TCREUR_Public/150302.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, March 2, 2015, Vol. 16, No. 42

                            Headlines

B E L A R U S

BELARUSBANK: Moody's Puts 'E+' BFSR on Review for Downgrade


B E L G I U M

SARENS BESTUUR: S&P Affirms 'BB' CCR; Outlook Stable


F I N L A N D

AIR FINLAND: Board Accused of Aggravated Accounting Offenses


F R A N C E

REXEL SA: Moody's Affirms 'Ba2' CFR & Alters Outlook to Stable


G E R M A N Y

DECO 15- PAN EUROPE 6: S&P Lowers Rating on Class C Notes to 'B-'
SPRINGER SBM: Moody's Keeps 'B3' CFR on Review for Upgrade


G R E E C E

CAPITAL PRODUCT: Moody's Assigns 'B2' CFR; Outlook Stable


I R E L A N D

HARVEST CLO XI: S&P Assigns Prelim. B Rating to Class F Notes
LADBROKES PLC: Mulls Examinership for Loss-Making Irish Unit


I T A L Y

VENETO BANCA: S&P Puts 'BB-' Rating on CreditWatch Negative


K A Z A K H S T A N

ALFA-BANK JSC: S&P Revises Outlook to Negative
NURBANK JSC: S&P Affirms 'B/B' Credit Ratings; Outlook Stable


N O R W A Y

NORSKE SKOGINDUSTRIER: Moody's Affirms Caa2 LT Corp Family Rating


R U S S I A

BANCA INTESA: Moody's Cuts Bank Finc'l. Strength Rating to 'E+'
BANK OTKRITIE: Moody's Cuts Bank Finc'l Strength Rating to E+
INTER RAO: Moody's Lowers Corporate Family Rating to 'Ba2'
MOSCOW MORTGAGE: Moody's Cuts Long-Term Deposit Rating to Ba3
RUSSIAN HELICOPTERS: Moody's Cuts Corporate Family Rating to Ba3

SVYAZINVESTNEFTEKHIM OAO: Moody's Cut Corp. Family Rating to Ba2


S L O V E N I A

TATRA BANKA: Moody's Affirms Standalone 'D+' BFSR


S P A I N

CEMEX ESPANA: Fitch Maintains 'BB-/RR3' Guaranteed Debt Ratings
OCANA-LA RODA: Madrid Court Rejects Government's Rescue Plan


U K R A I N E

BG BANK: Faces Liquidation Following Insolvency
LEGBANK: NBU Opts for Liquidation Following Insolvency


U N I T E D   K I N G D O M

PETROPAVLOVSK PLC: Investors Back Restructuring Plan
SOUTHERN WATER: Moody's Affirms Ba1 Subordinated Debt Ratings
SPECIALIST SUBSEA: In Administration; 77 Jobs Affected
THAMES WATER: Moody's Affirms 'B1' Rating on GBP400MM Bonds
YORKSHIRE BUILDING: Moody's Assigns Ba1(hyb) Rating to PIBS


X X X X X X X X

* BOND PRICING: For the Week February 23 to February 27, 2015


                            *********


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B E L A R U S
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BELARUSBANK: Moody's Puts 'E+' BFSR on Review for Downgrade
-----------------------------------------------------------
Moody's Investors Service has taken rating actions on six Belarus
banks -- namely Belarusbank, Belagroprombank JSC, BPS-Sberbank,
Belinvestbank, Minsk Transit Bank and Delta Bank.

Specifically, Moody's placed on review for downgrade the local-
currency and foreign currency deposit ratings of all six
aforementioned banks, and placed on review for downgrade the bank
financial strength ratings (BFSRs) of four of the six banks.

These actions follow the weakening of Belarus's credit profile,
as reflected by Moody's decision to place Belarus's B3 sovereign
bond rating on review for downgrade on Feb. 23, 2015.

The rating actions on these six Belarusian banks were prompted by
their exposure to adverse changes in the country's already very
challenging operating environment, including persistently high
inflation, the national currency devaluation in the period
December 2014-January 2015, the economy's low growth potential, a
wide current account deficit, and high vulnerability to external
shocks with increased risk of withdrawal of Russian financial
support as a result of deteriorating economic conditions in
Russia (Ba1 negative).

The key drivers of the actions relate to the weakening of the
sovereign credit profile, as reflected in the review for
downgrade on Belarus's sovereign bond rating.  Therefore, Moody's
considers that upward pressure on the Belarus banks' ratings is
unlikely in the next 12-18 months.

As expressed by the review for downgrade, these six Belarus
banks' ratings could be downgraded in the event of downgrade of
the sovereign bond rating.  Downward rating adjustments could
also be triggered by an erosion of the banks' standalone credit
profiles.

List of Affected Ratings:

On Review for Downgrade:

Issuer: Belagroprombank JSC

  -- Long-Term Deposit Rating (Local Currency), Placed on Review
     for Downgrade, currently B3

  -- Long-Term Deposit Rating (Foreign Currency), Placed on
     Review for Downgrade, currently Caa1

Issuer: Belarusbank

  -- Bank Financial Strength Rating, Placed on Review for
     Downgrade, currently E+

  -- Long-Term Deposit Rating (Local Currency), Placed on Review
     for Downgrade, currently B3

  -- Long-Term Deposit Rating (Foreign Currency), Placed on
     Review for Downgrade, currently Caa1

Issuer: Belinvestbank

  -- Long-Term Deposit Rating (Local Currency), Placed on Review
     for Downgrade, currently B3

  -- Long-Term Deposit Rating (Foreign Currency), Placed on
     Review for Downgrade, currently Caa1

Issuer: BPS-Sberbank

  -- Long-Term Deposit Rating (Foreign Currency), Placed on
     Review for Downgrade, Currently Caa1

  -- Long-Term Deposit Rating (Local Currency), Review for
     Downgrade maintained, Currently B1

  -- Bank Financial Strength Rating, Placed on Review for
     Downgrade, currently E+

Issuer: Delta Bank

  -- Bank Financial Strength Rating, Placed on Review for
     Downgrade, currently E+

  -- Long-Term Deposit Rating (Local Currency), Placed on Review
     for Downgrade, currently B3

  -- Long-Term Deposit Rating (Foreign Currency), Placed on
     Review for Downgrade, currently Caa1

Issuer: Minsk Transit Bank

  -- Bank Financial Strength Rating, Placed on Review for
     Downgrade, currently E+

  -- Long-Term Deposit Rating (Local Currency), Placed on Review
     for Downgrade, currently B3

  -- Long-Term Deposit Rating (Foreign Currency), Placed on
     Review for Downgrade, currently Caa1

Affirmations:

Issuer: Belagroprombank JSC

  -- Bank Financial Strength Rating, Maintained E Stable

  -- Short-Term Deposit Rating, Affirmed NP

Issuer: Belarusbank

  -- Short-Term Deposit Rating, Affirmed NP

Issuer: Belinvestbank

  -- Bank Financial Strength Rating, Maintained E Stable

  -- Short-Term Deposit Rating, Affirmed NP

Issuer: BPS-Sberbank

  -- Short-Term Deposit Rating, Affirmed NP

Issuer: Delta Bank

  -- Short-Term Deposit Rating, Affirmed NP

Issuer: Minsk Transit Bank

  -- Short-Term Deposit Rating, Affirmed NP

Outlook Actions:

Issuer: Belagroprombank JSC

Issuer: Belinvestbank

  -- Outlook, Changed To Rating Under Review From Negative(m)

Issuer: Belarusbank

Issuer: Delta Bank

Issuer: Minsk Transit Bank

  -- Outlook, Changed to Rating Under Review From Negative

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



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B E L G I U M
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SARENS BESTUUR: S&P Affirms 'BB' CCR; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB'
long-term corporate credit rating on Belgium-based Sarens Bestuur
N.V.  The outlook is stable.

At the same time, S&P assigned its 'BB' issue rating to the
group's EUR125 million senior unsecured notes issued by Sarens
Finance Co. NV (Sarfin NV).  The recovery rating on this debt
instrument is '3', indicating S&P's expectation of meaningful
(50%-70%) recovery in the event of a payment default.

The rating reflects S&P's assessment of Sarens' business risk
profile as "fair" and of its financial risk profile as
"significant," as S&P's criteria define these terms.

Sarens is a leading global provider of large crane equipment,
servicing a diverse range of industries and clients.  The group
has one of the world's largest fleet of large cranes and a strong
track record and reputation.  S&P considers there are high
barriers to entry for potential competitors in this niche market.
The group's wide geographic and end-market diversity reduces the
cyclicality that S&P sees in many equipment rental providers.
However, geographic diversity also increases logistical and
subcontracting costs.  The group's cranes are always supplied
with drivers and, if required, a specialist team of engineers and
support workers to assist the build in/build out process and
advise end clients on site.  These factors lead to lower margins
compared with more-traditional equipment rental companies.

Sarens is exposed to several particularly cyclical and volatile
end markets, which has resulted in revenue contraction and
absolute EBITDA declines in the past when demand has suddenly
fallen.  The group's recent rapid expansion into countries that
S&P considers carry higher risk under its criteria could increase
volatility of demand in future.  Compared with many other issuers
that have a "fair" business risk profile, Sarens' business
offering is quite niche.  It has to continuously manage its large
crane fleet's age, size, location, and composition to
successfully maintain a healthy project pipeline and cash flows.
The group is very capital-intensive and currently exhibits "below
average" return on capital (defined as less than 9% in S&P's
criteria).

S&P considers that the group's operating cash flow is
structurally sufficient to cover debt service, working capital
requirements, and maintenance capital spending.  In recent years,
the group has invested heavily to expand its global fleet,
resulting in negative free operating cash flow (FOCF) over this
time.  S&P expects this trend to continue over the rating horizon
of 12-18 months.

S&P considers Sarens' risk-management policies to be adequate.
The group generates a large portion of its revenues in foreign
currencies, and it hedges cash flows to protect against foreign
exchange risk.  The group's financial obligations are mainly
euro-denominated.  As a majority family-owned group, S&P
considers Sarens' access to equity markets to be restricted.  The
group's capital structure includes a EUR43 million subordinated
loan that matures in December 2016.  S&P considers it highly
unlikely that this instrument will be repaid before this date.

The Sarens family owns 78% of the business and the remaining 22%
stake is held by Waterland Private Equity.  S&P considers
Waterland to be a long-term strategic investor; as its stake is
below 40%, S&P do not take a negative view of the partial
private-equity ownership in our financial policy assessment.  S&P
views any potential increase of Waterland's stake to above 40% as
pure event risk, and we consider it highly unlikely to occur
through S&P's rating horizon.

S&P assess the group's management and governance as "fair,"
reflecting its experienced management team and clear operational
and financial goals.

S&P's base case assumes:

   -- Stable growth fundamentals in Sarens' end markets, with the
      global recovery staying on track;

   -- Revenue growth of about 4% to more than EUR610 million; and

   -- EBITDA margins strengthening to about 26%-27%, primarily as
      a result of improved fleet occupation rates and lower
      subcontracting and transportation costs.

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

   -- Standard & Poor's-adjusted debt to EBITDA of about 3x; and
   -- Funds from operations (FFO) to debt of about 27%.

The group has exhibited negative FOCF during a recent period of
heavy investment and rapid expansion.  S&P expects FOCF to debt
to remain weak over the rating horizon due to the business' need
for high capital expenditure (capex).

Sarens' liquidity is "adequate" under S&P's criteria, reflecting
its expectation that liquidity sources will exceed uses by 1.2x
in the next 12 months.

Over the next 12 months, S&P expects principal liquidity sources
to be:

   -- About EUR64 million of availability under a recently
      upsized EUR90 million revolving credit facility (RCF),
      maturing 2019;

   -- Cash on balance sheet of about EUR28 million as of Dec, 31.
      2014; and

   -- FFO of about EUR150 million.

Over the same period, S&P expects these principal liquidity uses:

   -- Up to EUR80 million of capex;
   -- About EUR100 million to bring various operating and rental
      lease assets on to the group's balance sheet during fiscal
      2015; and
   -- Net repayment of the group's global leasing facility over
      S&P's rating horizon, which it draws from and repays
      throughout the fiscal year as it acquires and disposes of
      cranes for its fleet.

The outlook is stable.  S&P expects the good growth environment
that currently benefits the heavy lifting crane industry to
continue through 2015.  S&P expects that Sarens will be able to
grow revenues and improve its margins over the rating horizon.
The group's free operating cash flows will likely be weak in
fiscal 2015 due to ongoing investment in its crane fleet.

S&P could lower the ratings if Sarens were to experience margin
pressure, or poorer cash flows, leading to weaker credit metrics,
specifically if debt to EBITDA were to rise to more than 4x and
FFO to debt were to weaken to less than 20%.  Rating pressure may
also stem from aggressive debt-funded acquisitions or shareholder
returns.

S&P considers that rating upside is limited at this stage,
because Sarens is following a strategy of growth and investment,
leading to weak supplementary credit metrics--specifically free
operating cash flow to debt--for the next 12-18 months.  S&P
could consider raising the rating if the group's return on
capital improved to levels S&P defines as "average" compared with
peers or if Sarens were to reduce its leverage to less than 3x
and exhibit sustained positive FOCF at the same time.



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


AIR FINLAND: Board Accused of Aggravated Accounting Offenses
------------------------------------------------------------
According to Xianhua's Tian Shaohui, Finnish national broadcaster
Yle on Feb. 26 reported that Finnish police accused the entire
board of directors and CEO of Air Finland of aggravated
accounting offenses and aggravated debtor dishonesty, after two
years of investigations.

The six suspects were charged with aggravated accounting offenses
as they were accused to have tried to conceal the company's bleak
financial situation through deliberately falsifying rental costs,
Xianhua discloses.  Yle reported that they were also suspected of
having withdrawn a total of EUR4.8 million (about US$5.4 million)
from the company's bank accounts before its bankruptcy, Xianhua
relates.

Due to constant operating losses, the company filed for
bankruptcy in June 2012, Xianhua recounts.

After the airline declared insolvency in 2012, the trustee who
was responsible for managing the bankruptcy procedures found
something wrong and asked the police to intervene, Xianhua
relays.

Air Finland used to operate chartered and scheduled flights to
holiday destinations in six countries including Finland, Cyprus,
Greece, Spain, the United Arab Emirates and Turkey.



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F R A N C E
===========


REXEL SA: Moody's Affirms 'Ba2' CFR & Alters Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service changed the outlook on Rexel SA's
ratings to stable from negative.  Moody's has concurrently
affirmed Rexel's existing ratings including its Ba2 corporate
family rating (CFR), Ba2-PD probability of default rating, Ba3
ratings on the company's senior unsecured notes due December
2018, 2019 and 2020, and the NP short-term rating of the
company's EUR500 million commercial paper program.

The change in outlook to stable from negative reflects Moody's
expectation that Rexel should benefit from improved growth in
certain core markets such as North America (34% of sales) as its
economies continue to recover, which will bolster the group's
revenue growth compared to the slow return to growth in its
European operations (55% of sales) where a more difficult
macroeconomic environment is expected to persist especially in
France.  In 2014, Rexel's European sales grew by 0.7%, however
its North American sales grew by 2.9% year on year reflecting a
recovery in the non-residential construction end markets.

While the improving macroeconomic environment will only drive an
incremental improvement in Rexel's EBITDA over the next year, the
Stable outlook also reflects Moody's expectation that the company
will: (i) redeem with cash its EUR500 million Eurobonds due 2018
during the first half of 2015 as announced; (ii) utilize a
portion of its EUR500 million annual budget for acquisitions in
order to increase its presence in regions with stronger
macroeconomic growth such as the US and Asia; (iii) dispose of
some of its underperforming assets during 2015-16 which are
expected to have a minimal impact on EBITDA while slightly
reducing net debt and improving the group's overall margins.

As a result of this, Moody's expects Rexel to delever from its
high YE14 gross leverage of 6.0x (Adjusted Total Debt-to-EBITDA)
which positions Rexel relatively weakly in the Ba2 rating
category on the basis of its 2014 performance.  The stable
outlook reflects Moody's expectation that Rexel's gross leverage
will fall below 5.0x by the end of 2015.

Rexel's Ba2 CFR remains supported by the company's solid business
profile as a leading global distributor of low voltage electrical
products with a substantial revenue base and its track record at
delivering fairly stable operating profitability through the
cycle.

The rating is also underpinned by Rexel's good liquidity profile,
supported by EUR1,160 million cash as of YE14 and EUR982 million
undrawn revolving credit facility, the maturity of which was
recently extended to November 2019.  As well as this, Rexel also
utilizes EUR1.2 billion of securitization programs and its free
cash flow generation is expected to continue to benefit from the
Rexel's scrip dividend program which saw a 70% acceptance by
shareholders in 2014, reducing cash dividends to EUR65.6 million;
a similar level of cash dividends is expected in 2015.

Rexel's stated intention to redeem its EUR500 million Eurobonds
during H1 2015 will reduce its cash balance, however Rexel's
liquidity is expected to remain good given its large undrawn
revolving credit facility.

While unlikely at this stage, upward pressure on the rating could
materialize over the medium term if Rexel demonstrates a prudent
financial policy as well as a successfully achieving its targets
for improving its profitability, leading to a debt/EBITDA ratio
(as adjusted by Moody's) trending towards 3.5x and an RCF/debt
(as adjusted by Moody's) above 15%.

Downward pressure on the rating could result from any further
deterioration in Rexel's credit profile resulting from continued
adverse trading conditions or from a continuation in the decline
of Rexel's margins, such that its debt/EBITDA (as adjusted by
Moody's) does not fall below 4.5x within the next 18-24 months or
if its retained cash flow (RCF)/adjusted debt falls below 10%.

The principal methodology used in these ratings was Global
Distribution & Supply Chain Services published in November 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.

Based in France, Rexel is a leading global distributor of low
voltage products.  For 2014, Rexel reported total sales and EBITA
of EUR13.1 billion and EUR647 million respectively.



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G E R M A N Y
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DECO 15- PAN EUROPE 6: S&P Lowers Rating on Class C Notes to 'B-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
DECO 15 - Pan Europe 6 Ltd.'s class B and C notes.  At the same
time, S&P has affirmed its ratings on the class D, E, F, and G
notes.

The rating actions follow S&P's review of the four remaining
loans in this transaction, three of which (74% of the pool) are
in special servicing.

MANSFORD (47% OF THE POOL)

The whole loan balance is EUR144.8 million, with a securitized
loan of EUR138.5 million.  The loan transferred into special
servicing in July 2014 after failing to repay at its scheduled
maturity date.

Currently, 10 retail properties in Germany (down from 12 at
closing) secure the loan.  The properties are 100% occupied and
have a weighted-average lease term of 7.65 years.  Of the
portfolio rental income, 98% comes from the major tenant, OBI, a
do-it-yourself retailer.

Based on a September 2014 valuation of EUR130.1 million, the
securitized loan's loan-to-value (LTV) ratio is 107.6%.  As of
the October 2014 servicer report, the interest coverage ratio
(ICR) of the senior loan was 5.57x.

S&P has assumed principal losses in its 'B' rating stress
scenario.

FREIBURG (26% OF THE POOL)

The whole loan balance is EUR80.3 million, with a securitized
loan of EUR75.4 million.  The loan matures in April 2015.

The loan is secured by two mixed-use shopping centers in the city
center of Freiburg, Germany.  The properties are 99% occupied and
have a weighted-average lease term of 4.05 years.

Based on a January 2007 valuation of EUR96.6 million, the
securitized loan's LTV ratio is 78.1%.  As of the October 2014
servicer report, the ICR of the senior loan was 1.39x.

S&P has assumed principal losses in its 'B' rating stress
scenario.

MAIN (23% OF THE POOL)

The whole loan and securitized balance is EUR68.6 million.  The
loan transferred to special servicing in July 2011 after failing
to fully repay at maturity.

The loan is secured by 32 predominantly retail properties in
Germany, anchored by retail tenants such as toom, Netto, and
Kaufland.  Approximately 55% of the assets are in western Germany
and 45% in eastern Germany.  The properties are 93% occupied and
have a weighted-average lease term of 3.13 years.

Based on a June 2013 valuation of EUR49.6 million, the
securitized loan's LTV ratio is 138.4%.  As of the October 2014
servicer report, the ICR of the loan was 5.47x.

S&P has assumed principal losses in its 'B' rating stress
scenario.

PLUS (4% OF THE POOL)

The whole loan and securitized balance is EUR11.8 million.  The
loan transferred to special servicing in January 2012 after
failing to fully repay at maturity.

Five retail properties in Brandenburg and Mecklenburg-Western
Pomerania secure the loan.  The major tenant, Plus, a discount
supermarket chain, contributes 59% of the rental income.  The
properties are 100% occupied and have a weighted-average lease
term of 4.68 years.

Based on a November 2013 valuation of EUR8.6 million, the
securitized loan's LTV ratio is 137.8%.  As of the October 2014
servicer report, the ICR of the loan was 5.54x.

S&P has assumed principal losses in its 'B' rating stress
scenario.

RATING RATIONALE

S&P's ratings address timely payment of interest, payable
quarterly in arrears, and payment of principal not later than the
legal final maturity date in April 2018.

S&P considers that the available credit enhancement for the class
B and C notes is insufficient to mitigate the risk of losses from
the underlying loans at the currently assigned ratings.  S&P has
therefore lowered to 'BBB (sf)' from 'BBB+ (sf)' and to 'B- (sf)'
from 'B+ (sf)' its ratings on the class B and C notes,
respectively.

The available credit enhancement for the class D and E notes is
sufficient to mitigate the risk of losses from the underlying
loan pool at the currently assigned ratings.  S&P has therefore
affirmed its 'B- (sf)' ratings on the class D and E notes.

S&P has affirmed its 'CCC- (sf)' rating on the class F notes as
it continues to believe the repayment of this class of notes
depends on favorable economic conditions.  This is in line with
S&P's criteria for assigning 'CCC' category ratings.

S&P has affirmed its 'D (sf)' rating on the class G notes because
they have experienced interest shortfalls and S&P expects them to
experience principal losses.

On Feb. 18, 2015, S&P placed on CreditWatch negative its ratings
on the class A2 and A3 notes for counterparty reasons.

RATINGS LIST

DECO 15 - Pan Europe 6 Ltd.
EUR1.445 bil commercial mortgage-backed floating-rate notes
                               Rating
Class        Identifier        To               From
B            233180AE8         BBB (sf)         BBB+ (sf)
C            233180AF5         B- (sf)          B+ (sf)
D            233180AG3         B- (sf)          B- (sf)
E            233180AH1         B- (sf)          B- (sf)
F            233180AJ7         CCC- (sf)        CCC- (sf)
G            233180AK4         D (sf)           D (sf)


SPRINGER SBM: Moody's Keeps 'B3' CFR on Review for Upgrade
----------------------------------------------------------
Moody's Investors Service said that the B3 corporate family
rating and B3-PD probability of default rating for Springer SBM
One GmbH continue to remain under review for upgrade, pending the
regulatory approvals in H12015 for the merger transaction of
Springer Science+Business Media in its entirety with the majority
of Holtzbrinck-owned Macmillan Science and Education, namely
Nature Publishing Group, Palgrave Macmillan and the global
businesses of Macmillan Education.

The B2 ratings of the senior secured term loans whose lead
borrower is Springer Science+Business Media Deutschland GmbH (a
wholly owned and fully guaranteed subsidiary of Springer SBM One
GmbH) also remain under review for upgrade.  These term loans
will be increasing by EUR600 million to fund the merger.
Additionally, Springer will be upsizing its B2 rated revolving
credit facility by EUR100 million to EUR250 million, to account
for the increased liquidity requirements given the larger size of
the combined business.

"The conclusion of Moody's ratings review, that is pending
regulatory approvals in H12015 for the merger transaction, is
currently expected to result in an upgrade of all the ratings of
Springer by a notch reflecting the improvement in Springer's
scale of operations and the strengthening of its portfolio of STM
publications with the proposed merger of Macmillan Science and
Education (MSE)." says Gunjan Dixit, a Moody's Vice President --
Senior Analyst, and lead analyst for the issuer. "While the
leverage of the combined group at the end of 2015 is expected to
be higher than Moody's adjusted Gross Debt/ EBITDA of 6.0x, the
contemplated ratings upgrade reflects the meaningful de-
leveraging potential of the group thereafter." adds Ms. Dixit.

Moody's had placed Springer's ratings on review for upgrade,
following the merger announcement by Springer on Jan. 15, 2015.

On the conclusion of the merger transaction at the agreed terms,
Moody's aims to conclude its ratings review and expects to
upgrade Springer's CFR and PDR to B2 and B2-PD from B3 and B3-PD,
respectively and all of group's senior secured debt ratings to B1
from B2.

The contemplated ratings upgrade reflects the improved scale and
scope of the combined business. The merger will create a leading
publishing group with around EUR 1.5 billion in revenues and
13,000 employees.  Moody's believes that the combination will
likely enhance the long-term growth potential for both parties
and improve the value proposition to authors, contributors and
users.  Both companies have complementary portfolio in terms of
products (journals, books, databases and workflow tools) and end-
markets (academic institutions, corporate research departments
and individuals).  However, Moody's cautiously notes that by
acquiring MacMillan's Education business, Springer will begin
operating a global English learning teaching and curriculum
publishing business primarily focused on K-12 segments, in which
it has no prior experience.

Moody's views positively that the combined group will be 53%
owned by Holtzbrinck, a leading well-established global media
business.  The combined group will benefit from an experienced
management team and Springer's Chief Executive, Derk Haank will
head the new merged company

At the end of 2014, Moody's expects its adjusted Gross Debt/
EBITDA for Springer to be high at around 7.2x on a standalone
basis.  The leverage ratio at the end of the year is negatively
affected by approximately 0.3x foreign exchange related
translation impact (USD/EUR average exchange rate was 1.33 in
2014 compared to the closing rate of 1.21 as of 31 December
2014).  Pro-forma the MSE transaction, the combined group
leverage is expected to be around 6.2x at the end of 2015
(assuming constant USD/EUR exchange rate of 1.21).  Moody's
expects the group to de-lever rapidly thereafter helped by its
good operating performance.  At the end of 2016, the agency
expects the group leverage to be closer to 5.5x. Moody's expects
the transaction to generate meaningful cost synergies from 2016
onwards.

On completion of the merger, Springer SBM One GmbH is expected to
remain the top-most entity of the enlarged restricted group which
will include the MSE assets.  The senior secured term loans
issued by the group will rank pari-passu with one another and
will be secured and guaranteed by the material assets of the
enlarged restricted group.  The EUR600 million worth of
additional new term loan will be used to repay portion of the
existing BC Partners' shareholder loans of which EUR294 million
will remain outstanding after transaction closing.  In addition,
Holtzbrinck will be contributing EUR80 million of financing note
to the restricted group apart from common equity of EUR332
million.  The financing note issued by Holtzbrinck and the
remaining BCP shareholder loans meet Moody's criteria for 100%
equity credit.

The instruments ratings for the senior secured debt are likely to
remain one notch higher than the CFR largely due to their secured
nature and the presence of contractually subordinated High Yield
Notes of EUR640 million (due 2021; unrated by us) in the capital
structure issued by Springer SBM Two GmbH.

A near-term upgrade of Springer's ratings is subject to the
successful conclusion of the merger transaction at the agreed
terms in H12015.  The ratings could be confirmed at the existing
level should the merger fail to conclude at the agreed terms.

There is currently no downward pressure on Springer's ratings.
Downward pressure could be exerted on the existing B3 CFR should
(i) leverage remains above 7.0x Gross Debt to EBITDA (as adjusted
by Moody's) on a sustained basis, (ii) material deterioration
occur in the operating performance; (iii) free cash flow
generation fall towards zero; and/or (iv) any other factors
emerge with a negative impact on liquidity.

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



===========
G R E E C E
===========


CAPITAL PRODUCT: Moody's Assigns 'B2' CFR; Outlook Stable
---------------------------------------------------------
Moody's Investors Service assigned a first-time B2 corporate
family rating and a B2-PD probability of default rating to
Capital Product Partners L.P.  Concurrently, Moody's has assigned
a provisional (P)B2 rating, with a loss given default assessment
of LGD4, 50% to the proposed US$260 million worth of senior
secured notes due 2022 to be issued by CPLP and CPLP Finance
Corporation.  The outlook on the ratings is stable.  This is the
first time Moody's has assigned ratings to CPLP.

CPLP will use the proceeds from the proposed notes issuance to
repay part of its existing credit facilities.  In addition, it
will concurrently sign a new US$260 million senior secured credit
facility, the proceeds of which will also be used to repay part
of its existing credit facilities.

"We assigned a B2 to CPLP to reflect its small scale with
significant customer concentration and high reliance on its
sponsor, as well as its elevated leverage.  At the same time, we
also considered CPLP's superior revenue visibility, good fleet
diversity and currently limited repricing risk," says Marie
Fischer-Sabatie, Moody's Senior Vice President and lead analyst
for CPLP.

Moody's issues provisional ratings in advance of the final sale
of securities and these only reflect Moody's opinions regarding
the transaction.  Upon the closing of the refinancing but also
after a conclusive review of the final documentation, Moody's
will endeavor to assign definitive ratings to CPLP.  A definitive
rating may differ from a provisional rating.

All the ratings assume that the refinancing will be completed.

CPLP's B2 CFR reflects (1) the small scale and significant
customer concentration of the company; (2) its high reliance on
Capital Maritime & Trading Corp. (CMTC), which is CPLP's sponsor,
as well as its main customer and manager of its fleet through its
subsidiary Capital Ship Management (CSM); (3) the company's
elevated leverage; and (4) the substantial refinancing risk,
which results from CPLP's master limited partnership (MLP)
status.

CPLP's B2 CFR also factors in (1) superior revenue visibility, as
the company mainly operates under long-term charters; (2) good
fleet diversity, comprising crude oil and product tankers, as
well as container vessels and one dry bulk vessel; (3) limited
re-pricing risk and operating costs that are below industry
standards; and (4) strong asset coverage.

CPLP's sponsor, CMTC, is also CPLP's largest customer with 12 out
of its 35 vessels (including the five new vessels to be delivered
in 2015) chartered to CMTC.  CMTC, via its subsidiary CSM, is
also the manager of CPLP's fleet.  As CMTC is a privately owned
company, there is limited available information on the company,
although Moody's understands that CMTC is operating with limited
net debt.

CPLP aims at chartering its vessels under medium- to long-term
contracts, although vessels may be operated under shorter-term
charters during periods of lower rates.  The weighted-average
remaining charter duration was 8.3 years as of year-end 2014.
This provides CPLP with superior revenue visibility, with 83% of
charter coverage for 2015 and 65% for 2016.  Among the charters
expiring within the next 12 months, most have rates that are
around current market rates.  Moody's therefore would not expect
the company to suffer a material re-pricing of its contracts.  In
addition, CPLP's fleet, which is younger than industry average,
and its customer portfolio, which includes reputable
counterparties, are mitigating this risk.  Finally, CPLP benefits
from operating costs which are below industry average. The
company has already covered its operating and interest costs
through 2018.

CPLP's leverage is in absolute terms fairly high and Moody's
estimates that it amounted to around 4.2x at year-end 2014.
Leverage will increase in 2015 to around 5.0x when CPLP will use
US$150 million under its existing US$225 million facility due
2020 to fund the acquisition of five new vessels to be delivered
during the year.  However, the rating agency recognizes that it
compares favorably with other shipping companies rated at a
similar level.  Moody's views the refinancing risk for CPLP as
high: as customary for MLPs, CPLP distributes the vast majority
of its cash flow from operations to its shareholders (although it
is not legally obligated to do so).  High cash distributions
limit the company's ability to generate free cash flow and
accumulate cash, which could be used to repay debt, resulting in
a structural, high refinancing risk.  However, a mitigating
factor is CPLP's good track record in raising equity: CPLP has
raised equity at several occasions, in particular, to fund part
of its vessel acquisitions.  In addition, current asset coverage
is strong with the collateral of the notes covering 1.3x the
notes amount though lower than the collateral for each credit
facility covering 2.2x the loan amount.

While domiciled in the Marshall Islands, CPLP has its main office
in Greece.  Its exposure to the Greek economy is very limited
with all its revenues generated in US dollars, outside of Greece,
and the company only repatriating to Greece the funds needed to
cover for payroll and other expenses.  At the end of 2014, CPLP
had US$216 million of term debt with local Greek banks, which it
has used to finance vessels.  This amount is likely to materially
reduce post-refinancing, as the company replaces some bank debt
with notes.  While Moody's deems the exposure of CPLP to any
weakening of Greece's credit worthiness as very limited, the
rating agency cautions that an extreme scenario such as a
potential Greek exit from the euro would be unpredictable in its
consequences and would carry uncertainty for businesses with any
linkage to Greece.  So the prospect of a negative rating action
or rating review in such a scenario cannot be completely ruled
out, but CPLP's business profile suggests it should be relatively
resilient to such a scenario, as reflected in its stable outlook.

Moody's views CPLP's liquidity as adequate. While CPLP
distributes most of its cash flow from operations (US$103 million
out of US$125 million in 2014), as is customary for MLPs, it had
a cash balance of $164 million at December 2014, which included
the proceeds of a US$113.5 million equity increase done in
September 2014.  The company will acquire five new vessels in
2015, for a total consideration of US$311.5 million (US$30
million of advance payment already made in 2014): CPLP will use
the US$150 million still available under a US$225 million
committed bank facility, as well as cash, to finance these
vessels.  CPLP does not have access to a revolving credit
facility and is therefore fully reliant on internally generated
sources of cash to cover its liquidity needs.  The company's
secured credit facilities contain financial covenants, which
include a loan to value covenant.  CPLP has currently adequate
headroom under these covenants and Moody's expects that it will
remain adequate in the next 12-18 months, although cautions that
asset values can be volatile in shipping, resulting in possible
swings in loan-to-value ratios.

The (P)B2 rating, which is in line with the CFR, assigned to the
proposed US$260 million senior secured notes reflects the debt
structure of CPLP, which comprises one class of debt, all ranking
pari passu.  Indeed, the group's debt instruments essentially
comprise the US$260 million senior secured notes due 2022, a
US$225 million existing senior secured credit facility due 2020
and a new US$260 million senior secured credit facility, each
secured on a different pool of vessels owned by CPLP and
guaranteed by the corresponding vessel-owning entities.

The PDR of B2-PD reflects the use of a 50% family recovery
assumption, which is customary for structures comprising a mix of
bond and bank debt.

The outlook on CPLP's ratings is stable and reflects Moody's
expectation that CPLP's financial profile will remain broadly
unchanged in the next 18-24 months.

Upward pressure on CPLP's rating would be exerted if the
company's debt/EBITDA ratio were to decline towards 4x, while
maintaining an adequate liquidity profile and high charter
coverage.

Downward pressure on the rating would develop if the company's
debt/EBITDA ratio were to increase to above 5x or if its
liquidity profile were to weaken.

The principal methodology used in these ratings was Global
Shipping Industry published in February 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 Piraeus, Greece, CPLP is an international
shipping company engaged in the transportation of crude oil,
refined oil products, as well as dry cargo and containerized
goods.  CPLP was formed in 2007 under the law of the Republic of
Marshall Islands by Capital GP LLC, a wholly-owned subsidiary of
CMTC that was formed to act as a General Partner through a 2%
interest in CPLP.  CPLP is a publicly traded MLP listed on the
NASDAQ.  CMTC currently owns 14.9% of the partnership, with the
remainder being spread among institutional investors.  In FY2014,
the company generated revenues and EBITDA of US$193 million and
approximately US$137 million, respectively.



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


HARVEST CLO XI: S&P Assigns Prelim. B Rating to Class F Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services has assigned preliminary
credit ratings to Harvest CLO XI Ltd.'s class A-1, A-2, B-1, B-2,
C, D, E, and F senior secured floating-rate notes.  At closing,
Harvest CLO XI will also issue unrated subordinated notes.

Harvest CLO XI is a cash flow collateralized loan obligation
(CLO) transaction securitizing a portfolio of primarily senior
secured loans granted to speculative-grade corporates.  3i Debt
Management Investments Ltd. will manage the transaction.

Under the transaction documents, the rated notes will pay
quarterly interest unless a frequency switch event occurs.
Following this, the notes will permanently switch to semi-annual
interest payments.

The portfolio's reinvestment period will end four years after
closing, and the portfolio's maximum average maturity date will
be eight years after closing.

On the effective date, S&P understands that the portfolio will
represent a well-diversified pool of corporate credits, with a
fairly uniform exposure to all of the credits.  Therefore, S&P
has conducted its credit and cash flow analysis by applying its
criteria for corporate cash flow collateralized debt obligations.

In S&P's cash flow analysis, it has used the portfolio target par
amount of EUR400.00 million, the covenanted weighted-average
spread of 3.80%, and the covenanted weighted-average recovery
rates at each rating level.

Elavon Financial Services Ltd. (AA-/Stable/A-1+) will be the bank
account provider and custodian.  At closing, S&P anticipates that
the participants' downgrade remedies will be in line with S&P's
current counterparty criteria.

At closing, S&P understands that the issuer will be in line with
its bankruptcy-remoteness criteria.

Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, S&P believes its preliminary
ratings are commensurate with the available credit enhancement
for each class of notes.

RATINGS LIST

Harvest CLO XI Ltd.
EUR414.7 mil senior secured and subordinated notes

Class    Prelim Rating     Prelim Amount
                            (mil. EUR)
A-1      AAA (sf)             229.6
A-2      AAA (sf)              5.0
B-1      AA (sf)              38.9
B-2      AA (sf)              12.0
C        A (sf)               26.5
D        BBB (sf)             20.7
E        BB (sf)              25.7
F        B (sf)               10.7
Sub      NR                   45.6

NR -- Not Rated.


LADBROKES PLC: Mulls Examinership for Loss-Making Irish Unit
------------------------------------------------------------
Nick Webb at Independent.ie reports that Ladbrokes may call in an
examiner to help turn around its loss-making Irish operations.

According to Independent.ie, a strategic examination of the firm,
codenamed "Project Athru", was launched in recent weeks, with
senior staff briefed about the challenges facing the company,
which employs 1,400 staff in Ireland.  Ladbrokes told staff that
"standing still is not an option", Independent.ie relays.

It is understood that the review will look at a variety of
options to turn around the business here, including putting
unprofitable shops into examinership or the sale of the entire
Irish group, Independent.ie says.  Ladbrokes declined to comment
on a possible examinership, Independent.ie notes.

The review will take several months to complete before final
options are presented to the board of the UK listed company,
Independent.ie states.

While the sale of the operations is likely to be considered,
Ladbrokes is more likely to hold on to its Irish business and try
to return it to profitability, Independent.ie notes.

The Irish gambling market is highly competitive, with Paddy Power
and Boylesports competing with Ladbrokes on the high street,
Independent.ie says.  Ladbrokes has been losing money in Ireland
for a number of years, according to Independent.ie.

It is believed that the firm has lost around EUR3 million over
the last year, compared to its hugely profitable business in the
North, Independent.ie relates.

A previous plan to turn around the Irish operations led to a
structure change which saw it report directly into its UK
division, Independent.ie recounts.

"That didn't really work," Independent.ie quotes a source as
saying.  The company is now taking more drastic action,
Independent.ie relays.

Ladbrokes plc is a bookmaking chain.



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


VENETO BANCA: S&P Puts 'BB-' Rating on CreditWatch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
counterparty credit rating on Italy-based Veneto Banca SCPA on
CreditWatch with negative implications.  S&P also affirmed its
'B' short-term rating.

S&P also placed on CreditWatch with negative implications its
'CCC+' and 'CCC' issue credit ratings on Veneto Banca's non-
deferrable subordinated debt and preferred stock, respectively.

The CreditWatch placement reflects the potential for negative
consequences on Veneto Banca's credit profile, particularly
through increased reputational risk, resulting from the tax
police's investigation, as well as the possibility that Veneto
Banca may still have to work on potential changes to its
governance structure and model in response to the issues raised
by the Bank of Italy in its 2013 examination.

On Feb. 17, 2015, Italian tax police started an investigation
into Veneto Banca following a 2013 inspection by the Bank of
Italy. Based on currently available information, S&P understands
that the tax police are investigating the former chairman of
Veneto Banca and its current general manager (the latter was
previously CEO at the time of the Bank of Italy's inspection).
S&P also understands that the tax police are investigating
certain loan-granting practices.

S&P notes that, to date, the tax police have not made any
allegations against Veneto Banca.

S&P's current ratings on Veneto Banca take into account several
factors that stemmed from the Bank of Italy's 2013 inspection
including remedial actions taken by Veneto Banca in response.
S&P factored into the ratings its belief that Veneto Banca
completed the governance and strategy-related remediations
required of it by the Bank of Italy including the appointment of
a new board of directors, organizational changes, and internal
restructuring aimed at streamlining Veneto Banca's organization.

S&P's current capital and earnings assessment takes into account
the benefits from Veneto Banca's successful completion, in 2014,
of capital-enhancing actions required by the Bank of Italy.  S&P
also incorporates into its view of Veneto Banca's risk position
the outcome of past regulatory inspections in terms of loan
reclassification requirements and additional provisioning needs.

That said, S&P believes the new investigation could have
consequences for Veneto Banca's credit profile including those
potentially arising from the reportedly possible disagreements
between its board of directors and the regulatory authorities.
In contrast with S&P's previous view that it was unlikely that
further governance-related changes would be needed after Veneto
Banca implemented reforms following the Bank of Italy's 2013
inspection, S&P now understands that discussions on these topics
are still continuing with the bank's regulators.  S&P believes
that these investigations, the ongoing discussions with
regulatory authorities, and the media focus on the pricing of the
bank's shares issued last year could increase reputational risks
for Veneto Banca.

The CreditWatch negative on Veneto Banca's subordinated debt
reflects the possibility that S&P could lower the ratings if it
was to revise downward its assessment of Veneto Banca's stand-
alone credit profile (SACP).  Under S&P's criteria, it rates
subordinated debt by notching down from our assessment of a
bank's SACP.

The CreditWatch negative on Veneto Banca's hybrid capital
instruments also reflects the possibility that S&P could lower
the rating if it was to revise down the SACP on Veneto Banca, and
if S&P came to believe that the probability of default of these
instruments was consistent with a rating definition in the 'CCC'
category, according to S&P's criteria.  The CreditWatch negative
on the hybrid capital instruments also reflects the possibility
that Veneto Banca's new supervisor (the European Central Bank)
may impose payment restrictions on the coupon on these
instruments, as allowed in the instruments' terms and conditions.

S&P expects to resolve the CreditWatch placement when it receives
information sufficient to allow S&P to assess the consequences of
the current investigation, and any other related developments.

"We could lower the long-term rating if we anticipated that, as a
result of the current developments, Veneto Banca's
creditworthiness had deteriorated.  We could assess that Veneto
Banca's credit standing had weakened, for example, if we believe
its currently "adequate" business position (as we assess it under
our criteria) has deteriorated.  Specifically, this could happen
if we consider that -- as a consequence of the investigation --
Veneto Banca faces higher reputational risks.  We could also
lower our assessment of Veneto Banca's business position if we
see that its governance structure--despite the changes completed
last year -- does not support our current assessment when
compared to peers with similar business positions.  In this
context, we will also assess whether Veneto Banca's capacity to
execute its strategic plan in the current environment has
weakened and whether its litigation risks have increased," S&P
said.

S&P could affirm the ratings and remove them from CreditWatch if,
all else being equal, S&P considers that the investigations have
no negative impact on its views of Veneto Banca's business
profile, reputation, and corporate governance.

If S&P revised down its assessment of Veneto Banca's SACP, S&P
would also likely lower its rating on its subordinated debt.  In
this scenario, S&P would also likely downgrade its hybrid capital
instruments.  S&P would also lower the ratings if it considered
that the probability of default of these instruments were
consistent with the 'CCC' rating category definitions.

Although not a driver for the CreditWatch placement, S&P notes
that the ratings are under pressure from its assessment of the
potential evolution of extraordinary government support, for
which S&P currently incorporates one-notch of uplift into the
rating on Veneto Banca.  Therefore, S&P also may lower its
counterparty credit ratings by one notch by year-end 2015 if it
considers that extraordinary government support is less
predictable under the new EU legislative framework.  S&P could
remove the one notch of uplift for potential extraordinary
support shortly before the January 2016 introduction of bail-in
powers under the European Union's Bank Resolution and Recovery
Directive (BRRD) for senior unsecured liabilities.

In addition to potential changes in the SACP and government
support, S&P will review other relevant rating factors when
taking any rating actions.  These might include any measures
Veneto Banca might take that provide substantial additional
flexibility to absorb losses while a going concern and mitigate
bail-in risks to senior unsecured creditors.



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


ALFA-BANK JSC: S&P Revises Outlook to Negative
----------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
seven Kazakhstan-based financial institutions.

S&P revised the outlooks to negative from stable on JSC SB Alfa-
Bank, Kaspi Bank JSC, and PNB-Kazakhstan, and affirmed S&P's
long- and short-term counterparty credit ratings on these banks.

S&P revised the outlook to stable from positive on JSC Eurasian
Bank and affirmed the long- and short-term counterparty credit
ratings.

S&P affirmed the long- and short-term counterparty credit ratings
and maintained a stable outlook on ForteBank JSC (formerly known
as Alliance Bank JSC), KazInvestBank, and Kazakh Agrarian Credit
Corp.

At the same time, S&P lowered the Kazakhstan national scale
rating on JSC SB Alfa-Bank to 'kzBBB-' from 'kzBBB'.  S&P also
lowered the national scale rating on Kaspi Bank JSC to 'kzBBB+'
from
'kzA-'.

The rating actions follow S&P's decision to downgrade Kazakhstan.
In S&P's opinion, industry risks for Kazakh banks have increased
because of the slowdown of the Kazakh economy, on the back of the
pronounced drop in international oil prices, and further
devaluation of the Kazakhstani tenge.  As a result, under S&P's
methodology for banking industry country risk, it revised its
view of the industry risk trend for Kazakh banks to negative from
stable.  This reflects S&P's opinion of the Kazakh banking
system's weakening funding profile.

The sharp decline in oil prices greatly affects the outlook for
Kazakhstan's economic growth and external and fiscal imbalances,
given the Kazakh economy's high dependence on oil.  The Kazakh
oil sector accounts for an estimated 20%-30% of GDP, more than
50% of revenue, and 60% of exports.  Consequently, S&P has
sharply lowered its GDP growth outlook for Kazakhstan to 1.5% in
2015 and 2% in 2016, from 4.3% and 4.5%, respectively.  Growth
prospects are also dampened by the expected impact on consumer
demand -- the key growth driver in recent years -- from currency
devaluation and external factors such as Russia's recession.  S&P
now forecasts a current account deficit of more than 4% of GDP
over 2015-2016.  S&P expects that the National Bank of Kazakhstan
will either allow a gradual depreciation of the tenge or
undertake another devaluation later this year, to accommodate
lower oil prices and to ease the tenge's appreciation against the
Russian ruble.

S&P's assessment of the economic risk trend for Kazakh banks
remains stable.  The stable trend reflects the already very high
economic risks in a global comparison and the banking sector's
only modest exposure to the oil sector.  S&P expects reduced
demand for credit from small and midsize enterprises and
consumers, which tend to be the banks' core lending customer
base, in view of lower GDP growth.

S&P expects that credit risk in the economy will remain extremely
high, taking into account Kazakh banks' history of aggressive
underwriting standards and the country's weak payment culture and
rule of law.  S&P expects that the very high volume of
nonperforming loans (NPLs) in the Kazakh banking system -- 24% as
of year-end 2014 -- will continue to decline gradually in 2015,
partly due to more proactive initiatives of the Kazakhstan
National Bank.

In S&P's opinion, the Kazakh economy has been in a "correction"
phase since 2011, during which banks' NPLs and restructured loans
have remained the highest among peers and have not declined
materially, while credit losses have increased.  In addition, S&P
expects that the unwinding of large imbalances, caused by the
credit and real estate boom, will likely continue to constrain
the banking sector's development.

In recent months, Kazakh banks have suffered from a lack of tenge
liquidity due to the conversion of tenge deposits into foreign
currency.  To hedge the widening foreign currency asset and
liability mismatches, Kazakh banks have had to use costly foreign
currency swaps with the National Bank of Kazakhstan, which has
negatively affected their cost of funds.

S&P expects to see lower savings rates among corporate and retail
depositors in 2015, in view of the reduced economic growth
prospects and S&P's expectation of the tenge's devaluation.  S&P
anticipates that increased retail deposit volatility and the
dollarization of deposits will continue due to depositors'
weakening confidence in the Kazakh economy and the tenge.
Smaller banks will be particularly vulnerable to flight to
quality and possible panic-driven deposit outflows.  By S&P's
estimates, state-related companies are significant depositors
with Kazakh commercial banks, accounting for over one-quarter of
total deposits.  S&P expects a squeeze on their deposit bases
given the lower GDP growth.

S&P's view of increased industry risk puts pressure on its
anchor, the starting point in assigning an issuer credit rating
to a bank, which is 'bb-' for banks operating predominantly in
Kazakhstan.  S&P has consequently revised its outlooks on Alfa-
Bank, Kaspi Bank, PNB Kazakhstan, and Eurasian Bank,
incorporating S&P's opinion that these banks' capital buffers are
likely to be affected by the increasing industry risks.

The stand-alone credit profiles for, and consequently the issuer
credit ratings on, KazInvestBank, ForteBank, and Kazakh Agrarian
Credit Corp are not immediately affected by the increasing
industry risks.

The financial institutions affected by the rating actions do not
include Kazakhstan-based Halyk Bank.  On Feb. 13, 2015, S&P
revised its outlook on Halyk Bank to negative from stable in
light of the downgrade of Kazakhstan.  This outlook revision
reflects S&P's view that the Kazakh government's financial
capacity to provide extraordinary support to systemically
important private sector banks, such as Halyk Bank, might
gradually weaken.

BICRA SCORE SNAPSHOT*

Kazakhstan                      To              From

BICRA Group                     8               8
Economic risk                  8               8
   Economic resilience          High            High
   Economic imbalances          High            High
   Credit risk in the economy   Extremely High  Extremely High
  Trend                         Stable          Stable

Industry risk                  8               8
   Institutional framework      Extremely High  Extremely High
   Competitive dynamics         High            High
   Systemwide funding           High            High
  Trend                         Negative        Stable

* Banking Industry Country Risk Assessment (BICRA) economic risk
   and industry risk scores are on a scale from 1 (lowest risk)
   to 10 (highest risk).

RATINGS LIST

                               To                From

JSC SB Alfa-Bank
Counterparty Credit Rating    B+/Negative/B     B+/Stable/B
Kazakhstan National Scale     kzBBB-            kzBBB

Kaspi Bank JSC
Counterparty Credit Rating    BB-/Negative/B    BB-/Stable/B
Kazakhstan National Scale     kzBBB+            kzA-

PNB-Kazakhstan
Counterparty Credit Rating    B+/Negative/B     B+/Stable/B
Kazakhstan National Scale     kzBBB-            kzBBB-

JSC Eurasian Bank
Counterparty Credit Rating    B+/Stable/B       B+/Positive/B
Kazakhstan National Scale     kzBBB             kzBBB

ForteBank JSC
Counterparty Credit Rating    B/Stable/B        B/Stable/B
Kazakhstan National Scale     kzBB              kzBB

KazInvestBank
Counterparty Credit Rating    B-/Stable/C       B-/Stable/C
Kazakhstan National Scale     kzBB-             kzBB-

Kazakh Agrarian Credit Corp.
Counterparty Credit Rating    BB+/Stable/B       BB+/Stable/B
Kazakhstan National Scale     kzAA-              kzAA-

NB: This list does not include all the ratings affected.


NURBANK JSC: S&P Affirms 'B/B' Credit Ratings; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'B/B' long- and short-term counterparty credit ratings on
Kazakhstan-based Nurbank JSC.  The outlook is stable.

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

The affirmation reflects two opposite dynamics affecting Nurbank:

   -- Capital ratios that are continuing to weaken from
      previously strong levels, as profitability is not robust
      enough to build up capital internally and to match dynamic
      asset growth.  S&P expects capitalization to remain at
      adequate levels in 2015-2016 though; and

   -- The clean-up of sizable legacy problem assets and reduction
      of exposure to the risky real estate and construction
      sectors, which has improved the bank's risk profile.

Nurbank is operating in the context of a deterioration of
economic prospects in Kazakhstan and risks of further
depreciation of the Kazakhstani tenge (KZT) in 2015, which could
weaken Kazakh banks' asset quality and funding.

Overall, in S&P's view the combined capital and risk positions
remain a negative rating factor for Nurbank.  S&P has revised its
capital and earnings assessment to "adequate" from "strong", and
S&P's assessment of risk position to "moderate" from "weak," as
defined in S&P's criteria.

The stable outlook on Nurbank balances S&P's expectation that the
bank will continue its new business generation and gradual
reduction of legacy problem assets while maintaining
capitalization and liquidity at adequate levels.

A negative rating action would follow if the positive trend in
NPLs reverses, especially if S&P sees above-peer growth in NPLs
in the loan portfolio generated after 2011.  S&P would also view
negatively a further reduction of Nurbank's loss-absorption
capacity, due, for instance, to aggressive balance sheet growth,
higher provisioning expenses than S&P currently forecasts, or
material negative one-time items that reduced S&P's projected RAC
ratio to below 7%.

A positive rating action is unlikely over the coming 12-18
months, as S&P considers the weaker economic prospects in 2015
and volatility in the domestic currency will not be supportive of
an improvement in Nurbank's financial profile.



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N O R W A Y
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NORSKE SKOGINDUSTRIER: Moody's Affirms Caa2 LT Corp Family Rating
-----------------------------------------------------------------
Moody's Investors Service affirmed Norske Skogindustrier ASA's
("Norske Skog") long term corporate family rating at Caa2 and
upgraded the Probability of Default Rating (PDR) to Caa2-PD/ LD
(limited default) from Ca-PD.  The action follows the completion
of the debt exchange offer, as announced on Feb. 23, 2015, which
qualifies as distressed exchange under Moody's definition.  The
outlook is negative.

Concurrently, Moody's assigned a definitive B3 (LGD2) rating to
the upsized EUR290 million senior secured notes due in December
2019 and a definitive Caa2 (LGD3) to the exchange notes due 2021
and 2023.  Moody's confirmed the Caa3 (LGD5) instrument ratings
of the residual and now structurally subordinated 2015, 2016,
2017 and 2033 legacy unsecured notes, which were not tendered in
the process.

The rating actions were prompted by Norske Skog's announcement on
Feb. 23, 2015 that it had completed the refinancing of a portion
of its bond maturities through issuance of senior secured notes
and the exchange of existing bonds into new bonds with longer
dated maturities following a consent rate of more than 75% of
existing bond holders and approximately 45% of existing
bondholders participating in the exchange offer.

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 expects to remove the
"/LD" indicator after three business days following the debt
exchange.

The refinancing helps Norske Skog to reduce and term out part of
their legacy notes maturing between 2015 and 2017.  However, the
expected leverage at the end of 2016, estimated to be in the 8-9x
range, is still considered high, particularly in the context of
the forthcoming 2017 debt maturities and Norske Skog's
challenging exposure to the mature newsprint paper market in
Europe.  Despite the company's overfunding from the refinancing,
Moody's caution that the company's liquidity position is likely
to reduce as near-term maturities between 2015-16 fall due.

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 flow generation.

The B3 rating assigned to the new EUR290 million senior secured
notes by Norske Skog reflects the relatively higher recovery
expectations compared to the structurally subordinated new
unsecured exchange notes and the remaining unsecured legacy
notes.  The rating is two notches above the Caa2 CFR 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 Caa2 rating assigned to the senior unsecured
exchange notes maturing in 2021 and 2023 is in line with the CFR
and reflective of the junior ranking to the sizeable amount of
secured bonds but seniority over the remaining portion of legacy
senior unsecured bonds maturing in 2015, 2016, 2017, and 2033,
rated Caa3.

Given Norske Skog's long-term unsustainable debt profile, Moody's
considers that there is currently limited potential for any
upward ratings pressure, also reflected in the negative outlook.
The outlook could be stabilized if the 2017 debt maturities were
successfully refinanced while further positive pressure could
develop over time should Norske Skog be able to improve its
profitability to sustainable levels and generate meaningful
positive free cash flow allowing the company to de-leverage over
time.

The rating could be downgraded should Norske Skog be unable to
procure sustainable refinancing ahead of the 2017 maturities and
in case of significant bond buybacks below par, that constitute a
distressed exchange and thus a event of default under Moody's
definition.

Upgrades:

Issuer: Norske Skogindustrier ASA

  -- Probability of Default Rating, Upgraded to Caa2-PD /LD from
     Ca-PD

Assignments:

Issuer: Norske Skog Holding AS

  -- Senior Unsecured Regular Bond/Debenture (Foreign Currency),
     Assigned Caa2, LGD3, 44% from LGD4, 64%

  -- Senior Unsecured Regular Bond/Debenture (Foreign Currency),
     Assigned Caa2, LGD3, 44% from LGD4, 64%

Issuer: Norske Skog AS

  -- Senior Secured Regular Bond/Debenture (Foreign Currency) Dec
     15, 2019, Assigned B3, LGD2, 26% from LGD2, 14%

Outlook Actions:

Issuer: Norske Skog Holding AS

  -- Outlook, Assigned Negative

Issuer: Norske Skog AS

  -- Outlook, Assigned Negative

Issuer: Norske Skogindustrier ASA

  -- Outlook, Changed To Negative From Rating Under Review

Confirmations:

Issuer: Norske Skogindustrier ASA

  -- Senior Unsecured Regular Bond/Debenture (Foreign Currency),
     Confirmed at Caa3, LGD5, 85% from LGD6, 92%

Affirmations:

Issuer: Norske Skogindustrier ASA

  -- Corporate Family Rating (Foreign Currency), Affirmed Caa2

The principal methodology used in these 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).



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R U S S I A
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BANCA INTESA: Moody's Cuts Bank Finc'l. Strength Rating to 'E+'
---------------------------------------------------------------
Moody's Investors Service has taken rating actions on six Russian
financial institutions that are subsidiaries of foreign banks --
AO Raiffeisenbank, JSB Rosbank, ING Bank Eurasia, DeltaCredit
Bank, Rusfinance Bank, and Banca Intesa (Russia).

Moody's expects a prolonged recessionary environment in Russia
resulting in a very challenging operating environment for the
banks, impacting negatively their credit profiles.  The rating
agency has thus lowered the standalone bank financial strength
ratings (BFSRs) of all but one of the named banks, Rusfinance
Bank, whose BFSR was maintained.

These actions also capture the weakening of Russia's credit
profile, as reflected by Moody's downgrade of Russia's government
debt rating to Ba1 from Baa3, negative outlook, on Feb. 20, 2015,
which prompted the lowering of the country's foreign-currency
deposit ceiling to Ba2 from Ba1.  For all but two of the banks --
Banca Intesa (Russia) and AO Raiffeisenbank -- Moody's has
therefore downgraded their long-term foreign-currency deposit
ratings, as they are constrained by the country's ceiling.

At the same time, Moody's downgraded the supported senior
unsecured, subordinated debt and local currency deposit ratings
of all but one of the named banks, Rusfinance Bank.  These
ratings incorporate Moody's assessment of the parental support
uplift that is derived from particular parent banks' ratings.

This rating action concludes the review for downgrade placed on
these ratings in December 2014.

AO RAIFFEISENBANK

The lowering of AO Raiffeisenbank's standalone BFSR from D+ to D
and downgrade of the long-term ratings from Ba1 to Ba2 reflects
recent severe and rapid deterioration in the operating
environment that will substantially weaken AO Raiffeisenbank's
historically strong asset quality and profitability.  Moody's
also notes the deleveraging plans of AO Raiffeisenbank's parent
to decrease risk-weighted assets in Russia by 20% in the next
three years, that might further negatively weigh on the Russian
bank's revenue.

The expected deterioration in AO Raiffeisenbank's financial
profile and operating environment is balanced by the bank's
strong loss-absorption capacity, good liquidity buffer and asset
quality that Moody's considers to be superior to most other
Russian banks.  As at year-end 2014, AO Raiffeisenbank reported
total capital adequacy of 18.32% in accordance with Basel III,
low reliance on wholesale funds and cash and cash equivalents
accounting for more than 20% of total assets (or 35% of all
customer accounts).  Moody's also notes AO Raiffeisenbank's
previously conservative strategy with a pace of loan growth much
below the Russian-average and low risk appetite with historical
credit costs one of the lowest in the sector.

JSB ROSBANK

JSB Rosbank's BFSR was lowered to D- (BCA of ba3) from D (ba2),
with a negative outlook reflecting Moody's expectations of
further pressures on the retail lender's asset quality and
profitability driven by the weakening of the borrowers'
creditworthiness in the context of a sharp economic contraction
and a high interest rate environment.

As a result of the growing volume of problem loans in the
unsecured consumer portfolio and the default of one large
corporate client, JSB Rosbank's credit costs already climbed to
2.6% of loans (annualized) in H1 2014, up from 1.6% in 2013.  As
a consequence, the bank reported relatively weak profitability in
H1 2014, with a return on average equity (RoAE) of 4.1%, down
from 11.3% in 2013.  Given the highly adverse operating
environment, these negative trends are expected to extend into
this year, possibly next.  At the same time, Moody's notes that
the bank's strong capitalization should help it in absorbing the
expected credit losses under Moody's central scenario.  The bank
reported a Tier 1 ratio of 15.7% at H1 2014 under Basel I.

The weakening trends in the bank's standalone credit profile also
led to the downgrade of the bank's local currency deposit and
debt ratings to Ba1 from Baa3.  Those ratings continue to benefit
from two notches of uplift from its lower BCA due to Moody's
assumption of a very high probability of support from the parent
bank, Societe Generale (A2 negative/Prime-1, C- stable/baa2), in
case of need.

DELTACREDIT BANK

Moody's decision to lower DeltaCredit Bank's BFSR to D- (BCA of
ba3) from D (ba2), with a negative outlook reflects the
expectation that the mortgage lender's credit fundamentals will
weaken, owing to higher credit costs from the weakening capacity
of individual borrowers to service their loans, some of which are
denominated in foreign-currency.  The rating agency notes that
the latter accounted for 24% of the bank's mortgage portfolio as
at year-end 2014, while the rouble depreciated by approximately
40% against the bi-currency basket over 2014.  At the same time,
Moody's notes that DeltaCredit's capital buffer should help the
institution weather the expected pressure on asset quality and
associated rise in credit costs this year and next.  As of H1
2014, the bank had a Basel I Tier 1 ratio of 26.4%.

As a result of the expected erosion of the bank's standalone
credit profile, Moody's also downgraded the bank's local currency
deposit and its debt ratings to Ba1 from Baa3.  Those ratings
continue to benefit from two notches of uplift from its lower BCA
due to Moody's assumption of a very high probability of support
from the parent bank, Societe Generale (A2 negative/Prime-1, C-
stable /baa2), in case of need.

ING BANK EURASIA

Moody's lowered ING Bank Eurasia's BFSR to D- from D (which now
maps to ba3 BCA) with the negative outlook, as a result of the
highly adverse operating environment and its anticipated negative
impact on the bank's profitability and capital position.

At the same time, Moody's notes (1) ING Bank Eurasia's very good
asset quality relative to other Russian banks; (2) its still
adequate capital cushion, with regulatory capital adequacy ratio
of 17.1% as of end-2014, and (3) a favorable funding and
liquidity profile supported by parental funding.

Moody's also downgraded ING Bank Eurasia's local-currency deposit
rating to Baa3 from Baa2, following the lowering of Russia's
local-currency deposit ceiling to Baa3 from Baa2.  The bank's
Baa3 local-currency deposit rating continues to incorporate three
notches of uplift from its lower BCA due to Moody's assessment of
a very high probability of parental support, in case of need,
from ING Bank N.V. (A2 negative/Prime-1, C- stable/baa1).

BANCA INTESA (RUSSIA)

Moody's expects further pressures on the bank's asset quality and
profitability stemming from the recession in Russia and increased
interest rates since the end of 2014.  The rating agency
therefore lowered Banca Intesa (Russia)'s BFSR to E+ (BCA of b1)
from D- (ba3).

The adverse impact is aggravated by the bank's excessive exposure
to SME sector (57% of gross portfolio at year-end 2014), which
tends to be the most vulnerable to any deterioration in the
economic environment.  In H1 2014, Banca Intesa (Russia) was
virtually break-even: its net income dropped to RUB27 million (H1
2013: RUB229 million), which translated into a negligible return
on average assets (ROAA) of 0.08% (2013: 0.25%, 2012: 1.44%).
Given increasing credit and funding costs along with weak
operating efficiency, Moody's expects the bank will be loss-
making in 2015.  At the same time, the bank's capital provides
sufficient cushion to absorb potential credit losses stemming
from increased pressure on the loan book's credit quality, with
the reported Tier 1 and Total capital adequacy ratios standing at
22.7% and 22.9%, respectively, as of H1 2014.

Reflecting the anticipated weakening of the bank's standalone
credit profile, Moody's also downgraded Banca Intesa's (Russia)
long-term deposit ratings to Ba2 from Ba1.  Those ratings
continue to benefit from two notches of uplift as a result of
Moody's assessment of a high probability of support, in case of
need, from the bank's parent, Intesa Sanpaolo SpA (Baa2 stable;
D+ stable /BCA baa3).

DOWNGRADE OF THE FOREIGN-CURRENCY DEPOSIT RATINGS

The downgrade of the long-term foreign-currency deposit ratings
of JSB Rosbank, DeltaCredit bank, ING Bank Eurasia, and
Rusfinance bank, follows the lowering of Russia's foreign-
currency deposit ceiling to Ba2 from Ba1 on Feb. 20, 2015.

The following rating actions were taken:

AO RAIFFEISENBANK

  - BSFR was lowered to D from D+ (now equivalent to a BCA of
    ba2), outlook was revised to negative;

  - Long-term LC and FC Deposit ratings were downgraded to Ba2
    from Ba1, outlook was revised to negative;

  - Long-term LC Senior Unsecured rating was downgraded to Ba2
    from Ba1, outlook was revised to negative.

JSB ROSBANK

  - BSFR was lowered to D- from D (now equivalent to a BCA of
    ba3), outlook was revised to negative;

  - Long-term LC Deposit rating was downgraded to Ba1 from Baa3,
    outlook was revised to negative;

  - Short-term LC Deposit rating was downgraded to NP from P-3;

  - Long-term FC Deposit rating was downgraded to Ba2 from Ba1,
    outlook was revised to negative;

  - Long-term LC Senior Unsecured and Senior Unsecured Bank
    Credit Facility ratings were downgraded to Ba1 from Baa3,
    outlook was revised to negative;

  - Long-term LC Senior Unsecured MTN program rating was
    downgraded to (P)Ba1 from (P)Baa3.

DELTACREDIT BANK

  - BSFR was lowered to D- from D (now equivalent to a BCA of
    ba3), outlook was revised to negative;

  - Long-term LC Deposit rating was downgraded to Ba1 from Baa3,
    outlook was revised to negative;

  - Long-term FC Deposit rating was downgraded to Ba2 from Ba1,
    outlook was revised to negative;

  - Long-term LC Senior Unsecured rating was downgraded to Ba1
    from Baa3, outlook was revised to negative;

  - Long-term LC Senior Unsecured rating was downgraded to (P)Ba1
    from (P)Baa3;

  - Long-term LC Senior Secured rating was downgraded to Ba1 from
    Baa3, outlook was revised to negative;

  - Long- term LC BACKED Senior Secured rating was downgraded to
    Baa3 from Baa2, outlook was revised to negative.

ING BANK EURASIA

  - BFSR was lowered to D- from D (now equivalent to a BCA of
    ba3), outlook was revised to negative;

  - Long-term LC Deposit rating was downgraded to Baa3 from Baa2,
    outlook was revised to negative;

  - Long-term FC Deposit rating was downgraded to Ba2 from Ba1,
    outlook was revised to negative;

  - Short-term LC Deposit rating was downgraded to P-3 from P-2.

BANCA INTESA (RUSSIA)

  - BSFR was lowered to E+ from D- (now equivalent to a BCA of
    b1), outlook was revised to stable;

  - Long-term LC and FC Deposit ratings were downgraded to Ba2
    from Ba1, outlook was revised to negative.

RUSFINANCE BANK

  - BFSR of E+ Maintained (equivalent to a BCA of b1) , stable
    outlook;

  - Long-term FC Deposit rating was downgraded to Ba2 from Ba1,
    negative outlook;

  - Long-term LC Deposit rating of Ba1 affirmed, negative
    outlook;

  - Short-term LC and FC Deposit ratings of NP were affirmed;

  - Long-term LC Senior Unsecured rating of Ba1 affirmed,
    negative outlook.

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


BANK OTKRITIE: Moody's Cuts Bank Finc'l Strength Rating to E+
-------------------------------------------------------------
Moody's Investors Service took rating actions on six Russian
banks -- Bank Otkritie Financial Corporation PJSC, Promsvyazbank,
Bank Saint-Petersburg OJSC, Vozrozhdenie Bank, Zenit Bank and
Center-Invest Bank.  These actions reflect the deterioration in
the operating environment in Russia (Ba1 negative) but are not
influenced by the recent downgrade of Russia's sovereign credit
rating to Ba1 from Baa3.

Specifically, Moody's lowered the standalone BFSRs and downgraded
the long-term debt and deposit ratings of all banks except for
Bank Otkritie Financial Corporation PJSC, where Moody's lowered
the standalone BFSR but confirmed the long-term debt and deposit
ratings, due to the incorporation of one notch of government
(systemic) support uplift in Bank Otkritie Financial
Corporation's 's long-term ratings.

These rating actions conclude the review for downgrade initiated
on Dec. 23, 2014.

Operating Environment:

The possibility of a prolonged recessionary environment in Russia
will affect the asset quality and profitability of the six
Russian financial institutions (Moody's expects negative GDP
growth of 5.5% in Russia in 2015 and 3% in 2016).

Specifically, an accelerated inflation and low salary growth will
reduce the creditworthiness of retail borrowers and weaken
consumption, negatively affecting banks' asset quality in the
retail, SME, construction and real-estate segments.  In addition,
a substantial devaluation of the Russian rouble has affected the
debt-service capacity for borrowers with loans denominated in
foreign currencies and, given the expected substantial
contraction in imports, will negatively weigh on the
creditworthiness of importers and trade companies.

Furthermore, an elevated interest-rate environment, which is
likely to remain in place for the near future, has contributed to
increased funding costs in the banking system.  Given the reduced
loan demand from creditworthy borrowers, the banks will struggle
to pass increased funding costs to their customers.  This will
result in a contraction of their net interest income and,
consequently, operating revenues.  Overall, the operating revenue
contraction combined with substantially increased cost of risk is
likely to generate a loss-making year for these banks, although
some banks might remain profitable because of non-core income,
albeit with substantially worse indicators compared with previous
years.

BANK OTKRITIE FINANCIAL CORPORATION PJSC:

Bank Otkritie Financial Corporation PJSC's standalone BFSR was
lowered to E+ (BCA of b1) from D- (ba3), reflecting Moody's
expectations of further pressures on the bank's asset quality and
profitability stemming from the economic recession and the high
interest-rate environment.  Moody's expect that an anticipated
increase in problem loans in the next 12-18 months to
substantially weaken the bank's financial results.

The bank's lending to high-risk sectors (construction, real
estate, development and SME) accounted for 22% of gross loans as
at end-September 2014, which exposes Bank Otkritie Financial
Corporation PJSC to elevated credit risk, rendering the loan book
vulnerable to the weakening domestic operating environment and
adverse market conditions.  Moody's notes that the bank's capital
levels will only partly mitigate the pressures for the
macroeconomic headwinds in 2015/16 (the reported Tier 1 and Total
capital adequacy ratio were 10.0% and 14.5%, respectively, as at
end-September 2014).

Moody's considers that there is a low likelihood of government
support for the bank based on: (1) the bank's growing systemic
importance as the leading private banking group in Russia with a
market share of 4.5% of assets as of year-end 2014; and (2) an
extensive countrywide presence across Russia with a market share
of 2.3% in retail deposits (including pensioners' savings).
Therefore, the confirmation of the bank's Ba3 long-term senior
unsecured debt and deposit ratings captures the systemic support
assessment that now results in a one-notch rating uplift from the
bank's BCA of b1.

PROMSVYAZBANK:

The lowering of Promsvyazbank's standalone BFSR to E+ (BCA of b1)
from D- (ba3) and downgrade of the long-term deposit ratings to
B1 from Ba3 with a negative outlook reflect Moody's expectation
that the severe deterioration in the operating environment in
Russia will lead to a worsening of Promsvyazbank's asset quality,
profitability and capital.

In particular, the downgrade reflects increased risks related to
the bank's relatively high single-borrower concentration and
sizable exposure to loans denominated in foreign currency (30% of
gross loans as at end-September 2014).  Moody's expects that the
sharp depreciation of the rouble in late 2014 has negatively
impacted the debt-servicing capacity of many of the bank's
borrowers.  In addition, the bank's already weak Tier 1 capital
ratio of 8.7% (as reported in at end-June 2014) will continue to
face significant pressures because of the inflation in risk-
weighted assets following the currency depreciation, expected
asset-quality deterioration and high probability of losses in
2015.

BANK SAINT PETERSBURG OJSC

Moody's expects further pressures on the bank's asset quality and
profitability stemming from the anticipated recession in Russia
and higher interest rate environment.  The rating agency
therefore lowered Bank Saint Petersburg's standalone BFSR to E+
(BCA of b1) from D- (ba3) and downgraded to (P)B1/B1 from
(P)Ba3/Ba3 the long-term senior unsecured and deposit ratings.

Moody's notes the bank's sizeable exposure to investment projects
and project-finance deals in construction, development and real
estate.  Collectively, they account for 25% of gross loans and
expose the bank to elevated credit risk, especially amid the
expected economic recession in 2015.  Moody's expects that credit
costs along with the increased funding costs will put significant
pressure on Bank Saint Petersburg's profitability this year and
next.  The rating agency believes that existing capital buffers
are likely to weaken due to the potential losses that may
crystallise in the medium-term (the reported Tier 1 and Total
capital adequacy ratio were 11.3% and 14.0%, respectively, as at
end-September 2014).

VOZROZHDENIE BANK

The lowering of Vozrozhdenie Bank's standalone BFSR to E+ (BCA of
b1) from D-(ba3) and downgrade of the long-term deposit ratings
to B1 from Ba3 reflect the severe and rapid deterioration in the
operating environment that Moody's expects will substantially
weaken the bank's asset quality and profitability in 2015.
Moody's expects Vozrozhdenie Bank to report a significant
increase in non-performing loans that have already risen to 7.7%
from 6.8% of gross loans in the first nine months of 2014.  As a
result of the weaker asset quality the bank's provisioning needs
will increase and exert pressure on profitability.

At the same time, the outlook on the bank's long-term ratings is
now stable as the risks associated with the expected
deterioration in Vozrozhdenie Bank's financial profile are
balanced by the bank's currently high coverage of non-performing
loans with loan loss reserves (116% as at end-September 2014).
This decreases the likelihood of losses in 2015-2016 and,
therefore, limits potential negative pressure on the bank's good
capital adequacy level (total Basel I capital adequacy ratio
stood at 14.9%; end-September 2014; unaudited).

ZENIT BANK

The lowering of Zenit Bank's standalone BFSR to E+ (BCA of b1)
from D- (ba3) and downgrade of the long-term deposit ratings to
B1 from Ba3 reflect the expected weakening of the bank's
financial fundamentals, in particular asset quality and
profitability, because of the severe deterioration in Russia's
operating environment. Credit risk is heightened by high single-
name concentrations (top 20 borrowers accounted for 232% of the
bank's Tier 1 capital; end-June 2014), and exposure to long-term
investment projects and project finance deals, including the
construction sector, which accounts for 17% of the bank's loan
book.  Moody's anticipates that increased credit costs and a
lower net interest margin will put pressure on the bank's already
modest profitability with pre-provision income to average assets
at only 1.7% (as at end-June 2014; IFRS); this will likely result
in losses from core operations in 2015.

At the same time, Zenit Bank's rating is supported by moderate
capitalization with a total capital adequacy ratio at 16% and a
Tier 1 capital ratio at 10.60% as of end-June 2014, and the
bank's adequate funding and liquidity, underpinned by strong
business ties with Tatarstan-based ultimate shareholder Tatneft
OAO.

CENTER-INVEST BANK

The lowering of Bank Center-Invest's standalone BFSR to E+ (BCA
of b1) from D-(ba3) and downgrade of the long-term deposit
ratings to B1 from Ba3 reflect the anticipated erosion of the
bank's financial metrics such as asset quality, profitability as
a result of the recent severe and rapid deterioration in the
operating environment.  Moody's expects that deterioration of the
bank's historically strong asset quality and the expected decline
in net interest margin will compress the bank's profits in
2015/16.  However, even after anticipated compression, the bank's
pre-provision profitability is likely to be sufficient to absorb
growing credit cost, and thus we expect the bank remaining
marginally profitable in 2015/16.  These considerations support a
stable outlook on the bank's ratings.

As at year-end 2014, Bank Center-Invest reported total capital
adequacy at 15.4%, which was supported by annualized 16.4%
return-on-equity in January to June 2014 (in accordance with
unaudited IFRS accounts).  Moody's notes that the bank's asset
quality is more resilient to the effects of the recent sharp
local-currency depreciation with only 8% of its loan book
allocated to foreign-currency denominated loans.  At the same
time, Bank Center-Invest's deposit-based funding is granular,
providing some diversification that might reduce deposit
outflows.

Moody's considers that upward pressure on the ratings of all six
banks is unlikely in the near term because the key drivers of
today's actions relate to the weakening of their credit profiles
due to the severe and rapid deterioration in the domestic
operating environment in Russia.

Moody's could downgrade the banks' ratings if there is any
further erosion of their standalone credit profiles.  Conversely,
the outlooks on the long-term debt and deposit ratings on four
out of six these entities could be changed to stable if there are
improvements in the operating environment conditions.

The following actions were taken:

BANK OTKRITIE FINANCIAL CORPORATION PJSC

  - BFSR downgraded to E+ from D-,now equivalent to a bca of b1
    (formerly ba3)

  - Long-term local-currency and foreign-currency deposit ratings
    of Ba3 confirmed

  - Long-term local-currency and foreign-currency senior
    unsecured debt ratings of Ba3 confirmed

  - Long-term foreign-currency subordinated debt rating
    downgraded to B2 from B1

  - BFSR carries a stable outlook; all other long-term global-
    scale ratings carry a negative outlook

PROMSVYAZBANK

  - BFSR lowered to E+ from D-, now equivalent to a bca of b1
    (formerly ba3)

  - Long-term local-currency and foreign-currency deposit ratings
    downgraded to B1 from Ba3

  - Long-term foreign-currency debt rating of senior unsecured
    MTN program downgraded to (P)B1 from (P)Ba3

  - Long-term local-currency and foreign-currency senior
    unsecured debt ratings downgraded to B1 from Ba3

  - Long-term foreign-currency debt rating of subordinate MTN
    program downgraded to (P)B2 from (P)B1

  - Long-term foreign-currency subordinate debt rating downgraded
    to B2/B3(hyb) from B1/B2(hyb)

  - BFSR carries a stable outlook; all other long-term global-
    scale ratings carry a negative outlook

BANK SAINT-PETERSBURG OJSC

  - BFSR lowered to E+ from D-,now equivalent to a bca of b1
   (formerly ba3)

  - Long-term foreign-currency deposit rating downgraded to B1
    from Ba3

  - Long-term foreign-currency debt rating of senior unsecured
    MTN program downgraded to (P)B1 from (P)Ba3

  - Long-term foreign-currency debt rating of subordinate MTN
    program downgraded to (P)B2 from (P)B1

  - Long-term foreign-currency subordinate debt rating downgraded
    to B2 from B1

  - BFSR carries a stable outlook; all other long-term global-
    scale ratings carry a negative outlook

VOZROZHDENIE BANK

  - BFSR lowered to E+ from D-,now equivalent to a bca of b1
    (formerly ba3)

  - Long-term local-currency and foreign-currency deposit ratings
    downgraded to B1 from Ba3

  - The BFSR and all Long-term global-scale ratings carry a
    stable outlook

ZENIT BANK

  - BFSR lowered to E+ from D-,now equivalent to a bca of b1
    (formerly ba3),

  - Long-term local-currency and foreign-currency deposit ratings
    downgraded to B1 from Ba3,

  - Long-term local-currency senior unsecured debt ratings
    downgraded to B1 from Ba3

  - BFSR carries a stable outlook; all other long-term global-
    scale ratings carry a negative outlook

CENTER-INVEST BANK

  - BFSR lowered to E+ from D-, now equivalent to a bca of b1
    (formerly ba3)

  - Long-term local-currency and foreign-currency deposit ratings
    downgraded to B1 from Ba3

  - Long-term local-currency senior unsecured debt rating
    downgraded to B1 from Ba3

  - The BFSR and all Long-term global-scale ratings carry a
    stable outlook

The principal methodology used in these ratings was Global Banks
published in July 2014.  The negative outlook on the ratings of
Atomenergoprom, RusHydro, InterRAO and ROSSETI, reflects the fact
that their ratings incorporate an element of extraordinary
government support, which may reduce in the event of a further
downgrade of Russia's sovereign rating.

Upward pressure on all the ratings is unlikely at present, given
the negative outlook on the ratings.  Moody's could change the
outlook on the ratings to stable if it were to change the outlook
on Russia's government bond rating to stable, provided there was
no material deterioration in company-specific factors, including
operating and financial performance and liquidity.

Moody's would downgrade some or all of Transneft's,
Atomenergoprom's FGC UES's, Inter RAO's RusHydro's and ROSSETI's
ratings, if it were to (1) further downgrade the rating of the
Russian government; or (2), for Atomenergoprom, FGC UES, Inter
RAO, RusHydro and ROSSETI, revise downwards its assessment of the
probability of the Russian government providing extraordinary
support to the companies in the event of financial distress.

In addition, downward pressure on individual companies' ratings
could develop for the following reasons:

- The rating agency could downgrade Transneft's ratings if the
   deterioration in the operating environment in Russia were to
   lead to (1) a significantly weaker financial profile (i.e.,
   retained cash flow (RCF)/net debt below 15%, funds from
   operations (FFO) net interest coverage below 4.0x and FFO/net
   debt below 25%); and (2) increasing constraints on liquidity.

- Negative pressure on Atomenergoprom's ratings could develop if
   the company's financial profile deteriorates, reflected in a
   debt/EBITDA ratio above 3x, FFO interest coverage below 5.0x
   and RCF/debt below 25% materially on a continued basis.  In
   addition, the lack of adequate liquidity could put pressure on
   its ratings, and downward pressure could also develop if the
   company's key subsidiaries see their share of external debt
   materially exceeding 20% of total debt on a permanent basis.

- Negative pressure on FGC's rating could result from (1) a
   sustainable negative shift in the developing regulatory regime
   and significantly deteriorating margins; (2) a failure of the
   company to manage its investment program in line with the
   tariff regulation which resulted in a deterioration of its
   financial profile, with FFO interest coverage and FFO/net debt
   falling materially and persistently below 3.5x and 25%,
   respectively; and (3) pressured liquidity.

Moody's could also downgrade RusHydro's ratings if there were a
negative shift in the evolving regulatory and market framework
and the company failed to limit a deterioration of its financial
profile, reflected in a debt-to-EBITDA ratio above 3x and FFO
interest coverage below 5.0x significantly (i.e. by 10%-15%, and
on a permanent basis).  The company's inability to maintain
adequate liquidity could also pressure the rating.

Downward pressure on Inter RAO's rating could develop if there
were a negative shift in the evolving regulatory and market
framework and the company failed to limit a deterioration of its
financial profile, reflected in FFO interest coverage below 5.0x,
RCF/debt below 30% and debt/EBITDA above 3x significantly and on
a permanent basis.  Furthermore, negative pressure could be
exerted on the rating if the company were unable to proactively
address its liquidity needs and maintain reasonable headroom
under the financial covenants of its bank agreements.

Negative pressure on ROSSETI's rating could result from (1) a
negative shift in the developing regulatory regime without
compensatory measures by the state, leading to significantly
deteriorating margins; (2) pressured liquidity; (3) a failure of
ROSSETI to manage its investment program in line with the tariff
regulation and contain deterioration of its financial profile,
with FFO interest coverage and FFO/net debt falling materially
and persistently below 3.0x and 20% respectively.

Downgrades:

Issuer: Inter RAO, JSC

  -- Probability of Default Rating, Downgraded to Ba2-PD from
     Ba1-PD

  -- Corporate Family Rating (Foreign Currency), Downgraded to
     Ba2 from Ba1

  -- Corporate Family Rating (Local Currency), Downgraded to Ba2
     from Ba1

Issuer: ROSSETI, JSC

  -- Probability of Default Rating, Downgraded to Ba2-PD from
     Ba1-PD

  -- Corporate Family Rating (Foreign Currency), Downgraded to
     Ba2 from Ba1

Issuer: RusHydro, JSC

  -- Probability of Default Rating, Downgraded to Ba2-PD from
     Ba1-PD

  -- Corporate Family Rating (Foreign Currency), Downgraded to
     Ba2 from Ba1

  -- Senior Unsecured Regular Bond/Debenture (Local Currency) Oct
     28, 2015, Downgraded to Ba2 from Ba1

Issuer: TransCapitalInvest Limited

  -- Senior Unsecured Regular Bond/Debenture (Foreign Currency)
     Aug 7, 2018, Downgraded to Ba1 from Baa3

Assignments:

Issuer: Atomenergoprom, JSC

  -- Probability of Default Rating, Assigned Ba1-PD

  -- Corporate Family Rating, Assigned Ba1

Issuer: Federal Grid Finance Limited

  -- Senior Unsecured Regular Bond/Debenture (Foreign Currency)
     Mar 13, 2019, Assigned a range of LGD4, 50%

Issuer: FGC UES, JSC

  -- Probability of Default Rating, Assigned Ba1-PD

  -- Corporate Family Rating, Assigned Ba1

Issuer: OAO AK Transneft

  -- Probability of Default Rating, Assigned Ba1-PD

  -- Corporate Family Rating, Assigned Ba1

Issuer: TransCapitalInvest Limited

  -- Senior Unsecured Regular Bond/Debenture (Foreign Currency)
     Aug 7, 2018, Assigned a range of LGD4, 50 %

Outlook Actions:

Issuer: Atomenergoprom, JSC

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Federal Grid Finance Limited

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: FGC UES, JSC

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Inter RAO, JSC

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: OAO AK Transneft

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: ROSSETI, JSC

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: RusHydro, JSC

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: TransCapitalInvest Limited

  -- Outlook, Changed To Negative From Rating Under Review

Confirmations:

Issuer: Federal Grid Finance Limited

  -- Senior Unsecured Medium-Term Note Program (Foreign
     Currency), Confirmed at (P)Ba1

  -- Senior Unsecured Regular Bond/Debenture (Foreign Currency)
     Mar 13, 2019, Confirmed at Ba1

Withdrawals:

Issuer: Atomenergoprom, JSC

  -- Issuer Rating (Foreign Currency), Withdrawn , previously
     rated Baa3

  -- Issuer Rating (Local Currency), Withdrawn , previously rated
     Baa3

Issuer: FGC UES, JSC

  -- Issuer Rating (Foreign Currency), Withdrawn , previously
     rated Ba1

Issuer: OAO AK Transneft

  -- Issuer Rating (Foreign Currency), Withdrawn , previously
     rated Baa3

  -- Issuer Rating (Local Currency), Withdrawn , previously rated
     Baa3

The principal methodologies used in rating Transcapitalinvest
Limited, Federal Grid Finance Limited, OAO AK Transneft, and FGC
UES, JSC were Regulated Electric and Gas Networks published in
November 2014, Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009 and Government-Related Issuers published in October
2014.

The principal methodologies used in rating Atomenergoprom, JSC
and Inter RAO, JSC were Unregulated Utilities and Unregulated
Power Companies published in October 2014, and Government-Related
Issuers published in October 2014.

The principal methodologies used in rating RusHydro, JSC were
Unregulated Utilities and Unregulated Power Companies published
in October 2014, Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009, and Government-Related Issuers published in October
2014.

The principal methodologies used in rating ROSSETI, JSC were
Regulated Electric and Gas Networks published in November 2014,
and Government-Related Issuers published in October 2014.

Fully controlled by the Russian government (the latter owns 100%
of its voting shares), OAO AK Transneft (Transneft) is the
largest crude oil transportation company in the world. 2013
reported sales reached around RUB596.8 billion, or $18.7 billion
(net of revenues from crude oil supplies to China, which are
mirrored by the oil purchase costs, under 2009-dated $10 billion,
20-year loan-for-oil deal.

JSC Atomenergoprom (Atomenergoprom) is the holding company for
numerous subsidiaries which represent the civil Russian nuclear
industry.  The Atomenergoprom group of companies covers the whole
nuclear cycle from uranium mining and enrichment to nuclear fuel
production, production of electricity at nuclear power plants and
construction of nuclear power units/plants both in Russia and
abroad.  The group generated revenue of RUB436.1 billion (around
$13.6 billion) in 2013. Atomenergoprom is 100% owned by the
Russian government through the State Atomic Energy Corporation
Rosatom (Rosatom).

JSC RusHydro (RusHydro) is Russia's largest and a world major
hydropower business, accounting for around a half of hydropower
output in Russia, majority (66.84% at end-2014) owned by the
Russian government.  In 2011, following the acquisition of RAO
Energy System of East, RusHydro acquired exposure to thermal
power generation. As of end-2013, RusHydro Group generates
revenue of RUB327 billion (around $10 billion).

JSC Inter RAO (Inter RAO) is a Russian major electric utility
engaged in thermal electricity generation and retail electricity
sales in Russia, cross-border electricity trading and electric
utility operations abroad.  Inter RAO generated revenue of
RUB662.3 billion ($20.8 billion) in 2013.  Inter RAO is
controlled by the Russian government through several state-
controlled entities (own 51,12% of the company as of 27 October
2014).

JSC ROSSETI (ROSSETI) is the holding company for FGC UES, the
national transmission grid, and 15 distribution grid subsidiaries
(including IDGC of Center and Volga Region, IDGC of Urals, IDGC
of Volga, Lenenergo and MOESK, all five of which are rated Ba2
review for downgrade).  Russian government owns a 85.31% stake
(including 86.32% of ordinary shares and 7.01% of preferred
shares) in ROSSETI.  As of the end-2013 the company generates
revenue of around RUB760 billion (around $23 billion).

JSC Federal Grid Company of Unified Energy System (FGC UES, or
FGC) is the monopoly electricity transmission system operator in
the Russian Federation. The company's revenues, amounted to
RUB158.0 billion (around $4.9 billion) in 2013 (other operating
income of RUB6.2 billion, primarily from non-core activities, is
not included). FGC is 80.13% owned by 85.3%-state-owned JSC
ROSSETI.


INTER RAO: Moody's Lowers Corporate Family Rating to 'Ba2'
----------------------------------------------------------
Moody's Investors Service downgraded five Russian utility and
infrastructure government-related issuers (GRIs) -- OAO AK
Transneft; Atomenergoprom JSC; RusHydro JSC; Inter RAO JSC; and
ROSSETI JSC -- and confirmed the ratings of a sixth, FGC UES JSC.
The outlook on all the ratings is negative.  The actions conclude
the review for downgrade for these companies initiated by Moody's
on Dec. 23, 2014.

The rating actions reflect the weakening of the macroeconomic and
financial climate in Russia, as reflected by Moody's downgrade of
Russia's government bond rating and the Russian foreign currency
bond ceiling to Ba1/Not Prime (negative outlook) from Baa3/Prime
3 (review for downgrade) on February 20.

The ratings of OJSC MOESK, JSC Lenenergo, JSC IDGC of Urals, JSC
IDGC of Center and Volga Region, IDGC of Volga, PJSC Novorossiysk
Commercial Sea Port and OJSC Enel Russia remain on review for
downgrade as Moody's continues to assess these companies'
resilience to the increased risks arising from the prevailing
negative operating conditions.

The weakening of Russia's credit profile, as captured by Moody's
downgrade of the sovereign and the foreign currency bond ceiling
to Ba1 from Baa3, has prompted the rating actions on the affected
companies as they face an increasingly challenging operating
environment.

OAO AK Transneft: Transneft's issuer rating has been downgraded
to Ba1 from Baa3 and converted 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
Transneft.

At the same time, Moody's downgraded to Ba1 from Baa3 the senior
unsecured rating of the outstanding US$1.05 billion loan
participation notes issued by TransCapitalInvest Limited,
Transneft's special purpose financing vehicle.

The baseline credit assessment (BCA) has been lowered to ba1.
The outlook for the ratings is negative.

Transneft's downgrade reflects the stressed domestic operating
environment in Russia.  Transneft's rating is capped by the
Russian foreign currency bond ceiling. Absent this constraint
Moody's would see Transneft as having a credit profile captured
by a rating higher than Ba1.

Atomenergoprom JSC: Atomenergoprom's issuer rating has been
downgraded to Ba1 from Baa3 and converted into a CFR.
Concurrently, Moody's has assigned a Ba1-PD probability of
default rating (PDR) to Atomenergoprom. The BCA remains unchanged
at ba2. The outlook for the ratings is negative.

RusHydro JSC: RusHydro's CFR and PDR have been downgraded to Ba2
and Ba2-PD from Ba1 and Ba1-PD, respectively.  Concurrently,
Moody's downgraded RusHydro's senior unsecured rating of its
RUB20 billion (around $500 million) loan participation notes to
Ba2 from Ba1.  The BCA remains unchanged at ba3. The outlook for
the ratings is negative.

Inter RAO JSC: Inter RAO's CFR and PDR have been downgraded to
Ba2 and Ba2-PD from Ba1 and Ba1-PD respectively.  The BCA remains
unchanged at ba3. The outlook for the ratings is negative.

ROSSETI JSC: Rosseti's CFR and PDR have been downgraded to Ba2
and Ba2-PD from Ba1 and Ba1-PD respectively.  The BCA remains
unchanged at ba3.  The outlook for the ratings are negative.

The downgrades of Atomenergoprom, RusHydro, Inter RAO and ROSSETI
reflect their strong linkages with the Russian sovereign, the
significant level of potential extraordinary support embedded
within their ratings, and their consequent high sensitivity to
changes in sovereign creditworthiness.  The amount of government
support has been reduced to one notch from their BCAs to reflect
the weaker sovereign creditworthiness.

FGC UES JSC: FGC's issuer rating has been confirmed at Ba1 and
converted it into a CFR.  Concurrently, Moody's has confirmed the
(P)Ba1 senior unsecured rating of FGC's RUB100 billion (around
US$1.5 billion) loan participation note program, and the Ba1
senior unsecured rating of the first series of RUB17.5 billion
(around US$270 million) worth of notes issued by Federal Grid
Finance Limited, an FGC special purpose financing vehicle.  The
BCA remains unchanged in the ba range.  The outlook for the
ratings is negative. The confirmation of FGC's ratings reflects
Moody's view that that the existing strong probability of
government support embedded within FGC's ratings remains
appropriate.

The negative outlook on Transneft's ratings reflects the fact
that the ratings are capped at the Russian foreign currency bond
ceiling, and any downgrade of the foreign currency bond ceiling
would result in a downgrade of Transneft's ratings.

The negative outlook on the ratings of Atomenergoprom, RusHydro,
InterRAO and ROSSETI, reflects the fact that their ratings
incorporate an element of extraordinary government support, which
may reduce in the event of a further downgrade of Russia's
sovereign rating.

Upward pressure on all the ratings is unlikely at present, given
the negative outlook on the ratings.  Moody's could change the
outlook on the ratings to stable if it were to change the outlook
on Russia's government bond rating to stable, provided there was
no material deterioration in company-specific factors, including
operating and financial performance and liquidity.

Moody's would downgrade some or all of Transneft's,
Atomenergoprom's FGC UES's, Inter RAO's RusHydro's and ROSSETI's
ratings, if it were to (1) further downgrade the rating of the
Russian government; or (2), for Atomenergoprom, FGC UES, Inter
RAO, RusHydro and ROSSETI, revise downwards its assessment of the
probability of the Russian government providing extraordinary
support to the companies in the event of financial distress.

In addition, downward pressure on individual companies' ratings
could develop for the following reasons:

- The rating agency could downgrade Transneft's ratings if the
   deterioration in the operating environment in Russia were to
   lead to (1) a significantly weaker financial profile (i.e.,
   retained cash flow (RCF)/net debt below 15%, funds from
   operations (FFO) net interest coverage below 4.0x and FFO/net
   debt below 25%); and (2) increasing constraints on liquidity.

- Negative pressure on Atomenergoprom's ratings could develop if
   the company's financial profile deteriorates, reflected in a
   debt/EBITDA ratio above 3x, FFO interest coverage below 5.0x
   and RCF/debt below 25% materially on a continued basis. In
   addition, the lack of adequate liquidity could put pressure on
   its ratings, and downward pressure could also develop if the
   company's key subsidiaries see their share of external debt
   materially exceeding 20% of total debt on a permanent basis.

- Negative pressure on FGC's rating could result from (1) a
   sustainable negative shift in the developing regulatory regime
   and significantly deteriorating margins; (2) a failure of the
   company to manage its investment program in line with the
   tariff regulation which resulted in a deterioration of its
   financial profile, with FFO interest coverage and FFO/net debt
   falling materially and persistently below 3.5x and 25%,
   respectively; and (3) pressured liquidity.

Moody's could also downgrade RusHydro's ratings if there were a
negative shift in the evolving regulatory and market framework
and the company failed to limit a deterioration of its financial
profile, reflected in a debt-to-EBITDA ratio above 3x and FFO
interest coverage below 5.0x significantly (i.e. by 10%-15%, and
on a permanent basis).  The company's inability to maintain
adequate liquidity could also pressure the rating.

Downward pressure on Inter RAO's rating could develop if there
were a negative shift in the evolving regulatory and market
framework and the company failed to limit a deterioration of its
financial profile, reflected in FFO interest coverage below 5.0x,
RCF/debt below 30% and debt/EBITDA above 3x significantly and on
a permanent basis.  Furthermore, negative pressure could be
exerted on the rating if the company were unable to proactively
address its liquidity needs and maintain reasonable headroom
under the financial covenants of its bank agreements.

Negative pressure on ROSSETI's rating could result from (1) a
negative shift in the developing regulatory regime without
compensatory measures by the state, leading to significantly
deteriorating margins; (2) pressured liquidity; (3) a failure of
ROSSETI to manage its investment program in line with the tariff
regulation and contain deterioration of its financial profile,
with FFO interest coverage and FFO/net debt falling materially
and persistently below 3.0x and 20% respectively.

Downgrades:

Issuer: Inter RAO, JSC

  -- Probability of Default Rating, Downgraded to Ba2-PD from
     Ba1-PD

  -- Corporate Family Rating (Foreign Currency), Downgraded to
     Ba2 from Ba1

  -- Corporate Family Rating (Local Currency), Downgraded to Ba2
     from Ba1

Issuer: ROSSETI, JSC

  -- Probability of Default Rating, Downgraded to Ba2-PD from
     Ba1-PD

  -- Corporate Family Rating (Foreign Currency), Downgraded to
     Ba2 from Ba1

Issuer: RusHydro, JSC

  -- Probability of Default Rating, Downgraded to Ba2-PD from
     Ba1-PD

  -- Corporate Family Rating (Foreign Currency), Downgraded to
     Ba2 from Ba1

  -- Senior Unsecured Regular Bond/Debenture (Local Currency) Oct
     28, 2015, Downgraded to Ba2 from Ba1

Issuer: TransCapitalInvest Limited

  -- Senior Unsecured Regular Bond/Debenture (Foreign Currency)
     Aug 7, 2018, Downgraded to Ba1 from Baa3

Assignments:

Issuer: Atomenergoprom, JSC

  -- Probability of Default Rating, Assigned Ba1-PD

  -- Corporate Family Rating, Assigned Ba1

Issuer: Federal Grid Finance Limited

  -- Senior Unsecured Regular Bond/Debenture (Foreign Currency)
     Mar 13, 2019, Assigned a range of LGD4, 50%

Issuer: FGC UES, JSC

  -- Probability of Default Rating, Assigned Ba1-PD

  -- Corporate Family Rating, Assigned Ba1

Issuer: OAO AK Transneft

  -- Probability of Default Rating, Assigned Ba1-PD

  -- Corporate Family Rating, Assigned Ba1

Issuer: TransCapitalInvest Limited

  -- Senior Unsecured Regular Bond/Debenture (Foreign Currency)
     Aug 7, 2018, Assigned a range of LGD4, 50 %

Outlook Actions:

Issuer: Atomenergoprom, JSC

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Federal Grid Finance Limited

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: FGC UES, JSC

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Inter RAO, JSC

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: OAO AK Transneft

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: ROSSETI, JSC

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: RusHydro, JSC

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: TransCapitalInvest Limited

  -- Outlook, Changed To Negative From Rating Under Review

Confirmations:

Issuer: Federal Grid Finance Limited

  -- Senior Unsecured Medium-Term Note Program (Foreign
     Currency), Confirmed at (P)Ba1

  -- Senior Unsecured Regular Bond/Debenture (Foreign Currency)
     Mar 13, 2019, Confirmed at Ba1

Withdrawals:

Issuer: Atomenergoprom, JSC

  -- Issuer Rating (Foreign Currency), Withdrawn , previously
     rated Baa3

  -- Issuer Rating (Local Currency), Withdrawn , previously rated
     Baa3

Issuer: FGC UES, JSC

  -- Issuer Rating (Foreign Currency), Withdrawn , previously
     rated Ba1

Issuer: OAO AK Transneft

  -- Issuer Rating (Foreign Currency), Withdrawn , previously
     rated Baa3

  -- Issuer Rating (Local Currency), Withdrawn , previously rated
     Baa3

The principal methodologies used in rating Transcapitalinvest
Limited, Federal Grid Finance Limited, OAO AK Transneft, and FGC
UES, JSC were Regulated Electric and Gas Networks published in
November 2014, Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009 and Government-Related Issuers published in October
2014.

The principal methodologies used in rating Atomenergoprom, JSC
and Inter RAO, JSC were Unregulated Utilities and Unregulated
Power Companies published in October 2014, and Government-Related
Issuers published in October 2014.

The principal methodologies used in rating RusHydro, JSC were
Unregulated Utilities and Unregulated Power Companies published
in October 2014, Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009, and Government-Related Issuers published in October
2014.

The principal methodologies used in rating ROSSETI, JSC were
Regulated Electric and Gas Networks published in November 2014,
and Government-Related Issuers published in October 2014.

Fully controlled by the Russian government (the latter owns 100%
of its voting shares), OAO AK Transneft (Transneft) is the
largest crude oil transportation company in the world. 2013
reported sales reached around RUB596.8 billion, or US$18.7
billion (net of revenues from crude oil supplies to China, which
are mirrored by the oil purchase costs, under 2009-dated
US$10 billion, 20-year loan-for-oil deal.

JSC Atomenergoprom (Atomenergoprom) is the holding company for
numerous subsidiaries which represent the civil Russian nuclear
industry.  The Atomenergoprom group of companies covers the whole
nuclear cycle from uranium mining and enrichment to nuclear fuel
production, production of electricity at nuclear power plants and
construction of nuclear power units/plants both in Russia and
abroad.  The group generated revenue of RUB436.1 billion (around
US$13.6 billion) in 2013. Atomenergoprom is 100% owned by the
Russian government through the State Atomic Energy Corporation
Rosatom (Rosatom).

JSC RusHydro (RusHydro) is Russia's largest and a world major
hydropower business, accounting for around a half of hydropower
output in Russia, majority (66.84% at end-2014) owned by the
Russian government.  In 2011, following the acquisition of RAO
Energy System of East, RusHydro acquired exposure to thermal
power generation. As of end-2013, RusHydro Group generates
revenue of RUB327 billion (around US$10 billion).

JSC Inter RAO (Inter RAO) is a Russian major electric utility
engaged in thermal electricity generation and retail electricity
sales in Russia, cross-border electricity trading and electric
utility operations abroad. Inter RAO generated revenue of
RUB662.3 billion (US$20.8 billion) in 2013.  Inter RAO is
controlled by the Russian government through several state-
controlled entities (own 51,12% of the company as of
October 27, 2014).

JSC ROSSETI (ROSSETI) is the holding company for FGC UES, the
national transmission grid, and 15 distribution grid subsidiaries
(including IDGC of Center and Volga Region, IDGC of Urals, IDGC
of Volga, Lenenergo and MOESK, all five of which are rated Ba2
review for downgrade).  Russian government owns a 85.31% stake
(including 86.32% of ordinary shares and 7.01% of preferred
shares) in ROSSETI. As of the end-2013 the company generates
revenue of around RUB760 billion (around US$23 billion).

JSC Federal Grid Company of Unified Energy System (FGC UES, or
FGC) is the monopoly electricity transmission system operator in
the Russian Federation. The company's revenues, amounted to
RUB158.0 billion (around US$4.9 billion) in 2013 (other operating
income of RUB6.2 billion, primarily from non-core activities, is
not included). FGC is 80.13% owned by 85.3%-state-owned JSC
ROSSETI.


MOSCOW MORTGAGE: Moody's Cuts Long-Term Deposit Rating to Ba3
-------------------------------------------------------------
Moody's Investors Service downgraded the long-term local- and
foreign-currency deposit ratings of Moscow Mortgage Agency to Ba3
from Ba2.  The outlook on the ratings is negative.  Concurrently,
Moody's affirmed the bank's Not Prime short-term deposit ratings.
Moscow Mortgage Agency's standalone Bank Financial Strength
Rating (BFSR) of E+ was not affected by this rating action.  The
BFSR carries stable outlook, and is equivalent to Baseline Credit
Assessment of b2.

Moody's rating action on Moscow Mortgage Agency follows the
rating agency's downgrade of City of Moscow's rating to Ba1 (with
negative outlook) from Baa3 on Feb. 24, 2015.

Moody's explains that Moscow Mortgage Agency is wholly owned by
City of Moscow, and the bank's deposit ratings factor in a degree
of regional support from City of Moscow, in accordance with
Moody's Joint-Default Analysis Methodology.  The downgrade of
City of Moscow's rating indicates the region's diminished
financial flexibility to render such support, which triggered the
reduction in the support uplift incorporated by Moody's in Moscow
Mortgage Agency's deposit ratings to two notches from the bank's
BCA of b2.

The rating agency further explains that it incorporates a
moderate degree of regional support from City of Moscow in Moscow
Mortgage Agency's ratings.  The likelihood of this support is
confirmed by (1) Moscow Mortgage Agency's policy mandate as a
provider -- on behalf of the Moscow government -- of social
mortgage loans to eligible Moscow citizens; (2) the presence of
high-ranking Moscow government officials on the bank's
supervisory board; and (3) substantial capital injections
provided by the City of Moscow to Moscow Mortgage Agency in the
past.

At the same time, the rating agency does not consider Moscow
Mortgage Agency to be a strategic asset for City of Moscow, as --
according to the Central Bank of Russia's data -- the bank held
less than 3% of the total mortgage lending market in Moscow as at
year-end 2014, while its market share countrywide was less than
1% as of the same date.

The negative outlook of Moscow Mortgage Agency's deposit ratings
reflects the negative outlook on its support provider's rating.

Moscow Mortgage Agency's Ba3 deposit ratings have limited upward
potential currently, because they carry a negative outlook, in
line with the negative outlook on City of Moscow's rating.

A downgrade of Moscow Mortgage Agency's Ba3 long-term deposit
ratings could be triggered by further downward pressure on City
of Moscow's Ba1 rating, which currently carries a negative
outlook.  Additionally, any evidence indicating a lower
probability of support from City of Moscow to Moscow Mortgage
Agency could result in a downgrade of the latter's long-term
deposit ratings.

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


RUSSIAN HELICOPTERS: Moody's Cuts Corporate Family Rating to Ba3
----------------------------------------------------------------
Moody's Investors Service downgraded to Ba1 from Baa3 the ratings
of 14 Russian non-financial corporates and their supported
subsidiaries, and converted the companies' long-term issuer
ratings into corporate family ratings, in line with the rating
agency's practice for corporates with ratings in the Ba rating
category and below. Concurrently, Moody's has assigned a Ba1-PD
probability of default rating to these corporates.

Moody's also downgraded the CFR and PDR of Russian Helicopters
JSC to Ba3/Ba3-PD from Ba2/Ba2-PD, respectively, following the
downgrade of the ratings of its support provider (the government
of Russia), within the framework of Moody's methodology for
Government Related Issuers.

At the same time, Moody's confirmed the Ba1 rating of one non-
financial corporate, Severstal OAO with a Ba1-PD PDR.

The rating agency assigned a negative outlook to all the affected
corporates' ratings, except those of Russian Railways Joint Stock
Company, Federal Passenger Company OJSC and Mobile TeleSystems
OJSC, which remain on review for further downgrade.

This rating action concludes the review for downgrade on the 16
affected Russian non-financial corporates, which commenced on
Dec. 23, 2014 and Jan. 20, 2015.  The review for downgrade on
other rating continues.

The actions reflect the weakening of Russia's macroeconomic and
financial climate, as captured by Moody's downgrade of Russia's
government bond rating to Ba1/Not Prime (NP) from Baa3/Prime-3
(P-3) on February 20, with negative outlook.  Concurrently,
Moody's lowered Russia's country ceilings for foreign currency
debt to Ba1/NP from Baa3/P-3; its country ceilings for local
currency debt and deposits to Baa3 from Baa2; and its country
ceiling for foreign currency bank deposits to Ba2/NP from Ba1/NP.
A country ceiling generally indicates the highest rating level
that any issuer domiciled in that country can attain for
instruments of that type and currency denomination.

The weakening of Russia's credit profile, as captured by Moody's
downgrade of the sovereign and Russia's country ceilings to Ba1
from Baa3 with negative outlook, has prompted the rating actions
on 16 non-financial corporates as they face an increasingly
challenging domestic operating environment.

Moody's believes that, even for corporates without material
medium-term foreign currency refinancing needs, the likely
continued severe deterioration of the operating environment might
lead to a substantial weakening in their credit profiles.

The resilience of Russian non-financial corporates to the
increased risk arising from the prevailing negative operating
conditions in the domestic market is likely to be limited, as
reflected by the alignment of the country ceiling for foreign
currency debt with the sovereign rating.

Moody's believes that the Russian government's willingness to
provide support to corporates, in the event of need, remains
fairly strong.  However, there are increasing risks that the
government's supportive stance towards a particular corporate may
be reduced should the government face calls for support from many
entities and sectors, due to pressures developing at the
sovereign level.  The rating agency notes that access by Russian
entities to the international capital markets, by and large,
remains closed.

The negative outlook assigned to 13 of the affected non-financial
corporates is in line with the negative outlook for the sovereign
rating and reflects the fact that a potential further downgrade
of Russia's sovereign rating may result in the further lowering
of Russia's foreign and/or local currency bond country ceiling
and, as a result, additional Russian corporate rating downgrades.
In addition to considerations related to the sovereign rating,
Moody's will also be monitoring each company's ability to address
increasing country and foreign exchange risks.

The ratings of Russian Railways Joint Stock Company, Federal
Passenger Company OJSC and Mobile TeleSystems OJSC remain on
review for downgrade as Moody's continues to assess these
companies' resilience to the increased risks arising from the
prevailing negative operating conditions.

The companies' ratings will be impacted by further developments
at the sovereign level.  The ratings are likely to be downgraded
if there is (1) a further downgrade of Russia's sovereign rating
and/or a lowering of the foreign-currency bond country ceiling,
or (2) a revision downwards of Moody's assessment of the
probability of the Russian government providing extraordinary
support to the GRIs in the event of financial distress.

Conversely, positive pressure could be exerted on the ratings if
Moody's were to raise Russia's foreign-currency bond country
ceiling, provided there is no material deterioration in company-
specific factors, including their operating and financial
performance, market positions and liquidity.

The principal methodology used in rating NLMK, Steel Funding
Limited, Severstal OAO and Steel Capital S.A. was Global Steel
Industry published in October 2012.  Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

The principal methodology used in rating OJSC Gazprom, Gaz
Capital S.A., OOO Gazprom Capital, OJSC Oil Company Rosneft and
Rosneft International Finance Limited was Global Integrated Oil &
Gas Industry published in April 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 and
Government-Related Issuers published in October 2014.

The principal methodology used in rating Gazprom Neft JSC, GPN
Capital S.A., Rosneft International Holdings Limited, Rosneft
Finance S.A., OAO LUKOIL and LUKOIL International Finance B.V.
was Global Integrated Oil & Gas Industry published in April 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.

The principal methodology used in rating OAO Novatek and Novatek
Finance Limited was Global Independent Exploration and Production
Industry published in December 2011. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

The principal methodology used in rating Federal Passenger
Company OJSC was Global Passenger Railway Companies published in
March 2013.

The principal methodology used in rating MegaFon OJSC was Global
Telecommunications Industry published in December 2010.

The principal methodology used in rating Mobile TeleSystems OJSC
and MTS International Funding Limited was Global
Telecommunications Industry published in December 2010.  Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

The principal methodology used in rating Russian Railways Joint
Stock Company and RZD Capital PLC was Global Surface
Transportation and Logistics Companies published in April 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 and Government-Related Issuers
published in October 2014.

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

The principal methodology used in rating OJSC MMC Norilsk Nickel
and MMC Finance Limited 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.

The principal methodology used in rating Russian Helicopters JSC
was Global Aerospace and Defense Industry published in April
2014.  Other methodologies used include Government-Related
Issuers published in October 2014.

The principal methodology used in rating Gazprom ECP S.A. was
Moody's Global Short-Term Ratings published in October 2012.


SVYAZINVESTNEFTEKHIM OAO: Moody's Cut Corp. Family Rating to Ba2
----------------------------------------------------------------
Moody's Investors Service downgraded to Ba2 from Ba1 the
corporate family rating and to Ba2-PD from Ba1-PD the probability
of default rating of Svyazinvestneftekhim OAO (SINEK).  At the
same time, Moody's downgraded to Ba2 from Ba1 the senior secured
rating of the $250 million's 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.

Concurrently, Moody's has lowered the baseline credit assessment
of Tatarstan's key oil and gas company, Tatneft OAO (Tatneft), to
ba1 from baa3 while maintaining the company's Ba1 CFR and Ba1-PD
PDR on review for further downgrade.

Moody's has also decided to extend the review for downgrade on
the Ba3 CFR and Ba3-PD PDR of Tatarstan's major petrochemical
company,  Nizhnekamskneftekhim PJSC (NKNK), and the Ba3 senior
unsecured notes rating issued by NKNK Finance plc.

The action follows Moody's decision to downgrade the sub-
sovereign rating of the Republic of Tatarstan, the affected
companies' major shareholder, to Ba2 from Ba1 on Feb. 24, 2015.

The Tatarstan action reflects the potential deterioration of the
republic's credit profile in an environment of increased systemic
risk, as reflected in Moody's downgrade of Russia's government
bond rating to Ba1/Not Prime (NP) from Baa3/Prime-3 (P-3) on
February 20, with negative outlook.

Moody's is continuing its review for downgrade on the Republic of
Tatarstan's rating, which it initiated on Dec. 22, 2014 following
increased uncertainty surrounding the ability of the Tatarstan
government to address the trigger of partial prepayment of
SINEK's $250 million bond, for which it has provided a guarantee.
The review continues to focus on the further implementation of
the joint action plan created by SINEK's management and
Tatarstan, which aims to increase the republic's guarantee.  Any
future sharp foreign exchange rate dynamics will also be taken
into consideration during the review.

SINEK:

The rating action on SINEK reflects the company's close linkages
with the Tatarstan government.  SINEK's ratings remain on review
for further downgrade due to (1) the ongoing 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 $250 million LPNs issued by Edel Capital.  As per the
terms of the LPNs, a partial prepayment may be triggered if the
rouble equivalent of the LPNs US-dollar value exceeds 91% of the
maximum liability under the current RUB13 billion guarantee for
20 consecutive days.  This condition was met at the beginning of
January 2015 due to recent rouble depreciation.

TATNEFT:

Moody's decision to maintains Tatneft's rating at Ba1, one notch
above the rating of the Republic of Tatarstan and on a par with
Russia's country ceiling for foreign currency debt, reflects (1)
the company's financial strength, and (2) its ability to absorb
any potential additional fiscal burden from the Tatarstan
government.  While Tatneft only moderately depends on support
from the republic, Tatarstan relies heavily on revenues from the
oil and gas sector, the main source of which in Tatarstan is
Tatneft.

Factors to be Considered in the extended rating review:

SINEK:

Moody's review for further downgrade of SINEK's ratings will take
into account the review of Tatarstan's rating and the rating
agency's assessment of the republic's willingness and ability to
provide support to SINEK in the event of need.  The review will
also focus on (1) the successful implementation of the joint
action plan between the government of Tatarstan and the
management of SINEK in respect to securing an adequate guarantee
for the LPNs by the republic; and (2) SINEK's liquidity
management, including the soundness of the refinancing plan for
the LPNs.

TATNEFT and NKNK:

Moody's review for further downgrade of Tatneft and the extended
review for downgrade of NKNK will assess their resilience to the
increased risk arising from the prevailing negative operating
conditions.  The review of Tatneft and NKNK will also focus on
the extent to which deterioration in the Tatarstan's government's
creditworthiness may weaken their credit profiles.

This consideration reflects the risk that the supportive stance
of the Tatarstan and Russian 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.

Any future rating actions on SINEK, Tatneft and NKNK will reflect
further developments at the sovereign and sub-sovereign level.

Downwards pressure may be placed on the companies' ratings if
there is (1) a further downgrade of Russia's sovereign rating
and/or a lowering of the foreign-currency bond country ceiling,
and/or (2) a further downgrade of the Republic of Tatarstan's
rating, or (3) a revision downwards of Moody's assessment of the
probability of the Tatarstan government providing extraordinary
support to the government-related issuers (GRIs) in the event of
financial distress.

The rating agency may also downgrade the ratings of both SINEK
and the company's LPNs if (1) the republic does not increase its
guarantee for the LPNs; and (2) 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.

Moody's believes there is little likelihood of any upward rating
pressure on the affected companies, unless operating conditions
improve materially.  The rating agency would consider confirming
the ratings if the economic environment were to stabilize or the
companies were to show sufficient resilience.  Positive pressure
could be exerted on the ratings if Moody's were to raise Russia's
foreign-currency bond country ceiling, and/or Tatarstan's sub-
sovereign rating, provided there is no material deterioration in
the company-specific factors, including their operating and
financial performance, market positions and liquidity.

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

The principal methodology used in rating Svyazinvestneftekhim OAO
and Edel Capital S.A. was Global Investment Holding Companies
published in October 2007.  Other methodologies used include the
Government-Related Issuers published in October 2014.

The principal methodology used in rating Nizhnekamskneftekhim
PJSC and NKNK Finance plc was Global Chemical Industry Rating
Methodology published in December 2013. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009 and
the Government-Related Issuers methodology published in October
2014.

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, 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 $14.2 billion and adjusted EBITDA of
approximately $4.4 billion.

Based in Nizhnekamsk in the Republic of Tatarstan, NKNK is one of
Russia's key petrochemical companies, producing rubbers,
plastics, monomers and other petrochemicals. NKNK's 10 core
production units are located on one site.  The company derived
around half of its revenue from export activities.  In 2013, the
company reported revenue of RUB126 billion (around US$3.9
billion).  NKNK's largest shareholders are TAIF Group (50.6% of
voting shares) and SINEK (28.6% of voting shares).



===============
S L O V E N I A
===============


TATRA BANKA: Moody's Affirms Standalone 'D+' BFSR
-------------------------------------------------
Moody's Investors Service maintained the review for downgrade of
Slovakia's Tatra banka a.s. Baa1/ Prime-2 local- and foreign-
currency deposit ratings. Concurrently, Moody's confirmed, with
negative outlook, the Tatra's standalone D+ bank financial
strength rating (BFSR), while, lowering its Baseline Credit
Assessment (BCA) to ba1 from baa3.

The rating announcement follows the conclusion of the review on
Tatra's parent, Raiffeisen Bank International AG (RBI) on
Feb. 18, 2015 whereby the rating agency downgraded RBI's long-
term deposit ratings to Baa2, from Baa1, under review for
downgrade, and lowered the BFSR to D- (equivalent to ba3 BCA),
from D (equivalent to ba2 BCA), with negative outlook.  For more
information on the rating action on RBI, please refer to Moody's
press release: "Moody's downgrades Raiffeisen Bank International
to Baa2, on review for further downgrade".

Tatra's long-term deposit rating benefits from a multi-notch
uplift from its BCA.  This is based on Moody's assumptions of a
very high likelihood of systemic support in case of need, given
Tatra's systemic relevance as the third-largest bank in Slovakia
(A2 stable) by total assets, loans and deposits, and its
importance to the country's payments system.

However, the ongoing review for downgrade of the bank's long-term
deposit and debt ratings takes into account the adoption of the
Bank Recovery and Resolution Directive (BRRD) in the EU.  In
particular, this reflects that, with the legislation underlying
the new resolution framework now in place and the explicit
inclusion of burden-sharing with unsecured creditors as a means
of reducing the public cost of bank resolutions, the balance of
risk for banks' senior unsecured creditors has shifted to the
downside.  Although Moody's support assumptions are not reduced
for now, the probability has risen that they will be revised
downwards to reflect the new framework.

The confirmation of Tatra's standalone BFSR at D+ recognises the
bank's (1) better-than-Slovak peers deposit-funding profile, as
demonstrated by a 92% loan-to-deposit ratio as of H1 2014; (2)
moderate/satisfactory asset quality, with the problem loans-to-
total gross loans ratio at a low 5.1% as of the same date; and
(3) the strong operating environment in Slovakia, underpinned by
Moody's forecast of real GDP growth of 2.2% for 2014 and 3.1% for
2015.

The lowering of the Tatra's BCA to ba1 from baa3 takes into
account Moody's assumption that the credit quality of parent
banks and their subsidiaries are typically linked, and the action
on the BCA therefore follows the downgrade of its parent's BFSR
to D- (BCA ba3).  Moody's continues to maintain a two-notch
differential at the BCA level between Tatra and RBI.

Moody's believes that RBI's weaker standalone credit profile
could affect Tatra's core capital position, as a result of
increasing pressure to upstream capital to the parent.  In this
regard, Moody's highlights that the subsidiary already paid out
dividends in excess of profits in 2013 and 2012, amounting to
133% of unconsolidated statutory net profit in 2013 and 139% in
2012.  In addition, Tatra's franchise value could be impaired by
any spillover effects arising from reputational risk associated
with its parent.

Moody's believes there is currently no upward pressure for
Tatra's ratings, as reflected in the negative outlook.

A further downgrade of RBI's standalone rating and/or a reduction
in the rating agency's systemic support assumptions could prompt
a downgrade of Tatra's deposit ratings.  In addition, the bank's
ratings could experience downward pressure as a result of
substantial weakening in its profitability, erosion of its
capital base and/or deterioration in asset quality.

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



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


CEMEX ESPANA: Fitch Maintains 'BB-/RR3' Guaranteed Debt Ratings
---------------------------------------------------------------
Fitch Ratings has assigned expected ratings of 'BB-/RR3(EXP)' to
CEMEX S.A.B. de C.V.'s (CEMEX) proposed USD notes due in 2025 and
Euro notes due in 2023. Proceeds from the notes will be used for
general corporate purposes, including the refinancing of CEMEX's
USD744 million floating-rate notes due September 2015, and
repurchase of a portion of the company's outstanding 2018 and
2020 notes.

The guarantors for the notes will be CEMEX Mexico, S.A. de C.V.,
CEMEX Concretos, S.A. de C.V., Empresas Tolteca de Mexico, S.A.
de C.V., New Sunward Holding B.V., CEMEX Espana, S.A., Cemex Asia
B.V., CEMEX Corp., CEMEX Finance LLC, Cemex Egyptian Investments
B.V., Cemex Egyptian Investments II B.V., CEMEX France Gestion
(S.A.S.), Cemex Research Group AG, Cemex Shipping B.V. and CEMEX
UK. The notes will enjoy the same collateral package as the
creditors under CEMEX's Facilities Agreement.

The Rating Outlook for CEMEX is Stable. A complete list of the
company's current ratings follows at the end of this release.

KEY RATING DRIVERS

Strong Business Position:

CEMEX's 'B+' Issuer Default Ratings (IDRs) continue to reflect
its strong and diversified business position. The company is one
of the largest producers of cement, ready-mix, and aggregates in
the world. Key markets include the U.S., Mexico, Colombia,
Panama, Spain, Egypt, Germany, France, Poland and the U.K. The
company's product and geographic diversification offset some of
the volatility associated with the cyclical cement industry.

High Leverage Constrains Ratings:

CEMEX's ratings remain constrained by the company's high
leverage; CEMEX had USD15.4 billion of net debt as of Dec. 31,
2014. This figure compares unfavorably with USD2.7 billion of
EBITDA at Dec. 31, 2014, and results in a net debt/EBITDA ratio
of 5.9x. Net leverage improved from 6.3x during 2013, as EBITDA
grew 4% and absolute debt levels fell 7% year over year.
Continued EBITDA growth in key markets such as the U.S. and a
turnaround of sluggish operations in Mexico, the Mediterranean,
and South America would aid in further net leverage reduction
going forward.

Modest Credit Improvements Projected:

Fitch projects that CEMEX will generate about USD2.9 billion of
EBITDA in 2015 and USD3.2 billion in 2016 and that the company's
net leverage will be around 5.1x in 2015 and 4.0x in 2016.
Fitch's projections include modest asset sales of around USD100
million per year. Improved cement demand in the U.S. and Mexico
are the key drivers of Fitch's projected improvement in CEMEX's
operating performance. Fitch notes that CEMEX's investment ratio,
as defined by capex to depreciation, has been low at around 0.5x.
Challenges to deleveraging beyond 2015 include rising working
capital needs, higher taxes in key markets such as Mexico, and
rising capital expenditures.

Manageable Maturity Schedule:

CEMEX has a manageable amortization schedule as a result of its
aggressive refinancing efforts during the past few years. The
company had USD855 million of cash and marketable securities as
of Dec. 31, 2014. Most of the company's marketable securities are
held in U.S. and Mexican government bonds. CEMEX faces USD1.4
billion of debt amortizations through the end of 2015, of which a
majority of the short-term debt will be refinanced with the
expected notes issuance.

The company issued EUR400 million notes due in 2022 and USD1.1
billion notes due in 2025 during September 2014, and used the
proceeds to repurchase USD593 million of notes due in 2018,
USD365 million of notes due in 2020, and the remainder for
general corporate purposes including repayment under its bank
facilities agreement. These refinancings lowered its cost of
debt, since the new coupons were below 6% and those on the
repurchased notes were in excess of 9%. The decreased cost of
debt, in addition to growing operating cash flow, should lead to
an improvement in the company's funds from operations (FFO)
fixed-charge coverage to around 1.7x in 2015 from 1.3x in 2013.

U.S. Market Key to Recovery:

CEMEX's main markets during 2014 in terms of EBITDA were Mexico
(36%), Central and South America (27%), the U.S. (15%), Northern
Europe (13%), the Mediterranean (12%), and Asia (5%). CEMEX's
U.S. operations continue to improve, as EBITDA grew to USD421
million in 2014 from USD255 million in 2013. The company's U.S.
operations, however, continue to operate at well below their
potential capacity. On a pro forma basis, Fitch estimates that
the U.S. operations generated around USD2.3 billion of EBITDA in
2006. While U.S. cement demand has recovered to an estimated 89
million metric tons in 2014 from a low of 71 million tons in
2009, it remains well short of the 127 million tons of demand in
2006.

Above-Average Recovery Prospects:

CEMEX and its subsidiaries have issued debt instruments from
Mexico, the U.S., the British Virgin Islands, the Netherlands,
and Spain. Because of the complexity of the company's capital
structure and the various legal jurisdictions, Fitch does not
envision a scenario in which CEMEX's creditors would want it to
enter bankruptcy (quiebra) or an insolvency (concurso mercantil)
process in Mexico, as there would be a high degree of uncertainty
as to the outcome. In deriving a distressed enterprise valuation
to determine the recovery under this scenario, Fitch discounted
the company's EBITDA to USD2.1 billion, which is a level that
would just cover operating leases, interest expenses, and
maintenance capital expenditures, and applied a conservative
EBITDA multiple of 6x.

This calculation resulted in an anticipated recovery level of 76%
for the company's senior secured debt, which would be consistent
with a Recovery Rating of 'RR2'. The recovery prospects of senior
creditors are bolstered by USD1.7 billion of convertible
subordinated notes, which can only be replaced by equity or
similar quasi-equity instruments, according to the Facilities
Agreement. Fitch typically caps RRs of Mexican corporates at
'RR3' to account for concerns about various aspects of the
bankruptcy framework from a creditor's perspective even when its
bespoke analysis indicates it could be higher. CEMEX's rating has
also been capped at 'RR3', which is consistent with recovery
prospects anticipated to be in the range of 50% to 70% in the
event of default.

RATING SENSITIVITIES

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

-- Fitch is projecting that CEMEX's EBITDA in its U.S.
    operations will grow to USD550 million by 2015 from USD421
    million in 2014. This projection incorporates an expectation
    that single-family and multi-family housing starts in the
    U.S. will total 1.1 million in 2015. Growth beyond this
    figure would be positive for the company's U.S. business and
    would accelerate its deleveraging process.

-- Cement demand in Mexico has underperformed Fitch's
    expectations since 2013 and this has offset improvements in
    operating cash flow in Northern Europe, as well as in the
    U.S. EBITDA generated by CEMEX in Mexico remained relatively
    flat at USD999 million in 2014 compared to USD1 billion in
    2013. Fitch currently projects EBITDA in this market will
    rebound to USD1.1 billion by 2015. Growth faster than this
   could also accelerate debt reduction.

-- CEMEX's stock currently trades at USD9.96 per ADS. The
    company has issued subordinated convertible notes that mature
    in 2015 (USD320 million), 2016 (USD978 million) and 2018
    (USD690 million). The conversion prices for these notes are
    USD11.18/ADS, USD9.65/ADS and USD9.65/ADS, respectively. The
    2015 convertibles have a contingent mechanism that will
    likely extend the maturity date out another five years. If
    successful in converting the 2016 notes, Fitch projects that
    the company's net debt/EBITDA ratio would be below 3.8x by
    the end of 2016, which could result in an upgrade for the
    company's IDRs.

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

-- Rating downgrades are not likely during 2015 as CEMEX's
    credit protection measures are strong for the existing
    ratings, given the company's strong global business position
    and the sluggishness of the U.S. market relative to its long-
    term potential.

-- CEMEX received an unfavorable ruling by the Spanish tax
    authorities during 2014 that could result in a payment of
    EUR455 million. If the company is unsuccessful in its appeal,
    this fine would hinder its ability to deleverage and could
    lead to a negative rating action if the payment coincides
    with continued sluggishness in other key markets.

-- A loss of the positive momentum in the U.S. market would have
    a material impact upon the company's ability to deleverage to
    less than 4.5x by 2015. Fitch would consider a change in
    rating or Outlook if CEMEX's leverage trends reversed and net
    leverage exceeded 6.5x.

Key Assumptions:

-- U.S. cement sales volumes increase 5% in 2015;
-- Mexico cement sales volumes increase 2% in 2015;
-- Consolidated sales volumes lower than management guidance;
-- Net debt to decline approximately USD700 million during 2015;
-- Capital expenditures of approximately USD700 million in 2015;
-- Asset sales of approximately USD100 million in 2015.

Fitch currently rates CEMEX as follows:

CEMEX

-- Foreign and local currency IDR 'B+';
-- Senior secured notes 'BB-/RR3';
-- National scale long-term rating 'BBB(mex)';
-- Senior unsecured certificates 'BBB(mex)';
-- National scale short-term rating 'F3(mex)'.

In addition to the aforementioned ratings of CEMEX, Fitch also
maintains 'BB-/RR3' ratings on the guaranteed debt issued by:

Cemex Espana S.A.

CEMEX Finance LLC, a limited liability company incorporated in
the U.S.
CEMEX Materials Corporation, a limited liability company
incorporated in the U.S.
C5 Capital (SPV) Limited, a British Virgin Island restricted-
purpose company
C8 Capital (SPV) Limited, a British Virgin Island restricted-
purpose company
C10 Capital (SPV) Limited, a British Virgin Island restricted-
purpose company
C-10 EUR Capital (SPV) Limited, a British Virgin Island
restricted-purpose company


OCANA-LA RODA: Madrid Court Rejects Government's Rescue Plan
------------------------------------------------------------
Sonya Dowset at Reuters reports that a Spanish court has rejected
a government proposal to rescue Ocana-La Roda and R4, two of nine
bankrupt motorways, increasing the likelihood the toll roads will
go into liquidation and the state will have to assume their debt
of more than EUR4 billion (US$4.5 billion).

According to Reuters, court documents showed that a Madrid
commercial court said on Feb. 24 the terms of the rescue package
were not legal and the two road operators would now enter
liquidation.

Reuters relates that a government spokeswoman said the government
will appeal the decision.

"If the roads start entering into liquidation one by one, it
makes a rescue package more unlikely as there will be less roads
to group together," Reuters quotes one source close to the
negotiations as saying.

The road operators went bust after failing to attract enough
traffic during Europe's economic crisis, Reuters recounts.  Use
of the roads, which mostly run around Madrid, has dropped further
still because many have toll-free highways running alongside
them, Reuters discloses.

Under a Spanish law drawn up over 40 years ago, the state is
liable for the cost of the land and construction of private
motorways if they go bust, Reuters notes.  Spain has proposed a
EUR2.3 billion rescue package that would keep the highway debt
from going onto its deficit, Reuters relays.

The terms of the deal would inflict a 50% loss on the banks that
lent the money to build the roads, Reuters says.  Spanish lenders
accepted the terms, but foreign banks objected, sources say,
delaying any rescue as they seek better conditions, according to
Reuters.



=============
U K R A I N E
=============


BG BANK: Faces Liquidation Following Insolvency
-----------------------------------------------
Interfax-Ukraine reports that the National Bank of Ukraine on
Feb. 26 decided to liquidate BG Bank.

The central bank, as cited by Interfax-Ukraine, said that BG Bank
was put on the list of insolvent banks under NBU resolutions
No. 744 and 745 of November 27, 2014.  Temporary administration
at the bank expired on February 27, 2015, Interfax-Ukraine
relates.

According to Interfax-Ukraine, a post on the NBU's Web site said,
"Shareholders and top managers of the bank did not take measures
aimed at preventing insolvency of the bank on time, in
particular, they did not remove a lack of liquidity and did not
fulfill liabilities to depositors and creditors on time".

BG Bank was founded in 1994.  It ranked 84th among 158 operating
banks as of January 1, 2015, in terms of total assets worth
UAH1.301 billion, according to the National Bank of Ukraine.


LEGBANK: NBU Opts for Liquidation Following Insolvency
------------------------------------------------------
Interfax-Ukraine reports that the National Bank of Ukraine on
Feb. 26 decided to liquidate Legbank.

The central bank, as cited by Interfax-Ukraine, said that Legbank
was put on the list of insolvent banks under NBU resolutions No.
744 and 745 of November 27, 2014.  Temporary administration at
the bank expired on February 27, 2015, Interfax-Ukraine relates.

According to Interfax-Ukraine, a post on the NBU's Web site said
"Shareholders and top managers of the bank did not take measures
aimed at preventing insolvency of the bank on time, in
particular, they did not remove a lack of liquidity and did not
fulfill liabilities to depositors and creditors on time."

Legbank was founded in 1989.  It ranked 133rd among operating
banks as of January 1, 2015, with UAH396 million in terms of
total assets, according to the National Bank of Ukraine.



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


PETROPAVLOVSK PLC: Investors Back Restructuring Plan
-----------------------------------------------------
James Wilson at The Financial Times reports that Petropavlovsk
investors have supported its restructuring plan and rejected an
alternative from the stricken company's largest shareholder.

According to the FT, the company is now set to proceed with a
deeply discounted US$235 million rights issue underwritten partly
by Peter Hambro, the city veteran who founded the group two
decades ago.

Sapinda, an investment group, had called on Petropavlovsk's
shareholders to reject the rights issue proposal, saying the
miner's overall restructuring was heavily weighted in favor of
its bondholders, the FT relays.  Sapinda had amassed an 8% stake
and said almost 11% of shareholders would reject the refinancing,
the FT notes.  But on Feb. 26, at least 86% of the shares voted
supported the restructuring promoted by Mr. Hambro, his founding
partner Pavel Maslovskiy and the company, the FT discloses.
Bondholders backed the plan earlier last week, the FT recounts.

The restructuring is being implemented to deal with more than
US$300 million of imminently maturing debt, the FT states.  The
refinancing includes the issue of a US$100 million convertible
bond, the FT discloses.  Mr. Hambro had warned of possible
insolvency for Petropavlovsk had shareholders not voted in favor
of the restructuring, the FT notes.

The refinancing involve a deeply discounted rights issue,
granting equity holders rights to 157 new shares for every 10
held, at 5p a share, the FT says.

Petropavlovsk PLC is a London-listed mining and exploration
company with its principal assets located in Russia.


SOUTHERN WATER: Moody's Affirms Ba1 Subordinated Debt Ratings
-------------------------------------------------------------
Moody's Investors Service affirmed the Baa2 corporate family
rating of Southern Water Services Limited (Southern Water).
Concurrently, the rating agency also affirmed the Baa1 senior
secured and Ba1 subordinated debt ratings for Class A and Class B
debt issued by Southern Water Services (Finance) Limited (all
issuance guaranteed by Southern Water).  At the same, the rating
agency changed the outlook on all ratings to stable from
negative.

This rating action follows Southern Water's acceptance of the
final price determination, published by the Water Services
Regulation Authority (Ofwat) in December 2014, which sets allowed
revenues for the five-year regulatory period commencing 1 April
2015 (AMP6).

"The change in outlook reflects our expectation that Southern
Water will be able to perform in line with our guidance for the
Baa2 corporate family rating during AMP6", said Matthew Huxham, a
Moody's Assistant Vice President -- Analyst and lead analyst for
Southern Water. "This follows three years of steadily improving
operational performance and declining gearing. It faces a tough
efficiency challenge, however Southern Water's new, more prudent,
financial policy has made it more resilient than at the start of
the previous regulatory period in 2011".

Southern Water's performance in the financial years to March 31,
2013 and 2014 has broadly been consistent with Moody's guidance
for the current rating with minimum Adjusted Interest Coverage of
at least 1.2x and net debt to Regulated Capital Value (RCV)
trending below 80%.  The stabilisation of the outlook reflects
the rating agency's expectation that the company will continue to
be able to maintain metrics in line with this guidance over the
AMP6 period.  This is, in part, because Southern Water will be
allowed recover almost GBP200 million (in 2012/13 prices) in
under-recovered revenues from AMP5, which will more than offset
the company's relatively high embedded cost of debt and mitigate
the negative impact of the reduction in the allowed return for
the appointed business to 3.74% (real, post-tax) from 5.1% in
AMP5.

The final determination comes just over 6 months after Southern
Water's management announced a new more creditor-friendly
financial policy, in which the company, inter alia, committed not
to exceed a gearing level of around 80% net debt/RCV or to access
future index-linked debt through swaps.

The Baa2 CFR further reflects (1) the group's low business risk
profile as monopoly provider of water and wastewater services
operating under a well-established, transparent and predictable
regulatory framework; and (2) the hedging profile and structural
enhancements embedded within Southern Water's debt structure as
well as its relative weaknesses compared to similar transactions.

The Baa1 rating of the Class A bonds reflects their seniority
relative to the Class B bonds and the Ba1 rating of the Class B
bonds reflects their subordination to the Class A bonds.

Southern Water's Baa2 CFR remains one notch lower than comparable
UK water transactions.  This largely reflects additional risks
embedded in the derivatives portfolio, specifically the GBP1.3
billion notional of RPI swaps, which had a negative mark-to-
market (MTM) value of around GBP1.4 billion as at March 2014.
Whilst a relatively small proportion of these swaps are subject
to break clauses and provide Southern Water with inflation
protection, they result in only a temporary improvement in the
company's financial profile as the accretion is paid down during
the life of the swap.  The rating agency considers that these
instruments reduce the value of the financial covenants, thus
undermining the robustness of the financing structure, which is a
key factor in justifying ratings that are one notch higher for
comparable transactions.

Moody's considers management's stated policy that it will not
seek to access further inflation-linked debt through such
instruments to be credit positive.  Furthermore, the rating
agency views management's actions in recent years to safeguard
Southern Water's credit profile, principally by retaining cash
within the business rather than paying equity dividends, as
supporting a stable credit profile.

The stable rating outlook reflects Moody's expectation that
Southern Water will be able to maintain financial metrics in line
with our guidance for its Baa2 CFR, with Adjusted Interest
Coverage persistently at or above 1.2x and net debt to RCV around
80%.

Positive rating pressure could arise only if the company were to
persistently achieve a lower level of gearing than is currently
targeted -- of no more than 75% net debt/RCV, at level at which
the rating agency would expect an adjusted interest coverage
ratio of at least 1.4x.

Conversely, downward pressure could arise in the event of (1) an
increase in dividend payments, which resulted in a sustained
increase in gearing above 80% net debt/RCV; (2) severe
deterioration in operational performance that results in the
company's debt protection measures remaining persistently in
breach of the distribution lock-up triggers under the terms of
the financing (senior average adjusted ICR below 1.2x and/or
Class A average adjusted ICR below 1.4x); (3) a materially
unfavorable change in the regulatory framework for the UK water
sector, leading to a significant increase in the company's
business risk; or (4) unfavorable market conditions that would
affect the company's ability to refinance debt maturities when
due, either those of the Southern Water financing group or those
of the Southern Water Greensands (Financing) group.

The principal methodology used in these ratings was Global
Regulated Water Utilities published in December 2009.


SPECIALIST SUBSEA: In Administration; 77 Jobs Affected
------------------------------------------------------
Dominic Jeff at The Scotsman reports that Specialist Subsea
Services has gone into administration with the loss of dozens of
jobs.

According to The Scotsman, the company, which had been trading
since 2007 and was acquired by the Reef Group in 2009, had
recently chartered a new vessel and bought new equipment, but
rapidly ran out of cash as work in the sector declined in the
aftermath of the collapse in oil prices.

Blair Nimmo and Geoff Jacobs -- geoffrey.jacobs@kpmg.co.uk -- of
KPMG were appointed as administrators last week, The Scotsman
relates.  They said there was "minimal work in progress" at the
firm, giving them "no option other than to make 77 of the
company's 82 employees redundant with immediate effect".

The remaining five employees have been retained to assist the
administrators to realize the company's assets and to help market
the business and assets for sale.

Specialist Subsea Services is an Aberdeen company specializing in
underwater vehicles and other subsea services to the offshore
sector.  The company specialized in remotely operated underwater
vehicles (ROVs), offshore survey, geotechnical and subsea
intervention, including vessel operations.


THAMES WATER: Moody's Affirms 'B1' Rating on GBP400MM Bonds
-----------------------------------------------------------
Moody's Investors Service affirmed the Baa1 corporate family
rating of Thames Water Utilities Limited, following the
conclusion of the regulatory price review and the company's
acceptance of the final price determination published by the
Water Services Regulation Authority's (Ofwat), the economic
regulator for the water companies in England and Wales, on Dec.
12, 2014.

The rating agency also affirmed the A3 senior secured and Baa3
subordinated debt ratings of the Class A and Class B notes,
respectively, issued by Thames Water's financing subsidiaries,
Thames Water Utilities Finance Limited, and Thames Water
Utilities Cayman Finance Limited.

Concurrently, Moody's has affirmed the B1 rating on the GBP400
million guaranteed senior secured bonds due April 2019, issued by
Thames Water (Kemble) Finance PLC (Kemble), a finance subsidiary
of Thames Water's intermediate holding company Kemble Water
Finance Limited.  The outlook on all ratings is stable.

The decision to affirm Thames Water's Baa1 CFR primarily reflects
(1) a final regulatory price determination that is broadly in
line with the company's business plan submission; (2) reduced
risks in relation to Thames Water's involvement with the Thames
Tideway Tunnel (TTT) project; (3) a conservative financial and
dividend policy during the ongoing TTT procurement process; and
(4) credit metrics forecast to remain around 80% of net debt to
regulatory capital value (RCV) and around 1.3x or better for the
adjusted interest coverage, broadly in line with Moody's guidance
for the current rating.

Thames Water is involved in the early development of the TTT
project.  While the completion of the TTT project through a
government-specified infrastructure provider will ring-fence
Thames Water from the main construction risk, a credit positive,
Moody's still believes that the company is exposed to
reputational and financial challenges that other companies in the
sector do not face.  In affirming Thames Water's rating and
stabilizing the outlook Moody's takes into account (1) the
progress that has been made to-date on the procurement of
construction consortia and equity holders for the infrastructure
provider; and (2) a specific uncertainty mechanism embedded
within Thames Water's final determination that will protect the
company against additional cost due to any delays in the TTT
procurement process and potential additional preparatory works
that would be taken on by Thames Water.  Furthermore,
management's conservative approach to limit distributions during
the infrastructure provider procurement process will allow the
operating company to maintain additional financial flexibility to
offset potential cost pressures.

In addition, Thames Water is the only WaSC that received
regulatory total expenditure allowances in excess of its business
plan submission for both water and wastewater services, which
provides larger opportunity for cost outperformance.  This,
coupled with a capital structure that shows limited risks in
relation to adverse derivative contracts, and overall average
cost of debt broadly in line with current regulatory assumptions,
put Thames Water in a stronger financial position than some of
its highly-leveraged peers, which Moody's considers sufficient to
offset the incremental risks related to the TTT project.

Moody's also rates the two classes of notes issued by Thames
Water Utilities Finance Limited and Thames Water Utilities Cayman
Finance Limited, and guaranteed by Thames Water.  The A3 rating
of the Class A bonds reflects their structural seniority relative
to the Class B bonds, and the Baa3 rating of the Class B bonds
reflects their structural subordination to the Class A bonds.

Moody's decision to affirm the B1 rating of Kemble's GBP400
million 8-year notes due April 2019 (the Kemble Notes) primarily
reflects that while the lower return allowance for the operating
water company reduces the flexibility to upstream dividends,
Thames Water will retain some financial flexibility due to
management's prudent approach to its financial policy, and
liquidity at the holding company is expected to provide back-stop
cover for debt service over a period well in excess of 18 months.

Moody's expects that dividend distributions from Thames Water
will be limited to the amount needed to cover the debt service of
the Kemble Notes and other external debt and administrative costs
at Kemble, i.e. the cash dividend cover is unlikely to be
materially higher than 1.0x, at least over the early years of the
next five-year regulatory period.  However, the rating agency
views this as an artificially low ratio, given that the operating
company would have additional flexibility.  Moody's believes that
the retention of cash at the operating company is overall credit
positive because of the potential incremental risks posed by the
involvement in the TTT project.  Nevertheless, should cash lock-
ups be triggered at the operating company, such cash would no
longer be available for the benefit of holding company lenders at
Kemble.

Given that Thames Water's final determination includes scope for
outperforming total expenditure allowances, Moody's expects that
Kemble's cash dividend coverage will increase to at least 2.0x in
the later years of AMP6.  The additional cash maintained within
Kemble, together with at least a GBP65 million revolving credit
facility will also provide adequate back-stop liquidity at
current rating levels.

The stable outlook on Thames Water's ratings reflects Moody's
expectation that Thames Water's financing structure should be
relatively resilient to downside scenarios due to the cash-
trapping triggers designed to ensure that cash is retained in the
company if certain ratio thresholds are breached.  Such cash
could then be used to absorb the effect of possible downsides.
Moody's also believes that key uncertainties resulting in
incremental risks that the company is exposed to in relation to
the TTT project are adequately mitigated through a specific
mechanism for an interim price review in certain circumstances
outside of management's control.

The stable outlook on Kemble's ratings reflects Moody's
expectation that (1) certain favourable elements of the final
price determination, particularly in relation to the TTT
uncertainty mechanism, reduce the risk at the operating company
level; and (2) a conservative financial profile at the operating
company level with lower leverage around 80% compared to the 85%
trigger level will provide additional headroom to offset
operational challenges.  Whilst actual distributions to Kemble
will be kept at the minimum required to cover the Kemble debt
service requirements in the initial years of AMP6, Moody's
believes the risk reduction measures taken at the Thames Water
level mitigate other challenges represented by a lower allowed
return.  Although financial headroom is reduced, Kemble debt
service should not be endangered, particularly considering
additional liquidity held at the holding company, and Moody's
expects cash dividend coverage to improve over the AMP6 period.

Given (1) the overall consolidated Kemble Water group's funding
structure; (2) Moody's expectation that both Thames Water and
Kemble will likely maintain a highly-leveraged financial profile;
(3) the reduced financial flexibility due to lower allowed
returns over the next regulatory period; and (4) continuing
exposure to certain interface works with the TTT project, there
is limited potential for any rating upgrade.  Upward rating
pressure would require a material and permanent improvement in
debt protection measures.

Negative pressure on the Thames Water and Kemble ratings could
derive from a deterioration of the operational or financial
performance, resulting in the company persistently exceeding
leverage of around 80% or exhibiting an Adjusted Interest Cover
Ratio of consistently less than 1.3x.  In addition, (1) a
significant increase in business risk for the sector as a result
of, for example, legal and regulatory changes leading to material
competition; or (2) Thames Water being required to deliver the
main part of the TTT project (e.g., in the event that the
preferred delivery model is not successful), could also result in
negative rating pressure.

Further negative pressure on the Kemble Notes could follow from
(1) negative funding conditions, which could increase refinancing
risk; or (2) adverse conditions at the operating company that
could significantly impact its ability to upstream dividends.

The principal methodology used in these ratings was Global
Regulated Water Utilities published in December 2009.

Thames Water Utilities Limited is the largest of the ten water
and sewerage companies in England and Wales by both RCV and
number of customers served.  Thames Water provides drinking water
to around 8.8 million customers and sewage treatment for a
residential population of around 14 million in London and the
Thames Valley.

Thames Water is the major subsidiary of Thames Water Limited
which was acquired by Kemble Water Limited, a consortium led by
Macquarie's European Infrastructure Funds, in 2006.

Thames Water (Kemble) Finance PLC (Kemble Finance) is the
financing subsidiary of Kemble Water Finance Limited (Kemble), an
intermediate holding company in the Thames Water Group, where
Thames Water is the principal operating subsidiary.

List of Affected Ratings

Affirmations:

Issuer: Thames Water Utilities Ltd.

  -- Corporate Family Rating, Affirmed Baa1

Issuer: Thames Water Utilities Finance Limited

  -- BACKED Senior Secured Regular Bond/Debenture, Affirmed A3

Issuer: Thames Water Utilities Cayman Finance Limited

  -- BACKED Subordinate Medium-Term Note Program, Affirmed
     (P)Baa3

  -- BACKED Senior Secured Medium-Term Note Program, Affirmed
     (P)A3

  -- BACKED Subordinate Regular Bond/Debenture, Affirmed Baa3

  -- BACKED Senior Secured Regular Bond/Debenture, Affirmed A3

Issuer: Thames Water (Kemble) Finance PLC

  -- BACKED Senior Secured Regular Bond/Debenture, Affirmed B1

Outlook Actions:

Issuer: Thames Water Utilities Ltd.

  -- Outlook, Changed To Stable From Negative

Issuer: Thames Water Utilities Finance Limited

  -- Outlook, Changed To Stable From Negative

Issuer: Thames Water Utilities Cayman Finance Limited

  -- Outlook, Changed To Stable From Negative

Issuer: Thames Water (Kemble) Finance PLC

  -- Outlook, Changed To Stable From Negative


YORKSHIRE BUILDING: Moody's Assigns Ba1(hyb) Rating to PIBS
-----------------------------------------------------------
Moody's Investors Service has withdrawn Yorkshire Building
Society (YBS)'s Permanent Interest Bearing Shares (PIBS - ISIN:
XS0247065674) Baa2 rating and simultaneously assigned a Ba1(hyb)
rating.  The outlook on the rating is stable.  All the other
ratings remain unchanged.

The key driver of Moody's rating action was the identification of
an error in the classification of PIBS when the rating was
assigned in March 2006. YBS' PIBS have the following main
characteristics: i) they are perpetual, non-cumulative and
subordinated to all other liabilities other than liabilities in
respect of other deferred shares; ii) in winding-up or
dissolution of the society, the claims of PIBS rank behind all
other creditors and those of members holding shares; iii) there
is a mandatory coupon skip if payment would result in breaching
capital requirements; and iv) they have an optional coupon
skip/reduction at issuer's discretion. Given the above features,
Moody's considers them preferred non-cumulative shares.

However, when the rating was assigned, PIBS were erroneously
classified as subordinated debt and therefore rated at one notch
below YBS' Baseline Credit Assessment (BCA), in accordance with
Moody's methodology.  Because PIBS are not outstanding as
subordinated debt, Moody's has now withdrawn the Baa2 rating on
PIBS.  Please refer to Moody's Investors Service's Policy for
Withdrawal of Credit Ratings.  The assignment of a Ba1 (hyb)
rating is in line with the current methodology and with the
approach used by Moody's to rate PIBS issued by other building
societies.

The rating on preferred non-cumulative shares is driven by the
BCA.  Upward rating pressure on YBS' BCA could arise from a
continued improvement of its financial performance, significant
further de-risking coupled with improvement in risk composition
and arrears.  Significant deterioration in asset quality or a
negative shift in assumptions underlying forward looking loss
analysis would be factors for determining whether a downward
adjustment in the standalone assessment is appropriate. More
generally a weakening in the UK operating environment impacting
loss-absorption capacity (earnings and capital) along with
deterioration in retail funding to levels that are out of line
with those of peers could lead to downward pressure on YBS' BCA.

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



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


* BOND PRICING: For the Week February 23 to February 27, 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.


                 * * * End of Transmission * * *