TCREUR_Public/140804.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, August 4, 2014, Vol. 15, No. 152



ETHIAS SA: Fitch Raises Subordinated Debt Rating to 'BB+'


NORTHERN LIGHTS: Moody's Cuts Rating on $150MM Notes to 'Ca'


FIH ERHVERVSBANK: Moody's Withdraws '(P)Caa1' Subordinate Rating


PEUGEOT SA: Moody's Changes 'B1' CFR Outlook to Positive
SPIE BONDCO 3: S&P Puts 'B' CCR on CreditWatch Positive


AENOVA HOLDING: S&P Assigns 'B' CCR; Outlook Positive


CAVENDISH SQUARE 2: Fitch Affirms 'Bsf' Rating on Class C Notes
DAN MORRISSEY: To Enter Receivership After Survival Plan Fails
DELTA CDO 2005-1: Fitch Affirms 'Csf' Ratings on 6 Note Classes
EMERALD MORTGAGES: Moody's Raises Rating on Cl. B Notes to 'Caa1'
EUROMAX VI ABS: Fitch Affirms 'Csf' Ratings on 4 Note Classes


ITALCEMENTI SPA: Moody's Confirms 'Ba3' Corporate Family Rating
K-FLEX SPA: Fitch Assigns 'B' Long-Term Issuer Default Rating
SEAT PAGINE: Majority of Creditors Back Debt Restructuring Plan


ESPIRITO SANTO: ISDA to Rule on Bankruptcy Credit Event Request


DUTCH MBS XV: S&P Affirms 'BB+' Rating on Class E Notes
E-MAC 2008-II: S&P Lowers Rating on Class D Notes to 'B+sf'
GREENKO DUTCH: Fitch Assigns Final 'B' Rating to US$550MM Notes


P4 SP ZOO: Fitch Revises Outlook to Stable & Affirms 'B+' IDR


EMPRESA DE ELECTRICIDADE: Moody's Raises Issuer Rating to 'B3'
ESPIRITO SANTO: Files Insolvency Petition in Portugal
OCIDENTAL COMPANHIA: S&P Raises Ratings to From 'BB'


ALROSA OJSC: Fitch Affirms 'BB' Long-Term IDR; Outlook Stable
OTKRITIE BANK: S&P Revises Outlook to Pos. & Affirms 'B+' Rating
PROMSVYAZBANK: Fitch Rates Sub. Loan Participation Notes 'B+'


BBVA-6 FTPYME: Fitch Affirms 'C' Rating on Class C Notes
CASTOR: Fitch Puts 'BB+' Rating on EUR1.4BB Bonds on Watch Neg.
GRUPO EROSKI: Enters Into Debt Restructuring Deal with Lenders
HIPOCAT 9: S&P Lowers Rating on Class D Notes to 'D (sf)'
HIPOTECARIA UCI 12: S&P Affirms 'BB' Rating on Class C Notes

IM CAJA LABORAL I: Fitch Affirms CCCsf Rating on Class E Notes
SANTANDER HIPOTECARIO 3: S&P Cuts Rating on Class D Notes to 'D'
VALENCIA HIPOTECARIO 2: Fitch Affirms CCC Rating on Cl. D Tranche


FLY OLYMPIC: Financial Woes Prompt Bankruptcy Filing


DTEK HOLDINGS: Fitch Lowers Issuer Default Rating to 'CCC'

U N I T E D   K I N G D O M

FIRST FLEXIBLE: S&P Affirms 'B-' Ratings on Three Note Classes
PROVIDE GEMS 2002-1: Fitch Affirms 'C' Ratings on 2 Note Classes
ZODIAC POOL: Seeks U.S. Bankruptcy Protection
ZODIAC POOL SOLUTIONS: Chapter 15 Case Summary


* BOND PRICING: For the Week July 28 to August 1, 2014



ETHIAS SA: Fitch Raises Subordinated Debt Rating to 'BB+'
Fitch Ratings has upgraded Ethias S.A.'s Insurer Financial
Strength (IFS) rating to 'BBB+' from 'BBB' and Long-term Issuer
Default Rating (IDR) to 'BBB' from 'BBB-'.  Both ratings have
Stable Outlooks.  Concurrently, Fitch has upgraded Ethias's
subordinated debt to 'BB+' from 'BB'.


The upgrade reflects Ethias' strong risk-adjusted capitalization
and improvements in financial fundamentals following management's
efforts to restructure the company.

In June 2014, the European Commission (EC) announced that the
initial requested restructuring measures had been successfully
implemented, with the exception of the run-off of the retail life
business.  The EC recognizes that current market conditions are
an obstacle to the quick run-off of the life business and that
Ethias should continue to disengage on a best efforts basis over
the coming years.

The regulatory solvency margin has continued to improve and was
190% (excluding unrealized gains) at the year-end 2013 (2012:
184%, 2011: 158%).  This has mainly resulted from a strong level
of net income in the past two years and is despite the payment of
a dividend.  Fitch believes that Ethias' solvency margin will
continue to increase, predominantly supported by retained
earnings net of dividend.

The dispute between the Belgian tax authorities and Ethias is on-
going.  An unfavorable outcome would impact Ethias' income
statement by the full disputed amount.  However, Fitch believes
that Ethias's capitalization has the ability to withstand the
loss while remaining well capitalized within the 'BBB' category.

In 2013, operating profitability remained robust at EUR226
million before dividend (2012: EUR220 million).  Technical
profitability in non-life was strong, reflected in a combined
ratio of 91% (2012: 92%). Profitability of the life business
remained satisfactory, reflected in technical income of EUR28
million (2012: EUR58 million) before 'reserve clignotant'.  While
this special reserve reduced total net income to EUR110 million
in 2013, it is recognized as additional capital under IFRS
accounting and as mathematical reserves under Belgian GAAP.

At end-2013, the ratio of risky assets to equity was 144%
(excluding the special reserve of EUR589 million), much reduced
from the 312% at 2009, but remaining high for the rating category
and compared with peers.  Fitch expects this improving trend to
continue while the company builds its capital base.

Ethias is the group's main operating entity.  Ethias Droit Commun
AAM is considered a 'Core' entity according to Fitch's group
rating methodology.  The company is 95% reinsured through a
quota-share agreement by Ethias and it has a 25% share in
Ethias's holding company, Vitrufin.  It has the same IFS rating,
based on Fitch's evaluation of the strength of the group as a


An upgrade is unlikely in the near term.  However, a reduction in
the ratio of risky assets to equity to below 90% (2013: 144%),
with the non-life combined ratio maintained below 95% and capital
at a strong level, could lead to an upgrade.

Key triggers for a downgrade include a decline in the Solvency I
ratio to 150% without the ability to recover within a short
period of time (2013: 190%) or failure to maintain an adequate
level of profitability reflected in a combined ratio consistently
above 100% (2013: 91%).

The rating actions are as follows:

Ethias S.A.:

IFS rating: upgraded to 'BBB+' from 'BBB'; Outlook Stable
Long-term IDR: upgraded to 'BBB' from 'BBB-'; Outlook Stable
Undated subordinated debt: upgraded to 'BB+' from 'BB'

Ethias Droit Commun AAM:

IFS rating: upgraded to 'BBB+' from 'BBB'; Outlook Stable


NORTHERN LIGHTS: Moody's Cuts Rating on $150MM Notes to 'Ca'
Moody's Investors Service announced that it has downgraded the
rating of the following notes issued by Northern Lights Bulgaria

USD150,000,000 Loan Participation Notes due 2014 Series 2012-1,
Downgraded to Ca; previously on Jul 1, 2014 Downgraded to B3 and
Placed Under Review for Possible Downgrade

This transaction represents the repackaging of USD150M facility
agreement to Corporate Commercial Bank AD. Payments received by
the Issuer under the facility agreement are used to make payments
due under the Notes.

Ratings Rationale

Moody's explained that the rating action taken is the result of
the failure to pay interest under the repackaged loan and the
suspension of payments and all banking operations of Corporate
Commercial Bank AD ("CCB") as announced by the bank itself in a
press release issued on June 20, 2014.

The noteholders have been informed that on July 3, 2014, the bank
failed to pay interest under the repackaged loan. The suspension
of payments will prevent the bank from meeting its obligations
under the repackaged facility and repaying principal at maturity
on August 7, 2014.

Additionally Moody's downgraded to Caa1 the long-term deposit
ratings of the bank and left these on review for further
downgrade. For further information on the aforementioned rating
action see the press release dated July 29, 2014 "Moody's
downgrades Corporate Commercial Bank's deposit ratings to Caa1
from B3; ratings remain on review for further downgrade " on, wherein Moody's notes the continued uncertainty
relating to the Bulgarian government's plan to fully protect
uninsured depositors, and also that the plan needs to be approved
by the Bulgarian Parliament but the political consensus required
to enact the required legislation has yet to be reached.

Methodology Underlying the Rating Action:

The principal methodology used in this rating was Moody's
Approach to Rating Repackaged Securities published in April 2010.

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

Moody's considers the notes to be defaulted and no additional
rating action to be necessary.

Moody's notes that this transaction is subject to a high level of
uncertainty, which could negatively or positively impact the
liquidation proceeds from the notes, as evidenced by 1) the size
of Corpbank's capital shortfall; and (2) the uncertainties
regarding the Bulgarian government's plan to fully protect the
uninsured depositors.


FIH ERHVERVSBANK: Moody's Withdraws '(P)Caa1' Subordinate Rating
Moody's Investors Service announced that it withdrew all ratings
of FIH Erhvervsbank A/S for business reasons.

At the time of withdrawal, FIH Erhvervsbank A/S' ratings are as

Bank financial strength rating of E+ with a negative outlook

Baseline Credit Assessment of b2

Adjusted Baseline Credit Assessment of b2

Long-term local and foreign currency deposit ratings of B1 with a
negative outlook

Senior Unsecured foreign rating of B1 with a negative outlook

Senior Unsecured MTN foreign of (P)B1

Junior Subordinate MTN foreign of (P)Caa1

Short-term local and foreign currency deposit ratings of NP

Short-term Deposit Note/CD Program (foreign) rating of NP

Commercial Paper rating of NP


PEUGEOT SA: Moody's Changes 'B1' CFR Outlook to Positive
Moody's Investors Service has changed to positive from stable the
outlook on the B1 corporate family rating (CFR) and the B1-PD
probability of default rating (PDR) of Peugeot S.A. (PSA) and its
rated subsidiary GIE PSA Tresorerie. Concurrently, Moody's has
affirmed all of PSA's and its subsidiary's ratings.

"The change in outlook to positive reflects the progress made by
Peugeot to restore its profitability in the first half of the
current financial year aided by favorable dynamics in the
European passenger car industry and the introduction of new
models", says Yasmina Serghini-Douvin, a Moody's Vice-President
Senior Credit Officer and lead analyst for PSA. "The positive
sales momentum as well as the company's ongoing strategy to
improve its competitiveness, if sustained, are likely to help
Peugeot get closer to its target of positive operating free cash
flow earlier than Moody's had initially expected", adds
Mrs. Serghini-Douvin.

Ratings Rationale

The change in outlook to positive was triggered by PSA's better
than Moody's had expected operational developments in the first
half of the current financial year ended June 30, 2014. PSA
delivered a recurring operating profit of EUR477 million compared
to a loss of EUR100 million in the same period last year, largely
driven by an increase of EUR545 to EUR7 million in profit of its
automotive division (ex-China) and of EUR55 million of its
subsidiary Faurecia SA, which more than offset a somewhat weaker
profitability at Banque PSA Finance (Ba1 negative, D stable/ba2)
the company's captive finance subsidiary. The automotive
division's better operational performance was fuelled by the
recovery in the European car market where new passenger car
registrations rose by 6.5% in the first six months of the year
(data for enlarged European Union) according to the European
Automobile Manufacturers Association. Against this backdrop,
PSA's volumes grew by 5.5% and its capacity utilization moved to
84% from 72% in 2013. Moreover, its market share in Europe
remained broadly unchanged year-on-year at 12.1% though still
below its 2011 and 2012 level of 13.3% and 12.7%, respectively.

Although the second half of the current year could be more
challenging given the higher comparables in the similar period of
2013, the agency would expect PSA's operating performance gains
to be confirmed and a substantial portion of free cash-flow gains
to be retained for the remainder of the year in order to maintain
the positive trends that are reflected in the change of outlook.

Given that PSA is less present in certain emerging markets such
as Brazil or Russia than some of its competitors, it suffered
less from the weaker demand there even though there was a fairly
significant adverse impact from foreign currency movements on the
company's profitability during the last reporting period. More
positively, Moody's notes that PSA made good progress in China
where its volumes grew ahead of the market benefiting from both
robust market dynamics and model launches. The proforma share of
recurring operating income of the Chinese joint ventures was
EUR121 million in the first half of this year, compared to EUR477
million for the company, on a consolidated basis (ex-China).

This positive operational performance together with a significant
working capital inflow, boosted by seasonality effects, resulted
in a positive EUR1.5 billion free cash flow which exceeded
Moody's prior expectations.

In addition to that, PSA has maintained a satisfactory liquidity
profile helped by more favorable operational trends, the EUR2.9
billion capital increase and the recently signed covenanted
syndicated credit facility of EUR3.0 billion (undrawn as of 30
June 2014). This gives the company ample cushion to execute its
strategic plan in order to turn around its industrial operations.

Moody's also views as credit positive that Banque PSA Finance
signed in July 2014 a binding Framework Agreement with Santander
Consumer Finance, the consumer finance division of Banco
Santander, to establish a partnership in 11 European countries.
This partnership will help Banque PSA Finance develop its
activities within Europe and offer more competitive financing
offers supported by a lower cost of funding. This is because the
partnership would over time allow the release of the current
state guarantee for bonds issued by Banque PSA Finance of up to
EUR7.0 billion. As of June 30, 2014, EUR1.5 billion of debt
issued by Banque PSA Finance was covered by the French State
guarantee. This venture should also help release over time
capital that could be reinvested in the Automotive business.

The positive outlook reflects Moody's expectations that Peugeot
is likely to capitalize on the positive momentum in its core
European market to improve its profitability and to be free cash
flow break-even in the near term.

What Could Change The Ratings Down/Up

The ratings could be upgraded if PSA delivers further improvement
in profitability, despite a possible slowdown in market growth in
coming quarters, such that it achieves, on a sustainable basis,
(1) positive operating profits in the industrial business from
2014 onwards and (2) a positive free cash flow, as defined by

The outlook could be stabilized if PSA's earnings growth weakens
in the near term such that its operating profit of the industrial
business stagnates or declines and the company fails to achieve a
close-to-breakeven free cash flow in 2014. The ratings could be
lowered if there is evidence that PSA's strategic plan fails to
cement its position in the European car market resulting in
declining market shares, weak profitability and negative free
cash flow generation beyond EUR0.5 billion.

Principal Methodologies

The principal methodology used in these ratings was the Global
Automobile Manufacturer Industry 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.

Peugeot S.A. is Europe's second-largest maker of light vehicles
with its two main brands Peugeot and Citro‰n. In addition, PSA
holds a 51.7% interest in Faurecia SA (B1 stable), one of
Europe's leading automotive suppliers (turnover of EUR18.0
billion in 2013) and remains a 25% shareholder in Gefco, France's
second-largest transportation and logistics service provider. PSA
also provides financing to dealers and end-customers through its
wholly owned finance subsidiary, Banque PSA Finance. In 2013, PSA
generated revenues of EUR54.1 billion and reported a recurring
operating loss of EUR0.2 billion.

SPIE BONDCO 3: S&P Puts 'B' CCR on CreditWatch Positive
Standard & Poor's Ratings Services placed on CreditWatch positive
its 'B' long-term corporate credit ratings on French multi-
technical services provider Spie Bondco 3 S.C.A (Spie) and its
indirect subsidiary, Financiere SPIE.

At the same time, S&P placed on CreditWatch positive its 'B'
issue ratings on the EUR100 million capital expenditure (capex)
facility due 2017, the EUR200 million revolving credit facility
(RCF) due 2017, the EUR400 million bank loan due in 2018, and the
EUR585 million term loan B due in 2018, issued by Clayax
Acquisition 4 SAS and guaranteed by Financiere SPIE.  The
recovery rating on these instruments is '4'.

In addition, S&P placed on CreditWatch positive its 'CCC+' issue
rating on the EUR375 million notes due in 2019, issued by Spie
Bondco 3 and guaranteed by Financiere SPIE.  The recovery rating
on this instrument is '6'.

"The CreditWatch placement reflects our view that Spie's recently
announced IPO could meaningfully improve its credit ratios.  The
group aims to raise around EUR550 million, or approximately
EUR420 million net of fees and costs, to lower its reported net
debt-to-EBITDA ratio (excluding the group's shareholder loan) to
2.5x maximum by year-end 2014, from 3.9x at the year-end 2013.
Management indicated in the preliminary issuance documentation
that the shareholder loan of EUR525 million, which we treated as
debt in our calculation of Spie's adjusted debt, will be
converted into equity in the process.  Based on these
assumptions, we estimate that the adjusted funds from operations
(FFO)-to-debt and debt-to-EBITDA ratios could reach about 20% and
3x in December 2014, respectively, down from 5% and 7x in 2013,"
S&P said.

That said, for the moment S&P views Spie's financial profile as
"highly leveraged" as several uncertainties still surround the
transaction, pertaining notably to its timing, market conditions,
and future shareholding structure.  In any case, a higher
financial profile assessment would depend on the strength of the
group's commitment to maintain a more conservative financial
policy in the next few years.

Spie has already started to negotiate a new debt package.  If the
IPO is successful, the group will replace its existing debt, and
notably the EUR375 million bond issued by Spie, with two
unsecured five-year facilities: a EUR950 million term loan and a
EUR400 million RCF.

S&P still assess Spie's business profile at "fair."  This
reflects among other factors, S&P's views on the group's low
earnings volatility and fragmented customer base, balanced
against its limited product and geographic diversity.  However,
S&P notes that the recent acquisition of the German company
Hochtief Service Solutions has decreased the group's reliance on
its home market. This could provide some upside to Spie's
business profile if the group continues to grow and improve its
profitability on an organic basis.

S&P's base-case operating scenario currently does not factor in
the contemplated IPO, although it believes that its probability
of success is meaningful.  S&P's assumptions include:

   -- A gradual improvement of European economies, with notably
      an increase in French GDP of 0.7% in 2014 and 1.4% in 2015.

   -- Reported revenue growth of about 10% in 2014, thanks to the
      full-year consolidation of Hochtief, and of about 3%

   -- A stable adjusted EBITDA margin of about 8% in 2014, as
      Spie offsets the dilutive effect of Hochtief by
      productivity gains, followed by a slight improvement in

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

   -- Adjusted debt to EBITDA of about 6.0x-6.5x.
   -- Adjusted EBITDA interest coverage of approximately 2.5x.
   -- Adjusted free operating cash flow of roughly EUR200

The CreditWatch placement reflects S&P's opinion that a
successful IPO could substantially improve Spie's financial
profile and lead S&P to raise its ratings on the group by one or
more notches.  It also reflects S&P's view that the recent
acquisition of Hochtief has increased Spie's geographic
diversity.  Over the next 12 months, S&P forecasts a revenue
growth rate of about 10% and a stable EBITDA margin at the group.

S&P may raise its ratings on Spie if the group successfully
completes its IPO on terms similar to those announced, leading to
a material and sustainable improvement in credit ratios.  The
magnitude of the upgrade would depend on the amounts of equity
raised, the conversion of the shareholder loan, and the group's
commitment to a more conservative financial policy.  S&P might
also consider a positive rating action if it revises Spie's
business profile to "satisfactory" from "fair."

S&P could affirm the ratings at their current level if it
considers that an IPO will not take place within the next 12
months.  S&P would also consider affirming the ratings if Spie
experiences a sharp and unexpected deterioration in its operating


AENOVA HOLDING: S&P Assigns 'B' CCR; Outlook Positive
Standard & Poor's Ratings Services said that it had assigned its
'B' long-term corporate credit rating to Aenova Holding GmbH, a
German contract development and manufacturing company.  The
outlook is positive.

At the same time, S&P assigned its 'B' issue ratings to Aenova's
proposed EUR500 million first-lien senior secured debt and EUR75
million revolving credit and acquisition facilities.  The
recovery rating of '3' indicates S&P's expectation of meaningful
recovery (50%-70%) in the event of a default.

S&P also assigned a 'CCC+' issue rating to Aenova's proposed
EUR155 million second-lien facility.  The recovery rating of '6'
indicates S&P's expectation of negligible recovery (0-10%) in the
event of a default.

The ratings reflect S&P's assessment of Aenova's business risk
profile as "fair" and its financial risk profile as "highly
leveraged."  Together, these assessments lead to an anchor of 'b'
for Aenova.  The anchor is S&P's starting point for assigning an
issuer credit rating under our corporate criteria.  None of the
analytical modifiers currently have any effect on the corporate
credit rating.

S&P's assessment of Aenova's "fair" business risk profile
reflects its view of "very low" country risk and "low" industry
risk.  S&P mainly factor in its opinion of the company's "fair"
competitive position, based on its increased overall size and
strengthened competitive position, and its adequate scale, scope,
and diversity following its recent acquisitions.

S&P believes these positives are partly offset by Aenova's
diluted EBITDA margins in the wake of the acquisitions and the
ensuing negative volatility.  Geographically, Aenova is well
diversified, with a significant international presence outside
Germany, such as in the U.S., and the Haupt acquisition is likely
to help Aenova gain additional ground in Japan.

"In our base-case scenario, the group's EBITDA margin will likely
stay below its historical high of almost 19% in 2012.  We expect
EBITDA margins of about 15%-16% in 2014 and 16%-17% in 2015,
reflecting the consolidation of Temmler and Haupt, with a lower
margin of about 10% excluding these acquisitions.  We believe the
company's EBITDA margin could widen again in 2015, given the
integration of recent acquisitions and the resulting
restructuring.  In addition, we expect good revenue growth in
2014 and 2015, after lower-than-expected revenue increases in
2013 that stemmed from generally cautious customer behavior and
discontinuation of smaller accounts businesses," S&P said.

In S&P's view, Aenova's business risk profile continues to
support the ratings.  S&P believes the company's business risk is
now less constrained by size limitations than previously, taking
into account the relatively large size of the last two

"We continue to assess Aenova's financial risk profile as "highly
leveraged," reflecting a debt-to-EBITDA ratio of about 11x in
2013, which we expect to decrease gradually to about 8x-9x in
2014 and to 7x-8x in 2015.  The ratio for 2013 excludes the
deduction of cash from debt, even though the company held more
than EUR200 million in cash on the balance sheet.  This was to
take into account the need for an immediate payment for Haupt,
which stripped out excess cash from our leverage ratio
calculation," S&P noted.

S&P's debt calculation for 2014 includes financial debt of EUR655
million under the new capital structure, consisting of the new
seven-year first-lien term loan of EUR500 million and a new
eight-year second-lien term loan of EUR155 million.  S&P also
includes operating-lease-adjusted debt of about EUR40 million,
pension and other postretirement debt of about EUR20 million, a
EUR34 million debt equivalent for factoring, and a EUR127 million
shareholder loan (to be reduced from EUR247 million).

"Therefore, the future leverage and cash-interest coverage ratios
will deteriorate because cash-paying financial debt is increasing
and debt service levels depend on interest rate trends.  We
believe, however, that the decrease in cash coverage ratios is
not significant enough to affect the positive outlook because the
ratios are likely to stay above our threshold for the ratings.
We view cash interest coverage by funds from operations (FFO) of
about 2.5x as comfortable for the ratings.  Moreover, we believe
the mix of funding to acquire Haupt enables enhanced free cash
flow generation in the future, which strongly supports the
ratings," S&P said.

Another positive factor is that Aenova's credit metrics did not
deteriorate after its acquisitions of Haupt and Temmler, mainly
because of the equity and payment-in-kind loans that partly
funded the transactions.  This particularly benefited the
coverage of cash interest by EBITDA, which even improved slightly
after the Haupt acquisition.  The funding mix for Haupt consisted
of a sizable equity component of EUR60 million and about EUR145
million of cash-interest-paying debt.

"In our base-case scenario, we expect the company to generate
positive free operating cash flow in 2014 and 2015, reflecting
its increasing EBITDA and modest capital expenditures.  In
addition, we believe working capital, which was well managed in
2013, is unlikely to absorb significant cash in the next two
years.  Despite planned shareholder remuneration, we expect the
company to have annual FFO cash interest coverage higher than 3x
in 2014 and 2015.  The company's financial policy is aggressive
in terms of acquisitions, but its transactions over the past two
years have been slightly positive for the ratings," S&P noted.

"The positive outlook reflects our expectation that Aenova will
gradually reduce its high leverage following the recent
recapitalization and some large acquisitions.  We also factor in
Aenova's positive, although short, financial policy track record,
despite sizable acquisitions, since 2012.  The decision to
recapitalize the company and also pay a sizable shareholder
remuneration (EUR120 million partial payback of the shareholder
loan and EUR25 million from the sale of real estate) indicates a
more aggressive financial policy, which we believe will lead to
weaker credit metrics.  However, this is not significant enough
to affect the positive outlook. In addition, we consider that the
company presently has competitive scale and positioning to meet
its customers' requirements.  We view coverage of cash interest
by FFO of about 2.5x, consistent with our view of Aenova's
"highly leveraged" financial risk profile," S&P said.

S&P could raise the ratings if Aenova integrates Haupt
successfully before the end of 2014.  In S&P's view, this would
help restore its EBITDA margins to the former level of about 16%,
without jeopardizing liquidity.  S&P could also consider a
positive rating action if Aenova's coverage of cash interest by
FFO by more than 2.5x appeared sustainable, in light of a more
transparent financial policy.

S&P could downgrade Aenova if it considered that its business
risk had heightened or liquidity had reduced, leading it to
revise its assessments of these factors downward.  S&P may also
take a negative rating action if the ratio of FFO to cash-
interest coverage slipped below 2.5x for a prolonged period.


CAVENDISH SQUARE 2: Fitch Affirms 'Bsf' Rating on Class C Notes
Fitch Ratings has affirmed Cavendish Square Funding 2 Limited,
and revised the Outlooks on the Class A2, B, C and P notes, as

Revolving Credit Facility (RCF): affirmed at 'Asf'; Outlook

Class A1-N: affirmed at 'Asf'; Outlook Stable

Class A2: affirmed at 'BBB-sf'; Outlook revised to Stable from

Class B: affirmed at 'BBsf'; Outlook revised to Stable from

Class C: affirmed at 'Bsf'; Outlook revised to Stable from

Class P combination notes: affirmed at 'BBsf'; Outlook revised to
Stable from Negative

Key Rating Drivers

The rating actions reflect the increase in credit enhancement
since the last review, combined with the improved outlook for the
transaction's peripheral Europe RMBS exposure.

The transaction exited its reinvestment period at the end of
September 2013. Combined with the failure to satisfy the post
reinvestment period reinvestment criteria, all principal proceeds
received must be used down to pay down debt. Subsequently EUR52.9
million of principal paydowns have been allocated sequentially to
the pari passu ranking RCF and class A1-N notes since the end of
the reinvestment period, increasing credit enhancement across the
structure by at least 2%.

In addition, the portfolio's credit quality has marginally
improved since Fitch's last rating action, with investment grade
rated assets accounting for 67.6% of all assets, up from 65.6%.
Despite the principal balance of defaulted obligations rising
marginally to EUR48.3 million from EUR46.5 million over the
period, 'CCC' and below rated assets account for 4.6% of
performing collateral this year, down from 6.7% last year. Assets
with a Negative Outlook have also fallen to 17.4% from 23.6%

All over-collateralization and interest coverage tests as of the
June 2014 investor report are passing with sizeable cushions. As
has been the case since the end of 2012, the weighted average
life test is failing by a large margin, at 5.4 years compared
with a required threshold of 3.0 years. Tail risk exposure
remains the material risk for the transaction.

The largest industry sector in the portfolio remains RMBS, with
its share of the transaction's underlying collateral up
marginally to 82% from 79% since Fitch's last rating action. CMBS
accounts for 13.3% (from 11.4%), while the proportion of
commercial ABS (2.7%), corporate CDOs (2.0%), consumer ABS (1.4%)
and SF CDOs (1.0%) remains largely unchanged. While there is
still significant exposure to assets located in the eurozone
periphery (54% of performing assets), particularly with respect
to assets in located in Italy (23.7%) and Spain (22.8%), these
markets have seen a degree of stabilization over the past 12
months and this is reflected in the revision of the Outlook on
the junior tranches to Stable.

Applying a 1.25x default rate multiplier to all assets in the
portfolio would not result in a downgrade of the rated notes.

Applying a 0.75x recovery rate multiplier to all assets in the
portfolio would not result in a downgrade of the rated notes.

DAN MORRISSEY: To Enter Receivership After Survival Plan Fails
The Irish Times reports that Dan Morrissey Irl Ltd. is to go into
receivership after efforts to come up with a survival plan

The insolvent company had obtained last month a court order
removing bank-appointed receivers and appointing an interim
examiner so restructuring efforts aimed at saving the company and
131 jobs could be made, The Irish Times discloses.

AIB, owed some EUR27 million, had appointed joint receivers but,
after those were removed by the court and an examiner appointed,
said it would provisionally not oppose the examiner's efforts to
come up with a survival plan, The Irish Times relates.

On July 31, examiner Brian McEnery, as cited by The Irish Times,
said in an affidavit AIB had said it was no longer prepared to
provide the necessary finance for a viable survival arrangement.
In those circumstances, Mr. McEnery said he could not recommend
the examinership period be further extended, The Irish Times

As AIB was not prepared to accept the latest proposals, the
High Court's Mr. Justice Peter Kelly agreed to an application
from Rossa Fanning BL, for AIB, to have the examiner discharged
and the original receivers reinstated, The Irish Times relays.

The court previously heard that it was hoped a survival plan
could be prepared given the serious fiscal and social
repercussions liquidation of the company would have in the entire
south-east, not just from the loss of 131 jobs but also the loss
of work for 80 subcontractors, The Irish Times recounts.

Dan Morrissey Irl Ltd. is a Carlow-based concrete and quarrying

DELTA CDO 2005-1: Fitch Affirms 'Csf' Ratings on 6 Note Classes
Fitch Ratings has affirmed Delta CDO Series plc 2005-1and Delta
CDO plc Series 2005-2's notes, as follows:

Delta CDO Series plc 2005-1
EUR35.2 million Class B (ISIN XS0218111739): affirmed at 'Csf'
EUR24.0 million Class C (ISIN XS0218113198): affirmed at 'Csf'
EUR13.5 million Class D (ISIN XS0218113602): affirmed at 'Csf'

Delta CDO plc Series 2005-2
EUR60.0 million Class B-1 (ISIN US24741NAD57): affirmed at 'Csf'
EUR55.0 million Class C-1 (ISIN US24741NAE31): affirmed at 'Csf'
EUR15.0 million Class E-1 (ISIN US24741NAG88): affirmed at 'Csf'

Both transactions are funded synthetic securitizations of a
diverse portfolio of initially highly rated ABS which closed in
August 2005. Delta CDO Series plc 2005-1 has a scheduled maturity
in August 2037. And Delta CDO plc Series 2005-2 has a scheduled
maturity in August 2043.

Key Rating Drivers

The affirmation reflects the weak quality of the portfolios and
the under collateralization of the notes. There are EUR108
million and EUR51 million of credit events in Delta CDO Series
plc 2005-1 and Delta CDO plc Series 2005-2, respectively, which
significantly exceeds the credit enhancement for all tranches.
Recoveries from the defaulted assets are expected to be low and
all rated notes are expected to be written down.

Rating Sensitivities

The notes' ratings are already at distressed levels, and as such
are unlikely to be affected by any further deterioration in the
respective underlying asset portfolios. Default is viewed as

EMERALD MORTGAGES: Moody's Raises Rating on Cl. B Notes to 'Caa1'
Moody's Investors Service has upgraded the rating of one senior
note and one mezzanine note while confirming the rating of the
junior note in the Irish residential mortgage-backed securities
(RMBS) transaction Emerald Mortgages No. 4 plc. This rating
action is prompted by better than expected collateral performance
combined with the increase in country ceiling to Aa3.

Issuer: Emerald Mortgages No. 4 plc

EUR1428M Class A Notes, Upgraded to Baa3 (sf); previously on
Jan 24, 2014 Ba2 (sf) Placed Under Review for Possible Upgrade

EUR34.5M Class B Notes, Upgraded to Caa1 (sf); previously on
Jan 24, 2014 Caa3 (sf) Placed Under Review for Possible Upgrade

EUR37.5M Class C Notes, Confirmed at Ca (sf); previously on
Jan 24, 2014 Ca (sf) Placed Under Review for Possible Upgrade

The rating upgrades follow the upgrade of the Irish sovereign
rating to Baa1 from Baa3 on May 16, 2014 and the resulting
increase of the local-currency country ceiling to Aa3 from A2
which reflect the country's reduced economic, legal and political

The rating action concludes the review of the notes placed on
review for upgrade in January 2014, following the first upgrade
of the Irish sovereign rating this year to Baa3 on January 17,

Ratings Rationale

The rating action reflects the impact of the upgrade of the
sovereign ceiling and improvement in collateral performance.

The Irish sovereign rating was upgraded to Baa1 in May 2014 and
resulted in an increase in the local-currency country ceiling to
Aa3. The Irish country ceiling, and therefore the maximum rating
that Moody's will assign to a domestic Irish issuer including
structured finance transactions backed by Irish receivables, is
Aa3 (sf).

Moody's has reassessed its lifetime loss expectation taking into
account the collateral performance to date. The 90 days
delinquencies have decreased from 12.5% in December 2013 to 11.8%
in July 2014. Moody's expect the recent recovery in Irish house
prices to be supportive of future recoveries on repossessed
mortgage loans. As a result, Moody's reduced its expected loss
assumption on the transaction from 3.4% to 3.0% on the original
pool balance.

The ratings of the senior notes are also capped in the Baa range
due to operational risk as per the 'Global Structured Finance
Operational Risk Guidelines' published by Moody's Investors
Service in June 2013. The non-investment grade rating of the
servicer, EBS Ltd, coupled with the absence of any back up
servicing arrangements is the reason behind this cap.

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

Factors or circumstances that could lead to a downgrade of the
rating affected by the action would be the worse-than-expected
performance of the underlying collateral, deterioration in the
credit quality of the counterparties and an increase in sovereign

Factors or circumstances that could lead to an upgrade of the
rating affected by the action would be the better-than-expected
performance of the underlying assets, and a decline in both
counterparty and sovereign risk.

EUROMAX VI ABS: Fitch Affirms 'Csf' Ratings on 4 Note Classes
Fitch Ratings has affirmed Euromax VI ABS Ltd's notes, which

Class A (XS0294719082) EUR 98.2m: affirmed at 'CCCsf'
Class B (XS0294720171) EUR 37.0m: affirmed at 'CCsf'
Class C (XS0294720338) EUR 16.0m: affirmed at 'Csf'
Class D (XS0294720841) EUR 16.0m: affirmed at 'Csf'
Class E (XS0294721146) EUR 3.0m: affirmed at 'Csf'
Class G (XS0294722201) EUR 8.0m: affirmed at 'CCsf'
Class H (XS0294722896) EUR 24.0m: affirmed at 'Csf'

Euromax VI is a securitization of mainly European structured
finance securities with a total note issuance of EUR430 million
invested in a portfolio of EUR425 million.


The affirmation reflects the notes' improved credit enhancement
(CE) which has served to counteract the continued deterioration
of the portfolio observed over the past year.  CE for the class A
notes has risen to 43% from 35.7% (at last review) as the
transaction has deleveraged.

The ratings assigned to the underlying assets have migrated
downwards over the past year.  Most significantly, a large
portion of the 'CC' bucket has moved to the 'C' bucket which has
increased to 25.2% from 10.8%.  'CCC' and below assets (not
including defaults) now account for 42.9% of the portfolio.

There are currently seven defaults in the transaction making up
5.28% of the portfolio (5.3% at last review).  All the defaults
are CMBS transactions and all except two occurred over the past
year.  Recovery on these assets is expected to be low.

The portfolio primarily consists of RMBS (58.1%) and CMBS
(33.04%) assets.  The remainder of the pool consists of
commercial ABS (0.5%), corporate CDOs (2.9%) and SF CDOs (5.4%).
Over the past year, the proportion of RMBS assets has increased
by 8.6% and the proportion of CMBS has decreased by 9.3%.

The tranche thickness of the underlying assets is particularly
thin, with 73% making up between 0% and 5% of their respective
transactions.  This is reflected in their seniorities with 64.7%
of the pool non-senior.  Fitch has assigned Recovery Estimates of
0% to 28.7% of the pool.

Excess spread is being diverted to pay down the A notes as all
overcollateralization tests are failing.  They have been falling
since 2009 and have continued to deteriorate.  All interest
coverage tests are passing.  The class A and B notes are
receiving timely interest, but the class C, D and E notes have
been deferring interest since early 2009 and are expected to
continue to do so.


The notes' ratings are already at distressed levels.  Further
deterioration in the portfolio is unlikely to affect the junior
notes.  However, if all 'BB' to 'B' rated assets (23.2%) were to
migrate to the 'CCC' bucket the class A notes would be downgraded
to 'CCsf'.


ITALCEMENTI SPA: Moody's Confirms 'Ba3' Corporate Family Rating
Moody's Investors Service, has confirmed the Ba3 corporate family
rating (CFR), the Ba3-PD probability of default rating (PDR) of
Italcementi S.p.A. (ITC), (P)Ba3 rating for its MTN program and
the Ba3/(P)Ba3 senior unsecured ratings of its subsidiary
Italcementi Finance S.A. At the same time Moody's confirmed the
Ba2 senior unsecured rating of Ciments Francais' (CF) outstanding
Euro Medium Term notes and withdrew the CFR and PDR on Ciments
Francais. The outlook on all ratings is positive.

This action concludes the rating review initiated March 12, 2014.
The NP/(P)NP short term ratings of ITC and subsidiaries had not
been under review and remain unchanged.

"The outlook change to positive for Italcementi's CFR was
triggered by the successful buy-out of minority shareholders in
Ciments Francais, Italcementi's most important asset, in a debt
neutral transaction financed via equity capital that was raised
at the Italcementi level", says Falk Frey, Senior Vice President
and lead analyst at Moody's for Italcementi. "A ratings upgrade
would require further improvements in the operating performance
and cash generation leading to a reduction in leverage over the
next 12-18 months" Mr. Frey added.

Ratings Rationale

In a multi-step transaction ITC streamlined its legal and
shareholder structure through conversion of savings shares into
one single class of ordinary shares and gained full control and
100% ownership in its major subsidiary CF through a successful
buyout of CF's minority shareholders fully financed with an
equity increase at ITC. The transactions were fully supported by
ITC's major shareholder Italmobiliare, holding 45% of ITC's share
capital after these transactions.

The elimination of the former 16% minority shareholders in CF
results in a significant amount of dividends to external minority
shareholder which will be saved, thereby strengthening ITC's cash
flow. Moody's estimates savings in annual dividends of circa
EUR17 million based on 2013 dividends paid. This doesn't account
for changes in the equity structure at Italcementi's level
(savings share conversion and ordinary shares capital increase).
Moody's notes that substantial minorities will remain, which are
mainly associated with the group's highly profitable operations
in Middle East / North Africa. Creditors also benefit from
Italcementi's unrestricted access to Ciments Francais' cash flows
and assets. Furthermore, the delisting of CF from Paris stock
exchange will lead to administrative cost savings over time.

Moody's has withdrawn the CFR for Ciments Francais, as its
financing is now fully integrated with Italcementi, and therefore
does not require any more a stand-alone CFR.

The Ba3 rating of the Italcementi group is constrained by its
leverage, which has weakened continuously during the past couple
of years such that the group's debt/EBITDA ratio is 5.0x and its
retained cash flow (RCF)/net debt ratio is 13.4% as per 2013.
Both of these metrics position Italcementi solidly in the Ba3
rating category. In addition, we take into account Italcementi's
share of minority interests, which will remain primarily at the
level of its African (Egypt, Morocco) and Asian (Thailand)
subsidiaries, which as of December 2013 accounted for around 26%
of the group's reported equity. Assuming proportional
consolidation of these assets would lead to a further weakening
of Italcementi's leverage ratios.

However, the rating is supported by the group's adequate business
profile, with geographically diversified operations and strong
market positions in emerging markets. Emerging markets should
benefit from better demographic and demand trends over the long
term, but are also exposing Italcementi to increased political
and country risks. We note that following severe market downturns
in Spain, Greece, Italy and the US, Italcementi's earnings
generation is currently concentrated on three countries, with 82%
of fiscal 2013 (to 31 December) recurring EBITDA being generated
in three markets: France/Belgium, Egypt and Morocco.

The rating also takes into account Italcementi's conservative
growth strategy, which historically has enabled the group to
avoid significant increases in debt, as well as its well-managed
liquidity profile.


The liquidity profile of Italcementi is adequate. Italcementi had
an estimated amount of EUR550 million of cash on balance sheet
after the finalisation of the squeeze out and capital increase by
mid July (EUR484 million per Dec 2013) and approximately EUR1.4
billion availability under undrawn lines of credit. On June 19,
2014 Italcementi signed a new EUR450 million revolving credit
facility maturing in June 2019 with a pool of 14 international
banks. This facility replaced the former undrawn EUR920 million
facility that would have matured September 2015. Financial
covenants remain the same with a maximum net debt / EBITDA of
3.75x starting to be tested December 31, 2014 on a semi-annual
basis thereafter. Under our base case Italcementi is expected to
generate an FFO around EUR425 million over the next 12 months.
This should be sufficient to fund short term needs of cash mainly
consisting of working cash, seasonal WC swings, capex, debt
repayments and dividends.


The positive outlook reflects the possibility that Italcementi
would be able improve its credit metrics over the next 12-18
months to be more commensurate with a Ba2 rating. This assumption
is based on Moody's view that the successful implementation of
cost restructuring and efficiency measures should result in a
high operating leverage and lead to a significant improvement in
operating performance once our expectation of volume/price
improvements in Italcementi's main markets materializes over the
course of the next 12-18 months. A contributing factor for the
assignment of the positive outlook is the successful completion
of project Centocinquanta, which strengthens cash flow generation
through a reduced share of minorities and grants Italcementi
unrestricted access to the cash flows and assets of Ciments

What Could Change The Rating -- Up

Italcementi could achieve a higher rating if the company were
able to improve RCF/net debt towards 15% on a sustainable basis
and debt/EBITDA to 4.5x with visibility of a continued improving
trend. In our rating assessment, we will also take into account
the development and outstanding amount of Italcementi's non-
recourse securitization program, which under the current
structure, as long as it is maintained, fully removes such
receivables from the balance sheet thus helping to reduce the
working capital financing needs of the company and, hence,
reported leverage.

What Could Change The Rating - Down

Although not expected at this point in time given the overall
stabilisation of Italcementi's markets, a deterioration in the
group's credit profile, with debt/EBITDA moving towards 6.0x and
RCF/net debt sustainably below 10%, could lead to negative
pressure on the current rating. In addition, weakening covenant
headroom, which would put Italcementi's access to liquidity at
risk, would be a negative rating driver.

Principal Methodologies

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

Headquartered in Bergamo, Italy, Italcementi is the world's 5th
largest cement producer with annual cement production capacity of
60 million tons. Italcementi is downstream integrated in
aggregates and ready-mix concrete. The group's cement and clinker
business, which accounts for more than two-thirds of total sales
is supplemented by aggregates, ready-mix concrete businesses.
Including its Italian market, Italcementi (ITC), via its 100%-
owned subsidiary Ciments Francais (CF), is active in 22
countries, with an emphasis on the Mediterranean basin. The
company is majority-owned by Italian investment holding
Italmobiliare. In 2013, Italcementi generated revenues of EUR4.2
billion and reported an EBIT of EUR159 million.

K-FLEX SPA: Fitch Assigns 'B' Long-Term Issuer Default Rating
Fitch Ratings has assigned Italian-based L'isolante K-Flex Spa a
final Long-term Issuer Default Rating (IDR) of 'B' with Stable
Outlook.  Fitch has concurrently assigned the group's EUR100
million senior unsecured notes final 'B+'/'RR3' ratings.

The final ratings are in line with the expected ratings.  The
rating action follows the receipt of final documentation
conforming to information already received and the implementation
of upstream guarantees from operating subsidiaries which,
together with the issuer, account for around 75% of group EBITDA.

The IDR reflects K-Flex's limited scale and operational
diversification, despite strong end-market and geographical
diversification.  Its leading market positions in the niche
market for elastomeric insulation (NBR) provide some barriers to
entry, which has historically afforded the group sound
profitability.  The group's financial profile and liquidity,
after adjusting for the bond issue, are strong for the ratings.
Fitch forecasts funds from operations (FFO)-adjusted net leverage
of below 4.0x throughout our rating horizon.

The bond is rated one level above K-Flex's IDR to reflect its
above-average recovery rate (RR3), as a result of the group's
fairly low leverage for its assigned ratings.  The instrument
rating benefits from the lack of secured debt ahead of the bond;
any secured debt raised above the notes in the capital structure
could result in a downgrade of the instrument rating.


Weak Business Profile

The ratings are constrained by K-Flex's limited scale and
operational diversification.  With nearly EUR50 million in
EBITDA, the group operates around 11 production units.  It is
also somewhat dependent on key members of the founding family,
which own, manage and support the group.

Leading Niche Position

K-Flex holds dominant market shares of around 35% globally in the
growing niche market for elastomeric foam that is estimated at
around EUR1 billion, which represents a fairly narrow portion of
the larger insulation market.  It shares the concentrated market
with only one key global competitor.  This market penetration
provides some barriers to entry for new competitors.

End-Market Diversification

Product concentration in elastomeric foam is mitigated by the
range of applications and end-markets served by its products.
Elastomeric insulation comprises nearly 40% of group revenue, the
remainder is generated by related applications ranging from
cladding and jacketing to pipe supports and tapes, which serve
diverse end-markets.  Industrial & commercial, oil and gas,
heating and plumbing and air conditioning and refrigeration end-
markets now together comprise around 65% of revenues.

Geographic Diversification

The group is geographically well diversified.  It maintains a
global commercial presence in over 60 countries, with EMEA and
Asia each representing around 30% and Americas and Russia/ Poland
each nearly 20%.  Fitch expects capex requirements to reduce
significantly to around EUR20 million over the coming years from
nearly EUR40 million historically, as management's international
expansion strategy is essentially completed.

Sound Margins

Fitch expects the group to continue to generate healthy EBITDA
margins of around 17% and FFO margins of around 10%.  The group's
leading market positions in a concentrated market and barriers to
entry will provide some protection against near-term margin
erosion.  Its ability to pass on raw material price fluctuations
to customers and to adjust the mix of raw materials has resulted
in fairly stable and increasing margins historically.

Adequate Leverage

The group's financial profile is strong for the ratings.  Fitch
forecasts FFO adjusted net leverage of below 4.0x throughout our
rating horizon.  Following the issue of the bond, the group has
the benefit of a comfortable cash pile, affording additional
financial flexibility to finance future investments.


Positive: An upgrade is unlikely.

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

   -- EBITDA margins towards the mid-teens
   -- FFO adjusted gross leverage above 5.0x
   -- Negative FCF through the cycle
   -- Liquidity and covenant issues


The group gained around EUR70 million in available cash from the
bond issue, post repayment of existing bank debt and transaction
costs. It also has around EUR10 million available undrawn
facilities.  This is sufficient to cover maximum working capital
swings of around EUR20 million, assuming that the group's short-
term debt will continue to be rolled over until the bond matures
in 2020.

SEAT PAGINE: Majority of Creditors Back Debt Restructuring Plan
Katie Linsell and Benjamin Katz at Bloomberg News report that
99.79% of creditors holding Seat Pagine Gialle SpA's around
EUR1.54 billion debt have approved the company's debt
restructuring plan.

According to Bloomberg, creditors include holders of the
company's term and revolving facilities, senior secured bonds and
remaining unsecured receivables.

The Turin court is expected to rule on the restructuring plan on
Sept. 26, Bloomberg discloses.

                      About SEAT Pagine

SEAT Pagine Gialle SpA (PG IM) -- is an
Italy-based company that operates multimedia platform for
assisting in the development of business contacts between users
and advertisers.  It is active in the sector of multimedia
profiled advertising, offering print-voice-online directories,
products for the Internet and for satellite and ortophotometric
navigation, and communication services such as one-to-one
marketing.  Its products include EuroPages, PgineBianche,
Tuttocitta and EuroCompass, among others.  Its activity is
divided into four divisions: Directories Italia, operating
through, Seat Pagine Gialle; Directories UK, through TDL
Infomedia Ltd. and its subsidiary Thomson Directories Ltd.;
Directory Assistance, through Telegate AG, Telegate Italia Srl,
11881 Nueva Informacion Telefonica SAU, Telegate 118 000 Sarl,
Telegate Media AG and Prontoseat Srl, and Other Activitites
division, through Consodata SpA, Cipi SpA, Europages SA, Wer
liefert was GmbH and Katalog Yayin ve Tanitim Hizmetleri AS.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Feb. 26,
2014, Standard & Poor's Ratings Services said that it affirmed
its long-term corporate credit rating on Italy-based classified
directories publisher SEAT PagineGialle SpA at 'D' (default).  At
the same time, S&P affirmed its 'D' issue ratings on SEAT's
EUR661 million senior secured facilities, EUR750 million senior
secured notes, and EUR65 million senior secured notes.  In
addition, S&P revised downward its recovery rating on these debt
instruments to '5' from '3', indicating its expectation of modest
(10%-30%) recovery prospects in the event of a payment default.
Finally, S&P withdrew all the aforementioned ratings at SEAT's


ESPIRITO SANTO: ISDA to Rule on Bankruptcy Credit Event Request
John Glover at Bloomberg News reports that the International
Swaps & Derivatives Association said it will rule on whether
Espirito Santo Financial Group SA's request for protection from
creditors constitutes a bankruptcy credit event.

According to Bloomberg, under ISDA's rules, a judgment that an
event occurred would trigger payouts on credit-default swaps
linked to the company's bonds.  An application for a decision was
made on Aug. 1 and the association, as cited by Bloomberg, said
on its Web site that it agreed to the request.

The company has about EUR1.5 billion (US$2 billion) of bonds
outstanding, although the swaps don't appear among the 1,000 most
traded contracts reported by the Depository Trust & Clearing
Corp., Bloomberg discloses.  Trading in the company's shares has
been halted, Bloomberg relays.

As reported by the Troubled Company Reporter on July 25, 2014,
The Wall Street Journal related that Espirito Santo Financial
Group filed for creditor protection in Luxembourg.  Espirito
Financial Group's shares have been halted from trading since
July 10, when the company said it was assessing the impact of
troubles at Espirito Santo International SA, which owns 49% of
the financial group, the Journal disclosed.  Espirito Santo
International, which was found to be in serious financial
condition by an audit ordered by the country's central bank,
filed for creditor protection, the Journal recounted.

Espirito Santo Financial Group SA is the owner of about 20% of
Banco Espirito Santo SA.


DUTCH MBS XV: S&P Affirms 'BB+' Rating on Class E Notes
Standard & Poor's Ratings Services affirmed all its credit
ratings in Dutch MBS XV B.V.

Over the last 12 months, the 90+ days delinquencies in the
transactions included in S&P's Dutch residential mortgage-backed
securities (RMBS) index increased by 12 basis points (bps) to
0.84%.  In line with this deteriorating trend, Dutch MBS XV's 90+
days delinquencies increased by 30 bps to 0.82%.  Total
delinquencies also increased by 0.85% to 1.79% since S&P's May
15, 2013 review.

As a result of this trend, coupled with S&P's subdued outlook on
the Dutch economy, it projected additional delinquencies of 0.72%
in the 90+ days bucket in S&P's analysis.  The transaction's 60+
days delinquencies reached 0.86% in July 2014 and are now 14 bps
away from the stop-substitution trigger, which would prevent the
seller replacing loans in this transaction.  Cumulative
substitutions have reached 5.04%.  S&P has analyzed the portion
of substituted loans in the transaction and concluded that these
have not led to the collateral pool's overall credit quality
significantly deteriorating.  However, ongoing substitution has
led to a smaller increase in the transaction's weighted-average
seasoning compared with what S&P typically sees in transactions
in its Dutch RMBS index.  However, the transaction's seasoning at
closing was higher than in other Dutch RMBS transactions, and the
substitution has therefore had a limited effect.

"The transaction's reserve fund target has increased due to the
increase in 90+ days delinquencies.  The reserve is non-
amortizing and its target level is the higher of: (i) 0.5% of the
portfolio at closing, and (ii) the aggregate amounts of loans
which are more than three months in arrears.  The current 90+
days delinquencies of 0.82% equates to the reserve fund's target
amount.  Currently, the reserve fund totals 82.5% of its target.
The transaction benefits from guaranteed excess spread under the
swap agreement," S&P said.

Since S&P's previous review, the indexed weighted-average loan-
to-value (LTV) ratio has increased, due to further house price
declines in the first half of 2013.  The increased weighted-
average LTV ratio has led to a further increase in S&P's
weighted-average loss severity assumptions for the pool.

                                   Credit coverage
          WAFF (%)      WALS (%)     (%)
AAA       13.88         33.62        4.67
AA        10.96         30.38        3.33
A         7.95          25.86        2.06
BBB       4.96          23.07        1.14
BB        3.49          18.67        0.65

WAFF-Weighted-average foreclosure frequency.
WALS-Weighted-average loss severity.

Despite the increase in arrears, the transaction's dynamic
reserve fund mechanism provides additional credit enhancement for
the notes compared to S&P's last review.  S&P has therefore
affirmed all its credit ratings in this transaction based on the
results of our credit and cash flow analysis.

Dutch MBS XV is a Dutch RMBS transaction backed by prime Dutch
residential mortgage loans.  The transaction closed in March


Dutch MBS XV B.V.
EUR750 mil floating-rate mortgage-backed notes
and floating-rate subordinated notes
Class     Identifier         To            From
A2        XS0493096860       AAA (sf)      AAA (sf)
B         XS0493096944       AA+ (sf)      AA+ (sf)
C         XS0493097082       A+ (sf)       A+ (sf)
D         XS0493097165       BBB (sf)      BBB (sf)
E         XS0493097249       BB+ (sf)      BB+ (sf)

E-MAC 2008-II: S&P Lowers Rating on Class D Notes to 'B+sf'
Standard & Poor's Ratings Services took various credit rating
actions in E-MAC Program III B.V. Compartment NL 2008-I (E-MAC
2008-I), E-MAC Program III B.V. Compartment NL 2008-II (E-MAC
2008-II), and E-MAC Program II B.V. Compartment NL 2008-IV (E-MAC

Specifically, S&P has:

   -- Affirmed its ratings on E-MAC 2008-I's class A2, B and C
      notes, and lowered our rating on the class D notes.

   -- Lowered its ratings on E-MAC 2008-II's class B, C, and D
      notes and affirmed its rating on the class A2 notes; and

   -- Lowered its rating on E-MAC 2008-IV's class D notes and
      affirmed its ratings on the class A, B, and C notes.

The rating actions follow S&P's performance review, its credit
and cash flow analysis using information from the servicer (as of
March 2014), and the application of S&P's Dutch residential
mortgage-backed securities (RMBS) criteria.

Severe arrears of more than 90 days are fairly stable for E-MAC
2008-II, with current levels at 0.53% (July 2014) having fallen
from 1.12% year-on-year.  However, in the same period, severe
arrears rose fairly steeply in the E-MAC 2008-I and E-MAC 2008-IV
transactions, up by 0.36% to 0.94% in EMAC 2008-I and by 0.38% to
1.94% in EMAC 2008-IV (according to the July 2014 investor
reports).  Furthermore, despite Dutch GDP increasing, Dutch
macroeconomic indicators remain weak.  House prices continue to
fall and unemployment reached a new high in the first quarter of
2014.  S&P has considered these factors in its analysis and has
projected arrears for all three transactions.

A key factor in S&P's analysis is the Dutch house price decline.
Although this has slowed in recent months, house prices still
fell by 1.7% year-on-year in the first quarter of 2014.  S&P's
calculations show that the weighted-average indexed loan-to-value
(LTV) ratio has increased for all three transactions since S&P's
Feb. 12, 2013 review. This has increased S&P's weighted-average
loss severity (WALS) estimates.

The reserve funds have been drawn due to lower amounts of
available excess spread since the transactions' put dates (when
the notes were expected to redeem) occurred in 2011.  As the
notes were not redeemed in each of these transactions, the target
amount of each reserve fund decreased, the senior fees increased,
and guaranteed excess spread provided by the swap declined.  This
has therefore reduced the available credit enhancement for the
junior classes of notes in each transaction.

E-MAC 2008-I, E-MAC 2008-II, and E-MAC 2008-IV are backed by
Dutch residential mortgages originated by CMIS Nederland B.V.
(previously GMAC-RFC Nederland B.V.).

E-MAC 2008-I

Since S&P's previous review, the available credit enhancement for
the class A2, B, C, and D notes has increased due to the
transaction's sequential amortization.  However, the increase in
the credit enhancement has been somewhat moderate due to the
erosion of credit enhancement from the continual draws of the
reserve fund between July 2011 and April 2013.  S&P notes,
however, that some excess spread in the transaction is now
topping up the reserve fund. The reserve fund is now at 96% of
its documented required level.

S&P's cash flow analysis shows that the available credit
enhancement for the class A2, B, and C notes is commensurate with
the currently assigned ratings.  S&P has therefore affirmed its
ratings on these classes of notes.

Given the draws on the reserve fund and increased loss severities
on the back of house price declines, the class D notes has
insufficient credit enhancement in S&P's analysis to pass its
cash flow stresses at the currently assigned rating level.  As a
result, S&P has lowered to 'BB (sf)' from 'BBB- (sf)' its rating
on this class of notes.

Rating    WAFF (%)      WALS (%)

AAA         16.52         41.48
AA          12.97         38.05
A            9.26         33.16
BBB          5.75         30.11
BB           3.97         25.16

E-MAC 2008-II

"Since our previous review, the available credit enhancement for
the class A2, B, and C notes has increased slightly, but
decreased for the class D notes due to the continuing reserve
fund draws.  In our previous review, the reserve fund was 10%
below its documented required level. Draws on the reserve fund
are driven by the lack of excess spread in the transaction,
following the increase in senior fees and reduction in the
guaranteed minimum excess spread provided by the swap.  The
reserve fund is now at 28% below its documented required level.
This, combined with an increased cost of funding as the notes
amortize, has constrained the available excess spread in this
transaction, more so than for EMAC 2008-I and EMAC 2008-II," S&P

S&P's cash flow analysis shows that the available credit
enhancement for the class A2 notes is commensurate with the
currently assigned 'A (sf)' rating.  As a result, S&P has
affirmed its rating on this class of notes.

Due to the further erosion of credit enhancement from a
continually drawn reserve fund, lack of available excess spread,
and increased loss severities on the back of house price
declines, S&P's cash flow analysis indicates that the available
credit enhancement for the class B, C, and D notes is no longer
commensurate with the currently assigned ratings.  As a result,
S&P has lowered its ratings on these classes of notes.

Rating    WAFF (%)      WALS (%)

AAA         17.03          40.78
AA          13.27          37.35
A            9.46          32.48
BBB          5.96          29.40
BB           4.11          24.51

E-MAC 2008-IV

Since S&P's previous review, the available credit enhancement for
all classes of notes has increased.  Like the two aforementioned
transactions, S&P also observes reserve fund draws due to lack of
excess spread.

S&P has affirmed its ratings on the class A, B, and C notes
because its cash flow analysis results show that the available
credit enhancement for these classes of notes is commensurate
with the currently assigned ratings.

S&P has lowered to 'B+ (sf)' from 'BB (sf)' its rating on the
class D notes, based on the results of our cash flow analysis.
The downgrade reflects the transaction's deteriorating
performance and the effect of falling Dutch house prices.

Rating    WAFF (%)     WALS (%)

AAA         18.43         43.98
AA          14.40         39.72
A           10.25         34.76
BBB          6.63         31.59
BB           4.66         26.37


The Royal Bank of Scotland is the transaction's swap provider.
Although the swap documentation has been updated to reflect S&P's
current counterparty criteria, the highest achievable rating that
the notes can achieve is 'A+ (sf)' because the swap documentation
only stipulates volatility buffers that support this rating


Class             Rating
            To                 From

E-MAC Program III B.V. Compartment NL 2008-I
EUR253.4 Million Residential Mortgage-Backed Floating-Rate and
Excess-Spread Backed Floating-Rate Notes

Ratings Affirmed

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

Rating Lowered

D           BB (sf)           BBB- (sf)

E-MAC Program III B.V. Compartment NL 2008-II
EUR121.65 Million Residential Mortgage-Backed and Excess-Spread
Backed Floating-Rate Notes

Rating Affirmed

A2          A (sf)

Ratings Lowered

B           A-(sf)             A (sf)
C           BBB+(sf)           A (sf)
D           B (sf)             BB- (sf)

E-MAC Program II B.V. Compartment NL 2008-IV
EUR263.2 Million Residential Mortgage-Backed Floating-Rate Notes
and Excess-Spread-Backed Floating-Rate Notes

Ratings Affirmed

A           A (sf)
B           A (sf)
C           A (sf)

Rating Lowered

D           B+ (sf)            BB (sf)

GREENKO DUTCH: Fitch Assigns Final 'B' Rating to US$550MM Notes
Fitch Ratings has assigned Greenko Dutch B.V.'s (GBV) USD550
million 8% senior notes due 2019 a final rating of 'B'. The notes
are guaranteed by Greenko Group PLC (Greenko). The final rating
follows the receipt of documents conforming to information
already received, and is in line with the expected rating
assigned on July 14, 2014.

GBV is a subsidiary of Greenko, which is involved in hydro and
wind power generation in India. Greenko will use the proceeds
from the notes to refinance existing debt at operating entities
within a restricted group of companies that is defined in the
indenture to the note issue. The operating entities will issue
Indian rupee-denominated bonds to GBV as part of the debt

Key Rating Drivers

Ratings Linked to Restricted Group Assets: Fitch's rating on the
notes reflects the credit strengths and weaknesses of the debt
structure and assets of the restricted group of companies. The
restricted group is constrained by covenants to limit its cash
outflows and any additional debt incurrence that would benefit
the senior note holders at GBV. The notes will benefit from a
first charge via the rupee-denominated bonds on all assets
(excluding accounts receivables) and cash flows of the operating
entities in the restricted group. The rating on the notes also
reflect the absence of other prior ranking debt in the restricted
group, aside from a stand-by working capital debt facility of
USD30 million secured exclusively against accounts receivables.

Diversified Operations: The assets of the restricted group are
diversified across various hydro and wind assets. The assets are
also geographically diversified within India. Greenko is one of
the country's largest clean energy producers. The company expects
the capacity of the restricted group of companies to increase
from 165MW at end-2013 to 619MW by end-July 2014, comprising
235MW of hydro power (including 70MW from Lanco Budhil Hydro,
which was acquired in June 2014) and 384MW of wind power.

Reasonable Revenue Visibility: The issue rating benefits from the
long-term power purchase agreements (PPAs) for all its wind and
most of its hydro assets. Although the long-term PPAs provide
protection from price risk, the restricted group of companies is
exposed to volume risk because production depends on wind and
hydro patterns. In addition, although the company has conducted
detailed wind studies for its assets, the wind power plants have
a limited power generation history, with the majority of the
restricted group's wind assets having been commissioned in the
last 12 months.

Weak Customer Profiles: The weak credit profile of the restricted
group's customers is a rating constraint. State-owned utilities
in Himachal Pradesh and Andhra Pradesh have weak credit profiles,
while those in Karnataka and Maharashtra are relatively stronger.
Greenko to some extent benefits from its diversified customer
base where no single customer accounts for more than 20% of its
capacity. Greenko has also demonstrated it can terminate PPAs in
the event of delay in payments, which may give it the ability to
switch customers.

High But Improving Leverage: The restricted group had gross
leverage (Total adjusted debt/ operating EBITDA) of about 10x in
the financial year ended 31 March 2014 (FY14) because of
Greenko's rapid growth. However, Fitch expects the financial
profile to improve, supported by improved earnings with most of
the restricted group's wind assets becoming operational in FY14
and 1HFY15. The agency expects gross leverage to improve to
around 5x by FY16, supported by increased EBITDA as assets come
on-line. The restricted group's cash flow from operations is
expected to strengthen, although free cash flows are likely to
remain negative in the medium term given its capex plan. The
company's capex is fully funded up to FY15, while it plans to
finance capex beyond that only by cash accruals within the
restricted group - these assets too will be part of the
restricted group. However, the company has flexibility to defer
the capex.

Refinancing and Forex Risks: The resultant debt structure and
accumulation of little cash at the restricted group after funding
growth exposes the US dollar notes to refinancing risks. However,
the restricted group has flexibility in the capex given its
granular nature and the wind assets will be more mature by the
time the US dollar senior notes mature. GBV faces forex risks
because most of the restricted group's earnings are in rupees but
the notes are denominated in US dollars. GBV plans to mitigate
the risk by fully hedging the interest payments and hedging at
least half of the principal outstanding.

Greenko Guarantee: The guarantee allows Greenko to extend support
to the unrestricted group in the event of a stress. However,
Fitch expects the credit profile of unrestricted group to be
weaker than that of the restricted group; hence, the expected
rating on the US dollar notes is not enhanced by this guarantee.

Rating Sensitivities

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

-- Greater share of revenue from stabilized assets (at least 60%
    assets that have been in operation for at least two years);

-- the restricted group of companies sustaining EBITDA interest
    cover of over 2.5x and total adj debt/ operating EBITDA of 4x
    or below

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

-- Weak operations resulting in the restricted group sustaining
    total adj debt/ operating EBITDA of 5x or above and EBITDA
    interest cover of below 1.5x on a sustained basis.

-- Sustained negative free cash flow at the restricted group


P4 SP ZOO: Fitch Revises Outlook to Stable & Affirms 'B+' IDR
Fitch Ratings has revised the Outlook on Poland-based P4 Sp
z.o.o's (P4) to Stable from Positive.  Its Long term Issuer
Default Rating (IDR) and National Long term Rating have been
affirmed at 'B+' and 'BBB-(pol)' respectively.

The change in the Outlook reflects increased financial risk
associated with P4's capital structure following the company's
announced plan to issue a subordinated PIK note at the Play Topco
level, the proceeds of which will be used to pay shareholder
dividends.  The PIK issue for the purpose of a shareholder
dividend, so soon after the inaugural senior debt issue and
associated dividend recap, confirms that management are likely to
manage the group's capital structure and financial policies in a
shareholder-friendly manner, which is less likely to lead to the
deleveraging previously envisaged by Fitch.


Pay- if-You-Can PIK

The PIK notes are not rated by Fitch -- its terms have, however,
been reviewed by Fitch and it will not include its issue as part
of the consolidated debt of the senior secured/senior notes'
(senior debt) restricted group.  The existence of the PIK notes
will, however, create cash flow pressures at the senior debt
restricted level, as interest is structured as a "pay-if-you-can"
payment rather than a fully discretionary PIK payment.  This
will, in Fitch's view, drive dividend payments at the restricted
level, subject to the 3.75x net debt/ EBITDA restricted payment
test in the senior debt documentation.  Given the sound
underlying operational performance of the business, Fitch expects
the PIK to be serviced on a cash-pay basis and will therefore
include cash payments on the PIK when assessing the company's
interest and fixed charge cover ratios.

Rational Market, Low Convergence Risk

Fitch views competition in the Polish mobile market as developed
and diversified with no single operator owning a disproportionate
share of the market, while as the market challenger, Play has
taken a measured approach to gaining market share, product
position and pricing.  Fitch considers that a population of 38
million people in a reasonably advanced economy can support a
four-player market and that the market structure is less likely
to experience the kind of value-destructive price wars seen in
other markets.  The somewhat underdeveloped fixed telephony
infrastructure and limited pervasion of traditional triple-play
services suggest an aggressive move to convergent fixed-mobile
bundles is currently a limited risk over the medium term.

Efficient Infrastructure Strategy

Play has developed an efficient approach to network coverage,
concentrating its own network infrastructure in more populous and
urban areas, relying to a limited extent on roaming agreements
with each of the other three main network operators.  Data
traffic is almost entirely carried on the company's own network,
while spectrum and planned LTE (next generation data technology)
investment are adequately provisioned relative to competition.
This hybrid asset-light approach allows for a lower level of
capital intensity, in turn supporting improving cash flow.  While
roaming agreements are entirely commercially negotiated, Fitch
does not see high renegotiation risk given the current existence
of multiple agreements, and the recently signed seven-year
agreement with T-Mobile.

Mature Competitive Market

As the smallest in a four-player market in an emerging economy,
Play has proven a nimble competitor and has grown rapidly and
consistently.  Careful management of the pace of growth is key
given that the two large incumbent-owned multinational
competitors - Orange (BBB+/Negative) and T-Mobile (Deutsche
Telecom; BBB+/Stable) - are financially strong and experienced
enough to intensify competition if they so choose.

Financial Policy

The ratings are constrained by financial policies that allow
leverage to remain somewhat high (incurrence tests of 4.25x net
leverage; 3.0x net secured leverage and a restricted payment test
limited at 3.75x net debt to EBITDA).  Currency mismatch between
a predominantly euro-denominated debt structure and 100% domestic
revenue base is a further constraint.  The introduction of the
PIK notes - treated by Fitch outside the senior debt restricted
group - suggests that financial policies will be managed with a
shareholder friendly bias and that the flexibility to pay
dividend cash out of the restricted group will be utilized.


POSITIVE: Any positive action would be subject to the continued
rational behavior of the market and that market share gains and
other performance indicators are in line with Fitch's rating
case. The shareholders' approach to financial policy will also be
important.  With a potential IPO deemed a number of years away
and the bonds incorporating a restricted payment test (set at
3.75x) Fitch expects recurring dividends to consistently re-
leverage the balance sheet.  The level at which the shareholders
choose to re-leverage using dividends combined with continued
sound operational performance, will determine whether the
financial profile supports a higher 'BB-' rating.

Future developments that could lead to a positive rating action

   -- Continued strong subscriber growth and an ongoing shift in
      the subscriber mix to post-paid customers, with subscriber
      acquisition cost and post-paid churn close to management's

   -- EBITDA margin in the high 20s and EBITDA less capex margin
      in the high teens.

   -- A financial policy that is likely to see FFO net adjusted
      leverage managed at or below 4.0x, a level consistent with
      net debt/EBITDA of around 3.3x-3.4x

   -- fixed charge cover (including the cash-pay element of
      interest on the PIK) consistently at or above 3.0x

NEGATIVE: Future developments that could lead to a negative
rating action are:

   -- Intensification of the competitive (pricing) environment,
      making revenue growth and margin expansion targets more
      challenging.  An expectation that convergent services were
      deemed by the market to be a more important offering could
      also create negative rating pressure

   -- A financial policy or weakened financial performance
      leading to FFO net adjusted leverage consistently above
      5.0x, which would be expected to result in a downgrade to

   -- Fixed charge cover consistently below 2.5x


P4 Sp. Z.o.o. Long-Term IDR: affirmed at 'B+'; Outlook Stable

Play Finance 2 S.A. senior secured notes: affirmed at 'BB-
'/'RR3'/'BBB (pol)'

Play Finance 1 S.A. senior notes: affirmed at 'B-'/'RR6'

P4 Sp. Z.o.o. National Long-Term rating: affirmed at 'BBB-(pol)';
Outlook Stable


EMPRESA DE ELECTRICIDADE: Moody's Raises Issuer Rating to 'B3'
Moody's Investors Service, upgraded to B3 from Caa1 the issuer
rating of Empresa de Electricidade da Madeira, S.A. (EEM), the
outlook is stable.

The action follows Moody's recent decision to (1) upgrade to Ba1
from Ba2 the rating of the Government of the Republic of Portugal
(RoP), as announced on July 25. 2014; and (2) the subsequent
rating actions involving several regional and local governments
in Portugal, including (i) the Autonomous Region of Madeira
(RAM), which has been upgraded to B1 from B2. This rating action
concludes the review for upgrade initiated on May 15. All ratings
have a stable outlook.

Ratings Rationale

The upgrade to B3 of the issuer rating of EEM reflects the
improving macroeconomic environment as reflected in the positive
rating action on the RAM.

In addition, the B3 issuer rating takes into account improvements
in the financial and liquidity profile at the company level as a
result of a reduction in the outstanding receivables due from
central and regional governments. This reduction includes (1)
full and final settlement in early 2014 of EUR42 million of
overdue receivables from the central government; and (2) progress
in establishing protocols or agreements for the repayment of an
increased number of the long outstanding receivables due from
regional government and municipalities. There has also been a
reversal of the year-on-year increases in recent times of these
receivables, which dropped to EUR103.4 million as at fiscal year-
ended (FYE) 2013 from EUR114 million as at FYE 2012.

EEM's rating continues to recognize the company's strong linkages
with the RAM given its position as the dominant vertically
integrated utility. These linkages are reinforced by the
guarantee given by the RAM on its EUR220 million syndicated
facility, which represents over half of the company's long-term
debt. In addition, the current rating factors in (1) EEM's low
business risk profile and the fully regulated nature of its
activities, in the context of a relatively well-established
regulatory framework; (2) the small size of the company and
certain concentration risks given its regional location; (3) the
company's leveraged profile and weak credit metrics as a result
of still high outstanding receivables and (4) the company's
reliance on short-term credit facilities.

The stable outlook reflects (i) an improved macroeconomic
environment as evidenced by the positive action on the rating of
RAM and the general improvement in market conditions and funding
for Portuguese issuers, and (ii) Moody's expectation that the
company will be able to maintain its debt metrics in line with
historic levels, assuming a reasonably favorable outcome of the
regulatory review for the period starting 2015.

What Could Change the Rating Up/Down

In the context of an improved macroeconomic environment as
recognized in the RAM's rating upgrade, positive rating pressure
could develop if (1) EEM were able to demonstrate a more
comfortable liquidity position, and continued progress on
reduction of outstanding receivables from public entities
combined with a stable financial profile; or (2) the RAM's credit
rating were to strengthen further.

Negative rating pressure could develop (1) in the event of a
deterioration in either the company's fundamental credit profile
or the rating of the RAM, or (2) if the company were to prove
unable to renew its short term facilities. That said, Moody's
notes that EEM has consistently renewed the majority of these
facilities in the past, which are usually rolled over on a 3-6
months basis.

Principal Methodologies

The methodologies used in this rating were Regulated Electric and
Gas Utilities published in December 2013, and the Government-
Related Issuers: Methodology Update published in July 2010.

ESPIRITO SANTO: Files Insolvency Petition in Portugal
Anabela Reis at Bloomberg News reports that Espirito Santo
Financial Portugal has filed under Portuguese corporate
insolvency and recovery code.

According to Bloomberg, the statement said that the filing aims
to allow Espirito Santo Financial Portugal to "best deal with
circumstances that have led the company to be unable to meet its
outstanding debt obligations".

Espirito Santo Financial Portugal is a unit fully owned by
Espirito Santo Financial Group.

OCIDENTAL COMPANHIA: S&P Raises Ratings to From 'BB'
Standard & Poor's Ratings Services raised its long-term insurer
financial strength and counterparty credit ratings on Portugal-
based non-life insurers Ocidental Companhia Portuguesa de Seguros
S.A. and Medis Companhia Portuguesa de Seguros de Saude, S.A. to
'BBB' from 'BB'.  At the same time, S&P removed the ratings from
CreditWatch with positive implications, where it placed them on
June 6, 2014.  The outlook is stable.

The upgrades follow Belgium-based multiline insurer Ageas'
announcement that it has taken full ownership of the Portuguese
non-life activities previously held through its joint venture
with Portuguese bank Banco Comercial Portugues S.A.
(Millenniumbcp), namely OCS and Medis, by acquiring
Millenniumbcp's 49% stake. Consequently, OCS and Medis have
separated from Portuguese insurance group Millenniumbcp Ageas
Grupo Segurador (MAGS).

Following this separation, S&P now assess the companies'
individual stand-alone credit profiles (SACPs) and have performed
our hypothetical sovereign default stress test on each company.
They have both passed this stress test for rating companies above
the sovereign.  This indicates that, in S&P's view, OCS and Medis
would not exhaust their regulatory solvency capital under the
impact of a foreign currency default in Portugal (unsolicited
BB/Stable/B).  Previously, the higher exposure of their assets to
Portugal via MAGS' life insurance activity restricted the ratings
on the two companies.  S&P assumes that both OCS and Medis would
likely retain positive regulatory capital and maintain a
liquidity ratio in excess of 100% in our sovereign stress

S&P performed its sovereign stress test on OCS and Medis even
though half of their assets remain exposed to Portugal because
S&P believes the two companies have significant excess capital.
S&P also takes into consideration that it do not expect the
proportion of assets domiciled in Portugal to increase
significantly above current levels.

Under S&P's criteria, OCS and Medis now have moderate sensitivity
to country risk, based on the nature of the business they write,
namely property/casualty and non-savings-based health business.
Consequently, S&P could rate the two companies up to four notches
higher than our current 'BB' long-term rating on Portugal.

The ratings on OCS and Medis are three notches higher than S&P's
long-term rating on Portugal, however, reflecting its indicative
SACPs (S&P's assessment before the impact of sovereign risk) of
'bbb' and S&P's assessment that both companies pass the sovereign
stress test.  Under S&P's group rating methodology, it do not
factor in any uplift for parent support because it considers that
only core subsidiaries rated above the sovereign can potentially
benefit from additional uplift derived from their group status.

The ratings reflect S&P's view of OCS and Medis' fair business
risk profiles and moderately strong financial risk profiles,
built on an adequate competitive position and strong capital and
earnings.  S&P derives its 'bbb' anchors for the two companies
from the combination of these factors.

S&P considers that OCS and Medis face moderate industry and
country risk, reflecting the companies' exposure to the Portugal
non-life market, which is highly sensitive to the current
cyclical conditions.  Given the declining domestic demand for
insurance and decreasing coverage range due to the recent
recession, overall premium volumes have dropped since 2011.
Achieving growth in market share therefore means conquering
ground from competitors. This translates into fierce competition
in the non-life market, leading to lower tariffs, with volumes
unlikely to pick up in the coming years.  Because OCS and Medis
operate only in Portugal, S&P applies its non-life insurance
industry and country risk assessment (IICRA) for Portugal.

OCS and Medis have adequate competitive positions, in S&P's view,
mainly stemming from sound operating performance with above-
market-average growth in gross premiums written in both
property/casualty (3.1% in 2013 against the 4.3% decline for the
Portuguese non-life sector) and health (5.5% in 2013 against the
3.5% increase for the Portuguese health sector).  However, S&P's
assessment is constrained by the two companies' limited
geographic and product diversification.  Despite challenges in
their domestic markets, S&P assumes in its base case that OCS and
Medis will report premium growth of 3%-5% annually over 2013-

Both companies report strong capital and earnings, which S&P
anticipates will continue in its base case, despite difficult
investment conditions.  S&P thinks OCS and Medis will maintain
capital exceeding its benchmark for the 'AAA' rating, because S&P
expects the non-life and health operations together to generate
sufficient net income--between EUR12 million and EUR16 million--
in the three coming years to meet capital requirements.  The
small size of capital, albeit of sound quality, limits the score.

The two companies' risk positions reflect moderate risks, based
on S&P's view that both companies' capital base could become
volatile because' a large portion of their assets are exposed to
several Portuguese banks.  In addition, roughly 50% of both
companies' investments are domiciled in Portugal, leading to a
weighted average credit quality of approximately 'BBB'.  S&P
views equity risk as low and asset-liability management practices
as good.

OCS and Medis have adequate financial flexibility, thanks to a
debt-free balance sheet and the absence of reliance on their
former banking parent Millenniumbcp. Compared with S&P's
assessment of OCS and Medis' less-than-adequate financial
flexibility within MAGS, the two companies' adequate financial
flexibility is now in line with S&P's assessment of Ageas'
financial flexibility.

OCS and Medis' enterprise risk management (ERM) and management
and governance practices are neutral rating factors.  The two
companies' risk management culture and controls for the most
significant risks support S&P's view of adequate ERM.  S&P
considers that the risk management culture benefits from
ownership by Ageas and is in line with that of the parent group.
S&P views the importance of ERM to the ratings as low, owing to
OCS and Medis' focus on one country and their focus on lower-risk
lines of business (property/casualty and health).

S&P views OCS and Medis' management and governance as
satisfactory.  In S&P's opinion, the management reflects Ageas
group's value-oriented approach, and its strategic initiatives
highlight its willingness to adapt to the changing environment.
However, S&P do not believe such measures will completely
insulate the two companies from adverse market conditions.

S&P regards OCS liquidity as exceptional, and that of Medis as
strong, with positive underwriting cash flows and a strong
liquidity ratio.  This highlights the entities' ability to
convert assets to cash to meet their needs.

"We assess OCS and Medis as strategically important to the Ageas
Group.  The strategically important status reflects our view that
OCS and Medis are unlikely to be sold by their ultimate parent,
Ageas S.A.  This is because we expect both companies to remain
important to Ageas' long-term business and strategy, as
illustrated by the recent increase in ownership.  This
acquisition is in line with Ageas' strategy to use its excess
capital and to diversify its business mix toward non-life
operations. Consequently, we would expect OCS and Medis to be
able to draw on Ageas' financial support if needed," S&P said.

The stable outlook reflects S&P's view that OCS and Medis'
capital adequacy will remain in the 'AAA' range in the two coming
years. S&P also anticipates that the companies will maintain
operating performance consistent with its anticipation under
S&P's base case, and an investment portfolio with an average
credit quality of 'BBB' or higher.

"We could lower the ratings if we perceived that OCS and Medis'
sensitivity to country risk had risen, meaning that the exposure
to Portuguese assets increased to the extent that OCS or Medis
would not pass or would be at risk of not passing our sovereign
default test.  This could result from a material weakening in
regulatory capital or higher-than-expected exposure to Portuguese
assets.  We could also lower the ratings if a key financial
institution counterparty were to pose heightened credit risks
that materially weakened the quality of the two companies'
investment portfolios.  A negative rating action on Portugal, if
any were to occur, would prompt us to review our SACPs for OCS
and Medis," S&P added.

S&P regards a positive rating action as remote during the next
two years because it views the companies' financial risk profile
as unlikely to improve above current levels, given their exposure
to Portugal and S&P's assessment of their risk position.


ALROSA OJSC: Fitch Affirms 'BB' Long-Term IDR; Outlook Stable
Fitch Ratings has affirmed Russian diamond producer OJSC ALROSA's
(ALROSA) Long-term Issuer Default Rating (IDR) and senior
unsecured rating at 'BB'.  The Outlook on the Long-term IDR is
Stable.  ALROSA's Short-term IDR has been affirmed at 'B'.

The affirmation reflects Fitch's increased expectations of
ALROSA's capability to maintain leverage (measured as funds from
operations adjusted leverage) at levels (2013: 2.4x) commensurate
with the 'BBB' rating category, and its improved debt maturity
profile following the refinancing of all its short-term bank debt
in 2Q14.  The company was able to achieve this despite its
failure to dispose of its non-core gas assets for USD1.4bn in
cash by end-2013.


Gas Assets Disposal Postponed

ALROSA failed to realize its plan to sell its non-core assets to
Russian oil major Rosneft by end-2013.  According to Fitch's
previous expectations, the deal would have allowed ALROSA to
decrease its leverage by 0.8x to 2.0x in 2014, and to refinance
its short-term debt maturities.  However, failure to close the
deal so far was materially mitigated by its outperformance in
2013 and successful refinancing efforts in 1H14.

The transaction has been postponed indefinitely due to
uncertainties related to the assets' reserves and the resulting
transaction price.  Fitch believes that the deal's counterparties
retain their willingness and capacity to conclude the deal.
However, given the lack of visibility of the disposal timing and
pricing, Fitch has now excluded its potential cash inflow from
our rating case.

Liquidity Improved; Refinancing in 4Q15

ALROSA improved its debt profile by refinancing all its RUB30
billion short-term bank debt as at end-1Q14, leaving only USD500
million (RUB18 billion) eurobonds due in November 2014.
Nevertheless, ALROSA's 2015 debt maturity is significant at RUB43
billion (28% of end-2Q14 debt) and in our view can only be met by
raising additional debt. Fitch would expect ALROSA to commence
discussions regarding refinance in early 2015, and will closely
follow developments in this area.

Expectations of Stabilized Leverage

Fitch expects single-digit sales growth and broadly flat EBITDAR
for 2014, as modest volumes growth offset a conservatively
assumed single-digit decline in diamond prices and cost
inflation.  Fitch also conservatively assumes capex at 20%-25% of
sales in 2014-2015 and that the company follows its new dividend
policy (35% of net IFRS profits), which will result in mildly
negative free cash flow and stable leverage (2.4x-2.6x).

Should there be a sharp demand drop leading to price and volumes
shocks, rouble revaluation or unexpected cost inflation, we would
expect ALROSA to mitigate these adverse effects mainly by scaling
back capex as it did after 2008 when capex contracted by more
than 50%.

Post-IPO State Support Remains

The Russian Federation (BBB/Negative) and the Republic of Sakha
(BBB-/Stable) retained their joint control of the company, after
having each offered their 7% stake during the ALROSA's IPO in
October 2013.  Both shareholders currently hold 44% and 25%,
respectively, with control over the Board of Directors and top

Moderate strategic ties but weak legal ties with the parents are
reflected in single-notch uplift from ALROSA's standalone rating
of 'BB-'.  The company benefited from state support during 2008-
2009 when the Russian State Depository for Precious Metals and
Stones purchased around 40% of 2009 diamond sales, and state-
owned Bank VTB refinanced ALROSA's short-term debt.

Significant Scale

ALROSA is the world's largest rough diamond producer by volume
with a strong reserve base concentrated in the far eastern part
of Russia.  The company has more than 973 million carats of
resources, indicating an average mine life of more than 25 years.

Increasing Rouble Cash Costs

As with other mining companies in Russia, ALROSA faces inflation
in the high single digits.  An expected increase in the
proportion of more costly underground mining will have a
moderately negative effect on ALROSA's mining cash costs, as this
will be mostly compensated by higher-grade ores.

Rating Constraints

ALROSA's lack of product diversification and its exposure to the
cyclical diamond market continue to weigh on its ratings.  In
addition, the company is exposed to Russia's higher-than-average
political, business and regulatory risks.


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

   -- Reduced support from the Russian Federation
   -- Funds from operations (FFO) adjusted gross leverage above
      3.0x on a sustained basis
   -- EBITDAR margin below 25% (FY13: 41%)

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

   -- FFO adjusted gross leverage sustained below 2.0x together
      with positive free cash flow generation

OTKRITIE BANK: S&P Revises Outlook to Pos. & Affirms 'B+' Rating
Standard & Poor's Ratings Services said it revised its outlook on
Russia-based OTKRITIE Bank to positive from stable and affirmed
the 'B+/B' long- and short-term counterparty credit ratings.

The outlook revision reflects that the bank will merge with its
sister Bank of Khanty-Mansiysk (JSC) (BKM; BB-/Stable/B) in the
next 12 months.  S&P understands that OTKRITIE Bank will be fully
integrated with BKM and cease to exist as a separate legal entity
later in 2014.  The post-merger enlarged entity will focus on
small and retail business development while large and midsize
corporate business will be transferred to the Bank Otkritie
Financial Co. (Bank OFC, previously Nomos Bank, the majority
owner of OTKRITIE Bank and BKM), which will develop commercial
and investment banking operations.

The post-merger bank is likely to have around Russian ruble
(RUB) 570 billion (US$15.5 billion) in assets at the end of 2014,
making it one of the top-15 banks in Russia.  As it will
represent around 40% of the Bank OFC group's consolidated assets,
it may become more important for the group's strategy and lead
S&P to treat the post-merger entity as a "core" subsidiary.  S&P
believes that the management and strategy of the post-merger
entity will be even more integrated with those of the group than
is currently the case, with key decision makers sharing
responsibilities between the entity and the group.  If S&P
believes the enlarged entity is core to Bank OFC at the time of
the merger S&P will likely raise its rating on OTKRITIE Bank to
'BB-', in line with the group credit profile, before the entity
ceases to exist.

S&P's assessment of OTKRITIE Bank's stand-alone credit profile is
unchanged at 'b+'.  S&P currently classifies the bank as a
"highly strategically important" subsidiary of Bank OFC.

The positive outlook reflects S&P's base-case scenario that the
merger of OTKRITIE Bank with Bank of Khanty-Mansiysk to form the
retail arm of Bank Otkritie Financial Corporation is progressing
in line with S&P's expectations, and that it will strengthen the
current highly strategic status of OTKRITIE Bank for Bank
Otkritie Financial Corporation.  S&P might therefore increase the
amount of support factored into the rating upon the merger.

S&P could take a positive rating action upon the merger if it
believed that the post-merger entity would be classified as a
core subsidiary of Bank OFC, whose group credit profile is 'bb-'.
A core entity is typically rated at the level of the group credit

S&P could take a negative rating action if Bank OFC's weaker-
than-expected performance led S&P to revise down its assessment
of the group credit profile.  This could also lead S&P to lower
the ratings on Bank OFC's subsidiaries, including OTKRITIE Bank.
If the group changed its strategy with regard to the importance
of its retail strategy, or the merger failed, this would likely
eliminate the upside potential S&P currently factors into the

PROMSVYAZBANK: Fitch Rates Sub. Loan Participation Notes 'B+'
Fitch Ratings has assigned Russia-based Promsvyazbank's (PSB)
"new-style" Series 9 subordinated loan participation notes (LPNs)
with principal/ coupon write-down features the Long-term rating
at 'B+'.

The Series 9 LPNs have been issued under PSB's USD3 billion LPN
program by Luxembourg-based special purpose vehicle, PSB Finance
S.A., which will on-lend to PSB the issue's cash proceeds
totaling USD300 million.  A further USD33.4 million Series 9 LPNs
have been issued in exchange for some of PSB's outstanding Series
3 and Series 4 "old-style" subordinated LPNs (also rated 'B+').
The Series 9 LPN issue's coupon was set at the rate of 10.5%
payable semi-annually and the principal is due at maturity on
July 30, 2021.  No call or put option is envisaged for the issue.


The "new-style" LPNs have principal and coupon write-down feature
(pro rata with other, similar loss absorbing instruments)
triggered in case (i) the bank's core Tier 1 capital adequacy
ratio decreases below 2%; or (ii) the Deposit Insurance Agency
directly or indirectly acquires a controlling stake in the bank
or provides financial assistance to it as part of an approved
bankruptcy prevention plan.  The latter is possible if a bank
breaches any of its mandatory capital ratios, or is in breach of
certain other liquidity and capital requirements.

Fitch rates PSB's "new-style" subordinated debt one notch lower
than the bank's 'bb-' Viability Rating (VR).  This includes (i)
zero notches for additional non-performance risk relative to the
VR, as Fitch believes these instruments should only absorb losses
once a bank reaches, or is very close to, the point of non-
viability; (ii) one notch for loss severity (one notch, rather
than two, as these issues would not be deeply subordinated).


As the issue's rating is linked to the bank's VR, it would be
sensitive to any changes in that rating.

PSB's other ratings are unaffected and as follows:

Long -term foreign currency IDR: 'BB-'; Outlook Stable
Short-term foreign currency IDR: 'B'
Long -term local currency IDR: 'BB-'; Outlook Stable
Short-term local currency IDR: 'B'
VR: 'bb-'
Support Rating: '4'
Support Rating Floor: 'B'
PSB Finance S.A.'s debt ratings are unaffected and as follows:
Senior debt rating: 'BB-'
Subordinated debt ratings: 'B+'


BBVA-6 FTPYME: Fitch Affirms 'C' Rating on Class C Notes
Fitch Ratings has upgraded BBVA-6 FTPYME, FTA's two most senior
classes of notes and affirmed the rest, as follows:

EUR7.8 million Class A1 (ISIN ES0370460000): upgraded to 'Asf'
from 'A-sf'; Outlook Stable

EUR22.4 million Class A2(G) (ISIN ES0370460018): upgraded to
'Asf' from 'A-sf'; Outlook Stable

EUR50.3 million Class B (ISIN ES0370460026): affirmed at 'CCCsf';
revised RE to 60% from 40%

EUR32.3 million Class C (ISIN ES0370460034): affirmed at 'Csf';
RE 0%

This transaction is a cash flow securitization of a static
portfolio of secured and unsecured loans granted by Banco Bilbao
Vizcaya Argentaria (BBVA, A-/Stable/F2) to small- and medium-
sized enterprises (SMEs) in Spain. The initial balance was
EUR1.5bn at closing in June 2007. The current/original portfolio
balance (portfolio factor) was 10.3% as of end-June 2014.

Key Rating Drivers

The upgrade of the senior notes reflects an increase of their
credit enhancement (CE). The structure has benefitted from the
accelerated amortization of the class A2(G) by making use of the
principal guarantee provided by the Kingdom of Spain
(BBB+/Stable/F2) to clear the principal deficiency on that class
of notes. The current balance of the class A1 and the class A2(G)
notes as percentage of the original balance stand at 0.6% and

Overall performance of the transaction has improved over the past
12 months. Loans delinquent over 90 days and 180 days represent
1.54% and 1.4%of the outstanding balance, down from 4.1% and 3.2%
a year ago. Current defaults have decreased by EUR4 million to
EUR54 million and now account for 35% of outstanding portfolio
balance. Furthermore, the weighted average recovery rate has
increased to 42.4% from 35.2%.

The transaction relies entirely on collections from the servicer,
which are transferred to the SPV account held by BBVA on a weekly
basis (or on a daily basis, should BBVA lose its 'F2' rating).
The ratings on the class A1 and A2(G) notes reflect the liquidity
support offered by the servicing capability of BBVA, coupled with
the protection offered by the combined priority of payments.
However, they are capped at 'Asf' by the unmitigated payment
interruption risk in the structure. This is because timely
payment of interest will be possible for as long as BBVA can
service the transaction, but would be compromised upon a servicer
cash flow disruption. For the notes to be rated higher than
'Asf', Fitch would expect readily available liquidity sufficient
to cover senior expenses and non-deferrable interest upon a
servicer cash flow disruption. Senior expenses include a net swap
payment in favor of the counterparty, SG.

Although BBVA is currently rated below the 'A'/'F1' eligibility
criteria for SPV account bank, this is mitigated by Societe
Generale (SG, A/Negative/F1) being the guarantor of BBVA in its
role as account bank.

The amount drawn from the guarantee was EUR19.5 million as of
end-June 2014. This amount represents a liability in the
structure that is junior to both the class A1 and class A2(G) for
as long as there is a principal deficiency or
undercollateralization of the notes by non-defaulted assets. The
principal deficiency is currently EUR26.3 million, after
considering the principal balance drawn from the guarantee. The
reserve fund has been depleted since 2009.

Fitch expects both class B and class C notes to suffer losses.
The updated recovery estimate for the class B notes is now 60%
following the improvement in performance and recoveries, while we
continue to expect the class C balance will be lost entirely.
Fitch has calculated the asset CE relative to the outstanding
portfolio including defaults for the different classes. Available
CE is 81.4% for the class A1 and A2(G) notes, 36.2% for the class
B notes, and 15.2% for the class C notes. CE for the class B and
C notes considers the amount due on the guarantee as a liability
that is senior to these classes.

Rating Sensitivities

Increasing the probability of default by 1.25x or reducing the
recovery prospects by 0.75x of all assets in the portfolio would
not result in downgrade of any of the notes.

CASTOR: Fitch Puts 'BB+' Rating on EUR1.4BB Bonds on Watch Neg.
Fitch Ratings says that bondholders' approval of the request to
relinquish the concession for Castor gas storage project is in
line with Fitch's expectations and is reflected in the 'BB+'
rating of the EUR 1.4 billion bonds issued by Watercraft Capital
S.A. However, the bonds' rating is on Rating Watch Negative (RWN)
due to continuing uncertainty on the project and the possible
further negative impact on the bonds.

In mid-July, the bondholders approved the request by the project
company (ESCAL UGS) to relinquish the concession of Castor gas
storage project to the Spanish authorities.  On July 18, the
project company submitted the relinquishment request to the
Ministry of Industry, Energy and Tourism.  Fitch understands that
the authorities' decision to approve the relinquishment and the
terms of the compensation payments should be taken within 90

These developments are in line with Fitch's previous
expectations. On June 20, Fitch downgraded the rating of senior
secured bonds to 'BB+' from 'BBB+' due to the high level of
uncertainty regarding the outcome of the project, highlighting
concession relinquishment as the most likely scenario.

The relinquishment of the concession does not trigger an event of
default under the bonds.  The repayment of the bonds will now
rely on the compensation regime, which Fitch regards as untested,
as well as on a partial prepayment from the project sponsor ACS
SCE (ACS) in case the agreed compensation payment is not
sufficient to maintain the debt metrics or repay the bonds in
full.  EIB's project bond credit enhancement facility of EUR200m
would also be available to supplement the termination payments.

Resolution of the RWN will depend on the timing of the decision
by the Spanish authorities and on the terms of the compensation,
namely its amount, timing and the counterparty(ies) responsible
for the compensation payments.

Failure by the authorities to approve the relinquishment and set
the compensation terms before Nov. 30, may result in negative
rating action.  This would reflect increased exposure towards
ACS, as, under these circumstances, the sponsor support agreement
would require ACS to repay the bonds in full by the next
repayment date (30 December 2014).  As Fitch has previously
highlighted, full repayment by ACS is not likely, in Fitch's

The debt's exposure towards ACS would be lower (or zero) if a
decision is taken by the authorities before the 30 November
deadline.  In this case, ACS's guarantee under the sponsor
support agreement will be reduced to making a partial debt
prepayment if the approved termination payments are not
sufficient to keep the bonds whole and restore debt metrics, and
to support the on-going debt service until compensation payments
are received.  The next scheduled payment date under the bonds is
on Dec. 30, 2014, when EUR 61m of interest and principal is due.

Castor is an offshore gas storage reservoir in Spain developed by
ACS, which was expected to enter operation in 2014.  In October
2013, the Spanish authorities ordered suspension of the activity
at the plant due to unusual seismic activity in the project's
vicinity (off the coast of Valencia) that commenced after a
cushion gas injection cycle was completed.

GRUPO EROSKI: Enters Into Debt Restructuring Deal with Lenders
Katie Linsell at Bloomberg News reports that Grupo Eroski reached
an accord with lenders to restructure EUR2.6 billion (US$3.5
billion) of loans.

According to Bloomberg, Eroski said in an e-mailed statement that
eight banks holding more than 85% of the debt agreed on a new
structure with the company.  The company, as cited by Bloomberg,
said in the statement that the plan, which includes selling non-
strategic assets, will be formalized in the coming weeks.

Eroski's new debt structure is divided into four tranches
including EUR800 million of senior loans linked to the company's
earnings and EUR300 million that will be repaid as it sells
assets, Bloomberg discloses.

Eroski also plans to carry out a voluntary debt swap on its
EUR660 million of subordinated bonds, Bloomberg notes.

Grupo Eroski is a Spanish supermarket chain.  The Spanish
retailer is part of Mondragon Corp., a closely-held Basque
cooperative conglomerate that includes Fagor Electrodomesticos
Soc. Coop, an appliance maker that entered liquidation in March.

HIPOCAT 9: S&P Lowers Rating on Class D Notes to 'D (sf)'
Standard & Poor's Ratings Services lowered to 'D (sf)' from
'CCC- (sf)' its credit rating on Hipocat 9, Fondo de Titulizacion
de Activos' class D notes.  At the same time, S&P has lowered to
'CCC- (sf)' from 'B- (sf)' its rating on the class C notes.

The downgrades follow the class D notes' interest deferral
trigger breach on the July 2014 payment date and reflect the
class C notes' increased proximity to their interest deferral

The level of cumulative defaults over the original portfolio
balance increased to 7.36% in July 2014, from 5.41% a year
earlier.  Under the transaction documents, the class D notes'
interest deferral trigger is based on the level of cumulative
defaults over the original securitized balance.  Due to the
considerable increase in the level of defaults over the past
year, the class D notes breached their 7.00% interest deferral
trigger. Consequently, the class D notes' interest is unpaid.

S&P's ratings in Hipocat 9 address the timely payment of interest
and principal during the transaction's life.  S&P has therefore
lowered to 'D (sf)' from 'CCC- (sf)' its rating on the class D

The ongoing increase in cumulative defaults may also accelerate
the class C notes' 10.39% interest deferral trigger breach.  S&P
has therefore lowered to 'CCC- (sf)' from 'B- (sf)' its rating on
the class C notes.

Hipocat 9 closed in November 2005 and securitizes Spanish
residential mortgage loans.  Catalunya Banc originated the loans
in the Catalonia region.


Ratings Lowered

Hipocat 9, Fondo de Titulizacion de Activos
EUR1.016 Billion Mortgage-Backed Floating-Rate Notes

Class                 Rating
            To                     From

C           CCC- (sf)              B- (sf)
D           D (sf)                 CCC- (sf)

HIPOTECARIA UCI 12: S&P Affirms 'BB' Rating on Class C Notes
Standard & Poor's Ratings Services affirmed its credit ratings on
Fondo de Titulizacion Hipotecaria UCI 12's (UCI 12) class A and C
notes.  At the same time, S&P has lowered to 'BBB+ (sf)' from 'A-
(sf)' its rating on the class B notes.

The rating actions follow S&P's ongoing review of the
transactions' collateral credit quality and its assessment of
sovereign and counterparty risk.  S&P's ratings on the notes also
reflect its analysis of the transaction's structural features,
for which S&P applied its cash flow criteria for European
residential mortgage-backed securities (RMBS) transactions.  S&P
has used the latest available data from the June 2014 trustee
investor report.


Compared with less-seasoned UCI transactions, UCI 12's
performance has been relatively stable since closing in June
2005, even during the financial crisis that started in 2007.
S&P's Spanish RMBS index shows that transactions originated by
Union de Creditos Inmobiliarios, Establecimiento Financiero de
Credito S.A. are some of the worst performing.  This is not the
case for UCI 12, however.  In particular, long-term arrears
excluding defaults over the transaction's respective outstanding
balances represent:

                      March            March
                   2014 (%)         2012 (%)
UCI 12                 3.52             3.92
UCI deals             15.59            12.75
Spanish RMBS index     6.17             3.42

Since 2009, UCI has been offering temporary reductions in monthly
installments to borrowers experiencing financial difficulties.
As of the end of March 2014, loans in forbearance arrangements
totaled 20.55% of the collateral balance.

S&P considers that the high proportion of loans in forbearance
arrangements could lead to further defaults.  Based on the most
recent available data on the performance of the loans with
temporary installment reductions, S&P applied an increased
foreclosure frequency to loans that are, or have been, in
forbearance arrangements, in S&P's analysis.

The transaction has a trigger system so that in poor economic
conditions, the more senior notes amortize before the
subordinated classes of notes pay interest.  The trigger is
reversible and depends on the principal deficiency amount, which
is the positive difference between the scheduled amounts to be
paid and the available amounts held in the fund.  As of June
2014, the transaction hadn't breached any of the triggers.  Given
that the transaction's performance has been stable, S&P don't
expect it to breach the triggers in the short to medium term.

The notes benefit from a reserve fund, which mitigates potential
liquidity shortfalls and defaults.  Since closing, the reserve
fund has been at its documented required level and has never been

The available credit enhancement for the class A and C notes,
which stand at 12.51% and 2.35% respectively, are strong enough
to support the rating stresses that S&P applied in its credit and
cash flow analysis at their currently assigned ratings.  For the
class C notes, S&P do not expect the interest deferral trigger,
which is based on a principal deficiency mechanism, to be
breached in the medium term.  S&P has therefore affirmed its
ratings on the class A and C notes.

The class B notes' available credit enhancement of 9.72% is not
strong enough to support the stresses that S&P applies in its
credit and cash flow analysis at a 'A-' rating level.  S&P has
therefore lowered to 'BBB+ (sf)' from 'A- (sf)' its rating on the
class B notes.


On May 23, 2014, S&P raised its long- and short-term foreign and
local currency sovereign ratings on Spain.  Under S&P's
nonsovereign ratings criteria, the maximum rating differential
between its ratings on the sovereign in which the underlying
assets are based and S&P's ratings in the transaction is up to
six notches.  Therefore, S&P's criteria caps the maximum
potential rating in UCI 12 at 'AA (sf)'.

UCI 12 is a Spanish RMBS transaction, which securitizes a
portfolio of residential mortgage loans that UCI originated.


As a result of the review, S&P's future criteria applicable to
ratings above the sovereign may differ from its current criteria.
This potential criteria change may affect the ratings on all
outstanding notes in this transaction.  S&P will continue to rate
and surveil these notes using its existing criteria.


Class               Rating

            To                  From

Fondo de Titulizacion Hipotecaria UCI 12
EUR900 Million Mortgage-Backed Floating-Rate Notes

Ratings Affirmed

A           AA (sf)
C           BB (sf)

Rating Lowered

B           BBB+ (sf)           A- (sf)

IM CAJA LABORAL I: Fitch Affirms CCCsf Rating on Class E Notes
Fitch Ratings has upgraded IM Caja Laboral I's class A notes and
affirmed the rest as listed below. The transaction is a Spanish
RMBS originated by Caja Laboral Popular Cooperativa de Credito

IM Caja Laboral I, FTA
Class A (ISIN ES0347565006) upgraded to 'AA+sf' from 'AA-sf';
Outlook Stable; off Rating Watch Positive (RWP)
Class B (ISIN ES0347565014) affirmed at 'AA-sf'; Outlook Stable
Class C (ISIN ES0347565022) affirmed at 'A+sf'; Outlook Stable
Class D (ISIN ES0347565030) affirmed at 'BBB+sf'; Outlook Stable
Class E (ISIN ES0347565048) affirmed at 'CCCsf'; Recovery
Estimate (RE) 85%

Key Rating Drivers

Sufficient Credit Enhancement
Following the revision of Spain's Country Ceiling to 'AA+', six
notches above the sovereign Issuer Default Rating (IDR) of 'BBB+,
from 'AA-' Fitch had placed the class A notes on RWP in April

Fitch has therefore tested the ability of the transaction to
withstand higher rating stresses under the updated criteria
assumptions for Spanish RMBS. The analysis has shown that the
credit enhancement available to the class A notes is sufficient
to withstand a 'AA+sf' rating. The class A notes are now at the
'AA+sf' cap for structured finance transactions in Spain.

Solid Asset Performance
Performance of the underlying assets has remained solid, as
evidenced by the limited volume of defaults (mortgages with at
least 12 payments overdue) reported to date (0.6% of the initial
pool), and stable late-stage arrears at 0.5% of the current pool
balance. Fitch believes that this is mainly driven by the high
seasoning (nearly 140 months) and low current average loan-to-
value ratio (47%) of the underlying mortgages. This strong asset
performance is reflected in the upgrade of the senior tranche and
the affirmation of the rest of the structure.

Rating Sensitivities
A revision of the structured finance rating cap for Spain could
result in rating changes to the 'AA+sf' tranche.

SANTANDER HIPOTECARIO 3: S&P Cuts Rating on Class D Notes to 'D'
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CC
(sf)' its credit rating on Fondo de Titulizacion de Activos
Santander Hipotecario 3's class D notes.  At the same time, S&P
has affirmed its 'D (sf)' ratings on the class E and F notes.

The level of cumulative defaults over the original portfolio
balance increased to 6.91% in April 2014 from 5.96% a year
earlier.  Under the transaction documents, the class D notes'
interest deferral trigger is based on the level of cumulative
defaults over the original securitized balance.  Due to the
considerable increase in the level of defaults over the past
year, the class D notes breached their 7.00% interest deferral
trigger on the July 2014 interest payment date.  Consequently,
the class D notes' interest is unpaid.  S&P has not yet received
the current level of cumulative defaults, but the payment report
confirms the class D notes' interest default.

"Our ratings in Santander Hipotecario 3 address the timely
payment of interest and principal during the transaction's life.
We have therefore lowered to 'D (sf)' from 'CC (sf)' our rating
on the class D notes.  At the same time, we have affirmed our 'D
(sf)' ratings on the class E and F notes, as they continue to
default on their interest payments," S&P said.

Santander Hipotecario 3 closed in April 2007 and securitizes
Spanish residential mortgage loans.

VALENCIA HIPOTECARIO 2: Fitch Affirms CCC Rating on Cl. D Tranche
Fitch Ratings has upgraded four, affirmed seven and downgraded
one tranche of the Valencia Hipotecario series, four Spanish RMBS
transactions originated by Banco de Valencia (now CaixaBank;

Key Rating Drivers

Sufficient Credit Enhancement
Fitch placed the class A notes of VH1 on RWP in April 2014,
following the revision of Spain's Country Ceiling to 'AA+', six
notches above the sovereign Issuer Default Rating (IDR) of 'BBB+.

The agency has tested the transaction's ability to withstand
higher rating stresses under the updated criteria assumptions for
Spanish RMBS. The analysis has shown that the credit enhancement
available to the notes, as well as that available to the class A
notes of VH2 are sufficient to withstand a 'AA+sf' rating.

Divergent Asset Performance
Over the past 12 months the asset performance of Valencia
Hipotecario 1, 2 and 3, the more seasoned transactions, was
broadly stable. Cumulative gross defaults have remained limited
and presently stand between 0.3% (VH1) and 2.5% (VH2 and VH3) of
the initial pool, an increase of between 10bp (VH1) and 50bp (VH2
and VH3) compared with 12 months ago. Late stage arrears
(mortgages with at least three months payments overdue) remained
constant, between 0.8% (VH1) and 1.9% (VH2) of the current pool.
These measures are currently below Fitch's Spanish RMBS index,
where gross defaults and late stage arrears are 4.6% and 2.1%,

Fitch believes that the better performance of these three
transactions can be attributed to the high average seasoning
(between 113 months (VH3) and 155 months (VH1)), and low loan-to-
value (LTV) ratios of the underlying mortgages (between 33% (VH1)
and 47% (VH3)). Combined with the strong levels of available
credit enhancement, this good asset performance has led to the
upgrade of the class A and C notes of VH1 and class A and B notes
of VH2, as well as the affirmations across the rest of their
structures, with Stable Outlooks.

In contrast, VH5's portfolio performance is weaker, with
cumulative gross defaults at 5.8% of the initial pool. Late stage
arrears are significantly higher than those reported for the
three more seasoned transactions, at 3.7% of the current pool.
Fitch considers the performance to be driven by the more adverse
portfolio characteristics, as the underlying pool at closing
included 10.5% and 14% of self-employed and foreign borrowers,
respectively, in addition to 16.6% of broker-originated
mortgages. The agency also notes a large part of mortgages in
early stage arrears have left the pool over the past 12 months,
which may have somewhat improved the performance of the
portfolio. For these reasons, the performance is expected to
remain volatile.

Reserve Fund Draws
The cash reserves of VH1, VH2 and VH3 stand between 99.2% (VH1)
and 71.3% (VH3) of the respective target levels. The draws have
been caused by provisions on defaulted loans. While the pipeline
of future defaults remains limited, Fitch believes that their
replenishment on the upcoming payment dates is likely. As the
reversal of the reserve fund draws on VH3 is expected to take
longer, the Outlook on its class C notes remains Negative.

In VH5 the combination of high defaults and limited excess spread
generated from the underlying mortgages has implied more severe
reserve draws to the point that the cash reserve is now at 55.5%
of the target balance. Fitch expects this pattern to continue in
the next payment dates, thus impacting the credit enhancement
available to the class A notes, and leading to their downgrade to

Strong House Price Decline
Fitch has observed that the properties in the underlying
portfolios, strongly concentrated in the Valencia area, have seen
severe price declines over the past years, resulting in limited
recoveries from the sale of properties taken into possession.
This factor and the weak asset performance contributed to the
downgrade of the senior tranche in VH5.

Rating Sensitivities
A revision of the structured finance 'AA+sf' rating cap for Spain
could result in rating changes to the 'AA+sf'-rated tranches.

A deterioration of the asset performance beyond Fitch's
expectations would trigger negative rating actions.

The rating actions are as follows:

Valencia Hipotecario 1, Fondo de Titulizacion de Activos (VH1):

Class A (ISIN ES0382744003): upgraded to 'AA+sf' from 'AA-sf';
Outlook Stable; off RWP
Class B (ISIN ES0382744011): affirmed at 'AA-sf'; Outlook revised
to Stable from Negative
Class C (ISIN ES0382744029): upgraded to 'Asf' from 'BBB+sf';
Outlook Stable

Valencia Hipotecario 2, Fondo de Titulizacion de Hipotecaria

Class A (ISIN ES0382745000): upgraded to 'AA+sf' from 'AA-sf';
Outlook Stable
Class B (ISIN ES0382745018): upgraded to 'A-sf' from 'BBB+sf';
Outlook Stable
Class C (ISIN ES0382745026): affirmed at 'BB+sf'; Outlook revised
to Stable from Negative
Class D (ISIN ES0382745034): affirmed at 'CCCsf'; Recovery
Estimate of 30%

Valencia Hipotecario 3, Fondo de Titulizacion de Activos (VH3):

Class A2 (ISIN ES0382746016): affirmed at 'AA-sf'; Outlook
revised to Stable from Negative
Class B (ISIN ES0382746024): affirmed at 'BBBsf' Outlook revised
to Stable from Negative
Class C (ISIN ES0382746032) affirmed at 'BB+sf''; Outlook
Class D (ISIN ES0382746040): affirmed at 'CCCsf'; Recovery
Estimate of 60%

Valencia Hipotecario 5, Fondo de Titulizacion de Activos (VH5):

Class A (ISIN ES0382718007): downgraded to 'BBBsf' from 'A-sf';
Outlook Negative


FLY OLYMPIC: Financial Woes Prompt Bankruptcy Filing
According to capitaleritrea news, Flight Travel Organizer Aer
Asian Pacific Around The World Travel Ltd., also known as
Fly Olympic, has filed for bankruptcy.

Fly Olympic said in a press release that it had tried to find a
solution for its financial difficulties for two weeks, but at the
end had to file for bankruptcy at 4:00 p.m. on July 29 after 25
years in business, capitaleritrea relates.

The carrier cancelled all flight schedules and all reservation
and plans to appoint an administrator to take over the company's
operations, capitaleritrea discloses.

Sweden's Consumer Protection Agency said that approximately 500
to 600 passengers are stranded in Somalia, Iraq and Eritrea
because of cancelled flights, capitaleritrea relays.

Fly Olympic did not operate the flights itself, but was rather a
so-called air tour operator, who leases aircrafts and crews from
other airlines or leasing companies, capitaleritrea notes.

According to capitaleritrea, the air tour operator's website
stated, "The new operation to Africa performed dramatically below
all reasonable expectations, and the losses sustained were too
great for a company of our size to survive.  We had discussed
with several investment groups over the last 10 days in a bid to
save the company but unfortunately time ran out."

Fly Olympic is a Swedish airline and also an affiliate of
AeroPacific AB.


DTEK HOLDINGS: Fitch Lowers Issuer Default Rating to 'CCC'
Fitch Ratings has downgraded Ukraine-based DTEK Holdings B.V.
(DTEK)'s Long-term local currency Issuer Default Rating (IDR) to
'CCC' from 'B-' and affirmed its Long-term foreign currency IDR
at 'CCC'.

The downgrade of DTEK's Long-term local currency IDR reflects
Fitch's view that its standalone rating is no longer constrained
by the Country Ceiling and is commensurate with 'CCC'.  This is
due to the company's exposure to political and economic
instability and uncertainty, which is likely to adversely affect
its credit metrics, potential refinancing risk and high FX risk.


Heightened Political Risk

Political developments in Ukraine have been quite unstable in
2014, as the Crimea region is under control of the Russian
Federation and the Donetsk and Lugansk regions are in military
conflict.  This adds to political and economic uncertainty with
Fitch forecasting a 5% decline in Ukraine's GDP for 2014.
Disruption of DTEK's operations in these areas and/or a
significant drop in collection of accounts receivables are likely
to have a material adverse impact on its credit metrics.
Although assets located in Donetsk and Lugansk regions account
for a significant part of DTEK's EBITDA and revenue, the company
assesses exposure to the conflict area as much smaller.  DTEK's
exposure to Crimea is limited as its electricity distribution in
Crimea accounted for less than 3% of revenue and around 1.5% of
EBITDA in 2013.

Refinancing Risk

Fitch views DTEK's liquidity position as relatively weak and its
upcoming maturities as onerous, which increases refinancing risk.
Its ability to repay and/or refinance short-term maturities is
largely dependent on the accessibility of cash mainly held at
'CCC' rated Ukrainian banks and the availability of bank funding.
The company's peak repayments of USD1.2 billion fall due in
2014-2015 (USD0.3 billion due in 2014 and USD0.9 billion in 2015)
and include the remaining USD200 million portion of its USD500
million eurobond due in 2015. While the company had gross cash &
cash equivalents of UAH4.9 billion (USD595 million) at end-2013
and access to credit lines, Fitch believes that a drawdown of the
credit lines may prove to be difficult in the current political
and economic environment.

High Exposure to Local Banks

DTEK's liquidity position is weakened by its high exposure to
domestic banks.  In Fitch's analysis it assumed a portion of cash
held at the Ukrainian banks as restricted, due to their low
credit quality, and estimated unrestricted cash at UAH2.6 billion
(USD316 million) at end-2013.  In addition, a significant portion
of cash was kept at First Ukrainian International Bank, which is
owned by SCM, DTEK's parent company.

Foreign Currency Exposure

DTEK is subject to foreign currency fluctuations risk, as most of
its debt is denominated in foreign currencies, i.e. US dollars
(43% of total debt at end-2013), euros (26%) and roubles (27%).
This contrasts with only 8% of the revenue in US dollars in 2013,
while most of its remaining revenue is denominated in hryvna.  An
increase of the economic and political uncertainty in Ukraine has
led to significant hryvna devaluation against major currencies
(hryvna has lost 42% against US dollar so far in 2014).  The
company does not fully hedge its FX risks.  However, well above
50% of its cash is kept in US dollars and euros.

Cash Collections to Suffer

The government has recently approved an increase in electricity
tariffs in 2014 by 10%-40% for the population with effect from 1
June 2014.  Fitch expects cash collection rates to suffer as a
result of this tariff increase and the military conflict in the
south-east of Ukraine.  However, household tariffs in Ukraine in
2013 were already twice as low as those of Russia and even more
so of European countries.

The Ukrainian power sector remains heavily regulated, which is
also a constraint for DTEK.  While the government plans to
gradually liberalize the sectors in which DTEK is involved, this
might be postponed as a result of the current instability in

Profitability Continues to Deteriorate

EBITDA margin in 2013 declined to 16% from 20% in 2012 and 26% in
2011, due to a decrease in heat tariffs compensation and an
increase in the share of low-margin assets in 2013. We expect
margins to remain under pressure in 2014 as the approved tariff
increase is likely to be offset by the economic crisis.

Upcoming Reorganization

DTEK is currently in the process of reorganization and plans to
spin off its newly-acquired gas company and its electricity
renewables generation by end-2014.  The corporate reorganization
is aimed at separating the different businesses within the group
as well as deleveraging a newly formed DTEK Energy, which will
include coal, thermal power plants and electricity distribution
assets.  DTEK Renewables' debt is currently consolidated under
DTEK Holding B.V. as the restructuring has not yet been
finalized. Fitch has therefore not excluded the debt of renewable
energy company and oil and gas division from DTEK's gross debt.

Ukraine's Leading Utilities Company

DTEK's ratings are supported by its leadership in coal mining,
power and heat generation, electricity distribution and sales
among Ukraine's utility companies.  With installed electric
capacity of over 18 gigawatts at end-2013, DTEK ranks among the
largest Fitch-rated CIS power utilities.  Fitch believes that
DTEK will continue to occupy the leading position among private
Ukrainian utility companies for at least the medium term.  Its
vertical integration in coal mining, power generation and
distribution supports its profitability.


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

   -- Further deterioration of the liquidity position resulting
      in the company's inability to service its debt
   -- Breach of the EBITDA-based 3x leverage financial covenant
   -- Further hryvna devaluation, disruption of the company's
      operations and/or a drop in accounts receivables collection
      resulting in material weakening of DTEK's credit metrics

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

   -- Improvement of the macro-economic environment along with
      improvement of the company's liquidity position and
      accounts receivables management


DTEK Holdings B.V.

Long-term foreign currency IDR: affirmed at 'CCC'
Short-term foreign currency IDR: affirmed at 'C'
Long-term local currency IDR: downgraded to 'CCC' from 'B-'
Short-term local currency IDR: downgraded to 'C' from 'B'
National Long-term rating: downgraded to 'BB+(ukr)' from
'AA+(ukr)'; Outlook Stable
Foreign currency senior unsecured rating: affirmed at 'CCC'
National senior unsecured rating: downgraded to 'BB+(ukr)' from

DTEK Finance B.V.

Foreign currency senior unsecured rating: affirmed at 'CCC',
Recovery Rating of 'RR4'

DTEK Finance plc

Foreign currency senior unsecured rating: affirmed at 'CCC',
Recovery Rating of 'RR4'

In accordance with Fitch's policies the issuer appealed and
provided additional information to Fitch that resulted in a
rating action which is different than the original rating
committee outcome.

U N I T E D   K I N G D O M

FIRST FLEXIBLE: S&P Affirms 'B-' Ratings on Three Note Classes
Standard & Poor's Ratings Services affirmed all of its credit
ratings on First Flexible (No. 7) PLC's class A, B, and C notes.

S&P has reviewed First Flexible (No. 7)'s performance using the
most recent collateral pool composition and investor report, and
conducted a credit and cash flow analysis of the transaction.

Since S&P's June 7, 2012 review, the U.K.'s economic prospects
have improved, as shown by macroeconomic indicators such as
unemployment and GDP growth.  S&P's 90+ days delinquency index of
prime U.K. residential mortgage-backed securities (RMBS)
transactions that S&P rates has declined to 1.86% from 2.11%.  In
line with this trend, delinquencies in First Flexible No. 7 have
decreased, with 90+ days delinquencies declining to 3.16% from
5.37%.  Total delinquencies have declined to 6.78% from 8.18%.
Although this is a noticeable improvement for the transaction, it
still underperforms S&P's index.  Given this, and the prospects
of interest rate increases in the near- to medium-term future,
which may decrease the borrowers' propensity to pay, S&P has
projected arrears of 1.80% in the 90+ days bucket.

Strong house price growth in the Southeast, including London, has
resulted in lower current loan-to-value (LTV) ratios,
particularly as the transaction has an exposure of 46.7% in this
area.  S&P's weighted-average indexed LTV ratio has decreased to
30.59% from 57.12% at closing in Jan. 2007, as of June 2014.  The
collateral pool contains loans of 8.92% of borrowers whose
mortgages have already matured, but for which the borrowers have
not been able to refinance or pay down the money owed.  The
servicer actively liaises with these borrowersand has made formal
arrangements to reduce amounts outstanding.  S&P has made
adjustments to this portion of the collateral pool, which has
increased its weighted-average foreclose frequency (WAFF)

        WAFF (%)      WALS (%)      Loss coverage (%)
AAA      27.07        7.00          1.90
AA       23.12        4.81          1.11
A        20.17        2.95          0.59
BBB      17.96        2.67          0.48
BB       15.85        1.81          0.29
B        14.84        1.62          0.24

WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.

The remaining pool's seasoning is now 203 months, or 16.9 years,
and the pool has paid down to a 16% pool factor (the outstanding
collateral balance as a proportion of the original collateral
balance).  While the reserve fund is at its target level and is
non-amortizing, the transaction only recently switched to
sequential pay.  This means that the buildup of credit
enhancement is slower than in a purely sequential-pay
transaction.  Even though the overdue mortgages have materially
deteriorated S&P's WAFF assumptions, the transaction's
performance parameters have generally improved since our previous
review and available credit enhancement for the notes has
increased to a level which is commensurate with the currently
assigned ratings.  S&P has therefore affirmed its 'AAA (sf)'
rating on the class A notes.

The class B and C notes continue to fail S&P's cash flow
stresses, as it has observed multiple interest payment shortfalls
in its analysis.  This is due to the fact that S&P do not give
credit to the margin on the standard variable rate loans (66.5%
in S&P's analysis), for which it assumes a zero margin under its
current criteria.  S&P has therefore affirmed its 'B- (sf)'
ratings on the class B and C notes.

First Flexible (No. 7) is a U.K. RMBS transaction that
securitizes mortgages that Mortgages Trust originated.


First Flexible (No. 7) PLC
GBP268.6 mil mortgage-backed floating-rate notes
Class    Identifier      To          From
A        XS0282470797    AAA (sf)    AAA (sf)
B        XS0282471092    B- (sf)     B- (sf)
C        XS0282471175    B- (sf)     B- (sf)

PROVIDE GEMS 2002-1: Fitch Affirms 'C' Ratings on 2 Note Classes
Fitch Ratings has upgraded two tranches of Provide GEMS 2002-1
Plc and affirmed the rest as follows:

Class A (ISIN XS0145700471): affirmed at 'AAAsf'; Outlook Stable

Class B (ISIN XS0145701289): upgraded to 'AAsf' from 'BBBsf';
Outlook Stable

Class C (ISIN XS0145701792): upgraded to 'CCCsf' from 'CCsf';
Recovery Estimate revised to 90% from 75%

Class D (ISIN XS0145701875): affirmed at 'Csf'; Recovery Estimate

Class E (ISIN XS0145702170): affirmed at 'Csf'; Recovery Estimate

The transaction is a synthetic securitization of second lien
mortgage loans originated by Rheinische Hypothekenbank, now part
of Hypothekenbank Frankfurt AG (A-/Negative/F1).


Improved Performance
Over the past 12 months the performance of the underlying assets
in the portfolio has improved. The volume of credit events has
come down to EUR25.9 million from EUR36.2 million. Over two-
thirds of the credit events that have been resolved in the period
were deemed ineligible for a loss allocation as they did not
comply with the transaction representations and warranties. Only
32% of the credit events resulted in a loss allocation to the

Given the second lien nature of the loans in the portfolio, it is
not unusual that loss severities on the underlying loans remain
high and on a cumulative basis are reported at 92%. Therefore, in
its analysis of the transaction, Fitch has assumed 0% recovery on
the remaining and any future credit events across all rating
scenarios. Despite these stresses, the analysis shows that the
credit enhancement available to the class B notes is sufficient
to withstand higher ratings, as reflected in the upgrade of these
notes to 'AAsf'.

Junior Notes Exposed to Losses
As of end-June 2014 the class D notes have allocated losses
amounting to 15.7% of the issuance amount compared with 7% 12
months ago. Meanwhile, losses have been allocated to the full
outstanding balance of the class E notes. While Fitch believes
that further losses are likely to be allocated to the class D
notes, the agency has conducted sensitivity analysis which shows
that the likelihood of loss allocation on the class C notes has
decreased due to the improved performance of the transaction.
This view is reflected in the upgrade of the class C notes to
'CCCsf' and the revision in the recovery estimate to 90%.

Rating Sensitivities

A sudden deterioration in asset performance that leads to credit
events and losses for the structure beyond Fitch's assumptions
would put pressure on the credit enhancement levels, particularly
at the bottom end of the structure.

ZODIAC POOL: Seeks U.S. Bankruptcy Protection
Patrick Fitzgerald, writing for The Wall Street Journal, reported
that Zodiac Pool Solutions SAS, the Paris-based swimming pool and
spa manufacturer, filed for bankruptcy protection in the U.S. as
part of its debt-restructuring effort now under way in the UK.

According to the report, the company, which has more than $1.3
billion in debt, ran into financial trouble in 2008 and has been
closing facilities and selling assets, including it WaterPik and
boat businesses, to stay afloat.  But those efforts haven't been
enough to refinance a big chunk of debt coming due in the next 14
months, the Journal said.

Zodiac is seeking to extend the maturity of some of that debt to
2019 through a restructuring that is being conducted through a
U.K. process called a "scheme of arrangement," which is somewhat
akin to Chapter 11 reorganization in the U.S., the Journal

ZODIAC POOL SOLUTIONS: Chapter 15 Case Summary
Chapter 15 Petitioner: Francois Mirallie

Chapter 15 Debtors:

     Entity                                       Case No.
     ------                                       --------
     Zodiac Pool Solutions SAS                    14-11818
        aka Zodiac Marine & Pool SAS
        aka Marine Participations France SAS
     1 Eversholt Street, 3rd Floor, Office 310
     Eutson, London NW1 2DN
     United Kingdom

     Zodiac Pool Solutions North America, Inc.    14-11819

     Zodiac Pool Systems, Inc.                    14-11820

Type of Business: Manufacturer and distributor of products for
                  swimming pools and spas.

Chapter 15 Petition Date: July 31, 2014

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Judge: Hon. Kevin J. Carey

Chapter 15 Petitioner's: Curtis S. Miller, Esq.
Counsel:                 MORRIS NICHOLS ARSHT & TUNNELL LLP
                         1201 N. Market St.
                         Wilmington, DE 19801
                         Tel: 302-351-7412
                         Fax: 302-425-3080

                           - and -

                         Daniel Guyder, Esq.
                         Jonathan Cho, Esq.
                         ALLEN & OVERY LLP
                         1221 Avenue of the Americas
                         New York, New York 10020
                         Tel: (212) 610-6300
                         Fax: (212) 610-6399

Estimated Assets: US$500 million to US$1 billion

Estimated Liabilities: More than US$1 billion


* BOND PRICING: For the Week July 28 to August 1, 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 * * *