall be "Expression of
interest for the acquisition of all or part of the Business
Complexes of Lucchini S.p.A. in extraordinary administration and
Lucchini Servizi in extraordinary administration."  Please also
indicate the name, phone number and e-mail address of interested
party's legal representative. Expressions of interest on behalf
of a subject yet to be named will not be considered.  The
Receiver reserves the right to admit the interested parties to
the next phases by sending (i) Confidentiality Agreement, and
(ii) Tender Regulations, both to be signed for acceptance by the
interested party.  This announcement is a call for expressions of
interest and not an invitation to offer or an offer to the
public.  The publication of this announcement and the expressions
of interest do not imply any obligation on the Extraordinary
Receiver to admit the interested parties to the tender procedure
and/or negotiate on the sale or sell to the interested parties,
and do not entitle these parties to receive any service by
Lucchini's Extraordinary Receiver.  Any final decision with
regard to the sale is subject to authorization by the Ministry of
Economic Development, upon consultation with the Supervisory
Committee (Comitato di Sorveglianza).  The Extraordinary Receiver
shall send all communications to the interested parties:

  -- Exclusively by certified e-mail ("PEC") from:
     affarisocietari@pec.lucchini.com

  -- Exclusively to the PEC address (if the interested party is
     Italian) or e-mail address (if foreign) that the interested
     party shall notify when expressing its interest.

For questions regarding the certified e-mail system (PEC) please
contact: affarisocietari@lucchini.com

Piombino, December 20, 2013
The Extraordinary Receiver
Mr. Piero Nardi


WINDERMERE XIV: Fitch Affirms 'CC' Ratings on 3 Note Classes
------------------------------------------------------------
Fitch Ratings has affirmed Windermere XIV CMBS Ltd's notes and
removed the class A notes from Rating Watch Negative (RWN) as
follows:

-- EUR432.3 million class A (XS0330752436) affirmed at 'BBBsf';
    off RWN; Outlook Negative

-- EUR78.4 million class B (XS0330752782) affirmed at 'Bsf';
    Outlook Negative

-- EUR63.8 million class C (XS0330752949) affirmed at 'CCCsf';
    Recovery Estimate (RE) RE15%

-- EUR27 million class D (XS0330753244) affirmed at 'CCsf'; RE0%

-- EUR35.8 million class E (XS0330753590) affirmed at 'CCsf';
    RE0%

-- EUR17.4 million class F (XS0330753673) affirmed at 'CCsf';
    RE0%

Windermere XIV is a securitization of four commercial mortgage
loans (down from eight loans at closing in November 2007)
originated by subsidiaries of Lehman Brothers Inc.

Key Rating Drivers

The affirmation of the notes reflects the repayment of the
EUR254.2 million Haussmann loan in time for the January interest
payment date.  Fitch had placed class A notes on RWN in
August 2013 to reflect uncertainty regarding the outcome of the
Haussmann loan at maturity, particularly given the large Reuters
lease on the underlying property was nearing its end.  The
borrower was able to arrange an orderly sale of the Haussmann
property to meet its obligations. Repayment proceeds of
EUR254.2 million are awaiting disbursement, which will see the
class A balance fall to EUR178.1 million.

However, the Negative Outlook reflects persistent economic
underperformance in Italy spilling over into the property market.
The EUR252.2 million Fortezza II loan (maturing on January 15)
collateral was recently re-valued sharply lower, signaling the
difficulty facing the borrowing fund in repaying the loan in
full. Significant risk from the collateral income profile also
contributed to an increase in the reported loan to value ratio
(LTV) to 145.9% from 73.7% since closing in November 2007,
bringing it broadly into line with Fitch's estimate from August
2013 of around 135%.  Loan default is expected, and the
efficiency of the workout process will be a key determinant of
future rating action.

The performance of the three other loans in the portfolio is in
line with Fitch's expectations, with assets sales for the
Baywatch and Sisu loans progressing.

Rating Sensitivities

Assuming Fortezza II does not pay off at maturity, signs of
progress with liquidating the portfolio will determine future
rating actions.  Fitch will look for indications of a credible
plan for unwinding the portfolio in the months following
maturity. The notes may be downgraded within the next two years,
if there is no visible progress in the workout process, in
disposing of the assets and in prolonging the leases or re-
letting.

Fitch estimates 'Bsf' net property proceeds of approximately
EUR257 million (following the repayment of the Haussmann loan and
partial repayment of the Baywatch loan).



===================
K A Z A K H S T A N
===================


URANIUM ONE: Fitch Assigns 'BB-' Rating to US$300MM 6.25% Notes
---------------------------------------------------------------
Fitch Ratings has assigned Uranium One Inc.'s (BB-/Stable) USD300
million 6.25% notes due 2018 a final senior unsecured 'BB-'
rating.  The callable notes were issued by Uranium One Investment
Inc., a fully-owned subsidiary of Uranium One.

Bondholders benefit from guarantees issued by Uranium One and
certain of its subsidiaries (the guarantors) and from security
interests over certain assets of the guarantors, including bank
accounts, shares in restricted subsidiaries, trade receivables
and mining licenses.

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
Subsidiary 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.

"We believe 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, we expect 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, its dependence on production and dividends from the
JVs, and exposure to a single commodity and spot uranium prices.

"Based on our conservative uranium price forecast ranging between
USD35.5 per pound (lb) to USD44.5/lb until 2016, we expect that
Uranium One's funds from operations (FFO), which includes income
from wholly-consolidated operations and a proportionate share of
dividends from JVs will drop sharply in 2014-2015.  FFO adjusted
leverage will also significantly deteriorate to above 15x in
2014-2015 before improving to about 6x (gross) and about 4.5x
(net) by end-2016," Fitch said.

"In our 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 or cross
default provisions in the parent's debt documentation that would
cover Uranium One and indicate stronger linkage between the
subsidiary and parent," Fitch said.

Key Rating Drivers

Strategic Mining Asset

"We view 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 was 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," Fitch said.

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 USD16/lb of U3O8, and forecasts
2013 cash costs of USD19/lb, making it one of the lowest-cost
producers worldwide.  As 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, which sell their uranium at a mix of long-term and
spot prices.

Prices Impede New Projects

Uranium spot prices have been fluctuating around a multi-year low
of USD34.5/lb in 2H13, 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).  "We believe that Uranium One's position as a key
supplier of uranium to Rosatom will become even more important
over the medium term," Fitch said.

'B-' Standalone Assessment

The standalone assessment is capped by the company's small size,
its dependence on production and dividends from the JVs and high
expected FFO-adjusted gross leverage.  Uranium One almost
exclusively depends on dividends from its JVs to service its
debt. In 2012, it received USD184 million in dividends from JVs
and in 9M13, dividends received amounted to USD98.3 million, down
from USD129.1 million in 9M12. In addition, Uranium One had
USD67.3 million in dividends receivable at September 30, 2013.
"Although the JVs' production is in line with management
forecasts, we believe that in the current price environment the
dividend stream from the JVs could be significantly lower than
management's expectations. Therefore, we expect Uranium One's
standalone credit profile to deteriorate significantly in 2014-
2015 before improving by end-2016," Fitch said.

Liquidity And Debt Structure

Fitch views Uranium One's liquidity position as currently
satisfactory but limited.  At September 30, 2013, it had USD482
million in unrestricted cash, plus USD1.45 billion in restricted
cash earmarked for repayment of a USD1.45 billion revolving
credit facility from an affiliate of its intermediate parent, JSC
Atomredmetzoloto, of which USD1.2 billion was repaid on
October 21, 2013.  Uranium One's other short-term debt includes
USD260 million convertible debentures that the company made an
offer for on November 15, 2013.  Its long-term debt consists of
USD465 million RUB-denominated bonds that mature in 2016 and
2020. Uranium One does not maintain any open bank credit
facilities.

Rating Sensitivities

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

-- 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 could 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 Ratings

-- 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-'

Headquartered in Toronto, Canada, Uranium One, Inc., through its
subsidiaries, engages in the acquisition, exploration, and
development of uranium and gold properties in South Africa,
Australia, the United States, and Canada. The company holds 70%
interest in the Akdala Uranium Mine in Kazakhstan and is also
developing the South Inkai and Kharasan uranium projects in
Kazakhstan.



===================
K Y R G Y Z S T A N
===================


AKTEL LTD: Court Declares Mobile Operator as Bankrupt
-----------------------------------------------------
TeleGeography, citing Tazabek, reports that the Bishkek Inter-
District Court has recognised mobile operator Aktel Ltd as
bankrupt.

Last year, FinanceCreditBank launched a lawsuit against the
company, claiming that it is owed around KGS8 million from the
wireless operator, TeleGeography relates.

Aktel secured a mobile concession in 2002 and launched services
over a CDMA2000 1x800MHz network built by Huawei Technologies in
November 2003.

Aktel Ltd is a Kyrgyz mobile operator.  It provides CDMA services
under the Fonex brand.



===================
M O N T E N E G R O
===================


KOMBINAT ALUMINIJUMA: Four Companies Place Bids for Assets
----------------------------------------------------------
Petar Komnenic at Reuters reports that a court said on Friday
four companies have placed bids to buy various assets of Kombinat
Aluminijuma Podgorica as Montenegro tries to offload the vital
but heavily-indebted exporter.

According to Reuters, KAP's debts of EUR380 million amount to
some 10% of the economic output of tiny Montenegro.

Bankruptcy management officials at KAP set the total value of its
assets and land up for sale at EUR54.5 million, Reuters
discloses.

London-based Getsales Ltd. offered EUR5,100 for KAP's main
production facilities outside the capital Podgorica and pledged
to invest EUR700 million, Reuters relates.

Montenegrin Uniprom offered EUR28.5 million for a major part of
KAP assets, Reuters notes.  A second local company, Politropus
Alternative, offered EUR450,000  for a smaller part, Reuters
states.  Serbia's Alemani Trade offered EUR178,000 for 22 factory
wagons, Reuters relays.

The bids were opened in the Commercial Court which in October
declared KAP bankrupt, Reuters notes.

The management will have eight days to decide on the offers,
Reuters says.

KAP's biggest creditor is the state, accounting for EUR148
million of its debt, Reuters discloses.

Separately, Cecilia Jamasmie at MINING.com reports that the
tender offers the exploration of 13 blocks, covering an area of
3000 square kilometers.  They will be awarded for 30 years,
MINING.com discloses.

Deadline for potential bidders was extended on Thursday from
Feb. 28 to May 16, MINING.com relates.

Kombinat Aluminijuma Podgorica is an aluminium plant.  The
company is Montenegro's single biggest industrial employer.  It
is jointly owned by the state and the Central European Aluminium
Company of Russian billionaire Oleg Deripaska.



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


ALUMINIUM DELFZIJL: Files for Bankruptcy After Failed Energy Deal
-----------------------------------------------------------------
Susan Thomas at Reuters reports that Aluminium Delfzijl (Aldel)
said on its Web site the company has applied for bankruptcy after
failing to negotiate an energy deal, the latest victim in a
market plagued by oversupply and falling prices.

According to Reuters, Aldel, bought by global industrial
commodities company Klesch Group in 2009, said the company
applied for bankruptcy in a Dutch court on Dec. 30 and had
expected a court decision on the same day.

Klesch said in October that the Dutch regional government of
Groningen had agreed to loan Adel EUR7 million (US$9.6 million)
to finalize a long-term deal to connect Adel to the German power
grid, Reuters recounts.

"Ultimately a solution failed to come, making a bankruptcy filing
inevitable," Reuters quotes Adel as saying on its Web site.

Aluminium production is highly energy intensive and competitive
power prices are, more than ever, essential for smelters'
survival, Reuters notes.  The market is also in surplus, although
analysts polled by Reuters in October expected the oversupply to
shrink to around 600,000 tonnes this year from just over 850,000
tonnes last year due to output cutbacks.

Aluminium Delfzijl is a Dutch aluminium smelter.


DECO 14: S&P Lowers Rating on Class D Notes to 'D'
--------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in DECO 14 - Pan Europe 5 B.V.

Specifically, S&P has:

   -- Raised its rating on the class A-1 notes;

   -- Lowered its ratings on the class A-3, B, C, and D notes;
      and

   -- Affirmed its ratings on classes A-2, E, F, and G notes.

The rating actions follow S&P's review of the 10 remaining loans
in the transaction.  Of the remaining 10 loans in the
transaction, S&P has assumed principal losses on eight of them in
our base-case scenario.

                   Armilla Loan (20% OF THE POOL)

The Armilla loan has a securitized balance of EUR131 million and
is secured by 14 office properties.  The portfolio is currently
100% let to Telecom Italia with a weighted-average lease term of
8.17 years.  The loan matures in October 2016.

As of the October 2013 report, reported loan-to-value (LTV)
ratio, based on a 2006 valuation, was 54%, and the interest
coverage ratio (ICR) was 2.71x.

The loan is performing in accordance with the terms of the loan
agreement.

Although S&P's valuation of the portfolio is below that of the
2006 valuation, it has not assumed losses on this loan in its
base-case scenario.

At the higher rating categories, S&P has constrained the proceeds
from this loan in order to account for the sovereign risk
associated with the portfolio being located in Italy.

                   Puma Loan (20% OF THE POOL)

The loan has a securitized balance of EUR135 million and is
secured by 15 multifamily properties.  Approximately 95% of the
portfolio is in Berlin.  The loan matures on April 20, 2014.

As of the October 2013 report, the reported LTV ratio, based on a
2006 valuation, is 84% and the ICR is 1.68.  The portfolio is
approximately 98% occupied.

The servicer added this loan to its watchlist in the fourth
quarter of 2013, due to the upcoming loan maturity date.  S&P
understands that the subservicer is in discussions with the
borrower.

S&P has assumed losses on this loan in its base-case scenario.

                   Arcadia Loan (16% OF THE POOL)

The loan has a current securitized balance of EUR106.24 million
and is secured by 26 retail properties located throughout
Germany. Tenants include OBI, Netto, NORMA, and Roller.  This
loan also matures in January 2014.  Interest and amortization are
not being fully paid on this loan.

The loan defaulted in March 2010 due to a default of the ICR
covenant and was transferred to special servicing.

The reported market valuation from June 2013 is EUR50.97 million.
At this value, this implies losses of over EUR50 million.

S&P has assumed losses on this loan in our base-case scenario.

                    CGG Loan (14% OF THE POOL)

The loan has a current securitized balance of EUR95.98 million
and is secured by 14 mixed-use properties, down from 15 at
closing. The portfolio comprises retail, office, and residential
properties.  The loan matures on Jan. 20, 2014.

The reported market valuation from March 2013 is EUR74.37
million. At this value, this implies losses of over EUR20
million.  In addition, the updated valuation of the portfolio
reflected a securitized LTV ratio of 129%, which triggered the
appraisal-reduction mechanism.

S&P has assumed losses on this loan in its base-case scenario.

                        INTEREST SHORTFALLS

According to the October 2013 cash manager report, the class D
notes and more junior classes experienced interest shortfalls.

S&P understands that the excess spread in this transaction, which
is distributed to the unrated class X notes, is not available to
mitigate interest shortfalls resulting from partial interest
collections on the underlying pool of loans or from the payment
of certain prior-ranking expenses.  The issuer relies on the
liquidity facility to address timely payment of interest on the
notes.  However, the transaction documents indicate to S&P that
the liquidity facility provider is not allowed to make drawings
to cover interest shortfalls under the notes if such shortfalls
have resulted from special servicing fees, special servicing
expenses, or the reduction of liquidity facility drawings
following the determination of an appraisal-reduction amount.
The appraisal-reduction mechanism was structured to prevent
drawings on the portion of the securitized loans that represents
more than 90% of the appraised value.

Given the number of loans to be refinanced in the near term, S&P
believes that the number of loans in special servicing will
likely increase.  S&P's analysis indicates that the class D
notes, which are in its opinion also susceptible to principal
losses, will continue to incur interest shortfalls.

                         RATING RATIONALE

S&P's ratings in DECO 14 - Pan Europe 5 address the timely
payment of interest, payable quarterly in arrears, and the
payment of principal no later than the legal final maturity date
in October 2020.

Of the remaining 10 loans, S&P has assumed principal losses on
eight of them in its base-case scenario.  These losses would
likely expose the class C, D, E, F, and G notes to principal
losses.

S&P considers the available credit enhancement for the class A-1,
A-2, and A-3 notes to be adequate to mitigate the risk of losses
from the remaining underlying loans in higher stress scenarios.
However, the increase risk of cash flow disruptions on the class
A-1, A-2, and A-3 notes constrain S&P's ratings to 'AA- (sf)',
'BBB+ (sf)' and 'BBB- (sf)', respectively.  S&P has therefore
raised to 'AA- (sf)' from 'A- (sf)' its rating on the class A-1
notes, affirmed its 'BBB+ (sf)' rating on the class A-2 notes,
and lowered to 'BBB- (sf)' from 'BBB (sf)' our rating on the
class A-3 notes.

S&P also considers that the available credit enhancement for the
class B notes is insufficient to mitigate the risk of losses from
the underlying loans at the currently assigned rating levels.
S&P has therefore lowered to 'B (sf)' from 'BB (sf)' its rating
on the class B notes.

The class C notes are exposed to principal losses, in S&P's view.
S&P believes that the likelihood of the class C notes
experiencing interest shortfalls has also increased
significantly.  S&P has therefore lowered to 'CCC- (sf)' from
'B- (sf)' its rating on the class C notes.

The class D, E, F, and G notes have experienced interest
shortfalls and are highly vulnerable to principal losses, in
S&P's view.  S&P has therefore lowered to 'D (sf)' from
'CCC- (sf)' its rating on the class D notes and affirmed its 'D
(sf)' ratings on the class E, F, and G notes.

DECO 14 - Pan Europe 5 is a European commercial mortgage-backed
securities (CMBS) transaction that closed in March 2007, and is
currently secured on 10 pan-European commercial real estate
loans.

RATINGS LIST

Class             Rating
            To                From

DECO 14 - Pan Europe 5 B.V.
EUR1.491 Billion Commercial Mortgage-Backed Floating-Rate Notes

Rating Raised

A-1         AA- (sf)          A- (sf)

Ratings Lowered

A-3         BBB- (sf)         BBB (sf)
B           B (sf)            BB (sf)
C           CCC- (sf)         B- (sf)
D           D (sf)            CCC- (sf)

Ratings Affirmed

A-2         BBB+ (sf)
E           D (sf)
F           D (sf)
G           D (sf)


* High LTFVs Key Default Driver for Dutch RMBS, Moody's Says
------------------------------------------------------------
High loan-to-foreclosure values (LTFV) will remain the key
default driver in 2014 for Dutch residential mortgage-backed
securities (RMBS), says Moody's Investors Service in a new report
published on January 9.  Secondary drivers include employment
type, larger loans, and affordability, each of which will have a
more pronounced impact on performance than in 2013.

"High LTFVs are likely to remain a key factor for Dutch loan
default, because these loans are generally interest-only and
house prices declined substantially since mid-2008 (-18%)," says
Jeroen Heijdeman, a Moody's Assistant Vice President -- Analyst
and author of the report.

Moody's report says that default rates are 1.1% for high LFTV
(>100%) benchmark loans (i.e., standard mortgage loans with no
other risky characteristics), which is 5.7 times that of the
'lower' LTFV benchmark loans (<=100%). Similarly, repossessions
of properties for high LTFV benchmark loans are currently 8.7
times higher than those for 'low' LTFV benchmark loans.

"In 2014, we expect that mortgage arrears across Dutch RMBS will
remain low compared with arrears across other European RMBS. The
lenders we surveyed as part of our report have not observed the
emergence of new payment problem trends. We believe that if no
large shocks to unemployment and interest rates materialize,
arrears will increase only slightly in 2014," explains
Mr. Heijdeman.

Moody's says that secondary drivers of default, including
employment type, larger loans, and affordability, will have a
more pronounced impact on Dutch RMBS performance in 2014,
relative to 2013. Currently, the highest default frequencies stem
from loans to self-employed borrowers, large loans (>EUR250,000),
or those originated with high loan-to-income (LTI) multiples (>5
times). Moody's report shows that these borrowers experience
default rates 1.9, 1.9 and 1.7 times higher than that of
borrowers who are employed, have small-sized loans, or have
mortgages, respectively, with the benefit of low LTI multiples.
In Moody's view, elevated income multiples will continue to
impact default rates of existing borrowers, whereas first-time
buyers will be better positioned because of significantly
tightened underwriting criteria in recent years.



=============
R O M A N I A
=============


ARMONIA MALL: Expects Potential Buyers to Submit Bids This Month
----------------------------------------------------------------
Ziarul Financiar reports that Andreea Cionca-Anghelof, managing
partner with Casa de Insolventa Transilvania, Armonia Mall's
judicial liquidator, said the bankrupt company expects potential
investors to submit bids starting this month.

As reported by the Troubled Company Reporter-Europe on April 19,
2013, Ziarul Financiar related that creditors of Armonia Mall had
taken 30% off their asking price and hoped to sell the company
for EUR14.85 million after its previous price tag, of EUR25
million, failed to attract any investors.

Armonia Mall is a shopping center in Braila, eastern Romania.



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


MERKUR: Launches New Debt Restructuring Plan
--------------------------------------------
The Slovenia Times reports that the Kranj District Court launched
a renewed debt restructuring procedure at Merkur on Thursday.
Under the new plan, the retail and real estate divisions would be
spun off, while part of the company will go into receivership.

According to The Slovenia Times, the management said that the
spinning off of the "healthy core" would enable the preservation
of most of the jobs as the two newly created companies, Merkur
trgovina and Merkur nepremicnine, would become solvent in the
short and long-term.  They also underscored that the creditors
too would benefit from the solution as the terms of repayment
would be better than in the case of receivership for the whole
company, The Slovenia Times relates.  Over 90% of the creditors
agreed with the plan, The Slovenia Times discloses.

The renewed restructuring was backed by creditors holding a
combined EUR134 million in claims that had already been part of
the previous procedure, as well as the holders of EUR155 million
in secured claims that emerged since the launch of the previous
debt restructuring, which means holders of a total of almost
EUR290 million, The Slovenia Times relays.

Merkur asked for a renewed debt restructuring in late December
after being unable to pay the EUR18.3 million worth third
installment to creditors holding unsecured claims under the
previous court-mandated debt restructuring plan, without this
impacting too heavily on the company's current operations, The
Slovenia Times recounts.

September 2013 data put Merkur's assets at EUR214 million and
liabilities at EUR448 million, The Slovenia Times discloses.

The new restructuring plan envisages for part of assets and
liabilities to be transferred to the new companies, The Slovenia
Times says.  For Merkur nepremicnine a conversion of at least
EUR46.5 million of claims is envisaged, The Slovenia Times
states.

According to The Slovenia Times, the claims that would be
transferred to the new companies and would not be converted into
equity, would be repaid in full in 12 years at a 1% annual
interest rate with a two-year moratorium.

The core company Merkur, which would go into receivership, would
keep EUR117 million claims and EUR54 million assets, with
ordinary claims to be paid at 12% under this procedure, The
Slovenia Times notes.

Merkur is a Slovenian hardware retailer.



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


CIRSA FUNDING: Moody's Assigns B3 Rating to EUR120MM Offering
-------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating with a loss
given default assessment of 4 (LGD4, 60%) to the EUR120 million
tap offering of senior unsecured notes due 2018 issued by Cirsa
Funding Luxembourg S.A., a wholly owned subsidiary of Cirsa
Gaming Corporation S.A.  Cirsa's B2 corporate family rating (CFR)
and B2-PD probability of default rating remain unchanged.  The
outlook on the ratings is stable.

The tap bond offering has the same terms and conditions as the
existing EUR780 million worth of senior notes due in 2018 issued
by Cirsa Funding Luxembourg S.A.  Cirsa expects to use the net
proceeds from the offering to refinance approximately
EUR42 million of existing debt, including the EUR25 million
outstanding under its revolving credit facility (RCF), and for
general corporate purposes, which may include acquisitions and
other investments in its Latin American businesses and further
investments in slot operators.

                        RATINGS RATIONALE

"The tap offering is credit positive because it allows Cirsa to
improve its liquidity profile, which prior to this transaction
had weakened materially following payments to settle its Italian
litigation case and to extend licenses in Panama in Q4 2013,"
says Ivan Palacios, a Moody's Vice President -- Senior Credit
Officer and lead analyst for Cirsa.  Following this bond
issuance, Cirsa will have a pro forma cash balance of around
EUR154 million and full availability under its EUR50 million
revolving credit facility, increasing its flexibility to pursue
bolt-on acquisitions of gaming assets.

Despite these credit positive features, Cirsa's rating and
outlook remain unchanged because Moody's had already factored in
the expectation that the company would strengthen its liquidity
profile in the near term by raising additional funds or taking
other cash preservation measures (see Issuer Comment Moody's:
Cirsa's payments to settle Italian litigation case and extend
licenses in Panama significantly weaken its liquidity profile ,
dated 18 November 2013).  In addition, the bond issuance is
expected to increase gross adjusted debt/EBITDA, albeit only
marginally, by around 0.2x of leverage, to reach 4.5x pro forma
for the last 12 months ended September 2013.

While the tap issuance removes the near term pressures on Cirsa's
liquidity profile, it also increases the company's debt maturity
wall in 2018.  Post transaction, Cirsa will have one large bond
maturity in 2018 (of EUR900 million, or around 84% of its pro
forma total debt), while annual debt maturities before then will
be relatively small.  The RCF matures in January 2018.  In view
of the significant size of the maturity wall, Moody's expects
Cirsa to pro-actively address refinancing risk well in advance of
maturities coming due, failure of which could have rating
implications.

The B3 rating on the tap issuance is one-notch below Cirsa's B2
CFR, reflecting its position as an unsecured obligation within
Cirsa's capital structure.  The notes benefit from unsecured
guarantees from Cirsa subsidiaries, which generated approximately
43% of the group's EBITDA for the last 12 months ended September
2013.  As of September 2013, and pro forma for the tap issuance,
EUR80 million of indebtedness ranked effectively senior to the
notes due to being either secured indebtedness or indebtedness of
subsidiaries that are not guarantors.

Cirsa's B2 CFR primarily reflects the company's exposure to
emerging markets risk, as well as its reliance on cash flows from
the Latin American operations to support debt servicing at parent
level.  However, the rating also reflects the company's position
as one of the leading gaming operators in Spain, Italy and Latin
America, its diversification in terms of business lines, gaming
assets and geographies, combined with its moderate leverage for
the rating category.  In addition, the rating reflects Cirsa's
strong track record in achieving profitability targets and
Moody's expectation that the group will maintain leverage levels
(as adjusted by Moody's) at around 4.0x.

Outlook

The stable outlook on Cirsa's ratings reflects that the company
has gained headroom within the rating category, which has the
potential to mitigate future weakness in operating performance
and offset the higher business risk in Argentina, Spain and
Italy, as well as local currency depreciation in Argentina.  The
outlook factors in Moody's expectation that the group will
successfully execute its business plan and that credit metrics
will remain around current levels.

The stable outlook also assumes that the company will take
measures to pro-actively deal with its debt maturity wall in
2018.

What Could Change The Rating UP/DOWN

Upward pressure could be exerted on the rating if Cirsa's strong
operating performance enables the company to improve its credit
metrics such that the debt/EBITDA ratio (as adjusted by Moody's)
trends to below 3.5x and the EBIT/interest coverage ratio stays
above 2.0x on a sustainable basis. Upward rating pressure would
also require an improvement in the company's liquidity profile,
reducing the reliance on refinancing short-term debt.

Conversely, downward pressure could be exerted on the rating if
Cirsa's adjusted leverage were to increase above 4.5x or its
EBIT/interest coverage ratio were to trend towards 1.2x, whether
as a result of a change in financial policy or a deterioration in
operating performance.  The rating could also come under pressure
if Moody's were to consider Cirsa's liquidity to have become
inadequate to support the group's operating performance or debt
servicing.

Principal Methodology

The principal methodology used in this rating was the Global
Gaming published in December 2009.  Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

Headquartered in Terrassa, Spain, Cirsa is a leading Spanish
gaming company, with substantial operations in Italy and Latin
America.  As of March 2013, the group operated 69,046 slot
machines, 113 casinos, 80 bingo halls, 476 betting locations and
106 arcades.  For the 12 months ended September 2013, Cirsa
reported net operating revenues of approximately EUR1.4 billion
and EBITDA of EUR334 million.



===========
T U R K E Y
===========


TURKLAND BANK: Fitch Cuts Long-Term IDRs to BB; Outlook Negative
----------------------------------------------------------------
Fitch Ratings has downgraded Turkland Bank A.S.'s Long-term
foreign and local currency Issuer Default Ratings (IDRs) to 'BB'
from 'BBB-', Short-term foreign and local currency IDRs to 'B'
from 'F3', National Long-term rating to 'AA-(tur)' from
'AAA(tur)' and Support Rating to '3' from '2' and removed them
from Rating Watch Negative (RWN).  The Outlook on the Long-term
IDRs and National Long-term rating is Negative.  The bank's
Viability Rating (VR) is unaffected by these actions.

Key Rating Drivers - IDRs, National Rating and Support Rating

The rating actions follow the downgrade of Arab Bank PLC's Long-
term IDR to 'BBB-' from 'A-'.  The Outlook on Arab Bank's Long-
term IDR is Negative, reflecting the increasingly tough operating
environment in Jordan, Egypt and Tunisia.  The Negative Outlook
on Turkland's ratings mirrors that on Arab Bank.

Turkland's IDRs, National Rating and Support Rating are driven by
potential support from Arab Bank.

The notching differential between Turkland's and Arab Bank's
foreign currency Long-term IDRs has been reduced to two notches
from three.  The previous three-notch differential reflected (i)
Turkland's ownership structure, in which Arab Bank (28% stake)
and its sister bank, Arab Bank (Switzerland) Ltd (22%), control
only a combined 50% of the bank's capital, with Lebanese Bank Med
SAL (not rated by Fitch) holding the other 50%; (ii) Turkland is
small in relation to Arab Bank and has a limited impact on the
latter's balance sheet and income statement; and (iii) Fitch's
opinion that Turkland is of limited importance to Arab Bank.

These considerations still hold true for Fitch. However, Fitch
has now given added weight to Arab Bank's strong track record of
subsidiary support and its commitment to grow Turkland, as
evidenced by regular capital injections (Arab Bank entities
provided around USD50 million of fresh capital in 2013).

The downgrade of Turkland's National Long-term rating results
from the downgrade of the IDRs.  National ratings are assigned in
accordance with a ratings correspondence schedule.  The downgrade
of Turkland's Support Rating reflects Fitch's view that Arab
Bank's ability to provide support to its Turkish subsidiary, if
required, has reduced.

Rating Sensitivities - Idrs, National Rating And Support Rating

Turkland's ratings are sensitive to any change in the ability
and/or propensity of entities within the Arab Bank group to
provide support, if needed.  This could be triggered, for
example, if Fitch's opinion of Jordan's creditworthiness
weakened.  Any indication of a material reduction in Arab Bank's
commitment to its subsidiary would also impact Turkland's
ratings, but this is not expected by Fitch at present.

The rating actions are as follows:

Turkland Bank A.S.

-- Long-term foreign and local currency IDR: downgraded to 'BB'
    from 'BBB'-; off RWN; Negative Outlook
-- Short-term foreign and local currency IDR: downgraded to 'B'
    from 'F3'; off RWN

-- National Long-term rating: downgraded to 'AA-(tur)' from
    'AAA(tur)'; off RWN; Negative Outlook

-- Support Rating: downgraded to '3' from '2'

-- Viability Rating: unaffected at 'b+'

Headquartered in Istanbul, Turkey, Turkland-Bank A.S. --
www.tbank.com.tr -- provides corporate and commercial banking
services.


* TURKEY: Further Lira Losses Could Hit Fitch's Assigned Ratings
----------------------------------------------------------------
Recent losses for the Turkish lira won't have a severe effect on
corporate credit profiles, but a further prolonged decline in the
currency would put pressure on ratings in 2014, Fitch Ratings
says.

"Our initial assessment indicates the lira's approximately 15%
drop against the dollar and 20% fall against the euro over 2013
will have a limited impact on credit metrics.  However, Turkish
corporates are historically and structurally vulnerable to FX
volatility, in part due to currency mismatches between debt and
cash flow and under-hedged positions on foreign-currency debt.  A
prolonged decline in the currency combined with the potential for
other domestic shocks from the country's political crisis are
therefore a risk to ratings in the coming year," Fitch Says.

"We will publish a more detailed analysis of the impact in the
next few weeks.  We believe the impact could vary significantly
between different Fitch-rated corporates," Fitch Says.

As most rated Turkish corporates are raw material importers,
especially of energy and intermediate goods, margin pressure from
rising costs is likely to be seen across the market.  The impact
of a prolonged decline would be worst on companies with little or
no foreign currency revenues to offset rising costs.  But those
with a strong liquidity position should be able to mitigate the
effects of the devaluation.  For example, Dogan Yayin (BB-
/Stable) has access to additional liquidity through the
collection of receivables from previous asset sales denominated
in a foreign currency as well as the potential for additional
disposals.

Major exporters such as Arcelik (BB+/Stable), Habas (B+/Stable)
and Merinos (B+/Stable) would probably only face limited credit
implications in the short term.  However, despite being backed by
robust export revenues, margin pressure across much of the
Turkish corporates sector is most likely to continue as GDP
growth slows. The scale of the pressure will also depend on the
specific markets companies are exporting to and their ability to
increase prices in those markets.

"We will continue to closely monitor the medium term effects of
FX volatility on leverage metrics and sustainable negative
effects on cash flow and interest cover metrics," Fitch Says.



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


CASH4PHONES.CO.UK: Phone Recycling Site Files For Insolvency
------------------------------------------------------------
Harriet Meyer at The Guardian reports that thousands of consumers
who sent their old mobile phones to recyling site
Cash4phones.co.uk have been left out of pocket after the company
filed for insolvency.

The Guardian relates that the website offered cash to consumers
who wanted to get rid of an old phone after an upgrade, but
payments were only made once handsets were received and users
complained they were ultimately offered far less than originally
quoted online. In some cases, they reported the company failed to
pay up at all.

Attempts by the Guardian to contact Cash4phones via an email
address listed on the site failed, and the website has now been
taken down.

Capital Books has been appointed to liquidate the company, the
report notes.  According to The Guardian, a spokesman said any
affected customers should lodge a claim as a creditor, but the
chances of getting the cash value promised was slim. It said it
has so far been handed 750 old handsets.

The Guardian says company director Nearchos Chacholiades filed
for bankruptcy after setting up Yemonia Limited as the holding
company for Cash4phones. The last known company address was a
mail box at a newsagent's in Paddington, London.

"There is a meeting of creditors on January 13 where questions
can be raised directly with the director, and they can also lodge
their complaint so we will investigate the director's conduct
more rigously," a spokesman for Capital Books said, who estimated
that at least 1,000 people are owed money, relays The Guardian.
Trading Standards is also investigating the company.

A meeting of creditors is scheduled for today, January 13, at
Hither Green in London, the report discloses.


ENTERPRISE INNS: Moody's Revises Outlook on B3 CFR to Positive
--------------------------------------------------------------
Moody's Investors Service has changed to positive from negative
the outlook on the B3 corporate family rating (CFR) of Enterprise
Inns plc, a UK pub operator. Moody's has also changed to positive
from negative the outlook on Enterprise Inns' Caa1-PD probability
of default rating (PDR) and on the B2 instrument rating of the
company's GBP275 million of senior secured fixed-rate notes due
2031. Concurrently, Moody's has affirmed these ratings.

Ratings Rationale

-- CHANGE OF OUTLOOK TO POSITIVE FROM NEGATIVE--

Moody's has changed the outlook on Enterprise Inns' ratings to
positive because the value and saleability of the company's
assets have been proven in a stressed environment, thereby
enabling the company to address liquidity concerns in a timely
manner. In addition, the company has again reduced leverage
further in the financial year (FY) 2013 (to September 30) to 8.2x
and has maintained a fairly stable EBITDA margin over the past
four years, despite the ongoing contraction in like-for-like net
income. The rating agency expects that the recent uplift in
consumer confidence in the UK will translate into an improvement
of Enterprise Inns' financial metrics in FY 2014.

-- AFFIRMATION OF B3 CFR--

Enterprise Inns' B3 CFR reflects the company's reduced revenues
and operating profits compared with the years prior to the
smoking ban in public places in 2007 and the economic downturn.
Challenging operating conditions in the pub industry persist and
in FY2013, like-for-like total income across the pub estate
declined by 2.9% (- 1.2% in FY2012). However, Moody's is
currently forecasting 2.3% real GDP growth in the UK in 2014 and
the labor market is recovering more quickly than anticipated.
These improvements indicate that the economic recovery is
becoming more established, which should have a positive impact on
the pub industry. Indeed, the rating agency notes that in the
fourth quarter of FY2013, Enterprise Inns experienced an increase
in like-for-like net income of 0.6%.

While the majority of Enterprise Inns' pubs perform reasonably
well, a minority face considerable difficulties. The cost to
support or close these pubs has caused Enterprise Inns' adjusted
EBITDA margin (all ratios and data adjusted by Moody's) to shrink
from levels seen before 2007, but it has stabilized at around
52%. As a result, the company's financial metrics have been under
pressure. However, Enterprise Inns' application of the net
proceeds from its ongoing asset sales program to repay debt has
contributed to the gradual reduction of the company's adjusted
leverage, as measured by net debt/EBITDA, to 8.2 at FY2013 from a
high point of 8.6x at FY2010 (FY2012: 8.3x). The company's fixed
charge coverage, as measured by EBITDA/fixed charges (gross
interest expense + ground rents), remains challenged at an
estimated 1.64x in FY2013 (FY2012: 1.69x). However, following
Enterprise Inns' refinancing of more expensive debt with GBP97
million of convertible bonds and the company's plans to continue
reducing debt, Moody's expects the savings on interest expense to
cause this metric to improve to around 1.7x in FY2014.

More positively, Enterprise Inns' ratings are supported by its
active management of a predominantly good-quality portfolio of
freehold public houses. Around half of the company's gross
profits is generated from rental income, the other half from the
wholesale profits earned by supplying beer and other drinks to
its tenants under various tied leasing arrangements and income
from amusement and other gaming machines. The company is exposed
to industry concentration risk, but benefits from the wide
geographic diversification of its pub portfolio across the UK.

Enterprise Inns' liquidity has improved following the issuance of
the convertible bonds and the application of the net proceeds
from the GBP150 million of asset sales achieved in FY2013. These
have enabled the company to address its near-term obligations,
cancel the more expensive Tranche A of its forward start facility
commencing in December 2013 and free up some capacity in the
Tranches B & C lines of credit totaling GBP150 million. In
addition, management has historically prepaid subsidiary Unique
Pubs' debt a year in advance to preserve compliance with the
1.10x debt service coverage ratio and plans to continue to do so
in future. Unique must remain in compliance with its own debt
service coverage ratio in order to maintain the flexibility to
upstream dividends to the parent company. Debt service includes
interest plus the upcoming 12 months of scheduled amortization.

Enterprise Inns' CFR is assigned to the company's unconsolidated
parent company, but Moody's ratings take into account the
financial stature of the consolidated entity because this is a
homogenous business that is operated without regard to which
corporate entity the assets belong. Furthermore, the
unconsolidated parent company, Enterprise Inns, is reliant upon
Unique Pubs to upstream dividends in order to comply with its
bank financial covenants.

The CFR is an expression of expected loss and is one notch higher
than the PDR. This is because Moody's assumes an overall recovery
of 65% in an event of default and this is higher than the 50%
average recovery level for rated non-financial corporates. The
GBP275 million senior secured bond, due 2031, is rated one notch
above the CFR because Moody's expects a stronger level of
recovery for these notes compared with the overall recovery rate
for the company. This is because the notes benefit from a first
fixed charge over specific security with a minimum asset coverage
covenant of 167% and an interest coverage covenant of not less
than 2.0x.

POSITIVE OUTLOOK

The positive outlook reflects ETI's improved liquidity profile,
following successive years of debt reduction through the
application of its free cash flow, having cut the dividend, and
the net proceeds of its asset sales program. These actions have
also given rise to an improving financial position with a
lowering of its leverage while maintaining a fairly stable EBITDA
margin. In addition, Moody's believes that the company's like-
for-like net income is on the cusp of returning to growth,
following on from the pick-up in economic conditions and consumer
sentiment in the UK.

What Could Change The Rating UP/DOWN

A rating upgrade could occur if (1) a recovery in revenues and
profitability feeds through to improved financial metrics with
consolidated net debt/EBITDA falling towards 8.0x and fixed
charge coverage rising towards 1.8x, both on a sustainable basis;
and (2) the company retains sufficient liquidity at all times,
including ample headroom under its various financial covenants.

Conversely, downward pressure on the ratings could arise from (1)
a continuing deterioration in Enterprise Inns' like-for-like net
income and/or profitability that puts pressure on its leverage or
fixed charge coverage such that consolidated net debt/EBITDA
rises materially above 8.5x or fixed charge coverage falls
towards 1.5x; (2) a slowdown in the pace of asset sales,
indicating that the company might not reach its debt repayment
targets; (3) a weakening of the company's liquidity profile,
including increasing concerns over headroom tightening under any
of the various financial covenants.

Principal Methodology

The principal methodology used in this rating was the Global
Rating Methodology for REITs and Other Commercial Property Firms
published in July 2010.

Headquartered in Solihull, Enterprise Inns plc is the largest
operator of leased and tenanted pubs in the UK. Enterprise Inns
and its wholly-owned subsidiary Unique Pub Company have a large
estate of 5,493 tenanted pubs and 143 other properties in England
and Wales with a value of GBP3.97 billion at September 30, 2013.


FANSHAWE NURSING: Fails to Find Buyer; Faces Closure
----------------------------------------------------
John Brazier at InsolvencyNews reports that Fanshawe Nursing
Home, a Plymouth nursing home that has been in receivership since
November 2012, is facing closure after failing to secure a buyer.

InsolvencyNews relates that Fanshawe Nursing Home has been unable
to find a buyer despite the efforts of official receivers
Simon Haskew and Neil Vinnicombe of Begbies Traynor.

Ongoing losses now mean the business is without any alternative
but to close, the report says.

According to InsolvencyNews, the closure of Fanshawe Nursing Home
has seen its 31 staff have been made redundant and the 21
residents of the home will now be relocated.

"Due to continued losses, the only decision we're able to make,
very reluctantly, is to close the home. We understand this will
give rise to much anxiety amongst residents and their relatives,"
the report quotes Mr. Haskew as saying.  "With that at the
forefront of our minds, we will work with Plymouth City Council
to ensure that the health and safety needs of the residents
remain paramount whilst action is taken to find appropriate
alternative accommodation."

Announcement of the closure was made to staff, residents and
their relatives on January 6, the report adds.


I-SLEEP LTD: Insolvency Service Shuts Down Furniture Retailer
-------------------------------------------------------------
A group of five companies that sold household furniture across
the UK under the I-Sleep Ltd umbrella were wound-up in the public
interest on Jan. 8, 2014, for selling goods of low quality, or
failing to supply goods already paid for, following an
investigation by the Insolvency Service.

The Official Receiver has been appointed as liquidator.
I-Sleep Ltd sold household furniture such as beds and sofas from
shop premises in Dewsbury and Huddersfield.  The other four
companies, Foxton Furniture Group Limited, Goole Furnishings
Limited, Crawley Home Furnishings Limited and Ilford Home
Furnishings Limited, traded as I-Sleep franchises using the same
business model from 10 retail shops mainly in the Yorkshire area.

However, the enquiry found that there was a serious lack of
transparency over the control of the businesses. In particular,
there was no evidence that the companies were being run as
separate businesses. Indeed, all the companies used one bank
account for sales receipts, used generic documentation and one
person appeared to have significant control of all the companies.

The enquiry also found that there was a substantial history of
serious customer complaints across the I-Sleep franchises
suggesting a serious disregard for customers and consumers and
disreputable trading methods.

The companies' own records showed that the companies had received
870 complaints in a six-week period in early 2013. These included
various quality issues and failure to supply goods despite
payment in full having been received. Further complaints involved
misrepresentation, bullying and threats towards customers, some
of whom were vulnerable members of the public.

The court also wound up another five companies related to I-Sleep
which had apparently been formed to protect the brand but had
never traded.

The Insolvency Service worked closely with Trading Standards in
West and North Yorkshire to bring the companies to justice.

Chief Investigator at the Insolvency Service Alex Deane said:

"The insolvency Service works closely with other law enforcement
agencies to protect the interests of the public against
unscrupulous people.

"Where the agency becomes aware of companies like these trading
in ways that are clearly objectionable we will investigate and
work across agencies to remove them from the market place.

"I want to thank Trading Standards in West and North Yorkshire
who have provided valuable assistance in achieving these
outcomes."


SHIELD HOLDCO: Moody's Affirms 'B2' CFR; Outlook Remains Negative
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating (CFR) and B3-PD probability of default rating (PDR) of
Shield HoldCo Ltd., a leading IT provider headquartered in the
UK. Concurrently, Moody's has assigned a (P)B2 rating to the new
USD30 million revolving credit facility (RCF) and USD400 million
Term Loan B raised by Shield Finance Co Sarl. to refinance the
existing Term Loan A, Term Loan B, and RCF. Ratings of the
existing Term Loan A, Term Loan B, and Revolving Credit Facility
will be withdrawn once the refinancing is effective. The outlook
on all the ratings remains negative.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final documentation, including any possible changes
during the syndication process, Moody's will endeavor to assign a
definitive rating to the facilities. A definitive rating may
differ from a provisional rating.

Ratings Rationale

"Although we recognize that Sophos has experienced a more
positive billings and Cash EBITDA momentum in H1 2013/14, Moody's
needs to get further evidence that growth in United Threat
Management (UTM) including through the successful integration of
the recently signed bolt-on acquisition will be able to offset
the decline of Classic Sophos on a sustainable basis" says
Sebastien Cieniewski, a Moody's Vice President and lead analyst
for Sophos. In addition, we need to see a sustainable decrease in
exceptional costs and working capital needs that impacted
negatively the company's free cash flow (FCF) generation in
fiscal year (FY) 2012/13 and partly in 2013/14 in order for
Sophos to deliver FCF to adjusted debt of around 10%.

In the first six months of fiscal year 2013/14 ending September
2013, Sophos generated USD183 million of billings -- 4% above
previous year -- and Cash EBITDA (as reported by the company) of
USD35 million, compared with USD28 million in 2012/13. The
decrease in Sophos' billings by 2.3% (pro-forma for the Astaro
acquisition and at constant currency) to USD400.7 million in
FY2012/13 compared to prior year resulted from a faster than
expected decline in the Classic Sophos product billings by -10%
in fiscal year 2012/13. This decline was due to increased
competitive pressure in this segment in particular from larger
players including Symantec Corporation (Baa2 stable) and McAfee
and Sophos' strategic refocusing on its UTM product range which
grew by 27% during that period. We note that in H1 2013/14, UTM
continued growing at a strong pace at approximately 23% compared
to the same period last year while the decline in Classic Sophos
reduced to 4%.

Moody's expects that, following a transition year in 2012/13,
Classic Sophos should continue to decline but at a more moderate
pace while the growth fundamentals for UTM should remain in
particular in the SME customer category targeted by the company.
From a strategic perspective, we positively view the bolt-on
acquisition, which we expect to complete in February 2014, as it
will reinforce the company's position in the UTM market.
However, it implies integration risk in particular in terms of
exceptional/restructuring costs that could negatively impact free
cash flow generation.

Pro-forma for the bolt-on acquisition and the refinancing of the
bank debt, the company's cash balance will reduce to only USD22
million as of September 2013 from USD89 million as reported at
the end of the quarter ending 30 September 2013. It will be
supported by a USD30 million RCF which will be fully undrawn at
closing of the transaction. The higher cash balance achieved in
Q2 2013/14 resulted from the disposal of the non-core Cyber
division which generated EUR40 million of proceeds. Based on
management projections, the weak pro-forma cash balance at the
closing of the refinancing and bolt-on acquisition should improve
thanks to FCF generation over the next couple of quarters.
FY2012/13 FCF at USD9 million or 1.9% of total adjusted debt was
negatively impacted by weaker Cash EBITDA, higher working capital
needs, as well as USD17 million of exceptional costs of which a
high portion was related to the restructuring as the company
shifted its focus on UTM. Based on expectation of stabilization
or modest growth of Cash EBITDA, FCF to adjusted debt is
projected to increase to mid-single digit in 2013/14 and further
improvement towards 10% will depend on the company's ability to
continue growing UTM at a high pace to offset the Classic Sophos
decline as well as containing exceptional costs and working
capital.

The PDR of B3-PD, one notch below the B2 CFR, reflects the bank-
debt-only nature of Sophos' capital structure, leading to Moody's
assumption of a 65% recovery rate. The new RCF and Term Loan B
are secured by a comprehensive security package (including both
share pledges and charges over other assets) granted by the
holding companies and operating companies in the group and
benefit from upstream guarantees from operating subsidiaries. The
(P)B2 instrument rating for the new RCF and Term Loan B, at the
same level as the CFR, reflects their pari passu ranking and the
absence of significant non-debt liabilities ranking above or
below.

The negative outlook on the ratings reflects the relatively short
track record of improvement in operating performance as well as
integration costs and risks related to the bolt-on acquisition.

What Could Change The Rating UP/DOWN

Moody's does not expect any upwards pressure in the short-term as
the CFR is weakly positioned within the B2 category however the
ratings could be stabilized if (1) Sophos continues delivering
strong UTM growth which more than offsets the decline of Classic
Sophos and (2) exceptional costs reduce and working capital
normalizes resulting in a FCF/Debt ratio improving towards 10%.

Downward pressure might occur if (1) billings show a decline due
to a slowdown in UTM growth and/or acceleration of Classic Sophos
decline, (2) the FCF/debt ratio remains below 5% on a sustained
basis, (3) or in case of aggressive M&A activity leading to a
deterioration of the liquidity position.

The principal methodology used in these ratings was the Global
Software Industry published in October 2012. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009.

Headquartered in Abingdon (UK), Sophos is a leading IT provider,
specialized in security software and data protection for
businesses. The company operates in more than 150 countries but
generates more than 70% of its sales in two regions: Europe and
North America.


SHIELD HOLDCO: S&P Revises Outlook to Positive & Affirms 'B' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on U.K.-based software security company Shield HoldCo
Ltd. to positive from stable.  At the same time, S&P affirmed its
'B' long-term corporate credit rating on Shield HoldCo.

In addition, S&P assigned its 'B' issue rating to the proposed
US$400 million senior secured term loan B and US$30 million
revolving credit facility (RCF), due 2021, to be issued by Shield
Finance Co. S.a.r.l.  The recovery rating on these loans is '3',
indicating S&P's expectation of substantial (50%-70%) recovery
prospects for debtholders in the event of a payment default.

The outlook revision reflects S&P's forecast of an improvement in
Shield HoldCo's credit metrics and cash flow generation as a
result of a planned refinancing and a consequent reduction in
interest costs.  Shield HoldCo is planning to refinance its
existing debt with a new US$400 million term loan B.  Moreover,
Shield HoldCo has returned to organic growth in the current
financial year ending March 31, 2014 (financial 2014).  S&P sees
potential rating upside if Shield HoldCo's current operating
performance is sustainable, with minor weaknesses in the
performance of the company's endpoint products being more than
offset by growth from other products, notably unified threat
management products.

"We continue to assess Shield HoldCo's financial risk profile as
"highly leveraged."  This is due to the company's majority
financial sponsor ownership and uncertainties regarding its long-
term financial policy and leverage targets.  Our assessment also
reflects our forecasts that Shield HoldCo's Standard & Poor's-
adjusted debt-to-EBITDA ratio will remain significantly higher
than 5x over the medium term, due to a substantial amount of
interest-accruing subordinated preference certificates in the
capital structure, and limited debt amortization.  We also assume
that debt reduction will be limited, since we anticipate that
Shield HoldCo will continue to make bolt-on acquisitions.
However, we also anticipate that Shield HoldCo's discretionary
cash flow generation and EBITDA cash interest coverage will be
relatively strong, at more than 5% and 4x, respectively, under
our base-case scenario," S&P noted.

S&P continues to assess Shield HoldCo's business risk profile as
"weak."  S&P's assessment is primarily constrained by the highly
competitive information technology security market, limited
diversity, high operating leverage, and reputational risks.
However, S&P assess Shield HoldCo's business risk profile at the
higher end of the "weak" category due to its largely recurring
revenue-based business model, and the critical nature of security
applications to corporate customers, which results in very high
customer retention.

There is potential for an upgrade in the next 12 months if Shield
HoldCo performs in line with S&P's base-case scenario and
sustainably reduces its cost of funding.  Notably, this would
require continued organic growth in billings and at least stable
cash EBITDA generation.

Rating upside is likely if EBITDA cash interest coverage
increases to more than 4x on a sustainable basis.  Rating upside
is also subject to continued positive performance, with limited
weakness in the core endpoint products and solid growth of the
network security products; maintenance of high renewal rates; and
EBITDA margins at about 25% of billings.  Continued performance
stability would likely lead S&P to revise its business risk
profile assessment upward to "fair," which would assist an
upgrade to 'B+'.

S&P could revise the outlook to stable if it sees a meaningful
revenue decline for Shield HoldCo's core endpoint products and
operating margins.  This would imply that the company's
competitive position or demand for its core products cap its
business risk profile at the "weak" category.


TIE RACK: Creditors Balk at Company Voluntary Arrangement
---------------------------------------------------------
Catherine Neilan at Drapers reports that Tie Rack creditors are
set to receive less than 1% of nearly GBP115.7 million owed
following an agreement that will see the retailer's three trading
companies enter a Company Voluntary Arrangement (CVA).

Approval for the CVA for Tie Rack, Tie Rack Trading and Tie Rack
Retail Group was reached on Jan. 2, and comes after a wider
restructuring that will see the business's stablemate Rolling
Luggage continue trading, Drapers relates.

It follows the acquisition of a 62.5% stake in the business in
September by newly incorporated company Trakice, which later
claimed "the level of creditor arrears was significantly worse
than had been indicated" when it was bought, and with a net loss
of GBP1.6 million the business was no longer viable, Drapers
notes.

Subsequently, Trakice and longstanding owner The Fingen Group
began closing Tie Rack's 44 stores in November, affecting around
200 staff, Drapers recounts.

According to documents put forward by Tie Rack's representative
Begbies Traynor, creditors stand to receive as little as 0.06p
and as much as 83p for every GBP1 owed, Drapers discloses.
Begbies Traynor, as cited by Drapers, said that this marked a
better deal than if the business were liquidated, when they would
receive nothing.

However, aggrieved creditors have contacted Drapers, claiming
they had received assurances for many months prior to Tie Rack
being wound down that back payments would be met.

Sulabh Chhabra, chief executive of Indian supplier Paras Exports,
spoke on behalf of a group of suppliers who are owed nearly
GBP500,000 in total, Drapers relays.

"We are just small companies and some are having to close down,
or think seriously about their future.  People are suffering --
and there are so many unanswered questions," Drapers quotes
Mr. Chhabra as saying.  "Right now we are just looking at what
will be the next steps for us."

The collective plans to challenge the CVA within the 28-day
review period, Drapers states.

According to Drapers, a Begbies Traynor spokeswoman said
proposals had been approved by 90% of creditors by value,
exceeding the 75% threshold.

In its most recent financial results for the year to January 31,
2012, Tie Rack's turnover was GBP68.1 million, with a pre-tax
loss of GBP6.8 million, Drapers discloses.

Tie Rack is a British-based tie retailer that sells scarves,
cufflinks, and many other items of clothing.


TRITON PLC: Fitch Raises Rating on Class G Notes to 'BBsf'
----------------------------------------------------------
Fitch Ratings has upgraded Triton (European Loan Conduit No. 26)
Plc's notes, as follows:

-- USD30 million Class B (XS0294620207) affirmed at 'Asf';
    Outlook Stable;

-- GBP0.7 million Class C (XS0294603294) upgraded to 'Asf' from
    'BBsf'; Outlook Stable;

-- GBP2 million Class F (XS0294604771) upgraded to 'BBBsf' from
    'Bsf'; Outlook Stable;

-- GBP4.1 million Class G (XS0294607287) upgraded to 'BBsf' from
    'Bsf'; Outlook Stable; and

-- GBP4.8 million Class H (XS0294608335) affirmed at 'Bsf';
    Outlook Stable

Triton (European Loan Conduit No. 26) Plc is a securitization
originally comprising four commercial mortgage-backed loans
originated by Morgan Stanley.  Only one loan now remains -- the
GBP26.9 million Nextra Portfolio UK loan -- following the full
repayment of the other three.

Key Rating Drivers

The upgrade is driven by an improved credit outlook for these
notes following the full repayment of two large loans, the
GBP285.5 million Devonshire Square Estate and GBP158.8 million
Access Self Storage.  Of the two, the Devonshire Square Estate
loan repayment was particularly unexpected, given its reported
leverage of above 100% due to nearly half of the contracted rent
of the properties securing the loans expiring in 2014 and
significant capital expenditure required for re-letting.

The July 13 interest payment date (IPD) saw the full repayment of
the Access Self Storage loan.  While removing tail risk and
returning a significant amount of the principal to noteholders is
positive overall, the material non-sequential allocation of
principal receipts has limited the upside to the senior investors
and, in particular, benefitted class D and E notes noteholders by
allowing full repayment of their respective note balance.

The GBP26.9 million Nextra loan is secured by two suburban south
east UK office properties.  The original loan maturity date in
October 2013 has been extended for a further three years in
exchange for a predetermined increase in the margin to 0.75% from
0.65% and for a cash sweep amounting to 50% of surplus income
(after financing and property costs) to amortize the loan.  The
cash sweep is not an insignificant amount as the floating-rate
loan is unhedged, yielding an interest cover in excess of 10x.
The cash sweep is a positive contribution to debt reduction, but
actual deleveraging is held back by a declining lease profile,
and by heightened interest rate risk due to the maturity
extension.

The collateral securing the Nextra loan has not been re-valued
since closing in 2006, when it amounted to GBP64m (yielding an
LTV of 42%).  Fitch estimates a lower value, and expects the
value to erode further given shortening lease terms and the
likelihood of capital expenditure being needed to secure new
income.  These factors will be particularly relevant for one
asset located in Watford; it is let exclusively to a Hilton group
subsidiary with only one year remaining on the lease at the time
of loan maturity in 2016.  The other asset, located in
Rickmansworth and let solely to Skanska Construction until 2023,
is in a stronger position, although not immune to declines in
value.

Nevertheless, Fitch expects the loan to repay in full given the
low loan balance, which is set to be reduced further by the cash
sweep estimated to amount to between GBP3 million and GBP5
million over the extension period, depending on the course of
interest rates.  However, unless occupational demand increases
during this time and raises property values, asset sales would be
the most likely route to loan repayment.

Rating Sensitivities

An increase in interest rates combined with a departure of the
tenant in the Watford asset could have a negative impact on the
ratings.

Under a 'Bsf' stress scenario, recoveries are estimated at
GBP26.9 million.



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


* BOND PRICING: For the Week January 6 to January 10, 2014
----------------------------------------------------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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


                            *********


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

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

Copyright 2014.  All rights reserved.  ISSN 1529-2754.

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

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

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


                 * * * End of Transmission * * *