TCREUR_Public/140407.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, April 7, 2014, Vol. 15, No. 68

                            Headlines

A Z E R B A I J A N

BAGHLAN: Fitch Withdraws 'RD' Long-Term Issuer Default Rating


B U L G A R I A

CHIMCO: Bulgaria Plans to Take Part in New Tender
STARA ZAGORA: S&P Revises Outlook to Pos. & Affirms 'BB+' ICR


F R A N C E

FINANCIERE GAILLON: Fitch Assigns 'B' Issuer Default Rating


G E R M A N Y

NORDDEUTSCHE LANDESBANK: Moody's Assigns (P)Ba1 Sub. Debt Rating
SGL CARBON: S&P Lowers CCR to 'B+' on Weak Industry Conditions


I R E L A N D

GARRETT KELLEHER: NAMA Appoints Receivers to Take Over Assets


I T A L Y

ALITALIA SPA: Etihad to Make Offer For Up to a 49% Stake
MEDIOCREDITO TRENTINO: Fitch Affirms 'bb-' Viability Rating


L U X E M B O U R G

BRAAS MONIER: Fitch Publishes 'B' Long-Term IDR; Outlook Stable
BRAAS MONIER: S&P Assigns 'B-' Corp. Credit Rating; Outlook Pos.


N E T H E R L A N D S

HOLLAND PARK: Fitch Assigns 'B-(EXP)sf' Rating to Class E Notes
HOLLAND PARK: Moody's Assigns '(P)B2' Rating to Class E Notes


R U S S I A

NOVOSIBIRSK: S&P Affirms 'BB+' Long-Term ICR; Outlook Stable
TATFONDBANK: Moody's Rates FC Senior Unsecured Debt '(P)B3'
TOMSK OBLAST: S&P Affirms 'BB-' Issuer Credit Rating

* Moody's Affirms CFRs of Several Russian Utility Companies
* Moody's Takes Action on Affiliates of 2 Russian Banks


S P A I N

CAMPOFRIO FOOD: S&P Lifts Long-Term CCR to 'BB-'; Outlook Stable
IM CAJAMAR 5: Fitch Affirms 'CCCsf' Rating on Class B Notes
TITULIZACION DE ACTIVOS: S&P Cuts Class B Notes' Rating to 'CCC'


S W E D E N

MUNTERS TOPHOLDING: Moody's Assigns 'B3' Corp. Family Rating


T U R K E Y

MERINOS HALI: Fitch Puts 'B+' IDRs on Rating Watch Negative


U K R A I N E

UKRAINE: Set to Receive US$13.5BB International Aid This Year


U N I T E D   K I N G D O M

ALBEMARLE & BOND: Burt Tables Takeover Offer Through Promethean
HEARTS OF MIDLOTHIAN: Survival Hinges on CVA Deal, FoH Says
STONEGATE PUB: Moody's Assigns First-Time B2 Corp. Family Rating
STONEGATE PUB: S&P Assigns Preliminary 'B+' CCR; Outlook Stable
UK COAL: Jon Moulton Eyes Asset Acquisition

VIRGIN MEDIA: Fitch Affirms 'B+' LT Issuer Default Rating


X X X X X X X X

* BOND PRICING: For the Week March 31 to April 4, 2014


                            *********


===================
A Z E R B A I J A N
===================


BAGHLAN: Fitch Withdraws 'RD' Long-Term Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has downgraded Azerbaijani building materials
company Baghlan Group FZCO's Long-term Issuer Default Rating
(IDR) to 'Restricted Default (RD)' from 'B-', and withdrawn the
rating.

Fitch has also withdrawn the expected rating of 'B-(EXP)' on
Baghlan's planned issue of guaranteed notes in December 2013,
which failed to take place.  Accordingly, Fitch will no longer
provide ratings or analytical coverage for Baghlan.

Baghlan's downgrade reflects the non-payment of debt obligations
on its unrated USD150 million 14.75% loan participation notes
(LPN).  The planned bond issue was intended to refinance the
majority of its debt obligations.

The ratings have been withdrawn as Fitch no longer has sufficient
information to maintain the ratings.  The current liquidity
position of the group and its ability to meet maturing debt
obligations including with local banks cannot be assessed.
Fitch was recently notified that Baghlan failed to pay the
USD19 million interest payable on Dec. 27, 2013 on its
USD150 million LPNs.  The LPNs were in technical default on
Jan. 1, 2014 following a grace period. As of March 7, 2014, part
payment of USD8 million had been made.

KEY RATING DRIVERS

Failure to Refinance

Baghlan failed to refinance and extend the majority of its debt
facilities as the company did not proceed with its planned bond
issue in December 2013.  Access to medium-term bank funding is
constrained by an under-developed banking market in Azerbaijan.
Although Baghlan had largely been dependent on local bank funding
it had issued unrated LPNs in June 2012.

Challenging Debt Maturities

Refinancing risk and its limited ability to extend short-term
bank lines is a key rating constraint.  Fitch expects that large
portions of Baghlan's assets are likely to be pledged as
collateral to aid refinancing.  The agency also does not expect
Baghlan to be able to raise sufficient funds from banks to
refinance its USD150 million amortizing LPNs with a final
maturity in 2015.

Poor Cash Flow Conversion

Solid P&L profits posted over the last three years have not fully
converted into cash flow.  Negative working capital outflows
during 2011 and 2012 have resulted in a working capital
requirement of around AZN181 million as at FYE12 (inventory plus
current receivables less current payables).  Unless there is a
reversal in the working capital position and payment of the high
receivables balance liquidity problems are likely to persist.

Deferred Consideration from Asset Disposals

Although management has indicated that a number of assets have
been or are in the process of being divested these are subject to
transaction close and cash payment.  The most material relates to
the disposal of its residential and multi-purpose property
portfolio units in central Baku.  However, any proceeds are
likely to be used to repay domestic bank debt.

Diversified Operating Segments

The operating risk profile benefits from its diversified nature,
although concentration on large contracts is a weakness.
Transport and logistics services benefit from a strong domestic
market share, recurrent cash flow and privileged contracts with
government bodies.  Construction is primarily focused on one
large civil works contract, with a few more contracts in the
order book for FY14 and FY15.  Although this is higher-risk than
other segments with its volatile working capital movements and
fragmented market share, profit margins and growth prospects are
strong.  Oil and gas operations are in a run-up phase and still
depend on the group for financial support.



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


CHIMCO: Bulgaria Plans to Take Part in New Tender
-------------------------------------------------
SeeNews reports that Bulgaria's economy minister said the state
plans to take part in a new tender for Chimco, with a view of
later selling the insolvent fertilizer plant to a private
investor.

According to SeeNews, Dragomir Stoynev, as quoted by news website
3e-news, said an investor has showed interest in Chimco but
wishes to acquire the plant from the state.

He did not name the potential investor, SeeNews notes.

Chimco's assets attracted no bidders in a tender in March where
they were offered for sale at a starting price of BGN28.5 million
(US$20 million/EUR14.6 million), SeeNews discloses.

Earlier this year, the economy ministry said it planned to
acquire the insolvent company in an attempt to revive its
production, SeeNews recounts.

Chimco, which halted operations in 2003, used to be Bulgaria's
biggest urea producer.  The plant produced ammonia, carbon
dioxide, argon and various types of catalysts, as well.  It was
declared bankrupt in 2004.


STARA ZAGORA: S&P Revises Outlook to Pos. & Affirms 'BB+' ICR
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
Bulgarian City of Stara Zagora to positive from stable.  At the
same time, S&P affirmed its 'BB+' long-term issuer credit rating
on the city.

RATIONALE

The outlook revision reflects the ongoing improvements in the
quality of the city's financial planning and debt management.

The rating on Stara Zagora is constrained by the limited
predictability and high volatility of the city's financial
ratios, caused by its small budget; the consolidating but uneven
institutional framework under which Bulgarian cities operate; and
the internationally weak economy with low wealth levels.
Although S&P acknowledges the strengthening of the city's
budgeting procedures, it still considers the quality of financial
management as a negative rating factor due to the limited track
record of tight fiscal policy.  The rating is supported by the
city's low debt burden and limited contingent liabilities.  S&P
views the city's liquidity position as neutral for the rating.
S&P also believes that the city has average budgetary
flexibility, mostly reflecting its large autonomy to set taxes,
partly offset by restricted expenditure flexibility and average
budgetary performance.

Stara Zagora has low economic wealth compared with international
peers, although it benefits from its proximity to the largest
energy complex in Bulgaria.  S&P estimates the city's GDP per
capita at about a modest $6,400 in 2013, and assume that real GDP
will increase in line with that of Bulgaria at about 1.8% on
average in 2014-2016.

S&P considers the city's budgetary flexibility as average.  The
city's aim to combat the declining trend in its population will,
in S&P's view, constrain its ability to rein in spending,
especially on public services and infrastructure development.
The city faces large infrastructure needs, which it began to
address in 2013 with hefty co-financing from EU funds.

Nevertheless, Stara Zagora benefits from better-than-average
revenue flexibility.  It may improve its budgetary performance by
increasing taxes, albeit within nationally legislated limits.
S&P understands that local governments have the power to raise
almost all local taxes and charges.  The city recently raised its
property transaction tax rate by 50% starting from 2014.  S&P
believes that further increases are highly unlikely ahead of the
municipal election due in late 2015.

The city's budgetary performance and liquidity are volatile, in
S&P's view.  This reflects the consolidating, but still uneven,
institutional framework under which Bulgarian cities operate and
the small size of the city's budget.

S&P assess the city's budgetary performance as sound, on average,
with the operating balance at about 8% of operating revenues and
a slight deficit after capital accounts in 2012-2016.  There was
a noticeable weakening of the budgetary performance in 2013
following accelerated spending on long-awaited repair works and
capital investments, combined with stagnating revenues.  Its
operating balance became slightly negative, while the deficit
after capital accounts widened to 17.2% of total revenues.  In
S&P's base-case scenario, however, it expects a recovery of the
city's financial indicators in 2014 after last year's sizable
works are completed, bolstered by the increase of the property
transaction tax rate.

The city plans to deleverage by the end of the current management
term in late 2015.  S&P expects that the city's tax-supported
debt will decrease to a low figure of below 20% of consolidated
operating revenues by year-end 2016, from about 28% in 2013.
Contingent liabilities are limited to the obligations of a few
health care institutions and S&P do not see them as weakening the
city's credit profile.

S&P considers financial management as a negative rating factor
due to the limited track record of tight fiscal policy.
Nevertheless, S&P acknowledges that there has been an improvement
in the city's budgeting and medium-term financial planning.  Over
the past few years, there have been only minor differences
between the planned and actual budgetary performance.

Liquidity

S&P assess Stara Zagora's liquidity as neutral.  Although its
average cash on accounts now exceeds debt service falling due
within the next 12 months, it remains volatile.  S&P also views
the city's access to external liquidity as limited.

S&P expects that the city's average cash on accounts will stay at
about Bulgarian lev (BGN) 12 million, comfortably covering debt
service falling due within the next 12 months.  S&P estimates
this at about BGN7.5 million in 2014.  Nevertheless, S&P expects
the city's liquidity position to remain volatile, as its cash
holdings are small and future exposure to short-term debt is
difficult to predict.

S&P expects a further improvement of the liquidity position
should the city execute plans to decrease its exposure to short-
term funding from FLAG (Fund for Local Authorities and
Governments) from 2014.  The city will use a bank guarantee to
claim a larger share of project pre-financing from the state
government, which should reduce the need for bridge financing.

Stara Zagora's access to external liquidity also remains limited
in the context of Bulgaria's relatively weak banking sector and
shallow capital market.  Standard & Poor's assigns a Banking
Industry Country Risk Assessment score of '7' to the Bulgarian
domestic banking sector ('1' being the lowest risk, '10' being
the highest risk; see "Banking Industry Country Risk Assessment
Update: March 2014," published March 7, 2014, on RatingsDirect).

OUTLOOK

The positive outlook reflects that S&P could revise its
assessment of the city's financial management upward if it
continues to adhere to a conservative financial policy with a low
debt burden.

S&P could raise the rating on the city within the next 24 months,
if, in line with its upside-case scenario, the city extends the
maturity of its debt as planned and remains committed to keeping
the debt burden modest, as targeted in its three-year budget,
with a slight deficit after capital accounts and sound liquidity
on average.

S&P could revise the outlook back to stable if the city starts to
deviate from its financial targets around the time of the
municipal election, due in autumn 2015.  Although such a
deviation would be unlikely to materially alter the city's five-
year average budgetary performance or debt burden in the short
run, it could prevent the city's financial indicators from
becoming more predictable.

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

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

RATINGS LIST

Ratings Affirmed; Outlook Action
                                 To                 From
Stara Zagora (City of)
Issuer Credit Rating            BB+/Positive/--    BB+/Stable/--

Ratings Affirmed

Stara Zagora (City of)
Senior Unsecured                BB+



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


FINANCIERE GAILLON: Fitch Assigns 'B' Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has assigned Financiere Gaillon 8 (FG8) a Long-term
Issuer Default Rating (IDR) of 'B' with Stable Outlook and its
EUR370 million senior unsecured notes a 'B-' rating, with a
Recovery Rating of 'RR5'.

The final rating reflects the final terms of the notes and debt
refinancing conforming with the proposed terms and following the
assignment of expected ratings on March 20, 2014.

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
EUR370 million notes, which refinanced existing acquisition debt
at FG8 maintains an aggressive capital structure.

The ratings reflect a high consolidated FFO gross leverage of
around 6.2x with a modest de-leveraging profile. The completed
transaction combined a five-year refinancing of KBSA's prior
ranking bank facilities, ensuring solid liquidity and adequate
debt service cover for noteholders.  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 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
completed refinancing indicate a strong intention to use KBSA's
cash flow to service the EUR370 million notes.  The notes do not
benefit from a KBSA guarantee, although noteholders 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 EUR370m notes.

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 compared with 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 past 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's management has 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 past 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 completion of the transaction provided 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
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.

  -- Ongoing 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.



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


NORDDEUTSCHE LANDESBANK: Moody's Assigns (P)Ba1 Sub. Debt Rating
----------------------------------------------------------------
Moody's Investors Service has assigned a first-time provisional
(P)Ba1 foreign-currency subordinated debt rating with a negative
outlook to a proposed subordinated debt issuance by Norddeutsche
Landesbank GZ (NORD/LB; deposits A3 negative; standalone bank
financial strength rating (BFSR)/baseline credit assessment (BCA)
D/ba2 negative). The proposed debt issuance of USD500 million
subordinated fixed-rate Tier 2 notes, maturing in April 2024, is
expected to be eligible as Tier 2 capital pursuant to European
Capital Requirements Regulation (CRR).

The definitive rating will be assigned upon review of the final
documentation for the transaction which is not expected to be
materially different from draft documentation already reviewed.

Ratings Rationale

NORD/LB's provisional foreign-currency subordinated debt rating
is positioned one notch below the bank's baa3 adjusted baseline
credit assessment (BCA), and does not incorporate any rating
uplift from systemic support. The adjusted BCA is the anchor
rating for NORD/LB's subordinated instruments and reflects
Moody's estimate of support that is likely to be made available
as "going concern" support. This principally applies to support
from the cross-sector joint liability scheme (Haftungsverbund) of
Germany's public sector banks of which NORD/LB is part. The
rating agency believes that such support is available for the
benefit of all classes of debt.

According to the terms and conditions listed in the preliminary
prospectus, the notes will establish direct, unconditional,
subordinated and unsecured obligations and will rank pari passu
with all other subordinated obligations of NORD/LB, except for
subordinated obligations that rank junior to the notes.

The negative outlook on the foreign-currency subordinated debt
rating reflects the negative outlook on NORD/LB's standalone BFSR
of D.

WHAT COULD MOVE THE RATING UP/DOWN

Currently, there is no upwards pressure on the subordinated debt
rating, reflected by the negative outlook. As the subordinated
debt rating is notched off the bank's adjusted BCA, any weakening
of the bank's standalone credit strength will result in a similar
rating action on the subordinated debt.


SGL CARBON: S&P Lowers CCR to 'B+' on Weak Industry Conditions
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Germany-based carbon and graphite
producer SGL Carbon SE (SGL) to 'B+' from 'BB-'.  The outlook is
negative.

At the same time, S&P lowered to 'BB' from 'BB+' its issue rating
on the EUR250 million senior secured notes issued by SGL.  The
recovery rating on these notes is '1', indicating S&P's
expectation of very high (90%-100%) recovery in the event of a
payment default.

In addition, S&P lowered its issue rating on SGL's EUR240 million
and EUR135 million convertible notes to 'B' from 'BB-'.  The
recovery rating on these notes is '5', indicating S&P's
expectation of modest (10%-30%) recovery in the event of a
payment default.

The downgrade reflects S&P's expectation that SGL will display
further weak performance in 2014 and that benefits from
restructuring will only partially offset this weak performance.
S&P is reforecasting its EBITDA assumption (excluding
restructuring costs) for SGL in 2014 to EUR110 million-EUR120
million from its previous assumption of EUR140 million-EUR160
million.  The drop in EBITDA is driven by weaknesses in all of
the company's end markets; in particular, the increased
competition in the graphite electrodes segment since a drop in
prices in mid-2013.  S&P now expects funds from operations (FFO)
to debt to be around 10% in 2014 and in 2015, below the 15% that
S&P views as the minimum level for a 'BB-' rating.  Consequently,
S&P has revised downward its assessment of SGL's business risk
profile to "weak" from "fair."

Moreover, S&P believes that SGL's current capital structure may
not be sustainable if the company's large restructuring efforts
do not translate into materially improved operating profits by
2015-2016, or if market conditions do not recover from last
year's. This takes into account SGL's high absolute debt
(Standard & Poor's-adjusted debt of EUR880 million as of Dec. 31,
2013).  At this stage, S&P expects debt to increase by another
EUR80 million-EUR100 million by the end of 2015.  These factors
have led S&P to reassess SGL's financial risk profile as "highly
leveraged" from "aggressive."

"We assess SGL's anchor -- the starting point in assigning a
corporate credit rating -- at 'b'.  However, our corporate credit
rating on SGL is 'B+' because we view the company's current cost
cutting program (SGL2015), and other initiatives to stabilize its
financial risk profile, as positive for the rating.  In our view,
setbacks in the execution of these measurements and/or
expectations for material negative cash flow in 2015, may lead to
a downgrade in the next six to 12 months," S&P said.

S&P considers that potential permanent changes in the graphite
electrodes market, which could lead to persistent margin pressure
over the medium term, represent a key risk.  Over the past three
months, SGL and its key competitor GrafTech have announced their
intention to close graphite electrodes capacity totaling 120,000
metric tons, which represents about 10% of global capacity.
While these closures should have resolved previous issues related
to overcapacity of 20%-25% in the market, companies' current
order books indicate insufficient levels and subdued prices.  S&P
believes that the steel industry's very slow recovery on the one
hand, and the improved competitive position of existing companies
and new entrants in Asia on the other (notably Japan and India,
which benefit from strong currency devaluation) may lead to
sustained lower margins compared with historical ones.

Under S&P's base-case scenario, it forecasts EBITDA (excluding
restructuring costs) of about EUR110 million-EUR120 million in
2014 and EUR130 million-EUR140 million in 2015, compared with
EBITDA of EUR128 million in 2013 (or adjusted EBITDA of
EUR60 million after restructuring costs, as defined by S&P's
criteria).  S&P's projection for 2014 includes the following
assumptions:

   -- Steel production in Europe and in the U.S. increasing by
      1%-3% per region in 2014.

   -- Performance products division: Revenues dropping by 3%-5%
      and margins deteriorating slightly, leading to EBIT of
      about EUR45 million-EUR50 million (before the effects of
      SGL2015), compared with EUR69 million in 2013.

   -- Graphite materials and systems division: Main end markets
      recovering only modestly, leading to weaker EBITDA than in
      previous years.

   -- Carbon fibers and composites (CFC) division: Contributing
      negatively to company EBITDA, as in previous years.

   -- A contribution from the company's cost-cutting initiatives.
      The company expects to cut costs by EUR150 million by the
      end of 2015 (in 2013, the company unlocked about EUR69
      million).

These assumptions translate into adjusted FFO to debt of 7%-10%
in 2014, and negative free operating cash flow of EUR100 million.
For 2015, S&P expects FFO to debt to improve to slightly more
than 10% and free operating cash flow to be neutral.

S&P's measure of SGL's adjusted debt was EUR880 million at
Dec. 31, 2013, compared with SGL's reported gross debt of
EUR676 million and reported net debt of EUR448 million.  S&P's
adjustments include EUR290 million related to pensions and
operating leases and a EUR110 million equity component of
convertible bonds, accrued interest, and guarantees.  S&P also
deducted cash of EUR200 million that it sees as surplus cash.

The negative outlook reflects the possibility that S&P could
lower the rating on SGL by one notch over the next six to 12
months, if the company's ratio of adjusted FFO to debt remains
below 12% through 2015, or if negative free operating cash flow
exceeds S&P's assumption of minus EUR100 million in 2014 and is
neutral in 2015.

In addition to the above, S&P could lower the rating if the
company is unable to improve its margins through successful and
timely cost-cutting reductions and present a viable strategy to
reduce its leverage.

S&P could revise the outlook to stable if SGL's profits improve
throughout 2014 and leverage decreases over time, with adjusted
FFO to debt rising above 12%.  This could occur as a result of
stronger demand for steel or further steps to address
overcapacity in the graphite electrodes market.  S&P could also
revise the outlook to stable if SGL takes effective measures to
strengthen its balance sheet.



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


GARRETT KELLEHER: NAMA Appoints Receivers to Take Over Assets
-------------------------------------------------------------
Donal O'Donovan at Irish Independent reports that the National
Asset Management Agency has appointed receivers to take over
assets of almost a dozen companies connected to Garrett Kelleher,
the Irish developer who is planning to build North America's
tallest building in Chicago.

Accountants Simon Coyle and Tom O'Brien of Mazars were appointed
as receivers on March 28 to take control of the assets of a
number of Irish companies, including Shelbourne Properties,
Shamrock Building Company, and CWD Properties where the developer
is a director, Irish Independent relates.

In all, the joint receivers have been appointed over some or all
of the assets of 11 companies, Irish Independent says, citing
papers filed with the Companies Registration Office.

NAMA had registered charges, or mortgages, against some of the
assets involved as recently as last December, Irish Independent
discloses.

However, the claims involved are understood to originally date
back to property and development loans taken out during the boom,
Irish Independent notes.



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


ALITALIA SPA: Etihad to Make Offer For Up to a 49% Stake
--------------------------------------------------------
Rachel Sanderson at The Financial Times reports that Etihad was
expected to make an offer to buy almost half of Italian airline
Alitalia.

The European Commission on Friday launched an inquiry into stakes
held by foreign investors in four European airlines -- Air
Berlin, Virgin Atlantic, Cargolux and Czech Airlines -- warning
that EU rules prohibit foreign companies from exercising
"effective control" of airlines registered in the 28-member bloc,
the FT relates.

Gaetano Micchiche, head of investment banking at Intesa Sanpaolo,
Alitalia's largest shareholder with a 20% stake, said on Thursday
he expected an offer from Etihad as soon as Friday, April 4, the
FT relays.

According to the FT, people familiar with the discussions said
that offer was expected to be in the region of EUR300 million for
as much as 49% of Italy's national carrier.

The Italian airline narrowly avoided its second bankruptcy in
five years earlier this year after a EUR300 million
recapitalization, the FT recounts.

A deal is seen as providing Alitalia with liquidity and a strong
industrial partner following the dilution of Air France-KLM's
shareholding to 7% after the Franco-Dutch airline refused to
participate in the Italian airline's latest rescue
recapitalization, the FT discloses.  Air France-KLM appears to
support the move by Etihad, the FT notes.

Nonetheless, people familiar with the talks say obstacles remain,
the FT states.  According to the FT, Etihad wants to cut
Alitalia's 12,000 staff by an unspecified amount in the face of
union opposition that in the past has proved intractable.  It is
also seeking renegotiations of Alitalia's debts with some Italian
banks, the FT says.

                          About Alitalia

Alitalia-Compagnia Aerea Italiana has navigated its way through
a successful restructuring.  After filing for bankruptcy
protection in 2008, Alitalia found additional investors, acquired
rival airline Air One, and re-emerged as Italy's leading airline
in early 2009.  Operating a fleet of about 150 aircraft, the
airline now serves more than 75 national and international
destinations from hubs in Fiumicino (Rome), Milan, Turin, Venice,
Naples, and Catania.  Alitalia extends its network as a member of
the SkyTeam code-sharing and marketing alliance, which also
includes Air France, Delta Air Lines, and KLM.  An Italian
investor group owns a majority of the company, while Air France-
KLM owns 25%.


MEDIOCREDITO TRENTINO: Fitch Affirms 'bb-' Viability Rating
-----------------------------------------------------------
Fitch Ratings has affirmed Mediocredito Trentino Alto Adige
S.p.A.'s (MTAA) Long- and Short-term Issuer Default Ratings
(IDRs) at 'BBB+' and 'F2' respectively.  The agency has also
affirmed the bank's Viability Rating (VR) at 'bb-' and its
Support Rating (SR) at '2'.  The Outlook is Negative.

Key Rating Drivers - IDRS and SR

MTAA's IDRs and SR are based on Fitch's expectation that support
for MTAA, if needed, will highly likely be provided, on a timely
basis, by its main shareholders, the Autonomous Province of
Trento (A/Negative/F1), the Autonomous Province of Bolzano
(A/Negative/F1) and the Region of Trentino Alto Adige, which
jointly hold a 52.5% stake in the bank.

Fitch believes that the public shareholders have the ability to
provide sufficient support in funding, liquidity or capital for
MTAA, if needed, given their high financial flexibility.  This is
reflected in their ratings being two notches above Italy's and
the bank's small balance-sheet size compared with that of its
public shareholders.

"MTAA's Long-term IDR is notched two levels down from its main
shareholders' Long-term IDRs to reflect our view of MTAA's
strategic importance given its role in supporting the local
economy and the high reputational risk to the majority
shareholders should they not support the bank," Fitch said.  At
the same time, the two-notch rating differential reflects the
presence of minority shareholders and its limited integration
within its main shareholders, which is the result of MTAA
operating as a regulated bank.

The propensity to support is further underpinned by the presence
of a shareholders' pact between the largest shareholders, which
Fitch believes will be renewed in its current terms when it
expires on April 24, 2014. This pact, albeit not legally binding,
includes provisions to provide funds to MTAA if needed.
Moreover, the shareholders have provided support in the form of
funding in the past, which in the agency's opinion demonstrates
their ability and propensity to promptly intervene, if needed.

MTAA continues to perform an important role for the public sector
in its home region.  The provinces consider MTAA as a vehicle for
executing their economic policies.  The bank's sharp reduction of
new loans extended in 2012 and 2013 reflects lower credit demand
and tighter underwriting standards but Fitch believes MTAA will
remain a key institution for the funding of the local corporate
sector's investments.

MTAA's franchise and commercial presence also benefit from close
links with the local mutual banking sector (Banche di Credito
Cooperativo; BCC sector) which holds 36.6% of MTAA's capital.
MTAA provides products and services, typically medium- to longer-
term loans, to the BCCs' clients.

The Negative Outlook mirrors those on the shareholders' ratings
as well as the Negative Outlook on Italy's sovereign rating.

Rating Sensitivities - IDRS AND SR

MTAA's IDRs and SR are sensitive to changes in Fitch's
assumptions regarding the ability or propensity of its main
shareholders to provide support.

A downgrade of the provinces would result in a downgrade of
MTAA's IDRs and put pressure on the SR.

"The SR and IDRs are also sensitive to a change in the strategic
importance of MTAA and would come under pressure if the bank's
ownership structure changes or if we believe that the probability
of timely support from its public sector shareholders decreases
because of possible state aid considerations.  As MTAA operates
as a bank in Italy, its IDR is capped at the sovereign rating and
is therefore sensitive to a downgrade of Italy," Fitch said.

Key Rating Drivers - VR

MTAA's VR primarily reflects the bank's weak asset quality and
profitability, which Fitch does not expect to improve at least
until over the medium term.  It also reflects MTAA's dependence
on wholesale funding, partly mitigated by access to liquidity
from its shareholders, and tight capitalization.

MTAA is a small bank that provides long-term lending to the
corporate sector.  Asset quality has been deteriorating because
of the weakness in the economic environment.  Although the
deterioration slowed down in 2013, gross impaired loans have
risen to represent a high 14.8% of gross loans at end-2013.  Loan
impairment coverage of impaired loans has risen but remains low
at about 30%, and renders the bank vulnerable to further falls in
asset values.  Further loan impairment charges are likely to be
put through in 2014.

MTAA's operating profitability continued to decline in 2013
mainly because of high loan impairment charges.  Fitch believes
profitability will remain weak in 2014 as improvements in the
domestic economy are likely to be gradual.  MTAA's earnings
sources are not diversified as medium and long-term lending
remains the bank's main business and net interest income
dominates revenues.

The bank relies on wholesale funding, which accounted for about
90% of non-equity funding at end-2013. Fitch believes that its
EUR270m of bonds maturing in 2014 could put upward pressure on
funding costs.

Fitch expects that the bank's shareholders would provide ordinary
support to underpin liquidity if needed.  This could take the
form of deposits or purchase of bonds issued by MTAA, directly or
through the provinces' subsidiaries, which include Cassa del
Trentino (A/Negative/F1), the financing arm of the Autonomous
Province of Trento.

Fitch views the bank's capitalization as tight given its small
size and weak asset quality, despite reporting a Fitch Core
Capital/risk-weighted assets ratio of 15.7% at end-2013.

Rating Sensitivities - VR

MTAA's VR is sensitive to a more rapid deterioration in asset
quality than planned, particularly if additional loan impairment
charges put further pressure on capital adequacy.  A material
improvement in asset quality and profitability would result in
MTAA's VR being upgraded.

The VR is also sensitive to changes in the bank's liquidity.  A
reduced ability to access funding from the BCC or from its public
sector shareholders, materially challenging the bank's funding
structure and costs, would put the VR under pressure.



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


BRAAS MONIER: Fitch Publishes 'B' Long-Term IDR; Outlook Stable
---------------------------------------------------------------
Fitch Ratings has published Braas Monier Building Group S.A.'s
Long-term Issuer Default Rating (IDR) of 'B'.  The Outlook is
Stable.  Fitch has concurrently assigned a 'B+(EXP)' expected
rating to the EUR415 million senior secured notes, to be issued
in a combination of fixed and floating rate notes, and the
EUR150 million senior secured term loan (Term Loan B).  Final
ratings are contingent upon the receipt of final documents
conforming to information already received.

The ratings are supported by Braas Monier's leading market
positions in concrete and clay roofing systems and the group's
successful cost-cutting initiatives over the past years that will
sustainably improve operating leverage.  Fitch forecasts that
funds from operations (FFO) adjusted leverage will remain around
5.0x over the next 12-18 months, based on moderate improvements
in some of Braas Monier's core Western European markets.
However, free cash flow (FCF) will be consumed by around
EUR40 million one-off restructuring costs and EUR18 million
refinancing costs in 2014, but we expect positive FCF generation
in a normalized year.

KEY RATING DRIVERS

Leading Market Positions

Braas Monier is a leading pan-European roofing tiles and
components manufacturer.  The group has a leading market share in
concrete roofing tiles in most markets it operates, with more
than a 50% share in some markets, and a secondary or tertiary
market share in clay roofing tiles.  The group also has leading
positions in components and chimney and energy systems.

Earnings Improvement, Declining Volumes

Fitch calculated EBITDA margin improved to 12.9% in 2013 from
10.0% a year earlier, driven by management's successful cost-
cutting measures.  The group achieved this despite a 6.6% drop in
revenues driven by weak volumes from slow construction activity
in Braas Monier's core European markets and FX headwinds.

Recovering Markets

Fitch expects some recovery in construction activity in certain
key Western European end-markets, which together account for
nearly half of Braas Monier's revenues.  In particular, trends in
the UK point towards strong growth and Germany and the Nordics
could grow at healthy rates.  However, Fitch expects a continued
challenging environment for Braas Monier's French and Southern
European operations.

Volume Weakness Mitigated

Management has implemented a group-wide cost-savings program,
including the reduction of labor costs over the past two years.
This has notably reduced the group's cash break-even and improved
operating leverage.  In addition, the group is managing working
capital down, which supports fundamental FCF generation, despite
the drop in profitability.  It has also disposed of non-core and
partially loss-making businesses.

One-Offs Depress Cash Flow

Fitch expects FCF to be burdened by one-off cash costs in 2014,
including around EUR40m in cash costs from restructuring and
EUR18m in refinancing costs.  Fitch forecasts no further
restructuring cash costs and positive FCF thereafter and expect
the group's capacity for debt repayment to improve from 2015
onwards.

Deleveraging

Fitch expects modest improvements in leverage from higher
fundamental earnings generation, given the bullet maturity
profile of Braas Monier's debt.  Fitch forecasts FFO adjusted
leverage to remain around 5.0x over the next 12-18 months.

RATING SENSITIVITIES

Positive:

   -- FFO adjusted leverage remaining below 4.0x (5.4x at end-13)

   -- Maintaining the ability to pass on price increases and
      EBITDA margin in mid- to high teens (12.9% in 2013)

   -- FCF positive through the cycle (-2.1% FCF margin in 2013)

Negative:

   -- FFO adjusted leverage above 5.0x for 18-24 months

   -- Negative free cash flow for 18-24 months

   -- FFO fixed charge cover below 2.0x (2.4x in 2013)

LIQUIDITY

Adequate Liquidity

On closing of its refinancing, the group will have around EUR100m
in liquidity consisting of EUR25m cash on balance sheet and
EUR74m available from its super-senior revolving credit facility.
This should be sufficient to cover cash needs in the next 12
months, given that cash restructuring costs will mostly be paid
off in 1H14 and seasonal working capital drains tend to occur in
1Q.

FULL LIST OF RATING ACTIONS

Braas Monier Building Group S.A.

-- Long-term IDR: 'B'; Outlook Stable

BMBG Bond Finance S.C.A.

-- EUR415m senior secured notes 'B+(EXP)' (RR3)

Monier Finance S.a r.l.

-- EUR150m senior secured term loan 'B+(EXP)' (RR3)


BRAAS MONIER: S&P Assigns 'B-' Corp. Credit Rating; Outlook Pos.
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
'B-/B' long- and short-term corporate credit rating to
Luxembourg-registered building materials manufacturer Braas
Monier Building Group S.A. (formerly Monier Group S.a.r.l).  The
outlook is positive.

At the same time, S&P assigned a 'B-' issue rating to the
proposed EUR665 million senior debt instruments, comprising a
EUR100 million revolving credit facility, EUR150 million term
loan B, and EUR415 million fixed- and floating-rate notes.  The
recovery rating on these facilities is '4', indicating S&P's
expectation of average (30%-50%) recovery in the event of a
payment default.

The ratings reflect S&P's assessment of Braas Monier's financial
risk profile as "highly leveraged" and its business risk profile
as "weak," as S&P's criteria define the terms.

Braas Monier's financial risk profile assessment reflects S&P's
view of the group's high debt leverage, which it calculates at
about 13.7x for the financial year ending Dec. 31, 2013 (leverage
is 8x if S&P do not deduct restructuring costs of EUR72 million
from its earnings calculation).

"Our assessment of the group's "weak" business risk profile
incorporates our view of the industry's highly cyclical nature,
as well as Braas Monier's exposure to volatile input costs and to
still-sluggish macroeconomic conditions in Europe.  We also
consider that Braas Monier's profitability (including
restructuring costs) is lower than peers', and the group has
significant exposure to the early-cyclical and weak residential
end-markets.  These factors are partly offset by Braas Monier's
good market positions and its large share of renovation-led
demand, which we view as more resilient than new-construction
demand," S&P said.

The management has undertaken numerous measures to improve its
profitability, including significantly reducing its fixed costs.
The group took measures to significantly reduce its labor costs
over the last two years and therefore the group's profitability
has been affected by material cash outflows for staff redundancy
payments in financial 2012 and 2013.  S&P expects that Braas
Monier will have minimal restructuring costs in future, although
there will be a cash outflow of about EUR40 million related to
charges expensed in previous years.  S&P believes the substantial
improvement from these cost restructuring measures will result in
better operating efficiencies and profitability, and could lead
S&P to revise the group's business risk profile upward to "fair"
from "weak."

S&P's base-case scenario for financial-year 2014 assumes:

   -- Modest revenue growth resulting from stable volumes and
      support from modest price increases.

   -- Reported EBITDA margins that stabilize in the region of
      13%-15% as the benefits of the restructuring program are
      realized.(S&P considers these margins to be average for
      building product manufacturers; see paragraph 70 of
      "Key Credit Factors For The Building Materials Industry,"
      published Dec. 13, 2013.)

   -- A focus on organic growth, with no material acquisitions or
     dividend payouts.

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

   -- An adjusted ratio of debt to EBITDA of about 6.4x (4.5x
      excluding the purchaser loan facility) in 2014; and

   -- Adjusted funds from operations (FFO) at 10% of debt over
      the next two years.

"We assess Braas Monier Building Group as a financial sponsor-
owned entity, as private equity groups Apollo Management
International LLP, TowerBrook Capital Partners L.P., and York
Capital Management LLC own a combined stake of more than 50%,
giving them effective joint control of the group.  This means
that, in line with our criteria, we do not include any benefit of
surplus cash in our leverage calculation," S&P noted.

The positive outlook reflects S&P's view that Braas Monier's
operating margins could improve significantly in the future
following the restructuring.

S&P could raise the ratings on Braas Monier over the next 12
months on the back of progress in the group's profitability and
operating efficiency.  S&P believes that Braas Monier's
operations will benefit from the cost reductions the group made
in 2012-2013, and profitability could rebound more quickly if
volumes stabilize at current levels.  More specifically, S&P
could consider an upgrade if Braas Monier sustains adjusted
EBITDA margins at about 15%.

S&P could revise the outlook to stable if Braas Monier's
profitability does not improve in line with its current
expectations and the group's cash flow generation weakens and
constrains liquidity.  This could be caused by several factors,
including further deterioration in European construction
activity, a reduced ability to push through price increases, and
higher interest costs.



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


HOLLAND PARK: Fitch Assigns 'B-(EXP)sf' Rating to Class E Notes
---------------------------------------------------------------
Fitch Ratings has assigned Holland Park CLO Limited notes
expected ratings, as follows:

EUR291.875 million class A-1: 'AAA(EXP)sf'; Outlook Stable
EUR58.75 million class A-2: 'AA(EXP)sf'; Outlook Stable
EUR30 million class B: 'A+(EXP)sf'; Outlook Stable
EUR23.75 million class C: 'BBB+(EXP)sf'; Outlook Stable
EUR37.5 million class D: 'BB+(EXP)sf'; Outlook Stable
EUR17.5 million class E: 'B-(EXP)sf'; Outlook Stable
EUR54.25 million subordinated notes: not rated

The assignment of the final ratings is contingent on the receipt
of final documents conforming to information already reviewed.

Holland Park CLO Limited is an arbitrage cash flow collateralized
loan obligation (CLO).

Key Rating Drivers

Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
range of 'B'/'B-'.  The agency has public ratings or credit
opinions on all 49 obligors in the initial portfolio.  The
covenanted maximum Fitch weighted average rating factor (WARF)
for assigning today's expected ratings is 34.0.  The WARF of the
initial portfolio is 31.4.

Above-average Recoveries
The portfolio will comprise a minimum of 90% senior secured
obligations.  Recovery prospects for these assets are typically
more favorable than for second-lien, unsecured and mezzanine
assets.  Fitch has assigned recovery ratings (RR) to all
obligations in the initial portfolio.  The covenanted minimum
weighted average recovery rate (WARR) for assigning today's
expected ratings is 68%.  The WARR of the initial portfolio is
72.6%.

Payment Frequency Switch
The notes pay quarterly while the portfolio assets can reset to a
semi-annual basis.  The transaction has an interest-smoothing
account, but no liquidity facility.  Liquidity stress for the
non-deferrable class A-1 and A-2 notes, stemming from a large
proportion of assets resetting to a semi-annual basis in any one
quarterly period, is addressed by switching the payment frequency
on the notes to semi-annual in such a scenario, subject to
certain conditions.

Limited Interest Rate Risk
No more than 10% of the portfolio may consist of fixed-rate
assets; consequently, the majority of this risk is naturally
hedged, as all notes are floating-rate.  Fitch modeled a 10%
fixed-rate bucket in its analysis and the rated notes can
withstand the excess spread compression in a rising interest rate
environment.

Limited FX Risk
Any non-euro-denominated assets have to be hedged with perfect
asset swaps as of the settlement date, limiting foreign exchange
risk. The transaction is permitted to invest up to 20% of the
portfolio in non-euro-denominated assets.

Transaction Summary

Net proceeds from the note issue will be used to purchase a
EUR500 million portfolio of European leveraged loans and bonds.
The portfolio will be managed by Blackstone/GSO Debt Funds
Management Europe Limited.  The transaction will have a four year
re-investment period scheduled to end in 2018.

The transaction documents may be amended subject to rating agency
confirmation or noteholder approval.  Where rating agency
confirmation relates to risk factors, Fitch will analyze the
proposed change and may provide a rating action commentary if the
change has a negative impact on the ratings.  Such amendments may
delay the repayment of the notes as long as Fitch's analysis
confirms the expected repayment of principal at the legal final
maturity.

If in the agency's opinion the amendment is risk-neutral from a
rating perspective Fitch may decline to comment.  Noteholders
should be aware that confirmation is considered to be given if
Fitch declines to comment.

Rating Sensitivities

A 25% increase in the expected obligor default probability would
lead to a downgrade of one to three notches for the rated notes.
A 25% reduction in expected recovery rates would lead to a
downgrade of one to five notches for the rated notes.

In addition, in line with its Exposure Draft - Criteria for
Sovereign Risk in Developed Markets for Structured Finance and
Covered Bonds, January 22, 2014, Fitch analyzed a sensitivity of
a 50% devaluation haircut to recovery rates for assets in these
jurisdictions, assuming that recovery rates may be realized in
non-euro currencies.

This sensitivity would not result in the downgrade of the class
A-1 notes, the only notes affected.  This sensitivity was
conducted to assess transfer and convertibility risk if a country
was to leave the currency union and it is consistent with the
proposals of the Exposure Draft.


HOLLAND PARK: Moody's Assigns '(P)B2' Rating to Class E Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Holland
Park CLO Limited:

EUR291,875,000 Class A-1 Senior Secured Floating Rate Notes due
2027, Assigned (P)Aaa (sf)

EUR58,750,000 Class A-2 Senior Secured Floating Rate Notes due
2027, Assigned (P)Aa2 (sf)

EUR30,000,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2027, Assigned (P)A2 (sf)

EUR23,750,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2027, Assigned (P)Baa2 (sf)

EUR37,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2027, Assigned (P)Ba2 (sf)

EUR17,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2027, Assigned (P)B2 (sf)

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

RATINGS RATIONALE

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

Holland Park is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans or senior secured
notes and up to 10% of the portfolio may consist of unsecured
senior obligations, second-lien loans, mezzanine obligations and
high yield bonds. The portfolio is expected to be around 60%
ramped up as of the closing date and comprised predominantly of
corporate loans to obligors domiciled in Western Europe. The
remainder of the portfolio will be acquired during the six month
ramp-up period in compliance with the portfolio guidelines.

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

In addition to the six classes of notes rated by Moody's, the
Issuer will issue EUR 54.25m of subordinated notes, which is not
rated by Moody's.

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

Loss and Cash Flow Analysis:

Moody's modelled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
February 2014. The cash flow model evaluates all default
scenarios that are then weighted considering the probabilities of
the binomial distribution assumed for the portfolio default rate.
In each default scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders. Therefore, the expected loss or EL for each tranche
is the sum product of (i) the probability of occurrence of each
default scenario and (ii) the loss derived from the cash flow
model in each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.

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

Par amount: EUR500,000,000

Diversity Score: 34

Weighted Average Rating Factor (WARF): 2750

Weighted Average Spread (WAS): 4.05%

Weighted Average Coupon (WAC): 6.00%

Weighted Average Recovery Rate (WARR): 41.5%

Weighted Average Life (WAL): 8 years.

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3162 from 2750)

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes: -1

Class A-2 Senior Secured Floating Rate Notes: -2

Class B Senior Secured Deferrable Floating Rate Notes: -2

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -1

Class E Senior Secured Deferrable Floating Rate Notes: -1

Percentage Change in WARF: WARF +30% (to 3575 from 2750)

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes: -1

Class A-2 Senior Secured Floating Rate Notes: -3

Class B Senior Secured Deferrable Floating Rate Notes: -4

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -1

Class E Senior Secured Deferrable Floating Rate Notes: -3

Methodology Underlying the Rating Action:

The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.

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

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



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


NOVOSIBIRSK: S&P Affirms 'BB+' Long-Term ICR; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
issuer credit rating on Russia's City of Novosibirsk.  The
outlook is stable.

At the same time, S&P affirmed its 'ruAA+' Russia national scale
rating on the city and its 'BB+' and 'ruAA+' issue ratings on the
city's senior unsecured bonds.

RATIONALE

The ratings are constrained by what S&P sees as Novosibirsk's
relatively poor economy and Russia's "developing and unbalanced"
institutional framework, which limits the city's budgetary
flexibility and predictability.  These constraints are mitigated
by Novosibirsk's "neutral" management quality, as defined in
S&P's criteria, "neutral" liquidity, strong budgetary
performance, moderate debt, and low contingent liabilities.

Novosibirsk's financial predictability and flexibility, like
those of other Russian local and regional governments (LRGs), are
limited.  This is because the federal government regulates tax
rates, tax-revenue allocation, and the distribution of
responsibilities to different layers of government.  S&P still
regards the institutional framework for Russian LRGs as
"developing and unbalanced".

Despite limited financial flexibility, the city's financial
management has demonstrated reasonable cost control and prudent
debt and liquidity polices, which have resulted in strong
budgetary performance and a smooth debt profile.  S&P believes
the city's track record and established managerial procedures
will likely moderate the risk of abrupt policy revisions in the
medium term.  This also applies to a possible change in political
leadership following early mayoral elections in April 2014, which
were triggered by the resignation of Mayor Vladimir Gorodetsky.

S&P believes the city will continue to benefit from Novosibirsk
Oblast's support because it accounts for more than 55% of the
oblast's population.  S&P expects that, in 2014-2016, the
oblast's operating transfers will increase by 15% annually on
average. However, in S&P's base-case scenario, the oblast's
capital transfers earmarked for a bridge construction project are
set to diminish as the project enters its final stage.

S&P expects the city to continue posting sound budgetary
performance in the medium term.  In S&P's view, continuing
support from the oblast and the city's cautious spending policy
will likely mitigate the effect of rising spending pressure and
slowing revenues due to weak economic growth.

In S&P's view, the weakening of the operating surplus to about 4%
of operating revenues on average in 2013-2014 was a one-time
event, mainly triggered by pre-election spending.  Also, in 2013,
the city raised salaries in the preschool education system, which
the oblast's transfers will cover in full starting from 2014.
S&P therefore believes the city's operating performance will
improve, with the operating surplus reaching about 6% of
operating revenues in 2015-2016.

S&P believes the city will fund most of its investment program
with capital transfers from the oblast and the federal budget.
For this reason, S&P's base-case scenario envisages only modest
deficits after capital accounts of less than 3% of total revenues
on average in 2014-2016, after a one-time increase of 7% in 2013
when the bridge project was nearing completion.

Owing to modest deficits, tax-supported debt will likely stay
below 40% of consolidated operating revenues by the end of 2015,
which S&P sees as moderate by international standards.  The
city's limited involvement in the local economy and the
relatively stable financial position of its government-related
entities translate into low contingent liabilities.

Novosibirsk's fairly poor economy suffers from low
Productivity -- especially in the industrial sector -- and
inadequate municipal infrastructure, including issues such as
obsolete transport, utilities, and housing.  These constraints
are somewhat mitigated by the relatively diverse nature of the
city's economy.

Liquidity

S&P sees Novosibirsk's liquidity as "neutral," according to its
criteria.  The city's free cash and committed bank lines will
likely comfortably cover its debt service over the next 12
months.

Management's continued prudent policies have allowed Novosibirsk
to significantly improve its debt profile over the past few
years. In 2013, in line with this policy, the city placed a long-
term bond of Russian ruble (RUB) 5 billion (about US$143 million)
and secured more than RUB6 billion (about US$171.5 million) of
committed facilities with tenors of five to seven years.  In
addition, the city has been able to contain debt service at less
than 10% on average over the next three years.

Novosibirsk's cash has been low historically.  Despite strong
budgetary performance, the city's cash holdings are less than
100% of its expected debt service for the next 12 months.
However, the city's sound management of committed bank facilities
helps mitigate this.  As of January 2014, availability under
committed facilities exceeded the city's total debt service in
2014 and 2015.  The terms of Novosibirsk's access to bank lending
are more favorable than those for many higher-rated entities.

Nevertheless, according to S&P's methodology, it qualifies all
Russian LRGs' access to financial markets as "limited" by
international standards because of what S&P sees as Russia's weak
banking system and limited development of the domestic capital
market.

OUTLOOK

The stable outlook reflects S&P's view that, over the next 12
months, Novosibirsk's achieved management standards will likely
counterbalance the risks of a policy revision after the upcoming
mayoral elections.  This, coupled with continuing support from
the Novosibirsk Oblast, should allow the city to deliver sound
budgetary performance.  The outlook also factors in Novosibirsk's
low debt service and S&P's forecast that it will maintain debt at
moderate levels.

S&P would consider a positive rating action if, in line with its
upside case, the city's continuously cautious spending policy led
to a structural improvement of its liquidity position.  However,
S&P considers such a scenario unlikely during the next 12 months.

S&P could take a negative rating action if the city failed to
restore its sound budgetary performance after the mayoral
elections, due, for example, to significant changes in management
priorities that resulted in weaker spending control.  In line
with S&P's downside scenario, this would lead them to revise its
assessment of budgetary performance and management quality
downward.

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

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

RATINGS LIST

Ratings Affirmed

Novosibirsk (City of)
Issuer Credit Rating                   BB+/Stable/--
Russia National Scale                  ruAA+/--/--
Senior Unsecured                       BB+
Senior Unsecured                       ruAA+


TATFONDBANK: Moody's Rates FC Senior Unsecured Debt '(P)B3'
-----------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B3 long-
term foreign-currency senior unsecured debt rating to the Loan
Participation Notes (LPN) to be issued on a limited recourse
basis by TFB Finance Limited for the sole purpose of financing a
loan to Russia-based Tatfondbank.

Ratings Rationale

The (P)B3 foreign-currency senior unsecured debt rating assigned
to the notes is in line with Tatfondbank's global foreign-
currency deposit rating, which is, in turn, based on (1) the
bank's standalone E bank financial strength rating, equivalent to
a baseline credit assessment (BCA) of caa1; and (2) Moody's
assessment of a low probability of support from the government of
the Republic of Tatarstan (Baa3 stable) -- which results in a
one-notch uplift above bank's BCA.

The holders of the notes will be reliant on the credit standing
of Tatfondbank in respect of the financial servicing of the
notes. According to the terms of the notes issue, Tatfondbank
must comply with a number of covenants, including a negative
pledge clause, limits on mergers, restrictions on transactions
with affiliates and on asset and revenue disposals. In addition,
Tatfondbank is obliged to maintain a capital-to-risk weighted
assets ratio not less than 11%.

In the event of bankruptcy, insolvency, liquidation or similar of
Tatfondbank, the notes will rank at least pari passu with the
claims of all the other unsecured creditors.

WHAT COULD MOVE THE RATINGS UP/DOWN

Moody's might consider a positive rating action in case of
improvement in Tatfondbank's capital buffer and core recurring
revenues, further disposal of non-core banking assets and
equities, as well as any reduction in related-party exposure,
coupled with maintenance of good asset quality and liquidity.

A material weakening of Tatfondbank's liquidity profile and/or
capital adequacy may result in a lowering of the BCA. The bank's
debt and deposit ratings could also be downgraded if there is
evidence of weaker ties between Tatfondbank and its non-
controlling shareholder (Tatarstan).

Domiciled in Kazan, Russia, Tatfondbank reported total assets of
RUB121 billion and shareholder equity of RUB14.8 billion as of
year-end 2013 under unconsolidated local GAAP. Net income
amounted to RUB433 million under unconsolidated local GAAP at
year-end 2013.


TOMSK OBLAST: S&P Affirms 'BB-' Issuer Credit Rating
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
issuer credit rating and its 'ruAA-' Russia national scale rating
on the Russian region of Tomsk Oblast.  The outlook is stable.

Rationale

The ratings on Tomsk reflect S&P's view of Russia's "developing
and unbalanced" institutional framework; the region's moderate
wealth levels and concentrated economy, which exposes its budget
revenues to volatile commodity markets; and "negative" financial
management in an international context, mostly owing to a lack of
reliable medium-term financial planning.  Low budgetary
flexibility and weak budgetary performance also constrain the
ratings.

Tomsk's modest debt burden, limited contingent liabilities, and
S&P's view of its "neutral" liquidity, as our criteria define the
term, support the ratings.

Similar to other Russian regions, Tomsk has very limited control
over its revenues within the institutional framework.  The
federal government regulates the rates and distribution shares
for most taxes and transfers, leaving only about 6% of operating
revenues that the region can manage.  The president's decrees in
2012 that require regions to significantly increase social
spending also hinder the oblast's expenditure flexibility and
hence its budgetary performance. Tomsk's financial management has
a good track record of containing costs and plans to continue
efforts to curb operating expenditure in 2014-2016.  Still, in
S&P's view, the need to raise public-sector salaries will make
this task increasingly difficult.

Apart from systemic constraints, the predictability of Tomsk's
financial indicators is limited by economic concentration and
dependence on tax payments from the few largest taxpayers.  In
the medium term, S&P expects that the regional economy will
remain dependent on oil and gas, which will likely account for
almost 30% of the gross regional product and 20% of budget
revenues.  This will continue to expose the economy and tax
revenues to volatility in global commodity markets and changes to
the national tax regime. These risks materialized in 2013, when
changes in tax legislation led to a more than 10% drop in
corporate profit tax and the same amount of operating revenues in
nominal terms compared with 2012.

"In our base-case scenario for 2014-2016, we expect the oblast's
budgetary performance to remain weak. It will likely gradually
improve compared with 2013's very weak results, following a
recovery of tax revenues and higher operating transfers from the
federal government. However, the operating balance in 2014-2016
will likely remain negative on average and will be lower than the
small operating margins of about 1.5% of operating revenues that
the oblast posted in 2010-2012. We expect that in the next three
years the oblast will partly cut the self-financed capital
program, so that the deficits after capital accounts will improve
to about 5% of total revenues compared with more than 10% on
average in 2011-2012," S&P said.

Tax-supported debt will likely stabilize at about 40% of
consolidated operating revenues in 2015-2016 compared with 27% on
average in 2010-2013.  In S&P's view, the debt burden as a
proportion of budget revenues will still remain modest in an
international context, but it will be higher than the Russian
average.  The oblast has a very minor amount of guarantees
outstanding and doesn't plan to provide new ones in the next
three years.  In S&P's view, contingent liabilities, stemming
from the oblast's government-related entities, are limited.

S&P views Tomsk's financial management as a "negative" factor for
its creditworthiness in an international context, as it do for
most Russian local and regional governments.  In S&P's view,
although the oblast has soundly managed expenditures and debt, it
lacks reliable long-term financial planning.  Additionally, it
lacks sufficient mechanisms that could protect the region's
financials from the volatility that stems from economic and tax-
base concentration risks.

Liquidity

S&P views Tomsk's liquidity as "neutral," as defined in its
criteria.  S&P expects the oblast's net average cash and
committed bank lines to cover its debt service falling due within
the next 12 months by more than 120%.  At the same time, S&P
views Tomsk's access to external liquidity as "limited," given
the weaknesses of the domestic capital market.

In S&P's base-case scenario, it expects Tomsk will keep modest
cash reserves on its accounts throughout 2014.  S&P forecasts
that over the next 12 months Tomsk's cash, net of the deficit
after capital accounts, will equal about Russian ruble (RUB) 1
billion (about US$30 million) on average.

Over the same period, the oblast will likely continue to organize
committed bank lines and keep undrawn amounts exceeding its
refinancing needs.  At the beginning of March 2014, the oblast
had RUB2.2 billion in unused lines with terms exceeding one year.
S&P expects that in the second quarter of 2014, the oblast will
contract at least another RUB5 billion in medium-term lines, and
the average net free cash together with committed facilities will
exceed 120% of debt service falling due over the next 12 months.

S&P also assumes that Tomsk will continue relying on medium- to
long-term borrowings.  This is likely to support a relatively
smooth debt repayment profile and keep debt service at
approximately 10% of operating revenues in 2014-2016.

OUTLOOK

The stable outlook reflects S&P's view that a moderate recovery
of Tomsk's revenues will support its weak budgetary performance,
and that its modest debt burden will stabilize at about 40% of
total revenues by 2016.  The outlook also reflects that liquidity
will remain "neutral" for the ratings, owing to prudent
management of committed facilities and reliance on medium- to
long-term borrowing.

S&P could take a negative rating action within the next 12 months
if, in line with its downside scenario, the oblast depleted its
cash due to weaker revenues and loosened control over spending,
or had lower amounts available under committed credit facilities,
causing the debt-service coverage ratio to fall below 120%.  This
would expose the oblast to refinancing risks and lead S&P to
revise its view of Tomsk's liquidity down to "negative."

S&P could take a positive rating action within the next 12 months
if a stronger rebound in revenues enabled the oblast to achieve
moderate budgetary performance with a positive operating balance
and decrease its tax-supported debt to below 30% of consolidated
operating revenues.

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

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

RATINGS LIST

Ratings Affirmed

Tomsk Oblast
Issuer Credit Rating                   BB-/Stable/--
Russia National Scale                  ruAA-/--/--
Senior Unsecured                       BB-
Senior Unsecured                       ruAA-


* Moody's Affirms CFRs of Several Russian Utility Companies
-----------------------------------------------------------
Moody's Investors Service has taken multiple rating actions on
Russian utility companies in Russia. These rating actions follow
Moody's placement of Russia's Baa1 government bond rating on
review for downgrade on March 28, 2014.

In particular, Moody's has placed the ratings of the following
issuers and debt issues on review for downgrade:

* OAO AK Transneft: Transneft's Baa1 issuer rating and the Baa1
  senior unsecured rating of the outstanding $1.05 billion loan
  participation notes issued by TransCapitalInvest Limited, a
  special purpose vehicle (SPV) of Transneft.

* Atomenergoprom, JSC: Atomenergoprom's Baa2 issuer rating.

* FGC UES, JSC: FGC UES's Baa3 issuer rating, the (P)Baa3 senior
   unsecured rating of the RUB100 billion loan participation note
   programme, and the Baa3 rating of the first series of RUB17.5
   billion of notes issued thereunder by Federal Grid Finance
   Limited, an SPV of FGC UES.

Moody's also affirmed the corporate family ratings (CFR) and
probability of default ratings (PDR) of the following companies
and the ratings of the following debt issues; the outlook on
these ratings remains stable:

* RusHydro, JSC: RusHydro's Ba1 CFR, Ba1-PD PDR and the Ba1
   senior unsecured rating of loan participation notes of RUB20
   billion.

* Inter RAO, JSC, Russian Grids, JSC: Inter RAO's and Russian
   Grids' Ba1 CFR and Ba1-PD PDR.

* IDGC of Center and Volga Region, JSC, IDGC of Urals, JSC, IDGC
   of Volga, JSC, Lenenergo, JSC, MOESK, OJSC: the Ba2 CFR and
   Ba2-PD PDR of each of the companies.

RATINGS RATIONALE

The actions cover Russian utility companies which are directly
and/or indirectly controlled by the Russian government. The
companies' ratings, whether they fall under Moody's methodology
for government-related issuers (Transneft, Atomenergoprom, FGC
UES, Russian Grids, Inter RAO, RusHydro), or other methodologies
(IDGC of Center and Volga Region, IDGC of Urals, IDGC of Volga,
Lenenergo, MOESK), benefit from an uplift to the companies'
standalone credit quality driven by the probability of state
support.

Moody's decision to review the ratings of Transneft,
Atomenergoprom and FGC UES for downgrade primarily reflects (1)
the companies' strong linkages with the Russian government; (2)
the focus of their business in Russia; and (3) the ratings' high
sensitivity to the factors that drive the probability of
government support. The value of the uplift for government
support will be reconsidered in light of the review for downgrade
of the Russian sovereign rating.

The affirmation of the ratings and outlooks for Russian Grids and
its rated distribution grid subsidiaries (IDGC of Center and
Volga Region, IDGC of Urals, IDGC of Volga, Lenenergo and MOESK),
as well as for Inter RAO and RusHydro reflects the robustness of
the support assumptions embedded within their ratings, and the
fact that a substantial downward transition in the rating of the
Russian government would be required before a downwards
adjustment in ratings was justified.

WHAT COULD MOVE THE RATING DOWN/UP

--- TRANSNEFT, ATOMENERGOPROM, FGC UES

Upward pressure on the companies' ratings is unlikely at present,
given the current review for downgrade. Moody's could confirm the
companies' ratings if it were to confirm Russia's government bond
rating at the current level, provided there is no material
deterioration in company-specific factors, including operating
and financial performance and liquidity.

Moody's would downgrade some or all of Transneft's,
Atomenergoprom's and FGC UES's ratings if it were to (1)
downgrade the rating of the Russian government; and/or (2) revise
downwards its assessment of the probability of the government
providing extraordinary support to the companies in the event of
financial distress. At this point, despite Transneft's strong
standalone credit quality, Moody's expects that Transneft's
rating is unlikely to be higher than that of the sovereign at the
end of the rating review.

The final rating of FGC UES will depend on the result of the
review of the government rating. A one notch downgrade of the
government rating, together with maintenance of robust support
assumptions would likely result in a confirmation of the rating.

--- RUSSIAN GRIDS AND ITS DISTRIBUTION GRID SUBSIDIARIES (IDGC
OF CENTER AND VOLGA REGION, IDGC OF URALS, IDGC OF VOLGA,
LENENERGO, MOESK), INTER RAO, RUSHYDRO

Upward pressure on all companies' ratings is unlikely at present,
given the review of the Russian sovereign rating for downgrade.

Downward pressure on the ratings could develop if there were a
substantial downward transition in the rating of the Russian
government. In addition, downward pressure on individual
companies would develop for the following reasons:

Downward pressure on the ratings of Russian Grids and its
distribution grid subsidiaries could result from (1) signs of
weakening support from the government; (2) a negative shift in
the developing regulatory regime without compensatory measures by
the state leading to significantly deteriorating margins; (3)
pressured liquidity; (4) a failure of the companies to manage
their investment programs in line with the tariff regulation and
contain a deterioration of their financial profiles within the
following Moody's guidance, with FFO interest coverage and
FFO/net debt falling materially and persistently below 3.0x and
20%, respectively, for Russian Grids; below 3.5x and 25% for FGC
UES; below 3.0x and mid-teens for Lenenergo and MOESK; below 3.5x
and 20% for IDGC of Center and Volga Region, IDGC of Urals, IDGC
of Volga.

Negative pressure on Inter RAO's and RusHydro's ratings would
also result from Moody's assessment of a material reduction in
the probability of state support. The ratings of both companies
could also be negatively affected if there were a significant
negative shift in the evolving regulatory and market framework
and Moody's believed that the companies would fail to limit a
deterioration of its financial profile, reflected in a
debt/EBITDA ratio above 3x, FFO interest coverage below 5.0x and
RCF/debt below 30% materially and on a sustainable basis. The
companies' inability to maintain adequate liquidity could also
pressure the ratings.

Fully controlled by the Russian government (the latter owns 100%
of its voting shares), Transneft is the de-facto monopoly oil
pipeline business in Russia, with 2012 reported sales of around
RUB577.6 billion, or US$18.6 billion (net of revenues from crude
oil supplies to China, which are mirrored by oil purchase costs).

Headquartered in the city of Moscow, Russia, Atomenergoprom and
its subsidiaries represent the civil Russian nuclear industry,
which covers the whole nuclear cycle from uranium mining and
enrichment to nuclear fuel production, production of electricity
at nuclear power plants and construction of nuclear power
units/plants both in Russia and abroad. Atomenergoprom's
consolidated revenue was RUB396.4 billion (around US$12.8
billion) in 2012. The company is 100% owned by the Russian
government through the State Atomic Energy Corporation Rosatom.

Headquartered in Moscow, Russia, FGC UES is the monopoly
electricity transmission system operator in the Russian
Federation. The company's revenues amounted to RUB140.3 billion
(around US$4.5 billion) in 2012 (other operating income of RUB3.5
billion, primarily from non-core activities, is not included).
FGC is 80.12% owned by Russian Grids.

RusHydro is Russia's largest and a world major hydropower
business, accounting for around half of hydropower output in
Russia, majority owned (66.84% at end-2013) by the Russian
government. In 2011, following the acquisition of RAO Energy
System of East (RAO ES of East), the Far Eastern integrated
electric utility business, RusHydro acquired exposure to thermal
power generation. RusHydro's IFRS revenue was RUB313.6 billion
(approximately US$9.8 billion) in 2013.

Inter RAO is a Russian major electric utility engaged in thermal
electricity generation and retail electricity sales in Russia,
cross-border electricity trading and electric utility operations
abroad. Inter RAO's IFRS revenue was RUB662.3 billion
(approximately US$20.7 billion) in 2013. Inter RAO is controlled
by the Russian government, which owns 56.23% of the company
through state-controlled entities.

Headquartered in the city of Moscow, Russian Grids is the holding
company for FGC UES and 15 distribution grid subsidiaries. The
Russian government owns a 85.31% stake in Russian Grids. Russian
Grids' operating grid subsidiaries are regulated natural
monopolies, whose electricity transportation revenues accounted
for around 80.8% of the group's 6M 2013 consolidated revenue of
RUB348.8 billion (US$11.4 billion), with FGC UES assumed to be
consolidated from the beginning of 2013.

Headquartered in the city of Nizhniy Novgorod, Russia, IDGC of
Center and Volga Region is an interregional electricity
distribution grid business, focused on nine regions in the
European part of Russia. IDGC of Center and Volga Region's 2012
total revenues were RUB58.4 billion (around US$1.9 billion).
Russian Grids holds 50.4% of the company's voting shares.

Headquartered in the city of Yekaterinburg, Russia, IDGC of Urals
is an interregional electricity distribution grid business,
focused on three regions in the Urals: Yekaterinburg, Chelyabinsk
and Perm. The company's 2012 total revenues were RUB59.4 billion
(US$1.9 billion). Russian Grids holds 51.52% of the company's
voting shares.

Headquartered in the city of Saratov, Russia, IDGC of Volga is an
interregional electricity distribution company, focused on seven
regions in the European part of Russia. IDGC of Volga's 2012
total revenues were RUB45.9 billion (US$1.5 billion). Russian
Grids holds 67.63% of the company's voting shares.

Headquartered in the city of St. Petersburg, Lenenergo is one of
Russia's major regional electricity distribution grid companies,
focused on the St. Petersburg region. Lenenergo's 2012 total
revenues were RUB38.1 billion (before normal technological
losses), or US$1.2 billion. The largest shareholder of Lenenergo
is Russian Grids, which directly and indirectly holds 60.56% of
Lenenergo's voting shares. A blocking stake of 26.57% of voting
shares is owned by the government of the city of St. Petersburg.

Headquartered in the city of Moscow, MOESK is Russia's largest
regional power distribution grid company servicing the Moscow
region. MOESK's 2012 total revenues amounted to RUB125.3 billion
(US$4.0 billion). The largest shareholders of MOESK are the
state-controlled Russian Grids (50.9%); other major shareholders
are entities associated with OJSC Gazprom; and the Moscow city
government.


* Moody's Takes Action on Affiliates of 2 Russian Banks
-------------------------------------------------------
Moody's Investors Service has taken rating actions on the
supported senior unsecured debt and deposit ratings of six
subsidiaries of two Russian Financial Institutions: Bank VTB, JSC
(Baa2 on review for downgrade, standalone bank financial strength
rating (BFSR) D-/baseline credit assessment (BCA) ba3) and
Vnesheconombank (Baa1 on review for downgrade). These rating
actions follow Moody's placement on review for downgrade of the
debt, deposit and issuer ratings of the respective Russian
parents on April 1, 2014.

Specifically, Moody's has placed on review for downgrade the
supported senior unsecured and deposit ratings of the five
international and domestic subsidiaries of VTB group and one
domestic subsidiary of Vnesheconombank. The subsidiary banks'
affected ratings benefit from the uplift that Moody's derives
from its assessment of parental support assumptions.

At the same time, the senior and subordinated debt instruments
issued by two special-purpose vehicles belonging to VTB group
were also placed on review for downgrade.

RATINGS RATIONALE

SUPPORTED SENIOR UNSECURED DEBT AND DEPOSIT RATINGS

The review of the parental debt, deposit and issuer ratings has
prompted the review of the subsidiaries' supported ratings, which
incorporate Moody's parental support assumptions. Moody's will
conclude the review of the subsidiary banks' ratings following
(1) the conclusion of the review of the parents' ratings; and (2)
Moody's assessment of the capacity and willingness of the parent
banks to provide assistance to their domestic and international
subsidiaries in the context of on-going volatility, in case of
need. The supported ratings of the affected six subsidiaries
currently benefit from two to five notches of uplift from their
standalone BCAs.

VTB Group's subsidiaries

The supported ratings of VTB group's domestic and international
subsidiaries incorporate Moody's view of the very high likelihood
of support from the parent (Baa2 on review for downgrade), which
in turn benefits from the systemic support uplift. Moody's
believes that such systemic support from the Russian government
(directly or indirectly through VTB) will benefit the group's
subsidiaries given (1) the government's majority ownership of VTB
group; and (2) that there is a strong track record of such
support extended to the group and its subsidiaries by the Russian
government and the Central Bank of Russia.

Therefore, the current uplift in the ratings of these
subsidiaries could be affected by the rating action on the
supported ratings of the parent bank.

SME Bank - subsidiary of Vnesheconombank

The deposit and debt ratings of SME bank incorporate Moody's view
of the very high likelihood of support from its direct parent,
Vnesheconombank, which in turn benefits from systemic support
uplift. Moody's believes that such systemic support from the
Russian government (directly or indirectly through
Vnesheconombank) will benefit SME Bank given that (1) SME Bank is
a fully-owned subsidiary of Vnesheconombank, and is the major
Russian government vehicle to support the country's small and
medium-sized enterprises; and (2) there is a strong track record
of such support extended to SME Bank by the Russian government
and Vnesheconombank.

Therefore, the current uplift on the ratings of SME Bank could be
affected by the rating action on the supported ratings of the
parent bank.

WHAT COULD MOVE THE RATINGS UP/DOWN

Moody's considers that upward pressure on long-term ratings is
unlikely in the near term, because the key drivers of today's
actions relate to the review for downgrade of the parents'
ratings. The review of the subsidiary banks' ratings will
conclude shortly after the conclusion of the review on the
parents' long-term ratings.

List of Affected Ratings

The following ratings have been placed on review for downgrade

-- VTB Bank (Austria) AG - LC/FC deposit ratings at Baa3 and
    LC/FC Short-term deposit ratings P-3

-- VTB Capital plc - LC/FC deposit ratings at Baa3 and LC/FC
    Short-term deposit ratings P-3

-- VTB24LC/FC -deposit ratings at Baa2, LC/FC Short-term deposit
    ratings P-2, LC Senior unsecured and Senior secured ratings
    at Baa2

-- VTB Bank (Deutschland) AG - LC/FC deposit ratings at Ba1

-- Bank of Moscow - LC/FC Senior unsecured debt and deposit
    ratings at Ba1, Senior unsecured MTN - (P)Ba1, FC subordinate
    -- Ba3

-- Kuznetski Capital S.A. -- FC Backed subordinated debt rating
    of Ba3

-- VTB Capital S.A. -- FC Senior unsecured and Senior secured
    rating at Baa2

-- SME Bank - LC Senior unsecured debt and deposit ratings at
    Baa2, FC deposit rating of Baa2, FC Short-term deposit rating
    P-2



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


CAMPOFRIO FOOD: S&P Lifts Long-Term CCR to 'BB-'; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its long-term
corporate credit rating on Spanish meat processor Campofrio Food
Group S.A. (CFG) to 'BB-' from 'B+'.  The outlook is stable.

S&P also raised its issue rating on CFG's EUR500 million senior
unsecured bond to 'BB- from 'B+'.  The recovery rating of '4' on
this instrument remains unchanged, reflecting S&P's expectation
of average (30%-50%) recovery prospects for debtholders in the
event of a payment default.

S&P removed all ratings from CreditWatch with positive
implications, where it had placed them on Nov. 29, 2013.

The upgrade follows Mexico-based processed food producer Sigma
Alimentos S.A. de C.V.'s move to take over CFG.  Sigma Alimentos
has become CFG's largest shareholder and currently controls about
48% of the company's shares.

S&P considers that CFG is now a "moderately strategic" subsidiary
for Sigma Alimentos under S&P's group rating methodology and
consequently factor in one additional notch from its 'b+' stand-
alone credit profile (SACP) for CFG into its long-term rating on
the company.

S&P regards CFG as "moderately strategic" to Sigma Alimentos
based on the following:

   -- S&P believes that Sigma is unlikely to sell CFG in the near
      term.

   -- S&P believes that CFG is likely to receive financial
      support from Sigma Alimentos if needed (although S&P views
      this scenario as remote).

   -- CFG is reasonably successful in its activity after
      weathering harsh economic conditions in recent years --
      including rising unemployment, declining GDP in Europe, and
      record-high meat prices -- while maintaining fairly stable
      revenues and market shares.

At this stage, S&P do not anticipate any cross-guarantees or
cross-default clauses in CFG's future financing.  Nor do S&P sees
other evidence of a long-term commitment from Sigma Alimentos'
management to CFG's long-term strategy.  Therefore, S&P do not
believe at this stage that CFG is "strategically important" to
Sigma Alimentos.

S&P understands that Sigma Alimentos has already taken control of
CFG, although the takeover is not yet complete.  Sigma Alimentos
has become CFG's largest shareholder, now controlling
approximately 48%.  In addition, S&P understands that CFG's No. 2
shareholder, Chinese company WH Group Limited (formerly Shanghui
International), does not intend to increase its 37% stake.

The rating on CFG reflects S&P's assessments of the group's
"weak" business risk profile and "aggressive" financial risk
profile. Together, S&P's assessments lead it to apply an anchor
of 'b+' to CFG.  The anchor is S&P's starting point for assigning
an issuer credit rating to a company under its corporate
criteria.  S&P's 'b+' SACP on CFG is the same as its anchor,
given that it considers that other modifiers have a neutral
impact on CFG's credit quality.

In S&P's base case, it assumes:

   -- Flat-to-slightly positive revenue growth year on year,
      reflecting its forecast of stabilizing consumer demand in
      Europe and CFG's stable market shares.

   -- Slight improvement in Standard & Poor's adjusted EBITDA
      margin, from 7.8% in 2013 to 8.5% in 2015, reflecting
      moderation in meat price inflation and CFG's cost-
      optimization program.

   -- About EUR140 million in capital expenditures (capex) over
      2014 and 2015, to account for restructuring.  S&P
      anticipates that capex will decrease to approximately EUR50
      million annually thereafter.

   -- Shareholder returns and acquisitions of less than EUR50
      million annually.

Based on these assumptions, S&P arrives at the following credit
metrics, using a weighted average over 2012-2016, as per its
criteria:

   -- Standard & Poor's adjusted debt to EBITDA of 4.6x.

   -- Standard & Poor's adjusted funds from operations (FFO) to
      debt of 12%.

The stable outlook reflects S&P's view that CFG will maintain
fairly stable revenues and slightly improving EBITDA, while
keeping adjusted debt to EBITDA at 4x-5x and FFO to debt at 12%
or higher.

S&P could raise the ratings if it was to revise upward its
assessment of CFG's SACP.  This could occur if CFG improved its
performance beyond S&P's current base-case expectation.  In
particular, S&P could revise its assessment of the group's
business risk profile to "fair" from "weak" if CFG's EBITDA
margin widened to close to 10% or more on a sustainable basis.

S&P could also upgrade CFG if it revised upward its assessment of
the company's subsidiary status to "strategically important" or
higher from "moderately strategic."  Such a revision would mean
that S&P would include additional notches in the long-term rating
on CFG to reflect parental support from Sigma Alimentos.

S&P could lower the ratings if it revised downward CFG's SACP.
This could occur if CFG's performance deteriorated, causing its
credit metrics to weaken, with a debt-to-EBITDA ratio exceeding
5x and/or an FFO-to-debt ratio of below 12%, on a sustainable
basis.

In addition, S&P could downgrade CFG if it revised downward its
assessment of the company's subsidiary status to "nonstrategic"
from "moderately strategic," which would lead S&P to remove the
notch it currently includes to reflect support from Sigma
Alimentos.


IM CAJAMAR 5: Fitch Affirms 'CCCsf' Rating on Class B Notes
-----------------------------------------------------------
Fitch Ratings has affirmed IM Cajamar Empresas 5, FTA's notes, as
follows:

   -- EUR68.7m Class A1 (ISIN ES0347431001) affirmed at 'A+sf',
      Outlook Stable

   -- EUR365m Class A2 (ISIN ES0347431019) affirmed at 'A+sf',
      Outlook Stable

   -- EUR135m Class B (ISIN ES0347431027) affirmed at 'CCCsf',
      Recovery Estimate 0%

IM Cajamar Empresas 5 is a static cash flow SME CLO originated by
Cajamar Caja Rural and Caja Rural del Mediteraneo. Cajamar and
Ruralcaja megered in October 2012 to form Cajas Rurales Unidas
(BB/Stable/B).  The transaction is a granular securitization of a
EUR675 million portfolio of secured and unsecured loans granted
to Spanish small and medium-sized enterprises and self-employed
individuals.

KEY RATING DRIVERS

The affirmation reflects the increase in credit enhancement (CE)
over the past year due to the amortization of the class A1 notes.
CE for the class A1 and A2 notes, which rank pari passu, has
risen to 44% from 37% at closing.  CE for the class B notes has
risen to 20.2% from 17%.

The class A notes' rating is capped at 'A+sf' due to the treasury
account bank rating triggers embedded in the transaction
documentation.  These triggers are set at a minimum rating
requirement of BBB+/F2 for the account bank Banco Santander
(BBB+/Stable/F2).

The B notes' rating and Recovery Estimate is driven by the nature
of the transaction's waterfall.  Under Fitch's most stressful
scenarios it is unlikely that the class B notes will have
sufficient excess spread available to repay principal and
interest.

The portfolio started to record loans over 90 days in arrears one
month after close these increased steadily until September 2013
and have stabilized at 3.3% as of Jan. 31, 2014.  Loans over 180
days in arrears are currently 2.8% and are stable.

The transaction's default definition is 12 months and as of the
January 2014 investor report there were EUR1.6m defaults in the
portfolio.  The portfolio has only just started to see defaults,
which means there has not been enough time for recoveries to be
worked out.

RATING SENSITIVITIES

Fitch modelled two stress scenarios.  The first increased the
assets' probability of default by 25% and the second decreased
the recovery rate on the assets by 25%.  Neither of the scenarios
had an impact on the current ratings of the notes.


TITULIZACION DE ACTIVOS: S&P Cuts Class B Notes' Rating to 'CCC'
----------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Fondo de Titulizacion de Activos UCI 17.

Specifically S&P has:

   -- Lowered to 'BBB (sf)' from 'A+ (sf)' its rating on the
      class A2 notes;

   -- Lowered to 'CCC (sf)' from 'B- (sf)' its rating on the
      class B notes; and

   -- Affirmed its 'D (sf)' ratings on the class C and D notes.

The rating actions follow S&P's credit and cash flow analysis,
taking into account the evolution of the transaction's credit
quality and its structural features.

Since S&P's 2012 review, and especially since the December 2011
interest payment date (IPD), the transaction's performance has
deteriorated and delinquencies have increased considerably.  As
of the March 2014 IPD, 90+ days arrears were about 9.07% of the
collateral balance, up from 7.39% in December 2011.

As the transaction's available performing balance continues to
decrease, its performance continues to deteriorate, and its
collateralization has decreased due to the lack of structural
mitigants.

Since 2009, Union de Creditos Inmobiliarios, Establecimiento
Financiero de Credito S.A. (UCI) has been offering temporary
reductions in monthly installments to borrowers experiencing
financial difficulties.  As of the end of December 2013, loans in
forbearance arrangements totaled 32.72% of the collateral balance
(compared with 22.11% as of December 2011).

S&P considers that the high proportion of loans in forbearance
arrangements could lead to further defaults.  Based on the most
recent available data on the performance of the loans with
temporary installment reductions, S&P applied an increased
foreclosure frequency to loans that are, or have been, in
forbearance arrangements, in its analysis.

The accrued default balance (loans in arrears for more than 18
months or that have started the process of the execution of
guarantees, having deducted any recovered amounts) has increased
to 11.13% of the outstanding pool balance (EUR98.56 million) as
of March 2014, from 8.91% (EUR89.18 million) as of December 2011.
Current defaults and lower forecasted recoveries (taking into
account S&P's expectations for the Spanish real estate market)
have contributed to the reduction of available credit enhancement
for all classes of notes.

The increase in defaults has resulted in the reserve fund being
fully depleted since April 2010.  The reserve fund has not been
replenished since then, due to a lack of available funds under
the transaction's priority of payments.

There is a basis swap to mitigate the reference index mismatch
between 12-month Euro Interbank Offered Rate (EURIBOR) on the
loans and three-month EURIBOR on the notes.  However, 90% of the
pool's outstanding balance is indexed to IRPH Entidades (Indice
de Referencia de Prestamos Hipotecarios del Conjunto de
Entidades), and 10% to 12-month EURIBOR.  As of end of
February 2014, IRPH Entidades was 3.199%, compared with 12-month
EURIBOR, which was at 0.549%. Therefore, there is excess spread
from the difference between IRPH Entidades and 12-month EURIBOR,
which the issuer uses to mitigate accrued defaults.

However, such excess spread has been insufficient to cure all
accrued defaults.  As of the March 2014 IPD, the transaction had
a principal deficiency amount of EUR38.6 million -- the
difference between the accrued redemption on the notes and the
available funds, in accordance with the priority of payments.  In
December 2011, the transaction's principal deficiency amount
totaled EUR28.4 million.

The transaction is exposed to counterparty risk through Santander
UK PLC as the bank account provider, and BNP Paribas, acting
through its London branch, as the swap provider.  The bank
account agreement complies with S&P's current counterparty
criteria and does not constrain its ratings on the notes.  The
swap agreement does not fully comply with S&P's criteria.
Therefore, under S&P's criteria, the ratings in this transaction
are capped at 'AA-', one rating level above the long-term issuer
credit rating on the swap counterparty. The available credit
enhancement for the class A2 and B notes has decreased since
December 2011.  Taking into account the performing balance
(excluding loans in arrears for more than 90 days and accrued
default balance), all of the notes are under collateralized.

As a result of the reduced performing collateral, S&P's analysis
indicates that the class A2 and B notes cannot withstand its
rating stress scenarios at their currently assigned levels.  Due
to this and the factors mentioned above, S&P has lowered to 'BBB
(sf)' from 'A+ (sf)' its rating on the class A2 notes, and
lowered to 'CCC (sf)' from 'B- (sf)' its rating on the class B
notes.  S&P considers these rating levels to be commensurate with
the notes' available credit enhancement.

S&P's ratings on the notes in this transaction address the timely
payment of interest due under the rated notes, and ultimate
payment of principal at maturity.  S&P has affirmed its 'D (sf)'
ratings on the class C and D notes because these classes of notes
defaulted in October 2010 and June 2009, respectively, and since
then have not paid any of the interest due.

Fondo de Titulizacion de Activos UCI 17 is a Spanish residential
mortgage-backed securities (RMBS) transaction, backed by first-
ranking mortgages secured on owner-occupied residential
properties in Spain, and associated personal loans. It closed in
May 2007. UCI originated and services the loans.

RATINGS LIST

Fondo de Titulizacion de Activos UCI 17
EUR1.415 Billion Mortgage-Backed Floating-Rate Notes

Class            Rating
          To               From

Ratings Lowered

A2        BBB (sf)         A+ (sf)
B         CCC (sf)         B- (sf)

Ratings Affirmed

C         D (sf)
D         D (sf)



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


MUNTERS TOPHOLDING: Moody's Assigns 'B3' Corp. Family Rating
------------------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family
rating (CFR) and B3-PD probability of default rating (PDR) to
Munters Topholding AB. In a related action, Moody's assigned
(P)B3 ratings to the company's proposed US$45 million Revolving
Credit Facility and proposed US$280 million Term Loan B. Proceeds
from these offerings will be used to refinance existing term
debt. The outlook on all ratings is positive.

The primary borrowers of the facilities are Munters AB and
Munters Corporation respectively, two intermediate holding
companies residing below Munters Topholding (Topholding), the
parent company and guarantor of the facilities. The ratings are
subject to change if the terms of the refinancing or legal
structure are altered prior to close of the transaction.

The following ratings have been assigned subject to Moody's
review of final documentation:

Munters Topholding AB

Corporate Family Rating, B3

Probability of Default, B3-PD

Co-Issuers: Munters AB and Munters Corp.

Proposed US$45 million senior secured Revolving Credit Facility,
(P)B3 (LGD3-46%)

Proposed US$280 million senior secured Term Loan B, (P)B3 (LGD3-
46%)

RATINGS RATIONALE

The B3 CFR and B3-PD PDR reflect the company's small scale, high
Moody's adjusted (for pensions and operating leases) debt-to-
reported EBITDA (adjusted for operating leases and capitalized
development costs) of around 7.0x per 2013, and high revenue
concentration in climate control solutions -- albeit mitigated by
Munters activities in a wide range of geographies and end
markets, each with different characteristics. The positive
outlook assigned reflects Moody's expectation that the company
will over the next 12 to 18 months, achieve at least mid-single
digit organic revenue growth, meaningful improvements in margins
and free cash flow generation, resulting in an improvement in
credit metrics. A decline of Moody's adjusted debt-to-EBITDA
ratio to approximately 6.0 times might lead to an upgrade of the
ratings assigned. However, 2013 results indicate a somewhat
weakening of Munters' business environment, making this objective
challenging although some comfort is provided by the strong order
intake registered in the last six months of 2013 suggesting a
pick up of the activity in 2014. The ratings are constrained by
limited addressable markets, high current leverage, and the role
of the financial sponsor, with some risk of leveraging
transactions. However, the ratings benefit from the company's
leading market position in the well-established market for
climate control solutions, its broad and stable customer base
across several end-markets, adequate margins, as well as ongoing
measures to increase market penetration and lower costs.

The (P)B3 rating on the proposed $45 million revolving credit
facility and US$280 million term loan is in line with the CFR
reflecting the lack of junior debt in the capital structure. The
first lien revolver and term loan are separately being issued by
Munters AB and Munters Corp, direct and indirect subsidiaries of
TopHolding, respectively. The new instruments also benefit from
subsidiary guarantees as well as from a guarantee from
Topholding. The First Lien Term Loan shall be repayable in equal
quarterly installments in an aggregate annual amount equal to 1%
of the original principal amount of the First Lien Term Loan.

Moody's views Munters' liquidity profile to be adequate post the
refinancing and believes that the company will maintain an
adequate liquidity profile over the next 12 months. Moody's
expects that availability under its envisaged US$45 million (or
about SEK300 million) revolving credit facility will be
sufficient to meet any potential shortfalls in operating cash
flows to cover working capital and capital expenditure. The
revolver will be subject to conditional language and with a
financial covenant set with solid headroom against opening
leverage. Pro-forma cash on hand of SEK150-180 million at 31
March 2014 is fairly low compared with the company's revenues in
Moody's view, especially taking into account that around SEK46
million are used as collateral for outstanding guarantees and
therefore not accessible, and largely tied-in for working capital
purposes. In addition, Moody's does not expect that Munters will
generate significant free cash flows over the next 12-18 months.
Alternate sources of liquidity are constrained since the
company's domestic assets are encumbered to secure its bank
borrowings.

The positive rating outlook reflects Moody's expectation that
Munters' credit metrics will improve significantly in the next
12-18 months, driven by an improvement in operating performance.
The company made significant investments during the year to
improve the business including in production, sales force and
service technicians which negatively impacted profitability in
2013. Moody's believes that the company's margins will remain
adequate while management continues to work on cost reduction and
organic growth initiatives.

The ratings could come under pressure if revenues or
profitability declined. Negative rating pressure could also
develop if Moody's expected debt-to-EBITDA remained above 7.0
times on a sustained basis or free cash flow would turn negative,
through deteriorating operating performance, debt-funded
acquisitions or dividend payments to sponsors.

A rating upgrade could be driven by an improvement of the
Moody's-adjusted debt/EBITDA ratio towards 6.0x driven by
substantial revenue growth and improved margins combined with
expectations of an FCF/debt ratio sustainably above 5%.

Munters AB (Munters), headquartered in Stockholm, Sweden, is a
global manufacturer of air treatment and dehumidification
technologies and solutions used in the industrial, agricultural
and other sectors. The company is owned by private equity
investors Nordic Capital (88.1%), FAI Investments, a fund managed
by Rothschild, (8.7%) and other shareholders (3.2%). Revenues
were approximately SEK3.8 billion (around US$580 million) in
2013.



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


MERINOS HALI: Fitch Puts 'B+' IDRs on Rating Watch Negative
-----------------------------------------------------------
Fitch Ratings has placed Turkey-based carpet manufacturer Merinos
Hali Sanayi ve Ticaret A.S.'s (Merinos Hali) Long-term foreign
and local currency Issuer Default Ratings (IDRs) of 'B+' on
Rating Watch Negative (RWN).  Its National Long-term rating of
'A-(tur)' has also been placed on RWN.

The RWN reflects the possibility of increased leverage at Merinos
Hali due to restructuring at the group itself and at its sister
companies, and our expectations of further deterioration in the
group's underlying performance.  Fitch expects to resolve the
rating watch in the next couple of months, when we receive the
2013 audited accounts and have more visibility about the new
business and debt structure.

Key Rating Drivers

Worsening Financial Performance
Fitch estimates profit margins in 2013 would be lower than its
expectations, mostly due to increasing costs caused by a falling
Turkish lira. I n addition, the restructuring at Merinos Hali and
its sister companies is likely to lead to a higher-than-expected
increase in leverage metrics.

Merinos Hali operates with low liquidity, similar to its carpet
manufacturing peers, and is highly dependent on bank financing.
Although Fitch does not have the latest cash flow figures at this
point, current interest rate hikes in Turkey could significantly
weaken the group's interest coverage ratios.  "We will review
this once we have received the audited 2013 accounts," Fitch
said.

Limited Visibility on Debt/Liabilities
The ratings are constrained by the amount of guarantees given by
Merinos Hali to its marketing sister companies and limited
visibility on Merinos Hali's recourse debt and contingent
liabilities.  Fitch notes that information flow from the group
has improved, and as a result now has more visibility on Merinos
Hali's recourse debt and contingent liabilities.

Preliminary accounts show that the guarantees given by Merinos
Hali have fallen over the last 12 months and Fitch believes that
this trend will continue as the restructuring progresses within
the group.  Despite the decrease in corporate guarantees, Fitch
believes that the total debt of Merinos Hali A.S. is likely to
continue increasing as the business restructuring process
continues.  Management has stated that they aim to reduce
corporate guarantees to sister companies to zero in the medium
term.  Fitch will monitor more closely its contingent liabilities
upon receiving audited accounts.

Export Revenues
Merinos Hali has been increasing the share of exports in the past
three to four years, creating a more balanced revenue
distribution.  In 2012, exports continued to increase to 49% of
revenues from 35% in 2009. Almost 70% of hard currency exports
come from countries such as Germany, Russia and USA, where the
economies are recovering.

"We believe that Merinos Hali will continue increasing its
exports -- as per management's strategy -- as its European
competitors face financial difficulties and Middle Eastern peers
suffer from political instability. Barring a renewed global
recession, Merinos Hali is likely to at least maintain current
export levels, reducing its foreign exchange mismatch," Fitch
said.

Domestic Market Leader
Merinos Hali is one of the top three machine-made carpet
manufacturers in Turkey by installed capacity, commanding around
40% of the fragmented market.  The company also produces acrylic
and polypropylene yarn.  Merinos Hali is 60%-owned by Erdemoglu
Holding, with the rest held by Erdemoglu family members.
Erdemoglu Holding and the family also have interests in another
carpet manufacturer focusing mainly on wall-to-wall carpets,
Dinarsu, and a household furniture company within the Erdemoglu
group of companies.

Historically Tight Liquidity
The carpet business has low cash positions and high funding needs
due to an unfavorable working-capital cycle, and Merinos Hali has
historically operated with low cash levels.  Fitch believes that
Merinos Hali has continued access to financing to support its
working capital and capex needs.

Foreign Exchange Exposure
Merinos Hali's export revenue covers its interim FX-denominated
interest payments, reducing further its foreign exchange
exposure. Fitch believes the group's strong operating
profitability and cash generation ability will continue to
underpin its ability to raise debt, if needed.

Rating Sensitivities

The RWN will be resolved upon receiving audited accounts. Future
developments that may result in negative rating action include

- Fitch-adjusted gross debt/EBITDA ratio above 5x
- An EBITDA margin below 15%
- Further declining visibility on recourse debt and contingent
   liabilities

Positive: The ratings could be affirmed if Fitch-adjusted gross
debt/EBITDA ratio remains below 5x



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


UKRAINE: Set to Receive US$13.5BB International Aid This Year
-------------------------------------------------------------
Daryna Krasnolutska at Bloomberg News reports that Ukraine said
it stands to receive US$13.5 billion of international funds this
year as the European Union threatened Russia with more sanctions.

According to Bloomberg, Prime Minister Arseniy Yatsenyuk said on
Friday the financing for Ukraine will come from the International
Monetary Fund, which is due to sign off on an aid package this
month, as well as the World Bank and the European Bank for
Reconstruction and Development.

Ukraine is battling to rescue its cash-strapped economy while
still under military threat from Russia, whose takeover of the
Black Sea Crimean peninsula has reignited Cold War tensions with
the U.S. and Europe, Bloomberg relays.

Ukraine sealed a preliminary bailout agreement with the
Washington-based IMF last month, envisaging as much as US$18
billion in loans over two years, Bloomberg recounts.  The rescue
would unlock additional international financing, bringing the
total package to US$27 billion, Bloomberg notes.



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


ALBEMARLE & BOND: Burt Tables Takeover Offer Through Promethean
---------------------------------------------------------------
Ben Marlow and Iain Dey at The Sunday Times report that Sir Peter
Burt, the former Bank of Scotland boss, is fronting a surprise
bid for the failed pawnbroker Albemarle & Bond.

According to The Sunday Times, the City grandee is part of a
consortium jostling with other bidders to buy the company out of
administration.

Scores of parties have registered their interest in salvaging the
high street chain, which collapsed last month after
overstretching itself during the gold price boom, The Sunday
Times recounts.

Mr. Burt, who led Bank of Scotland before its merger with Halifax
in 2001, is understood to have tabled an offer through Promethean
Investments, the private equity vehicle he set up nearly a decade
ago with his son Michael, The Sunday Times discloses.  It is
thought they plan to keep the majority of the pawnbroker's 183
stores and 900 employees, The Sunday Times states.

Promethean's offer is backed with cash from Rockbridge Growth
Equity, which is led by Dan Gilbert, the American billionaire who
owns the Cleveland Cavaliers basketball team, The Sunday Times
says.

Albemarle & Bond Holdings PLC provides pawnbrokering services.
The Company, through its subsidiaries, provide pawnbroking, check
cashing services, retail jewelry sales and unsecured lending.
Albemarle operates in the United Kingdom.


HEARTS OF MIDLOTHIAN: Survival Hinges on CVA Deal, FoH Says
-----------------------------------------------------------
Andrew Smith at The Scotsman reports that Foundation of Hearts
chairman Ian Murray has warned his group will not be able to make
up any funding shortfall to keep the club afloat for the
remainder of the season if no agreement is reached on a Company
Voluntary Arrangement with the club's Lithuanian creditors today,
April 7.

The Hearts of Midlothian Football Club administrator Bryan
Jackson was set to travel to Vilnius yesterday in the hope of
bringing to a conclusion the protracted negotiations over the
transfer of shares from Ukios Bankas and UBIG that would allow
Hearts to exit administration, subsequent to a 20-day notice
period.  Mr. Jackson of BDO previously stated that today's much-
delayed CVA meetings must be concluded successfully since there
are only sufficient funds to run the club until the end of the
month, The Scotsman relates.  And earlier last week, he expressed
concern over that outcome in light of the delays in signing off a
CVA that appeared to be agreed in principle as far back as last
November, The Scotsman relays.

Both Ukios Bankas and UBIG, the collapsed Lithuanian banking
operations of former Hearts owner Vladimir Romanov, are
themselves now in administration, and Mr. Jackson therefore
requires to deal with each individually, The Scotsman notes.

Ukios own a 28.79% stake in the club and also holds a charge on
Tynecastle Stadium, while UBIG has a 50% holding in the
Gorgie team, according to The Scotsman.

It has been reported that the GBP2.5 million offer from the
Foundation of Hearts, made under the auspice of prospective owner
Ann Budge's BIDCO purchase vehicle, is now being questioned by
creditors in Lithuania, who are not convinced that a better deal
for the stadium could not be struck, The Scotsman relates.

Mr. Jackson has attempted to demonstrate to the parties involved
that any further delays would only result in the loss of the
GBP2.5 million on offer, and Murray confirms this is no case of
brinksmanship, The Scotsman states.

                    About Hearts of Midlothian

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

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


STONEGATE PUB: Moody's Assigns First-Time B2 Corp. Family Rating
----------------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating (CFR) and a B2-PD probability of default rating
(PDR) to Stonegate Pub Company Limited, the largest privately
held managed pub company in the UK. Concurrently, Moody's has
assigned (P)B2 senior secured ratings and loss given default
(LGD) assessment of LGD3 to the GBP240 million senior secured
fixed rate notes due 2019 and GBP160 million senior secured fixed
rate notes due 2019 to Stonegate Pub Company Financing plc, both
currently being marketed. The outlook for all ratings is stable.
This is the first time that Moody's has assigned ratings to
Stonegate.

Stonegate is issuing the notes to refinance existing bank debt
and shareholder loan and provide a shareholder distribution. The
transaction also establishes longer-term capital structure for
the company following a period of aggressive growth through
acquisitions.

Ratings Rationale

The assigned B2 corporate family rating reflects Stonegate's
relatively small size (623 units), limited operating history
(established in 2010) and also takes into consideration
uncertainty regarding its run-rate operating margins given the
shift from acquisition-driven to more organic growth, as well as
considerable leverage (6.8x on a pro-forma basis as calculated by
Moody's) and modest coverage (1.1x pro-forma as calculated by
Moody's), as well as limited retained cash flow. Counterbalancing
these weaknesses, the UK pub industry is in the process of
stabilization following a number of challenging years, and
Stonegate is operating in the faster-growing and better
performing managed (rather than tenanted) segment. Also
positively, the issuance is supported by first liens on the
majority of the company's assets, and anticipated adequate
liquidity. The company is initially weakly positioned in the
rating category given the early stage of integration of recently
acquired assets and uncertainty associated with the scope of
future synergies.

Stonegate was formed through a series of pub portfolio
acquisitions beginning in 2010 with the most recent one in
December 2013. Currently, the company controls 623 pubs located
throughout the UK and operating through eight distinct
brands/concepts targeting a broad drinking- and eating-out
market. Its senior management team has over 20 years of pub and
restaurant experience on average, and its sponsor is TDR Capital,
a European private equity firm with over EUR4 billion of funds
under management and prior experience in the pub and restaurant
sectors.

Stonegate anticipates realizing significant synergies from its
increased platform and has already seen improvements in its
supply arrangements; however, the full extent of the benefits and
their recurring potential is uncertain. Additionally, Stonegate
expects to reduce its acquisition-related costs, which Moody's
also sees as diminishing. Still, to the extent Stonegate chooses
to pursue "bolt-on" acquisitions (similar to the Living Room and
Bramwell transactions completed at the end of 2013), which remain
part of its strategic arsenal, a certain amount of such expenses
will remain.

Stonegate's leverage is elevated and coverage modest at 6.8x and
1.1x pro-forma for the transaction, respectively. In addition,
its retained cash flow to debt ratio is expected to be only 2.2%.
Moody's expects these metrics to improve as a result of growth in
the sector, successful completion of the integration efforts and
margin expansion due to realized economies of scale.

Moody's believes that Stonegate's liquidity will be adequate for
the company's ongoing operational requirements. The company does
not face any debt maturities until 2018 when the GBP25 million
revolving credit facility (RCF) comes due. However, Moody's does
not anticipate the company to generate more than nominal free
cash flow and therefore expects Stonegate to manage cash
outflows, including capex phasing carefully. The RCF has a
minimum EBITDA covenant, with which Moody's expects the company
to remain in compliance .

SENIOR SECURED FIXED AND FLOATING RATE NOTES DUE 2019

The (P)B2 ratings of both senior secured notes (together GBP400
million) is in line with the B2 CFR, given that both notes rank
pari passu amongst each other and also with the RCF, the only
other piece of debt in the capital structure. All debt
instruments are secured pari passu with respect to Stonegate's
freehold and certain leasehold assets, which provides additional
support for bondholders.

RATIONALE FOR THE STABLE OUTLOOK

The stable rating outlook reflects Stonegate's success to date in
acquiring and integrating a material portfolio of pubs throughout
the UK while improving its KPIs. We expect the company to show
moderately improving coverage and leverage trends over time.

WHAT COULD CHANGE THE RATING UP/DOWN

A sustained improvement in fixed charge closer to 1.8x and
leverage below 5.5x combined with consistently positive FCF and
good liquidity would be viewed positively.

A weakening in Stonegate's performance such that coverage and
leverage fall below their initial pro-forma levels of 1.1x and
6.8x would put negative pressure on the rating, as would
persistent negative FCF or aggressive changes in financial policy
and liquidity management.

Stonegate Pub Company Limited is the largest privately owned
managed pub company in the UK with over 620 pubs nationwide
operating in a variety of formats: from high-street pubs and
traditional country inns to local community pubs, student pubs
and late-night bars and venues.


STONEGATE PUB: 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 British
hospitality and pub group Stonegate Pub Co. Ltd.  The outlook is
stable.

At the same time, S&P assigned its preliminary 'B+' long-term
issue rating to the GBP260 million and GBP140 million proposed
senior secured notes due 2019.  The preliminary recovery rating
on the notes is '3', indicating S&P's expectation of meaningful
(50%-70%) recovery in the event of a payment default.

The preliminary ratings are subject to the successful issuance of
the above notes and S&P's review of the final documentation.  If
Standard & Poor's does not receive the final documentation within
a reasonable time frame, or if the final documentation departs
from the materials it has already reviewed, S&P reserves the
right to withdraw or revise its ratings.

The preliminary rating reflects S&P's view of Stonegate's "fair"
business risk profile and "highly leveraged" financial risk
profile, as S&P's criteria define these terms.

As the U.K.'s fifth-largest managed pub operator in terms of the
number of sites, Stonegate enjoys significant scale benefits.
This gives the company reasonable purchasing power -- although
not to the extent of some competitors, which have significantly
more sites and higher revenues.  As a consequence, Stonegate's
EBITDA margins are a bit below those of its larger competitors.

Stonegate's size and sound cash generation enable the company to
continually invest in its pubs and maintain them at good
standards, which S&P regards as a key requirement to remain
competitive.  In particular, in S&P's view, pubs have to
continually adapt as customer habits continue to move away from
beer to integrated food offers, which often require a different
ambience, design, and space layout.  In this respect, S&P sees
Stonegate as ahead of most independent pub operators, tenanted
pub managers, or other competitors, some of which are currently
in financial distress and having to dispose of their sites.  That
said, S&P regards the company's share of food sales as average at
best.  S&P views this as a negative for its assessment, given
that it expects food sales to exceed drink sales for the
foreseeable future, and a sound food offer is increasingly
required to sell drinks.

Stonegate has a fairly diversified, well-balanced portfolio of
branded and unbranded (or local) pubs.  The company has a fairly
wide range of pub types, including high-street pubs as well as
more traditional and student pubs, in addition to bars and clubs.
Its network is widespread across the U.K., with a decent 34%
exposure to the economically stronger South East England,
including London.  However, Stonegate has no presence abroad,
which makes it fully exposed to economic and regulatory changes
in the U.K.

S&P views Stonegate's financial risk profile as "highly
leveraged."  Both of S&P's core leverage ratios -- Standard &
Poor's-adjusted funds from operations (FFO) to debt and debt to
EBITDA -- are distant from the thresholds S&P would associate
with a higher assessment.  S&P estimates FFO to debt to remain
below 10% in the coming years, and debt to EBITDA to stay above
6x, including its adjustment for operating leases.  In addition,
the group's private equity ownership means that S&P caps its
financial risk assessment at "highly leveraged."

"However, we see Stonegate at the better end of its financial
risk category, particularly owing to its strong interest coverage
ratios.  We forecast that adjusted EBITDA interest coverage is
likely be between 2x-2.5x in 2014 and 2015, and reported EBITDA
interest coverage to be comfortably above 3x.  We regard this as
a solid level, particularly considering that there will be no
upcoming debt maturities in the next five years, implying a high
degree of visibility with respect to interest expenses.  In
addition, Stonegate has significant asset-backing, with
underlying property value north of GBP400 million -- exceeding
the company's outstanding financial debt.  About 40% of
Stonegate's pubs are freehold, which could aid the company to
obtain additional financing, if required," S&P said.

In the absence of acquisitions, S&P forecasts Stonegate to
generate underlying free cash flow of more than GBP20 million per
year, which serves as a buffer against unexpected business
deterioration and enables the group to occasionally pursue
smaller external growth opportunities.  Although S&P do not net
cash against gross debt due to Stonegate's financial sponsor
ownership, it expects a mild improvement in leverage over the
next three years owing to a rise in EBITDA and cash flow.

S&P's anchor -- the starting point in assigning an issuer credit
rating -- for Stonegate is 'b', which S&P derives by combining
its business risk and financial risk assessments.  The long-term
rating on Stonegate is 'B+' owing to a one-notch upward
adjustment for S&P's "comparable rating analysis" modifier,
whereby S&P reviews an issuer's credit characteristics in
aggregate.  This reflects S&P's view that Stonegate's business
risk profile is at the upper end of the "fair" category.  In
addition, S&P believes the company's significant asset-backing,
healthy free cash flow generation, and leverage ratios that are
moderately better than those of many other companies in the
"highly leveraged" financial risk category, support the
application of this modifier.

S&P's base-case scenario assumes:

   -- An overall solid economic environment in the U.K., with
      real GDP to rise by 2.7% in 2014 and 2.4% in 2015.

   -- Acquisition-related revenue growth of more than 20% year on
      year in fiscal year 2014 (ending September), with annual
      organic revenue growth of close to 3% thereafter.

   -- EBITDA margin expansion of about 150 basis points (bps) in
      fiscal 2014 and 200 bps in fiscal 2015, fueled by revenue
      growth, cost reductions, and no acquisition-related one-off
      payments.

   -- Free cash flow of more than GBP20 million per year from
      fiscal 2015 onward, as a result of limited working capital
      needs and broadly stable capital expenditure (capex) of
      around GBP30 million.

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

   -- Adjusted FFO to debt of below 10%.

   -- Adjusted debt to EBITDA of 6x-7x.

   -- Adjusted EBITDA interest coverage of 2x-2.5x, equating to
      reported EBITDA interest coverage of 3x-4x.

The stable outlook reflects S&P's forecast that, on successful
completion of its refinancing, Stonegate should be able to grow
its revenues by more than 20% year on year in fiscal 2014,
largely thanks to the acquisition of 78 pubs from competitor
Bramwell in November 2013.  From 2015, organic revenue growth
should remain healthy at about 3%. The improved overall economic
environment in the U.K., ongoing pub renovations, and improved
food offerings across more pubs should be the key drivers for
this growth.  As a result of the revenue increase that S&P
anticipates, better profitability thanks to the Bramwell
acquisition, and further cost reduction through improved supplier
terms, S&P expects Stonegate's EBITDA margin to increase by about
150 bps in 2014 and by another 200 bps in 2015.  This should
translate into continued free operating cash flow generation and
healthy liquidity.

S&P could consider lowering the rating if Stonegate's leverage
ratios worsened, for instance if the company financed a further
large acquisition of pubs with additional debt.  S&P could also
consider a downgrade if a market downturn or other issues caused
the group's EBITDA to fall short of S&P's expectations, leading
to covenant headroom falling below 15%, adjusted debt to EBITDA
rising significantly above 7x, or reported EBITDA interest cover
falling below 2x.  If Stonegate is unable to increase its
top-line growth and profitability and generate free cash flow,
in line with S&P's expectations, it would be likely to remove its
positive comparable rating analysis modifier, leading to a
one-notch downgrade.

S&P could raise its rating on Stonegate if its two core leverage
ratios improve to levels it considers commensurate with an
"aggressive" financial risk profile.  Specifically, this would
require adjusted FFO to debt of greater than 12% and adjusted
debt to EBITDA of less than 5x on back of strong free cash flow
generation and a prudent financial policy.  S&P do not consider
an upgrade as likely in the near term.


UK COAL: Jon Moulton Eyes Asset Acquisition
-------------------------------------------
Andrew Bounds at The Financial Times reports that Jon Moulton,
the veteran turnaround investor, has expressed interest in buying
parts of UK Coal as two of the last three deep pits in the
country face closure.

With the country's biggest miner on the brink of insolvency and
seeking a government bailout, Mr. Moulton told the FT he was
looking at "all options".

UK Coal needs GBP20 million, including GBP10 million from the
government, for an orderly closure of the pits over the next 18
months, the FT discloses.  Mr. Moulton, as cited by the FT, said
he would move in only if the government turns the proposal down
as government capital was cheaper than private capital.  But he
thought the business could have a longer-term future, the FT
notes.

Hargreaves, another UK surface coal miner, has also offered
unspecified support but ruled out a bid so far, the FT relates.

UK Coal plc -- http://www.ukcoal.com/-- is a United Kingdom-
based company engaged in surface and underground coal mining,
property regeneration and management, and power generation.


VIRGIN MEDIA: Fitch Affirms 'B+' LT Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has affirmed Virgin Media Inc.'s Long-term Issuer
Default Rating (IDR) at 'B+' with a Stable Outlook.

Virgin Media's key strength is its "second-incumbent" qualities
in the UK and its strong market share within its geographic
footprint.  Competition in the UK triple-play services market has
increased with BT Group's push into pay-TV, but Virgin Media has
produced a steady financial performance with healthy cash flow
generation despite limited subscriber growth.  Fitch expects
Liberty Global, Virgin Media's parent company, to continue to run
Virgin Media's leverage near the higher end of 5.0x net
debt/EBITDA ratio, as it does with its other European cable
subsidiaries.

Key Rating Drivers

Stable Market Position
A maturing market and a fairly even split in market share,
coupled with a drive towards ever faster broadband and increased
bundling has resulted in Virgin Media being able to increase
subscription fees without dropping subscribers (approximately
0.4% growth in 2013).  The continued rationalization in the UK
broadband market together with Virgin Media's unique high quality
network positions Virgin Media as a quasi-incumbent within its
geographic footprint with a high quality broadband service and a
strong overall bundled product offering.

Infrastructure vs. Content
Sky leads the pay-TV market in the UK with 10.4 million customers
vs. Virgin Media's 3.8 million.  However, Virgin Media positions
itself as a distributor rather than a content owner.   This
reflects Virgin Media's key competitive advantage of high speed
broadband provision, rather than competing for content.  Whereas
BT have moved into content (notably through the purchase of live
football broadcasting rights), Virgin Media positions itself as a
distributor, making Sky a strategic partner in the provision of
content as well as a strong rival.

Emergence of Quad Play
Although the UK is a highly competitive market, it is more stable
relative to other European countries.  This is driven by high
residential broadband penetration (c75% of households),
consolidating market structure (four players hold near 90% of
total subscribers), increased bundling (Virgin Media sells 2.5
products per customer) and reduced churn.  Virgin Media have
increased the "stickiness" of their offering with mobile services
via a mobile virtual network operator (MVNO) agreement with EE,
formerly called Everything Everywhere.  However, BT also recently
announced an MVNO agreement with EE and Fitch expects BT to
enhance their consumer service offering with a mobile component.
This is likely to have implications for Sky and TalkTalk as well
as for mobile operators such as Vodafone and O2, who may respond
with their improved bundled offerings.

Increased "Bundling" Competition
Having increased subscription fees in 2013 while suffering
limited subscriber losses, Virgin Media appears to be operating
in a stable market.  However, increasing bundling competition
(such as BT and Virgin Media partnering with EE) amongst the main
four fixed line operators means that each player will have to
guard their market position as well as focusing on the
monetization of their existing customer bases.

Capital Structure Constraints
Liberty Global's financial strategy requires their operating
subsidiaries to take on significant levels of debt.  While Virgin
Media's strong and stable cash flows may make this strategy
highly effective, it constrains the rating due to high leverage.
Fitch calculates year-end 2013 funds from operations (FFO)
adjusted net leverage at 4.9x, which is in line with a sub-
investment grade profile.

High Recovery for Senior Creditors
Despite gross senior secured financial debt of GBP6.8 billion
(FY2013), recovery prospects for senior secured bond holders are
high.  This is underpinned by the extensive cable network (12.5m
homes passed, 4.9m customers) and the long-term capability of
Virgin Media's network to provide high speed internet.  The
senior secured debt has a rating of 'BB+'/'RR'1, three notches
higher than the IDR. However, Fitch expects limited recovery for
junior creditors; unsecured debt is currently rated 'B-'/'RR6'.

Rating Sensitivities

Negative:

-- Negative rating action could occur if the company's FFO
    adjusted net leverage increases above 5.5x, FFO fixed charge
    cover falls below 2.5x or if pre-dividend free cash flow
    margin falls below 5% on a sustainable basis

-- A material decline in operational performance, regulatory
    change or other significant negative impact to the current
    dynamics of the pay-TV, telephony and broadband business in
    the UK would be ratings negative.

Positive:

-- A firm commitment by Virgin Media to adopt a more
    conservative financial policy (for example, FFO adjusted net
    leverage of 4.5x) could lead to positive rating action.

LIQUIDITY AND DEBT STRUCTURE

Virgin Media has an undrawn GBP660 million revolving credit
facility. Excluding the convertible bond, the company's next bond
maturity is January 2018. Total cash at year-end 2013 was GBP343
million.

FULL LIST OF RATING ACTIONS

Long-term IDR: affirmed at 'B+', Outlook Stable
Short-term IDR: affirmed at 'B'

Virgin Media Investment Holdings senior secured bank facilities:
affirmed at 'BB+'/'RR1'

Virgin Media Secured Finance Plc 2018 and 2021 senior secured
bonds: affirmed at 'BB+'/'RR1'

Virgin Media Finance Plc 2019, 2022 and 2023 senior notes:
affirmed at 'B-'/'RR6'



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


* BOND PRICING: For the Week March 31 to April 4, 2014
------------------------------------------------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *