TCREUR_Public/140217.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, February 17, 2014, Vol. 15, No. 33

                            Headlines

A R M E N I A

ARMENIA: Fitch Affirms 'BB-' Longterm Issuer Default Ratings


A U S T R I A

HYPO ALPE-ADRIA: Austrian Bank Supervisor Advises Insolvency


C R O A T I A

CROATIA: Fitch Affirms 'BB+' LT Issuer Default Ratings
ZAGREB CITY: S&P Affirms 'BB' LT Issuer Credit Rating


C Y P R U S

CYPRUS: Outlook Remains Challenging; Restructuring on Target


G E R M A N Y

HAZTEC TECHNOLOGY: Fitch Affirms 'BB(bra)' National LT Rating
JJ SIETAS: Pellas to Buy Sietas Shipyard in Hamburg
SOLARSTROM AG: Insolvency Proceedings to Commence on March 1


I R E L A N D

COUGAR CLO: Moody's Lowers Rating on EUR38MM Notes to 'B2'
SIAC CONSTRUCTION: Rescue Plan Gets Final Court Approval


I T A L Y

ORH SPA: Put Under Voluntary Liquidation at Milan Tribunal


L A T V I A

LIEPAJAS METALURGS: Government Supports Plan to Sell Assets


N E T H E R L A N D S

GOODYEAR DUNLOP: Moody's Affirms Ba2 Rating on EUR250MM Notes


P O L A N D

POLIMEX-MOSTOSTAL: Creditors Agree to Delay Loan Interest Payment


R U S S I A

LENTA LIMITED: Moody's Says IPO Plan Credit Neutral


S E R B I A

VELEFARM HOLDING: Insolvency Administrator Files Suit v. Hemofarm


S P A I N

AYT GENOVA X: Fitch Affirms Bsf Rating on Class D Tranche
PAESA ENTERTAINMENT: S&P Assigns 'B-' CCR; Outlook Stable


U K R A I N E

UKRAINIAN RAILWAYS: S&P Lowers CCR to 'CCC+'; Outlook Negative
UKRZALIZNYTSIA: Fitch Cuts LT Foreign Currency IDR to 'CCC'


U N I T E D   K I N G D O M

BRIDGE BUSINESS: Former Partner's Court Date Moved to Feb. 24
EPIC PLC: S&P Withdraws 'BB' Rating on Class F Notes
GPP CAPITAL: Expects Sale of Service Point UK Business by Spring
LANDSBANKI BANK: Shropshire Council Recoups GBP920,000
TATA STEEL: 3Q Results No Immediate Impact on Moody's Ba3 Rating

THAMES WATER: Exposed to Reduction in Returns, Moody's Says
VERDES MANAGEMENT: Board Files Notice to Appoint Administrator
ZLOMREX INTERNATIONAL: U.K. Debt Arrangement Enforced in U.S.

* Deloitte Comments on Recent Insolvency Service Figures


X X X X X X X X

* EUROPE: Ministers to Meet Today to Discuss Bank-Crisis Bill
* BOND PRICING: For the Week February 10 to February 14, 2014


                            *********


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A R M E N I A
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ARMENIA: Fitch Affirms 'BB-' Longterm Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has affirmed Armenia's Long-term foreign and local
currency Issuer Default Ratings (IDRs) at 'BB-'.  The issue
ratings on Armenia's senior unsecured foreign and local currency
bonds are also affirmed at 'BB-'.  The Outlooks on the Long-term
IDRs are Stable.  The Country Ceiling is affirmed at 'BB' and the
Short-term foreign currency IDR at 'B'.

Key Rating Drivers

The affirmation of Armenia's sovereign ratings reflects the
following key factors:

  -- Fiscal outturns came in below budget for the second
consecutive year in 2013.  Due to higher-than-expected tax
revenue and under-spending on large foreign-financed projects,
Fitch estimates that the fiscal deficit remained virtually
unchanged from 2012 at about 1.6% of GDP in 2013, compared with a
projected 2.6% in the budget law.

  -- Debt dynamics are likely to remain fairly favorable, with
debt/GDP expected by Fitch to fall slightly in 2014 and remain
broadly stable thereafter.  However, because 84% of public debt
is foreign-currency denominated, Armenia's debt profile is
vulnerable to exchange rate shocks.  The pension reform currently
being passed should help to develop the domestic financial
market, although this will take time.

  -- Fitch estimates GDP growth to have fallen to about 3% in
2013, down from 7.2% in 2012, mainly because of a slowdown in
public investment, a poor agricultural season and a temporary
rise in gas prices. Fitch expects growth to recover gradually, to
about 4% in 2014 and 5% over the longer term.

  -- Fitch estimates the current account deficit (CAD) to have
narrowed to a still-high 8.2% of GDP in 2013, from 11.2% in 2012,
and is expected to shrink gradually over the forecast period. The
improvement was primarily due to a significant rise in the income
and transfers surpluses.  A narrowing of the CAD, together with
Armenia's first sovereign eurobond issue, helped to generate a
modest increase in foreign currency reserves.

  -- The Central Bank of Armenia (CBA) is allowing exchange rate
flexibility, despite high dollarization.  Armenia's ratings are
supported by a fairly strong macroeconomic framework and an
inflation track record in line with 'BB'-rated sovereigns.
Macroeconomic policy management has benefitted from a series of
IMF programs dating back to 2005 and Armenia recently agreed a
further USD125 million extended fund facility for 2014-17.

  -- Bank risks to sovereign creditworthiness are mitigated by a
strong loss absorption capacity and by predominantly foreign
ownership of banks.  Despite having slowed in 1H13, lending
growth remains high, notwithstanding CBA's attempts to dampen
growth in foreign currency lending.

  -- Armenia's recent agreement to join the Russian-led customs
union instead of the EU Eastern Partnership Programme underlined
its strong ties with Russia. Entering the customs union will
allow for a reduction in gas prices, thereby reducing the import
bill and improving Armenia's terms of trade.  However, given the
already predominant share of Russia in Armenian external trade,
joining the customs union is unlikely to affect trade flows
significantly.

Rating Sensitivities

The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the ratings are currently well balanced.
Consequently, Fitch's sensitivity analysis does not currently
anticipate developments with a high likelihood of leading to a
rating change.

The main factors that, individually or collectively, could lead
to positive rating action are:

  -- Ongoing improvement in the current account deficit and a
     stronger reserve position

  -- Reducing public debt/GDP at a faster rate than Fitch's
     baseline

  -- A track record of sustainably low fiscal deficits without
     affecting GDP growth would improve creditworthiness,
     especially given a forecast rise in sovereign external
     funding costs

The main factors that, individually or collectively, could lead
to negative rating action are:

  -- Material slippage in the performance of public finances
     leading to a rise in the debt/GDP ratio

  -- A sharp depreciation in the exchange rate worsening solvency
     risks, given the government's largely foreign currency-
     denominated debt. This would pose risks to the financial
     system in view of the high level of dollarization

  -- An escalation of tensions with Armenia's neighbors

Key Assumptions

The ratings and Outlooks are sensitive to a number of
assumptions:

  -- Fitch assumes that real GDP growth and fiscal outturns do
     not deviate greatly from its forecast, and that any
     spillover from slowing growth in Russia is contained

  -- Fitch assumes that there is no material shift in Russia's
     policy towards Armenia

  -- Fitch assumes that a sharp downswing in metals prices is
     avoided. Mining exports, especially copper, account for
     nearly half of Armenia's goods exports.

  -- Fitch assumes that Armenia continues to enjoy broad social
     and political stability, and that there is no significant
     worsening in tensions with Azerbaijan surrounding Nagorno-
     Karabakh

  -- Fitch assumes the gradual progress in deepening fiscal and
     financial integration at the eurozone level will continue;
     key macroeconomic imbalances within the currency union will
     be slowly unwound; and eurozone governments will tighten
     fiscal policy over the medium term. It also assumes that the
     risk of fragmentation of the eurozone remains low.



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HYPO ALPE-ADRIA: Austrian Bank Supervisor Advises Insolvency
------------------------------------------------------------
Nicole Lundeen at The Wall Street Journal reports that the heads
of Austria's banking supervisor said they advise against allowing
the nationalized Hypo Alpe-Adria-Bank AG to become insolvent.

"A bankruptcy scenario is clearly a scenario where at the end of
the day no one knows exactly how large the risks are," the
Journal quotes Helmut Ettl, one of the Financial Market
Authority's two chief executive officers, as saying.  He added
that the largest risk associated with letting Hypo Alpe-Adria go
bankrupt was the risk of affecting the Republic of Austria's
creditworthiness as the Austrian province of Carinthia has
provided guarantees for the bank, the Journal relays.

"We (Austria) shouldn't find ourselves in groups like Cyprus or
Argentina," Mr. Ettl, as cited by the Journal, said.  According
to the Journal, Mr. Ettl's co-CEO Klaus Kumpfmueller added that
"in all of Europe there hasn't been a single nationalized bank
that has been allowed to become insolvent."

The Journal notes that the Austrian government is trying to wind
down Hypo Alpe-Adria, which was nationalized in the wake of the
financial crisis after overstretching itself in the Balkan
region. The option currently favored by the government is the
creation of a so-called bad bank with the participation of
Austria's other banks, but the Alpine country's Finance Minister
Michael Spindelegger earlier said that he couldn't rule out
letting the bank become insolvent, the report relays.

According to the Journal, Mr. Ettl said all the models being
considered to wind down the bank will be expensive and that the
costs to taxpayers will be relatively similar.  The Journal
relates that Mr. Kumpfmueller said each bank in Austria must
decide for itself whether it makes sense to participate in a bad
bank for Hypo Alpe-Adria.

Mr. Ettl and Mr. Kumpfmueller were speaking to the club of
financial journalists in Vienna, the Journal notes.

                        About Hypo Alpe-Adria

Hypo Alpe-Adria International AG is a subsidiary of BayernLB.  It
is active in banking and leasing.  In banking, HGAA serves both
corporate and retail customers and offers services ranging from
traditional lending through savings and deposits to complex
investment products and asset management services.

Hypo Alpe has received EUR1.75 billion in aid in emergency
capital from the Austrian government.  European Union Competition
Commissioner Joaquin Almunia said in March 2013 that Hypo faced
possible closure for failing to adequately restructure.
The European Commission approved Hypo's recapitalization in
December 2013, but made it conditional on the management
presenting a thorough plan to overhaul the group.  The Austrian
finance ministry, which effectively runs Hypo Alpe, submitted a
restructuring plan to the Commission on Feb. 5.



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CROATIA: Fitch Affirms 'BB+' LT Issuer Default Ratings
------------------------------------------------------
Fitch Ratings has revised Croatia's Outlook to Negative from
Stable.  Its Long-term foreign and local currency Issuer Default
Ratings (IDR) have been affirmed at 'BB+' and 'BBB-'
respectively.

The issue ratings on Croatia's senior unsecured foreign and local
currency bonds have also been affirmed at 'BB+' and 'BBB-'
respectively.  The Short-term foreign currency IDR has been
affirmed at 'B' and the Country Ceiling at 'BBB'.

Key Rating Drivers

The affirmation and Negative Outlooks reflect the following
factors and their relative weights:

High:

Croatia's fiscal outcomes have deteriorated further since Fitch's
last sovereign rating review in September which resulted in a
downgrade of the Long-term foreign currency IDR from investment
grade to 'BB+'.  Prolonged recession continues to impair the
prospects for fiscal consolidation and public debt
sustainability, while the government has displayed markedly less
appetite for hard budget constraints than some of its central and
east European peers, opening up a policy credibility gap.

The 2014 budget, handed down to parliament in November, confirmed
additional fiscal slippage in 2013 with the general government
deficit (GGD) widening to 5.5% of GDP from an original target of
3.8%, and envisaged little fiscal consolidation before 2015.

Fitch estimates that gross general government debt (GGGD)
surpassed 60% of GDP at end-2013, notwithstanding some pre-
financing of 2014 obligations, and the agency does not expect it
to peak before 2016 at the earliest.  Likewise, fiscal financing
needs are expected to remain high at over 18% of GDP in 2014 and
2015.

Fitch acknowledges that Croatia's formal submission to the
European Commission's Excessive Deficit Procedure (EDP) on 28
January 2014, following its accession to the EU in July 2013,
could provide a firmer policy anchor for fiscal consolidation and
inject greater realism into official macroeconomic projections.
However, policy reversals in 2013 imply that Croatia now faces
much harsher fiscal consolidation in 2014-16 than would otherwise
have been the case to meet an EDP GGD target of 2.9% of GDP by
2016.

The government has begun to spell out the revenue and expenditure
measures necessary to meet EDP goals and a revised budget should
be sent to parliament by end-February.  Revenue enhancements
include the transfer of funds from some second to first pillar
pension plans and retention of state enterprise profits.
Expenditure cuts equivalent to around 1.1% of GDP are less well
specified.  Fitch is skeptical about the government's ability to
deliver on expenditure cuts of this magnitude, particularly ahead
of elections in 2015, and forecasts only a modest narrowing of
the GGD to 5% of GDP in 2014.

Medium:

Past budgetary forecasts have been undermined by misplaced
optimism on economic recovery, casting doubts on policy coherence
and credibility, which have been borne out by early revisions to
the 2014 budget and growth expectations.

Real GDP growth has significantly underperformed 'BBB' and 'BB'
peers over an extended period: the economy has been mired in
recession since 2009, contracting by a cumulative 12%, while
unemployment of almost 18% (Eurostat) far exceeds peers.

The government recently downgraded its growth forecast for 2014
to 0.2% from 1.2%, but the ability of the economy to adjust and
recover in the face of EDP-recommended fiscal tightening of 2.3%
of GDP in 2014 and 1% of GDP in each of 2015 and 2016 remains
highly uncertain. Consequently, a further year of recession
cannot be ruled out in 2014.

Croatia's IDRs also reflect the following key rating drivers:-

Income per capita is high relative to 'BBB' and 'BB' peers,
matched by superior human development and governance indicators.
Consistent monetary and exchange rate policies continue to
deliver markedly lower and less volatile inflation than peers,
while a well-developed domestic capital market and a strong,
majority foreign-owned banking system enhance fiscal financing
flexibility.

Externally, Croatia remains highly leveraged relative to peers:
net external debt (GXD) stood at almost 60% of GDP at end-2013,
giving rise to large gross external financing needs.  However,
household, corporate and bank deleveraging have begun to make
inroads into GXD, which is now on the decline, assisted further
by an estimated current account surplus of around 1% of GDP in
2013.

Rating Sensitivities

The following risk factors could individually or collectively,
trigger a negative rating action:

-- Failure to implement a credible medium-term fiscal
    consolidation strategy that is broadly in line with the EDP-
    recommended road map

-- Failure of the economy to recover over the medium term,
    leading to further strains on public finances and debt

-- Crystallization of additional liabilities on the government's
    balance sheet. Government-guaranteed liabilities currently
    amount to 16% of GDP, while ESA95 data revisions could put
    further upward pressure on public debt/GDP ratios

Conversely, the following factors could, individually or
collectively, result in a positive rating action:

  -- Greater progress on fiscal reform and deficit reduction in
     line with the EDP, leading to a declining public debt/GDP
     ratio

  -- A stronger economic recovery than Fitch currently expects,
     potentially underpinned by greater structural reforms.
     Privatisation has made some progress, but Croatia's poor
     business climate and rigid labor market undermine
     competitiveness and remain a drag on growth.

Key Assumptions

The ratings and Outlooks are based on the following key
assumptions:

-- Croatia's track record of monetary and exchange rate
    stability remains intact, minimizing the risks to household,
    corporate and public sector balance sheets, all of which are
    heavily euroized

-- Fitch assumes the gradual progress in deepening fiscal and
    financial integration at the eurozone level will continue,
    key macroeconomic imbalances within the currency union will
    be slowly unwound, and eurozone governments will tighten
    fiscal policy over the medium term. It also assumes that the
    risk of fragmentation of the eurozone remains low


ZAGREB CITY: S&P Affirms 'BB' LT Issuer Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
issuer credit rating on the City of Zagreb.  The outlook is
stable.

Rationale

S&P's long-term rating on Zagreb primarily reflect that on the
sovereign as it caps its long-term rating on Zagreb at the level
of the long-term sovereign credit ratings on Croatia.  S&P do not
consider that the city meets our criteria for rating a local or
regional government (LRG) higher than the related sovereign.

S&P's rating on Zagreb reflects the city's position as the
administrative, financial, and commercial center of Croatia.
This has enabled the city to amass moderately high wealth levels
and supports its continuing robust budgetary performance and
modest direct debt.

The rating is constrained by the city's weak liquidity, limited
debt-raising capacity, and the limited predictability of its
finances in the context of a consolidating, but uneven,
institutional framework.  S&P assess the city's management as
negative for the rating, largely because of its expansionist
spending policy before the economic crisis.  The city also
suffers from high contingent liabilities due to an ongoing
dispute with the Ministry of Finance.  Zagreb's ownership of
Zagrebacki Holding d.o.o., which provides essential municipal
services and has a high level of indebtedness, also constrains
the city's budgetary flexibility and increases its tax-supported
debt.

S&P considers that Zagreb's financials lack a long-term
perspective; it operates in a consolidating, but uneven,
institutional framework that increases volatility.  The central
government makes changes to revenue sources and responsibilities
regularly, encourages local governments to have recourse to
unlimited off-budget funding of its investment projects, and has
a limited capacity to provide extraordinary support.

The city's financial management therefore remains negative for
its creditworthiness, in S&P's view.  In the years before the
global financial crisis, the city rapidly increased its social
spending and the investments it funded via Zagrebacki Holding.
These included investments in risky real estate projects.

After the June 2013 municipal election, political tensions
between the city government and the city council broadly eased.
The city government, led by reelected Mayor Bandic, has managed
to secure majority support in the council and reestablish control
over Zagrebacki Holding.  Since then, the city has taken some
measures to strengthen the holding's liquidity position and
financial performance.  S&P assumes that stronger political
support in the council will help the city administration
stabilize the holding's financial position, which has weakened
over the previous years as it funded recurring losses with
short-term debt.

Zagreb plays a dominant economic, financial, and political role
in Croatia.  It is home to 18% of the country's population and
produces about 31% of GDP.  Although the city's economy is
stagnating, S&P expects it to maintain GDP per capita at about
$25,000 for the next three years.

Zagreb has a relatively wealthy, diversified, and service-
oriented economy, but a very limited capacity to raise debt.
Therefore, S&P's base-case scenario assumes its budgetary
performance will remain robust.  In S&P's base-case scenario, it
expects its operating surplus to average about 13% of operating
revenues in 2014-2016, which is in line with the average
operating balance of 14.5% it recorded in 2009-2013.  S&P
considers this level sound, but significantly weaker than it was
before the financial crisis -- it averaged a very high 26% during
2005-2008.

As national legislation imposes strict limits on municipal net
borrowings, the city cannot afford to have a consistent deficit
after capital accounts.  In S&P's base-case scenario, it expects
Zagreb to maintain a small surplus after capital accounts in
2014-2016, similar to its 1.5% average surplus in 2009-2013.

Zagreb outsources its investment program -- and concomitant debt
accumulation -- to Zagrebacki Holding, but provides transfers
linked to debt service.  The city's commitment to provide ongoing
support to Zagrebacki Holding constrains the city's budgetary
flexibility and raises contingent liabilities, in S&P's view.

Zagreb raised its direct debt to about 35% of operating revenues
at year-end 2013 to provide financial support to the holding; S&P
views this as a modest level.  The city's direct debt includes
guarantees that Zagreb currently services and a recently acquired
debt secured by the city's multiannual commitments to Zagrebacki
Holding.  S&P's base-case scenario assumes that tax-supported
debt, including Zagrebacki Holding's debt, is likely to gradually
decrease to about 70% of the consolidated operating revenues of
Zagreb and Zagrebacki Holding by year-end 2016.  This follows the
increase in tax-supported debt to 81% at year-end 2013.  S&P
forecasts that Zagrebacki Holding will stabilize its debt while
Zagreb's operating revenues grow as the real estate market
revives.

The city has large contingent liabilities stemming from
Zagrebacki Holding's unsettled payables and is exposed to
litigation risks from a dispute with the Croatian Ministry of
Finance.  Under the contradictory legal framework that governs
the allocation of shared taxes to local budgets, Zagreb could be
liable to pay about 5.5% of the city's annual operating
Revenues -- Croatian kuna (HRK) 337 million (EUR45 million) -- to
the central government.  In 2012, the central government tried to
force the city to repay this amount in full and was blocked by
Croatia's administrative court. S&P's base-case scenario assumes
that the city will not be forced to repay these payables all at
once.

Liquidity

S&P views Zagreb's liquidity position as negative.  S&P's
assessment is based on the city's low cash holdings and increased
payables.  That said, it has a robust internal cash-generating
capacity.

In 2013, the city's average cash position was HRK94 million,
which, combined with the projected surplus after capital
accounts, will likely cover about 55% of its debt service falling
due within the next 12 months.  S&P estimates the city's debt
service in 2014 at about HRK438 million, including annual
transfers to Zagrebacki Holding earmarked for debt repayment of
about HRK150 million and repurchase of land plots of about HRK135
million.  In line with S&P's base-case scenario, it expects
Zagreb's cash position to remain low over the next year, but
assume that it will be able to rely on its robust internal cash-
generating capacity.  The projected operating surplus before
interest would enable the city to more than double its debt
service in 2014.

During the toughest stage of economic contraction, the city also
accumulated payables, which peaked at about 23.7% of the city's
annual expenditure by year-end 2011. In our base-case scenario,
S&P expects payables to return to a sustainable level of about
15% of total spending.  That said, the city's liquidity position
may remain under pressure for the next five years.

S&P views Croatia's banking system as exposed to ongoing economic
contraction, which S&P reflects in its Banking Industry Country
Risk Assessment score of '7' (a score of '1' indicates the lowest
risk and '10' the highest).  However, S&P considers that Zagreb
continues to have satisfactory access to external liquidity,
especially in the context of its very limited borrowing needs.

Outlook

The stable outlook on Zagreb mirrors that on Croatia.  S&P would
raise the ratings on Zagreb if it raised the sovereign ratings,
as long as the city maintains a strong budgetary performance, has
a surplus after capital accounts and a modest debt burden, and
its liquidity position does not deteriorate.

S&P would lower the ratings on Zagreb if it lowered the ratings
on Croatia.  S&P could also lower the rating on Zagreb if it
revised downward its assessment of the supportiveness and
predictability of the institutional framework under which
Croatian local governments operate, and also saw a significant
deterioration in the city's liquidity position.

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

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

Ratings List

Ratings Affirmed

Zagreb (City of)
Issuer Credit Rating                   BB/Stable/--



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CYPRUS: Outlook Remains Challenging; Restructuring on Target
------------------------------------------------------------
Agence France-Presse reports that international lenders on
Feb. 11 said Cyprus's economic restructuring program is on
target, with fiscal targets for 2013 performing better than
expected, but the outlook remains challenging.

According AFP, the assessment was made by the European
Commission, European Central Bank and the International Monetary
Fund after their latest review of the program, agreed with Cyprus
last March in exchange for a EUR10 billion (US$13.6 billion)
bailout.

In particular, the financial sector needs to continue its process
of restructuring and tackle its high level of non-performing
loans, which is hampering the ability to lend, AFP discloses.

There is also a need to continue to strengthen implementation of
banking sector regulation and supervision as well as of the anti-
money laundering framework, AFP says.

In return for the bailout by the so-called troika, Cyprus agreed
to wind down its second-largest bank, Laiki, and impose losses on
larger depositors in under-capitalized largest lender, Bank of
Cyprus, AFP relays.

According to AFP, the troika also urged Cyprus to move ahead with
the privatization of key state-owned assets such as telecoms and
electricity, "essential to increase economic efficiency, attract
investment, and as a means to reduce public debt."

The review will be put to the members of the troika for approval
by early April, AFP states.  Its acceptance would pave the way
for the disbursement of EUR150 million from the EU and about
EUR86 million from the IMF, AFP notes.



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HAZTEC TECHNOLOGY: Fitch Affirms 'BB(bra)' National LT Rating
-------------------------------------------------------------
Fitch Ratings has affirmed the National Long-Term Rating 'BB
(bra)' Haztec Technology and Environmental Planning SA (Haztec)
and its first issue of debentures in the amount of BRL245
million, with collateral and within 12 years.  The Outlook for
the corporate ratings is Stable.

Main Essentials Ratings

Haztec's rating reflects its weak financial profile, associated
with the historic volatility in its results and moderate exposure
of its portfolio to the public sector.  The credit metrics of the
company following pressure, and reduced cash position and
financial applications to free movement across the short-term
debt at the end of September 2013, is concern for Fitch. The
analysis considers that liquidity Haztec may be favored after the
approval of new conditions concerning the first issuance of
debentures by the Guarantee Fund for Length of Service (FGTS) as
assumptions presented the agency.

Haztec strong challenge is to demonstrate its ability to increase
operating cash flow on a sustainable basis, making it compatible
with its capital structure and the planned investments.  Fitch
considers the positive advances made in the Company's operating
performance since the third quarter of 2013.  These rest on the
rebalancing of contracts with major customers in larger
commercial efforts and cost control.

The expectation and the company will benefit from the focus on
segments disposal of waste, services for environmental
engineering and forestry and power generation through thermal
treatment of waste (Waste to Energy).  The favorable outlook for
the industry of environmental solutions should favor the growth
of operations Haztec, whose rating remains still limited by the
restricted size of their activities.

The rating of the issuance of debentures follows in line with the
company since the debt collateralized constitute a major portion
of the financial obligations of Haztec, thus being the basis of
the debt structure considered in assigning the corporate rating.

Increase in Operating Cash Flow and Challenge

Fitch expects improved operating performance Haztec, mainly from
the second half of 2013, benefiting the company's results from
2014.  The expectation of the agency and the company reporting
consolidated EBITDA of around BRL30 million in 2013 and BRL60
million in 2014, already contemplating the non-recurring effects.
In the 12 month period ending September 2013, registered Haztec
weak operating cash flow, with negative BRL9 million in
consolidated EBITDA, calculated in accordance with Fitch's
criteria.  On a pro forma basis, excluding non-recurring effects,
the company's EBITDA in the first nine months of 2013 was BRL38
million.

In 2013, Haztec was successful in implementing price increases in
Central Waste Treatment (CTRs) in which it operates, as well as
increasing the volume of treated waste, the result of higher
commercial efforts in capturing new customers and public private.
The reduction of unit costs in their sanitary landfills and
administrative expenses was also important.  The company also
benefited from the rebalancing of the terms in the agreement with
Comlurb, its main customer, to provide services in the CTR
Seropedica, beyond the return of the receipt of the Municipality
of Nova Iguacu and the commencement of operations of North CTR.

The free cash flow (FCF) Consolidated Haztec should remain
negative in the next three years, even with the reduction of
annual investment to about BRL25 million to BRL30 million.  The
company has had difficulty in providing cash flow positive
operations (CFFO) in recent years, contributing to pressure the
FCF. According to Fitch's projections, the CFFO should be around
BRL10 million in 2014 and FCF negative BRL15 million.  In 2012,
Haztec registered CFFO and FCF negative in BRL19 million and
BRL89 million, respectively.  The company only releases its
statement of cash flow on an annual basis.

Financial Leverage Should Remain High

Haztec must maintain its credit metrics in aggressive levels in
the coming years.  Fitch believes that the company's consolidated
gross leverage as measured by debt to total / EBITDA, pemanecera
exceeding 8.0 times by 2015.  In the nine-month period ended in
September 2013 and pro forma basis, which considers an annualized
and adjusted EBITDA in BRL22 million for non-recurring effects,
leverage Haztec was high, with consolidated gross debt
Relationship / EBITDA around 10, 5 times.  The Company's gross
debt at end-September 2013, on a pro forma basis, considering the
reduction of the first debentures issuance for BRL107 million,
totaled BRL535 million and consisted mainly of German debentures
by BRL280 million of debentures issued by its parent, HIP,
guaranteed Haztec.

Weak Liquidity

Haztec have shown reduced cash position and financial
applications to free movement across their short-term financial
obligations, in addition to weak operating cash flow.  On
September 30, 2013, the company had BRL54 million of short-term
debt and BRL7 million of cash and financial investments (which
excludes restricted cash of BRL251 million tied to investments),
generating an index of coverage of debt service only 0.1 time.

The successful negotiation of new terms of issue of debentures
with FGTS, he ought to occur throughout 2014, this covered in the
rating and could reduce the risk of refinancing the company. The
negotiations involve the extension of maturities and reduction of
the amount to BRL107 million of BRL245 million -- of which only
BRL41 million were disbursed. The release of restrido box
relating to this issuance considers about BRL70 million in
repayment of investments.

Sensitivity of Ratings

Haztec's ratings could be downgraded if the company's operating
performance is below Fitch's expectations, frustrating the
premise that financial leverage migrated to lower levels over the
coming years.  On the other hand, growing and sustainable
operating results, besides the increase in liquidity, the ratings
could benefit the company.


JJ SIETAS: Pellas to Buy Sietas Shipyard in Hamburg
---------------------------------------------------
Marcus Hand at Seatrade Global reports that Russia's Pellas
Shipyard is to takeover insolvent German yard Sietas Shipyard
with a commitment to invest EUR15 million.

The report says Pellas is taking over Sietas in Hamburg from
insolvency administrator Berthold Brinkmann, which has ran the
yard for the past two years while searching for a strategic
investor.

According to Seatrade Global, Pellas is to takeover the yard on
March 10 subject to approval from creditor committees and banks.
The Hamburg yard is to be renamed Pellas Sietas and all 120
employees will be kept on or re-employed, the report relays.

Sietas plans to invest EUR15 million in the yard by the end of
2016 and increase its number of employees to 400, Seatrade Global
notes.

"I am delighted that we have found a strategic investor for
Sietas Shipyard in the company Pella Shipyard. It is not only
acquiring one of Hamburg's long-established maritime companies,
but also securing the expertise of the experienced Sietas
employees," the report quotes administrator Berthold Brinkmann as
saying.

Sietas is set to deliver its first offshore wind jack-up
installation vessel soon, the report adds.


SOLARSTROM AG: Insolvency Proceedings to Commence on March 1
------------------------------------------------------------
The Executive Board of S.A.G. Solarstrom AG decided on Feb. 13 to
lead the insolvency proceeding which had so far been managed in
self-administration, into general insolvency proceedings on the
date of the proceedings being opened, which is expected on
March 1, 2014.  This decision was made in agreement with the
provisional trustee Dr. Jorg Nerlich.

The proceedings, which S.A.G. Solarstrom AG initiated by filing
the application for insolvency on December 13, 2013, and which is
running according to its objective of continuing operation of the
company with its present structure, will continue to be managed
in self-administration until they are opened.  The opening
proceedings have shown that both investors and creditors have
only limited experience with the comparably new process of
self-administered insolvency.  The parties involved agree that
the company can be restructured and reorganized more simply and
more quickly using the means of insolvency proceedings through
the better-known general insolvency proceedings.

The objective of the insolvency proceedings remains unchanged:
restructuring and reorganizing the company and all its business
units, a process which will continue to be co-determined by the
company's Executive Board.

                    About S.A.G. Solarstrom AG

Headquartered in Freiburg i.Br., Germany S.A.G. Solarstrom AG
(German security identification number: 702 100, ISIN:
DE0007021008) -- http://www.solarstromag.com-- is a
manufacturer-independent provider of photovoltaic plants
configured to customers' individual needs.  The Group constructs
plants of all sizes both in Germany and abroad. S.A.G. Solarstrom
AG also produces solar energy at its own plants.

S.A.G. Solarstrom AG's service portfolio covers the entire life
cycle of photovoltaic plants, including forecast and energy
services, yield reports, and remote service and maintenance, as
well as insurance and financing.  The Group thus offers a
comprehensive value chain in photovoltaics, from yield reports,
planning, construction, operations, and monitoring to
optimization, repowering, and deconstruction.

S.A.G. Solarstrom AG was founded in 1998.  Around 190 specialists
work at the four locations in Germany and the foreign
subsidiaries.

S.A.G. Solarstrom AG is listed in the Prime Standard of the
Frankfurt Stock Exchange as well as according to the rules and
standards M:access of the Munich Stock Exchange.



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COUGAR CLO: Moody's Lowers Rating on EUR38MM Notes to 'B2'
----------------------------------------------------------
Moody's Investors Service has taken rating actions on the
following notes issued by Cougar CLO I PLC:

EUR105,000,000 (currently approximately EUR19.1M outstanding)
Class A Senior Secured Floating Rate Notes due 2020, Upgraded to
Aaa (sf); previously on Nov 14, 2013 Upgraded to Aa1 (sf) and
Placed Under Review for Possible Upgrade

EUR38,000,000 (currently approximately EUR18.6M outstanding rated
balance) Class B Subordinated Notes due 2020, Downgraded to B2
(sf); previously on Sep 27, 2011 Upgraded to Ba3 (sf)

Cougar CLO I PLC, closed in December 2005, is a collateralized
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European loans. The portfolio is managed by M&G
Investment Management Limited. The transaction's reinvestment
period ended in July 2010.

Ratings Rationale

The upgrade of the rating on the Class A notes is primarily the
result of deleveraging of the notes and subsequent improvement of
the over-collateralization ratio. Moody's had previously upgraded
the rating of Class A to Aa1(sf) from Aa3(sf) on November 14,
2013, and left it on review for upgrade due to significant loan
prepayments. The actions conclude the rating review of the
transaction.

The Class A notes have paid down by approximately EUR25.2 million
(57%) in the year to the payment date of January 15, 2014. As a
result of the deleveraging, over-collateralization has increased.
As of the trustee's report dated January 7, 2014, the Class A now
has an over-collateralization ratio of 147.5%, compared with
134.3% 12 months ago.

The downgrade of the rating on the Class B notes is due to the
deterioration of the credit quality of the underlying collateral
pool due mainly to the prepayments of the better rated assets.

The rating on the Class B notes addresses the repayment of the
rated balance on or before the legal final maturity. The rated
balance at any time is equal to the principal amount of the note
on the issue date minus the sum of all payments made from the
issue date to such date, of either interest or principal. The
rated balance will not necessarily correspond to the outstanding
notional amount reported by the trustee.

The credit quality of the underlying collateral pool has
deteriorated as reflected in the deterioration in the average
credit rating of the portfolio (measured by the weighted average
rating factor, or WARF) and an increase in the proportion of
securities from issuers with ratings of Caa1 or lower. As of the
trustee's January 2014 report, the WARF was 3000, compared with
2679 12 months ago. Securities with ratings of Caa1 or lower
currently make up approximately 21.6% of the underlying
performing portfolio, versus 12.8% 12 months ago.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR36.2 million,
defaulted par of EUR3.8 million, a weighted average default
probability of 25.8% (consistent with a WARF of 3842), a weighted
average recovery rate upon default of 49.3% for a Aaa liability
target rating, a diversity score of 15 and a weighted average
spread (WAS) of 3.70%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that a recovery of 50% on the 98% of the
portfolio exposed to first-lien senior secured corporate assets
upon default and of 15% on the remaining non-first-lien loan
corporate assets upon default. In each case, historical and
market performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.

Methodology Underlying the Rating Action

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

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed lower credit quality in the portfolio to
address refinancing risk. Loans to European corporates rated B3
or lower and maturing between 2014 and 2015 make up approximately
13,7% of the portfolio, which could make refinancing difficult.
Moody's ran a model scenario in which it raised the base case
WARF up to 4358 by forcing ratings on up to 50% of the
refinancing exposures to Ca; the model generated outputs that
were within one notch of the base-case results.

Moody's also ran a model scenario in which it lowered the base
case WAS to 3.0%; the model generated outputs that were within
one notch of the base-case results.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of 1) uncertainty about credit conditions in the
general economy 2) the exposure to lowly-rated debt maturing
between 2014 and 2015, which may create challenges for issuers to
refinance. CLO notes' performance may also be impacted either
positively or negatively by 1) the manager's investment strategy
and behavior and 2) divergence in the legal interpretation of CDO
documentation by different transactional parties due to because
of embedded ambiguities.

Additional uncertainty about performance is due to the following:

1) Exposure to credit estimates: The deal contains a large number
of securities whose default probabilities Moody's has assessed
through credit estimates. If Moody's does not receive the
necessary information to update the credit estimates in a timely
fashion, the transaction could be affected by any default
probability stresses Moody's assumes in lieu of updated credit
estimates.

2) Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager
or be delayed by an increase in loan amend-and-extend
restructurings. Fast amortization would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.

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

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


SIAC CONSTRUCTION: Rescue Plan Gets Final Court Approval
--------------------------------------------------------
Barry o'Halloran at The Irish Times reports that the High Court
has paved the way for existing shareholders the Feighery family
and new backers Ducales Trading and Colas to rescue troubled
building group Siac, saving about 200 jobs.

According to The Irish Times, Mr. Justice Peter Kelly on Friday
gave final approval for a rescue plan that involves investors
putting EUR10.5 million into the construction and engineering
group, which last October was placed under High Court protection
owing EUR26 million to trade creditors and EUR42 million to three
banks.

Under the plan, proposed by High Court-appointed examiner
Michael McAteer of Grant Thornton, EUR7.7 million of the
EUR10.5 million will be used to pay creditors, with EUR5 million
of that going to those with secured liabilities, The Irish Times
discloses.

Preferential creditors will receive 10% of what is due to them
and those with unsecured debts will get 5%, The Irish Times says.

The group will be split in two, a debt-free operating business
into which the investors are putting their cash, and a property
holding business that will be liable for about EUR38 million in
secured bank debt, The Irish Times states.

SIAC Construction is an Irish building engineering company.



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


ORH SPA: Put Under Voluntary Liquidation at Milan Tribunal
----------------------------------------------------------
Further to the announcements of December 3, 2013 and January 23,
2014, the Board of Clear Leisure on Feb. 12 disclosed that
ORH SpA, its 73.43% hotel and travel company, has been placed
into voluntary liquidation by the Company at the Milan Tribunal.

This decision was made by the board of ORH, after the discovery
by the Company of a sizable, undisclosed debt position mainly on
the African hotels under ORH's previous management.  This has
created a situation where the continuation of business activities
by ORH has been considered uneconomical and the restructuring of
this debt to be too expensive compared to the value of the assets
under ORH's control.

Clear Leisure acquired the majority control of ORH on November 9,
2012, following a thorough due diligence process which did not
identify certain debt positions fraudulently undisclosed to the
Company at that time.  It increased its holding to 73.43% on
June 5, 2013.

These stakes were paid for through the issue of 14.4 million
Clear Leisure ordinary shares and GBP1.8 million in cash.  The
Company has to date, recovered 7.2 million of the shares, as
announced on December 3, 2013, with the remaining 7.2 million
shares being returned before February 15, 2014.

The Company expects to sustain additional costs, estimated at
GBP200,000, for the legal procedure and for the reimbursement of
ORH's customers who may or may not claim a refund due to the
disruption of services at their hotel, due to the closing of the
operations.  Therefore, the Company estimates that its total cash
investment in ORH is approximately GBP2.0 million.

The Company also disclosed that the illegalities relating to
ORH's debt position, including the financials presented to the
Company during the acquisition process, are currently under
investigation by the Milan Criminal Prosecutor's office, which is
expected to take a number of months to reach a decision.  The
Company hopes this investigation will clearly establish which
parties are responsible for the fraud, allowing the Company to
protect its rights.

ORH offers its customers a wide number of products and services,
not just those relating to the African hotel business; however,
the wide-reaching ramifications of the debt related to the
African operations has, the board believes, compromised the
operations and reputation of the entire ORH brand.  For this
reason all the activities of ORH have been placed within the
voluntary liquidation order.

On a more positive note, the Company is actively seeking to
extract, under conditions to be discussed with the liquidator
nominated by the Milan bankruptcy court, and following the final
ruling, any potential opportunities in the tourism sector,
especially those related to the Italian hotel management market
and web-based travel operations.  The board cannot provide any
degree of certainty regarding the success of these discussions at
this stage in the process.

Clear Leisure is also actively seeking to swap its potential
tourism assets, or potential future rights in ORH, as the
majority shareholder related to the ORH liquidation, with other
tourism assets and activities.  At this early stage in the
proceedings, the board already believes there could be a positive
outcome in this regard.

Should the Company be successful in the above negotiations, this
will inevitably reduce the loss that Clear Leisure has suffered
by the impact of ORH being placed into liquidation.  However,
should the Company not be able to receive assets from the
bankruptcy court, or other assets related to the tourism business
in the form of a swap in exchange for the ORH shares that the
Company still owns, the maximum total loss for the Company, after
receiving back the 14.4 million Clear Leisure ordinary share,
will be GBP2 million, or 1 pence per share.

The board believes that this loss is already factored into the
Company's current share price, which values the Company
significantly below the Net Asset Value reported on September 20,
2013 in the interim results.



===========
L A T V I A
===========


LIEPAJAS METALURGS: Government Supports Plan to Sell Assets
-----------------------------------------------------------
The Baltic Course, citing LETA/Nozare.lv, reports that Finance
Minister Andris Vilks (Unity) said the government has supported
the strategy for sale of Liepajas metalurgs, which was previously
drawn up by the company's insolvency administrator, Haralds
Velmers.

According to the report, the finance minister expressed
confidence that the acquisition offer internationally could
officially be organized in the spring.  He added that the best-
case-scenario would see the company resume production in the
summer, The Baltic Course relays.

The Baltic Course relates that Mr. Vilks added that the company
is still attracting interest from international investors in
Europe and Russia. He also added that the company will be sold as
a whole, and it will remain accessible to Liepaja Port, the
report says.

Meanwhile, The Baltic Course relates that Mr. Velmers pointed out
that he has called a meeting of Liepajas metalurgs creditors on
February 21, where he intends to make a request to extend the
company's sale deadline by another six months -- until August 21.

"I will request an extension on the sale deadline to give the
company the best chance to be sold for the highest price. I
believe that the company's buyer will be clear by July. The sale
is being organized in such a way, so that all of the company's
creditors will be able to recover their money," the report quotes
Mr. Velmers as saying.

The Baltic Course notes that the finance minister explained that
the international sales offer is being made so that there is
competition between potential investors. He added that the steel
industry is gradually recovering around the world, as companies
are seeing increases in turnover and are returning to profit.
"That is why I believe there will be interest in the company,"
Mr. Vilks, as cited by The Baltic Course,  added.

Liepajas Metalurgs is a Latvian metallurgical company.

Liepaja Court commenced Liepajas metalurgs' insolvency process on
Nov. 12 last year.  Haralds Velmers was appointed insolvency
administrator.  Over 1,500 Liepajas metalurgs workers have been
laid off so far.  Liepajas metalurgs halted production last
spring.



=====================
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=====================


GOODYEAR DUNLOP: Moody's Affirms Ba2 Rating on EUR250MM Notes
-------------------------------------------------------------
Moody's Investors Service affirmed the ratings of The Goodyear
Tire & Rubber Company, Corporate Family Rating at Ba3 and
Probability of Default Rating at Ba3-PD, and revised the
company's rating outlook to positive from negative. The
Speculative Grade Liquidity Rating was affirmed at SGL-2.

Rating Raised:

Rating Outlook to Positive from Negative

Ratings Affirmed:

The Goodyear Tire & Rubber Company

Corporate Family Rating, Ba3;

Probability of Default Rating, Ba3-PD;

US$900 million senior unsecured notes due 2021, B1 (LGD-4, 68%);

8.75% senior unsecured guaranteed notes due 2020, B1 (LGD-4,
68%);

8.25% senior unsecured guaranteed notes due 2020, B1 (LGD-4,
68%);

7.0% senior unsecured guaranteed notes due 2022, B1 (LGD-4,
68%);

7.0% senior unsecured unguaranteed notes due 2028, B2 (LGD-6,
96%);

US$1.2 billion second lien term loan due 2019, Ba1 (LGD-2, 21%)

SGL-2, Speculative Grade Liquidity Rating;

Goodyear Dunlop Tires Europe B.V.:

EUR400 million of first lien revolving credit facilities due
April 2016, Baa3 (LGD-1, 7%);

EUR250 million of senior unsecured notes due April 2019, Ba2
(LGD-2, 29%).

Ratings Rationale

The revision of Goodyear's rating outlook to positive
incorporates the transformative impact of the US$1.15 billion
cash contribution to the company's pension plan which reduces pro
forma leverage to about 3.9x (inclusive of Moody's standard
adjustments) for the year-end December 31, 2013 from about 5.3x
for the LTM period ending September 30, 2013. This action, along
with Goodyear's ongoing progress with improving profit margins
through improving product pricing and mix, is a step change
toward the company's stated goal of achieving a (debt+pension)/
(EBITDA+pension expense) leverage (excluding Moody's standard
adjustments) of 2.5x by 2016.

Goodyear's pension contribution was made from existing cash
balances and Moody's believes that the use of existing liquidity
to fund the pensions demonstrates the company's confidence in the
free cash flow generation of the business. The pension funding is
the latest in a series of actions to de-risk the company's U.S.
unfunded pension obligations. The completion of the pension
contribution enables Goodyear, under the terms of the existing
labor contract, to freeze the remaining United Steel Worker
pension plans, which will help contain pension costs in the
future. The positive outlook reflects Moody's belief that this
and the ongoing actions to improve product pricing and mix
significantly increases the likelihood of Goodyear achieving debt
reduction goals of US$1.4-US$1.7 billion under its previously
stated cumulative 2014-2016 capital allocation plan.

Goodyear's Ba3 Corporate Family Rating reflects the company's
strong position as a leading manufacturer of automotive tires and
improving EBITA margins which better position the company's
metrics in the Ba rating range. On a pro forma basis for the
pension contribution, Goodyear's EBITA margin and EBITA/interest
are estimated at 7.7% and 2.6x, respectively. While Goodyear is
expected to continue to implement improving product pricing and
mix strategies, and restructuring actions to improve
profitability, Moody's believes there are potential headwinds
from raw material cost pressures. Goodyear is also expected to
encounter weak replacement tire growth trends due to only
moderately recovering global economies.

Goodyear's SGL-2 Speculative Grade Liquidity continues to reflect
the company's strong cash balances and revolving credit
availability. Goodyear's global cash on hand at December 31, 2013
was approximately US$3.0 billion which includes about US$500
million of cash located in regions where access could be
constrained. Pro forma for the pension plan contribution, cash
balances would be about US$1.8 billion. As of December 31, 2013,
Goodyear had US$1.5 billion of borrowing base availability after
US$375 million of outstanding letters of credit under the U.S.
US$2.0 billion ABL revolving credit facility which matures in
2017. Goodyear's EUR400 million revolving credit facility was
undrawn as of December 31, 2013 with EUR3 million of letters of
credit outstanding and the Pan European accounts receivable
securitization facility had EUR179 million of availability.
Goodyear is expected to be cash flow positive over the near-term
as profit margins improve. There is a coverage ratio covenant
test under the US$2.0 billion revolver which comes into effect
only when availability under the revolver, plus cash balances of
the parent and guarantor subsidiaries under the facility, goes
below US$200 million, which is unlikely to be activated in the
near-term. Goodyear has the capacity under the indentures for its
unsecured obligations to pledge additional assets (subject to the
terms, limitations and exclusions provided in the respective
indentures). Should the permissible liens exceed the prescribed
amount, Goodyear would be required to ratably secure the
unsecured notes and bonds issued under the indentures.

A positive rating change could result from continued de-
leveraging of Goodyear's balance sheet, or if industry conditions
evolve to permit the company to sustain better margins through
sustained product pricing and/or lesser exposure to volatile
commodity costs. A higher rating or outlook could result from
EBITA/interest being sustained at or above 3.0x, and debt/EBITDA
at or below 3.0x while maintaining a good liquidity profile.

A lower rating outlook or rating could result if Goodyear is
unable to offset pressures from weak volume trends, competitive
pressures, and increasing raw material costs through the
combination of improved product mix, pricing, or restructuring
actions. Developments that suggest that the EBITA margin will
revert toward 5% for a protracted period, the inability to
generate positive free cash flow, or debt/EBITDA above 4x could
put downward pressure on the rating. Ratings pressure could also
arise from a meaningful decrease in the liquidity profile.

The principal methodology used in this rating was the Global
Automotive Supplier Industry published in May 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.

The Goodyear Tire & Rubber Company, based in Akron, OH, is one of
the world's largest tire companies with 52 manufacturing
facilities in 22 countries around the world. Revenues in 2013
were approximately US$19.5 billion.



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P O L A N D
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POLIMEX-MOSTOSTAL: Creditors Agree to Delay Loan Interest Payment
-----------------------------------------------------------------
Piotr Skolimowski at Bloomberg News reports that creditors agreed
to delay payment of interest on Polimex loans and bonds.

According to Bloomberg, the company said in a regulatory
statement that the agreement with creditors also applies to
payments scheduled between Jan. 31 and April 30.

As reported by the Troubled Company Reporter-Europe on Jan. 17,
2014, Warsaw Business Journal related that last year, the
troubled construction firm managed to reach an agreement with its
creditors, which helped save the company from bankruptcy.  As of
June 2013, Polimex-Mostostal had PLN800 million in debt, Warsaw
Business Journal disclosed.  The group is undergoing
restructuring, selling non-essential assets, and attempting to
lower its debt, Warsaw Business Journal said.

Polimex-Mostostal is a Polish engineering and construction
company that has been on the market since 1945.  The Company is
distinguished by a wide range of services provided on general
contractorship basis for the chemical as well as refinery and
petrochemical industries, power engineering, environmental
protection, industrial and general construction.  The Company
also operates in the field of road and railway construction as
well as municipal infrastructure.  Polimex-Mostostal is a large
manufacturer and exporter of steel products, including platform
gratings, in Poland.



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


LENTA LIMITED: Moody's Says IPO Plan Credit Neutral
---------------------------------------------------
Moody's Investors Service has said that plans for an initial
public offering (IPO) announced by Lenta Limited (B1 stable), one
of the leading Russian food retailers, is credit neutral for the
company as it will not result in a new equity injection. Moody's
also does not expect that the planned IPO will result in material
changes to the shareholding structure.

On February 3, 2014, Lenta announced its plans to place common
shares in the form of global depository receipts (GDRs) during an
IPO on the London Stock Exchange and the Moscow Exchange. The
company will not issue new equity and will offer shares belonging
to the existing shareholders except management and directors, on
a pro rata basis. Currently the three major shareholders of Lenta
are investment fund TPG Capital (49.8% stake in the company), the
European Bank for Reconstruction and Development (EBRD, Aaa
stable, 21.5%), and VTB Capital plc (Baa3 stable, 11.7%).
Management and directors hold a 1% stake with the remaining 15.9%
belonging to other minority shareholders. Although Lenta has yet
to decide on the exact stake to be sold through IPO, Moody's
expects that it will not exceed 25%.

The IPO should allow the existing financial investors to partly
monetize investments and create liquidity in the stock. However,
it is Moody's understanding that none of the current shareholders
intend to fully exit the company at this stage and Moody's does
not expect the entrance of any potential strategic investors. As
a result, uncertainty over the company's long-term strategy and
financial policies associated with the absence of a strategic
investor in the current shareholding structure will persist.
Being financial investors, the current shareholders will likely
aim to exit the business in three to five years and the IPO is
the first step towards their full exit. However, these concerns
are mitigated by (1) the fact that investors are not
contractually required to exit the business in the short term;
and (2) the investors' stated commitment to achieving a strong
longer-term operational and financial performance. In addition,
in April 2013, Lenta introduced an option plan for management
until April 2018 providing additional stability that the current
management team will stay with the company and continue to pursue
its current strategy focused on accelerating growth and operating
efficiencies.

In addition, Moody's does not expect any material changes in
Lenta's corporate governance, which is already at a fairly high
standard, with three independent directors on the board and an
audit, remuneration, nomination and capex committee in place. At
the same time, the IPO, if realised, may further enhance Lenta's
transparency and provide access to equity markets.

Headquartered in St. Petersburg, Russia, and incorporated in the
British Virgin Islands, Lenta Ltd. is one of the leading Russian
food retailers, predominantly operating a chain of hypermarkets
in Russia. As of January 31, 2014, the company operated 87 stores
(around 508,000 square meters of selling space including 77
hypermarkets and 10 supermarkets) in 45 major Russian cities and
five distribution centers.



===========
S E R B I A
===========


VELEFARM HOLDING: Insolvency Administrator Files Suit v. Hemofarm
-----------------------------------------------------------------
The insolvency administrator of Velefarm Holding and Velefarm VFB
has taken legal action in Belgrade's commercial court against
Hemofarm A.D., a subsidiary of STADA Arzneimittel AG, and
Velefarm Prolek, a company of the Velefarm group.  In the
lawsuit, the insolvency administrator demands that certain
agreements and statements from the years 2010 and 2011 reached
between Hemofarm and the Serbian wholesale group Velefarm with
regard to the insolvent assets of Velefarm Holding and Velefarm
VFB be declared invalid and demands repayments to the insolvent
assets.

In September 2010, Hemofarm, Velefarm Holding and Velefarm VFB
signed a restructuring plan regarding Velefarm Holding and
Velefarm VFB's receivables held by Hemofarm.  The intention of
this restructuring plan was to put Velefarm in a position to
gradually repay the still outstanding trade receivables held by
Hemofarm over a period of several years.  The insolvency
procedures of Velefarm Holding and Velefarm VFB were initiated in
the year 2012 and the same insolvency administrator was appointed
as representative of both companies.

In the lawsuit, the insolvency administrator claims that by
completing this restructuring plan and accessory agreements and
actions, Hemofarm disadvantages other creditors of Velefarm
Holding and Velefarm VFB.  In addition, the insolvency
administrator demands repayment of all advantages received to the
insolvent assets of Velefarm Holding and Velefarm VFB plus
interests and costs for legal proceedings.

In the statement of claim, these amounts are quantified with
approximately EUR54.2 million (in local currency).  However, it
has to be taken into consideration that Hemofarm as creditor of
the insolvent assets would retrieve a quota of the insolvent
assets in a significant amount.

Hemofarm and STADA believe that the lawsuit is unfounded. The
conditions for the prejudicial treatment of creditors are not met
in the present case.  The restructuring plan between Hemofarm,
Velefarm Holding and Velefarm VFB was implemented by Hemofarm in
compliance with all legal provisions and served for the
restructuring of the Velefarm group and not the prejudicial
treatment of other creditors.  In particular, the implementation
of the restructuring plan meant that Hemofarm, as one of the
Velefarm group's largest creditors, would have to make
substantial write-offs.  In reaching this assessment, Hemofarm is
among others relying on an expert opinion from a well-known local
law office and will defend itself against this lawsuit through
all judicial authorities.



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


AYT GENOVA X: Fitch Affirms Bsf Rating on Class D Tranche
---------------------------------------------------------
Fitch Ratings has affirmed 29 tranches of nine AyT Genova
Hipotecario transactions, a series of Spanish prime RMBS
comprising loans originated by Barclays Bank S.A., a Spanish
subsidiary of Barclays Bank Plc (A/Stable/F1).  The Outlooks on
most mezzanine tranches have been revised to Stable from
Negative.

Key Rating Drivers

Better than Average Performance
The affirmations reflect the better-than-average performance of
the underlying assets.  As of the latest reporting periods,
three-month plus arrears (excluding defaults) ranged from 0.23%
(AyT Genova III) to 1.37% (AyT Genova XII) of the current pool
balances, which are both below Fitch's three-month plus arrears
Spanish RMBS index of 2.5%.  Cumulative gross defaults ranged
between 0.08% (AyT Genova IV) and 1.04% (AyT Genova XI) of the
initial portfolio balance.  These levels were well below the
average (3.95%) for other Fitch-rated prime Spanish RMBS. Fitch
expects the strong performance to continue due to a more stable
macroeconomic environment in Spain.

The revision in Outlook to Stable on most mezzanine tranches
reflects the overall satisfactory performance of the
transactions, increased credit enhancement available, and the
ability to withstand additional stresses such as haircuts on
recovery expectations.

Low Excess Spread

The structures of the Genova transactions generate limited gross
excess spread, which is on average 0.18% of the outstanding
portfolio balances per annum.  While this cash flow generated by
the structures thus far has been sufficient to fully provision
for defaulted loans (defined as loans in arrears for more than 18
months) and ensure reserve funds remain fully funded in the more
seasoned deals (AyT Genova III, IV, VI, VII and VIII), it has not
been the case in the more recent transactions.  The reserve funds
of AyT Genova IX, X, XI and XII have been partly drawn and are
between 83% and 92% of their target amounts.

Fitch has taken into account the gross excess spread available in
each transaction when assessing the overall credit profile of the
rated notes.  The Negative Outlooks on the junior tranches of AyT
Genova IX, XI and XII and the mezzanine and junior notes of AyT
Genova X, reflect Fitch's expectations of future reserve fund
draws.

Loan Modifications
The Genova portfolios comprise loans that have been subject to
modifications, ranging between 0.2% and 4% of the current
portfolio.  To account for the weaker credit profile of such
borrowers, particularly those that have received maturity
extensions in excess of two years (on average 87% of total
modifications), Fitch has applied additional default probability
stresses.

The analysis showed that the levels of credit enhancement
available to the notes are sufficient to withstand such stresses.
AyT Genova VI and X are exposed to larger shares of modified
loans, 2.5% and 4% respectively, and this is reflected in the
Negative Outlook on the mezzanine tranches of these two specific
transactions.

Rating Sensitivities

Deterioration in asset performance may result from economic
factors, in particular the effects of increasing unemployment. An
increase in new defaults and associated pressure on excess spread
levels and reserve funds beyond Fitch's expectations could result
in negative rating actions.

The rating actions are as follows:

AyT Genova Hipotecario III
Class A (ES0370143002) affirmed at 'AA-sf'; Outlook Stable
Class B (ES0370143010) affirmed at ''AA-sf'; Outlook revised to
Stable from Negative

AyT Genova Hipotecario IV
Class A (ES0370150007) affirmed at 'AA-sf'; Outlook Stable
Class B (ES0370150015) affirmed at ''AA-sf'; Outlook revised to
Stable from Negative

AyT Genova Hipotecario VI
Class A2 (ES0312349014) affirmed at 'AA-sf'; Outlook Stable
Class B (ES0312349022) affirmed at 'AA-sf'; Outlook revised to
Stable from Negative
Class C (ES0312349030) affirmed at 'Asf'; Outlook revised to
Stable from Negative
Class D (ES0312349048) affirmed at 'BBBsf'; Outlook Negative

AyT Genova Hipotecario VII
Class A2 (ES0312343017) affirmed at 'AA-sf'; Outlook Stable
Class B (ES0312343025) affirmed at 'AA-sf'; Outlook revised to
Stable from Negative
Class C (ES0312343033) affirmed at 'A-sf'; Outlook revised to
Stable from Negative

AyT Genova Hipotecario VIII
Class A2 (ES0312344015) affirmed at 'AA-sf'; Outlook Stable
Class B (ES0312344023) affirmed at 'AA-sf'; Outlook revised to
Stable from Negative
Class C (ES0312344031) affirmed at 'Asf'; Outlook revised to
Stable from Negative
Class D (ES0312344049) affirmed at 'BB+sf'; Outlook Negative

AyT Genova Hipotecario IX
Class A2 (ES0312300017) affirmed at 'AA-sf'; Outlook Stable
Class B (ES0312300025) affirmed at 'AA-sf'; Outlook revised to
Stable from Negative
Class C (ES0312300033) affirmed at 'BBB+sf'; Outlook revised to
Stable from Negative
Class D (ES0312300041) affirmed at 'BBsf'; Outlook Negative

AyT Genova Hipotecario X
Class A2 (ES0312301015) affirmed at 'AA-sf'; Outlook Stable
Class B (ES0312301023) affirmed at 'A+sf'; Outlook Negative
Class C (ES0312301031) affirmed at 'BBB-sf'; Outlook Negative
Class D (ES0312301049) affirmed at 'Bsf'; Outlook Negative

AyT Genova Hipotecario XI
Class A2 (ES0312302013) affirmed at 'AA-sf'; Outlook Stable
Class B (ES0312302021) affirmed at 'Asf'; Outlook revised to
Stable from Negative
Class C (ES0312302039) affirmed at 'BBB+sf'; Outlook revised to
Stable from Negative
Class D (ES0312302047) affirmed at 'BBsf'; Outlook Negative

AyT Genova Hipotecario XII
Class A (ES0312285002) affirmed at 'AA-sf'; Outlook Stable
Class B (ES0312285010) affirmed at 'Asf'; Outlook Negative


PAESA ENTERTAINMENT: S&P Assigns 'B-' CCR; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services said it had assigned its 'B-'
corporate credit rating to Spanish destination resort PAESA
Entertainment Holding, S.L. (PortAventura).  The outlook is
stable.

At the same time, S&P assigned a 'B-' issue rating to the
EUR420 million senior secured bonds issued by PortAventura's
newly incorporated financing vehicle Port Aventura Entertainment
Barcelona B.V.  The recovery rating on the pass-through loan is
'4', indicating S&P's expectation for average (30%-50%) recovery
to lenders in the event of a payment default.

The ratings reflect S&P's assessment of PortAventura's business
risk profile as "weak," its management and governance score as
"fair," and its financial risk profile as "highly leveraged,"
according to S&P's criteria.

Furthermore, the final terms of PortAventura's recently completed
refinancing were broadly in line with our previous expectations.
PortAventura, which is located on the Costa Dorada in Spain, is
the second destination resort in Europe (after Euro Disney) by
number of resort rooms and fourth by number of visitors.  The
resort includes a main park with six themed areas, a water park,
four hotels with a total of 2,000 rooms, and a convention center
with capacity for 4,000 people.

In S&P's base case it assumes:

   -- Low-single-digit percentage organic growth in revenues for
      2014 and 2015, supported by a slight increase in
      attendance, driven by new rides and the recent enlargement
      of the water park, and net revenue per capita growing in
      line with inflation;

   -- Flat EBITDA margin in 2014 and 2015, remaining near 40%
      (which compares favorably with other theme park operators
      S&P rates); and

   -- Capital expenditures (capex) of 8%-10% of revenues,
      assuming the addition of new rides every year, which S&P
      understands are discretionary and not committed, given that
      most maintenance costs are expensed.

Based on these assumptions, S&P arrives at the following credit
measures:

   -- An adjusted debt-to-EBITDA ratio of about 6.0x over the
      next two years;

   -- Adjusted EBITDA interest coverage close to 2.0x over the
      same period; and

   -- Adjusted FOCF to debt below 5% over the same period.

The stable outlook reflects S&P's expectation that despite the
seasonal nature of the business, PortAventura will continue to
generate positive FOCF, sustain EBITDA interest coverage of about
2.0x, and maintain adequate liquidity, primarily given its
flexibility to cut capex if needed.



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


UKRAINIAN RAILWAYS: S&P Lowers CCR to 'CCC+'; Outlook Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit and issue ratings on Ukrainian railway
company The State Administration of Railways Transport of Ukraine
(Ukrainian Railways) to 'CCC+' from 'B-'.  The outlook is
negative.

The downgrade of Ukrainian Railways follows a similar rating
action on Ukraine on Jan. 28, 2014.

S&P considers Ukrainian Railways to be a government-related
entity (GRE) because it is fully owned by the Ukrainian
government, and is the manager of the national rail
infrastructure, passenger transport provider, and dominant
freight provider in the country. S&P therefore caps its long-term
rating on Ukrainian Railways at the level of our long-term
foreign currency rating on Ukraine in accordance with S&P's
criteria for rating GREs.

"Under our GRE criteria, we only rate a GRE higher than the
foreign currency sovereign credit rating if we consider that the
GRE meets certain conditions.  We do not believe that Ukrainian
Railways meets these conditions for two reasons.  First, we do
not assess it as benefitting from at least an "extremely high"
likelihood of sovereign support," S&P said.  Second, although its
stand-alone credit profile (SACP) of 'b-' is above the foreign
currency sovereign credit rating on Ukraine, S&P believes that
Ukrainian Railways would not pass a stress test because it assess
its liquidity as "weak."

S&P believes that there is a "very high" likelihood of timely and
sufficient extraordinary government support to Ukrainian Railways
in the event of financial distress.  This reflects S&P's
assessment of the company's:

   -- "Very important" role for Ukraine, as the manager of the
      national rail infrastructure, passenger transport provider,
      and dominant freight provider.

   -- "Very strong link" with the Ukrainian government.  This
      takes account of Ukrainian Railways' current status as a
      state administration, its likely transition into a 100%
      government-owned joint-stock company (JSC) under a planned
      reform, and our view that the new JSC will not be
      privatized over the medium term.

The negative outlook on Ukrainian Railways mirrors the negative
outlook on Ukraine.  The negative outlook on Ukraine reflects
S&P's view that there is at least a one-in-three chance that it
could lower its long term foreign currency sovereign credit
rating on Ukraine over the next 12 months.

Any lowering of the long-term foreign currency sovereign credit
rating or S&P's transfer and convertibility assessment on Ukraine
is likely to prompt it to lower the foreign currency rating on
Ukrainian Railways.  This is because a downgrade of Ukraine could
imply additional challenges in Ukrainian Railways' operating
environment and restrict its access to liquidity further.

S&P could also lower the rating on Ukrainian Railways if its
stand-alone liquidity pressures escalate, for example due to a
breach in financial covenants.

S&P could revise the outlook on Ukrainian Railways to stable if
it revises the outlook on Ukraine to stable, and if the situation
in Ukraine stabilizes and external liquidity pressure on
Ukrainian Railways eases.


UKRZALIZNYTSIA: Fitch Cuts LT Foreign Currency IDR to 'CCC'
-----------------------------------------------------------
Fitch Ratings has downgraded the State Administration of Railways
Transport of Ukraine's (Ukrzaliznytsia) Long-term foreign
currency Issuer Default Rating (IDR) to 'CCC' from 'B-', and
affirmed the Long-term local currency IDR at 'B-'.  The Outlook
on the Long-term local currency IDR is Negative. The Short-term
foreign currency IDR has been downgraded to 'C' from 'B'.

Fitch has also downgraded Shortline Plc's loan participation
notes' Long-term foreign currency rating to 'CCC' from 'B-'. A
full list of rating actions is below.

Key Rating Drivers

The rating actions follow the downgrade of Ukraine's Long-term
foreign currency IDR to 'CCC' from 'B-' and affirmation of its
Long-term local currency IDR at 'B-'.

The downgrade of Ukrzaliznytsia's foreign currency IDRs and
affirmation of its local currency IDR were because its ratings
are equalized with those of its sponsor, Ukraine.  Fitch uses its
public-sector entities (PSE) rating criteria and views
Ukrzaliznytsia as a dependent PSE.

The downgrade of Shortline Plc's USD500m loan participation
notes' (LPN) rating reflects that their rating is equalized with
Ukrzaliznytsia's Long-term foreign currency IDR as Ukrzaliznytsia
is a guarantor of Shortline Plc's LPN.

Fitch expects to publish a further rating action commentary in
the near future summarizing public finance Ukrainian National
Scale ratings.

Rating Sensitivities

Ukrzaliznytsia's ratings are equalized with the sovereign's
ratings so any downgrade of Ukraine would lead to a downgrade of
Ukrzaliznytsia.

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

The rating actions are as follows:

-- State Administration of Railways Transport of Ukraine

-- Long-term foreign currency IDR downgraded to 'CCC' from 'B-'

-- Long-term local currency IDR affirmed at 'B-'; Outlook
    Negative

-- Short-term foreign currency IDR downgraded to 'C' from 'B'

Shortline Plc

-- USD500m loan participation notes (ISIN XS0934134312,
    US825262AA68) Long-term foreign currency rating downgraded to
    'CCC' from 'B-'



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


BRIDGE BUSINESS: Former Partner's Court Date Moved to Feb. 24
-------------------------------------------------------------
Accountancy Age reports that ex-Bridge Business Recovery partner
James Bradney's court date over fraud allegations has been pushed
back for a second time.

The preliminary court hearing for Mr. Bradney and accountant
Michael Worrall was originally scheduled for October 2013 and was
pushed back to February 10. Accountancy Age has learned that the
preliminary hearing will now take place on February 24 at
Sevenoaks Maidstone Crown Court

James Bradney was one of the founding partners of the insolvency
firm.  Mr. Worrall was the firm's accountant, the report notes.

Both Messrs. Bradney and Worrall have been charged with five
counts of conspiracy to commit fraud by abuse of a position of
trust and one count of conspiracy to commit false accounting,
understood to be in relation to the preparation of false
management accounts, according to Accountancy Age.

However, Mr. Bradney has also been charged with a further two
counts of false accounting, understood to relate to alleged
falsified estate deposit accounts, the report relays.

Accountancy Age says Kent Police raised the court summons, which
was issued on Sept. 12, 2013.

The report notes that the preliminary hearing is where both
parties can enter their plea, but are not forced to. If both
plead guilty a court date is likely to be set for sentencing.
However, if there are pleas of not guilty by either individual,
then a date for trial will be given, Accountancy Age.

                       About Bridge Business

Bridge Business Recovery LLP specialized in business recovery and
restructuring.

Colin Haig and Samantha Bewick of KPMG were appointed
administrators to Bridge Business Recovery on July 1, 2011.  The
partners of the business sought the advice of KPMG on discovery
of significant irregularities, which subsequently led to the
court appointing KPMG as administrators.

According to the creditors report from KPMG in August 2011,
unsecured creditors were owed more than GBP4m including
GBP1.3 million to HMRC. It is estimated that this group of
creditors would receive just 20 pence for every GBP1 owed.
However, the wage bill of GBP8,272.83 was likely to be paid in
full, Accountancy Age discloses.


EPIC PLC: S&P Withdraws 'BB' Rating on Class F Notes
----------------------------------------------------
Standard & Poor's Ratings Services withdrew all of its credit
ratings in Epic (More London) PLC.

The withdrawals follow the cash manager's confirmation that all
classes of notes fully redeemed on the January 2014 interest
payment date.

Epic (More London) was a commercial mortgage-backed securities
transaction, which was secured on a single loan, with six real
estate assets in the More London commercial scheme in Central
London.

RATINGS LIST

Ratings Withdrawn

Epic (More London) PLC
GBP670 Million Commercial Mortgage-Backed Floating-Rate Notes

Class        To        From

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

NR-Not rated.


GPP CAPITAL: Expects Sale of Service Point UK Business by Spring
----------------------------------------------------------------
Jo Francis at PrintWeek reports that the administrator of
GPP Capital PLC, the parent company of Service Point UK, hopes to
achieve a sale of the Service Point UK business by the spring.

GPP Capital PLC was placed into administration by its banks in
October, following a protracted series of events involving GPP's
own parent company, Spanish firm Service Point Solutions SA
(SPS), which is listed on the Madrid and Barcelona stock
exchanges, PrintWeek relates.

During 2013, SPS had attempted to restructure its GBP100 million
of debt, but despite shifting GBP25 million of the debt into
convertible bonds it continued to breach its banking covenants
and subsequent attempts to sell the business stalled, PrintWeek
recounts.

Service Point's subsidiaries in the USA ceased trading in
November after the directors there decided there was insufficient
time or funding to attempt a Chapter 11 or Chapter 7 process,
PrintWeek relays.

SPS's shares are now suspended, PrintWeek notes.

GPP Capital owes its creditors GBP92.8 million, of which
GBP61.3 million is owed to Lloyds Bank and GBP31.5 million to SPS
in Spain, PrintWeek discloses.

According to PrintWeek, Ernst & Young began actively marketing
GPP's shareholding in Service Point UK at the start of this year,
and said it was "business as usual" for the UK operation in the
meantime.

However, any sale is likely to be complicated by Service Point
UK's defined benefit pension scheme, which has a deficit of at
least GBP11.5 million according to the 2011 accounts,
PrintWeek states.

Service Point UK had sales has 27 locations across the UK, with
ten of those in London, and employs around 600 staff.  It
provides a wide range of print, document management, and print
management services.


LANDSBANKI BANK: Shropshire Council Recoups GBP920,000
------------------------------------------------------
Shropshire Star reports that Shropshire Council has sold its
claim against the insolvent estate of Icelandic bank Landsbanki.
The claim has been sold to German global banking group Deutsche
Bank, the report says.

According to the report, it means the council has recovered
GBP920,000 of the GBP1 million that was originally deposited with
Landsbanki in 2008 by the former Bridgnorth District Council.

Landsbanki Islands hf, also commonly known as Landsbankinn in
Iceland, is an Icelandic bank.  The bank offered online savings
accounts under the "Icesave" brand.  On October 7, 2008, the
Icelandic Financial Supervisory Authority took control of
Landsbanki and two other major banks.

Landsbanki filed for Chapter 15 protection on Dec. 9, 2008
(Bankr. S.D. N.Y. Case No.: 08-14921).  Gary S. Lee, Esq., at
Morrison & Foerster LLP, represents the Debtor.  When it filed
for protection from its creditors, it listed assets and debts of
more than US$1 billion each.


TATA STEEL: 3Q Results No Immediate Impact on Moody's Ba3 Rating
----------------------------------------------------------------
Moody's Investors Service says that Tata Steel's nine month
results ended December 31, 2013 show that the group performance
has firmed up on the back of robust growth in its Asia ex-India
operations and sustained momentum in Europe, where the subsidiary
has now delivered four successive quarters of positive EBITDA.
While this has no immediate impact on the Ba3 rating of Tata
Steel (TSL) and the B3 rating of Tata Steel UK Holdings (TSUKH),
both with negative outlooks, it bodes well, given that the
current March quarter, is normally a strong quarter for the
company.

For the third 2014 fiscal quarter ended December 31, Tata Steel's
revenues increased by 14% year-on-year to INR367.4 billion
(US$5.93 billion) from INR321.1 billion (US$5.98 billion) while
group deliveries grew 9.6% to 6.4 million tonne (mt) from 5.8 mt.
However, the sequential quarterly growth rate was 0.2% for
revenues but with a decrease of 1.6% in deliveries.

"The base effect of the Jamshedpur expansion is now built-in to
Tata Steel's performance and results will not improve
significantly until the first phase of the Odisha expansion
starts up in early 2015" says Alan Greene, a Moody's Vice
President and Senior Credit Officer.

The recovery in the European business is taking hold; TSUKH's
cumulative deliveries for the first six months of the year were
unchanged but in Q3 FY14, deliveries grew by 5.6% over the
corresponding period last year. The cost saving measures taken in
recent months combined with the higher realizations from the sale
of more specialized steels in the product mix have compensated
for general price weakness. In Q3 FY2014, TSUKH's reported
EBITDA/tonne was around US$44, the same level as in Q1 FY2014,
compared to an EBITDA loss of US$26/tonne in the corresponding
period last year. Furthermore, the pension fund surpluses have
benefited from the frothy financial markets.

"While the European economy is not vibrant, if TSUKH can maintain
positive EBITDA and move to net profits, then the chances of it
meeting its impending leverage covenants or alternatively being
in a position to be refinanced are much improved", comments
Greene, who is also lead analyst for Tata Steel.

Tata Steel's Southeast Asian operations have sustained their
robust growth and output from the electric arc furnace in
Singapore has been successfully increased such that deliveries in
the region exceeded 1 million tonne in Q3 FY14. For the nine
months to December 31, EBITDA rose by 39% to INR3.6 billion
(US$59.7 million). Thanks to the on-going construction boom in
Asia, Tata's pre-form steel reinforcement operations are
performing well, especially in China.

Tata Steel's Indian operations remain resilient despite
challenging domestic economic conditions. The growth rate of
steel consumption in India has been lagging the growth in
production, as new capacity, such as Tata's Jamshedpur (2.9mtpa)
expansion, has come on stream. However, the decline in the
Rupee's value since mid-2013 coupled with tightness in domestic
supplies of iron ore and gas have helped to balance the steel
market. As a result, India is seeing increased exports and less
imports of steel, and the domestic price is edging up. In this
environment TSL has gained market share and is fully utilizing
its existing 10 mtpa plant.

TSL's Indian revenues grew by 2.2% over the preceding quarter to
reach INR101.4 billion while deliveries increased from 2.04
million tonne to 2.07mt. Average realizations were slightly
higher at INR44,900/t flat and EBITDA/t was again around
US$245/t. However, TSL is seeing some improvement in its ferro
alloys business which contributes about 10% of its domestic
EBITDA.

Gross debt at the group level is down to INR765 billion from
INR771 billion at the end of September 2013 but up from the 31
March 2013 figure of INR661 billion. Group liquidity is in the
form of INR64 billion of cash and undrawn lines of INR33 billion
together with the undrawn portion of the INR228 billion Odisha
project loan. Reported EBITDA for the nine months was INR114.6
billion compared to INR82.9 billion a year ago, while capital
expenditure of INR123 billion has been spent in the first nine
months of FY2014, concentrated on phase 1 of the 6mtpa plant
under construction at Odisha. The overall increase in "Steel
Business" capital employed was INR196 billion in the first nine
months of FY2014. As production growth has outstripped growth in
deliveries in both India and Europe, there will have been some
inventory accumulation although forex conversion rates are also a
factor in the increased debt.

TSL's reported EBITDA in Q3FY2014 increased 74% to INR39.2
billion from INR22.5 billion a year ago. On an estimated basis,
the adjusted debt/EBITDA is around 4.9x for LTM to December 2013,
compared to 5.4x for the year ended 31 March 2013.

Moody's acknowledges that the pressure on the consolidated group
is somewhat abating and that the Group is looking more
comfortable in its rating range. In the medium-term, incremental
profit from the Odisha steelworks will have a marked impact on
credit ratios, although profitability could surprise on the
upside, given the operating leverage of the industry, if the
economies of India and Europe gain real traction in the next few
quarters.


THAMES WATER: Exposed to Reduction in Returns, Moody's Says
-----------------------------------------------------------
According to Moody's Investors Service, the recent regulatory
guidance indicates a significant reduction in allowed returns for
UK water companies. On January 27, 2014, the Water Services
Regulation Authority (Ofwat), the economic regulator for water
and sewerage companies in England and Wales published guidance
for the return companies will be allowed to earn on their assets
over the five year regulatory period starting in April 2015.
According to the regulator, this is likely to fall to 3.85%, 1.25
percentage points below the 5.1% return set in 2009 for the
current regulatory period.

"Ofwat has followed established principles in arriving at its
guidance for the allowed return and the reduction essentially
reflects the fall in interest rates since price limits were last
set in 2009, and an ongoing low market return environment" said
Stefanie Voelz, Moody's Vice President and author of the report.
"The guidance is consistent with other recent regulatory
determinations in the UK and reflects Ofwat's duty to protect
customers' interests," added Ms.Voelz.

Moody's notes that the highly geared companies, including Anglian
Water Services Ltd (Baa1 stable), Thames Water Utilities Ltd
(Baa1 stable), Yorkshire Water Services Ltd (Baa1 stable) and
Southern Water Services Ltd (Baa2 negative), are most exposed to
a reduction in returns because of their low interest cover
ratios. Subject to the final outcome of the review, Moody's
expect negative credit pressure for these companies, unless
management and shareholders are able to implement balance-sheet
strengthening measures. Moody's views Ofwat's stance on the cost
of capital as particularly credit negative for the holding
companies of highly leveraged companies, such as Anglian Water
(Osprey) Financing Plc (Ba3 negative) and Thames Water (Kemble)
Finance Plc (B1 negative), reflected in the negative outlook
assigned to these issuers in February 2014.

However, some companies are well-positioned to accommodate lower
returns. With fairly low gearing and strong interest coverage,
United Utilities Water PLC (A3 stable) will be able to
accommodate the lower returns with limited credit quality
pressure. Other companies, including Severn Trent Water Ltd (A3
stable) also enter the price review with financial headroom, but
may face challenges in downside scenarios and will likely have to
adjust their dividend policy to maintain credit quality.

Companies will be able to enhance their return through the margin
on their competitive non-household retail business, but this is
likely to be very small and the activities will be modestly
riskier, as competition commences in April 2017. Companies may
also be given scope to improve returns through outperformance
under new incentive packages developed as part of the price
review. However, details of the potential and the timing of
additional cash flow generation remain unknown at this stage.
Similarly, the ability to enhance cash flow generation in the
near term by front-loading cost recovery may increase liquidity
but does not improve the fundamental credit quality.

The timetable for the price review remains tight and despite
advances on certain aspects of the determination, a lot of key
details remain outstanding, particularly in relation to the total
expenditure (totex) assessment and additional rewards and
penalties as part of new incentive packages.


VERDES MANAGEMENT: Board Files Notice to Appoint Administrator
--------------------------------------------------------------
The Board of Verdes Management PLC disclosed that on Feb. 14 it
filed at court a notice of intention to appoint an administrator.

The Board has been reviewing its options in order to minimize the
financial uncertainty surrounding the Company.  While the Board
continues to explore these options, the Company has filed a
notice of intention to appoint Iain David Nairn of Assure
Business Rescue & Recovery Limited as administrator of the
Company to assist the directors in this regard and to protect the
interests of creditors.

The suspension to trading in the Company's shares, as announced
on January 30, 2014, remains effective.

Further announcements will be made in due course.

Verdes Management plc -- http://www.verdes-group.com-- is
engaged in turnaround advisory business offering services to
stakeholders, as well as facilitating investment opportunities in
companies in need of restructuring. It provides turnaround
services and advice to United Kingdom companies, providing
skilled professionals to join boards and managements of the
Company in financial difficulty, advising stakeholders and banks
in relation to problem investments and loans and offers advice
and management skills.


ZLOMREX INTERNATIONAL: U.K. Debt Arrangement Enforced in U.S.
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the U.K. debt arrangement proposed by Zlomrex
International Finance SA, the financing vehicle for an integrated
Polish steel producer, will be enforced in the U.S.

According to the report, on Jan. 31, after no creditors objected,
the New York judge ruled that the U.K. is home to the so-called
foreign main proceeding, halting creditor actions in the U.S.
The U.S. court is also enforcing the U.K. debt arrangement
extending the Feb. 1 maturity of EUR117.9 million (US$159.2
million) in 8.5 percent senior secured notes.

The notes provided primary financing for affiliates Hutta Stali
Jakosciowych SA, Ferrostal Labedy Sp, Zlomrex Metal Sp and their
parent, Cognor SA, the report related.  The company said it would
be unable to refinance the notes at maturity.  Although the
financing vehicle is a French-incorporated business, the company
avoided a bankruptcy in France because it would cause defaults on
other obligations.  The company said a Chapter 11 reorganization
in the U.S. would be too costly.

The debt restructuring is being carried out through proceedings
initiated in November in the Chancery Division of the High Court
of Justice of England and Wales, the report further related.  The
U.K. court is approving what's known technically as a "scheme of
arrangement," akin to Chapter 11 in the U.S.

For full payment under the scheme, holders of the notes will be
given new secured notes maturing in 2020 for 80 percent of the
current debt, the report said.  The other 20 percent will be in
exchangeable debt securities to mature in 2021.

                    About Zlomrex International

Zlomrex International Finance SA filed a petition for Chapter 15
protection on Dec. 23, 2013 (Case No. 13-bk-14138, Bankr.
S.D.N.Y.) to assist the Chancery Division of the High Court of
Justice of England and Wales court in extending the Feb. 1
maturity of EUR117.9 million in 8.5 percent senior secured notes.

White Case LLP serves as solicitors for Zlomrex International in
the U.K. proceeding.


* Deloitte Comments on Recent Insolvency Service Figures
--------------------------------------------------------
Lee Manning, restructuring services partner at Deloitte commented
on the Insolvency Service figures:

"Corporate insolvency entered a quieter phase in 2013, with
company liquidations down 7.3% for the year, and down by 16% for
other procedures, mainly administrations.

"We are in a vastly different position today compared to 12
months ago, especially in the retail sector. Deloitte's own
figures identified 11 retailers entering into administration in
January this year, compared to 20 in January last year. Then we
saw HMV, Blockbuster and Jessops go, but this year no
recognizable household names have entered into administration.

"The high street has undergone a re-balancing, but there will be
different challenges for the year ahead. Businesses with greater
working capital requirements could hit difficulties as they try
to fund growth."



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


* EUROPE: Ministers to Meet Today to Discuss Bank-Crisis Bill
-------------------------------------------------------------
Jim Brunsden at Bloomberg News reports that Germany's Wolfgang
Schaeuble and other European Union finance ministers will seek to
salvage a bank-crisis bill this week amid disagreement over how
far national governments should compromise on the plans.

European Parliament lawmakers are at loggerheads with EU national
governments over the blueprint of a Single Resolution Mechanism
to handle failing euro-area banks, Bloomberg discloses.  While
Greece, which holds the EU's rotating presidency, is warning that
a deal will be impossible unless nations show flexibility,
Germany has so far resisted most compromise suggestions,
Bloomberg notes.

Governments must "give a clear signal that they are prepared to
move on areas of our key concern," Bloomberg quotes Corien
Wortmann-Kool, a senior EU parliament lawmaker, as saying on
Friday.  "We need a clear green light that they are ready to
engage in real negotiations."

The SRM is a key part of a flagship EU project to pool
responsibility for banks in a bid to prevent future financial
crises, Bloomberg says.  The legislation to establish it must be
approved by national governments and the EU parliament to take
effect, Bloomberg states.

According to Bloomberg, the EU assembly has said that a version
of the SRM agreed on by finance ministers in December would take
too long to come to fruition and is too complicated to ensure
quick decisions.

Herman Van Rompuy, the EU's president, has warned that the bloc
risks losing at least a year in setting up the system if it fails
to broker an accord before parliament adjourns for May elections,
Bloomberg relays.

Ministers will meet in Brussels on Feb. 17 in an attempt to
bridge gaps on the text of an intergovernmental agreement setting
out details of a bank-financed fund for the SRM, Bloomberg
discloses.


* BOND PRICING: For the Week February 10 to February 14, 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.

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.


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