TCREUR_Public/140127.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 27, 2014, Vol. 15, No. 18

                            Headlines

A U S T R I A

ALPINE BAU: Final Tranche of Machinery Auction in Europe Starts


B U L G A R I A

CHIMCO: Bulgaria to Acquire Business by End of February


F R A N C E

GOODYEAR TIRE: Ends Fight with French Workers, May Sell Factory
PEUGEOT SA: Moody's Says Planned Capital Increase Credit Positive


G E R M A N Y

KRAUSSMAFFEI GROUP: Moody's Assigns B2 Rating to EUR325MM Notes
PROKON REGENERATIVE: Minister Promises Reforms After Insolvency


H U N G A R Y

KORMEND ES VIDEKE: NBH Orders Liquidation on Weak Liquidity


I R E L A N D

AVOCA CLO VIII: Fitch Affirms Bsf Rating on Class E Notes
EGRET FUNDING: S&P Lowers Rating on Class E Notes to 'CCC+'
HARBOURMASTER CLO 3: Fitch Affirms 'CC' Ratings on 3 Note Classes
MOUNT CARMEL: In Liquidation; More Than 300 Jobs at Risk


I T A L Y

ITALFINANCE 2007-1: Fitch Affirms 'B' Rating on Series 1-D Notes
SIENA MORTGAGES: Moody's Cuts Rating on EUR239MM C Notes to 'B3'


K A Z A K H S T A N

ALLIANCE BANK: Sets Outs Terms for Second Debt Restructuring
HALYK BANK: Fitch Upgrades LT Issuer Default Ratings to 'BB'


L U X E M B O U R G

FINANCIERE DAUNOU: Moody's Assigns 'B3' Corporate Family Rating
YPSO HOLDING: Moody's Assigns 'B1' CFR; Outlook Positive


M A C E D O N I A

PROCREDIT BANK: Fitch Affirms 'BB+' Issuer Default Ratings


N E T H E R L A N D S

JUBILEE CLO 2014-XI: Moody's Rates EUR16MM Cl. F Notes 'B2'
WOOD STREET VI: Fitch Affirms 'B-sf' Rating on Class E Notes


R U S S I A

ABSOLUT BANK: Moody's Reviews B1 Deposit Ratings for Downgrade
ALTAI REGION: Fitch Affirms 'BB+' LT Issuer Default Ratings
CHUVASH REPUBLIC: Fitch Affirms BB+ LT Issuer Default Ratings
KAZAN CITY: Fitch Hikes LT Issuer Default Rating to 'BB-'
SDM-BANK JSC: Fitch Rates New Unsecured Bond Issues 'B+(EXP)'


S W E D E N

SSAB AB: Agrees to Combine with Finnish Rautaruukki


U N I T E D   K I N G D O M

EUROSAIL-UK 2007-6NC: S&P Cuts Ratings on 2 Note Classes to CCC
HEARTS OF MIDLOTHIAN: Administrators Await UBIG Draft Agreement
INCANITE FOUNDRIES: Goes Into Administration
PROFESSIONAL LIGHTING: Files For Insolvency in Germany
WILSONS SOLICITORS: Appoints Walsh Taylor as Liquidator


X X X X X X X X

* BOND PRICING: For the Week January 20 to January 24, 2014


                            *********


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


ALPINE BAU: Final Tranche of Machinery Auction in Europe Starts
---------------------------------------------------------------
The processing of one of the biggest insolvencies of a
construction company, Alpine Bau, in Europe enters its final
stage concerning the movables.  Karner & Dechow, the biggest
private auction house for insolvencies, begins auctioning the
second and final tranche of the movables of the Alpine
construction on behalf and on account of the liquidator Dr.
Stephan Riel.

For the auctions beginning on January 23rd, about 5,000 machinery
and equipment will be put online which include construction
machinery for high building; underground and road construction,
which were brought back from construction sites; floor conveyors
as lift trucks; all kinds of tools; the hole machinery and tool
spare parts warehouse; the office furniture and equipment of four
building yards; as well as some positions of steel.

For further details about the auctions and the positions
(including starting bids, photos and visiting times), see
http://www.karner-dechow.at.

Alpine Bau GmbH is Austria's second biggest construction group.
Alpine Bau, owned by Spain's Fomento de Construcciones y
Contratas SA, filed for insolvency on June 19 with liabilities of
EUR2.56 billion (US$3.4 billion).



===============
B U L G A R I A
===============


CHIMCO: Bulgaria to Acquire Business by End of February
-------------------------------------------------------
SeeNews reports that Dragomir Stoynev, Bulgaria's economy
minister, said on Thursday the country plans to acquire insolvent
fertilizer plant Chimco by the end of February, aiming to revive
it as soon as possible.

However, the final price, Mr. Stoynev, as cited by SeeNews, said
remains to be seen.

The state-run Bulgarian News Agency quoted Mr. Stoynev on Jan.
23, 2014, as saying the state would probably pay around BGN50
million (US$35 million/EUR25.6 million) for Chimco, SeeNews
notes.

Chimco halted operations in 2003, SeeNews relates.  It was
declared bankrupt in 2004, the report relays.

Chimco used to be Bulgaria's biggest urea producer.  The company
produced ammonia, carbon dioxide, argon and various types of
catalysts, as well.



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


GOODYEAR TIRE: Ends Fight with French Workers, May Sell Factory
---------------------------------------------------------------
Gabriele Parussini, writing for The Wall Street Journal, reported
that workers at a Goodyear Tire & Rubber Co. factory in northern
France agreed to end seven years of legal disputes with the
company in exchange for severance packages, potentially opening
the door to a sale of the factory to U.S. tire maker Titan
International Inc.

The report recalled that Titan Chief Executive Maurice Taylor,
who made headlines last year after criticizing French labor laws
and work habits, said he was willing to consider taking over the
plant now that Goodyear had resolved its disagreement with the
1,173 workers.

"I've always said to Goodyear, 'If you straighten up the mess
you've got there, I'm willing to come in,' " Mr. Taylor said on
Jan. 22, the report cited.  "I'm not running away." He said he
hadn't been contacted by Goodyear.

According to the report, workers led by the CGT union in recent
months occupied the factory in Amiens as they demanded that the
company agree to better severance packages.  This month, they
prevented two of the plant's managers from leaving the facility
and let them go only after the police intervened.

The troubles started in 2007 when the Akron, Ohio, company
decided to restructure its two production sites in Amiens, the
report related.  The company asked employees to change production
shifts so the plant could churn out tires for cars and
agricultural machines around the clock.  After workers rejected
the proposal, management unveiled a plan to cut 402 jobs. Workers
sued the company, arguing the layoffs were unlawful.

The Goodyear Tire & Rubber Company manufactures tires.  The
Company operates its business through four operating segments
representing its regional tire businesses: North American Tire;
Europe, Middle East and Africa Tire; Latin American Tire; and
Asia Pacific Tire.  The Company is headquartered in Akron, Ohio.


PEUGEOT SA: Moody's Says Planned Capital Increase Credit Positive
-----------------------------------------------------------------
Moody's Investors Service disclosed on Jan. 20, 2014, that
Peugeot SA (B1 negative) confirmed in a press release its plan to
raise EUR3.0 billion through a capital increase in which Dongfeng
Motor, PSA's joint venture partner in China, as well as the
French State may participate, though noting that there is still a
material uncertainty of the completion of such plan as well as
implementation scenarios.

Moody's would view the cash inflow resulting from the capital
increase as a credit positive for PSA. Firstly, it would
strengthen PSA's liquidity profile which although still strong
will be negatively impacted by the anticipated cash outflow of
approximately EUR2.0 billion in fiscal year 2013 in Moody's base
scenario comprising of a negative free cash flow from operations
of around EUR1.5 billion and an additional cash out for
restructuring measures estimated in the magnitude of around
EUR0.5 billion. Secondly, the strengthened liquidity buffer would
buy PSA some additional time to reap the benefits of its
restructuring and cost saving measures and would enable the
company to continue to invest into the continuous renewal of its
product range and state of the art technology.

In its note, PSA also expressed its preferred scenario for the
implementation of the capital increase including Dongfeng and the
French State to become new shareholders. The targeted size of the
respective stakes have not been published. In any case, Moody's
would not anticipate that Dongfeng could make a material
contribution to the operational and strategic challenges PSA is
facing with regards to its high dependence on the European car
market and its limited -- even if growing -- exposure in higher
growth markets.

Moody's will await details of the potential capital increase and
of PSA's results for fiscal year 2013 (expected February 19,
2014) to assess the impact on the outlook, and possibly on the
rating.

Peugeot SA is Europe's second largest maker of light vehicles
with its two main brands Peugeot and Citroen. In addition, PSA
held a 57% interest in Faurecia, one of Europe's leading
automotive suppliers (turnover of EUR17.9 billion in the 12
months ended 30 June 2013; rated B1 stable), and remains a 25%
shareholder in Gefco, France's second largest transportation and
logistics service provider. The PSA group also provides financing
to dealers and end-customers through its wholly owned finance
subsidiary, Banque PSA Finance. In the 12 months ended June 30,
2013, the PSA group generated revenues of EUR54.3 billion and
reported a recurring operating loss of EUR0.6 billion.



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


KRAUSSMAFFEI GROUP: Moody's Assigns B2 Rating to EUR325MM Notes
---------------------------------------------------------------
Moody's Investors Service assigned a definitive B2 (LGD3, 44%)
rating to the EUR325 million senior secured notes issued by
KraussMaffei Group GmbH (formerly KM Germany Holdings GmbH,
"KraussMaffei Group" or "the group") and its indirectly wholly
owned subsidiary, KM US Holdings II, Inc. (merged into and with
MPM Holdings III Corporation). The B2 Corporate Family Rating
(CFR) and B2-PD Probability of Default Rating as well as the
stable outlook remain unchanged.

The following ratings have been assigned:

EUR325M Senior Secured Regular Bond/Debenture, Assigned B2

EUR325M Senior Secured Regular Bond/Debenture, a range of LGD3,
44%

Ratings Rationale

Moody's definitive ratings are in line with the provisional
ratings assigned on December 5, 2012.

The B2 Corporate Family Rating is supported by the group's
strengths with regard to (i) its strong market position, (ii) a
unique combination of technologies and (iii) favorable long-term
growth drivers. On a more negative note, the rating is
constrained by (i) the highly cyclical nature of its main end
markets, (ii) a weak level of profitability, as reflected by an
EBITDA margin of around 9.6% (as reported by KraussMaffei Group,
before PPA) per 09/2013 compared to its direct peers in the
industry, such as Husky International Ltd. (B2 negative), despite
its strong market position, mainly driven by low efficiency in
operations, (iii) a relatively low share of service revenues
which could mitigate the cyclicality of its new equipment
business, (iv) a high leverage, as reflected by debt/EBITDA of
around 4.9x (before PPA) as of 09/2013.

Although being a rather mid-sized player in the heavy
manufacturing universe with about EUR1.07 billion sales generated
in the 12-month period ended September 2013, KraussMaffei Group
is the global leader for plastic and rubber system solutions,
holding top 3 market position in all key plastic and rubber
processing technologies. With its products covering the full
range of technologies including injection molding machinery,
extrusion technology as well as reaction process machinery, the
group has the broadest product offering in its industry. This
results in a competitive edge in terms of the ability to offer
sophisticated system solutions and provides access to a wider and
more diversified customer base.

During the first nine months of 2013, KraussMaffei Group's sales
and operating margin (excl. PPA and restructuring) remained
stable on prior year level. The volume and profitability
improvements at injection molding machinery and reaction process
machinery segment due to healthy growth in the automotive
industry and in Western Europe were offset by the
underperformance at extrusion segment driven by decline in the
rubber industry. KraussMaffei Group has reaffirmed its cost
saving targets communicated in the Offering Circular for its
Senior Secured Notes and exceeded its initial target of EUR9.2
million profitability improvements from October 2012 to September
2013 by EUR5 million. However, one of the major near-term
challenges for the group remains the successful implementation of
further extensive restructuring measures targeting additional
EUR18 million cost savings to be achieved in 2014-15.

According to Moody's preliminary calculation, EBITA margin as
adjusted by Moody's temporarily declined to below 4.0% in the 12-
month period ended September 2013, driven by EUR25 million
negative effect from the PPA accounting on EBIT in the first year
after closing of the transaction. Excluding the PPA effect, EBITA
margin is estimated to slightly decrease to 6.2% driven by the
underperformance at the extrusion segment, which will swiftly
improve from FY2014 onwards when efficiency gains accelerate over
time amid an overall positive market sentiment supported by
current stable order backlog.

"In our loss given default assessment, we have assigned the first
rank to the company's EUR100 million committed revolving credit
facility, given the preferred access to highly liquid collateral.
Due to the EUR25 million limit for cash borrowings under the
revolver, we modeled this instrument with this amount in our LGD
assessment, assuming an incremental utilization of 100%, since
the overall amount of the revolver is at the lower end of our
expectations for a heavy manufacturing company," Moody's said.

"Due to the weaker collateral position of the EUR325 million
bond -- preferred access to less liquid collateral compared to
the revolving credit facility -- we view this instrument one
level lower on second rank. Trade payables also rank second
together with the bond, which is considered to be the senior most
significant financial debt. Finally, pension liabilities and
future minimum lease payments (due within 1 year) rank in third
place reflecting the unsecured status of these liabilities. Given
the small amount of debt on rank 1 and a sizeable layer of debt
on rank 2, Moody's has assigned a B2 instrument rating to the
bond issuance (LGD3, 44%), in line with the Corporate Family
Rating," said Moody's.

The corporate family rating has been assigned to KraussMaffei
Group GmbH, however the reporting entity is Munich Holdings II
Corporation S.a.r.l., the entity holding the equity of
KraussMaffei Group GmbH. KraussMaffei Group management confirmed
to us that the KraussMaffei Group GmbH does not have any
additional debt-like obligations, such as shareholder loans.

The outlook on the ratings is stable. "This mirrors our
expectation that KraussMaffei Group will largely withstand
pressure from weakening European demand due to its global reach.
This, together with cost cutting measures feeding through, should
enable the company to gradually improve operating profitability
from FY2014 onwards. The stable outlook also assumes that the
group preserves a solid liquidity cushion including sufficient
headroom under its financial covenant going forward, supported by
positive free cash flow generation. We expect any further
increase in requirements on letters of credit to be covered by
the company's cash generation," according to Moody's.

"Positive rating pressure could arise if KraussMaffei Group would
be able to show a sustainable increase in profitability, as
reflected in EBITA margins above 7.5%. In addition, a B1
Corporate Family Rating would require a reduction of leverage to
below 4.5x debt/EBITDA, and interest cover to exceed 2.0x
EBIT/Interest Expense, all on a sustainable basis," said Moody's.

"Conversely, downward pressure would build if the group is not
able to achieve operational improvement from restructuring
measures as we expect, resulting in EBITA margin remaining below
5% after FY2013, leverage deteriorating to above 6.0x debt /
EBITDA, or EBIT / Interest Expense falling below 1.5x. Any
deterioration of short-term liquidity would also add negative
pressure," according to Moody's.

The principal methodology used in this rating was the Global
Heavy Manufacturing Rating Methodology published in November
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 Munich, Germany, KraussMaffei Group with its
three brands KraussMaffei, KraussMaffei Berstorff and Netstal is
the global leader for machines and system solutions for the
plastics and rubber processing industry. Its business portfolio
covers the full range of technologies including (i) injection
molding machinery (59% of group LTM sales as of September 2013),
(ii) extrusion technology (28%) as well as (iii) reaction process
machinery (13%). During the last 12 months ended September 30,
2013, the group generated sales of EUR1,065 million with around
4,200 employees. KraussMaffei Group GmbH serves as the German top
holding company of the KraussMaffei Group and is indirectly owned
by the Canadian private equity company Onex Corporation, which
has completed the acquisition of KraussMaffei Group from Madison
Capital Partner as of December 28, 2012.


PROKON REGENERATIVE: Minister Promises Reforms After Insolvency
---------------------------------------------------------------
Noah Barkin, Jan Schwartz, Anneli Palmen, Ludwig Burger and
Christoph Steitz at Reuters report that Heiko Maas, Germany's
justice minister, has promised tougher regulation of niche
investment products after the insolvency of Prokon.

"The Prokon case shows once again that we must regulate the grey
capital market," Reuters quotes Mr. Maas as saying.  "We have to
create transparency where consumers are struggling to protect
themselves."

The insolvency deals a blow to thousands of retail investors who
had hoped to profit from Germany's shift from nuclear to
renewable power, such as wind and solar, Reuters notes.

Prokon founder Carsten Rodbertus, speaking at the company's
headquarters in Itzehoe near Hamburg on Thursday, admitted to
making mistakes but vowed to stick to his business model and
continue operations, Reuters relates.  He said he had already
begun talks on the sale of individual wind parks, Reuters
recounts.

Marc Tuengler of DSW, a lobby group for private shareholders, and
Michael Kemmer, head of the German banking association, both
called for changes in the way niche investment products like
those sold by Prokon are regulated, Reuters relays.

According to Reuters, the banking association is calling for
Bafin, the financial regulator responsible for supervision of
German banks, to be given responsibility for such products as
well.

But Michael Meister, a senior official in the German finance
ministry, cast doubt on whether new rules were the answer,
Reuters states.

"Retail investors ultimately carry the responsibility for their
decisions," Mr. Meister, as cited by Reuters, said.

Prokon investors are in the dark about whether they may get some
of their money back, Reuters says.  As the company has not
published detailed financial results since 2011, it may take time
for insolvency administrator Dietmar Penzlin to sort through its
finances, Reuters discloses.

Prokon Regenerative Energien GmbH is a German wind park operator.



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H U N G A R Y
=============


KORMEND ES VIDEKE: NBH Orders Liquidation on Weak Liquidity
-----------------------------------------------------------
MTI-Econews reports that the National Bank of Hungary on Thursday
ordered the liquidation of the Kormend es Videke
Takarekszovetkezet due to weak liquidity.

The NBH said Hungary's National Deposit Insurance Fund would
compensate the cooperative's savings-account holders within
20 working days.

Kormend es Videke Takarekszovetkezet is a savings cooperative
based in the town of Kormend, West Hungary.  It operated 11
branches in Hungary, including three in Budapest.



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


AVOCA CLO VIII: Fitch Affirms Bsf Rating on Class E Notes
---------------------------------------------------------
Fitch Ratings has affirmed Avoca CLO VIII Limited, as follows:

-- EUR294.1 million class A1 (ISIN XS0312372112): affirmed at
    'AAAsf'; Outlook Stable

-- EUR52.6 million class A2 (ISIN XS0312377772): affirmed at
    'AAAsf'; Outlook Stable

-- EUR34.0 million class B (ISIN XS0312378747): affirmed at
    'AAsf'; Outlook Stable

-- EUR30.0 million class C (ISIN XS0312379984): affirmed at
    'BBBsf'; Outlook Stable

-- EUR21.5 million class D (ISIN XS0312380305): affirmed at
    'BBsf'; Outlook Stable

-- EUR21.5 million class E (ISIN XS0312380727): affirmed at
    'Bsf'; Outlook Stable

-- EUR3.0 million class U (ISIN 0312381451): affirmed at 'BBsf';
    Outlook Stable

Avoca CLO VIII is a securitization of primarily senior secured
loans, unsecured loans, mezzanine loans and high yield bonds,
actively managed by Avoca Capital Holdings.

Key Rating Drivers

The affirmation reflects the transaction's stable performance
since the last review in January 2013.  Since then, the class A1
notes have amortized by EUR1.8 million due to breached coverage
tests, which combined with active trading has had a positive
effect on credit enhancement for all the notes.  Reinvestment of
unscheduled proceeds will be possible if a set of criteria is
fulfilled.  However, Fitch expects that amortization will
accelerate after the end of the reinvestment period as the
portfolio begins to pay down.

The portfolio comprises mainly European assets, with the share of
US assets having increased over the past year to over 10% from
below 5%. Non-euro-denominated assets include USD, GBP, as well
as SEK assets, which are hedged through cross currency swaps.

European peripheral assets include Spain, Ireland and Italy and
make up 12% of the overall portfolio. The largest country
exposure is France with 22%, followed by Germany with 19% and the
UK with 16%.

Fitch has concerns about potential extensions of the portfolio's
maturity profile through either further reinvestment or maturity
extensions of the already included assets, which may prolong the
portfolio's amortization.  The percentage of assets maturing
between 2018 and 2021 has increased substantially over the past
year to 66% from 28%.

Rating Sensitivities

Fitch conducted a number of stress tests to analyze the ratings'
sensitivity to a change in the underlying assumptions.  The first
test simulated a decrease of the recovery rates by 25%, which
indicated a minor negative impact on the junior notes by one to
two notches.  The second test simulated an increase of the
default rate by 25% and indicated some sensitivity of the current
ratings of class A2 notes, which could lead to a potential
downgrade of one notch.


EGRET FUNDING: S&P Lowers Rating on Class E Notes to 'CCC+'
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Egret Funding CLO I PLC's class A, B, and C notes.  At the same
time, S&P has lowered its ratings on the class D and E notes.

The rating actions follow S&P's review of Egret Funding CLO I's
performance based on the December 2013 payment date report.  S&P
has applied its relevant criteria and conducted its credit and
cash flow analysis.

The transaction is amortizing and the class A notes have
partially amortized since the end of the reinvestment period in
2012.  The class A notes' current outstanding balance is
EUR169.40 million (58.67% of its initial balance).  On the
December 2013 payment date, the issuer paid EUR85,071,072.36
million toward amortizing principal on the class A notes.

S&P has observed that the overcollateralization tests for the
class D and E notes are failing compared with its previous
review. Although the class A, B, and C notes'
overcollateralization tests are above the documented triggers,
S&P has observed that the cushions (the difference between the
percentage of overcollateralization and the documented triggers)
have reduced.

The transaction's average obligor exposure has increased since
S&P's previous review (mainly due to paydown of the assets in the
pool).

S&P has also observed a positive rating migration in the pool.
This -- combined with a shorter time-to-maturity (the weighted-
average life has reduced to 4.41 years from 4.68) -- has resulted
in lower scenario default rates at each rating level.  (Scenario
default rates are the minimum level of portfolio defaults S&P
expects each collateralized debt obligation [CDO] tranche to be
able to support the specific rating level using the Standard &
Poor's CDO Evaluator.)

S&P subjected the capital structure to its cash flow analysis,
based on the methodology and assumptions outlined in its
corporate CDOs criteria, to determine the break-even default
rates for each class of notes.  S&P used the reported portfolio
balance that it considered to be performing, the principal cash
balance, the weighted-average spread, which has increased since
S&P's previous review (to 3.86% from 3.42% in 2012), and the
weighted-average recovery rates (WARR) that S&P considered to be
appropriate.  S&P incorporated various cash flow stress scenarios
using various default patterns, levels, and timings for each
liability rating category, in conjunction with different interest
rate stress scenarios.

Taking into account the results of S&P's credit and cash flow
analysis and developments in the transaction since its previous
review, S&P considers the credit enhancement available to the
class A, B and C notes to be commensurate with higher ratings
than previously assigned.  S&P has therefore raised its ratings
on these classes of notes.

In considering a proposed rating for a tranche, S&P ascertains
whether the current credit enhancement is sufficient to address
its applicable supplemental tests and the credit and cash flow
analysis.  Any of these analyses may constrain S&P's rating on
the tranche.  This test assesses whether a CDO tranche has
sufficient credit enhancement to withstand specified combinations
of underlying asset defaults (based on the rating on the
underlying assets).

S&P has lowered its ratings on the class D and E notes based on
the application of its supplemental tests.  The supplemental
tests showed that the available credit enhancement is only
commensurate with 'B+ (sf)' and 'CCC+ (sf)' ratings on the class
D and E notes, respectively.

Egret Funding CLO I is a collateralized loan obligation (CLO)
transaction, which closed in December 2006.  The transaction
securitizes loans to primarily speculative-grade corporate firms.

RATINGS LIST

Class           Rating         Rating
                To             From

Egret Funding CLO I PLC
EUR432.9 Million Floating-Rate Notes

Ratings Raised

A               AA+ (sf)        AA- (sf)
B               AA- (sf)        A- (sf)
C               BBB+ (sf)       BB+ (sf)

Ratings Lowered

D               B+ (sf)         BB- (sf)
E               CCC+ (sf)       B (sf)


HARBOURMASTER CLO 3: Fitch Affirms 'CC' Ratings on 3 Note Classes
-----------------------------------------------------------------
Fitch Ratings has affirmed Harbourmaster CLO 3 Ltd's
(Harbourmaster CLO 3) notes, as follows:

-- Class A (ISIN XS0152283692): affirmed at 'CCCsf'; Recovery
    Estimate 95%

-- Class B-1 (ISIN XS0152285630): affirmed at 'CCsf''; Recovery
    Estimate 0%

-- Class B-2 (ISIN XS0152285804): affirmed at 'CCsf'; Recovery
    Estimate 0%

-- Class C (ISIN XS0152286281): affirmed at 'CCsf'; Recovery
    Estimate 0%

Harbourmaster CLO 3 Limited is a securitization of mainly
European senior secured loans and structured finance securities.
At closing a total note issuance of EUR438 million was used to
invest in a target portfolio of EUR430 million. The portfolio is
managed by Blackstone/GSO Debt Funds Management Europe Ltd.

Key Rating Drivers

The ratings at distressed levels reflect the significant share
(88.3%) of long-dated assets in the performing portfolio as of
the 8 January 2014 report.  Because only one asset in the
portfolio matures before the transaction's legal maturity in July
2014 the long-dated assets will need to be sold prior to their
maturity, exposing the transaction to substantial market risk.

As of the January 8, 2014 investor report, 55% of the portfolio
was rated 'B-' or below, and 15% of the assets rated 'B-' were on
Negative Outlook. Additionally the 'CCC' and below bucket is at
18% of the portfolio, suggesting that market prices for these
assets could be volatile.  For the senior notes to pay in full,
the weighted average market value obtained from the performing
portfolio should be at least 84%.  This also means classes B and
C would not receive any principal payment by maturity date.

During the past year the class A notes paid down by roughly EUR88
million, reducing the outstanding balance to 17% of the note's
initial balance as of end-January 2014.  This deleveraging has
increased the levels of credit enhancement available to class A
by only 4% due to an increase in defaults to a cumulative total
of EUR14.7 million.  This has in turn reduced the level of credit
protection for classes B and C to negative 6.4% and 15.7%,
respectively.

Related potential losses have been in the Recovery Estimates,
which represent Fitch's calculation of expected principal
recoveries, as a percentage of current note principal
outstanding.

Rating Sensitivities

Because the ratings of the notes are at distressed levels, the
ratings would solely be sensitive to changes in market values.


MOUNT CARMEL: In Liquidation; More Than 300 Jobs at Risk
--------------------------------------------------------
Independent.ie reports that more than 300 people are to lose
their jobs after the High Court approved the appointment of
provisional liquidators to Mount Carmel Medical (South Dublin
Ltd.) which operates the Mount Carmel Hospital in Churchtown,
Dublin.

Mr. Justice Paul Gilligan on Friday appointed insolvency
practitioners Declan Taite and Anne O'Dwyer as joint provisional
liquidators to Mount Carmel Medical after being informed the
company is insolvent and unable to pay its debts, Independent.ie
relates.

The company sought to have the company wound up after what the
court heard was "a disastrous 2013" and when the National Asset
Management Agency decided it was no longer in a position to
provide working capital to the company which allowed the hospital
to trade, Independent.ie recounts.

According to Independent.ie, the judge said he was satisfied to
appoint the provisional liquidators after being informed that a
plan has been put in place to protect, care and attend to the
needs of the hospital's 230 patients, 60 of whom are in-patients
at the private hospital.

The court heard the hospital which has been in existence since
1949, but was acquired by its current owners in 2006, has debts
of more than EUR35 million, Independent.ie discloses.  Its main
creditors include NAMA, who in 2010 acquired a loan advanced to
the company by AIB, Independent.ie discloses.

Approximately 328 people were employed at the hospital,
Independent.ie notes.

The matter will return before the court early next month,
Independent.ie states.



=========
I T A L Y
=========


ITALFINANCE 2007-1: Fitch Affirms 'B' Rating on Series 1-D Notes
----------------------------------------------------------------
Fitch Ratings has affirmed Italfinance Securitisation Vehicle 2
Series 2007-1's (Italfinance 2007-1) notes and revised the
Outlook on the Series 1-D to Positive from Stable, as follows:

-- EUR 170.95 million Series 1-A: affirmed at 'AAsf'; Outlook
    Negative

-- EUR 33.66 million Series 1-B: affirmed at 'BBBsf'; Outlook
    Stable

-- EUR 22.70 million Series 1-C: affirmed at 'BBsf'; Outlook
    Stable

-- EUR 7.53 million Series 1-D: affirmed at 'Bsf'; Outlook
    revised to Positive from Stable

The transaction is a securitization of performing receivables
arising from Italian finance lease contracts.

Key Rating Drivers

The affirmation reflects that the transaction's weak performance
has been offset by the originator's continuous support.  As of
January 2014, the cumulative default ratio was 9.53% and the
cumulative loss ratio (CLR) 2.67%, which is slightly higher than
Fitch's March 2012 revised assumptions.

Since closing, all gross defaults (defaulted lease contracts)
have been provisioned into the transaction's structure.  Since
October 2008 the originator (Banca Italease, 100% owned by Banco
Popolare; both rated BBB/Negative/F3) has bought back a total
EUR121.6 million of defaulted receivables. On September 7, 2010,
Banca Italease made a 365-day renewable liquidity facility (EUR70
million) available to the issuer for repurchasing defaulted
receivables and/or injecting cash into the structure.  This
support is designed to allow the structure to meet the
collateralization condition (i.e. outstanding principal of the
notes equal to the outstanding principal of the performing plus
delinquent portfolio plus the debt service reserve) and avoid
switching to sequential amortization.

The pro rata amortization of the rated notes prevents the class
1-A notes from building up credit enhancement (CE) quickly
(currently 37.0%), leaving the higher rated notes exposed to
increasing credit tail risk.  The transaction is still in pro
rata amortization, merely because of the originator support and
the deal does not envisage any automatic switch back to
sequential amortization in the tail of its life.  Therefore the
senior notes will be exposed to a sizeable part of the tail risk
(real estate product concentration), which is becoming more
pronounced due to the rising obligor concentration.  As of the
January 2014 payment date, the real estate pool accounted for
about 97.7% of the total outstanding balance and the top ten
obligors concentration has more than doubled since closing.

The cash trapping condition (i.e. CLR above 2.5%), which was met
in January 2012 defers payments on the series 1-E notes to
accelerate the repayment of the rated notes and traps excess
spread in the structure.  Fitch recognizes that the trapped
excess spread (EUR9.8 million as of January 2014) combined with
the available reserve fund (EUR7.6 million) partially mitigates
the risk posed by the current pro rata amortization by providing
additional credit enhancement to the rated notes. The existence
and the further build-up of trapped excess spread is largely
dependent on the originator's support (i.e. buying back defaulted
contracts).  Without support, excess spread would be non-
existent, but the transaction would then likely enter sequential
amortization due to a trigger breach (CLR above 2.75%).

The Negative Outlook on the class 1-A notes reflects the
increasing concentration following pro rata amortization.  Fitch
believes that this has a positive impact on the junior class 1-D
notes, hence the revision of their Outlook to Positive.

Rating Sensitivities

Expected impact upon the notes' rating of increased defaults
(Class 1-A/Class 1-B/Class 1-C/Class 1-D):
Current Rating: 'AAsf'/'BBBsf'/'BBsf'/'Bsf'
Increase base case defaults by 25%: 'AA-sf'/'BBBsf'/'BBsf'/'Bsf'

Expected impact upon the notes' rating of decreased recoveries
(Class 1-A/Class 1-B/Class 1-C/Class 1-D):
Current Rating: 'AAsf'/'BBBsf'/'BBsf'/'Bsf'
Reduce base case recovery by 25%: 'AAsf'/'BBBsf'/'BBsf'/'Bsf'

Expected impact upon the notes' rating of increased defaults and
decreased recoveries (Class 1-A/Class 1-B/Class 1-C/Class 1-D):
Current Rating: 'AAsf'/'BBBsf'/'BBsf'/'Bsf'
Increase default base case by 10%; reduce recovery base case by
10%: 'AA-sf'/'BBBsf'/'BBsf'/'Bsf'
Increase default base case by 25%; reduce recovery base case by
25%: 'AA-sf'/'BBBsf'/'BBsf'/'Bsf'


SIENA MORTGAGES: Moody's Cuts Rating on EUR239MM C Notes to 'B3'
----------------------------------------------------------------
Moody's Investors Service had downgraded the rating of one junior
note in the residential mortgage-backed securities (RMBS)
transaction Siena Mortgages 07-5 S.p.A and confirmed the rating
of one junior note in CR Firenze Mutui S.r.l. Swap counterparty
exposure has prompted the action. At the same time, Moody's
affirmed the ratings of all tranches from these two transactions
which were not on review for possible downgrade.

The rating action concludes the review of the ratings in these
two Italian RMBS transactions, which Moody's placed on review on
November 14, 2013, in relation to swap counterparty exposure
following the introduction of the rating agency's updated
approach to assessing swap counterparty linkage in structured
finance transactions.

Ratings Rationale

The rating action reflects the impact on the two transactions of
their exposure to their respective swap counterparties which are
BNP Paribas (A2/P-1) and Intesa Sanpaolo Spa (Baa2/P-2) in the
case of CR Firenze Mutui S.rl. and Banca Monte dei Paschi di
Siena S.p.A. (B2/NP) in the case of Siena Mortgages 07-5 S.p.A,
following the introduction of the rating agency's updated
approach to assessing swap counterparty linkage in structured
finance cash flow transactions ("Approach to Assessing Linkage to
Swap Counterparties in Structured Finance Cash Flow Transactions"
published on the 12 November 2013).

As part of its review, Moody's has incorporated the risk of
additional losses on the notes in the event of them becoming
unhedged following a swap counterparty default. The two
transactions include swap agreements with their respective swap
counterparties to hedge the risk arising from the mismatch of the
interest received on the underlying assets (which includes
floating rate loans with different tenors as well as loans paying
fixed interest) and the interest due on the outstanding notes
(which is based on 3month EURIBOR (Euro Interbank Offered Rate)
for CR Firenze Mutui S.r.l. and 1month EURIBOR for Siena
Mortgages 07-5 S.p.A). Net swap payments in recent periods were
in favour of the swap counterparty in the two transactions, given
the current interest rate environment. However, net swap payments
could be in favour of the issuer in future.

Factors That Would Lead to an Upgrade or Downgrade of the Ratings

Factors or circumstances that could lead to a downgrade of the
ratings affected by the action would be the worse-than-expected
performance of the underlying collateral, deterioration in the
credit quality of the counterparties and an increase in sovereign
risk.

Factors or circumstances that could lead to an upgrade of the
ratings affected by the action would be the better-than-expected
performance of the underlying assets, and a decline in both
counterparty and sovereign risk.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
November 2013.

LIST OF AFFECTED SECURITIES

Issuer: CR FIRENZE MUTUI S.R.L.

EUR425.6M A2 Notes, Affirmed A2 (sf); previously on Aug 2, 2012
Downgraded to A2 (sf)

EUR28.2M B Notes, Affirmed A2 (sf); previously on Jun 18, 2013
Confirmed at A2 (sf)

EUR7.7M C Notes, Confirmed at Baa2 (sf); previously on Nov 14,
2013 Baa2 (sf) Placed Under Review for Possible Downgrade

Issuer: Siena Mortgages 07-5 S.p.A

EUR4765.9M A Notes, Affirmed A2 (sf); previously on Aug 2, 2012
Downgraded to A2 (sf)

EUR157.45M B Notes, Affirmed Baa3 (sf); previously on Jun 25,
2013 Downgraded to Baa3 (sf)

EUR239M C Notes, Downgraded to B3 (sf); previously on Nov 14,
2013 B2 (sf) Placed Under Review for Possible Downgrade



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


ALLIANCE BANK: Sets Outs Terms for Second Debt Restructuring
------------------------------------------------------------
Dmitry Solovyov and Mariya Gordeyeva at Reuters report that
Alliance Bank has set out terms for a second debt restructuring
in the wake of the global financial crisis, potentially paving
the way for its acquisition by Kazakh billionaire
Bolat Utemuratov.

Alliance is 67% owned by local sovereign wealth fund
Samruk-Kazyna but needs to find new investors after Kazakh
President Nursultan Nazarbayev last year ordered the fund to sell
holdings in several local banks which it bailed out in the global
crisis, Reuters says.

According to Reuters, the bank, the central Asian nation's ninth-
largest lender by assets, said its latest proposals applied to
debts worth around KZT127.3 billion (US$818 million) and would
involve lenders agreeing to take substantial "haircuts" or losses
on their investments.

Winning investor approval for the proposed restructuring is also
crucial to quickly achieve a planned integration between Alliance
and smaller Temirbank, also controlled by Samruk-Kazyna, Reuters
notes.

Mr. Utemuratov's spokesman said the Kazakh billionaire, in the
process of acquiring a sizeable minority stake in Alliance Bank
and a majority of Temirbank, is looking for all parties to come
together to agree a deal.

                     About JSC Alliance Bank

JSC Alliance Bank is the sixth-largest bank in Kazakhstan by net
loans.  JSC Alliance is a bank with substantially all of its
operations in the Republic of Kazakhstan.  As of June 30, 2009,
the Bank's net assets constituted 4.9% of the total assets of the
banking system in Kazakhstan.  It has 3,900 employees.  The
Bank's only assets in the U.S. are certain correspondent accounts
with U.S. Banks.

JSC Alliance Bank filed for Chapter 15 bankruptcy (Bankr.
S.D.N.Y. Case No. 10-10761) to protect itself from U.S. lawsuits
and creditor claims while it reorganizes in Kazakhstan.  The
Chapter 15 petition says that assets and debts are in excess of
US$1 billion.  Law firm White & Case LLP, based in New York, is
representing JSC Alliance in the Chapter 15 case.


HALYK BANK: Fitch Upgrades LT Issuer Default Ratings to 'BB'
------------------------------------------------------------
Fitch Ratings has upgraded Halyk Bank of Kazakhstan's Long-Term
Issuer Default Ratings (IDRs) to 'BB' from 'BB-' and removed the
ratings from Rating Watch Evolving (RWE).  The Outlook is Stable.
The agency has also affirmed Kazkommertsbank's (KKB) Long-term
IDRs at 'B' with Stable Outlook and maintained BTA Bank's 'CCC'
Long-term IDRs on Rating Watch Positive (RWP).

The rating actions follow the recent statements of Halyk, KKB and
Kazakhstan's National Welfare Fund Samruk Kazyna (SK), outlining
that (i) Halyk and SK have terminated negotiations on Halyk's
potential acquisition of BTA; and (ii) SK currently plans to sell
a controlling stake in BTA to KKB and a private investor, with
the intention that KKB and BTA will ultimately merge.

Key Rating Drivers - Halyk

The upgrade of Halyk's Long-Term IDRs to 'BB' reflects that the
termination of the BTA deal has eliminated downside risks for
Halyk's credit profile.  In April 2013, Fitch stated that the
bank's standalone profile warranted 'BB' Long-term IDRs, but that
Halyk would only be upgraded if the potential acquisition of BTA
did not go through.  In Fitch's view, Halyk's standalone credit
profile has remained largely unchanged over the past three
quarters.

Halyk's Long-term IDRs are based on its Viability Rating (VR) of
'bb', which reflects the bank's strong nationwide franchise,
solid profitability and capitalization, comfortable liquidity
position and limited refinancing risks.  However, the ratings
also factor in still high levels of non-performing and
restructured loans, the relatively high-risk operating
environment and potential additional loan impairment reserves,
which in Fitch's view, may be required on some of the riskier
loan exposures.

Halyk's asset quality remains somewhat better than most large
Kazakh banks as a result of its less aggressive pre-crisis
underwriting and lower exposure to the real estate sector.
Non-performing loans (NPLs; more than 90-day overdue), were equal
to 18% of loans at end-9M13 and fully covered by reserves, but
downside risks result from restructured loans (10% of the
portfolio) and higher risk acquisition finance exposures (12%).

Capital levels are adequate and supported by robust internal
capital generation.  The Fitch core capital (FCC)/weighted risks
ratio was a solid 14.9% at end-9M13 (Basel II Tier 1 ratio:
17.5%), and regulatory Tier I and Total capital adequacy ratios
(CARs) were 11.6% and 17.5%, respectively, at end-November 2013.
The regulatory capital buffer at end-9M13 was sufficient for
Halyk to create reserves equal to an additional 9% of gross loans
without breaching minimum capital requirements, and annualized
pre-impairment profit (PIP) was equal to a further 6.1% of gross
loans, indicating considerable loss absorption capacity.

Halyk's consistently strong performance reflects the bank's
reasonable risk pricing, the significant share of high-margin
retail business, moderate funding costs, diversified and stable
fee earnings and efficiencies of scale.  Impairment charges fell
to 16% of PIP in 9M13 from 82% in 2009 as a result of asset
quality stabilization supported by the favorable macroeconomic
backdrop.

Liquidity is comfortable due to the high level of liquid assets
(mainly bank placements and eligible securities), strong customer
franchise and limited wholesale debt.  Liquid assets were equal
to USD4 billion or 35% of customer accounts at end-November 2013.
No significant repayments are due in 2014 as senior bonds mostly
mature in 2017 (USD0.6 billion) and 2021 (USD0.5 billion).
However, funding is weakened by the high dependence on large
depositors, most notably one oil and gas group of companies,
which accounted for 22% of customer funding at end-9M13.

Halyk's high systemic importance and political connections make
moderate state support possible, as reflected by its 'B' Support
Rating Floor (SRF) and '4' Support Rating (SR).  The multi-notch
difference between the sovereign rating at 'BBB+' and Halyk's SRF
reflects Fitch's view that large-scale capital supports would be
unlikely to be forthcoming for any Kazakh commercial banks, given
the recent history of defaults at other institutions.

Rating Sensitivities - Halyk

Halyk could be upgraded if the bank makes tangible progress with
workouts of problem loans and further strengthens its
capitalization through continued robust internal capital
generation.  The ratings could be downgraded if asset quality or
capitalization deteriorated sharply.

Key Rating Drivers - BTA

Fitch has maintained BTA's 'CCC' Long-term IDRs and senior debt
rating on RWP to reflect the potential benefits of the planned
acquisition by, and merger with, KKB.  The ratings reflect the
bank's weak asset quality, capitalization and performance.  Fitch
has been informed that no further restructuring of BTA or balance
sheet clean-up is planned prior to the acquisition by KKB.

BTA's reported FCC and Basel Tier I capital ratios were a high
26% at end-9M13.  However, fair-value adjustments (reductions) to
the bank's low-rate liabilities (a loan from SK and the bank's
Eurobonds) accounted for a large 61% of FCC, and this will have
to be accrued back through the income statement in future
periods, putting pressure on internal capital generation.

NPLs were a high 88% of gross loans at end-9M13. Reserve coverage
was 86%, but the unreserved part was still equal to a sizable
109% of FCC, indicating potential further pressure on capital.
Partially reserved NPLs comprise mainly Kazakhstan-domiciled
projects, rather than offshore exposures.  The bank's book of
mostly illiquid equity investments (22% of FCC) is a further
source of valuation risk.

Liquidity is currently comfortable, and the bank's Eurobonds only
mature in 2022.  Fitch understands that KKB is discussing with
the Kazakh authorities the retention of BTA's large repo facility
from the National Bank of Kazakhstan (current utilization equal
to 34% of liabilities) and sizable funding from SK (18% of
liabilities) following the acquisition and merger.

BTA's performance improved moderately in 9M13 as a result of a
significant reduction in operating expenses.  However, PIP, net
of accrued loan interest not received in cash, was still
moderately negative.

Rating Sensitivities - BTA

Fitch expects to upgrade BTA's Long-term IDRs and senior debt
rating by one notch, to 'B-', following the acquisition by KKB of
a controlling stake in the bank.  This would reflect the
moderately improved prospects of support for BTA from its new
owner.  The ratings would likely remain on RWP following the
upgrade, reflecting their potential to be upgraded further to 'B'
as a result of the planned merger.

The ratings could be affirmed if the planned acquisition by KKB
falls through.

Key Rating Drivers - KKB

Fitch has affirmed KKB's Long-term IDRs at 'B' with a Stable
Outlook, as it believes the planned acquisition of BTA should at
worst be only moderately negative for KKB's credit profile.
KKB's ratings continue to reflect the bank's weak asset quality
and the potential need for further provisioning of its problem
exposures. However, the ratings also consider the bank's
significant loss absorption capacity, positive pre-impairment
profit (net of accrued interest income), moderate refinancing
risk and the currently comfortable liquidity.

KKB's asset quality remains weak as a result of significant real
estate exposures (51% of gross loans at end-9M13), which are the
main driver of the bank's sizable NPLs (31% of loans) and
restructured exposures (19%).  Reserves moderately exceeded NPLs,
but were insufficient to cover rescheduled loans.

The FCC ratio was 12.8% at end-9M13, and the regulatory ratios
stood at 11.9% (Tier 1) and 16.6% (total) at end-November 2013.
Fitch calculates that the bank could have created reserves equal
to 39% of loans without breaching regulatory capital
requirements, which represents significant loss absorption
capacity relative to the problem exposures.  However, any further
financing of real estate projects (which might be needed to
ensure completion in some cases) could put additional pressure on
capital.

Pre-impairment profitability, net of accrued interest income not
received in cash, was a reasonable 2.7% (annualized) of average
assets in 9M13, a moderate increase from 2.4% in 2012.
Performance is supported by the limited branch network and low
operating expenses.  Net income was moderately positive in 9M13
(return on average assets 1.2%) after a large loss in 2012 driven
by the catch-up of IFRS provisions with statutory reserves.

KKB's liquidity position remains reasonable with highly liquid
assets covering 24% of customer accounts at end-3Q13.  Wholesale
funding (mostly senior bonds) was a significant 21% of
liabilities, but there are no large spikes in the repayment
schedule.

Fitch does not expect significant deterioration of KKB's profile
as a result of the BTA acquisition due to (i) the limited
expected cost of the acquisition; (ii) the greater importance of
KKB for the profile of the combined entity (KKB's risk-weighted
assets were equal to 2.3x those of BTA at end-9M13; net loans
were 3.1x higher); and (iii) the significant weaknesses already
in KKB's profile, as reflected in its low ratings.

Based on end-9M13 balance sheets and the expected acquisition
price (and without any further revaluation of BTA's liabilities),
Fitch estimates that the two banks' combined FCC/risk weighted
assets ratio would be moderately above that reported by KKB at
end-9M13 (12.8%), while the combined unreserved NPLs and
restructured loans/FCC ratio would be broadly in line with the
1.5x reported by KKB.  The fair value adjustments on BTA's
liabilities would be equal to 33% of the combined FCC, although
these would likely reduce somewhat (and with them the combined
bank's capital -- to a level closer to KKB's current 12.8% ratio)
as a result of revised (lower) discount rates applied to these
liabilities following the acquisition.

BTA's negative 9M13 PIP (net of accrued interest on loans) of
KZT6bn was not large relative to KKB's positive KZT53bn PIP (net
of accruals).  Fitch also believes that moderate improvements in
BTA's performance following the acquisition are possible, due to
(i) potential operational synergies, resulting in further
reduction of BTA's expenses; and (ii) more active workouts of
some of BTA's domestic NPLs.

The rating of KKB's senior debt issued by the special-purpose
vehicle Kazkommerts International BV is equalized with the bank's
Long-term IDR.  Subordinated debt issues and the perpetual debt
issued by KAZKOMMERTS FINANCE 2 BV are notched off KKB's VR by
one and two notches, respectively.  The two-notch differential on
the perpetual debt reflects its deep subordination and the
possibility of coupon omissions.

KKB's 'B-' SRF is one notch lower than Halyk's, reflecting the
former's smaller retail deposit franchise, higher wholesale
indebtedness and weaker political connections.

Rating Sensitivities - KKB

KKB's VR, IDRs, and debt ratings could be downgraded if the
bank's solvency deteriorates significantly as a result of greater
than expected losses on either its own or BTA's problem assets.
Successful workouts of problem loans, resulting in a
strengthening of the capital position, could result in upward
pressure on the ratings.

The rating actions were as follows:

Halyk Bank of Kazakhstan

-- Long-term foreign and local currency IDRs: upgraded to 'BB'
    from 'BB-', removed from RWE; Outlook Stable
-- Short-term foreign and local currency IDRs: affirmed at 'B'
-- Viability Rating: upgraded to 'bb' from 'bb-', removed from
    RWE
-- Support Rating: affirmed at '4'
-- Support Rating Floor: affirmed at 'B'
-- Senior unsecured debt rating: upgraded to 'BB' from 'BB-';
    removed from RWE

Kazkommertsbank:

-- Long-term foreign and local currency IDRs: affirmed at 'B';
    Outlook Stable
-- Short-term foreign and local currency IDRs: affirmed at 'B'
-- Viability Rating: affirmed at 'b'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'B-'
-- Senior unsecured debt: Long-term rating affirmed at 'B',
    Short-term rating affirmed at 'B', Subordinated debt rating:
    affirmed at 'B-'

Kazkommerts International BV:

-- Senior unsecured debt rating: affirmed at 'B'

Kazkommerts Finance BV:

-- Perpetual debt rating: affirmed at 'CCC'

BTA:

-- Long-term foreign and local currency IDRs: 'CCC', maintained
    on RWP
-- Short-term foreign and local currency IDRs: 'C', maintained
    on RWP
-- Viability Rating: 'ccc', placed on RWP
-- Support Rating: affirmed at '5', removed from RWP
-- Support Rating Floor: affirmed at 'No Floor'
-- Senior unsecured debt: 'CCC', maintained on RWP



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


FINANCIERE DAUNOU: Moody's Assigns 'B3' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service assigned a definitive B3 corporate
family rating (CFR), and a B3-PD probability of default rating
(PDR), to Financiere Daunou 1 SA, the parent company of GCS
Holdco Finance I SA ("Global Closure Systems" or "GCS").

Concurrently, Moody's assigned a definitive B2 rating to the
EUR350 million senior secured notes due 2018 issued by GCS Holdco
Finance I SA. The outlook on all ratings remains stable.

Ratings Rationale

Moody's definitive rating assignments reflect the fact that the
final terms of the EUR350 million senior secured notes are in
line with the drafts reviewed for the provisional ratings
assigned on November 5, 2013.

The B3 CFR reflects (1) high financial leverage of around 6.5x
(on a Moody's-adjusted basis) at the closing of the November
refinancing with limited deleveraging prospects over the next two
years; (2) the company's relatively small size compared with its
main international competitors; (3) significant geographic
concentration in Western Europe; (4) material pricing pressure
and strong competition in all of the company's markets; (5)
significant input cost sensitivity; and (6) limited free cash
flow generation.

However, the B3 CFR remains supported by GCS's (1) good
diversification across six business segments; (2) leading market
position in Europe in plastic closures and dispensing systems;
(3) favorable evolution of product mix towards more innovative
and added-value products; (4) longstanding commercial
relationships serving top tier multinationals in each business
segment; (5) worldwide manufacturing locations, with a total of
23 facilities located close to end-users' production lines and
spread over 13 countries; and (6) the contractual ability to pass
on main raw material price increases.

The stable outlook reflects Moody's expectation that GCS will be
able to maintain its strong leadership and customer base in
Europe, while benefiting from the growth in emerging markets, as
well as our assumption that the company will not embark on any
transforming acquisitions or make debt-funded shareholder
distributions.

What Could Change the Rating - Up

Positive rating pressure could arise from (1) an improvement in
margins leading to higher cash flow generation; and (2) a
sustainable reduction in GCS's Moody's-adjusted leverage ratio to
below 6.0x.

What Could Change the Rating - Down

Conversely, negative rating pressure could arise as a result of
(1) stronger competition leading to a loss of market share in
Europe (loss of volume); (2) a sustained spike in input costs,
which would reduce the company's margins; (3) negative FCF that
is likely to remain sustained; and (4) a Moody's-adjusted
debt/EBITDA ratio rising towards 7.0x.

The principal methodology used in these rating was the Global
Packaging Manufacturers: Metal, Glass, and Plastic Containers
published in June 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.

Global Closure Systems is a leading global manufacturer of
plastic closures and dispensing systems. GCS operates in the
packaging industry with underlying exposure to the beverage,
personal care, pharmaceutical and household goods markets. As at
Dec 2012 Global Closure Systems reported Sales of EUR565 and
EBITDA of EUR74 million.


YPSO HOLDING: Moody's Assigns 'B1' CFR; Outlook Positive
--------------------------------------------------------
Moody's Investors Service assigned a B1 corporate family rating
(CFR) and B2-PD probability-of-default rating (PDR) to Ypso
Holding S.a.r.l. At the same time, Moody's has withdrawn the B2
CFR and B3-PD PDR of Ypso France S.A.S. Moody's has also upgraded
the ratings of the senior secured notes due 2019 issued by
Numericable Finance & Co. S.C.A to B1 from B2. The outlook for
the ratings is positive.

The rating actions follow the closing of the refinancing of
Altice B2B France S.A.S. ("Completel")'s debt by Numericable and
the completion of related reorganization steps, which resulted in
Numericable becoming the owner of Completel. In November 2013,
Numericable Group S.A., (Numericable Group), Numericable's parent
company was listed on the Euronext stock exchange.

Ratings Rationale

Numericable's B1 CFR is based on: (i) reduced leverage after the
contribution of French B2B telecoms operator Completel to the new
Numericable Group with a combined pro forma Debt/EBITDA ratio (as
adjusted by Moody's) of 4.7x at the end of September 2013 ; (ii)
the benefits of the IPO proceeds partly used to repay debt,
albeit mitigated by incremental debt resulting from the debt
refinancing; (iii) the company's stated financial policy to
maintain leverage (as measured by a Net Debt/EBITDA ratio)
between 3.5x and 4.0x during the 2014-16 period; (iv) the
positive operating momentum mostly driven by B2C subscriber
growth following the successful launch of the set top box "La
Box" and (v) the benefits of Numericable's high speed network
with last mile access and high node density allowing for a
superior product offering compared to DSL-based products.

The CFR remains constrained by (i) execution risk on the
company's strategy to upgrade its networks based on the
assumption that demand for very-high broadband speed (beyond 30
Mbps) will increase, while the point of customer saturation with
regards to download speed remains unclear, (ii) a limited
deleveraging path solely relying on EBITDA growth given the
absence of near-term debt maturities, (iii) limited FCF
generation for the combined group resulting from an aggressive
capex plan; (iv) the highly competitive nature of the French
telecommunications market, and (v) the diminished contribution
from stable B2C video and broadband operations in favour of the
more volatile and lower margin B2B business.

Moody's has assumed that there will be no material differences
between the consolidated accounts at Numericable and those of its
parent company, Numericable Group. Only Numericable Group will
provide consolidated accounts going forward. Furthermore the
ratings are based on Moody's expectations that Numericable will
remain a guarantor for the Ypso France's senior facility
agreement and the indirect owner of the Completel assets.

The contribution of Completel to Numericable together with the
proceeds from the company's IPO and a subsequent debt refinancing
resulted in a visible reduction in leverage (as reported by the
company) from 5.1x on a standalone basis to around 4.2x on a
combined pro forma basis as of September 30, 2013 and Moody's
expects a similar leverage level at the 2013 year-end. This
translates into a Moody's adjusted Debt/EBITDA ratio in the
region of 4.7x. While Moody's expects some further gradual
deleveraging towards 3.5x Net Debt/EBITDA (as reported by the
company), the agency also notes Numericable's stated intention to
maintain a Net Debt/EBITDA ratio between 3.5x and 4.0x during the
2014-16 period and its plan to consider dividends from 2015
onwards.

Numericable plans to devote cash flows from its operations on a
priority basis to growth and the continued upgrading of its
network to the EuroDocsis 3.0 technology standard. To do so the
company expects to incur capex of approximately EUR220 to EUR230
million during the 2014-2016 period (including for public --
private partnership projects such as the "DSP 92" project).
Underlying capex not related to upgrades is expected to be EUR300
million annually during the period. Against this backdrop Moody's
expects only moderate free cash flow generation in the near term
notwithstanding the savings on interest payments post
IPO/refinancing. FCF could turn negative in 2015, depending on
the size of a possible dividend pay-out.

After a flat 2012, Numericable's combined pro forma revenues grew
by 1% in the nine months ended 30 September 2013. This was mainly
driven by the B2C segment (+4.7%, accounting for 67% of total
revenues) on the back of good take-up for the company's new high
specification set-top box ( "La Box"), launched during Q2 2012.
In the B2B segment (23% of total revenues) revenues declined by
4.5% year-on-year negatively impacted by the decrease in
termination rates and the issuance of EUR10 million credit notes
issued to corporate customers as compensation for quality issues
following the integration of Altitude Telecom. In the last-
twelve-months period to September 30, 2013, adjusted EBITDA
margins (as reported by Numericable) dropped from 47.8% to 46.8%,
negatively impacted by higher subscription acquisition costs
associated with customer growth.

Moody's believes that the company's strategy of accelerating the
upgrade of its network to EuroDocsis 3.0 in order to continue to
leverage its B2C broadband speed advantage over DSL-based
competing services will deliver future revenue growth despite the
high degree of competition in France and the ambitious fibre
roll-out plans announced by Orange. The agency believes there is
also potential for visible growth in the B2B segment. The
continued growth in demand for data services in particular should
allow the company to capitalize further on its network quality
and its ability to price competitively. The positive outlook
reflects Moody's expectation that successful execution of the
current strategy would lead to a sustained increase in revenues
and EBITDA margins, on an organic basis. Specifically, ratings do
not anticipate a hypothetical combination with French telecoms
operator SFR, around which there is currently significant press
speculation.

Numericable's near-term liquidity profile is adequate for its
needs. The company generates free cash flow and Moody's estimates
that as of September 30, 2013, Numericable had approximately
EUR100 million of cash on hand, pro forma for the IPO and debt
refinancing. In addition, the company had access to a EUR65
million RCF fully undrawn as of September 30, 2013. The company
does not face any material debt maturities until 2015 when EUR67
million of bank debt becomes due. While availability under the
amended bank debt (including RCF) at Numericable is subject to
covenant restrictions including leverage ratios, Moody's
anticipates that the company will be in compliance with its
covenant requirements during the next 12 to 18 months.

The CFR could be upgraded to Ba3 if (i) a successful execution of
the current strategy leads to a sustainable increase in revenues
and EBITDA margins; (ii) positive FCF generation is maintained
and (iii) leverage as measured by the Debt/EBITDA ratio falls
sustainably below 4.5x moving towards 4.25x.

Conversely, downward rating pressure could evolve if on a
sustained basis: (i) operating performance was to weaken
materially; (ii) leverage began trending towards 5.0x; and (iii)
free cash flow generation deteriorated.

The principal methodology used in this rating was the Global Pay
Television -- Cable and Direct-to-Home Satellite Operators
published in April 2013. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.

Numericable is the sole cable TV operator in France and via its
subsidiary Completel is the third largest B2B provider of
telecommunications services after Orange and SFR. For the twelve
months period to September 2013, Numericable generated EUR1.3
billion in revenues and EUR615 million in adjusted EBITDA (as
reported by the company on a combined basis with Completel).
Numericable is controlled by Altice S.A (Luxembourg-based
investor in cable and telecommunications assets), which also owns
Altice VII S.a.r.l (rated B1/Negative), an internationally
operating cable and telecommunications company.



=================
M A C E D O N I A
=================


PROCREDIT BANK: Fitch Affirms 'BB+' Issuer Default Ratings
----------------------------------------------------------
Fitch Ratings has affirmed ProCredit Bank Macedonia's (PCBM)
Long-Term foreign currency and local currency Issuer Default
Ratings (IDRs) at 'BB+' with a Stable Outlook and upgraded its
Viability Rating (VR) to 'b+' from 'b'.

At the same time, Fitch has downgraded ProCredit Bank Serbia's
(PCBS) Long-term foreign currency IDR to 'B+' from 'BB-'.

Key Rating Drivers - IDRS and Support Ratings of PCBM and PCBS

The Long-Term IDRs and Support Ratings of PCBM and PCBS are
driven by potential support from their parent, ProCredit Holding
AG & Co. KGaA (PCH, BBB-/Stable).  In turn, PCH's ratings are
based on Fitch's view of the support it could expect to receive
from its core shareholders when needed, particularly from its
international financial institution (IFI) shareholders.

The downgrade of PCBS's Long-term foreign currency and local
currency IDRs to 'B+' and 'BB-', respectively, as well as its
Support Rating follows the downgrade of Serbia's Long-term IDR
and Country Ceiling to 'B+'.  This is because the bank's foreign
currency IDR is constrained by the Country Ceiling.

Rating Sensitivities - IDRS and Support Ratings of PCBM and PCBS
PCBM's IDRs and Support Ratings are sensitive to a multi-notch
downgrade in Macedonia's sovereign rating (BB+/Stable) and
Country Ceiling (BBB-).  A downgrade of Macedonia's Country
Ceiling by two notches or more would result in a downgrade of the
bank's Long-term IDRs.  A downgrade of Macedonia's Country
Ceiling to 'B+' or below would also trigger a downgrade of PCBM's
Support Rating. Upward movement in the sovereign rating would not
trigger an upgrade of PCBM's IDRs in view of PCH's ratings.

A weakening, in Fitch's view, of the support available to PCBM
from PCH would also result in a downgrade to the bank's IDRs and
potentially also the Support Rating, although this is not
expected by Fitch at present.

Potential support for PCBS, and hence its IDRs and Support
Rating, are constrained by Serbia's 'B+' Country Ceiling.
Consequently, further movements in Serbia's sovereign rating and
Country Ceiling would affect the bank's IDRs.

A weakening, in Fitch's view, of the support available to PCBS
from PCH would also result in a downgrade to the bank's IDRs and
potentially also its Support Rating.  However, this is not
expected by Fitch at present.

Key Rating Drivers - PCBM'S VR

The upgrade of PCBM's VR to 'b+' from 'b' reflects the bank's
improved performance in 9M13, and consistent and sound asset
quality track record that continues to outperform the sector
average. Loans overdue by 90 days (PAR90) have ranged from a
reasonable 2% to 3% since end-2010, and have strong reserves
coverage.  The bank's liquidity is also comfortable. Furthermore,
Fitch forecasts GDP growth of 3.2% for Macedonia in 2014, up from
2.7% in 2013, which should support PCBM's performance and asset
quality further.

However, these factors are mitigated by the bank's only moderate
capitalization (Fitch Core Capital ratio of 11.8% at end-3Q13) in
view of a still demanding operating environment, and a high level
of foreign currency loans.  However, the foreign currency risks
are mitigated by Macedonia's existing currency peg.

Rating Sensitivities - PCBM'S VR

PCBM's VR could be downgraded in the event of an unexpected and
material worsening of the operating environment and a sharp
deterioration in asset quality that puts pressure on
profitability and erodes capital.  A further upgrade of PCBM's VR
is unlikely in the short- to-medium term, given today's upgrade.

The rating actions are as follows:

PCBM

-- Long-term foreign currency IDR: affirmed at 'BB+'; Outlook
    Stable
-- Short-term foreign currency IDR: affirmed at 'B'
-- Long-term local currency IDR: affirmed at 'BB+'; Outlook
    Stable
-- Short-term local currency IDR: affirmed at 'B'
-- Viability Rating: upgraded to 'b+' from 'b'
-- Support Rating: affirmed at '3'

PCBS

-- Long-term foreign currency IDR: downgraded to 'B+' from
    'BB-'; Outlook Stable
-- Short-term foreign currency IDR: affirmed at 'B'
-- Long-term local currency IDR: downgraded to 'BB-' from 'BB';
    Outlook Stable
-- Short-term local currency IDR: affirmed at 'B'
-- Viability Rating unaffected at 'b'
-- Support Rating: downgraded to '4' from '3'



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


JUBILEE CLO 2014-XI: Moody's Rates EUR16MM Cl. F Notes 'B2'
-----------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to notes to be issued by Jubilee CLO 2014-XI B.V.:

EUR227,000,000 Class A Senior Secured Floating Rate Notes due
2027, Assigned (P)Aaa (sf)

EUR54,000,000 Class B Senior Secured Floating Rate Notes due
2027, Assigned (P)Aa2 (sf)

EUR27,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2027, Assigned (P)A2 (sf)

EUR20,750,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2027, Assigned (P)Baa2 (sf)

EUR26,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2027, Assigned (P)Ba2 (sf)

EUR16,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2027, Assigned (P)B2 (sf)

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions. Upon a conclusive review of
a transaction and associated documentation, Moody's will endeavor
to assign definitive ratings. A definitive rating (if any) may
differ from a provisional rating.

Ratings Rationale

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

Jubilee 2014-XI is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans or senior secured
bonds and up to 10% of the portfolio may consist of senior
secured loans or senior unsecured bonds, second-lien loans,
mezzanine obligations, high yield bonds and senior unsecured
bonds. The portfolio is expected to be 75% ramped up as of the
closing date and to be comprised predominantly of corporate loans
to obligors domiciled in Western Europe. The remainder of the
portfolio will be acquired during the seven month ramp-up period
in compliance with the portfolio guidelines.

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

In addition to the six classes of notes rated by Moody's, the
Issuer will issue one class of subordinated notes.

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

Loss and Cash Flow Analysis

Moody's modelled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
November 2013. The cash flow model evaluates all default
scenarios that are then weighted considering the probabilities of
the binomial distribution assumed for the portfolio default rate.
In each default scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders. Therefore, the expected loss or EL for each tranche
is the sum product of (i) the probability of occurrence of each
default scenario and (ii) the loss derived from the cash flow
model in each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.

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

Par amount: EUR 400,000,000

Diversity Score: 33

Weighted Average Rating Factor (WARF): 2740

Weighted Average Spread (WAS): 4.30%

Weighted Average Recovery Rate (WARR): 42.0%

Weighted Average Life (WAL): 8 years.

Moody's has analysed the potential impact associated with
sovereign related risk of peripheral European countries. As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling of A1 or below. Following the effective date, and given
the portfolio constraints and the current sovereign ratings in
Europe, such exposure may not exceed 10% of the total portfolio,
where exposures to countries local currency country risk ceiling
of Baa1 or below cannot exceed 5% (with none allowed below Baa3).
As a result and in conjunction with the current foreign
government bond ratings of the eligible countries, as a worst
case scenario, a maximum 5% of the pool would be domiciled in
countries with single A local currency country ceiling and 5% in
Baa2 local currency country ceiling. The remainder of the pool
will be domiciled in countries which currently have a local
currency country ceiling of Aaa. Given this portfolio
composition, the model was run with different target par amounts
depending on the target rating of each class of notes as further
described in the methodology. The portfolio haircuts are a
function of the exposure size to peripheral countries and the
target ratings of the rated notes and amount to 0.75% for the
class A notes, 0.50% for the Class B notes, 0.375% for the Class
C notes and 0% for Classes D, E and F.

Stress Scenarios

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

Percentage Change in WARF: WARF + 15% (to 3151 from 2740)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: 0

Class D Senior Secured Deferrable Floating Rate Notes: -2

Percentage Change in WARF: WARF +30% (to 3562 from 2740)

Class A Senior Secured Floating Rate Notes: -1

Class D Senior Secured Deferrable Floating Rate Notes: -2

Further details regarding Moody's analysis of this transaction
may be found in the upcoming pre-sale report, available soon on
Moodys.com.

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:

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


WOOD STREET VI: Fitch Affirms 'B-sf' Rating on Class E Notes
------------------------------------------------------------
Fitch Ratings has affirmed Wood Street CLO VI B.V.'s notes, as
follows:

-- EUR207.1 million Class A-1 (ISIN XS0315358084): affirmed at
    'AAAsf'; Outlook Stable

-- EUR15.0 million Class A-2 (ISIN XS0315362433): affirmed at
    'AAAsf'; Outlook Stable

-- EUR23.7 million Class B (ISIN XS0315364991): affirmed at
    'AAsf'; Outlook Stable

-- EUR18.4 million Class C (ISIN XS0315365451): affirmed at
    'BBB+sf'; Outlook revised to Stable from Negative

-- EUR15.5 million Class D (ISIN XS0315365618): affirmed at
    'BB+sf'; Outlook revised to Stable from Negative

-- EUR13.2 million Class E (ISIN XS0315366186): affirmed at
    'B-sf'; Outlook revised to Stable from Negative

Key Rating Drivers

The affirmation reflects the sufficient credit enhancement for
all notes.  The revision of the Outlooks on the mezzanine and
junior notes recognizes the material reduction in exposure to
short-term refinancing risk.

Since the last review (February 2013), the underlying portfolio
has deteriorated slightly with the Fitch weighted average rating
factor rising to 36.05 from 35.51 per the current Fitch rating
factor weights.  The exposure to 'CCC' rated and below assets has
increased to 8.4% from 5.9% year on year (December 2012 to
December 2013).  In the same period, the weighted average spread
increased to 4.52% from 4.15%.

The weighted average life (WAL) of the portfolio has increased to
4.5 years from 3.9 years since the last review due to the shift
in the portfolio's maturity profile.  The exposure to assets
maturing between 2014-2015 has declined by 85% year on year (to
4.1% of the outstanding portfolio), substantially reducing the
short-term exposure to refinance risk, while the proportion of
the portfolio maturing after 2017 increased to 62.0% from 24.8%.

The over-collateralization (OC) tests are all comfortably passing
and have remained steady during the past year.  The headroom on
the most junior OC test is currently 4.3%, which is considered
material, despite being down slightly from 4.4% at the last
review.  There have been no new defaults in the portfolio since
the last review.  Current defaults represent 1.6% of the
outstanding portfolio balance.

The transaction remains in its reinvestment period until October
2014.  The portfolio is diversified at the industry level.
However, exposure to periphery countries Ireland, Italy and Spain
is considered significant at 13.6%, albeit down from 15.1% at the
last review.

Wood Street CLO VI B.V. is a securitization of mainly European
senior secured loans, senior unsecured loans, second-lien loans,
mezzanine obligations, high-yield bonds and structured finance
securities.  At closing, a total note issuance of EUR325.8
million was used to invest in a target portfolio of EUR317.05
million. The portfolio is actively managed by Alcentra Ltd.

Rating Sensitivities

Fitch ran various rating sensitivity scenarios on the transaction
to assess the impact on the notes' ratings if the key risk
drivers -- default rates and recovery rates -- were stressed.
Increasing the default probability of all the assets in the
portfolio by 25% would likely result in a downgrade of the notes
of between two and four notches while applying a recovery rate
haircut of 25% on all the assets would likely result in a
downgrade of the notes of between one and three notches.



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


ABSOLUT BANK: Moody's Reviews B1 Deposit Ratings for Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
B1 long-term local- and foreign-currency deposit ratings of
Absolut Bank (Russia). The bank's standalone bank financial
strength rating (BFSR) of E+ (equivalent to a baseline credit
assessment (BCA) of b1), as well as its Not Prime short-term
local and foreign-currency deposit ratings, are not subject to
the review. The outlook on the standalone E+ BFSR is stable.

The ratings review has been initiated following the official
announcement made by the Central Bank of Russia on January 14,
2014 that Absolut Bank has commenced a reorganization of its
business structure whereby it would be merged with KIT Finance
Bank (unrated).

Both Absolut Bank and KIT Finance Bank are ultimately controlled
by Non-State Pension Fund "Blagosostoyanie" (NSPF
Blagosostoyanie, unrated), one of the largest non-state pension
funds in Russia with own assets amounting to US$9.7 billion as at
October 1, 2013 (including US$6.3 billion of pension reserves and
US$3.3 billion of pension savings of almost 3 million customers).

Ratings Rationale

Moody's notes that KIT Finance Bank's size is material relative
to that of Absolut Bank: according to both bank's unaudited
financial statements as at year-end 2013 (prepared under local
GAAP), KIT Finance Bank's total assets and gross loan portfolio
represented 65% and 53%, respectively, of Absolut Bank's
respective values.

The rating agency explains that its review of Absolut Bank's
ratings is mainly driven by the lack of clarity on several
aspects of the proposed transaction, and -- in particular -- on
the ultimate credit quality of KIT Finance Bank on completion of
the merger.

This lack of clarity mostly stems from the fact that Moody's does
not rate KIT Finance Bank and has not maintained any sufficiently
detailed track record of the performance of its loan book and
investment portfolio over the past several years. Moody's notes
that KIT Finance Bank is currently subject to a formal financial
rehabilitation plan launched by its shareholders in 2010 and
which is being implemented under supervision of the Central Bank
of Russia and the State Deposit Insurance Agency. This financial
rehabilitation plan has a formal deadline of July 1, 2014.

Given KIT Finance Bank's rehabilitation status, Moody's expects
that the bank's financial position will change rapidly,
reflecting the major clean-up of its balance sheet. Moody's adds
that, according to KIT Finance Bank's IFRS report as at 1 July
2013 and its statutory financial statements as at year-end 2013
(both unaudited), it appears that the clean-up of its balance
sheet has largely been completed and the bank's financial
position has improved as a result of the rehabilitation
procedures. However, the rating agency would seek to receive
independent confirmation of these improvements from (1) the
bank's audited financial statements for 2013 (prepared under
IFRS); and (2) the most recent management updates on KIT Finance
Bank's loan portfolio closer to the date of the merger.

Moody's also notes that there still is some uncertainty regarding
the exact timing of the merger, although Absolut Bank's
management asserted that the transaction will be finalized in
May 2014.


ALTAI REGION: Fitch Affirms 'BB+' LT Issuer Default Ratings
-----------------------------------------------------------
Fitch Ratings has affirmed Russia's Altai Region's Long-term
foreign and local currency IDR at 'BB+', National Long-term
rating at 'AA(rus)' and Short-term foreign currency IDR at 'B'.
The Outlooks on the Long-term IDR and National rating are Stable.

Key Rating Drivers

The affirmation of the IDRs and National rating reflects the
region's satisfactory budgetary performance, sound liquidity and
limited debt.  The ratings also take into account the modest size
of Altai's economy.  The Stable Outlook reflects Fitch's
expectation that prudent fiscal policy and conservative debt
management practices would lead to continued low debt amid
satisfactory operating performance in the medium term.

Fitch expects the region to record a satisfactory budgetary
performance with an operating margin of 7%-9% in 2013-2015. The
region posted a minor surplus before debt variation in 2013
according to the preliminary budget execution report.  Altai's
budgetary performance in the medium term is likely to be focused
on social expenditure while the region's capex program may be
reduced.

Altai remained net cash positive in 2012-2013 as its cash
holdings increased to RUB4.1 billion by end-2013 (2012: RUB3.6
billion). Strong cash management and maintenance of sound average
monthly cash throughout 2013 demonstrates the region's ability to
absorb temporary shocks brought about by the slowdown of the
region's economy.

Fitch expects the region to maintain a prudent fiscal policy and
conservative debt management practices in the medium term.
Federal budget loans remained the sole debt instruments in 2012-
2013 with final maturities in 2016.  The region's direct risk of
RUB1.4 billion (or less than 3% of current revenue) in 2013 was
low by national and international standards.  It is likely to
modestly increase up to 7%-9% of current revenue in 2014-2015.

Altai's contingent liabilities are limited to few outstanding
guarantees and the low debt levels of its broad public-sector
companies.  In Fitch's view, the administration's oversight of
its public sector is adequate, thus limiting the region's
exposure to contingent risk.

The region's administration expects economic growth of 3% yoy in
2014. GDP growth for 2013 has yet to be published. Growth in 2012
was 1.6%.  Investments into fixed assets and non-cyclical sectors
such as agriculture and trade stimulated the region's economic
growth.

Rating Sensitivities

The ratings may be positively affected by improved budgetary
performance with the operating margin rebounding towards 15% in
the medium term alongside moderate debt and favorable debt
coverage ratios.

A downgrade could result from significant deterioration in the
operating performance coupled with a radical increase in the
region's total risk.


CHUVASH REPUBLIC: Fitch Affirms BB+ LT Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed the Chuvash Republic's Long-term
foreign and local currency Issuer Default Ratings (IDRs) at
'BB+', with Stable Outlooks, and Short-term foreign currency IDR
at 'B'.  The agency has also affirmed the region's National Long-
term rating at 'AA(rus)' with Stable Outlook.

Chuvash Republic's RUB3.5bn outstanding senior unsecured domestic
bonds (ISIN RU000A0JRJX2, RU000A0JSFK5 and RU000A0JTYB3) have
also been affirmed at 'BB+' and 'AA(rus)'.

Key Rating Drivers

The affirmation reflects region's moderate direct risk and
contingent liabilities, and improved operating performance in
line with Fitch's forecast.  The agency also takes into account
that refinancing pressure will persist in the medium term.

Fitch expects Chuvashia will continue to demonstrate stable
budgetary performance with operating margin around 8% in 2014-
2016.  Operating balance improved to 7.3% of preliminary
estimated operating revenue in 2013 from 4.9% in 2012.  This was
supported by tax base growth and the administration's ability to
curb operating expenditure growth. The republic recorded a minor
deficit before debt variation of 1.6% of total revenue in 2013
(2012: 5.2%).  The deficit was fully financed by accumulated cash
reserves thus enabling the republic to contain the growth of
direct risk.

Fitch expects the region's direct risk will remain moderate in
the medium term and will not exceed 30% of current revenue. In
2013, the region's direct risk declined to 28% of preliminary
estimated current revenue from 30.8% one year earlier.  The
maturity profile of the direct risk is stretched until 2032.
However, most of the repayments are concentrated in the medium
term.  The republic will have to redeem 70% of its direct risk
between 2014 and 2016.  Fitch believes Chuvashia will have no
problems with access to resources for refinancing.  Fitch also
expects the structure of the region's direct risk will remain
stable with the proportion of short-term debt at about 30% of the
total in 2014-2015.

The region's contingent risk remains low.  Guarantees issued by
the republic decreased to RUB1bn in 2014 from RUB1.4 billion in
2013.  Data on the PSEs' debt will be available later in 2014,
but Fitch assumes it remains low and well-controlled.

The republic's socio-economic profile is historically weaker than
that of the average Russian region. It's per capita gross
regional product was about 31% lower than the national median in
2011. However, Chuvashia has a diversified economy, which grew by
5.2% in 2012, above the national average of 3.4%.  According to
the administration's preliminary estimates, the republic's
economy stagnated in 2013 on the back of unfavorable national
macroeconomic trends.  The administration expects the regional
economy will recover from 2014 and grow by an average 3% in 2014-
2016.

Rating Sensitivities

The region's ratings could be positively affected by the
restoration of the operating margin to the historical high of
above 15%, along with the containment of direct risk below 40% of
current revenue.

Sharp growth of direct risk to above 50% of current revenue
coupled with inability to ease refinancing pressure and
deterioration of operating performance resulting in weak debt
coverage could lead to a downgrade.


KAZAN CITY: Fitch Hikes LT Issuer Default Rating to 'BB-'
---------------------------------------------------------
Fitch Ratings has upgraded the Russian City of Kazan's Long-term
foreign and local currency Issuer Default Ratings (IDR) to 'BB-'
from 'B+' and affirmed the Short-term foreign currency IDR at
'B'. The National Long-term rating has been upgraded to 'A+(rus)'
from 'A(rus)'. The Outlooks on the Long-term ratings are Stable.
The city's outstanding RUB0.6bn senior unsecured domestic bonds'
ratings (ISINs RU000A0JR688, RU000A0JS249) were also upgraded to
'BB-' from 'B+' and 'A+(rus)' from 'A(rus)'.

Key Rating Drivers

The upgrade reflects the following rating drivers and their
relative weights:

High:

Fitch expects the city's budgetary performance will remain sound
in 2014-2016 with close to balanced budget and operating balance
at 10%-12% of operating revenue.  According to Fitch's
preliminary estimates, the operating balance accounted for 11% of
operating revenue in 2013.  The city recorded a deficit before
debt variation at 4.6% of total revenue.  The deficit was fully
covered by accumulated cash reserves.

Fitch expects the city's direct debt (issued debt and bank loans)
will continue to decline in 2014-2016. Kazan's direct debt
decreased to RUB4.8 billion, which corresponds to 26.1% of
preliminary estimated current revenue in 2013 (2012: 28.1%).  The
city successfully refinanced bank loans maturing at end-2013 with
new short-term bank loans.

Refinancing pressure will persist in 2014 as Kazan will have to
refinance all its direct debt during the year, which includes
RUB4.2 billion repayment of short-term bank loans and RUB0.6
billion of maturing bond.  However, refinancing pressure is
mitigated by the moderate amount of direct debt and the city's
long and successful track record of relationships with commercial
banks. Fitch expects that from 2014, the city will gradually
extend the maturity of its direct debt obligations beyond one-
year, smoothing the debt maturity profile.

Kazan's direct risk, which includes budget loans, remains high
and accounted for 164% of preliminary estimated current revenue
in 2013.  The bulk of direst risk relates to RUB25.4 billion sub-
loans from the federal government, which was earmarked for
infrastructure development in preparation for the international
student sport competition, Universiade 2013.  In mid-2013, the
terms of budget loan repayment were changed, with the
introduction of a grace period until 2023 and the principal to be
amortised in 10 annual installments from 2023 to 2032.

Kazan's ratings also reflect the following rating drivers:

Kazan is the capital of Tatarstan (BBB/Stable/F3), one of the
most developed Russian regions.  The city received large capital
transfers from the republic in the mid-2000s to finance its
capital expenditure.  This has remained high during the past five
years and Fitch expects the republic to be supportive in future
if necessary.

The city's economy is well-diversified and has a developed
industrial sector.  The latter is dominated by petrochemicals,
machine-building and food processing.  In 2012, the city's
economy grew by 5% exceeding the national growth rate of 3.4%.
The administration expects average growth will account for 5%
annually in 2014-2015.

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

Rating Sensitivities

The decline of direct risk to below 100% of current revenue
accompanied by maintenance of sound operating performance in line
with 2012-2013 actuals could lead to a further upgrade.

The increase of market direct debt (bank loans and issued debt)
to above 50% of current revenue, and/or deterioration of
operating balance to below 5% of operating revenue could lead to
a downgrade.


SDM-BANK JSC: Fitch Rates New Unsecured Bond Issues 'B+(EXP)'
-------------------------------------------------------------
Fitch Ratings has assigned JSC SDM-Bank's (SDM) upcoming RUB3
billion BO-01, RUB3 billion BO-02 and RUB2 billion BO-03 Series
domestic bond issues expected Long-term local currency ratings of
'B+(EXP)' and National Long-term ratings of 'A-(rus)(EXP)'.  The
bonds' expected Recovery Rating is 'RR4(EXP)'.

The final rating is contingent upon the receipt of final
documents conforming to information already received.

SDM has Long-term foreign and local Issuer Default Ratings (IDR)
of 'B+' with Stable Outlooks, a Short-term IDR of 'B', a
Viability Rating of 'b+', a Support Rating of '5', a Support
Rating Floor of 'NF' and a National Rating of 'A-(rus)'.

Key Rating Drivers

The issues' ratings correspond to SDM''s 'B+' Long-term local
currency IDR, which reflects the bank's limited size by
international standards, resulting among other things, in
significant concentrations on both sides of its balance sheet,
but more positively, a lengthy track record of reasonable asset
quality, comfortable liquidity, adequate profitability and
conservative management.

Rating Sensitivities

Any changes to SDM's Long-term local currency IDR would impact
the issues' ratings.  Downside pressure on SDM's Long-term local
currency IDR could arise from huge deposit outflows and/or asset
quality deterioration resulting in erosion of the bank's capital.

Upside potential for SDM's Long-term local currency IDR is
limited in the near term.



===========
S W E D E N
===========


SSAB AB: Agrees to Combine with Finnish Rautaruukki
---------------------------------------------------
Paul Whitfield, writing for The Deal, reported that stuttering
European steel sector dealmaking sparked back into life on
Jan. 22 when Swedish steelmaker SSAB AB announced an agreed 10.1
billion Swedish kronor (US$1.56 billion), all-share bid for
Finland's Rautaruukki Oyj.

According to the report, SSAB said it will offer 0.4752 of a
newly issued class A share and 1.231 of a new class B share for
each Rautaruukkishare, equating to EUR8.27 (US$11.21) a share, or
a 20% premium to Rautaruukki's Jan. 21 closing price of EUR6.89.
The class A shares carry one vote, while class B shares carry
one-tenth of a vote.

Europe's fragmented steel sector is under pressure to cut costs
and reduce output amid slow demand, partly due to a moribund
automobile market, and because of competition from larger and
lower cost Asian smelters, the report related.  Cross-border
consolidation has been rare, with national champions opting to
tinker at the edges, by offloading underperforming assets, rather
than striking transformative deals.

"In the steel industry, a combination of SSAB and Rautaruukki has
for long been considered logical and the time is now right to
pursue this transaction," SSAB Chairman Sverker Martin-Lof said
in a statement, the report cited.  "The proposed acquisition,
which is accretive to SSAB's shareholders, creates a much more
flexible European manufacturing platform that positions the
company to profitably meet customer demand in the long term."

Profitability remains a rare commodity amongst European
steelmakers, the report further related.  SSAB made a net loss of
Skr801 million on sales of Skr26 billion for the first nine
months of 2013, while Rautaruukki lost Skr31 million on sales of
Skr15.6 billion in the same period.

                          *     *     *

Standard & Poor's Rating Services in mid-November 2013 revised
its outlook on Swedish steelmaker SSAB AB to negative from
stable. At the same time, S&P affirmed its 'BB' long-term and 'B'
short-term corporate credit ratings on SSAB.



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


EUROSAIL-UK 2007-6NC: S&P Cuts Ratings on 2 Note Classes to CCC
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered and placed on
CreditWatch negative its credit ratings on Eurosail-UK 2007-6NC
PLC's class B1a and C1a notes.  S&P has also placed on
CreditWatch negative its rating on the class D1a notes.  S&P's
ratings on the class A2a and A3a notes remain unaffected by the
rating actions.

The rating actions follow a restructuring proposal, which S&P
received on Jan. 8, 2014.  On Feb. 10, 2014, Eurosail-UK 2007-
6NC's noteholders will vote on the proposal.  If approved, the
restructuring would involve write-downs on the class B1a, C1a,
and D1a notes.  The proposal includes the removal of the
transaction's foreign exchange rate risk by converting all
classes of notes (currently euro-denominated) into British pound
sterling-denominated notes and writes down the B1a, C1a, and D1a
notes by a to-be-determined amount.

Following the bankruptcy of Lehman Brothers, the issuer entered
into a termination and settlement agreement with Lehman Brothers'
trustee in November 2010.  Under this agreement, the parties
agreed to specify the issuer's claim against Lehman Brothers
under the terminated hedging agreement at a value of $145
million.

The proposal includes the amendment of the existing debt document
terms and conditions and includes, among other things:

   -- The conversion into pound sterling of the termination
      payouts, A decrease of the reserve fund to 0.80% from
      3.50%, and

   -- The recollateralization of the transaction through write-
      downs of the most junior classes of notes, effective as of
      the December 2013 interest payment date.

The class A2a and A3a notes would not incur a write-down and the
outstanding classes of notes would be converted into pound
sterling-denominated notes at the prevailing spot rate.  The
ratings on the class A2a and A3a notes may be subject to change
following the proposal's successful implementation.

Because the class B1a, C1a, and D1a notes would suffer principal
losses due to the write-downs, S&P has lowered to 'CCC (sf)' and
placed on CreditWatch negative its ratings on the class B1a and
C1a notes.  As S&P already rates the class D1a notes at 'CCC
(sf)', it has placed on CreditWatch negative its rating on this
class of notes.

Eurosail-UK 2007-6NC is a U.K. nonconforming residential
mortgage-backed securities (RMBS) transaction.  Southern Pacific
Mortgages Ltd., Preferred Mortgages Ltd., London Mortgage
Company, and Alliance & Leicester PLC originated the mortgages
that back the transaction.

RATINGS LIST

Class             Rating
          To                      From

Eurosail 2007-6NC PLC
EUR509.81 Million Mortgage-Backed Floating-Rate Notes

Ratings Lowered And Placed On CreditWatch Negative

B1a       CCC (sf)/Watch Neg      B- (sf)
C1a       CCC (sf)/Watch Neg      B- (sf)

Rating Placed On CreditWatch Negative

D1a       CCC (sf)/Watch Neg      CCC (sf)


HEARTS OF MIDLOTHIAN: Administrators Await UBIG Draft Agreement
---------------------------------------------------------------
Darren Johnstone at The Scotsman reports that BDO as
administrators of the Hearts of Midlothian Football Club on
Wednesday night were still awaiting a critical draft agreement
from Lithuania that would pave the way for the club to exit
administration.

BDO has a verbal agreement with collapsed Lithuanian investment
company UBIG to buy their all-important 50% stake in the club
after a conditional Company Voluntary Arrangement was passed in
November, The Scotsman relates.

Hearts trouble shooter Bryan Jackson is awaiting the terms of the
draft agreement, although any deal would still have to be rubber-
stamped by a Lithuanian court, The Scotsman discloses.

Hearts owe UBIG GBP8.2 million but administrators representing
departed club owner Vladimir Romanov's fallen business will only
receive a tiny percentage of that debt, The Scotsman notes.

Hearts' biggest creditor Ukio Bankas agreed to accept GBP2.5
million for their GBP15.5 million debt at the CVA meeting, The
Scotsman relays.

It has been stressed, however, that it could still take weeks for
would-be club owners the Foundation of Hearts and BDO to reach a
"sale purchase agreement" and complete the deal, steps four and
five of a five-stage plan to take the club out of administration,
according to The Scotsman.

                    About Hearts of Midlothian

Hearts of Midlothian Football Club, more commonly known as
Hearts, is a Scottish professional football club based in Gorgie,
in the west of Edinburgh.

Hearts went into administration after the Scottish FA opened
disciplinary proceedings against the club.  BDO was appointed
administrators on June 19.


INCANITE FOUNDRIES: Goes Into Administration
--------------------------------------------
Platts reports that Baker Tilly said on Friday it has been
appointed as administrator to Incanite Foundries.

"Until recently, the company had focused solely on the iron
foundry business.  However, following the acquisition of the
company in early 2012, significant investment was made including
the expansion into the aluminium castings market," Platts quotes
Baker Tilly as saying in a statement.

According to Incanite's Web site, the company's aluminum foundry
was installed during the summer of 2012 at a cost in excess of
GBP1.4 million (US$2.3 million at current exchange rates), Platts
notes.

Founded in 1920, Incanite Foundries employed just over 100 staff
and traded from premises in Smethwick, central England.  It
operated aluminum and iron foundries, supplying castings and
project development solutions to a number of global manufacturing
and engineering customers for use in a variety of industry
sectors.


PROFESSIONAL LIGHTING: Files For Insolvency in Germany
------------------------------------------------------
lighting.co.uk reports that the beleaguered the Professional
Lighting Designers' Association (PLDA) has requested insolvency
from a German court following an order to freeze its bank
account.

At the end of last year, lighting.co.uk relates, the
Association's Circle of Sponsors withdrew their funding for the
organisation. Then, just days before Christmas, four board
members resigned from their posts, the report notes.

Now, as an act of 'due diligence' by the board, a letter has been
sent to the court of Amtsgericht Bielefeld to request insolvency
in the case of eventual illiquidity, lighting.co.uk says.

"PLDA now waits for a court decision on this matter which if
accepted will result in the legal procedure of the court
appointing an insolvency administrator. The insolvency
administrator will survey all financial matters and then conclude
with a professional assessment of PLDA's financial status," the
organisation said in a letter to members from the PLDA board, the
report relays.

lighting.co.uk notes that the move comes as the organisation's
legal dispute with VIA publishing company continues. Last year,
VIA won the first case, the PLDA has appealed and a second legal
action has started by VIA, the report adds.


WILSONS SOLICITORS: Appoints Walsh Taylor as Liquidator
-------------------------------------------------------
Yorkshire Post reports that Wilsons Solicitors (2007) LLP, which
was headed up by well-known Leeds solicitor John Wilson, has
appointed liquidators.

Yorkshire Post relates that Kate Breese --
kate.breese@walshtaylor.co.uk -- insolvency practitioner of Walsh
Taylor Business Support Group, based in Guiseley, was appointed
liquidator of Wilsons Solicitors (2007) LLP last week.

Wilsons Solicitors (2007) LLP is a separate organisation from Law
Offices (UK) Ltd, which practises as Wilsons Solicitors in West
Yorkshire, according to the report.

"Law Offices (UK) Ltd is not affected by the liquidation and
continues to practice as Wilsons Solicitors, which has seven
offices in Leeds and Bradford," the report quotes Simon Pass,
director of Wilsons Solicitors, as saying.

Walsh Taylor said Leeds-based Wilsons Solicitors (2007) LLP was
wound up by way of compulsory liquidation in October last year
following a petition by HM Revenue and Customs, Yorkshire Post
relates.

Wilsons Solicitors (2007) LLP had ceased to trade in April 2012.
Mr. Wilson was the managing partner, the report notes.

"My primary objectives here are to understand the reasons behind
the LLP's failure and to assess what assets can be realised to
hopefully enable some return to the LLP's creditors," the report
quotes Ms. Breese as saying.

In October last year, Yorkshire Post recalls, Mr. Wilson was
disqualified for seven years from acting as a company director
after racking up a GBP600,000 unpaid tax bill. This came after an
investigation by the Insolvency Service.

According to the report, the case related to the Lawyours Limited
Liability Partnership, a West Yorkshire firm established by
Mr. Wilson in 2007 to provide law administration support.

Lawyours, which had branches throughout the region, was wound up
in June 2010 over tax arrears, the report adds.



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


* BOND PRICING: For the Week January 20 to January 24, 2014
-----------------------------------------------------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *