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        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, May 5, 2014, Vol. 15, No. 87

                            Headlines

F R A N C E

HOLDING BERCY: S&P Puts 'BB-' CCR on CreditWatch Developing


G E R M A N Y

PROKON: Itzehoe Court Commences Insolvency Proceedings
TALISMAN-4 FINANCE: S&P Cuts Ratings on 2 Note Classes to CCC-
TAURUS CMBS 2006-1: Fitch Lowers Ratings on 2 Note Classes to D


I C E L A N D

ISLANDSBANKI: S&P Assigns 'BB+/B' Credit Ratings; Outlook Stable


I R E L A N D

SETANTA INSURANCE: MFSA Appoints Paul Mercieca as Liquidator


I T A L Y

ANDROMEDA FINANCE: Fitch Affirms 'BB' Rating on Class A1 Notes


K A Z A K H S T A N

GRAIN INSURANCE: S&P Affirms 'B' IFS Rating; Outlook Stable


L U X E M B O U R G

BANQUE INTERNATIONALE: Fitch Lifts Capital Notes Rating to 'BB'
ENDO LUXEMBOURG: Moody's Affirms 'Ba1' Loan Rating
LOGWIN AG: S&P Revises Outlook to Positive & Affirms 'B+' CCR
SERVUS HOLDCO: Fitch Puts 'B' IDR on Rating Watch Positive


N E T H E R L A N D S

HOLLAND PARK: Fitch Assigns 'B-sf' Rating to Class E Notes
NIELSEN HOLDINGS: Moody's Retains 'Ba3' Corporate Family Rating


R U S S I A

GAZPROM-MEDIA: Fitch Revises Outlook to Neg. & Affirms 'BB' IDR
ROSINTER RESTAURANTS: S&P Withdraws 'B-' Corp. Credit Rating


S P A I N

IM CAJA LABORAL 2: Fitch Cuts Rating on Class C Notes to 'CCsf'
PESCANOVA SA: Majority of Creditors Back Debt Restructuring Plan


T U R K E Y

CALIK HOLDING: S&P Affirms Then Withdraws B-/B Corp Credit Rating
DFS FUNDING: Fitch Lowers Viability Rating to 'bb+'


U N I T E D   K I N G D O M

CO-OPERATIVE BANK: To Unveil Details of GBP400MM Fund-Raising
PENDRAGON PLC: Fitch Affirms 'B' Issuer Default Ratings
PREMIER FOODS: S&P Assigns 'B' CCR; Outlook Stable
RANGERS FOOTBALL: Ahmad Wants GBP500,000 in Assets Frozen
THPA FINANCE: Fitch Affirms 'BB-' Rating on GBP30MM Class C Notes


X X X X X X X X

* Record M&A Drive European High Yield Market, Fitch Says
* BOND PRICING: For the Week April 28 to May 2, 2014


                            *********


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F R A N C E
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HOLDING BERCY: S&P Puts 'BB-' CCR on CreditWatch Developing
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit rating on France-based food services provider
Holding Bercy Investissement S.C.A. (HBI) on CreditWatch with
developing implications.

At the same time, S&P placed its 'BB-' issue rating on the EUR350
million senior secured notes due 2020, issued by special-purpose
vehicle (SPV) Elior Finance & Co. S.C.A. (Elior Finance) on
CreditWatch with developing implications.

In addition, S&P placed its 'BB-' issue ratings on the facility
H1 loan that Elior Finance extended to HBI, and the group's other
senior secured facilities on CreditWatch with developing
implications.

The CreditWatch placement reflects S&P's view that HBI's credit
metrics for 2013 are weaker than it forecasts when it assigned
its 'BB-' corporate credit rating to the company, but that an IPO
would likely return metrics to levels that S&P sees as
commensurate with the current, or a higher, rating.  S&P's rating
on HBI currently reflects its assessment of its financial risk
profile as "aggressive."  However, S&P now sees credit metrics
that are commensurate with a "highly leveraged" financial risk
profile assessment.  Standard & Poor's-adjusted debt at HBI was
nearly EUR2.7 billion at the end of September 2013, which is
higher than S&P previously forecast.  This includes EUR2.4
billion of balance-sheet debt, adjustments of EUR170 million for
operating lease debt, just over EUR85 million for post-retirement
obligations, and EUR50 million for unamortized borrowing costs
and put options for minority stakes.  If HBI does not go ahead
with the announced IPO, S&P's revised forecast for adjusted debt
to EBITDA for the year ending September 2014 would be about 5.5x
and for funds from operations (FFO) to debt just under 11%.
These metrics are more consistent with a "highly leveraged"
financial risk profile.  Furthermore, S&P's revised forecast
would not see scope for sufficient deleveraging to produce
metrics in line with an "aggressive" financial risk profile in
the medium term.

However, should the IPO complete successfully and HBI uses
proceeds to repay a portion of its high-yield bond and the term
loans, metrics would improve to sit comfortably within the
"aggressive" category.  These would include FFO to debt of about
15% and debt to EBITDA of around 4.5x.

HBI's "satisfactory" business risk profile reflects the company's
leading positions in the markets that it operates; it is the 3rd
largest concession operator and the 4th largest contract caterer
globally.  S&P's assessment is also supported by HBI's
sustainable and predictable cash flow generation due to medium
and long-term contracts, elevated retention rates, significant
end-market diversification, and low volatility of profitability.
S&P's assessment is limited by HBI's presence in a highly
competitive and fragmented market, and its geographical
concentration in Western Europe (France, Spain, Portugal, and
Italy comprise 87% of revenues), which constrains the group's
ability to service global requests.  Further constraining our
assessment are the vulnerability of HBI's profitability to
unfavorable French labor regulations, and expected wage and food
price inflation.

S&P's business risk assessment also incorporates its view of the
business and consumer services industry's "intermediate" risk and
the company's "intermediate" country risk exposure.

Additionally, S&P's corporate credit rating on HBI incorporates a
one-notch negative adjustment in accordance with its "comparable
rating analysis," whereby S&P assess the issuer's credit measures
in aggregate.

S&P's base case in the event that the IPO does not occur assumes:

   -- Minimal organic growth in 2014 of about 1%, constrained by
      the weak macroeconomic environment in Europe.

   -- Overall revenue growth of up to 6% as HBI's financials
      fully incorporate U.S. business TrustHouse, which HBI
      acquired in 2013; and about 5% revenue growth in 2015.

   -- Capital expenditures (capex) equaling 3.5% of revenues.

   -- S&P's assumption of bolt-on acquisition spending of about
      EUR100 million.

Based on these assumptions, S&P arrives at the following credit
measures in 2014:

   -- An EBITDA margin of about 8.8%, showing some increase from
      2013, partially led by synergy benefits from the TrustHouse
      acquisition.

   -- FFO to debt at about 11.0%, remaining below 12% in 2015.

   -- Debt to EBITDA at about 5.5x

S&P plans to resolve the CreditWatch placement once the IPO is
completed, HBI has confirmed the use of proceeds, and the group
has articulated a new financial policy.

A positive rating action would consist of a one-notch uplift from
the current rating level to 'BB'.  This could occur if the IPO is
completed as planned and leverage reduces such that credit
metrics rest firmly in the "aggressive" category, that is, with
adjusted debt to EBITDA of between 4x-5x and FFO to debt of more
than 12%.

S&P could downgrade HBI by one notch if the IPO does not occur or
if deleveraging efforts do not result in credit metrics that are
in line with an "aggressive" financial risk profile.  Sustained
metrics with adjusted debt to EBITDA of above 5x and FFO to debt
below 12% would be consistent with a 'B+' rating.  Were it not
for the prospect of an IPO, then the ratings would be showing
signs of downward pressure, in S&P's opinion.



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G E R M A N Y
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PROKON: Itzehoe Court Commences Insolvency Proceedings
------------------------------------------------------
Deutsche Welle reports that the district court at Itzehoe in
northern Germany said Thursday insolvency proceedings had begun
with regards to Prokon's renewable energy division.

According to Deutsche Welle, the court said the company's
regenerative energy business faced claims of EUR391 million
(US$542 million), compared with liquid funds of just EUR19
million.

Insolvency administrator Dietmar Penzlin had indicated investors
still had a chance of seeing at least some of their money back,
Deutsche Welle notes.

The company, operating 50 wind parks in Germany and neighboring
Poland, had raised EUR1.4 billion by touting profit participation
rights and promises of returns of at least 6% annually,
Deutsche Welle recounts.

Following questions in the media about the generous yields on
capital and whether those were backed by actual earnings,
investors began to pull out, Deutsche Welle relays.  That drove
the company over the edge, Deutsche Welle states.

Prokon Regenerative Energien GmbH is a German wind park operator.


TALISMAN-4 FINANCE: S&P Cuts Ratings on 2 Note Classes to CCC-
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Talisman-4 Finance PLC's class A, B, C, and D notes.  At the same
time, S&P has affirmed its 'D(sf)' ratings on the class E, F, and
G notes.

The rating actions follow S&P's review of the remaining loan's
credit quality under S&P's European commercial mortgage-backed
securities (CMBS) criteria.

DT-12 LOAN

The DT-12 loan, with a EUR160.7 million outstanding securitized
balance, is the only remaining loan in the transaction.  The loan
failed to repay at maturity in July 2013.

The loan is secured by 12 office properties in Germany.  All
properties are fully let to GMG Generalmietgesellschaft mbH (a
Deutsche Telekom subsidiary).  In January 2014, the servicer
reported a weighted-average unexpired lease term of 3.26 years.

Based on the February 2014 valuation, the portfolio value is
EUR90,680,000.  This indicates a securitized loan-to-value (LTV)
ratio of 177%.

The loan is currently in special servicing.  S&P understands that
the special servicer agreed a restructuring through a consensual
sale (rather than an enforcement of the mortgage).  Under the
restructuring, a purchase price hurdle of EUR78.4 million was
agreed which is intended to serve as a threshold for the
calculation of the sponsor's consent fee in case of a sale.

In S&P's opinion, the updated valuation will likely constrain the
recovery level that the special servicer could obtain from the
underlying assets.  At the same time, S&P believes the purchase
price hurdle could be considered by a potential buyer.  S&P's
analysis indicates increased principal losses under its expected-
case scenario for this loan.

Rating Actions

S&P's ratings in the transaction address the timely payment of
interest and ultimate payment of principal no later than the July
2015 legal final maturity date.

In S&P's view, the class A, B, and C notes' credit quality has
deteriorated.  S&P do not consider the available credit
enhancement to be sufficient to absorb the amount of losses that
the underlying properties would suffer at their currently
assigned rating levels.  S&P considers the available credit
enhancement for the class A notes to be sufficient to mitigate
the risk of losses from the underlying loans in a 'B' rating
stress scenario.  S&P has therefore lowered to 'B (sf)' its
rating on the class A notes.

The class B and C notes are very likely to experience principal
losses, in S&P's opinion.  S&P has therefore lowered to 'CCC-
(sf)' its ratings on the class B and C notes.

S&P has also lowered to 'D (sf)' from 'CCC- (sf)' its rating on
the class D notes, because the notes experienced principal losses
in April 2014 following the Valentine loan's liquidation.  This
loan repaid at a loss (EUR28.6 million), and the cash manager
allocated the loss reverse sequentially to the class D and E
notes.

S&P has affirmed its 'D (sf)' ratings on the class E, F, and G
notes as they experienced principal losses on prior payment
dates.

RATINGS LIST

Talisman-4 Finance PLC
EUR739 Million Commercial Mortgage-Backed Floating-Rate Notes

Class       Rating           Rating
            To               From

Ratings Lowered

A           B (sf)           BBB- (sf)
B           CCC- (sf)        BB- (sf)
C           CCC- (sf)        B- (sf)
D           D (sf)           CCC- (sf)

Ratings Affirmed

E           D (sf)
F           D (sf)
G           D (sf)


TAURUS CMBS 2006-1: Fitch Lowers Ratings on 2 Note Classes to D
---------------------------------------------------------------
Fitch Ratings has downgraded Taurus CMBS Germany (2006-1) plc's
class C and D notes, as follows:

   -- EUR1.8m class C (XS0257715242) downgraded to 'Dsf' from
     'CCsf'; 'RE0%'

   -- EUR0m class D (XS0257715838) downgraded to 'Dsf' from
      'Csf'; 'RE0%'

Taurus CMBS Germany (2006-1) plc is a securitization of two loans
backed by two shopping centers in Germany.

Key Rating Drivers

The downgrade reflects a loss allocation of EUR33.7 million in
reverse sequential order to the class C and D notes following the
sale of the Bewag Berlin Loan.  An assignee of the controlling
class representative exercised a purchase option of the Bewag
Berlin loan, leading to EUR78.3 million in recoveries against a
loan balance EUR111 million.  During the December 2013
surveillance review of the transaction Fitch had estimated future
loan recoveries at EUR67 million.

Rating Sensitivities

In the event of a sale, Fitch estimates 'Bsf' sale proceeds of
EUR74 million.  Should the sale proceeds of the remaining
properties fall short of expectations or should the sale fail to
materialize in the next six months, this could lead to negative
rating action on the notes.



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I C E L A N D
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ISLANDSBANKI: S&P Assigns 'BB+/B' Credit Ratings; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB+' long-term and 'B' short-term counterparty credit ratings to
Iceland-based bank Islandsbanki hf.  The outlook is stable.

The ratings reflect S&P's 'bb' anchor for banks operating in
Iceland and its view of Islandsbanki's "adequate" business
position, "strong" capital and earnings, "adequate" risk
position, "average" funding, and "strong" liquidity, as S&P's
criteria define these terms.  The stand-alone credit profile
(SACP) is at 'bb+'.

Islandsbanki was created in October 2008 when it acquired more
than Icelandic krona (ISK) 900 billion (about EUR5.8 billion) in
loans -- originally valued at a 47% discount -- from the estate
of Glitnir Bank.  Despite being the smallest of its domestic
peers, with total assets of ISK866 billion in December 2013,
Islandsbanki maintains a comparable market position. It has a
strong domestic market share (30%-40%) in most business lines,
due in part to two key acquisitions: that of Byr, previously the
fourth largest bank, zn 2011 and of a private pension portfolio
in 2012.  S&P believes these strategic acquisitions have improved
the bank and support its view of the bank's management and
strategy.  Like its two main domestic peers, Arion Bank and
Landsbankinn, Islandsbanki has seen a rise in retail mortgage
lending, which has historically been dominated by state-owned
Housing Financing Fund (Ibudalanasjodur).

Islandsbanki earns two-thirds of its revenues as net interest
income and has diverse revenues from retail banking, including
asset financing (via the ERGO brand) and credit cards; large
corporate, wealth management, trading activities; and corporate
finance.  However, the small domestic economy limits
diversification prospects, in our view.

S&P assess capital and earnings as "strong."  S&P's projected
risk-adjusted capital (RAC) ratio for Islandsbanki at year-end
2015 is higher than 15%, after 14.1% at year-end 2013.  However,
S&P understands the bank intends to maintain regulatory capital
ratios above 18%, which aligns with a RAC ratio of 11%-12%, hence
S&P's assessment of capital and earnings as "strong."  At
present, the core Tier 1 capital ratio is 25.1% and S&P believes
that the bank has a long-term objective of returning some of its
excess capital to its owners.  S&P notes that the bank's leverage
ratio of 19.3% (adjusted common equity to adjusted assets) is
exceptional in a global comparison.

S&P expects Islandsbanki's profits to decrease slightly over its
two-year forecast horizon.  The loans it acquired when it was
created in 2008 were at a 47% discount, which, together with
increases in the net asset valuation, have resulted in strong
earnings for the bank.

"In our view, Islandsbanki's "adequate" risk position reflects
its important role in Iceland's retail and commercial banking
market and its high share of real estate and fishing-vessel quota
collateral.  We expect the bank's risk position to remain highly
correlated to the economic risk we assess for the country.  The
bank continues to reduce its nonperforming loans (NPLs) and
maintains an ambitious goal of reducing its Icelandic loan
portfolio analysis ratio to 5.5% by year-end 2014 from 8.3% at
year-end 2013 (versus an average of 12.5% for Iceland's top three
banks at year-end 2013).  Recent improvements are also reflected
in the reduction of loans 90 days past due to 3.5% of loans at
year-end 2013 from 12.9% at year-end 2011," S&P said.

"We expect that Islandsbanki's asset quality will improve because
of the government's debt relief program, launched in November
2013.  About one-third of the bank's loan book represents
residential mortgages and the program should reduce the
portfolio's overall loan-to-value by improving the equity of at-
risk borrowers.  We expect that the additional debt relief will
improve households' finances and stimulate consumer spending,
supporting further improvement of overall asset quality," S&P
added.

In S&P's view, Islandsbanki is diligently preparing its balance
sheet for the eventual relaxation of capital controls by building
an exceptional funding and liquidity buffer.  S&P considers
Islandsbanki's funding to be "average," given its relatively
strong funding metrics and lower loan-to-deposit ratio than
domestic peers'.  The bank's illiquid assets are more than
covered by deposits, equity, and long-term debt, as shown by a
stable funding ratio of 115% as of Dec. 31, 2013, up from 93% in
2010.  S&P expects this relative strength to continue, given the
small amount of debt maturing in each of the next few years,
although S&P anticipates an increased used of long-term market
funding to support lending growth over the rating horizon.

S&P assess the bank's liquidity as "strong," noting its
considerable coverage of short-term liabilities.  In December
2013, Islandsbanki's ratio of broad liquid assets to short-term
wholesale funding was 3.5x.  S&P notes that the bank maintains a
portion of the liquid assets to offset a potential reduction in
foreign exchange deposits if the Icelandic government removes
capital controls.  At year-end 2013, the bank had liquid foreign
exchange assets of ISK77 billion for this purpose.

S&P considers Islandsbanki to have "high" systemic importance in
Iceland; however, it do not add any notches of uplift to the SACP
because future extraordinary government support is uncertain.
This reflects S&P's view of the Icelandic government's track
record of not supporting senior creditors and still limited but
improved capacity to support the new smaller banking system in a
severe stress scenario.

The stable outlook reflects S&P's view that Islandsbanki will
maintain "strong" capital over the next two years, in line with
its core Tier 1 targets and S&P's forecast of capital
strengthening in the near term.  S&P also expects that the bank's
asset quality metrics will continue to improve, reducing some of
the equity and legacy real estate risks on its balance sheet.

S&P could take a positive rating action if the bank made a
strategic decision to maintain capital commensurate with a RAC
ratio securely above 15%, or if economic improvements in Iceland
led us to reduce our risk weights for Icelandic exposures.  The
latter would better align the bank's internal capital targets
with a higher assessment of capital and earnings.  If S&P saw
that risks for Iceland's economy and banking sector were
receding, this could affect the anchor S&P uses to rate Icelandic
banks.

S&P could take a negative rating action if the asset quality of
the bank's loan portfolio required significant additional
provisioning or if unexpected valuation risks in the legacy loan
book and securities portfolio arose.  However, due to
improvements in Iceland and conservative assumptions in S&P's
capital and earnings forecast, it views a downgrade as unlikely
in the near term.



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I R E L A N D
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SETANTA INSURANCE: MFSA Appoints Paul Mercieca as Liquidator
------------------------------------------------------------
Charlie Taylor at The Irish Times reports that the Central Bank
said the Maltese Financial Services Authority had appointed
Paul Mercieca as liquidator to Setanta Insurance, which collapsed
earlier last month.

Mr. Mercieca will be responsible for the administration of the
company's assets and liabilities, The Irish Times says.

The Central Bank said it expected the liquidator to Setanta to
contact policyholders shortly, The Irish Times relates.

As reported by the Troubled Company Reporter-Europe on April 28,
2014, Independent.ie said that the decision to liquidate Setanta
has meant 75,000 drivers have no cover and has left a huge
question mark over how claims will be paid.  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.

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.



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ANDROMEDA FINANCE: Fitch Affirms 'BB' Rating on Class A1 Notes
--------------------------------------------------------------
Fitch Ratings has affirmed Andromeda Finance S.r.l.'s class A2
notes and the underlying rating (without the benefit of SACE SpA
(A-/Negative) of the class A1 notes at 'BB'.  The Outlook is
Negative.

The affirmation reflects the project's stable operating and
financial performance in line with Fitch's base case
expectations. The Negative Outlook reflects continuing regulatory
and fiscal pressures.

Fitch has also affirmed A1 notes' 'A-'rating (with the benefit of
a SACE guarantee), Outlook Negative, in line with SACE's rating.

Key Rating Drivers

Operating and Financial Performance In Line With Expectations
The project has now accumulated three and a half years of
operating history and production performance remains strong,
confirming the reliability of the energy production forecast.  In
2013, electricity production exceeded P50 by 6.6% and was 9.2%
higher than Fitch's base case, which incorporates a 2% haircut to
P50.  Revenue Risk (Volume) was assessed as Stronger as per
Fitch's 'Rating Criteria for Solar Power Projects': although the
project does not yet have five years of operating history,
production has always been above P50 and displays low variability
around the P50.  Availability of photovoltaic (PV) plants has
been above 99%.  The company reported a debt service coverage
ratio (DSCR) of 1.37x and 1.4x as of September 13 and March 14,
respectively -- in line with Fitch's base case expectations.
Higher than expected production in 2013 was partially offset by
lower than expected wholesale prices.

Depressed Market Prices

Average wholesale price obtained by the project in 2013 was
EUR56/MWh -- some 15% below Fitch's base case expectation.
Wholesale power prices are expected to remain depressed in the
medium term.  Only 15% of the project's revenues now come from
the sale of electricity at market prices, while 85% are from the
fixed feed-in-tariff (FiT) under the Italian regulatory framework
for solar plants (Conto Energia).

Regulatory and Fiscal Pressures Persist

Substantial increases in renewable capacities in Italy in the
context of a severe economic downturn have created a burden on
consumers who ultimately cover the cost of the FiTs.  The sector
is characterized by increased political risk and the expectation
that it will need to adapt to less favorable operating
requirements and economic incentives due to the greater focus on
the sustainability of renewables.

The project company continues to receive fixed FiT of EUR346/MWh
with no reported delays in payments.  However, Andromeda has been
affected by milder regulatory and fiscal pressures which erode
its cash flow.  During 2013, the project company made an accrual
of EUR181k for 'imbalancing charges' payable to GSE in line with
the new regulation on production forecasting.  The company also
had to absorb the cost of inverter upgrades requested by the grid
company and higher taxes as a result of some changes in tax
regulations. To date financial performance was only marginally
eroded as a result.  Further additional changes to operational
requirements, tax charges or incentive payment terms, however,
would have incremental effects and could eventually depress free
cash flow to a level no longer in line with the current rating
level.

Debt Metrics Tighten Further

Debt metrics as per updated projections reduce marginally as a
result of higher taxes and slightly lower projected market
prices. Average debt service coverage ratio (DSCR) is 1.22x under
Fitch's base case (down from 1.24x a year ago).  Under Fitch's
more conservative rating case, which is based on 1y P90
production estimate, an additional 5% haircut to the market
advisor's price forecast and a 0.75% long term panel degradation
rate, the decline of the average DSCR is to 1.11x from 1.14x
previously.  Fitch views this rating case as a conservative
scenario in the context of positive operational performance to
date.

Fitch assessed the key rating drivers in accordance with the
'Rating Criteria for Solar Power Projects' as follows: Revenue
Risk (Price) - Midrange, Revenue Risk (Volume) - Stronger,
Operating Risk - Midrange, Debt Structure - Midrange.

Rating Sensitivities:

-- Negative: Electricity generation persistently below the P50
    estimate, or below the 1y P90 estimate for several periods;
    higher-than-expected failure rates or operating costs;
    further declines in market prices; material adverse changes
    in the regulatory framework affecting PV installations.

-- Positive: Recovery of market prices supported by revised
    market advisor's forecast.

The Outlook could be revised to Stable in the case of regulatory
stabilization -- a longer track record of how 'imbalancing
charges' are applied and at least a year of no incremental
changes to operational requirements, tax regulations or other
regulatory mechanisms.

The transaction is a securitization of two project loans
(Facility A1 and Facility A2) under law 130/99 (the Italian
securitisation law).  The loan facilities were extended by BNP
Paribas and Societe Generale to Andromeda PV S.r.l. (the project
company) to build and operate two PV plants of 45.1MW and 6.1 MW
(a total 51.2MW) in Montalto di Castro, Italy.  The terms of the
loans effectively mirror those of the rated notes, with payments
under Facility A1 and Facility A2 servicing the class A1 notes
and class A2 notes, respectively.  The class A1 notes' rating and
Outlook reflect the first-demand, irrevocable and unconditional
guarantee provided by SACE.  The guarantee provided by SACE to
the issuer is in respect of the project company's obligations
under Facility A1 and not on the class A1 notes directly.



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K A Z A K H S T A N
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GRAIN INSURANCE: S&P Affirms 'B' IFS Rating; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' insurer
financial strength and counterparty credit ratings on Kazakhstan-
based Grain Insurance Co. JSC.  The outlook is stable.

At the same time, S&P affirmed its 'kzBB+' Kazakhstan national
scale rating on the company.

The ratings reflect S&P's view of Grain Insurance's highly
vulnerable business risk profile, owing to a weak competitive
position, and its weak financial risk profile, due to a small
capital base and high exposure to 'B' rated investments.  The
anchor 'b+' is one notch higher than that proposed by the
combination of the business and financial risk profiles, because
the business risk profile -- particularly the competitive
Position -- has been strengthening and S&P expects this trend to
continue.

The rating is one notch lower than the 'b+' anchor because S&P
regards Grain Insurance's enterprise risk management (ERM) as
weak.

In S&P's view, Grain Insurance is exposed to moderate industry
and country risk, reflecting its assessment of Kazakhstan's
property/casualty insurance sector.  However, Grain Insurance's
industry risk profile is somewhat different from that of other
insurers in Kazakhstan, given its focus on agricultural
insurance, which poses higher product risk than other lines of
business.

Grain Insurance has a weak competitive position, in S&P's view,
mainly stemming from its very small size and predominant focus on
a single sector.  This exposes it to legislative or industry
changes, which could be large, given the government's role in
crop insurance.

With gross premiums written (GPW) of Kazakhstani tenge (KZT)1.3
billion in 2013, Grain Insurance showed 31% market growth, which
is above the market average of 20% in 2013.  S&P expects Grain
Insurance's growth to stay at least at this level over 2014-2015,
due to the Kazakhstani government's Agricultural Business
Development Program for 2013-2020, for which Grain Insurance is
one of the main insurers. We anticipate that the company's net
profit over 2014-2015 will be close to KZT300 million each year,
driven by the company's underwriting performance.  S&P expects
return on equity to reach 10% and return on revenues to reach 20%
in 2014 under S&P's base-case scenario.

The stable outlook reflects S&P's view that Grain Insurance's
capital adequacy should remain extremely strong over the next 12
months, despite a weak competitive position and high risk
profile.

A negative rating action within 12 months is unlikely unless
there is a further weakening of credit quality in the investment
portfolio.

A positive rating action within 12 months will largely depend on
improvements in the competitive position.  S&P would look for
evidence of not only rapid premium growth, but also a sound and
stable operating performance.  Improvements in the credit quality
of the investment portfolio and ERM practices could also trigger
a positive rating action.



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


BANQUE INTERNATIONALE: Fitch Lifts Capital Notes Rating to 'BB'
---------------------------------------------------------------
Fitch Ratings has upgraded Banque Internationale a Luxembourg's
(BIL) perpetual capital notes (XS0132253468) to 'BB' from 'CCC'
on expected resumption of coupon payment from the next payment
date in July 2014.

Key Rating Drivers

The securities stopped paying coupons since April 2012 as a 'loss
participation' mechanism caused a temporary write-down of the
securities' principal.  This followed large 'one-off' losses in
2011 due to the separation of BIL from its previous parent Dexia
(A/Negative) as the latter was resolved. Contractually, the
securities cannot pay coupons as long as their principal is not
restored.

Following BIL's profit recovery in 2012 and 2013 and the
allocation of funds to restoring the securities' principal as
decided by the latest annual general meetings (held on 25 April
2014) coupon payments are expected to resume from the next
payment date in July 2014.

In accordance with Fitch's criteria ('Assessing and Rating Bank
Subordinated and Hybrid Securities'), the securities are notched
down from BIL's Viability Rating (VR) of 'bbb+' and incorporate
higher expected loss severity compared with senior unsecured
creditors (two notches) and an assessment of incremental non-
performance risk (two notches).

Rating Sensitivities
As the notes are notched down from BIL's VR, their rating is
primarily sensitive to any change in the VR.  The notes' rating
is also sensitive to any change in Fitch's assessment of the
notes' non-performance risk relative to that captured in BIL's
VR.


ENDO LUXEMBOURG: Moody's Affirms 'Ba1' Loan Rating
--------------------------------------------------
Moody's Investors Service affirmed the ratings of Endo Health
Solutions, Inc. and related entities (collectively "Endo")
including the Ba3 Corporate Family Rating, the Ba3-PD Probability
of Default Rating, the Ba1 senior secured rating and the B1
senior unsecured rating. The rating outlook remains negative.

This action follows the announcement that Endo increased its
litigation accruals for mesh litigation by US$625 million in
conjunction with reaching agreements in principle with plaintiff
attorneys to settle approximately 20,000 cases.

The development is credit negative because of the large cash
outflows that will ensue over the next few years. However, the
agreements represent significant progress towards gaining
resolution of Endo's liabilities. The ultimate costs could still
exceed the roughly US$1.1 billion that Endo has accrued to date.

Ratings affirmed (some with LGD point estimate revisions):

Endo Health Solutions, Inc.

  Ba3 Corporate Family Rating

  Ba3-PD Probability of Default Rating

  B1 (LGD5, 74%) senior unsecured notes due 2019, 2020 and 2022

  SGL-2 Speculative Grade Liquidity Rating

Endo Luxembourg Finance I Company S.a.r.l.

  Ba1 (LGD2, 19%) senior secured Term Loan A, Term Loan B and
  revolving credit facility

Endo Finance Co.:

  B1 (LGD5, 74%) senior unsecured notes due 2022

Ratings Rationale

Endo's Ba3 Corporate Family Rating reflects its modest size and
scale relative to larger pharmaceutical peers, partially offset
by the company's solid market positioning as a niche player in
the pain and urology markets and by its revenue diversity across
branded drugs, generic drugs and medical devices. Endo's
expertise in pain drugs and its good compliance with US Drug
Enforcement Agency (DEA) regulations act as high barriers to
entry, also a credit strength. The company faces a significant
challenge reviving top-line growth because of generic pressures
affecting two branded franchises (Lidoderm and Opana ER) and
softness in medical procedure volumes. Amidst these pressures,
Endo is undergoing cost reduction initiatives and external
business development. Thus far, these efforts have led to the
recent acquisition of Paladin Labs and the incorporation of a new
parent holding company in Dublin, Ireland. The acquisition and
Ireland incorporation will generate an international platform for
growth, expense synergies, and tax savings. While business
development continues, Endo also faces substantial cash outflows
related to surgical mesh implants. Although there are many
variables, the Ba3 Corporate Family Rating envisions a variety of
scenarios in which debt/EBITDA is sustained within a range of 3.0
to 4.0 times.

The rating outlook is negative. Mesh-related litigation outflows
will constrain Endo's cash flow at a time when Lidoderm sales are
declining and debt may rise in support of business development.
Further, mesh litigation costs could exceed those that Endo is
estimating in its accruals.

Although not expected in the near term, Moody's could upgrade
Endo's ratings if the company substantially increases its size,
scale and diversification and makes further progress resolving
litigation while sustaining conservative credit metrics including
gross debt/EBITDA below 3.0 times. Conversely, Moody's could
downgrade Endo's ratings if gross debt/EBITDA is sustained above
4.0 times. This scenario could occur if Endo performs debt-
financed M&A, faces higher-than-expected litigation cash
outflows, or suffers operating setbacks on products like Lidoderm
or Opana ER.

Headquartered in Malvern, Pennsylvania, Endo Health Solutions is
a, specialty healthcare company offering branded and generic
pharmaceuticals, medical devices and services. The company is a
subsidiary of Endo International plc, headquartered in Dublin,
Ireland. Endo's key areas of focus include pain management,
urology, oncology and endocrinology. In 2013 Endo reported net
revenues of approximately US$2.6 billion.


LOGWIN AG: S&P Revises Outlook to Positive & Affirms 'B+' CCR
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Luxembourg-based logistics services provider Logwin AG
to positive from stable.  At the same time, S&P affirmed its 'B+'
long-term corporate credit rating on Logwin.

The rating actions reflect S&P's forecast that Logwin's credit
metrics will likely strengthen in 2014 and 2015 as a result of
improving operating margins, positive free cash flow generation,
and no further debt increases.  Under S&P's base-case scenario,
it assumes that Logwin will have weighted average funds from
operations (FFO) to debt of about 30%-35% between 2012 and 2016.
In addition, S&P forecasts positive free operating cash flow
(FOCF) generation of between EUR15 million and EUR20 million over
the next two years, in line with Logwin's historical performance.
In the financial year ending Dec. 31, 2013, Logwin repaid early a
long-term loan that it raised in 2011.  As a result, the company
has low levels of gross debt, mostly consisting of operating
leases, and no covenants.

In addition, S&P has reassessed its view of Logwin's owner,
Delton AG, and no longer classify it as a financial sponsor.
This is based on S&P's view that Delton has proved to be more of
a strategic investor with a medium- to long-term investment
horizon. Delton's investment in Logwin dates back to 2002, and in
2010, Delton made an equity injection in Logwin to repay debt.
Since S&P no longer views Delton as Logwin's financial sponsor,
S&P has removed its 'FS-5' modifier financial policy modifier,
and has reassessed Logwin's financial policy as "neutral."  S&P's
assessment reflects its view that, based on management's
financial policy, the company's future credit metrics are
unlikely to differ materially from our projections.

S&P's 'FS-5' modifier capped its assessment of Logwin's financial
risk profile at "aggressive."  As S&P has removed this modifier,
it has revised its assessment of Logwin's financial risk profile
upward to "intermediate" from "aggressive," reflecting S&P's view
that Logwin will gradually improve the profitability of its
Solutions business as it realizes ongoing cost savings.  S&P
forecasts that Logwin's credit metrics will be just in line with
what it considers commensurate with an "intermediate" financial
risk profile, including FFO to debt of at least 30% on a
sustainable basis.

In addition, S&P has revised its assessment of Logwin's
comparable rating analysis -- whereby it reviews an issuer's
credit characteristics in aggregate -- to "negative" from
"positive."  This reflects the removal of the 'FS-5' modifier and
S&P's forecast that Logwin's credit metrics are only just above
the minimum level S&P considers commensurate with an
"intermediate" financial risk profile.  S&P forecasts Logwin's
weighted average FFO to debt at 30%-35%.  As a result of S&P's
"negative" comparable rating analysis, it adjusts Logwin's anchor
of 'bb-' downward to reach a 'B+' corporate credit rating.

S&P derives its 'B+' long-term corporate credit rating on Logwin
from:

   -- Its anchor of 'bb-', based on its assessments of Logwin's
      business risk profile as "vulnerable" and its financial
      risk profile as "intermediate," as S&P's criteria define
      these terms; and

   -- A one-notch downward adjustment to the anchor to reflect
      its forecast of Logwin's weak credit metrics for the
      "intermediate" financial risk profile category.

Logwin's "vulnerable" business risk profile is constrained by
S&P's view of the highly fragmented, cyclical, and competitive
nature of the logistics industry, where Logwin operates as a
small-to-midsize player.  S&P sees Logwin's scope of operations
as narrower than that of market leaders with global reach.  Even
though Logwin has leading niche positions for contract logistics
in Germany -- particularly in the seasonal fashion, retail,
media, and automotive sectors -- the related Solutions business
segment is underperforming.  S&P still regards Logwin's modest
absolute level of EBITDA as a weakness because it provides little
protection from market fluctuations.

S&P's assessment of Logwin's financial risk profile as
"intermediate" reflects its forecast that the company will
maintain average weighted ratio of FFO to debt of above 30%
between 2012 and 2016, and "adequate" liquidity in the coming 12
months.  This is supported by Logwin's "neutral" financial
policy, and its track record of positive, albeit fairly low,
FOCF.

In S&P's base-case scenario for Logwin, it assumes:

   -- A subdued economic recovery in the eurozone (European
      Economic and Monetary Union), albeit with slightly better
      prospects in Germany, where S&P forecasts real GDP growth
      of 1.8%-2.0% in 2014.

   -- Steady growth in Asia Pacific, with real GDP growth of
      5.25% in 2014.

   -- Flat revenues in 2014, followed by a marginal, low-single-
      digit increase in 2015.

   -- An EBIT margin of around 1.6% in 2014 and 1.8% in 2015,
      mostly driven by improved profitability in the Solutions
      business, and in line with levels reported in 2010 and
      2011.

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

   -- FFO to debt of about 30%-35% in 2014-2015.

   -- Debt to EBITDA of 2.2x in 2014-2015, down from 2.5x in
      2013.

The positive outlook reflects the potential for a one-notch
upgrade in the next 12 months if S&P removes its negative
comparable rating assessment modifier.  This could happen if the
profitability performance of Logwin's Solutions business segment
improves and if the company achieves credit metrics in line with
an "intermediate" financial risk profile, such as a weighted
average ratio of FFO to debt in excess of 30% on a sustainable
basis.

Upside scenario

S&P could raise the rating if Logwin materially improves its
profitability, and therefore its cash flows, on a sustained
basis, which would most likely stem from better operating
performance in its Solutions business.  Because of the lack of
significant amortizing debt in Logwin's capital structure, S&P
believes that an improvement in credit metrics will most likely
be driven by improved operating performance.  An upgrade also
requires that Logwin maintains "adequate" liquidity and continues
to generate positive FOCF, supported by relatively low
maintenance capex.

Downside scenario

S&P might revise the outlook to stable if Logwin's liquidity
deteriorates significantly, which may occur if the performance of
its Solutions business worsens, or if Logwin is unable to achieve
adjusted FFO to debt in excess of
30% on a sustained basis.


SERVUS HOLDCO: Fitch Puts 'B' IDR on Rating Watch Positive
----------------------------------------------------------
Fitch Ratings has placed Servus Holdco S.a. r.l.'s 'B' Issuer
Default Rating (IDR) and Servus Luxembourg Holding S.C.A.'s
EUR315 million senior secured notes, rated 'B+,' on Rating Watch
Positive (RWP).  The rating action follows Stabilus' announced
plans for an IPO.

Following discussions with Stabilus' management, Fitch notes that
the IPO is likely to materialize in the near future and will
result in a reduction of debt of around EUR63 million.  Fitch
forecasts that funds from operations (FFO) adjusted leverage will
decline to a level below 4x by end of September 2014 (FY14),
albeit with interim debt fluctuations relating to short-term
debt.  The debt reduction is expected to reduce interest expenses
by approximately EUR5 million per annum, resulting in a
FFO/interest cover ratio above 3x (2015 forecast: 3.8x).  At the
same time, public listing will further diversify the funding
sources available to Stabilus and enhance the company's financial
flexibility.

With its last rating action as of March 24, 2014, Fitch had
stated that further implementation of the growth strategy and
increasing geographic diversification, FFO adjusted leverage
sustainably below 4x and FFO/interest cover above 3.5x may result
in an upgrade.  While it is still too early to evaluate the
strategy implementation, two of the upgrade triggers are expected
to be achieved shortly after the debt reduction takes place,
making an upgrade possible.  The remaining senior secured notes
will also benefit from improved recoveries following debt
reduction.  Current performance of Stabilus is in line with
Fitch's expectation and free cash flow in 1HFY14 improved to
EUR14 million from a negative EUR6.1 million in 1HFY13.

KEY RATING DRIVERS

Deleveraging Accelerates via IPO

Fitch had previously expected the FFO adjusted leverage of
Stabilus to remain near 4.5x due to cash requirements related to
the execution of the expansionary strategy.  The IPO and the
envisaged debt reduction of EUR63 million will reduce leverage to
a level below 4x, while enhancing financial flexibility.
Discretionary cash-flow would increase due to lower interest
payments.

Balanced, Resilient Profile

Stabilus is the market leader in its main and commoditized
product -- gas springs -- with a significantly greater market
share than its nearest competitors.  As a result, the company
enjoys considerable economies of scale and sound cash generation.
The ratings are further supported by Stabilus' broad mix of
mature and growth products in both automotive and industrial
applications, with limited customer concentration.  This helps
provide a buffer against the high demand volatility and
cyclicality that characterize the mature markets Stabilus
operates in.  Given Stabilus' high fixed-cost base a sustained
decline in demand would hurt profitability and cash flow
generation.

Competitive Threats Remain

Stabilus has successfully positioned itself as a favoured
supplier of automated, electro-mechanical opening and closing
systems, and as a result, has become increasingly important to
OEMs' supply chains.  However, in this segment, Stabilus competes
with larger and more diversified suppliers, which Fitch expects
will react to the company's ambitious growth plans.  In addition,
this segment is likely to see higher R&D and capex requirements,
which will hold back the company's deleveraging efforts.

Cash Flow Fluctuation

Stabilus has generated positive free cash flow (FCF) margins over
the past four years and during 1HFY14.  However, capacity
expansion efforts are likely to remain a strong cash drain,
although this would be mitigated by reduced interest expenses
following its IPO and debt repayment.  As with most industrial
producers, Stabilus experiences seasonal working capital
volatility; outflows are heaviest during the early parts of the
year.

Sufficient Financial Flexibility

Fitch views Stabilus' liquidity position as adequate with
sufficient financial flexibility.  Stabilus had EUR35m of cash on
balance sheet at end-FY1H14.  In addition, the group continues to
have access to a EUR25 million revolving credit facility (RCF).
Moreover, Stabilus has access to a factoring program amounting to
EUR35 million, of which EUR20 million has been utilized.

Strong Credit Recovery

The 'B+' notes are rated 'RR3', reflecting above-average
recoveries. Recovery rates for the remaining creditors are
expected to improve as a result of debt reduction.  The notching
between the IDR and the instrument rating may widen further by
one notch as a result.

Rating Sensitivities

The ratings are likely to be upgraded by one notch if the
proposed IPO proceeds as planned, resulting in debt reduction of
EUR63 million. Conversely, the ratings are likely to be affirmed
with a Stable Outlook if the planned IPO fails to materialize.



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


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

  EUR291.875m class A-1: 'AAAsf'; Outlook Stable
  EUR58.75m class A-2: 'AAsf'; Outlook Stable
  EUR30m class B: 'A+sf'; Outlook Stable
  EUR23.75m class C: 'BBB+sf'; Outlook Stable
  EUR37.5m class D: 'BB+sf'; Outlook Stable
  EUR17.5m class E: 'B-sf'; Outlook Stable
  EUR54.25m subordinated notes: not rated

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

KEY RATING DRIVERS

Portfolio Credit Quality

Fitch expects the average credit quality of obligors to be in the
range of 'B'/'B-'.  The agency has public ratings or credit
opinions on all 49 obligors in the initial portfolio.  The
weighted average Fitch rating factor of the initial portfolio is
31.4.

Above-average Recoveries

The portfolio comprises a minimum of 90% senior secured
obligations.  Recovery prospects for these assets are typically
more favorable than for second-lien, unsecured and mezzanine
assets.  Fitch has assigned recovery ratings (RR) to all
obligations in the initial portfolio.  The weighted average Fitch
recovery rate of the initial portfolio is 72.6%.

Payment Frequency Switch

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

Limited Interest Rate Risk

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

Limited FX Risk

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

TRANSACTION SUMMARY

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

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

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

Rating Sensitivities

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

Key Rating Drivers and Rating Sensitivities are further described
in the accompanying new issue report, which will shortly be
available at www.fitchratings.com.


NIELSEN HOLDINGS: Moody's Retains 'Ba3' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service assigned Ba1 to the new Senior Secured
Euro Term Loan due 2021 (US$394 million or EUR286 million) issued
by Nielsen Finance LLC, an indirect subsidiary of Nielsen
Holdings N.V. ("Nielsen"). The new term loan effectively extends
the maturity of the prior senior secured euro term loan due 2016.
The company also upsized the senior secured term loan A by $280
million to $1.58 billion from $1.3 billion and the additional
proceeds were used to partially redeem the 7.75% senior notes.
All other ratings including the Ba3 Corporate Family Rating and
Ba3-PD Probability of Default Rating as well as the positive
outlook are unchanged.

Assigned:

Issuer: Nielsen Finance LLC

   NEW Senior Secured Euro Term Loan B-2 due 2021 ($394 million
or 286 million euros): Assigned Ba1, LGD2 -- 25%

Unchanged:

Issuer: Nielsen Holdings N.V.

   Corporate Family Rating (CFR): Ba3

   Probability of Default Rating (PDR): Ba3-PD

   Speculative Grade Liquidity (SGL) Rating: SGL -- 1

Issuer: Nielsen Company (Luxembourg) S.a.r.l., The

   Senior Unsecured Notes: B1, LGD5 --80% (from LGD5-78%)

Issuer: Nielsen Finance LLC

   Senior Secured Bank Credit Facility: Ba1, LGD2-25% (from LGD2
   -- 23%)

   Senior Unsecured Notes: B1, LGD5 --80% (from LGD5-78%)

To be withdrawn:

Issuer: Nielsen Finance LLC

   EXISTING Senior Secured Bank Credit Facility (Class E Euro
Term Loan) due 2016: Ba1, LGD2 -- 23%

The last rating action was on March 28, 2014, which provides
details regarding Nielsen's recent refinancing including the
existing senior secured Euro credit facility (class E Euro tem
loan) being upgraded to Ba1 from Ba2 and the US$1.3 billion
senior secured term loan A being assigned a Ba1.

Nielsen Holdings N.V., headquartered in Diemen, The Netherlands
and New York, NY, is a global provider of consumer information
and measurement that operates in approximately 100 countries.
Nielsen's Buy segment (roughly 60% of FY 2013 revenue) consists
of two operating units: (i) Information, which includes retail
measurement and consumer panel services; and (ii) Insights, which
provide analytical services for clients. The Watch segment (40%
of revenue) provides viewership data and analytics across
television, online and mobile devices for the media and
advertising industries. Revenue for the 12 months ended December
2013 was roughly US$5.7 billion.



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


GAZPROM-MEDIA: Fitch Revises Outlook to Neg. & Affirms 'BB' IDR
---------------------------------------------------------------
Fitch Ratings has revised Gazprom-Media Holding's (GPMH) Outlook
to Negative from Stable and affirmed its Long-term Issuer Default
Rating (IDR) at 'BB'.  Its National Long-Term Rating was affirmed
at 'AA-(rus)' with Negative Outlook.

GPMH is a diversified Russian media company, with most revenues
and EBITDA generated by its free-to-air channels, with a
resultant high reliance on advertising.  The company's leading
viewership market positions are supported by its strong control
over content. Fitch expects GPMH to maintain strong EBITDA
margins and positive cash flow generation.

KEY RATING DRIVERS

Leverage Drives Negative Outlook

Fitch expects higher debt on the back of its ProfMedia
acquisition and EBITDA pressures driven by NTV-Plus's market
repositioning are likely to increase leverage to above 1.3x net
debt/EBITDA by end-2014 from 1.1x at end-2013 pro-forma for the
ProfMedia acquisition.  While the company retains flexibility for
deleveraging this would likely be contingent on a financial
turnaround at NTV-Plus.

GPMH has so far refrained from using its large cash cushion of
RUB15.7bn on its balance sheet at end-2013 for funding its
acquisitions and debt reduction.  Fitch believes the company is
likely to decide on the use of its cash balance by end-2014.
Substantial shareholder pay-outs or additional acquisitions
driving net leverage higher to above 1.5x net debt/EBITDA will
likely lead to a downgrade.

Strong Competitive Positions

After its merger with ProfMedia at end-2013, GPMH strengthened
its position as the largest free-to-air TV group in Russia.  The
company estimated that including ProfMedia channels it controlled
24% of all 18+ TV viewership in December 2013. GPMH's portfolio
of general interest (NTV), entertainment (TNT, TV-3, Pyatnitsa)
and thematic (2x2) TV channels is well-balanced, protecting
against viewership volatility at individual channels.

Growth Prospects

The short-term outlook for the TV advertising market remains
positive with ZenithOptimedia, an independent media consultant,
expecting 6.5% growth in 2014.  In the medium- to long term the
TV market growth is likely to slow but Fitch expects it to remain
in the positive territory. We estimate GPMH is likely to perform
largely in line with the market.

Dependence on Advertising Revenues

GPMH is highly dependent on advertising, which accounted for 82%
of total revenue in 2013.  Advertising revenue is cyclical and is
strongly correlated with GDP, exposing the company to pronounced
earnings volatility.  This is, nevertheless, mitigated by the
company's proven resilience in a downturn.  As demonstrated in
2008-09, when the Russian economy contracted sharply, GPMH was
able to quickly respond with significant cost-cutting and re-
cycling of available content, which allowed it to maintain
positive free cash flow.

NTV-Plus Turnaround a Challenge

NTV-Plus, GPMH's direct-to-home (DTH) underperforming subsidiary,
changed its strategy in 3Q13 to actively expand into a new
segment of low-paying customers in the European part of Russia.
The company is well positioned to become a key player in the mass
market segment.  However, its prior and on-going investments in
premium content may never be recouped while DTH competition in
the mass market segment is high.

Market repositioning is likely to entail substantial one-off
costs in 2014, in turn weighing on margins.  NTV-Plus's longer-
term success is not guaranteed.  Fitch expects NTV-Plus to remain
a financial underperformer at least in the medium term.

Internet Rise Minor Threat

A rapid growth of the internet's share in the Russian advertising
market to above 20% has not significantly hindered robust TV ad
market growth so far.  Fitch believes significant further
pressure from the internet is unlikely.  Internet advertising can
be often viewed as a complimentary product targeted at a wider
range of customers rather than a direct TV substitute.  TV
remains the key platform of choice for large advertisers valuing
a fast nation-wide reach.

Strong Control over Content

Fitch views GPMH's content strategy as reasonably balanced with
an appropriate mixture of internally produced and outsourced
content. Its acquisition of Central Partnership, a prominent
domestic content production and distribution company, under the
ProfMedia deal increased the level of GPMH's content self-
sufficiency.

Russia has proven to be a market with clear preference for
domestically-produced, including entertainment and series,
content.  This reduces dependence on foreign content and implies
only limited FX risks.  Also, this reduces the threat from
fragmented TV viewership with smaller players suffering from sub-
scale issues.  This is because a fairly limited pool of domestic
quality content is typically shared between few large channels
with only the remainder available for niche channels.

Healthy Margins, Robust FCF

GPMH has maintained robust FCF generation on the back of healthy
EBITDA margins -- at well above 20% on average in 2010-2013.
Fitch expects positive pre-dividend FCF generation to continue.
However, FCF will be pressured by continuing investments in a new
TV studio centre in 2014-2016.

Weak Parental Support

GPMH group is 100% owned by Gazprombank. Fitch believes that a
media group cannot be viewed as a strategic asset for a bank, and
therefore does not factor in any rating uplift for parental
support.  A sale of GPMH would be viewed as event risk, but the
impact of a new shareholder may be limited.

RATING SENSITIVITIES

Negative: Future developments that may result in a negative
rating action include

-- A significant decline in viewership share/TV ad market share

-- An increase of net debt/EBITDA to above 1.5x on a sustained
    basis

-- Generous shareholder distributions including both one-off
    payments and a change in dividend policy

Positive: Future developments that may result in a positive
rating action include

-- Stabilization of net debt/EBITDA below 1.5x on a sustained
    basis, which would likely lead to a change of Outlook to
    Stable.  This would likely be contingent on an improvement in
    NTV-plus' financial performance.


ROSINTER RESTAURANTS: S&P Withdraws 'B-' Corp. Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B-' long-term corporate credit rating on Russia's largest casual
dining restaurant chain Rosinter Restaurants Holding OJSC.

S&P subsequently withdrew the rating at Rosinter's request.

The outlook was stable at the time of the withdrawal.

The affirmation reflected S&P's assessment of Rosinter's business
risk profile as "vulnerable" and its financial risk profile as
"aggressive" at the time of the rating withdrawal.

S&P's business risk profile assessment took into account
Rosinter's exposure to the volatile restaurant industry.  The
industry depends on discretionary spending and is sensitive to
consumer confidence.  Russia's restaurant industry remains
fragmented, with low penetration by casual dining chains, but it
is steadily consolidating.  Rosinter has a good market position
but it lacks revenue diversity.  The ratings on Rosinter were
constrained, in S&P's view, by its continuing weak operating
performance and low and declining profitability.

The "aggressive" financial risk profile reflected S&P's view that
the company's Standard & Poor's-adjusted funds from operations
(FFO)-to-debt ratio would be below 20% in 2014 and 2015.  S&P
also expected the company's reported free operating cash flow to
remain negative over the next two years.

S&P assessed Rosinter's liquidity as "adequate," according to its
criteria.  S&P's assessment was based on the company's improved
debt structure after it refinanced short-term maturities, with
long-term credit facilities accounting for more than 90% in its
loan portfolio.  This led S&P to estimate that available and
committed liquidity sources would likely cover liquidity uses by
more than 1.2x over the next 12 months.



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


IM CAJA LABORAL 2: Fitch Cuts Rating on Class C Notes to 'CCsf'
---------------------------------------------------------------
Fitch Ratings has affirmed all of IM Laboral 1's (Laboral 1)
tranches, IM Laboral 2's (Laboral 2) class A and B notes and
downgraded IM Laboral 2's class C and all of IM Terrassa MBS 1's
(Terrassa) tranches.

Key Rating Drivers

Divergence in Asset Performance
Affirmations of IM Laboral 1 reflect the continued solid
performance.  As of the latest interest payment date (IPD),
Laboral 1's three month plus arrears (excluding defaults) stood
at 0.5% of the current collateral balances, compared to 1.3% and
2.1% for Laboral 2 and Terrassa respectively.

Laboral 1's better performance can be attributed to the lower
weighted average current loan to value (WA CLTV) of 48%, and the
transaction's vintage (82% of loans were originated before 2005).
The solid performance of this transaction has enabled the
transaction to pay down pro-rata with the reserve fund amortizing
at 2.4% of outstanding note balance.  Given the low pipeline of
late stage arrears, Fitch expects the performance of this
transaction to be stable over the coming year, and thus revised
the Outlook on the class, B, C and D notes to Stable from
Negative.

In contrast with Laboral 1, the weaker performance of Laboral 2
can be attributed to the higher WA CLTV (78%) and the fact that
74% of loans were originated at the peak of the market in 2006
and 2007.  Cumulative defaults stand at 3.6% of initial pool
balance, and the reserve fund has remained below target since
June 2009 as a result of insufficient excess spread to provision
for defaulted loans.  Fitch expects further reserve draws to be
limited, given the low pipeline of late stage arrears. For this
reason, Fitch revised the class B notes' Outlook to Stable from
Negative.  The class C notes' credit enhancement (CE) is no
longer sufficient to support a 'Bsf' rating, and further reserve
fund draws are likely to negatively impact the class C notes'
CE, as a result the class C notes have been downgraded to 'B-sf'
with Negative Outlook.

IM Terrassa has shown weak asset performance. Cumulative defaults
defined as loans in arrears by more than 12 months are reported
at 7.3% of initial pool balance, which are above the average for
the sector (4.4%).  Gross excess spread levels generated by the
transaction have been insufficient to cover period provisions of
defaulted loans.  As a result, the reserve fund was depleted in
December 2012, and principal deficiency ledger (PDL) has built up
to EUR9.2 million as of April 2014 compared to EUR2.8 million as
of April 2013. The increase in un-provisioned defaults has
resulted in the class A, B and C notes' CE to decrease to
12.3%, -0.8% and -5% as of April 2014 from 14.1%, 2.4% and -1.2%
as of April 2013 respectively.

The lengthy foreclosure process in Spain makes the timing and
amount of these recoveries uncertain especially for commercial
loans (11%) and developer loans (13%) and no repossessions have
taken place so far for this transaction.  Fitch believes the
originator, Unnim, has been supporting the transaction, by
purchasing repossessed properties, however, this support stopped
since Unnim merged with BBVA, resulting in a significant increase
in un-provisioned defaults.  Due to the lack of industry sector
information on commercial loans, Fitch applied more conservative
assumptions in its analysis. The current CE of all three tranches
is insufficient to support the current rating, and thus all three
tranches were downgraded.

Rating Sensitivities

A change in Spain's Issuer Default Rating and Country Ceiling,
and the rating of the counterparty may result in a revision of
the highest achievable rating.

An increase in defaults and associated pressure on excess spread
levels, reserve funds and PDL build-up beyond Fitch's
expectations could result in negative rating actions.

The rating actions are as follows:

IM Caja Laboral 1, Fondo de Titulizacion de Activos:

  Class A (ISIN ES0347565006) 'AA-sf'; remain on Rating Watch
  Positive (RWP)

  Class B (ISIN ES0347565014) affirmed at 'AA-sf'; Outlook
  revised to Stable from Negative

  Class C (ISIN ES0347565022) affirmed at 'A+sf'; Outlook revised
  to Stable from Negative

  Class D (ISIN ES0347565030) affirmed at 'BBB+sf'; Outlook
  revised to Stable from Negative

  Class E (ISIN ES0347565048) affirmed at 'CCCsf' Recovery
  Estimate (RE) 50%

IM Caja Laboral 2, Fondo de Titulizacion de Activos:

  Class A (ISIN ES0347552004) affirmed at 'AA-sf'; Outlook Stable

  Class B (ISIN ES0347552012) affirmed at 'BBB+sf'; Outlook
  revised to Stable from Negative

  Class C (ISIN ES0347552020) downgraded to 'B-sf' from 'Bsf';
  Outlook Negative

IM Terrassa MBS 1

  Class A (ISIN ES0347855001) downgraded to 'BBBsf' from 'A-sf';
  Outlook Negative

  Class B (ISIN ES0347855019) downgraded to 'CCCsf' from 'Bsf';
  RE 95%

  Class C (ISIN ES0347855027) downgraded to 'CCsf' from 'CCCsf';
  RE 0%


PESCANOVA SA: Majority of Creditors Back Debt Restructuring Plan
----------------------------------------------------------------
Katie Linsell at Bloomberg News reports that Pescanova SA is said
to have won backing from a majority of creditors to restructure
its debt a year after the Spanish fishing company entered
bankruptcy protection.

According to Bloomberg, two people familiar with the results said
that more than 60% of creditors voted in favor of the plan, which
would hand control of the company to its biggest lenders.  At
least 50% of creditors had to back the restructuring proposal,
Bloomberg notes.

The plan will see Banco Sabadell SA, Banco Popular Espanol SA,
CaixaBank SA, NCG Banco SA, Banco Bilbao Vizcaya Argentaria SA,
Bankia SA and Unione di Banche Italiane SCPA take control of the
Pontevedra, Galicia-based company. Shareholders Damm SA, the
Barcelona-based brewer, and Luxempart SA will withdraw from the
restructuring, Bloomberg says, citing an April 28 regulatory
filing.

Creditors will retain EUR1 billion of the company's debt: EUR300
million of junior facilities, EUR400 million of senior borrowing,
and a new EUR300 million tranche of subordinated debt, Bloomberg
discloses.

                      About Pescanova SA

Pescanova SA is a Galicia-based fishing company.  The company
catches, processes, and packages fish on factory ships.  It is
one of the world's largest fishing groups.

Pescanova filed for insolvency on April 15, 2013, on at least
EUR1.5 billion (US$2 billion) of debt run up to fuel expansion
before economic crisis hit its earnings.  The Pontevedra
mercantile court in northwestern Galicia accepted Pescanova's
insolvency petition on April 25.  The court ordered the board of
directors to step down and proposed Deloitte as the firm's
administrator.



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


CALIK HOLDING: S&P Affirms Then Withdraws B-/B Corp Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term
and 'B' short-term corporate credit ratings on Turkey-based
conglomerate Calik Holding A.S.

S&P also affirmed its 'trBB+/trB' Turkey national scale ratings
on Calik.

S&P subsequently withdrew all the ratings at the company's
request.  At the time of the withdrawal, the outlook was stable.

The ratings on Turkey-based conglomerate Calik Holding A.S.
reflected S&P's view of its weak business profile and highly
leveraged financial risk profile.

The ratings were primarily constrained by the substantial amount
of debt on Calik's balance sheet -- past growth has been largely
debt-funded -- and weak liquidity in the absence of long-dated
debt maturities.  As some activities were in their development
phase, Calik had posted somewhat modest margins and operating
cash flow, contributing to low consolidated credit metrics.
Partially offsetting these weaknesses were Calik's
diversification of earnings across several business lines and the
synergies and cross-selling opportunities between the real
estate, construction, energy, and banking businesses.


DFS FUNDING: Fitch Lowers Viability Rating to 'bb+'
---------------------------------------------------
Fitch Ratings has downgraded DFS Funding Corp's (DFS) series
2007-B, 2007-C, 2011-A, 2011-B, 2011-C, 2011-D and 2011-E to
'BBB' from 'BBB+'.  The Outlook is Stable.

DFS is a securitization of diversified payment rights (DPR)
denominated in USD, EUR, and GBP originated by Denizbank (BBB-
/Negative/F3), which is Turkey's fifth-largest privately hold
bank as of end-2013, and is fully-owned by Sberbank of Russia
(BBB/Negative/F3).

Key Rating Drivers

The rating action on DFS notes follows the recent rating action
taken on Denizbank (Fitch Affirms 4 Turkish Foreign-Owned Banks;
Revises Denizbank's Outlook to Negative, 15 April 2014).

Denizbank's Viability Rating (VR), which indicates the standalone
creditworthiness of the bank, was downgraded to 'bb+' from
'bbb-'. Its Long-term Issuer Default Rating (IDR) was affirmed at
'BBB-' andthe Outlook was revised to Negative from Stable.  The
Long-term IDR reflects parental support provided by Sberbank.

Denizbank's GCA score of 3 (GC3) remains unchanged and allows DFS
ratings to have a maximum uplift of two notches from the local
currency IDR of the bank.  However, as the bank's IDR benefits
from an uplift of one notch due to parental support Fitch has
limited the DFS's rating uplift from the Long-term IDR of the
bank to one notch. The rating of the DFS series remains two
notches above the VR of the bank.

Denizbank's LC IDR is on Negative Outlook, reflecting that on the
parent, Sberbank of Russia.  Should the LC IDR of Denizbank be
downgraded as a result of a change to its parent's LC IDR, Fitch
does not expect to take rating action on DFS as long as the VR
rating on the bank remains at the current level of 'bb+'.
Consequently the Outlook on the DFS notes is Stable.

The quarterly tested collections DSCR was 75x and the monthly
tested collections DSCR was 83x as of end-March 2014, well above
trigger levels of 6x and 4x, respectively.  Furthermore, the
proportion of collections from designated depository banks,
stripping out any domestic Turkish flows, was 79% as of end-March
2014, above the 60% trigger. All other early amortization trigger
tests are being comfortably passed.

Rating Sensitivities

The most significant variables affecting the transaction's rating
are the credit quality of the bank, the impact of the parent on
Denizbank's LC IDR and its GCA score.  Although coverage levels
are also a key input, the DSCRs have been consistently high, and
therefore the transaction should be able to withstand a
significant decline in cash flows without affecting the ratings.
Nevertheless, a change in any of these variables will be analyzed
to assess the possible impact on the transaction's rating.

DPRs are payment orders processed by banks which mainly reflect
payments due on the export of goods and services, capital flows
and personal remittances.  As of end-March 2014, DFS has total
outstanding issuance of USD464.7 million and all of the series
note are in amortization phase.



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


CO-OPERATIVE BANK: To Unveil Details of GBP400MM Fund-Raising
-------------------------------------------------------------
Harry Wilson at The Telegraph reports that the Co-operative Bank
will announce the details of a GBP400 million fund-raising this
week that is expected to result in its struggling former owner
giving up most of its rights but, crucially, retaining a holding
of more than 20% in the troubled lender.

According to The Telegraph, the Co-op Group is expected to tell
its old banking arm that it will take up only a portion of the
GBP120 million shares that it is on the hook to buy due to its
30pc holding in the business.

The struggling mutual, which is already committed to handing the
Co-op Bank more than GBP200 million this year under the terms of
a GBP1.5 billion emergency recapitalization, will probably
undertake a so-called "tail swallow" whereby it sells a
sufficient quantity of its options to avoid having to put any new
money into the business, The Telegraph discloses.

The technique is seen as a better option than selling all its
rights and avoids the possibility of the Co-op's stake being
diluted below 20%, which would mean it would lose any effective
control over the bank, The Telegraph says.

Niall Booker, chief executive of the Co-op Bank, along with
investment bankers from UBS, has held a series of meetings with
existing and potential investors in the lender interested in
buying some of the mutual's share of the rights issue, The
Telegraph relates.  Investors are understood to have indicated
sufficient interest to allow the Co-op Group to go through with
the tail swallow, The Telegraph notes.

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

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

                           *     *     *

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


PENDRAGON PLC: Fitch Affirms 'B' Issuer Default Ratings
-------------------------------------------------------
Fitch Ratings has affirmed UK-based Pendragon plc's Long- and
Short-term Issuer Default Ratings (IDR) at 'B' and its senior
secured rating at 'B+'.  The Outlook on the Long-term IDR is
Stable.

KEY RATING DRIVERS:

Relationships with Auto OEMs

A significant driver of Pendragon's operations and financial
performance is driven by its relationships with the various auto
OEMs from which it sources vehicles.  While a franchise agreement
with an OEM gives a retailer territorial rights to sell a certain
brand and provides with a stable, and non-cyclical, gross margin,
a retailer is also vulnerable to the financial strength and / or
strategy of the OEMs.

Cost Structure Flexibility

Given the low operating margins inherent in the vehicle sales
business model, the flexibility of the operating cost structure
of Pendragon is important to offset possibly volatile demand
dynamics.  To this end, the company benefits from mid-range
EBITDA margins, and since the downturn of 2008 and 2009, has
improved its flexibility.  Nevertheless, another sharp downturn
in market demand would likely lead to considerable stress on
Pendragon's financial profile.

UK Auto Market

Following the sharp market downturn in 2008 and 2009 in the UK,
auto sales have rebounded in the past two years, but still remain
considerably below their 2008 peak.  Given the sensitivity of
earnings to volume movements, the outlook for auto sales remains
a key indicator of future performance.

Highly Leveraged Capital Structure

As well as bank debt and other on-balance sheet instruments such
as finance leases, Pendragon has considerable off-balance sheet
operating lease obligations, which together totaled GBP546
million at end-2013.  Fitch also adjusts debt by adding the
portion of stock financing provided by third-party institutions
(GBP150 million at end-2013), as opposed to other manufacturers
whose stock financing is not treated as debt.  In Fitch's view
stock financing mirrors debt in nature, and would likely be
replaced by other forms of bank debt were it to stop being
available.  This adjustment has the effect of raising leverage by
around 0.9x.  This meant that Fitch-adjusted gross and net
leverage ratios at end-2013 were 4.2x and 3.9x, compared with
4.9x and 4.5x at end-2012.

RATING SENSITIVITIES

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

-- FFO adjusted leverage below 3x (FY13: 4.2x) on a sustained
    Basis

-- FFO fixed charge cover above 2.5x (FY13: 2.1x) on a sustained
    Basis

-- Free cash flow (FCF) above 1% (FY13: 1.5%) on a sustained
    basis

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

-- FFO adjusted leverage above 6x on a sustained basis
-- FFO fixed charge cover below 1.5x on a sustained basis
-- Negative FCF on a sustained basis


PREMIER FOODS: S&P Assigns 'B' CCR; Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to U.K.-based packaged foods company
Premier Foods PLC.  The outlook is stable.

At the same time, S&P assigned an issue rating of 'B' and
recovery rating of '4' to Premier Foods' GBP500 million high-
yield notes and its GBP272 million senior secured revolving
credit facility (RCF).

The ratings reflects S&P's assessment of the Premier Foods
group's business risk profile as "fair" and its financial risk
profile as "highly leveraged."  S&P combines these assessments to
derive a 'b' anchor, which is its starting point for assigning a
corporate credit rating.  Modifiers have no effect on S&P's final
rating outcome, which is 'B'.

S&P's "fair" business risk profile assessment reflects Premier
Foods' leading position in certain U.K. grocery market segments,
specifically branded products, from which the company derives the
largest portion of sales.  Following the disposal of the bread
division, S&P anticipates under its base-case scenario that
Premier Foods' remaining grocery division will return Standard &
Poor's-adjusted EBITDA margins of about 15% for 2014, reflecting
the benefit of its cost optimization programs.  In S&P's view,
the main driver of sustainable growth for Premier Foods is likely
to be its branded product portfolio, particularly its seven core
brands.  This portfolio contributed about 88% of sales for
financial year 2013.  S&P's overall assessment of the group's
competitive position is "fair."  S&P considers industry risk to
be "low" and country risk to be "very low," reflecting the
company's presence in the U.K.

S&P anticipates that Premier Foods' absolute revenue and EBITDA
will be smaller than most of its peers' following the sale of 51%
of its bread division.  That said, the EBITDA margins will still
remain at 10%-20%, which S&P considers "average" for the
nonalcoholic beverage and packaged food sector.  Premier Foods
has a high geographic concentration, with almost all of its
operations in the U.K.  The company also has a high customer
concentration and limited pricing flexibility with retail
clients, due to high private label penetration in the U.K.
market.  These factors could potentially impair the company's
overall performance.  To sustain improving EBITDA margins,
despite the economic environment in the U.K. and in the packaged
foods market, S&P anticipates that the company will have to
maintain high expenditure on innovation and marketing.

S&P views the group's financial risk profile as "highly
leveraged," reflecting its expectation that its Standard &
Poor's-adjusted debt to EBITDA will be about 10x on Dec. 31,
2014. Overall adjusted debt is likely to be about GBP1.25
billion.  This includes an asset-backed facility of about
GBP60 million, GBP500 million in a senior secured bond, our
assumption of a 50% drawn GBP272 million RCF, and a significantly
higher pension deficit of about GBP603 million before tax
(GBP483 million after tax).

Premier Foods has been able to renegotiate its cash contributions
with its pension trustees, fixing deficit contributions to the
end of 2019.  However, the company has a relatively large pension
deficit of about GBP603 million before tax as of Dec. 31, 2013.

S&P assumes that funds from operations (FFO) cash interest
coverage will remain above 2.0x at the end of December 2014 and
beyond.  Under S&P's base-case scenario, the group will be able
to maintain Standard & Poor's-adjusted EBITDA margins at about
15% in 2014 and in 2015.  S&P also notes that the group's capital
expenditure (capex) is likely to be significantly higher for 2014
at about GBP42 million.  S&P expects this to reduce to about
GBP30 million in 2015 and about GBP20 million thereafter.

S&P also notes that, from 2015 onward, Premier Foods should be
able to generate positive free operating cash flow.  Any
reduction in leverage is likely to result from improvements to
profitability rather than from the paying down of debt,
reflecting Premier Foods' long-dated debt maturity profile.

Standard & Poor's base-case assumptions include:

   -- Revenue to remain the same or slightly contract in 2014 and
      in 2015, reflecting the tough macroeconomic environment and
      high competition in the savoury meal-making and sweet foods
      categories.

   -- Standard & Poor's-adjusted EBITDA margins to remain at
      about 15% for 2014 and in 2015, reflecting the benefits
      from the company's cost optimization program, which it
      intends to reinvest into the marketing of its power brands.

   -- Capex of GBP42 million in 2014 and GBP30 million in 2015,
      reflecting spending on maintenance, projects, and
      restructuring.

   -- About GBP65 million of refinancing fees and expenses for
      raising the high-yield bonds, the rights issue, and
      refinancing its existing bank debt.

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

   -- Standard & Poor's-adjusted EBITDA margins of 15% in 2014
      and 2015.

   -- Debt to EBITDA of 10x in 2014.

   -- FFO cash interest coverage of 3.0x in 2014 and 2.8x in
      2015, compared with 2.2x in 2013.

The stable outlook reflects S&P's anticipation that Premier
Foods, with the remaining grocery division, will be able to
maintain EBITDA margins at about 13% for 2014.  S&P expects
Premier Foods to maintain FFO cash interest coverage of above
2.0x and "adequate" liquidity in 2014.

S&P is unlikely to raise the rating in the near term owing to
Premier Foods' high leverage and pension deficit.  That said, S&P
could consider a positive rating action if the ratio of debt to
EBITDA declines below 5x on a sustainable basis, or if FFO cash
interest coverage remains well above 3x on a sustainable basis.

S&P could consider a negative rating action if the company's
liquidity worsens, which could happen following a combination of
a significant deterioration in the operating environment, causing
a loss of market share, and a drop in profitability leading to
FFO cash interest coverage falling below 2.0x.


RANGERS FOOTBALL: Ahmad Wants GBP500,000 in Assets Frozen
---------------------------------------------------------
The Scotsman reports that Rangers' financial troubles showed
little sign of easing on Friday night, with their former
commercial director Imran Ahmad reported to be heading back to
court this week in an ongoing bid to have over GBP500,000 frozen
in the club's account.

According to The Scotsman, Mr. Ahmad's dispute with Rangers
centers around a claim for unpaid bonuses, with a hearing in
February finding in the club's favor -- Lord Tyre rejecting
Ahmad's claim that they were trading while insolvent.

However, with Rangers having since made it clear that a sizeable
drop in season ticket sales would leave them unable to trade
without seeking external finance, BBC Scotland has reported that
they will again have to satisfy a judge at the Court of Session
that they can continue to trade, The Scotsman relates.

                   About Rangers Football Club

Rangers Football Club PLC -- http://www.rangers.premiumtv.co.uk/
-- is a United Kingdom-based company engaged in the operation of
a professional football club.  The Company has launched its own
Internet television station, RANGERSTV.tv.  The station combines
the use of Internet television programming alongside traditional
Web-based services.  Services offered include the streaming of
home matches and on-demand streaming of domestic and European
games, which include dedicated pre-match, half-time and post-
match commentary.  The Company will produce dedicated news
magazine and feature programs, while the fans can also access a
library of classic European, Old Firm and Scottish Premier League
(SPL) action.  Its own dedicated television studio at Ibrox
provides onsite production, editing and encoding facilities to
produce content for distribution on all media platforms.


THPA FINANCE: Fitch Affirms 'BB-' Rating on GBP30MM Class C Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed THPA Finance Limited's (THPA) notes,
as follows:

  GBP145 million class A2 secured 7.127% fixed-rate notes due
  2024: affirmed at 'A-'; Outlook Stable

  GBP70 million class B secured 8.241% fixed-rate notes due 2028:
  affirmed at 'BB+'; Outlook Stable

  GBP30 million class C secured 10% fixed-rate notes due 2031:
  affirmed at 'BB-'; Outlook Stable

The affirmations reflect THPA's satisfactory performance over the
past 12 months.  Revenue and EBITDA were almost flat year on year
as port operations' under-performance (EBITDA -17% YoY) was
offset by strong conservancy & property contribution (EBITDA +13%
YoY). The results have been supported by the first full year of
steel production by Sahaviriya Steel Industries UK Limited (SSI
UK), one of the port's top EBITDA contributors.  Fitch expects
stabilized volumes as well as tariff increases to support the
current ratings over the medium term.

THPA is a securitization of the assets held, and earnings
generated, by the PD Ports group, which owns the port of Tees &
Hartlepool on the northeast coast of England.

Key Rating Drivers

Fitch's ratings are based on the following factors, among others:

Revenue Risk - Volume: Midrange

The majority of Teesport's traffic is associated with production
facilities from the steel, chemical and oil industries located in
the vicinity of the port. Total handled volumes in Teesport have
marginally increased, largely due to resumed steel production at
Redcar Steel plant and despite a fall in Conoco Phillips (COP)
volumes.  COP's volumes were down 12% YoY as a result of further
declining extraction rates in the North Sea in addition to major
maintenance outages.  Fitch expects to see a further
stabilization in handled volumes in the short- to medium-term as
the oil throughput decline is expected to be halted due to COP's
development/redevelopment of a number of fields in the North Sea.

THPA's management continues to diversify its revenue sources.
However, approximately 33% of THPA's EBITDA is still driven by
the two largest customers -- COP and SSI UK.  Fitch notes SSI
UK's continued dependency on financial support from its parent
company, Sahaviriya Steel Industries (SSI).  The agency continues
to take comfort from SSI's significant financial commitment made
when it acquired the plant, investments undertaken to lower
production costs and derived demand for the exported slab
production.

The trailing 12 months (TTM) EBITDA as of end-December 2013 was
at GBP36.5 million (marginally below Fitch's expected GBP38
million), as new bulks/unitised contracts and increased slab
steel exports did not fully mitigate the impact of reduced North
Sea oil volumes and lower project work at Hartlepool.

Revenue Risk - Price: Midrange

The PD Ports group employs a combination of a 'landlord' and
'operating' business model, thus maintaining some volatility
related to operating risk from its business.  Tariffs are
unregulated and, to a varying extent, linked to inflation.
Contracts with guaranteed revenue are mostly short-term and,
together with rental agreements, represent approximately 20% of
revenue.

Infrastructure Development/Renewal: Stronger

The ports are operational.  The expansion of the Teeside
Container Terminal 2 was completed on time and budget, while
comfort is taken from the fact that customers at Teesport remain
committed through significant self-investments.  The company has
demonstrated its ability to maintain the asset from operating
cash flow, while the equity sponsors have provided additional
support for strategic expansion projects.

Debt Structure: Stronger for Class A notes and a Midrange for
Class B and C notes

All classes of notes are fully amortizing and benefit from a
strong security package typical for UK whole business
securitizations. There is no interest rate risk present.  The
transaction allows for more control by the senior noteholders if
performance deteriorates and covenants are breached as a borrower
event of default could lead class A noteholders to enforce the
security (via the security trustee) at the expense of junior
notes.  The liquidity facility is available only to class A
notes.

The transaction's reported EBITDA debt service coverage ratio
(DSCR) stood at 1.36x as of end-December 2013, ahead of its 1.25x
default covenant at the borrower level -- broadly in line with
expectations.  Fitch's rating case forecasts for the medium-term
are largely in line with last year's, with average EBITDA DSCR
metrics of 2.2x/1.8x/1.7x for class A, B and C respectively.

Rating Sensitivities

Transaction revenues could be adversely impacted in a number of
scenarios, including a reduction in oil revenue by 30%, repeated
mothballing of the Redcar steel plant or loss of a major
customer. The most severe outcome would be if the Redcar steel
plant is mothballed again or operating costs spiral.  Under such
stress scenarios, which would likely result in downgrades across
all classes of notes, the transaction would be technically in
covenant default and debt service on the most junior class of the
notes deferred.

Furthermore, the ratings could come under pressure if, in the
face of a challenging economic environment, transaction cash flow
proves less resilient than Fitch would expect and EBITDA DSCR
forecasts are consistently below 2x at class A, 1.5x at class B
and 1.3x at class C level over the medium-term.



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


* Record M&A Drive European High Yield Market, Fitch Says
---------------------------------------------------------
Fitch Ratings says that the European high-yield (EHY) bond market
is being driven by record investor inflows and the return of high
yield-funded M&A in pre-crisis volumes.

However, concerns are mounting about shrinking risk-adjusted
returns as the market chases increasingly risky credits, in
unfamiliar sectors or regions, in an effort to capture higher
returns.

For 1Q14, the market displayed robust issuance, with volumes
growing 9% from a year earlier.  Against a backdrop of emerging
market volatility, investors have channelled record net inflows
to the asset class this year, far in excess of issuance volumes,
giving rise to a massive supply/demand imbalance.  Strong,
consistent total returns (3.9% in the year to date) have rewarded
investors thus far.

The low default rate in EHY- presently running at 1.01%, far
below the long-term average - in part explains investor
conviction for the asset class, while the higher 'BB' content of
outstanding bonds, compared to US high-yield, supports a low
default rate outlook for the rest of the year.

Improving sentiment towards peripheral Europe has led to a
doubling in issuance volume from Italian and Spanish entities in
1Q14, compared to a year earlier, reflecting a release of pent-up
demand as issuers seek to refinance bonds at lower rates.

The recent Altice/Numericable acquisition of SFR is indicative of
the return of high yield-funded M&A in pre-crisis volumes,
Refinancing continues to be the main use of bond proceeds as
yields trade close to call levels, but there are signs of a
growing preference for flexibility as private-equity sponsors eye
possible IPOs amid buoyant equity markets.

Disintermediation and low yields continue to drive the shift from
loans to bonds, with borrowers seeking greater flexibility in
terms and competition in pricing.  Current conditions are
inducing more legacy unsecured loan market participants to issue
in the bond markets as they refinance at lower rates on longer
maturities.


* BOND PRICING: For the Week April 28 to May 2, 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.


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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.


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