TCREUR_Public/140414.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 14, 2014, Vol. 15, No. 73

                            Headlines

A L B A N I A

ALBANIA: S&P Revises Outlook to Stable & Affirms 'B/B' Ratings


B E L A R U S

BELARUS: S&P Affirms 'B-/B' Credit Ratings; Outlook Stable


F R A N C E

SOLOCAL GROUP: Moody's 'Caa1' CFR Still on Review for Downgrade
YPSO HOLDING: Moody's Places 'B1' CFR Under Review for Upgrade


I R E L A N D

ADAGIO II: Moody's Hikes Rating on EUR10.5MM Class E Notes to Ba3


I T A L Y

ALITALIA SPA: Etihad Talks Stall Over Mooted Job Cuts
BANCA CARIGE: Moody's Says Amendments No Impact on Ba1 Ratings
TAURUS CMBS 2: Moody's Reviews Cl. F Notes' B3 Rating for Upgrade


L U X E M B O U R G

ALTICE SA: Moody's Assigns '(P)B1' CFR; Outlook Stable
GEO TRAVEL: Moody's Changes Outlook to Positive & Affirms B2 CFR
TRAVELPORT LLC: Moody's Affirms 'Caa1' CFR; Outlook Stable


N E T H E R L A N D S

DALRADIAN EUROPEAN: Moody's Raises Rating on Class D Notes to Ba1
EUPHONY BENELUX: Mobistar to Take Over Certain Assets
HALCYON STRUCTURED 2008-I: S&P Raises Rating on Cl. E Notes to BB
* NETHERLANDS: Corporate Bankruptcies Down in March 2013


R U S S I A

DZERZHINSK CITY: S&P Affirms 'B+' Long-Term ICR; Outlook Stable
NIZHNY NOVGOROD: S&P Affirms 'BB' Long-Term ICR; Outlook Stable


S P A I N

NCG BANCO: S&P Lowers LT Counterparty Credit Ratings to 'B+'


U N I T E D   K I N G D O M

CAPITAL CARS: In Liquidation; Owes GBP300,000 to HMRC
CO-OPERATIVE BANK: Posts Losses of Almost GBP1.3-Bil. in 2013
HEARTS OF MIDLOTHIAN: No Date Set for Creditors Meeting
ROYAL BANK: Swap Deed No Impact on Moody's 'D+' Bank Rating
SAGA LTD: S&P Assigns Preliminary 'B' CCR; Outlook Stable


X X X X X X X X

* BOND PRICING: For the Week April 7 to April 11, 2014


                            *********


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A L B A N I A
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ALBANIA: S&P Revises Outlook to Stable & Affirms 'B/B' Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
Republic of Albania to stable from negative.  At the same time
S&P affirmed its 'B/B' long- and short-term sovereign credit
ratings on Albania.

RATIONALE

S&P revised the outlook to stable because it thinks that the
recently concluded International Monetary Fund (IMF) program will
serve as a policy anchor for fiscal consolidation and support the
sustainability of Albania's high government debt.  S&P expects
that timely official support and concurrent fiscal consolidation
efforts should help reduce refinancing pressure.

The ratings on Albania reflect its very high general government
debt burden, weak institutional and governance effectiveness, and
comparatively low per-capita GDP.  The ratings are supported by
moderate external indebtedness and our expectation that fiscal
consolidation efforts will push government deficits to moderate
levels.

As anticipated in S&P's previous analysis, the recognition of
arrears, which are now estimated at 5.3% of GDP, was the main
driver behind the increase of general government debt to 67% of
GDP in 2013 (65% on a net basis).  The general government deficit
also widened in 2013 to about 5% of GDP, accompanied by a
substantial decline of real GDP growth to 0.7%.  In response to
the rising macroeconomic imbalances, the Albanian authorities
agreed in early 2014 with the IMF on a 36-month arrangement,
which will provide immediate relief for the government's
financing needs, strengthen fiscal institutions, and reduce
government deficits, and which aims to unlock the country's
significant future growth potential by supporting structural
reforms.

After taking office in September 2013, the new government
announced an ambitious reform agenda.  If successful, reforms of
public administration and the judicial system, alongside the
strengthening of property rights, could potentially improve the
currently weak institutions and governance.  A better track
record in these areas would also help Albania meet conditions for
EU candidate status, as the EU has postponed its decision on this
to June 2014.

Weak rule of law and widespread corruption are hampering the
business environment and hence economic growth.  S&P expects real
GDP growth to have slowed to 0.7% in 2013 from levels well above
3% in 2009-2011.  The slowdown was exacerbated by decreasing
remittances from the Albanian diaspora in Greece and Italy.  S&P
projects these remittances to comprise 6%-7% of GDP in 2014-2016,
down from more than 12% before 2008.  Growth in 2013 was further
impaired by a drop in consumption and investment, which was
partly related to electoral uncertainty.  S&P expects domestic
demand to remain subdued in 2014, though on a slightly recovering
trend thereafter.  Exports will support growth over the next two-
three years, in S&P's view.  S&P expects real GDP to grow by 2%
in 2014 and further improve to 3% in 2015 and 4% by 2016.  S&P
projects a significant net influx of foreign direct investment
(FDI), particularly related to Albania's hydropower production
potential.

FDI and still-significant remittances will be the main funding
source for Albania's large current account deficit, which S&P
projects will widen until 2016 and improve slightly thereafter.
Although gross external financing needs are significant,
Albania's external indebtedness is relatively low, with narrow
net external debt at less than 10% of current account receipts.

Albania's growth potential is constrained by structural
impediments.  The IMF program aims to enable the government to
pursue its reform agenda while consolidating public finances.  In
the 2014 budget, the government implemented a fiscal package to
increase tax revenues.  If S&P assumes that the country's
notoriously weak tax collection improves, it should lead to a
deficit of 5.5% of GDP in 2014, including the clearance of
arrears at over 2% of GDP.  S&P expects the deficit to narrow to
2% of GDP y 2016, by which time it thinks arrears will have been
cleared.

Consequently, S&P forecasts that the net general government debt
burden will slightly decrease to 63% of GDP in 2016 from 65% in
2013.  S&P projects general government interest payments at 15%
of revenues on average in 2014-2016.

Although Albania's efforts to lengthen the average debt maturity
are proceeding, it still remains short -- at 559 days as of year-
end 2013 -- up from 386 at the end of 2012.  As the Albanian
banking system holds the largest share of domestic debt (which
comprises about 60% of total debt) and more than 30% of banking
system assets are exposed to the government, linkages between the
sovereign, banks, and investment funds potentially bear risks for
the government's ability to refinance, despite banks' current
excess liquidity.

S&P therefore generally still views rollover risk as high,
although it is likely to abate with the availability of IMF and
other official support in 2014.

The high level of nonperforming loans (NPLs) in the financial
sector (24% of total loans as of Nov. 30, 2013), partly related
to government arrears, also hampers lending and the economic
recovery.  Planned measures to reduce NPLs could remove credit
supply constraints and thus help turn around the negative trend
of credit growth.

S&P projects that the financial sector will remain in a small net
external creditor position over the next two years.  S&P
estimates the loan-to-deposit ratio at slightly below 60% and
consider the banking system's capital buffers to be well above
regulatory requirements.

Albania's monetary flexibility benefits from the degree of
flexibility offered by its managed-float exchange rate.  However,
the high share of foreign currency loans and deposits (at over
50%), although not uncommon among Albania's peers, is hampering
the effectiveness of monetary policy.

OUTLOOK

The stable outlook reflects S&P's expectation that IMF support
will effectively alleviate Albania's refinancing risks and that
fiscal consolidation efforts will materialize, coupled with the
initiation of reforms that should enhance the robustness of
fiscal institutions and processes.

S&P could lower the ratings on Albania over the next year if
fiscal consolidation efforts fell short and the high government
debt stock continued to rise, potentially tied to noncompliance
with conditions of the IMF program.  S&P could also lower the
ratings if growth prospects deteriorated significantly below its
current projections.

S&P could consider a positive rating action if structural reforms
enhanced the robustness of fiscal institutions and processes and
strengthened economic growth prospects.  A sustained improvement
of government finances and significant debt reduction,
potentially alongside higher-than-expected economic growth, would
also be positive for the ratings.

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

CreditWatch/Outlook Action; Ratings Affirmed

                                        To             From

Albania (Republic of)
Sovereign Credit Rating                B/Stable/B     B/Ne/B
Transfer & Convertibility Assessment   BB-            BB-
Senior Unsecured                       B              B



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B E L A R U S
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BELARUS: S&P Affirms 'B-/B' Credit Ratings; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term
and 'B' short-term sovereign credit ratings on the Republic of
Belarus.  The outlook is stable.

RATIONALE

The ratings on Belarus are constrained by S&P's view of political
risks, high government financing needs, and heavy reliance on
external funding.  S&P's view of the government's high foreign
currency financing needs in 2014 and 2015, alongside the
possibility of expansionary fiscal policy in the run-up to the
presidential elections in 2015, also detract from Belarus'
creditworthiness.  The country's relatively high GDP per capita
supports the ratings, however.  Belarus also benefits from strong
industrial capital, a highly educated workforce, and relatively
low government debt.

In S&P's view, policy predictability is weak in Belarus.  Final
decision-making is in the hands of the president, who controls
all branches of power.  The president's administration controls
all strategic decisions and sets the policy agenda, whereas the
government is a technocratic body that implements decisions.  S&P
considered accountability, checks, and balances to be weak.  Some
policy effectiveness exists, however, as shown by a relatively
high ranking on the U.N.'s human development index.  Heavy
dependence on Russia for financial and economic support also
poses risks for Belarus, in our opinion.

Economic growth in Belarus slowed to 0.9% in 2013, despite the
government's efforts to boost consumption and investment.  S&P
expected the weak external environment to suppress exports and
contain economic growth in 2014 to a very modest 0.5%, despite
the resolution of the potash crisis, which was triggered by the
breakup of the Belarus Potash Company partnership in July 2013,
and the likely continuation of real wage growth.  This is also
due to the economy's weakening competitiveness resulting from the
government's fairly slow progress in implementing its reform
agenda, which includes privatization, price liberalization, and
measures to increase recovery of costs on utility tariffs.

Belarus' GDP per capita, estimated at $7,591 for 2013, is high
for the ratings.  This partly reflects the resilience of the
industrial sector, which relies heavily on the Commonwealth of
Independent States as an export market, and relatively high human
development indicators.  Real per capita GDP growth, which S&P
estimated at about 4% on average over 2007-2017, weighted
according to our criteria, is in line with peers' with similar
GDP per capita.

Belarus is in a large net external liability position: an
estimated 83% of current account receipts (CARs) in 2013.  S&P
estimates net external debt at 48% of CARs in 2013 and forecast
it to rise to 65% by 2017.

External financing pressure remains a key credit constraint for
Belarus.  The current account deficit widened to 10.2% of GDP in
2013, compared with a modest 2.9% in 2012.  Moderate currency
depreciation and recovering potash exports will likely narrow the
current account deficit.  However, S&P projects that it will
average about 6% in the medium term, due to what we regard as the
government's only moderate ability to adjust its expansionary
policies ahead of the 2015 presidential elections.  In S&P's
view, this reduces the competiveness of Belarusian goods among
key trading partners.

"We estimate Belarus' gross external financing needs at 140% of
CARs plus usable reserves, on average, for 2014-2017.  According
to our estimates, the country's international reserves will
likely cover only about one month of current account payments on
average through to year-end 2017, compared with 1.5 months by
year-end 2013.  For this forecast, we exclude the removal, or a
material reduction, of the size of oil-export duties to Russia,
which the Belarusian government hopes to see in 2015.  Also, we
exclude from reserves about $2 billion in foreign currency swaps
that the National Bank of Belarus (NBRB) owes to commercial
banks," S&P said.

"In addition to the current account deficit, the country faces a
peak in external government debt service. Belarus' obligations
total about 4.8% of GDP in 2014 and 3.2% in 2015, about 25% of
which is owed to the International Monetary Fund, with another
19% to the Russian government and Russian state-owned banks.
Government debt in foreign currency made up 90% of the total at
year-end 2013.  We expect official funding, mainly from Russia,
including that under a support agreement signed in December 2013,
to remain a key source of debt financing, alongside an
acceleration of the privatization program.  In addition to the
placement of Eurobonds in the past, the government began issuing
foreign currency debt in the domestic market in 2013 and expects
to continue doing so in 2014," S&P said.

"During 2010-2013, the Belarusian government managed to deliver a
modest surplus on its general government accounts.  Nevertheless,
due to off-budget support for state-owned enterprises (SOEs) and
state banks, general government debt increased by an average 4%
of GDP annually, except in 2011, when the currency depreciated
178% against the dollar.  As a result of further currency
weakness and off-budget support, we expect the government's debt
to increase by about four percentage points of GDP by 2017, but
to remain below a relatively low 30% of GDP. We estimate
contingent liabilities from the financial system, SOEs that
produce more than 50% of GDP and which the government is willing
to support if necessary, and government-guaranteed debt as
moderate," S&P added.

In S&P's view, the NBRB has a complex challenge of encouraging
both growth and price stability.  Assuming a continuation of what
S&P sees as relatively loose monetary policies, it believes
inflation in Belarus will likely remain high and susceptible to
exchange rate developments.  This is despite the inflation rate
dropping to 18.3% in 2013 from 59% in 2012 after the currency
depreciation in 2011.  So far, the NBRB's policy appears only
modestly effective and this undermines its credibility.

Despite the NBRB's recent measures to contain foreign currency
lending, weak payment channels mean that, as of Jan. 1, 2014,
foreign currency loans were still a high 45% of total loans in
the banking system and foreign currency deposits represented more
than 60% of deposits.  Lending in foreign currency heightens the
banking system's exposure to exchange rate risk and could
increase the country's contingent liabilities, particularly if
combined with deterioration of asset quality.

OUTLOOK

The stable outlook on Belarus reflects S&P's expectation that the
government will likely stick to its debt refinancing plan for
2014-2015 and receive timely financial support from the Russian
Federation if needed.  This is despite S&P's view of Belarus'
weak external liquidity and inflexible monetary policy.

S&P could lower the ratings if we believed Belarus' external
liquidity were deteriorating further, as shown by declining
foreign currency reserves.  This could occur if the government
had to use its own resources to service external debt, without
financial support from Russia.  S&P could also lower the ratings
if, in the run-up to the presidential elections in 2015, the
government were to significantly relax its fiscal policy.

S&P could consider raising the ratings if it observed an
improvement in external balances, as indicated by lower external
financing needs, improved current account balances, and increased
availability of foreign exchange.  In this regard, policies that
resulted in improved economic competitiveness and/or benefits
from the customs union with Russia could support higher ratings.

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

Belarus (Republic of)
Sovereign Credit Rating                B-/Stable/B
Transfer & Convertibility Assessment   B-
Senior Unsecured                       B-



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F R A N C E
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SOLOCAL GROUP: Moody's 'Caa1' CFR Still on Review for Downgrade
---------------------------------------------------------------
Moody's Investors Service downgraded Solocal Group S.A.'s
Probability of Default Rating (PDR) to Ca-PD from Caa1-PD.
Solocal's other ratings remain under review for downgrade,
including the company's Corporate Family Rating (CFR) of Caa1 and
rating of Caa1 on PagesJaunes Finance & Co. S.C.A.'s EUR350
million 8.875% senior secured notes due 2018.

Ratings Rationale

The downgrade follows Solocal's announcement of entering into an
Accelerated Sauvegarde Procedure (Sauvegarde Financiere Acceleree
or "SFA") to implement its Amend & Extend (A&E) proposal. The
company had obtained the required 66,7% of lenders' consent which
allows it to enter the SFA, however couldn't reach the 90%
consensual consent and extension of its A3, A5 and B3 credit
facilities lenders required for the A&E proposal to go through.
The company reached an agreement to raise a EUR440 million share
capital increase conditional upon, among other things, the
approval of an extension of 2015 bank debt maturities by the bank
debt lenders group in return for a partial EUR400 million loan
repayment at par.

The SFA Procedure will lead to debt payment obligations being
blocked, namely the scheduled bank loan repayment due on 15
April. Such a non-payment would constitute a default under
Moody's definition. The company's PDR has therefore been revised
to Ca-PD, a level which reflects the strong likelihood of the
subsequent default occurring. The SFA is expected to last circa
one month from opening and to be concluded before the interest on
the senior secured notes is due on 1st June. The company had also
obtained a consent of the noteholders in February to waive the
cross-default to the notes if Solocal is legally blocked from
paying certain indebtedness under its senior facilities as a
result of the initiation of the SFA, so long as it is eventually
waived as part of the SFA process or otherwise cured by June 30,
2014.

The Ca-PD PDR will prevail before the payment default on 15 April
2014. Upon the payment default, Moody's will append the "/LD"
suffix to the PDR to reflect the limited default that will have
occurred at that time. Moody's expects to conclude its review
upon finalization of the restructuring, including closing of the
SFA and approval of the planned share capital increase. The
transaction is expected to be completed within the next two
months. If during this period the A&E approval is not obtained,
the share capital increase commitment from back-stoppers falls
away.

The principal methodology used in these ratings was the Global
Publishing Industry published in December 2011. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Solocal is the leading provider of local media advertising and
local website and digital marketing services, with the majority
of its operations (approximately 97% of 2012 total revenue) in
France and the remainder of operations in Spain mainly. The
company reported approximately EUR1 billion revenues in the
twelve-month period ended 31 December 2013. Solocal is listed on
the Paris stock exchange.


YPSO HOLDING: Moody's Places 'B1' CFR Under Review for Upgrade
--------------------------------------------------------------
Moody's Investors Service placed the ratings of Ypso Holding
S.a.r.l ("Numericable"; CFR at B1) and those of its subsidiary
Numericable Finance & Co. S.C.A under review for upgrade.

The rating action follows the announcement that Numericable Group
S.A. ("Numericable Group" or "the company"), Numericable's parent
company, has entered into a binding agreement to acquire SFR S.A.
(SFR), France's largest alternative communications provider for
EUR 13.5 billion in cash and a 20% equity stake in the enlarged
Numericable Group, valuing SFR at around EUR 15.6 billion (before
synergies and earn-out) on an enterprise value basis.

The following ratings are placed under review for upgrade:

-- the B1 CFR and B2-PD PDR at Ypso Holding S.a.r.l

-- the B1 ratings of the senior secured notes at Numericable
    Finance & Co. S.C.A (Numericable Finance) due in 2019.

Moody's has also assigned ratings to the transaction financing,
in particular a (P)Ba3 rating to Numericable Group's proposed new
5.6 billion EUR-equivalent 6-year term loan B (with EUR and USD
tranches), and a (P)Ba3 rating to the proposed new 6 billion
EUR-equivalent senior secured notes with a weighted average
maturity of no less than 7 years (including EUR and USD
tranches). Proceeds from the issue of the new notes will be
deposited in escrow until the acquisition of SFR is consummated.
A portion of the new term loan B will be used to refinance
Numericable's existing debt on or around the issuance date for
both new financings.

Ahead of the SFR acquisition, funds affiliated with Cinven Ltd.
and Carlyle Group, which currently together own 35% of
Numericable Group will transfer their holdings in Numericable
Group to Altice S.A. (Altice), Numericable Group's controlling
shareholder (through Altice France S.A. (Altice France), in a
share and cash transaction. Immediately following the share
transfer, Altice will hold or direct just under 75% of
Numericable Group (from 40% previously).

To fund the SFR transaction, Numericable Group will raise around
EUR11.6 billion in new bank and bond debt and around EUR4.7
billion of new equity. It will also refinance all of its existing
debt. Altice will take up around EUR 3.5 billion of the new
equity and EUR1.2 billion will be publicly placed. Moody's
understands that all financings are fully underwritten. This will
result in Altice holding or directing 60% of the new Numericable
Group post closing of the SFR transaction, with Vivendi holding
20% and public shareholders also 20%. Moody's has also assumed
that in case subordinated shareholder funding is introduced to
Numericable Group's capital structure at any stage, it will meet
Moody's criteria for equity-equivalent treatment.

Moody's aims to conclude its review upon completion of the
transaction at the latest, which is expected by the fourth
quarter of 2014, following conclusion of the deal's regulatory
review. Moody's currently anticipates that the review will result
in an upgrade of Numericable's B1 CFR by one notch to Ba3 and a
transfer of the CFR to Numericable Group. Before completion
Numericable will be merged into Numericable Group with the latter
as the surviving entity. The anticipated upgrade is subject to
the transaction closing as currently laid out.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of final documentation and of the ultimate outcome of the
underlying transaction, Moody's will endeavor to assign a
definitive rating to the facilities. A definitive rating may
differ from a provisional rating.

Ratings Rationale

The rating action reflects Moody's expectation that Numericable
Group's post-transaction operational profile will become
stronger, reflecting amongst other things the substantially
increased scale and scope of the new entity and the strong
industrial logic of the proposed business combination with
significant cost savings potential. These factors are
counterbalanced by a continuing harsh operating environment in
the French telecoms market and the very substantial increase in
debt (in absolute terms) the new entity will incur, which Moody's
expects to result in leverage as measured by the Debt/EBITDA
ratio (Moody's definition) in the 4.0 to 4.5x range on a 2014 pro
forma basis. In addition, much of the new Numericable Group's
free cash flow after capex will be distributed to shareholders.
This is driven by Altice's need to cover interest payments on new
debt of EUR4.2 billion at the holdco level and will weigh on
Numericable Group's rating.

Numericable Group and Altice have indicated that they expect to
achieve run-rate synergies of EUR1.1 billion by the end of 2017
from capex savings (optimization of networks, fibre roll-out,
procurement), opex reduction (unbundling fees, sales & marketing,
network operations) and revenue synergies (broadband up-selling
to Numericable Group's products, improved commercial efficiency
in B2B). While Moody's believes that material synergies should be
achievable, the overall size of savings and the timeline to
achieve them still appear ambitious. Given the scale of the
integration task at hand, execution risk are also material in
Moody's opinion, notwithstanding the relatively straightforward
nature of some of the cost saving steps such as the closure of
the redundant part of the Numericable Group's network. Large
scale redundancies are not part of Numericable Group's cost
cutting arsenal. Indeed, the company is committed under the terms
of the deal to maintain employment levels at SFR, a commitment
that Moody's expects to be subject to close public scrutiny.
Finally, the agency expects that competitors will try to exploit
any operational upheaval during the integration period by
aggressively marketing Numericable Group's customers.

Moody's expects the operating environment in the French telecoms
market to remain difficult in the near term with limited
visibility, in particular for the incumbent mobile operators,
including SFR. SFR's continued steep revenue (-9.6% to EUR10.2
billion) and EBITDA (-16.2% to EUR2.8 billion) decline in 2013
reflects the evolution of product mix, the impact of price cuts
in response to the competitive environment, in particular the
disruptive entry of Iliad S.A. into the French mobile market in
early 2012 and tariffs cuts imposed by regulators (reduction in
termination rates). Against this backdrop Moody's expects SFR
revenues (before any synergies from the business combination with
Numericable Group) to decline further over 2014 and 2015, albeit
less rapidly than in 2012/13 before stabilizing in 2016.

Numericable Group posted a revenue increase of 0.9% (to EUR1.3
billion) for 2013. This was mainly due to the B2C segment (+4.7%,
accounting for two thirds of total revenues) on the back of good
take-up for the company's new high specification set-top box
("La Box"), launched during Q2 2012. In the B2B segment (24% of
total revenues) revenues declined by 4.2% year-on-year negatively
impacted by the decrease in termination rates and the issuance of
EUR 10 million credit notes issued to corporate customers as
compensation for quality issues following the integration of
Altitude Telecom. Adjusted EBITDA declined by 0.6% and margins
dropped to 46.9% from 47.5% in 2012. The strong increase of the
Group's B2C customer base came at the price of a significant hike
in subscriber acquisition costs (SAC were up 23% in 2013 versus
2012). Moody's believes that the company's strategy of
accelerating the upgrade of its network to EuroDocsis 3.0 in
order to continue to leverage its B2C broadband speed advantage
over DSL-based competing services will deliver future revenue
growth. Following the SFR acquisition this advantage can also be
leveraged over parts of SFR's customer base. In its analysis of
SFR's historic financials Moody's has also utilized information
contained in Vivendi's audited consolidated accounts.

The notes will initially be unguaranteed. The (P)Ba3 rating
assumes that following completion of the SFR acquisition both
notes and bank debt will be (within a period of 90 days) equally
secured and guaranteed by operating subsidiaries representing at
least 80% of the new Numericable Group's EBITDA. On this basis
bank and notes debt are ranked first in the company's capital
structure (together with trade payables). Given that there are no
other material liabilities in the company's debt capital
structure, the new notes and bank debt are rated at the expected
Ba3 CFR level.

Moody's currently anticipates that Numericable Group's liquidity
profile on completion of the transaction will be adequate for its
ongoing operational needs. While cash on balance sheet is likely
to be minimal, Moody's expects the company to have access to a
EUR 750 million revolving credit facility.

The principal methodology used in these ratings were the Global
Pay Television - Cable and Direct-to-Home Satellite Operators
published in April 2013 and Global Telecommunications Industry
published in December 2010. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.

Numericable Group is the largest cable communications operator in
France and via its subsidiary Completel is the third largest
provider of B2B telecommunications services after Orange and SFR.
For the year to December 31, 2013, Numericable Group generated
EUR1.3 billion in revenues and EUR 616 million in adjusted EBITDA
(as reported by the company on a combined basis with Completel).
Numericable Group is controlled by Altice S.A (Luxembourg-based
investor in cable, media and telecommunications assets). SFR is
active in the broadband, fixed and mobile telephony segments,
serving the B2C, B2B and Wholesale markets in France. The company
generated combined revenues of EUR10.2 billion and EBITDA of
EUR2.8 billion for the fiscal year ended December 31, 2013.



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


ADAGIO II: Moody's Hikes Rating on EUR10.5MM Class E Notes to Ba3
-----------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of the following notes issued by Adagio II CLO Plc:

  EUR35.875M Class B Senior Floating Rate Notes due 2021,
  Upgraded to Aaa (sf); previously on Jul 10, 2013 Upgraded to
  Aa3 (sf)

  EUR14.59M Class C-1 Senior Subordinated Deferrable Floating
  Rate Notes due 2021, Upgraded to A2 (sf); previously on Jul 10,
  2013 Upgraded to Baa2 (sf)

  EUR8.16M Class C-2 Senior Subordinated Deferrable Fixed Rate
  Notes due 2021, Upgraded to A2 (sf); previously on Jul 10, 2013
  Upgraded to Baa2 (sf)

  EUR3.925M Class D-1 Senior Subordinated Deferrable Floating
  Rate Notes due 2021, Upgraded to Baa3 (sf); previously on
  Jul 10, 2013 Upgraded to Ba1 (sf)

  EUR9.2M Class D-2 Senior Subordinated Deferrable Fixed Rate
  Notes due 2021, Upgraded to Baa3 (sf); previously on Jul 10,
  2013 Upgraded to Ba1 (sf)

  EUR10.5M Class E Senior Subordinated Deferrable Floating Rate
  Notes due 2021, Upgraded to Ba3 (sf); previously on Jul 10,
  2013 Affirmed B1 (sf)

Moody's also affirmed the ratings of the following notes issued
by Adagio II CLO Plc:

  EUR158.25M (Current Outstanding Balance: EUR 54.36M) Class A-1
  Senior Floating Rate Notes due 2021, Affirmed Aaa (sf);
  previously on Jul 10, 2013 Affirmed Aaa (sf)

  EUR70M (Current Outstanding Balance: EUR 54.1M) Class A-2A
  Senior Floating Rate Notes due 2021, Affirmed Aaa (sf);
  previously on Jul 10, 2013 Affirmed Aaa (sf)

  EUR8M Class A-2B Senior Floating Rate Notes due 2021, Affirmed
  Aaa (sf); previously on Jul 10, 2013 Upgraded to Aaa (sf)

Adagio II CLO Plc, issued in December 2005, is a multi-currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield senior secured European loans. The portfolio is
managed by AXA Investment Managers. This transaction entered
amortization phase on January 15, 2013.

Ratings Rationale

The rating actions on the notes are primarily a result of the
improvement in over-collateralization ratios following the
January 2014 partial repurchase by Adagio II CLO Plc of EUR 50.8M
or 32% of the original balance of its Class A-1 notes.

As a result of the deleveraging, over-collateralization has
increased. As of the trustee's February 2014 report, the Class
A/B, Class C, Class D and Class E had over-collateralization
ratios of 139.41%, 121.30%, 112.84% and 106.88% compared with
125.19%,115.53%,110.61% and 106.93%, respectively, as of the
trustee's June 2013 report used for the last rating action's
analysis in July 2013.

In addition the credit quality has improved as reflected in the
decrease in portfolio's exposure to European corporate rated B3
and below exposed to refinancing risk and decrease in the
proportion of securities from issuers with ratings of Caa1 or
lower. The concentration of issuers in the portfolio which may
face challenges to refinance decreased to 12% from 28.5% as of
July 2013 rating action. Securities with ratings of Caa1 or lower
currently make up approximately 3.2% of the underlying portfolio
compared to 11.3% in July 2013.

The key model inputs Moody's uses, such as par, weighted average
rating factor, diversity score and the weighted average recovery
rate, are based on its published methodology and could differ
from the trustee's reported numbers. In its base case, Moody's
analyzed the underlying collateral pool as having a performing
par and principal proceeds balance of EUR 183.7M and GBP 19M,
defaulted par of EUR 17.2M, a weighted average default
probability of 20% (consistent with a WARF of 3,063), a weighted
average recovery rate upon default of 48.11% for a Aaa liability
target rating, a diversity score of 24 and a weighted average
spread of 4.13%. The GBP 19M denominated liabilities are fully
hedged with a macro swap, which Moody's has also modelled.

In its base case, Moody's addresses the exposure to obligors
domiciled in countries with local currency country risk bond
ceilings (LCCs) of A1 or lower. Given that the portfolio has
exposures to 7.75% of obligors in Italy and Ireland whose LCC is
A2 and 4.44% in Spain, whose LCC is A1, Moody's ran the model
with different par amounts depending on the target rating of each
class of notes, in accordance with Section 4.2.11 and Appendix 14
of the methodology. The portfolio haircuts are a function of the
exposure to peripheral countries and the target ratings of the
rated notes, and amount to 0.88% for the Class A-1, A-2A, A-2B
and B notes, 0.22% for the Class C notes.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed a recovery of 50% of the 94.59% of the portfolio
exposed to first-lien senior secured corporate assets upon
default and of 15% of the 5.41% remaining non-first-lien loan
corporate assets upon default. In each case, historical and
market performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.

Methodology Underlying the Rating Action:

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

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

In addition to the base case analysis described above, Moody's
also performed sensitivity analysis on key parameters for the
rated notes, which includes deteriorating credit quality of
portfolio to address the refinancing risk.

Approximately 12% of the portfolio is European corporate rated B3
and below and maturing between 2014 and 2015, which may create
challenges for issuers to refinance. Moody's considered a model
run where the base case WARF was increased to 3,276 by forcing
ratings on 50% of refinancing exposures to Ca. This run generated
model outputs that were within one notch from the base case
results.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of 1) uncertainty about credit conditions in the
general economy 2) the concentration of lowly- rated debt
maturing between 2014 and 2015, which may create challenges for
issuers to refinance. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities and 3) the additional
expected loss associated with hedging agreements in this
transaction which may also impact the ratings negatively.

Additional uncertainty about performance is due to the following:

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

Around 29.12% of the collateral pool consists of debt obligations
whose credit quality Moody's has assessed by using credit
estimates.

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

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



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


ALITALIA SPA: Etihad Talks Stall Over Mooted Job Cuts
-----------------------------------------------------
Rachel Sanderson at The Financial Times reports that talks
between Etihad, Alitalia and the Italian government that would
see the Gulf carrier taking a stake of up to 49% in Italy's
national airline have hit turbulence over mooted job cuts.

According to the FT, a person with direct knowledge of the talks
said that Etihad is seeking to become the largest single
shareholder in Alitalia as it attempts to build itself into a
serious contender in the European market having already taken
stakes in Air Berlin and Air Serbia.

The FT relates that two people with direct knowledge of the talks
said Etihad wants to cut up to a quarter of Alitalia's 12,000
staff in return for paying about EUR300 million to become the
Italian airline's largest shareholder.

A representative from Alitalia's largest shareholder, 20%
stakeholder Italian bank Intesa Sanpaolo, on Friday said that
Alitalia expected a letter over the past weekend from Etihad
outlining its offer, the FT relays.

Two people with direct knowledge of the discussion said Alitalia
and its shareholders had been made aware of the terms of the
offer but the Gulf carrier's demands for cuts were putting the
brakes on any deal, the FT notes.

These people said as a consequence, the talks could take weeks to
come to a conclusion, according to the FT.

                          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%.


BANCA CARIGE: Moody's Says Amendments No Impact on Ba1 Ratings
--------------------------------------------------------------
Moody's Investors Service has announced that the amendments to
the hedging structure of the residential mortgage covered bond
programme of Banca Carige S.p.A. (deposits Caa1 negative,
standalone bank financial strength rating E/adjusted baseline
credit assessment caa3) will not, in and of themselves and at
this time, result in a downgrade or withdrawal of the current Ba1
ratings of the residential mortgage covered bonds issued by the
bank.

Moody's opinion addresses only the credit impact of the
amendments, and the rating agency is not expressing any opinion
as to whether the amendments have, or could have, other non-
credit related effects that may have a detrimental impact on the
interests of note holders and/or counterparties.

The hedging structure amendments consist of:

   Lowering to Baa1/Prime 3 from A2/Prime 1 the rating threshold
   that would trigger the posting of the cash collateral,

   Lowering to Baa2/Prime 3 from Baa1/Prime 3 the rating
   threshold that would trigger a replacement of the swap
   counterparty rated at least Baa2/P3,

   Recouponing of both the asset swaps and the liability swaps

Following the amendments, Moody's believes that the potential
impact of the new lower triggers is mitigated by the current
level and form of over-collateralization and by the current
rating of the swap counterparty, Credit Suisse International
(deposits A1 stable).

The principal methodology used in this rating was "Moody's
Approach to Rating Covered Bonds", published in March 2014.

Moody's will continue monitoring the ratings. Any change in the
ratings will be publicly disseminated by Moody's through
appropriate media.


TAURUS CMBS 2: Moody's Reviews Cl. F Notes' B3 Rating for Upgrade
-----------------------------------------------------------------
Moody's Investors Service has affirmed the rating of one class of
notes and placed the ratings of four classes of notes issued by
TAURUS CMBS No.2 S.r.l. on review for possible upgrade.

Moody's rating action is as follows:

Issuer: TAURUS CMBS No.2 S.r.l.

  EUR45.3M B Notes, Affirmed A2 (sf); previously on Jul 24, 2012
  Downgraded to A2 (sf)

  EUR24.8M C Notes, A3 (sf) Placed Under Review for Possible
  Upgrade; previously on Jul 24, 2012 Downgraded to A3 (sf)

  EUR29M D Notes, Baa2 (sf) Placed Under Review for Possible
  Upgrade; previously on Jul 24, 2012 Downgraded to Baa2 (sf)

  EUR24.7M E Notes, Ba1 (sf) Placed Under Review for Possible
  Upgrade; previously on Mar 20, 2012 Downgraded to Ba1 (sf)

  EUR16.5M F Notes, B3 (sf) Placed Under Review for Possible
  Upgrade; previously on Mar 20, 2012 Downgraded to B3 (sf)

Moody's does not rate the Class G Notes and has withdrawn its
ratings on the Class A and Class X Notes on February 1, 2013 and
February 23, 2012, respectively.

Ratings Rationale

The review action has been prompted by the substantial paydown
and deleveraging of the only loan remaining in the pool. As a
consequence, the reported loan-to-value ratio decreased to 46.5%
from 59.2% and the credit enhancement levels available to all
Moody's rated classes of notes have increased.

The borrower, Fondo Antlantic 2 -- Berenice, a closed-end Italian
real estate fund has fully paid the scheduled amortization
amounts during 2013 with the latest repayment of EUR17 million
being used to repay the notes on a sequential basis at the
January 2014 interest payment date (IPD). The repayment was
funded from outside the securitization with no corresponding
asset sales from the underlying property portfolio.

During its review, Moody's will focus on (i) the likelihood of
the borrower meeting its next scheduled target amortization of
EUR70 million in June 2014 and the ultimate repayment of the loan
by its scheduled maturity date in July 2015; (ii) the value
assessment of the underlying 29-property portfolio located
throughout Italy; and (iii) the use of the EUR10 million
securitized CapEx facility which has not been drawn by the
borrower and is currently deposited in a GIC account.

The Class B Notes are affirmed because the rating is based on the
Italian country ceiling of A2, the maximum rating that Moody's
will assign to a domestic issuer, including structured finance
transactions backed by Italian receivables. As of January 2014,
the outstanding balance of this Class is EUR1.5 million.

With respect to the rating of the Class F Notes, Moody's will
take into consideration the risk of future interest shortfalls
due to the negative excess spread in the transaction.

Methodology Underlying the Rating Action:

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

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

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

Main factors or circumstances that could lead to an upgrade of
the ratings are (i) a timely payment of the scheduled
amortization of the loan on the next due dates in June and
December 2014, which would further increase the credit
enhancement levels for the remaining notes and lower the overall
default risk of the loan; and (ii) utilization of the undrawn
EUR10 million CapEx facility to either repay the notes or lease
up the currently vacant space in the portfolio to improve the
value of the underlying assets.

Given the 100% pool exposure, a decline in the sovereign risk of
Italy as reflected by a higher country ceiling for structured
finance securities could also lead to an upgrade of the ratings
on the notes.

Main factors or circumstances that could lead to a downgrade of
the ratings are a payment default of the loan on or prior to its
scheduled maturity date in July 2015 combined with a decline in
the value of the underlying property portfolio.

An increase in the sovereign risk of Italy as reflected by a
lower country ceiling could also lead to a downgrade of the
ratings on the notes.

Moody's Portfolio Analysis

TAURUS CMBS No.2 S.r.l. closed in December 2005 and represents
the securitization of initially four commercial mortgage loans
originated by Merrill Lynch Capital Markets Bank Limited. At
closing, the loans were secured directly or indirectly by first-
ranking legal mortgages over 83 commercial properties located in
Italy. The properties were predominantly office (66.3%) followed
by industrial buildings (28.0%). Since closing, three out of the
original four loans (60% of initial pool balance) have prepaid.
In addition, there have been partial prepayments on the remaining
loan in the pool due to property disposals.

The Atlantic 2 - Berenice Loan, the only loan remaining in the
pool, is currently secured over 29 predominantly office and
industrial properties in Italy. Of the currently EUR182 million
whole loan, 33% is securitized in this transaction. There is also
an additional EUR28 million undrawn CapEx facility of which EUR10
million is funded by the securitization. The total securitized
debt therefore amounted to EUR70 million as of January 2014.

The ten-year loan originated in 2005 has been subject to
scheduled amortization payments starting in June 2012. While the
borrower has managed to repay the loan through asset disposals
(25 properties sold to-date), no asset disposals took place over
the past year. The borrower had to meet its scheduled
amortization through equity at the last IPD in January. Two semi-
annual payments of EUR70 million each are due in June and
December 2014, before the loan's final maturity date in July
2015.

Despite the slowdown of the asset sales and the sizeable payments
that need to be made by the maturity date of the loan, Moody's
has assessed a lower risk of a default and subsequent enforcement
compared to its prior analysis. The repayment of the loan after a
default will likely be achieved in an orderly/consensual sale of
the properties by the legal final maturity date of the notes in
July 2019. Moody's recovery assumption depends on its assessment
of the value of the underlying portfolio, which will likely be c.
35% below the reported portfolio value of EUR390 million as per a
valuation dated June 2013. The factors Moody's will take into
account in its value estimate are the secondary property quality
of the majority of the portfolio with significant lease rollover
following the loan's maturity date in July 2015.



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


ALTICE SA: Moody's Assigns '(P)B1' CFR; Outlook Stable
------------------------------------------------------
Moody's Investors Service assigned a (P)B1 corporate family
rating (CFR) to Altice S.A. At the same time Moody's assigned a
(P)B3 rating to the proposed new issue of EUR4,150 million-
equivalent senior notes with a weighted average maturity of no
less than 7 years (with EUR and USD tranches).

Proceeds from the new issue are expected to be used together with
proceeds from a EUR570 million issue of new equity (i) to fund
the take-up of Altice's rights under a planned rights issue at
its indirectly held Numericable Group S.A. (Numericable Group)
subsidiary (EUR3,530 million); (ii) to refinance existing margin
loans at Altice France S.A. (Altice France; EUR330 million),
(iii) to fund the acquisition of an additional 14% stake in
Numericable Group (EUR 530 million), (iv) an interest overfund
(EUR250 million) and (v) transaction costs (EUR80 million). The
proceeds, apart from overfunding and transaction costs will be
passed on to Altice France, which holds Altice's shares in
Numericable Group. Moody's understands that all financings are
fully underwritten.

The rights issue at Numericable Group will help to fund its
proposed acquisition of SFR S.A. (SFR), France's largest
alternative communications provider for EUR13.5 billion in cash
and a 20% equity stake in the enlarged Numericable Group for the
seller (Vivendi), valuing SFR at around EUR15.6 billion on an
enterprise value (before synergies and earn-out). The
acquisition, which is subject to regulatory review, is expected
to close by the fourth quarter of 2014.

Ahead of the SFR acquisition, funds affiliated with Cinven Ltd.
and Carlyle Group, which currently together own 35% of
Numericable Group will transfer their holdings in Numericable
Group to Altice in a share and cash transaction. The rating
assigned to Altice assumes that the cash element of this
transaction will be funded by the new equity (EUR570 million) to
be raised at Altice. Immediately following the share transfer,
Altice will hold or direct just under 75% of Numericable Group.
Post closing of the SFR transaction Altice will hold or direct
60% of the new Numericable Group with Vivendi holding 20% and
public shareholders also 20%.

Proceeds from the issue of the new notes will be deposited in
escrow until the acquisition of SFR is consummated. Post closing
of the acquisition the notes will be secured over the shares of
Altice France and Altice International S.A. (Altice
International) and will be guaranteed by Altice France.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of final documentation and of the ultimate outcome of the
underlying transaction, Moody's will endeavor to assign a
definitive rating to the notes. A definitive rating may differ
from a provisional rating.

Ratings Rationale

The (P)B1 CFR for Altice S.A. is initially weakly positioned and
reflects risks and limitations from (i) the Altice group's high
fully consolidated leverage which Moody's estimates will be in
the 5.0 to 5.5x range as measured by the Debt/EBITDA ratio
(Moody's definition) on a 2014 pro forma basis, (ii) the rapid
pace of Altice International's acquisition activity and
geographic expansion, (iii) the significant challenge for the
company's still growing central corporate management group to
effectively supervise and enact the ongoing rationalization and
business development processes in Altice International's various
operations while also supervising and managing the integration of
SFR; (iv) the lack of full economic control of SFR; (v)
significant exposure to the highly competitive French telecoms
market and (vi) the strong reliance on debt-financing for often
opportunistic acquisitions. More positively the (P)B1 CFR
recognizes (i) the transformational nature of the SFR acquisition
which brings with it a significant step change in the scale of
Altice's operations; (ii) the strong industrial logic of the SFR
deal and its significant cost saving potential; (iii) the scope
and geographic diversification of Altice's activities enhanced by
the recent acquisitions in the Dominican Republic, (iv) the good
quality of Altice's networks in most areas of operation and (v)
encouraging results in improving margins (Israel, Portugal).

A stable outlook reflects Moody's expectation that Altice main
near-tem focus will be on integrating recently acquired assets
and assets to be acquired and that the company can show some
leverage reduction on the back of visible EBITDA growth.

Following completion of the SFR acquisition the new Altice notes
will be guaranteed by Altice France. The (P)B3 rating reflects
structural subordination of these holdco notes to bond and bank
debt as well as other payables at the subsidiary groups
Numericable Group and Altice International on which the notes
only have an equity claim (indirectly through Altice France in
the case of Numericable Group). It also factors in the notes
contractual subordination to the EUR 200 million super senior
revolving credit facility at Altice ("the Altice RCF").

Moody's currently anticipates that Altice's liquidity profile on
completion of the transaction will be sufficient for its ongoing
operational needs. At the holdco level liquidity will be
supported by EUR250 million of overfunding cash, which Moody's
expects to be maintained at all times and access to the EUR200
million Altice RCF (subject to covenant compliance). Ongoing
interest payments on the Altice notes are expected to be funded
from subsidiary distributions, predominantly from Numericable
Group. While Moody's anticipates that Altice International will
be cash flow positive, its ability to distribute cash is subject
to indenture restrictions and internal cash circulation while
Numericable Group's capacity to pay dividends to cover interest
on the notes is subject to its own cash generation and access to
liquidity facilities, but is carved out under the terms of its
notes. Moody's acknowledges that Altice International's liquidity
flexibility will be enhanced by a planned additional EUR450
million revolving credit facility. In its analysis of SFR's
historic financials Moody's has also utilized information
contained in Vivendi's audited consolidated accounts.

What Could Change the Rating - DOWN

Negative pressure on Altice's ratings could develop as a result
of (i) leverage (as measured by Moody's Debt/EBITDA ratio)
reaching and being sustained at a level approaching 5.5x (on a
fully consolidated basis); (ii) signs of deteriorating liquidity,
both at the holdco and at the subsidiary level either as a result
of operating performance or due to the company's inability to
circulate and distribute cash as planned; (iii) material setbacks
in integrating acquired assets and achieving targeted synergies
and (iv) sudden negative changes in local regulation which would
impact the company's subsidiaries' ability to maintain market
shares.

What Could Change the Rating - UP

While Moody's sees no near-term upward pressure on the ratings,
such pressure could develop over time should the company's
leverage fall to well below 4.5x (on a fully-consolidated basis)
on a sustainable basis combined with visible levels of free cash
flow generation.

The principal methodologies used in this rating were the Global
Pay Television - Cable and Direct-to-Home Satellite Operators
published in April 2013 and Global Telecommunications Industry
published in December 2010. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.

Altice S.A. is a Luxembourg-based holding company, which through
its subsidiary Numericable Group S.A. and Altice International
S.A. operates a multinational cable and telecommunications
business. Numericable Group operates in France while Altice
International currently has a presence in four regions --
Dominican Republic, Israel, Western Europe and the French
Overseas Territories. The company is controlled indirectly by
French entrepreneur Patrick Drahi.


GEO TRAVEL: Moody's Changes Outlook to Positive & Affirms B2 CFR
----------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on Geo Travel Finance SCA Luxembourg's (ODIGEO) ratings.
At the same time, Moody's has affirmed ODIGEO's B2 corporate
family rating (CFR) and B2-PD probability of default rating
(PDR), as well as the Caa1 rating on the EUR175 million Senior
Unsecured notes maturing in 2019. Moody's has also affirmed the
B3 rating on the EUR325 million Senior Secured notes -- issued by
Geo Debt Finance S.C.A. -- maturing in 2018.

"The change of outlook to positive on ODIGEO's B2 ratings is
driven by the company's strong operating performance, exemplified
by double-digit growth in EBITDA for the past three quarters",
says Knut Slatten, Moody's lead analyst for ODIGEO. "Moreover,
the announced EUR50 million debt reimbursement that the company
will undertake as part of the IPO will further enhance the
ongoing deleveraging trend", adds Mr. Slatten.

Ratings Rationale

During the first nine months of fiscal year 2014 (to March 31)
the company delivered strong operating performance, with double-
digit growth in both revenue margin and EBITDA. The company
ascribes the strong performance to the increase in the number of
bookings resulting from the roll-out of its common IT platform.
Moody's also notes that the company is demonstrating particularly
high growth in its expansion markets, where revenue margin grew
by almost 28% during the first nine months of fiscal year
2013/2014. The rating agency also believes that ODIGEO is
benefitting from an economic recovery in its core markets, most
notably in Spain and Italy, which saw difficult operating
environments last year.

On April 3, ODIGEO announced it had priced its initial public
offering (IPO) at EUR10.25 per share, giving it a market
capitalization of around EUR1.1 billion. The IPO will raise
EUR50 million of gross proceeds that the company will apply
towards the partial reimbursement of the EUR175 million Senior
Unsecured notes maturing in 2019. Moody's estimates that the
company's leverage -- defined as adjusted debt/EBITDA -- was
around 4.4x at the end of December 2013, pro-forma for the debt
repayment. Whilst the debt-redemption itself is not considered
material, Moody's anticipates that the company will continue
showing strong performance, allowing for the company's leverage
to continue on a trajectory below 4.0x over the next 12 months.
Moody's does not expect any changes to the company's financial
policies following the IPO and understands that ODIGEO does not
expect to pay dividends in the foreseeable future, as the focus
will be on growing the business and deleveraging.

The B2 CFR primarily reflects (1) ODIGEO's high leverage; (2) a
geographic concentration upon Southern Europe and France; and (3)
industry risks, including value chain disintermediation.
Balancing these factors are (1) ODIGEO's competitive positioning
within the OTA industry in Europe, particularly within the flight
segment; (2) the company's particularly strong market penetration
in its key markets of France, Spain, Italy, Germany and
Scandinavia; (3) Moody's expectation that the online travel
market will continue to benefit from migration from traditional
travel agencies; and (4) a business model underpinned by a fee-
based revenue structure.

ODIGEO's liquidity is adequate. As of December 31, 2013, the
company had a cash balance of EUR88 million and further cushion
is provided by the EUR130 million RCF, which was undrawn at the
end of December and from which EUR105 million can be used to
finance working capital or guarantees. Moody's expects that the
company will continue to generate positive FCF and maintain
comfortable headroom under its financial maintenance covenant
(total net debt/EBITDA of 5.5x in the SS RCF documentation). The
company's liquidity is supported by its positive FCF generation,
albeit subject to seasonal working capital swings, in line with
the broader travel industry.

Rationale For The Positive Outlook

The positive outlook reflects Moody's expectation that ODIGEO
will remain on track for further deleveraging supported by
continued growth in EBITDA and positive FCF generation.

What Could Change The Rating Up/Down

Upward pressure on the rating could occur if ODIGEO's debt/EBITDA
were to trend below 4.0x on a sustainable basis. Moody's would
also expect ODIGEO to maintain a continued growth in revenue
margin allowing for the company to display a consistent cash flow
generation. Conversely, negative rating pressure would develop if
ODIGEO's debt/EBITDA were to exceed 5.0x on an ongoing basis.

Principal Methodology

The principal methodology used in these ratings was the Global
Business & Consumer Service Industry Rating Methodology published
in October 2010. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

Geo Travel Finance SCA Luxembourg (ODIGEO) consists of Opodo,
eDreams and Go Voyages. ODIGEO is the largest Online Travel
Agency (OTA) in Europe in the flights segment. The company is
present in 42 countries, with a particularly strong penetration
in France, Spain, Italy, Germany, the UK and Scandinavia. During
the financial year ended March 31, 2013, the company reported
revenues of EUR479 million and generated around EUR4.1 billion of
gross bookings.


TRAVELPORT LLC: Moody's Affirms 'Caa1' CFR; Outlook Stable
----------------------------------------------------------
Moody's Investors service has changed to stable from negative the
outlook on Travelport's Caa1 corporate family rating (CFR) and
the Caa1-PD probability of default rating (PDR) of Travelport
LLC. Concurrently, Moody's has affirmed Caa1 CFR and the Caa1-PD
PDR, as well as the B1 ratings of the senior secured debt.
Moody's has also affirmed the Caa2 ratings of the second lien,
the Caa2 rating of the senior unsecured notes and the Caa3
ratings of the subordinated unsecured notes.

Ratings Rationale

"The change of outlook to stable is driven by Travelport's
improving operating performance, which has seen the company
returning to EBITDA growth", says Knut Slatten, Moody's Assistant
Vice President and lead analyst for Travelport.

Following two years in which the company's EBITDA and cash flow
generation came under significant pressure as a result of the
loss of a key contract, as well as the incurrence of large
litigation costs, Travelport no longer suffered from these
headwinds in the last three quarters of 2013. Supported by a
strong growth momentum, as exemplified by Travelport's 4% growth
in Revenue Per Available Segment (RevPas), the company has
managed to return towards a path of EBITDA-growth, allowing the
company to de-leverage from its current high levels.

Moody's expects that Travelport's core distribution business will
perform well over the next 2-3 years, supported by an overall
more favorable outlook for air travel. In addition, Moody's sees
potential upside from Travelport's merchandising platform, which
allows airlines to sell ancillary products through the GDS
terminal and notes that Travelport has contracted an increasing
number of low cost carriers over the past year. Moody's also
views favorably Travelport's increasing proportion of revenues
coming from alternative revenue sources, exemplified by its
"beyond air" segment representing 18% of net revenues in 2013
(against 14% in 2011).

As part of its full-year results for 2013, Travelport said it no
longer considered Orbitz as a core-asset. Whilst Travelport has
not communicated more around its ownership of the online-travel
agency, Moody's anticipates that further de-leveraging of the
capital structure will materialize should Travelport decide to
divest its ownership-stake. A potential disposal of the company's
stake in Orbitz is not reflected in Travelport's current ratings
and outlook.

Moody's expects that Travelport's liquidity profile will be
adequate, but notes that the company's liquidity profile is
dented by a still-tight headroom to financial covenants. There
are no upcoming debt maturities over the next 12 months.

Travelport's Caa1 CFR continues to reflect its leading position
as a GDS provider, among the top three globally, alongside
Amadeus IT Holding, S.A. and Sabre Holdings Corporation. The
ratings remain constrained by the company's high leverage, weak
free cash-flow, low interest cover and a liquidity profile deemed
to be not more than adequate.

What Could Change The Rating Up/Down

Positive rating pressure could arise if Travelport succeeds in
bringing leverage down below 7.0x Moody's-adjusted debt/EBITDA.

Conversely, negative pressure would likely be exerted on the
rating should Travelport fail to demonstrate a glide path towards
a reduction in leverage from the high levels over the next two
years. Finally, negative pressure could also result if
Travelport's near-term liquidity were to be more constrained.

Principal Methodology

The principal methodology used in this rating was the Global
Business & Consumer Service Industry Rating Methodology published
in October 2010. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

Headquartered in Atlanta, Georgia, Travelport is a leading
provider of transaction processing services to the travel
industry through its global distribution system (GDS) business,
which includes the group's airline information technology
solutions business. During FY2013, the group reported revenues
and adjusted EBITDA of US$2.1 billion and US$517 million,
respectively.



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


DALRADIAN EUROPEAN: Moody's Raises Rating on Class D Notes to Ba1
-----------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of the following notes issued by Dalradian European CLO I
B.V.:

  EUR27.85M Class B Deferrable Secured Floating Rate Notes,
  Upgraded to Aaa (sf); previously on Aug 6, 2013 Upgraded to Aa2
  (sf)

  EUR19.25M Class C Deferrable Secured Floating Rate Notes,
  Upgraded to A1 (sf); previously on Aug 6, 2013 Upgraded to A3
  (sf)

  EUR24.5M Class D Deferrable Secured Floating Rate Notes,
  Upgraded to Ba1 (sf); previously on Aug 6, 2013 Affirmed
  Ba2 (sf)

Moody's also affirmed the ratings of the following notes issued
by Dalradian European CLO I B.V.:

  EUR75M (Current Outstanding Balance: EUR26.7M) Senior Secured
  Floating Rate Variable Funding Note, Affirmed Aaa (sf);
  previously on Aug 6, 2013 Affirmed Aaa (sf)

  EUR101.5M (Current Outstanding Balance: EUR 3.9M) Class A1
  Senior Secured Floating Rate Notes, Affirmed Aaa (sf);
  previously on Aug 6, 2013 Affirmed Aaa (sf)

  EUR52.5M Class A2 Senior Secured Floating Rate Notes, Affirmed
  Aaa (sf); previously on Aug 6, 2013 Upgraded to Aaa (sf)

Dalradian European CLO I B.V., issued in May 2006, is a multi
currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly high yield senior secured European loans. The
portfolio is managed by Rothschild (NM) & Sons Limited. This
transaction passed its reinvestment period in June 2012.

Ratings Rationale

The rating actions on the notes are primarily a result of the
improvement in over-collateralization ratios following the
December 2013 payment date. The Class A-1 and Variable Funding
Notes amortized by EUR48.3M and EUR5.7M, respectively, or 48% and
8%, respectively, of their original outstanding balances.

As a result of the deleveraging, over-collateralization has
increased. As of the trustee's February 2014 report, the Class B,
Class C, Class D and Class E had over-collateralization ratios of
161.2%, 137.3%, 115.6% and 108.1% compared with 139.5%, 124.9%,
110.3% and 104.5%, respectively, as of the trustee's November
2013 report.

The key model inputs Moody's uses, such as par, weighted average
rating factor, diversity score and the weighted average recovery
rate, are based on its published methodology and could differ
from the trustee's reported numbers. In its base case, Moody's
analyzed the underlying collateral pool as having a performing
par and principal proceeds balance of EUR141.7M and GBP21.7M,
defaulted par of EUR15.1M, a weighted average default probability
of 20.2% (consistent with a WARF of 2,952), a weighted average
recovery rate upon default of 45.71% for a Aaa liability target
rating, a diversity score of 20 and a weighted average spread of
4.02%. The GBP21.8M denominated liabilities are naturally hedged
by the GBP21.7M of assets.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed a recovery of 50% of the 87.75% of the portfolio
exposed to first-lien senior secured corporate assets upon
default and of 15% of the 12.25% remaining non-first-lien loan
corporate assets upon default. In each case, historical and
market performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.

Methodology Underlying the Rating Action:

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

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

In addition to the base case analysis described above, Moody's
also performed sensitivity analysis on key parameters for the
rated notes, which includes deteriorating credit quality of
portfolio to address the refinancing risk.

Approximately 6.35% of the portfolio is European corporate rated
B3 and below and maturing between 2014 and 2015, which may create
challenges for issuers to refinance. Moody's considered a model
run where the base case WARF was increased to 3,251 by forcing
ratings on 50% of refinancing exposures to Ca. This run generated
model outputs that were within one notch from the base case
results.

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

Additional uncertainty about performance is due to the following:

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

2) Around 21% of the collateral pool consists of debt obligations
whose credit quality Moody's has assessed by using credit
estimates.

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

4) Foreign currency exposure: The deal has a significant exposure
to non-EUR denominated assets. Volatility in foreign exchange
rates will have a direct impact on interest and principal
proceeds available to the transaction, which can affect the
expected loss of rated tranches.

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


EUPHONY BENELUX: Mobistar to Take Over Certain Assets
-----------------------------------------------------
Mobistar disclosed that it has entered into an agreement on
April 10 with the bankruptcy receivers about the take-over of
certain assets of Euphony Benelux NV that has been declared
bankrupt on April 3.

The ADSL-customers and the fix telephony customers are being
transferred as a result of which the service towards these
customers remains assured.  Mobistar also has the intention to
continue these activities together with a number of former
Euphony personnel.  Moreover, the Euphony-consultants can also
contact Mobistar directly.  Mobistar is also taking over the
brand Euphony as well as the other brands that are related to the
telecom activities.  The mobile telephony customers are Mobistar
customers and the bankruptcy of Euphony will have no impact for
them.  The take-over price will not be made public.

Headquartered in Antwerp, Belgium, Euphony Benelux N.V. offers
telecommunications and energy services.  It offers services such
as fixed line, mobile, Voice over Internet Protocol (VoIP),
broadband, energy and credit cards.  The company was founded in
2001 and is based in Antwerp, Belgium.


HALCYON STRUCTURED 2008-I: S&P Raises Rating on Cl. E Notes to BB
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
all classes of notes in Halcyon Structured Asset Management
European Long Secured/Short Unsecured CLO 2008-I B.V.

The rating actions follow S&P's credit and cash flow analysis of
the transaction using data from the trustee report dated Feb. 28,
2014 and the application of its relevant criteria.

As of the end of the reinvestment period in June 2013, the class
A notes have partially amortized.  Due to the deleveraging of the
class A notes, the available credit enhancement for all classes
of notes has increased.

The collateral portfolio's reported weighted-average spread has
increased to 4.31% from 3.25% since S&P's 2012 review.  This
increase in spread, as well as a decrease in exposure to non-
euro-denominated assets in the portfolio, has resulted in each
class of notes achieving higher break-even default rates (BDRs).
The BDR represents S&P's estimate of the maximum level of gross
defaults, based on its stress assumptions, that a tranche can
withstand and still pay interest and principal.

The portfolio is well diversified, in S&P's view.  It has more
than 72 obligors, each with an average exposure of 1.43% in the
portfolio.  S&P has observed that the portfolio's credit quality
has deteriorated slightly since its 2012 review.

The percentage of 'CCC' rated assets (debt obligations of
obligors rated 'CCC+', 'CCC', or 'CCC-') in the portfolio has
increased to 6.59% from 5.44% of the portfolio since S&P's 2012
review. Defaulted assets in the underlying portfolio has also
increased over the same period -- from 0.72% to 2.56% of the
portfolio.  All classes of notes are passing their
overcollateralization tests, as they were in S&P's 2012 review.
The scenario default rates (SDRs) are also lower now, due to the
portfolio's shorter time to maturity.

The transaction's exposure to assets domiciled in lower-rated
sovereigns (Italy and Spain) is approximately 13% of the
portfolio balance.  In line with S&P's nonsovereign ratings
criteria, it has only given credit in its analysis to 10% of the
portfolio, when considering sovereign risk exposure to notes
rated 'AA' or 'AA-'.

In addition to S&P's cash flow analysis, it also applied its
supplemental tests which are intended to address both event risk
and model risk.  S&P concluded that the available credit
enhancement is now commensurate with the rating actions.

At closing, the transaction entered into asset swap agreements
with Bank of America N.A. and JP Morgan Chase Bank N.A., totaling
EUR49.07 million (converted at the swap rate in euro).  As the
downgrade provisions in the swap agreement do not comply with
S&P's current counterparty criteria, the maximum rating that all
classes of notes can achieve is no higher than one notch above
the long-term rating on the counterparty.  For rating scenarios
above this level, S&P's cash flow analysis has to show that the
available credit enhancement for the notes is sufficient to
withstand losses, if the counterparty fails to perform and the
transaction is exposed to foreign currency risk.

S&P conducted its cash flow analysis to determine the BDR for
each rated class of notes at each rating level.  S&P used the
portfolio balance that S&P considers to be performing, the
reported weighted-average spread, and the weighted-average
recovery rates calculated in accordance with S&P's 2009 corporate
criteria.  S&P applied various cash flow stress scenarios using
its standard default patterns and timings for each rating
category assumed its each class of notes, combined with different
interest stress scenarios as outlined in S&P's criteria.

S&P also tested the sensitivity of all classes of notes, by
applying high and low correlation and lower recovery sensitivity
tests at each rating level.  S&P also tested cash flows with the
covenanted spread (3.00%), rather than the actual spread on the
portfolio.

S&P's ratings on the class A notes address the timely payment of
interest and ultimate payment of principal.  S&P's ratings on the
class B to E notes address the ultimate payment of principal and
interest.

Amortization of the class A notes, an increase of available
credit enhancement and the weighted-average spread, and decreased
exposure to non-euro-denominated assets has resulted in higher
BDRs for all classes of notes compared with S&P's 2012 review.

Based on the above, S&P's cash flow analysis indicates that the
available credit enhancement for all classes of notes is
commensurate with higher ratings than previously assigned.  S&P
has therefore raised our ratings on all classes of
notes.

Halcyon Structured Asset Management European Long Secured/Short
Unsecured CLO 2008-I is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms.  The transaction closed in May
2008 and Halcyon Structured Asset Management L.P. is the manager.

RATINGS LIST

Class        Rating            Rating
             To                From

Halcyon Structured Asset Management European Long
Secured/Short Unsecured CLO 2008-I B.V.
EUR404 Million Senior Secured Floating-Rate Notes

Ratings Raised

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


* NETHERLANDS: Corporate Bankruptcies Down in March 2013
--------------------------------------------------------
Statistics Netherlands reports that in March this year, 521
businesses and institutions (excluding one-man businesses) were
declared bankrupt,  i.e. nearly 100 down from February 2014.  The
number of bankruptcies was reduced by more than one quarter
relative to March 2013, Statistics Netherlands notes.

According to Statistics Netherlands, many businesses and
institutions declared bankrupt in March were active in the
sectors trade (127), financial services (78) and construction
(77).  In most sectors, the number of bankruptcies was below the
level of the preceding month, Statistics Netherlands discloses.



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


DZERZHINSK CITY: S&P Affirms 'B+' Long-Term ICR; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
issuer credit rating on the Russian city of Dzerzhinsk.  The
outlook is stable.

At the same time, S&P affirmed its 'ruA' Russia national scale
rating on the city.

RATIONALE

The ratings reflect Dzerzhinsk's concentrated and volatile
economy, as well as the limited flexibility and predictability of
its revenue and spending under what S&P sees as Russia's
"developing and unbalanced" public finance system.  In addition,
S&P assess Dzerzhinsk's financial management and liquidity as
"negative," as defined in S&P's criteria.  The city's moderate
budgetary performance, low debt, and modest contingent
liabilities somewhat counterbalance these weaknesses.

Dzerzhinsk's economy is dominated by its chemical industry, which
relies heavily on external markets.  This industry provides about
60% of the city's output, more than 30% of employment, and over
50% of tax revenue.  S&P expects economic growth in Dzerzhinsk to
be very modest in the medium term, in line with the national
economy, and to remain highly dependent on demand from
international markets and Russian state enterprises.

The city's financial flexibility and predictability is extremely
limited, due to Russia's "developing and unbalanced" public
finance system.  This is reflected in the federal government's
control over Dzerzhinsk's local revenues and expenditures, and
frequent shifts in grants from Nizhny Novgorod Oblast and
tax-sharing policies.  About 75% of the city's revenues come from
shared taxes -- which the oblast unilaterally controls through
annual changes to the city's share of personal income tax (PIT)--
or from nontransparent and volatile grants that the oblast
allocates.

As of 2014, federal legislation transferred certain spending
responsibilities -- in particular for preschool education -- to
the regions from the municipal governments, and redistributed
some tax revenues in favor of the regions.  For this reason,
Dzerzhinsk is now responsible for less spending and will also
receive a lower share of PIT: 34.5% in 2014, after 56% in 2013.
In S&P's base-case scenario, it assumes that this reshuffling
will not undermine the city's efforts to consolidate its
operating fiscal performance, evident in 2012-2013 when it posted
a surplus of 0.7% of operating revenues on average.  S&P
forecasts that Dzerzhinsk will deliver a surplus of 1.5% of
operating revenues on average in 2014-2016, assuming it maintains
reasonable cost control with a likely slowdown of tax revenues
caused by weaker economic growth.

In 2012, Dzerzhinsk became a major target of the federal
government's environmental remedial action program, under which
it was allocated about Russian ruble (RUB)4 billion (about US$113
million).  The city received a small portion of this funding late
last year.  Such capital grants will increase the city's capital
expenditure significantly. But because its own capital plan is
moderate, deficits after capital accounts will likely stay below
3% of revenues in 2014-2016, as they did in 2010-2013.

Because budget deficits should be modest, the city's tax-
supported debt will likely be lower than 30% of operating
revenues through to 2016.  Moreover, Dzerzhinsk's limited
involvement in the local economy and its government-related
entities' relatively stable financial positions have led S&P to
assess contingent liabilities as modest.

S&P regards the city's financial management as "negative," as it
do that of most of Russian local and regional governments.
Despite relatively prudent debt policies, management quality is
constrained, in S&P's view, by a lack of external risk management
and weak long-term financial planning and budgeting.

Liquidity

S&P regards Dzerzhinsk's liquidity position as "negative," as
defined in its criteria.  The city's cash and availability under
committed bank facilities covers 120% of its debt services, which
alleviates refinancing risks.  However, liquidity is constrained
by the city's weak and volatile cash position and limited access
to external liquidity.

Despite a temporary increase in cash, thanks to unspent capital
grants in 2013, the city's average cash holdings have
historically been very low (1% of annual operating expenditures)
and volatile. According to S&P's base case, Dzerzhinsk's
recovering but still modest budgetary performance is unlikely to
allow it to improve its cash position.  However, the city
continues to secure committed bank lines.

As of January 2014, Dzerzhinsk had RUB570 million of undrawn
credit facilities maturing in 2014 and 2016, which fully cover
its debt service needs in the next 12 months.  But S&P notes the
city's "limited" access to financial markets by international
standards, owing to what it sees as Russia's weak domestic bank
system and the limited development of the domestic capital
market.

OUTLOOK

The stable outlook reflects S&P's belief that changes in
Dzerzhinsk's revenues and spending responsibilities in 2014 will
have a neutral effect on its performance and credit standing over
the next 12 months.  S&P forecasts the city to maintain modest
operating surpluses of about 1.5% of operating revenues in 2014-
2015.  The outlook also factors in the city's management's
commitment to medium-term borrowings.

S&P might take a positive rating action within the next 12 months
if Dzerzhinsk's financial position were better than it expects,
or it received more generous support from the oblast's budget,
leading to lower deficits after capital accounts.  This could
allow the city to improve and stabilize its cash position.

Conversely, negative rating actions could follow if, over the
next 12 months, the city's budgetary performance suffered from
the changes in spending and revenue or from looser spending
discipline, translating into tax-supported debt exceeding 30% of
operating revenues and a weaker liquidity position.

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

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

RATINGS LIST

Ratings Affirmed

Dzerzhinsk (City of)
Issuer Credit Rating                   B+/Stable/--
Russia National Scale                  ruA/--/--


NIZHNY NOVGOROD: S&P Affirms 'BB' Long-Term ICR; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
issuer credit rating and 'ruAA' Russia national scale rating on
the Russian city of Nizhny Novgorod.  The outlook is stable.

Rationale

The ratings on Nizhny Novgorod reflect S&P's view of Russia's
"developing and unbalanced" institutional framework, the city's
modest wealth levels and concentrated economic base, and limited
budgetary flexibility and predictability.  S&P also views Nizhny
Novgorod's financial management as "negative" for its
creditworthiness, as we do for most Russian local and regional
governments (LRGs).  The city's low debt levels, limited
contingent liabilities, and moderate budgetary performance
underpin S&P's ratings on Nizhny Novgorod.  In S&P's view, the
city's liquidity is "neutral" for its creditworthiness.

Nizhny Novgorod is Russia's fifth-largest city and has a growing
services sector, but, in S&P's view, its economy and employment
still largely depend on machinery production and auto
manufacturing group GAZ (not rated).  The city's economy remains
highly industrialized, with manufacturing accounting for 40% of
its gross output and about 19% of its employment base.  S&P also
views the city's wealth levels as only modest in an international
context.

Like other Russian municipalities, Nizhny Novgorod's budgetary
flexibility and predictability are limited.  Under Russia's
institutional framework, the federal government and Nizhny
Novgorod Oblast control most of the city's revenues by regulating
tax-sharing rates and transfers.  S&P estimates that, over 2014-
2016, about 45% of the city's total revenues will come from
transfers from higher-tier budgets, and an additional share of
personal income tax (PIT), which the oblast regulates, will
provide another 9% of revenues.  In 2014, Nizhny Novgorod Oblast
left the city's share of PIT unchanged, because the oblast took
on some preschool education expenditure responsibility from the
city, and compensated for it by transferring the maintenance of
some sport and cultural facilities to the city.  S&P believes
that this will have a neutral impact on the city's financials.

In S&P's base case, it expects budgetary performance to be
moderate over the next three years, despite some weakening in
2013.  S&P forecasts that the average operating margin will
decrease to about 3% of operating revenues in 2014-2016, compared
with 7.5% in 2012-2013.

Nizhny Novgorod will be one of the hosts of the Federation of
International Football Association's (FIFA's) World Cup in 2018,
which will require significant investment in infrastructure
development.  According to the draft preparation plan, the city
should provide only about 8% of the total Russian ruble (RUB)
72.4 billion ($2 billion) investment, while most funds will come
from the federal budget (including for the construction of a new
stadium), private investors, and Nizhny Novgorod Oblast.  In
S&P's view, increased investment in road and metro construction
might meet some of the city's transport infrastructure needs, but
it remains to be seen whether the event boosts the city's
economic growth in the long term.  S&P's previous assessments of
the impact of major worldwide sporting events on the economy and
public finances of the host have been mixed.

S&P assumes that this type of cofinancing and direct investment
in Nizhny Novgorod's infrastructure from higher-tier budgets will
support its balance after capital accounts and translate into
only moderate deficits of less than 3% of total revenues on
average over 2014-2016, compared with 6% over 2012-2013.

S&P thinks that, due to moderate deficits after capital accounts,
Nizhny Novgorod will accumulate direct debt only gradually, and
that its tax-supported debt will remain low, at below 30% of
consolidated operating revenues through 2015.  S&P includes the
debt of the city-owned heating company in its calculations of its
tax-supported debt.

In S&P's view, payables of government-related entities are minor
compared with the city's budget.  S&P therefore views contingent
liabilities as limited.

S&P regards Nizhny Novgorod's financial management as "negative"
for its creditworthiness, as it do for most Russian LRGs.  In
S&P's view, the city lacks reliable long-term financial planning
when compared with international peers.  Nevertheless, the city's
management has a good track record of debt management that S&P
believes it will maintain over the medium term.

Liquidity

S&P views Nizhny Novgorod's liquidity as "neutral," as its
criteria define the term.  This is because S&P expects the city
to maintain average free cash reserves and undrawn amounts
available in committed credit lines exceeding debt service
falling due in the next 12 months by more than 120%.  At the same
time, S&P views the city's access to financial markets as
"limited," in common with most Russian LRGs, due to the
weaknesses of the domestic banking sector.

In S&P's base-case scenario it expects that in the next 12 months
the city's average cash net of the deficit after capital accounts
will remain very low.  S&P expects that the city will continue
organizing medium-term liquidity facilities in the form of
revolving bank lines and actively use them for liquidity purposes
within the year.

Nizhny Novgorod has continued to extend its debt maturity
profile. In December 2013, the city took advantage of favorable
market conditions to secure another RUB6 billion (about US$170
million) in credit facilities and was able to extend its debt
maturity profile to two years.  As of April 1, 2014, the city had
RUB1.6 billion undrawn in credit lines that mature in December
2015.  S&P' expects that, in June this year, the city will
organize another RUB1.5 billion in new two-year lines.  It will
use them to partly refinance RUB5.4 billion in bank lines
maturing in December 2015 and to cover the deficit after capital
accounts.

Outlook

The stable outlook reflects S&P's view that the continuing inflow
of operating and capital transfers from the oblast will help
Nizhny Novgorod meet its need to increase expenditures and
support its budgetary performance at moderate levels.  S&P also
assumes that the city will maintain its existing liquidity
policy, and that liquidity will remain "neutral" over the medium
term.

S&P could take a negative rating action within the next 12 months
if lower revenues and more rapid spending growth led to higher
deficits after capital accounts and higher borrowing, resulting
in weakening liquidity, with the debt service coverage ratio
falling below 120% and tax-supported debt above 30% of
consolidated operating revenues.  In this case S&P would revise
its assessments of liquidity and debt downward.

S&P could take a positive rating action in the next 12 months if,
in line with its upside scenario, stronger commitment to tight
financial discipline resulted in consistently strong operating
margins at about 7% of operating revenues, when combined with
additional prudency on the liquidity management side.

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

Nizhny Novgorod (City of)
Issuer Credit Rating                   BB/Stable/--
Russia National Scale                  ruAA/--/--



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


NCG BANCO: S&P Lowers LT Counterparty Credit Ratings to 'B+'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit ratings on Spain-based NCG Banco S.A. to 'B+'
from 'BB-'.  S&P also removed the ratings from CreditWatch, where
they were placed with negative implications on Dec. 23, 2013.  At
the same time, S&P affirmed the short-term ratings at 'B'.  The
outlook is negative.

S&P's rating action follows the announcement of NCG's
privatization, which is still pending regulatory approval by the
European authorities.  The downgrade reflects S&P's view of the
increased pressures on NCG's business stability and overall
business position, mainly due to the potential implications for
NCG of its new shareholders' relatively tight financial
flexibility in the context of the large size of NCG compared to
Banesco (the banking group NCG will now belong to).  Such
implications include the potential changes that the new
shareholders could make to the bank's long-term strategy and
financial profile.  These factors add to the downside risk S&P
already saw for NCG's business position before the privatization,
which reflected the challenges embedded in implementing the
restructuring plan required after NCG's public recapitalization.

While NCG does not belong directly to the same consolidated
group, the fact that it shares the same ultimate owners as
Banesco's operations in Venezuela -- where S&P sees higher
economic and operating risks than in Spain -- could also have
negative implications for the Spanish bank.  In S&P's view, a
substantial deterioration in the financial profile of Banesco's
operations in Venezuela could also undermine NCG's business
stability and strategy.  NCG's strategic focus in such scenario
could shift from implementing its restructuring plan to focusing
more on boosting profitability, up-streaming dividends, and
potentially supporting Banesco's operations in other geographies
if needed.

"We are therefore revising our view of NCG's business position to
"weak" from "moderate" and lowering to 'b-' from 'b' our stand-
alone credit profile (SACP) on the bank.  Consequently, we are
also lowering to 'B+' from 'BB-' our long-term counterparty
credit rating on NCG.  Our view on other bank-specific factors
remains unchanged.  Our ratings on NCG also continue to
incorporate one notch of uplift for short-term extraordinary
government support while NCG addresses its liquidity and funding
profile imbalances. The ratings also include another notch of
uplift for potential extraordinary government support, reflecting
our view of NCG's "moderate" systemic importance and the Spanish
government's "supportive" stance toward the domestic banking
sector," S&P noted.



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


CAPITAL CARS: In Liquidation; Owes GBP300,000 to HMRC
-----------------------------------------------------
David McCann at Edinburgh Evening News reports that Capital Cars
Ltd. is set to be liquidated, owing around GBP300,000 to Her
Majesty's Revenue and Customs.

According to Edinburgh Evening News, a winding-up order has been
lodged for Capital Cars for unpaid VAT but the jobs of 25 staff
and 350 self-employed drivers have been secured after a phoenix
company bought the assets of the collapsed firm.

Seven Sevens Cars Ltd. took control of the private hire firm on
Thursday and has retained the trading name, Edinburgh Evening
News relates.

An official liquidator has been appointed for the old company,
Edinburgh Evening News discloses.

A petition to wind up Capital Cars was published on Tuesday in
the Edinburgh Gazette, Edinburgh Evening News relates.  It is
understood that despite "management restructuring" the company
was unable to meet repayments of VAT totaling around GBP300,000,
Edinburgh Evening News notes.

Following legal advice, director Stephen Rose -- who took over
the running of the firm in August -- decided to file for
insolvency, Edinburgh Evening News relays.

Staff at the firm's Gorgie Road depot were alerted to the
insolvency event on Friday but it is understood there will be no
job losses.

Capital Cars Ltd. is one of Edinburgh's largest private hire taxi
firms.


CO-OPERATIVE BANK: Posts Losses of Almost GBP1.3-Bil. in 2013
-------------------------------------------------------------
Gareth Mackie at The Scotsman reports that the Co-operative Bank
on Friday revealed that it racked up losses of almost GBP1.3
billion last year and does not expect to deliver a profit in the
next two years.

The lender has shed about 1,000 employees since discovering a
GBP1.5 billion black hole in its finances, The Scotsman notes.
The capital shortfall led to former parent Co-operative Group
ceding control of the bank to a group of powerful bondholders,
The Scotsman recounts.

Co-op Bank chief executive Niall Booker, as cited by The
Scotsman, said: "The results today reflect the magnitude of the
issues that have come to light since I joined the Co-operative
Bank ten months ago.

"It is early days but initial progress on our business plan is
encouraging and we remain enthusiastic about the long term
potential for the bank."

For the year to December 31, Co-op Bank posted an operating loss
of GBP1.28 billion, compared with GBP674.9 million the previous
year, The Scotsman discloses.

                     About Co-operative Bank

Co-op Bank -- part of the mutually owned food-to-funerals
conglomerate Co-operative Group -- traces its history back to
1872.  The bank gained prominence for specializing in ethical
investment.  It refuses to lend to companies that test their
products on animals, and its headquarters in Manchester is
powered by rapeseed oil grown on Co-operative Group farms.

Founded in 1863, the Co-op Group has more than six million
members, employs more than 100,000 people, and has turnover of
more than GBP13 billion.

                           *     *     *

The Troubled Company Reporter-Europe on Nov. 14 and 18, 2013 has
reported that Moody's Investors Service has affirmed The
Co-operative Bank's Caa1 senior unsecured debt and deposit
ratings, and changed the outlook on the rating to negative from
developing, and Fitch Ratings has downgraded the company's Issuer
Default Rating to 'B' from 'BB-' and placed it on Rating Watch
Negative.


HEARTS OF MIDLOTHIAN: No Date Set for Creditors Meeting
-------------------------------------------------------
Alan Temple at The Scotsman reports that Bryan Jackson of The
Hearts of Midlothian Football Club's administrators BDO has
returned from Lithuania without confirmation of when Ukio Bankas'
pivotal creditors meeting will take place.

Ann Budge's BIDCO 1874 company have tabled a GBP2.5 million offer
for Ukio's 29.9% shareholding in the club and their security over
Tynecastle Stadium, but it must be ratified by creditors of the
fallen bank, The Scotsman relates.

If the transfer of shares is not confirmed, Hearts are
effectively guaranteed to face liquidation, The Scotsman notes.
However, a date for the meeting which will decide the fate of the
capital club has not yet been pencilled in, The Scotsman states.

BDO remain hopeful the meeting will take place this week, The
Scotsman says.  To that end, Jackson will return to Vilnius
today, The Scotsman discloses.

                    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.


ROYAL BANK: Swap Deed No Impact on Moody's 'D+' Bank Rating
-----------------------------------------------------------
Moody's Investors Service has announced that Royal Bank of
Scotland plc (RBS; deposits Baa1 negative, bank financial
strength rating D+/ adjusted baseline credit assessment ba1) has,
as the swap provider in Northern Rock Asset Management's (NRAM)
covered bond program, undertaken the proposed execution of a deed
of undertaking. This Deed relates to the swap agreement between
Northern Rock Covered Bond LLP and RBS.

Moody's says that the proposed execution of the Deed will not, in
and of itself and at this time, result in a reduction or
withdrawal of the current ratings of the notes issued (the
"Notes") by NRAM.

On March 13, 2014, Moody's downgraded the long-term senior
unsecured rating of RBS to Baa1 from A3. This resulted in a
"ratings trigger event" under the Swap Agreement, which will give
rise to an additional termination event, unless RBS takes
suitable remedial action within 30 days. The Swap Agreement
contemplates several alternative remedial actions, which are in
each case, broadly: (a) transferring the swap to an appropriately
higher-rated third party; (b) obtaining a guarantee by an
appropriately rated guarantor; and (c) taking some other action
such that the downgrade of RBS does not have a negative rating
impact on the Notes. RBS proposes to take remedial action under
(c) by executing the Deed.

Under the Deed, RBS will provide new undertakings to take one of
the remedial actions (a) to (c) above within 160 business days
from the date of the Downgrade. Failure to take these actions
will constitute an additional termination event under the swap
agreement. Therefore, the Deed effectively extends the cure
period from 30 days to 160 business days.

RBS has told Moody's that it intends to propose further remedial
actions (with a view to performing its undertaking under the
Deed) promptly and, in any case, well within 160 business days.
Furthermore, RBS has informed Moody's that it is devoting
significant resources to facilitate timely performance of its
trigger-related obligations under covered bond swaps. On this
basis, and since Moody's generally assumes that a downgraded swap
counterparty will take significantly longer than 30 days to
effect a transfer to a new counterparty, Moody's considers that
the extension of the cure periods to 160 business days does not
materially affect the likelihood of successful remedial actions.

Moody's opinion on the Deed only addresses its relevance to
Moody's ratings. Moody's does not express an opinion as to
whether the extension of the cure periods has or could have any
other effects that investors may or may not view positively.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes. Moody's ratings address
only the credit risks associated with the transaction. Other
risks have not been addressed, but may have a significant effect
on yield to investors.

The principal methodology used in this rating was "Moody's
Approach to Rating Covered Bonds", published in March 2014.


SAGA LTD: S&P Assigns Preliminary 'B' CCR; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B'
long-term corporate credit rating to U.K.-based specialized
consumer services company Saga Ltd.  The outlook is stable.

At the same time, S&P assigned its preliminary 'B' issue ratings
to the GBP825 million senior secured loans (term loan A), due
2019, and GBP425 million senior secured loans (term loan B), due
2020, issued by Saga Mid Co Limited.  The recovery rating on
these loans is '3', indicating S&P's expectation of average
(50%-70%) recovery prospects in the event of a payment default.

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

The ratings on Saga reflect S&P's assessment of the company's
financial risk profile as "highly leveraged" and business risk
profile as "fair," as S&P's criteria define these terms.

"We anticipate that Saga's key credit metrics will remain in the
"highly leveraged" financial risk profile category, as we take
into account shareholder loans held above Saga into Standard &
Poor's-adjusted debt calculations, in line with our criteria.
Our fully adjusted debt figure for the year ending January 2015
includes the new financing package totaling GBP1.25 billion, our
estimate of GBP6 million in pension obligations, GBP4 million for
operating leases, as well as nearly GBP1.8 billion in shareholder
instruments held above Saga. Cash flow protection, as indicated
by our adjusted funds from operations (FFO)-to-debt ratio, is
expected to remain below 4% in the medium term, and we foresee
that this ratio will remain relatively stable.  We anticipate
that free operating cash flow will be strongly positive, at above
GBP65 million in financial year 2015," S&P said.

"Saga's "fair" business risk profile reflects its exposure to a
combination of key business risks that can be attributed to the
industries it operates in, which include insurance, travel, and
health care.  Our assessment is also based on Saga's
concentration in the U.K., for which we anticipate modest GDP
growth in 2014 and 2015.  Furthermore, the company's addressable
market (the over 50s age group) is limited to 35% of the U.K.
population, but is growing quickly," S&P added.

Within travel, the company is exposed to event risk (for example,
accidents, political conflicts, and natural catastrophes).
Travel tends to be a discretionary purchase, linked to consumer
confidence, spending levels, and employment in general, and has
recently become more cyclical with the prevalence of internet and
last minute bookings.

Within health care, Saga is exposed to the difficulties involved
in finding and retaining suitable qualified/trained staff, which
is an industry-wide challenge.  Saga has lower margins than many
of its peers in this sector, and the company is reliant on the
National Health Service as a primary payer for health care
services.  That said, over time, Saga plans to move to a higher
incidence of private paying customers.

Further risks include the commoditized nature of motor insurance,
reputational risk to brands (particularly within health care),
and the fragmented nature of some of Saga's segments, such as
travel.

These risks are offset by Saga's key business strengths, such as
a well-known and easily recognizable brand.  The company holds
leading market positions for motor insurance and domiciliary
health care.  The overall industry is relatively resilient due to
stable demand from the target customer segment; and retention
rates are high, with 70% of customers having multi-year
relationships.  In S&P's view, there is growth potential for
travel and health care, as the target population segment
increases over time.  The company also benefits from being
vertically integrated, providing competitive benefits in price
setting.  It can alter pricing quickly on insurance products when
trends in claims change, and has good product diversity, which
yields significant cross-selling opportunities. Risk in the
seasonality of travel (the high fixed costs of contracted hotels
and airplane seats, for example) is mitigated through upfront
deposits and payments.  Some barriers to entry are attributed to
a marketing database comprising a significant portion of the
group's target market, which would be difficult to replicate in
the near term.

S&P assess Saga's management and governance as "fair," reflecting
its experienced management team and clear growth plans.

S&P's base case for Saga assumes:

   -- Revenue growth in the low single digits for 2014 and 2015;

   -- An adjusted EBITDA margin of approximately 17%-19% for 2014
      and 2015;

   -- Capex of GBP30 million per year;

   -- Annual cash interest costs of GBP80 million per year;

   -- No acquisitions or dividends in the medium term; and

   -- GBP1.8 billion in shareholder loans that we treat as debt
      at the operating company level, as per S&P's criteria.

Based on these assumptions, S&P arrives at the following credit
measures, which are commensurate with a "highly leveraged"
financial risk assessment:

   -- FFO to debt of around 4% (or 10% when excluding shareholder
      loans);

   -- Debt to EBITDA of approximately 13x (or over 5x when
      excluding shareholder loans);

   -- FFO cash interest coverage of over 4x; and

   -- Strong and rising unadjusted free operating cash flow of
      about GBP65 million in financial 2015.

The stable outlook reflects S&P's view that Saga's operating
performance and credit metrics will remain commensurate with the
rating for 2014 and 2015.  S&P views the company's flexibility to
adjust its strategy across the business line, consistent track
record of achieving targets, and supportive demand trends as
underpinning the rating.

"Sustained deleveraging, improvements in EBITDA, and cash flow
generation, as well as stronger credit metrics than we currently
anticipate could lead us to raise the rating.  Specifically, a
sustained adjusted FFO-to-debt ratio firmly established in the
mid-teens and adjusted debt to EBITDA of less than 5x including
shareholder loans, could provide the basis for an upgrade.  An
additional supportive factor could be a well-diversified
shareholder base coupled with our perception of less-aggressive
financial policies, which could happen if private equity firms no
longer own a meaningful percentage of the company," S&P said.

S&P thinks a downgrade is currently unlikely, but it could
consider one should margins fall, stemming from an increase in
insurance claims or an increase in pricing competition.  This
could lead to a reduction in cash flow generation and tightening
liquidity.  Additionally, debt-financed acquisitions, shareholder
distributions, event risk relating to the travel or health care
segments, or a material reduction in FFO cash interest coverage
could lead us to lower the rating.



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


* BOND PRICING: For the Week April 7 to April 11, 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 * * *