TCREUR_Public/140707.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, July 7, 2014, Vol. 15, No. 132

                            Headlines

B U L G A R I A

CONTOURGLOBAL POWER: Moody's Changes 'B3' CFR Outlook to Negative


C Y P R U S

BANK OF CYPRUS: Mulls EUR1-Billion Capital Increase


F I N L A N D

UPM-KYMMENE: Fitch Plans to Withdraw 'BB' Issuer Default Rating


F R A N C E

ACCOR SA: Fitch Assigns Final 'BB' Rating to Reset Rate Notes
CREDIT AGRICOLE: Fitch Affirms 'BB+' Additional Tier 1 Rating
SNCM: Needs to Go Under Court Protection, Transport Minister Says
WINDERMERE VII: Moody's Cuts Rating on Class X Notes to 'Caa2'


G R E E C E

SELONDA AQUACULTURE: Creditors Set to Take Over Business


I R E L A N D

DRYDEN XV: Moody's Affirms 'Ba2' Rating on EUR16.2MM Cl. E Notes
LANSDOWNE MORTGAGE: Moody's Assigns 'Ba2' Rating to Basis Swap


I T A L Y

CASSA DI RISPARMIO: Moody's Cuts Deposit & Issuer Ratings to Ba2
FINMECCANICA SPA: Fitch Affirms 'BB+' LT Issuer Default Rating
MODA 2014: Fitch Assigns 'B(EXP)sf' Rating to Class E Loans


N E T H E R L A N D S

ESTRO GROUP: On Brink of Bankruptcy After Gov't Spending Cuts
NORD GOLD: Fitch Affirms 'BB-' Foreign Currency Long-term IDR


R U S S I A

BASHNEFT: Moody's Changes Outlook on 'Ba2' CFR to Positive
SISTEMA JSFC: Moody's Raises Corporate Family Rating to 'Ba2'


S P A I N

LET'S GOWEX: Files for Bankruptcy Protection; Chair Steps Down


U N I T E D   K I N G D O M

EQUINOX ECLIPSE 2006-1: Fitch Hikes Class A Notes Rating to CCCsf
TAURUS CMBS 2014-1: Fitch Assigns BB Rating to Class C Securities


X X X X X X X X

* BOND PRICING: For the Week June 30 to July 4, 2014


                            *********


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B U L G A R I A
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CONTOURGLOBAL POWER: Moody's Changes 'B3' CFR Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has changed to negative, from stable,
the outlook on the B3 corporate family rating (CFR) and
probability of default rating (PDR) of B3-PD of ContourGlobal
L.P. (Contour), as well as the B3 rating on the $400 million
7.125% senior secured notes due in 2019 (the Notes), issued by
ContourGlobal Power Holdings S.A. (the Issuer) on May 20, 2014,
with a loss given default (LGD) assessment of LGD4. Concurrently,
Moody's has affirmed these ratings.

Ratings Rationale

The outlook change follows recent announcements by Bulgaria's
State Energy and Water Regulatory Commission (SEWRC, the
Regulator) regarding Contour's Bulgarian power asset, Maritsa,
which Moody's views as evidencing an increasingly challenging
political environment. If the Regulator's objective of reducing
NEK's electricity costs is achieved, it could have a material
negative impact on Contour. Maritsa is Contour's most significant
cash flow contributor, which the company expects (1) to account
for 35% of 2014 adjusted EBITDA and (2) to be a significant
contributor of cash distributions to its Contour parent over at
least the next 10 years.

Maritsa and Natsionalna Elektricheska Kompania (NEK, not rated)
are parties to a 15-year power purchase agreement (PPA) that
expires in 2024, whereby Maritsa sells electricity to NEK on an
availability basis, at a contractually set price. As a result of
a reduction in energy consumption and wholesale power prices in
Bulgaria over recent years, the price paid by NEK is currently
higher than wholesale prices.

On May 29, the Regulator announced that it had requested that NEK
renegotiate its contract with Maritsa to achieve at least a 20%
reduction in cost and provide for part of the plant's production
to be sold on the open market. Further, on June 25, the Regulator
announced that it had asked the European Commission (EC) to act
in relation to what SEWRC alleges is unlawful state aid being
received by the Maritsa power plant. The Regulator asserts that
Contour's PPA, together with a similar PPA between NEK and a
subsidiary of The AES Corporation (Ba3 stable), represent
unlawful state aid within the context of the Treaty on the
Functioning of the European Union. NEK's requirement to purchase
electricity under the PPA is not, according to the Regulator,
consistent with the principles and objectives of the Third Energy
Package. Moody's understands that neither the Regulator nor NEK
have the power to unilaterally amend the terms of the PPA.
However, the announcements evidence an adverse political
environment, which Moody's believes increases the risk that
Moody's projections for revenue and cash generation at Maritsa
may not be achieved.

The Maritsa operating company is highly leveraged with project
finance debt. A reduction in revenues, following any amendment of
the NEK PPA, may result in the company having insufficient cash
flow to fund distributions, or those distributions being blocked
under the terms of the project finance debt, to the detriment of
Contour's credit quality.

SEWRC sets the energy tariffs that NEK is allowed to charge its
customers. High electricity and district heating prices in
Bulgaria caused widespread protests in 2013, resulting in the
resignation of the government. Whilst SEWRC approved a 2% average
increase in electricity prices, effective 1 July, electricity
costs continue to be politically sensitive in the country.
Certain of NEK's PPAs and agreements with renewables energy
providers are perceived to be onerous on NEK, including the PPA
agreed with Maritsa.

NEK has historically paid invoices under Contour's PPA late,
suggesting an existing degree of cash flow strain caused by NEK's
inability to recover its costs from electricity consumers.
Notwithstanding late payment issues, Moody's expects that NEK, as
a Bulgarian state owned entity, intends to honor its obligations
under the Contour PPA. Furthermore, Moody's believes there is no
certainty that the EC will concur with the Regulator's view or
that the Regulator is, alone, sufficiently empowered (either
legally or politically) to ensure changes are made to PPA terms.

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

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

Rationale For Negative Outlook

Maritsa is Contour's most significant cash flow contributor.
Moody's believes that, should a change to Contour's PPA terms
eventuate and Maritsa was unable to make distributions to its
Contour parent for an extended period, the Issuer's financial
metrics would likely be negatively affected. If dividend payments
from the Maritsa operating company to Contour are excluded,
Moody's projected HoldCo interest cover falls to less than 3x by
2019, compared with just under 5x under the rating agency's base
case when the rating was assigned in May 2014.

What Could Change The Rating UP/DOWN

Given the negative outlook, there is currently no upward rating
pressure. The outlook could be stabilized if Moody's forms the
view that the terms and conditions of the Maritsa PPA will be
honored over its full term.

Conversely, negative rating pressure would be likely if a
renegotiation or other change to the Maritsa PPA occurs and
distributions from Maritsa appeared likely to be materially lower
than forecast. Also, downward rating pressure would likely result
if (1) the planned $30 million liquidity facility or sufficient
cash balances are not maintained as expected or (2) there are
significant delays or increased costs to Contour on development
projects.

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

The principal methodology used in these ratings was the
Unregulated Utilities and Power Companies methodology published
in August 2009. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.



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C Y P R U S
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BANK OF CYPRUS: Mulls EUR1-Billion Capital Increase
---------------------------------------------------
Martin Arnold at The Financial Times reports that Bank of Cyprus
is set to become the latest lender in the eurozone periphery to
issue shares after announcing that it would explore investor
interest in a potential capital increase expected to raise at
least EUR1 billion.

According to the FT, the Cypriot media have reported that
Chrystalla Georghadji, governor of the country's central bank,
sent a letter to the bank's board giving it a three-day ultimatum
to come up with a plan for raising at least EUR1 billion by
August 8.

After the bank's board met on Friday, it said that a capital
increase would "expedite the implementation of the group's
restructuring plan" and strengthen its finances, the FT relates.

The bank said existing shareholders would be given the
opportunity to participate in any capital increase, the FT notes.

An equity issue would be a further blow for shareholders in
Cyprus's biggest bank, which bailed in almost half of its
deposits above EUR100,000 by swapping them for shares as part of
its rescue last year, the FT says.

Two-fifths of Bank of Cyprus's liabilities come from central bank
funding with EUR10.9 billion of money from the European Central
Bank and the central bank of Cyprus, the FT states.

The bank's shares have been suspended on the Athens and Nicosia
stock exchanges since last year's bailout, though they are
expected to resume trading this year, the FT relays.

The bank, as cited by the FT, said on Friday that it aimed to
relist its shares in Greece and Cyprus after completing its
capital increase.

Bank of Cyprus is a major Cypriot financial institution.  In
terms of market capitalization of 350 million in March 2013, it
is the country's biggest bank.  As of September 2012, the bank
held a 26.7% share of the Cypriot deposit market and a 22.5%
share of the Cypriot loan market, making it the largest bank in
Cyprus.  The Bank of Cyprus Group employs 11,326 staff worldwide.



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F I N L A N D
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UPM-KYMMENE: Fitch Plans to Withdraw 'BB' Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings expects to withdraw its ratings of UPM-Kymmene Oyj
(UPM) after a 30-day period beginning on July 3 as they are no
longer considered by Fitch to be relevant to the agency's
coverage. Fitch will continue to maintain coverage of UPM prior
to withdrawal.

Fitch's ratings on UPM are unsolicited and have been provided by
the rating agency as a service to investors. Fitch reserves the
right in its sole discretion to withdraw or maintain any rating
at any time for any reason it deems sufficient. Fitch may elect
to maintain coverage based on investor feedback. Fitch will only
provide ratings where it has sufficient information to rate the
issuer or transaction.

This advance notice is provided to permit further investor
feedback to Fitch and for the benefit of users in managing their
use of Fitch's ratings.

Fitch rates UPM as follows:

Long-term Issuer Default Rating (IDR): 'BB'; Outlook Stable
Senior unsecured rating: 'BB'



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F R A N C E
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ACCOR SA: Fitch Assigns Final 'BB' Rating to Reset Rate Notes
-------------------------------------------------------------
Fitch Ratings has assigned Accor SA's (Accor; BBB-/Stable) deeply
subordinated EUR900 million fixed-to-reset rate (DS) notes a
final 'BB' rating. Fitch has applied 50% equity credit treatment
to this issue. The terms of the final documentation are in line
with the information already reviewed when assigning the expected
ratings to this instrument.

In addition Fitch assigned Accor SA's CHF150 million senior
unsecured 1.75% 2022 bond a 'BBB-' rating.

Key Rating Drivers for the DS Bond

Subordinated Ranking
The hybrid issue is deeply subordinated and ranks senior only to
Accor's share capital, while coupon payments can be deferred at
the discretion of the issuer. As a result the 'BB' rating is two
notches below Accor's 'BBB-' Long-term Issuer Default Rating
(IDR), reflecting the notes' higher loss severity and risk of
non-performance relative to senior obligations. This approach is
in accordance with the agency's criteria, "Treatment and Notching
of Hybrid in Nonfinancial Corporate and REIT Credit Analysis"
dated December 23, 2013.

50% Equity Treatment
The DS bonds qualify for 50% equity credit as they meet Fitch's
criteria with regard to subordination, remaining effective
maturity of more than five years, full discretion to defer
coupons for at least five years and limited events of default.
Deferrals of coupon payments are cumulative and there are no
look-back provisions.

Perpetual Issue
The DS bonds are perpetual notes with no legal maturity date. The
bonds are callable on the first call date, and subsequently five
years after that date and then on any interest payment date
thereafter. Under Fitch's criteria, the effective maturity date
is the point in time when replacement intention falls away. The
agency will remove the equity credit of the notes for its rating
forecasts five years before what Fitch deems as the effective
maturity date is reached (ie equity credit will fall away for the
above in 2035).

Key Rating Drivers for the CHF Bond

Senior Unsecured Ranking
The CHF senior unsecured bond ranks pari passu with all other
senior unsecured debt. The bond benefits from a negative pledge
clause as well as other covenants including cross default with
other debt. Proceeds from the bond will be for general corporate
uses.

Key Rating Drivers

Size and Diversification
Accor's ratings continue to reflect the group's positioning in
the economy and mid-scale segments, strong brand awareness, scale
and geographical diversification as a leading hotel group in the
world and number one in Europe in terms of hotel rooms.

New Property Strategy
Under its new strategy announced in November 2013, Accor has set
a value-oriented disciplined hotel ownership strategy, which
includes an end to expansion through leases and no further
disposals of hotels, unless they are structurally underperforming
assets. This should assist in reducing the group's lease-adjusted
debt burden in the next three to four years.

Stable Leverage
Funds from operations (FFO) lease-adjusted gross leverage fell to
4.7x at end-2013 from 5.0x at end-2012, due to reduced lease
liabilities. This was broadly in line with Fitch's estimates. We
expect a small rise in FFO lease-adjusted gross leverage in 2014
to around 4.9x, due to a combination of various new funding
transactions, including the hybrid and the 2021 EUR750 million
bond in January 2014, partly offset by a reduction in capitalized
lease obligations.

New Business Model
The new business model splits the group into two distinct
entities with their own targets. The HotelInvest division owns
and leases 1,400 hotels and is yield-oriented. Accor's
HotelServices division is the hotel operator and brand franchisor
within the group and is fee-oriented. Its development strategy is
based on management and franchise contracts. From a rating
perspective, this new hotel "twin track" strategy should ensure
that Accor generates additional free cash flow (FCF) in the
medium term, as it moves more towards a fee-based structure and
reduces expensive variable-lease payments.

Low FCF
Accor's FCF remains limited as the group continues to own a
material proportion of its properties. In addition the group is
expanding rapidly, mainly in Asia Pacific and Europe, and is
spending around 9%-10% of its revenues in capex. The ratings
reflect our expectation of mildly positive FCF margin over the
next two years.

Still High Lease Liabilities
While Accor's new property policy includes a firm commitment to
not sign any new leases, Accor still has significant rental
liabilities totaling over EUR845 million at FYE13. However, Accor
is reviewing all its leases and particularly its variable leases,
which are likely to be restructured and reduced over the next
three to four years. Consequently, both lease adjusted leverage
and fixed charge cover should slightly improve in the next three
years, giving some additional financial flexibility.

Manageable Shareholder Pressure
We believe that shareholder pressure from investors such as PE
house Colony Capital will continue. Accor has a publicly stated
policy of a dividend pay-out ratio of 50%, but it does not rule
out greater cash returns as long as this remains in line with
Accor's investment-grade rating objective. Further material cash
returns to shareholders and sustained negative FCF could put
negative pressure on the ratings.

Adequate Liquidity
At FYE13 Accor had EUR1,500 million of undrawn committed
facilities and EUR1,800 million of unrestricted cash (out of a
total of EUR2 billion). This is comfortable liquidity as Accor
only has EUR490 million of bond and bank debt maturities until
end-2016 and little working capital requirement volatility. On
June 16, 2014, Accor announced the signing of its new EUR1.8
billion five year syndicated facility, which will further improve
its liquidity and debt maturity profile.

RATING SENSITIVITIES

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

-- Group EBIT margin above 15% (FYE13: 9.7%)
-- Fitch FFO lease adjusted gross leverage below 4.0x and lease-
    adjusted net debt /EBITDAR ratio below 3x on a sustained
    basis
-- Lease-adjusted EBITDAR/gross interest plus rents ratio of
    above 2.5x (FYE13: 1.8x)
-- Sustainable positive FCF (excluding exceptional costs)

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

-- Group EBIT margin below 8%
-- Fitch FFO lease adjusted gross leverage above 5.0x and lease
    adjusted net debt/EBITDAR ratio above 4.0x on a sustained
    basis
-- Lease-adjusted EBITDAR/gross interest plus rents ratio of
    below 2.0x


CREDIT AGRICOLE: Fitch Affirms 'BB+' Additional Tier 1 Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Credit Agricole's (CA) Long-term
Issuer Default Rating (IDR) at 'A' with a Stable Outlook and
Short-term IDR at 'F1'. At the same time, the agency has affirmed
the Viability Rating (VR) at 'a', Support Rating Floor (SRF) at
'A' and Support Rating (SR) at '1'.

Key Rating Drivers - IDRs, VR and Senior Debt

Credit Agricole's (CA) Long- and Short-Term IDRs are driven by
its standalone financial strength, as indicated by its VR. CA's
IDRs, senior debt and VR reflect its strong French retail
franchise, satisfactory asset quality, satisfactory funding and
liquidity and solid capital ratios. They also factor in the
group's exposure to Italy. CA is not a single entity, but a
cooperative banking group. Its 39 regional banks (caisses
regionales; CRs), Credit Agricole S.A. (CA S.A., the group's
central body and publicly quoted entity) and Credit Agricole
Corporate and Investment Bank (CACIB) are bound by a cross-
support mechanism according to the French Financial and Monetary
Code. Accordingly, Fitch has the same IDRs for CA, CA S.A. and
CACIB. The IDRs would also apply to the CRs if Fitch rated them.

CA is one of Europe's largest banking groups by deposits. It is
the domestic retail banking leader (with market shares of roughly
25%) as well as in the related businesses of bancassurance, asset
management, consumer finance and factoring. Moreover, Fitch
believes this will continue to be the case. The group's domestic
retail banking business generates solid and stable earnings and
is the largest contributor to operating profit.

CA has a low-risk appetite, albeit higher than domestic
cooperative peers. Its loan portfolio is mainly concentrated in
France with a large portion of low-risk housing loans. However,
the bank's exposure to Italy (10% of total credit risk) is higher
risk.

Impaired loans are manageable and coverage ratios particularly
high (over 80%). The solid quality of the group's domestic loan
book offsets poor asset quality at CA's Italian subsidiaries,
which have high impaired loans (and generate large loan
impairment charges). Fitch believes these subsidiaries will
remain under pressure given weak forecasted economic growth in
Italy in 2014.

Customer deposits form the bulk of funding and the loans to
deposits ratio is satisfactory (115% at end-2013). CA's high
quality liquid assets and cash roughly cover one year short-term
market funding. However, many international peers have a higher
buffer of high quality liquid assets and cash.

CA's capital ratios compare well with similarly rated peers. They
have improved due to earnings retention and lower risk weighted
assets and this should continue.

Rating Sensitivities - IDRs, VR and Senior Debt

CA's current IDRs, senior debt and VR factor in the expectation
that it will continue to focus on its core domestic retail
franchise. Any expansion into higher-risk business, especially
abroad, could lead to negative rating pressure but this is not
expected. A sustained improvement in CA's risk profile as
demonstrated by better asset quality notably of CA's Italian
subsidiaries combined with a stronger liquidity position could be
positive for the VR. The upside potential for the VR would be
limited if CA were to face high litigation fines or a negative
outcome from the asset quality review. CA S.A.'s IDRs (and senior
debt) would be sensitive to any change in those of CA.

Key Rating Drivers - Support Rating and Support Rating Floor

CA's SR and SRF reflect Fitch's view that it is extremely likely
that support from the French authorities would be forthcoming if
needed. CA is systemically important in France given its size,
its position as the leading French retail bank (with roughly 25%
market share of customer deposits), and its importance as core
provider of credit and other key financial services to the French
economy. CA S.A.'s SR and SRF reflect its integral role within CA
and Fitch's opinion that potential state support to the group
would flow through CA S.A.

Rating Sensitivities - Support Rating and Support Rating Floor

CA's and CA S.A.'s SRs and SRFs would be sensitive to a decrease
in Fitch's view of France's ability (as measured by its rating)
or willingness to support CA. These ratings are also sensitive to
a change in Fitch's assumptions around the availability of
sovereign support for French financial institutions. Fitch
expects the probability of support, if needed, is likely to
decline during the next one to two years, as further progress is
made in enabling effective resolution frameworks. Therefore,
Fitch expects to downgrade CA's and CA S.A.'s SR to '5' and
revise down their SRF to 'No Floor'. The timing at this stage is
likely to be some point in late 2014 or in 1H15. A decline in
support would have no impact on CA and CA S.A.'s IDRs as long as
the VR remains at 'a' or higher, which is in line with our
expectations.

Key Rating Drivers and Sensitivities - Subsidiaries

Credit Agricole Corporate and Investment Bank (CACIB) is part of
the group's cross-support mechanism according to the French
Financial and Monetary Code as modified in 2013. Applying our
'Banking Structures Backed by Mutual Support Mechanisms'
criteria, Fitch typically assigns the same Long-Term and Short-
Term IDRs (as those assigned to the group) but no VR or SR to
entities that benefit from the cross support mechanism. Therefore
Fitch has withdrawn CACIB's VR and SR, which allows the
application of this criteria in a consistent manner.

The Long-and Short-term IDRs and SRs of other subsidiaries -- CA
Consumer Finance and Credit Agricole Leasing & Factoring -- are
based on an extremely high probability of support from CA if
needed. CA Consumer Finance's and Credit Agricole Leasing &
Factoring's Long-and Short-term IDRs are equalized with those of
CA as we view them as core subsidiaries given their strategic
importance to and integration with their parent. All these
ratings are sensitive to changes in CA's IDRs and changes in the
subsidiaries' importance to the group.

Credit Agricole North America, Credit Agricole CIB Finance
(Guernsey) and Credit Agricole CIB Financial Products (Guernsey)
are wholly owned financing subsidiaries of Credit Agricole
Corporate and Investment Bank. Their debt ratings are aligned
with those of Credit Agricole Corporate and Investment Bank based
on an extremely high probability of support if required. The
ratings are sensitive to the same factors that might drive a
change in Credit Agricole Corporate and Investment Bank's IDRs.

Subordinated Debt And Other Hybrid Securities

Subordinated debt and other hybrid capital issued by Credit
Agricole S.A., CA Preferred Funding Trust and CA Preferred
Funding Trust III are all notched down from CA's VR in accordance
with Fitch's assessment of each instrument's respective non-
performance and relative loss severity risk profiles. Their
ratings are primarily sensitive to any change in CA's VR.

Subordinated lower Tier 2 debt is rated one notch below CA's VR
to reflect below average loss severity of this type of debt when
compared with average recoveries. Subordinated upper Tier 2
instruments are rated three notches below the VR to reflect below
average loss severity (1 notch for loss severity) as well as a
higher risk of non-performance (an additional 2 notches for non-
performance). Legacy hybrid Tier 1 securities are rated four
notches below CA's VR (two notches for loss severity and two
notches for non-performance). Credit Agricole S.A.'s Tier 2
Contingent Capital Notes are rated four notches below CA's VR
(two notches for loss severity to reflect the principal write-
down feature, and two notches for non-performance risk, to
reflect the high incremental risk due to the 7% CET1 ratio
trigger compared with the risk reflected in the bank's VR.
Additional Tier 1 notes are rated five notches below CA's VR (two
notches for loss severity and three notches for non-performance
risk to reflect the fully discretionary coupon and the
incremental risk due to the 7% CET1 ratio trigger compared with
the risk reflected in the bank's VR).

The rating actions are as follows:

Credit Agricole

Long-term IDR: affirmed at 'A'; Stable Outlook
Short-term IDR: affirmed at 'F1'
Viability Rating: affirmed at 'a'
Support Rating: affirmed at '1'
Support Rating Floor: affirmed at 'A'

Credit Agricole S.A.

Long-term IDR: affirmed at 'A'; Stable Outlook
Short-term IDR: affirmed at 'F1'
Support Rating: affirmed at '1'
Support Rating Floor: affirmed at 'A'
Senior debt: affirmed at 'A'
Short-term debt: affirmed at 'F1'
Lower Tier 2: affirmed at 'A-'
Upper Tier 2: affirmed at 'BBB'
Innovative Tier 1: affirmed at 'BBB-'
Non-Innovative Tier 1: affirmed at 'BBB-'
Tier 2 contingent capital notes: affirmed at 'BBB-'
Additional Tier 1: affirmed at 'BB+'

CA Preferred Funding Trust, CA Preferred Funding Trust III:

Preferred stock: affirmed at 'BBB-'

Credit Agricole North America:

Commercial paper: affirmed at 'F1'

Credit Agricole Corporate and Investment Bank:

Long-term IDR: affirmed at 'A'; Stable Outlook
Short-term IDR: affirmed at 'F1'
Viability Rating: affirmed at 'a' and withdrawn
Support Rating affirmed at '1' and withdrawn
Senior debt: affirmed at 'A'
Senior debt: 'AAA(tha)'; affirmed
Market-linked securities: affirmed at 'Aemr'
Short-term debt: affirmed at 'F1'

Credit Agricole CIB Finance (Guernsey):

Senior debt: affirmed at 'A'
Market-linked guaranteed securities: affirmed at 'Aemr'
Guaranteed Notes: affirmed at 'A'
Short-term debt: affirmed at 'F1'

Credit Agricole CIB Financial Products (Guernsey):

Senior debt: affirmed at 'A'
Senior guaranteed securities: affirmed at 'A'
Market-linked guaranteed securities: affirmed at 'Aemr'
Short-term debt: affirmed at 'F1'

CA Consumer Finance:

Long-term IDR: affirmed at 'A'; Stable Outlook
Short-term IDR: affirmed at 'F1'
Support Rating: affirmed at '1'
Senior debt: affirmed at 'A'
Short-term debt: affirmed at 'F1'

Credit Agricole Leasing & Factoring:

Long-term IDR: affirmed at 'A'; Stable Outlook
Short-term IDR: affirmed at 'F1'
Support Rating: affirmed at '1'


SNCM: Needs to Go Under Court Protection, Transport Minister Says
-----------------------------------------------------------------
Geert De Clercq at Reuters reports that troubled France-Corsica
ferry operator SNCM needs to go under court protection to shield
itself from a European Commission order to repay EUR440 million
(US$600.2 million) in state aid.

According to Reuters, Frederic Cuvillier, France's transport
minister, told French daily La Provence that the loss-making
firm, whose unions have been on strike since June 24, cannot
continue its activities in its current form without risking
bankruptcy and needs an ordered restructuring.

It is the first time a French government minister has raised this
possibility, which the unions oppose because they fear it will
lead to job losses and less favorable labor terms, Reuters notes.

The company has racked up cumulative losses of EUR250 million
over the past decade despite subsidies it receives from French
authorities, Reuters discloses.

Some legal experts say a Chapter 11-style restructuring would
allow a new owner to buy some of SNCM's ships and continue some
of its current routes under a new legal structure and with part
of the company's staff, Reuters relays.

SNCM is owned 66% by Transdev, a public transport joint venture
between water and waste group Veolia Environnement and state-bank
CDC.


WINDERMERE VII: Moody's Cuts Rating on Class X Notes to 'Caa2'
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of three
classes of Notes issued by Windermere VII CMBS plc and affirmed
the ratings of two classes.

Moody's rating action is as follows:

Issuer: Windermere VII CMBS plc

EUR466M A2 Notes, Downgraded to A2 (sf); previously on Aug 22,
2013 Affirmed Aa3 (sf)

EUR50M B Notes, Downgraded to Ba1 (sf); previously on Aug 22,
2013 Downgraded to Baa2 (sf)

EUR27.4M C Notes, Affirmed Caa1 (sf); previously on Aug 22, 2013
Downgraded to Caa1 (sf)

EUR50.8M D Notes, Affirmed Ca (sf); previously on Aug 22, 2013
Downgraded to Ca (sf)

EUR0.05M X Notes, Downgraded to Caa2 (sf); previously on Aug 22,
2013 Downgraded to Caa1 (sf)

Moody's does not rate the Class E and Class F Notes.

Ratings Rationale

The downgrade action on the Class A2 and Class B Notes reflects
Moody's concerns about the timely repayment of principal by the
legal final maturity of the notes in April 2016 given the
increased risk that the largest loan, Adductor, will not be
worked out by legal final maturity due to the potential French
court imposed restructuring plan involving the borrower's parent
company.

For additional details on Moody's approach to assessing the
rating of CMBS classes in the tail period, please refer to the
report, 'Rating Caps for CMBS in the Tail Period', published in
October 2011. In determining the rating level of Class A2 Notes,
Moody's considered that the workout of the second largest loan is
expected ahead of legal final and the proceeds could fully repay
the Class A2 Notes. Furthermore, in assessing the rating level of
Class B Notes, Moody's considered that a full repayment of these
notes is dependent on timely recoveries from the Adductor loan.

IO ratings are sensitive to changes in expected loss of the loan
pools that they reference. The rating on the Class X Notes is
downgraded because the future expected losses have increased
compared to the last review in August 2013. The rating of the
Class X Notes was based on the methodology described in Moody's
Approach to Rating Structured Finance Interest-Only Securities
published in February 2012.

The ratings on the Class C and D Notes are affirmed because the
current ratings are commensurate with the updated risk
assessment. Realized losses have increased to 2.45% from 0% of
the original securitized balance compared to the last review.
Moody's estimate of the base expected loss is now in the range of
0% - 10% of the original pool balance.

Methodology Underlying the Rating Action:

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

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

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

Main factors or circumstances that could lead to a downgrade of
the ratings are (i) lack of certainty by April 2015 as to when
the Class A2 Notes will receive the recovery proceeds from the
Nordostpark loan; and (ii) no progress on working out the
Adductor Loan or a court imposed restructuring plan that involves
repayment of the loan after the legal final maturity date of the
Notes.

Main factors or circumstances that could lead to an upgrade of
the ratings are (i) some property disposals from the Adductor
Loan; and (ii) a refinancing of the Adductor loan which could
result in an upgrade of the Class C and D Notes (under this
scenario, the Class A and B Notes should be repaid).

Moody's Portfolio Analysis

As of the April 2014 IPD, the transaction balance declined by
71.5% to EUR111.4 million from EUR782.3 million at closing in May
2006 due to the pay off and work-out of nine loans originally in
the pool. The Notes are currently secured by three first-ranking
legal mortgages ranging in size from 43.8% to 17.4% of the
current pool balance that are collateralized by 15 office
properties. Since the last review, two Spanish loans repaid
following their workout, one with a 65% loss and the other
without a loss. The pool has an above average concentration in
terms of geographic location (58% France and 42% Germany, based
on UW market value) and property type (100% office). Moody's uses
a variation of the Herfindahl Index, in which a higher number
represents greater diversity, to measure the diversity of loan
size. Large multi-borrower transactions typically have a Herf of
less than 10 with an average of around 5. This pool has a Herf of
2.7 compared to the Herf of 4.2 at Moody's prior review.

The WA Moody's LTV ratio on the securitized pool is 182%, with
56% loans (by loan balance) being over 100% LTV. The Moody's
whole loan LTV is 195%. This contrasts against the WA reported
whole loan LTV of 120%. All the loans are defaulted and in
special servicing as all have passed their maturity dates. All
three loans pay interest, but the two largest loans don't pay the
full interest due (including default interest).

Summary of Moody's Loan Assumptions

Below are Moody's key assumptions for the loans.

Adductor (43.8% of pool) - LTV: 96.7% (Whole)/ 96.7% (A-Loan);
Total Default Probability: N/A - Defaulted; Expected Loss: 20% -
30%

The loan is secured by 13 office properties in South-Western
France. The French holding company that owns the borrower
entities is under "Redressement Judiciaire". This is a form of
insolvency proceedings where the purpose is to restructure the
company to allow continuation of its business. According to a
recently published investor presentation by the special servicer,
the Adductor loan is understood to be a key part of the business
plan that the court will impose. As with Safeguard proceedings,
the restructuring plan could cover a period of up to ten years
and the court does not need to take into account that the special
servicer needs to recover on the loan before the legal final
maturity date of the Notes. The investor presentation also
mentions that the borrower has indicated that it is in
discussions about refinancing the loan. In Moody's opinion and
based on current information, there is a significant risk that
the special servicer will not be able to work out this loan
before the legal final maturity of the Notes.

The property portfolio itself is of average quality. The vacancy
rate is almost 24% and the weighted average remaining lease term
is only two years. According to the special servicer, a number of
properties require extensive works. The underwriter LTV based on
the latest June 2012 valuation is however only 68.4%.

Nordostpark (38.8% of pool) - LTV: 144% (Whole)/ 111.2% (A-Loan);
Total Default Probability: N/A - Defaulted; Expected Loss: 20% -
30%

The loan is secured by an office property in Nuremberg which is
single let to Alcatel-Lucent with its original lease maturing at
the end of 2014. A substantial positive development is that
Alcatel-Lucent has renewed its lease for approximately 25% of the
property for ten years with no break option and no rent free
period. Along with two other leases that have been signed, the
total occupancy will be 40% at the beginning of next year
compared to Moody's assumption that the whole property would be
vacant. According to the special servicer, approximately EUR6
million will need to spent to convert the rest the property into
a multi-tenanted building. The forced administrator of the loan
currently holds EUR9.1 million of trapped cash, therefore there
are funds available for this conversion.

At the last review, Moody's expected a discounted pay-off (DPO)
for the loan and some benefit was given for this, especially in
the Class A2 Note rating as the receipts from a DPO would have
repaid the Class A2 Notes in full by this year. The reletting
activity is positive and the special servicer does expect a full
repayment of the senior portion of the loan by mid-2015 but
unless there is some positive development on the Adductor loan,
the Class A2 Notes will only be repaid 6-9 months before the
legal final maturity date. Moody's current value for the property
is EUR39 million which gives partial benefit to the releasing
strategy, as there is limited visibility on the new rental levels
or on further potential letting activity with sub-tenants.

Mulheim (17.4% of pool) - LTV: 554.2% (Whole)/ 554.2% (A-Loan);
Total Default Probability: N/A - Defaulted; Expected Loss: 80% -
90%

The loan is secured by an office property in Mulheim, let to GMG
Generalmietgesellschaft (a company affiliated to Deutsche
Telekom) until June 2015. There is still no certainty on whether
the tenant will renew its lease or vacate the property. At the
beginning of 2013, the special servicer tried to sell the
property but the bids received were for an amount less than
rental income payable under the remaining lease and consequently
the marketing process was suspended. Moody's assumption is that
the property will be sold vacant at some point. The UW vacant
possession value is EUR3.5 million. Moody's expect a very high
loss on this loan which is in line with previous expectations.



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SELONDA AQUACULTURE: Creditors Set to Take Over Business
--------------------------------------------------------
Evgenia Tzortzi and Dimitra Manifava at Ekathimerini report that
some 33 years after its foundation and having been one of the
Greek fish-farming sector's biggest players, Selonda Aquaculture
SA is about to pass into the hands of its creditors.

According to Ekathimerini, after months of negotiations with
banks and several failed attempts to merge the firm with Dias
Aquaculture and then Nireus, Selonda has come to an agreement
with the banks that includes the capitalization of outstanding
loans of EUR50 million and the issue of corporate bonds up to
EUR105 million.

The agreement to restructure Selonda is expected to be approved
by an extraordinary general shareholders meeting on July 24,
while a general outline regarding the future of the company will
be presented at its regular general shareholders meeting on
Thursday, July 10, Ekathimerini discloses.

Among the issues on the agenda for July 24 will be a decrease in
the firm's share capital and a reduction of the nominal value of
every existing share with voting rights in order to offset
accumulated losses and/or create a special cash reserve of the
same amount, Ekathimerini says.  Then the share capital will be
increased with the capitalization of outstanding bank loans, cash
injections by one or more strategic investors, the issue of new
common shares and the abolition of existing shareholders'
preferential rights, Ekathimerini notes.

After the restructuring, the holdings of the banks that currently
own 21.09% of Selonda will exceed 70%, Ekathimerini states.

Headquartered in Athens, Greece, Selonda Aquaculture SA
(ATH: SELO) is a company active in the marine aquaculture
industry.  The Company's range of activities includes the
reproduction, on-growing and commercial distribution of
Mediterranean fish species, focusing mainly on sea bream and sea
bass.



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I R E L A N D
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DRYDEN XV: Moody's Affirms 'Ba2' Rating on EUR16.2MM Cl. E Notes
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Dryden XV -- EURO CLO 2006 P.L.C.:

  EUR34M Class B Senior Floating Rate Notes due 2023, Upgraded to
  Aa1 (sf); previously on Aug 23, 2011 Upgraded to Aa2 (sf)

  EUR29M Class C Mezzanine Deferrable Interest Floating Rate
  Notes due 2023, Upgraded to A2 (sf); previously on Aug 23, 2011
  Upgraded to A3 (sf)

  EUR7M Class V Combination Notes due 2023, Upgraded to Baa1
  (sf); previously on Aug 23, 2011 Upgraded to Baa2 (sf)

Moody's also affirmed the ratings on the following notes:

  EUR198M Class A1 Senior Floating Rate Notes due 2023, Affirmed
  Aaa (sf); previously on Apr 26, 2007 Assigned Aaa (sf)

  GBP20M Class A2 Senior Floating Rate Notes due 2023, Affirmed
  Aaa (sf); previously on Apr 26, 2007 Assigned Aaa (sf)

  EUR80M Class A3 Senior Revolving Floating Rate Notes due 2023,
  Affirmed Aaa (sf); previously on Apr 26, 2007 Assigned Aaa (sf)

  EUR23M Class D Mezzanine Deferrable Interest Floating Rate
  Notes due 2023, Affirmed Ba1 (sf); previously on Aug 23, 2011
  Upgraded to Ba1 (sf)

  EUR16.2M Class E Mezzanine Deferrable Interest Floating Rate
  Notes due 2023, Affirmed Ba2 (sf); previously on Aug 23, 2011
  Upgraded to Ba2 (sf)

Dryden XV - EURO CLO 2006 P.L.C., issued in March 2007, is a
collateralized loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by Pramerica Investment Management. The transaction's
reinvestment period ended in April 2013.

Ratings Rationale

The actions on the notes are primarily a result of deleveraging
of the senior notes and subsequent improvement of over-
collateralization ratios.

On the last payment date in April 2014, the Class A1 and A2 paid
down by approximately EUR39.9 million (19.8% of closing balance)
and GBP3.9 million (19.8% of closing balance), respectively.
Since closing each has amortized 31.1%. Class A3, a multi-
currency revolving note, paid down by approximately EUR17.5
million. As a result of the deleveraging, over-collateralization
has increased. As of the trustee's June 2014 report, the Class B
had an over-collateralization ratio of 139.4% compared to 131.7%
in December 2013, the Class C had an over-collateralization ratio
of 124.8% compared to 120.3% in December 2013, the Class D had an
over-collateralization ratio of 115.2% compared with 112.7% in
December 2013, and the Class E had an over-collateralization
ratio of 109.4% compared with 107.8% in December 2013.

The rating on the combination notes addresses the repayment of
the rated balance on or before the legal final maturity. For the
Class V, the rated balance at any time is equal to the principal
amount of the combination note on the issue date minus the sum of
all payments made from the issue date to such date, of either
interest or principal. The rated balance will 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
performing par of EUR217.6 million, GBP43.3 million and USD38.2
million, proceeds balance of EUR26.2 million, GBP0.3 million and
USD0.03 million, and defaulted par of EUR4.2 million, a weighted
average default probability of 18.3% over a 4.6 year weighted
average life (consistent with a 10 year WARF of 2580.4), a
weighted average recovery rate upon default of 41.4% for a Aaa
liability target rating, a diversity score of 35.9 and a weighted
average spread of 4.18%.: The GBP and USD-denominated liabilities
are naturally hedged by the GBP and USD assets.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed a recovery of 50% of the 76.2% of the portfolio
exposed to first-lien senior secured corporate assets upon
default and of 15% of the remaining non-first-lien loan corporate
assets upon default. In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.

Methodology Underlying the Rating Action:

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

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

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

Additional uncertainty about performance is due to the following:

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

2) Around 21.5% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates.

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

4) Long-dated assets: The presence of assets that mature beyond
the CLO's legal maturity date exposes the deal to liquidation
risk on those assets. Moody's assumes that, at transaction
maturity, the liquidation value of such an asset will depend on
the nature of the asset as well as the extent to which the
asset's maturity lags that of the liabilities. Liquidation values
higher than Moody's expectations would have a positive impact on
the notes' ratings.

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

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


LANSDOWNE MORTGAGE: Moody's Assigns 'Ba2' Rating to Basis Swap
--------------------------------------------------------------
Moody's Investors Service has assigned a following Counterparty
Instrument Rating (CIR):

Issuer: Lansdowne Mortgage Securities No. 1 p.l.c.

  Basis Swap for Lansdowne Mortgage Securities No. 1 p.l.c.,
  Assigned Ba2 (sf), on review for upgrade

A CIR addresses the expected loss that a counterparty might incur
regarding the payment obligations of a special-purpose vehicle
(SPV), under a financial instrument in a structured finance
transaction. Moody's methodology relies on an analysis of (i) the
quality of the collateral underlying the structured finance
transaction and the transaction structure; and (ii) the ranking
of the SPV's payment obligations under the relevant financial
instrument. For the purpose of this rating, the SPV is Lansdowne
Mortgage Securities No. 1 p.l.c., the financial instrument is the
above referenced Basis Swap Agreement and the counterparty is
Barclays Bank PLC ("Barclays", A2/P-1).

The ratings and underlying assumptions in Moody's analysis of the
notes issued by Lansdowne Mortgage Securities No. 1 p.l.c. are
not affected.

Ratings Rationale

Moody's approach to assigning CIRs on interest rate and cross
currency swaps involves two steps. First, Moody's calculate the
expected loss on the assumption that the counterparty will not
default, and convert this to a rating using Moody's idealized
tables. Second, Moody's assesses the degree of linkage to the
counterparty and, where appropriate, cap the CIR accordingly.

Since the Issuer's obligations under the basis swap agreement
rank pari passu with Class A2 notes for step one the expected
loss assuming no counterparty default equals the expected loss
for the Class A2 noteholders, i.e. Ba2(sf) on review for upgrade.
In the second step Moody's would consider whether the payment
obligations of Lansdowne Mortgage Securities No. 1 p.l.c. might
be affected by Barclays' financial strength. However, since the
expected loss assuming no counterparty default is lower than the
rating of the counterparty, the CIR is capped by the Ba2 (sf) on
review for upgrade in step one.

The CIR is on review for upgrade due to the underlying Class A2
notes being on review for upgrade following the increase of the
Irish local-currency country ceiling to Aa3 from A2.

Methodology underlying the credit rating:

The principal methodology used in this rating was Moody's
Approach to Rating RMBS Using the MILAN Framework published in
March 2014.

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

The CIR is directly linked to the rating of the underlying Class
A2 notes and so there would be a rating action on the basis swap
agreement following any rating action on the Class A2 notes.

Additionally, factors or circumstances that could lead to an
upgrade of the rating include (1) further reduction in country
risk, performance of the underlying collateral that is better
than Moody's expected, (2) deleveraging of the capital structure
and (3) improvements in the credit quality of the transaction
counterparties.

Similarly, factors or circumstances that could lead to a
downgrade of the rating include (1) an increase in country risk,
performance of the underlying collateral that is worse than
Moody's expects, (2) deterioration in the notes' available credit
enhancement and (3) deterioration in the credit quality of the
transaction counterparties.

No cash flow analysis nor stress scenarios were conducted in this
review, which was directly derived from the ratings of the
underlying Class A2 notes and of the counterparty.



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I T A L Y
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CASSA DI RISPARMIO: Moody's Cuts Deposit & Issuer Ratings to Ba2
----------------------------------------------------------------
Moody's Investors Service has downgraded Cassa di Risparmio di
Bolzano - Suedtiroler Sparkasse's (CariBolzano) long-term deposit
and issuer ratings to Ba2 from Ba1, and affirmed the bank's
short-term deposit ratings of Not-Prime. At the same time, the
rating agency downgraded CariBolzano's standalone bank financial
strength rating (BFSR) to D, which is equivalent to a standalone
baseline credit assessment (BCA) of ba2, (from D+/ba1). The
outlook on the standalone BFSR and on the long-term deposit and
issuer ratings was changed to stable from negative.

Ratings Rationale

Moody's said that the one-notch lowering of CariBolzano's
standalone BCA reflects the bank's deteriorated asset quality and
profitability, which are only partly offset by the bank's
increased regulatory capital ratios and problem loan reserve
coverage.

CariBolzano's asset quality has deteriorated significantly since
2011, in line with the trend in the Italian banking system.
Problem loans as a percentage of gross loans rose to 9.0% as at
December 2013 from 5.5% as at December 2011 (see notes 1 and 2 at
the end of this press release). Moody's forecasts a weak recovery
for the Italian economy, estimating modest GDP growth of between
0% and 1.0% in 2014 and between 1% and 2% in 2015 (see note 3 at
the end of this report). Coverage of problem loans has also
increased in the past two years, with loan loss reserves rising
to 52% of problem loans as at December 2013 from 42% as at
December 2011. Moody's says that the current level of coverage is
still below the best practice of the highest rated banks in
Italy.

The significant deterioration of CariBolzano's asset quality has
also impacted the bank's profitability. In the past three years,
gross loans declined by 6%, while at the same time a
significantly higher portion of loans became non-performing and
non-interest generating; this contributed to the bank's net
interest income declining to EUR126 million in 2013 (2012: EUR149
million and 2011: EUR145 million), which the bank compensated
with non-recurring gains derived from the sale of government
bonds. The above-mentioned increased volume of problem loans and
coverage levels led to a significant increase in cost of risk,
which increased to 171 basis points (bps) in 2013 (2012: 110 bps
and 2011: 53 bps).

The combination of pre-provision profitability that has been
stabilised by non-recurring profits, and substantially increased
loan loss charges, led to CariBolzano recording a net loss of
EUR29 million in 2013, which compares with a net profit of EUR4
million in 2012 and EUR11 million in 2011. Moody's expects asset
quality to continue to weigh significantly on CariBolzano's
profitability in 2014.

Moody's however notes that CariBolzano's bank's Tier 1 ratio
stood at 9.7% as at December 2013, 200 basis points higher than
the 7.7% reported as of December 2011, supported by a substantial
capital increase in 2012 and deleveraging. The rating agency
expects the bank's capital to remain stable, considering the
issuer's limited internal capital generation.

The downgrade of CariBolzano's long-term issuer and deposit
rating reflects the lowered standalone BCA, as well as Moody's
unchanged assumptions of low probability of systemic (government)
support, which continues to provide no uplift to the bank's
deposit and issuer ratings.

CariBolzano's rating outlook is now stable, reflecting Moody's
expectation of limited further asset quality erosion and an
expectation that profitability will stabilise, albeit at a weak
level, for the next 12-18 months -- all of which is already
factored in the bank's BCA of ba2.

What Could Change The Ratings Up/Down

Some upward pressure could be exerted on CariBolzano's standalone
BCA following a sustainable improvement in profitability, and a
substantial reduction of the bank's stock of problem loans.

Any rise in the standalone BCA would lead to an upgrade of the
bank's long-term debt and deposit ratings.

Downward pressure on the standalone BCA could result from (1) a
material deterioration in CariBolzano's profitability and asset
quality, and (2) a reduction of the bank's Tier 1 ratio below 9%.
A lower standalone BCA would lead to a downgrade of the bank's
long-term deposit ratings.

Note 1: Unless otherwise noted, data in this report are from the
company's reports or Moody's Financial Metrics.

Note 2: Problem loans include: non-performing loans
("sofferenze"), watchlist loans ("incagli"), restructured loans
("ristrutturati") and past due loans ("scaduti"). Moody's adjusts
these numbers and only incorporates 30% of the "watchlist"
category as an estimate of those over 90 days overdue. The source
of the system averages is the Bank of Italy's 2013 annual report,
published in May 2014.

Note 3: Source: Moody's Global Macro Outlook 2014-2015: Role
Reversal, as Advanced Economies Emerge as Engine of Recovery,
published on 8 May 2014.

The principal methodology used in this rating was Global Banks
published in May 2013.


FINMECCANICA SPA: Fitch Affirms 'BB+' LT Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Italy-based Finmeccanica SpA's (FM)
Long-term Issuer Default Rating (IDR) at 'BB+' and Short-term IDR
at 'B'. The agency has also affirmed Finmeccanica Finance SA's
and Meccanica Holding Inc's senior unsecured ratings at 'BB+'.
The Outlook on the Long-term IDR is Negative.

Key Rating Drivers

The Negative Outlook reflects the risk that FM's restructuring
measures may take longer than expected in yielding an improvement
in the company's FFO and FCF generation, while debt and leverage
are high for the ratings. It also reflects that deleveraging may
take longer to achieve than envisaged. Fitch expects to review
the ratings again by the end of 2014 with a view to assessing
whether progress on margin improvement and deleveraging potential
is adequate to maintain the 'BB+' ratings.

Fitch is assuming that the company's FFO margin will improve
gradually over the course of 2014. A return to profitability
levels expected of a 'BB+' company in this sector is key to
maintaining the present ratings. While Fitch expects FCF to be
negative in 2014 due to a weak defense outlook, high capex and an
only gradually improving operational profile, sustained positive
FCF generation in the years after is also key to maintaining the
ratings.

Financial Performance
Recent operating performance has been fairly poor, with the funds
from operations (FFO) margin falling to 5.5% for the last 12
months (LTM) to March 31, 2014, (from 6.1% in 2013) as weakness
in the US defense and transportation segments more than offset
improvements in helicopters and aeronautics. LTM FCF was
materially worse than expected, at negative EUR403m, as a result
of a large working capital outflow stemming from a cancellation
of a helicopter order as well as slightly higher-than- expected
capex.

High Leverage
Finmeccanica had gross leverage of 4.4x at end-2013, above the
downgrade guideline of 4x. As debt reduction is integral to
maintaining the present ratings, Fitch expects this ratio to
trend towards 4x in the medium term, absent any accelerated debt
repayment from asset disposals. A sustained improvement in
leverage to under 4x, either from the cash proceeds from asset
sales or FCF generation would significantly enhance the prospects
of changing the outlook to Stable.

Slow Deleveraging From Asset Disposals
To date, the sale of Ansaldo Energia (FM received EUR277 million
cash and deconsolidated EUR183 million debt), and of FM's 15%
stake in aero engine parts maker, AVIO SpA (worth EUR260
million), have been announced, yielding the company around EUR800
million, some of which will be received after 2014. The company
may complete the sale of other identified assets such as in the
transportation segment; however, the slower-than- expected
process of disposals to date means that deleveraging is not
materializing as quickly as previously expected.

New CEO
In May 2014, Mauro Moretti took over as CEO from Alessandro
Pansa, making Mr. Moretti the fourth CEO within the past three
years. While Fitch acknowledges the focus Mr. Moretti's strategic
review brings to improvements in the cash generation capacity of
Finmeccanica, it is too early to determine the effect of the
latest appointment, and possible changes to the overall strategy
of the company mean that restructuring efforts may not yield the
desired effect.

Corporate Governance
The company has made significant efforts to bring corporate
governance in line with international peers. This is illustrated
in the appointment of the new Chairman, Giovanni De Gennaro,
former national police chief. We believe it is too early to
ascertain the effectiveness of these measures, and corporate
governance will continue to be a rating driver.

Rating Sensitivities

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

  -- FFO based lease adjusted gross leverage at above 4x on a
     sustained basis
  -- FFO margin below 7%
  -- Consistently negative FCF
  -- Further material cash restructuring charges
  -- New material adverse findings or actions in relation to the
     corruption and bribery investigations into FM taking place

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

  -- Successful disposals of non-core assets, with consequent
     debt reduction of approximately EUR800 million
  -- FFO adjusted leverage sustainably below 2.5x (at least two
     years, with at least one being historical)
  -- FFO margin sustainably above 9% (at least two years, with at
     least one being historical)
  -- FCF/revenue consistently above 2%
  -- Evidence of improvement in corporate governance


MODA 2014: Fitch Assigns 'B(EXP)sf' Rating to Class E Loans
-----------------------------------------------------------
Fitch Ratings has assigned Moda 2014 S.r.l expected ratings as
follows:

  EUR145.1 million Class A due August 2026 (ISIN: TBC):
  'A+(EXP)sf'; Outlook Stable

  EUR14.6 million Class B due August 2026 (ISIN: TBC):
  'A(EXP)sf'; Outlook Stable

  EUR17.7 million Class C due August 2026 (ISIN: TBC): 'BBB-
  (EXP)sf'; Outlook Stable

  EUR3.8 million Class D due August 2026 (ISIN: TBC):
  'BB+(EXP)sf'; Outlook Stable

  EUR17.0 million Class E due August 2026 (ISIN: TBC):
  'B(EXP)sf'; Outlook Stable

The final ratings are contingent upon the receipt of final
documents and legal opinions conforming to the information
already received.

The transaction is a securitization of two commercial mortgage
loans totalling EUR198.2 million. The loans were granted by
Goldman Sachs International Bank (GS, or the originator) to six
Italian limited liability companies to finance the acquisition
of/refinance certain Italian retail assets: a fashion outlet
village (Franc loan); another fashion outlet village; a shopping
centre; and two retail galleries (Vanguard loan). All the real
estate is located in Italy and owned by borrowers sponsored by
Blackstone.

Key Rating Drivers

The expected ratings are based on Fitch's assessment of the
underlying collateral, available credit enhancement and the
transaction's legal structure.

Both loans benefit from scheduled amortization of 1% per annum,
meaning that (holding market values constant) the exit LTV for
Franciacorta is 56% and for Vanguard 61%. Both loans also benefit
from robust interest coverage ratio (ICR) tests: a cash-trap
trigger at 2.0x and a default covenant at 1.4x, which -- together
with a highly granular income base, with no tenant accounting for
more than 3.2% of passing rent -- mitigate the generally short
weighted average lease length (WALL).

Fitch views the Franciacorta asset as the best property in the
portfolio, since it benefits from stable occupancy ratios and it
is considered the destination outlet centre for a catchment area
of approximately 3.7 million people in a prosperous region. The
Vanguard loan is instead backed by properties of mixed quality.
Fitch believes the Valdichiana outlet centre to be a good
prospect, whilst considers La Scaglia property to be the most
challenging.

One component of the Vanguard loan was advanced in part to the
property company holding the asset and in part to its
parent/acquirer, reflecting a limitation on the propco's debt
capacity (to comply with "financial assistance" rules for company
acquisitions under Italian law). Fitch understands that a merger
of these vehicles is proposed to relieve this limitation and
allow for the Vanguard parent loan to be absorbed into the
conventional mortgage loan secured over the shopping centre.
However, pending completion, EUR17.0 million is not secured by
the mortgage and is treated by Fitch as unsecured.

Fitch notes that the Italian retail sector has been suffering
from a protracted recession. Whilst the agency's real estate
analysis incorporates significant further deterioration due to
the Italian retail outlook, the ratings may be affected by
macroeconomic shocks.

The structure allows some non-senior notes to share in
amortization arising from prepayments. Fitch has modelled a
prepayment of the stronger Franciacorta loan to test the effect
on senior notes of a greater exposure to weaker property from the
Vanguard portfolio.

While the borrower-level interest rate caps expire at the loan's
scheduled maturities, Euribor on the notes thereafter will be
capped at 7%, partially mitigating interest rate risk during the
tail period. Property disposals are allowed to a premium above
their respective allocated loan amounts.

Any excess spread (being the difference between interest
available funds received under the loan and the sum of ordinary
issuer expenses and notes interest payments) would be allocated
to the holder of the unrated classes X1 and X2 notes. These
instruments rank pari-passu with class A interest until the
earlier of loan default or maturity, when they would become
subordinated to all rated notes' payments.

The transaction features a seven-year tail period between loan
scheduled maturity (2019) and legal final maturity of the notes
(2026). This length of time reduces the risk of an uncompleted
workout by bond maturity, particularly given the uncertainty over
mortgage enforcement timing in Italy. While share pledges over
the holding companies located in Luxembourg may shorten the
recovery process and decrease costs, Fitch has nevertheless
assumed a conventional collateral enforcement in Italy mainly due
to a lack of precedents.

Key Property Assumptions

'Bsf' weighted average LTV (by loan amount): 76.9%
'Bsf' weighted average capitalisation rate (by net rent): 7.2%
'Bsf' weighted average structural vacancy (by net rent): 13.0%
'Bsf' weighted average rental value decline (by net rent): 2.0%

Rating Sensitivities

Fitch tested the rating sensitivity of the class A to E notes to
various scenarios, including steeper rental value declines,
increasing capitalisation rates and rising structural vacancy.
The expected impact on the notes' ratings is as follows:
Class A/B/C/D/E
Current Rating: 'A+(EXPsf)'/'A(EXPsf)/'BBB-
(EXP)sf'/'BB+(EXP)sf'/'B(EXP)sf'
Deterioration in all factors by 1.1x: 'A-
(EXPsf)'/'BBB(EXPsf)/'BB+(EXP)sf'/'CCC(EXP)sf'/'CCC(EXP)sf'

Deterioration in all factors by 1.2x: 'BBB(EXPsf)'/'BBB
(EXPsf)/'BB+(EXP)sf'/'CCC(EXP)sf'/'CCC(EXP)sf'



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


ESTRO GROUP: On Brink of Bankruptcy After Gov't Spending Cuts
-------------------------------------------------------------
DutchNews.nl, citing Volkskrant, reports that the Estro group is
on the verge of bankruptcy and blames the economic crisis and
government cuts for its financial woes.

The group, which runs the Catalpa daycare chain, has written to
parents saying all children are guaranteed a place until the end
of July, DutchNews.nl relates.

"The continuing economic crisis, job losses among parents and the
government spending cuts have made this decision unavoidable,"
DutchNews.nl quotes the company as saying in a letter to clients.

However, the Volkskrant says, a private investor is prepared to
take over some of the daycare centers, which are likely to
continue operating under the name Small Steps, DutchNews.nl
notes.

Estro is The Netherlands' biggest commercial childcare group.


NORD GOLD: Fitch Affirms 'BB-' Foreign Currency Long-term IDR
-------------------------------------------------------------
Fitch Ratings has affirmed The Netherlands-based mining group
Nord Gold N.V.'s (Nord Gold) Long-term Issuer Default Rating
(IDR) at 'BB-'. The Outlook is Stable.

The affirmation of the ratings reflects the company's below-
average reserve base, high production costs, which are balanced
by manageable capex and its focus on organic growth.

Key Rating Drivers

Below Average Reserve Base
The latest estimate (end-2013) of Nord Gold's proved & probable
reserve base amounted to 12.64moz. With current annual production
of 0.924moz in 2013 this implies close to a 14-year lifespan of
its operations, somewhat below the gold industry's average
levels. The below-average quality of Nord Gold's reserves is
confirmed by lower average gold grade of 1.09g/t compared with
the average industry grade of 1.5g/t. However, it should be noted
that most of Nord Gold's reserves are easy to process with fairly
high recovery rates compared with the large refractory ore
reserves of Polyus Gold (BBB-/Stable) or Polymetal.

Relatively High Production Costs
Nord Gold reported total cash costs (TCC) of USD819/oz in 2013, a
2% yoy decline due to a cost reduction program including mining
model optimization, control of exploration costs and higher
utilization rates of assets. Nevertheless, the fairly low grade
of Nord Gold's reserves is the key factor for its higher-than-
average production cash costs, which place the company on the
higher end of the second quartile of the global TCC curve.

Fitch does not expect any material reduction in Nord Gold's TCC
in the medium term. New projects in the pipeline such as Gross or
Bouly are relatively low-grade heap leach projects with high cash
costs, although some cost reduction may be achieved as operation
scale increases.

Focus on Organic Growth
With the successful commissioning of the Bissa project in 2013,
which came on time and on budget, Nord Gold is in the process of
building a track record of projects to support the company's
focus on organic growth. The Bissa project contributed 254koz of
gold in 2013 or 27.5% of total production. Fairly low TCC at the
project (USD467/oz in 2013) contributed to the group's TCC yoy
decline last year.

Manageable Capex Programme
Over 2014-2015, Nord Gold expects to show moderate capital
spending, with new projects starting only from 2016 onwards. Nord
Gold benefits from a high flexibility to reduce its capex at
short notice, should the company need to protect its financial
profile in a lower gold price environment. With the help of the
recently commissioned the Bissa project and turnaround in some of
the existing operating mines Nord Gold is capable of delivering
stable production in the medium term.

Average Corporate Governance
Fitch assesses Nord Gold's corporate governance as average
compared with other Russian corporates. As a company with a GDR
listing on the LSE, Nord Gold aims to achieve the same standards
of governance required for a premium listing, including
compliance with the UK Corporate Governance Code. Furthermore, as
a company incorporated in the Netherlands, Nord Gold also strives
for compliance with the Dutch Corporate Governance Code. Less
than half of the company's board consists of independent
Directors (three out of eight including the Chairman). However,
the company has yet to demonstrate a sound track record of
corporate governance; this is reflected in the ratings being
notched down by two notches from the company's standalone level.

Liquidity and Debt Structure

Nord Gold's liquidity position is manageable with USD270 million
of cash compared with only USD13 million of short-term borrowings
at end of 1Q14.

Despite a challenging market environment Nord Gold's
profitability remained robust in 2013, with a 32.9% EBITDA
margin, versus 36.1% in 2012. Increased capital spending in
2012-2013 due to Bissa project construction resulted in negative
free cash flow (FCF) of USD333 million in 2012 and USD4 million
in 2013.

Funds from operations (FFO) adjusted gross leverage increased to
2.5x in 2013 from 1.93x in 2012,. Fitch expects leverage to
further increase to 3.02x in 2014 and 3.33x in 2015, above the
current rating negative guidance, driven by intensification of
capital spending program in those years and Fitch's gold price
deck of USD1,200/oz.

Rating Sensitivities

Positive: Future developments that could, individually or
collectively, lead to positive rating actions include:

-- Strengthening of the company's operational profile and
    increase in reserve base along with visible reduction of
    operating cash costs
-- Positive FCF on a sustained basis
-- FFO-adjusted gross leverage below 1.5x and FFO fixed charge
    cover above 8x (FYE13: 7.41x)
-- Maintaining EBITDA margin above 30% on a sustained basis

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

-- EBITDA margin below 20% on a sustained basis
-- Failure to deleverage in line with Fitch's expectations
    resulting in FFO leverage sustainably above 3.0x

Full List of Ratings

-- Foreign currency Long-term IDR: affirmed at 'BB-'; Outlook
    Stable

-- Foreign currency Short-term IDR: affirmed at 'B';

-- Foreign currency senior unsecured rating: affirmed at 'BB-'

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



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


BASHNEFT: Moody's Changes Outlook on 'Ba2' CFR to Positive
----------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on the Ba2 corporate family rating (CFR) of Bashneft,
following robust improvements to the company's business profile
alongside a fairly stable financial profile over the past 24
months. Concurrently, Moody's has affirmed the rating.

Ratings Rationale

The outlook change reflects Moody's view that Bashneft's business
profile has strengthened since the assignment of the rating in
2012, as a result of (1) better upstream asset geographical
diversification and enhancement of exploration and development at
its traditional fields, which drove growth of 10% in the
company's probable and possible oil reserves and growth of 13.6%
in its oil production; (2) refinery production growth; and (3)
improvements in the product mix. Moody's positively notes that
Bashneft has streamlined its organizational structure and
optimized its debt maturity profile.

Bashneft currently produces 16.1 million tonnes (mt) of oil per
annum thanks to a ramp-up in production at its traditional fields
and the launch of new producing asset at the Trebs and Titov
fields in the Nenets autonomous district, which are jointly
operated with OAO LUKOIL (Baa2 stable). The company continues to
upgrade its downstream segment, with the company's refineries
producing approximately 20 mt of oil products per annum, of which
more than 60% is comprised of diesel and gasoline.

Bashneft demonstrates adequate liquidity with a flat debt
maturity profile (approximately US$600-US$900 million are due
annually in debt repayments in 2015-19). The company's debt is
predominantly denominated in Russian roubles.

Rationale for the Positive Outlook

Moody's understands that the company is in the process of
defining a longer-term shareholder remuneration policy. The
positive outlook reflects the fact that as this clarity develops,
further upward pressure on the rating could develop.

What Could Change The Rating Up/Down

Further upward pressure could develop as clarity develops over
the company's shareholder remuneration policies which will enable
us to more clearly define how the company's current financial
profile is likely to evolve.

Conversely, downward rating pressure could arise if there were to
be material adverse developments in the company's financial,
business and liquidity profile due to (1) unfavorable
macroeconomics and/or material bolt-on acquisitions, driving an
increase in leverage beyond 2.0x; and/or (2) shareholder
distributions beyond Moody's current expectations.

Principal Methodologies

The principal methodology used in this rating was the Global
Integrated Oil & Gas Industry published in April 2014.

Bashneft is an integrated oil company operating in Russia.
Bashneft's reserves are primarily concentrated in Bashkortostan,
in close proximity to the company's refining and petrochemical
complex. The company also operates oil fields in the Tatarstan,
Khanty-Mansi, Nenets and Orenburg regions and its total proved
reserves amounted to 2.1 billion barrels of oil equivalent (boe)
under the Petroleum Resources Management System (PRMS)
classification as of January 2014. In the last 12 months ended
March 31, 2014, Bashneft's revenue amounted to US$13.7 billion
(net of export duties), and EBITDA to US$3.4 billion.


SISTEMA JSFC: Moody's Raises Corporate Family Rating to 'Ba2'
-------------------------------------------------------------
Moody's Investors Service has upgraded Sistema Joint Stock
Financial Corporation's (Sistema) corporate family rating (CFR)
to Ba2 from Ba3 and probability of default rating (PDR) to Ba2-PD
from Ba3-PD. Concurrently, Moody's has upgraded to (P)Ba2 from
(P)Ba3 the provisional senior unsecured rating, with a loss given
default (LGD) assessment of LGD4/50%, assigned to the medium-term
note (MTN) program of Sistema Capital S.A. The outlook on all
ratings is positive.

Ratings Rationale

The upgrade of Sistema's CFR to Ba2 recognizes (1) the company's
track record of maintaining strong consolidated financial metrics
and sustainable margins; (2) the improved credit strength of its
two core operating subsidiaries, Mobile TeleSystems OJSC (MTS)
and Bashneft OJSC, along with Sistema's ability to benefit from
dividend distributions from these subsidiaries; (3) Sistema's
progress in diversifying its cash generation base through
commencement of dividend distributions by its developing
subsidiaries and selected divestments of its portfolio assets;
(4) its solid standalone liquidity (although this is exposed to
volatility, as a result of potential large acquisitions) and
fairly low debt at the holding company level; and (5) the reduced
degree of structural subordination of debt at the holding company
level to debt at its operating subsidiaries.

The rating also factors in (1) the company's acquisitive nature,
which introduces event risk for its standalone as well as
consolidated credit profile; (2) the potential that the company
will need to support some of its developing assets, although the
amount of such support is likely to be moderate; (3) Sistema's
continuing substantial reliance on dividend inflows from MTS and
Bashneft; and (4) Moody's expectation that Sistema's ability to
upstream cash from its subsidiaries will be limited by its
intention not to exert excessive pressure on subsidiaries' cash
flows.

Rationale for the Positive Outlook

The positive outlook on Sistema's ratings reflects Moody's
expectation that the company will continue diversifying its cash
generation base and financial flexibility, while maintaining its
robust consolidated financial metrics, underpinned by the credit
profiles of MTS and Bashneft, and solid liquidity at the holding
company level.

What Could Change the Ratings Up/Down

Moody's could consider an upgrade of Sistema's ratings if (1)
Sistema diversifies its core cash generating assets beyond MTS
and Bashneft; (2) its standalone credit profile as well as the
credit profiles of its core cash generating subsidiaries do not
deteriorate; (3) the company maintains solid standalone liquidity
and increases its financial flexibility through expanding the
pool of its publicly listed assets; and (4) its consolidated
debt/EBITDA remains at around 2.0x (Moody's-adjusted) on a
sustainable basis, without sizable permanent debt incurrence at
the holding company.

Moody's could downgrade Sistema's ratings if there is a material
deterioration in the company's liquidity or the credit profiles
of its core subsidiaries. Moody's would separately assess the
credit implications of any sizable M&A and investment initiatives
should those materially change the business mix and/or exert
pressure on Sistema's leverage and coverage metrics.

Principal Methodology

Sistema Joint Stock Financial Corporation and Sistema Capital
S.A's ratings were assigned by evaluating factors that Moody's
considers relevant to the credit profile of the issuer, such as
the company's (i) business risk and competitive position compared
with others within the industry; (ii) capital structure and
financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside Sistema Joint Stock
Financial Corporation and Sistema Capital S.A's core industry and
believes Sistema Joint Stock Financial Corporation and Sistema
Capital S.A's ratings are comparable to those of other issuers
with similar credit risk. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.

Other Factors used in this rating are described in Analytical
Considerations in Assessing Conglomerates, published in September
2007.

Sistema Joint Stock Financial Corporation is Russia's largest
public conglomerate. Having evolved from a telecoms holding
company, the company currently operates oil & energy, telecoms,
technology, banking, media, retail, transportation and other
businesses. The founder of the company, Mr. Vladimir Evtushenkov,
holds 64.18% of Sistema's common shares. The remainder is held by
minority shareholders and is in free float. The company is listed
on the London Stock Exchange and Moscow Exchange MICEX-RTS. In
2013, Sistema generated consolidated revenue of US$35.9 billion
and EBITDA of US$9.8 billion (Moody's-adjusted).



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


LET'S GOWEX: Files for Bankruptcy Protection; Chair Steps Down
--------------------------------------------------------------
Ilan Brat at The Wall Street Journal reports that Let's Gowex SA
said on Sunday it had filed for bankruptcy protection after the
company's chairman acknowledged falsifying accounts and resigned.

The collapse of Gowex followed a scathing report by an investment
firm on July 1 that alleged that 90% of the company's revenue was
non-existent, the Journal relates.

According to the Journal, in a statement filed with Spain's
Alternative Stock Market on Sunday, Gowex said that Chairman and
Chief Executive Jenaro Garcia met with some directors on Saturday
and acknowledged that accounting statements for at least the past
four years didn't reflect a "faithful image" of the company's
performance.  The statement said the board revoked Mr. Garcia's
management authority and then accepted his resignation, the
Journal relays.  The statement, as cited by the Journal, said the
company started bankruptcy proceedings, "under the expectation
that the company can't meet its current liabilities."

Gowex, the Journal says, had been a star performer on Spain's
junior market until last Tuesday when investment company Gotham
City Research LLC issued a bombshell report saying the company
was "too good to be true."  Gotham asserted that Gowex's low-
margin business couldn't plausibly generate the EUR182.6 million
(US$248.2 million) in revenue reported by Gowex in 2013, the
Journal discloses.

According to Bloomberg News' Rodrigo Orihuela and Charles Penty,
Gowex said on July 1 that Gotham's report was "false."  Then, on
July 4, it announced it would hire PricewaterhouseCoopers LLP to
review its accounts, Bloomberg relays.  The stock has been
suspended from trading since July 3, Bloomberg notes.

"The financial accounts of the company for the last four years,
at least, do not show a full and fair view of the company's
situation," Bloomberg quotes Gowex as saying in a statement.

Let's Gowex SA is a Madrid-based provider of Wi-Fi connections.
The company also provides support services for mobile-phone
carriers.



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


EQUINOX ECLIPSE 2006-1: Fitch Hikes Class A Notes Rating to CCCsf
-----------------------------------------------------------------
Fitch Ratings has upgraded Equinox (Eclipse 2006-1) plc's class A
notes, and affirmed the rest as follows:

GBP121.9 million class A (XS0259279585) upgraded to 'CCCsf' from
'CCsf; Recovery Estimate (RE) increased to 90% from 75%

GBP17.2 million class B (XS0259280088) affirmed at 'CCsf'; RE0%

GBP18.1 million class C (XS0259280161 affirmed at 'Csf'; RE0%

GBP20.9 million class D (XS0259280591) affirmed at 'Dsf'; RE0%

GBP7.7 million class E (XS0259280674) affirmed at 'Dsf'; RE0%

This transaction is a securitization of 13 commercial mortgage
backed loans 12 of which have been originated by Barclays Bank
PLC, and one loan which was acquired from Royal Bank of Scotland
PLC. All of the loans were domiciled in the UK. There are
currently four loans remaining in the portfolio, one of which has
just been sold, one is in special servicing and the remainder are
performing.

Key Rating Drivers

The upgrade of the class A notes reflects repayments on the
Portland place and St Marys Court loans. The agency is also aware
that the GBP69.5 million Royal Mint Court loan has been sold and
that this is shortly due to settle. The cashflows due or received
on these loans are in line with or above those assumed by Fitch
in its base case analysis.

The transaction has switched to sequential pay down due to a
breach of a number of triggers (most notably the writedown of any
classes of notes). These repayments and the sequential paydown
are credit-positive for the class A notes. The 'CCCsf' rating on
the class A notes now depends on the performance of the Ashbourne
Portfolio Priority A (APPA) loan. This loan is suffering the
effect of weakened operating conditions for nursing homes in the
UK.

The APPA A loan is a participation in the most senior tranche of
a complex GBP328 million package of debt secured by a portfolio
of illiquid UK nursing homes (another participation is held by
Hercules -Eclipse 2006-4, (due 2018), The entire participation on
behalf of multiple issuers risks further debt extension.
Following Southern Cross's bankruptcy in 2011, two new nursing
home operators were installed to run the portfolio under a
management agreement, allowing the defaulted mortgage debt to be
restructured. This involved, among other things, a short loan
extension, a bundling of unpaid amortization and interest on the
class A loan into new loans, and a crystallization of certain
swap liabilities as loans owed to the swap provider. In parallel
a disposal plan for non-performing properties has been
formulated, along with a cash sweep of EBITDA to service the
senior debt.

Although a structured capex program has been implemented to
enhance the value of the properties, Fitch has reservations about
how quickly any improvements will feed into potential liquidation
values, particularly for the non-performing homes. Stabilization
of the underlying operations is positive, although significant
risks remain regarding the borrower's ability to secure
refinancing at loan maturity, and the servicer's ability to
realize sufficient proceeds in time for note maturity in 2017.
Fitch has identified risks of the UK care home sector by placing
the sector on negative outlook (see "2014 Outlook: UK Whole
Business Securitisations (WBS)", dated 10 December 2013).

The ratings on the B and C notes reflect a far higher probability
of default given that base cashflows in the agency's analysis do
not cover repayment of the relevant notes.

Rating Sensitivities

A major delay in the recovery of the APPA loan could result in
the class A notes being downgraded.


TAURUS CMBS 2014-1: Fitch Assigns BB Rating to Class C Securities
-----------------------------------------------------------------
Fitch Ratings has assigned Taurus CMBS UK 2014-1 final ratings as
follows:

  GBP133.3 million Class A due May 2022 (ISIN: XS1082235299):
  'Asf'; Outlook Stable

  GBP48.8 million Class B due May 2022 (ISIN: XS1082235612):
  'BBB-sf'; Outlook Stable

  GBP29.4 million Class C due May 2022 (ISIN: XS1082235703):
  'BBsf'; Outlook Stable

The transaction is a securitization of a 95% participation in a
GBP222.7 million commercial mortgage loan granted by Merrill
Lynch International (ML) to 13 cross-collateralized and cross-
defaulted borrowers, ultimately owned by Apollo EPF II
Partnership (the sponsor), to acquire a portfolio of 132 retail,
office, leisure and logistics properties located throughout the
UK.

Key Rating Drivers

The ratings are based on Fitch's assessment of the underlying
collateral, available credit enhancement and the transaction's
sound legal structure.

The property portfolio mainly comprises secondary and tertiary
properties located throughout the UK. The portfolio was purchased
by the sponsor at auction in December 2013 after receivers had
been appointed by Aviva plc, the previous senior lender.

The sponsor's business plan envisages an asset liquidation
strategy with quarterly amortization targets. Failure to comply
with these targets will result in full cash sweep and inability
to exercise two one-year loan extension options. In its analysis,
Fitch has considered adverse disposal scenarios, including zero
disposal and early default, to test debt repayment.

The loan LTV at closing is 65%. Although it does not benefit from
any scheduled amortization, disposal targets, annual
revaluations, robust interest coverage ratio (ICR) and LTV cash
trap/default covenants should enable performance deterioration to
be checked before loan default.

With the exception of cash trap/sweep amounts (applied to the
notes sequentially), prior to loan default principal proceeds are
repaid on a pro rata basis. As a result, the senior notes may be
exposed to adverse selection risk, if the best performing assets
are sold first and the average collateral quality deteriorates as
a result of the disposal process. However, Fitch notes that the
larger and best performing assets are to be held for longer in
the sponsor's disposal plan and, if sold, are subject to a higher
release pricing calculation.

The predominantly secondary quality retail portfolio, prolonged
pro-rata pay-down and absence of a liquidity facility each
contributes to a rating cap at 'Asf'.

Key Property Assumptions

'Bsf' weighted average LTV (by loan amount): 84%
'Bsf' weighted average capitalization rate (by market value):
6.6%
'Bsf' weighted average structural vacancy (by net rent): 29.9%
'Bsf' weighted average rental value decline (by net rent): 2.3%

Rating Sensitivities

Fitch tested the rating sensitivity of the class A to C notes to
various scenarios, including steeper rental value declines,
increasing capitalization rates and rising structural vacancy.
The expected impact on the notes' ratings is as follows:

Class A/B/C
Current Rating: 'Asf'/'BBB-sf'/'BBsf'
Deterioration in all factors by 1.1x: 'BBB+sf'/'BBsf'/'Bsf'
Deterioration in all factors by 1.2x: 'BBB-sf'/'B+sf'/'CCCsf'



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


* BOND PRICING: For the Week June 30 to July 4, 2014
----------------------------------------------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *