TCREUR_Public/150330.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 30, 2015, Vol. 16, No. 62

                            Headlines


A U S T R I A

AUSTRIA: Must Wait Until 2017 to Introduce New Insolvency Law


B U L G A R I A

CORPORATE COMMERCIAL: Collapse Spurs Avalanche of Bankruptcies


F I N L A N D

METSA BOARD: Moody's Says Expansion Plans to Drive Up CapEx


G E R M A N Y

BRENNTAG AG: Moody's Withdraws 'Ba1' Corporate Family Rating


G R E E C E

EUROBANK ERGASIAS: Moody's Raises Rating on Covered Bonds to Ba3
GREECE: To Present Reforms; May Run Out of Cash by April 20
SEANERGY MARITIME: Announces Delivery of a Capesize Vessel


H U N G A R Y

QUAESTOR: Three People Arrested Following Bankruptcy


I R E L A N D

AURIUM CLO I: S&P Assigns 'B' Rating to Class F Notes
EDEN COLLEGE: Court of Appeal Overturns Liquidator Decision
GLG EURO CLO I: Moody's Assigns '(P)B2' Rating to Class F Notes
HARVEST CLO XI: S&P Assigns 'B' Rating to Class F Notes
ION TRADING: Moody's Raises CFR to 'B2', Outlook Stable


I T A L Y

TELECOM ITALIA: Moody's Assigns Ba1 Rating to EUR2BB Sr. Notes


L U X E M B O U R G

BANCO ESPIRITO: Judge Rejects Herdade de Comporta Estate Offers


N E T H E R L A N D S

AJECORP BV: Fitch Cuts US$450MM Notes Rating to BB; Outlook Neg.
SCHAEFFLER FINANCE: Moody's Assigns Ba2 Rating to EUR1.5BB Bonds
SCHAEFFLER FINANCE: S&P Rates Proposed EUR1.5BB Sec. Notes 'BB-'


N O R W A Y

INNOTECH SOLAR: PV Market Uncertainty Prompts Insolvency


R U S S I A

KAMAZ OJSC: Moody's Lowers CFR to 'Ba3', Outlook Negative
LENTA LIMITED: US$225MM Public Offering Credit Pos., Moody's Says
POWER MACHINES: Moody's Lowers CFR to Ba2; Outlook Negative
MOESK OJSC: Moody's Confirms 'Ba2' CFR; Outlook Negative


S P A I N

AVIANCA HOLDINGS: Fitch Affirms 'BB-' LT Issuer Default Rating
AYT CGH CAJA: Fitch Lowers Rating on Class D Notes to 'CCsf'
GRUPO BANCO: Moody's Assigns Caa1 Rating to EUR660MM Notes
TELEFONICA EUROPE: Moody's Affirms Ba1 Preference Stock Rating


T U R K E Y

TURKEY: Moody's Says Outlook for Banking System is Negative


U K R A I N E

AVANGARDCO INVESTMENTS: Fitch Affirms 'CC' Issuer Default Ratings
FERREXPO PLC: Moody's Lowers Corporate Family Rating to Caa3
KYIV: Moody's Cuts Currency Ratings to Ca; Outlook Negative
PRIVATBANK: Moody's Cuts Sr. Unsec. Ratings to Ca; Outlook Neg.
UKRLANDFARMING PLC: Fitch Affirms 'CC' Issuer Default Ratings


U N I T E D   K I N G D O M

CO-OP BANK: Mulls Merger Following Consecutive Heavy Losses
ENQUEST PLC: S&P Affirms 'B+' Corp. Credit Rating; Outlook Neg.
HIKMA PHARMACEUTICAL: Moody's Assigns Ba1 CFR; Outlook Stable
KCA DEUTAG: Moody's Alters Outlook on B3 CFR to Stable
STANDARD CHARTERED: Moody's Assigns Ba1(hyb) to New Tier 1 Secs.


X X X X X X X X

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


                            *********


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A U S T R I A
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AUSTRIA: Must Wait Until 2017 to Introduce New Insolvency Law
-------------------------------------------------------------
Boris Groendahl at Bloomberg News reports that Austrian Finance
Minister Hans Joerg Schelling said Austria needs insolvency rules
for its provinces but should wait for introduction until 2017,
when most guarantees for state-owned banks expire.

According to Bloomberg, Mr. Schelling said Austria and its
provinces should honor their guarantees now and refrain from
alarming financial markets with new laws.

"I'm not against it but I don't think it's a good idea to discuss
it in a period where the capital market is looking at Austria
with great attention," Bloomberg quotes Mr. Schelling as saying.

All guarantees from federal government and Carinthia province for
Heta Asset Resolution are still valid, haven't been triggered,
Bloomberg notes.

Only Carinthia would be in a position to offer a buyback for
Carinthian bonds, it's too early to talk about that now,
Bloomberg states.



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


CORPORATE COMMERCIAL: Collapse Spurs Avalanche of Bankruptcies
--------------------------------------------------------------
FOCUS News Agency reports that an avalanche of bankruptcies of
companies connected to Corporate Commercial Bank has already
swept the Sofia City Court.

In the past few weeks, the two ombudsmen Stanislav Lyutov and
Elena Kostadincheva initiated over 30 insolvency proceedings over
a sum that exceeds BGN600 million, FOCUS News Agency relates.

According to FOCUS News Agency, among the companies, the
bankruptcy of which was requested, is Hedge Investment Bulgaria,
which owns Kemira -- the majority shareholder of Dunarit.

Other companies on the list are CD Management and Rodina
Properties, FOCUS News Agency says, citing the Banker weekly.

                About Corporate Commercial Bank AD

Corporate Commercial Bank AD is the fourth largest bank in
Bulgaria in terms of assets, third in terms of net profit, and
first in terms of deposit growth.

Bulgaria's central bank placed Corpbank under its administration
and suspended shareholders' rights in June 2014 after a run
drained the bank of cash to meet client demands.



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


METSA BOARD: Moody's Says Expansion Plans to Drive Up CapEx
-----------------------------------------------------------
Most European paper and forest product companies will maintain or
increase their capital expenditure (capex) in 2015 to meet their
expansion plans, says Moody's Investors Service in a sector
comment published on March 25. These include Metsa Board
Corporation (B1 positive), Mondi Plc (Baa2 stable), Sappi Limited
(Ba3 stable), Smurfit Kappa Group Plc (Ba1 stable), Stora Enso
Oyj (Ba2 stable) and UPM-Kymmene (Ba1 stable).

Moody's report, titled "2014 Results Show Turnaround Is Gaining
Momentum, Albeit Not For All," is available.

"We expect the aggregate operating income of Moody's rated
European paper and forest product companies to increase by 1% to
3% over the next 12-18 months," says Matthias Volkmer, a Moody's
Vice President -- Senior Analyst and author of the report.

"This reflects our expectation that increased operating earnings
from rated packaging companies will outweigh those from paper
producers, which continue to face secular declines, which is why
our outlook for the sector is stable," observes Mr. Volkmer.

Metsa will increase its capex fourfold in 2015, on the back of
the expansion of its folding boxboard production capacities.
Portucel, S.A. (Ba3 stable) is set to increase its capex
significantly in 2015. Smurfit Kappa's growth and acquisition
strategy has also been expansive, including the recent
acquisition of non-integrated packaging company Grupo CYBSA in
central America. Ence Energia y Celulosa, S.A. (Ence; Ba3
negative) is likely to maintain its capex level, albeit at a
relatively low level on a historical basis.

Among the nine rated European paper and forest product companies
that have reported their preliminary financial results for 2014
so far, the six aforementioned companies recorded single-digit to
double-digit percentage EBITDA growth. In Moody's view, the
improvements in their financial performance mainly reflects their
efforts to reposition or broaden their business profiles away
from the mature European paper market through sizeable, ongoing
investments in related segments and through cost cutting.

Some companies that have sufficient financial flexibility on
account of their profitability improvements have confirmed their
progressive dividend policies in the interests of continuity,
including Mondi, Smurfit Kappa, Stora Enso, and UPM. Meanwhile,
Moody's considers that Norske Skogindustrier ASA (Norske Skog,
Caa2 negative) will only selectively allocate capex for necessary
maintenance purposes due to the company's continuous efforts to
strengthen its cash flow.

Owing to a 3% decline in graphic paper demand in 2014, European
paper and forest product companies with narrow product offerings
would need to make significant efforts to improve their business
prospects in 2015, in Moody's opinion. Ence, Norske Skorg and
Portucel all reported EBITDA declines for 2014. Conversely, their
more diversified competitors have reported significant profit
improvements.

Furthermore, the euro's depreciation is driving up input costs
for non (or partly) pulp-integrated producers. The substantial
new pulp capacity ramping up in Latin America during 2014, mostly
in hardwood pulp, was favorable for non- or partly integrated
players, such as Norske Skogindustrier ASA (Caa2 negative) and
Lecta S.A. (B2 stable) because it temporarily pushed down prices.
However, as the companies' sales are mainly in euros, while their
main input material (pulp) is traded in US dollars, we expect
them to face increased cost pressure in 2015 as a result of the
euro's weakness against the US dollar.



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G E R M A N Y
=============


BRENNTAG AG: Moody's Withdraws 'Ba1' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service assigned a Baa3 long term issuer rating
to Brenntag AG and has concurrently upgraded the rating of
Brenntag Finance B.V.'s senior unsecured notes maturing in 2018
to Baa3.  The outlook on all ratings is stable.

  -- The rating agency has also withdrawn the Ba1 corporate
     family rating (CFR) and Ba1-PD probability of default rating
     (PDR) of the company.

"The Baa3 LT issuer rating assigned to Brenntag recognizes its
ability to maintain a stable financial performance and credit
metrics over the years and during different chemical cycles,
given its large scale and the breadth of its geographic, customer
and product diversification, which underpin its strong business
profile," says Gianmarco Migliavacca, a Moody's Vice President -
Senior Credit Officer and lead analyst for Brenntag. "The stable
outlook is underpinned by our expectation that the company will
continue to display a resilient financial performance and
maintain good liquidity at all times, while pursuing growth both
organically and via bolt-on acquisitions."

The rating action reflects Moody's acknowledgment of Brenntag's
resilient operating and financial performance over time, and its
high degree of financial flexibility, as a result of a
sustainable capital structure and a good liquidity position at
all times, which is supported by the company's ability to
generate strong positive free cash flows every year, irrespective
of the various phases of the chemical industry cycle. Brenntag
generated on average more than EUR 150 million of annual free
cash flows in the last four years, and Moody's anticipates that
the company will continue to generate a similar amount of
positive free cash flows also in the next couple of years,
assuming limited capex and working capital related outflows in
line with recent years' level and a dividend policy targeting an
annual payout ratio within a 30% to 45% range, as per management
guidance. Such positive free cash flow generation allows to
accommodate the company's policy of acquiring small to mid-sized
distributors for an annual aggregate consideration of up to EUR
250m. Brenntag's strong track record in conservatively funding
(with excess cash) and integrating target companies, and Moody's
expectation that this successful acquisition strategy can
continue to be effectively implemented in the foreseeable future,
are supportive credit consideration for the rating. Indeed,
Brenntag, due to its large scale and solid liquidity, should
continue to take advantage of suitable acquisition opportunities,
acting as a main consolidator in a still highly fragmented global
chemical distribution industry.

Moody's rating action also positively factors in Brenntag's 1)
large scale, as the leading global chemical distributor, with
strong market shares in Europe and North America, the largest
chemical markets; 2) strong business profile, characterized by
material product and geographic diversification, further enhanced
by recent acquisitions; and 3) stable operating profitability
over time, which reflects the nature of an asset-light
distribution business model characterized by a structurally low
fixed-cost base and high inventory turnover. These factors
mitigate the relatively low operating margins Brenntag is
displaying, which are typical for the distribution industry.

Albeit main credit metrics in 2014 have remained broadly flat
compared to 2013, as a result of a weaker than expected first
half year results, especially in North America and emerging
markets, Moody's anticipates that the positive momentum built in
the last two quarters of 2014, particularly in Europe and in the
emerging markets, will continue into 2015, and will lead to a
gradual improvement in credit metrics over the next 12 to 18
months, towards a Moody's adjusted gross debt/EBITDA of 3x or
below (from 3.3x in 2014) and a RCF/Debt of approximately 20%
(from 15%), which the rating agency views as more commensurate
for the current rating. In particular, in 2015 Brenntag should
benefit from the six small acquisitions completed in the last
twelve months to March 2015, which should provide an annualized
contribution at the EBITDA level of around EUR 12 million.
Furthermore, the investments in infrastructure and personnel made
by the company during 2013 and 2014 in Latin America and the
Asian Pacific regions, whose aggregate contribution was still
modest in 2014 (slightly less than 15% of consolidated EBITDA),
should also start to translate into more sustained and profitable
growth over the next several quarters, in spite of persistent
weakness in some countries where Brenntag has an established
presence, such as Venezuela and Thailand.

The stable outlook is underpinned by Moody's expectation that the
company will continue to display a resilient financial
performance, with a gross debt/EBITDA at around 3x or below over
the next 12 to 18 months, and maintain good liquidity at all
times, and will remain committed to a prudent financial policy
and a conservatively funded acquisition strategy.

Upward pressure is unlikely, however an upgrade could be
considered over time on Brenntag's rating if the company were
able to improve its financial profile and operate with a ratio of
gross debt/EBITDA (as adjusted by Moody's) that is sustainably
below 2.0x, whilst increasing its retained cash flow (RCF)/debt
ratio (as adjusted by Moody's) sustainably above 30%. Moreover,
to achieve a rating upgrade, management would need to demonstrate
a strong public commitment to investment-grade rating status.

Negative pressure could be exerted on the rating if the company's
financial profile weakens, with gross debt/EBITDA ratio
increasing sustainably above 3.5x and its RCF/debt ratio in the
low teens on a sustained basis. Any material deterioration in
liquidity, and/or deviation from the announced acquisition policy
-- particularly with regard to the avoidance of transformative
debt-funded acquisitions -- could also exert downward pressure on
the rating. Negative pressure may also arise if the company
deviates from its current financial policy.

The principal methodology used in these ratings was Global
Distribution & Supply Chain Services published in November 2011.

Brenntag AG is the world's largest independent chemical
distributor, with an estimated global market share of 6% and
revenues of approximately EUR10 billion in 2014. The group has
market-leading positions in Europe, North and Latin America, with
further expansion underway following a number of acquisitions in
2014 and early 2015. It also has a meaningful presence in the
highly fragmented Asia-Pacific region. Brenntag, a former
division of Stinnes AG (a German logistics group), was sold to
Bain Capital in an LBO in 2004 and in September 2006 to funds
advised by private equity firm BC Partners in a secondary LBO.
Following an IPO in 2010, Brenntag has been listed on the
Frankfurt Stock Exchange. Currently, the company's capital is
entirely free floating as the PE sponsors completely exited the
company in 2012.



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G R E E C E
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EUROBANK ERGASIAS: Moody's Raises Rating on Covered Bonds to Ba3
----------------------------------------------------------------
Moody's Investors Service has upgraded to Ba3 from B2 on review
for upgrade the ratings of the covered bonds issued by Eurobank
Ergasias S.A. (deposits Caa3 on review for downgrade, baseline
credit assessment caa3 on review for downgrade).  This rating
action concludes the review.  The bonds are governed by the Greek
covered bond legislation.

RATINGS RATIONALE

The upgrade was prompted by structural enhancements to the
program.  These include, amongst other things (1) a further
potential maturity extension of the issuer's outstanding covered
bonds; and (2) an increase in the committed over-
collateralization to 25%.  After the amendment of the final terms
of the covered bonds, the final extended maturity dates are now
in 2057. Following a covered bond anchor event (CB anchor event),
the further maturity extension allows for the orderly wind down
of the cover pool to avoid a fire-sale risk for the cover assets.
This reduces the likelihood that the assets will need refinancing
which is one of the key drivers of Moody's Timely Payment
Indicator (TPI).  Moody's has revised the TPI for Eurobank
Ergasias S.A.'s Mortgage Covered Bonds I program to "Probable-
High" from "Very-Improbable".

Moody's believes that the maturity extension substantially
improves the probability for timely payment of principal under
the bonds in case the issuer fails to redeem the covered bonds in
full upon their extended maturity.  Following such event,
principal repayment obligations are automatically postponed until
the final extended maturity date, allowing cash from mortgage
loan collections to meet interest and principal payments for the
covered bonds.

KEY RATING ASSUMPTIONS/FACTORS

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

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

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

The CB anchor for Eurobank Ergasias S.A.'s Mortgage Covered Bonds
I is the deposit rating plus zero notches given the debt ratio is
less than 5%.  Following Moody's methodology update of March
2015, for most issuers Moody's will begin using counter party
risk (CR) assessments to determine the CB anchor once a CR
assessment is assigned to the issuer.

For further details on cover pool losses, collateral risk, market
risk, collateral score and TPI Leeway across covered bond
programs rated by Moody's.

TPI FRAMEWORK: Moody's assigns a TPI, which measures the
likelihood of timely payments to covered bondholders following a
CB anchor event.  The TPI framework limits the covered bond
rating to a certain number of notches above the CB anchor.

For Eurobank Ergasias S.A.'s Mortgage Covered Bonds I, Moody's
has assigned a TPI of Probable-High.

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

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

The TPI assigned to the Eurobank Ergasias S.A.'s Mortgage Covered
Bonds I covered bonds is Probable-High.  The TPI Leeway for
Eurobank Ergasias S.A.'s Mortgage Covered Bonds I is
limited/none.

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

RATING METHODOLOGY

The principal methodology used in this ratings was "Moody's
Approach to Rating Covered Bonds" published in March 2015.


GREECE: To Present Reforms; May Run Out of Cash by April 20
-----------------------------------------------------------
George Georgiopoulos and Thorsten Severin at Reuters report that
Greece risks running out of cash by April 20 unless it secures
fresh aid, leaving little time to convince skeptical creditors it
is committed to economic reform.

After talks with EU leaders including German Chancellor Angela
Merkel, Athens said it will present a package of reforms to its
euro zone partners today, March 30, in hope of unlocking aid and
avoiding a messy default.

According to Reuters, a source familiar with the matter said
Athens is hoping the finance ministers will approve its list and
allow for the return of about EUR1.9 billion (US$2.07 billion) in
profits made by the European Central Bank on Greek bonds.

The source, as cited by Reuters, said Athens also expected the
return of about EUR1.2 billion in cash left in the Greek bank
bailout fund that was taken back by the euro zone last month --
something euro zone officials said the euro zone bailout fund
would discuss on Wednesday, April 1.

                        New Reform Plans

According to BBC News, Greece's creditors are studying new reform
plans put forward by Prime Minister Alexis Tsipras' government in
a bid to secure further bailout funds.

Greece, which submitted the proposals on March 27, says the plans
will raise EUR3 billion (GBP2.2 billion; US$3.3 billion) in state
revenues for the cash-strapped country, BBC relates.

The plan includes moves to combat tax evasion, more
privatizations and higher taxes on alcohol and cigarettes, BBC
discloses.

International creditors have suggested they are ready to extend
help on Greece's EUR240 billion (GBP176 billion; US$272 billion)
bailout until the end of June, BBC relays.

But Mr. Tsipras's earlier reform plans met resistance from EU
leaders, with Germany among the most critical, BBC recounts.

Officials from the EU, the International Monetary Fund (IMF) and
the European Central Bank (ECB) were examining the proposals over
the weekend, with a response expected this week, BBC notes.


SEANERGY MARITIME: Announces Delivery of a Capesize Vessel
----------------------------------------------------------
Seanergy Maritime Holdings Corp. announced the delivery of the
Capesize dry bulk vessel M/V Leadership of 171,199 dwt.  The
vessel was acquired from an unaffiliated third party and was
built by Imabari-Koyo, Japan in 2001.

As previously announced, the gross acquisition cost of the M/V
Leadership was US$17.3 million.  The acquisition cost has been
funded by a senior secured loan agreement with a reputable
financial institution and by the previously announced funding
arrangement with one of the Company's major shareholders.

Stamatis Tsantanis, the Company's chairman & chief executive
officer, stated:  "We are very pleased to announce that the
Company took delivery of its first vessel following the
successful completion of our financial restructuring.  In
addition, we managed to secure a loan facility from a reputable
financial institution to fund a significant part of the
transaction despite the challenging banking environment in the
dry bulk sector.  The remaining part of this acquisition was
funded by a funding arrangement with one of our major
shareholders."

"We believe that Seanergy is in a unique position to rebuild its
fleet at the lowest part of the dry bulk market of the last 20
years.  We are also exploring other investment opportunities that
we expect to generate significant value to our shareholders."

                          About Seanergy

Athens, Greece-based Seanergy Maritime Holdings Corp. is an
international company providing worldwide seaborne transportation
of dry bulk commodities.  The Company owns and operates a fleet
of seven dry bulk vessels that consists of three Handysize, two
Supramax and two Panamax vessels.  Its fleet carries a variety of
dry bulk commodities, including coal, iron ore, and grains, as
well as bauxite, phosphate, fertilizer and steel products.

Seanergy Maritime reported net income of US$10.90 million on
US$23.07 million of net vessel revenue for the year ended
Dec. 31, 2013, as compared with a net loss of US$194 million on
US$55.6 million of net vessel revenue for the year ended Dec. 31,
2012.

Ernst & Young (Hellas) Certified Auditors Accountants S.A., in
Athens, Greece, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2013.  The independent auditors noted that the Company, as of
December 31, 2013 continued to be in breach of certain terms and
covenants of the loan facility with its remaining lender, and had
a working capital deficit and an accumulated deficit.  Following
the disposal of its entire fleet subsequent to December 31, 2013
in the context of its restructuring plan, the Company is unable
to generate sufficient cash flow to meet its obligations and
sustain its continuing operations.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.

As of Sept. 30, 2014, the Company had US$3.13 million in total
assets, US$317,000 in total liabilities and US$2.82 million in
total shareholders' equity.



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H U N G A R Y
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QUAESTOR: Three People Arrested Following Bankruptcy
----------------------------------------------------
Aniko Fenyvesi at Budapest Business Journal reports that three
men were arrested on March 27 in connection with the Quaestor
brokerage case, according to the National Police Headquarters'
Web site, and officials continued to deny insider knowledge in
the case.

According to BBJ, opposition-friendly ATV television channel
revealed on March 26 that one of the individuals arrested is
Quaestor chief and majority owner Csaba Tarsoly.  The arrest
happened almost three weeks after Quaestor allegedly filed for
bankruptcy, although no official filing took place until
March 26, BBJ notes.

Earlier on March 26 at a press conference held by government
spokesperson Andras Giro-Szasz and cabinet chief Janos Lazar,
Mr. Lazar deflected blame for the entire brokerage scandal onto
the brokers, whom he referred to as "thieves" and "liars",
questioning how they even obtained permits to do business in the
first instance, BBJ relates.

The press conference addressed Hungarian Prime Minister
Viktor Orban's admission on March 26 that he had urged government
ministries to withdraw their money from Quaestor moments before
the brokerage firm became insolvent, BBJ relays.  In Mr. Orban's
defense, Mr. Lazar stressed the urgency of removing any
government funds tied up in brokerages, to mitigate losses such
as those experienced by the 50 local councils, which lost large
sums of money in the Quaestor scandal, BBJ recounts.

Critics however charge that the government acted on insider
information from Quaestor, which led to the government
withdrawing HUF3.8 billion from its Quaestor account through
MNKH, a state-owned company supervised by the ministry, BBJ says.
The withdrawal was apparently made on the same day Quaestor
declared insolvency, BBJ notes.

The Ministry of Foreign Affairs insisted earlier last week that
the withdrawal of its funds from Quaestor did not contribute to
the collapse of the brokerage house, BBJ states.  According to
BBJ, the fact that Quaestor transferred cash to the ministry on
March 9, however, most likely contributed to its liquidity
problems which in turn led to its insolvency on that same day.

Quaestor was a Hungarian brokerage firm.



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I R E L A N D
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AURIUM CLO I: S&P Assigns 'B' Rating to Class F Notes
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its credit ratings to
Aurium CLO I Ltd.'s class A, B, C, D, E, and F senior secured
floating-rate notes.  At closing, Aurium CLO I also issued
unrated subordinated notes.

Aurium CLO I is a cash flow collateralized loan obligation (CLO)
transaction securitizing a portfolio of primarily senior secured
loans and bonds granted to speculative-grade European corporates.
Spire Partners LLP manages the transaction.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event.  Following
such an event, the notes would switch to semiannual payment.

The portfolio's reinvestment period ends four years and one month
after the closing date, and the portfolio's maximum average
maturity date is eight years after the closing date.

At the end of the ramp-up period, 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 used the portfolio target par
amount of EUR300.00 million, the covenanted weighted-average
spread (4.10%), the covenanted weighted-average coupon (6.25%),
and the covenanted weighted-average recovery rates at each rating
level.

Citibank N.A., London branch is the bank account provider and
custodian.  The participants' downgrade remedies are in line with
S&P's current counterparty criteria.

The issuer is bankruptcy remote, in accordance with S&P's
European legal criteria.

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

RATINGS LIST

Ratings Assigned

Aurium CLO I Ltd.
EUR308.77 Million Senior Secured Floating-Rate Notes
(Including EUR30.52 Million Subordinated Notes)

Class               Rating              Amount
                                      (mil. EUR)

A                   AAA (sf)            179.50
B                   AA (sf)              33.50
C                   A (sf)               18.00
D                   BBB (sf)             15.50
E                   BB (sf)              21.00
F                   B (sf)               10.75
Sub loan            NR                   30.52

NR--Not rated.


EDEN COLLEGE: Court of Appeal Overturns Liquidator Decision
-----------------------------------------------------------
Tim Healy at Independent.ie reports that the Court of Appeal has
overturned a decision that a liquidator to a third-level college
catering mainly for foreign students can be replaced by one
chosen by the students and other creditors.

The Appeals Court ruled claims by 190 students of Eden College,
aimed at recovering some EUR300,000 fees when they could not
complete their courses, were properly disallowed as claims in the
liquidation, Independent.ie relates.

The three-judge court panel found Anthony J. Fitzpatrick was duly
elected liquidator of Eden Further Education Ltd, the college's
operating company, Independent.ie discloses.

The Appeals Court held that the High Court erred in permitting
Mr. Fitzpatrick to be replaced by a liquidator chosen by the
students and certain other creditors, Independent.ie notes.

The college, based at Dublin's Burgh Quay, blamed its closure in
April 2014 on cash flow difficulties following its suspension,
pending an investigation, from a register of approved colleges by
immigration authorities, Independent.ie recounts.

At a May 2014 creditors meeting, Mr. Fitzpatrick was appointed
liquidator of the operating company whose directors are
Fakir Mohammad Zakir Hossain and his wife Hasina Akter,
Independent.ie relays.

The Irish Council for International Students, representing 216
students, objected to the choice of Mr. Fitzpatrick, of
Fitzpatrick O'Dwyer as liquidator, who was nominated by
Mr. Hossain who also chaired the creditors meeting,
Independent.ie discloses.

The students argued their nominee Declan DeLacy, supported by two
other creditors, the Revenue Commissioners and Dublin City
Council, should have been appointed, according to Independent.ie.

The High Court, as cited by Independent.ie, said the complaint
was not against Mr. Fitzpatrick himself but rather that
Mr. Hossain did not accept the correct proofs as to the voting
rights of the creditors.

The High Court upheld their claims Mr. Hussain, who chaired the
creditors meeting, wrongly disallowed some EUR300,000 claims of
the students and some EUR98,846 of the city council's total rates
claim of EUR220,943, Independent.ie relates.  The High Court
found had those votes been allowed, Mr. DeLacy would have been
appointed liquidator, Independent.ie notes.

The Court of Appeal granted the appeal by Messrs. Hossain and
Fitzpatrick against the High Court decision in a judgment
centering on the correct interpretation of court rules concerning
the appointment of a liquidator at a meeting of creditors in a
voluntary winding up, Independent.ie relates.


GLG EURO CLO I: Moody's Assigns '(P)B2' Rating to Class F Notes
---------------------------------------------------------------
Moody's Investors Service assigned the provisional ratings to
notes to be issued by GLG Euro CLO I Limited:

   -- EUR181,000,000 Class A-1 Senior Secured Floating Rate
      Notes due 2028, Assigned (P)Aaa (sf)

   -- EUR 5,000,000 Class A-2 Senior Secured Fixed Rate Notes due
      2028, Assigned (P)Aaa (sf)

   -- EUR18,100,000 Class B-1 Senior Secured Floating Rate Notes
      due 2028, Assigned (P)Aa2 (sf)

   -- EUR12,000,000 Class B-2 Senior Secured Fixed Rate Notes due
      2028, Assigned (P)Aa2 (sf)

   -- EUR19,000,000 Class C Deferrable Mezzanine Floating Rate
      Notes due 2028, Assigned (P)A2 (sf)

   -- EUR14,800,000 Class D Deferrable Mezzanine Floating Rate
      Notes due 2028, Assigned (P)Baa2 (sf)

   -- EUR19,200,000 Class E Deferrable Junior Floating Rate Notes
      due 2028, Assigned (P)Ba2 (sf)

   -- EUR7,000,000 Class F Deferrable Junior Floating Rate Notes
      due 2028, Assigned (P)B2 (sf)

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions.  Upon a conclusive review of
a transaction and associated documentation, Moody's will endeavor
to assign definitive ratings.  A definitive rating (if any) may
differ from a provisional rating.

RATINGS RATIONALE

Moody's provisional rating of the rated notes addresses the
expected loss posed to noteholders by legal final maturity of the
notes in 2028.  The provisional ratings reflect the risks due to
defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure.  Furthermore, Moody's
is of the opinion that the collateral manager, GLG Partners LP
("GLG Partners"), has sufficient experience and operational
capacity and is capable of managing this CLO.

GLG CLO is a managed cash flow CLO.  At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans.  The portfolio is expected to be approximately 65% ramped
up as of the closing date and to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe.  The
remainder of the portfolio will be acquired during the six month
ramp-up period in compliance with the portfolio guidelines.

GLG Partners will manage the CLO.  It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's four-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk and credit improved obligations, and are subject to certain
restrictions.

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR33,100,000 of subordinated notes.  Moody's
has not assigned rating to this class of notes.

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

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

The rated notes' performance is subject to uncertainty.  The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change.  GLG Partners's investment
decisions and management of the transaction will also affect the
notes' performance.

Loss and Cash Flow Analysis:

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

Moody's used the base-case modeling assumptions:

Par Amount: EUR300,000,000
Diversity Score: 42
Weighted Average Rating Factor (WARF): 2750
Weighted Average Spread (WAS): 4.00%
Weighted Average Coupon (WAC): 5.50%
Weighted Average Recovery Rate (WARR): 43.0%
Weighted Average Life (WAL): 8 years.

As part of the base case, Moody's has addressed the potential
exposure to obligors domiciled in countries with local a currency
country risk ceiling (LCC) of A1 or below.  As per the portfolio
constraints, exposures to countries with a LCC of A1 or below
cannot exceed 10%, with exposures to countries with LCCs of Baa1
to Baa3 further limited to 5%.  Following the effective date, and
given these portfolio constraints and the current sovereign
ratings of eligible countries, the total exposure to countries
with a LCC of A1 or below may not exceed 10% of the total
portfolio.  As a worst case scenario, a maximum 5% of the pool
would be domiciled in countries with LCCs of Baa1 to Baa3 while
the remaining 5% would be domiciled in countries with LCCs of A1
to A3.  The remainder of the pool will be domiciled in countries
which currently have a LCC of Aa3 and above.  Given this
portfolio composition, the model was run with different target
par amounts depending on the target rating of each class of notes
as further described in the methodology.  The portfolio haircuts
are a function of the exposure size to peripheral countries and
the target ratings of the rated notes and amount to 0.75% for the
Class A notes, 0.50% for the Class B notes, 0.38% for the Class C
notes and 0% for Classes D, E and F.

Stress Scenarios:

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

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

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes: 0
Class A-2 Senior Secured Fixed Rate Notes: 0
Class B-1 Senior Secured Floating Rate Notes: -1
Class B-2 Senior Secured Fixed Rate Notes: -1
Class C Deferrable Mezzanine Floating Rate Notes: -2
Class D Deferrable Mezzanine Floating Rate Notes: -2
Class E Deferrable Junior Floating Rate Notes: -1
Class F Deferrable Junior Floating Rate Notes: 0
Percentage Change in WARF: WARF +30% (to 3575 from 2750)
Class A-1 Senior Secured Floating Rate Notes: -1
Class A-2 Senior Secured Fixed Rate Notes: -1
Class B-1 Senior Secured Floating Rate Notes: -3
Class B-2 Senior Secured Fixed Rate Notes: -3
Class C Deferrable Mezzanine Floating Rate Notes: -3
Class D Deferrable Mezzanine Floating Rate Notes: -2
Class E Deferrable Junior Floating Rate Notes: -1
Class F Deferrable Junior Floating Rate Notes: -1

Methodology Underlying the Rating Action:

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


HARVEST CLO XI: S&P Assigns 'B' Rating to Class F Notes
-------------------------------------------------------
Standard & Poor's Ratings Services has assigned credit ratings to
Harvest CLO XI Ltd.'s class A-1, A-2, B-1, B-2, C, D, E, and F
senior secured fixed- and floating-rate notes.  Harvest CLO XI
also issued 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. manages the transaction.

Under the transaction documents, the rated notes pay quarterly
interest unless a frequency switch event occurs.  Following this,
the notes 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+) is the bank
account provider and custodian.  The participants' downgrade
remedies are in line with S&P's current counterparty criteria.

The issuer is in line with S&P's bankruptcy-remoteness criteria.

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

RATINGS LIST

Ratings Assigned

Harvest CLO XI Ltd.
EUR414.7 Million Senior Secured Fixed- And Floating-Rate Notes
(Including Subordinated Notes)

Class            Rating          Amount (Mil. EUR)

A-1              AAA (sf)        229.60
A-2              AAA (sf)        5.00
B-1              AA (sf)         38.90
B-2              AA (sf)         12.00
C                A (sf)          26.50
D                BBB (sf)        20.70
E                BB (sf)         25.70
F                B (sf)          10.70
Subordinated     NR              45.60

NR--Not rated.


ION TRADING: Moody's Raises CFR to 'B2', Outlook Stable
-------------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating (CFR) and the probability of default rating (PDR) of ION
Trading Technologies Limited (ION Trading, or the company) to B2
and B2-PD from B3 and B3-PD respectively.  Concurrently, Moody's
has upgraded to B1 from B2 the rating of ION Trading Technologies
S.a.r.l's US$40 million senior secured revolving credit facility
maturing 2019, its US$170 million and EUR500 million First Lien
Term Loans maturing 2021; and the US$250 million Second Lien Term
Loan maturing 2022 to Caa1 from Caa2.  The outlook on all the
ratings is changed from positive to stable.

RATINGS RATIONALE

The upgrade reflects ION Trading's (1) continuous strong
operating performance with high cash flow generation; (2) a more
conservative financial policy with increased focus on
deleveraging; (3) good revenue visibility as a result of long-
term contracts and high customer retention rates; (4) positive
market dynamics supported by increased outsourcing trends,
regulatory changes and complexity of products; and (5) the
company's leading market position and high margins within a
fragmented industry segment.

The ratings remain constrained by: (1) the relatively high
leverage, although improved through continued EBITDA growth and
debt repayments in 2014; (2) dependence on a narrow range of
software and services for fixed income electronic trading
activities; and (3) high customer concentration with 35% of 2014
revenues generated by its top 10 clients.

In FY2014 (to December) ION Trading showed strong revenue growth
of 12.7% to EUR274 million (excluding the acquisition of FSS)
driven largely by increased sales of ION Trading's products to
existing customers, as well as a significant increase in non-
recurring income from new product launches and large projects.
Whilst non-recurring income is expected to return to normalized
levels in 2015, Moody's believes the company will sustain steady
growth in recurring revenues through cross and upselling to
existing customers and through expansion of its new product
offerings in the US.

Moody's estimates that for 2014 adjusted leverage decreased from
6.8x in FY2013 to below 6x in FY2014 (including the pro-forma
effect of the acquisition of FSS) supported by the strong trading
performance.  The leverage reduction was also supported by
significant voluntary debt prepayments in FY2014 following a
change to a more conservative financial policy.  Leverage also
benefited from the exceptionally high non-recurring income during
the last quarter of 2014.

The company is also exposed to currency fluctuations with USD400
million of debt denominated in US dollars compared to EBITDA
which on a net basis is largely Euro denominated, which Moody's
expects could have an adverse effect on leverage in 2015 if
current trends persist.  Moody's expects adjusted leverage not to
change materially in 2015 driven by continued underlying growth
and further voluntary debt prepayments, partially offset by the
reduction in non-recurring income, and assuming currency exchange
rates remain at current levels.

ION Trading's liquidity is good, supported by strong free cash
flow generation of EUR95 million for FY2014 (based on management
accounts) resulting from its low capex requirements and negative
working capital.  As at Dec. 31, 2014, the company had EUR35
million cash on balance sheet and full availability of its USD40
million revolving credit facility.

The stable outlook reflects Moody's expectation that the company
will maintain adjusted leverage substantially below 6.0x in the
next 12 months and will sustain its current operating
performance. It also reflects the expectation that the company
will adhere to its current financial policy with further
voluntary debt prepayments, no shareholder distributions and
limited debt funded acquisitions.

Positive ratings pressure could develop if ION Trading reduces
adjusted leverage towards 4.5x on a sustainable basis, while
preserving its strong margins and FCF to net debt ratio above
15%, and maintaining a conservative financial policy.

Negative ratings pressure could occur if leverage fails to reduce
below 6.0x, if margins weaken, if FCF to debt falls substantially
below 10% or liquidity profile deteriorates, or if the company
adopts a more aggressive financial policy, either in terms of
acquisitions or shareholder returns.

The principal methodology used in these ratings was Global
Software 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.

Privately owned by ION Investment Group, a TA Associates company,
ION Trading Technologies Ltd. is a global provider of sell-side
trading software and services to banks and other financial
institutions operating in the fixed income markets.  The company
reported revenues of EUR274 million in its management accounts
for FY2014.



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


TELECOM ITALIA: Moody's Assigns Ba1 Rating to EUR2BB Sr. Notes
--------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to the EUR2
billion fixed-rate senior notes issued by Telecom Italia S.p.A.
The notes are senior unsecured instruments with conversion into
equity features. The conversion is not mandatory and the
instrument ranks pari-passu with the rest of rated debt. The
outlook on the rating is negative.

"The Ba1 rating assigned to the notes is in line with Telecom
Italia's Ba1 Corporate Family Rating, which reflects uncertainty
regarding the company's ability to fully and expeditiously
execute its strategy, including strengthening its balance sheet
sufficiently to reverse the declining, albeit slowly improving,
trend in domestic revenue and EBITDA" says Carlos Winzer, a
Senior Vice President and lead analyst for Telecom Italia.

The rating assignment considers the adverse effect on Telecom
Italia's cash flow and balance sheet of deteriorating domestic
revenues and EBITDA, which are a result of the still weak, albeit
improving Italian economy; adverse regulatory effects and still
intense competition in the country. Telecom Italia's business
risk is high, as a result of the company's weak operating
performance and low visibility regarding management's ability to
reverse the declining trend. However, Telecom Italia's Ba1 rating
is supported by the company's (1) scale and geographical
diversification, as a result of its presence in Brazil; (2)
integrated telecoms business model, with strong market positions
in both the fixed and mobile segments; (3) increased capex plan
to address needs to enhance the quality of the infrastructure;
(4) continued commitment to debt reduction and financial
discipline; and (5) high operating margins, ongoing operational
expenditure (opex) reductions and strong liquidity.

The Ba1 rating also factors in deterioration in Telecom Italia's
operating performance, including management's challenge to
achieve EBITDA stability in the short term, and the challenges
management is facing to offset higher business risk with a
stronger financial profile.

Moody's considers Telecom Italia's liquidity to be adequate,
based on the company's free cash flow generation, available cash
resources and committed credit lines, as well as an extended debt
maturity profile. Telecom Italia currently has a cash position of
around EUR4.8 billion (as of December 2014), as well as EUR4
billion and EUR3 billion of forward bank facilities maturing in
May 2017 and March 2018, which fully support debt maturities
through 2018. Moody's takes comfort from Telecom Italia's
diversified sources of funding, as well as from the fact that a
significant portion of its committed lines are with international
banks.

This new EUR2 billion bond issue will support Telecom Italia's
refinancing and enhances the debt maturity profile, which is
back-loaded.  In fact, more than 50% of liabilities are due
beyond 2016 (average debt maturity of seven years).

The negative outlook reflects Moody's expectation that Telecom
Italia will continue to face substantial challenges in the medium
term, including the slow recovery of the weak economy in Italy,
adverse regulation and high levels of competition, all of which
have served to erode the company's domestic revenues and EBITDA.
Although the company's international diversification mitigates
the domestic pressure on its revenues, limited cash up-streaming
and the expected lower growth rates at its Brazilian subsidiary
Telecom Italia Mobile (TIM) Brazil could challenge Telecom
Italia's ability to meet group financial guidance.

Moody's does not currently anticipate upward rating pressure.
However, the rating agency could consider stabilizing the outlook
if the company were able to contain the deterioration in its
financial metrics on the back of a coherent strategy and
supportive macro and operating conditions in Italy. Moody's could
consider a rating upgrade if, alongside the conditions for the
stable outlook, credit metrics were to improve, including a net
adjusted debt/EBITDA comfortably below 2.8x on a sustainable
basis.

Further downward pressure on the rating could potentially result
if (1) the overall economic conditions in Italy continued to
negatively affect Telecom Italia's operating performance and
management is unable to offset this by strengthening the balance
sheet; and (2) the company's net adjusted debt/EBITDA ratio
deteriorates to above 3.2x with no prospect of improvement.

Moody's notes that the terms and conditions of these securities
may be amended, modified or varied by the trustee without holder
consent under certain conditions. The ratings do not anticipate
that any such amendments or modifications will occur, but the
ratings could be affected, positively or negatively, to the
extent that subsequent amendments or modifications meaningfully
impact the perceived risk or claim for debt holders.

The principal methodology used in this rating 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.

Telecom Italia S.p.A. is domiciled in Rome and Milan (Italy).
It's the leading integrated telecommunications provider in Italy,
delivering a full range of services and products, including
telephony, data exchange, interactive content and information and
communications technology solutions. The group reported some 12.5
million fixed-network physical access telephone lines and 30.4
million mobile telephone lines in Italy as of December 2014. The
group is also one of the largest telecoms players in the
Brazilian mobile market, operating through its subsidiary Telecom
Italia Mobile (TIM) Brasil, which had 75.7 million mobile
telephone lines and accounts for 28.9% of the group's total
revenues as of December 2014.



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


BANCO ESPIRITO: Judge Rejects Herdade de Comporta Estate Offers
---------------------------------------------------------------
algarvedailynews.com reports that offers to buy the grand
Espirito Santo estate "Herdade da Comporta" have been rejected by
the Luxembourg judge administering the insolvent Espirito Santo
Property.

According to algarvedailynews.com, the judge politely referred to
the bids for the estate as "too low" which is bad news for those
holding bonds in Espirito Santo Property that were hoping for an
early repayment of at least some of their money.

The insolvency judge from the court in Luxembourg rejected the
only two bids for Espirito Santo Property which holds much of the
property assets of Grupo Espirito Santo including Herdade da
Comporta on the Alentejo coast, the Oeiras Golf & Residence and
Quinta do Peru, algarvedailynews.com relates.

The judge, as cited by algarvedailynews.com, said that the
offers, around EUR60 million, were far too low and he has
suspended the sale process for the time being.

The two proposals, from around 60 initial inquiries, were
submitted by the Cerberus Fund and by Global Reach, run by a
former banker Artur Silva Fernandes, algarvedailynews.com
discloses.

Espirito Santo Property is subject to a Special Revitalisation
Process and among its creditors are hundreds of BES customers who
were mis-sold investments in BES branches, investments which
turned out to be highly speculative paper in parts of an already
collapsing Espirito Santo empire, algarvedailynews.com notes.

Espirito Santo Property is being managed with the help of Ana
Paula Alves who as the former financial manager of collapsed
Rioforte should at least have access to some inside knowledge of
the legal mess at Herdade de Comporta that was created by
Espirito Santo managers for whom planning laws did were for
other, less powerful people, algarvedailynews.com states.

An offer of EUR60 million would barely have covered Espirito
Santo Property's debt of EUR58 million but the rejection of the
highest offer leaves creditors disappointed and in no better
position, according to algarvedailynews.com.

The main creditors are the state which is owed EUR4.9 million and
BCP Millennium which is owed EUR14 million, algarvedailynews.com
says.  The remainder of the creditor are hundreds of BES
customers who ended up with EUR23 million of bonds,
algarvedailynews.com states.

Espirito Santo Property, unlike its sister company Rioforte, is
insolvent and is dependent on the actions of the Luxembourg judge
handling the case, algarvedailynews.com notes.  The Special
Revitalisation Process serves to keep the Portuguese state and
the bank from seizing and auctioning off the real estate assets,
algarvedailynews.com discloses.

                  About Banco Espirito Santo

Banco Espirito Santo is a private Portuguese bank based in
Lisbon, Portugal.  It is 20% owned by Espirito Santo Financial
Group.

In August 2014, Banco Espirito Santo was split into "good"
and "bad" banks as part of a EUR4.9 billion rescue of the
distressed Portuguese lender that protects taxpayers and senior
creditors but leaves shareholders and junior bondholders holding
only toxic assets.  A total of EUR4.9 billion in fresh capital
was injected into this "good bank", which will subsequently be
offered for sale.  It has been renamed "Novo Banco", meaning new
bank, and will include all BES's branches, workers, deposits and
healthy credit portfolios.

In August 2014, Espirito Santo Financial Portugal, a unit fully
owned by Espirito Santo Financial Group, filed under Portuguese
corporate insolvency and recovery code.

Also in August 2014, Espirito Santo Financiere SA, another entity
of troubled Portuguese conglomerate Espirito Santo International
SA, filed for creditor protection in Luxembourg.

In July 2014, Portuguese conglomerate Espirito Santo
International SA filed for creditor protection in a Luxembourg
court, saying it is unable to meet its debt obligations.



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


AJECORP BV: Fitch Cuts US$450MM Notes Rating to BB; Outlook Neg.
----------------------------------------------------------------
Fitch Ratings has downgraded Grupo Embotellador Atic S.A.'s
(Atic) foreign and local currency Issuer Default Ratings (IDRs)
to 'BB' from 'BB+'. Fitch has also downgraded the 'BB+' rating of
Ajecorp B.V.'s (Ajecorp) USD450 million notes due in 2022 to
'BB'. Ajecorp is a wholly owned subsidiary of Atic and is
incorporated in the Netherlands as a limited liability company.
Ajecorp's 2022 notes are unconditionally guaranteed by Atic and
its key operating subsidiaries.

The Rating Outlook is Negative.

The rating action is supported by Atic's weak performance,
particularly in Brazil and Mexico, as well as an increased net
leverage ratio of 4.0x. The rating action also reflects that the
integration of Atic's Indonesian operations into the guarantee is
less positive than initially expected. The group's permitted
investment basket has increased due to the integration of
Indonesia, and while allowed under the indenture, continue to
remain a credit concern given Atic's track record.

KEY RATING DRIVERS

Weak Performance and Increased Leverage

Fitch remains concerned about Atic's weak free cash flow
generation due to sluggish macroeconomic environments in Peru,
Brazil, Mexico, and Venezuela. Pressure in most of these markets
is expected to continue during 2015 due to a variety of factors
including: currency depreciation, slow economic growth, rising
unemployment, elevated inflation and rising consumer debt.

Atic's performance in Brazil and Mexico continues to be negative
despite the company's restructuring efforts; Mexican operations
reported negative USD16 million in EBITDA for the latest 12
months (LTM) ended Sept. 30, 2014 and Brazilian operations
reported negative USD10 million. Atic's consolidated EBITDA
during the same period has declined to USD116 million from USD140
million in 2013 and USD151 million in 2012.Atic's net debt/EBITDA
ratio has increased to 4.0x as of the LTM ended Sept. 30, 2014
from 3.1x in 2013 and 2.2x in 2012 due to weak cash flow
generation.

Integration of Indonesian Operations Less Positive Than Expected

With the incorporation of Indonesia net leverage declines from
4.0x to 3.9x as of the LTM ended Sept. 30, 2014. The EBITDA
contribution from operations in Indonesia significantly declined
in 2014 due to strong competition from Coca-Cola. Indonesia is
one of Atic's most important markets and the company has a market
share of about 40%.

Historical Use of Permitted Investments

The size of the allowable investments/loans to related parties
has increased due to the incorporation of the Indonesian
operations into the guarantee structure in December 2014. These
operations were previously under Atic's sister company, Callpa
Limited, a beverage company owned by Atic's controlling
shareholders, the Ananos family. Callpa has the same management
team as Atic, and its purpose is to develop operations in new
markets in Asia and Africa that produce and sell Aje-brand
beverages.

Atic has historically used this basket to fund start-up
operations under Callpa like Indonesia. While these investments
are permitted under the bond indenture, it is still a credit
concern given the company's track record.

RATING SENSITIVITIES

A negative rating action would occur if loans to related parties
increase from current levels, and/or poor performance continues
in Brazil and/or Mexico. A negative rating action could occur if
net leverage does not decline to below 3.5x within the next 12 to
18 months.

KEY ASSUMPTIONS

   -- Low economic growth in Peru, Brazil, Mexico, and Venezuela.


SCHAEFFLER FINANCE: Moody's Assigns Ba2 Rating to EUR1.5BB Bonds
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the
proposed senior secured bonds totaling around EUR1.5 billion
issued by Schaeffler Finance B.V., with maturities ranging
between 2020-2025.  Schaeffler AG's corporate family rating (CFR)
of Ba3 remains unchanged.  The outlook on the ratings is stable.

RATINGS RATIONALE

The proceeds from the proposed issuance will be used to refinance
two senior secured bonds maturing 2017 totaling roughly EUR1.3
billion (so called February 2017 bonds), with the remainder
related to transaction costs (mostly make-whole premium owing to
the early repayment of the February 2017 bonds).  The somewhat
higher amount of debt following the transaction is offset by
Schaeffler's strong operational performance in 2014, as well as
lower interest paid going forward and improved maturity profile.
As such, Moody's continues to view Schaeffler's CFR as solidly
positioned at Ba3.

The Ba2 rating on the proposed senior secured bonds reflects
their pari passu ranking with outstanding senior secured
indebtedness raised at operating level (ie. senior secured bonds
issued by Schaeffler Finance B.V. and senior secured loans issued
by Schaeffler AG).  Although the security package of these
instruments no longer contains pledge of shares in Continental AG
(Baa3 stable), these continue to benefit from the parent
guarantee of Schaeffler Verwaltung Zwei GmbH, which indirectly
owns 36% stake in Continental.  The Ba2 rating, one notch above
Schaeffler's CFR, also reflects their structurally preferred
position above all debt instruments within the Schaeffler group
in a default scenario.

However, Moody's expect that once February 2017 bonds are
refinanced, the Schaeffler Verwaltung Zwei GmbH's guarantee will
eventually fall away from senior instruments.  When this event
occurs, both senior term loan holders and senior bond holders
will no longer have access to any Continental shares.  Even
though the loss of access effectively leads to deterioration of
the senior lenders' position, the senior ratings (i.e., Ba2
secured and B1 unsecured) should remain unchanged, although with
diminished headroom at their respective rating categories.  These
ratings should not change provided Schaeffler's CFR continues to
be solidly positioned at Ba3.

At the same time, an event leading to the guarantee falling away
would improve the position of the junior lenders at holding
level, as they would become the sole beneficiaries of the value
of the shares in Continental.  Through the guarantee from
Schaeffler Verwaltungs GmbH, the junior bondholders would benefit
from the 46% stake in Continental as underlying credit support
that would no longer be shared with senior lenders, even though
only 8.3% had been pledged.  Market capitalization of Continental
is currently around EUR45 billion, i.e. Schaeffler Verwaltungs
GmbH share in Continental has a value of approximately EUR21
billion.  The guarantee fall-away event will thus considerably
improve the positioning of junior bonds within the B1 rating
category. However, junior debt at holding level will continue to
be structurally subordinated to all debt at operating level (both
secured and unsecured), which is reflected in their rating one
notch below Schaeffler's Ba3 CFR.

Schaeffler's Ba3 CFR is supported by the group's solid business
profile evidenced by (1) leading market positions in the bearings
and automotive component and systems market with number one to
three positions across the wide ranging product portfolio in a
relatively consolidated industry; (2) its leading mechanical
engineering technology platform supporting a competitive cost
structure and the development of innovative products; (3) a well
diversified customer base, especially in the Industrial division
but also to the extent possible in the consolidated automotive
industry, and with a sizable aftermarket business accounting for
around one quarter of revenues.

The rating also benefits from (4) Schaeffler's proven business
model with a good track record of operating performance and
margin levels well above the automotive supplier industry average
as well as (5) a good innovative power evidenced by a high number
of patents, founded on a notable amount of R&D expenses of above
5% of revenues per year.

Considering the scale and strong business profile, the Ba3 CFR is
predominantly constrained by very high combined indebtedness,
with reported senior and junior debt totaling almost EUR10
billion, resulting in a fairly high leverage (Moody's adjusted
debt/EBITDA of 4.6x for the last-12-months to June 2014).  This
is further exacerbated by the fact that absent of any external
deleveraging transaction, leverage is unlikely to materially
improve just from internally generated cash flows.  Another
constraint for the CFR is the organizational and legal complexity
and evolving structure of Schaeffler in its current state.

WHAT COULD CHANGE THE RATING UP/DOWN

Schaeffler's CFR is currently solidly positioned.  It could be
upgraded should Schaeffler be able to (i) generate sustainably
positive free cash flows and (ii) improve Moody's adjusted
debt/EBITDA to 4.0x (4.6x for the last-12-months to June 2014)
either from internally generated cash flows or from proceeds
received from assets sales or equity increases.

The Ba3 CFR could come under pressure in case of a significant
weakening of Schaeffler's operating performance, as indicated by
Moody's adjusted EBITA margins below 10% (12.9% for the last-12-
months to June 2014), or Moody's adjusted debt/EBITDA above 5.0x,
assuming no material deterioration of economic environment.
Material negative free cash flow and weakening liquidity, for
instance owing to tightening headroom under its financial
covenants, could also lead to a downgrade.

The principal methodology used in these ratings was Global
Automotive Supplier Industry published in May 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.

Headquartered in Herzogenaurach, Germany, Schaeffler AG is among
leading manufacturers of rolling bearings and linear products
worldwide, as well as a renowned supplier to the automotive
industry.  The company develops and manufactures precision
products for machines, equipment and vehicles as well as in
aviation and aerospace applications.  The group operates under
three main brands -- INA, FAG and LuK.  In 2014 Schaeffler
generated revenues of more than EUR12 billion.  Schaeffler is a
private company, which is ultimately owned by members of
Schaeffler family through holding entities.


SCHAEFFLER FINANCE: S&P Rates Proposed EUR1.5BB Sec. Notes 'BB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned an issue rating of
'BB-' and a recovery rating of '3' to the proposed EUR1.5 billion
senior secured notes due 2020-2025.  The notes are to be issued
by Schaeffler Finance B.V., a financing vehicle of Germany-based
auto component and systems and industrial bearings manufacturer
Schaeffler AG (Schaeffler; BB-/Stable/--).  S&P's recovery
expectations in the event of default are in the lower half of the
50%-70% recovery range.

Schaeffler has indicated it will use the proceeds from the
proposed notes to refinance its EUR800 million 7.75% senior
secured notes due 2017 and the US$600 million 7.75% senior
secured notes due 2017.  The proposed EUR1.5 billion senior
secured notes will share the same security and guarantee package
as the group's existing senior secured loans and notes.

At the same time, S&P affirmed its 'BB-' issue ratings on the
existing senior secured notes issued by Schaeffler Finance B.V.
and the senior secured EUR1.8 billion term loan B borrowed by
Schaeffler AG (formerly INA Beteiligungsgesellschaft mbH).  The
'3' recovery ratings on these debt instruments are unchanged.

S&P also affirmed its 'B' issue ratings on Schaeffler Finance
B.V.'s EUR500 million senior unsecured notes due 2019 and on
Schaeffler Holding Finance B.V.'s payment-in-kind (PIK) notes due
2018, 2019, 2021, and 2022.  The '6' recovery ratings on these
instruments remain unchanged.

RECOVERY ANALYSIS

S&P's recovery rating of '3' on the senior secured notes issued
by Schaeffler Finance B.V. (including the proposed secured notes)
and the senior secured term loans borrowed by Schaeffler AG are
supported by the pari passu ranking of the credit facilities and
the notes.  The ratings are constrained by Schaeffler's high
debt, lack of tangible asset security, and the complexity of its
capital structure.

The recovery rating of '6' on the EUR500 million unsecured notes
issued by Schaeffler Finance B.V. and the secured PIK notes
issued by Schaeffler Holding Finance B.V. is primarily
constrained by the notes' structural subordination to the
significant senior debt issued under Schaeffler AG.

S&P's hypothetical default scenario assumes that Schaeffler could
default if its operating performance deteriorated markedly and
free cash flow generation declined to the point that the company
would not be able to refinance the debt facilities and notes
maturing in 2019.

S&P values the group as a going concern, given Schaeffler's
strong brand name and leading positions in some auto component
and industrial bearing segments.

Simulated default and valuation assumptions:

   -- Year of default: 2019
   -- EBITDA at emergence: EUR974 million
   -- Implied enterprise value multiple: 6.0x
   -- Jurisdiction: Germany

Simplified waterfall:

   -- Gross enterprise value at default: EUR5.8 billion
   -- Administrative costs: EUR409 million
   -- Net value available to creditors: EUR5.4 billion
   -- Priority claims: EUR997 million
   -- Senior secured debt claims: EUR7.5 billion*
   -- Recovery expectation: 50%-70% (lower half of the range)
   -- Senior unsecured debt claims: EUR508 million*
   -- Recovery expectation: 0%-10%
   -- Subordinated debt claims: EUR5.0 billion*
   -- Recovery expectation: 0%-10%

* All debt amounts include six months' prepetition interest and
  assume accrued interest on the PIK toggle notes.



===========
N O R W A Y
===========


INNOTECH SOLAR: PV Market Uncertainty Prompts Insolvency
--------------------------------------------------------
PV-Tech reports that Innotech Solar has filed for insolvency
blaming uncertainty in the European market for its troubles.

The Norwegian firm filed for insolvency on March 24 in Narvik,
Norway, while its German subsidiaries ITS Innotech Solar Module,
ITS Halle Cell and Energiebau Solar Power all filed for
insolvency in Cologne on March 25, PV-Tech relates.

Rudiger Bauch of insolvency practitioners Schultze & Braun has
been appointed as preliminary administrator and will consult with
the company's creditors, assist its restructure and supervise the
economic situation, PV-Tech discloses.

According to PV-Tech, Jerry Stokes, chief executive at Innotech
Solar, said the firm had failed to "achieve the financial
stability" needed to operate within the PV industry but reserved
strong criticism for the wider European market.

"The main reason for this failure is not the ITS business model,
but the general uncertainty within the European PV market through
sudden policy change and poor enforcement until very recently of
the minimum price undertaking agreed with the Chinese Government,
combined at a seasonal time when demand was low," PV-Tech quotes
Mr. Stokes as saying.

The group's insolvency will affect its 120 employees, however
wages and salaries are secured until the end of May by Germany's
Insolvenzgeld insolvency fund, PV-Tech notes.

Innotech Solar is a PV module supplier.



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


KAMAZ OJSC: Moody's Lowers CFR to 'Ba3', Outlook Negative
---------------------------------------------------------
Moody's Investors Service downgraded to Ba3 from Ba2 the
corporate family rating and to Ba3-PD from Ba2-PD the probability
of default rating of Kamaz OJSC, a leading Russian truck
producer. The outlook on the ratings is negative.

The action concludes the review for downgrade of Kamaz's ratings,
which was part of the review for downgrade of ratings of 45
Russian non-financial corporates launched by Moody's on Dec. 23,
2014.  The review was prompted by the severe and rapid
deterioration in the operating environment in Russia and the
heightened risk of a more prolonged and acute economic downturn
than originally expected.

The downgrade of Kamaz's rating to Ba3 from Ba2 was triggered by
deterioration in Kamaz's standalone creditworthiness, as measured
by the company's baseline credit assessment (BCA), to b3 from b2
under Moody's government related issuer (GRI) methodology. That
said, Kamaz's Ba3 rating continues to factor in sizeable uplift
to its b3 BCA, given Moody's assumption of the strong probability
of state support in the event of financial distress. Moody's
views Kamaz as a GRI as it is 49.9% owned by the Russian
government (Ba1 negative) through State Corporation
Rosstechnologii (RosTec, not rated). The support assumption
considers a RUB35 billion ($574 million) guarantee issued by the
government to cover Kamaz's new borrowings to fund its capex
program.

The deterioration of Kamaz's standalone creditworthiness has been
driven by the severe and rapid downturn in demand for the
company's products on the back of the weakening of Russia's
economic and financial environment, as captured by Moody's
downgrade of Russia's sovereign rating and country ceiling to Ba1
from Baa3 with negative outlook on February 20, 2015. In the
first half of 2014, the domestic truck market contracted by
around 20% according to Moody's estimate, pressuring Kamaz's
EBITA margin to 0.6% and driving up leverage to 6.6x debt/EBITDA
as of mid-2014 (the ratios include Moody's standard adjustments).
A special government program temporarily supported the demand for
trucks in the fourth quarter of 2014, but did not reverse the
overall negative trend.

In addition to market weakness, Kamaz's profitability was also
negatively affected by a significant depreciation of the Russian
rouble in 2014, which added to cost increases as some truck
components are priced in hard currency, while the bulk of
revenues is generated in roubles. Having projected a contraction
of Russia's GDP by 5.5% in 2015 and by 3% in 2016, Moody's does
not expect a material recovery in the Russian truck market and
hence in the company's financial profile in the next 12-18
months, with EBITA margin and leverage remaining below 2.5% and
above 5x, respectively, which is commensurate with the b3 BCA.

Moody's considers Kamaz's end-2014 liquidity as adequate, given
that its short-term debt obligations are covered by cash reserves
of RUB9.4 billion and long-term committed credit facilities of
around RUB10.7 billion predominantly with state-owned banks. The
government guarantee, which should cover new borrowings to fund
capex, will also mitigate pressure on the company's liquidity in
the weak operating environment while allowing the company to
continue with its modernization program.

Kamaz's b3 BCA remains underpinned by (1) Kamaz's strong position
in the Russian truck market, with its share in the domestic
market exceeding 40%; (2) co-operation through joint ventures and
partnerships with leading global auto parts and automotive
producers such as Cummins Inc. (A2 stable), ZF Friedrichshafen AG
(unrated) and Kamaz's minority shareholder Daimler AG (A3
positive); and (3) the company's focus on efficiency improvements
and cost optimisation.

The negative outlook on Kamaz's rating reflects the negative
outlook on the Russian sovereign rating and concerns over the
further weakening of Russia's operating environment and hence of
the Russian truck market, which may result in further
deterioration of the company's financial profile and liquidity
position.

Kamaz's rating could be downgraded if (1) Moody's sees a
worsening of the Russian operating environment and sovereign
creditworthiness; (2) the company's key market weakens and its
financial and/or liquidity profile deteriorates; or (3) there is
a revision downwards of Moody's assessment of the probability of
the Russian government providing extraordinary support to Russian
GRIs and/or Kamaz in particular in the event of financial
distress.

Given the current negative trends in the domestic trucks market
and negative outlook on Kamaz's rating, Moody's does not envisage
positive pressure on the rating in the next 12-18 months.
Nevertheless, Moody's would consider an upgrade if (1) conditions
in the domestic trucks market recover and stabilise; and (2) the
company improves its liquidity and there is a sustainable
recovery in its margins and financial metrics, with EBITA margin
trending above 2.5% and leverage below 5x.

The principal methodology used in this rating was Global
Manufacturing Companies published in July 2014. Other
methodologies used include Government-Related Issuers published
in October 2014.

Kamaz OJSC is a leading player in the Russia market producing a
wide range of commercial vehicles, including trucks, trailers,
tow tractors and buses. The company also manufactures engines,
power units, and various tools and auto parts. Russia's 100%
state-owned investment holding State Corporation Rosstechnologii
(RosTec, not rated) holds a 49.9% stake in Kamaz. Another key
shareholder is Daimler AG (which owns 15% of Kamaz's share
capital). In the last 12 months through June 2014, Kamaz
generated revenue of RUB108.8 billion (around $3.2 billion) and
adjusted EBIT of RUB548 million (around $16 million).


LENTA LIMITED: US$225MM Public Offering Credit Pos., Moody's Says
-----------------------------------------------------------------
Moody's Investors Service has said that leading Russian discount
food retailer, Lenta Limited's (B1 stable), successful US$225
million (over RUB13 billion, around 8% equity stake) secondary
public offering (SPO) on March 24, is credit positive for the
company.  The equity placement, which is in the form of global
depository receipts (GDRs), will allow it to repay all its short-
term debt and accelerate its capital expenditure program without
increasing leverage.

The SPO also demonstrates Lenta's (1) adherence to a conservative
financial policy, while pursuing aggressive growth plans; and (2)
continued ability to tap international capital markets, despite
the challenging macroeconomic and political situation in Russia
and challenges related to fundraising by Russian corporates.

The company plans to use the bulk of the proceeds to repay all
its short-term debt, which stood at RUB12.3 billion as of
end-2014, representing 17% of the total debt portfolio.  The
company also announced the consequent acceleration of its
expansion program in 2015-16 with a capex increase of around RUB5
billion in 2015 (to RUB30 billion in total).  Lenta will spend
the majority of these funds in the second half of the year as
operating cash flows will be freed up following early debt
repayments.

Moody's understands that Lenta's decision to place new equity was
driven by its intention to take advantage of fresh growth
opportunities in Russia's food retail market, while adhering to
its internal financial policies at the same time.  Lenta's recent
operating results, with 15% like-for-like sales growth in
January-February 2015, including 7.7% growth in customer traffic,
confirm the trend in the Russian food retail market in favor of
cheaper formats amid the country's increasingly challenging
macroeconomic environment which drives up inflation reducing real
incomes. Moody's expects that large discount grocery chains such
as Lenta will continue to win additional traffic in 2015 at the
expense of more expensive formats such as supermarkets and
hypermarkets.  The acceleration of its capex program will allow
Lenta to capture these opportunities.

Lenta has sufficient liquidity to comfortably accommodate the
planned step-up in capex with committed credit lines, RUB12
billion of cash balance as of end-2014 and strong operating cash
flow generation.  However, funding through the SPO will add to
the company's financial flexibility and will allow it to stay
within its leverage targets of net debt/EBITDA below 3.0x.  With
reported net debt/EBITDA of 2.8x as of end-2014, the company had
limited headroom within its financial policy to proceed with the
capex increase without exceeding its internally set leverage
targets. The SPO proceeds will reduce Lenta's leverage and
provide additional capacity to fund capex without attracting
additional borrowings, which the sharp rise of interest rates
since December 2014 also made very expensive and unattractive.

As well as enhancing Lenta's credit profile, the SPO confirms the
company's commitment to pursuing a conservative financial policy.
While the company's publicly-stated, primary strategic focus is
on aggressive growth, its leverage and liquidity management
remain prudent and within internal leverage guidance.

The SPO also demonstrates Lenta's continued ability to access
international capital markets as an alternative source of
funding, despite rising concerns about the availability of
international funding for Russian corporates amid the country's
deteriorating macroeconomic and financial environment and ongoing
geopolitical tensions.

Headquartered in St. Petersburg, Russia, and incorporated in the
British Virgin Islands, Lenta Limited (Lenta) is one of the
leading Russian food retailers, predominantly operating a chain
of hypermarkets in Russia.  As of March 2015, the company
operated 135 stores (around 721,000 square meters of selling
space including 111 hypermarkets and 24 supermarkets) in 62 major
Russian cities and five distribution centers.


POWER MACHINES: Moody's Lowers CFR to Ba2; Outlook Negative
-----------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) and the probability of default rating (PDR) of Power
Machines OJSC (PM) to Ba2 from Ba1 and to Ba2-PD from Ba1-PD,
respectively.  The outlook on the ratings is negative.

The action concludes the review for downgrade of PM's ratings,
which was part of the review for downgrade of ratings of 45
Russian non-financial corporates launched by Moody's on 23
December 2014.  The review was prompted by the severe and rapid
deterioration in the operating environment in Russia and the
heightened risk of a more prolonged and acute economic downturn
than originally expected.

Ratings Rationale

The downgrade reflects Moody's expectation that PM, a leading
Russian manufacturer of equipment and integrated solution for
power generation businesses, will be negatively affected by the
weakening of Russia's economic and financial environment, as
captured by Moody's downgrade of Russia's sovereign rating and
country ceiling to Ba1 from Baa3 with negative outlook on 20
February 2015.  In Moody's view, in this environment, the
company's financial flexibility will weaken and leverage may
increase to levels not commensurate with the Ba1 rating category
for PM's high business risk profile.

Moody's expects a reduction in demand for PM's products and
unfavorable adjustments to the company's contractual arrangements
with largest government-controlled customers in the Russian power
generation sector.  Encouraged by the government, these customers
are significantly reducing or postponing their capex programs in
the weak economy as well as increasing pressure on suppliers to
achieve lower prices and better payment terms, which are likely
to translate into heightened working capital requirements for PM.
PM's ability to withstand pressure is limited, given the
company's modest size, high country, product and customer
concentration.  As a result, the company's cash flow generation
is likely to become more volatile, both reducing the liquidity
cushion and driving leverage up to 2x debt/EBITDA or above from
1.5x at end-2014, including Moody's standard adjustments.

Similar to other heavy manufacturers, risks related to contract
execution and disputes with customers will continue adding to
PM's cash flow volatility.  More specifically for PM's developing
corporate governance and single ownership, large debt-funded
dividend payments of the recent past resulted in a sizeable
negative free cash flow.  A new dividend policy, if any, aligned
with the market environment has yet to materialize.

PM's liquidity remains dependent on the company's cash flow
generation, actual capex and dividend policy.  PM has significant
(over 50% of the total debt portfolio) short-term debt maturities
of around $425 million as of end-2014, which were not fully
covered by end-2014 cash reserves of $334 million.  The gap was
covered by availabilities of $335 million under long-term
committed facilities, primarily with state-owned banks.  However,
noted cash generation volatilities continue to weigh on the
liquidity buffer.

At the same time, PM's Ba2 rating continues to benefit from (1)
the company's dominant position in Russia's market for equipment
and solutions for domestic power generators and a sizeable order
book valued at around US$5.4 billion at end-2014; (2)
historically high margins, which implies some level of
flexibility for the company in the weak market environment; (3) a
cushion under financial metrics for the current Ba2 rating.

RATIONALE FOR NEGATIVE OUTLOOK

The outlook on PM's rating is negative, reflecting PM's exposure
to the deteriorating Russian operating environment, which is also
captured by the negative outlook on Russia's government bond
rating.  As a result, PM may face a more severe and rapid
reduction of demand and more unfavorable revision of terms of
cooperation by its large state-owned customers from the domestic
power generation sector, which could lead to negative free cash
flow generation, as well as higher leverage and weaker liquidity
than anticipated for the Ba2 rating.  Moody's will also be
monitoring whether a new dividend policy will be introduced to
take into account the weak market environment.

WHAT COULD CHANGE THE RATING DOWN/UP

The rating is likely to be downgraded if (1) Russian operating
environment deteriorates further resulting in further downgrade
of the sovereign rating and/or lowering the sovereign ceiling;
(2) PM's financial metrics weaken with debt/EBITDA exceeding 2.5x
on a sustained basis, coupled with a strained liquidity.

Given the deteriorating operating environment in Russia and
pressure on the sovereign credit quality, PM's weak key markets
and the risk of the company's financial profile and liquidity
deteriorating, upward pressure on PM's rating is unlikely at
present.

PRINCIPAL METHODOLOGY

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

Headquartered in St. Petersburg, Russia, Power Machines OJSC (PM)
is a manufacturer of a wide range of electric power generating
equipment (turbines, generators, boilers and other equipment) and
integrated solutions for electric power plants of all types and
sizes.  100% of PM's share capital is indirectly controlled by
Mr. Aleksey A. Mordashov.  In 2014, PM generated revenue and
adjusted EBIT of US$1.8 billion and US$0.4 billion, respectively.


MOESK OJSC: Moody's Confirms 'Ba2' CFR; Outlook Negative
--------------------------------------------------------
Moody's Investors Service confirmed the Ba2 corporate family
rating and Ba2-PD probability of default rating of five
electricity distribution grid subsidiaries of JSC ROSSETI (Ba2
negative): MOESK, OJSC, Lenenergo, JSC, IDGC of Center and Volga
Region, JSC, IDGC of Volga JSC and IDGC of Urals, 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 CFRs of all five distribution grids are based on a
combination of the companies' standalone credit strength and a
one-notch rating uplift for a degree of shareholder/state support
available given their strategic role in the economy of their
respective regions and their control by state owned shareholder
Rosseti.

The rating confirmations reflect Moody's view that (1) the
agency's assessment of probability of shareholder/state support
to the companies via Rosseti remains appropriate; and (2) the
companies' will be able to maintain adequate financial
performance and liquidity by adjusting downward their capital
expenditures programs in the next 12-18 months to match them both
with the reduced demand for their services and with the
government's tariff decisions, thus reducing the demand for new
debt. However, Moody's notes that the financial metrics cushion
that these companies have in excess of the agency's guidance for
the current rating will narrow going forward due to deteriorating
macroeconomic conditions in Russia. Moody's has reflected this
likelihood in the negative outlook for the ratings.

The outlook on the ratings is negative, reflecting Moody's
expectations that macroeconomic conditions in Russia will remain
challenging over the next 12-18 month. This will weaken the
domestic electricity market environment putting pressure on the
demand for the companies' services and increase the risk that
their financial metrics depart from Moody's guidance for the
current Ba2 rating and their liquidity weaken.

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 macroeconomic conditions in
Russia were to stabilize, provided (1) there was no material
deterioration in company-specific factors, including operating
and financial performance and liquidity; (2) the support from
companies shareholder -- Rosseti -- would remain unchanged.

Downward pressure on all rating will develop if (1) there were a
severe deterioration of the operating environment resulting from
a deeper and more protracted decline in economic activity in
Russia than previously anticipated; (2) weakening support from
state-related shareholder ROSSETI; (3) a negative shift in the
developing regulatory and market framework; and (4) companies'
failure to manage their investment programs in line with the
tariff decisions resulting in a deterioration of their financial
profile, margins and liquidity.

Downward pressure on the ratings of MOESK and Lenenergo could
result from deterioration of their financial profiles, with FFO
interest coverage falling materially and persistently below 3.5x
and FFO/net debt falling below 20%. Downward pressure on the
ratings of IDGC of Center and Volga Region, IDGC of Volga and
IDGC of Urals could develop if their financial profiles weaken
going forward with total FFO interest coverage falling materially
and persistently below 4.0x and FFO/net debt below the mid-
twenties in percentage terms. Inability to timely address
liquidity needs could negatively influence the rating as well.

Confirmations:

Issuer: IDGC of Center and Volga Region, JSC

  -- Probability of Default Rating, Confirmed at Ba2-PD

  -- Corporate Family Rating (Foreign Currency), Confirmed at Ba2

  -- Corporate Family Rating (Local Currency), Confirmed at Ba2

Issuer: IDGC of Urals, JSC

  -- Probability of Default Rating, Confirmed at Ba2-PD

  -- Corporate Family Rating (Foreign Currency), Confirmed at Ba2

  -- Corporate Family Rating (Local Currency), Confirmed at Ba2

Issuer: IDGC of Volga, JSC

  -- Probability of Default Rating, Confirmed at Ba2-PD

  -- Corporate Family Rating (Foreign Currency), Confirmed at Ba2

  -- Corporate Family Rating (Local Currency), Confirmed at Ba2

Issuer: Lenenergo, JSC

  -- Probability of Default Rating, Confirmed at Ba2-PD

  -- Corporate Family Rating (Foreign Currency), Confirmed at Ba2

Issuer: MOESK, OJSC

  -- Probability of Default Rating, Confirmed at Ba2-PD

  -- Corporate Family Rating (Foreign Currency), Confirmed at Ba2

Outlook Actions:

Issuer: IDGC of Center and Volga Region, JSC

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: IDGC of Urals, JSC

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: IDGC of Volga, JSC

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Lenenergo, JSC

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: MOESK, OJSC

  -- Outlook, Changed To Negative From Rating Under Review

The principal methodology used in these ratings was Regulated
Electric and Gas Networks published in November 2014.

Headquartered in the city of Moscow, OJSC MOESK is Russia's
largest regional electricity distribution grid company servicing
the Moscow region. Regulated revenues, including electricity
transmission revenues and connection charges, accounted for
around 99% of MOESK's 2013 total revenues of RUB129.1 billion
(US$4.0 billion).

Headquartered in the city of St. Petersburg, JSC Lenenergo
(Lenenergo) is one of Russia's major regional electricity
distribution grid companies, focused on the St. Petersburg region
(including the city of St. Petersburg and the Leningrad oblast).
Lenenergo is a regulated natural monopoly, whose electricity
transmission revenues accounted for around 83.2% of its 2013
total revenues of RUB39.9 billion, or around US$1.3 billion
(before normal technological losses).

Headquartered in the city of Nizhniy Novgorod, Russia, JSC IDGC
of Center and Volga Region (IDGC of Center and Volga Region) is
an interregional electricity distribution grid business, focused
on nine regions in the European part of Russia. The company's
service area is centered in the Nizhniy Novgorod region (B1
negative), including also regions located both to the east and
northwest of the Nizhniy Novgorod region and those around the
Moscow region. IDGC of Center and Volga Region's total revenues
were RUB77.6 billion (around US$2.4 billion) in 2013.

Headquartered in the city of Saratov, Russia, JSC IDGC of Volga
(IDGC of Volga) is an interregional electricity distribution
company, focused on seven regions in the European part of Russia:
the oblasts of Samara (Ba3 negative), Saratov, Ulyanovsk,
Orenburg and Penza, the Republic of Chuvachia (Ba3 negative) and
the Republic of Mordovia (B2 negative). IDGC of Volga's total
revenues were RUB49.2 billion (around $1.5 billion) in 2013.

Headquartered in the city of Yekaterinburg, Russia, JSC IDGC of
Urals (IDGC of Urals) is an interregional electricity
distribution grid business, focused on three regions in the
Urals: Yekaterinburg, Chelyabinsk and Perm regions. The company's
key regulated grid business accounts for around 79.3% (76.1% from
electricity transportation and 3.2% from connection charges) of
2013 total revenues of RUB65.5 billion ($2.1 billion). The rest
of the company's revenue is derived mainly from electricity sales
by the company's electricity sales subsidiary.



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


AVIANCA HOLDINGS: Fitch Affirms 'BB-' LT Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Avianca Holdings S.A.'s
and its subsidiaries as follows:

Avianca Holdings S.A. (Avianca Holdings)

  -- Long-term Issuer Default Rating (IDR) at 'BB-';
  -- Long-term local currency IDR at 'BB-'.

Avianca Leasing LLC

  -- US$550 million unsecured notes due in 2020 at 'B+/RR5'.

Aerovias del Continente Americano S.A. (Avianca)

  -- Long-term IDR 'BB-';
  -- Long-term local currency IDR 'BB-'.

Grupo Taca Holdings Limited (Grupo Taca)

  -- Long-term IDR 'BB-'.

The Rating Outlook for the corporate ratings has been revised to
Negative from Stable.

The Negative Outlook reflects the deterioration in the company's
gross adjusted leverage and low liquidity as well as the view
that it would be challenging to the company to improve its
leverage and liquidity metrics during the next quarters at levels
previously incorporated in the ratings. The company's gross
adjusted leverage, measured by total adjusted debt/EBITDAR ratio,
was 6.7x at December 2014, which is not consistent with the
current rating category. Expectations previously factored in the
ratings considered the company's adjusted gross leverage to
remain in the 5x to 5.5x range during 2014 with additional
business deleverage taking place in the following years.

The company's inability to significant rebuild its liquidity
position -- through the monetization of assets sales - and
improve profitability during the next several quarters will
result in a rating downgrade.

Avianca Holdings' IDRs consider its important regional market
position as the leader carrier in Colombia and Central America,
geographic diversification, stable margins, high gross adjusted
leverage, and low liquidity. The ratings also consider the
vulnerability of the company's cash flow generation to fuel price
variations and the inherent risks of the airline industry,
balanced by the carrier's ability to maintain margins based on
the leader position in the markets where it operates.

The 'B+/RR5' rating of the company's unsecured notes incorporate
the subordination of the company's unsecured notes with respect
to significant levels of secured debt, and below the average
recovery prospects in the event of default. The unsecured notes
are co-issued by Avianca Holdings SA, Grupo TACA Ltd, and Avianca
Leasing LLC.

RATING DRIVERS:

High Adjusted Gross Leverage

The company's gross adjusted leverage, as measured by total
adjusted debt/EBITDAR was 6.7x at the end of December 2014. This
level represents deterioration over the 2013 adjusted gross
leverage metrics of 5x. Fitch expects the company's gross
adjusted leverage ratio will trend to levels around 6x by the end
of 2015, driven by better operational margins, although still
weak for the rating category. The company's cash generation, as
measured by EBITDAR was USD784 million during 2014 -- USD828
million during the 2013 -- with an EBITDAR margin of 16.7%. The
company had approximately USD5.2 billion in total adjusted debt
at the end of December 2014. This represents an increase from
USD4.2 billion in adjusted debt as of Dec. 31, 2013. The
company's debt -- as of Dec. 31, 2014 -- consists primarily of
USD3.2 billion of on-balance-sheet debt, most of which is
secured, and an estimated USD2.1 billion of off-balance-sheet
debt associated with lease obligations. The company's rentals
payments during 2014 were USD299 million.

Low Liquidity

The company's liquidity has weakened during 2014 period due to
its cash position related to Venezuelan operations and the
negative FCF trend resulting from business growth. Excluding its
exposure to Venezuela economy -- trapped cash in Venezuela as of
Dec. 31, 2014 was USD280 million -- the company's ready available
cash is estimated at USD360 million, which represents 7.8% of its
LTM revenues by Dec. 31, 2014. Expectations previously
incorporated in the ratings were for Avianca Holdings to maintain
liquidity levels and cash targets -- excluding exposure to
Venezuela - above 10% of its LTM revenues. In addition, the
company faces debt payment of USD459 million and USD300 million
due during 2015 and 2016, respectively, which adds pressure to
the company's financial flexibility. In 2014, the company's FCF
generation was negative in USD199 million, resulting in FCF
margin (LTM FCF/ LTM Revenues) of -4.2%. The 2014 FCF calculation
considers USD137 million, USD296 million, and USD39 million in
cash flow from operations, net capex, and paid dividends,
respectively.

Improvement in EBIT Margin Key

The company's 2015 EBIT margin is expected to be around 9%. The
company ended 2014 with a total revenue level of USD4.7 billion,
an increase of 2% over 2013. During 2015, the company's revenue
is expected to remain flat due to the increase in number of
passenger being offset by lower yields. The company's passenger
transported increased by 6.5% and 6.6% during 2013 and 2014,
respectively, and it is expected to increase around 9% in 2015.
The company's capacity increase in 2015 is estimated around 8%,
while load factor should remain around 80%. The company is
anticipated to benefit during 2015 from lower fuel prices, but
its hedge position will partially limit the company's fuel cost
reduction.

Regional Market Position Incorporated

Avianca Holdings' business model combines operations in Colombia,
Central America, and South America, which allows the company to
rotate capacity according to market conditions. Its geographic
diversification allows the company to maintain consistently solid
load factors of around 80% during the last three years, ended in
December 2014. The company's business diversification is viewed
as adequate with international passengers, domestic passengers,
cargo operations, and the loyalty program and other segments
representing approximately 59%, 23%, 12%, and 6% of the company's
total revenues. Avianca Holdings dominance in the Colombian
market is positively incorporated into the ratings.

Credit Linkages and Notes' Guarantees Structure Incorporated

The ratings also reflect Avianca Holdings' corporate structure
and the credit linkage with its subsidiaries, Avianca and Grupo
Taca. Combined, these two operating companies represent the main
source of cash flow generation for the holding company. The
significant legal and operational links between the two operating
companies are reflected in the existence of cross-guarantee and
cross-default clauses related to the financing of aircraft
acquisitions for both companies. Avianca Holdings, Grupo Taca,
and Avianca Leasing are jointly and severally liable under the
USD550 million unsecured notes as co-issuers. Avianca Leasing is
a wholly owned subsidiary incorporated under the laws of
Delaware, United States. Avianca Leasing's obligations as a co-
issuer of the notes is unconditionally guaranteed on an
unsecured, senior basis by Avianca up to 2/3 of the total
issuance amount.

KEY ASSUMPTIONS:

Fitch's key assumptions within the rating case for the issuer
include:

  -- 8% annual capacity increased in 2015
  -- 2015 EBIT margin around 9%
  -- Gross Leverage trending to levels around 6x by the end of
     2015
  -- Neutral to slightly negative free cash flow (FCF) in 2015

RATING SENSITIVITIES:

Positive Rating Actions: The prospect of Avianca Holdings'
Outlook returning to Stable will require the company's material
business deleverage trending to level in the 4.5x to 5x range
over a 12-24 month period; and liquidity levels, measured as
total cash to LTM revenues, trending to levels consistently above
10% by the end of 2015.

Negative Rating Actions: Conversely, a negative rating action
could be considered if the company's credit profile (FCF,
financial adjusted leverage or liquidity position) does not reach
a major improvement during the next quarters. Deterioration in
the company's credit metrics, resulting in gross adjusted
leverage consistently above 6x coupled with limited improvement
in its liquidity position during the next few quarters.


AYT CGH CAJA: Fitch Lowers Rating on Class D Notes to 'CCsf'
------------------------------------------------------------
Fitch Ratings has downgraded six and affirmed eight tranches of
various AyT RMBS series. The agency has also revised the Outlook
on two tranches to Stable from Negative.

The transactions are part of a series of RMBS transactions that
are serviced by: Kutxabank, S.A. (Kutxabank; BBB/Positive/F3) for
AyT Kutxa Hipotecario I and AyT Kutxa Hipotecario II, Bankia S.A.
(Bankia; BBB-/Negative/F3) for AyT CGH Caixa Laietana I and Banco
Mare Nostrum S.A (BMN; BB+/Negative/B) for AyT CGH Caja Granada.

KEY RATING DRIVERS

Varied Credit Enhancement

The notes in AyT CGH Caja Granada, AyT CGH Caixa Laietana and AyT
Kutxa Hipotecario II are currently paying sequential. As the
reserves are not at target and delinquencies are above the
trigger levels a switch to pro-rata is not expected in the near
future. In some cases the credit enhancement (CE) available in
these structures has not been sufficient to support the ratings,
as reflected in the downgrades. In the case of AyT CGH Caja
Granada the reserve was fully depleted on November 2014 causing a
principal deficiency ledger (PDL) on the class D of 0.7% of the
collateral balance to be recorded.

For AyT Kutxa Hipotecario I the stable performance has led to a
switch to pro-rata amortization, as delinquencies remain low and
the reserve fund is currently at its target. For this reason a
reversal to sequential is not expected.

Stable Asset Performance

AyT CGH Caja Granada and AyT CGH Caixa Laietana have shown weaker
asset performance compared to the other Spanish transactions. The
level of three-months plus arrears (excluding defaults) as a
percentage of the current pool balance was 2.6% and 8.2%
respectively. Although these numbers are decreasing, they remain
significantly above Fitch's index of three-months plus arrears
(excluding defaults) of 1.6%.

Cumulative defaults, defined as mortgages in arrears by more than
18 months, are currently below the average for the sector, but
have increased sharply in recent periods. Fitch notes that more
mortgages have advanced to later arrears buckets (more than six
months) over the past 12 months and believes that this will lead
to further increases in gross cumulative defaults.

As for the AyT Kutxa Hipotecario deals, AyT Kutxa Hipotecario I
has shown stable arrears levels, at 0.1%, and also low levels of
gross cumulative defaults, currently at 0.5% of the initial pool
balance. For AyT Kutxa Hipotecario II arrears levels are higher
at 1.2% of the current pool and gross cumulative defaults
continue to rise, currently at 5.1%. This number has remained
above the Spanish average of 4.6% since 2010. Fitch believes that
the level of defaults may continue to rise although the
decreasing level of arrears will prevent any sharp increases in
defaults in the future.

Fitch considers that the different performance of the two Kutxa
Hipotecario deals has been mainly explained by the higher
proportion of loans that are linked to the IRPH interest rate
index in AyT Kutxa Hipotecario II (originally 61%%) than in AyT
Kutxa Hipotecario I (originally 0%%). With an IRPH of 2.4% versus
the 0.2% 12 month-Euribor as of March 2015, the debt service
charge on IRPH loans has been far higher than that of Euribor-
linked loans.

Reserve Fund Draws

The reserve fund for AyT CGH Caja Granada is now fully depleted,
while the reserve fund for AyT CGH Caixa Laietana and AyT Kutxa
Hipotecario II are currently at 48.2% and 11.2% of their
respective targets. Fitch expects the performance deterioration
and low excess spread to cause these reserve funds to be fully
utilised in the next 12 to 18 months. This is reflected in the
downgrade of the full capital structure of both AyT CGH Caja
Granada and AyT Kutxa Hipotecario II.

In contrast AyT Kutxa Hipotecario I has a fully funded reserve
fund. Given the low level of arrears Fitch believes the
transaction will continue to amortise its reserve fund until it
reaches its floor of EUR6.7m.

High Mortgage Prepayments

Both AyT CGH Caja Granada (13.5% per annum) and AyT CGH Caixa
Laietana (12.8% per annum) have reported high mortgage
prepayments, significantly above the market average (4.6% per
annum). As these rates are not consistent with the current
macroeconomic environment and levels observed in the market,
Fitch cannot rule out the possibility that some prepayments are
the result of originator support for troubled borrowers by means
of refinancing. In fact, most of the prepayments came from loans
in arrears. If refinancing in such circumstances has been offered
in the past, it may not be sustained indefinitely. This will
explain the recent defaults' rise.

Payment Interruption Risk

Even when the swap documents enable deferral of the swap payments
Fitch considers that the reserve fund is not sufficient to
sustain ratings above the 'Asf' category for AyT CGH Caixa
Laietana I and AyT CGH Caja Granda, given the absence of other
liquidity means to cover for payment interruption. For AyT Kutxa
Hipotecario II a dynamic cash reserve has been constituted, this
reserve is sized to cover for two payment dates worth of interest
on tranche A and senior fees. However Fitch considers this cash
reserve plus the utilised reserve fund balance insufficient to
fully cover the payment interruption risk so even if the
transaction's performance improves in the future, the ratings
will not be upgraded more than three notches above the rating of
Kutxabank (currently implying a cap of 'Asf').

In contrast, AyT Kutxa Hipotecario I has sufficient liquidity to
cover for payments due to the relevant counterparties in case of
default of the servicer and collection account bank. This
liquidity is in the form of a fully funded reserve fund.

RATING SENSITIVITIES

A worsening of the Spanish macroeconomic environment, especially
employment conditions, or an abrupt shift in interest rates might
jeopardize the ability of the underlying borrowers to meet their
payment obligations.

More volatile arrears patterns and a rapid increase in defaults,
beyond Fitch expectations, could trigger negative rating actions.

The rating actions are as follows:

AyT CGH Caixa Laietana I:

  Class A notes (ISIN ES0312273487): Affirmed at 'A+sf'; Outlook
  revised to Stable from Negative

  Class B notes (ISIN ES0312273495): Affirmed at 'BBBsf'; Outlook
  Negative

  Class C notes (ISIN ES0312273503): Affirmed at 'BBsf'; Outlook
  Negative

  Class D notes (ISIN ES0312273511): Affirmed at 'CCCsf'; RE 55%

AyT CGH Caja Granada:

  Class A notes (ISIN ES0312273164): Downgraded to 'A-sf' from
  'Asf'; Outlook Negative

  Class B notes (ISIN ES0312273172): Downgraded to 'Bsf' from
  'BBsf'; Outlook Negative

  Class C notes (ISIN ES0312273180): Downgraded to 'CCCsf' from
  'Bsf'; RE 50%

  Class D notes (ISIN ES0312273198): Downgraded to 'CCsf' from
  'CCCsf'; RE 0%

AyT Kutxa Hipotecario I:

  Class A notes (ISIN ES0370153001): Affirmed at 'AA+sf'; Outlook
  Stable

  Class B notes (ISIN ES0370153019): Affirmed at 'Asf'; Outlook
  Stable

  Class C notes (ISIN ES0370153027): Affirmed at 'BBBsf'; Outlook
  Stable

AyT Kutxa Hipotecario II:

  Class A notes (ISIN ES0370153001): Downgraded to 'Asf' from
  'AA-sf'; Outlook Stable

  Class B notes (ISIN ES0370153019): Downgraded to 'BBsf' from
  'BBBsf'; Outlook Negative

  Class C notes (ISIN ES0370153027): Affirmed at 'CCCsf'; RE 60%


GRUPO BANCO: Moody's Assigns Caa1 Rating to EUR660MM Notes
----------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to two
series of notes issued by IM Grupo Banco Popular Empresas VI, FTA
(the Fondo):

   -- EUR2,340 million Serie A Notes due January 2046, Definitive
      Rating Assigned A1 (sf)

   -- EUR660 million Serie B Notes due January 2046, Definitive
      Rating Assigned Caa1 (sf)

IM GRUPO BANCO POPULAR EMPRESAS VI, FTA is a securitisation of
standard loans granted by Banco Popular Espanol S.A. (Ba3, Review
for Upgrade/NP, Ratings Under review) and Banco Pastor, S.A. (NR)
to small and medium-sized enterprise (SME) and self-employed
individuals.

At closing, the Fondo -- a newly formed limited-liability entity
incorporated under the laws of Spain -- will issue two series of
rated notes.  Banco Popular Espanol S.A. and Banco Pastor, S.A.
will act as servicers of the loans, while Intermoney Titulizacion
S.G.F.T., S.A. will be the management company (Gestora) of the
Fondo.

RATINGS RATIONALE

The ratings are primarily based on the credit quality of the
portfolio, its diversity, the structural features of the
transaction and its legal integrity.

As of March 2, 2015, the provisional asset pool of underlying
assets was composed of a portfolio of 45,040 contracts granted to
SMEs and self-employed individuals located in Spain.  The assets
were originated mainly between 2011 and 2014.  The weighted-
average seasoning of the portfolio is 1.32 years and the
weighted-average remaining terms is 3.94 years.  The whole pool
is unsecured.  Geographically, the pool is well diversified with
Madrid (16.57%), Catalonia (18.92%) and Andalusia (14.74%) as top
regions.  At closing, there will be no loans more than 90 days in
arrears and above 30 days only up to a maximum of 1%.

In Moody's view, the strong credit positive features of this deal
include, among others: (i) a relatively short weighted average
life of 2.2 years; (ii) a granular pool (with an effective number
of obligors of over 3,500); and (iii) a geographically well-
diversified pool.  However, the transaction has several
challenging features: (i) strong degree of linkage to Banco
Popular Espanol S.A. acting as servicer and paying agent and to
Banco Pastor, S.A. acting as servicer; (ii) no interest rate
hedge mechanism in place and (iii) all the assets are unsecured.
These characteristics were reflected in Moody's analysis and
definitive ratings, where several simulations tested the
available credit enhancement and 3% reserve fund to cover
potential shortfalls in interest or principal envisioned in the
transaction structure.

In its quantitative assessment, Moody's assumed an inverse normal
default distribution for this securitized portfolio due to its
granularity.  The rating agency derived the default distribution,
namely the relevant main inputs such as the mean default
probability and its related standard deviation, via the analysis
of: (i) the characteristics of the loan-by-loan portfolio
information, complemented by the available historical vintage
data; (ii) the potential fluctuations in the macroeconomic
environment during the lifetime of this transaction; and (iii)
the portfolio concentrations in terms of industry sectors and
single obligors.  Moody's assumed the cumulative default
probability of the portfolio to be equal to 7.95% with a
coefficient of variation (i.e. the ratio of standard deviation
over mean default rate) of 50%.  The rating agency has assumed
stochastic recoveries with a mean recovery rate of 35% and a
standard deviation of 20%.  In addition, Moody's has assumed the
prepayments to be 15% per year.

The principal methodology used in this rating was Moody's Global
Approach to Rating SME Balance Sheet Securitizations published in
January 2015.

For rating this transaction, Moody's used the following models:
(i) ABSROM to model the cash flows and determine the loss for
each tranche and (ii) CDOROM to determine the coefficient of
variation of the default definition applicable to this
transaction.

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

Factors or circumstances that could lead to a downgrade of the
ratings affected by the action would be (1) worse-than-expected
performance of the underlying collateral; (2) an increase in
counterparty risk, such as a downgrade of the rating of Banco
Popular Espanol S.A..

Factors or circumstances that could lead to an upgrade of the
ratings affected by today's action would be the better-than-
expected performance of the underlying assets and a decline in
counterparty risk.

Loss and Cash Flow Analysis:

Moody's ABSROM cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of such
default scenarios as defined by the transaction-specific default
distribution.  On the recovery side Moody's assumes a stochastic
(normal) recovery distribution which is correlated to the default
distribution.  In each default scenario, the corresponding loss
for each class of notes is calculated given the incoming cash
flows from the assets and the outgoing payments to third parties
and noteholders.  Therefore, the expected loss for each tranche
is the sum product of (i) the probability of occurrence of each
default scenario; and (ii) the loss derived from the cash flow
model in each default scenario for each tranche.  As such,
Moody's analysis encompasses the assessment of stressed
scenarios.

Moody's used CDOROM to determine the coefficient of variation of
the default distribution for this transaction.  The Moody's
CDOROM model is a Monte Carlo simulation which takes borrower
specific Moody's default probabilities as input.  Each borrower
reference entity is modelled individually with a standard multi-
factor model incorporating intra- and inter-industry correlation.
The correlation structure is based on a Gaussian copula.  In each
Monte Carlo scenario, defaults are simulated.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Notes by the legal final
maturity.  Moody's ratings address only the credit risk
associated with the transaction, Other non-credit risks have not
been addressed but may have a significant effect on yield to
investors.

Stress Scenarios:

Moody's also tested other set of assumptions under its Parameter
Sensitivities analysis.  If the assumed default probability of
7.95% used in determining the initial rating was changed to 10.3%
and the recovery rate of 35% was changed to 25%, the model-
indicated rating for Serie A and Serie B of A1(sf) and Caa1(sf)
would be A3(sf) and Caa2(sf) respectively.  For more details,
please refer to the full Parameter Sensitivity analysis included
in the New Issue Report of this transaction.


TELEFONICA EUROPE: Moody's Affirms Ba1 Preference Stock Rating
--------------------------------------------------------------
Moody's Investors Service changed the outlook on the ratings of
Telefonica S.A. and its guaranteed subsidiaries to stable from
negative. Moody's has also affirmed all the ratings. The change
in outlook reflects Moody's expectation of an improved operating
environment in Spain, which will drive better revenue trends, as
well as the expected use of the cash proceeds from the recently
announced sale of Telefonica's UK subsidiary O2 UK (O2) to
improve leverage.

"The stable outlook reflects our expectation that the overall
macro economic conditions in Spain are expected to continue to
improve, underpinning the underlying trend towards revenue growth
in the domestic market. In addition, the stable outlook reflects
management's commitment to a maximum reported leverage of 2.35x,
which we expect will be achieved through the use of the cash
proceeds from the disposal of Telefonica's UK subsidiary O2",
says Carlos Winzer, a Moody's Senior Vice President and lead
analyst for Telefonica.

Telefonica's Baa2 rating primarily reflects (1) the group's large
size and scale; (2) the diversification benefits associated with
its strong positions in many different markets; (3) the enhanced
technology, exclusive TV-content and bundled offers that improves
its market positioning; (4) management's track record and ability
in terms of executing a well-defined and concise business
strategy; and (5) its operating cash flow generation and
management's commitment to maintaining its reported net
debt/EBITDA ratio below 2.35x in the medium term.

Telefonica's Baa2 rating also continues to reflect (1)
management's ability to continue to execute a strategy that
benefits from a strong position in the Spanish market and has a
strong international foothold including Latin America and
Germany; (2) that the group will deliver the financial policy
(including cash preservation measures and a non-core assets
disposal program) that management has publicly committed to,
which supports its deleveraging and strategy to strengthen its
finances; and (3) that Telefonica will maintain its access to the
debt capital markets and as such, retain adequate liquidity,
supported by recent bond issuances and asset sales.

The sale of O2 to Hutchinson Whampoa Group is credit positive as
it enables Telefonica to realize significant cash proceeds by
monetizing a non core asset, while reducing its exposure to the
UK market where Moody's believe competitive dynamics are changing
for mobile operators following the acquisition of EE Limited by
BT Group PLC. Telefonica has indicated in its press release that
it intends to allocate a substantial part of the cash proceeds to
achieve a reported leverage ratio of Net Debt / EBITDA lower than
2.35x. This evidences management's intention to pursue a
financial strategy supported by a stronger balance sheet through
asset optimization and deleveraging.

The stable outlook on the ratings reflects Moody's expectation
that although Telefonica will continue to operate in a
challenging domestic market, the underlying economic conditions
will continue to improve and increasing consumer spending will
support medium term growth in revenues. In addition, Moody's
expects that leverage will improve and to be maintained within
management's guided maximum reported 2.35x. Telefonica's stable
outlook also factors in the group's international diversification
which enhances its credit profile.

Moody's would consider an upgrade of Telefonica's rating to Baa1
if the company's credit metrics were to strengthen significantly
as a result of improvements in its operational cash flows and a
reduction in debt. More specifically, the rating could benefit
from positive pressure if it became clear that the group could
achieve sustainable improvements in its debt ratios, such as an
adjusted RCF/net debt ratio above the mid-twenties in percentage
terms and an adjusted net debt/EBITDA ratio comfortably below
2.5x.

Conversely, a rating downgrade could result if (1) Telefonica
deviates from its financial-strengthening plan, as a result of
weaker cash flow generation or the incurrence or assumption of
further substantial debt in conjunction with the pursuit of
acquisitions or more aggressive shareholder distribution
policies; and/or (2) the group's operating performance in Spain
and other key markets continues to deteriorate and there is no
likelihood of any short-term improvement in underlying trends.
Resulting metrics would include an RCF/net adjusted debt ratio of
less than 18% or a net adjusted debt/EBITDA ratio trending
towards 3.0x. In addition, a rating downgrade could result if
Moody's were to downgrade the sovereign rating.

Affirmations:

Issuer: Telefonica Emisiones S.A.U.

  -- Multiple Seniority Medium-Term Note Program, Affirmed
     (P)Baa2

  -- Senior Unsecured Regular Bond/Debenture, Affirmed Baa2

  -- Senior Unsecured Shelf, Affirmed (P)Baa2

Issuer: Telefonica Europe B.V.

  -- Multiple Seniority Medium-Term Note Program, Affirmed
     (P)Baa2

  -- Preference Stock, Affirmed Ba1

  -- Senior Unsecured Bank Credit Facility, Affirmed Baa2

  -- Senior Unsecured Commercial Paper, Affirmed P-2

  -- Senior Unsecured Regular Bond/Debenture, Affirmed Baa2

  -- Senior Unsecured Shelf (Foreign Currency), Affirmed (P)Baa2

Issuer: Telefonica Finance USA LLC

  -- Pref. Stock Preferred Stock, Affirmed Ba1

Issuer: Telefonica S.A.

  -- Commercial Paper, Affirmed P-2

  -- Senior Unsecured Bank Credit Facility, Affirmed Baa2

  -- Senior Unsecured Regular Bond/Debenture, Affirmed Baa2

The principal methodology used in these ratings was Global
Telecommunications Industry published in December 2010.

Telefonica S.A., domiciled in Madrid, Spain, is a leading global
integrated telecommunications provider, delivering a full range
of fixed and mobile telecommunications. Telefonica is one of the
world's leading telecommunications carriers, with some 334
million customers worldwide as of December 2014. In Latin America
(LatAm), Telefonica provided services to around 227 million
customers as of the end of December 2014 and is the leading
operator in Brazil, Argentina, Chile and Peru, with substantial
operations in Colombia, Ecuador, El Salvador, Guatemala, Mexico,
Nicaragua, Panama, Uruguay, Costa Rica and Venezuela. In addition
to its LatAm presence since 1991, Telefonica has a strong
footprint in the UK and Germany, providing services to around 72
million customers as of December 2014. Approximately 75% of group
revenues and 64% of group reported EBITDA were generated outside
Spain. Nevertheless, it's worth noticing that the EBITDA minus
Capex amount generated in Spain represents nearly 58% of total.



===========
T U R K E Y
===========


TURKEY: Moody's Says Outlook for Banking System is Negative
-----------------------------------------------------------
For the second consecutive year, Moody's Investors Service says
its outlook for Turkey's banking outlook is negative, owing to
subdued economic growth and currency volatility, which will
reduce growth opportunities for banks and impair borrowers'
ability to service their loans.  Alongside moderate asset-quality
erosion, the system's reliance on capital markets funding exposes
it to international investor confidence and potential spikes in
funding costs in light of the upward pressure on USD benchmark
rates.

The new report "Banking System Outlook: Turkey", is now
available.

"We expect problem loans to rise, albeit from low levels, with
loans to consumers and SMEs bearing the brunt. Corporate loans,
which have so far proved resilient to the economic slowdown, are
still vulnerable to exchange-rate volatility because this segment
has a high level of foreign-currency lending. Moody's estimate
that loans to companies with no underlying FX cash-flow represent
about 10%-12% of total corporate and SME loans," says Irakli
Pipia, a Moody's Vice President - Senior Analyst and author of
the report.

"These challenges will pressure banks' asset quality and
profitability over our outlook horizon, and Moody's expect
problem loans to reach 3%-4% of total assets. Moody's acknowledge
that the banks are still well capitalized; sector-wide, Tier 1
capital stood at 14.0% of risk-weighted assets at end-2014, up
from 13.0% at end 2013. But, we need to balance this against
slower lending growth and the country's persistently high
inflation that will weaken banking profits; these had already
started to decline in the second part of 2014."

"Turkish banks will also face pressure from narrowing net
interest margins due to rising borrowing costs in capital markets
and the short-term nature of their liabilities; these will
require frequent refinancing, probably on less favorable terms,"
adds Mr. Pipia.

Weighing increasingly negatively on the risk profile of the
system is its funding structure and vulnerability to shifts in
international investor sentiment, in the context of subdued
economic growth that will curb demand for banking services and
foster only moderate credit growth of 14%-17% in 2015 (20%-30%
over 2011-14). Moody's says that rapid loan growth in Turkey
since 2009 has exceeded the banks' capacity to fund their lending
from customer deposits alone and they have increasingly turned to
international investors to make up the difference.



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


AVANGARDCO INVESTMENTS: Fitch Affirms 'CC' Issuer Default Ratings
-----------------------------------------------------------------
Fitch Ratings has affirmed Ukraine-based Avangardco Investments
Public Limited's Long-term foreign and local currency Issuer
Default Ratings (IDR) at "CC' and downgraded its National Long-
term Rating to 'B(ukr)' from 'BB(ukr)'.  The Outlook for the
National Long-term Rating is Negative.

Fitch has also downgraded the foreign currency senior unsecured
rating to 'C' from 'CC'. The Recovery Rating (RR) has been
revised to 'RR5' from 'RR4'.

Fitch has simultaneously withdrawn the ratings due to
insufficient information. Accordingly, Fitch will no longer
provide ratings or analytical coverage of Avangardco.

The downgrade of National Long-term Rating reflects the company's
weak liquidity position at end-2014 and increased uncertainty
regarding Avangardco's ability to repay the eurobond due October
2015 given expected limited free cash flow generation in 2015.

The downgrade of senior unsecured rating to 'C'/RR5 reflects
below-average recovery prospects for unsecured creditors in a
going concern scenario. This follows in our downwardly revised
estimate for post-restructuring EBITDA due to recent significant
hryvnia devaluation, decreasing sales volumes and uncertainty
regarding export prices in 2015.

Full List of Rating Actions

Avangardco Investments Public Limited

   -- Long-term foreign currency IDR affirmed at 'CC'; withdrawn

   -- Long-term local currency IDR affirmed at 'CC'; withdrawn

   -- National Long-term rating downgraded to 'B(ukr)' from
     'BB(ukr)'; Negative Outlook; withdrawn

   -- Foreign currency senior unsecured rating downgraded to 'C'
      with Recovery Rating of 'RR5' from 'CC' with Recovery
      Rating of 'RR4', withdrawn


FERREXPO PLC: Moody's Lowers Corporate Family Rating to Caa3
------------------------------------------------------------
Moody's Investors Service has downgraded to Caa3 from Caa2 the
corporate family ratings (CFRs) and to Caa3-PD from Caa2-PD the
probability of default ratings (PDRs) of three companies
operating in Ukraine (Ferrexpo Plc, Metinvest B.V. and MHP S.A.).

The rating action follows Moody's decision (on March 24, 2015) to
(1) downgrade the Government of Ukraine's sovereign (government
bond) rating to Ca from Caa3 with a negative outlook, and (2)
lower the country's foreign-currency bond country ceiling to Caa3
from Caa2.

Concurrently, Moody's has downgraded the national scale corporate
family ratings (NSR) of Metinvest to Caa3.ua from B1.ua and MHP
to Caa2.ua from B2.ua.  In addition, Moody's has downgraded the
ratings on the senior unsecured notes and the MTN program issued
by Metinvest B.V. to Caa3/(P)Caa3 from Caa2/(P)Caa2, and
downgraded the senior unsecured notes issued by Ferrexpo Finance
plc and MHP S.A. to Caa3 from Caa2.  The outlook on all the
ratings is negative.

RATINGS RATIONALE

The action primarily reflects the constraints of Ukraine's lower
foreign currency ceiling on the ratings of the affected
companies. The three issuers are directly exposed to Ukraine's
political, legal, fiscal and regulatory environment, given that
most or all of their assets are located within the country and
because their debt is mostly in foreign currency.

The companies' capacity to service their foreign currency debts
could be negatively affected by the potential actions taken by
the Ukrainian government to preserve the country's foreign-
exchange reserves.  In addition, the companies' revenues and cash
flows generated in the country are exposed to foreign-currency
transfer and convertibility risks, which are reflected in the
Caa3 foreign-currency bond country ceiling for Ukraine.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook is in line with the negative outlook for the
sovereign rating and reflects the fact that a potential further
downgrade of Ukraine's sovereign rating may result in the further
lowering of Ukraine's foreign- and/or local-currency bond country
ceiling, which in turn will lead to downgrades of the three rated
issuers.  In addition to considerations related to the sovereign
rating, Moody's will also be monitoring the companies' individual
ability to address increasing country and foreign-exchange risks.

WHAT COULD CHANGE THE RATINGS UP/DOWN

The companies' ratings will be ultimately dependent on further
developments at the sovereign level.  The ratings are likely to
be downgraded if there is a further downgrade of Ukraine's
sovereign rating and/or lowering of the foreign-currency bond
country ceiling.

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

PRINCIPAL METHODOLOGIES

The principal methodology used in rating Metinvest B.V. 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 MHP S.A. was Global
Protein and Agriculture Industry published in May 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 Ferrexpo Plc and
Ferrexpo Finance plc 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.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable
with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".za" for South Africa.

Metinvest B.V., registered in the Netherlands, is the holding
company of a vertically integrated group, Metinvest, which is one
of the largest steelmakers and iron ore producers in the
Commonwealth of Independent States (CIS).  The company produces
finished flat- and long-steel products, large diameter pipes and
semi-finished steel products (slabs and billets), pig iron and
coke products, iron ore and coking coal concentrate as well as
pellets.  In the first nine months of 2014, Metinvest produced
approximately 7.5 mt (2013: 9.4 mt) of crude steel, and 26.5 mt
(2013: 27.7 mt) of iron ore concentrate, and 3.3mt (2013: 4.4 mt)
of coking coal concentrate.  In the first nine months of 2014,
Metinvest reported revenue of US$8.5 billion (2013: US$9.8
billion) and EBITDA of US$2.0 billion (2013: US$1.8 billion). The
company is privately owned, with the major shareholders of the
group being a Ukrainian investment holding company, System
Capital Management (SCM), which has a 71.24% share in Metinvest,
and Smart group, which owns 23.76%.

MHP S.A., domiciled in Luxembourg, is one of Ukraine's leading
agro-industrial groups.  The company's operations include the
production of poultry and sunflower oil, as well as the
production and sale of convenience foods.  In addition, MHP is
vertically integrated into grain and fodder production, and
operates one of the largest land banks in Ukraine.  As of the 12
months ended September 2014, the company's dollar-denominated
total revenue and adjusted EBITDA amounted to around US$1.5
billion and US$537 million, respectively.

Ferrexpo Plc, headquartered in Switzerland and incorporated in
the UK, is a mid-sized iron ore pellet producer with mining and
processing assets located in Ukraine.  The group has total Joint
Ore Reserves Committee Code (JORC) classified resources of 6.7
billion tonnes, around 1.5 billion tonnes of which are proved and
probable reserves.  The average grade of Ferrexpo's ore is
approximately 31% Fe.  In 2014 the group achieved a pellet
production of 11 million and generated revenues of US$1.39
billion.


KYIV: Moody's Cuts Currency Ratings to Ca; Outlook Negative
-----------------------------------------------------------
Moody's Investors Service has downgraded the foreign- and local-
currency ratings of the Ukrainian cities of Kyiv and Kharkiv to
Ca from Caa3. The outlook on the ratings is negative.

The main driver of the downgrades is the likelihood of private
creditors incurring substantial losses from debt restructuring
and the increase in systemic risk stemming from deterioration of
the Ukrainian government's credit profile, as reflected by
Moody's recent downgrade of the sovereign's government bond
rating to Ca (negative outlook) from Caa3 (negative outlook).

RATINGS RATIONALE

KYIV

The key driver of Moody's decision to downgrade Kyiv's long-term
ratings to Ca is the city's participation in the Ukrainian
government's plan to restructure its outstanding Eurobonds and
the rating agency's expectation that private creditors will incur
substantial losses on Kyiv's debt as a result of the
restructuring.  In Moody's view, the Ca ratings incorporate the
expected losses for the creditors, while the negative outlook
reflects the uncertainties over the parameters of restructuring,
the final terms of which may lead to losses greater than
currently expected by Moody's.  The impact to the creditors after
restructuring will be determined by the terms of the debt
exchange which are currently being discussed with the creditors.

The City's Council recently filed with Ukraine's Ministry of
Finance its intention to restructure its foreign currency bonds
(US$250 million and US$300 million) due in 2015 and 2016.  These
bonds will be included in the restructuring package together with
the sovereign government Eurobonds.  In addition, there are plans
to restructure the local currency public debt, although no
decision has yet been taken.

If the city does not restructure its debt, it will face
significant refinancing risks, as repayments of public debt due
in 2015 represent over 50% of Kyiv's direct debt, a level
equivalent to 48% of 2014 operating revenues.

Moody's notes that the rating also reflects the elevated systemic
pressures from a deterioration in Ukraine's credit profile.  The
city has significant institutional, financial and macroeconomic
linkages with the central government.

KHARKIV

The Ca rating primarily reflects the deterioration in Ukraine's
credit profile which has direct implications for the ratings of
the City of Kharkiv given its institutional, financial and
macroeconomic linkages with the central government.  The city is
neither sufficiently insulated from national market risks nor has
sufficient fiscal autonomy to hold a rating exceeding the
sovereign level.

Moody's also notes a significant uncertainty surrounding
Kharkiv's repayment of the missed payments on a loan received
from Ukreximbank, which had been granted to finance the
renovation of the city's public transport infrastructure in
preparation for the Euro 2012 football championships.  The Ca
rating and the negative outlook adequately capture the ongoing
uncertainty around future losses to the creditors.

Recently Moody's was informed that Kharkiv missed the payments of
two principal installments, of UAH85 million (US$3.6 million) and
UAH100 million (US$4.2 million) in 2014.  According to Moody's
calculations, the city did have sufficient liquidity to repay the
debt.

Both Kyiv and Kharkiv have significant institutional and
financial linkages with the central government.  Such linkages
are reflected in the fact that the Ukrainian government exerts a
wide control over the cities' finances which are exposed to
possible reductions in state funding, and withdrawal of liquidity
from municipal treasury accounts as has occurred in the past.

The macroeconomic linkages between the central government and
Kyiv and Kharkiv are explained by the exposure of both cities'
tax revenues to deterioration in domestic economic conditions.
Personal income tax, which is exposed to business cycles,
accounts for the majority of the cities' tax revenues.

RATIONALE FOR THE NEGATIVE OUTLOOKS

The negative outlook on the City of Kyiv's ratings reflects the
possibility that losses to the creditors after restructuring
could be higher than currently anticipated.  The City of
Kharkiv's negative outlook takes into account the uncertainty
surrounding losses to creditors on the missed loan payments.

The negative outlooks also reflect increasing systemic pressures
and mirror the negative outlook on the sovereign government bond
ratings.

What Could Change the Ratings DOWN/UP

Downward pressure could be exerted on Kyiv's and Kharkiv's
ratings following (i) losses to creditors from debt
restructurings/missed payments which exceed those commensurate
with the Ca range and; (ii) a further weakening of the sovereign
credit profile, as captured by a downgrade of the sovereign
rating.

Given the negative outlook on the ratings, upward pressure is
unlikely in the short term.  At the same time, an upward change
in the ratings outlooks and/or upgrades of the ratings of both
cities could arise from a strengthening of the sovereign credit
profile, resulting in an upward sovereign rating action, provided
that the expected losses to creditors of the cities from the debt
restructuring/missed payments are commensurate with a higher
rating.

The sovereign action required the publication of this credit
rating action on a date that deviates from the previously
scheduled release date in the sovereign release calendar.

Specific economic indicators as required by EU regulation are not
applicable for these entities.

On March 24, 2015, a rating committee was called to discuss the
ratings of Kyiv, City of and Kharkiv, City of.  The main points
raised during the discussion were: The systemic risk in which the
issuers operate has materially increased.  The issuers have
become increasingly susceptible to event risk.  The very high
likelihood that debt restructuring will result in loss to
bondholders.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2013.  The weighting of
all rating factors is described in the methodology used in this
rating action, if applicable.


PRIVATBANK: Moody's Cuts Sr. Unsec. Ratings to Ca; Outlook Neg.
---------------------------------------------------------------
Moody's Investors Service has taken rating actions on nine
Ukrainian banks and one leasing company following the weakening
of Ukraine's credit profile, which is reflected in Moody's
downgrade on 24 March 2015 of the Ukrainian government bond
rating to Ca (negative) from Caa3 (negative).  The country's
macroeconomic conditions continue to weaken severely, prompting
material and sustained volatility in the banks' operating
environment.  This will continue to exert acute pressure on
Ukrainian banks financial fundamentals, and thereby increase the
risk of insolvency for many of the country's banks.

Moody's has assigned negative outlooks to all affected banks'
ratings.

Specifically, Moody's has:

   (1) downgraded the local-currency (LC) deposit ratings of
       seven banks;

   (2) downgraded the foreign-currency (FC) debt ratings of three
       banks and local-currency (LC) debt rating of one bank;

   (3) downgraded the foreign-currency (FC) subordinate debt
       ratings of two banks;

   (4) downgraded the National Scale Ratings (NSRs) of five
       banks;

   (5) affirmed the LC deposit ratings and the NSRs of two banks
       and one leasing company;

   (6) affirmed the FC deposit ratings of nine banks (having been
       capped previously by the FC bank deposit ceiling of Ca);

   (7) downgraded the baseline credit assessments (BCAs) of seven
       banks.

A list of the affected ratings is available on:

https://www.moodys.com/viewresearchdoc.aspx?docid=PBC_180129

RATINGS RATIONALE

EFFECT OF OPERATING ENVIRONMENT

The continuing, sharp deterioration in the country's
macroeconomic conditions, alongside substantial and persistent
volatility in operating environment, will continue to exert acute
pressure on Ukrainian banks financial fundamentals, increasing
the insolvency risk for many banks.

With the economy likely to contract by 5.5% this year, following
a retrenchment of 6.9 % in 2014, Moody's expects Ukrainian banks'
asset quality and capital positions to erode further this year.
Capital buffers have already come under significant pressure.  In
the absence of additional equity injections from shareholders,
capital levels will decline further given the anticipated rise in
problem loans.  Asset quality pressure is exacerbated by the 40%
depreciation of the Ukrainian hryvnia against the US dollar
between Jan. 1, and March 1, 2015.  This is because around 40% of
the bank loans in Ukraine are denominated in FC (mostly in US
dollar) and a significant portion the FC borrowers have no export
revenues to protect themselves against the impact of a weaker
currency on debt servicing costs.  The steep rise in the cost of
funding due to the National Bank of Ukraine's efforts to
stabilize the currency is also weighing heavily on interest
margins, contributing to banks' losses.  According to the
National Bank of Ukraine's recent monthly report, the average
regulatory capital adequacy ratio (CAR) for Ukrainian banks fell
below the 10% minimum in February, declining thereafter to 7.4%
at March 1, 2015, (from 15.6% at year-end 2014), illustrating the
urgency of recapitalizing Ukraine's fragile banking system.

Ukrainian banks' funding and liquidity profiles are also under
intense pressure amid the currency crisis and severe social and
political tensions.  Banks have weathered the substantial
withdrawals to date because the National Bank of Ukraine has
provided LC liquidity support and issued some controls on
withdrawals from foreign currency deposits.

Moody's considers that Ukrainian banks' large exposure to the
domestic debt issued by the national government and related
entities is a source of significant risk, although this debt is
not included in the Ukrainian government's debt restructuring
plan which is expected to cause substantial losses to external
private creditors.

BANK SPECIFIC FACTORS

   -- PRIVATBANK

The downgrade of PrivatBank's LC deposit and FC senior unsecured
debt ratings to Ca from Caa3, with a negative outlook, reflects
the acute downside pressure on the bank's liquidity and
capitalization.  The bank has to repay US$200 million of senior
unsecured bonds in September 2015.  Although these bonds amount
to only about 3% of the bank's total assets as of year-end 2014,
the restructuring of Ukraine's government debt, coupled with the
country's limited access to foreign exchange, may prompt
PrivatBank to restructure these obligations as it confronts
severe asset quality, capital and liquidity pressures.

The downgrade of the bank's FC subordinated debt rating to C from
Ca is driven by the downgrade of the bank's standalone BCA to ca
from caa3 and the structural subordination of these instruments
which points to higher severity of losses than for senior debt in
a default scenario.

The bank's FC deposit rating is affirmed at Ca, having been
constrained previously at that level by the country's FC deposit
ceiling of Ca.

   -- SAVINGS BANK OF UKRAINE

Moody's downgrade of state-owned Savings Bank of Ukraine's long-
term LC deposit and FC debt ratings to Ca from Caa3, with a
negative outlook, reflects (1) the likelihood of external
creditors incurring significant losses from the anticipated
restructuring of the bank's outstanding Eurobonds (maturing in
March 2016) as these instruments are included in the government's
debt restructuring plan; (2) the high inter-linkage between the
bank's standalone credit fundamentals and sovereign
creditworthiness given the bank's high direct exposure to
sovereign debt and bonds guaranteed by the state (over 122% of
the bank's Tier 1 capital as of July 1, 2014), and (3) the impact
of highly adverse economic conditions in Ukraine on the bank's
asset quality, capital adequacy and liquidity position.  Moody's
also notes that the bank's gross exposure to state-owned
financially-stressed Naftogaz is significant, equal to about 82%
of its Tier 1 capital as of mid-2014, while on a net of provision
basis the exposure amounts to 67% of the bank's Tier 1capital.

The bank's FC deposit rating is affirmed at Ca, having been
constrained previously at that level by the country's FC deposit
ceiling of Ca.

   -- UKREXIMBANK

Moody's downgrade of state-owned Ukreximbank's long-term LC
deposit and FC debt ratings to Ca from Caa3, with a negative
outlook, reflects (1) the likelihood of external creditors
incurring significant losses from anticipated restructuring of
the bank's outstanding Eurobonds (maturing in April 2015) as
these instruments are included in the government's debt
restructuring plan; (2) the high inter-linkages between the
bank's standalone credit fundamentals and sovereign
creditworthiness given the bank's high direct exposure to
sovereign debt (over 270% of the bank's equity as of January 1,
2015); and (3) the impact of the highly adverse operating
environment on the bank's asset quality and capital adequacy.

The downgrade of the bank's FC subordinated debt rating to C from
Ca is driven by the lowering of the bank's standalone BCA to ca
from caa3 and the structural subordination of these instruments
which points to higher severity of losses than for senior debt in
a restructuring scenario.

The bank's FC deposit rating is affirmed at Ca, having been
constrained previously at that level by the country's FC deposit
ceiling of Ca.

   -- OTP BANK (Ukraine)

The downgrade of OTP Bank's (Ukraine) LC deposit rating to Caa2
from Caa1, with a negative outlook, reflects Moody's view that
the bank's financial fundamentals are highly vulnerable to the
country's increasingly adverse operating environment.
Specifically, the bank's capital buffers are very low (with total
regulatory CAR of 10.4% at year-end 2014) and it has a large
exposure to loans denominated in FC (around 60% of its loan book
at year-end 2014), in addition to holding a big portfolio of
loans that originated in the eastern regions directly affected by
the military conflict.

The downgrade of the bank's BCA to ca from caa3 reflects Moody's
expectation that the bank will have to rely on extraordinary
parental support and that in the absence of this support the
bank's capital buffer will not be sufficient to absorb expected
credit losses.  The bank's Caa2 LC deposit rating benefits from
two notches of uplift from its BCA because of Moody's assessment
of a high probability of support from its parent, OTP Bank Nyrt
(deposit Ba2 negative, BCA ba2), in case of need.

The bank's FC deposit rating is affirmed at Ca, being capped at
that level by the country's FC deposit ceiling of Ca.

  -- PROMINVESTBANK

The downgrade of Prominvestbank's LC deposit rating to Caa3 from
Caa2, with a negative outlook, reflects heightened risks related
to the bank's very high exposure to loans denominated in FC (over
70% of its loan book as at year-end 2014) along with a
substantial holding of loans originated in eastern regions that
are directly affected by the military conflict.  These factors
will continue to exert significant pressure on the bank's asset
quality and capital.

The downgrade of the bank's BCA to ca from caa3 reflects Moody's
expectation that the bank will remain highly reliant on the
extraordinary support of its parent Vnesheconombank (Ba1
negative) and that in the absence of this support the bank's
capital buffer will not be sufficient to absorb expected credit
losses (despite the recent capital increase).  The bank's Caa3 LC
deposit rating benefits from one notch of uplift from its BCA due
to Moody's assessment of moderate probability of parental support
from Vnesheconombank , in case of need.  This rating action
concludes the review for downgrade initiated on March 17, 2015.

The bank's FC deposit rating is affirmed at Ca, being capped at
that level by the country's FC deposit ceiling of Ca.

  -- SUBSIDIARY BANK SBERBANK OF RUSSIA

The downgrade of Subsidiary Bank Sberbank of Russia's LC deposit
rating to Caa2 from Caa1, with a negative outlook, reflects
Moody's expectation that the bank's asset quality and capital
will remain under severe pressure because of (1) increased risks
related to the bank's very high exposure to loans denominated in
FC (over 80% of its loan book as at year-end 2014); and (2) its
substantial exposure to loans originated in the eastern regions
directly affected by the military conflict.

The downgrade of the bank's BCA to ca from caa3 reflects Moody's
expectation that the bank will have to rely on the extraordinary
support of its parent Sberbank (deposit Ba2 / senior unsecured
Ba1 negative, BCA ba2) and that in the absence of this support
the bank's capital buffer will not be sufficient to absorb
expected credit losses.  The bank's Caa2 LC deposit rating
benefits from two notches of uplift from its BCA, owing to
Moody's assessment of a high probability of parental support from
Sberbank, in case of need.  This rating action concludes the
review for downgrade initiated on March 17, 2015.

The bank's FC deposit rating is affirmed at Ca, being capped at
that level by the country's FC deposit ceiling of Ca.

   -- BANK FINANCE AND CREDIT JSC

The downgrade of Bank Finance and Credit's LC deposit rating to
Ca from Caa3, with a negative outlook, reflects its very weak
liquidity position and capital profile in the face of limited
funding opportunities, significant refinancing needs and acute
pressure on asset-quality.  Moody's expects that Bank Finance and
Credit's liquidity profile will become increasingly dependent on
liquidity support from National bank of Ukraine.  The bank will
face an increased risk of default and insolvency if liquidity
support from the National bank of Ukraine is not maintained and
capital injection from its shareholders is not forthcoming.  This
rating action concludes the review for downgrade initiated on
March 17, 2015.

The bank's FC deposit rating is affirmed at Ca, having been
constrained previously at that level by the country's FC deposit
ceiling of Ca.

   -- RAIFFEISEN BANK AVAL

Moody's decision to affirm Raiffeisen Bank's Aval long-term LC
deposit rating of Caa2 with a negative outlook reflects the
bank's more moderate exposure to FX loans, sufficient loss-
absorption capacity and better liquidity and funding profile than
its Ukrainian peers.  Those features will assist the bank in
containing the magnitude of the anticipated negative pressure on
its financial fundamentals.

In addition, the rating agency is not expecting the bank to
increase its reliance on capital and liquidity support from its
parent.  The bank's Caa2 LC deposit rating benefits from one
notch of uplift from its BCA of caa3, owing to Moody's assessment
of moderate probability of support, in case of need, from its
parent, Raiffeisen Bank International AG (deposits Baa2 / senior
unsecured Baa2 both on review direction uncertain, BCA ba3).

The bank's FC deposit rating is affirmed at Ca, being capped by
the country's FC deposit ceiling of Ca.

  -- RAIFFEISEN LEASING AVAL

Raiffeisen Leasing Aval is controlled by Raiffeisen Bank Aval and
is fully integrated with its parent.  The affirmation of the
company's B3.ua NSR is driven by the affirmation of the ratings
of Raiffeisen Bank Aval.

  -- PIVDENNYI BANK, JSCB

Moody's affirmed Pivdennyi Bank's LC debt and deposit ratings at
(P)Caa3/Caa3 level.  The affirmation reflects (1) the bank's
limited exposure to Ukrainian government debt securities, which
on a net basis accounted for 1.6% of total assets (13% of equity)
as of year-end 2014 under local GAAP; (2) the significance of its
cross-border operations through a subsidiary bank in Latvia,
which accounts for 35%-40% of the Group's assets, thereby
reducing the adverse effects of the highly adverse macro
conditions prevailing in Ukraine; (3) asset-quality indicators
that are better than those of its Ukrainian peers, with NPLs (90
days overdue) accounting for 8.6% of gross loans and total
impaired loans at around 17% of the loan book as of Q3 2014; and
(4) limited wholesale debt repayments and an ample liquidity
cushion (at around 35% of assets under consolidated IFRS), mainly
kept at the Latvian subsidiary bank or other non-resident
correspondent banks.

The bank's FC deposit rating is affirmed at Ca, being capped at
that level by the country's FC deposit ceiling of Ca.

WHAT COULD MOVE THE RATINGS UP/DOWN

Moody's considers that upward pressure on the ratings of all 10
Ukrainian financial institutions is unlikely in the near term
given the country's highly adverse operating environment.
Moody's also notes that many bank ratings are now positioned at
the level of the country's foreign and local currency debt and
deposit ceilings.  These ceilings cap the maximum ratings that
can be assigned to banks and other issuers domiciled in the
country.

Moody's could downgrade the banks' ratings in the event of
default, if solvency risks were to rise even further, or if the
country ceilings for Ukraine were to be lowered further.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable
with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".za" for South Africa.

The principal methodology used in these ratings was Banks
published in March 2015.


UKRLANDFARMING PLC: Fitch Affirms 'CC' Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed Ukraine-based UkrLandFarming PLC's
(ULF) long-term foreign and local currency Issuer Default Ratings
(IDR) at 'CC' and downgraded its National Long-term Rating to
'B(ukr)' from 'BB(ukr)'. The Outlook for the National Long-term
Rating is Negative.

Fitch has also downgraded the foreign currency senior unsecured
rating to 'C' from 'CC'. The Recovery Rating (RR) has been
revised to 'RR5' from 'RR4'.

Fitch has simultaneously withdrawn the ratings due to
insufficient information. Accordingly, Fitch will no longer
provide ratings or analytical coverage of ULF.

The downgrade of the National Long-term Rating reflects ULF's
weak liquidity at end-2014 as cash sources were insufficient to
cover short-term debt.

The downgrade of the senior unsecured rating to 'C'/RR5 reflects
below-average recovery prospects for unsecured creditors in a
going concern scenario. This follows our downwardly revised
estimate for post-restructuring EBITDA due to weak soft commodity
prices affecting the group's crop growing business and our
expectation of lower profits from subsidiary AvangardCo for 2015-
2016 as a result of recent significant hryvnia devaluation and
decreasing sales volumes.

Full List of Rating Actions

UkrLandFarming PLC

   -- Long-term foreign currency IDR affirmed at 'CC'; withdrawn

   -- Long-term local currency IDR affirmed at 'CC'; withdrawn

   -- National Long-term rating downgraded to 'B(ukr)' from
     'BB(ukr)'; Negative Outlook; withdrawn

   -- Foreign currency senior unsecured rating downgraded to 'C'
      with Recovery Rating of 'RR5' from 'CC' with Recovery
      Rating of 'RR4'; withdrawn



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


CO-OP BANK: Mulls Merger Following Consecutive Heavy Losses
-----------------------------------------------------------
Martin Arnold at The Financial Times reports that Niall Booker,
the chief executive of the Co-operative Bank, has said it is
likely to merge with a rival in an expected wave of consolidation
among UK challenger banks after suffering its third consecutive
year of heavy losses.

Mr. Booker told the FT that the recently agreed takeover of TSB
by Spain's Sabadell had fired the starting gun on the process of
bulking up the UK's smaller lenders through mergers.

"There will be consolidation in the so-called challenger sector
and we've already seen that with Sabadell and TSB," the FT quotes
Mr. Booker, a former HSBC banker hired to turn round the crisis-
stricken bank in 2013, as saying.  "Scale is important and the
actions we've taken will allow us to either be part of that
consolidation or to be a standalone through an initial public
offering."

His comments came as the Co-op Bank reported a pre-tax loss of
GBP264 million, which compares with a GBP633 million loss the
previous year, the FT notes.  It has lost more than GBP1.5
billion in the past three years, the FT recounts.

The results follow a torrid period for the UK lender, which was
bailed out twice by a consortium of investors that included a
group of hedge funds after discovering a GBP1.5 billion capital
shortfall in 2013, the FT relays.

Mr. Booker, as cited by the FT, said that while the bank would do
better in this year's stress test, it was still expected to fail
the exam based on its balance sheet at the end of 2014.  It is
likely to remain unprofitable for another three years, the FT
says.

The Co-operative Bank is a retail and commercial bank in the
United Kingdom, with its headquarters in Balloon Street,
Manchester.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on April 25,
2014, Moody's Investors Service downgraded by one notch to Caa2
the Co-Operative Bank Plc's senior unsecured debt and deposit
ratings, and maintained the negative outlook on the ratings.  The
bank's standalone bank financial strength rating (BFSR) was
affirmed at E, which is equivalent to a baseline credit
assessment (BCA) of ca.  The BFSR has a stable outlook.


ENQUEST PLC: S&P Affirms 'B+' Corp. Credit Rating; Outlook Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on U.K.-based oil and gas company EnQuest
PLC.  At the same time, S&P removed the rating from CreditWatch
with negative implications, where it placed it on Dec. 22, 2014.
The outlook is negative.

S&P also affirmed the 'B' issue rating on EnQuest's senior
unsecured debt and removed it from CreditWatch with negative
implications.  The recovery ratings on this debt are unchanged at
'5', with recovery expectations in the lower half of the 10%-30%
range.

The affirmation reflects S&P's view that EnQuest's liquidity will
remain adequate for at least the next year, despite the company's
fairly inflexible capital expenditure (capex) profile.  S&P also
expects cash flow generation to be largely protected from the
current low prices by the company's hedging positions.  The
company has hedged 10 million barrels (bbl) in 2015 at about
US$65/bbl -- after it realized a gain of US$100 million from its
initial hedged position for 2015 -- and has hedged 10 million bbl
at about US$68/bbl for 2016.  This represents more than 80% of
2015 production and about 60% of 2016 production.

That said, S&P still sees only moderate headroom in the rating,
given EnQuest's dependence on the Kraken development coming
online without delays and hitting its production targets.  This
development, together with the Alma/Galia development, is
forecast to increase production to around 60,000 barrels of oil
equivalent per day (boepd) in 2017 from about 28,000 today.  Such
a sizable project inherently carries significant execution risk,
which in S&P's view is somewhat reduced by EnQuest's experienced
management team.  Furthermore, the project reduces EnQuest's
financial flexibility because S&P do not expect EnQuest to cut
its capex plan further after it updated it to US$600 million in
2015 from about US$700 million-US$800 million.  S&P projects that
EnQuest will reduce its leverage from 2017, supported by the
solid contribution of its producing assets, and the increase in
production from reserves being newly developed.

The potential risk to credit metrics during the development
period has led S&P to see EnQuest's financial risk profile as
weaker: "aggressive," rather than "significant."  S&P forecasts
that EnQuest's Standard & Poor's-adjusted debt to EBITDA could
peak at above 3.0x in 2015 and 2016 and it could have negative
free operating cash flow overall for 2015 and 2016 due to the
company's use of cash flow and committed bank lines to fund its
investment program.  However, because S&P no longer applies a
negative modifier, there is no overall effect on the rating on
EnQuest.  S&P removed the negative adjustment under its
comparable ratings analysis, as EnQuest's scale and
diversification are in line with peers at the 'B+' rating level.

In S&P's base case, it assumes:

   -- A Brent oil price of US$55/bbl for 2015 and US$65/bbl in
      2015, increasing to US$80/bbl from 2017.

   -- Production of about 27,895 boepd in 2014, increasing to
      about 45,000 boepd in 2016 reflecting reservoir performance
      from EnQuest's existing hubs in 2014, combined with
      acquired production in Malaysia and some contribution from
      Kraken.

   -- Capex cut to about US$600 million in 2015 and 2016, from
      about US$1.1 billion in 2014.

   -- No dividend payments.  EnQuest has not declared or paid any
      dividends since incorporation in January 2010, and does not
      have any plans to pay dividends in the near future.

   -- No material cash income tax payments over the next five
      years.  EnQuest benefits from tax incentives, and the
      group's significant investment profile generates allowances
      that offset its tax liability to the extent of capex.

   -- S&P adjusted EnQuest's debt in S&P's calculation to
      incorporate two financial liabilities in EnQuest's
      financial statements -- its asset retirement obligation and
      Kraken "carry" (US$194 million and US$164 million,
      respectively, for the fiscal year 2013) -- and carried
      these adjustments in S&P's projections.

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

   -- Funds from operations (FFO) to debt between 25%-30% in 2015
      and 2016.

   -- Standard & Poor's-adjusted debt to EBITDA modestly above 3x
      in 2015 and 2016.

   -- Material improvement in credit metrics from 2017, based on
      both increased generation and high oil prices.

The negative outlook reflects S&P's view that EnQuest has little
rating headroom under S&P's US$55/bbl-US$65/bbl oil price
assumptions for 2015-2016, given the capex needed to bring its
Kraken development to production.  That said, S&P factors into
its rating that the company's hedging somewhat protects its cash
flow generation for 2015 and 2016.  S&P also understands that the
company is lowering its operating costs and its capex from the
US$700 million-US$800 million range to about US$600 million, due
to current market conditions.

S&P could lower the rating if it anticipates that adjusted debt
to EBITDA could increase to about 3.5x-4.0x or if unforeseen
production issues compromise S&P's assumption of meaningfully
higher cash flow generation from 2017.

S&P could raise the rating if financial headroom increases as
expected, thanks to the increase in production.


HIKMA PHARMACEUTICAL: Moody's Assigns Ba1 CFR; Outlook Stable
-------------------------------------------------------------
Moody's Investors Service assigned a Ba1 Corporate Family rating
and a Ba1-PD Probability of Default rating to Hikma
Pharmaceutical Plc, the parent company of the Hikma group.
Concurrently Moody's has assigned a Ba1 rating to the proposed
benchmark-sized senior unsecured guaranteed notes to be issued by
Hikma Pharmaceuticals Plc. The outlook on all ratings is stable.

The assigned Ba1 corporate family rating is supported by Hikma's
(1) good level of product diversification with exposure to
generics and generic injectables across various geographies as
well as to branded generics and in-licensed mostly patented
products in the MENA region and with a broad portfolio of
products across various therapeutic areas, (ii) geographical
diversification with exposure to 54 countries worldwide and a
good split between the MENA region (43% of turnover with 10% from
Saudi Arabia and 6% from Algeria), the US (51% of turnover) and
Europe and the Rest of the World (6% of turnover), (iii)
diversified production asset base with 27 plants operated
worldwide (of which 11 FDA-approved and 9 EU-approved), which
offers the ability to switch between plants, (iv) exposure to
resilient end markets with modest exposure to the economic cycle,
(v) conservative balance sheet structure with adjusted
debt/EBITDA of around 1.2-1.3x estimated for fiscal year end
2014, and (vi) a good liquidity profile.

Hikma's rating is constrained by the company's (i) small size,
which is an important factor in an industry where scale is a key
success factor, (ii) somewhat lower historical profitability than
some of its generics peers, (iii) still commoditized product
portfolio notwithstanding that the management of Hikma has worked
on improving its portfolio through organic initiatives and
targeted acquisitions in recent years, and (iv) exposure to the
politically unstable Middle Eastern region notwithstanding that
Hikma has a long dated experience of operating in the region, is
well diversified geographically within the region and has
successfully navigated through political unrest over many years.

The stable outlook assigned to the ratings incorporates our
expectation that Hikma will maintain a prudent balance sheet
going forward with adjusted debt / EBITDA to remain around or
below 2.0x and allowing for temporary increases following
acquisitions with subsequent deleveraging from increased
profitability and/or positive free cash flow generation. The
stable outlook also assumes that Hikma will maintain sufficient
liquidity.

Moody's view Hikma's liquidity profile as solid. The company had
US$288 million of cash on balance sheet at December 31, 2014 and
US$762 million availability under long term credit facilities.
Hikma signed a US$225 million bridge facility to finance the
acquisition of Bedford Laboratories in July 2014.This facility
matures in July 2015 and should be refinanced through the cash
proceeds of the proposed bond. Alongside the group's cash flow
generation profile, which Moody's expect to remain healthy, this
should be more than sufficient to cover the group's main
liquidity needs consisting of WC consumption, capex, dividends
(approximately US$60 million) and debt repayments.

Hikma also currently enjoys comfortable headroom under its
financial covenants.

The proposed senior unsecured guaranteed notes will be guaranteed
by entities of the Hikma group accounting for at least 80% of
group EBITDA.

Contractually the senior unsecured guaranteed notes will rank
pari passu with the existing US$650 million syndicated revolving
credit facility and other revolving credit facilities. At fiscal
year-end 2014, Hikma had US$110 million of drawn debt located at
operating subsidiaries, which will not be guarantors under the
proposed bond.

Positive rating pressure would build if (1) adjusted gross
debt/EBITDA would stay sustainably below 2.0x and (2) EBITDA
margins would be sustained in the high twenties.

Negative rating pressure would be exerted on the rating if (1)
adjusted gross debt/EBITDA would stay sustainably above 3.0x, and
(2) the group's free cash flow generation would turn sustainably
negative leading to a deterioration of Hikma's liquidity profile.

The principal methodology used in these ratings was Global
Pharmaceutical Industry published in December 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.


KCA DEUTAG: Moody's Alters Outlook on B3 CFR to Stable
------------------------------------------------------
Moody's Investors Service affirmed the B3 corporate family rating
and B3-PD probability of default rating of KCA Deutag Alpha Ltd.
Moody's also affirmed the B3 ratings on the revolving credit
facility and term loan at KCA Deutag Alpha Ltd, the senior
secured notes at Globe Luxembourg SCA, and the senior secured
notes at KCA Deutag UK Finance plc. The outlook on all ratings
was changed to stable from positive.

The outlook change from positive to stable reflects the high
level of uncertainty that currently prevails across the oil
industry. In response to the sharp drop in crude oil prices, oil
companies have announced substantial spending cuts and cost
reduction measures which are likely to put pressure on KCA
Deutag's revenues and profitability.

While the company's had a good operating performance in 2014,
Moody's notes that profitability started to soften in the last
quarter and expects a similar trend to persist throughout 2015 as
the company will experience increased pricing pressures from
customers trying to reduce their cost base as well as lower level
of activity in some regions such as Europe and Nigeria in Land
Drilling, and the UK North Sea and Norway in Platform Services.
Moody's also expects lower level of activity in Bentec and RDS
going forward as projects not yet sanctioned are deferred or
cancelled.

As a result of this challenging market outlook, Moody's believes
that KCA's credit metrics could deteriorate in 2015 and
therefore, no longer sees positive pressures on the ratings. That
being said, KCA Deutag's ratings remain solidly positioned at
their current levels. At year-end 2014, Moody's-adjusted leverage
stood at approximately 4.5x.

The B3 CFR also reflects the continuing high on-going capex needs
of the company and consequent negative free cash-flow as well as
its small scale relative to some of its competitors and exposure
to the highly cyclical and competitive drilling industry.

At the same time, the B3 CFR is supported by the company's
geographic diversification and focus on international land
drilling markets, which are characterized by generally higher
barriers to entry -- and hence less volatile drilling activity --
relative to the North American drilling contractor market --
albeit with greater political risk. It is also supported by the
company's greater exposure to more stable, development and
production drilling programs backed by a significant contract
backlog.

Moody's regards KCA Deutag's liquidity as adequate for its near-
term requirements. Moody's expects free cash flow to remain
negative in 2015 due to the high growth capex requirements but
also notes that the company's shareholders recently committed up
to USD100 million of new equity to support growth. As at
December 31, 2014, the company had unrestricted cash of USD57
million and USD122 million available under the cash component of
its revolving credit facility. Additionally, Moody's expects the
company to maintain adequate headroom on the financial covenant
on its senior secured credit facilities. The company has no debt
maturities until 2018.

The stable outlook reflects our expectations that KCA Deutag will
maintain credit metrics commensurate with its current ratings
despite deteriorating market conditions in all its business
segments. The stable outlook also incorporates Moody's
expectation that the company will proceed with the committed new
equity injection of up to USD100 million to support growth capex.

Given the rating action, upward pressure on the rating is
unlikely in the near term. However, over time, the rating could
be upgraded following Moody's adjusted leverage moving
sustainably towards 4.5x, together with an improvement in
liquidity and a near term expectation of positive free cash flow
generation. Any potential upgrade would also include an
assessment of market conditions.

The CFR could face downward pressure if Moody's-adjusted leverage
rises to 6x or if the liquidity profile deteriorates.

The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in
December 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 the UK, KCA Deutag is a provider of onshore and
offshore drilling services as well as engineering services to
both IOCs and NOCs in international markets. Its ultimate owner
is a consortium led by Pamplona Capital Management. In FY2014,
KCA Deutag Alpha Limited reported consolidated revenues of around
USD2.1 billion.


STANDARD CHARTERED: Moody's Assigns Ba1(hyb) to New Tier 1 Secs.
----------------------------------------------------------------
Moody's Investors Service assigned a Ba1 (hyb) rating to the
proposed high-trigger additional tier 1 securities to be issued
by Standard Chartered PLC (SCPLC, A2 senior unsecured debt,
review for upgrade). The ratings outlook is stable.

These perpetual non-cumulative additional tier 1 securities are
senior only to ordinary shares in SCPLC's capital structure.
Coupons may be cancelled on a non-cumulative basis at the
issuer's option, and on a mandatory basis subject to the
availability of distributable items and regulatory discretion.
The principal of the securities will be converted into a fixed
number of shares if SCPLC's fully-loaded group consolidated Basel
3 common equity tier 1 (CET1) capital ratio falls below 7%.

The Ba1 (hyb) rating assigned to the securities is based on the
likelihood of SCPLC's capital ratio reaching the conversion
trigger, the probability of a bank-wide failure and loss
severity, if either one or both these events occur. Moody's
assesses the probability of a trigger breach using an approach
that is model-based, incorporating the firm's creditworthiness,
its most recent CET1 level, and qualitative considerations
particularly with regard to how the firm may manage its CET1
level on a forward-looking basis. Moody's rates to the lower of
the model-based outcome and the bank's non-viability security
rating, which captures the risk of coupon suspension on a non-
cumulative basis. Moody's approach to rating high-trigger
contingent capital securities is described in its Banks rating
methodology, published in March 2015.

SCPLC is not a banking operating entity and, as such, Moody's
does not assign a baseline credit assessment (BCA) to the entity.
However, Moody's believes the probability of default for SCPLC is
the same as for its main operating subsidiary Standard Chartered
Bank (SCB, A1 senior unsecured debt, review for upgrade), which
has a BCA of a1 (review for downgrade). In addition, the group's
last reported fully-loaded Basel 3 CET1 ratio was 10.7% at end-
2014. These two values were used as inputs to the model, which
corresponds to an output of Ba1 (hyb).The model output was then
compared to the issuer's non-viability security rating, which is
positioned based on our advanced Loss Given Failure (LGF)
analysis. SCPLC has not issued contractual non-viability
preferred securities. But were it to issue such securities, we
would have rated them in line with its traditional non-cumulative
preferred securities (Baa2 (hyb), review for upgrade). Therefore,
the 'high trigger' security rating is not constrained by the
bank's non-viability security rating.

Because Standard Chartered PLC recently announced a target CET1
ratio of 11.0%-12.0%, and Standard Chartered Bank's a1 BCA is on
review for downgrade, the two main inputs to our model are likely
to change. Nonetheless, Moody's scenario analysis concluded that
the Ba1 (hyb) rating would remain unchanged if Standard
Chartered's BCA is lowered to a2 and SCPLC's CET1 falls between
11% and 12%.

The rating of this instrument could be upgraded if (1) SCB's a1
BCA is affirmed and its fully-loaded CET1 ratio improves to at
least 11%; or (2) SCB's BCA is lowed to a2 but its fully-loaded
CET1 ratio improved to at least 12%.

Conversely, downward pressure on the rating of this instrument
could emerge if (1) SCB's a1 BCA is affirmed but its fully-loaded
CET1 ratio falls below 9.8%; or (2) SCB's BCA is lowered to a2
and its fully-loaded CET1 ratio falls below 10.3%; or (3) SCB's
BCA is lowered to a3 and its fully-loaded CET1 ratio is below
10.9%.

The principal methodology used in this rating was Banks published
in March 2015.



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


* BOND PRICING: For the Week March 23 to March 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 * * *