TCREUR_Public/140526.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 26, 2014, Vol. 15, No. 102

                            Headlines

F R A N C E

KERNEOS TECH: S&P Assigns B+ Corp. Credit Rating; Outlook Stable


G E O R G I A

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


G E R M A N Y

EUROCONNECT: Fitch Puts 'B+'-Rated Class C Notes on Watch Pos.
KRAUSSMAFFEI GROUP: S&P Affirms 'B' CCR; Outlook Stable
TALISMAN-4 FINANCE: Fitch Cuts Rating on Class D Notes to 'Dsf'


G R E E C E

* GREECE: Syriza Party Vows to Scrap Bailout Agreements


I R E L A N D

GSC EUROPEAN: Moody's Raises Ratings on 2 Note Classes to 'B3'
IRISH BANK: Ex-CEO Admits Errors in Bankruptcy Filing
* IRELAND: Cashflow Remains Biggest Threat to Business Survival


R U S S I A

BYSTROBANK JSC: Fitch Raises LT Issuer Default Rating to 'B'
SAMARA OBLAST: S&P Revises Outlook to Neg. & Affirms 'BB+' ICR


S L O V E N I A

CIMOS: To Undergo Court-Supervised Debt Restructuring


S P A I N

CAJA RURAL DEL SUR: Fitch Affirms 'BB' Support Rating Floor
DEOLEO SA: Moody's Assigns B2 Corp. Family Rating; Outlook Stable
DEOLEO SA: S&P Assigns Preliminary 'B' CCR; Outlook Stable
PYME BANCAJA 5: Fitch Lowers Rating on Class C Notes to 'CCsf'


T U R K E Y

TURKEY: S&P Affirms 'BB+/B' Sovereign Credit Ratings


U N I T E D   K I N G D O M

AIB GROUP: S&P Affirms 'BB' Counterparty Credit Rating
ALTE LIEBE 1: S&P Affirms 'CCC+' Rating on EUR102MM Notes
FITNESS FIRST: Secures GBP115-Mil. Debt Facility From Lenders


X X X X X X X X

* BOND PRICING: For the Week May 19 to May 23, 2014


                            *********


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F R A N C E
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KERNEOS TECH: S&P Assigns B+ Corp. Credit Rating; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said it had assigned its 'B+'
long-term corporate credit rating to Kerneos Tech Group SAS, a
holding company for France-based calcium aluminates cement
producer Kerneos Aluminates SAS.  The outlook is stable.

At the same time, S&P assigned its 'B+' issue rating to the
group's EUR200 million fixed-rate senior secured notes and
EUR150 million floating-rate senior secured notes, both due in
2021.  The recovery rating on these notes is '4', indicating
S&P's expectation of average (30%-50%) recovery in the event of a
payment default.

The ratings on Kerneos Tech Group reflect S&P's assessment of
Kerneos' business risk profile as "fair," and financial risk
profile as "highly leveraged," with Standard & Poor's-adjusted
pro forma debt to EBITDA of more than 8x.  S&P's ratings
assessment also encompasses its view of the comparable ratings
analysis as "positive" and liquidity as "adequate."

"Our view of the business risk profile as "fair" reflects the
group's exposure to the highly cyclical end markets of crude
steel production and construction, from which it derives the bulk
of its revenues.  Although we forecast some improvement in the
refractory segment, owing to the forecast growth in global steel
demand, recovery prospects for the construction market remain
modest. Within the construction market, the group's exposure is
fairly balanced between renovation and new construction
activities. Kerneos' modest scale and its exposure to input cost
inflation, particularly to aluminous raw materials, further weigh
on the ratings.  That said, this is somewhat mitigated by the
group's recent vertical integration following the acquisition of
the Greece-based red bauxite producer Elmin," S&P said.

These weaknesses are somewhat offset by Kerneos' recognized
positions in the niche CAC segment.  Also, Kerneos has
consistently posted an average EBITDA margin of 19%-20%, despite
constraining market conditions in the construction and refractory
segments.  S&P's assessment of the group's fair competitive
position also derives from its healthy exposure to emerging
markets, which account for one-third of revenues, and
longstanding relationships with its customers, reflected, for
instance, in its joint research and development program.

Following the closing of the transaction, Kerneos' capital
structure includes:

   -- Existing financial debt of more than EUR20 million;

   -- EUR350 million senior secured notes due 2021, up from the
      initially proposed EUR335 million;

   -- EUR60 million subordinated vendor notes invested by Wendel,
      which S&P treats as debt under its criteria;

   -- More than EUR200 million convertible preferred equity
      certificates (CPECs) issued by Top Luxco, the ultimate
      holding company within the group, which S&P treats as debt
      under its criteria; and

   -- Slightly more than EUR1 million of preferred shares, which
      S&P treats as debt under its criteria.

As a consequence, S&P expects that Kerneos' ratio of Standard &
Poor's-adjusted debt to EBITDA will be in excess of 8x by
December 2014.  This ratio was modestly affected by the increase
in the senior secured notes from the proposed issuance.
Excluding the effect of the vendor notes, CPECs, and preferred
shares, this metric is likely to be more than 5x, which S&P still
regards as "highly leveraged."

The stable outlook reflects S&P's view that Kerneos will maintain
an EBITDA margin sustainably above 19% over the next 12-18
months, supported by improvements in the refractory segment while
recovery prospects remain modest for the building chemistry
segment.



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

RATIONALE

The ratings on Georgia are constrained by its high external
vulnerabilities, limited monetary flexibility, and low GDP per
capita.  The ratings also reflect S&P's view that while recent
domestic uncertainties (following the 2012 elections and ensuing
political tensions in 2013) have somewhat abated, wider regional
uncertainties, linked to the crisis in Ukraine and slowdown in
Russia, have increased.  S&P expects that the contribution of
domestic demand to growth will increase as confidence returns,
but that the contribution from net exports will fall as a result
of the unsupportive regional environment.

Despite this rebalancing of risk and some lingering uncertainty
over the stability of the coalition government, S&P expects
Georgia's longer term prospects to remain strong.  S&P also
expects that the government's policy direction will continue to
support medium-term fiscal consolidation and that government debt
levels will remain contained.

In S&P's view, slower economic growth over 2013 was closely
linked to election-related uncertainties; consumption and
investment remained subdued over the first three quarters before
accelerating rapidly between September and year-end.  Fourth-
quarter government expenditure was instrumental in achieving 3.3%
real GDP growth, equal to one-third of the year's total
expenditure at the general government level.  The lifting of the
Russian trade embargo also helped to boost exports over the
second half of the year.  In the short-to-medium term, S&P
expects growth at below its previous forecasts for 2014 and 2015,
before assuming a gradual improvement, albeit at relatively
healthy rates.

S&P expects that the full impact of increased social spending
will help 2014 growth, enhancing the carry-over effect from 2013.
However, subdued post-election increases in private investment
could constrain growth, potentially linked to lingering
uncertainties around the new administration's policies on
property rights and its aggressive stance toward key personnel in
the previous government.

The effects of the ongoing crisis in Ukraine and slowdown in
Russia are yet to become fully visible, and could well hamper
export growth: together the two countries received 13% of
Georgia's total exports in 2013.  Similarly, S&P expects FDI
flows and remittances from the region to fall and for import
demand from Georgia to increase, pressuring the contribution from
net exports to overall growth.

S&P expects increased import demand related to fiscal policy
(where social spending increases the consumption of imported
goods).  However, S&P anticipates subdued regional export demand
to result in Georgia's current account deficit widening over the
next couple of years, after halving in 2013.  Over 2013, weak
domestic economic performance and flat FDI translated into
substantially reduced import demand.  At the same time, external
demand for Georgian exports improved, partly on improved trade
ties with Russia.

"This year and beyond, we forecast consumption-driven imports to
accelerate, but regional external demand (particularly from
Ukraine) to weaken and offset improvements in European demand.
We expect Georgia's trade deficit to widen as a result.  We think
slower growth in key regional economies where much of the
Georgian diaspora lives -- Russia and Turkey -- will result in
only slightly lower remittances.  However, this will also keep
pressure on the current account deficit.  Growth in FDI -- of
which we understand a significant portion is from expatriates
located in the CIS -- is also likely to remain subdued as a
result," S&P said.

Lower extra-regional investment flows, deterred by the ongoing
Ukraine crisis and regional political uncertainty, will likely
result in higher financing pressures.  As a result, S&P expects
Georgia's external indebtedness to increase over the medium term.
Foreign exchange reserves currently cover approximately three
months' of imports.  Gross external financing needs remain high
at over 110% of current account receipts (CARs) plus usable
reserves, and S&P estimates Georgia is in a significant net
external liability position of more than 100% of GDP or nearly
170% of CARs.

The Georgian lari depreciated some 7% between November 2013 and
May 2014.  This was linked to the significant increase in fiscal
expenditure over the fourth quarter of 2013; the depreciation of
key trading partners' currencies; and excess liquidity in the
domestic banking system, which creates demand for foreign
currency.  Over the same period, in order to smooth the related
volatility, the National Bank of Georgia intervened on numerous
occasions, with operations totaling some $1 billion in gross
terms.  However, S&P views the factors behind these pressures as
temporary, although it expects the widening current account
deficit to keep pressure on the lari.

That said, upside potential for both growth and external
stability is linked to increased integration with the EU (with
which an Association Agreement is likely this year).  After its
previous arrangement with the IMF expired in April this year, S&P
also understands that the government is discussing a follow-on
support arrangement.

Supporting the ratings, Georgia's fiscal performance remained
contained over 2013, albeit partly through expenditure delays
related to the presidential elections.  S&P expects that the
general government deficit will widen to nearly 4% of GDP over
2014 as the full raft of increased social expenditures is pushed
through.  Social spending is budgeted to increase by some 22% in
2014, linked to pensions for the elderly and the creation of
universal health care.  However, while S&P anticipates that
financing these plans will significantly increase domestic debt
issuance, it expects the government's debt burden will remain
modest over the next few years at below 35% of GDP.  Almost 72%
of Georgia's debt is external, the vast majority at long maturity
and on concessional terms from international organizations.

The domestic banking system remains receptive to government
issuance as a result of excess liquidity linked to low
consumption, but also continued deposit growth.  Monetary policy
transmission remains weak, however, and dollarization
significant. Unlike the past few years of deflation, S&P expects
inflationary trends to pick-up in line with the first few months
of 2014 as growth improves.  S&P also forecasts credit demand to
accelerate, albeit cautiously.

Outlook

The stable outlook balances S&P's expectations that Georgia's
external position will remain weak, but that growth prospects
will stay relatively strong.  S&P expects that Georgia's
dependence on external financing needs will remain significant,
but that traditional financiers will continue to meet these
needs.  However, S&P could lower the ratings if Georgia's
external financing needs increase materially higher than S&P
currently expects, particularly if prospects for FDI deteriorate
at the same time.

S&P could also consider lowering the ratings if the performance
of the regional economy materially reduces Georgia's longer term
growth prospects or if political uncertainties linked to changes
in policy cause S&P to reassess the predictability and
transparency of policy.

S&P' could raise the ratings if growth accelerates materially
faster than it currently expects while, at the same time,
external vulnerabilities recede.  Improved prospects for
investment and FDI, while maintaining fiscal discipline and
policy continuity, could also see positive ratings pressure
build.

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

Georgia (Government of)
Sovereign Credit Rating                BB-/Stable/B
Transfer & Convertibility Assessment   BB
Senior Unsecured                       BB-
Commercial Paper                       B



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EUROCONNECT: Fitch Puts 'B+'-Rated Class C Notes on Watch Pos.
--------------------------------------------------------------
Fitch Ratings placed EuroConnect Issuer SME 2007 Ltd, due 2030,
on Rating Watch Positive (RWP):

EUR43.25m class B (XS0336040331): 'BB+sf'; on RWP
EUR37.1m class C (XS0336040505): 'B+sf'; on RWP

The transaction is a partially-funded synthetic CDO
securitization with exposures to small- and medium-sized
enterprises, primarily in Germany and Austria. Originators are
UniCredit Bank AG (A+/Negative/F1+) and UniCredit Bank Austria AG
(A/Negative/F1).

Key Rating Drivers
The RWP reflects the stable pool performance and increased credit
protection for the rated notes as a result of pool amortization.
The portfolio quality and composition have remained largely
unchanged over the past 12 months.

However, for the current review the originator did not provide
Fitch with the internal rating migration matrices for 2013, which
are an essential piece of information in the agency's analysis,
as they show the historical observed default rates of each
internal rating category for a given year. This data is used to
perform the mapping of the originator's internal ratings to
certain probabilities of default, which are in turn used as input
for the agency's Portfolio Credit Model (PCM). PCM derives the
portfolio loss levels for different rating scenarios.

Fitch has analyzed default data history from 2008 to 2012 for the
originator's loan book. Based on several assumptions made in the
absence of data for the last year, as well as taking into account
the deal's stable performance, increased levels of credit
protection and the availability of synthetic excess spread as a
further loss threshold, the agency considers an upgrade of the
ratings as possible. Fitch expects the originator to provide the
2013 migration matrices within the next three months. The agency
will then review the transaction and, if warranted, will
contemplate an upgrade of the ratings. If this data is not
provided, the ratings will be withdrawn as the ratings cannot be
maintained without sufficient information.

Rating Sensitivities
In Fitch's view, the risk of portfolio concentration remains
limited due to the granularity of the asset pool. The 10 largest
obligor groups make up 15.7% of the outstanding pool compared
with 13.35% a year ago. Even if no recoveries are assumed, the
current credit enhancement for the class B notes is sufficient to
provide for a default of the 17 largest obligor groups. The class
C credit enhancement could cover the default of the 10 largest
obligor groups.


KRAUSSMAFFEI GROUP: S&P Affirms 'B' CCR; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit ratings on Munich Holdings II Corporation S.a.r.l. (Munich
Holdings) and one of its "core" subsidiaries, Germany-based
plastics-processing machinery manufacturer KraussMaffei
Technologies GmbH (KraussMaffei Technologies).  The outlook on
Munich Holdings is stable.

S&P subsequently withdrew the rating on KraussMaffei
Techhnologies.  The outlook was stable at the time of the
withdrawal.

At the same time, S&P assigned a 'B' corporate credit rating to
KraussMaffei Group GmbH, another "core" subsidiary of Munich
Holdings.  The outlook is stable.

Also, S&P affirmed its 'B-' issue and '5' recovery ratings on the
group's existing EUR325 million senior secured notes.  The '5'
recovery rating remains unchanged and indicates S&P's expectation
of a modest (10%-30%) recovery in the event of a payment default.

The ratings on the Munich Holding, KraussMaffei Technologies, and
KraussMaffei Group (collectively, KraussMaffei) reflect S&P's
assessments of the group's "highly leveraged" financial risk and
"weak" business risk profiles.

"Our view of KraussMaffei's "weak" business risk profile is based
on the group's operations in the highly competitive and cyclical
plastics-processing machinery industry, as well as the group's
below-industry-average and volatile operating profitability.  In
our view, the business risk profile is also restricted by
KraussMaffei's relatively low share of aftermarket operations
compared with that of its peers.  We think that a higher share of
such operations could offset some of the cyclicality in new
machinery sales," S&P said.

"However, we see that the group has well-established market
positions in Europe and a broad product offering.  Our assessment
is supported by the broad geographic diversity of the group's
revenue generation, particularly because we expect growth
prospects in emerging markets to remain relatively better than in
KraussMaffei's domestic European market over the next two years.
Still, we think that the group would find it difficult to achieve
similar diversification of its production operations in the near
term, which are mainly in Europe," S&P added.

"We expect KraussMaffei will maintain its good market share in
the global plastics technologies markets, particularly in its
domestic European market.  KraussMaffei is a full-product line
global supplier across the industry's three primary machinery
applications: injection molding, extrusion, and reaction process
machinery.  Although we forecast that business stability should
continue to ride on increasing aftermarket and consumables
opportunities, as a result of its sizable installed base, a
significant portion of KraussMaffei's business remains exposed to
the highly cyclical and price competitive original equipment
market.  We expect the group will improve its EBITDA margins over
the next 12-18 months to higher than the some 7% it showed in
2013, thanks to extensive cost-cutting initiatives and
operational improvements," S&P noted.

S&P continues to view KraussMaffei's financial risk profile as
"highly leveraged."  This reflects relatively weak adjusted debt
to EBITDA (adjusted to include operating leases pension
liabilities and drawings under its factoring program) of about
7.5x and funds from operations (FFO) to total debt of about 5%,
as of Dec. 31, 2013.  S&P further expects EBITDA interest cover
ratios to remain at or above 2x over our forecast horizon.

Under S&P's base-case scenario, it assumes the following:

   -- Organic revenue growth of 2%-5%;

   -- Standard & Poor's-adjusted EBITDA margins in the 7%-9%
      range; and

   -- Capital expenditures of approximately 2%-3% of revenues.

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

   -- Pro forma debt to EBITDA decreasing toward 6.5x in 2014 and
      below 6.0x in 2015; and

   -- FFO to debt between 5% and 9%.

The stable outlook on KraussMaffei incorporates S&P's expectation
of modest revenue growth in 2014 and 2015.  S&P also anticipates
that KraussMaffei will report an adjusted EBITDA margin of 7.5%-
8.5% in 2014 and more than 8.5% in 2014, supported by
restructuring efforts leading to minimally positive FOCF, as well
as no dividends and acquisition payouts that exceed FOCF
generation.

S&P could lower the ratings if weakening operating performance
were to lead to negative free cash flow, adversely affecting the
group's liquidity, or a significant deterioration of credit
measures.  Indications of weaker credit metrics could include a
10% decline in revenues and margins deteriorated by more than 200
basis points, resulting in EBITDA coverage ratios contracting to
less than 1.7x.

Rating upside could stem from lower debt and sustainably stronger
credit-protection measures.  Additionally, S&P could raise the
ratings if stronger-than-expected EBITDA generation led to a
lower leverage than 4x and FFO to debt of about 20%.  However,
S&P sees this scenario as relatively unlikely in the coming 12-18
months, given the high adjusted debt.


TALISMAN-4 FINANCE: Fitch Cuts Rating on Class D Notes to 'Dsf'
---------------------------------------------------------------
Fitch Ratings has downgraded Talisman-4 Finance plc's class A, B,
C and D notes due 2015 and affirmed the rest, as follows:

  EUR79.3m class A (XS0263096389) downgraded to 'Bsf' from
  'BBsf'; Outlook Negative

  EUR39.4m class B (XS0263098161) downgraded to 'CCsf' from
  'Bsf'; Recovery Estimate (RE) 10%

  EUR39.4m class C (XS0263098914) downgraded to 'Csf' from
  'CCsf'; RE 0%

  EUR2.6m class D (XS0263099722) downgraded to 'Dsf' from 'Csf';
  RE 0%

  EUR0m class E (XS0263100835) affirmed at 'Dsf'; RE 0%

  EUR0m class F (XS0263101304) affirmed at 'Dsf'; RE 0%

  EUR0m class G (XS0263101569) affirmed at 'Dsf'; RE 0%

The transaction is a securitization of originally eight
commercial mortgage loans secured on assets located in Germany.
As of the April 2014 interest payment date, only one loan
remained.

Key Rating Drivers

The downgrades reflect wider-than-expected losses from the
Barthonia and Valentine loan workouts, the reduced value of the
collateral underpinning the remaining DT-12 loan and the short
remaining time to bond maturity in July 2015.

Both the distressed Barthonia and Valentine loans were resolved
via distressed pay-offs (DPOs). While the sale price of the
Barthonia loan was roughly in line with Fitch's recovery
expectations, the Valentine loss (39% of the loan balance) was
significantly more severe than expected by the agency,
contributing towards the downgrade of the more senior notes.
Jointly, the loss allocations resulted in the write-down of the
remaining class E notes and the majority of the class D notes.

The remaining loan, EUR160.7 million DT-12, is secured by 12
office properties located across Germany. The properties are
fully let to Deutsche Telekom (DT, BBB+/Stable), although there
is a high level of vacancy and sub-letting. For five assets, DT's
leases expire in February 2015 and the group has confirmed that
it will not renew. The most recent valuation was conducted in
February 2014 and places the collateral value at EUR90.7 million,
resulting in a loan-to-value ratio of 177.2% (up from 122.7%
previously).

Following the DT-12 loan's default on maturity in July 2013, a
cash trap mechanism was put in place as part of a restructuring.
All capex/opex need to be signed off by the special servicer and
all surplus rent is used to repay the loan. Over the last 12
months, EUR7.9m was repaid.

With just over 14 months to bond maturity, Fitch believes that a
portfolio sale or a DPO may be more likely than a piecemeal sale
of the assets. However, any significant portfolio discount would
make the full repayment of the senior notes doubtful, given the
current class A advance rate (note balance divided by collateral
value) of 87%.

Rating Sensitivities
Lower-than-expected recoveries could result in a downgrade of
class A.  The class B and C notes are expected to be downgraded
once losses to these tranches have been allocated. Fitch 'Bsf'
recoveries are approximately EUR83 million.



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* GREECE: Syriza Party Vows to Scrap Bailout Agreements
-------------------------------------------------------
Derek Gatopoulos at The Associated Press reports that an
anti-bailout party vowed Thursday to scrap international
agreements that rescued the country's economy from bankruptcy at
the cost of harsh austerity.

Three opinion polls also published Thursday found that support
for the left-wing Syriza party was 2.5 percent to 3.2 percentage
points ahead of the conservative New Democracy party, which leads
Greece's coalition government, The Associated Press relates.

According to The Associated Press, Syriza leader Alexis Tsipras
declared at his party's main election rally in Athens that a
Syriza victory in Sunday's twin polls would force the government
to call early parliamentary elections.

"We will build a road of social security, and scrap the bailout
agreements once and for all, along with the laws brought in to
enforce them," The Associated Press quotes Mr. Tsipras as saying.

Public support for the once-tiny Syriza has grown roughly
five-fold since Greece came to the brink of bankruptcy in 2010,
fueling a rapid rise in levels of poverty and unemployment that
spurred voters to abandon traditional parties, The Associated
Press relays.



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GSC EUROPEAN: Moody's Raises Ratings on 2 Note Classes to 'B3'
--------------------------------------------------------------
Moody's Investors Service announced that it has taken the
following rating actions on the following classes of notes issued
by GSC European CDO II S.A:

EUR25M Class B Floating Rate Notes, Upgraded to Aaa (sf);
previously on Feb 22, 2013 Upgraded to A1 (sf)

EUR16.5M Class C1 Floating Rate Notes, Upgraded to Baa1 (sf);
previously on Feb 22, 2013 Affirmed Ba2 (sf)

EUR11M Class C2 Fixed Rate Notes, Upgraded to Baa1 (sf);
previously on Feb 22, 2013 Affirmed Ba2 (sf)

EUR16M Class D1 Floating Rate Notes, Upgraded to B3 (sf);
previously on Feb 22, 2013 Affirmed Caa1 (sf)

EUR2M Class D2 Floating Rate Notes, Upgraded to B3 (sf);
previously on Feb 22, 2013 Affirmed Caa1 (sf)

EUR4M Combination V Notes, Upgraded to Baa1 (sf); previously on
Feb 22, 2013 Affirmed Ba2 (sf)

Moody's also affirmed the ratings of the following notes issued
by GSC European CDO II S.A.:

  EUR216M (current balance EUR27.4M) Class A1 Floating Rate
  Notes, Affirmed Aaa (sf); previously on Feb 22, 2013 Upgraded
  to Aaa (sf)

  EUR10M (current balance EUR1.0M) Class A2 Zero Coupon Accreting
  Notes, Affirmed Aaa (sf); previously on Feb 22, 2013 Upgraded
  to Aaa (sf)

  EUR4M (current balance EUR5.4M inclusive of deferred interest)
  Class E1 Floating Rate Notes, Affirmed Ca (sf); previously on
  Feb 22, 2013 Affirmed Ca (sf)

  EUR7.5M (current balance EUR11.2M inclusive of deferred
  interest) Class E2 Fixed Rate Notes, Affirmed Ca (sf);
  previously on Feb 22, 2013 Affirmed Ca (sf)

  EUR5M Combination W Notes, Affirmed Caa2 (sf); previously on
  Feb 22, 2013 Affirmed Caa2 (sf)

  EUR10M Combination Y Notes, Affirmed Ca (sf); previously on
  Feb 22, 2013 Affirmed Ca (sf)

GSC European CDO II S.A., issued in June 2005, is a
Collateralized Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European and US loans. The portfolio is managed
by GSCP (NJ), L.P and ended its reinvestment period in July 2010.

Ratings Rationale

According to Moody's, the upgrades of the notes result primarily
from the significant deleveraging of the Class A1 and A2 notes. A
large proportion of this deleveraging occurred during the recent
payment in January 2014 where Class A/B OC levels increased by
approximately 54% in a single month.

In Jan 2014, classes A1 and A2 notes paid down 41.8m (19% of
initial balance) and 1.6m (2% of initial balance) respectively
resulting in significant increases to senior over-
collateralization levels. As of the April 2014 trustee report,
Class A/B, C, D and E observed over-collateralization levels of
200.6%, 132.4%, 108.3% and 97.0% respectively, compared with
146.7%, 114.2%, 99.8% and 92.3%,respectively in January 2014.

The reported weighted average rating factor ("WARF") has
increased from 3891 to 4159 since July 2013 whilst diversity
score has decreased from 25 to 18 during the same period.

The ratings of the Combination Notes address the repayment of the
Rated Balance on or before the legal final maturity. For Classes
V and W, the 'Rated Balance' is equal at any time to the
principal amount of the Combination Note on the Issue Date
increased by a Rated Coupon of 0.25% and 1.50% per annum
respectively, accrued on the Rated Balance on the preceding
payment date minus the aggregate of all payments made from the
Issue Date to such date, either through interest or principal
payments. For Class Y, the 'Rated Balance' is equal at any time
to the principal amount of the Combination Note on the Issue Date
minus the aggregate of all payments made from the Issue Date to
such date, either through interest or principal payments. The
Rated Balance may not necessarily correspond to the outstanding
notional amount reported by the trustee.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having
(a) an EUR pool with performing par and principal proceeds
balance of EUR127.9 million, a defaulted par of EUR22.2 million,
a weighted average default probability of 29.9% (consistent with
a WARF of 4871 over a weighted average life of 3.2 years), a
weighted average recovery rate upon default of 42.6% for a Aaa
liability target rating, a diversity score of 15 and a weighted
average spread of 3.38%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that 79.0% of the portfolio exposed to senior
secured corporate assets would recover 50% upon default, while
the non first-lien loan corporate assets would recover 15%. In
each case, historical and market performance and a collateral
manager's latitude to trade collateral are also relevant factors.
Moody's incorporates these default and recovery characteristics
of the collateral pool into its cash flow model analysis,
subjecting them to stresses as a function of the target rating of
each CLO liability it is analyzing.

Methodology Underlying the Rating Action:

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

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed lower credit quality in the portfolio to
address refinancing risk. Loans to European corporates rated B3
or lower and maturing between 2014 and 2015 make up approximately
29.4% of the portfolio, which could make refinancing difficult.
Moody's ran a model in which it raised the base case WARF to 5359
by forcing ratings on 50% of the refinancing exposures to Ca; the
model generated outputs that were within one notch of the base-
case results.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties due to because of embedded ambiguities.

Additional uncertainty about performance is due to the following:

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

2) Around 67.8 % of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates. As part of its base case, Moody's has stressed
large concentrations of single obligors bearing a credit estimate
as described in "Updated Approach to the Usage of Credit
Estimates in Rated Transactions," published in October 2009 and
available at https://www.moodys.com/research/PBC_120461.

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

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


IRISH BANK: Ex-CEO Admits Errors in Bankruptcy Filing
-----------------------------------------------------
Erik Larson and Janelle Lawrence at Bloomberg News report that
former Anglo Irish Bank Corp. Chief Executive Officer David K.
Drumm, sued by the defunct lender over an unpaid personal loan,
conceded to a U.S. judge he made "a lot of errors" in his
bankruptcy filing and wasn't aware he needed to reveal
US$1.2 million in cash transfers to his wife.

Mr. Drumm, 47, filed for personal bankruptcy protection from
creditors in 2010 in Boston, two years after he began moving
money to a new account set up for his wife, Bloomberg recounts.
Anglo Irish argues Mr. Drumm can't use U.S. law to avoid repaying
the Dublin-based bank EUR7.65 million (US$10.5 million) because
he lied to the court about his finances in a bid to dodge debts,
Bloomberg discloses.

Mr. Drumm later amended his bankruptcy filing, Bloomberg relays.
He testified on Thursday that he gave the bankruptcy trustee a
detailed spreadsheet in 2011 showing every transfer to his wife,
Bloomberg relates.

Mr. Drumm, a Dublin native, bought a US$4.6 million home in
Chatham, Massachusetts, in March 2008, about nine months before
resigning as Anglo Irish's CEO, Bloomberg says, citing court
papers.  Ireland nationalized the lender weeks after he stepped
down, in January 2009, as loan losses soared following the worst
real estate crash in Western Europe, Bloomberg recounts.
Mr. Drumm and his family moved to the U.S. five months later,
Bloomberg notes.

Mr. Drumm, as cited by Bloomberg, said that he forgot to inform
the bankruptcy court that he'd transferred two real-estate
properties before the bankruptcy filing.

                   About Irish Bank Resolution

Irish Bank Resolution Corp., the liquidation vehicle for what was
once one of Ireland's largest banks, filed a Chapter 15 petition
(Bankr. D. Del. Case No. 13-12159) on Aug. 26, 2013, to protect
U.S. assets of the former Anglo Irish Bank Corp. from being
seized by creditors.  Irish Bank Resolution sought assistance
from the U.S. court in liquidating Anglo Irish Bank Corp. and
Irish Nationwide Building Society.  The two banks failed and were
merged into IBRC in July 2011.  IBRC is tasked with winding them
down and liquidating their assets.  In February, when Irish
lawmakers adopted the Irish Bank Resolution Corp., IBRC was
placed into a special liquidation in the Irish High Court to
complete liquidation and distribution of the two banks' assets.

IBRC's principal asset as of June 2012 was a loan portfolio
valued at some EUR25 billion (US$33.5 billion). About 70 percent
of the loans were to Irish borrowers. Some 5 percent of the
portfolio was under U.S. law, according to a court filing.  Total
liabilities in June 2012 were about EUR50 billion, according
to a court filing.

Most assets in the U.S. have been sold already.  IBRC is involved
in lawsuits in the U.S.

IBRC was granted protection under Chapter 15 of the U.S.
Bankruptcy Code in December 2013.

Kieran Wallace and Eamonn Richardson of KPMG have been named the
special liquidators.


* IRELAND: Cashflow Remains Biggest Threat to Business Survival
---------------------------------------------------------------
Vincent Ryan at Irish Examiner reports that despite a number of
government initiatives and bank promises, cashflow remains the
biggest threat to business survival in Ireland.

The Close Brothers Business Barometer, which surveys SMEs, found
that more than 40% of businesses believe that cashflow poses the
greatest threat, Irish Examiner discloses.

According to Irish Examiner, Harry Parkinson, managing director
of Close Brothers Commercial Finance (Ireland), said that while
some businesses were growing they were still in a perilous
financial state.

"It's clear that access to working capital and maintaining a
reliable cashflow are a concern for a large number of SMEs.

"Many businesses appear to be experiencing growth but they could
still face financial difficulties.  There is a danger they will
struggle to survive should they fail to meet the financial
demands of an increased workload," Irish Examiner quotes
Mr. Parkinson as saying.

Mr. Parkinson, as cited by Irish Examiner, said that with banks
being unwilling to lend, businesses were increasingly looking to
use alternative methods to access money.



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


BYSTROBANK JSC: Fitch Raises LT Issuer Default Rating to 'B'
------------------------------------------------------------
Fitch Ratings has upgraded JSC Bystrobank's Long-term Issuer
Default Rating (IDR) to 'B' from 'B-'.  At the same time, the
agency has affirmed the Long-term IDRs of JSC Asian-Pacific Bank
(APB) at 'B+' and SKB-Bank (SKB) at 'B'.  All of the ratings have
Stable Outlooks.

Key Rating Drivers - BystroBank's IDRS, VR, National Long-Term
Rating

The upgrade of BystroBank's ratings reflects the longer track
record of reasonable performance and a more mature business
model, as well as moderation of previously rapid growth.  The
ratings also reflect the bank's strong market position in the
home region of Udmurtia (BB-/Stable), so far moderate, albeit
widening, credit losses, sound profitability and reasonable
capitalization and liquidity.  Constraining the ratings are a
focus on risky retail segment and still unseasoned retail loan
book, which pose an elevated credit risk.

BystroBank's retail loan book (83% of gross loans at end-2013)
doubled in 2013, mainly driven by growth of unsecured consumer
loans and car loans (41% and 51% of retail loans, respectively).
However, retail loans moderately contracted in 1Q14 and the plan
for the full year is for them to grow only by 15%.  Retail NPLs
remained flat at 6% in 2013, although the average NPL generation
ratio (defined as net increase in NPLs plus write-offs/average
performing loans) increased to 6.8% in 2013 from 3% in 2012.
Positively, Bystrobank's pre-impairment profitability was around
10.5% of average loans in 2013, providing reasonable headroom in
case of further deterioration of asset quality.

Corporate lending (17% of end-2013 loans) is viewed as moderate
risk.  About 95% of the total corporate book was accounted by
just 20 exposures, predominantly short-term working capital
facilities provided to middle-sized companies of IT, trade and
pharmaceutical sectors.  Most of the loans lack hard collateral,
but credit risk is mitigated by the short average loan tenor and
long-term relationships with borrowers.

Bystrobank's liquidity position is reasonable with end-1Q14
liquidity cushion covering 20% of customer accounts.  The latter
is the main funding source (83% of end-2013 liabilities), of
which granular retail deposits made up about 75%.

Bystrobank's capitalization (regulatory capital ratio of 12% at
end-4M14, Basel total capital ratio of 18.6% and FCC of 16.4% at
end-2013) is moderate given elevated credit risks due to its
focus on unsecured retail lending.  Capitalization should be
supported by internal capital generation (return on equity of 22%
in 2013) and moderation of growth.

Rating Sensitivities - Bystrobank'S IDRS, VR, National Long-Term
Rating

Upside is limited in the current tough operating environment,
particularly in the Russian consumer lending segment.  However,
stabilization of asset quality metrics, while maintaining
reasonable earnings and capitalization would be credit-positive.
A significant deterioration in asset quality and/or a deposit
outflow would put negative pressure on the ratings.

Key Rating Drivers - APB'S IDRS, VR, National Long-Term Rating
The affirmation of APB's ratings reflects its somewhat improved
franchise and solid pre-impairment profitability, adequate
capitalization and moderate, albeit widening, credit losses.  At
the same time, APB's ratings remain constrained by the bank's
recently rapid growth in a now more challenging Russian consumer
finance market.

APB's NPL origination rate increased notably to 6.3% from 3.8% in
2012, which, however, is in line with market trends.
Specifically, consumer finance (the main product accounting for
57% of gross loans at end-2013) NPL origination rate rose to
10.2% from 6.3%.  Fitch expects credit losses to widen further in
2014, as a vastly expanded portfolio (40% loan growth in 2013)
continues to season in a tougher operating environment.

However, Fitch believes that APB's loss absorption capacity
remains solid as reflected by both a pre-impairment profit of
11.7% of average performing loans in 2013 (2012: 11.5%) and
adequate capitalization (14.4% FCC at end-2013).  The quality of
pre-impairment profit is sound, partly because of the significant
share of fee-based earnings (27% of gross revenues in 2013), of
which the bulk are recurring.

The bank's capitalization has been primarily supported by solid
internal capital generation (21% in 2013, 28% in 2012).  A RUB0.6
billion (4% of end-2013's IFRS equity) contribution from
shareholders in April 2014 should also be supportive of APB's
regulatory capital position (regulatory total capital adequacy
stood at a modest 11.4% at end-1Q14 due to higher regulatory risk
weights and provisions for unsecured retail loans).

APB's liquidity is solid.  The loans-to-deposits ratio was 109%
at end-2013 with 62% of deposits sourced from individuals.
Refinancing risks are limited with RUB4.5 billion of local bonds
(a put option in August) and short-term interbank deposits due in
2014, which were 3x times covered by highly-liquid assets at end-
1Q14. Nevertheless, APB's liquidity is somewhat exposed to its
largest corporate depositor with a RUB8bn account.

Rating Sensitivities - APB'S IDRS, VR, NATIONAL LONG-TERM RATING
The ratings could be downgraded upon a significant deterioration
of the bank's asset quality, loss absorption capacity or
liquidity.  An upgrade may result from a continued strengthening
of the franchise and a more entrenched track record of
sustainable through-the-cycle performance.

Key Rating Drivers: SKB'S IDRS and VR

The affirmation of SKB's ratings reflects a moderate worsening of
the credit profile, which, however, is still consistent with the
current rating level.  Asset quality deteriorated notably,
although the bank's solid pre-impairment profitability was
sufficient to prevent credit losses from hitting capital, while
expected continued moderation of loan growth should help to
control risks better.  SKB faces contingent risk related to
double leverage at the shareholder (Sinara Group; SG) level,
although Fitch's current base case expectation is that the
ultimate shareholder, Dmitry Pumpyansky, may use cash derived
from his other businesses to repay this debt and/or support the
bank's capitalization.  Liquidity position is comfortable.

NPLs made up high 13.6% of total loans at end-2013 and were fully
covered by impairment reserves.  However, retail loans' (70% of
end-2013 loans) NPL origination ratio increased to 11.7% in 2013
from 10% in 2012, which was mainly a result of previously rapid
growth (56% loans CAGR in 2009-2012) with a focus on higher-risk
longer-term loans (up to seven years).  Growth slowed to only 3%
in 2013, which amplified the seasoning effect.

Corporate loans are generally of moderate quality, although few
of the larger exposures (12% of FCC) are viewed as potentially
high-risk.  Exposure to manufacturing entities under SG (29% of
FCC) is reasonably well secured and therefore also carries
moderate risk.

Positively, SKB's pre-impairment profit (13.8% of average loans
in 2013) was sufficient to absorb the increased impairment.
However, this resulted in poor overall profitability (1.6% ROE).

Capitalization is moderate with a FCC ratio of 7.9% at end-2013
and a regulatory capital ratio of 12.4% at end-1Q14.  The latter
meant that the bank would be able to absorb (through equity)
losses equal only to 3.6% of loans before breaching the minimum
10% capital adequacy ratio.

Fitch also notes contingent risks related to the purchase in 1H13
by SG of a 25% stake in SKB from EBRD.  This purchase was
partially financed with a long-term loan from a third-party bank,
which could put pressure on the bank's capitalization should SG
upstream capital from SKB to repay the loan.  However, this risk
may be mitigated by SG's non-bank related earnings and Dmitry
Pumpyansky's other cash sources, mainly dividends from OJSC TMK
(declared dividends of RUB731 million for 2013), of which he owns
77%.

At end-2M14 SKB had adequate cushion of liquid assets (cash and
equivalents, unpledged bonds eligible for repo financing with
Central Bank of Russia), covering customer accounts by 19.5%.

Rating Sensitivities - SKB's IDRS AND VR

Wider credit losses as the portfolio further seasons leading to
impairment charges and capital erosion could result in a
downgrade.  Upstreaming of capital and/or liquidity to repay debt
at SG level resulting in a weakening of capitalization and/or its
quality could also lead to a downgrade.  Upside potential is
currently limited given the potential for further asset
deterioration.

Key Rating Drivers and Sensitivities: APB's and Bystrobank's
Senior Unsecured Debt

APB's and Bystrobank's senior unsecured debt is rated in line
with the respective banks' Long-term IDRs, reflecting Fitch's
view of average recovery prospects (corresponding to a Recovery
Rating of '4'), in case of default.

Rating Drivers and Sensitivities: Support Ratings And Support
Rating Floors

The '5' Support Ratings and 'No Floor' Support Rating Floors of
the three banks reflect their small size and limited franchises,
making government support, in case of need, less likely. In
Fitch's view, support from the banks' private shareholders also
cannot be relied upon.  An upgrade of these ratings is unlikely
in the foreseeable future, although acquisition by a stronger
owner could lead to an upgrade of the Support Rating.

The rating actions are as follows:

Bystrobank

  Long-term foreign and local currency IDRs: upgraded to 'B' from
  'B-'; Stable Outlook

  Short-term IDR: affirmed at 'B'

  National Rating: upgraded to 'BBB(rus)' from 'BB-(rus)'; Stable
  Outlook

  Viability Rating: upgraded to 'b' from 'b-'

  Support Rating: affirmed at '5'

  Support Rating Floor: affirmed at 'No Floor'

  Senior unsecured debt: upgraded to 'B(EXP)'/'BBB(rus)(EXP)'
  from 'B-(EXP)'/'BB-(rus)(EXP)'; Recovery Rating 'RR4(EXP)'

APB

  Long-term foreign currency IDR: affirmed at 'B+'; Outlook
  Stable

  Short-term foreign currency IDR: affirmed at 'B'

  Long-Term local currency IDR: affirmed at 'B+'; Outlook Stable

  National Long-Term Rating: affirmed at 'A-(rus)'; Outlook
  Stable

  Viability Rating: affirmed at 'b+'

  Support Rating: affirmed at '5'

  Support Rating Floor: affirmed at 'No Floor'

  Senior unsecured debt: assigned at 'B+'/'A-(rus)', Recovery
  Rating 'RR4'

SKB

  Long-term foreign currency IDR: affirmed at 'B', Outlook Stable

  Short-term IDR: affirmed at 'B'

  Viability Rating: affirmed at 'b'

  Support Rating: affirmed at '5'

  Support Rating Floor: affirmed at 'No Floor'


SAMARA OBLAST: S&P Revises Outlook to Neg. & Affirms 'BB+' ICR
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Russia's Samara Oblast to negative from positive.  At the same
time, S&P affirmed its 'BB+' long-term issuer credit rating and
'ruAA+' Russia national scale rating on the oblast.

RATIONALE

S&P has revised the outlook to negative from positive because,
given weaker forecast economic and revenue growth, it now
believes there is a higher risk of its downside scenario
materializing.  As such, it might become increasingly difficult
for Samara oblast's management to withstand the continued
pressure on expenditures and to maintain modest budgetary
performance in line with S&P's base-case scenario.

The ratings reflect S&P's view of Russia's "developing and
unbalanced" institutional framework, which limits the oblast's
budgetary flexibility, as well as S&P's view of the oblast's low
economic wealth and "negative" financial management in an
international comparison.  An only modest budgetary performance
and "neutral" liquidity are neutral for the oblast's
creditworthiness.  The ratings are supported by S&P's view of the
oblast's modest debt and low contingent liabilities.

Samara is one of Russia's key industrial regions, but S&P
forecasts its gross regional product (GRP) per capita staying
below US$12,000 until 2016.  S&P also expects the oblast's tax
base to remain dominated by a few large taxpayers.  Oil
production and refining provide an estimated 16% of GRP, and in
2013 the oblast's 10 largest taxpayers accounted for more than
25% of its tax revenues, with an estimated 10% from subsidiaries
of OJSC Oil Co. Rosneft.  This modest concentration exposes the
oblast's budget revenues to the volatility of global oil prices
and changes in the national tax regime.  In 2013, the oblast's
tax revenues decreased in real terms, because it received lower
corporate profit tax revenues from members of consolidated
taxpayer groups.  S&P expects that tax revenues will recover only
gradually over 2014-2016, given the slow economic growth that we
forecast in Russia.

Under Russia's developing and unbalanced institutional framework,
the federal government regulates the national tax regime and
regional spending responsibilities, leaving the regional
management with little financial flexibility.  S&P estimates the
oblast's modifiable revenues, mainly transport tax and non-tax
revenues, to remain low, at about 7% of operating revenues over
the medium term.  On the expenditure side, the presidential
decrees issued in 2012 require regions to raise public sector
salaries and other social-related spending.  In S&P's view, these
additional mandates were they key reason for systemwide worsening
of financial results for Russian local and regional governments
in 2012-2013, including that of Samara oblast.  S&P believes the
pressure will continue and we don't expect Samara oblast to
receive adequate compensation for additional spending over the
medium term.

"In our base-case scenario for 2014-2016, we therefore forecast
Samara's budgetary performance will be only modest.  Operating
margins will likely remain relatively strong over the period, at
about 7% of operating revenues on average, compared with 9% in
2011-2013.  At the same time, deficits after capital accounts
will be substantial. Since 2013, the oblast's management has been
implementing cost-containing measures by thoroughly reviewing
operating expenditure and redistributing funds for maintenance
and other discretionary items in favor of salaries.  We believe
this practice will continue, but that the oblast's expenditure
structure will become increasingly rigid," S&P said.

"On the capital side, apart from addressing social infrastructure
development needs, the oblast will have to finance preparation
for the soccer World Cup in 2018 in the city of Samara.  During
2013, the draft capital investment plan was significantly reduced
and the total cost is currently estimated at about Russian ruble
(RUB) 57 billion (about US$1.6 billion).  The oblast plans to
provide up to 50% of the needed amount, the rest will be
cofinanced by the federal budget and private investors.  We
therefore expect capital expenditure to gradually increase in
2014-2016 to about 20% of total spending.  Deficits after capital
accounts will likely stay at about 7% of total revenues on
average, compared with 5% on average in 2011-2013," S&P added.

The oblast's tax-supported debt will continue to grow, but will
likely remain modest in an international context.  S&P expects it
to reach about 50% of consolidated operating revenues in 2016.

S&P views Samara's financial management as a "negative" factor
for its creditworthiness in an international context, as S&P do
for most Russian local and regional governments.  This is mainly
due to S&P's view of a lack of reliable long-term financial and
capital planning, and limited visibility regarding the policy for
government-related entities.  At the same time, S&P believes the
oblast's expenditure and debt management is more sophisticated
than the Russian average.

The oblast's contingent liabilities are low in S&P's view, thanks
to its limited involvement in the regional economy and a
relatively financially healthy municipal sector.

Liquidity

"We have revised our view of Samara oblast's liquidity position
to "neutral" from "positive" as defined in our criteria.  This is
because we no longer expect the oblast's average cash reserves to
exceed annual debt service.  We now forecast that cash, together
with committed credit lines, will cover more than 120% of debt
service falling due within the next 12 months.  We also continue
to view the oblast's access to external liquidity as "limited,"
given the weaknesses of the domestic capital market," S&P said.

The oblast drew down its cash reserves in 2013, and S&P expects
that it will have average cash -- net of the deficit after
capital accounts -- of about RUB10 billion throughout 2014 (about
US$270 million).  In S&P's view, in the next couple of years, the
oblast will more actively use committed credit facilities and
might temporarily tap a portion of cash on the accounts of its
budgetary units throughout the year.  S&P's base-case scenario
assumes that in May 2014 it will organize RUB10.9 billion in
committed credit lines with three- to seven-year maturities.
Average available cash together with undrawn credit lines will
therefore exceed annual debt service by more than 1.4x.

S&P also expects that the oblast will maintain its cautious
approach to debt and will continue to borrow over the medium term
and build a relatively smooth debt repayment schedule for 2015-
2016 and beyond, despite the current turbulence on the domestic
capital market.

S&P thinks the oblast might place up to RUB7 billion of medium-
term bonds in the second half of 2014, depending on market
conditions.  S&P also believes that the oblast might obtain low-
interest rate loans from the federal budget over 2014-2015, which
could partly alleviate its refinancing needs.

S&P's base-case scenario therefore assumes that debt service in
2014 will equal about 9.7% of operating revenues, and will
increase only gradually to about 11% of operating revenues in
2015-2016.

OUTLOOK

The negative outlook reflects S&P's view that there is at least a
one-in-three chance that it might become increasingly difficult
for Samara oblast to maintain a modest budgetary performance and
remain committed to its financial targets, given the weaker
revenue growth prospects and the continued need to increase
social-related expenditure.

S&P might lower the ratings within the next 12 months if, in line
with its downside scenario, the oblast failed to implement
sufficient cost-cutting measures, and deficits after capital
accounts stayed at about 10% of total revenues on average over
2014-2016.

S&P could revise the outlook to stable within the next 12 months
if, in line with its base-case scenario, Samara's management
remained committed to its currently prudent financial, debt, and
liquidity management policies, and maintained moderate budgetary
performance and "neutral" liquidity despite expenditure pressures
and turbulence on the capital markets.

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; CreditWatch/Outlook Action

                             To               rom
Samara Oblast
Issuer Credit Rating        BB+/Negative/--  BB+/Positive/--
Russia National Scale       ruAA+/--/--
Senior Unsecured            BB+
Senior Unsecured            ruAA+



===============
S L O V E N I A
===============


CIMOS: To Undergo Court-Supervised Debt Restructuring
-----------------------------------------------------
The Slovenia Times reports that Cimos will undergo court-
supervised debt restructuring after the major creditors decided
against a debt-to-equity conversion by the Thursday deadline.

According to The Slovenia Times, Bank Asset Management Company
officials said that four banks and the BAMC, which hold 80% of
Cimos liabilities, opted for the move after concluding that none
of the company's problems except capital adequacy would be
resolved with a debt-to-equity conversion.

The original plan, confirmed by the shareholders on April 30,
involved the conversion of between EUR112 million and EUR186
million of debt to equity, which was seen as a key step in the
company's financial restructuring, The Slovenia Times discloses.
But the creditors are convinced debt restructuring is better,
since it will allow the company to retain customers and preserve
jobs, The Slovenia Times notes.

Janez Skrubej, head of asset management at BAMC, said that BAMC
and other major creditors believe debt restructuring is more
likely to stabilize the company and improve business processes,
The Slovenia Times relays.

Asked about the likelihood that the move will succeed,
Mr. Skrubej, as cited by The Slovenia Times, said that none of
the stakeholders were interested in bankruptcy.

The details of the restructuring plan have not been revealed,
though Mr. Skrubej indicated it would not involve "aggressive
restructuring" of liabilities to suppliers, The Slovenia Times
states.

The Cimos management will be assisted in the restructuring
procedure by Admetam, a German management consultancy, The
Slovenia Times says.

Cimos is an automotive industry supplier based in Slovenia.



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


CAJA RURAL DEL SUR: Fitch Affirms 'BB' Support Rating Floor
-----------------------------------------------------------
Fitch Ratings has affirmed Caja Rural Del Sur, Sociedad
Cooperativa's (CRS) Long-term Issuer Default Rating (IDR) 'BBB'
with Stable Outlook, Short-term IDR at 'F3', Support Rating (SR)
at '3' and Support Rating Floor (SRF) at 'BB'.  At the same time
it has assigned the bank a Viability Rating (VR) of 'bbb'.
Fitch has also withdrawn Grupo Cooperativo Iberico de Credito's
(GCI) ratings as it has ceased to exist.

The rating actions follow changes in the group's corporate and
legal structure.  GCI was the result of the integration of CRS,
Caja Rural de Extremadura (CRE) and Caja Rural de Cordoba (CRC)
in 2011 under an institutional protection scheme.  In late March
2014, CRE left the group and GCI was dissolved.  The two entities
remaining, CRS and CRC, have initiated a merger process, which
Fitch expects to be formalized by June 2014, when the merger is
appropriately registered.  CRS will be the new consolidating
entity.

Key Rating Drivers - VR and IDRS

CRS's Long-term IDR is driven by its newly assigned VR, which is
based on Fitch's expectation of the imminent completion of the
merger between CRS and CRC.  Fitch expects the merger to result
in a marginally stronger bank than GCI, soundly capitalized and
solidly funded.  However, CRS's VR also considers the pressure
remaining on its asset quality, and core banking earnings, and
the risks associated with the forthcoming integration.

Fitch has calculated that CRS's pro-forma (after the merger)
Fitch's core capital ratio would be 15.9%, which together with an
existing high allowance against problem loans (70%) would provide
it with sound loss absorption buffers against shocks.

CRS's funding profile benefits from the large deposit base of
both CRS and CRC, reflected in its pro-forma loan-to-deposit
ratio of 85% at end-2013. Post-merger liquidity also remains
sound (liquid assets would represent 17% of assets at end-2013).

As with other Spanish banks, Spain's economic recession
negatively affected CRS's credit risk profile.  Whilst high at
11%, its pro-forma impaired loans/total loans ratio at end-2013
was slightly better than the sector average.  This has been
achieved despite operating in Andalusia, where there is a higher
than average unemployment rate (36% at end-2013).  Spain's
improved macroeconomic indicators should help alleviate asset
quality pressure in the coming quarters.

CRS's recent limited earnings generation capability is a negative
driver of the VR.  Muted demand for credit and the low interest
rate environment put pressure on its net interest income (NII).
Therefore, the entity will have to rely on other sources of
revenues such as commission income to compensate for the
potential NII decline. There is also room to improve its cost
efficiency post-merger.

Rating Sensitivities - VR and IDRS

Upward rating potential would arise from a sustained improvement
in profitability and asset quality while maintaining high capital
ratios and sound funding and liquidity.  This could compensate
for its small national franchise and equity size.

Conversely, downside risks could arise if the level of
problematic assets continues increasing, pre-impairment profit
decreases and does not allow for further provisioning, and/or
capital deteriorates significantly.

Key Rating Drivers - SR AND SRF
CRS's SR of '3' and SRF of 'BB' reflect Fitch's view that there
is a moderate likelihood of support for the bank from the
authorities, if needed.  This is because of its regional
importance in the region of Andalusia.

Rating Sensitivities - SR AND SRF
The SR and SRF are sensitive to a weakening of the assumptions
around Spain's ability and propensity to provide timely support
to the group.  Of these, the greatest sensitivity is to progress
made in implementing BRRD and SRM.  Fitch expects to downgrade
CRS's SR to '5' and its SRF to 'No Floor' either during 2014 or
1H15. Timing will be influenced by progress made on bank
resolution legislation.

The rating actions are as follows:

CRS
Long-term IDR affirmed at 'BBB'; Outlook Stable
Short-term IDR affirmed at 'F3'
Viability Rating assigned at 'bbb'
Support Rating affirmed at '3'
Support Rating Floor: affirmed at 'BB'

GCI
Long-term IDR 'BBB', withdrawn
Short-term IDR 'F3', withdrawn
Viability Rating 'bbb', withdrawn
Support Rating '3'; withdrawn
Support Rating Floor 'BB', withdrawn


DEOLEO SA: Moody's Assigns B2 Corp. Family Rating; Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has assigned a first-time corporate
family rating (CFR) of B2, and a probability of default rating of
B2-PD, to Deoleo, S.A.

Concurrently, Moody's has assigned a (P)B2 rating to the EUR460
million first lien term loan due 2021 and EUR 85 million
revolving credit facility due 2020, and a (P)Caa1 rating to the
EUR55 million second lien term loan due 2022. The outlook on the
ratings is stable.

The funds will be used to refinance wholly Deoleo's existing debt
facilities, in a leverage-neutral transaction.

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 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

The B2 CFR reflects Deoleo's: (1) high adjusted opening leverage
(7.5x at year-end December 2013, although expected at 5.3x for FY
2014 as adjusted by Moody's); (2) highly commoditized products;
(3) high degree of correlation between volatile raw material
prices and profitability, as demonstrated in 2013; (4) execution
risk of the new strategic positioning of the company to be a more
marketing/brand centric company; and (5) exposure to the Spanish
market in particular and to the southern European economies in
general.

The B2 CFR also reflects Deoleo's: (1) leading market share in
the global olive oil markets; (2) strong portfolio of brands that
stand among the top 5 olive oil brands by sales worldwide; (3)
solid margins for a commodity business, with limited capex
requirements and solid free cash flow generation expected.

The private equity firm CVC has agreed the purchase of 29.9% of
Deoleo. Upon completion of this acquisition, CVC will launch a
tender offer for the remaining stake of the listed company at
EUR0.38 per share. The proposed debt refinancing is independent
of CVC's equity processes, or the resulting outcome in terms of
its percentage ownership. Nevertheless, Moody's currently assumes
that CVC will be a controlling shareholder of Deoleo.

Deoleo is involved in the refining, distribution and sale of
olive and seed oils, vinegars and sauces at a global level. Its
portfolio of products is significantly skewed towards olive oil,
with 85% of revenues in 2013 (12% came from Seed oil and 3% from
Vinegars and sauces). It does not own or grow olive oil. Rather,
it purchases and blends different oils to meet local customer
expectations. The company operates globally, with 25% of revenues
from Spain, but only 14% of EBITDA. North America has
significantly higher margins (20% of revenues provide 38% of
EBITDA), as do International Markets (18% of revenues for 25% of
EBITDA).

Deoleo is significantly exposed to raw material price volatility.
Although it purchases olive oil from countries including Italy,
Tunisia, and Greece, Spain is the largest producer (66%) and
hence exposes the company to harvest levels which themselves
depend on unpredictable weather conditions. Deoleo has limited
ability to pass through input cost variations to customers, which
are powerful large retailers with substantial bargaining power.

The company's capital structure is highly leveraged. Moody'
adjusted debt to EBITDA ratio at fiscal year-end 2013 stood at
7.5x, although Moody's anticipates that this will have fallen to
5.1x at fiscal year-end 2014 according to management
expectations. Deleveraging should be driven by: (1) volume
recovery in core markets and lower raw material prices than in
2013; (2) international markets market share gain and/or
increased penetration; (3) new product launches that should help
improve margins. Capex requirements are limited, and Moody's
expects free cash flow/debt to be in the mid to high single
digits, resulting in some deleveraging expected on a net debt
basis.

The company's liquidity profile is adequate reflecting the strong
expected free cash flow, plus opening cash of EUR25 million and
the EUR85 million revolver, and a limited amortization profile in
the first 24 months. The facilities are subject to 50% excess
cash flow sweep from 2016. The first and second lien debt have no
maintenance covenants, and the RCF has a 7.75x maintenance
leverage covenant when drawn above 40% or more than EUR35
million.

The (P)B2 rating on the first ranking debt, at the same level as
the CFR, reflects the fact that it comprises the majority of the
capital structure. The (P)Caa1 rating on the second-lien debt
reflects the presence of a large amount of prior ranking debt in
the capital structure.

The stable rating outlook assumes that the company will
deleverage in 2014 in line with Moody's expectations, associated
with a recovery in margins.

What Could Change The Rating Up/Down

There could be positive pressure if margins were to consistently
approach the low teens, with leverage falling towards 4.5x and
free cash flow to debt approaching 10%.

Negative pressure could arise if the company fails to deleverage
in 2014 as expected, if leverage approaches 6x at any point, if
it suffers any reversal in its strategic evolution, if free cash
flow were to approach zero, or if there were any concerns
developing over liquidity.

The principal methodology used in this rating was the Global
Packaged Goods published in June 2013. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

Founded in 1990 and headquartered in Spain, Deoleo is a global
operator involved in the refining, distribution and sale of olive
and seed oils, vinegars and sauces. Deoleo generated EUR 813
million sales in 2013. On 25 April 2014, funds advised by CVC
Capital Partners entered into a framework agreement to buy 29.9%
of Deoleo.


DEOLEO SA: S&P Assigns Preliminary 'B' CCR; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B'
long-term corporate credit rating to Spain-based olive oil
producer and bottler Deoleo S.A.  The outlook is stable.

At the same time, S&P assigned our preliminary 'B' issue and '4'
recovery ratings to Deoleo's first-lien term loans and revolving
credit facility (RCF), reflecting S&P's expectations of average
(30%-40%) recovery for the lenders in case of a payment default.

S&P also assigned its preliminary 'CCC+' issue and '6' recovery
ratings to Deoleo's second-lien term loan, reflecting its
expectations of negligible (0%-10%) recovery for the lenders in
case of a payment default.

Final ratings will depend on S&P's receipt and satisfactory
review of all final transaction documentation.  Accordingly, the
preliminary ratings should not be construed as evidence of final
ratings.  If Standard & Poor's does not receive final
documentation within a reasonable time frame, or if final
documentation departs from materials reviewed, S&P reserves the
right to withdraw or revise its ratings.

The preliminary rating on Deoleo reflects S&P's assessments of
the group's "weak" business risk and "highly leveraged" financial
risk profiles.

Together, S&P's assessments lead it to apply an anchor of 'b' to
Deoleo.  The choice of 'b' over 'b-' reflects S&P's opinion that
the financial risk profile is at the stronger end of the range,
supported by debt to EBITDA only moderately higher than 5x and
positive free cash flow generation.

The anchor is S&P's starting point for assigning an issuer credit
rating under its corporate criteria.  The modifiers do not affect
the rating, so S&P's preliminary 'B' rating on Deoleo is in line
with the anchor.

S&P's assessment of Deoleo's business risk profile incorporates
its views of "low" risk for the branded nondurables industry and
"intermediate" country risk for the group.  Deoleo operates
primarily in Spain, Italy, and the U.S.

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

   -- Relatively low operating margins, reflecting the group's
      exposure to volatile raw material prices and to Southern
      Europe (primarily Spain and Italy).  Deoleo was not able to
      pass on past increase in raw material prices to budget-
      stretched consumers, in particular in Spain where
      penetration of cheaper-priced private label olive oil is
      very high.

   -- Relatively small scale of operations compared with
      international peers in the fast-moving consumer goods
      industry.  This translates, in S&P's view, into a narrow
      product and brand diversification -- 85% of the group's
      sales in 2013 come from olive oil, the lion's share of this
      stemming from the group's top three brands: Bertolli,
      Carbonell, and Carapelli. No. 1 position in the global
      branded olive-oil market, with 12% market share.

   -- Improving diversification outside Spain.  Revenues from
      Spain represented more than 25% of sales in 2013.

"Our assessment of Deoleo's financial risk profile as "highly
leveraged" encompasses our view that the group will maintain
adjusted debt to EBITDA in excess of 5x.  It also reflects our
understanding that financial sponsor CVC Capital Partner's (CVC)
intention is to increase its 29.99% share in Deoleo to a majority
ownership.  Given our understanding of the very high likelihood
of CVC's becoming Deoleo's majority owner in the short term, we
treat Deoleo as a company owned by financial sponsors.  Our
assessment also takes into account our understanding that CVC's
increasing ownership in Deoleo will not result in additional debt
or noncommon equity financing in Deoleo's capital structure," S&P
said

S&P's base-case assumptions include:

   -- Its forecast of an improved macroeconomic outlook in
      Southern Europe; a more dynamic environment in North
      America; and slower, but still above-average, growth rate
      in emerging markets.

   -- Declining sales in 2014, reflecting increasing volumes but
      sharply decreasing prices, mirroring the drop in raw
      material prices.

   -- S&P expects low-single-digit growth in sales thereafter,
      reflecting Deoleo's expansion into international markets
      and the impact of the group's marketing initiatives,
      leading to benefits from both volume and price/mix.

   -- Gradual recovery in EBITDA margins, to about 12% by 2016
      from 9.6% in 2013, reflecting higher operating leverage
      (more volume), better product mix, and flat raw material
      prices after a pronounced decline in 2014 that started in
      the second half of 2013.

   -- Capital expenditures limited to maintenance costs of about
      EUR5 million, reflecting the group's current moderate
      underutilization.

   -- Limited shareholder activity and acquisitions, which S&P
      believes will remain below EUR50 million annually over its
      base-case forecast for 2014-2016.

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

   -- Adjusted debt-to-EBITDA ratio of 5x-6x, on a weighted-
      average basis for 2014-2016.

   -- Positive free cash flow generation in excess of EUR35
      million from 2015 onward.

The stable outlook reflects S&P's view that Deoleo will post
sound operating performance and generate positive free cash flow,
translating into an adjusted debt-to-EBITDA ratio of moderately
greater than 5x on a weighted-average basis and FFO to cash
interest comfortably above 2x.

S&P could lower the preliminary rating to 'B-' if Deoleo's ratio
of adjusted debt to EBITDA deteriorated from the 6.2x S&P
anticipates for 2014, or if free cash flow turned negative on a
sustainable basis, thereby putting pressure on the group's
adequate liquidity.  S&P believes such a scenario would most
likely result from a deterioration of the group's operating
performance, stemming from intense competition in mature markets
from private labels and competitors, lower-than-expected
contribution from new product launches and new markets, or higher
volatility in raw material prices than currently anticipated.

An upgrade appears remote at this stage.  A revision of the
financial risk profile to "aggressive" from "highly leveraged" is
unlikely over the next 12 months, due to the current debt-to-
EBITDA ratio standing above 5x and S&P's understanding of an
imminent financial sponsor ownership.  Similarly, a revision of
the business risk profile to "fair" from "weak" is unlikely over
the next 12 months, in S&P's view.  However, a sustained
improvement in operating margin, thanks to a better capacity
utilization (higher volume) and a better price and country mix
resulting from margin-accretive innovations and international
expansion, could prompt us to reassess our business risk profile
as "fair."  This, in turn, could lead to an upgrade.


PYME BANCAJA 5: Fitch Lowers Rating on Class C Notes to 'CCsf'
--------------------------------------------------------------
Fitch Ratings has downgraded PYME Bancaja 5, F.T.A.'s class B and
C notes, as follows:

  EUR51.3m Class B (ISIN ES0372259038): downgraded to 'BBsf' from
  'BBBsf'to ; Outlook Negative

  EUR24.1m Class C (ISIN ES0372259046): downgraded to 'CCsf' from
  'CCCsf'; Recovery Estimate 50%

  EUR28.8m Class D (ISIN ES0372259053): affirmed at 'Csf'; RE 0%

PYME Bancaja 5, F.T.A. is a static cash flow SME CLO originated
by Caja de Ahorros de Valencia, Castellon y Alicante (Bancaja),
now part of Bankia S.A. (BBB/Negative/F3). At closing the issuer
used the note proceeds to purchase a EUR1.15 billion portfolio of
secured and unsecured loans granted to Spanish small and medium
enterprises and self-employed individuals.

KEY RATING DRIVERS

The downgrade of the class B notes reflects the decrease in
available credit enhancement (CE) to 27.14% in April 2014 from
28.65% in April 2013. The CE calculated for April 2014 takes into
account the presence of a principal deficiency ledger (PDL) for
the first time in the transaction. Current defaults have
increased to EUR29.81 million in April 2014 from EUR23.2 million
in April 2013 and now represent 39.17% of the performing
portfolio. The reserve fund is depleted and the transaction
currently reports a PDL amount of EUR2.02 million. The class B
notes are now exposed to negative carry as interest payments to
the class C notes continue despite being under collateralized.

The downgrade of the class C notes reflects that they are no
longer backed by performing collateral and are reliant on
recoveries from defaulted assets for repayment. The observed
average recovery to date stands at only around 37.35%.

As the portfolio has deleveraged it has become concentrated. The
largest obligor and the top 10 obligors currently account for
3.28% and 19.99% respectively of the portfolio balance, up from
2.9% and 18.6% respectively since the last review.

Rating Sensitivities

Fitch incorporated two additional stress tests in its analysis to
determine the ratings' sensitivity.  The first addressed a
reduction of recovery expectations, whereas the second simulated
an increased default probability.  Both stress tests indicated a
rating action on the class B and C notes would be likely.



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


TURKEY: S&P Affirms 'BB+/B' Sovereign Credit Ratings
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its unsolicited
'BB+/B' long- and short-term foreign currency sovereign credit
ratings on Turkey.  At the same time, S&P affirmed its 'BBB/A-2'
long- and short-term local currency sovereign credit ratings, and
'trAAA/trA-1' long- and short-term Turkey national scale ratings.
The outlook remains negative.

RATIONALE

The affirmation reflects S&P's base-case scenario that the
Turkish economy is gradually rebalancing as export growth
improves.  In S&P's view, the economy is benefitting from the
portion of nominal exchange rate depreciation that Turkey has not
yet lost to higher relative inflation.

The negative outlook reflects S&P's opinion of persisting risks
to Turkey's economic prospects.  In S&P's view, the authorities
have not used fiscal and monetary policy settings consistently
enough to build up buffers against potential external risks.
Furthermore, S&P believes the limited policy buffers have also
partly stemmed from an erosion of institutional checks and
balances.  Notably, between 2009 and 2013, gross financial sector
external liabilities increased 3.2x to US$178 billion.  This is
equivalent to an annual inflow of nonresident lending to the
financial sector of 4% of GDP per year.  If the external
financing environment were to deteriorate, rollover rates on this
stock of debt -- 60% of which we estimate is short term -- could
decline below 100% and refinancing rates could rise
significantly.

While net general government debt has steadily declined as a
percentage of GDP, Turkey has not posted an overall fiscal
surplus since the post-2002 recovery, even when the state
benefited from considerable revenue windfalls arising from the
domestic consumption boom.  Specifically, much of Turkey's recent
headline fiscal performance benefits from the benign denominator
effects, where the denominator, GDP, grew rapidly (nominal annual
growth averaged 14% between 2010 and 2013).  The high cyclical
component of Turkish fiscal receipts, 70% of which are derived
from consumption taxes and import duties, also conceals fiscal
vulnerability in a downturn scenario.

S&P forecasts general government debt will be a manageable 34% of
GDP by end-2014, of which an estimated 70% will be denominated in
local currency.  S&P also notes that, since 2009, the average
maturity of Turkish government domestic debt has more than
doubled to over six years.  These strengths and Turkey's monetary
flexibility--which comes from having relatively deep local
currency capital markets and a floating exchange rate--could act
as important channels of adjustment if domestic demand weakens
over the 2014-2017 forecast horizon.

On the other hand, S&P sees external vulnerabilities as
potentially less manageable, owing to:

   -- The sizable (20% of GDP), partially unhedged, and "short"
      foreign currency position (that is, short of foreign
      currency coverage) of Turkey's corporate sector.

   -- Turkey's still-sizable current account deficit (CAD), which
      S&P forecasts at 6.4% of GDP at end-2014 (7.9% in 2013).
      As a percentage of current account receipts, S&P forecasts
      the CAD at 22% by year-end.  This is among the highest in
       emerging Europe.

   -- The uncertain global economic environment, particularly the
      potential for a withdrawal of accommodative monetary
      policy.

   -- A high pass-through of exchange-rate depreciation into
      inflation.  At over 9%, this is now considerably above the
      Turkish central bank's 5% target.

If GDP growth weakened more than S&P currently envisage, it would
expect government tax receipts to be significantly affected, and
fiscal outcomes for 2014 and 2015 would likely weaken
proportionately.  That said, since February S&P has marginally
raised its base-case forecast for 2014 GDP performance to just
under 3%, but without improving our expectations for long-term
growth.  S&P's view takes into account the deceleration in credit
growth, currently running at a 13-week average of 15.5%
(annualized weekly change) and forecast to drop below 10% in
2015.

In other words, absent credit-fueled growth, S&P sees Turkey's
growth potential as curtailed until structural changes take
place. Such changes could include higher net foreign direct
investment into the tradables sector; continued increases in
labor participation and improved labor flexibility; and improved
productivity and value-added in the economy.

In S&P's opinion, the continued erosion of checks and balances in
Turkey's key independent institutions poses risks to business
confidence and economic stability.  A crowded electoral calendar
and an uncertain external environment make many of our forecasts
highly contingent on investor confidence in the policymaking
framework.  S&P's rating affirmation, however, reflects its view
that the Turkish authorities will continue to maintain steady
fiscal and monetary outcomes.

S&P views macroprudential measures implemented since 2010 as
relatively effective.  In particular, banning foreign currency
lending to households has helped strengthen the monetary
transmission channel.  S&P notes, though, that this remains
constrained by the high import content of the Turkish economy and
the high stock of foreign currency deposits held by households.
Since 2010, the corporate sector has increased its borrowing from
the domestic banking sector; the banking sector has increasingly
enhanced sources of domestic financing with borrowing from
abroad.

While S&P views the financial sector as relatively stable, it is
not immune to a wider macroeconomic downturn.  For example, while
the Turkish banking sector's unhedged foreign-exchange position
is negligible, this would not shield it from significant credit
losses if the under-hedged corporate sector were to come under
further pressure from exchange-rate effects.  This ultimately
constrains the economy's resilience to external economic trends.

Similarly, S&P believes much of the foreign-financed lending
since 2007 has flowed into the domestic services sector, property
development and construction, and the untested small and midsize
enterprises' (SMEs') loan book.  Lower GDP growth would likely
test the creditworthiness of these recent borrowers.  While
Turkish banks' direct exposure to nonresidential property appears
to be limited to 7% of total assets, the corporate sector's
exposure to construction and property would likely be about 13%
of its assets (similar to its share in Turkish GDP).

The central bank has increased its reported gross foreign
exchange reserves by encouraging banks to meet local currency
reserve requirements with foreign-exchange deposits.  Total
deposits for all reserve requirements now make up an estimated
70% of gross reserves (40% in 2011).  However, central bank
international reserves net of these deposits have not increased
in absolute terms for several years and now cover only about 77%
of the expected 2014 CAD.  This international reserve position
implies a limited buffer to contend with any further exchange-
rate pressure that might come from, say, the interest-rate
differential between Turkish bonds, compared to other globally-
connected emerging markets, narrowing from current levels.

OUTLOOK

The negative outlook reflects S&P's view of at least a one-in-
three likelihood that it could downgrade Turkey within the next
12 months if there is a balance-of-payments or growth shock.  A
severe shock could affect fiscal performance as well as financial
sector stability.  The latter could potentially lead to
contingent liabilities crystallizing on the sovereign balance
sheet as the financial sector contends with exchange-rate
volatility and weaker growth.

S&P believes downward pressure on the ratings could abate if
fiscal and monetary policies supported more-balanced economic
growth, which in turn depended less heavily on external
borrowing.

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

Turkey (Republic of) (Unsolicited Ratings)
Sovereign Credit Rating
  Foreign Currency                      BB+/Negative/B
  Local Currency                        BBB/Negative/A-2
Turkey National Scale                  trAAA/--/trA-1
Transfer & Convertibility Assessment   BBB

This unsolicited rating(s) was initiated by Standard & Poor's.
It may be based solely on publicly available information and may
or may not involve the participation of the issuer.  Standard &
Poor's has used information from sources believed to be reliable
based on standards established in our Credit Ratings Information
and Data Policy but does not guarantee the accuracy, adequacy, or
completeness of any information used.



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


AIB GROUP: S&P Affirms 'BB' Counterparty Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
long- and short-term counterparty credit ratings on various
U.K.-based financial institutions.  This reflects S&P's view that
industry risks for U.K. banks are stabilizing.  However, the
outlooks on many of these institutions remain negative,
reflecting S&P's view that it could lower these ratings if it
considers that the prospects for extraordinary government support
are less certain.

"We believe the U.K. banking industry is making good progress in
its multi-year transformation toward a more predictable risk
profile.  While we acknowledge that this long-term process still
has several years to run, we are now more confident that the
lower risk appetite that we have observed since the 2008
financial crisis could prove enduring.  We also think that banks
have generally heeded the regulatory push to overhaul their
product sets, sales practices, and staff remuneration, reducing
the risk of customer detriment.  This contrasts with the high
level of customer redress charges in recent years that have
arisen from past failings.  In addition, profitability is now
more clearly on an improving trend across the sector as the
economy recovers.  The more restrained risk appetite is, however,
likely to suppress returns relative to historical levels, but
deliver less volatility.  We consider that the evolving
competitive environment and regulatory reform agenda will not
lead to industry instability," S&P said.

"We have improved our assessment of the resilience of the U.K.
economy on the back of a more sustainable growth outlook.  We now
expect real GDP growth of 2.9% in 2014 and 2.5% in 2015 -- levels
that are likely to be ahead of most Continental European peers.
We believe the recent return to net lending growth and property
price inflation is indicative of the economy shifting to the
expansion phase of the cycle.  Overall economic risks for the
U.K. banking sector, however, remain unchanged and are higher
than many of its peers.  This primarily reflects the high level
of private sector debt built up during the last credit and
housing market boom.  Given the current level of housing prices
relative to historical levels and incomes, the extent of
leverage, and the likely impact of rises in interest rates,
economic imbalances persist," S&P noted.

OUTLOOK

The revision of the outlook to stable from negative on Clydesdale
Bank PLC reflects S&P's view of the now stable trend for U.K.
banking industry risk.  It also reflects S&P's view that
Clydesdale's positive trend in capitalization broadly offsets the
risk that S&P could remove the one-notch uplift in the ratings
for extraordinary group support from Clydesdale's parent,
National Australia Bank (NAB).

The revision of the outlook to stable from negative on FCE Bank
PLC reflects S&P's view of the now stable trend for U.K. banking
industry risk.  The stable outlook reflects that on FCE's
ultimate parent, Ford Motor Co., as well as S&P's view of FCE's
stand-alone creditworthiness.

The continuing negative outlooks on seven U.K.-based banks and
some of their affiliates indicate that S&P may lower the ratings
on these banks if it believes there is a greater likelihood that
senior unsecured liabilities may incur losses if the bank fails.
These seven institutions are Barclays Bank PLC, HSBC Bank PLC,
Lloyds Bank PLC, Nationwide Building Society, Royal Bank of
Scotland PLC (RBS), Santander UK PLC, and Standard Chartered Bank
(SCB).  Specifically, S&P may lower the long-term counterparty
credit ratings on these banks by up to two notches (or one notch
in the case of SCB and HSBC) if S&P considers that extraordinary
government support is less predictable under the new EU
legislative framework (The EU Bank Recovery and Resolution
Directive).

In the case of RBS, the negative outlook also reflects the
possibility that the execution of its restructuring plan (in
particular the run-down of its bad bank and the divestiture of
Citizens and Williams & Glynn) falters or its core business
continues to underperform.  S&P would likely reflect this in a
downward revision of RBS' business position to "moderate" from
"adequate".

With respect to Lloyds, while the outlook remains negative, S&P
now has a positive opinion of potential improvements in its
'bbb+' SACP over the next 12-24 months.  S&P could revise upward
Lloyds' SACP if S&P is more confident that its gross
nonperforming asset ratio will move into line with the long-term
average of major U.K. banks (which is in the 2%-3% range), that
Lloyds' loan book is not more susceptible to an unexpected
downturn in the U.K. economy, and that tail risks related to its
payment protection insurance (PPI) provisioning needs will not
impair its capitalization.  S&P would reflect this improvement by
revising its assessment of Lloyds' risk position to "adequate"
from "moderate".

The negative outlook on HSBC reflects the possibility that S&P
will lower the ratings if it judges that the group's risk
management enhancements are materially delayed or falling short
in enabling group executives to manage this complex group
effectively, or if material new problems emerge.  This is because
these factors could lead S&P to reassess its view of the group's
risk position as "adequate" from "strong".

The negative outlook on SCB reflects the outlook on S&P's long-
term sovereign credit rating on the U.K.

The negative outlook on AIB Group (U.K.) PLC reflects that on its
parent, Allied Irish Banks PLC.

BICRA SCORE SNAPSHOT*

U.K.                          To                From

BICRA Group                   3                 3

Economic risk                4                 4
  Economic resilience         Very low risk     Low risk
  Economic imbalances         Intermediate risk Intermediate risk
  Credit risk in the economy  High risk         High risk

Industry risk                3                 3
  Institutional framework     Intermediate risk Intermediate risk
  Competitive dynamics        Intermediate risk Intermediate risk
  Systemwide funding          Low risk          Low risk

Trends
  Economic risk trend         Stable            Stable
  Industry risk trend         Stable            Negative

*Banking Industry Country Risk Assessment (BICRA) economic risk
and industry risk scores are on a scale from 1 (lowest risk) to
10 (highest risk).  For more details on our BICRA scores on
banking industries across the globe, please see "Banking Industry
Country Risk Assessment Update" published monthly on
RatingsDirect.

RATINGS LIST

Ratings Affirmed; Outlook Revised

                                To                  From
Clydesdale Bank PLC
  Counterparty Credit Rating  BBB+/Stable/A-2  BBB+/Negative/A-2

FCE Bank PLC
  Counterparty Credit Rating  BBB/Stable/--    BBB/Negative/--

Ratings Affirmed

AIB Group (U.K.) PLC
  Counterparty Credit Rating  BB/Negative/B

Barclays Bank PLC
  Counterparty Credit Rating  A/Negative/A-1

HSBC Bank PLC
  Counterparty Credit Rating  AA-/Negative/A-1+

Lloyds Bank PLC
  Counterparty Credit Rating  A/Negative/A-1

Nationwide Building Society
  Counterparty Credit Rating  A/Negative/A-1

The Royal Bank of Scotland PLC
  Counterparty Credit Rating  A-/Negative/A-2

Santander UK PLC
  Counterparty Credit Rating  A/Negative/A-1

Standard Chartered Bank
  Counterparty Credit Rating  AA-/Negative/A-1+

NB: This list does not include all ratings affected.


ALTE LIEBE 1: S&P Affirms 'CCC+' Rating on EUR102MM Notes
---------------------------------------------------------
Standard & Poor's Ratings Services said that it revised to
negative from stable its outlook on the EUR102 million senior
secured amortizing notes, due 2025, issued by Jersey-based
special-purpose vehicle Alte Liebe 1 Ltd.  At the same time, S&P
affirmed its 'CCC+' issue rating on the notes.

The notes have an unconditional and irrevocable guarantee of
payment of scheduled interest and ultimate principal from
controlling creditor Ambac Assurance U.K. Ltd.  Under Standard &
Poor's criteria, a rating on monoline-insured debt reflects the
higher of the rating on the monoline or Standard & Poor's
underlying rating (SPUR). Since we do not rate Ambac Assurance,
the long-term debt rating on the notes reflects the SPUR.

The outlook revision reflects continued weak operating
performance at Gerdau Pulfringen, one of Alte Liebe's six
Germany-based wind farm companies (WFCs), and the resulting
further deterioration in the project's liquidity position.  On
Dec. 31, 2013, Gerdau-Puelfringen's debt service coverage ratio
(DSCR) was 0.60x, and it had fully utilized its debt service
reserve account (DSRA) to meet the December 2013 debt service
payment on the loan from Alte Liebe.  As a result, S&P believes
that the likelihood that Alte Liebe could start deferring payment
of principal on the notes over the next two-to-three years is
increasing.

Low wind levels have had a negative impact on the performance of
Alte Liebe's WFCs over the past five years, particularly at
Gerdau-Puelfringen, where winds remain low, averaging 91.8% over
the five-year period.  A material improvement in Gerdau-
Puelfringen's performance is not likely, in S&P's view, even if
the wind situation improves considerably.  This is because, in
addition to low amounts of wind, the technology used at Gerdau-
Puelfringen is not supported by its manufacturer, thereby
increasing Gerdau-Pulfringen's operating costs and reducing the
wind farm's availability.  In addition, Gerdau-Pulfringen's
location is less favorable than the location of the other wind
farms in the portfolio.

Based on its current operating performance, S&P forecasts that
Gerdau Pulfringen will not be able to pay its loan debt service
to Alte Liebe in full in June 2014, which could lead to Alte
Liebe needing to use its own DSRA to make repayments on the
notes.

"We consider that a payment default on the notes remains unlikely
over the near term, because of Alte Liebe's current available
liquidity and the notes' flexible repayment profile -- with
timely payment of interest, but ultimate payment of principal in
2025. Nevertheless, under our criteria, we lower the ratings on
debt instruments with a coupon deferral, cancellation feature, or
principal write-down or deferral feature to 'D' (default) if we
believe that payments have been deferred on a permanent basis or
for more than 12 months without causing a contractual (legal)
default, as the terms of the notes permit," S&P said.

Alte Liebe is a special-purpose vehicle that raised the senior
secured notes for six wind farms in Germany with a capacity of
142 megawatts.  Alte Liebe on-lent the proceeds from the notes
under individual loan agreements with the WFCs, which used the
funds to refinance existing bank debt.  The WFCs also used the
notes' proceeds to fund various liquidity reserves, including a
12-month DSRA at each wind farm.

The negative outlook reflects S&P's view that a default on the
notes could occur in the next two-to-three years.

Downside scenario

S&P would lower the rating by one or more notches if Alte Liebe
started deferring principal on the notes and if S&P believed that
payments had been deferred on a permanent basis or for more than
12 months, as the terms of the notes permit.

Upside scenario

S&P believes that an outlook revision to stable is unlikely
because it would require a significant and sustainable
improvement in Alte Liebe's operating conditions.


FITNESS FIRST: Secures GBP115-Mil. Debt Facility From Lenders
-------------------------------------------------------------
Nathalie Thomas at The Telegraph reports that Fitness First has
raised GBP115 million of debt from a group of four banks, marking
the first time it has succeeded in securing external loans since
its close brush with administration in 2012.

HSBC, Barclays, UBS and Germany's IKB bank have provided the
facility, GBP100 million of which will replace a shareholder
loan. The remaining GBP15 million has been provided as a
revolving credit facility, The Telegraph relates.

US hedge funds Oaktree Capital Management and Marathon Asset
Management took control of Fitness First from private equity
group BC Partners in 2012 through a GBP550 million debt-for-
equity swap, The Telegraph recounts.  The company has since had
no external debt and relied on shareholder funding, The Telegraph
notes.

John Wartig, Fitness First's chief financial officer, as cited by
The Telegraph, said that the GBP115 million bank deal will reduce
the company's finance costs and is evidence of "the growing
confidence of external lenders in our overall strategy to
reposition the Fitness First brand and offer".

Fitness First is a gym chain based in the United Kingdom.



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


* BOND PRICING: For the Week May 19 to May 23, 2014
---------------------------------------------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *