/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/140303.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, March 3, 2014, Vol. 15, No. 43 Headlines C Y P R U S FINTEST TRADING: S&P Cuts Corp Credit Rating to CCC; Outlook Neg D E N M A R K DANSKE BANK: Fitch Rates Tier 1 Capital Instruments 'BB+(EXP)' G E R M A N Y HEIDELBERGCEMENT AG: Moody's Raises MTN Ratings to (P)Ba1 G R E E C E GREECE: Banks Need at Least US$6 Billion More * GREECE: Corporate Bankruptcies Reach 1,902 in 2009 to 2013 I T A L Y VENETO BANCA: DBRS Lowers Deposit Rating to 'BB' N E T H E R L A N D S JUBILEE CDO II: Fitch Cuts Rating on EUR2MM Class Q Secs. to Bsf JUBILEE CLO 2014-XI: Moody's Rates EUR16MM Class F Notes B2 JUBILEE CLO 2014-XI: S&P Assigns 'B-' Rating to Class F Notes SIEBEL: Moscow Jewelry Factory Takes Over Business STORM 2014-I: Fitch Assigns 'BBsf' Ratings to 2 Note Classes S P A I N BANKIA SA: Spain Launches Privatization CODERE SA: Creditor Standoff Increases Likelihood of Default ZINKIA: Files for Bankruptcy Protection U K R A I N E UKRAINE: Would Seek US$15 Billion Aid From IMF U N I T E D K I N G D O M CO-OP BANK: Britannia Ex-Directors Dispute Regulator's Evidence KELDA FINANCE: Fitch Affirms 'BB' LT Issuer Default Rating PUNCH TAVERNS: Faces Default Risk if Restructuring Talks Fail X X X X X X X X * BOND PRICING: For the Week February 24 to February 28, 2014 ********* =========== C Y P R U S =========== FINTEST TRADING: S&P Cuts Corp Credit Rating to CCC; Outlook Neg ---------------------------------------------------------------- Standard & Poor's Ratings Services said it lowered its long-term corporate credit rating on Cyprus-registered Fintest Trading Co. Ltd., the holding company for Ukraine-based Donetsk Steel Group, to 'CCC' from 'CCC+'. The outlook remains negative. The downgrade of Fintest Trading follows S&P's downgrade of Ukraine and its downward revision of the country's transfer & convertibility (T&C) assessment to 'CCC' from 'CCC+'. S&P considers that there are increased country, economic, and foreign exchange risks in Ukraine because of the current political turmoil. S&P also factors in its view that access to financing even under committed lines for Ukrainian issuers, including Fintest Trading, will likely be very difficult in the coming months. Any such lack of access increases liquidity risk for Fintest Trading, as it needs to refinance debt maturities of about US$100 million in the second half of 2014 and $265 million in 2015. S&P therefore considers the company's liquidity as "weak" according to its criteria. Lastly, S&P believes that any further aggravation in political conditions in Ukraine could weigh on Fintest Trading's operating performance. The negative outlook on Fintest Trading reflects that on the sovereign, as well as the refinancing risks the company faces on its large debt maturities in the second half of 2014 and early 2015. Another downgrade may follow, if S&P sees that liquidity weakens further because of T&C restrictions, lack of access to financing, or operational issues. S&P could consider a positive rating action on Fintest Trading if it perceived a strengthening liquidity position, including progress on refinancing debt maturities in 2014-2015, and stabilizing conditions in Ukraine. ============= D E N M A R K ============= DANSKE BANK: Fitch Rates Tier 1 Capital Instruments 'BB+(EXP)' -------------------------------------------------------------- Fitch Ratings has assigned Danske Bank's (A/Stable/F1) planned issue of Additional Tier 1 capital notes an expected rating of 'BB+(EXP)'. The final rating is contingent upon final documents conforming to information already received. Key Rating Drivers The notes will be CRD IV compliant perpetual non-cumulative resettable Additional Tier 1 instruments (with a call after six years). The notes are subject to partial or full temporary write-down if the Common Equity Tier 1 (CET1) ratio of Danske Bank falls below 7%, and any coupon payments may be cancelled at the discretion of the bank. The expected rating is five notches below Danske Bank's Viability Rating (VR) in accordance with Fitch's criteria for assessing and rating bank subordinated and hybrid securities. The notching reflects the notes higher expected loss severity relative to senior unsecured creditors (two notches) and higher non- performance risk (three notches) given the fully discretionary coupon payments. Fitch believes Danske Bank's capital buffer being above the 7% CET1 trigger and the minimal capital ratio taking into account the additional buffer on Danish systemically important financial institutions is sufficient to limit the notching for non-performance risk to three (which could otherwise result in wider notching). Given the securities are perpetual, their deep subordination, coupon flexibility and going concern mandatory write-down of the instruments, Fitch has assigned 100% equity credit. Rating Sensitivities As the notes are notched from Danske Bank's VR, their rating is primarily sensitive to any change in this rating. The notes' rating is also sensitive to a wider notching if Fitch changed its assessment of the probability of the notes' non-performance risk relative to the risk captured in Danske Bank's VR. ============= G E R M A N Y ============= HEIDELBERGCEMENT AG: Moody's Raises MTN Ratings to (P)Ba1 ----------------------------------------------------------- Moody's Investors Service, has upgraded the provisional (P)Ba2 MTN ratings and the Ba2/(P)Ba2 ratings on the notes outstanding to (P)Ba1 and Ba1 respectively of HeidelbergCement AG and its subsidiaries following the elimination of structural subordination of the notes with the refinancing of HeidelbergCement's (HC) bank facility. The Ba1 corporate family rating (CFR) and the stable outlook remain unchanged. Ratings Rationale The upgrade of HeidelbergCement's MTN and bond ratings follows the signing of a new five year EUR3.0 billion revolving credit facility that removes all securities and upstream guarantees contained in the previous facility. Consequently, Moody's views the new facility to rank pari passu with all other outstanding debt in HeidelbergCement's debt waterfall, except for trade claims that remain in first place. This however eliminates the structural subordinated position of the noteholders and consequently brings the ratings of the instruments and the EMTN program at the same level as the CFR. HC's Ba1 rating positively reflects its (i) strong market position, (ii) good geographic diversification, which should help offsetting weaknesses in some markets with better performance in other markets and therefore lead to more stable results in an otherwise cyclical industry, (iii) management's commitment to restore its balance sheet, as shown with the sizeable rights issue in 2009 and the continued payout of a relatively small cash dividend, (iv) Moody's expectation of further improving capital structure -- albeit only gradually and (v) the strong short term liquidity situation with proven ability and willingness to refinance through bond markets, even during periods of difficult market conditions. The rating negatively reflects (i) HC's still high, although gradually improved, leverage, (ii) lower exposure to more strongly growing, although more volatile, emerging markets than certain peers, and some dependency on the US, and (iii) the exposure to a material adverse change clause and financial covenants in the company's financing arrangements, which somewhat weakens its liquidity situation, which is however otherwise considered as solid. Liquidity HC has a sound liquidity profile. The liquidity position of the company for the next 12 months starting October 2013 is supported by the company's unrestricted cash balance of EUR1.2 billion and availability of the newly signed EUR3 billion committed revolving credit facility maturing in 2019. Combined with the operating cash flows (before working capital) that Moody's would expect HC to generate, Moody's anticipate that these sources will be sufficient to cover the company's short-term liquidity needs over the next 12 months. These needs mainly consist of capex, debt repayments, modest dividends and day-to-day cash requirements. The company's liquidity facility includes financial covenants with currently adequate headroom. Rationale For Stable Outlook The stable outlook assigned to the ratings incorporates the expectation that (i) HC will continue to focus on cost cutting and deleveraging to keep Debt / EBITDA below 4.0x and RCF / Net debt to move to above 15% over time, (ii) the company will continue to maintain a conservative dividend payout to preserve cash flows generated for debt reduction, and (iii) that the company will continue to benefit from supportive market conditions in its key geographies, which will support the group's efforts in further reducing leverage to achieve a capital structure in line with an investment grade rating over time. What Could Change The Ratings Down/Up Positive rating pressure would build on the current Ba1 rating if Debt/EBITDA would drop sustainably well below 3.5x and RCF/Net debt would increase above 20% on a sustainable basis. A rating upgrade to Baa3 would also have to reflect the ability and willingness of HC to maintain credit metrics in line with an investment grade rating for an extended period of time. A sharp setback in market conditions in HC's main geographies leading to a deterioration in operating performance and cash flow generation with Debt/EBITDA remaining sustainably above 4.0x and RCF/Net debt remaining sustainably below the mid teens would exert negative pressure on the ratings. Principal Methodologies The principal methodology used in these ratings was the Global Building Materials Industry published in July 2009. Other methodologies used include Loss Given Default for Speculative- Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. HeidelbergCement AG is the world's third largest cement producer and the world leader in aggregates with strong market positions in mature Western European countries, such as Germany, Scandinavia, Benelux, and the UK, as well as in the emerging markets of Eastern Europe, Africa, Asia and Turkey. HeidelbergCement generated revenues of EUR13.9 billion for the fiscal year 2013. =========== G R E E C E =========== GREECE: Banks Need at Least US$6 Billion More --------------------------------------------- Stephen J. Lubben, writing for The New York Times' DealBook, reported that Greece will probably need another bailout. According to the report, Greece has already negotiated two bailouts worth EUR240 billion, or about US$329 billion, with the European Commission, the European Central Bank and the International Monetary Fund, but the country now agrees that its banks need at least US$6 billion to US$7 billion. Agence France Presse said Greece's top four banks are expected to need an extra capital injection of about EUR5 billion. Everyone else says the number is closer to US$20 billion, which sounds like small potatoes to those steeped in United States financial institutions, but the Greek banking sector is probably close to the size of New Jersey's, the report noted. The Bank of Greece, AFP said, is evaluating the restructuring plans of the county's four main lenders -- National Bank, Alpha Bank, Piraeus Bank and Eurobank -- before releasing stress test results that will show whether they can absorb possible future shocks from bad loans. * GREECE: Corporate Bankruptcies Reach 1,902 in 2009 to 2013 ------------------------------------------------------------ According to Bloomberg News' Eleni Chrepa and Antonis Galanopoulos, Deputy Finance Minister George Mavraganis said in a document submitted to parliament on Thursday that in 2009-2013, 1,902 Greek companies went bankrupt. Mr. Mavraganis also said that in 2009, Greece had 336 bankruptcies, Bloomberg relates. A total of 353 companies went bankrupt in 2013, Bloomberg discloses. The bankruptcies peaked at 442 in 2011, Bloomberg notes. ========= I T A L Y ========= VENETO BANCA: DBRS Lowers Deposit Rating to 'BB' ------------------------------------------------ DBRS Ratings Limited has downgraded the ratings of Veneto Banca Scpa (Veneto Banca or the Bank) including the Senior Long Term Debt and Deposit Rating to BB (High) from BBB (low) and the Short-term Debt and Deposit Rating to R-3 from R-2 (low). The Trend on both ratings is Negative. DBRS has also lowered the Bank's Intrinsic Assessment to BB (High) from BBB (Low) while the support designation remains SA-3. With the downgrade, DBRS has concluded the Rating Review with Negative Implications which commenced on November 26, 2013. The Review considered the impact of the second asset quality investigation by the Bank of Italy (BoI), as well as steps taken by the Bank's to strengthen capital and governance. The downgrade reflects DBRS' view that the capital measures completed by the Bank during the review period are insufficient to support the previous rating. Likewise, DBRS notes that a number of the challenges facing the Bank, particularly specific concerns linked to corporate governance and the organizational structure may only be resolved over a medium time frame. The Negative Trend reflects the specific challenges faced by Veneto Banca, as well as the negative economic conditions in Italy which contribute to pressure on the operations for Italian banks in general. The second asset quality inspection by the BoI, which was completed in November 2013, revealed incremental weaknesses in Veneto Banca's asset quality over and above the levels that DBRS had expected. In DBRS' view, the Bank's overall financial profile has weakened further in terms of doubtful lending levels, higher credit costs and lower regulatory capital. Veneto Banca's Core Tier 1 ratio declined to 7% as of September 2013 and remained under pressure during the rating review period. DBRS notes that the Bank announced in December 2013 a capital plan which set out the potential early conversion of the EUR350 million May 2014 convertible issue, as well as the potential sale of BIM (Banca Intermobiliare), Veneto Banca's private bank. Although completion of both could strengthen regulatory capital ratios by roughly 235 bps by June 2014, in DBRS' view the capital plan entails material execution risk due to complexity and the short time frame. Furthermore, the second BoI inspection also highlighted pressure on the Bank to improve corporate governance which the Bank is now starting to address. Nonetheless, DBRS notes that Veneto Banca's management structure needs to evolve further in order to better reflect the current size and scope of banking operations. In DBRS' view, the current regulatory pressure, which also includes the request to consider merger options, adds to the challenges faced by the Bank's management and may prove difficult to resolve quickly. Nonetheless, successful execution by the Bank to both materially improve capital levels and to strengthen corporate governance, could contribute to a more supportive view of the rating by DBRS over the medium term. However, additional negative rating pressure could result if these concerns are not sufficiently addressed, and/or should further weakness become apparent via the upcoming European Central Bank asset quality review and European Banking Authority stress tests. ===================== N E T H E R L A N D S ===================== JUBILEE CDO II: Fitch Cuts Rating on EUR2MM Class Q Secs. to Bsf ---------------------------------------------------------------- Fitch Ratings has affirmed and downgraded Jubilee CDO II B.V. as follows: EUR36.0m Class A-X (ISIN XS0150194768): affirmed at 'AAsf'; Outlook revised to Stable from Negative EUR45.8m Class B1 (ISIN XS0150204740): affirmed at 'BBBsf'; Outlook Negative EUR7.5m Class B2 (ISIN XS0150210127): affirmed at 'BBBsf''; Outlook Negative EUR15.0m Class C1 (ISIN XS0150212503): affirmed at 'Bsf'; Outlook Negative EUR5.0m Class C2 (ISIN XS0150215860): affirmed at 'Bsf'; Outlook Negative EUR11.3m Class C3 (ISIN XS0150224003): affirmed at 'Bsf'; Outlook Negative EUR6.6m Class D (ISIN XS0150227790): affirmed at 'CCCsf'; Recovery Estimate 0% EUR2.0m Class Q (ISIN XS0150237328): downgraded to 'Bsf' from 'B+sf'; Outlook Negative EUR4.3m Class R (ISIN XS0150238219): withdrawn at 'BBB+sf' Key Rating Drivers The Outlook for the A-X note has been revised to Stable to reflect the significant deleveraging seen over the past year. The affirmation on most of the remaining notes is based on the quality of the portfolio as well as the increased levels of credit enhancement. The Negative Outlooks reflect the significant (50%) long dated exposure of the portfolio and the resulting market value risk. The combo note Q was downgraded to 'Bsf' from 'B+sf' in order to link to it to its rated part, the C2 note. The combo note R has had its rating withdrawn as the note has been decoupled. The portfolio's exposure to long-dated assets has further increased since last year, from 33% to 50% since the previous review. A key rating driver the agency considered was the impact on the notes ability to pay principal and interest of different market valuations on the assets at the transactions maturity. The current weighted average market value of the long dated assets is 99% as reported by the trustee. The assumption was taken that a market for the long dated assets would exist at maturity. The transaction is susceptible to the distribution of defaults throughout the portfolio. If defaults fall primarily on the long dated assets then this has the effect of reducing market value risk. Conversely if defaults are skewed towards the short dated assets then market value risk increases. The portfolio is becoming increasingly concentrated at the obligor level with the largest 10 issuers accounting for 91% of the portfolio. The top three each obligors represent 14.7%, 10.3% and 10% of the portfolio respectively. Furthermore there is concentration at the industry level with the top three industries (Broadcasting and Media, Chemicals and Healthcare) accounting for 49% of the portfolio. Credit enhancement has increased as the senior notes have paid down. The two most senior notes A1 and A2 have paid in full and the class A-X is at 70% of its original outstanding balance. This deleveraging has substantially improved the cushions on the over-collateralization tests, all tests are passing. All interest coverage tests are also passing with comfortable cushions. The junior tests may start to fail if the transaction further deleverages and the cost of funding increases due in part to the high fixed coupon on the C1 note. Jubilee CDO II B.V. is a securitization of mainly European senior secured loans, senior unsecured loans, second-lien loans, mezzanine obligations and high-yield bonds. At closing, a total note issuance of EUR471.2 million was used to invest in a target portfolio of EUR450 million. The portfolio is actively managed by Alcentra Ltd. Rating Sensitivities The agency considered the impact of a 25% increase in the probability of default and separately a 25% reduction in recoveries. The increase in the probability of default did not affect the best pass ratings however the 25% reduction to recoveries resulted in a decrease of one notch to the best pass ratings. JUBILEE CLO 2014-XI: Moody's Rates EUR16MM Class F Notes B2 ----------------------------------------------------------- Moody's Investors Service announced that it has assigned the following ratings to notes issued by Jubilee CLO 2014- XI B.V.: EUR227,000,000 Class A Senior Secured Floating Rate Notes due 2027, Definitive Rating Assigned Aaa (sf) EUR54,000,000 Class B Senior Secured Floating Rate Notes due 2027, Definitive Rating Assigned Aa2 (sf) EUR27,000,000 Class C Senior Secured Deferrable Floating Rate Notes due 2027, Definitive Rating Assigned A2 (sf) EUR20,750,000 Class D Senior Secured Deferrable Floating Rate Notes due 2027, Definitive Rating Assigned Baa2 (sf) EUR26,500,000 Class E Senior Secured Deferrable Floating Rate Notes due 2027, Definitive Rating Assigned Ba2 (sf) EUR16,000,000 Class F Senior Secured Deferrable Floating Rate Notes due 2027, Definitive Rating Assigned B2 (sf) Ratings Rationale Moody's rating of the rated notes addresses the expected loss posed to noteholders by the legal final maturity of the notes in 2027. The ratings reflect the risks due to defaults on the underlying portfolio of loans given the characteristics and eligibility criteria of the constituent assets, the relevant portfolio tests and covenants as well as the transaction's capital and legal structure. Furthermore, Moody's is of the opinion that the collateral manager, Alcentra Limited, has sufficient experience and operational capacity and is capable of managing this CLO. Jubilee 2014- XI is a managed cash flow CLO. At least 90% of the portfolio must consist of senior secured loans or senior secured bonds and up to 10% of the portfolio may consist of senior secured loans or senior unsecured bonds, second-lien loans, mezzanine obligations, high yield bonds and senior unsecured bonds. The portfolio is 75% ramped up as of the closing date and comprised predominantly of corporate loans to obligors domiciled in Western Europe. The remainder of the portfolio will be acquired during the seven month ramp-up period in compliance with the portfolio guidelines. Alcentra will manage the CLO. It will direct the selection, acquisition and disposition of collateral on behalf of the Issuer and may engage in trading activity, including discretionary trading, during the transaction's four-year reinvestment period. Thereafter, purchases are permitted using principal proceeds from unscheduled principal payments and proceeds from sales of credit risk obligations, and are subject to certain restrictions. In addition to the six classes of notes rated by Moody's, the Issuer has issued one class of subordinated notes. The transaction incorporates interest and par coverage tests which, if triggered, divert interest and principal proceeds to pay down the notes in order of seniority. Loss and Cash Flow Analysis: Moody's modelled the transaction using CDOEdge, a cash flow model based on the Binomial Expansion Technique, as described in Section 2.3 of the "Moody's Global Approach to Rating Collateralized Loan Obligations" rating methodology published in November 2013. The cash flow model evaluates all default scenarios that are then weighted considering the probabilities of the binomial distribution assumed for the portfolio default rate. In each default scenario, the corresponding loss for each class of notes is calculated given the incoming cash flows from the assets and the outgoing payments to third parties and noteholders. Therefore, the expected loss or EL for each tranche is the sum product of (i) the probability of occurrence of each default scenario and (ii) the loss derived from the cash flow model in each default scenario for each tranche. As such, Moody's encompasses the assessment of stressed scenarios. Moody's used the following base-case modeling assumptions: Par amount: EUR 400,000,000 Diversity Score: 33 Weighted Average Rating Factor (WARF): 2890 Weighted Average Spread (WAS): 4.30% Weighted Average Recovery Rate (WARR): 42.0% Weighted Average Life (WAL): 8 years. Moody's has analyzed the potential impact associated with sovereign related risk of peripheral European countries. As part of the base case, Moody's has addressed the potential exposure to obligors domiciled in countries with local currency country risk ceiling of A1 or below. Following the effective date, and given the portfolio constraints and the current sovereign ratings in Europe, such exposure may not exceed 10% of the total portfolio, where exposures to countries local currency country risk ceiling of Baa1 or below cannot exceed 5% (with none allowed below Baa3). As a result and in conjunction with the current foreign government bond ratings of the eligible countries, as a worst case scenario, a maximum 5% of the pool would be domiciled in countries with single A local currency country ceiling and 5% in Baa2 local currency country ceiling. The remainder of the pool will be domiciled in countries which currently have a local currency country ceiling of Aaa. Given this portfolio composition, the model was run with different target par amounts depending on the target rating of each class of notes as further described in the methodology. The portfolio haircuts are a function of the exposure size to peripheral countries and the target ratings of the rated notes and amount to 0.75% for the class A notes, 0.50% for the Class B notes, 0.375% for the Class C notes and 0% for Classes D, E and F. Stress Scenarios: Together with the set of modelling assumptions above, Moody's conducted additional sensitivity analysis, which was an important component in determining the definitive rating assigned to the rated notes. This sensitivity analysis includes increased default probability relative to the base case. Below is a summary of the impact of an increase in default probability (expressed in terms of WARF level) on each of the rated notes (shown in terms of the number of notch difference versus the current assigned rating, whereby a negative difference corresponds to higher expected losses), holding all other factors equal: Percentage Change in WARF: WARF + 15% (to 3324 from 2890) Ratings Impact in Rating Notches: Class A Senior Secured Floating Rate Notes: 0 Class B Senior Secured Floating Rate Notes: -2 Class C Senior Secured Deferrable Floating Rate Notes: -2 Class D Senior Secured Deferrable Floating Rate Notes: -2 Class E Senior Secured Deferrable Floating Rate Notes: -1 Class F Senior Secured Deferrable Floating Rate Notes: -0 Percentage Change in WARF: WARF +30% (to 3757 from 2890) Ratings Impact in Rating Notches: Class A Senior Secured Floating Rate Notes: -1 Class B Senior Secured Floating Rate Notes: -3 Class C Senior Secured Deferrable Floating Rate Notes: -4 Class D Senior Secured Deferrable Floating Rate Notes: -2 Class E Senior Secured Deferrable Floating Rate Notes: -1 Class F Senior Secured Deferrable Floating Rate Notes: -2 Methodology Underlying the Rating Action: The principal methodology used in this rating was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in November 2013. Factors that would lead to an upgrade or downgrade of the rating: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. Alcentra's investment decisions and management of the transaction will also affect the notes' performance. JUBILEE CLO 2014-XI: S&P Assigns 'B-' Rating to Class F Notes ------------------------------------------------------------- Standard & Poor's Ratings Services assigned credit ratings to Jubilee CLO 2014-XI B.V.'s class A, B, C, D, E, and F notes. At closing, Jubilee CLO 2014-XI also issued an unrated subordinated class of notes. S&P's ratings reflect its assessment of the collateral portfolio's credit quality. The portfolio is diversified, comprising primarily broadly syndicated speculative-grade euro- denominated senior secured loans and bonds issued mainly by European borrowers. S&P's ratings also reflect the available credit enhancement for the rated notes through the subordination of payable cash flow. S&P subjected the capital structure to a cash flow analysis to determine the break-even default rate (BDR) for each rated class of notes. To determine the BDR for each rated class, S&P used the target par amount, the covenanted weighted-average spread, the covenanted weighted-average coupon, and the covenanted weighted- average recovery rates. S&P applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. S&P's ratings are commensurate with its assessment of available credit enhancement following its credit and cash flow analysis. S&P's analysis shows that the available credit enhancement for each class of notes was sufficient to withstand the defaults that S&P applied in its supplemental tests (not counting excess spread) outlined in S&P's corporate collateralized debt obligation (CDO) criteria. Following the application of S&P's nonsovereign ratings criteria, it considers that the transaction's exposure to country risk is sufficiently mitigated at the assigned rating levels. This is because the concentration of the pool comprising assets in countries rated lower than 'A-' is limited to 10% of the aggregate collateral balance. At closing, S&P considered that the transaction's legal structure was bankruptcy-remote, in accordance with S&P's European legal criteria. Jubilee CLO 2013-XI is a European cash flow corporate loan collateralized loan obligation (CLO) securitization of a revolving pool, comprising primarily of euro-denominated senior secured loans and bonds issued by European borrowers. Alcentra Ltd. acts as collateral manager. RATINGS LIST Jubilee CLO 2014-XI B.V. EUR413.50 Million Senior Secured and Senior Secured Deferrable Floating-Rate Notes and Subordinated Notes Class Rating Amount (mil. EUR) A AAA (sf) 227.00 B AA (sf) 54.00 C A (sf) 27.00 D BBB (sf) 20.75 E BB (sf) 26.50 F B- (sf) 16.00 Subordinated NR 42.25 NR-Not rated. SIEBEL: Moscow Jewelry Factory Takes Over Business -------------------------------------------------- DutchNews.nl reports that Siebel, which went bankrupt at the end of January with debts of EUR16 million, is being taken over by Russian company Moscow Jewelry Factory. All 36 stores and the stock are being taken over by the Russians, DutchNews.nl relates. According to DutchNews.nl, the curators said on Thursday that most of the 170 workforce can also remain in their jobs. Siebel is a Dutch jewellery chain. STORM 2014-I: Fitch Assigns 'BBsf' Ratings to 2 Note Classes ------------------------------------------------------------ Fitch Ratings has assigned Storm 2014-I B.V.'s EUR1,064 million notes final ratings, as follows: EUR1,000 million Class A floating-rate notes: 'AAAsf'; Outlook Stable EUR24.5 million Class B floating-rate notes: 'AAsf'; Outlook Stable EUR18.8 million Class C floating-rate notes: 'A-sf'; Outlook Stable EUR20.7 million Class D floating-rate notes: 'BBsf; Outlook Stable EUR10.7 million Class E floating-rate notes: 'BBsf'; Outlook Stable The RMBS notes are backed by Dutch prime mortgages originated by Obvion N.V. (not rated) Key Rating Drivers Concentrated Counterparty Exposure The transaction relies strongly on the creditworthiness of Rabobank Group (AA-/Negative/F1+) which fulfils a number of roles, including collection account provider, issuer account provider, cash advance facility provider and commingling guarantor. In addition, it acts as back-up swap counterparty. NHG Loans The portfolio includes 32.8% of loans that benefit from the national mortgage guarantee scheme (Nationale Hypotheek Garantie or NHG). The ratings incorporate benefit given to the NHG feature although no credit was given to the foreclosure frequency, as the performance was not better than the non-NHG loans. Standard Portfolio Characteristics The 65-month seasoned portfolio consists of prime residential mortgage loans with a weighted-average (WA) original loan-to- market-value ratio of 87.8% and a WA debt-to-income ratio of 29.3%, both of which are typical for Fitch-rated Dutch RMBS transactions. Credit enhancement for the class A notes is 7%, provided by subordination (6%) and a non-amortizing reserve fund of 1%, which is fully funded at closing. Robust Performance Both the Storm series and Obvion's loan book have shown stable performance in terms of arrears and losses. The 90+ days arrears of the previous Fitch-rated Storm transactions have mostly been lower than the Dutch Index throughout the life of the deals. Rating Sensitivities Material increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than Fitch's expectations, which in turn may result in potential rating actions on the notes. "Stressing our 'AAA' assumptions by 30% for both weighted average foreclosure frequency and recovery rate, could result in a downgrade of the class A notes to 'Asf'," Fitch said. Fitch reviewed the results of an agreed-upon procedures report (AUP) conducted on the portfolio. The AUP contained no material errors which would affect Fitch's ratings analysis. To analyze the CE levels, Fitch evaluated the collateral using its default model, details of which can be found in the reports entitled 'EMEA Residential Mortgage Loss Criteria', dated June 2013, 'EMEA RMBS Criteria Addendum - Netherlands', dated June 2013, at www.fitchratings.com. The agency assessed the transaction cash flows using default and loss severity assumptions under various structural stresses including prepayment speeds and interest rate scenarios. The cash flow tests showed that each class of notes could withstand loan losses at a level corresponding to the related stress scenario without incurring any principal loss or interest shortfall and can retire principal by the legal final maturity. ========= S P A I N ========= BANKIA SA: Spain Launches Privatization --------------------------------------- Jeannette Neumann at The Wall Street Journal reports that Spain launched the privatization of its largest bailed-out lender, Bankia SA, marking a turning point in the country's revamp of its banking industry. The Spanish government was to sell 7.5% of its stake in Bankia by Friday, Feb. 28, the Journal says, citing a regulatory filing posted after the close of trading Thursday in Madrid. The sale is a first step as the government seeks to whittle down its 68% holding in the bank, the Journal notes. According to the Journal, the filing said that Deutsche Bank AG, UBS AG and Morgan Stanley are leading the sale and seeking only qualified--not retail--investors to buy 864 million shares in Bankia. The Journal relates that some bankers said by assigning that role to international investment banks rather than Spanish banks, the government is seeking investors abroad. Bankia was formed in 2010 by the merger of seven troubled savings banks that had helped finance a property boom that went bust in 2008, the Journal recounts. Bankia and its parent company received EUR22.4 billion (US$31 billion) in European Union bailout funds in 2012 after snowballing losses on real-estate loans triggered the biggest loss in Spanish corporate history and raised questions about the solvency of Spain itself, the Journal relays. Bankia SA is a Spanish banking conglomerate that was formed in December 2010, consolidating the operations of seven regional savings banks. As of 2012, Bankia is the fourth largest bank of Spain with 12 million customers. CODERE SA: Creditor Standoff Increases Likelihood of Default ------------------------------------------------------------ Katie Linsell and Julie Miecamp at Bloomberg News report that the likelihood of Codere SA entering bankruptcy proceedings is increasing as bonds prices indicate a deepening divide between creditors and shareholders over a EUR1.1 billion (US$1.5 billion) debt restructuring. After rising to a five-month high of 58% of face value in December, Codere's EUR660 million of notes due June 2015 have slumped to 40.5%, according to prices compiled by Bloomberg. Creditors advised by Los Angeles-based Houlihan Lokey, the same firm the U.S. Energy Department used to monitor its loans to troubled borrowers, said last week they are ticking by their demand for a majority stake even though Codere rejected that request, Bloomberg relates. Time is running out because if Codere doesn't reach an agreement with creditors by May 2 it will have to file for full creditor protection, known as concurso in Spanish bankruptcy law, Bloomberg notes. In 2012, 95% of companies that entered the concurso process ended in liquidation, according to the Madrid-based Colegio de Registradores, which tracks company registrations, Bloomberg recounts. Bondholders are demanding control of 82.5% of equity while shareholders, led by the founding Martinez Sampedro family, are offering as little as 20%for the manager of betting parlors and race tracks in Spain, Italy and Latin America, Bloomberg discloses. Creditors aren't going to change their offer, Bloomberg says, citing a statement last week from Houlihan Lokey, the adviser to a group of investors that holds about 50% of Codere's euro and dollar notes. The company's board of directors rejected the deal earlier last month, Bloomberg relays. "We wanted to give the board and the major shareholder one last opportunity to avoid concurso, which will not only be highly value destructive for all stakeholders, but will unambiguously result in a zero recovery for the existing shareholders," Bloomberg quotes the statement as saying. Codere SA is a Madrid-based gaming company. It operates betting shops and race tracks from Italy to Argentina. ZINKIA: Files for Bankruptcy Protection --------------------------------------- Agence France-Presse reported that the Spanish production company behind 'Pocoyo', a children television's show screened internationally and starring an animated toddler and his animal friends, said on Feb. 26 it had filed for bankruptcy protection. According to the report, the firm, Zinkia, said it had failed to reach a deal with one of its creditors which holds a loan against the company worth EUR2.5 million (US$3.4 million). "The board of directors has decided to enter into a reorganization of its debt with creditors" to protect its assets, it said in a statement to the Spanish stock market regulator, the report related. Zinkia, founded in 2001, says Pocoyo is seen in over 25 countries around the world, including in Britain and the United States in an English-language version voiced by the British actor Stephen Fry, the report further related. Zinkia has debts of EUR11 million, AFP said, citing Spanish media reports. ============= U K R A I N E ============= UKRAINE: Would Seek US$15 Billion Aid From IMF ---------------------------------------------- Stephen J. Lubben, writing for The New York Times' DealBook, reported that Ukraine said it would seek US$15 billion worth of aid from the International Monetary Fund. According to the report, Christine Lagarde, the managing director of the I.M.F., said that she would send a mission to Kiev in the coming days for preliminary talks. Reuters said Ukraine needs US$35 billion over two years to avoid bankruptcy. =========================== U N I T E D K I N G D O M =========================== CO-OP BANK: Britannia Ex-Directors Dispute Regulator's Evidence --------------------------------------------------------------- Sam Fleming at The Financial Times reports that former directors of Britannia Building Society have written to MPs to challenge evidence given by the UK's top banking regulator, claiming he was wrong to say their lender would have collapsed without a takeover by the Co-operative Bank. According to the FT, in a letter to Andrew Tyrie MP, chairman of the Treasury select committee, the former board members said Andrew Bailey, the head of the Prudential Regulation Authority, had been incorrect to argue that losses at Britannia were a major cause of the Co-op Bank's subsequent woes. The directors, including Rodney Baker-Bates, who was chairman from April 2008 until the merger, claimed that two-thirds of the GBP1.5 billion capital hole that felled Co-op Bank did not relate to Britannia, the FT relays. The merger in 2009 "was not a rescue of either party", they wrote in the letter published on the TSC's website, the FT recounts. In his appearance before the TSC on February 11, Mr. Bailey told MPs that the takeover of Britannia had taken the mutual "out of the limelight" during a turbulent period for the banking sector, the FT relates. According to the FT, the former Britannia directors said they were not aware of any conversations or correspondence from regulators during the period of the merger which suggested Britannia was anything other than a going concern. They cited Clive Adamson, the regulator responsible for supervising Britannia at the time of the merger, as saying the takeover was not a rescue, the FT discloses. In his testimony to the TSC, Mr. Adamson also said that the Britannia had been running a "higher-risk business model" and would be safer as part of a larger group, the FT relays. He told MPs in January it was "hard to speculate" if it would have survived on its own or not, the FT notes. Mr. Bailey has previously strongly disagreed with claims by Neville Richardson, who led Britannia before the merger, that there had been no big problems with the mutual's loan book, the FT states. The Co-op Bank was last year forced to launch a recapitalization after a GBP1.5 billion hole appeared on its balance sheet, the FT recounts. About Co-operative Bank Co-op Bank -- part of the mutually owned food-to-funerals conglomerate Co-operative Group -- traces its history back to 1872. The bank gained prominence for specializing in ethical investment. It refuses to lend to companies that test their products on animals, and its headquarters in Manchester is powered by rapeseed oil grown on Co-operative Group farms. Founded in 1863, the Co-op Group has more than six million members, employs more than 100,000 people, and has turnover of more than GBP13 billion. * * * The Troubled Company Reporter-Europe on Nov. 14 and 18, 2013 has reported that Moody's Investors Service has affirmed The Co-operative Bank's Caa1 senior unsecured debt and deposit ratings, and changed the outlook on the rating to negative from developing, and Fitch Ratings has downgraded the company's Issuer Default Rating to 'B' from 'BB-' and placed it on Rating Watch Negative. KELDA FINANCE: Fitch Affirms 'BB' LT Issuer Default Rating ---------------------------------------------------------- Fitch Ratings has affirmed Kelda Finance (No.2) Limited's Long-term IDR at 'BB' and senior secured rating at 'BB+'. The Outlook on the Long-term IDR is Stable. Kelda is a holding company of Yorkshire Water Services Limited (Yorkshire Water or OpCo; A/BBB+/Negative), the regulated, monopoly provider for water and wastewater services that supplies 4.9 million people in the former county of Yorkshire and North Derbyshire. Kelda Finance (No.3) PLC (FinCo) is the financing vehicle for Kelda, which guarantees the issued bonds together with its parent, Kelda Finance (No.1) Limited. The affirmation reflects the adequate dividend capacity of the OpCo in comparison with the debt service requirements of Kelda, even though Yorkshire Water faces pressure on credit metrics stemming from Ofwat's (the regulator for the UK water sector) risk and reward guidance for the price review covering April 2015 to March 2020. The rating also takes into account the OpCo's robust financial and regulatory performance. Key Rating Drivers Material Reduction of Earnings in the Sector The regulator has guided towards a cost of capital of 3.85% for the regulated companies, lower than Fitch expected. Companies will be able to earn additional returns from incentives. However, earnings visibility regarding outcome delivery incentives may be limited and their scope to outperform total expenditure will depend on the level at which the regulator sets cost targets and the resulting efficiency challenge for individual companies, relative to their current cost performance. Ofwat appears to have done a lot of modelling regarding the hypothetically possible return on regulatory equity for the regulated companies, but has put limited emphasis on the timing and visibility of those returns. As the price control process moves forward Fitch will re-assess companies' scope to outperform, consider funding mechanisms associated with incentives and establish forecasts with detailed sensitivities. "At present, our view is that not all companies will be able to supplement earnings to an extent that Fitch's guidelines for interest cover ratios for 2015-2020, commensurate with existing ratings, will be met," Fitch said. Dividend Cover at Kelda Remains Adequate The rating forecast indicates that the Kelda group should be able to maintain credit metrics in line with ratio guidelines, ie dividend cover above 2.5x and consolidated net debt/regulatory asset value below 90%. Post-maintenance and post-tax interest cover is forecasted at around 1.1x. "We note that the GBP265 million of incremental debt at the holding level only represents less than 5% of RAV and incurs an annual finance charge of around GBP18 million-GBP20 million. The significantly reduced dividend stream from Yorkshire Water expected for the next price control will still allow comfortable servicing of the debt. This is based on the assumption that the OpCo will maintain its current financial structure. If management decided to reduce gearing at Yorkshire Water by retaining dividends, this would likely have a negative impact on Kelda's ratings," Fitch said. Robust Regulatory Performance Over the past two years Fitch assessed Yorkshire Water as a middle ranking company. Outturn reporting for FY13 showed material improvements. The company recorded the lowest ever levels of leakage at 265 megalitres per day and achieved stable asset serviceability for all asset categories. Sewer flooding and pollution incidents related to wastewater assets require further attention, but this is a common theme across the industry. Reflecting on financial and regulatory reporting for FY13, Fitch would expect the company to be ranked in the second quartile or better as part of the regulator's benchmarking for the price control process. Rating Sensitivities Negative: Future developments that could lead to negative rating action include: -- A sustainable drop of dividend cover below 2.5x, which could for example be driven by a decision to reduce gearing at OpCo. -- An increase in group gearing above 90%. -- A marked deterioration in operating and regulatory performance of Yorkshire Water or a material change in business risk of the UK water sector. Positive: The rating currently does not have any upside. For the holding company to have a higher rating, Yorkshire Water would have to have materially lower regulatory gearing. Liquidity and Debt Structure As of September 30, 2013, the holding company had available a GBP30 million undrawn, committed revolving credit facility with maturity in October 2017. Full List of Rating Actions Kelda Finance (No.2) Limited -- Long-term IDR affirmed at 'BB', Stable Outlook -- Senior secured rating affirmed at 'BB+' Kelda Finance (No.3) PLC -- GBP200 million bonds, 5.75%, February 2020, guaranteed by Kelda Finance (No. 2) Limited, senior secured rating affirmed at 'BB+' PUNCH TAVERNS: Faces Default Risk if Restructuring Talks Fail ------------------------------------------------------------- Gareth Mackie at The Scotsman reports that Punch Taverns on Friday reiterated its warning that it risks defaulting on its GBP2.3 billion debt pile unless bondholders agree to a restructuring as it eyes a rise in first-half sales. According to The Scotsman, the group, which is due to report its half-year results towards the end of April, said like-for-like sales at its core estate is on track to grow by 1.5%, while it expects to generate about GBP100 million by selling unwanted pubs. The Scotsman notes that while executive chairman Stephen Billingham said Punch continued its attempts to thrash out a deal with bondholders, he warned of a "material negative impact" if an agreement cannot be reached. Mr. Billingham, as cited by The Scotsman, said: "We are convinced that a consensual restructuring is by far the best outcome for all stakeholders, and we will continue to work with all stakeholders to reach a consensus on the restructuring. "No-one can be in any doubt about the consequences of failing to agree a consensual deal." Punch Taverns plc is a United Kingdom-based pub company. The Company is engaged in the operation of public houses under either the leased model or as directly managed by the Company. The Company operates in two business segments: punch partnerships, a leased estate and punch pub company, a managed estate. =============== X X X X X X X X =============== * BOND PRICING: For the Week February 24 to February 28, 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 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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 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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 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7.00 6/27/2014 EUR 58.72 Landesbank Berlin 11.00 6/27/2014 EUR 14.56 Landesbank Berlin 4.00 6/27/2014 EUR 65.46 Landesbank Berlin 5.50 12/23/2013 EUR 60.90 Landesbank Berlin 4.00 6/27/2014 EUR 68.01 Landesbank Berlin 7.00 6/27/2014 EUR 62.46 Landesbank Hessen- 0.85 7/18/2031 EUR 63.96 Landesbank Hessen- 4.00 6/20/2014 EUR 59.10 Landeskreditbank B 0.25 10/13/2037 CAD 29.38 Landeskreditbank B 0.50 5/10/2027 CAD 57.81 Landwirtschaftlich 0.50 4/19/2017 TRY 74.97 LBBW 0.62 10/4/2030 EUR 71.11 LBBW 4.00 11/22/2013 EUR 74.51 LBBW 4.00 3/28/2014 EUR 60.31 LBBW 5.00 3/28/2014 EUR 57.49 LBBW 3.00 11/22/2013 EUR 66.79 LBBW 5.00 11/22/2013 EUR 62.53 LBBW 4.00 11/22/2013 EUR 65.79 LBBW 4.00 7/25/2014 EUR 64.82 LBBW 3.00 2/28/2014 EUR 67.30 LBBW 5.00 2/28/2014 EUR 58.88 LBBW 6.00 2/28/2014 EUR 56.10 LBBW 5.00 11/22/2013 EUR 58.10 LBBW 3.00 11/22/2013 EUR 63.63 LBBW 4.00 11/22/2013 EUR 60.83 LBBW 3.00 6/27/2014 EUR 64.58 LBBW 4.00 6/27/2014 EUR 61.78 LBBW 5.00 6/27/2014 EUR 59.62 LBBW 3.00 8/22/2014 EUR 67.39 LBBW 4.00 8/22/2014 EUR 65.35 LBBW 5.00 8/22/2014 EUR 63.72 LBBW 3.00 2/28/2014 EUR 64.90 LBBW 5.00 2/28/2014 EUR 61.60 LBBW 5.00 9/26/2014 EUR 61.16 LBBW 4.00 10/25/2013 EUR 58.36 LBBW 4.00 3/28/2014 EUR 61.06 LBBW 3.00 3/28/2014 EUR 64.74 LBBW 4.00 1/24/2014 EUR 67.54 LBBW 6.00 1/24/2014 EUR 60.58 LBBW 7.00 1/24/2014 EUR 58.00 LBBW 7.00 11/22/2013 EUR 69.09 LBBW 4.00 6/27/2014 EUR 63.66 LBBW 6.00 6/27/2014 EUR 59.62 LBBW 6.00 7/25/2014 EUR 61.69 LBBW 4.00 3/28/2014 EUR 60.09 LBBW 5.10 1/15/2014 EUR 68.01 LBBW 5.00 6/27/2014 EUR 58.31 LBBW 4.00 6/27/2014 EUR 59.42 LBBW 3.00 6/27/2014 EUR 61.09 LBBW 3.00 9/26/2014 EUR 64.39 LBBW 4.00 9/26/2014 EUR 62.54 LBBW 7.00 9/26/2014 EUR 59.20 LBBW 5.00 11/22/2013 EUR 63.58 LBBW 6.00 11/22/2013 EUR 64.98 LBBW 8.00 11/22/2013 EUR 58.71 Norddeutsche Lande 0.69 10/21/2030 EUR 74.42 Praktiker AG 5.88 2/10/2016 EUR 1.50 Qimonda Finance LL 6.75 3/22/2013 USD 3.44 SiC Processing Gmb 7.13 3/1/2016 EUR 5.50 Solarwatt GmbH 7.00 11/1/2015 EUR 14.75 Solarworld AG 6.13 1/21/2017 EUR 37.25 Solarworld AG 6.38 7/13/2016 EUR 33.00 Solon SE 1.38 12/6/2012 EUR 0.63 Sparkasse KoelnBon 0.68 5/7/2031 EUR 71.54 Sparkasse KoelnBon 0.74 9/29/2034 EUR 68.26 TAG Immobilien AG 6.50 12/10/2015 EUR 9.45 TUI AG 2.75 3/24/2016 EUR 64.09 UniCredit Bank AG 0.92 11/19/2029 EUR 65.48 Vontobel Financial 5.45 12/31/2013 EUR 59.48 Vontobel Financial 5.47 3/17/2014 EUR 35.50 Vontobel Financial 4.30 12/31/2013 EUR 63.20 Vontobel Financial 7.70 12/31/2013 EUR 54.94 Vontobel Financial 5.30 6/27/2014 EUR 60.94 Vontobel Financial 4.25 12/31/2013 EUR 63.14 Vontobel Financial 5.30 12/31/2013 EUR 59.38 Vontobel Financial 9.85 12/31/2013 EUR 73.66 Vontobel Financial 4.20 12/31/2013 EUR 63.14 Vontobel Financial 5.35 12/31/2013 EUR 59.50 Vontobel Financial 7.40 12/31/2013 EUR 54.84 Vontobel Financial 9.85 12/31/2013 EUR 51.06 Vontobel Financial 6.10 12/31/2013 EUR 59.66 Vontobel Financial 5.50 12/31/2013 EUR 59.56 Vontobel Financial 6.85 12/31/2013 EUR 54.78 Vontobel Financial 7.15 12/31/2013 EUR 54.82 Vontobel Financial 9.10 12/31/2013 EUR 50.96 Vontobel Financial 5.10 4/14/2014 EUR 30.60 Vontobel Financial 17.15 12/31/2013 EUR 52.48 Vontobel Financial 4.25 12/31/2013 EUR 63.20 Vontobel Financial 8.65 12/31/2013 EUR 56.66 Vontobel Financial 6.30 12/31/2013 EUR 59.72 Vontobel Financial 8.70 12/31/2013 EUR 73.44 Vontobel Financial 7.85 12/31/2013 EUR 50.72 Vontobel Financial 5.50 12/31/2013 EUR 54.52 Vontobel Financial 5.10 6/27/2014 EUR 60.50 Vontobel Financial 8.00 12/31/2013 EUR 55.02 Vontobel Financial 7.35 6/27/2014 EUR 57.28 Vontobel Financial 4.60 3/28/2014 EUR 60.20 Vontobel Financial 4.75 12/31/2013 EUR 59.42 Vontobel Financial 7.20 3/28/2014 EUR 56.40 Vontobel Financial 7.45 12/31/2013 EUR 59.94 Vontobel Financial 10.20 12/31/2013 EUR 56.98 Vontobel Financial 4.80 12/31/2013 EUR 56.58 Vontobel Financial 5.50 12/31/2013 EUR 56.38 Vontobel Financial 8.85 12/31/2013 EUR 54.96 Vontobel Financial 8.35 12/31/2013 EUR 56.92 Vontobel Financial 7.70 12/31/2013 EUR 54.74 Vontobel Financial 7.40 12/31/2013 EUR 59.92 Vontobel Financial 5.40 6/27/2014 EUR 57.68 Vontobel Financial 5.05 3/28/2014 EUR 57.46 Vontobel Financial 7.60 3/28/2014 EUR 58.24 Vontobel Financial 5.65 3/28/2014 EUR 57.40 Vontobel Financial 4.35 12/31/2013 EUR 63.26 Vontobel Financial 8.65 12/31/2013 EUR 60.16 Vontobel Financial 7.75 12/31/2013 EUR 54.72 Vontobel Financial 8.15 12/31/2013 EUR 56.38 Vontobel Financial 15.75 12/31/2013 EUR 52.14 Vontobel Financial 10.45 12/31/2013 EUR 55.40 Vontobel Financial 6.35 12/31/2013 EUR 54.68 Vontobel Financial 8.00 12/31/2013 EUR 54.98 Vontobel Financial 5.25 12/31/2013 EUR 59.50 Vontobel Financial 6.45 12/31/2013 EUR 74.82 Vontobel Financial 5.00 1/24/2014 EUR 61.50 Vontobel Financial 7.39 11/25/2013 EUR 62.60 WGZ-Bank AG Westde 2.50 12/23/2013 EUR 68.43 WGZ-Bank AG Westde 3.00 1/30/2014 EUR 69.85 WGZ-Bank AG Westde 4.00 1/30/2014 EUR 65.48 WGZ-Bank AG Westde 5.00 1/30/2014 EUR 63.64 WGZ-Bank AG Westde 6.00 12/18/2013 EUR 52.92 WGZ-Bank AG Westde 4.00 12/18/2013 EUR 59.07 WGZ-Bank AG Westde 5.00 12/18/2013 EUR 55.81 WGZ-Bank AG Westde 7.50 12/18/2013 EUR 50.43 WGZ-Bank AG Westde 4.00 3/27/2014 EUR 66.20 WGZ-Bank AG Westde 3.00 6/25/2014 EUR 61.31 WGZ-Bank AG Westde 5.50 6/25/2014 EUR 56.15 WGZ-Bank AG Westde 4.00 6/25/2014 EUR 58.30 WGZ-Bank AG Westde 7.00 6/25/2014 EUR 54.32 WGZ-Bank AG Westde 6.00 1/30/2014 EUR 61.94 WGZ-Bank AG Westde 6.00 3/11/2014 EUR 54.62 WGZ-Bank AG Westde 4.00 9/30/2014 EUR 74.98 WGZ-Bank AG Westde 5.00 9/30/2014 EUR 73.89 WGZ-Bank AG Westde 6.00 9/30/2014 EUR 73.00 WGZ-Bank AG Westde 3.00 3/27/2014 EUR 68.09 WGZ-Bank AG Westde 5.00 3/27/2014 EUR 64.45 WGZ-Bank AG Westde 6.00 3/27/2014 EUR 62.91 Windreich GmbH 6.50 7/15/2016 EUR 11.13 Windreich GmbH 6.50 3/1/2015 EUR 9.88 Windreich GmbH 6.75 3/1/2015 EUR 11.13 Windreich GmbH 6.25 3/1/2015 EUR 11.13 GREECE ------ Yioula Glassworks 9.00 12/1/2015 EUR 74.00 Yioula Glassworks 9.00 12/1/2015 EUR 74.00 ICELAND ------- Kaupthing Bank Hf 7.13 5/19/2016 USD 0.13 Kaupthing Bank Hf 5.75 10/4/2011 USD 22.88 Kaupthing Bank Hf 5.75 10/4/2011 USD 22.88 Kaupthing Bank Hf 7.63 2/28/2015 USD 22.88 Kaupthing Bank Hf 6.50 2/3/2045 EUR 0.13 Kaupthing Bank Hf 3.00 2/12/2010 CHF 22.88 Kaupthing Bank Hf 4.70 2/15/2010 CAD 22.88 Kaupthing Bank Hf 6.13 10/4/2016 USD 22.88 Kaupthing Bank Hf 4.65 2/19/2013 EUR 22.88 Kaupthing Bank Hf 6.13 10/4/2016 USD 22.88 Kaupthing Bank Hf 7.50 2/1/2045 USD 0.13 Kaupthing Bank Hf 1.99 7/5/2012 JPY 22.88 Kaupthing Bank Hf 9.75 9/10/2015 USD 22.88 Kaupthing Bank Hf 7.13 5/19/2016 USD 0.13 Kaupthing Bank Hf 5.50 2/2/2009 USD 22.88 Kaupthing Bank Hf 1.80 10/20/2009 JPY 22.88 Kaupthing Bank Hf 5.80 9/7/2012 EUR 22.88 Kaupthing Bank Hf 7.63 2/28/2015 USD 22.88 Kaupthing Bank Hf 0.80 2/15/2011 EUR 22.88 Kaupthing Bank Hf 7.50 12/5/2014 ISK 22.88 Kaupthing Bank Hf 3.75 2/15/2024 ISK 22.88 Kaupthing Bank Hf 7.00 4/28/2012 ISK 0.13 Kaupthing Bank Hf 5.25 7/18/2017 BGN 22.88 Kaupthing Bank Hf 1.65 7/5/2010 JPY 22.88 Kaupthing Bank Hf 7.90 2/1/2016 EUR 22.88 Kaupthing Bank Hf 4.95 5/6/2009 EUR 22.88 Kaupthing Bank Hf 8.00 6/22/2011 ISK 0.13 Kaupthing Bank Hf 7.70 10/2/2011 EUR 22.88 Kaupthing Bank Hf 4.50 1/17/2011 EUR 22.88 Kaupthing Bank Hf 0.69 5/21/2011 JPY 22.88 Kaupthing Bank Hf 7.00 7/24/2009 ISK 22.88 Kaupthing Bank Hf 0.20 7/12/2009 JPY 22.88 Kaupthing Bank Hf 5.00 11/8/2013 EUR 22.88 Kaupthing Bank Hf 7.50 4/2/2011 EUR 22.88 Kaupthing Bank Hf 7.50 10/2/2010 EUR 22.88 Kaupthing Bank Hf 7.00 1/3/2011 EUR 22.88 Kaupthing Bank Hf 4.53 4/24/2012 EUR 22.88 Kaupthing Bank Hf 4.47 10/27/2010 EUR 22.88 Kaupthing Bank Hf 0.95 10/20/2010 JPY 22.88 Kaupthing Bank Hf 5.00 1/4/2027 SKK 22.88 Kaupthing Bank Hf 4.90 5/29/2017 EUR 22.88 Kaupthing Bank Hf 6.50 10/8/2010 ISK 22.88 Kaupthing Bank Hf 5.40 3/22/2014 ISK 0.13 Kaupthing Bank Hf 7.90 4/28/2016 EUR 22.88 Kaupthing Bank Hf 1.75 6/7/2016 EUR 22.88 Kaupthing Bank Hf 6.40 12/15/2015 EUR 22.88 LBI HF 6.10 8/25/2011 USD 8.00 LBI HF 3.20 5/10/2010 SKK 8.00 LBI HF 2.25 2/14/2011 CHF 8.00 LBI HF 6.10 8/25/2011 USD 8.00 LBI HF 3.00 12/7/2010 CHF 8.00 LBI HF 4.40 1/18/2010 CAD 8.00 LBI HF 4.38 10/20/2008 EUR 8.00 LBI HF 4.75 5/31/2013 EUR 8.00 LBI HF 4.53 4/24/2012 EUR 8.00 LBI HF 7.25 4/2/2011 EUR 8.00 LBI HF 8.65 5/1/2011 ISK 8.00 LBI HF 4.08 3/16/2015 EUR 8.00 LBI HF 6.75 8/18/2015 EUR 8.00 LBI HF 4.40 11/3/2009 CZK 8.00 LBI HF 6.00 6/6/2017 EUR 8.00 LBI HF 5.44 9/3/2018 EUR 0.13 LBI HF 4.28 11/19/2010 EUR 8.00 LBI HF 2.14 2/3/2020 JPY 8.00 LBI HF 4.32 1/31/2010 EUR 8.00 LBI HF 4.40 11/30/2035 EUR 0.13 LBI HF 5.25 6/5/2023 EUR 8.00 LBI HF 5.08 3/1/2013 ISK 8.00 LBI HF 7.00 4/2/2010 EUR 8.00 LBI HF 3.00 10/22/2015 EUR 8.00 LBI HF 1.68 12/22/2014 JPY 8.00 LBI HF 4.00 9/23/2015 EUR 8.00 LBI HF 3.45 12/18/2033 JPY 0.13 LBI HF 2.22 10/15/2019 JPY 8.00 LBI HF 4.34 3/1/2011 EUR 8.00 LBI HF 3.34 5/11/2012 EUR 8.00 LBI HF 7.75 2/22/2016 USD 8.00 LBI HF 2.75 3/16/2011 EUR 8.00 LBI HF 3.36 8/17/2012 EUR 8.00 LBI HF 7.20 4/27/2026 EUR 0.13 LBI HF 6.75 2/18/2015 EUR 8.00 LBI HF 3.11 11/10/2008 EUR 8.00 LBI HF 4.34 12/22/2025 EUR 8.00 IRELAND ------- Corsicanto Ltd 3.50 1/15/2032 USD 74.94 Depfa ACS Bank 4.90 8/24/2035 CAD 69.73 Depfa ACS Bank 0.50 3/3/2025 CAD 46.53 Kalvebod PLC 2.00 5/1/2106 DKK 40.00 ITALY ------- Banca delle Marche 1.18 6/1/2017 EUR 42.39 A2A SpA 3.20 8/10/2036 EUR 62.44 Banca delle Marche 5.50 9/16/2030 EUR 69.25 Banca di Cividale 0.34 10/2/2036 EUR 57.63 Banca Monte dei Pa 1.23 1/15/2018 EUR 74.60 Cassa Depositi e P 0.29 10/31/2029 EUR 61.70 Cirio Finanziaria 8.00 12/21/2005 EUR 0.63 City of Lecco Ital 0.46 6/30/2026 EUR 67.27 Comune di Andrano 3.92 12/31/2035 EUR 71.20 Comune di Fiumicin 0.49 12/31/2026 EUR 66.65 Comune di Grontard 4.10 12/31/2035 EUR 73.36 Comune di Marcheno 4.23 12/31/2036 EUR 74.59 Comune di Marscian 4.03 12/31/2035 EUR 72.47 Comune di Mercato 3.97 12/31/2035 EUR 71.83 Comune di Piadena 4.05 12/31/2035 EUR 72.74 Comune di San Ferd 0.53 12/27/2026 EUR 67.26 Comune di Santa Ma 0.60 5/31/2026 EUR 69.00 Comune di Seminara 0.72 10/31/2026 EUR 69.14 Comune di Verona 0.43 12/1/2026 EUR 64.53 Enel SpA 0.96 10/20/2032 EUR 63.62 Intesa Sanpaolo Sp 1.06 3/20/2023 EUR 74.70 Italy Government I 1.85 9/15/2057 EUR 65.06 Italy Government I 2.00 9/15/2062 EUR 67.03 Italy Government I 2.20 9/15/2058 EUR 72.77 Italy Government I 2.87 5/19/2036 JPY 69.43 Province of Bresci 0.73 12/22/2036 EUR 57.22 Province of Bresci 0.72 6/30/2036 EUR 57.58 Province of Chieti 0.65 12/29/2023 EUR 74.35 Province of Milan 0.59 12/22/2033 EUR 63.54 Province of Rovigo 0.59 12/28/2035 EUR 58.80 Province of Teramo 0.44 12/30/2030 EUR 60.80 Province of Teramo 0.47 12/30/2025 EUR 68.61 Province of Trevis 0.47 12/31/2034 EUR 58.04 Province of Trevis 0.57 12/31/2034 EUR 59.52 Province of Trevis 0.34 12/31/2034 EUR 56.82 Region of Abruzzo 0.68 11/7/2036 EUR 63.64 Region of Abruzzo 0.52 11/7/2031 EUR 61.27 Region of Abruzzo 4.45 3/1/2037 EUR 70.52 Region of Aosta Va 0.45 5/28/2021 EUR 73.65 Region of Molise I 0.72 12/15/2033 EUR 64.40 Region of Piemont 0.45 11/27/2036 EUR 55.47 Region of Puglia I 0.74 2/6/2023 EUR 69.69 Seat Pagine Gialle 10.50 1/31/2017 EUR 23.00 Seat Pagine Gialle 10.50 1/31/2017 EUR 22.13 Seat Pagine Gialle 10.50 1/31/2017 EUR 22.63 Seat Pagine Gialle 10.50 1/31/2017 EUR 22.75 Seat Pagine Gialle 10.50 1/31/2017 EUR 22.13 Seat Pagine Gialle 10.50 1/31/2017 EUR 22.63 LUXEMBOURG ---------- 3W Power SA 9.25 12/1/2015 EUR 55.75 ArcelorMittal 7.25 4/1/2014 EUR 20.83 Bank of New York M 4.48 12/30/2099 EUR 18.04 Bank of New York M 4.73 12/15/2050 EUR 52.00 Cerruti Finance SA 6.50 7/26/2004 EUR 3.00 Cirio Finance Luxe 7.50 11/3/2002 EUR 1.25 Cirio Holding Luxe 6.25 2/16/2004 EUR 0.13 Codere Finance Lux 8.25 6/15/2015 EUR 52.02 Codere Finance Lux 9.25 2/15/2019 USD 50.50 Codere Finance Lux 9.25 2/15/2019 USD 50.98 Codere Finance Lux 8.25 6/15/2015 EUR 50.75 Codere Finance Lux 8.25 6/15/2015 EUR 51.75 Codere Finance Lux 8.25 6/15/2015 EUR 50.75 Del Monte Finance 6.63 5/24/2006 EUR 13.63 ECM Real Estate In 5.00 10/9/2011 EUR 10.38 ECM Real Estate In 5.00 10/9/2011 EUR 10.38 Erste Europaeische 0.27 2/1/2037 USD 55.57 European Media Cap 10.00 2/1/2015 USD 75.00 European Media Cap 10.00 2/1/2015 USD 75.00 Finmek Internation 7.00 12/3/2004 EUR 0.13 Hellas Telecommuni 8.50 10/15/2013 EUR 0.13 Hellas Telecommuni 8.50 10/15/2013 EUR 0.13 Hypothekenbank Fra 0.25 12/20/2029 USD 67.37 International Indu 9.00 7/6/2011 EUR 1.00 International Indu 11.00 2/19/2013 USD 0.88 IT Holding Finance 9.88 11/15/2012 EUR 0.13 IT Holding Finance 9.88 11/15/2012 EUR 0.13 La Veggia Finance 7.13 11/14/2004 EUR 0.25 Teksid Aluminum Lu 11.38 7/15/2011 EUR 0.75 NETHERLANDS ----------- Astana Finance BV 7.88 6/8/2010 EUR 4.00 Astana Finance BV 9.00 11/16/2011 USD 3.50 Astana Finance BV 14.50 7/2/2013 USD 3.75 Bank Nederlandse G 0.50 5/10/2017 TRY 73.62 Bank Nederlandse G 0.50 7/12/2022 ZAR 52.90 Bank Nederlandse G 0.50 7/12/2017 TRY 72.46 Bank Nederlandse G 0.50 6/7/2022 ZAR 53.32 Bank Nederlandse G 0.50 6/12/2017 TRY 73.13 Bank Nederlandse G 0.50 8/9/2017 TRY 72.30 Bank Nederlandse G 0.50 6/22/2021 ZAR 57.64 Bank Nederlandse G 0.50 3/29/2021 NZD 70.64 Bank Nederlandse G 0.50 8/15/2022 ZAR 52.50 Bank Nederlandse G 0.50 8/9/2022 MXN 64.98 Bank Nederlandse G 0.50 3/3/2021 NZD 64.80 Bank Nederlandse G 0.50 2/24/2025 CAD 65.15 Bank Nederlandse G 0.50 5/12/2021 ZAR 58.17 Bank Nederlandse G 0.50 9/20/2022 ZAR 52.08 BLT Finance BV 7.50 5/15/2014 USD 9.01 BLT Finance BV 12.00 2/10/2015 USD 10.25 BLT Finance BV 7.50 5/15/2014 USD 9.63 Bulgaria Steel Fin 12.00 5/4/2013 EUR 0.38 Bulgaria Steel Fin 12.00 5/4/2013 EUR 0.38 Cirio Del Monte NV 7.75 3/14/2005 EUR 3.38 Cooperatieve Centr 0.50 11/26/2021 ZAR 48.95 Cooperatieve Centr 0.50 10/30/2043 MXN 23.60 Cooperatieve Centr 0.50 8/21/2028 MXN 46.15 Cooperatieve Centr 0.50 7/30/2043 MXN 23.80 Cooperatieve Centr 0.50 1/31/2033 MXN 36.68 Cooperatieve Centr 0.50 10/29/2027 MXN 48.35 Cooperatieve Centr 0.50 11/30/2027 MXN 48.11 Cooperatieve Centr 0.50 12/29/2027 MXN 47.89 Cooperatieve Centr 9.20 3/13/2014 USD 60.77 Cooperatieve Centr 8.60 3/13/2014 CHF 60.50 Cooperatieve Centr 8.15 3/5/2014 CHF 58.60 Cooperatieve Centr 9.20 3/13/2014 USD 60.43 JP Morgan Structur 6.00 2/7/2014 USD 69.19 JP Morgan Structur 5.00 12/3/2013 CHF 64.32 JP Morgan Structur 6.00 2/25/2014 EUR 73.83 JP Morgan Structur 12.30 11/29/2013 USD 48.32 KPNQwest NV 8.88 2/1/2008 EUR 0.25 KPNQwest NV 7.13 6/1/2009 EUR 0.25 KPNQwest NV 10.00 3/15/2012 EUR 0.25 KPNQwest NV 8.13 6/1/2009 USD 0.38 KPNQwest NV 7.13 6/1/2009 EUR 0.25 KPNQwest NV 8.88 2/1/2008 EUR 0.25 KPNQwest NV 8.88 2/1/2008 EUR 0.25 KPNQwest NV 7.13 6/1/2009 EUR 0.25 Lehman Brothers Tr 7.25 10/5/2035 EUR 9.75 Lehman Brothers Tr 6.00 11/2/2035 EUR 6.00 Lehman Brothers Tr 8.25 3/16/2035 EUR 14.00 Lehman Brothers Tr 6.00 2/15/2035 EUR 6.00 Lehman Brothers Tr 7.00 5/17/2035 EUR 10.38 Lehman Brothers Tr 2.88 3/14/2013 CHF 2.13 Lehman Brothers Tr 5.00 9/22/2014 EUR 6.00 Lehman Brothers Tr 5.00 2/16/2015 EUR 6.00 Lehman Brothers Tr 5.10 5/8/2017 HKD 2.50 Lehman Brothers Tr 7.00 11/26/2013 EUR 6.00 Lehman Brothers Tr 6.00 3/14/2011 EUR 6.00 Lehman Brothers Tr 5.00 2/27/2014 EUR 6.00 Lehman Brothers Tr 8.50 7/5/2016 EUR 6.00 Lehman Brothers Tr 4.00 2/16/2017 EUR 1.38 Lehman Brothers Tr 14.90 9/15/2008 EUR 1.38 Lehman Brothers Tr 4.50 5/2/2017 EUR 6.00 Lehman Brothers Tr 5.00 3/18/2015 EUR 6.00 Lehman Brothers Tr 3.03 1/31/2015 EUR 1.38 Lehman Brothers Tr 4.00 10/24/2012 EUR 6.00 Lehman Brothers Tr 1.00 5/9/2012 EUR 6.00 Lehman Brothers Tr 5.25 5/26/2026 EUR 6.00 Lehman Brothers Tr 8.25 12/3/2015 EUR 1.38 Lehman Brothers Tr 5.70 3/18/2015 USD 6.00 Lehman Brothers Tr 7.00 6/6/2017 EUR 6.00 Lehman Brothers Tr 11.00 12/20/2017 AUD 6.00 Lehman Brothers Tr 4.00 12/2/2012 EUR 6.00 Lehman Brothers Tr 6.00 10/30/2012 EUR 6.00 Lehman Brothers Tr 1.46 2/19/2012 JPY 2.50 Lehman Brothers Tr 3.00 6/23/2009 EUR 6.00 Lehman Brothers Tr 1.75 2/7/2010 EUR 1.38 Lehman Brothers Tr 4.00 2/28/2010 EUR 1.38 Lehman Brothers Tr 4.00 7/20/2012 EUR 6.00 Lehman Brothers Tr 10.00 6/17/2009 USD 1.38 Lehman Brothers Tr 7.00 10/22/2010 EUR 6.00 Lehman Brothers Tr 4.00 7/27/2011 EUR 6.00 Lehman Brothers Tr 4.05 9/16/2008 EUR 6.00 Lehman Brothers Tr 10.44 11/22/2008 CHF 1.38 Lehman Brothers Tr 5.00 8/16/2017 EUR 6.00 Lehman Brothers Tr 12.22 11/21/2017 USD 6.00 Lehman Brothers Tr 3.00 9/13/2010 JPY 2.50 Lehman Brothers Tr 4.10 6/10/2014 SGD 1.38 Lehman Brothers Tr 8.00 4/20/2009 EUR 6.00 Lehman Brothers Tr 3.86 9/21/2011 SGD 1.38 Lehman Brothers Tr 3.50 12/20/2027 USD 6.00 Lehman Brothers Tr 5.00 5/12/2011 CHF 6.00 Lehman Brothers Tr 5.00 8/1/2025 EUR 6.00 Lehman Brothers Tr 5.55 3/12/2015 EUR 1.38 Lehman Brothers Tr 7.05 4/8/2015 USD 6.00 Lehman Brothers Tr 4.70 3/23/2016 EUR 6.00 Lehman Brothers Tr 6.25 9/5/2011 EUR 6.00 Lehman Brothers Tr 23.30 9/16/2008 USD 1.38 Lehman Brothers Tr 8.00 10/17/2014 EUR 6.00 Lehman Brothers Tr 8.88 1/28/2011 HKD 2.50 Lehman Brothers Tr 5.25 11/21/2009 USD 6.00 Lehman Brothers Tr 4.10 2/19/2010 EUR 6.00 Lehman Brothers Tr 10.00 1/3/2012 BRL 6.00 Lehman Brothers Tr 13.50 6/2/2009 USD 1.38 Lehman Brothers Tr 6.00 8/7/2013 EUR 6.00 Lehman Brothers Tr 8.00 3/21/2018 USD 6.00 Lehman Brothers Tr 13.50 11/28/2008 USD 1.38 Lehman Brothers Tr 10.00 6/11/2038 JPY 6.00 Lehman Brothers Tr 3.50 9/19/2017 EUR 1.38 Lehman Brothers Tr 5.50 4/23/2014 EUR 6.00 Lehman Brothers Tr 5.50 6/22/2010 USD 6.00 Lehman Brothers Tr 8.00 2/16/2016 EUR 6.00 Lehman Brothers Tr 4.00 3/10/2011 EUR 6.00 Lehman Brothers Tr 4.00 4/13/2011 CHF 6.00 Lehman Brothers Tr 4.50 3/7/2015 EUR 6.00 Lehman Brothers Tr 7.60 1/31/2013 AUD 1.38 Lehman Brothers Tr 16.00 11/9/2008 USD 1.38 Lehman Brothers Tr 9.75 6/22/2018 USD 6.00 Lehman Brothers Tr 5.12 4/30/2027 EUR 1.38 Lehman Brothers Tr 7.50 5/2/2017 EUR 6.00 Lehman Brothers Tr 5.00 2/28/2032 EUR 6.00 Lehman Brothers Tr 4.60 7/6/2016 EUR 6.00 Lehman Brothers Tr 5.10 6/22/2046 EUR 1.38 Lehman Brothers Tr 6.65 8/24/2011 AUD 2.50 Lehman Brothers Tr 16.00 12/26/2008 USD 1.38 Lehman Brothers Tr 2.50 12/15/2011 GBP 1.38 Lehman Brothers Tr 4.68 12/12/2045 EUR 1.38 Lehman Brothers Tr 7.06 12/29/2008 EUR 6.00 Lehman Brothers Tr 4.05 9/16/2008 EUR 6.00 Lehman Brothers Tr 2.00 6/28/2011 EUR 6.00 Lehman Brothers Tr 5.70 3/4/2015 USD 6.00 Lehman Brothers Tr 4.69 2/19/2017 EUR 1.38 Lehman Brothers Tr 7.59 11/22/2009 MXN 2.50 Lehman Brothers Tr 1.28 11/6/2010 JPY 2.50 Lehman Brothers Tr 0.50 12/20/2017 AUD 6.00 Lehman Brothers Tr 0.50 12/20/2017 AUD 6.00 Lehman Brothers Tr 6.60 2/9/2009 EUR 6.00 Lehman Brothers Tr 0.50 6/2/2020 EUR 1.38 Lehman Brothers Tr 0.50 12/20/2017 AUD 6.00 Lehman Brothers Tr 5.38 2/4/2014 USD 6.00 Lehman Brothers Tr 6.30 12/21/2018 USD 6.00 Lehman Brothers Tr 7.00 2/15/2010 CHF 1.38 Lehman Brothers Tr 16.20 5/14/2009 USD 1.38 Lehman Brothers Tr 4.60 10/11/2017 ILS 2.38 Lehman Brothers Tr 15.00 3/30/2011 EUR 6.00 Lehman Brothers Tr 7.50 10/24/2008 USD 1.38 Lehman Brothers Tr 8.00 8/3/2009 USD 1.38 Lehman Brothers Tr 8.60 7/31/2013 GBP 6.00 Lehman Brothers Tr 0.50 12/20/2017 AUD 6.00 Lehman Brothers Tr 0.50 7/2/2020 EUR 1.38 Lehman Brothers Tr 5.25 7/8/2014 EUR 1.38 Lehman Brothers Tr 6.50 5/16/2015 EUR 6.00 Lehman Brothers Tr 14.90 11/16/2010 EUR 1.38 Lehman Brothers Tr 6.72 12/29/2008 EUR 6.00 Lehman Brothers Tr 0.50 12/20/2017 AUD 6.00 Lehman Brothers Tr 15.00 6/4/2009 CHF 1.38 Lehman Brothers Tr 18.25 10/2/2008 USD 1.38 Lehman Brothers Tr 3.50 10/31/2011 USD 6.00 Lehman Brothers Tr 2.80 3/19/2018 JPY 1.38 Lehman Brothers Tr 2.00 11/16/2009 EUR 6.00 Lehman Brothers Tr 7.25 10/6/2008 EUR 1.38 Lehman Brothers Tr 5.00 11/22/2012 EUR 6.00 Lehman Brothers Tr 9.25 6/20/2012 USD 6.00 Lehman Brothers Tr 7.60 5/21/2013 USD 6.00 Lehman Brothers Tr 13.00 2/16/2009 CHF 1.38 Lehman Brothers Tr 0.01 9/20/2011 USD 6.00 Lehman Brothers Tr 6.00 2/19/2023 USD 6.00 Lehman Brothers Tr 10.60 4/22/2014 MXN 6.00 Lehman Brothers Tr 3.00 12/3/2012 EUR 6.00 Lehman Brothers Tr 2.50 8/23/2012 GBP 1.38 Lehman Brothers Tr 2.37 7/15/2013 USD 6.00 Lehman Brothers Tr 4.87 10/8/2013 USD 1.38 Lehman Brothers Tr 5.75 6/15/2009 CHF 1.38 Lehman Brothers Tr 6.00 10/24/2008 EUR 1.38 Lehman Brothers Tr 7.38 9/20/2008 EUR 1.38 Lehman Brothers Tr 3.00 8/15/2017 EUR 6.00 Lehman Brothers Tr 3.50 9/29/2017 EUR 1.38 Lehman Brothers Tr 3.00 8/8/2017 EUR 6.00 Lehman Brothers Tr 8.25 2/3/2016 EUR 6.00 Lehman Brothers Tr 13.43 1/8/2009 ILS 1.38 Lehman Brothers Tr 16.00 10/8/2008 CHF 1.38 Lehman Brothers Tr 5.00 3/13/2009 EUR 6.00 Lehman Brothers Tr 5.25 4/1/2023 EUR 1.38 Lehman Brothers Tr 7.63 7/22/2011 HKD 1.38 Lehman Brothers Tr 11.00 7/4/2011 CHF 1.38 Lehman Brothers Tr 7.80 3/31/2018 USD 6.00 Lehman Brothers Tr 5.00 5/2/2022 EUR 1.38 Lehman Brothers Tr 4.25 5/15/2010 EUR 6.00 Lehman Brothers Tr 8.28 7/31/2013 GBP 6.00 Lehman Brothers Tr 4.35 8/8/2016 SGD 2.50 Lehman Brothers Tr 8.50 7/6/2009 CHF 1.38 Lehman Brothers Tr 10.50 8/9/2010 EUR 1.38 Lehman Brothers Tr 7.00 7/11/2010 EUR 6.00 Lehman Brothers Tr 4.82 12/18/2036 EUR 1.38 Lehman Brothers Tr 4.20 12/3/2008 HKD 6.00 Lehman Brothers Tr 3.00 6/3/2010 EUR 6.00 Lehman Brothers Tr 12.40 6/12/2009 USD 1.38 Lehman Brothers Tr 11.00 7/4/2011 USD 1.38 Lehman Brothers Tr 12.00 7/4/2011 EUR 1.38 Lehman Brothers Tr 5.50 7/8/2013 EUR 6.00 Lehman Brothers Tr 9.30 12/21/2010 EUR 1.38 Lehman Brothers Tr 8.00 12/31/2010 USD 1.38 Lehman Brothers Tr 1.50 2/8/2012 CHF 6.00 Lehman Brothers Tr 0.50 12/20/2017 USD 6.00 Lehman Brothers Tr 0.50 12/20/2017 USD 6.00 Lehman Brothers Tr 0.50 12/20/2017 USD 6.00 Lehman Brothers Tr 0.50 12/20/2017 USD 6.00 Lehman Brothers Tr 11.00 2/16/2009 CHF 1.38 Lehman Brothers Tr 10.00 2/16/2009 CHF 1.38 Lehman Brothers Tr 8.00 3/19/2012 USD 6.00 Lehman Brothers Tr 9.50 4/1/2018 USD 6.00 Lehman Brothers Tr 7.15 3/21/2013 USD 6.00 Lehman Brothers Tr 6.25 11/30/2012 EUR 6.00 Lehman Brothers Tr 1.00 2/26/2010 USD 6.00 Lehman Brothers Tr 3.50 6/20/2011 EUR 6.00 Lehman Brothers Tr 7.50 2/14/2010 AUD 1.38 Lehman Brothers Tr 10.00 10/23/2008 USD 1.38 Lehman Brothers Tr 10.00 10/22/2008 USD 1.38 Lehman Brothers Tr 6.45 2/20/2010 AUD 1.38 Lehman Brothers Tr 10.00 5/22/2009 USD 1.38 Lehman Brothers Tr 4.60 8/1/2013 EUR 6.00 Lehman Brothers Tr 8.00 5/22/2009 USD 1.38 Lehman Brothers Tr 7.60 3/4/2010 NZD 1.38 Lehman Brothers Tr 3.63 3/2/2012 EUR 1.38 Lehman Brothers Tr 7.75 2/21/2016 EUR 6.00 Lehman Brothers Tr 8.80 12/27/2009 EUR 1.38 Lehman Brothers Tr 11.00 12/20/2017 AUD 6.00 Lehman Brothers Tr 0.75 3/29/2012 EUR 6.00 Lehman Brothers Tr 5.00 12/6/2011 EUR 1.38 Lehman Brothers Tr 11.00 12/20/2017 AUD 6.00 Lehman Brothers Tr 4.00 1/4/2011 USD 1.38 Lehman Brothers Tr 11.75 3/1/2010 EUR 1.38 Lehman Brothers Tr 3.82 10/20/2009 USD 1.38 Lehman Brothers Tr 3.00 8/13/2011 EUR 6.00 Lehman Brothers Tr 4.80 11/16/2012 HKD 1.38 Lehman Brothers Tr 4.00 10/12/2010 USD 1.38 Lehman Brothers Tr 8.00 10/23/2008 USD 1.38 Lehman Brothers Tr 6.00 9/20/2011 EUR 6.00 Lehman Brothers Tr 3.40 9/21/2009 HKD 1.38 Lehman Brothers Tr 2.30 4/28/2014 JPY 6.00 Lehman Brothers Tr 7.50 6/15/2017 USD 6.00 Lehman Brothers Tr 6.00 12/30/2017 EUR 6.00 Lehman Brothers Tr 4.10 5/20/2009 USD 1.38 Lehman Brothers Tr 2.00 5/17/2010 EUR 1.38 Lehman Brothers Tr 13.00 7/25/2012 EUR 1.38 Lehman Brothers Tr 10.00 8/2/2037 JPY 6.00 Lehman Brothers Tr 1.50 10/12/2010 EUR 6.00 Lehman Brothers Tr 4.10 8/23/2010 USD 1.38 Lehman Brothers Tr 4.60 11/9/2011 EUR 6.00 Lehman Brothers Tr 6.00 2/14/2012 EUR 1.38 Lehman Brothers Tr 7.00 2/15/2012 EUR 1.38 Lehman Brothers Tr 6.00 5/12/2017 EUR 6.00 Lehman Brothers Tr 6.60 2/22/2012 EUR 1.13 Lehman Brothers Tr 5.20 3/19/2018 EUR 1.38 Lehman Brothers Tr 1.95 11/4/2013 EUR 1.38 Lehman Brothers Tr 11.00 12/19/2011 USD 6.00 Lehman Brothers Tr 10.00 3/27/2009 USD 6.00 Lehman Brothers Tr 5.00 10/24/2008 CHF 1.38 Lehman Brothers Tr 7.00 4/14/2009 EUR 1.38 Lehman Brothers Tr 7.75 1/30/2009 EUR 1.38 Lehman Brothers Tr 0.25 7/21/2014 EUR 6.00 Lehman Brothers Tr 4.95 10/25/2036 EUR 6.00 Lehman Brothers Tr 11.00 6/29/2009 EUR 1.38 Lehman Brothers Tr 5.50 6/15/2009 CHF 1.38 Lehman Brothers Tr 1.50 10/25/2011 EUR 6.00 Lehman Brothers Tr 6.75 4/5/2012 EUR 6.00 Lehman Brothers Tr 5.00 4/24/2017 EUR 6.00 Lehman Brothers Tr 7.39 5/4/2017 USD 6.00 Lehman Brothers Tr 3.35 10/13/2016 EUR 6.00 Lehman Brothers Tr 0.80 12/30/2016 EUR 6.00 Lehman Brothers Tr 6.00 5/23/2018 CZK 6.00 Lehman Brothers Tr 4.00 5/30/2010 USD 1.38 Lehman Brothers Tr 4.00 5/17/2010 USD 6.00 Lehman Brothers Tr 2.48 5/12/2009 USD 6.00 Lehman Brothers Tr 2.25 5/12/2009 USD 6.00 Lehman Brothers Tr 2.30 6/27/2013 USD 1.38 Lehman Brothers Tr 3.50 10/24/2011 USD 6.00 Lehman Brothers Tr 0.25 10/19/2012 CHF 6.00 Lehman Brothers Tr 1.68 3/5/2015 EUR 6.00 Lehman Brothers Tr 9.00 5/15/2022 USD 6.00 Lehman Brothers Tr 7.50 7/31/2013 GBP 6.00 Lehman Brothers Tr 7.32 7/31/2013 GBP 6.00 Lehman Brothers Tr 7.50 9/13/2009 CHF 1.38 Lehman Brothers Tr 6.50 7/24/2026 EUR 6.00 Lehman Brothers Tr 4.50 8/2/2009 USD 1.38 Lehman Brothers Tr 0.50 2/16/2009 EUR 1.38 Lehman Brothers Tr 4.25 3/13/2021 EUR 1.38 Lehman Brothers Tr 6.00 3/17/2011 EUR 6.00 Lehman Brothers Tr 4.70 3/23/2016 EUR 6.00 Lehman Brothers Tr 6.00 12/6/2016 USD 6.00 Lehman Brothers Tr 5.00 9/1/2011 EUR 6.00 Lehman Brothers Tr 3.70 6/6/2009 EUR 6.00 Lehman Brothers Tr 4.50 3/6/2013 CHF 6.00 Lehman Brothers Tr 4.00 4/24/2009 USD 1.38 Lehman Brothers Tr 9.00 6/13/2009 USD 1.38 Lehman Brothers Tr 9.00 3/17/2009 GBP 1.38 Lehman Brothers Tr 7.00 11/28/2008 CHF 1.38 Lehman Brothers Tr 3.85 4/24/2009 USD 1.38 Lehman Brothers Tr 8.00 5/22/2009 USD 1.38 Lehman Brothers Tr 4.50 7/24/2014 EUR 6.00 Lehman Brothers Tr 4.50 12/30/2010 USD 1.38 Lehman Brothers Tr 7.75 1/3/2012 AUD 1.38 Lehman Brothers Tr 3.10 6/4/2010 USD 1.38 Lehman Brothers Tr 2.50 8/15/2012 CHF 6.00 Lehman Brothers Tr 13.15 10/30/2008 USD 1.38 Lehman Brothers Tr 0.50 8/1/2020 EUR 1.38 Lehman Brothers Tr 14.10 11/12/2008 USD 1.38 Lehman Brothers Tr 4.00 8/11/2010 USD 6.00 Lehman Brothers Tr 12.00 7/13/2037 JPY 6.00 Lehman Brothers Tr 6.00 7/28/2010 EUR 1.38 Lehman Brothers Tr 6.00 7/28/2010 EUR 1.38 Lehman Brothers Tr 7.50 8/1/2035 EUR 6.00 Lehman Brothers Tr 4.90 7/28/2020 EUR 6.00 Lehman Brothers Tr 4.15 8/25/2020 EUR 1.38 Lehman Brothers Tr 7.50 5/30/2010 AUD 1.38 Lehman Brothers Tr 11.00 5/9/2020 USD 6.00 Lehman Brothers Tr 4.30 6/4/2012 USD 1.38 Lehman Brothers Tr 4.00 6/5/2011 USD 1.38 Lehman Brothers Tr 2.30 6/6/2013 USD 1.38 Lehman Brothers Tr 6.00 6/21/2011 EUR 6.00 Lehman Brothers Tr 2.00 6/21/2011 EUR 6.00 Lehman Brothers Tr 10.00 1/4/2010 USD 6.00 Lehman Brothers Tr 17.00 6/2/2009 USD 1.38 Lehman Brothers Tr 16.80 8/21/2009 USD 1.38 Lehman Brothers Tr 5.22 3/1/2024 EUR 1.38 Lehman Brothers Tr 6.60 5/23/2012 AUD 1.38 Lehman Brothers Tr 3.45 5/23/2013 USD 6.00 Lehman Brothers Tr 16.00 10/28/2008 USD 1.38 Lehman Brothers Tr 5.00 2/15/2018 EUR 6.00 Lehman Brothers Tr 9.00 5/6/2011 CHF 1.38 Lehman Brothers Tr 2.75 10/28/2009 EUR 6.00 Lehman Brothers Tr 5.50 11/30/2012 CZK 6.00 Lehman Brothers Tr 2.50 11/9/2011 CHF 6.00 Lehman Brothers Tr 4.00 11/24/2016 EUR 6.00 Lehman Brothers Tr 6.00 10/30/2012 USD 1.38 Lehman Brothers Tr 3.00 9/12/2036 JPY 2.50 Lehman Brothers Tr 13.00 12/14/2012 USD 6.00 Lehman Brothers Tr 2.40 6/20/2011 JPY 6.00 Lehman Brothers Tr 1.60 6/21/2010 JPY 6.00 Lehman Brothers Tr 8.05 12/20/2010 HKD 1.38 Lehman Brothers Tr 7.25 6/20/2010 USD 6.00 Lehman Brothers Tr 7.00 9/20/2011 USD 6.00 Lehman Brothers Tr 6.70 4/21/2011 USD 6.00 Magyar Telecom BV 9.50 12/15/2016 EUR 45.04 Magyar Telecom BV 9.50 12/15/2016 EUR 44.63 Morgan Stanley BV 9.00 4/16/2015 EUR 71.90 Nederlandse Waters 0.50 3/11/2025 CAD 65.79 New World Resource 7.88 5/1/2018 EUR 68.24 New World Resource 7.88 1/15/2021 EUR 36.78 New World Resource 7.88 1/15/2021 EUR 36.25 New World Resource 7.88 5/1/2018 EUR 68.47 NIBC Bank NV 25.98 5/7/2029 EUR 50.62 Nutritek Internati 8.75 12/11/2008 USD 2.00 Q-Cells Internatio 1.38 4/30/2012 EUR 32.45 Q-Cells Internatio 5.75 5/26/2014 EUR 32.09 Sairgroup Finance 4.38 6/8/2006 EUR 10.50 Sairgroup Finance 6.63 10/6/2010 EUR 12.13 Sidetur Finance BV 10.00 4/20/2016 USD 55.25 Sidetur Finance BV 10.00 4/20/2016 USD 55.00 SNS Bank NV 6.25 10/26/2020 EUR 2.13 SNS Bank NV 6.63 5/14/2018 EUR 4.13 WPE International 10.38 9/30/2020 USD 59.90 WPE International 10.38 9/30/2020 USD 59.38 NORWAY ------ Eksportfinans ASA 0.25 7/14/2033 CAD 8.50 Eksportfinans ASA 0.50 5/9/2030 CAD 14.25 Kommunalbanken AS 0.50 3/7/2017 BRL 69.77 Kommunalbanken AS 0.50 5/10/2017 BRL 68.32 Kommunalbanken AS 0.50 8/29/2017 BRL 66.85 Kommunalbanken AS 0.50 5/25/2018 ZAR 70.89 Kommunalbanken AS 0.50 9/26/2017 BRL 65.80 Kommunalbanken AS 0.50 3/28/2017 BRL 68.91 Kommunalbanken AS 0.50 6/28/2017 BRL 67.67 Kommunalbanken AS 0.50 9/20/2018 BRL 64.71 Kommunalbanken AS 0.50 3/2/2018 BRL 62.66 Kommunalbanken AS 0.50 6/1/2017 BRL 68.22 Kommunalbanken AS 0.50 8/15/2018 BRL 67.16 Kommunalbanken AS 0.50 3/29/2017 BRL 70.51 Kommunalbanken AS 0.50 8/16/2016 BRL 73.83 Kommunalbanken AS 0.50 5/27/2022 ZAR 47.60 Kommunalbanken AS 0.50 7/28/2016 BRL 74.11 Norske Skogindustr 7.00 6/26/2017 EUR 60.59 Norske Skogindustr 11.75 6/15/2016 EUR 74.02 Norske Skogindustr 6.13 10/15/2015 USD 72.75 Norske Skogindustr 6.13 10/15/2015 USD 69.53 Norske Skogindustr 7.13 10/15/2033 USD 51.63 Norske Skogindustr 11.75 6/15/2016 EUR 73.50 Norske Skogindustr 7.13 10/15/2033 USD 50.08 Petromena ASA 9.75 5/24/2014 NOK 6.75 Petromena ASA 10.85 11/19/2010 USD 6.75 PORTUGAL -------- AdP - Aguas de Por 0.33 1/23/2023 EUR 63.88 Banco Espirito San 3.50 1/2/2043 EUR 50.13 Caixa Geral de Dep 5.98 3/3/2028 EUR 57.00 CP - Comboios de P 5.70 2/5/2030 EUR 60.31 Empresa de Desenvo 0.33 11/21/2018 EUR 66.63 Metropolitano de L 4.80 12/7/2027 EUR 73.38 Metropolitano de L 4.06 12/4/2026 EUR 71.93 Parpublica - Parti 4.20 11/16/2026 EUR 68.25 Portugal Obrigacoe 4.10 4/15/2037 EUR 72.12 Rede Ferroviaria N 4.25 12/13/2021 EUR 70.38 Rede Ferroviaria N 4.05 11/16/2026 EUR 71.78 ROMANIA ------- City of Iasi Roman 4.45 11/15/2028 RON 71.23 RUSSIA ------ Arizk 3.00 12/20/2030 RUB 46.44 Kuzbassenergo-Fina 8.70 4/15/2021 RUB 72.01 Mechel 8.40 5/27/2021 RUB 70.02 Mechel 8.40 6/1/2021 RUB 70.13 Mechel 8.40 5/27/2021 RUB 70.21 Mobile Telesystems 5.00 6/29/2021 RUB 74.25 MORTGAGE AGENT AHM 3.00 9/9/2045 RUB 9.17 Novosibirsk TIN Pl 12.50 8/26/2014 RUB 5.00 RBC OJSC 3.27 4/19/2018 RUB 51.50 Russian Railways J 8.40 6/8/2028 RUB 100.00 Saturn Research & 8.50 6/6/2014 RUB 1.01 TGC-2 12.00 10/10/2018 RUB 75.00 World of Building 4.20 6/25/2019 RUB 3.60 SPAIN ----- Autonomous Communi 4.25 10/31/2036 EUR 65.75 Autonomous Communi 4.22 4/26/2035 EUR 64.14 Autonomous Communi 4.69 10/28/2034 EUR 68.88 Autonomous Communi 2.97 9/8/2039 JPY 59.88 Autonomous Communi 0.48 10/17/2022 EUR 70.50 Autonomous Communi 2.10 5/20/2024 EUR 73.97 Autonomous Communi 0.27 11/29/2021 EUR 74.92 Banco de Castilla 1.50 6/23/2021 EUR 65.00 Bankinter SA 6.00 12/18/2028 EUR 65.13 City of Madrid Spa 0.34 10/10/2022 EUR 66.37 City of Madrid Spa 4.55 6/16/2036 EUR 73.57 Comunidad Autonoma 3.90 11/30/2035 EUR 63.84 Comunidad Autonoma 4.20 10/25/2036 EUR 66.58 Comunidad Autonoma 4.06 11/23/2035 EUR 63.94 Diputacion Foral d 4.32 12/29/2023 EUR 61.41 Ibercaja Banco SAU 1.09 4/20/2018 EUR 70.93 Junta Comunidades 0.41 12/5/2023 EUR 54.38 Junta Comunidades 3.88 1/31/2036 EUR 60.38 Junta de Extremadu 0.95 6/10/2024 EUR 72.31 Pescanova SA 5.13 4/20/2017 EUR 18.74 Pescanova SA 8.75 2/17/2019 EUR 17.79 Pescanova SA 6.75 3/5/2015 EUR 17.96 Spain Government I 2.92 12/2/2030 JPY 69.99 SWEDEN ------ Dannemora Mineral 11.75 3/22/2016 USD 41.50 Northland Resource 4.00 10/15/2020 USD 6.63 Northland Resource 4.00 10/15/2020 NOK 7.00 Svensk Exportkredi 0.50 9/14/2016 BRL 74.58 Svensk Exportkredi 0.50 2/22/2022 ZAR 46.97 Svensk Exportkredi 0.50 6/29/2017 IDR 73.20 Svensk Exportkredi 0.50 1/31/2022 ZAR 47.32 Svensk Exportkredi 0.50 6/28/2022 ZAR 45.13 Svensk Exportkredi 0.50 3/19/2018 IDR 68.74 Svensk Exportkredi 0.50 8/28/2018 BRL 59.21 Svensk Exportkredi 0.50 3/15/2022 ZAR 46.66 Svensk Exportkredi 0.50 8/26/2021 AUD 68.36 Svensk Exportkredi 0.50 12/17/2027 USD 60.33 Svensk Exportkredi 0.50 12/14/2016 BRL 72.32 Svensk Exportkredi 0.50 9/28/2017 IDR 71.27 Svensk Exportkredi 0.50 2/3/2017 BRL 70.83 Svensk Exportkredi 0.50 7/21/2017 BRL 67.44 Svensk Exportkredi 0.50 12/21/2016 BRL 72.17 Svensk Exportkredi 0.50 9/20/2017 TRY 71.95 Svensk Exportkredi 0.50 12/22/2016 BRL 72.19 Svensk Exportkredi 0.50 8/28/2020 TRY 54.02 Svensk Exportkredi 0.50 9/5/2017 IDR 71.10 Svensk Exportkredi 0.50 3/10/2017 BRL 70.65 Svensk Exportkredi 0.50 1/26/2017 BRL 71.31 Svensk Exportkredi 0.50 6/30/2017 BRL 67.86 Svensk Exportkredi 1.00 11/15/2021 AUD 72.00 Svensk Exportkredi 0.50 6/21/2017 BRL 68.05 Svensk Exportkredi 0.50 8/25/2021 ZAR 56.85 SWITZERLAND ----------- UBS AG 24.75 1/3/2014 EUR 66.60 Banque Cantonale V 11.80 1/29/2014 CHF 63.63 Banque Cantonale V 6.50 10/5/2015 CHF 72.74 Banque Cantonale V 2.00 7/8/2014 CHF 61.29 SAir Group 6.25 10/27/2002 CHF 11.00 SAir Group 4.25 2/2/2007 CHF 11.63 SAir Group 2.13 11/4/2004 CHF 11.00 SAir Group 0.13 7/7/2005 CHF 11.25 SAir Group 5.50 7/23/2003 CHF 11.00 SAir Group 2.75 7/30/2004 CHF 11.00 SAir Group 2.75 7/30/2004 CHF 11.13 SAir Group 6.25 4/12/2005 CHF 10.88 UBS AG 24.50 1/3/2014 EUR 53.44 UBS AG 23.75 1/3/2014 EUR 58.46 UBS AG 8.87 4/15/2014 USD 10.17 UBS AG 24.00 1/3/2014 EUR 71.67 UBS AG 24.25 1/3/2014 EUR 60.63 UBS AG 18.45 10/24/2013 USD 8.73 UBS AG 14.25 1/3/2014 EUR 52.30 UBS AG 20.00 1/3/2014 EUR 56.56 UBS AG 7.25 7/29/2014 USD 31.57 UBS AG 6.03 5/14/2014 USD 54.95 UBS AG 24.50 1/3/2014 EUR 67.05 UBS AG 7.50 1/3/2014 EUR 64.51 UBS AG 12.70 4/22/2014 USD 66.71 UBS AG 8.94 2/13/2014 USD 14.64 UBS AG 6.29 2/26/2014 USD 32.99 UBS AG 6.22 2/26/2014 USD 38.93 UBS AG 24.00 1/3/2014 EUR 72.58 UBS AG 16.50 1/3/2014 EUR 69.19 UBS AG 18.25 1/3/2014 EUR 62.22 UBS AG 18.75 1/3/2014 EUR 66.02 UBS AG 20.25 1/3/2014 EUR 63.41 UBS AG 17.25 1/3/2014 EUR 42.91 UBS AG 11.50 1/3/2014 EUR 52.05 UBS AG 15.50 1/3/2014 EUR 72.73 UBS AG 22.00 1/3/2014 EUR 61.74 UBS AG 17.75 1/3/2014 EUR 68.54 UBS AG 6.04 8/29/2014 USD 35.75 UBS AG 10.46 1/2/2014 USD 35.35 UBS AG 8.75 1/3/2014 EUR 69.50 UBS AG 15.25 1/3/2014 EUR 63.26 UBS AG 10.75 1/3/2014 EUR 69.94 UBS AG 12.50 1/3/2014 EUR 62.75 UBS AG 19.00 1/3/2014 EUR 53.05 UBS AG 14.25 1/3/2014 EUR 70.59 UBS AG 20.50 1/3/2014 EUR 69.50 UBS AG 8.50 1/3/2014 EUR 69.72 UBS AG 24.00 1/3/2014 EUR 63.30 UBS AG 22.25 1/3/2014 EUR 63.98 UBS AG 9.53 12/17/2013 USD 48.94 UBS AG 6.49 5/23/2014 USD 21.20 UBS AG 6.53 5/27/2014 USD 21.09 UBS AG 6.33 5/12/2014 USD 19.48 UBS AG 9.25 4/30/2014 USD 9.78 UBS AG 14.00 6/27/2014 EUR 55.27 UBS AG 11.75 6/27/2014 EUR 48.70 UBS AG 8.29 1/14/2014 USD 19.98 UBS AG 5.22 1/28/2014 USD 11.48 UBS AG 7.86 1/31/2014 USD 20.24 UBS AG 9.17 6/30/2014 USD 67.70 UBS AG 7.25 8/8/2014 USD 45.54 UBS AG 8.35 10/24/2013 USD 50.89 UBS AG 9.45 10/22/2013 USD 20.95 UBS AG 9.00 1/3/2014 EUR 48.64 UBS AG 14.75 1/3/2014 EUR 44.63 UBS AG 7.15 2/26/2014 USD 32.50 UBS AG 10.75 1/3/2014 EUR 55.72 UBS AG 5.00 1/3/2014 EUR 63.46 UBS AG 8.21 2/26/2014 USD 50.39 UBS AG 10.00 1/3/2014 EUR 43.67 UBS AG 13.50 1/3/2014 EUR 56.28 UBS AG 13.75 1/3/2014 EUR 56.97 UBS AG 10.00 1/3/2014 EUR 62.22 UBS AG 8.25 1/3/2014 EUR 62.15 UBS AG 23.00 1/3/2014 EUR 69.99 UBS AG 18.75 1/3/2014 EUR 69.15 UBS AG 7.25 1/3/2014 EUR 69.51 UBS AG 23.25 1/3/2014 EUR 48.61 UBS AG 22.75 1/3/2014 EUR 59.35 UBS AG 21.50 1/3/2014 EUR 61.38 UBS AG 17.50 1/3/2014 EUR 68.73 UBS AG 14.50 1/3/2014 EUR 74.99 UBS AG 16.00 1/3/2014 EUR 71.69 UBS AG 21.00 1/3/2014 EUR 38.60 UBS AG 6.19 1/8/2014 USD 19.82 UBS AG 9.93 6/18/2014 USD 50.46 UBS AG 9.89 11/22/2013 EUR 71.22 UBS AG 8.00 1/3/2014 EUR 55.16 UBS AG 4.75 1/3/2014 EUR 69.04 UBS AG 4.50 6/27/2014 EUR 48.72 UBS AG 8.75 6/27/2014 EUR 58.09 UBS AG 6.80 2/20/2014 USD 27.83 UBS AG 6.80 2/20/2014 USD 27.76 UBS AG 5.50 3/28/2014 EUR 55.86 UBS AG 9.50 3/28/2014 EUR 50.93 UBS AG 13.50 3/28/2014 EUR 62.47 UBS AG 12.00 3/28/2014 EUR 42.70 UBS AG 11.50 1/3/2014 EUR 39.79 UBS AG 14.00 3/28/2014 EUR 52.93 UBS AG 7.75 6/27/2014 EUR 45.94 UBS AG 6.00 3/28/2014 EUR 49.43 UBS AG 7.00 6/27/2014 EUR 50.45 UBS AG 11.00 3/28/2014 EUR 46.42 UBS AG 11.00 6/27/2014 EUR 59.64 UBS AG 13.00 6/27/2014 EUR 45.50 UBS AG 13.00 1/3/2014 EUR 59.17 UBS AG 10.75 3/28/2014 EUR 58.16 UBS AG 5.00 6/27/2014 EUR 63.87 UBS AG 10.50 6/27/2014 EUR 52.89 UBS AG 12.25 6/27/2014 EUR 71.08 UBS AG 6.25 6/27/2014 EUR 56.36 UBS AG 11.25 3/28/2014 EUR 72.74 UBS AG 11.00 1/3/2014 EUR 70.06 UBS AG 12.25 3/28/2014 EUR 68.98 UBS AG 12.00 1/3/2014 EUR 66.02 UBS AG 13.75 6/27/2014 EUR 65.24 UBS AG 8.00 3/28/2014 EUR 56.96 UBS AG 20.25 1/3/2014 EUR 67.22 UBS AG 24.50 1/3/2014 EUR 59.05 UBS AG 21.75 1/3/2014 EUR 58.98 UBS AG 12.25 1/3/2014 EUR 52.20 UBS AG 18.00 1/3/2014 EUR 64.27 UBS AG 24.75 1/3/2014 EUR 54.61 UBS AG 22.00 1/3/2014 EUR 63.63 UBS AG 19.25 1/3/2014 EUR 71.52 UBS AG 23.50 1/3/2014 EUR 72.60 UBS AG 18.50 1/3/2014 EUR 71.37 UBS AG 6.50 1/3/2014 EUR 63.77 UBS AG 13.00 1/3/2014 EUR 49.48 UBS AG 5.75 1/3/2014 EUR 54.70 UBS AG 4.25 1/3/2014 EUR 54.36 UBS AG 6.25 1/3/2014 EUR 48.11 UBS AG 20.00 1/3/2014 EUR 64.93 UBS AG 14.41 11/21/2013 USD 40.01 UBS AG 23.25 1/3/2014 EUR 65.06 UBS AG 15.50 1/3/2014 EUR 45.13 UBS AG 18.25 1/3/2014 EUR 41.49 UBS AG 6.75 1/3/2014 EUR 68.80 UBS AG 20.75 1/3/2014 EUR 70.05 UBS AG 16.25 1/3/2014 EUR 72.22 UBS AG 19.75 1/3/2014 EUR 64.89 UBS AG 10.00 1/3/2014 EUR 55.96 UBS AG 13.75 1/3/2014 EUR 47.78 UBS AG 12.50 1/3/2014 EUR 49.77 UBS AG 8.50 1/3/2014 EUR 60.73 UBS AG 23.50 1/3/2014 EUR 36.11 UBS AG 22.75 1/3/2014 EUR 59.75 UBS AG 19.50 1/3/2014 EUR 65.22 UBS AG 20.50 1/3/2014 EUR 70.00 UBS AG 23.50 1/3/2014 EUR 72.59 UBS AG 18.25 1/3/2014 EUR 41.55 UBS AG 24.75 1/3/2014 EUR 72.66 UBS AG 17.50 1/3/2014 EUR 69.19 UBS AG 21.50 1/3/2014 EUR 61.80 UBS AG 7.98 3/17/2014 USD 10.60 UBS AG 14.75 3/28/2014 EUR 71.70 UBS AG 11.50 6/27/2014 EUR 74.62 UBS AG 4.50 3/28/2014 EUR 64.14 UBS AG 6.50 3/28/2014 EUR 44.45 UBS AG 7.30 7/7/2014 USD 28.53 TURKEY ------ APP International 11.75 10/1/2005 USD 5.00 Yuksel Insaat AS 9.50 11/10/2015 USD 72.64 UKRAINE ------- Agroton Public Ltd 12.50 7/14/2014 USD 50.00 UNITED KINGDOM -------------- Alpha Credit Group 0.73 2/21/2021 EUR 52.38 Alpha Credit Group 6.00 7/29/2020 EUR 72.88 Barclays Bank PLC 0.61 12/28/2040 EUR 64.00 Barclays Bank PLC 8.00 5/23/2014 USD 10.81 Barclays Bank PLC 2.20 11/30/2025 USD 21.86 Barclays Bank PLC 0.50 3/13/2023 RUB 47.04 Barclays Bank PLC 6.75 10/16/2015 GBP 1.15 Barclays Bank PLC 7.40 2/13/2014 GBP 1.04 Barclays Bank PLC 2.50 3/7/2017 EUR 35.67 Barclays Bank PLC 8.25 1/26/2015 USD 1.13 Barclays Bank PLC 1.99 12/1/2040 USD 71.38 Barclays Bank PLC 1.64 6/3/2041 USD 66.57 Barclays Bank PLC 7.50 4/29/2014 GBP 1.06 Barclays Bank PLC 2.33 1/2/2041 USD 73.08 Cattles Ltd 6.88 1/17/2014 GBP 2.50 Cattles Ltd 7.13 7/5/2017 GBP 2.50 Commercial Bank Pr 5.80 2/9/2016 USD 69.01 Co-Operative Bank 9.25 4/28/2021 GBP 72.74 Co-Operative Bank 5.75 12/2/2024 GBP 68.46 Co-Operative Bank 7.88 12/19/2022 GBP 70.52 Co-Operative Bank 5.88 3/28/2033 GBP 69.57 Co-Operative Bank 5.63 11/16/2021 GBP 55.13 Co-Operative Bank 1.01 5/18/2016 EUR 69.71 Credit Suisse AG/L 11.50 4/4/2014 CHF 70.01 Credit Suisse AG/L 8.50 11/5/2013 CHF 45.66 Credit Suisse AG/L 6.50 1/14/2014 CHF 55.22 Credit Suisse AG/L 9.00 11/14/2013 CHF 51.41 Credit Suisse AG/L 1.64 6/1/2042 USD 46.62 Credit Suisse AG/L 8.00 1/14/2014 USD 55.38 Credit Suisse AG/L 6.85 8/8/2014 USD 57.36 Credit Suisse AG/L 10.50 11/15/2013 USD 51.48 Credit Suisse Inte 4.40 10/24/2013 EUR 57.10 Credit Suisse Inte 4.45 12/13/2013 EUR 53.20 Dunfermline Buildi 6.00 3/31/2015 GBP 1.38 Emporiki Group Fin 5.00 2/24/2022 EUR 60.75 Emporiki Group Fin 5.00 12/2/2021 EUR 61.13 Emporiki Group Fin 5.10 12/9/2021 EUR 62.13 ERB Hellas PLC 0.52 9/3/2014 EUR 72.13 Goldman Sachs Inte 2.50 8/17/2018 EUR 20.40 HSBC Bank PLC 0.50 4/3/2023 AUD 62.86 HSBC Bank PLC 0.50 12/2/2022 AUD 64.19 HSBC Bank PLC 0.50 2/24/2023 AUD 63.27 HSBC Bank PLC 0.50 10/25/2021 AUD 68.62 HSBC Bank PLC 0.50 11/30/2021 NZD 65.52 HSBC Bank PLC 0.50 12/20/2018 RUB 69.82 HSBC Bank PLC 0.50 6/30/2021 NZD 67.16 HSBC Bank PLC 0.50 2/2/2023 AUD 63.51 HSBC Bank PLC 0.50 12/29/2022 AUD 63.89 HSBC Bank PLC 0.50 2/5/2018 RUB 74.86 HSBC Bank PLC 0.50 3/1/2018 RUB 74.48 HSBC Bank PLC 0.50 4/27/2027 NZD 47.02 HSBC Bank PLC 0.50 11/22/2021 AUD 68.35 HSBC Bank PLC 0.50 7/30/2027 NZD 46.29 HSBC Bank PLC 0.50 1/29/2027 NZD 47.70 HSBC Bank PLC 0.50 10/30/2026 NZD 48.42 HSBC Bank PLC 0.50 12/29/2026 AUD 50.10 HSBC Bank PLC 0.50 12/8/2026 AUD 50.28 HSBC Bank PLC 0.50 2/24/2027 NZD 47.50 Royal Bank of Scot 1.69 11/14/2016 GBP 1.10 RSL Communications 10.50 11/15/2008 USD 1.20 RSL Communications 10.13 3/1/2008 USD 1.25 RSL Communications 9.13 3/1/2008 USD 1.25 RSL Communications 9.88 11/15/2009 USD 1.25 RSL Communications 12.00 11/1/2008 USD 1.25 UBS AG/London 25.00 3/20/2014 CHF 62.25 UBS AG/London 7.63 9/30/2015 USD 16.71 UBS AG/London 20.25 4/17/2014 CHF 66.13 UBS AG/London 6.88 8/31/2015 USD 15.37 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2014. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200. * * * End of Transmission * * *