TCREUR_Public/140120.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, January 20, 2014, Vol. 15, No. 13

                            Headlines

I R E L A N D

BANK OF IRELAND: Fitch Raises Viability Rating to 'b+'
SIAC CONSTRUCTION: Main Shareholders to Take Control of Business


I T A L Y

BANCA MONTE: Bafin Reviews Deutsche Bank "Opaque" Dealings


N E T H E R L A N D S

DOME 2006-I: S&P Suspends 'B-' Rating on Class D Notes
E-MAC NL 2005-I: S&P Affirms 'CCC' Rating on Class E Notes
GLOBAL TIP: Moody's Assigns Definitive B1 CFR; Outlook Stable
JLL/DELTA DUTCH: Moody's Assigns 'B3' CFR; Outlook Stable
JUBILEE CDO III: S&P Affirms 'CCC+' Rating on Class D Notes

ST PAUL'S CLO: Moody's Affirms 'Ba2' Rating on Class D Notes


R O M A N I A

* ROMANIA: Corporate Insolvencies Up 10% in 2013


R U S S I A

AVTOVAZ JSC: Fitch Affirms 'B-' IDRs, Then Withdraws Ratings
GAZPROMBANK: Fitch Rates CHF Subordinated Notes 'BB-(EXP)'


S P A I N

BANCO MARE: Fitch Says 'BB-' IDR Downgrade May Impact CH Program
CODERE SA: Moody's Affirms 'Caa3' Corp. Family Rating
CODERE SA: S&P Lowers Corporate Credit Rating to 'D'
ENDESA SPA: Fitch Keeps BB+ Preferred Stock Rating on Watch Neg


U K R A I N E

MHP SA: S&P Revises Outlook to Stable & Affirms 'B-' Ratings


U N I T E D   K I N G D O M

CUCINA ACQUISITION: Moody's Assigns 'Caa1' CFR; Outlook Stable
KINKY KNICKERS: Sales Decline Prompts Administration
LONDON & REGIONAL: Moody's Confirms B3 Rating on GBP50MM C Notes
LUDGATE FUNDING: S&P Raises Rating on Class S Notes to 'B+'
MIVAN NO. 1: 98 Jobs Lost Following Administration


X X X X X X X X

* Moody's Says Repayment Rate Hits Lowest Level for EU CMBS Loans
* Fitch Says Maturity Mismatches Can Lead to Interest Shortfall
* Nordic Specialised Lenders Model for Public Sector Financing

* BOND PRICING: For the Week January 13 to January 17, 2014


                            *********


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I R E L A N D
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BANK OF IRELAND: Fitch Raises Viability Rating to 'b+'
------------------------------------------------------
Fitch Ratings has affirmed Bank of Ireland (BOI) and Allied Irish
Banks, plc's (AIB) Long-term Issuer Default Ratings (IDRs) at
'BBB' with Stable Outlooks and Short-term IDRs at 'F2'.  Fitch
has upgraded BOI's Viability Rating (VR) to 'b+' from 'b' and
affirmed AIB's VR at 'b-'.  Fitch has also affirmed and withdrawn
Permanent TSB P.L.C.'s (PTSB) ratings.

The upgrade of BOI's VR reflects further improvement in the
bank's risk profile, including our expectation of a return to
profitability during 2014, which will support the bank's improved
capital flexibility following its recent share issue and
redemption and sale of its preference shares to private
investors.

The share issue funded the redemption of a portion of BOI's
perpetual preference shares, with the rest purchased by private
investors, which has improved the bank's common equity Tier 1
(CET1) solvency and further reduced BOI's dependence on
government support.

PTSB's 'cc' VR and'2' Support Rating (SR) have been affirmed and
withdrawn as Fitch does not consider these ratings to be relevant
to its coverage.

Key Rating Drivers - IDRs and Senior Debt, Srs, Support Rating
Floors

The affirmation of BOI's and AIB's IDRs, senior debt ratings, SRs
and Support Rating Floors reflects Fitch's view that there would
be a high probability of support from the authorities if
required. Fitch considers support to be even stronger in the
short term, resulting in the banks' Short-term IDRs being
affirmed at 'F2', which is the higher of two potential Short-term
ratings mapping to their 'BBB' Long-term IDRs.  The Stable
Outlooks are based on Fitch's view that support will continue to
be forthcoming, although this is sensitive to evolving
developments around support for EU banks.  Any downgrade of the
Irish sovereign rating, which is highly unlikely in the near
term, would also likely be reflected in negative rating action on
BOI and AIB.

Rating Sensitivities - BOI and AID's IDRs, SRS, Support Rating
Floor And Senior Debt

BOI and AIB's IDRs, SRs, SRFs and senior debt ratings are
sensitive to any change in Fitch's assumptions about the on-going
availability of extraordinary sovereign support for the banks.
In Fitch's view, there is a clear intention ultimately to reduce
implicit state support for financial institutions in the EU, as
demonstrated by a series of legislative, regulatory and policy
initiatives, most recently agreement between the European Council
and Commission on the Bank Recovery and Resolution Directive.  In
September 2013, Fitch commented on its approach to incorporating
support in its bank ratings in light of evolving support dynamics
for banks worldwide.

The banks' SRFs would be revised down and their SRs, IDRs and
senior debt ratings downgraded if Fitch concludes that potential
sovereign support had weakened relative to its previous
assessment.  Given that BOI's and AIB's VRs are in the single 'b'
category, any support-driven downgrades of the banks' Long-term
IDRs and senior debt ratings could be by multiple notches.

Key Rating Drivers - VRs (BOI and AIB)

Following its upgrade, BOI's VR is now two notches higher than
AIB's, reflecting its stronger financial profile and better
access to investor markets.  Both BOI and AIB were able to issue
unsecured senior debt during 2013 but equity-raising may prove
more difficult for AIB, which is still more than 99%-owned by the
Irish authorities (BOI: 14%).

At 6.6% for BOI and 4.6% for AIB at end-1H13, Fitch Core Capital
(FCC) ratios are low but supported on a transitional regulatory
basis by perpetual preference shares.  At BOI, these perpetual
preference shares added about 360bps to end-1H13 core Tier 1
capital and 540bps in AIB.  Fitch expects BOI's and AIB's capital
ratios to weaken in 2H13 due to losses which could be exacerbated
following the Central Bank of Ireland's (CBoI) balance sheet
assessment.  Initial indications from the central bank's review
suggest that further impairment charges are possible in 2013
earnings, which could be combined with higher risk weight
requirements.  According to the CBoI's estimate, the impact on
capital ratios could be up to 360bp for BOI.  However, once taken
this should place the banks in a better position to be
sustainably profitable in the medium term, ahead of the ECB's
important asset quality review and the EBA's stress test in 2014.

During 2H13, BOI redeemed EUR537 million of its perpetual
preference shares through a share issue, leaving EUR1.3 billion,
which was sold to private investors.  The sale of the perpetual
notes means that BOI will not be liable for the 25% step-up
premium that would have been triggered on March 31, 2014 and also
removes the bank's ordinary stock dividend restrictions.

The VRs of both banks are constrained by capitalization which
only allows a small margin of safety, particularly in light of
weak asset quality, with high levels of net impaired loans
relative to FCC.  Fitch considers that the current levels of
provisioning and capitalization would not be sufficient if the
banks needed to realize a substantial proportion of their
collateral in a short time, but this is not our base case.

Rating Sensitivities - VRs (BOI and AIB)

BOI and AIB's VRs are on an upward trajectory, with Fitch
expecting BOI to report profits in 2014 and AIB to be profitable
on a month-on-month basis by 2H14.  Improved profitability will
gradually enhance the banks' capital flexibility and allow them
to build on depleted capital reserves to support long-term
sustainability, but this will take time to feed through into
meaningful credit strengthening.

An upgrade of BOI and AIB's VRs could occur once asset quality
stabilizes across the sector and the banks can demonstrate a
track record of sustainable profitability, which will support
internal capital generation.  The stabilization of asset quality
metrics would need to be supported by evidence of stabilizing
property prices including increased churn in the property market
and evidence that the banks were resolving their stock of NPLs
without significant additional impairments being required.

Downward pressure on BOI's and AIB's VRs could occur if Fitch's
view that asset quality deterioration is subsiding proved to be
wrong and/or if capital ratios were further eroded beyond our
expectations.

Key Rating Drivers - VR (PTSB)

PTSB's 'cc' VR reflects Fitch's belief that is likely to breach
its minimum capital requirements over the medium term unless it
receives approval for its restructuring plan. As this has not yet
been received and its exact timing is unknown, Fitch has not
factored the potential positive benefits of such a plan into its
analysis.  Fitch believes that the bank needs to continue to add
provisions against its impaired assets and that structurally weak
profitability continues to drag on capital.  Deleveraging of low-
yielding assets therefore is also a requirement before any
improvement may be noted in the VR. PTSB's market position
remains modest, despite the Irish government's desire for
competition in the marketplace.  PTSB submitted a restructuring
plan to the EU Commission in June 2012.  The first stage of the
plan, to separate the group into three distinct business units,
has been completed. However, the long-term viability of the bank
is dependent on a solution for hiving off the impaired or low-
yielding assets into a separate vehicle. Management's expectation
is that the EU decision will be received during 2014.

Key Rating Drivers and Sensitivities - Government Guaranteed
Debt, Commercial Paper And Deposits

Apart from guaranteed debt securities that are yet to mature and
remain guaranteed following the withdrawal of the Eligible
Liabilities Guarantee (ELG) scheme in March 2013, Fitch has
withdrawn all other guaranteed asset classes for these Irish
issuers as Fitch no longer considers the ratings to be relevant
to the agency's coverage.

Key Rating Drivers and Sensitivities - Subordinated Debt

The subordinated debt issued by BOI and AIB is rated with
reference to their respective VRs and the performance of these
instruments.  AIB is not paying the discretionary coupons on its
subordinated notes.  The 'C' ratings of these instruments reflect
their non-performance and sustained economic losses with weak
recovery prospects.  BOI's subordinated debt has been upgraded to
'B' and BOI (UK)'s deferrable subordinated notes guaranteed by
BOI have been upgraded to 'CCC' following the upgrade of BOI's
VR. The ratings of all subordinated instruments are primarily
sensitive to any change in the VRs of these institutions.

Susbidiary and Affiliated Company Key Rating Drivers And
Sensitivities

EBS Limited and AIB Group (UK) Plc are owned by AIB and Bank of
Ireland Mortgage Bank and BOI UK Plc are owned by BOI.  All of
these subsidiaries are wholly owned by respective parents, and to
varying degrees are reliant on their parent banks for funding and
capital support.  Their IDRs are aligned with their parents', and
are sensitive to the same factors that might drive a change in
their parents' ratings.

The rating actions are as follows:

AIB

-- Long-term IDR: affirmed at 'BBB'; Stable Outlook
-- Short-term IDR: affirmed at 'F2'
-- Viability Rating: affirmed at 'b-'
-- Support Rating: affirmed at '2'
-- Support Rating Floor: affirmed at 'BBB'
-- Senior unsecured notes: affirmed at 'BBB'
-- Short-term debt: affirmed at 'F2'
-- Commercial Paper: affirmed at 'F2'
-- Subordinated notes: affirmed at 'C'
-- Sovereign-guaranteed Long-term notes: affirmed at 'BBB+'
-- Sovereign-guaranteed Long-term and Short-term deposits:
    affirmed and withdrawn at 'BBB+'/'F2'
-- Sovereign-guaranteed Long-term and Short-term programmes:
    affirmed and withdrawn at 'BBB+'/'F2'

AIB (UK)

-- Long-term IDR: affirmed at 'BBB'; Stable Outlook
-- Short-term IDR: affirmed at 'F2'
-- Support Rating: affirmed at '2'

EBS
-- Long-term IDR: affirmed at 'BBB'; Stable Outlook
-- Short-term IDR: affirmed at 'F2'
-- Support Rating: affirmed at '2'
-- Senior unsecured notes: affirmed at 'BBB'
-- Short-term debt: affirmed at 'F2'
-- Sovereign-guaranteed Long-term/Short-term notes: affirmed at
   'BBB+'/'F2'
-- Sovereign guaranteed commercial paper: affirmed and withdrawn
    at 'F2'
-- Sovereign-guaranteed Long-term/Short-term deposits: affirmed
    and withdrawn at 'BBB+'/'F2'
-- Sovereign-guaranteed Long-term/Short-term programmes:
    affirmed and withdrawn at 'BBB+'/'F2'

BOI

-- Long-term IDR: affirmed at 'BBB'; Stable Outlook
-- Short-term IDR: affirmed at 'F2'
-- Viability Rating: upgraded to 'b+' from 'b'
-- Support Rating: affirmed at '2'
-- Support Rating Floor: affirmed at 'BBB'
-- Senior unsecured notes: affirmed at 'BBB'
-- Short-term debt: affirmed at 'F2'
-- Subordinated debt: upgraded to 'B' from 'B-'
-- Sovereign-guaranteed notes: affirmed at 'BBB+'
-- Sovereign-guaranteed Long-term and Short-term deposits:
    affirmed and withdrawn at 'BBB+/F2'
-- Sovereign-guaranteed Long-term/Short-term programmes:
    affirmed and withdrawn at 'BBB+'/'F2'
-- BOI UK Holdings deferrable subordinated notes guaranteed by
-- BOI: upgraded to 'CCC' from 'C'

BOI Mortgage Bank

-- Long-term IDR: affirmed at 'BBB'; Stable Outlook
-- Short-term IDR: affirmed at 'F2'
-- Support Rating: affirmed at '2'

BOI UK Plc

-- Long-term IDR: affirmed at 'BBB'; Stable Outlook
-- Short-term IDR: affirmed at 'F2'
-- Support Rating: affirmed at '2'
-- Sovereign-guaranteed Long-term and Short-term deposits:
    affirmed and withdrawn at 'BBB+/F2'

PTSB

-- Viability Rating: affirmed at 'cc' and withdrawn
-- Support Rating: affirmed at '2' and withdrawn


SIAC CONSTRUCTION: Main Shareholders to Take Control of Business
----------------------------------------------------------------
Barry O'Halloran at The Irish Times reports that it was confirmed
on Thursday Siac's main shareholders, the Feighery family, will
take control of the business with the backing of a French-owned
construction-related business and a private investment company.

The High Court appointed Michael McAteer of Grant Thornton as
examiner to Siac Construction and eight related companies late
last year, giving them protection from creditors, including three
banks owed EUR42 million and suppliers owed EUR26 million, The
Irish Times relates.

Siac's main shareholders, the Feighery family, with chief
executive, Martin Maher, his predecessor, Finn Lyden and senior
management, backed by French-owned Colas Teoranta and a Belfast
family-owned investment business Ducales Trading, are set to take
control of the business in a rescue plan agreed with Mr. McAteer,
The Irish Times discloses.  Each of the three investors, the
Feighery family and its associates, Colas and, Ducales, will
share one third each in the business, The Irish Times notes.

The rescue plan, or scheme of arrangement, has yet to be approved
by creditors or the High Court, The Irish Times states.
According to The Irish Times, under its terms, the operating
businesses, the contracting arm, will be separated from the
investment and property companies.

A major part of the new investment will be to provide a debt-free
balance sheet for the operating business and part will be used to
pay creditors, The Irish Times says.

The scheme also provides that proceeds of the litigation that the
group is pursuing in Poland, which could yield up to EUR113
million, will be used to pay secured and trade creditors further
dividends, The Irish Times relays.

SIAC Construction is an Irish building engineering company.



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I T A L Y
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BANCA MONTE: Bafin Reviews Deutsche Bank "Opaque" Dealings
----------------------------------------------------------
Elisa Martinuzzi at Bloomberg News reports that Deutsche Bank
AG's "opaque" dealings with Banca Monte dei Paschi di Siena SpA
(BMPS), which used a transaction designed by Germany's biggest
bank that masked losses from accounts, are being reviewed by
German regulator Bafin.

According to Bloomberg, Consob, Italy's securities-market
watchdog, said in an e-mailed statement on Friday that the
Rome-based agency initiated contacts with international
authorities including Bafin in July and the latter is still
reviewing the Paschi case.

The transaction, dubbed Santorini, came to light a year ago when
Bloomberg disclosed the contract, setting off a scandal that
affected the outcome of national elections and prompted
regulators to investigate.  Santorini masked a EUR430 million
(US$585 million) loss from an older contract with Deutsche Bank,
Bloomberg recounts.

The Italian bank and Deutsche Bank agreed to end the contract in
December, 17 years early, Bloomberg says.  Paschi paid Frankfurt-
based Deutsche Bank EUR525 million, Bloomberg relays.  The
world's oldest lender lost money on the deals because it made a
money-losing bet on the country's government bonds, Bloomberg
relates.

Deutsche Bank in October said it's cooperating with regulatory
agencies and Siena prosecutors, Bloomberg notes.

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

                          *     *     *

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

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



=====================
N E T H E R L A N D S
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DOME 2006-I: S&P Suspends 'B-' Rating on Class D Notes
------------------------------------------------------
Standard & Poor's Ratings Services has suspended its credit
ratings on Dome 2006-I B.V.'s class A, B, C, and D notes.

The ratings suspension is due to the lack of timely receipt of
sufficient information of satisfactory quality, in accordance
with S&P's policies.

Following the insolvency of DSB Bank N.V. (the originator and
servicer) in October 2009, the bankruptcy receiver entered into a
post-bankruptcy agreement with Dome 2006-I.  At the time, under
this agreement, DSB Bank continued to service the loan book and
transferred borrowers' payments to the issuer.  Noteholders voted
in favor of appointing Quion Services B.V. as the transaction's
servicer and Quion Services assumed servicing responsibilities in
June 2013.  Under the sub-delegation agreement, Quion will
service DSB Bank's portfolios for an initial period of five
years.

Although the transfer was completed in June 2013 and servicing
continued, S&P understands that due to data migration issues,
monthly investor and loan-level reporting has not, in S&P's view,
continued to a satisfactory standard.  Although S&P considers
that the timely receipt of information will eventually resume,
the timing is unknown.  S&P has therefore suspended all of its
ratings in this transaction.

Until S&P receives timely and reliable information and conclude
that this information will be provided on an ongoing basis, its
ratings in this transaction will remain suspended.

Dome 2006-I is a securitization of residential mortgage loans
that DSB Bank originated to borrowers in The Netherlands.

RATINGS LIST

Class       Rating            Rating
            To                From

DOME 2006-I B.V.
EUR512.4 Million Mortgage-Backed Notes

Rating Suspended

A           NR                A+ (sf)
B           NR                BBB+ (sf)
C           NR                BB- (sf)
D           NR                B- (sf)

NR-Not rated.


E-MAC NL 2005-I: S&P Affirms 'CCC' Rating on Class E Notes
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed all of its credit
ratings in E-MAC NL 2005-I B.V.

The affirmations follow S&P's performance review of the
transaction.  S&P conducted its credit and cash flow analysis
using information from the servicer (dated October 2013), and has
applied its relevant criteria.

The reserve fund and the liquidity facility are at their required
levels under the documentation.  A key factor in S&P's analysis
is the 4.5% decline in Dutch house prices over the past 18
months.  S&P has incorporated this house price decline into its
analysis, which has consequently increased its weighted-average
loss severity (WALS) assumptions compared with S&P's previous
review on Sept. 28, 2012.  S&P's weighted-average foreclosure
frequency (WAFF) assumptions have decreased due to seasoning and
a lower level of arrears.

Rating    WAFF (%)      WALS (%)

AAA         15.43          27.42
AA          12.07          24.44
A            8.54          20.66
BBB          5.60          18.56
BB           3.94          15.37

Since S&P's previous review, 90+ day delinquencies have decreased
to 1.32% from 1.44%, while total arrears have decreased to 1.77%
from 2.20%.  The slight decrease in severe arrears has not been
sufficient to reduce credit coverage at each rating level under
S&P's Dutch residential mortgage-backed securities (RMBS)
criteria, due to the aforementioned Dutch house price declines.
Nevertheless, the rated notes' available credit enhancement is
commensurate with the assigned ratings.  S&P has therefore
affirmed its ratings on E-MAC NL 2005-I's class A, B, C, D and E
notes.

S&P's current counterparty criteria constrain its ratings in this
transaction at 'A+ (sf)' -- i.e., one notch above S&P's long-term
'A' issuer credit rating (ICR) on Citibank N.A.  This is because
the documentation is not in line with S&P's current counterparty
criteria.

E-MAC NL 2005-I is backed by Dutch residential mortgage loans,
which GMAC RFC Nederland B.V. and Quion 20 B.V. originated.

RATINGS LIST

Ratings Affirmed

E-MAC NL 2005-I B.V.
EUR502.5 Million Mortgage-Backed Floating-Rate Notes

Class              Rating

A                  A+ (sf)
B                  A+ (sf)
C                  A (sf)
D                  BBB- (sf)
E                  CCC (sf)


GLOBAL TIP: Moody's Assigns Definitive B1 CFR; Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 corporate
family rating (CFR) to Global TIP Holdings One B.V. (TIP Trailer
or the company). Concurrently, Moody's has assigned a B2-PD
probability of default rating (PDR) to the company, and a
definitive B1 rating to the EUR203 million term loan B and
EUR55 million Revolving Credit Facility raised by Global TIP
Finance B.V. and to the USD100 million Term Loan C raised by
Global TIP Finance America, LLC. The outlook on the ratings
remains stable.

Ratings Rationale

The final terms of the facilities are in line with the drafts
previously reviewed to assign the provisional ratings.

The term loan B, Term Loan C, and the RCF rank pari passu and
benefit from senior secured guarantees from material operating
subsidiaries accounting for at least 85% of the group's assets
and EBITDA. These facilities are rated B1, at the same level as
the CFR, in the absence of significant non-debt liabilities
ranking ahead or below. The B2-PD PDR, one notch below the CFR,
reflects the bank-debt-only nature of the structure resulting in
the assumption of a 65% recovery rate.

The principal methodology used in this rating was the Global
Equipment and Automobile Rental Industry 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.

TIP Trailer is an independent operating lease (short- and
long-term lease) provider of trailers for trucks and had an owned
fleet of approximately 48,000 as of December 2012. TIP Trailer
also provides trailer fleet management services, including
maintenance, to its own fleet and on a standalone basis to third
parties. The company's customers are mainly European
transportation and logistics companies. Owned and operated by
General Electric under its GE Capital division from 1993, the
European over-the-road trailer services business was acquired by
the Chinese conglomerate HNA in Q4 2013.


JLL/DELTA DUTCH: Moody's Assigns 'B3' CFR; Outlook Stable
---------------------------------------------------------
Moody's Investors Service assigned a B3 Corporate Family Rating
and a B3-PD Probability of Default Rating to JLL/Delta Dutch
NewCo B.V. ("NewCo"). Moody's also rated the proposed senior
secured credit facilities at B2 and US$500 million senior notes
at Caa2. The rating outlook is stable.

The proceeds from the above debt issuance, combined with the
proceeds from US$200 million sellers notes (not rated) and a cash
equity contribution from the sponsor will be used to fund a
financial transaction that involves a buyout of Patheon Inc. and
a subsequent merger with DSM Pharmaceutical Products. The
transaction proceeds will also be used to repay Patheon's
existing debt and to pay fees and expenses.

On November 19, 2013, Patheon announced that it had entered into
an agreement under which it will be taken private by NewCo and
controlled by private equity firm JLL Partners, Inc. (JLL) --
Patheon's majority shareholder, and Royal DSM N. V. (DSM, A1,
positive) -- a leading life science and material sciences group
based in the Netherlands. NewCo will be formed by combining
Patheon with DPP (a DSM business unit) -- creating an entity with
anticipated combined 2014 annual sales of approximately US$2
billion.

The rating action is as follows:

Ratings assigned subject to Moody's review of final terms and
documents:

JLL/Delta Dutch NewCo B.V.

Corporate Family Rating at B3

Probability of Default Rating at B3-PD

US$200 million senior secured revolving credit facility at B2
(LGD3, 33%)

US$1,150 million senior secured term loan at B2 (LGD3, 33%)

US$500 million senior unsecured notes at Caa2 (LGD5, 81%)

All the ratings at Patheon, Inc. will be withdrawn upon closing
of the transaction.

Rating Rationale

"The B3 Corporate Family Rating reflects NewCo's very high
financial leverage post transaction as well as the significant
execution risks," commented Moody's Senior Analyst John Zhao.
"However, the company's business profile benefits from its
increased scale and product diversification as a leading contract
development and manufacturing organization (CDMO) for the
pharmaceutical industry."

NewCo's B3 Corporate Family Rating reflects its high financial
leverage, weak interest coverage (measured at EBITDA-
Capex/Interest) of less than 1.0x and the expectation that free
cash flow will be breakeven or slightly negative in the near
term. On a pro forma basis for the financing transaction, Moody's
estimates pro forma adjusted debt to EBITDA of approximately 9.0
times for the twelve months ended October 31, 2013, incorporating
Moody's analytical adjustments but excluding unrealized
synergies. The rating also reflects high execution risks
associated with the combined entity despite management's recent
track record of integrating the Banner acquisition. Particularly,
the relatively large scale of the merger that will almost double
Patheon's revenue base, the complex joint-venture ownership
structure and the need to turnaround the low margin and
underperforming DPP business are among the key challenges that
management faces to deliver its financial goals. These are all
occurring at a time when Patheon's legacy business is still going
through its own operation optimization and restructuring. In
addition, broader challenges in the contract manufacturing
industry, including overcapacity and pricing pressure and
inherent volatility in the business partly due to its significant
fixed cost structure, all constrain the rating.

Positive rating consideration is given to the company's greater
scale, enhanced production capability and increased product
offerings, which are important differentiating factors in the
CDMO industry, as a result of the transaction. Moody's also
recognizes the steady improvement operationally and financially
at Patheon's legacy business after management leadership change
in 2011. The rating is supported by Moody's expectation that the
demand for contract manufacturing services will grow over the
long-term.

The rating outlook is stable, and incorporates Moody's
expectation that the company will maintain an adequate liquidity
profile and a disciplined growth strategy and financial policy.
The stable outlook also reflects Moody's expectation that NewCo
improves its aggregate margin as a result of savings from
implementing operating efficiency initiatives and continuous
restructuring efforts, and that the company achieves steady
deleveraging over the near-term.

Moody's could upgrade the ratings if the company is able to
improve profitability materially, reduce earnings volatility and
sustain debt to EBITDA below 5.0 times and interest coverage
(defined as EBITDA less capital expenditures to interest expense)
above 1.5 times. Moody's would also need to gain comfort that the
company can successfully integrate the DPP business and operate
with sustained positive free cash flow.

Moody's could downgrade the ratings if the company is unable to
delever from the existing level, interest coverage remains below
1.0 times sustainably, or if free cash flow remains negative
(exclusive of unusual items such as severance). Deterioration of
liquidity for any reason would also lead to a downgrade.

JLL/Delta Dutch NewCo B.V. is expected to be a leading provider
of commercial manufacturing and pharmaceutical development
services for branded and generic prescription drugs to the
pharmaceutical industry globally as well as a provider of active
pharmaceutical ingredients to large biopharmas and crop
protection and other chemical industries. Fiscal year 2013 sales
for the combined entity are estimated at around $1.8 billion.

The principal methodology used in this rating was the Global
Business & Consumer Service Industry Rating Methodology published
in October 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.


JUBILEE CDO III: S&P Affirms 'CCC+' Rating on Class D Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+ (sf)'
credit rating on Jubilee CDO III B.V.'s class D notes.  At the
same time, S&P has withdrawn its ratings on the class A-1 and R
Comb notes.

The rating actions follow S&P's review of Jubilee CDO III's
performance by applying its relevant criteria and conducting its
credit and cash flow analysis based on the November 2013 trustee
report.  S&P has taken into account recent developments in the
transaction and reviewed it under its relevant criteria for
transactions of this type.

The class D notes, the transaction's most junior rated tranche,
have partially amortized.  Their current outstanding balance is
EUR1.9 million, i.e., 33.2% of their initial rated balance.  The
class D notes' available credit enhancement has increased since
closing in 2004.

However, with only two performing obligors, the portfolio's
significant obligor concentration increases event risk (the risk
of a significant loss of credit enhancement if an asset
defaults). In addition, the maturity of the underlying assets
exceeds the notes' legal final maturity.  This exposes the
transaction to the noncredit-related risk of a loss of par value,
if the assets were sold before legal final maturity of the CLO.
In light of the higher cost of debt, the weighted-average spread
earned on the assets is lower than interest paid on the notes.
This increases the risk of the class D notes not receiving timely
interest on each payment date.  S&P has therefore affirmed its
'CCC+ (sf)' rating on the class D notes.

S&P has withdrawn its ratings on the class A-1 and R-Comb notes
as they have fully amortized.

Jubilee CDO III is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans granted to primarily
speculative-grade corporate firms.

RATINGS LIST

Class             Rating        Rating
                  To            From

Jubilee CDO III B.V.
EUR359.6 Million Floating-Rate and Deferrable Floating-Rate Notes

Ratings Withdrawn

A-1               NR            AAA (sf)
R-Comb            NR            B+ (sf)

Rating Affirmed

D                 CCC+ (sf)

NR-Not rated.


ST PAUL'S CLO: Moody's Affirms 'Ba2' Rating on Class D Notes
------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by St Paul's CLO I B.V.:

    EUR18.8M Class B Senior Secured Deferrable Rate Notes due
    2023, Upgraded to A1 (sf); previously on Oct 12, 2011
Upgraded
    to A2 (sf)

    EUR17.28M Class C Senior Secured Deferrable Rate Notes due
    2023, Upgraded to Baa1 (sf); previously on Oct 12, 2011
    Upgraded to Baa2 (sf)

    EUR8M (current outstanding balance of EUR5.3M) Class X
    Combination Notes due 2023, Upgraded to Baa3 (sf); previously
    on Oct 12, 2011 Upgraded to Ba1 (sf)

Moody's Investors Service affirmed the ratings on the following
notes issued by St Paul's CLO I B.V.:

    EUR211.05M Class A Senior Secured Floating Rate Notes due
    2023, Affirmed Aa1 (sf); previously on Oct 12, 2011 Upgraded
    to Aa1 (sf)

    EUR6.35M Class E Senior Secured Deferrable Rate Notes due
    2023, Affirmed B1 (sf); previously on Oct 12, 2011 Upgraded
to
    B1 (sf)

    EUR18.05M Class D Senior Secured Deferrable Rate Notes due
    2023, Affirmed Ba2 (sf); previously on Oct 12, 2011 Upgraded
    to Ba2 (sf)

St Paul's CLO I B.V., issued in May 2007, is a collateralized
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European and US loans. The portfolio is managed by
Intermediate Capital Managers Limited. The transaction's
reinvestment period will end in July 2014.

Ratings Rationale

The rating actions on the notes are primarily a result of the
improvement in the credit quality of the underlying collateral
pool and the benefit of the shorter period of time remaining
before the end of the reinvestment period in July 2014.

The credit quality has improved as reflected in the improvement
in the average credit rating of the portfolio (measured by the
weighted average rating factor, or WARF) and a decrease in the
proportion of securities from issuers with ratings of Caa1 or
lower. As of the trustee's December 2013 report, the WARF was
2805, compared with 2876 in January 2013. Securities with ratings
of Caa1 or lower currently make up approximately 11.6% of the
underlying portfolio, versus 14.0% in January 2013.

In light of reinvestment restrictions during the forthcoming
amortization period, and therefore the limited ability to effect
significant changes to the current collateral pool, Moody's
analyzed the deal assuming a higher likelihood that the
collateral pool characteristics would maintain an adequate buffer
relative to certain covenant requirements. In particular, Moody's
assumed that the deal will benefit from a shorter amortization
profile and higher spread levels than it had assumed at the
rating action in October 2011.

The rating on the combination notes addresses the repayment of
the rated balance on or before the legal final maturity. For the
Class X Combination notes, the 'rated balance' at any time is
equal to the principal amount of the combination note on the
issue date times a rated coupon of 0.25% per annum accrued on the
rated balance on the preceding payment date, minus the sum of all
payments made from the issue date to such date, of either
interest or principal. The rated balance will not necessarily
correspond to the outstanding notional amount reported by the
trustee.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR279.0
million, defaulted par of EUR12.0 million, a weighted average
default probability of 22.9% (consistent with a WARF of 3014), a
weighted average recovery rate upon default of 46.8% for a Aaa
liability target rating, a diversity score of 34 and a weighted
average spread of 4.0%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that a recovery of 50% of the 90.0% of the
portfolio exposed to first-lien senior secured corporate assets,
15% of 4.7% non-first-lien loan corporate assets and 20% recovery
on 5.3% of ABS assets upon default. In each case, historical and
market performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.

Methodology Underlying the Rating Action:

The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
November 2013.

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed lower credit quality in the portfolio to
address refinancing risk. Loans to European corporates rated B3
or lower and maturing between 2014 and 2015 make up approximately
7.5% of the portfolio, which could make refinancing difficult.
Moody's ran a model in which it raised the base case WARF to 3200
by forcing ratings on 50% of the refinancing exposures to Ca; the
model generated outputs that were within one notch of the base-
case results.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes. CLO notes' performance may also be impacted either
positively or negatively by 1) the manager's investment strategy
and behavior and 2) divergence in the legal interpretation of CDO
documentation by different transactional parties due to embedded
ambiguities.

Additional uncertainty about performance is due to the following:

* Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive
or negative depending on the notes' seniority.

* Around 35.3% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates. As part of its base case, Moody's has stressed
large concentrations of single obligors bearing a credit estimate
as described in "Updated Approach to the Usage of Credit
Estimates in Rated Transactions," published in October 2009 and
available at https://www.moodys.com/research/Updated-Approach-to-
the-Usage-of-Credit-Estimates-in-Rated--PBC_120461.

* Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analyzed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.

* Other collateral quality metrics: Because the deal can
reinvest, the manager can erode the collateral quality metrics'
buffers against the covenant levels.

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



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


* ROMANIA: Corporate Insolvencies Up 10% in 2013
------------------------------------------------
Romania-Insider.com reports that around 30,000 Romanian companies
entered insolvency last year, up 10% on 2012.

Over a third of the newly insolvent ones were retail companies,
Romania-Insider.com says, citing Trade Registry data.

December saw the start of insolvency procedures for 2,400
companies, down on 3,500 in November and 3,300 in October,
Romania-Insider.com notes.

According to Romania-Insider.com, after retail trade,
construction companies were the second most affected by
insolvency -- 3,800 insolvencies, which were however down on
6,100 in 2012.  Hotels and restaurants kept a steady trend --
3,400 insolvencies, compared to 3,100 in 2012, Romania-
Insider.com discloses.



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


AVTOVAZ JSC: Fitch Affirms 'B-' IDRs, Then Withdraws Ratings
------------------------------------------------------------
Fitch Ratings has affirmed Russia-based automotive producer JSC
AvtoVAZ's Long-term foreign and local currency Issuer Default
Rating (IDR) at 'B-', Short-term foreign and local currency IDR
at 'B' and National Long-term Rating at 'BB(rus)'.  Fitch has
also affirmed the senior unsecured rating at 'B-'/'RR4'.  The
Outlooks on the Long-term ratings are Stable.

Fitch has withdrawn the ratings as AvtoVAZ has chosen to stop
participating in the rating process.  Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for AvtoVAZ.


GAZPROMBANK: Fitch Rates CHF Subordinated Notes 'BB-(EXP)'
---------------------------------------------------------
Fitch Ratings has assigned Gazprombank's upcoming CHF-denominated
subordinated loan participation notes (LPN) issue with write-down
features an expected long-term rating of 'BB-(EXP)'.  The final
rating of the issue is contingent upon the receipt of the final
documents conforming to information already received.

Key Rating Drivers

Fitch rates Gazprombank's "new-style" Tier 2 subordinated debt
issues one notch lower than the bank's 'bb' Viability Rating
(VR). This includes (i) zero notches for additional non-
performance risk relative to the VR, as Fitch believes these
instruments should only absorb losses once a bank reaches, or is
very close to, the point of non-viability; (ii) one notch for
loss severity (one notch, rather than two, as the issue will not
be deeply subordinated).

The upcoming "new-style" subordinated debt notes will be issued
by an Ireland-based special purpose vehicle, GPB Eurobond Finance
plc, which will on-lend the issue's proceeds to Gazprombank under
a subordinated loan agreement.  The notes will have a principal
and coupon write-down feature (pro rata with other loss-absorbing
instruments) triggered if (i) the bank's core Tier 1 capital
adequacy ratio decreases below 2%; or (ii) bankruptcy prevention
measures are introduced in respect to the bank.  The latter is
possible as soon as a bank breaches any of its mandatory capital
ratios, or is in breach of certain other liquidity and capital
requirements.

The issue amount and the coupon rate are yet to be determined.
The bank expects the tenor of the LPNs to match the Russian bank
regulator's requirement for "new-style" Tier 2 capital
instruments (minimum five years).  Gazprombank will seek LPNs
listing on SIX Swiss Exchange in the form of depository notes.

Rating Sensitivities
The issue's ratings are linked to the bank's VR. Gazprombank's VR
could benefit from a reduction in the bank's loan concentrations,
acquisition finance exposures and non-core assets, combined with
further improvements in capitalization and profitability.

A significant deterioration of the operating environment in
Russia, or weaker performance of the loan book as a whole or some
of the higher-risk exposures could lead to downward pressure on
the VR.

Gazprombank's other ratings are unaffected:

-- Long-term foreign currency IDR: 'BBB-'; Outlook Stable
-- Long-term local currency IDR: 'BBB-'; Outlook Stable
-- Short-term foreign currency IDR: 'F3'
-- National long-term rating: 'AA+(rus)'; Outlook Stable
-- Viability Rating: 'bb'
-- Support Rating: '2'
-- Support Rating Floor: 'BBB-'
-- Senior unsecured debt long-term local-currency rating: 'BBB-'
-- National long-term debt rating: 'AA+(rus)'

GPB Eurobond Finance plc's other debt ratings are unaffected:

-- Senior unsecured debt long-term foreign-currency rating: BBB-
-- Senior unsecured debt long-term local-currency rating: 'BBB-'
-- 'Old-Style' subordinated debt rating: 'BB+'



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


BANCO MARE: Fitch Says 'BB-' IDR Downgrade May Impact CH Program
----------------------------------------------------------------
Fitch Ratings has assigned Banco Mare Nostrum's (BMN,
BB+/Negative/B) new issuance of EUR500 million mortgage covered
bonds (Cedulas Hipotecarias or CH) a 'BBB+(EXP)' expected rating
with a Negative Outlook.

Key Rating Drivers

The EUR500 million CH new issuance replaces EUR500 million CH
following early amortization in November 2013.

Outstanding CHs after the new issuance's expected settlement date
(January 21, 2014) will increase to EUR12 billion (from EUR11.5
billion), which will be secured over the bank's total mortgage
book of about EUR20.5 billion resulting in nominal
overcollateralization (OC) of 71%.  This compares with BMN's
public minimum OC commitment of 67% to which the agency gives
credit in its analysis.

The expected rating assigned to the new CH issuance is based on
BMN's Long-term Issuer Default Rating (IDR), a Discontinuity-Cap
(D-Cap) of 1 (very high discontinuity risk), and our assessment
of recoveries.

It also reflects that the relied upon OC for the entity's CH
program, 67%, is greater than the program's break-even OC of 44%
commensurate with a 'BBB+' rating scenario.  In our opinion, this
44% OC would provide for outstanding recoveries in excess of 91%
to CH investors under a 'BBB+' stress following an assumed CH
default.

The Negative Outlook on the program's rating is driven by the
Outlook on BMN's IDR.

Rating Sensitivities

A downgrade of BMN's IDRs by two notches or more to 'BB-' would
result in a downgrade of the CH program.

Moreover, the rating is vulnerable to downgrade if the program's
relied upon OC dropped below the break-even OC ratio of 44%. If
OC fell to the legal minimum (25%), negative rating migration of
one notch would potentially apply.


CODERE SA: Moody's Affirms 'Caa3' Corp. Family Rating
-----------------------------------------------------
Moody's Investors Service has assigned a limited default (LD)
designation to Codere S.A.'s Ca-PD probability of default rating
(PDR). The PDR has therefore been changed to Ca-PD/LD (formerly
Ca-PD) following the failure to pay -- at the end of the 30-day
grace period -- the coupon on the euro-denominated notes issued
by Codere Finance (Luxembourg) S.A.

Concurrently, Moody's has affirmed Codere's Caa3 corporate family
rating (CFR) and the Ca ratings on Codere Finance (Luxembourg)
SA's euro- and US dollar-denominated notes. The outlook on all
ratings remains negative.

RATINGS RATIONALE

ASSIGNATION OF 'LD' DESIGNATION

The change in Codere's PDR to Ca-PD/LD follows the payment
default on the coupon of the EUR760 million notes due on 15
December 2013. In line with Moody's methodology, this rating
action has been taken at the end of the 30-day grace period.

Moody's understands that Codere is currently negotiating with
bondholders a restructuring of its debt that could represent a
distressed exchange. However, the rating agency notes the ongoing
complexity of this transaction and the uncertainty as to whether
it will be successfully completed. In Moody's view, there is an
increased risk of a non-consensual outcome, in light of the
company's announcement on January 2, 2014 that it has filed for
preliminary insolvency proceedings ("pre-concurso de
acreedores"). This filing gives Codere up to four months to
continue negotiations with creditors, but if discussions are
unsuccessful during that period, Codere would have to file for
bankruptcy.

AFFIRMATION OF CFR

Codere's Caa3 CFR and the Ca rating on the senior notes reflect
Moody's estimate of a family-level loss-given default (LGD)
assessment of approximately 35%. The LGD assessment on the senior
unsecured notes is LGD3 (45%).

Codere's Caa3 CFR reflects (1) the company's inadequate liquidity
profile; (2) its unsustainable capital structure, with adjusted
debt/EBITDA of 6.5x as of September 2013; (3) its weakening
operating performance; and (4) the limitations in accessing cash-
flows from Argentina, the company's largest EBITDA contributor.
The CFR also reflects the company's status as one of the leading
gaming operators in Latin America, Italy and Spain, and its
diversification in terms of business lines, gaming assets and
geographies.

Rating Outlook

The negative outlook on the Caa3 CFR reflects Moody's view that
further downward pressure could be exerted on the ratings if
Codere fails to reach a consensual agreement with its bondholders
or if another form of debt restructuring takes place that results
in a greater than currently expected loss for bondholders.

What Could Move The Rating DOWN/UP

Downward pressure on the rating could develop if Codere were to
commence bankruptcy procedures, possibly resulting in heavier
losses for bondholders than currently captured in Moody's
ratings.

Upward rating pressure is currently unlikely, but subsequent to
any future restructuring, Moody's might upgrade Codere's ratings
to reflect any reduced debt burden. However, Moody's believes
that the turnaround of Codere's business and financial
performance will be very challenging, particularly given the
deterioration in operating performance across its main markets
reported in 2013.

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 Madrid, Spain, Codere is a multinational gaming
operator that manages gaming machines, machine halls, bingo
halls, casinos, sports betting locations and horse racing tracks
in Latin America, Italy and Spain. As of September 2013, Codere
managed 53,983 gaming machine units, 178 gaming halls, 1,457
betting shop locations, and four horse racing tracks. For the 12
months ended September 2013, Codere generated operating revenue
of EUR1.6 billion and EBITDA of EUR224 million.


CODERE SA: S&P Lowers Corporate Credit Rating to 'D'
----------------------------------------------------
Standard & Poor's Ratings Services said it had lowered to 'D'
(default) from 'SD' (selective default) its long-term corporate
credit rating on Spain-based gaming company Codere S.A.

At the same time, S&P lowered its issue rating on the US$300
million senior notes issued by Codere Finance (Luxembourg) S.A.
to 'D' from 'CC'.  The recovery rating on these notes remains
unchanged at '4', reflecting S&P's expectation of average (30%-
50%) recovery in a default scenario.

The rating on the EUR760 million senior notes issued by Codere
Finance (Luxembourg) remains at 'D'.  The recovery rating of '4'
reflects S&P's expectation of average (30%-50%) recovery in a
default scenario.

The rating actions follow the company's failure to pay
EUR31.6 million in interest on its EUR760 million senior secured
notes, which was due on Jan. 15, 2014, and was extended from
Dec. 15, 2013, using the 30-day grace period allowed by the
documentation.

S&P understands that on Jan. 2, 2014, the company filed for "5
bis" protection in accordance with Spanish insolvency law.  It is
S&P's understanding that under this filing, the company has up to
four months to continue negotiating a restructuring agreement.

Under S&P's criteria, it considers the filing of a bankruptcy
petition or a similar action as tantamount to a default if
payments on an obligation are jeopardized.

S&P's rating actions are also supported by the company's
announcement on Jan. 8, 2014, that it had reached an agreement
with its senior lenders to extend the maturity of its
EUR127.1 million senior credit facilities (due that day) to
Feb. 6, 2014, with a 1% margin increase and certain upfront fees.
Because of the relatively short extension period, coupled with
current market conditions, S&P believes the resumption of full
debt service is unlikely.

S&P will continue to follow the progress of Codere's pending
capital restructuring and subsequently reassess the ratings,
taking into account the group's business prospects, new capital
structure, and the impact of any reorganization.


ENDESA SPA: Fitch Keeps BB+ Preferred Stock Rating on Watch Neg
---------------------------------------------------------------
Fitch Ratings has maintained Enel Spa and its subsidiaries on
Rating Watch Negative (RWN).

Fitch placed the company on RWN on July 16, 2013 following the
announcement by the Spanish government of regulatory changes
affecting the remuneration of regulated electricity activities in
order to permanently resolve the tariff deficit (TD) generated by
the Spanish electricity system.  "Although we currently
anticipate that Enel's credit metrics should remain commensurate
with the current rating, we have maintained the RWN pending the
approval and the details of some of the measures as well as
Enel's strategy update including offsetting measures in opex,
capex and asset disposals.  We will review our expectations once
the outstanding details and the company's updated strategy are
available."

Key Rating Drivers: Enel

Remaining Legal and Political Uncertainties

Although the aim of the reforms to eliminate the TD is positive
for the sector, the Spanish government's recent decision not to
support it by the expected direct contribution is likely to
result in an increased burden for large utilities, at least in
the near term.  It also signifies the political risk for
corporates operating in the country.  "We expect the system TD
for 2013 to be at or above EUR3.6 billion.  The ability and
timing for the potential monetization of this amount within or
outside of the sovereign-guaranteed FADE vehicle is uncertain.
It also remains to be seen if the sector fundamentals
(electricity demand and supply side changes) will support full TD
elimination from 2014 and if the correction mechanisms hold as
proposed."

Weak Spanish Regulatory Environment

The July 2013 regulation package will reduce Endesa's regulated
earnings through lower returns on electricity distribution
assets, lower returns on special regime activities and capacity
payments for gas plants.  Given the lengthy and highly political
nature of Spanish energy reform and structural drivers for the
TD, Fitch believes that regulatory risk remains for utilities
operating in the country until the system is rebalanced and the
governance of the sector possibly improves.  Some legal tail-risk
remains as the new measures may be tested in the courts.

Regulation and Weak Fundamentals

Regulatory risk in Spain and weak market fundamentals in Italy
and Spain, Enel's second-largest market in Europe, will be Enel's
main rating drivers for 2014.  The ability to reduce debt through
disposals will also be a key driver for the improvement in credit
metrics.

Sufficient Financial Headroom

Based on our initial impact assessment, we expect to see reduced
cash flow generation, negative working capital dynamics and
weaker credit metrics, potentially towards, but still within
current rating guidelines.  "We will review our expectations once
the outstanding details and company's updated strategy are
available."

Rating Sensitivities: Enel

Positive: Future developments that may potentially lead to a
resolution of the RWN and affirmation of the ratings include:

-- FFO adjusted net leverage substantially below 4.5x and FFO
    interest coverage above 4.0x on a sustained basis including
    the impact of new regulatory measures in Spain.

Negative: Future developments that may potentially lead to a
downgrade include:

-- An increase of FFO adjusted net leverage above 4.5x and FFO
    interest coverage below 4.0x on a sustained basis as a result
    of the approved measures.

-- Deterioration of the operating environment or further
    government measures substantially reducing cash flows.

Key Rating Drivers: Endesa

"Endesa, S.A.'s IDR is aligned with Enel's reflecting our
assessment of the operational, financial and legal links between
the companies as strong according to our 'Parent and Subsidiary
Rating Linkage' methodology."

Rating Sensitivities: Endesa

Positive: Future developments that may potentially lead to a
resolution of the RWN and affirmation of the ratings include:

-- An affirmation of Enel's ratings.

Negative: Future developments that may potentially lead to a
downgrade of the ratings include:

-- A downgrade of Enel's ratings.

Full List Of Rating Actions

Enel, S.p.A.

-- Long-term IDR of 'BBB+' maintained on RWN
-- Short-term IDR of 'F2' maintained on RWN
-- Senior unsecured rating 'BBB+' maintained on RWN
-- Subordinated notes rating of 'BBB-' maintained on RWN

Enel Finance International NV

-- Senior unsecured rating of 'BBB+' maintained on RWN
-- Short-term commercial paper rating of 'F2' maintained on RWN

Enel Investment Holding BV

-- Senior unsecured rating 'BBB+' maintained on RWN

Endesa, S.A.

-- Long-term IDR of 'BBB+' maintained on RWN
-- Short-term IDR of 'F2' maintained on RWN
-- Senior unsecured rating 'BBB+'/'F2' maintained on RWN
-- Preferred Stock 'BB+' maintained on RWN

International Endesa BV

Commercial paper rating of 'F2' maintained on RWN



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


MHP SA: S&P Revises Outlook to Stable & Affirms 'B-' Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook to
stable from negative on Ukrainian agribusiness company MHP S.A.
At the same time, S&P affirmed its 'B-' long term foreign and
local currency corporate credit ratings on the company.

S&P also affirmed its 'B-' issue rating on MHP's senior unsecured
notes.  The recovery rating on these notes is unchanged at '3',
indicating S&P's expectation of meaningful (50%-70%) recovery in
the event of a payment default.

The outlook revision and affirmation of the long-term rating on
MHP, which has all core assets in Ukraine, follows S&P's similar
rating action on Ukraine.  S&P believes that Ukraine's
creditworthiness has improved, making foreign exchange
repatriation and currency restrictions less likely and, in turn,
alleviating pressure on the company's dollar-denominated debt
service.  S&P caps the long-term rating on MHP at the level of
the long-term rating on Ukraine and the 'B-' transfer and
convertibility (T&C) assessment on Ukraine.  The 'b+' anchor that
S&P has applied to MHP reflects its assessment of the company's
business risk profile as "vulnerable" and its financial risk
profile as "intermediate," according to its criteria.  S&P assess
MHP's stand-alone credit profile (SACP) at 'b', one notch lower
than the anchor, to factor in financial policy risks related to
MHP's expansion.

S&P regards MHP's country risk exposure to Ukraine as a key risk
factor.  MHP's revenues and earnings are concentrated in Ukraine,
where all of its operating assets are located.  Over two-thirds
of the company's sales are domestic.

MHP has an ambitious expansion strategy with related execution
risks, and is exposed to the volatile agribusiness industry.  The
company has indicated it is increasing its poultry production
capacity to 600,000 tons and investing in land bank expansion.
However, investments are lower than historical levels, and S&P
understands the company is considering postponing the start of
some of its new construction projects.

S&P's assessment of MHP's business risk incorporates its views of
risk in the global agribusiness and commodity food industry as
"intermediate" and country risk in Ukraine as "very high."  MHP's
business risk profile is supported, however, by its leading
position in poultry production in Ukraine, and its track record
of profitable growth.  The poultry segment, plus sunflower oil
production, accounts for more than 70% of sales and earnings,
while grain growing and meat processing make up the rest.  MHP
generally maintains high EBITDA margins of 25%-35% through
economies of scale, a vertically integrated business model, and
fairly low raw material, labor, and land lease costs.

S&P thinks MHP's EBITDA will decline in 2013 due to the weak
pricing environment for poultry and grain.  S&P then expects
recovery in 2014, owing to a larger land bank, higher volumes
after the completion of MHP's new greenfield facility, and
increasing capacity utilization.  S&P forecasts that MHP's EBITDA
margins will contract moderately by more than 300 basis points in
2013, and then stabilize further out.

"We based our assessment of MHP's financial risk profile as
intermediate on our expectation that the company's leverage (debt
to EBITDA) will be at about 3.0x and its EBITDA interest coverage
will exceed 6x in 2013-2014.  At the same time, MHP has
inherently volatile free operating cash flow (FOCF), given the
company's growth-oriented strategy.  MHP's debt is fully
denominated in foreign currencies, including U.S. dollars and
euros.  The company has significant debt maturities over the next
few years, and we consider liquidity to be "less than adequate."
Nevertheless, MHP's prudent approach to refinancing upcoming debt
maturities underpins the ratings, in our view," S&P said.

"We forecast that FOCF will turn modestly positive in 2013-2014,
following negative FOCF over the past five years, owing to
substantial investments in capital spending, significant working-
capital requirements, and business growth. MHP is now easing its
capital expenditure (capex) after the completion of the first
phase of its new greenfield facility, while cash flow from
operations continues to increase.  In our forecast, we also
factor in potential acquisitions of up to US$400 million after
2014, as well as potential dividend payments of up to 50% of net
income.  We think that key credit metrics will deteriorate as a
result of a weaker operating performance in 2013, with a debt-to-
EBITDA ratio, adjusted for operating leases and noncash items, at
about 3.0x in 2013 versus 2.8x in 2012," S&P added.

The stable outlook reflects MHP's sound operating performance and
resilient cash flow generation.  S&P also takes into account the
stable outlook on Ukraine and the recent improvement in the
country's creditworthiness.

MHP's SACP of 'b' could lead to a higher rating if S&P raised its
sovereign credit rating and T&C assessment on Ukraine and if S&P
saw decreasing risk related to currency controls or repatriation
requirements.

S&P believes that any worsening in sovereign credit quality will
negatively affect MHP's ability to roll over its short-term debt
and impair its access to capital markets.  However, if S&P
lowered its ratings on Ukraine and revised its T&C assessment
downward, it would not automatically downgrade MHP if the company
showed resilience to country-specific factors, including the risk
of stricter currency restrictions.  S&P notes that MHP benefits
from recurrent streams of foreign currency inflows stemming from
exports, which mitigates local T&C issues.



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


CUCINA ACQUISITION: Moody's Assigns 'Caa1' CFR; Outlook Stable
--------------------------------------------------------------
Moody's Investors Service has assigned a definitive Caa1
corporate family rating (CFR) to Cucina Acquisition (UK) Limited,
the parent of Brakes Group. Concurrently, Moody's has assigned a
Caa1-PD probability of default rating (PDR) to the company, and a
definitive B3 rating to the GBP200 million senior secured notes
due 2018 issued by Brakes Capital. The outlook on all ratings is
stable.

Ratings Rationale

The final terms of the Notes are in line with the drafts
previously reviewed to assign the provisional ratings.

Brakes' PDR (Caa1-PD) is aligned with the CFR, reflecting our
assumption of a 50% family recovery rate as is customary for
capital structures including both secured bank loans and bonds.
The B3 rating of the notes incorporates the debt cushion provided
by the GBP336 million second-lien notes.

The CFR of Caa1 reflects Brakes': (1) high pro-forma adjusted
leverage ratio, above 8x at year-end 2013; (2) relative lack of
scale in a low-margin industry; (3) high degree of customer
concentration, with the top 3 customers representing about 21% of
FY2012 revenues; (4) weak free cash flow generation for the
foreseeable future; (5) high competitive intensity in its core
markets, particularly in the UK; and (6) low geographic
diversification of revenues.

More positively, the rating also reflects Brakes': (1)
significant footprint in the foodservice distribution industry
(with the leading position in the UK); (2) initiatives
implemented to turnaround the business; (3) improved debt
maturity profile after a successful refinancing; and (4) strong
brand recognition and longstanding relationship with customers.

The stable rating outlook reflects Moody's expectation that the
company will maintain its market share in its core markets, as
well as a stable EBITDA margin.

There could be positive pressure if the company were to
significantly improve its EBITDA margin, leading to sustained
positive free cash flow generation, with leverage falling
materially below 7x.

A downgrade could occur should there be further business
weakening, potentially resulting in reductions in margins or free
cash flow, slower deleveraging than anticipated, or if liquidity
weakens.

The principal methodology used in these ratings was the Global
Distribution & Supply Chain Services published in November 2011.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Founded in 1958 and headquartered in the UK, Brakes is
foodservice distribution operator which operates in the UK,
France and Sweden. Brakes generated GBP2.9 billion sales in 2012.


KINKY KNICKERS: Sales Decline Prompts Administration
----------------------------------------------------
John Aglionby and Lina Saigol at The Financial Times report that
Kinky Knickers has gone into administration after a drop in
sales.

On Jan. 15, the factory's 33 staff were told the experiment had
failed and they were to be made redundant after BDO, an
accountancy firm, was called in, the FT relates.

According to the FT, Kerry Bailey, one of two BDO administrators,
said it was hoped to sell the 79-year-old company -- which made a
range of underwear apart from Kinky Knickers -- as a going
concern.

"A drop in post-Christmas orders from key customers and a decline
in sales volumes has significantly affected the business and
resulted in a deterioration of its working capital position," the
FT quotes Ms. Bailey as saying.  "However, we are doing
everything we can to try to secure a future for the business, and
we are hopeful of securing a sale.  To that end, the
administration team would welcome approaches from commercial
parties interested in acquiring the business or assets."

Kinky Knickers was a lingerie maker championed by Mary Portas,
the celebrity retail consultant and government adviser.


LONDON & REGIONAL: Moody's Confirms B3 Rating on GBP50MM C Notes
----------------------------------------------------------------
Moody's Investors Service has taken actions on the following
classes of notes issued by London & Regional Debt Securitisation
No.2 plc.

Issuer: London & Regional Debt Securitisation No. 2 plc

    GBP190M A Notes, Downgraded to Baa1 (sf); previously on
    Aug 29, 2013 A2 (sf) Placed Under Review for Possible
    Downgrade

    GBP16M B Notes, Confirmed at Ba2 (sf); previously on Aug 29,
    2013 Ba2 (sf) Placed Under Review for Possible Downgrade

    GBP50M C Notes, Confirmed at B3 (sf); previously on Aug 29,
    2013 B3 (sf) Placed Under Review for Possible Downgrade

The Class A, Class B, Class C were placed on review for possible
downgrade on Aug 29, 2013. The action concludes Moody's review of
the transaction.

Ratings Rationale

The downgrade action is driven by Moody's assessment of the
restructuring completed by London & Regional Debt Securitisation
No.2 plc. The key considerations in the assessment were that (1)
significant refinancing risk remains in the transaction at the
extended loan maturity date due to uncertainty around the
execution of the challenging business plan, (2) the limited
deleveraging coming from property disposals due to the relatively
small release premium (110% of the allocated loan amount (ALA)
for the relevant property), and (3) the removal of the liquidity
facility increases the risk of of payment disruptions on the
Notes, since there is no longer protection against temporary cash
flow shortfalls that could be caused by not only collateral but
transaction parties performance as well.

The ratings on the Class B and Class C Notes are confirmed
because their current Moody's note-to-value of respectively 76%
and 94% still adequately reflect the current below investment
grade rating levels.

The Moody's loan to value (LTV) ratios for the Senior and Whole
loan based on balances as of October 2013 IPD are 94% and 136%
respectively.

Methodology Underlying the Rating Action:

The principal methodology used in this rating was Moody's
Approach to Rating EMEA CMBS Transactions published in December
2013.

Other factors used in this rating are described in European CMBS:
2013 Central Scenarios published in February 2013.

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

The main factor that could lead to a downgrade of the rating is a
decline in the property values backing the underlying loan that
is worse than Moody's expectation, leading to lower recoveries on
the loans.

The main factor that could lead to an upgrade of the rating is an
increase in the property values as a combination of improved
market conditions and successful execution of the capex plan
described in the business plan. However, the upgrade potential
would be limited by the lack of a liquidity facility.

MOODY'S PORTFOLIO ANALYSIS

London & Regional Debt Securitisation No. 2 plc closed in
July 2006 and represents the securitization of one commercial
mortgage loan advanced to a borrower which is part of the London
& Regional Group. The securitized loan is the senior portion of a
senior/ junior loan structure, of which the outstanding junior
balance is approximately GBP104.4 million. The loan is currently
secured by a portfolio of 24 properties located throughout the UK
and has an overall occupancy rate of 90% according to the latest
investor reporting dated October 2013. However, occupancy rates
range from lows of 26% in the Stratford-upon-Avon shopping center
and 40% on the Basildon business park to 100% on the Central
London hotels. The portfolio exhibits average concentration in
terms of property type with 34% of the portfolio (by
underwriter's market value) secured by hotel properties, 34% by
leisure (mainly nightclubs and casino) properties, 24% by office
and the remaining 8% by retail/mixed-use properties.
Approximately, 82% of the portfolio is located in the Greater
London area. Approximately 22% of current rental income expires
in 2014, the majority of which relates to three office buildings,
Archer House, Emperor House and Bewlay House.

Following the failure of the loan to repay at the original
maturity date in October 2013, the Borrower recently agreed with
the Noteholders and the B-Lender on the extension of the loan
maturity to 2016 and the note maturity to 2018 from 2015. In
exchange, the following restrictions were imposed on the
Borrower: 1) hard amortization targets: senior securitized debt
below GBP190 million by October 2014 and below GBP115 million by
October 2015; 2) increase of the margin on the three Loan
Facilities (which mirror the three Classes of Notes A, B and C):
from 21bps to 300bps for the A1 Loan Facility, from 30bps to
425bps for the A2 Loan Facility and from 50bps to 500bps for the
A3 Loan Facility; 3) the implementation of a full cash sweep; 4)
GBP29 million Capex Facility provided by the Sponsor to be used
to fund refurbishment works in the following properties: Epworth
House, Bewlay House and Cotton House. In the capital structure
the Capex Facility will rank junior to the Senior Loan and senior
to the B Loan; 5) allocation of all principal prepayments and
repayments (including Cash Sweep) and proceeds of enforcement on
a fully sequential basis.

The restructuring also results in the removal of all B-Lender's
rights, including cure rights and enforcements rights, which
should facilitate the assets disposal and the general management
of the portfolio, in particular on the re-development assets.

The capex plan presented by the Sponsor as an integral part of
the restructuring proposal includes as main projects: i) the
refurbishment and extension from the current 59k sq ft to 66k sq
ft of Epworth House, an office building located in Central
London; ii) the re-development of Bewlay House, an office
building also located in Central London. The scheme includes the
extension of the roof to create 9 residential units and a new
restaurant space on the ground floor; iii) the remediation of
some structural defects of Cotton House, an office building
located in Central Glasgow.

Finally a new ambitious office scheme of approximately 200k sq ft
to redevelop Emperor House, another office building located in
Central London, has been submitted for planning permission. In
this case the capex requirement to build the scheme is expected
to be in the range of GBP70 million, but no funds have been
allocated to the project so far. Moody's gave limited credit in
its valuation to the capex plan relating to the Epworth House and
Bewlay House and no credit to the Emperor House.


LUDGATE FUNDING: S&P Raises Rating on Class S Notes to 'B+'
-----------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on Ludgate Funding PLC's series 2006-FF1, 2007-FF1, and
2008-W1 mortgage-backed floating-rate notes.

Specifically, S&P has:

   -- Raised its rating on series 2006-FF1's class S notes, and
      affirmed its ratings on the class A2a, A2b, Ba, Bb, C, D,
      and E notes.

   -- Raised its ratings on series 2007-FF1's class A2a and A2b
      notes and affirmed its ratings on the class Ma, Mb, Bb, Cb,
      Da, Db, and E notes.

   -- Affirmed its ratings on all classes of notes in series
      2008-W1.

The rating actions follows S&P's credit and cash flow analysis
using the most recent transaction information that S&P has
received.  S&P has also applied its relevant criteria.

                          Series 2006-FF1

The notes are paying down principal pro rata due to satisfaction
of payment conditions under the transaction documents.  This,
combined with the pool's high proportion of interest-only-loans
is limiting the build-up of credit enhancement for the senior
classes of notes.

The reserve fund's documented amortization conditions are
satisfied and the target amount has declined.  Arrears have been
stable and the transaction is generating excess spread.  S&P's
weighted-average foreclosure frequency (WAFF) and weighted-
average loss severity (WALS) assumptions are similar to those in
S&P's previous review.

Rating     WAFF       WALS
Level        (%)       (%)

AAA       34.29      39.02
AA        25.26      33.81
A         19.53      24.66
BBB       14.63      19.54
BB        9.41       15.94

Barclays Bank PLC (A/Stable/A-1) is the liquidity facility
provider and guaranteed investment contract account in this
transaction.  When the short-term rating on the counterparty is
lower than 'A-1+', the transaction documents outline remedies of
either a replacement, or a 'draw to cash' for the liquidity
facility.  Because the issuer has not implemented a remedy within
the specified timeframe, S&P cannot rely on this replacement
framework.  S&P's criteria therefore cap the maximum potential
rating that it can assign to this transaction at our long-term
issuer credit rating (ICR) on Barclays Bank, which is 'A'.

Taking the above considerations into account and the
transaction's stable performance, S&P has affirmed its ratings on
the class A2a, A2b, Ba, Bb, C, D, and E notes.  The class S notes
are excess spread notes, and the balance of the notes has
declined to GBP1.03 million from GBP2.3 million since our June
2012 review.  As the transaction has continued to generate excess
spread, S&P has raised to 'B+ (sf)' from 'CCC- (sf)' its rating
on this class of notes.

                          Series 2007-FF1

The transaction has deleveraged relatively slowly due to the
pool's high proportion of interest-only-loans (92.13%).  The
transaction is paying down principal sequentially; the class A1
notes redeemed in full on the January 2014 payment date so the
class A2 notes have started to pay principal as the senior class
of notes.

This transaction benefits from a fully funded reserve fund and
has generated steady excess spread over the past nine quarters.
Arrears have remained stable, and S&P's WAFF and WALS assumptions
have decreased since its June 2012 review as a result of the
transaction's increased seasoning.

Rating     WAFF       WALS
Level        (%)       (%)

AAA       39.37      46.10
AA        28.75      41.62
A         22.38      33.33
BBB       16.76      28.51
BB        10.88      25.01

S&P has withdrawn its ratings on the class A1a, A1b, and A1c
notes as they have redeemed in full.  Taking this into account
and the stable performance of the pool's collateral, S&P has
raised its ratings to 'A+ (sf)' from 'A (sf)' on the class A2a
and A2b notes, and affirmed its ratings on all other classes of
notes.

                          Series 2008-W1

Available credit enhancement has continued to increase since
S&P's June 2012 review due to the transaction's deleveraging and
the reserve fund's replenishment.

Periodic repossessions and losses, as well as severe arrears
(more than 90 days) have decreased.  Total arrears (including
repossessions) have decreased to 9.41% from 12.97% in June 2012.
The transaction also benefits from increasingly seasoned assets;
the performing loans' weighted-average seasoning is more than
five years.

As a result of the improving asset performance, S&P's WAFF and
WALS assumptions have decreased since its June 2012 review.

Rating    WAFF        WALS
Level       (%)        (%)

AAA       39.94      50.19
AA        29.78      46.32
A         23.61      38.88
BBB       17.71      34.55
BB        12.05      31.36

Taking the above factors into account, S&P's current view of the
UK's macroeconomic outlook, and the results of S&P's cash flow
analysis, it has affirmed its ratings on the class A1, A2b, Bb,
Cb, D, and E notes.

The currency swap agreement is not in line with S&P's current
counterparty criteria.  Accordingly, S&P's ratings on the notes
in this transaction are capped at its 'A' long-term ICR on
Barclays Bank plus one notch (i.e. 'A+').

Ludgate Funding's series 2006-FF1, 2007-FF1, and 2008-W1 are U.K.
residential mortgage-backed securities (RMBS) transactions
securitizing nonconforming and buy-to-let loans originated by
Wave (previously Freedom Funding).  The transactions closed in
November 2006, June 2007, and March 2008, respectively.

RATINGS LIST

Ludgate Funding PLC

Class    Ratings       Ratings
         To            From

Series 2006-FF1
EUR156.4 Million, GBP271.8 Million Mortgage-Backed Floating-Rate
Notes

Rating Raised

S        B+ (sf)       CCC- (sf)

Ratings Affirmed

A2a      A (sf)
A2b      A (sf)
Ba       A (sf)
Bb       A (sf)
C        BBB (sf)
D        B (sf)
E        B- (sf)

Series 2007-FF1
EUR197.2 Million, GBP256.15 Million, $55 Million Mortgage-Backed
Floating-Rate Notes And Excess-Spread Backed Floating-Rate Notes

Ratings Raised

A2a      A+ (sf)       A (sf)
A2b      A+ (sf)       A (sf)

Ratings Affirmed

Ma       BBB (sf)
Mb       BBB (sf)
Bb       BB (sf)
Cb       B+ (sf)
Da       B- (sf)
Db       B- (sf)
E        B- (sf)

Ratings Withdrawn

A1a      NR            AAA (sf)
A1b      NR            AAA (sf)
A1c      NR            AAA (sf)

Series 2008-W1
EUR102.7 Million, GBP321 Million Mortgage-Backed Floating-Rate
Notes

Ratings Affirmed

A1       A+ (sf)
A2b      A- (sf)
Bb       BBB- (sf)
Cb       BB- (sf)
D        B (sf)
E        B- (sf)


MIVAN NO. 1: 98 Jobs Lost Following Administration
--------------------------------------------------
BreakingNews.ie reports that almost 100 jobs have been lost after
Mivan went into administration.

Merger talks at Antrim-based Mivan failed to reach agreement amid
intense competition in the global market for specialist fit-out
and building contracts, BreakingNews.ie relates.

According to BreakingNews.ie, a spokesman for administrators
Deloitte confirmed that 98 posts had gone.

Mivan employed 289 people when it entered the restructuring
process earlier this month and is the main trading company
created from changes to the group in 2012, BreakingNews.ie
relays.

The remaining employees will stay in post while Deloitte explores
a potential sale of the business, BreakingNews.ie states.

"While we hope to achieve a potential sale of the business, we
are reviewing trading on a daily basis and this includes the
employment situation," BreakingNews.ie quotes administrator Peter
Allen of Deloitte as saying.

"Where customers can no longer continue with contracts, the jobs
associated with these contracts have, unfortunately, been lost."

Mivan No. 1 Ltd. was founded in 1975 by Dr. McCabrey while he was
still an engineering student at Queen's University Belfast.



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


* Moody's Says Repayment Rate Hits Lowest Level for EU CMBS Loans
-----------------------------------------------------------------
Only 22% of the 31 commercial mortgage-backed securities (CMBS)
loans (EUR2.3 billion) scheduled to mature in Q4 2013 repaid at
maturity or prepaid, lower than the four-quarter rolling average
of 37%, says Moody's Investors Service in a new report published
on Jan. 16. At the same time, Q4 had the highest proportion of
defaulted or repaid-with-loss loans of any quarter in the last
two years.

The new report is entitled "European CMBS Loan Maturities Update:
Lowest Repayment Rate in Two Years Recorded in Q4 2013".

Moody's says that the low prepayment rate was due to the high
leverage of the loans and the secondary quality of the underlying
assets.

"The high Q4 default rate was in line with our expectations, as
predicted by the high Moody's loan-to-value (LTV) ratios of the
loans and the fact that secondary retail and mixed portfolio
assets -- which have underperformed other property types --
backed a large number of the loans," explains Radostina
Atanasova, a Moody's Analyst and author of the report.

Most loans maturing in Q4 were secured by assets located in the
UK and Germany, at 45% and 29% respectively. Additionally, small
loans with balances up to EUR50 million accounted for more than
half of the total.

"For Q1 2014, a total of 25 loans with a securitized balance of
EUR2.5 billion have original scheduled maturity dates and we
expect only a third of them to repay upon maturity. We base our
expectations on the high proportion of loans with high LTV ratios
and low Moody's debt yield, as well as the secondary quality and
locations of the underlying assets," adds Ms. Radostina
Atanasova.

A total of 77 EMEA CMBS loans representing approximately EUR7.3
billion have to refinance in 2014.


* Fitch Says Maturity Mismatches Can Lead to Interest Shortfall
---------------------------------------------------------------
Fitch Ratings says that discrepancies between loan maturity dates
and loan interest payment dates, which are the exception rather
than the rule in CMBS transactions, can lead to note interest
shortfalls.  The comment is the first of Fitch's Lessons Learned
in EMEA CMBS series, aimed at identifying structural shortcomings
in legacy CMBS transactions.

In recent years, several transactions have suffered note interest
shortfalls attributable not to poor loan performance (for which
external liquidity support is typically available) but rather to
issuer documentation deficiencies.  One striking example, and the
subject of this comment, was Tahiti Finance plc, a UK single
borrower transaction, the underlying loan of which was repaid in
full at maturity on 24 May 2013.

Despite a successful outcome at the borrower level, the notes
suffered a final payment interest shortfall because of timing
mismatches at the loan level.  Although loan maturity was
extended as part of a restructuring approved around the time of
the original maturity date May 24, 2010), the opportunity to fix
an obscure timing problem in the loan was not taken: as with the
original date, the extended maturity fell in between loan
interest payment dates (IPDs) set as the 15th day of January,
April, July and October (with the note IPDs one month
thereafter). Accordingly, no interest would be earned from the
borrower between May 24 and the earliest note IPD on which
principal could be repaid to investors, August 15.

Although this problem was subsequently identified, investors had
already accrued unaffordable interest before the trustee convened
a noteholder meeting to resolve to bring forward the notes final
payment date.  The magnitude of the final shortfall was
considered by Fitch to be minimal in comparison to the size of
the deal (which otherwise repaid in full) and did not warrant
negative rating action.  Nevertheless, a structure that creates
unnecessary negative carry is less than ideal.  Most likely, the
effect of such a mismatch was not appreciated either when the
loan was securitized or subsequently restructured.

Such a structural defect would be more problematic in a single
borrower transaction (as with Tahiti) than in a multi-borrower
deal, where the effect of a timing mismatch may be contained.
Fitch has reviewed outstanding single borrower transactions in
its rated portfolio, as well as those that have repaid in the
last three years, for similar timing mismatches at the loan
level. Furthermore, prepayment language was reviewed in case mid-
period repayment could cause a similar outcome.

In one other case, Mesdag (Delta) B.V., something similar was
observed although Fitch found that the corresponding note accrual
period was automatically adjusted, thus avoiding negative carry.
In another case, Bluebonnet Finance plc, a non-performing loan
transaction structured similar to a single borrower CMBS, the
loan contained a similar timing mismatch, although provisions
were in place to ensure the borrower would "make whole" a full
period of interest at maturity.

Fitch also found that such "make whole" language is a common
feature in EMEA CMBS loans, where it serves to prevent note
shortfalls arising due to mid-period prepayment (some loans go so
far as restricting prepayment to IPDs only).

From this review, Fitch believes that the Tahiti Finance case was
an isolated case within the set of single borrower EMEA CMBS. The
agency will continue to screen new transactions for this risk,
and takes this opportunity to alert market participants to this
issue. The agency's intention is to follow this with comments on
other weaknesses as part of a series of "Lessons Learned in EMEA
CMBS".


* Nordic Specialised Lenders Model for Public Sector Financing
--------------------------------------------------------------
The public policy mandates, robust liquidity positions and
healthy risk management of Nordic specialised lenders provide a
robust model for similar public sector financing agencies in
France and the UK, says Moody's Investors Service in a Special
Comment published on Jan. 16.

The report is entitled "Nordic Specialised Lenders: a model for
public sector financing agencies in France and the UK".

Moody's report provides an overview of the key characteristics
that underlie its view of the creditworthiness of Nordic
specialised lenders. In particular, the rating agency highlights
three main characteristics.

Firstly, Moody's notes that the public policy mandates of Nordic
specialised lenders result in portfolios of low-risk loans to a
closely monitored and highly regulated sector. Secondly, their
robust liquidity positions provide buffers against the risk of
disruptions in capital market activities or missed loan
repayments by members. Lastly, their healthy risk management
provides support to their robust creditworthiness, reflecting
fiscal conservatism which is linked to their public policy
mandates and lack of a profit motive.

In the report, Moody's also highlights how the Nordic model for
specialised lenders has been adopted elsewhere in Europe. For
example, 11 French local governments created the Agence France
Locale in October 2013, which is tasked with borrowing funds and
on-lending to its shareholder regional and local governments.
Moreover, the Local Government Association in the UK voted to
establish a municipal bond agency to undertake the same financing
activities for its members one month later.


* BOND PRICING: For the Week January 13 to January 17, 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
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re-mailing and photocopying) is strictly prohibited without prior
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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,
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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 * * *