TCREUR_Public/140512.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, May 12, 2014, Vol. 15, No. 92

                            Headlines

A R M E N I A

CONTOURGLOBAL LP: Moody's Assigns '(P)B3' CFR; Outlook Stable


B U L G A R I A

* BULGARIA: 50 Hospitals Face Bankruptcy, Health Minister Says


D E N M A R K

JYSKE BANK: Moody's Affirms 'Ba1' Jr. Subordinated Debt Rating


G E R M A N Y

WIESMANN: Mounting Financial Woes Prompt Collapse


I R E L A N D

AVOCA CLO XI: Moody's Assigns '(P)B2' Rating to Class F Notes
CVC CORDATUS III: Moody's Rates EUR13.5MM Class F Notes 'B2'


M A C E D O N I A

MACEDONIA: S&P Affirms 'BB-/B' Ratings; Outlook Stable


N E T H E R L A N D S

EUROPEAN PROPERTY: Fitch Cuts Rating on Class A Notes to 'BBsf'
GLASSTANK BV: Moody's Assigns 'Caa1' CFR; Outlook Stable
GLOBAL TIP: Moody's Affirms 'B1' Corporate Family Rating


P O R T U G A L

PORTUGAL: Moody's Raises Government Bond Rating to 'Ba2'
PORTUGAL: S&P Revises Outlook to Stable & Affirms BB Rating


S P A I N

ALMIRALL: S&P Assigns 'BB-' Corp. Credit Rating; Outlook Positive


T U R K E Y

MERINOS HALI: Fitch Cuts IDRs to 'B-'; Outlook Negative


U N I T E D   K I N G D O M

ACHESON & GLOVER: Owner to Buy Back Biz Out of Administration
BRITISH AIRWAYS: Moody's Raises CFR to 'Ba3'; Outlook Stable
CO-OPERATIVE BANK: Investors Back Capital Raising
HEARTS OF MIDLOTHIAN: Ann Budge to Take Over Club Today
JOHNSTON PRESS: Moody's Assigns '(P)B3' CFR; Outlook Stable

NIGHTINGALE FINANCE: S&P Cuts Subordinated Notes Rating to 'D'


X X X X X X X X

* BOND PRICING: For the Week May 5 to May 9, 2014


                            *********


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A R M E N I A
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CONTOURGLOBAL LP: Moody's Assigns '(P)B3' CFR; Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B3
corporate family rating (CFR) to ContourGlobal L.P. (Contour).
Concurrently, Moody's has assigned a provisional (P)B3 senior
secured rating to the proposed US$400 million five year bonds
(the Notes) to be issued by ContourGlobal Power Holdings S.A.
(the Issuer), with a loss given default (LGD) assessment of LGD4.
The Notes are unconditionally guaranteed by Contour, the ultimate
parent company, and by certain of its first-tier subsidiaries,
accounting for approximately 80% of group adjusted EBITDA for
2013. In addition, the capital stock of first-tier subsidiaries
is pledged as security. The rating outlook is stable.

The provisional CFR and Notes ratings reflect the fact that the
credit quality of the Contour group is contingent upon the
successful and timely completion of the refinancing. Moody's
issues provisional ratings in advance of the final sale of
securities and these reflect Moody's credit opinion regarding the
transaction only. Upon closing of the transaction and a
conclusive review of the final documentation, Moody's will
endeavor to assign definitive ratings to Contour. A definitive
rating may differ from a provisional rating.

Ratings Rationale

The (P)B3 CFR positively reflects the diverse and largely
contracted generating portfolio operated through the group's
subsidiaries. The rating is constrained by (1) high leverage at
the operating subsidiaries and reliance on distributions from
these entities to meet obligations at the holding company level,
including the Notes, (2) the concentration of projected cash flow
from just a few power assets, and (3) the current number and size
of development projects. The (P)B3 rating of the Notes further
takes into account the guarantee of the Issuer's obligations by
its parent company and certain subsidiaries as described above.

The CFR consolidates the legal and financial obligations of
Contour and the other guarantors, together with the Issuer. It
factors in the financial and other covenants under the terms of
the Notes and further takes into account liquidity expected to be
available at the holding company level to enable the Issuer to
accommodate potential downside scenarios, including delays or
reductions in distributions from the operating companies.

Contour owns and operates 41 power projects, including pending
acquisitions and projects in development but excluding the
Powerminn unrestricted subsidiary, representing approximately
3,700 megawatts (MW) of gross capacity operating in Europe,
Africa, the Caribbean and South America. The generating capacity
is a mix of coal, natural gas, wind, hydro, solar and fuel oil.
The plants typically benefit from long-term power purchase
agreements (PPAs) with local utility off-takers. Payments under
these PPAs are typically based on plant availability, rather than
dispatch, and adjustment clauses insulate the operators against
changes in fuel costs.

In addition to traditional power generation, Contour also owns
several quad generation facilities through its CG Solutions
subsidiary, which generate electricity, heat, cooling and CO2 for
Coca-Cola bottling plants in Europe and Africa.

The Maritsa lignite coal plant in Bulgaria (908 MW gross
capacity), the Arrubal gas fired plant in Spain (800 MW gross
capacity) and the Asa Branca onshore wind farm in Brazil (160 MW
gross capacity) are, combined, expected to account for almost two
thirds of 2014 proportionate adjusted EBITDA. Moody's expect that
this dependence will reduce somewhat as acquisitions (e.g., the
Vorotan 404MW hydro-power facility in Armenia) and facilities in
development (e.g., Inka, Chapada and Emperor wind farms in Latin
America) begin to contribute cash flow over the next two years.

Moody's calculates that Maritsa could contribute USD25-USD50
million of distributions annually through 2017, representing 15%-
25% of total project distributions to Contour. However, there is
uncertainty in these cash flows due to historic late-payment and
the high level of receivables owed to Maritsa by the sole off-
taker, Natsionalna Elektricheska Kompania (NEK, not rated), which
is the Bulgarian national utility. Maritsa has had high
receivables outstanding since before Contour acquired the
project.

As of March 31, 2014, Maritsa's past due accounts receivable
balance was EUR60 million along with EUR53 million of current
receivables. These amounts represent about 130 days of revenues.
Contour has made efforts to reduce Maritsa's working capital
through negotiations with NEK. However, it is not clear when or
how the problem will be resolved and the Issuer is exposed to the
risk of delayed or reduced distributions by the operating
company.

In April 2014, Contour agreed, for a one-year period, to share
50% of distributable cash on the Maritsa project with the
project's lenders. In return, the lenders agreed to waive any
historic potential events of default relating to NEK for the one-
year period. Contour expects that, after this period, the cash
waterfall under the Maritsa project financing will revert to its
previous mechanics.

Contour has several projects in development, including Kivuwatt
in Rwanda, Inka in Peru and Chapada and Emperor in Brazil, which
together account for 518 MW of generating capacity; as well as
the pending acquisition of Vorotan in Armenia (404 MW). Contour's
credit profile currently exhibits significant development and
integration risk.

Contour has significant exposure in countries with potentially
difficult political environments. Moody's notes that Contour
seeks to mitigate associated risk by partnering with multilateral
institutions and development banks, as well as employing
political risk insurance to cover risks such as expropriation,
political violence, currency inconvertibility, forced abandonment
and failure to honor arbitral awards.

Moody's expects that proceeds from the Notes will be used to (1)
repay a USD200 million bridge loan used to finance acquisitions
and development projects, (2) repay approximately USD75 million
of non-recourse project debt, and (3) fund current and future
corporate growth opportunities.

Liquidity

Moody's anticipates that Contour will generate sufficient
internal cash flows to meet its operating obligations, but also
expects that additional external financing will be needed for
growth capital expenditures. Contour, as a holding company, only
owns equity interests in its operations at the project level. The
projects are generally fully encumbered with debt and may be
difficult to sell in a distressed situation due to the potential
involvement of local governments or utilities. Any sales would
also likely occur when market prices of similar projects are
depressed.

Moody's liquidity assessment takes into account the rating
agency's understanding that Contour will enter a super-senior
USD30 million bank revolving credit agreement, following the
closing of the Notes, that will be used for short-term funding
needs related to working capital, acquisitions and project
development.

The financing documents will not permit additional indebtedness
unless, inter alia, Contour achieves a guarantor debt service
coverage ratio of greater than 2.25x and a non-guarantor leverage
ratio of at most 5x. Moody's anticipates that headroom against
the covenant levels may be limited in 2014, depending on
Contour's ability to finance/refinance existing debt at project
level and its success in reducing working capital at Maritsa.

Rationale For The Stable Outlook

The stable outlook reflects the expectation that Contour will
continue to finance its projects with a significant amount of
debt at the operating levels while generally running the projects
well and contractually hedging operating costs and revenues of
the projects.

What Could Change The Rating Up/Down

An upgrade of Contour could occur if it completes the current
pipeline of developments on time and on budget, thereby reducing
(1) the dependence on a small number of projects and (2)
execution risk on new developments.

There would likely be downward rating pressure if (1) the planned
USD30 liquidity facility or equivalent arrangements are not put
in place as expected; (2) distributions from the operating
companies, in particular the Martisa or Arrubal plants appeared
likely to be materially lower than forecast; or (3) there are
significant delays or increased costs to Contour on development
projects.

The (P)B3 rating on the Notes is in line with the indicated
rating under Moody's Loss Given Default (LGD) methodology. Based
on Contour's (P)B3 CFR, and based strictly on the priority of
claims within Contour parent, the LGD model suggests a rating of
(P)B3 (LGD4) for the Notes. Inclusion of the planned credit
facility in the LGD assessment would not impact the outcome.



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B U L G A R I A
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* BULGARIA: 50 Hospitals Face Bankruptcy, Health Minister Says
--------------------------------------------------------------
Novinite.com reports that Bulgaria's Health Minister
Tanya Andreeva has announced that 50 hospitals in towns and
municipalities are facing bankruptcy.

In an interview for the private TV channel TV7, Ms. Andreeva laid
out a few reasons for the situation, citing insufficient funding,
as well as lack of clear rules for opening medical institutions
and of criteria to measure quality of service, Novinite.com
relates.

The Minister added her team had prepared amendments to three laws
that had been approved by the government and introduced into
Parliament, Novinite.com relays.  In her words, the changes were
aimed at dealing with flaws in the healthcare system,
Novinite.com notes.  Among the proposed measures are strict
requirements for the opening of hospitals and providing high-
quality services, Novinite.com discloses.

According to Novinite.com, Ms. Andreeva explained one of the
proposals is that all medical institutions, "regardless of
whether they are public, municipal or private, to provide
services to patients under all clinical pathways".



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D E N M A R K
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JYSKE BANK: Moody's Affirms 'Ba1' Jr. Subordinated Debt Rating
--------------------------------------------------------------
Moody's Investors Service affirmed Jyske Bank A/S' Baa1 long-term
debt and deposit ratings, Ba1 (hyb) junior subordinated debt, Ba2
(hyb) preferred stock rating, P-2 short- term debt and deposit
rating and C- bank financial strength rating (BFSR) which is
equivalent to a standalone baseline credit assessment (BCA) of
baa2. The stable outlook on all long term debt and deposit
ratings has been maintained.

Ratings Rationale

The affirmation of Jyske Bank's ratings follows the closing of
the merger between Jyske Bank and mortgage credit institution,
BRF Kredit, (not rated) on April 30, 2014 with Jyske Bank as the
operating holding company of the new consolidated group.

The merger will mean that Jyske Bank can offer traditional
mortgages "in house", as opposed to through co-operation
agreements with mortgage credit institutions, while BRF Kredit's
distribution capacity will strengthen as a result of access to
Jyske Bank's customer base and its 104 Danish branches and 34
corporate centers. Lack of distribution has in Moody's view been
a significant weakness for BRF Kredit in recent years.

The combined entity will maintain Jyske Bank's strong domestic
franchise as the fourth largest financial institution in Denmark
with around DKK 480 billion total assets at year-end 2013, around
7% market share in both banking and mortgage credit and 4,643
employees. The pro-forma core tier 1 ratio for the new group at
year-end 2013 was 16.1%.

In terms of the combined entity's operating environment, Moody's
notes that while loan demand remains low, reflecting continued
modest economic growth in Denmark, there are some signs that the
operating environment for Danish banks and mortgage credit
institutions is stabilixing in line with the general economy. In
addition the bill for mortgage credit bonds that was adopted by
the Danish parliament on 11 March 2014 materially reduces
refinancing risk in the Danish mortgage sector, including at BRF
Kredit.

Negatively, the rating agency notes the increased share of
wholesale funding in the new group compared to Jyske Bank
pre-merger, and the integration risk resulting from merging the
two entities. In addition, there is some uncertainty relating to
the future revenue streams from the around DKK 83bn mortgages
historically issued to around 60,000 Jyske Bank customers, but
funded and administered by Nykredit Realkredit A/S (Baa2,
Stable). Nykredit regard the agreement with Jyske Bank in
relation to these loans as terminated as a result of the merger,
which may lead to a reduction in related revenue for Jyske Bank.
Moody's  will continue to evaluate the effectiveness of this
agreement, as well as the ability of Jyske Bank to successfully
generate any revenue and cost synergies from the merger with BRF
Kredit.

What Could Change The Rating -- Up

Upward rating momentum could develop if the Jyske Bank group
demonstrates (1) stronger profitability from core earnings
without an increase in its risk profile (2) improved asset
quality metrics especially in relation to more volatile segments
such as agriculture and commercial real estate (3)a sustained
improvement in the enlarged Group's franchise and earnings
quality and stability as a result of the merger with BRF Kredit

What Could Change The Rating -- Down

While the current rating levels incorporate a continued
challenging operating environment, ratings may decline further if
(1) asset quality deteriorates from the current levels (2) the
group's risk profile increases, for example as a result of
increased exposures to more volatile sectors or increased
involvement in more risky operations such as capital market
activities (3) funding conditions become more difficult for the
group i.e. either the bank or the mortgage operations



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G E R M A N Y
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WIESMANN: Mounting Financial Woes Prompt Collapse
-------------------------------------------------
Oliver Kew at Auto Express reports that Wiesmann has collapsed.

The company went into administration in August 2013 after being
unable to pay its suppliers, and despite efforts to salvage the
brand and save the jobs of 125 employees, a buyer could not be
found to take responsibility for Wiesmann's mounting operating
costs and dwindling market share, Auto Express relates.

Wiesmann's financial problems began in 2009, when an
unfortunately timed expansion of its factory and car production
coincided with the global economic slowdown and resulting impact
on high-performance car sales, Auto Express recounts.  Despite
Wiesmann's close partnership with BMW's M Division, which
supplies the powertrains for the current Wiesmann range, the
company filed for bankruptcy with mounting debts last year,
Auto Express relays.

Wiesmann's current portfolio ranges from the 401bhp MF4 roadster
to the 547bhp GT MF5, which shares its twin-turbo V8 engine with
the outgoing BMW X5 M and X6 M super-SUV twins, Auto Express
discloses.

Wiesmann is a BMW-powered German sports car manufacturer.



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I R E L A N D
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AVOCA CLO XI: Moody's Assigns '(P)B2' Rating to Class F Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Avoca CLO
XI Limited:

  EUR275,000,000 Class A Senior Secured Floating Rate Notes due
  2027, Assigned (P)Aaa (sf)

  EUR61,000,000 Class B1 Senior Secured Floating Rate Notes due
  2027, Assigned (P)Aa2 (sf)

  EUR18,000,000 Class B2 Senior Secured Fixed Rate Notes due
  2027, Assigned (P)Aa2 (sf)

  EUR24,500,000 Class C Senior Secured Deferrable Floating Rate
  Notes due 2027, Assigned (P)A2 (sf)

  EUR31,500,000 Class D Senior Secured Deferrable Floating Rate
  Notes due 2027, Assigned (P)Baa2 (sf)

  EUR32,500,000 Class E Senior Secured Deferrable Floating Rate
  Notes due 2027, Assigned (P)Ba2 (sf)

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

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

Ratings Rationale

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

Avoca CLO XI is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans or senior secured
bonds and up to 10% of the portfolio may consist of senior
unsecured loans, second-lien loans, mezzanine obligations, high
yield bonds and senior unsecured bonds. The portfolio is expected
to be 70% ramped up as of the closing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe. The remainder of the portfolio will be acquired during
the six month ramp-up period in compliance with the portfolio
guidelines.

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

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue one class of subordinated notes.

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

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

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

Loss and Cash Flow Analysis:

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

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

Par amount: EUR500,000,000

Diversity Score: 38

Weighted Average Rating Factor (WARF): 2710

Weighted Average Spread (WAS): 3.75%

Weighted Average Recovery Rate (WARR): 44.0%

Weighted Average Life (WAL): 8 years.

As part of the base case, Moody's has addressed the potential
exposure to obligors domiciled in countries with foreign currency
government bond rating of A3 or below. Following the effective
date, and given the portfolio constraints and the current
sovereign ratings in Europe, such exposure may not exceed 10% of
the total portfolio, where exposures to countries rated below
Baa3 cannot exceed 5%. As a result and in conjunction with the
current foreign government bond ratings of the eligible
countries, as a worst case scenario, a maximum 5% of the pool
would be domiciled in countries with single A local currency
country ceiling and 5% in Baa2 local currency country ceiling.
The remainder of the pool will be domiciled in countries which
currently have a local currency country ceiling of Aaa. Given
this portfolio composition, the model was run with different
target par amounts depending on the target rating of each class
of notes as further described in the rating methodology. The
portfolio haircuts are a function of the exposure size to
peripheral countries and the target ratings of the rated notes
and amount to 0.75% for the class A notes, 0.50% for the Class B
notes, 0.375% for the Class C notes and 0% for Classes D and E.

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

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3117 from 2710)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: 0

Class B1 Senior Secured Floating Rate Notes: -1

Class B2 Senior SecuredFixed Rate Notes: -1

Class C Senior Secured Deferrable Floating Rate Notes: -1

Class D Senior Secured Deferrable Floating Rate Notes: -1

Class E Senior Secured Deferrable Floating Rate Notes: 0

Class F Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3523 from 2710)

Class A Senior Secured Floating Rate Notes: 0

Class B1 Senior Secured Floating Rate Notes: -2

Class B2 Senior SecuredFixed Rate Notes: -2

Class C Senior Secured Deferrable Floating Rate Notes: -3

Class D Senior Secured Deferrable Floating Rate Notes: -3

Class E Senior Secured Deferrable Floating Rate Notes: -2

Class F Senior Secured Deferrable Floating Rate Notes: -2


CVC CORDATUS III: Moody's Rates EUR13.5MM Class F Notes 'B2'
------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following ratings to notes issued by CVC Cordatus Loan Fund III
Limited (the "Issuer"):

EUR235,500,000 Class A-1 Senior Secured Floating Rate Notes due
2027, Definitive Rating Assigned Aaa (sf)

EUR21,100,000 Class A-2 Senior Secured Fixed Rate Notes due
2027, Definitive Rating Assigned Aaa (sf)

EUR38,000,000 Class B-1 Senior Secured Floating Rate Notes due
2027, Definitive Rating Assigned Aa2 (sf)

EUR14,500,000 Class B-2 Senior Secured Fixed Rate Notes due
2027, Definitive Rating Assigned Aa2 (sf)

EUR14,700,000 Class C-1 Senior Secured Deferrable Floating Rate
due 2027, Definitive Rating Assigned A2 (sf)

EUR9,400,000 Class C-2 Senior Secured Deferrable Fixed Rate
Notes due 2027, Definitive Rating Assigned A2 (sf)

EUR21,600,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2027, Definitive Rating Assigned Baa2 (sf)

EUR33,800,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2027, Definitive Rating Assigned Ba2 (sf)

EUR13,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2027, Definitive Rating Assigned B2 (sf)

Ratings Rationale

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

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

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

In addition to the nine classes of notes rated by Moody's, the
Issuer will issue EUR 47,900,000 of subordinated notes. Moody's
has not assigned rating to this class of notes.

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

Loss and Cash Flow Analysis:

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

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

Par amount: EUR436,500,000

Diversity Score: 35

Weighted Average Rating Factor (WARF): 2750

Weighted Average Spread (WAS): 4.10%

Weighted Average Coupon (WAC): 6.00%

Weighted Average Recovery Rate (WARR): 41.0%

Weighted Average Life (WAL): 8 years.

As part of its analysis, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
government bond rating of A1 or below. Following the effective
date, and given the portfolio constraints and the current
sovereign ratings in Europe, such exposure may not exceed 10% of
the total portfolio, where exposures to countries rated below A3
cannot exceed 5% (with none allowed below Baa3). Given this
portfolio composition, the model was run with different target
par amounts depending on the target rating of each class of notes
as further described in the Request for Comment. The portfolio
haircuts are a function of the exposure size to peripheral
countries and the target ratings of the rated notes and amount to
0.75% for the class A notes, 0.50% for the Class B notes, 0.375%
for the Class C notes and 0% for Classes D and E and F.

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3163 from 2750)

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes: 0

Class A-2 Senior Secured Floating Rate Notes: -1

Class B-1 Senior Secured Floating Rate Notes: -2

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

Class C-1 Senior Secured Deferrable Floating Rate Notes:-2

Class C-2 Senior Secured Deferrable Floating Rate Notes:-2

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: 0

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

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

Class A-2 Senior Secured Floating Rate Notes: -1

Class B-1 Senior Secured Floating Rate Notes: -3

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

Class C-1 Senior Secured Deferrable Floating Rate Notes: -4

Class C-2 Senior Secured Deferrable Floating Rate Notes: -4

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -2

Class F Senior Secured Deferrable Floating Rate Notes: -2

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

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

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



=================
M A C E D O N I A
=================


MACEDONIA: S&P Affirms 'BB-/B' Ratings; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-/B' long- and
short-term foreign and local currency sovereign credit ratings on
the Republic of Macedonia.  The outlook is stable.

Rationale

The ratings on Macedonia reflect S&P's view of its relatively low
income and wealth levels (S&P estimates per capita GDP at nearly
US$5,200 in 2014), relatively weak checks and balances between
political institutions, and limited monetary policy flexibility.
The ratings are supported by moderate, albeit rising, external
and public debt levels.

Early parliamentary elections were combined with the second round
of presidential elections on April 27 following a dispute between
the two partners in the previous coalition government over their
presidential candidate.  The Internal Macedonian Revolutionary
Organization-Democratic Party of Macedonian National Unity (VMRO)
won the elections and is just one seat short of a majority.  Its
coalition partner has historically been the largest ethnic
Albanian party, the Democratic Union for Integration (DUI).
Despite differences between the two, S&P expects them to form a
coalition again.  S&P anticipates a broad continuation of the
government's economic policies, which have prioritized economic
growth and employment generation through increased investment,
both private and public.

Risks to political stability could arise from tensions between
VMRO and the main opposition party, the Social Democratic
Alliance of Macedonia (SDSM), or between the VMRO and its junior
coalition partner.  While S&P expects tensions to persist
throughout the next parliamentary term and do not exclude the
possibility of a stalemate between the government and opposition,
disruptions to policymaking will be mitigated by VMRO's strong
position as the dominant party in government.

S&P views Macedonia's institutions as having relatively weak
checks and balances.  In its 2013 progress report on Macedonia,
the EU highlighted deteriorating media freedom and problems
related to the independence of the judiciary.  Freedom House
noted widespread graft and misconduct, particularly in public
procurement.  In S&P's opinion, fiscal slippages and the
weakening quality of public finances since the global financial
crisis also point to limited checks and balances among
Macedonia's political institutions.

Macedonia has been an EU candidate since 2005, but a dispute with
Greece over its constitutional name continues to hamper progress
in its EU accession talks.  While negotiations are underway to
reach a resolution, S&P's medium-term forecast does not
incorporate the benefits of accession.

Macedonia's economy grew by 3.1% in real terms in 2013.
Preliminary data from its statistical agency indicates that
growth was driven by private consumption and exports --
particularly to Germany -- while investment contracted.  Real
export performance was relatively strong at 4.5%, while imports
contracted.  However, the analysis of growth drivers has been
complicated by the statistical restatement of 2012 and 2013 data.
S&P expects real GDP to grow by an annual average of 2.8% over
2014-2017 driven by domestic demand and increasing demand from
key export markets.  S&P expects investment activity to be
supported by foreign investment inflows, largely to the
manufacturing sector.

Unemployment has been on a decreasing trend in recent years but
still remains high at an estimated 28.7% in September 2013.
Youth unemployment is particularly high in the 15-24 age group at
nearly 54% in 2012.

S&P anticipates that in 2014-2017 the government will reverse its
expansionary fiscal stance of recent years -- helped in its
efforts by strengthening private consumption and investment
activity.  S&P estimates that the general government deficit will
narrow to 2.7% of GDP in 2017 from 4.2% in 2013.  S&P expects
that the government will finance its deficits through a mix of
domestic and external debt.  Given S&P's assumptions on growth
and deficits, it estimates general government debt net of fiscal
assets to rise to 33% of GDP in 2017 from an estimated 26% in
2013.

More than 70% of government debt is denominated in foreign
currency.  The banking system holds, on average, about 15% of its
assets in government securities and central bank bills.  As such,
S&P do not view it as being able to materially increase its
creditor share of the domestic government bond market because of
its own balance sheet constraints.

The indebtedness of some of Macedonia's public-sector enterprises
is rising as they play a greater role in advancing the
government's policy objectives.  The Public Enterprise for State
Roads (PESR), which the government moved off-budget in 2013,
contracted a EUR580 million (7% of 2014 GDP) loan from the
Export-Import Bank of China.  Proceeds from the loan will be used
to finance the construction of two motorways totaling 100
kilometers connecting towns in the country's east and west.  The
loan, guaranteed by the government, is likely to be disbursed in
tranches over 2014-2017.  Repayments will likely be over a
15-year period beginning in 2019.  As a result, S&P expects the
stock of government guarantees to increase toward 10.0% of GDP in
2017 from 6.5% at the end of 2013.

S&P expects the current account deficit, which narrowed to just
under 2% of GDP in 2013, to widen to nearly 6% of GDP in 2017,
driven by a pick-up in investment-related imports.  S&P expects
the current account deficit to be financed primarily by external
debt and net FDI.

The Macedonian banking system is largely funded by domestic
deposits and appears well-capitalized -- the reported capital
adequacy ratio averaged 16.8% in December 2013.  Despite an
improvement in the last two quarters of 2013, nonperforming loans
still remained elevated at 11.5% of gross loans in December 2013
(compared to 6.8% in December 2008).  Two of the three banks that
S&P views as systemically important in the domestic banking
sector have constrained foreign parents, exposing these
subsidiaries to parent-level disruptions, in our opinion.
Stopanska Banka AD's parent is Greece-based National Bank of
Greece S.A. and NLB Tutunska Banka AD's parent is Slovenia-based
Nova Ljubljanska Banka.  In S&P's opinion, the Macedonian
regulatory and supervisory framework has appropriate policies in
place to address liquidity risks associated with potential
withdrawals by parent banks.

The Macedonian denar is pegged to the euro.  The exchange rate
regime, along with the high proportion of loans and deposits
denominated in euros -- albeit declining in recent years --
restricts monetary policy flexibility.  In December 2013, 53% of
total deposits and 48% of loans were denominated in or indexed to
foreign currency.

Outlook

The stable outlook reflects S&P's view that the government will
use the broader economic recovery to consolidate its fiscal
position and that Macedonia's external indebtedness will remain
moderate.  S&P don't expect that any of the key rating factors
will move in either direction such that it would lead S&P to
revise its ratings on Macedonia within the next 12 months.

S&P could raise the ratings if reforms directed toward higher and
more broad-based growth were matched with the improved
effectiveness and accountability of public institutions.

S&P could lower the ratings if large fiscal slippages challenged
public debt sustainability and substantially increased external
obligations given the constraints of the exchange-rate regime.
S&P could also lower the ratings if it saw that off-budget
activities were to increase significantly and the probability of
contingent liabilities crystallizing on the government's balance
sheet were to rise.

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

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

RATINGS LIST

Ratings Affirmed

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



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


EUROPEAN PROPERTY: Fitch Cuts Rating on Class A Notes to 'BBsf'
---------------------------------------------------------------
Fitch Ratings has downgraded European Property Capital 3 plc's
(EPC 3) class A notes due May 2015, and affirmed the rest as
follows:

  EUR27.1 class A (XS0236878525) downgraded to 'BBsf' from
  'BBBsf'; Outlook Negative

  EUR17.8 million class B (XS0236879929) affirmed at 'Bsf';
  Outlook Negative

  EUR17.9 million class C (XS0236880851) affirmed at 'CCCsf';
  RE 50%

  EUR17.5 million class D (XS0236881313) affirmed at 'CCsf';
  RE 0%

European Property Capital 3 plc is a securitization originally
comprising five commercial mortgage-backed loans originated by JP
Morgan Chase Bank, N.A, of which one, the EUR80.4 million
Randstaad loan, now remains.

Key Rating Drivers
The downgrade of the class A notes reflects uncertainty over the
timely workout of the outstanding loan prior to the bonds' final
legal maturity (FLM) in May 2015.

The class A balance has been paid down sequentially by EUR13.3
million over the last 12 months, with swept excess rental income,
sale proceeds of three assets and one lease surrender premium.
While Fitch's expectation is that this class will repay before
FLM, the illiquidity of the portfolio, as illustrated by the slow
disposal of the underlying assets, and the short time remaining
for a successful workout, mean the notes are no longer
commensurate with an investment grade-rating.

The Randstaadt loan is now secured by a portfolio of 13
commercial assets (11 offices and two industrial assets) all of
which are located in largely secondary areas of regional and
metropolitan Netherlands.  Reported leverage has improved to 109%
from 110% over the last 12 months, which can be attributed to the
cash sweep rather than the asset disposal proceeds, given that
the latter imply a discount of approximately 25% to the 2012
reported valuation.

The Dutch office market continues to suffer from oversupply,
leading to either substantial (but stable) or even increasing
vacancy levels within the relevant sub-markets for this
portfolio. The collateral is further hampered by a weak lease
profile: the weighted average lease length (to break) of under
three years is unlikely to be attractive to prospective
investors, unless steep discounts offset this re-letting risk.

This explains Fitch's negative view on the portfolio value which,
in line with previous estimates, would see sufficient recoveries
to only repay in full the class A and B notes (irrespective of
FLM) and losses fully wipe out the class D notes and partially
write off the class C notes.

Rating Sensitivities

The upcoming FLM is likely to prevent any upgrade. Disposal
prices further below current Fitch estimates could see downward
revision of the class C recovery estimate and put additional
pressure on the class B rating.

Fitch estimates total recoveries in the Bsf scenario at EUR54m.

Fitch will continue to monitor the performance of the
transaction.


GLASSTANK BV: Moody's Assigns 'Caa1' CFR; Outlook Stable
--------------------------------------------------------
Moody's Investors Service assigned a corporate family rating
(CFR) of Caa1 and a probability of default rating (PDR) of Caa1-
PD to Glasstank B.V.

Concurrently, Moody's has assigned a (P)Caa1 rating to the EUR180
million Senior Secured Notes due 2019 to be issued by Glasstank.
The outlook on all ratings is stable.

Glasstank is the top entity in a new restricted group, within the
larger Yioula Glassworks S.A. (Yioula) family group, into which
certain assets i.e. the production facilities in Bulgaria and
Romania have been transferred. Proceeds from the Senior Secured
Notes issued by Glasstank will be used to refinance existing
Senior Notes issued by Yioula totaling EUR140 million and for
general corporate purposes. Following the refinancing, at the
restricted group, Glasstank will have EUR180 million of bonds,
EUR82.2 million (pro forma 2013) of loans and EUR18 million of
cash.

Upon successful closing of the transaction and once the
refinancing of the Yioula senior notes has taken place, Moody's
expects to withdraw the CFR and PDR at Yioula Glassworks S.A.

Moody's issues provisional ratings in advance of the final sale
of securities. Upon a conclusive review of the final
documentation, Moody's will endeavor to assign definitive
ratings. A definitive rating may differ from a provisional
rating.

Ratings Rationale

Glasstank's CFR reflects: (1) the company's dominant position in
its core market in the Balkans and its long-standing and diverse
customer relationships in that region; (2) its ability to
leverage production in low cost countries demonstrated by
increasing sales to customers in western Europe; and (3) an asset
base that benefits from recent sizeable investments aimed at
improving the cost efficiency of the group's furnaces.

The rating also reflects (1) the company's relatively small
scale; (2) the large share of commoditized products, which is
vulnerable to competitors; (3) the company's dependence on the
availability of volatile input factors such as natural gas and
soda ash; (4) a weak financial risk profile evidenced by Moody's
expected adjusted debt/EBITDA of around 5.4x per year end 2014
and the inability to generate meaningful positive free cash flows
due to significant ongoing investment activity, combined with (5)
a weak liquidity profile.

Moody's expects that the company will gradually reduce its
leverage over the coming years. Reductions will be driven by
increasing EBITDA as the company continues to increase capacity,
based on its dominant position in its core Balkan markets and in
the absence of any significant debt amortization until 2019.

Free cash flow is expected to be positive, despite the company's
continued investments in new capacity through furnace upgrades.
Moody's understands the company will receive some funding via
government subsidies and grants related to the improvements in
energy efficiency as a result of the furnace rebuilds.

Moody's views Glasstank's liquidity profile as weak, as the
company funds much of its operations from short-term credit
facilities and loans with various local banks, which have a short
term maturity profile. Moody's expects the company to generate
sufficient internal cash to support current needs, including
maintenance capex although the cost of furnace upgrades will be
supported from various government grants. Nevertheless future
cash generation will remain weak, as cash flow will be
constrained by larger working capital and capex needs to support
the business expansion strategy. At closing of the transaction,
Moody's expects that Glasstank will have access to around EUR18
million of cash on balance sheet and about EUR17 million headroom
on short term facilities provided by local banks.

The issuer of the Senior Secured Notes is Glasstank B.V., the top
company of the restricted group. Fixed charges over specific
assets within the production facilities are carved out for both
the bond holders and loan note holders. The notes will be secured
by charges over approximately 70% of tangible assets at the
Stirom and Drujba glass production sites, including EUR27.7
million out of EUR54.8 million of assets at Stirom and EUR70.8
million out of EUR88.9 million assets at Drujba, based on book
values as of 31 December 2013. In addition, bond holders will
benefit from a pledge over shares in Glasstank B.V. and of New
Glass.

The rating outlook is stable, reflecting Glasstank's relatively
resilient profitability. The stable outlook also incorporates
Moody's expectation that the company will carefully manage its
liquidity and successfully address the maturities of its short
term revolving credit facilities.

Positive ratings pressure could result if the company
successfully addresses the maturities of its short term revolving
credit facilities, generates sustainable positive free cash flow,
maintains adjusted debt/EBITDA below 5x with EBIT margin
remaining above 15%. Downward pressure on the rating could
develop if the company does not manage to extend the maturities
of its revolving credit facilities, or if its liquidity position
deteriorates.

Yioula manufactures a wide variety of glass containers for the
food and beverage industries throughout south-eastern Europe as
well as glass tableware for the Greek, Bulgarian, Romanian and
Ukrainian markets. Subsidiary Glasstank (the top entity in the
restricted group) generates roughly 65% of Yioula's revenue and
80% of the group's EBITDA. Yioula's majority shareholders are the
Voulgarakis family, who hold 73% with the remaining 27% held by a
group of investors consisting of the Greek private equity fund
Global Capital Investors II Limited Partnership (18%), National
Bank of Greece (6%0 and EFG Eurobank Ergasias S.A. (3%).


GLOBAL TIP: Moody's Affirms 'B1' Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating (CFR) and B2-PD probability of default rating (PDR) of
Global TIP Holdings One B.V. (TIP Trailer or the company).
Concurrently, Moody's has affirmed the B1 rating assigned to the
EUR203 million term loan B and EUR55 million Revolving Credit
Facility (RCF) raised by Global TIP Finance B.V. and to the
USD100 million Term Loan C raised by Global TIP Finance America,
LLC. The outlook on all ratings remains stable.

The affirmation of TIP Trailer's ratings follows the announcement
by the company to engage into a strategy aimed at supporting top-
line growth through increased capex and acquisitions. In that
regard, TIP Trailer has approached its lenders to amend its legal
documentation to accommodate this change in strategy. "While
putting pressure on free cash flows (FCF), Moody's considers that
this more aggressive strategy is mitigated by the support from
its shareholder, HNA Group Company Limited (HNA), in the form of
a EUR293 million equity injection of which EUR268 million is
loaned back to the shareholder but will be available for
financing sizeable acquisitions. In addition Moody's  expect
credit metrics to remain in line with our guidance for a B1 CFR",
says Sebastien Cieniewski, a Moody's Vice President and lead
analyst for TIP Trailer. Moody's note, however, that execution
risk remains as the operating environment has been relatively
challenging over an extended period of time as demonstrated by
the weaker-than-expected customer demand in 2013. The rating will
remain supported by the company's pro-forma adequate liquidity.
Moody's  note that as part of the amendment to the legal
documentation, TIP Trailer requests to change the perimeter of
the consolidated audited reporting one level below to Global TIP
Holdings Two BV (TIP Trailer 2) -- from the current Global TIP
Holdings One BV. However, this change will not impact the CFR
which will be maintained at Global TIP Holdings One BV. Indeed,
TIP Trailer will remain the top entity of the restricted group
with cross-guarantees in place with its subsidiaries and will be
producing unconsolidated audited accounts.

Ratings Rationale

In 2013, TIP Trailer's revenues decreased by 8% to EUR280 million
compared to 2012 reflecting both lower customer demand and a
decrease in the company's fleet to approximately 45,000 units at
year-end compared to close to 48,000 a year earlier. While
Moody's  projected a continuation of the de-fleeting impacting
the long-term lease (LTL) business which decreased by 12% in 2013
due to weak demand and significant constraints around capex
imposed under GE Capital's ownership until October 2013, short-
term rental (STR) and FleetCare fared below expectations. In
2013, utilization rates and average daily rates (ADR) at 84% and
EUR15.9, respectively, were below 2012 levels of 85% and EUR16.3,
respectively. STR revenues in 2013 decreased by 10% and FleetCare
growth at 25% was behind plan. The EUR105 million EBITDA
generated in 2013 as reported by the company resulted in a
reported EBITDA margin of 37% compared to 43% a year earlier due
to weaker performance of the STR segment and increasing
importance of lower-margin FleetCare segment in the product mix.
The weaker-than-expected EBITDA resulted in an adjusted leverage
ratio (as adjusted by Moody's mainly for operating lease) of 2.9x
as of fiscal year-end (FYE) 2013 compared to previous
expectations of 2.6x.

Following five years of weak operating environment, TIP Trailer
expects that demand for trailers should increase from 2014 driven
by an improved macro-environment in Europe. The need to renew the
European ageing fleet of trailers following years of under-
investment is one of the drivers for the increasing investment
plan but it reflects also the strategy of the shareholder to
develop its presence in Europe. The new plan of supporting top
line growth through significant fleet capex exceeds our previous
expectations of a moderate decrease in the size of the fleet at
1% CAGR for the period 2012-2015. It will result in a negative
FCF over the next couple of years. Indeed based on TIP Trailer's
revised plan, trailer purchases are projected to increase to an
average of EUR193 million over the period 2014-2016 compared to a
more modest EUR124 million in the old plan. In addition, the
company aims at performing bolt-on acquisitions of up to
EUR50 million per annum to complement both its rental and
FleetCare businesses. Despite the increased capex program which
is projected to generate a cumulated negative free cash flow of
around EUR220 million during 2014-2016 only partially mitigated
by trailer disposals of around EUR71 million -- and the intention
to perform acquisitions, Moody's  consider that TIP Trailer's
liquidity should remain adequate.

TIP Trailer's liquidity is supported by a EUR74 million cash
balance as of February 2014 in addition to the EUR55 million
undrawn RCF. Importantly, Moody's  note the positive impact from
HNA's further commitment into the business through a contribution
of EUR293 million of additional equity of which EUR268 million
will be loaned back to HNA International by way of a recallable
intercompany loan maturing in 2019. In addition to the immediate
EUR25 million cash impact from the equity injection, the loan to
HNA will generate EUR13 million of annual interest income for TIP
Trailer. The company also intends to put in place a
securitization program to support the financing of capex. While
the securitization program will be set up outside of the
restricted group, Moody's will include drawings under this
facility for the calculation of the company's credit metrics.

The term loans B and C and the RCF rank pari passu and benefit
from senior secured guarantees from material operating
subsidiaries accounting for at least 85% of the group's assets
and EBITDA. The term loans B and C and the RCF also benefit from
a first lien security over the assets of substantially all the
guarantors. These facilities are rated B1, at the same level as
the CFR, in the absence of significant non-debt liabilities
ranking ahead or below.

Rationale For Stable Outlook

The stable rating outlook reflects Moody's expectation that TIP
Trailer should be able to maintain (1) its current profitability
levels; (2) its adequate liquidity position despite the
accelerated fleet investment program, and (3) adjusted leverage
sustainably below 3.5x.

What Could Change The Rating Up/Down

Moody's does not foresee any upward rating pressure in the short
term. However, longer term, a rating upgrade could take place if
(1) the company's adjusted leverage decreases towards 2.0x on a
sustainable basis; (2) EBIT-to-interest ratio trends towards
3.0x; and (3) the FleetCare business shows good traction.

Conversely, negative rating pressure could develop if (1) TIP
Trailer's adjusted leverage ratio trends above 3.5x; (2) EBIT-to-
interest ratio remains below 2.0x on a sustained basis; (3)
liquidity cushion from internal sources and support from
shareholder weakens; or (4) the legal documentation is amended in
order to allow TIP Trailer or its subsidiaries to raise
additional indebtedness, other than in accordance with current
facilities.

TIP Trailer and TIP Trailer 2 are both holding companies set up
by HNA especially for the acquisition of TIP's pan-European over-
the-road trailer services business from General Electric (GE).
The company is an independent operating lease (short- and long-
term lease) provider of trailers for trucks and had an owned
fleet of approximately 45,000 as of December 2013. TIP Trailer
also provides trailer fleet management services, including
maintenance, to its own fleet and on a standalone basis to third
parties. The company's customers are mainly European
transportation and logistics companies. Owned and operated by GE
under its GE Capital division from 1993, the European over-the-
road trailer services business was acquired by the Chinese
conglomerate HNA in October 2013.



===============
P O R T U G A L
===============


PORTUGAL: Moody's Raises Government Bond Rating to 'Ba2'
--------------------------------------------------------
Moody's Investors Service has upgraded Portugal's government bond
rating to Ba2 from Ba3. In addition, the rating agency placed the
Ba2 rating on review for possible further upgrade.

The rating action was triggered by the following key factors:

1) Portugal's fiscal situation has improved more rapidly than
initially targeted and the public debt ratio will start declining
this year, albeit from a very high level. The budget deficit was
reduced a full percentage point of GDP more than envisaged last
year, indicating the government's strong commitment to fiscal
consolidation.

2) The country will conclude its three-year EU/IMF support
program in the near future, without the need for a precautionary
credit line from the European Stability Mechanism (ESM). Portugal
has regained access to the public debt markets and in addition
the government has built up sizeable cash buffers.

3) Portugal's economic recovery is gaining momentum, with signs
of broadening beyond exports, which continue to perform strongly.
Moody's believes that economic growth will be sustained over the
medium-term because the Portuguese authorities have implemented a
wide range of structural reforms.

The review for possible upgrade reflects Moody's view that
Portugal's creditworthiness can improve further in the short
term, if the rating agency were to conclude that Portugal will
likely manage to bring its very high public debt ratio (currently
close to 130% of GDP) onto a clear downward path in the coming
years. During the review, Moody's will assess the upcoming
decisions of Portugal's Constitutional Court on key measures of
the 2014 budget. Moody's considers these decisions to be
important because the contested measures affect the key
government expenditure items of public-sector wages and pensions.
In Moody's view, achieving and maintaining low budget deficits
over the medium term is difficult without addressing these key
spending areas. In addition, the rating agency plans to evaluate
the medium-term fiscal plan recently presented by the government
and seek greater clarity about the possibility for a broad
consensus to emerge on the need to maintain strict fiscal
policies beyond the end of the current parliament.

Portugal's short-term debt rating remains unchanged at Not-Prime.
The domestic and foreign-currency country ceilings for long-term
debt and deposits have been raised to Baa1/P-2 from Baa3/P-3. The
ceilings reflect a range of undiversifiable risks to which
issuers in any jurisdiction are exposed, including economic,
legal and political risks. The ceilings act as a cap on ratings
that can be assigned to the foreign and local-currency
obligations of entities domiciled in the country.

Concurrently, Moody's has upgraded the senior debt rating of
Parpublica Participacoes Publicas (SGPS) SA to Ba2 from Ba3 and
initiated a review for possible further upgrade. Despite the lack
of an explicit guarantee, Moody's rates SGPS at the same level as
the Portuguese government to reflect the company's 100%
government ownership as well as the very close links between the
company and the government and strong evidence of government
financial support for the company.

Ratings Rationale

Rationale For Upgrade To Ba2

-- Improving Fiscal Performance and Public Debt on Downward
    Trend

The first driver behind the upgrade is the improvement in the
country's fiscal situation. Last year, the government managed to
reduce the general government budget deficit a full percentage
point of GDP more than the target (deficit of 4.9% of GDP versus
a target of 5.9% of GDP), due to both stronger-than-budgeted tax
revenues and very strict expenditure control. This strong
performance also improves the starting point for 2014 when the
government aims to reduce the budget deficit further to 4% of
GDP, which Moody's  consider to be feasible. The better-than-
targeted fiscal performance underlines the strong commitment of
the Portuguese authorities to fiscal consolidation.

Moody's expects the public debt ratio to decline this year for
the first time in many years, albeit from a very high level of
close to 130% of GDP. Under its base case growth and fiscal
assumptions, the rating agency expects the debt ratio to
gradually decline in the coming years to around 115% of GDP by
2018.

-- Exit From External Support Program And Regained Market Access

The second driver underlying the upgrade is the successful exit
from the external support program in the near future, without the
need for a precautionary credit line from the ESM. The last
review under the program has just been completed, with the last
disbursement of EUR2.6 billion scheduled for June. The government
has regained market access, issuing a total of EUR7 billion in
medium- to long-term debt so far this year and has assembled a
large cash buffer of EUR15 billion (excluding dedicated resources
for possible further banking-sector capital needs of EUR6.4
billion), which amply cover debt maturities in 2014.

-- Improving Economic Outlook

The third driver is Portugal's improving economic outlook, with
the economy expanding faster than expected towards the end of
2013. The recovery is increasingly broad-based with business
investment and private consumption also contributing positively
to growth in the fourth quarter of 2013. Moody's expects exports
to continue to perform well, with Portugal's exporters continuing
to gain market share. The broad structural reforms implemented
over the past several years should help improve Portugal's
medium-term growth outlook. Moody's forecasts for real GDP in
2014 and 2015 are in line with IMF and European Commission
projections of 1.2% and 1.5% in 2014 and 2015 respectively.

Rationale For Review For Upgrade And Focus Of The Review

During the review, Moody's will (1) assess the prospects for an
expenditure-focused and sustainable reduction in the budget
deficit, against the background of upcoming rulings on several
fiscal measures by the country's Constitutional Court. Moody's
considers these decisions as important because the contested
measures affect the key government expenditure items of public-
sector wages and pensions. In our view, achieving and maintaining
low budget deficits over the coming years is difficult without
addressing these key spending areas. At the same time, the rating
agency acknowledges that the current Portuguese government has
previously managed to implement alternative measures when
confronted with past unfavorable rulings by the Constitutional
Court.

During the review, Moody's also plans to (2) evaluate the medium-
term fiscal plan that the government recently presented; and (3)
seek greater clarity about the possibility for a broad consensus
to emerge on the need to maintain strict fiscal policies beyond
the end of the current parliament.

What Could Move The Rating Up/Down

If the review leads to an upgrade of Portugal's rating, it would
likely be a one-notch adjustment to Ba1. An upgrade of the rating
beyond Ba1 at the conclusion of the review is unlikely given the
vulnerabilities associated with the very high public debt ratio.
Moody's also considers Portugal's very high external debt as a
key credit weakness. The country's net external debtor position
of 119% of GDP (2013) is among the highest in Moody's sovereign
rating universe. A downgrade is unlikely over the medium term
given the current review. However, Moody's would confirm
Portugal's sovereign rating at its current Ba2 level if the
rating agency concluded that the likely path of fiscal
consolidation was not sufficient to bring the public debt ratio
onto a clear downward trend.

GDP per capita (PPP basis, US$): 23,068 (2013 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): -1.4% (2013 Actual) (also known as
GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 0.2% (2013 Actual)

Gen. Gov. Financial Balance/GDP: -4.9% (2013 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: 0.5% (2013 Actual) (also known as
External Balance)

External debt/GDP: [not available]

Level of economic development: Moderate level of economic
resilience

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On May 6, 2014, a rating committee was called to discuss the
rating of the Portugal, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have materially improved. The
issuer's fiscal or financial strength, including its debt
profile, has improved. The issuer has become less susceptible to
event risks.


PORTUGAL: S&P Revises Outlook to Stable & Affirms BB Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
Republic of Portugal to stable from negative.  At the same time,
S&P affirmed its unsolicited 'BB/B' long- and short-term foreign
and local currency sovereign credit ratings on Portugal.

RATIONALE

The outlook revision reflects S&P's views that:

   -- The economy and the labor market are recovering faster than
      S&P projected, with better-than-expected budgetary
      performance;

   -- The government has fully implemented the terms of the EU-
      International Monetary Fund (IMF) Economic Adjustment
      Program; and

   -- The combined current and capital account surplus is
      sufficiently large to enable Portugal's economy to
      gradually reduce its large stock of net external debt
     (which includes Eurosystem financing).

At an estimated 317% of current account receipts for 2014,
Portugal's narrow net external debt (excluding private nonbank-
sector external assets) is the fourth-largest among the 129
sovereigns S&P rates.  By lending at maturities of 20 years via
the European Financial Stability Facility (EFSF) and European
Stability Mechanism (ESM) and at low nominal interest rates
averaging 2.5%, Portugal's official European creditors have
improved the central government's financing profile.  In S&P's
view, the official financing has also prompted commercial
creditors to increase their exposure to Portuguese government
debt, facilitating Portugal's "clean exit" from the EU/IMF
program.

Portugal's budgetary performance has strengthened more than S&P
anticipated.  In S&P's baseline scenario, it thinks Portugal will
move ahead with further fiscal consolidation measures in 2014.
In S&P's view, risks to its baseline fiscal and debt projections
include a pending Constitutional Court decision on the legality
of this year's planned personnel and social expenditure cuts.
Even without this negative risk materializing, Portugal's gross
and net general government debt ratios -- at about 129% and 118%
of GDP, respectively, in 2014 by S&P's estimates -- are among the
highest of all rated sovereigns.

"We think Portugal's real GDP will likely grow on average about
1.4% per year during 2014-2015, chiefly on the back of sustained
export growth, after a 1.4% contraction in 2013.  We also expect
a gradual recovery in domestic demand as private sector hiring
continues to recover.  We base our confidence in prospective
employment growth partly on the 0.7% year-on-year increase in the
workforce in the final quarter of 2013, and on other signs that
the government's labor reforms are succeeding.  In particular,
recent European Commission data confirm that unit labor costs
have fallen to below 2000 levels.  We consider that the recent
positive investment trends indicate that the capital destocking
process (visible in the historically very low levels of
investment as a percentage of GDP) has likely reached its end,
mainly given the 10.5% year-on-year increase in spending on
equipment and machinery during the final quarter of 2013.  In our
view, this development points to a potential future increase in
the economy's export capacity," S&P said.

"We continue to see risks to real and nominal GDP performance.
We think that domestic demand remains constrained by high stocks
of corporate and household debt, and we see risks to servicing
this debt because of declining nominal household and corporate
earnings.  Data from the Portuguese central bank, Banco de
Portugal, indicate that resident public and private non-financial
sector gross debt was still at a very high 445% of GDP at year-
end 2013, down only 0.5% from a year earlier and still 22% above
levels before the 2008 crisis.  We regard this debt as very high,
especially taking into account Portugal's continuous credit
contraction and currently negative headline inflation.  Despite
the recent pick-up in the labor market, we expect that the
employment ratio as a percentage of the resident population will
remain depressed at close to 43% for the next three years,
compared with more than 49% in 2007-2008.  Over the medium- to
long-term, we think that the low employment rate -- coupled with
an unfavorable demographic profile -- will likely restrain the
economy's longer-term growth potential," S&P noted.

Between 2010 and 2013, exports increased to an estimated 41% of
GDP from 31% on solid growth in export volumes, while imports,
consumption, and investment all declined.  Consequently, the
current account shifted to a small surplus in 2013 from a deficit
of more than 10%.  S&P believes that the surplus will widen
further in the coming years -- toward 2% of GDP -- although the
gradual recovery in domestic demand will likely hold it in check.

Despite improved external flows, S&P considers that the economy's
external vulnerabilities persist, given Portugal's large external
debt.  What's more, external borrowing costs for the economy's
private sector are still relatively high.  According to European
Central Bank data, Portuguese corporate borrowers pay
significantly more on new loans than the eurozone average,
pointing in S&P's view to an impaired monetary transmission
mechanism.  The difficult and expensive funding conditions for
the real economy, combined with deflationary pressures, are
constraints which appear unlikely to subside in the near term.
These challenging conditions may yet jeopardize the gradual and
orderly deleveraging process and could, in turn, weaken the pace
of economic recovery.

The government's medium-term strategy includes measures aiming to
improve the business environment, in addition to preparing a plan
to facilitate corporate debt restructuring and the development of
instruments that would support capitalization of the corporate
sector.  The continuation of the so-far successful privatization
process and restructuring of the state-owned companies,
simplification of labor market legislation and the tax code,
cutting of red tape, improving the regulatory environment, and
fostering of competition in services and product markets are also
on the agenda.

Portugal's shallower-than-expected recession in 2013, together
with the government's budgetary consolidation measures, have
contributed to a smaller-than-anticipated general government
deficit at 4.9% of GDP in 2013, including the 0.4% of GDP banking
sector recapitalization.  S&P previously expected the government
would meet but not outperform its 2013 target of 5.5%, excluding
the recapitalizations.  This was achieved despite several rulings
by the Constitutional Court, which S&P considers have constrained
the government's fiscal policy leeway.  S&P thinks the general
government deficit will be slightly less than 4% of GDP this year
and then continue falling thereafter, owing to the slowly
improving economic backdrop and favorable labor market
developments. Despite future potential Constitutional Court
rulings, the government will, in S&P's view, find alternative
measures to meet its budgetary targets, if necessary.

"We project net general government debt at about 118% of GDP
during 2014-2015, before declining to about 113% of GDP in 2017,
as a result of narrowing budget deficits, economic recovery, and
the gradual use of existing cash deposits that we estimate
represented at 10% of GDP at year-end 2013.  The implementation
of the new EU accounting framework, or European System of
National and Regional Accounts, ESA 2010, as of September this
year, will not have a significant impact on government debt
levels, in our view.  In its 2014-2018 Fiscal Strategy, the
government estimates gross government debt in 2014 at 130.2% of
GDP (under the existing ESA 95) or 127.5% of GDP (under ESA
2010).  We anticipate general government interest expenditure to
general government revenues at about 10.2% on average over 2014-
2017.  We expect that the government will continue reducing the
budget deficit and implementing structural reforms after Portugal
exits the EU/IMF program.  Such efforts, in our view, would
positively contribute to mitigating domestic shocks and gradually
decrease the economy's vulnerability to external shocks," S&P
said.

OUTLOOK

The stable outlook incorporates S&P's view that Portugal's credit
metrics are stabilizing and that risks to the ratings are broadly
balanced over the next year.

S&P could raise the ratings on Portugal if it observed that:

   -- The government continues to implement structural reforms
      beyond the termination of the EU/IMF program, to
      effectively improve the economy's growth potential and
      contribute to its ongoing rebalancing; and

   -- Orderly private sector deleveraging is accelerated by a
      pronounced and sustained improvement in credit conditions,
      coupled with a restoration of an effective monetary
      transmission mechanism.

S&P could lower the ratings if, all other things being equal, S&P
observed that:

   -- Reform implementation wanes after the exit from the EU/IMF
      program, for example due to policy complacency;

   -- Eurozone policies fail to support -- directly or
      indirectly -- government borrowing costs at sustainable
      levels and to stem potential capital outflows; and

   -- The government's budgetary position deviates significantly
      from S&P's current expectations on the back of weakening
      growth or currently unexpected one-off expenses that would
      push up debt (that is, excluding the impact of ESA 2010
      implementation, which in itself will not affect the
      ratings).

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

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

RATINGS LIST

Ratings Affirmed; Outlook Action
                                        To            From

Portugal (Republic of) (Unsolicited Ratings)
Sovereign Credit Rating                BB/Stable/B   BB/Neg/B
Transfer & Convertibility Assessment   AAA           AAA

BANIF Banco Internacional do Funchal S.A.
Comboios de Portugal E.P.E
Metropolitano de Lisboa E.P.
Caixa Geral de Depositos S.A.
Banco Espirito Santo S.A.
Senior Unsecured*                      BB            BB

*Guaranteed by the Republic of Portugal.



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


ALMIRALL: S&P Assigns 'BB-' Corp. Credit Rating; Outlook Positive
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it had assigned its 'BB-'
long-term corporate credit rating to Spain-based pharmaceutical
company Almirall S.A.  The outlook is positive.

At the same time, S&P assigned its 'BB-' issue rating to
Almirall's EUR325 million senior unsecured notes.  The recovery
rating on this instrument is '3', indicating S&P's expectation of
meaningful (50%-70%) recovery in the event of payment default.

"The rating on Almirall reflects our assessments of the group's
"fair" business risk profile and "intermediate" financial risk
profile.  Together, our assessments lead us to apply an anchor of
'bb+' to Almirall.  The anchor is our starting point for
assigning an issuer credit rating under our corporate criteria.
Our 'BB-' rating on Almirall is two notches below the anchor,
reflecting the adjustments made for our "negative" financial
policy modifier and our "negative" comparable ratings analysis.
Our view of the financial policy captures the event risk of a
sizable acquisition beyond our current base-case expectations.
Our comparable rating adjustment incorporates our view that the
group's business risk is at the lower end of the "fair" category,
primarily driven by weaker margins compared with the industry
average for ethical drug companies," S&P said.

S&P's assessment of Almirall's business risk profile incorporates
its views of "low" risk for the pharmaceutical industry and
"intermediate" country risk for the group.  Almirall operates
primarily in Spain and several other European countries as well
as in the U.S.

S&P also takes into account the group's "fair" competitive
position, factoring in its view of Almirall's:

   -- Pronounced decline in profitability in recent years, due to
      austerity measures in Spain and patent expiry.

   -- Relatively small scale of operations compared with big
      pharma competitors.  S&P believes that Almirall's lack of
      critical mass impairs its ability to bring new products to
      the markets.  As a result, Almirall must partner with
      bigger companies to bring its products to markets where it
      doesn't have local sales forces and distribution networks,
      which, in turn, results in lower margin.

   -- Solid niche market position in respiratory and dermatology.

   -- Relatively good pipeline and limited exposure to patent
      expiry in the coming years.

   -- Improving diversification outside Spain.  S&P notes,
      however, that operations in Spain represented more than 30%
      of sales in 2013, pro forma for the recent acquisition of
      U.S.-based Aqua Pharmaceuticals.

S&P's assessment of Almirall's financial risk profile reflects
its view that the group will maintain "intermediate" financial
metrics.  In particular, S&P estimates debt to EBITDA between
2.0x and 3.0x, even after factoring in some bolt-on acquisitions.

The positive outlook reflects S&P's view that it could raise the
rating if Almirall's performance picks up significantly, both in
terms of revenues and margins, from particularly weak levels in
recent years.  The positive outlook also incorporates S&P's view
that the group's credit metrics, using weighted average
calculations as per our criteria, will remain in line with an
intermediate financial score (typically including an adjusted
debt-to-EBITDA ratio of 2x-3x and FFO to debt of 30%-45%).



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


MERINOS HALI: Fitch Cuts IDRs to 'B-'; Outlook Negative
-------------------------------------------------------
Fitch Ratings has downgraded Turkey-based carpet manufacturer
Merinos Hali Sanayi ve Ticaret A.S.'s Long-term foreign and local
currency Issuer Default Ratings (IDRs) to 'B-' from 'B+'. Fitch
has also downgraded the company's National Long-term rating to
'BB-(tur)' from 'A-(tur)'.  The Outlook is Negative.

The downgrade reflects increased leverage at Merinos Hali A.S.
due to the rationalization of the group's corporate legal
structure which has resulted in the consolidation of a number of
commercial sister companies under the group, and our expectations
of muted improvement in financial performance over the medium
term.  The Negative Outlook reflects uncertainty over the new
corporate group structure and over the current trading and
economic conditions in Turkey, which could lead to a
deterioration of financial performance and leverage at Merinos
Hali.

Key Rating Drivers

Increased Leverage
Under Merinos Hali's new corporate structure, the consolidation
of its indebted sister companies has driven group leverage
significantly higher with adjusted total debt/EBITA above 6x at
FYE13, up from 2.8x in FYE12.  Worsening trading performance and
a weaker Turkish lira (TRL resulting in an increase foreign
currency-denominated debt further contributed to increasing
leverage.  EBITDA margins were 15.4% at FYE13, compared with
Fitch's 17% forecast, mostly due to increasing costs caused by a
more challenging operating environment and a falling TRL.

Challenging Operating Environment
Until the domestic economy improves, Fitch does not expect any
significant improvement in the group's leverage and
profitability. Exchange rate fluctuations, leading to costs
pressures, and a slow economic growth environment in Turkey, are
likely to cause EBITDA margins to fall below the average of past
three to four years. Fitch forecasts EBITDA margins at around 16%
and muted profit growth until end-2015, mainly backed by export
markets.

Thin Liquidity
Similar to its carpet manufacturing peers Merinos Hali operates
with low liquidity and is highly dependent on bank financing.
Fitch expects interest coverage to remain at around 3x in the
medium term (FYE13: 3.2x), versus 5x in FYE12, underlining
increases both in interest rates and in the company's leverage.
As the carpet business entails low cash positions and high
funding requirements, due to an unfavorable working-capital
cycle, Merinos Hali has historically operated with low cash
levels.  Fitch believes that Merinos Hali is able to maintain
continued access to bank funding to support its working capital
and capex needs, but its treasury policies and the lack of access
to committed bank facilities leave it vulnerable to any change of
sentiment in the local bank debt market.

Limited Visibility on Debt/Liabilities
The ratings are constrained by the amount of guarantees provided
by Merinos Hali to its marketing sister companies and by limited,
albeit improved, visibility on its recourse debt and contingent
liabilities.

Fitch believes that the group structure will be clearer once the
restructuring is complete, which we expect to be soon. However,
improvements to leverage will depend on the domestic economy,
which is likely to only improve gradually over the next two to
three years.

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

"We believe that Merinos Hali will continue to successfully
pursue a strategy of increasing exports and take advantage of the
weakness of its European competitors, who are facing financial
difficulties and of its Middle Eastern peers, who are suffering
from political instability.  Barring a renewed global recession,
Merinos Hali is likely to at least maintain current export
levels, reducing the foreign exchange mismatch between its debt
and cashflow. Currently 80% of debt is denominated in foreign
currencies," Fitch said.

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

Rating Sensitivities

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

- Fitch-adjusted gross debt/EBITDA above 7x
- An EBITDA margin below 15%
- Further declining visibility on recourse debt and contingent
   liabilities

Positive: Future developments that may result in positive rating
action, including a revision of the Outlook to Stable:

- Clarity over the new corporate structure of the group post
   restructuring in terms of absolute debt obligations, EBITDA
   and where in the group it is located; proportion of ownership
   of legal entities

- EBITDA margin remaining sustainably above 16%

- Leverage dropping sustainably below 6.0x and on a declining
   path



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


ACHESON & GLOVER: Owner to Buy Back Biz Out of Administration
-------------------------------------------------------------
Margaret Canning at Belfast Telegraph reports that
Raymond Acheson, the owner of Acheson & Glover Limited, is
expected to buy back the business safeguarding nearly 400 jobs
after its holding company went into administration.

Mr. Acheson is to buy Acheson & Glover Limited and Acheson &
Glover Precast Limited, which employ 380 people in total,
Belfast Telegraph discloses.

Non-trading group company Acheson & Glover Group Limited, based
in Fivemiletown, suffered heavy losses in the construction
downturn, which reached GBP21 million in 2009, Belfast Telegraph
relays.

However, the firm, as cited by Belfast Telegraph, said it would
be business as usual after managing director Raymond Acheson
reached a deal with Bank of Ireland so that it would finance his
purchase of the trading subsidiary companies after he set up a
new firm.

According to Belfast Telegraph, a spokesman said that Acheson and
Glover Ltd. has 200 staff and makes paving, walling and kerbing
products in the UK and Ireland, and has a turnover of over
GBP16 million.

The spokesman said that Acheson & Glover Precast employs 180
people in making concrete products for construction, and has a
turnover of around GBP16 million, Belfast Telegraph notes.

Michael Jennings and Brian Murphy of business advisers BDO were
appointed administrators to Acheson & Glover Group Ltd on May 2,
Belfast Telegraph recounts.


BRITISH AIRWAYS: Moody's Raises CFR to 'Ba3'; Outlook Stable
------------------------------------------------------------
Moody's Investors Service has upgraded to Ba3 from B1 the
corporate family rating (CFR) and to Ba3-PD from B1-PD the
probability of default rating (PDR) of British Airways Plc (BA).
Concurrently, Moody's has upgraded the company's senior unsecured
notes and the company's backed Industrial Revenue Bonds issued
through New York City Industrial Development Agcy, NY to B1 from
B2, and British Airways Finance (Jersey) L.P.'s preference stock
ratings to B2 from B3. The outlook on all ratings is stable. The
Enhanced Equipment Trust Certificate's ("EETC") senior secured
ratings issued by Speedbird 2013 Limited have been upgraded to A3
and Baa3 from Baa1 and Ba1 respectively.

"We are upgrading BA's ratings mainly because of materially
improved earnings in 2013 as well as our expectation of further
improvements over the next two years," says Sven Reinke, a
Moody's Vice President - Senior Analyst and lead analyst for BA.
"While we continue to assess BA on a standalone basis, we
nevertheless take into consideration the weaker operating
performance at Iberia compared with BA's performance. While we
recognize the legal separation of the two entities, we will
continue to assess the ongoing restructuring initiatives at
Iberia and the extent to which these could, over time, impact
BA's own financial profile, if at all."

Ratings Rationale

The rating action reflects BA's strong performance in 2013 that
resulted in credit metrics for fiscal year ended 31 December 2013
(FYE2013) that were well within our previous guidance for
positive rating pressure. Moody's also expects that BA could
further improve on its FYE2013 metrics if it achieves its public
target of an operating profit of GBP1.3 billion by 2015. At the
same time, Moody's will continue to assess what impact the
difficulties at Iberia, Lineas Aereas de Espana, S.A. (Iberia,
not rated) will have, if any, on the financial profiles of BA, as
well as its owner, International Consolidated Airlines Group S.A.
(IAG, not rated), going forward.

Driven by a strong short-haul performance, BA's revenues in 2013
rose 5.5% to GBP11.4 billion. This rise included a 6.6% increase
in passenger revenues owing to improvements in both volumes (RPK
increased by 3.9%) and yields (passenger revenue per RPK rose by
2.7%). Higher revenues as well as strong cost discipline resulted
in a significant increase in operating profit before exceptional
items to GBP651 million from GBP274 million in 2012.
Additionally, BA's operating performance was supported by
slightly lower average fuel prices and an improved passenger load
factor of 81.3% compared with 79.9% in 2012 as capacity increase
(ASK +2.0% in 2013) was notably below the growth in volume.

As of FYE2013, BA's Moody's-adjusted gross leverage was 4.4x,
which is within Moody's previous guidance for gross leverage
remaining sustainably below 6.0x for potential upward pressure on
the rating.

Moody's also expects Brent fuel prices to remain fairly stable
over the next one to two years. This expectation coincides with
IAG's own guidance of a fairly stable fuel bill based on a spot
price of about $1,000 per ton and a 64% fuel hedging position for
2014. Separately, Moody's also notes that BA's pension deficit
has been subject to significant volatility in the past, such that
a large shift in assets or obligations could potentially affect
the rating agency's rating assessment going forward.

BA's Ba3 CFR reflects its leading position at Heathrow and its
membership of the oneworld alliance group, as well as its
integration with Iberia into IAG. Moody's  view the merger as a
positive development, for BA and Iberia as it significantly
enhances IAG's network in terms of aircraft and destinations. In
particular, it combines BA's leading position in London Heathrow
and strength in the North Atlantic segment with Iberia's leading
position in travel to Latin American destinations. The most
recent target forecast by IAG is to achieve annual synergies with
a cumulative impact on EBIT of EUR650 million by 2015, driven by
EUR350 million higher revenues and EUR300 million in cost
savings. According to IAG, the group already realised synergies
of EUR460 million in 2013.

At the same time, however, Moody's notes that the overall level
of operating profit (before exceptional items) of IAG in 2013 was
similar to BA on a standalone basis, reflecting operating losses
at Iberia and operating profits at Vueling airlines that largely
offset each other. Although Iberia's operating losses (before
exceptional items) reduced in recent quarters, its liquidity
profile has deteriorated in the past two years as a result of
ongoing cash burn. Nevertheless, Moody's notes that Iberia
expects to fund its current restructuring program entirely using
internal resources. One key factor underlying Moody's rating and
outlook for BA is that there are currently no cross guarantees or
cross default provisions between itself and Iberia, or its owner,
IAG.

Moody's considers that BA has maintained solid liquidity, with a
balance of cash and equivalents as of FYE2013 of GBP1.85 billion,
and GBP2.2 billion of undrawn committed credit lines maturing
between 2014 and 2021, most of which are dedicated capex
facilities, with no financial covenants. Against this, in 2013
the company reported GBP365 million in short-term debt, most of
which is in the form of finance leases, and capex of GBP1,378
million. Moody's notes a recent step-up in aircraft orders by IAG
to re-fleet both BA and Iberia, and, as such, Moody's expects
BA's own capital spending to increase in coming years.

The upgrades of the ratings assigned to the company's Enhanced
Equipment Trust Certificates maintain the notching above the CFR
that was assigned when this financing came to market in June
2013. The A3 rating assigned to the A tranche is six notches
above the CFR; the Baa3 rating on the B tranche is three notches
above the CFR. The EETCs, issued by Speedbird 2013 Limited,
finance some of the youngest aircraft in BA's fleet that will
service its long haul routes for years to come. Sufficient over-
collateralization, the importance of the collateral, particularly
the B777-300ER and B787-8 aircraft to the company's operations,
the characteristics of EETCs, including the cross-default and
cross-collateralization features and the improvement in the
corporate credit profile support the upgrade of the ratings.
Moody's forecasts the loan-to-values of the A and B tranches at
about 57% and 73%, respectively, through at least 2016.

Moody's believes that an administration of BA is an unlikely
event. However, should an administration of BA commence, it would
be highly likely that the administrator would retain the aircraft
and thus continue to pay the rents due on the operating leases.
Alternatively, the aircraft in the transaction, including the six
A320s, would be attractive to other operators in the event these
aircraft unexpectedly came on the market under an insolvency
scenario. This supports Moody's opinion of a significantly lower
probability of a default on the EETCs under a corporate default
of BA. The rating of the B tranche also recognizes that the
projected equity cushion grows more quickly than in numerous of
the EETCs issued by U.S. airlines because of rent payments that
are larger than the debt amortization in those mortgage financing
EETC transactions.

Outlook

The stable outlook on the ratings reflects Moody's view that BA's
FYE2013 metrics are adequately-positioned for the rating
category. In addition, Moody's expectation that fuel prices will
be fairly stable in the coming year should be supportive of BA's
ambitious profitability targets for fiscal year (FY) 2015.

What Could Change The Rating Up/Down

Moody's believes that there could be positive rating pressure for
BA if the company's gross adjusted leverage moves towards 4.0x,
with strong liquidity. Moody's will continue to assess the extent
to which Iberia's restructuring program leads to operating losses
being remedied. In Moody's view, a turnaround at Iberia without
financial support from BA would be supportive of BA's own
ratings.

Although not expected currently, there could be negative pressure
on the rating or outlook if BA's earnings were to deteriorate, or
if there were a material increase in the pension deficit, with
gross adjusted leverage rising towards 6.0x.

British Airways (BA), based in Harmondsworth, United Kingdom, is
one of Europe's largest airlines and flies to more than 400
destinations worldwide. For the fiscal year to December 2013, the
company reported revenues and an operating profit (before
exceptional items) of approximately GBP11.4 billion and GBP651
million, respectively. Following a merger with Iberia in January
2011, BA now reports as part of International Consolidated
Airlines Group S.A. (IAG), which is incorporated as a Spanish
company with its shares trading on both the London and Spanish
Stock Exchanges. In 2013, IAG generated revenues and an operating
loss (before exceptional items) of EUR18.7 billion and EUR770
million, respectively.


CO-OPERATIVE BANK: Investors Back Capital Raising
-------------------------------------------------
Sharlene Goff at The Financial Times reports that investors have
expressed confidence in the recovery of the Co-operative Bank by
subscribing to a fresh capital raising that almost doubles the
size of the lender's share base.

Two large investors, hedge funds Silver Point and Perry Capital,
increased their holdings and were given the right to nominate a
director to the bank board, the FT discloses.

But financial pressures at its parent Co-operative Group meant
that the food-to-finance mutual had to sell existing shares to
take up its entitlement of new stock -- and, as a result, reduced
its stake in the bank from 30% to about 20%, the FT notes.

This dilution of the Co-op Group's stake weakens the 140-year-old
link between the two groups and means that the mutual will be
able to appoint only one director to the bank board, rather than
two previously, the FT states.

However, it will not affect the way the bank is run, or its
ability to use the Co-op brand, because the lender must still
abide by certain ethical principles as long as the Co-op Group's
stake remains above 20%, according to the FT.

This latest GBP400 million capital raising was announced in
March, following higher than expected compensation bills for
mis-selling products, overcharging and statement errors, the FT
recounts.

The Co-op Group had owned the bank in its entirety until a
recapitalization in December handed a 70% stake to hedge funds
and other bondholders, the FT discloses.  It still owes the bank
GBP263 million as part of the recapitalization, the FT says.

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

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

                           *     *     *

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


HEARTS OF MIDLOTHIAN: Ann Budge to Take Over Club Today
-------------------------------------------------------
Stephen Halliday at The Scotsman reports that Ann Budge will
formally take control of the Hearts of Midlothian Football Club
today, May 12, after her GBP2.5 million deal for almost 80% of
the club's shares was finally completed on Thursday.

Confirmation of the sale and purchase agreement to the Edinburgh
businesswoman came after no objections to her takeover were
raised by creditors of UBIG, the Lithuanian banking group, during
a 20-day cooling off period, The Scotsman discloses.

It effectively ends Hearts' association with UBIG and Ukio
Bankas, the companies used by Vladimir Romanov to fund his
purchase of the club in 2005 and which held security over
Tynecastle Stadium, The Scotsman notes.  Hearts, The Scotsman
says, are now on course to exit administration, which they
entered last June with debts of GBP25 million, before the start
of next season once a Company Voluntary Arrangement with
creditors is agreed.

The club's administrators, BDO, confirmed that the relevant
papers have been signed by all parties and the shares transferred
to Bidco -- the company of which Budge is the sole director --
allowing the CVA to be implemented, The Scotsman relates.  It is
intended that ownership of the club will be passed over to the
Foundation of Hearts fans group within five years, The Scotsman
says.

                   About Hearts of Midlothian

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

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


JOHNSTON PRESS: Moody's Assigns '(P)B3' CFR; Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B3
corporate family rating (CFR) to Johnston Press plc, a leading UK
multimedia company that publishes paid for daily, weekly and free
newspapers and lifestyle magazines, operates local/e-commerce
websites with mobile sites and owns certain tablet and Smartphone
apps. The (P)B3 CFR is based on the assumption that Johnston
Press successfully completes the rights issue of GBP140 million
in conjunction with the proposed debt issue of GBP220 million.

Moody's has also assigned a (P)B3 rating to the GBP220 million
Senior Secured Notes being issued by Johnston Press Bond Plc (a
special purpose vehicle (SPV) formed solely for the issuance of
the Notes; this SPV will be on-lending the note proceeds to
Johnston Press plc). The outlook on all ratings is stable.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. The provisional
ratings in this case reflect Moody's assumptions about key terms,
including interest rate, the alignment of the restricted payment
tests within the restricted group and so on. Upon a conclusive
review of the final documentation, Moody's will endeavor to
assign a definitive rating to the Notes. A definitive rating may
differ from a provisional rating.

Ratings Rationale

The (P)B3 CFR for Johnston Press, reflects the (1) fairly limited
size and scope of the company's operations and vulnerability of
majority of its revenues to the cyclical nature of advertising
spending; (2) high degree of reliance on declining print
advertising revenues; (3) pressure on print circulation volumes
for local and regional newspapers; (4) fact that the company
operates in a competitive industry and the advent of new
technologies, such as the provision of newspaper content on free
internet sites, may put pressure on its advertising and newspaper
sales revenue; and (5) execution risks associated with the
transformational strategic plan.

However, more positively the rating takes into account the (1)
diversified revenue base of the group by sales category,
geography and customer mix with market-leading positions for most
of its product offerings; (2) expectation that going forward
print advertising will decline at a slower pace and that Johnston
Press is able to increase cover prices to protect its circulation
revenues; (3) strong efforts to grow digital advertising
revenues; (4) turnaround transformation strategy implementation
showing positive results in the initial years; resulting in good
cost control and higher operating margin than peers; and (5) good
free cash flow generation expected from 2015 onwards (2014 will
be affected by restructuring related outflows), which should help
Johnston Press in de-leveraging but Moody's-adjusted gross debt/
EBITDA will nevertheless carry the impact of movements in IAS 19
pension deficit.

Total revenues for Johnston Press declined by 5.5% on an
underlying basis in 2013, an improvement on the 7.9% decline
experienced in 2012. Advertising revenues of Johnston Press (62%
of total underlying revenues) in 2013 were GBP181.7 million, and
declined by 6.4% on an underlying basis after adjusting for the
impact of changing five titles from daily to weekly. All of this
decline was driven by print advertising categories, which had an
underlying decline of 9.5%, only partly compensated by growth in
digital advertising of 19.4% (8.4% of total underlying revenues).
Circulation revenues of Johnston Press (30% of total underlying
revenues) declined by 4.5% in 2013 compared with 2012 and
amounted to GBP87.7 million. The underlying decline was 1.3%
after taking into account the closed titles and the change of
frequency of five titles from daily to weekly. Circulation
revenues were helped by cover price increases while the print
audience continued to visibly decline. Moody's does not expect
the overall revenues of Johnston Press to stabilize before 2016.

2013 was also an important year in the turnaround at Johnston
Press as it posted its first underlying operating profit growth
for seven years. The company posted an underlying operating
profit of GBP54.3 million, representing year-on-year growth of
2.5%. During the year, reported adjusted EBITDA margin increased
slightly to 21.4% (compared to 21.2% in 2012). Since 2011, the
new management of Johnston Press has made strong strategic
progress and has (1) re-launched all of the major titles
(altogether 227 titles) to offer a better print proposition; (2)
implemented 'Templating' full scale across the portfolio to boost
user-generated content and national advertising opportunities;
(3) launched synergistic web offerings and developed consumer
digital services and offerings such as vouchers, discounts; and
(4) significantly rationalized the cost base.

In April 2012, Johnston Press had provided a directional
statement aiming to broadly achieve by 2020, revenues of nearly
GBP400 million, double its 2011 operating margin and a overall
revenue split of 50% from print and 50% from online. The company
aims to reduce its journalists workforce significantly and
increasingly rely on user-generated content. While the initial
years of the implementation of the transformation strategic plan
have progressed well, significant execution risks still remain.

At the closing of the refinancing transaction and helped by the
rights issue of GBP140 million, Johnston Press' Gross debt/EBITDA
(as adjusted by Moody's) will reduce to 4.8x on a 2013 pro-forma
basis (compared with 6.2x at the end of FY2013; both excluding
restructuring costs). Moody's expects that the company will
continue to focus on de-leveraging over the medium term and
utilize its internally generated free cash flow towards debt
reduction. Moody's does not expect the company to resume
dividends over the short to medium term. The IAS 19 pension
deficit adds around 1.1x to Moody's adjusted gross debt/EBITDA
(excluding restructuring). The deficit has improved to
GBP78 million compared with GBP121 million in 2012, largely
benefitting from actuarial gains from the pension assets (of
which equity assets are moving towards 50%).

The GBP25 million Super Senior RCF issued by Johnston Press plc
(due 2018) has been ranked highest in priority of claims
reflecting its priority of payment from enforcement proceeds. The
GBP220 million Senior Secured Notes (SSN, due 2019) issued by
Johnston Press Bond Plc (a Special Purpose Vehicle created for
the issuance) are ranked second in priority of claims and rated
(P)B3 rating (with a loss given default (LGD) assessment of LGD
4). The trade claims and pension deficit have been ranked
pari-passu with the SSN, in accordance with Moody's LGD
methodology. The lease rejection claims at the operating
companies have been ranked last in the priority of claims
waterfall.

Upon consummation of the SSN offering, the Notes proceeds will be
deposited in an Escrow account until certain conditions are
satisfied (including the rights issue of GBP140 million and the
debt assumption whereby Johnston Press Bond Plc will become a
wholly owned subsidiary of Johnston Press plc). On the Escrow
release date, Johnston Press Bond Plc will enter into a proceeds
loan with Johnston Press plc under which the gross proceeds from
the Notes issuance will be loaned. On and from the Escrow release
date, the SSN and the RCF will hold a secured interest in a
material portion of the assets of the restricted group. They will
also be guaranteed by members of the Restricted Group accounting
for 108.3% of consolidated 2013 EBITDA and 95.3% of group's
tangible fixed assets.

Liquidity Profile

Moody's believes that Johnston has an adequate liquidity position
given the presence of a GBP25 million RCF, which the agency
considers adequate to manage the group's working capital
requirements. The company will have GBP25.6 million of cash on
its balance sheet at the time of closing. The RCF incorporates a
leverage based maintenance financial covenant under which Moody's
would expect Johnston Press to maintain comfortable headroom at
all times. There is no material debt maturity before the Senior
Secured Notes in 2019.

Rating Outlook

A stable ratings outlook is based on Moody's expectation that
Johnston Press will pursue a de-leveraging strategy and will
largely achieve its current business plan in 2014 and beyond.

What Could Change The Rating Up/ Down

Upward pressure could be exerted on the ratings once (1) Johnston
Press is able to reduce its leverage to around or below 4.0x
gross debt/ EBITDA (as adjusted by Moody's) on a sustained basis;
and (2) continues to generate positive free cash flow generation.

On the contrary, downward pressure could be exerted on the
ratings should (1) leverage remain at or above 5.0x Gross Debt to
EBITDA (as adjusted by Moody's) at the end of 2014; (2) material
deterioration occur in the operating performance; (3) free cash
flow generation fall towards zero; and/or (4) any other factors
emerge with a negative impact on liquidity.

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

Johnston Press plc is a leading UK multimedia company that
publishes 13 paid for daily newspapers including The Scotsman,
The Yorkshire Post and The News (Portsmouth), 196 paid for
weeklies, 39 free newspapers and 10 lifestyle magazines. The
company has 185 local and e-commerce websites with complementary
mobile sites and owns a number of tablet and smartphone apps. For
fiscal year ended 31 December (FY) 2013, Johnston Press reported
adjusted revenues of GBP292.8 million and adjusted EBITDA of
GBP62.6 million, the group also reported underlying revenues of
GBP291.9 million and adjusted EBITDA of GBP62.0.


NIGHTINGALE FINANCE: S&P Cuts Subordinated Notes Rating to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its issuer credit
rating (ICR) on Nightingale Finance Ltd.  At the same time, S&P
has affirmed its medium-term note and commercial paper ratings on
Nightingale Finance Ltd. and Nightingale Finance LLC, two co-
issuing entities under a structured investment vehicle (SIV),
collectively known as Nightingale.  S&P has lowered to 'D' from
'CC' its rating on the subordinated notes issued from Nightingale
Finance Ltd.

AIG Financial Products Corp (AIGFP; A-/Negative/A-2) provides
full financial support to Nightingale through a combination of
asset repurchase and note purchase commitments.  As S&P has
indicated when taking previous rating actions, given this
support, it believes that its ratings on Nightingale should not
be any higher than its long- and short-term ratings on AIGFP.

S&P has assessed the SIV support agreements, and following its
review, S&P has affirmed its ICR and medium-term note and
commercial paper ratings in the Nightingale SIV because they are
linked to the ratings on AIGFP as the support provider.

S&P has lowered to 'D' from 'CC' its rating on the subordinated
notes issued by Nightingale Finance Ltd. because S&P believes it
is unlikely that the noteholders will receive the par amount of
the notes.

The current portfolio has the following characteristics:

ASSETS BY INDUSTRY (%)

Structured finance 59.43
Financial          29.61
Cash               10.96

COUNTRY EXPOSURE (%)

U.S.               51.46
U.K.               23.18
Ireland             3.29
Australia           2.28
Netherlands         1.64
Germany             1.30

Nightingale is a SIV managed by AIG Asset Management (Europe)
Ltd. AIG Asset Management (Europe), an affiliate of AIG, has
responsibility for purchasing assets, managing the portfolio, and
overseeing the issuance of commercial paper and medium-term notes
out of Nightingale.

RATINGS LIST

Class                           Rating
                        To                From

Nightingale Finance Ltd.

Ratings Affirmed

ICR                     A-/Negative/A-2
CP                      A-2
MTN                     A-

Rating Lowered

Subordinated notes      D                 CC

Nightingale Finance LLC

Ratings Affirmed

CP                      A-2
MTN                     A-

ICR--Issuer credit rating.
CP--Commercial paper.
MTN--Medium-term notes.



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


* BOND PRICING: For the Week May 5 to May 9, 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.

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *