TCREUR_Public/140324.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 24, 2014, Vol. 15, No. 58

                            Headlines

B U L G A R I A

ISPERIH BT: Enters Into Insolvency Procedure


D E N M A R K

ISS A/S: S&P Raises Corporate Credit Rating From 'BB'


F R A N C E

FINANCIERE GAILLON: Fitch to Assign 'B(EXP)' LT IDR
KAUFMAN & BROAD: S&P Assigns Preliminary 'B' CCR; Outlook Stable


G E R M A N Y

FRESENIUS MEDICAL: Fitch Affirms 'BB+' LT IDRs; Outlook Positive
IVG IMMOBILIEN: Lenders Approve Debt-to-Equity Swap
SUNWAYS: Enters Insolvency Proceedings for Second Time


I R E L A N D

TALISMAN-4 FINANCE: Moody's Reviews Class A Notes for Downgrade


I T A L Y

BANCA POPOLARE: S&P Keeps 'BB-/B' Ratings on CreditWatch Negative
FIAT FINANCE: S&P Assigns 'BB-' Rating to Proposed EUR1BB Notes


L U X E M B O U R G

GEO TRAVEL: S&P Puts 'B' Long-Term CCR on CreditWatch Positive
MINERVA LUXEMBOURG: Fitch Rates New Perpetual Notes 'BB-(Exp)'


N E T H E R L A N D S

AI AVOCADO: S&P Assigns Preliminary 'B' CCR; Outlook Stable


R U S S I A

INTER RAO: Fitch Affirms Long-Term IDR at 'BB+'; Outlook Stable
MECHEL OAO: Bankruptcy Makes No Sense, Trade Minister Says
UC RUSAL: In Talks with Lenders to Delay Debt Repayment


S P A I N

CODERE SA: Bondholders Revise Debt Restructuring Proposal


T U R K E Y

DENIZBANK AS: Moody's Reviews 'D+' BFSR for Downgrade


U N I T E D   K I N G D O M

CABOT FINANCIAL: Moody's Rates GBP175MM Sr. Secured Bond '(P)B2'
CABOT FINANCIAL: S&P Rates GBP175MM Senior Secured Notes 'B+'
CO-ORDINATED DEVELOPMENT: Goes Into Liquidation
SOUTHERN PACIFIC 04-2: S&P Lowers Rating on Class E Notes to B+


X X X X X X X X

* BOND PRICING: For the Week March 17 to March 21, 2014


                            *********


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


ISPERIH BT: Enters Into Insolvency Procedure
--------------------------------------------
StandartNews reports that the Varna Court of Appeal has announced
Isperih BT has entered an insolvency procedure.

The Varna Court rescinded the verdict of Razgrad District Court,
under which the claim of an Italian company demanding
compensation was rejected, StandartNews relates.  Consortio
Cooperativo Virginia Trade claims that the company failed to
deliver 48,000 tons of unprocessed tobacco, according to the
report.

The Perugia-based company filed a lawsuit after the factory
failed to deliver the goods in 2009 and 2010, for which they had
paid EUR756,000 in advance, StandartNews recounts.  The
investigation found that the assets of Isperih BT are worth
BGN500,000, while its debts to banks and former partners total
BGN4 million, StandartNews relays.

The factory is not working as of now, StandartNews notes.

The court in Razgrad will appoint a bankruptcy officer and call
the first meeting of creditors, StandartNews discloses.

Isperih BT is a Bulgarian tobacco producer.



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D E N M A R K
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ISS A/S: S&P Raises Corporate Credit Rating From 'BB'
-----------------------------------------------------
Standard & Poor's Ratings Services said that it raised to 'BBB-'
from 'BB' its long-term corporate credit ratings on Denmark-based
facilities services provider ISS A/S (ISS) and ISS' subsidiaries
ISS World Services A/S and ISS Global A/S.  At the same time, S&P
raised its short-term corporate credit rating on ISS World
Services to 'A-3' from 'B'.

In addition, S&P raised to 'BBB-' from 'B+' its issue rating on
ISS Global's EUR110.4 million 4.5% senior unsecured medium-term
notes due 2014 and EUR2 billion senior unsecured medium-term note
program.  S&P also raised to 'BB+' from 'B+' its issue rating on
ISS' EUR256 million 8.875% subordinated notes due 2016.  S&P
withdrew its recovery ratings on all the aforementioned notes as
it do not assign recovery ratings to companies with investment-
grade ratings.

Furthermore, S&P assigned its issue rating of 'BBB-' to ISS' new
EUR2 billion senior unsecured facilities (with EUR1.2 billion
maturing in 2017 and the remainder in 2019), and to the new
EUR850 million revolving credit facility maturing in 2019.

Finally, S&P withdrew its issue ratings on the following bank
loans drawn by ISS, because they have been repaid:

   -- Danish krone (DKK) 500 million in senior secured bank loans
      maturing on Dec. 31, 2014;

   -- DKK1.1 billion in senior secured bank loans maturing on
      April 30, 2015;

   -- DKK4.4 billion in senior secured bank loans maturing on
      Dec. 31, 2017; and

   -- DKK17.2 billion in senior secured bank loans maturing on
      April 30, 2018.

The upgrades follow the completion of ISS' IPO, which raised DKK8
billion of additional capital that the company used to deleverage
the capital structure, along with drawings under its new
EUR2 billion senior unsecured facilities to refinance the senior
secured facilities and other parts of the capital structure.

"Post IPO, we anticipate that ISS' total Standard & Poor's-
adjusted debt will fall to DKK17 billion on Dec. 31, 2014 from
approximately DKK27 billion on Dec. 31, 2013, and we forecast
adjusted funds from operations (FFO) of DKK2.7 billion in 2014.
We also forecast that ISS' adjusted debt to EBITDA for the
financial year ending Dec. 31, 2014, will be close to 2.8x, while
adjusted FFO to debt will be about 22%," S&P said.  These metrics
are commensurate with a financial risk profile of "significant"
under S&P's criteria, an improvement from its previous assessment
of "aggressive."

S&P's assessment of ISS' business risk profile as "strong" is
unaffected by the IPO. A "strong" business risk profile combined
with a "significant" financial risk profile leads to an anchor of
'bbb' for ISS.

S&P's base case for ISS assumes:

   -- Organic revenue growth in the low-single digits for 2014
      and 2015.

   -- Stable operating margins.

   -- Capital expenditure (capex) of about DKK1 billion annually.

   -- Dividends of DKK900 million in 2015.

Following the completion of the IPO, S&P considers that ISS meets
the conditions it requires for a financial sponsor-owned entity
with a "significant" financial risk profile assessment and a
"FS-4" financial policy assessment.  The conditions are as
follows:

   -- Adjusted debt to EBITDA of less than 4.0x;
   -- Other shareholders owning a material (20% or more) stake;
   -- At least "adequate" liquidity, and adequate covenant
      headroom;
   -- A financial policy stipulating a level of leverage
      consistent with a "significant" or stronger financial risk
      profile; and
   -- S&P's view that the financial sponsors (in ISS' case, EQT
      Partners and GS Partners, through FS Invest II Sarl) will
      relinquish their control to less than 40% ownership over
      the medium term.

Additionally, S&P adjusts ISS' 'bbb' anchor downward by one notch
for its "comparable rating analysis," whereby it reviews an
issuer's credit characteristics in aggregate.  This reflects
S&P's view of an absence of track record under ISS' new financial
structure.

S&P's analysis of potential structural subordination of ISS'
senior unsecured facilities indicates that the ratio of ISS'
priority liabilities to adjusted assets is 15%, which S&P does
not view as material.  Therefore, the issue ratings on the senior
unsecured facilities are in line with S&P's long-term corporate
credit rating on ISS.  However, the issue rating on ISS'
EUR256 million 8.875% subordinated notes due 2016 is one notch
below the corporate credit rating to reflect that the notes'
priority liabilities exceed adjusted assets by more than 20%.

The stable outlook reflects S&P's view that ISS' operating
performance will remain steady in the near term following the
IPO, and that ISS will continue to deleverage and increase FFO
following a reduction in interest payments.  S&P considers
adjusted FFO to debt of above 20% to be commensurate with the
'BBB-' rating.

Upside scenario

S&P would view a further reduction in ISS' debt, or a stable
track record under the new financial structure, as positive for
the rating.  Furthermore, a reduction in financial sponsor
ownership to below 40% could lead to ratings upside, as S&P's
financial sponsor criteria would no longer apply (S&P's "FS-4"
financial policy assessment constrains the financial risk profile
at "significant").

Downside scenario

Although S&P do not consider it likely, ratings downside could
arise from a change in acquisition strategy toward debt-financed
acquisitions, sizable dividend payments, or a tightening in
operating profit margins that could weaken credit metrics.  An
adjusted FFO-to-debt ratio below 20% could lead to a downgrade.



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F R A N C E
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FINANCIERE GAILLON: Fitch to Assign 'B(EXP)' LT IDR
---------------------------------------------------
Fitch Ratings expects to rate Financiere Gaillon 8 (FG8) at Long
term Issuer Default Rating (IDR) 'B(EXP)' with Stable Outlook and
its EUR370m senior unsecured notes at 'B-(EXP)', with a Recovery
Rating of 'RR5'.

FG8 is a holding company with its sole asset an 88% stake in
KBSA, one of the largest house builders in France with a solid
operating track record. Although Fitch expects KBSA -- at the
operating company level -- to be moderately leveraged at around
2.0x funds from operations (FFO) gross leverage, the proposed
EUR370m notes that refinance existing acquisition debt at FG8
maintain an aggressive capital structure.

The ratings reflect a high consolidated FFO gross leverage of
around 6.2x with a modest de-leveraging profile.  The proposed
transaction combines a five-year refinancing of KBSA's prior
ranking bank facilities, ensuring solid liquidity and adequate
debt service cover for note holders.  However, refinancing risk
remains high given its thin equity cushion and the inherently
cyclical operating risk profile of a house builder.  However,
KBSA is well-positioned among competitors and has a prudent
approach to house building, having efficiently managed down
working capital requirements through cycles.

The expected IDR fully consolidates KBSA based on Fitch's parent-
subsidiary linkage criteria, given their close operational and
strategic ties.  Control of KBSA and the structuring of the
proposed refinancing indicate a strong intention to use KBSA cash
flow to service the proposed EUR370m notes.  The proposed notes
do not benefit from a KBSA guarantee, although note holders
benefit from a pledge on KBSA shares.  The notes are
contractually and structurally subordinated to KBSA's EUR150
million prior ranking senior credit facilities resulting in
weaker recovery expectations and Fitch assigning a 'B-'/(RR5)
instrument rating for the EUR370 million notes.

The ratings are pending the completion of the notes issue and
refinancing of KBSA's bank loans. Failure to complete the
refinancing according to plan would result in the withdrawal of
the ratings.  Final instrument rating will be contingent upon the
receipt of final documentation conforming materially to
information already received.

Key Rating Drivers

Modest De-leveraging Profile
De-leveraging is expected with FFO gross leverage trending below
6.0x over the next three years. Fitch's rating case estimates
single-digit housing volume increases with stable operating
margins and a mild increase in working capital requirements,
resulting in overall yearly free cash flow.

Lacklustre French Market Recovery
Through-the-cycle the French housing market has shown less
volatility than other European markets in both volume and price.
Following a recovery in 2010 and 2011 driven by favorable tax
regimes and low mortgage rates, 2013 marked a low point in
volumes of new houses and a slow recovery is expected for 2014
onwards.

Low Margin Volatility
KBSA has below-average margins than other European house
builders, although this is a function of a lower-risk house
building business model.  KBSA has a current policy of
maintaining pre-sales rates above 60%, limiting downside price
risk with the addition of improved working capital.  Higher
pre-sales ensure higher customer stage payments by the time large
cash outflows are required for land acquisition.  In France house
builders such as KBSA use land options rather than outright
acquisition of land bank. These options are typically only
exercised if planning permission and a high pre-sales rate are
obtained.

Fairly Low Working Capital
Land options limit development and volume risk, allowing KBSA to
cancel a project with minimal cash outflows.  KBSA has one of the
lowest working capital requirements in the sector with a working
capital/turnover ratio averaging 16% over the last four years.
However, during 2007 and 2008 this ratio reached 32%, primarily
driven by a lower pre-sales rate of around 30% meaning lower
customer payments funding working capital requirements.

Maintaining Financial Discipline
KBSA management have a track record of maintaining high pre-sale
rates. Under a growth scenario with strong house price inflation
the trade-off between profitability and pre-sales becomes more
evident.  Increased margins can be achieved in a rising price
environment by lowering pre-sale rates, albeit at the increased
risk of exposing more working capital to a potential downturn.
Any reversal of KBSA risk management's policies would be viewed
as a rating-negative.

Modest Diversification
KBSA is primarily focused on apartments across France, albeit
skewed towards the Paris suburbs. Over the last decade it has
remained a top five player with a stable market share of around
6%.  The customer base is diversified across three broad groups,
including institutional investors, individual investors (second
home) and owner-occupiers (primary residence), limiting
dependence on any one group.  However, KBSA remains a price taker
and volumes are inherently linked to the French housing market
although structural under-supply provides long- term support.

Solid Liquidity; Bullet Risk
The proposed transaction provides a refinancing package for both
FG8 and KBSA with no material debt maturities over the next five
years.  Liquidity is satisfactory with a high level of cash on
balance sheet providing a cushion against seasonal working
capital requirements that can be as high as EUR150 million
throughout the year. As a result KBSA has typically had a FFO net
leverage significantly lower than gross leverage.  A further
working capital facility of EUR50 million provides additional
liquidity.  The high FFO gross leverage of around 6.2x and a
modest de-leveraging profile, combined with the bullet maturity,
leave refinancing risk at FG8 a key rating weakness with the
likely source of repayment from trade sales or IPO proceeds of
KBSA.

Rating Sensitivities

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

-- Decrease in FFO gross adjusted leverage to below 5.0x and FFO
   interest cover above 2.5x on a sustained basis

-- On-going prudent development with pre-sale rates above 50% and
   working capital/turnover ratio below 20%.

-- Dividend cover (KBSA FCF/dividend up-streamed to FG8) above
   2.0x on a sustained basis and sufficient maintenance of
   distributable legal reserves at KBSA

Negative: Future developments that could lead to negative rating
action include:

-- Increased FFO gross adjusted leverage to above 6.5x and FFO
   interest cover below 2.0x on a sustained basis

-- Evidence of weakening risk management policies with pre-sale
   rates falling and increasing of working capital/turnover ratio
   above 20%

-- Dividend cover (KBSA FCF/dividend up-streamed to FG8) below
   1.25x on a sustained basis


KAUFMAN & BROAD: S&P Assigns Preliminary 'B' CCR; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
preliminary 'B' long-term corporate credit rating to Financiere
Gaillon 8 S.A. (FG8), the holding company of France-based real
estate developer Kaufman & Broad S.A. (K&B).  The outlook is
stable.

At the same time, S&P assigned its preliminary 'B' issue rating
to the group's proposed EUR370 million senior notes due 2019 to
be issued by FG8.  The preliminary recovery rating on these notes
is '4', indicating S&P's expectation of average (30%-50%)
recovery in the event of a payment default.

Final ratings will depend on S&P's receipt and satisfactory
review of all final transaction documentation.  Accordingly, the
preliminary ratings should not be construed as evidence of final
ratings.  If Standard & Poor's does not receive final
documentation within a reasonable time frame, or if final
documentation departs from materials reviewed, S&P reserves the
right to withdraw or revise its ratings.  Potential changes
include, but are not limited to, utilization of bond proceeds,
maturity, size and conditions of the bonds, financial and other
covenants, and security and ranking of the bonds.

The preliminary rating on FG8 reflects S&P's assessment of the
group's business risk profile as "fair," and financial risk
profile as "highly leveraged," as S&P's criteria define these
terms.  No rating modifiers affect S&P's preliminary ratings
assessment.  S&P views liquidity as "adequate" under the proposed
refinancing of the debt at K&B and FG8.

K&B is the No. 3 residential property developer in France, with a
market share of about 6%.  It generates most of its revenues from
housing development, mainly privately developed apartments (90%
in 2013) as well as single-family homes (5%).  K&B is also
involved in some office development operations, which accounted
for 5% of revenues in 2013.  K&B directly handles land
acquisition, project design, building permits, sales and customer
service, while the actual construction is subcontracted.  It runs
160-170 housing projects on average, mostly low-rise
construction, with about 44% located in the Paris region.  K&B
was acquired by a private equity group PAI Partners in 2007
through a leveraged buyout.

"Our assessment of the business risk profile as "fair" is
supported by K&B's established market position and long track
record in the French market.  We also view positively the legal
framework for developers in France (VEFA; "Vente en l'Etat Futur
d'Achevement"), which allows housing construction to be financed
to a large extent by the end customers, which reduces overall
working capital requirements.  High pre-sale requirements (an
average of 60% of residential projects are sold to clients before
construction) and the absence of speculative land acquisitions
also limit the risks associated with developers' business models,
in our view," S&P said.

"FG8's 'fair' business risk profile assessment also reflects the
group's exposure to the very cyclical and competitive residential
property development industry, including volume and price
cyclicality and high sensitivity to interest rate changes.  The
new-build market is currently experiencing a low point in France
amid challenging macroeconomic conditions, and we anticipate only
a modest recovery in the next two years.  Our assessment of the
business risk profile is also constrained by what we view as the
relatively narrow business focus of K&B and its concentration
solely in France, which means it is exposed to changes in French
regulation and tax incentives that affect homebuyers' purchase
decisions," S&P added.

"Based on the current proposed refinancing, we anticipate that
FG8's capital structure will include a EUR150 million term loan
and EUR50 million revolving credit facility (RCF) at K&B and
about EUR370 million of senior notes at FG8.  As a result, we
expect FG8's Standard & Poor's-adjusted pro forma ratio of gross
debt to EBITDA to be about 6x, including some modest adjustments
for operating leases and other minor liabilities," S&P noted.

S&P's base-case scenario assumes:

   -- A minor decline in revenues from residential housing in
      2014 as a result of low order levels in the past two years.
      S&P anticipates a slow recovery in housing orders for the
      next two years, which should lead to slightly improved
      housing revenues after 2015.

   -- K&B's housing prices staying relatively flat, compared to
      S&P's forecast of a 3% decline in France overall.  S&P's
      forecast incorporates that the average selling price for
      French new-build properties (especially apartments) has
      proved more resilient than that of existing homes, and
      K&B's concentration in French regions with stronger
      economic and demographic trends.

   -- Revenue from commercial development activities increasing
      in 2014, as a result of a major project that S&P expects in
      the Paris region, although it understands that there is
      still some uncertainty surrounding the project's completion
      and timing.  Overall, this should offset the small decline
      in residential activities and S&P expects growth in
      revenues to be around 4% in 2014 and flat in 2015.

   -- Gross margins declining by about 1% in 2014 as a result of
      higher commercial real estate sales, but recovering
      afterward in line with the increase in housing order
      volumes.

S&P assess management and governance as "fair," reflecting FG8's
experienced management team and good track record.  FG8 has
proven its ability to maintain positive cash flow generation
during various economic cycles, despite some significant drops in
revenues and EBITDA, thanks to its low-risk business model.

S&P's assessment of the group's financial policy as "financial
sponsor-6" encapsulates the private equity ownership and the
relatively high cash-paying debt in the proposed refinancing.

Based on these assumptions, S&P arrives at the following credit
measures: EBITDA margin of about 9% (including capitalized
interest). Overall, FG8's margins are fairly low compared with
other rated developers, partly because of the low-risk VEFA
framework and relatively high administrative and labor costs in
France;

   -- EBITDA cash interest coverage of about 2.5x; and

   -- Positive free operating cash flow (FOCF) in 2014 and 2015.
      However, FOCF is likely to be hindered in 2014 by an
      increase in working capital if the commercial development
      major project materializes.

The stable outlook reflects S&P's view that FG8 should be able to
maintain positive FOCF thanks to its established market position
in France and current backlog of housing orders.  This is despite
the sluggish environment for the new-build housing market in
France.

The outlook further assumes that FG8's liquidity will remain
"adequate" as per S&P's criteria.  Over the next 12 months, S&P
anticipates that FG8's coverage of cash interest by EBITDA will
stay close to 2.5x.  S&P considers these levels commensurate with
a "highly leveraged" financial risk profile and the current
rating.

S&P could take a positive rating action if FG8 manages to expand
its EBITDA base and FOCF generation over the next 12 months and
if the leverage ratio falls below 5x on a sustainable basis, with
the company committing to a permanent leverage reduction.  This
would most likely accompany FG8's improvement in housing orders
and successful completion of its commercial development plans for
the next two years.

S&P could lower the ratings if FG8 does not maintain "adequate"
liquidity or if adjusted EBITDA cash interest coverage falls to
less than 2x.  The most likely trigger for these developments
would be a further material decline in volumes of housing orders
leading to a drop in revenues, with the company unable to
maintain EBITDA margins.



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G E R M A N Y
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FRESENIUS MEDICAL: Fitch Affirms 'BB+' LT IDRs; Outlook Positive
-----------------------------------------------------------------
Fitch Ratings has affirmed Fresenius SE & Co. KGaA's (FSE) and
subsidiary Fresenius Medical Care AG & Co. KGaA's (FMC; together
Fresenius) Long-term Issuer Default Ratings (IDR) at 'BB+'.  The
ratings have been removed from Rating Watch Evolving (RWE) on
which they were placed since 13 September 2013.  The Outlook on
the IDRs is Positive.

The affirmation of the ratings reflects the completion of the
acquisition by Fresenius Helios of 39 hospitals and 11 outpatient
facilities from Rhoen-Klinikum AG (Rhoen) on terms that are
materially in line with those announced in September 2013.  The
affirmation is also supported by Fresenius' resilient performance
in FY13 overall, despite some weakness in profitability resulting
from a challenging reimbursement environment for FMC in the US
and the integration of Fenwal Holdings with Fresenius Kabi.

The Positive Outlook reflects our view that Fresenius' business
profile will improve as Fresenius Helios integrates Rhoen's
hospitals, bringing about EUR2 billion additional revenue and
geographical diversification to the group's earnings profile.
Fresenius' financial metrics (pro forma for Rhoen) remain weak
relative to most other 'BBB-' healthcare peers in developed
markets.  However, the Positive Outlook reflects our expectation
that Fresenius will manage to bring its leverage metrics back to
levels that are more comfortable with a higher rating by FY15.
This is supported by sustained operating performance and a
disciplined acquisition policy towards smaller, mainly cash-flow
funded, bolt-on acquisitions.

Key Rating Drivers

Improving Business Profile
Since 2011, Fresenius has diversified its business outside of
dialysis via organic growth at Kabi and Helios as well as through
large acquisitions such as Damp Group, Fenwal Holdings and
Rhoen's hospitals.  "Such growth has strengthened Fresenius'
earnings profile and the long-term stability of its cash flow
generation. Post-acquisition of Rhoen's hospitals, we expect the
contribution of FMC's dialysis business to Fresenius' revenue
will drop below 50% (FY13: 54%). In our view, Fresenius' business
profile is stronger than most 'BBB-' rated peers in the
healthcare sector," Fitch said.

Commitment to Financial Targets
Fresenius has a sound track record of meeting guidance and
financial targets.  Although Fresenius will temporarily breach
its net debt to EBITDA target range between 2.5x and 3.0x at a
group level as a result of the debt-funded acquisition of Rhoen's
hospitals, Fitch projects the group's net debt to EBITDA to fall
back within the target range as soon as FY15.  Post-Rhoen, Fitch
assumes that Fresenius' acquisition policy will remain centred
around smaller -- mostly cash-flow funded -- bolt-on
acquisitions, thus cementing a financial risk profile that is
commensurate with low investment grade ratings.  Any large debt-
funded acquisition would be considered as event risk.

Reimbursement Pressure Manageable

FMC's dialysis services sales are mainly generated by
Medicare/Medicaid patients.  As a result, the group is exposed to
pricing and profitability pressure in the US.  "However, we
believe that Fresenius' improved diversification, recurring
volume of patients and vertical integration into dialysis
products and services provide cost advantages and bargaining
power while FMC's efficiency program should make any further
reimbursement pressures manageable," Fitch said.

Predictable Earnings and Cash Flow

Fresenius has predictable income streams driven by steadily
growing demand for FMC's dialysis services and recurring
treatments due to the life-threatening aspects of the disease.
FSE's businesses Kabi and Helios also operate in non-cyclical
segments and benefit from stable growth prospects.  "We view the
integration risk of Rhoen's hospitals as low given the
similarities with Helios's existing business and management's
track record.  As a result, we expect Fresenius to maintain a
solid cash flow generation profile and low to mid-single digit
free cash flow margin over the medium term," Fitch said.

Standalone Credit Profiles Convergence

"We consider that FSE's credit risk profile, on an unconsolidated
basis, is similar to that of FMC.  While FSE has higher business
diversification than FMC, the latter exhibits somewhat stronger
profitability and cash flow generation capacity.  Following the
acquisition of Rhoen, we expect FSE to exhibit similar financial
leverage as FMC.  However, FSE's IDR, on an unconsolidated basis,
would also take into account the financial flexibility provided
through its stake in FMC.  In our view, any upgrade of the IDRs
is predicated on FSE and FMC maintaining similar business and
financial risk profiles.  However, should FSE's credit profile
materially diverge from that of FMC, for example, as a result of
debt-funded acquisitions, this could prevent any positive rating
action on FSE's IDR," Fitch said.

Market-leading Positions
Fresenius has leading market shares in most of its divisions.
FMC is a global leader in dialysis products and services and Kabi
is the European leader in infusion and clinical nutrition therapy
and the US number two in generic intravenous drugs.  Helios has
become a leading private hospitals operator in Europe following
the completion of Rhoen's hospitals.

Rating Sensitivities

Future developments that could lead to positive rating actions
include:

-- FMC's and FSE's (both consolidating and de-consolidating FMC)
funds from operations (FFO) lease adjusted net leverage below
4.5x with no major divergence between FMC and FSE (de-
consolidating FMC) and FFO net fixed charge cover above 3.2x,
while maintaining industry-leading profit margins on a sustained
basis. Although Fitch projects a slow improvement in metrics
through to FY15, an upgrade will be considered once Fresenius has
demonstrated its commitment to operate sustainably in the middle
of its net leverage guidance range.

Future developments that could lead to the Outlook being revised
to Stable include:

-- FMC's and FSE's (both consolidating and de-consolidating FMC)
FFO lease adjusted net leverage above 4.5x and FFO fixed charge
cover below 2.5x, weaker-than-expected profit margins and FCF
margin below 2% on a sustained basis.

Full List of Rating Actions

FSE:

Long-term IDR: affirmed at 'BB+'; off RWE; Positive Outlook
Senior unsecured debt: affirmed at 'BB+'; off RWE
Senior secured debt: affirmed at 'BBB-'; off RWE
Short-term IDR: affirmed at 'B'; off RWP
Commercial paper: affirmed at 'B'; off RWP

Fresenius Finance B.V.:

Guaranteed senior notes: affirmed at 'BB+'; off RWE
Fresenius US Finance II. Inc.:
Guaranteed senior notes: affirmed at 'BB+'; off RWE

FMC:

Long-term IDR: affirmed at 'BB+'; off RWE; Positive Outlook
Senior unsecured debt: affirmed at 'BB+'; off RWE
Senior secured debt: affirmed at 'BBB-'; off RWE
Short-term IDR: affirmed at 'B'; off RWP


IVG IMMOBILIEN: Lenders Approve Debt-to-Equity Swap
---------------------------------------------------
Dalia Fahmy at Bloomberg News reports that IVG Immobilien AG will
be handed over to its creditors after lenders approved a plan to
restructure EUR3.2 billion (US$4.4 billion) of debt to prevent
the company from becoming insolvent.

IVG, Bloomberg cites, said in a statement creditors voted on
Thursday in a court-supervised poll in favor of a debt-to-equity
swap and capital increase that will take place in mid-2014.

The company said on Feb. 24 the swap will allow it to cut its
debt by EUR2.2 billion, Bloomberg relays.

According to Bloomberg, a person with knowledge of the matter
said that Cerberus Capital Management LP, Aurelius Capital
Management LP, and Morgan Stanley are among the creditors.

The vote means IVG can proceed with a plan, announced in a
Feb. 24 statement, to issue new shares valued at EUR1.4 billion,
which would then be exchanged against syndicated loans and
convertible bonds, Bloomberg says.

Georg Kanders, an analyst at Bankhaus Lampe KG, said before the
vote that the approval means that creditors will be the new
owners, Bloomberg discloses.

Mr. Kanders, as cited by Bloomberg, said that once the debt-to-
equity swap has taken place, the shareholders can decide whether
to keep IVG's businesses running or sell off units.

Thursday's vote was IVG's last chance to avoid going into
insolvency, in which an administrator is assigned by the court to
sell its assets and distribute proceeds to creditors according to
seniority, Bloomberg notes.

IVG has been negotiating a deal with creditors for more
than a year, and in August entered court-supervised bankruptcy
protection similar to a U.S. Chapter 11 reorganization, Bloomberg
recounts.

IVG Immobilien is a German real estate firm.


SUNWAYS: Enters Insolvency Proceedings for Second Time
------------------------------------------------------
John Parnell at PV-Tech reports that Sunways has entered
insolvency proceedings for the second time.

According to PV-Tech, the company said it would file for
insolvency on March 21 at a court in Konstanz.

The company has said it is looking to use a restructuring period
to negotiate with creditors and continue to function as a listed
company, PV-Tech relates.  Sunways said it had already begun
talking to potential investors, PV-Tech relays.

Sunways narrowly avoided bankruptcy proceedings in August after
BW Bank withdrew its insolvency action, PV-Tech recounts.  It was
able to cancel a long-term supply deal with a wafer manufacturer
in order to save itself around EUR10 million (US$13.8 million),
PV-Tech discloses.

Sunways is a German subsidiary of stricken Chinese firm LDK
Solar.



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TALISMAN-4 FINANCE: Moody's Reviews Class A Notes for Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the class A notes issued by TALISMAN-4 FINANCE plc.

Moody's rating action is as follows:

Issuer: TALISMAN-4 FINANCE plc

   EUR570M (current outstanding balance of EUR126M) A Notes, Ba3
   (sf) Placed Under Review for Possible Downgrade; previously on
   Jan 13, 2013 Downgraded to Ba3 (sf)

Moody's does not rate the Class B, Class C, Class D, Class E,
Class F, Class G and the Class X Notes.

Ratings Rationale

The review action is driven by concerns of potentially higher
than expected losses on the two remaining loans (DT12 and
Valentine) following the disclosure of further details of the
workout negotiations on both loans. The details were initially
disclosed by Summit Real Estate Holdings, the sole Sponsor for
the two loans in an Admission Document as part of the Sponsor's
floatation on London's Alternative Investment Market (AIM) on
February 26, 2014. Subsequently the special servicer issued a
notice on March 7 seeking to clarify that the terms were not yet
finalized and remain subject to change. The details include a
discounted pay-off (DPO) amount for the Valentine loan (31% of
the current pool), considerably below the most recent valuation
and a disposal of assets on the DT12 loan (69% of the current
pool) with an aggregate projected sales price (for determination
of sales fees only) that is also considerably below the latest
valuation in November 2012. Moody's will conclude its review once
it has clarity on the finalization of the workout of both loans
and a review of the new valuation reports which are expected in
the coming weeks. The special servicer is expected to finalize
the details of the workouts shortly thereafter.

Methodology Underlying the Rating Action:

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

Other factors used in this rating are described in European CMBS:
2014-16 Central Scenarios published in March 2014.

Factors that would lead to an upgrade or downgrade of the rating:
The main factor that could lead to a downgrade of the rating is
higher expected losses on the loans based on the final terms of
the workout and a further decline in the property values backing
the underlying loans that is worse than Moody's expectation.

Moody's expects very limited potential for upgrade given the
degree of uncertainty in recovering sufficient proceeds from the
disposal of the properties backing the DT12 loan to fully repay
the Class A notes ahead of final legal maturity in July 2015. The
property portfolio is marked by secondary quality assets leased
to a single tenant on short remaining lease terms, paying above
market rents. Additionally Moody's is concerned that the
disclosure of an aggregate projected sales price (although it
serves for determination of sales fees only) may also potentially
taint the sales process if the new valuation is considerably
higher than the minimum price hurdle. The main factor that could
lead to an upgrade of the rating is an increase in the property
values backing the underlying loans leading to loan recoveries
higher than Moody's expectation.

Moody's Portfolio Overview

Talisman-4 Finance plc closed in August 2006 and represents the
securitization of initially eight commercial mortgage loans
originated by ABN AMRO Bank N.V. (now Royal Bank of Scotland
plc).

Since closing four loans have fully repaid and two loan have been
worked out with a loss. The two remaining loans are cross-
collateralized and cross-defaulted and secured by 23
predominantly office properties located throughout Germany.

The DT-12 Loan (69% of the current pool) defaulted at maturity in
July 2013 however, was already in special servicing as of
November 2012 after an LTV covenant breach. The Sponsor disclosed
in an Admission Document that the workout strategy is to sell
properties until Feb 2015 and the aggregated projected sales
price is EUR78.4 million (such projection only serving as a
threshold value for the determination of sales fees), 41% lower
than the November 2012 revaluation and 64% lower than the
valuation at closing in 2006. The loan is secured by 12 secondary
offices properties located throughout Germany and let to a
subsidiary of Deutsche Telekom AG (Deutsche Telekom is rated
Baa1).

The Valentine Loan (31%) also defaulted at maturity in July 2013
however, was already in special servicing as of November 2012
after an LTV covenant breach following a revaluation of the
underlying collateral. As per the most recent transaction
commentary report, the Special Servicer and the Sponsor signed an
unbinding term-sheet for a discounted pay-off in December 2013.
The Sponsor disclosed in an Admission Document that the loan
purchase price would be EUR42.5 million.

The Special Servicer announced in an RIS notification on
March 7, 2014 that neither of the workout strategies have been
finalized and may be subject to change. Updated valuations on
both loans have been instructed and are expected in the coming
weeks. Moody's will conclude its review once it has received more
clarity on the details of the workouts of the outstanding loans.

Portfolio Loss Exposure: Moody's expects a large amount of losses
on the remaining securitized portfolio. Given the anticipated
work-out strategy for the loans, Moody's expects that the
majority of the losses will be allocated towards the end of the
transaction term.



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BANCA POPOLARE: S&P Keeps 'BB-/B' Ratings on CreditWatch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it kept its 'BB-/B'
long- and short-term counterparty credit ratings on Italy-based
Banca Popolare di Milano SCRL (BPM), and core subsidiary Banca
Akros SpA, on CreditWatch with negative implications, where S&P
placed them on Nov. 6, 2013.

The ongoing CreditWatch reflects S&P's view that there are still
uncertainties surrounding BPM's implementation of credible
corporate governance reform and the execution of a EUR500 million
capital increase, both of which continue to put pressure on the
ratings on BPM.

On Jan. 21, 2014, Giuseppe Castagna was appointed CEO of BPM.
The previous CEO, Piero Montani, resigned on Oct. 31, 2013 -- in
S&P's view highlighting, among other things, the difficulties of
addressing BPM's corporate governance problems.

On March 12, Mr. Castagna announced his proposal for BPM's
corporate governance reform, along with the presentation of its
2013 year-end results and the 2014-2016 business plan.  The
implementation of this reform requires the approval of BPM's
shareholders, which will be sought during the annual general
meeting scheduled for April 12.

"In our view, if BPM's shareholders fail to approve credible
corporate governance reform, BPM may find it more challenging to
finalize the EUR500 million capital increase, which it is seeking
to meet the minimum Common Equity Tier 1 (CET1) ratio set in the
European Central Bank's asset quality review (AQR).  According to
the bank's public statement, the pre-underwriting agreement for
the rights issue, expiring on April 30, 2014, is no longer
conditional on improvement of BPM's corporate governance.
However, in our view, a failure or delay of the approval of
credible corporate governance reform might have negative effects
on the bank's business position, including management stability,
and its financial profile.  In addition, we see the
implementation of corporate governance reform as critical for the
removal of the "add-ons" to BPM's regulatory capital ratios that
the Bank of Italy (BoI) imposed on BPM after the inspection in
2011.  We understand that the add-ons currently penalize BPM's
Core Tier 1 ratio by 169 basis points (bps)," S&P said.

"We believe that BPM needs the capital increase or the removal of
the add-ons to reach the 8% minimum CET1 ratio set in the AQR.
BPM's Core Tier 1 ratio was 7.2% on Dec. 31, 2013.  According to
an Oct. 23 statement by the European Banking Authority, if a bank
subject to the AQR and stress test does not reach the 8% CET1
ratio, and private sources of capital or asset disposals are
insufficient or not readily available to fulfill the capital
shortfall, that bank may need capital support," S&P added.

As such, S&P believes that the EUR500 million rights issue could
provide an additional cushion to withstand the impact of the
upcoming AQR, which the BoI and the European Central Bank (ECB)
are conducting starting from this month.

S&P estimates that BPM's risk-adjusted capital (RAC) ratio was
close to 5.5% at end-2013, after the reimbursement on June 30,
2013, of a EUR500 million Tremonti bond (hybrid instruments
subscribed by the Italian government and recognized as Core Tier
1 equity).  S&P estimates that the EUR500 rights issue could
improve its RAC ratio by about 80 bps.  S&P forecasts that,
without the capital increase, its RAC ratio for BPM will range
from 5.5%-5.8% over the next two years.

S&P's RAC forecasts incorporate its view that, in both 2013 and
2014, BPM will likely accumulate net new nonperforming assets of
about 5% of the customer loans portfolio as of end-2011.  This
estimate is close to S&P's upper estimate for the Italian banking
system average.

The CreditWatch reflects the possibility that S&P could lower the
ratings on BPM and Banca Akros if BPM's shareholders fail to
approve credible corporate governance reform.  In S&P's view,
failure to enact credible reform could add challenges to the
execution of the capital increase, compromising BPM's financial
profile.

In particular, S&P could lower the ratings if it considers that:

   -- BPM is unlikely to be able to complete its capital
      strengthening plan to restore its solvency at the level
      required by ECB for the AQR; or

   -- BPM's asset quality deteriorates in 2014 by far more than
      S&P's current forecast, negatively affecting its view of
      its risk position.

S&P could affirm its ratings on BPM and Banca Akros if, all else
being equal, shareholders approve credible corporate governance
reform and BPM executes the capital increase, and S&P expects
that pressure on BPM's financial profile will ease as a result.


FIAT FINANCE: S&P Assigns 'BB-' Rating to Proposed EUR1BB Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
'BB-' issue rating to the proposed EUR1 billion seven-year senior
unsecured notes to be issued by Fiat Finance and Trade Ltd. S.A.,
a subsidiary of Italy-incorporated automobile manufacturer Fiat
SpA (Fiat).  Fiat is the guarantor of the proposed notes, which
are being issued under the group's EUR15 billion global medium-
term note program.  At the same time, S&P assigned its recovery
rating of '4' to the proposed notes, reflecting its expectation
of average (30%-50%) recovery for noteholders in the event of a
payment default, albeit at the low end of the range.

S&P's recovery rating on the proposed notes assumes that Fiat
will use the proceeds of the issuance to refinance pending bond
maturities in the coming months.

The 'BB-' issue and '4' recovery ratings on the existing senior
unsecured debt instruments issued by the Fiat group remain
unchanged.

RECOVERY ANALYSIS

S&P's recovery ratings on the proposed and existing senior
unsecured debt instruments are supported by Fiat's significant
asset value and the instruments' guarantee from Fiat.  The
recovery ratings are constrained by Fiat's high leverage, the
senior debt ranking structurally above the senior unsecured
liabilities, and S&P's view of Italy as less creditor-friendly
than other jurisdictions S&P assesses in Europe.

To calculate recoveries S&P simulates a hypothetical default
scenario.  In this scenario, S&P assumes deterioration in Fiat's
operating performance due to weak demand in a challenging
economy.

S&P values Fiat as a going concern due to its strong brand name
and significant demand for its products.  In a hypothetical
default scenario, S&P believes that there will be material cash
in the business, in addition to the value reflected in the
waterfall below.

"We value Fiat using a discrete asset valuation by giving
haircuts to values of assets on the balance sheet.  We do not
factor into our valuation Fiat's 100% equity stake in Chrysler
Group LLC.  We believe the value of this stake would be uncertain
in Fiat's hypothetical default year of 2016, since Fiat's and
Chrysler's auto divisions could follow similar paths to default.
Our treatment of Fiat's stake in Chrysler is also supported by
Chrysler's significant liabilities, including debt, pensions, and
medical liabilities.  Fiat and Chrysler operate separately from a
financial standpoint and do not provide loans, guarantees, or
security to each other.  Furthermore, we do not take into account
the equity of Fiat's captive finance operations in our valuation,
in accordance with our captive finance methodology," S&P said.

Simulated default and valuation assumptions

   -- Year of default: 2016
   -- Jurisdiction: Italy

Simplified waterfall

   -- Gross enterprise value at default: EUR8.8 billion
   -- Administrative costs: EUR616 million
   -- Net value available to creditors: EUR8.2 billion
   -- Priority claims: EUR3.6 billion
   -- Unsecured debt claims: EUR16 billion*
   -- Recovery expectation: 30%-50%

*All debt amounts include six months' prepetition interest.



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


GEO TRAVEL: S&P Puts 'B' Long-Term CCR on CreditWatch Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services said it placed its 'B' long-
term corporate credit rating on leading European online travel
agent Geo Travel Finance SCA Luxembourg (edreams Odigeo) on
CreditWatch with positive implications.

S&P also placed its 'B+' issue rating on the EUR130 million super
senior revolving credit facility (RCF), its 'B' issue rating on
the EUR325 million senior secured notes, and its 'CCC+' issue
rating on the EUR175 million senior unsecured notes on
CreditWatch with positive implications.  The recovery ratings on
these instruments remain unchanged at '2', '3', and '6',
respectively.

The CreditWatch placement follows eDreams Odigeo's announcement
of its planned IPO on the Spanish Stock Exchange and its
intention to use the proceeds of the EUR50 million primary
offering to reduce debt, in addition to converting its
shareholder loans into equity.

"As announced, eDreams Odigeo plans to use the proceeds of the
IPO to partly repay the 10.375% 2019 notes by EUR46.4 million,
assuming the May 2014 call price.  Additionally, we understand
that, concurrently with the IPO, eDreams Odigeo will aim to
convert its approximately EUR155 million of outstanding
convertible shareholder loans into equity, which would further
reduce our adjusted debt metrics, namely debt to EBITDA and funds
from operations (FFO) to debt.  We understand that eDreams Odigeo
intends to target a minimum free float of at least 30% of its
issued shares, with financial sponsors Ardian (formerly AXA
Private Equity) and Permira together continuing to hold a more
than 40% stake after the IPO's completion, which is our threshold
to continue assessing the company as owned by a financial sponsor
or sponsors," S&P said.

"Notwithstanding the continued financial sponsor ownership, we
believe that the debt reduction, together with a more moderate
financial policy, would strengthen eDreams Odigeo's financial
risk profile.  Following the transaction, we anticipate that
eDreams Odigeo's pro forma Standard & Poor's-adjusted debt to
EBITDA will be about 4.0x, with FFO to debt at about 12%.  We
could consequently revise upward our assessment of eDreams
Odigeo's financial risk profile to "aggressive" from "highly
leveraged" following the IPO, owing to the company's improved
credit metrics and our expectations of a more moderate and
predictable financial policy.  However, in our opinion, financial
policy considerations -- including leverage tolerance, appetite
for acquisitions, capital expenditure (capex), and dividends --
will also be key determinants of the extent of rating upside
after the IPO," S&P added.

"We assess eDreams Odigeo's business risk profile as "fair" on
the back of its leading position and brand recognition in the
European online travel services sector, with positive structural
growth prospects over the next three years, and a relatively
flexible cost structure.  That said, we also consider that the
industry is highly competitive, with potential for new entrants
and exposure to the cyclical and volatile airline travel market,"
S&P noted.

S&P expects to resolve the CreditWatch on completion of the IPO,
which it believes will occur within the next two or three months.

S&P will assess eDreams Odigeo's longer-term capital structure
and financial policies, post IPO, and take into account any
potential changes to the company's use of the proceeds.

Accordingly, S&P will likely raise its long-term corporate credit
rating on eDreams Odigeo by one or two notches after the IPO's
completion (including the conversion of its shareholder loans
into equity), depending on the extent of the probable debt
reduction and the future direction of the company's financial
policy.


MINERVA LUXEMBOURG: Fitch Rates New Perpetual Notes 'BB-(Exp)'
--------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'BB-'(Exp) to
Minerva Luxembourg S.A.'s proposed perpetual notes. The purpose
of the notes is to repay outstanding indebtedness and for general
purpose.  The notes are issued by Minerva Luxembourg S.A. and
guaranteed by Minerva S.A.

The notes will be unsecured, unsubordinated obligations of the
issuer and will rank equally in right of payment with unsecured
and unsubordinated indebtedness.  The notes are perpetual with no
fixed final maturity date and will be repaid only in the event
the issuer redeems or repurchases the notes or upon acceleration
following an event of default.

Key Rating Drivers

Positive Industry Fundamentals

The fundamentals of the Brazilian beef industry remain positive
due to the abundant cattle herd, low cost structure and positive
revenue momentum derived from strong revenue growth from exports,
a situation that Fitch does not expect to change in the short-
term.  The industry has been through a consolidation process over
the last few years that culminated in the creation of three large
export players.  Fitch expects this consolidation process to give
more stability to the industry at the end of the positive cattle
cycle in Brazil.

Positive Performance

Minerva reported improving revenues and EBITDA in 2013.  The
company's net revenue reached BRL5.5 billion in 2013, which is
25% higher than in 2012.  The beef division performed well during
the year with domestic sales growing by 17% and exports
increasing by 29%. Minerva's EBITDA increased 16% to BRL551
million from BRL475 million in 2012.  EBITDA margins remained
relatively flat at 10.1% compared to 10.3% in 2012.  The company
benefits from a comfortable liquidity position with cash and cash
equivalents of BRL1.5 billion.  The next material maturity date
is 2023 when the USD850 million unsecured notes are due.

Improve Credit Metrics Expected

Fitch expects Minerva's net debt to EBITDA ratio to improve
toward or below 3x over the next two years (3.3x as of the
FYE13), as a result of improved EBITDA due to strong
international demand for beef and the company's focus on free
cash flow generation despite bolt-on acquisition to increase its
production capacity.  During 2013 the company, inaugurated two
distribution centers (of a total of six to be opened by 2015),
started the investments for the expansion of Minerva Fine Foods
and announced the acquisition of two plants from BRF in Mato
Grosso State.  In early 2014, the company announced the
acquisition of a slaughtering and deboning plant in Janauba,
Minas Gerais state for BRL40 million and in Uruguay, of
Frigorifico Matadero Carrasco S.A. for USD37 million.

Product and Country Concentration Risks

The ratings incorporate risks associated with geographic and
product concentration in beef protein.  Being mainly an exports
company, Minerva's performance is exposed to exchange rate
variations; a downturn in the economy of a given export market;
imposition of increased tariffs or commercial or sanitary
barriers; strikes or other events that may affect the
availability of ports and transportation.  Minerva is more
exposed to these risks than Brazilian competitors such as JBS
S.A. and Marfrig S.A. because of its higher export concentration.
Exports represented about 70% of revenues at FYE13.

Rating Sensitivities

A negative rating action could occur as a result of a sharp
contraction of the group's performance, increased of net leverage
as a result of either a large debt-financed acquisition, or as a
result of a sharp operational deterioration due to disruptions in
exports.

A positive rating action could be triggered by additional
geographic and protein diversification and substantial decrease
in gross and net leverage.

Fitch rates the following:

Minerva S.A.:
-- Local Currency Issuer Default Rating (IDR) 'BB-';
-- Foreign currency IDR 'BB-';
-- National scale rating 'A-(bra) ';

Minerva Luxembourg S.A.:
-- Local currency IDR 'BB-' ';
-- Foreign currency IDR 'BB-'';
-- Senior unsecured notes due in 2017, 2019, 2022 and 2023
    'BB-'.
-- Perpetual notes 'BB-' (Exp)

The corporate Rating Outlook is Stable.



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


AI AVOCADO: S&P Assigns Preliminary 'B' CCR; Outlook Stable
-----------------------------------------------------------
Standard and Poor's ratings services said that it assigned its
preliminary 'B' corporate credit rating to AI Avocado Holding
B.V.  The outlook is stable.

At the same time, S&P assigned its preliminary 'B+' issue rating
to the EUR440 million senior secured term loan and revolving
credit facility (RCF) of up to EUR50 million to be borrowed by AI
Avocado B.V. and its subsidiaries, including Netherlands-based
software company Unit4 N.V.

The preliminary ratings are subject to S&P's satisfactory review
of the final documentation.  If there are any changes to the
amount, terms, or conditions of the instruments, S&P could review
and change the corporate credit or issue ratings.

Private equity firm Advent International, through AI Avocado, has
acquired Unit 4 in a public-to-private leveraged buyout.  The
preliminary ratings on AI Avocado reflect S&P's assessment of
Unit 4's business risk profile as "fair" and its financial risk
profile as "highly leveraged."

"Our assessment of Unit4's business risk profile is underpinned
by the company's resilient enterprise resource planning (ERP)
software revenue base, including during downturns.  The company
has a high customer retention rate (above 95% on average), due in
part to meaningful switching costs and the recurring revenues
generated by the maintenance agreements and some of the services
contracts.  In addition, we view the recent change of business
model toward "software as a service" (SaaS), instead of the
legacy license-maintenance model, as potentially improving the
predictability of revenues and allowing the company to be more
profitable in the medium term.  However, the company has a narrow
offering compared with the broader software and services sector,
and competes with much larger, more diversified, and financially
stronger software companies -- Oracle, SAP, and Microsoft.  Also,
Unit4's adjusted EBITDA margin of about 17% is below average for
the software sector," S&P said.

"We assess Unit4's financial risk profile as "highly leveraged."
We estimate that at year-end 2014, the company's Standard &
Poor's-adjusted debt-to-EBITDA ratio will be about 11.5x
(including the subordinated shareholder loan and adjusting EBITDA
for capitalized software development costs; excluding the
shareholder loan, leverage will be about 7x).  We see the
likelihood of deleveraging as limited due to the capitalized
nature of the subordinated loan's interest rate, which is likely
to offset any EBITDA increase.  Over time, senior leverage could
decrease if the company uses free cash flow to prepay debt under
its cash flow sweep mechanism," S&P added.

S&P's base-case scenario assumes:

   -- Modest annual top-line increases of 2%, slightly below its
      expected nominal GDP growth in Unit4's countries of
      operation in Western and Northern Europe, partly
      constrained by the change of business model toward SaaS.

   -- Modest adjusted EBITDA margin expansion (expensing
      capitalized software development costs) toward 18% in 2017
      from 17% in 2014, thanks to operating leverage.

   -- Relatively small capital expenditure (capex) of about
      EUR9 million-EUR10 million per year (as capitalized
      software development costs are expensed).

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

   -- Adjusted debt to EBITDA of about 11.5x (about 7x excluding
      the shareholder loan);

   -- Adjusted free operating cash flow (FOCF) to debt of about
      1% (2% excluding the shareholder loan);

   -- A modest buildup of cash as the company faces no near-term
      debt amortization requirements; and

   -- Adjusted EBITDA to interest of about 1.3x (EBITDA to cash
      interest of about 2x).

The stable outlook reflects S&P's anticipation of modest revenue
growth and gradual improvement in the EBITDA margin slightly
above 17%.  The outlook also reflects S&P's anticipation that AI
Avocado will remain highly leveraged, but with "adequate"
liquidity and EBITDA to cash interest coverage of at least 2.0x.

Upside scenario

S&P sees the likelihood of an upgrade as limited over the next 12
months, given Unit4's high leverage.  S&P forecasts adjusted
leverage to remain above 11.5x (7x excluding the shareholder
loan).

S&P could consider raising the rating if Unit4 improves its
adjusted EBITDA margin toward the sector standard of above 20%,
coupled with a cash-interest coverage ratio comfortably above
2.0x.

Downside scenario

S&P believes that the likelihood of a downgrade is currently
limited, as Unit4 has modest debt amortization requirements and
it do not currently anticipates revising downward its assessment
of its "fair" business risk profile.  S&P could consider lowering
the rating if it revises downward its assessment of the group's
business risk profile, possibly due to increased customer
turnover and the loss of key contracts to competitors, leading to
a drop in EBITDA cash interest coverage toward 1.5x.



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===========


INTER RAO: Fitch Affirms Long-Term IDR at 'BB+'; Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed JSC Inter RAO's Long-term foreign
currency Issuer Default Rating (IDR) at 'BB+' and Short-term
foreign currency IDR at 'B'.  The Outlook on the Long-term IDR is
Stable.

Inter RAO's rating incorporates a one-notch uplift for state
support from its standalone rating of 'BB' due to the continued
strength of the ties between the company and the Russian
Federation (BBB/Stable), its indirect majority shareholder
(56.2%).  Fitch has revised its rating approach related to state
support to bottom-up from the previously applied top-down method
due to a recent change in the shareholding structure and
streamlining of operations.

The company's standalone business and financial profiles have
strengthened, which is reflected in the standalone 'BB' rating.
It incorporates successful integration of the assets, strong
market position and the expected contribution of operations under
the capacity supply agreements (CSA) to cash flow stability.  The
standalone rating also takes into account the track record of
solid credit metrics.  "We estimate the impact of the tariff
freeze in 2014 on the group's financials will be limited," Fitch
said.

"We assess the inherent risk in the unpredictable regulatory
framework of the Russian utilities sector as high. This
constrains Russian utilities' standalone ratings to sub-
investment grade," Fitch said.

Key Rating Drivers

Shift to Bottom-up Approach
Inter RAO's rating of 'BB+' benefits from a one-notch uplift for
state support to its standalone rating of 'BB' as we continue to
assess the strategic, operational and to a lesser extent legal
ties between the company and the state as relatively strong.
Fitch has revised its rating approach to bottom-up, which
reflects both the standalone profile of the company and state
support, from top-down where the company's rating was driven
mainly by the sovereign's with its standalone creditworthiness
being a secondary consideration.

The shift to the bottom-up approach reflects the crystallization
of Inter RAO's standalone operational profile and strategic
direction following the integration of the assets contributed by
the state or acquired as well as a recent change in the
shareholding structure.  In 2013-2014 fully state-owned
Rosneftegaz became the largest (27.63%), albeit still minority,
shareholder of Inter RAO having received the state's stake
(13.76%), thus almost fully diluting the direct state ownership,
and having also acquired Rosatom's stake (12.49%).

State Support Persists

"We continue to assess the ties between Inter RAO and the state
as relatively strong as the company is strategically important to
the country's electricity production and supply, accounting for
15% of the Russian electricity supply market.  It is also
included in the list of strategically important enterprises.  The
strength of the links is further supported by the track record of
tangible state support, provided largely in-kind through asset
contributions of about RUB288 billion during 2007-2011 and also
through an equity injection for RUB21 billion by Vnesheconombank
in 2010 and fuel subsidies to one of the group's assets (TGK-
11)," Fitch said.

Strengthening Standalone Business Profile
The standalone rating is supported by the company's ability to
successfully integrate various assets received from the state,
acquired or swapped during 2007-2013 without jeopardizing its
credit metrics.  While Inter RAO's operations do not benefit from
full vertical integration, unlike some international and Russian
peers, they exhibit some synergy between generation and supply
and trading segments and are enhanced by the long-term gas supply
agreement with Rosneft, majority owned by Rosneftegaz.

The rating is further underpinned by Inter RAO's strong market
position as the third-largest power generation company in Russia
by installed electric capacity and the largest domestic power
retail company and its virtual monopoly in cross-border power
trading.  It operates multiple assets, which should reduce the
risk of cash flow volatility due to, for example, unexpected
outage. We assess the efficiency of the group's assets as above
the Russian average.

Market Risks Only Partly Offset by the CSA Agreements

"We anticipate that Inter RAO's relatively high volume and price
risks will be partly mitigated by the commissioning of new
capacity under the long-term capacity supply agreements (CSA),
which provide a guarantee for capacity payment for 10 years from
the date of the plant commissioning.  The favorable economics of
these projects, along with their long-term nature should provide
some visibility and stability to the company's cash flow, but
will only partly shield it from the price risk exposure.  The
company expects 13%-14% rate of return on its newly built
projects," Fitch said.

Limited Impact from Tariff Freeze

The company's operations in the first price zone of the Russian
electricity market, which exhibits more favorable pricing trends
than in the second price zone, enable it to earn relatively
healthy margins.  However, they do not mitigate its exposure to
the wholesale price volatility, which may be driven by market and
non-market factors.

"We expect the freeze of the regulated electricity tariffs in
2014 to affect the company through the cancellation of the
indexation on the competitive capacity market as well as
potential indirect pressure on the prices on the day-ahead
market.  However, we anticipate the impact to be limited due to
the simultaneous domestic gas prices freeze, commissioning of
much more profitable CSA projects and solid credit metrics,"
Fitch said.

Prudent Financial Profile Expected

Inter RAO's improved credit metrics and our expectations that it
will maintain solid financial profile over the forecast horizon
also support its standalone rating.  It is further underpinned by
the demonstrated track record of adherence to the prudent
financial policy, despite the aggressive acquisitive strategy and
high capital intensity of operations.

"We forecast funds from operations (FFO) gross adjusted leverage
to remain at or somewhat below 2x and FFO fixed charge cover to
fluctuate slightly below 6x over 2014-2017 driven mainly by the
commissioning of the new CSA projects with favorable economics.
This is despite our assumptions of modest electricity prices
growth from 2015 largely in line with inflation and relatively
high capex levels in 2016-2017 when the company plans to complete
the investments into the CSA projects with the subsequent
moderation of investments," Fitch said.

Unpredictable Regulatory Framework

"We perceive the unpredictable and inconsistent regulatory
framework characterized by political interference and frequent
changes in the tariff-setting mechanisms to be a key credit risk
for Russian utilities. The heightened regulatory risk constrains
their standalone ratings to sub-investment grade," Fitch said.

"Since Inter RAO mainly operates in competitive markets, we
expect the regulatory changes to have a more limited impact
compared with Russian regulated utilities.  Nevertheless, we
expect any tariff changes in the regulated segment and/or
political risk, for example, the tariff freeze for regulated
utilities in 2014 or elections in 2012, to have an indirect
adverse impact on the competitive markets," Fitch said.

Rating Sensitivities

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

-- Evidence of stronger state support (eg significant and
   consistent equity injections, state guarantees for Inter RAO's
   debt, cross default provisions)

-- A more transparent and predictable regulatory framework could
   be positive for the standalone rating.

-- Improvement of the credit metrics (eg FFO net adjusted
   leverage below 1.5x and FFO fixed charge coverage above 6.5x
   on a sustained basis) would be positive for the standalone
   rating.

Negative: Future developments that could lead to negative rating
action include:

-- Evidence of weaker state support.

-- Aggressive debt-funded acquisitions and/or more ambitious
   capex program resulting in deterioration of the financial
   profile (eg FFO net adjusted leverage above 3x and FFO fixed
   charge cover below 5x on a sustained basis) could be negative
   for the standalone rating.

Liquidity and Debt Structure

- Adequate Liquidity

Inter RAO's cash position of RUB39.9 billion at end-2013 is
sufficient to cover its short-term maturities of RUB12.6 billion.
Its debt repayment schedule is not onerous and is relatively
balanced, except for the hike in maturities of about RUB25
billion in 2015.  The group also has access to uncommitted credit
facilities of RUB120 billion (RUB52 billion at Inter RAO's
level).  "We do not consider the equity stakes valued at about
USD700 million as imminent liquidity but believe that asset
disposals could serve as an additional cushion for capex funding
or debt repayment.  We expect Inter RAO to remain free cash flow
negative in 2014-2015 while it is undergoing an expansionary
stage of its capex and commissioning its CSA projects," Fitch
said.

"We view Inter RAO's currency risk as manageable. US dollar and
euro-denominated debt totaled about RUB21 billion at end-2013 and
US dollar and euro-denominated revenue amounted to about RUB16
billion, which was largely sufficient to cover its foreign
currency financial obligations," Fitch said.

Full List of Rating Actions:

Long-term foreign currency IDR: affirmed at 'BB+', Stable Outlook
Long-term local currency IDR: affirmed at 'BB+', Stable Outlook
Short-term foreign currency IDR: affirmed at 'B'
Short-term local currency IDR: affirmed at 'B'
National Long-term rating: affirmed at 'AA(rus)', Stable Outlook


MECHEL OAO: Bankruptcy Makes No Sense, Trade Minister Says
----------------------------------------------------------
PRIME reports that Russian Industry and Trade Minister Denis
Manturov sees no sense in bankrupting Mechel OAO.

It will be better to provide the indebted company with state
support, the minister said, according to PRIME.

According to PRIME, Business daily Kommersant reported on
March 17 that the company may get state guarantees to restructure
its debts which amounted to about US$9 billion in February.

Mechel OAO is a Russian steel and coking coal producer.


UC RUSAL: In Talks with Lenders to Delay Debt Repayment
-------------------------------------------------------
Jack Farchy at The Financial Times reports that UC Rusal is in
talks with lenders to delay a repayment next month of part of its
US$10 billion debt pile in the latest sign of distress in
Russia's struggling industrial sector.

Rusal, controlled by Oleg Deripaska, has been negotiating with
creditors since last year to hammer out a change in the terms of
its debts, as its profitability is weighed down by aluminium
prices at four-year lows, the FT relates.

Next month, it has to make repayments of part of a pre-export
facility of US$3.2 billion, of which about US$2.2 billion is held
by about 20 international lenders, the FT says.

The FT notes that while Russia's state banks and some
international lenders have agreed to waive repayments on its debt
until 2016, it has yet to receive approval from all its
international creditors -- necessary to avoid default ahead of a
planned repayment in early April.

According to the FT, people familiar with the situation said the
state-owned China Development Bank was one of several lenders
that have not yet agreed to the restructuring.

Rusal still hopes to receive unanimous approval in the next few
weeks, but it has begun discussions to enter a "forbearance"
agreement in case it is not received, a person close to the
company told the FT.

Rusal has "discussed a potential plan B", the person, as cited by
the FT, said, under which banks would agree to postpone repayment
for two to three months.  The person said that such an agreement
would allow the company "to buy some time and reach agreement
with those banks that are not credit approved yet", the FT
relays.

The person said that the company has so far received approval
from just over 70% of the international syndicate, the FT
recounts.

United Company Rusal -- http://www.rusal.com/-- is among the
world's top aluminum producers, along with Rio Tinto Alcan and
Alcoa.  Formed in 2000 from various parts of the old Soviet state
apparatus, Rusal produces about 4 million tons of aluminum, 11
million tons of alumina, and 6 million tons of bauxite.  Its
aluminum business include packaging and foil operations in
addition to a network of smelters.  Those Soviet spare parts were
significantly augmented in 2007 when the company merged with
fellow Russian aluminum producer Sual and Glencore's alumina
unit.  Rusal is majority owned by Board member Oleg Deripaska,
who had owned the company completely prior to the merger.



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


CODERE SA: Bondholders Revise Debt Restructuring Proposal
---------------------------------------------------------
Julie Miecamp and Abigail Moses at Bloomberg News report that
Codere SA's bondholders revised their proposal to restructure the
company's debt, saying changes to Spanish bankruptcy laws offer a
chance to avoid legal proceedings.

"The company clearly fits the profile of enterprises that the new
insolvency law targets," Bloomberg quotes a group of creditors as
saying in a letter sent to the company by adviser Houlihan Lokey
on Thursday.  "The Spanish government has incorporated many
changes in the law intended to promote restructurings of over-
indebted companies through, among other things, debt-for-equity
swaps."

Under the proposal, creditors would cancel EUR365 million (US$503
million) of the company's EUR1 billion of bonds and inject as
much as EUR400 million of new money in exchange for 96.8% of its
equity, Bloomberg discloses.

Existing shareholders will retain a 3.2% stake and management
compensation will be tied to "certain objectives," Bloomberg
says, citing the letter from investors representing about 50% of
Codere's euro and dollar notes.

"If the company does not achieve a restructuring during the next
three weeks, it will have to file for insolvency," the lender
group, as cited by Bloomberg, wrote on Thursday in the letter.
The offer is "the only viable alternative" to a "highly value
destructive" legal process.

Codere SA is a Madrid-based gaming company.  It operates betting
shops and race tracks from Italy to Argentina.

Codere sought preliminary creditor protection on Jan. 2, giving
the company four months to agree a restructuring plan or start
insolvency proceedings.



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


DENIZBANK AS: Moody's Reviews 'D+' BFSR for Downgrade
-----------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
following ratings of Denizbank A.S.: Baa3 and Prime-3 long- and
short-term local- and foreign-currency deposit ratings, and the
standalone D+ bank financial strength rating (BFSR), which is
equivalent to a baseline credit assessment (BCA) of ba1.

Ratings Rationale

Moody's says that Denizbank's ratings were placed on review for
downgrade as a result of: (1) pressures on the bank's standalone
credit strength; and (2) Moody's evolving views on the level of
systemic support to be incorporated into the bank's senior
ratings.

The first driver of the review for downgrade reflects Moody's
assessment of the risk associated with pressures on Denizbank's
standalone credit strength. The rating agency expects these
pressures to arise against the background of an increasingly
challenging operating environment for the Turkish banking system,
caused by (1) a material slowdown in growth of real GDP, which is
still exposed to significant downside risks; (2) increased
funding costs for Turkish banks resulting from the US Federal
Reserve's gradual tapering of its quantitative easing (QE)
policy, and the economic recovery in developed markets, both of
which are tightening global liquidity; and (3) a climate of
uncertainty affecting Turkish banks given Turkey's current
political developments. Moody's believes that Denizbank has lower
balance-sheet resilience, which is reflected in factors such as
leaner core Tier 1 capital levels, lower internal capital
generation, a highly unseasoned loan book (that could lead to
higher-than-expected volatility) as it seasons against the
challenging operating environment, and a tighter liquidity
profile.

The second driver of the review stems from Moody's evolving views
on the degree of systemic support that is incorporated in most
Turkish banks' senior ratings. This is in light of the fact that
the banking system and its financial obligations have grown
significantly in relation to GDP in recent years, and will, in
Moody's view, continue to do so in the coming years, thereby
increasing the potential cost of any government support, in case
of need. This currently provides one notch of rating uplift to
Denizbank's Baa3 deposit ratings from its ba1 BCA.

Moody's systemic support assessment will take into account (1)
the size of the Turkish banking sector relative to the
government's resources; (2) the capacity of the government to
provide broad-based support in the context of a systemic banking
crisis scenario; and (3) the predictability of policy responses
in light of political and historical patterns, and any recent
shift in government priorities.

Furthermore, during the review Moody's will assess the level of
parental support that should be incorporated in Denizbank's
ratings from its Russian parent Sberbank (deposits Baa1 stable,
BFSR D+, stable/ BCA baa3) which holds a 99.85% stake in
Denizbank. Moody's says that potential parental support
assumptions could dampen any downward pressure on Denizbank's
senior ratings in the event of downgrade of the bank's BFSR.

What Could Move The Ratings Up/Down

Currently there is no upward pressure on Denizbank's ratings, as
reflected by the review for downgrade. Over time, the rating
outlook could be changed to stable following evidence of
improvement both in the domestic operating environment and in
external liquidity conditions towards emerging markets that will,
in turn, contribute to a stronger performance of the banking
system and Denizbank. An upgrade of Sberbank's or Turkey's
ratings could translate into higher degree of support to be
incorporated in Denizbank's ratings, though, given the stable
outlook on these ratings, Moody's views this occurrence as
unlikely in the near-term rating horizon.

Conversely, further downward pressure on Denizbank's ratings
could result from (1) any evidence that Turkey's operating
environment will face further significant deterioration in
profitability or asset quality; or (2) prolonged restrictions to
access to capital markets. A lowering of Denizbank's BCA -- or
lower systemic support incorporated in the banks' ratings --
could prompt a downgrade of the bank's long-term deposit and debt
ratings. A downgrade of the Turkey's government bond rating would
also lead to a downgrade of the bank's debt and deposit ratings.



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


CABOT FINANCIAL: Moody's Rates GBP175MM Sr. Secured Bond '(P)B2'
----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2 rating
with a stable outlook to the proposed GBP175 million long term
senior secured bond to be issued by Cabot Financial (Luxembourg)
S.A., a subsidiary of Cabot Financial Ltd (CFL) and, ultimately,
Cabot Credit Management Ltd (Cabot). Moody's has previously rated
the GBP265 million and GBP100 million senior secured bonds issued
by the same entity.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final versions of all the documents and legal
opinions, Moody's will endeavor to assign a definitive senior
secured rating. A definitive rating may differ from a provisional
rating. The provisional rating and the stable outlook assigned to
the proposed bond issuance by Cabot assume a successful
refinancing of the company's current financing package, as well
as the confirmation that the final set of documentation does not
differ from the draft documentation.

The rating is contingent upon Cabot's successful completion of
the proposed GBP175 million senior secured notes offering,
whereby it will use the proceeds from the bond issuance to repay
some of the existing drawings from its revolving credit facility
(RCF) and the bridge facility that was put in place at the time
of the Marlin acquisition. Moody's will continue to monitor
Cabot's usage of RCF as this may change the structural
subordination for the senior secured notes.

Ratings Rationale

Cabot is issuing the GBP175 million bond to replace the Marlin
acquisition financing i.e. the majority of its drawing on its
GBP85 million RCF and the GBP105 million syndicated senior
secured bridge facility. As a result, Moody's don't expect
material change in Cabot's leverage metrics from the previous
rating action. The (P)B2 rating continues to reflect the combined
firm's pro-forma leverage (debt/Adjusted EBITDA)of 4.3x, interest
coverage ratio (Adjusted EBITDA/Interest expense) of 2.8x and
capital (Tangible Common Equity/Tangible Assets) of 10.1% as per
Moody's calculations.

Following the acquisition Cabot expects to benefit from Marlin's
expertise in litigation-enhanced collections while using its own
expertise on non-litigation quality debts to improve the
performance of Marlin's back book. Cabot also anticipates that
the combined firm's market position will strengthen in terms of
coverage of the paying-non-paying spectrum and present a better
scale in portfolio purchasing while allowing for certain
operational efficiencies (e.g. Encore's India operations).

Furthermore the B2 rating reflects the combined firms
strengthened market positioning, stable operating cash flows as
well as the monoline business model, concentrated debt maturity
profile, supplier concentration and model risk in terms of
valuation and pricing of its purchased debt portfolio.

The outlook is stable on all ratings as Moody's expects the
firm's metrics to remain at levels corresponding to the B2 rating
in the next 12-18 months.

What Could Change The Rating Up / Down

Upward rating pressure could arise from a significant improvement
in the combination of leverage metrics (debt-to-adjusted EBITDA)
to around 3.5x, interest coverage to around 4x and capital to
over 10%, while maintaining other financial metrics and ratios at
current levels.

The rating could come under downward pressure due to (i)
significant deterioration in income from operations (after
interest expense) and cash flow from operations, stemming from
factors such as underperforming collections productivity,
underperforming portfolio acquisitions and lower than forecast
collections; or (ii) a further increase in leverage or sustained
decline in operating performance, leading to a debt ratio which
is higher than 5.5 times adjusted EBITDA or a tangible common
equity-to-tangible managed assets ratio which is below 4%; or
(iii) significant decline in interest coverage, with an adjusted
EBITDA-to-interest expense ratio around or below 1.0x.

The principal methodology used in this rating was Finance Company
Global Rating Methodology published in March 2012.


CABOT FINANCIAL: S&P Rates GBP175MM Senior Secured Notes 'B+'
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B+' issue rating
and '2' recovery rating to the new GBP175 million senior secured
term notes of Cabot Financial (Luxembourg) S.A., a wholly owned
subsidiary of U.K.-based finance company Cabot Financial Ltd.
(Cabot).

The recovery rating on Cabot's GBP175 million senior secured
notes reflects S&P's view of a substantial (70%-90%) recovery in
the event of default.

U.K.-based distressed consumer debt purchaser Cabot Credit
Management (CCM), owner of Cabot Financial Ltd. (Cabot),
announced that its wholly-owned subsidiary Cabot Financial
(Luxembourg) S.A. will issue GBP175 million in new senior secured
notes.  S&P views this as the expected subsequent step after
Cabot's acquisition of Marlin Financial Group (Marlin).  S&P
understands that Cabot intends to use the net proceeds from the
notes to fully repay the GBP105 million bridge loan facility it
has contracted to acquire Marlin.  Further, S&P understands that
Cabot will reimburse GBP67 million out of the GBP75 million it
has also drawn down from its GBP85 million super senior revolving
credit facility (RCF) to finance the acquisition and that GBP77
million will be left undrawn under the RCF as of the issue date.

"We understand that the GBP175 million senior secured notes are
guaranteed by all the material subsidiaries of Cabot, defined in
the bond terms and conditions as the "restricted group".  This
security package is similar to all of Cabot's previously issued
securities, in our view.  Our ratings on Cabot reflect the group
credit profile of the combined "restricted group," which we
assess at 'b'.  The ratings on Cabot, which is an intermediate
nonoperating holding company, also reflect our view that there
appear to be no material barriers to cash flows to the holding
company from the subsidiaries in the "restricted group."  The
rating on the GBP175 million senior secured term notes depends on
the counterparty credit rating on Cabot," S&P said.

RECOVERY ANALYSIS

S&P's recovery rating of '2' is based on an implied recovery for
all Cabot's senior secured notes, including the new GBP175
million notes, at the low end of the 70%-90% range, after
repayment of the RCF.

In order to determine recoveries, S&P simulates a hypothetical
default scenario.  Under this scenario, Cabot would be forced
over time to stop acquiring receivables portfolios and would be
liquidated.

S&P used a liquidation-value approach to analyze the combined
group's recovery prospects, given the likelihood that the
business would not retain value as an operating entity in the
event of bankruptcy.  S&P's simulated default scenario starts
with the valuation of the group's current receivables.  S&P
applies a 25% discount to the current estimated value of the
portfolio, in line with the approach S&P follows for rated U.K.
peers.  S&P also assumes that the group would have fully drawn
down its RCF and that the proceeds would have been used to
purchase additional receivables, also with a 25% discount
applied.  S&P has applied a 3% additional discount to the
receivables for administrative expenses upon liquidation.


CO-ORDINATED DEVELOPMENT: Goes Into Liquidation
-----------------------------------------------
The Galloway Gazette reports that liquidators have been called in
to Co-Ordinated Development Services.

According to The Galloway Gazette, Ernst and Young were appointed
liquidators of the company on March 10.

With around 10 staff employed there, it is now the job of Ernst
and Young to assess the business with a view to selling it on,
The Galloway Gazette discloses.

Co-Ordinated Development Services is the parent company of
Scotland's most southerly distillery at Bladnoch.


SOUTHERN PACIFIC 04-2: S&P Lowers Rating on Class E Notes to B+
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B+ (sf)' from 'BB-
(sf)' its credit rating on Southern Pacific Securities 04-2 PLC's
class E notes.  At the same time, S&P has affirmed its 'A (sf)'
ratings on the class C1a, C1c, D1a, and D1c notes.

The rating actions follow S&P's credit and cash flow analysis
based on information that it received as of December 2013, and
the application of its relevant criteria.

In the December 2012 investor report, the servicer (Acenden Ltd.)
updated how it reports arrears to include amounts outstanding,
delinquencies, and other amounts owed.  The servicer's definition
of other amounts owed includes (among other items), arrears of
fees, charges, costs, ground rent, and insurance.  Delinquencies
include principal and interest arrears on the mortgages, based on
the borrowers' monthly installments.  Amounts outstanding are
principal and interest arrears, after payments from borrowers are
first allocated to other amounts owed.

In this transaction, the servicer first allocates any arrears
payments to other amounts owed, then to interest amounts, and
subsequently to principal.  From a borrowers' perspective, the
servicer first allocates any arrears payments to interest and
principal amounts, and secondly to other amounts owed.  This
difference in the servicer's allocation of payments for the
transaction and the borrower results in amounts outstanding being
greater than delinquencies. Other amounts owed increased to
GBP708,896 from GBP518,086 over the last four quarters.
According to the servicer, this significantly contributed to the
difference between amounts outstanding and delinquencies.

Total amounts outstanding have increased since December 2012.
According to the transaction documents, the servicer uses amounts
outstanding to determine the 90+ days arrears trigger.  As the
transaction still breaches the 22.5% 90+ days arrears trigger
(90+ days arrears currently at 40.72%), it pays principal
sequentially. As the amounts outstanding continue to increase,
S&P considers that the transaction will likely continue paying
principal sequentially.  S&P has incorporated this assumption in
its cash flow analysis.

Total delinquencies are higher than in S&P's U.K. residential
mortgage-backed securities (RMBS) index. Between December 2012
and December 2013, 120+ days delinquencies increased to 35.60%
from 29.17%.  Given this increase, and to address the potential
for increasing arrears in the pool, S&P has projected 8.28%
arrears in its credit analysis.  Consequently, S&P has increased
its weighted-average foreclosure frequency (WAFF) estimates since
its May 28, 2012 review.

S&P now considers delinquencies, instead of amounts outstanding,
when applying its arrears adjustment.  This, combined with an
improvement in seasoning, has led to a decrease in S&P's WAFF
estimates.

Given the servicer's method of payment allocation for other
amounts owed for the transaction, S&P expects potential losses to
be higher, and have factored the other amounts owed into its
weighted-average loss severity (WALS) estimates.

Rating     WAFF     WALS
level       (%)      (%)
AAA       53.43    52.95
AA        47.46    47.23
A         40.46    37.87
BBB       35.23    32.43
BB        29.61    28.27
B         26.77    19.00

The transaction has had small draws on its reserve fund since
December 2011 as a result of a low pool factor combined with a
high weighted-average cost of funds.  As a result of these
drawings, the transaction's reserve fund is at 94.14% of its
required amount.

With 785 loans remaining and high arrears, S&P has also
considered the risk relating to significantly concentrated back-
ended defaults.

The transaction has been deleveraging, and the available credit
enhancement has increased for all classes of notes.  However, the
increased available credit enhancement is insufficient to offset
our higher WALS estimates.  Consequently, S&P has lowered to 'B+
(sf)' from 'BB- (sf)' its rating on the class E notes.

The class C1a, C1c, D1a, and D1c notes continue to benefit from
sufficient credit enhancement to support S&P's currently assigned
ratings.  S&P has therefore affirmed its 'A (sf)' ratings on
these classes of notes.

S&P do not consider that the bank account documentation complies
with its current counterparty criteria.  As a result, the highest
rating S&P can assign in this transaction is 'A (sf)'.  Without
the cap, the class C1a and C1c notes pass our cash flow stresses
at a 'AAA' rating level.

Southern Pacific Securities 04-2 is a securitization of
nonconforming U.K. residential mortgages originated by Southern
Pacific Mortgage Ltd. and Southern Pacific Personal Loans Ltd.

RATINGS LIST

Southern Pacific Securities 04-2 PLC
EUR210 Million, GBP493.5 Million, $122.5 Million Mortgage-Backed
Floating-Rate
Notes

Class             Rating
          To                  From

Rating Lowered

E         B+ (sf)             BB- (sf)

Ratings Affirmed

C1a       A (sf)
C1c       A (sf)
D1a       A (sf)
D1c       A (sf)


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


* BOND PRICING: For the Week March 17 to March 21, 2014
-------------------------------------------------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
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 * * *