TCREUR_Public/150420.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, April 20, 2015, Vol. 16, No. 76

                            Headlines

F R A N C E

LABCO SA: Moody's Puts 'B2' CFR on Review for Upgrade


G E O R G I A

HALYK BANK: Fitch Assigns 'BB-' Long-term Issuer Default Rating


G E R M A N Y

KLEOPATRA HOLDINGS 2: Moody's Assigns 'B2' CFR, Outlook Stable
KLEOPATRA HOLDINGS 2: S&P Affirms 'B' CCR on Debt Refinancing
NESCHEN AG: Files for Self-Administered Insolvency


G R E E C E

GREECE: Makes Informal Approach to IMF to Delay Loan Repayment
GREECE: Creditors to Prevent Euro Exit if Key Demands Met
PANHELLENIC BANK: In Liquidation, Assets Transferred to Piraeus


H U N G A R Y

QUAESTOR: Faces Liquidation, Hungarian Central Bank Says


I R E L A N D

TRANSAERO: Bought Out of Examinership, Renamed Atlantic Aviation


L U X E M B O U R G

ASHWELL RATED: S&P Affirms 'B-(sf)' Rating on Class B1 Notes
S&B MINERALS: S&P Withdraws 'B+ CCR After Imerys Acquisition


N E T H E R L A N D S

BNPP IP 2015-1: Moody's Rates EUR8-Mil. Class F Notes Ba2
BNPP IP 2015-1: Fitch Assigns 'B-sf' Rating to Class F Notes


R U S S I A

HANSACOMBANK OJSC: Bank of Russia Revokes Banking License
IDEALBANK OOO: Bank of Russia Revokes Banking License
SVYAZINVESTNEFTEKHIM OAO: Moody's Confirms Ba2 CFR; Outlook Neg.


S P A I N

GRUPO RAYET: Sells 1.36% Stake in Quabit Inmobiliaria


T U R K E Y

GEORGIY YURIEVICH: April 21 Creditors' Meeting Set


U K R A I N E

UKRAINE: Moody's Says Position Shaky Despite Restructuring
UKREXIMBANK: Won't Seek Principal or Coupon Reduction for Bonds


U N I T E D   K I N G D O M

BRITISH AIRWAYS: Moody's Raises CFR to Ba2; Outlook Stable
DON LEISURE: Joint Administrators Put Business Up for Sale


X X X X X X X X

* BOND PRICING: For the Week April 13, 2015 to April 17, 2015


                            *********


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LABCO SA: Moody's Puts 'B2' CFR on Review for Upgrade
-----------------------------------------------------
Moody's Investors Service placed on review for upgrade the B2
corporate family rating, the B2-PD probability-of-default rating,
and the B3 rating on the 8.5% EUR700 million senior secured notes
issued by Labco S.A. (Labco) due Jan 15, 2018. The rating action
follows the announcement on April 8, 2015 that Labco has
registered its "document de base" with the French Financial
Markets Authority (Autorite des marches financiers), effectively
filing for an initial public offering (IPO). Labco expects the
IPO on the regulated market of Euronext Paris to close in the
first half of 2015, subject to market conditions and regulatory
approvals.

"We are placing Labco's ratings on review for upgrade because the
intended use of the proceeds from the IPO is to repay part of the
outstanding notes which will reduce the company's financial
leverage and strengthen free cash flows due to lower interest
expenses," says Andrey Bekasov, a Moody's Assistant Vice
President and lead analyst for Labco. "We estimate that Moody's
adjusted debt-to-EBITDA will decline to around 3.9x in 2015 from
5.8x in 2014 on a pro forma basis."

The rating review has been prompted by Labco's plans to raise
around EUR320 million from the IPO and to use the proceeds net of
fees to repay part of the outstanding EUR700 million senior
secured notes. As a result, Moody's Adjusted Gross debt will
decline significantly to around EUR643 million from EUR943
million as of December 2014.

Labco has also stated its intention to refinance the remaining
senior secured notes with cheaper instruments in the form of
either loans or notes if the IPO is successfully completed. Based
on available disclosure, Moody's do not expect a change of
control, as defined in the notes indenture, to be triggered by
the announced IPO.

Moody's review will evaluate to what extent the expected benefits
from the IPO warrant a higher rating than the current B2 CFR. The
review will focus on (1) the amount and use of the targeted
primary proceeds for debt reduction; (2) an assessment of the
financial policies set out in the IPO prospectus with respect to
the stated objective to maintain year-end net debt to EBITDA
below 3.25x (pro forma for the acquisitions) in the medium term
as well as a dividend payout ratio of around 20% of net profit
starting 2017 on the basis of 2016 net result (Labco does not
expect to pay dividends in 2016); (3) the company's strategy
including its stated intention to invest approximately EUR200
million in acquisitions in 2016 and 2017.

The review will also focus on an evaluation of the current
operating trends, as well as the ongoing integration of recent
acquisitions, particularly, SDN.

At this stage, an upgrade of the CFR is likely to be limited to
one notch, as a result of Labco's reduced debt.

Prior to placing the ratings on review, Moody's stated that
positive pressure could be exerted on Labco's ratings if (1) the
company's leverage ratio were to improve to around 5.0x; and (2)
the company were able to continue to demonstrate sustained free
cash flow generation and improved profitability.

Conversely, negative pressure on Labco's ratings could arise if
(1) leverage were to exceed 6.0x for longer than Moody's
expected; (2) its liquidity profile were to weaken; or (3) its
profitability were to significantly deteriorate due to
competitive or pricing pressures.

The principal methodology used in these ratings was Business and
Consumer Service Industry 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 Paris, France, Labco S.A. is one of the leading
groups in the European clinical laboratory services market. Labco
provides routine and semi-routine clinical testing services for
individual patients through a network of approximately 167
laboratories (excluding collection points) in seven European
countries. As of December 31, 2014, Labco employed around 4,362
full time employees.

For the financial years ended Dec. 31, 2013 and Dec. 31, 2014,
the Group recognized a revenue pro forma for the acquisition of
the SDN group of EUR594.7 million and EUR649.6 million,
respectively, and generated an EBITDA pro forma for the
acquisition of the SDN group of EUR128.7 million and EUR131.3
million, respectively.

As of Sept. 30, 2014, Labco's main shareholders were the founders
of the company (17.1%), laboratory doctors (17.1%), existing and
former senior management and affiliates (24.1%), and financial
investors (41.7%), the largest being 3i Group plc with
approximately 17.7% of Labco's share capital (3i has invested
approximately EUR115 million in Labco since July 2008).



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HALYK BANK: Fitch Assigns 'BB-' Long-term Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has assigned JSC Halyk Bank Georgia a Long-term
foreign currency Issuer Default Rating (IDR) of 'BB-' with a
Stable Outlook.

Key Rating Drivers

Halyk Bank Georgia's ratings are driven by potential support the
bank may receive, if needed, from its parent, Halyk Bank of
Kazakhstan (BB/Stable). Support considerations take into account
the full ownership, common branding (implying reputation risks
for the parent arising from a subsidiary default), commitment of
the parent to the Georgian market, which it has identified as
strategically important, close parental integration and the
parent's ability to provide support to Halyk Bank Georgia, given
the latter's small size relative to the parent (less than 1% of
the parent bank's consolidated assets).

The one-notch differential between the parent and subsidiary's
IDRs reflects the cross-border nature of the parent-subsidiary
relationship, and the so far limited track record and
contribution of the Georgian subsidiary to the overall group
performance.

Fitch has not assigned Halyk Bank Georgia a Viability Rating due
to its narrow standalone franchise, short track record of
operations, and the high level of management and operational
integration with the parent bank, particularly in terms of
liquidity and risk management. The parent has contributed around
50% of Halyk Bank Georgia's total funding at end-2014 and plans
to remain the bank's key funding provider in the medium term.

Halyk Bank Georgia operates as a universal bank with five
branches in the country. The bank has a track record of servicing
a number of Kazakh companies operating in Georgia that were
identified as anchor clients by the parent bank.

The bank has a fairly small balance sheet (GEL181 million at end-
2014), of which one-quarter comprises liquid assets, while the
loan book (dominated by Georgian companies from the trade and
services sector) made up 67% of total assets. The quality of the
loan portfolio is reasonable with low 0.4% non-performing loans
(NPLs, 90+ days overdue). The bank's business is expected to grow
mostly organically. The bank is significantly exposed to indirect
FX risk, which is typical for the market, as more than 80% of the
loan book is denominated in US dollars. Halyk Bank Georgia's
capitalization is strong with a regulatory total Capital Adequacy
Ratio at a healthy 28.4% as of end-2M15.

RATING SENSITIVITIES

The Stable Outlook on Halyk Bank Georgia's Long-Term IDR mirrors
that on its parent. Halyk Bank Georgia's support-driven ratings
would likely change in tandem with the parent bank's Long-Term
IDR. A sale of the Georgian subsidiary to a financially weaker
owner or a change in Fitch's view of the willingness of the
parent to support its Georgian subsidiary could trigger a
downgrade. However, Fitch does not currently expect any of these
scenarios to materialize.

The rating actions are as follows:

Halyk Bank Georgia

  Long-term Issuer Default Rating: assigned at 'BB-', Outlook
  Stable

  Short-term Issuer Default Rating: assigned at B

  Support Rating: assigned at '3'



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KLEOPATRA HOLDINGS 2: Moody's Assigns 'B2' CFR, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating
and a B2-PD probability of default rating to Kleopatra Holdings 2
S.C.A. (Klockner), the parent holding company of Klockner
Pentaplast Group ("Klockner " or "the company").

Concurrently, Moody's has assigned a provisional (P)B1 rating to
Klockner Pentaplast of America, Inc.'s US$692 million (EUR631
million equivalent) new senior secured first lien term loan with
a maturity of 5 years, KP Germany Erste GmbH's EUR200 million new
senior secured first lien term loan with a maturity of 5 years
and EUR100 million revolving credit facility (RCF) with a
maturity of 4.75 years. In addition, Moody's has assigned a
(P)Caa1 rating to the EUR300 million new senior notes with a
maturity of 5.5 years issued by Klockner Pentaplast of America,
Inc.

The agency has also withdrawn the existing B2 CFR and B2-PD PDR
to Kleopatra Holdings 1 S.C.A.

Upon completion of the transaction, Moody's will withdraw
Klockner Pentaplast of America, Inc.'s affirmed Ba3 rating on the
US$500 million senior secured facilities due 2016, KP Germany
Erste GmbH's affirmed B3 rating on the EUR255 million second lien
senior secured notes due 2017 and Kleopatra Holdings 1 S.C.A.'s
Caa1 affirmed rating on the EUR225 million PIK notes due 2017.

The outlook on all ratings are stable.

Together with cash on the balance sheet, the proceeds of the
transaction will be used to repay existing facilities, including
the EUR225 million PIK Notes due 2017. In addition, the company
will make a distribution of approximately EUR300 million
equivalent to its shareholder, Strategic Value Partners (SVP).

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

Klockner's B2 CFR is constrained by (1) the commoditized nature
of some of the company's products in very competitive markets;
(2) exposure to potentially volatile raw materials costs such as
PVC and PET resin prices; (3) significant capital expenditure
(capex) which weighs on cash flow, although free cash flow is
expected to be positive over the next 12-18 months; and (4) a
financial policy perceived by Moody's to be aggressive.

The rating is supported by the company's (1) wide geographic
spread across the rigid and flexible plastic film packaging
markets; (2) well-diversified customer base, supported by long
standing customer relationships; (3) high concentration of sales
towards non-discretionary, fairly stable pharmaceutical and food
end-markets; and (4) favorable impact to margins owing to
improvements in operating efficiencies.

Since SPV acquired the company in 2012, the group has issued
additional debt to fund shareholder friendly distributions. The
transaction in April 2015 is the second such distribution
following EUR225 million PIK issuance in May 2013, evidencing an
aggressive financial policy on the part of Strategic Value
Partners.

However, the rating also reflects Moody's expectations that the
company's operating performance will continue to improve barring
any significant increase in raw material prices. The group is
exposed to the price volatility of resin which accounted for
approximately 55% of net sales in the year ending FY14. In
addition, while volume growth is expected to remain subdued due
to the soft macro-economic environment in Europe, Moody's expects
that Klockner will continue to benefit from cost saving
initiatives.

Over the medium term, Moody's expects favorable demographics such
as an ageing population (increasing demand for pharmaceutical
products), an increase in the number of more affluent consumers,
particularly in emerging markets, and changing consumer
preferences including a move to smaller package sizes to increase
the need for packaged food and consumer goods.

Although leverage is high immediately after the transaction at
approximately 6.0x, up from 4.9x as at year end FY 2014, Moody's
expects adjusted gross leverage will reduce to approximately 5.0x
by the end of FY17, driven mainly by gradually increasing EBITDA.
Term loan reduction is expected to be limited, with a 1%
scheduled amortization amounting to around EUR8 million per
annum, plus a cash flow sweep.

Klockner's liquidity profile is supported by approximately EUR60
million in cash reserves retained on balance sheet after the
transaction in addition to an undrawn EUR100 million RCF, due
2019. Moody's expects liquidity to be supported by continued
positive cash flow generation which will adequately cover both
maintenance and investment capex requirements. The structure
contains only a springing net leverage covenant, which will only
be tested if the RCF is more than 32.5% drawn. Following
completion of the refinancing Klockner will have a long dated
maturity profile with no significant maturity due until 2020.

The B2 CFR is assigned at Kleopatra Holdings 2 S.C.A., the top
entity within the restricted group and the reporting entity for
the consolidating group. The probability of default rating is at
the same level as the CFR reflecting our assumption of a 50%
recovery rate as is customary for a capital structure consisting
of a mix of senior and subordinated bonds and loans.

The (P)B1 rating to the senior secured facilities, which include
US$692 million (EUR631 equivalent) and EUR200 million senior
secured first lien term loans, in addition to a EUR100 million
RCF reflect their highest ranking in the waterfall given their
comprehensive security packaging including both share pledges and
charges over all material assets granted by holding and operating
companies. The EUR300 million senior notes has a security and
guarantee package consisting mainly of share pledges rated
(P)Caa1, two notches below the CFR reflecting its subordination
to a material amount of debt that ranks ahead. The remaining
preferred equity certificates are included within the loss given
default model and calculation of Moody's adjusted debt as they
receive a 100% debt treatment in line with the criteria defined
in the special comment entitled 'Debt and Equity Treatment for
Hybrid Instruments of Speculative-Grade Nonfinancial Companies'.

The outlook on all ratings is stable. It reflects our
expectations that Klockner's solid market positions and high
share of sales towards non-discretionary pharmaceutical and food
end-markets will continue to support the group's operating
performance. It also incorporates Moody's assumption that the
company will not embark on any large debt-financed acquisitions,
or engage in shareholder-friendly initiatives that will increase
adjusted leverage above 6.0x.

What Could Change the Rating -- UP

The ratings could be upgraded if Klockner manages to maintain
adjusted leverage below 5.0x on a sustainable basis. Furthermore,
the rating could enjoy upwards pressure were Klockner to maintain
free cash flow generation above 5% of total debt.

What Could Change the Rating -- DOWN

A deterioration in profitability, caused for instance by
increasing competition or challenges to manage volatile raw
material costs, or material negative free cash flow, or an
increase in adjusted debt/EBITDA above 6x could put negative
pressure on the ratings.

The principal methodology used in these ratings was Global
Packaging Manufacturers: Metal, Glass, and Plastic Containers
published in June 2009. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.

Kleopatra Holdings 2 S.C.A., is a plastic packaging manufacturing
firm that specializes in the production of plastic film for use
in a wide range of industries including pharmaceutical, food,
medical, electronics and other packaging industry. The group
generated EUR1.2 billion of sales in financial year ending FY14.
SVP acquired a majority equity stake in the business in 2012 for
EUR190 million as part of a debt restructuring process.


KLEOPATRA HOLDINGS 2: S&P Affirms 'B' CCR on Debt Refinancing
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on Kleopatra Holdings 2 S.C.A. -- the
parent of German plastic packaging manufacturer Kloeckner
Pentaplast -- and on Kleopatra Holdings 1 S.C.A. -- the ultimate
holding company. The outlook is stable.

At the same time, S&P assigned its 'B' issue rating and '4'
recovery rating to the group's proposed EUR200 million and $692
million first lien term loans, and its 'CCC+' issue rating and
'6' recovery rating to the proposed EUR300 senior unsecured
notes.

In addition, S&P withdrew its 'B+' issue rating on the
outstanding amount of the group's US$500 million senior secured
credit facilities, and its 'CCC+' issue ratings on the group's
EUR255 million second-lien notes and on Kleopatra Holdings 1
S.C.A.'s EUR225 million payment in kind (PIK) notes.

The rating affirmation reflects S&P's view that the group's
proposed plans to issue new EUR831 million equivalent first lien
term loans (split between euro and U.S. dollar tranches) and
EUR300 million senior unsecured notes in order to refinance its
existing debt -- including the existing PIK instrument at
Kleopatra Holding 1 level of about EUR805 million -- and also
distribute dividends of around EUR300 million to repay
shareholder preferred equity certificates, will have a limited
net effect on its forecast adjusted credit metrics.

S&P said, "We continue to assess the group's financial risk
profile as "highly leveraged", as our criteria define the term,
due to still high debt leverage given the issuance of new term
loans. Despite expected improvements in profitability, we do not
foresee significant improvements in credit metrics which include
Standard & Poor's fully adjusted ratio of funds from operations
(FFO) to debt of about 4%, and debt to EBITDA of around 6.0x in
the near term. At the same time, we forecast the EBITDA interest
coverage to improve to over 2.0x.

"The ratings on Kleopatra Holdings 2 also reflect our assessment
of the group's "fair" business risk profile, as our criteria
define the term. Kloeckner Pentaplast is exposed to volatile raw
material and energy prices, and to exchange risk from foreign
currencies. The group relies heavily on being able to pass
through changes in raw material costs to customers -- only about
40% of the group's sales are via medium-to-long-term contracts
that include automatic price adjustment clauses."

Kloeckner Pentaplast has significant exposure to the fragmented
plastic film packaging segment which is price-competitive and a
relatively low-profit-margin industry, although the group has
some product diversity and specialty products that support
overall group margins. Kloeckner Pentaplast has also managed
recently to insert clauses into some of its contracts that
allow the group to pass on cost increases to customers more
effectively. These weaknesses are partially offset by the group's
sizable revenue base (almost EUR1.2 billion in the financial year
to Sept. 30, 2014), and leading positions in niche markets, which
are supported by long-term customer relationships. The group
derives a large portion of its revenues from fairly stable end
markets of pharmaceuticals and food, although the group has some
exposure to more cyclical end markets.

S&P's base case assumes:

-- Low-to-mid-single-digit revenue growth driven by robust
    growth in all the regions.

-- Improved EBITDA margins on the back of operational synergies
    and an improving product mix.

-- Capital expenditures (capex) in the range of EUR40 million to
    EUR50 million in 2015.

Based on these assumptions, S&P arrived at the following credit
measures:

-- FFO to debt of about 9% following the transaction.

-- Debt to EBITDA in the range of 6.0-6.5x over 2015 and 2016.

S&P assesses Kleopatra Holdings 2 SCA's liquidity position as
"adequate" under its criteria. Following the successful issuance,
S&P expects that the group's sources will exceed its uses by more
than 1.2x over the next 12 months. The liquidity position is
supported by a long-dated maturity profile (post the issuance of
the new term loans) and a new committed credit line of EUR100
million which will remain undrawn at the time of the transaction.

Principal liquidity sources include:

-- Available cash balance of around EUR82 million;

-- A new undrawn committed revolving credit facility of EUR100
    million;

-- S&P's forecast of cash FFO of around EUR115 million; and

-- Proceeds from the issuance of EUR1,131 million.

Principal liquidity uses include:

-- Capital expenditure (capex) of about EUR40 million;

-- Dividend payment to repay EUR300 million of preferred equity
    certificates; and

-- Fees and prepayment penalties totalling to about EUR56
    million;

-- Repayment of existing debt of EUR805 million, plus around
    EUR30 million of accrued interest;

-- Withholding tax of EUR22 million;

-- No significant further short-term debt maturities, following
    the refinancing.

The new issuance will not have any financial covenants. S&P said
it understands the RCF will have a springing first lien leverage
covenant which will be set with headroom that we deem to be
comfortably adequate.

S&P said, "The stable outlook reflects our view that Kleopatra
Holdings 2 S.C.A.'s credit metrics will remain broadly stable in
2015 and 2016 and be commensurate with our "highly leveraged"
financial risk profile assessment. The stable outlook also takes
into account our expectation that the group will be able to
improve its profitability as it continues to benefit from cost
reductions, an improved product mix, and a greater ability to
pass on increased costs to customers.

"We could lower the ratings if the group's credit metrics weaken
significantly from our base-case forecasts. We would be concerned
in particular if EBITDA interest coverage were to fall towards
1.0x. This could happen if we believe Kloeckner Pentaplast is
unable to maintain its margins at current levels over the medium
term due to an increase in operating costs, fiercer competition,
and difficulties in passing on raw material increases to its
customers.

"We believe that rating upside is limited at this stage. This is
because of Kleopatra Holdings 2's still-high adjusted leverage as
a result of the new senior debt. We could nevertheless raise the
ratings if Kleopatra Holdings 2's credit metrics improve to
levels that we view as commensurate with an "aggressive"
financial risk profile. This could occur if the group's earnings
improve faster than our forecasts suggest, or if adjusted debt
levels fall. More specifically, an upgrade would require the
group to improve its adjusted FFO to debt to more than 12% and
its adjusted debt to EBITDA to less than 5x, with clear evidence
that these improvements were sustainable.


NESCHEN AG: Files for Self-Administered Insolvency
--------------------------------------------------
The managing board of Neschen AG filed for the opening of self-
administered insolvency proceedings with the responsible local
court in Bueckeburg on April 17 in order to be able to continue
the restructuring process autonomously.  This does not affect the
operative business of Neschen.  The European distribution
companies are not affected by the insolvency.

The Bueckeburg Local Court -- Insolvency Court -- granted the
application on April 17 and permitted self-administered
preliminary insolvency proceedings to facilitate the
restructuring of the company.  Arndt Geiwitz of Schneider Geiwitz
& Partner was appointed provisional trustee of creditors.

Managerial responsibility remains in the hands of the managing
board, which co-opted Dr. Bettina E. Breitenbuecher as an
insolvency specialist in addition to the CEO, Henrik Felbier.
She will assist the restructuring process in insolvency as a CRO.
Michael Aupke had offered the supervisory board his retirement
from office earlier. The supervisory board accepted such
retirement with immediate effect and explicitly thanked Mr. Aupke
for the work done.  "As we have already managed to increase our
earnings, we now want to use the insolvency to reduce the
company's debt.  We want the company to emerge from the
insolvency stronger", the CEO, Henrik Felbier, emphasizes. During
the next weeks, the managing board will work together with the
creditors and the works council to draw up a reorganization plan,
which will include the necessary restructuring steps and form the
basis for restructuring.

Creditor was not willing to reach an agreement.

Neschen has not received a positive forecast for its continued
existence, nor are there indications that the negotiations with
its creditors will be completed successfully.  Therefore, the
company must file for insolvency proceedings because of over-
indebtedness.  Despite extensive negotiations with the principal
creditor, the refinancing of EUR24.3 million (plus EUR20 million
debtor warrant bond) failed.  The intention is now to use the
insolvency proceedings to reduce the company's indebtedness.

Mr. Felbier said: "Although the operative restructuring of the
company was completed successfully, we would not have been able
to service the loans properly from our earnings.  To our regret,
Sandton was not prepared to make a positive contribution to
refinancing.  In addition, the shareholdes had opted against the
replacement of loan capital by equity capital earlier, so we were
left with no choice but to file for insolvency.  The only
possible conclusion is that Sandton was not interested in a
sustainable solution for Neschen without insolvency from the
beginning."

Bueckeburg Regional Court confirms doubts in respect of
acquisition of loan by Sandton

The situation was aggravated by the fact that it is currently
unclear who rightfully owns Neschen's loans -- J.P. Morgan or
Sandton.  The company established by Sandton in Luxemburg for the
acquisition of the loan obviously lacks the permissions required
under supervisory law for banking and other financial
transactions.  The performance of such transactions is even
explicitly ruled out in the company's articles of association.
In light of this knowledge, Neschen filed a suit with Bueckeburg
Regional Court (Landgericht).  The regional court is expected to
declare that Sandton Financing III (Luxemburg) S.a r.l. -
"Sandton III" -- has not become the creditor of the EUR24.3
million loan plus collateral. In a temporary injunction,
Bueckeburg Regional Court has expressed substantial doubts over
the rightful ownership of Sandton in Neschen's loans.  In the
event that J.P. Morgan still owns the loan, Neschen had also
requested J.P. Morgan to cooperate in refinancing.  However, J.P.
Morgan has not responded to the company's request.

Headquartered in Bueckerburg, Germany, Neschen AG --
http://www.neschen.com/-- develops, produces and markets
innovative coated self-adhesive and digital print media
worldwide, together with their processing machines and
presentation systems.



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GREECE: Makes Informal Approach to IMF to Delay Loan Repayment
--------------------------------------------------------------
Chris Giles, Shawn Donnan, Peter Spiegel and Kerin Hope at The
Financial Times report that Greek officials have made an informal
approach to the International Monetary Fund (IMF) to delay
repayments of loans to the international lender, highlighting the
parlous state of Greek finances, but were told that no
rescheduling was possible.

Athens was persuaded not to make a specific request for a delay
to the Fund, which is owed almost EUR1 billion in two separate
payments due in May, the FT says, citing officials briefed on the
talks by both sides.

Although Athens was rebuffed, the discussions, which occurred in
private earlier this month, are a sign that the Greek government
is finding it increasingly difficult to scrape together enough
money to continue to pay wages and pensions while meeting its
debt payments to external lenders, the FT notes.

Officials representing Greece's creditors are unsure whether
Athens will be able to make the payments in May, the FT states.
Even if they do, they are certain that the matter will come to a
head by June, before much larger payments on bonds held by the
ECB start coming due, according to the FT.

IMF officials have repeatedly said that a rescheduling of
repayments can only come as part of a completely renegotiated new
bailout program, the FT relays.  Were it to miss a payment,
Greece would become the first developed economy to go into
arrears at the Fund, something only counties like Zaire and
Zimbabwe have done in the past, the FT says.

BBC News reports that head of the International Monetary Fund,
Christine Lagarde said at the World Bank spring meeting in
Washington: "We have never had an advanced economy asking for
payment delays.

"Payment delays are analyzed as additional financing granted to
that country.  Additional financing means additional contribution
by the international community -- some of which are in much direr
situations than the country eventually seeking those delays.

"Payment delays had not been granted by the board of the IMF in
the last 30 years and it was eventually granted to a couple of
developing countries and that delay was not followed by very
productive results.

"It's clearly not a course of action that would actually fit or
be recommendable in the current situation."

According to BBC, German finance minister Wolfgang Schaeuble has
said Greece would struggle to find creditors outside the EU and
IMF.

He said it would be welcome to try to find investment from
Beijing or Moscow, but may have difficulties, BBC relates.

His warning came after fears of a Greek debt default saw its
borrowing costs jump 3.5 percentage points to 27%, BBC notes.

Greek Finance Minister Yanis Varoufakis, as cited by BBC, said
his government refuses to consider leaving the EU: "Toying with
Grexit . . . is profoundly anti-European."

He also promised to "compromise, compromise, compromise without
being compromised" to satisfy current creditors, BBC relays.

                             Optimistic

But Greek Prime Minister Alexis Tsipras on April 16 said he was
"firmly optimistic" the Greek government could reach a deal with
its creditors, BBC relates.

"Despite the cacophony and erratic leaks and statements in recent
days from the other side, I remain firmly optimistic that there
will be an agreement by the end of the month," BBC quotes
Mr. Tsipras as saying.

According to BBC, Mr. Tsipras said several points of agreement
had been found since talks first started, including on areas such
as tax collection, corruption and initiatives to distribute the
tax burden on those who have the ability to pay.

But he said the two sides still disagreed on four areas: labor
issues, pension reform, an increase in value-added taxes and
privatizations, which he referred to as "development of state
property", BBC notes.


GREECE: Creditors to Prevent Euro Exit if Key Demands Met
---------------------------------------------------------
Nikos Chrysoloras and Arne Delfs at Bloomberg News report that
Greece's major creditors are not ready to let the country drop
out of the euro as long as Prime Minister Alexis Tsipras shows
willingness to meet at least some key demands.

According to Bloomberg, one of two people familiar with the
discussions said Chancellor Angela Merkel will go a long way to
prevent a Greek exit from the single currency, though only so
far.  The person said every possibility is being considered in
Berlin to pull Greece back from the brink and keep it in the
19-nation euro, Bloomberg notes.

The second person said for all the foot-dragging in Athens, some
creditors are willing to show Greece more flexibility in
negotiations over its finances to prevent a euro exit, Bloomberg
relates.  The red line is that the Syriza-led government shows
readiness to commit to at least some economic reform measures,
said both people, who asked not to be named discussing strategy,
Bloomberg states.

The second person said that while the public rhetoric has
escalated amid a standoff over releasing the last tranche of aid,
creditors are willing to cut Greece some slack, Bloomberg notes.

Euro-area finance ministers are next due to discuss progress on
Greece at their meeting on April 24 in the Latvian capital, Riga,
Bloomberg discloses.  A Greek official on April 17 said Greece's
government remains confident an interim agreement with its
creditors allowing disbursement of bailout funds can be reached
by the end of April, according to Bloomberg.

"We're of the view that Greece will hold to the commitments it
made to the institutions," Bloomberg quotes Georg Streiter,
Merkel's deputy spokesman, as saying when asked about the
chancellor's stance.

A deal won't be ready by April 24 and could come together in the
following weeks, Bloomberg discloses.

Ambrose Evans-Pritchard at The Telegraph reports that the
European Central Bank has warned that a rupture of monetary union
and Greek exit from the euro could have dramatic consequences,
but insisted that it has enough powerful weapons to avert
contagion.

Mario Draghi, the ECB's president, said it would be far better
for everybody if Greece recovers within EMU but made it clear
that the currency bloc is no longer vulnerable to the immediate
chain-reaction seen in earlier phases of the debt crisis, The
Telegraph relays.

This sends an implicit message to the radical-Left Syriza
government in Athens that it cannot hope to secure better terms
from EMU creditors by threatening to unleash mayhem, The
Telegraph notes.

"We have enough instruments at this point of time, the OMT (bond-
buying plan), QE, and so on, which though designed for other
purposes could certainly be used in a crisis if needed," The
Telegraph quotes Mr. Draghi, speaking after a series of tense
meetings at the International Monetary Fund, as saying.

"We are better equipped than we were in 2012, 2011."

In effect, the ECB now has the license to act as a full lender-
of-last-resort and mop up the bond markets of Portugal, Spain, or
Italy, preventing yields from rising, The Telegraph states.

Yet Syriza appears to be countering such pressure with its own
foreign policy gambits as events move with electrifying speed in
Athens, The Telegraph relays.

Greek sources have told The Telegraph that Syriza may sign a deal
with Russia for Gazprom's "Turkish Stream" pipeline project as
soon as next week, unlocking as much as EUR3 billion to EUR5
billion in advance funding.

                   Global Stock Markets Hit

Corrie Driebusch at The Wall Street Journal reports that stock
markets from the U.S. to Europe to China took a beating on
April 17 on fresh fears about Greece and wobbly corporate
earnings, with the Dow Jones Industrial Average giving up all but
3.23 points of its gains for 2015.

Greece's international creditors signaled they are losing hope
that Athens will do what is needed to unlock bailout funds before
it runs out of money, The Journal relays.  Prices of Greek
government bonds plunged as concern increased about default and
an exit from the eurozone, which many analysts believe would hurt
European banks and further slow economic growth, The Journal
discloses.

According to The Journal, U.S. Treasury Secretary Jacob Lew said
that Greece's new government is running out time to reach an
emerging-financing agreement.

"Not reaching agreement would create immediate hardship for
Greece and uncertainties for Europe and the global economy more
broadly," Mr. Lew, as cited by The Journal, said.

Finance ministers and central bankers from the Group of 20
leading economies warned on April 17 about an uneven global
economic expansion, expressing particular concern about emerging-
market economies, The Journal relates.


PANHELLENIC BANK: In Liquidation, Assets Transferred to Piraeus
---------------------------------------------------------------
ANA-MPA reports that deposits and serviced loans of the
Panhellenic Bank will be transferred to Piraeus Bank, following a
decision on April 17 by the Bank of Greece.

Greece's central bank announced that the decision will protect
depositors and financial stability, and follows a bid of interest
submitted by Piraeus Bank, ANA-MPA relates.

According to ANA-MPA, the Panhellenic Bank had been unable to
raise capital for three times in a row.  Its license has been
revoked and all deposit accounts are transferred to Piraeus Bank,
ANA-MPA says.

The difference between the value of assets and liabilities
transferred to Piraeus will be covered by the Hellenic Deposit
and Investment Guarantee Fund, a decision already approved by the
Hellenic Financial Stability Fund, ANA-MPA notes.

Panhellenic is undergoing special liquidation, the results of
which will be used to meet third-party obligations as set out by
law, ANA-MPA relays.  PricewaterhouseCoopers Business Solutions
SA has been appointed as its liquidator, ANA-MPA discloses.

Panhellenic Bank is based in Greece.



=============
H U N G A R Y
=============


QUAESTOR: Faces Liquidation, Hungarian Central Bank Says
--------------------------------------------------------
Marton Eder at Bloomberg News reports that the National Bank of
Hungary said Quaestor faces liquidation as the company can't
account for "significant" amount of investor funds.

                     Compensation Proposal

In an April 13 report, Reuters' Gergely Szakac relates that
Hungary's government and banks were at odds over a proposal by
the ruling Fidesz party to offer much higher-than-anticipated
compensation to clients of failed brokerage Quaestor.

According to Reuters, the Fidesz plan would partly pass on the
costs of a Quaestor bailout to Hungary's heavily-taxed lenders
just as they were preparing for a reduction in a punitive bank
levy and looking forward to a period of calm after tensions with
the authorities.

The Economy Ministry and the Hungarian Banking Association held a
new round of talks on April 13 on the Fidesz proposal, which
would compensate Quaestor's clients by up to EUR100,000
(US$106,000) each -- more than the EUR20,000 they are usually due
in these circumstances, Reuters relays.

Fidesz says their proposal would mean that some 31,000 Quaestor
clients -- almost all those impacted by the collapse of the
brokerage -- would be able to reclaim their principal, Reuters
notes.

The National Bank of Hungary suspended the license of broking
firm Quaestor on March 10, saying it had sold about HUF150
billion (US$536 million) worth of bonds beyond what was permitted
under its issuance program, Reuters recounts.

Quaestor is a Hungarian brokerage firm.



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


TRANSAERO: Bought Out of Examinership, Renamed Atlantic Aviation
----------------------------------------------------------------
Barry O'Halloran at The Irish Times reports that former Siteserv
executive Patrick Jordan has bought aircraft maintenance
specialist Atlantic Aviation Group out of High Court protection
in a EUR2.5 million deal.

The business, formerly known as Transaero, had been in
examinership since January after its Russian parent ran into
difficulties, but emerged from the process last week after the
High Court approved a rescue deal put together by Michael McAteer
of Grant Thornton, The Irish Times relates.

According to The Irish Times, Mr. Jordan is taking over the
company in a transaction understood to be valued at EUR2.5
million.  Under its terms he is paying EUR1 million for the
business and putting up EUR1.5 million in working capital, The
Irish Times discloses.

Transaero Engineering Ireland is an aircraft maintenance
specialist.



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


ASHWELL RATED: S&P Affirms 'B-(sf)' Rating on Class B1 Notes
------------------------------------------------------------
Standard & Poor's Ratings Services took, on April 16, 2015,
various credit rating actions on 14 European synthetic
collateralized debt obligation (CDO) tranches.

Specifically, S&P has:

-- Raised and removed from CreditWatch positive its ratings on
    two tranches;

-- Placed on CreditWatch positive our ratings on six tranches;

-- Raised and removed from CreditWatch positive, and placed on
    CreditWatch negative S&P's ratings on two tranches;

-- Affirmed and removed from CreditWatch negative its ratings on
    two tranches; and

-- Affirmed its ratings on two tranches.

The rating actions are part of S&P's regular monthly review of
European synthetic CDOs. The actions reflect, among other things,
the effect of recent rating migration within reference portfolios
and recent credit events on referenced obligations. S&P has used
its SROC (synthetic rated overcollateralization; see "What Is
SROC?" below) tool to surveil its ratings on these synthetic
CDOs.

WHERE S&P HAS PLACED ITS RATINGS ON CREDITWATCH NEGATIVE

The SROC has fallen below 100% during the month-end run. This
indicates to S&P that the current credit enhancement may not be
sufficient to maintain the current tranche rating.

WHERE S&P HAS PLACED ITS RATINGS ON CREDITWATCH POSITIVE

The tranche's current SROC exceeds 100%, which indicates to S&P
that the tranche's credit enhancement is greater than that
required to maintain the current rating. Additionally, our
analysis indicates that the current SROC
would be greater than 100% at a higher rating level than
currently assigned.

WHERE S&P HAS LOWERED ITS RATINGS

"We have run SROC for the current portfolio and have projected
SROC 90 days into the future, while assuming no asset rating
migration," said S&P.

"We have lowered our ratings to the level at which SROC is above
or equal to 100%. However, if the SROC is below 100% at a certain
rating level but greater than 100% in the projected 90-day run,
we may leave the rating on CreditWatch negative at the revised
rating level."

WHERE S&P HAS RAISED ITS RATINGS

S&P has raised its ratings to the level at which SROC exceeds
100% and meets its minimum cushion requirement.

WHERE S&P HAS AFFIRMED ITS RATINGS

S&P has affirmed its ratings on those tranches for which credit
enhancement is, in our opinion, still at a level commensurate
with their current ratings.

ANALYSIS

The rating actions follow the application of S&P's relevant
criteria.

S&P has used its CDO Evaluator model 6.3 to determine the amount
of net losses in each portfolio that it expects to occur in each
rating scenario.

S&P has also applied its top obligor and industry tests.

WHAT IS SROC?

"One of the main steps in our rating analysis is the review of
the credit quality of the portfolio referenced assets. SROC is
one of the tools we use when surveilling our ratings on synthetic
CDO tranches with reference portfolios," said S&P.

SROC is a measure of the degree by which the credit enhancement
(or attachment point) of a tranche exceeds the stressed loss rate
assumed for a given rating scenario. SROC helps capture what S&P
considers to be the major influences on portfolio performance:
Credit events, asset rating migration, asset amortization, and
time to maturity. It is a comparable measure across different
tranches of the same rating.

Ratings List

Issuer                 Class   Rating            Rating
                                     to                from

Ashwell Rated S.A.
EUR242.5 mil floating-rate
credit-linked notes series 10
(Constellations Synthetic CDO
2007-1)                 A1    B+(sf)/Watch Pos  B+(sf)

Ashwell Rated S.A.
EUR242.5 mil floating-rate
credit-linked notes series 10
(Constellations Synthetic CDO
2007-1)                   A3 B+(sf)/Watch Pos B+(sf)

Ashwell Rated S.A.
EUR242.5 mil floating-rate
credit-linked notes series 10
(Constellations Synthetic CDO
2007-1)                   A4 B+(sf)/Watch Pos B+(sf)

Ashwell Rated S.A.
EUR242.5 mil floating-rate
credit-linked notes series 10
(Constellations Synthetic CDO
2007-1)                   B1 B-(sf)       B-(sf)


Ashwell Rated S.A.
EUR242.5 mil floating-rate
credit-linked notes series 10
(Constellations Synthetic CDO
2007-1)                       B2 B-(sf)       B-(sf)

Ashwell Rated S.A.
US$30 mil floating-rate
credit-linked notes series 14
(Constellations Synthetic CDO
2007-2)                         BB+(sf)/Watch Pos BB+(sf)

Aura (Ireland) CDO PLC
EUR50 mil limited recourse secured
credit-linked floating-rate notes
Series 17 (Issued by Aura
(Ireland) CDO PLC & Aura
(Jersey) CDO Ltd.)      A-1 BBB-(sf)/Watch Pos BBB-(sf)

C.L.E.A.R. PLC
EUR25 mil limited recourse
secured variable-rate
credit-linked notes series 6
(Acqua 2006-1)                   BBB-(sf)        BBB-(sf)/
                                                        Watch Neg
C.L.E.A.R. PLC
EUR40 mil limited recourse
secured floating rate
credit-linked notes series 73       B+(sf)/Watch Pos  B+(sf)

Elva Funding PLC
EUR100 mil secured credit-
linked floating-rate notes
series 2007-12            A BBB-(sf)        BB+(sf)
                                                        /Watch
                                                        Pos

Elva Funding PLC
EUR100 mil secured credit-
linked floating-rate notes
series 2007-12            B BB(sf)        BB-(sf)
                                                        /Watch
                                                        Pos

Rente Plus Co. Ltd.
EUR60 mil Rente Plus
notes 4 series 3                   A-(sf)/Watch Neg  BB+(sf)
                                                        /Watch
                                                        Pos

The Royal Bank of Scotland N.V.
EUR120 mil Rente Plus notes 5
(including EUR20 million tap
issuance)                         A-(sf)/Watch Neg  BBB+(sf)
                                                        /Watch
                                                        Pos

The Royal Bank of Scotland N.V.
EUR50 mil Rente Plus notes 6       BB-(sf)        BB-(sf)
                                                        /Watch
                                                        Neg


S&B MINERALS: S&P Withdraws 'B+ CCR After Imerys Acquisition
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has withdrawn its
'B+' long-term corporate credit rating on Luxembourg-registered
minerals producers S&B Minerals Finance S.C.A. (S&B), which was
placed on CreditWatch with positive implications on Nov. 14,
2014.

"At the same time, we are withdrawing our 'B+' issue rating on
S&B's EUR275 million senior secured notes, which have now been
repaid in full," said S&P.

The rating action follows the acquisition of S&B's key
activities, excluding its bauxite operations and certain real
estate assets, by Imerys S.A., and the subsequent repayment of
S&B's EUR275 million senior secured notes maturing 2020.
The acquisition price was determined on the basis of an equity
value of EUR525 million, plus a performance fee of a maximum
EUR33 million. It was paid in cash for about EUR311 million,
financed by the bond issue completed by Imerys in December 2014,
and by the issue of 3.7 million Imerys shares on a preemptive
basis to the Kyriacopoulos family.

The positive CreditWatch status at the time of the withdrawal
reflected S&P's belief that S&B's integration into the Imerys
group might be positive for S&B's credit quality. S&P's view
factors in Imerys' greater size, diversity, and lower leverage.



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


BNPP IP 2015-1: Moody's Rates EUR8-Mil. Class F Notes Ba2
---------------------------------------------------------
Moody's Investors Service assigned the following definitive
ratings to notes issued by BNPP IP Euro CLO 2015-1 B.V.:

  -- EUR176,236,000 Class A-1 Senior Secured Floating Rate Notes
     due 2028, Definitive Rating Assigned Aaa (sf)

  -- EUR5,264,000 Class A-2 Senior Secured Fixed Rate Notes due
     2028, Definitive Rating Assigned Aaa (sf)

  -- EUR20,868,000 Class B-1 Senior Secured Floating Rate Notes
     due 2028, Definitive Rating Assigned Aa2 (sf)

  -- EUR 12,632,000 Class B-2 Senior Secured Fixed Rate Notes due
     2028, Definitive Rating Assigned Aa2 (sf)

  -- EUR17,500,000 Class C Senior Secured Deferrable Floating
     Rate Notes due 2028, Definitive Rating Assigned A2 (sf)

  -- EUR15,000,000 Class D Senior Secured Deferrable Floating
     Rate Notes due 2028, Definitive Rating Assigned Baa2 (sf)

  -- EUR21,000,000 Class E Senior Secured Deferrable Floating
     Rate Notes due 2028, Definitive Rating Assigned Ba2 (sf)

  -- EUR8,000,000 Class F Senior Secured Deferrable Floating Rate
     Notes due 2028, Definitive Rating Assigned B2 (sf)

Moody's definitive rating of the rated notes addresses the
expected loss posed to noteholders by legal final maturity of the
notes in 2028. The definitive 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, BNP Paribas Asset
Management SAS, has sufficient experience and operational
capacity and is capable of managing this CLO.

BNPP IP Euro CLO 2015-1 B.V. is a managed cash flow CLO. At least
95% of the portfolio must consist of secured senior loans and up
to 5% of the portfolio may consist of unsecured senior loans,
second lien loans, mezzanine obligations or DIP loans. The
portfolio is expected to be at least 80% ramped up as of the
closing date and to be comprised of corporate loans to obligors
predominantly 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.

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

In addition to the eight classes of notes rated by Moody's, the
Issuer has issued EUR 32,000,000 of subordinated notes. Moody's
has not assigned a 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.

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

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

- Par Amount: EUR 300,000,000

- Diversity Score: 35

- Weighted Average Rating Factor (WARF): 2850

- Weighted Average Spread (WAS): 3.90%

- Weighted Average Coupon (WAC): not applicable

- Weighted Average Recovery Rate (WARR): 43.75%

- Weighted Average Life (WAL): 8 years.

Together with the set of modelling assumptions above, Moody's
conducted an additional sensitivity analysis, which was an
important component in determining the definitive 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 3278 from 2850)

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: -2

- Class B-2 Senior Secured Fixed Rate Notes: -2

- Class C Senior Secured Deferrable Floating Rate Notes: -2

- Class D Senior Secured Deferrable Floating Rate Notes: -2

- Class E Senior Secured Deferrable Floating Rate Notes: -1

- Class F Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3705 from 2850)

Ratings Impact in Rating Notches:

- 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 Senior Secured Deferrable Floating Rate Notes: -3

- Class D Senior Secured Deferrable Floating Rate Notes: -2

- Class E Senior Secured Deferrable Floating Rate Notes: -2

- Class F Senior Secured Deferrable Floating Rate Notes: -2

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

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. BNP Paribas Asset Management
SAS's investment decisions and management of the transaction will
also affect the notes' performance.


BNPP IP 2015-1: Fitch Assigns 'B-sf' Rating to Class F Notes
------------------------------------------------------------
Fitch Ratings has assigned BNPP IP Euro CLO 2015-1 B.V.'s notes
final ratings as follows:

Class A-1: 'AAAsf'; Outlook Stable
Class A-2: 'AAAsf'; Outlook Stable
Class B-1: 'AAsf'; Outlook Stable
Class B-2: 'AAsf'; Outlook Stable
Class C: 'A+sf'; Outlook Stable
Class D: 'BBBsf'; Outlook Stable
Class E: 'BBsf'; Outlook Stable
Class F: 'B-sf'; Outlook Stable
Subordinated notes: not rated

BNPP IP Euro CLO 2015-1 B.V. is an arbitrage cash flow
collateralized loan obligation (CLO).

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality
Fitch assesses the average credit quality of obligors in the
'B'/'B-' range. The agency has public ratings or credit opinions
on all the obligors in the identified portfolio. The weighted
average rating factor (WARF) of the identified portfolio was 32.5
as of January 2015.

High Recovery Expectations
The portfolio comprises a minimum of 95% senior secured loans.
Recovery prospects for these assets are typically more favorable
than for second-lien, unsecured and mezzanine loans. Fitch has
assigned Recovery Ratings to the entire identified portfolio. The
weighted average recovery rate (WARR) of the identified portfolio
was 69.3% as of January 2015.

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

Limited Interest Rate Risk
The transaction is only allowed to invest in floating-rate
assets. This aligns the portfolio yield with the cost of the
floating-rate liabilities as fixed-rate liabilities only
represent approximately 6% of the target par amount. The presence
of fixed rate liabilities partially lowers the impact of rising
interest rates on the cost of liabilities.

TRANSACTION SUMMARY

Net proceeds from the notes issue are being used to purchase a
EUR300m portfolio of mostly European leveraged loans. The
portfolio is managed by BNP Paribas Asset Management SAS. The
reinvestment period is scheduled to end in 2019.

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

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

RATING SENSITIVITIES

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

The majority of the underlying assets have ratings or credit
opinions from Fitch and/or other Nationally Recognized
Statistical Rating Organizations and/or European Securities and
Markets Authority registered rating agencies. Fitch has relied on
the practices of the relevant Fitch groups and/or other rating
agencies to assess the asset portfolio information.



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


HANSACOMBANK OJSC: Bank of Russia Revokes Banking License
---------------------------------------------------------
By its Order No. OD-831, dated April 17, 2015, the Bank of Russia
revoked the banking license from the Saint Petersburg-based
credit institution open joint-stock company HANSACOMBANK or OJSC
HANSACOMBANK (Registration No. 1734) from April 17, 2015.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of the credit institution's
failure to comply with federal banking laws and Bank of Russia
regulations, repeated violations within a year of the
requirements of Article 7 (except for Clause 3 of Article 7) of
the Federal Law "On Countering the Legalisation (Laundering) of
Criminally Obtained Incomes and the Financing of Terrorism", and
application of measures envisaged by the Federal Law "On the
Central Bank of the Russian Federation (Bank of Russia)".

OJSC HANSACOMBANK did not comply with the requirements of the
legislation on anti-money laundering and financing of terrorism
in terms of timely and detailed notification of the authorized
body about operations subject to obligatory control.  Besides,
the credit institution was involved as an intermediate link in
dubious funds transfers by its customers in significant amounts.
The management and owners of the bank did not take effective
measures to counter legalization (laundering) of the criminally
obtained incomes and financing of terrorism.

By its Order No. OD-832, dated April 17, 2015, the Bank of Russia
has appointed a provisional administration to OJSC HANSACOMBANK
for the period until the appointment of a receiver pursuant to
the Federal Law "On Insolvency (Bankruptcy)" or a liquidator
under Article 23.1 of the Federal Law "On Banks and Banking
Activities".  In accordance with federal laws, the powers of the
credit institution's executive bodies are suspended.

According to the financial statements, as of April 1, 2015, OJSC
HANSACOMBANK ranked 648th by assets in the banking system of the
Russian Federation.


IDEALBANK OOO: Bank of Russia Revokes Banking License
-----------------------------------------------------
By its Order No. OD-833, dated April 17, 2015, the Bank of Russia
revoked the banking license from the Moscow-based credit
institution Idealbank, limited liability company, or Idealbank
OOO (Registration No. 3491) from April 17, 2015.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of failure by the credit
institution to comply with federal banking laws and Bank of
Russia regulations, decrease in the bank capital below the
minimum amount of the authorized capital established as of the
date of the state registration of the credit institution, and
taking into account the application of measures envisaged by the
Federal Law "On the Central Bank of the Russian Federation (Bank
of Russia)".

Idealbank OOO implemented a high-risk lending policy connected
with placing funds in low-quality assets.  As a result of
complying with the supervisor's requirements on creating
provisions adequate to the risks assumed, Idealbank OOO lost
considerable part of its capital.

The management and owners of the bank did not take effective
measures to normalize its activities.  Under these circumstances,
the Bank of Russia performed its duty on the revocation of the
banking license from the credit institution in accordance with
Article 20 of the Federal Law "On Banks and Banking Activities".

By its Order No. OD-834, dated April 17, 2015, the Bank of Russia
has appointed a provisional administration to Idealbank OOO for
the period until the appointment of a receiver pursuant to the
Federal Law "On the Insolvency (Bankruptcy)' or a liquidator
under Article 23.1 of the Federal Law "On Banks and Banking
Activities".  In accordance with federal laws, the powers of the
credit institution's executive bodies are suspended.

According to the financial statements, as of April 1, 2015,
Idealbank OOO ranked 792th by assets in the Russian banking
system.


SVYAZINVESTNEFTEKHIM OAO: Moody's Confirms Ba2 CFR; Outlook Neg.
---------------------------------------------------------------
Moody's Investors Service confirmed the Ba2 corporate family
rating (CFR) and Ba2-PD probability of default rating (PDR) of
Svyazinvestneftekhim OAO (SINEK). At the same time, Moody's has
confirmed the Ba2 senior secured rating of the $250 million's
worth of loan participation notes (LPNs) issued by Edel Capital
S.A. for the sole purpose of financing its loan to SINEK Capital
S.A., a subsidiary of SINEK. The loan is guaranteed by the
Republic of Tatarstan, which wholly owns SINEK. The outlook on
these ratings is negative.

Concurrently, Moody's has confirmed the Ba1 CFR and Ba1-PD PDR of
Tatarstan's key oil and gas company, Tatneft OAO (Tatneft) and
assigned a negative outlook to Tatneft's ratings.

Moody's has also confirmed the Ba3 CFR and Ba3-PD PDR of
Tatarstan's major petrochemical company, Nizhnekamskneftekhim
PJSC (NKNK) and the Ba3 senior unsecured notes rating issued by
NKNK Finance plc. The outlook on these ratings is stable.

These actions concluded the review of the aforementioned ratings
launched on December 12 and December 23, 2014 and extended on
February 26, 2015.

The actions follow the conclusion of the review for downgrade of
the sub-sovereign rating of the Republic of Tatarstan, the
affected companies' major shareholder, on April 14, 2015. Moody's
confirmed the Ba2 long-term issuer rating of the Republic of
Tatarstan and assigned a negative outlook.

SINEK:

The confirmation of SINEK's rating in line with that of Tatarstan
reflects the successful completion of the government of
Tatarstan's and SINEK's management's plan to increase the
guarantee on SINEK's US$250 million notes due August 3, 2015,
which are unconditionally and irrevocably guaranteed by the
republic. The final guarantee documentation, which includes the
new guarantee increase to RUB21.9 billion (US$421 million) from
RUB13 billion (US$250 million), was signed on April 10, 2015. The
increase eliminates the uncertainty surrounding the ability of
the Tatarstan government to address the trigger of partial
prepayment of SINEK's US$250 million notes due August 3, 2015.
The guarantee increase confirmed our assumption for a high
probability of support for SINEK from the republic.

TATNEFT:

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

NKNK:

In addition to the confirmation of the rating of Tatarstan,
Moody's decision to confirm NKNK's Ba3 CFR takes into account
NKNK's strong financial profile and liquidity, which are
sufficiently resilient to the weak macroeconomic and financial
environment in Russia. Being one of Russia's major petrochemical
companies, NKNK benefits from its strong domestic market
position, sizable export operations coupled with the weak rouble,
and high capex flexibility.

Rationale for negative outlook on SINEK and TATNEFT:

The negative outlook on SINEK's ratings is in line with the
negative outlook of the Republic of Tatarstan and reflects the
fact that a downgrade of the sub-sovereign rating may result in a
downgrade of SINEK's ratings.

The negative outlook on Tatneft is in line with the negative
outlook for Russia's sovereign rating and the sub-sovereign
rating of Tatarstan and reflects the fact that a further
downgrade of Russia's sovereign rating may result in the further
lowering of the country ceiling for foreign-currency debt and, as
a result, lead to a downgrade of the company's rating.

Rationale for stable outlook on NKNK:

The stable rating on NKNK reflects the significant cushion under
the company's financial profile within its current rating, with
the company's leverage being well below 3.0x debt/EBITDA.

Downward pressure may be placed on the companies' ratings if
there is (1) a further downgrade of Russia's sovereign rating
and/or a lowering of the foreign-currency bond country ceiling;
and/or (2) a downgrade of the Republic of Tatarstan's rating; or
(3) a revision downwards of Moody's assessment of the probability
of the Tatarstan government providing extraordinary support to
the government-related issuers (GRIs) in the event of financial
distress; and (4) a deterioration of the companies' standalone
credit quality.

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

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

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

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

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

Tatneft OAO one of Russia's largest oil & gas companies, operates
in the Republic of Tatarstan. The Tatarstan government holds 36%
of the company's voting stock plus a "golden share". At year-end
2013, Tatneft's estimated net proved crude oil and condensate
reserves amounted to 6.0 billion barrels, according to Petroleum
Resources Management System (PRMS) classification, and its crude
oil average daily production stood at 516 thousand barrels
(Mbbl). In 2014, Tatneft generated net sales of US$12.6 billion
and adjusted EBITDA of approximately US$4.0 billion.

Nizhnekamskneftekhim PJSC is one of Russia's key petrochemical
companies, producing rubbers, plastics, monomers and other
petrochemicals. The company derived around half of its revenue
from export activities. In 2014, the company reported revenue of
RUB137 billion (around US$3.6 billion). NKNK's largest
shareholders are TAIF Group (50.6% of voting shares) and SINEK
(28.6% of voting shares).



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


GRUPO RAYET: Sells 1.36% Stake in Quabit Inmobiliaria
-----------------------------------------------------
Esteban Duarte at Bloomberg News reports that Rayet has sold a
1.36% stake in Quabit Inmobiliaria.

According to Bloomberg, Rayet said in a regulatory filing that
the transaction is part of the company's viability plan.

Rayet said more than 71% of creditors have approved restructuring
proposal from the company's administrator, Bloomberg relates.  It
said the company is expected to exit creditor protection in the
coming months, Bloomberg notes.

Grupo Rayet is a Spanish property group.



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


GEORGIY YURIEVICH: April 21 Creditors' Meeting Set
--------------------------------------------------
Pursuant to Rule 6.81 of the Insolvency Rules 1986 (as amended),
Carl James Bowles and Robin Hamilton, the Joint Trustees, have
summoned a general meeting of Georgiy Yurievich Trefilov's
creditors for the purpose of determining and, if thought fit,
establishing a creditors' committee and determining how the basis
of the Joint Trustees' remuneration shall be fixed.

The meeting will be held at the offices of Carter Backer Winter
LLP, 66 Prescot Street, London E1 8NN on April 21, 2015, at
11:00 a.m.  In order to be entitled to vote at the meeting,
creditors must lodge their proxies with the Joint Trustees at by
no later than noon on the business  day prior to the day of the
meeting (together with a completed proof of debt form if this has
not previously been submitted).

The Joint Trustees were appointed on November 28, 2014.  They can
be reached at:

          Carter Backer Winter LLP
          66 Prescot Street
          London E1 8NN
          Telephone: 020 7309 3800
                     020 7309 3826
          E-mail: carl.bowles@cbw.co.uk
                  danny.wright@cbw.co.uk

Georgiy Yurievich Trefilov can be reached at:

          6 Russell Road
          London W14 8JA



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


UKRAINE: Moody's Says Position Shaky Despite Restructuring
----------------------------------------------------------
Facing debt service obligations totaling more than US$8 billion
over the remainder of 2015 alone, Ukraine's (Ca negative)
external liquidity situation is likely to remain precarious for
the foreseeable future, says Moody's Investors Service in its
updated Ukraine Credit Analysis. The expected restructuring of
most of the government's outstanding Eurobonds will constitute a
distressed exchange, or in other words, a default by Moody's
definition.

The rating agency's report is an update to the markets and does
not constitute a rating action.

Ukraine's liquidity position will likely remain severely
constrained in the coming years because of the country's
structural current account deficit and weak foreign reserve
assets, while the government budget will be stretched by the deep
economic contraction and the ongoing costs of the military
conflict against pro-Russian separatists in the east of the
country, says Moody's.

Ukraine's foreign exchange reserves have nearly doubled following
the IMF's disbursement of the first tranche of its new US$17.5
billion four-year economic program, part of a total US$40 billion
financing agreement. Still, they remain very low at US$10
billion, or only about 2 months' of imports of goods and
services, according to the rating agency.

External financing risks are unlikely to significantly abate, in
spite of the government's plan to restructure US$15.3 billion of
its private external debt service. This debt operation is
intended to allow the government to gradually bolster its foreign
exchange reserves, however creditors are likely to resist taking
large losses on their bonds and loans.

From a budget perspective, Moody's expects that Ukraine's general
government debt-to-GDP ratio will increase to 82% in 2015 from
70% last year, before accounting for the debt restructuring,
partly because Ukraine's economy is expected to face another
economic contraction as very high inflation continues to weigh on
domestic demand this year. In addition, the state-owned oil and
gas company Naftogaz Ukrainy will continue to be a drain on the
government's fiscal resources for at least two more years even if
the plan to eliminate the company's deficit by 2017 succeed. Any
economic recovery will depend heavily on how quickly the
financial and geopolitical situations stabilize.


UKREXIMBANK: Won't Seek Principal or Coupon Reduction for Bonds
---------------------------------------------------------------
Natalia Zinets at Reuters reports that Ukraine's Finance Ministry
said in a statement on April 16 neither state-owned Ukreximbank
nor Oschadbank will seek a principal or coupon reduction in debt
restructuring talks with bondholders.

According to Reuters, the banks' bonds are to be restructured
under an International Monetary Fund-backed overhaul of sovereign
and state-guaranteed debt to plug a US$15 billion funding gap.

The Finance Ministry has made clear it will seek to cut the face
value of Ukraine's sovereign debt, but earlier in April hinted
the bonds of state-run Ukreximbank and Oschadbank could be
treated more leniently -- a fact it confirmed on April 16,
Reuters relates.

Ukreximbank's US$750 million eurobond maturing end-April 2015 has
been particularly in focus, after a vote to postpone its
repayment was adjourned on April 13 over a lack of quorum,
Reuters notes.

On April 15, the bank warned it would most likely default if
bondholders vote against the proposal to extend the maturity on
the bond by three months, Reuters relays.  The new vote will take
place on April 27, the day the Eurobond matures, Reuters
discloses.  According to Bloomberg News' Natasha Doff,
Ukreximbank said in a statement it will hold a webcast at
10:00 a.m. London time on April 21 to discuss proposal for
maturity extension on bond maturing April 27.

Ukreximbank also has a US$125 million bond maturing in February
2016 and a $600 million issue maturing in January 2018, Reuters
states.  A US$700 million Eurobond of Oschadbank matures in March
2016, while a US$500 million issue matures in March 2018, Reuters
discloses.

The State Export-Import Bank of Ukraine, also known as
Ukreximbank, is Ukraine's third biggest bank.



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


BRITISH AIRWAYS: Moody's Raises CFR to Ba2; Outlook Stable
----------------------------------------------------------
Moody's Investors Service upgraded to Ba2 from Ba3 the corporate
family rating and to Ba2-PD from Ba3-PD the probability of
default rating of British Airways, Plc (BA). Concurrently,
Moody's has upgraded the company's senior unsecured notes and the
company's backed Industrial Revenue Bonds issued through New York
City Industrial Development Agcy, NY to Ba3 from B1, and British
Airways Finance (Jersey) L.P.'s preference stock ratings to B1
from B2. The outlook on all ratings is stable. The Enhanced
Equipment Trust Certificate's ("EETC") senior secured ratings
issued by Speedbird 2013 Limited have been upgraded to A2 and
Baa2 from A3 and Baa3 respectively.

"We are upgrading BA's ratings mainly because of another material
earnings improvement in 2014 as well as our expectation of
further increasing operating profit in the current year," says
Sven Reinke, a Moody's Vice President - Senior Analyst and lead
analyst for BA. "While we continue to assess BA on a standalone
basis, we continue to take into consideration the risks at the
IAG holding level including the turnaround progress at Iberia and
the potential for more debt at the IAG holding level owing to the
offer to acquire Aer Lingus."

The rating action reflects BA's strong performance in 2014 that
resulted in credit metrics for fiscal year ended December 31,
2014 (FYE2014) that were within our previous guidance for
positive rating pressure. Moody's also expects that BA could
further improve on its FYE2014 metrics if it achieves its public
target of an operating profit of GBP1.3 billion by 2015. While
there are no cross-guarantees between BA and Iberia at present,
and they remain separate legal entities with separate boards,
Moody's will continue to monitor what impact the turnaround at
Iberia S.A. (Iberia) will have, if any, on the financial profiles
of BA, as well as its owner, International Consolidated Airlines
Group S.A. (IAG, not rated), going forward. In addition, Moody's
believe that incremental debt at the IAG holding level -- for
example if the Aer Lingus takeover offer succeeds -- could reduce
BA's debt capacity as BA will likely need to upstream funds to
its parent company to service debt at IAG level.

Driven by strong capacity growth, BA's revenues in 2014 rose 2.6%
to GBP11.7 billion. This rise included a 3.2% increase in
passenger revenues owing to higher volumes (RPK increased by
5.4%) but partially offset by lower yields (passenger revenue per
RPK lowered by 2.1%). Higher revenues as well as significant unit
cost reduction resulted in a significant increase in operating
profit to GBP975 million from GBP708 million in 2013. BA's 5.7%
unit cost reduction was driven by GBP240 million lower fuel cost
but also by a 2.7% non-fuel unit cost reduction.

As of FYE2014, BA's Moody's-adjusted gross leverage was 3.9x,
which is within Moody's previous guidance for gross leverage
moving towards 4.0x for potential upward pressure on the rating.

Moody's also expects Brent fuel prices to remain fairly low over
the next few years and materially below the levels from pre
autumn 2014. However, lower fuel cost will only materially
support BA's profitability towards the end of 2015 as a large
proportion of the fuel consumption for the first three quarters
of 2015 is hedged at relatively high levels. Separately, Moody's
also notes that BA's pension deficit has been subject to
significant volatility in the past, such that a large shift in
assets or obligations could potentially affect the rating
agency's rating assessment going forward.

BA's Ba2 CFR reflects its leading position at Heathrow and its
membership of the oneworld alliance group, as well as its
integration with Iberia and Vueling into IAG. In Moody's view,
the IAG merger provides growth opportunities for BA as it
combines BA's leading position in London Heathrow and strength in
the North Atlantic segment with Iberia's leading position in
travel to Latin American destinations. The most recent target
forecast by IAG is to achieve annual synergies with a cumulative
impact on EBIT of EUR700 million by 2015, largely equally driven
by higher revenues and cost savings. According to IAG, the group
already realised synergies of EUR633 million in 2014.

At the same time, however, Moody's notes that in 2014 BA
contributed around 87% to IAG's operating profit (before
exceptional items), reflecting a largely unchanged operating
profit at Vueling and still low operating profitability (before
exceptional items) at Iberia. Iberia reported an operating loss
of EUR311 million (including EUR361 million of exceptional items)
but its liquidity profile has slightly improved in 2014 and the
previous cash burn has stopped.

Whilst one key factor underlying Moody's rating and outlook for
BA is that there are currently no cross guarantees or cross
default provisions between itself, Iberia and Vueling, Moody's
also notes that the progress towards a sustainable turnaround at
Iberia is positive for BA's credit profile.

Moody's considers that BA has strong liquidity, with a balance of
cash and equivalents as of FYE2014 of GBP2.5 billion, and GBP2.3
billion of undrawn committed credit lines maturing between 2015
and 2021, most of which are dedicated capex facilities, with no
financial covenants. Against this, in 2014 the company reported
GBP428 million in short-term debt, most of which is in the form
of finance leases, and capex of GBP1,494 million. Moody's notes a
recent step-up in aircraft orders by IAG to re-fleet both BA and
Iberia, and, as such, Moody's expects BA's own capital spending
to be above the level of deprecation in coming years.

The respective one notch upgrades of the ratings on the company's
Series 2013-1 Class A and Class B Enhanced Equipment Trust
Certificates ("EETC") accompany the one notch upgrade of the
Corporate Family Rating. Fourteen aircraft, including Boeing
B787-8s, Boeing B777-300ERs and Airbus A320-200s that will form
the back bone of the company's fleet over the 12-year life of the
transaction collateralize these obligations. The over-
collateralization in this transaction remains in line with
Moody's expectations since the ratings were assigned in June
2013. Moody's estimates current loan-to-values at about 55% and
72%, respectively. The ratings also reflect Moody's belief that
the probability of affirmation of this financing would be high
following the unlikely initiation of a BA insolvency proceeding
because of the importance of the relatively young, efficient
aircraft to any potential reorganized network.

Any combination of future changes in the underlying credit
quality or ratings of BA, unexpected material changes in the
market value of the aircraft and/or changes in the status or
terms of the liquidity facilities could cause Moody's to change
its ratings of the EETCs.

The stable outlook on the ratings reflects Moody's view that BA's
FYE2014 metrics are adequately-positioned for the rating
category. In addition, Moody's expectation that fuel prices will
remain fairly low in the mid-term should be supportive of BA's
ambitious profitability targets for fiscal year (FY) 2015.

What Could Change the Rating -- UP

Moody's believes that there could be positive rating pressure for
BA if the company were to sustain:

- gross adjusted leverage below 3.5x, with strong liquidity

- reported operating margin of at least 8% indicating resilience
   to competitive pressures

- consistent cash flow generation enabling ongoing investments
   into the renewal of the fleet and the support of IAG intended
   future dividend payment

Moody's will continue to assess the extent to which Iberia's
turnaround is sustainable -- a sustainable turnaround without
financial support from BA, as has been the case to date, would be
supportive of BA's own ratings. In addition, potential for
upgrade momentum will take into consideration the incremental
debt at IAG.

What Could Change the Rating -- Down

Negative pressure could be exerted on BA's ratings if

- gross adjusted leverage rises sustainably above 4.0x

- reported operating profit margin falls sustainably below 8%

- cash flow generation is not sufficient to cover investments
   into the renewal of the fleet and to support IAG's intended
   future dividend payments

In addition, a failure to achieve a sustainable turnaround at
Iberia as well as a material increase in the debt levels at IAG
beyond any potential additional debt for the currently proposed
Aer Lingus transaction would put negative pressure on BA's
ratings.

The principal methodology used in rating British Airways, Plc and
British Airways Finance (Jersey) L.P. was Global Passenger
Airlines published in May 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 methodologies used in rating Speedbird 2013 Limited
were Global Passenger Airlines published in May 2012, and
Enhanced Equipment Trust And Equipment Trust Certificates
published in December 2010.

British Airways (BA), based in Harmondsworth, United Kingdom, is
one of Europe's largest airlines and flies to more than 400
destinations worldwide. For the fiscal year to December 2014, the
company reported revenues and an operating profit (before
exceptional items) of approximately GBP11.7 billion and GBP975
million, respectively. Following a merger with Iberia in January
2011, BA now reports as part of International Consolidated
Airlines Group S.A. (IAG), which is incorporated as a Spanish
company with its shares trading on both the London and Spanish
Stock Exchanges. In 2014, IAG generated revenues and an operating
profit (before exceptional items) of EUR20.2 billion and EUR1,390
million, respectively.


DON LEISURE: Joint Administrators Put Business Up for Sale
----------------------------------------------------------
John Kelly and Mark Malone, the Joint Administrators of
Don Leisure Holdings Limited and Don Leisure Limited, offer for
sale an established Grade II Listed pleasure pier business:

   -- situated in the university town and seaside resort of
      Aberystwyth on the Ceredigion coastline of West Wales;

   -- freehold property comprising a three storey cast iron,
      vaulted building on the landward end together with a small
      forecourt off the promenade and several entrances to
      various parts of the business;

   -- comprises a restaurant (160 cover), pier deck (80 cover),
      nightclub (650 capacity), amusement arcade, late licensed
      public house, pizza restaurant integral to the public house
      and takeaway counter, social/snooker club with 8 full size
      snooker and pool tables and own bar, video rental business,
      doughnut store and ice cream retail stand, integrated
      cellar and drinks stores and head office administration;
      and

   -- opportunity to acquire the business and assets including
      the unique freehold property.

For further information, please contact:

          John Kelly
          Mark Malone
          Begbies Traynor (Central) LLP
          3rd Floor
          Temple Point
          1 Temple Row, Birmingham
          B2 5LG
          Telephone: 0121 200 8150
          Fax: 08436585746
          E-mail: birmingham@begbies-traynor.com



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


* BOND PRICING: For the Week April 13, 2015 to April 17, 2015
-------------------------------------------------------------

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

Ukreximbank Via Bi    8.38    4/27/2015    USD    62.55
Ajecorp BV            6.50    5/14/2022    USD    63.00
Far East Capital L    8.00     5/2/2018    USD    44.01
Heta Asset Resolut    4.38    1/24/2017    EUR    57.00
Takko Luxembourg 2    9.88    4/15/2019    EUR    44.00
OAS Investments Gm    8.25   10/19/2019    USD    16.25
DTEK Finance BV       9.50    4/28/2015    USD    66.52
CHC Helicopter SA     9.38     6/1/2021    USD    65.06
Ukraine Government    7.50    4/17/2023    USD    41.00
QGOG Constellation    6.25    11/9/2019    USD    60.50
Ukraine Government    9.25    7/24/2017    USD    39.75
Heckler & Koch Gmb    9.50    5/15/2018    EUR    68.50
Ukraine Government    4.95   10/13/2015    EUR    45.00
Ukraine Government    6.88    9/23/2015    USD    44.00
Brunswick Rail Fin    6.50    11/1/2017    USD    41.02
Heta Asset Resolut    4.25   10/31/2016    EUR    57.00
Metinvest BV         10.25    5/20/2015    USD    66.45
MHP SA                8.25     4/2/2020    USD    71.00
Ukreximbank Via Bi    8.75    1/22/2018    USD    55.80
Russian Standard B    7.56    12/1/2016    USD    73.00
Heta Asset Resolut    2.75    5/31/2016    CHF    56.99
Metinvest BV          8.75    2/14/2018    USD    49.00
NBG Finance PLC       4.38    4/30/2019    EUR    62.38
Avangardco Investm   10.00   10/29/2015    USD    40.00
Public Power Corp     5.50     5/1/2019    EUR    71.63
Helios Towers Fina    8.38    7/15/2019    USD    69.75
Oschadbank Via SSB    8.25    3/10/2016    USD    52.51
Privatbank CJSC Vi    9.38    9/23/2015    USD    39.55
Far East Capital L    8.75     5/2/2020    USD    44.00
Piraeus Group Fina    5.00    3/27/2017    EUR    69.16
Nordea Bank AB        0.70                 EUR    74.89
Alpha Credit Group    3.38    6/17/2017    EUR    70.20
DTEK Finance PLC      7.88     4/4/2018    USD    41.60
Afren PLC             6.63    12/9/2020    USD    44.00
Iona Energy Co UK     9.50    9/27/2018    USD    48.00
Aegon NV              0.68                 EUR    73.04
Ukraine Government    7.75    9/23/2020    USD    41.25
OSX 3 Leasing BV     13.00    3/20/2015    USD    58.25
HSH Nordbank AG/Lu    2.64                 EUR    32.35
Singulus Technolog    7.75    3/23/2017    EUR    69.25
Asya Sukuk Co Ltd     7.50    3/28/2023    USD    64.00
AXA SA                1.18                 EUR    72.24
Oschadbank Via SSB    8.88    3/20/2018    USD    51.81
HSH Nordbank AG       7.25                 USD    41.62
Ekotechnika GmbH      9.75    5/10/2018    EUR     9.25
EnQuest PLC           7.00    4/15/2022    USD    74.00
Indo Energy Financ    6.38    1/24/2023    USD    66.63
Afren PLC            11.50     2/1/2016    USD    48.00
Heta Asset Resolut    0.10    5/31/2016    EUR    56.67
Paragon Offshore P    7.25    8/15/2024    USD    36.25
Ukraine Government    7.80   11/28/2022    USD    39.25
Bank of New York M    4.55   12/15/2050    EUR    66.67
Banco Espirito San    7.13   11/28/2023    EUR     9.00
OGX Austria GmbH      8.50     6/1/2018    USD     0.19
Ukraine Government    6.58   11/21/2016    USD    39.75
Public Power Corp     4.75     5/1/2017    EUR    74.84
Banca delle Marche    0.99     6/1/2017    EUR    50.38
Paragon Offshore P    6.75    7/15/2022    USD    35.00
EXIM of Ukraine CJ    5.79     2/9/2016    USD    40.00
Norske Skogindustr    7.00    6/26/2017    EUR    68.65
ING Groep NV          0.45                 EUR    72.19
WPE International    10.38    9/30/2020    USD     6.50
Awilco Drilling PL    7.00     4/9/2019    USD    69.52
First Ukrainian In   11.00   12/31/2018    USD    39.88
Virgolino de Olive   10.50    1/28/2018    USD     3.50
Oesterreichische V   10.00                 EUR     0.83
Russian Standard B   11.50    1/17/2024    USD    58.00
Banque Federative     1.02                 EUR    63.34
ING Groep NV          0.85                 EUR    74.48
ERB Hellas PLC        4.25    6/26/2018    EUR    62.33
Ukraine Railways v    9.50    5/21/2018    USD    39.00
Credit Agricole SA    0.71                 EUR    65.57
Alcatel-Lucent        4.25     7/1/2018    EUR     4.16
Metinvest BV         10.50   11/28/2017    USD    48.15
Ukraine Government    6.25    6/17/2016    USD    39.75
Norwegian Energy C    6.50     3/6/2018    NOK    30.00
Afren PLC            10.25     4/8/2019    USD    47.88
Etablissements Mau    1.63     7/1/2019    EUR    15.24
UKRLANDFARMING PLC   10.88    3/26/2018    USD    40.75
AXA SA                0.85                 EUR    74.11
Peugeot SA            4.45     1/1/2016    EUR    28.97
Tonon Luxembourg S   10.50    5/14/2024    USD    44.75
City of Kiev Ukrai    8.00    11/6/2015    USD    41.13
Oesterreichische V    0.89   11/28/2016    EUR    42.00
Hema Bondco II BV     8.50   12/15/2019    EUR    62.00
Ukraine Government    7.95    2/23/2021    USD    39.00
Yuksel Insaat AS      9.50   11/10/2015    USD    63.00
Commercial Bank Pr    5.80     2/9/2016    USD    24.88
Ukraine Government    6.75   11/14/2017    USD    39.00
Meyer Burger Techn    5.00    5/24/2017    CHF    68.67
Caixa Terrassa Soc    1.43                 EUR    64.69
IMMOFINANZ AG         4.25     3/8/2018    EUR     4.82
Aegon NV              4.16                 NLG    61.83
BNP Paribas Fortis    2.03                 EUR    74.50
SOITEC                6.75    9/18/2018    EUR     1.46
Vseukrainsky Aktsi    9.00    6/14/2019    USD     0.83
BPCE SA               0.14                 EUR    62.67
Bank of New York M    4.32   12/30/2099    EUR    34.05
Eurobank Ergasias     1.64     6/8/2017    EUR    51.93
Faurecia              3.25     1/1/2018    EUR    43.14
ESFIL-Espirito San    5.25    6/12/2015    EUR     2.80
CNP Assurances        0.53                 EUR    65.08
Rothschilds Contin    0.69                 USD    52.34
Banca delle Marche    1.18    6/15/2016    EUR    51.65
OGX Austria GmbH      8.38     4/1/2022    USD     0.05
Rothschilds Contin    0.91                 EUR    56.58
Santander Finance     0.62                 EUR    68.39
CGG SA                1.25     1/1/2019    EUR    27.12
Athens Urban Trans    4.85    9/19/2016    EUR    65.88
Astana Finance BV     7.88     6/8/2010    EUR     5.66
Mriya Agro Holding    9.45    4/19/2018    USD    11.00
City of Kyiv Via K    9.38    7/11/2016    USD    35.00
Air France-KLM        2.03    2/15/2023    EUR    11.58
Econocom Group SA/    1.50    1/15/2019    EUR    11.10
Phosphorus Holdco    10.00     4/1/2019    GBP     2.00
Depfa Funding II L    6.50                 EUR    58.26
Depfa Funding III     1.72                 EUR    55.98
Alcatel-Lucent        0.13    1/30/2020    EUR     4.74
HSBC Bank PLC         0.75                 USD    61.96
Codere Finance Lux    8.25    6/15/2015    EUR    64.13
Ageasfinlux SA        1.40                 EUR    63.83
Transcapitalbank J    7.74    7/18/2017    USD    70.00
Noreco Norway AS      6.50     3/6/2018    NOK    45.00
MS Deutschland Bet    6.88   12/18/2017    EUR    18.00
Banque Federative     0.83                 EUR    63.10
Sydbank A/S           1.22                 EUR    64.60
Privatbank CJSC Vi   10.88    2/28/2018    USD    40.00
Towergate Finance    10.50    2/15/2019    GBP     1.32
Santander Internat    2.00                 USD    48.00
Capital Raising Gm    7.50                 EUR    12.02
Talvivaara Mining     4.00   12/16/2015    EUR     0.68
Caisse Federale du    1.17                 EUR    61.06
Pescanova SA          5.13    4/20/2017    EUR     3.71
Lambay Capital Sec    6.25                 GBP     1.27
Takko Luxembourg 2    7.07    4/15/2019    EUR    41.00
Investec Finance P    6.25                 GBP    70.38
NIBC Bank NV          2.13                 USD    65.68
Ajecorp BV            6.50    5/14/2022    USD    63.50
PA Resources AB      13.50     3/3/2016    SEK     9.63
Banco Espirito San    2.67                 EUR     7.67
Renaissance Credit   13.50    5/22/2019    USD    55.75
Paragon Offshore P    7.25    8/15/2024    USD    34.75
Jasper Explorer PL   13.50    5/27/2016    USD    12.00
Island Drilling Co    9.50     4/3/2018    USD    55.00
NTRP Via Interpipe   10.25     8/2/2017    USD    25.00
Hellenic Republic     5.20    7/17/2034    EUR    58.00
Heta Asset Resolut    0.82    1/24/2017    EUR     3.39
Financing of Infra    9.00    12/7/2017    USD    38.50
Norske Skog Holdin    8.00    2/24/2021    EUR    73.18
Virgolino de Olive   11.75     2/9/2022    USD     3.88
Phones4u Finance P    9.50     4/1/2018    GBP    32.00
Assystem              4.50                 EUR    28.28
Pierre & Vacances     3.50    10/1/2019    EUR    38.32
Espirito Santo Fin    6.88   10/21/2019    EUR     0.05
NIBC Bank NV          0.67                 EUR    54.85
Jyske Bank A/S        0.74                 EUR    64.77
PA Resources AB      12.25     4/5/2016    NOK     5.63
EnQuest PLC           7.00    4/15/2022    USD    70.63
Popular Capital SA    0.70                 EUR    56.50
Jyske Bank A/S        0.98                 EUR    65.33
Ukraine Government    5.00   12/20/2015    USD    47.63
Credit Mutuel Arke    0.86                 EUR    61.25
Hybrid Raising Gmb    6.63                 EUR    12.13
Mriya Agro Holding   10.95    3/30/2016    USD     9.95
Pescanova SA          8.75    2/17/2019    EUR     3.73
Heta Asset Resolut    0.14    5/31/2016    EUR    55.63
Danske Bank Oyj       0.73                 EUR    66.44
Dannemora Mineral    11.75    3/22/2016    USD     0.67
Praktiker AG          5.88    2/10/2016    EUR     0.14
Barclays Bank PLC     1.18    3/21/2033    USD    66.50
Windreich GmbH        6.50    7/15/2016    EUR    10.88
Far East Capital L    8.00     5/2/2018    USD    41.75
Koninklijke Luchtv    0.75                 CHF    29.85
Oesterreichische V    9.06    7/26/2018    EUR    39.75
Pohjola Bank Oyj      0.64                 EUR    69.84
Scandinavian Airli    2.38                 CHF    28.38
Espirito Santo Fin    3.13    12/2/2018    EUR     2.21
Piraeus Group Fina    1.91    7/20/2016    EUR    64.90
ATF Capital BV       10.00                 USD    64.00
Rena GmbH             8.25    7/11/2018    EUR     9.50
Heta Asset Resolut    4.88    9/18/2017    EUR     2.78
Norshore Atlantic    12.00   12/21/2018    USD    61.00
Aralco Finance SA    10.13     5/7/2020    USD     9.10
Nexans SA             4.00     1/1/2016    EUR    55.04
Banco Espanol de C    1.25                 EUR    68.67
Barclays Bank PLC     1.44    3/28/2033    USD    66.00
HSBC Bank PLC         0.60                 USD    62.09
JZ Capital Partner    6.00    7/30/2021    GBP    11.00
Virgolino de Olive   10.88    1/13/2020    USD    25.50
Le Noble Age          4.88     1/3/2016    EUR    19.68
Belfius Bank SA/NV    2.05                 FRF    55.00
Etablissements Mau    7.13    7/31/2015    EUR    13.39
Songa Offshore        7.50   12/11/2018    NOK    74.17
Finance and Credit    9.25    1/25/2019    USD    10.00
BLT Finance BV        7.50    5/15/2014    USD     5.00
Corporate Commerci    8.25     8/8/2014    USD     3.43
Depfa Funding IV L    5.03                 EUR    58.00
Nexity SA             0.63     1/1/2020    EUR    50.54
Astana Finance BV     9.00   11/16/2011    USD     5.50
Cirio Holding Luxe    6.25    2/16/2004    EUR     1.91
Jacktel AS            7.00     7/9/2019    EUR    72.75
Hellenic Republic     2.09    7/25/2057    EUR    14.63
Bank of Scotland P    0.63                 USD    63.41
BNP Paribas SA        0.48                 USD    63.03
GNB - Cia de Segur    3.53                 EUR    68.80
Hellenic Republic     5.25     2/1/2016    JPY    69.50
Afren PLC             6.63    12/9/2020    USD    46.25
Hellenic Republic     6.14    4/14/2028    EUR    64.75
Hellenic Republic     5.00    8/22/2016    JPY    67.38
Global PVQ SE         6.75   10/21/2015    EUR     1.06
Paragon Offshore P    6.75    7/15/2022    USD    34.75
HSBC Bank PLC         0.69                 USD    62.07
Financing of Infra    7.40    4/20/2018    USD    38.00
Hellenic Railways     4.03    3/17/2017    EUR    69.63
Lehman Brothers UK    5.75                 EUR     0.02
Portigon AG           7.46   12/31/2019    EUR    15.00
Brunswick Rail Fin    6.50    11/1/2017    USD    41.02
Barclays Bank PLC     5.60   11/29/2030    USD    74.00
Heta Asset Resolut    1.91    9/29/2016    JPY    49.38
Orpea                 1.75     1/1/2020    EUR    67.76
Afren PLC            10.25     4/8/2019    USD    43.63
Hellenic Republic     3.80     8/8/2017    JPY    66.75
Societe Air France    2.75     4/1/2020    EUR    20.61
Far East Capital L    8.75     5/2/2020    USD    36.92
OAS Investments Gm    8.25   10/19/2019    USD    15.25
SNS Bank NV          11.25                 EUR     0.66
Commerzbank Holdin    0.75                 USD    60.55
IM Skaugen SE         9.60    6/30/2016    NOK    50.00
BOA Offshore AS       8.04   12/18/2018    NOK    68.25
Lloyds Bank PLC       1.70    2/22/2033    USD    66.50
Barclays Bank PLC     2.95    5/31/2033    USD    67.00
RENE LEZARD Mode G    7.25   11/25/2017    EUR    34.85
Dexia Credit Local    4.30                 EUR     7.25
Heta Asset Resolut    5.92    2/22/2022    EUR     2.00
Heta Asset Resolut    4.35    11/3/2016    EUR     3.27
Hellas Telecommuni    8.50   10/15/2013    EUR     0.00
Air Berlin Finance    1.50    4/11/2027    EUR    75.00
friedola Gebr Holz    7.25    4/11/2017    EUR    41.75
Afren PLC            11.50     2/1/2016    USD    42.41
SNS Bank NV           6.25   10/26/2020    EUR     2.40
Ukraine Government    9.25    7/24/2017    USD    43.62
Lehman Brothers UK    5.13                 EUR     0.06
Hellenic Republic     4.50    11/8/2016    JPY    67.63
Cirio Finanziaria     8.00   12/21/2005    EUR     1.58
Mox Telecom AG        7.25    11/2/2017    EUR     2.63
TAG Immobilien AG     6.50   12/10/2015    EUR    12.60
Tonon Luxembourg S   10.50    5/14/2024    USD    52.50
Espirito Santo Fin    9.75   12/19/2025    EUR     3.88
Societe Generale S    0.44                 USD    62.72
Laurel GmbH           7.13   11/16/2017    EUR    39.13
Financing of Infra    8.38    11/3/2017    USD    38.50
PNE Wind AG           3.75   10/10/2019    EUR     3.01
UniCredit Bank Aus    0.50   12/27/2031    EUR    66.63
Hellenic Railways     4.50    12/6/2016    JPY    67.88
Societe Generale S#N/A N/A    4/12/2033    USD    73.70
More & More AG        8.13    6/11/2018    EUR    49.88
Nordea Bank Norge     0.56                 USD    64.46
Lloyds Bank PLC       0.60                 USD    63.41
Kaupthing Bank Hf     9.00                 USD     0.13
Ukraine Government    7.50    4/17/2023    USD    44.57
Virgolino de Olive   10.50    1/28/2018    USD    18.00
Sairgroup Finance     4.38     6/8/2006    EUR    12.13
Deutsche Morgan Gr    0.65                 USD    60.25
BDT Media Automati    8.13    10/9/2017    EUR    57.13
MHP SA                8.25     4/2/2020    USD    70.58
Golden Gate AG        6.50   10/11/2014    EUR    39.00
Dexia Kommunalbank    5.63   12/31/2017    EUR    12.00
International Indu    9.00     7/6/2011    EUR     0.66
Dexia Kommunalbank    4.88   12/31/2016    EUR    20.10
Towergate Finance    10.50    2/15/2019    GBP     1.32
Barclays Bank PLC     0.63                 USD    60.50
Windreich GmbH        6.50     3/1/2015    EUR    10.88
Hellenic Railways     5.01   12/27/2017    EUR    66.00
EDOB Abwicklungs A    7.50     4/1/2012    EUR     0.75
Alpine Holding Gmb    6.00    5/22/2017    EUR     0.00
OGX Austria GmbH      8.50     6/1/2018    USD     0.01
Hellenic Republic     4.50     7/3/2017    JPY    67.63
Gamigo AG             8.50    6/19/2018    EUR    72.75
Pescanova SA          6.75     3/5/2015    EUR     3.12
Kezizalog Zrt         7.75    10/1/2018    EUR     9.51
National Westminst    0.63                 USD    63.75
Lehman Brothers Tr    6.00    11/2/2035    EUR     5.38
QGOG Constellation    6.25    11/9/2019    USD    58.50
Norske Skog Holdin    8.00    2/24/2023    USD    70.00
Ukraine Government    6.88    9/23/2015    USD    46.99
Talvivaara Mining     9.75     4/4/2017    EUR     0.03
Cirio Finance Luxe    7.50    11/3/2002    EUR     7.75
Norske Skog Holdin    8.00    2/24/2021    EUR    73.00
Rena GmbH             7.00   12/15/2015    EUR     9.50
Club Mediterranee     6.11    11/1/2015    EUR    24.37
KPNQwest NV          10.00    3/15/2012    EUR     0.50
Hellenic Railways     4.50    12/6/2016    JPY    69.88
Royal Bank of Scot    0.63                 USD    62.32
Ideal Standard Int   11.75     5/1/2018    EUR    40.50
APP International    11.75    10/1/2005    USD     5.00
SiC Processing Gmb    7.13     3/1/2016    EUR     4.00
Banco Pinto & Sott    1.08                 EUR    34.00
Heta Asset Resolut    4.25    5/31/2016    EUR    56.63
Ukraine Government    7.75    9/23/2020    USD    43.33
Sazka AS              9.00    7/12/2021    EUR     1.83
Mechel                8.40    5/27/2021    RUB    55.07
Takko Luxembourg 2    9.88    4/15/2019    EUR    45.34
Metinvest BV         10.25    5/20/2015    USD    65.50
Lloyds Bank PLC       0.48                 USD    63.63
ADLER Real Estate     6.00    6/30/2017    EUR    14.00
Sidetur Finance BV   10.00    4/20/2016    USD    13.00
Cirio Del Monte NV    7.75    3/14/2005    EUR     2.18
IT Holding Finance    9.88   11/15/2012    EUR     0.11
Northland Resource    4.00   10/15/2020    USD     0.15
Hellenic Republic     5.25     2/1/2016    JPY    69.50
Banca Carige SpA      8.34                 EUR    75.00
Barclays Bank PLC     3.44    4/19/2033    USD    66.00
Lloyds Bank PLC       0.44                 USD    63.41
Travel24.com AG       7.50    9/17/2017    EUR    55.00
Cooperatieve Centr    0.50   11/26/2021    ZAR    55.97
OGX Austria GmbH      8.38     4/1/2022    USD     0.03
Kaupthing Bank Hf     7.13    5/19/2016    USD     0.00
International Indu   11.00    2/19/2013    USD     0.66
Ukraine Railways v    9.50    5/21/2018    USD    40.00
Metinvest BV          8.75    2/14/2018    USD    40.25
National Westminst    0.69                 USD    62.41
SU-155 KAPITAL OOO   13.25    2/23/2016    RUB    45.00
Deutsche Bank AG/L    1.00    1/31/2033    USD    66.00
Northland Resource   15.00    7/15/2019    USD     1.13
LBI HF                6.10    8/25/2011    USD     9.19
TGC-2 OJSC           12.00   10/10/2018    RUB    64.56
Den Norske Creditb    0.53                 USD    63.37
Codere Finance Lux    9.25    2/15/2019    USD    64.00
DNB Bank ASA          0.56                 USD    63.55
Glitnir HF            6.69    6/15/2016    USD     0.02
Heta Asset Resolut    4.63     3/4/2018    EUR    54.13
TradeDoubler AB       6.75   12/20/2018    SEK    67.13
Lehman Brothers Tr    7.25    10/5/2035    EUR     4.62
LBI HF                6.25                 EUR     0.00
Norske Skogindustr    7.13   10/15/2033    USD    46.75
Heta Asset Resolut    0.67   11/29/2032    EUR     2.80
Depfa ACS Bank        0.25     7/8/2033    CAD    24.00
Ukraine Government    7.95    2/23/2021    USD    43.39
Popular Capital SA    7.00   11/25/2015    EUR    30.00
Seabird Exploratio    6.00   12/18/2015    USD    26.13
Teak Holz Internat    5.00    8/31/2015    EUR    70.00
Lehman Brothers Tr    6.00    2/15/2035    EUR     3.95
Swiss Re Europe Ho    6.85                 USD    40.13
Sympatex Holding G    8.00    12/3/2018    EUR    66.13
Barclays Bank PLC     0.63                 USD    64.90
Barclays Bank PLC     1.56                 GBP    71.55
MT-Energie GmbH &     8.25     4/4/2017    EUR    11.21
Russian Standard B   13.00    4/10/2020    USD    65.75
Heta Asset Resolut    0.24     4/9/2043    EUR    60.00
KA Finanz AG          5.43    2/13/2024    EUR    50.88
Karlie Group GmbH     6.75    6/25/2018    EUR    56.21
Ukraine Government    7.80   11/28/2022    USD    43.63
Glitnir HF            6.33    7/28/2011    USD    12.00
Heckler & Koch Gmb    9.50    5/15/2018    EUR    69.13
getgoods.de AG        7.75    10/2/2017    EUR     5.38
Mifa Mitteldeutsch    7.50    8/12/2018    EUR     3.90
Ukraine Government    6.25    6/17/2016    USD    43.47
Kaupthing Bank Hf     5.75    10/4/2011    USD    14.13
Solarworld AG         6.13    1/21/2017    EUR    31.88
Penell GmbH Elektr    7.75    6/10/2019    EUR     8.10
Codere Finance Lux    9.25    2/15/2019    USD    64.00
DEMIRE Real Estate    6.00   12/30/2018    EUR     3.51
Societe Generale S    1.50    2/28/2033    USD    73.39
Kaupthing Bank Hf     7.63    2/28/2015    USD    14.13
Barclays Bank PLC     0.63                 USD    63.75
Saphir Finance PLC    6.85                 GBP     1.38
Ukraine Government    5.00   12/20/2015    USD    47.63
Breeze Finance SA     6.71    4/19/2027    EUR    44.00
DTEK Finance PLC      7.88     4/4/2018    USD    34.49
Oesterreichische V    9.06    7/26/2024    EUR    65.00
Region of Abruzzo     0.56    11/7/2036    EUR    63.74
Virgolino de Olive   11.75     2/9/2022    USD     4.00
Kaupthing Bank Hf     6.25                 EUR     0.00
GNB - Cia de Segur    2.23   12/19/2022    EUR    61.55
Societe Generale S    1.92                 EUR    64.19
Mechel                8.40     6/1/2021    RUB    55.03
Dexia SA              4.89                 EUR     9.00
Raiffeisenlandesba    4.40    4/17/2024    EUR    71.75
Gunther Zamek Prod    7.75    5/15/2017    EUR     4.98
Lehman Brothers Tr    8.25    3/16/2035    EUR     5.38
Indo Energy Financ    6.38    1/24/2023    USD    70.50
DTEK Finance BV       9.50    4/28/2015    USD    66.77
IKB Deutsche Indus    5.63    3/31/2017    EUR    22.27
Gigaset AG            3.00    4/22/2015    EUR     0.78
Standard Chartered    0.69                 GBP    62.63
Lloyds Bank PLC       1.29    1/31/2033    USD    69.50
Accentro Real Esta    6.25    3/27/2019    EUR     2.60
National Westminst    0.56                 USD    63.50
SU-155 KAPITAL OOO   13.25    2/23/2016    RUB    45.12
Raiffeisen Bank In    4.50    9/28/2035    EUR    62.50
EFG International     1.35                 EUR    68.38
Frey                  6.00   11/15/2022    EUR    21.00
Den Norske Creditb    0.56                 USD    63.42
Sairgroup Finance     6.63    10/6/2010    EUR    15.88
Kaupthing Bank Hf     5.75    10/4/2011    USD    14.13
Region of Piemont     0.34   11/27/2036    EUR    60.30
Hellenic Railways     0.66    5/24/2016    EUR    71.63
Hellenic Republic     5.00    8/22/2016    JPY    66.88
Espirito Santo Fin    5.13    5/30/2016    EUR     3.57
Ukraine Government    4.95   10/13/2015    EUR    42.17
Region of Puglia I    0.53     2/6/2023    EUR    74.25
Virgolino de Olive   10.88    1/13/2020    USD    18.25
CRC Breeze Finance    6.11     5/8/2016    EUR    48.13
Abanka Vipa DD Via    1.95                 EUR     0.49
Financing of Infra    8.38    11/3/2017    USD    39.60
Credit Suisse AG/G    0.56                 USD    68.71
Mechel               10.00    8/25/2020    RUB    69.00
Alpine Holding Gmb    5.25     7/1/2015    EUR     0.01
Oesterreichische V    9.06    7/26/2019    EUR    34.25
Kaupthing Bank Hf     6.50     2/3/2045    EUR     0.00
Ukraine Government    6.75   11/14/2017    USD    42.87
Alpha Credit Group    1.75     2/1/2017    EUR    55.62
Del Monte Finance     6.63    5/24/2006    EUR    13.88
Assystem              4.00     1/1/2017    EUR    23.14
Glitnir HF            6.00     3/5/2012    GBP    12.00
Heta Asset Resolut    1.59    6/30/2019    CHF    52.25
BNP Paribas SA        1.28    4/30/2033    USD    65.38
Heta Asset Resolut    7.50    5/27/2024    ATS     3.81
Banco Espirito San    2.88                 EUR     7.38
Metinvest BV         10.50   11/28/2017    USD    46.88
Norske Skogindustr    7.13   10/15/2033    USD    46.75
ADLER Real Estate     6.00   12/27/2018    EUR    13.75
Solarworld AG         6.38    7/13/2016    EUR    31.50
Petromena ASA         9.75    5/24/2015    NOK     1.95
Finmek Internation    7.00    12/3/2004    EUR     0.13
Barclays Bank PLC     0.41   12/28/2040    EUR    68.79
GFI Informatique S    5.25     1/1/2017    EUR     6.40
Cyprus Popular Ban    1.79    5/26/2016    EUR     3.39
Banco Pastor SA       2.44                 EUR    49.50
Investkredit Bank     3.55    4/12/2022    EUR    75.00
Svyaznoy Bank ZAO    12.00     8/6/2015    RUB    42.06
Global PVQ Netherl    5.75    5/26/2014    EUR    26.38
Barclays Bank PLC     2.31    6/17/2033    USD    72.25
Heta Asset Resolut    0.12    5/31/2016    CHF    56.88
Mechel               10.00    8/25/2020    RUB    69.00
Lehman Brothers Tr    2.88    3/14/2013    CHF    11.13
Heta Asset Resolut    0.49   12/18/2030    EUR     4.52
Global PVQ Netherl    1.38    4/30/2012    EUR    25.13
Ukraine Government    6.58   11/21/2016    USD    43.39
Glitnir HF            8.00                 EUR     1.00
LBI HF                7.43                 USD     0.00
EXER D GmbH           5.70     2/1/2016    EUR    60.00
A-TEC Industries A    8.75   10/27/2014    EUR     2.00
Heta Asset Resolut    3.42    11/7/2016    EUR    49.00
Hema Bondco II BV     8.50   12/15/2019    EUR    62.00
Standard Chartered    0.69                 USD    61.00
DEIKON GmbH           1.00   11/16/2016    EUR    23.22
Heta Asset Resolut    0.31    9/26/2043    EUR    46.88
Kaupthing Bank Hf     3.00    2/12/2010    CHF    13.75
Municipality Finan    0.50    3/28/2018    BRL    72.55
Hellenic Republic     0.76    8/10/2019    EUR    58.20
SU-155 KAPITAL OOO   13.25    2/23/2016    RUB    44.02
LBI HF                4.65                 EUR     0.00
Cooperatieve Centr    0.50   10/29/2027    MXN    46.83
Northland Resource    4.00   10/15/2020    NOK     0.15
Banca Intesa ZAO      9.75   10/25/2015    RUB    60.22
Alpine Holding Gmb    5.25    6/10/2016    EUR     0.01
Italy Government I    0.72    7/31/2045    EUR    74.60
Global PVQ Netherl    1.38    4/30/2012    EUR    23.88
BKN biostrom AG       7.50     6/5/2016    EUR     1.50
Raiffeisenlandesba    5.00     7/1/2026    EUR    67.50
IKB Deutsche Indus    4.70    3/31/2017    EUR    22.00
Banco Comercial Po    5.00                 EUR    63.00
Petromena ASA        10.85   11/19/2014    USD     1.95
Codere Finance Lux    8.25    6/15/2015    EUR    63.75
Santander Finance     2.00                 EUR    40.63
MegaFon OAO           9.45     5/7/2024    RUB    65.01
La Veggia Finance     7.13   11/14/2004    EUR     0.63
BLT Finance BV       12.00    2/10/2015    USD    10.50
Deutsche Bank AG      1.24    6/28/2033    USD    72.09
Teksid Aluminum Lu   11.38    7/15/2011    EUR     0.01
Agroton Public Ltd    6.00    7/14/2019    USD    30.13
Kaupthing Bank Hf     6.75                 EUR     0.00
Petrol AD             8.38    1/26/2017    EUR    25.00
Mechel                8.40    5/27/2021    RUB    50.05
Banco Espirito San   10.00    12/6/2021    EUR    10.75
Nationwide Buildin    1.06                 GBP    70.00
Standard Chartered    0.50                 USD    60.50
Credit Agricole Co    0.50    2/28/2018    RUB    71.65
Strenesse AG          9.00    3/15/2017    EUR    45.10
Oesterreichische V    0.78    6/18/2018    EUR    64.88
Espirito Santo Fin    5.05   11/15/2025    EUR     2.87
Bank of Khanty-Man    9.15    6/18/2023    USD    74.63
Bank Nederlandse G    0.50    7/12/2022    ZAR    53.15
KPNQwest NV           7.13     6/1/2009    EUR     0.50
Raiffeisenlandesba    4.00    6/28/2023    EUR    72.75
WPE International    10.38    9/30/2020    USD     6.00
Solen AG              7.50     4/8/2016    EUR     1.11
Hellenic Republic     2.27     2/7/2022    EUR    54.00
Lehman Brothers Tr    5.00    3/18/2015    EUR     4.42
Oesterreichische V    5.27     2/8/2027    EUR    62.75
Colonia Real Estat    5.88    5/11/2015    EUR     6.97
Centrosolar Group     7.00    2/15/2016    EUR     2.14
Santander Finance     2.00                 EUR    38.25
Bulgaria Steel Fin   12.00     5/4/2013    EUR     1.00
Standard Chartered    0.59                 USD    60.83
Freshwater Finance    6.06   10/17/2036    GBP    74.75
Marine Subsea AS      9.00   12/16/2019    USD     0.50
Artea                 6.00     8/4/2019    EUR    13.61
Danske Bank Oyj       1.63                 EUR    72.13
Orient Express Ban   13.60     8/9/2018    RUB    46.50
Autonomous Communi    7.55    7/21/2026    EUR    54.52
Oesterreichische V    3.00     8/2/2016    EUR    73.75
Heta Asset Resolut    0.25    3/29/2017    EUR    56.00
Norske Skog Holdin    8.00    2/24/2023    USD    70.00
Hypo Tirol Bank AG    0.50    7/23/2026    EUR    56.88
Lehman Brothers Tr    7.00    5/17/2035    EUR     4.95
WGF Westfaelische     6.35    12/1/2016    EUR     8.00
Phosphorus Holdco    10.00     4/1/2019    GBP     2.00
KPNQwest NV           8.88     2/1/2008    EUR     0.50
Sovcombank ICB JSC   13.40    6/20/2016    RUB    60.04
Cooperatieve Centr    0.50   11/30/2027    MXN    48.50
Heta Asset Resolut    5.03    1/26/2017    EUR     3.63
Tjiwi Kimia Intern   13.25     8/1/2001    USD    15.50
Standard Chartered    0.59                 USD    61.00
City of Kiev Ukrai    8.00    11/6/2015    USD    41.13
Vnesheconombank       8.10    9/27/2018    RUB    70.07
Solon SE              1.38    12/6/2012    EUR     0.33
UniCredit Bank Aus    0.57    8/20/2033    EUR    64.63
HC Finance OOO        8.25   11/26/2021    RUB    60.00
Agentstvo po Ipote    7.49    2/15/2017    RUB    56.00
KA Finanz AG          4.90    6/23/2031    EUR    63.13
Breeze Finance SA    11.75    4/19/2027    EUR     3.00
Kaupthing Bank Hf     5.25    7/18/2017    BGN    13.75
SAir Group            0.13     7/7/2005    CHF    12.13
CBo Territoria        6.00     1/1/2020    EUR     4.01
DEIKON GmbH           1.00     7/1/2015    EUR    24.26
SNS Bank NV           6.63    5/14/2018    EUR     2.40
IVG Immobilien AG     5.83                 EUR     0.00
Allied Irish Banks    0.81   10/24/2035    EUR    23.13
UKRLANDFARMING PLC   10.88    3/26/2018    USD    38.50
Financing of Infra    7.40    4/20/2018    USD    39.76
Cooperatieve Centr    0.50    7/30/2043    MXN    20.80
Solar Millennium A    6.50    7/15/2015    EUR    11.50
Allied Irish Banks    5.25    3/10/2035    GBP    26.50
Astana Finance BV    14.50     7/2/2013    USD     5.88
Lehman Brothers Tr    5.00    2/16/2015    EUR     4.55
Glitnir HF            4.75   10/15/2010    USD    12.00
Russian Federal Bo    7.05    1/19/2028    RUB    74.79
Rostelecom OJSC       8.55    11/2/2017    RUB    60.01
City of Kyiv Via K    9.38    7/11/2016    USD    41.13
InterOil Explorati   15.00    3/14/2016    NOK    30.00
Glitnir HF            4.38     2/5/2010    EUR    12.00
Glitnir HF            3.00    6/30/2010    EUR    12.00
UniCredit Bank ZAO   12.00   11/20/2019    RUB    60.00
ffk environment Gm    7.25     6/1/2016    EUR     3.78
Societe Centrale d    9.00     7/1/2016    EUR     7.18
Takko Luxembourg 2    7.07    4/15/2019    EUR    41.68
Bashneft OAO          8.35   12/13/2016    RUB    60.15
LBI HF                6.10    8/25/2011    USD     9.13
Heta Asset Resolut    1.29    5/31/2016    EUR    57.00
Lehman Brothers Tr    8.00    2/16/2016    EUR     4.42
Societe Generale S    2.37   11/29/2032    USD    70.14
Privatbank CJSC Vi   10.88    2/28/2018    USD    40.00
Gazprom OAO           9.30   10/21/2043    RUB     5.35
Eirles Two Ltd        0.81    9/30/2046    USD    55.13
Cooperatieve Centr    0.50   10/30/2043    MXN    20.25
SAG Solarstrom AG     6.25   12/14/2015    EUR    45.00
Lehman Brothers Tr    8.50     7/5/2016    EUR     4.42
Russian Railways J    8.20    3/21/2028    RUB    60.01
Governo Portugues     3.00                 EUR    73.00
Governo Portugues     2.75                 EUR    60.00
Heta Asset Resolut    4.54    9/22/2017    EUR    52.25
Glitnir HF            5.44   12/22/2015    USD    12.00
SU-155 KAPITAL OOO   15.50    5/18/2015    RUB    69.02
Barclays Bank PLC     3.46    2/28/2034    USD    71.00
Kaupthing Bank Hf     5.50     2/2/2009    USD    13.75
Schneekoppe GmbH &    6.45    9/20/2015    EUR     5.50
Mortgage Agent KHM    9.20    8/25/2045    RUB    74.74
Volkswagen Bank Ru    9.35    6/29/2019    RUB    58.02
Hellenic Bank PCL    11.00                 EUR    65.38
Russian Federal Bo   14.85     3/3/2027    RUB    60.00
Heta Asset Resolut    5.73   12/10/2021    EUR     3.01
Kaupthing Bank Hf     6.13    10/4/2016    USD    13.75
Dolomite Capital L   12.01   12/20/2019    ZAR    53.20
Lehman Brothers Tr    8.25    12/3/2015    EUR     8.13
Financing of Infra    9.00    12/7/2017    USD    39.90
Agentstvo po Ipote    9.60     3/1/2033    RUB    60.00
LBI HF                2.25    2/14/2011    CHF     3.28
Barclays Bank PLC     3.84    8/15/2033    USD    73.00
Heta Asset Resolut    0.32    8/12/2017    EUR    55.00
Heta Asset Resolut    5.27     4/7/2028    EUR     2.60
Metalloinvest Hold    0.01     3/7/2022    RUB    60.00
Lehman Brothers Tr    6.00    3/18/2015    USD     4.42
Public Power Corp     5.50     5/1/2019    EUR    71.98
Region of Abruzzo     0.40    11/7/2031    EUR    70.57
Kommunekredit         0.50   10/22/2019    BRL    61.72
Glitnir HF            5.31   12/24/2012    USD    12.00
Lehman Brothers Tr    5.10     5/8/2017    HKD    29.88
Mobile TeleSystems    8.25    3/22/2023    RUB    60.01
Lehman Brothers Tr    5.00    9/22/2014    EUR     4.42
Kaupthing Bank Hf     6.13    10/4/2016    USD    13.75
Piraeus Bank SA       0.98     2/9/2017    EUR    73.24
Bank Nederlandse G    0.50    9/20/2022    MXN    70.41
Heta Asset Resolut    6.94    6/10/2017    EUR    51.50
Espirito Santo Fin    5.05   11/15/2025    EUR     2.22
Sidetur Finance BV   10.00    4/20/2016    USD    18.63
MegaFon Finans OOO    9.85    9/29/2022    RUB    70.01
Aralco Finance SA    10.13     5/7/2020    USD     6.88
Lehman Brothers Tr    7.00   11/26/2013    EUR     4.42
Tele2-Sankt-Peters    8.40    6/11/2021    RUB    56.01
Transcapitalbank J   15.00    3/15/2016    RUB    60.05
Erste Europaische     0.25     2/1/2037    USD    72.72
HSBC Bank PLC         0.50    4/27/2027    NZD    59.00
UniCredit Bank ZAO    9.70    5/17/2019    RUB    60.01
Atari SA              0.50    9/30/2015    EUR     1.34
Mriya Agro Holding    9.45    4/19/2018    USD    10.13
Rostelecom OJSC       9.15     6/7/2018    RUB    60.01
Kaupthing Bank Hf     7.50     2/1/2045    USD     0.00
RESO-Garantia OCAO   14.00    9/13/2022    RUB    60.01
Santander Finance     2.00                 USD    19.88
UniCredit Bank Aus    0.41    1/25/2031    EUR    68.88
Heta Asset Resolut    0.11    5/31/2016    EUR    49.00
Alpha Credit Group    0.55    2/21/2021    EUR    29.05
KPNQwest NV           8.13     6/1/2009    USD     0.50
CaixaBank SA          1.92                 EUR    49.00
HSBC Bank PLC         0.50    2/24/2027    NZD    59.58
GlobexBank CJSC      13.20    12/4/2015    RUB    60.03
VEB-Leasing OAO       8.50     3/1/2018    RUB    54.01
Kaupthing Bank Hf     1.80   10/20/2009    JPY    13.75
Finibanco Holding     5.00                 EUR    50.00
SNS Bank NV           2.81                 EUR     0.27
HSBC Bank PLC         0.50    2/24/2023    AUD    73.90
A-TEC Industries A    2.75    5/10/2014    EUR     2.00
Locko-Bank ZAO        9.50    7/23/2015    RUB    60.02
Hamburgische Lande    0.44    1/22/2041    EUR    59.11
Lehman Brothers Tr    6.00    3/14/2011    EUR     4.42
Atari SA              7.50    2/17/2020    EUR     0.29
Heta Asset Resolut    0.30    8/21/2017    EUR    53.25
Piraeus Bank SA       0.99   12/27/2016    EUR    74.84
Kommunekredit         0.50    7/30/2027    TRY    31.80
Svyaznoy Bank ZAO    13.50     6/8/2018    RUB    53.00
Eksportfinans ASA     0.50     5/9/2030    CAD    27.50
Bong AB              10.00    6/27/2018    SEK     1.00
Phones4u Finance P    9.50     4/1/2018    GBP    31.63
LBI HF                3.00    12/7/2010    CHF     3.28
Kaupthing Bank Hf     5.90                 EUR     0.13
HSBC Bank PLC         0.50    1/29/2027    NZD    59.77
SAir Group            5.50    7/23/2003    CHF    11.63
Heta Asset Resolut    0.30    3/12/2043    EUR    48.38
UniCredit Bank ZAO   10.30     8/6/2019    RUB    60.01
Lehman Brothers Tr    5.25    5/26/2026    EUR     4.42
Kaupthing Bank Hf     4.70    2/15/2010    CAD    13.75
Heta Asset Resolut    0.25    3/29/2017    EUR    49.88
Credit Europe Bank   11.25     9/5/2016    RUB    60.05
Pongs & Zahn AG       8.50                 EUR     0.18
Bulgaria Governmen    2.63    3/26/2027    EUR    21.85
UniCredit Bank Aus    0.45    1/24/2031    EUR    67.50
Novosibirsk Govern    7.79   10/30/2018    RUB    60.01
Heta Asset Resolut    5.80    6/17/2017    EUR    52.25
Atari SA              0.10     4/1/2020    EUR     1.81
Acron JSC            10.25    5/18/2021    RUB    70.01
Heta Asset Resolut    0.29    7/28/2017    EUR    52.25
Heta Asset Resolut    0.28    8/28/2017    EUR    52.25
Heta Asset Resolut    0.29    3/10/2018    EUR    54.00
Bank Nederlandse G    0.50    5/12/2021    ZAR    61.14
Heta Asset Resolut    0.32     7/1/2017    EUR    49.00
Rena Lange Holding    8.00   12/12/2017    EUR     0.74
Mechel                8.00     2/9/2021    RUB    42.51
Mersey Docks & Har    3.63                 GBP    60.00
Lehman Brothers Tr    4.50     5/2/2017    EUR     4.42
Barclays Bank PLC     0.50    4/24/2023    MXN    60.69
Heta Asset Resolut    0.20    2/17/2017    EUR    56.63
Solarwatt GmbH        7.00    11/1/2015    EUR    14.50
Credit Suisse AG/L    1.64     6/1/2042    USD    57.19
Atari SA              0.50    9/30/2015    EUR     1.94
Santander Finance     2.00                 USD    19.75
Oesterreichische V    5.05     8/5/2030    EUR    17.38
Rosselkhozbank OJS    7.90    9/18/2023    RUB    70.01
Banco Espirito San    1.59    5/27/2018    EUR    10.75
HSBC Bank PLC         0.50   10/30/2026    NZD    60.68
SAir Group            6.25    4/12/2005    CHF    11.38
SAG Solarstrom AG     7.50    7/10/2017    EUR    45.00
UniCredit Bank ZAO    8.10   11/20/2018    RUB    55.01
Russian Railways J    9.00    9/20/2039    RUB     3.30
Oesterreichische V    9.06    7/26/2020    EUR    34.25
A-TEC Industries A    5.75    11/2/2010    EUR     2.00
Glitnir HF            1.63    3/11/2009    CHF    12.00
Lehman Brothers Tr    3.03    1/31/2015    EUR     8.13
Investkredit Bank     0.56    3/14/2020    EUR    70.41
Europlan ZAO         12.50   10/31/2017    RUB    59.01
Lehman Brothers Tr    4.00   10/24/2012    EUR     4.42
OL Groupe SA          7.00   12/28/2015    EUR     7.86
Republika Srpska      9.00    9/26/2027    BAM    62.05
Heta Asset Resolut    0.17    1/24/2017    EUR    54.75
HYPO NOE Gruppe Ba    2.25    1/29/2035    EUR    67.28
Societe Generale S    0.50    5/30/2023    MXN    63.18
Heta Asset Resolut    5.04    2/15/2023    EUR    49.13
Bashneft OAO         10.70    5/13/2024    RUB    70.01
Oesterreichische V    4.25     9/7/2020    EUR    25.00
Heta Asset Resolut    0.27     4/9/2018    EUR    49.00
Barclays Bank PLC     1.73     4/9/2028    USD    70.62
CARPEVIGO AG          8.25    6/30/2016    EUR    29.89
Lehman Brothers Tr    1.00     5/9/2012    EUR     4.42
Lehman Brothers Tr    6.00   10/30/2012    EUR     4.42
Lehman Brothers Tr   11.00   12/20/2017    AUD     4.42
Municipality Finan    0.50    6/19/2024    ZAR    44.51
Rosselkhozbank OJS    9.95     2/9/2018    RUB    60.01
Lehman Brothers Tr    4.00    12/2/2012    EUR     4.42
RVK-Finans LLC        9.60    11/9/2015    RUB    60.01
Alpha Credit Group    2.00    4/27/2024    EUR    19.53
DeltaCredit Bank     11.92   10/10/2024    RUB    74.78
Heta Asset Resolut    4.70     4/2/2018    EUR    53.50
Mriya Agro Holding   10.95    3/30/2016    USD    10.75
Oesterreichische V    6.00    3/30/2017    EUR    59.00
Svensk Exportkredi    0.50    8/25/2021    ZAR    61.39
Glitnir HF            6.38    9/25/2012    USD    12.00
Ecureuil Vie Devel    0.98                 EUR    28.00
Emova Group           4.30     5/2/2022    EUR     4.11
Njord Gas Infrastr    5.10    9/30/2027    USD    73.55
Lehman Brothers Tr    8.00   10/17/2014    EUR     4.42
BNP Paribas SA        0.50    9/29/2029    AUD    56.95
Kommunekredit         0.50   12/14/2020    ZAR    65.55
Mortgage Agent Abs    9.20   11/12/2040    RUB    75.00
BLT Finance BV        7.50    5/15/2014    USD     5.00
Heta Asset Resolut    3.90    1/24/2017    EUR    52.63
UTair-Finans OOO     13.00   11/13/2015    RUB    34.10
International Bank   13.50    6/23/2016    RUB    60.14
UniCredit Bank Aus    0.67   12/27/2026    EUR    72.63
Forth Ports Ltd       3.75                 GBP    62.00
Eitzen Chemical AS   12.36     6/6/2016    NOK    20.88
Heta Asset Resolut    5.68     7/5/2017    EUR    49.25
Alpha Credit Group    2.00   11/28/2032    EUR     8.75
Bank Otkritie Fina   15.50    2/28/2017    RUB    61.01
HSBC Bank PLC         0.50    12/8/2026    AUD    59.74
Lehman Brothers Tr    4.00    2/16/2017    EUR     8.13
LBI HF                4.40    1/18/2010    CAD     3.28
Heta Asset Resolut    0.20     2/9/2017    EUR    49.00
UTair-Finans OOO     12.00    5/26/2015    RUB    30.30
Heta Asset Resolut    0.75    9/20/2017    EUR     3.27
Konservenfabrik Za    8.00     4/1/2016    EUR     0.00
Federal Grid Co Un    8.50   11/27/2023    RUB    55.01
Region of Molise I    0.58   12/15/2033    EUR    64.69
Svensk Exportkredi    0.50    1/31/2022    ZAR    54.38
Lehman Brothers Tr    5.00     5/2/2022    EUR     8.13
Heta Asset Resolut    4.07    3/21/2017    EUR    53.13
Bamble Sparebank      2.58                 NOK    54.95
Cerruti Finance SA    6.50    7/26/2004    EUR     1.06
Svensk Exportkredi    0.50    4/24/2029    AUD    57.46
Northland Resource   12.25    3/26/2016    USD     1.00
Lehman Brothers Tr    1.46    2/19/2012    JPY    29.88
SAir Group            6.25   10/27/2002    CHF    11.63
Accentro Real Esta    7.75    6/25/2017    EUR     2.85
SV Patrimonia         4.00    4/19/2016    EUR    58.00
Heta Asset Resolut    0.13    5/31/2016    EUR    52.25
RSL Communications   10.50   11/15/2008    USD     1.25
Investkredit Bank     7.00    7/24/2022    EUR    63.69
Oesterreichische V    1.80    5/24/2018    EUR    46.88
Bank UralSib OJSC    14.00    8/25/2017    RUB    60.01
SAir Group            4.25     2/2/2007    CHF    11.75
Heta Asset Resolut    0.81    5/28/2017    EUR    55.00
Heta Asset Resolut    0.36    4/22/2018    EUR    55.75
MTSB Mortgage Agen   10.50   11/26/2041    RUB    70.00
Comune di Verona      0.31    12/1/2026    EUR    67.52
Deutsche Bank AG/L    0.50    10/5/2021    IDR    62.07
Federal Grid Co Un    8.00     1/7/2028    RUB    60.01
wige MEDIA AG         6.00    3/17/2019    EUR     1.90
Mechel                8.00     2/9/2021    RUB    60.00
Northland Resource   15.00    7/15/2019    USD     1.00
Lloyds Bank PLC       3.44    4/26/2033    USD    71.50
Province of Milan     0.42   12/22/2033    EUR    68.44
Heta Asset Resolut    0.20    8/11/2017    EUR    54.00
Lehman Brothers Tr    8.88    1/28/2011    HKD    29.88
Credit Agricole Co    7.00    5/30/2019    JPY    71.50
Espirito Santo Fin    5.63    7/28/2017    EUR     3.59
BNP Paribas SA        0.50    1/31/2018    RUB    72.23
SAir Group            2.13    11/4/2004    CHF    11.50
Oesterreichische V    4.44    4/12/2017    EUR    65.13
Anglian Water Serv    1.02    1/26/2057    GBP    73.40
Oesterreichische V    4.80     5/9/2025    EUR    21.25
RUSNANO OAO          10.10    4/10/2019    RUB    61.11
Svensk Exportkredi    0.50    3/15/2022    ZAR    53.43
Alpha Credit Group    6.00    4/11/2018    EUR    65.31
Kommunalbanken AS     0.50    6/18/2019    INR    74.10
Royal Bank of Scot    4.24    1/12/2046    EUR    69.63
Heta Asset Resolut    0.13    3/15/2017    EUR    53.25
Oesterreichische V    4.26    3/22/2024    EUR    21.63
Lehman Brothers Tr    6.65    8/24/2011    AUD    29.88
Asian-Pacific Bank   12.00    2/19/2016    RUB    60.06
UniCredit Bank Aus    0.53    1/22/2031    EUR    67.75
Heta Asset Resolut    0.35    5/17/2017    EUR    52.25
Credit Suisse AG/L   15.00    9/18/2015    USD    61.31
KA Finanz AG          4.44   12/20/2030    EUR    54.88
Rosselkhozbank OJS   10.90   10/11/2022    RUB    60.00
HSBC Bank PLC         0.50   12/29/2022    AUD    74.12
Rosselkhozbank OJS   10.90   10/13/2022    RUB    60.01
Ingra DD              6.13    12/6/2016    HRK    12.99
WGF Westfaelische     5.35    5/15/2015    EUR     3.25
Transcapitalbank J   10.75    5/30/2023    RUB    60.01
Notenstein Finance    1.00    9/17/2019    CHF    63.40
Codere Finance Lux    8.25    6/15/2015    EUR    64.13
Oesterreichische V    4.90    8/18/2025    EUR    61.30
Leonteq Securities    9.15    5/20/2015    USD    52.56
HSBC Bank PLC         0.50     4/3/2023    AUD    73.50
Svensk Exportkredi    0.50    3/28/2029    AUD    70.64
Republika Srpska      1.50   12/22/2023    BAM    74.78
Ideal Standard Int   11.75     5/1/2018    EUR    40.50
Salvator Grundbesi    9.50                 EUR    41.00
hkw personalkonzep    8.25   11/15/2016    EUR     2.40
Oesterreichische V    2.75   10/21/2016    EUR    69.88
Lehman Brothers Tr    5.55    3/12/2015    EUR     8.13
DEIKON GmbH           1.00     7/1/2016    EUR    24.56
Bank Nederlandse G    0.50     8/9/2022    MXN    70.85
Heta Asset Resolut    4.40    6/20/2017    EUR    52.25
Windreich GmbH        6.25     3/1/2015    EUR    10.88
Kommunekredit         0.50    2/20/2020    BRL    58.62
Republika Srpska      1.50    9/25/2026    BAM    65.11
Kommunalbanken AS     0.50    5/27/2022    ZAR    55.80
Oesterreichische V    5.26     2/5/2025    EUR    22.88
Heta Asset Resolut    0.30    2/10/2018    EUR    49.00
Kommunalbanken AS     0.50    11/8/2018    BRL    68.31
Kommunalbanken AS     0.50     3/2/2018    BRL    73.38
Heta Asset Resolut    0.13    5/31/2016    EUR    54.13
Blaker Sparebank      3.00                 NOK    73.88
Oesterreichische V    6.60     5/6/2023    EUR    30.38
RSL Communications    9.88   11/15/2009    USD     1.25
Oesterreichische V    5.11    6/12/2017    EUR    63.63
Lehman Brothers Tr    1.75     2/7/2010    EUR     8.13
IT Holding Finance    9.88   11/15/2012    EUR     0.11
LBI HF                3.20    5/10/2010    SKK     3.28
Oesterreichische V    4.00   12/14/2023    EUR    21.38
Oesterreichische V    2.15    3/25/2019    EUR    39.50
Heta Asset Resolut    0.35    5/10/2017    EUR    53.50
Republika Srpska      1.50   12/15/2023    BAM    74.72
Oesterreichische V    3.13    6/30/2017    EUR    60.25
WGF Westfaelische     6.35     8/1/2017    EUR     3.52
Leonteq Securities   10.30    6/10/2015    CHF    65.24
UTair-Finans OOO     13.00   11/13/2015    RUB    34.00
ECM Real Estate In    5.00    10/9/2011    EUR    10.38
Sudostroitelny Ban   13.50   10/15/2016    RUB     2.64
Rosselkhozbank OJS    9.55    6/23/2017    RUB    60.01
Heta Asset Resolut    0.26     4/2/2018    EUR    53.50
BNP Paribas SA        0.50     5/6/2021    MXN    72.25
Barclays Bank PLC     8.20     9/4/2015    USD    21.05
Russian Bor Chemic   10.00   12/20/2018    RUB    51.90
Heta Asset Resolut    0.30    5/17/2017    EUR    48.75
Alpha Credit Group    6.00    7/29/2020    EUR    48.03
Emporiki Group Fin    5.00    2/24/2022    EUR    36.21
Barclays Bank PLC     2.50    5/24/2017    USD    10.11
World of Building     7.70    6/25/2019    RUB     3.39
Bank Nederlandse G    0.50     6/7/2022    ZAR    53.02
SAir Group            5.13     3/1/2003    CHF    11.00
Vontobel Financial    5.84     9/9/2016    EUR    68.28
Alpha Credit Group    2.05     2/1/2017    EUR    71.84
LBI HF                4.53    4/24/2012    EUR     3.28
UniCredit Bank ZAO   14.00    2/23/2016    RUB    60.04
Glitnir HF            6.38    9/25/2012    USD    12.00
HSBC Bank PLC         0.50    7/30/2027    NZD    58.17
Alpha Credit Group    1.50   12/18/2028    EUR     9.34
Vnesheconombank       2.00    6/18/2021    RUB    50.88
Lehman Brothers Tr    5.00    5/12/2011    CHF     4.42
Bulgaria Steel Fin   12.00     5/4/2013    EUR     1.00
LBI HF                4.40    11/3/2009    CZK     3.28
Kommunekredit         0.50    9/19/2019    BRL    62.24
Oesterreichische V    3.88    3/15/2022    EUR    26.25
Mobile TeleSystems    5.00    6/29/2021    RUB    60.63
Kaupthing Bank Hf     9.75    9/10/2015    USD    13.75
UTair-Finans OOO     12.00    4/22/2015    RUB    45.00
Lehman Brothers Tr    7.59   11/22/2009    MXN    29.88
Lehman Brothers Tr    4.69    2/19/2017    EUR     8.13
Kaupthing Bank Hf     4.65    2/19/2013    EUR    13.75
Exane Finance         1.75    4/28/2016    EUR    74.77
Oesterreichische V    1.46    7/13/2017    EUR    57.00
UBS AG                8.15    7/21/2015    USD    45.63
Glitnir HF            6.33    7/28/2011    USD    12.00
Heta Asset Resolut    0.16     8/1/2017    EUR    48.75
Lehman Brothers Tr    5.00    2/27/2014    EUR     4.42
KPNQwest NV           7.13     6/1/2009    EUR     0.50
Lehman Brothers Tr   23.30    9/16/2008    USD     8.13
Kommunalbanken AS     0.50    9/20/2018    BRL    69.06
Drangedal Spareban    2.58                 NOK    68.69
KIT Finance Capita   10.00   12/22/2016    RUB    61.09
Province of Bresci    0.68    6/30/2036    EUR    62.56
Salvator Grundbesi    9.50   12/31/2021    EUR    12.00
Raiffeisen Versich    5.08                 EUR    73.63
UTair-Finans OOO      9.50    7/21/2016    RUB    30.30
Credit Agricole Co    0.50     3/6/2023    RUB    41.97
Oesterreichische V    1.19   10/13/2020    EUR    26.50
Caisse Centrale du    7.00    9/10/2015    EUR    15.39
Dresdner Bank AG      0.77   11/19/2029    EUR    61.38
Hellenic Republic     5.00    3/11/2019    EUR    64.88
UniCredit Bank AG     0.80   11/19/2029    EUR    70.38
KPNQwest NV           8.88     2/1/2008    EUR     0.50
Heta Asset Resolut    0.28     3/4/2018    EUR    52.25
Heta Asset Resolut    3.72    3/15/2017    EUR    49.13
LBI HF                4.38   10/20/2008    EUR     3.28
Heta Asset Resolut    0.11    1/24/2017    EUR    54.50
Svensk Exportkredi    0.50    2/22/2022    ZAR    53.76
Municipality Finan    0.50   12/14/2018    TRY    71.42
Oesterreichische V    3.50    3/20/2018    EUR    50.00
Bank J Safra Saras    8.00    4/27/2015    CHF    70.07
Cooperatieve Centr    0.50    1/31/2033    MXN    33.84
Leonteq Securities   29.61   10/26/2017    EUR    69.06
Fonciere Volta SA     4.50    7/30/2020    EUR     2.60
ARTUG OAO            14.00    7/14/2015    RUB    70.24
Union Technologies    0.10     1/1/2020    EUR     5.50
RSL Communications    9.13     3/1/2008    USD     1.25
Oberoesterreichisc    0.36    4/25/2042    EUR    67.69
Balkanstroy JSC       4.08     3/7/2016    EUR     5.00
Hellenic Republic     3.38    7/17/2017    EUR    71.05
UTair-Finans OOO     12.00    6/17/2016    RUB    39.00
Glitnir HF            6.69    6/15/2016    USD     0.02
Lehman Brothers Tr    8.25     2/3/2016    EUR     4.42
Heta Asset Resolut    0.19    7/18/2017    EUR    52.25
Municipality Finan    0.50   11/21/2018    TRY    71.83
Yakutsk Fuel-Energ    0.10   10/27/2015    RUB    60.60
Codere Finance Lux    8.25    6/15/2015    EUR    63.75
Lehman Brothers Tr    3.50   12/20/2027    USD     4.42
UTair-Finans OOO     11.75    5/26/2015    RUB    33.00
Republika Srpska      1.50    5/31/2025    BAM    70.30
Barclays Bank PLC    10.00    4/24/2015    USD    10.77
Uboat Line SA         7.65    9/27/2015    PLN     1.00
Raiffeisen-Holding    5.10                 EUR    66.25
SAir Group            2.75    7/30/2004    CHF    11.38
JP Morgan Structur    1.55    11/6/2015    USD    73.16
Oesterreichische V    5.45     8/2/2019    EUR    72.70
Windreich GmbH        6.75     3/1/2015    EUR    10.88
Rinol AG              5.50   10/15/2006    DEM     0.00
NIBC Bank NV         25.98     5/7/2029    EUR    72.82
Barclays Bank PLC     0.50    3/13/2023    RUB    41.95
Oesterreichische V    1.75     9/9/2020    EUR    27.88
Republika Srpska      1.50   12/31/2022    BAM    75.00
City of Siret Roma    4.01     3/1/2028    RON    31.20
Lehman Brothers Tr    4.00     1/4/2011    USD     8.13
Lehman Brothers Tr    0.50   12/20/2017    AUD     4.42
Lehman Brothers Tr    7.60    3/26/2009    EUR     4.42
Banque Cantonale V   17.75   11/17/2015    CHF    68.07
Svensk Exportkredi    0.50    4/25/2019    BRL    62.40
UTair-Finans OOO     12.00    6/17/2016    RUB    30.30
Lehman Brothers Tr    7.38    9/20/2008    EUR     8.13
Lehman Brothers Tr    7.50     5/2/2017    EUR     4.42
Lehman Brothers Tr   11.00    6/29/2009    EUR     8.13
LBI HF                4.75    5/31/2013    EUR     3.28
HSBC Bank PLC         0.50   12/29/2026    AUD    64.61
HSBC Bank PLC         0.50    12/2/2022    AUD    73.51
Eksportfinans ASA     0.25    7/14/2033    CAD    19.13
Enemona AD-Kozlodu   10.00    4/28/2017    BGN     1.04
Oesterreichische V    1.05    5/20/2025    EUR    10.50
Oesterreichische V    1.93    7/20/2018    EUR    44.50
Koltso Urala CB LL   10.35    4/30/2015    RUB    60.00
Oesterreichische V    5.20     4/1/2020    EUR    39.13
Lehman Brothers Tr    2.50    11/9/2011    CHF     4.42
Svensk Exportkredi    0.50    6/26/2019    TRY    67.01
Municipality Finan    0.50     5/8/2029    AUD    57.24
RSL Communications   10.13     3/1/2008    USD     1.25
HYPO NOE Gruppe Ba    2.85   10/24/2039    EUR    70.84
City of Hunedoara     2.43    8/15/2026    RON    65.00
Deutsche Bank AG/L   11.50    8/31/2015    USD    48.88
Glitnir HF            2.57   12/31/2013    EUR    12.00
Glitnir HF            3.25    8/15/2016    EUR    12.00
Provinsor Fastighe    8.50    6/30/2015    DKK     0.10
Oesterreichische V    4.81    7/29/2025    EUR    61.00
Republic of Srpska    1.50     6/9/2025    BAM    70.21
Arizk                 3.00   12/20/2030    RUB    32.08
Lehman Brothers Tr    3.20    3/19/2018    JPY     8.13
Lehman Brothers Tr    4.00    7/27/2011    EUR     4.42
Lehman Brothers Tr    2.00    6/28/2011    EUR     4.42
Lehman Brothers Tr   14.90   11/16/2010    EUR     8.13
City of Baile Herc    2.50   12/16/2020    RON    75.00
UBS AG                5.56    2/10/2016    USD    36.53
COFIDUR SA            0.10   12/31/2024    EUR    15.05
Gold-Zack AG          7.00   12/14/2005    EUR    12.01
Municipality Finan    0.50   11/25/2020    ZAR    65.76
Oesterreichische V    0.95    2/11/2019    EUR    37.75
Oravita City Counc    3.88    6/15/2027    RON    52.00
City of Predeal Ro    2.50    5/15/2026    RON    60.00
Glitnir HF            6.00   12/15/2012    GBP    12.00
Municipiul Timisoa    1.28    5/12/2026    RON    70.00
UTair-Finans OOO     12.00    4/22/2015    RUB    40.00
HSBC Bank PLC         0.50    6/28/2019    IDR    69.48
JP Morgan Structur    8.20    5/18/2015    CHF    69.05
Lehman Brothers Tr    4.35     8/8/2016    SGD    29.88
Glitnir HF            5.86    7/28/2016    GBP    12.00
Hellenic Republic     4.75    4/17/2019    EUR    69.74
Oesterreichische V    4.25    7/15/2017    EUR    61.63
Lehman Brothers Tr   13.50   11/28/2008    USD     8.13
Lehman Brothers Tr    4.25    5/15/2010    EUR     4.42
Oesterreichische V    4.00     2/1/2021    EUR    31.38
LBI HF                7.75    2/22/2016    USD     3.28
Gjerstad Sparebank    2.87                 NOK    73.98
Municipality Finan    0.25    6/28/2040    CAD    28.20
Kaupthing Bank Hf     5.80     9/7/2012    EUR    13.75
Oesterreichische V    3.00    9/22/2017    EUR    57.00
Emporiki Group Fin    5.10    12/9/2021    EUR    37.44
Hypothekenbank Fra    0.29    6/30/2051    EUR    70.10
Ural Bank for Reco   11.75    4/10/2020    RUB    60.01
Oesterreichische V    2.00    4/24/2020    EUR    30.88
Lehman Brothers Tr    7.05     4/8/2015    USD     4.42
Kaupthing Bank Hf     7.00     1/3/2011    EUR    13.75
Lehman Brothers Tr    7.00    2/15/2010    CHF     8.13
Svensk Exportkredi    0.50    6/28/2022    ZAR    52.01
Municipality Finan    0.50    5/31/2022    ZAR    51.40
Oesterreichische V    1.52    2/19/2018    EUR    49.00
UBS AG/London         5.00    7/31/2015    CHF    60.67
UniCredit Bank AG     4.00    6/25/2015    EUR    66.53
UniCredit Bank AG     4.00    6/26/2015    EUR    72.11
Credit Suisse AG/N    8.40    6/26/2015    USD    38.53
Svensk Exportkredi    0.50    6/20/2029    AUD    68.53
Credit Suisse AG/N    8.25    7/31/2015    USD    68.51
Leonteq Securities    6.00    7/14/2015    USD    58.91
Oesterreichische V    5.00    4/24/2018    EUR    53.75
Glitnir HF            5.86    7/28/2016    GBP    12.00
Expobank LLC         11.50     7/3/2016    RUB    60.05
Societe Generale S    0.50    6/12/2023    RUB    40.75
Lehman Brothers Tr   14.90    9/15/2008    EUR     8.13
LBI HF                3.34    5/11/2012    EUR     3.28
Oesterreichische V    4.81     5/9/2035    EUR    15.75
Oesterreichische V    5.10    5/23/2022    EUR    28.88
Leonteq Securities    3.00    9/19/2019    CHF    58.11
Kaupthing Bank Hf     0.80    2/15/2011    EUR    13.75
UBS AG                8.25    4/28/2015    USD    24.48
Glitnir HF            3.30    6/10/2010    EUR    12.00
UniCredit Bank AG     6.00    6/24/2015    EUR    69.48
Leonteq Securities   19.94    5/21/2015    CHF    57.52
HSBC Bank PLC         0.50     2/2/2023    AUD    73.86
Kvinesdal Spareban    2.65                 NOK    72.09
UBS AG/London         9.06   10/23/2015    CHF    61.90
Eitzen Chemical AS   11.26     6/6/2016    USD    20.88
Oesterreichische V    4.78     6/7/2030    EUR    16.75
Kaupthing Bank Hf     1.65     7/5/2010    JPY    13.75
Lehman Brothers Tr    5.00    8/16/2017    EUR     4.42
Zaklady Miesne Mys   11.50    6/10/2015    PLN    73.99
Lehman Brothers Tr    9.75    6/22/2018    USD     4.42
LBI HF                7.25     4/2/2011    EUR     3.28
Lehman Brothers Tr    0.50     8/1/2020    EUR     8.13
Oesterreichische V    5.50    8/26/2025    EUR    22.75
Lehman Brothers Tr    4.30     6/4/2012    USD     8.13
RSL Communications   12.00    11/1/2008    USD     1.25
Glitnir HF            6.00     8/1/2015    ISK    12.00
Kaupthing Bank Hf     8.00    6/22/2011    ISK     0.00
Zurcher Kantonalba   11.03     8/7/2015    CHF    54.88
Mortgage Agent AHM    9.00   11/20/2042    RUB    73.00
Notenstein Privatb   10.12    8/26/2015    USD    68.50
Lehman Brothers Tr    4.68   12/12/2045    EUR     8.13
Kommunalbanken AS     0.50    2/23/2018    BRL    72.67
Lehman Brothers Tr    7.00   10/22/2010    EUR     4.42
Ofoten Sparebank      2.70                 NOK    66.60
Lehman Brothers Tr    7.50    9/13/2009    CHF     8.13
Bank Julius Baer &   12.20     6/8/2015    USD    69.60
Societe Generale S    0.50     4/4/2024    MXN    60.86
LBI HF                7.20    4/27/2026    EUR     0.01
LBI HF                6.00     6/6/2017    EUR     3.28
Nutritek Internati    8.75   12/11/2008    USD     2.00
Glitnir HF            3.00   11/30/2009    EUR    12.00
Kaupthing Bank Hf     7.90    4/28/2016    EUR    13.75
Lehman Brothers Tr    4.90    7/28/2020    EUR     4.42
Lehman Brothers Tr    4.50   12/30/2010    USD     8.13
Glitnir HF            2.25    2/15/2011    EUR    12.00
Oesterreichische V    4.21    1/25/2033    EUR    14.13
HYPO NOE Gruppe Ba    2.35    1/15/2035    EUR    68.51
UniCredit Bank AG     6.00    7/23/2015    EUR    67.12
Commerzbank AG        6.75    5/21/2015    EUR    67.78
Emporiki Group Fin    5.00    12/2/2021    EUR    36.97
Barclays Bank PLC     3.50     2/5/2016    EUR    68.26
LBI HF                4.32    1/31/2010    EUR     3.28
Araratbank OJSC       9.00   10/20/2015    USD    25.72
Oesterreichische V    1.53   12/19/2016    EUR    65.63
Morgan Stanley BV     8.50    5/25/2015    EUR    59.32
Zurcher Kantonalba    5.00    9/17/2015    CHF    72.98
Synergy Classic Vi    2.00     8/2/2015    USD    55.52
Kaupthing Bank Hf     3.75    2/15/2024    ISK    13.75
Oesterreichische V    5.03    6/11/2019    EUR    43.88
Lehman Brothers Tr    5.38     2/4/2014    USD     4.42
Zapsibcombank OAO    14.85   12/12/2019    RUB    60.00
Svensk Exportkredi    0.50    6/29/2029    AUD    71.33
Lehman Brothers Tr    5.00   11/22/2012    EUR     4.42
HSBC Bank PLC         0.50   10/30/2018    IDR    73.41
Bank Nederlandse G    0.50    8/15/2022    ZAR    52.66
LBI HF                8.65     5/1/2011    ISK     3.28
Bank Julius Baer &    9.00    10/8/2015    CHF    47.75
UBS AG                9.00     7/3/2017    CHF    71.75
Raiffeisen Centrob    7.33    8/21/2015    EUR    65.87
Lehman Brothers Tr    4.10    8/23/2010    USD     8.13
Svensk Exportkredi    0.50    8/29/2029    AUD    72.23
Sparebanken Din       2.67                 NOK    68.29
Cooperatieve Centr    0.50    8/21/2028    MXN    44.72
Lehman Brothers Tr    4.60     7/6/2016    EUR     4.42
SAir Group            2.75    7/30/2004    CHF    11.63
Lehman Brothers Tr    3.86    9/21/2011    SGD     8.13
Lehman Brothers Tr    0.80   12/30/2016    EUR     4.42
Driver & Bengsch A    8.50   12/31/2027    EUR     0.01
Reserve Trust Co C    2.00    8/18/2027    RUB    57.00
Bank Nederlandse G    0.50    9/20/2022    ZAR    52.15
Lehman Brothers Tr    0.50    2/16/2009    EUR     8.13
Glitnir HF            3.00     4/1/2010    CZK    12.00
Hellas Telecommuni    8.50   10/15/2013    EUR     0.00
UNIQA Sachversiche    2.99                 EUR    41.63
Barclays Bank PLC     0.50    3/19/2021    MXN    70.69
Barclays Bank PLC     0.50    1/28/2033    MXN    32.65
Bank Nederlandse G    0.50    6/22/2021    ZAR    61.39
Raiffeisen Centrob    2.40   12/19/2016    EUR    64.11
Banca di Cividale     0.09    10/2/2036    EUR    62.98
Lehman Brothers Tr    3.50   10/24/2011    USD     4.42
KPNQwest NV           7.13     6/1/2009    EUR     0.50
Leonteq Securities   12.10   10/22/2015    USD    66.97
Barclays Bank PLC     0.50    3/26/2021    MXN    70.60
Glitnir HF           10.00    6/28/2017    USD    12.00
Kaupthing Bank Hf     1.99     7/5/2012    JPY    13.75
Lehman Brothers Tr    4.05    9/16/2008    EUR     4.42
Lehman Brothers Tr   10.44   11/22/2008    CHF     8.13
Strommen Sparebank    2.41                 NOK    46.33
Lehman Brothers Tr   11.00     7/4/2011    CHF     8.13
LBI HF                7.43                 USD     0.00
Oesterreichische V    3.78    7/21/2033    EUR    12.63
Glitnir HF            7.32   12/19/2012    USD    12.00
Oesterreichische V    1.61    5/18/2020    EUR    30.13
Municipality Finan    0.50    7/30/2029    AUD    71.65
Lehman Brothers Tr    6.00    2/19/2023    USD     4.42
Oesterreichische V    1.38     2/8/2019    EUR    38.88
Glitnir HF            6.20   12/20/2009    ISK     0.02
Kaupthing Bank Hf     7.00    7/24/2009    ISK    13.75
KPNQwest NV           8.88     2/1/2008    EUR     0.50
Oesterreichische V    4.33     2/1/2017    EUR    67.38
Notenstein Privatb    6.10   12/30/2015    EUR    70.05
Republika Srpska      1.50   12/15/2023    BAM    74.00
Oesterreichische V    1.02     7/3/2019    EUR    35.13
Lehman Brothers Tr    4.20    12/3/2008    HKD     4.42
Lehman Brothers Tr   12.22   11/21/2017    USD     4.42
Sviaz Bank OAO       11.40    4/13/2022    RUB    60.00
Lehman Brothers Tr    8.28    3/26/2009    USD     4.42
Credit Suisse AG/L    8.00   11/29/2019    USD     8.34
Kaupthing Bank Hf     7.13    5/19/2016    USD     0.00
Glitnir HF            3.63     4/5/2009    EUR    12.00
LBI HF                4.40   11/30/2035    EUR     0.01
Efesk Group          13.25    6/14/2016    RUB    60.03
Lehman Brothers Tr    4.00    4/13/2011    CHF     4.42
Lehman Brothers Tr    7.00    4/14/2009    EUR     8.13
Lehman Brothers Tr    6.00   10/24/2008    EUR     8.13
Lehman Brothers Tr    7.25    10/6/2008    EUR     8.13
Lehman Brothers Tr    5.50    6/15/2009    CHF     8.13
Lehman Brothers Tr    7.00    2/15/2012    EUR     8.13
Lehman Brothers Tr    7.39     5/4/2017    USD     4.42
Province of Bresci    0.52   12/22/2036    EUR    61.92
Lehman Brothers Tr    0.25    7/21/2014    EUR     4.42
Kommunekredit         0.50    5/11/2029    CAD    73.85
LBI HF                3.11   11/10/2008    EUR     3.28
LBI HF                4.00    9/23/2015    EUR     3.28
Glitnir HF            3.25    9/15/2015    EUR    12.00
KFW                   0.25    10/6/2036    CAD    37.38
Kaupthing Bank Hf     6.40   12/15/2015    EUR    13.75
Cooperatieve Centr    0.50   12/29/2027    MXN    47.00
LBI HF                2.22   10/15/2019    JPY     3.28
Lehman Brothers Tr    2.30    4/28/2014    JPY     4.42
Lehman Brothers Tr    4.25    3/13/2021    EUR     8.13
Municipality Finan    0.50    4/26/2022    ZAR    51.84
Leonteq Securities   20.00    1/26/2016    CHF    62.50
e-Kancelaria Grupa   10.00   10/23/2015    PLN     1.00
Reserve Trust Co C   14.00     1/4/2027    RUB    60.00
Province of Palerm    0.28   12/31/2035    EUR    59.21
Municipality Finan    0.50    2/22/2019    IDR    70.87
Oesterreichische V    4.20    2/22/2033    EUR    14.13
RFA-Invest OAO       12.00    2/24/2016    RUB    60.22
Oesterreichische V    2.75    9/20/2016    EUR    71.25
Lehman Brothers Tr    7.15    3/21/2013    USD     4.42
Lehman Brothers Tr   10.60    4/22/2014    MXN     4.42
Lehman Brothers Tr   13.50     6/2/2009    USD     8.13
Oesterreichische V    3.78    8/25/2033    EUR    12.63
MORTGAGE AGENT AHM    3.00     9/9/2045    RUB    72.13
HYPO NOE Gruppe Ba    3.10    10/7/2044    EUR    71.15
Veniti SA             9.70    3/28/2016    PLN    53.00
Nesset Sparebank      2.71                 NOK    55.09
Oesterreichische V    3.50    1/14/2019    EUR    44.88
Landesbank Hessen-    3.50    7/10/2015    EUR    71.70
Intertekhelektro-N    8.50    4/21/2020    RUB    60.00
UBS AG               23.00   12/29/2015    EUR    73.37
EFG International     6.48    5/29/2018    EUR    61.54
Lehman Brothers Tr    8.28    7/31/2013    GBP     4.42
Lehman Brothers Tr    4.70    3/23/2016    EUR     4.42
Credit Suisse AG/L   11.00    8/28/2015    USD    41.50
Lloyds Bank PLC       0.50    7/26/2028    MXN    47.00
Skue Sparebank        2.62                 NOK    70.50
Lehman Brothers Tr    7.00   11/28/2008    CHF     8.13
Lehman Brothers Tr   10.00     1/3/2012    BRL     4.42
UBS AG/London         8.48    11/3/2015    CHF    60.90
EDOB Abwicklungs A    7.50     4/1/2012    EUR     0.75
Lehman Brothers Tr    6.50    5/16/2015    EUR     4.42
Kaupthing Bank Hf     7.50    12/5/2014    ISK    13.75
Glitnir HF            0.50   11/26/2009    EUR    12.00
Glitnir HF            4.85    4/26/2012    EUR    12.00
HSBC Trinkaus & Bu   27.50    6/26/2015    EUR    73.65
Oesterreichische V    3.09   10/15/2020    EUR    30.63
Lehman Brothers Tr    5.20    3/19/2018    EUR     8.13
Municipality Finan    0.50    3/17/2025    CAD    73.75
HSBC Bank PLC         0.50     6/9/2023    MXN    64.66
Municipality Finan    0.50    1/23/2018    BRL    74.67
HSBC Bank PLC         0.50    4/11/2023    MXN    65.39
Lehman Brothers Tr    6.00   12/30/2017    EUR     4.42
Lehman Brothers Tr    4.10    6/10/2014    SGD     8.13
Oesterreichische V    5.10     7/5/2022    EUR    28.50
Kaupthing Bank Hf     0.20    7/12/2009    JPY    13.75
Lehman Brothers Tr   13.00    7/25/2012    EUR     8.13
Glitnir HF            5.25     5/2/2014    ISK    12.00
Glitnir HF            5.25     5/2/2017    ISK    12.00
Lehman Brothers Tr    6.00    9/20/2011    EUR     4.42
Svensk Exportkredi    0.50    8/28/2020    TRY    60.84
Lehman Brothers Tr    4.00    3/10/2011    EUR     4.42
Oesterreichische V    5.00     3/5/2018    EUR    55.13
Kaupthing Bank Hf     7.63    2/28/2015    USD    14.13
Lehman Brothers Tr    8.00    3/19/2012    USD     4.42
Oesterreichische V    5.00    3/13/2018    EUR    55.00
Lehman Brothers Tr    7.80    3/31/2018    USD     4.42
Lehman Brothers Tr    9.50     4/1/2018    USD     4.42
Lehman Brothers Tr    6.00     3/4/2015    USD     4.42
Lehman Brothers Tr    6.45    2/20/2010    AUD     8.13
Lehman Brothers Tr    6.60    5/23/2012    AUD     8.13
Lehman Brothers Tr    3.45    5/23/2013    USD     4.42
Chelyabinsk Pipe R    8.00    4/21/2015    RUB    60.06
Lehman Brothers Tr   16.00   10/28/2008    USD     8.13
Lehman Brothers Tr    5.50    4/23/2014    EUR     4.42
Lehman Brothers Tr    5.00    2/15/2018    EUR     4.42
Lehman Brothers Tr    9.00     5/6/2011    CHF     8.13
Lehman Brothers Tr   16.20    5/14/2009    USD     8.13
Lehman Brothers Tr   16.00    11/9/2008    USD     8.13
Kaupthing Bank Hf     7.70    10/2/2011    EUR    13.75
Kaupthing Bank Hf     7.50     4/2/2011    EUR    13.75
Kaupthing Bank Hf     7.50    10/2/2010    EUR    13.75
Lehman Brothers Tr   10.00    5/22/2009    USD     8.13
Lehman Brothers Tr    4.60     8/1/2013    EUR     4.42
Lehman Brothers Tr    8.00    5/22/2009    USD     8.13
Lehman Brothers Tr    7.60     3/4/2010    NZD     8.13
Lehman Brothers Tr   17.00     6/2/2009    USD     8.13
Lehman Brothers Tr    3.00     6/3/2010    EUR     4.42
Lehman Brothers Tr   12.40    6/12/2009    USD     8.13
Lehman Brothers Tr    7.60    5/21/2013    USD     4.42
Lehman Brothers Tr   10.00    6/17/2009    USD     8.13
Oesterreichische V    5.00    3/26/2018    EUR    54.63
Oesterreichische V    5.01    3/26/2018    EUR    54.63
Oesterreichische V    5.01    3/26/2018    EUR    54.63
Lehman Brothers Tr    3.50    6/20/2011    EUR     4.42
LBI HF                7.00     4/2/2010    EUR     3.28
Lehman Brothers Tr    7.50    2/14/2010    AUD     8.13
Lehman Brothers Tr    7.60    1/31/2013    AUD     8.13
Lehman Brothers Tr    5.50    6/22/2010    USD     4.42
Lehman Brothers Tr    0.50     6/2/2020    EUR     8.13
Lehman Brothers Tr   11.00     7/4/2011    USD     8.13
Lehman Brothers Tr   12.00     7/4/2011    EUR     8.13
Lehman Brothers Tr    5.50     7/8/2013    EUR     4.42
Kaupthing Bank Hf     4.95     5/6/2009    EUR    13.75
Lehman Brothers Tr   16.00   12/26/2008    USD     8.13
Lehman Brothers Tr   13.43     1/8/2009    ILS     8.13
Lehman Brothers Tr    0.50     7/2/2020    EUR     8.13
Lehman Brothers Tr    7.75     1/3/2012    AUD     8.13
Lehman Brothers Tr    3.10     6/4/2010    USD     8.13
Lehman Brothers Tr    8.00   10/23/2008    USD     8.13
Oesterreichische V    5.10   10/23/2017    EUR    59.25
Oesterreichische V    5.18   11/13/2017    EUR    58.75
Lehman Brothers Tr    4.60    11/9/2011    EUR     4.42
Lehman Brothers Tr    4.60   10/11/2017    ILS    29.88
Lehman Brothers Tr    5.50   11/30/2012    CZK     4.42
Lehman Brothers Tr    6.00   10/30/2012    USD     8.13
Lehman Brothers Tr   16.00    10/8/2008    CHF     8.13
Lehman Brothers Tr    0.50   12/20/2017    USD     4.42
Lehman Brothers Tr    0.50   12/20/2017    USD     4.42
Lehman Brothers Tr    0.50   12/20/2017    USD     4.42
Lehman Brothers Tr    0.50   12/20/2017    USD     4.42
Lehman Brothers Tr    3.00    12/3/2012    EUR     4.42
Oesterreichische V    5.21    12/6/2022    EUR    27.50
Glitnir HF            3.75    1/15/2010    EUR    12.00
Lehman Brothers Tr   11.00   12/20/2017    AUD     4.42
Lehman Brothers Tr   11.00   12/20/2017    AUD     4.42
Lehman Brothers Tr    3.40    9/21/2009    HKD     8.13
Lehman Brothers Tr    4.00   10/12/2010    USD     8.13
Oesterreichische V    5.00   12/12/2018    EUR    47.88
Lehman Brothers Tr    8.80   12/27/2009    EUR     8.13
Kommunalbanken AS     0.50    8/15/2018    BRL    70.60
Lehman Brothers Tr    6.30   12/21/2018    USD     4.42
Lehman Brothers Tr   11.00    2/16/2009    CHF     8.13
Lehman Brothers Tr   10.00    2/16/2009    CHF     8.13
Lehman Brothers Tr   13.00    2/16/2009    CHF     8.13
Lehman Brothers Tr    8.00    3/21/2018    USD     4.42
Lehman Brothers Tr   11.75     3/1/2010    EUR     8.13
Lehman Brothers Tr   15.00     6/4/2009    CHF     8.13
Lehman Brothers Tr   10.00   10/23/2008    USD     8.13
Lehman Brothers Tr   10.00   10/22/2008    USD     8.13
HSBC Bank PLC         0.50    5/31/2019    IDR    69.15
Oesterreichische V    1.61    5/18/2020    EUR    30.13
Oesterreichische V    3.50    5/23/2022    EUR    23.63
Lehman Brothers Tr    2.50    8/15/2012    CHF     4.42
Lehman Brothers Tr   13.15   10/30/2008    USD     8.13
Lehman Brothers Tr    6.00     8/7/2013    EUR     4.42
Glitnir HF            5.24   12/22/2010    USD    12.00
Lehman Brothers Tr    6.25     9/5/2011    EUR     4.42
Lehman Brothers Tr   14.10   11/12/2008    USD     8.13
Lehman Brothers Tr    5.25     7/8/2014    EUR     8.13
LBI HF                6.75    8/18/2015    EUR     3.28
LBI HF                6.75    2/18/2015    EUR     3.28
Lehman Brothers Tr    4.00    8/11/2010    USD     4.42
Lehman Brothers Tr    2.30     6/6/2013    USD     8.13
Lehman Brothers Tr    7.50    5/30/2010    AUD     8.13
Lehman Brothers Tr   11.00     5/9/2020    USD     4.42
Lehman Brothers Tr    4.00     6/5/2011    USD     8.13
Oesterreichische V    1.61    5/18/2020    EUR    29.63
e-Kancelaria Grupa   10.00    6/27/2016    PLN     1.00
e-Kancelaria Grupa    9.00   10/25/2016    PLN     1.00
Svensk Exportkredi    0.50    8/28/2018    BRL    68.16
Oesterreichische V    2.00     8/1/2016    EUR    72.63
VIG Sp Zoo           12.00     5/8/2015    PLN    70.00
Oesterreichische V    5.21    2/13/2026    EUR    21.25
Lehman Brothers Tr    1.00    2/26/2010    USD     4.42
Lehman Brothers Tr   16.80    8/21/2009    USD     8.13
Haltdalen Spareban    2.75                 NOK    53.70
Raiffeisen Centrob    8.56    7/22/2015    EUR    71.51
Raiffeisen Centrob    9.87    7/22/2015    EUR    71.96
Lehman Brothers Tr    8.00   12/27/2032    JPY     4.42
Oesterreichische V    1.34     3/1/2018    EUR    48.63
Lehman Brothers Tr   12.00    7/13/2037    JPY     4.42
Lehman Brothers Tr   10.00    6/11/2038    JPY     4.42
Oesterreichische V    1.24     3/1/2022    EUR    19.63
Oesterreichische V    5.50    1/19/2017    EUR    69.25
Oesterreichische V    1.44    1/28/2019    EUR    39.25
UBS AG                2.75    8/18/2016    USD     9.31
UBS AG               11.22     2/4/2016    USD    23.10
HSBC Trinkaus & Bu    7.50    6/26/2015    EUR    63.55
Societe Generale S    5.50    7/27/2015    EUR    53.39
Goldman Sachs & Co    9.00    4/22/2015    EUR    72.13
Royal Bank of Scot    1.69   11/14/2016    GBP     1.08
Housing Financing     2.70     1/1/2020    ISK    67.78
Lehman Brothers Tr    6.60     2/9/2009    EUR     4.26
Lehman Brothers Tr    6.72   12/29/2008    EUR     4.31
Lehman Brothers Tr    7.06   12/29/2008    EUR     4.32
Lehman Brothers Tr    7.63    7/22/2011    HKD     8.13
Glitnir HF            6.00   12/10/2009    ISK     0.02
Glitnir HF            5.00     2/1/2011    ISK    12.00
Glitnir HF            5.25   10/23/2011    ISK    12.00
Glitnir HF            5.00     2/1/2016    ISK    12.00
Glitnir HF            6.00     8/1/2010    ISK    12.00
Kaupthing Bank Hf     7.00    4/28/2012    ISK     0.00
LBI HF                5.08     3/1/2013    ISK     3.28
Lehman Brothers Tr    4.05    9/16/2008    EUR     4.42
Lehman Brothers Tr    8.05   12/20/2010    HKD     8.13
Lehman Brothers Tr    5.00    3/13/2009    EUR     4.42
Lehman Brothers Tr    1.28    11/6/2010    JPY    29.88
HSBC Trinkaus & Bu   12.50    9/25/2015    EUR    74.39
HSBC Trinkaus & Bu   14.00    9/25/2015    EUR    68.34
HSBC Trinkaus & Bu   10.50    9/25/2015    EUR    72.41
BNP Paribas Emissi    5.00    5/21/2015    EUR    63.08
BNP Paribas Emissi    4.00    5/21/2015    EUR    66.65
HSBC Trinkaus & Bu    7.50    6/26/2015    EUR    69.67
Deutsche Bank AG      9.00    9/11/2015    EUR    65.73
Notenstein Privatb    4.00     2/1/2016    EUR    61.42
DZ Bank AG Deutsch    8.25    7/24/2015    EUR    71.96
HSBC Trinkaus & Bu   13.00    6/26/2015    EUR    64.29
DZ Bank AG Deutsch    5.00    9/25/2015    EUR    74.08
DZ Bank AG Deutsch    7.25    6/26/2015    EUR    72.59
Deutsche Bank AG      6.20    6/22/2015    EUR    73.30
Goldman Sachs & Co    8.00    5/20/2015    EUR    72.76
Goldman Sachs & Co    9.00    5/20/2015    EUR    69.08
Goldman Sachs & Co   13.00    5/20/2015    EUR    62.98
Goldman Sachs & Co   10.00    9/23/2015    EUR    69.30
Goldman Sachs & Co   11.00    9/23/2015    EUR    66.69
DZ Bank AG Deutsch    8.25    6/26/2015    EUR    66.33
Goldman Sachs & Co   14.00    4/22/2015    EUR    65.05
HSBC Trinkaus & Bu   12.50    6/26/2015    EUR    73.60
Vontobel Financial    4.70    6/26/2015    EUR    68.57
Vontobel Financial    6.65    6/26/2015    EUR    69.18
Leonteq Securities    7.07    9/21/2015    CHF    48.70
Vontobel Financial    9.00    4/14/2015    EUR    65.00
DZ Bank AG Deutsch    8.25    6/26/2015    EUR    70.13
DZ Bank AG Deutsch    8.00    9/11/2015    EUR    71.76
UniCredit Bank AG     4.00    6/25/2015    EUR    74.00
Bank Julius Baer &    7.00    4/14/2015    USD    67.15
UniCredit Bank AG     4.00    6/25/2015    EUR    52.17
Commerzbank AG        7.10    6/25/2015    EUR    73.84
Vontobel Financial    6.95    6/12/2015    EUR    70.00
Vontobel Financial    8.00    6/12/2015    EUR    70.17
Bank Julius Baer &    7.50    4/14/2015    CHF    73.60
HSBC Trinkaus & Bu   13.00    9/25/2015    EUR    63.00
HSBC Trinkaus & Bu   10.00    9/25/2015    EUR    65.99
HSBC Trinkaus & Bu    9.00    7/24/2015    EUR    66.67
Commerzbank AG        9.25    7/23/2015    EUR    66.59
Commerzbank AG       19.75    7/23/2015    EUR    71.56
Commerzbank AG       23.25    7/23/2015    EUR    66.51
Commerzbank AG       10.00    7/23/2015    EUR    72.82
Societe Generale S    4.00    3/29/2016    EUR    61.32
Commerzbank AG        7.00    6/25/2015    EUR    72.35
Vontobel Financial    9.00    4/24/2015    EUR    67.90
DZ Bank AG Deutsch    5.75    4/17/2015    EUR    73.38
Leonteq Securities   12.20    7/22/2015    USD    66.64
Vontobel Financial    5.00     5/6/2016    EUR    75.00
Leonteq Securities    6.58    3/29/2016    EUR    72.30
UniCredit Bank AG     4.60    6/26/2015    EUR    74.87
UniCredit Bank AG     6.00    6/26/2015    EUR    67.44
UniCredit Bank AG     5.20    6/26/2015    EUR    71.02
UniCredit Bank AG     6.10    6/26/2015    EUR    65.97
UniCredit Bank AG     5.50    6/26/2015    EUR    69.25
UniCredit Bank AG     5.80    6/26/2015    EUR    67.57
UniCredit Bank AG     5.50    6/26/2015    EUR    68.95
UniCredit Bank AG     4.90    6/26/2015    EUR    72.89
UniCredit Bank AG     4.80    6/26/2015    EUR    70.50
Vontobel Financial    7.90    6/26/2015    EUR    73.47
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    55.83
HSBC Trinkaus & Bu    7.50    6/26/2015    EUR    66.56
HSBC Trinkaus & Bu    9.50    6/26/2015    EUR    68.33
HSBC Trinkaus & Bu    7.00    9/25/2015    EUR    73.04
HSBC Trinkaus & Bu    8.50    6/26/2015    EUR    74.67
UniCredit Bank AG     4.00    6/25/2015    EUR    59.61
UniCredit Bank AG     5.50    6/25/2015    EUR    54.32
UniCredit Bank AG     6.00    6/25/2015    EUR    67.98
UniCredit Bank AG     5.00    6/25/2015    EUR    70.87
UniCredit Bank AG     4.75    6/25/2015    EUR    56.83
BNP Paribas Emissi    9.00    5/21/2015    EUR    69.01
BNP Paribas Emissi    8.00    6/25/2015    EUR    68.66
BNP Paribas Emissi    8.00    7/23/2015    EUR    69.29
BNP Paribas Emissi    6.75    7/23/2015    EUR    73.22
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    53.94
HSBC Trinkaus & Bu   10.00    6/26/2015    EUR    59.27
Lehman Brothers Tr    3.00    9/13/2010    JPY    29.88
Lehman Brothers Tr    9.25    6/20/2012    USD     4.42
Societe Generale S    0.50    4/30/2023    RUB    41.30
Oesterreichische V    3.00     2/3/2017    EUR    65.75
Oesterreichische V    2.00   11/15/2016    EUR    67.88
Barclays Bank PLC     1.99    12/1/2040    USD    73.39
UniCredit Bank AG     5.75    9/24/2015    EUR    68.80
UniCredit Bank AG     4.80    9/24/2015    EUR    72.48
UniCredit Bank AG     4.90    9/24/2015    EUR    72.09
Bank Julius Baer &   10.00     7/3/2015    USD    43.25
Banque Cantonale V   10.80    6/25/2015    CHF    53.21
Credit Suisse AG/N    8.25    1/11/2016    CHF    47.72
Leonteq Securities    7.35     7/2/2015    USD    68.54
Leonteq Securities    8.00     7/7/2016    USD    74.52
JP Morgan Structur    5.65     7/1/2015    CHF    41.51
Banque Cantonale V    5.25     7/2/2015    CHF    47.21
UBS AG/London        10.00     7/2/2015    CHF    53.49
HSBC Trinkaus & Bu   15.50    6/26/2015    EUR    60.49
HSBC Trinkaus & Bu    8.00    6/26/2015    EUR    71.43
Credit Suisse AG/L    8.00     7/3/2015    CHF    72.97
Credit Suisse AG/N   10.50     7/9/2015    USD    45.08
Commerzbank AG        8.50    6/25/2015    EUR    73.15
Commerzbank AG       10.50    6/25/2015    EUR    70.12
BNP Paribas Emissi    7.00   10/22/2015    EUR    71.62
Raiffeisen Centrob    7.55    1/20/2016    EUR    68.16
Raiffeisen Centrob    6.29    1/20/2016    EUR    65.90
UBS AG                9.50   12/29/2015    EUR    65.68
Credit Suisse AG/L    8.00    1/11/2016    USD    45.70
UBS AG                7.00    6/26/2015    EUR    72.60
UBS AG/London         6.75     7/2/2015    CHF    73.35
UBS AG               11.75    6/26/2015    EUR    67.09
UBS AG               10.25    9/25/2015    EUR    60.10
UBS AG                9.50    6/26/2015    EUR    73.80
Notenstein Privatb   11.00    8/14/2015    CHF    59.94
BNP Paribas Emissi   14.00    6/25/2015    EUR    62.41
BNP Paribas Emissi   17.00    6/25/2015    EUR    58.10
BNP Paribas Emissi   20.00    6/25/2015    EUR    54.50
Deutsche Bank AG      8.00    6/22/2015    EUR    73.70
Credit Suisse AG/N    8.50    7/20/2015    USD    66.19
UBS AG/London        12.00     7/9/2015    CHF    56.41
Leonteq Securities    9.40    10/8/2015    USD    71.31
HSBC Trinkaus & Bu   12.50    9/25/2015    EUR    72.50
HSBC Trinkaus & Bu   15.00    9/25/2015    EUR    66.26
HSBC Trinkaus & Bu   15.50    6/26/2015    EUR    71.21
BNP Paribas Emissi   10.00    6/25/2015    EUR    73.96
BNP Paribas Emissi   10.00    6/25/2015    EUR    73.22
BNP Paribas Emissi   14.00    6/25/2015    EUR    67.62
Banque Cantonale V    1.00     7/7/2016    CHF    32.13
HSBC Trinkaus & Bu   12.00    9/25/2015    EUR    70.16
HSBC Trinkaus & Bu    9.00    7/24/2015    EUR    73.87
Vontobel Financial    9.25    6/26/2015    EUR    73.74
HSBC Trinkaus & Bu   11.00    6/26/2015    EUR    66.47
HSBC Trinkaus & Bu   12.50    9/25/2015    EUR    64.87
HSBC Trinkaus & Bu   10.00    9/25/2015    EUR    68.38
HSBC Trinkaus & Bu    7.00    9/25/2015    EUR    72.35
HSBC Trinkaus & Bu    8.50    7/24/2015    EUR    69.18
UniCredit Bank AG     4.00    6/25/2015    EUR    74.08
HSBC Trinkaus & Bu   14.50    9/25/2015    EUR    72.51
Bank Julius Baer &    7.10     7/8/2015    CHF    42.25
Credit Suisse AG/L    9.00    7/11/2016    USD    46.00
Credit Suisse AG/N    8.50    6/17/2015    USD    61.79
Credit Suisse AG/L    7.50    6/25/2015    USD    67.50
Vontobel Financial    8.35    6/26/2015    EUR    67.19
Deutsche Bank AG      6.20    6/22/2015    EUR    66.10
Deutsche Bank AG      7.20   12/22/2015    EUR    73.00
Deutsche Bank AG      5.20   12/22/2015    EUR    71.60
Deutsche Bank AG      5.20    6/22/2015    EUR    69.30
Deutsche Bank AG      6.20    9/22/2015    EUR    71.00
Deutsche Bank AG      7.20    9/22/2015    EUR    68.10
Deutsche Bank AG      5.20    6/22/2015    EUR    65.90
Deutsche Bank AG      7.20    6/22/2015    EUR    69.70
Deutsche Bank AG      7.20    6/22/2015    EUR    66.30
Deutsche Bank AG      7.20   12/22/2015    EUR    69.80
Deutsche Bank AG      6.20    9/22/2015    EUR    67.60
Deutsche Bank AG      5.20    9/22/2015    EUR    67.20
Deutsche Bank AG      5.20    9/22/2015    EUR    74.30
Deutsche Bank AG      5.20    9/22/2015    EUR    70.60
Deutsche Bank AG      6.20   12/22/2015    EUR    72.30
Deutsche Bank AG      5.20    6/22/2015    EUR    73.10
Deutsche Bank AG      5.20   12/22/2015    EUR    68.40
Deutsche Bank AG      6.20    6/22/2015    EUR    69.50
Deutsche Bank AG      7.20    6/22/2015    EUR    73.50
Deutsche Bank AG      6.20   12/22/2015    EUR    69.10
Deutsche Bank AG      7.20    9/22/2015    EUR    71.50
Deutsche Bank AG      6.20    9/22/2015    EUR    74.70
Commerzbank AG        7.00    5/21/2015    EUR    73.86
Commerzbank AG        9.00    5/21/2015    EUR    70.22
Commerzbank AG       11.25    5/21/2015    EUR    66.96
DZ Bank AG Deutsch    9.75    5/22/2015    EUR    62.64
DZ Bank AG Deutsch   15.25    5/22/2015    EUR    53.88
Goldman Sachs & Co   11.00   12/23/2015    EUR    69.43
Notenstein Privatb    9.60    6/16/2015    CHF    43.69
Bank Julius Baer &    7.65     7/3/2015    USD    54.10
UBS AG/London        15.25    6/25/2015    CHF    52.73
Commerzbank AG        7.50    6/25/2015    EUR    68.09
Commerzbank AG        6.50    6/25/2015    EUR    73.34
Commerzbank AG        8.25    6/25/2015    EUR    69.93
Commerzbank AG       10.25    6/25/2015    EUR    66.44
DZ Bank AG Deutsch    5.00    7/24/2015    EUR    71.04
DZ Bank AG Deutsch    6.75    7/24/2015    EUR    73.07
DZ Bank AG Deutsch   16.00    7/24/2015    EUR    64.06
UniCredit Bank AG     5.25    9/24/2015    EUR    70.98
UniCredit Bank AG     4.25    9/24/2015    EUR    73.99
UniCredit Bank AG     5.40    9/24/2015    EUR    70.23
BNP Paribas Emissi    7.50    6/25/2015    EUR    73.47
BNP Paribas Emissi    9.00    6/25/2015    EUR    69.99
Leonteq Securities    8.64    8/25/2015    CHF    18.94
LBBW                  4.30    9/23/2016    EUR    73.27
Vontobel Financial    7.70    6/26/2015    EUR    74.97
Bank Julius Baer &    6.50    7/31/2015    USD    64.10
UBS AG/London        15.00    7/23/2015    CHF    50.51
DZ Bank AG Deutsch   16.00    8/28/2015    EUR    72.21
EFG International     7.30    7/22/2015    USD    74.72
Leonteq Securities   10.00    1/22/2016    USD    68.14
DZ Bank AG Deutsch    5.40    7/23/2015    EUR    72.81
DZ Bank AG Deutsch    5.60   10/23/2015    EUR    74.32
DZ Bank AG Deutsch    4.70    7/23/2015    EUR    56.06
DZ Bank AG Deutsch    5.70    7/23/2015    EUR    54.00
DZ Bank AG Deutsch    3.90   10/23/2015    EUR    61.79
DZ Bank AG Deutsch    4.90   10/23/2015    EUR    59.15
DZ Bank AG Deutsch    5.80   10/23/2015    EUR    57.22
Vontobel Financial    8.50    6/26/2015    EUR    69.82
Credit Suisse AG/N    8.00     2/8/2016    USD    69.08
Credit Suisse AG/N    8.00    1/29/2016    CHF    46.74
Banque Cantonale V   13.10    7/21/2015    CHF    67.22
Zurcher Kantonalba    6.60    7/29/2015    CHF    47.55
DZ Bank AG Deutsch    7.10    7/23/2015    EUR    66.08
DZ Bank AG Deutsch    6.10    7/23/2015    EUR    62.90
DZ Bank AG Deutsch    3.70    7/23/2015    EUR    58.88
DZ Bank AG Deutsch    4.20    7/23/2015    EUR    59.58
DZ Bank AG Deutsch    6.50   10/23/2015    EUR    70.67
DZ Bank AG Deutsch    6.00   10/23/2015    EUR    67.51
DZ Bank AG Deutsch    4.70   10/23/2015    EUR    63.99
DZ Bank AG Deutsch    6.30    7/23/2015    EUR    58.05
DZ Bank AG Deutsch    4.90    7/23/2015    EUR    57.66
DZ Bank AG Deutsch    4.40    7/23/2015    EUR    52.40
DZ Bank AG Deutsch    5.90   10/23/2015    EUR    61.24
DZ Bank AG Deutsch    5.80   10/23/2015    EUR    58.44
DZ Bank AG Deutsch    4.70   10/23/2015    EUR    55.35
DZ Bank AG Deutsch    3.10    7/22/2015    EUR    62.22
DZ Bank AG Deutsch    3.90   10/22/2015    EUR    63.84
DZ Bank AG Deutsch    4.70   10/22/2015    EUR    62.82
DZ Bank AG Deutsch    5.60   10/22/2015    EUR    61.91
DZ Bank AG Deutsch    3.90    7/22/2015    EUR    74.89
DZ Bank AG Deutsch    5.70    7/22/2015    EUR    71.67
DZ Bank AG Deutsch    7.80    7/22/2015    EUR    68.84
DZ Bank AG Deutsch    5.70   10/22/2015    EUR    74.37
DZ Bank AG Deutsch    6.60   10/22/2015    EUR    73.25
DZ Bank AG Deutsch    5.70    7/22/2015    EUR    60.13
DZ Bank AG Deutsch    8.30    7/22/2015    EUR    57.86
DZ Bank AG Deutsch    3.60   10/22/2015    EUR    66.34
DZ Bank AG Deutsch    4.90    7/22/2015    EUR    59.80
DZ Bank AG Deutsch    6.00    7/22/2015    EUR    58.75
DZ Bank AG Deutsch    3.70    7/22/2015    EUR    62.82
DZ Bank AG Deutsch    5.30   10/22/2015    EUR    63.92
DZ Bank AG Deutsch    7.30   10/22/2015    EUR    61.89
Leonteq Securities   11.52   10/28/2015    CHF    58.97
Notenstein Privatb   13.40    7/28/2015    USD    59.55
BNP Paribas Emissi    6.75    6/25/2015    EUR    72.70
UBS AG/London         7.00     7/9/2015    CHF    41.24
Commerzbank AG       16.50    5/21/2015    EUR    71.22
Commerzbank AG       20.50    5/21/2015    EUR    64.23
Commerzbank AG       24.75    5/21/2015    EUR    58.37
Commerzbank AG       16.50    6/25/2015    EUR    71.03
UBS AG/London        10.50    7/16/2015    CHF    57.90
Notenstein Privatb   11.00    8/28/2015    CHF    71.80
Commerzbank AG       10.75    6/25/2015    EUR    71.90
Commerzbank AG       19.75    6/25/2015    EUR    65.72
Commerzbank AG       23.50    6/25/2015    EUR    60.39
UBS AG               24.25   12/29/2015    EUR    74.83
UBS AG/London         7.00    7/16/2015    CHF    41.80
Commerzbank AG        7.50    6/25/2015    EUR    73.59
DZ Bank AG Deutsch    9.50    7/24/2015    EUR    67.03
Deutsche Bank AG      5.20    9/22/2015    EUR    72.20
Deutsche Bank AG      7.20    6/23/2015    EUR    72.90
Deutsche Bank AG      7.20    6/23/2015    EUR    69.50
Deutsche Bank AG      6.20    6/23/2015    EUR    69.30
Deutsche Bank AG      5.20    6/23/2015    EUR    66.00
Deutsche Bank AG      6.20    6/23/2015    EUR    66.20
Deutsche Bank AG      7.20    9/22/2015    EUR    74.10
Deutsche Bank AG      6.20    9/22/2015    EUR    73.60
Deutsche Bank AG      7.20    9/22/2015    EUR    70.90
Deutsche Bank AG      6.20    9/22/2015    EUR    70.50
Deutsche Bank AG      5.20    9/22/2015    EUR    70.00
Deutsche Bank AG      7.20    9/22/2015    EUR    68.00
Deutsche Bank AG      6.20    9/22/2015    EUR    67.50
Deutsche Bank AG      5.20    9/22/2015    EUR    67.10
Vontobel Financial    5.60    6/26/2015    EUR    74.67
Deutsche Bank AG      5.20    6/23/2015    EUR    72.50
Deutsche Bank AG      6.20    6/23/2015    EUR    72.70
Deutsche Bank AG      5.20    6/23/2015    EUR    69.10
Deutsche Bank AG      7.20    6/23/2015    EUR    66.40
Deutsche Bank AG      5.20    9/22/2015    EUR    73.20
UBS AG               10.75    6/26/2015    EUR    56.11
Commerzbank AG       11.00    6/25/2015    EUR    69.37
UBS AG               10.50    6/26/2015    EUR    53.14
UBS AG               14.75    9/25/2015    EUR    64.91
UniCredit Bank AG     4.75    9/24/2015    EUR    72.89
Societe Generale S    0.50    5/22/2024    MXN    60.98
Oesterreichische V    1.04     3/1/2021    EUR    23.50
e-Kancelaria Grupa    9.00    8/19/2016    PLN     1.00
DZ Bank AG Deutsch    6.25    7/10/2015    EUR    71.25
DZ Bank AG Deutsch    6.75    7/10/2015    EUR    71.37
DZ Bank AG Deutsch    7.25    7/10/2015    EUR    71.49
Vontobel Financial    5.65    6/26/2015    EUR    70.98
Goldman Sachs & Co    9.00    6/24/2015    EUR    73.72
Goldman Sachs & Co   11.00    6/24/2015    EUR    70.35
Credit Suisse AG/L    2.75    1/29/2019    SEK    74.40
DZ Bank AG Deutsch    6.90    4/15/2015    EUR    59.29
DZ Bank AG Deutsch    9.10    4/15/2015    EUR    56.21
DZ Bank AG Deutsch    5.10    4/15/2015    EUR    62.79
DZ Bank AG Deutsch    5.00    4/15/2015    EUR    58.63
DZ Bank AG Deutsch    3.70    4/15/2015    EUR    61.69
DZ Bank AG Deutsch   10.50    4/15/2015    EUR    61.43
DZ Bank AG Deutsch    6.80    4/15/2015    EUR    67.50
DZ Bank AG Deutsch    8.60    4/15/2015    EUR    64.32
DZ Bank AG Deutsch    6.60    4/15/2015    EUR    55.86
Credit Suisse AG/N    8.50     6/5/2015    CHF    74.79
UBS AG                7.00   12/29/2015    EUR    70.87
UBS AG                6.25    6/26/2015    EUR    71.11
UBS AG                9.75    9/25/2015    EUR    61.52
UBS AG               24.25    9/25/2015    EUR    44.21
UBS AG               20.75   12/29/2015    EUR    72.02
UBS AG               13.50    6/26/2015    EUR    53.74
UBS AG               12.00   12/29/2015    EUR    58.31
UBS AG               15.00    6/26/2015    EUR    51.82
UBS AG               13.75    9/25/2015    EUR    54.21
UBS AG               23.00    9/25/2015    EUR    73.60
UBS AG               20.25    9/25/2015    EUR    72.33
UBS AG               24.75    9/25/2015    EUR    70.44
UBS AG               19.50   12/29/2015    EUR    73.97
UBS AG               19.50   12/29/2015    EUR    74.24
UBS AG               12.50    9/25/2015    EUR    55.83
UBS AG                7.00    6/26/2015    EUR    68.35
UBS AG               10.25    6/26/2015    EUR    59.45
UBS AG               16.50    9/25/2015    EUR    51.62
UBS AG               12.25    6/26/2015    EUR    55.96
UBS AG                5.50    6/26/2015    EUR    74.12
UBS AG               20.25    6/26/2015    EUR    72.61
UBS AG               23.50    9/25/2015    EUR    67.77
UBS AG                6.25   12/29/2015    EUR    73.01
UBS AG               24.00    6/26/2015    EUR    72.49
UBS AG               11.00    9/25/2015    EUR    57.53
UBS AG               14.75   12/29/2015    EUR    54.55
UBS AG               24.50    9/25/2015    EUR    66.35
UBS AG               21.75   12/29/2015    EUR    70.87
UBS AG               13.50   12/29/2015    EUR    55.55
UBS AG               21.75    9/25/2015    EUR    70.12
UBS AG               21.75    6/26/2015    EUR    70.66
UBS AG               22.00    9/25/2015    EUR    69.96
UBS AG               17.50    9/25/2015    EUR    49.98
UBS AG               16.75    6/26/2015    EUR    50.12
UBS AG               15.00    9/25/2015    EUR    52.78
UBS AG               19.00    9/25/2015    EUR    74.86
UBS AG               20.25    6/26/2015    EUR    73.12
UBS AG               18.25    6/26/2015    EUR    48.54
UBS AG               12.50   12/29/2015    EUR    56.81
UBS AG                9.50   12/29/2015    EUR    63.56
UBS AG               22.50   12/29/2015    EUR    69.47
UBS AG               23.25    6/26/2015    EUR    67.78
UBS AG               11.25   12/29/2015    EUR    58.08
Barclays Bank PLC     4.17     1/5/2017    EUR    69.00
Notenstein Privatb    8.80    7/24/2015    EUR    71.24
HSBC Trinkaus & Bu    6.50    6/26/2015    EUR    73.25
UBS AG               23.00    6/26/2015    EUR    62.77
UBS AG               22.75    6/26/2015    EUR    55.52
UBS AG               20.25    6/26/2015    EUR    58.94
UBS AG               22.00    9/25/2015    EUR    57.55
UBS AG               16.50    6/26/2015    EUR    72.10
UBS AG               12.50    6/26/2015    EUR    73.67
UBS AG               20.25    9/25/2015    EUR    60.15
UBS AG               21.75   12/29/2015    EUR    66.05
UBS AG               18.25    9/25/2015    EUR    63.14
UBS AG               19.75   12/29/2015    EUR    68.23
UBS AG               22.50    9/25/2015    EUR    64.22
UBS AG               16.50   12/29/2015    EUR    66.59
UBS AG               18.25   12/29/2015    EUR    64.03
UBS AG               12.75   12/29/2015    EUR    73.25
UBS AG               19.75   12/29/2015    EUR    61.75
UBS AG               20.00    9/25/2015    EUR    67.27
UBS AG               14.75   12/29/2015    EUR    69.70
UBS AG               17.75    6/26/2015    EUR    63.00
UBS AG               23.75    6/26/2015    EUR    73.42
UBS AG               24.50    9/25/2015    EUR    72.13
UBS AG               19.75    6/26/2015    EUR    66.99
UBS AG               23.50    9/25/2015    EUR    72.41
UBS AG               23.75    6/26/2015    EUR    72.66
UBS AG               21.25   12/29/2015    EUR    59.88
UBS AG               17.75   12/29/2015    EUR    70.96
UBS AG               23.00   12/29/2015    EUR    74.11
UBS AG               24.75    9/25/2015    EUR    74.10
UBS AG               23.50    6/26/2015    EUR    73.34
UBS AG               22.50    9/25/2015    EUR    74.83
UBS AG               18.50   12/29/2015    EUR    69.59
UBS AG               17.50   12/29/2015    EUR    71.40
UBS AG               15.00    9/25/2015    EUR    74.89
UBS AG               20.00    9/25/2015    EUR    58.32
UBS AG               23.00    6/26/2015    EUR    73.45
UBS AG               15.00   12/29/2015    EUR    66.15
UBS AG               11.25    9/25/2015    EUR    73.15
UBS AG               18.75    6/26/2015    EUR    68.46
UBS AG               23.50    9/25/2015    EUR    62.42
UBS AG               13.50   12/29/2015    EUR    68.71
UBS AG               21.75   12/29/2015    EUR    57.82
UBS AG               17.00    6/26/2015    EUR    71.53
UBS AG               22.25    9/25/2015    EUR    64.02
UBS AG               20.75   12/29/2015    EUR    66.71
UBS AG               16.50    9/25/2015    EUR    72.20
UBS AG               20.75    6/26/2015    EUR    56.29
UBS AG               13.00    9/25/2015    EUR    69.18
UBS AG               24.50    9/25/2015    EUR    53.29
UBS AG               16.50   12/29/2015    EUR    63.99
UBS AG               21.25   12/29/2015    EUR    73.98
UBS AG               19.50    9/25/2015    EUR    67.70
UBS AG               22.75    6/26/2015    EUR    71.68
UBS AG               22.25    6/26/2015    EUR    63.25
UBS AG               18.00    9/25/2015    EUR    69.82
UBS AG               18.25    9/25/2015    EUR    60.43
UBS AG               12.00   12/29/2015    EUR    71.73
UBS AG               23.00    9/25/2015    EUR    54.73
UBS AG               19.75   12/29/2015    EUR    68.15
UBS AG               22.75   12/29/2015    EUR    73.76
UBS AG               23.00    9/25/2015    EUR    73.04
UBS AG               22.75   12/29/2015    EUR    71.64
UBS AG               21.00    9/25/2015    EUR    65.81
UBS AG               22.75    6/26/2015    EUR    53.78
UBS AG               18.50    6/26/2015    EUR    59.12
UBS AG               19.25   12/29/2015    EUR    60.48
UBS AG               16.50    9/25/2015    EUR    62.90
UBS AG               20.50    6/26/2015    EUR    65.72
UBS AG               24.75    6/26/2015    EUR    51.58
UBS AG               16.50    6/26/2015    EUR    62.43
UBS AG                7.25    6/26/2015    EUR    70.17
UBS AG                7.75    6/26/2015    EUR    64.54
UBS AG               13.75    6/26/2015    EUR    74.66
UBS AG               14.00    6/26/2015    EUR    66.16
Bank Julius Baer &    8.25    9/18/2015    CHF    48.35
Leonteq Securities   20.00   12/29/2015    CHF    68.31
Commerzbank AG        9.00    4/23/2015    EUR    69.71
EFG International     1.55    4/29/2015    EUR    45.38
JP Morgan Structur   12.20    9/30/2015    USD    72.35
HSBC Trinkaus & Bu   18.50    6/26/2015    EUR    74.80
HSBC Trinkaus & Bu   19.80    6/26/2015    EUR    66.21
Bank Julius Baer &    8.85    9/25/2015    CHF    52.75
DZ Bank AG Deutsch    7.10    9/23/2015    EUR    73.98
DZ Bank AG Deutsch    2.10    9/23/2015    EUR    70.45
DZ Bank AG Deutsch    3.50    9/23/2015    EUR    67.54
DZ Bank AG Deutsch    5.40    9/23/2015    EUR    65.16
DZ Bank AG Deutsch    2.10   12/23/2015    EUR    72.43
DZ Bank AG Deutsch    3.30   12/23/2015    EUR    69.72
DZ Bank AG Deutsch    4.80   12/23/2015    EUR    67.52
DZ Bank AG Deutsch    5.70    9/23/2015    EUR    63.89
DZ Bank AG Deutsch    5.70    9/23/2015    EUR    60.96
DZ Bank AG Deutsch    4.60    9/23/2015    EUR    57.82
DZ Bank AG Deutsch    5.10   12/23/2015    EUR    67.10
DZ Bank AG Deutsch    5.10   12/23/2015    EUR    64.15
DZ Bank AG Deutsch    4.40   12/23/2015    EUR    60.89
DZ Bank AG Deutsch    2.40    9/23/2015    EUR    71.80
DZ Bank AG Deutsch    3.90    9/23/2015    EUR    68.56
DZ Bank AG Deutsch    5.80    9/23/2015    EUR    65.79
DZ Bank AG Deutsch    2.20   12/23/2015    EUR    74.56
DZ Bank AG Deutsch    3.50   12/23/2015    EUR    71.55
DZ Bank AG Deutsch    5.10   12/23/2015    EUR    68.99
DZ Bank AG Deutsch    2.60    9/23/2015    EUR    62.34
DZ Bank AG Deutsch    3.10    9/23/2015    EUR    59.81
DZ Bank AG Deutsch    4.80    9/23/2015    EUR    60.56
DZ Bank AG Deutsch    2.70   12/23/2015    EUR    64.47
DZ Bank AG Deutsch    4.60   12/23/2015    EUR    63.00
DZ Bank AG Deutsch    3.20   12/23/2015    EUR    62.03
DZ Bank AG Deutsch    7.60    9/23/2015    EUR    71.95
DZ Bank AG Deutsch    6.60    9/23/2015    EUR    72.94
DZ Bank AG Deutsch    6.00    9/23/2015    EUR    68.23
DZ Bank AG Deutsch    4.90   12/23/2015    EUR    74.01
Commerzbank AG       10.75    8/27/2015    EUR    72.52
Lehman Brothers Tr    6.70    4/21/2011    USD     4.42
Lehman Brothers Tr    3.00    9/12/2036    JPY    29.88
Lehman Brothers Tr   13.00   12/14/2012    USD     4.42
Notenstein Finance    8.68     4/1/2016    USD    60.04
Bank Julius Baer &    8.25    10/9/2015    USD    57.05
UBS AG               13.25   12/29/2015    EUR    63.49
Vontobel Financial    6.05    6/26/2015    EUR    72.39
UBS AG               21.75    3/29/2016    EUR    71.15
UBS AG               22.50   12/29/2015    EUR    74.94
UBS AG               23.75    9/25/2015    EUR    72.79
UBS AG               23.00    6/26/2015    EUR    74.35
UBS AG               24.75    9/25/2015    EUR    67.86
UBS AG               23.75   12/29/2015    EUR    57.55
UBS AG               22.75    9/25/2015    EUR    56.57
UBS AG               23.75    6/26/2015    EUR    63.53
UBS AG               23.25    9/25/2015    EUR    73.89
UBS AG               25.00    9/25/2015    EUR    74.16
UBS AG               23.75   12/29/2015    EUR    72.90
UBS AG               20.25    6/24/2016    EUR    73.23
Araratbank OJSC       8.00    6/11/2018    USD    25.10
Vontobel Financial    6.40    6/26/2015    EUR    74.43
UBS AG               24.00   12/29/2015    EUR    69.54
UBS AG               22.00   12/29/2015    EUR    59.00
UBS AG               20.00   12/29/2015    EUR    60.66
UBS AG               21.75    6/26/2015    EUR    56.13
UBS AG               23.00   12/29/2015    EUR    63.82
UBS AG               21.25    3/29/2016    EUR    72.99
UBS AG               19.00    6/24/2016    EUR    74.94
UBS AG               24.50   12/29/2015    EUR    67.60
UBS AG               23.00    6/26/2015    EUR    74.59
UBS AG               24.75    9/25/2015    EUR    74.44
UBS AG               23.50   12/29/2015    EUR    57.19
UBS AG               20.00    6/26/2015    EUR    57.95
UBS AG               21.75   12/29/2015    EUR    72.29
UBS AG               23.00    6/26/2015    EUR    49.24
UBS AG               20.75    6/26/2015    EUR    51.79
UBS AG               24.00   12/29/2015    EUR    72.69
UBS AG               21.25    6/26/2015    EUR    66.96
UBS AG               20.25    3/29/2016    EUR    73.03
UBS AG               13.75    9/25/2015    EUR    74.03
UBS AG               12.25    6/26/2015    EUR    67.07
UBS AG               18.00   12/29/2015    EUR    62.18
UBS AG               21.50    9/25/2015    EUR    56.40
UBS AG               24.00    6/26/2015    EUR    61.03
UBS AG               22.00    9/25/2015    EUR    72.63
UBS AG               16.25   12/29/2015    EUR    73.27
UBS AG               23.75    9/25/2015    EUR    69.52
UBS AG               20.50   12/29/2015    EUR    59.04
UBS AG               14.75    9/25/2015    EUR    65.80
Leonteq Securities    9.00   10/20/2015    CHF    63.85
Powszechne Towarzy    8.01     8/1/2016    PLN    40.00
Leonteq Securities    9.00     4/8/2016    USD    33.11
Lehman Brothers Tr    7.25    6/20/2010    USD     4.42
Lehman Brothers Tr    7.00    9/20/2011    USD     4.42
Bank Julius Baer &   10.60    10/9/2015    USD    60.40
Zurcher Kantonalba    7.02    10/9/2015    CHF    61.08
Lehman Brothers Tr    4.82   12/18/2036    EUR     8.13
Lehman Brothers Tr    5.25     4/1/2023    EUR     8.13
Bank Julius Baer &   10.20    10/7/2015    CHF    74.50
Leonteq Securities   14.00   10/20/2015    CHF    63.34
Leonteq Securities   13.60     1/6/2016    CHF    68.72
e-Kancelaria Grupa    8.04    9/15/2016    PLN     1.00
Commerzbank AG       11.50    9/24/2015    EUR    73.45
Commerzbank AG       13.75    9/24/2015    EUR    71.17
Leonteq Securities   12.40    4/27/2016    CHF    66.62
Lehman Brothers Tr    5.12    4/30/2027    EUR     8.13
Leonteq Securities   10.40    4/27/2016    CHF    69.06
DZ Bank AG Deutsch   15.50    4/24/2015    EUR    64.27
HSBC Trinkaus & Bu   21.30    6/26/2015    EUR    57.30
HSBC Trinkaus & Bu   15.80    6/26/2015    EUR    60.43
HSBC Trinkaus & Bu    8.50    6/26/2015    EUR    66.77
HSBC Trinkaus & Bu   17.10    9/25/2015    EUR    60.65
HSBC Trinkaus & Bu   13.40    9/25/2015    EUR    63.20
HSBC Trinkaus & Bu   12.80    7/24/2015    EUR    63.18
HSBC Trinkaus & Bu   11.30   10/23/2015    EUR    65.37
Lehman Brothers Tr    1.50     2/8/2012    CHF     4.42
Oesterreichische V    0.89   10/15/2019    EUR    31.88
UBS AG/London         7.50   10/15/2015    CHF    57.21
Lehman Brothers Tr    7.75    2/21/2016    EUR     4.42
Oesterreichische V    4.05    12/1/2016    EUR    70.00
Bank Julius Baer &    7.00    10/2/2015    USD    74.65
Oesterreichische V    4.50   10/21/2020    EUR    34.63
Lehman Brothers Tr    0.01    9/20/2011    USD     4.42
Kommunalbanken AS     0.50     2/2/2018    BRL    73.09
Municipality Finan    0.50     8/8/2029    NZD    58.45
Notenstein Privatb    7.40   10/31/2016    CHF    47.97
Leonteq Securities   11.20   12/29/2015    CHF    54.82
UBS AG               13.75    6/26/2015    EUR    70.95
UBS AG               10.75    6/26/2015    EUR    61.65
LBI HF                3.00   10/22/2015    EUR     3.28
Oesterreichische V    5.02    11/6/2017    EUR    58.63
Lehman Brothers Tr    4.80   11/16/2012    HKD     8.13
Oesterreichische V    4.86   11/29/2017    EUR    57.63
Oesterreichische V    5.23    12/5/2022    EUR    27.50
Lehman Brothers Tr   18.25    10/2/2008    USD     8.13
Lehman Brothers Tr    1.50   10/12/2010    EUR     4.42
ECM Real Estate In    5.00    10/9/2011    EUR    10.38
Oesterreichische V    6.00   10/17/2017    EUR    60.75
Comune di Ferentin    0.24   12/28/2027    EUR    74.98
Oesterreichische V    5.25   12/20/2022    EUR    27.50
LBI HF                5.25     6/5/2023    EUR     3.28
Lehman Brothers Tr    0.50   12/20/2017    AUD     4.42
Lehman Brothers Tr    0.50   12/20/2017    AUD     4.42
Lehman Brothers Tr    0.50   12/20/2017    AUD     4.42
Lehman Brothers Tr    0.50   12/20/2017    AUD     4.42
Lehman Brothers Tr    9.30   12/21/2010    EUR     8.13
Province of Milan     0.17   12/20/2042    EUR    49.43
Oesterreichische V    5.10     1/2/2018    EUR    57.13
Lehman Brothers Tr    8.00   12/31/2010    USD     8.13
Lehman Brothers Tr   10.00     8/2/2037    JPY     4.42
Kaupthing Bank Hf     5.00    11/8/2013    EUR    13.75
Lehman Brothers Tr    4.00    7/20/2012    EUR     4.42
Lehman Brothers Tr    2.50    8/23/2012    GBP     8.13
Lehman Brothers Tr    3.00    8/13/2011    EUR     4.42
Oesterreichische V    5.01     2/5/2018    EUR    56.00
Lehman Brothers Tr    6.25   11/30/2012    EUR     4.42
e-Kancelaria Grupa   12.00     5/6/2015    PLN     2.02
e-Kancelaria Grupa   10.00    11/6/2015    PLN     0.10
DZ Bank AG Deutsch    5.60    10/7/2015    EUR    70.76
Bank Julius Baer &   11.00   10/14/2015    CHF    56.50
Lehman Brothers Tr    8.60    7/31/2013    GBP     4.42
Lehman Brothers Tr    7.50    7/31/2013    GBP     4.42
Lehman Brothers Tr    7.32    7/31/2013    GBP     4.42
Commerzbank AG       15.00    4/23/2015    EUR    74.86
Lehman Brothers Tr    6.85   12/22/2008    EUR     4.42
Lehman Brothers Tr    7.55   12/29/2008    USD     4.42
Societe Generale S   17.60   11/17/2015    EUR    69.50
Credit Suisse AG/L    8.25   11/29/2024    USD     9.45
Lehman Brothers Tr    4.50     8/2/2009    USD     8.13
Glitnir HF            6.31    7/28/2011    USD    12.00
Glitnir HF            6.31    7/28/2011    USD    12.00
LBI HF                2.75    3/16/2011    EUR     3.28
Lehman Brothers Tr    3.70     6/6/2009    EUR     4.42
Lehman Brothers Tr    4.70    3/23/2016    EUR     4.42
Lehman Brothers Tr    8.00    4/20/2009    EUR     4.42
Lehman Brothers Tr    8.50     7/6/2009    CHF     8.13
Lehman Brothers Tr    5.10    6/22/2046    EUR     8.13
Lehman Brothers Tr    6.50    7/24/2026    EUR     4.42
Lehman Brothers Tr    2.00   11/16/2009    EUR     4.42
Uboat Line SA         6.00    4/24/2015    PLN     1.00
Societe Generale S    0.07     6/4/2015    USD    63.30
Commerzbank AG        3.00    12/3/2015    EUR    72.60
JP Morgan Structur    9.72    6/25/2015    USD    73.33
Bank Julius Baer &    7.90   11/20/2015    USD    69.10
UBS AG/London        11.50   11/26/2015    CHF    67.91
UBS AG/London        10.75   11/26/2015    CHF    67.82
HSBC Bank PLC         0.50    5/29/2020    IDR    64.95
Notenstein Privatb    8.20    5/27/2016    CHF    71.14
Credit Suisse AG/N   10.25    8/28/2015    USD    52.69
Leonteq Securities   15.20    12/2/2015    CHF    59.02
Leonteq Securities   20.00    12/8/2015    USD    59.60
Leonteq Securities   13.00     9/2/2015    CHF    64.54
Notenstein Privatb    9.10    8/29/2016    CHF    68.68
Notenstein Privatb    9.10    8/29/2016    CHF    63.65
Bank Julius Baer &    7.00    8/28/2015    USD    70.60
UBS AG/London         7.50    8/13/2015    CHF    46.26
Leonteq Securities   11.00    8/25/2015    USD    57.70
Notenstein Privatb   10.00     9/5/2016    CHF    64.06
UBS AG/London        13.75    8/27/2015    CHF    72.16
Credit Suisse AG/N    8.50    2/29/2016    USD    71.31
Leonteq Securities   12.00   12/15/2015    CHF    70.82
UBS AG/London        11.25    8/27/2015    CHF    48.07
Commerzbank AG       10.25    8/27/2015    EUR    74.31
HSBC Trinkaus & Bu    6.00   12/28/2015    EUR    66.76
HSBC Trinkaus & Bu   11.50    9/25/2015    EUR    71.62
Notenstein Privatb    7.20     9/3/2015    EUR    61.12
Leonteq Securities    9.50     9/8/2016    USD    60.80
Leonteq Securities    8.64     9/8/2016    CHF    61.38
Bank Julius Baer &   10.70    9/16/2015    CHF    74.05
HSBC Trinkaus & Bu    6.00   12/28/2015    EUR    40.88
HSBC Trinkaus & Bu    6.00   12/28/2015    EUR    50.17
HSBC Trinkaus & Bu    6.00   12/28/2015    EUR    56.97
Bank Julius Baer &    7.40     9/9/2015    CHF    47.40
HSBC Trinkaus & Bu    6.00    9/25/2015    EUR    74.83
UBS AG/London        19.25    9/25/2015    EUR    73.72
e-Kancelaria Grupa    9.00   12/23/2015    PLN     1.00
UBS AG/London         5.00     8/6/2015    USD    56.56
e-Kancelaria Grupa    9.00    12/4/2015    PLN     0.10
UBS AG/London        24.75    3/29/2016    EUR    72.16
HSBC Trinkaus & Bu    8.00    8/28/2015    EUR    74.09
UBS AG/London        18.00    6/26/2015    EUR    74.33
UBS AG/London        21.75    6/26/2015    EUR    71.18
UBS AG/London        23.50    6/24/2016    EUR    73.50
UBS AG/London        23.75    6/26/2015    EUR    69.79
UBS AG/London        17.75    9/25/2015    EUR    74.82
UBS AG/London        18.50   12/29/2015    EUR    74.90
HSBC Trinkaus & Bu    9.50    4/24/2015    EUR    67.41
HSBC Trinkaus & Bu    8.50    8/28/2015    EUR    69.81
UBS AG/London        22.25    6/24/2016    EUR    73.77
UBS AG/London        22.00    9/25/2015    EUR    71.66
Bank Julius Baer &   11.50    8/19/2015    CHF    74.20
Vontobel Financial   24.30    6/26/2015    EUR    68.07
Bank Julius Baer &    8.20    9/23/2015    CHF    50.30
Republika Srpska      1.50   12/24/2025    BAM    68.02
Leonteq Securities   11.00    12/4/2015    USD    61.52
UBS AG/London        11.75   11/12/2015    CHF    61.77
UBS AG/London        18.00   12/29/2015    EUR    74.06
UBS AG/London        16.25    6/26/2015    EUR    74.31
UBS AG/London        21.25    6/26/2015    EUR    70.11
UBS AG/London        23.50    6/26/2015    EUR    61.97
UBS AG/London        17.75    9/25/2015    EUR    73.77
UBS AG/London        10.25    9/25/2015    EUR    61.80
HSBC Bank PLC         0.50    7/30/2019    IDR    68.91
UBS AG/London        24.75    9/25/2015    EUR    74.80
e-Kancelaria Grupa    8.32   10/17/2016    PLN     1.00
UTair-Finans OOO     12.00    6/17/2016    RUB    30.30
UBS AG/London        13.75    6/26/2015    EUR    70.73
UBS AG/London         9.00    9/25/2015    EUR    67.23
Leonteq Securities    9.60   11/18/2015    CHF    70.01
UBS AG/London        18.50    6/26/2015    EUR    65.88
UBS AG/London        21.25    9/25/2015    EUR    70.92
UBS AG/London         9.00   12/29/2015    EUR    64.08
UBS AG/London        14.75    9/25/2015    EUR    65.57
Lehman Brothers Tr    4.50     3/6/2013    CHF     4.42
Lehman Brothers Tr    3.85    4/24/2009    USD     8.13
Lehman Brothers Tr    8.00    5/22/2009    USD     8.13
Lehman Brothers Tr    5.75    6/15/2009    CHF     8.13
Lehman Brothers Tr    7.50   10/24/2008    USD     8.13
Lehman Brothers Tr   10.00    3/27/2009    USD     4.42
Lehman Brothers Tr    5.00   10/24/2008    CHF     8.13
Lehman Brothers Tr    7.75    1/30/2009    EUR     8.13
Kaupthing Bank Hf     1.75     6/7/2016    EUR    13.75
Credit Suisse AG/N    8.00    3/16/2016    USD    73.53
Glitnir HF            6.84   12/15/2015    EUR     0.02
Lehman Brothers Tr    4.00    4/24/2009    USD     8.13
Lehman Brothers Tr    9.00    6/13/2009    USD     8.13
Lehman Brothers Tr    9.00    3/17/2009    GBP     8.13
Lehman Brothers Tr   10.50     8/9/2010    EUR     8.13
Lehman Brothers Tr    8.00     8/3/2009    USD     8.13
Lehman Brothers Tr    2.50   12/15/2011    GBP     8.13
Lehman Brothers Tr    4.00   11/24/2016    EUR     4.42
Kaupthing Bank Hf     4.50    1/17/2011    EUR    13.75
Lehman Brothers Tr    6.00    2/14/2012    EUR     8.13
Lehman Brothers Tr   15.00    3/30/2011    EUR     4.42
Lehman Brothers Tr    6.00    5/12/2017    EUR     4.42
LBI HF                4.34     3/1/2011    EUR     3.28
Lehman Brothers Tr    5.00    2/28/2032    EUR     4.42
Lehman Brothers Tr    5.00    4/24/2017    EUR     4.42
Kaupthing Bank Hf     4.53    4/24/2012    EUR    13.75
Kaupthing Bank Hf     4.47   10/27/2010    EUR    13.75
Totens Sparebank      2.98                 NOK    69.81
Kaupthing Bank Hf     0.95   10/20/2010    JPY    13.75
Comune di Orvieto     0.30   12/31/2031    EUR    66.73
Lehman Brothers Tr    4.95   10/25/2036    EUR     4.42
Lehman Brothers Tr    1.50   10/25/2011    EUR     4.42
Lehman Brothers Tr    4.50    7/24/2014    EUR     4.42
Comune di Erchie      0.31   12/31/2036    EUR    57.94
Lehman Brothers Tr    0.25   10/19/2012    CHF     4.42
Lehman Brothers Tr    1.68     3/5/2015    EUR     4.42
Lehman Brothers Tr    9.00    5/15/2022    USD     4.42
Lehman Brothers Tr    6.75     4/5/2012    EUR     4.42
LBI HF                4.28   11/19/2010    EUR     3.28
Comune di Marscian    0.33   12/31/2036    EUR    58.43
Province of Trevis    0.17   12/31/2034    EUR    61.28
Comune di Comezzan    0.34    6/30/2030    EUR    70.29
Lehman Brothers Tr   11.00   12/19/2011    USD     4.42
Comune di Lozio       0.44   12/31/2035    EUR    61.66
Comune di Cimbergo    0.39   12/31/2035    EUR    60.88
Comune di Orvieto     0.30   12/31/2030    EUR    68.60
Province of Teramo    0.27   12/30/2030    EUR    69.52
Leonteq Securities    9.07     5/3/2016    GBP    55.20
Lehman Brothers Tr    3.35   10/13/2016    EUR     4.42
Kaupthing Bank Hf     0.69    5/21/2011    JPY    13.75
Lehman Brothers Tr    6.00    5/23/2018    CZK     4.42
Lehman Brothers Tr    2.48    5/12/2009    USD     4.42
Lehman Brothers Tr    2.25    5/12/2009    USD     4.42
Lehman Brothers Tr    7.50    6/15/2017    USD     4.42
Leonteq Securities   12.40     2/3/2016    CHF    68.04
Bank Julius Baer &   14.20   10/28/2015    CHF    61.85
HSBC Trinkaus & Bu   13.50    7/24/2015    EUR    71.80
HSBC Trinkaus & Bu   11.60   10/23/2015    EUR    73.56
HSBC Trinkaus & Bu   23.50    6/26/2015    EUR    64.16
Bank Julius Baer &   13.70   11/11/2015    CHF    66.35
UBS AG/London        12.35    11/3/2015    CHF    62.90
Araratbank OJSC       8.50    6/14/2016    USD    25.47
Bank Julius Baer &    9.75   11/13/2015    USD    67.15
Bank Julius Baer &   10.20   11/13/2015    USD    72.00
Leonteq Securities    9.40   11/17/2015    CHF    70.58
UBS AG/London         6.50    11/5/2015    USD    72.27
Goldman Sachs & Co   14.00    5/20/2015    EUR    69.54
Goldman Sachs & Co   12.00    9/23/2015    EUR    73.39
Kaupthing Bank Hf     7.90     2/1/2016    EUR    13.75
LBI HF                4.34   12/22/2025    EUR     3.28
Lehman Brothers Tr    4.50     3/7/2015    EUR     4.42
Credit Suisse AG/L    9.50    5/11/2015    USD    59.17
BNP Paribas Emissi    9.00    6/25/2015    EUR    73.76
BNP Paribas Emissi   11.00    6/25/2015    EUR    70.38
Deutsche Bank AG      6.20    6/22/2015    EUR    74.70
Zurcher Kantonalba   14.00    7/29/2015    EUR    73.67
Commerzbank AG       11.75    4/23/2015    EUR    62.56
Glitnir HF            2.00    1/30/2009    CHF    12.00
Commerzbank AG        7.00    4/23/2015    EUR    71.80
BNP Paribas Emissi    8.00    6/25/2015    EUR    72.94
BNP Paribas Emissi   10.50    6/25/2015    EUR    67.04
Glitnir HF            4.50     1/9/2012    EUR    12.00
HSBC Trinkaus & Bu   16.00    6/26/2015    EUR    62.52
Commerzbank AG        9.50    4/23/2015    EUR    74.30
Commerzbank AG       11.50    4/23/2015    EUR    70.34
Commerzbank AG       13.50    4/23/2015    EUR    66.79
Commerzbank AG       20.00    4/23/2015    EUR    66.89
Commerzbank AG       23.75    4/23/2015    EUR    60.34
Commerzbank AG       27.25    4/23/2015    EUR    54.78
UniCredit Bank AG     4.30    6/24/2015    EUR    70.81
UniCredit Bank AG     5.00    6/24/2015    EUR    71.91
DZ Bank AG Deutsch   15.75    4/24/2015    EUR    46.06
DZ Bank AG Deutsch   10.75    4/24/2015    EUR    62.31
Commerzbank AG        5.75    4/23/2015    EUR    67.08
Commerzbank AG        8.00    4/23/2015    EUR    63.78
Commerzbank AG        9.25    4/23/2015    EUR    66.85
Bank Julius Baer &    8.50     5/7/2015    USD    72.55
Lehman Brothers Tr    7.50     8/1/2035    EUR     4.42
Glitnir HF            4.75   10/15/2010    USD    12.00
Credit Suisse AG/N    8.25     5/4/2015    USD    70.98
Province of Rovigo    0.42   12/28/2035    EUR    62.96
Deutsche Bank AG      7.20    6/22/2015    EUR    70.90
Deutsche Bank AG      6.20    6/22/2015    EUR    63.00
Deutsche Bank AG      5.20    6/22/2015    EUR    66.40
Deutsche Bank AG      7.20    6/22/2015    EUR    63.20
Deutsche Bank AG      5.20    6/22/2015    EUR    70.50
Deutsche Bank AG      6.20    6/22/2015    EUR    70.70
Deutsche Bank AG      7.20    6/22/2015    EUR    66.80
DZ Bank AG Deutsch    9.00    4/24/2015    EUR    67.51
Lehman Brothers Tr    3.63     3/2/2012    EUR     8.13
LBI HF                4.08    3/16/2015    EUR     3.28
LBI HF                1.68   12/22/2014    JPY     3.28
Comune di Marscian    0.50   12/30/2034    EUR    63.77
Province of Trevis    0.31   12/31/2034    EUR    62.79
LBI HF                2.14     2/3/2020    JPY     3.28
Lehman Brothers Tr    7.00     6/6/2017    EUR     4.42
Glitnir HF            5.35    5/11/2010    USD    12.00
Lehman Brothers Tr    0.75    3/29/2012    EUR     4.42
Deutsche Bank AG      5.20    9/22/2015    EUR    72.40
Deutsche Bank AG      7.20    9/22/2015    EUR    73.30
Deutsche Bank AG      6.20    9/22/2015    EUR    72.80
UniCredit Bank AG     5.00    6/25/2015    EUR    68.02
UniCredit Bank AG     6.50    6/25/2015    EUR    65.24
UniCredit Bank AG     6.25    6/25/2015    EUR    65.94
UniCredit Bank AG     4.75    6/25/2015    EUR    69.62
Glitnir HF            2.75    3/31/2010    EUR    12.00
DZ Bank AG Deutsch    8.25    6/26/2015    EUR    61.65
DZ Bank AG Deutsch    7.50    6/26/2015    EUR    71.34
DZ Bank AG Deutsch    9.00    6/26/2015    EUR    71.64
Lehman Brothers Tr    3.00    8/15/2017    EUR     4.42
Lehman Brothers Tr    3.50    9/19/2017    EUR     8.13
DZ Bank AG Deutsch    9.25    6/12/2015    EUR    72.56
Glitnir HF            0.01     5/6/2009    JPY    12.00
Commerzbank AG       10.25    4/23/2015    EUR    71.65
Muehl Product & Se    6.75    3/10/2005    DEM     1.70
Lehman Brothers Tr    7.00    7/11/2010    EUR     4.42
Glitnir HF            4.01     7/6/2009    HKD    12.00
Lehman Brothers Tr    5.00     8/1/2025    EUR     4.42
Lehman Brothers Tr    6.00    7/28/2010    EUR     8.13
Lehman Brothers Tr    6.00    7/28/2010    EUR     8.13
Glitnir HF            3.45    8/22/2010    CZK    12.00
Glitnir HF            0.01     8/3/2009    JPY    12.00
Bank Julius Baer &   12.25    4/24/2015    USD    58.10
LBI HF                3.36    8/17/2012    EUR     3.28
Glitnir HF            3.30    8/22/2012    EUR    12.00
LBBW                  5.00    6/26/2015    EUR    74.54
Credit Suisse AG/L    7.60   10/15/2015    CHF    67.29
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    57.87
HSBC Trinkaus & Bu   10.00    6/26/2015    EUR    66.57
Glitnir HF            3.00    10/4/2011    EUR    12.00
Glitnir HF            5.00    3/14/2012    EUR    12.00
Lehman Brothers Tr    3.50    9/29/2017    EUR     8.13
Lehman Brothers Tr    3.00     8/8/2017    EUR     4.42
UniCredit Bank AG     6.10    6/25/2015    EUR    66.68
UniCredit Bank AG     4.25    6/25/2015    EUR    71.26
Lehman Brothers Tr    5.00     9/1/2011    EUR     4.42
DZ Bank AG Deutsch   10.00    6/12/2015    EUR    72.68
Goldman Sachs & Co   16.00    5/20/2015    EUR    63.28
Lehman Brothers Tr    6.00    12/6/2016    USD     4.42
HSBC Trinkaus & Bu   13.50    6/26/2015    EUR    68.59
HSBC Trinkaus & Bu   11.00    6/26/2015    EUR    61.86
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    61.69
HSBC Trinkaus & Bu    7.00    9/25/2015    EUR    71.03
HSBC Trinkaus & Bu   11.50    6/26/2015    EUR    69.04
Glitnir HF            6.75    3/27/2013    EUR    12.00
Glitnir HF            3.00   10/31/2015    EUR    12.00
UBS AG/London        19.75    4/16/2015    CHF    65.75
Lehman Brothers Tr    4.15    8/25/2020    EUR     8.13
Lehman Brothers Tr    2.30    6/27/2013    USD     8.13
Lehman Brothers Tr    2.37    7/15/2013    USD     4.42
Vontobel Financial    4.00    6/12/2015    EUR    55.10
Notenstein Privatb    7.00    6/17/2015    CHF    71.64
Kaupthing Bank Hf     6.50    10/8/2010    ISK    13.75
Vontobel Financial    8.00    6/12/2015    EUR    51.30
Leonteq Securities    5.00    5/23/2016    CHF    63.20
Leonteq Securities    5.65    5/27/2015    CHF    65.99
Lehman Brothers Tr    5.22     3/1/2024    EUR     8.13
Lehman Brothers Tr    2.75   10/28/2009    EUR     4.42
LBI HF                3.45   12/18/2033    JPY     0.01
Lehman Brothers Tr    4.10    5/20/2009    USD     8.13
Lehman Brothers Tr    2.00    5/17/2010    EUR     8.13
LBBW                  5.25    8/28/2015    EUR    73.03
LBBW                  6.50    8/28/2015    EUR    68.52
Province of Trevis    0.40   12/31/2034    EUR    64.55
Lehman Brothers Tr    3.82   10/20/2009    USD     8.13
Glitnir HF            3.00   12/15/2009    EUR    12.00
Lehman Brothers Tr    3.00    6/23/2009    EUR     4.42
Lehman Brothers Tr    4.00    2/28/2010    EUR     8.13
Lehman Brothers Tr    5.00    12/6/2011    EUR     8.13
Commerzbank AG        9.00    4/23/2015    EUR    71.33
UniCredit Bank AG     5.00    6/24/2015    EUR    68.41
Vontobel Financial   11.20    5/15/2015    EUR    69.05
Vontobel Financial    5.80    6/12/2015    EUR    70.75
UniCredit Bank AG     4.75    6/24/2015    EUR    73.84
UniCredit Bank AG     6.00    6/24/2015    EUR    74.32
Bank Julius Baer &    8.00     5/7/2015    USD    66.35
Glitnir HF            4.85     4/6/2012    EUR    12.00
Kaupthing Bank Hf     5.40    3/22/2014    ISK     0.00
DZ Bank AG Deutsch    7.50    6/12/2015    EUR    72.69
Commerzbank AG       11.50    4/23/2015    EUR    61.12
DZ Bank AG Deutsch    7.75    6/26/2015    EUR    73.88
Lehman Brothers Tr    6.00    3/17/2011    EUR     4.42
UniCredit Bank AG     5.25    6/24/2015    EUR    67.66
UniCredit Bank AG     4.75    6/24/2015    EUR    69.20
UniCredit Bank AG     4.50    6/24/2015    EUR    69.98
UniCredit Bank AG     5.00    6/24/2015    EUR    72.49
Leonteq Securities   11.60    8/12/2015    USD    61.19
DZ Bank AG Deutsch    5.25    6/26/2015    EUR    73.00
DZ Bank AG Deutsch   16.00    6/26/2015    EUR    70.95
Vontobel Financial    7.75    6/26/2015    EUR    72.23
Raiffeisen Centrob    9.12    7/22/2015    EUR    74.71
Raiffeisen Centrob    8.24    1/20/2016    EUR    74.20
UniCredit Bank AG     6.00    6/24/2015    EUR    72.35
UniCredit Bank AG     6.50    6/24/2015    EUR    73.27
UniCredit Bank AG     5.50    6/24/2015    EUR    66.93
UniCredit Bank AG     5.25    6/24/2015    EUR    70.07
Societe Generale E    4.00    6/26/2017    EUR    52.61
Lehman Brothers Tr    2.40    6/20/2011    JPY     4.42
Lehman Brothers Tr    1.60    6/21/2010    JPY     4.42
Lehman Brothers Tr    4.87    10/8/2013    USD     8.13
LBI HF                5.44     9/3/2018    EUR     0.01
Lehman Brothers Tr    1.95    11/4/2013    EUR     8.13
Raiffeisen-Holding    2.99                 EUR    71.75
HSBC Trinkaus & Bu   15.00    6/26/2015    EUR    67.24
HSBC Trinkaus & Bu   10.50    6/26/2015    EUR    72.32
HSBC Trinkaus & Bu   10.00    4/24/2015    EUR    73.36
Goldman Sachs & Co    8.00    7/22/2015    EUR    74.15
Goldman Sachs & Co   10.00   12/23/2015    EUR    71.74
Vontobel Financial    6.05    9/25/2015    EUR    69.42
Goldman Sachs & Co   10.00    7/22/2015    EUR    70.94
Goldman Sachs & Co   12.00    7/22/2015    EUR    68.09
DZ Bank AG Deutsch    9.25    5/22/2015    EUR    60.91
DZ Bank AG Deutsch   15.25    5/22/2015    EUR    52.55
HSBC Bank PLC         0.50     2/5/2018    RUB    72.02
e-Kancelaria Grupa    9.91    7/11/2015    PLN     0.10
DZ Bank AG Deutsch    7.25    6/12/2015    EUR    71.02
DZ Bank AG Deutsch    8.00    9/11/2015    EUR    73.03
DZ Bank AG Deutsch    6.75    9/11/2015    EUR    72.51
UBS AG/London        13.25    5/20/2015    CHF    43.39
Bank Julius Baer &   11.50    5/21/2015    USD    52.00
Credit Suisse AG/L    8.00    5/29/2015    USD    59.06
UBS AG/London        11.00    5/13/2015    CHF    43.60
Vontobel Financial    8.85    5/22/2015    EUR    72.81
DZ Bank AG Deutsch    7.50    6/12/2015    EUR    72.35
DZ Bank AG Deutsch    7.25    9/11/2015    EUR    73.98
DZ Bank AG Deutsch    7.75    9/11/2015    EUR    74.18
Bank Julius Baer &   14.75    5/20/2015    CHF    65.60
Bank Julius Baer &    8.75    5/22/2015    USD    73.30
Vontobel Financial    7.50    6/26/2015    EUR    72.00
HSBC Trinkaus & Bu   12.00    6/26/2015    EUR    70.80
HSBC Trinkaus & Bu    7.50    6/26/2015    EUR    73.01
HSBC Trinkaus & Bu   10.50    4/24/2015    EUR    65.39
HSBC Trinkaus & Bu   10.00    4/24/2015    EUR    70.33
UniCredit Bank AG     4.00    9/24/2015    EUR    69.09
UniCredit Bank AG     4.00    9/24/2015    EUR    72.42
UniCredit Bank AG     4.00    9/24/2015    EUR    71.46
Barclays Bank PLC     1.64     6/3/2041    USD    74.62
DZ Bank AG Deutsch    8.40    6/12/2015    EUR    74.40
UniCredit Bank AG     5.00    7/23/2015    EUR    70.90
UniCredit Bank AG     4.50    7/23/2015    EUR    72.54
UniCredit Bank AG     4.00    7/23/2015    EUR    74.24
Commerzbank AG       10.50    5/21/2015    EUR    71.70
Vontobel Financial    7.50    6/26/2015    EUR    67.80
UniCredit Bank AG     5.50    7/23/2015    EUR    68.54
UBS AG/London         8.98    5/22/2015    CHF    70.45
UBS AG/London        12.53    5/22/2015    CHF    69.75
UBS AG/London        14.83    5/22/2015    CHF    71.15
UBS AG/London         6.50    5/22/2015    CHF    44.55
UBS AG/London        10.60    5/12/2015    USD    57.70
HSBC Trinkaus & Bu    6.50    4/24/2015    EUR    72.16
Lehman Brothers Tr    5.25   11/21/2009    USD     4.42
Commerzbank AG        2.00     2/3/2016    EUR    63.83
Municipality Finan    0.50     2/7/2018    BRL    73.77
Leonteq Securities    6.70     6/6/2016    USD    66.48
Vontobel Financial   10.45    9/11/2015    EUR    69.00
Vontobel Financial    8.65    9/11/2015    EUR    71.63
Vontobel Financial    4.95    9/11/2015    EUR    69.04
Vontobel Financial    7.80    9/11/2015    EUR    70.20
UBS AG/London        10.50     6/5/2015    CHF    59.03
Vontobel Financial    9.50    6/12/2015    EUR    69.64
Vontobel Financial    6.95    9/11/2015    EUR    74.64
Commerzbank AG        6.75    5/21/2015    EUR    74.17
Commerzbank AG        8.75    5/21/2015    EUR    70.49
Commerzbank AG       11.00    5/21/2015    EUR    67.23
Oesterreichische V    1.28    6/14/2016    EUR    74.38
DZ Bank AG Deutsch   10.50    5/22/2015    EUR    61.30
DZ Bank AG Deutsch   16.00    5/22/2015    EUR    52.63
DZ Bank AG Deutsch    7.25    6/26/2015    EUR    68.71
Bank Julius Baer &   15.25     6/4/2015    CHF    59.90
HSBC Trinkaus & Bu   10.50    4/24/2015    EUR    71.89
HSBC Trinkaus & Bu   15.00    6/26/2015    EUR    72.82
UBS AG/London         7.75    5/28/2015    CHF    43.65
DZ Bank AG Deutsch    7.50    9/11/2015    EUR    74.57
HSBC Trinkaus & Bu   12.00    6/26/2015    EUR    70.55
Commerzbank AG       11.50    5/21/2015    EUR    71.55
Oesterreichische V    1.33    6/14/2017    EUR    57.88
Vontobel Financial    8.80    6/26/2015    EUR    69.88
Credit Suisse AG/L    9.00   12/18/2015    USD    44.79
Bank Julius Baer &   11.25     6/3/2015    CHF    59.35
Bank Julius Baer &    9.10    5/22/2015    EUR    72.90
Municipality Finan    0.50    1/10/2018    BRL    74.36
Bank Julius Baer &    3.90   11/30/2015    CHF    70.05
HSBC Bank PLC         0.50    11/9/2018    IDR    73.25
Leonteq Securities    6.25   11/13/2015    CHF    57.03
Leonteq Securities    6.11     1/7/2016    EUR    69.65
Leonteq Securities    6.00     1/7/2016    EUR    34.95
UBS AG/London         5.50   10/29/2015    USD    73.02
HSBC Trinkaus & Bu   17.00   12/28/2015    EUR    71.14
Notenstein Finance   12.00    11/3/2015    USD    72.84
BNP Paribas SA        0.50   11/16/2032    MXN    35.96
Leonteq Securities    4.50     4/4/2016    EUR    47.25
Notenstein Privatb    3.00    9/22/2020    CHF    63.77
Leonteq Securities    7.00    1/22/2016    CHF    44.95
Klaebu Sparebank      2.72                 NOK    70.55
UBS AG               11.50    6/26/2015    EUR    70.02
Zurcher Kantonalba    3.69    1/25/2016    CHF    55.23
Leonteq Securities    3.10     3/1/2016    EUR    64.98
Leonteq Securities    5.25    2/26/2016    CHF    61.30
Leonteq Securities    3.90     3/1/2016    EUR    51.85
HSBC Bank PLC         0.50   12/20/2018    RUB    65.46
Leonteq Securities    5.60   11/20/2015    GBP    74.18
Leonteq Securities    7.60   11/20/2015    USD    36.91
BNP Paribas Emissi   15.00   12/24/2015    EUR    74.09
BNP Paribas Emissi   16.00   12/24/2015    EUR    72.24
Comune di Bossico     0.39   12/31/2035    EUR    60.88
Comune di Ponte Di    0.39   12/31/2035    EUR    60.88
Comune di Roe Volc    0.39   12/31/2035    EUR    60.88
Comune di Bovegno     0.39   12/31/2035    EUR    60.88
Kaupthing Bank Hf     4.90    5/29/2017    EUR    13.75
Lehman Brothers Tr    4.00    5/30/2010    USD     8.13
Lehman Brothers Tr    4.00    5/17/2010    USD     4.42
Kaupthing Bank Hf     5.00     1/4/2027    SKK    13.75
Lehman Brothers Tr    4.10    2/19/2010    EUR     4.42
Lehman Brothers Tr    6.60    2/22/2012    EUR     8.13
Lehman Brothers Tr    3.50   10/31/2011    USD     4.42
Glitnir HF            3.50   10/30/2012    EUR    12.00
HSBC Trinkaus & Bu    6.50    9/25/2015    EUR    74.70
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    53.03
HSBC Trinkaus & Bu   11.00    6/26/2015    EUR    57.62
HSBC Trinkaus & Bu    8.00    6/26/2015    EUR    63.40
HSBC Trinkaus & Bu    6.50    6/26/2015    EUR    68.04
DZ Bank AG Deutsch    6.75    4/17/2015    EUR    71.36
Bank Julius Baer &   11.50    4/17/2015    EUR    74.80
DZ Bank AG Deutsch    7.25    8/14/2015    EUR    72.14
DZ Bank AG Deutsch    8.25    6/26/2015    EUR    73.98
DZ Bank AG Deutsch    9.00    6/26/2015    EUR    73.00
DZ Bank AG Deutsch    7.00    9/25/2015    EUR    74.27
Bank Julius Baer &    9.40    5/27/2015    CHF    69.45
DZ Bank AG Deutsch    8.50    5/22/2015    EUR    70.74
DZ Bank AG Deutsch    5.50    5/22/2015    EUR    67.84
DZ Bank AG Deutsch    7.00    5/22/2015    EUR    73.45
DZ Bank AG Deutsch   10.25    5/22/2015    EUR    66.27
DZ Bank AG Deutsch   16.00    5/22/2015    EUR    57.94
BNP Paribas Emissi    6.00    6/25/2015    EUR    69.20
Zurcher Kantonalba    8.00     6/4/2015    CHF    49.61
UniCredit Bank AG     5.50    7/23/2015    EUR    71.46
UniCredit Bank AG     5.20    7/23/2015    EUR    73.29
UniCredit Bank AG     6.00    7/23/2015    EUR    72.83
Vontobel Financial    9.20    9/25/2015    EUR    68.86
Vontobel Financial    5.90    9/25/2015    EUR    74.43
Vontobel Financial    6.40    6/26/2015    EUR    73.17
DZ Bank AG Deutsch    7.75    6/12/2015    EUR    67.65
DZ Bank AG Deutsch    6.50    6/12/2015    EUR    67.53
HSBC Trinkaus & Bu    7.00    4/24/2015    EUR    68.39
HSBC Trinkaus & Bu   15.00    6/26/2015    EUR    70.33
HSBC Trinkaus & Bu    9.50    4/24/2015    EUR    64.72
Deutsche Bank AG      5.20    8/26/2015    EUR    73.90
Deutsche Bank AG      6.20    7/22/2015    EUR    73.80
Deutsche Bank AG      5.20    7/22/2015    EUR    73.50
Deutsche Bank AG      6.20    8/26/2015    EUR    74.30
HSBC Trinkaus & Bu   10.00    4/24/2015    EUR    68.47
UBS AG               14.25    6/26/2015    EUR    64.35
DZ Bank AG Deutsch    3.60    8/21/2015    EUR    58.44
Banque Cantonale V    4.25    8/28/2015    CHF    52.33
Deutsche Bank AG      6.20    6/22/2015    EUR    66.60
Deutsche Bank AG      5.20    6/22/2015    EUR    62.80
Lehman Brothers Tr   10.00     1/4/2010    USD     4.42
Zurcher Kantonalba   12.00    7/23/2015    CHF    51.02
Leonteq Securities   13.00    8/25/2015    CHF    57.24
DZ Bank AG Deutsch   15.75    9/25/2015    EUR    67.88
HSBC Trinkaus & Bu    9.00    6/26/2015    EUR    71.47
HSBC Trinkaus & Bu    8.00    6/26/2015    EUR    71.27
HSBC Trinkaus & Bu    8.40    9/25/2015    EUR    72.64
HSBC Trinkaus & Bu    7.80    9/25/2015    EUR    72.38
HSBC Trinkaus & Bu    7.10    9/25/2015    EUR    72.06
HSBC Trinkaus & Bu    7.90   12/28/2015    EUR    73.44
HSBC Trinkaus & Bu    7.50   12/28/2015    EUR    73.16
HSBC Trinkaus & Bu    7.00   12/28/2015    EUR    72.80
HSBC Trinkaus & Bu    5.90   12/28/2015    EUR    72.03
UBS AG               15.50   12/29/2015    EUR    74.19
UBS AG               16.00    9/25/2015    EUR    66.62
UBS AG               22.75   12/29/2015    EUR    58.33
UBS AG               13.75    9/25/2015    EUR    70.82
UBS AG               15.00    6/26/2015    EUR    67.82
UBS AG               23.75    9/25/2015    EUR    55.37
UBS AG               24.50    9/25/2015    EUR    61.51
UBS AG               17.25    9/25/2015    EUR    70.89
BNP Paribas SA        0.50    2/13/2024    NZD    67.58
Leonteq Securities   13.00     6/5/2015    CHF    67.84
Credit Suisse AG/L   15.50     5/4/2016    USD    58.45
UBS AG/London        12.88   10/23/2015    CHF    64.55
DZ Bank AG Deutsch    8.50    5/22/2015    EUR    68.75
Notenstein Finance    7.00   10/23/2015    USD    62.42
HSBC Bank PLC         0.50     3/1/2018    RUB    71.39
UBS AG                0.50    4/27/2015    CHF    70.35
Provincia di Ancon    0.31    6/30/2028    EUR    74.51
Leonteq Securities   20.00    2/23/2016    USD    61.43
Societe Generale S    0.50     4/3/2023    RUB    41.82
Societe Generale E    2.50    10/7/2016    EUR    59.37
Oesterreichische V    2.75    8/24/2016    EUR    72.38
Oesterreichische V    2.75    8/26/2016    EUR    72.25
Oesterreichische V    3.00    7/26/2016    EUR    74.00
Barclays Bank PLC     3.50    12/7/2015    EUR    68.52
EFG International     6.00   11/30/2017    EUR    57.16
Barclays Bank PLC     2.50     3/7/2017    EUR    56.08
Raiffeisen Centrob    2.80   11/14/2016    EUR    63.63
EFG International    12.86   10/30/2017    EUR    74.63
Lehman Brothers Tr    6.00    6/21/2011    EUR     4.42
Lehman Brothers Tr    2.00    6/21/2011    EUR     4.42


                            *********

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

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

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


                            *********


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

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

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

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

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

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


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