TCREUR_Public/140428.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 28, 2014, Vol. 15, No. 82

                            Headlines

B U L G A R I A

BDZ: Creditors May Sell Most Valuable Assets


C Y P R U S

CYPRUS: Fitch Affirms 'B-' Issuer Default Rating, Outlook Stable


C Z E C H   R E P U B L I C

LESS & TIMBER: Declared Bankrupt by Prague Court


F R A N C E

CERBA EUROPEAN: S&P Affirms 'B+' Corp. Credit Rating


G R E E C E

INTRALOT SA: Fitch Affirms B+ Issuer Default Rating, Outlook Neg
NAT'L BANK OF GREECE: S&P Affirms 'CCC/C' Ratings; Outlook Neg
PUBLIC POWER: S&P Assigns 'B' Rating to EUR500MM Unsecured Notes


I R E L A N D

CONNAUGHT TELEGRAPH: In Voluntary Liquidation; Seeks Buyers
EATON VANCE VII: S&P Lowers Ratings on 2 Note Classes to 'B-'
SETANTA INSURANCE: European Commission to Investigate Collapse
TOM HAYES: Unsecured Creditors Unlikely to Recover Money


I T A L Y

GTECH SPA: S&P Raises Subordinated Debt Rating to 'BB+'


N E T H E R L A N D S

CONSTELLIUM: Moody's Hikes Corporate Family Rating to 'Ba3'
CONSTELLIUM NV: S&P Raises CCR to 'BB-'; Outlook Stable
HIGHLANDER EURO II: Moody's Affirms Ba1 Rating on Class D Notes
INTERXION HOLDING: S&P Affirms 'B+' CCR; Outlook Positive
JUBILEE CDO VIII: S&P Raises Rating on Class E Notes to 'B+'


R U S S I A

KARELIA: Fitch Affirms 'BB-' Long-Term IDRs; Outlook Negative
KOMI REPUBLIC: Fitch Affirms 'BB+' LT IDRs; Outlook Negative
TAMBOV REGION: Fitch Affirms 'BB+' LT Issuer Default Ratings


S W I T Z E R L A N D

NORD ANGLIA: 1H 2014 Results No Impact on Moody's 'B1' Rating


U N I T E D   K I N G D O M

BANK OF SCOTLAND: Swap Agreement No Impact on Moody's D+ Rating
DORCHESTER CARE: 2 Care Homes Go Into Administration
GEORGE BULLER: In Administration, Business Closes
GHERKIN: In Administration, Tenants Future Uncertain
STACEY CONSTRUCTION: In Administration, Cuts 60 Jobs

WINDERMERE XI: Fitch Cuts Rating on GBP12MM Cl. C Notes to 'Dsf'


X X X X X X X X

* BOND PRICING: For the Week April 21 to 25, 2014


                            *********


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


BDZ: Creditors May Sell Most Valuable Assets
--------------------------------------------
Novinite.com reports that creditors of Bulgaria's State Railways
(BDZ) will most likely sell of the company's most valuable
assets.

According to Novinite.com, Danail Papazov, Bulgaria's transport
minister, said that the large creditors -- the banks BNP Paribas,
Societe Generale, KFW, Dexia, Depfa and First Investment Bank --
will have a meeting in the beginning of May, at which will decide
to sell off the 25 diesel Desiro trains and more than 3000
freight cars.

Mr. Papazov, as cited by Novinite.com, said that this would not
bankrupt BDZ.

The company owes its creditors BGN620 million, Novinite.com
discloses.  The negotiations with them are hard, as they want a
meeting with Prime Minister Plamen Oresharski and a state
guarantee covering the debts, Novinite.com notes.

Mr. Papazov said the hardest negotiations were with the German
FMS Wertmanagement who froze BDZ's bank accounts in March because
of a default on EUR11 million debt, Novinite.com relates.

BDZ is a Bulgarian railway holding company.



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C Y P R U S
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CYPRUS: Fitch Affirms 'B-' Issuer Default Rating, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Cyprus's Long-term
foreign currency Issuer Default Rating (IDR) to Stable from
Negative and affirmed the IDR at 'B-'.  The agency has also
upgraded the Long-term local currency IDR to 'B-' from 'CCC'.
Other ratings have been affirmed with Short-term foreign-currency
IDR at 'B' and Country Ceiling at 'B'.  The issue ratings on
Cyprus's senior unsecured foreign-law bonds have been affirmed at
'B-' and the issue ratings on unsecured local-law bonds have been
upgraded to 'B-' from 'CCC'.

Key Rating Drivers
The revision of the Outlook and the upgrade reflect the following
key rating drivers and their relative weights:

High:
Reform implementation under the EU-IMF program continues to
progress, supporting policy coherence and credibility.  In
particular, wages and prices are adjusting downwards in contrast
to previous episodes of recession.  Driven by spending cuts in
the public sector, compensation per employee fell 6% yoy in 2013.
In the private sector compensation per employee fell by 5.3%.
Fitch expects the government to continue to adhere to program
parameters, following parliamentary approval on privatization
plans despite initial resistance from some political parties.

Fiscal targets have been exceeded by a significant margin.  The
general government deficit to GDP (GGD) ratio was contained at
5.4% in 2013, below the projected 7.8% under the second Troika
review of the program and Fitch's previous forecast of 6.7%.  The
outcome reflects a large fiscal correction and a less severe-
than-expected recession. Tight expenditure control contributed
significantly to the favorable outcome.  Fitch has revised its
fiscal deficit projections to 5% of GDP in 2014 and 4.6% in 2015,
from 7.5% and 6.9%, previously.

The economy has proven to be more resilient than previously
expected.  GDP contracted 5.4% in 2013, compared with the
forecast 7.7% contraction under the second Troika review and
Fitch's previous forecast of 7% decline.  Tourism and
professional services (excluding banking) have shown some
resilience. Households have also been using their savings to
smooth their consumption.  Fitch has revised its GDP projections
for 2014 to a contraction of 3.9%, from a 5.1% decline
previously.

The risk of a repeat of Cyprus restructuring its domestic law
bonds, which occurred in 2013, has reduced, resulting in the
Long-term domestic and foreign currency IDRs being equalized.
This equalization is supported by the improved fiscal and
economic performance relative to Fitch's previous expectations,
leading to stronger financing buffers within the program.

Medium:
Cyprus's external debt position has improved compared with
Fitch's previous forecast, in part due to favorable revisions to
previous official data.  The improvement also reflects positive
trends in capital flows, including a significantly narrower
current account deficit.

Cyprus's 'B-' Long term foreign currency and local currency IDR
ratings also reflect the following key rating drivers:
There are still significant risks to creditworthiness posed by
Cyprus's continued deep economic and financial adjustment, which
is still in its early stages.

The restructuring of the banking sector has also undermined the
potential growth of the economy and unemployment will remain
elevated in the near term.  The stock of NPLs (as per Central
Bank of Cyprus's new definition) on average reached 42% of gross
loans at end-December 2013, and in some banks, was above 50%.
The quality of assets may deteriorate further in the next
quarters, albeit potentially at a slower pace.  Banks have taken
steps to enhance their internal arrears and restructuring
processes and now face the challenge of limiting any additional
credit deterioration and recovering NPLs without affecting their
recently restored capital positions.

Public debt, at around 112% of GDP in 2013, was almost three
times higher than the 'B' median of 42% and has yet to peak.
There is little further fiscal scope to absorb any additional
domestic or external shocks.

Risks to program implementation have eased on recent performance
but remain elevated.  Medium-term fiscal targets, in particular,
are ambitious.  Official projections show a 3.3pp improvement in
general government primary balance in 2016 to a surplus of 1.2%
of GDP which could prove difficult to achieve.  A significant
portion of the consolidation also remains outside the program
period which ends in 1Q16.

Cyprus's financing requirements rise significantly after the end
of the program period, which could be challenging for the
government.  According to projections by the IMF gross financing
needs, including for buffers, will rise to EUR3.6 billion in 2017
from EUR1.7 billion in 2016, with maturing medium- to long- term
debt increasing to EUR2.7bn from EUR0.6 billion. This includes
the EUR1.8bn domestic law bond held by Bank of Cyprus, which can
be rolled over annually until 2017.

The process of lifting capital controls carries risks, and a
premature exit could trigger material capital flight with
negative economic consequences.

Rating Sensitivities

Future developments that may, individually or collectively, lead
to a negative rating action include:

-- Significant slippage from program targets, in particular
    fiscal deficits, or adverse changes to public debt dynamics,
    for example, caused by a deeper-than-expected recession or
    political shocks

-- A recession that is materially deeper or longer than assumed
    by Fitch which would have adverse consequences for public
    debt dynamics

-- Re-intensification of the banking crisis in Cyprus, for
    example, capital flight from banks if capital controls are
    lifted prematurely

Future developments that may, individually or collectively, lead
to a positive rating action include:

-- A longer track record of successful implementation of the EU-
    IMF program

-- Signs of a stabilization in economic output and the banking
    sector

-- Improvements in export performance that help facilitate the
    rebalancing of the economy

-- Lifting of capital controls with no material negative
    economic consequences.  A removal of capital controls would
    also lead to an upgrade of the Country Ceiling.

Key Assumptions

Fitch expects the recession to be deeper and the downturn to last
longer than assumed under the EU/IMF program.  The agency expects
output to contract by around 3.9% in 2015 and 1% in 2016 and not
return to growth until 2017.  This compares with the Troika
program forecast for the economy to grow from 2015.

Fitch assumes moderate slippage from Troika fiscal targets in the
medium term, especially in 2016 when the primary balance is
expected under the program to improve significantly.  The
official program targets a primary balance surplus of 4% of GDP
by 2018 from a deficit of 2% in 2013.  It is likely that the
fiscal adjustment will need to be greater to achieve the
ambitious long- term targets for the primary balance, especially
as downside risks to growth remain high.

Fitch's debt dynamics projections assume the government concludes
the asset swap of a portion of the outstanding government debt
held by Cyprus Central Bank (EUR1 billion), generates proceeds
from privatization (of at least EUR1 billion within the program
period and EUR0.4 billion outside) and dividends from the central
bank (EUR0.4 billion).

Public debt has improved slightly from the previous rating
review. Fitch expects gross general government debt (GGGD) to
peak at 126% of GDP in 2016 (compared with over 131% in the
previous review) and to gradually decline to 117% by 2020.  The
improvement is due to better growth projections and smaller
fiscal deficit forecasts in the near term.

Fitch currently assumes that the fiscal costs of bank
recapitalization will not exceed the EUR2.5 billion specified
under the Troika program, which includes a contingency buffer of
EUR1 billion.

Fitch assumes that there will be no material escalation in
developments between Russia and Ukraine that would lead to a
significant external shock to the Cypriot economy. Tourism from
Russia has been rising and Russians account for a sizeable share
of foreign deposits in banks. Our projections also do not include
the impact on growth of potential future gas reserves off the
southern shores of Cyprus, the benefits from which are several
years into the future, although now less speculative.  A second
test drill is planned for autumn.  Similarly while talks to
resolve the Cyprus issue has resumed after a two-year break we do
not expect a solution any time soon.

Fitch assumes Cyprus and the euro zone as a whole will avoid
long-lasting deflation, such as that experienced by Japan from
the 1990s.  However, given the nominal adjustment underway in
Cyprus, downward price pressures will be significant over the
medium term. This will hinder the balance-sheet adjustment of the
public and private sectors.

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



===========================
C Z E C H   R E P U B L I C
===========================


LESS & TIMBER: Declared Bankrupt by Prague Court
------------------------------------------------
CTK reports that the Regional Court in Prague on April 23 sent
into bankruptcy Less & Timber as banks have not accepted the
company's proposed reorganization plan.

According to CTK, the court decision does not necessarily have to
have an impact on employment because secured creditors and the
insolvency administrator are interested in the company's further
operations.

"People should not theoretically even notice it," Jan Micanek,
the company's owner, as cited by CTK, said about potential impact
on some 300 employees.

Less & Timber is a Czech domestic wood processing company.



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


CERBA EUROPEAN: S&P Affirms 'B+' Corp. Credit Rating
----------------------------------------------------
Standard & Poor's Rating Services said that it affirmed its 'B+'
long-term corporate credit rating on France-based clinical
laboratory operator Cerba European Lab SAS (Cerba).  The outlook
is stable.

At the same time, S&P affirmed its 'B+' issue rating on Cerba's
EUR445 million senior secured notes, including the proposed
increase of EUR80 million, due 2020.  The recovery rating on the
notes is '4', indicating S&P's expectation of average (30%-50%)
recovery in the event of a payment default.

The affirmation reflects S&P's view that Cerba's plan to issue an
additional EUR80 million of senior secured notes to finance its
mergers and acquisitions strategy is in line with its growth
strategy, and will not lead its debt protection metrics to
deteriorate beyond the levels S&P assumes under its base case.

"We derive our 'B+' rating on Cerba from our anchor of 'b', which
in turn is based on our "fair" business risk and "highly
leveraged" financial risk profile assessments for the company.
We adjust the anchor upward by one notch to account for our
positive view of Cerba under our comparable rating analysis,
whereby we review an issuer's credit characteristics in
aggregate," S&P added.

S&P's positive comparable rating analysis primarily reflects
Cerba's strong cash generation and interest coverage, supported
by S&P's calculation of funds from operations (FFO) to cash
interest comfortably in excess of 2x.  It further reflects S&P's
view of Cerba's business risk profile as firmly within the "fair"
category, reflecting that the company is steadily improving its
EBITDA margin.

"We assess the industry in which Cerba operates as posing an
intermediate level of risk, reflecting long-term sustainable
growth in the low-single digits thanks to increasing volumes,
partly offset by negative price trends.  The health care segment
of most European countries is subject to strict regulations, with
increasing price pressures.  As the clinical laboratory market is
not materially different in this respect, Cerba is likely to face
the task of adapting its cost structures to lower reimbursement
rates," S&P noted.

S&P views positively Cerba's position as a leading operator of
clinical laboratory testing services in France, Belgium, and
Luxembourg, countries that S&P views as posing a low level of
risk.

S&P views Cerba's revenue diversification and its growing size as
an advantage in the fragmented, highly regulated, and price-
competitive environment.  This enables the company to exploit
cost advantages through common procurement and overhead
optimization. These benefits are reflected in comparatively high
operating margins.  S&P estimates that Cerba's EBITDA margins
will remain in the low- to mid-twenties, which compares favorably
with the margins of the company's larger international peers.

Cerba's business risk profile is further supported by what S&P
views as favorable underlying trends and the characteristics of
the clinical laboratory services industry.  Chief among these
characteristics is the atomistic supply-and-demand structure,
involving a multitude of individual orders and transactions with
no dependence on one large customer or contracts.  As customers
are mainly individual patients undergoing diagnostic tests,
payment risk is virtually nonexistent since most bills are
settled by public and private health insurance or hospitals.  In
addition, factors such as aging populations, increasingly
unhealthy lifestyles that are accompanied by prevalent diseases
such as diabetes and cancer, and the increasing demand for
precise diagnostics and early detection will in our view continue
to drive volumes.

These strengths are partially offset, in S&P's opinion, by
Cerba's still-relatively-modest size, with annual revenues of
about EUR352 million in 2013.  This compares with the value of
the French clinical laboratories diagnostic services market of
about EUR7.3 billion.

Cerba's market share is still somewhat low in the routine segment
of the French clinical laboratories diagnostic services market.
Furthermore, it will take time to expand this share
significantly, given the small size of the company's
acquisitions.

At the same time, S&P considers Cerba's acquisitive business
model as the main weakness of its business risk profile.  In
addition, the clinical laboratories diagnostic services industry
lacks barriers to entry, and Cerba's business model is
susceptible to market entry by much larger players.  This creates
risks of margin erosion or escalating purchase prices of takeover
targets, and could lead to greater competition.

Furthermore, as European governments seek to meet budgetary
constraints, the clinical laboratory segment is becoming subject
to stricter regulation and increasing pricing pressure.  As such,
Cerba is likely to be confronted with the challenge of adapting
its cost structures to the more regulated and subsequently more
expensive operating environment, and to lower selling prices.
While a consolidator such as Cerba is, in S&P's view, in a better
position to absorb pricing pressure than smaller laboratories,
increasing exposure to regulatory actions is highly likely.

Apart from price regulation, S&P believes a further challenge
could come from limits on reimbursement for diagnostic tests.
This could mean greater out-of-pocket contributions from patients
and consequently a lower demand for standard tests.

S&P anticipates continued strong double-digit sales growth in
2013 and 2014, owing to management's planned pace of
acquisitions. Without external growth, S&P believes that Cerba's
underlying revenue growth will be in the low-single digits.  S&P
believes that the company's operating margins will continue to
improve slightly on a pro forma basis, assuming a swift
integration of acquired units.

S&P foresees that the laboratory industry in France will continue
to consolidate in the coming years and that Cerba will play an
active role in the process.  S&P therefore includes in its base
case estimates of about EUR200 million-EUR300 million of
discretionary spending on acquisitions over the next three years.

Cerba is tapping the bond market to raise an additional EUR80
million of notes on top of the EUR365 million of notes it raised
in 2013, to finance its mergers and acquisitions strategy.  S&P
estimates that Cerba's Standard & Poor's-adjusted debt-to-EBITDA
ratio will be about 9x over the next three years, in line with
S&P's "highly leveraged" financial risk profile assessment.
S&P's estimate includes financial debt of EUR507 million and
about EUR441 million in the form of preference shares,
convertible bonds, and other debt-like instruments such as
shareholder loans.

Although S&P views these latter instruments as debt-like, it
recognizes their cash-preserving function.  Excluding these debt-
like instruments, Cerba's leverage would be about 4.8x over the
next three years.  Due to Cerba's long-dated debt maturity
profile and acquisitive strategy, any future improvement in
leverage is likely to result from higher profitability rather
than from any reduction in debt.

Assuming that Cerba's acquisitions are profit-accreting from the
start, S&P estimates that the company should be able to maintain
adjusted FFO cash interest coverage above 2x over the next three
years (averaging about 2.5x), which S&P views as supportive of
the rating.  S&P estimates that Cerba will achieve adjusted
EBITDA of about EUR100 million-EUR135 million by 2016, supported
by positive free operating cash flow (FOCF).

S&P's base-case estimates for Cerba assume:

   -- GDP growth of 0.7% in 2014 and 1.4% in 2015 in France; and
      1.1% in 2014 and 1.5% in 2015 in Belgium.

   -- A limited correlation between these rates and Cerba's
      revenue growth.

   -- This is because the company's revenue performance is driven
      by tariffs set by the state and insurers, and S&P uses GDP
      as an indication of the state's willingness to pay.

   -- Price cuts in Belgium and small price increases in France.

   -- Continuing efficiency improvements.  The centralization of
      Cerba's laboratories drives margin stability, which S&P
      estimates will remain about 23%.

   -- An increase in capex of EUR24 million in 2014, and of about
      EUR20 million in 2015 and 2016, to fund a new laboratory
      being built in Luxembourg, plus capacity increases.

   -- Acquisition spending of EUR134 million in 2014, as spending
      planned for 2013 is carried over, and EUR70 million per
      year thereafter.

   -- Only small dividends of about EUR3 million per year to
      minority shareholders.

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

   -- An adjusted debt-to-EBITDA ratio of about 9x.

   -- Adjusted FFO-cash-interest coverage of about 2.5x.

The stable outlook reflects S&P's view that over the next 12-18
months, Cerba will sustain positive underlying revenue growth of
at least low-single digits, while successfully integrating new
acquisitions and at least maintaining its operating performance.
This is despite the potentially negative effects of European
public spending cuts on health care.  S&P views adjusted FFO cash
interest coverage of well above 2x at all times as commensurate
with the 'B+' rating.

Downside scenario

S&P could take a negative rating action if Cerba's adjusted
EBITDA interest coverage drops to less than 2x.  This would most
likely occur if operating margins deteriorate due to Cerba's
inability to profitably integrate newly acquired operations.

Upside scenario

A positive rating movement is unlikely over the next two years,
due to Cerba's already high adjusted leverage.  However, S&P
would likely take a positive rating action if the company
sustains adjusted debt to EBITDA of less than 5x.



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G R E E C E
===========


INTRALOT SA: Fitch Affirms B+ Issuer Default Rating, Outlook Neg
----------------------------------------------------------------
Fitch Ratings has affirmed Intralot SA's Long-Term Issuer Default
Rating (IDR) at 'B+' and revised the Outlook to Negative from
Stable.

Fitch has also affirmed the EUR325 million 9.75% Eurobond due in
August 2018, issued by the company's wholly-owned entity Intralot
Finance Luxembourg S.A. at 'BB-'and assigned Intralot's wholly-
owned entity Intralot Capital Luxembourg SA's planned bond issue
of EUR200 million an expected senior unsecured rating of 'BB-
'(EXP)'/RR3'.

The final ratings for these bonds are contingent upon receipt of
final documentation conforming to information already received by
Fitch.

The new EUR200 million 2021 senior unsecured (S/U) bond issue
will repay around EUR147 million of revolving credit facility
(RCF) drawings and local loan debt, while EUR50 million will be
used as a cash buffer. The precise use of this EUR50 million new
cash has not been earmarked but can be used for capex, working
capital or acquisition purposes.  Fitch estimates that there
could be a material negative carry back from low-earning large
cash deposits in 2014, which could adversely affect credit
metrics, notably fixed charge coverage (FCC) and funds from
operations (FFO) gross and net leverage.  The EUR200 million S/U
bond will maintain gross leverage between 4.5x and 5.0x in 2014,
although net leverage will remain between 3.2x and 3.5x in 2014
and 2015.  Fitch is focusing on the gross leverage ratio, as we
have limited visibility regarding the excess cash available for
debt service and this justifies the Negative Outlook.

Key Rating Drivers

Senior Unsecured Ranking
The planned EUR200 million 2021 bond will be issued by Intralot
Capital Luxembourg S.A., a Luxembourg-based financial vehicle
wholly owned by Intralot through Intralot Global Securities B.V.
ranking as a senior unsecured obligation pari passu with its bank
debt.  It benefits from guarantees from Intralot SA and Intralot
Global Securities BV and by the main operating subsidiaries of
Intralot Global Securities B.V. These guarantors will account for
approximately 65% of group assets and EBITDA.

Bond Notched Up from IDR
Fitch considers that expected recoveries upon default would be
maximised in a going-concern scenario rather than in liquidation
given the asset-light nature of Intralot's business. Fitch has
applied a discount of 30% to Intralot's FY13 consolidated EUR192m
EBITDA to reflect downside risks as well as the material minority
interests in some of its subsidiaries and a 4x distressed
multiple to derive a distressed enterprise value of EUR537
million. Taking into account the new debt structure including the
EUR150m RCF as fully drawn, we assess the recovery rate for the
senior notes in the 51%-70% range ('RR3') leading to a one-notch
uplift to the senior unsecured rating from the IDR of 'B+'.

Adequate Post-Issuance Liquidity
Intralot will use the bond proceeds to repay around EUR147
million of RCF and local loan debt, while around EUR50 million
will be used as a cash buffer. Together with around EUR146
million of existing cash, Intralot should have sufficient
liquidity to repay the remaining EUR80 million term loan due in
December 2014, should the term loan facility and the current RCF
EUR150 million facility not be refinanced.  Intralot is also
working to improve its liquidity by refinancing the existing
EUR150 million RCF facility and EUR80 million term loan, which
both mature in December 2014.  Fitch understands that subject to
documentation the company has received over EUR200 million of
commitments from their bank group for the refinancing of these
credit facilities.

The ratings are premised on the successful issuance of the
prospective notes, so that sufficient liquidity is available to
repay the RCF and term loan debt maturing in December 2014.

Fitch would expect Intralot to raise at least EUR100 million to
retain sufficient liquidity.

Solid Operations, Higher Leverage
Leverage at end-2013 was higher than Fitch forecast due to higher
interest costs, working capital requirements and tax paid. Fitch
expects gross leverage to stay between 4.5x and 5.0x in 2014.
Should Intralot make a profit accretive acquisition and/or repay
debt, leverage could reduce back to a level commensurate with the
'B+' guideline.

Low Free Cash Flow
Free cash flow (FCF) should remain positive in 2014 due to a
significant reduction of capex, but will be held back by
increased working capital requirements and increased taxation in
line with the expansion of the business.  A factor of cash flow
absorption is linked to the significant proportion of EBITDA that
does not belong to Intralot (although fully consolidated), linked
to joint ventures. This resulted in approximately EUR17 million
of annual minority dividend distributions in 2013, which reduced
FFO and ultimately FCF in 2013.

Solid Track Record
The 'B+' IDR reflects its established track record of winning and
retaining high profile gaming contracts, steady EBITDA growth
from its licensed operations division and a well- diversified
contract portfolio. The ratings are however held back by the low
credit quality of some of the countries in which the company
operates, the important role and dividends paid to minorities,
rising tax paid and the increasing working capital requirements
of this expanding business.

Limited Linkage with Greece
Intralot generates only 5% of its revenues and less than 10% of
its EBITDA in Greece.  While its management and a major
proportion of its software developers and machine designers are
based in Greece, overall Greece-based employees only account for
15% of the total. As of YE13 less than 10% of group cash was
lodged in Greece or Cyprus.

Rating Sensitivities

Positive: Future developments that may, individually or
collectively, lead to a positive rating action include:

-- Positive EBITDA growth derived from stronger return on
    capital on existing and future contracts with limited capex
    outlays.

-- FFO-based net lease adjusted leverage reducing sustainably
    below 3.0x (FFO gross lease adjusted leverage below 4.0x),
    with cash deposited predominantly in investment grade-rated
    counterparties.

-- FFO fixed charge cover above 4.0x, unaided by favorable
    interest carry.

-- Evidence of sustained positive FCF generation.

Future developments that may, individually or collectively, lead
to a stabilization of the rating Outlook include:

-- Positive EBITDA growth derived from stronger return on
    capital on existing and future contracts with limited capex
    outlays.

-- FFO-based net lease adjusted leverage reducing sustainably
    below 3.5x (FFO gross lease adjusted leverage below 4.5x),
    with cash deposited predominantly in investment grade-rated
    counterparties.

-- FFO fixed charge cover around 3.0x, unaided by favorable
    interest carry.

-- Evidence of sustained positive FCF generation.

Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:

-- Evidence that new contracts or renewals are occurring at
    materially less favorable conditions for Intralot, such as
    lower margins, large upfront concession fees or capex
    outlays.

-- FFO-based net lease adjusted leverage sustainably above 4.0x
    (FFO gross lease adjusted leverage above 5.0x).

-- FFO fixed charge cover below 2.0x.

-- Material reduction in liquidity without a commensurate
    reduction in gross leverage


NAT'L BANK OF GREECE: S&P Affirms 'CCC/C' Ratings; Outlook Neg
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
'CCC/C' long- and short-term counterparty credit ratings on
Greece-based National Bank of Greece S.A. (NBG).  The outlook
remains negative.

The rating action follows NBG's announcement that it intends to
raise up to EUR2.5 billion in new capital, mainly to address the
capital needs identified by the Bank of Greece.  The final
decision on the capital increase, including the final amount,
will be decided in an extraordinary meeting that will take place
on May 10, 2014.  The bank also stated that it will go ahead with
the asset sales already committed with the European Commission as
part of its restructuring plan.

The affirmation reflects S&P's opinion that NBG will continue to
benefit from capital support from the Hellenic Financial
Stability Fund (HFSF), as well as liquidity support from the
European Central Bank (ECB).

In S&P's opinion, the EUR2.5 billion capital increase would not
provide a sufficient cushion against the impact on the bank's
solvency of the large credit losses S&P expects the bank to
experience over the next two years.  S&P also generally do not
factor into the ratings plans to raise capital through asset
sales until it has certainty about their size and likely
realization.

As a result, S&P anticipates that NBG will need additional
capital to meet the minimum regulatory ratio that is required for
the bank to operate, which S&P defines as Basel III fully loaded
core Tier 1, of 8% as of year-end 2015.  That said, S&P believes
that NBG's capital shortfall is significantly lower than that of
the other Greek banks, and that the residual shortfall that would
remain if the EUR2.5 billion capital increase was successful
would be limited.  In S&P's view, the HFSF will remain willing
and able to provide enough capital support to NBG to restore the
bank's minimum regulatory capital ratio in case NBG was not able
to cover its capital deficit, and S&P therefore expects NBG's
projected risk-adjusted capital ratio to remain sustainably above
3% in 2015.  S&P therefore continues to incorporate one notch of
uplift for short-term support into its long-term rating on NBG to
reflect the potential for this capital support.

S&P anticipates continued erosion of NBG's capital because of the
high credit losses it expects from its large stock of
nonperforming assets (NPAs), as well as the high volume of what
S&P views as vulnerable restructured loans that the bank has not
classified as nonperforming.  NBG accumulated these loans during
the prolonged and intense economic downturn in Greece.

S&P anticipates that NBG will continue to experience material
asset quality deterioration in 2014 and 2015 as inflows of new
NPAs remain sizable.  This will lead to substantial additional
credit losses, in S&P's view.  S&P believes that NBG will likely
face less severe credit losses than its peers, mainly as its
business mix is more skewed toward residential mortgages and
because of its geographical diversification.  However, S&P
estimates credit losses will exceed NBG's projected operating
profits in 2014 and 2015.

S&P views of the bank's future capital requirements also takes
into account the bank's weak capital quality, which reflects the
large amount of deferred tax assets the bank has accumulated in
the past three years.

The negative outlook reflects the possibility that S&P could
downgrade NBG over the next 18-24 months if S&P believed it was
going to default on its obligations because of insufficient
capital or liquidity support.

S&P could lower the ratings on NBG if its access to the EU's
extraordinary liquidity support mechanisms, including the
emergency lending assistance discount facility at the ECB, and to
the ECB itself, were impaired for any reason.  This support
currently underpins the bank's capacity to meet its financing
requirements.

S&P could also lower the ratings if it believed that the bank was
going to default on its obligations as a result of any
developments associated with an impairment in its solvency.

S&P could revise the outlook to stable if economic conditions in
Greece considerably improved and pressure on NBG's fragile asset
quality and financial profile eased, or if substantial additional
external support materialized.


PUBLIC POWER: S&P Assigns 'B' Rating to EUR500MM Unsecured Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said assigned its 'B' issue
rating to PPC Finance Plc's proposed EUR500 million senior
unsecured notes due 2017/2019 and guaranteed by Greek utility
Public Power Corp. S.A. (PPC; B/Stable/--).

S&P understands that PPC will use approximately half the proceeds
of the proposed notes for a partial prepayment of the EUR2.2
billion five-year syndicated loan it recently contracted with a
consortium of Greek banks.  The remaining net proceeds will be
used to fund capital expenditures and for general corporate
purposes.

The notes are subject to financial covenants, including a
limitation on debt incurrence if PPC's interest coverage ratio
(EBITDA to net interest expense) is less than 2.0x. Restrictions
on shareholder distributions apply if leverage exceeds 3.25x
EBITDA.  Some restrictions on the use of proceeds from asset
sales also apply, including the disposal of the transmission grid
expected in 2014 and the spin-off of 30% of the company's
generation and supply franchise planned in 2015.



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


CONNAUGHT TELEGRAPH: In Voluntary Liquidation; Seeks Buyers
-----------------------------------------------------------
Laura Slattery at The Irish Times reports that Connaught
Telegraph has gone into voluntary liquidation.

According to The Irish Times, the newspaper has been operating
under a temporary license by Celtic Media Group.  It will
continue to be published, the report notes.

The newspaper's proprietor, Dr. John Connolly, and the Connolly
family have ended their long ties with the newspaper after it ran
into trading difficulties, The Irish Times relates.

Sean McNamara, a business restructuring and recovery specialist,
of the Dublin-based firm Smith & Williamson, has been appointed
as liquidator to the company, The Irish Times discloses.

The liquidator was expected to place advertisements in national
newspapers from Sunday, April 27, seeking expressions of interest
from buyers, The Irish Times states.

Connaught Telegraph is a weekly Castlebar-based newspaper, which
was founded in 1828 as the Mayo Telegraph.


EATON VANCE VII: S&P Lowers Ratings on 2 Note Classes to 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on all classes of notes in Eaton Vance CDO VII PLC.

Specifically, S&P has:

   -- Raised its ratings on the class B-1 and B-2 notes;

   -- Lowered its ratings on the class E-1 and E-2 notes; and

   -- Affirmed its ratings on the class A-1, A-2, C-1, C-2, D-1,
      D-2, and VFN notes.

The rating actions follow S&P's credit and cash flow analysis of
the transaction using data from the trustee report dated
March 13, 2014 and the application of its relevant criteria.

Since the end of the reinvestment period in June 2013, the class
A and VFN notes has partially amortized.  The most junior notes
(the class E notes) have also amortized.  Since June 2011, 20% of
all remaining interest proceeds after payments of senior expenses
and interest on the notes are used to amortize the class E notes.

Due to the deleveraging of the class VFN, A, and E notes, the
available credit enhancement for these classes of notes has
increased.  However, due to further defaults since our April 10,
2012 review, the available credit enhancement for the remaining
capital structure has decreased.

The portfolio is well diversified, in our view, with more than
280 obligors, with an average exposure of 0.36%.  S&P has
observed that the portfolio's credit quality has improved since
its 2012 review.  The weighted-average rating of the portfolio is
now 'BBB' (from 'BBB-' as of our 2012 review).  The percentage of
'CCC' rated assets (debt obligations of obligors rated 'CCC+',
'CCC', or 'CCC-') in the portfolio has decreased to 1.25% from
2.48% since S&P's 2012 review (as a percentage of performing
assets).  With the portfolio's improved credit quality, the
scenario default rates (SDRs) are lower than in S&P's previous
review.

The SDRs represent the stressed level of cumulative asset
defaults commensurate, in S&P's view, with economic stresses
assumed at different rating levels.  The SDRs at a given rating
level will increase or decrease with changes in the underlying
collateral characteristics of the portfolio, including changes in
obligor ratings and maturity composition, issuer, industry, and
country concentrations.

Defaulted assets in the underlying portfolio have increased since
S&P's 2012 review--to 1.33% from 1.18% of the portfolio
(excluding cash).  All classes of notes are passing their
overcollateralization tests, as they were at S&P's previous
review.

Eaton Vance CDO VII has a dual-currency liability structure.  The
term notes and the variable funding notes fund both the euro-
denominated assets and the U.S. dollar-denominated assets to
create a natural hedge.  To address the risk arising from
defaults on euro- and U.S. dollar-denominated assets, the issuer
entered into option swaps at closing with Citibank N.A.  As the
downgrade provisions in the options agreement do not comply with
S&P's current counterparty criteria, the maximum rating that the
counterparty can support is no higher than one notch above the
long-term rating on the counterparty.  For rating scenarios above
this level, our 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's cash flow analysis
indicates that its ratings on the class A, B, and VFN notes would
not be affected by the nonperformance of the option provider.

The portfolio's reported weighted-average spread on euro-
denominated assets has increased to 3.75% from 3.50% since S&P's
2012 review.  The weighted-average spread on U.S. dollar-
denominated assets has decreased to 3.25% from 3.47% over the
same period.  Based on the trustee report data, we have observed
that approximately 60% of the assets are U.S. dollar-denominated
and the rest are euro-denominated.

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

S&P also applied high and low correlation and lower recovery
sensitivity tests to the notes at each rating level.  In addition
to S&P's cash flow analysis, it also performed its supplemental
tests, which are intended to address both event risk and model
risk.  These tests assess whether a CDO tranche has sufficient
credit enhancement (not counting excess spread) to withstand
specified combinations of underlying asset defaults based on the
ratings on the underlying assets, with a predefined recovery
rate.

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

S&P's cash flow analysis indicates that the available credit
enhancement for the class A, C, D, and VFN notes is commensurate
with their current ratings.  S&P has therefore affirmed its
ratings on these classes of notes.

According to S&P's analysis, the available credit enhancement for
the class B notes can support higher ratings than previously
assigned.  S&P has therefore raised to 'AA (sf)' from 'AA- (sf)'
its ratings on the class B-1 and B-2 notes.

Due to increased available credit enhancement, S&P's cash flow
tests indicate that the class E notes can support higher ratings
than 'B+'.  However, the supplemental test results suggest lower
ratings than previously assigned.  S&P has therefore lowered to
'B- (sf)' from 'B+ (sf)' its ratings on the class E-1 and E-2
notes.

Eaton Vance CDO VII is a cash flow CDO transaction that
securitizes a portfolio of senior secured leveraged loans,
second-lien loans, collateralized loan obligations (CLOs), and
mezzanine loans.  The transaction closed in April 2006 and Eaton
Vance Management is the manager.

RATINGS LIST

Class                Rating
             To                From

Eaton Vance CDO VII PLC
EUR260 Million, US$174 Million Secured Floating-Rate Deferrable
Notes

Ratings Raised

B-1          AA (sf)           AA- (sf)
B-2          AA (sf)           AA- (sf)

Ratings Lowered

E-1          B- (sf)           B+ (sf)
E-2          B- (sf)           B+ (sf)

Ratings Affirmed

A-1          AA+ (sf)
A-2          AA+ (sf)
C-1          A (sf)
C-2          A (sf)
D-1          BBB- (sf)
D-2          BBB- (sf)
VFN          AA+ (sf)


SETANTA INSURANCE: European Commission to Investigate Collapse
--------------------------------------------------------------
Charlie Weston at Independent.ie reports that the European
Commission will conduct a probe into the collapse of Setanta
Insurance.

According to Independent.ie, EU Commissioner for Internal Markets
Michel Barnier confirmed that his office is to investigate the
closure.

The decision to liquidate the insurer has meant 75,000 drivers
have no cover and has left a huge question mark over how claims
will be paid, Independent.ie notes.

In a statement, Setanta, as cited by Independent.ie, said it was
not in a position to confirm that any insurance claims would be
met.

And even though the insurer is not regulated here, any claims
that Setanta cannot pay will have to be met by compensation funds
set up by the State, Independent.ie notes.

The insurer only operated in Ireland, but was licensed in Malta
and regulated by the Maltese Financial Services Authority,
Independent.ie says.

The insurer had been winding down its business in Ireland since
the start of the year, when it had 100,000 policyholders,
according to Independent.ie.

Setanta Insurance, a subsidiary of Malta-based Setanta Insurance,
was established in 2007 and was authorized to write business in
Ireland by the Malta Financial Services Authority on a freedom of
services basis.


TOM HAYES: Unsecured Creditors Unlikely to Recover Money
--------------------------------------------------------
Gordon Deegan at Irish Examiner reports that the liquidator to
Tom Hayes Ltd. said on Thursday that it is "a little bit
unlikely" that unsecured creditors owed over EUR2.7 million will
see any of their monies.

Partner at BDO Ireland Brian McEnery -- bmcenery@bdo.ie -- was on
Thursday commenting on the progress of the liquidation of the
Killaloe firm, which collapsed in January 2011, Irish Examiner
relates.

Mr. McEnery, as cited by Irish Examiner, said that he was "happy"
with how the liquidation process is progressing, adding it will
probably take another 12 months.

According to Irish Examiner, Mr. McEnery said that it is a
"little bit unlikely" and "a stretch" that the unsecured
creditors will receive any of their monies, with Mr. McEnery's
most recent statement to the Companies Office showing that
preferential creditors -- who must be paid before any unsecured
creditors -- are owed EUR627,596.

In his review of the Statement of Affairs by the firm,
Mr. McEnery said that at the date of liquidation, the company had
negative net assets of EUR2.8 million rather than the EUR1.65
million advised by the directors, Irish Examiner relays.

Tom Hayes Ltd. has been involved in a number of high profile
building contracts, including work on the University of Limerick,
Limerick Institute of Technology, and a number of church projects
including work at Knock shrine.  The company was founded in 1955
and is based in Killaloe, Co Clare.



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


GTECH SPA: S&P Raises Subordinated Debt Rating to 'BB+'
-------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Italy-based lottery operator and gaming technology
provider GTECH S.p.A. to 'BBB' from 'BBB-', and raised its short-
term rating to 'A-2' from 'A-3'.  The outlook is stable

At the same time, S&P raised its issue-level ratings on the
company's senior unsecured debt to 'BBB' from 'BBB-', and its
issue-level rating on the company's subordinated debt to 'BB+'
from 'BB'.

The upgrade reflects S&P's expectation that over the long run,
credit measures will remain in line with an "intermediate"
financial risk profile, and particularly adjusted leverage will
remain under 3x.  While leverage was 2.5x at Dec. 31, 2013, and
S&P forecasts low-single-digit percent EBITDA growth in 2014, it
believes that in a scenario of meaningful investment spending
(including large upfront lottery concession payments for new or
renewed contracts), leverage may spike above 3x.  A temporary
spike in leverage above 3x would likely not move the rating, if
S&P believed the new or renewed contracts strengthened or
preserved GTECH's business risk profile and would generate
sufficient returns for the company, and if S&P foresaw
improvement in leverage below 3x over the near term.

S&P's 'BBB' rating on GTECH reflects its assessment of its
business risk profile as "satisfactory" and its financial risk
profile as "intermediate."

"Our assessment of GTECH's business risk profile as
"satisfactory" reflects the company's leading market share in
several jurisdictions, as well as high switching costs among
lottery operators, which has led to GTECH's entrenched position
with several lottery authorities throughout the world.  As of
December 2013, GTECH serviced 25 of the 44 online lotteries in
the U.S., is the sole concessionaire of the Italian lotto, has
over 40% market share in the Canadian video lottery terminal
(VLT) market, and has the leading position in the Italian VLT,
amusement with prize (AWP), and interactive gaming markets," S&P
said.

"While we view the lottery segment as somewhat mature
(particularly in the U.S.) and highly competitive, we believe
that over time, demand will continue to grow in line with GDP
growth. Our assessment also reflects our belief that the
stability of the company's recurring revenue streams (largely
from long-term contracts with various jurisdictions for lottery
systems) provides some offset to the potential volatility in
product sales (although product sales represent less than 10% of
GTECH's total revenue). GTECH also benefits from above average
EBITDA margins (in the mid-30% area, based on our forecast) and
high barriers to entry in the industry.  We believe that the
capital intensive nature of the lottery and gaming industry, and
the company's geographic concentration in Italy (57% of revenue
from Italy in 2013), which we are forecasting to grow at a slower
pace than that of the eurozone, pose risks to GTECH's business
risk profile," S&P added.

"Our assessment of GTECH's financial risk profile as
"intermediate" reflects our expectation that, over the long run,
adjusted leverage will remain under 3x, and EBITDA coverage of
interest expense will remain in the high-6x area.  In a scenario
where GTECH commits to meaningful lottery concession payments for
new contracts or contract renewals and leverage temporarily
spiked above 3x, we likely would not lower the rating if we
believed the contracts would generate sufficient returns for the
company and we expected leverage to improve to below 3x over the
near term.  Our measure of debt is adjusted for operating leases
and pensions.  Our measure of EBITDA is adjusted for operating
leases, pensions, one-time charges, and distributions to minority
interests.  In March 2014, GTECH acquired from UniCredit its
12.5% stake in the Italian Gratta e Vinci (Scratch & Win)
licensee LotterieNazionaliS.r.l., thereby increasing GTECH's
interest in Gratta e Vinci to 64% from 51.5% and reducing
payments made to minority interests beginning in 2014," S&P
noted.



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


CONSTELLIUM: Moody's Hikes Corporate Family Rating to 'Ba3'
-----------------------------------------------------------
Moody's Investors Service has upgraded Constellium's corporate
family rating (CFR) to Ba3 from B1 and its probability of default
rating (PDR) to Ba3-PD from B1-PD. At the same time, Moody's
assigned a (P)Ba3 rating to the company's proposed EUR590 million
equivalent, dual currency senior unsecured notes maturing
April 2021 for the Euro tranche, and April 2024 for the US Dollar
tranche. The outlook remains stable.

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

The company plans to use the proceeds from the issuance of the
new notes to repay the existing term loan B (approximately EUR333
million outstanding), pay transaction fees and call premium and
leave ca. EUR239 million on the balance sheet to strengthen the
liquidity position of the Group.

Ratings Rationale

The upgrade of Constellium's corporate family rating (CFR) to Ba3
considers the positive trend in the company's operating
performance in 2013 despite a weak economic environment,
primarily driven by strong aerospace demand, recovery in the
automotive sector volumes (also driven by a substitution effect
from steel for lighter vehicles) and operational improvements,
notably in the US. The proposed refinancing on the company's
capital structure and liquidity position also strengthens the Ba3
rating positioning of the company. The rating also positively
reflects Constellium's strong market position in Europe for many
of its market segments; high visibility for sales in the medium-
term owing to long-term contracts for the majority of its
revenues; and the stability of the consumer-based can sheet and
rigid packaging parts of its business, which represents
approximately one third of the revenues. The company's operating
performance improved significantly in 2013, with EBITDA rising to
about EUR245 million for the year (EBITDA has been adjusted for
Moody's standard adjustments). Despite the higher debt brought
about by the company's refinancing, leverage on a pro forma Total
Debt/EBITDA basis remains moderate at ca.4.3x, even when
including approximately EUR310 million of underfunded pension
obligations. Moody's also notes that at closing, Constellium cash
balance will be of ca. EUR466 million which results in an Moody's
adjusted Net Debt / EBITDA of 2.4x.

The ratings are nevertheless constrained by Constellium's
reliance on cyclical end markets such as automotive, aerospace,
industrial manufacturing and construction, its high capital
expenditure and interest costs, which limit free cash flow (FCF)
generation. Furthermore, Moody's notes that FCF will be
negatively impacted in 2015 by the amount of capex which will
materially increase following the decision of the company to
expand its production capacity of body in white products in
Europe and in the US (albeit through a JV in the US) to meet the
increased demand. Capacity expansion is also programmed in the
aerospace segment, particularly to expand the top of the range
'Airware' product. Finally, despite positive earnings gains
realised in 2013 compared with 2012, Constellium's EBIT margin
remains low at ca.6%.

Moody's expects that Constellium will be able to benefit from an
improvement in its end markets and from the favorable demand
trends for its aerospace (new contracts signed with a major
manufacturer), automotive and packaging products. Aerospace looks
set to grow at a healthy pace as scheduled airplane build rates
rise, reflecting an increase in air passenger miles and the need
to replace old fleets with lighter more fuel efficient planes. In
addition, the company should continue to rely on its leading
market position in the European aluminium beverage can market,
which is also expected to grow as fewer steel cans are used.
Overall, Moody's expects that Constellium will be able to improve
its profitability by leveraging on a better product mix from
increased penetration in the added value aerospace segment and
expected increase in demand for body in white from the automotive
industry.

The (P)Ba3 rating on the senior unsecured notes is in line with
the CFR though the notes are by nature subordinated to the
factoring (with recourse) and ABL credit facilities in place.
Moody's also notes that the new EUR120 million revolver will rank
pari passu to the unsecured notes in right of payment in an
enforcement scenario. Both the notes and the RCF will be
guaranteed on a senior unsecured basis by some of Constellium's
material subsidiaries.

Pro forma for the refinancing transaction, Moody's believes that
Constellium's liquidity will be solid and sufficient to cover its
operational requirements and debt service, with no amortization
and no debt maturity before 2021. However, due to the high level
of interest, Moody's expects that the company's free cash flow
for 2014 will be moderate. Furthermore, in light of the
anticipated high level of development capex in 2015, Moody's
expects that the company's FCF will turn negative for the year,
before getting positive again in 2016. Pro forma of the
transaction, Constellium's liquidity will consist of ca. EUR472
million of cash, the fully-undrawn EUR120 million RCF, which has
two Financial Covenant based on maximum net leverage ratio and
minimum coverage ratio (albeit only when the RCF is drawn for
more than 30%), and the factoring lines in Europe and ABL
facility in the US, which give the company the necessary
flexibility to manage its working capital swings.

The stable outlook reflects the company's strong European market
share, good visibility among its largest end markets, adequate
liquidity stemming from its factoring, ABL facilities and
overfunding resulting in a cash position of EUR472 million post
refinancing, and the stability of its packaging business. It also
reflects that the gross leverage is anticipated to reduce in 2014
compared to the pro-forma level at YE 2013 to well below 4.0x.

What Could Change The Ratings UP

The indicators for a potential upgrade are: 1) an expectation of
consistently positive operating cash flow as measured by CFO-
Dividend/Debt of ca.23% throughout the high capex spend program;
2) an improvement in the company's EBIT margins at a level
sustainably of 7% or higher and 3) Moody's adjusted leverage
under 3.0x.

What Could Change The Ratings DOWN

The ratings could be lowered if 1) free cash flow remains
negative once the capex program has ended; 2) the company is not
able to maintain its profitability at current level; and 3)
Moody's adjusted leverage exceeds 4.0x EBITDA.

The principal methodology used in this rating was the Global
Steel Industry published in October 2012. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009.

Constellium produces approximately 1 million tonnes per year of
fabricated aluminium products and has operations in Europe, North
America and Asia. It sells to the packaging, automotive and
transportation, aerospace, general industrial and construction
industries. Following last year successful IPO the company is
based in The Netherlands and the shareholding is devised between
Fonds Strategique d'Investissement (12%), the management (4.0%)
and free float (84%). For the full year 2013 the company reported
shipments of 1,025 ktons, which translated into sales of EUR3.5
billion.


CONSTELLIUM NV: S&P Raises CCR to 'BB-'; Outlook Stable
-------------------------------------------------------
Standard & Poor's Rating Services raised its long-term corporate
credit rating on downstream aluminum producer Constellium N.V. to
'BB-' from 'B'.  The outlook is stable.

At the same time, S&P assigned its 'BB-' issue ratings to the
proposed EUR590 million senior unsecured notes (provisionally
split in two tranches of EUR300 million and US$400 million).  The
recovery rating on these notes is '4', indicating S&P's
expectation of average (30%-50%) recovery in the event of a
payment default.

Also, S&P raised the rating on the company's EUR350 million
senior secured term loan to 'BB-' from 'B'.  The recovery rating
on this loan remains unchanged at '4'.

The upgrade of Constellium reflects S&P's view of the following:

   -- Constellium's improved operational performance on the back
      of cost savings in recent years;

   -- The company's positive product-mix shift;

   -- Its well-balanced end markets with high resilience in can
      packaging, and a strong contract backlog and healthy demand
      from the aerospace and automotive industries; and

   -- Its improved capital structure following its successful IPO
      in 2013 and the exit of private equity owner Apollo.

"We have revised our view of Constellium's business risk profile
to "fair" from "weak."  This reflects its improved profitability
and operating efficiency, with continued benefit of cost savings
realized in 2010-2012 and ongoing efficiency measures that aim to
offset cost inflation.  As a result, the EBITDA margin improved
to about 8% in 2013, more than the 5%-7% range we needed to see
to consider an upgrade. Our assessment of Constellium's business
risk profile also reflects the company's focus on more
specialized products, including Airware and other proprietary
aerospace alloys, where Constellium will invest EUR70 million.
In addition, in the past year, Constellium has reduced its
exposure to lower-margin construction-destined aluminum products.
This has supported the increase in the average EBITDA per metric
ton at the group level to about EUR270 per ton in 2013 and we
forecast it will continue to improve in 2014," S&P said.

"We also regard Constellium's end-market exposure as more
diversified than that of its peers Kaiser Aluminum Corp. and
Aleris International Inc., with balanced EBITDA generated from
various uncorrelated industry cycles.  Both its aerospace and
automotive structures segments (respectively, 43% and 21% of
company reported EBITDA in 2013) benefit from multiyear contract
backlogs and positive substitution trends globally for high-
quality, low-weight aluminum specialties," S&P added.

"In our view, growth prospects for the aeronautics segment should
improve, thanks to two new major long-term contracts and
increased market shares with Airbus Group and Boeing Co. for
aluminum supply.  The automotive rolled products segment should
also experience growth -- owing to six years of production
visibility at end-2013, according to the company's reports --
where Constellium intends to spend about EUR300 million to expand
capacities in Europe and the U.S.  Furthermore, the packaging
segment (38% of reported EBITDA) diversifies the company's
developments, in our view, despite lower margins, because the
share of aluminum can in packaging in Europe is still growing (in
contrast to the U.S. market)," S&P noted.

Nevertheless, Constellium invoices 70% of its sales from Europe,
and this concentration, although expected to decrease, leaves the
company more exposed to Europe than its peers.  If market demand
in the auto or aerospace industries is lighter than expected, in
S&P's view, there will be some remaining execution risks related
to its significant investments.  These markets still depict a
degree of cyclicality: Constellium's contract backlog represents
contracted volumes on the basis of fixed market shares and at
secured prices, but remains subject to the actual airplane and
car production volumes of its customers.  The company limits the
risks of its exposure to relatively volatile aluminum prices (of
which a portion is sourced from the secondary recycled aluminum
market) through pass-through clauses and the use of derivatives.

S&P continues to view Constellium's financial risk profile as
"aggressive."  S&P takes into account the refinancing of the
EUR350 million existing gross debt through the issue of EUR590
million senior unsecured notes.  The remaining proceeds will stay
on the balance sheet as additional liquidity against
Constellium's upcoming increased capital expenditures.  S&P views
Constellium's adjusted net debt estimated at EUR750 million at
end-2014 as relatively high, notably because we include a
material EUR430 million adjustment for pensions and
postretirement deficits.  S&P also treats EUR100 million of cash
as not immediately available for debt repayment and therefore do
not net this amount from debt.

"According to our base-case scenario, we arrive at an adjusted
ratio of funds from operations (FFO) to debt of about 25% at end-
2014.  Nevertheless, we anticipate that this ratio could reduce
to 20% in 2015-2016, given the expected rise in debt on the back
of negative free cash flow.  This takes into account that
Constellium's operating cash flows of EUR190 million annually
will not cover high expansion capital expenditures of EUR200
million-EUR300 million each year in 2014-2015, according to our
estimates," S&P said.

Additionally, although S&P has excluded potential acquisitions
from its base case, S&P believes the possibility of potential
acquisitions should be acknowledged in light of the very high
cash balances likely after the transaction (about EUR470
million). Nevertheless, S&P understands that management is
committed to keeping high cash balances, which it will partly use
to cover projected negative free cash flow.  It will also use it
as a cushion against cyclicality of the business, important
intraseasonal working capital outflows, and now lesser cash
margin swings under derivatives.

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

   -- Low- to mid-single-digit sales growth over 2014-2015,
      reflecting its diversified end-market base and the
      contribution of signed contracts.  S&P should also see more
      impact of its large projects from 2016 onward.

   -- Slightly improving EBITDA to EUR270 million-EUR280 million
      from 2014 onward, reflecting widening margins, the
      company's product mix focus, and the benefits of realized
      restructuring, versus 2013 EBITDA of EUR250 million, which
      S&P understands from management was negatively affected by
      price lags.

   -- Hefty capital expenditures of EUR200 million in 2014,
      peaking at more than EUR300 million in 2015, of which S&P
      understands EUR120 million-EUR140 million comprises
      recurring capital expenditures.

   -- Increasing working capital requirements in line with
      production ramp-ups.

   -- No acquisitions or dividends.

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

   -- Negative free cash flows in 2014, 2015, and 2016, funded by
      internal cash and cash proceeds from the proposed bond
      issuance.

   -- Adjusted FFO to debt of about 20% over 2014-2016.

   -- Adjusted debt to EBITDA reaching 3x in 2015, the peak
      investment year.

The stable outlook reflects S&P's expectation that Constellium's
ambitious investment program is supported by perceived favorable
market dynamics for aluminum specialties, together with the
benefits of a well-diversified product portfolio.

This, coupled with a solid liquidity cushion, should enable the
company to accommodate the hefty capital expenditures related to
its large expansion projects.  S&P would view adjusted FFO to
debt of about 20% as commensurate with the rating.

"Our rating on Constellium also accounts for management's
commitment to keeping substantial cash balances.  Although not
part of our base case, we think the company's current credit
metrics could accommodate a cash-funded acquisition in the range
of EUR100 million-EUR200 million at the current rating level, as
long as its operating performance remains solid and the adjusted
FFO-to-debt ratio does not fall greatly below the 20% threshold
we see as commensurate with the current rating," S&P said.

S&P sees rating upside as unlikely at this stage, given
Constellium's limited track record of EBITDA increase.  S&P would
likely consider a positive rating action if Constellium expands
as planned, supported by industry demand, and if it posts a
return to positive free cash flows as of 2016.  Moreover, a
positive rating action would likely hinge on an EBITDA margin
sustainably above 8% and financial policies that support adjusted
FFO to debt above 25%.

Rating pressure might appear from a larger-than-expected cash or
debt-funded acquisition that pushes adjusted FFO to debt down to
15% without a near-term prospect of recovery or from an
unexpected dividend distribution during the upcoming investment
phase. Furthermore, S&P might consider a negative rating action
if EBITDA is greatly affected by unfavorable market conditions--
notably arising from softer demand in aeronautics or automotive
segments where the company makes the bulk of its investments.


HIGHLANDER EURO II: Moody's Affirms Ba1 Rating on Class D Notes
---------------------------------------------------------------
Moody's Investors Service has announced that it has taken the
following rating actions on the following notes issued by
Highlander Euro CDO II B.V. / Highlander Euro CDO II (Cayman)
Ltd.:

Issuer: Highlander Euro CDO II B.V.

  EUR479.5M (current oustanding balance of EUR460,729,471) Class
  A Primary Senior Secured Floating Rate Notes due 2022, Upgraded
  to Aaa (sf); previously on Sep 23, 2011 Confirmed at Aa1 (sf)

  EUR56M Class B Primary Senior Secured Floating Rate Notes due
  2022, Upgraded to Aa2 (sf); previously on Sep 23, 2011 Upgraded
  to A2 (sf)

  EUR42M Class C Primary Senior Secured Deferrable Floating Rate
  Notes due 2022, Upgraded to A3 (sf); previously on Sep 23, 2011
  Upgraded to Baa2 (sf)

  EUR28M Class D Primary Senior Secured Deferrable Floating Rate
  Notes due 2022, Affirmed Ba1 (sf); previously on Sep 23, 2011
  Upgraded to Ba1 (sf)

Issuer: Highlander Euro CDO II (Cayman) Ltd

  EUR3M Class C Secondary Senior Secured Deferrable Floating Rate
  Notes due 2022, Upgraded to A3 (sf); previously on Sep 23, 2011
  Upgraded to Baa2 (sf)

  EUR2.5M Class D Secondary Senior Secured Deferrable Floating
  Rate Notes due 2022, Affirmed Ba1 (sf); previously on Sep 23,
  2011 Upgraded to Ba1 (sf)

  EUR24.5M (current oustanding balance of EUR 21,189,680) Class E
  Secondary Senior Secured Deferrable Floating Rate Notes due
  2022, Affirmed Ba3 (sf); previously on Sep 23, 2011 Upgraded to
  Ba3 (sf)

  EUR7M (current oustanding balance of EUR 5,414,314) Class X
  Secondary Combination Securities due 2022, Upgraded to Baa3
  (sf); previously on Sep 23, 2011 Upgraded to Ba1 (sf)

Highlander Euro CDO II B.V. / Highlander Euro CDO II (Cayman)
Ltd. issued in December 2006, is a single currency Collateralised
Loan Obligation ("CLO") backed by a portfolio of mostly senior
secured European loans. This transaction passed its reinvestment
period in December 2013.

Ratings Rationale

According to Moody's, the rating actions taken on the notes
result from a stabilization in credit metrics of the underlying
portfolio and also the benefit of modelling actual credit metrics
following the expiry of the reinvestment period in December 2013.

In light of reinvestment restrictions during the amortization
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analyzed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed
that the deal will benefit from a shorter amortization profile
and higher spread levels compared to the levels assumed prior the
end of the reinvestment period in December 2013.

The credit quality has remained stable as reflected in the
average credit rating of the portfolio (measured by the weighted
average rating factor, of WARF) and a decrease in the proportion
of securities from issuers with ratings of Caa1 or lower. As of
the trustee's September 2013 report, the WARF was 2606, compared
with 2634 in March 2014 and 2418 at the time of the last rating
action in September 2011. Securities with ratings of Caa1 or
lower currently make up approximately 3.23% of the underlying
portfolio, versus 6.28% in September 2013.

The rating on the combination note address the repayment of the
rated balance on or before the legal final maturity. For the
Class X note, the 'rated balance' at any time is equal to the
principal amount of the combination note on the issue date times
a rated coupon of 0.25% per annum accrued on the rated balance on
the preceding payment date, minus the sum of all payments made
from the issue date to such date, of either interest or
principal.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR625.3
million, defaulted par of EUR30.4 million, a weighted average
default probability of 19.49% (consistent with a WARF of 2652 and
a weighted average life of 4.77 years) a weighted average
recovery rate upon default of 47.69% for a Aaa liability target
rating, a diversity score of 42 and a weighted average spread of
3.84%.

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 10.94% of obligors in Italy, Ireland, and Spain,
whose LCC is A2 (Italy and Ireland) and A1 (Spain), 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 0.376% for the Class A
notes, 0.235% for the Class B notes and 0.094% 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 93.99% of the portfolio
exposed to first-lien senior secured corporate assets upon
default and of 15% of the remaining non-first-lien loan corporate
assets upon default. In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.

Methodology Underlying the Rating Action:

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

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

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. 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 because of 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 liquidation
agent/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 24.82% 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.

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.


INTERXION HOLDING: S&P Affirms 'B+' CCR; Outlook Positive
---------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Netherlands-based data center operator Interxion Holding B.V. to
positive from stable.  At the same time, S&P affirmed its 'B+'
long-term corporate credit rating on Interxion.

In addition, S&P affirmed the 'BB' issue rating on Interxion's
super senior revolving credit facility (RCF) and the 'B+' issue
rating on its senior secured notes.  The recovery ratings on
these facilities are unchanged at '1' and '3', respectively.

The outlook revision reflects the potential for an upgrade if
Interxion continues to report robust revenue and EBITDA growth.
S&P bases its assumptions on Interxion's strong growth in recent
years and good track record of strengthening its margins, thanks
to the group's rising scale, high occupancy rates, and relatively
high recurring revenues.  S&P anticipates that Interxion will
maintain leverage at about 4.0x following a peak in 2014, while
maintaining a ratio of funds from operations to debt in the mid-
to-high 10s.  S&P's leverage assumptions are despite a proposed
additional EUR150 million tap issuance that S&P anticipates
Interxion will use to sustain double-digit growth.  Finally, S&P
forecasts that Interxion will achieve neutral free operating cash
flow (FOCF) in 2015, thanks, notably, to the gradual decrease of
capital expenditures (capex) after an expected peak in 2014 of
about EUR230 million.

S&P views positively that Interxion will resume its spending on
growth capex only when it has locked in contracts that represent
a significant portion of the data center's leasable space (on
average, 25%).

S&P assess Interxion's business risk profile as "fair," under its
criteria.  The competitive environment in which Interxion
operates could lead to meaningful shifts in the supply-demand
dynamics of the data center and co-location market over the
medium term.  These potential variations could increase pressure
on the group's operating margins, owing to its inherently high
operating leverage, and on cash flow generation.

However, this is partially offset by, for example, Interxion's
status as one of the few carrier-neutral data center providers
with a presence in most European communications hubs and moderate
barriers to entry in the industry.  This is thanks, in
particular, to the search for high-end connectivity within
industry sectors such as financial services, cloud services, and
multimedia. Furthermore, currently favorable supply-demand
dynamics help to accelerate the development of new and existing
data centers.  These supply-demand patterns are driven by the
limited amount of space available in key Internet hub locations;
growth in Internet traffic and communications volumes in general;
and limited penetration, so far, of outsourced data centers in
Europe.  S&P also take into account Interxion's relatively high
revenue visibility -- customer contracts typically last for an
initial period of three to five years, with automatic one-year
renewal thereafter -- which S&P views as positive.

S&P believes that Interxion's established customer relationships
and communities of interest among clients support customer
loyalty.  This can be seen in the company's low churn rate of
0.5%-0.75% on average per month over the past few years, which
results in a high level of recurring revenue.  In addition, the
opening of new data centers introduces the group to new
customers.

Interxion has reported strong and improving profitability over
the past several years, with a reported EBITDA margin at the low
end of the 40% range over the past two years.  Although the
introduction of additional data center capacity can put pressure
on profit margins, the group has been able to maintain relatively
high capacity utilization rates while increasing capacity.

S&P's assessment of Interxion's financial risk profile as
"aggressive" reflects its forecast of an adjusted leverage ratio
of about 4.0x-4.5x in 2014 and 2015, combined with continued
negative FOCF generation in 2014, before it breaks even in 2015.
Interxion's FOCF is still sensitive to the pace of the group's
growth projects, which would require significant expansion capex.
About 0.7x of our estimate of adjusted leverage in 2014 reflects
S&P's adjustment for operating leases.

Interxion's rating further reflects the application of a one-
notch negative adjustment for S&P's "comparable ratings
analysis," whereby S&P reviews an issuer's credit characteristics
in aggregate.  S&P's comparable ratings analysis is based on its
view that Interxion's cash flow generation is not in line with
its peers (it is still negative) due to continued important
capital expenditure (capex).  However, in S&P's view, the level
of such investments would underpin Interxion's growth prospects
in the medium term.

Standard & Poor's base case for Interxion assumes:

   -- Double-digit revenue growth for 2014 and 2015, underpinned
      by significant investment in the opening of new data
      centers and the acceleration of the development of existing
      centers during the second half of 2014.

   -- A continued improvement in the overall utilization rate to
      78%-80% in 2016 from 75% in 2013.

   -- The adjusted EBITDA margin stabilizing in the low-50s, due
      to a balance between new data centers returning low margins
      during their ramp-up phase, and older, fuller centers
      displaying higher margins.

   -- A capex peak in 2014 at EUR230 million, declining to EUR135
      million in 2015.

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

   -- Adjusted leverage of about 4.2x in 2014 and 3.9x in 2015.

   -- Adjusted FFO to debt generation in the mid-10s, improving
      beyond 2015.

   -- Continued negative adjusted FOCF in 2014, improving to
      breakeven levels in 2015.

The positive outlook reflects the possibility of S&P upgrading
Interxion in the next 12 months if the company continues to grow
its revenues and margins.  S&P could also raise the rating if the
group strengthens its core ratios, notably its adjusted leverage
ratio and adjusted FFO to debt, on the back of EBITDA growth.

An upgrade would also depend on Interxion being able to maintain
its adjusted leverage ratio at about 4.0x on a sustainable basis,
and achieve at least breakeven FOCF generation.

Additionally, an upgrade would hinge on liquidity remaining
"adequate."


JUBILEE CDO VIII: S&P Raises Rating on Class E Notes to 'B+'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Jubilee CDO VIII B.V.'s class A-1, B, C, and E notes.  At the
same time, S&P has affirmed its ratings on the class A-2 and D
notes.

The rating actions follow S&P's credit and cash flow analysis of
the transaction using data from the trustee report dated March 5,
2014 and the application of its relevant criteria.

S&P conducted our cash flow analysis to determine the break-even
default rates (BDR) for each rated class of notes at each rating
level.  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 fully repay principal to
the noteholders.  S&P used the portfolio balance that it
considers to be performing, the reported weighted-average spread,
and the weighted-average recovery rates that S&P considered to be
appropriate.  S&P incorporated various cash flow stress scenarios
using its standard default patterns and timings for each rating
category assumed for each class of notes, combined with different
interest stress scenarios as outlined in S&P's criteria.

The portfolio's credit quality has improved as the proportion of
assets rated 'BB-' and above has increased by 10.3% since S&P's
previous review on March 6, 2012.  A portfolio currency swap,
euro-denominated options, and asset-specific currency swaps with
various derivatives counterparties hedge the portfolio's non-
euro-denominated assets.  In S&P's opinion, the derivative
documentation does not fully reflect its current counterparty
criteria.  Therefore, in S&P's cash flow analysis, for ratings
above its long-term issuer credit rating plus one notch on each
of the derivative counterparties, S&P has considered scenarios
where the relevant counterparty does not perform and where the
transaction may be exposed to greater currency risk as a result.

The results of S&P's cash flow analysis following the application
of the stresses to the derivatives counterparties indicate that
the class A-1 and B notes are now able to sustain defaults at
higher rating levels.  S&P has therefore raised its ratings on
the class A-1 and B notes.

S&P's credit and cash flow analysis, without giving credit to the
portfolio's currency swap and options counterparty (Barclays Bank
PLC), indicates that the available credit enhancement for the
class A-2 notes is commensurate with the currently assigned
rating.  S&P has therefore affirmed its rating on the class A-2
notes.

Under S&P's cash flow analysis, the class C, D, and E notes' BDRs
exceed their scenario default rates (SDRs) at higher rating
levels.  The SDR is the minimum level of portfolio defaults that
S&P expects each CDO tranche to be able to support at the
specific rating level using CDO Evaluator.  S&P has therefore
raised its ratings on the class C and E notes.

However, the application of the largest obligor default test
constrains S&P's rating on the class D notes at its currently
assigned rating.  S&P has therefore affirmed its rating on the
class D notes.

The largest obligor test measures the risk of several of the
largest obligors within the portfolio defaulting simultaneously.
We introduced this supplemental stress test in S&P's 2009
criteria update for corporate collateralized debt obligations
(CDOs).

Jubilee CDO VIII is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms.  The transaction closed in
December 2007 and is managed by Alcentra Ltd.  Its reinvestment
period ended in January 2014 and the issuer used all scheduled
principal proceeds to redeem the notes in the transaction's
documented priority of payments.

RATINGS LIST

Class                Rating
             To                From

Jubilee CDO VIII B.V.
EUR400 Million Senior Secured Floating-Rate Notes

Ratings Raised

A-1          AA+ (sf)         AA- (sf)
B            A+ (sf)          A (sf)
C            BBB+ (sf)        BBB (sf)
E            B+ (sf)          CCC+ (sf)

Ratings Affirmed

A-2          AA- (sf)
D            BB+ (sf)



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


KARELIA: Fitch Affirms 'BB-' Long-Term IDRs; Outlook Negative
-------------------------------------------------------------
Fitch Ratings has revised the Outlooks on the Russian Republic of
Karelia's Long-term Issuer Default Ratings (IDR) and National
Long-term rating to Negative from Stable.  The agency also
affirmed the republic's Long-term foreign and local currency IDRs
at 'BB-' and its Short-term foreign currency IDR at 'B'.  The
National Long-term rating has been affirmed at 'A+(rus)'.

Karelia's outstanding senior unsecured domestic bonds of RUB4.75
billion have also been affirmed at 'BB-' and 'A+(rus)'.

Key Rating Drivers

The revision of Outlook to Negative and IDR affirmation reflect
the following rating drivers and their relative weights:

High:

The Outlook reflects sharp deterioration in Karelia's operating
performance in 2013: its operating balance turned to a negative
7.5% of operating revenue (2012: 7.7% surplus), while its deficit
before debt variation widened to 19.8% of total revenue (2012:
8.1%).  This was due to increased operating expenditure and
reduced tax proceeds.  Restoring the republic's operating
surpluses is not likely in 2014-2015, while a small surplus of
1%-2% is expected by 2016.

Fitch believes the federal government's election pledges in 2012
to raise public sector salaries will continue to fuel operating
expenditure growth over the medium term.  New fiscal rules
introduced in 2013, comprising the introduction of consolidated
groups of taxpayers and advanced deprecation for large
corporations, led to a 15% yoy decline in taxes.

Russia's institutional framework for subnationals is a
constraining factor on the republic's ratings.  Frequent changes
in allocation of revenue sources and assignment of expenditure
responsibilities between the tiers of government limit the
republic's forecasting ability and negatively affect its fiscal
capacity and financial flexibility.

Medium:

Fitch updated its base case scenario and now expects a
substantially sharper increase in Karelia's direct risk to 65%-
70% of current revenue in 2014-2016, compared with 45%-50%
previously. The increased debt will be used to fund the
republic's budget deficit and refinance maturing debt in 2014-
2016.  The region's direct risk rose to 60% in 2013 (2012: 42%)
and was composed of bank loans (40%), domestic bonds (35%), and
loans contracted from the federal government (25%).

The republic's cash position weakened during 2013, as Karelia saw
its cash reserves fall to RUB182 million from RUB1.8 billion a
year earlier.  The region's liquidity is supported by untapped
committed credit lines totaling RUB1.2 billion as of end-1Q14.

The Republic of Karelia's ratings also reflect the following
rating drivers:

Karelia's contingent risk remains low and is limited to the
modest indebtedness of the region's public sector and few issued
guarantees.  The aggregate debt of the region's public-sector
entities for 2013 is not yet available; in 2012 it stood at a low
RUB324 million.  The republic had RUB208 million worth of issued
guarantees at end-2013.

The region's economic profile is dominated by the industrial
sector, which contributed 34% of gross regional product in 2012.
Local industries were negatively affected by the slowdown of the
national economy, leading to a 1% yoy decline in Karelia's GRP in
2013.  The republic's government expects the local economy to
recover to a 3%-4% growth in 2014-2016.

Rating Sensitivities

A downgrade could result from continued weak budgetary
performance that is insufficient for debt service and from a
continued increase of direct risk to above 65%-70% of current
revenue in 2014-2015.


KOMI REPUBLIC: Fitch Affirms 'BB+' LT IDRs; Outlook Negative
------------------------------------------------------------
Fitch Ratings has revised Russian Republic of Komi's Outlook to
Negative from Stable.  The agency has affirmed the republic's
Long-term foreign and local currency Issuer Default Ratings
(IDRs) at 'BB+', National Long-Term rating at 'AA(rus)' and
Short-term foreign currency IDR at 'B'.

The republic's outstanding senior unsecured domestic bonds of
RUB4.2 billion (ISIN RU000A0JS0N1, RU000A0JR3B1 and RU000A0GKKB7)
have been affirmed at Long-term local currency 'BB+' and National
Long-term 'AA(rus)'.

Key Rating Drivers

The Outlook revision reflects the following rating drivers and
their relative weights:

High:

Komi's budgetary performance deteriorated in 2013 to sharply
below historical levels.  The operating balance turned to a
negative 7% of operating revenue compared with an average
operating surplus of 12% for 2008-2012.  Overall deficit widened
to an unsustainable 24% of total revenue, leading to a depletion
of the republic's historically high liquidity and almost a
doubling of debt. The weak operating performance was due to a
sharp fall in corporate income tax (CIT) and the federal
government's order to align public sector salaries with Komi's
fairly high average salary.

Fitch expects CIT to resume growth in 2014, following completion
of accelerated depreciation charges utilized by consolidated
taxpayer groups in 2013.  However, the federal government's
election pledges will continue to fuel expenditure. The net
result will be weak budgetary performance in 2014-2016, with
operating surpluses insufficient for debt service and continued
overall deficits leading to growth of indebtedness.

Komi's creditworthiness remains constrained by the institutional
framework for local and regional governments (LRGs) in Russia.
The predictability of Russian LRGs' budgetary policy is hampered
by frequent reallocation of revenue and expenditure
responsibilities between the tiers of government.

Medium:

Komi's direct risk increased to 37% of current revenue at end-
2013 from 21% a year earlier.  The republic's indebtedness is
still moderate compared with international peers.  However,
pressure on operating expenditure will lead to continued growth
of debt.  Fitch forecasts that the republic's direct risk will
exceed 50% of current revenue by 2016, while debt coverage will
remain unsustainable in the medium term.

The republic depleted its historically strong cash reserves
during 2013. Liquidity dropped to RUB1.7 billion as of 1 March
2014 from RUB5.5 billion at end-2012. Komi has low refinancing
risk in 2014 at RUB3 billion but faces a refinancing peak of
RUB11 billion in 2015. However, Fitch does not expect Komi to
face difficulties in accessing debt markets or rolling over
existing loans with Sberbank of Russia (BBB/Negative).

The Republic of Komi's ratings also reflect the following key
rating drivers:

Komi has a strong economy with wealth indicators significantly
above the national median. The republic's gross regional product
per capita (GRP) in 2012 exceeded the national median by more
than 2x while average salary in December 2013 exceeded the
national median by more than 50%. Fitch expects Komi's GRP to
expand at about 2% annually in 2014-2016.

The strong economy is, however, weighted towards the natural
resources sector, leading to high tax concentration. The top two
taxpayers - OAO LukOil (BBB/Negative) and OAO Gazprom
(BBB/Negative) - together contributed 25% of total tax revenue in
2013.  Harsh climate and the republic's remote location from
major markets hinder investments in industries outside natural
resources.

Rating Sensitivities

Growth of direct risk to above 50% of current revenue, coupled
with consistently weak budgetary performance resulting in
operating balances insufficient for debt service and a reduced
capacity to obtain affordable funding for its debt refinancing
needs, will lead to a downgrade.


TAMBOV REGION: Fitch Affirms 'BB+' LT Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has affirmed Russian Tambov Region's Long-term
foreign and local currency Issuer Default Ratings (IDRs) at
'BB+', with Stable Outlooks, and its Short-term foreign currency
IDR at 'B'.  The agency has also affirmed the region's National
Long-term rating at 'AA(rus)' with a Stable Outlook.

Key Rating Drivers

The affirmation reflects Tambov's solid operating performance and
low, albeit increasing, direct risk.  The ratings also factor in
continuous pressure on operating expenditure, high refinancing
needs and the modest size of the economy, which leads to a high
dependence on transfers from the federal budget.

Fitch expects Tambov to report stable budgetary performance in
2014-2016 with an operating balance at about 10% of operating
revenue.  Its operating balance deteriorated in 2013 to 10.4%,
from 16.9% a year earlier, but remained sufficient to cover debt
servicing needs.  The deterioration was due to rising operating
expenditure pressure following the federal government's decision
to increase public sector salaries.

Fitch estimates Tambov's deficit before debt variation to
stabilize at about 6% of total revenue in 2014-2016, due to an
expected decline in capex.  The region recorded a large 13%
deficit before debt variation in 2013 after two years of
surpluses. The deficit was driven by increased capex that was, to
a large extent, carried forward from the previous year.  As about
60% of the deficit was covered by cash accumulated growth of
Tambov's direct risk was limited.

Fitch expects the region's direct risk to increase to fund its
budget deficit in 2014-2016.  Direct risk will reach RUB9.3
billion, equivalent to a moderate 28% of current revenue by end-
2014 (2013: 25% or RUB7.8 billion), and will gradually rise to
35% by end-2016.  The region relies mostly on bank loans
contracted with Sberbank of Russia (BBB/Negative/bbb) with three-
year maturities, which is short-term by international standards.

In 2014 the region faces maturing debt of RUB3.1 billion, which
corresponded to 42% of direct risk as of 1 March 2014.  Fitch
expects the region will deplete its liquidity to fund part of its
deficit in 2014, increasing refinancing risk.  However,
refinancing pressure is mitigated, albeit in the near-term, by
short term budget loans from the federal government at subsidized
interest rates.

Tambov's economy is historically weaker than that of the average
Russian region.  Wealth indicators remain below the national
median despite the region's recent rapid development. This
suppresses the region's tax base and leads to a high dependence
on federal transfers (2013: 51% of operating revenue).
Positively, the federal transfers act as a stabilizing factor
during recessions, making the region less vulnerable to negative
external shocks.

Rating Sensitivities

Direct risk stabilization at about 20% of current revenue,
coupled with maintaining a sustainable strong operating balance
at about 15% of operating revenue, will lead to an upgrade.

Deterioration in budgetary performance with the operating balance
below 10% of operating revenue for two consecutive years, leading
to weaker debt coverage than average debt maturity would lead to
negative rating action.



=====================
S W I T Z E R L A N D
=====================


NORD ANGLIA: 1H 2014 Results No Impact on Moody's 'B1' Rating
-------------------------------------------------------------
Moody's Investors Service says that Nord Anglia Education, Inc's
(NAE, B1 stable) results for the first half of the fiscal year
ended February 28,2014 (1H 2014) were in line with expectations.
Neither the results nor the company's announced acquisition of
Dover Court School in Singapore affect its ratings or stable
outlook.

"NAE is executing as expected. Its acquisitions of schools within
existing geographies funded from internally generated cash are in
line with the company's strategy. We expect that these should
quickly be accretive to its earnings and cash flow," says Joe
Morrison, a Moody's Vice President and Senior Analyst.

NAE reported sales for 1H 2014 of US$272 million, up 52% from the
prior year. On a last 12 months (LTM) basis, NAE's adjusted
EBITDA margin was about 36%, versus 35.3% for FY2013, as the
company continued to increase tuition fees while controlling
costs. Adjusted debt to EBITDA improved to about 7.8x for the LTM
to February 2014 from about 9.7x in 2013.

Moody's projects that adjusted debt to EBITDA (pro forma for the
2013 acquisition of WCL Group Limited) will decrease to about
6.6x in FY2014 and further to 5.7x in FY2015 from about 7.5x in
FY2013. In addition, Moody's expects EBITDA less capex to
interest expense to improve to over 3.0x for FY2015 from about
1.3x in FY2014. These ratios will be in line with NAE's B1
rating.

This improvement will be mainly driven by a robust increase in
earnings, underpinned by NAE opening new schools in Hong Kong,
Dubai, and Switzerland later this year, and by benefits
associated with its recently concluded initial public offering
and debt refinancing.

NAE benefits from stable and predictable demand for its premium
educational services product. The company has a high level of
financial leverage, but this is balanced by favorable demand
dynamics, resilience through economic cycles, and predictable
revenue streams.

The principal methodology used in this rating was the Global
Business & Consumer Service Industry Rating Methodology published
in October 2010.

Nord Anglia Education, Inc. is headquartered in Hong Kong and
operates 28 international premium schools in Asia, Europe, the
Middle East, and North America, with more than 18,000 students
ranging in level from pre-school through to secondary school. NAE
also provides outsourced education and training contracts with
governments and curriculum products through its Learning Services
division. For the fiscal year ended August 31, 2013, NAE
generated pro forma revenues of US$415 million.



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


BANK OF SCOTLAND: Swap Agreement No Impact on Moody's D+ Rating
---------------------------------------------------------------
Moody's Investors Service has announced that Royal Bank of
Scotland plc (RBS; deposits Baa1 negative, standalone bank
financial strength rating D+/ adjusted baseline credit assessment
ba1) has, as the swap provider in Bank of America's covered bond
program ("BA Covered Bond Program"), undertaken the proposed
execution of a deed of undertaking (the "Deed"). This Deed
relates to the swap agreement (the "Swap Agreement") between BA
Covered Bond Issuer (the "Issuer") 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 bonds (the "Bonds") that
BA Covered Bond issues.

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 "Cure Period"). 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 Bonds. 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 one of 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 Period 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 Period 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 Bonds. 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.

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


DORCHESTER CARE: 2 Care Homes Go Into Administration
----------------------------------------------------
Insider Media reports that buyers are being sought after a trio
of care homes across Bournemouth and Dorset slipped into
administration.

Between them, Greenbushes Nursing Home, Avenue House Nursing Home
and Windsor Court Nursing Home can accommodate 134 residents,
according to Insider Media.

Bob Maxwell and Julie Palmer, of insolvency practitioner Begbies
Traynor, were appointed joint administrators for Dorchester Care
and its designated member Lyndale Healthcare on April 10, 2014.

Dorchester Care owns the 42-bed Greenbushes Nursing Home and the
33-bed Avenue House Nursing Home, both in Dorchester.  Meanwhile,
Lyndale Healthcare owns Bournemouth-based Windsor Court Nursing
Home, which can accommodate 59 residents.

Greenbushes closed before the arrival of administrators, while
Avenue House and Windsor Court are continuing to run as normal,
the report relates.  Begbies Traynor has brought in care home
operator Goldcare Future Management to manage Avenue House and
Windsor Court on a temporary basis, the report discloses.

The report says that Avenue House employs 36 members of staff,
with no redundancies made following the appointment of Begbies
Traynor.  Windsor Court has 38 employees but four people were
made redundant prior to administration, the report notes.  And
Greenbushes has no employees since its closure.


GEORGE BULLER: In Administration, Business Closes
-------------------------------------------------
Insider Media reports that a Walsall-based painting and
decorating business, which has been trading since 1896, has been
forced to close.

Fifth generation family company George Buller & Son has been
placed into voluntary liquidation after rising costs and
increased competition left it unable to trade, according to
Insider Media.

Business recovery and insolvency experts Poppleton & Appleby,
which has offices in Birmingham, Coventry and Wolverhampton, has
been appointed to manage its closure.

Brothers Steve and Dave Buller were the latest generation to run
the company.

Insider Media notes that Andy Turpin, partner at Poppleton &
Appleby, added: "Losses have been funded by increased borrowing
from the company's bank and although management accounts produced
up until the end of 2013 show a slight improvement this was not
sufficient to make inroads into the previous losses sustained."

During its peak, George Buller & Son employed about 50 staff.

However, in recent years, it has reduced its workforce by almost
half to 25, the report adds.


GHERKIN: In Administration, Tenants Future Uncertain
----------------------------------------------------
channelweb.co.uk reports that iconic London building the Gherkin
plunged into administration today, sparking an uncertain future
for its tenants, which include security integrator NTT Com
Security.

30 St Mary Axe was received by Deloitte after senior leaders
"reluctantly" called it in, according to channelweb.co.uk.

NTT Com Security, formerly Integralis, moved into the Gherkin in
2011 and the location is a permanent base for about 30 of its
staff.  It has other UK offices in Reading, Leeds and Manchester.

The report notes that Deloitte insisted it was working hard to
minimise the disruption to tenants.

The report notes that Neville Kahn, joint receiver and
restructuring services partner at Deloitte, said: "The Gherkin is
a truly exceptional building, a landmark recognised around the
globe.  Our priority is to preserve the value of this asset.  We
are in the process of communicating with all tenants and working
with the property manager to ensure the continuation of all
property management services with no interruption to tenants."


STACEY CONSTRUCTION: In Administration, Cuts 60 Jobs
----------------------------------------------------
BBC News reports that 60 people have lost their jobs at a
construction company in Somerset which has gone into
administration.

Stacey Construction, in Wiveliscombe, was set up in 1967 and
specialises in building petrol stations and motorway services.

Administrator Nick O'Reilly said: "Timing-wise, there just isn't
enough cash to keep continuing paying the staff, the report
notes."

"Even if the money came in tomorrow, the damage has been done,"
the report quoted Mr. O'Reilly as saying.

The report relates that the company said it was owed two large
sums of money by clients.


WINDERMERE XI: Fitch Cuts Rating on GBP12MM Cl. C Notes to 'Dsf'
----------------------------------------------------------------
Fitch Ratings has upgraded Windermere XI plc's class A notes,
downgraded the Class C notes, and affirmed the rest, as:

  GBP8.73 million Class A: upgraded to 'BBBsf' from 'BBsf';
  Outlook Stable

  GBP52.9 million Class B: affirmed at 'CCsf'; Recovery Estimate
  (RE) 80%

  GBP12 million Class C: downgraded to 'Dsf' from 'Csf'; RE0%

  GBP0 million Class D: affirmed at 'Dsf'; RE0%

Windermere XI is now a securitization of a single loan backed by
commercial real estate assets located across the UK.

Key Rating Drivers

The upgrade to the class A notes reflects the deleveraging of the
transaction, following ongoing asset sales and unscheduled
principal payments from the Government Income Portfolio (GIP)
loan.  This, together with repayment of the GBP111.5 million Long
Acre and GBP191.9 million Devonshire House Loans (as expected by
Fitch), has reduced the class A balance to GBP8.7 million from
GBP318.9 million at Fitch's last rating action in July 2013. The
downgrade of the class C notes follows the resolution and loss
allocation attributable to the GBP46.6 million Westville loan.

The GBP73.7 million GIP loan is the sole remaining loan in the
transaction.  It is now secured by 13 properties (down from 16
properties at the time of Fitch's last rating action) following
the sale of three assets at the October 2013 IPD.  Although the
achievable proceeds of each of the assets sales were not
sufficient to meet the property's release price, the sales were
permitted under the provision of the current extended loan
agreement.  Combined with a partial cash sweep (not all rental
income after interest debt service is required to be used to
repay principal), disposal activity was sufficient to reduce the
loan's outstanding balance to below the GBP76 million target,
triggering an automatic loan extension until October 2014.

Although the portfolio is predominantly let to government
tenants, the weighted average lease length is only 3.6 years.
The assets are not located in prime locations, and capital
expenditure is required to preserve value.  This is reflected in
the portfolio's 2012 valuation, which showed an approximately 50%
fall in value compared with 2010, reflecting a current loan to
value ratio of 150%.  The recent disposal prices were consistent
with the most recent valuation.

If the loan's outstanding balance is reduced to GBP40 million by
October, an additional extension to April 2015 will be granted.
Fitch does not believe that this target will be achieved, given
the secondary quality of the underlying collateral that remains.
A loan default at this time should trigger a full cash sweep,
which, in addition to further asset sales, should repay the class
A notes well in advance of the transaction's legal final maturity
in April 2017, despite the inevitable loss that will be suffered
by the loan.

The last remaining property securing the GBP73.7 million
Westville loan was sold in April, leaving the loan's losses to be
allocated to the notes at the corresponding IPD.  As a result,
the class D balance has been written down to zero, while a
GBP29.3 million loss has been allocated to the class C notes
(hence Fitch's downgrade to 'Dsf')

Rating Sensitivities

Fitch's estimated 'Bsf' recovery amount is GBP48 million.

The ratings are sensitive to the resolution timing of the GIP
loan.  However, given the relative size of the class A notes, as
well as the likelihood of its repayment through asset sales or
excess cash prior to the notes' legal final maturity in three
years' time, further rating changes for the most senior tranche
are unlikely.



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


* BOND PRICING: For the Week April 21 to 25, 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 * * *