TCREUR_Public/140714.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 14, 2014, Vol. 15, No. 137

                            Headlines

A R M E N I A

ARMENIA HEALTH: Fitch Assigns 'CCC (col)' National LT Rating


B U L G A R I A

CORPORATE COMMERCIAL: Bulgaria to Commence Bankruptcy Procedure


F R A N C E

GENERALE DE SANTE: Moody's Assigns (P)Ba3 Corporate Family Rating


G R E E C E

GREECE: Fitch Raises SF Maximum Achievable Rating to 'BBsf'
YIOULA GLASSWORKS: Moody's Withdraws Caa3 Corporate Family Rating


H U N G A R Y

MALEV: Budapest Court Extends Liquidation Deadline


I R E L A N D

ALME LOAN II: Moody's Rates EUR11.3MM Class F Notes 'B2'
RMF EURO III: Moody's Raises Rating on Class V Notes to 'Ba2'


I T A L Y

AURORA OIL: S&P Withdraws LT Corporate Credit Rating to 'BB'
CASSA CENTRALE: Moody's Affirms D+ Bank Financial Strength Rating
TWIN-SET SIMONA: S&P Assigns Prelim. 'B' CCR; Outlook Positive


K A Z A K H S T A N

EASTCOMTRANS LLP: Moody's Revises 'B3' CFR Outlook to Positive
TSESNA-GARANT: S&P Affirms 'B' IFS Rating; Outlook Stable


L U X E M B O U R G

GATEWAY III: Moody's Lifts Rating on Class X Notes From 'Ba1'


P O R T U G A L

BANCO ESPIRITO: Reveals Exposure to Related Companies


R U S S I A

BORETS INTERNATIONAL: Moody's Changes B1 CFR Outlook to Positive
MECHEL OAO: Russia Mulls Bankruptcy Amid Debt Restructuring Talks
UC RUSAL: July 15 Hearing Set for Creditors' Meeting Request


S E R B I A

SERBIA: Fitch Affirms 'B+' Long-Term Issuer Default Ratings


S P A I N

CAIXA GALICIA I: Fitch Affirms 'Bsf' Rating on Class D Notes
GOWEX SA: Commences Insolvency Proceedings


U N I T E D   K I N G D O M

BIBBY OFFSHORE: Moody's Assigns 'B2' Corporate Family Rating
BROADGATE FINANCING: Fitch Lifts Rating on Cl. D Notes From BB+
EUROSAIL-UK 2007-6NC: S&P Raises Rating on Class A3a Notes to BB-
THOMAS COOK: Fitch Affirms 'B' LT Issuer Default Rating


X X X X X X X X

* BOND PRICING: For the Week July 7 to July 11, 2014


                            *********


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A R M E N I A
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ARMENIA HEALTH: Fitch Assigns 'CCC (col)' National LT Rating
------------------------------------------------------------
Fitch Ratings has assigned national long-and short-term Health
Network of Armenia ESE 'CCC (col)' and 'C (col)', respectively.
The Outlook is Stable.

Key Rating Factors

The ratings assigned to Red Salud Armenia are based on its
competitive position as a provider of health services only first
level of complexity to the subsidized regime in the city of
Armenia, the stability of their capitation revenue and improved
collection levels derived from the direct transfer of resources
of the nation to the attention of the subsidized population.

Meanwhile, the ratings are constrained by heavy and volatile cost
structure and operating expenses, the largest prospective
leverage and exposure to political risk arising from the close
relationship between the municipality and the administration.

Generation Limited Operation

The heavy and volatile cost structure that has operated Armenia
Health Network has weakened its operational generation, its main
component personnel costs. The change in the scheme of
recruitment of staff through Temporary Service Companies, has
imposed a heavy burden for the company from 2012 due to the
recognition of labor rights not covered in previous schemes.
Additionally, the provision of new health services from 2012
contributed to the weakening of EBITDA.

During 2012, the generation of EBITDA was negative COP390 million
and COP18 billion in 2013. Anio While for 2014 EBITDA generation
has shown some improvement this continues to be weak and
vulnerable to adverse changes in income and increases in
unanticipated costs. For the twelve months ended March 2014,
EBITDA was positive in COP423 million for an EBITDA margin of 2%
is considered weak compared to its peer group. Forward, improving
operational generation depends on the concretion of increased
billing for the negotiation of new services and programs with the
Health Promoting Enterprises' and the materialization of plans
Retrofitting the cost structure comes forward the entity.

Prospective High Leverage

The rate considered the highest level of debt estimates assume
Armenia Health Network to fund working capital needs. To this
end, it is contemplated hiring a credit with local banks by
COP2.000 million within 7 years old, with 2 grace, which leverage
(Total Debt / EBITDA) could reach 2.6 times at the end of 2014.

From the hiring of COP2.000 million, total debt service of
Armenia Health Network during the first 2 Anios will of COP500
million annually, up from COP800 million in the third quarter
anions anions. Fitch estimates the capacity to service debt is
limited, given the weak operational generation of the entity.

Proper Management of Collection

The entity has adequate portfolio rotation thanks to the direct
rotation of resources by the national government entities first
level of complexity. During 2012 and 2013 cycles have been
streamlined portfolio which has led to free cash in other
lifetimes, was trapped in accounts receivable. During 2013, the
current collection reached 86% and the total collection 91%
(2012: 78% and 85%), considered appropriate entities regarding
first level of complexity level.

During 2014, Network Health estimated to raise Armenia COP1.695
million portfolio that is more than 360 days, which already have
signed minutes of settlement or signing process, which could
limit the need for third-party resources. The opportunity in the
rotation of these resources will be key to maintaining adequate
cash flow to honor their loan commitments.

Strong Competitive Positioning
Network Armenia Health, is the focal point for the provision of
health services of low complexity for the total rural and urban
population of the Municipality of Armenia, which added to its
extensive service network, its solid hospital infrastructure,
broad portfolio of services and have a stable and predictable
source of income, provide support and ensure the operation of the
institution.

Exposure to Political Risk

Fitch found that desempenio and competitiveness of such entities
is sensitive to the quality of management and strategic
continuity addressing their administrations. In the case of
Armenia Health Network, the fact of having a public shareholder
makes somewhat more vulnerable to possible political interference
caused by changes in municipal administration, which could affect
the continuity of the business strategy, recurring factor in
public health sector companies rated by Fitch.

Rating Sensitivity

A positive action on the ratings could occur before the
occurrence-individually or collectively-more of these factors:

- Ability of management to retrofit cost structure.
- Sustained improvement in profitability margins.
- Improved sustained cash generation capacity.
- Improved indicators collection portfolio.

A negative action on the ratings could occur before the
occurrence-individually or collectively-more of these factors:

- Further deterioration of the margin of profitability.
- Deterioration of collection levels.
- Weakening of coverage indicators debt service.



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


CORPORATE COMMERCIAL: Bulgaria to Commence Bankruptcy Procedure
---------------------------------------------------------------
Elizabeth Konstantinova at Bloomberg News reports that
Bulgaria will start the bankruptcy procedure for Corporate
Commercial Bank AD, the eastern European country's fourth largest
lender, after an audit found missing records for loans worth
BGN3.5 billion (US$2.4 billion).

According to Bloomberg, the central bank said on its Web site
that audit found "actions incompatible with the law and good
banking practices" that led to a BGN1 billion run on the bank in
the three days before the central bank placed it under
supervision on June 20.

The Sofia-based central bank wants to transfer Corporate Bank
assets and liabilities not linked to its majority shareholder to
the former local unit of Credit Agricole SA, which the lender
acquired a week before being placed under supervision, Bloomberg
discloses.  The central bank will also revoke its operating
license, Bloomberg notes.

"The Bulgarian National Bank together with the government will
concentrate on the restructuring and rehabilitation of the 'good
part' of Corporate Commercial Bank to protect the interest of all
its depositors," Bloomberg quotes the regulator as saying.

The central bank, as cited by Bloomberg, said many missing files
for the BGN3.5 billion in loans, out of Corporate Bank's total
credit portfolio of BGN5.4 billion, are linked to majority
shareholder Tsvetan Vassilev.  The central bank alleged that a
day before the bank asked to be placed under special supervision,
Mr. Vassilev withdrew about BGN206 million in cash through a
third person, Bloomberg relays.

According to Bloomberg, the prosecution office in Sofia said on
its Web site that police on Friday arrested Orlin Rusev,
Corporate Bank's management board chairman and executive
director, who allegedly ordered the withdrawal of the BGN206
million.

Corporate Commercial Bank is Bulgaria's fourth largest private
lender with total assets topping BGN7.3 billion in the first
quarter of 2014, or 8.4% of total Bulgarian private banking
assets, according to AFP.



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F R A N C E
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GENERALE DE SANTE: Moody's Assigns (P)Ba3 Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba3
corporate family rating (CFR) to Generale de Sante (GdS) in the
context of the proposed acquisition of GdS by Ramsay Health Care
and Credit Agricole Assurances. Concurrently, Moody's has
assigned a provisional (P)Ba3 rating to the company's EUR1075
million loan facility. The outlook on the ratings is stable. This
is the first time that Moody's has assigned a rating to GdS.

"The (P)Ba3 CFR Moody's  have assigned reflects the company's
high leverage and Moody's expectations of only modest organic
growth as volume growth is slightly offset by pressure on
tariffs," says Knut Slatten, a Moody's Assistant Vice
President -- Analyst and lead analyst for GdS. "However, these
factors are partially offset by the enhanced scale following the
expected combination with Ramsay Sante, industrial ownership and
a high degree of visibility in terms of operating performance."

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

Ratings Rationale

The assignment of a (P)Ba3 CFR primarily reflects (1) GdS' high
leverage, which Moody's estimates to be above 5.0x adjusted
debt/EBITDA pro-forma for the debt-issuance; (2) the rating
agency's expectations of continued pressure on tariffs, which, in
view of the company's largely fixed-cost structure, may constrain
the prospects of profitability improvement; (3) a certain degree
of event risk, as GdS continues to play an active role in the
consolidation of the French private hospital market.

These factors are balanced to an extent by (1) the company's
large scale and leading positioning within the market for French
private hospital providers; (2) the industrial ownership through
Ramsay Health Care; (3) GdS' overall high degree of visibility in
terms of future operating performance, which is supported by the
role of social security as the payor; (4) favorable demographics,
which should continue to drive volume growth and thereby mitigate
some of the anticipated pressure from tariff reductions allowing
for continued solid adjusted EBITDA margins of around 20%; (5)
the overall high barriers to entry resulting from the need to
obtain necessary authorizations and attract qualified personnel.

Founded in 1987, GdS is the largest French private hospital group
with a wide geographical footprint across France. On June 11,
2014, Sante S.A. -- the parent company of GdS -- agreed to sell
its 83.43% stake in GdS to Ramsay Health Care and Credit Agricole
Assurances. It is the new owners' intention to merge Ramsay
Sante -- a smaller private hospital group they already own --
into GdS. Moody's understands the merger is expected to close
during the first half of 2015. The combined entity has pro-forma
revenues of EUR2.1 billion and will operate 104 facilities
throughout France. It will offer a broad range of medical
services with around 80% of its revenues coming from medicine,
surgery and obstetrics.

The combined entity will by far be the largest private hospital
operator in France allowing for certain economies of scale
through procurement and sharing of best practices. Whilst Moody's
believes that GdS will continue taking part in the consolidation
of the French hospital market, the rating agency expects that
this will materialize through smaller bolt-on acquisitions in
regions where they are already present and thereby support the
company's cluster-focused strategy.

Whilst the company's leverage will be on the high side for a Ba3
rating following the closing of the merger, Moody's understands
that it will be a strategic priority for GdS to focus on de-
leveraging over the next 18-24 months.

In addition to the proposed issuance of EUR900 million of term
loans, GdS will also put in place a new revolving credit facility
(RCF) of EUR100 million. Furthermore, Moody's understands that
the capital structure will consist of an undrawn EUR75 million
capex/acquisition facility as well as around EUR213 million of
finance leases. The bank facilities will benefit from upstream
guarantees from the operating subsidiaries equivalent to around
80% of EBITDA. Moody's understands that the bank facilities will
be secured using collateral that essentially consists of share
pledges.

Moody's expects that GdS will maintain a good liquidity profile
over the next 12-18 months. The liquidity profile is supported by
the rating agency's expectations of cash availability, positive
free cash flows as well as access to the undrawn EUR100 million
RCF and the undrawn EUR75 million capex/acquisition facility.
Moody's would expect headroom to GdS' financial maintenance
covenant to remain satisfactory.

Rationale For Stable Outlook

The stable outlook on the rating reflects Moody's expectation
that, going forward, GdS will be focusing on de-leveraging
allowing for its leverage -- defined as adjusted gross
debt/EBITDA -- to move below 5x over the next 18 months.
Moreover, the stable outlook factors in expectations of a modest
organic growth over the next 2-3 years as the rating agency
anticipates the pressure on tariffs to be offset by volume
growth. Whilst minor bolt-on acquisitions can be accommodated,
the current rating does not leave flexibility for larger debt-
financed acquisitions over the next 12-18 months.

What Could Change The Rating Up/Down

Positive pressure on the rating could develop if GdS' operating
performance continues to improve, allowing for the company's
leverage, measured by debt/EBITDA, to move to below 4.5x.
Conversely, negative pressure could develop if GdS' leverage
remains sustainably above 5x or if the company's liquidity
weakens.

Principal Methodologies

The principal methodology used in this rating was the Global
Healthcare Service Providers published in December 2011. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

GdS is a France-based private hospital company. It serves around
1.3 million customers in its 105 facilities. For the financial
year ended December 31, 2013, the combined entity had pro-forma
total revenues of EUR2.1 million and EBITDAR of EUR417 million.



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G R E E C E
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GREECE: Fitch Raises SF Maximum Achievable Rating to 'BBsf'
-----------------------------------------------------------
Fitch Ratings has upgraded 15 tranches of seven Greek RMBS
transactions, removing them from Rating Watch Positive.

Key Rating Drivers

Revised SF Rating Cap

Following the upgrade of the sovereign Issuer Default Rating
(IDR) to 'B'/Outlook Stable and subsequent upgrade of the Country
Ceiling to 'BB' in May 2014, Fitch increased the maximum
achievable rating for Greek SF transactions to 'BBsf' to reflect
the improvement in the country's economic outlook. The agency
recognizes that challenges remain in the mortgage market given
the continued ban on residential property enforcement, and has
factored them into its criteria assumptions for rating Greek
structured finance transactions and covered bond programs.

Sufficient Credit Enhancement
Credit enhancement across transactions has substantially
increased since their closing. This increase has been driven by
the steady repayment of the collateral, in some instances leaving
portfolios at less than 10% of their original issuance amount,
and by limited reserve fund draws in the majority of the
transactions.

In some transactions, high payment rates are driven by
originators repurchasing loans out of the portfolio. Although
such repurchases are beneficial for noteholders, in its analysis,
Fitch does not give credit to any future repurchasing activities,
as the originators have no formal commitments to do so.

Diverging Asset Performance
Overall, asset performance has remained broadly stable for the
majority of the deals. This is mainly explained by the underlying
portfolio composition, featuring highly seasoned mortgage loans
originated with fairly low loan-to-value (LTV) ratios. In
addition, originators are supporting borrowers facing financial
hardship by providing payment holiday schemes and loan
modifications.

Meanwhile, poor performance has been reported for Estia Mortage I
and II, where late stage arrears (mortgages with at least three
overdue monthly payments) are reported at between 4.3% (Estia
Mortage I) and 11.1% (Estia Mortage II) of the current pool,
compared with the better performers where three-months plus
arrears range between 1% (Kion Mortgage) and 2.8% (Themeleion I).
Gross cumulative defaults stand between 4.3% (Estia Mortage I)
and 8% (Estia Mortage II) of the initial pool, while the better-
performing transactions have reported defaults between 0.5%
(Themelion I) and 2% (Kion) of the initial pool.

Fitch acknowledges that this difference in reported performance
reflects the varying degree of originator support, especially in
the Themeleion series, where a significant portion of denounced
mortgage loans are repurchased by the originator ahead of being
recognised as defaulted under the transaction documentation.

Payment Holidays
In the Themeleion series between 36.5% (Themelion) and 45%
(Themelion III) of the current pool are mortgages that are or
have previously been subject to payment holiday schemes. In its
analysis, the agency applied more conservative default
assumptions for this portion of the portfolio, as such schemes
are designed to support borrowers facing financial difficulties
and, in Fitch's view, are thus more likely to default upon the
completion of the payment holiday term.

Given the high percentage of borrowers presently on payment
holidays and the lower seasoning of the transactions, the
analysis showed that increased stresses on this segment of the
pool cannot warrant higher ratings on the junior tranches of
Themelion III and IV. As a result, the agency has revised the
Outlook to Negative on classes C and B and C of Themelion III and
IV respectively.

Payment Interruption Risk
As the reserve funds of the two Estia transactions are heavily
drawn and the structures do not incorporate any alternative form
of liquidity, in its analysis Fitch found that the two
transactions would not be able to mitigate payment interruption
in case of servicer default. As a result, the agency has
determined that, in line with its counterparty criteria for
structured finance transactions, the ratings for these notes can
achieve an uplift of only three notches above the servicer rating
(Piraeus Bank, B-).

Rating Sensitivities

Further changes to the Greek sovereign IDR, Country Ceiling or
structured finance rating cap may result in corresponding changes
on the tranches rated at the cap.

A change in legislation that entails higher repossession activity
would cause Fitch to revise its assumptions, in turn affecting
the ratings.

Asset deterioration beyond Fitch's expectations or a further
increase of mortgages under payment holiday schemes could lead to
negative rating actions.


YIOULA GLASSWORKS: Moody's Withdraws Caa3 Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings on Yioula
Glassworks S.A., following the successful refinancing of the
senior secured notes. Ratings withdrawn include the Caa3
corporate family rating (CFR) and Ca-PD probability of default
rating (PDR). Concurrently, Moody's has assigned a definitive
(from provisional) Caa1 rating to the EUR185 million Senior
Secured Notes due 2019 issued by Glasstank B.V.

On May 9, 2014 Moody's assigned a CFR of Caa1 and a PDR of Caa1-
PD to Glasstank B.V. the top entity in a new restricted group,
within the larger Yioula Glassworks S.A. family group. The
outlook on all ratings is stable.

Ratings Rationale

Moody's has withdrawn the ratings on Yioula Glassworks S.A.
because obligations are no longer outstanding.

The principal methodology used in these ratings was the Global
Packaging Manufacturers: Metal, Glass, and Plastic Containers
published in June 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.

Yioula Glassworks S.A. manufactures a wide variety of glass
containers for the food and beverage industries throughout south-
eastern Europe as well as glass tableware for the Greek,
Bulgarian, Romanian and Ukrainian markets.



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H U N G A R Y
=============


MALEV: Budapest Court Extends Liquidation Deadline
--------------------------------------------------
MTI-Econews reports that bailiff Jeno Varga on Friday said the
Budapest Municipal Court has extended the deadline for
liquidating Malev until the end of this year.

The deadline was extended from the end of June, MTI-Econews
notes.

Financially troubled Malev was grounded early in 2012, MTI-
Econews recounts.

A number of tenders for its assets, including aircraft parts, a
corporate retreat on Lake Balaton and receivables, have failed,
MTI-Econews discloses.

Malev is Hungary's former national carrier.



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I R E L A N D
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ALME LOAN II: Moody's Rates EUR11.3MM Class F Notes 'B2'
--------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by ALME Loan Funding
II Limited:

   EUR223,500,000 Class A Senior Secured Floating Rate Notes due
   2027, Definitive Rating Assigned Aaa (sf)

   EUR40,800,000 Class B Senior Secured Floating Rate Notes due
   2027, Definitive Rating Assigned Aa2 (sf)

   EUR20,600,000 Class C Senior Secured Deferrable Floating Rate
   Notes due 2027, Definitive Rating Assigned A2 (sf)

   EUR23,300,000 Class D Senior Secured Deferrable Floating Rate
   Notes due 2027, Definitive Rating Assigned Baa2 (sf)

   EUR25,900,000 Class E Senior Secured Deferrable Floating Rate
   Notes due 2027, Definitive Rating Assigned Ba2 (sf)

   EUR11,300,000 Class F Senior Secured Deferrable Floating Rate
   Notes due 2027, Definitive Rating Assigned B2 (sf)

Ratings Rationale

Moody's definitive rating of the rated notes addresses the
expected loss posed to noteholders by the legal final maturity of
the notes in 2027. The definitive rating reflects the risks due
to defaults on the underlying portfolio of loans, the
transaction's legal structure, and the characteristics of the
underlying assets. Furthermore, Moody's is of the opinion that
the collateral manager, Apollo Management International LLP
("Apollo"), has sufficient experience and operational capacity
and is capable of managing this CLO.

ALME Loan Funding II Limited is a managed cash flow CLO with a
target portfolio made up of EUR 374,100,000 par value of mainly
European corporate leveraged loans. At least 90% of the portfolio
must consist of senior secured loans, senior secured bonds and
eligible investments, and up to 10% of the portfolio may consist
of second-lien loans, unsecured loans, mezzanine obligations and
senior unsecured bonds. The portfolio may also consist of up to
10% of fixed rate obligations. The portfolio is expected to be
50% ramped up as of the closing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe. The remainder of the portfolio will be acquired during
the six month ramp-up period in compliance with the portfolio
guidelines.

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

In addition to the six classes of notes rated by Moody's, the
Issuer has issued one class of subordinated notes which is not
rated.

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

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

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

Loss and Cash Flow Analysis:

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

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

Par amount: EUR 374,100,000

Diversity Score: 34

Weighted Average Rating Factor (WARF): 2810

Weighted Average Spread (WAS): 3.80%

Weighted Average Coupon (WAC): 5.75%

Weighted Average Recovery Rate (WARR): 42.0%

Weighted Average Life (WAL): 8 years

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

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

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3232 from 2810)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: -1

Class B Senior Secured Floating Rate Notes: -2

Class C Senior Secured Deferrable Floating Rate Notes: - 2

Class D Senior Secured Deferrable Floating Rate Notes: - 2

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3653 from 2810)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: -1

Class B Senior Secured Floating Rate Notes: -2

Class C Senior Secured Deferrable Floating Rate Notes: -3

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -2

Class F Senior Secured Deferrable Floating Rate Notes: -2

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


RMF EURO III: Moody's Raises Rating on Class V Notes to 'Ba2'
-------------------------------------------------------------
Moody's Investors Service announced that it has taken rating
actions on the following classes of notes issued by RMF Euro CDO
III PLC:

EUR252M (outstanding balance of EUR17.6M) Class I Senior Secured
Floating Rate Notes, due 2021, Affirmed Aaa (sf); previously on
Oct 14, 2013 Upgraded to Aaa (sf)

EUR20.1M Class II Senior Secured Floating Rate Notes, due 2021,
Upgraded to Aaa (sf); previously on Oct 14, 2013 Upgraded to Aa1
(sf)

EUR14.7M Class III Deferrable Mezzanine Floating Rate Notes, due
2021, Upgraded to Aaa (sf); previously on Oct 14, 2013 Upgraded
to A2 (sf)

EUR23.3M Class IV Deferrable Mezzanine Floating Rate Notes, due
2021, Upgraded to Baa2 (sf); previously on Oct 14, 2013
Downgraded to Ba2 (sf)

EUR10.5M (outstanding balance of EUR4.8M) Class V Deferrable
Mezzanine Floating Rate Notes, due 2021, Upgraded to Ba2 (sf);
previously on Oct 14, 2013 Downgraded to B1 (sf)

RMF Euro CDO III PLC, issued in August 2005, is a Collateralised
Loan Obligation ("CLO") backed by a portfolio of mostly high
yield senior secured European and US loans, managed by Pemba
Credit Advisers. This transaction ended its reinvestment period
in August 2011.

Ratings Rationale

According to Moody's, the upgrades of the notes are primarily a
result of significant deleveraging of the Class I notes and the
subsequent increase in the overcollateralization ratios ("OC
ratios") of the rated notes. The Class I notes paid down
substantially by EUR 113.9 million (93.0% of its closing balance)
during the last two payment dates in November 2013 and May 2014.

As a result the OC ratios for all classes of notes have
increased. As of the trustee report dated June 2014, the Class
I/II, III, IV and V overcollateralization ratios are 258.24%,
185.83%, 128.65% and 120.95%, respectively, as compared to
137.24%, 125.11%, 109.74% and 107.02%, respectively, in September
2013.

The credit quality of the collateral pool has remained steady as
reflected in the average credit rating of the portfolio (measured
by the weighted average rating factor, or WARF). As of the
trustee's June 2014 report, the WARF was 3213, compared with 3085
in September 2013. The reported diversity score reduced to 18 in
June 2014 from 22 in September 2013.

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
pool with performing par and principal proceeds balance of
EUR98.36 million, and defaulted par of EUR 7.46 million, a
weighted average default probability of 25.89% (consistent with a
10 years WARF of 4,030 and a weighted average life of 3.49
years), a weighted average recovery rate upon default of 45.81%
for a Aaa liability target rating, a diversity score of 17 and a
weighted average spread of 3.96%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that 88.02% of the portfolio exposed to senior
secured corporate assets would recover 50% upon default, while
the non first-lien loan corporate assets would recover 15%. In
each case, historical and market performance and a collateral
manager's latitude to trade collateral are also relevant factors.
Moody's incorporates these default and recovery characteristics
of the collateral pool into its cash flow model analysis,
subjecting them to stresses as a function of the target rating of
each CLO liability it is analyzing.

Methodology Underlying the Rating Action:

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

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes.
Moody's ran a model in which it diminished the base case WAS to
3.66%; the model generated outputs that were within one notch of
the base-case results.

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

Additional uncertainty about performance is due to the following:

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

2) Around 58% of the collateral pool consists of debt obligations
whose credit quality Moody's has assessed by using credit
estimates.

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

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



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


AURORA OIL: S&P Withdraws LT Corporate Credit Rating to 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Aurora Oil & Gas Ltd. to 'BB' from 'B'.  At the
same time, S&P raised the issue rating on Aurora's guaranteed
notes due 2017 and 2020 to 'BB' from 'CCC+'.  S&P removed all the
ratings from CreditWatch, where they were placed with positive
implications on Feb. 11, 2014.  Standard & Poor's then withdrew
the corporate credit rating on Aurora at the company's request.

At the time of the withdrawal, the stable outlook on Aurora
reflected S&P's rating outlook on Baytex Energy Corp., the parent
company.

S&P's upgrade reflected its view that Aurora is a "core"
subsidiary of Baytex Energy Corp. (BB/Stable/--), as per S&P's
group rating methodology.  S&P's assessment considered Aurora a
significant part of Baytex's asset profile, and assumed that
Baytex would maintain ownership and management control and
provide financial support if necessary.  S&P therefore equated
the corporate credit rating on Aurora with that on Baytex.  S&P
assessed Aurora's stand-alone credit profile (SACP) as 'b+'.

S&P believes Aurora is an integral and significant part of
Baytex's assets; Aurora formed about one-third of Baytex's
consolidated production and asset base.  Aurora increases
Baytex's scale, growth potential, and asset diversity.

Aurora has a small asset base, low production levels, limited
operating track record, and lacks diversity.  Marathon Oil Corp.
(Aurora's partner), as operator of the key Sugarkane field,
mitigates execution risk.  In addition, Aurora's reserves are
located in an economically attractive area within the Eagle Ford
shale basin in the state of Texas, U.S.  Given these factors, S&P
assessed Aurora's business risk profile as "vulnerable."

S&P expects Aurora and Marathon Oil Corp. to be committed to
their aggressive drilling programs, and forecast capital
expenditure at about US$450 million a year in 2014 and 2015.  S&P
believes Aurora will generate sufficient internal accruals to
fund its operations and capital expenditure, thus avoiding the
need for more debt in next 12-18 months.  Aurora has minimal
debt -- Baytex repaid about 98% of Aurora's notes -- and growing
cash flows.  S&P therefore raised its financial risk profile on
Aurora to "minimal" from "significant."  The recovery rating on
the guaranteed notes is '3'.

Aurora's liquidity is "adequate," as defined in S&P's criteria.
S&P expects the company's free operating cash flow to be
marginally positive over the next two years.  Nevertheless, S&P
believes proceeds from the recent US$200 million credit facility
will support Aurora's liquidity.


CASSA CENTRALE: Moody's Affirms D+ Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has affirmed Cassa Centrale Raiffeisen
dell'Alto Adige's deposit ratings of Baa3/Prime-3, issuer ratings
of Baa3, and affirmed the bank's standalone bank financial
strength rating (BFSR) of D+, which is equivalent to a standalone
baseline credit assessment (BCA) of baa3. 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 affirmation of Cassa Centrale Raiffeisen's
ratings reflects the bank's limited asset quality deterioration
during a recessionary environment, improved capitalization, and
stable profitability.

Moody's said that Cassa Centrale Raiffeisen's asset quality
deterioration in the past two years has been limited, and
significantly more limited than for the Italian banking system as
a whole. The bank reported a problem loans-to-gross loans ratio
of 5.0% as at December 2013 (2012: 3.8% and 2011: 3.6%), amongst
the lowest levels in Italy; over the same period, problem loans
of the entire Italian banking system represented a materially
higher 12.3% of gross loans (2012: 10.5% and 2011: 8.9%; see
Notes 1, 2, and 3 at the end of this report). Cassa Centrale
Raiffeisen's asset quality resilience is supported by the bank's
geographical concentration in a relatively more affluent area of
the country, i.e., the Autonomous Province of Bolzano (rated A3
with stable outlook, two notches above the Italian sovereign).

Thanks to a EUR25 million capital increase in 2012 and earnings
retention, Cassa Centrale Raiffeisen's core Tier 1 ratio improved
in the past two years to 11.2% at year-end 2013 (2012: 10.5% and
2011: 9.3%). The bank is planning a further EUR25 million capital
increase in 2014, which Moody's estimates will improve Cassa
Centrale Raiffeisen's capital ratios by 140 basis points.

Moody's says Cassa Centrale Raiffeisen's recurring profitability,
although still weak, remained stable in the past two years,
mainly thanks to the limited asset quality deterioration. In
2013, the bank reported net profit of EUR15 million, compared to
EUR17 million in 2012 and EUR6 million for 2011. The rating
agency notes that in 2012 and 2013 Cassa Centrale Raiffeisen
benefitted from the European Central Bank's (ECB) long-term
refinancing operations (LTRO), of which EUR1 billion was utilized
to purchase government bonds for carry-trade purposes. Moody's
estimates the non-recurring profits derived from the LTRO through
carry-trade and gains from sale of government bonds to be around
EUR10 million each year.

Moody's expects limited further deterioration of Cassa Centrale
Raiffeisen's asset quality in 2014 and 2015, stable recurring
profitability (although still at weak levels), and stable
capitalization after the planned capital increase. These factor
underlie the stable outlook on the bank's ratings.

What Could Change The Ratings Up/Down

Some upward pressure could be exerted on Cassa Centrale
Raiffeisen's standalone BCA ratings following a sustainable
improvement in profitability, and a further increase in capital
ratios. Any raising of the standalone BCA would lead to an
upgrade of the bank's long-term deposit and issuer ratings.

Downward pressure on the Cassa Centrale Raiffeisen's standalone
BCA could result from (1) a material deterioration in the bank's
profitability and asset quality, and (2) reduction of the bank's
Tier 1 ratio below 10%. A lower standalone BCA would lead to a
downgrade of the bank's long-term deposit and issuer 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 of system averages: Bank of Italy annual reports.

Principal Methodology

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


TWIN-SET SIMONA: S&P Assigns Prelim. 'B' CCR; Outlook Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B'
long-term corporate credit rating to Italy-based fashion retailer
Twin-Set Simona Barbieri srl (Twin-Set).  The outlook is
positive.

At the same time, S&P assigned its preliminary 'B' issue rating
to Twin-Set's proposed EUR150 million senior secured notes.  The
recovery rating is '3', indicating S&P's expectation of
"meaningful" (50%-70%) recovery for creditors in the event of a
payment default.

The issue ratings are subject to the successful closing of the
proposed transaction, the successful issuance of the notes and
the revolving credit facility (RCF; not rated), and S&P's review
of the final documentation.  If Standard & Poor's does not
receive the final documentation within a reasonable timeframe, or
if the final documentation departs from the materials S&P has
already reviewed, it reserves the right to withdraw or revise its
ratings.

The ratings reflect S&P's view of Twin-Set's "aggressive"
financial risk profile and "weak" business risk profile, as S&P's
criteria define the terms.  S&P combines these factors to derive
an anchor of 'b+'.  The rating incorporates a one-notch negative
adjustment to the anchor for S&P's "comparable rating analysis"
(CRA), whereby it reviews Twin-Set's credit characteristics in
aggregate.  This primarily reflects S&P's view that Twin-Set's
business risk profile is constrained by its relatively small size
in terms of revenues and retail network; the company only has 45
stores.

S&P's assessment of Twin-Set's "aggressive" financial risk
profile reflects its expectation that the company will maintain
Standard & Poor's-adjusted debt of less than 5.0x over the next
few years, despite the increasing operating lease-related
adjusted debt coming from the rollout of the retail network.
S&P's leverage calculation excludes the EUR66 million of
remaining shareholder loan (post transaction) provided by the
strategic owner, Mo.Da Gioelli srl that S&P understands from the
legal documentation can be repaid only after full repayment of
the existing debt.

S&P anticipates that the absence of amortizing debt in the
capital structure and the investment strategy of the main
shareholder allows for limited deleveraging potential at Twin-
Set.  S&P estimates that Twin-Set's adjusted debt-to-EBITDA ratio
will be about 4.3x by Dec. 31, 2014, and about 4.2x on average
through to 2016.

The current financial risk profile assessment also factors in
S&P's expectation of EBITDA interest coverage at 4.0x on average
over the next 12-24 months.  Under S&P's base-case credit
scenario, it estimates that Twin-Set will maintain a reported
EBITDA margin of about 18%-20% over the next three years.

That said, S&P believes the company's free operating cash flow
will remain constrained over the next few years by the
significant increase in annual capital expenditure (capex) to
fund the group's planned domestic and international expansion,
from about EUR10 million on average over the past three years.
However, S&P understands that Twin-Set will only continue to
invest in expansionary capex if the related increase in earnings
meets the company's expectations.

S&P's assessment of Twin-Set's business risk profile as "weak"
primarily reflects its view of the retailer's exposure to the
apparel industry--which S&P assess as cyclical and competitive,
with limited barriers to entry--and to fashion risk.  It further
reflects Twin-Set's relatively limited size compared with rated
peers in the same sector, and its geographical exposure to Italy,
where the group generated 70% of its revenues in 2013.
Additionally, S&P sees execution risks in Twin-Set's ambitious
strategy of international expansion.

These weaknesses are partially offset by Twin-Set's above-average
profitability -- a key support for the rating -- and sound like-
for-like revenue growth.  What's more, S&P considers that the
group's positioning in affordable luxury and its strong brand
identity somewhat mitigate fashion risk.

S&P's base case assumes:

   -- Positive overall like-for-like sales trends over 2014 and
      2015.  S&P expects that the international retail expansion
      will improve brand awareness and therefore fuel the
      wholesale business growth outside of Italy.

   -- A reported EBITDA margin in the range of 18%-20% over the
      forecast period.  S&P envisages some pressure on the margin
      owing to new store openings and the retail network's
      relative youth, meaning it is not yet at its full regime.

   -- Approximately EUR30 million of capex per year in 2014 and
      2015, of which about EUR20 million relates to store
      openings.  Beyond 2015, capex is expected to be about EUR20
      million per year.

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

   -- Adjusted debt to EBITDA at about 4.3x and 4.1x at the end
      of 2014 and 2015, respectively.

   -- EBITDA interest coverage remaining comfortably higher than
      3x, a level that S&P views as commensurate with an
      "aggressive" financial risk profile.

The positive outlook reflects S&P's view that Twin-Set's future
earnings growth, fueled by positive trading and successful
international expansion, should enable the company to maintain an
adjusted debt to EBITDA of below 5.0x and EBITDA interest
coverage ratio of above 3x. We consider these credit metrics
commensurate with the current "aggressive" financial risk
profile.

S&P could raise the rating if Twin-Set maintains an unadjusted
EBITDA margin at about 20%, while successfully implementing its
international retail network rollout.  S&P believes that the
advancing retail strategy will help to increase Twin-Set's size
and scale over time and, accordingly, ease some of the execution
risk related to the company's strategy and increase brand
awareness outside of Italy.  This could result in S&P removing
its negative assessment of the CRA, which in turn could trigger a
one-notch upgrade.

S&P could revise the outlook to stable if the company is not able
to successfully execute its growth and market expansion strategy.

Poor execution or a weakening in trading due to market
competition could result in operating performance deviating
significantly from S&P's forecast.  This could lead to a
weakening liquidity position and credit measures that are no
longer commensurate with the current ratings--such as EBITDA
interest coverage of below 2.0x and adjusted debt to EBITDA of
above 5.0x.



===================
K A Z A K H S T A N
===================


EASTCOMTRANS LLP: Moody's Revises 'B3' CFR Outlook to Positive
--------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on Eastcomtrans LLP's B3 corporate family rating (CFR),
B3-PD probability of default rating (PDR), B3.kz national scale
rating (NSR) and the B3 senior secured rating assigned to the
company's US$100 million five-year notes, with a loss given
default (LGD) assessment of LGD3/49%. Concurrently, Moody's has
affirmed these ratings.

Ratings Rationale

The outlook change reflects the potential for an upgrade of
Eastcomtrans's ratings over the next 12-18 months, if the company
(1) continues to diversify its customer base and renews its
contracts with its key customer, Tengizchevroil (TCO), which
expire in December 2015; (2) maintains strong operating and
financial performance; and (3) retains high fleet utilization
rates, with the bulk of its fleet under contract at all times.

The B3 CFR primarily reflects Eastcomtrans's (1) small size, with
modest revenues of $168 million for 2013; (2) persistent high
customer concentration risk, as more than 50% of its revenues are
provided by a single customer, TCO; (3) increasing remarketing
risk as lease contracts with TCO approach expiration in December
2015; (4) highly concentrated ownership (although the related
risks are mitigated by International Finance Corporation (IFC;
Aaa stable) holding a 6.67% stake in Eastcomtrans); and (5)
overall exposure to an emerging market operating environment,
with a less developed regulatory, political and legal framework.

More positively, however, the rating also factors in
Eastcomtrans's (1) progress in diversifying its customer base,
with TCO's share of the company's revenues decreasing to 57% in
the first quarter of 2014 from 64% in 2012; (2) solid share
estimated at around 11% of the Kazakhstan freight rail
transportation market in terms of railcar fleet; (3) modern
railcar fleet, which provides economies in terms of repair costs;
(4) long-term current lease contracts with TCO (although there is
no penalty for pre-term termination of contracts); (5) high
projected EBITA margin of above 50% and solid projected financial
metrics, with leverage within 3.0x debt/EBITDA (all metrics are
Moody's-adjusted); (6) gradual improvement in corporate
governance as a result of IFC acquiring a 6.67% stake in
Eastcomtrans in 2013; (7) adequate liquidity and manageable
foreign currency risk; and (8) own railcar fleet's fairly high
estimated value, at above $600 million as of year-end 2013.

What Could Change The Ratings Up/Down

Moody's could consider upgrading Eastcomtrans's ratings if the
company (1) continues to improve its customer diversification;
(2) extends its contracts with TCO; and (3) maintains adequate
liquidity, strong operating performance and solid financial
metrics.

Moody's could downgrade the ratings if there is a material
deterioration in Eastcomtrans's leverage or interest coverage
metrics, or its liquidity or fleet utilisation rates. The ratings
could also come under negative pressure if any of Eastcomtrans's
contracts with TCO are terminated without Eastcomtrans being able
to promptly remarket the released railcars.

Principal Methodology

Eastcomtrans LLP'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 Eastcomtrans LLP's core
industry and believes Eastcomtrans LLP'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.

Eastcomtrans LLP is the largest private company specialising in
operating leasing of freight railcars in Kazakhstan. As of year-
end 2013, its fleet comprised 11,184 railcars, which the company
estimates at around 11% of the country's total. In 2013, the
company derived 79% of its revenues from leasing out its railcars
under operating lease agreements, and 21% from providing
transportation and other related services. 93.33% of
Eastcomtrans's share capital is directly and indirectly
controlled by Mr. Marat Sarsenov and 6.67% by International
Finance Corporation.


TSESNA-GARANT: S&P Affirms 'B' IFS Rating; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B'
insurer financial strength and counterparty credit ratings on
Kazakhstan-based Tsesna-Garant JSC.  The outlook is stable.

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

The ratings predominantly reflect S&P's view of Tsesna-Garant's
highly vulnerable business risk profile and less than adequate
financial risk profile.  S&P derives its 'b+' anchor from the
combination of these factors.  S&P's assessments of the company's
enterprise risk management (ERM) as weak and management and
governance as fair lead to a one-notch downward adjustment to the
anchor.  S&P considers Tsesna-Garant to be a moderately strategic
subsidiary of Tsesnabank (B+/Stable).  S&P do not factor support
from Tsesnabank into the rating because, according to its
criteria, the rating on the subsidiary is capped at one notch
below the rating on the parent unless its own stand-alone credit
profile (SACP) is equal to the rating on the parent.

In S&P's view, Tsesna-Garant has a weak competitive position in
an international context, reflecting the company's small premium
base in absolute terms, still developing franchise in the market,
its high dependence on reinsurance, and intense competition in
Kazakhstan's motor insurance market.

S&P has revised its assessment of Tsesna-Garant's capital and
earnings to moderately strong from lower adequate.  Following a
further capital injection in 2014, the company's total adjusted
capital is now above $30 million.  Therefore, according to S&P's
criteria, it is not as susceptible to a single event and its
assessment is therefore more favorable.

"We note that the company's shareholder remains supportive.  In
2013, the parent increased the insurer's capital to Kazakhstan
tenge (KZT) 6 billion (about $40 million) from KZT3.4 billion
(about $22 million), covering a net loss of KZT1 billion (about
$6.6 million).  In 2014, the shareholder added an additional KZT2
billion ($11 million) to help the company take on large corporate
business.  Without these two capital injections, however, the
company's capital would likely be insufficient to cover losses in
its motor portfolio.  We expect Tsesna-Garant's capitalization to
remain at least moderately strong despite further growth in
claims, but we expect it to be supported by a balanced approach
to its insurance portfolio structure. With a reinsurance
utilization ratio of about 59% in 2013, Tsesna-Garant relies
heavily on reinsurance, without which its capital adequacy would
be considerably weaker, potentially constraining growth.
However, in 2014 Tsesna-Garant changed its approach to its
reinsurance program following the shareholder's capital increase.
The company's reinsurance utilization ratio was 1% for the first
quarter of 2014, driven by the current structure of the insurance
portfolio," S&P said.

"In our base case, we expect that Tsesna-Garant will be loss-
making or break even in 2014-2015, supported mainly by positive
investment results.  However, the company's insurance results
will largely depend on its ability to improve underwriting
controls and manage loss-making clients.  The net loss ratios are
likely to be at around 40%, while the expense ratio is unlikely
to fall below 70%.  Therefore, we expect the net combined (loss
and expense) ratio to be at around 110% in 2014 and believe that
it is unlikely to improve significantly in 2015.  We also
consider that further devaluation of the tenge could lead to
increasing motor claims costs and, subsequently, growing losses
in the company's motor portfolio.  As a result, and also owing to
continued earnings volatility, we have revised our view of the
company's risk position to high risk from moderate," S&P added.

S&P views ERM as weak currently, partly due to heightened
concerns about the company's ability to establish adequate
underwriting controls which can support the company's growth, as
well as its technical profitability.  This follows the company's
establishment of an appropriate risk management system since the
beginning of 2014.

The stable outlook reflects S&P's expectation that Tsesna-Garant
will maintain the strength of its financial profile, as it
reflects in its moderately strong capital and earnings, offset by
its still-weak competitive position in an international context.

A negative rating action is unlikely, in S&P's view, given
Tsesna-Garant's current level of capitalization and expected
group support in case of need.

A positive rating action could primarily follow improvements in
the company's risk controls evidenced by sustainable earnings, a
revision of the company's risk position to moderate, or further
improvements in the business risk profile, as indicated by a
sustainable market position and sound operating performance.  The
rating upside on Tsesna-Garant is limited by that on Tsesnabank.



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


GATEWAY III: Moody's Lifts Rating on Class X Notes From 'Ba1'
-------------------------------------------------------------
Moody's Investors Service upgraded the ratings on the following
notes issued by Gateway III - Euro CLO S.A.:

  EUR219M (currently EUR61.1M outstanding) Class A1 Floating Rate
  Notes due 2022, Upgraded to Aaa (sf); previously on Sep 22,
  2011 Upgraded to Aa1 (sf)

  EUR25M (currently EUR7.0M outstanding) Class A1-D Delayed Draw
  Floating Rate Notes due 2022, Upgraded to Aaa (sf); previously
  on Sep 22, 2011 Upgraded to Aa1 (sf)

  EUR15M (currently EUR4.2M outstanding) Class A2 Zero Coupon
  Accreting Notes due 2022, Upgraded to Aaa (sf); previously on
  Sep 22, 2011 Upgraded to Aa1 (sf)

  EUR25M (currently EUR7.0M outstanding) Class A3 Revolving
  Floating Notes due 2022, Upgraded to Aaa (sf); previously on
  Sep 22, 2011 Upgraded to Aa1 (sf)

  EUR25M Class B Floating Rate Notes due 2022, Upgraded to Aaa
  (sf); previously on Sep 22, 2011 Upgraded to A2 (sf)

  EUR31M Class C Floating Rate Notes due 2022, Upgraded to A2
  (sf); previously on Sep 22, 2011 Upgraded to Baa3 (sf)

  EUR6M (currently EUR4.3M Rated Balance outstanding) Class X
  combination Notes due 2022, Upgraded to A3 (sf); previously on
  Sep 22, 2011 Upgraded to Ba1 (sf)

Moody's also affirmed the ratings on the following notes issued
by Gateway III -- Euro CLO S.A.:

  EUR23.5M Class D1 Floating Rate Notes due 2022, Affirmed Ba3
  (sf); previously on Sep 22, 2011 Upgraded to Ba3 (sf)

  EUR1M Class D2 Floating Rate Notes due 2022, Affirmed Ba3 (sf);
  previously on Sep 22, 2011 Upgraded to Ba3 (sf)

  EUR13.5M (currently EUR 3.5M outstanding) Class E Floating Rate
  Notes due 2022, Affirmed B1 (sf); previously on Sep 22, 2011
  Upgraded to B1 (sf)

  US$5M Class U combination Notes due 2022, Affirmed Aaa (sf);
  previously on Aug 02, 2011 Confirmed at Aaa (sf)

  EUR15M (currently EUR 0.9M Rated Balance outstanding) Class V
  combination Notes due 2022, Affirmed Aaa (sf); previously on
  Sep 22, 2011 Upgraded to Aaa (sf)

Gateway III-Euro CLO S.A., issued in April 2006, is a
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European loans. The portfolio is managed by
Pramerica Investment Management Inc. The transaction passed its'
reinvestment period in May 2012.

Ratings Rationale

The upgrade to the ratings on the notes is primarily a result of
a significant amount of amortization of the underlying portfolio
on the payment date in May 2014, where EUR61 million (or 21% of
its' original balance) was used to redeem the Class A notes.


As a result of the deleveraging, over-collateralization of the
senior notes has increased. As of the trustee's May 2014 report,
the Class B had an over-collateralization ratio of 146.76%,
compared with 129.94% six months ago, and the Class C had an
over-collateralization ratio of 123.57%, compared with 114.53%.
Further, the over-collateralization ratio of the Class B notes
has increased by 21.89%, and that of the Class C notes, by
11.24%, over the last 12 months. The OC levels reported in the
May 2014 report do not reflect the principal paydown of the
notes.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of approximately
EUR 249.3 million, defaulted par of EUR 13.6 million, a weighted
average default probability of 22.1% (consistent with a WARF of
3565 with a weighted average life of 3.2 years), a weighted
average recovery rate upon default of 43.96% for a Aaa liability
target rating, a diversity score of 29 and a weighted average
spread of 3.85%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that 82.7% of the portfolio exposed to senior
secured corporate assets would recover 50% upon default, while
the remainder non first-lien loan corporate assets would recover
15%. In each case, historical and market performance and a
collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analyzing.

The ratings of the Combination Notes address the repayment of the
Rated Balance on or before the legal final maturity. For Class X,
the 'Rated Balance' is equal at any time to the principal amount
of the Combination Note on the Issue Date increased by the Rated
Coupon of 0.25% per annum respectively, accrued on the Rated
Balance on the preceding payment date minus the aggregate of all
payments made from the Issue Date to such date, either through
interest or principal payments. The Class U combination Notes are
backed by securities issued by the Federal National Mortgage
Association which are currently rated Aaa by Moody's. For Class
V, the 'Rated Balance' is equal at any time to the principal
amount of the Combination Note on the Issue Date minus the
aggregate of all payments made from the Issue Date to such date,
either through interest or principal payments. The Rated Balance
may not necessarily correspond to the outstanding notional amount
reported by the trustee.

Methodology Underlying the Rating Action:

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

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed a lower credit quality in the portfolio to
address refinancing risk. Loans to European corporates rated B3
or lower and maturing between 2014 and 2015 make up approximately
13.3% of the portfolio, which could make refinancing difficult.
Moody's ran a model in which it raised the base case WARF to 3847
by forcing ratings on 50% of the refinancing exposures to Ca; the
model generated outputs that were within one notch of the base-
case results.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of 1) uncertainty about credit conditions in the
general economy and 2) the concentration of 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 due to because of embedded ambiguities.

Additional uncertainty about performance is due to the following:

1) Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales 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) 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.

3) Around 55% of the collateral pool consists of debt obligations
whose credit quality Moody's has been assessed by using credit
estimates.

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



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


BANCO ESPIRITO: Reveals Exposure to Related Companies
-----------------------------------------------------
Joao Lima, Henrique Almeida and Abigail Moses at Bloomberg News
report that Banco Espirito Santo SA sought to reassure investors
by revealing its exposure to related companies after a missed
payment on short-term debt by a member of the Portuguese group
roiled global markets.

The nation's second biggest bank by market value said it had
EUR1.18 billion (US$1.6 billion) of loans, securities and other
items linked to Grupo Espirito Santo as of June 30, Bloomberg
says, citing a filing.  The lender also said it has a buffer of
EUR2.1 billion above the regulatory minimum following a capital
increase in June, Bloomberg notes.

The bank provided the update after a parent company, Espirito
Santo International missed payments on commercial paper,
Bloomberg relays.  According to Bloomberg, while the nation's
central bank sought to reassure markets that the lender's
solvency is "solid," the lack of transparency in the corporate
structure jolted investors.

"Banco Espirito Santo's executive committee believes that the
potential losses resulting from the exposure to Grupo Espirito
Santo do not compromise the compliance with the regulatory
capital requirements," Bloomberg quotes the Lisbon-based bank as
saying.  "Banco Espirito Santo is committed not to increase its
total exposure to Espirito Santo Group."

The shares resumed trading at 11:30 a.m. on Friday, July 11,
after being suspended on Thursday, July 10, following a 17%
decline.

Chief Executive Officer Ricardo Salgado, the 70-year-old great-
grandson of the bank's founder, is being replaced, Bloomberg
says.  Vitor Bento, chairman of payment-processing company SIBS
SA, is being proposed for the role, after Chief Financial Officer
Amilcar Morais Pires's name was withdrawn, Bloomberg relates.
Shareholders will vote on the management change on July 31,
Bloomberg discloses.

Espirito Santo Financial Group, as cited by Bloomberg, said on
Thursday it was suspending its shares and listed bonds because of
"ongoing material difficulties" at Espirito Santo International.
It said it's assessing the financial impact of its exposure to
the parent company, Bloomberg notes.

The statement said Espirito Santo Financial has issued a EUR700
million guarantee to cover debt instruments issued by Espirito
Santo Group companies and distributed to Banco Espirito Santo
retail clients, Bloomberg relays.

Market turmoil was fueled by the complex structure of the
Espirito Santo group, Bloomberg states.  The bank is 25% owned by
Espirito Santo Financial Group SA.  That in turn is 49% owned by
Espirito Santo Irmaos SGPS SA, which is fully owned by Rioforte
Investments SA.

Rioforte, Bloomberg says, is fully owned by Espirito Santo
International SA, the company that missed payments on commercial
paper.

Banco Espirito Santo is a private Portuguese bank based in
Lisbon.



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


BORETS INTERNATIONAL: Moody's Changes B1 CFR Outlook to Positive
----------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on the B1 corporate family rating (CFR), the B1-PD
probability of default rating (PDR) of Borets International Ltd
(Borets), and the B1 senior unsecured rating of notes issued by
Borets Finance Limited, a wholly owned subsidiary of Borets.
Moody's has also affirmed all ratings.

Ratings Rationale

The rating action reflects the solid operating performance of
Borets and the expectation of gradual deleveraging going forward.
It also reflects evidence of Borets' continuous adherence to the
sound corporate governance standards after the buyback of shares
held by Weatherford International Ltd in September 2013 and the
following acquisition by EBRD and IFC of a 5% and 3% stake in the
company respectively, with comfortable protection of creditors
and minority rights. The fact that both EBRD and IFC have
significant participation in the notes provides additional
comfort that the company's financial policy will balance the
interest of shareholders and creditors.

Moody's also acknowledges the continuous development of Borets'
international operations without support from Weatherford. In
particular, Borets gained a new international client, and made
the first commercial installations of one of its new technologies
following successful trials throughout 2013.

The ratings and the positive outlook reflect Borets' focus on
positive free cash flow generation, the expectation that
significant cash balances are likely to be accumulated over time
and moderate debt service requirements until the maturity of the
bond in 2018. Strong liquidity and cash flows compensate for the
significant step up in leverage following the share buyback, with
adjusted debt/EBITDA increasing to 3.7x (1.1x in 2012). Moody's
also believes that the 2013 decline in profitability (with an
adjusted EBITDA margin declining to 17% from 19% in 2012) will be
temporary as a result of one-off spending related to the
restructuring of international and domestic businesses, as well
as the competitive pricing environment in the Russian market. In
2014, despite the negative effect of rouble devaluation and still
tight pricing in Russia, Borets should restore its profitability
owing to a number of optimization measures, including
reorganization of production facilities, and the launch of the
Stary Oskol plant in May 2014. Higher profitability should in
turn result in adjusted debt/EBITDA going down to below 3.5x in
2014. However, Moody's cautions that the adverse economic and
political environment in Russia and potential further rouble
devaluation may still moderately affect the company's operating
and financial results.

Borets' ratings also incorporate (1) its leading position in the
niche ESP market with long-standing customer relationships; (2)
its increasing geographical diversification; (3) favorable
industry dynamics globally, supported by the increasing need for
oil recovery enhancement technologies; and (4) its historically
proven resistance to market volatility, underpinned by strong
business fundamentals.

At the same time, Borets' B1 rating remains constrained by (1)
its small scale and focus on a single product line (ESP); (2)
limited (albeit gradually increasing) geographic and customer
diversification relative to its global peers; and (3) competition
in the higher-end segment from larger-scale global players and
Russian competitors in the lower-end segment, as well as from
Chinese producers.

Rationale for Positive Outlook

The positive outlook on the ratings reflects the potential for
the upgrade of Borets' ratings over the next 12-18 months based
on Moody's expectation that the company will deliver on its
operating targets, including sustainable growth of its
international business while maintaining robust cash flow
generation, solid liquidity profile and gradual deleveraging.

What Could Change the Ratings Up/Down

Moody's would consider upgrading Borets' rating if the company
were to continue (1) adhering to sound corporate governance; and
(2) demonstrating robust operational performance, further
increasing the scale of its operations and geographical
diversification. In addition, to consider a rating upgrade,
Moody's would expect Borets to reduce its leverage (measured as
adjusted debt/EBITDA) comfortably below 3.5x on a gross basis or
3.0x on a net basis while maintaining a solid liquidity profile
and positive free cash flow generation. Consideration of net
leverage reflects that cash is expected to be accumulated over
time in view of the bullet debt structure and the positive free
cash-flow.

Negative pressure, though currently unlikely, could be exerted on
Borets' ratings as a result of (1) material debt-financed
acquisitions or capital investments; (2) aggressive shareholder
distribution; or (3) a material deterioration in Borets'
competitive position resulting in an increase in leverage, as
measured by adjusted debt/EBITDA, sustainably above 4x.

Principal Methodologies

The principal methodology used in these ratings was the Global
Oilfield Services Rating Methodology published in December 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.

Borets International Limited is a leading vertically integrated
manufacturer of artificial lift products for the oil sector,
specializing in the design and manufacture of electric
submersible pumps (ESP) and related products and provision of
related services. In 2013, Borets generated US$767 million in
sales and US$127 million of adjusted EBITDA and reported US$830
million in assets.


MECHEL OAO: Russia Mulls Bankruptcy Amid Debt Restructuring Talks
-----------------------------------------------------------------
Halia Pavliva at Bloomberg News reports that Russia indicated it
may allow OAO Mechel to fall into bankruptcy as talks to
restructure about US$9 billion of debt bog down.

According to Bloomberg, the state-run RIA Novosti news agency
reported that three weeks after the government said it was
working on a plan to bail out Mechel, Industry and Trade Minister
Denis Manturov said on Thursday that a bankruptcy filing is
another possibility, although the ministry doesn't support this
option.

The comments came a day after the chairman of Vnesheconombank
said all the proposals presented to creditors and the government
to help Mechel restructure its debt would lead to losses,
Bloomberg notes.

Sergey Donskoy, an analyst at Societe Generale, as cited by
Bloomberg, said "Mechel's debt payments significantly exceed its
cash flow and Ebitda for this year.  That won't change unless
coal prices rebound" or the debt is restructured.

Falling prices for the steel-making ingredient drove the company
to a record loss in 2013, Bloomberg recounts.

Mechel OAO is a Russian steel and coking coal producer.

As reported by the Troubled Company Reporter-Europe on April 2,
2014, Moody's Investors Service downgraded Mechel OAO's corporate
family rating (CFR) and probability of default rating (PDR) to
Caa1 and Caa1-PD, respectively.  Moody's said the outlook remains
negative.


UC RUSAL: July 15 Hearing Set for Creditors' Meeting Request
------------------------------------------------------------
Itar-Tass reports that RUSAL said in a statement on Friday the
London High Court is convening a meeting of creditors of Russia's
aluminum giant to vote on a scheme of arrangement of
restructuring the company's US$5.15 billion debt.

RUSAL has earlier applied to the London and Jersey courts for the
first time in Russia's corporate history for debt restructuring
after failing to win unanimous support from its creditors,
Itar-Tass relays.

The date of holding the creditors' meeting was not specified in
the statement, Itar-Tass notes.  The Royal Court of Jersey will
hold a hearing on July 15 on RUSAL's request for the creditors'
meeting convocation, Itar-Tass discloses.

By now, RUSAL's request for debt restructuring has received
support from 94% of the company's creditors and the aluminum
giant is currently negotiating the deal with the remaining 6%,
according to Itar-Tass.  RUSAL, Itar-Tass says, still needs to
agree on a US$3.6 billion restructuring deal with banks.

RUSAL is the world's largest aluminum producer.



===========
S E R B I A
===========


SERBIA: Fitch Affirms 'B+' Long-Term Issuer Default Ratings
-----------------------------------------------------------
Fitch Ratings has affirmed Serbia's Long-term foreign and local
currency Issuer Default Ratings (IDRs) at 'B+'. The Outlooks are
Stable. The issue ratings on Serbia's senior unsecured foreign
and local currency bonds have also been affirmed at 'B+'. The
Country Ceiling has been affirmed at 'B+' and the Short-term
foreign currency IDR at 'B'.

Key Rating Drivers

The affirmation of Serbia's sovereign ratings reflects the
following key rating drivers:

The newly elected government benefits from a strong mandate to
implement its ambitious reform program, having won a large
majority in parliament. The May 2014 floods have caused some
delays in the government's agenda, but several structural reforms
affecting labor law, tax administration, land registry,
bankruptcies and privatization as well as pensions are expected
to be passed in the coming months. These reforms are essential to
the government's fiscal consolidation plans, as they lay the
grounds for expenditure cuts and the restructuring of the state-
owned enterprises (SOEs), which weigh heavily on the deficit.

Debt dynamics remain challenging, but Fitch expects some
consolidation in the coming years. The consolidated general
government deficit is expected to widen to 8.7% of GDP in 2014
and to fall to 5% by 2016. The government will again overshoot
its initial target of 7.1% as a result of the restructuring of
SOEs, further recapitalization of state-owned banks, as well as
the consequences of the May floods. The government intends to
reduce current expenditure via restrictions on pensions, cuts in
its wage bill and the restructuring of SOEs.

Fitch expects public debt to stabilize at about 76% of GDP by
2016-17, but interest payments as a proportion of revenue will
remain relatively low. One-off and off budgetary items will
continue to weigh on debt dynamics in the coming years, while the
issue of restitution is likely to add to the debt figures in
2015-16.

Negotiations between the Serbian authorities and the IMF to sign
a precautionary lending agreement are likely to start by the end
of 2014, and will greatly depend on the adoption and
implementation of the government's reform and consolidation
plans. Such an agreement could provide a policy anchor and would
be instrumental in maintaining investor confidence.

The economic impact of the May floods is still unknown, but is
likely to be manageable. GDP growth will be close to zero in
2014, while a modest pick-up is expected in 2015 because of base
effects and the impact of reconstruction. Higher imports of
investment goods will be partly compensated by larger donor
inflows in the form of current transfers, so that the impact on
the current account will be modest.

External financing pressures will continue to ease, thanks to
improvements in the current account deficit and continuous
inflows of foreign direct investment. The expected 10-year USD1
billion bilateral loan from the United Arab Emirates, on
favorable terms, will reduce Serbia's funding costs and support
its accumulation of foreign exchange reserves. Although the
administration is determined to prioritize domestic issuance,
exchange rate risks to government solvency remain high, as about
80% of public debt is foreign currency-denominated.

Serbia's 'B+' Long-term IDRs are supported by its high income per
head, superior human development and ease of doing business
indicators relative to rating peers, and the recent EU decision
to open accession talks with Serbia.

RATING SENSITIVITIES

The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are currently well balanced. The
main risk factors that, individually or collectively, could
trigger positive rating action are:

-- Credible medium term fiscal consolidation program that
    reduces public debt/GDP.

-- Progress on structural reforms that lead to an acceleration
    of economic recovery and a further narrowing of external
    imbalances.

The main risk factors that, individually or collectively, could
trigger negative rating action are:

-- Failure to pass and implement structural reforms that
    facilitate fiscal consolidation and improve the outlook for
    debt dynamics.

-- A recurrence of exchange rate pressures leading to a fall in
    reserves and a sharp rise in debt levels and the interest
    burden.

KEY ASSUMPTIONS

The ratings and Outlooks are sensitive to a number of
assumptions.

Fitch assumes that the new government will be able to pass and
implement the proposed reform agenda.

Fitch assumes that the Serbian economy grows at a rate of 2% per
annum over the medium term and that external finances are not
subject to a severe exchange rate shock.

Fitch assumes the gradual progress in deepening fiscal and
financial integration at the eurozone level will continue; key
economic imbalances within the currency union will be slowly
unwound; and eurozone governments will tighten fiscal policy over
the medium term.

Fitch assumes that the US Federal Reserve exit from monetary
stimulus is orderly, so that Serbia retains domestic and external
market access despite higher international financial volatility.



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


CAIXA GALICIA I: Fitch Affirms 'Bsf' Rating on Class D Notes
------------------------------------------------------------
Fitch Ratings has taken rating actions on Ayt Colaterales Caixa
Galicia I (Galicia I) and Ayt Colaterales Global Hipotecario, FTA
Serie Ayt Colaterales Global Hipotecario Caja Vital 1(Vital).

Key Rating Drivers

Upgrade Driven by Rating Cap Revision

Fitch placed the class A notes of both transactions on Rating
Watch Positive (RWP) following the revision of the rating cap on
Spanish structured finance (SF) transactions, which aligned the
cap with Spain's Country Ceiling (AA+), six notches above its
sovereign Issuer Default Ratings (IDR) of 'BBB+'.

With the publication of its updated criteria assumptions for
Spanish RMBS on June 5, 2014, Fitch set its assumptions for
'AA+sf' rating stresses, allowing it to analyze the ability of
some senior tranches to withstand higher rating stresses. The
analysis of Galicia I and Vital showed that the credit
enhancement (CE) available to the class A notes of Galicia 1 is
sufficient to warrant a one-notch upgrade, while Vital's class A
notes are not able to support rating stresses higher than those
of 'AA-sf'.

Solid Asset Performance

The affirmation of the remaining tranches reflects the healthy
performance of both transactions. As of the latest interest
payment date (IPD), three-month plus arrears (excluding defaults)
were 0.9% (Vital) and 1.5% (Galicia) of their current collateral
balances, lower than Fitch's Spanish RMBS index (2.1%). In
Fitch's view the performance of Vital 1 is mainly due to the
geographic concentration of borrowers in the Pais Vasco region
(56%), which has seen a lower unemployment rate and where home
prices have been higher compared to other Spanish regions.
Cumulative gross defaults (defined loans in arrears by more than
18 months) are at 0.2% (Galicia) and 1.3% (Vital) of their
respective initial balances, all of which have been fully
provisioned for using excess spread generated by the structures,
leaving the reserve funds fully funded. Combined with the
sequential redemption of the notes, this robust asset performance
has contributed to an increase in the CE available to the notes.

Rating Sensitivities

A change in Spain's IDR and Country Ceiling may result in a
revision of the highest achievable rating.

An increase in defaults and associated pressure on excess spread
levels and reserve funds beyond Fitch's expectations could result
in negative rating action.

The rating actions are as follows:

AyT Colaterales Caixa Galicia I:

Class A (ES0312273289) upgraded to 'AAsf'; off RWP, Outlook
Stable
Class B (ES0312273297) affirmed at 'Asf'; Outlook Stable
Class C (ES0312273305) affirmed at 'BB+sf'; Outlook Stable
Class D (ES0312273313) affirmed at 'B+'; Outlook Stable

Ayt Colaterales Global Hipotecario, FTA Serie Ayt Colaterales
Global Hipotecario Caja Vital 1:

Class A (ES0312273081) affirmed at 'AA-sf'; off RWP, Outlook
Stable
Class B (ES0312273099) affirmed at 'Asf'; Outlook Stable
Class C (ES0312273107) affirmed at 'BBsf'; Outlook Stable
Class D (ES0312273115) affirmed at 'Bsf'; Outlook Stable


GOWEX SA: Commences Insolvency Proceedings
------------------------------------------
Julien Toyer and Andres Gonzalez at Reuters report that Gowex
S.A., at the heart of an accounting scandal that has hit Spain's
reputation among investors, started insolvency proceedings on
Thursday, giving it four months to reach a deal with creditors or
face bankruptcy.

Reuters relates that the Spanish High Court had charged the
company's founder and former chief executive Jenaro Garcia Martin
with three financial crimes: false accounting, distortion of
economic and financial information, and insider trading.

Mr. Martin is called to testify next Monday, when he is also due
to hand over his computer and his phone, Reuters discloses.

Gowex stunned investors and its workers on Sunday when it said
Garcia Martin had misrepresented the firm's accounts for at least
the last four years, Reuters recounts.

Adding to the uncertainty surrounding the company, Gowex workers
issued a statement on Thursday saying they were not aware of any
insolvency proceedings, Reuters relays.

The ownership of the company was also unclear, Reuters notes.

Gowex is a Spanish wireless networks provider.



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


BIBBY OFFSHORE: Moody's Assigns 'B2' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 Corporate
Family Rating (CFR) and a B2-PD Probability of Default to Bibby
Offshore Holdings Limited. Concurrently Moody's has assigned a
definitive B2 rating to Bibby Offshore Services Plc GBP175
million senior secured notes due 2021, following receipt of final
documentation and completion of the company's refinancing,
including the repayment of its previous bank indebtedness. The
outlook remains stable.

Ratings Rationale

Moody's definitive ratings for the CFR and the senior secured
notes are in line with the provisional ratings assigned on
June 9, 2014. Moody's rating rationale was set out in a press
release on that date. The final terms of the notes were in line
with the drafts reviewed for the provisional instrument rating
assignments.

Outlook

The stable outlook reflects Moody's expectation that Bibby
Offshore will maintain its current operating performance, with
continued good vessel utilization and stable day rates, and that
industry conditions remain favorable. Moody's also expects that
the company will continue with its steady organic growth strategy
and make no material debt-funded acquisitions. In addition,
Moody's assumes that, following this transaction, the company
will adhere to its financial policy of making no dividends or
other shareholder distributions that would re-leverage the
business from its opening level.

What Could Change the Rating UP

Whilst the company is adequately positioned in the B2 category,
in view of its relatively recent rapid growth, there is unlikely
to be near-term upward ratings pressure until the company has
established a longer track record of profitability at around the
current level. However, there could be positive pressure if
Moody's-adjusted debt/EBITDA ratio falls below 3.5x on a
sustained basis and the company maintains a Moody's-adjusted
EBITDA margin of around 40%, whilst generating positive free cash
flow and keeping a solid liquidity profile. Any potential upgrade
would also include an assessment of market conditions.

What Could Change the Rating DOWN

Moody's could downgrade the ratings if any of the conditions for
maintaining a stable outlook are not met, or if the company's
liquidity profile or debt protection ratios deteriorate as the
result of a weakening of its operational performance.
Quantitatively, Moody's could downgrade the ratings if the
company's Moody's adjusted debt/EBITDA ratio rises towards 5x or
if the company fails to generate free cash flow after taking into
account the cash over-funding at closing.

Principal Methodologies

The principal methodology used in these ratings was the Global
Oilfield Services Rating Methodology published in December 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.

Bibby Offshore Holdings Limited, headquartered in Aberdeen, UK,
is a leading provider of offshore and subsea services in the UK
North Sea. For the financial year ended December 31, 2013, Bibby
Offshore reported revenues of approximately GBP264 million. Bibby
Offshore is wholly owned by Bibby Line Group Limited, formed over
200 years ago as a ship owner and operator, and a diversified
group of companies with international interests in shipping,
marine services, logistics, financial services, offshore services
and retailing, with revenue of GBP1.59 billion for the year ended
December 31, 2013.


BROADGATE FINANCING: Fitch Lifts Rating on Cl. D Notes From BB+
---------------------------------------------------------------
Fitch Ratings has upgraded Broadgate Financing PLC's class D
notes and affirmed the others, as follows:

GBP211.4 million class A1 due January 2032 (XS0213092066)
affirmed at 'AAAsf'; Outlook Stable

GBP240.5 million class A2 due April 2031 (XS0211897664) affirmed
at 'AAAsf'; Outlook Stable

GBP175.0 million class A3 due April 2033 (XS0211897821) affirmed
at 'AAAsf'; Outlook Stable

GBP400.0 million class A4 due July 2036 (XS0213092652) affirmed
at 'AAAsf'; Outlook Stable

GBP365.0 million class B due October 2033 (XS0211898043) affirmed
at 'AAsf'; Outlook Stable

GBP107.7 million class C1 due January 2022 (XS0213093031)
affirmed at 'BBB-sf'; Outlook Stable

GBP214.3 million class C2 due April 2035 (XS0211898126) affirmed
at 'BBB-sf'; Outlook Stable

GBP27.8 million class D due October 2025 (XS0213093627) upgraded
to 'BBB-sf' from 'BB+sf'; Outlook Stable

Broadgate Financing PLC is a securitization of long term debt
financing of 16 clustered office buildings benefiting from a
number of long leases to strong institutions, either in the
financial or professional services sector. The Broadgate estate
provides approximately 376,000sq m of prime office space in the
City of London.

Key Rating Drivers

The rating action reflects the improving occupational market
conditions in City offices, which has seen rents climb back to
their long term trend. The upgrading of the class D notes also
reflects the borrower's proven capability in managing the estate,
both in terms of signing up strong tenants and maintaining the
condition of the properties, which should support its ability to
meet scheduled amortization required to repay this and the class
C1 notes over the short-to-medium term.

Vacancy has dropped to 3% from 4.6% recorded at the previous
rating action in 2013. However, lease roll-off risk is visible in
2016-17 when UBS have break options on 1-2 Finsbury Avenue and
100 Liverpool Street. Given the prime quality of the collateral
and the strength of the borrower, Fitch does not expect a medium
term increase in vacancy. Over the longer term -- when a
considerable amount of principal, particularly for senior bonds,
will fall due -- dependency on a single submarket is a
constraining factor for ratings, particularly as the borrower's
continued ability and willingness to invest in the estate will be
key to maintaining income.

The collateral was revalued at GBP2,922 million in March 2014, up
from GBP2,716 million in March 2013. The new valuation results in
a loan-to-value ratio (LTV) of 59.6%, down from 66.3% at the last
rating action in July 2013. Fitch estimates LTV just under 70%
given that current yields are below the long term trend. Debt
service coverage has also improved to 1.28x from 1.13x in line
with the positive leasing activities, particularly a new lease
signed on 199 Bishopsgate (following its refurbishment). Rent-
free periods granted to tenants in Broadgate Tower and 201
Bishopsgate have also expired, with an additional GBP6.5m of
annual income becoming available after rent-free periods offered
for recent lettings expire in 2014 and 2015.

Fitch views the on-going investment in the estate -- in
particular the works on 5 Broadgate (not within the
securitization), Broadgate Circle and the now completed
refurbishment of 199 Bishopsgate -- as credit positive for the
transaction, since they preserve the estate's appeal as other
high spec space comes on line. Additionally, delivery of
Crossrail 1, scheduled for 2018, will enhance demand from
occupiers, and offers long term support to ratings.

Rating Sensitivities

Any shock to global banking would affect a significant number of
the tenants, whose credit strength is instrumental to the
continued deleveraging of the transaction. This could see ratings
fall, especially if it coincided with reletting risk associated
with UBS's imminent departure (accounting for up to 20% of the
portfolio by rent, assuming all of the occupied space is
vacated). Further upgrades would hinge on a significant increase
in net operating income, which is not likely in the medium term.

Fitch estimates 'Bsf' proceeds of GBP2,500 million.


EUROSAIL-UK 2007-6NC: S&P Raises Rating on Class A3a Notes to BB-
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised and removed from
CreditWatch positive its credit ratings on Eurosail-UK 2007-6NC
PLC's class A2a and A3a notes.  S&P's ratings on the class B, C,
and D notes are unaffected.

The upgrades follow the transaction's restructuring.  S&P has
conducted its credit and cash flow analysis of the transaction
using the most recent information that S&P has received (dated
June 2014) under its applicable criteria.

In February 2014, the class A2a and A3a notes were converted to
British pound sterling-denominated notes from euro-denominated
notes following the transaction's proposed restructuring.  On
March 12, 2014, S&P therefore placed on CreditWatch positive its
ratings on the class A2a and A3a notes.

Following the restructuring, S&P considers that the class A2a and
A3a notes are no longer exposed to foreign exchange rate risk.
S&P has therefore raised to 'AA+ (sf)' and 'BB- (sf)' from 'B
(sf)' and removed from CreditWatch positive its ratings on the
class A2a and A3a notes, respectively.

The servicer, Acenden Ltd., has updated how it reports arrears to
include amounts outstanding, delinquencies, and other amounts
owed.  The servicer's definition of other amounts owed includes
(among other items), arrears of fees, charges, costs, ground
rent, and insurance.  Delinquencies include principal and
interest arrears on the mortgages, based on the borrowers'
monthly installments.  Amounts outstanding are principal and
interest arrears, after the servicer first allocates borrower
payments to other amounts owed.

In this transaction, the servicer first allocates any arrears
payments to other amounts owed, then to interest amounts, and
subsequently to principal.  From a borrower's perspective, the
servicer first allocates any arrears payments to interest and
principal amounts, and then to other amounts owed.  This
difference in the servicer's allocation of payments for the
transaction and the borrower results in amounts outstanding being
greater than delinquencies.

The proportion of amounts outstanding in the transaction's 90+
days amount outstanding bucket has increased to 40.22% in June
2014 from 26.80% in March 2012.  During this period, 90+ days
delinquencies, which exclude other amounts owed, increased to
23.16% from 17.24%.  The increase in 90+ days delinquencies is in
contrast to S&P's index for U.K. nonconforming residential
mortgage-backed securities (RMBS), in which 90+ days
delinquencies decreased to 14.09% in Q1 2014 from 16.54% in March
2012.  Based on the transaction's performance, S&P has projected
additional arrears of 4.83% over the next year in its analysis.

S&P's weighted-average foreclosure frequency (WAFF) assumptions
has decreased.  This is primarily due to an increase in seasoning
and the fact that S&P considers delinquencies (rather than
amounts outstanding) when applying its arrears adjustment.  S&P's
weighted-average loss severity (WALS) assumptions haveincreased
because it expects potential losses to be higher, given that the
servicer first allocates any arrears payments to other amounts
owed.

Rating                     WAFF (%)                   WALS (%)
AAA                        50.33                      53.04
AA                         44.20                      47.26
A                          37.21                      37.61
BBB                        31.83                      31.98
BB                         26.31                      27.76

Following the restructuring, the class A2a notes will repay
sequentially, irrespective of any performance triggers.  This
allows the class A2a notes to continue to build up credit
enhancement, which already stands at 65.50% as of June 2014.
After the class A2a notes have fully repaid, the class A3a notes
will repay pro rata along with the class B, C, and D notes, if
the reserve and liquidity reserve funds are at their required
levels, and 90+ days delinquencies (including repossessions) are
less than 22.5%.  The transaction will revert to paying
sequentially when the outstanding collateral balance declines to
10% of the original collateral balance.  This structure prevents
the class A3a notes from building up credit enhancement in a
benign environment, as they would if repayed sequentially,
because principal repayment is spread out equally across the
class A3a, B, C, and D notes.  Should credit performance then
deteriorate, the class A3a notes may have insufficient credit
enhancement to withstand stresses toward the end of the life of
the transaction.  As of June 2014, the available credit
enhancement for this class of notes was 21.24%.

S&P's credit stability analysis indicates that the maximum
projected deterioration that it would expect at each rating level
over one- and three-year periods, under moderate stress
conditions, is in line with S&P's credit stability criteria.

Eurosail-UK 2007-6NP securitizes U.K. nonconforming residential
mortgages originated by Southern Pacific Mortgages Ltd.,
Preferred Mortgages Ltd., London Mortgage Company, and Alliance &
Leicester PLC.

RATINGS LIST

Eurosail-UK 2007-6NC PLC
GBP288.962 mil mortage-backed floating-rate notes

                     Rating     Rating
Class   Identifier   To         From
A2a     29881HAD7    AA+ (sf)   B (sf)/Watch Pos
A3a     29881HAG0    BB- (sf)   B (sf)/Watch Pos


THOMAS COOK: Fitch Affirms 'B' LT Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has affirmed Thomas Cook Group Plc's (TCG) Long-
term Issuer Default Rating (IDR) at 'B' with a Positive Outlook.
Fitch has also affirmed the senior unsecured notes issued by
Thomas Cook Finance plc at 'B+'/ 'RR3'.

The affirmation is based on improved profitability in 2013 and
the significant cost cutting conducted since the appointment of
the new management team. Fitch expects operating margins to
remain resilient in FY14, despite a competitive UK travel
operator environment.

However, funds from operations (FFO) lease-adjusted gross
leverage increased to 7.6x at the financial year to September
2013 from 6.1x at FY12, as continued restructuring costs drove
FFO lower. The group's financial flexibility should,
nevertheless, improve on the back of such recent and future cost-
cutting measures and improved free cash flow generation. As a
result, Fitch expects material de-leveraging over the next two
years (3.5x by FYE16) as reflected in the Positive Outlook.

Key Rating Drivers

Competitive, Low Margin Industry
Competition in the sector remains keen, notably from low-cost
airlines and the constant growth of online companies such as
Expedia.com. TCG's UK bookings were down 1% in 1H14, despite
competitive selling prices. Against a target on-line penetration
rate of 50% for bookings by 2015, TCG's on-line bookings only
rose to 38% of total bookings (from 36% at September 2013),
suggesting that TCG, despite its strong brand name, is yet to be
identified as a first-call online brand.

Refinancing Complete

The upgrade to 'B' from 'B-' in November 2013 followed the
completion of TCG's GBP1.6 billion refinancing plan. This
refinancing extended bank maturities from 2015 to 2017 and
prefunded the repayment of the 2015 EUR400 million senior
unsecured notes. This has improved, and is expected to continue
supporting, TCG's financial flexibility.

Turnaround Plan, Improved Trading

TCG's turnaround plan is designed to improve profitability by
GBP460 million (revised upwards from GBP440 million) by end-2015
(expected to deliver benefits of GBP140 million and GBP320
million cost cutting and efficiency improvements group-wide).
1HFY14 results (LFL EBIT improved GBP77 million to GBP274 million
on an LTM basis) confirmed the positive trend with the LTM March
2014 operating margin rising to 3% (2.8% at FYE13 and 1.6% at
FYE12). However, TCG had to pay out around GBP132 million of one-
off costs in FY13 in respect of the cost-out program, with the
re-organization of the UK retail structure (including the closure
of over 190 shops) costing GBP28 million.

A further GBP150 million of benefits has now been identified,
under the ("Wave 2 program"). This is part of the overall
benefits of GBP400 million expected to be achieved by end-2018
under this program. There are execution risks, but we note the
largely complete first round of cost cutting totalling GBP194
million achieved to date under Wave 1.

Further Efficiency Measures
In addition to cutting costs, TCG is implementing efficiency
measures such as reducing the number of travel brands to 30 from
85, strict capacity management, IT systems integration and
standardization, simplifying management structures and recruiting
skilled omni-channel/ on-line staff. It is also improving its
product offering through enhanced yield management, airline
capacity optimization and hotel procurement to increase operating
margins.

Strong Brand Name
The ratings continue to benefit from the strong brand name,
geographical diversification of its customer base and end-
destinations, dynamic new management, a cost-cutting and re-
organisation program, improved working capital management and IT
systems rationalization and simplification.

Fuel and FX risks
TCG's cost base is exposed to avgas price movements and to
currency fluctuations, through a strengthening of the USD and the
EUR against GBP. Fitch expects fuel costs to remain stable in
2014, due to the likelihood of only moderate fuel price
increases.

Seasonality and Leverage
Working capital typically increases by up to GBP700 million
between September to December, due to this being a quieter
holiday period and higher marketing costs for the summer season.
Group-adjusted FFO gross leverage was 7.6x at FYE13, and is
forecast to rise to 9.3x in December 2014, due to such working
capital swing of GPB700 million from peak to trough. Fitch,
however, expects TCG's credit metrics to improve in 2014, due to
both asset disposals and lower cash restructuring costs during
the year.

Asset Disposals Support Deleveraging
In FY13 and 1H14, TCG sold GBP63 million of non-core assets
(including the group's share in the UK NATS air traffic control
system for GBP38 million), using the proceeds to pay down debt
and improve financial flexibility.

Improved Credit Metrics
Fitch expects the operational restructuring to drive
profitability and free cash flow (assuming no dividends),
therefore resulting in enhanced interest cover and leverage
metrics. Adjusted leverage (including the intra-year GBP700
million working capital swing) should fall to below 4.0x by FYE16
from a forecasted 5.3x at FYE14.

Rating Sensitivities

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

-- Improvement of the group's operating margin towards 4%
    resulting from a successful evolution of its business model
    as an omni-channel online tour operator and a leaner cost
    structure

-- Lease adjusted FFO gross leverage (including GBP700 million
    for working capital changes) below 5.0x on a sustained basis

-- Generating positive free cash flow (including restructuring
    and exceptional costs) on a sustained basis

-- Lease-adjusted EBITDAR/gross interest plus rents above 2.5x
    (FYE13: 1.8x) on a sustained basis

-- Liquidity headroom of at least GBP300 million (FYE13: GBP300
    million)

Negative Future developments that could, individually or
collectively, lead to negative rating actions include:

-- Lease-adjusted EBITDAR/gross interest plus rents below 1.5x
    on a sustained basis

-- Group operating margin below 2.5% reflecting increased
    competitive headwinds or a larger- than-expected impact from
    a slowdown in consumer confidence

-- Lease adjusted FFO gross leverage (including GBP700 million
    for working capital changes) above 7.0x on a sustained basis

-- Liquidity headroom below GBP200 million



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


* BOND PRICING: For the Week July 7 to July 11, 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 * * *