TCREUR_Public/140721.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 21, 2014, Vol. 15, No. 142

                            Headlines

A U S T R I A

CAT OIL: S&P Affirms 'BB' Corp. Credit Rating; Outlook Stable


B U L G A R I A

CORPORATE COMMERCIAL: Parliament Turns Down Recapitalization Plan


F I N L A N D

EPIC LTD: S&P Lowers Ratings on Five Note Classes to 'CC(sf)'


G E R M A N Y

DECO 17 - PAN EUROPE 7: S&P Cuts Rating on Class E Notes to CCC-
STYROLUTION GROUP: Moody's Cuts Corporate Family Rating to 'B2'
STYROLUTION GROUP: S&P Maintains 'B+' CCR on Watch Negative


H U N G A R Y

KAPUVARI HUS: Liquidator Cancels Contract with Saudi Investors
MAL: State Liquidator Puts Assets Up for Sale for HUF17 Billion


I R E L A N D

GRAMERCY PARK: S&P Withdraws 'BB' Rating on Class D Notes


I T A L Y

GTECH SPA: Moody's Reviews 'Ba2' Rating on Eurobonds Over Merger


L U X E M B O U R G

4FINANCE HOLDING: Moody's Assigns 'B3' CFR; Outlook Negative
4FINANCE HOLDING: S&P Assigns 'B' LT Counterparty Credit Rating
DELTA DEBTCO: Moody's Puts 'B2' CFR Under Review for Downgrade
ESPIRITO SANTO: Files for Creditor Protection After Debt Default


N E T H E R L A N D S

HALCYON SAM: Moody's Affirms 'B2' Rating on Class E Notes

P O R T U G A L

ESPIRITO SANTO: Moody's Cuts LT Issuer & Debt Ratings to 'Ca'


R U S S I A

AHML INSURANCE: Fitch Withdraws 'BB' Financial Strength Rating
SOVCOMBANK: Fitch Assigns 'B+' LT Issuer Default Rating


S P A I N

BANCO CEISS: Moody's Lifts Mortgage-Covered Bond Rating to 'Ba1'
BANCO SANTANDER: Moody's Lifts Rating on Tier 1 Secs. to 'Ba1'
LET'S GOWEX: Auditor Involved in Covering Up Fake Accounts
LET'S GOWEX: Bankruptcy Filing Leaves Deals With Cities in Limbo
UNICAJA BANCO: Moody's Raises Rating on Mortgage Covered Bonds


U N I T E D   K I N G D O M

CO-OPERATIVE GROUP: Sells Pharmacy Business to Cut GBP1.4BB Debt
EXPRO HOLDINGS: Moody's Raises CFR to 'B2'; Outlook Stable
EXPRO HOLDINGS: S&P Assigns 'B' Rating to Term Loan B Facility


X X X X X X X X

* BOND PRICING: For the Week July 14 to July 18, 2014


                            *********


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A U S T R I A
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CAT OIL: S&P Affirms 'BB' Corp. Credit Rating; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
corporate credit rating and 'ruAA' Russia national scale rating
on Austria-based oilfield services provider C.A.T. oil AG
(CAToil). The outlook is stable.

"The affirmation reflects our expectation that CAToil will retain
healthy credit metrics in the medium term, thanks to its
conservative financial policy and growing profits.  We believe
that CAToil should further benefit from growing demand for
drilling services in Russia's core oil provinces, which should
help increase profits and cash flows, and that the company's
capital expenditures will remain in line with its budget.  That
said, we forecast negative free operating cash flow (FOCF)
overall in 2014-2016, due to the heavy investments the company
has planned.  Although we expect a significant amount of capital
expenditure to be partly funded through operating cash flow
generation, we also expect Standard & Poor's-adjusted leverage to
remain below 0.5x.  Our assessment is based on our forecast of
improving operating margins stemming from both the high quality
of CAToil's assets, and organic growth related to an increase in
fleet size driven by the company's ongoing fleet expansion. Our
expectation of continued solid market conditions should also
support CAToil's credit metrics," S&P noted.

"Our assessment of CAToil's business risk profile as "weak"
continues to reflect our view of the company's small scale and
limited diversity of operations in Russia and Kazakhstan, and the
cyclical and competitive nature of the oilfield services
industry. We also factor in the company's relatively concentrated
customer base, although we note that this is a consequence of the
concentrated industry.  These weaknesses are partly offset by the
company's modern and technologically advanced fleet, its strong
market position in hydraulic fracturing and sidetrack drilling,
and longstanding business relationships with the major Russian
oil groups," S&P added.

CAToil is undertaking an extensive investment program over the
next three years, at an estimated cost of about EUR390 million
(inclusive of EUR90 million of maintenance capex).  The program
will be funded through cash flow from operations and some
drawings on the company's existing credit line.  The program is
expected to add 32 new rigs to the existing fleet, thereby
significantly increasing the company's operating capacity.  S&P
understands that a number of the rigs expected to become
operational in the latter half of 2014 have already been
contracted.

S&P views current industry conditions as favorable for CAToil.
Drilling volumes in Russia have been increasing to support
production at maturing fields, and S&P expects demand for
services to grow faster than supply in 2014-2015.  S&P considers
that new reserves, including difficult-to-recover reserves that
are being brought into operation, and a growing share of higher-
value-added drilling services (such as horizontal drilling and
sidetracking) should support demand.

S&P views CAToil's financial risk profile as "modest," reflecting
its forecast that the company will maintain its strong credit
metrics over the medium term, bearing very limited debt leverage
and with virtually all debt deriving from the main shareholders.

S&P's base-case scenario assumes:

   -- The sector will continue to be supported by high oil prices
      in the short to medium term and there will be an increasing
      need for advanced oilfield services, as hydrocarbons are
      becoming progressively difficult to recover in maturing
      Russian fields.

   -- Continued strong demand for CAToil's services, resulting in
      adjusted EBITDA margins of about 27%-28%.

   -- Significant revenue growth driven by the fleet expansion,
      underpinned by capex of about EUR390 million over the next
      three years, which will drive overall negative FOCF over
      the period.

   -- Dividends of between 20%-30% of net income.  S&P
      anticipates that the company's financial policy will remain
      conservative.

   -- No acquisitions.

Based on these assumptions, S&P arrives at the following metrics
for 2014 and 2015:

   -- FFO to debt in excess of 150%; and

  -- Debt to EBITDA of less than 0.5x.

The stable outlook reflects S&P's belief that CAToil will
continue to improve its operating performance on the back of
solid demand for its activities.  S&P thinks this will be further
strengthened by favorable market conditions for enhanced oil
recovery services in Russia and Kazakhstan.  S&P also anticipates
that the company will prudently fund its expansion in a way that
does not hurt the forecast improvement in the company's financial
performance, and that it will maintain its Standard & Poor's-
adjusted debt-toEBITDA ratio of less than 0.5x, which S&P views
as strong for the rating.

S&P would consider raising the rating if the company is
successful in implementing its current investment program,
resulting in an increase in the scale of operations.  S&P would
also view favorably a continued move to longer-term contracts and
further customer diversification.

S&P could lower the rating if CAToil's expansion is much larger
than anticipated, leading to substantially negative FOCF that
impairs liquidity.  S&P might also consider a downgrade if demand
weakens significantly or if the company becomes more aggressive
in its dividend payments to shareholders.



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


CORPORATE COMMERCIAL: Parliament Turns Down Recapitalization Plan
-----------------------------------------------------------------
Elizabeth Konstantinova at Bloomberg News reports that Bulgaria
will let the shareholders of Corporate Commercial Bank AD seek
ways to rescue it from bankruptcy after parliament shot down a
cabinet proposal to recapitalize the bank.

According to Bloomberg, the Finance Ministry in Sofia said in an
e-mailed statement on Friday that Bulgarian Finance Minister
Petar Chobanov discussed "finding a working solution" for the
bank by phone with Abdulsalam Al Murshidi, executive director of
the State General Reserve Fund of Oman.  The fund holds a 30.35%
stake in the bank through its Luxembourg-registered Bulgarian
Acquisition Co., Bloomberg discloses.

"State institutions will intervene" in rescuing the Balkan
state's fourth largest lender "if the shareholders don't
succeed," Bloomberg quotes the ministry as saying.  "Finding a
private solution to the problem that doesn't engage public
resources is the most desired outcome."

Lawmakers in the Budget and Finance Committee didn't approve a
government plan to revise the state spending plan by raising the
deficit to 2.7% of economic output, which would have let the next
government bail out the bank with new debt sales of as much as
BGN3.4 billion (US$2.35 billion), Bloomberg relates.

Lawmakers failed to agree on a draft law proposed by the central
bank and the government to insure deposits in Corporate
Commercial Bank for more than the legal limit of EUR100,000
(US$135,000), Bloomberg relays.  The cabinet was seeking ways to
repay the deposits of Bulgarian companies that employ about
75,000 people, Bloomberg says.  Mr. Chobanov said on July 16 that
it was also considering repayment of the bank's US$150 million
bond, which matures on Aug. 8, Bloomberg recounts.

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 I N L A N D
=============


EPIC LTD: S&P Lowers Ratings on Five Note Classes to 'CC(sf)'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Epic (Drummond) Ltd.'s class B, C, D, E, F, and G notes.  At the
same time, S&P has affirmed its 'B (sf)' rating on the class A
notes.

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

THE COUNTRYWIDE KAUFLAND LOAN (39.4% OF THE POOL)

Initially, six shopping centers and four retail parks in Germany
secured the loan.

The loan defaulted after the borrower went bankrupt in Aug. 2012.

In October 2013, the loan partially repaid following the Sept.
2013 sale of the 10 properties for a total sales price of
EUR224.1 million.  The May 2008 reported valuation for the
subject portfolio was EUR454.4 million.

Following the sale of the 10 properties, there are no longer any
properties collateralizing the remaining loan balance of EUR151.6
million.

S&P understands from the April 2014 servicer report that the
insolvency administrator has to undertake outstanding post-
completion work in relation tothe portfolio's sale, and as such,
the servicer expects that a credit event calculation date will
not occur before the April 2016 interest payment date.

Therefore, S&P do not expect the class C, D, and E notes to
experience losses in connection to this loan until April 2016.

PROJECT DD LOAN (23.9% OF THE POOL)

A portfolio of 22 office, retail, and industrial properties in
the Helsinki Metropolitan area in Finland initially secured the
loan.

In April 2012, the borrower went bankrupt and the portfolio was
sold via an insolvency process in July 2012 for EUR169.2 million.
The loan partially repaid following the above-mentioned sale.

There are no longer any properties collateralizing the remaining
loan balance of EUR38.4 million.

S&P understands from the April 2014 servicer report that the
insolvency administrator has to undertake outstanding post-
completion work in relation to the portfolio's sale, and as such,
the servicer expects that a credit event calculation date will
occur on or after the July 2014 interest payment date.

S&P therefore expects the class E, F, and G notes to experience
losses relating to this loan on or after the July 2014 interest
payment date.

IRUS LOANS (23.9% OF THE POOL)

There were originally six loans held in the Irus European Retail
Property Fund, which NEINVER manages.  Six separate retail
factory outlet centers across Europe, with properties in Poland,
Spain (three properties), Italy, and Portugal, secure the loans.
Five of the original six loans remain, with the Irus Poland loan
having fully repaid on the April 2014 interest payment date.  The
properties comprise good quality retail outlet accommodation,
close to major conurbations of their respective locations.
Current occupancy levels range between 89% and 100%.  S&P do not
anticipate losses on these loans in its expected-case scenario.

OTHER LOANS (12.8% OF THE POOL)

The remaining two loans are known as the Project Magnum loan and
the Zenon Real Estate loan. Retail warehouse properties located
in Germany and Greece, respectively, back the loans.  S&P has
reviewed each loan individually and expect losses on both of
these loans in its expected-case scenario.

RATING ACTIONS

S&P's ratings on Epic (Drummond)'s class A to G notes address the
timely payment of interest, and the payment of principal no later
than the notes' legal final maturity date in January 2022.
Following S&P's review, it considers the available credit
enhancement for the class A notes to be sufficient to mitigate
the risk of losses from the underlying loans in a 'B' rating
stress scenario.  S&P has therefore affirmed its 'B (sf)' rating
on the class A notes.

S&P has lowered to 'CCC (sf)' from 'B- (sf)' its rating on the
class B notes because this class has become more vulnerable to
losses, in S&P's opinion.  At the same time, S&P has lowered to
'CC (sf)' from 'B- (sf)' its ratings on the class C and D notes
and from 'CCC- (sf)' its ratings on the class E, F, and G notes
because S&P expect default to be a virtual certainty.

Epic (Drummond) is a synthetic European CMBS transaction, which
was initially backed by credit default swaps for a portfolio of
13 reference loans that the Royal Bank of Scotland originated and
serviced.

RATINGS LIST

Epic (Drummond) Ltd.
EUR1.143 bil commercial mortgage-backed floating-rate notes

                               Rating         Rating
Class       Identifier         To             From
A           XS0303390453       B (sf)         B (sf)
B           XS0303391188       CCC (sf)       B- (sf)
C           XS0303391428       CC (sf)        B- (sf)
D           XS0303391857       CC (sf)        B- (sf)
E           XS0303392236       CC (sf)        CCC- (sf)
F           XS0303392400       CC (sf)        CCC- (sf)
G           XS0303393986       CC (sf)        CCC- (sf)



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G E R M A N Y
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DECO 17 - PAN EUROPE 7: S&P Cuts Rating on Class E Notes to CCC-
----------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in DECO 17 - Pan Europe 7 Ltd.

Specifically, S&P has:

   -- Raised its rating on the class A2 notes;
   -- Lowered its ratings on the class C, D, and E notes; and
   -- Affirmed its ratings on the class B, F, and G notes.

The rating actions follow S&P's review of the six remaining loans
in this transaction following the repayment of five loans since
the October 2013 interest payment date (IPD).

MAYNE LOAN (32% OF THE POOL)

The loan is currently secured by three retail properties in
Germany (Hannover, Dresden, and Chemnitz).  The property in
Hamburg was recently sold for EUR35.1 million, with net proceeds
to be applied on the July 2014 interest payment date (IPD).  Of
the EUR136.8 million senior loan, only EUR93.0 million (68%) is
securitized in this transaction.  The remaining EUR43.8 million
(32%), which is not part of this securitization, ranks pari passu
with the portion included in this transaction.

The loan matured in October 2013 and entered special servicing
due to the borrower's failure to repay at maturity.  The loan is
currently in standstill to allow for the sale of the remaining
properties.

In April 2014, the servicer reported a senior loan interest
coverage ratio (ICR) of 2.90x and a senior loan loan-to-value
(LTV) ratio of 125.8%, based on a July 2013 valuation of EUR108.8
million (which includes the sold Hamburg property).

S&P has assumed principal losses in its expected-case scenario.

ROCKPOINT LOAN (26% OF THE POOL)

Twenty-six properties that are primarily used for retail purposes
in German medium-sized towns secure the loan.  The current
outstanding securitized balance is EUR78.0 million.

The loan did not repay at its original loan maturity in January
2012 and entered special servicing.  The special servicer entered
into a standstill agreement with the borrower and the loan was
extended until October 2014 as part of the restructuring.

In October 2013, the borrowers were unable to comply with
disposal targets and were in default.  They entered into a
standstill agreement.  An amended business plan was subsequently
approved by the special servicer.  The loan is no longer in
default or standstill.

In April 2014, the servicer reported a senior loan ICR of 2.08x
and a senior loan LTV ratio of 128.8%, based on a February 2012
valuation of EUR60.6 million.

S&P has assumed principal losses in its expected-case scenario.

AFI LOAN (24% OF THE POOL)

The collateral comprises a mixture of residential, office,
retail, industrial, hotel, and other units in Germany.  The
highest concentration is in Berlin.  The current outstanding
securitized balance is EUR70.3 million.

The loan matures in July 2014.  In April 2014, the servicer
reported a senior loan ICR of 1.56x and a senior loan LTV ratio
of 75.3%, based on a March 2011 valuation of EUR93.3 million.  In
S&P's opinion, the reported LTV is unlikely to reflect current
market conditions.

S&P has assumed principal losses in its expected-case scenario.

ELBBLICK LOAN (10% OF THE POOL)

The loan was initially secured by 58 properties, and 57
properties have now been sold.  Only one retail property remains
for which a sale has been notarized.

Of the outstanding EUR60.2 million senior loan, only EUR30.1
million (50%) is securitized in this transaction.  The remaining
EUR30.1 million (50%), which is not part of this securitization,
ranks pari passu with the portion included in this transaction.

In April 2014, the servicer reported a senior loan ICR of 0.12x
and a senior loan LTV ratio of 3856.7%, based on an October 2010
valuation of EUR1.6 million.  This reported LTV reflects
principal losses that have not yet been applied for the 57
properties that have been sold.

S&P has assumed principal losses in its expected-case scenario.

OTHER LOANS (8% OF THE POOL)

Mansford Edeka and Faktor are the two remaining loans in the
portfolio.  Both are in special servicing.  S&P has assumed
principal losses in its expected-case scenario for each of these
loans.

INTEREST SHORTFALLS

As the April 2014 cash manager report indicated, the class B, C,
D, E, F, and G notes did not receive their full interest coupon.

"In our view, the cash flow disruption with respect to the class
B, C, D, and E notes are the consequence of loan repayments
(including a large repayment of EUR471.9 million in October
2013). The interest collection from the remaining loans is now
not sufficient to cover the interest due under the notes.  These
classes are covered against cash flow disruptions resulting from
loan repayments by a weighted-average coupon (WAC) and an
available funds cap (AFC).  These qualifications limit interest
payments to the weighted-average loan margin and the interest
available from the remaining loans," S&P said.

The interest shortfalls therefore do not represent a failure to
pay interest on a timely basis and do not cause S&P to lower its
ratings on the notes to 'D'.

S&P has rated the class F and G notes 'D (sf)' since Sept. 2012
and May 2011.

RATING RATIONALE

S&P's ratings in DECO 17 - Pan Europe 7 address the timely
payment of interest, payable quarterly in arrears, and payment of
principal not later than the legal final maturity date in July
2020.

Following the repayment of five loans since the October 2013 IPD,
the available credit enhancement for the class A2 notes has
increased.

S&P's rating on the class A2 notes is constrained at 'A (sf)' for
counterparty reasons.  S&P's current counterparty criteria
constrain its rating on the class A2 notes at its long-term
issuer credit rating on Deutsche Bank AG (A/Negative/A-1), the
transaction's bank account provider, as the replacement framework
in the account bank agreement does not comply with S&P's current
counterparty criteria.  S&P has raised to 'A (sf)' from 'BBB+
(sf)' its rating on the class A2 notes.

The available credit enhancement for the class B notes is
sufficient to address S&P's principal loss expectations under a
'BB+' rating level scenario.  Therefore, S&P has affirmed its
'BB+ (sf)' rating on the class B notes.  In S&P's analysis, it
has taken into account the position of this tranche relative to
the expected principal losses associated with the underlying loan
pool.

For the remainder of the notes, S&P's analysis indicates that the
available credit enhancement is no longer sufficient to address
S&P's principal loss expectations under their respective rating
level scenarios.  S&P has therefore lowered its ratings on the
class C, D, and E notes.

S&P has affirmed its 'D (sf)' ratings on the class F and G notes
because they are highly vulnerable to principal losses and have
experienced continued interest shortfalls not resulting from loan
repayments, in our opinion.

RATINGS LIST

DECO 17-Pan Europe 7 Ltd.
EUR1.249 bil commercial mortgage-backed floating-rate notes

                               Rating          Rating
Class       Identifier         To              From
A2          XS0337051824       A (sf)          BBB+ (sf)
B           XS0337052046       BB+ (sf)        BB+ (sf)
C           XS0337052129       B- (sf)         B (sf)
D           US24358VAH24       CCC (sf)        B- (sf)
E           XS0337053796       CCC- (sf)       B- (sf)
F           XS0337054414       D (sf)          D (sf)
G           XS0337055221       D (sf)          D (sf)


STYROLUTION GROUP: Moody's Cuts Corporate Family Rating to 'B2'
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) of Styrolution Group GmbH to B2 from B1, the
probability of default rating (PDR) to B2-PD from B1-PD and the
instrument rating on the EUR480 million of senior secured
guaranteed notes due 2016 to B2 from B1. Concurrently, Moody's
has assigned a provisional (P)B2 rating to the proposed EUR1.6
billion equivalent term loan with Styrolution and a subsidiary,
Styrolution US Holding LLC, as borrowers. The outlook on all
ratings is stable.

Moody's expects that Styrolution will use the proceeds of the
proposed new term loan in combination with EUR124 million of cash
on the balance sheet to (1) redeem the outstanding secured notes
maturing in 2016 (now rated B2); (2) on-lend to Ineos Styrolution
Holding GmbH to fund its EUR1.1 billion purchase of BASF (SE)'s
(A1 stable) 50% stake in Styrolution Holding GmbH, an
intermediate parent company of Styrolution; (3) pay a EUR100
million dividend to Ineos Industries (unrated); and (4) pay fees
and expenses. The company has issued a conditional redemption
notice for the outstanding notes maturing in 2016. If its
refinancing condition is met the notes will be redeemed at a
price of 102.859% on 5 August this year.

Ineos' acquisition is subject to approval by the appropriate
antitrust authorities and the company expects it to close in the
fourth quarter 2014. Proceeds of the term loan will be held in
escrow until Ineos' acquisition is completed, with EUR480 million
to be released to repay the existing secured notes in August.

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

Ratings Rationale

The downgrade follows the company's announcement that it will
raise EUR1.6 billion in debt and use EUR100 million in cash to
fund Ineos' EUR1.1 billion purchase of BASF's 50% stake in
Styrolution and pay it a EUR100 million dividend, leading to
significantly higher leverage and weaker cash flow generation
going forward. Pro forma for the new capital structure, after the
assumed refinancing of the secured notes, Moody's adjusted gross
leverage was approximately 5.0x as of Q1 2014.

Styrolution's B2 CFR reflects the (1) company's weak Moody's
adjusted EBITDA margins and high leverage of approximately 7.0%
and 5.0x respectively, pro forma the refinancing, with Moody's
not expecting leverage to fall until 2015; (2) challenging and
competitive trading environment in Europe and in the Asian
polystyrene and ABS markets; (3) exposure to feedstock price
volatility; (4) lack of product diversification; and (5)
heightened substitution threat for its polystyrene and ABS
products.

However, Styrolution benefits from a (1) leading global market
share position in the styrenics market based on capacity,
combined with a global operational footprint; (2) cost leadership
position with a portfolio of first- and second-quartile rated
production plants in several markets, further supported by the
cost reductions associated with their restructuring program; (3)
diversified end-market exposure across packaging, household,
automotive, construction and electronics applications; and (4)
certainty of supply of key raw materials, in large part as a
result of supply agreements with its shareholders.

Moody's assumes a group recovery of 50%, resulting in a PDR of
B2-PD, in line with the CFR, as is typical for covenant light
structures. The provisional (P)B2 rating on the new secured term
loan, in line with the CFR, reflects that it will be secured by
substantially the same security as the existing secured notes and
the absence of any unsecured financial debt. It will also be
guaranteed by material operating subsidiaries representing
approximately 95% of 2013 EBITDA. It will have standard
incurrence covenants including those on restricted payments, debt
incurrence and liens but no financial covenants. The term loan
will also have a cash sweep that is subject to ratchets based on
certain reductions in leverage being achieved.

Moody's views Styrolution's liquidity over the next 12-18 months
as good. As of June 30, 2014, pro forma for the refinancing, it
had EUR212 million cash and EUR109 million available under a
EUR500 million securitization facility that matures in 2016.
Moody's expects positive free cash flow over the next 12 months
despite the increased interest burden from EUR1.1 billion in
additional debt and there are no significant debt maturities,
absent drawings on the securitization facility, until the 2021
maturity of the term loan. However, the company is prone to large
intra-year working capital swings, which are predominantly a
function of feedstock prices and in this regard availability of
benzene continues to be tight.

Rating Outlook

The stable outlook reflects Moody's view that Styrolution will
continue to operate at satisfactory margin levels, reduce
leverage going forward and maintain an adequate liquidity
position.

What Could Change The Rating -- Up

Positive pressure on the rating could materialize if Styrolution
were to (1) sustainably achieve a Moody's-adjusted EBITDA margin
of around 7%; (2) generate a sustained positive FCF/debt ratio of
around 8%; (3) improve its liquidity profile through increased
cash balances; and (4) improve its leverage profile such that its
Moody's-adjusted debt/EBITDA ratio is solidly below 4.0x.

What Could Change The Rating -- Down

Conversely, negative pressure on the ratings would emerge if
Styrolution's liquidity profile and credit metrics deteriorate as
a result of a weakening of its operational performance.
Quantitatively, Moody's would also consider downgrading
Styrolution if (1) the company's Moody's-adjusted EBITDA margin
falls sustainably below 5%; (2) its Moody's-adjusted FCF turns
negative over the next 12 months; (3) the company experiences a
significant decrease in cash balances; or (4) its debt/EBITDA
ratio is above 5.0x for an extended period of time.

Principal Methodology

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

Styrolution Group GmbH, based in Frankfurt, Germany, is a leading
global styrenics supplier (based on revenues), especially in
Europe and North America. Styrolution is focused on the
production and sale of polystyrene, acrylonitrile butadiene
styrene (ABS), styrene monomer, and other styrenic specialities.
The group is a joint venture between BASF (SE) and Ineos
Industries. The joint venture became fully operational as a new
independent company on 1 October 2011 and, in June 2014, Ineos
signed an agreement to purchase BASF's stake. For financial year-
end December 2013, Styrolution's revenues and Moody's-adjusted
EBITDA were EUR5.8 billion and EUR404 million respectively.


STYROLUTION GROUP: S&P Maintains 'B+' CCR on Watch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services said it has maintained on
CreditWatch with negative implications its ratings on Germany-
based chemical producer Styrolution Group GmbH (Styrolution),
including its 'B+' long-term corporate credit rating and 'B+'
issue rating on the company's senior secured notes.

At the same time, S&P assigned a 'B' issue rating and '4'
recovery rating to the proposed EUR1.6 billion equivalent seven-
year senior secured term loan.  Styrolution expects to use the
proceeds, which are to be put into an escrow account until the
regulatory approval is received, to fund the planned acquisition.

The CreditWatch placement reflects that S&P expects to lower the
corporate credit rating to 'B' once the transaction receives
regulatory approval and the company attracts the funding.  This
is because of substantially higher leverage post-transaction with
4.6x adjusted debt to EBITDA at year-end 2014, up from S&P's
previous forecast of 2.0x. Styrolution will raise a EUR1.6
billion equivalent term loan to settle the EUR1.1 billion
purchase price INEOS agreed to pay to acquire BASF's 50% stake in
Styrolution, repay the outstanding EUR480 million senior secured
notes, and pay for fees of the transaction.  At the same time, it
will use EUR100 million of its EUR336 million cash balance to pay
a dividend to its new sole shareholder INEOS.

The transaction, still subject to regulatory approval expected in
fourth-quarter 2014, will leave Styrolution with about EUR1.9
billion gross adjusted debt and S&P's unchanged EBITDA forecast
of EUR430 million for 2014.  S&P estimates that higher interest
expenses due to materially higher gross debt will lower the ratio
of adjusted funds from operations (FFO) to debt to about 16% at
year-end 2014, down from S&P's previous forecast of over 30% and
despite the company's substantially lowered guidance for future
capital expenditures and currently supportive industry
conditions. S&P also takes into account anticipated earnings
volatility, which can push the leverage further up in case of a
downturn.

S&P's assessment of Styrolution's business risk profile is
unchanged at "weak," reflecting the commodity nature of
Styrolution's products and the limited product diversification as
a pure play styrenics producer.  These characteristics can result
in high cyclicality of earnings and cash flows during periods of
lower demand in the company's more cyclical end markets.  Other
negative factors include raw material price volatility, below-
average profitability, and substitution risk (for example for
polystyrene).

Supportive business factors include, in S&P's view, Styrolution's
large scale, and integrated and cost-competitive asset base, with
75% of its production assets positioned in the first and second
quartile of the industry cost curve.  In addition, management's
track record of realizing more than EUR200 million of cost
savings since the initiation of its joint venture, the company's
good degree of geographic and end-market diversity in its sales,
and a global customer base support the ratings.  S&P also views
positively the company's strategic focus on higher margin
products and higher-growth regions and end markets.

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

   -- Flat sales in 2014 and a low-single-digit increase in 2015.

   -- EBITDA margins constant at about 7%, reflecting the
      achieved cost and efficiency synergies.

   -- Capital expenditures of roughly EUR130 million in 2014 and
      EUR150 million in 2015.

Based on these assumptions, S&P arrives at the following credit
measures pro forma for the transaction:

   -- About 4.6x adjusted debt to EBITDA at year-end 2014 and
      4.2x in 2015.

S&P aims to resolve the CreditWatch upon the company's successful
placement of the EUR1.6 billion equivalent term loan and
regulatory approval of the transaction, which is expected in the
fourth quarter of 2014.  The company will put the proceeds of the
term loan into escrow in the meantime.

S&P expects to lower the rating on Styrolution to 'B' on
completion of the refinancing and regulatory approval to reflect
materially weaker post-transaction credit metrics, including FFO
to debt of about 16% and adjusted gross debt to EBITDA of about
4.6x.



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


KAPUVARI HUS: Liquidator Cancels Contract with Saudi Investors
--------------------------------------------------------------
MTI-Econews reports that National Reorganization Nonprofit
Managing Director Csaba Kovacs on Thursday said the state-owned
liquidator has cancelled the contract it signed with Saudi
Arabian investors in May to sell the assets of troubled meat
companies Kapuvari Hus and Kapuvari Bacon after the investors
failed to meet the payment deadline.

According to MTI, Mr. Kovacs said that the investors had
neglected to pay the amount stipulated in the contract before the
expiration of the 40-day deadline and 8-day grace period.

Mr. Kovacs did not identify the price the investors offered to
pay for the companies, though said it was more than half the
asking price of HUF1.1 billion, MTI notes.

The regional newspaper Kisalfold reported on Thursday that the
investors had offered HUF650 million for the assets of Kapuvari
Hus and Kapuvari Bacon, MTI relates.

Mr. Kovacs told MTI that National Reorganization Nonprofit would
issue a seventh tender as soon as possible for the assets
Kapuvari Hus and Kapuvari Bacon, which have been under
liquidation since autumn 2012.


MAL: State Liquidator Puts Assets Up for Sale for HUF17 Billion
---------------------------------------------------------------
MTI-Econews reports that the state liquidator for MAL has offered
for sale the assets of company for HUF17 billion (EUR55 million).

Ten people died as the result of a red-sludge spill from a
reservoir at the MAL plant in Ajka, in west Hungary, in October
2010, MTI relates.  MAL was fined HUF135 billion in 2011 for
environmental damage resulting from the spill, MTI discloses.

A court placed MAL under liquidation in February 2013, MTI
recounts.

The Hungarian National Asset Management Company established a
company called Nemzeti-MAL-A Aluminiumtermelo in April 2014 to
take over the assets of MAL, MTI relays.

MAL is a Hungarian aluminum-oxide maker.



=============
I R E L A N D
=============


GRAMERCY PARK: S&P Withdraws 'BB' Rating on Class D Notes
---------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on the
class A-1, A-2, B, C, and D notes from Gramercy Park CLO Ltd., a
collateralized loan obligation (CLO) transaction managed by
GSO/Blackstone Debt Funds Management, after the notes were
redeemed in full.  At the same time, S&P assigned its ratings on
the replacement class A-1-R, A-2-R, B-R, C-R, and D-R notes.

The replacement notes were issued via a supplemental indenture.
All of the proceeds from the replacement notes were used to
redeem the original notes as outlined by provisions in the
transaction documents.

The supplemental indenture includes provisions focused on the
Volcker Rule that make non-loan collateral ineligible.  The
supplemental indenture also increases the maximum covenant-lite
loan limitation to 50% from 30%.

S&P's full cash flow analysis resulted in positive cushions at
the effective date rating for the refinanced notes.

Table 1

Current date after refinancing
Class      Amount   Interest            BDR      SDR  Cushion
         (mil. $)   rate(%)             (%)      (%)      (%)
A-1-R      327.50   LIBOR plus 1.30   65.10    60.58     4.52
A-2-R       33.70   LIBOR plus 1.90   66.86    52.61    14.25
B-R         42.50   LIBOR plus 2.95   55.64    46.54     9.09
C-R         24.25   LIBOR plus 4.05   49.67    40.62     9.05
D-R         27.50   LIBOR plus 5.50   39.26    33.75     5.51

Table 2

Effective date
Class      Amount   Interest            BDR      SDR  Cushion
         (mil. $)   rate(%)             (%)      (%)      (%)
A-1        327.50   LIBOR plus 1.45   70.36    65.13     5.23
A-2         33.70   LIBOR plus 2.25   73.31    57.38    15.93
B           42.50   LIBOR plus 3.50   62.35    51.29    11.05
C           24.25   LIBOR plus 4.50   57.78    44.99    12.79
D           27.50   LIBOR plus 5.50   51.40    37.82    13.59

BDR-Break-even default rate.
SDR-Scenario default rate.

The supplemental indenture did not make any other substantive
changes to the transaction.

RATINGS WITHDRAWN

Gramercy Park CLO Ltd.

Original notes
                       Rating
Class              To           From
A-1                NR           AAA (sf)
A-2                NR           AA (sf)
B                  NR           A (sf)
C                  NR           BBB (sf)
D                  NR           BB (sf)

RATINGS ASSIGNED

Replacement notes
Class              Rating
A-1-R              AAA (sf)
A-2-R              AA (sf)
B-R                A (sf)
C-R                BBB (sf)
D-R                BB (sf)

TRANSACTION INFORMATION

Issuer:               Gramercy Park CLO Ltd.
Co-issuer:            Gramercy Park CLO Corp.
Collateral manager:   GSO/Blackstone Debt Funds Management
Refinancing arranger: Credit Suisse
Trustee:              Citibank N.A.
Transaction type:     Cash flow CLO


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


GTECH SPA: Moody's Reviews 'Ba2' Rating on Eurobonds Over Merger
----------------------------------------------------------------
Moody's Investors Service placed all the ratings of GTECH s.p.a.
("GTECH") and International Game Technology ("IGT") on review for
downgrade in response to the announcement that the two companies
signed a definitive merger agreement valued at US$6.4 billion.
Comprised of US$4.7 billion in cash and stock and the assumption
of US$1.7 billion in net debt of IGT by GTECH. The combined
entity ("NewCo") will have over US$6 billion in revenues and over
US$2 billion in EBITDA based on the last twelve trailing months
as of March 31, 2014.

GTECH ratings on review for downgrade:

Corporate Family Rating -- Baa3

$1,019mm Gtd. Euronotes due 2016 -- Baa3

$679mm Gtd. Senior notes due 2018 -- Baa3

$679mm Gtd. Euronotes due 2020 -- Baa3

$1,019mm Fixed/Flat rate Eurobonds due 2066 -- Ba2

IGT ratings on review for downgrade:

Shelf due 2015 -- (P)Baa2

$500mm senior global notes due 2019 -- Baa2

$300mm senior global notes due 2020 -- Baa2

$500mm senior global notes due 2023 -- Baa2

The decision to place GTECH and IGT on review for downgrade
considers that NewCo's 5.0 times pro forma debt/EBITDA (excluding
synergies) is a level that Moody's would typically consider high
for a low investment grade rating. In addition, the exact capital
structure that will be used to finance the merger has not yet
been determined," stated Keith Foley, a Senior Vice President at
Moody's.

Moody's review will focus on: (1) the permanent financing that
will ultimately be put in place to support the merger; (2)
NewCo's plan and ability to reduce debt over time; (3) the
company's financial policy with respect to dividends and share
repurchases; and (4) the analysis of synergies, both in terms of
revenue and expenses.

"The possibility exists that any downgrade could be more than one
notch and cause GTECH and IGT to lose their investment grade
status, as well as prevent NewCo from obtaining investment grade
status," added Mr. Foley.

Under the terms of the transaction, GTECH will acquire IGT
through the creation of a newly formed holding company organized
in the United Kingdom. IGT shareholders will receive an aggregate
value of $18.25 per IGT share in a combination of $13.69 in cash
plus 0.1819 ordinary shares of NewCo for each share of IGT common
stock. GTECH shareholders will exchange each of their existing
GTECH shares for one newly issued NewCo share.

The transaction has been unanimously approved by the boards of
directors of both companies and is expected to close in the first
or second quarter of 2015. NewCo will apply for listing solely on
the New York Stock Exchange. IGT's shares will cease trading on
the NYSE and GTECH's shares will cease trading on the Borsa
Italiana. It is expected that NewCo will continue under the name
GTECH plc.

GTECH is a global operator and supplier of online lottery
systems, is the sole concessionaire of the world's largest
lottery in Italy, and has a growing presence in instant ticket
printing, sports betting, and machine gaming. GTECH reported
revenues of approximately EUR3.1 billion for the 12-month period
ended March 31, 2014.

The principal methodology used in this rating was the Global
Gaming Industry published in June 2014. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

IGT (NYSE: IGT) specializes in the design, development,
manufacture, and marketing of casino games, gaming equipment and
systems technology for land-based and online social gaming and
wagering markets. Annual revenues for the 12-month period ended
March 31, 2014 were US$2.3 billion.



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


4FINANCE HOLDING: Moody's Assigns 'B3' CFR; Outlook Negative
------------------------------------------------------------
Moody's Investors Service assigned a first-time B3 Corporate
Family Rating CFR) and local and foreign-currency B3 long-term
issuer ratings to 4finance Holding S.A., an online single and
instalment loan provider, headquartered in Latvia. The outlook on
the ratings is negative.

Ratings Rationale

The B3 CFR reflects the high-risk nature of online single and
installment loans. 4Finance is making mainly short-term high
interest rate loans to customers with limited access to bank
lending, resulting in relatively high levels of problem loans
(defined as over 90 days overdue). As at year end-2013 total non-
performing loans amounted to EUR69 million, or 31% of gross loans
on the balance sheet. Moody's note, however, that the average
maturity of the loans is 30 days and the company is retaining
problem loans on the balance sheet for up to two years. As such,
the current problem loans figure does not represent the
underwriting standard of the company because performing loans
that have been repaid are no longer on the company's balance
sheet due to their short maturity.

The rating also considers 4finance's track record of pricing the
risk, and diversifying in a wide range of countries, which has
translated into consistent positive profitability. The B3 CFR
rating also captures the evolving regulatory environment.
4finance's geographical spread subjects the company to a variety
of regulators; the company could for example be negatively
impacted by APR caps because its interest rates are very high
compared to banks. 4finance is also subject to other regulatory
requirements affecting its operations including debt collection
practices and customer solvency checks. That said, Moody's is
unaware of currently pending regulation that could have a
materially negative impact on 4finance's financial performance.
The long-term B3 issuer rating is aligned with the B3 CFR.

Outlook

Moody's outlook on 4finance is negative as a result of risks
associated with its rapid growth of loan portfolio mainly in
existing countries. The company's balance sheet grew to EUR 225
million at year end-2013 from EUR 123 million a year earlier.
Moody's understands that the company intends to continue to grow
its balance sheet significantly at least during the next two
years. It intends to fund the growth of loan portfolios by
increasing the volume of outstanding debt, although the company's
leverage is expected to remain commensurate with the rating as
the company's equity continues to grow. At the same time, Moody's
acknowledge that as a result of extending a large number of
loans, the company captures loan performance data which is
valuable for calibrating lending scorecards and thus managing
future profitability.

What could change the rating up/down?

An upgrade is currently unlikely given the negative outlook. Over
time, upward pressure on ratings could result from stabilization
of the company's performance metrics, including with regards to
profitability and asset quality.

A downgrade would likely follow (1) indications that the group's
expansion is resulting in increased risk profile (both credit
and/or operational) (2) a deterioration in financial metrics,
particularly related to asset quality, and/or; (3) a material
deterioration in the regulatory / legislative environment in one
or more of 4Finance's key markets.

4finance is a provider of online single and instalment loans
reporting total assets of EUR 225 million at year end-2013. The
company is headquartered in Latvia and operates in 12 countries;
mainly Latvia, Lithuania, Finland, Sweden and Poland.

The principal methodology used in this rating was Finance Company
Global Rating Methodology published in March 2012.


4FINANCE HOLDING: S&P Assigns 'B' LT Counterparty Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B' long-term counterparty credit rating to 4finance Holding
SARL, a nonbank consumer finance lender incorporated in
Luxembourg.  The outlook is stable.

S&P's rating on 4finance reflects the company's high exposure to
regulatory and operational risks, short operating history, and
concentrated business model.  The company's strong earnings track
record relative to peers', flexible and scalable business model,
and strong quality of capital partly offset these weaknesses.
The rating also incorporates S&P's expectation that 4finance will
continue to expand into new markets and show rapid balance-sheet
growth.

4finance is a non-operating holding company.  S&P bases the
rating on its view of the creditworthiness of the consolidated
group, whose group credit profile (GCP) S&P assess at 'b'.  S&P
do not believe there are any material barriers to cash movement
from the operating companies to 4finance.  Therefore, the rating
on the holding company is at the same level as the GCP.

4finance was founded in 2008 in Latvia as a nonbank consumer
finance company that focused on granting short-term unsecured
loans.  All its lending is via the Internet, which enabled it to
expand quickly into Lithuania, Finland, and Sweden by the end of
2010.  4finance now operates in 12 countries across Europe, and
S&P expects its footprint will continue to expand.  The company's
small size and its short-term lending operations allow it to turn
over its balance sheet many times each year and quickly increase
its customer base.  Although operating for just six years, by the
end of first-quarter 2014, the company had 2.7 million registered
customers, reviewed more than nine million loan applications, and
granted 4.7 million loans.

The company relies on its substantial database of customer
borrowing history, augmented by external resources to aid
customer identification, credit scoring, and lending decisions.
It offers single-payment and installment loans with an average
loan size of EUR325.  The company focuses on customer service,
with service teams speaking local languages in all 12 countries
in which it operates, to mitigate credit risk through early and
active debt collection.  Its efforts at managing credit risk have
resulted in loan losses that compare well with consumer finance
peers', at roughly 5% to 8% of funds lent after two years.

4finance is exposed to significant operational and consumer-
protection-related regulatory risks, in S&P's view.  The
operational risks arise from the entirely online platform, which
the company seeks to mitigate through regional support teams and
backups to its information technology systems.  It also relies on
external debt collectors and legal proceedings for long-overdue
loans.

The company is an early mover in many countries in which it
operates, which gives it the ability to actively participate in
the development of the regulatory framework.  Still, it operates
in countries with various approaches to regulating the nonbank
consumer lending industry, and could face adverse regulatory
developments that might hamper its operations.  S&P expects that
regulators will increasingly focus on rules that strengthen
consumer finance protection.  Regulation on marketing
restrictions, interest rate caps, and borrowers' ability to repay
could force the company to rethink its market strategy in light
of potential profitability challenges in the future.

The company's revenue is fueled by lending at high interest
rates, and its earnings are supported by low credit losses and a
flexible cost base.  Marketing is the largest expense, and
impairment losses are rising but still small, so the company has
been able to post very strong earnings compared with peers',
which it has retained to support its rapid growth. 4finance's
leverage is currently lower than peers', but S&P expects that it
will increase as the balance sheet expands.  Nevertheless, S&P
also assumes that the company will remain well capitalized, with
a satisfactory base of tangible equity (unlike many peers that
have negative tangible equity) to offset some of its business
risks.

Currently, the firm's debt-to-EBITDA ratio is below 2x.  S&P
expects this to rise as its balance sheet expands, but that the
ratio will likely also decline as the company retains earnings.
Still, S&P do not believe the ratio will stay sustainably below
2.5x.  S&P also forecasts the company's EBITDA interest coverage
ratio, currently higher than 4x, to decrease as interest costs
rise alongside the expanding balance sheet.  This ratio should
also improve as earnings increase, but, in S&P's view, the
company's financial flexibility is relatively limited due to its
private-ownership structure.  S&P believes 4finance's owners
would contribute capital as needed to support growth, but could
demand dividends in the future.

The company takes little interest rate risk because it generally
funds its operations using long-term debt and equity capital.  It
currently has $170 million of long-term debt, which matures in
January 2015.  S&P expects that 4finance's leverage will increase
over time, but that the added lending capacity that comes with an
expanding balance sheet will boost earnings and lower net funding
costs.  S&P also assumes the company will retain the majority of
those earnings.

The stable outlook reflects S&P's expectation that 4finance will
maintain its relatively strong capital and profitability while
executing its growth plan.  S&P also assumes that the company
will continue to enhance its corporate governance and internal
control functions as it expands.  Credit losses will likely
increase as the loan portfolio expands, but not materially from
current levels.  S&P thinks future regulatory developments in
several countries will likely constrain the company's ability to
expand and increase profitability as rapidly as in the past, and
lead to changes in the business model.

S&P could take a negative rating action if it saw material
deterioration in asset quality, as indicated by portfolio loss
rates rising consistently above 10% or the interest coverage
ratio falling below 2x.  S&P could also lower the rating if it
saw regulatory changes that limit 4finance's ability to operate
with its current business model across its markets.

S&P could raise the rating if it saw evidence that the company
had successfully expanded its footprint while diversifying its
product offerings, complying with regulations, and maintaining
strong capital and earnings relative to peers'.


DELTA DEBTCO: Moody's Puts 'B2' CFR Under Review for Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed Delta Debtco Limited's (F1)
corporate family rating (CFR) of B2, probability of default
rating (PDR) of B2-PD, and Delta 2 (Lux) S.a.r.l.'s B1 instrument
rating for the senior secured bank facilities under review for
downgrade.

Concurrently, Moody's has assigned a (P)B2 to the company's new
senior secured facilities and (P)Caa2 to the new second lien
facility, borrowed at Delta 2 (Lux) S.a.r.l., which will be used
to refinance existing debt and to fund a distribution to
shareholders.

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

Ratings Rationale

The review for downgrade follows the company's intention to raise
USD 1 billion of additional term loan B to fund a distribution to
shareholders. Moody's views this as an aggressive distribution
step, which is likely to raise leverage levels on a Moody's
adjusted basis towards 9x for 2014 if executed as envisioned, and
could result in the CFR and PDR being downgraded by one notch.

In addition to raising an incremental USD 1 billion TLB, the
company intends to amend various TLB covenants, including the
extension of the maturity date to 2021, the replacement of
maintenance covenants by a springing maintenance covenant (when
the RCF is 40% drawn) and the introduction of a portability
clause. The company also plans to refinance its private high
yield debt with a new USD 1 billion second-lien facility. Moody's
has assigned a (P)B2 to the incremental TLB and a (P)Caa2 to the
new second lien facility, assuming that the CFR will be
downgraded to B3 upon completion.

The current B2 CFR reflects the company's already high leverage
and also considers: (1) the company's asset-light business model
that relies on the continuation of current contractual
relationships; (2) its dependence on a relatively small number of
revenue generating events; (3) the need for F1 to innovate and
adapt the franchise to keep and enhance its appeal to its fan
base; (4) ongoing uncertainty about F1's future leadership
following the recent indictment of Bernie Ecclestone, the group's
CEO, in Germany (in a personal capacity) and (5) the F1 group's
complex corporate structure. Moody's also notes a fall in
viewership numbers in 2013 and a potentially more challenging
environment to generate advertising sales growth as long as the
Ecclestone case continues.

More positively, the current B2 CFR recognizes the strength of
F1's position as one of the world's best-known sport franchises
and leading motorsport event with a well-established tradition
and large global fan base. The rating also acknowledges: (1)
Formula One's consistent operational track record and solid
financial performance over the last few years; (2) a good level
of revenue visibility from multi-year contracts with key
commercial partners, including promoters and broadcasters; and
(3) the cash generative nature of the business with limited
ongoing capital expenditure needs.

Prior to the review process, Moody's commented that ratings could
come under negative pressure if: (1) leverage measured by Debt /
EBITDA (as adjusted by Moody's) exceeds 7x; (2) the company
generates negative free cash flow; (3) Moody's assumptions
regarding capital structure and the use of financial statements
prove to be incorrect; or (4) there are signs that the company
loses operating momentum on a sustained basis e.g. losses of
major broadcasting contracts or material disruptions to the race
schedule.

Delta Debtco Limited and Delta 2 (Lux) S.a.r.l.'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 Delta Debtco Limited and Delta 2 (Lux)
S.a.r.l.'s core industry and believes Delta Debtco Limited and
Delta 2 (Lux) S.a.r.l.'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.

Delta Debtco Limited is a Jersey-based company which - through
Alpha Topco Limited (Alpha Topco) - is the holding company for
the group of companies that exploit the commercial rights to the
FIA Formula One World Championship. In 2013, the companies held
by Delta Debtco Limited generated revenues of US$ 1.6 billion.
Delta Debtco Limited is - through Delta Topco Limited ("Delta
Topco") - owned by a group of private investors with voting
control held by funds advised by CVC Capital Partners Limited
(CVC). It derives its revenues mainly from promoters,
broadcasters and advertisers/sponsors.


ESPIRITO SANTO: Files for Creditor Protection After Debt Default
----------------------------------------------------------------
Peter Wise at The Financial Times reports that Espirito Santo
International, the parent company of the Portugal's troubled
Espirito Santo group, the main shareholder of Banco Espirito
Santo, has applied for protection from its creditors, saying it
cannot meet its debt obligations.

According to the FT, in a statement on Friday night, Luxembourg-
based Espirito Santo International said it had applied to be
placed under controlled management to prevent a fire sale of
assets by Portugal's most celebrated business dynasty.

ESI said a "material portion" of its debt had already matured and
it was "currently not able to meet its obligations" to creditors,
the FT relates.

The company, as cited by the FT, said that its application under
Luxembourg law for a "controlled management regime" was "in the
best interests of its creditors" and would result in "a
transparent and orderly disposal process under the control of the
courts".

The statement said that court-appointed officers would enable the
value of the group's assets "to be enhanced as opposed to a
massive and fast sale", the FT notes.

ESI, the parent company for the Espirito Santo group's holdings,
owns 100% of Rioforte, which fully owns Espirito Santo Irmaos, a
company that in turn holds 49% of Espirito Santo Financial Group.
ESFG owns 20.1% of BES, Portugal's largest listed bank by assets.

Portugal Telecom said on July 16 that Rioforte had failed to meet
a EUR847 million commercial paper repayment that matured on
July 15, the FT relays.

Earlier on Friday, Portugal's central bank governor said
international banks and investment funds may be prepared to
strengthen BES's capital to defend the bank against potential
losses arising from its exposure to the Espirito Santo group, the
FT recounts.

According to the FT, BES has said its exposure to the Espirito
Santo group totals EUR1.18 billion and does not compromise its
"compliance with regulatory capital requirements".

Espirito Santo International S.A., through its subsidiaries,
provides services which include corporate and retail banking,
insurance, investment banking, brokerage, asset management, and
also operates in the agriculture, hotel, and real estate
industry.  The company was formerly known as Espirito Santo
International Holding S.A. and changed its name to Espirito Santo
International S.A. in August 2003.  The company was incorporated
in 1975 and is based in Luxembourg.



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


HALCYON SAM: Moody's Affirms 'B2' Rating on Class E Notes
---------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Halcyon SAM European CLO II B.V.:

EUR106,000,000 (currently EUR 84.7M outstanding) Class A-1
Senior Secured Floating Rate Notes due 2023, Upgraded to Aaa
(sf); previously on Sep 12, 2011 Upgraded to Aa1 (sf)

EUR80,000,000 (currently EUR 63.9M outstanding) Class A-1D
Senior Secured Floating Rate Delayed Funding Notes due 2023,
Upgraded to Aaa (sf); previously on Sep 12, 2011 Upgraded to Aa1
(sf)

EUR80,000,000 (currently EUR 51.6M outstanding) Class A-1R
Senior Secured Revolving Floating Rate Notes due 2023, Upgraded
to Aaa (sf); previously on Sep 12, 2011 Upgraded to Aa1 (sf)

EUR34,300,000 Class B Senior Secured Floating Rate Notes due
2023, Upgraded to Aa1 (sf); previously on Sep 12, 2011 Upgraded
to A2 (sf)

EUR27,100,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2023, Upgraded to A3 (sf); previously on Sep 12, 2011
Upgraded to Baa3 (sf)

EUR21,800,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2023, Affirmed Ba2 (sf); previously on Sep 12, 2011
Upgraded to Ba2 (sf)

EUR12,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2023, Affirmed B2 (sf); previously on Sep 12, 2011
Upgraded to B2 (sf)

Halcyon Structured Asset Management European CLO 2006-II B.V.,
issued in January 2007, is a Collateralised Loan Obligation
("CLO") backed by a portfolio of mostly high yield European
loans. The portfolio is managed by Halcyon Asset Management L.P.
The transaction's reinvestment period ended in January 2013.

Ratings Rationale

The upgrades of the notes result from (i) the deleveraging of the
Class A-1 notes and the subsequent increase in the
overcollateralization rations ("OC ratios") of the rated notes,
and (ii) the benefit of modelling actual credit metrics following
expiry of the reinvestment period. Class A-1, A-1D and A-1R have
paid down by EUR31.8M (11.95% of its closing balance) on the
payment date in January 2014. Moody's also notes that there is a
significant balance of cash to be paid at the next payment date
at the end of the month.

As a result of the deleveraging, over-collateralization of the
senior notes has increased. As of the trustee's May 2014 report,
the Class A&B had an over-collateralization ratio of 135%,
compared with 132% 12 months ago.

In consideration of the reinvestment restrictions applicable
during the amortization period, and therefore the limited ability
to effect significant changes to the current collateral pool,
Moody's analyzed the deal assuming a higher likelihood that the
collateral pool characteristics will continue to maintain a
positive buffer relative to certain covenant requirements. In
particular, the deal is assumed to benefit from a shorter
amortization profile and a considerably higher spread levels
compared to the levels assumed prior to the end of the
reinvestment period.

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 EUR256 million
and GBP36.4 million , defaulted par of EUR13.8 million, a
weighted average default probability of 21.05% (consistent with a
WARF of 3250 and a weighted average life of 3.61 years), a
weighted average recovery rate upon default of 48.10% for a Aaa
liability target rating, a diversity score of 28 and a weighted
average spread of 4.47%. The GBP-denominated liabilities are
naturally hedged by the GBP assets.

In its base case, Moody's addresses the exposure to obligors
domiciled in countries with local currency country risk bond
ceilings (LCCs) of A1 or lower. Given that the portfolio has
exposures to 17.90% of obligors in Italy and Spain, whose LCC are
A2 (Italy) and A1 (Spain), Moody's ran the model with different
par amounts depending on the target rating of each class of
notes, in accordance with Section 4.2.11 and Appendix 14 of the
methodology. The portfolio haircuts are a function of the
exposure to peripheral countries and the target ratings of the
rated notes, and amount to 3.16% for the Class A-1, A-1D and A-1R
notes, 1.98% for the Class B notes, 0.79% for the Class C notes.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed a recovery of 50% of the 95.17% of the portfolio
exposed to first-lien senior secured corporate assets upon
default and of 15% of the remaining non-first-lien loan corporate
assets upon default. In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.

Methodology Underlying the Rating Action:

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

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed lower credit quality in the portfolio to
address refinancing risk. Loans to European corporates rated B3
or lower and maturing between 2014 and 2015 make up approximately
1.92% of the portfolio, which could make refinancing difficult.
Moody's ran a model in which it raised the base case WARF to 3350
by forcing ratings on 50% of the refinancing exposures to Ca; the
model generated outputs that were in line with 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 especially as 17.90% of the portfolio is exposed
to obligors located in Spain and Italy 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 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 liquidation
agent/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 46.21% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates.

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

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

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

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



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


ESPIRITO SANTO: Moody's Cuts LT Issuer & Debt Ratings to 'Ca'
-------------------------------------------------------------
Moody's Investors Service has downgraded the long-term issuer and
debt ratings of Espirito Santo Financial Group S.A. (ESFG) to Ca
from Caa2 and affirmed the short-term debt ratings at Not Prime;
this rating action concludes the review for downgrade initiated
on June 26, 2014, and extended on July 9, 2014.The downgrade of
ESFG reflects the heightened risk of default of ESFG and
significant losses for ESFG's creditors as a result of very
recent developments in ESFG and its troubled indirect
shareholders (Espirito Santo International (ESI) and Rioforte,
both unrated).

Ratings Rationale

The downgrade of ESFG's issuer rating to Ca reflects the
heightened risk of default for the group, combined with the
potential for significant losses for bondholders. This risk is
reflected by ESFG's high direct exposure to ESI and Rioforte,
that amounted to EUR2.35 billion at end-June 2014. The precarious
financial health of ESI and its subsidiaries was first evidenced
on 9 July 2014, when ESI announced the restructuring of maturing
debt that it would otherwise not be able to repay, and more
recently on 15 July 2014 when Rioforte failed to repay EUR847
million of the matured commercial paper subscribed by Portugal
Telecom, SGPS, S.A. In this context, Moody's commented that the
continuing opacity around the full financial health of the
Espirito Santo group contributes to the heightened concerns about
ESFG's credit profile.

In addition to the heightened credit risk stemming from the
exposure to its troubled shareholders, the increasingly limited
financial flexibility of ESFG is also evidenced by the sale on 14
July 2014 of a 4.99% stake in Banco Espirito Santo, S.A. (BES;
deposits B2 review for downgrade, BFSR E stable/BCA ca) to repay
the obligations it had engaged under a margin loan subscribed at
the time of the bank's capital increase that concluded in June.
Moody's notes that ESFG also disclosed that 20.0% (out of a total
20.1%) of the remaining stake in BES is encumbered via a negative
pledge, limiting the capacity of the holding company to raise
further funds via the sale of the bank's shares.

The rapidly deteriorating credit and liquidity profile of ESFG
and troubles of the Espirito Santo Group last week had already
triggered the downgrade of ESFG's operating company BES on
July 11, 2014.

Downgrade of Subordinated Ratings

The downgrade of ESFG's long-term issuer and debt ratings to Ca
has prompted the downgrade to C from Caa3 of its subordinated
debt ratings. The preference shares are affirmed at C(hyb).

What Could Change the Rating Down/Up

As the downgrade to Ca indicates, Moody's does not see any
prospect for a short-term recovery for ESFG.

A further downgrade of ESFG's ratings to C could be triggered in
the event of entity's default, with little prospects for recovery
of principal or interest.

List of Affected Ratings

Downgrades:

Issuer: Espirito Santo Financial Group S.A.

Issuer Rating, Downgraded to Ca from Caa2

Multiple Seniority Medium-Term Note Program, Downgraded to (P)C
from (P)Caa3

Multiple Seniority Medium-Term Note Program, Downgraded to (P)Ca
from (P)Caa2

Subordinate Regular Bond/Debenture, Downgraded to C from Caa3

Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to Ca
from Caa2

Issuer: Espirito Santo Financiere S.A.

Senior Unsecured Medium-Term Note Program, Downgraded to (P)Ca
from (P)Caa2

Senior Unsecured Regular Bond/Debenture, Downgraded to Ca from
Caa2

Affirmations:

Issuer: Banco Espirito Santo N. A. Capital, LLC

Senior Unsecured Commercial Paper, Affirmed NP

Issuer: ESFG International Limited

Pref. Stock Non-cumulative Preferred Stock, Affirmed C(hyb)

Issuer: Espirito Santo Financial Group S.A.

Multiple Seniority Medium-Term Note Program, Affirmed (P)NP

Senior Unsecured Commercial Paper, Affirmed NP

Issuer: Espirito Santo Financiere S.A.

Senior Unsecured Commercial Paper, Affirmed NP

Senior Unsecured Medium-Term Note Program, Affirmed (P)NP

Issuer: Espirito Santo Plc

Senior Unsecured Commercial Paper, Affirmed NP

Principal Methodology

The principal methodology used in these ratings was Global Banks
published in July 2014.



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


AHML INSURANCE: Fitch Withdraws 'BB' Financial Strength Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Russia-based OJSC AHML Insurance's
(AHMLI) Insurer Financial Strength (IFS) rating at 'BB' and its
National IFS rating at 'AA-(rus)' with Stable Outlook. At the
same time, Fitch has withdrawn the ratings.

Key Rating Drivers

Fitch has withdrawn the rating as AHMLI has decided to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings on
AHMLI. Accordingly, Fitch will no longer provide ratings or
analytical coverage for AHMLI.

The ratings reflect the 99.98% ownership of AHMLI by the state-
owned Agency for Housing Mortgage Lending (AHML). The ratings
also take into account that AHMLI does not have any guarantee or
other formal support agreement either from the government or from
the parent. AHMLI receives substantial non-monetary support in
the form of methodological and statistical advice from AHML.


SOVCOMBANK: Fitch Assigns 'B+' LT Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has assigned Russia's Sovcombank (SCB) a Long-term
Issuer Default Rating (IDR) of 'B+' with a Stable Outlook.

Key Rating Drivers - IDRs, Viability Rating, National Long-Term
Rating

SCB's ratings reflect (i) its short track record in the Russian
consumer finance market; (ii) the challenging outlook for Russian
consumer finance banks given increasing borrower leverage and
rising arrears; (iii) potentially significant volatility in the
bank's performance and asset quality, which are largely untested
through the negative side of the economic cycle; (iv) significant
dependence of pre-impairment profitability on loan issuance
volumes; and (v) fairly high exposure to market risk. However,
the ratings also reflect SCB's currently adequate asset quality,
sound liquidity and reasonable capitalization, and its somewhat
more conservative credit underwriting relative to peers.

SCB's non-performing loans (NPLs, 90 days overdue) origination
rate (defined as net increase in NPLs plus write-offs) remained a
moderate 11% (annualized) of average performing loans in 3M14,
only slightly up from 10.7% in 2013. This compares well with
peers, as sector average credit losses were a high 15.5% in 2013
and continued to creep up in the beginning of 2014.

SCB's results seem to have been only mildly affected by negative
market trends so far, in part due to the bank's somewhat
different client focus and significantly smaller loan tickets
(around RUB60,000 on average, well below its peers). However,
operating conditions for the Russian consumer finance sector in
general, and SCB in particular, remain challenging, as expressed
by sizeable uplift in credit losses in the sector in 2013, driven
by the growing leverage of Russian retail borrowers. In Fitch's
view, SCB's track record of reasonable asset quality and
performance in a more challenging operating environment is
limited.

Despite solid performance in 2011-2013 (average ROAE equalled a
high 44%), SCB posted a RUB0.1bn operational loss in 1Q14, net of
one-off items related to the acquisition of GE Money Bank (GEMB;
equal to roughly 24% of SCB's end-2013 total assets). SCB's core
profitability is heavily dependent on loan issuance volumes as a
high 69% of its pre-impairment profit in 3M14 (2013: 65%) was
derived from insurance agency fees. These fees are recognized
upfront at loan origination and are directly tied to the amount
of issued loans. Hence, the loan growth slow-down and lengthening
of loan tenors (both anticipated by Fitch in the near term) may
affect SCB's profitability in a negative manner. Zero loan growth
in 3M14 resulted in Fitch's estimated break-even NPL origination
rate going down to 12.3%, only marginally above actual credit
losses. In Fitch's view, it will be difficult for SCB to achieve
fast loan growth in the current environment while maintaining
acceptable asset quality.

SCB's capitalization is reasonable, with a Fitch Core Capital
(FCC) ratio of 14% at end-1Q14, and has historically been
underpinned by sound internal capital generation (37% on average
in 2011-2013). A significant discount to book value on the
acquisition of GEMB should also be positive for capitalization,
conditional on (i) successful implementation of ongoing
integration, (ii) the good quality of GEMB's loan book, and (iii)
manageable one-off acquisition-related expenses.

SCB is predominantly funded by retail deposits (64% of end-1Q14
liabilities). The granularity of SCB's deposit base is positive
for funding stability. However, the high share of retail deposits
in the funding mix, combined with the bank's secured repo
funding, could negatively affect recoveries for senior unsecured
creditors, as under Russian law their claims rank below those of
retail depositors.

A high 23% of end-1Q14 liabilities were comprised of repo funding
from the Central Bank of Russia (CBR). The proceeds are used to
purchase additional bonds eligible for further repoing with the
CBR and earn a margin of around 2% between the CBR repo rate and
the yield on the securities portfolio. This results in high
holdings of fixed income securities (3.5x FCC at end-1Q14) and,
notwithstanding reasonable credit quality, exposes the bank to
significant market risk.

The bank's strong liquidity position is underpinned by (i) the
solid cushion of liquid assets at end-5M14 (equal to 27% of total
customer accounts); and (ii) the fast amortizing, granular and
cash generative loan book (monthly proceeds from loan repayments
equal to about 5% of customer accounts)

Rating Sensitivities - IDRs, Viability Rating, National Long-Term
Rating

Upside pressure on SCB's ratings could stem from (i) an extended
track record of reasonable performance and asset quality through
the cycle; and (ii) the gradual recovery of the operating
environment. Significant deterioration of SCB's asset quality
and/or liquidity position would put downward pressure on the
bank's ratings.

Key Rating Drivers and Sensitivities - Support Rating and Support
Rating Floor

The Support Rating of '5' reflects Fitch's view that support from
the bank's private shareholders cannot be relied upon. Potential
sovereign support is also not factored into SCB's ratings (as
expressed in the Support Rating Floor of 'No Floor') due to SCB's
low systemic importance.

The rating actions are as follows:

Long-term foreign and local currency IDRs: assigned at 'B+';
Outlook Stable

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

National Long-term rating: assigned at 'A(rus)'; Outlook Stable

Viability Rating: assigned at 'b+'

Support Rating: assigned at '5'

Support Rating Floor: assigned at 'No Floor'



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


BANCO CEISS: Moody's Lifts Mortgage-Covered Bond Rating to 'Ba1'
----------------------------------------------------------------
Moody's Investors Service has upgraded to Ba1 from Ba2 the
mortgage covered bonds issued by Banco CEISS (deposits B2 stable;
bank financial strength rating (BFSR) E /baseline credit
assessment (BCA) caa1).

The rating action follows Moody's decision to upgrade Banco
CEISS's bank ratings on July 16, 2014. The rating action
concludes the review with direction uncertain initiated on the
ratings on November 15, 2012.

RATINGS RATIONALE

The rating action is prompted by Moody's decision to upgrade
Banco CEISS's long-term debt and deposit ratings to B2. The
upgrade of the bank ratings was triggered by an improvement in
the institution's credit profile following the restructuring
undertaken in 2013, combined with the provision of parental
support that partially offsets Moody's assessment of systemic
support, following the transfer of the capital of Banco CEISS to
Unicaja Banco.

Key Rating Assumptions/Factors

Moody's determines covered bond ratings using a two-step process;
an expected loss analysis and a TPI (timely payment indicator)
framework analysis.

EXPECTED LOSS: Moody's uses its Covered Bond Model (COBOL) to
determine a rating based on the expected loss on the bond. COBOL
determines expected loss as (1) a function of the probability
that the issuer will cease making payments under the covered
bonds (a CB anchor event); and (2) the stressed losses on the
cover pool assets following a CB anchor event.

The CB anchor for this program is the senior unsecured/deposit
rating (SUR) plus 0 notches given that the debt ratio is below
5%.

The cover pool losses for this program are 29.9%. This is an
estimate of the losses Moody's currently models following a CB
anchor event. Moody's splits cover pool losses between market
risk of 18.2% and collateral risk of 11.8%. Market risk measures
losses stemming from refinancing risk and risks related to
interest-rate and currency mismatches (these losses may also
include certain legal risks). Collateral risk measures losses
resulting directly from cover pool assets' credit quality.
Moody's derives collateral risk from the collateral score, which
for this program is currently 17.6%.

The over-collateralization (OC) in the cover pool is 120.9%, of
which the issuer provides 25% on a "committed" basis. The minimum
OC level that is consistent with the Ba1 rating target is 4.5%.
These numbers show that Moody's is not relying on "uncommitted"
OC in its expected loss analysis.

All numbers in this section are based on the most recent
modelling (based on data, as of Q1 2014).

TPI FRAMEWORK: Moody's assigns a TPI, which indicates the
likelihood that the issuer will make timely payments to covered
bondholders in the event of an issuer default. The TPI framework
limits the covered bond rating to a certain number of notches
above the CB anchor.

For this program, Moody's has assigned a TPI of "Probable".

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

The CB anchor is the main determinant of a covered bond program's
rating robustness. A change in the level of the CB anchor could
lead to an upgrade or downgrade of the covered bonds. The TPI
Leeway measures the number of notches by which Moody's might
lower the CB anchor before the rating agency downgrades the
covered bonds because of TPI framework constraints.

The TPI assigned for Banco CEISS's program is Probable. The TPI
Leeway for this program is limited, and thus any reduction of the
CB anchor may lead to a downgrade of the covered bonds.

A multiple-notch downgrade of the covered bonds might occur in
certain limited circumstances, such as (1) a sovereign downgrade
negatively affecting both the issuer's senior unsecured rating
and the TPI; (2) a multiple-notch downgrade of the issuer; or (3)
a material reduction of the value of the cover pool.

Rating Methodology

The principal methodology used in this rating was "Moody's
Approach to Rating Covered Bonds", published in March 2014.


BANCO SANTANDER: Moody's Lifts Rating on Tier 1 Secs. to 'Ba1'
--------------------------------------------------------------
Moody's Investors Service upgraded the ratings of six Additional
Tier 1 non-viability contingent capital securities following the
publication of its updated Global Banks Rating Methodology on
July 16, 2014. The revised methodology includes Moody's new
framework for rating 'high trigger' bank contingent capital
securities (CoCos) and revisions to its existing framework for
rating non-viability CoCos. Moody's had said rating upgrades
would likely accompany the revision of the methodology when it
requested comment on the revisions on May 1, 2014.

The list of affected ratings is as follows:

Issuer: Banco Santander S.A. (Spain):

  -- 2 Additional Tier 1 non viability contingent capital
instruments, Upgraded to Ba1 (hyb) STA from Ba2 (hyb) STA

Issuer: Societe Generale:

  -- 4 Additional Tier 1 non viability contingent capital
instruments, Upgraded to Ba2 (hyb) STA from Ba3 (hyb) STA

Ratings Rationale

As a result of the revisions to our framework for rating non-
viability securities, Moody's are now positioning the Additional
Tier 1 ratings at each bank's Adjusted Baseline Credit Assessment
(Adjusted BCA) minus three notches resulting in a one-notch
upgrade in most cases. Moody's previously positioned these
ratings at Adjusted BCA minus four notches.

In making this change, Moody's are removing the additional notch
to avoid double counting risks related to the non-viability
feature and the probability of impairment associated with coupon
suspension, which is possible with these securities. Positioning
the rating at the bank's Adjusted BCA minus three notches already
captures the probability that an impairment associated with
coupon suspension could precede the bank reaching the point of
non-viability. As a result, the fourth notch is not needed to
capture the risk that conversion to equity or principal write-
down associated with a contractual non-viability security may
occur prior to the bank reaching the point of non-viability.

The principal methodology used in this rating was Global Banks
published in July 2014.


LET'S GOWEX: Auditor Involved in Covering Up Fake Accounts
----------------------------------------------------------
Rodrigo Orihuela at Bloomberg News reports that Judge Santiago
Pedraz, of Spain's National Court, said Let's Gowex SA's auditor
helped cover up the embattled Wi-Fi provider's fake accounts and
didn't report his earnings from working for the company to the
tax agency.

"There are enough reasons to believe that Jose Antonio Diaz
Villanueva" is responsible for several crimes, including the
incorrect use of insider information, and that he helped
cover up the crimes in his capacity as auditor, Judge Pedraz, as
cited by Bloomberg, said in a statement on Friday after hearing
Mr. Diaz's testimony as a suspect.

Judge Pedraz gave Mr. Diaz 15 days to post bail of EUR200,000
(US$270,000) and said the auditor didn't double-check bills and
bank payments as he claimed because "they didn't exist" and only
appeared on an Excel sheet, Bloomberg relays.

Mr. Diaz was the third suspect to testify last week to Judge
Pedraz about the Gowex investigation, following Chief Financial
Officer Francisco Martinez and former Chief Executive Officer
Jenaro Garcia, who has taken responsibility for faking the
Madrid-based company's accounts and creating fictitious clients
since at least 2005, Bloomberg notes.

Judge Pedraz also said he was surprised by the way Mr. Diaz was
paid by Gowex and that he didn't report those earnings to the tax
agency, Bloomberg relates.

                            Bankruptcy

As reported by The Trouble Company Reporter-Europe on July 16,
2014, Reuters related that Gowex filed for bankruptcy on July 14.
Law firm Velez & Urbina said Gowex had decided to file for
bankruptcy because it was in a state of "imminent insolvency" and
faced a "financial standstill" after a high number of contracts
were ended and new projects were canceled, Reuters disclosed.
Former Chief Executive and Chairman Jenaro Garcia Martin said on
July 6 that he had misrepresented the financial accounts for at
least the last four years, Reuters recounted.  He was charged
with false accounting, distortion of economic and financial
information, and insider trading, according to Reuters.

Let's Gowex SA is a Spanish wireless networks provider.


LET'S GOWEX: Bankruptcy Filing Leaves Deals With Cities in Limbo
----------------------------------------------------------------
Lisa Fleisher, writing for The Wall Street Journal, reported that
in the wake of an accounting scandal at Spanish Wi-Fi provider
Let's Gowex SA, cities around the world are scrambling to figure
out whether deals they have with the company to create hot spots
will still go ahead.  According to the report, Gowex's filing for
bankruptcy protection has left city officials wondering whether
those deals will continue or ever get done.


UNICAJA BANCO: Moody's Raises Rating on Mortgage Covered Bonds
--------------------------------------------------------------
Moody's Investors Service has upgraded to Baa1 from Baa2 the
rating on the mortgage and public-sector covered bonds issued by
Unicaja Banco (Unicaja Banco; deposits Ba3 negative, bank
financial strength rating (BFSR) E+ /baseline credit assessment
(BCA) b1), following the rating agency's decision to confirm the
issuer's senior debt and deposit ratings.

The rating action concludes the review with direction uncertain
initiated on the ratings on December 13, 2013.

Ratings Rationale

The rating action follows Moody's decision to confirm Unicaja
Banco's Ba3 senior debt and deposit ratings, which reflects the
resilience of the bank's risk absorption capacity after the
recently completed integration of Banco CEISS(deposits B2, BFSR E
/BCA Caa1).

Key Rating Assumptions/Factors

Moody's determines covered bond ratings using a two-step process;
an expected loss analysis and a timely payment indicator (TPI)
framework analysis.

EXPECTED LOSS: Moody's uses its Covered Bond Model (COBOL) to
determine a rating based on the expected loss on the bond. COBOL
determines expected loss as (1) a function of the probability
that the issuer will cease making payments under the covered
bonds (a CB anchor event); and (2) the stressed losses on the
cover pool assets following a CB anchor event.

For the two covered bond programs, the cover pool losses are
Moody's estimate of the losses if a CB anchor event occurs.
Moody's splits cover pool losses between market risks and
collateral risks. Market risks measure losses stemming from
refinancing risks and risks related to interest-rate and currency
mismatches; these losses could also include certain legal risks.
Collateral risks measure losses resulting directly from cover
pool assets' credit quality. Moody's derives the collateral risk
from the collateral score.

The CB anchor for these programs is the senior unsecured/deposit
rating plus zero notches given that the debt ratio is below 5%.

(1) Unicaja Banco's Mortgage Covered Bonds

The cover pool losses for this program stand at 33.5%, with
market risk of 18.8% and collateral risk of 14.7%. The collateral
score is 21.9%. The over-collateralization (OC) in the cover pool
is 78.1%, of which 25.0% is on a committed basis. The minimum OC
level that is consistent with the Baa1 rating target is 27%.
These numbers demonstrate that Moody's is relying on uncommitted
OC in its expected loss analysis.

(2) Unicaja Banco's Public-Sector Covered Bonds

The cover pool losses for this program stand at 50.0%, with
market risk of 32.3% and collateral risk of 17.7%. The collateral
score is 35.4%. The OC in the cover pool is 86.3%, of which 42.9%
is on a committed basis. The minimum OC level that is consistent
with the Baa1 rating target is 63%. These numbers demonstrate
that Moody's is relying on uncommitted OC in its expected loss
analysis.

TPI FRAMEWORK: Moody's assigns a TPI, which indicates the
likelihood that the issuer will make timely payments to covered
bondholders in the event of an issuer default. The TPI framework
limits the covered bond rating to a certain number of notches
above the CB anchor.

For these program, Moody's has assigned a TPI of "Probable".

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING:

The CB anchor is the main determinant of a covered bond program's
rating robustness. A change in the level of the CB anchor could
lead to an upgrade or downgrade of the rating on the covered
bonds. The TPI leeway measures the number of notches by which
Moody's might lower the CB anchor before downgrading the rating
on the covered bonds because of TPI framework constraints.

The TPI assigned to both of Unicaja Banco's programs is
"Probable". The TPI leeway for these programs is zero, and thus
any reduction of the CB anchor could lead to a downgrade of the
rating on the covered bonds.

A multiple-notch downgrade of the rating on the covered bonds
might occur in certain limited circumstances, such as (1) a
sovereign downgrade negatively affecting both the issuer's senior
unsecured rating and the TPI; (2) a multiple-notch downgrade of
the issuer; and/or (3) a material reduction in the value of the
cover pool.

The principal methodology used in these ratings was "Moody's
Approach to Rating Covered Bonds", published in March 2014.



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


CO-OPERATIVE GROUP: Sells Pharmacy Business to Cut GBP1.4BB Debt
----------------------------------------------------------------
Andrew Bounds and Claer Barrett at The Financial Times report
that the Co-operative Group has agreed to sell its pharmacy
business to cash-and-carry giant Bestway for GBP620 million.

According to the FT, the Co-op will use the proceeds to cut its
GBP1.4 billion debt and invest in its remaining food and funeral
businesses after it reported a record GBP2.5 billion loss for
2013.

Richard Pennycook, the group's interim chief executive, is hoping
to refocus the Manchester-based retailer on community food stores
after a capital hole at its banking arm forced it to relinquish
an 80% stake in that business to creditors, the FT says.

The UK's third-largest pharmacy chain, the Co-operative Pharmacy
has more than 770 branches across the UK and more than 7,000
employees, the FT discloses.

The Co-op will be relieved after aborting an attempt to sell its
insurance arm last year because of low offers, the FT relays.  It
is still seeking buyers for its farms, the FT notes.

The transaction is due to complete in October with the Co-op
providing support for 18 months and the brand remaining for 12,
the FT states.

Co-operative Group is a mutually owned food-to-funerals
conglomerate.  Founded in 1863, the Co-op Group has more than six
million members, employs more than 100,000 people, and has
turnover of more than GBP13 billion.


EXPRO HOLDINGS: Moody's Raises CFR to 'B2'; Outlook Stable
----------------------------------------------------------
Moody's Investors Service has upgraded Expro Holdings UK 3
Limited's corporate family rating (CFR) to B2 from B3 and has
upgraded the probability of default rating (PDR) to B2-PD from
B3-PD. Concurrently, Moody's has upgraded to Ba3 from B1 the
rating of the senior secured notes due 2016 issued by Expro
Finance Luxembourg S.C.A. and has assigned (P)Ba3 ratings to
Expro's new senior secured bank debt consisting of USD1.52
billion senior secured term loan and USD250 million revolving
credit facility (RCF). The outlook on all ratings is stable.

The proceeds from the new senior secured bank debt will be used
to repay the existing senior secured notes due 2016 and related
call premium, as well as pay fees and expenses.

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

Ratings Rationale

The upgrade of the CFR to B2 from B3 reflects Expro's improving
credit metrics due to its continued growth in EBITDA for the
financial year ended (FYE) 31 March 2014 which resulted in
Moody's adjusted leverage falling from 6.6x as at FYE2013 to 5.7x
as at FYE2014. Whilst pro-forma for the transaction Moody's
adjusted leverage will rise to 6.0x, Moody's expects that this
will fall again during the next 12 months due to its expectations
of a continued improvement in operating performance.

The rating is constrained by (1) the company's high, albeit
reduced, adjusted leverage and weak cash flow metrics due in part
to the high cost of its mezzanine debt, (2) the cyclicality of
the oilfield services industry in which it operates, (3) the
competition from some larger industry players in its market
segments, and (4) the company's relatively high capital
expenditure requirements. However, the rating is also supported
by (1) the currently favorable dynamics driving growth in the
company's end markets, (2) the company's market leading positions
and its reputation for innovation, reliability and customer
service, (3) its diversified geographic and customer profile, and
(4) its experienced management team which has been strengthened
in recent years.

The senior bank debt benefits from its seniority in the capital
structure which accounts for its being rated two notches higher
than the CFR. However, Moody's notes that the senior secured term
loan contains a USD360 million delayed draw tranche which is
expected to be undrawn at closing, but which may be used within
120 days from closing to prepay in whole or in part the company's
mezzanine loan in conjunction with the proceeds from a potential
IPO, although the IPO has not been factored into the current
rating profile.

Moody's views the company's liquidity as adequate pro-forma for
the transaction. Despite continuing high capex requirements,
Moody's expects the company to generate positive free cash flow
and to require only minimal occasional drawdown on its RCF. The
new senior secured term loan will be cov-lite, having financial
incurrence covenants only, while the new RCF is expected to have
a single net leverage covenant set wide of the opening leverage
level and only tested when drawn by 30% or more. The mezzanine
loan will continue to have maintenance financial covenants
although Moody's expect the headroom under these to remain
comfortable.

Outlook

The stable outlook assumes a continued improvement in the
company's operating performance and financial metrics and
continuing supportive market conditions.

What Could Change the Rating Up

There could be positive pressure on the CFR following Moody's
adjusted leverage reducing sustainably below 5x and the ratio of
Moody's adjusted EBITDA less capex to interest expense moving
towards 1.5x, together with an improvement in liquidity and
continued positive free cash flow generation. Any potential
upgrade would also include an assessment of market conditions.
Any changes to the ratings of the debt instruments would depend
on the composition of the capital structure at the time.

What Could Change the Rating Down

The CFR could face downward pressure if Moody's adjusted leverage
rises materially above 6x, or if the company fails to generate
positive free cash flow and/or its liquidity profile worsens.
There could also be negative pressure in the event of a
deterioration in market conditions.

Principal Methodology

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.

Headquartered in the United Kingdom, Expro is a leading provider
of services and products specializing in well flow management to
the upstream oil and gas industry, with about 25% of revenues
derived from onshore markets and about 75% from offshore markets.
In July 2008, the company was bought by a private equity
consortium led by Arle Capital Partners and GS Capital Partners
VI Fund, L.P. For the year ending 31 March 2014, the Expro group
reported revenues of about USD1.4 billion.


EXPRO HOLDINGS: S&P Assigns 'B' Rating to Term Loan B Facility
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B'
issue rating to the proposed US$1,160 million term loan B
facility due 2021 and US$250 million revolving credit facility
(RCF) and due 2019 to be issued by new subsidiaries of U.K.-based
oilfield services company Expro Holdings U.K. 3 Ltd. (Expro; B-
/Positive/--).  S&P assigned a recovery rating of '2' to the
proposed term loan and RCF, indicating its expectation of
substantial (70%-90%) recovery in the event of a payment default.

At the same time, S&P is affirming the 'CCC+' issue rating on
Expro's US$1,057 million mezzanine facility due in 2018.  The
recovery rating is unchanged at '5', indicating S&P's expectation
of modest (10%-30%) recovery in the event of a default.

The issue and recovery ratings on the proposed senior secured
term loan and RCF are based on preliminary information and are
subject to the successful issuance of these facilities and S&P's
satisfactory review of the final documentation.

S&P understands that Expro intends to use the proceeds of the
proposed debt issuances to repay in full the US$1.1 billion term
loan D, which Expro swapped into senior secured notes, and the
proposed RCF will replace the existing super senior RCF.  S&P
will withdraw the issue and recovery ratings on these instruments
once the transaction is completed.

S&P understands that Expro intends to complete this refinancing
in advance of an IPO, which it estimates will take place in the
second half of 2014.  As part of the refinancing transaction, the
company has a US$360 million committed delayed draw facility.
S&P understands that Expro will use these funds and the IPO
proceeds to repay the mezzanine facility.

S&P's calculation of recovery prospects are currently at the
lower end of the range for the recovery ratings, and therefore
the issuance of further senior secured debt could lead S&P to
revise these ratings downward.  However, this could be offset if
the issuer's creditworthiness materially improves due to the IPO.

RECOVERY ANALYSIS

S&P understands that the proposed term loan and RCF will rank
pari passu and it considers that they benefit from a
comprehensive security and guarantee package, consisting of all
the group's present and future assets, including material fixed
assets and inventory.

S&P understands that the draft documentation of the proposed
facilities includes a net total leverage financial maintenance
covenant, which will only be tested if the RCF is more than 30%
drawn; restrictions on the incurrence of additional debt,
payments, and liens; and change-of-control provisions.  The
documentation includes the committed US$360 million delayed draw
facility, proceeds from which can only be used for repayment of
the mezzanine facility.  The delayed draw facility is available
for 120 days following the close of the proposed term loan
refinancing transaction.

Under S&P's hypothetical default scenario for Expro, it projects
a payment default as a result of increasingly weak demand and
pricing pressure.  This would be due to intensifying competition
in the coming years, limiting Expro's revenues and profitability.
S&P values the company as a going concern to reflect its high
market share in offshore subsea wells, the limited number of
competitors, and the contract-based nature of its business.

Simulated default assumptions:

   -- Year of default: 2017
   -- EBITDA at emergence: US$213 million
   -- Implied enterprise value multiple: 6.0x
   -- Jurisdiction: United Kingdom

Simplified waterfall:

   -- Net value available to creditors (after 9% admin costs):
      US$1.1 billion
   -- Priority claims: US$50 million
   -- Senior secured debt claims: US$1.4 billion
   -- Recovery expectation: 70%-90%*
   -- Unsecured debt claims: US$1.67 billion
   -- Recovery expectation: 10%-30%*

*Priority claims include pension obligations and finance leases.



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


* BOND PRICING: For the Week July 14 to July 18, 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 * * *