TCREUR_Public/140728.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 28, 2014, Vol. 15, No. 147



HYPO ALPE-ADRIA: Austria's Upper House Passes Haircut Law


BELFIUS BANK: Fitch Lifts Viability Rating From 'bb+'


HUVEPHARMA AD: S&P Assigns Prelim. 'BB-' CCR; Outlook Positive
HUVEPHARMA INT'L: Moody's Assigns '(P)B1' Corporate Family Rating


EUROMAX VI ABS: S&P Cuts Rating on Class B Notes to 'CCC+(sf)'
GOODZ GMBH: Files for Insolvency on Lack of Additional Capital


ORGOVANY ES VIDEKE: Budapest Court Orders Liquidation


ISLANDSBANKI: Chinese Investors In Talks with Bankruptcy Estate
LANDSVIRKJUN: S&P Revises Outlook to Pos. & Affirms 'BB' CCR


PHOENIX PARK: Moody's Assigns 'B2' Rating to EUR14MM Cl. E Notes
PHOENIX PARK: Fitch Assigns 'B-sf' Rating to Class E Notes
ST. PAUL'S CLO IV: S&P Affirms 'B' Rating on Class E Notes


BANQUE INTERNATIONALE: Fitch Affirms 'BB' Rating on Capital Notes
CAPSUGEL SA: Moody's Affirms 'B2' Corporate Family Rating
FINDUS PIK: Fitch Assigns 'CCC(EXP)' Rating to EUR200MM PIK Notes
LION/GEM LUXEMBOURG: S&P Affirms 'B-' CCR; Outlook Stable
PICARD BONDCO: Fitch Affirms 'B+' Long-Term Issuer Default Rating


ABN AMRO BANK: Fitch Lifts Subordinated Debt Rating From 'BB+'
AMSTERDAM TRADE: Moody's Affirms 'Ba2' Long-Term Deposit Ratings
ENDEMOL HOLDING: Moody's Assigns 'B2' Corporate Family Rating
HALCYON STRUCTURED: Moody's Affirms Ba2 Rating on EUR20MM Notes
PHOENIX PIB: Fitch Rates Finance's 7-Year FRNs 'BB(EXP)'


SWAN OFFICE: Creditors to Adopt New Strategy After Failed Sale


GAZPROM-MEDIA: Fitch Affirms 'BB' Long-Term Issuer Default Rating


AYT GENOVA VIII: S&P Lowers Rating on Class D Notes to 'BB(sf)'


TURK TELEKOM: S&P Raises CCR From 'BB'; Outlook Negative

U N I T E D   K I N G D O M

BANK OF SCOTLAND: Fitch Affirms 'BB+' Preference Stock Rating
COMET: Deloitte to Face Probe Over Collapse
EQUINOX PLC: S&P Affirms 'D(sf)' Ratings on 3 Note Classes
MIPL GROUP: Moody's Raises Corp. Family Rating to 'Ba1'
NATIONWIDE BUILDING: Fitch Affirms BB+ Tier 1 Instruments Rating

ROYAL BANK OF SCOTLAND: Fitch Affirms 'B+' Tier 1 Debt Rating
TWINKLE PIZZA: Moody's Assigns 'B3' Corporate Family Rating
V.GROUP: S&P Assigns 'B' Corporate Credit Rating; Outlook Stable


* BOND PRICING: For the Week July 21 to July 25, 2014



HYPO ALPE-ADRIA: Austria's Upper House Passes Haircut Law
Georgina Prodhan at Reuters reports that Austria's upper house of
parliament passed a law on Thursday that will wipe out the claims
of subordinated debt holders in Hypo Alpe-Adria.

According to Reuters, the law, which enters uncharted territory
for debt markets because the creditors had guarantees from Hypo's
home province, had been expected to pass after being approved by
the lower house of parliament earlier this month.

                       About Hypo Alpe-Adria

Hypo Alpe-Adria International AG is a subsidiary of BayernLB.  It
is active in banking and leasing.  In banking, HGAA serves both
corporate and retail customers and offers services ranging from
traditional lending through savings and deposits to complex
investment products and asset management services.

Hypo Alpe has received EUR1.75 billion in aid in emergency
capital from the Austrian government.  European Union Competition
Commissioner Joaquin Almunia said in March 2013 that Hypo faced
possible closure for failing to adequately restructure.
The European Commission approved Hypo's recapitalization in
December 2013, but made it conditional on the management
presenting a thorough plan to overhaul the group.  The Austrian
finance ministry, which effectively runs Hypo Alpe, submitted a
restructuring plan to the Commission on Feb. 5.


BELFIUS BANK: Fitch Lifts Viability Rating From 'bb+'
Fitch Ratings has affirmed Belfius Bank SA/NV's Long-term Issuer
Default Rating (IDR) and Support Rating Floor (SRF) at 'A-'. The
Outlook on the Long-term IDR is Negative. At the same time, Fitch
has upgraded the bank's Viability Rating (VR) to 'bbb+' from

The rating actions follow a periodic review of major Benelux
banking groups.

Key Rating Drivers - IDRs, Support Rating, SRF and Senior Debt

The bank's Long-term IDR and its senior debt ratings are driven
by its SRF of 'A-'. This reflects Fitch's view that there remains
an extremely high probability that the Belgian state (AA/Stable)
would support the bank if required, given its systemic importance
in the local economy as the third to fourth largest domestic bank
with 10%-15% market shares and largest provider of credit to
local authorities.

The Negative Outlook on the Long-term IDR reflects Fitch's view
there is a clear intention ultimately to reduce implicit state
support for financial institutions in the EU, as demonstrated by
a series of legislative, regulatory and policy initiatives. Fitch
expects the EU's Bank Recovery and Resolution Directive (BRRD) to
be implemented into national legislation later in 2014 or in
1H15. Fitch also expects progress towards the Single Resolution
Mechanism (SRM) for eurozone banks in this timeframe. In Fitch's
view, these two developments will dilute the influence Belgium
has in deciding how Belgian banks are resolved and increase the
likelihood of senior debt losses in its banks if they fail
solvability assessments.

Key Rating Sensitivities - IDRs, Support Rating, SRF and Senior

The ratings are sensitive to a weakening of Fitch's assumptions
around Belgium's ability or propensity to provide timely support
to the bank. They are primarily sensitive to further progress
made in implementing the BRRD and the SRM. The directive requires
'bail in' of creditors by 2016 before an insolvent bank can be
recapitalized with state funds. A functioning SRM and progress on
making banks 'resolvable' without jeopardizing the wider
financial system are areas of focus for eurozone policymakers.
Once these are operational they will become an overriding rating
factor, as the likelihood of banks senior creditors receiving
full support from the sovereign if ever required, despite their
systemic importance, will diminish substantially, unless
mitigating factors arise in the meantime.

Fitch expects that the BRRD will be enacted into national
legislation in the near team and progress made on establishing
the SRM is looking close to being ready in the next one to two
years. Fitch expects to then downgrade Belfius's Support Rating
to '5' and revise its SRF to 'No Floor'. The timing at this stage
is likely to be in late 2014 or in 1H15.

The Outlook on the Long-term IDR is Negative because a downward
revision of the SRF is likely to result in downgrades of the
Long-term IDR and long-term senior debt rating to the level of
Belfius's 'bbb+' VR. Belfius's Short-term IDR would then likely
be downgraded to 'F2'.

Key Rating Drivers - VR

The upgrade of the VR is based on Belfius's significant
improvements in its main credit metrics due to the progress made
on restructuring, including the gradual phasing-out of 'legacy'
issues, focus on growing revenue and achieving cost efficiency.
Fitch's expectations are that management should continue its
orderly execution of plans to strengthen the bank's fundamentals.

Belfius's solid risk-weighted capital ratios are solid are
partially offset by the bank's residual legacy issues. Belfius
reported a Fitch Core Capital (FCC) to regulatory weighted risks
ratio of 11.2% at end-2013 (up from 7.5% at end-2012) and a
'fully-loaded' Basel III common equity Tier 1 (CET1) ratio of
11.7% at the same date. The improvement stems from retained
earnings, lower negative revaluation reserves on available-for-
sale securities due to the tightening of credit spreads and sales
and amortization of the legacy securities portfolio, resulting in
improved capital and a reduction of risk-weighted assets. Fitch
believes the improving trend in capital will continue and Belfius
should achieve its target of a phased-in CET1 ratio above 13% by
2016. The agency also expects the bank's leverage ratio to
improve, as a consequence of increasing capital and reducing
legacy assets.

Although of good credit quality and hedged against interest rate
risk, the large legacy bond portfolio, which represented around
2x equity at end-2013, remains a drag on the VR as it creates
credit and market risk, as well as additional funding needs while
generating low returns. The bank also retains a large derivatives
portfolio from its historical role as a competence center within
the Dexia Group. The market risk from this portfolio is limited
by hedging arrangements, but the book weighs on the bank's
liquidity needs given the collateral required for some of these
positions, on capital metrics as it inflates the bank's balance
sheet and on operational risk. However, Belfius's track record of
managing the portfolio is positive.

Operating profitability is improving, mostly driven by the
structural benefits of the cost reduction measures. Belfius's
returns have remained modest, but Fitch considers its weaker
profitability metrics than most peers in light of the bank's
lower risk business mix. Earnings should benefit from the bank's
robust domestic franchise, deleveraging of low-yielding legacy
assets, increased cross-selling of bank and insurance products
and upward loan repricing. Fitch believes Belfius's target of a
EUR500m net profit in 2016 is realistic.

Belfius's VR benefits from its solid domestic retail banking and
insurance (as is typical in Belgium) and public finance
franchises, which provide it with a healthy customer-driven
funding mix and low risk loan book (impaired loans representing
only 2.4% of gross loans at end-2013).

Rating Sensitivities - VR

The bank's VR is sensitive to a set-back in the expected gradual
easing of 'legacy' issues (mostly reduction in the legacy bond
portfolio and decrease in the volume of the derivatives
portfolio). A set-back in the strengthening of Belfius's capital
and leverage, which could manifest itself through a marked
deterioration in negative revaluation reserves and significantly
lower retained earnings would be detrimental for the bank's VR.

The VR is also sensitive to a worsening in asset quality metrics,
which would most likely be caused by a significant deterioration
in the Belgian economy and/or housing market, which is currently
not Fitch's base case. Finally, although not expected by the
agency, profit generation turning out to be significantly lower
than currently envisaged would cause negative pressure on the VR,
as it might demonstrate weaknesses in the bank's business model.

Fitch sees limited upside potential for the VR in the medium term
as the expected continuation of the positive trajectory in
capital and profitability metrics is already incorporated into
the current level along with the assumption that other key credit
metrics will remain fairly stable.

Key Rating Drivers and Sensitivities - Subordinated Debt

Subordinated lower Tier 2 securities (XS0286515621, issued by
Belfius Financing Company and guaranteed by Belfius) are notched
once from Belfius's VR, in line with Fitch's rating criteria for
such securities, to reflect the above average loss severity of
this type of debt when compared with average recoveries. Their
upgrade reflects that of the bank's VR and their ratings are
sensitive to any changes in Belfius's VR.

Susbidiary and Affiliated Company - Rating Drivers and

Belfius Financing Company is a wholly-owned financing subsidiary
of Belfius and all its issues are guaranteed by Belfius. The debt
ratings are aligned with Belfius's ratings and are sensitive to
the same factors that might drive a change in the bank's senior
and subordinated debt ratings.

The rating actions are as follows:

Belfius Bank:

Long-term IDR affirmed at 'A-'; Outlook Negative
Short-term IDR affirmed at 'F1'
Viability Rating: upgraded to 'bbb+' from 'bb+'
Senior debt affirmed at 'A-'/'F1'
Support Rating affirmed at '1'
Support Rating Floor affirmed at 'A-'

Belfius Financing Company:

Senior debt affirmed at 'A-'
Commercial Paper affirmed at 'F1'
Subordinated (lower Tier 2) debt XS0286515621: upgraded to 'BBB'
  from 'BB'


HUVEPHARMA AD: S&P Assigns Prelim. 'BB-' CCR; Outlook Positive
Standard & Poor's Ratings Services assigned its preliminary 'BB-'
long-term corporate credit rating to Bulgaria-based Huvepharma
AD, a producer of animal health products and feed additives, and
contractor for development and manufacturing for the
pharmaceutical industry.  The outlook is positive.

At the same time, S&P assigned its preliminary 'BB-' issue rating
to Huvepharma's proposed EUR275 million senior secured credit
facilities (including a EUR20 million revolving credit facility).

The preliminary ratings on Huvepharma reflect S&P's assessment of
the company's business risk profile as "weak" and its financial
risk profile as "significant."  Together, these assessments lead
to an anchor of 'bb-', which is S&P's starting point for
assigning an issuer credit rating under its corporate criteria.
None of the analytical modifiers had any effect on the anchor,
resulting in the rating of 'BB-'.

S&P equalizes the issue rating on Huvepharma's proposed senior
secured debt with the long-term corporate credit rating to
reflect that only a small amount of liabilities would rank ahead
of the senior secured debt in a potential default scenario.

Huvepharma's majority shareholder is a family-owned holding
company.  S&P believes its other industrial activities do not
weigh on Huvepharma's business risk profile.  In line with S&P's
group rating methodology, it also considers the holding company's
exposure to additional debt.  If this is consolidated with
Huvepharma's debt, it does not significantly change the group's
credit metrics, however.

S&P's view of Huvepharma's "weak" business risk profile reflects
its assessment of "intermediate" country risk and "low" industry
risk.  S&P mainly factors in its opinion of the company's "weak"
competitive position, based on its relatively small size.
Huvepharma generates annual revenues of about EUR250 million in a
fragmented and competitive underlying market dominated by large
multinational players like Zoetis and Elanco.

S&P believes these negatives are partly offset by Huvepharma's
significant organic growth and rising EBITDA margins over the
past five years, and its limited exposure to volatility.  In
addition, S&P believes Huvepharma is well diversified
geographically, with a significant international presence outside
Bulgaria, such as in Western Europe and North America.

In S&P's base-case scenario, it foresees a further increase in
the group's EBITDA margin to 24%-26% in the next three years,
from about 23% in 2013.  S&P believes this would come from a
strong rise in revenues, which it forecasts at 15%-25%, due to
significant organic growth from the introduction of new products.
Specifically, this is the case at Huvepharma's large core
divisions Anticoccidials, Enzymes, and Veterinary Products, which
accounted for about 70% of the group's consolidated sales in

S&P assess Huvepharma's financial risk profile as "significant"
because it forecasts debt to EBITDA to exceed 4x in 2014, owing
to the buyout of 36.6% minority shareholder The Rohatyn Group.
The group's new capital structure after recapitalization will
comprise a EUR75 million five-year term loan A and a EUR180
million term loan B maturing in 2020.  In addition, there will be
a EUR20 million revolving credit facility (RCF), which is to
remain undrawn.

"Based on our perception of Huvepharma's management's relatively
conservative financial policy as part of a family-owned business,
we believe there is incentive to deleverage in the near future,
which supports the ratings.  We therefore expect the ratio of
debt to EBITDA to decrease to about 3.5x in 2015 and to 3x in
2016.  Our debt calculation for 2014 includes financial debt of
EUR255 million and operating-lease-adjusted debt of about EUR1
million. In our view, Huvepharma's financial risk profile
supports the ratings.  We consider both the company's solid track
record of very low historical debt to EBITDA of between 1x and 2x
from 2011 to 2013, as well as its ability to generate free cash
to reduce the leverage ratio of more than 4x that we expect in
2014.  In addition, we believe family ownership further underpins
the ratings because the motivation to decrease debt should be
strong. However, we note that the spike in leverage, which far
exceeds levels in recent years, resulted from management's
financial policy," S&P said.

The positive outlook reflects the possibility of an upgrade if,
as S&P expects, Huvepharma uses sustained free cash flow to
reduce debt quickly, so that debt to EBITDA improves to 3x-4x as
of 2015 from the expected high of more than 4x in 2014.

S&P considers ratings upside from two main factors in the future.
The first is Huvepharma's ability to sustain leverage lower than
3x.  The second is an improvement of Huvepharma's business risk
profile that led S&P to revise its assessment to "fair."  This
could occur, for example, if the company achieved its strong
projected growth rates over the next two years while maintaining
its operating margins.

A negative rating action could follow if Huvepharma is unable to
deleverage or its business risk profile weakened, for instance,
because of its inability to expand or a loss of market share in
core segments.  This scenario could also be the consequence of a
sizable debt-funded acquisition, which S&P don't foresee at this

HUVEPHARMA INT'L: Moody's Assigns '(P)B1' Corporate Family Rating
Moody's Investors Service, has assigned a provisional (P)B1
corporate family rating (CFR) to Huvepharma International BV
(Huvepharma), a parent company of Huvepharma AD, a vertically
integrated developer, manufacturer and distributor of a wide
range of animal health products to livestock animals with a
concentration in poultry and swine. Moody's has also assigned a
provisional (P)B1 rating to the proposed EUR75 million senior
secured term loan A, EUR180 million senior secured term loan B
and EUR20 million senior secured revolving credit facility. The
outlook on the ratings is positive. This is the first time
Moody's has assigned ratings to Huvepharma.

Moody's issues provisional ratings in advance of the buyback of a
37% share currently held by TRG (unrated), to be fully financed
by the proposed term loans. These ratings only represent the
rating agency's preliminary opinion and upon a conclusive review
of the transaction and associated documentation, Moody's will
assign definitive ratings. A final rating may differ from a
provisional rating.

Ratings Rationale

The (P)B1 rating primarily reflects Huvepharma's small size,
which constraints the company's operating and financial
flexibility compared to larger competitors. However, these
constraints are partly offset by the company's (1) strong
positioning in key niche segments where they proved their ability
to successfully compete with a few larger players based on
competitive quality and strong reputation among customers; (2)
fairly balanced diversification across products, geographies, and
customer base; and (3) track record of profitable growth at an
annual rate exceeding 20% over the last few years and historical
adjusted EBITDA margin of above 20%.

Huvepharma's rating also reflects the solid fundamentals of the
animal health market, supported by population growth, improving
standards of living, and rising demand for protein products. The
healthy new products pipeline, with a high degree of regulatory
certainty, will provide the company with additional source of

Moody's views the animal health sector's operating risk profile
to be moderate, with much less exposure to litigations and patent
expiries and less dependence on pipelines successes than human
pharmaceuticals. Key operating risk factors for the segment are
macroeconomic pressures that can reduce demand for protein and
weather conditions that can affect protein producers, which are
well mitigated by the geographic diversification of the company.
Furthermore, currently the main concern for the industry comes
from the regulatory risks related to the use of antibiotics.
Moody's believes that Huvepharma is reasonably well positioned to
withstand any potential regulatory pressure given the company's
focus on developing products that offset a potential further
reduction in antibiotics consumption (antibiotics not used in
human health segment, chemical anticoccidials, vaccines,
probiotics, enzymes).

The (P)B1 rating also incorporates the proposed buyback of 37% of
the company's shares currently held by the financial investor,
TRG. As a result of the transaction, 100% of the company will be
ultimately controlled by the Dumushievi family, long-term
strategic investors who have owned the company since 2000. The
main shareholders' historical conservative financial policy
towards the company, as well as restrictions on shareholder
distributions and other cash outflows under the facilities
agreement should mitigate potential risks related to the
concentrated ownership structure.

At the same time, the rating is constrained by a substantial step
up in leverage following the buyout transaction with adjusted
debt/EBITDA increasing to around 4.6x (4.4x on a net debt basis)
from historical levels of below 1.5x (in 2012-13), albeit Moody's
expects that this will gradually decrease to below 4.0x by year-
end 2015 on the back of strong profitable growth, healthy cash
flow generation and Huvepharma's track record of conservative
financial policy. The increase in leverage will also be supported
by the company's sound liquidity profile, supported by positive
free cash flow generation.

Structural Considerations

Upon the completion of the buyback transaction, the company's
debt capital will mainly comprise an amortizing EUR75 million
senior secured Term Loan A maturing in 2019, EUR180 million
senior secured Term Loan B due in 2020 and EUR20 million senior
secured revolving credit facility due in 2019. Moody's rates term
loans A and B and the revolving credit facility at (P)B1, the
same level as CFR. Both term loans and the revolver will be
ultimately guaranteed by all the material subsidiaries
(generating above 5% of consolidated EBITDA or assets) and
secured by a pledge of assets and shares of Huvepharma and its

Rationale for Positive Outlook

The positive outlook on the ratings reflects the potential for
the upgrade of Huvepharma's ratings by early 2016 based on
Moody's expectation that the company will continue to deliver on
its growth strategy as planned while maintaining robust operating
performance and a solid liquidity profile which should allow the
company to quickly deleverage, with adjusted debt/EBITDA reducing
to below 4.0x at year-end 2015. The prospects of an upgrade will
also however remain constrained by potential impact on operating
performance from potential regulatory changes.

What Could Change the Rating Up/Down

Moody's would consider upgrading Huvepharma's rating if the
company were to (1) continue demonstrating robust operational
performance; (2) with a clear trajectory for leverage (measured
as adjusted debt/EBITDA) towards below 4.0x while sustaining
retained cash flow to net debt at above 15%; and (3) maintain a
solid liquidity profile and positive free cash flow generation.

Conversely, Moody's would consider downgrading the ratings,
though currently unlikely, in the event of a material
deterioration in Huvepharma competitive position within its core
product lines, negative impact on operating performance from the
increasing regulatory risks or other related developments, which
may delay the company's deleveraging process with adjusted
debt/EBITDA remaining around 5x and retained cash flow to net
debt below 12% on a sustained basis.

Principal Methodologies

The principal methodology used in this rating was the Global
Manufacturing Industry published in December 2010. 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 Sofia, Bulgaria, Huvepharma AD is a vertically
integrated developer, manufacturer and distributor of a wide
range of animal health products to livestock animals, with a
focus on poultry and swine markets. Huvepharma sells over 95
products in more than 95 countries, with Europe and North America
being its key markets. In 2013, the company generated around
EUR200 million of revenues.


EUROMAX VI ABS: S&P Cuts Rating on Class B Notes to 'CCC+(sf)'
Standard & Poor's Ratings Services took various credit rating
actions in EUROMAX VI ABS Ltd.

Specifically, S&P has:

   -- Raised to 'BB (sf)' from 'BB- (sf)' its rating on the class
      A notes;

   -- Lowered to 'CCC+ (sf)' from 'B (sf)' its rating on the
      class B notes; and

   -- Affirmed its 'CCC- (sf)' ratings on the class C, D, and E

The rating actions follow S&P's analysis of the transaction using
data from the trustee report dated June 18, 2014, and the
application of S&P's relevant criteria.

The transaction's post-reinvestment period began in April 2013.
The class A notes have amortized by about EUR83 million since
S&P's previous review on June 8, 2012.  This increased the
available credit enhancement for the class A notes.

The portfolio's credit quality has decreased since S&P's previous
review.  The proportion of assets that S&P considers to be
defaulted (rated 'CC', 'C', 'SD' [selective default], or 'D') has
increased to 12% from 8% of the portfolio balance excluding cash.
The proportion of assets that S&P rates in the 'CCC' category
('CCC+', 'CCC', and 'CCC-') has also increased to 29% from 8% of
the total portfolio, over the same period.

Following the deterioration of the pool's credit quality, the
scenario default rates (SDRs) have increased at each rating
level. The SDR is the minimum level of portfolio defaults that
S&P expects each tranche to be able to withstand at a specific
rating level using CDO Evaluator.

The overcollateralization tests for all classes of notes are all
falling, with lower margins than in S&P's previous review.

"We conducted our cash flow analysis to determine the break-even
default rate (BDR) for each rated class of notes at each rating
level.  The BDR represents our estimate of the maximum level of
gross defaults, based on our stress assumptions, that a tranche
can withstand and still fully repay interest and principal to the
noteholders.  We gave credit to an aggregate collateral amount of
EUR160 million, used the reported weighted-average spread of
1.37%, and the weighted-average recovery rates calculated in
accordance with our 2012 criteria for collateralized debt
obligations (CDOs) of pooled structured finance assets.  We
applied various cash flow stresses using our standard default
patterns and timings for each rating category assumed for each
class of notes," S&P said.

The results of S&P's analysis indicate that the class A notes are
able to sustain defaults at a 'BB' rating level.  S&P has
therefore raised to 'BB (sf)' from 'BB- (sf)' its rating on the
class A notes.

S&P's analysis also indicates that the available credit
enhancement for the class B notes in this transaction is
commensurate with a lower rating than previously assigned.  S&P
has therefore lowered to 'CCC+ (sf)' from 'B (sf)' its rating on
the class B notes.

At the same time, S&P has affirmed its 'CCC- (sf)' ratings on the
class C, D, and E notes as they are still deferring and

The application of the largest obligor default or largest
industry test did not constrain S&P's ratings on any of the
classes of notes.

EUROMAX VI ABS is a cash flow mezzanine structured finance CDO of
a portfolio that predominantly consists of mortgage-backed
securities.  The transaction closed in April 2007 and Collineo
Asset Management GmbH manages it.


Class        Rating             Rating
             To                 From

EUR430 Million Floating-Rate Notes

Rating Raised

A            BB (sf)            BB- (sf)

Rating Lowered

B            CCC+ (sf)          B (sf)

Ratings Affirmed

C            CCC- (sf)
D            CCC- (sf)
E            CCC- (sf)

GOODZ GMBH: Files for Insolvency on Lack of Additional Capital
JD Alois at Crowdfund Insider reports that highlighting the risk
of investing in startups, goodz GmbH, a Berlin-based company that
did an equity crowdfunding round this past Spring, has filed for

The crowdfunding campaign on Seedmatch raised EUR100,000 from 134
investors, Crowdfund Insider discloses.  The company had been
seeking follow on funding but was unable raise additional capital
and just recently decided to seek insolvency, Crowdfund Insider

According to Crowdfund Insider, Jeffrey van Ede in a posting on
the SeedMatch web site a question was posed to Mr. van Ede about
alternatives and the goodz founder stated: "We currently see no
option the company to continue. We do not have sufficient
financial resources and get those not provided by external
parties.  Therefore, our focus is on a transparent and respectful
handling of the insolvency proceedings.  Once this is complete,
we will consider further steps."

goodz was an "e-boutique", launched in February 2014, that
featured cutting edge products in a curated e-commerce platform
that was determined to target only responsible and well made


ORGOVANY ES VIDEKE: Budapest Court Orders Liquidation
MTI-Econews reports that at the initiative of the National Bank
of Hungary as regulator, the Budapest Court has ordered the
liquidation of the insolvent Orgovany es Videke Savings
Cooperative in the village of Orgovany.

The NBH said that those with money deposited at the cooperative
would receive compensation within 20 days, MTI-Econews notes.

The NBH withdrew Orgovany es Videke Savings Cooperative's
operating license on July 4 after an investigation revealed
negative net assets, excessively low warranty capital and an
excessively high rate of non-performing loans, MTI-Econews

The savings cooperative held deposits worth HUF62 billion of
about 28,000 depositors on June 30, MTI-Econews discloses.

According to MTI-Econews, liquid assets of the savings
cooperative were taken over by Takarekbank, the central bank of
savings cooperatives, which will pay depositors' dues
proportionally.  The remaining deposits will be compensated, up
to EUR100,000, by Hungary's National Deposit Insurance Fund
(OBA), MTI-Econews states.

OBA said on Friday, it will complete the compensation of about
30,000 depositors of the insolvent savings cooperative by August
25 the latest, MTI-Econews relays.


ISLANDSBANKI: Chinese Investors In Talks with Bankruptcy Estate
Robert Robertsson at Reuters reports that a finance ministry
source said on Thursday a group of Chinese investors is in talks
with the bankruptcy estate of Icelandic bank Islandsbanki, which
was previously known as Glitnir and failed in 2008, over buying a
stake in the up-for-sale bank.

The source told Reuters that among the investors were Chinese
bank ICBC, insurer China Life Insurance Company, and a large
Chinese private equity fund.

Creditors own 95% of Islandsbanki through ISB Holding while the
government owns 5%, Reuters discloses.  Steinunn Gudbjartsdottir,
chairperson of the bankruptcy estate, said the estate was at an
early stage of talks with investors but did not identify these,
Reuters relates.

The finance ministry source said ISB Holding's share of
Islandsbanki was estimated at ISK165 billion in March, Reuters

Mr. Gudbjartsdottir, as cited by Reuters, said the investors in
talks with the bankruptcy estate were all highly qualified as
owners of financial businesses.

Headquartered in Reykjavik, Iceland, Islandsbanki (formerly New
Glitnir banki hf) -- offers an array of
financial services to corporation, financial institutions,
investors and individuals.

LANDSVIRKJUN: S&P Revises Outlook to Pos. & Affirms 'BB' CCR
Standard & Poor's Ratings Services revised its outlook on
Iceland-based electricity generation and transmission company
Landsvirkjun to positive from stable.  At the same time, S&P
affirmed its 'BB' long-term and 'B' short-term corporate credit
ratings on Landsvirkjun.

The outlook revision follows S&P's similar action on the Republic
of Iceland.

"We base our ratings on Landsvirkjun on the company's stand-alone
credit profile (SACP), which we assess at 'b+', reflecting its
"fair" business risk profile, "highly leveraged" financial risk
profile, and a one-notch upward adjustment for our "positive"
comparable ratings analysis, according to our criteria.  The
long-term rating further includes two notches of uplift based on
our opinion that there is a "very high" likelihood that the
government of the Republic of Iceland would provide timely and
sufficient extraordinary support to Landsvirkjun in the event of
financial distress," S&P said.

S&P considers Landsvirkjun to be a government-related entity
(GRE) as it considers there is a "very high" likelihood of
extraordinary government support.

S&P's assessment of Landsvirkjun's financial risk profile as
"highly leveraged" reflects the company's high debt due to
significant debt-funded capital investments in recent years,
resulting in weak cash-flow coverage ratios.  Although S&P
assumes that Landsvirkjun will post positive free cash flow in
the near term, it believes that credit measures will remain weak,
with funds from operations (FFO) at about 10%, from about 9% in
2013, and debt to EBITDA at about 7.0x, from about 7.7x in 2013.

Landsvirkjun's "fair" business risk profile reflects Iceland's
"moderately high" country risk, the "moderately high" industry
risk of unregulated power and gas companies, and the company's
"fair" competitive position.  Landsvirkjun's competitive position
is restricted by high customer and geographic concentration and
the company's exposure to the aluminum sector for revenue and
cash flow generation.  Landsvirkjun's earnings and cash flow are
exposed to volatile commodity prices, as about 50% of power sales
are linked to aluminum prices through power supply contracts with
aluminum smelters.  These constraints are, however, mitigated by
Landsvirkjun's position as the dominant power producer in
Iceland, and its low-cost renewable generation asset base.  Its
long-term pay-or-take contracts with customers provide some
predictability of earnings, which mitigates the concentration
risk and exposure to aluminum prices.

S&P applies an upward adjustment of one notch, reflecting its
"positive" comparable ratings analysis for the company.  This is
based on S&P's view that Landsvirkjun's FFO-to-debt ratio is at
the upper end of its "highly leveraged" category; that interest
coverage is strong for the financial risk profile; and that there
is ongoing support from the owner, the Icelandic government,
which has requested very modest dividends from Landsvirkjun over
the past few years.

The positive outlook reflects that on Iceland, and S&P's view
that the Icelandic government's ability to provide support to
Landsvirkjun in a financial stress scenario could potentially
strengthen, and that an upgrade of Iceland would likely result in
an upgrade of Landsvirkjun.

In line with S&P's methodology for GREs, it could raise the
rating on Landsvirkjun if it raised local currency rating on

S&P could also upgrade Landsvirkjun if it was to revise its
assessment of its SACP upward by one notch.  This could result
from a strengthening of the company's credit measures, for
example if the company continues to generate positive free cash
flow and pay down debt, leading to FFO to debt of at least 12% on
a sustainable basis.

All else remaining equal, an outlook revision on Iceland to
stable would lead to a similar rating action on Landsvirkjun.

S&P could also revise the outlook to stable if Landsvirkjun's
SACP were to be lowered by two notches to 'b-', something it
currently sees as unlikely.


PHOENIX PARK: Moody's Assigns 'B2' Rating to EUR14MM Cl. E Notes
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Phoenix Park CLO

EUR236,000,000 Class A-1 Senior Secured Floating Rate Notes due
2027, Definitive Rating Assigned Aaa (sf)

EUR47,000,000 Class A-2 Senior Secured Floating Rate Notes due
2027, Definitive Rating Assigned Aa2 (sf)

EUR24,000,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2027, Definitive Rating Assigned A2 (sf)

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

EUR24,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2027, Definitive Rating Assigned Ba2 (sf)

EUR14,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2027, Definitive Rating Assigned B2 (sf)

Ratings Rationale

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

Phoenix Park CLO Limited is a managed cash flow CLO. At least 90%
of the portfolio must consist of secured senior obligations and
up to 10% of the portfolio may consist of unsecured senior loans,
second lien loans, mezzanine obligations, high yield bonds and/or
first lien last out loans. The portfolio is expected to be 60%
ramped up as of the closing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe. This initial portfolio will be acquired by way of
participations which are required to be elevated as soon as
reasonably practicable. The remainder of the portfolio will be
acquired during the six month ramp-up period in compliance with
the portfolio guidelines.

Blackstone / GSO Debt Funds Management Europe Limited will manage
the CLO. It will direct the selection, acquisition and
disposition of collateral on behalf of the Issuer and may engage
in trading activity, including discretionary trading, during the
transaction's four-year reinvestment period. Thereafter,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit improved and
credit impaired obligations, and are subject to certain

In addition to the six classes of notes rated by Moody's, the
Issuer will issue EUR 45,250,000 of subordinated notes. Moody's
has not assigned rating to this class of notes.

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

Loss and Cash Flow Analysis:

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

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

Par Amount: EUR 400,000,000

Diversity Score: 34

Weighted Average Rating Factor (WARF): 2750

Weighted Average Spread (WAS): 4.00%

Weighted Average Coupon (WAC): 5.75%

Weighted Average Recovery Rate (WARR): 41.5%

Weighted Average Life (WAL): 8 years.

Stress Scenarios:

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

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

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes: 0

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

Class B Senior Secured Deferrable Floating Rate Notes: -3

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: 0

Class E Senior Secured Deferrable Floating Rate Notes: 0

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

Ratings Impact in Rating Notches:

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

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

Class B Senior Secured Deferrable Floating Rate Notes: -3

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -1

Class E Senior Secured Deferrable Floating Rate Notes: -2

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:

The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. Blackstone / GSO Debt Funds
Management Europe Limited' investment decisions and management of
the transaction will also affect the notes' performance.

PHOENIX PARK: Fitch Assigns 'B-sf' Rating to Class E Notes
Fitch Ratings has assigned Phoenix Park CLO Limited notes final
ratings, as follows:

EUR236 million class A-1: 'AAAsf'; Outlook Stable
EUR47 million class A-2: 'AA+sf'; Outlook Stable
EUR24 million class B: 'Asf'; Outlook Stable
EUR23 million class C: 'BBBsf'; Outlook Stable
EUR24 million class D: 'BB+sf'; Outlook Stable
EUR14 million class E: 'B-sf'; Outlook Stable
EUR45.25 million subordinated notes: not rated

Phoenix Park CLO Limited is an arbitrage cash flow collateralized
loan obligation (CLO). Net proceeds from the notes are being used
to purchase a EUR400 million portfolio of European leveraged
loans and bonds. The portfolio is managed by Blackstone/GSO Debt
Funds Management Europe Limited. The transaction features a four-
year reinvestment period.

Key Rating Drivers

Portfolio Credit Quality
Fitch assesses the average credit quality of obligors as 'B'/'B-
'. The agency has public ratings or credit opinions on 51 of 53
obligors in the initial portfolio. The weighted average rating
factor (WARF) of the initial portfolio is 33.4.

Above-average Recoveries
The portfolio will comprise a minimum of 90% senior secured
obligations. Recovery prospects for these assets are typically
more favorable than for second-lien, unsecured and mezzanine
assets. Fitch has assigned Recovery Ratings to all but two
obligations in the initial portfolio. The weighted average
recovery rate (WARR) of the initial portfolio is 72.5%.

Payment Frequency Switch
The notes pay quarterly while the portfolio assets can be reset
to a semi-annual basis from quarterly or monthly. The transaction
has an interest-smoothing account, but no liquidity facility.
Liquidity stress for the non-deferrable class A-1 and A-2 notes,
stemming from a large proportion of assets potentially resetting
to a semi-annual basis in any one quarterly period, is addressed
by switching the payment frequency on the notes to semi-annual in
such a scenario, subject to certain conditions.

Limited Interest Rate Risk
No more than 10% of the portfolio may consist of fixed-rate
assets; consequently, the majority of this risk is naturally
hedged, as all notes are floating-rate. Fitch modelled a 10%
fixed-rate bucket in its analysis, which showed that the rated
notes can withstand excess spread compression in a rising
interest rate environment.

Limited FX Risk
Any non-euro-denominated assets have to be hedged with perfect
asset swaps as of the settlement date, limiting foreign exchange
risk. The transaction is permitted to invest up to 20% of the
portfolio in non-euro-denominated assets.

Participation Agreement
The issuer purchased the initial portfolio from Blackstone/GSO
Corporate Funding Limited (BGCF). At closing, the issuer entered
into a participation agreement regarding the initial portfolio
assets. Under the participation agreement, BGCF transferred the
economic risk and benefits of the assets to the issuer while
retaining the title of the assets. Immediately after closing,
BGCF has begun transferring the title of the assets to the issuer
via assignment. The assignment process is expected to last
several months.

This arrangement differs from other comparable Fitch-rated CLO
transactions since the seller of the initial portfolio is not a
bankruptcy-remote warehouse SPV. BGCF is an operating company
whose business activities are not limited to dealing with the
issuer. BGCF has granted the issuer a fixed charge over the
initial portfolio assets while the title is being transferred to
the issuer. A fixed charge over financial assets is generally
debatable given the lack of control. However, Fitch received a
strong legal opinion that the fixed charge in this case is likely
to be upheld. Fitch considers that the fixed charge, coupled with
the fairly short risk horizon, adequately mitigate the risk of
the assets becoming trapped in the insolvency estate of BGCF
before the title transfer is completed.

Documentation Amendments
The transaction documents may be amended subject to rating agency
confirmation or noteholder approval. Where rating agency
confirmation relates to risk factors, Fitch will analyze the
proposed change and may provide a rating action commentary if the
change has a negative impact on the ratings. Such amendments may
delay the repayment of the notes as long as Fitch's analysis
confirms the expected repayment of principal at the legal final

If in the agency's opinion the amendment is risk-neutral from a
rating perspective Fitch may decline to comment. Noteholders
should be aware that the structure considers the confirmation to
be given if Fitch declines to comment.

Rating Sensitivities

A 25% increase in the expected obligor default probability or a
25% reduction in expected recovery rates would lead to a
downgrade of up to three notches for the rated notes.

ST. PAUL'S CLO IV: S&P Affirms 'B' Rating on Class E Notes
Standard & Poor's Ratings Services affirmed its ratings on
St. Paul's CLO IV Ltd.'s class A-1, A-2, B, C, D, and E notes
following the transaction's effective date as of May 30, 2014.

Most European cash flow collateralized loan obligations (CLOs)
close before purchasing the full amount of their targeted level
of portfolio collateral.  On the closing date, the collateral
manager typically covenants to purchase the remaining collateral
within the guidelines specified in the transaction documents to
reach the target level of portfolio collateral.  Typically, the
CLO transaction documents specify a date by which the targeted
level of portfolio collateral must be reached.  The "effective
date" for a CLO transaction is usually the earlier of the date on
which the transaction acquires the target level of portfolio
collateral, or the date defined in the transaction documents.
Most transaction documents contain provisions directing the
trustee to request the rating agencies that have issued ratings
upon closing to affirm the ratings issued on the closing date
after reviewing the effective date portfolio (typically referred
to as an "effective date rating affirmation").

An effective date rating affirmation reflects S&P's opinion that
the portfolio collateral purchased by the issuer, as reported to
S&P by the trustee and collateral manager, in combination with
the transaction's structure, provides sufficient credit support
to maintain the ratings that S&P assigned on the transaction's
closing date.  The effective date reports provide a summary of
certain information that S&P used in its analysis and the results
of its review based on the information presented to S&P.

"We believe the transaction may see some benefit from allowing a
window of time after the closing date for the collateral manager
to acquire the remaining assets for a CLO transaction.  This
window of time is typically referred to as a "ramp-up period."
Because some CLO transactions may acquire most of their assets
from the new issue leveraged loan market, the ramp-up period may
give collateral managers the flexibility to acquire a more
diverse portfolio of assets," S&P said.

For a CLO that has not purchased its full target level of
portfolio collateral by the closing date, S&P's ratings on the
closing date and prior to its effective date review are generally
based on the application of S&P's criteria to a combination of
purchased collateral, collateral committed to be purchased, and
the indicative portfolio of assets provided to S&P by the
collateral manager, and may also reflect its assumptions about
the transaction's investment guidelines.  This is because not all
assets in the portfolio have been purchased.

"When we receive a request to issue an effective date rating
affirmation, we perform quantitative and qualitative analysis of
the transaction in accordance with our criteria to assess whether
the initial ratings remain consistent with the credit enhancement
based on the effective date collateral portfolio.  Our analysis
relies on the use of CDO Evaluator to estimate a scenario default
rate at each rating level based on the effective date portfolio,
full cash flow modeling to determine the appropriate percentile
break-even default rate at each rating level, the application of
our supplemental tests, and the analytical judgment of a rating
committee," S&P said.

In S&P's published effective date report, it discusses its
analysis of the information provided by the transaction's trustee
and collateral manager in support of their request for effective
date rating affirmation.  In most instances, S&P intends to
publish an effective date report each time it issues an effective
date rating affirmation on a publicly rated European cash flow

On an ongoing basis after S&P issues an effective date rating
affirmation, it will periodically review whether, in its view,
the current ratings on the notes remain consistent with the
credit quality of the assets, the credit enhancement available to
support the notes, and other factors, and take rating actions as
S&P deems necessary.


St. Paul's CLO IV Ltd.
EUR434.91 Million Secured and Secured Deferrable Floating-Rate
Notes And
Subordinated Notes

Ratings Affirmed

Class            Rating

A-1              AAA (sf)
A-2              AA (sf)
B                A (sf)
C                BBB (sf)
D                BB (sf)
E                B (sf)


BANQUE INTERNATIONALE: Fitch Affirms 'BB' Rating on Capital Notes
Fitch Ratings has affirmed Banque Internationale a Luxembourg's
(BIL) Long-term Issuer Default Rating (IDR) at 'A-' and its
Viability Rating (VR) at 'bbb+'. The Outlook on the Long-term IDR
is Negative.

The rating actions follow a periodic review of major Benelux
banking groups.

Key Rating Drivers - IDRS, Support Rating, Support Rating Floor
and Senior Debt Rating

BIL's Long-term IDR and senior debt ratings are driven by its
Support Rating Floor (SRF). This reflects Fitch's view that there
would be an extremely high probability that the state of
Luxembourg (AAA/Stable) would provide support to BIL, if
required, without senior unsecured creditors suffering losses.
This view is underpinned by BIL's position as a systemically
important domestic bank in Luxembourg and the local authorities'
track record of providing support to such institutions.

The Negative Outlook reflects Fitch's view there is a clear
intention ultimately to reduce implicit state support for
financial institutions in the EU, as demonstrated by a series of
legislative, regulatory and policy initiatives. We expect the
EU's Bank Recovery and Resolution Directive (BRRD) to be
implemented into national legislation in 2H14 or in 1H15. We also
expect progress towards the Single Resolution Mechanism (SRM) for
eurozone banks in this timeframe. In Fitch's view, these two
developments will dilute the influence Luxembourg has in deciding
how its domestic banks are resolved and increase the likelihood
of senior debt losses in its banks if they fail solvability

Key Rating Sensitivities - IDRS, Support Rating, SRF and Senior
Debt Rating

The ratings are sensitive to a weakening of Fitch's assumptions
around the ability or propensity of Luxembourg to provide timely
support to the bank.

The Support Rating and SRF are primarily sensitive to further
progress made in implementing the BRRD and the SRM. The directive
requires 'bail in' of creditors by 2016 before an insolvent bank
can be recapitalized with state funds. A functioning SRM and
progress on making banks 'resolvable' without jeopardizing the
wider financial system are areas of focus for eurozone
policymakers. Once these are operational they will become an
overriding rating factor, as the likelihood of banks senior
creditors receiving full support from the sovereign if ever
required, despite their systemic importance, will diminish
substantially, unless mitigating factors arise in the meantime.

Fitch expects that the BRRD will be enacted into domestic
legislation in the near team and progress made on establishing
the SRM is looking close to being ready in the next one to two
years. Fitch expects then to downgrade BIL's Support Rating to
'5' and revise its SRF to 'No Floor'. Such a downward revision of
the SRF is likely to result in downgrades of the Long-term IDR
and long-term senior debt rating to the level of BIL's VR,
currently at 'bbb+'. BIL's Short-term IDR would then likely be
downgraded to 'F2'.

Key Rating Drivers - VR

BIL's VR reflects the bank's geographic focus in retail and
commercial banking in Luxembourg, a small and mature, albeit
strong, economy, and the challenges currently facing the
Luxembourg private banking industry. It also takes into account
BIL's healthy customer deposit-driven funding base, providing the
bank with ample liquidity, and strong capital ratios (Fitch Core
Capital - FCC - to weighted risks ratio of 17.6% at end-2013).

The bank is active in retail and private banking, which provide
it with a stable and large (relative to its loan book) deposit
base, ample liquidity and recurring earnings. With customer
deposits far exceeding the loan book, the excess funding is
invested in cash and high-quality securities (mostly highly-rated
sovereign bonds). These liquid assets represent approximately 30%
of total assets, which is very high compared with the average for
European banks.

The quality of BIL's customer loan book is overall healthy,
supported by sound underlying fundamentals of the Luxembourg
economy. While impaired loans represented a modest 2.8% of total
loans at end-2013, an additional 2.1% of gross loans had arrears
exceeding 90 days, but were not impaired. These largely relate to
loans to individuals, typically backed by collateral such as real
estate or securities.

BIL's capital ratios are strong, but Fitch believes they could
weaken when dividend payment resume. Precision Capital
(Precision, a Luxembourg-based bank holding company investing
Qatari funds) acquired 90% of BIL's capital from Dexia when the
latter was placed in resolution in 2011. Since then, no dividend
was paid given the activation of a 'dividend stopper' provision
from perpetual securities. In Fitch's base case, notwithstanding
dividend payout capital ratios will remain materially above
minimum requirements. The capital ratios benefit from low risk-
weighting on large holdings of sovereign bonds and leverage
measured by tangible common equity to tangible assets is still
satisfactory at 4% at end-2013.

Key Rating Sensitivities - VR
The VR would benefit from BIL defending its franchise in private
banking from a difficult operating environment marked by new
regulations, higher client expectations and fierce competition. A
successful strategy resulting in net inflows of client funds and
continued improvement in profitability could be rating-positive.

Fitch does not expect any significant weakening, if any, of the
bank's franchise from the 'automatic transfer of information' to
foreign tax administrations. Material outflows of its assets
under management as a consequence of this legal change would be
detrimental to BIL's VR. A significant deterioration in BIL's
capitalization beyond Fitch's forecasts after dividend payment
resumes, and a less prudent investment strategy negatively
impacting the bank's liquidity and risk profile would be
detrimental to its VR. Finally, the VR is also sensitive to
prolonged worsening in asset quality, causing higher-than-
expected loan impairment charges, although this is not expected
by Fitch.

Key Rating Drivers and Sensitivities - Subordinated Debt and
Other Hybrid Securities

BIL's subordinated (Tier 2) debt securities are rated one notch
below its VR to reflect below- average loss severity of this type
of debt when compared to average recoveries.

BIL's perpetual capital notes (XS0132253468) are notched down
four levels from BIL's VR to incorporate higher expected loss
severity compared with senior unsecured creditors (two notches)
and incremental non-performance risk (two notches). Following
BIL's profit recovery in 2012 and 2013 and the allocation of
funds to restoring the securities' principal as decided by the
latest AGM, coupon payments resumed in July 2014 and Fitch
expects the securities to continue to perform. The coupon
suspension triggered a two-year period of 'dividend stopper',
after which dividends payment could resume (from 2017).

As all these securities are notched down from BIL's VR, their
rating is primarily sensitive to changes in the VR. The notes'
rating is also sensitive to a change in Fitch's assessment of the
notes' non-performance risk relative to that captured in BIL's

The rating actions are as follows:

Long-term IDR affirmed at 'A-'; Outlook Negative
Short-term IDR affirmed at 'F1'
Support Rating affirmed at '1'
Support Rating Floor affirmed at 'A-'
Viability Rating affirmed at 'bbb+'
Senior debt affirmed at 'A-'/'F1'
Market-linked notes affirmed at 'A-emr'
Subordinated debt affirmed at 'BBB'
XS0132253468 perpetual capital notes affirmed at 'BB'

CAPSUGEL SA: Moody's Affirms 'B2' Corporate Family Rating
Moody's Investors Service affirmed ratings of Capsugel S.A.
Luxembourg and Capsugel Holdings US, Inc. and Capsugel FinanceCo
S.C.A. (together "Capsugel"), including the B2 Corporate Family
Rating and the B2-PD Probability of Default Rating. Moody's also
moved the Corporate Family Rating and Probability of Default
rating to Capsugel S.A. Luxembourg (Capsugel Holdings S.A.'s
parent) as this is the highest rated entity with debt. Moody's
affirmed the Ba3 rating on the senior secured credit facilities
and assigned Ba3 rating to an add-on issuance senior secured term
loan to refinance the existing unsecured notes. Additionally,
Capsugel will increase its revolving facility to US$175 million
and extend the maturity to 2019. Moody's also affirmed the Caa1
rating on the PIK Toggle Notes, including additional US$415
million of Notes issuance (7% cash, 7.75% PIK) to pay a dividend
to equity holders, including Kohlberg Kravis Roberts & Co. L.P.
(KKR). The rating outlook is stable.

"The transaction is credit negative because a second significant
dividend recapitalization within a year demonstrates Capsugel's
continuing shift toward more aggressive financial policies, and
the resulting debt/EBITDA of more than 7.0x is not commensurate
with the current B2 rating," commented John Zhao, a Vice
President and Senior Analyst with Moody's.

"However, we expect debt/EBITDA will decrease steadily to below
6.5x over the next 12-18 months, driven by mid-single digit
EBITDA growth and debt reduction from free cash flow," added

While the transaction will increase Capsugel's leverage, interest
expense will increase only marginally, resulting in only a slight
reduction in free cash flow, which Moody's expects to total $60-
$80 million over the next twelve months. Liquidity will also
improve modestly because of the extension and upsizing of the

Ratings affirmed and being moved as follows, subject to Moody's
review of final documents:

Capsugel SA Luxembourg

  Senior PIK Toggle notes - Caa1 (LGD 5)

Ratings previously were assigned to Capsugel Holdings S.A.

  Corporate Family Rating - B2

  Probability of Default Rating - B2-PD

  Outlook - stable

Capsugel Holdings US, Inc

  Senior secured revolving facility - assigned at Ba3 (LGD 3)

  Senior secured term loan affirmed and revised to Ba3 (LGD 3)
  from Ba3 (LGD 2)

Capsugel FinanceCo S.C.A.

  Add-on Senior secured term loan - assigned at Ba3 (LGD 3)

  Senior unsecured notes - B3 (LGD 5) -- rating will be withdrawn
  upon repayment

Ratings Rationale

The B2 Corporate Family Rating reflects Capsugel's very high
financial leverage and aggressive financial policies, including
significant amounts of shareholder dividends paid since the
company's leveraged buyout. The rating also reflects the
company's modest overall size (by revenue), and high
concentration in the niche hard capsule market. Other credit
risks include the company's exposure to gelatin costs, which have
risen significantly. The rating is supported by the company's
good track record of organic, constant currency revenue growth,
and operating margin expansion. The rating is also supported by
the company's leadership in supplying hard capsules to the
pharmaceutical and dietary supplement industries, its track
record of technological innovation, and its good diversity by
geography and customer.

Moody's could downgrade the ratings if leverage is expected to
remain above 6.5 times over the next 12-18 months. Further, if
free cash flow to debt is expected to be negative for a sustained
period, or liquidity is expected to materially worsen, Moody's
could downgrade the ratings.

If Capsugel grows EBITDA and reduces debt such that adjusted debt
to EBITDA is sustained below 5.0 times and free cash flow to debt
is sustained around 8%, Moody's could upgrade the ratings. An
upgrade would also require continued stability in profit margins
despite fluctuations in commodity prices as well as adherence to
more conservative financial policies.

Capsugel, headquartered in Morristown, New Jersey, is a developer
and manufacturer of capsule products and other drug delivery
systems for the pharmaceutical and dietary supplement industries.
The company is owned by Kohlberg Kravis Roberts & Co. L.P.
Revenue for the twelve months ended March 31, 2014 were
approximated $987 million.

The principal methodology used in this rating was the Global
Manufacturing Industry published in December 2010. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

FINDUS PIK: Fitch Assigns 'CCC(EXP)' Rating to EUR200MM PIK Notes
Fitch Ratings has assigned Findus PIK S.C.A. (holdco) an expected
Issuer Default Rating (IDR) of 'CCC(EXP)' and its planned EUR200
million PIK notes issue an expected debt rating of
'CC(EXP)'/'RR6'. The assignment of final ratings is contingent
upon the receipt of the final documents conforming materially to
the preliminary documentation received.

Findus PledgeCo S.a.r.l.'s (Findus) 'B-' Long-term Issuer Default
Rating (IDR) and Findus BondCo S.A.'s senior secured notes 'B+'
rating are unaffected by the proposed issue.

Fitch has not included the planned issue of EUR200 million notes
in its leverage ratios due to their equity-like characteristics,
mainly the issuer's option to pay either PIK or cash interest.
Fitch expects the interest on the new notes to be paid-in-kind
given Findus's current limited financial flexibility. Given the
neutral impact of the planned notes on Findus's cash flow and
senior debt, the credit metrics of the restricted group are

The EUR200 million will be issued outside of the restricted group
and payment of interest in cash is optional rather than
mandatory. The notes have a maturity of five years and the
proceeds will be used to repay part of the issuer's existing
preferred equity certificates (PECs). The PIK notes will
represent a senior obligation of the issuer and will benefit from
first-priority pledges over the share capital of the restricted
group (Findus Special Intermediary) and over Findus PIK SCA's
parent's (Findus Intermediary) PECs. There is no cross-default
between the restricted group debt obligations and the PIK notes,
but enforcement of the PIK notes share pledge would lead to a
change of control event at the restricted group level.

The holdco's expected IDR of 'CCC(EXP)' is derived from Findus's
'B-' IDR reflecting its links to the operating performance of the
restricted group but notched down to reflect the holdco's higher
default risk. The higher default risk is largely attributable to
the holdco's subordinated nature within the holding structure and
significant limitations (e.g. restricted payments) to upstream
payments from the restricted group.

The expected instrument rating on the PIK notes of 'CC(EXP)'
reflects the deeply subordinated nature of these instruments
relative to Findus's senior liabilities as well as the absence of
direct claims over the restricted group other than a residual
equity claim on Findus. Fitch believes that under a distressed
scenario, this feature is likely to result in poor recovery
ratings of 'RR6' in the range of 0%-10%.

Key Rating Drivers

Geographic and Product Diversity
Findus remains the leader in its key markets of Norway, Sweden,
Finland and France, with high market shares in branded frozen
food and a diverse product proposition of frozen fish and ready-
to-eat meals. However, Fitch expects increasing private-label
penetration and competition from chilled food to continue putting
pressure on Findus group's profit margins. Cost savings, while
limited, are expected to remain the key driver of profit growth.

Volatility in Commodity Prices

Sudden commodity price inflation, such as the recent all-time
high price of salmon, in conjunction with greater volatility in
food commodity markets will continue to challenge Findus,
especially in the event of a slowdown in consumer spending.
Meanwhile, the group is benefiting from continued investments in
product innovation and successful negotiations of contracts with
food retailers to pass on price increases in raw materials.

Scope for EBITDA Stability
Fitch expects product innovation and contract negotiations to
mitigate raw material price increases. We therefore project that
EBITDA margins should remain fairly stable at FY14's (year to
September 2014) 8%. FY13 and 1HFY14 performances were in line
with management's expectations despite challenges in frozen fish
sales in Norway. EBITDA margins returned to the FY11 level after
having previously been on a contracting path.

Resilient Food Consumption

Consumption of fast-moving consumer goods is fairly resilient
through the economic cycle, although growth in mature and
developed markets is limited. Findus's product innovation
capabilities and targeted marketing spending are key to ensuring
its product offering remains relevant to consumers amid changing
economic conditions, consumer preferences, health concerns and
food price inflation.

Improving FCF

Findus has historically generated low levels of FCF, which is
considered a weakness. Although we expect a mildly negative FCF
margin in 2014 due to one-off costs for refinancing, exchange
rate translational differences and working capital unwinding, we
expect cash generation to improve, albeit remaining relatively
weak at around 1% during FY14-FY16.

High Leverage

Findus's FFO adjusted gross leverage at end of the financial year
to September 2013 (FYE13) post refinancing remained high at 6.4x.
Fitch expects leverage to improve towards 5.5x with FFO fixed
charge cover moving towards 1.8x by 2016. If maintained, this
leverage profile would be considered relatively strong for the
'B-' rating relative to close peers.

Rating Sensitivities

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

-- Improvement in operating profitability and organic business
    growth evidenced by EBITDA margin improvement up to 9%
    (FYE13: 7.9%) and FCF margin of 3% or higher (FYE13: 0.2%).

-- Further de-leveraging with FFO adjusted leverage to or below
    5.5x on a sustained basis (FYE13: 6.4x).

-- FFO fixed charge cover at 2x or above on a sustained basis
    (FYE13: 2.3x).

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

-- A contraction in organic revenue, for example resulting from
    increased competitive pressures, combined with a steady
    reduction in operating profitability leading to an EBITDA
    margin below 7%.

-- Consecutive periods of negative FCF leading to erosion of the
    liquidity cushion.

-- A sustained deterioration in FFO adjusted leverage to or
    above 7x.

-- FFO fixed charge cover sustainably at 1.5x or below.

Liquidity and Debt Structure

Adequate Liquidity
Fitch anticipates that Findus's liquidity will remain adequate,
supported by a super senior RCF of GBP60m and, in the longer
term, mildly positive FCF generation from FY15.

No Maturities Before 2018
Findus's current debt includes approximately GBP405 million of
senior secured notes maturing in July 2018, revolving credit
facility (RCF) of GBP60 million maturing in December 2017. While
there is no debt amortization pressure in the foreseeable future,
we believe that the deleveraging path will be slow and dependent
on growth in EBITDA. Fitch expects FFO adjusted leverage to
remain above 5.5x until at least 2016.

LION/GEM LUXEMBOURG: S&P Affirms 'B-' CCR; Outlook Stable
Standard & Poor's Ratings Services affirmed its 'B-' long-term
corporate credit rating on Lion/Gem Luxembourg 3 S.a.r.l. (Findus
or the group).

At the same time, S&P affirmed its 'B-' issue rating on the
existing cumulative GBP410 million-equivalent senior secured
notes issued by Findus' subsidiary Findus Bondco S.A.  The
recovery rating on these notes is '4', indicating S&P's
expectation of average (30%-50%) recovery in the event of a
payment default.

In addition, S&P assigned a 'CCC' issue rating to the EUR200
million proposed payment-in-kind (PIK) notes to be issued by
Findus PIK SCA.  The recovery rating on these instruments is '6',
indicating S&P's expectation of negligible (0%-10%) recovery in
the event of a payment default.

The affirmation follows the proposal by Findus PIK SCA -- a newly
established company and a wholly owned finance subsidiary of
Findus -- to issue PIK notes of EUR200 million due in 2019.  The
affirmation reflects S&P's view that Findus will use the proceeds
of the proposed issuance to refinance its high-interest bearing
preferred equity certificates (PECs).  S&P treats these PECs as
debt-like instruments in its calculation of leverage, and
therefore, it considers that the proposed issuance does not
increase Findus' leverage any further.  However, S&P do consider
it aggressive because the company is partially replacing its
sponsor-owned debt (the PECs) by issuing PIK notes, which
classify as third-party debt.

Following the issuance, the group's capital structure would
include cumulative senior secured notes of GBP410 million-
equivalent, a GBP60 million super senior revolving credit
facility (RCF), PECs worth GBP378 million, and the proposed PIK
notes of EUR200 million.

S&P's corporate credit rating on Findus reflects its assessments
of the group's financial risk profile as "highly leveraged" and
its business risk profile as "weak."

The group's "highly leveraged" financial risk profile reflects
its Standard & Poor's-adjusted debt to EBITDA of about 12.6x on
Dec. 31, 2014.  This high leverage reflects the PECs and the
proposed PIK notes.  S&P considers PECs to be debt-like
instruments, although it recognizes their cash-preserving
function.  Excluding these debt-like instruments, the group's
leverage would be 7.5x at Dec. 31, 2014, in line with a "highly
leveraged" financial risk profile.  S&P also projects that
Findus' funds from operations (FFO) cash interest coverage would
be about 1.7x at Dec. 31, 2014, which is almost in line with a
"highly leveraged" financial risk profile.

"In our base-case scenario, we forecast that Findus will be able
to maintain its EBITDA margin at more than 7% in 2014.  We do not
foresee any margin erosion due to the group's cost-improvement
measures, which include restructuring, new product launches, and
improved processes.  We believe that these initiatives will have
a positive effect on the group's profitability.  We also assume
that the group will almost have negligible free operating cash
flow (FOCF) in 2014 and 2015, reflecting capital expenditure
(capex) of GBP30 million in 2014 and 2015.  Any future
improvement in leverage is likely to result from higher
profitability rather than from debt reduction, reflecting the
group's long-dated debt maturity profile," S&P said.

Findus' "weak" business risk profile reflects the group's limited
ability to pass on price increases to its customers, along with
lower profitability than its branded- and private-label peers.
This partly reflects the group's exposure to private labels,
which reduces its pricing flexibility, along with heavy private-
label competition for its branded products.  Furthermore, S&P
perceives that the group lacks focus on brand development and
innovation, resulting in lower price premiums for its products.

In addition, S&P views Findus' operating leverage as lower than
its peers' with more than 80% of its costs being variable in
nature.  This renders Findus unable to realize scale benefits in
product development and production.  Furthermore, S&P believes
that the group's diversification is lower than that of its peers.
Findus has high geographic concentration in the U.K., which
contributed 50% of 2013 revenues, and high customer concentration
risk, with 84% of 2013 revenues coming from retailers.  These
weaknesses are partially offset by Findus' leading position in
the frozen food market in Sweden, Norway and the U.K., and its
strong relationships with retailers.  Based on these factors, S&P
assess the group's competitive position as "weak."

S&P's business risk assessment for Findus also incorporates its
view of the global branded nondurable consumer products industry
as having "low" risk and "very low" country risk.  The group
operates in the U.K. and the Nordic region, which contributed
nearly 85% of its revenues in 2013.

S&P's base-case operating scenario for Findus assumes:

   -- Flat-to-low single-digit top-line growth in 2014 and 2015,
      reflecting heavy private-label competition, offset by new
      product launches.

   -- An improving cost structure that will begin to benefit the
      group from 2014.

   -- Restructuring costs of about GBP7.5 million, reflecting
      site closures and ongoing cost-improvement measures, which
      S&P includes in its EBITDA calculation.

   -- An improvement in EBITDA to GBP84 million in 2014 and GBP90
      million in 2015, reflecting the aforementioned cost-
      improvement measures.

   -- Capital expenditures (capex) of GBP30 million in 2014 and

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

   -- An EBITDA margin of 7.3% in 2014 and 7.7% in 2015.
   -- Debt to EBITDA of 12.6x in 2014 and 12.8x in 2015.
   -- FFO cash interest coverage of 1.7x in 2014 and 1.6x in

The stable outlook on Findus reflects S&P's view that the group
will be able to implement its various cost-improvement
initiatives, which should help it maintain its steady revenues
and margins over the next 12-18 months.  According to S&P's base-
case scenario, the group will maintain FFO cash interest coverage
of 1.5x-2.0x consistently, along with "adequate" liquidity.  This
is commensurate with a 'B-' rating.

S&P could lower the rating if the group's liquidity becomes
weaker due to reduced profitability and/or restructuring costs,
and if FFO cash interest coverage falls to less than 1.5x.
Moreover, increases in raw material costs within a short time
span from which the group cannot recover, and further
deterioration in the performance of the group's business could
lead to a negative rating action.

S&P could take a positive rating action if the company continues
its positive operating performance momentum, such that S&P sees a
consistent enhancement of the group's overall business
performance.  This could be achieved through improved EBITDA
margins, an improving market share, and free cash flow
generation. In addition, a positive rating action would likely
depend on the company reaching and maintaining FFO cash interest
coverage of 2.0x.  This could happen if the company does not pay
any cash interest on its proposed EUR200 million PIK instrument
due in 2019, and if the company remains committed to this target
over the life of the instrument.

PICARD BONDCO: Fitch Affirms 'B+' Long-Term Issuer Default Rating
Fitch Ratings has affirmed food group Picard BondCo S.A.'s
(Picard) Long-term Issuer Default Rating (IDR) at 'B+' with a
Stable Outlook. Fitch has also affirmed Picard Groupe S.A.S.'s
EUR480 million floating rate notes (FRNs) and EUR30 million
revolving credit facility (RCF) at 'BB'/'RR2', and Picard's
senior notes at 'BB-'/'RR3'.

The affirmation reflects Picard's strong business profile and
resilience as demonstrated by a limited EBITDA decline for the
financial year ended March 2014 and the recovery of revenues in
4Q FY14 following the horsemeat contamination scandal in early
2013. The ratings also reflect subdued like-for-like sales growth
in France, slow geographic diversification and continued pressure
on profit margins. Fitch expects top-line and EBITDA growth to be
weak over the next four years. However, deleveraging remains
supported by management's cautious stance towards expansion and
by the group's strong cash flow generation capacity.

Key Rating Drivers

Resilient Business Model
The horsemeat scandal and a depressed consumer environment caused
French like-for-like sales to decline 3.3% in FY14. However,
Picard started to recover from 4Q FY14, helped by the high
quality image of frozen food in France and management's
reinforced commercial initiatives.

Fitch expects Picard's like-for-like sales to continue growing,
albeit at slower rates than before the 2008 economic crisis due
to growing competitive pressure to increase customer traffic
through store formats and selling prices. In particular, Fitch
believes the spending retrenchment by consumers seen over the
last few years is now exacerbated by heavy price cuts initiated
by major food retailers.

Long-term Margin Pressure
Fitch expects Picard's EBITDA margin to stabilize at around 13%,
down from the FY11 peak of 14.6%. Such a profitability level
remains high relative to rated food retail peers. We believe
management will continue to exercise restraint on operating
expenses. However, marketing and food control costs should
continue to represent a high percentage of sales while in the
medium term at least, expansion-related costs will continue to
weigh on profitability. This is due to an increasingly
competitive environment and consumer scrutiny on product quality
following the horsemeat scandal.

Slow Geographic Diversification
The benefits from international expansion remain uncertain.
Network roll-out in Belgium and Sweden is at an early stage.
Initial results are encouraging but growth prospects in these
geographies cannot yet be taken for granted. Picard's unproven
ability at diversifying its activities geographically acts as a
rating constraint. However, Fitch takes a positive view of
management's cautious approach to expansion as a slowdown in
expansion would not affect the group's cash flow prospects under
the current debt structure.

Solid Free Cash Flow
Fitch expects Picard's annual FCF to average 4% of sales over the
next three years. This high percentage of sales reflects the
group's specific business model. Picard generates higher profit
margins than pure food retailers as it is partly integrated into
food procurement (albeit production is outsourced) while the
majority of its products are sold under its own brand.
Furthermore the group benefits from a high cash conversion ratio
due to limited working capital swings and moderate capex relative
to EBITDA. Low cash flow volatility reflects the group's
resilient gross profit margin and the flexibility to scale back
expansion capex without eroding EBITDA and FFO generation.

Slow but Steady Deleveraging
Fitch expects lease-adjusted funds from operations (FFO) gross
leverage to peak at 5.9x in FY15 due to flat FFO and higher
leases weighing on adjusted debt. Thereafter leverage should
decline to 5.2x by FY18 on profit expansion. On a net basis,
deleveraging will be faster due to Picard's strong free cash flow
(FCF) generation. We expect lease-adjusted net FFO leverage to
reach 4.2x in FY18 versus 5.2x in FY15 (Fitch only takes into
account readily available cash to net off debt). As a result
Picard's refinancing risk is in line with 'B+' Fitch-rated peers.

Rating Sensitivities

Positive: Future developments that could lead to positive rating
actions include:

  -- Positive like-for-like sales growth, combined with
     successful and profitable regional expansion, translating
     into a resilient profit margin and FCF generation above 5%
     of sales

  -- FFO adjusted gross leverage sustainably below 5.0x (4.0x net
     of readily available cash)

  -- FFO fixed charge cover sustainably above 2.5x (FY14: 1.9x)

Negative: Future developments that could lead to negative rating
action include:

  -- Significant deterioration in like-for-like sales and EBITDA

  -- FFO fixed charge cover below 1.7x

  -- FFO adjusted gross leverage sustainably above 6.0x (5.5x on
     a net basis)

  -- Refinancing of Picard PICKCo S.A.'s PIK notes through a debt
     instrument with terms and conditions that may place the FRN
     and senior note holders in a less favourable position


ABN AMRO BANK: Fitch Lifts Subordinated Debt Rating From 'BB+'
Fitch Ratings has affirmed Netherlands-based ABN AMRO Bank N.V.'s
(ABN AMRO) Long-term Issuer Default Rating (IDR) and Support
Rating Floor (SRF) at 'A+'. The Outlook on the Long-term IDR is
Negative. At the same time Fitch has upgraded ABN AMRO's
Viability Rating (VR) to 'a' from 'a-'.

The rating actions follow a periodic review of major Benelux
banking groups.

The upgrade of ABN AMRO's VR reflects Fitch's view that
management has built a solid track record in successfully
implementing its chosen strategy since the 2010 merger of the
former ABN AMRO Holding and Fortis Bank Nederland. Fitch expects
management to remain fully focused on maintaining a strong
balance sheet, and the continuing improvements in the bank's
financial metrics have been incorporated into the 'a' VR.

Key Rating Drivers - IDRS, SRF and Senior Debt

ABN AMRO's Long-term IDR is at its SRF, reflecting Fitch's belief
that the Dutch State (AAA/Stable) would support the bank if
required, given its importance to the domestic economy and
financial system.

The Negative Outlook on the Long-term IDR reflect Fitch's view
there is a clear intention ultimately to reduce implicit state
support for financial institutions in the EU, as demonstrated by
a series of legislative, regulatory and policy initiatives. Fitch
expects the EU's Bank Recovery and Resolution Directive (BRRD) to
be implemented into national legislation in 2H14 or in 1H15.
Fitch also expects progress towards the Single Resolution
Mechanism (SRM) for eurozone banks in this timeframe. In Fitch's
view, these two developments will dilute the influence the
Netherlands have in deciding how Dutch banks are resolved and
increase the likelihood of senior debt losses in its banks if
they fail solvability assessments.

Rating Sensitivities - IDRS, SRFs and Senior Debt

As ABN AMRO's IDRs, SRF and senior debt ratings are support-
driven, they are sensitive to a change in Fitch's assumptions
about the ability or propensity of the Dutch State to provide
timely support to its domestic banks. ABN AMRO's 'a' VR means,
however, that any support-driven downgrade of the bank's Long-
term IDR and senior debt ratings would be limited to one notch,
by which point the ratings would be based only on its standalone

The Support Rating and SRF are primarily sensitive to further
progress made in implementing the BRRD and the SRM. The directive
requires 'bail in' of creditors by 2016 before an insolvent bank
can be recapitalized with state funds. A functioning SRM and
progress on making banks 'resolvable' without jeopardizing the
wider financial system are areas of focus for eurozone
policymakers. Once these are operational they will become an
overriding rating factor for any support considerations, as the
likelihood of the bank's senior creditors receiving full support
from the sovereign if ever required, despite its systemic
importance, will diminish substantially.

Fitch expects that the BRRD will be enacted into national
legislation in the near term and progress made on establishing
the SRM is looking close to being ready in the next one to two
years. Fitch expects to then downgrade ABN AMRO's Support Rating
to '5' and revise its SRF to 'No Floor'.
The Support Rating and SRF are also sensitive to changes in
Fitch's assumptions about the sovereign's ability (as reflected
by its ratings) to provide support.

Key Rating Drivers - VR

ABN AMRO's VR reflects the bank's strong Dutch franchise,
complemented by international private banking, providing it with
resilient revenue generation. The VR also takes into account the
bank's continued focus on maintaining a moderate risk profile,
and expected gradual improvements of asset quality.

ABN AMRO's profitability is in line with that of similarly rated
European peers. The bank has been affected by elevated loan
impairment charges (LICs) in recent years, shaving 30% to 60% off
pre-impairment operating profits since 2010. As the economy
recovers, Fitch expects LICs will reduce in 2014 and 2015, and
with pre-impairment operating profit/equity of around 20%,
improved profitability should be achievable, supporting the
bank's internal capital generation. Cost-saving initiatives are
also being implemented, which are expected to improve ABN AMRO's
cost efficiency, which is somewhat higher than peers'.

Limited asset growth and a low dividend payout ratio since 2010
have supported ABN AMRO's efforts to build capital.
Capitalization compares well with similarly rated peers,
particularly on a risk-weighted basis, with a fully loaded Basel
3 common equity Tier 1 (CET1) ratio of 12.9% at end-March 2014.
ABN AMRO's fully loaded Basel 3 leverage ratio was 3.6% at the
same date, and the 'a' VR incorporates expected gradual reduction
in leverage. Further improvement in capitalization is likely to
be driven by retained earnings, and possibly with the issuance of
additional Tier 1 instruments once their tax treatment is voted
in by the Dutch parliament.

The quality of ABN AMRO's loan book remains resilient, despite
around 20% house price correction in the Netherlands since the
peak in 2008. Residential mortgage loans make up the majority of
the portfolio, and impaired loans remain manageable. Commercial
real estate lending has been more severely affected by the Dutch
recession, as evidenced in a materially higher impaired loans
percentage, although this remains manageable for the bank.

ABN AMRO is reliant on wholesale markets for structural funding.
The bank maintains a reasonable buffer of high-quality liquid
assets to mitigate refinancing risks.

Rating Sensitivities - VR

The bank's VR incorporates a gradual improvement in asset
quality, profitability and leverage, and given the high rating,
upside potential is limited.

A material deterioration in the bank's earnings generation or
asset quality, affecting its capital or access to/cost of
wholesale funding would likely result in a downgrade of the VR.

Key Rating Drivers and Sensitivities - Subordinated Debt and
Other Hybrid Securities

As the bank's subordinated debt and hybrid securities are notched
down from its VR, their respective ratings have been upgraded.
The ratings are sensitive to a change in ABN AMRO's VR.
In accordance with Fitch's criteria 'Rating Bank Regulatory
Capital and Similar Securities', subordinated (lower Tier 2) debt
is rated one notch below ABN AMRO's VR to reflect the above-
average loss severity of this type of debt.

Upper Tier 2 debt and Tier 1 securities are rated three and four
notches below ABN AMRO's VR, respectively, to reflect higher loss
severity risk of these securities relative to average recoveries
(one and two notches from the VR, respectively) as well as high
risk of non-performance (an additional two notches for each debt

Key Rating Drivers and Sensitivities - Susbidiary and Affiliated

ABN AMRO Funding LLC is a US-based funding vehicle fully-owned by
ABN AMRO. The rating of the US commercial paper (CP) debt
securities issued by the vehicle is aligned with ABN AMRO's
Short-term IDR, based on Fitch's view that there is an extremely
high probability of support from ABN AMRO if required. This view
is underpinned by ABN AMRO's guarantees on the securities issued
by ABN AMRO Funding LLC.

The rating of the US CP debt is therefore sensitive to changes in
ABN AMRO's Short-term IDR.

The rating actions are as follows:


Long-term IDR: affirmed at 'A+'; Outlook Negative
Short-term IDR: affirmed at 'F1+'
Viability Rating: upgraded to 'a' from 'a-'
Support Rating: affirmed at '1'
Support Rating Floor: affirmed at 'A+'
Commercial paper: affirmed at 'F1+'
Long-term senior unsecured notes: affirmed at 'A+'
Short-term senior unsecured notes: affirmed at 'F1+'
Subordinated debt: upgraded to 'A-' from 'BBB+'
Non-innovative Tier 1 subordinated debt (XS0246487457):
  upgraded to 'BBB-' from 'BB+'
Upper Tier 2 subordinated debt (XS0244754254): upgraded to
  'BBB' from 'BBB-'


Short-term senior unsecured notes: affirmed at 'F1+'

AMSTERDAM TRADE: Moody's Affirms 'Ba2' Long-Term Deposit Ratings
Moody's Investors Service has changed the outlook on Amsterdam
Trade Bank NV's long-term deposit ratings and standalone bank
financial strength rating (BFSR) to negative from stable. The
rating agency has also affirmed Amsterdam Trade Bank's local- and
foreign-currency long-term deposit ratings at Ba2, local- and
foreign-currency short-term deposit ratings at Not-Prime, and
standalone BFSR at D (equivalent to a baseline credit assessment
(BCA) of ba2).

Ratings Rationale

The outlook change on Amsterdam Trade Bank's BFSR to negative
reflects possible asset quality deterioration in the bank's
substantial exposures to Ukraine and Russia against the backdrop
of increased geopolitical tensions. At year-end 2013, Amsterdam
Trade Bank reported total exposure to Ukraine of EUR444 million,
which included bank exposures totaling EUR206 million mainly in
the form of pledged deposits, and a small exposure to Alfa-Bank
Ukraine (unrated). As at the same date, the credit exposure to
Ukraine represented approximately 79% of Tier 1 capital. The
bank's exposure to Russia was EUR259 million at year-end 2013, or
86% of Tier 1 capital.

Moody's notes that there was, to date, no asset quality
deterioration in the Ukrainian loan book and that, as a
consequence, no loan loss provisions had to be recorded in
relation to the recent events. Moody's views favorably the fact
that the Ukrainian loan book is secured by various forms of
collateral, representing approximately 82% of lending.
Furthermore, the short average duration (around one year) of
loans to Ukrainian customers has enabled Amsterdam Trade Bank to
reduce the portfolio by approximately 25% in the six months ended
June 30, 2014, while new lending in the region was discontinued.

However, Moody's believes that the balance of risks for Amsterdam
Trade Bank's asset quality has shifted to the downside following
the evolution of the crisis in Ukraine, in view of the large
exposures to that country and also to Russia. The significant
borrower concentrations in the bank's loan book and the
uncertainty surrounding the quality and availability of
collateral in regions experiencing material stress implies
possible pressure on asset quality. In addition, although Moody's
understands that Amsterdam Trade Bank is not affected by
sanctions imposed by the US Treasury on Russian entities and
individuals, the rating agency believes that the threat of EU and
further US sanctions pose additional risks to the bank, including
an exacerbation of the current economic slowdown in the region.

Nonetheless, Moody's has affirmed Amsterdam Trade Bank's
standalone BFSR at D, equivalent to a BCA of ba2, as the rating
agency considers that the current standalone rating still
adequately reflects (1) the bank's relatively high risk profile
deriving from concentrated corporate banking activities in
Commonwealth of Independent States (CIS) countries; (2) its
limited standalone franchise and intra-group exposures; (3)
reputational risks embedded into its pledged deposit
transactions; and (4) its solid financial fundamentals (relative
to similarly rated peers) and the fact that Amsterdam Trade Bank
is subject to the regulations and supervision of the Dutch
Central Bank (De Nederlandsche Bank or DNB).

The outlook change on Amsterdam Trade Bank's deposit rating to
negative is driven by the corresponding outlook change on the
BFSR. Moody's assessment of the likelihood of support from
Amsterdam Trade Bank's Russian parent, Alfa-Bank (deposits Ba1
stable; BFSR D/BCA ba2 stable) results in a Moody's assessment of
a moderate probability of parental support for Amsterdam Trade
Bank. However, as the standalone risk profiles of both the parent
and its subsidiary are reflected in the same BCA level of ba2,
the support assumptions do not provide for any rating uplift for
Amsterdam Trade Bank's long-term deposit ratings. Moody's does
not assume any systemic support from the Dutch government (Aaa
stable) into Amsterdam Trade Bank's long-term deposit ratings.

What Could Change the Rating Up/Down

Moody's regards a rise of Amsterdam Trade Bank's BCA as unlikely,
as reflected in the negative outlook of the standalone BFSR. If
current geopolitical risks in the Ukraine were to abate, a rise
of Amsterdam Trade Bank's BCA would require both an upward move
in the BCA of Amsterdam Trade Bank's parent Alfa-Bank (taking
into account the significant intragroup exposures which limit
Amsterdam Trade Bank's BCA) and the following factors: (1) a
decrease in risk appetite, reflected in lower borrower and
country concentration levels; and (2) a decrease in related-party
exposures. A rise in Amsterdam Trade Bank's BCA would result in
an upgrade in the bank's long-term ratings in the same order of

A lowering of Amsterdam Trade Bank's BCA could be triggered by
(1) any scenarios that lead to a lowering of parent Alfa-Bank's
BCA; and (2) a deterioration in the bank's financial
fundamentals, notably asset quality erosion, which could
materialize as a consequence of a deterioration of the Ukrainian
crisis, adverse fluctuations in energy and raw material prices,
and a slowdown in emerging/developing economies where Amsterdam
Trade Bank conducts business. A lowering of Amsterdam Trade
Bank's BCA may result in a downgrade of the bank's long-term
ratings, unless Moody's moderate parental support assumptions
translate into rating uplift.

ENDEMOL HOLDING: Moody's Assigns 'B2' Corporate Family Rating
Moody's Investors Service assigned a first time B2 corporate
family rating (CFR) and B2-PD probability of default rating (PDR)
to AP NMT Acquisition BV, a company which will be the 100% owner
of Endemol Holding BV, the world's largest independent television
production company and one of the world's largest independent
distributors of finished programming.

Concurrently, Moody's assigned provisional ratings of (P)B1 to
the EUR700 million senior secured first lien facility due 2021;
(P)B1 to the EUR125 million revolving credit facility due 2019
and (P)Caa1 to the EUR335 million senior secured second lien
facility due 2022 -- all three of which will be raised at AP NMT
Acquisition BV.

Proceeds from these new facilities will be used by Apollo
Management to finance the acquisition of Endemol.

The ratings assigned on the RCF and the first and second liens
are provisional pending a conclusive review of final
documentation and closing of the underlying transaction. The
ratings have been assigned on the basis of Moody's expectation
that the transaction will close as described above. Following
closing of the transaction Moody's will endeavor to assign a
definitive rating to the facilities. Moody's notes that a
definitive rating may differ from a provisional rating. In this
press release "Endemol" or "the company" refer to the group
headed by AP NMT Holdings BV.

Ratings Rationale

Endemol's B2 reflects: (i) the very high opening leverage for the
rating category as Moody's estimates Debt/EBITDA (Moody's
definition) at around 7.1x on a 2014 pro forma basis at closing;
(ii) volatility in the company's markets of operations with
Southern Europe and France having experienced sharp declines in
revenues over the last three years; (iii) uncertainty over the
potential business combination with Shine Group and how this
would impact the combined group's metrics; (iv) Moody's
expectations that free cash flow could be used to fund add-on
acquisitions and/or fund shareholder returns as dividend
restrictions under the reviewed senior facilities agreement are
loose; (v) the company's industry-typical challenge to
continuously refresh its formats to match viewers' changing

More positively the CFR recognizes: (i) the company's established
position as the largest independent production company by size
and geographies which allows it to export formats in a
streamlined and margin efficient way; (ii) Endemol's well-
diversified revenue streams with no single contract representing
more than 2% and no single format more than 14% of 2013 revenues;
(iii) the high proportion of recurring shows the company produces
and the long tenure of these; (iv) the low cash investment
requirements of the business as production costs are generally
prefunded by commissioning broadcasters; (v) the move away from
earn-outs to longer term incentives in an effort to retain
quality talent in the longer run.

Moody's notes that the B2 rating is weakly positioned given the
high opening leverage and that its assignment has been made with
expectations that this ratio will reduce to below 6.5x by 2015,
as per the company's expectations.

Endemol, established in 1994, is the world's largest independent
production company and one of the world's largest independent
distributors of finished programming. The company comprises of a
network of more than 90 companies in over 30 countries
representing a total portfolio of around 2,800 formats (72% of
which non-scripted in 2013) with major global TV hits such as Big
Brother, Deal or No Deal and Wipeout. In 2013, the company
generated revenue of EUR1,264 million.. Geographically (by
destination) revenues for 2013 were split between the US (22%),
Southern Europe (21.4%), the UK (16.3%), North, Western Europe
and Australia (16%), Emerging Markets (16.5%) and Endemol
Worldwide Distribution ("EWD", 7.8%).

In May 2014, Apollo and 21st Century Fox confirmed that they had
entered into a preliminary agreement (subject to confirmatory due
diligence and definitive documentation) to form a combined
company composed of Endemol and Shine Group (the production
company responsible for shows such as Masterchef and owned by
21st Century Fox). The combined company would be controlled by a
joint venture between Apollo and 21st Century Fox. The current B2
CFR incorporates assumptions of a high probability of this
business combination happening. The rating assumes that -- as
stated in the senior secured facilities agreement -- any
incorporation of Shine Group within the current restricted bank
group would be done at a leverage no higher than the closing
leverage of the current refinancing transaction. Moody's cautions
that it has not reviewed any financial information on Shine Group
and that, as per Moody's standard adjustments, any earn-outs owed
by Shine Group would be consolidated within the combined group's
debt and could, if material, have an immediate negative impact on
the rating.

Endemol has a good liquidity profile with little scheduled
amortization (1% of outstanding first lien facility) and little
committed capital expenditure. The company's liquidity is
supported by EUR100 million of cash on balance sheet at closing,
the EUR125 million revolving credit facility, which is expected
to remain undrawn, and the company's good cash flow generation as
the bulk of production expenses are pre-financed by the
commissioning broadcasters. Moody's does note that free cash flow
generation could be impeded in the future as Endemol seeks to
grow its distribution activities, which require upfront rights
securing payments and have a longer payback cycle than
production. There is a springing maintenance covenant (based on
net first lien leverage) on the revolving credit facility which
will be set at 35% headroom to closing EBITDA.

The provisional (P)B1 ratings on the senior secured first lien
and revolving credit facility reflects their first priority
ranking security over certain Endemol assets ahead of the (P)Caa1
rated second lien. The new facilities will benefit from senior
secured guarantees from subsidiaries representing around 85% of
Endemol's EBITDA and Gross Assets.

Rating outlook

The stable outlook reflects Moody's expectations that the company
will return to positive top-line and EBITDA growth in 2014,
leading to substantial deleveraging. The outlook also reflects
Moody's expectation that despite increased investments, the
company will continue to be free cash flow positive in the

What Could Change the Rating Up

Positive pressure on the rating could develop over time if the
company delivers on its business plan such that Debt/EBITDA falls
to around 5.0x.

What Could Change the Rating Down

Downward pressure on the rating could develop if leverage does
not fall well below 6.5x by the end of 2015 or if free cash flow
generation turns negative. Any deterioration in the company's
liquidity could also put negative pressure on the ratings.

AP NMT Acquisition BV'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 AP NMT Acquisition BV's core industry and believes AP NMT
Acquisition BV'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.

HALCYON STRUCTURED: Moody's Affirms Ba2 Rating on EUR20MM Notes
Moody's Investors Service has upgraded the ratings on the
following notes issued by Halcyon Structured Asset Management
European CLO 2006-I B.V.:

  EUR40M Class B Senior Secured Floating Rate Notes due 2021,
  Upgraded to Aaa (sf); previously on Aug 22, 2013 Upgraded to
  Aa1 (sf)

  EUR30M Class C Senior Secured Deferrable Floating Rate Notes
  due 2021, Upgraded to Aa3 (sf); previously on Aug 22, 2013
  Affirmed A3 (sf)

  EUR15M Class D Senior Secured Deferrable Floating Rate Notes
  due 2021, Upgraded to Baa2(sf); previously on Aug 22, 2013
  Affirmed Baa3 (sf)

Moody's has affirmed the rating on the following notes:

  EUR207M (current amount outsanding EUR47M) Class A-1 Senior
  Secured Floating Rate Notes due 2021, Affirmed Aaa (sf);
  previously on Aug 22, 2013 Affirmed Aaa (sf)

  EUR40M A-1R (current amount outsanding EUR7.8M) Senior Secured
  Revolving Floating Rate Notes due 2021, Affirmed Aaa (sf);
  previously on Aug 22, 2013 Affirmed Aaa (sf)

  EUR20M Class E Senior Secured Deferrable Floating Rate Notes
  due 2021, Affirmed Ba2 (sf); previously on Aug 22, 2013
  Affirmed Ba2 (sf)

Halcyon Structured Asset Management European CLO 2006-I B.V.,
issued in June 2006, is a collateralized loan obligation (CLO)
backed by a portfolio of mostly high-yield senior secured
European loans. The portfolio is managed by Halcyon Structured
Asset management L.P. The transaction's reinvestment period ended
in July 2011.

Ratings Rationale

According to Moody's, the upgrade of the notes is primarily a
result of continued deleveraging of the Class A notes and
subsequent increase in the Class A/B overcollateralization (the
"OC") ratio. The Class A-1 and Class A-1R notes amortized by
approximately EUR74 million or 30% of the original rated balance
since the last rating action in August 2013.

As a result of the deleveraging, the overcollateralization ratios
(or "OC ratios") of the senior notes have increased since the
rating action in August 2013. As of the latest trustee report
dated June 2014, the Class A/B, Class C, Class D and Class E OC
ratios are 181.7%, 138.2%, 123.4% and 108.0% respectively versus
July 2013 levels of 144.9%, 124.9%, 116.8% and 107.5%,

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par of EUR111.0 million and GBP10.2 million, principal
proceeds balance of EUR41.2 million and GBP1.2 million, defaulted
par of EUR19.9 million, a weighted average default probability of
20.4% over 3.4 year weighted average life (consistent with a 10
year WARF of3231), a weighted average recovery rate upon default
of 45.4% for a Aaa liability target rating, a diversity score of
16.8 and a weighted average spread of 4.0%. 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 19.4% of obligors in Italy and Spain], whose LCC are
A2 and A1, respectively, 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 3.75% for the Class A and B notes and
2.34% for the Class C.

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 87.0% 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

Methodology Underlying the Rating Action:

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

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of 1) uncertainty about credit conditions in the
general economy especially as approximately 19% of the portfolio
is exposed to obligors located in Spain and Italy. CLO notes'
performance may also be impacted either positively or negatively
by 1) the manager's investment strategy and behavior and 2)
divergence in the legal interpretation of CDO documentation by
different transactional parties because of embedded ambiguities.

Additional uncertainty about performance is due to the following:

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

2) Around 38% of the collateral pool consists of debt obligations
whose credit quality Moody's has assessed by using credit

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) Foreign currency exposure: The deal has an 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.

PHOENIX PIB: Fitch Rates Finance's 7-Year FRNs 'BB(EXP)'
Fitch Ratings has assigned Phoenix PIB Dutch Finance B.V's
planned seven-year issue of fixed-rate senior notes an expected
senior unsecured rating of 'BB(EXP)'. The final rating of the
bonds is contingent upon the receipt of final documents
conforming to the information already received by Fitch.

The fixed-rate senior notes will be unconditionally and
irrevocably guaranteed by ultimate parent and Germany-based
pharmaceuticals wholesaler Phoenix Pharmahandel GMBH & Co KG
(Phoenix; BB/Stable), in addition to a subsidiary guarantee
network capturing at least 70% of turnover and EBITDA. The
structure is identical to the EUR300 million 2013 bond issue,
ranking equally with bank debt. The new issue will provide
additional flexibility for general corporate purposes and help
complete the refinancing of the EUR506 million bond repaid in
July 2014 (which was partly prefunded by the EUR300 million 2013
issue) thus reducing drawings under the revolving credit

A successful issue of the notes, in addition to the recently
agreed amendments to its bank loans, will establish a solid long-
term capital structure for the group going forward, improving
liquidity and associated funding costs.

Key Rating Drivers for Unsecured Creditors

Fitch rates Phoenix's bonds and bank debt (which both rank pari
passu) at the same level as the Issuer Default Rating (IDR) of
'BB', reflecting only limited subordination from the group's
prior ranking on-balance sheet ABS, factoring lines and Italian
credit lines representing EUR522 million at the financial year
ended January 2014.

Prior ranking debt to EBITDA in FY14 was 1.2x (up from 1.0x in
prior year given the group's reduced profitability) and the
agency expects this to remain around 1.5x, which is comfortably
below the 2.0x-2.5x threshold that Fitch typically applies in its
recovery analysis to assess subordination issues for unsecured
bond holders. In addition, subordination is also mitigated by the
upstream guarantee network capturing a minimum 70% of turnover

Key Rating Drivers for IDR

Sector Pressures and Competitive Environment
Phoenix, as with wholesale sector peers, operates with
structurally limited profitability compared with pharmaceuticals
manufacturers, as it is subject to intense competitive and
regulatory pressures.

Phoenix's profitability in its home market, Germany, remains
under significant pressure following intense and unsustainable
price competition triggered by regulatory change in FY13, which
cost Phoenix a loss of market share. In FY14, Phoenix focused on
regaining its market share to 28%, with the aim of translating it
into improved profitability.

Near-term Pressure on Profitability & FCF Generation
Weaker profitability in Q1FY15 due to competitive pressures,
together with planned investment in working capital to support
growing sales and working capital efficiencies, should result in
negative FCF in FY15.

Elevated Leverage Reduces Flexibility
The tough trading environment translates into elevated debt
protection ratios, leading Fitch to forecast FFO adjusted net
leverage peaking at 4.8x in FY15 (FY14: 4.3x), removing headroom
under the current rating (Fitch applied a EUR125 adjustment for
restricted cash and intra-year working capital swings as per its

The Stable Outlook, however, assumes that this trend will reverse
over the next 12-18 months as sector pressures bottom out and
Phoenix will use its regained market share to gradually rebuild
profitability. Fitch expects that FFO-adjusted net leverage will
return to 4.5x in FY16, a level more commensurate with the 'BB'
rating, in line with management's commitment towards an improving
financial profile. Failure to repair profitability in its home
market and continued weak FCF generation would, however, put
prolonged pressure on the credit metrics and the ratings.

Phoenix Forward Program

The Phoenix forward program will support EBITDAR margins over the
next three years. Phoenix estimates that the program will provide
sustainable savings of at least EUR100 million per annum from
FY16. The program focuses on improving efficiencies, including
bundling of administrative functions to increase operational
focus and refinement of warehouse efficiency, which we believe is
a sensible approach. However, Fitch expects some of these cost
savings to be reinvested to maintain competitive pricing and
hence we assume only a modest increase of EBITDAR margin post
FY16 to peak at 2.9% (which is, however, also dependent on the
wider pricing environment). This is reflected in our current
Stable Outlook.

Wholesale Pharmaceuticals Leader

Phoenix is one of the largest European players in the
pharmaceuticals wholesale market. The rating reflects its
geographical diversification, which helps strengthen its market
position with pharmaceutical manufacturers and makes it fairly
resilient to healthcare policy changes in countries. The
pharmaceutical wholesale sector is, however, subject to
comprehensive regulation, affecting major aspects of the
underlying business model, especially the distribution chain,
reimbursement and pricing levels, including margin structures of
pharmaceutical distribution and related services. Regulatory
intervention recognizes pharmaceutical distribution as a key
healthcare cost in national systems.

Integrated Business Model

Phoenix's leading position in the European wholesale market is
complemented by retail and supplier service activities. Phoenix
owns pharmacies in most countries it operates in and where
multiple pharmacy ownership is possible, such as the UK.
Integrating supplier services and retail activities has enabled
Phoenix to achieve synergies and to fully capture the available
margin between pharmaceutical manufacturers and end-customers. We
expect retail margins to remain stable for the next four years.

Continued Expansion in Retail Markets

As its competitors are acquiring pharmacies, Phoenix could be at
risk of losing customers, particularly if pharmacy markets in
Europe liberalize. Therefore our forecasts assume some annual
acquisition spending on retail pharmacies, but only for a small
budget of around EUR50 million, reflecting management's
commitment to limited M&A activity. The adverse credit impact
arising from acquisitions is balanced by Phoenix's commitment to
maintain a conservative financial policy with no plans for

Liquidity and Debt Structure

Phoenix has a diversified financial structure, maturity profile
and adequate internal liquidity following the issue of EUR300
million bond in July 2013 and the extension of the EUR1,050
million RCF to 2019 from 2017. The proceeds from the new bond
would be used to repay the amount drawn under the RCF and for
general corporate purposes.

At end-FY14, Phoenix had headroom of around EUR1.5 billion under
its committed facilities and a cash position of EUR370 million
(this reflects also the EUR125 million of not readily available
cash, comprising EUR25 million of restricted cash and EUR100
million for intra-year working capital swings) which is more than
sufficient to cover short-term financial liabilities of EUR1,249
million including the EUR506 million bond due and repaid in July

Rating Sensitivities

Negative: Future developments that could lead to a negative
rating action include:

-- Net (lease, factoring and ABS) adjusted FFO adjusted net
    leverage above 4.5x on a sustained basis (FY14: 4.2x)
-- FFO fixed charge coverage below 2.2x (FY14: 2.4x)
-- FCF/EBITDAR falling below 25% on a sustained basis
    (FY14: 30%)
-- Continued and/or increasing competitive pressures in key
    geographies slowing or eroding expected profitability

Positive: Future developments that could lead to a positive
rating action include:

-- Stabilization of operating performance and conservative
    financial policy driving FFO-adjusted net leverage to below
-- FFO fixed charge coverage above 3x
-- FCF/EBITDAR sustainably above 40%
-- Slowing competitive pressure in Phoenix's major markets and
    sustainable recovery of the group-wide profitability


SWAN OFFICE: Creditors to Adopt New Strategy After Failed Sale
Gabriela Stan at Ziarul Financiar reports that creditors will
adopt a new strategy for the sale of insolvent office compound
Swan Office & Technlology Park located in Pipera-Tunari, after
the liquidator, Transilvania Insolvency House, failed to reach an
agreement with the investors interested in buying the project.

Swan Office & Technlology Park is based in Romania.


GAZPROM-MEDIA: Fitch Affirms 'BB' Long-Term Issuer Default Rating
Fitch Ratings has affirmed Russia-based Gazprom-Media Holding's
(GPMH) Long-term Issuer Default Rating (IDR) at 'BB' with a
Negative Outlook. Its National Long-Term Rating was affirmed at
'AA-(rus)' with a Negative Outlook. All ratings were withdrawn.
Fitch has withdrawn the ratings as GPMH has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for GPMH. The company does not have any outstanding

GPMH is a diversified Russian media company, with most revenues
and EBITDA generated from its free-to-air channels, resulting in
a high reliance on advertising. The company's leading viewership
market positions are supported by its strong control over
content. GPMH has maintained strong EBITDA margins and positive
cash flow generation.

Key Rating Drivers

After its merger with ProfMedia at end-2013, GPMH strengthened
its position as the largest free-to-air TV group in Russia. The
company estimated that including ProfMedia channels it controlled
24% of all 18+ TV viewership in December 2013. GPMH's portfolio
of general interest (NTV), entertainment (TNT, TV-3, Pyatnitsa)
and thematic (2x2) TV channels is well-balanced, protecting the
company against viewership volatility at individual channels.

Fitch expects higher debt, on the back of its ProfMedia
acquisition, and EBITDA pressures driven by NTV-Plus's market
repositioning are likely to increase leverage to above 1.3x net
debt/EBITDA by end-2014 from 1.1x at end-2013, adjusted for the
ProfMedia acquisition. While the company has some scope for
deleveraging, this would likely be contingent on a financial
turnaround at NTV-Plus.


AYT GENOVA VIII: S&P Lowers Rating on Class D Notes to 'BB(sf)'
Standard & Poor's Ratings Services lowered to 'BB (sf)' from
'BBB- (sf)' its ratings on AyT Genova Hipotecario VIII Fondo de
Titulizacion Hipotecaria and AyT Genova Hipotecario IX Fondo de
Titulizacion Hipotecaria's class D notes.  At the same time, S&P
has affirmed its ratings on the class A2, B, and C notes in both

The rating actions follow S&P's credit and cash flow analysis of
the transactions, using the latest investor reports that S&P has
received for these transactions from the latest investor reports
(May 2014 for Genova VIII and July 2014 for Genova IX), as well
as the application of S&P's relevant criteria.

The performance of the underlying collateral for Genova VIII and
Genova IX has been relatively stable since closing compared with
our Spanish residential mortgage-backed securities (RMBS) Index,
even through the adverse macroeconomic and residential housing
conditions that began in 2007.  However, these transactions are
some of the weakest performers within the Genova series.  As of
the latest investor report, the ratio of cumulative defaults
(defined in the transaction documents as loans in arrears for
more than 18 months) over the original collateral balance was
0.34% for Genova VIII and 0.87% for Genova IX.  Severe
delinquencies (defined in the transaction documents as loans in
arrears for more than 90 days) have increased since S&P's
previous reviews, but remain low compared with the 6.17% average
for transactions in S&P's Spanish RMBS index.  As of the end of
March 2014, severe delinquencies were 0.70% for Genova VIII and
0.64% for Genova IX.

S&P has slightly increased its current weighted-average
foreclosure foreclosure frequency (WAFF) and its weighted-average
loss severity (WALS) assumptions since S&P's previous reviews.
S&P's WAFF assumptions have increased primarily due to its
expectations for GDP growth and unemployment.  S&P's WALS
assumptions have increased following the decline of the house
price index.  All of the portfolios benefit from appropriate
levels of seasoning and geographical diversification.

The available credit enhancement for the rated notes -- provided
by subordination and the reserve fund -- has increased since
S&P's previous reviews.  This is due to the transactions'
amortization profiles.  As of the latest investor report, both
series have been amortizing sequentially.  Reserve funds were at
99.22% and 88.6% of their required levels for Genova VIII and
Genova IX, respectively.

Using S&P's WAFF and WALS assumptions in its cash flow model and
taking into account the transactions' structural features and
available credit enhancement, the class A2, B, and C notes pass
the stresses that S&P applied at their current rating levels.
S&P has therefore affirmed its ratings on these classes of notes.

The cash flow results for the class D notes in each transaction
indicate that the maximum rating that they can achieve is 'BB
(sf)'.  As a result of S&P's higher WAFF and WALS assumptions,
and given that the limited available excess spread is not
sufficient to absorb this additional stress, the notes do not
pass the stresses that S&P applies at their currently assigned
ratings.  S&P has therefore lowered to 'BB (sf)' from 'BBB- (sf)'
its ratings on these classes of notes.

S&P's r ratings on Genova VIII and Genova IX's class A2 notes are
constrained by its sovereign rating on the Kingdom of Spain
(BBB/Stable/A-2) and the application of its nonsovereign ratings
criteria, in which S&P rates issuers or low sensitivity
transactions in the European Monetary Union up to six notches
above the sovereign rating.

The transaction documents for both transactions, relating to the
basis swap counterparty and bank account provider are in line
with S&P's current counterparty criteria.  Under the transaction
documents, the counterparties will take remedy actions within a
certain period if the counterparty loses the rating required
under the documents.

Genova VIII and Genova IX are RMBS transactions that securitize a
portfolio of Spanish residential mortgage loans that Barclays
Bank S.A. originated.  The transactions were issued between June
2006 and December 2006, respectively.


S&P's ratings are based on its applicable criteria, including
those set out in the criteria.  However, these criteria are under

As a result of this review, S&P's future criteria applicable to
ratings above the sovereign and to rating transactions backed by
Spanish mortgage assets may differ from S&P's current criteria.
These criteria changes may affect the ratings on the outstanding
RMBS transactions that S&P rates.  Until such time that S&P
adopts new criteria, it will continue to rate and surveil these
transactions using its existing criteria.


Class            Rating
          To               From

Ratings Lowered

AyT Genova Hipotecario VIII Fondo de Titulizacion Hipotecaria
EUR2.1 Billion Mortgage-Backed Floating-Rate Notes

D         BB (sf)          BBB- (sf)

AyT Genova Hipotecario IX Fondo de Titulizacion Hipotecaria
EUR1 Billion Mortgage-Backed Floating-Rate Notes

D         BB (sf)          BBB- (sf)

Ratings Affirmed

AyT Genova Hipotecario VIII Fondo de Titulizacion Hipotecaria
EUR2.1 Billion Mortgage-Backed Floating-Rate Notes

A2        AA (sf)
B         AA- (sf)
C         A (sf)

AyT Genova Hipotecario IX Fondo de Titulizacion Hipotecaria
EUR1 Billion Mortgage-Backed Floating-Rate Notes

A2        AA (sf)
B         A+ (sf)
C         A- (sf)


TURK TELEKOM: S&P Raises CCR From 'BB'; Outlook Negative
Standard & Poor's Ratings Services raised its corporate credit
ratings on Turkish telecoms operator Turk Telekom to 'BBB-/A-3'
from 'BB/B'.  The outlook is negative.

S&P also raised the ratings on Turk Telekom's senior unsecured
debt to 'BBB-' from 'BB+'.

The ratings were removed from CreditWatch with positive
implications, where they were placed on June 4, 2014.

The upgrade reflects the improvement in Turk Telekom's liquidity
position following issuance of a debut US$1 billion bond.  S&P
therefore has revised its assessment of Turk Telekom's liquidity
to "adequate" from "less than adequate."  S&P believes that the
reduction in short-term debt, together with the company's
commitment to improving liquidity further, supports an
investment-grade rating ('BBB-' or higher).  In addition, S&P
believes that it could allow the company to sustain a sovereign
default.  This allows S&P to rate the company higher than it
rates the sovereign.

S&P's assessment of Turk Telekom's business risk profile as
"satisfactory" is supported by the company's strong leadership
position in domestic fixed-line business.  In addition, the
company generates strong profitability and cash flow.  The
business risk profile is constrained by the company's exposure to
country risk in Turkey, and the weak competitive position of its
mobile subsidiary, Avea, in the mature domestic, three-player
mobile telephony market, where competitor Turkcell dominates.

S&P's assessment of Turk Telekom's financial risk profile as
"intermediate" reflects its assumption that its Standard &
Poor's-adjusted debt-to-EBITDA ratio will remain below 2x, which
is commensurate with the management's policy of unadjusted net
debt to EBITDA of below 1.5x.  Constraining the company's
financial risk profile is its limited financial flexibility,
resulting from the policy of distributing nearly 100% of net
income as dividends, including to its highly leveraged majority
shareholder OTAS, and its unhedged exposure to foreign exchange
risk resulting from its primarily U.S. dollar- and euro-
denominated debt.

The negative outlook on Turk Telekom mirrors that on Turkey.

If S&P lowered its sovereign rating on Turkey, it would likely
result in a similar rating action on Turk Telekom, assuming the
constraining factors related to capital structure remain in

S&P could also lower the rating on Turk Telekom if the company's
liquidity cushion weakens, so that it would no longer pass the
sovereign default stress test.  An increase in Standard & Poor's
adjusted debt-to-EBITDA ratio to above 2x could also provoke
ratings downside.

S&P could revise the outlook to stable in case of a similar
rating action on the sovereign.  S&P could also consider revising
the outlook to stable if the company's liquidity cushion were to
strengthen and a mismatch between the currencies of revenues and
debt improve, paving the way for a less stringent link to the
sovereign rating.

In the longer term, the upside could be unlocked if Turk Telekom
were to obtain a stronger position and higher profitability in
mobile telephony, provided that its leverage stayed at moderate
levels and a mismatch between the currencies of debt and revenues

U N I T E D   K I N G D O M

BANK OF SCOTLAND: Fitch Affirms 'BB+' Preference Stock Rating
Fitch Ratings has affirmed Lloyds Banking Group (LBG) and Lloyds
Bank Plc's (LB) Long-term and Short-term Issuer Default Ratings
(IDRs) at 'A' and 'F1' respectively and the Viability Ratings
(VR) at 'a-'. The Outlooks on the Long-term IDRs are Negative.

Key Rating Drivers - IDRs, Senior Debt, Support Ratings and
Support Rating Floors

LBG and LB's IDRs and senior debt ratings are driven by the
expectation that support would be provided to this group by the
UK authorities in case of need, and are at their Support Rating
Floors (SRFs).

The Support Ratings (SR) and SRFs reflect Fitch's view that, as
systemically important banks in the UK, support for the group
from the UK authorities (AA+/Stable), in case of need, is still
extremely likely.

Rating Sensitivities - IDRs, Senior Debt, Support Ratings and
Support Rating Floors

LBG's and LB's SRs and SRFs, and hence their Long-term IDRs and
Long-term senior debt ratings, are sensitive to Fitch's
assumptions about the on-going availability of extraordinary
sovereign support to these banks. Changes in assumptions could be
driven by a reduction either in the sovereign's ability (for
example, triggered by a downgrade of the UK's sovereign rating)
or propensity to provide such support. In either case, this would
result in a downward revision of the banks' SRFs.

The Negative Outlooks assigned to LBG's and its subsidiaries'
IDRs indicate that Fitch has identified a weakening propensity to
provide support by the authorities. In Fitch's view, there is a
clear intention ultimately to reduce implicit state support for
systemically important banks in the UK (and more broadly in the
EU), as demonstrated by a series of legislative, regulatory and
policy initiatives. Fitch expects the EU's Bank Recovery and
Resolution Directive (BRRD) to be implemented into national
legislation later in 2014 or in 1H15. In Fitch's view, these
regulatory developments will increase the likelihood of senior
debt losses in banks if they fail solvability assessments.

Fitch expects to downgrade the SRs of these institutions to '5'
and revise the SRFs to 'No Floor'. The timing at this stage is
likely to be some point in late 2014 or in 1H15.

Following this rating action, Fitch expects to downgrade LBG's
and LB's IDRs to their common VRs. While LBG and its
subsidiaries' Short-term IDRs and Short-term debt ratings would
be at the 'F1'/'F2'cross-over point if the IDRs were downgraded
to the current VR of 'a-', Fitch considers it likely that the
liquidity profiles of the group would warrant the higher of the
two rating options available. As such, LBG and LB's Short-term
IDRs and debt ratings may not be downgraded once support is
removed as the key rating driver for the IDRs.

Key Rating Drivers - VRs

LBG's and LB's VRs reflect LBG's strong retail and corporate
banking franchises in the UK, along with reducing tail risk,
improving capitalization and healthy liquidity. Fitch expects LBG
to consolidate on its strong retail position and leverage this to
continue to develop its SME franchise.

LBG's Fitch Core Capital (FCC) to weighted risks ratio is on an
upward trajectory following a return to profit generation in
1Q14, supported by low funding costs, improved cost efficiencies
and reducing impairment charges. Fitch believes that internal
capital generation will be positive from 2014. Fitch expects the
group will operate with a fully-loaded Basel III common equity
Tier 1 ratio of about 11%.

The VRs take into account some remaining credit tail risk, which
is evidenced by a higher than peers', albeit reducing, impaired
loans ratio. Capitalization is vulnerable to asset valuation
because unreserved impaired loans account for a high, albeit
reducing, 55% of FCC at end-March 2014. For LBG, the VR also
reflects relatively low holding company double leverage.

Rating Sensitivities - VRs

Upward movement for the VR over the medium term could occur as
credit fundamentals improve and tail risk reduces. For an
upgrade, we would expect a reduction in impaired loans, constant
healthy profitability and further strengthening of

A downgrade would likely be driven by external factors such as a
particularly sharp deterioration in the UK economy and property
market that resulted in a material weakening of the group's asset
quality, or increasing legacy charges penalizing earnings and

Key Rating Drivers and Sensitivities - Subordinated Debt and
Other Hybrid Securities

The ratings of subordinated debt and hybrid securities are
notched down from the subsidiaries' or from their parents' VRs
reflecting a combination of Fitch's assessment of their
incremental non-performance risk relative to their VRs (up to
three notches) and assumptions around loss severity (one or two
notches). These features vary considerably by instrument. The
ratings are primarily sensitive to changes in the VRs of the
banks or their parents.

The Alternative Tier 1 (AT1) and non-innovative instruments
issued by LBG, LB and HBOS take account of the deep subordination
of these instruments and fully discretionary coupon omission.
They are rated five notches below LBG's and its subsidiaries'
common VR, representing two for loss severity and a further three
notches for incremental non-performance risk due to the easily
activated deferral characteristics of these instruments.

LBG, LB, HBOS and Bank of Scotland (BOS) have also issued legacy
Tier 1 instruments which are rated four notches below the common
VR, representing two notches for the relatively high loss
severity and another two notches to reflect incremental non-
performance risk. The notching on these instruments acknowledges
that deferral may be more constrained than in the case of the AT1
and other Tier 1 instruments.

The Upper Tier 2 instruments issued by LBG, LB, HBOS and BOS are
rated three notches below the common VR, representing one notch
for the relative loss severity due to the instrument's
subordination and a further two notches to take account of the
incremental non-performance risk on these instruments.

The Lower Tier 2 debt issued by LB and HBOS is notched once from
the VR to reflect the subordination and incremental loss

The Enhanced Capital Notes (ECN) issued by LBG as lower Tier 2
host instruments are rated two notches below the VR. These
instruments have a 5% conversion trigger. Fitch considers that
the conversion feature could result in recoveries that are weaker
than for legacy Tier 2 instruments and are therefore notched
twice for loss severity from the group's VR.

Key Rating Drivers and Sensitivities - Subsidiaries and
Affiliated Companies

LBG, LB, HBOS and BOS are managed as a group. The subsidiaries
and the ultimate parent are highly integrated, in management,
balance sheet fungibility and systems, meaning subsidiaries and
parent's credit profiles are highly correlated. Fitch has
therefore assigned a common VR to HBOS and BOS at the same level
as their immediate parent's, LB, and of their ultimate parent,
LBG. This also reflects the large relative size of these entities
in the group context. The VRs of HBOS and BOS are sensitive to
the same factors that affect the VR of the group. They are also
sensitive to changes in group structure.

Given the close integration, the subsidiaries' IDRs are aligned
with LBG's and are sensitive to the same factors that might drive
a change in LBG's IDRs. Hence the Long-term IDRs are on Negative

The full list of rating actions is as follows:

Lloyds Banking Group (LBG)

Long-term IDR: affirmed at 'A'; Negative Outlook
Short-term IDR: affirmed at 'F1'
Viability Rating: affirmed at 'a-'
Support Rating: affirmed at '1'
Support Rating Floor: affirmed at 'A'
Senior unsecured EMTN Long-term: affirmed at 'A'
Senior unsecured EMTN Short-term: affirmed at 'F1'
Senior unsecured notes: affirmed at 'A'
All other lower Tier 2 subordinated Enhanced Capital Notes:
affirmed at 'BBB'
Upper Tier 2 subordinated Enhanced Capital Notes (XS0471770817,
XS473103348, XS0471767276, XS0473106283): affirmed at 'BBB-'
All other Upper Tier 2 subordinated bonds: affirmed at 'BBB-'
Subordinated non-innovative Tier 1 discretionary debt: affirmed
at 'BB'
Subordinated Alternative Tier 1 instruments: affirmed at 'BB'

Lloyds Bank (LB)

Long-term IDR: affirmed at 'A'; Negative Outlook
Short-term IDR: affirmed at 'F1'
Viability Rating: affirmed at 'a-'
Support Rating: affirmed at '1'
Support Rating Floor: affirmed at 'A'
Senior unsecured Long-term debt: affirmed at 'A'
Commercial paper and senior unsecured Short-term debt: affirmed
at 'F1'
Market linked securities: affirmed at 'Aemr'
Lower Tier 2: affirmed at 'BBB+''
Upper Tier 2 subordinated debt: affirmed at 'BBB-'
Innovative Tier 1 subordinated non-discretionary debt
(US539473AE82, XS0474660676): affirmed at 'BB+'
Non-innovative Tier 1 debt (XS 0156372343): affirmed at 'BB+'
Other Innovative Tier 1 subordinated discretionary debt: affirmed
at 'BB'


Long-term IDR: affirmed at 'A'; Negative Outlook
Short-term IDR: affirmed at 'F1'
Viability Rating: affirmed at 'a-'
Support Rating: affirmed at '1'
Senior unsecured debt: affirmed at 'A'
Innovative Tier 1 subordinated discretionary debt: affirmed at
Innovative Tier 1 subordinated non-discretionary debt: affirmed
at 'BB+'
Upper Tier 2 subordinated debt: affirmed at 'BBB-'
Lower Tier 2 debt: affirmed at 'BBB+'

Bank of Scotland (BOS)

Long-term IDR: affirmed at 'A'; Negative Outlook
Short-term IDR: affirmed at 'F1'
Viability Rating: affirmed at 'a-'
Support Rating: affirmed at '1'
Support Rating Floor: affirmed at 'A'
Senior unsecured debt: affirmed at 'A'
Commercial paper and senior unsecured Short-term debt: affirmed
at 'F1'
Lower Tier 2: affirmed at 'BBB+'
Upper Tier 2: affirmed at 'BBB-'
Preference stock: affirmed at 'BB+'

COMET: Deloitte to Face Probe Over Collapse
Graham Ruddick at The Telegraph reports that accountants at
Deloitte face probe over collapse of Comet, which to led almost
7,000 job losses.

According to The Telegraph, Vince Cable has authorized an
investigation into three accountants who oversaw the liquidation
of Comet.

Mr. Cable, the Business Secretary, has announced that the
Insolvency Service has referred Deloitte's Nick Edwards,
Christopher Farrington and Neville Kahn -- three of Britain's
most experienced insolvency practitioners -- to the accounting
watchdog over the collapse of Comet, The Telegraph relates.

The demise of Comet was hugely controversial, with accounts from
Companies House suggesting that Henry Jackson's OpCapita and
hedge fund Elliott Advisors -- which owned the retailer before
its collapse -- collected almost GBP117 million from the collapse
of the retailer, The Telegraph notes.

The investigation by the ICAEW will focus on whether the Deloitte
accountants breached industry guidelines by acting for Comet
before its insolvency -- which could be a conflict of interest --
and failing to properly consult Comet staff before they were made
redundant, The Telegraph discloses.

If the Deloitte trio is found guilty, the ICAEW has the power to
issue warnings, fines, reprimand or withdraw their accounting
licenses, The Telegraph states.

Mr. Cable, The Telegraph says, is still considering whether to
launch an investigation into Mr. Jackson's OpCapita and whether
there are grounds for any directors to be disqualified.

Comet is an electrical retailer.

EQUINOX PLC: S&P Affirms 'D(sf)' Ratings on 3 Note Classes
Standard & Poor's Ratings Services lowered its credit ratings on
EQUINOX (ECLIPSE 2006-1) PLC's class A, B, and C notes.  At the
same time, S&P has affirmed its 'D (sf)' ratings on the class D,
E, and F notes.

The rating actions follow S&P's review of the underlying loans'
credit quality by applying its criteria for rating European
commercial mortgage-backed securities (CMBS) transactions.

In January 2014, the Portland Place loan fully repaid, while the
St. Mary's Court loan repaid at a loss (857,222).  The cash
manager continues to apply recoveries sequentially to the class A
notes and losses as principal write-downs reverse sequentially,
starting from the class F notes.

Four loans, which 94 commercial properties located in the U.K.
secure, now back the transaction.


The securitized loan has an outstanding balance of GBP72.1
million, which forms a 50% pari passu share of the loan's senior
portion (the other 50% pari passu share is securitized in
Hercules (ECLIPSE 2006-4) PLC), as well as additional
subordinated debt of GBP182.9 million sitting outside this
transaction.  The loan is currently secured on 85 nursing homes
in the U.K.

The loan, which matures on Jan. 15, 2016, entered special
servicing in June 2011 due to an event of default on the whole
loan and the subsequent insolvency of the tenant, Southern Cross.
Since then, the loan has been restructured to enhance the
portfolio's value.  The restructuring was completed in November

In April 2014, the issuer reported a securitized loan-to-value
(LTV) ratio of 94%, based on a June 2013 valuation of GBP152.7

S&P has assumed losses on the loan in its expected-case scenario.


The securitized loan has an outstanding balance of GBP69.5
million (83% of the whole loan) and additional debt of GBP14.0
million, which does not form part of this transaction.  Four
office properties located on the fringe of the City office market
in London secure the loan.

The loan entered special servicing on Dec. 20, 2012, due to a
trigger of the material adverse change covenant, arising from a
significant deterioration in the properties' reported market
value of GBP32.5 million (as of April 2012).

Following the appointment of Law of Property Act receivers and
administrators and an agreed work-out strategy, S&P understands
that the special servicer has agreed on a sale of the loan at
GBP49.5 million.  The sale completed on July 9, 2014.

Consequently, S&P assumes losses on the loan in its expected-case


The securitized loan has an outstanding balance of GBP19.6
million (84% of the whole loan) and additional debt of GBP3.7
million, which does not form part of this transaction.  The loan
benefits from scheduled amortization and is due to mature in
January 2016.

The loan is secured on a single office property on the north side
of Kensington High Street (London), which was redeveloped in
2005. The property remains entirely leased to Universal Music
Operations Ltd. (a subsidiary of Vivendi Universal) for a lease
term expiring in 2017 (the weighted-average unexpired lease term
is 3.2 years).

In April 2014, the servicer reported a securitized LTV ratio of
97.7%, based on a July 2012 valuation of GBP20.1 million, and a
securitized interest coverage ratio (ICR) of 1.49x.

S&P has assumed losses on the loan in its expected-case scenario.


The loan, which matures on Oct. 15, 2015, has an outstanding
securitized balance of GBP5.5 million.  Four out-of-town office
properties near Cardiff secure the portfolio.

The properties are 100% occupied and have a weighted-average
unexpired lease term to the next lease break option of 3.25
years. The top five tenants account for 76% of the income, with
the largest tenant accounting for 31% of the income.

In April 2014, the servicer reported a securitized LTV ratio of
109.3%, based on a May 2013 valuation of GBP5,065,000, and a
securitized ICR of 1.95x.

S&P has assumed losses on the loan in its expected-case scenario.


S&P's ratings in EQUINOX (ECLIPSE 2006-1) address the timely
payment of interest and full repayment of principal no later than
legal final maturity (January 2018).

Although the class A notes have partially repaid, S&P believes
that the credit quality of this class of notes has deteriorated.
S&P do not consider the available credit enhancement to be
sufficient to absorb the amount of losses that the underlying
properties would suffer at the currently assigned rating level.
S&P has therefore lowered to 'B+ (sf)' from 'BB (sf)' its rating
on the class A notes.

S&P's analysis indicates that the class B notes are now likely to
experience principal losses under its expected-case scenario.
S&P has therefore lowered to 'B- (sf)' from 'B (sf)' its rating
on the class B notes.

S&P has lowered to 'CC (sf)' from 'CCC (sf)' its rating on the
class C notes as it believes that they are likely to experience
principal losses in the near term.

S&P has affirmed its 'D (sf)' ratings on the class D, E, and F
notes as they experienced principal losses on prior payment

EQUINOX (ECLIPSE 2006-1) is a true sale transaction that closed
in July 2006.  Initially, a pool of 13 loans secured on 136
predominantly commercial U.K. properties backed the transaction.
Nine of the loans have repaid with losses since closing.  The
outstanding notes' balance has decreased to GBP167.04 million
from GBP401.34 million at closing.


GBP401.34 mil commercial mortgage-backed floating-rate notes
Class        Identifier          To             From
A            XS0259279585        B+ (sf)        BB (sf)
B            XS0259280088        B- (sf)        B (sf)
C            XS0259280161        CC (sf)        CCC (sf)
D            XS0259280591        D (sf)         D (sf)
E            XS0259280674        D (sf)         D (sf)
F            XS0259280914        D (sf)         D (sf)

MIPL GROUP: Moody's Raises Corp. Family Rating to 'Ba1'
Moody's Investors Service has upgraded the corporate family
rating of MIPL Group Limited (Mondrian) to Ba1 from Ba2. The
rating outlook was changed to stable outlook from positive

The upgrade to Ba1 is based on Mondrian's increasing financial
flexibility due to the material reduction in the company's
balance sheet leverage. The company's stable revenue growth and
strong profitability continue to produce healthy levels of free
cash flow, which management has prioritized for voluntary loan
prepayments such that financial leverage (debt/EBITDA as
calculated by Moody's) has declined to 1.1x from 1.4x at year-end
December 2013. The rating action also incorporates an expectation
that financial leverage is likely to decline further as
management continues to prioritize the use of free cash flow for
loan prepayments.

Rating Rationale

Mondrian's Ba1 Corporate Family Rating reflects the company's
improving credit fundamentals, characterized by low financial
leverage and strong profitability as demonstrated by a 36% five-
year average pre-tax income margin. Mondrian's revenue growth
over the last five years has been stable, despite moderate client
outflows. Revenue growth has been driven by strong equity market
performance and positive AUM mix shift, as lost mandates have
been replaced with new mandates with higher fee rates. Moody's
views favorably Mondrian's continued focus on its strengths as a
value-oriented investment manager. Based upon manager universe
performance measures, the firm continues to demonstrate an
ability to provide risk-adjusted returns in the top quartiles of
its peer universe for its core investment offering. However, the
rating also incorporates Mondrian's concentrated exposure to
international and emerging market asset classes, as well as the
modest diversification of its distribution channel. Mondrian's
business profile is in line with a low Ba score due to the firm's
relatively small footprint and relatively weak ability to replace
lost assets under management, in comparison with its rated peers.
The weaker business profile score is lifted by the company's much
stronger financial profile. Moody's notes that further reduction
in financial leverage is not likely to lead to upward pressure on
the ratings due to the company's relative small size, private
ownership structure, niche product set and modest diversification
of distribution channels, all of which make the firm's business
profile a more dominant factor in Moody's analysis.

The following ratings were upgraded to Ba1 from Ba2:

MIPL Group Limited, Corporate family rating - Ba1, Stable outlook

MIP Delaware, LLC (co-borrowed with MIPL (Lux) S.a.r.l) , Backed
Senior Secured Bank Credit Facility - Ba1, Stable outlook

Mondrian Investment Partners, Ltd., headquartered in London, is a
global asset management company. The firm had US$76.5 billion of
assets under management as of March 31, 2014.

NATIONWIDE BUILDING: Fitch Affirms BB+ Tier 1 Instruments Rating
Fitch Ratings has affirmed Nationwide Building Society's
(Nationwide) Long-term and Short-term Issuer Default Ratings
(IDR) and Viability Rating (VR) at 'A'/F1'/a', respectively.
Nationwide's Support Rating (SR) and Support Rating Floor (SRF)
are affirmed at '1' and 'A'. The Outlook on the Long-term IDR is

Key Rating Drivers - IDRs and VR

Nationwide's VR, and hence IDRs, are driven by its well
performing loan book, composed mostly of prime residential
mortgage loans (71.5% of total loans at YE14) funded by a large
and stable retail deposit base. It has been able to build these
as a result of its sound franchise in the UK mortgage and savings
markets and strong brand recognition. Losses on its prime
residential loan book have been minimal throughout the recent
economic cycle and loan impairment charges (LICs) were almost nil
in FY14.

The society is generally risk averse and is managed by an
experienced team. However, expansion into commercial real estate
(CRE) lending resulted in significant LICs for at least the past
three years. The society still has a large book of non-performing
CRE loans, exposing capital to further unexpected negative
movements in real estate prices. However, the wind-down of this
book is being achieved at a faster than initially envisaged pace
and at around carrying value. Furthermore the outlook for this
sector appears to have stabilized, and Fitch expects LICs in this
division to have peaked.

Very low risk weightings of its prime residential mortgage
lending, combined with the issuance of a new form of capital for
mutuals, the Core Capital Deferred Shares (CCDS), have allowed
the society to report strong risk-weighted capital ratios at
YE14. Leverage, at 3.3% calculated on a CRD IV basis, was boosted
after the issuance of GBP1bn of Additional Tier 1 (AT1)
securities (with a 7% trigger) at the beginning of 2014 and is
now in line with the UK's other major banks. On-balance sheet
liquidity is reducing and weaker than its peers' but still solid
and in line with regulatory requirements.

Internal capital generation has improved as a result of very
cheap funding costs and improved yields during the year. Overall,
net interest margins are fairly high within the mutual sector,
particularly given the very low base rates. Income was helped by
very strong volumes growth during the year but growth for FY15 is
expected to be lower reflecting a slowdown in the demand.

Rating Sensitivities - IDRS AND VR

Given Nationwide's geographic and business concentrations, Fitch
views its natural VR range to be within the 'a' category. An
upgrade in the VR to 'a+' in the short term is not Fitch's base
case given continued pressure on capital from unreserved loans
and continued regulatory risk in relation to leverage, which may
put its prime residential mortgage model at risk. Negative rating
pressure on the VR is also not Fitch's base case but may arise if
the society fails to meet its targeted reduction in its CRE
loans, or if there is an increased risk profile within its loan
book, either by an aggressive rise in lending to riskier sectors
or with higher loan to values.

Nationwide is less exposed to business model risk resulting from
the future implementation of ring-fencing; as a building society
it will be subject to separate legislation than the other major
UK banks.

Nationwide's SR and SRF reflect Fitch's view that, as a
systemically important financial institution in the UK, support
from the UK authorities (AA+/Stable), in case of need, is
extremely likely.

The SR and SRF are sensitive to a change in Fitch's assumptions
about the ongoing availability of extraordinary sovereign support
made available to the society. Changes in assumptions could be
driven by a reduction either in the sovereign's ability (for
example, triggered by a downgrade of the UK's sovereign rating)
or propensity to provide such support. In either case, this would
result in a downward revision of the society's SRF.

In Fitch's view, there is a clear intention ultimately to reduce
implicit state support for systemically important banks and other
systemically important financial institutions in the UK (and more
broadly in the EU), as demonstrated by a series of legislative,
regulatory and policy initiatives at UK and EU levels. We expect
the EU's Bank Recovery and Resolution Directive (BRRD) to be
implemented into national legislation later in 2014 or in 1H15.
In Fitch's view, these regulatory developments will increase the
likelihood of senior debt losses in banks if they fail
solvability assessments. Fitch expects to then downgrade
Nationwide's SR to '5' and revise its SRF to 'No Floor'. The
timing at this stage is likely to be some point in late 2014 or
in 1H15.

As Nationwide's SRF does not drive its Long-term IDR, its IDRs
will not be affected by this rating action.

Rating Drivers and Sensitivities - Subordinated Debt and Hybrid

Nationwide's subordinated debt and hybrid securities are notched
down from Nationwide's VR reflecting a combination of Fitch's
assessment of their incremental non-performance risk relative to
the VR (up to three notches) and assumptions around loss severity
(one or two notches).

Nationwide's subordinated debt is notched down once from
Nationwide's VR. The Permanent Interest Bearing Securities (PIBS)
are rated four notches below Nationwide's VR, reflecting two
notches for their deep subordination and two notches for
incremental non-performance. The AT1 securities are rated five
notches below Nationwide's VR, of which two notches for loss
severity to reflect the conversion into CCDS on breach of the
trigger, and three notches for non-performance risk. The ratings
are primarily sensitive to changes in Nationwide's VR.


Long-term IDR: affirmed at 'A'; Stable Outlook
Short-term IDR: affirmed at 'F1'
Viability Rating: affirmed at 'a'
Support Rating: affirmed at '1'
Support Rating Floor: affirmed at 'A'
Senior unsecured long-term debt, including program ratings and
member deposits: affirmed at 'A'
Commercial paper and short-term debt, including program ratings:
  affirmed at 'F1'
Lower Tier 2: affirmed at 'A-'
Permanent interest bearing securities: affirmed at 'BBB-'
Subordinated Additional Tier 1 instruments: affirmed at 'BB+'

ROYAL BANK OF SCOTLAND: Fitch Affirms 'B+' Tier 1 Debt Rating
Fitch Ratings has affirmed The Royal Bank of Scotland Group
(RBSG), Royal Bank of Scotland Plc (RBS) and National Westminster
Bank plc's (NatWest) Long-term Issuer Default Ratings (IDRs) at
'A' and Short-term IDRs at 'F1'. The Outlooks on the Long-term
IDRs are Negative.

Fitch has also affirmed RBSG and RBS's Viability Ratings (VR) at
'bbb'. Fitch has assigned a common 'bbb' VR to NatWest, in line
with its criteria, 'Rating FI Subsidiaries and Holding
Companies', dated August 10, 2012.

Key Rating Drivers: IDRs, Senior Debt, Support Ratings and
Support Rating Floors

RBSG's, RBS's and NatWest's IDRs are driven by the expectation
that support would be provided to the group by the UK authorities
in case of need. The IDRs are at their Support Rating Floors

The Support Ratings (SR) and SRF reflect Fitch's view that, as
systemically important banks in the UK, support for these banks
from the UK authorities (AA+/Stable), in case of need, is still
extremely highly likely.

Rating Sensitivities: IDRs, Senior Debt, Support Ratings and
Support Rating Floors

The SRs and SRFs of RBSG, RBS and NatWest, and hence their IDRs,
are sensitive to a change in Fitch's assumptions about the on-
going availability of extraordinary sovereign support. Changes in
assumptions could be driven by a reduction either in the
sovereign's ability (for example, triggered by a downgrade of the
UK's sovereign rating) or propensity to provide such support. In
either case, this would result in a downward revision of the
banks' SRFs.

The Negative Outlook on RBSG and its subsidiaries' IDRs indicates
that Fitch has identified a weakening propensity to provide
support by the authorities. In Fitch's view, there is a clear
intention ultimately to reduce implicit state support for
systemically important banks in the UK (and more broadly in the
EU), as demonstrated by a series of legislative, regulatory and
policy initiatives at UK and EU levels. Fitch expects the EU's
Bank Recovery and Resolution Directive (BRRD) to be implemented
into national legislation later in 2014 or in 1H15. In Fitch's
view, these regulatory developments will increase the likelihood
of senior debt losses in banks if they fail solvability
assessments. Fitch expects to then downgrade RBSG's SR to '5' and
revise its SRF to 'No Floor'.

The timing at this stage is likely to be some point in late 2014
or in 1H15.  Following this rating action, Fitch expects to
downgrade RBSG's, RBS's and NatWest's IDRs to their common VR.

The Short-term IDRs will be aligned with Fitch's equivalence
table as described in our criteria. For RBSG and its
subsidiaries, given the current VR, the Short-term IDRs and
short-term debt ratings would be at the 'F2'/'F3' cross-over
point. However, Fitch considers it likely that the liquidity
profiles of these banks would warrant the higher of the two
rating options available. As such, RBSG's and RBS's and their
subsidiaries' Short-term IDRs and debt ratings would likely be
downgraded to 'F2'.

Key Rating Drivers - VR

RBS, RBSG and NatWest are managed as a group and Fitch assesses
their creditworthiness on a consolidated basis. The risks of the
subsidiary banks are incorporated into our assessment of the
group and vice versa.  "We have therefore assigned a VR to
NatWest at the same level as its immediate parent's, RBS, and of
its ultimate parent, RBSG. This reflects the high degree of
integration across the group and large relative size of the
entity in the group context," Fitch said.

RBS's and NatWest's VR reflects the significant progress made in
improving the group's overall risk profile. The strategy unveiled
by its new CEO in February 2014 should result in a better
capitalized bank in the medium term, with a much simpler
organizational structure.  As a result, Fitch expects its
operating profitability to improve in the medium term and for the
large one-off costs reported in recent years to reduce.

Profitability is set to benefit from a more targeted focus on its
strong UK franchise where it has leading market shares in SME and
mid-corporate business. The group has concentrated on
deleveraging and restructuring over the past five years, and much
investment is still required for its IT systems and processes.
The new transformation and simplification projects should allow
for a much leaner organization, with better systems, procedures
and controls. Internal capital generation should become steady
and sustainable into the medium term. However, it is likely that
some cross winds will impact the group's profitability at least
in the short term as it puts through a significant level of
transformation costs.

The bank now operates with a much more balanced funding profile,
with an improved balance between the maturities of its assets and
liabilities, with a much reduced reliance on wholesale
(particularly short-term) funds, and a large, good quality
liquidity buffer. Capitalization has also been improving, and, by
2016 should compare well with peers. However, capital generation
will partly depend on the achievement of the sale of its US
subsidiary, Citizens, which is subject to execution risk. The
group is targeting a common equity Tier 1 capital ratio of over
12% by 2016.

While the proportion of impaired loans on its balance sheet
remains high, they have been significantly covered by impairment
reserves, reducing the proportion of the bank's capital, which is
still at risk from asset valuations.

However, significant areas of risk remain. Apart from the
execution risks and management time pressures associated with
executing its disposal strategies and in re-launching its core
businesses, the bank will retain a sizeable Irish exposure
through its subsidiary, Ulster Bank Ireland Ltd. A large portion
of this entity's residential mortgage loans remain on RBSG's core
activities but are significantly underperforming.

The group also continues to face large legacy conduct and
litigation risks, albeit the ones that have emerged are now well
covered by provisions.

RBSG's VR is driven by the same factors as those that drive the
VRs of RBS and NatWest but in addition, also takes into account
the absence of holding company double leverage.

Rating Sensitivities - VR

Fitch considers that there is scope for gradual improvement of
RBSG's VR over the short to medium term. However, there is
uncertainty regarding the extent and pace of a potential future
upgrade. Positive drivers would include further reductions in
risk concentrations, strengthening of capital, greater visibility
on its ability to execute its new strategy, and the outcome of
overhanging political, litigation and conduct risk. In the longer
term, and reflecting its strong core franchise across many
segments, and assuming further strengthening in profitability and
maintenance of sound key metrics, Fitch sees potential for the
VRs of the group and the banks to be upgraded to the 'a'

Downside risk to RBSG's VR is likely to be driven by external
factors, rather than by any change in risk appetite. A
particularly disruptive or expensive and extended reputational or
litigation event could also create downside risks. RBSG's VR is
also sensitive to maintaining a moderate level of holding company
double leverage.

RBS and NatWest's VRs are also sensitive to changes in group
structure, for example as a result of ring fencing which could
introduce an element of differentiation between the VRs of the
various group entities. This will depend on the restrictions
imposed by the ring fence.

Key Rating Drivers and Sensitivities - Subsidiaries and
Affiliated Companies

The IDRs of Royal Bank of Scotland International Limited (RBSIL),
Royal Bank of Scotland NV (RBS NV) and RBS Securities, Inc.
(RBSSI; the group's US-based broker dealer subsidiary) reflect
our view of these subsidiaries' strategic or core importance to
their ultimate parent, from which they are notched. RBS NV's SR
of '1' is based on institutional support and reflects the core
nature of this subsidiary to its parent.

RBS NV and RBSIL's ratings are equalized because of the high
operational integration with their parent. Fitch's view is that
they are core to the group's operations, and that they are
extremely likely to be supported in case of need. RBSSI's ratings
are notched once off RBSG's IDRs to indicate that this subsidiary
remains strategically important for the group's Markets business.
RBSSI relies on its parent for contingent funding, capital and
liquidity needs.

The Negative Outlooks on the subsidiaries' Long-term IDRs reflect
that on the group's IDRs. The subsidiaries' IDRs will further be
sensitive to the agency's perceived continued strategic or core
importance to their ultimate parent. Fitch does not expect there
to be a widening of notches applied for propensity to provide
support to RBS NV and to RBSIL. However, we believe that support
for RBSSI may diminish over time as the group reduces its Markets
business overall, and specifically in the US, in line with its
newly announced strategic plan. This could result in wider
notching for this subsidiary in the medium term, in line with its
reduced strategic importance.

The ratings of RBS Holdings USA Inc.'s Commercial Paper Programme
are equalized with the Short-term IDR of RBSG, reflecting the
unconditional guarantee provided by its ultimate parent.

Key Rating Drivers and Sensitivities - Subordinated Debt and
Hybrid Ratings -

The ratings of all subordinated debt and hybrid securities issued
by RBSG group companies are notched down from the common VR
assigned to individual group companies, reflecting a combination
of Fitch's assessment of their incremental non-performance risk
relative to their VRs (up to three notches) and assumptions
around loss severity (one or two notches). These features vary
considerably by instrument.

Innovative Tier 1 and Preferred Stock issued by RBSG which coupon
payments proved to be fully discretionary have been rated five
notches below the group's VR and have been given 50% equity
credit for Fitch Eligible Capital. A number of Tier 1 securities
have been rated four notches below the VR (issued by both RBSG
and RBS) and have not been given any equity credit as coupon
payments are not discretionary. Legacy Upper Tier 2 securities
are three notches below the VR because of dividend pushers and
stoppers under their terms. RBSG and RBS also have some dated
subordinated debt which is rated two notches from their VRs
because they may defer payment of interest on these if the PRA
requires it or requests it to do so under the terms of the notes.
Other Tier 2 debt is notched once in line with Fitch's criteria.

The ratings are primarily sensitive to changes in the VRs of the
banks or their parents (see 'Assessing and Rating Bank
Subordinated and Hybrid Securities' at for
more details on the criteria).

The rating actions are as follows:

Royal Bank of Scotland Group

Long-term IDR: affirmed at 'A'; Negative Outlook
Senior unsecured debt: affirmed at 'A/F1'
Senior unsecured market linked securities: affirmed at 'Aemr'
Short-term IDR: affirmed at 'F1'
Commercial paper: affirmed at 'F1'
Viability Rating: affirmed at 'bbb'
Support Rating: affirmed at '1'
Support Rating Floor: affirmed at 'A'
Subordinated debt (possibility to defer under the terms):
affirmed at 'BB+'
Subordinated debt: affirmed at 'BBB-'
Innovative Tier 1 and Preferred stock: affirmed at 'B+'
USD1.2bn, US780097AH44; GBP200m XS0121856859; USD1bn US780097AE13
and USD300m US7800978790: affirmed at 'BB-'

Royal Bank of Scotland Plc

Long-term IDR: affirmed at 'A'; Negative Outlook
Senior unsecured debt: affirmed at 'A/F1'
Senior unsecured market linked securities: affirmed at 'Aemr'
Short-term IDR: affirmed at 'F1'
Commercial paper: affirmed at 'F1'
Viability Rating: affirmed at 'bbb'
Support Rating: affirmed at '1'
Support Rating Floor: affirmed at 'A'
Subordinated Lower Tier 2 debt affirmed at 'BBB-'
Subordinated Upper Tier 2 debt affirmed at 'BB'
EUR1bn Dated Subordinated Debt, XS0201065496, affirmed at 'BB+'

National Westminster Bank plc

Long-term IDR: affirmed at 'A'; Negative Stable
Short-term IDR: affirmed at 'F1'
Long-term and Short-term senior unsecured debt: affirmed at 'A'/
Viability Rating: assigned at 'bbb'
Support Rating: affirmed at '1'
Support Rating Floor: affirmed at 'A'
Subordinated Lower Tier 2 debt: affirmed at 'BBB-'
Subordinated Upper Tier 2 debt: affirmed at 'BB'

Royal Bank of Scotland NV

Long-term IDR: affirmed at 'A'; Negative Outlook
Senior unsecured debt: affirmed at 'A'
Senior unsecured market linked securities: affirmed at 'Aemr'
Short-term IDR: affirmed at 'F1'
Support Rating: affirmed at '1'
Subordinated debt: affirmed at 'BBB-'

Royal Bank of Scotland International Limited

Long-term IDR: affirmed at 'A'; Negative Outlook
Short-term IDR: affirmed at 'F1'

RBS Holding USA Inc

CP programme: affirmed at 'F1'

RBS Securities Inc

Long-term IDR affirmed at 'A-'; Negative Outlook
Short-term IDR affirmed at 'F1'.

TWINKLE PIZZA: Moody's Assigns 'B3' Corporate Family Rating
Moody's Investors Service has assigned a first time corporate
family rating (CFR) of B3 and a probability of default rating
(PDR) of B2-PD to Twinkle Pizza Holdings plc, the holding company
to the Pizza Express group of companies.

Concurrently, Moody's has assigned a (P)B2 rating to the new
GBP410 million Senior Secured Notes due 2021 to be issued by
Twinkle Pizza plc and a (P)Caa1 rating to the new GBP200 million
Senior Notes due 2022 to be issued by Twinkle Pizza Holdings plc.
The outlook on all ratings is stable.

Proceeds from the note issues will be used to partially finance
the acquisition of Pizza Express by funds managed by Hony Capital
and pay transaction expenses. Twinkle Pizza plc will also be
issuing a new GBP20 million super senior revolving credit
facility which will be used for general corporate purposes, and
is expected to be undrawn at closing.

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

Ratings Rationale

The B3 corporate family rating (CFR) reflects Pizza Express's (1)
highly levered capital structure with Moody's-adjusted opening
leverage of 7.3x pro forma for the transaction; (2) sensitivity
to the underlying economy and consumer spending as evidenced by a
negative like-for-like sales trend in each of the three financial
years ending June (FYE) to 2013; (3) competitive market; and (4)
limited geographic and brand diversification.

These negatives are partially offset by (1) the company's strong
brand recognition in its core UK market; (2) extensive presence
on the high street; (3) competitive operating model, with its
resultant strong operating margins; and (4) reasonably low
refurbishment spend and controllable expansion capex.

Pizza Express has grown to become a strong and trusted brand
since it was established in 1965, more recently enhanced by the
Pizza Express-branded products sold through major retail chains.
It is the leading player in the casual dining segment of the
restaurant market with 433 sites in the UK and Ireland (as at 6
April 2014), a high proportion of which are relatively new or
recently refurbished. Its footprint extends across the UK and
Ireland, with approximately one third of profits generated from

The company reported negative like-for-like (LFL) sales in recent
recessions, including each of the three financial years up until
FYE 2013. This was despite an increase in promotional activity
until FYE 2012. However, LFL sales returned to positive territory
in FYE 2014 achieving +2.8%. LFL covers trends demonstrated
higher volatility, although this trend was in part offset by an
increasing trend in spend per head over the longer term. Whilst
Moody's considers this ability to increase prices to be a
reflection of the underlying strength of the concept and brand,
Moody's considers future price increases to be more limited,
particularly in the event of a further economic downturn.

Moody's considers the UK economic recovery to be consumer-driven,
with forecast GDP growth of around 2%-3% for 2014-15. As a
result, Moody's expects that the company's recent positive
trading trend will continue at least for the short term.

The casual dining market is highly competitive and includes a
number of branded restaurant chains, pub chains and independent
operators. Moody's expects that promotions and discounts will
remain prevalent throughout the casual dining segment and limit
the company's ability to raise prices. Pizza Express's overall
level of promotional usage is above market average, although
levels of weekday discount are around half the level typically
seen in the market. Likewise, there is the on-going requirement
to continually refurbish the restaurant estate to ensure it
remains attractive and, therefore, competitive.

In comparison to its main branded competitors, Pizza Express has
a very focused offering but is therefore able to operate at the
lower end of the pricing scale. Competition varies by location
but overall Moody's expects those players with financial
resources to expand their portfolios and offerings.

The company's earnings are concentrated in the UK and Ireland,
with international operations currently contributing around 2% of
group EBITDA. International earnings growth has been relatively
flat to date, although Management's plan is to aggressively
expand its operations in China over the next five years. However,
earnings are also concentrated on one main concept and brand,
namely Pizza Express.

Moody's expects that the new owners, Hony Capital, will be able
to provide significant assistance to the company's expansion into
China, given their local presence and knowledge. This reduces the
execution risks and, coupled with the recent strengthening of the
UK management team, should reduce the risk of focus being taken
away from the core UK business.

Moody's considers opening pro forma leverage of 7.3x (LTM
April 6, 2014 Moody's-adjusted) to be high. Deleveraging will
largely remain a function of EBITDA growth given the lack of debt
amortization. Despite the focus on international expansion,
short-term earnings growth will be dependent upon the UK
restaurant performance and the retail business. Moody's expects
that competitive pressures will partly offset the benefits of UK
economic growth and as a result, expects leverage to reduce to
around 6.6x by FYE 2016. Surplus cash is expected to be used to
fund the growth of the business in the UK and Asia, most notably
to finance the buy-out of the option in China in Q2 2016, a
transaction which will subsequently result in an increase in
annual capex spend. The high cost of debt and expansion capex
offsets the positive working capital dynamics and results in low
free cash flow to debt ratios of only 2%-3% for the next two

Moody's considers Pizza Express's near-term liquidity to be
adequate, with sufficient internal resources to service debt
offset by a relatively small RCF. The GBP20 million RCF is
expected to remain undrawn, although could be utilized if site
roll-out plans are accelerated or, more likely, in FYE 2016 to
part-finance the option to buy-out the franchise partner in Hong
Kong and Shanghai. The RCF has a draw-stop mechanism when total
net leverage exceeds 9.0x and the facility is drawn more than

The different ratings for the notes reflect the relative ranking
within the capital structure. The GBP410 million senior secured
notes together with the GBP20 million revolving credit facility
benefit from a guarantor and security package that comprises
around 80% of total group EBITDA and assets. However, the
revolver also benefits from priority of payment according to the
intercreditor agreement. The GBP200 million senior unsecured
notes rank behind these instruments and benefit from a senior
subordinated guarantee from the same guarantor group. Moody's
notes that an additional GBP50 million of super senior facilities
can be raised under the intercreditor agreement which, if
committed, could negatively impact the ratings of the notes.

Rationale For The Stable Outlook

The rating and stable outlook assume that Pizza Express will be
able to maintain its current operating performance, including its
LFL sales trend, EBITDA margins and cash flow generation. The
outlook also incorporates Moody's expectation that the company's
leverage will trend towards 7x and will not embark on any
transforming acquisitions or make debt-funded shareholder

What Could Change The Rating Up/Down

Upward pressure on the rating could materialize if the Moody's-
adjusted debt/EBITDA falls below 6.5x on a sustainable basis,
with Moody's-adjusted EBITA coverage of interest expenses moving
towards 2.0x.

Conversely, downward pressure on the rating could arise if
Moody's-adjusted debt/EBITDA increases to 7.5x or Moody's-
adjusted EBITA coverage of interest expenses falling towards
1.25x and /or liquidity concerns emerge. Moody's could also
consider downgrading the ratings in the event of any material
acquisitions or changes in financial policy.

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

Founded in 1965, Pizza Express has grown to become the leading
player in the UK casual dining market measured by number of
restaurants. As at 6 April 2014 it operated 433 sites in the UK
and Ireland as well as 65 international sites in India (JV),
Beijing (one site owned), Hong Kong, Shanghai and the Middle East
(all franchised). It also has licensing arrangements in place to
enable Pizza Express pizzas, salad dressings and other products
to be sold through supermarkets. Headquartered in London, it has
approximately 9,000 employees worldwide. For FYE 2013 it reported
revenues of GBP370 million and EBITDA of GBP83 million.

V.GROUP: S&P Assigns 'B' Corporate Credit Rating; Outlook Stable
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to U.K.-based integrated marine service
provider V.Group.  The outlook is stable.

At the same time, S&P assigned 'B' issue ratings to V.Group's
US$275 million first-lien term loan and to its US$35 million
revolving credit facility (RCF).  The recovery ratings on these
instruments are '3', indicating S&P's expectation of meaningful
(50%-70%) recovery in the event of a payment default.

In addition, S&P assigned a 'CCC+' issue rating to V.Group's $110
million second-lien term loan.  The recovery rating is '6',
indicating S&P's expectation of negligible (0%-10%) recovery
prospects in the event of a payment default.

The ratings on V.Group reflect S&P's assessment of the group's
"fair" business risk profile and "highly leveraged" financial
risk profile, as S&P's criteria define these terms.  S&P's
ratings also incorporate its view of V.Group's "adequate"

S&P's assessment of V.Group's business risk profile as "fair"
reflects the company's competitive position, which S&P assess as
"satisfactory."  It benefits from the company's leading market
positions in a niche sector of integrated marine services, its
large and diversified portfolio of vessels under fixed-price
service contracts, and what S&P views as the company's low
volatility of profitability.  Furthermore, S&P believes that
V.Group's high customer retention rate, strong strategic
relationships with recruitment sources, broad service range, and
sustained reliable execution will continue to provide a shield
against the cyclicality of the shipping industry.  S&P views,
however, that the annual revolving nature of a significant
portion of V.Group's contracts exposes the company to contract
renewal and volume risk.

In S&P's view, V.Group will be able to protect and gradually
expand its market share in the medium term, thanks to the
increasing rate of outsourcing of marine services and a gradually
improving global economic outlook, which should stimulate world
trade and therefore seaborne transport volumes.  Furthermore, low
capital intensity and the fairly good earnings predictability of
the underlying business model underpin the company's good free
operating cash flows.  S&P's business risk assessment is
constrained by the company's overall small business scope and
scale, and its sole focus on the cyclical shipping industry,
among a peer group of large global players in the business
service industry (such as general facility management providers
or general staffing companies).

S&P's assessment of V.Group's financial risk profile as "highly
leveraged" reflects the group's high adjusted debt and its
aggressive financial policies under private-equity ownership.

S&P estimates that V.Group's year-end 2014 Standard & Poor's-
adjusted debt will comprise about US$385 million in financial
debt; about US$250 million in shareholder loans that accrue with
payment-in-kind (PIK) interest at a rate of 10% (that is, not
paid in cash); and about US$28 million in operating lease
obligations.  S&P forecasts a ratio of debt to EBITDA at over 10x
(about 6x excluding the shareholder loan), which is consistent
with a "highly leveraged" financial profile, as defined by S&P's
criteria.  This is counterbalanced by the company's ability to
generate solid and predictable free cash flow and good funds from
operations (FFO) cash interest coverage ratios.  S&P nevertheless
forecasts that the accruals of the shareholder loans will hinder
significant deleveraging in the near future.

S&P assess the company's management and governance as "fair,"
reflecting its experienced management team.

S&P's base case for V.Group over the next couple of years

   -- Organic revenue growth of about 7%, underpinned by both
      growth in the fleet under service and annual fee increases.

   -- Annual capital expenditure (capex) of about US$10 million-
      US$11 million per year.

   -- No dividend payments or acquisitions.

   -- No significant calls on cash arising from the company's
      current efforts to exit non-core operations.

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

   -- An EBITDA margin of about 12%-13%;

   -- Adjusted debt to EBITDA of about 11x on average (about 6x
      excluding the shareholder loan).  S&P do not expect this to
      change significantly as EBITDA growth is unlikely to
      balance the PIK interest accruals.

   -- FFO cash interest coverage of about 3x.

The stable outlook reflects S&P's view that V.Group's credit
metrics will remain commensurate with a "highly leveraged"
financial risk profile.  S&P's base-case scenario assumes that
the company's EBITDA margins will remain broadly stable over the
next 12 months, supported by V.Group's ability to increase its
fees yearly.  S&P anticipates that liquidity will remain
"adequate" over the 12 months following the refinancing.

In S&P's opinion, the possibility of an upgrade is limited in the
near term.  This is due to V.Group's high adjusted debt and S&P's
assessment of the company's aggressive financial policy, stemming
from its private equity ownership, which results in a "highly
leveraged" financial risk profile.

S&P could consider a negative rating action if its assessment of
V.Group's liquidity were to weaken -- such that the liquidity
ratio drops to below 1x as defined by S&P's criteria -- combined
with signs of a weaker business risk profile, leading to FFO cash
interest coverage falling to significantly below 2x.  A weakening
of the business risk profile could be the result of higher
volatility of profitability than S&P currently anticipates,
reputation-damaging incidents, and/or the loss of key clients.

Alternatively, if the company was not able to renew its contract
at the rate S&P currently anticipates, or if pressure on
liquidity arises from other sources currently not included in
S&P's base case -- such as significant cash outflows for
restructuring or acquisitions -- S&P might consider lowering the


* BOND PRICING: For the Week July 21 to July 25, 2014

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

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

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

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 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

Sazka AS               9.00  7/12/2021    EUR   10.13

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

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

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

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

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 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Agroton Public Ltd    12.50  7/14/2014    USD   50.00

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  Go to 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,

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

                 * * * End of Transmission * * *