TCREUR_Public/150126.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, January 26, 2015, Vol. 16, No. 017

                            Headlines



A Z E R B A I J A N

AGBANK: S&P Affirms Then Withdraws 'B-/C' Counterparty Ratings


C R O A T I A

CROATIA: S&P Affirms 'BB/B' Sovereign Ratings; Outlook Stable


G E R M A N Y

LANDESBANK BERLIN: Moody's Affirms (P)Ba1 Subordinated MTN Rating
TAURUS CMBS 2006-1: S&P Lowers Rating on Class A Notes to CCC


G R E E C E

GREECE: Fitch Says Outlook Revision No Impact on Bond Rating


I C E L A N D

ICELAND VLNCO: Moody's Lowers CFR to 'B2'; Outlook Stable


I T A L Y

AUSELDA AED: January 28 Expressions of Interest Deadline Set
SERVOLA SPA: Interested Parties Have Until Today to Submit Offers
TIBET CMBS: Fitch Assigns 'BBsf' Rating to Class D Debt


K A Z A K H S T A N

SBERBANK OF RUSSIA: Fitch Cuts Issuer Default Ratings to 'BB+'


N E T H E R L A N D S

WOOD STREET CLO: Fitch Affirms 'B-sf' Rating on Class E Notes

* NETHERLANDS: Business Bankruptcies Down 21% in 2014


N O R W A Y

NORSKE SKOG: Moody's Cuts Probability of Default Rating to Ca-PD
NORSKE SKOG: S&P Lowers LT Corporate Credit Rating to 'CC'
PETROLEUM GEO-SERVICES: S&P Cuts Corporate Credit Rating to 'B+'


R U S S I A

AHML INSURANCE: Moody's Lowers Financial Strength Rating to Ba2
BREBORO HOLDINGS: S&P Affirms, Withdraws CCC+ Corp. Credit Rating
SB BANK: S&P Lowers Rating to 'CCC' on Increasing Liquidity Risk
SVYAZINVESTNEFTEKHIM OAO: Moody's Cuts CFR & Issuer Rating to Ba1
TATNEFT OAO: Moody's Lowers CFR & Issuer Rating to 'Ba1'


S P A I N

PYMES SANTANDER 9: S&P Affirms 'B-' Rating on Class B Notes
TDA IBERCAJA 6: S&P Lowers Rating on Class D Notes to 'B-'


U K R A I N E

UKRAINE: Seeks Larger Bailout; To Consult with Bondholders


U N I T E D   K I N G D O M

AFREN PLC: Fitch Cuts Long-Term Issuer Default Rating to 'B-'
AFREN PLC: S&P Lowers CCR to 'CC' on News of Payment Deferral
ALPARI UK: Co-Founder Filed Winding-Up Petition a Year Ago
APARTHOTELS LTD: Duff Phelps Completes Portfolio Restructuring
CONSOLIDATED MINERALS: Moody's Confirms B3 Corp. Family Rating

PROSERV GROUP: S&P Assigns 'B' CCR; Outlook Negative
RANGERS FOOTBALL: May Mortgage Ibrox Stadium to Secure Funding
RZB FINANCE: S&P Lowers Rating on EUR500MM Jr. Notes to 'BB-'
SANDWELL COMMERCIAL 1: S&P Lowers Rating on Class E Notes to CCC

* UK: End of Insolvency Litigation LAPSO Exemption Challenged


X X X X X X X X

* BOND PRICING: For the Week January 19 to January 23, 2015




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AGBANK: S&P Affirms Then Withdraws 'B-/C' Counterparty Ratings
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Standard & Poor's Ratings Services affirmed its 'B-/C' long- and
short-term counterparty credit ratings on Azerbaijan-based AGBank.
S&P subsequently withdrew the ratings at the bank's request.

At the time the ratings were withdrawn, the outlook on the bank
was stable and there were no rated debt issues outstanding.

The ratings on AGBank at the time of withdrawal reflected S&P's
'bb-' anchor, S&P's baseline assessment for a commercial bank
operating in Azerbaijan.  S&P's view also incorporated its opinion
of the bank's "moderate" business position, "weak" capital and
earnings, "moderate" risk position, "average" funding, and
"adequate" liquidity, as our criteria define these terms.  The
stand-alone credit profile remained at 'b-' at the time of
withdrawal.

At the time S&P withdrew the ratings, the outlook was stable,
reflecting S&P's view that the bank could stabilize its level of
problem loans, increase provisioning levels, and maintain at least
the current capitalization ratios.



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CROATIA: S&P Affirms 'BB/B' Sovereign Ratings; Outlook Stable
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Standard & Poor's Ratings Services affirmed its long- and short-
term foreign and local currency sovereign credit ratings on the
Republic of Croatia of 'BB/B'.  The outlook is stable.

RATIONALE

The ratings are constrained by S&P's view that the absence of
structural and fiscal reforms continues to drag on economic growth
and cast doubts over the long-term sustainability of Croatia's
public finances.  Croatia also still lacks economic
competitiveness; wage and price rigidities undermine labor
flexibility.

The ratings are supported by the medium-term opportunities S&P
sees stemming from Croatian's recent EU accession in terms of
addressing key growth areas, improving competitiveness, accessing
external funding, and meeting productivity challenges.  However,
S&P believes these eventual benefits will be limited in the short-
term by existing structural challenges, political constraints to
major reforms, leveraged public- and private-sector balance
sheets, and an unfavorable external environment.

S&P estimates that Croatia's real GDP contracted by 0.6% in 2014.
This will be its sixth year of recession.  Output has now
diminished by 13.1% from 2008.

That said, S&P forecasts the recession will end in the second half
of 2015.  While this would leave real GDP growth at 0% for the
year, S&P expects it to gradually rise to 1.0% in 2016 and 1.8% in
2018.  In S&P's view, the recovery in investment would come first
before a modest revival in consumption; S&P foresees Croatia
recording its highest growth rate since 2008 during 2015.

On a per capita basis, S&P considers Croatia's past and future
trend growth to be weaker than comparable peers by income group
(average GDP per capita between US$5,500 and US$16,000) and a
significant ratings constraint.  According to S&P's forecasts, at
US$13,600 Croatian income per capita would barely exceed 2006
levels in 2016, representing a lost decade.

Croatia's institutions have so far not been able to effectively
respond to economic challenges, and upcoming parliamentary
elections make any near-term reforms unlikely.  In S&P's view,
Croatia's economic environment would benefit from structural
changes that improve competitiveness.  One example would be labor
market flexibility: unit labor costs have barely receded from
their 2008 peak despite the unemployment rate now being twice as
high, suggesting the labor market still lacks sufficient
flexibility.

The excessive deficit procedure (EDP) should limit the fiscal
space to soften any adjustment.  The EDP involves the European
Commission's (EC's) two-year supervision of Croatia's fiscal
consolidation, and imposes the goal of a budget deficit of less
than 3% of GDP in 2016.  In S&P's view, Croatia will meet the EC's
targets--but two years late.  S&P estimates the fiscal deficit in
2014 to be roughly comparable to 2013 under ESA2010 methodology,
(roughly 5.2% of GDP).

S&P forecasts the general government deficit will remain at 4.9%
of GDP in 2015, before gradually shrinking to 3.0% by 2018.  S&P
bases its forecast on the fact that the current government is
unlikely to enforce increased consolidation ahead of elections,
amid an ongoing recession.  S&P also believes these factors will
curtail the EC's influence.  From 2016 on, though, revived
economic growth and a new political mandate should pave the way
for more-rapid fiscal deficit reduction.  Net general government
debt will likely peak at 81% in 2017.  This is higher than S&P had
previously forecast but takes account of quasi-government debt
included under general government under ESA2010, most of which is
likely to be assumed by the government in the medium term.  S&P
considers the external profile of general government debt a
potential ratings weakness: foreign currency debt is 68% of
government debt and an estimated 58% of commercial debt is held by
nonresidents.

In contrast to the fiscal account, Croatia has experienced an
improvement in its external balances.  S&P estimates a current
account surplus of 1.0% of GDP in 2014, even higher than in 2013.
However, given that import compression (a consistent drop in
import demand) has contributed to the unusual surplus, S&P expects
the recovery in domestic demand from 2016 onward to nudge the
current account back into negative territory.  For 2016-2018, S&P
forecasts average current account deficits of 0.9% of GDP.

Given a fairly balanced current account, a slight surplus on the
capital account (due to being a net recipient of EU funds), and
only-slightly-improved equity and portfolio investments, most
external metrics should remain largely stable in the medium term.
That said, the net external liability position is relatively
high -- meaning Croatia will continue to depend on external
financing to service its high external debt.  Only the general
government has increased external leveraging over 2012-2014, with
general government external debt reaching an estimated 29.8% of
GDP at end-2015, up from 9.5% in 2008.

The Croatian central bank is committed to an informal kuna-euro
peg, which limits monetary policy flexibility as does the highly
euroized economy (more than 70% of loans and more than 60% of
deposits are denominated in or linked to a foreign currency).  The
predominantly foreign-owned Croatian banking system is still
hampered by years of deleveraging, and the recent appreciation
shock of the Swiss franc will further shrink profitability as the
nonperforming loan ratio on Swiss franc-denominated household
loans in Croatia (about 7% of GDP) rises from 17.4% currently.
This could be further compounded if the Croatian government seeks
to mitigate the debt burden on Swiss franc retail borrowers by
forcing them to be liable for part of the appreciation.

OUTLOOK

The stable outlook reflects S&P's view that risks to the ratings
are broadly balanced.  It balances S&P's expectations of medium-
term benefits from EU accession against our view of currently-
limited prospects for significant economic-growth-enhancing
reforms.

Accelerated efforts toward, and meaningful progress in, addressing
key structural economic and budgetary challenges that would
improve economic growth prospects and government finances could
lead us to consider an upgrade.

On the other hand, S&P could lower the ratings if the ongoing
structural rigidities in the economy are left unaddressed and
prevent a return of positive economic growth.  In particular, a
downgrade could result from a lack of improvement in the
government's finances or a renewed worsening of the external
position.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that all key rating factors were unchanged.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Ratings Affirmed

Croatia (Republic of)
Sovereign Credit Rating                BB/Stable/B
Transfer & Convertibility Assessment   BBB
Senior Unsecured                       BB
Short-Term Debt                        B



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LANDESBANK BERLIN: Moody's Affirms (P)Ba1 Subordinated MTN Rating
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Moody's Investors Service has affirmed the long-term senior
ratings of Landesbank Berlin AG (LBB) at A1 and of Berlin Hyp AG
(Berlin Hyp) at A2 following the re-organisation within the wider
Landesbank Berlin Holding group (LBBH, unrated). The outlook on
both banks' senior long-term ratings remains negative.

Concurrently, to reflect LBB's progress during the transition
phase of the reorganization and its reduced vulnerability to tail
risks, Moody's affirmed LBB's D+ standalone bank financial
strength rating (BFSR), equivalent to a baseline credit assessment
(BCA) of ba1 and changed the outlook on the BFSR to stable from
negative. Further, Berlin Hyp's BFSR of D (BCA of ba2) was
affirmed with stable outlook.

LBB and Berlin Hyp are currently undergoing a strategic
realignment and repositioning of their business activities. As a
result, Berlin Hyp -- previously a fully owned subsidiary of
LBB -- was spun-off from its parent while both banks remain under
the ownership of LBBH as of 1 January 2015. LBB will continue to
be scaled back to comprise core retail and corporate banking
activities, thereby conducting most of its business activities
under the Berliner Sparkasse brand.

Backed ratings, supported by a deficiency guarantee provided by
Land of Berlin (Aa1, stable) are unaffected by the rating action.

Ratings Rationale

  -- Long-Term Ratings Reflect Integration Into Germany's Public
     Banks Sector And Declining Systemic Support Considerations

The affirmed long-term senior ratings of LBB at A1 and those of
Berlin Hyp at A2 are underpinned by (1) the banks' unchanged
standalone credit profiles; as well as (2) the rating agency's
assumptions of a very high probability of external support that
would be forthcoming in the event of need. Moody's bases its view
on the fact that both banks -- as members of the sector of public
banks - benefit from multiple sources of support, primarily
through the direct ownership of the German Savings Banks
Association (Sparkassen-Finanzgruppe or S-Finanzgruppe: corporate
family rating Aa2 negative; BFSR C+/BCA a2). As a result, both
banks receive a six-notch uplift from their BCAs of ba1 and ba2,
respectively.

The outlook on the banks' long-term senior ratings is negative
reflecting the adoption of the Bank Recovery and Resolution
Directive (BRRD) and the Single Resolution Mechanism (SRM)
regulation in the EU which has been transposed into legislation in
Germany as of January 2015. Although Moody's support assumptions
are unchanged for now, the probability has risen that they will be
revised downwards to reflect the new framework.

-- LBB's Standalone Financial Profile Benefits From The Spin-Off
    of its Former Subsidiary Berlin Hyp, Thereby Reducing Tail
    Risk

LBB's D+ BFSR was affirmed and the outlook was changed to stable
from negative to reflect the bank's progress during the transition
phase of the reorganization and improved capital resilience
following the spin-off of Berlin Hyp.

The ba1 BCA is based on the bank's substantial -- but not fully
exploited -- retail and SME franchises, its adequate funding and
liquidity profile, as well as its moderate financial fundamentals.
The pressure on capitalization levels under an adverse scenario
has declined substantially in Moody's view, as the banking
activities that remain post-reorganization are less sensitive to
economic downturns. The spin-off of Berlin Hyp reduces LBB's
vulnerability to tail risks significantly, as the exposure to
higher-risk commercial real-estate business has lessened. However,
the BFSR is constrained by (1) the challenges the bank faces
during the current transition, which further limit its modest
capital generation capacity; and (2) the bank's low and volatile
profitability.

-- Berlin Hyp's Standalone Financial Profile Unaffected By
    Spin-Off

The affirmation of Berlin Hyp's BFSR of D (BCA ba2) with stable
outlook derives from the bank's unchanged financial metrics such
as capitalization, asset quality and funding, as well as its
business profile as a monoline commercial real-estate and public-
sector financier after its spin-off from LBB. The bank has a well-
established franchise in domestic and international commercial
real-estate and robust asset quality, which is supported by the
gradual reduction of the non-performing loan portfolio. However,
Moody's notes that the bank's high balance-sheet leverage is a
constraining factor for its BCA. At year-end 2013, Berlin Hyp's
balance-sheet leverage ratio was low at 2.5% and the bank will
have to strengthen its capital or de-lever to be able to meet
future regulatory thresholds. Berlin Hyp's standalone credit
profile is further constrained by high business-model induced risk
concentrations in its cyclical commercial real-estate lending
business, potentially causing larger credit losses under an
adverse economic scenario.

Subdebt of Both Entities Benefit From Cross-Sector Liability
Scheme

LBB's subordinated debt, affirmed at Baa3, now carries a stable
outlook, in line with the outlook of the BFSR. Berlin Hyp's
subordinated debt program rating was affirmed at (P) Ba1. The
subordinated debt rating is one notch below the banks' adjusted
BCAs of baa2 (LBB) and baa3 (Berlin Hyp).

The adjusted BCAs, positioned two notches above the bank's
standalone BCA's of ba1 (LBB) and ba2 (Berlin Hyp), serve as the
anchor rating for subordinated debt instruments and reflects
Moody's estimate of support that is likely to be made available as
"going-concern support". This principally applies to support from
the cross-sector joint liability scheme (Haftungsverbund), which
Moody's believes is available for the benefit of all classes of
debt.

What Could Move the Rating Up/Down

Upward pressure on both entities' long-term senior ratings is
unlikely, as indicated by the negative outlook. Those ratings
could come under downward pressure as a result of (1) a downgrade
of the BFSRs; (2) a deterioration in the commercial and financial
profile of S-Group or a change in ownership (albeit unlikely),
which could lead Moody's to revisit its very high support
assumptions; or (3) a re-assessment of Moody's systemic support
assumptions.

Upward pressure on LBB's BFSR could develop if the bank
demonstrates a sustainable improvement in its financial metrics,
including capitalization and profitability. A downgrade of LBB's
standalone BFSR could be prompted by (1) a halt or reversal in the
recently improving trend in its capitalization; or (2) a period of
extended earnings pressure during the restructuring period. The
aforementioned conditions for a lowering of the BFSR include
restructuring charges affecting the bank's capitalization.

Upward pressure on Berlin Hyp's standalone BCA could develop as a
result of (1) an improvement in the bank's leverage ratios,
particularly through increased leeway to retain earnings and/or
(2) a reduction in short-term interbank funding, resulting in a
more balanced liability maturity profile. Downward pressure on
Berlin Hyp's standalone BFSR could develop as a result of (1) a
material erosion in Berlin Hyp's asset quality; (2) a
deterioration in its risk-adjusted capitalization; (3) a sustained
weakening of its recurring earnings power and operating
efficiency; and/or (4) an increase in the bank's risk appetite
with regards to its commercial real-estate lending.

Full List of Affected Ratings

Landesbank Berlin AG

-- Bank Deposit Ratings -- Affirmed at A1, outlook negative, P-1

-- Issuer Ratings -- Affirmed at A1, outlook negative

-- Senior Unsecured Ratings -- Affirmed at A1, outlook negative

-- Other Short-Term Ratings -- Affirmed at (P)P-1

-- Subordinated Debt Ratings -- Affirmed at Baa3, outlook
    changed to stable from negative

-- BFSR -- Affirmed at D+ (mapping to a ba1 BCA), outlook
    changed to stable from negative

Berliner Sparkasse (branch of LBB)

-- Bank Deposit Ratings -- Affirmed at A1, outlook negative, P-1

-- Issuer Ratings -- Affirmed at A1, outlook negative

Berlin Hyp AG

-- Bank Deposit Ratings -- Affirmed at A2, outlook negative, P-1

-- Senior Unsecured Ratings -- Affirmed at A2, outlook negative

-- Subordinated MTN Ratings -- Affirmed at (P) Ba1;

-- BFSR -- Affirmed at D (mapping to a ba2 BCA), outlook stable

Principal Methodology

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


TAURUS CMBS 2006-1: S&P Lowers Rating on Class A Notes to CCC
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC (sf)' from
'B+ (sf)' its credit rating on Taurus CMBS (Germany) 2006-1 PLC's
class A notes.  At the same time, S&P has affirmed its ratings on
the class B, C, and D notes.

The rating actions follow S&P's review of the underlying loan's
credit quality in light of the transaction's April 2015 legal
final maturity date.

The transaction is backed by two senior loans secured by two
German commercial properties.  S&P has reviewed the remaining
loans' credit quality according to its criteria for rating
European commercial mortgage-backed securities (CMBS)
transactions.

THE BREMEN LOAN (53% OF THE POOL)

The loan is secured on a German shopping center and its
outstanding securitized balance is EUR41.8 million, according to
the October 2014 cash manager's report.

The loan entered special servicing following the borrower's
failure to repay the outstanding principal amount on the scheduled
maturity date in October 2010.  S&P understands that the
insolvency administrator recently entered into confidential
discussions with an investor interested in purchasing the
property.  However, due to the complexity of the building and
difficulties in agreeing to a readjustment plan, these discussions
are still ongoing.

The most recent valuation of the property (as of November 2013)
reported a market value of EUR29.1 million.  Based on this
information, the loan has a reported securitized loan-to-value
(LTV) ratio of 144%.

S&P has assumed that the loan would experience principal losses in
its 'B' rating stress scenario.

THE WALZMUHLE LOAN (47% OF THE POOL)

The loan is secured on a German property comprising a two-story
multilet shopping center, an adjacent office complex, as well as
ancillary car parking facilities.  Its outstanding securitized
balance is EUR37.1 million, according to the October 2014 cash
manager's report.

The loan entered special servicing following the borrower's
failure to repay the outstanding principal amount on the scheduled
maturity date in January 2013.  S&P understands that the special
servicer is working closely with the borrower regarding a
consensual sale of the property.

The most recent valuation of the remaining properties (as of March
2014) reported a market value of EUR36.76 million.  Based on this
information, the loan has a reported securitized LTV ratio of
101%.

S&P has assumed that the loan would experience principal losses in
its 'B' rating stress scenario.

RATING ACTIONS

S&P's ratings on Taurus CMBS (Germany) 2006-1's notes address the
timely payment of interest quarterly in arrears, and the payment
of principal no later than the legal final maturity date in April
2015.

Although the latest information available from the special
servicer suggests the possibility of a full repayment of the
outstanding securitized loans by the legal final maturity date,
with about three months remaining, S&P considers that there is an
increased risk of a payment default in April 2015.

The special servicer continues to progress with work-out
strategies and negotiations are ongoing to sell the two remaining
assets.  However, in S&P's view, the special servicer may not be
able to complete the sale of the properties in time to allow the
issuer to repay the notes by their legal final maturity date in
April 2015.  In accordance with S&P's ratings definitions and its
CMBS criteria, a payment default on the legal final maturity date
would likely result in S&P's lowering of its ratings in this
transaction to 'D (sf)'.

"Taking the above factors into account and in accordance with our
criteria, we have lowered to 'CCC (sf)' from 'B+ (sf)' our rating
on the class A notes.  Our 'CCC (sf)' rating reflects our concerns
relating to the increased risk of a potential payment default on
the legal final maturity date in the context described above," S&P
said.

S&P has affirmed its 'CCC- (sf)' rating on the class B notes as
this class of notes is likely to experience losses, in S&P's view.
Furthermore, the risk of failure to repay the notes by legal final
maturity in April 2015 has now increased because the transaction
is approaching its legal final maturity date.

S&P has also affirmed its 'D (sf)' ratings on the class C and D
notes.  These classes of notes have experienced principal losses
(nonaccruing interest amounts) and interest shortfalls.

RATINGS LIST

Taurus CMBS (Germany) 2006-1 PLC
EUR571.25 mil commercial mortgage-backed floating-rate notes

                               Rating          Rating
Class       Identifier         To              From
A           XS0257712579       CCC (sf)        B+ (sf)
B           XS0257714435       CCC- (sf)       CCC- (sf)
C           XS0257715242       D (sf)          D (sf)
D           XS0257715838       D (sf)          D (sf)



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GREECE: Fitch Says Outlook Revision No Impact on Bond Rating
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Fitch Ratings says there is no rating impact on Greek mortgage
covered bonds from the revision of the Outlook on Greece's Long-
term foreign and local currency Issuer Default Rating (IDR) to
Negative from Stable.

This is because the ratings of all five Greek covered bonds
programs are below the Country Ceiling (CC) of 'BB'. It also
reflects the fact that the Outlook on the 'B-' IDRs of the issuing
banks remains Stable (see "Fitch: Greek Election Uncertainty
Raises Banks' Liquidity Risks" dated January 19, 2015). By way of
comparison, Fitch revised the Outlook on eight Greek RMBS tranches
with a rating equal to the Greek CC to Negative from Stable.
Tranches rated below the CC were unaffected.

In Fitch's view, the current period of political uncertainty,
which triggered the sovereign Outlook revision, is not coinciding
with a worsening of macro-economic fundamentals. The Greek
mortgage market is still suffering from house price correction and
high arrears. However, Fitch's current residential mortgage
assumptions for Greece already reflects a further weakening of the
country housing market with a base frequency of foreclosure (FF)
of 16% for a standard loan and a peak-to-trough house price
decline assumption of 45% in nominal terms.

Fitch's base FF also takes into account that a high portion of
loans in distress rolls through default, which could translate
into a continued deterioration of the performance of the
residential mortgage market in a stressful economic environment.
As for structured finance, covered bond ratings are capped at the
lower of the sovereign IDR-linked cap and the CC, which are both
'BB' for Greece. Fitch will continue monitoring the performance of
the Greek residential mortgage market and revise its assumptions
accordingly, if significant worsening or improvement occurs (see
"Criteria Addendum: Greece" dated 5 June 2014 at
www.fitchratings.com).

All Greek covered bond programs are rated two or three notches
above their respective issuers' IDRs. This incorporates an IDR
uplift of 1 assigned to all the programs, reflecting covered bonds
exemptions from bail-in, the issuers' large size in their domestic
market and their interconnectedness with the Greek economy. The
asset percentage (AP) which Fitch gives credit to for each program
contributes to a further one or two-notch uplift, depending on
recovery expectations from the cover pool in the event of a
covered bonds default. The protection provided through the
programs' AP, rather than Fitch's discontinuity risk analysis,
constrains the covered bonds' ratings below the 'BB' CC.

The covered bonds issued by Alpha Bank AE (Alpha, B-/Stable/B
Viability Rating (VR): b-), Eurobank Ergasias S.A. (Eurobank, B-
/Stable/B VR: b-) and National Bank of Greece (NBG, B-/Stable/B
VR: b-) under Programme II are rated 'B+'/Stable. Fitch rates the
covered bonds issued by NBG under Programme I 'BB-'/Stable.
Piraeus Bank S.A.'s (Piraeus, B-/Stable/B VR: b-) covered bonds'
'B+' rating is currently on Rating Watch Evolving (see "Fitch
Places Piraeus's Mortgage Covered Bonds on Rating Watch Evolving"
dated 23 December 2014 available at www.fitchratings.com).

The breakeven AP for the 'B+' ratings of Alpha, Eurobank, Piraeus
and NBG Programme II is 95%. The breakeven AP for the 'BB-' rating
of NBG Programme I is 78%.



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I C E L A N D
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ICELAND VLNCO: Moody's Lowers CFR to 'B2'; Outlook Stable
---------------------------------------------------------
Moody's Investors Service downgraded Iceland VLNCo Limited
(Iceland or the company) corporate family rating (CFR) to B2 from
B1 and probability of default rating (PDR) to B1-PD from Ba3-PD.
Concurrently, Moody's downgraded to B2 from B1 the ratings on the
senior secured notes issued by Iceland Bondco plc and due 2020,
2021 and 2024. The outlook is stable.

Ratings Rationale

The rating action primarily reflects Iceland's weak operating
performance compared with Moody's expectations, namely stronger-
than-expected decline in like-for-like (LfL) sales and margins,
and Moody's view that trading conditions in the UK will continue
to be challenging. The UK grocery market is going through
unprecedented structural changes including the rise of hard
discounters which led to high level of price cuts among the four
large supermarket companies.

In response, Iceland undertook certain measures to protect and
drive volumes such as reducing prices on a significant number of
product lines (135 out of 800 core frozen food lines in early July
2014), increased marketing expenditures and improved Christmas
product range. However, those measures were not sufficient to
stabilize volumes as LfL sales for the six weeks ending January 2,
2015 (Christmas trading) were down 4.8%, after declines of 1.5%
and 5.8% in the Q1 and Q2 of FY15 respectively (decline of 3.7% in
H1 FY15).

EBITDA margin (as reported by the company) was 5.2% in H1 FY15
compared with 7.5% in H1 FY14. As a result, gross debt / EBITDA on
a Moody's-adjusted basis increased from 5.8x as at FYE 28 March
2014 pro forma for the refinancing completed in July 2014 to 6.7x
as at LTM 12 September 2014 pro forma for the recent bond buy-
back. Moody's expect Iceland's leverage to remain at elevated
levels as the increasingly competitive environment among UK
grocers will continue to impact the company's LFL sales and
margins and therefore, hamper material de-leveraging in the next
12-18 months.

More positively, the ratings are supported by the company's (1)
niche position in the food market with a solid share of frozen
food products and a strong brand identity; (2) relative defensive
positioning in the convenience and discount end of the market; (3)
ability to differentiate from other discounters through product
innovation and the provision of home delivery and on-line
services; and (4) a good liquidity profile as demonstrated by its
positive cash flow generation.

The company's good liquidity profile is also underpinned by cash
balance of GBP153 million as at January 2, 2015, an undrawn
revolving credit facility (RCF) of GBP30 million, and no mandatory
debt amortization prior to 2019. Moody's also assume that the
company will maintain sufficient headroom under its single
drawstop financial covenant only applicable to its RCF and only
tested when drawn above a certain threshold.

Outlook

Whilst Moody's expect the current competitive pressures in the UK
retail grocery market to persist for an extended period of time,
the stable outlook reflects Moody's expectation that Iceland will
stem the decline in LfL sales and margins over the next 12 months,
and that industry conditions will not materially deteriorate
further. Moody's also expects that the company will continue to
pursue its organic growth strategy and make no material debt-
funded acquisitions, adhering to its financial policy of investing
any excess cash in the business and in de-leveraging.

What Could Change the Rating Up/Down

Given the rating action, a rating upgrade over the short term is
unlikely. However, over time, Moody's could upgrade the rating if
there is a visible improvement in operating performance including
positive LfL sales growth and improvement in margins.
Quantitatively, there would be positive pressures if Moody's-
adjusted debt/EBITDA ratio falls sustainably towards 6.0x and the
company maintains a Moody's-adjusted EBITA/interest coverage
comfortably in excess of 2x, whilst generating positive free cash
flow and keeping a solid liquidity profile.

Moody's could downgrade the ratings if any of the conditions for
maintaining a stable outlook are not met, or if (1) the company's
Moody's adjusted debt/EBITDA ratio rises above 7.5x, (2) its
Moody's-adjusted EBITA/interest coverage falls materially below
1.5x, or (3) if the company fails to generate free cash flow.

Principal Methodologies

The principal methodology used in these ratings was Global Retail
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.

Headquartered in Deeside, Flintshire, UK, Iceland VLNco Limited is
the parent holding company of Iceland Foods Group. Iceland Foods
is a privately held UK retail grocer which specializes in frozen
and chilled foods, alongside groceries. Since its creation in
1970, Iceland Foods has expanded its reach in the UK to become a
national operator with 833 UK retail stores (as of 28 March 2014)
targeting the value conscious market segment. For fiscal year-end
28 March 2014, Iceland Foods reported revenues of approximately
GBP2.7 billion.



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I T A L Y
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AUSELDA AED: January 28 Expressions of Interest Deadline Set
------------------------------------------------------------
Proff.avv. Vincenzo Donativi, the Extraordinary Commissioner of
Auselda AED Group S.p.A., with registered offices in Rome Via
dell'Imbrecciato 136, admitted to the receivership pursuant to
Legislative Decree 270/99, invites any interested party to submit
an expression of interest to purchase Auselda's Business Complex
until 6:00 p.m. (Italian time) on January 28, 2015, pursuant to
the conditions and terms provided under the invitation to express
interest published in its entirety on the Web site www.auselda.it
and attached to the plan for the sale of the business complex of
Auselda, authorized by the Ministry of Economic Development on
December 23, 2014.

The sale procedure concerns the entire business complex of
Auselda.

The list of tangible and intangible assets (machinery, equipment,
inventory, trademarks, patents, licenses, investments, etc.) and
contracts included in the Business Complex may be requested to the
Extraordinary Commissioner, after submission of the expression of
interest, at the following address: Commissario Straordinario
Auselda AED Group S.p.A. Via XX Settembre 1, 00187 Roma, Fax 06
4870397, PEC: vincenzodonativi@ordineavvocatiroma.org
All communications relating to this Invitation may be sent at the
address provided.

The invitation contains the subjective requirements that are
essentials to submit expressions of interest, the basic content
both of the expression of interest and of the documents that shall
be attached, and also other information concerning the expressions
of interest and this sale procedure.

The Extraordinary Commissioner will select, at his sole and
absolute discretion and without any obligation to state the
reasons for his selection, the individuals, legal entities and/or
Groups which will be admitted to the sale procedure.

This document is merely an extract not complete of the Invitation.
It does not constitute an invitation to offer nor a public offer
pursuant to article 1336 of the Italian Civil Code, nor a
solicitation of investment from the public pursuant to articles 94
and ff of Legislative Decree no. 58 of February 24, 1998.

The publication of this extract of the Invitation, as well as the
receipt of the expressions of interest, does not entail any
obligation for the Extraordinary Commissioner to admit to the sale
procedure and/or to start negotiations for the sale and/or to sell
vis-avis interested parties, nor grants any right to such
interested parties to any performance by the Extraordinary
Commissioner and/or by Auselda on whatsoever basis.

The Italian version of the invitation will be preferred to this
extract and to any other copy published in foreign languages.  The
submission of the expression of interest from the interested
parties will be considered as declared acceptance of the entire
Invitation.  The interested parties shall read entirely the
Invitation.


SERVOLA SPA: Interested Parties Have Until Today to Submit Offers
-----------------------------------------------------------------
Dott. Piero Nard, the Extraordinary Receiver of Servola S.p.A. in
extraordinary receivership proceedings, announced the receipt of a
binding offer for the purchase for a consideration of
EUR550,000.00 of the 9.770 (approx.) square meters area owned by
Servola included in the industrial plant located in Trieste, Via
di Servola 1 and registered in the Trieste land register 2nd P.T.
2939 of S.M.M. INF., and invites all the interested parties to
submit better binding offers with the aim of commencing, should
that be the case, a higher bidding procedure.

Interested parties may request the Extraordinary Receiver from
servolaamministrazionestraordinaria@pec.lucchini.it the
following documents:

   (i) the planimetry of the above mentioned area over which
       Linde Gas Italia S.r.l. holds a building right for an
       industrial plant ("diritto di superficie") expiring on
       January 31, 2015 and

  (ii) any further documents referring to the same area.

Binding offers must be submitted to the Extraordinary Receiver
(c/o the Notary Morelli Dr David Via S. Francesco,18 57025
Piombino (Li) Italy) no later than 1:00 p.m. (Italian time) of
January 26, 2015 in a sealed envelope (to be sent by registered
mail and/or courier) carrying the reference "Binding offer for the
purchase of Linde Gas Italia area".

The binding offers shall be declared firm, irrevocable and valid
for a period of 60 days from the deadline for the submission of
offers.  Offer for parties to be nominated shall not be accepted.
In order not to be excluded from the process, the bidder must
submit to the Extraordinary Receiver, along with the above
mentioned offer and to guarantee its reliability, a deposit (in
the form of a bank draft or of a first demand bank guarantee
without the right of raising exceptions to be drafted in
accordance with the text to be requested to the Extraordinary
Receiver at the above mentioned address) equal to the 8 % of the
offered purchase price.

This notice is an invitation to offer and not an offer to public
as per art. 1336 of the Italian Civil Code.  The publication of
this notice does not imply any Extraordinary Receiver's
obligations to admit the bidders to the tender procedure of sale
and/or to enter into negotiation for the sale and/or to sell and
does not entitle the bidders to receive any performance by the
Extraordinary Receiver and/ or Servola for any reasons.

Any final decision on the sale of the area above shall be subject
to the authorizing power of the Ministry of Economic Development,
after consultation with the Supervisory Board.


TIBET CMBS: Fitch Assigns 'BBsf' Rating to Class D Debt
-------------------------------------------------------
Fitch Ratings has assigned Tibet CMBS S.r.L. final ratings as
follows:

EUR105 million Class A due December 2026: 'AAsf'; Outlook Stable
EUR27 million Class B due December 2026: 'Asf'; Outlook Stable
EUR10 million Class C due December 2026: 'A-sf'; Outlook Stable
EUR61 million Class D due December 2026: 'BBsf'; Outlook Stable
EUR100,000 Class X due December 2026: not rated

The transaction is a securitization of a commercial mortgage loan
totaling EUR203 million. The loan was granted by Banca IMI (the
originator) to an Italian limited liability company to refinance
and releverage its interest in a single Italian retail property.
Gruppo Statuto is the ultimate sponsor.

KEY RATING DRIVERS

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

The subject property is situated in Via Montenapoleone, one of
Europe's most renowned luxury shopping destinations. Fitch
considers retail space in this submarket to be resilient to many
of the economic factors likely to reduce market values for other
sectors of Italian retail property. Lombardy is among the most
affluent regions in Europe, and is not over-reliant on tourism for
its economic success. Milan is a key hub in global fashion and
design, the sector in which the tenants belong.

Rental values along Via Montenapoleone have been on an upward
trend with little variance over the past 20 years, with current
levels somewhat above trend. The economic crisis has done little
to reduce rents, despite a slump in consumer spending affecting
other Italian retail markets. Yields over the past 15 years have
averaged 5%, down from over 7% in the mid-1980s, and have
corrected upwards since 2008, ending an exuberant period in the
investment market (yields dipped to 4% at YE 2007).

The loan was made on a reported loan-to-value ratio (LTV) of 65%,
whereas Fitch's 'Bsf' LTV is 83%. Unusually, the loan amortizes
out of a full cash sweep from day one, although the 4% loan margin
will constrain the amount of surplus rental income, particularly
while the leases incorporate a discount. Nevertheless, the debt
amount should reduce as the leases approach their break dates.

The exposure to a single property magnifies the significance of
the operating performance of a small number of occupiers in luxury
fashion retail, as well as the broader market sentiment of
investors towards trophy assets. The high quality of the property,
both in terms of building condition and position in market,
mitigates the risk that a tenant event (default or vacation) could
materially reduce market value. Fitch has assumed a default of the
largest tenant (Burberry, which accounts for 35% of rent) in
testing the sufficiency of liquidity.

Given the efficiency of the Milan courts and the single asset
structure, Fitch views the seven-year tail period as sufficient to
rate up to its structured finance cap in Italy.

The property was contributed to the borrower by its former owner,
Fondo Platone (a singly-owned closed-ended fund in the process of
being wound up). Fitch assessed the manner in which the property
was transferred and considered the possibility of the transfer
being subject to unwind for any reason and whether the new
borrower could be responsible for any unpaid fund expenses
(including tax). Although these risks were not addressed in legal
opinions, on the basis of information provided, including, inter
alia, a legal memorandum from transaction counsel (and related
discussions with transaction counsel), Fitch has assumed the
borrower has legal title to the property and will not be liable
for any unpaid taxes of the fund (more details are available in
the new issue report).

KEY PROPERTY ASSUMPTIONS

'Bsf' capitalisation (cap) rate: 5.3%
'Bsf' structural vacancy: 5.0%
'Bsf' rental value decline: 6.8%

'BBBsf' cap rate: 6.3%
'BBBsf' structural vacancy: 5.0%
'BBBsf' rental value decline: 17.0%

'AAsf' cap rate: 7.4%
'AAsf' structural vacancy: 5.0%
'AAsf' rental value decline: 27.0%

RATING SENSITIVITIES

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

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

Deterioration in all factors by 1.2x:
'BBB-sf'/'BB+sf'/'BBsf'/'Bsf'



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K A Z A K H S T A N
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SBERBANK OF RUSSIA: Fitch Cuts Issuer Default Ratings to 'BB+'
--------------------------------------------------------------
Fitch Ratings has downgraded Kazakhstan-based Subsidiary Bank
Sberbank of Russia JSC's (SBK) Long-term foreign and local-
currency Issuer Default Ratings (IDRs) to 'BB+' from 'BBB-'. The
Outlook is Negative.

The downgrade of SBK's ratings follows the recent downgrade of the
parent bank, Sberbank of Russia (Sberbank), to 'BBB-' from 'BBB',
which in turn was driven by a downward revision of the Russian
Country Ceiling. The Negative Outlook on SBK's IDRs reflects that
on the parent's ratings.

The affirmation of SBK's VR at 'bb-' reflects limited changes to
the bank's standalone credit profile over the past 12 months. SBK
also retains significant financial flexibility due to its
prominent business positions, solid loss absorption capacity and
sound liquidity. All these factors help underpin SBK's
considerable resilience against a weakening of the operating
environment and potential further devaluation of the tenge.

KEY RATING DRIVERS -- SBK'S IDRS, NATIONAL LONG-TERM RATING,
SUPPORT RATING AND DEBT RATINGS

SBK's IDRs reflect a moderate probability of support from
Sberbank, if needed. In Fitch's view, the parent bank would likely
have a high propensity to support its subsidiary due to (i) full
ownership, (ii) high strategic importance of the Kazakh market for
the group, (iii) common branding, (iv) significant reputational
risks arising from a subsidiary default, and (v) strong track
record of Sberbank's support for its subsidiaries, including SBK.

The parent's ability to provide support is also high, given SBK's
small size relative to the parent, albeit moderately reduced as
reflected by the recent downgrade of its ratings. The one-notch
difference between the parent's and subsidiary's IDRs reflects
cross-border risks due to SBK and the parent being in different
jurisdictions and an absence of cross default provision on the
parent's obligations in case of the subsidiary's default.

SBK's senior unsecured debt is rated in line with the bank's IDRs,
while its local currency non-loss absorbing subordinated debt is
notched down once from the bank's Long-term local-currency IDR,
reflecting moderate recovery prospects in comparison with senior
debt securities, in case of default.

RATING SENSITIVITIES -- SBK'S IDRS, NATIONAL LONG-TERM RATING,
SUPPORT RATING AND DEBT RATINGS

SBK's ratings are likely to move in tandem with its parent's. A
widening of notching (not Fitch's base case) could result from the
parent's failure to provide timely and sufficient support to its
subsidiary.

KEY RATING DRIVERS -- SBK'S VR

SBK's 'bb-' VR continues to reflect the bank's significant
domestic franchise (8% of sector total deposits), solid
profitability, and better asset quality than most other large
Kazakh banks. However, the rating also factors in risks stemming
from previously rapid loan growth (CAGR in 2010-2013: 67%),
concentration and significant dollarization.

At end-9M14 SBK's top 20 loan exposures accounted for 38% of gross
loans (3.1x of Fitch Core Capital, (FCC)) and the top 20
depositors made up 54% of deposits (43% of liabilities),
highlighting material single-name concentrations on both sides of
the balance sheet.

As SBK's loan growth slowed to 26% in 2014 (FX-adjusted,
annualized), non-performing loans (NPLs) rose to 7% of gross loans
at end-9M14 from 2% at end-2013, and restructured loans also
slightly increased to 13% from 12%. The increase of NPLs was
mostly driven by two defaults in the agricultural sector, although
most of the exposure could be recovered given solid collateral and
announced government support to the agricultural sector.

Further credit risks stem from a significant share of FX loans
(31% of gross loans), mainly issued to unhedged borrowers (eg.
real estate and importers), given recent 20% devaluation of the
tenge and the risk of further devaluation in the medium-term.

Capitalization weakened slightly, with the FCC/ risk-weighted
assets ratio down to 9.8% at end-9M14 from 10.8% at end-2013. SBK
does not expect an equity contribution in the near-term, and
capitalization will be supported by slower growth prospects and
profit retention.

Profitability remains strong with the pre-impairment profit
amounting to 5.8% of average loans in 9M14, or 4.7% adjusted for
non-cash interest income. The return on average equity was a solid
18% despite material impairment charges, although we expect it to
decrease in the medium-term due to narrowing margins.

The liquidity situation in the sector is getting tougher due to
Kazakhstan' authorities limiting tenge liquidity to prevent
speculation on the exchange rate, and increased funding
dollarization as depositors convert to foreign currencies to avoid
devaluation risks. SBK's foreign-currency deposits grew to 69% of
its total deposits at end-2014, from 46% at end-2013. SBK built up
its highly-liquid assets to 31% of deposits or 26% of total third-
party funding at end-3Q14, mitigating withdrawal risks. SBK has no
significant wholesale debt maturing in 2015.

RATING SENSITIVITIES -- SBK'S VR

An upgrade of VR would result from a significant strengthening of
the operating environment and a continuation of its solid
performance. A sharp deterioration in asset quality and loss
absorption capacity could lead to a downgrade.

The rating actions are as follows:

Long-term foreign and local currency IDRs: downgraded to 'BB+'
from 'BBB-'; Outlook Negative

Short-term foreign and local currency IDRs: downgraded to 'B' from
'F3'

Support Rating: downgraded to '3' from '2'

Viability Rating: affirmed at 'bb-'

National Long-term Rating downgraded to 'AA-(kaz)' from 'AA(kaz)';
Outlook Negative

Senior unsecured debt rating: downgraded to 'BB+' from 'BBB-'
National senior unsecured debt rating: downgraded to 'AA-(kaz)'
from 'AA(kaz)'

Subordinated debt rating: downgraded to 'BB' from 'BB+'
National subordinated debt rating: downgraded to 'A+(kaz)' from
'AA-(kaz)'



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N E T H E R L A N D S
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WOOD STREET CLO: Fitch Affirms 'B-sf' Rating on Class E Notes
-------------------------------------------------------------
Fitch Ratings has downgraded Wood Street CLO VI B.V.'s Class B
notes and affirmed the others, as follows:

  EUR207.0 million Class A-1 (ISIN XS0315358084): affirmed at
  'AAAsf'; Outlook Stable

  EUR15.0 million Class A-2 (ISIN XS0315362433): affirmed at
  'AAAsf'; Outlook Stable

  EUR23.7 million Class B (ISIN XS0315364991): downgraded to
  'A+sf' from 'AAsf'; Outlook Stable

  EUR18.4 million Class C (ISIN XS0315365451): affirmed at
  'BBB+sf'; Outlook Stable

  EUR15.5 million Class D (ISIN XS0315365618): affirmed at
  'BB+sf'; Outlook Stable

  EUR13.2 million Class E (ISIN XS0315366186): affirmed at
  'B-sf'; Outlook Stable

Wood Street CLO VI B.V. is a securitization of mainly European
senior secured loans, senior unsecured loans, second-lien loans,
mezzanine obligations, high-yield bonds and structured finance
securities. At closing, a total note issuance of EUR325.8 million
was used to invest in a target portfolio of EUR317.05 million. The
portfolio is actively managed by Alcentra Ltd.

KEY RATING DRIVERS

The transaction's reinvestment period ended in October 2014. The
manager chose to reinvest all EUR18 million principal received,
which increased the weighted average maturity by one year to July
2019. The transaction has had an additional default, which
represented 1.4% of the portfolio as well as some negative
migration in the remaining portfolio since our last review. This
did not affect the entire capital structure, but the class B notes
were not able to withstand 'AAsf' stresses. The downgrade reflects
that the class B notes cannot sustain timely interest payments.

The Fitch portfolio credit model weighted average rating factor
has increased to 37.05 from 36.05 since our last review. The
exposure to 'CCC' rated and below assets has increased to 9.4% as
of November 2014from 5.9% two years ago and 8.4% at Fitch's last
review. Since the last review, the weighted average spread has
decreased to 3.88% from 4.52%and the weighted average recovery
rate has decreased to 67% from 67.6%.

Since the last review, there has been a new defaulted issuer,
Vivarte, which represents 1.4% of the portfolio. Yell had
defaulted at last review. Both Yell and Vivarte were restructured
and led to a portfolio loss. The number of assets with market
value below 80% has increased to 16 loans and eight obligors from
seven loans and three obligors over the past year. As a result,
the weighted average market value of the portfolio decreased by 3%
to 93.2%.

The over-collateralization (OC) tests are all comfortably passing
and have improved over the past year. The most junior OC test
cushion has increased to 6.1% from 4.3%. It will be difficult for
the rated notes to build credit enhancement from excess spread in
the short term. The portfolio concentration remains the same as at
our last review, but the exposure to periphery countries from
Italy and Spain is significant at 15.73%, an increase from 13.6%
at the last review.

RATING SENSITIVITIES

Increasing the default probability of all the assets in the
portfolio by 25% would likely result in a downgrade of the senior
notes of between one and two categories but no difference to the
junior notes. Applying a recovery rate haircut of 25% on all the
assets would likely result in a downgrade of the notes of between
one and two categories.


* NETHERLANDS: Business Bankruptcies Down 21% in 2014
-----------------------------------------------------
Statistics Netherlands reports that 520 businesses and
institutions (excluding one-man businesses) were declared bankrupt
in December 2014, i.e. 32 more than in November.

According to Statistics Netherlands, the increase was caused by
the fact that December had one court session day more than
November.   Altogether, 6,645 businesses and institutions
(excluding one-man businesses) were faced with bankruptcy in 2014,
i.e. a reduction by nearly 21% relative to 2013, when the number
of bankruptcies soared to a record level of 8,376, Statistics
Netherlands discloses.

Last year, 360 thousand businesses (excluding one-man businesses)
were active in the Netherlands; 6,645 went bankrupt (nearly 21%),
Statistics Netherlands recounts.  The number of bankruptcies is
still 73% higher than in 2008, the last year before the financial
recession struck, Statistics Netherlands states.

The number of one-man business bankruptcies fell from 1,055 to
975, a reduction by 8%, Statistics Netherlands relays.

The number of bankruptcies of businesses, one-man businesses and
private persons totaled 9,655 in 2014, Statistics Netherlands
notes.

With 1,415, most bankruptcies of businesses and institutions
(excluding one-man businesses) occurred in the sector trade; 757
in wholesale trade and 495 in retail trade, followed by the sector
financial services with 1,035 bankruptcies, Statistics Netherlands
states.

The number of bankruptcies fell across nearly all sectors, in the
construction sector by 45%, Statistics Netherlands discloses.

In the sector manufacturing industry, the number of bankruptcies
was down by 35% compared to 2013, in the sector trade by 25%, but
in the sector financial services, the number of bankruptcies rose
by 31%, according to Statistics Netherlands.



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N O R W A Y
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NORSKE SKOG: Moody's Cuts Probability of Default Rating to Ca-PD
----------------------------------------------------------------
Moody's Investors Service has downgraded Norske Skogindustrier
ASA's ("Norske Skog") Probability of Default Rating (PDR) to Ca-PD
from Caa2-PD as the announced exchange offer, if executed
successfully, would qualify as distressed exchange under Moody's
definition. The rating agency expects to assign an "/LD" indicator
upon completion of the envisaged transaction.

  -- Norske Skog's Caa2 Corporate Family Rating ("CFR") remains
     unchanged.

  -- Concurrently, Moody's assigned a provisional (P)B3 (LGD2)
     rating to the proposed EUR250 million senior secured notes
     due Dec-2019 and a (P)Caa1 (LGD4) to the proposed exchange
     notes due 2021 and 2023 on the basis of an expected Caa1 CFR
     provided the announced transactions will be executed
     successfully.

  -- In addition, Moody's placed the legacy debt instrument
     ratings of Caa3 under review for downgrade to reflect the
     risk for the asset liability management transaction does not
     go through.

These rating actions were prompted by Norske Skog's launch of a
senior secured bond, and an exchange offer which will lead to
losses for existing bondholders. The provisional ratings that have
been assigned to the debt instruments are subject to the final
participation rate of the liability management transaction and may
deviate upon completion which is expected to be limited to one
notch.

The envisaged structure is proposed as follows:

Holders of the 2015 senior unsecured bonds are offered a cash
component equal to 55% of nominal value and a 55% of nominal in
exchange notes due 2021.

The holders of the 2016 senior unsecured bonds are offered to
receive 35% cash and 60% as exchange notes due 2021,

The holders of the 2017 senior unsecured bonds are offered 7.5%
cash payment combined with 68.1% exchange notes due 2021,

The holders of the 2033 senior unsecured bonds are offered 2.0%
cash payment combined with 68.8% exchange notes due 2023,

If the envisaged financing structure is not implemented as
proposed the ratings of the existing bonds could be downgraded,
hence the review for downgrade of these notes. Adversely, the long
term ratings could be upgraded by a maximum of one notch if the
participation rate exceeds Norske Skog's proposed plan. The
proceeds of the new senior secured notes are expected to fund the
announced asset liability management transaction with its offered
cash components as well as the remaining near-term debt
maturities.

Ratings Rationale

The company's offer to exchange the existing bonds qualifies as a
distressed exchange because investors are offered a combination of
new restructured debt, and a cash payment to diminish the original
financial obligation. Moody's would expect to remove the "/LD"
indicator after approximately three business days following the
debt exchange, if assigned.

The envisaged combined transaction is expected to bolster the
company's liquidity position significantly and would enable Norske
Skog to repay the remaining portion of legacy bonds maturing in
2015-2017 which have not been exchanged as well as the cash
component of the asset liability management transaction. In
addition, the exchange offer is expected to result in a pro-forma
deleveraging in the range of 0.5x to 1.0x debt/EBITDA on a Moody's
adjusted basis with debt/EBITDA currently at 8.6x as of LTM ending
September 2014. However, the expected future leverage, estimated
to be in the 7 -- 8.5x range, is still considered high, especially
given Norske Skog's exposure to the mature newsprint paper market
in Europe. The significantly reduced near to medium term
maturities which would ease the immediate refinancing pressure
over the next 2-3 years would, however, improve Norske Skog's
liquidity situation, and would therefore be credit positive.

The rating action also reflects Norske Skog's continued weak
profitability as reflected by mid to high single digit EBITDA
margins as of LTM ending September 2014 and Moody's view that
demand for publication paper will continue to decline in the
coming years in the company's relevant and rather mature newsprint
and magazine markets. Despite continued substantial capacity
reductions, indicated by sizeable capacity closure announcements,
pricing power is generally subdued while raw material costs remain
elevated and add pressure to profitability and cash generation.

Structural Considerations

The (P)B3 rating assigned to the proposed EUR250 million senior
secured notes by Norske Skog reflects the expectation that the CFR
will be at Caa1 following the successful execution of the
envisaged transaction. It is therefore one notch above the
expected future CFR of Caa1 and considers that secured debt
instruments will enjoy first priority ranking pledges over assets
and bank accounts, land charges on lands and buildings from
Australian and New Zealand subsidiaries as well as upstream
guarantees from all material subsidiaries representing 106% of the
group's EBITDA generated in the LTM period ending September 2014
and 89% of assets held as at September 2014. The (P)Caa1 rating
assigned to the senior unsecured exchange notes maturing in 2021
and 2023 is in line with the expected future CFR of Caa1
reflecting the junior ranking to the sizeable amount of secured
bonds but senior priority over the remaining portion of legacy
senior unsecured bonds maturing in 2015, 2016, 2017, and 2033
respectively which potentially remain at Caa3 which is two notches
below the potential CFR reflecting the most junior ranking of
existing debt instruments.

What Could Change the Rating Up/Down

Norske Skog's Caa2 CFR could be upgraded to Caa1 in case of a
successful execution of the envisaged transaction given the
improved liquidity profile which will erase most of its near-term
debt maturities.

The rating of the CFR and the existing bonds could be downgraded
if the exchange offer would not attract sufficient interest from
existing bondholders, and therefore would leave the company
exposed to its debt maturities in 2016 at the latest.

The principal methodology used in this ratings was Global Paper
and Forest Products Industry published in October 2013. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Norske Skogindustrier ASA, with headquarters in Oslo, Norway, is
among the world's leading newsprint and magazine producers with
production in Europe and Australasia. In the last twelve months
ending September 2014, Norske Skog recorded sales of around
NOK12.5 billion (approximately EUR1.44 billion).

Downgrades:

Issuer: Norske Skogindustrier ASA

  Probability of Default Rating, Downgraded to Ca-PD

On Review for Downgrade:

Issuer: Norske Skogindustrier ASA

  Senior Unsecured Regular Bond/Debenture (Foreign Currency)
  Oct 15, 2015, Placed on Review for Downgrade, currently Caa3
  LGD4, 64%

  Senior Unsecured Regular Bond/Debenture (Foreign Currency)
  Oct 15, 2033, Placed on Review for Downgrade, currently Caa3
  LGD4, 64%

  Senior Unsecured Regular Bond/Debenture (Foreign Currency)
  Jun 15, 2016, Placed on Review for Downgrade, currently Caa3
  LGD4, 64%

  Senior Unsecured Regular Bond/Debenture (Foreign Currency)
  Jun 26, 2017, Placed on Review for Downgrade, currently Caa3
   LGD4, 64%

Assignments:

Issuer: Norske Skogindustrier ASA

  Senior Secured Regular Bond/Debenture (Foreign Currency),
  Assigned (P)B3 LGD2, 14%

  Senior Unsecured Regular Bond/Debenture (Foreign Currency),
  Assigned (P)Caa1 LGD4, 64%

  Senior Unsecured Regular Bond/Debenture (Foreign Currency),
  Assigned (P)Caa1 LGD4, 64%

Outlook Actions:

Issuer: Norske Skogindustrier ASA

  Outlook, Changed To Rating Under Review From Negative


NORSKE SKOG: S&P Lowers LT Corporate Credit Rating to 'CC'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Norske Skogindustrier ASA
(Norske Skog) to 'CC' from 'CCC+'.  At the same time, S&P lowered
the issue ratings on Norske Skog's outstanding senior unsecured
notes to 'C' from 'CCC' and revised the recovery ratings on the
notes to '6' from '5'.  S&P placed all these ratings on
CreditWatch with negative implications.

S&P affirmed the short-term corporate credit rating at 'C'.

S&P assigned a 'CCC' issue rating and a '1' recovery rating to the
proposed EUR250 million senior secured notes.

The downgrades and CreditWatch placements follow Norske Skog's
launch of a debt exchange offer for its outstanding senior
unsecured notes.

The Credit Watch is negative because of the likelihood that S&P
will lower the rating to 'SD' (selective default) and the issue
rating on the senior unsecured notes to 'D' if Norske Skog
completes the proposed transaction.

S&P views the offer, whereby existing bondholders will receive a
mix of cash and new senior unsecured notes, as constituting a
"distressed exchange," which under S&P's criteria is tantamount to
an immediate default.  This is because Norske Skog's offer is
below the par value of the notes and there is a high likelihood
that the company will default on payments, leaving the noteholders
with limited alternatives to this offer.  Norske Skog will fund
the offer with the issuance of new senior secured notes maturing
in 2020.

S&P believes that the existing noteholders will likely accept the
offer, based on the company's substantial default risk and the low
recovery prospects on the notes.  S&P believes Norske Skog's
financial risk profile continues to be stressed, due to a
difficult operating environment for newsprint and magazine paper,
high leverage, and upcoming debt maturities in 2015, 2016, and
2017.

The CreditWatch negative placement reflects the likelihood that
S&P will lower the rating to 'SD' (selective default) and the
issue rating on the senior unsecured notes to 'D' if Norske Skog
completes the proposed transaction.  The offer's settlement date
should be around Feb. 18, 2015.

S&P will reassess the company's liquidity position and its
financial risk profile based on the amounts of senior secured
notes issued and senior unsecured notes exchanged.  If the
transaction is finalized as planned, S&P acknowledges that Norske
Skog's maturity profile and liquidity position would improve and
that the corporate credit rating could recover to a similar level
as prior to the announcement of the debt exchange offer.  If
Norske Skog's offer is not completed, if the company fails to
receive the required level of consent, or if it fails to issue the
proposed senior secured notes as planned, S&P will reassess the
company's credit profile.


PETROLEUM GEO-SERVICES: S&P Cuts Corporate Credit Rating to 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had taken its
rating actions on five European oil field services (OFS)
companies:

   -- S&P revised the outlook on oil services and construction
      company Petrofac Ltd. to negative from stable and affirmed
      the 'BBB+/A-2' corporate credit ratings and 'BBB+' secured
      debt ratings.

   -- S&P affirmed its 'BB-' corporate credit and secured debt
      ratings, and the 'B' short-term corporate credit rating on
      offshore driller Seadrill Partners LLC, with a stable
      outlook.

   -- S&P lowered its corporate credit rating on Norwegian
      seismic group Petroleum Geo-Services ASA to 'B+' from
      'BB-'.  The outlook is negative.  S&P also lowered the
      issue ratings on its secured term loan and unsecured notes
      to 'B+' from 'BB-'.

   -- S&P downgraded French seismic group CGG to 'B' from 'B+'.
      The outlook is negative.  S&P also lowered the issue
      ratings on CGG's U.S. and French revolving credit
      facilities (RCFs), and its senior secured credit facility,
      RCF, and term loan to 'B+' from 'BB-', and on its unsecured
      facilities to 'B' from 'B+'.

   -- S&P revised the outlook on U.K.-based oil field services
      company Expro Holdings U.K. 3 Ltd. to stable from positive
      and affirmed the 'B-' corporate credit rating.  S&P also
      affirmed the 'B' rating Expro's senior secured RCF and term
      loan B, and affirmed the 'CCC+' rating on its mezzanine
      facility.

The rating actions take into account S&P's view of decreasing
headroom in credit metrics as a result of the precipitous and
severe decline in oil prices, which S&P thinks will lead to
meaningful reductions in exploration and production (E&P) capital
spending in 2015 and 2016.  S&P believes that capital spending for
E&P companies could fall by 10% to 25% on average, affecting OFS
companies' top lines and margins.

Lower spending will affect some companies more than others, but
S&P expects nearly all companies will face weaker credit metrics
over the next 12-24 months.  The key differentiating factors
between these companies are their current contract backlogs, which
may or may not provide visibility in 2015 and 2016; headroom on
credit metrics requirements at the existing rating level; ability
and willingness to curb capital spending and costs further; and
their liquidity positions.

S&P recognizes current spot oil prices are lower than its US$55
per barrel (bbl) Brent average price assumption in 2015.  S&P
still expects some improvement in 2016 and thereafter, as oil
companies are curbing production of high-cost wells and postponing
new capital spending, although uncertainty also remains on OPEC's
future decisions.  S&P's oil price assumptions for 2017 and beyond
are recovering at US$80/bbl.

Petrofac Ltd.(BBB+/Negative/A-2)

The outlook revision reflects S&P's revised forecasts for 2014,
our more pessimistic outlook for 2015 and 2016 because of
weakening demand and heightened price competition across
Petrofac's businesses in light of recent crude oil price declines,
as well as greater uncertainty surrounding S&P's base-case
forecast.  S&P projects profitability and credit measures will be
lower than we previously expected and weak for the ratings,
including funds from operations (FFO) to total debt potentially
well below 60% in 2014 and 2015.  Petrofac reported a US$21
billion backlog as of Sept. 30, 2014, and this, together with the
recently announced US$4 billion Kuwaiti project, provides some
visibility on medium-term revenues.  S&P notes, however, that
Petrofac's operational execution and performance has met with some
setbacks in 2014.

S&P anticipates that free cash flow will likely remain negative
after capital investment and dividends in the coming years.  S&P
recognizes that this also depends on working capital changes,
which can be material.  S&P believes Petrofac's debt is unlikely
to reduce materially in the near term and therefore S&P could
lower the rating if leverage is forecast to remain materially
below the threshold of 60% of FFIO to debt, which is what S&P sees
as comfortable for the ratings.

An outlook revision to stable would most likely have to be
preceded by a reduction in net debt and strengthening in cash flow
leverage measures.  Petrofac would also need to demonstrate some
business resilience in the context of the current industry
downturn.

Seadrill Partners LLC (BB-/Stable/B)

The affirmation primarily reflects Seadrill Partners' contract
backlog until at least early 2017 for all but one of its vessels.
S&P notes that, from 2016, if, the current oversupply of vessels,
lower dayrates, and heightened competition persists, downside
pressure would increase.

S&P do not see an upgrade as likely in the near term.  S&P could
raise the ratings, however, if FFO to adjusted debt reaches more
than 30% on a sustained basis and discretionary cash flow is at
least breakeven.  This could happen if operating performance is
stronger than S&P's base-case assumption and the increased assets
at Seadrill Partners are funded prudently.

S&P could consider a negative rating action if it observes a
deterioration in operating performance, such that FFO to debt
declines to below 20% on a sustained basis and debt to EBITDA
increases to more than 4x.  This would be exacerbated if
utilization falls or if the predictability or profitability of
operations weakens materially at Seadrill Partners or Seadrill
Ltd.  S&P could also take a negative rating action if it believes
Seadrill Partners is likely to be disadvantaged or adversely
impacted by Seadrill Ltd.

Petroleum Geo-Services ASA (B+/Negative/--)

The downgrade reflects the decline in S&P's base-case forecast of
EBITDA, cash flows, and credit metrics for Petroleum Geo-Services
ASA (PGS), as a result of challenging industry conditions
characterized by unfavorable supply-and-demand and pressure on
pricing.  S&P also takes into account its view of very limited
cash flow visibility, since numerous clients -- oil and gas
producers -- have yet to decide on their budgets amid the highly
uncertain and volatile 2015 and 2016 oil prices.  S&P now
forecasts that FFO to debt will be, on average, in the high teens
in 2015-2016, versus 20% or slightly higher before, which is not
commensurate with the 'BB-' rating in our view.

Additionally, S&P projects negative discretionary cash flow as it
believes that PGS will be hampered in its ability to further
reduce capital expenditures because it plans to add two new build
vessels to its fleet of vessels in 2016.  However, S&P anticipates
that PGS will continue to manage liquidity adequately and adhere
to its financial targets, including keeping reported net debt to
EBITDA below 2x.

S&P could lower the rating if it anticipates that PGS will suffer
a sustainable decline in FFO to debt to less than 12%.  This could
happen if market conditions further deteriorate, such that
revenues are materially affected, or if margins decline more than
we anticipate, due, for instance, to operational issues,
competitive pressure, or an unfavorable supply-demand balance.

S&P could revise the outlook to stable if it sees a pick up in
demand for seismic services or more visibility on sales.  S&P
would need to foresee that FFO to debt would not deteriorate to
the low teens.  A stable outlook would be underpinned by S&P's
perception that management continued to be committed to its
financial policies, including reported net debt to EBITDA below 2x
at all times.  S&P would also consider positive discretionary cash
flows as a supporting factor.

CGG (B/Negative/--)

The downgrade reflects S&P's view that CGG is suffering from
deteriorating market conditions characterized by lower demand than
we anticipated and fierce competition at a time where it is
implementing a major strategic restructuring plan.  S&P also takes
into account its view of very limited visibility on future cash
flows, since many of CGG's clients -- oil and gas
producers -- have yet to decide on their budget amid the highly
uncertain and volatile 2015 and 2016 oil prices.  S&P anticipates
weak metrics for the rating in 2014, with FFO to debt below 10%,
despite a strong fourth-quarter 2014, owing in particular to solid
multiclient sales.  Although S&P assumes that metrics will improve
in 2015, including adjusted FFO to debt to about 10%, S&P do not
think that they will be commensurate with the 'B+' rating.

S&P could lower the rating if FFO to debt does not improve over
2015 as much as S&P anticipates, that is to at least 10%.  An
inability to improve margins, further deterioration of the supply-
demand balance, or negative free operating cash flow (FOCF) would
also add to downward rating pressure.  Other risk factors include
reduced covenant headroom (under its RCF) in case of an
unexpected, larger-than-assumed decline in EBITDA, although S&P
assumes that covenant headroom at year-end 2014 was ample further
to the covenant reset in September 2014.

S&P would consider revising the outlook to stable if credit
metrics strengthen such that FFO to debt is sustainably above 12%
from 2015, if S&P gains more visibility on the company's cash flow
generation which could be supported by an improved backlog and a
track record of improved EBITDA margins over multiple quarters,
and if liquidity remains at least adequate.

Expro Holdings U.K. 3 Ltd. (B-/Stable/--)

The outlook revision reflects S&P's view that Expro Holdings U.K.
3 Ltd.'s credit metrics will not strengthen as materially and
quickly as S&P anticipated previously, with FFO to debt below 10%
and debt to EBITDA higher than 5x, respectively, in fiscal years
2015 and 2016 (ending March 31), compared with about 10% and 4.5x-
5.0x in S&P's previous base case.  S&P anticipates that Expro will
achieve only low, single-digit growth in fiscal years 2015 and
2016, supported by an order backlog of $2.1 billion as of Dec. 31,
2014.  S&P anticipates that the fiscal 2015 EBITDA margin will
weaken because of a combination of pressure on bid pricing and
restructuring costs, but this could recover starting in fiscal
2016, provided that industry conditions do not deteriorate
further.

S&P would see downside rating pressure if liquidity deteriorates
materially and in particular if S&P sees a heightened risk of
breach of the leverage covenant.  S&P's updated base case results
in modest leeway in fiscal 2015.  Other risk factors include
significant deterioration of credit metrics, coupled with
persistent negative FOCF.  This could result from major
operational underperformance, further degradation of market
conditions, or substantially higher capital expenditures than S&P
currently anticipates.

S&P would see rating upside if it considered that Expro could
achieve and sustain improvement in FFO to debt to above 12% and
debt to EBITDA to below 5x, with FOCF becoming positive.  This
could happen if there is a material improvement, for example, in
the company's backlog or in industry conditions.

RATINGS LIST

                            To                   From
Petrofac Ltd.
Corporate Credit Rating     BBB+/Negative/A-2    BBB+/Stable/A-2
Senior Secured              BBB+                 BBB+


Seadrill Partners LLC
Corporate Credit Rating     BB-/Stable/B         BB-/Stable/B
Senior Secured              BB-                  BB-


Petroleum Geo-Services ASA
Corporate Credit Rating     B+/Negative/--       BB-/Negative/--
Senior Secured              B+                   BB-
Senior Unsecured            B+                   BB-


CGG
Corporate Credit Rating     B/Negative/--        B+/Negative/--
Senior Secured              B+                   BB-
Senior Unsecured            B                    B+


Expro Holdings U.K. 3 Ltd.
Corporate Credit Rating     B-/Stable/--        B-/Positive/--
Senior Secured              B                   B
Subordinated                CCC+                CCC+



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R U S S I A
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D


AHML INSURANCE: Moody's Lowers Financial Strength Rating to Ba2
---------------------------------------------------------------
Moody's Investors Service has downgraded the insurance financial
strength rating of AHML Insurance Company ("AHMLIC") to Ba2 from
Ba1, and placed the rating under review for further downgrade.
AHMLIC is a subsidiary of the Agency for Housing Mortgage Lending
OJSC ("AHML OJSC"), which is 100% owned by the Russian Federal
Government.

These actions follow Moody's downgrade of Russia's government bond
rating to Baa3 from Baa2 on January 16, 2015 and a similar one-
notch downgrade of AHML OJSC's issuer rating to Baa3 (under review
for further downgrade) on January 19, 2015.

Ratings Rationale

Downgrade of Financial Strength Rating to Ba2

Moody's downgraded AHMLIC's insurance financial strength by one
notch to Ba2 in conjunction with a (a) one-notch downgrade of
AHMLIC's standalone credit assessment to B2 and (b) one-notch
downgrade of the parent company, AHML OJSC, to Baa3 following the
downgrade of Russia's debt rating to Baa3.

Moody's lowered AHMLIC's standalone credit assessment to B2 from
B1 to reflect its expectation of higher mortgage losses and
greater assumption of risk exposure by the firm. Even though the
primary and secondary mortgage markets in Russia are largely
frozen at the moment, risk-averse lenders and private mortgage
insurers appear keenly interested in shedding some of the risks of
their existing and prospective mortgage portfolios to AHMLIC.
Moody's believes that AHMLIC will likely assume this extra risk,
compelled by its public policy mission of promoting mortgage
lending and affordability. As a result, the rating agency believes
that AHMLIC's standalone capital adequacy will likely weaken,
making the company more reliant on parental support.

The downgrade of AHMLIC's insurance financial strength also
reflects the downgrade of the parent, AHML OJSC. AHML OJSC and
AHMLIC share a public policy mission of promoting mortgage lending
and increasing mortgage affordability in Russia. Given the
importance of the public policy mission, Moody's believes that
AHML OJSC maintains a strong willingness to provide implicit
support to AHMLIC but that its capacity to provide support has
declined. If the parent's rating were to fall further, Moody's
would expect AHMLIC's supported rating to begin converging toward
the standalone credit assessment.

Rationale for Review for Downgrade Status

The review for downgrade status mirrors the watch status of AHML
OJSC and Russia's bond rating.

What Could Change the Rating Up

An upgrade of AHMLIC's rating is unlikely given that it is under
review for downgrade. However, the following factors could lead to
confirmation of the rating with a stable outlook: (i) confirmation
of AHML OJSC's rating with a stable outlook, (ii) explicit forms
of support from AHML OJSC, (iii) no meaningful rise in mortgage
delinquencies.

What Could Change the Rating Down

Conversely, the following factors could lead to a downgrade of
AHMLIC's rating: (i) downgrade of AHML OJSC or reduced government
support for the mortgage insurance market; (ii) ballooning of
mortgage delinquencies beyond those experienced in the 2008-09
crisis; and/or (iii) adjusted risk-to-capital ratio significantly
greater than 10x (adjusted for nonprime loans and RMBS insured
exposure).

The following rating has been downgraded and placed under review
for further downgrade:

AHML Insurance Company -- insurance financial strength downgraded
to Ba2 from Ba1 global scale.

AHML Insurance Company, based in Moscow, Russia, writes mortgage
insurance and reinsurance in all regions of Russia. The company
was established in 2010 with a public policy mission to develop
the mortgage insurance market, institute legal and regulatory
framework and standards for mortgage insurance, and create
innovative insurance products.

The principal methodology used in this rating was Moody's Global
Methodology for Rating Mortgage Insurers published in December
2012.


BREBORO HOLDINGS: S&P Affirms, Withdraws CCC+ Corp. Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' long-term
corporate credit rating and its 'ruBB-' Russia national scale
rating on Russian real estate developer Breboro Holdings Co. Ltd.
and its fully owned subsidiary LLC Management Co. Kvartstroy.  S&P
also affirmed the 'C' short-term rating on LLC Management Co.
Kvartstroy.  S&P removed these ratings from CreditWatch with
negative implications, where it placed them on Jan. 20, 2015.  S&P
subsequently withdrew the ratings at the issuer's request.  At the
time of withdrawal, the outlook on both long-term ratings was
negative.

The affirmation reflects S&P's view that Breboro does not face
imminent default.  Although S&P assess Breboro's liquidity as
weak, the company's maturities are stretched throughout the year
and it has material cash balances.

At the time of withdrawal, the negative outlook on Breboro
reflected the material refinancing risks, given the challenging
industry dynamics in the current context of the deteriorating
Russian economy.


SB BANK: S&P Lowers Rating to 'CCC' on Increasing Liquidity Risk
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term foreign and local currency counterparty credit ratings
on Russia-based Commercial Bank Sudostroitelny Bank LLC (SB Bank)
to 'CCC' from 'B-' and its Russia national scale rating to 'ruB-'
from 'ruBBB'.  S&P placed these ratings on CreditWatch with
negative implications.

At the same time, S&P affirmed its 'C' short-term counterparty
credit rating on SB Bank.

S&P believes that SB Bank is facing liquidity risks driven by
outflows of retail and corporate clients' funds, which in S&P's
view have been exacerbated by pressure on the ruble and on the
Russian economy overall, especially since December 2014.  S&P
believes counterparty confidence may have significantly reduced
for SB Bank and S&P thinks that market turbulence is set to
continue for Russian banks in 2015.  S&P also notes that SB Bank's
funding profile had already deteriorated over 2014 and that its
share of pledged securities had increased to about 80% as of Dec.
1, 2014, therefore reducing possibilities to support the bank's
liquidity position.

S&P sees a high and increasing probability of regulatory
intervention to prevent a deeper liquidity crisis and protect the
viability of the bank, unless a unforeseen positive development
takes place.  This view is consistent with a 'CCC' category
rating, which, according to S&P's criteria, reflects the situation
of an obligor vulnerable to nonpayment and dependent upon
favorable business, financial, and economic conditions to meet its
financial commitments.  S&P is also lowering its assessment of the
bank's liquidity position to "weak."

To resolve the CreditWatch, S&P will look at SB Bank's ability to
restore its liquidity position and its contingency plans.  S&P
expects to resolve the CreditWatch within three months, as soon as
it has greater clarity on the liquidity situation, potential
support from shareholders and partners, and regulatory actions.
S&P may lower the ratings by up to two notches -- to the 'CC'
category -- if such support appears insufficient or absent.  In
this case, S&P would likely consider that default would be a
virtual certainty in the coming months.


SVYAZINVESTNEFTEKHIM OAO: Moody's Cuts CFR & Issuer Rating to Ba1
-----------------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 from Baa3 the
rating of Svyazinvestneftekhim OAO (SINEK) and converted the
company's long-term issuer rating into a corporate family rating
(CFR), in line with the rating agency's practice for corporates
with non-investment-grade ratings. Concurrently, Moody's has
assigned a Ba1-PD probability of default rating (PDR) to SINEK. At
the same time, Moody's downgraded to Ba1 from Baa3 the senior
secured rating of the US$250 million worth of loan participation
notes (LPNs) issued by Edel Capital S.A. for the sole purpose of
financing its loan to SINEK Capital S.A., a subsidiary of SINEK.
The loan is guaranteed by the Republic of Tatarstan which wholly
owns SINEK. The ratings remain on review for further downgrade.

The actions follow the weakening of the Republic of Tatarstan's
credit profile as captured by Moody's decision on January 20 to
downgrade the republic's rating. The ratings are on review for
further downgrade.

SINEK's affected ratings remain on review for downgrade because of
(1) the current review for downgrade of the Republic of Tatarstan;
and (2) Moody's concerns over Tatarstan's ability to provide a
timely increase of its guarantee on the LPNs or for SINEK to make
a timely prepayment of the loan due in August 2015, due to limited
liquidity and potential delays in the provision of support by the
sub-sovereign. As per terms of LPNs, a prepayment might be
triggered if the rouble equivalent of the LPNs USD value has
exceeded 90% of the maximum liability under the current RUB13
billion guarantee for 20 consecutive days. This condition was met
in the beginning of January 2015 due to recent rouble
depreciation.

Moody's understands that the risk of LPNs prepayment has recently
decreased given that the Government of Tatarstan (the Guarantor)
and SINEK has recently informed the bondholders that they are
currently working on increasing the size of the guarantee to
offset the recent rouble depreciation. The new size of the
guarantee (around RUB21.9 billion) should be sufficient to meet
the terms of LPNs subject to RUB/USD exchange rate being up to
78.75 RUB/USD. Moody's however recognises that the process of
guarantee extension entails some execution risks as it is subject
for approval of Parliament of Tatarstan which Moody's expects to
take place in March 2015.

Ratings Rationale

The rating action on SINEK has been prompted by the weakening of
the Republic of Tatarstan's credit profile, as captured by the
downgrade of the Republic's rating to Ba1 from Baa3. SINEK is
wholly owned by the Republic of Tatarstan, and owing to its status
as a government-related issuer (GRI) and the credit linkages
between the company and the republic, SINEK's ratings are
constrained by the reduction in the Tatarstan's creditworthiness.

The downgrade of Tatarstan's rating reflects the weakening of the
republic's creditworthiness and an increase in systemic risks
following the weakening of Russia's credit profile, as captured by
Moody's downgrade of Russia's government bond rating to
Baa3/Prime-3 (P-3) from Baa2/Prime-2 (P-2) on Friday 16 January
and its placement of the rating on review for further downgrade.

SINEK's exposure to higher systemic risk reflects the
deteriorating operating environment in Russia, as Moody's expects
Russia's GDP to contract by 5.5% in 2015 and 3% in 2016. As a
result, Moody's expects that Tatarstan will face increasing
pressure on its revenue base while higher borrowing costs could
potentially heighten refinancing and liquidity risks for the
republic, which could lower its ability to provide support to
SINEK in the event of need.

Factors to Be Considered in the Rating Review

Moody's review of SINEK's ratings will take into account the
review of Tatarstan's rating and the rating agency's assessment of
Tatarstan's willingness and ability to provide support to SINEK in
the event of need.

Moody's review will also focus on (1) the successful
implementation of SINEK's management's and the Republic of
Tatarstan's action plan in respect of securing an adequate
guarantee for the LPNs by the Republic of Tatarstan; and (2)
SINEK's liquidity management, including the soundness of the
refinancing plan for the LPNs.

What Could Change Ratings Down/Up

Upward pressure on SINEK's rating or the rating on Edel Capital's
LPNs is currently unlikely, given the review for downgrade of the
Republic of Tatarstan's rating and the current review for
downgrade on SINEK's ratings The rating agency could consider
confirming SINEK's ratings in the event that the sub-sovereign
rating is confirmed, and if SINEK is able to secure a larger
guarantee from Tatarstan and can demonstrate in advance that it
has sufficient funds to refinance the LPNs at maturity.

Moody's could consider downgrading the ratings of SINEK and Edel
Capital's LPNs following the further weakening of the Republic of
Tatarstan's credit profile leading to a downgrade of the rating,
and/or a decrease in support from Tatarstan. The rating agency
could also downgrade the ratings if the guarantee is not increased
and the risk increases that the company may not be able to fully
meet its obligations both under the LPNs' prepayment terms and at
the LPNs' maturity in August 2015.

Negative pressure on SINEK's ba3 baseline credit assessment (BCA)
and possibly on the ratings could also develop if (1) SINEK's cash
interest cover ratio decreasing materially below 8.0x; and (2)
pressure being exerted on its short-term and/or total debt
coverage by its cash and term deposits with the related-party Ak
Bars Bank, particularly as a result of the bank's potential
deteriorating creditworthiness. A significant reduction in the
asset value and/or quality of this company's portfolio could also
exert negative pressure on SINEK's ratings.

Principal Methodologies

The principal methodology used in these ratings was Global
Investment Holding Companies published in October 2007. Other
methodologies used include the Government-Related Issuers
published in October 2014.

Svyazinvestneftekhim OAO (SINEK) is a 100% state-owned investment
holding company of the Republic of Tatarstan. The company manages
an investment portfolio of key companies, in which Tatarstan has
either a controlling or a blocking stake (along with the golden
share).


TATNEFT OAO: Moody's Lowers CFR & Issuer Rating to 'Ba1'
--------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 from Baa3 the
rating of Tatneft OAO (Tatneft), an oil & gas company operating in
Tatarstan, and converted the company's long-term issuer rating
into a corporate family rating (CFR), in line with the rating
agency's practice for corporates with non-investment-grade
ratings. Concurrently, Moody's has assigned a Ba1-PD probability
of default rating (PDR) to Tatneft. The ratings remain on review
for further downgrade.

The action follows Moody's decision to downgrade the sub-sovereign
rating of the Republic of Tatarstan, Tatneft's major shareholder,
to Ba1 from Baa3 on January 20, 2015, and reflects its exposure to
increased systemic pressures as captured by Moody's downgrade of
Russia's government bond rating Baa3/Prime-3 (P-3) from
Baa2/Prime-2 (P-2) on January 16 and its placement of the rating
on review for further downgrade. Moody's also notes that it
continues its review of Tatarstan initiated on
December 22, 2014.

Ratings Rationale

The rating action on Tatneft reflects Moody's increased concerns
over the potential for negative intervention by the Republic's
government in the company's operations on the back of
deteriorating economic conditions. While Tatneft only moderately
depends on governmental support, Tatarstan relies heavily on
revenues from the oil and gas sector, the main representative of
which in Tatarstan is Tatneft.

Factors to b Considered in the Rating Review

Moody's review for downgrade will assess Tatneft 's resilience to
the increased risk arising from the prevailing negative operating
conditions.

This consideration reflects the risk that the supportive stance of
the Republic's and Russia's governments towards a particular
corporate may weaken if they face requests for support from many
entities and sectors. The review will also consider the rising,
albeit still low, risk that domestic Russian entities will be
unable to access foreign currency to service their foreign-
currency debt obligations, given recent and prospective pressure
on Russia's foreign-currency reserves.

While Russia's foreign-currency reserves remain substantial, if
they continue to diminish rapidly over coming months, the
government may consider rationing the provision of foreign
currency to the economy, including the financing of non-financial
corporates, in an adverse scenario.

Moody's also believes that even for corporates without foreign-
currency refinancing needs, the likely continued severe
deterioration of the operating environment might lead to a
substantial weakening in their credit profiles. As a result,
Moody's review will assess Tatneft's resilience to the increased
risk arising from these factors and trends.

What Could Change Ratings Down/Up

The following factors may place downwards pressure on Tatneft's
rating: (1) the severe deterioration of the operating environment;
(2) the deeper and more protracted decline in economic activity in
Russia than previously anticipated; and (3) the increased
likelihood that the Russian government will consider rationing the
provision of foreign currency to the economy. A deterioration of
the creditworthiness of Tatarstan could also have a negative
effect on the company's rating.

Moody's believes there is little likelihood of any upward rating
pressure for Tatneft, unless operating conditions improve
materially. The rating agency would consider confirming Tatneft's
ratings in the event that the economic environment stabilizes or
the company shows sufficient resilience.

Principal Methodologies

The principal methodology used in this rating was Global
Integrated Oil & Gas Industry published in April 2014. Other
methodologies used include the Government-Related Issuers
published in October 2014.

Tatneft OAO, one of Russia's largest oil and gas companies,
operates in the Republic of Tatarstan. The Tatarstan government
holds 36% of the company's voting stock plus a "golden share". At
year-end 2013, Tatneft's estimated net proved crude oil and
condensate reserves amounted to 6.0 billion barrels, according to
Petroleum Resources Management System (PRMS) classification, and
its crude oil average daily production stood at 516 thousand
barrels (Mbbl). In the 12-month period through September 2014,
Tatneft generated net sales of US$14.2 billion and adjusted EBITDA
of approximately US$4.4 billion.



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S P A I N
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PYMES SANTANDER 9: S&P Affirms 'B-' Rating on Class B Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
Fondo de Titulizacion de Activos PYMES SANTANDER 9's class A and B
notes.

Upon publishing S&P's updated criteria for rating single-
jurisdiction securitizations above the sovereign foreign currency
rating (RAS criteria), S&P placed those ratings that could
potentially be affected "under criteria observation" (UCO).

Following S&P's review of this transaction, its ratings that could
potentially be affected by the criteria are no longer under
criteria observation.

S&P has used data from the October 2014 transaction report to
perform its credit and cash flow analysis and has applied its
European small and midsize enterprise (SME) collateralized loan
obligation (CLO) criteria and its current counterparty criteria.
For ratings in this transaction that are above S&P's rating on the
sovereign, it has also applied its RAS criteria.

CREDIT ANALYSIS

PYMES SANTANDER 9 is a single-jurisdiction cash flow CLO
transaction securitizing a portfolio of SME loans that was
originated by Banco Santander S.A. in Spain.  The transaction
closed in May 2014.

S&P has applied its European SME CLO criteria to determine the
scenario default rate (SDR)--the minimum level of portfolio
defaults that S&P expects each tranche to be able to withstand at
a specific rating level using CDO Evaluator.

The transaction closed very recently and its performance is in
line with S&P's expectations at closing.  S&P has therefore used
the same assumptions as of closing for the purpose of this
analysis.

COUNTRY RISK

S&P's long-term rating on the Kingdom of Spain is 'BBB'.  S&P's
RAS criteria require the tranche to have sufficient credit
enhancement to pass a minimum of a "severe" stress to qualify to
be rated above the sovereign.

COUNTERPARTY RISK

S&P considers the transaction's documented replacement mechanisms
to adequately mitigate its exposure to counterparty risk under its
current counterparty criteria.

CASH FLOW ANALYSIS

S&P used the reported portfolio balance that it considered to be
performing, the principal cash balance, the current weighted-
average spread, and the weighted-average recovery rates that S&P
considered to be appropriate.  S&P subjected the capital structure
to various cash flow stress scenarios, incorporating different
default patterns and timings and interest rate curves, to
determine the rating level, based on the available credit
enhancement for each class of notes under S&P's European SME CLO
criteria.

Under S&P's RAS criteria, it can rate a securitization up to four
notches above its foreign currency rating on the sovereign if the
tranche can withstand "severe" stresses.  However, if all six of
the conditions in paragraph 48 of the RAS criteria are met
(including credit enhancement being sufficient to pass an extreme
stress), S&P can assign ratings in this transaction up to a
maximum of six notches (two additional notches of uplift) above
the sovereign rating.  The available credit enhancement for the
class A notes withstands severe stresses.  However, as the
downgrade provisions outlined in the transaction documents can
support a maximum rating of 'A (sf)' on the notes, S&P has
affirmed its 'A (sf)' rating on class A notes.

As S&P's 'B- (sf)' rating on the class B notes is lower than the
sovereign rating, S&P has not applied its RAS criteria.  Based on
S&P's credit and cash flow analysis and the application of its
current counterparty criteria, S&P considers the available credit
enhancement for the class B notes to be commensurate with its
currently assigned rating.  S&P has therefore affirmed its 'B-
(sf)' rating on the class B notes.

RATINGS LIST

Class       Rating

Fondo de Titulizacion de Activos PYMES SANTANDER 9
EUR500 Million Asset-Backed Floating-Rate Notes

Ratings Affirmed

A           A (sf)
B           B- (sf)


TDA IBERCAJA 6: S&P Lowers Rating on Class D Notes to 'B-'
----------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in TDA Ibercaja 4 Fondo de Titulizacion de Activos, TDA
Ibercaja 5, Fondo de Titulizacion de Activos, and TDA Ibercaja 6,
Fondo de Titulizacion de Activos.

Specifically, S&P has:

   -- Raised its ratings on TDA Ibercaja 4's class A1 and A3PAC
      notes;

   -- Lowered its ratings on TDA Ibercaja 4's class A2 and C
      notes, TDA Ibercaja 5's class A1, A2, and B notes, and TDA
      Ibercaja 6's class B, C, and D notes; and

   -- Affirmed its ratings on TDA Ibercaja 4's class B, D, E, and
      F notes, TDA Ibercaja 5's class C, D, and E notes, and TDA
      Ibercaja 6's class A notes.

Upon publishing S&P's updated criteria for Spanish residential
mortgage-backed securities (RMBS criteria) and its updated
criteria for rating single-jurisdiction securitizations above the
sovereign foreign currency rating (RAS criteria), S&P placed those
ratings that could potentially be affected "under criteria
observation".

Following S&P's review of this transaction, its ratings that could
potentially be affected by the criteria are no longer under
criteria observation.

The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that S&P has received
dated October 2014.  S&P's analysis reflects the application of
its RMBS criteria and its RAS criteria.

Under S&P's RAS criteria, it applied a hypothetical sovereign
default stress test to determine whether a tranche has sufficient
credit and structural support to withstand a sovereign default and
so repay timely interest and principal by legal final maturity.

S&P's RAS criteria designate the country risk sensitivity for RMBS
as 'moderate'.  Under S&P's RAS criteria, this transaction's notes
can therefore be rated four notches above the sovereign rating, if
they have sufficient credit enhancement to pass a minimum of a
"severe" stress.

Credit enhancement has increased in all of the transactions since
S&P's previous reviews, as shown below:

Class         Available credit
               enhancement (%)

TDA Ibercaja 4
A1                       10.86
A2                       10.86
A3PAC                    10.86
B                         8.77
C                         4.58
D                         2.78
E                         1.64

TDA Ibercaja 5
A1                        9.16
A2                        9.16
B                         3.76
C                         1.96
D                         1.17

TDA Ibercaja 6
A                        10.28
B                         6.86
C                         5.14
D                         3.43

TDA Ibercaja 4 and 5 have amortizing reserve funds, which
currently represent 1.61% of the outstanding balance of the
mortgage assets for TDA Ibercaja 4, and 1.17% for TDA Ibercaja 5,
respectively.  The cash reserves are at their target amounts for
both transactions.

TDA Ibercaja 6's amortizing reserve fund has not been fully funded
since June 2012.  It currently represents 3.43% of the outstanding
note balance of the mortgage assets.  This is below the target
reserve level of 4.67% of the outstanding note balance.

Severe delinquencies of more than 90 days are at 1.16% for TDA
Ibercaja 4, 0.92% for TDA Ibercaja 5, and 1.03% for TDA Ibercaja
6.  They are, on average, lower for these transactions than S&P's
Spanish RMBS index.  Defaults are defined as mortgage loans in
arrears either equal to -- or higher than -- 18 months in all
three transactions.  Cumulative defaults (net of recoveries) are
0.61% of the initial pool balance for TDA Ibercaja 4, 1.23% for
TDA Ibercaja 5, and 2.26% for TDA Ibercaja 6.  In all three
transactions, cumulative defaults are lower than in other Spanish
RMBS transactions that S&P rates.  Prepayment levels remain low
and the transaction is unlikely to pay down significantly in the
near term, in S&P's opinion.

After applying S&P's RMBS criteria to these transactions, its
credit analysis results show an increase in the WAFF for all
rating levels, since S&P's previous review.  The weighted-average
loss severity (WALS) has increased at each rating level for all
transactions.

Rating level        WAFF (%)    WALS (%)      CC (%)

TDA Ibercaja 4

AAA                 22.17          23.05        5.11
AA                  16.86          19.83        3.34
A                   13.76          14.70        2.02
BBB                 10.07          12.15        1.22
BB                  6.65           10.46        0.70
B                   5.59            8.97        0.50

TDA Ibercaja 5

AAA                 26.61          32.73        8.71
AA                  21.56          29.11        6.28
A                   18.50          23.05        4.26
BBB                 14.99          19.85        2.98
BB                  11.51          17.67        2.03
B                   10.38          15.73        1.63

TDA Ibercaja 6

AAA                 28.07          36.44      10.23
AA+                 25.43          34.59       8.80
AA                  22.79          32.74       7.46
AA-                 21.42          30.60       6.55
A+                  20.73          29.54       6.12
A                   18.67          26.33       4.92
A-                  17.18          25.18       4.33

CC--Credit coverage.

The increases in the respective WAFFs in all three transactions
are mainly due to adjustment factors that S&P has applied to the
original loan-to-value (LTV) ratios, the different adjustments
that S&P applies to seasoned loans, geographical province
concentration adjustments, and adjustment factors that S&P applies
for jumbo loans under its RMBS criteria.  The increase in the WALS
is mainly due to the application of S&P's revised market value
decline assumptions and the indexing of S&P's valuations under its
RMBS criteria.  The overall effect is an increase in the required
credit coverage for each rating level for all of the transactions
since S&P's previous review.

Following the application of S&P's RAS criteria and its RMBS
criteria, S&P has determined that its assigned rating on each
class of notes in this transaction should be the lower of (i) the
rating as capped by S&P's RAS criteria and (ii) the rating that
the class of notes can attain under S&P's RMBS criteria.  In this
transaction, none of the ratings on the notes are constrained by
the rating on the sovereign.

In all of the transactions, the pro rata conditions are currently
met and the notes are repaying pro rata.  S&P's RMBS criteria
envisage two different starting points for the recession, at
inception and at the end of the third year.  Delaying the
recession until the end of the third year results in the
transactions paying pro rata in S&P's cash flow analysis.  S&P's
cash flow analysis results show that pro rata redemption is less
beneficial for all of the tranches in all of the transactions.

Each transaction has an interest deferral trigger.  TDA Ibercaja
4's class B to E notes are 14.00%, 9.00%, 7.00% and 4.00%,
respectively, of the cumulative defaults over the portfolio's
closing balance.  For TDA Ibercaja 5's class B, C, and D notes,
they are 8.79%, 6.58%, and 3.95%, respectively.  For TDA Ibercaja
6's class B, C, and D notes, they are 9.00%, 7.50%, and 5.00%,
respectively.  S&P do not expect any of these triggers to be
breached in the near term in all of the transactions.

Each transaction has an interest swap to mitigate the mismatch
between the reference index on the asset pool and that on the
notes.  In TDA Ibercaja 4 and 5, the swap counterparty pays to the
issuer three-month Euro Interbank Offered Rate (EURIBOR) over the
balance that the issuer receives, plus a margin of 65 basis points
(bps), plus the servicing fees (if the servicer is replaced).  In
TDA Ibercaja 6, the swap counterparty pays to the issuer three-
month EURIBOR over the balance that the issuer receives, plus a
margin of 60 bps, plus the servicing fees (if the servicer is
replaced).

TDA Ibercaja 4's class A1, A2, and A3PAC notes pass S&P's cash
flow stresses under its RAS criteria at 'AA', 'BBB+', and 'AA'
rating levels, respectively.  S&P's downgrade of the class A2
notes reflects the fact that the issuer currently distributes
principal so that the class A1 and A3PAC notes amortize faster
than the class A2 notes.  The priority of payments currently
allocates a higher relative proportion of principal to the class
A1 and A3PAC notes than the A2 notes.  This leads to a key
difference in S&P's cash flow runs results, which is reflected in
the magnitude of their upgrades.  S&P has affirmed its ratings on
the class B, D, E, and F notes, as the available credit
enhancement is commensurate with S&P's currently assigned ratings.
S&P has downgraded the class C notes by one notch as a result of
our revised credit assumptions.

TDA Ibercaja 5's class A1 and A2 notes pass S&P's cash flow
stresses under its RAS criteria at 'A+' and 'A-' rating levels,
respectively.  S&P has therefore lowered its ratings on these
tranches.  S&P has affirmed its ratings on the class C, D, and E
notes, as the available credit enhancement is commensurate with
S&P's currently assigned ratings.  S&P has downgraded the class B
notes by one notch as a result of its revised credit assumptions.

TDA Ibercaja 6's class A notes do not pass S&P's cash flow
stresses under its RAS criteria.  S&P's criteria therefore
constrain its rating on this tranche at a 'BBB' rating level, in
line with S&P's long-term 'BBB' sovereign rating on Spain and the
performance of the portfolio.  S&P has therefore affirmed its 'BBB
(sf)' rating on the class A notes.  S&P has downgraded the class
B, C, and D notes as a result of its revised credit assumptions.

S&P also considers credit stability in its analysis.  To reflect
moderate stress conditions, S&P adjusted its WAFF assumptions for
all three transactions by assuming additional arrears of 4% and 8%
for one-year and three-year horizons, respectively.  This did not
result in S&P's rating deteriorating below the maximum projected
deterioration that S&P would associate with each relevant rating
level, as outlined in S&P's credit stability criteria.

In S&P's opinion, the outlook for the Spanish residential mortgage
and real estate market is not benign and S&P has therefore
increased its expected 'B' foreclosure frequency assumption to
3.33% from 2.00%, when S&P applies its RMBS criteria, to reflect
this view.  S&P bases these assumptions on its expectation of
modest economic growth, continuing high unemployment, and its view
that the falls in house prices observed in 2014 will level off in
2015.

On the back of improving but still depressed macroeconomic
conditions, S&P don't expect the performance of the transactions
in its Spanish RMBS index to improve in 2015.

S&P expects severe arrears in the portfolio to remain at their
current levels, as there are a number of downside risks.  These
include weak economic growth, high unemployment, and fiscal
tightening.  On the positive side, S&P expects interest rates to
remain low for the foreseeable future.

TDA Ibercaja 4, 5, and 6 are Spanish RMBS transactions, which
securitize portfolios of first-ranking mortgage loans granted to
Spanish residents.  The transactions closed in October 2006,  May
2007, and June 2008, respectively.

RATINGS LIST

Class       Rating            Rating
            To                From

TDA Ibercaja 4, Fondo de Titulizacion de Activos
EUR1.411 Billion Mortgage-Backed Floating-Rate Notes

Ratings Lowered

A2          BBB+ (sf)         A+ (sf)
C           BB+ (sf)          BBB- (sf)

Ratings Affirmed

B           BBB (sf)
D           B (sf)
E           B- (sf)
F           D (sf)

Ratings Raised

A1          AA (sf)           A+ (sf)
A3PAC       AA (sf)           A+ (sf)

TDA Ibercaja 5, Fondo de Titulizacion de Activos
EUR1.207 Billion Secured Floating-Rate Notes

Ratings Lowered

A1          A+ (sf)           AA- (sf)
A2          A- (sf)           AA- (sf)
B           BB (sf)           BB+ (sf)

Ratings Affirmed

C           B (sf)
D           B- (sf)
E           D (sf)

TDA Ibercaja 6, Fondo de Titulizacion de Activos
EUR1.521 Billion Asset-Backed Floating-Rate Notes

Rating Affirmed

A           BBB (sf)

Ratings Lowered

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



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U K R A I N E
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UKRAINE: Seeks Larger Bailout; To Consult with Bondholders
----------------------------------------------------------
Neil Buckley, Shawn Donnan and Elaine Moore at The Financial Times
report that Ukraine is seeking a larger and longer-term bailout
program from the International Monetary Fund to replace its
existing deal and is to launch consultations with sovereign bond
holders -- usually code for a debt restructuring.

The IMF has identified a US$15 billion gap in Ukraine's finances
for this year after a US$17 billion bailout that Kiev agreed last
May -- topped up to US$27 billion with contributions from other
donors -- proved insufficient, the FT relates.  The IMF has
struggled in recent months to raise funds from donors to help
Ukraine plug the US$15 billion hole, the FT discloses.

According to the FT, if the new facility is approved by the IMF
board, it will supersede the existing program and give Kiev's
government more time to start delivering structural reforms.

After meeting Ukraine's President Petro Poroshenko in Davos,
Christine Lagarde, IMF managing director, as cited by the FT, said
the Kiev authorities had requested a "multi-year arrangement with
the Fund, supported by the Extended Fund Facility".  The EFF is a
longer-term arrangement than Ukraine's existing Stand-By
Arrangement, the FT says.  It also has longer repayment terms of
up to 10 years, the FT states.

Ms. Lagarde said she would submit Kiev's request to the IMF's
executive board, which would "convene as soon as possible.  I will
propose to support it", the FT notes.

According to the FT, Natalie Jaresko, Ukraine's new finance
minister, said Kiev would consult with sovereign bondholders "with
a view to improving medium-term debt sustainability".  Analysts
noted that was typical code for restructuring or "reprofiling" a
country's debt, the FT relays.



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U N I T E D   K I N G D O M
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AFREN PLC: Fitch Cuts Long-Term Issuer Default Rating to 'B-'
-------------------------------------------------------------
Fitch Ratings has downgraded UK-based energy group Afren plc's
Long-term Issuer Default Rating (IDR), as well as its senior
unsecured and secured ratings, to 'B-' from 'B' and placed them on
Rating Watch Negative (RWN). The Recovery Ratings for the debt
ratings are 'RR4'.

The rating action follows Afren's announcement regarding a
possible financial restructuring. The company confirms it has been
reviewing with its advisors its capital structure, liquidity and
funding requirements. As part of that process Afren is in
discussions with its lenders regarding amendments to its existing
lending facilities, in addition to seeking a deferral of a USD50
million amortization payment due at the end of January 2015.

Fitch has limited information regarding the company's present
liquidity position due to the blackout period related to a
possible acquisition by Seplat Petroleum Development Company
(Seplat). Fitch will seek to resolve the watch pending further
clarification of Afren's current liquidity position.

KEY RATING DRIVERS

Lower Production, Higher Leverage
Fitch said "Afren's credit metrics have weakened since the
beginning of the year, reflecting lower output in 2014 compared
with 2013 and lower oil prices. Its funds from operations (FFO)
adjusted gross leverage was at 2.8x at end-9M14 (1.8x at end-
2013), and we believe it will exceed 4x in 2015, assuming moderate
production growth, Brent price of USD50/bbl in 2015 and the
company's hedging arrangements."

"Also, to preserve cash we expect Afren to reduce capex
significantly, which is likely to hamper its growth prospects
until oil prices rebound. In addition, we believe that the company
may breach its financial covenant under the Ebok senior secured
facility in 2015, if oil prices remain depressed."

Reserve Revision Adds to Rating Pressure
In January 2015 Afren announced it has revised down gross 2P
reserves at the Barda Rash field in the Kurdistan region of Iraq
by 190 million barrels of oil equivalent. The movement in reserves
and resources is due to the 2014 reprocessing of 3D seismic shot
in 2012 and processed in 2013, as well as results from the
company's drilling campaign. Although we have not factored in the
potential production in Kurdistan in our model, this change
increases the downward pressure on the company's credit ratings.

Possible Acquisition by Seplat

Additional factors that can affect the company's financial
position include a takeover by Seplat, a small-scale Nigerian oil
producer, which recently confirmed that it is in preliminary talks
with Afren. Seplat will need to formally declare its intention by
the end of January to comply with London Stock Exchange listing
rules. Fitch will need confirmation of this possible merger
agreement, and a view on the potential financial and strategic
direction of the combined group, before taking any potential
rating action.

Finding New Management Critical

Finding suitable replacements for dismissed executives is a
significant challenge for Afren. This is particularly important in
view of the company's reduced output in Nigeria and interrupted
operations in Kurdistan. Fitch is seeking more information on
Afren's strategy and direction to stabilize and increase output,
especially if oil prices remain at their depressed levels -- which
may be difficult in the absence of a permanent CEO with a clear
strategic vision. Inability to find a permanent CEO by end-1H15,
if accompanied by little progress in stabilizing and increasing
production, may result in a further negative rating action.

Production to Stabilize

Afren's net production has declined to 27.2 thousand barrels per
of oil per day (mbpd in 3Q14 from 49.6mbpd in 3Q13, reflecting a
lower production share after initial cost recovery but also due to
lower gross production at Ebok, its major asset.

"We expect that in 2014 Afren's net production would have been at
or slightly below 32mbpd, 15% lower than we projected in May.
Afren explains that the lower-than-expected production mainly
results from operational delays with installing the Central Fault
Block Extension platform at Ebok, and maintenance works in 3Q14.
The platform, which is set to be finally completed in January
2015, should enable Afren to increase output of the field. Other
projects, including the North Fault Block at Ebok and ramping-up
OML26, should help Afren stabilise its net oil production in the
medium term. We expect the company's net production to average
37mbpd in 2015," Fitch said.

Breached Production Covenant

At end-9M14 Afren breached its production covenant under the Ebok
facility (outstanding USD210 million at September 30, 2014). The
field's actual gross production in 2Q14 and 3Q14 (27.8mbpd,
excluding periods of maintenance) fell below the required rate of
30mbpd. Afren received a waiver from the lenders and expects to
stabilize and increase the production above this threshold.

"We believe there is a risk that average 2H14 production at Ebok
might still have been below 30mbpd due to the drag from the lower
3Q output. Since Afren was able to obtain a waiver for the lower
production in 3Q, we see another waiver likely in case of a
similar technical breach at 4Q," Fitch said.

Concentrated Production

Afren's production remains highly concentrated. In 9M14, Ebok
accounted for 68% of Afren's total production, and it had no
material oil output outside Nigeria. Any swift progress in
Kurdistan, where Afren has material reserves, is now less likely
than we previously expected due to Nigeria's unstable political
and security environment and higher-than-expected water content.
Other challenges include a lack of access to a secure
transportation channel and an absence of the associated gas
treatment infrastructure. We assume that Nigeria is likely to
dominate Afren's output in the medium term. Such concentration
exposes Afren to elevated regulatory and tax risks.

Tax Holiday Benefits Cash-Flows

Oil companies are generally heavily taxed in Nigeria -- they pay
substantial royalties and are subject to the petroleum profit tax
(PPT), which normally varies from 50% to 85% of pre-tax profits.
Afren's Ebok field is exempt from paying PPT up to May 2016, which
significantly benefits Afren's cash flows and should help finance
new projects while keeping leverage at a moderate level. However,
the recent production decline at Ebok and lower oil prices could
make this strategic advantage less pronounced. We expect that
Afren's cash tax payments will materially increase in 2017.

RATING SENSITIVITIES

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

-- Financial restructuring or delays to the company's scheduled
    amortization payments

-- Failure to obtain a waiver from the lenders if gross
    production at Ebok remains below 30mbpd, or net debt/EBITDA
    exceeds 3.0x

-- Unfavorable tax changes in Nigeria having a direct impact on
    Afren's cash flow generating ability

As the ratings are on Watch Negative Fitch's sensitivities do not
currently anticipate developments with a material likelihood,
individually or collectively, of leading to a rating upgrade.

LIQUIDITY AND DEBT STRUCTURE

Fitch views Afren's liquidity risks as high. The company is in
discussions with its lenders regarding amendments to its existing
facilities, in addition to seeking a deferral of a USD50 million
amortization payment due at the end of January 2015. Potential
stress on the company's near-term liquidity is the main reason for
today's rating action. At September 30, 2014 Afren's short-term
debt of USD210 million, including the reclassified portion of the
Ebok facility due to the breach of the production covenant, was
fully covered by its cash of USD267 million. However, in 2015-2016
Afren will need to repay or refinance USD617 million, including
the USD253 million notes due 2016, in addition to attracting new
borrowings that may be required to finance its capex program.

The rating actions are as follows:

  -- Long-term foreign-currency IDR: downgraded to 'B-' from 'B';
     placed on RWN

  -- Senior secured: downgraded to 'B-'/'RR4' from 'B'/'RR4';
     placed on RWN

  -- Senior unsecured: downgraded to 'B-'/'RR4' from 'B'/'RR4';
     placed on RWN


AFREN PLC: S&P Lowers CCR to 'CC' on News of Payment Deferral
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Afren PLC, a U.K.-headquartered oil and gas exploration
and production company to 'CC' from 'B'.  The outlook is negative.

At the same time, S&P lowered the long-term issue ratings on the
company's notes maturing in 2016, 2019, and 2020 to 'CC' from 'B',
in line with the corporate credit ratings.

The downgrade reflects the company's recent announcement that it
has asked its lenders to defer by three months a US$50 million
principal payment due at the end of January 2015 on its Ebok
US$300 million revolving credit facility, which matures in
April 2016.  At the end of the third quarter of 2014,
approximately US$200 million of the facility was drawn.  More
broadly, the company is reviewing its capital structure,
liquidity, and funding requirements with external advisors.  This
could lead to lower overall debt, in S&P's view.

S&P expects that if the company misses payment as anticipated or
implements the related debt restructuring, it will most likely
correspond to a default, as defined under S&P's criteria.  The
company expects its syndicate of lenders to give feedback on its
principal deferral request by the end of January.

On Feb. 1, interest falls due under the bonds that mature in
February 2016.  Given that the company is restructuring its debt,
it is unclear whether it will make this payment.

Oil prices have fallen compared with the end of 2014, and S&P
assumes this will persist in 2015, with Brent oil at $55 per
barrel on average during the year (the price is less than $50 at
present).  In S&P's view, this is also complicating Afren's
liquidity and debt restructuring.

S&P now views Afren's liquidity as "weak," rather than "less than
adequate."  Although S&P understands that Afren currently has more
than $200 million in cash on its balance sheet, well above the $50
million principal payment due, S&P considers it unclear whether
these funds are free and unencumbered, and so accessible for use
in debt servicing.  Afren holds most of its cash in joint bank
accounts with its operating partners; therefore, Afren does not
have full control over or access to its cash.  Availability under
long-term committed bank lines is also questionable, in S&P's
opinion, given the ongoing debt restructuring.

Seplat, a Nigerian exploration and production company, has
approached Afren regarding a potential combination of the two
businesses.  Seplat has until Jan. 30, 2015, to provide a formal
offer.  Any future rating actions will also take into account this
potential major development.

The negative outlook reflects S&P's view that Afren is highly
likely to default on its Ebok facility principal payment due on
Jan. 30 and that a restructuring is likely to take place at about
the same time.

S&P expects to lower the ratings to 'D' (default) or 'SD'
(selective default) when the company defaults.  If a default
occurs, but only affects the Ebok facility -- that is, Afren is
current under all its other financial obligations -- S&P would
lower the ratings to 'SD'.  S&P would lower the rating to 'D' if
the default also affects a large part of or all of Afren's
financial debt.


ALPARI UK: Co-Founder Filed Winding-Up Petition a Year Ago
----------------------------------------------------------
Patrick Graham at Reuters reports that the co-founder of Russian-
owned broker Alpari applied a year ago to wind up the parent
company of its retail FX brokerage Alpari UK, fearing long before
the company's collapse from trading losses that it "was doomed".

According to Reuters, Andrey Dashin, whose Web site lists him as
"the Chairman of the Board of Directors and co-owner of the Alpari
brand", said he lodged a winding-up petition for Alpari UK parent
company Alpari Group Limited with a Cypriot court on
January 28, 2014.

In a statement emailed to Reuters and confirming remarks made on
website forexmagnates.com, he said that application was still
pending.

"Unfortunately, it now transpires that I should have filed for
winding up earlier," Reuters quotes Mr. Dashin as saying.

"Probably in that case that process would have been completed
before the 'Black Thursday' of January 15, 2015, when the
unpreparedness of Alpari UK and its lack of any financial buffer
caused its collapse and insolvency."

                         About Alpari

Alpari Group is a UK-based foreign exchange, precious metals and
CFD broker headquartered in London.  The company employs around
170 employees at its offices in Bishopsgate, London.

Upon the application of the directors of Alpari (UK) Ltd, on
Monday, Jan. 19, 2015, the High Court appointed Richard Heis --
richard.heis@kpmg.co.uk -- Samantha Bewick --
samantha.bewick@kpmg.co,uk -- and Mark Firmin --
mark.firmin@kpmg.co.uk -- of KPMG LLP as joint special
administrators of Alpari (UK) Ltd, under the Special
Administration Regime (SAR).  Alpari (UK) Ltd is a company
incorporated in the UK.

Alpari (UK) Ltd applied for insolvency on Jan. 19, 2015,
following the decision on Jan. 15, by the Swiss National Bank to
remove the informal peg to the euro at around 1.20 Swiss francs.
"The announcement by the SNB prompted volatility across the
foreign exchange markets which saw the company and many of its
clients make large losses. After a weekend spent in urgent
discussions with various parties with a view to selling the
company, these efforts were ultimately unsuccessful," KMPG said
in a statement.


APARTHOTELS LTD: Duff Phelps Completes Portfolio Restructuring
--------------------------------------------------------------
Property Funds World reports that Duff & Phelps has successfully
completed the restructuring of a GBP206 million London-based
property portfolio.

Geoffrey Bouchier, Managing Director of Duff & Phelps led the
completion of the administrations and company voluntary
arrangements of five property owning companies, namely Aparthotels
(Bermondsey) Limited, Aparthotels (Tower Bridge) Limited, Mazey
Properties Limited, Tower Bridge Road Developments Limited and
Warwick Road Developments Limited, Property Funds World relates.

The Companies were placed into administration on October 22, 2013,
Property Funds World recounts.  The portfolio consists of four
"apart-hotels" located in Bermondsey/London Bridge and Earls
Court/Kensington, and a residential complex in Bermondsey,
Property Funds World discloses.

The successful completion of the administrations and company
voluntary arrangements has enabled a sale of the Companies to
Starwood Capital Group and all creditors being paid in full,
including Ireland's National Asset Management Agency, Property
Funds World notes.


CONSOLIDATED MINERALS: Moody's Confirms B3 Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service has confirmed the B3 corporate family
rating (CFR) and the B3-PD probability of default rating (PDR) of
Consolidated Minerals Limited ('Consmin'), as well as the B3
rating on its notes due 2020. Concurrently, Moody's has changed
the outlook on all ratings to negative, from under review.

These actions conclude the review of Consmin's ratings initiated
by Moody's on November 19, 2014.

Ratings Rationale

The confirmation of Consmin's B3 ratings reflects Moody's
assessment on the ability of the company to retain an adequate
liquidity profile even under stress scenarios of lower volumes and
manganese prices in 2015, compared to already low levels seen in
2014, due to a weaker than anticipated second half affected by
weak manganese prices and the loss, since August 2014, of Tianyuan
Manganese Industry Ltd. ('TMI', unrated), the single largest
customer for Consmin's Ghanaian ore. The rating agency estimates
that the company, following timely implemented actions to scale
back production and cut costs at its mine in Ghana, would be able
to continue generating modest operating cash flows in 2015 even
under a downside scenario of manganese volumes sold from Ghana in
2015 almost halved to 1,000 dry kilotonnes (kt), from peak volumes
of 1,998 dry kt sold in 2013 and from a level of approximately
1,200 dry kt anticipated by the agency for 2014. Such a scenario
would reflect material delays during 2015 to start supplying
Ghanaian manganese ore to new customers from Ghana (as opposed to
on-going supply from bonded warehouse in China), to replace the
volumes lost from TMI.

Modest operating cash flows, coupled with a net cash balance
projected to be around US$60 million at the beginning of 2015, and
availabilities under US$29.5 million of overdraft facilities
recently renewed with lenders in Ghana, should be sufficient to
address very limited scheduled cash outflows during 2015, mainly
represented by less than US$45 million of maintenance and project
related capex. Moody's also assumes that management will
proactively manage the company's liquidity, to make sure adequate
headroom remains in place also in the event the manganese prices
for its Woodie Woodie 46-lump manganese product fall towards an
average of US$4.35/dmtu for 2015, from an average level of
US$4.84/dmtu in 2014. This remains a possible scenario for 2015,
since the agency understands that BHP Billiton Limited (A1
stable), the world largest manganese producer, has recently
dropped its high grade lump manganese prices from US$4.53 to
US$4.25 for its February shipments from Australia to China -- a
move which the agency believes will be followed by other manganese
suppliers, including Consmin.

Under a conservative scenario for 2015 of prices at US$4.35/dmtu
(10% below 2014 average), volumes sold from Ghana at 1,000 dry kt,
and provided volumes sold from Australia continue to remain above
1,600 dry kt per annum, Moody's anticipates that the company would
still remain profitable, with an EBITDA margin slightly above 25%,
and would display credit ratios still commensurate with a B3 rated
mining company. In particular, Moody's would expect Consmin's
adjusted gross debt/EBITDA to peak in 2015 at approximately 4.5x,
and (Cash Flows from Operations(CFO) minus dividends)/debt ratio
to fall towards 6%. These metrics position the company weakly in
the B3 rating category.

The negative outlook reflects the agency's assessment that Consmin
will remain weakly positioned at its rating level, as long as it
does not have robust commercial agreements in place for the
majority of its Ghanaian ore, and as a result it remains exposed
to greater operational and commercial concentration risk. Since
the company had to scale back its output from Ghana, it has
increased its reliance from volumes sold from its Australian mine,
and from an Ukrainian based related party customer continuing to
purchase the bulk of the smaller output now mined from the
Ghanaian mine. The negative outlook further reflects the
possibility that downside risks, such as disruption to its
production from Australia, discontinuation of supply to the
Ukrainian customer, material delays beyond 2015 to find new
customers for its Ghanaian ore, or further material deterioration
in the manganese market, could translate into liquidity and credit
metrics becoming too weak for the rating.

Positive rating pressure is unlikely, however a stabilization of
the outlook could be considered over time if (1) manganese prices
and demand fundamentals improve over a sustained period from the
current weak levels; (2) the company secures new long term
contracts for its Ghanaian production, enabling to restore its
sales volumes and productivity closer to the levels it enjoyed
before it lost its largest customer, TMI; and (3) credit metrics
improve towards levels more comfortably positioned for the rating,
including (CFO minus dividends)/debt ratio, as adjusted by
Moody's, in the 15%-30% range and EBIT/Interest expense ratio, in
the 1.5x to 2x range on a sustained basis. For a potential
upgrade, Moody's would expect a much stronger liquidity profile,
supported by sustained positive free cash flow generation, and a
material improvement in the main credit metrics, including (CFO
minus dividends)/debt exceeding 30% and an EBIT/Interest expense
ratio above 2x on a sustained basis.

Negative rating pressure could be triggered by (1) a material
weakening in the company's liquidity profile, which may result
from further large reductions in manganese prices, the loss of
large existing customers, the prolonged inability beyond 2015 to
secure new customers for the majority of the Ghanaian ore, or
disruptions at the Australian mining operations, as well as from
materially higher-than-anticipated capex and/or working capital
related requirements leading to sustained negative free cash
flows; (2) a (CFO minus dividends)/debt becoming negative for
several consecutive quarters and an EBIT/Interest expense ratio
falling below 1x on a sustained basis; or (3) the adoption of a
more aggressive financial policy, evidenced by shareholder
distributions materially reducing the financial flexibility of the
company.

Principal Methodology

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

Headquartered in Jersey, Channel Islands, Consmin is a leading
producer of manganese ore. Mining operations are carried out from
Australia (Woodie Woodie mine) and from Ghana (Nsuta mine).
Consmin is ultimately wholly owned by Gennady Bogolyubov, a
Ukrainian citizen. In 2013, Consmin reported sales of USD688
million.


PROSERV GROUP: S&P Assigns 'B' CCR; Outlook Negative
----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to U.K.?headquartered oilfield products,
equipment, and services company Proserv Group Inc.  The outlook is
negative.

At the same time, S&P assigned a 'B' long-term issue rating to
Proserv's US$60 million revolving credit facility (RCF) and US$365
million first-lien term loan due 2021.  S&P assigned the debt a
recovery rating of '3', indicating its expectation of meaningful
(50%-70%) recovery in the event of a payment default.

S&P also assigned its 'CCC+' long-term issue rating to the
company's US$115 million second-lien term loan due 2022.  S&P
assigned the loan a recovery rating of '6', indicating its
expectation of negligible (0%-10%) recovery in the event of a
payment default.

The negative outlook stems from the near-term low levels of oil
prices, as current rating headroom is limited.  Proserv's activity
depends on spending by large oil and gas companies, most of which
have announced cuts in their expected expenditures.  In addition,
Proserv's leverage is high following its acquisition by funds
affiliated with Riverstone Europe LLC.  Because S&P's base-case
scenario assumes that the company will reduce its leverage over
the next 18 months through strong cash flow generation, there is
currently no headroom in the ratings.

"The ratings on Proserv reflect our view of the company's limited
size and its exposure to highly volatile oil and gas end markets,
as well as the company's high leverage following its acquisition.
We also take into account our view of its private equity
ownership, which manifests in aggressive financial policies.
These factors are partly compensated for by Proserv's leading
position in several technologically complex niche segments, its
proven track record, its longstanding relationships with
established industry players, and its presence in the subsea and
offshore segments.  We assess Proserv's business risk profile as
"weak," its financial risk profile as "highly leveraged," and its
liquidity as "adequate"," S&P said.

Proserv has a product and service offering covering many stages of
the oil and gas delivery cycle, a relatively diverse customer
base, and leading positions in several niche markets across many
regions.  This enables the company to maintain relatively stable
profitability.  In addition, its business has high barriers to
entry due to the technological complexity of its subsea and
offshore operations.  This helps to support Proserv's margins.
S&P considers that Proserv's credit quality is constrained by its
limited size, relatively low business diversity, and exposure to
the spending levels of its customers--themselves exposed to
volatile hydrocarbon prices.  In addition, S&P considers that
Proserv's exposure to price competition in the market is increased
by the short-term nature of its contracts (one year or less, on
average).

S&P expects Proserv's 2014 results to be hampered by geopolitical
unrest in East Asia and the Middle East and North Africa (MENA),
which has caused some delays in awarding contracts, further
amplified by engineering, procurement, and construction
contractors in MENA switching to out-of-region providers.  In
addition, very few permits were awarded to Proserv in the Gulf of
Mexico in mid-2014, causing its marine technology segment to slow
down.  This segment is one of the company's largest margin
contributors.  S&P forecasts that results will improve gradually
from 2015, given the current order backlog.

In S&P's view, elevated administrative costs related to the
company's investment in a stronger groupwide support function
affected Proserv's margins in 2014.

S&P's base case assumes:

   -- Brent crude oil price of US$55 per barrel in 2015 and US$65
      in 2016, and Henry Hub natural gas price of US$3.5 per
      million British thermal units (mmBtu) in 2015 and
      US$3.75 per mmBtu in 2016.

   -- Reduction in organic revenue growth for Proserv in 2015 and
      2016, in light of the current market conditions.

   -- Stable EBITDA margins of about 12%-16%.

   -- Capital expenditure (capex) of around US$10 million in
      2015.

S&P expects Proserv to use half of the free cash flows it
generates in 2015 to pay down the first-lien debt because of the
anticipated cash flow sweep requirement.

S&P's base case assumes that it will pay no dividends, but these
are a risk factor given the company's financial-sponsor ownership.

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

   -- Adjusted pro forma debt-to-EBITDA leverage of about 6.5x-
      8.5x in 2014; improving toward 6.0x in 2015 and 2016.

   -- Adjusted funds from operations (FFO) to debt of about 6%-8%
      in 2015, also improving toward 8% in 2015 and 2016.

The negative outlook reflects pressure on current ratings from the
low oil price environment resulting in reduction in spending from
the large oil and gas companies that are Proserv's customers.
This could affect Proserv's cash flow generation.  The current
rating has no headroom because it is based on an improvement in
credit metrics in the next 18 months since S&P assumes that
Proserv will use positive free cash flow generation to reduce its
leverage.

S&P could lower the rating if liquidity tightens such that
availability under the RCF shrinks considerably; or if Proserv's
Standard & Poor's-adjusted debt leverage stays above 6x in 2015
without a clear path to improvement in the next 18 months.  This
could occur if industry conditions affect the company's
performance and profitability, or demand in the regions affected
by unrest in 2014 doesn't stabilize.

S&P would revise Proserv's outlook to stable if it sees a clear
improvement path in Proserv's credit metrics in 2015 and 2016.
This could occur, for example, if Proserv wins enough of the
projects the company is currently bidding for or if Proserv
manages to offset a decline in revenue with improved profit
margins.


RANGERS FOOTBALL: May Mortgage Ibrox Stadium to Secure Funding
--------------------------------------------------------------
Alan Tovey at The Telegraph reports that the Rangers Football Club
are facing a fresh problem with an attempt by a major shareholder
to clear out the current directors.

The troubled Scottish football club has also confirmed it is
considering mortgaging Ibrox stadium to get a cash injection, The
Telegraph relates.

Rangers said it has received a notice from Dave King's New
Oasis -- which holds 14.6% of the voting rights -- calling for a
meeting to vote on directors David Somers, Derek Llambias, Barry
Leach and James Easdale being removed, The Telegraph relays.

Oasis, The Telegraph says, wants to replace them with Dave King,
Paul Murray and John Gilligan.

Rangers -- which is advising shareholders to vote against the
scheme -- said it is looking at the notice to see if it is
properly constituted under the rules of the club's Aim listing,
The Telegraph notes.

According to The Telegraph, if the notice is not withdrawn,
Ranger's bosses said they would attempt to have it withdrawn to
avoid "the cost and disruption of an ad hoc general meeting".

The club also confirmed that it is considering how it can shore up
its finances using the Ibrox stadium, The Telegraph notes.

In a regulatory announcement, Rangers, as cited by The Telegraph,
said it "continues to need funding, including urgent short term
financing" and has held talks with several parties about securing
its financial position.

"At the current time, the assets (other than Ibrox), cash flow and
business of Rangers does not support a significant financing, on
an open market commercial basis, to achieve the goals which the
directors have set for the club," The Telegraph quotes the club as
saying.

The directors are now in discussion about using Ibrox as security
in conjunction with two groups, both of whom are stakeholders in
Rangers, The Telegraph discloses.

                  About Rangers Football Club

Rangers Football Club PLC -- http://www.rangers.premiumtv.co.uk/
-- is a United Kingdom-based company engaged in the operation of
a professional football club.  The Company has launched its own
Internet television station, RANGERSTV.tv.  The station combines
the use of Internet television programming alongside traditional
Web-based services.  Services offered include the streaming of
home matches and on-demand streaming of domestic and European
games, which include dedicated pre-match, half-time and post-
match commentary.  The Company will produce dedicated news
magazine and feature programs, while the fans can also access a
library of classic European, Old Firm and Scottish Premier League
(SPL) action.  Its own dedicated television studio at Ibrox
provides onsite production, editing and encoding facilities to
produce content for distribution on all media platforms.


RZB FINANCE: S&P Lowers Rating on EUR500MM Jr. Notes to 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to
'BB-' from 'BB' its issue credit rating on the EUR500 million
step-up junior subordinated notes issued by RZB Finance (Jersey)
IV Ltd. and provided with a support agreement on a subordinated
basis by Austria-based Raiffeisen Zentralbank Oesterreich AG
(RZB).  S&P placed the 'BB-' rating on CreditWatch with negative
implications.

The rating action reflects the weaker outlook for RZB's earnings
and S&P's view that this leads to a heightened risk that the
regulator could choose to activate a discretionary nonpayment
clause in the hybrid capital instrument issued by RZB Finance
(Jersey) IV Ltd.

In line with S&P's criteria, it reflects this risk by widening the
notching on the instrument from RZB's stand-alone credit profile
(SACP) of 'bbb+'.

The issuer is due to make the next annual coupon payment of about
EUR16 million on this instrument in May 2015.  S&P has received no
indication that the regulator will activate the discretionary
coupon nonpayment clause.  That said, on Sept. 22, 2014, RZB's
core subsidiary Raiffeisen Bank International AG (RBI) announced
an expected loss for full-year 2014, reflecting increasingly
difficult market conditions in Central and Eastern Europe,
particularly in Russia and Ukraine.

In addition, S&P believes that the Swiss central bank's decision
to discontinue the Swiss franc's currency peg to the euro may put
pressure on RZB's earnings in its portfolio of Swiss franc-
denominated retail loans.

The 'BB-' issue credit rating on the junior subordinated
instrument reflects S&P's analysis of its features and the bank's
SACP.  The rating now stands five notches below the bank's SACP,
which includes a one-notch deduction for the heightened risk the
regulator may activate the discretionary nonpayment clause.

The CreditWatch placement reflects the possibility that S&P may
widen the notching on the instrument by up to two further notches
if S&P believes that pressures on earnings or from regulators
further increase the risk of coupon nonpayment.  S&P expects to
resolve the CreditWatch placement within the next three months.


SANDWELL COMMERCIAL 1: S&P Lowers Rating on Class E Notes to CCC
----------------------------------------------------------------
Standard & Poor's Ratings Services has taken various credit rating
actions in Sandwell Commercial Finance No. 1 PLC.

Specifically, S&P has:

   -- Affirmed its ratings on the class A, B, and D notes:

   -- Raised its rating on the class C notes; and

   -- Lowered its rating on the class E notes.

The rating actions follow S&P's review of Sandwell Commercial
Finance No. 1's credit quality under S&P's European commercial
mortgage-backed securities (CMBS) criteria.

Sandwell Commercial Finance No. 1 is a true-sale CMBS transaction
backed by 34U.K. loans with various maturity dates, with the last
loan maturing in December 2027.  The note legal final maturity
date is in May 2039.

The loans are secured on 38 U.K. properties comprising a mix of
office (33.3% by property value), retail (31.3%), industrial
(24.5%), and other properties (10.8%).  The properties are located
within 12 U.K. and Welsh regions.  Most of the properties are now
located in southeast England (21.4% by market value).

The reported weighted-average loan-to-value (LTV) ratio is 86.8%.
However, 23.6% (by balance) of the loans have an LTV ratio between
80% and 100%, and 35.0% of 100% or more.

The loan's portfolio balance has reduced substantially (79%) since
closing in 2004 to GBP48.9 million from GBP250.0 million.  The
issuer has applied the proceeds sequentially to the class A notes.
Only 1.9% of the class A notes' initial balance remains
outstanding and their credit enhancement level has increased to
92% from 36% at closing.  This, in turn, has improved the credit
characteristics of the class B and C notes.

At the same time, the portfolio's credit quality has deteriorated,
exposing the junior classes of notes to higher default risk, in
S&P's view.

S&P understands that some previous loans (no longer in the pool)
had repaid at a loss.  The reserve fund has previously covered
these losses.  However, on the November 2014 note payment date,
the reserve fund was fully drawn.  In this transaction, losses are
not directly applied reverse sequentially toward the notes'
redemption.  Instead, they accrue on a principal deficiency ledger
(PDL). To date, the class E notes' PDL is GBP13,749, representing
about 0.27% of their balance.

A liquidity facility is available to enable the issuer to pay
senior expense shortfalls, which include interest (but not
principal) due or overdue on the notes.  The facility is drawable
for all issued notes, although there is a lockout for the class B
to E notes if the principal deficiency subledger of the tranche in
question is either equal to, or more than, 50% of its balance.

S&P's ratings in the transaction address the timely payment of
interest (payable quarterly in arrears) and the payment of
principal no later than the May 2039 legal final maturity date.

Although S&P considers the available credit enhancement for the
class A, B, and C notes to be adequate to mitigate the risk of
losses from the remaining underlying loans in higher stress
scenarios, S&P's current counterparty criteria constrain its
ratings in the transaction.  S&P's current counterparty criteria
allow ut to rate the notes in structured finance transactions
above its ratings on related counterparties if a replacement
framework exists and other conditions are met.  The maximum
ratings uplift depends on the type of counterparty obligation.  In
this transaction, Barclays Bank PLC (A/Negative/A-1) is the bank
account provider and guaranteed investment contract provider.  In
accordance with S&P's current counterparty criteria, this
counterparty can support a maximum potential rating of 'A (sf)'
for this transaction.

S&P has therefore affirmed its 'A (sf)' ratings on the class A and
B notes.  At the same time, S&P has raised to 'A (sf)' from
'BBB (sf)' its rating on the class C notes to reflect the improved
credit characteristics of this class of notes following repayments
since closing.

S&P's analysis indicates that the available credit enhancement for
the class D notes is not sufficient to mitigate the risk of
principal losses from the underlying loans in a 'B' stress
scenario.  Therefore, S&P has affirmed its 'B-(sf)' rating on the
class D notes.

In S&P's opinion, the class E notes' repayment depends on
favorable economic conditions.  As a result, they face at least a
one-in-two likelihood of default.  This tranche has become
increasingly vulnerable to principal losses, as illustrated by its
reported PDL.  Therefore, in line with S&P's criteria for
assigning 'CCC' category ratings, it has lowered its rating on the
class E notes to 'CCC (sf)' from 'B- (sf)'.

RATINGS LIST

Sandwell Commercial Finance No.1 PLC
GBP250 mil commercial mortgage-backed floating-rate notes

                               Rating         Rating
Class       Identifier         To             From
A           XS0191369221       A (sf)         A (sf)
B           XS0191371391       A (sf)         A (sf)
C           XS0191372522       A (sf)         BBB (sf)
D           XS0191373686       B- (sf)        B- (sf)
E           XS0191373926       CCC (sf)       B- (sf)


* UK: End of Insolvency Litigation LAPSO Exemption Challenged
-------------------------------------------------------------
CreditToday reports that the proposed end of insolvency
litigation's exemption from the Legal Aid, Sentencing, and
Punishment of Offenders Act (LAPSO) has been challenged by an
Early Day Motion tabled in Parliament.

MPs have thrown their support for a review of the decision to end
the exemption before the Act comes into force in April, with 22
signatures of support recorded as of January 14, primarily from
the Labour party, CreditToday relates.

Giles Frampton, president of insolvency trade body R3, has also
supported the proposal, CreditToday states.

Mr. Frampton, as cited by CreditToday, said: "The end of
insolvency litigation's exemption from the Legal Aid, Sentencing,
and Punishment of Offenders Act would have a detrimental effect on
creditors, including small businesses and the taxpayer.

"With the exemption coming to an end in April, parliament and
Government are running out of time to prevent misbehaving
directors from benefitting at everyone else's expense."

The motion was tabled by Mary Glindon (Labour, North Tyneside) and
sponsored by Grahame Morris (Labour, Easington), CreditToday
discloses.

Insolvency litigation is currently exempt from the "no-win,
no-fee" legal funding introduced by the Act in 2012, CreditToday
notes.

According to CreditToday, a report from the University of
Wolverhampton last year found that insolvency practitioners are
pursuing up to =C5=93300m of creditor funds using the "no-won, no-fee"
funding -- GBP160 million is returned to creditors from rogue
directors every year.



=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
X X X X X X X X
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D


* BOND PRICING: For the Week January 19 to January 23, 2015
-----------------------------------------------------------

Issuer               Coupon   Maturity  Currency   Price
------               ------   --------  --------   -----
VTB Bank OJSC Via V    6.95  10/17/2022     USD    75.00
OAS Investments Gmb    8.25  10/19/2019     USD    34.28
Sberbank of Russia     5.25   5/23/2023     USD    73.72
Sberbank of Russia     5.50   2/26/2024     USD    77.00
Rosneft Oil Co via     4.20    3/6/2022     USD    75.25
Takko Luxembourg 2     9.88   4/15/2019     EUR    33.25
Gazprombank OJSC Vi    7.50  12/28/2023     USD    72.75
Russian Railways vi    3.37   5/20/2021     EUR    73.91
Russian Federal Bon    8.15    2/3/2027     RUB    71.99
QGOG Constellation     6.25   11/9/2019     USD    64.00
Heta Asset Resoluti    4.38   1/24/2017     EUR    68.16
Sistema JSFC via Si    6.95   5/17/2019     USD    75.00
Gazprombank OJSC Vi    5.13   5/13/2024     CHF    71.50
Ukraine Government     9.25   7/24/2017     USD    60.54
Heta Asset Resoluti    4.25  10/31/2016     EUR    67.96
VTB Bank OJSC Via V    5.00  10/24/2024     CHF    68.88
CGG SA                 6.50    6/1/2021     USD    76.00
Russian Standard Ba   10.75   4/10/2018     USD    30.00
Frigoglass Finance     8.25   5/15/2018     EUR    70.25
Russian Agricultura    6.00    6/3/2021     USD    72.50
Ukraine Government     7.50   4/17/2023     USD    58.25
Bank Otkritie Finan   10.00   4/26/2019     USD    71.00
Russian Agricultura    8.50  10/16/2023     USD    69.78
Rickmers Holding Gm    8.88   6/11/2018     EUR    70.58
Credit Bank of Mosc    8.70  11/13/2018     USD    78.00
Afren PLC              6.63   12/9/2020     USD    56.75
Brunswick Rail Fina    6.50   11/1/2017     USD    59.65
Ukraine Government     6.88   9/23/2015     USD    70.55
Ukraine Government     4.95  10/13/2015     EUR    62.80
Gazprom Neft OAO Vi    4.38   9/19/2022     USD    74.25
EDC Finance Ltd        4.88   4/17/2020     USD    66.25
Far East Capital Lt    8.00    5/2/2018     USD    41.00
Novatek OAO via Nov    4.42  12/13/2022     USD    66.13
CGG SA                 1.25    1/1/2019     EUR    24.07
Home Credit & Finan    9.38   4/24/2020     USD    72.51
Russian Federal Bon    6.80  12/11/2019     RUB    73.25
Banco Espirito Sant    7.13  11/28/2023     EUR     9.00
Vnesheconombank Via    4.03   2/21/2023     EUR    70.35
TMK OAO Via TMK Cap    7.75   1/27/2018     USD    87.00
Virgolino de Olivei   10.50   1/28/2018     USD     6.75
MHP SA                 8.25    4/2/2020     USD    75.20
Russian Federal Bon    7.60   4/14/2021     RUB    72.80
TMK OAO Via TMK Cap    6.75    4/3/2020     USD    51.50
Russian Standard Ba    7.73  12/16/2015     USD    65.13
SOITEC                 6.75   9/18/2018     EUR     1.87
Russian Railways vi    8.30    4/2/2019     RUB    67.88
Renaissance Credit     7.75   5/31/2016     USD    88.00
Avangardco Investme   10.00  10/29/2015     USD    64.50
EnQuest PLC            5.50   2/15/2022     GBP    68.18
Tinkoff Credit Syst   14.00    6/6/2018     USD    70.00
Russian Standard Ba    7.56   12/1/2016     USD    50.00
Oschadbank Via SSB     8.25   3/10/2016     USD    57.75
Russian Federal Bon    7.00   1/25/2023     RUB    67.50
EnQuest PLC            7.00   4/15/2022     USD    61.00
Russian Agricultura    8.63   2/17/2017     RUB    74.88
Russian Railways vi    2.73   2/26/2021     CHF    72.11
Oschadbank Via SSB     8.88   3/20/2018     USD    56.00
Banca delle Marche     1.03    6/1/2017     EUR    53.33
Vneshprombank via V    9.00  11/14/2016     USD    92.00
Russian Federal Bon    7.60   7/20/2022     RUB    70.75
Ukraine Government     7.80  11/28/2022     USD    59.08
Mriya Agro Holding     9.45   4/19/2018     USD    11.00
Paragon Offshore PL    6.75   7/15/2022     USD    61.50
Indo Energy Finance    6.38   1/24/2023     USD    64.56
Raspadskaya OJSC Vi    7.75   4/27/2017     USD    64.00
Home Credit & Finan   10.50   4/19/2021     USD    61.00
OGX Austria GmbH       8.50    6/1/2018     USD     0.10
Sberbank of Russia     7.40    3/4/2018     TRY    69.65
WPE International C   10.38   9/30/2020     USD    19.00
Ukraine Government     7.75   9/23/2020     USD    59.72
Paragon Offshore PL    7.25   8/15/2024     USD    60.75
AHML Finance Ltd       7.75   2/13/2018     RUB    58.40
Afren PLC             10.25    4/8/2019     USD    97.50
Metinvest BV           8.75   2/14/2018     USD    60.50
Ukraine Government     6.58  11/21/2016     USD    61.33
Ukraine Government     6.75  11/14/2017     USD    60.77
UKRLANDFARMING PLC    10.88   3/26/2018     USD    50.50
Privatbank CJSC Via    9.38   9/23/2015     USD    71.50
Ukreximbank Via Biz    8.75   1/22/2018     USD    58.13
Ukraine Government     6.25   6/17/2016     USD    62.38
Russian Standard Ba   11.50   1/17/2024     USD    29.88
Renaissance Credit    13.50   6/21/2018     USD    49.50
Virgolino de Olivei   11.75    2/9/2022     USD     1.96
Ekosem-Agrar GmbH      8.50   12/7/2018     EUR    64.97
Borets Finance Ltd     7.63   9/26/2018     USD    96.00
Air France-KLM         4.97    4/1/2015     EUR    12.27
IMMOFINANZ AG          4.25    3/8/2018     EUR     4.21
DTEK Finance PLC       7.88    4/4/2018     USD    45.00
Hema Bondco II BV      8.50  12/15/2019     EUR    61.24
Towergate Finance P   10.50   2/15/2019     GBP    25.00
Federal Grid Co OJS    8.45   3/13/2019     RUB    67.79
Financing of Infras    9.00   12/7/2017     USD    60.00
Ukraine Railways vi    9.50   5/21/2018     USD    65.25
Ekosem-Agrar GmbH      8.75   3/23/2017     EUR    71.00
Russian Federal Bon    6.70   5/15/2019     RUB    74.75
City of Kyiv Via Ky    9.38   7/11/2016     USD    69.76
VimpelCom Holdings     9.00   2/13/2018     RUB    67.13
DTEK Finance BV        9.50   4/28/2015     USD    79.00
Iona Energy Co UK P    9.50   9/27/2018     USD    70.00
Ukraine Government     7.95   2/23/2021     USD    59.32
Bank of New York Me    4.33  12/30/2099     EUR    30.33
Asya Sukuk Co Ltd      7.50   3/28/2023     USD    60.98
Espirito Santo Fina    6.88  10/21/2019     EUR     0.18
Alcatel-Lucent         4.25    7/1/2018     EUR     3.32
Codere Finance Luxe    8.25   6/15/2015     EUR    61.00
Russian Agricultura    7.88    2/7/2018     RUB    65.00
ESFIL-Espirito Sant    5.25   6/12/2015     EUR     5.00
First Ukrainian Int   11.00  12/31/2018     USD    71.00
Yuksel Insaat AS       9.50  11/10/2015     USD    61.00
Far East Capital Lt    8.75    5/2/2020     USD    41.50
Singulus Technologi    7.75   3/23/2017     EUR    41.38
TUI AG                 2.75   3/24/2016     EUR    73.47
OGX Austria GmbH       8.38    4/1/2022     USD     1.00
Ekotechnika GmbH       9.75   5/10/2018     EUR    23.51
Talvivaara Mining C    4.00  12/16/2015     EUR     1.00
Norske Skogindustri    7.00   6/26/2017     EUR    56.26
Banca delle Marche     1.23   6/15/2016     EUR    50.63
Alcatel-Lucent         0.13   1/30/2020     EUR     4.09
City of Kiev Ukrain    8.00   11/6/2015     USD    74.15
Takko Luxembourg 2     7.08   4/15/2019     EUR    33.14
Promsvyazbank OJSC    10.50   7/30/2021     USD    68.75
EnQuest PLC            7.00   4/15/2022     USD    62.00
Air France-KLM         2.03   2/15/2023     EUR    11.55
EXIM of Ukraine CJS    5.79    2/9/2016     USD    51.51
KCA Deutag UK Finan    7.25   5/15/2021     USD    70.75
Virgolino de Olivei   10.88   1/13/2020     USD    20.00
Norske Skogindustri   11.75   6/15/2016     EUR    73.10
Econocom Group SA/N    1.50   1/15/2019     EUR    10.44
Praktiker AG           5.88   2/10/2016     EUR     0.13
Etablissements Maur    1.63    7/1/2019     EUR    15.30
Geo Travel Finance    10.38    5/1/2019     EUR    71.50
Russian Federal Bon    6.40   5/27/2020     RUB    71.75
Afren PLC              6.63   12/9/2020     USD    56.00
Alno AG                8.50   5/14/2018     EUR    58.50
Aralco Finance SA     10.13    5/7/2020     USD     8.50
AG Spring Finance I    9.50    6/1/2019     EUR    74.72
Oesterreichische Vo    0.93  11/28/2016     EUR    27.13
Mriya Agro Holding    10.95   3/30/2016     USD    11.00
Mifa Mitteldeutsche    7.50   8/12/2018     EUR     9.10
Pescanova SA           5.13   4/20/2017     EUR     3.83
MAG IAS GmbH           7.50    2/8/2016     EUR    55.13
Phones4u Finance PL    9.50    4/1/2018     GBP    32.63
Metinvest BV          10.50  11/28/2017     USD    61.39
Phosphorus Holdco P   10.00    4/1/2019     GBP     2.00
DF Deutsche Forfait    7.88   5/27/2020     EUR    64.25
Privatbank CJSC Via   10.88   2/28/2018     USD    57.63
Hellenic Republic G    5.20   7/17/2034     EUR    62.38
MS Deutschland Bete    6.88  12/18/2017     EUR    15.10
NII International T   11.38   8/15/2019     USD    74.00
Renaissance Credit    13.50   5/22/2019     USD    52.63
Faurecia               3.25    1/1/2018     EUR    31.99
Financing of Infras    8.38   11/3/2017     USD    60.00
NTRP Via Interpipe    10.25    8/2/2017     USD    40.00
Norwegian Energy Co    6.75    6/9/2019     NOK    10.13
VTB Bank OJSC Via V    6.95  10/17/2022     USD    74.05
Nexans SA              4.00    1/1/2016     EUR    54.40
Pescanova SA           8.75   2/17/2019     EUR     3.92
NII International T    7.88   8/15/2019     USD    71.50
OAS Investments Gmb    8.25  10/19/2019     USD    41.00
Commercial Bank Pri    5.80    2/9/2016     USD    50.00
InterOil Exploratio   15.00   3/14/2016     NOK    30.00
Corporate Commercia    8.25    8/8/2014     USD     3.58
Peugeot SA             4.45    1/1/2016     EUR    26.07
Laurel GmbH            7.13  11/16/2017     EUR    32.88
Bank St Petersburg    11.00  10/24/2018     USD    67.38
Bank St Petersburg    10.75   4/22/2019     USD    65.00
Sympatex Holding Gm    8.00   12/3/2018     EUR    37.25
Dannemora Mineral A   11.75   3/22/2016     USD     0.63
Espirito Santo Fina    3.13   12/2/2018     EUR     1.51
Virgolino de Olivei   10.88   1/13/2020     USD    58.85
Nexans SA              2.50    1/1/2019     EUR    70.38
Afren PLC             10.25    4/8/2019     USD    65.00
PA Resources AB       13.50    3/3/2016     SEK    31.13
BLT Finance BV         7.50   5/15/2014     USD     6.00
Gebr Sanders GmbH &    8.75  10/22/2018     EUR    71.00
Northland Resources   15.00   7/15/2019     USD     1.56
Sberbank of Russia     5.50   2/26/2024     USD    75.00
Jasper Explorer PLC   13.50   5/27/2016     USD    11.38
VimpelCom Holdings     9.00   2/13/2018     RUB    67.13
RENE LEZARD Mode Gm    7.25  11/25/2017     EUR    47.50
Orpea                  3.88    1/1/2016     EUR    57.25
Financing of Infras    7.40   4/20/2018     USD    58.00
Rosneft Oil Co via     4.20    3/6/2022     USD    69.75
Sberbank of Russia     5.25   5/23/2023     USD    81.25
PA Resources AB       12.25    4/5/2016     NOK    29.88
QGOG Constellation     6.25   11/9/2019     USD    64.50
OGX Austria GmbH       8.50    6/1/2018     USD     0.13
Attica Funds PLC       2.58   3/24/2015     EUR    55.13
Brunswick Rail Fina    6.50   11/1/2017     USD    40.96
Mox Telecom AG         7.25   11/2/2017     EUR     0.00
Oesterreichische Vo    9.09   7/26/2018     EUR    27.13
Etablissements Maur    7.13   7/31/2015     EUR    13.12
Golden Gate AG         6.50  10/11/2014     EUR    39.20
Paragon Offshore PL    6.75   7/15/2022     USD    62.00
SNS Bank NV            6.25  10/26/2020     EUR     2.49
Novatek OAO via Nov    4.42  12/13/2022     USD    78.75
Le Noble Age           4.88    1/3/2016     EUR    21.06
Novo Banco SA          3.50   1/23/2043     EUR    73.08
Bank Otkritie Finan   10.00  12/17/2019     USD    67.00
Rena GmbH              8.25   7/11/2018     EUR     9.50
EDC Finance Ltd        4.88   4/17/2020     USD    66.25
Paragon Offshore PL    7.25   8/15/2024     USD    81.50
Global PVQ SE          6.75  10/21/2015     EUR     1.17
Alpine Holding GmbH    6.00   5/22/2017     EUR     0.01
Talvivaara Mining C    9.75    4/4/2017     EUR     0.03
APP International F   11.75   10/1/2005     USD     4.00
Barclays Bank PLC      3.44   4/19/2033     USD    64.55
Lloyds Bank PLC        3.68   1/31/2033     USD    69.25
Lloyds Bank PLC        3.21   2/22/2033     USD    68.00
Teak Holz Internati    5.00   8/31/2015     EUR    71.00
Ukraine Government     9.25   7/24/2017     USD    60.86
Virgolino de Olivei   11.75    2/9/2022     USD    18.00
Seabird Exploration    6.00  12/18/2015     USD    10.00
Nexity SA              0.63    1/1/2020     EUR    43.91
Promsvyazbank OJSC    10.50   3/17/2021     USD    60.00
Northland Resources    4.00  10/15/2020     USD     0.23
Pescanova SA           6.75    3/5/2015     EUR     3.83
Ukraine Government     7.50   4/17/2023     USD    58.03
Takko Luxembourg 2     9.88   4/15/2019     EUR    34.00
Gazprom Neft OAO Vi    4.38   9/19/2022     USD    83.76
Ideal Standard Inte   11.75    5/1/2018     EUR    50.38
Windreich GmbH         6.50   7/15/2016     EUR    10.88
Rena GmbH              7.00  12/15/2015     EUR     9.50
Astana Finance BV      7.88    6/8/2010     EUR     6.38
MHP SA                 8.25    4/2/2020     USD    67.15
Hellenic Republic G    2.09   7/25/2057     EUR    19.00
Pierre & Vacances S    3.50   10/1/2019     EUR    35.59
Russian Standard Ba   10.75   4/10/2018     USD    40.00
AHML Finance Ltd       7.75   2/13/2018     RUB    58.40
BDT Media Automatio    8.13   10/9/2017     EUR    60.75
Ukraine Government     6.88   9/23/2015     USD    69.82
Barclays Bank PLC      3.39   3/28/2033     USD    70.00
Ukraine Government     7.80  11/28/2022     USD    59.16
Sistema JSFC           8.75  11/24/2016     RUB    74.00
Ukraine Government     6.75  11/14/2017     USD    60.40
Norske Skogindustri    7.13  10/15/2033     USD    47.00
AgroGeneration         8.00   7/17/2018     EUR    34.00
Novo Banco SA          3.50   2/19/2043     EUR    72.65
Lloyds Bank PLC        3.44   4/26/2033     USD    64.00
Codere Finance Luxe    9.25   2/15/2019     USD    64.25
Cattles Ltd            6.88   1/17/2014     GBP     3.00
TradeDoubler AB        6.75  12/20/2018     SEK    71.50
Barclays Bank PLC      2.95   5/31/2033     USD    70.00
Russian Agricultura    8.50  10/16/2023     USD    62.00
Far East Capital Lt    8.00    5/2/2018     USD    38.01
Virgolino de Olivei   10.50   1/28/2018     USD    18.00
Heta Asset Resoluti    0.84   1/24/2017     EUR    40.00
Espirito Santo Fina    5.13   5/30/2016     EUR     4.43
International Indus    9.00    7/6/2011     EUR     0.46
Gunther Zamek Produ    7.75   5/15/2017     EUR     4.11
Espirito Santo Fina    9.75  12/19/2025     EUR     3.44
Orpea                  1.75    1/1/2020     EUR    60.92
Gazprombank OJSC Vi    6.50   7/17/2020     USD    69.00
BNP Paribas SA         3.42   4/30/2033     USD    70.50
Credit Bank of Mosc    8.70  11/13/2018     USD    55.00
Cirio Holding Luxem    6.25   2/16/2004     EUR     1.12
Gazprombank OJSC Vi    8.75   6/29/2019     RUB    56.38
Norske Skogindustri    7.13  10/15/2033     USD    54.50
SiC Processing GmbH    7.13    3/1/2016     EUR     3.66
getgoods.de AG         7.75   10/2/2017     EUR     5.38
Finance and Credit     9.25   1/25/2019     USD    49.63
Heta Asset Resoluti    4.25   6/16/2015     EUR    69.38
Kezizalog Zrt          7.75   10/1/2018     EUR    48.45
Sistema JSFC via Si    6.95   5/17/2019     USD    72.50
Novo Banco SA          3.50    1/2/2043     EUR    72.73
TMK OAO Via TMK Cap    6.75    4/3/2020     USD    57.78
AK BARS Bank Via AK    8.00   7/13/2022     USD    52.75
Northland Resources    4.00  10/15/2020     NOK     0.14
Lehman Brothers Tre    6.00   11/2/2035     EUR     5.13
Alpine Holding GmbH    5.25   6/10/2016     EUR     0.02
Barclays Bank PLC      3.58   3/21/2033     USD    66.60
Travel24.com AG        7.50   9/17/2017     EUR    34.00
Breeze Finance SA      6.71   4/19/2027     EUR    44.00
Corsicanto Ltd         3.50   1/15/2032     USD    69.50
Alpine Holding GmbH    5.25    7/1/2015     EUR     0.02
Towergate Finance P   10.50   2/15/2019     GBP    26.38
KCA Deutag UK Finan    7.25   5/15/2021     USD    75.00
Windreich GmbH         6.50    3/1/2015     EUR    10.88
Ukraine Railways vi    9.50   5/21/2018     USD    51.75
Centrosolar Group A    7.00   2/15/2016     EUR     1.35
JZ Capital Partners    6.00   7/30/2021     GBP    10.65
Metinvest BV           8.75   2/14/2018     USD    55.08
Far Eastern Shippin   10.25   5/31/2016     RUB    72.01
Mechel                 8.40   5/27/2021     RUB    28.53
International Indus   11.00   2/19/2013     USD     0.46
Hellas Telecommunic    8.50  10/15/2013     EUR     0.00
Portigon AG            7.46  12/31/2019     EUR    10.00
Petrol AD              8.38   1/26/2017     EUR    46.38
Glitnir HF             6.69   6/15/2016     USD     0.02
Astana Finance BV      9.00  11/16/2011     USD     6.38
Barclays Bank PLC      0.50   3/13/2023     RUB    51.49
Bank of Khanty-Mans    9.15   6/18/2023     USD    73.63
Ukraine Government     7.75   9/23/2020     USD    59.64
OGX Austria GmbH       8.38    4/1/2022     USD     2.51
EDOB Abwicklungs AG    7.50    4/1/2012     EUR     0.67
Kaupthing Bank Hf      7.13   5/19/2016     USD     0.00
Borets Finance Ltd     7.63   9/26/2018     USD    72.25
Club Mediterranee S    6.11   11/1/2015     EUR    23.91
More & More AG         8.13   6/11/2018     EUR    39.50
TAG Immobilien AG      6.50  12/10/2015     EUR    10.57
Ukraine Government     4.95  10/13/2015     EUR    67.65
Heta Asset Resoluti    5.03   1/26/2017     EUR    39.25
Russian Federal Bon    5.00  10/31/2018     RUB    70.01
Agroton Public Ltd     6.00   7/14/2019     USD    30.25
Russian Agricultura    6.00    6/3/2021     USD    68.75
Novo Banco SA          3.50   3/18/2043     EUR    72.65
Heta Asset Resoluti    4.35   11/3/2016     EUR    39.38
Barclays Bank PLC      0.47  12/28/2040     EUR    65.19
Mechel                 8.40    6/1/2021     RUB    28.05
Cirio Del Monte NV     7.75   3/14/2005     EUR    10.75
Deutsche Bank AG/Lo    2.39   3/15/2033     USD    68.50
Lehman Brothers Tre    7.00   5/17/2035     EUR     5.13
Mechel                10.00   8/25/2020     RUB    43.06
Oesterreichische Vo    9.09   7/26/2025     EUR    17.38
Sazka AS               9.00   7/12/2021     EUR     2.80
Cirio Finanziaria S    8.00  12/21/2005     EUR     1.60
Societe Air France     2.75    4/1/2020     EUR    21.61
Sidetur Finance BV    10.00   4/20/2016     USD    20.00
Hypo Tirol Bank AG     0.66   7/23/2026     EUR    58.88
SUEK Finance           8.25   6/26/2020     RUB    75.00
Ukraine Government     7.95   2/23/2021     USD    61.07
Ukraine Government     6.25   6/17/2016     USD    64.36
friedola Gebr Holza    7.25   4/11/2017     EUR    49.25
Heta Asset Resoluti    5.04   2/15/2023     EUR    31.13
Hellenic Republic G    0.93   8/10/2019     EUR    64.64
Raspadskaya OJSC Vi    7.75   4/27/2017     USD    68.00
Societe Generale SA    3.26   2/28/2033     USD    70.56
Deutsche Bank AG       1.79   6/28/2033     USD    66.90
Indo Energy Finance    6.38   1/24/2023     USD    67.42
Privatbank CJSC Via   10.88   2/28/2018     USD    57.63
Gazprombank OJSC Vi    5.75  11/21/2018     USD    75.00
Del Monte Finance L    6.63   5/24/2006     EUR    15.88
Codere Finance Luxe    8.25   6/15/2015     EUR    62.25
Glitnir HF             6.38   9/25/2012     USD    11.88
Bank Otkritie Finan   10.00   4/26/2019     USD    69.75
TGC-2 OJSC            12.00  10/10/2018     RUB    45.50
Financing of Infras    8.38   11/3/2017     USD    59.42
Autonomous Communit    7.55   7/21/2026     EUR    63.72
Dexia Kommunalbank     4.88  12/31/2016     EUR    38.15
Depfa ACS Bank         0.25    7/8/2033     CAD    24.00
Lehman Brothers Tre    5.00   2/16/2015     EUR     4.56
City of Kyiv Via Ky    9.38   7/11/2016     USD    69.76
Lehman Brothers Tre    7.25   10/5/2035     EUR     4.36
Kaupthing Bank Hf      7.50    2/1/2045     USD     0.00
IT Holding Finance     9.88  11/15/2012     EUR     0.20
WGF Westfaelische G    6.35   12/1/2016     EUR    19.60
Societe Centrale de    9.00    7/1/2016     EUR     6.60
Lloyds Bank PLC        6.56    7/5/2033     USD    71.50
KPNQwest NV           10.00   3/15/2012     EUR     0.38
Cooperatieve Centra    0.50  11/26/2021     ZAR    54.65
Promsvyazbank OJSC    12.25    2/1/2018     RUB    50.00
UKRLANDFARMING PLC    10.88   3/26/2018     USD    46.00
Lehman Brothers Tre    6.00   2/15/2035     EUR     4.58
Sairgroup Finance B    4.38    6/8/2006     EUR    12.75
Lehman Brothers Tre    2.88   3/14/2013     CHF    11.13
Mriya Agro Holding     9.45   4/19/2018     USD    10.50
Heta Asset Resoluti    0.54  12/18/2030     EUR    39.00
Hellenic Republic G    2.27    2/7/2022     EUR    55.19
Heta Asset Resoluti    5.92   2/22/2022     EUR    39.50
Kaupthing Bank Hf      5.75   10/4/2011     USD    13.50
SAG Solarstrom AG      6.25  12/14/2015     EUR    45.00
Kaupthing Bank Hf      5.75   10/4/2011     USD    13.50
Kaupthing Bank Hf      6.50    2/3/2045     EUR     0.00
Bank Julius Baer &    13.35    3/5/2015     USD    52.25
Cattles Ltd            7.13    7/5/2017     GBP     3.00
A-TEC Industries AG    2.75   5/10/2014     EUR     2.00
Heta Asset Resoluti    4.63    3/4/2018     EUR    55.00
PNE Wind AG            3.75  10/10/2019     EUR     2.65
Novolipetsk Steel O    8.00   7/25/2023     RUB    75.00
Glitnir HF             6.00    3/5/2012     GBP    11.88
WPE International C   10.38   9/30/2020     USD    20.38
Kaupthing Bank Hf      7.63   2/28/2015     USD    13.50
Strenesse AG           9.00   3/15/2017     EUR    42.50
Cirio Finance Luxem    7.50   11/3/2002     EUR     7.63
AK BARS Bank          11.95  10/15/2015     RUB    60.01
Barclays Bank PLC      3.07   6/17/2033     USD    71.82
SAG Solarstrom AG      7.50   7/10/2017     EUR    45.00
Federal Grid Co Uni    8.25   9/15/2020     RUB    50.00
Solarworld AG          6.13   1/21/2017     EUR    31.25
Assystem               4.00    1/1/2017     EUR    22.63
Ukraine Government     6.58  11/21/2016     USD    60.85
Tophedge AG            9.00    6/1/2020     EUR     0.21
Frey                   6.00  11/15/2022     EUR    20.20
Banco Espirito Sant   10.00   12/6/2021     EUR     9.63
Credit Bank of Mosc    9.10  10/30/2018     RUB    70.01
Petromena ASA          9.75   5/24/2015     NOK     2.00
Solen AG               7.50    4/8/2016     EUR     1.10
Allied Irish Banks     0.83  10/24/2035     EUR    23.13
Far East Capital Lt    8.75    5/2/2020     USD    41.88
Teksid Aluminum Lux   11.38   7/15/2011     EUR     0.01
Bulgaria Steel Fina   12.00    5/4/2013     EUR     1.00
Alpha Credit Group     0.58   2/21/2021     EUR    53.47
Karlie Group GmbH      6.75   6/25/2018     EUR    58.42
Financing of Infras    7.40   4/20/2018     USD    59.48
Sovcombank ICB JSC    13.40   6/20/2016     RUB    60.01
BES Vida - Cia de S    2.28  12/19/2022     EUR    69.30
Home Credit & Finan    9.38   4/24/2020     USD    65.04
Raiffeisen Bank Int    4.50   9/28/2035     EUR    49.00
WGF Westfaelische G    5.35   5/15/2015     EUR    16.01
Agentstvo po Ipotec    7.49   2/15/2017     RUB    57.00
ffk environment Gmb    7.25    6/1/2016     EUR     3.50
BLT Finance BV        12.00   2/10/2015     USD    10.50
Svensk Exportkredit    0.50   3/28/2029     AUD    64.70
IKB Deutsche Indust    4.70   3/31/2017     EUR    22.00
KA Finanz AG           5.43   2/13/2024     EUR    59.13
Cyprus Popular Bank    1.83   5/26/2016     EUR     0.53
La Veggia Finance S    7.13  11/14/2004     EUR     0.63
SNS Bank NV            6.63   5/14/2018     EUR     2.78
Hellas Telecommunic    8.08   7/15/2015     EUR     0.89
NII International T    7.88   8/15/2019     USD    75.00
KPNQwest NV            7.13    6/1/2009     EUR     0.37
LBI HF                 6.10   8/25/2011     USD     9.88
Codere Finance Luxe    9.25   2/15/2019     USD    65.50
Bashneft OAO           8.85   1/31/2023     RUB    70.00
eno energy GmbH        7.38   6/30/2016     EUR    64.80
DTEK Finance PLC       7.88    4/4/2018     USD    59.14
Banco Espirito Sant    1.63   5/27/2018     EUR     9.63
HMS Hydraulic Machi   10.10   1/30/2018     RUB    53.38
Colonia Real Estate    5.88   5/11/2015     EUR     6.80
Heta Asset Resoluti    0.67  11/29/2032     EUR    39.00
Frigoglass Finance     8.25   5/15/2018     EUR    69.84
Cooperatieve Centra    0.50  10/29/2027     MXN    45.00
Air Berlin Finance     1.50   4/11/2027     EUR    63.36
Credit Europe Bank     9.20   10/9/2015     RUB    63.02
Mechel                 8.40   5/27/2021     RUB    29.12
Eitzen Chemical ASA   12.62    6/6/2016     NOK    20.50
Espirito Santo Fina    5.05  11/15/2025     EUR     3.94
Global PVQ Netherla    5.75   5/26/2014     EUR    30.13
Agentstvo po Ipotec    7.63   6/15/2018     RUB    71.03
KA Finanz AG           4.90   6/23/2031     EUR    49.75
DEMIRE Real Estate     6.00  12/30/2018     EUR     1.41
Freshwater Finance     6.06  10/17/2036     GBP    65.63
Glitnir HF             6.33   7/28/2011     USD    11.88
Geo Travel Finance    10.38    5/1/2019     EUR    70.00
Solarworld AG          6.38   7/13/2016     EUR    31.00
Svyaznoy Bank ZAO     12.00    8/6/2015     RUB    65.21
A-TEC Industries AG    8.75  10/27/2014     EUR     2.00
Gamigo AG              8.50   6/19/2018     EUR    75.00
CBo Territoria         6.00    1/1/2020     EUR     3.83
Dexia Kommunalbank     5.63  12/31/2017     EUR    30.00
Russian Federal Bon    7.05   1/19/2028     RUB    64.00
Banca Monte dei Pas    2.05  11/10/2020     EUR    70.00
Marine Subsea AS       9.00  12/16/2019     USD     0.50
Kaupthing Bank Hf      3.00   2/12/2010     CHF    13.50
Barclays Bank PLC      3.08    4/9/2028     USD    68.00
Aralco Finance SA     10.13    5/7/2020     USD     8.38
Heta Asset Resoluti    0.19   1/24/2017     EUR    64.13
ESTAVIS AG             6.25   3/27/2019     EUR     2.20
Home Credit & Finan   10.50   4/19/2021     USD    61.63
IKB Deutsche Indust    4.50   3/31/2015     EUR     0.50
Deutsche Bank AG/Lo    3.25   6/20/2019     EUR     0.50
Region of Puglia It    0.71    2/6/2023     EUR    72.56
Municipality Financ    0.50   3/28/2018     BRL    70.82
KPNQwest NV            8.88    2/1/2008     EUR     0.37
Region of Piemont I    0.34  11/27/2036     EUR    59.24
UniCredit Bank Aust    0.60   8/20/2033     EUR    69.88
Kaupthing Bank Hf      4.70   2/15/2010     CAD    13.50
Heta Asset Resoluti    7.50   5/27/2024     ATS    39.00
Junta de Castilla y    7.20  11/11/2026     EUR    63.19
Phosphorus Holdco P   10.00    4/1/2019     GBP     2.00
Mobile TeleSystems     8.70   11/7/2017     RUB    73.01
Bank Nederlandse Ge    0.50    6/7/2022     ZAR    54.77
Mriya Agro Holding    10.95   3/30/2016     USD    10.88
Financing of Infras    9.00   12/7/2017     USD    58.52
Svensk Exportkredit    7.00   9/26/2022     RUB    74.07
LBI HF                 6.10   8/25/2011     USD     9.88
Krasnodar Regional    10.75   9/13/2016     RUB    60.00
MegaFon Finans OOO     9.85   9/29/2022     RUB    64.01
Petromena ASA         10.85  11/19/2014     USD     2.00
Vnesheconombank        8.40  12/20/2018     RUB    75.00
Czerwona Torebka SA    7.21   4/15/2016     PLN    60.00
Bashneft OAO           8.35  12/13/2016     RUB    60.03
Solar Millennium AG    6.50   7/15/2015     EUR    11.00
Region of Abruzzo I    0.56   11/7/2036     EUR    55.67
Hema Bondco II BV      8.50  12/15/2019     EUR    62.17
Glitnir HF             4.75  10/15/2010     USD    11.88
UTair-Finans OOO      13.00  11/13/2015     RUB    23.63
BKN biostrom AG        7.50    6/5/2016     EUR     1.50
IKB Deutsche Indust    5.63   3/31/2017     EUR    22.00
Global PVQ Netherla    1.38   4/30/2012     EUR    30.13
Glitnir HF             4.38    2/5/2010     EUR    11.88
Societe Generale SA    1.92   6/28/2033     USD    66.00
Takko Luxembourg 2     7.08   4/15/2019     EUR    33.14
Finmek Internationa    7.00   12/3/2004     EUR     0.13
Kuzbassenergo-Finan    8.70   4/15/2021     RUB    53.00
Glitnir HF             3.00   6/30/2010     EUR    11.88
Bank Nederlandse Ge    0.50    3/3/2021     NZD    74.64
Transaero Airlines    12.00  10/25/2018     RUB    74.70
Bashneft OAO           9.00    2/4/2022     RUB    60.01
Vnesheconombank        2.00   6/18/2021     RUB    55.29
Heta Asset Resoluti    3.42   11/7/2016     EUR    69.75
Zlomrex Internation    8.50    2/1/2014     EUR    71.00
Glitnir HF             5.44  12/22/2015     USD    11.88
MirLand Development    7.21   5/31/2020     ILS    31.00
UniCredit Bank Aust    0.56  12/27/2031     EUR    71.13
Groupe Monceau Fleu    4.30    5/2/2022     EUR     4.50
Gigaset AG             3.00   4/22/2015     EUR     0.59
NII International T   11.38   8/15/2019     USD    75.00
Global PVQ Netherla    1.38   4/30/2012     EUR    30.13
Lehman Brothers Tre    8.25   3/16/2035     EUR     5.00
Heta Asset Resoluti    0.41   9/26/2043     EUR     3.52
Bremer Landesbank K    0.56    4/5/2041     EUR    69.63
Federal Grid Co Uni    8.00    1/7/2028     RUB    72.00
Kaupthing Bank Hf      6.13   10/4/2016     USD    13.25
Vnesheconombank        8.10   9/27/2018     RUB    70.01
Lehman Brothers Tre    5.00   2/27/2014     EUR     4.70
Phones4u Finance PL    9.50    4/1/2018     GBP    32.63
Svyaznoy Bank ZAO     13.50    6/8/2018     RUB    72.10
GFI Informatique SA    5.25    1/1/2017     EUR     5.97
Carcade OOO           12.50   4/25/2016     RUB    70.00
Kaupthing Bank Hf      5.25   7/18/2017     BGN    13.50
Norske Skogindustri   11.75   6/15/2016     EUR    73.00
Kaupthing Bank Hf      6.13   10/4/2016     USD    13.25
Oesterreichische Vo    9.09   7/26/2019     EUR    27.13
Lehman Brothers Tre    4.00   2/16/2017     EUR     7.75
Solon SE               1.38   12/6/2012     EUR     0.33
Sairgroup Finance B    6.63   10/6/2010     EUR    15.13
International Bank    13.50   6/23/2016     RUB    60.00
Ural-Siberian Bank    10.00   8/25/2017     RUB    60.01
OL Groupe SA           7.00  12/28/2015     EUR     6.43
Glitnir HF             5.31  12/24/2012     USD    11.88
Credit Agricole Cor    0.50    3/6/2023     RUB    51.17
Heta Asset Resoluti    0.23   2/17/2017     EUR    61.13
AdP - Aguas de Port    0.18  10/22/2027     EUR    70.13
EXER D GmbH            5.70    2/1/2016     EUR    10.00
Region of Molise It    0.58  12/15/2033     EUR    65.07
LBI HF                 2.25   2/14/2011     CHF     4.20
Konservenfabrik Zac    8.00    4/1/2016     EUR     0.00
RZD Rasvytie vokzal   12.50  10/21/2016     RUB    65.00
Heta Asset Resoluti    0.19    8/1/2017     EUR    54.00
Ideal Standard Inte   11.75    5/1/2018     EUR    50.38
Mechel                10.00   8/25/2020     RUB    43.30
Oesterreichische Vo    9.09   7/26/2024     EUR    17.50
Irkut Corp             9.00   11/6/2023     RUB    65.16
Lehman Brothers Tre    7.00  11/26/2013     EUR     4.70
Heckler & Koch GmbH    9.50   5/15/2018     EUR    74.88
Lehman Brothers Tre    5.00   9/22/2014     EUR     4.70
Lehman Brothers Tre    5.10    5/8/2017     HKD    29.88
Morgan Stanley BV      8.50   5/25/2015     EUR    26.43
Sachsen Bank           0.48   1/22/2041     EUR    71.89
Kaupthing Bank Hf      5.50    2/2/2009     USD    13.50
Lehman Brothers Tre    3.00   9/13/2010     JPY    29.88
Absolut Bank OAO      10.25   7/27/2016     RUB    60.01
Lehman Brothers Tre    8.25   12/3/2015     EUR     7.75
Russian Federal Bon    7.00   8/16/2023     RUB    65.10
KPNQwest NV            8.13    6/1/2009     USD     0.41
MT-Energie GmbH & C    8.25    4/4/2017     EUR     5.00
Bank National Facto   12.30  10/17/2016     RUB    60.00
HC Finance OOO         8.25  11/26/2021     RUB    70.00
Junta Comunidades d    0.29   12/5/2023     EUR    71.43
Glitnir HF             1.63   3/11/2009     CHF    11.88
LBI HF                 3.00   12/7/2010     CHF     4.20
BioEnergie Taufkirc    6.50   7/30/2020     EUR    69.50
Federal Grid Co Uni    8.50   6/22/2021     RUB    75.00
Artea                  6.00    8/4/2019     EUR     1.00
Lehman Brothers Tre    3.03   1/31/2015     EUR     7.75
Societe Generale SA    3.84   1/31/2033     USD    73.00
Kaupthing Bank Hf      7.13   5/19/2016     USD     0.00
MirLand Development    6.50  12/31/2015     ILS    37.26
Minicentrales Dos S    4.81  11/29/2034     EUR    73.00
Credit Bank of Mosc    8.65    4/8/2015     RUB    60.01
DEIKON GmbH            1.00  11/16/2016     EUR    26.30
MirLand Development    8.50   8/31/2016     ILS    32.12
Solarwatt GmbH         7.00   11/1/2015     EUR    14.50
City of Baile Hercu    2.50  12/16/2020     RON    75.00
Lehman Brothers Tre    5.25   5/26/2026     EUR     4.70
Lehman Brothers Tre    4.00  10/24/2012     EUR     4.70
Bank Otkritie Finan   10.00  12/17/2019     USD    67.00
Exane Finance          1.75   4/28/2016     EUR    65.79
Heta Asset Resoluti    0.39   3/12/2043     EUR     3.42
Emporiki Group Fina    5.00   2/24/2022     EUR    67.82
Lehman Brothers Tre   11.00  12/20/2017     AUD     4.70
TGK-9 OAO              8.10    8/7/2017     RUB    51.01
Russian Standard Ba   11.50   2/27/2016     RUB    70.01
Heta Asset Resoluti    4.88   9/18/2017     EUR    38.38
SAir Group             0.13    7/7/2005     CHF    11.00
Lehman Brothers Tre    4.00   12/2/2012     EUR     4.70
Lehman Brothers Tre    1.00    5/9/2012     EUR     4.70
Lehman Brothers Tre    4.50    5/2/2017     EUR     4.70
Breeze Finance SA     11.75   4/19/2027     EUR     3.00
Lehman Brothers Tre    6.00  10/30/2012     EUR     4.70
Northland Resources   15.00   7/15/2019     USD     1.56
RSG-Finance LLC       12.75  11/22/2016     RUB    70.03
Rusfinans Bank OOO    11.60  11/10/2015     RUB    60.01
Kommunalbanken AS      0.50   9/26/2017     BRL    74.88
RUSNANO OAO            8.90  12/20/2017     RUB    71.11
Credit Suisse AG/Lo   15.50    5/4/2016     USD    70.67
Federal Grid Co Uni    7.95    7/6/2023     RUB    73.01
Eitzen Chemical ASA   11.24    6/6/2016     USD    20.50
Lehman Brothers Tre    6.00   3/14/2011     EUR     4.70
Heta Asset Resoluti    0.30    4/9/2043     EUR     3.10
Espirito Santo Fina    5.05  11/15/2025     EUR     4.83
Lehman Brothers Tre    8.50    7/5/2016     EUR     4.70
RSL Communications    10.50  11/15/2008     USD     1.25
Credit Europe Bank     9.50   2/19/2016     RUB    60.00
Russian Railways JS    9.00   9/20/2039     RUB   100.00
Bank Nederlandse Ge    0.50   7/12/2022     ZAR    53.66
Royal Bank of Scotl    4.24   1/12/2046     EUR    72.50
Hamburgische Landes    0.46   1/22/2041     EUR    71.55
Province of Milan I    0.17  12/20/2042     EUR    43.61
Rosselkhozbank OJSC    7.90   9/18/2023     RUB    60.01
Mobile TeleSystems     5.00   6/29/2021     RUB    62.50
Investkredit Bank A    7.00   7/24/2022     EUR    63.69
Heta Asset Resoluti    5.27    4/7/2028     EUR    39.38
Bosnia & Herzegovin    2.50   6/30/2022     BAM    75.00
Cooperatieve Centra    0.50   7/30/2043     MXN    19.07
Alpha Credit Group     2.00   4/27/2024     EUR    44.25
Russian Railways JS    8.20   3/21/2028     RUB    75.00
Italy Government In    0.72   7/31/2045     EUR    63.94
Metkombank JSC         9.50   4/15/2015     RUB    60.01
Heta Asset Resoluti    4.54   9/22/2017     EUR    60.25
Agentstvo po Ipotec    8.25   9/15/2021     RUB    75.00
Europlan ZAO          12.50  10/31/2017     RUB    60.01
Allied Irish Banks     5.25   3/10/2035     GBP    26.50
Vontobel Financial     5.84    9/9/2016     EUR    72.64
DZ Bank AG Deutsche    6.50   3/24/2023     EUR    72.34
Anglian Water Servi    1.06   1/26/2057     GBP    73.18
Heta Asset Resoluti    5.73  12/10/2021     EUR    39.50
Codere Finance Luxe    8.25   6/15/2015     EUR    62.25
Siloviye Mashiny OA    8.10   9/28/2023     RUB    57.01
Bashneft OAO           8.85   1/31/2023     RUB    71.00
Notenstein Privatba   10.12   8/26/2015     USD    60.06
A-TEC Industries AG    5.75   11/2/2010     EUR     2.00
Region of Abruzzo I    0.40   11/7/2031     EUR    64.98
Raiffeisen Centroba    2.80  11/14/2016     EUR    67.03
Kaupthing Bank Hf      1.80  10/20/2009     JPY    13.50
Russian Highways       9.75  11/29/2016     RUB    60.01
ESTAVIS AG             7.75   6/25/2017     EUR     2.49
Caisse Centrale du     7.00   9/10/2015     EUR    15.39
Codere Finance Luxe    8.25   6/15/2015     EUR    61.00
Lehman Brothers Tre    6.00  10/24/2008     EUR     7.75
Oesterreichische Vo    5.27    2/8/2027     EUR    17.38
Cooperatieve Centra    0.50  10/30/2043     MXN    19.00
Lehman Brothers Tre    7.00    6/6/2017     EUR     4.70
Ingra DD               6.13   12/6/2016     HRK    12.99
Heta Asset Resoluti    0.49   8/12/2017     EUR    54.88
PJSC Geotech Seismi   10.50  10/17/2018     RUB    51.26
Alpha Credit Group     2.00  11/28/2032     EUR    23.96
ADLER Real Estate A    6.00  12/27/2018     EUR     7.25
Heta Asset Resoluti    3.72   3/15/2017     EUR    64.63
EuroChem Mineral &     8.90   6/26/2018     RUB    59.00
Municipality Financ    0.50    5/8/2029     AUD    62.72
Investkredit Bank A    4.77   4/12/2022     EUR    74.70
Republika Srpska       1.50  12/15/2023     BAM    72.00
WGF Westfaelische G    6.35    8/1/2017     EUR     4.00
SAir Group             4.25    2/2/2007     CHF    11.25
Heta Asset Resoluti    0.20   7/18/2017     EUR    54.63
Sidetur Finance BV    10.00   4/20/2016     USD    20.00
MirLand Development    6.00  11/30/2017     ILS    31.90
AdP - Aguas de Port    0.60   6/20/2022     EUR    70.25
LBI HF                 4.40   1/18/2010     CAD     4.20
Credit Suisse AG/Lo    1.64    6/1/2042     USD    57.94
Atari SA               0.10    4/1/2020     EUR     1.81
KA Finanz AG           6.08  12/13/2018     EUR    70.00
Kaupthing Bank Hf      9.75   9/10/2015     USD    13.50
Espirito Santo Fina    5.63   7/28/2017     EUR     4.06
ADLER Real Estate A    6.00   6/30/2017     EUR     7.25
Oesterreichische Vo    1.08   5/20/2025     EUR    64.25
Lehman Brothers Tre    8.25    2/3/2016     EUR     4.70
Municipality Financ    0.50  12/20/2018     ZAR    72.78
Lehman Brothers Tre    5.00   3/18/2015     EUR     6.38
Lehman Brothers Tre    4.95  10/25/2036     EUR     4.70
Lehman Brothers Tre    6.00   3/18/2015     USD     4.70
Agentstvo po Ipotec   10.75   5/15/2023     RUB    58.00
Credit Europe Bank    11.25    9/5/2016     RUB    60.01
Kommunekredit          0.50  10/22/2019     BRL    59.50
Alpha Credit Group     1.50  12/18/2028     EUR    27.29
Heta Asset Resoluti    0.36    4/9/2018     EUR    46.38
UniCredit Bank Aust    0.44   1/25/2031     EUR    69.88
Lehman Brothers Tre    1.46   2/19/2012     JPY    29.88
Baltic Financial Ag   12.75   9/27/2016     RUB    60.00
INKA Beteiligungsve    5.10  10/31/2018     EUR    70.00
UTair-Finans OOO      12.00   6/17/2016     RUB    30.00
Lehman Brothers Tre    1.28   11/6/2010     JPY    29.88
LBI HF                 4.53   4/24/2012     EUR     4.20
Lehman Brothers Tre    4.00   7/20/2012     EUR     4.70
Promsvyazbank OJSC    10.50   3/17/2021     USD    60.00
DekaBank Deutsche G    0.12   6/23/2034     EUR    74.42
DEIKON GmbH            1.00    7/1/2015     EUR    26.00
Heta Asset Resoluti    5.80   6/17/2017     EUR    58.38
Lehman Brothers Tre    8.88   1/28/2011     HKD    29.88
UTair-Finans OOO      13.00  11/13/2015     RUB    23.05
Windreich GmbH         6.75    3/1/2015     EUR    10.88
RUSNANO OAO            8.90  12/20/2017     RUB    70.00
UniCredit Bank AG      4.00   6/25/2015     EUR    64.17
Heta Asset Resoluti    0.36   4/22/2018     EUR    49.38
BLT Finance BV         7.50   5/15/2014     USD     6.00
City of Kiev Ukrain    8.00   11/6/2015     USD    74.15
Republika Srpska       1.50   6/30/2023     BAM    74.01
KA Finanz AG           4.44  12/20/2030     EUR    42.00
Lehman Brothers Tre    4.69   2/19/2017     EUR     7.75
Sviaz Bank OAO        11.15   4/29/2016     RUB    60.01
HSBC Bank PLC          0.50    3/1/2018     RUB    74.80
EDOB Abwicklungs AG    7.50    4/1/2012     EUR     0.65
Republic of Khakass    8.40  10/27/2020     RUB    67.04
Emporiki Group Fina    5.00   12/2/2021     EUR    68.14
Svensk Exportkredit    0.50   1/31/2022     ZAR    51.79
Cerruti Finance SA     6.50   7/26/2004     EUR     1.77
Lehman Brothers Tre    5.00    5/2/2022     EUR     7.75
Lehman Brothers Tre    7.50    5/2/2017     EUR     4.70
Cassa di Risparmio     1.98   4/15/2018     EUR    53.75
Commerzbank AG         5.00   9/27/2019     EUR    74.17
Heta Asset Resoluti    0.23   8/11/2017     EUR    53.75
Lehman Brothers Tre    5.50   4/23/2014     EUR     4.70
Societe Generale SA    0.50   5/30/2023     MXN    62.40
Oesterreichische Vo    9.09   7/26/2020     EUR    27.13
Municipality Financ    0.50   6/19/2024     ZAR    41.80
Leonteq Securities     6.72    6/5/2015     USD    72.63
Enemona AD-Kozloduy   10.00   4/28/2017     BGN     1.56
LBI HF                 5.25    6/5/2023     EUR     4.20
Hamburgische Landes    0.47  10/30/2040     EUR    71.61
Comune di Verona       0.31   12/1/2026     EUR    64.30
Fonciere Volta SA      4.50   7/30/2020     EUR     2.70
BNP Paribas SA         0.50   1/31/2018     RUB    67.21
Barclays Bank PLC      0.50   4/24/2023     MXN    62.99
RFA-Invest OAO        12.00   2/24/2016     RUB    60.00
Russian Federal Sav    8.15    3/6/2025     RUB    71.44
Russian Bank for Sm    8.25  11/26/2016     RUB    60.01
Heta Asset Resoluti    3.90   1/24/2017     EUR    67.63
Lehman Brothers Tre    4.00   7/27/2011     EUR     4.70
UTair-Finans OOO      12.00   4/22/2015     RUB    20.01
UTair-Finans OOO      12.00   6/17/2016     RUB    40.00
Barclays Bank PLC      3.09   5/10/2028     USD    74.86
Astana Finance BV     14.50    7/2/2013     USD     6.38
Zlomrex Internation    8.50    2/1/2014     EUR    71.00
Societe Generale SA    2.37  11/29/2032     USD    68.71
UBS AG                 9.00    7/3/2017     CHF    58.28
Oesterreichische Vo    4.81   7/29/2025     EUR    61.00
Heta Asset Resoluti    0.15    5/6/2016     EUR    71.63
LBI HF                 6.00    6/6/2017     EUR     4.20
RMK-Finans             0.10  12/15/2015     RUB    68.16
Lehman Brothers Tre    8.00   2/16/2016     EUR     4.70
AdP - Aguas de Port    0.30   1/23/2023     EUR    70.13
RBC OJSC               3.27   4/19/2018     RUB    45.00
Lehman Brothers Tre    7.60   3/26/2009     EUR     4.70
iMoneyBank            13.00  10/27/2016     RUB    60.00
Northland Resources   12.25   3/26/2016     USD     1.56
Kommunekredit          0.50   2/20/2020     BRL    56.58
Republika Srpska       1.50  10/30/2023     BAM    73.20
Heta Asset Resoluti    0.13   1/24/2017     EUR    61.00
Lehman Brothers Tre    8.00   4/20/2009     EUR     4.70
Salvator Grundbesit    9.50  12/31/2021     EUR    13.00
Lehman Brothers Tre    1.75    2/7/2010     EUR     7.75
Kommunalbanken AS      0.50    3/2/2018     BRL    70.74
Kommunekredit          0.50   7/30/2027     TRY    32.82
RUSNANO OAO            8.90  12/20/2017     RUB    60.00
Bank Julius Baer &     9.75   3/27/2015     USD    70.05
Credit Suisse AG       8.50    1/9/2015     USD     7.82
SAir Group             5.13    3/1/2003     CHF    11.00
Kommunekredit          0.50  12/14/2020     ZAR    64.02
Heta Asset Resoluti    0.84   9/20/2017     EUR    39.38
SG Option Europe SA    7.00    5/5/2017     EUR    60.02
AKB Baltica Bank       8.25    6/5/2024     RUB    33.12
UTair-Finans OOO      12.00   4/22/2015     RUB    20.01
hkw personalkonzept    8.25  11/15/2016     EUR     1.20
UniCredit Bank ZAO     8.10  11/20/2018     RUB    60.00
Uboat Line SA          8.06   9/27/2015     PLN    50.00
BNP Paribas Emissio    8.00   6/25/2015     EUR    69.60
LBI HF                 3.20   5/10/2010     SKK     4.20
Heta Asset Resoluti    0.18   3/15/2017     EUR    59.00
Housing Financing F    2.70    1/1/2020     ISK    66.00
HSBC Bank PLC          0.50   4/27/2027     NZD    56.16
Municipality Financ    0.50  11/10/2021     NZD    73.29
Bank Julius Baer &     9.40   5/27/2015     CHF    62.45
Province of Rovigo     0.43  12/28/2035     EUR    58.55
Avanquest Software     6.50   2/15/2015     EUR     4.30
Heta Asset Resoluti    5.68    7/5/2017     EUR    58.00
Junta de Castilla y    6.60   2/24/2023     EUR    67.98
UniCredit Bank ZAO     8.60   2/11/2016     RUB    60.03
World of Building T    5.40   6/25/2019     RUB     2.40
JP Morgan Structure    5.65    7/1/2015     CHF    47.55
Heta Asset Resoluti    4.40   6/20/2017     EUR    57.75
Province of Milan I    0.42  12/22/2033     EUR    65.73
Lehman Brothers Tre    5.00   8/16/2017     EUR     4.70
Lehman Brothers Tre    3.86   9/21/2011     SGD     7.75
Cassa Depositi e Pr    0.15  10/31/2029     EUR    70.73
Bank St Petersburg    10.90    9/8/2016     RUB    60.06
UTair-Finans OOO       9.50   7/21/2016     RUB    20.00
UTair-Finans OOO      12.00   6/17/2016     RUB    30.00
UTair-Finans OOO      11.75   5/26/2015     RUB    20.00
Sviaz Bank OAO        11.40   4/13/2022     RUB    60.01
Societe Generale SA   13.20   7/29/2015     USD    54.41
Bank Nederlandse Ge    0.50   9/20/2022     MXN    69.60
UBS AG                19.25   3/29/2016     EUR    67.23
Heta Asset Resoluti    0.38   3/10/2018     EUR    47.38
SAir Group             5.50   7/23/2003     CHF    11.00
UniCredit Bank AG      0.80  11/19/2029     EUR    67.00
Lehman Brothers Tre    6.65   8/24/2011     AUD    29.88
Heta Asset Resoluti    0.35   5/17/2017     EUR    56.13
Lehman Brothers Tre    4.00   3/10/2011     EUR     4.70
Deutsche Bank AG/Lo    0.50   10/5/2021     IDR    62.42
Kaupthing Bank Hf      4.65   2/19/2013     EUR    13.50
PC Guard SA            8.23   4/13/2015     PLN    75.00
Lehman Brothers Tre   10.00  10/22/2008     USD     7.75
HSBC Bank PLC          0.50   2/24/2027     NZD    56.74
Lenenergo OAO          8.50   4/18/2017     RUB    60.00
Bank Nederlandse Ge    0.50   8/15/2022     ZAR    55.64
Raiffeisen Centroba    2.40  12/19/2016     EUR    67.43
UTair-Finans OOO      12.00   5/26/2015     RUB    20.01
Heta Asset Resoluti    0.30   5/17/2017     EUR    56.75
Barclays Bank PLC      1.99   12/1/2040     USD    73.11
LBI HF                 6.75   2/18/2015     EUR     4.20
Hellas Telecommunic    8.08   7/15/2015     EUR     0.89
Lehman Brothers Tre   13.50  11/28/2008     USD     7.75
Oesterreichische Vo    6.00   3/30/2017     EUR    15.00
Caixa Geral de Depo    5.98    3/3/2028     EUR    71.88
Kommunalbanken AS      0.50   11/8/2018     BRL    65.86
Emporiki Group Fina    5.10   12/9/2021     EUR    69.08
Glitnir HF             6.38   9/25/2012     USD    11.88
Heta Asset Resoluti    4.07   3/21/2017     EUR    65.00
HSBC Bank PLC          0.50    6/4/2018     IDR    74.65
Russian Federal Sav    8.15   10/1/2025     RUB    71.25
Barclays Bank PLC      0.50   3/19/2021     MXN    71.92
Republika Srpska       1.50   9/25/2026     BAM    63.03
Hanzenvast Gothenbu    8.00   6/30/2022     EUR    75.00
Credit Suisse AG/Na    8.50    4/7/2015     USD    61.74
Leonteq Securities    19.94   5/21/2015     CHF    57.92
Hellas Telecommunic    8.50  10/15/2013     EUR     0.00
SV Patrimonia          4.00   4/19/2016     EUR    50.50
Glitnir HF             2.25   2/15/2011     EUR    11.88
Glitnir HF             3.25   8/15/2016     EUR    11.88
Investkredit Bank A    0.61   3/14/2020     EUR    70.41
Province of Treviso    0.17  12/31/2034     EUR    57.06
Lehman Brothers Tre   11.75    3/1/2010     EUR     7.75
Heta Asset Resoluti    0.42    3/4/2018     EUR    47.38
BNP Paribas SA         0.50  11/16/2032     MXN    32.77
Bank Nederlandse Ge    0.50   5/12/2021     ZAR    60.34
Credit Suisse AG/Lo   15.00   9/18/2015     USD    70.87
Bank Julius Baer &    10.20  11/13/2015     USD    70.50
SAir Group             6.25   4/12/2005     CHF    10.75
Bank Julius Baer &     8.75   5/22/2015     USD    64.05
HSBC Bank PLC          0.50  10/30/2018     IDR    72.04
UBS AG/London         10.50    6/5/2015     CHF    50.24
Landeskreditbank Ba    0.50   5/10/2027     CAD    70.67
Kaupthing Bank Hf      0.69   5/21/2011     JPY    13.50
Kuzbassenergo-Finan   11.00   6/14/2021     RUB    50.05
Lehman Brothers Tre    7.00  10/22/2010     EUR     4.70
Glitnir HF             3.75   1/15/2010     EUR    11.88
Gold-Zack AG           7.00  12/14/2005     EUR    11.02
Lehman Brothers Tre   11.00   6/29/2009     EUR     7.75
Lehman Brothers Tre    5.55   3/12/2015     EUR     7.75
Province of Brescia    0.52  12/22/2036     EUR    57.76
Lehman Brothers Tre   14.90   9/15/2008     EUR     7.75
MORTGAGE AGENT AHML    3.00    9/9/2045     RUB    72.46
Sviaz Bank OAO        11.15   11/1/2015     RUB    70.01
Republika Srpska       1.50   6/15/2024     BAM    74.00
Bank Nederlandse Ge    0.50    8/9/2022     MXN    70.04
Cooperatieve Centra    0.50   1/31/2033     MXN    28.22
Svensk Exportkredit    0.50   3/15/2022     ZAR    51.09
HSBC Bank PLC          0.50  12/29/2026     AUD    68.15
Leonteq Securities    10.30   6/10/2015     CHF    60.81
Horus Finance ZAO     13.00    3/6/2019     RUB    60.30
Bank MIA              10.75    6/6/2017     RUB    60.01
Societe Generale SA    5.50   7/27/2015     EUR    55.84
UBS AG/London          2.06   3/31/2017     USD     9.79
Heta Asset Resoluti    0.32    7/1/2017     EUR    55.13
SAir Group             6.25  10/27/2002     CHF    11.13
Glitnir HF             5.00   3/14/2012     EUR    11.88
Glitnir HF             4.75  10/15/2010     USD    11.88
Muehl Product & Ser    6.75   3/10/2005     DEM     1.70
Province of Treviso    0.31  12/31/2034     EUR    58.42
RSL Communications    12.00   11/1/2008     USD     1.25
Bosnia & Herzegovin    2.50   6/30/2023     BAM    72.06
Glitnir HF             3.25   9/15/2015     EUR    11.88
ECM Real Estate Inv    5.00   10/9/2011     EUR    10.38
Lehman Brothers Tre    0.50  12/20/2017     AUD     4.70
LBI HF                 7.20   4/27/2026     EUR     0.01
Lehman Brothers Tre    8.00  10/17/2014     EUR     4.70
KA Finanz AG           4.26    2/8/2019     EUR    61.13
Republika Srpska       1.50  12/15/2023     BAM    74.00
Republika Srpska       1.50  12/22/2023     BAM    66.00
BNP Paribas SA         0.50    5/6/2021     MXN    70.53
URALSIB Leasing Co    11.00   4/21/2016     RUB    60.86
Cooperatieve Centra    0.50  11/30/2027     MXN    44.70
Svensk Exportkredit    0.50   6/20/2029     AUD    62.04
Kommunalbanken AS      0.50   5/27/2022     ZAR    53.27
Bank Soyuz JSCB       12.75  10/11/2018     RUB    60.00
HSBC Bank PLC          0.50   6/28/2019     IDR    67.96
URALSIB Leasing Co    11.50   2/10/2015     RUB    59.27
Uboat Line SA          6.00   4/24/2015     PLN    75.00
Republika Srpska       1.50   5/31/2025     BAM    68.50
Republic of Srpska     1.50    6/9/2025     BAM    68.50
JP Morgan Structure    8.20   5/18/2015     CHF    73.91
UBS AG                12.00  12/29/2015     EUR    56.13
Heta Asset Resoluti    4.70    4/2/2018     EUR    53.13
Heta Asset Resoluti    0.46   7/28/2017     EUR    54.38
Heta Asset Resoluti    0.46   8/21/2017     EUR    54.13
Dresdner Bank AG       0.77  11/19/2029     EUR    57.88
Kommunekredit          0.50   5/11/2029     CAD    67.91
Lehman Brothers Tre    4.70   3/23/2016     EUR     4.70
COFIDUR SA             0.10  12/31/2024     EUR    15.03
Russian Federal Sav    7.60   12/9/2021     RUB    71.50
Russian Federal Sav    7.60   2/24/2021     RUB    73.01
LBBW                   0.60    1/8/2041     EUR    70.91
KPNQwest NV            8.88    2/1/2008     EUR     0.37
Lehman Brothers Tre    4.00   4/13/2011     CHF     4.70
LBI HF                 7.25    4/2/2011     EUR     4.20
VEB-Leasing OAO        9.50    4/2/2021     RUB    60.01
Investpro OOO         13.00  12/31/2018     RUB    60.00
DeltaCredit Bank       8.45   8/30/2018     RUB    60.00
Russian Post FGUP      8.70  10/18/2019     RUB    60.00
Lehman Brothers Tre    4.35    8/8/2016     SGD    29.88
Lehman Brothers Tre    7.55  12/29/2008     USD     4.70
Windreich GmbH         6.25    3/1/2015     EUR    10.88
Svensk Exportkredit    0.50   2/22/2022     ZAR    51.42
Heta Asset Resoluti    0.43   8/28/2017     EUR    54.00
UBS AG/London         10.25   3/10/2017     USD     9.54
Bank Julius Baer &    14.75   5/20/2015     CHF    60.80
Raiffeisen Centroba    6.65   8/12/2015     EUR    74.24
Glitnir HF             3.00  10/31/2015     EUR    11.88
Barclays Bank PLC      9.00   4/24/2015     USD     8.97
Lehman Brothers Tre    4.00   2/28/2010     EUR     7.75
Kaupthing Bank Hf      0.80   2/15/2011     EUR    13.50
UBS AG                10.37  10/23/2015     USD    16.75
Glitnir HF             2.00   1/30/2009     CHF    11.88
Oesterreichische Vo    4.25    9/7/2020     EUR    70.35
Glitnir HF             3.00    4/1/2010     CZK    11.88
Union Technologies     0.10    1/1/2020     EUR     5.30
LBI HF                 6.75   8/18/2015     EUR     4.20
Lehman Brothers Tre    0.50  12/20/2017     AUD     4.70
Lehman Brothers Tre    5.00   5/12/2011     CHF     4.70
Comune di Ladispoli    0.28  12/31/2026     EUR    74.18
Barclays Bank PLC      0.50   1/28/2033     MXN    34.82
HSBC Bank PLC          0.50   12/8/2026     AUD    62.75
Svensk Exportkredit    0.50   4/25/2019     BRL    61.24
HSBC Bank PLC          0.50  10/30/2026     NZD    57.84
Municipality Financ    0.50  11/21/2018     ZAR    73.25
City of Krasnodar R    9.00   11/5/2015     RUB    60.04
Russian Federal Sav    8.15   3/10/2027     RUB    70.78
Leonteq Securities    13.90   1/15/2015     USD    56.41
HSBC Bank PLC          0.50   9/28/2018     IDR    72.71
Russian Bor Chemica   10.00  12/20/2018     RUB     0.01
wige MEDIA AG          6.00   3/17/2019     EUR     1.85
Kaupthing Bank Hf      7.90    2/1/2016     EUR    13.50
NIBC Bank NV          25.98    5/7/2029     EUR    49.39
Kaupthing Bank Hf      7.90   4/28/2016     EUR    13.50
DEIKON GmbH            1.00    7/1/2016     EUR    27.00
Glitnir HF             5.86   7/28/2016     GBP    11.88
Lehman Brothers Tre    3.00   12/3/2012     EUR     4.70
Lehman Brothers Tre    6.00    3/4/2015     USD     4.70
Comune di Orvieto      0.30  12/31/2031     EUR    61.49
Heta Asset Resoluti    0.47   2/10/2018     EUR    51.13
Lehman Brothers Tre    6.70   4/21/2011     USD     4.70
HSBC Bank PLC          0.50  12/20/2018     RUB    69.92
Lehman Brothers Tre    9.25   6/20/2012     USD     4.70
Lehman Brothers Tre    7.00   2/15/2012     EUR     7.75
Lehman Brothers Tre    9.00   5/15/2022     USD     4.70
Comune di San Bened    0.25   6/30/2027     EUR    72.71
Lehman Brothers Tre   14.90  11/16/2010     EUR     7.75
e-Kancelaria Grupa     8.37  10/17/2016     PLN    70.80
Bank Nederlandse Ge    0.50   9/20/2022     ZAR    53.99
DeltaCredit Bank       8.25    8/7/2015     RUB    60.01
ExpertGroup OOO/Rus   13.00  12/11/2015     RUB    60.00
Societe Generale SA    0.50    4/3/2023     RUB    51.45
Kommunalbanken AS      0.50    8/9/2017     BRL    74.43
Municipality Financ    0.50  12/14/2018     TRY    70.58
Societe Generale Ef    5.00   11/7/2016     EUR    74.78
Republika Srpska       1.50  12/24/2025     BAM    66.36
BNP Paribas SA         0.50   9/29/2029     AUD    65.16
Svensk Exportkredit    0.50   6/29/2029     AUD    65.67
Bank Julius Baer &     8.25   9/18/2015     CHF    53.40
UBS AG/London          9.06  10/23/2015     CHF    68.80
UBS AG/London         12.75   2/12/2015     CHF    48.17
Heta Asset Resoluti    0.35    4/2/2018     EUR    46.50
KFW                    0.25   10/6/2036     CAD    37.21
Lehman Brothers Tre    0.80  12/30/2016     EUR     4.70
RSL Communications    10.13    3/1/2008     USD     1.25
Lehman Brothers Tre    3.70    6/6/2009     EUR     4.70
RSL Communications     9.13    3/1/2008     USD     1.25
Kaupthing Bank Hf      1.99    7/5/2012     JPY    13.50
Driver & Bengsch AG    8.50  12/31/2027     EUR     0.00
Municipality Financ    0.25   6/28/2040     CAD    26.47
Russian Federal Sav    7.70  12/16/2020     RUB    73.83
UniCredit Bank Aust    0.70   1/22/2031     EUR    67.63
Lehman Brothers Tre    0.50  12/20/2017     AUD     4.70
Lehman Brothers Tre    6.30  12/21/2018     USD     4.70
Lehman Brothers Tre    4.60  10/11/2017     ILS    29.88
Comune di Lozio        0.44  12/31/2035     EUR    55.88
Comune di Marsciano    0.33  12/31/2036     EUR    52.83
Lehman Brothers Tre    7.59  11/22/2009     MXN    29.88
LBI HF                 4.38  10/20/2008     EUR     4.20
Societe Generale SA    0.50   6/12/2023     RUB    50.51
Lehman Brothers Tre   11.00    7/4/2011     CHF     7.75
Lehman Brothers Tre   15.00   3/30/2011     EUR     4.70
UniCredit Bank Aust    0.47   1/24/2031     EUR    68.75
Lehman Brothers Tre    4.05   9/16/2008     EUR     4.70
Kommunekredit          0.50   9/19/2019     BRL    60.20
Svensk Exportkredit    0.50   8/28/2020     TRY    60.96
Municipality Financ    0.50   2/22/2019     IDR    69.68
Lehman Brothers Tre    2.50   11/9/2011     CHF     4.70
Lehman Brothers Tre    1.50  10/25/2011     EUR     4.70
RSL Communications     9.88  11/15/2009     USD     1.25
HSBC Bank PLC          0.50   5/31/2019     IDR    68.27
Lloyds Bank PLC        0.50   7/26/2028     MXN    41.18
Svensk Exportkredit    0.50   8/28/2018     BRL    65.56
Svensk Exportkredit    0.50   4/24/2029     AUD    64.26
Otkritie Holding      12.50   7/26/2017     RUB    60.00
Leonteq Securities    14.20  11/18/2015     CHF    74.93
Vontobel Financial     8.55   3/13/2015     EUR    73.12
Goldman Sachs & Co    11.00   6/24/2015     EUR    73.12
Banque Cantonale Va   15.70   3/27/2015     EUR    55.14
JP Morgan Structure   12.00   2/17/2015     CHF    41.71
UBS AG                10.00   3/27/2015     USD     7.55
Glitnir HF             3.00  11/30/2009     EUR    11.88
IT Holding Finance     9.88  11/15/2012     EUR     0.20
Heta Asset Resoluti    0.23    2/9/2017     EUR    60.38
Depfa ACS Bank         0.50    3/3/2025     CAD    73.20
Municipality Financ    0.50   3/17/2025     CAD    68.06
Lehman Brothers Tre    6.00   9/20/2011     EUR     4.70
Lehman Brothers Tre   18.25   10/2/2008     USD     7.75
Glitnir HF             4.85   4/26/2012     EUR    11.88
Lehman Brothers Tre   10.00    1/3/2012     BRL     4.70
Nutritek Internatio    8.75  12/11/2008     USD     2.00
Oesterreichische Vo    4.90   8/18/2025     EUR    61.30
ENEFI Energyefficie   10.24   2/12/2015     HUF    17.29
Bank Nederlandse Ge    0.50   6/22/2021     ZAR    55.92
Glitnir HF             6.00  12/15/2012     GBP    11.88
Kaupthing Bank Hf      7.00   4/28/2012     ISK     0.00
Province of Palermo    0.28  12/31/2035     EUR    53.57
LBI HF                 4.32   1/31/2010     EUR     4.20
Lehman Brothers Tre    3.00   3/19/2018     JPY     7.75
Kommunalbanken AS      0.50   9/20/2018     BRL    66.78
Medved-Finans OOO     12.50   8/22/2016     RUB    60.10
Kommunalbanken AS      0.50   8/15/2018     BRL    68.92
Cooperatieve Centra    0.50   8/21/2028     MXN    42.28
Comune di Orvieto      0.30  12/31/2030     EUR    63.59
Province of Teramo     0.27  12/30/2030     EUR    65.57
HSBC Bank PLC          0.50   1/29/2027     NZD    56.92
Municipality Financ    0.50  11/21/2018     TRY    70.68
HSBC Bank PLC          0.50   7/30/2019     IDR    67.43
Efesk Group           13.25   6/14/2016     RUB    60.10
Avangard Bank         10.25    2/1/2016     RUB    60.00
Republic of Karelia   12.25    4/8/2020     RUB    70.11
UBS AG                 8.05    1/7/2015     USD     7.78
Republic of Mariy E   11.30    7/7/2018     RUB    60.05
e-Kancelaria Grupa     9.00   12/4/2015     PLN    73.90
Notenstein Privatba   10.80   1/30/2015     USD    70.41
Bank Julius Baer &     8.00    5/7/2015     USD    51.10
EFG International F    6.48   5/29/2018     EUR    54.01
Notenstein Privatba   14.00    3/9/2015     CHF    46.11
Bank Julius Baer &     9.45   1/23/2015     USD    60.30
Banque Cantonale Va   16.10   3/27/2015     CHF    55.50
Zurcher Kantonalban    5.00   9/17/2015     CHF    62.56
JP Morgan Structure   10.00   1/15/2015     USD    64.35
Svensk Exportkredit    0.50   8/29/2029     AUD    66.91
Kaupthing Bank Hf      6.50   10/8/2010     ISK    13.50
Kaupthing Bank Hf      6.40  12/15/2015     EUR    13.50
Lehman Brothers Tre    4.50  12/30/2010     USD     7.75
Provinsor Fastighet    8.50   6/30/2015     DKK     0.10
Freshwater Finance     6.18   4/20/2035     GBP    68.13
Glitnir HF             3.30   6/10/2010     EUR    11.88
LBI HF                 1.68  12/22/2014     JPY     4.20
Rinol AG               5.50  10/15/2006     DEM     0.00
Lehman Brothers Tre    4.25   3/13/2021     EUR     7.75
LBI HF                 4.34  12/22/2025     EUR     4.20
LBI HF                 7.75   2/22/2016     USD     4.20
Province of Brescia    0.68   6/30/2036     EUR    58.53
Lehman Brothers Tre    4.80  11/16/2012     HKD     7.75
KPNQwest NV            7.13    6/1/2009     EUR     0.37
Comunita Montana de    0.31   6/30/2027     EUR    74.39
Glitnir HF             6.69   6/15/2016     USD     0.02
Glitnir HF             7.32  12/19/2012     USD    11.88
Lehman Brothers Tre    6.25  11/30/2012     EUR     4.70
Lehman Brothers Tre    6.25    9/5/2011     EUR     4.70
Svensk Exportkredit    0.50  12/17/2027     USD    71.58
Heta Asset Resoluti    0.35   5/10/2017     EUR    56.38
Glitnir HF             6.00    8/1/2015     ISK    11.88
LBI HF                 5.08    3/1/2013     ISK     4.20
Lehman Brothers Tre   11.00  12/19/2011     USD     4.70
Lehman Brothers Tre    6.60    2/9/2009     EUR     4.47
Comune di Bossico      0.39  12/31/2035     EUR    55.15
Comune di Ponte Di     0.39  12/31/2035     EUR    55.15
Lehman Brothers Tre    4.68  12/12/2045     EUR     7.75
Kaupthing Bank Hf      7.50    4/2/2011     EUR    13.50
Lehman Brothers Tre    9.75   6/22/2018     USD     4.70
Lehman Brothers Tre    2.00   6/28/2011     EUR     4.70
Arizk                  3.00  12/20/2030     RUB    23.91
Comune di Erchie       0.31  12/31/2036     EUR    52.28
Comune di Soriano N    0.27  12/31/2026     EUR    74.29
Lehman Brothers Tre    0.50    7/2/2020     EUR     7.75
Oesterreichische Vo    3.78   8/25/2033     EUR    71.00
HSBC Bank PLC          0.50   11/9/2018     IDR    71.88
Comune di Cimbergo     0.39  12/31/2035     EUR    55.15
Lehman Brothers Tre    4.60    7/6/2016     EUR     4.70
Lehman Brothers Tre    5.00  11/22/2012     EUR     4.70
Lehman Brothers Tre    8.28   3/26/2009     USD     4.70
BNP Paribas SA         0.50   2/13/2024     NZD    65.18
HSBC Bank PLC          0.50  12/29/2022     AUD    70.92
HSBC Bank PLC          0.50   12/2/2022     AUD    70.93
HSBC Bank PLC          0.50    6/9/2023     MXN    63.88
Svensk Exportkredit    0.50   6/28/2022     ZAR    49.45
Svensk Exportkredit    0.50   6/26/2019     TRY    66.73
Municipality Financ    0.50    8/8/2029     NZD    54.81
Municipality Financ    0.50   1/23/2018     BRL    72.83
Municipality Financ    0.50  11/25/2020     ZAR    58.36
Lehman Brothers Tre    3.00   6/23/2009     EUR     4.70
Leonteq Securities     6.70    6/6/2016     USD    67.65
Societe Generale SA    0.50    4/4/2024     MXN    60.50
Commerzbank AG         6.50   2/26/2015     EUR    70.56
DekaBank Deutsche G    5.75    2/5/2015     EUR    71.13
Bank Julius Baer &     6.50   7/31/2015     USD    56.55
Leonteq Securities    10.00   9/17/2015     USD    68.57
Notenstein Finance     7.00  10/23/2015     USD    62.03
SAir Group             2.13   11/4/2004     CHF    11.00
Republika Srpska       9.00   9/26/2027     BAM    62.00
Commerzbank AG         6.50   2/26/2015     EUR    57.77
Bank Julius Baer &     8.10    5/7/2015     USD    65.90
Bank Julius Baer &    12.50    4/7/2015     CHF    47.70
Goldman Sachs & Co    10.00   3/25/2015     EUR    67.93
Societe Generale SA    4.00   3/29/2016     EUR    66.68
Barclays Bank PLC      3.50    2/5/2016     EUR    58.36
Raiffeisen Centroba    5.32   3/12/2015     EUR    21.55
Commerzbank AG        10.00   3/26/2015     EUR    73.54
UBS AG/London          7.00   1/22/2015     CHF    41.64
Commerzbank AG         4.00    2/3/2015     EUR    55.33
Commerzbank AG        13.50   4/23/2015     EUR    60.57
SAir Group             2.75   7/30/2004     CHF    10.75
Lehman Brothers Tre    4.25   5/15/2010     EUR     4.70
Glitnir HF             5.25    5/2/2017     ISK    11.88
Oesterreichische Vo    1.55    3/1/2022     EUR    73.50
LBI HF                 3.36   8/17/2012     EUR     4.20
Lehman Brothers Tre   11.00  12/20/2017     AUD     4.70
Lehman Brothers Tre   11.00  12/20/2017     AUD     4.70
Lehman Brothers Tre    0.50  12/20/2017     AUD     4.70
Lehman Brothers Tre    0.50  12/20/2017     AUD     4.70
Oberoesterreichisch    0.39   4/25/2042     EUR    60.91
Comune di Roe Volci    0.39  12/31/2035     EUR    55.15
Lehman Brothers Tre   23.30   9/16/2008     USD     7.75
HSBC Bank PLC          0.50   5/29/2020     IDR    63.26
Lehman Brothers Tre    7.75    1/3/2012     AUD     7.75
Lehman Brothers Tre    6.45   2/20/2010     AUD     7.75
Lehman Brothers Tre   10.44  11/22/2008     CHF     7.75
Lehman Brothers Tre    6.00   2/19/2023     USD     4.70
Societe Generale SA    0.50   5/22/2024     MXN    60.84
HSBC Bank PLC          0.50   2/24/2023     AUD    69.36
HSBC Bank PLC          0.50    4/3/2023     AUD    69.78
Leonteq Securities    29.61  10/26/2017     EUR    45.99
Commerzbank AG         5.00   6/25/2015     EUR    73.49
Commerzbank AG         4.70   6/25/2015     EUR    67.87
Commerzbank AG         8.50   3/26/2015     EUR    73.55
Commerzbank AG         8.25   4/23/2015     EUR    74.63
HSBC Trinkaus & Bur    7.00   9/25/2015     EUR    67.42
UBS AG                 8.84   3/10/2015     USD     8.25
HSBC Trinkaus & Bur    6.00  12/28/2015     EUR    37.12
HSBC Trinkaus & Bur    6.00  12/28/2015     EUR    70.85
HSBC Trinkaus & Bur    6.00  12/28/2015     EUR    67.50
Notenstein Finance    12.00   11/3/2015     USD    72.32
Deutsche Bank AG       7.20  12/22/2015     EUR    71.60
UBS AG/London          8.00    1/9/2015     USD    51.05
Commerzbank AG        12.50   5/21/2015     EUR    44.67
Commerzbank AG         9.75   2/26/2015     EUR    47.60
Commerzbank AG        12.75   2/26/2015     EUR    41.39
Commerzbank AG        10.00   2/26/2015     EUR    63.40
DZ Bank AG Deutsche   14.50   3/27/2015     EUR    49.97
Commerzbank AG         6.50   2/26/2015     EUR    68.60
DZ Bank AG Deutsche    8.00   3/27/2015     EUR    60.61
Commerzbank AG        13.00   2/26/2015     EUR    74.06
Commerzbank AG        19.50   2/26/2015     EUR    33.63
Commerzbank AG        11.50   2/26/2015     EUR    74.66
Commerzbank AG         6.00   2/26/2015     EUR    74.16
Commerzbank AG         8.00   2/26/2015     EUR    70.68
Commerzbank AG         8.00   2/26/2015     EUR    70.67
Commerzbank AG        10.25   2/26/2015     EUR    52.32
Commerzbank AG        10.00   2/26/2015     EUR    72.17
Commerzbank AG         7.50   6/25/2015     EUR    58.63
Commerzbank AG         8.50   2/26/2015     EUR    69.17
Commerzbank AG         9.00   2/26/2015     EUR    54.41
Deutsche Bank AG       6.20   3/24/2015     EUR    53.50
Commerzbank AG        10.00   2/26/2015     EUR    49.36
Commerzbank AG        16.00   2/26/2015     EUR    36.87
Commerzbank AG         7.75   2/26/2015     EUR    66.36
Commerzbank AG         8.00   2/26/2015     EUR    54.05
UBS AG                22.00   3/27/2015     EUR    42.72
UBS AG                 6.25  12/29/2015     EUR    67.06
UBS AG                16.25  12/29/2015     EUR    72.98
Commerzbank AG        10.00   4/23/2015     EUR    72.75
Commerzbank AG         6.00   4/23/2015     EUR    74.91
Commerzbank AG        10.75   3/26/2015     EUR    65.22
Commerzbank AG         8.00   3/26/2015     EUR    70.93
Commerzbank AG         7.25   3/26/2015     EUR    57.24
Commerzbank AG         8.50   4/23/2015     EUR    70.46
Commerzbank AG         8.25   3/26/2015     EUR    70.30
Commerzbank AG        10.00   3/26/2015     EUR    67.20
Commerzbank AG        12.00   3/26/2015     EUR    64.40
Commerzbank AG         8.25   1/22/2015     EUR    70.33
Commerzbank AG         8.00   1/22/2015     EUR    64.18
HSBC Trinkaus & Bur   12.50   3/27/2015     EUR    72.00
Commerzbank AG         7.50   3/26/2015     EUR    74.26
UBS AG                 7.49   3/31/2015     USD     8.57
Commerzbank AG         6.50   1/22/2015     EUR    74.16
Vontobel Financial     7.70   1/30/2015     EUR    66.10
Commerzbank AG         6.00   1/22/2015     EUR    67.55
Leonteq Securities     7.00   1/22/2016     CHF    44.05
EFG International F   10.00   1/16/2015     USD    72.73
Commerzbank AG        13.00   3/26/2015     EUR    74.67
Commerzbank AG        10.50   1/22/2015     EUR    72.08
Commerzbank AG         8.50   3/26/2015     EUR    69.82
Commerzbank AG         8.00   1/22/2015     EUR    66.52
UBS AG/London          7.92   9/15/2015     USD     9.33
Commerzbank AG         8.50   3/26/2015     EUR    71.67
Commerzbank AG         7.00   1/22/2015     EUR    70.07
DZ Bank AG Deutsche   16.00   5/22/2015     EUR    67.71
Commerzbank AG         6.50   1/22/2015     EUR    62.32
Commerzbank AG         9.50   4/23/2015     EUR    71.06
Commerzbank AG        11.50   4/23/2015     EUR    62.96
Commerzbank AG        16.50   4/23/2015     EUR    42.29
Commerzbank AG        11.25   5/21/2015     EUR    74.54
Commerzbank AG         7.25   4/23/2015     EUR    61.33
Commerzbank AG        13.25   4/23/2015     EUR    46.67
Commerzbank AG        20.00   4/23/2015     EUR    39.16
Commerzbank AG        27.25   4/23/2015     EUR    35.12
Commerzbank AG         7.25   1/22/2015     EUR    59.88
Commerzbank AG         9.75   1/22/2015     EUR    56.36
Commerzbank AG         9.00   1/22/2015     EUR    71.21
Commerzbank AG        11.00   1/22/2015     EUR    74.51
Commerzbank AG         8.50   1/22/2015     EUR    59.77
Commerzbank AG         9.50   1/22/2015     EUR    45.74
Commerzbank AG        20.25   1/22/2015     EUR    31.12
Commerzbank AG        10.50   1/22/2015     EUR    62.97
Commerzbank AG        13.75   1/22/2015     EUR    72.37
HSBC Trinkaus & Bur    2.50   1/23/2015     EUR    72.41
Commerzbank AG         7.75   4/23/2015     EUR    73.35
Commerzbank AG         7.25   1/22/2015     EUR    74.13
Commerzbank AG        12.75   1/22/2015     EUR    39.50
Commerzbank AG        16.25   1/22/2015     EUR    34.84
Commerzbank AG         7.00   4/23/2015     EUR    74.68
Leonteq Securities    12.10  10/22/2015     USD    66.49
Commerzbank AG        11.00   5/21/2015     EUR    74.73
Commerzbank AG         6.75   5/21/2015     EUR    57.95
Bank Julius Baer &    10.00   2/27/2015     USD    36.05
Kaupthing Bank Hf      7.50   12/5/2014     ISK    13.50
Lehman Brothers Tre    2.30   6/27/2013     USD     7.75
Lehman Brothers Tre    2.37   7/15/2013     USD     4.70
LBI HF                 5.44    9/3/2018     EUR     0.01
City of Siret Roman    4.01    3/1/2028     RON    23.88
LBI HF                 3.11  11/10/2008     EUR     4.20
Glitnir HF             4.50    1/9/2012     EUR    11.88
Glitnir HF             6.75   3/27/2013     EUR    11.88
Glitnir HF             3.00   10/4/2011     EUR    11.88
Lehman Brothers Tre    6.50   5/16/2015     EUR     4.70
Glitnir HF             2.75   3/31/2010     EUR    11.88
Lehman Brothers Tre    3.50   9/29/2017     EUR     7.75
Lehman Brothers Tre    3.00    8/8/2017     EUR     4.70
Lehman Brothers Tre    5.00    9/1/2011     EUR     4.70
Lehman Brothers Tre    3.35  10/13/2016     EUR     4.70
Provincia di Ancona    0.31   6/30/2028     EUR    70.53
Eksportfinans ASA      0.25   7/14/2033     CAD    21.63
Lehman Brothers Tre    7.00   7/11/2010     EUR     4.70
Glitnir HF             4.01    7/6/2009     HKD    11.88
Lehman Brothers Tre    5.00    8/1/2025     EUR     4.70
Lehman Brothers Tre    6.00   7/28/2010     EUR     7.75
Lehman Brothers Tre    6.00   7/28/2010     EUR     7.75
Lehman Brothers Tre    7.50    8/1/2035     EUR     4.70
Lehman Brothers Tre    4.90   7/28/2020     EUR     4.70
Glitnir HF             3.45   8/22/2010     CZK    11.88
Glitnir HF             0.01    8/3/2009     JPY    11.88
Lehman Brothers Tre   12.00   7/13/2037     JPY     4.70
Lehman Brothers Tre   10.00   6/11/2038     JPY     4.70
UBS AG                 8.93   6/25/2015     USD    44.54
Credit Suisse AG       8.00   7/31/2015     USD     8.78
UBS AG                 2.75   8/18/2016     USD     8.62
Kaupthing Bank Hf      4.47  10/27/2010     EUR    13.50
Lehman Brothers Tre    2.30   4/28/2014     JPY     4.70
Lehman Brothers Tre    4.10   5/20/2009     USD     7.75
Lehman Brothers Tre    2.00   5/17/2010     EUR     7.75
Oesterreichische Vo    5.45    8/2/2019     EUR    72.70
Lehman Brothers Tre    0.75   3/29/2012     EUR     4.70
Glitnir HF             5.35   5/11/2010     USD    11.88
Eksportfinans ASA      0.50    5/9/2030     CAD    31.25
Lehman Brothers Tre    4.50    3/7/2015     EUR     4.70
Raiffeisenverband S    0.05   2/28/2031     EUR    71.71
LBI HF                 4.40   11/3/2009     CZK     4.20
LBI HF                 3.45  12/18/2033     JPY     0.01
Glitnir HF             0.50  11/26/2009     EUR    11.88
Lehman Brothers Tre    5.00   12/6/2011     EUR     7.75
Comune di Marsciano    0.50  12/30/2034     EUR    57.92
Lehman Brothers Tre    5.22    3/1/2024     EUR     7.75
Lehman Brothers Tre    3.63    3/2/2012     EUR     7.75
LBI HF                 4.08   3/16/2015     EUR     4.20
Lehman Brothers Tre    6.00   6/21/2011     EUR     4.70
Lehman Brothers Tre    2.00  11/16/2009     EUR     4.70
Lehman Brothers Tre    3.40   9/21/2009     HKD     7.75
Lehman Brothers Tre    2.00   6/21/2011     EUR     4.70
Lehman Brothers Tre    2.50   8/23/2012     GBP     7.75
Lehman Brothers Tre    3.00   8/13/2011     EUR     4.70
Kaupthing Bank Hf      3.75   2/15/2024     ISK    13.50
Glitnir HF             5.25    5/2/2014     ISK    11.88
Lehman Brothers Tre    4.70   3/23/2016     EUR     4.70
Comunita Montana Le    0.37   1/15/2027     EUR    73.85
Glitnir HF             3.63    4/5/2009     EUR    11.88
Lehman Brothers Tre   10.00    8/2/2037     JPY     4.70
Kaupthing Bank Hf      5.00   11/8/2013     EUR    13.50
UBS AG                10.05  10/23/2015     USD    37.24
LBI HF                 4.75   5/31/2013     EUR     4.20
Lehman Brothers Tre    4.00   5/17/2010     USD     4.70
Lehman Brothers Tre    2.48   5/12/2009     USD     4.70
Lehman Brothers Tre    2.25   5/12/2009     USD     4.70
Bulgaria Steel Fina   12.00    5/4/2013     EUR     1.00
Lehman Brothers Tre    7.50   6/15/2017     USD     4.70
Lehman Brothers Tre    0.50   2/16/2009     EUR     7.75
Kaupthing Bank Hf      1.65    7/5/2010     JPY    13.50
Glitnir HF             4.85    4/6/2012     EUR    11.88
Kaupthing Bank Hf      5.40   3/22/2014     ISK     0.00
Lehman Brothers Tre    6.00  12/30/2017     EUR     4.70
Kaupthing Bank Hf      0.20   7/12/2009     JPY    13.50
Lehman Brothers Tre    6.00   3/17/2011     EUR     4.70
Lehman Brothers Tre   13.00   7/25/2012     EUR     7.75
Glitnir HF            10.00   6/28/2017     USD    11.88
UBS AG                11.60  11/19/2015     USD     8.62
Lehman Brothers Tre    6.00   5/23/2018     CZK     4.70
Banca di Cividale S    0.18   10/2/2036     EUR    59.52
Kaupthing Bank Hf      4.90   5/29/2017     EUR    13.50
Lehman Brothers Tre    4.00   5/30/2010     USD     7.75
Lehman Brothers Tre    4.10   6/10/2014     SGD     7.75
Glitnir HF             2.57  12/31/2013     EUR    11.88
Lehman Brothers Tre   10.00    1/4/2010     USD     4.70
Lehman Brothers Tre    4.87   10/8/2013     USD     7.75
Lehman Brothers Tre    1.95   11/4/2013     EUR     7.75
Lehman Brothers Tre    3.00   8/15/2017     EUR     4.70
Lehman Brothers Tre    3.50   9/19/2017     EUR     7.75
Glitnir HF             0.01    5/6/2009     JPY    11.88
Oesterreichische Vo    1.08    3/1/2021     EUR    74.13
Lehman Brothers Tre    4.15   8/25/2020     EUR     7.75
Kaupthing Bank Hf      5.80    9/7/2012     EUR    13.50
Glitnir HF             3.30   8/22/2012     EUR    11.88
Lehman Brothers Tre    6.00   12/6/2016     USD     4.70
LBI HF                 4.00   9/23/2015     EUR     4.20
LBI HF                 2.14    2/3/2020     JPY     4.20
City of Pavullo nel    1.12  12/31/2030     EUR    74.17
Kaupthing Bank Hf      7.00    1/3/2011     EUR    13.50
Lehman Brothers Tre   16.80   8/21/2009     USD     7.75
Lehman Brothers Tre    5.20   3/19/2018     EUR     7.75
Lehman Brothers Tre   13.15  10/30/2008     USD     7.75
Glitnir HF             3.50  10/30/2012     EUR    11.88
Lehman Brothers Tre    8.60   7/31/2013     GBP     4.70
Lehman Brothers Tre    8.28   7/31/2013     GBP     4.70
Lehman Brothers Tre    7.50   7/31/2013     GBP     4.70
Lehman Brothers Tre    7.32   7/31/2013     GBP     4.70
Barclays Bank PLC      1.64    6/3/2041     USD    73.36
LBI HF                 4.40  11/30/2035     EUR     0.01
Lehman Brothers Tre    5.10   6/22/2046     EUR     7.75
Lehman Brothers Tre    4.60   11/9/2011     EUR     4.70
Lehman Brothers Tre    6.50   7/24/2026     EUR     4.70
Lehman Brothers Tre   12.22  11/21/2017     USD     4.70
LBI HF                 3.00  10/22/2015     EUR     4.20
Lehman Brothers Tre    3.50  12/20/2027     USD     4.70
Lehman Brothers Tre    4.50    8/2/2009     USD     7.75
Glitnir HF             6.33   7/28/2011     USD    11.88
KPNQwest NV            8.88    2/1/2008     EUR     0.37
Lehman Brothers Tre   14.10  11/12/2008     USD     7.75
Lehman Brothers Tre    4.50    3/6/2013     CHF     4.70
Lehman Brothers Tre    4.00   4/24/2009     USD     7.75
Lehman Brothers Tre    9.00   3/17/2009     GBP     7.75
Lehman Brothers Tre    8.00   5/22/2009     USD     7.75
Lehman Brothers Tre    0.50  12/20/2017     USD     4.70
Lehman Brothers Tre    0.50  12/20/2017     USD     4.70
Lehman Brothers Tre    0.50  12/20/2017     USD     4.70
Lehman Brothers Tre    4.00   8/11/2010     USD     4.70
Lehman Brothers Tre    4.50   7/24/2014     EUR     4.70
Lehman Brothers Tre    7.50   5/30/2010     AUD     7.75
Lehman Brothers Tre    4.30    6/4/2012     USD     7.75
Lehman Brothers Tre    4.00    6/5/2011     USD     7.75
Lehman Brothers Tre    4.00  10/12/2010     USD     7.75
KPNQwest NV            7.13    6/1/2009     EUR     0.37
Comune di Ferentino    0.24  12/28/2027     EUR    71.24
Glitnir HF             6.84  12/15/2015     EUR     0.02
Lehman Brothers Tre    4.00    1/4/2011     USD     7.75
Lehman Brothers Tre    9.30  12/21/2010     EUR     7.75
Lehman Brothers Tre    8.00  12/31/2010     USD     7.75
Lehman Brothers Tre    9.00   6/13/2009     USD     7.75
Lehman Brothers Tre    7.00  11/28/2008     CHF     7.75
Lehman Brothers Tre    7.38   9/20/2008     EUR     7.75
Lehman Brothers Tre    3.85   4/24/2009     USD     7.75
Lehman Brothers Tre    7.25   10/6/2008     EUR     7.75
Lehman Brothers Tre   10.50    8/9/2010     EUR     7.75
Lehman Brothers Tre    5.25    7/8/2014     EUR     7.75
Lehman Brothers Tre    0.50  12/20/2017     USD     4.70
Lehman Brothers Tre    2.30    6/6/2013     USD     7.75
Lehman Brothers Tre   11.00    5/9/2020     USD     4.70
Kaupthing Bank Hf      1.75    6/7/2016     EUR    13.50
Lehman Brothers Tre    1.50  10/12/2010     EUR     4.70
ECM Real Estate Inv    5.00   10/9/2011     EUR    10.38
Lehman Brothers Tre    8.00  10/23/2008     USD     7.75
Lehman Brothers Tre    8.50    7/6/2009     CHF     7.75
Glitnir HF             6.31   7/28/2011     USD    11.88
Glitnir HF             6.31   7/28/2011     USD    11.88
Oberoesterreichisch    0.51   11/6/2030     EUR    74.50
Lehman Brothers Tre    8.80  12/27/2009     EUR     7.75
Lehman Brothers Tre   13.00   2/16/2009     CHF     7.75
Lehman Brothers Tre    7.00   2/15/2010     CHF     7.75
Lehman Brothers Tre    7.75   1/30/2009     EUR     7.75
City of Hunedoara R    2.43   8/15/2026     RON    56.32
Lehman Brothers Tre   11.00   2/16/2009     CHF     7.75
Lehman Brothers Tre   10.00   2/16/2009     CHF     7.75
Lehman Brothers Tre    5.75   6/15/2009     CHF     7.75
Lehman Brothers Tre    7.50  10/24/2008     USD     7.75
Lehman Brothers Tre   10.00   3/27/2009     USD     4.70
Lehman Brothers Tre    5.00  10/24/2008     CHF     7.75
Lehman Brothers Tre    7.00   4/14/2009     EUR     7.75
Lehman Brothers Tre    0.25   7/21/2014     EUR     4.70
Lehman Brothers Tre    7.63   7/22/2011     HKD     7.75
Lehman Brothers Tre    8.00    8/3/2009     USD     7.75
Glitnir HF             5.86   7/28/2016     GBP    11.88
Lehman Brothers Tre    0.50    8/1/2020     EUR     7.75
Lehman Brothers Tre    6.00    8/7/2013     EUR     4.70
Glitnir HF             5.24  12/22/2010     USD    11.88
Lehman Brothers Tre    8.05  12/20/2010     HKD     7.75
Lehman Brothers Tre    7.60    3/4/2010     NZD     7.75
Lehman Brothers Tre   17.00    6/2/2009     USD     7.75
Lehman Brothers Tre   13.50    6/2/2009     USD     7.75
Lehman Brothers Tre    4.82  12/18/2036     EUR     7.75
Lehman Brothers Tre    5.25    4/1/2023     EUR     7.75
Kaupthing Bank Hf      5.00    1/4/2027     SKK    13.50
Lehman Brothers Tre   12.40   6/12/2009     USD     7.75
Lehman Brothers Tre    8.00   3/19/2012     USD     4.70
Lehman Brothers Tre    4.00  11/24/2016     EUR     4.70
Lehman Brothers Tre    7.05    4/8/2015     USD     4.70
Lehman Brothers Tre    7.80   3/31/2018     USD     4.70
Lehman Brothers Tre    7.15   3/21/2013     USD     4.70
Glitnir HF             6.00  12/10/2009     ISK     0.02
Glitnir HF             6.20  12/20/2009     ISK     0.02
Glitnir HF             5.00    2/1/2011     ISK    11.88
Glitnir HF             5.25  10/23/2011     ISK    11.88
Glitnir HF             5.00    2/1/2016     ISK    11.88
LBI HF                 7.00    4/2/2010     EUR     4.20
Comune di Comezzano    0.34   6/30/2030     EUR    65.51
Lehman Brothers Tre    4.05   9/16/2008     EUR     4.70
Lehman Brothers Tre    7.60   1/31/2013     AUD     7.75
Lehman Brothers Tre    5.50   6/22/2010     USD     4.70
Lehman Brothers Tre    3.50   6/20/2011     EUR     4.70
Glitnir HF             6.00    8/1/2010     ISK    11.88
Kaupthing Bank Hf      7.00   7/24/2009     ISK    13.50
Kaupthing Bank Hf      8.00   6/22/2011     ISK     0.00
LBI HF                 8.65    5/1/2011     ISK     4.20
Lehman Brothers Tre    7.50   2/14/2010     AUD     7.75
Lehman Brothers Tre    2.50  12/15/2011     GBP     7.75
Lehman Brothers Tre    9.50    4/1/2018     USD     4.70
SG Option Europe SA    6.00    1/9/2015     EUR    71.41
Lehman Brothers Tre    8.00   3/21/2018     USD     4.70
Kaupthing Bank Hf      7.63   2/28/2015     USD    13.50
Lehman Brothers Tre    9.00    5/6/2011     CHF     7.75
Lehman Brothers Tre   10.60   4/22/2014     MXN     4.70
Lehman Brothers Tre   16.00   11/9/2008     USD     7.75
Kaupthing Bank Hf      7.70   10/2/2011     EUR    13.50
Lehman Brothers Tre    5.00   3/13/2009     EUR     4.70
Kaupthing Bank Hf      7.50   10/2/2010     EUR    13.50
Lehman Brothers Tre   13.00  12/14/2012     USD     4.70
Lehman Brothers Tre   10.00   5/22/2009     USD     7.75
Lehman Brothers Tre    8.00   5/22/2009     USD     7.75
Comune di Bovegno      0.39  12/31/2035     EUR    55.15
Lehman Brothers Tre    5.00   2/15/2018     EUR     4.70
Kaupthing Bank Hf      0.95  10/20/2010     JPY    13.50
Lehman Brothers Tre    3.00   9/12/2036     JPY    29.88
Lehman Brothers Tre   16.20   5/14/2009     USD     7.75
Lehman Brothers Tre    4.60    8/1/2013     EUR     4.70
Lehman Brothers Tre    3.00    6/3/2010     EUR     4.70
Lehman Brothers Tre    7.60   5/21/2013     USD     4.70
Lehman Brothers Tre   10.00   6/17/2009     USD     7.75
Lehman Brothers Tre    5.12   4/30/2027     EUR     7.75
Lehman Brothers Tre    1.50    2/8/2012     CHF     4.70
Synergy Classic Via    2.00    8/2/2015     USD    52.92
Lehman Brothers Tre    0.01   9/20/2011     USD     4.70
Kaupthing Bank Hf      4.53   4/24/2012     EUR    13.50
Lehman Brothers Tre    4.10   8/23/2010     USD     7.75
Oravita City Counci    3.88   6/15/2027     RON    40.02
Lehman Brothers Tre    5.00   4/24/2017     EUR     4.70
LBI HF                 3.34   5/11/2012     EUR     4.20
Lehman Brothers Tre    8.00  12/27/2032     JPY     4.70
Lehman Brothers Tre    7.39    5/4/2017     USD     4.70
Cooperatieve Centra    0.50  12/29/2027     MXN    44.42
Agrokompleks OOO      12.50  12/10/2015     RUB    60.20
Lehman Brothers Tre    3.50  10/31/2011     USD     4.70
Lehman Brothers Tre    3.50  10/24/2011     USD     4.70
Comune di Nervesa d    0.39   1/31/2027     EUR    73.96
Lehman Brothers Tre    7.25   6/20/2010     USD     4.70
Lehman Brothers Tre    7.00   9/20/2011     USD     4.70
Lehman Brothers Tre    0.25  10/19/2012     CHF     4.70
Lehman Brothers Tre    0.50    6/2/2020     EUR     7.75
Lehman Brothers Tre   12.00    7/4/2011     EUR     7.75
Lehman Brothers Tre    5.50    7/8/2013     EUR     4.70
Lehman Brothers Tre    6.00   2/14/2012     EUR     7.75
Kaupthing Bank Hf      4.95    5/6/2009     EUR    13.50
Lehman Brothers Tre   13.43    1/8/2009     ILS     7.75
Lehman Brothers Tre    6.00   5/12/2017     EUR     4.70
Lehman Brothers Tre    6.60   2/22/2012     EUR     7.75
Lehman Brothers Tre    6.75    4/5/2012     EUR     4.70
Lehman Brothers Tre   11.00    7/4/2011     USD     7.75
Lehman Brothers Tre   16.00  12/26/2008     USD     7.75
Lehman Brothers Tre    4.10   2/19/2010     EUR     4.70
Lehman Brothers Tre    3.10    6/4/2010     USD     7.75
Lehman Brothers Tre    1.68    3/5/2015     EUR     4.70
LBI HF                 4.28  11/19/2010     EUR     4.20
LBI HF                 4.34    3/1/2011     EUR     4.20
Lehman Brothers Tre    5.00   2/28/2032     EUR     4.70
Lehman Brothers Tre    3.45   5/23/2013     USD     4.70
Svensk Exportkredit    0.50   8/25/2021     ZAR    59.39
Lehman Brothers Tre    5.25  11/21/2009     USD     4.70
Lehman Brothers Tre   15.00    6/4/2009     CHF     7.75
City of Hunedoara R    2.43   8/15/2026     RON    73.00
Lehman Brothers Tre    5.38    2/4/2014     USD     4.70
Lehman Brothers Tre    6.72  12/29/2008     EUR     4.55
Lehman Brothers Tre    7.06  12/29/2008     EUR     4.56
Lehman Brothers Tre    2.50   8/15/2012     CHF     4.70
Lehman Brothers Tre    5.50  11/30/2012     CZK     4.70
Lehman Brothers Tre    6.00  10/30/2012     USD     7.75
Lehman Brothers Tre   16.00   10/8/2008     CHF     7.75
Lehman Brothers Tre    5.50   6/15/2009     CHF     7.75
Lehman Brothers Tre    1.00   2/26/2010     USD     4.70
LBI HF                 2.75   3/16/2011     EUR     4.20
Lehman Brothers Tre   10.00  10/23/2008     USD     7.75
Lehman Brothers Tre    6.60   5/23/2012     AUD     7.75
Lehman Brothers Tre   16.00  10/28/2008     USD     7.75
Kaupthing Bank Hf      4.50   1/17/2011     EUR    13.50
Lehman Brothers Tre    7.75   2/21/2016     EUR     4.70
Lehman Brothers Tre    7.50   9/13/2009     CHF     7.75
City of Predeal Rom    2.50   5/15/2026     RON    60.00
Lehman Brothers Tre    6.85  12/22/2008     EUR     4.70
Barclays Bank PLC      0.50   3/26/2021     MXN    71.84
HSBC Bank PLC          0.50   4/11/2023     MXN    64.64
Societe Generale SA    0.50   4/30/2023     RUB    50.96
Municipality Financ    0.50   5/31/2022     ZAR    50.22
Municipality Financ    0.50    2/7/2018     BRL    71.90
HSBC Bank PLC          0.50   7/30/2027     NZD    55.28
Oesterreichische Vo    3.78   7/21/2033     EUR    71.13
EFG International F    6.00  11/30/2017     EUR    54.95
Leonteq Securities     6.25  11/13/2015     CHF    56.92
Leonteq Securities     7.60  11/20/2015     USD    37.84
e-Kancelaria Grupa     9.00  10/25/2016     PLN    70.10
Municipality Financ    0.50   7/30/2029     AUD    66.05
Municipality Financ    0.50   1/10/2018     BRL    72.48
Municipality Financ    0.50   4/26/2022     ZAR    50.81
Lehman Brothers Tre    2.40   6/20/2011     JPY     4.70
Lehman Brothers Tre    1.60   6/21/2010     JPY     4.70
Lehman Brothers Tre    4.20   12/3/2008     HKD     4.70
HSBC Bank PLC          0.50    2/2/2023     AUD    70.23
UBS AG                10.75  12/29/2015     EUR    62.27
UBS AG                14.25   6/26/2015     EUR    53.63
Leonteq Securities     5.65   5/27/2015     CHF    56.55
Zurcher Kantonalban    4.51   1/25/2016     CHF    56.30
UniCredit Bank AG      5.25   2/26/2016     EUR    66.56
EFG International F   12.86  10/30/2017     EUR    70.18
Barclays Bank PLC      3.50   12/7/2015     EUR    58.69
Leonteq Securities    14.25   2/13/2015     USD    38.03
UBS AG                 7.10   7/22/2015     EUR    66.31
UBS AG                21.00  12/29/2015     EUR    70.62
UBS AG                21.00   3/27/2015     EUR    74.53
UBS AG                23.75   3/27/2015     EUR    58.07
UBS AG                15.75   3/27/2015     EUR    67.65
UBS AG                20.00   9/25/2015     EUR    63.87
UBS AG                23.75   9/25/2015     EUR    67.05
UBS AG                22.25   6/26/2015     EUR    67.97
UBS AG                17.25  12/29/2015     EUR    74.56
UBS AG                21.75   9/25/2015     EUR    69.15
UBS AG                19.00   9/25/2015     EUR    64.56
UBS AG                12.50  12/29/2015     EUR    73.19
UBS AG                22.00   3/27/2015     EUR    58.94
UBS AG                23.00   6/26/2015     EUR    59.60
UBS AG                13.50   9/25/2015     EUR    70.68
UBS AG                15.00  12/29/2015     EUR    70.27
UBS AG                24.75   6/26/2015     EUR    65.05
UBS AG                23.50   9/25/2015     EUR    72.37
UBS AG                19.50   9/25/2015     EUR    71.63
UBS AG                17.00   9/25/2015     EUR    74.59
UBS AG                19.25   3/27/2015     EUR    62.20
UBS AG                21.50   6/26/2015     EUR    60.92
UBS AG                15.00   3/27/2015     EUR    67.38
UBS AG                13.50  12/29/2015     EUR    71.34
UBS AG                13.50  12/29/2015     EUR    72.39
UBS AG                21.75  12/29/2015     EUR    63.82
UBS AG                22.25   9/25/2015     EUR    73.75
UBS AG                23.00   3/27/2015     EUR    74.64
UBS AG                21.25   3/27/2015     EUR    60.83
UBS AG                20.75   6/26/2015     EUR    62.08
UBS AG                13.00   9/25/2015     EUR    72.70
UBS AG                24.50   9/25/2015     EUR    60.08
UBS AG                16.50  12/29/2015     EUR    68.53
UBS AG                22.75   6/26/2015     EUR    74.02
UBS AG                21.75   3/27/2015     EUR    67.81
UBS AG                18.00  12/29/2015     EUR    66.57
UBS AG                19.25   6/26/2015     EUR    63.24
UBS AG                15.00   9/25/2015     EUR    68.89
UBS AG                17.00  12/29/2015     EUR    67.61
UBS AG                16.75   6/26/2015     EUR    65.93
Vontobel Financial     3.00   1/23/2015     EUR    62.60
Vontobel Financial    21.85   3/27/2015     EUR    71.03
Vontobel Financial     5.05   6/26/2015     EUR    73.26
Vontobel Financial     6.75   3/13/2015     EUR    63.99
Vontobel Financial     8.95   3/13/2015     EUR    61.09
BNP Paribas Emissio    4.50   3/26/2015     EUR    71.67
BNP Paribas Emissio    6.00   3/26/2015     EUR    67.86
BNP Paribas Emissio    8.00   3/26/2015     EUR    64.61
BNP Paribas Emissio    5.00   6/25/2015     EUR    71.43
BNP Paribas Emissio    5.50   6/25/2015     EUR    67.68
BNP Paribas Emissio    7.00   6/25/2015     EUR    64.80
UniCredit Bank AG      5.80   6/26/2015     EUR    74.01
UniCredit Bank AG      5.50   6/26/2015     EUR    58.73
Province of Treviso    0.40  12/31/2034     EUR    60.10
Lehman Brothers Tre    3.82  10/20/2009     USD     7.75
LBI HF                 2.22  10/15/2019     JPY     4.20
Glitnir HF             3.00  12/15/2009     EUR    11.88
Lehman Brothers Tre    2.75  10/28/2009     EUR     4.70
Leonteq Securities     4.50    4/4/2016     EUR    48.38
UniCredit Bank AG      4.90   2/26/2015     EUR    65.78
UBS AG                12.75   6/26/2015     EUR    69.86
UniCredit Bank AG      5.00   2/26/2015     EUR    61.27
UniCredit Bank AG      4.80   2/26/2015     EUR    59.56
UniCredit Bank AG      4.00   2/26/2015     EUR    60.95
UniCredit Bank AG      4.00   2/26/2015     EUR    71.14
UniCredit Bank AG      6.00   2/26/2015     EUR    56.96
UniCredit Bank AG      5.50   2/26/2015     EUR    64.45
UniCredit Bank AG      4.60   2/26/2015     EUR    66.49
UniCredit Bank AG      6.50   2/26/2015     EUR    72.76
UniCredit Bank AG     12.00   2/26/2015     EUR    74.01
UniCredit Bank AG      5.80   2/26/2015     EUR    63.77
Raiffeisen Centroba    8.28   1/21/2015     EUR    63.55
UniCredit Bank AG      4.00   2/26/2015     EUR    67.96
Commerzbank AG         4.80   6/25/2015     EUR    71.09
DZ Bank AG Deutsche    6.25   1/23/2015     EUR    72.60
DZ Bank AG Deutsche    5.50   1/23/2015     EUR    62.08
DZ Bank AG Deutsche    5.00   1/23/2015     EUR    63.35
Vontobel Financial    13.20   1/16/2015     EUR    69.18
DZ Bank AG Deutsche    8.75   5/22/2015     EUR    73.68
UniCredit Bank AG      6.00   2/26/2015     EUR    74.67
UniCredit Bank AG      6.10   2/26/2015     EUR    62.45
UBS AG                23.75  12/29/2015     EUR    71.69
UBS AG                23.50   9/25/2015     EUR    72.95
UBS AG                23.00  12/29/2015     EUR    57.44
UBS AG                23.25  12/29/2015     EUR    73.82
UBS AG                22.50   3/27/2015     EUR    70.75
UBS AG                21.25   3/29/2016     EUR    66.39
UBS AG                23.00   6/26/2015     EUR    72.83
UBS AG                21.50   9/25/2015     EUR    74.47
DZ Bank AG Deutsche    7.25   1/16/2015     EUR    62.02
DZ Bank AG Deutsche    9.00   1/16/2015     EUR    62.07
DZ Bank AG Deutsche    7.00   7/10/2015     EUR    64.10
DZ Bank AG Deutsche    8.00   7/10/2015     EUR    64.61
UBS AG                18.50   3/27/2015     EUR    67.68
Vontobel Financial     9.00   4/24/2015     EUR    74.10
UBS AG                25.00   9/25/2015     EUR    71.43
UBS AG                24.25  12/29/2015     EUR    72.18
UBS AG                21.00   3/27/2015     EUR    65.46
UBS AG                13.75   3/29/2016     EUR    71.15
UBS AG                22.75   6/26/2015     EUR    70.99
UBS AG                24.75   9/25/2015     EUR    69.83
DZ Bank AG Deutsche    4.25    2/6/2015     EUR    73.39
UBS AG                21.75   3/27/2015     EUR    74.71
UBS AG                10.50   3/29/2016     EUR    74.58
DZ Bank AG Deutsche    6.00   1/23/2015     EUR    64.32
DZ Bank AG Deutsche    7.50   1/23/2015     EUR    62.13
DZ Bank AG Deutsche    7.00   3/27/2015     EUR    63.31
DekaBank Deutsche G    4.90   6/11/2015     EUR    64.73
Bank Julius Baer &     7.25    4/1/2015     CHF    50.95
DZ Bank AG Deutsche    8.00   1/23/2015     EUR    71.97
DZ Bank AG Deutsche   18.00   1/23/2015     EUR    70.62
DZ Bank AG Deutsche    6.00   1/23/2015     EUR    67.23
DZ Bank AG Deutsche    7.75   1/23/2015     EUR    73.57
BNP Paribas Emissio   11.00   3/26/2015     EUR    71.35
BNP Paribas Emissio    4.00   3/26/2015     EUR    63.54
BNP Paribas Emissio    5.50   3/26/2015     EUR    59.96
BNP Paribas Emissio    7.50   3/26/2015     EUR    56.94
BNP Paribas Emissio   10.00   3/26/2015     EUR    54.41
BNP Paribas Emissio   10.00   3/26/2015     EUR    73.42
BNP Paribas Emissio    9.00   3/26/2015     EUR    73.19
BNP Paribas Emissio   13.00   3/26/2015     EUR    67.77
BNP Paribas Emissio    3.50   3/26/2015     EUR    66.53
BNP Paribas Emissio    6.00   3/26/2015     EUR    60.55
BNP Paribas Emissio    9.50   3/26/2015     EUR    55.93
BNP Paribas Emissio   16.50   3/26/2015     EUR    73.03
BNP Paribas Emissio    7.50   3/26/2015     EUR    72.69
BNP Paribas Emissio   12.50   3/26/2015     EUR    66.71
BNP Paribas Emissio    8.00   3/26/2015     EUR    45.20
BNP Paribas Emissio   11.00   3/26/2015     EUR    40.43
BNP Paribas Emissio   15.00   3/26/2015     EUR    37.07
HSBC Trinkaus & Bur    9.00   6/26/2015     EUR    73.90
HSBC Trinkaus & Bur   13.50   6/26/2015     EUR    71.46
HSBC Trinkaus & Bur   15.00   6/26/2015     EUR    66.21
HSBC Trinkaus & Bur   10.50   6/26/2015     EUR    70.19
HSBC Trinkaus & Bur    7.50   6/26/2015     EUR    73.49
HSBC Trinkaus & Bur    9.50   1/23/2015     EUR    69.76
HSBC Trinkaus & Bur   16.00   3/27/2015     EUR    69.74
HSBC Trinkaus & Bur   11.50   3/27/2015     EUR    74.04
HSBC Trinkaus & Bur   14.00   6/26/2015     EUR    71.41
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    68.12
HSBC Trinkaus & Bur    8.50   6/26/2015     EUR    69.62
HSBC Trinkaus & Bur    6.00   3/27/2015     EUR    69.82
DZ Bank AG Deutsche    6.00   3/27/2015     EUR    64.22
Goldman Sachs & Co     7.00   2/25/2015     EUR    64.08
Goldman Sachs & Co     9.00   2/25/2015     EUR    61.58
Goldman Sachs & Co    11.00   2/25/2015     EUR    59.31
Goldman Sachs & Co    13.00   2/25/2015     EUR    71.72
DZ Bank AG Deutsche    5.80   3/13/2015     EUR    74.05
DZ Bank AG Deutsche    5.50   6/12/2015     EUR    73.90
UniCredit Bank AG      4.00   2/26/2015     EUR    75.00
UniCredit Bank AG      5.20   2/26/2015     EUR    72.36
UniCredit Bank AG      4.00   2/26/2015     EUR    63.37
UniCredit Bank AG      4.50   2/26/2015     EUR    74.69
UniCredit Bank AG      5.45   2/26/2015     EUR    58.95
Commerzbank AG         9.25   4/23/2015     EUR    73.83
DZ Bank AG Deutsche    5.75   1/16/2015     EUR    73.85
Notenstein Privatba   11.30   6/10/2015     CHF    68.68
Notenstein Privatba    9.70   5/11/2015     EUR    73.27
UBS AG                14.25   6/26/2015     EUR    62.11
DZ Bank AG Deutsche    4.90   9/11/2015     EUR    74.71
UniCredit Bank AG      4.40   2/26/2015     EUR    74.09
UniCredit Bank AG      4.80   2/26/2015     EUR    73.21
UBS AG                10.75   6/26/2015     EUR    62.73
UniCredit Bank AG      6.00   2/26/2015     EUR    70.75
UBS AG                10.75  12/29/2015     EUR    61.00
UniCredit Bank AG      4.60   2/26/2015     EUR    61.82
UniCredit Bank AG      5.85   2/26/2015     EUR    57.60
UniCredit Bank AG      4.30   2/26/2015     EUR    62.59
UniCredit Bank AG      6.25   2/26/2015     EUR    69.91
Zurcher Kantonalban   12.00   7/23/2015     CHF    56.57
UBS AG                 9.25   6/26/2015     EUR    69.48
UBS AG                 7.75   6/26/2015     EUR    72.76
UBS AG                12.50   6/26/2015     EUR    64.20
UBS AG                10.75   6/26/2015     EUR    66.60
BNP Paribas Emissio    6.00   7/23/2015     EUR    72.31
Bank Julius Baer &     8.85   9/25/2015     CHF    57.65
Bank Julius Baer &     7.00   10/2/2015     USD    65.95
Bank Julius Baer &    13.90   10/2/2015     USD    71.70
Banque Cantonale Va   15.40   3/25/2015     USD    72.49
Leonteq Securities    11.20  12/29/2015     CHF    59.57
EFG International F    1.55   4/29/2015     EUR    45.44
DZ Bank AG Deutsche    7.50    3/6/2015     EUR    59.67
DZ Bank AG Deutsche    6.75   2/13/2015     EUR    68.11
Vontobel Financial    16.50   1/16/2015     EUR    59.85
Vontobel Financial     5.45   3/13/2015     EUR    73.39
Vontobel Financial    12.60   3/13/2015     EUR    63.71
Vontobel Financial     5.55   6/12/2015     EUR    73.37
Vontobel Financial     6.25   6/12/2015     EUR    71.94
Commerzbank AG         8.50   2/26/2015     EUR    67.37
BNP Paribas Emissio    7.00   1/22/2015     EUR    74.88
UBS AG                14.75   6/26/2015     EUR    69.74
DZ Bank AG Deutsche   11.00   1/23/2015     EUR    70.66
DZ Bank AG Deutsche   11.50   1/23/2015     EUR    73.67
Banque Cantonale Va   13.10   7/21/2015     CHF    63.66
Vontobel Financial     7.40   3/27/2015     EUR    70.63
Vontobel Financial     8.35   6/26/2015     EUR    70.81
Vontobel Financial     5.30   6/26/2015     EUR    73.37
Zurcher Kantonalban    5.60  11/18/2015     USD    74.81
Credit Suisse AG/Na    8.38  10/15/2015     USD    69.40
DZ Bank AG Deutsche   16.00   9/25/2015     EUR    54.08
DZ Bank AG Deutsche    2.90   3/23/2015     EUR    65.81
DZ Bank AG Deutsche    4.20   3/23/2015     EUR    64.21
DZ Bank AG Deutsche    7.80   3/23/2015     EUR    61.49
DZ Bank AG Deutsche    1.70   3/23/2015     EUR    66.29
DZ Bank AG Deutsche    4.10   3/23/2015     EUR    63.37
DZ Bank AG Deutsche    7.90   3/23/2015     EUR    61.07
DZ Bank AG Deutsche    2.10   9/23/2015     EUR    71.01
DZ Bank AG Deutsche    3.50   9/23/2015     EUR    68.76
DZ Bank AG Deutsche    5.40   9/23/2015     EUR    67.10
DZ Bank AG Deutsche    2.10  12/23/2015     EUR    72.81
DZ Bank AG Deutsche    3.30  12/23/2015     EUR    70.79
DZ Bank AG Deutsche    4.80  12/23/2015     EUR    69.26
DZ Bank AG Deutsche    5.20   3/23/2015     EUR    56.43
DZ Bank AG Deutsche    3.20   3/23/2015     EUR    53.50
DZ Bank AG Deutsche    5.70   9/23/2015     EUR    65.56
DZ Bank AG Deutsche    5.70   9/23/2015     EUR    62.85
DZ Bank AG Deutsche    4.60   9/23/2015     EUR    59.54
DZ Bank AG Deutsche    5.10  12/23/2015     EUR    68.39
DZ Bank AG Deutsche    5.10  12/23/2015     EUR    65.68
DZ Bank AG Deutsche    4.40  12/23/2015     EUR    62.47
DZ Bank AG Deutsche    2.40   9/23/2015     EUR    71.76
DZ Bank AG Deutsche    3.90   9/23/2015     EUR    69.29
DZ Bank AG Deutsche    5.80   9/23/2015     EUR    67.35
DZ Bank AG Deutsche    2.20  12/23/2015     EUR    74.01
DZ Bank AG Deutsche    3.50  12/23/2015     EUR    71.81
DZ Bank AG Deutsche    5.10  12/23/2015     EUR    70.10
DZ Bank AG Deutsche    4.30   3/23/2015     EUR    56.18
DZ Bank AG Deutsche    2.60   9/23/2015     EUR    63.61
DZ Bank AG Deutsche    3.10   9/23/2015     EUR    61.33
DZ Bank AG Deutsche    4.80   9/23/2015     EUR    62.29
DZ Bank AG Deutsche    2.70  12/23/2015     EUR    65.76
DZ Bank AG Deutsche    4.60  12/23/2015     EUR    64.97
DZ Bank AG Deutsche    3.20  12/23/2015     EUR    63.37
DZ Bank AG Deutsche    6.40   3/23/2015     EUR    59.43
JP Morgan Structure   12.20   9/30/2015     USD    65.60
UBS AG/London         23.75  12/29/2015     EUR    74.74
UBS AG/London         21.75   6/26/2015     EUR    74.86
UBS AG/London         14.50   6/26/2015     EUR    68.06
UBS AG/London         24.75   9/25/2015     EUR    72.51
UBS AG/London         21.75  12/29/2015     EUR    74.71
UBS AG/London          9.00  12/29/2015     EUR    58.07
UBS AG/London         14.75   9/25/2015     EUR    61.16
HSBC Trinkaus & Bur   20.00   3/27/2015     EUR    73.91
HSBC Trinkaus & Bur    6.00   9/25/2015     EUR    69.23
HSBC Trinkaus & Bur    9.50   4/24/2015     EUR    63.47
HSBC Trinkaus & Bur    8.50   8/28/2015     EUR    65.64
DZ Bank AG Deutsche   13.00   3/27/2015     EUR    65.38
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    74.78
HSBC Trinkaus & Bur    6.00   9/25/2015     EUR    74.72
HSBC Trinkaus & Bur    6.50   7/24/2015     EUR    73.27
HSBC Trinkaus & Bur   12.50   9/25/2015     EUR    72.02
HSBC Trinkaus & Bur   12.00   3/27/2015     EUR    61.08
HSBC Trinkaus & Bur   11.00   6/26/2015     EUR    63.35
HSBC Trinkaus & Bur   12.50   9/25/2015     EUR    62.84
HSBC Trinkaus & Bur    8.50   7/24/2015     EUR    64.98
Commerzbank AG         8.00   2/26/2015     EUR    70.52
Bank Julius Baer &     7.10    7/8/2015     CHF    47.90
Bank Julius Baer &    10.20   10/7/2015     CHF    68.20
Leonteq Securities     9.00    4/8/2016     USD    39.74
Commerzbank AG        20.50   9/24/2015     EUR    74.26
Commerzbank AG        23.75   9/24/2015     EUR    71.64
Commerzbank AG        26.75   9/24/2015     EUR    69.03
Raiffeisen Centroba   10.63   1/20/2016     EUR    72.39
Raiffeisen Centroba   25.04   1/21/2015     EUR    73.75
Raiffeisen Centroba   20.68   7/22/2015     EUR    73.71
UniCredit Bank AG      5.00  10/22/2015     EUR    71.72
UniCredit Bank AG      4.50  10/22/2015     EUR    72.87
UBS AG/London         11.75  11/12/2015     CHF    69.86
Bank Julius Baer &    10.60   10/9/2015     USD    59.95
Leonteq Securities    13.40   1/14/2016     CHF    72.84
Zurcher Kantonalban    7.02   10/9/2015     CHF    63.45
Leonteq Securities     6.00    1/7/2016     EUR    36.83
Bank Julius Baer &     8.60    1/7/2015     CHF    38.10
Leonteq Securities     6.20   7/15/2016     EUR    67.89
LBBW                   4.50   2/27/2015     EUR    73.74
Societe Generale Ef    4.00   6/26/2017     EUR    49.27
Raiffeisen Centroba    5.83   1/21/2015     EUR    71.25
Raiffeisen Centroba    7.45   1/21/2015     EUR    73.75
Raiffeisen Centroba    7.97   1/21/2015     EUR    74.60
Raiffeisen Centroba    7.94   1/21/2015     EUR    71.75
Bank Julius Baer &     8.20   9/23/2015     CHF    57.50
Leonteq Securities    15.20   12/2/2015     CHF    59.62
Credit Suisse AG/Na   10.25   8/28/2015     USD    73.82
Commerzbank AG         6.00   8/27/2015     EUR    71.12
Commerzbank AG         9.25   8/27/2015     EUR    70.30
Commerzbank AG        11.75   8/27/2015     EUR    69.14
Notenstein Privatba    7.20    9/3/2015     EUR    63.73
Leonteq Securities    12.00  12/15/2015     CHF    63.76
Credit Suisse AG/Na    8.00   3/16/2016     USD    66.02
Bank Julius Baer &    10.70   9/16/2015     CHF    67.70
HSBC Trinkaus & Bur   15.00   3/27/2015     EUR    66.85
UBS AG/London         22.50   3/27/2015     EUR    73.72
Bank Julius Baer &     7.70   2/11/2015     CHF    50.75
UniCredit Bank AG      4.25   8/14/2015     EUR    61.16
UBS AG/London          5.00    8/6/2015     USD    58.87
DZ Bank AG Deutsche    5.75   8/28/2015     EUR    74.24
DZ Bank AG Deutsche    9.50   8/28/2015     EUR    69.12
Bank Julius Baer &    11.50   8/19/2015     CHF    67.75
Leonteq Securities    13.00    9/2/2015     CHF    57.72
UBS AG/London         12.75   8/20/2015     CHF    71.56
Notenstein Privatba    9.10   8/29/2016     CHF    63.35
Credit Suisse AG/Lo   11.00   8/28/2015     USD    45.72
Bank Julius Baer &     7.00   8/28/2015     USD    61.95
Commerzbank AG        15.75   4/23/2015     EUR    64.29
Commerzbank AG        25.50   4/23/2015     EUR    54.60
Commerzbank AG        13.00   5/21/2015     EUR    68.29
Commerzbank AG        17.50   5/21/2015     EUR    52.30
Commerzbank AG        12.00   6/25/2015     EUR    72.01
Commerzbank AG        23.25   6/25/2015     EUR    57.72
Commerzbank AG        24.25   7/23/2015     EUR    57.60
UBS AG/London          6.50   11/5/2015     USD    73.99
DZ Bank AG Deutsche    7.75   7/24/2015     EUR    63.53
Commerzbank AG         7.50   6/25/2015     EUR    68.94
Commerzbank AG        16.25   6/25/2015     EUR    53.27
Commerzbank AG         8.00   7/23/2015     EUR    68.97
Commerzbank AG        11.75   7/23/2015     EUR    60.51
Commerzbank AG        16.00   7/23/2015     EUR    54.25
Commerzbank AG        11.75   3/26/2015     EUR    72.17
Commerzbank AG        11.50   4/23/2015     EUR    72.24
Commerzbank AG        14.25   4/23/2015     EUR    69.93
Commerzbank AG         9.25   5/21/2015     EUR    74.12
Commerzbank AG        11.50   5/21/2015     EUR    71.82
Commerzbank AG        12.00   6/25/2015     EUR    74.26
Commerzbank AG        12.75   7/23/2015     EUR    73.42
Raiffeisen Centroba    8.47   7/22/2015     EUR    74.60
Raiffeisen Centroba   10.59   7/22/2015     EUR    71.16
Raiffeisen Centroba    6.95   1/20/2016     EUR    71.80
Raiffeisen Centroba    6.95   1/20/2016     EUR    67.16
UBS AG/London          7.50   8/13/2015     CHF    52.35
Credit Suisse AG/Na    8.50   2/29/2016     USD    64.22
Leonteq Securities    20.00   12/8/2015     USD    72.16
Notenstein Privatba   10.00    9/5/2016     CHF    63.40
UBS AG/London         13.75   8/27/2015     CHF    70.74
HSBC Trinkaus & Bur    9.00   6/26/2015     EUR    66.88
HSBC Trinkaus & Bur    8.00   6/26/2015     EUR    66.38
HSBC Trinkaus & Bur    8.40   9/25/2015     EUR    68.02
HSBC Trinkaus & Bur    7.80   9/25/2015     EUR    67.57
HSBC Trinkaus & Bur    7.10   9/25/2015     EUR    67.05
HSBC Trinkaus & Bur    7.90  12/28/2015     EUR    69.18
HSBC Trinkaus & Bur    7.50  12/28/2015     EUR    68.77
HSBC Trinkaus & Bur    7.00  12/28/2015     EUR    68.27
HSBC Trinkaus & Bur    5.90  12/28/2015     EUR    67.16
Leonteq Securities     6.00   9/29/2015     EUR    72.64
UBS AG/London         11.25   8/27/2015     CHF    55.29
Commerzbank AG        10.25   8/27/2015     EUR    69.44
Commerzbank AG        11.00   8/27/2015     EUR    70.67
Commerzbank AG        14.00   8/27/2015     EUR    66.34
Commerzbank AG        17.25   8/27/2015     EUR    62.22
Commerzbank AG        20.50   8/27/2015     EUR    59.02
Commerzbank AG        23.75   8/27/2015     EUR    56.40
Bank Julius Baer &     7.40    9/9/2015     CHF    53.75
HSBC Trinkaus & Bur    6.00  12/28/2015     EUR    54.06
HSBC Trinkaus & Bur    6.00  12/28/2015     EUR    43.15
HSBC Trinkaus & Bur    6.30   3/27/2015     EUR    70.47
HSBC Trinkaus & Bur    6.90   6/26/2015     EUR    71.70
HSBC Trinkaus & Bur    8.70   7/24/2015     EUR    70.21
HSBC Trinkaus & Bur   11.50   9/25/2015     EUR    68.43
HSBC Trinkaus & Bur    6.60   9/25/2015     EUR    72.41
HSBC Trinkaus & Bur    7.90  10/23/2015     EUR    71.10
HSBC Trinkaus & Bur    6.00  12/28/2015     EUR    67.58
UBS AG/London          5.50  10/29/2015     USD    74.32
UBS AG/London         12.35   11/3/2015     CHF    70.95
UBS AG/London          8.48   11/3/2015     CHF    67.80
Leonteq Securities     9.40  11/17/2015     CHF    74.43
Deutsche Bank AG       5.20   3/24/2015     EUR    74.00
UBS AG/London         10.00    7/2/2015     CHF    50.41
BNP Paribas Emissio    5.25   1/22/2015     EUR    71.71
BNP Paribas Emissio    6.50   6/25/2015     EUR    72.13
BNP Paribas Emissio    4.00   1/22/2015     EUR    70.47
BNP Paribas Emissio    5.00   5/21/2015     EUR    67.17
BNP Paribas Emissio    4.00   5/21/2015     EUR    70.51
Bank Julius Baer &    11.00   3/13/2015     USD    57.95
Goldman Sachs & Co    12.00   2/25/2015     EUR    64.77
Vontobel Financial    19.30   3/27/2015     EUR    73.96
HSBC Trinkaus & Bur   16.50   3/27/2015     EUR    74.04
HSBC Trinkaus & Bur   13.50   3/27/2015     EUR    63.18
HSBC Trinkaus & Bur    7.00   3/27/2015     EUR    74.90
Credit Suisse AG/Na    8.50   7/20/2015     USD    58.29
UBS AG/London         12.00    7/9/2015     CHF    54.33
Leonteq Securities     6.00   7/14/2015     USD    63.05
Deutsche Bank AG       4.20   6/22/2015     EUR    70.60
Deutsche Bank AG       5.20   6/22/2015     EUR    69.40
DZ Bank AG Deutsche    7.50   3/27/2015     EUR    73.05
DZ Bank AG Deutsche    6.00   3/27/2015     EUR    57.35
Deutsche Bank AG       7.20   6/22/2015     EUR    73.20
DZ Bank AG Deutsche    6.75   3/27/2015     EUR    69.71
Deutsche Bank AG       7.20   6/22/2015     EUR    68.30
Deutsche Bank AG       5.20   9/22/2015     EUR    68.60
DZ Bank AG Deutsche   10.50   3/27/2015     EUR    59.17
DZ Bank AG Deutsche   17.50   3/27/2015     EUR    29.27
DZ Bank AG Deutsche    5.75   3/27/2015     EUR    57.65
Deutsche Bank AG       6.20   3/24/2015     EUR    73.50
Deutsche Bank AG       6.20   3/24/2015     EUR    68.40
Deutsche Bank AG       7.20   3/24/2015     EUR    68.60
Deutsche Bank AG       5.20  12/22/2015     EUR    69.70
Deutsche Bank AG       4.20   6/22/2015     EUR    75.00
Deutsche Bank AG       5.20   3/24/2015     EUR    73.30
Deutsche Bank AG       5.20   3/24/2015     EUR    68.20
Deutsche Bank AG       5.20   6/22/2015     EUR    67.40
Deutsche Bank AG       6.20   9/22/2015     EUR    69.30
Deutsche Bank AG       7.20   9/22/2015     EUR    70.00
Deutsche Bank AG       5.20   6/22/2015     EUR    72.20
Deutsche Bank AG       5.20   6/22/2015     EUR    72.80
Deutsche Bank AG       5.20   6/22/2015     EUR    71.10
Deutsche Bank AG       6.20   6/22/2015     EUR    73.20
Deutsche Bank AG       7.20   3/24/2015     EUR    73.70
Deutsche Bank AG       6.20   6/22/2015     EUR    69.90
Deutsche Bank AG       6.20   6/22/2015     EUR    72.70
Deutsche Bank AG       6.20   9/22/2015     EUR    74.00
Deutsche Bank AG       5.20   9/22/2015     EUR    73.30
Deutsche Bank AG       4.20   6/22/2015     EUR    72.30
Deutsche Bank AG       7.20   9/22/2015     EUR    74.70
Deutsche Bank AG       5.20  12/22/2015     EUR    74.30
Deutsche Bank AG       6.20   6/22/2015     EUR    67.80
Deutsche Bank AG       6.20   6/22/2015     EUR    71.50
Deutsche Bank AG       6.20  12/22/2015     EUR    70.60
Deutsche Bank AG       6.20   9/22/2015     EUR    68.90
Deutsche Bank AG       5.20   9/22/2015     EUR    65.60
Deutsche Bank AG       5.20   9/22/2015     EUR    74.30
Deutsche Bank AG       6.20   9/22/2015     EUR    75.00
Deutsche Bank AG       7.20   6/22/2015     EUR    74.40
Deutsche Bank AG       5.20   6/22/2015     EUR    73.40
Deutsche Bank AG       6.20   6/22/2015     EUR    73.90
HSBC Trinkaus & Bur    4.90   7/10/2015     EUR    74.13
UBS AG/London          7.00    7/9/2015     CHF    45.07
Commerzbank AG         6.00   6/25/2015     EUR    73.25
Commerzbank AG         6.00   6/25/2015     EUR    70.23
DZ Bank AG Deutsche    6.25   3/27/2015     EUR    74.38
DZ Bank AG Deutsche    5.50   7/24/2015     EUR    74.87
DZ Bank AG Deutsche    9.50   7/24/2015     EUR    62.32
JP Morgan Structure   28.50    5/7/2015     USD    70.92
UniCredit Bank AG      5.00   9/24/2015     EUR    74.56
Credit Suisse AG/Lo    7.00   8/14/2015     USD    70.50
Leonteq Securities     8.00   8/15/2016     CHF    70.20
Leonteq Securities     9.60  11/18/2015     CHF    73.34
UBS AG/London         14.50   6/26/2015     EUR    74.69
DZ Bank AG Deutsche   16.00   8/28/2015     EUR    40.29
Credit Suisse AG/Na    8.00    2/8/2016     USD    62.12
UBS AG/London          9.30   7/22/2015     EUR    73.21
DZ Bank AG Deutsche    5.25   9/11/2015     EUR    74.56
HSBC Trinkaus & Bur   19.00   3/27/2015     EUR    56.68
HSBC Trinkaus & Bur   13.00   9/25/2015     EUR    61.36
HSBC Trinkaus & Bur   10.00   9/25/2015     EUR    62.93
HSBC Trinkaus & Bur   10.00   2/27/2015     EUR    59.88
HSBC Trinkaus & Bur    9.00   7/24/2015     EUR    62.96
HSBC Trinkaus & Bur   12.50   3/27/2015     EUR    74.66
Commerzbank AG         9.25   7/23/2015     EUR    62.30
Commerzbank AG         7.00   7/23/2015     EUR    62.69
Commerzbank AG        10.00   7/23/2015     EUR    55.65
Commerzbank AG        13.00   7/23/2015     EUR    50.42
Commerzbank AG        16.25   7/23/2015     EUR    47.03
Commerzbank AG        19.75   7/23/2015     EUR    44.64
Commerzbank AG        23.25   7/23/2015     EUR    43.10
Zurcher Kantonalban   11.03    8/7/2015     CHF    57.20
Commerzbank AG         8.00   7/23/2015     EUR    73.07
Notenstein Privatba    4.00    2/1/2016     EUR    64.82
Vontobel Financial     5.05   7/10/2015     EUR    74.48
Vontobel Financial     7.20   7/10/2015     EUR    72.49
Vontobel Financial     9.60   7/10/2015     EUR    70.83
Banque Cantonale Va    6.00   7/15/2015     CHF    65.47
Commerzbank AG         5.00   1/22/2015     EUR    74.13
Commerzbank AG         8.50   1/22/2015     EUR    70.58
Commerzbank AG         5.00   2/26/2015     EUR    74.60
Commerzbank AG         8.00   2/26/2015     EUR    71.34
Commerzbank AG         5.00   3/26/2015     EUR    74.95
Commerzbank AG         7.50   3/26/2015     EUR    71.83
Commerzbank AG         5.00   4/23/2015     EUR    74.74
Commerzbank AG         7.25   4/23/2015     EUR    72.30
Commerzbank AG         6.25   5/21/2015     EUR    74.58
Commerzbank AG         8.75   5/21/2015     EUR    72.09
Commerzbank AG         8.25   6/25/2015     EUR    72.72
Commerzbank AG        11.00   6/25/2015     EUR    70.79
Commerzbank AG         8.50   6/25/2015     EUR    74.82
Commerzbank AG         7.00   6/25/2015     EUR    69.41
Commerzbank AG         9.00   5/21/2015     EUR    50.07
Commerzbank AG        16.50   5/21/2015     EUR    41.09
Commerzbank AG        20.50   5/21/2015     EUR    38.77
Commerzbank AG        24.75   5/21/2015     EUR    37.17
Commerzbank AG         6.25   6/25/2015     EUR    57.80
Commerzbank AG         9.25   6/25/2015     EUR    50.90
Commerzbank AG        12.50   6/25/2015     EUR    45.83
Commerzbank AG        16.50   6/25/2015     EUR    42.13
Commerzbank AG        19.75   6/25/2015     EUR    40.38
Commerzbank AG        23.50   6/25/2015     EUR    38.96
UBS AG/London         10.50   7/16/2015     CHF    54.62
UBS AG/London          7.00   7/16/2015     CHF    47.31
Credit Suisse AG/Na    8.00   1/29/2016     CHF    60.95
DZ Bank AG Deutsche    5.25   6/12/2015     EUR    73.66
Goldman Sachs & Co    13.00   1/21/2015     EUR    66.32
Goldman Sachs & Co     8.00   2/25/2015     EUR    74.41
Goldman Sachs & Co     9.00   4/22/2015     EUR    72.26
Goldman Sachs & Co    11.00   4/22/2015     EUR    69.53
Goldman Sachs & Co     9.00   6/24/2015     EUR    72.20
Goldman Sachs & Co    16.00   1/21/2015     EUR    70.71
Goldman Sachs & Co    10.00   9/23/2015     EUR    71.75
Goldman Sachs & Co    14.00   4/22/2015     EUR    74.15
BNP Paribas Emissio    6.50   3/26/2015     EUR    73.49
BNP Paribas Emissio   10.00   3/26/2015     EUR    69.17
BNP Paribas Emissio    7.00   6/25/2015     EUR    72.95
BNP Paribas Emissio   10.00   6/25/2015     EUR    69.53
HSBC Trinkaus & Bur   12.00   6/26/2015     EUR    65.17
HSBC Trinkaus & Bur    6.00   9/25/2015     EUR    71.97
HSBC Trinkaus & Bur   15.50   3/27/2015     EUR    71.11
HSBC Trinkaus & Bur   14.00   6/26/2015     EUR    73.96
HSBC Trinkaus & Bur   13.00   6/26/2015     EUR    74.39
HSBC Trinkaus & Bur   13.00   6/26/2015     EUR    72.58
HSBC Trinkaus & Bur   12.50   6/26/2015     EUR    68.81
BNP Paribas Emissio    9.50   3/26/2015     EUR    73.19
BNP Paribas Emissio    9.00   6/25/2015     EUR    73.92
HSBC Trinkaus & Bur   15.00   3/27/2015     EUR    59.84
BNP Paribas Emissio   15.00   3/26/2015     EUR    71.50
HSBC Trinkaus & Bur   14.00   6/26/2015     EUR    62.08
BNP Paribas Emissio   18.50   3/26/2015     EUR    66.88
HSBC Trinkaus & Bur    9.50   6/26/2015     EUR    65.39
BNP Paribas Emissio   23.00   3/26/2015     EUR    63.16
HSBC Trinkaus & Bur    6.00   6/26/2015     EUR    70.27
BNP Paribas Emissio   14.00   6/25/2015     EUR    73.21
HSBC Trinkaus & Bur    8.50   1/23/2015     EUR    64.75
BNP Paribas Emissio   17.00   6/25/2015     EUR    69.74
HSBC Trinkaus & Bur   13.50   6/26/2015     EUR    68.05
BNP Paribas Emissio   20.00   6/25/2015     EUR    66.76
HSBC Trinkaus & Bur   10.00   6/26/2015     EUR    71.08
HSBC Trinkaus & Bur    6.00   3/27/2015     EUR    61.53
HSBC Trinkaus & Bur   14.00   6/26/2015     EUR    52.34
HSBC Trinkaus & Bur   11.00   6/26/2015     EUR    55.48
HSBC Trinkaus & Bur    8.00   6/26/2015     EUR    59.66
HSBC Trinkaus & Bur    6.50   6/26/2015     EUR    63.21
HSBC Trinkaus & Bur   10.50   1/23/2015     EUR    52.82
BNP Paribas Emissio    8.50   3/26/2015     EUR    74.78
HSBC Trinkaus & Bur   13.50   6/26/2015     EUR    72.13
HSBC Trinkaus & Bur    6.00   3/27/2015     EUR    67.04
Zurcher Kantonalban    6.60   7/29/2015     CHF    50.26
EFG International F    7.30   7/22/2015     USD    73.66
Leonteq Securities    10.00   1/22/2016     USD    65.25
Credit Suisse AG/Na    8.25   7/31/2015     USD    60.83
DZ Bank AG Deutsche    4.90   1/22/2015     EUR    71.74
DZ Bank AG Deutsche    6.00   1/22/2015     EUR    68.38
DZ Bank AG Deutsche    5.40   7/23/2015     EUR    70.99
DZ Bank AG Deutsche    5.60  10/23/2015     EUR    72.08
DZ Bank AG Deutsche    4.70   7/23/2015     EUR    58.40
DZ Bank AG Deutsche    5.70   7/23/2015     EUR    56.61
DZ Bank AG Deutsche    3.90  10/23/2015     EUR    63.44
DZ Bank AG Deutsche    4.90  10/23/2015     EUR    61.20
DZ Bank AG Deutsche    5.80  10/23/2015     EUR    59.35
DZ Bank AG Deutsche    5.70   1/22/2015     EUR    74.52
DZ Bank AG Deutsche    4.00   1/22/2015     EUR    71.05
DZ Bank AG Deutsche    4.70   1/22/2015     EUR    67.82
DZ Bank AG Deutsche    2.20   1/22/2015     EUR    54.22
DZ Bank AG Deutsche    3.20   1/22/2015     EUR    51.36
DZ Bank AG Deutsche    4.20   1/22/2015     EUR    49.21
DZ Bank AG Deutsche    3.70   7/23/2015     EUR    60.90
DZ Bank AG Deutsche    5.50   1/22/2015     EUR    53.55
DZ Bank AG Deutsche    4.00   1/22/2015     EUR    50.95
DZ Bank AG Deutsche    4.80   1/22/2015     EUR    48.66
DZ Bank AG Deutsche    6.30   7/23/2015     EUR    60.36
DZ Bank AG Deutsche    4.90   7/23/2015     EUR    59.60
DZ Bank AG Deutsche    4.40   7/23/2015     EUR    54.08
DZ Bank AG Deutsche    5.90  10/23/2015     EUR    63.27
DZ Bank AG Deutsche    5.80  10/23/2015     EUR    60.57
DZ Bank AG Deutsche    4.70  10/23/2015     EUR    57.26
DZ Bank AG Deutsche    3.60   1/22/2015     EUR    56.46
DZ Bank AG Deutsche    5.50   1/22/2015     EUR    54.94
DZ Bank AG Deutsche    7.60   1/22/2015     EUR    53.76
DZ Bank AG Deutsche    3.10   7/22/2015     EUR    64.00
DZ Bank AG Deutsche    4.90   7/22/2015     EUR    62.14
DZ Bank AG Deutsche    6.00   7/22/2015     EUR    61.41
DZ Bank AG Deutsche    3.90  10/22/2015     EUR    65.39
DZ Bank AG Deutsche    4.70  10/22/2015     EUR    64.66
DZ Bank AG Deutsche    5.60  10/22/2015     EUR    64.06
DZ Bank AG Deutsche    2.90   1/22/2015     EUR    59.30
DZ Bank AG Deutsche    5.80   1/22/2015     EUR    56.31
DZ Bank AG Deutsche   10.30   1/22/2015     EUR    53.70
DZ Bank AG Deutsche    3.70   7/22/2015     EUR    64.23
DZ Bank AG Deutsche    5.70   7/22/2015     EUR    62.23
DZ Bank AG Deutsche    8.30   7/22/2015     EUR    60.80
DZ Bank AG Deutsche    3.60  10/22/2015     EUR    67.26
DZ Bank AG Deutsche    5.30  10/22/2015     EUR    65.55
DZ Bank AG Deutsche    7.30  10/22/2015     EUR    64.31
Vontobel Financial     7.90   6/26/2015     EUR    73.56
Vontobel Financial     8.15   3/27/2015     EUR    73.95
UBS AG/London         15.00   7/23/2015     CHF    55.72
Leonteq Securities    11.52  10/28/2015     CHF    57.28
Deutsche Bank AG       7.20   3/24/2015     EUR    70.20
BNP Paribas Emissio    8.00   6/25/2015     EUR    58.64
BNP Paribas Emissio    6.75   6/25/2015     EUR    61.56
BNP Paribas Emissio    8.00   7/23/2015     EUR    59.30
BNP Paribas Emissio    6.75   7/23/2015     EUR    62.11
Vontobel Financial    11.20   3/27/2015     EUR    54.00
Goldman Sachs & Co    10.00   2/25/2015     EUR    67.53
Vontobel Financial    23.50   3/27/2015     EUR    72.74
HSBC Trinkaus & Bur    6.50   6/26/2015     EUR    69.39
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    74.27
HSBC Trinkaus & Bur    8.00   1/23/2015     EUR    74.55
HSBC Trinkaus & Bur    8.00   6/26/2015     EUR    73.46
HSBC Trinkaus & Bur   10.00   3/27/2015     EUR    66.51
HSBC Trinkaus & Bur    9.00   1/23/2015     EUR    67.14
HSBC Trinkaus & Bur   14.50   3/27/2015     EUR    73.08
Banque Cantonale Va    1.00    7/7/2016     CHF    34.89
HSBC Trinkaus & Bur   11.00   9/25/2015     EUR    74.18
HSBC Trinkaus & Bur   13.00   9/25/2015     EUR    74.64
HSBC Trinkaus & Bur   12.50   9/25/2015     EUR    69.63
HSBC Trinkaus & Bur    9.50   9/25/2015     EUR    71.54
HSBC Trinkaus & Bur    6.50   2/27/2015     EUR    72.81
HSBC Trinkaus & Bur   10.00   9/25/2015     EUR    65.04
HSBC Trinkaus & Bur    9.50   2/27/2015     EUR    62.20
Commerzbank AG         6.25   2/26/2015     EUR    73.22
Leonteq Securities    12.40   4/27/2016     CHF    69.76
Bank Julius Baer &    11.00  10/14/2015     CHF    64.75
Commerzbank AG         3.00   12/3/2015     EUR    57.01
UBS AG/London          7.50  10/15/2015     CHF    65.06
Leonteq Securities     9.07    5/3/2016     GBP    62.70
UBS AG/London         12.88  10/23/2015     CHF    72.95
BNP Paribas Emissio    7.00  10/22/2015     EUR    61.30
HSBC Trinkaus & Bur    6.50   6/26/2015     EUR    67.87
HSBC Trinkaus & Bur   14.50   3/27/2015     EUR    66.89
DZ Bank AG Deutsche    5.50   1/23/2015     EUR    67.70
UniCredit Bank AG      4.00   6/24/2015     EUR    65.69
UniCredit Bank AG      4.50   6/24/2015     EUR    59.26
Vontobel Financial     5.30   4/17/2015     EUR    74.55
DZ Bank AG Deutsche    7.75   6/12/2015     EUR    74.73
Vontobel Financial     8.35   6/26/2015     EUR    57.64
Bank Julius Baer &    14.20  10/28/2015     CHF    70.40
UBS AG/London         10.50   10/8/2015     CHF    73.05
Leonteq Securities     9.00  10/20/2015     CHF    69.55
BNP Paribas Emissio   13.00   1/22/2015     EUR    74.09
Bank Julius Baer &     6.00    7/3/2015     EUR    72.20
Banque Cantonale Va   10.80   6/25/2015     CHF    55.46
Bank Julius Baer &     7.65    7/3/2015     USD    68.90
UBS AG/London         15.25   6/25/2015     CHF    43.12
DZ Bank AG Deutsche    5.75   3/27/2015     EUR    74.65
HSBC Trinkaus & Bur    7.00   4/24/2015     EUR    73.56
HSBC Trinkaus & Bur   15.50   6/26/2015     EUR    59.53
Credit Suisse AG/Na   10.50    7/9/2015     USD    51.82
UBS AG                10.75   3/27/2015     EUR    45.73
UBS AG                 7.75   6/26/2015     EUR    49.74
Bank Julius Baer &    10.00    7/3/2015     USD    50.20
UBS AG                14.75   3/27/2015     EUR    73.03
DZ Bank AG Deutsche    5.50   3/27/2015     EUR    70.42
DZ Bank AG Deutsche   11.00   3/27/2015     EUR    56.61
Credit Suisse AG/Na    8.40   6/26/2015     USD    42.31
Notenstein Privatba    6.10  12/30/2015     EUR    62.27
HSBC Trinkaus & Bur    8.00   6/26/2015     EUR    66.68
UBS AG                 4.75   3/27/2015     EUR    71.51
UBS AG                 7.25   6/26/2015     EUR    53.70
UBS AG                11.25   6/24/2016     EUR    72.67
DZ Bank AG Deutsche   10.75   6/26/2015     EUR    71.63
Credit Suisse AG/Na    8.00    3/7/2016     EUR    74.52
HSBC Trinkaus & Bur    6.50   1/23/2015     EUR    66.31
UBS AG                14.75   3/27/2015     EUR    72.72
HSBC Trinkaus & Bur   14.50   3/27/2015     EUR    65.48
HSBC Trinkaus & Bur    6.00   3/27/2015     EUR    64.53
UBS AG                13.50  12/29/2015     EUR    74.42
UBS AG                13.75   9/25/2015     EUR    61.73
UBS AG                12.25   6/26/2015     EUR    74.70
Leonteq Securities     8.64   8/25/2015     CHF    29.49
Commerzbank AG         6.25   2/26/2015     EUR    72.42
Commerzbank AG         7.25   2/26/2015     EUR    52.98
Commerzbank AG         5.75   2/26/2015     EUR    69.71
DZ Bank AG Deutsche    8.00   2/27/2015     EUR    72.28
Vontobel Financial     7.60   3/27/2015     EUR    68.14
Commerzbank AG         6.00   2/26/2015     EUR    56.64
Commerzbank AG         6.00   2/26/2015     EUR    74.22
Commerzbank AG        12.25   2/26/2015     EUR    50.07
UBS AG                13.00   3/27/2015     EUR    71.95
UBS AG                14.00   6/26/2015     EUR    70.02
DZ Bank AG Deutsche    6.25   6/26/2015     EUR    74.70
UBS AG                13.50   9/25/2015     EUR    74.53
DZ Bank AG Deutsche    5.00   7/24/2015     EUR    74.42
LBBW                   4.00   6/26/2015     EUR    64.95
LBBW                   3.00   6/26/2015     EUR    73.78
LBBW                   4.00   6/26/2015     EUR    70.68
DZ Bank AG Deutsche    9.75   3/13/2015     EUR    73.98
DZ Bank AG Deutsche    7.75   3/13/2015     EUR    73.45
Deutsche Bank AG       6.20   3/24/2015     EUR    74.30
Leonteq Securities     7.35    7/2/2015     USD    58.32
Deutsche Bank AG       6.20   3/24/2015     EUR    74.00
Deutsche Bank AG       6.20   3/24/2015     EUR    69.90
DZ Bank AG Deutsche    5.25   6/12/2015     EUR    73.66
Deutsche Bank AG       6.20   3/24/2015     EUR    70.00
Vontobel Financial    10.90   3/13/2015     EUR    73.53
Deutsche Bank AG       5.20   3/24/2015     EUR    72.10
Deutsche Bank AG       5.20   3/24/2015     EUR    69.80
Deutsche Bank AG       7.20   3/24/2015     EUR    70.10
Deutsche Bank AG       7.20   3/24/2015     EUR    53.10
Deutsche Bank AG       7.20   3/24/2015     EUR    74.50
Deutsche Bank AG       7.20   3/24/2015     EUR    72.50
Deutsche Bank AG       7.20   3/24/2015     EUR    53.70
Banque Cantonale Va    5.25    7/2/2015     CHF    50.49
Deutsche Bank AG       7.20   3/24/2015     EUR    74.20
Deutsche Bank AG       7.20   3/24/2015     EUR    54.90
Raiffeisen Centroba    6.29   1/20/2016     EUR    56.96
Deutsche Bank AG       7.10   2/25/2015     EUR    69.70
Deutsche Bank AG       5.10   2/25/2015     EUR    69.40
Deutsche Bank AG       5.10   2/25/2015     EUR    71.10
UBS AG                14.25   6/26/2015     EUR    73.90
Deutsche Bank AG       6.10   2/25/2015     EUR    67.10
Deutsche Bank AG       7.10   2/25/2015     EUR    73.20
Deutsche Bank AG       7.10   2/25/2015     EUR    71.40
Deutsche Bank AG       6.10   2/25/2015     EUR    71.20
UBS AG                12.50   3/27/2015     EUR    72.54
UniCredit Bank AG      4.25   9/24/2015     EUR    62.76
UniCredit Bank AG      5.75   9/24/2015     EUR    58.96
Deutsche Bank AG       6.10   2/25/2015     EUR    73.50
Deutsche Bank AG       7.10   2/25/2015     EUR    73.60
UBS AG                 5.00   6/26/2015     EUR    71.34
UniCredit Bank AG      4.90   9/24/2015     EUR    61.41
UniCredit Bank AG      4.75   9/24/2015     EUR    62.01
DZ Bank AG Deutsche    6.75   6/26/2015     EUR    73.61
Notenstein Privatba   12.00   3/10/2015     CHF    50.50
BNP Paribas Emissio    9.25   1/22/2015     EUR    68.43
BNP Paribas Emissio    9.00   2/26/2015     EUR    69.32
UBS AG                11.75   3/27/2015     EUR    68.64
UBS AG                13.50   3/27/2015     EUR    61.67
UBS AG                14.75   3/27/2015     EUR    56.07
HSBC Trinkaus & Bur   16.00   3/27/2015     EUR    73.70
HSBC Trinkaus & Bur    7.50   1/23/2015     EUR    72.30
Commerzbank AG        10.00   2/26/2015     EUR    71.64
Commerzbank AG         8.50   2/26/2015     EUR    69.06
DZ Bank AG Deutsche    7.50   2/27/2015     EUR    70.77
Vontobel Financial     5.25   3/27/2015     EUR    71.75
UBS AG                11.00   3/27/2015     EUR    61.88
Vontobel Financial    11.60   6/12/2015     EUR    74.77
Commerzbank AG         8.75   6/25/2015     EUR    73.34
UBS AG                14.75   9/25/2015     EUR    72.41
Commerzbank AG         6.50   6/25/2015     EUR    67.21
Commerzbank AG         8.25   6/25/2015     EUR    64.82
Commerzbank AG        10.25   6/25/2015     EUR    62.41
UBS AG                13.00   3/27/2015     EUR    59.34
DZ Bank AG Deutsche    5.00   7/24/2015     EUR    60.08
UBS AG                 9.00   3/27/2015     EUR    64.74
DZ Bank AG Deutsche    6.75   7/24/2015     EUR    66.52
DZ Bank AG Deutsche   16.00   7/24/2015     EUR    35.80
Vontobel Financial     8.45   3/13/2015     EUR    74.28
Credit Suisse AG/Na    8.25   1/11/2016     CHF    62.55
DZ Bank AG Deutsche    6.50   9/11/2015     EUR    74.68
Vontobel Financial     5.10   3/13/2015     EUR    70.82
Vontobel Financial     6.25   3/13/2015     EUR    71.03
Vontobel Financial     7.25   3/13/2015     EUR    71.22
Deutsche Bank AG       6.20   3/24/2015     EUR    56.60
Deutsche Bank AG       6.20   3/24/2015     EUR    54.70
Deutsche Bank AG       6.20   3/24/2015     EUR    72.30
Vontobel Financial     5.80   3/13/2015     EUR    67.50
Vontobel Financial     4.15   3/13/2015     EUR    71.35
Deutsche Bank AG       6.20   3/24/2015     EUR    72.30
Deutsche Bank AG       6.20   3/24/2015     EUR    72.50
Deutsche Bank AG       6.20   3/24/2015     EUR    74.30
Deutsche Bank AG       5.20   3/24/2015     EUR    72.30
Deutsche Bank AG       5.20   3/24/2015     EUR    74.10
Deutsche Bank AG       5.20   3/24/2015     EUR    72.10
Deutsche Bank AG       5.20   3/24/2015     EUR    54.40
Deutsche Bank AG       5.20   3/24/2015     EUR    73.80
Leonteq Securities     8.00    7/7/2016     USD    66.65
Deutsche Bank AG       5.20   3/24/2015     EUR    53.30
Vontobel Financial     4.95   3/13/2015     EUR    63.51
Vontobel Financial     5.40   3/13/2015     EUR    63.60
Deutsche Bank AG       5.20   3/24/2015     EUR    69.70
Vontobel Financial     5.90   3/13/2015     EUR    63.69
Deutsche Bank AG       5.20   3/24/2015     EUR    56.30
Deutsche Bank AG       7.20   3/24/2015     EUR    72.80
Deutsche Bank AG       7.20   3/24/2015     EUR    55.00
Deutsche Bank AG       7.20   3/24/2015     EUR    74.60
Deutsche Bank AG       7.20   3/24/2015     EUR    72.50
Deutsche Bank AG       7.20   3/24/2015     EUR    56.80
Raiffeisen Centroba    7.55   1/20/2016     EUR    59.63
Raiffeisen Centroba    5.98   1/20/2016     EUR    72.68
Raiffeisen Centroba    3.78   1/20/2016     EUR    73.18
Deutsche Bank AG       6.10   2/25/2015     EUR    73.00
Deutsche Bank AG       7.10   2/25/2015     EUR    74.70
Deutsche Bank AG       6.10   2/25/2015     EUR    69.50
Deutsche Bank AG       5.10   2/25/2015     EUR    72.90
Deutsche Bank AG       7.10   2/25/2015     EUR    67.30
UniCredit Bank AG      5.25   9/24/2015     EUR    60.60
UniCredit Bank AG      5.40   9/24/2015     EUR    60.04
Credit Suisse AG/Na    9.00   5/28/2015     EUR    66.34
Deutsche Bank AG       5.10   2/25/2015     EUR    73.30
UniCredit Bank AG      4.80   9/24/2015     EUR    61.67
UBS AG                 7.25   3/27/2015     EUR    48.59
Leonteq Securities    11.80   9/10/2015     EUR    72.97
DZ Bank AG Deutsche    4.25   9/11/2015     EUR    73.98
UniCredit Bank AG      5.25   6/24/2015     EUR    57.60
UniCredit Bank AG      6.00   6/24/2015     EUR    61.15
UniCredit Bank AG      5.50   6/24/2015     EUR    57.07
UniCredit Bank AG      5.00   6/24/2015     EUR    63.32
UniCredit Bank AG      6.50   6/24/2015     EUR    70.73
Vontobel Financial     4.45   3/13/2015     EUR    73.99
Vontobel Financial     3.15   6/12/2015     EUR    72.97
Goldman Sachs & Co     5.00   3/25/2015     EUR    74.38
Goldman Sachs & Co     7.00   3/25/2015     EUR    67.82
Goldman Sachs & Co    10.00   3/25/2015     EUR    62.52
UniCredit Bank AG      5.50   6/24/2015     EUR    72.43
UniCredit Bank AG      4.75   6/24/2015     EUR    58.69
UniCredit Bank AG      4.50   6/24/2015     EUR    74.26
UniCredit Bank AG      5.00   6/24/2015     EUR    58.14
Vontobel Financial     3.05   3/13/2015     EUR    73.73
Vontobel Financial     2.20   3/13/2015     EUR    73.57
Credit Suisse AG/Na    8.50   6/17/2015     USD    52.11
Credit Suisse AG/Lo    7.50   6/25/2015     USD    58.44
Goldman Sachs & Co     6.00   3/25/2015     EUR    70.93
Goldman Sachs & Co     8.00   3/25/2015     EUR    64.86
Goldman Sachs & Co     8.00   1/21/2015     EUR    66.11
DZ Bank AG Deutsche    6.50   3/13/2015     EUR    74.21
Deutsche Bank AG       7.80   1/21/2015     EUR    72.50
Deutsche Bank AG       5.80   1/21/2015     EUR    72.30
Deutsche Bank AG       6.80   1/21/2015     EUR    72.40
Deutsche Bank AG       5.80   1/21/2015     EUR    70.60
Deutsche Bank AG       6.80   1/21/2015     EUR    69.00
Deutsche Bank AG       7.80   1/21/2015     EUR    69.00
Credit Suisse AG/Na    7.85   3/20/2015     EUR    73.77
Deutsche Bank AG       5.80   1/21/2015     EUR    68.90
Deutsche Bank AG       5.80   1/21/2015     EUR    72.40
Deutsche Bank AG       7.80   1/21/2015     EUR    64.30
Deutsche Bank AG       6.80   1/21/2015     EUR    70.70
Deutsche Bank AG       6.80   1/21/2015     EUR    66.60
Deutsche Bank AG       6.80   1/21/2015     EUR    64.30
Deutsche Bank AG       6.80   1/21/2015     EUR    72.50
Deutsche Bank AG       7.80   1/21/2015     EUR    72.60
Deutsche Bank AG       5.80   1/21/2015     EUR    66.50
Vontobel Financial     4.70   6/26/2015     EUR    74.58
Vontobel Financial     5.00   3/27/2015     EUR    74.56
Deutsche Bank AG       5.80   1/21/2015     EUR    64.20
Deutsche Bank AG       7.80   1/21/2015     EUR    70.70
Deutsche Bank AG       7.80   1/21/2015     EUR    66.60
Leonteq Securities     7.07   9/21/2015     CHF    52.99
UBS AG                 5.79   9/17/2015     USD    33.83
Vontobel Financial     9.00   4/14/2015     EUR    72.30
Vontobel Financial     8.05   3/27/2015     EUR    73.60
Zurcher Kantonalban    9.28   1/15/2015     EUR    69.00
Bank Julius Baer &     6.25   3/27/2015     EUR    72.75
Bank Julius Baer &     9.10   3/27/2015     USD    70.70
BNP Paribas Emissio    9.75   3/26/2015     EUR    72.74
BNP Paribas Emissio    5.00   3/26/2015     EUR    73.57
BNP Paribas Emissio    6.50   3/26/2015     EUR    69.56
BNP Paribas Emissio    8.00   3/26/2015     EUR    66.77
BNP Paribas Emissio    5.00   1/22/2015     EUR    70.91
BNP Paribas Emissio    4.25   1/22/2015     EUR    72.69
BNP Paribas Emissio    5.25   7/23/2015     EUR    71.91
UBS AG                21.75  12/29/2015     EUR    58.48
UBS AG                 5.75  12/29/2015     EUR    74.42
UBS AG                19.75  12/29/2015     EUR    59.14
UBS AG                17.25   9/25/2015     EUR    70.16
UBS AG                23.25   9/25/2015     EUR    73.00
UBS AG                22.50   9/25/2015     EUR    55.90
UBS AG                16.50   3/27/2015     EUR    69.80
UBS AG                20.00   9/25/2015     EUR    57.14
UBS AG                23.75   6/26/2015     EUR    71.41
UBS AG                21.50  12/29/2015     EUR    74.83
UBS AG                24.50   9/25/2015     EUR    71.30
UBS AG                19.75   6/26/2015     EUR    73.56
UBS AG                24.25   3/27/2015     EUR    68.49
UBS AG                21.75   9/25/2015     EUR    72.29
UBS AG                21.75   6/26/2015     EUR    71.71
UBS AG                19.25   3/27/2015     EUR    73.41
UBS AG                21.75   3/27/2015     EUR    71.78
UBS AG                18.50   3/27/2015     EUR    55.43
UBS AG                23.25   6/26/2015     EUR    72.11
UBS AG                19.75   6/26/2015     EUR    55.50
UBS AG                23.50   9/25/2015     EUR    64.22
UBS AG                23.75   6/26/2015     EUR    63.10
UBS AG                21.25   6/26/2015     EUR    74.36
UBS AG                22.75   9/25/2015     EUR    71.82
UBS AG                21.75   3/27/2015     EUR    74.39
UBS AG                10.50  12/29/2015     EUR    65.78
UBS AG                17.75  12/29/2015     EUR    60.21
UBS AG                21.00   6/26/2015     EUR    74.13
UBS AG                20.25   3/27/2015     EUR    74.82
UBS AG                23.00  12/29/2015     EUR    71.95
UBS AG                23.50   6/26/2015     EUR    69.98
UBS AG                20.25   9/25/2015     EUR    73.56
UBS AG                20.00  12/29/2015     EUR    74.90
UBS AG                24.75   9/25/2015     EUR    74.54
UBS AG                23.75   3/27/2015     EUR    70.89
UBS AG                22.50   9/25/2015     EUR    73.00
UBS AG                21.75   3/27/2015     EUR    70.81
UBS AG                23.25   3/27/2015     EUR    74.58
Goldman Sachs & Co    12.00   1/21/2015     EUR    73.88
Goldman Sachs & Co     9.00   1/21/2015     EUR    74.37
Goldman Sachs & Co    13.00   1/21/2015     EUR    66.73
Vontobel Financial     4.05   6/26/2015     EUR    71.11
UBS AG                20.75  12/29/2015     EUR    67.73
UBS AG                21.75   3/27/2015     EUR    63.59
UBS AG                24.00   9/25/2015     EUR    74.03
UBS AG                15.50  12/29/2015     EUR    61.54
UBS AG                13.00  12/29/2015     EUR    63.28
UBS AG                23.50   6/26/2015     EUR    72.33
UBS AG                 6.00   9/25/2015     EUR    73.29
UBS AG                 9.25  12/29/2015     EUR    67.42
UBS AG                 7.25   9/25/2015     EUR    70.29
UBS AG                23.75   9/25/2015     EUR    74.87
UBS AG                24.50   9/25/2015     EUR    54.71
UBS AG                17.25   9/25/2015     EUR    58.70
UBS AG                 8.00  12/29/2015     EUR    69.34
UBS AG                10.00   9/25/2015     EUR    65.55
UBS AG                19.75   9/25/2015     EUR    74.67
UBS AG                18.50   3/27/2015     EUR    67.08
UBS AG                 8.50   9/25/2015     EUR    67.66
UBS AG                 6.75  12/29/2015     EUR    71.58
UBS AG                23.00   6/26/2015     EUR    53.48
UBS AG                24.75   3/27/2015     EUR    71.27
UBS AG                24.50   9/25/2015     EUR    72.13
UBS AG                22.00   6/26/2015     EUR    64.44
UBS AG                23.00   6/26/2015     EUR    71.18
UBS AG                22.75  12/29/2015     EUR    74.35
UBS AG                24.75   3/27/2015     EUR    60.57
UBS AG                20.50   9/25/2015     EUR    66.77
UBS AG                19.25   3/27/2015     EUR    74.76
UBS AG                19.25   9/25/2015     EUR    68.02
UBS AG                23.00   6/26/2015     EUR    75.00
UBS AG                24.75   6/26/2015     EUR    69.91
UBS AG                14.50   9/25/2015     EUR    60.90
UBS AG                25.00   9/25/2015     EUR    73.67
UBS AG                22.50   9/25/2015     EUR    74.55
UBS AG                 5.80   7/22/2015     EUR    68.81
Goldman Sachs & Co     5.00   1/21/2015     EUR    73.40
Goldman Sachs & Co     6.00   1/21/2015     EUR    69.37
Goldman Sachs & Co     7.00   1/21/2015     EUR    66.06
Goldman Sachs & Co     9.00   1/21/2015     EUR    63.12
Goldman Sachs & Co    11.00   1/21/2015     EUR    60.41
Goldman Sachs & Co     5.00   6/24/2015     EUR    73.85
Goldman Sachs & Co     6.00   6/24/2015     EUR    70.67
Goldman Sachs & Co     7.00   6/24/2015     EUR    67.93
Goldman Sachs & Co     8.00   6/24/2015     EUR    65.31
Goldman Sachs & Co    10.00   6/24/2015     EUR    63.68
UBS AG                22.25   6/26/2015     EUR    73.37
UBS AG                18.25   9/25/2015     EUR    65.49
UBS AG                12.00  12/29/2015     EUR    74.95
UBS AG                20.50  12/29/2015     EUR    64.62
UBS AG                20.25   9/25/2015     EUR    63.44
UBS AG                23.00   9/25/2015     EUR    61.11
UBS AG                17.00   3/27/2015     EUR    64.61
UBS AG                11.75   3/27/2015     EUR    72.15
UBS AG                22.75  12/29/2015     EUR    63.15
UBS AG                23.00   9/25/2015     EUR    61.00
UBS AG                22.75  12/29/2015     EUR    74.62
UBS AG                22.75  12/29/2015     EUR    69.23
UBS AG                22.75   6/26/2015     EUR    60.12
UBS AG                18.50   6/26/2015     EUR    64.28
UBS AG                19.25  12/29/2015     EUR    65.79
UBS AG                16.50   9/25/2015     EUR    67.47
UBS AG                19.25  12/29/2015     EUR    72.44
UBS AG                24.75   6/26/2015     EUR    58.47
UBS AG                16.50   6/26/2015     EUR    67.02
UBS AG                18.00  12/29/2015     EUR    67.14
UBS AG                21.50   9/25/2015     EUR    62.35
UBS AG                23.50   3/27/2015     EUR    71.76
UBS AG                24.00   6/26/2015     EUR    71.48
UBS AG                22.00   9/25/2015     EUR    74.98
UBS AG                15.00   6/26/2015     EUR    67.99
UBS AG                12.25   9/25/2015     EUR    72.93
UBS AG                18.50   3/27/2015     EUR    63.98
UBS AG                23.75   9/25/2015     EUR    72.63
UBS AG                17.00   9/25/2015     EUR    66.49
UBS AG                13.25   6/26/2015     EUR    70.35
UBS AG                11.00   6/26/2015     EUR    74.70
UBS AG                15.25  12/29/2015     EUR    69.24
UBS AG                20.50  12/29/2015     EUR    64.69
UBS AG                14.75   9/25/2015     EUR    69.85
UBS AG                19.25   6/26/2015     EUR    67.42
UBS AG                16.25   3/27/2015     EUR    70.35
UBS AG                24.25   3/27/2015     EUR    56.41
UBS AG                 7.00  12/29/2015     EUR    65.43
UBS AG                 7.00   3/27/2015     EUR    61.51
UBS AG                 6.25   6/26/2015     EUR    64.99
UBS AG                18.00   3/27/2015     EUR    69.91
UBS AG                11.50   9/25/2015     EUR    74.14
UBS AG                 9.75   9/25/2015     EUR    57.90
UBS AG                24.25   9/25/2015     EUR    47.26
UBS AG                 8.00   3/27/2015     EUR    59.33
UBS AG                 5.00   6/26/2015     EUR    70.03
UBS AG                21.00   3/27/2015     EUR    65.38
UBS AG                24.25   3/27/2015     EUR    69.34
UBS AG                20.25   3/27/2015     EUR    74.84
UBS AG                17.00   9/25/2015     EUR    70.66
UBS AG                15.00  12/29/2015     EUR    73.08
UBS AG                13.50   6/26/2015     EUR    59.74
UBS AG                17.00  12/29/2015     EUR    74.86
UBS AG                21.25   3/27/2015     EUR    52.02
UBS AG                23.50   3/27/2015     EUR    62.89
UBS AG                16.75   9/25/2015     EUR    72.08
UBS AG                18.25   9/25/2015     EUR    70.27
UBS AG                19.50   3/27/2015     EUR    61.04
UBS AG                15.75   3/27/2015     EUR    74.75
UBS AG                15.00   6/26/2015     EUR    58.14
UBS AG                19.75   3/27/2015     EUR    69.29
UBS AG                13.75   9/25/2015     EUR    58.44
UBS AG                13.75   9/25/2015     EUR    74.02
UBS AG                22.50   3/27/2015     EUR    63.23
UBS AG                18.00   3/27/2015     EUR    68.07
UBS AG                22.00   9/25/2015     EUR    72.85
UBS AG                22.00   6/26/2015     EUR    72.44
UBS AG                16.00   9/25/2015     EUR    67.34
UBS AG                19.50  12/29/2015     EUR    64.90
UBS AG                14.75   3/27/2015     EUR    67.10
UBS AG                12.50   9/25/2015     EUR    59.72
UBS AG                 7.00   6/26/2015     EUR    62.83
UBS AG                 4.50   6/26/2015     EUR    72.91
UBS AG                 4.25   3/27/2015     EUR    72.71
UBS AG                10.25   6/26/2015     EUR    55.99
UBS AG                10.75   3/27/2015     EUR    53.80
UBS AG                11.75  12/29/2015     EUR    74.07
UBS AG                16.50   9/25/2015     EUR    56.57
UBS AG                 5.25   9/25/2015     EUR    70.72
UBS AG                 4.75   3/27/2015     EUR    69.32
UBS AG                12.25   6/26/2015     EUR    53.47
UBS AG                 5.50   6/26/2015     EUR    67.35
UBS AG                13.00   3/27/2015     EUR    50.86
UBS AG                21.50   6/26/2015     EUR    68.79
UBS AG                17.00  12/29/2015     EUR    66.97
UBS AG                15.50   6/26/2015     EUR    67.07
UBS AG                13.00   3/27/2015     EUR    70.08
UBS AG                12.50   6/26/2015     EUR    71.89
UBS AG                18.75   6/26/2015     EUR    69.03
UBS AG                 6.25   3/27/2015     EUR    63.94
UBS AG                24.25   3/27/2015     EUR    41.31
UBS AG                13.25   3/27/2015     EUR    59.29
UBS AG                11.00   9/25/2015     EUR    61.02
UBS AG                14.75  12/29/2015     EUR    58.64
UBS AG                24.50   9/25/2015     EUR    59.58
UBS AG                21.75  12/29/2015     EUR    63.33
UBS AG                18.00   6/26/2015     EUR    64.27
UBS AG                19.25   3/27/2015     EUR    53.56
UBS AG                13.50  12/29/2015     EUR    59.31
UBS AG                15.50   3/27/2015     EUR    57.22
UBS AG                21.75   9/25/2015     EUR    61.39
UBS AG                 4.75  12/29/2015     EUR    73.60
UBS AG                16.00   6/26/2015     EUR    72.76
UBS AG                15.25  12/29/2015     EUR    74.84
UBS AG                24.25   9/25/2015     EUR    70.13
UBS AG                21.50  12/29/2015     EUR    73.81
UBS AG                23.25  12/29/2015     EUR    71.81
UBS AG                14.00   6/26/2015     EUR    73.36
UBS AG                16.00  12/29/2015     EUR    68.06
UBS AG                 5.75  12/29/2015     EUR    69.09
UBS AG                16.50   3/27/2015     EUR    64.45
UBS AG                21.75   6/26/2015     EUR    60.47
UBS AG                18.75   9/25/2015     EUR    72.00
UBS AG                17.25   3/27/2015     EUR    55.26
UBS AG                17.50   9/25/2015     EUR    50.21
UBS AG                24.25   9/25/2015     EUR    74.98
UBS AG                16.75   6/26/2015     EUR    56.84
UBS AG                18.25   6/26/2015     EUR    72.39
UBS AG                15.00   9/25/2015     EUR    57.34
UBS AG                19.00   9/25/2015     EUR    63.96
UBS AG                14.00   6/26/2015     EUR    69.33
UBS AG                20.25   6/26/2015     EUR    61.85
UBS AG                20.50   6/26/2015     EUR    66.89
UBS AG                18.25   6/26/2015     EUR    55.59
UBS AG                12.50  12/29/2015     EUR    60.31
UBS AG                17.75   9/25/2015     EUR    65.14
UBS AG                22.25   3/27/2015     EUR    58.10
UBS AG                 9.50  12/29/2015     EUR    59.88
UBS AG                22.50   3/27/2015     EUR    52.00
UBS AG                16.50   6/26/2015     EUR    58.17
Goldman Sachs & Co     6.00   2/25/2015     EUR    66.98
HSBC Trinkaus & Bur   12.50   3/27/2015     EUR    65.44
HSBC Trinkaus & Bur    9.50   3/27/2015     EUR    69.24
HSBC Trinkaus & Bur   10.00   3/27/2015     EUR    49.36
HSBC Trinkaus & Bur    7.00   3/27/2015     EUR    53.59
Commerzbank AG         9.00   3/26/2015     EUR    72.37
Vontobel Financial     7.25   5/22/2015     EUR    72.90
Goldman Sachs & Co    11.00   3/25/2015     EUR    72.00
Deutsche Bank AG       6.00   3/25/2015     EUR    63.57
Goldman Sachs & Co    16.00   2/25/2015     EUR    68.91
DZ Bank AG Deutsche    5.25   6/26/2015     EUR    61.80
DZ Bank AG Deutsche    7.75   6/26/2015     EUR    69.38
DZ Bank AG Deutsche   16.00   6/26/2015     EUR    38.59
Notenstein Privatba   10.20    4/7/2015     EUR    74.60
Vontobel Financial     7.20   5/22/2015     EUR    75.00
DZ Bank AG Deutsche    8.25   6/12/2015     EUR    70.32
DZ Bank AG Deutsche    7.25   6/12/2015     EUR    74.93
DZ Bank AG Deutsche    6.90   4/15/2015     EUR    62.45
DZ Bank AG Deutsche    9.10   4/15/2015     EUR    59.91
DZ Bank AG Deutsche    5.10   4/15/2015     EUR    65.44
DZ Bank AG Deutsche    5.00   4/15/2015     EUR    60.78
DZ Bank AG Deutsche    8.70   1/15/2015     EUR    70.49
DZ Bank AG Deutsche    6.90   1/15/2015     EUR    73.80
DZ Bank AG Deutsche   10.50   4/15/2015     EUR    72.85
DZ Bank AG Deutsche    5.30   1/15/2015     EUR    62.29
Raiffeisen Centroba   10.78   7/22/2015     EUR    67.37
Raiffeisen Centroba    9.41   1/20/2016     EUR    67.33
Raiffeisen Centroba    9.12   7/22/2015     EUR    65.02
DZ Bank AG Deutsche    5.30   1/15/2015     EUR    56.69
DZ Bank AG Deutsche    7.20   1/15/2015     EUR    54.04
DZ Bank AG Deutsche    6.60   4/15/2015     EUR    58.41
DZ Bank AG Deutsche    5.50   6/12/2015     EUR    65.72
BNP Paribas Emissio    7.00   1/22/2015     EUR    62.45
Credit Suisse AG/Na    8.50   10/8/2015     USD    70.10
BNP Paribas Emissio    5.00   3/26/2015     EUR    63.96
BNP Paribas Emissio    6.00   3/26/2015     EUR    64.18
BNP Paribas Emissio    7.00   3/26/2015     EUR    64.39
BNP Paribas Emissio    5.50   6/25/2015     EUR    64.09
BNP Paribas Emissio    6.50   6/25/2015     EUR    64.56
BNP Paribas Emissio   11.00   3/26/2015     EUR    72.00
BNP Paribas Emissio    8.00   6/25/2015     EUR    73.01
BNP Paribas Emissio    9.00   6/25/2015     EUR    73.47
UniCredit Bank AG      6.00   6/26/2015     EUR    57.66
UniCredit Bank AG      6.10   6/26/2015     EUR    72.41
DZ Bank AG Deutsche    9.90   1/15/2015     EUR    55.85
UniCredit Bank AG      4.00   6/26/2015     EUR    60.87
LBBW                   5.50   8/28/2015     EUR    74.34
DekaBank Deutsche G    4.50  10/30/2015     EUR    74.13
HSBC Trinkaus & Bur   12.00   6/26/2015     EUR    74.31
Commerzbank AG         9.00   3/26/2015     EUR    54.38
Commerzbank AG         8.00   3/26/2015     EUR    72.79
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    72.49
HSBC Trinkaus & Bur    7.50   1/23/2015     EUR    73.49
HSBC Trinkaus & Bur   10.00   4/24/2015     EUR    66.21
DZ Bank AG Deutsche    5.75   3/27/2015     EUR    74.99
Bank Julius Baer &     8.00   1/16/2015     EUR    70.80
Raiffeisen Centroba    8.23   7/22/2015     EUR    72.25
Raiffeisen Centroba    8.56   7/22/2015     EUR    63.53
UniCredit Bank AG      6.00   6/25/2015     EUR    59.96
Raiffeisen Centroba    9.87   7/22/2015     EUR    63.52
UniCredit Bank AG      5.00   6/25/2015     EUR    62.01
Vontobel Financial     8.45   6/26/2015     EUR    74.86
Vontobel Financial     9.35   3/27/2015     EUR    74.20
UniCredit Bank AG      5.00   6/25/2015     EUR    73.34
LBBW                   3.00   2/27/2015     EUR    71.42
UBS AG/London         11.00   5/13/2015     CHF    44.59
UniCredit Bank AG      4.80   6/26/2015     EUR    59.80
UBS AG/London         10.60   5/12/2015     USD    62.65
Commerzbank AG         6.75   3/26/2015     EUR    56.65
Commerzbank AG         6.00   3/26/2015     EUR    74.09
Leonteq Securities     6.70   7/16/2015     EUR    73.68
Goldman Sachs & Co    10.00   2/25/2015     EUR    74.69
Vontobel Financial     6.55   3/27/2015     EUR    56.68
UniCredit Bank AG      5.50   6/25/2015     EUR    59.02
Raiffeisen Centroba    8.88   7/22/2015     EUR    73.70
UniCredit Bank AG      6.00   6/25/2015     EUR    71.58
UniCredit Bank AG      4.75   6/25/2015     EUR    61.46
Vontobel Financial     5.10   6/26/2015     EUR    73.51
Vontobel Financial     4.70   3/27/2015     EUR    73.72
UniCredit Bank AG      4.00   6/25/2015     EUR    64.25
LBBW                   4.00   2/27/2015     EUR    69.06
Vontobel Financial     8.20   6/26/2015     EUR    68.42
Goldman Sachs & Co     6.00   2/25/2015     EUR    66.98
DZ Bank AG Deutsche    6.25   3/13/2015     EUR    68.56
DZ Bank AG Deutsche    6.00   6/12/2015     EUR    68.61
DZ Bank AG Deutsche    6.50   9/11/2015     EUR    70.29
Goldman Sachs & Co    12.00   2/25/2015     EUR    64.52
DZ Bank AG Deutsche    5.75   3/13/2015     EUR    72.46
DZ Bank AG Deutsche    6.25   9/11/2015     EUR    74.51
UBS AG/London         13.25   5/20/2015     CHF    47.77
HSBC Trinkaus & Bur    6.50   6/26/2015     EUR    69.72
HSBC Trinkaus & Bur    6.00   1/23/2015     EUR    68.53
Bank Julius Baer &    11.50   5/21/2015     USD    59.80
HSBC Trinkaus & Bur   12.50   3/27/2015     EUR    70.04
HSBC Trinkaus & Bur   13.50   3/27/2015     EUR    67.79
Bank Julius Baer &     7.50   1/27/2015     EUR    63.25
Bank Julius Baer &     9.00   10/8/2015     CHF    54.50
Credit Suisse AG/Lo    8.00   5/29/2015     USD    65.78
Bank Julius Baer &     7.00   4/14/2015     USD    60.25
DZ Bank AG Deutsche   17.00   1/23/2015     EUR    28.83
DZ Bank AG Deutsche    5.00   1/23/2015     EUR    58.99
DZ Bank AG Deutsche    6.00   5/22/2015     EUR    68.30
DZ Bank AG Deutsche    9.00   6/26/2015     EUR    70.30
DZ Bank AG Deutsche    6.25   1/16/2015     EUR    72.57
DZ Bank AG Deutsche    6.00   1/16/2015     EUR    68.68
UniCredit Bank AG      4.00   6/25/2015     EUR    53.93
UniCredit Bank AG      4.00   6/25/2015     EUR    72.73
Deutsche Bank AG       7.50   3/24/2015     EUR    73.20
Deutsche Bank AG       7.50   3/24/2015     EUR    69.40
Deutsche Bank AG       6.50   3/24/2015     EUR    74.90
Deutsche Bank AG       6.50   3/24/2015     EUR    69.20
Deutsche Bank AG       6.50   3/24/2015     EUR    73.20
Deutsche Bank AG       6.50   3/24/2015     EUR    71.10
Vontobel Financial     5.65   6/12/2015     EUR    73.16
Vontobel Financial     7.50   6/12/2015     EUR    73.96
Vontobel Financial     4.60   6/12/2015     EUR    72.71
Deutsche Bank AG       5.50   3/24/2015     EUR    71.60
Deutsche Bank AG       5.50   3/24/2015     EUR    63.80
Deutsche Bank AG       6.50   3/24/2015     EUR    71.80
Deutsche Bank AG       6.50   3/24/2015     EUR    70.10
Deutsche Bank AG       6.50   3/24/2015     EUR    67.70
Deutsche Bank AG       6.50   3/24/2015     EUR    64.00
Deutsche Bank AG       7.50   3/24/2015     EUR    70.30
Deutsche Bank AG       7.50   3/24/2015     EUR    65.70
Vontobel Financial     5.75   1/23/2015     EUR    72.33
Landesbank Hessen-T    3.50   7/10/2015     EUR    59.90
Leonteq Securities    11.40   7/31/2015     EUR    73.44
Goldman Sachs & Co     7.00   3/25/2015     EUR    74.10
Goldman Sachs & Co     6.00   6/24/2015     EUR    73.53
Goldman Sachs & Co     9.00   6/24/2015     EUR    69.91
Goldman Sachs & Co     8.00  12/23/2015     EUR    68.67
Goldman Sachs & Co     8.00   6/24/2015     EUR    68.11
Goldman Sachs & Co     7.00   6/24/2015     EUR    67.65
DZ Bank AG Deutsche    6.75   6/12/2015     EUR    68.93
Goldman Sachs & Co    12.00   1/21/2015     EUR    74.23
Goldman Sachs & Co    11.00   6/24/2015     EUR    66.52
DZ Bank AG Deutsche    6.50   6/12/2015     EUR    73.27
DZ Bank AG Deutsche    4.50    1/9/2015     EUR    67.01
Leonteq Securities     9.15   5/20/2015     USD    57.16
DZ Bank AG Deutsche    9.50   2/27/2015     EUR    67.37
DZ Bank AG Deutsche    9.00   3/27/2015     EUR    67.99
HSBC Trinkaus & Bur   12.00   3/27/2015     EUR    62.03
HSBC Trinkaus & Bur   12.50   3/27/2015     EUR    62.68
HSBC Trinkaus & Bur   13.50   3/27/2015     EUR    61.65
HSBC Trinkaus & Bur   10.00   3/27/2015     EUR    72.63
DZ Bank AG Deutsche    8.00   1/23/2015     EUR    53.15
DZ Bank AG Deutsche    5.50   9/25/2015     EUR    73.99
DZ Bank AG Deutsche    6.75   1/16/2015     EUR    68.70
DZ Bank AG Deutsche    6.00   1/16/2015     EUR    74.11
DZ Bank AG Deutsche    7.50   5/22/2015     EUR    71.06
Deutsche Bank AG       6.50   3/24/2015     EUR    71.10
Deutsche Bank AG       5.50   3/24/2015     EUR    69.00
Deutsche Bank AG       7.50   3/24/2015     EUR    71.40
Deutsche Bank AG       5.50   3/24/2015     EUR    74.70
Deutsche Bank AG       5.50   3/24/2015     EUR    70.90
Deutsche Bank AG       7.50   3/24/2015     EUR    73.40
Vontobel Financial     6.25   6/12/2015     EUR    73.42
Vontobel Financial     7.95   4/17/2015     EUR    74.37
Deutsche Bank AG       5.50   3/24/2015     EUR    69.90
Deutsche Bank AG       5.50   3/24/2015     EUR    67.50
Deutsche Bank AG       5.50   3/24/2015     EUR    62.40
Deutsche Bank AG       6.50   3/24/2015     EUR    65.40
Deutsche Bank AG       7.50   3/24/2015     EUR    67.90
Vontobel Financial     5.95   6/12/2015     EUR    72.92
Vontobel Financial     6.80   6/12/2015     EUR    73.29
Goldman Sachs & Co    16.00   2/25/2015     EUR    68.35
Credit Suisse AG/Na    8.50   1/22/2015     EUR    62.75
Goldman Sachs & Co     4.00   2/25/2015     EUR    73.87
HSBC Trinkaus & Bur    6.50   1/23/2015     EUR    72.74
HSBC Trinkaus & Bur   11.00   3/27/2015     EUR    57.20
HSBC Trinkaus & Bur    6.50   3/27/2015     EUR    61.82
HSBC Trinkaus & Bur   11.50   3/27/2015     EUR    67.52
HSBC Trinkaus & Bur    7.50   3/27/2015     EUR    73.66
HSBC Trinkaus & Bur    6.00   1/23/2015     EUR    74.81
HSBC Trinkaus & Bur   12.50   3/27/2015     EUR    74.68
HSBC Trinkaus & Bur   13.00   3/27/2015     EUR    65.67
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    71.48
HSBC Trinkaus & Bur    8.00   1/23/2015     EUR    71.79
HSBC Trinkaus & Bur   14.00   3/27/2015     EUR    46.27
HSBC Trinkaus & Bur    9.00   1/23/2015     EUR    49.24
HSBC Trinkaus & Bur   13.00   3/27/2015     EUR    69.46
HSBC Trinkaus & Bur    9.50   3/27/2015     EUR    74.63
Vontobel Financial     5.60   6/26/2015     EUR    64.25
Goldman Sachs & Co    10.00   1/21/2015     EUR    73.61
DZ Bank AG Deutsche    6.00   6/12/2015     EUR    63.16
DZ Bank AG Deutsche    7.40   1/15/2015     EUR    58.89
DZ Bank AG Deutsche    3.70   4/15/2015     EUR    63.51
DZ Bank AG Deutsche    3.90   1/15/2015     EUR    59.63
Raiffeisen Centroba    8.24   1/20/2016     EUR    64.38
BNP Paribas Emissio    7.00   6/25/2015     EUR    64.79
BNP Paribas Emissio    8.00   3/26/2015     EUR    71.36
BNP Paribas Emissio    9.50   3/26/2015     EUR    71.68
Vontobel Financial     6.35   6/26/2015     EUR    67.93
Goldman Sachs & Co     7.00   3/25/2015     EUR    64.33
Goldman Sachs & Co    10.00   3/25/2015     EUR    64.27
Goldman Sachs & Co    13.00   6/24/2015     EUR    64.11
Vontobel Financial     9.10   3/27/2015     EUR    74.14
Vontobel Financial     8.35   6/26/2015     EUR    74.81
Goldman Sachs & Co    10.00   2/25/2015     EUR    67.52
Goldman Sachs & Co     8.00   2/25/2015     EUR    64.22
Goldman Sachs & Co     7.00   2/25/2015     EUR    74.38
Goldman Sachs & Co     8.00  12/23/2015     EUR    73.02
Banque Cantonale Va    9.03   7/23/2015     CAD    74.78
DZ Bank AG Deutsche    4.50   4/13/2015     EUR    66.45
DZ Bank AG Deutsche    8.00   2/27/2015     EUR    62.92
HSBC Trinkaus & Bur   10.00   3/27/2015     EUR    59.12
HSBC Trinkaus & Bur    6.50   6/26/2015     EUR    70.93
UniCredit Bank AG      4.00   6/25/2015     EUR    57.84
Deutsche Bank AG       7.50   3/24/2015     EUR    69.50
Deutsche Bank AG       5.50   3/24/2015     EUR    69.10
Deutsche Bank AG       6.50   3/24/2015     EUR    73.00
Deutsche Bank AG       5.50   3/24/2015     EUR    72.90
Deutsche Bank AG       5.50   3/24/2015     EUR    65.20
Deutsche Bank AG       6.50   3/24/2015     EUR    62.70
Deutsche Bank AG       7.50   3/24/2015     EUR    72.00
Deutsche Bank AG       7.50   3/24/2015     EUR    64.20
Deutsche Bank AG       7.50   3/24/2015     EUR    62.90
Vontobel Financial     7.50   6/12/2015     EUR    73.59
Goldman Sachs & Co    17.00   2/25/2015     EUR    68.48
UniCredit Bank AG      6.15   1/23/2015     EUR    74.96
Bank Julius Baer &     3.90  11/30/2015     CHF    68.80
Leonteq Securities     5.25   2/26/2016     CHF    65.88
Zurcher Kantonalban    4.99    2/9/2015     CHF    55.95
UBS AG                10.00  12/29/2015     EUR    67.24
UBS AG                11.50   6/26/2015     EUR    57.08
Royal Bank of Scotl    7.25   1/30/2015     EUR    56.60
Societe Generale Ef    2.50   10/7/2016     EUR    55.61
Bank J Safra Sarasi    8.00   4/27/2015     CHF    66.98
Barclays Bank PLC      2.50    3/7/2017     EUR    43.08
Morgan Stanley BV      9.00   4/16/2015     EUR    70.85
Leonteq Securities     3.90    3/1/2016     EUR    48.54
SG Option Europe SA    8.00   9/29/2015     USD    74.00
UBS AG                 5.75    3/2/2015     USD    22.00
UBS AG                 0.50   4/27/2015     CHF    66.25
Kommunalbanken AS      0.50   2/23/2018     BRL    70.94
Kommunalbanken AS      0.50    2/2/2018     BRL    71.38
Vontobel Financial     4.00   6/12/2015     EUR    47.70
Vontobel Financial     8.00   6/12/2015     EUR    55.20
UBS AG                12.75  12/29/2015     EUR    70.15
UBS AG                14.75   6/26/2015     EUR    64.52
UBS AG                13.25   6/26/2015     EUR    67.93
SpareBank 1 Naering    2.29   1/16/2016     NOK     0.09
Vontobel Financial     6.00   6/12/2015     EUR    74.50
Notenstein Privatba    7.00   6/17/2015     CHF    62.53
UBS AG                12.25   6/26/2015     EUR    70.54
Leonteq Securities     5.00   5/23/2016     CHF    57.00
UBS AG                11.50  12/29/2015     EUR    72.93
UBS AG                14.50  12/29/2015     EUR    66.16
UBS AG                13.75  12/29/2015     EUR    67.57
DZ Bank AG Deutsche    8.25   6/26/2015     EUR    72.68
DZ Bank AG Deutsche    5.50   1/16/2015     EUR    70.38
DZ Bank AG Deutsche    5.25   7/10/2015     EUR    71.45
DZ Bank AG Deutsche    6.50   7/10/2015     EUR    69.37
UBS AG                24.25   3/27/2015     EUR    58.29
UBS AG                17.25   3/29/2016     EUR    68.67
UBS AG                24.75   3/27/2015     EUR    71.29
Bank Julius Baer &    11.00   2/11/2015     CHF    49.40
UBS AG                21.50   3/29/2016     EUR    74.91
UBS AG                23.75  12/29/2015     EUR    71.75
UBS AG                24.00  12/29/2015     EUR    72.83
Vontobel Financial     7.50   6/26/2015     EUR    73.40
UBS AG                21.25   6/26/2015     EUR    69.20
Vontobel Financial     4.70   3/13/2015     EUR    67.95
Vontobel Financial     4.80   4/24/2015     EUR    73.40
LBBW                   4.00   6/24/2016     EUR    69.69
UniCredit Bank AG      5.00   7/23/2015     EUR    60.27
UniCredit Bank AG      4.00   7/23/2015     EUR    62.69
UBS AG                 3.10   2/25/2015     EUR    71.91
Notenstein Privatba    4.33   7/28/2015     EUR    74.56
Leonteq Securities    10.40   8/14/2015     EUR    73.56
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    73.98
UBS AG                 4.70   4/15/2015     USD    33.16
Commerzbank AG         8.50   3/26/2015     EUR    73.43
JP Morgan Structure   10.00   1/15/2015     CHF    64.74
UniCredit Bank AG      4.00   9/24/2015     EUR    55.54
Deutsche Bank AG       6.20   8/26/2015     EUR    72.50
DZ Bank AG Deutsche    7.00   7/10/2015     EUR    72.80
Deutsche Bank AG       5.20   7/22/2015     EUR    74.50
Leonteq Securities    12.25   1/29/2015     EUR    69.50
UniCredit Bank AG      5.50   2/26/2015     EUR    58.25
UBS AG                20.00   6/26/2015     EUR    67.14
DZ Bank AG Deutsche    7.00   1/16/2015     EUR    67.61
UBS AG                21.75  12/29/2015     EUR    64.82
UBS AG                23.00   6/26/2015     EUR    68.96
UBS AG                12.25   3/29/2016     EUR    72.81
UBS AG                11.75   6/24/2016     EUR    73.61
Credit Suisse AG/Na    8.25    2/5/2015     EUR    68.11
Vontobel Financial     5.70   3/13/2015     EUR    68.13
UBS AG                13.25   6/24/2016     EUR    72.43
Vontobel Financial    14.35   1/16/2015     EUR    61.73
Vontobel Financial    10.75   3/13/2015     EUR    66.16
Raiffeisen Centroba    7.33   8/21/2015     EUR    57.48
UniCredit Bank AG      5.50   7/23/2015     EUR    74.14
UniCredit Bank AG      5.50   7/23/2015     EUR    58.49
UniCredit Bank AG      4.50   7/23/2015     EUR    61.43
Vontobel Financial     4.65   6/26/2015     EUR    73.12
UBS AG                13.25  12/29/2015     EUR    70.62
Credit Suisse AG/Lo    2.75   1/29/2019     SEK    58.30
DZ Bank AG Deutsche    8.75   1/23/2015     EUR    66.72
UniCredit Bank AG      4.00   9/24/2015     EUR    57.02
Deutsche Bank AG       6.20   7/22/2015     EUR    72.00
DZ Bank AG Deutsche    7.25   7/10/2015     EUR    72.93
Deutsche Bank AG       5.20   8/26/2015     EUR    75.00
UBS AG                13.25   3/27/2015     EUR    53.66
UBS AG                14.75   9/25/2015     EUR    53.33
Vontobel Financial     5.00    5/6/2016     EUR    73.50
Zurcher Kantonalban   10.50    2/6/2015     CHF    56.90
Leonteq Securities     9.68   7/29/2015     USD    69.87
DZ Bank AG Deutsche    6.25   9/25/2015     EUR    70.33
UBS AG                13.75   3/27/2015     EUR    58.10
UBS AG                 6.50  12/29/2015     EUR    64.60
UBS AG                 9.75   3/27/2015     EUR    65.74
UniCredit Bank AG      7.00   2/26/2015     EUR    70.95
UBS AG                23.50  12/29/2015     EUR    63.67
UBS AG                22.00   9/25/2015     EUR    74.73
UBS AG                23.25   6/26/2015     EUR    73.12
DZ Bank AG Deutsche    3.60   8/21/2015     EUR    61.26
Commerzbank AG         7.50   5/21/2015     EUR    73.96
UBS AG                14.75   3/29/2016     EUR    70.25
UBS AG                23.50   3/27/2015     EUR    67.34
UBS AG                20.75   6/26/2015     EUR    71.69
Zurcher Kantonalban   11.25   2/13/2015     EUR    73.06
Leonteq Securities    10.58    2/3/2017     USD    69.45
Vontobel Financial     6.25   3/13/2015     EUR    68.24
UniCredit Bank AG      6.00   7/23/2015     EUR    57.46
Vontobel Financial     7.40   3/27/2015     EUR    53.80
Commerzbank AG         7.00   3/26/2015     EUR    74.77
UniCredit Bank AG      6.00   7/23/2015     EUR    72.68
Commerzbank AG         9.00   3/26/2015     EUR    71.57
Vontobel Financial    10.30   3/13/2015     EUR    74.01
HSBC Trinkaus & Bur    8.50   3/27/2015     EUR    66.43
Notenstein Privatba   11.00   8/14/2015     CHF    65.68
UBS AG/London         19.75   4/16/2015     CHF    67.00
HSBC Trinkaus & Bur    8.00   3/27/2015     EUR    67.60
UBS AG/London          8.98   5/22/2015     CHF    63.60
UniCredit Bank AG      5.00   2/26/2015     EUR    69.95
UBS AG/London         14.83   5/22/2015     CHF    65.90
UniCredit Bank AG      5.00   2/26/2015     EUR    49.40
UniCredit Bank AG      5.30   2/26/2015     EUR    72.38
UniCredit Bank AG      4.00   2/26/2015     EUR    68.59
UniCredit Bank AG      4.00   2/26/2015     EUR    73.76
UniCredit Bank AG      5.50   2/26/2015     EUR    68.13
UniCredit Bank AG      4.50   2/26/2015     EUR    50.28
UniCredit Bank AG      5.40   2/26/2015     EUR    65.13
DZ Bank AG Deutsche    6.75   1/23/2015     EUR    68.83
DZ Bank AG Deutsche    7.10    3/6/2015     EUR    61.00
DZ Bank AG Deutsche    5.10    3/6/2015     EUR    59.27
DZ Bank AG Deutsche    5.75   3/27/2015     EUR    53.77
Barclays Bank PLC     11.50  10/10/2018     SEK    73.11
DZ Bank AG Deutsche    9.25   3/27/2015     EUR    68.76
UBS AG                24.00  12/29/2015     EUR    63.72
UBS AG                20.25   3/27/2015     EUR    70.97
Goldman Sachs & Co     9.00   5/20/2015     EUR    74.90
DZ Bank AG Deutsche    5.50   5/22/2015     EUR    73.55
DZ Bank AG Deutsche    7.00   5/22/2015     EUR    74.72
UBS AG                22.00  12/29/2015     EUR    74.94
DZ Bank AG Deutsche    8.50   5/22/2015     EUR    74.51
UBS AG                22.50  12/29/2015     EUR    73.39
UBS AG                24.75   9/25/2015     EUR    61.24
UBS AG                16.00   6/24/2016     EUR    69.88
UBS AG                23.75  12/29/2015     EUR    66.80
Goldman Sachs & Co    13.00   5/20/2015     EUR    70.76
Bank Julius Baer &     7.90    2/4/2015     CHF    45.70
UBS AG                20.00  12/29/2015     EUR    69.25
UBS AG                21.75   6/26/2015     EUR    65.66
UBS AG                14.00   6/24/2016     EUR    71.47
Zurcher Kantonalban    8.25   1/30/2015     EUR    68.83
UBS AG/London         10.50   1/29/2015     CHF    43.14
UniCredit Bank AG      4.80   2/26/2015     EUR    70.13
UniCredit Bank AG      4.00   2/26/2015     EUR    51.19
UniCredit Bank AG      4.00   6/25/2015     EUR    68.64
UBS AG/London          6.50   5/22/2015     CHF    50.05
UniCredit Bank AG      5.70   2/26/2015     EUR    70.93
UniCredit Bank AG      4.00   6/25/2015     EUR    57.82
UniCredit Bank AG      4.75   2/26/2015     EUR    66.85
UniCredit Bank AG      6.00   2/26/2015     EUR    63.56
DZ Bank AG Deutsche    8.30    3/6/2015     EUR    68.10
DZ Bank AG Deutsche    9.50    3/6/2015     EUR    58.25
DZ Bank AG Deutsche    5.20    3/6/2015     EUR    64.19
DZ Bank AG Deutsche    3.70    3/6/2015     EUR    62.11
Vontobel Financial     6.60   6/26/2015     EUR    72.01
DZ Bank AG Deutsche    5.00   3/27/2015     EUR    65.78
DZ Bank AG Deutsche    9.50   2/27/2015     EUR    64.74
DZ Bank AG Deutsche    5.00   2/27/2015     EUR    70.98
BNP Paribas Emissio    6.00   3/26/2015     EUR    72.88
BNP Paribas Emissio    8.00   3/26/2015     EUR    69.08
UBS AG                19.75   6/24/2016     EUR    68.37
UBS AG                24.75   3/27/2015     EUR    65.85
UBS AG                22.50  12/29/2015     EUR    72.99
Goldman Sachs & Co    13.00   5/20/2015     EUR    69.46
UBS AG                23.00   6/26/2015     EUR    71.05
UBS AG                21.25   3/27/2015     EUR    69.37
Goldman Sachs & Co    11.00   9/23/2015     EUR    73.36
UBS AG                22.25  12/29/2015     EUR    74.37
UBS AG                23.25   9/25/2015     EUR    72.94
HSBC Trinkaus & Bur    9.50   3/27/2015     EUR    72.23
UniCredit Bank AG      4.00   2/26/2015     EUR    72.24
HSBC Trinkaus & Bur   10.00   3/27/2015     EUR    69.86
UBS AG/London         12.53   5/22/2015     CHF    64.50
UniCredit Bank AG      5.50   2/26/2015     EUR    48.56
Commerzbank AG         6.00   1/22/2015     EUR    72.30
UniCredit Bank AG      4.90   2/26/2015     EUR    73.90
Barclays Bank PLC      5.88   8/19/2016     EUR    70.31
DZ Bank AG Deutsche   12.20    3/6/2015     EUR    63.52
DZ Bank AG Deutsche    6.90    3/6/2015     EUR    56.78
DZ Bank AG Deutsche    5.25   3/27/2015     EUR    74.72
DZ Bank AG Deutsche   16.00   3/27/2015     EUR    30.75
DZ Bank AG Deutsche   12.50   2/27/2015     EUR    46.32
DZ Bank AG Deutsche   18.25   2/27/2015     EUR    58.52
BNP Paribas Emissio    7.00   6/25/2015     EUR    71.53
UBS AG                18.00   6/24/2016     EUR    69.02
UBS AG                22.00  12/29/2015     EUR    67.94
UBS AG                23.75   9/25/2015     EUR    70.75
UBS AG                22.50   3/27/2015     EUR    70.86
Goldman Sachs & Co    11.00   9/23/2015     EUR    72.46
UBS AG                22.00  12/29/2015     EUR    73.23
UBS AG                21.25   3/27/2015     EUR    73.76
DZ Bank AG Deutsche   10.25   5/22/2015     EUR    61.95
Deutsche Bank AG       4.00   5/25/2015     EUR    65.20
UBS AG                23.00   3/27/2015     EUR    63.37
Zurcher Kantonalban    8.00    6/4/2015     CHF    52.46
UBS AG                22.75   9/25/2015     EUR    65.96
UBS AG                23.75   6/26/2015     EUR    66.71
DZ Bank AG Deutsche    5.00    3/6/2015     EUR    73.58
Goldman Sachs & Co    16.00   1/21/2015     EUR    66.44
DZ Bank AG Deutsche    6.50   1/23/2015     EUR    71.46
DZ Bank AG Deutsche    7.00   1/23/2015     EUR    72.72
Deutsche Bank AG       5.20   7/22/2015     EUR    71.40
Deutsche Bank AG       5.20   8/26/2015     EUR    71.90
Leonteq Securities     5.40   4/10/2015     USD    56.26
DZ Bank AG Deutsche    6.50   7/10/2015     EUR    72.55
Leonteq Securities    12.20   7/22/2015     USD    52.73
Bank Julius Baer &    10.20    2/6/2015     USD    56.60
UBS AG                 5.25  12/29/2015     EUR    69.94
Vontobel Financial     7.65    8/7/2015     EUR    73.60
UniCredit Bank AG      5.20   2/26/2015     EUR    65.09
UniCredit Bank AG      8.00   2/26/2015     EUR    73.39
UniCredit Bank AG      4.30   2/26/2015     EUR    67.22
UBS AG                15.50   6/26/2015     EUR    71.44
UBS AG                11.25  12/29/2015     EUR    61.23
UBS AG                23.75   3/27/2015     EUR    64.79
UBS AG                14.50  12/29/2015     EUR    70.02
UBS AG                14.00   9/25/2015     EUR    69.83
UBS AG                 5.25  12/29/2015     EUR    71.27
UBS AG                12.75  12/29/2015     EUR    72.18
UBS AG                12.75   9/25/2015     EUR    71.85
UBS AG                11.50   9/25/2015     EUR    63.75
UBS AG                14.00   6/26/2015     EUR    71.22
UBS AG                11.00   6/26/2015     EUR    73.34
Goldman Sachs & Co    11.00   3/25/2015     EUR    69.97
Leonteq Securities    11.60   8/12/2015     USD    65.44
Vontobel Financial     6.45   8/28/2015     EUR    70.20
HSBC Trinkaus & Bur    7.50   2/27/2015     EUR    71.51
BNP Paribas Emissio    9.00   3/26/2015     EUR    74.63
LBBW                   4.00   2/27/2015     EUR    73.76
LBBW                   3.00   2/27/2015     EUR    62.84
DZ Bank AG Deutsche   15.25   5/22/2015     EUR    63.37
HSBC Trinkaus & Bur    9.50   3/27/2015     EUR    70.10
HSBC Trinkaus & Bur   11.00   1/23/2015     EUR    64.13
HSBC Trinkaus & Bur   14.50   6/26/2015     EUR    70.90
HSBC Trinkaus & Bur   10.50   6/26/2015     EUR    74.33
Commerzbank AG        23.75   4/23/2015     EUR    36.93
UBS AG                 5.44   6/10/2015     USD    40.54
HSBC Trinkaus & Bur    2.75   1/23/2015     EUR    69.20
HSBC Trinkaus & Bur    6.50   3/27/2015     EUR    64.49
HSBC Trinkaus & Bur    7.50   1/23/2015     EUR    74.32
HSBC Trinkaus & Bur    7.50   2/27/2015     EUR    74.68
HSBC Trinkaus & Bur   10.50   3/27/2015     EUR    70.70
HSBC Trinkaus & Bur    8.50   2/27/2015     EUR    73.40
HSBC Trinkaus & Bur   11.50   3/27/2015     EUR    67.11
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    71.95
Vontobel Financial     8.30   8/28/2015     EUR    70.10
Notenstein Privatba    7.00   5/20/2015     CHF    74.53
HSBC Trinkaus & Bur    9.50   3/27/2015     EUR    73.10
HSBC Trinkaus & Bur    7.00   1/23/2015     EUR    75.00
HSBC Trinkaus & Bur    6.00   3/27/2015     EUR    74.38
HSBC Trinkaus & Bur   16.00   6/26/2015     EUR    61.67
Commerzbank AG         9.50   4/23/2015     EUR    65.63
Commerzbank AG        10.00   4/23/2015     EUR    52.74
HSBC Trinkaus & Bur    7.50   6/26/2015     EUR    71.49
HSBC Trinkaus & Bur    6.50   1/23/2015     EUR    64.82
HSBC Trinkaus & Bur   10.50   1/23/2015     EUR    59.04
HSBC Trinkaus & Bur    9.50   4/24/2015     EUR    61.09
Credit Suisse AG/Na    9.00   2/20/2015     EUR    67.14
HSBC Trinkaus & Bur    8.50   3/27/2015     EUR    69.90
UBS AG                14.00   6/26/2015     EUR    68.85
Banque Cantonale Va    8.53    3/2/2015     USD    70.72
HSBC Trinkaus & Bur    8.00   3/27/2015     EUR    71.00
UBS AG                13.75   6/26/2015     EUR    74.65
HSBC Trinkaus & Bur   19.00   3/27/2015     EUR    72.42
HSBC Trinkaus & Bur   15.00   6/26/2015     EUR    74.29
UBS AG                12.00   3/27/2015     EUR    71.39
Deutsche Bank AG       6.20   6/23/2015     EUR    71.84
Deutsche Bank AG       6.20   6/23/2015     EUR    69.23
Deutsche Bank AG       5.20   6/23/2015     EUR    66.73
Zurcher Kantonalban    7.82   2/20/2015     USD    56.88
Goldman Sachs & Co     9.00   7/22/2015     EUR    72.87
Deutsche Bank AG       5.20   6/23/2015     EUR    68.75
Deutsche Bank AG       8.20   6/23/2015     EUR    72.79
DZ Bank AG Deutsche   21.00   2/27/2015     EUR    30.78
DZ Bank AG Deutsche    5.00   2/27/2015     EUR    68.97
DZ Bank AG Deutsche    6.25   9/25/2015     EUR    74.70
Vontobel Financial     5.85   6/26/2015     EUR    74.26
UBS AG                 3.43    6/8/2015     USD    17.52
Zurcher Kantonalban   10.50   2/25/2015     CHF    49.45
HSBC Trinkaus & Bur   15.00   6/26/2015     EUR    71.61
HSBC Trinkaus & Bur   10.50   3/27/2015     EUR    60.40
HSBC Trinkaus & Bur   15.00   6/26/2015     EUR    70.23
HSBC Trinkaus & Bur    9.00   1/23/2015     EUR    73.91
HSBC Trinkaus & Bur   10.50   3/27/2015     EUR    67.82
HSBC Trinkaus & Bur   11.00   3/27/2015     EUR    65.34
UBS AG                11.25   6/26/2015     EUR    73.19
HSBC Trinkaus & Bur   12.50   6/26/2015     EUR    68.04
Deutsche Bank AG       6.20   6/23/2015     EUR    67.20
Goldman Sachs & Co     9.00  12/23/2015     EUR    73.07
Deutsche Bank AG       7.20   6/23/2015     EUR    72.31
Deutsche Bank AG       8.20   6/23/2015     EUR    70.18
Deutsche Bank AG       8.20   6/23/2015     EUR    68.15
Goldman Sachs & Co    13.00   2/25/2015     EUR    71.38
DZ Bank AG Deutsche    9.00   2/27/2015     EUR    58.26
DZ Bank AG Deutsche    6.25   2/27/2015     EUR    61.61
DZ Bank AG Deutsche    5.75   6/26/2015     EUR    68.70
DZ Bank AG Deutsche   15.25   5/22/2015     EUR    61.99
Vontobel Financial     6.85   8/28/2015     EUR    71.30
DZ Bank AG Deutsche    6.75   6/12/2015     EUR    69.71
DZ Bank AG Deutsche    6.75   6/12/2015     EUR    68.93
HSBC Trinkaus & Bur   13.00   3/27/2015     EUR    69.63
HSBC Trinkaus & Bur    8.50   1/23/2015     EUR    73.09
Deutsche Bank AG       7.20   6/22/2015     EUR    60.30
Deutsche Bank AG       6.20   6/22/2015     EUR    53.50
Deutsche Bank AG       5.20   6/22/2015     EUR    56.00
Deutsche Bank AG       6.20   6/22/2015     EUR    56.40
Deutsche Bank AG       5.20   6/22/2015     EUR    59.30
Deutsche Bank AG       6.20   3/24/2015     EUR    60.00
Deutsche Bank AG       6.20   6/22/2015     EUR    59.80
Deutsche Bank AG       7.20   6/22/2015     EUR    56.90
Deutsche Bank AG       6.20  12/22/2015     EUR    74.30
Deutsche Bank AG       7.20   6/22/2015     EUR    72.00
DZ Bank AG Deutsche    8.00   3/13/2015     EUR    69.75
Commerzbank AG         5.75   1/22/2015     EUR    69.72
HSBC Trinkaus & Bur   10.50   3/27/2015     EUR    61.60
HSBC Trinkaus & Bur    8.00   1/23/2015     EUR    70.84
HSBC Trinkaus & Bur   11.00   3/27/2015     EUR    63.78
Deutsche Bank AG       6.20   6/22/2015     EUR    72.10
DZ Bank AG Deutsche   10.75   4/24/2015     EUR    58.73
Commerzbank AG         5.75   4/23/2015     EUR    56.39
Commerzbank AG        10.00   4/23/2015     EUR    72.00
Deutsche Bank AG       5.20   6/22/2015     EUR    74.70
Deutsche Bank AG       7.20   9/22/2015     EUR    73.70
Deutsche Bank AG       5.20   6/22/2015     EUR    71.10
DZ Bank AG Deutsche    6.75   6/12/2015     EUR    74.30
Deutsche Bank AG       6.20  12/22/2015     EUR    74.20
HSBC Trinkaus & Bur   13.00   3/27/2015     EUR    69.64
DZ Bank AG Deutsche    7.25   6/12/2015     EUR    69.15
HSBC Trinkaus & Bur   14.50   3/27/2015     EUR    66.29
Credit Suisse AG/Na    8.25    5/4/2015     USD    61.48
Deutsche Bank AG       5.20   6/22/2015     EUR    53.00
Deutsche Bank AG       7.20   6/22/2015     EUR    53.90
Deutsche Bank AG       7.20   9/22/2015     EUR    73.60
Deutsche Bank AG       5.20  12/22/2015     EUR    73.30
DZ Bank AG Deutsche    8.25   6/12/2015     EUR    70.35
DZ Bank AG Deutsche    8.00   6/12/2015     EUR    66.55
Deutsche Bank AG       6.20   9/22/2015     EUR    72.90
Commerzbank AG         8.00   1/22/2015     EUR    66.14
Deutsche Bank AG       5.20   6/22/2015     EUR    74.30
Deutsche Bank AG       7.20   6/22/2015     EUR    72.60
HSBC Trinkaus & Bur    8.00   1/23/2015     EUR    68.68
Deutsche Bank AG       6.20   3/24/2015     EUR    73.00
Deutsche Bank AG       6.20   6/22/2015     EUR    74.80
Deutsche Bank AG       5.20   6/22/2015     EUR    71.60
Deutsche Bank AG       6.20   6/22/2015     EUR    73.80
Deutsche Bank AG       6.20   6/22/2015     EUR    67.90
Goldman Sachs & Co     5.00   3/25/2015     EUR    74.55
Goldman Sachs & Co     7.00   3/25/2015     EUR    74.98
DZ Bank AG Deutsche   15.75   4/24/2015     EUR    55.62
UBS AG                14.50  12/23/2016     EUR    74.95
UBS AG                16.00  12/23/2016     EUR    74.14
UBS AG                24.25  12/29/2015     EUR    72.69
Commerzbank AG         8.00   4/23/2015     EUR    54.31
Commerzbank AG         7.75   4/23/2015     EUR    74.79
Commerzbank AG         8.75   4/23/2015     EUR    71.45
Deutsche Bank AG       5.20  12/22/2015     EUR    73.20
UBS AG                22.50   3/29/2016     EUR    74.59
UniCredit Bank AG      4.75   2/26/2015     EUR    60.30
UniCredit Bank AG      6.50   2/26/2015     EUR    69.13
UniCredit Bank AG      5.60   2/26/2015     EUR    71.53
Vontobel Financial     6.20   3/27/2015     EUR    72.60
Vontobel Financial    15.15   2/27/2015     EUR    59.60
UBS AG                14.75   6/26/2015     EUR    74.23
Goldman Sachs & Co    11.00   6/24/2015     EUR    64.15
DZ Bank AG Deutsche    5.50   3/27/2015     EUR    56.40
HSBC Trinkaus & Bur    6.00   1/23/2015     EUR    63.35
HSBC Trinkaus & Bur    6.00   2/27/2015     EUR    63.92
Notenstein Privatba    9.60   6/16/2015     CHF    46.99
HSBC Trinkaus & Bur    8.25   1/23/2015     EUR    72.38
DZ Bank AG Deutsche    9.75   5/22/2015     EUR    58.74
HSBC Trinkaus & Bur   18.00   3/27/2015     EUR    58.34
Banque Cantonale Va    5.80   6/12/2015     CHF    73.50
HSBC Trinkaus & Bur   17.50   3/27/2015     EUR    69.35
HSBC Trinkaus & Bur    8.00   1/23/2015     EUR    72.17
HSBC Trinkaus & Bur    8.00   1/23/2015     EUR    70.57
Goldman Sachs & Co    11.00   7/22/2015     EUR    70.61
Deutsche Bank AG       7.20   6/23/2015     EUR    67.68
DZ Bank AG Deutsche    9.25   5/22/2015     EUR    58.55
Bank Julius Baer &     8.50    5/7/2015     USD    64.40
DZ Bank AG Deutsche    7.50   3/27/2015     EUR    73.05
UBS AG                 7.60   3/25/2015     EUR    67.87
Deutsche Bank AG       7.20   3/24/2015     EUR    60.20
Deutsche Bank AG       5.20   3/24/2015     EUR    59.80
Deutsche Bank AG       5.20   6/22/2015     EUR    73.30
Commerzbank AG        10.25   1/22/2015     EUR    73.24
Deutsche Bank AG       5.20   9/22/2015     EUR    72.20
HSBC Trinkaus & Bur    8.00   3/27/2015     EUR    72.20
Deutsche Bank AG       5.20   3/24/2015     EUR    66.50
DZ Bank AG Deutsche    5.25   4/24/2015     EUR    73.97
Deutsche Bank AG       6.20   6/22/2015     EUR    71.60
Deutsche Bank AG       7.20   6/22/2015     EUR    72.10
Deutsche Bank AG       6.20   9/22/2015     EUR    72.90
Deutsche Bank AG       5.20   9/22/2015     EUR    72.20
UniCredit Bank AG      5.00   6/25/2015     EUR    57.82
DZ Bank AG Deutsche    5.75   3/13/2015     EUR    71.28
UniCredit Bank AG      6.25   6/25/2015     EUR    56.48
DZ Bank AG Deutsche   16.00   5/22/2015     EUR    62.27
UniCredit Bank AG      6.00   6/25/2015     EUR    74.87
HSBC Trinkaus & Bur    6.25   1/23/2015     EUR    74.63
HSBC Trinkaus & Bur   11.50   3/27/2015     EUR    68.97
UBS AG                10.50   3/27/2015     EUR    60.61
DZ Bank AG Deutsche    5.75   1/16/2015     EUR    73.20
DZ Bank AG Deutsche    6.75   3/13/2015     EUR    73.70
DZ Bank AG Deutsche    5.00   3/13/2015     EUR    68.34
DZ Bank AG Deutsche   10.50   5/22/2015     EUR    57.81
Vontobel Financial     4.00   9/11/2015     EUR    72.39
Credit Suisse AG/Lo    9.00  12/18/2015     USD    57.51
UniCredit Bank AG      4.25   6/25/2015     EUR    60.23
Bank Julius Baer &    15.25    6/4/2015     CHF    55.50
UBS AG                10.25   6/26/2015     EUR    68.93
SAir Group             2.75   7/30/2004     CHF    11.00
HSBC Trinkaus & Bur    9.50   3/27/2015     EUR    63.90
HSBC Trinkaus & Bur   12.00   1/23/2015     EUR    70.82
DZ Bank AG Deutsche    5.75   3/27/2015     EUR    74.27
HSBC Trinkaus & Bur   11.50   1/23/2015     EUR    73.85
HSBC Trinkaus & Bur   10.25   1/23/2015     EUR    74.87
Vontobel Financial     4.25   9/11/2015     EUR    74.35
Vontobel Financial     4.95   9/11/2015     EUR    74.82
HSBC Trinkaus & Bur    8.50   1/23/2015     EUR    68.10
DZ Bank AG Deutsche    5.50   7/10/2015     EUR    74.16
UniCredit Bank AG      6.50   6/25/2015     EUR    56.01
UBS AG                 9.50  12/29/2015     EUR    71.94
Vontobel Financial     4.85   9/11/2015     EUR    72.97
Vontobel Financial     5.60   9/11/2015     EUR    73.48
UniCredit Bank AG      4.75   6/25/2015     EUR    59.06
Vontobel Financial     4.65   6/12/2015     EUR    71.85
UniCredit Bank AG      6.10   6/25/2015     EUR    57.05
UBS AG                12.25   9/25/2015     EUR    70.47
Bank Julius Baer &    11.25    6/3/2015     CHF    54.15
HSBC Trinkaus & Bur    9.25   1/23/2015     EUR    68.11
HSBC Trinkaus & Bur   11.00   3/27/2015     EUR    67.41
UBS AG                11.75   6/26/2015     EUR    74.59
HSBC Trinkaus & Bur    9.25   1/23/2015     EUR    56.50
HSBC Trinkaus & Bur   11.50   3/27/2015     EUR    72.32
HSBC Trinkaus & Bur   15.50   3/27/2015     EUR    49.32
HSBC Trinkaus & Bur   11.00   3/27/2015     EUR    74.89
HSBC Trinkaus & Bur   17.50   3/27/2015     EUR    71.73
HSBC Trinkaus & Bur   10.00   6/26/2015     EUR    74.31
HSBC Trinkaus & Bur    9.00   6/26/2015     EUR    71.48
HSBC Trinkaus & Bur   14.50   6/26/2015     EUR    67.89
HSBC Trinkaus & Bur   16.00   3/27/2015     EUR    59.78
HSBC Trinkaus & Bur   16.50   3/27/2015     EUR    72.28
UBS AG/London          7.75   5/28/2015     CHF    45.61
UBS AG                13.75   3/27/2015     EUR    67.06
Deutsche Bank AG       6.00   6/22/2015     EUR    71.40
Deutsche Bank AG       7.00   6/22/2015     EUR    67.90
Deutsche Bank AG       8.00   6/22/2015     EUR    68.40
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    74.37
HSBC Trinkaus & Bur   12.50   3/27/2015     EUR    66.36
HSBC Trinkaus & Bur    7.00   6/26/2015     EUR    73.53
HSBC Trinkaus & Bur   13.00   3/27/2015     EUR    73.51
Credit Suisse AG/Lo    7.60  10/15/2015     CHF    70.71
HSBC Trinkaus & Bur   11.50   6/26/2015     EUR    65.74
Commerzbank AG         7.50   5/21/2015     EUR    72.46
Deutsche Bank AG       6.00   6/22/2015     EUR    73.10
Deutsche Bank AG       6.00   6/22/2015     EUR    69.80
Deutsche Bank AG       8.00   6/22/2015     EUR    70.70
Deutsche Bank AG       5.20   9/22/2015     EUR    73.90
HSBC Trinkaus & Bur    8.50   3/27/2015     EUR    66.17
UBS AG                 6.75   9/25/2015     EUR    72.80
Vontobel Financial     6.40   6/26/2015     EUR    68.25
HSBC Trinkaus & Bur   13.50   3/27/2015     EUR    67.96
HSBC Trinkaus & Bur   11.50   3/27/2015     EUR    52.97
HSBC Trinkaus & Bur   13.50   6/26/2015     EUR    72.63
HSBC Trinkaus & Bur   13.00   6/26/2015     EUR    69.69
HSBC Trinkaus & Bur   14.00   6/26/2015     EUR    70.11
HSBC Trinkaus & Bur    7.00   9/25/2015     EUR    74.48
HSBC Trinkaus & Bur   14.50   6/26/2015     EUR    74.45
Vontobel Financial     5.10   6/26/2015     EUR    69.59
Deutsche Bank AG       6.20   9/22/2015     EUR    74.60
Deutsche Bank AG       7.00   6/22/2015     EUR    73.60
Deutsche Bank AG       7.00   6/22/2015     EUR    71.90
Deutsche Bank AG       7.00   6/22/2015     EUR    70.30
Deutsche Bank AG       8.00   6/22/2015     EUR    72.40
HSBC Trinkaus & Bur    7.50   3/27/2015     EUR    69.03
HSBC Trinkaus & Bur    6.00   3/27/2015     EUR    72.20
HSBC Trinkaus & Bur   10.00   3/27/2015     EUR    63.52
HSBC Trinkaus & Bur    7.00   3/27/2015     EUR    69.15
Zurcher Kantonalban    8.10    6/3/2015     EUR    74.91
Goldman Sachs & Co     8.00   3/25/2015     EUR    73.14
Goldman Sachs & Co     8.00   3/25/2015     EUR    74.07
Vontobel Financial     6.50   8/14/2015     EUR    68.40
Vontobel Financial     6.30   6/26/2015     EUR    72.18
Goldman Sachs & Co    16.00   3/25/2015     EUR    70.15
Vontobel Financial     6.50   6/26/2015     EUR    74.01
Vontobel Financial     5.30   9/11/2015     EUR    73.28
Vontobel Financial     5.85   6/12/2015     EUR    72.37
Vontobel Financial     5.30   7/10/2015     EUR    72.49
Vontobel Financial     3.75   7/10/2015     EUR    71.70
DZ Bank AG Deutsche    7.25   6/26/2015     EUR    74.86
Banque Cantonale Va   10.00   2/10/2015     CHF    57.50
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    73.98
HSBC Trinkaus & Bur    6.25   1/23/2015     EUR    63.53
DZ Bank AG Deutsche    7.25   1/16/2015     EUR    67.64
HSBC Trinkaus & Bur    7.50   3/27/2015     EUR    57.70
HSBC Trinkaus & Bur    9.00   1/23/2015     EUR    54.61
HSBC Trinkaus & Bur   15.00   6/26/2015     EUR    73.92
Deutsche Bank AG       8.00   6/22/2015     EUR    74.10
Goldman Sachs & Co    16.00   5/20/2015     EUR    71.85
Bank Julius Baer &    12.25   4/24/2015     USD    71.15
Bank Julius Baer &     7.80   2/27/2015     USD    72.85
UBS AG/London          8.50   2/19/2015     CHF    71.63
UBS AG/London         16.50   2/19/2015     CHF    63.63
Goldman Sachs & Co    10.00   3/25/2015     EUR    68.46
Goldman Sachs & Co    14.00   3/25/2015     EUR    60.82
Vontobel Financial     6.85   3/27/2015     EUR    73.91
Commerzbank AG         8.00   5/21/2015     EUR    73.37
Notenstein Privatba    7.40  10/31/2016     CHF    48.84
Bank Julius Baer &     8.00   2/25/2015     CHF    47.55
DZ Bank AG Deutsche    5.00   2/13/2015     EUR    70.74
DZ Bank AG Deutsche    5.00   8/14/2015     EUR    71.74
UniCredit Bank AG      6.00   6/24/2015     EUR    72.30
Goldman Sachs & Co     7.00   3/25/2015     EUR    71.15
Commerzbank AG         6.00   6/25/2015     EUR    74.16
Vontobel Financial     7.50   6/26/2015     EUR    73.80
UniCredit Bank AG      4.30   6/24/2015     EUR    59.90
Bayerische Landesba    3.40   6/19/2015     EUR    74.94
UBS AG/London          6.75    7/2/2015     CHF    71.37
DZ Bank AG Deutsche    6.00    3/6/2015     EUR    73.97
Vontobel Financial    10.85   4/17/2015     EUR    65.79
Vontobel Financial     8.40   1/16/2015     EUR    66.75
Vontobel Financial     7.05   6/12/2015     EUR    70.64
Vontobel Financial     8.25   6/12/2015     EUR    68.81
Vontobel Financial     9.65   6/12/2015     EUR    67.22
Vontobel Financial    10.55   6/12/2015     EUR    66.22
UBS AG/London         14.50   9/25/2015     EUR    67.99


                            *********

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

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

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


                            *********


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

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

Copyright 2015.  All rights reserved.  ISSN 1529-2754.

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

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

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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