TCREUR_Public/150622.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, June 22, 2015, Vol. 16, No. 121

                            Headlines

G E R M A N Y

HETA ASSET: KLH Taps Lazard to Advise on Guarantee Restructuring
STABILUS: Fitch Affirms Then Withdraws B+ Issuer Default Rating


G R E E C E

GREECE: Mulls New Fiscal Proposals to Meet Creditors' Targets


I R E L A N D

AZZURRO RE I: Fitch Assigns 'BB+sf' Rating to Class A Notes
IRISH PRIDE: Hovis Owner Buys Debt, Replaces Receivers
OAK HILL III: Moody's Assigns 'B2(sf)' Rating to Class F Notes
OAK HILL III: Fitch Assigns 'Bsf' Rating to Class F Notes


N E T H E R L A N D S

HIGHLANDER EURO: Moody's Hikes 2022 Notes Rating to 'Ba3(sf)'


R O M A N I A

DAFORA MEDIAS: Court Approves Insolvency Request
JOLIDON: Enters Insolvency at Creditor's Request


R U S S I A

BANK OTKRITIE: S&P Maintains 'BB-' Rating on CreditWatch Neg.
LENSPETSSMU CJSC: S&P Affirms 'B+' CCR, Outlook Negative
MECHEL OAO: Agrees to VTB Debt Restructuring Terms
RUSSIAN BANKS: Moody's Assigns CR Assessments to 23 Institutions


S L O V E N I A

TELEKOM SLOVENIJE: Moody's Puts Ba2 CFR on Review for Downgrade


S P A I N

FONCAIXA FTGENCAT 6: S&P Affirms 'D' Rating on Class D Notes
SPANISH BANKS: Moody's Concludes Reviews on 20 Institutions


S W E D E N

DOMETIC GROUP: S&P Raises CCR to 'B', Outlook Stable


S W I T Z E R L A N D

SK SPICE HOLDING: S&P Assigns Prelim. 'B' CCR, Outlook Stable


U K R A I N E

UKRAINE: Gives Creditors Few Weeks to Accept Debt Writedown


U N I T E D   K I N G D O M

LM U.S.: Moody's Affirms 'B3' Corporate Family Rating
MINT 2015: S&P Assigns 'BB+' Ratings to Two Note Classes
SKIPTON BUILDING: Moody's Lifts Pref. Stock Rating to Ba2(hyb)


X X X X X X X X

* BOND PRICING: For the Week June 15, 2015 to June 19, 2015


                            *********


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G E R M A N Y
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HETA ASSET: KLH Taps Lazard to Advise on Guarantee Restructuring
----------------------------------------------------------------
Boris Groendahl and Alexander Weber at Bloomberg News report that
Lazard Ltd. will advise Kaerntner Landesholding, Carinthia's
state asset agency, as it faces having to meet as much as EUR13.6
billion (US$15 billion) in debt guarantees it provided for failed
Austrian lender Heta.

According to Bloomberg, KLH, which had guaranteed the failed
lender's debt, on June 19 received court permission to start a
reorganization, a procedure that gives companies time to
reorganize and avoid insolvency, Bloomberg says, citing filings
from the state agency's lawyers.

Austria was forced to nationalize former Carinthian state bank
Hypo Alpe-Adria-Bank International AG in 2009 and created a bad
bank, Heta Asset Resolution AG, to house its most toxic loans,
Bloomberg recounts.  The government halted further support in
March, and regulators imposed a debt moratorium, Bloomberg
relates.  Heta last week said it had a EUR7 billion capital
shortfall and will have to share losses with creditors or face
insolvency, Bloomberg relays.

"The reorganization plan will have to determine, together with
the individuals concerned, whether, and in which amount, an
appropriate compensation for the potential guarantee claims can
be made," Bloomberg quotes KLH as saying in its filing.

KLH asked Heta creditors to register their claims to determine
its potential liabilities and which part of them it will be able
to repay, Bloomberg discloses.

Heta Assset Resolution AG is a wind-down company owned by the
Republic of Austria.  Its statutory task is to dispose of the
non-performing portion of Hypo Alpe Adria, nationalized in 2009,
as effectively as possible while preserving value.


STABILUS: Fitch Affirms Then Withdraws B+ Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Germany-based auto group Stabilus'
Long-term Issuer Default Rating at 'B+' with Stable Outlook and
subsequently withdrawn the rating.  Fitch has also withdrawn the
rating for the EUR256.1 million senior secured notes issued by
Servus Luxembourg Holding S.C.A.

Fitch is withdrawing Stabilus' ratings following the early full
redemption of the notes on June 16.

KEY RATING DRIVERS

The IDR reflects Stabilus' exposure to volatile markets and the
competitive threats it faces as well as an improving business
profile and rapid growth and solid profitability.

RATING SENSITIVITIES

Not applicable



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


GREECE: Mulls New Fiscal Proposals to Meet Creditors' Targets
-------------------------------------------------------------
Marcus Walker and Nektaria Stamouli at The Wall Street Journal
report that Greece's government is considering new fiscal
proposals to avoid a collision with its creditors today,
June 22, in what could be a last-ditch effort to avert capital
controls and a debt default.

According to The Journal, two Athens officials said government
members are putting together a plan they hope would achieve
budget targets that bailout creditors want, while relying more on
eliminating tax breaks and less on pension cuts than the lenders'
own proposal.

The Greek cabinet was due to discuss the proposal on June 21, The
Journal notes.  It isn't clear whether the cabinet under Prime
Minister Alexis Tsipras will endorse the plan, which was being
prepared on the weekend by Deputy Prime Minister Yannis
Dragasakis and others who are considered among the more pragmatic
members of the leftist Syriza-led government, The Journal says.

Greece is under heavy pressure to convince its creditors it can
hit ambitious fiscal targets ahead of scheduled meetings on
today, June 22, of eurozone finance ministers and, later in the
day, of eurozone heads of government, The Journal states.

European leaders have said today's high-level meetings won't
reach any agreements unless Greece first presents convincing
policy measures to inspectors from the International Monetary
Fund, the European Commission and the European Central Bank,
which oversee Greece's bailout program, The Journal notes.

Finding measures to reach the fiscal targets creditors want has
become crucial for unlocking fresh bailout financing for Greece,
without which the country would have to default on its debts in
coming weeks, including on loan repayments to the IMF on June 30
and on bonds held by the ECB in July and August, The Journal
discloses.

According to The Journal, European officials said failure to
agree today, June 22, could quickly lead to capital controls in
Greece.



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I R E L A N D
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AZZURRO RE I: Fitch Assigns 'BB+sf' Rating to Class A Notes
-----------------------------------------------------------
Fitch Ratings has assigned a rating to the principal at-risk
variable-rate notes issued by Azzurro Re I Ltd., an Irish private
limited company authorized as a special purpose reinsurance
vehicle:

   -- EUR200,000,000 class A notes with expected maturity
      Jan. 16, 2019; 'BB+sf'; Outlook Stable.

The notes provide reinsurance protection for UnipolSai
Assicurazioni S.p.A. and other group subsidiaries (UnipolSai;
unrated by Fitch).  The notes are exposed to Earthquake peril and
ensuing perils such as, but not limited to, sprinkler leakage,
fire, groundshaking, volcanic disturbance or eruption (including
ashfall), and tsunami and flooding due to dam or levy ruptures.
The covered area is predominantly located in Italy (99.8%);
however, it is possible if the epicentre is located outside Italy
to be considered a covered event if risks in the covered area are
damaged.  The trigger is a per occurrence event based on ultimate
net losses.  The risk interest spread is 2.15% per annum.

UnipolSai provides earthquake coverage as add-on coverage to
existing property insurance policies (not on a stand-alone
basis). The total indemnity limit (TIL) in Italy is Eur69.6
billion with industrial-type coverage representing 41.8%, and
residential/civil 22%).  Contingent business interruption
coverage is less than 1% of the TIL.  Approximately two-thirds of
the TIL is located in the northern regions of Italy: Lombardia
(capital is Milan, TIL is 31.6%), Emilia-Romagna (Bologna,
13.7%), Veneto (Venice, 11.2%) and Piemonte (Turin, 10.1%).

The 2015-1 notes are exposed to principal loss if ultimate net
losses from a covered event exceed EUR500 million and is totally
exhausted if they exceed EUR700 million.  In the calculation of
the ultimate net loss, there is a growth limitation factor which
is the lesser of 1.0 and the ratio of the growth allowance factor
(1.10) and the actual growth factor.  The initial loss adjustment
expense factor is 1.08 but may be changed at each rate reset date
to range between 1.06 and 1.10.

On a historical basis, it does not appear that a recurrence of a
past earthquake event based on the modelled subject business
would have caused any partial (or full) principal loss.  It is
estimated that the Irpinia event in 1980 with an epicentre in
Campania (magnitude 6.9) would have caused modeled insured
industry losses in Italy of Eur5.3 billion but only Eur291
million of ultimate net losses to the notes.  Three other events,
all in central Italy (Avezzano, magnitude 7.0; Friuli, 6.4; and
Messina-Reggio, 7.1), may have caused over Eur1 billion in
industry losses, but the modelled ultimate net loss was estimated
at Eur194 million, Eur163 million and Eur45 million,
respectively.

For frequency and severity, Fitch reviewed the 2011 version of
the Parametric Catalogue of Italian Earthquakes (A. Rovida, R.
Camassi, P. and M. Gasperini Stucchi (eds), 2011; CPTI11).  This
catalogue contains 3,182 recorded earthquakes from the year 1000
to 2006.  Since 1900, 1,838 events have occurred (or about 17 per
year), of which, 75% had a Moment Magnitude Scale less than 5.0,
which usually causes minimal losses.  Approximately, 1.5% had a
measurement above 7.0.  This measurement replaced the more
commonly known Richter Scale in the 1970s.

The risk period is around 3.5 years and ends on Dec. 31, 2018.
The notes may be extended in quarterly increments for another 36
months if certain qualifying events occur, or at the discretion
of UnipolSai; thus the final extended redemption date is Jan. 18,
2022.  However, the notes are not exposed to any further
catastrophe events during this extension period.  The notes may
be redeemed at any time under seven defined early redemption
events which include regulatory or tax law changes or may be
redeemed by UnipolSai during the extension period.  The repayment
of the notes to the noteholders occurs subsequent to any
qualified payments to UnipolSai for covered events.  Noteholders
have no recourse to UnipolSai.

UnipolSai has established and owns a premium deposit account,
which will be used to pre-fund two quarters of premium payments.
One of the purposes of the premium deposit account is to support
timely interest payments to noteholders should UnipolSai fail to
continue to make premium payments.  As such, UnipolSai has
assigned its rights, title, benefit and interests to Azzurro Re.
If UnipolSai fails to maintain two quarters of premium payments,
the indenture calls for an early redemption of the notes whereby
noteholders will be paid full principal and accrued interest on a
timely basis.

Given its ownership status, the premium deposit account may be
subject to a stay period in the event of UnipolSai's insolvency.
This could prevent noteholders from receiving timely payment of
interest, as intended.  Fitch does not rate UnipolSai, but has
reviewed certain publicly available information, including the
ratings of other rating agencies, and believes UnipolSai's credit
quality is supportive of the rating of the transaction.

KEY RATING DRIVERS

The rating is based on the evaluation of the natural catastrophe
risk, the counterparty risk of UnipolSai, the credit risk of the
collateral assets and the structural soundness of the
transaction. The natural catastrophe risk represents the weakest
link and currently drives the rating of the class A notes.

The rating analysis in support of the evaluation of the natural
catastrophe risk is highly model-driven.  As with any model of
complex physical systems, particularly those with low frequencies
of occurrence and potentially high severity outcomes, the actual
losses from catastrophic events may differ from the results of
simulation analyses, which may or may not be detrimental to
noteholders.  Fitch is neutral to any of the major catastrophe
modeling firms that is selected by the issuer to provide this
analysis, and did not include any explicit margins or qualitative
haircuts to the probability of loss metric.

AIR Worldwide Corporation (AIR) provided the risk analysis using
their proprietary software and risk models implemented in
Touchstone 2.0.2 and Catrader 16.0 which includes version 3.0 of
their Earthquake Model for the Pan-European region.  This
earthquake model was last updated in 2011 and currently there are
no expected updates for the next three years.  These models will
be escrowed and used by AIR in determining any future annual
reset.

Based on 10,000 simulations, the annual one-year attachment
probability for the class A notes was 0.40%.  This indicates an
implied rating of 'BB+' using Fitch's ILS Calibration Matrix with
a one-year time-to-risk maturity assumption.  The annualized that
modeled expected loss was 0.31%.  Results from other third-party
modeling firms or UnipolSai that were provided did not indicate
different levels of attachment probability.

AIR estimates 85% of the modeled expected loss was attributed to
the four northern regions mentioned above.  Since earthquake
magnitudes in excess of 7.0 are rare, measurements reading
between 6.00 and 6.49 and then between 6.50 and 6.99 contributed
36.0% and 56.5% (92.5% total) respectively, of the modeled
expected loss.

The AIR risk analysis used a time-independent assumption that
estimates long-term probabilities of occurrence, irrespective of
when previous earthquakes occurred.  The last earthquake with a
magnitude in excess of 7.0 occurred in 1915 (Avezzano).  The
modelling included the effects of business interruption and the
initial loss adjustment expense factor.  Unmodeled risks included
volcanic eruption, tsunami, sprinkler leakage, fire, flood
following the event, demand surge, landslide and liquefaction.  A
small portion of the subject business was not modelled.  Fitch
did not make any estimation of these risks.

As an indemnity bond, the determination of the Ultimate Net Loss
"follows the fortunes" of the UnipolSai Group in regards to
underwriting of new business, claim loss management and reserve
practices.  UnipolSai is the largest non-life insurer in Italy
with earned premiums in excess of 16 billion euro in 2014 and
shareholder's equity of 6.3 billion euro at Dec. 31, 2014.  Over
95% of policy distribution is through a preferred distribution
channel where the majority of the agencies are tied and work
exclusively with UnipolSai.  The Settlement Claims Direction
Office is responsible for the settlement of losses related to
earthquakes.  Towers Watson (Bermuda) Ltd has been appointed as
the Claims Reviewer and the Loss Reserve Specialist for the
Issuer.

Proceeds from this issuance will be held in a collateral account
for the benefit of UnipolSai and will be invested in European
Bank for Reconstruction and Development notes (EBRD; Fitch Issuer
Default rating of 'AAA').  These notes will yield Euribor less 38
basis points (but not less than 0%).  They also contain a put
feature designed to eliminate market risk to investors.  Under
certain circumstances, these notes may be replaced by high-
quality money market funds which may be rated at least "AAmmf" by
Fitch. If that were to occur, noteholders may have exposure to
market value risk if the net asset value of a money market fund
falls below $1.00, and the yield volatility of that particular
fund. Finally, certain actions may be required if the collateral
account is invested in money market funds and it is determined
that gross proceeds from the disposition or redemption of the
money market funds will become subject to withholding tax.  A
downgrade of a permitted investment will not necessarily lead to
a replacement of that investment.  Finally, certain actions may
be required if the collateral account is invested in money market
funds and FATCA is deemed to apply in late 2016.

RATING SENSITIVITIES

This rating is sensitive to the occurrence of a qualifying
event(s), the counterparty risk of UnipolSai and the rating on,
and performance of, the assets held in the collateral account.

If qualifying covered events occur that cause ultimate net losses
to exceed the attachment amount, Fitch will downgrade the notes
reflecting an effective loss of principal and impairment of the
notes, and issue a Recovery Rating.

In the case of a reset election, UnipolSai may select an updated
attachment level such that the updated modeled expected loss
falls in the range of 0.31% and 0.36%.  Fitch believes the
corresponding attachment probability will likely stay at the
implied rating of 'BB+' though there could be a one-notch upgrade
or downgrade under possible outcomes.

The rating on the notes is contingent on UnipolSai maintaining
the proper pre-funded amounts in the premium deposit account, and
if this does not occur, the rating is contingent on the
transaction being successfully unwound with principal and accrued
interest paid in full.  Failure of UnipolSai to maintain pre-
funding amounts, concurrent with a failure in the timely
unwinding of the transaction, which could potentially occur if
UnipolSai entered into insolvency proceedings, could cause an
impairment of the notes.

To a lesser extent, the notes may be downgraded if the EBRD notes
should suffer a serious downgrade, the terms of the notes are
altered, or the assets held in the collateral account perform
significantly worse than expectations for high-quality, short-
term investments.

The escrow model may not reflect future methodology enhancements
by AIR which may have an adverse or beneficial effect on the
implied rating of the notes were such future methodology
considered.

The final rating is contingent upon receipt of signed legal
documents pertinent to this transaction that do not materially
change what has currently been reviewed.  Any changes could lead
Fitch to an alternative rating or inability to rate the note.


IRISH PRIDE: Hovis Owner Buys Debt, Replaces Receivers
------------------------------------------------------
Donal O'Donovan at Irish Independent reports that the owner of
Britain's Hovis looks to be in the driving seat at Irish Pride
after buying the company's debt and replacing receivers.

The move will prompt speculation that Britain's third biggest
bread producer is poised to snap up Irish Pride, potentially
saving up to 340 jobs, Irish Independent says.

However, sources insisted that a full and open auction process is
still underway, with a number of initial bids for Irish Pride
submitted and that no deal to buy the business has been agreed,
Irish Independent notes.

Kieran Wallace of KPMG has now been appointed as receiver by
California-based private equity firm Gores Group, after the US
investor bought loans secured on the Irish Pride business from
original lender Close Brothers in recent days, Irish Independent
relates.

Mr. Wallace replaces receivers Declan Taite --
declan.taite@duffandphelps.com -- and Pearse Farrell --
pearse.farrell@duffandphelps.com -- of Duff & Phelps who were
recently appointed by original lender Close Brothers, Irish
Independent discloses.

Duff & Phelps placed advertisements seeking bids for the business
in weekend newspapers, Irish Independent relays.  Those bids were
due in on June 15 and are now being handled by KPMG, it is
understood, Irish Independent states.

The receivership raised fears for 340 jobs, mainly in Mayo and
Wexford, but staff have been told the business will trade as
normal while efforts are made to sell it as a going concern,
according to Irish Independent.

Irish Pride is the country's second biggest bakery business, with
sales of around EUR50 million a year.


OAK HILL III: Moody's Assigns 'B2(sf)' Rating to Class F Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Oak Hill European
Credit Partners III Designated Activity Company ( the "Issuer" or
Oak Hill European Credit Partners III D.A.C.):

-- EUR201,100,000 Class A-1 Senior Secured Floating Rate Notes
    due 2028, Definitive Rating Assigned Aaa (sf)

-- EUR5,300,000 Class A-2 Senior Secured Fixed Rate Notes due
    2028, Definitive Rating Assigned Aaa (sf)

-- EUR31,600,000 Class A-3 Senior Secured Fixed/Floating Rate
    Notes due 2028, Definitive Rating Assigned Aaa (sf)

-- EUR31,800,000 Class B-1 Senior Secured Floating Rate Notes
    due 2028, Definitive Rating Assigned Aa2 (sf)

-- EUR12,700,000 Class B-2 Senior Secured Fixed Rate Notes due
    2028, Definitive Rating Assigned Aa2 (sf)

-- EUR23,500,000 Class C Senior Secured Deferrable Floating Rate
    Notes due 2028, Definitive Rating Assigned A2 (sf)

-- EUR20,500,000 Class D Senior Secured Deferrable Floating Rate
    Notes due 2028, Definitive Rating Assigned Baa2 (sf)

-- EUR30,500,000 Class E Senior Secured Deferrable Floating Rate
    Notes due 2028, Definitive Rating Assigned Ba2 (sf)

-- EUR11,700,000 Class F Senior Secured Deferrable Floating Rate
    Notes due 2028, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

Moody's rating of the rated notes addresses the expected loss
posed to noteholders by legal final maturity of the notes in
2028. The 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, Oak Hill Advisors (Europe),
LLP, has sufficient experience and operational capacity and is
capable of managing this CLO.

Oak Hill European Credit Partners III D.A.C. is a managed cash
flow CLO. At least 90% of the portfolio must consist of senior
secured obligations and up to 10% of the portfolio may consist of
senior unsecured obligations, second-lien loans, mezzanine
obligations and high yield bonds. The portfolio is expected to be
60% ramped up as of the closing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe. The remainder of the portfolio will be acquired during
the six month ramp-up period in compliance with the portfolio
guidelines.

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

In addition to the nine classes of notes rated by Moody's, the
Issuer will issue EUR48,000,000 of subordinated notes which will
not be rated.

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.

Loss and Cash Flow Analysis:

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

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

Par Amount: EUR400,000,000

Diversity Score: 35

Weighted Average Rating Factor (WARF): 2750

Weighted Average Spread (WAS): 4.10%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 40.00%

Weighted Average Life (WAL): 8 years.

Stress Scenarios:

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

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

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes: 0

Class A-2 Senior Secured Fixed Rate Notes: 0

Class A-3 Senior Secured Fixed/Floating 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: -1

Percentage Change in WARF: WARF +30% (to 3575 from 2750)

Class A-1 Senior Secured Floating Rate Notes: -1

Class A-2 Senior Secured Fixed Rate Notes: -1

Class A-3 Senior Secured Fixed/Floating 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: -4

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: -3

Further details regarding Moody's analysis of this transaction
may be found in the upcoming new issue report, available soon on
Moodys.com.

Methodology Underlying the Rating Action:

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

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

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


OAK HILL III: Fitch Assigns 'Bsf' Rating to Class F Notes
---------------------------------------------------------
Fitch Assigns Oak Hill European Credit Partners III Final Ratings
Fitch Ratings-London-18 June 2015

Fitch Ratings has assigned Oak Hill European Credit Partners III
Designated Activity Company notes final ratings, as:

   -- EUR201.1 mil. Class A-1: 'AAAsf'; Outlook Stable;
   -- EUR5.3 mil. Class A-2: 'AAAsf'; Outlook Stable;
   -- EUR31.6 mil. Class A-3: 'AAAsf'; Outlook Stable;
   -- EUR31.8m Class B-1: 'AA+sf'; Outlook Stable;
   -- EUR12.7mClass B-2: 'AA+sf'; Outlook Stable;
   -- EUR23.5m Class C: 'A+sf'; Outlook Stable;
   -- EUR20.5m Class D: 'BBB+sf'; Outlook Stable;
   -- EUR30.5m Class E: 'BBsf'; Outlook Stable;
   -- EUR11.7m Class F: 'Bsf'; Outlook Stable; and
   -- EUR48.0m subordinated notes: not rated

Oak Hill European Credit Partners III Designated Activity Company
is a cash flow collateralized loan obligation (CLO).

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality

Fitch expects the average credit quality of obligors to be in the
'B' category.  Fitch has credit opinions or public ratings on all
obligors in the identified portfolio.  The weighted average
rating factor of the identified portfolio is 32.9.

High Recovery Expectation

At least 90% of the portfolio will comprise senior secured
obligations.  Fitch views the recovery prospects for these assets
as more favorable than for second-lien, unsecured and mezzanine
assets.  Fitch has assigned Recovery Ratings to all of the assets
in the identified portfolio.  The weighted average recovery rate
of the identified portfolio is 73.8%.

Unhedged Non-euro Assets Exposure

The transaction is allowed to invest up to 25% of the portfolio
in hedged non-euro-denominated assets.  Unhedged non-euro assets
are limited to a maximum exposure of 2.5% of the portfolio
subject to principal haircuts.  The manager can only invest in
unhedged assets if, after the applicable haircuts, the aggregate
balance of the assets is above the reinvestment target par
balance.

Partial Interest Rate Hedge

Up to 10% of the portfolio can be invested in fixed-rate assets,
while fixed-rate liabilities accounted for 11.9% at closing.
Five years after closing, the class A-3 notes will start paying a
floating rate of interest, reducing the share of fixed-rate
liabilities to 4.5% of target par.  The transaction is thus
partially hedged against rising interest rates.

TRANSACTION SUMMARY

Net proceeds from the notes are being used to purchase a
EUR400 mil. portfolio of European leveraged loans and bonds.  The
portfolio is managed by Oak Hill Advisors (Europe), LLP.  The
transaction has a four-year re-investment period 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 four notches for the rated notes.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation
to this rating action.

DATA ADEQUACY

The majority of the underlying assets have ratings or credit
opinions from Fitch and/or other Nationally Recognised
Statistical Rating Organisations 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.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.



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


HIGHLANDER EURO: Moody's Hikes 2022 Notes Rating to 'Ba3(sf)'
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of the
following notes issued by Highlander Euro CDO B.V.:

-- EUR41.25 million Class C Primary Senior Secured Deferrable
    Floating Rate Notes due 2022, Upgraded to A3 (sf); previously
    on Oct 31, 2014 Upgraded to Baa2 (sf)

-- EUR25 million Class D Primary Senior Secured Deferrable
    Floating Rate Notes due 2022, Upgraded to Ba3 (sf);
    previously on Oct 31, 2014 Upgraded to B1 (sf)

Moody's also affirmed EUR98.14m notes:

-- EUR48.75 million (current outstanding balance of EUR34.95
    million) Class A-2 Primary Senior Secured Floating Rate Notes
    due 2022, Affirmed Aaa (sf); previously on Oct 31, 2014
    Affirmed Aaa (sf)

-- EUR45 million Class B Primary Senior Secured Floating Rate
    Notes due 2022, Affirmed Aaa (sf); previously on Oct 31, 2014
    Upgraded to Aaa (sf)

-- EUR13.75 million (current outstanding balance of EUR18.19M)
    Class E Secondary Senior Secured Deferrable Floating Rate
    Notes due 2022, Affirmed Ca (sf); previously on Oct 31, 2014
    Affirmed Ca (sf)

Highlander Euro CDO B.V., issued in August 2006, is a
collateralized loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by CELF Advisors LLP. The transaction's reinvestment
period ended in August 2012.

RATINGS RATIONALE

The upgrades of the notes is primarily a result of deleveraging
since the last rating action in October 2014. As a result, the
class A-1 note has paid down EUR9.72 million (now fully redeemed)
and the class A-2 note has paid down EUR 13.80 million (28% of
initial balance) resulting in increases in over-collateralization
levels. As of the May 2015 trustee report, the Class B, C, D and
E overcollateralization ratios are reported at 194.00%, 127.97%,
106.09% and 94.35% respectively compared with 174.00%, 124.41%,
106.08% and 96.01% in October 2014.

The average credit quality as reflected by the weighted average
rating factor ("WARF") has also slightly improved to 2785
compared with 2936 in February 2015.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
EUR pool with performing par and principal proceeds balance of
EUR152.8 million, a defaulted par of EUR13.2 million, a weighted
average default probability of 24.0% (consistent with a WARF of
3324 over a weighted average life of 4.41 years), a weighted
average recovery rate upon default of 46.55% for a Aaa liability
target rating, a diversity score of 14 and a weighted average
spread of 4.20%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that 90% of the portfolio exposed to senior
secured corporate assets would recover 50% upon default, while
the non first-lien loan corporate assets would recover 15%. In
each case, historical and market performance and a collateral
manager's latitude to trade collateral are also relevant factors.
Moody's incorporates these default and recovery characteristics
of the collateral pool into its cash flow model analysis,
subjecting them to stresses as a function of the target rating of
each CLO liability it is analyzing.

Methodology Underlying the Rating Action:

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

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed a lower weighted average recovery rate in
the portfolio. Moody's ran a model in which it reduced the
weighted average recovery rate by 5%; the model generated outputs
that were within one notch of the base-case results.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.

Additional uncertainty about performance is due to the following:

1) Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales the collateral manager or
be delayed by an increase in loan amend-and-extend
restructurings. Fast amortization would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.

2) Around 25% of the collateral pool consists of debt obligations
whose credit quality Moody's has assessed by using credit
estimates. As part of its base case, Moody's has stressed large
concentrations of single obligors bearing a credit estimate as
described in "Updated Approach to the Usage of Credit Estimates
in Rated Transactions," published in October 2009 and available
at http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_120461

3) Recoveries on defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analyzed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.



=============
R O M A N I A
=============


DAFORA MEDIAS: Court Approves Insolvency Request
------------------------------------------------
Oana Gavrila, writing for Ziarul Financiar, reports that Dafora
Medias has received court approval on its request to enter
insolvency.

The company is controlled by businessman Gheorghe Calburean,
Ziarul Financiar discloses.

Dafora Medias is a Romanian drilling company.


JOLIDON: Enters Insolvency at Creditor's Request
-----------------------------------------------
Gabriela Stan at Ziarul Financiar, citing the Cluj courthouse,
reports that Jolidon, established more than 20 years ago by local
entrepreneur Gabriel Carlig, went insolvent at the request of
creditor J.I.E.

According to Ziarul Financiar, Finance Ministry data showed
Jolidon Import Export reported debts worth RON256 million in
2014, fourfold higher than its sales.

In 2014, the company's sales fell to RON64 million, from RON97
million a year before, Ziarul Financiar relates.  Moreover, the
company's losses widened in the same period from RON3 million to
RON99 million, Ziarul Financiar discloses.  At the end of 2014,
Jolidon had over 1,000 employees, Ziarul Financiar notes.

Jolidon is a Romanian lingerie and swimwear manufacturer.



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


BANK OTKRITIE: S&P Maintains 'BB-' Rating on CreditWatch Neg.
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has maintained
its CreditWatch with negative implications on its 'BB-' long-term
counterparty credit ratings and its 'ruAA-' Russia national scale
ratings on Russia-based Bank Otkritie Financial Co. (Bank OFC)
and its core subsidiary Khanty-Mansiysk Bank Otkritie.  At the
same time, S&P affirmed its 'B' short-term ratings on both banks.

The CreditWatch reflects S&P's view of the uncertainties Bank OFC
continues to face regarding the integration of recently rescued
TRUST Bank into the Otkritie group.  S&P understands that the
Russian Central Bank and the Deposit Insurance Agency have yet to
finalize the rehabilitation plan for TRUST Bank and that the
bank's integration into the Otkritie group has yet to be defined.
The potential financial and business impacts of the integration
remain unclear.

At the same time, S&P revised downward its assessment of Khanty-
Mansiysk Bank Otkritie's stand-alone credit profile to 'b-'
because of the hindering effect of the economic slowdown in
Russia, which S&P anticipates will lead to weaker-than-expected
capitalization, as measured by our projected risk-adjusted
capital (RAC) ratio before adjustments for concentration and
diversification of 4.4%-4.7% in the next 12-18 months.  S&P's
forecast for this period incorporates cost of risk at 4.5%-6.0%,
largely driven by the unsecured consumer loan portfolio, which is
likely to lead to the bank posting net losses in 2015.

S&P aims to resolve the CreditWatch within the next three months
when the officials and the Otkritie group expect to finalize the
integration roadmap for TRUST Bank's rescue.  Furthermore, S&P
expects to have better visibility on the business and financial
impacts of the integration process and the consolidation of
capital on Bank OFC's parent Otkritie Holding.

S&P could lower the ratings if it believes that the capital
positions of Bank OFC and Otkritie Holding have sustainably
weakened, based on S&P's RAC ratio for the consolidated group
falling below 3%, or if S&P believes that Bank OFC's consolidated
risk position has worsened.

S&P could take a negative rating action on Khanty-Mansiysk Bank
Otkritie if S&P considered that its importance, as a core
subsidiary of Bank OFC, had reduced.

S&P could affirm the ratings if it considers that risks emerging
from the TRUST Bank rehabilitation process are sufficiently
offset by financial support from the Russian Central Bank through
the Deposit Insurance Agency, and legacy risks related to the
recent merger with Bank Petrocommerce are manageable and will not
markedly worsen Bank OFC's financial profile.  Additional
affirmation factors would include the maintenance of Bank OFC's
and Otkritie Holding's capital positions, and our view that
Otkritie Holding has substantially reduced its appetite for
further acquisitions.


LENSPETSSMU CJSC: S&P Affirms 'B+' CCR, Outlook Negative
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
and 'B' short-term global scale corporate credit ratings on
Russia-based residential real estate developer CJSC SSMO
LenSpetsSMU.  The outlook is negative.  At the same time, S&P
lowered its Russia national scale rating on LenSpetsSMU to 'ruA'
from 'ruA+'.

S&P affirmed its 'B+' issue level rating on LenSpetsSMU's senior
secured debt, but lowered the national scale issue level rating
on this debt to 'ruA' from 'ruA+'.  The recovery rating on this
debt instrument is now '3', indicating S&P's expectation of
meaningful recovery in the event of a payment default, in the
lower half of the 50%-70% range.

S&P removed all these ratings from CreditWatch, where it placed
them with negative implications on Jan. 20, 2015.

The affirmation of the 'B+' global scale rating reflects S&P's
view that, while economic conditions for property developers in
Russia will remain very weak, LenSpetsSMU's moderate maturities
in the next two years, low exposure to foreign currency risks,
and currently moderate debt leverage of less than 2x support the
rating.  At the same time, S&P lowered its Russia national scale
rating because it sees the company's credit quality at the lower
end of what it sees as commensurate for a 'B+' global scale
rating and also because of the negative outlook on the global
scale rating.

Key elements of the deteriorating environment in Russia are
falling disposable incomes pressured by accelerating inflation,
as well as increased cost of funding for Russian issuers.  As a
result, S&P believes that demand for real estate will materially
weaken in 2015-2016, causing a cyclical downturn in the industry.

"In our opinion, LenSpetsSMU's business risk profile is "weak."
This reflects our view of the company's exposure to the "high"
country risk of operating in Russia and the "moderately high"
industry risk associated with property development.  We revised
our assessment of LenSpetsSMU's competitive position to "weak"
from "fair," reflecting the relatively high sensitivity of St.
Petersburg's market to the deteriorating macroeconomic
environment in Russia, compared with Moscow.  At the same,
LenSpetsSMU's competitive position is supported by its relatively
larger size than peers' and favorable position in St. Petersburg
and the surrounding region.  Additional strengths include the
current low level of land-purchase commitments and profitability
metrics that remain broadly in line with industry averages," S&P
said.

S&P's view of LenSpetsSMU's financial risk profile as
"aggressive" is constrained by the inherent volatility of cash
flows arising from a long operating cycle, given that LenSpetsSMU
takes, on average, 30 months in the construction phase of its
projects, and the high working capital swings.

S&P assesses LenSpetsSMU as a "core" subsidiary of Russian real
estate developer Etalon Group, mainly given that LenSpetsSMU
accounts for more than 95% of Etalon Group's EBITDA.  S&P adds
Russian ruble 1.6 billion of financial guarantees to
LenSpetsSMU's financial debt.  In S&P's base case it don't expect
financial guarantees to grow from the current level and put
pressure on LenSpetsSMU's debt metrics.

The negative outlook reflects S&P's view that adverse market
conditions and declining demand for new properties might lead to
larger working capital requirements in 2015-2016 and
LenSpetsSMU's even higher reliance on debt financing.  In S&P's
view, this is likely to put further pressure on LenSpetsSMU's
credit metrics and its liquidity position.

S&P could lower the long-term global scale rating if LenSpetsSMU
is unable to maintain its "adequate" liquidity in the face of
expected cash outflows over the next year.  S&P might also lower
the rating if LenSpetsSMU does not maintain its credit metrics in
line with an "aggressive" financial risk profile, with debt to
EBITDA exceeding 4x and EBITDA interest coverage declining and
remaining significantly below 2x.  This would likely stem from a
continued fall in demand in St. Petersburg, leading to a sharp
fall in apartment prices.  Such events would likely force
LenSpetsSMU to shelve projects and focus on releasing cash from
sales of completed properties to cover immediate liquidity needs.
Additionally, S&P could lower the rating if the company were to
aggressively launch multiple new projects in the face of a still-
weak operating environment.

S&P could revise the outlook to stable if it saw that LenSpetsSMU
had managed to fund its construction needs without excessive
reliance on debt financing and returned to a positive free
operating cash flows while maintaining "adequate" liquidity.


MECHEL OAO: Agrees to VTB Debt Restructuring Terms
--------------------------------------------------
Oksana Kobzeva and Polina Devitt at Reuters report that Mechel on
June 18 said it has has agreed to the terms for restructuring its
debt with VTB.

Separately, larger rival Sberbank said it had found two
prospective buyers for its share of Mechel's debt, Reuters
relates.

Controlled by businessman Igor Zyuzin, Mechel has been in
discussions for months with its main lenders, including VTB,
Sberbank and Gazprombank, over a restructuring of debts which at
the end of last year were estimated to total US$7 billion,
Reuters relays.

The troubled group, which employs 72,000 people, borrowed heavily
before Russia's economic downturn, deepened by Western sanctions
over the Ukraine crisis and the fall in oil prices, Reuters
recounts.

According to Reuters, VTB's first deputy chairman, Yuri Soloviev,
told reporters on the sidelines of the annual St Petersburg
International Economic Forum on June 11 that Mechel was slowly
repaying its debts.

"Yes, they have agreed but not signed (the agreement), but we
will sign.  They are paying off the interest but not all of it
yet.  They still have time before July 1," Reuters quote
Mr. Soloviev as saying.

"The future of Mechel will be solved in a quieter way with the
other creditors . . . it is not a major restructuring -- it is a
way out of the conflict."

About 68% of the debt is held by the three state-controlled
banks, Sberbank, VTB and Gazprombank, Reuters notes.

Maxim Poletayev, a first deputy chairman of Sberbank's executive
board, said on June 11 his bank was also now in discussions over
selling Mechel's debt with two different parties, Reuters relays.

"We have outlined our positions," Reuters quotes Mr. Poletayev as
saying.  "But we aren't stopping the other process.  We have four
suits on bankruptcy and if before the end of July they don't pay
their main debt to us there will be another."

"There won't be any discount (if Sberbank sells the debt)."

Separately, Kremlin aide Andrei Belousov said there was still no
consensus on Mechel's debt restructuring, Reuters relates.

Mechel is a Russian steel and coal producer.


RUSSIAN BANKS: Moody's Assigns CR Assessments to 23 Institutions
----------------------------------------------------------------
Moody's Investors Service, on June 17, 2015, assigned
Counterparty Risk Assessments (CR Assessments) to 23 Russian
banks. This announcement follows the publication of the rating
agency's revised bank rating methodology on March 16, 2015.

Concurrently, Moody's affirmed the credit ratings of Bank
Otkritie Financial Corporation PJSC, Bank Saint-Petersburg PJSC,
Credit Europe Bank Ltd., Tinkoff Bank and TranscapitalBank JSC
Bank. The outlooks on the long-term deposit and senior unsecured
debt ratings remain negative for all five banks. At the same
time, Moody's has withdrawn the outlooks on all five banks'
subordinated debt ratings for its own business reasons.

Moody's revised bank rating methodology is available at:

     https://www.moodys.com/research/Banks--PBC_179038

RATINGS RATIONALE

BANK OTKRITIE FINANCIAL CORPORATION PJSC

Moody's has affirmed Bank Otkritie Financial Corporation's b1
baseline credit assessment (BCA) and adjusted BCA, Ba3/Not-Prime
local and foreign-currency deposit and senior unsecured debt
ratings and B2 subordinated debt rating. The affirmation reflects
the bank's reasonable asset quality, sufficient loss-absorption
capacity and liquidity cushion, which is sufficient to manage the
bank's refinancing needs. At the same time, Russia's deteriorated
operating environment constrains the ratings, because it
pressures the bank's asset quality and profitability, as does the
high single-name concentration in its loan portfolio and
deposits.

The bank's lending to high-risk sectors (construction, real
estate, development and small and medium-sized enterprises)
accounted for 15% of gross loans as of year-end 2014, which
exposes the bank to elevated credit risk, rendering the loan book
vulnerable to the weakening domestic operating environment and
adverse market conditions. Moody's notes the capital levels will
only partly mitigate the pressures for the macroeconomic
headwinds in 2015 and 2016: the reported tier 1 and total capital
adequacy ratio (CAR) were 8.3% and 12.4%, respectively, at year-
end 2014. The bank reported regulatory total CAR (N1.0) and tier
1 (N1.2) ratios at 12.06% and 9.17% as of 1 May 2015. Moody's
notes the Deposit Insurance Agency provided a subordinated loan
of RUB55.6 billion to the bank in June 2015 in the form of state
securities in the framework of a recapitalization plan for
Russian government bonds (OFZ), which should underpin the bank's
total CAR (N1.0) by 450-500 basis points.

The rating agency incorporates a low likelihood of government
support for the bank based on its growing systemic importance as
Russia's leading private banking group, with a market share of
4.5% of assets as of year-end 2014 and an extensive domestic
presence. The government support assessment results in a one-
notch rating uplift from the bank's adjusted BCA of b1.

BANK SAINT-PETERSBURG PJSC

Moody's has affirmed Bank Saint Petersburg's b1 BCA and adjusted
BCA, B1/Not-Prime foreign-currency deposit ratings, (P)B1
foreign-currency senior unsecured MTN program debt rating, B2
subordinated debt rating and (P)B2 subordinate MTN program debt
rating. The affirmations reflect (1) challenging credit
conditions in Russia that exert pressure on the bank's asset
quality, profitability and capital adequacy; (2) the bank's
comfortable liquidity profile, which is supported by stable
deposit-based funding; and (3) a diversified business profile
with a strong market position in its home region of St.
Petersburg. In Q1 2015, growing credit costs negatively affected
the bank's performance: provisioning expenses accounted for 3%
(annualized) of the average loan book, along with increased
funding costs (up by 46% compared to Q4 2014). This resulted in a
remarkable drop in net income. The return on average assets
(RoAA) decreased to 0.4% (annualized) from 1.6% year-on-year and
return on equity (RoE) decreased to 4.4% (annualized) from 14.0%,
respectively.

The long-term deposit and senior unsecured debt ratings do no
benefit from any government support uplift.

CREDIT EUROPE BANK LTD.

Moody's has affirmed Credit Europe Bank's b2 BCA and b1 adjusted
BCA, B1/Not-Prime local and foreign-currency deposit ratings, B1
senior unsecured debt and B2 subordinated debt ratings. The
affirmations reflect the bank's track record of good asset
performance, healthy capital adequacy and strong pre-provision
income. These factors enable the bank to absorb credit losses. At
the same time, the expected deterioration in asset quality and
profitability continue to constrain the ratings amid a
challenging operating environment and increased reliance on
short-term funding. In 2014, the bank reported a net financial
result of RUB1.2 billion, which translates into RoAA of 0.8% and
RoE of 5.8%.

Moody's believes the recent surge in Russia's CBR key interest
rate has already adversely affected funding costs. This reduced
the bank's net interest margin (NIM) - and consequently its
operating revenues - in Q1 2015. This trend may continue until it
stabilizes in the second half of the year. Concurrently, the
rating agency acknowledges the bank's ability to manage liquidity
and refinancing risks in stressed market conditions, and
efficiently cut operating costs to underpin its financial
results. Moody's considers that the bank will come close to
breaking even in 2015, unless new external shocks materialize.

The ratings incorporate our assessment of a high probability of
affiliate support from the bank's immediate Dutch parent, Credit
Europe Bank N.V. (Ba2 negative), given the significant financial
and key strategic importance of the Russian business for the
parent company. At the current rating level, the bank's long-term
rating incorporates a rating uplift above the rating on the
parent company. The bank therefore benefits from a one-notch
uplift above the bank's BCA of b2.

The long-term deposit and senior unsecured debt ratings do no
benefit from any government support uplift.

TINKOFF BANK

Moody's has affirmed Tinkoff Bank's b2 BCA and adjusted BCA,
B2/Not-Prime local and foreign-currency deposit ratings, B2
senior unsecured debt ratings and B3 subordinated debt rating.
The affirmations reflect the bank's healthy capital cushion,
strong revenue generation and sufficient liquidity buffer. At the
same time, the monoline nature of the bank's operations and the
pressure on the bank's asset quality and profitability continue
to constrain the ratings. These underlying factors follow the
weakening of borrowers' creditworthiness in light of a sharp
economic contraction and high interest rates.

In Q1 2015, the dramatic 30.4% increase in interest expenses
compared with Q1 2014 hampered the bank's performance. Along with
annualized credit costs of 17.9% and one-off foreign currency
losses (incurred in January 2015), the bank produced negative
financial results in Q1 2015 of RUB193.0 million. Concurrently,
the rating agency notes that the bank's liquidity cushion
improved, amounting to 21% of assets as of Q1 2015. These assets
were in the form of cash, cash equivalents and unpledged
securities eligible for repo with the central bank. Moody's
expects the pressure from funding costs to weaken in the second
half of 2015, which might improve the bottom-line result and help
the bank to break even in 2015.

The long-term deposit and senior unsecured debt ratings do no
benefit from any government support uplift.

TRANSCAPITALBANK JSC BANK

Moody's has affirmed Transcapitalbank JSC Bank's b1 BCA and
adjusted BCA, B1/Not-Prime foreign-currency deposit ratings and
B2 subordinated debt rating. The affirmations reflect the bank's
good capital adequacy, diversified funding structure and adequate
liquidity buffer. At the same time, the expected deterioration in
asset quality and profitability amid a challenging operational
environment continue to constrain the ratings. The adverse impact
is augmented by the bank's exposure to the SME sector, amounting
to 35% of gross portfolio at year-end 2014. We consider that this
sector could be particularly vulnerable to deterioration in
challenging economic conditions.

In 2014, the bank reported a net income of RUB1.8 billion under
IFRS. This figure translates into a moderate, but declining ROAA
of 1.2%, down from 1.7% in 2013 and 1.8% in 2012. Given the
bank's high funding and credit costs, the bank may just break-
even in 2015, in Moody's view. At the same time, the bank's
provisions and capital buffers provide a sufficient cushion to
absorb potential credit losses stemming from increased pressure
on the loan book's credit quality: the reported tier 1 and total
CAR stand at 10.7% and 14.5%, respectively, as of year-end 2014.
A recent maturity extension of US$100 million subordinated
Eurobonds from 2017 to 2020 under Basel III rules should underpin
Tier 2 capital and add up around 190 basis points to total CAR.

The long-term deposit ratings do no benefit from any government
support uplift.

WHAT COULD CHANGE THE RATINGS UP/DOWN

The negative outlooks on these banks' long-term deposit and debt
ratings imply that upward rating pressure is limited. The outlook
on the long-term ratings could be changed to stable if the banks
improve their profitability and asset-quality metrics, while
increasing their capital levels or maintaining them at adequate
levels.

Downward rating pressure could emerge if (1) the already
unfavorable operating environment in Russia further deteriorates,
putting additional systemic-wide pressure on the banks' asset
quality, profitability and capital adequacy ratios; and/or (2)
the individual financial performance of the abovementioned banks
becomes detrimental for their credit profiles.

RATIONALE FOR CR ASSESSMENTS

Moody's has also assigned CR Assessments to 23 banks. CR
Assessments are opinions of how counterparty obligations are
likely to be treated if a bank fails, and are distinct from debt
and deposit ratings in that they (1) consider only the risk of
default rather than expected loss and (2) apply to counterparty
obligations and contractual commitments rather than debt or
deposit instruments. The CR Assessment is an opinion of the
counterparty risk related to a bank's covered bonds, contractual
performance obligations (servicing), derivatives (e.g., swaps),
letters of credit, guarantees and liquidity facilities.

For Russian banks, the CR Assessment is positioned, prior to
government support, one notch above the Adjusted BCA and
therefore above senior unsecured and deposit ratings, reflecting
Moody's view that its probability of default is lower than that
of senior unsecured debt and deposits. Moody's believes that
senior obligations represented by the CR Assessment will be more
likely preserved in order to limit contagion, minimize losses and
avoid disruption of critical functions.

None of 23 CR Assessments benefits from any government support,
in line with our support assumptions on deposits and senior
unsecured debt. This reflects our view that operating activities
and obligations reflected by the CR Assessment are unlikely to
benefit from any support provisions from resolution authorities
to senior unsecured debt or deposits.

At the same time, the rating agency assigned Prime-3(cr) short-
term CR Assessments to JSB Rosbank and DeltaCredit Bank, and Not-
Prime(cr) short-term CR Assessments to the other 21 banks.

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

LIST OF CR ASSESSMENTS

Issuer: Absolut Bank

Counterparty Risk Assessment, Assigned Ba3(cr)

Counterparty Risk Assessment, Assigned Not-Prime(cr)

Issuer: Aljba Alliance Commercial Bank

Counterparty Risk Assessment, Assigned B2(cr)

Counterparty Risk Assessment, Assigned Not-Prime(cr)

Issuer: Asian - Pacific Bank

Counterparty Risk Assessment, Assigned B1(cr)

Counterparty Risk Assessment, Assigned Not-Prime(cr)

Issuer: Banca Intesa (Russia)

Counterparty Risk Assessment, Assigned Ba1(cr)

Counterparty Risk Assessment, Assigned Not-Prime(cr)

Issuer: Bank Otkritie Financial Corporation PJSC

Counterparty Risk Assessment, Assigned Ba3(cr)

Counterparty Risk Assessment, Assigned Not-Prime(cr)

Issuer: Bank Saint-Petersburg PJSC

Counterparty Risk Assessment, Assigned Ba3(cr)

Counterparty Risk Assessment, Assigned Not-Prime(cr)

Issuer: CB Kuban Credit Ltd

Counterparty Risk Assessment, Assigned B2(cr)

Counterparty Risk Assessment, Assigned Not-Prime(cr)

Issuer: Credit Europe Bank Ltd.

Counterparty Risk Assessment, Assigned Ba3(cr)

Counterparty Risk Assessment, Assigned Not-Prime(cr)

Issuer: DeltaCredit Bank

Counterparty Risk Assessment, Assigned Baa3(cr)

Counterparty Risk Assessment, Assigned Prime-3(cr)

Issuer: Finprombank

Counterparty Risk Assessment, Assigned B2(cr)

Counterparty Risk Assessment, Assigned Not-Prime(cr)

Issuer: First Czech Russian Bank

Counterparty Risk Assessment, Assigned B2(cr)

Counterparty Risk Assessment, Assigned Not-Prime(cr)

Issuer: IBA-Moscow

Counterparty Risk Assessment, Assigned B2(cr)

Counterparty Risk Assessment, Assigned Not-Prime(cr)

Issuer: Investment Trade Bank

Counterparty Risk Assessment, Assigned B2(cr)

Counterparty Risk Assessment, Assigned Not-Prime(cr)

Issuer: Joint Stock Commercial Bank Avangard

Counterparty Risk Assessment, Assigned B1(cr)

Counterparty Risk Assessment, Assigned Not-Prime(cr)

Issuer: JSB Rosbank

Counterparty Risk Assessment, Assigned Baa3(cr)

Counterparty Risk Assessment, Assigned Prime-3(cr)

Issuer: Metallinvestbank JSCB

Counterparty Risk Assessment, Assigned B1(cr)

Counterparty Risk Assessment, Assigned Not-Prime(cr)

Issuer: National Standard Bank

Counterparty Risk Assessment, Assigned B2(cr)

Counterparty Risk Assessment, Assigned Not-Prime(cr)

Issuer: NK Bank

Counterparty Risk Assessment, Assigned B2(cr)

Counterparty Risk Assessment, Assigned Not-Prime(cr)

Issuer: Petersburg Social Commercial Bank

Counterparty Risk Assessment, Assigned B1(cr)

Counterparty Risk Assessment, Assigned Not-Prime(cr)

Issuer: Rosenergobank

Counterparty Risk Assessment, Assigned B2(cr)

Counterparty Risk Assessment, Assigned Not-Prime(cr)

Issuer: Russlavbank

Counterparty Risk Assessment, Assigned B2(cr)

Counterparty Risk Assessment, Assigned Not-Prime(cr)

Issuer: Tinkoff Bank

Counterparty Risk Assessment, Assigned B1(cr)

Counterparty Risk Assessment, Assigned Not-Prime(cr)

Issuer: TranscapitalBank JSC Bank

Counterparty Risk Assessment, Assigned Ba3(cr)

Counterparty Risk Assessment, Assigned Not-Prime(cr)

LIST OF AFFIRMED RATINGS

Issuer: Bank Otkritie Financial Corporation PJSC

Adjusted Baseline Credit Assessment, Affirmed b1

Baseline Credit Assessment, Affirmed b1

LT Bank Deposits, Affirmed Ba3 Negative

ST Bank Deposits, Affirmed Not-Prime

Senior Unsecured Regular Bond/Debenture, Affirmed Ba3 Negative

Subordinate Regular Bond/Debenture, Affirmed B2

Issuer: Bank Saint-Petersburg PJSC

Adjusted Baseline Credit Assessment, Affirmed b1

Baseline Credit Assessment, Affirmed b1

LT Bank Deposits, Affirmed B1 Negative

ST Bank Deposits, Affirmed Not-Prime

Senior Unsecured Medium-Term Note Program, Affirmed (P)B1

Subordinate Regular Bond/Debenture, Affirmed B2

Subordinate Medium-Term Note Program, Affirmed (P)B2

Issuer: Credit Europe Bank Ltd.

Adjusted Baseline Credit Assessment, Affirmed b1

Baseline Credit Assessment, Affirmed b2

LT Bank Deposits, Affirmed B1 Negative

ST Bank Deposits, Affirmed Not-Prime

Senior Unsecured Regular Bond/Debenture, Affirmed B1 Negative

Subordinate Regular Bond/Debenture, Affirmed B2

Issuer: Tinkoff Bank

Adjusted Baseline Credit Assessment, Affirmed b2

Baseline Credit Assessment, Affirmed b2

LT Bank Deposits, Affirmed B2 Negative

ST Bank Deposits, Affirmed Not-Prime

Senior Unsecured Regular Bond/Debenture, Affirmed B2 Negative

Subordinate Regular Bond/Debenture, Affirmed B3

Issuer: TranscapitalBank JSC Bank

Adjusted Baseline Credit Assessment, Affirmed b1

Baseline Credit Assessment, Affirmed b1

LT Bank Deposits, Affirmed B1 Negative

ST Bank Deposits, Affirmed Not-Prime

Subordinate Regular Bond/Debenture, Affirmed B2

Outlook Actions:

Issuer: Bank Otkritie Financial Corporation PJSC

Outlook, Remains Negative

Issuer: Bank Saint-Petersburg PJSC

Outlook, Remains Negative

Issuer: Credit Europe Bank Ltd.

Outlook, Remains Negative

Issuer: Tinkoff Bank

Outlook, Remains Negative

Issuer: TranscapitalBank JSC Bank

Outlook, Remains Negative



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


TELEKOM SLOVENIJE: Moody's Puts Ba2 CFR on Review for Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed Telekom Slovenije d.d.'s Ba2
corporate family rating (CFR), Ba2-PD probability of default
rating (PDR) and Ba2 senior unsecured rating on review for
downgrade. The rating action follows the announcement that SDH,
the Slovenian sovereign holding company which is coordinating the
sale of Telekom Slovenije, has rejected the additional conditions
made by financial sponsor Cinven in its binding bid dated June 9,
2015, although it accepted the binding bid dated May 20, 2015.
SDH said it was still prepared to complete the transaction
without those conditions, while Cinven said that it remains
interested in the privatization of Telekom Slovenije and is open
to re-evaluate the situation. The final decision will be known in
the coming weeks.

"The rejection of the adjusted bid represents a further delay in
the sale process of Telekom Slovenije, while in our view, on a
stand-alone basis, the company retains a weak liquidity profile,"
says Iv n Palacios, a Moody's Vice President - Senior Credit
Officer and lead analyst for Telekom Slovenije.

"As such, the principal focus of our review will be the company's
ability to address its weak liquidity profile, which will further
deteriorate with the payment of dividends in August, as well as
the pending maturity of a large bond in December 2016. The
protracted nature of the privatization process, which started two
years ago, has delayed any actions to bolster the company's
liquidity profile," says Mr. Palacios.

"If a deal between SDH and Cinven is ultimately reached, this
would likely incorporate a refinancing of the existing debt and
the sponsor may put in place additional liquidity sources, but it
could also potentially involve additional leverage in light of
the private equity nature of the current bidder", adds
Mr. Palacios.

RATINGS RATIONALE

Moody's currently envisages two scenarios for Telekom Slovenije:
(1) SDH and Cinven fail to reach an agreement and the sale
process is discontinued, leaving Telekom Slovenije's existing
shareholder and capital structure unchanged; or (2) SDH and
Cinven finally reach an agreement for the sale of Telekom
Slovenije by which Cinven acquires the government's stake in the
company. The rating will likely face downward pressure under the
two scenarios.

If SDH and Cinven fail to reach an agreement in the near-term and
the sale process is discontinued, Telekom Slovenije will need to
quickly find a solution to its refinancing needs over the next 18
months. The company's liquidity profile is already weak, owing to
its small cash balance (only EUR6 million as of March 2015), its
lack of long-term committed bank facilities, and its high
reliance on the Slovenian banking sector (with bank deposit
ratings in the range of B2-B3). Moody's expects that Telekom
Slovenije's liquidity profile will weaken further due to the
company's confirmed plan to pay a EUR65 million dividend in
August 2015, for which it will have to use most of its available
short-term bank facilities. Moreover, the company will face
significant refinancing needs, including the maturity of its
EUR300 million bond in December 2016.

A successful sale to Cinven might resolve the liquidity pressures
as the financing package will likely include the refinancing of
all existing debt and a more stable liquidity management
framework. However, in line with the private equity nature of the
buyer, the bid is likely to be backed by a debt-heavy financing
package which would substantially raise the leverage of the
company from the current low levels of around 2.0x-2.5x debt /
EBITDA (as adjusted by Moody's). The levels of indebtedness at
the company could materially increase as a result of the
acquisition by Cinven and credit metrics could deteriorate as a
result.

The review process will focus on the company's plans to shore up
its liquidity profile in the absence of an acquisition by Cinven.
If an agreement between SDH and Cinven is finally reached, the
review will also focus on the strategic and financial
implications of the takeover, including the proposed debt
leverage and debt capital structure profile.

WHAT COULD CHANGE THE RATING DOWN/UP

Prior to the rating review process, Moody's said that the rating
could come under downward pressure if (1) Telekom Slovenije's
liquidity profile deteriorates significantly; (2) refinancing
risk for the 2016 bond maturity increases; or (3) the company's
financial flexibility otherwise weakens.

Telekom Slovenije's ratings could also come under downward
pressure if (1) the company's underlying operating performance
were to weaken beyond current expectations as a result of
macroeconomic or other considerations; or (2) the company were to
make large extraordinary shareholder distributions, or material
debt-financed acquisitions, investments or cash calls as a result
of litigation such that its credit metrics deteriorated
(including adjusted retained cash flow (RCF)/debt sustainably
below 25% and adjusted debt/EBITDA towards 2.5x).

Prior to the rating review process, Moody's said that upward
rating pressure would require an improvement in Telekom
Slovenije's liquidity profile and higher visibility with regard
to the company's refinancing plans for the 2016 bond maturity.
The development of positive pressure on Telekom Slovenije's
rating will also require (1) the stabilization of the
macroeconomic and operating environment; and (2) the company to
sustain adjusted debt/EBITDA well below 2.0x, and substantial
positive free cash flow generation on a sustainable basis.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Telecommunications Industry published in December 2010. Please
see the Credit Policy page on www.moodys.com for a copy of this
methodology.

Domiciled in Ljubljana, Slovenia, Telekom Slovenije d.d. is an
integrated telecommunications provider in Slovenia, with a
presence in Kosovo, Macedonia, Bosnia and Herzegovina, Croatia
and Montenegro. In 2014, Telekom Slovenije reported operating
revenues of EUR756 million and EBITDA of EUR170 million.



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


FONCAIXA FTGENCAT 6: S&P Affirms 'D' Rating on Class D Notes
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
all classes of notes in Foncaixa FTGENCAT 6, Fondo de
Titulizacion de Activos.

S&P has used data from the March 2015 investor report to perform
its credit and cash flow analysis and has applied its European
small and midsize enterprise (SME) collateralized loan obligation
(CLO) criteria and S&P's current counterparty criteria.

CREDIT ANALYSIS

Foncaixa FTGENCAT 6 is a single-jurisdiction cash flow CLO
transaction securitizing a portfolio of SME loans that was
originated by Caja de Ahorros y Pensiones de Barcelona in Spain.
The transaction closed in July 2008.

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

To determine the SDR, S&P adjusted the archetypical European SME
average 'b+' credit quality to reflect two factors (country and
originator and portfolio selection adjustments).

S&P ranked the originator into the moderate category.  Taking
into account, Spain's Banking Industry Country Risk Assessment
(BICRA) score of 5 and the originator's average annual observed
default frequency, S&P has applied a downward adjustment of one
notch to the 'b+' archetypical average credit quality.  To
address differences in the creditworthiness of the securitized
portfolio compared with the originator's entire loan book, S&P
further adjusted the average credit quality by three notches.

As a result of these adjustments, S&P's average credit quality
assessment of the portfolio was 'ccc', which it used to generate
its 'AAA' SDR of 90.04%.

S&P has calculated the 'B' SDR, based primarily on S&P's analysis
of historical SME performance data and S&P's projections of the
transaction's future performance.  S&P has reviewed the
originator's historical default data, and assessed market
developments, macroeconomic factors, changes in country risk, and
the way these factors are likely to affect the loan portfolio's
creditworthiness.  As a result of this analysis, S&P's 'B' SDR is
13.0%.

S&P interpolated the SDRs for rating levels between 'B' and 'AAA'
in accordance with S&P's European SME CLO criteria.

RECOVERY RATE ANALYSIS

S&P applied a weighted-average recovery rate (WARR) at each
liability rating level by considering the asset type and its
seniority, the country recovery grouping, and the observed
historical recoveries in this transaction.

COUNTRY RISK

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

CASH FLOW ANALYSIS

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

The class AS notes have fully paid down and the class AG notes
have amortized by EUR49.85 million since S&P's previous review on
June 7, 2013.  In S&P's view, this has increased the available
credit enhancement for all rated classes of notes.  Delinquencies
and defaults have also increased over the same period.

Given that the rating levels for the class AG, B, C, and D notes
are lower than S&P's long-term rating on the sovereign, it has
not applied its criteria for rating single-jurisdiction
securitizations above the sovereign foreign currency rating.

Based on S&P's credit and cash flow analysis and the application
of its current counterparty criteria, it considers the available
credit enhancement for the class AG, B, C, and D notes to be
commensurate with their currently assigned ratings.  S&P has
therefore affirmed its ratings on these classes of notes.

RATINGS LIST

Foncaixa FTGENCAT 6, Fondo de Titulizacion de Activos
EUR768.8 Million Floating-Rate Notes

Class       Rating

Ratings Affirmed

AG         BB (sf)
B          CCC+ (sf)
C          CCC (sf)
D          D (sf)


SPANISH BANKS: Moody's Concludes Reviews on 20 Institutions
-----------------------------------------------------------
Moody's Investors Service has concluded its reviews on the
ratings of 20 banks in Spain. The reviews were initiated on
March 17, 2015, following the publication of Moody's new bank
rating methodology and revisions to its government support
assumptions for these banks.

In light of the new banking methodology, Moody's rating actions
generally reflect the following considerations (1) the
"Moderate +" macro profile of Spain (Baa2 positive); (2) the
improved outlook for banks' core financial fundamentals based on
the strengthening operating environment; (3) the protections
offered to depositors and senior creditors as assessed by Moody's
Advanced Loss Given Failure (LGF) analysis, reflecting the
benefit of instrument volume and subordination protecting
creditors from losses in the event of resolution; and (4) Moody's
view of a decline in the likelihood of government support for all
Spanish banks.

Among the rating actions that Moody's has taken on the Spanish
banks are the following:

-- 12 long-term bank deposit ratings upgraded, one affirmed,
    five confirmed and two downgraded

-- Five short-term bank deposit ratings upgraded, 12 affirmed
    and three confirmed

-- Eight bank senior unsecured debt ratings upgraded, two
    confirmed and two downgraded

-- Two short-term bank senior unsecured debt ratings upgraded
    and seven affirmed

-- Six baseline credit assessments (BCAs) upgraded, 13 affirmed
    and one confirmed

Moody's has also assigned Counterparty Risk (CR) Assessments to
20 Spanish banking groups and their branches, in line with its
new bank rating methodology.

Moody's has assigned stable outlooks to the deposit and
issuer/debt ratings of all affected banks, with the exception of
positive outlooks assigned to Banco Santander S.A. (Santander),
Santander Consumer Finance S.A. (SCF), Catalunya Banc S.A.,
Abanca Corporacion Bancaria S.A. (Abanca) and Caja Rural de
Navarra (CRN) and a negative outlook to Ibercaja Banco S.A.
(Ibercaja).

Moody's has withdrawn the outlooks on all junior instrument
ratings and subordinated debt ratings for its own business
reasons.

Outlooks, which provide an opinion on the likely rating direction
over the medium term, are now assigned only to long-term deposit
and issuer/senior unsecured debt ratings.

A list of the Affected Credit Ratings is available at:

                       http://is.gd/VUfhBi

RATINGS RATIONALE

The new methodology includes several elements that Moody's has
developed to help accurately predict bank failures and determine
how each creditor class is likely to be treated when a bank fails
and enters resolution. These new elements capture insights gained
from the crisis and the fundamental shift in the banking industry
and its regulation.

(1) THE "MODERATE+" MACRO PROFILE OF SPAIN

Spanish banks' operations have a strong domestic focus, with the
exception of Banco Santander, Banco Bilbao Vizcaya Argentaria
S.A. (BBVA) and SCF. As such, their performance is highly
influenced by Spain's large, diversified and affluent economy,
which displays a sustained improvement in economic growth, as
well as moderate susceptibility to event risk. Therefore, these
banks have a Macro Profile of "Moderate +", in line with that of
Spain.

Banco Santander, BBVA and SCF display very large geographic
diversification and therefore are exposed to macro variables
across various countries and regions. Since a substantial amount
of their exposures are in countries with stronger macro-economic
conditions, their Macro Profiles are in the "Strong-" to
"Strong+" categories, which is higher than that of Spain.

(2) IMPROVING CORE FINANCIAL FUNDAMENTALS

The Spanish banks' BCAs (median at ba2) reflect their high level
of problematic exposures, although improving macroeconomic
conditions are translating into a gradual improvement in asset-
risk trends. Furthermore, very low interest rates and subdued
business volumes constrain their revenue generation capacity, but
loss-absorption capacity has improved relative to potential
balance-sheet losses. Lastly, liquidity metrics have strengthened
in the context of continued balance-sheet deleveraging and
normalized market access.

However, the banks' BCAs range widely from caa2 to baa1, which
highlight both the very large variances in financial performance,
in conjunction with differences in geographic reach, and the
level of problematic exposures.

(3) PROTECTION OFFERED TO SENIOR CREDITORS, AS CAPTURED BY
MOODY'S ADVANCED LGF LIABILITY ANALYSIS

Spanish banks are subject to the EU's Bank Resolution and
Recovery Directive (BRRD), which Moody's considers to be an
Operational Resolution Regime. Accordingly, Moody's applies its
Advanced LGF analysis to Spanish banks' liability structures,
thereby mostly applying its standard assumptions. These
assumptions include a residual tangible common equity (TCE) ratio
of 3%, losses post-failure of 8% of tangible banking assets, a
25% run-off in junior wholesale deposits, a 5% run-off in
preferred deposits, and a 25% probability of deposits being
preferred to senior unsecured debt. Because Moody's assumes that
the country's deposit base is essentially retail in nature, it
considers a proportion of 10% of junior deposits below the
estimated EU-wide average of 26% for eight of the affected banks.
The Advanced LGF analysis results generally in "very low" to
"moderate" loss-given-failure for long-term junior deposits as
well as senior unsecured debt ratings, reflecting the banks'
substantial volume of deposit funding as well as the amount of
senior unsecured debt and securities more subordinated to it.

(4) DECLINE IN THE LIKELIHOOD OF GOVERNMENT SUPPORT

Deposit and senior unsecured debt ratings now range from Caa1 to
A3. In addition to the effects of the new methodology on the
banks' ratings, Moody's has lowered its expectations about the
degree of government support for banks in Spain. The main trigger
for this reassessment is the introduction of the BRRD in the
European Union in January 2015. Following Moody's revised
assumptions, only six Spanish banks' ratings continue to benefit
from government support. However, in some cases, the negative
effect on the Spanish banks' ratings from a decline in the
expectation of government support has been counterbalanced by the
low loss assumptions under the new LGF framework, but for other
banks it has caused a downgrade of their deposit and senior
unsecured debt ratings.

OUTLOOK RATIONALE

Moody's expects that the sound recovery of the Spanish economy
will support the gradual improvement of banks' asset-quality
metrics and profitability. As such, almost all the Spanish banks
affected by today's rating actions have a stable outlook on their
deposit and senior unsecured debt ratings.

-- BANK SPECIFIC ANALYTIC FACTORS

-- Banco Santander S.A. (Santander)

The one-notch upgrade of Santander's deposit and issuer/senior
unsecured debt ratings to A3 with a positive outlook,
incorporates (1) the affirmation of the bank's BCA and adjusted
BCA at baa1; and (2) Moody's LGF analysis that provides one notch
of uplift from the bank's adjusted BCA for the deposit and senior
unsecured debt ratings.

The affirmation of Santander's baa1 BCA reflects a combination of
the group's (1) diverse exposure to a variety of economies
reflected in a Macro Profile of "Strong"; (2) acceptable Asset
Risk, reflected in a historical problem loan ratio of 5.4% and
the expectation for sustained improvement for this factor; (3)
modest Capital, reflected in a TCE ratio of around 8%, together
with the group's proven capacity to generate capital in times of
stress; and (4) improving Profitability, anticipating a recovery
in earnings. Together, these scores result in a combined Solvency
score of baa3 which is a constraint on the bank's BCA of baa1.
The rating benefits from a relatively good funding and liquidity
position, reflected in combined Liquidity score of baa1, as well
as a high degree of business diversification stemming from its
ample geographic diversification that results in a one-notch
positive qualitative adjustment.

Under Moody's Advanced LGF analysis, Santander's long-term
deposit and issuer/senior unsecured debt ratings take into
account their very low loss-given-failure because of the group's
high volume of subordinated and senior unsecured debt
outstanding, in principle leading to a two-notch uplift
respectively from the bank's baa1 adjusted BCA. These ratings
are, however, capped by the sovereign's rating at one notch above
the bank's baa1 adjusted BCA.

Moody's believes that there is a moderate likelihood of
government support for Santander's debt and rated wholesale
deposits, in the event of its failure. This probability reflects
the bank's share in its domestic market and its status as global
systemically important bank (G-SIB), which may lead the
government to intervene in order to shield the bank from
disruptive losses. This government support assessment does not,
however, translate into an additional notching as Santander's BCA
is already one notch higher than the sovereign rating.

Santander's deposit and senior unsecured ratings carry a positive
outlook in line with Spain's government's bond rating (Baa2
positive).

-- Santander Consumer Finance S.A. (SCF)

The one-notch upgrade of SCF's deposit and senior unsecured debt
ratings to A3 with a positive outlook, incorporates (1) the
affirmation of the bank's BCA at baa2 and adjusted BCA at baa1;
and (2) Moody's LGF analysis that provides one notch of uplift
from the bank's adjusted BCA of baa1 for the deposit and senior
unsecured debt ratings. Moody's continues to not incorporate any
systemic support uplift into SCF's ratings, and these are
therefore unaffected by the reduced government support
assumptions.

The affirmation of SCF's standalone baa2 BCA reflects its strong
franchise as one of Europe's leading consumer finance entities as
well as its overall sound credit-risk profile, with good
profitability and stabilizing asset-quality indicators. The
bank's standalone BCA also reflects its high -- albeit
declining -- reliance on wholesale funding.

Moody's believes that there is a high probability of support from
its parent, Banco Santander S.A. (deposits A3 positive, BCA
baa1). As a result of the support assessment, SCF's adjusted BCA
is baa1, one notch above its BCA.

As a domestic subsidiary of Santander, Moody's applies the
Advanced LGF analysis of its parent, in principle leading to a
two-notch uplift for SCF's deposits and senior unsecured ratings
from the bank's baa1 adjusted BCA. These ratings are, however,
capped by the sovereign's rating at one notch above SCF's baa1
adjusted BCA.

SCF's deposit and senior debt ratings have a positive outlook, in
line with that of its parent Santander.

-- Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)

The two-notch upgrade of BBVA's deposit ratings to A3 and the
one-notch upgrade of its issuer/senior unsecured debt ratings to
Baa1, reflect (1) the affirmation of the bank's BCA and adjusted
BCA at baa2; and (2) the Advanced LGF analysis that provides two
notches of uplift from the bank's adjusted BCA for the deposit
ratings and one notch of uplift for the senior unsecured debt
ratings.

The affirmation of BBVA's BCA reflects a combination of the
scores for the group's (1) diverse exposure to a variety of
economies reflected in a Macro Profile of "Strong-"; (2) moderate
Asset Risk, which reflects a historical problem loan ratio above
6% and the expectation of sustained improvement for this factor;
(3) adequate Capital, which reflects a TCE ratio of 9.7% and the
group's proven capacity to generate capital in times of stress;
and (4) improving Profitability, which reflects Moody's
expectation of a recovery in earnings. BBVA also displays a good
funding and liquidity profile. Furthermore, the BCA benefits from
a high degree of business diversification stemming from the
bank's ample geographic diversification, which has translated
into a positive qualitative adjustment of one notch.

Under Moody's Advanced LGF analysis, BBVA's long-term deposit and
issuer/senior unsecured debt ratings take into account their very
low and low loss-given-failure because of the group's high volume
of subordinated and senior unsecured debt outstanding, leading to
a two and one notch uplift, respectively, from the bank's baa2
adjusted BCA.

Moody's believes that there is a moderate likelihood of
government support for BBVA's debt and rated wholesale deposits
in the event of its failure. This probability reflects the bank's
share in its domestic market and its G-SIB status, which may lead
the government to intervene in order to shield the bank from
severe losses. Moody's government support assessment does not,
however, translate into an additional notching because BBVA's BCA
is already at the same level as the sovereign rating.

-- Catalunya Banc, S.A.

The two-notch upgrade of Catalunya Banc's long-term deposit and
senior unsecured debt ratings to B1 from B3 reflects: (1) the
affirmation of the bank's caa2 BCA; (2) the upgrade of the bank's
adjusted BCA to b1 from caa2 after considering parental support
from BBVA; (3) the incorporation of the Advanced LGF analysis
that provides no uplift from the bank's adjusted BCA; which,
together, more than offset (4) reduced government support
assumptions, leading to a removal of systemic support ratings
uplift.

Despite the completion of the acquisition of Catalunya Banc by
BBVA in April 2015, Moody's has affirmed the bank's caa2 BCA,
reflecting its weak standalone credit fundamentals. The factors
constraining the BCA are primarily (1) asset-quality weaknesses
across all asset classes; (2) a weak capital position according
to Moody's capital assessment, owing to the large amount of
deferred tax assets (DTAs); and (3) very modest profitability
indicators. At the same time, Moody's believes that Catalunya
Banc will benefit from a very high probability of support from
its parent BBVA. As a result of Moody's affiliate support
assessment, the rating agency upgraded Catalunya Banc's adjusted
BCA to b1, four notches above its caa2 BCA.

Given the very recent acquisition, the rating agency bases its
LGF analysis on the standalone liabilities of Catalunya Banc,
thereby assuming that as long as the integration into BBVA group
has not visibly progressed (at this stage, only the acquisition
is complete), an (unlikely) near-term resolution of Catalunya
Banc could still be performed for the bank without a detrimental
effect on BBVA or its creditors. The Advanced LGF analysis
therefore takes into account the moderate loss-given-failure
because of Catalunya Banc's relatively low volume of respective
liabilities and the amount of subordinated debt, leading to no
uplift from the bank's b1 adjusted BCA.

Moody's reduced the government support assumption for Catalunya
Banc to "low" upon the expected implementation of resolution
legislation, leading to no government uplift for the deposit and
senior unsecured debt ratings, from "high" and two notches
previously.

The positive outlook on Catalunya Banc's deposit and senior
unsecured debt ratings reflects Moody's expectations of its full
integration into BBVA, which displays a much stronger credit
profile, benefiting from its oversight and experience in
restructuring and integration.

-- Caixabank S.A.

The one-notch upgrade of Caixabank's long-term deposit and
issuer/senior unsecured debt ratings to Baa2 reflect (1) the
confirmation of the bank's BCA and adjusted BCA at ba1; and (2)
the Advanced LGF analysis that provides one notch of uplift from
the bank's adjusted BCA for its issuer/senior unsecured debt and
two notches of uplift for its deposit; and (3) the maintenance of
one notch of government support uplift for its issuer/senior
unsecured debt. Concurrently, the bank's short-term deposit and
debt ratings were upgraded to Prime-2.

The confirmation of the bank's BCA is based on Caixabank's strong
commitment to maintain a capital ratio above 11% at all times,
post-acquisition of Portuguese Banco BPI (deposits Ba3 stable,
BCA b1). Caixabank's BCA of ba1 also reflects its stable revenue-
generation capacity underpinned by its leading retail franchise,
strong liquidity and funding profile and Moody's expectation of a
sustained improvement of its currently weak profitability and
asset-quality metrics. The group's high level of problematic
exposures and modest TCE are key constraints on the ba1 BCA.

Under Moody's Advanced LGF analysis, Caixabank's long-term
deposit and issuer/senior unsecured debt ratings take into
account their very low and low loss-given-failure because of the
group's high volume of subordinated and senior unsecured debt
outstanding, leading to a two and one-notch uplift, respectively,
from the bank's ba1 adjusted BCA.

Caixabank's long-term deposit and issuer/senior unsecured debt
ratings continue to benefit from government support leading to a
one-notch uplift for its issuer/senior unsecured rating, despite
Moody's revision of government support expectations to "moderate"
from "high". Moody's government support assessment does not,
however, translate into an additional notching for deposits
because Caixabank's deposit rating is already at the same level
as the sovereign rating.

-- Bankia S.A.

The one-notch upgrade of Bankia's deposit rating to Ba3 and the
confirmation of its senior unsecured debt ratings at B1 ,
reflects (1) the upgrade of the bank's BCA and adjusted BCA to b2
from b3; (2) the Advanced LGF analysis that provides one notch of
uplift from the bank's adjusted BCA for the deposit ratings and
no uplift for the senior unsecured debt ratings; which, together,
more than offset (3) the reduction of government support uplift
to one notch from two.

The one-notch upgrade of Bankia's standalone BCA to b2 reflects
the bank's weak (although improving) profitability and asset-
quality metrics, and its good liquidity profile. The BCA also
incorporates Bankia's very high amount of DTAs that weakens its
TCE ratio, thereby limiting potential upside for the BCA. Under
Moody's Advanced LGF analysis, Bankia's long-term deposit and
senior unsecured debt ratings take into account their low and
moderate loss-given-failure because of the group's relatively
modest volume of subordinated and senior unsecured debt
outstanding, leading to one and zero notches of uplift,
respectively, from the bank's b2 adjusted BCA.

Bankia's long-term deposit and senior unsecured debt ratings
continue to benefit from one notch of government support uplift
despite Moody's revision of government support expectations to
"moderate" from "high".

-- Banco Sabadell S.A.

Banco Sabadell's deposit rating was upgraded by two notches to
Baa3 and its senior unsecured debt ratings by one notch to Ba1.
Concurrently, the bank's short-term deposit ratings were upgraded
to Prime-3 while its short-term debt ratings were affirmed at
Not-Prime. The rating action reflects (1) the affirmation of the
bank's BCA and adjusted BCA at ba3; (2) the Advanced LGF analysis
that provides two notches of uplift from the bank's adjusted BCA
of ba3 for the deposit ratings and one notch of uplift for the
senior unsecured debt ratings; and (3) the maintenance of one
notch of government support uplift.

The affirmation of Banco Sabadell's standalone ba3 BCA reflects
the bank's (1) resilient revenue generation capacity aided by its
SME franchise and acquisitive strategy; and (2) sound liquidity
profile. The bank's BCA is constrained by its weak, albeit
improving, asset-quality metrics and high weight of DTAs on its
capital, which results in a modest TCE ratio.

On March 24, 2015, Moody's affirmed Banco Sabadell's BCA to
reflect the bank's announcement on 20 March 2015 that it had
launched a cash offer for 100% of the capital of TSB Banking
Group plc (TSB, unrated), based in the UK (Aa1 stable). The
affirmation captured the rating agency's view that the combined
entity's standalone credit profile will remain resilient after
integrating TSB into Banco Sabadell.

Under Moody's Advanced LGF analysis, Banco Sabadell's long-term
deposit and senior unsecured debt ratings take into account their
very low and low loss-given-failure because of the group's high
volume of subordinated and senior unsecured debt outstanding,
leading to two notches and one notch of uplift, respectively,
from the bank's ba3 adjusted BCA.

Banco Sabadell's long-term deposit and senior unsecured debt
ratings continue to benefit from one notch of government support
uplift, despite Moody's revision of government support
expectations to "moderate" from "high".

-- Banco Popular Espa¤ol S.A. (Banco Popular)

The two-notch upgrade of Banco Popular's deposit rating to Ba1
and the one-notch upgrade of its senior unsecured debt ratings to
Ba2 reflect (1) the affirmation of the bank's BCA and adjusted
BCA at b1; (2) the Advanced LGF analysis that provides two
notches of uplift from the bank's adjusted BCA of b1 for the
deposit ratings and one notch of uplift for the senior unsecured
debt ratings; and (3) the maintenance of one notch of government
support uplift.

The affirmation of Banco Popular's standalone b1 BCA reflects the
bank's (1) strong franchise value in the SME market; (2) adequate
capital levels; and (3) improved liquidity profile. The bank's
BCA is constrained by its very weak, albeit stabilizing, asset-
quality metrics and depressed recurring earnings and high credit
costs that have weakened its bottom-line profitability.

Under Moody's Advanced LGF analysis, Banco Popular's long-term
deposit and senior unsecured debt ratings take into account their
very low and low loss-given-failure because of the bank's high
volume of debt outstanding, leading to two notches and one notch
of uplift, respectively, from the bank's b1 adjusted BCA.

Banco Popular's long-term deposit and senior unsecured debt
ratings continue to benefit from one notch of government support
uplift, despite Moody's revision of government support
expectations to "moderate" from "high".

-- Unicaja Banco S.A. (Unicaja)

The affirmation of Unicaja's long-term deposit ratings at Ba3
with a stable outlook and the downgrade of its senior unsecured
debt ratings to (P)B1 incorporate (1) the affirmation of the
bank's BCA and adjusted BCA at b1; (2) the Advanced LGF analysis
that provides one notch of uplift from the bank's adjusted BCA of
b1 for the deposit ratings and no uplift for the senior unsecured
debt ratings; and (3) reduced government support assumptions,
which lead to a removal of systemic support uplift.

The affirmation of Unicaja's standalone b1 BCA reflects the
bank's (1) sound liquidity profile underpinned by sizeable liquid
assets; (2) still-high level of problematic assets and modest
profitability, which nevertheless should improve as the
integration with Banco CEISS (unrated) gains momentum and starts
benefiting from the more benign domestic economic environment;
and (3) weak TCE-to-risk weighted assets (RWA) ratio, because of
the heavy burden of DTAs.

Under Moody's Advanced LGF analysis, Unicaja's long-term deposit
and senior unsecured debt ratings take into account their low and
moderate loss-given-failure because of the group's relatively
modest volume of subordinated and senior unsecured debt
outstanding, leading to one and zero notches of uplift,
respectively, from the bank's b1 adjusted BCA.

Moody's has lowered its government support assumptions for the
bank to "low", resulting in no support uplift for the debt and
deposit ratings, from "moderate" and one notch previously.

-- Ibercaja Banco S.A. (Ibercaja)

The one-notch downgrade of Ibercaja's long-term deposit rating to
B1 from Ba3 reflects (1) the affirmation of the bank's BCA at b1
and the adjusted BCA at the same level; (2) the Advanced LGF
analysis, which provides no uplift from the bank's adjusted BCA;
and (3) the reduced government support assumption, which lead to
a removal of systemic support uplift.

Ibercaja's affirmed standalone BCA of b1 reflects (1) the bank's
good franchise value in its home region of Aragon, which has been
reinforced after the integration of Banco Grupo Caja 3; and (2)
its favourable liquidity position, with modest refinancing
requirements and sizable liquid assets. However, the BCA is
constrained by Ibercaja's weakened financial profile following
its acquisition of Caja 3, which resulted in a lower risk-
absorption capacity for the combined entity to absorb further
asset-quality deterioration.

Under Moody's Advanced LGF analysis, Ibercaja's long-term deposit
ratings take into account their moderate loss-given-failure
because of the bank's relatively low volume of wholesale deposits
and subordination to it, leading to no uplift from the bank's b1
adjusted BCA.

Moody's reduced the government support assumption for Ibercaja to
"low" upon the expected implementation of resolution legislation,
leading to no government uplift for the deposit ratings, from
"moderate" and one notch previously.

The negative outlook on Ibercaja's deposit ratings indicates
negative rating pressure if the bank does not meet the
deleveraging expectations in terms of its substantial securities
portfolio, resulting in a higher-than-anticipated expected loss
severity in the event of a resolution.

-- Kutxabank S.A.

The one-notch downgrade of Kutxabank's deposit and senior
unsecured debt ratings to Ba2 with a stable outlook incorporates
the affirmation of the bank's BCA and adjusted BCA at ba2, the
Advanced LGF analysis that provides no uplift from the bank's
adjusted BCA of ba2 and the reduced government support
assumptions, leading to a removal of systemic support ratings
uplift.

In affirming Kutxabank's standalone ba2 BCA, Moody's reflects the
positive evolution of risk-absorption capacity that is
underpinned by (1) the bank's improving asset-quality metrics;
(2) its modest revenue generation capacity that should further
improve as Spain's economy consolidates its sound recovery; and
(3) the bank's sound liquidity profile. The affirmation also
reflects Kutxabank's high level of DTAs on its capital, which
results in a lower TCE-to-RWA compared with its strong regulatory
capital levels.

Under Moody's Advanced LGF analysis, Kutxabank's long-term
deposit and senior unsecured debt ratings take into account their
moderate loss-given-failure because of the group's modest volume
of subordinated and senior unsecured debt outstanding, leading to
no uplift, respectively, from the bank's ba2 adjusted BCA.

Moody's has lowered its government support assumptions for the
bank to "low", resulting in no support uplift for the debt and
deposit ratings, from "moderate" and one notch previously.

-- Bankinter, S.A.

Bankinter's deposit ratings were upgraded by two notches to Baa1
while its senior unsecured debt ratings were upgraded by one
notch to Baa2. These ratings carry a stable outlook.
Concurrently, the bank's short-term ratings were upgraded to
Prime-2. The rating actions incorporate (1) a one-notch upgrade
of the BCA and adjusted BCA to baa3; and (2) the Advanced LGF
analysis that provides two notches and one notch of uplift from
the bank's adjusted BCA respectively; thereby more than
offsetting (3) the reduced government support assumptions,
leading to a removal of systemic support ratings uplift.

Moody's upgraded Bankinter's standalone BCA to baa3, recognizing
the material improvement of the bank's credit-risk profile,
especially in terms of asset-risk metrics, which rank among the
strongest in the Spanish banking sector, as well as in terms of
capital adequacy. However, modest recurrent profitability and
high reliance on market funding, albeit both improving, constrain
the BCA.

Moody's Advanced LGF analysis provides two notches and one notch
of uplift from the bank's baa3 adjusted BCA for the long-term
deposit and senior unsecured debt ratings respectively, given the
very low and low loss-given-failure which reflects the high
volumes of respective liabilities and the amount of subordinated
debt.

Moody's reduced the government support assumption for Bankinter
to "low" upon the expected implementation of resolution
legislation, leading to no government uplift for the deposit
ratings, from "moderate" and one notch previously.

-- Abanca Corporacion Bancaria, S.A. (Abanca)

The confirmation of Abanca's long-term deposit ratings at Caa1
incorporates (1) a two-notch upgrade of the BCA and adjusted BCA
to b3, which offsets the outcome of (2) the Advanced LGF
analysis, resulting in a minus-one notch from the bank's adjusted
BCA; as well as (3) reduced government support assumptions,
leading to a removal of systemic support ratings uplift.

Moody's upgraded Abanca's standalone BCA to b3 from caa2
recognizing a material improvement of the bank's credit-risk
profile, especially in terms of asset-risk metrics and its
funding profile, on the back of ongoing deleveraging and sizeable
liquid assets. However, the bank's weak capital position
according to Moody's capital assessment, owing to the large
amount of DTAs, and its weak recurrent profitability continue to
constrain the b3 BCA.

Under Moody's Advanced LGF analysis, Abanca's long-term deposit
ratings take into account their high loss-given-failure because
of the bank's low volume of wholesale deposits and subordination
to it, leading to a minus-one notch from the bank's b3 adjusted
BCA.

Moody's reduced the government support assumption for Abanca to
"low" upon the expected implementation of resolution legislation,
leading to no government uplift for the deposit ratings, from
"moderate" and one notch previously.

The positive outlook of Abanca's deposit ratings reflects Moody's
expectations that the shrinkage of the balance sheet, observed in
recent periods, is likely to continue over the upcoming quarters,
resulting in lower loss-given-failure for the bank's deposits.

  -- Liberbank S.A.

The confirmation of Liberbank's long-term deposit ratings at B1
with a stable outlook and of its senior unsecured debt ratings at
(P)B1, incorporates (1) the one-notch upgrade of the BCA to b1;
(2) the Advanced LGF analysis that provides no uplift from the
bank's adjusted BCA of b1; which, together, offset (3) the
reduced government support assumptions, leading to a removal of
systemic support ratings uplift.

In upgrading Liberbank's standalone BCA to b1, Moody's reflects
the bank's improving asset-quality metrics and sound liquidity
profile. The BCA also incorporates Liberbank's modest recurring
earnings power, which should begin to yield benefits from Spain's
improving macroeconomic conditions. Liberbank's standalone BCA is
constrained by the weak TCE ratio, given the very high amount of
DTAs.

Under Moody's Advanced LGF analysis, Liberbank's long-term
deposit and senior unsecured debt ratings take into account their
moderate loss-given-failure because of the group's modest volume
of subordinated and senior unsecured debt outstanding, leading to
no uplift, respectively, from the bank's b1 adjusted BCA.

Moody's has lowered its government support assumptions for the
bank to "low", resulting in no support uplift for the debt and
deposit ratings, from "moderate" and one notch previously.

--- Caja Laboral Popular Cooperativa de Credito (Caja Laboral)

The confirmation of Caja Laboral's long-term deposit rating at
Ba1 incorporates (1) the affirmation of the bank's BCA and
adjusted BCA at ba1; as well as (2) the Advanced LGF analysis
that provides no uplift from the bank's adjusted BCA. Government
support assumptions for Caja Laboral remain low and are
unaffected by Moody's revised systemic support assumptions. As a
result, they continue to provide no ratings uplift.

The affirmation of Caja Laboral's standalone ba1 BCA reflects (1)
the bank's adequate local brand franchise in the Basque Country
and Navarre; (2) its adequate capitalization levels; and (3) its
sound retail deposit base and low reliance on wholesale funding.
The bank's BCA also reflects its high level of non-earning
assets -- albeit comparing favorably with the Spanish banking
system average -- and its historically modest profitability
levels.

Under Moody's Advanced LGF analysis, Caja Laboral's long-term
deposit rating takes into account its moderate loss-given-failure
because of the bank's low volume of wholesale deposits and
subordination to it, leading to no uplift from the bank's ba1
adjusted BCA.

--- Banco Cooperativo Espanol S.A. (BCE)

The one-notch upgrade of BCE's long-term deposit rating to Ba1
incorporates: (1) the upgrade of the bank's BCA to ba2 from ba3
and of the adjusted BCA to ba1 from ba3; (2) the Advanced LGF
analysis that provides no uplift from the bank's adjusted BCA;
which, together, more than offset (3) reduced government support
assumptions, leading to a removal of systemic support ratings
uplift.

The upgrade of BCE's standalone BCA to ba2 reflects (1) the
bank's moderate risk profile and diminished asset exposure to the
rural cooperatives sector - albeit its exposure to the Spanish
sovereign debt remains high, encompassing concentration and some
market risk; and (2) its adequate liquidity profile. The bank's
BCA is constrained by BCE's very high leverage because of its
role as service provider and its modest but stable profitability
levels.

BCE is owned by the 38 rural co-operatives amalgamated under the
Asociacion Espanola de Cajas Rurales (AECR; unrated) and by DZ
Bank AG (deposits/senior unsecured A1 on review for upgrade, BCA
baa2), based in Germany (Aaa stable). BCE's purpose is to provide
these rural co-operatives with a cost-effective comprehensive
range of financial services. Moody's believes there is a high
probability of support from these rural co-operatives associated
under the AECR, given BCE's role as central treasury provider for
this group of entities. As a result of the affiliate support
assessment, BCE's adjusted BCA is ba1, one notch above the bank's
BCA.

Under Moody's Advanced LGF analysis, BCE's long-term deposit
rating takes into account its moderate loss-given-failure because
of the bank's relatively low volume of wholesale deposits and
subordination to it, leading to no uplift from the bank's ba1
adjusted BCA.

Moody's has lowered its government support assumptions for the
bank to "low", resulting in no support uplift for the debt and
deposit ratings, from "moderate" and one notch previously.

-- Banca March, S.A.

Banca March's long-term deposit ratings were upgraded by two
notches to Baa1 with a stable outlook. Concurrently, the bank's
short-term deposit ratings were upgraded to Prime-2. The rating
actions incorporate (1) the affirmation of the bank's BCA and the
adjusted BCA (both at baa3); and (2) the Advanced LGF analysis
that provides two notches of uplift from the bank's adjusted BCA.
Government support assumptions for Banca March remain low and are
unaffected by Moody's revised systemic support assumptions. As a
result, they continue to provide no ratings uplift.

Moody's affirmation of Banca March's standalone BCA of baa3
reflects (1) the bank's well-established franchise in its home
region; (2) its strong liquidity profile and favorable asset-
quality indicators; and (3) its sound risk-absorption capacity,
supported by Moody's assessment of a strong capital base. The BCA
also reflects exposure to equity risk through its investment
vehicle, Corporacion Financiera Alba (Alba; unrated) and high
single-name concentrations. Although Alba's activities represent
a high exposure to equity risk, sizeable unrealised capital gains
mitigate this risk.

The upgrade of Banca March's deposit ratings takes into account
the very low loss-given-failure for the bank's wholesale deposits
under Moody's Advanced LGF analysis, because of the bank's
substantial volumes of deposits and subordination to it, leading
to two notches of uplift from the bank's baa3 adjusted BCA.

-- Cecabank, S.A.

Cecabank's long-term deposit ratings were upgraded by four
notches to Baa2 with a stable outlook. Concurrently, the short-
term deposit ratings were upgraded to Prime-2 from Not-Prime. The
rating actions incorporate (1) a three-notch upgrade of the BCA
and adjusted BCA to ba1 reflecting a sustained recovery in the
bank's performance following a successful strategic
reorientation; (2) the Advanced LGF analysis that provides two
notches of uplift from the bank's adjusted BCA; thereby more than
offsetting (3) the reduced government support assumptions,
leading to a removal of systemic support ratings uplift.

The upgrade of Cecabank's standalone BCA to ba1 from b1 reflects
the bank's success in the strategic reorientation of its business
model. Since 2011, the bank embarked on a business
transformation, focusing on the provision of independent
depositary and ancillary services to a widening group of clients.
The bank has been able to sign long-term depositary services
agreements with a large set of Spanish financial institutions,
thereby establishing itself as the third-largest service provider
in the country. The agreements provide Cecabank with a stable
source of earnings, allowing the bank to offset the decline in
other revenue lines. Other factors supporting the BCA upgrade are
Cecabank's satisfactory capitalization relative to its risk
profile and its comfortable liquidity position.

Under Moody's Advanced LGF analysis, Cecabank's long-term deposit
ratings take into account the very low loss-given-failure because
of the bank's very high volume of wholesale deposits, leading to
two notches of uplift from the bank's ba1 adjusted BCA.

Moody's reduced the government support assumption for Cecabank to
"low" upon the expected implementation of resolution legislation,
leading to no government uplift for the deposit ratings, from
"moderate" and one notch previously.

-- Caja Rural de Navarra (CRN)

The confirmation of CRN's long-term deposit rating at Baa3 with a
positive outlook incorporates (1) the affirmation of the bank's
BCA and adjusted BCA both at baa3; and (2) the Advanced LGF
analysis that provides no uplift from the bank's adjusted BCA.
Government support assumptions for CRN remain low and are
unaffected by Moody's revised systemic support assumptions. As a
result, they continue to provide no ratings uplift.

The affirmation of CRN's standalone baa3 BCA reflects the bank's
sound financial fundamentals, namely (1) its stronger asset-
quality performance compared with that of the banking system; (2)
its sound capitalization levels; (3) its stable retail deposit
base and low reliance on wholesale funding; and (4) the fact that
it mainly operates in Navarra, one of the wealthiest regions in
Spain. The bank's BCA also reflects CRN's modest (albeit
improving) profitability levels.

Under Moody's Advanced LGF analysis, CRN's long-term deposit
rating takes into account its moderate loss-given-failure because
of the bank's low volume of wholesale deposits and subordination
to it, leading to no uplift from the bank's baa3 adjusted BCA.

The outlook on CRN's deposit rating is positive to reflect the
upward pressure that could develop on the bank's ratings if the
improving trend of its credit fundamentals consolidates over the
next 12-18 months.

-- Bankoa, S.A.

The confirmation of Bankoa's deposit ratings at Baa3 with a
stable outlook incorporates (1) the affirmation of the bank's ba2
BCA and baa3 adjusted BCA, which incorporate unchanged affiliate
support assumptions from French Groupe Credit Agricole (GCA;
unrated); and (2) the Advanced LGF analysis that provides no
uplift from the bank's adjusted BCA. Government support
assumptions for Bankoa remain low and are unaffected by Moody's
revised systemic support assumptions. As a result, they continue
to provide no ratings uplift.

The affirmation of the standalone ba2 BCA reflects the bank's (1)
modest franchise; (2) parental funding reliance; and (3) low
risk-adjusted profitability and efficiency indicators. However,
the bank's predominantly retail operations, which ensure a high
degree of earnings recurrence, partly offset the abovementioned
negative features. Furthermore, the bank's asset-quality
indicators are good compared with those of its domestic peers,
and it derives benefits from its integration within the larger
GCA. Moody's believes that Bankoa benefits from a very high
probability of support from its ownership by GCA. As a result of
Moody's affiliate support assessment, the rating agency affirmed
Bankoa's adjusted BCA at baa3, two notches above its BCA.

Under Moody's Advanced LGF analysis, Bankoa's long-term deposit
ratings take into account their moderate loss-given-failure
because of the bank's relatively low volume of subordinated and
senior unsecured debt outstanding, leading to no uplift from the
bank's baa3 adjusted BCA.

-- ASSIGNMENT OF COUNTERPARTY RISK ASSESSMENTS

Moody's has also assigned CR Assessments to 20 Spanish banks. CR
Assessments are opinions of how counterparty obligations are
likely to be treated if a bank fails, and are distinct from debt
and deposit ratings in that they (1) consider only the risk of
default rather than expected loss and (2) apply to counterparty
obligations and contractual commitments rather than debt or
deposit instruments. The CR Assessment is an opinion of the
counterparty risk related to a bank's covered bonds, contractual
performance obligations (servicing), derivatives (e.g., swaps),
letters of credit, guarantees and liquidity facilities.

The CR Assessment takes into account the issuer's standalone
strength as well as the likelihood of affiliate and government
support in the event of need, reflecting the anticipated
seniority of these obligations in the liabilities hierarchy. The
CR Assessment also incorporates other steps that authorities can
take to preserve the key operations of a bank should it enter a
resolution.

For the 20 affected Spanish banks, the CR Assessments are
positioned, prior to government support, one to three notches
above the banks' adjusted BCAs, based on the cushion against
default provided to the senior obligations represented by the CR
Assessment by subordinated instruments. The main difference with
Moody's Advanced LGF approach used to determine instrument
ratings is that the CR Assessment captures the probability of
default on certain senior obligations, rather than expected loss,
therefore focusing purely on subordination and taking no account
of the volume of the instrument class.

For two of these banks (Bankia and Banco Popular), the CR
Assessments also benefit from government support in line with
Moody's support assumptions on deposits and senior unsecured
debt. This reflects Moody's view that any support that
governmental authorities provide to a bank and that benefits
senior unsecured debt or deposits is very likely to benefit
operating activities and obligations reflected by the CR
Assessment as well, consistent with Moody's belief that
governments are likely to maintain such operations as a going-
concern in order to reduce contagion and preserve a bank's
critical functions. The CR Assessments of 18 other banks do not
benefit from government support.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Upward rating momentum on most Spanish banks' ratings could be
driven by clear evidence that asset quality is improving, along
with a sustainable recovery in banks' recurring earnings and/or
improved quality of capital (with a lower weight of DTAs). Any
significant macroeconomic growth beyond Moody's central scenario
of 2.7% GDP growth in 2015 could further underpin signs of a
turnaround in the banks' performance. For Santander, SCF and
BBVA, any upward pressure on their ratings is unlikely as long as
the Spanish government's bond rating remains at Baa2.

Downward rating pressure on the banks' ratings could emerge if
(1) a broad deterioration of their financial fundamentals hinders
their ability to preserve their solvency levels; (2) operating
conditions worsen beyond Moody's current expectations; and/or (3)
their liquidity profiles deteriorate significantly.



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S W E D E N
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DOMETIC GROUP: S&P Raises CCR to 'B', Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services raised to 'B' from 'B-' its
long-term corporate credit rating on Dometic Group AB, a Sweden-
based manufacturer of leisure products.  The outlook is stable.

The upgrade reflects S&P's reassessment of Dometic's business
risk profile, stemming from its efforts to enhance product
quality and operating efficiency, especially in Europe.  S&P now
assess the business risk profile as "fair."  The group has built
on its regional organizational set-up started in 2013, which, in
S&P's view, better fits Dometic's profile, as a modestly sized
group by global standards with a broad product offering and
geographically diversified client base, although mainly in Europe
and the U.S. Furthermore, these improvements have been
complemented by acquisitions, strengthening Dometic's market
positions further. The divestment of the medical business has
also refocused operations and S&P therefore anticipates that the
group's financial measures will improve, while staying within the
"highly leveraged" financial risk profile category.

The stable outlook reflects S&P's expectation that Dometic should
continue to generate positive free operating cash flow and
maintain sufficient headroom to cover its debt-service costs.
S&P expects Standard & Poor's-adjusted FFO cash interest cover to
remain above 2.0x and adjusted debt to EBITDA to remain below 7x
and gradually improve.  S&P also anticipates that liquidity will
remain "adequate."

S&P could consider raising the ratings if Dometic sustainably
achieved FFO to debt of about 15%.  S&P currently views this as
remote, as it would require higher margins and growth as well as
material debt reduction.

S&P could lower the rating if any material shareholder-friendly
action were taken that would reduce Dometic's ability to service
its debt.  S&P could also lower the rating if an unexpectedly
sharp economic downturn in Europe or U.S. were to occur, or if
operating issues reappeared, squeezing the EBITDA margin to less
than 12.0%, resulting in FFO to cash interest below 2x.
Liquidity pressure or large debt-funded acquisitions could also
lead to a downgrade.



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S W I T Z E R L A N D
=====================


SK SPICE HOLDING: S&P Assigns Prelim. 'B' CCR, Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B'
long-term corporate credit rating to Switzerland-headquartered
specialty chemicals producer SK Spice Holding S.a.r.l.
(Archroma).  The outlook is stable.

At the same time, S&P assigned its preliminary 'B' issue rating
to Archroma's proposed US$220 million term loan A due 2020 and
US$220 million equivalent term loan B due 2021, in line with
S&P's preliminary corporate credit rating.  The preliminary
recovery rating is '3', indicating S&P's expectation of
meaningful (50%-70%) recovery.  S&P's recovery expectations are
in the higher half of this range.

All the ratings depend on S&P's review of the final transaction
documentation.  If S&P do not receive the final documentation
within a reasonable time frame, or if the final documentation
departs from materials S&P received, it reserves the right to
withdraw or revise its ratings.  Potential changes include, but
are not limited to, use of loan proceeds, maturity, size, and
conditions of the term loan, financial or other covenants,
security, and debt ranking.

The ratings reflect S&P's assessment of Archroma's business risk
profile as "weak" and its financial risk profile as "highly
leveraged," as S&P's criteria define these terms.

Archroma is a specialty chemicals producer for the textile,
paper, and emulsions sectors, with about US$1.4 billion in sales.
In S&P's view, the company is mainly exposed to end markets with
below-average growth prospects, such as the textile and paper
industries.  These markets are highly competitive and partly
oversupplied, which is indicated by Archroma's only modest
capacity utilization rates and profitability that is below
average compared with the wider specialty chemicals industry
(with a mid-single-digit EBITDA margin).  In addition, the
company faces a high risk of substitution in some of its
products.

On the positive side, Archroma commands leading market shares in
several more attractive and somewhat higher growth niches of the
textile and paper chemicals industry, its sales are well
diversified in terms of customers and geographies, with a strong
footprint in the higher-growth Asian markets.  Archroma's
acquisition of BASF's textile chemicals business, with sales of
US$190 million, was announced on Oct. 16, 2014.  S&P sees it as
beneficial for the business risk profile, as it increases
Archroma's market share and product portfolio and strengthens its
technological edge.  In addition, as no production assets will be
transferred in the BASF textile chemicals transaction, the
utilization rate of Archroma's own production assets should
improve.  Finally, S&P recognizes that the company's application
know-how and customer specification should help protect its
position in the value chain.

As Archroma started operation on Oct. 1, 2013, after acquiring
assets from Clariant, its operating performance track record is
short.  S&P recognizes that management is constantly improving
the company's structure by implementing synergies between the
three business lines -- textiles, paper, and emulsions -- as well
as focusing on cost reduction in selling, general, and
administrative (SG&A) expenses.  Management expects improved
margins to result over the next few years.

Archroma's credit measures lead to S&P's "highly leveraged"
financial risk profile assessment:  S&P forecasts adjusted debt
to EBITDA of 7.8x in the year ending Sept. 30, 2015 (6.3x pro
forma the BASF textile chemicals acquisition), due to high
restructuring- and acquisition-related costs.  S&P includes about
US$90 million of debt adjustments, mainly pensions and operating
leases, to arrive at our adjusted debt amount of about US$550
million following closing of the BASF textile chemicals
transaction.  The company's interest coverage is strong for the
rating, with EBITDA covering interest by more than 3x in 2015
(pro forma the acquisition).  S&P expects adjusted debt to EBITDA
to improve to 5x-6x in fiscal 2016 (ending Sept. 30, 2016),
mainly due to improved free operating cash flow (FOCF).  S&P
forecasts FOCF at about US$25 million in 2015, which could
improve to US$35 million per year from 2017, once restructuring
eases, based on relatively low recurring capital expenditures (2%
of sales per year).

The stable outlook reflects S&P's view that Archroma will
successfully integrate the BASF textile chemicals business,
improve its profitability through cost optimization and
efficiency measures, and gradually reduce its adjusted debt-to-
EBITDA ratio to the lower part of the 5x-6x range by Sept. 30,
2016, which S&P views as commensurate with the current rating
level.

S&P could raise the rating if Archroma improves and sustains its
adjusted debt-to-EBITDA ratio below 5x, with EBITDA over $120
million following the successful integration of BASF textile
chemicals.  An upgrade would also be dependent on the company
improving FOCF generation as a result of higher profitability and
easing restructuring charges.

If Archroma's adjusted debt-to-EBITDA ratio remained above 6x --
for example, because of unexpected acquisitions or shareholder
distributions -- or if its liquidity deteriorated, S&P could
consider a downgrade.



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


UKRAINE: Gives Creditors Few Weeks to Accept Debt Writedown
------------------------------------------------------------
Daryna Krasnolutska, Marton Eder and Lyubov Pronina at Bloomberg
News report that Ukraine is giving its creditors a few weeks to
accept a proposal submitted on June 19 to restructure US$19
billion of debt before imposing a moratorium on payments.

According to Bloomberg, a person familiar with the talks said the
offer involves a 40% reduction in the face value of sovereign
bonds.

The nation's US$1.25 billion of notes due April 2023 are headed
for their worst week since March as the government struggles to
bridge a divide with bondholders who insist avoiding a so-called
haircut is the best way to avoid alienating future investors,
Bloomberg relays.

"The moratorium threat is quite credible," Bloomberg quotes
Giuliano Palumbo, a Milan-based money manager who helps oversee
US$3 billion in emerging-market debt for Arca SGR, including
Ukrainian bonds, as saying by e-mail.  "Hopefully, this could
accelerate the process."

Finance Minister Natalie Jaresko said the proposal submitted on
June 19 is based on the nation's worsening economic outlook after
the International Monetary Fund downgraded its recession forecast
for this year to 9% from 5.5%, Bloomberg relates.

She didn't specify the size of the writedown being sought, but
said the offer includes a "substantial" haircut, coupon
reductions and maturity extensions, Bloomberg notes.  She said
the government plans to honor a coupon payment due to Russia, its
second biggest creditor, on June 22, Bloomberg relays.

Ukraine is also proposing a "value-recovery instrument" that
would be applicable if the situation "significantly and durably"
improves beyond projections set out in a US$17.5 billion IMF loan
program, the Finance Ministry, as cited by Bloomberg, said in an
e-mailed statement.

The plan "will ensure Ukraine cuts its debt burden to acceptable
levels," Bloomberg quotes Ms. Jaresko as saying.  "If there is no
real progress in talks in near future, if creditors do not use
the last chance to reach an accord, Ukraine have a full moral and
legal right to take a decision" on a moratorium.



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


LM U.S.: Moody's Affirms 'B3' Corporate Family Rating
-----------------------------------------------------
Moody's Investors Service has affirmed the debt ratings of LM
U.S. Member LLC, including the B3 corporate family rating, the B2
senior secured ratings, and the Caa2 second lien term loan
rating, but changed the rating outlook to negative from stable.

Issuer: LM U.S. Member LLC

Outlook changed:

  Rating Outlook, to Negative from Stable

Ratings affirmed:

  Corporate Family Rating, B3

  Probability of Default, B3-PD

  $110 million first lien revolving credit facility due 2018,
  B2 (LGD 3)

  $620 million first lien term loan due 2019, B2 (LGD 3)

  $25 million first lien term loan due 2019, B2 (LGD 3)

  $265 million second lien term loan due 2020, Caa2 (LGD 5)

RATINGS RATIONALE

The negative outlook reflects Moody's concerns about weaker than
expected cash flow generation coupled with an aggressive
acquisition strategy which elevates integration and execution
risk.

The B3 corporate family rating (CFR) reflects a highly leveraged
balance sheet (Moody's adjusted Debt-to-EBITDA of about 7.0x), an
aggressive financial policy and weaker than expected cash flows.
The rating incorporates our expectation that acquisitions will
continue to be a core part of Landmark's operating strategy and
that the company's growth ambitions will continue to involve
multiple acquisitions each year, a portion of which will likely
be debt-financed. We view this acquisition strategy as aggressive
and believe it exposes Landmark to significant integration and
execution risk while also constraining budgeting and working
capital visibility. The rating recognizes Landmark's growing
scale and its position as one of the leading providers of FBO
services in the US as well as expectations of favorable
conditions in general aviation which should support moderate
growth over the intermediate term. The long-term nature of
Landmark's airport contracts (average duration of 10 to 30 years)
along with the company's incumbency position as a sole or duel
FBO supplier for the majority of its locations also add support
to the rating.

A ratings upgrade is unlikely in the near-term given the
company's highly leveraged balance sheet and weaker than expected
cash flow profile. An upward rating action would be driven by
Debt-to-EBITDA remaining below 6.0x, FCF-to-Debt sustained in the
mid-to-high single-digits and a good liquidity profile.

The ratings could be downgraded if Debt-to-EBITDA were sustained
above 7.5x or if cash flow generation were to remain weak in 2015
such that free cash flows were near or below zero. Continued
reliance on the revolving credit facility or a further weakening
of the liquidity profile would also pressure the rating downward.

The principal methodology used in these ratings was Global
Aerospace and Defense Industry published in April 2014. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Headquartered in Houston, TX, Landmark Aviation operates 68 bases
for general aviation services across North America and Western
Europe. Principal offerings include refueling, light maintenance
and repair of private jets, replacement parts as well as airplane
parking, hangar and chartering on behalf of owners. Revenues for
the twelve months ended March 2015 were about $750 million.


MINT 2015: S&P Assigns 'BB+' Ratings to Two Note Classes
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its credit ratings to
Mint 2015 PLC's class GBP-A through F and class EUR-A through E
commercial mortgage-backed floating-rate notes.  At closing, Mint
2015 also issued unrated class GBP-X and EUR-X notes.

The notes are secured on U.K. and Dutch commercial mortgage loans
that JPMorgan Chase Bank, N.A., London Branch (JPMorgan)
originated in December 2014.  JPMorgan made the loans under a
single agreement, and provided further mezzanine loans equivalent
to GBP100 million, to refinance debt incurred in 2011 by private
equity funds sponsored by The Blackstone Group (Blackstone) when
Blackstone acquired the Mint portfolio, which comprised eight
hotels.

Five of the hotels in the initial Mint portfolio, located in
major regional U.K. towns and cities, were sold before this
securitization was launched.  The portfolio now consists of three
purpose-built Hilton-branded four-star hotels with an appraised
market value equivalent to approximately GBP632 million.  Two
hotels are located in central London (1,043 rooms), with one
hotel located in Amsterdam (557 rooms).

Previously trading under the Mint Hotels or City Inn brands, the
portfolio was rebranded to DoubleTree by Hilton in 2012.  All of
the hotels were built in the last 12 years and are run under 20-
year management agreements by Hilton subsidiaries.  The three
remaining hotels have traded successfully after Blackstone
acquired the portfolio, as their net cash flow increased by 43%
to GBP38.0 million in 2014 from GBP26.7 million in 2012.
Occupancy increased to 83.5% from 77.6% over that same time.

Both the senior and mezzanine loans are split into pound-
sterling- and euro-denominated loans that rank pari passu with
each other. The senior loans are cross-collateralized and cross-
defaulted, but they are constructed so the pound sterling loan
receives pound sterling cash flows from the London hotels and the
euro loan receives euro cash flows from the Amsterdam hotel.  In
turn, the issuer uses funds received under each currency loan to
pay its notes of that currency.

The loans have a three-year term that can be extended for a
further year on two occasions.  The loans are floating-rate,
interest-only, and fully hedged via interest rate caps.  The
senior loan-to-value (LTV) ratio is 59.2%.  The senior loans
default if the LTV ratio or interest coverage ratio (ICR) is
greater than 75% or less than 1.25x, respectively.

S&P analyzed the pound sterling and euro loans and collateral
individually.  Under a 'B' (or "expected case") rating scenario,
S&P considered that: The two London hotels, DoubleTree by Hilton
Tower of London and DoubleTree by Hilton Westminster, can sustain
net cash flows of GBP23.8 million, implying an initial ICR of
about 1.6x at the capped rate; and The DoubleTree by Hilton
Amsterdam can sustain a net cash flow of EUR13.1 million,
implying an initial ICR of 1.8x at the capped rate.

S&P's net recovery rates for the London and Amsterdam hotels are
about GBP376.1 million and EUR189.3 million, respectively; these
recovery values represent a 15.8% and 18.7% haircut (discount),
respectively, to their reported market values.

S&P evaluated the underlying real estate collateral securing the
loans in order to generate these expected case values.  S&P
assumed that a real estate work-out would be required throughout
the five-year tail period needed to repay noteholders if the
borrower were to default.  The tail period is the period between
the final expected maturity date of the loans and the
transaction's final maturity date.  S&P then determined the
recovery proceeds for the loans by applying a recovery proceeds
rate at each rating category.  This analysis begins with the
adoption of base market value declines and recovery rate
assumptions for different rating levels.  At each rating
category, S&P adjusted the base recovery rates to reflect
specific property, loan, and transaction characteristics.

S&P compared the derived recovery proceeds of each loan with the
capital structure of each corresponding currency series.
Following S&P's credit analysis, it considers the available
credit enhancement for each class of notes to be commensurate
with its assigned ratings.

RATINGS LIST

Mint 2015 PLC
EUR131.0 Million, GBP251.1 Million
Commercial Mortgage-Backed Floating-Rate Notes

Class    Rating              Amount
                           (mil. GBP)

GBP-A    AAA (sf)            109.3
GBP-B    AA (sf)              42.0
GBP-C    AA- (sf)             14.3
GBP-D    BBB+ (sf)            48.8
GBP-E    BBB- (sf)            29.3
GBP-F    BB+ (sf)              7.5
GBP-X1   NR                    N/A
GBP-X2   NR                    N/A
EUR-A    AAA (sf)             54.8
EUR-B    AA (sf)              21.9
EUR-C    A (sf)               21.9
EUR-D    BBB- (sf)            26.3
EUR-E    BB+ (sf)              6.0
EUR-X1   NR                    N/A
EUR-X2   NR                    N/A

NR--Not rated.
N/A--Not applicable.


SKIPTON BUILDING: Moody's Lifts Pref. Stock Rating to Ba2(hyb)
--------------------------------------------------------------
Moody's Investors Service upgraded Skipton Building Society's
Pref. Stock non-cumulative rating to Ba2(hyb) from Ba3(hyb) and
simultaneously withdrawn the outlook.

This rating action follows the action taken earlier this month on
Skipton and other UK banks and building societies, when Moody's
concluded the review related to the new bank rating methodology
implementation.

RATINGS RATIONALE

Following the acquisition of Scarborough Building Society, its
Permanent Interest Bearing Shares (PIBS) were assumed by Skipton
and as such, they are registered as liabilities. Moody's
classifies the PIBS as preferred non-cumulative shares given
their specific characteristics.

Following the upgrade of Skipton's BCA upgrade to baa2 from baa3
on June 5, Moody's decided to upgrade the rating of this
instrument to Ba2(hyb) from Ba3(hyb).

Moody's has also withdrawn the outlook of the Pref Stock non-
cumulative rating for its own business reasons. Outlooks, which
provide an opinion on the likely rating direction over the medium
term, are now assigned only to long-term deposit and senior
unsecured debt ratings.

What Could Change the Rating UP/DOWN

The rating on preferred non-cumulative shares is driven by
Skipton's BCA. The BCA could move up if Skipton is able to (1)
achieve further improvements in asset quality; (2) maintain sound
profitability metrics despite competitive pressure; (3) abstain
from making further investments in subsidiaries not aligned with
their core mortgage and savings business; while maintaining (4)
solid capital levels.

Skipton's BCA could be lowered following (1) any material
deterioration in asset quality and profitability (2) difficulties
at one of Skipton's major subsidiaries, especially Connells,
leading to a drain on resources (either financial or managerial)
away from the core lending franchise.

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



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


* BOND PRICING: For the Week June 15, 2015 to June 19, 2015
-----------------------------------------------------------

Issuer               Coupon   Maturity  Currency   Price
------               ------   --------  --------   -----
Ukreximbank Via Bi    8.38    7/27/2015    USD    75.50
Alcatel-Lucent        4.25     7/1/2018    EUR     3.84
OAS Investments Gm    8.25   10/19/2019    USD    17.00
Heckler & Koch Gmb    9.50    5/15/2018    EUR    74.39
Heta Asset Resolut    4.38    1/24/2017    EUR    59.13
Ukraine Government    9.25    7/24/2017    USD    45.75
Brunswick Rail Fin    6.50    11/1/2017    USD    60.00
Far East Capital L    8.00     5/2/2018    USD    53.50
Metinvest BV          8.75    2/14/2018    USD    60.75
Ukreximbank Via Bi    8.75    1/22/2018    USD    67.13
QGOG Constellation    6.25    11/9/2019    USD    72.76
Alcatel-Lucent        0.13    1/30/2020    EUR     4.59
Avangardco Investm   10.00   10/29/2015    USD    46.98
Oschadbank Via SSB    8.25    3/10/2016    USD    66.00
Metinvest BV         10.25    5/20/2015    USD    68.75
Hellenic Republic     5.00    3/11/2019    EUR    64.25
NBG Finance PLC       4.38    4/30/2019    EUR    63.34
Heta Asset Resolut    4.25   10/31/2016    EUR    59.00
Takko Luxembourg 2    9.88    4/15/2019    EUR    48.50
Ukraine Government    4.95   10/13/2015    EUR    45.00
Privatbank CJSC Vi    9.38    9/23/2015    USD    65.38
Ukraine Government    6.88    9/23/2015    USD    50.75
Ukraine Railways v    9.50    5/21/2018    USD    58.25
Piraeus Group Fina    5.00    3/27/2017    EUR    68.63
Alpha Credit Group    3.38    6/17/2017    EUR    71.21
Oschadbank Via SSB    8.88    3/20/2018    USD    65.00
HSH Nordbank AG/Lu    2.64                 EUR    35.70
Aegon NV              0.39                 EUR    72.91
Tonon Luxembourg S   10.50    5/14/2024    USD    44.50
UKRLANDFARMING PLC   10.88    3/26/2018    USD    53.97
DTEK Finance PLC      7.88     4/4/2018    USD    48.25
Public Power Corp     5.50     5/1/2019    EUR    71.92
Heta Asset Resolut    2.75    5/31/2016    CHF    58.00
Norske Skogindustr    7.00    6/26/2017    EUR    70.02
Norwegian Energy C    6.50     3/6/2018    NOK    59.63
Singulus Technolog    7.75    3/23/2017    EUR    42.25
Nordea Bank AB        0.70                 EUR    74.77
Iona Energy Co UK    12.50    9/27/2018    USD    32.00
Asya Sukuk Co Ltd     7.50    3/28/2023    USD    62.00
Hellenic Railways     4.68   10/29/2015    EUR    70.13
Ukraine Government    7.80   11/28/2022    USD    45.25
EXIM of Ukraine CJ    5.79     2/9/2016    USD    50.06
First Ukrainian In   11.00   12/31/2018    USD    50.82
Public Power Corp     4.75     5/1/2017    EUR    74.00
Bank of New York M    4.55   12/15/2050    EUR    66.50
Peugeot SA            4.45     1/1/2016    EUR    29.37
Indo Energy Financ    6.38    1/24/2023    USD    65.88
WPE International    10.38    9/30/2020    USD     6.25
HSH Nordbank AG       7.25                 USD    43.86
ERB Hellas PLC        4.25    6/26/2018    EUR    63.00
Virgolino de Olive   10.50    1/28/2018    USD     3.66
CHC Helicopter SA     9.38     6/1/2021    USD    65.06
City of Kyiv Via K    9.38    7/11/2016    USD    46.25
OGX Austria GmbH      8.50     6/1/2018    USD     0.29
Banco Espirito San    7.13   11/28/2023    EUR     9.00
Privatbank CJSC Vi   10.88    2/28/2018    USD    60.02
AXA SA                0.54                 EUR    72.47
AXA SA                0.85                 EUR    73.93
Metinvest BV         10.50   11/28/2017    USD    59.65
City of Kiev Ukrai    8.00    11/6/2015    USD    48.00
Paragon Offshore P    6.75    7/15/2022    USD    42.25
Afren PLC             6.63    12/9/2020    USD    44.00
Afren PLC            10.25     4/8/2019    USD    44.00
Yuksel Insaat AS      9.50   11/10/2015    USD    68.75
Athens Urban Trans    4.85    9/19/2016    EUR    68.13
Hellenic Republic     5.80    7/14/2015    JPY    73.88
Oesterreichische V   10.00                 EUR     0.71
Banque Federative     1.02                 EUR    63.13
Far East Capital L    8.75     5/2/2020    USD    44.00
ING Groep NV          0.45                 EUR    71.96
Commercial Bank Pr    5.80     2/9/2016    USD    36.63
Banca delle Marche    0.99     6/1/2017    EUR    49.75
Afren PLC            11.50     2/1/2016    USD    43.00
Hema Bondco II BV     8.50   12/15/2019    EUR    65.96
Paragon Offshore P    7.25    8/15/2024    USD    42.00
Mriya Agro Holding    9.45    4/19/2018    USD    11.01
Ukraine Government    6.58   11/21/2016    USD    45.50
Credit Agricole SA    0.71                 EUR    64.48
OSX 3 Leasing BV     13.00    3/20/2015    USD    59.25
Ukraine Government    6.25    6/17/2016    USD    45.50
Financing of Infra    9.00    12/7/2017    USD    44.00
IMMOFINANZ AG         4.25     3/8/2018    EUR     4.77
Oesterreichische V    0.89   11/28/2016    EUR    50.50
ING Groep NV          0.85                 EUR    73.87
SOITEC                6.75    9/18/2018    EUR     1.60
Bank of New York M    4.26   12/30/2099    EUR    33.00
Ukraine Government    7.95    2/23/2021    USD    45.00
Econocom Group SA/    1.50    1/15/2019    EUR    11.33
Aegon NV              4.16                 NLG    69.93
Depfa Funding II L    6.50                 EUR    60.09
Ekotechnika GmbH      9.75    5/10/2018    EUR    11.25
Etablissements Mau    1.63     7/1/2019    EUR    15.49
CGG SA                1.25     1/1/2019    EUR    27.46
Rothschilds Contin    0.96                 EUR    57.35
Hellenic Republic     2.09    7/25/2057    EUR    16.63
Heta Asset Resolut    0.10    5/31/2016    EUR    58.90
Caixa Terrassa Soc    1.43                 EUR    64.78
Santander Internat    2.00                 USD    48.00
Faurecia              3.25     1/1/2018    EUR    42.76
Phones4u Finance P    9.50     4/1/2018    GBP    31.88
Hellenic Republic     5.20    7/17/2034    EUR    56.75
Depfa Funding III     1.72                 EUR    57.91
Russian Standard B   11.50    1/17/2024    USD    58.00
CNP Assurances        0.53                 EUR    64.99
Norske Skog Holdin    8.00    2/24/2021    EUR    68.13
Air France-KLM        2.03    2/15/2023    EUR    11.46
Codere Finance Lux    8.25    6/15/2015    EUR    63.88
Hellenic Railways     4.03    3/17/2017    EUR    67.63
Danske Bank Oyj       0.73                 EUR    65.08
Hellenic Republic     5.00    8/22/2016    JPY    66.25
Phosphorus Holdco    10.00     4/1/2019    GBP     1.94
Banque Federative     0.83                 EUR    62.98
Transcapitalbank J    7.74    7/18/2017    USD    73.50
Santander Finance     0.62                 EUR    68.28
Ukraine Government    6.75   11/14/2017    USD    45.25
Pescanova SA          5.13    4/20/2017    EUR     3.00
HSBC Bank PLC         0.75                 USD    60.86
BNP Paribas Fortis    2.03                 EUR    74.62
Meyer Burger Techn    4.00    9/24/2020    CHF    68.72
Capital Raising Gm    7.50                 EUR    11.83
Piraeus Group Fina    1.85    7/20/2016    EUR    64.55
NIBC Bank NV          0.67                 EUR    56.13
Sydbank A/S           1.22                 EUR    64.52
Banca delle Marche    1.18    6/15/2016    EUR    47.75
Meyer Burger Techn    5.00    5/24/2017    CHF    71.27
Eurobank Ergasias     1.64     6/8/2017    EUR    45.80
Virgolino de Olive   10.88    1/13/2020    USD    25.50
NTRP Via Interpipe   10.25     8/2/2017    USD    25.38
OGX Austria GmbH      8.38     4/1/2022    USD     0.30
Rothschilds Contin    0.69                 USD    52.39
Hellenic Railways     5.01   12/27/2017    EUR    68.75
ESFIL-Espirito San    5.25    6/12/2015    EUR     2.65
Renaissance Credit   13.50    5/22/2019    USD    65.38
Virgolino de Olive   11.75     2/9/2022    USD     1.13
Norshore Atlantic    12.00   12/21/2018    USD    55.02
Tonon Luxembourg S   10.50    5/14/2024    USD    35.00
HSBC Bank PLC         0.69                 USD    60.78
Credit Mutuel Arke    0.86                 EUR    61.12
NIBC Bank NV          2.13                 USD    65.79
Banco Espirito San    2.67                 EUR    11.38
Assystem              4.50                 EUR    28.39
Vseukrainsky Aktsi    9.00    6/14/2019    USD     1.94
Nexity SA             0.63     1/1/2020    EUR    49.83
BPCE SA               0.54                 EUR    62.67
Depfa Funding IV L    5.03                 EUR    60.09
Talvivaara Mining     4.00   12/16/2015    EUR     0.81
Mriya Agro Holding   10.95    3/30/2016    USD     9.95
Aralco Finance SA    10.13     5/7/2020    USD     9.10
Praktiker AG          5.88    2/10/2016    EUR     0.12
Jasper Explorer PL   13.50    5/27/2016    USD     5.38
Lambay Capital Sec    6.25                 GBP     1.36
BLT Finance BV        7.50    5/15/2014    USD     5.25
Hellenic Republic     6.14    4/14/2028    EUR    68.13
Island Drilling Co    9.50     4/3/2018    USD    56.63
Ageasfinlux SA        1.40                 EUR    64.05
DF Deutsche Forfai    7.88    5/27/2020    EUR    58.50
Jyske Bank A/S        0.98                 EUR    65.67
Hellenic Republic     5.25     2/1/2016    JPY    65.00
Scandinavian Airli    2.38                 CHF    32.13
Noreco Norway AS      6.50     3/6/2018    NOK    55.88
OAS Investments Gm    8.25   10/19/2019    USD    15.25
Orco Property Grou    7.00    11/7/2019    EUR    74.00
Orpea                 1.75     1/1/2020    EUR    66.70
Paragon Offshore P    7.25    8/15/2024    USD    41.00
Paragon Offshore P    6.75    7/15/2022    USD    41.00
HSBC Bank PLC         0.60                 USD    60.77
Astana Finance BV     7.88     6/8/2010    EUR    12.50
Pescanova SA          8.75    2/17/2019    EUR     3.00
Cooperatieve Centr    0.50   11/26/2021    ZAR    55.47
Hellenic Republic     4.50     7/3/2017    JPY    65.25
Heta Asset Resolut    0.76    1/24/2017    EUR     3.26
Finance and Credit    9.25    1/25/2019    USD    10.00
Virgolino de Olive   10.88    1/13/2020    USD    11.00
Financing of Infra    7.40    4/20/2018    USD    43.50
Pierre & Vacances     3.50    10/1/2019    EUR    38.07
Espirito Santo Fin    6.88   10/21/2019    EUR     0.09
ATF Capital BV       10.00                 USD    65.63
Oesterreichische V    9.00    7/26/2018    EUR    48.75
Takko Luxembourg 2    7.01    4/15/2019    EUR    45.46
Nexans SA             4.00     1/1/2016    EUR    55.17
Dexia Credit Local    4.30                 EUR     5.88
Hellenic Republic     4.50    11/8/2016    JPY    65.63
BNP Paribas SA        0.48                 USD    61.50
Caisse Federale du    1.17                 EUR    61.00
International Indu    9.00     7/6/2011    EUR     0.70
Hellenic Railways     4.50    12/6/2016    JPY    68.88
Ukraine Railways v    9.50    5/21/2018    USD    40.00
Banco Espanol de C    0.61                 EUR    67.55
Corporate Commerci    8.25     8/8/2014    USD     2.87
PA Resources AB      13.50     3/3/2016    SEK     4.63
Ajecorp BV            6.50    5/14/2022    USD    69.50
Pohjola Bank Oyj      0.64                 EUR    69.47
TAG Immobilien AG     6.50   12/10/2015    EUR    11.91
Koninklijke Luchtv    0.75                 CHF    30.10
Le Noble Age          4.88     1/3/2016    EUR    18.87
National Westminst    0.63                 USD    63.00
Financing of Infra    8.38    11/3/2017    USD    44.00
Hybrid Raising Gmb    6.63                 EUR    12.13
Global PVQ SE         6.75   10/21/2015    EUR     0.94
Espirito Santo Fin    3.13    12/2/2018    EUR     2.00
Laurel GmbH           7.13   11/16/2017    EUR    35.75
Breeze Finance SA     6.71    4/19/2027    EUR    44.00
RENE LEZARD Mode G    7.25   11/25/2017    EUR    33.71
International Indu   11.00    2/19/2013    USD     0.70
Belfius Bank SA/NV    2.05                 FRF    55.00
Virgolino de Olive   10.50    1/28/2018    USD     1.10
Petrol AD             8.38    1/26/2017    EUR    25.00
Metinvest BV          8.75    2/14/2018    USD    40.25
Astana Finance BV     9.00   11/16/2011    USD    12.50
JZ Capital Partner    6.00    7/30/2021    GBP    11.00
Cirio Holding Luxe    6.25    2/16/2004    EUR     2.14
Hellenic Republic     5.25     2/1/2016    JPY    65.00
IM Skaugen SE         9.60    6/30/2016    NOK    50.01
BOA Offshore AS       8.04   12/18/2018    NOK    69.38
Kezizalog Zrt         7.75    10/1/2018    EUR     7.53
BDT Media Automati    8.13    10/9/2017    EUR    58.38
Songa Offshore        7.50   12/11/2018    NOK    73.88
Lehman Brothers UK    5.75                 EUR     0.01
SNS Bank NV          11.25                 EUR     0.85
SNS Bank NV           6.25   10/26/2020    EUR     2.42
Heta Asset Resolut    0.14    5/31/2016    EUR    54.38
Heta Asset Resolut    4.35    11/3/2016    EUR     3.29
Barclays Bank PLC     1.56                 GBP    71.10
Commerzbank Holdin    0.75                 USD    59.59
Air Berlin Finance    1.50    4/11/2027    EUR    75.00
Jyske Bank A/S        0.74                 EUR    65.65
Afren PLC            10.25     4/8/2019    USD    42.00
MS Deutschland Bet    6.88   12/18/2017    EUR    16.00
Brunswick Rail Fin    6.50    11/1/2017    USD    41.02
Rena GmbH             8.25    7/11/2018    EUR     8.63
Societe Air France    2.75     4/1/2020    EUR    20.58
Hellenic Bank PCL    10.00                 EUR    50.00
Windreich GmbH        6.50    7/15/2016    EUR    10.88
Far East Capital L    8.00     5/2/2018    USD    53.50
Nordea Bank Norge     0.56                 USD    63.17
PA Resources AB      12.25     4/5/2016    NOK     4.91
OGX Austria GmbH      8.50     6/1/2018    USD     0.01
APP International    11.75    10/1/2005    USD     0.01
Norske Skog Holdin    8.00    2/24/2023    USD    64.25
Barclays Bank PLC     0.63                 USD    60.50
Ukraine Government    5.00   12/20/2015    USD    51.13
Banco Comercial Po    5.00                 EUR    67.00
Lloyds Bank PLC       0.60                 USD    62.58
Virgolino de Olive   11.75     2/9/2022    USD     1.10
Pescanova SA          6.75     3/5/2015    EUR     3.33
Etablissements Mau    7.13    7/31/2015    EUR    13.42
Dannemora Mineral    11.75    3/22/2016    USD     0.67
Bank of Scotland P    0.63                 USD    62.46
Den Norske Creditb    0.53                 USD    61.88
Lehman Brothers UK    5.13                 EUR     0.03
Golden Gate AG        6.50   10/11/2014    EUR    37.10
Popular Capital SA    0.70                 EUR    59.00
Kaupthing Bank Hf     7.63    2/28/2015    USD    14.13
Talvivaara Mining     9.75     4/4/2017    EUR     0.04
friedola Gebr Holz    7.25    4/11/2017    EUR    41.75
Societe Generale S    0.44                 USD    61.50
Raiffeisenlandesba    4.40    4/17/2024    EUR    72.75
Mox Telecom AG        7.25    11/2/2017    EUR     2.55
Metinvest BV         10.25    5/20/2015    USD    65.50
Barclays Bank PLC     0.63                 USD    60.58
QGOG Constellation    6.25    11/9/2019    USD    63.00
More & More AG        8.13    6/11/2018    EUR    48.75
Mechel                8.40    5/27/2021    RUB    57.01
GNB - Cia de Segur    3.53                 EUR    67.90
Dexia SA              4.89                 EUR     8.75
Heta Asset Resolut    1.91    9/29/2016    JPY    49.00
Heta Asset Resolut    5.92    2/22/2022    EUR     2.00
Afren PLC             6.63    12/9/2020    USD    46.25
Cirio Finance Luxe    7.50    11/3/2002    EUR     8.25
Barclays Bank PLC     1.18    3/21/2033    USD    68.50
Banco Pinto & Sott    1.08                 EUR    11.00
Hellenic Railways     4.50    12/6/2016    JPY    68.88
EDOB Abwicklungs A    7.50     4/1/2012    EUR     0.76
Sidetur Finance BV   10.00    4/20/2016    USD    13.00
TGC-2 OJSC           12.00   10/10/2018    RUB    70.35
Alpha Credit Group    1.70     2/1/2017    EUR    42.30
IKB Deutsche Indus    5.63    3/31/2017    EUR    19.55
Lehman Brothers Tr    8.25    3/16/2035    EUR     4.81
Dexia Kommunalbank    4.88   12/31/2016    EUR    20.00
Kaupthing Bank Hf     9.00                 USD     0.13
Hellenic Republic     5.00    8/22/2016    JPY    65.50
Lloyds Bank PLC       0.44                 USD    62.39
Barclays Bank PLC     1.44    3/28/2033    USD    68.78
AgroGeneration        8.00     4/1/2019    EUR    66.00
SiC Processing Gmb    7.13     3/1/2016    EUR     3.95
getgoods.de AG        7.75    10/2/2017    EUR     5.38
Heta Asset Resolut    4.25    5/31/2016    EUR    56.50
UniCredit Bank Aus    0.50   12/27/2031    EUR    63.50
Ukraine Government    7.50    4/17/2023    USD    47.07
GNB - Cia de Segur    2.23   12/19/2022    EUR    71.00
Hellenic Republic     5.80    7/14/2015    JPY    73.88
Heckler & Koch Gmb    9.50    5/15/2018    EUR    74.75
Agroton Public Ltd    6.00    7/14/2019    USD    30.00
KPNQwest NV          10.00    3/15/2012    EUR     0.50
DNB Bank ASA          0.56                 USD    62.21
Codere Finance Lux    9.25    2/15/2019    USD    64.00
National Westminst    0.69                 USD    63.00
Barclays Bank PLC     2.31    6/17/2033    USD    69.00
Kaupthing Bank Hf     7.13    5/19/2016    USD     0.00
IKB Deutsche Indus    4.70    3/31/2017    EUR    18.00
Ukraine Government    9.25    7/24/2017    USD    45.74
Travel24.com AG       7.50    9/17/2017    EUR    53.00
Hellenic Railways     0.66    5/24/2016    EUR    69.13
Region of Piemont     0.34   11/27/2036    EUR    60.45
Hellenic Republic     2.27     2/7/2022    EUR    59.51
Barclays Bank PLC     0.63                 USD    64.90
Lloyds Bank PLC       0.48                 USD    63.63
Hellenic Republic     0.76    8/10/2019    EUR    66.72
EFG International     0.71                 EUR    73.50
CRC Breeze Finance    6.11     5/8/2016    EUR    54.63
Portigon AG           7.46   12/31/2019    EUR    15.00
Sazka AS              9.00    7/12/2021    EUR     0.84
Deutsche Bank AG/L    1.23    3/15/2033    USD    73.12
Afren PLC            11.50     2/1/2016    USD    42.41
Heta Asset Resolut    0.32    8/12/2017    EUR    52.13
Popular Capital SA    7.00   11/25/2015    EUR    32.00
Norske Skogindustr    7.13   10/15/2033    USD    44.00
Lehman Brothers Tr    6.00    2/15/2035    EUR     3.88
Mifa Mitteldeutsch    7.50    8/12/2018    EUR     3.20
Metinvest BV         10.50   11/28/2017    USD    46.88
Royal Bank of Scot    0.63                 USD    61.37
Colonia Real Estat    5.88    5/11/2015    EUR     6.96
Cirio Finanziaria     8.00   12/21/2005    EUR     1.57
Ukraine Government    6.88    9/23/2015    USD    50.78
Mechel                8.40    5/27/2021    RUB    56.51
Espirito Santo Fin    9.75   12/19/2025    EUR     2.67
Lehman Brothers Tr    6.00    11/2/2035    EUR     5.13
LBI HF                6.25                 EUR     0.00
Solarworld AG         6.38    7/13/2016    EUR    31.50
Royal Bank of Scot    3.84   11/16/2030    USD    74.00
Del Monte Finance     6.63    5/24/2006    EUR     8.38
Banco Espirito San    2.88                 EUR    11.50
Barclays Bank PLC     1.73     4/9/2028    USD    73.72
Alpine Holding Gmb    6.00    5/22/2017    EUR     0.00
Gunther Zamek Prod    7.75    5/15/2017    EUR     4.98
Teak Holz Internat    5.00    8/31/2015    EUR    55.00
Barclays Bank PLC     0.41   12/28/2040    EUR    68.85
Solarworld AG         6.13    1/21/2017    EUR    31.88
PNE Wind AG           3.75   10/10/2019    EUR     3.05
Barclays Bank PLC     1.68    4/19/2033    USD    68.27
SAG Solarstrom AG     6.25   12/14/2015    EUR    45.00
Penell GmbH Elektr    7.75    6/10/2019    EUR    10.30
IM Skaugen SE        10.42    4/11/2017    NOK    66.06
Lehman Brothers Tr    7.25    10/5/2035    EUR     4.48
National Westminst    0.56                 USD    63.50
WGF Westfaelische     6.35    12/1/2016    EUR     6.45
Societe Generale S    1.92                 EUR    64.20
Ideal Standard Int   11.75     5/1/2018    EUR    42.13
Abanka Vipa DD Via    1.90                 EUR     0.31
Barclays Bank PLC     2.95    5/31/2033    USD    69.63
Ukraine Government    7.80   11/28/2022    USD    45.57
Oesterreichische V    0.78    6/18/2018    EUR    65.00
Aralco Finance SA    10.13     5/7/2020    USD     5.00
Financing of Infra    8.38    11/3/2017    USD    43.89
Ukraine Government    6.75   11/14/2017    USD    45.56
Lloyds Bank PLC       1.70    2/22/2033    USD    67.50
UKRLANDFARMING PLC   10.88    3/26/2018    USD    50.50
Bank Nederlandse G    0.50    7/12/2022    ZAR    54.32
Depfa ACS Bank        0.25     7/8/2033    CAD    24.00
Cirio Del Monte NV    7.75    3/14/2005    EUR     1.87
Alpine Holding Gmb    5.25     7/1/2015    EUR     0.00
Glitnir HF            6.69    6/15/2016    USD     0.02
Heta Asset Resolut    4.63     3/4/2018    EUR    51.50
Petromena ASA         9.75    5/24/2015    NOK     1.95
Oesterreichische V    9.00    7/26/2024    EUR    65.00
Barclays Bank PLC     2.98   12/23/2033    USD    75.00
Rena GmbH             7.00   12/15/2015    EUR     8.63
Societe Generale S    1.50    2/28/2033    USD    74.00
Northland Resource   15.00    7/15/2019    USD     1.13
Kaupthing Bank Hf     6.75                 EUR     0.00
Standard Chartered    0.59                 USD    60.33
Ukraine Government    7.75    9/23/2020    USD    45.58
Saphir Finance PLC    6.85                 GBP     1.38
Den Norske Creditb    0.56                 USD    61.83
Mechel                8.40     6/1/2021    RUB    57.00
IT Holding Finance    9.88   11/15/2012    EUR     0.50
Glitnir HF            6.33    7/28/2011    USD    14.00
Hellas Telecommuni    8.50   10/15/2013    EUR     0.00
Frey                  6.00   11/15/2022    EUR    21.50
Sairgroup Finance     4.38     6/8/2006    EUR    14.88
Lehman Brothers Tr    7.00    5/17/2035    EUR     5.00
Standard Chartered    0.69                 GBP    62.54
Orient Express Ban   13.60     8/9/2018    RUB    43.01
UniCredit Bank Aus    0.57    8/20/2033    EUR    61.63
Swiss Re Europe Ho    6.85                 USD    46.50
DEMIRE Real Estate    6.00   12/30/2018    EUR     4.50
Northland Resource    4.00   10/15/2020    USD     0.15
Assystem              4.00     1/1/2017    EUR    23.02
Ukraine Government    6.25    6/17/2016    USD    45.58
KA Finanz AG          5.43    2/13/2024    EUR    50.88
SU-155 KAPITAL OOO   13.25    2/23/2016    RUB    36.51
Santander Finance     2.00                 EUR    40.00
BNP Paribas SA        1.62    4/30/2033    USD    68.78
KA Finanz AG          4.90    6/23/2031    EUR    63.88
Investkredit Bank     3.55    4/12/2022    EUR    74.70
Region of Puglia I    0.53     2/6/2023    EUR    74.31
Heta Asset Resolut    4.88    9/18/2017    EUR     2.80
Strenesse AG          9.00    3/15/2017    EUR    44.00
Lehman Brothers Tr    5.00    3/18/2015    EUR     3.82
Dexia Kommunalbank    5.63   12/31/2017    EUR    12.00
DTEK Finance PLC      7.88     4/4/2018    USD    34.49
ADLER Real Estate     6.00    6/30/2017    EUR    12.60
OGX Austria GmbH      8.38     4/1/2022    USD     0.03
Region of Abruzzo     0.56    11/7/2036    EUR    63.33
Svyaznoy Bank ZAO    12.00     8/6/2015    RUB    36.01
Banca Carige SpA      8.34                 EUR    75.00
Far East Capital L    8.75     5/2/2020    USD    36.92
Codere Finance Lux    8.25    6/15/2015    EUR    64.13
Norske Skogindustr    7.13   10/15/2033    USD    44.00
Heta Asset Resolut    0.67   11/29/2032    EUR     2.76
Northland Resource    4.00   10/15/2020    NOK     0.15
Finmek Internation    7.00    12/3/2004    EUR     0.13
Allied Irish Banks    0.75   10/24/2035    EUR    23.13
Teksid Aluminum Lu   11.38    7/15/2011    EUR     0.11
Financing of Infra    7.40    4/20/2018    USD    43.66
Global PVQ Netherl    1.38    4/30/2012    EUR    24.13
Governo Portugues     2.75                 EUR    60.00
Kaupthing Bank Hf     6.25                 EUR     0.00
City of Kyiv Via K    9.38    7/11/2016    USD    46.25
Windreich GmbH        6.50     3/1/2015    EUR    10.88
Solar Millennium A    6.50    7/15/2015    EUR    12.57
Ukraine Government    4.95   10/13/2015    EUR    50.52
Karlie Group GmbH     6.75    6/25/2018    EUR    65.60
Glitnir HF            6.00     3/5/2012    GBP    14.00
Heta Asset Resolut    0.24     4/9/2043    EUR    60.00
Vnesheconombank       8.10    9/27/2018    RUB    70.07
Kaupthing Bank Hf     5.75    10/4/2011    USD    14.13
BLT Finance BV       12.00    2/10/2015    USD    10.50
Kaupthing Bank Hf     5.75    10/4/2011    USD    14.13
Centrosolar Group     7.00    2/15/2016    EUR     2.31
Standard Chartered    0.69                 USD    61.21
Mechel               10.00    8/25/2020    RUB    75.00
Global PVQ Netherl    1.38    4/30/2012    EUR    25.25
Alliance Oil Co OJ    8.85     6/4/2021    RUB    57.01
Phones4u Finance P    9.50     4/1/2018    GBP    31.88
Deutsche Morgan Gr    0.66                 USD    59.19
Lloyds Bank PLC       1.75    1/31/2033    USD    67.76
UniCredit Bank Aus    0.35    1/25/2031    EUR    69.00
Kaupthing Bank Hf     3.00    2/12/2010    CHF    14.13
Club Mediterranee     6.11    11/1/2015    EUR    24.31
Espirito Santo Fin    5.13    5/30/2016    EUR     3.57
Takko Luxembourg 2    9.88    4/15/2019    EUR    48.90
Piraeus Bank SA       0.98     2/9/2017    EUR    72.03
SU-155 KAPITAL OOO   13.25    2/23/2016    RUB    36.60
Global PVQ Netherl    5.75    5/26/2014    EUR    26.38
Indo Energy Financ    6.38    1/24/2023    USD    64.01
Hema Bondco II BV     8.50   12/15/2019    EUR    65.88
Alpine Holding Gmb    5.25    6/10/2016    EUR     0.00
Norske Skog Holdin    8.00    2/24/2023    USD    64.25
Schneekoppe GmbH &    6.45    9/20/2015    EUR     6.86
Breeze Finance SA    11.75    4/19/2027    EUR     3.00
Norske Skog Holdin    8.00    2/24/2021    EUR    67.63
TradeDoubler AB       6.75   12/20/2018    SEK    68.50
Heta Asset Resolut    3.42    11/7/2016    EUR    48.50
Glitnir HF            3.00    6/30/2010    EUR    14.00
WPE International    10.38    9/30/2020    USD     6.25
CBo Territoria        6.00     1/1/2020    EUR     3.96
Mriya Agro Holding    9.45    4/19/2018    USD    11.50
Ukraine Government    6.58   11/21/2016    USD    45.73
Credit Agricole Co    0.50    2/28/2018    RUB    71.64
Governo Portugues     3.00                 EUR    73.00
OL Groupe SA          7.00   12/28/2015    EUR     7.64
Nationwide Buildin    1.07                 GBP    70.00
Russian Standard B   13.00    4/10/2020    USD    64.00
Hellenic Bank PCL    11.00                 EUR    50.13
Solen AG              7.50     4/8/2016    EUR     1.11
ffk environment Gm    7.25     6/1/2016    EUR     3.57
Seabird Exploratio    6.00   12/18/2015    USD    26.13
Codere Finance Lux    9.25    2/15/2019    USD    64.00
MT-Energie GmbH &     8.25     4/4/2017    EUR    10.56
Lehman Brothers Tr    5.00    2/16/2015    EUR     3.88
SNS Bank NV           2.75                 EUR     0.85
Ukraine Government    7.95    2/23/2021    USD    45.71
Heta Asset Resolut    0.49   12/18/2030    EUR     3.10
Bulgaria Steel Fin   12.00     5/4/2013    EUR     1.00
EXER D GmbH           5.70     2/1/2016    EUR    67.00
LBI HF                6.10    8/25/2011    USD     9.19
Danske Bank Oyj       1.63                 EUR    72.38
Oesterreichische V    9.00    7/26/2019    EUR    32.38
Lehman Brothers Tr    2.88    3/14/2013    CHF    11.13
Raiffeisen Bank In    4.50    9/28/2035    EUR    63.63
A-TEC Industries A    8.75   10/27/2014    EUR     2.00
Kaupthing Bank Hf     6.50     2/3/2045    EUR     0.00
Mechel               10.00    8/25/2020    RUB    75.00
Gazprom OAO           9.30   10/21/2043    RUB     6.06
Alliance Oil Co OJ    8.85     6/1/2021    RUB    72.01
Glitnir HF            8.00                 EUR     0.01
Vnesheconombank       8.40   12/20/2018    RUB    70.01
Kaupthing Bank Hf     1.80   10/20/2009    JPY    14.13
Glitnir HF            4.75   10/15/2010    USD    14.00
Petromena ASA        10.85   11/19/2014    USD     1.95
Solon SE              1.38    12/6/2012    EUR     0.33
Heta Asset Resolut    0.31    9/26/2043    EUR    47.88
Raiffeisenlandesba    5.00     7/1/2026    EUR    68.63
IVG Immobilien AG     5.81                 EUR     0.00
Standard Chartered    0.59                 USD    60.50
Privatbank CJSC Vi   10.88    2/28/2018    USD    62.25
Glitnir HF            4.38     2/5/2010    EUR    14.00
Lehman Brothers Tr    5.10     5/8/2017    HKD    29.88
Ukraine Government    5.00   12/20/2015    USD    51.13
Mechel                8.00     2/9/2021    RUB    50.01
LBI HF                7.43                 USD     0.00
Heta Asset Resolut    0.11    1/24/2017    EUR    52.63
Municipality Finan    0.50   11/21/2018    TRY    70.79
Svensk Exportkredi    0.50    3/15/2022    ZAR    52.23
Espirito Santo Fin    5.05   11/15/2025    EUR     2.97
Hamburgische Lande    0.38    1/22/2041    EUR    59.08
BKN biostrom AG       7.50     6/5/2016    EUR     1.50
LBI HF                2.25    2/14/2011    CHF     2.81
Societe Generale S    2.37   11/29/2032    USD    70.14
Kaupthing Bank Hf     5.25    7/18/2017    BGN    14.13
Italy Government I    0.72    7/31/2045    EUR    72.18
Standard Chartered    0.50                 USD    59.92
Autonomous Communi    7.55    7/21/2026    EUR    47.91
Lehman Brothers Tr    6.00    3/14/2011    EUR     3.82
Piraeus Bank SA       0.97   12/27/2016    EUR    73.74
Kaupthing Bank Hf     5.90                 EUR     0.13
Deutsche Bank AG      1.24    6/28/2033    USD    70.54
Heta Asset Resolut    5.73   12/10/2021    EUR     3.00
Cooperatieve Centr    0.50    7/30/2043    MXN    19.33
Artea                 6.00     8/4/2019    EUR    13.73
BNP Paribas Emissi    4.50    6/25/2015    EUR    72.19
Lehman Brothers Tr    5.00    9/22/2014    EUR     3.82
Glitnir HF            1.63    3/11/2009    CHF    14.00
Comune di Verona      0.31    12/1/2026    EUR    68.26
Financing of Infra    9.00    12/7/2017    USD    44.00
Alpha Credit Group    0.55    2/21/2021    EUR    29.84
Heta Asset Resolut    4.07    3/21/2017    EUR    52.50
Heta Asset Resolut    0.30    3/12/2043    EUR    47.88
Eksportfinans ASA     0.50     5/9/2030    CAD    29.13
Heta Asset Resolut    5.80    6/17/2017    EUR    50.50
Marine Subsea AS      9.00   12/16/2019    USD     0.50
Banco Espirito San   10.00    12/6/2021    EUR    10.13
Santander Finance     2.00                 EUR    37.75
Barclays Bank PLC     4.00   12/18/2015    USD     6.81
CaixaBank SA          1.92                 EUR    46.88
Czerwona Torebka S    6.66    4/15/2016    PLN    70.00
SAG Solarstrom AG     7.50    7/10/2017    EUR    45.00
Heta Asset Resolut    7.50    5/27/2024    ATS     2.97
Glitnir HF            5.44   12/22/2015    USD    14.00
Region of Molise I    0.58   12/15/2033    EUR    64.85
InterOil Explorati   15.00    3/14/2016    NOK    30.00
Sairgroup Finance     6.63    10/6/2010    EUR    16.50
SNS Bank NV           6.63    5/14/2018    EUR     2.42
DEIKON GmbH           1.00   11/16/2016    EUR    25.00
Raiffeisenlandesba    4.00    6/28/2023    EUR    73.88
Magnitogorsk Iron     8.70   11/22/2022    RUB    60.01
City of St Petersb    7.94     6/1/2017    RUB    60.01
GFI Informatique S    5.25     1/1/2017    EUR     6.20
Region of Abruzzo     0.40    11/7/2031    EUR    72.17
Cyprus Popular Ban    1.79    5/26/2016    EUR     3.37
Kaupthing Bank Hf     9.75    9/10/2015    USD    14.13
Public Power Corp     5.50     5/1/2019    EUR    72.23
Heta Asset Resolut    1.60    6/30/2019    CHF    51.50
ADLER Real Estate     6.00   12/27/2018    EUR    12.70
LBI HF                4.65                 EUR     0.00
Bong AB              10.00    6/27/2018    SEK     0.10
KPNQwest NV           7.13     6/1/2009    EUR     0.50
Deutsche Bank AG/L    1.42    1/31/2033    USD    66.00
Espirito Santo Fin    5.05   11/15/2025    EUR     2.16
Heta Asset Resolut    0.05    5/31/2016    EUR    48.50
Gazprom Neft OAO      8.50    1/26/2021    RUB    59.03
Transcapitalbank J   15.00    3/15/2016    RUB    60.11
Banco Pastor SA       2.44                 EUR    46.88
Codere Finance Lux    8.25    6/15/2015    EUR    64.13
Accentro Real Esta    6.25    3/27/2019    EUR     2.57
Kommunekredit         0.50   12/14/2020    ZAR    64.89
Glitnir HF            6.38    9/25/2012    USD    14.00
Glitnir HF            5.31   12/24/2012    USD    14.00
Province of Milan     0.42   12/22/2033    EUR    66.85
Ideal Standard Int   11.75     5/1/2018    EUR    42.13
Kaupthing Bank Hf     6.13    10/4/2016    USD    14.13
Municipality Finan    0.50    3/28/2018    BRL    73.36
Barclays Bank PLC     3.46    2/28/2034    USD    71.00
Cooperatieve Centr    0.50   10/30/2043    MXN    19.10
Kaupthing Bank Hf     5.50     2/2/2009    USD    14.13
Heta Asset Resolut    0.27     4/9/2018    EUR    47.50
SU-155 KAPITAL OOO   15.50    5/18/2015    RUB    53.63
Cooperatieve Centr    0.50   11/30/2027    MXN    45.93
Svensk Exportkredi    0.50    8/25/2021    ZAR    61.22
KPNQwest NV           8.88     2/1/2008    EUR     0.50
Rena Lange Holding    8.00   12/12/2017    EUR     0.60
Notenstein Finance    1.00    9/17/2019    CHF    68.79
Sovcombank ICB JSC   13.40    6/20/2016    RUB    60.04
Codere Finance Lux    8.25    6/15/2015    EUR    63.88
Hypo Tirol Bank AG    0.50    7/23/2026    EUR    57.00
Svensk Exportkredi    0.50    1/31/2022    ZAR    54.84
DEIKON GmbH           1.00     7/1/2015    EUR    29.00
Kaupthing Bank Hf     6.13    10/4/2016    USD    14.13
Montepio Holding S    5.00                 EUR    50.00
Lehman Brothers Tr    8.25    12/3/2015    EUR     6.63
Heta Asset Resolut    4.70     4/2/2018    EUR    51.50
Kommunalbanken AS     0.50     3/2/2018    BRL    73.21
Eirles Two Ltd        0.81    9/30/2046    USD    55.13
Societe Centrale d    9.00     7/1/2016    EUR     7.17
Kaupthing Bank Hf     4.70    2/15/2010    CAD    14.13
Heta Asset Resolut    0.30    2/10/2018    EUR    53.50
Heta Asset Resolut    0.29    3/10/2018    EUR    52.88
Allied Irish Banks    5.25    3/10/2035    GBP    26.50
Lehman Brothers Tr   11.00   12/20/2017    AUD     3.82
Astana Finance BV    14.50     7/2/2013    USD    12.50
Heta Asset Resolut    0.81    5/28/2017    EUR    55.00
Alpha Credit Group    2.00    4/27/2024    EUR    20.04
Province of Bresci    0.68    6/30/2036    EUR    60.46
SAir Group            0.13     7/7/2005    CHF    12.00
Bank Nederlandse G    0.50     8/9/2022    MXN    70.38
KPNQwest NV           8.13     6/1/2009    USD     0.50
Santander Finance     2.00                 USD    19.38
Lehman Brothers Tr    4.00    12/2/2012    EUR     3.82
Kommunekredit         0.50   10/22/2019    BRL    61.81
Russian Railways J    9.00    9/20/2039    RUB     3.26
Lehman Brothers Tr    5.25    5/26/2026    EUR     3.82
Heta Asset Resolut    0.13    5/31/2016    EUR    51.50
Phosphorus Holdco    10.00     4/1/2019    GBP     1.94
Lehman Brothers Tr    4.50     5/2/2017    EUR     3.82
Heta Asset Resolut    0.25    3/29/2017    EUR    53.13
Lehman Brothers Tr    8.50     7/5/2016    EUR     3.82
City of Kiev Ukrai    8.00    11/6/2015    USD    48.00
Cooperatieve Centr    0.50   10/29/2027    MXN    46.42
BLT Finance BV        7.50    5/15/2014    USD     5.25
Heta Asset Resolut    6.94    6/10/2017    EUR    51.25
Oesterreichische V    9.00    7/26/2020    EUR    32.38
International Bank   13.50    6/23/2016    RUB    60.16
LBI HF                3.00    12/7/2010    CHF     2.81
Oesterreichische V    4.25     9/7/2020    EUR    25.00
Lehman Brothers Tr    1.00     5/9/2012    EUR     3.82
Lehman Brothers Tr    3.03    1/31/2015    EUR     6.63
Lehman Brothers Tr    4.00   10/24/2012    EUR     3.82
Heta Asset Resolut    0.25    3/29/2017    EUR    49.75
Societe Generale S    0.50    5/30/2023    MXN    63.33
Bashneft OAO         10.70    5/13/2024    RUB    70.01
A-TEC Industries A    2.75    5/10/2014    EUR     2.00
Barclays Bank PLC     2.50    5/24/2017    USD    10.93
HSBC Bank PLC         0.50    4/27/2027    NZD    58.02
Heta Asset Resolut    5.27     4/7/2028    EUR     2.73
Solarwatt GmbH        7.00    11/1/2015    EUR    14.50
Transcapitalbank J   10.75    5/30/2023    RUB    60.01
UniCredit Bank Aus    0.39    1/24/2031    EUR    63.88
Investkredit Bank     7.00    7/24/2022    EUR    63.69
City of Siret Roma    2.75     3/1/2028    RON    31.20
Deutsche Bank AG/L   11.50    8/31/2015    USD    47.58
Vontobel Financial    5.84     9/9/2016    EUR    60.47
Oesterreichische V    5.27     2/8/2027    EUR    62.75
Oesterreichische V    6.00    3/30/2017    EUR    59.00
Lehman Brothers Tr    4.00    2/28/2010    EUR     6.63
NIBC Bank NV          2.32                 USD    74.88
Heta Asset Resolut    0.20    2/17/2017    EUR    53.63
BNP Paribas SA        0.50    1/31/2018    RUB    72.25
Kaupthing Bank Hf     7.50     2/1/2045    USD     0.00
Republika Srpska      9.00    9/26/2027    BAM    63.00
Barclays Bank PLC     0.50    4/24/2023    MXN    62.13
Lehman Brothers Tr    6.00   10/30/2012    EUR     3.82
Royal Bank of Scot    4.24    1/12/2046    EUR    72.25
Lehman Brothers Tr    5.00    2/27/2014    EUR     3.82
UNIQA Sachversiche    2.99                 EUR    40.00
NIBC Bank NV          2.32                 USD    74.88
Mobile TeleSystems    5.00    6/29/2021    RUB    62.50
Ingra DD              6.13    12/6/2016    HRK    12.99
Lehman Brothers Tr    6.00    3/18/2015    USD     3.82
Banco Espirito San    1.59    5/27/2018    EUR    10.13
KA Finanz AG          4.44   12/20/2030    EUR    55.88
Lehman Brothers Tr    7.00   11/26/2013    EUR     3.82
Heta Asset Resolut    0.30    8/21/2017    EUR    51.50
Heta Asset Resolut    5.03    1/26/2017    EUR     2.22
SAir Group            5.50    7/23/2003    CHF    11.50
HSBC Bank PLC         0.50     4/3/2023    AUD    71.90
Russian Highways     12.40    4/22/2042    RUB    16.95
AK BARS Bank OJSC    18.00   12/26/2017    RUB    61.01
Lehman Brothers Tr    8.00    2/16/2016    EUR     3.82
SU-155 KAPITAL OOO   13.25    2/23/2016    RUB    36.10
Lehman Brothers Tr    8.88    1/28/2011    HKD    29.88
HSBC Bank PLC         0.50    1/29/2027    NZD    58.82
WGF Westfaelische     5.35    5/15/2015    EUR     3.61
Moscow United Elec   11.00    9/12/2024    RUB    70.00
Enemona AD-Kozlodu   10.00    4/28/2017    BGN     0.34
Anglian Water Serv    1.02    1/26/2057    GBP    74.19
Heta Asset Resolut    4.54    9/22/2017    EUR    51.50
Heta Asset Resolut    0.20     2/9/2017    EUR    48.50
Mechel                8.00     2/9/2021    RUB    60.00
HSBC Bank PLC         0.50    9/28/2018    IDR    73.92
UniCredit Bank AG     0.80   11/19/2029    EUR    71.50
LBI HF                3.20    5/10/2010    SKK     2.81
Heta Asset Resolut    0.10     8/1/2017    EUR    48.38
Pongs & Zahn AG       8.50                 EUR     0.30
Heta Asset Resolut    0.13    3/15/2017    EUR    52.63
hkw personalkonzep    8.25   11/15/2016    EUR     1.31
UniCredit Bank Aus    0.67   12/27/2026    EUR    72.63
Svyaznoy Bank ZAO    13.50     6/8/2018    RUB    68.14
UTair-Finans OOO     12.00    6/17/2016    RUB    30.30
SAir Group            6.25    4/12/2005    CHF    11.38
Alpha Credit Group    2.00   11/28/2032    EUR     8.83
Bank Nederlandse G    0.50    9/20/2022    MXN    69.93
HSBC Bank PLC         0.50    7/30/2027    NZD    57.18
Vnesheconombank       2.00    6/18/2021    RUB    54.65
Heta Asset Resolut    0.25    4/22/2018    EUR    54.13
La Veggia Finance     7.13   11/14/2004    EUR     0.63
Atari SA              7.50    2/17/2020    EUR     0.29
Heta Asset Resolut    0.28    8/28/2017    EUR    51.50
Heta Asset Resolut    0.35    5/10/2017    EUR    52.75
Lehman Brothers Tr    1.46    2/19/2012    JPY    29.88
VEB-Leasing OAO       8.60     4/2/2021    RUB    58.01
Federal Grid Co Un    8.00     1/7/2028    RUB    70.01
Lehman Brothers Tr    5.00     5/2/2022    EUR     6.63
Republika Srpska      1.50   12/24/2025    BAM    68.94
Alpha Credit Group    6.00    7/29/2020    EUR    48.75
Svensk Exportkredi    0.50    8/28/2018    BRL    68.24
Lehman Brothers Tr    8.00   10/17/2014    EUR     3.82
Republic of Srpska    1.50     6/9/2025    BAM    71.00
Kommunekredit         0.50    7/30/2027    TRY    29.43
Santander Finance     2.00                 USD    19.25
Lehman Brothers Tr    4.00    2/16/2017    EUR     6.63
Bosnia & Herzegovi    2.50    6/30/2023    BAM    71.00
Alpha Credit Group    1.50   12/18/2028    EUR     9.50
Oesterreichische V    3.00    9/22/2017    EUR    59.50
Kaupthing Bank Hf     7.13    5/19/2016    USD     0.00
Heta Asset Resolut    0.30    5/17/2017    EUR    48.38
Heta Asset Resolut    0.12    7/18/2017    EUR    50.50
SAir Group            2.13    11/4/2004    CHF    11.50
Alpha Credit Group    6.00    4/11/2018    EUR    66.01
UTair-Finans OOO     13.00   11/13/2015    RUB    38.00
Raiffeisen-Holding    5.08                 EUR    73.25
Takko Luxembourg 2    7.01    4/15/2019    EUR    45.46
Erste Europaische     0.28     2/1/2037    USD    73.91
Heta Asset Resolut    0.75    9/20/2017    EUR     3.25
Heta Asset Resolut    3.90    1/24/2017    EUR    52.38
Oesterreichische V    3.13    6/30/2017    EUR    62.63
World of Building     7.70    6/25/2019    RUB     3.51
Glitnir HF            3.25    8/15/2016    EUR    14.00
JP Morgan Structur   12.00   11/24/2021    ZMW    67.55
Rosbank PJSC          0.01    1/15/2016    RUB    55.01
Heta Asset Resolut    1.29    5/31/2016    EUR    58.63
Heta Asset Resolut    0.05    1/24/2017    EUR    53.50
HSBC Bank PLC         0.50   10/30/2026    NZD    59.75
Northland Resource   12.25    3/26/2016    USD     1.01
Lehman Brothers Tr    4.69    2/19/2017    EUR     6.63
Lehman Brothers Tr   23.30    9/16/2008    USD     6.63
Salvator Grundbesi    9.50                 EUR    40.50
Atari SA              0.50    9/30/2015    EUR     1.34
Salvator Grundbesi    9.50   12/31/2021    EUR    12.00
Bank Nederlandse G    0.50     6/7/2022    ZAR    52.44
A-TEC Industries A    5.75    11/2/2010    EUR     2.00
LBI HF                4.34   12/22/2025    EUR     2.81
Investkredit Bank     0.56    3/14/2020    EUR    70.41
Lehman Brothers Tr    5.50    6/22/2010    USD     3.82
Cooperatieve Centr    0.50    8/21/2028    MXN    44.46
e-Kancelaria Grupa    8.00   10/17/2016    PLN     1.00
UTair-Finans OOO     13.00   11/13/2015    RUB    38.00
BNP Paribas SA        0.50     5/6/2021    MXN    72.11
wige MEDIA AG         6.00    3/17/2019    EUR     1.90
RFA-Invest OAO       12.00    2/24/2016    RUB    60.05
Province of Bresci    0.52   12/22/2036    EUR    59.83
HSBC Bank PLC         0.50     2/2/2023    AUD    72.55
DEIKON GmbH           1.00     7/1/2016    EUR    29.50
ECM Real Estate In    5.00    10/9/2011    EUR    10.38
SAir Group            5.13     3/1/2003    CHF    11.00
Heta Asset Resolut    0.35    5/17/2017    EUR    50.50
RSL Communications   10.13     3/1/2008    USD     1.25
Vnesheconombank       9.75    8/16/2029    RUB    70.00
Credit Agricole Co    0.50     3/6/2023    RUB    41.28
Russian Railways J   10.10    5/20/2044    RUB #N/A N/A
Heta Asset Resolut    3.72    3/15/2017    EUR    48.63
Kaupthing Bank Hf     7.90     2/1/2016    EUR    14.13
Heta Asset Resolut    5.04    2/15/2023    EUR    48.38
Oesterreichische V    5.11    6/12/2017    EUR    66.13
Mriya Agro Holding   10.95    3/30/2016    USD    11.63
Deutsche Bank AG/L    0.50    10/5/2021    IDR    60.52
Avangard Bank OAO    18.00     2/1/2016    RUB    61.01
Russian Railways J   16.00    8/18/2033    RUB #N/A N/A
LBI HF                7.75    2/22/2016    USD     2.81
Espirito Santo Fin    5.63    7/28/2017    EUR     3.56
Dolomite Capital L   12.01   12/20/2019    ZAR    54.17
Oravita City Counc    2.63    6/15/2027    RON    58.00
Balkanstroy JSC       4.06     3/7/2016    EUR     5.00
MORTGAGE AGENT AHM    8.50     9/9/2045    RUB    57.01
Emporiki Group Fin    5.00    2/24/2022    EUR    36.79
HSBC Bank PLC         0.50    2/24/2027    NZD    58.63
HSBC Bank PLC         0.50    2/24/2023    AUD    72.96
LBI HF                6.00     6/6/2017    EUR     2.81
Lloyds Bank PLC       1.45    4/26/2033    USD    71.50
Svensk Exportkredi    0.50    4/24/2029    AUD    56.65
LBI HF                6.10    8/25/2011    USD     8.63
Heta Asset Resolut    0.32     7/1/2017    EUR    48.50
CARPEVIGO AG          8.25    6/30/2016    EUR    29.95
Heta Asset Resolut    4.40    6/20/2017    EUR    51.00
Leonteq Securities   10.30    6/10/2015    CHF    68.34
Bank Nederlandse G    0.50    5/12/2021    ZAR    62.27
HSBC Bank PLC         0.50    12/8/2026    AUD    58.80
UniCredit Bank ZAO   14.00    2/23/2016    RUB    60.09
Lehman Brothers Tr    6.65    8/24/2011    AUD    29.88
Alpha Credit Group    2.00     2/1/2017    EUR    72.72
Heta Asset Resolut    0.13    5/31/2016    EUR    51.63
Wlodarzewska SA       9.46    5/15/2016    PLN    70.00
Hellenic Republic     3.38    7/17/2017    EUR    72.78
Lehman Brothers Tr    1.75     2/7/2010    EUR     6.63
Metalloinvest Hold    0.01     3/7/2022    RUB    60.00
Windreich GmbH        6.25     3/1/2015    EUR    10.88
Lehman Brothers Tr    3.86    9/21/2011    SGD     6.63
Morgan Stanley BV     8.50    5/25/2015    EUR    57.23
Lehman Brothers Tr    5.55    3/12/2015    EUR     6.63
Northland Resource   15.00    7/15/2019    USD     1.01
Barclays Bank PLC     8.00    9/15/2015    USD    10.10
Glitnir HF            3.00   11/30/2009    EUR    14.00
Banque Cantonale V   17.75   11/17/2015    CHF    62.91
Atari SA              0.10     4/1/2020    EUR     1.81
Municipality Finan    0.50   11/25/2020    ZAR    65.58
Municipality Finan    0.50    6/19/2024    ZAR    44.90
Credit Suisse AG/L   15.00    9/18/2015    USD    53.67
Windreich GmbH        6.75     3/1/2015    EUR    10.88
Lehman Brothers Tr    7.00     6/6/2017    EUR     3.82
Eksportfinans ASA     0.25    7/14/2033    CAD    20.63
Heta Asset Resolut    5.68     7/5/2017    EUR    48.88
Municipiul Timisoa    1.28    5/12/2026    RON    70.00
Lehman Brothers Tr    7.80    3/31/2018    USD     3.82
Lehman Brothers Tr    1.28    11/6/2010    JPY    29.88
UTair-Finans OOO     11.75    5/26/2015    RUB    35.00
HSBC Bank PLC         0.50    12/2/2022    AUD    73.44
Kommunalbanken AS     0.50    6/18/2019    INR    70.48
Mortgage Agent Abs    9.20   11/12/2040    RUB    57.00
Lehman Brothers Tr   10.00     1/3/2012    BRL     3.82
Municipality Finan    0.50   12/14/2018    TRY    70.38
Oesterreichische V    4.80     5/9/2025    EUR    23.00
Oesterreichische V    4.44    4/12/2017    EUR    67.50
Emporiki Group Fin    5.10    12/9/2021    EUR    38.05
Lehman Brothers Tr    5.38     2/4/2014    USD     3.82
Glitnir HF            6.38    9/25/2012    USD    14.00
IT Holding Finance    9.88   11/15/2012    EUR     0.50
Oesterreichische V    3.78    7/21/2033    EUR    13.50
Leonteq Securities    5.65    5/27/2015    CHF    67.08
MirLand Developmen    8.50    8/31/2016    ILS    41.00
Barclays Bank PLC     0.50    1/28/2033    MXN    34.01
Oesterreichische V    4.26    3/22/2024    EUR    23.50
Glitnir HF            3.00   10/31/2015    EUR    14.00
Lehman Brothers Tr   11.00     7/4/2011    USD     6.63
Republika Srpska      1.50   12/31/2022    BAM    75.00
Strommen Sparebank    2.41                 NOK    43.33
Armenian Treasury    10.00   10/29/2023    AMD    73.40
Dresdner Bank AG      0.77   11/19/2029    EUR    63.25
Accentro Real Esta    7.75    6/25/2017    EUR     3.07
Russian Railways J   17.70    9/19/2033    RUB #N/A N/A
Lehman Brothers Tr    4.35     8/8/2016    SGD    29.88
Sidetur Finance BV   10.00    4/20/2016    USD    18.63
Provinsor Fastighe    8.50    6/30/2015    DKK     0.10
Kvinesdal Spareban    2.65                 NOK    71.89
Oesterreichische V    4.90    8/18/2025    EUR    61.30
KFW                   0.25    10/6/2036    CAD    37.37
Heta Asset Resolut    0.20    8/11/2017    EUR    51.88
Credit Suisse AG      8.00    7/31/2015    USD    10.23
Lehman Brothers Tr    3.20    3/19/2018    JPY     6.63
Republika Srpska      1.50    5/31/2025    BAM    71.02
Ecureuil Vie Devel    0.98                 EUR    26.25
Oesterreichische V    4.20    2/22/2033    EUR    15.13
Kaupthing Bank Hf     5.00     1/4/2027    SKK    14.13
Araratbank OJSC       9.00   10/20/2015    USD    25.26
Oesterreichische V    3.88    3/15/2022    EUR    28.38
Hellenic Republic     3.80     8/8/2017    JPY    66.00
Atari SA              0.50    9/30/2015    EUR     1.94
Leonteq Securities   14.00   10/20/2015    CHF    66.95
UBS AG/London        11.00    5/13/2015    CHF    43.74
Glitnir HF            6.69    6/15/2016    USD     0.02
Kaupthing Bank Hf     4.65    2/19/2013    EUR    14.13
Lehman Brothers Tr    3.50   10/24/2011    USD     3.82
Emova Group           4.30     5/2/2022    EUR     6.25
Oesterreichische V    4.00   12/14/2023    EUR    23.25
Lehman Brothers Tr    8.25     2/3/2016    EUR     3.82
Lehman Brothers Tr    9.00     5/6/2011    CHF     6.63
Societe Generale S    0.50    6/12/2023    RUB    39.86
Glitnir HF            3.00     4/1/2010    CZK    14.00
COFIDUR SA            0.10   12/31/2024    EUR    15.05
Heta Asset Resolut    0.26     4/2/2018    EUR    51.50
SAir Group            6.25   10/27/2002    CHF    12.25
Locko-Bank ZAO       11.50    7/17/2018    RUB    60.01
JP Morgan Structur   14.00   11/23/2029    ZMW    64.99
JP Morgan Structur   13.00   11/25/2024    ZMW    65.36
Cerruti Finance SA    6.50    7/26/2004    EUR     1.04
RESO-Garantia OCAO   14.00    9/13/2022    RUB    60.01
UTair-Finans OOO     12.00    5/26/2015    RUB    30.30
HSBC Bank PLC         0.50   12/29/2026    AUD    62.64
Svensk Exportkredi    0.50    3/28/2029    AUD    68.54
Credit Suisse AG/L    1.64     6/1/2042    USD    53.76
Lehman Brothers Tr    7.59   11/22/2009    MXN    29.88
MirLand Developmen    7.21    5/31/2020    ILS    39.01
Barclays Bank PLC     0.50    3/13/2023    RUB    41.09
Region of Stavropo    8.09    11/4/2020    RUB    60.01
Svensk Exportkredi    0.50    2/22/2022    ZAR    52.60
Svensk Exportkredi    0.50    4/25/2019    BRL    62.56
NIBC Bank NV         25.98     5/7/2029    EUR    70.94
LBI HF                3.11   11/10/2008    EUR     2.81
Kommunekredit         0.50    5/11/2029    CAD    71.84
Kaupthing Bank Hf     4.95     5/6/2009    EUR    14.13
Lehman Brothers Tr    5.00    8/16/2017    EUR     3.82
Oesterreichische V    1.75     9/9/2020    EUR    30.13
Bank Petrocommerce   18.00   12/25/2019    RUB    61.00
Bank Julius Baer &    8.00     5/7/2015    USD    70.95
Oesterreichische V    2.00    4/24/2020    EUR    33.25
Bank Nederlandse G    0.50    8/15/2022    ZAR    53.60
Municipality Finan    0.50    1/10/2018    BRL    74.85
Deutsche Bank AG      7.20    9/22/2015    EUR    63.90
Lehman Brothers Tr   13.50   11/28/2008    USD     6.63
Sviaz Bank OAO       11.40    4/13/2022    RUB    60.00
Oesterreichische V    1.80    5/24/2018    EUR    49.38
Heta Asset Resolut    0.28     3/4/2018    EUR    51.50
UTair-Finans OOO     12.00    6/17/2016    RUB    30.30
URALSIB Leasing Co   10.50    4/17/2018    RUB   100.00
Gold-Zack AG          7.00   12/14/2005    EUR    12.60
EFG International     6.48    5/29/2018    EUR    60.09
Oesterreichische V    1.05    5/20/2025    EUR    12.00
Oesterreichische V    2.75   10/21/2016    EUR    72.13
Emporiki Group Fin    5.00    12/2/2021    EUR    37.57
Lehman Brothers Tr    4.10    6/10/2014    SGD     6.63
Konservenfabrik Za    8.00     4/1/2016    EUR     0.00
Lehman Brothers Tr    6.00    2/14/2012    EUR     6.63
Lehman Brothers Tr    4.00    7/27/2011    EUR     3.82
KPNQwest NV           7.13     6/1/2009    EUR     0.50
Oberoesterreichisc    0.30    4/25/2042    EUR    67.79
Mortgage Agent Abs    8.90    8/12/2041    RUB    54.70
Lehman Brothers Tr   11.75     3/1/2010    EUR     6.63
Raiffeisen-Holding    5.10                 EUR    62.63
Republika Srpska      1.50   12/22/2023    BAM    74.78
Credit Suisse AG/L   15.50     5/4/2016    USD    61.50
Credit Suisse AG/N   10.25    8/28/2015    USD    53.45
Bank Nederlandse G    0.50    9/20/2022    ZAR    53.09
Oesterreichische V    2.00     8/1/2016    EUR    74.88
Totens Sparebank      2.98                 NOK    65.32
Republika Srpska      1.50    9/25/2026    BAM    66.00
WGF Westfaelische     6.35     8/1/2017    EUR     3.52
Oesterreichische V    2.00   11/15/2016    EUR    70.25
Municipality Finan    0.50     8/8/2029    NZD    57.98
Credit Suisse AG/N    8.40    6/26/2015    USD    40.37
Lehman Brothers Tr   15.00    3/30/2011    EUR     3.82
Lehman Brothers Tr    7.50     5/2/2017    EUR     3.82
Kaupthing Bank Hf     1.65     7/5/2010    JPY    14.13
Oesterreichische V    4.81    7/29/2025    EUR    61.00
Housing Financing     2.70     1/1/2020    ISK    68.10
Lehman Brothers Tr    2.30    4/28/2014    JPY     3.82
Kaupthing Bank Hf     0.80    2/15/2011    EUR    14.13
Glitnir HF            2.25    2/15/2011    EUR    14.00
MirLand Developmen    6.50   12/31/2015    ILS    44.34
HSBC Bank PLC         0.50    7/30/2019    IDR    68.15
MirLand Developmen    6.00   11/30/2017    ILS    40.27
Exane Finance         1.75    4/28/2016    EUR    55.75
HSBC Bank PLC         0.50   12/29/2022    AUD    73.15
Kommunalbanken AS     0.50    5/27/2022    ZAR    55.53
Barclays Bank PLC     0.50    3/19/2021    MXN    72.04
Kommunalbanken AS     0.50    11/8/2018    BRL    69.08
Zaklady Miesne Mys   11.00    7/25/2015    PLN    10.00
Glitnir HF            5.86    7/28/2016    GBP    14.00
Lehman Brothers Tr    4.80   11/16/2012    HKD     6.63
Heta Asset Resolut    0.29    7/28/2017    EUR    50.50
Glitnir HF            5.25     5/2/2014    ISK    14.00
Glitnir HF            5.25     5/2/2017    ISK    14.00
RSL Communications    9.13     3/1/2008    USD     1.25
RSL Communications   12.00    11/1/2008    USD     1.25
Lehman Brothers Tr   15.00     6/4/2009    CHF     6.63
Glitnir HF            4.85    4/26/2012    EUR    14.00
SAir Group            2.75    7/30/2004    CHF    11.38
Svensk Exportkredi    0.50    8/28/2020    TRY    59.34
Glitnir HF            2.00    1/30/2009    CHF    14.00
Republika Srpska      1.50   12/15/2023    BAM    74.00
LBI HF                4.40    1/18/2010    CAD     2.81
Oesterreichische V    2.15    3/25/2019    EUR    42.00
Banque Cantonale V    5.25     7/2/2015    CHF    55.81
Societe Generale S    0.50     4/3/2023    RUB    40.95
LBI HF                4.38   10/20/2008    EUR     2.81
Lehman Brothers Tr    0.80   12/30/2016    EUR     3.82
Commerzbank AG        1.88    4/22/2016    EUR    73.12
Glitnir HF            3.45    8/22/2010    CZK    14.00
Rinol AG              5.50   10/15/2006    DEM     0.00
SAir Group            4.25     2/2/2007    CHF    11.75
Province of Trevis    0.40   12/31/2034    EUR    62.56
Oesterreichische V    5.45     8/2/2019    EUR    72.70
UBS AG               10.05   10/23/2015    USD    25.80
Oesterreichische V    5.50    8/26/2025    EUR    24.50
City of Hunedoara     2.43    8/15/2026    RON    70.00
BNP Paribas SA        0.50    2/13/2024    NZD    67.01
Oesterreichische V    3.00     2/3/2017    EUR    68.13
Societe Generale S    0.50    5/22/2024    MXN    61.06
Bank Nederlandse G    0.50    6/22/2021    ZAR    62.48
Oesterreichische V    3.78    8/25/2033    EUR    13.50
BNP Paribas SA        0.50    9/29/2029    AUD    54.62
Leonteq Securities    7.35     7/2/2015    USD    70.90
Kaupthing Bank Hf     4.90    5/29/2017    EUR    14.13
DeltaCredit Bank     11.92   10/10/2024    RUB    74.77
Oesterreichische V    4.21    1/25/2033    EUR    15.13
HSBC Bank PLC         0.50   10/30/2018    IDR    72.93
Kaupthing Bank Hf     7.00     1/3/2011    EUR    14.13
Lehman Brothers Tr    8.00   12/31/2010    USD     6.63
Hellas Telecommuni    8.50   10/15/2013    EUR     0.00
Oesterreichische V    5.00    3/26/2018    EUR    57.13
Lehman Brothers Tr   11.00     7/4/2011    CHF     6.63
Glitnir HF            6.00     8/1/2015    ISK    14.00
Muehl Product & Se    6.75    3/10/2005    DEM     1.72
Lehman Brothers Tr    2.00    6/28/2011    EUR     3.82
LBI HF                3.45   12/18/2033    JPY     0.01
Kaupthing Bank Hf     6.50    10/8/2010    ISK    14.13
UTair-Finans OOO     12.00    6/17/2016    RUB    30.30
ZapSib-Transservic   15.00    4/17/2018    RUB    60.00
Credit Suisse AG/L    8.00   11/29/2019    USD     8.34
Oesterreichische V    4.33     2/1/2017    EUR    69.75
Bosnia & Herzegovi    2.50    6/30/2022    BAM    74.00
Oesterreichische V    1.38     2/8/2019    EUR    41.38
Leonteq Securities   19.94    5/21/2015    CHF    54.68
Russian Post FGUP     8.70   10/18/2019    RUB    59.01
Nutritek Internati    8.75   12/11/2008    USD     2.00
Glitnir HF           10.00    6/28/2017    USD    14.00
UniCredit Bank AG     4.00    6/26/2015    EUR    55.45
Municipality Finan    0.50    2/22/2019    IDR    70.77
Lehman Brothers Tr    4.00    4/13/2011    CHF     3.82
Oesterreichische V    5.10     7/5/2022    EUR    30.75
Glitnir HF            3.25    9/15/2015    EUR    14.00
Glitnir HF            4.75   10/15/2010    USD    14.00
KPNQwest NV           8.88     2/1/2008    EUR     0.50
Province of Rovigo    0.42   12/28/2035    EUR    60.88
RSL Communications   10.50   11/15/2008    USD     1.25
RSL Communications    9.88   11/15/2009    USD     1.25
Kaupthing Bank Hf     7.50    10/2/2010    EUR    14.13
Lehman Brothers Tr    7.60    1/31/2013    AUD     6.63
EDOB Abwicklungs A    7.50     4/1/2012    EUR     0.76
Kaupthing Bank Hf     7.90    4/28/2016    EUR    14.13
Glitnir HF            5.25   10/23/2011    ISK    14.00
Lehman Brothers Tr    4.05    9/16/2008    EUR     3.82
Lehman Brothers Tr    7.60    5/21/2013    USD     3.82
Araratbank OJSC       8.50    6/14/2016    USD    25.58
Credit Suisse AG/L    8.25   11/29/2024    USD     9.45
Lehman Brothers Tr    6.85   12/22/2008    EUR     3.82
Barclays Bank PLC     3.50     2/5/2016    EUR    67.13
City of Predeal Ro    2.50    5/15/2026    RON    60.00
Lehman Brothers Tr    3.00    9/13/2010    JPY    29.88
Fonciere Volta SA     4.50    7/30/2020    EUR     2.71
Oesterreichische V    5.50    1/19/2017    EUR    71.63
City of Baile Herc    2.50   12/16/2020    RON    75.00
Vontobel Financial    8.85    5/22/2015    EUR    70.00
Bank Julius Baer &    9.40    5/27/2015    CHF    61.25
HSBC Bank PLC         0.50    11/9/2018    IDR    72.77
Municipality Finan    0.50     5/8/2029    AUD    54.96
HSBC Bank PLC         0.50     2/5/2018    RUB    72.03
Eitzen Chemical AS   12.36     6/6/2016    NOK    20.88
Raiffeisen Versich    5.08                 EUR    58.00
Lehman Brothers Tr    7.50    7/31/2013    GBP     3.82
Municipality Finan    0.50     2/7/2018    BRL    74.33
ExpertGroup OOO/Ru   13.00   12/11/2015    RUB    60.01
Glitnir HF            6.33    7/28/2011    USD    14.00
Glitnir HF            5.86    7/28/2016    GBP    14.00
Banque Cantonale V    1.00     7/7/2016    CHF    33.39
EFG International     6.00   11/30/2017    EUR    51.57
Municipality Finan    0.50    4/26/2022    ZAR    51.49
Leonteq Securities   20.00    1/26/2016    CHF    60.24
Glitnir HF            7.32   12/19/2012    USD    14.00
Oesterreichische V    6.60     5/6/2023    EUR    32.63
Lehman Brothers Tr    4.00    7/20/2012    EUR     3.82
Oesterreichische V    4.86   11/29/2017    EUR    60.25
Oesterreichische V    5.03    6/11/2019    EUR    46.50
Lehman Brothers Tr    8.00   10/23/2008    USD     6.63
Oesterreichische V    5.20     4/1/2020    EUR    41.63
Oesterreichische V    5.21    2/13/2026    EUR    22.88
Lehman Brothers Tr    6.25     9/5/2011    EUR     3.82
Landeskreditbank B    0.50    5/10/2027    CAD    74.93
Lehman Brothers Tr    4.50   12/30/2010    USD     6.63
Lehman Brothers Tr    5.00   11/22/2012    EUR     3.82
Kaupthing Bank Hf     7.00    7/24/2009    ISK    14.13
LBI HF                5.08     3/1/2013    ISK     2.81
Lehman Brothers Tr    9.50     4/1/2018    USD     3.82
Glitnir HF            3.75    1/15/2010    EUR    14.00
Leonteq Securities    7.00    1/22/2016    CHF    54.70
Kaupthing Bank Hf     7.63    2/28/2015    USD    14.13
Oesterreichische V    5.26     2/5/2025    EUR    24.63
Synergy Classic Vi    2.00     8/2/2015    USD    58.02
Ukraine Government    7.75    9/23/2020    USD    45.38
UBS AG/London        10.50     6/5/2015    CHF    51.71
Svensk Exportkredi    0.50    6/20/2029    AUD    66.61
Svensk Exportkredi    0.50    6/29/2029    AUD    69.11
Municipality Finan    0.50    7/30/2029    AUD    69.19
Kommunekredit         0.50    2/20/2020    BRL    58.85
Svensk Exportkredi    0.50    8/29/2029    AUD    69.86
Kommunalbanken AS     0.50    9/20/2018    BRL    69.82
Societe Generale S    0.50    4/30/2023    RUB    40.42
UniCredit Bank AG     4.00    6/25/2015    EUR    47.98
Lehman Brothers Tr    5.00    4/24/2017    EUR     3.82
Driver & Bengsch A    8.50   12/31/2027    EUR     0.01
Bulgaria Steel Fin   12.00     5/4/2013    EUR     1.00
Lehman Brothers Tr    4.60     7/6/2016    EUR     3.82
Lehman Brothers Tr    5.10    6/22/2046    EUR     6.63
Lehman Brothers Tr    6.00   10/24/2008    EUR     6.63
Lehman Brothers Tr    0.25    7/21/2014    EUR     3.82
Credit Suisse AG/L    8.00    1/11/2016    USD    45.70
Lehman Brothers Tr    9.00    5/15/2022    USD     3.82
Credit Suisse AG/L    7.60   10/15/2015    CHF    73.97
Commerzbank AG        2.00     2/3/2016    EUR    70.07
Kaupthing Bank Hf     1.99     7/5/2012    JPY    14.13
Kaupthing Bank Hf     0.20    7/12/2009    JPY    14.13
Lehman Brothers Tr   12.22   11/21/2017    USD     3.82
Lehman Brothers Tr    3.40    9/21/2009    HKD     6.63
LBI HF                7.43                 USD     0.00
Glitnir HF            4.01     7/6/2009    HKD    14.00
Lehman Brothers Tr    3.00     8/8/2017    EUR     3.82
KPNQwest NV           7.13     6/1/2009    EUR     0.50
KPNQwest NV           8.88     2/1/2008    EUR     0.50
Glitnir HF            3.00    10/4/2011    EUR    14.00
Lehman Brothers Tr    7.15    3/21/2013    USD     3.82
Lehman Brothers Tr    5.00    2/15/2018    EUR     3.82
Lehman Brothers Tr   10.60    4/22/2014    MXN     3.82
Kaupthing Bank Hf     7.70    10/2/2011    EUR    14.13
Lehman Brothers Tr    3.00    6/23/2009    EUR     3.82
Lehman Brothers Tr   10.44   11/22/2008    CHF     6.63
HSBC Bank PLC         0.50     6/9/2023    MXN    64.79
BNP Paribas SA        6.30    5/28/2021    RUB    74.09
Lehman Brothers Tr    0.50     7/2/2020    EUR     6.63
Lehman Brothers Tr    4.50     3/7/2015    EUR     3.82
UBS AG               10.37   10/23/2015    USD    15.97
Lehman Brothers Tr    4.25    3/13/2021    EUR     6.63
Glitnir HF            5.00     2/1/2011    ISK    14.00
Kaupthing Bank Hf     8.00    6/22/2011    ISK     0.00
Kaupthing Bank Hf     7.00    4/28/2012    ISK     0.00
Bamble Sparebank      2.58                 NOK    57.48
Raiffeisen-Holding    2.99                 EUR    67.75
Lehman Brothers Tr    7.05     4/8/2015    USD     3.82
Lehman Brothers Tr    2.00    5/17/2010    EUR     6.63
Lloyds Bank PLC       0.50    7/26/2028    MXN    46.35
Credit Suisse AG/N    8.13    5/15/2015    CHF    73.58
Banque Cantonale V    4.25    8/28/2015    CHF    55.75
Leonteq Securities   20.00    2/23/2016    USD    62.81
Leonteq Securities   12.10   10/22/2015    USD    62.62
Oesterreichische V    5.00     3/5/2018    EUR    57.75
Oesterreichische V    1.02     7/3/2019    EUR    37.50
Lehman Brothers Tr    2.00    6/21/2011    EUR     3.82
Arizk                 3.00   12/20/2030    RUB    31.60
Leonteq Securities    7.62     5/6/2015    CHF    74.96
Municipality Finan    0.50    5/31/2022    ZAR    51.05
Oesterreichische V    1.93    7/20/2018    EUR    47.13
Svensk Exportkredi    0.50    6/28/2022    ZAR    50.30
Kommunekredit         0.50    9/19/2019    BRL    62.28
Barclays Bank PLC     8.20     9/4/2015    USD    21.05
Oesterreichische V    1.46    7/13/2017    EUR    59.50
BNP Paribas SA        0.50   11/16/2032    MXN    35.38
Kommunalbanken AS     0.50    2/23/2018    BRL    73.32
Barclays Bank PLC     0.50    3/26/2021    MXN    71.95
JP Morgan Structur    5.65     7/1/2015    CHF    51.44
Kaupthing Bank Hf     0.69    5/21/2011    JPY    14.13
Caisse Centrale du    7.00    9/10/2015    EUR    15.39
Barclays Bank PLC     2.50     3/7/2017    EUR    54.52
LBI HF                4.53    4/24/2012    EUR     2.81
Lehman Brothers Tr    5.00    2/28/2032    EUR     3.82
Lehman Brothers Tr   14.90    9/15/2008    EUR     6.63
Araratbank OJSC       8.00    6/11/2018    USD    25.21
Notenstein Privatb   10.12    8/26/2015    USD    74.72
UBS AG/London        10.50    7/16/2015    CHF    51.49
Lehman Brothers Tr    8.60    7/31/2013    GBP     3.82
Lehman Brothers Tr    8.28    7/31/2013    GBP     3.82
Lehman Brothers Tr    7.32    7/31/2013    GBP     3.82
Credit Suisse AG/N    8.00    1/29/2016    CHF    53.09
Lehman Brothers Tr    4.50    7/24/2014    EUR     3.82
Lehman Brothers Tr    5.00    5/12/2011    CHF     3.82
Credit Suisse AG/N    8.50    7/20/2015    USD    68.53
Leonteq Securities    6.00    7/14/2015    USD    67.09
Lehman Brothers Tr    5.20    3/19/2018    EUR     6.63
Leonteq Securities   29.61   10/26/2017    EUR    59.36
HSBC Bank PLC         0.50    5/31/2019    IDR    69.01
Lehman Brothers Tr   11.00   12/20/2017    AUD     3.82
Lehman Brothers Tr    0.50   12/20/2017    AUD     3.82
LBI HF                3.00   10/22/2015    EUR     2.81
Lehman Brothers Tr    2.50    11/9/2011    CHF     3.82
Hjelmeland Spareba    2.92                 NOK    73.64
Nesset Sparebank      2.80                 NOK    55.49
Union Technologies    0.10     1/1/2020    EUR     5.50
Lehman Brothers Tr    3.50    9/19/2017    EUR     6.63
HSBC Bank PLC         0.50    6/28/2019    IDR    68.75
LBI HF                6.75    8/18/2015    EUR     2.81
Municipality Finan    0.50    3/17/2025    CAD    72.43
Lehman Brothers Tr    4.70    3/23/2016    EUR     3.82
Oesterreichische V    4.00     2/1/2021    EUR    33.75
Lehman Brothers Tr   13.43     1/8/2009    ILS     6.63
DZ Bank AG Deutsch    3.60    8/21/2015    EUR    67.64
Societe Generale S   17.60   11/17/2015    EUR    52.90
Lehman Brothers Tr    8.05   12/20/2010    HKD     6.63
Oesterreichische V    3.50    1/14/2019    EUR    47.50
Lehman Brothers Tr    7.00    9/20/2011    USD     3.82
HSBC Trinkaus & Bu   15.00    6/26/2015    EUR    62.40
UBS AG/London        10.60    5/12/2015    USD    60.00
UTair-Finans OOO      9.50    7/21/2016    RUB    30.30
Oesterreichische V    1.19   10/13/2020    EUR    28.88
Oesterreichische V    3.09   10/15/2020    EUR    33.00
Svensk Exportkredi    0.50    6/26/2019    TRY    65.92
DZ Bank AG Deutsch    5.25    8/28/2015    EUR    73.72
Vontobel Financial    5.75    6/12/2015    EUR    73.75
HSBC Trinkaus & Bu    6.50    6/26/2015    EUR    64.00
BNP Paribas Emissi    5.00    5/21/2015    EUR    73.75
UniCredit Bank AG     4.75    6/25/2015    EUR    66.89
DZ Bank AG Deutsch    8.25   12/28/2015    EUR    66.32
Ukraine Government    7.50    4/17/2023    USD    47.00
Hellenic Republic     4.75    4/17/2019    EUR    73.78
Lehman Brothers Tr    7.75    1/30/2009    EUR     6.63
Skue Sparebank        2.62                 NOK    66.02
Lehman Brothers Tr    0.25   10/19/2012    CHF     3.82
UniCredit Bank AG     4.00    6/25/2015    EUR    50.83
Barclays Bank PLC     3.50    12/7/2015    EUR    68.54
Lehman Brothers Tr    8.80   12/27/2009    EUR     6.63
Lehman Brothers Tr   11.00   12/20/2017    AUD     3.82
Oesterreichische V    5.25   12/20/2022    EUR    29.63
Lehman Brothers Tr    4.00     1/4/2011    USD     6.63
LBI HF                5.25     6/5/2023    EUR     2.81
Lehman Brothers Tr    0.50   12/20/2017    AUD     3.82
Lehman Brothers Tr    0.50   12/20/2017    AUD     3.82
Lehman Brothers Tr    0.50   12/20/2017    AUD     3.82
Lehman Brothers Tr    0.50   12/20/2017    AUD     3.82
Lehman Brothers Tr    9.30   12/21/2010    EUR     6.63
Oesterreichische V    5.10     1/2/2018    EUR    59.63
Lehman Brothers Tr    0.50   12/20/2017    USD     3.82
Lehman Brothers Tr    0.50   12/20/2017    USD     3.82
Lehman Brothers Tr    0.50   12/20/2017    USD     3.82
Lehman Brothers Tr    0.50   12/20/2017    USD     3.82
Lehman Brothers Tr   13.00    7/25/2012    EUR     6.63
Lehman Brothers Tr   10.00     8/2/2037    JPY     3.82
Kaupthing Bank Hf     5.00    11/8/2013    EUR    14.13
Oesterreichische V    5.02    11/6/2017    EUR    61.25
Lehman Brothers Tr    3.50   12/20/2027    USD     3.82
Lehman Brothers Tr    5.50   11/30/2012    CZK     3.82
Lehman Brothers Tr   14.90   11/16/2010    EUR     6.63
Lehman Brothers Tr    6.00   10/30/2012    USD     6.63
Lehman Brothers Tr   16.00    10/8/2008    CHF     6.63
Oesterreichische V    5.23    12/5/2022    EUR    29.63
Lehman Brothers Tr    3.00    12/3/2012    EUR     3.82
Oesterreichische V    5.21    12/6/2022    EUR    29.63
Lehman Brothers Tr    2.37    7/15/2013    USD     3.82
Lehman Brothers Tr    6.30   12/21/2018    USD     3.82
Lehman Brothers Tr   11.00    2/16/2009    CHF     6.63
Lehman Brothers Tr   10.00    2/16/2009    CHF     6.63
Lehman Brothers Tr   13.00    2/16/2009    CHF     6.63
Lehman Brothers Tr    7.00    2/15/2010    CHF     6.63
Lehman Brothers Tr    4.00   10/12/2010    USD     6.63
Glitnir HF            6.00   12/15/2012    GBP    14.00
Lehman Brothers Tr    1.50   10/12/2010    EUR     3.82
ECM Real Estate In    5.00    10/9/2011    EUR    10.38
Lehman Brothers Tr    7.00   10/22/2010    EUR     3.82
Oesterreichische V    6.00   10/17/2017    EUR    63.38
Oesterreichische V    5.10   10/23/2017    EUR    61.75
Oesterreichische V    5.18   11/13/2017    EUR    61.25
Lehman Brothers Tr    2.50    8/23/2012    GBP     6.63
Sparebanken Din       2.67                 NOK    68.55
Ofoten Sparebank      2.70                 NOK    69.43
Drangedal Spareban    2.58                 NOK    69.19
Lehman Brothers Tr    3.00    8/13/2011    EUR     3.82
Kaupthing Bank Hf     3.75    2/15/2024    ISK    14.13
Lehman Brothers Tr    6.00    9/20/2011    EUR     3.82
Lehman Brothers Tr    5.00     8/1/2025    EUR     3.82
Lehman Brothers Tr    7.50     8/1/2035    EUR     3.82
Lehman Brothers Tr    4.15    8/25/2020    EUR     6.63
Kaupthing Bank Hf     5.80     9/7/2012    EUR    14.13
LBI HF                3.36    8/17/2012    EUR     2.81
Glitnir HF            3.30    8/22/2012    EUR    14.00
Lehman Brothers Tr    6.00    12/6/2016    USD     3.82
Lehman Brothers Tr    3.00    8/15/2017    EUR     3.82
Glitnir HF            0.01     5/6/2009    JPY    14.00
Lehman Brothers Tr    3.50    9/29/2017    EUR     6.63
Lehman Brothers Tr    5.00     9/1/2011    EUR     3.82
UniCredit Bank Aus    0.53    1/22/2031    EUR    64.00
Lehman Brothers Tr   10.00     1/4/2010    USD     3.82
Glitnir HF            6.75    3/27/2013    EUR    14.00
Diversified Financ    2.18    7/27/2016    EUR    64.84
Lehman Brothers Tr    6.50    5/16/2015    EUR     3.82
Glitnir HF            5.00    3/14/2012    EUR    14.00
Kaupthing Bank Hf     6.40   12/15/2015    EUR    14.13
Glitnir HF            4.50     1/9/2012    EUR    14.00
Haltdalen Spareban    2.75                 NOK    54.88
Lehman Brothers Tr    6.00    7/28/2010    EUR     6.63
Lehman Brothers Tr    6.00    7/28/2010    EUR     6.63
Lehman Brothers Tr    4.90    7/28/2020    EUR     3.82
Gjerstad Sparebank    2.87                 NOK    74.37
Lehman Brothers Tr    3.82   10/20/2009    USD     6.63
LBI HF                2.22   10/15/2019    JPY     2.81
Glitnir HF            3.00   12/15/2009    EUR    14.00
Lehman Brothers Tr   13.50     6/2/2009    USD     6.63
LBI HF                4.40    11/3/2009    CZK     2.81
Lehman Brothers Tr    6.00     3/4/2015    USD     3.82
Oesterreichische V    5.01    3/26/2018    EUR    57.13
Oesterreichische V    5.01    3/26/2018    EUR    57.13
Lehman Brothers Tr    5.22     3/1/2024    EUR     6.63
Lehman Brothers Tr    3.50    6/20/2011    EUR     3.82
Lehman Brothers Tr    5.50    4/23/2014    EUR     3.82
Lehman Brothers Tr   16.20    5/14/2009    USD     6.63
Lehman Brothers Tr   16.00    11/9/2008    USD     6.63
Kaupthing Bank Hf     7.50     4/2/2011    EUR    14.13
Lehman Brothers Tr   10.00    5/22/2009    USD     6.63
Lehman Brothers Tr    4.60     8/1/2013    EUR     3.82
Lehman Brothers Tr    8.00    5/22/2009    USD     6.63
Lehman Brothers Tr    6.25   11/30/2012    EUR     3.82
Lehman Brothers Tr    6.00    2/19/2023    USD     3.82
Lehman Brothers Tr    1.00    2/26/2010    USD     3.82
Lehman Brothers Tr    4.87    10/8/2013    USD     6.63
Lehman Brothers Tr    1.95    11/4/2013    EUR     6.63
LBI HF                7.25     4/2/2011    EUR     2.81
LBI HF                7.00     4/2/2010    EUR     2.81
Lehman Brothers Tr    7.50    2/14/2010    AUD     6.63
Lehman Brothers Tr    5.00    12/6/2011    EUR     6.63
Lehman Brothers Tr    0.50     6/2/2020    EUR     6.63
Lehman Brothers Tr   12.00     7/4/2011    EUR     6.63
Lehman Brothers Tr    5.50     7/8/2013    EUR     3.82
Lehman Brothers Tr    7.60     3/4/2010    NZD     6.63
Lehman Brothers Tr   17.00     6/2/2009    USD     6.63
Lehman Brothers Tr    2.75   10/28/2009    EUR     3.82
Lehman Brothers Tr    3.00     6/3/2010    EUR     3.82
Lehman Brothers Tr    9.75    6/22/2018    USD     3.82
LBI HF                1.68   12/22/2014    JPY     2.81
Province of Trevis    0.31   12/31/2034    EUR    60.84
HSBC Bank PLC         0.50    5/29/2020    IDR    63.90
Municipality Finan    0.25    6/28/2040    CAD    28.40
Lehman Brothers Tr    7.75     1/3/2012    AUD     6.63
UBS AG                5.56    2/10/2016    USD    36.53
UBS AG                2.75    8/18/2016    USD     9.31
Lehman Brothers Tr    2.50    8/15/2012    CHF     3.82
LBI HF                4.08    3/16/2015    EUR     2.81
Lehman Brothers Tr    6.00     8/7/2013    EUR     3.82
Glitnir HF            5.24   12/22/2010    USD    14.00
UBS AG               11.22     2/4/2016    USD    23.10
Lehman Brothers Tr   16.80    8/21/2009    USD     6.63
LBI HF                4.00    9/23/2015    EUR     2.81
Lehman Brothers Tr   14.10   11/12/2008    USD     6.63
Lehman Brothers Tr    0.75    3/29/2012    EUR     3.82
Glitnir HF            3.30    6/10/2010    EUR    14.00
Glitnir HF            5.35    5/11/2010    USD    14.00
Lehman Brothers Tr    4.00    8/11/2010    USD     3.82
Lehman Brothers Tr    2.30     6/6/2013    USD     6.63
Lehman Brothers Tr    7.50    5/30/2010    AUD     6.63
Lehman Brothers Tr   11.00     5/9/2020    USD     3.82
Lehman Brothers Tr    4.30     6/4/2012    USD     6.63
Lehman Brothers Tr    4.00     6/5/2011    USD     6.63
UBS AG                8.42   12/17/2015    USD    26.12
LBI HF                2.14     2/3/2020    JPY     2.81
UBS AG                8.15    7/21/2015    USD    45.63
Lehman Brothers Tr    3.10     6/4/2010    USD     6.63
Lehman Brothers Tr    5.25     7/8/2014    EUR     6.63
LBI HF                6.75    2/18/2015    EUR     2.81
Lehman Brothers Tr    6.60    5/23/2012    AUD     6.63
Lehman Brothers Tr   16.00   10/28/2008    USD     6.63
LBI HF                2.75    3/16/2011    EUR     2.81
Lehman Brothers Tr    6.60     2/9/2009    EUR     3.92
Lehman Brothers Tr    4.70    3/23/2016    EUR     3.82
Lehman Brothers Tr    8.00    4/20/2009    EUR     3.82
Lehman Brothers Tr    0.50    2/16/2009    EUR     6.63
Lehman Brothers Tr    7.63    7/22/2011    HKD     6.63
Glitnir HF            4.85     4/6/2012    EUR    14.00
Kaupthing Bank Hf     5.40    3/22/2014    ISK     0.00
Lehman Brothers Tr    5.00    3/13/2009    EUR     3.82
Lehman Brothers Tr    6.72   12/29/2008    EUR     3.97
Lehman Brothers Tr    7.06   12/29/2008    EUR     3.98
Glitnir HF            2.57   12/31/2013    EUR    14.00
Glitnir HF            6.00   12/10/2009    ISK     0.02
Glitnir HF            6.20   12/20/2009    ISK     0.02
Glitnir HF            5.00     2/1/2016    ISK    14.00
Glitnir HF            6.00     8/1/2010    ISK    14.00
LBI HF                8.65     5/1/2011    ISK     2.81
Lehman Brothers Tr   10.00   10/23/2008    USD     6.63
Lehman Brothers Tr   10.00   10/22/2008    USD     6.63
Lehman Brothers Tr    6.45    2/20/2010    AUD     6.63
Lehman Brothers Tr   12.40    6/12/2009    USD     6.63
Glitnir HF            0.50   11/26/2009    EUR    14.00
Lehman Brothers Tr   10.00    6/17/2009    USD     6.63
Lehman Brothers Tr   13.15   10/30/2008    USD     6.63
Lehman Brothers Tr    3.63     3/2/2012    EUR     6.63
Lehman Brothers Tr    0.50     8/1/2020    EUR     6.63
Royal Bank of Scot    1.69   11/14/2016    GBP     1.08
Glitnir HF            0.01     8/3/2009    JPY    14.00
Lehman Brothers Tr   16.00   12/26/2008    USD     6.63
Kaupthing Bank Hf     7.50    12/5/2014    ISK    14.13
Lehman Brothers Tr    2.30    6/27/2013    USD     6.63
Oesterreichische V    5.01     2/5/2018    EUR    58.50
LBI HF                5.44     9/3/2018    EUR     0.01
Oesterreichische V    5.00    3/13/2018    EUR    57.50
Lehman Brothers Tr    8.00    3/21/2018    USD     3.82
Lehman Brothers Tr    3.45    5/23/2013    USD     3.82
Lehman Brothers Tr    4.10    5/20/2009    USD     6.63
Lehman Brothers Tr    4.60    11/9/2011    EUR     3.82
Lehman Brothers Tr    4.60   10/11/2017    ILS    29.88
Oesterreichische V    5.00   12/12/2018    EUR    50.50
Lehman Brothers Tr   18.25    10/2/2008    USD     6.63
e-Kancelaria Grupa   10.00   10/23/2015    PLN     1.00
HSBC Trinkaus & Bu   10.40   12/28/2015    EUR    74.92
HSBC Trinkaus & Bu   13.20   11/27/2015    EUR    72.46
Notenstein Privatb    7.40   10/31/2016    CHF    45.09
UBS AG               14.25    6/26/2015    EUR    73.78
UBS AG               13.75    6/26/2015    EUR    74.33
UBS AG               14.50    6/26/2015    EUR    75.00
UBS AG               14.25    9/25/2015    EUR    74.90
Kommunalbanken AS     0.50    8/15/2018    BRL    71.28
UBS AG                7.75    6/26/2015    EUR    60.83
LBBW                  4.00    6/26/2015    EUR    59.20
UBS AG               12.25    6/26/2015    EUR    63.66
Credit Suisse AG/N    8.25    5/18/2015    CHF    72.82
UBS AG               12.25    9/25/2015    EUR    74.81
UBS AG               18.25    9/25/2015    EUR    62.59
UBS AG               12.00   12/29/2015    EUR    74.71
UBS AG               20.50   12/29/2015    EUR    72.19
UBS AG               20.25    9/25/2015    EUR    72.50
UBS AG               23.00    9/25/2015    EUR    56.20
UBS AG               19.75   12/29/2015    EUR    64.76
UBS AG               22.75   12/29/2015    EUR    68.80
UBS AG               23.00    9/25/2015    EUR    67.73
UBS AG/London         9.00    12/3/2015    CHF    74.97
LBBW                  4.25    8/28/2015    EUR    65.70
LBBW                  5.25    8/28/2015    EUR    61.55
LBBW                  6.50    8/28/2015    EUR    57.50
Zurcher Kantonalba    3.67    1/25/2016    CHF    54.93
UBS AG               10.00   12/29/2015    EUR    71.75
UBS AG               11.50    6/26/2015    EUR    60.30
Commerzbank AG       13.25   11/26/2015    EUR    72.81
Vontobel Financial    8.20    6/26/2015    EUR    74.99
Vontobel Financial    5.65    6/26/2015    EUR    67.96
Goldman Sachs & Co    7.00    6/24/2015    EUR    74.89
Goldman Sachs & Co   11.00    6/24/2015    EUR    71.69
Goldman Sachs & Co    9.00    6/24/2015    EUR    70.07
Goldman Sachs & Co   11.00    6/24/2015    EUR    66.46
Notenstein Privatb    8.80    7/24/2015    EUR    74.93
HSBC Trinkaus & Bu    6.50    6/26/2015    EUR    69.95
DZ Bank AG Deutsch    6.00    7/10/2015    EUR    74.65
Goldman Sachs & Co    8.00    6/24/2015    EUR    73.97
Vontobel Financial    6.40    6/26/2015    EUR    71.25
UBS AG               24.00   12/29/2015    EUR    61.18
UBS AG               19.25    3/29/2016    EUR    66.74
UBS AG               19.75    6/24/2016    EUR    67.32
UBS AG               18.00    6/24/2016    EUR    69.01
UBS AG               22.00   12/29/2015    EUR    55.94
UBS AG               16.00    3/29/2016    EUR    72.98
UBS AG               17.50    6/24/2016    EUR    71.49
UBS AG               21.75    3/29/2016    EUR    66.11
UBS AG               22.50   12/29/2015    EUR    72.80
UBS AG               23.75    9/25/2015    EUR    70.54
UBS AG               23.00    6/26/2015    EUR    72.03
UBS AG               22.00   12/29/2015    EUR    73.58
UBS AG               22.00   12/29/2015    EUR    72.13
UBS AG               22.50   12/29/2015    EUR    74.78
UBS AG               24.75    9/25/2015    EUR    58.88
UBS AG               16.00    6/24/2016    EUR    71.07
UBS AG               23.75   12/29/2015    EUR    54.49
UBS AG               20.00   12/29/2015    EUR    57.58
UBS AG               20.25   12/29/2015    EUR    72.55
UBS AG               22.25   12/29/2015    EUR    69.92
UBS AG               21.75    6/26/2015    EUR    52.72
UBS AG               22.75    9/25/2015    EUR    53.34
UBS AG               23.75    6/26/2015    EUR    55.88
UBS AG               19.75    6/24/2016    EUR    73.15
UBS AG               18.75   12/29/2015    EUR    74.52
UBS AG               23.25    9/25/2015    EUR    68.34
UBS AG               21.25    3/29/2016    EUR    71.26
Vontobel Financial    4.00    6/12/2015    EUR    50.30
Vontobel Financial    8.00    6/12/2015    EUR    47.10
UBS AG               14.75    6/26/2015    EUR    67.43
UBS AG               13.25    6/26/2015    EUR    71.90
UBS AG               14.25   12/29/2015    EUR    72.63
Commerzbank AG       14.25   11/26/2015    EUR    71.53
UBS AG/London        11.50   11/26/2015    CHF    68.63
UBS AG/London        10.75   11/26/2015    CHF    68.17
Commerzbank AG       12.00   11/26/2015    EUR    67.82
UBS AG               24.00   12/29/2015    EUR    67.63
UBS AG               21.25    6/26/2015    EUR    59.02
UBS AG               20.25    3/29/2016    EUR    67.84
UBS AG               13.25   12/29/2015    EUR    60.48
UBS AG                8.75    9/25/2015    EUR    72.25
UBS AG                5.75    6/26/2015    EUR    59.92
UBS AG               10.75    6/26/2015    EUR    50.76
UBS AG                9.50   12/29/2015    EUR    62.69
UBS AG               14.75    3/29/2016    EUR    71.77
UBS AG                7.00    6/26/2015    EUR    60.07
LBBW                  3.50    8/28/2015    EUR    70.57
Notenstein Finance    7.00   10/23/2015    USD    72.87
Leonteq Securities    3.00    9/19/2019    CHF    64.25
Leonteq Securities   11.00    12/4/2015    USD    65.74
Notenstein Privatb    8.20    5/27/2016    CHF    74.34
DZ Bank AG Deutsch    7.50   11/27/2015    EUR    72.22
Commerzbank AG        9.50   10/22/2015    EUR    74.91
Commerzbank AG       11.50   10/22/2015    EUR    72.30
Commerzbank AG       13.75   10/22/2015    EUR    70.15
Commerzbank AG       15.75   10/22/2015    EUR    68.06
UBS AG/London        10.25   11/12/2015    CHF    73.22
UBS AG/London        11.75   11/12/2015    CHF    62.03
HSBC Trinkaus & Bu   17.50   12/28/2015    EUR    64.91
HSBC Trinkaus & Bu   13.70   12/28/2015    EUR    67.60
HSBC Trinkaus & Bu   10.00   12/28/2015    EUR    71.25
HSBC Trinkaus & Bu   13.90    8/28/2015    EUR    66.59
HSBC Trinkaus & Bu   12.40   11/27/2015    EUR    68.60
DZ Bank AG Deutsch   15.50    5/20/2015    EUR    63.48
Goldman Sachs & Co   25.00    6/24/2015    EUR    73.19
Goldman Sachs & Co   25.00    8/26/2015    EUR    73.43
Goldman Sachs & Co   24.00    9/23/2015    EUR    74.88
DZ Bank AG Deutsch   11.00   10/23/2015    EUR    66.14
Notenstein Privatb    3.00    9/22/2020    CHF    69.59
DZ Bank AG Deutsch    7.75    7/24/2015    EUR    69.89
Commerzbank AG        7.00   10/22/2015    EUR    70.93
BNP Paribas Emissi   13.00   12/24/2015    EUR    67.16
Bank Julius Baer &   13.70   11/11/2015    CHF    67.45
UBS AG/London        12.35    11/3/2015    CHF    62.95
UBS AG/London         8.48    11/3/2015    CHF    61.20
BNP Paribas Emissi   15.00   12/24/2015    EUR    74.44
BNP Paribas Emissi   16.00   12/24/2015    EUR    72.47
HSBC Trinkaus & Bu   17.00   12/28/2015    EUR    60.20
HSBC Trinkaus & Bu   11.90   12/28/2015    EUR    63.76
HSBC Trinkaus & Bu    8.70   12/28/2015    EUR    67.26
Commerzbank AG        7.00    9/24/2015    EUR    65.20
UBS AG               22.75   12/29/2015    EUR    64.44
UBS AG               21.00    9/25/2015    EUR    62.26
UBS AG               13.50   12/29/2015    EUR    74.05
UBS AG               20.25    9/25/2015    EUR    67.99
UBS AG               22.75   12/29/2015    EUR    74.35
UBS AG               22.75    6/26/2015    EUR    55.51
UBS AG               18.50    6/26/2015    EUR    61.47
UBS AG               19.25   12/29/2015    EUR    62.28
UBS AG               16.50    9/25/2015    EUR    65.34
UBS AG               20.50    6/26/2015    EUR    61.97
UBS AG               24.75    6/26/2015    EUR    53.03
UBS AG               16.50    6/26/2015    EUR    65.11
UBS AG               18.00   12/29/2015    EUR    64.15
UBS AG               21.50    9/25/2015    EUR    58.08
UBS AG               24.00    6/26/2015    EUR    57.31
UBS AG               22.00    9/25/2015    EUR    64.69
UBS AG               16.25   12/29/2015    EUR    69.81
UBS AG               18.00    9/25/2015    EUR    71.67
UBS AG               23.75    9/25/2015    EUR    61.89
UBS AG               20.50   12/29/2015    EUR    60.63
UBS AG               14.75    9/25/2015    EUR    68.54
UBS AG               21.25    9/25/2015    EUR    65.68
UBS AG                7.00   12/29/2015    EUR    66.71
UBS AG                6.25    6/26/2015    EUR    66.52
UBS AG                9.75    9/25/2015    EUR    57.51
UBS AG               24.25    9/25/2015    EUR    40.81
UBS AG                5.00    6/26/2015    EUR    72.60
UBS AG               18.00   12/29/2015    EUR    70.25
UBS AG               23.50    9/25/2015    EUR    74.26
UBS AG               20.75   12/29/2015    EUR    66.52
UBS AG               13.50    6/26/2015    EUR    62.72
UBS AG               12.00   12/29/2015    EUR    54.62
UBS AG               15.00    6/26/2015    EUR    59.76
UBS AG               13.75    9/25/2015    EUR    61.89
UBS AG               23.00    9/25/2015    EUR    62.54
UBS AG               22.00   12/29/2015    EUR    64.63
UBS AG               20.25    9/25/2015    EUR    66.41
UBS AG               22.50    6/26/2015    EUR    63.32
UBS AG               24.75    9/25/2015    EUR    59.88
UBS AG               24.25    6/26/2015    EUR    73.00
UBS AG               18.50    9/25/2015    EUR    70.62
UBS AG               19.50   12/29/2015    EUR    68.34
UBS AG               19.50   12/29/2015    EUR    71.36
UBS AG               12.50    9/25/2015    EUR    61.97
UBS AG                7.00    6/26/2015    EUR    63.89
UBS AG               10.25    6/26/2015    EUR    55.38
UBS AG               16.50    9/25/2015    EUR    58.93
UBS AG                5.25    9/25/2015    EUR    73.37
UBS AG               12.25    6/26/2015    EUR    52.02
UBS AG                5.50    6/26/2015    EUR    69.40
UBS AG               20.25    6/26/2015    EUR    66.28
UBS AG               23.50    9/25/2015    EUR    62.10
UBS AG               20.75    6/26/2015    EUR    66.25
UBS AG               20.50   12/29/2015    EUR    66.99
UBS AG                6.25   12/29/2015    EUR    68.83
UBS AG               16.75   12/29/2015    EUR    74.33
UBS AG               24.00    6/26/2015    EUR    60.66
UBS AG               11.00    9/25/2015    EUR    66.68
UBS AG               14.75   12/29/2015    EUR    61.86
UBS AG               24.50    9/25/2015    EUR    63.31
UBS AG               21.75   12/29/2015    EUR    67.98
UBS AG               18.00    6/26/2015    EUR    74.09
UBS AG               13.50   12/29/2015    EUR    62.75
UBS AG               21.75    9/25/2015    EUR    67.11
UBS AG               19.00   12/29/2015    EUR    69.81
UBS AG               17.75   12/29/2015    EUR    71.84
UBS AG                5.75   12/29/2015    EUR    71.30
UBS AG               21.75    6/26/2015    EUR    67.46
UBS AG               22.00    9/25/2015    EUR    64.17
UBS AG               17.50    9/25/2015    EUR    46.43
UBS AG               16.75    6/26/2015    EUR    57.59
UBS AG               15.00    9/25/2015    EUR    60.52
UBS AG               19.00    9/25/2015    EUR    71.85
UBS AG               20.25    6/26/2015    EUR    69.93
UBS AG               18.25    6/26/2015    EUR    55.61
UBS AG               12.50   12/29/2015    EUR    64.42
UBS AG               17.75    9/25/2015    EUR    74.02
UBS AG                9.50   12/29/2015    EUR    59.64
UBS AG               17.75    9/25/2015    EUR    70.41
UBS AG               23.00   12/29/2015    EUR    63.27
UBS AG               19.75    9/25/2015    EUR    67.96
UBS AG               22.50   12/29/2015    EUR    64.15
UBS AG               23.25    6/26/2015    EUR    61.68
UBS AG               18.00    6/26/2015    EUR    71.29
UBS AG               11.25   12/29/2015    EUR    66.54
UBS AG                5.25   12/29/2015    EUR    73.96
Credit Suisse AG/N    8.50     6/5/2015    CHF    70.04
SAir Group            2.75    7/30/2004    CHF    11.63
UBS AG               20.50    9/25/2015    EUR    67.02
UBS AG               20.25    6/26/2015    EUR    48.28
UBS AG                9.00   12/29/2015    EUR    70.58
UBS AG               11.00   12/29/2015    EUR    65.91
UBS AG               19.25    9/25/2015    EUR    68.97
UBS AG                8.75    6/26/2015    EUR    70.68
UBS AG               22.00    9/25/2015    EUR    48.05
UBS AG               14.50    9/25/2015    EUR    71.10
UBS AG               25.00    9/25/2015    EUR    73.55
UBS AG               16.50    6/26/2015    EUR    67.60
UBS AG               10.50    9/25/2015    EUR    66.08
UBS AG               12.50    6/26/2015    EUR    60.83
UBS AG               20.25    9/25/2015    EUR    50.17
UBS AG               21.75   12/29/2015    EUR    62.20
UBS AG               11.25    6/26/2015    EUR    63.76
UBS AG               18.25    9/25/2015    EUR    52.63
UBS AG               19.75   12/29/2015    EUR    64.30
UBS AG               17.25    9/25/2015    EUR    72.28
UBS AG               22.50    9/25/2015    EUR    60.14
UBS AG               16.50   12/29/2015    EUR    56.31
UBS AG               18.25   12/29/2015    EUR    54.23
UBS AG               12.75   12/29/2015    EUR    61.94
UBS AG               19.75   12/29/2015    EUR    52.41
UBS AG               20.00    9/25/2015    EUR    63.11
UBS AG               14.75   12/29/2015    EUR    58.89
UBS AG               17.75    6/26/2015    EUR    51.72
UBS AG               23.75    6/26/2015    EUR    72.45
UBS AG               24.50    9/25/2015    EUR    71.06
UBS AG               23.00    6/26/2015    EUR    74.42
UBS AG               19.75    6/26/2015    EUR    62.60
UBS AG               23.50    9/25/2015    EUR    62.82
UBS AG               23.75    6/26/2015    EUR    62.23
UBS AG               22.75    9/25/2015    EUR    73.84
UBS AG                8.50    9/25/2015    EUR    72.20
UBS AG               21.25   12/29/2015    EUR    50.94
UBS AG               17.75   12/29/2015    EUR    66.94
UBS AG               23.00   12/29/2015    EUR    73.44
UBS AG               24.75    9/25/2015    EUR    73.42
UBS AG               18.50   12/29/2015    EUR    66.18
UBS AG               20.25    6/26/2015    EUR    67.46
UBS AG               17.50   12/29/2015    EUR    67.96
UBS AG               15.00    9/25/2015    EUR    71.23
UBS AG               20.00    9/25/2015    EUR    60.25
UBS AG               23.75    9/25/2015    EUR    72.66
UBS AG               19.00    9/25/2015    EUR    74.67
UBS AG               23.00    6/26/2015    EUR    67.73
UBS AG               15.00   12/29/2015    EUR    68.68
UBS AG               24.75    6/26/2015    EUR    71.30
UBS AG               18.75    6/26/2015    EUR    64.67
UBS AG               18.00   12/29/2015    EUR    71.81
UBS AG               23.50    9/25/2015    EUR    58.92
UBS AG               17.75    6/26/2015    EUR    72.49
UBS AG               21.50    6/26/2015    EUR    70.21
UBS AG               13.50   12/29/2015    EUR    71.50
UBS AG               21.75   12/29/2015    EUR    59.21
UBS AG               17.00    6/26/2015    EUR    67.70
UBS AG               22.25    9/25/2015    EUR    60.50
UBS AG               20.75   12/29/2015    EUR    63.35
UBS AG               16.50    9/25/2015    EUR    68.57
UBS AG               20.75    6/26/2015    EUR    58.37
UBS AG               13.00    9/25/2015    EUR    72.24
UBS AG               24.50    9/25/2015    EUR    54.49
UBS AG               16.50   12/29/2015    EUR    66.21
UBS AG               13.50    9/25/2015    EUR    74.21
UBS AG               21.25   12/29/2015    EUR    66.54
UBS AG               19.50    9/25/2015    EUR    64.12
UBS AG               22.75    6/26/2015    EUR    63.20
UBS AG               19.25    6/26/2015    EUR    74.38
UBS AG               22.25    6/26/2015    EUR    59.52
UBS AG               19.75   12/29/2015    EUR    69.02
UBS AG               15.00   12/29/2015    EUR    71.88
UBS AG               18.00    9/25/2015    EUR    66.23
UBS AG               12.25    6/26/2015    EUR    69.44
UBS AG               20.75   12/29/2015    EUR    67.27
UBS AG               24.00    9/25/2015    EUR    74.19
UBS AG               15.50   12/29/2015    EUR    70.03
UBS AG               13.00   12/29/2015    EUR    73.79
UBS AG                7.50    6/26/2015    EUR    74.76
UBS AG               16.00    9/25/2015    EUR    55.51
UBS AG               22.75   12/29/2015    EUR    49.75
UBS AG                7.25    6/26/2015    EUR    66.19
UBS AG               13.75    6/26/2015    EUR    70.87
UBS AG               14.00    6/26/2015    EUR    69.24
UBS AG               13.75    9/25/2015    EUR    64.23
UBS AG               11.75    6/26/2015    EUR    63.71
UBS AG                6.75    6/26/2015    EUR    50.22
UBS AG                8.50   12/29/2015    EUR    74.06
UBS AG               10.25    9/25/2015    EUR    62.95
UBS AG                7.25   12/29/2015    EUR    73.36
UBS AG                9.50    6/26/2015    EUR    70.24
UBS AG               10.75    6/26/2015    EUR    53.23
UBS AG               10.75   12/29/2015    EUR    72.25
UBS AG               10.50    6/26/2015    EUR    43.69
UBS AG               14.75    9/25/2015    EUR    61.05
UBS AG               25.00   12/29/2015    EUR    72.89
UBS AG               14.00    6/24/2016    EUR    73.91
UBS AG               25.00    9/25/2015    EUR    67.52
UBS AG               23.75   12/29/2015    EUR    70.73
UBS AG               23.50    9/25/2015    EUR    69.82
UBS AG               23.00   12/29/2015    EUR    60.05
UBS AG               16.50    6/24/2016    EUR    72.87
UBS AG               13.75    3/29/2016    EUR    73.93
UBS AG               23.25   12/29/2015    EUR    70.36
UBS AG               20.75   12/29/2015    EUR    74.15
UBS AG               22.75    6/26/2015    EUR    72.24
UBS AG               21.25    3/29/2016    EUR    64.78
UBS AG               18.50    3/29/2016    EUR    69.75
UBS AG               19.00    6/24/2016    EUR    69.83
UBS AG               24.50   12/29/2015    EUR    62.41
UBS AG               23.00    6/26/2015    EUR    68.58
UBS AG               19.25    6/26/2015    EUR    73.64
UBS AG               21.50    9/25/2015    EUR    70.60
UBS AG               17.25    3/29/2016    EUR    71.23
UBS AG               20.25    6/24/2016    EUR    68.29
UBS AG               24.75    9/25/2015    EUR    69.25
UBS AG               23.50   12/29/2015    EUR    58.32
UBS AG               19.75    9/25/2015    EUR    73.17
UBS AG               20.00    6/26/2015    EUR    54.55
UBS AG               15.25    6/24/2016    EUR    74.21
UBS AG               21.75   12/29/2015    EUR    63.48
UBS AG               17.25    3/29/2016    EUR    69.39
UBS AG               21.00    6/26/2015    EUR    74.17
UBS AG               22.00    9/25/2015    EUR    72.38
UBS AG               20.75    3/29/2016    EUR    73.95
UBS AG               23.25    6/26/2015    EUR    70.53
UBS AG               14.75    3/29/2016    EUR    72.42
UBS AG               23.00    6/26/2015    EUR    40.18
UBS AG               20.75    6/26/2015    EUR    42.34
UBS AG               23.75   12/29/2015    EUR    71.04
UBS AG               19.75    3/29/2016    EUR    73.33
DZ Bank AG Deutsch    6.25    7/10/2015    EUR    67.92
DZ Bank AG Deutsch    6.75    7/10/2015    EUR    68.01
DZ Bank AG Deutsch    7.25    7/10/2015    EUR    68.10
Powszechne Towarzy    8.01     8/1/2016    PLN    49.00
e-Kancelaria Grupa    8.04    9/15/2016    PLN     1.00
Lehman Brothers Tr    8.28    3/26/2009    USD     3.82
Lehman Brothers Tr    7.60    3/26/2009    EUR     3.82
Lehman Brothers Tr    7.55   12/29/2008    USD     3.82
Lehman Brothers Tr    6.00    3/17/2011    EUR     3.82
Glitnir HF            2.75    3/31/2010    EUR    14.00
Lehman Brothers Tr    7.00    7/11/2010    EUR     3.82
Leonteq Securities   13.00     6/5/2015    CHF    71.76
HSBC Trinkaus & Bu   13.40    9/25/2015    EUR    74.62
Hypothekenbank Fra    0.29    6/30/2051    EUR    71.83
Lehman Brothers Tr    4.00    3/10/2011    EUR     3.82
Lehman Brothers Tr    8.00    3/19/2012    USD     3.82
UBS AG               24.75    9/25/2015    EUR    71.25
UBS AG               23.50    6/26/2015    EUR    72.76
UBS AG               23.00   12/29/2015    EUR    73.98
UBS AG               22.50    9/25/2015    EUR    73.89
UBS AG               23.25    9/25/2015    EUR    73.59
UBS AG               13.75    9/25/2015    EUR    59.07
UBS AG               11.75    9/25/2015    EUR    63.56
UBS AG               15.00    6/26/2015    EUR    55.81
UBS AG               23.75    9/25/2015    EUR    46.27
UBS AG               24.50    9/25/2015    EUR    57.59
UBS AG               17.25    9/25/2015    EUR    66.63
UBS AG               23.00    6/26/2015    EUR    58.46
UBS AG               22.00    6/26/2015    EUR    64.45
UBS AG               22.75    6/26/2015    EUR    45.38
UBS AG               10.00   12/29/2015    EUR    68.13
UBS AG                8.25   12/29/2015    EUR    73.43
UBS AG               23.00    6/26/2015    EUR    73.96
UBS AG               13.00    6/26/2015    EUR    72.61
Leonteq Securities    4.50     4/4/2016    EUR    56.24
Commerzbank AG       11.25   11/26/2015    EUR    74.51
Leonteq Securities    5.00    5/23/2016    CHF    60.21
Barclays Bank PLC     4.17     1/5/2017    EUR    69.00
BNP Paribas Emissi   10.00    7/23/2015    EUR    64.37
BNP Paribas Emissi    8.00    7/23/2015    EUR    64.59
Credit Suisse AG/N    8.13    7/15/2015    CHF    73.98
Bank Julius Baer &    3.90   11/30/2015    CHF    71.95
Leonteq Securities    6.00     1/7/2016    EUR    45.95
Goldman Sachs Inte    1.00    12/5/2017    SEK    15.26
HSBC Trinkaus & Bu   18.50    6/26/2015    EUR    61.81
Notenstein Privatb    7.00    6/17/2015    CHF    74.64
Commerzbank AG        3.00    12/3/2015    EUR    63.46
UBS AG               14.75    6/26/2015    EUR    71.35
UBS AG               12.75   12/29/2015    EUR    73.74
UBS AG               14.50   12/29/2015    EUR    68.40
UBS AG               13.75   12/29/2015    EUR    70.36
Societe Generale E    4.00    6/26/2017    EUR    52.02
Vontobel Financial    7.75    6/26/2015    EUR    74.25
Raiffeisen Centrob    8.56    7/22/2015    EUR    72.49
Raiffeisen Centrob    9.87    7/22/2015    EUR    72.98
UBS AG               10.75   12/29/2015    EUR    65.78
UBS AG               14.25    6/26/2015    EUR    55.30
Leonteq Securities    5.25    2/26/2016    CHF    59.57
Leonteq Securities    3.90     3/1/2016    EUR    49.37
Leonteq Securities    3.10     3/1/2016    EUR    73.75
Lehman Brothers Tr    9.25    6/20/2012    USD     3.82
Lehman Brothers Tr    1.50     2/8/2012    CHF     3.82
Oesterreichische V    0.83   10/15/2019    EUR    34.25
Oesterreichische V    4.50   10/21/2020    EUR    37.00
Lehman Brothers Tr    0.01    9/20/2011    USD     3.82
Lehman Brothers Tr    4.68   12/12/2045    EUR     6.63
Lehman Brothers Tr   13.00   12/14/2012    USD     3.82
Lehman Brothers Tr    5.12    4/30/2027    EUR     6.63
Lehman Brothers Tr    7.75    2/21/2016    EUR     3.82
Lehman Brothers Tr    4.10    8/23/2010    USD     6.63
Lehman Brothers Tr    7.25    6/20/2010    USD     3.82
DZ Bank AG Deutsch    3.50    9/23/2015    EUR    74.71
DZ Bank AG Deutsch    5.40    9/23/2015    EUR    71.89
DZ Bank AG Deutsch    4.80   12/23/2015    EUR    73.69
DZ Bank AG Deutsch    5.70    9/23/2015    EUR    69.68
DZ Bank AG Deutsch    5.70    9/23/2015    EUR    66.47
DZ Bank AG Deutsch    4.60    9/23/2015    EUR    63.14
DZ Bank AG Deutsch    5.10   12/23/2015    EUR    72.20
DZ Bank AG Deutsch    5.10   12/23/2015    EUR    69.03
DZ Bank AG Deutsch    4.40   12/23/2015    EUR    65.60
DZ Bank AG Deutsch    3.90    9/23/2015    EUR    74.92
DZ Bank AG Deutsch    5.80    9/23/2015    EUR    71.71
DZ Bank AG Deutsch    5.10   12/23/2015    EUR    74.18
DZ Bank AG Deutsch    4.60   12/23/2015    EUR    68.82
DZ Bank AG Deutsch    3.20   12/23/2015    EUR    67.93
HSBC Trinkaus & Bu   19.80    6/26/2015    EUR    54.29
Commerzbank AG        9.25    9/24/2015    EUR    73.87
Commerzbank AG        7.50    9/24/2015    EUR    70.14
Commerzbank AG        9.25    9/24/2015    EUR    67.42
Commerzbank AG       11.25    9/24/2015    EUR    65.08
Commerzbank AG       20.50    9/24/2015    EUR    72.72
Commerzbank AG       23.75    9/24/2015    EUR    68.49
Vontobel Financial    7.60    9/25/2015    EUR    73.02
Oesterreichische V    4.78     6/7/2030    EUR    17.88
DZ Bank AG Deutsch    8.75   10/23/2015    EUR    73.10
Deutsche Bank AG      5.20   12/22/2015    EUR    72.50
Deutsche Bank AG      4.20    6/22/2015    EUR    70.00
Deutsche Bank AG      6.20    6/22/2015    EUR    70.30
Lehman Brothers Tr    6.00    6/21/2011    EUR     3.82
Leonteq Securities   11.20   12/29/2015    CHF    55.99
DZ Bank AG Deutsch    2.60    9/23/2015    EUR    69.11
DZ Bank AG Deutsch    3.10    9/23/2015    EUR    66.25
DZ Bank AG Deutsch    4.80    9/23/2015    EUR    66.91
DZ Bank AG Deutsch    2.70   12/23/2015    EUR    70.66
DZ Bank AG Deutsch    6.00    9/23/2015    EUR    72.75
Commerzbank AG       10.75    8/27/2015    EUR    60.44
Commerzbank AG        8.50    8/27/2015    EUR    62.70
HSBC Trinkaus & Bu   19.30    6/26/2015    EUR    70.24
HSBC Trinkaus & Bu   15.60    9/25/2015    EUR    74.08
Deutsche Bank AG      5.20    6/22/2015    EUR    70.20
Deutsche Bank AG      6.20    9/22/2015    EUR    71.70
Deutsche Bank AG      6.20   12/22/2015    EUR    73.10
Commerzbank AG       26.75    9/24/2015    EUR    64.38
Deutsche Bank AG      4.20    6/22/2015    EUR    74.60
Deutsche Bank AG      4.20   12/22/2015    EUR    71.80
Deutsche Bank AG      4.20    9/22/2015    EUR    71.00
Deutsche Bank AG      5.20    9/22/2015    EUR    71.40
Lehman Brothers Tr   12.00    7/13/2037    JPY     3.82
Lehman Brothers Tr   10.00    6/11/2038    JPY     3.82
Oesterreichische V    1.34     3/1/2018    EUR    51.13
Oesterreichische V    1.39    1/28/2019    EUR    41.75
Lehman Brothers Tr    4.82   12/18/2036    EUR     6.63
Lehman Brothers Tr    5.25     4/1/2023    EUR     6.63
Lehman Brothers Tr    6.70    4/21/2011    USD     3.82
Oesterreichische V    0.95    2/11/2019    EUR    40.25
Lehman Brothers Tr    3.00    9/12/2036    JPY    29.88
Leonteq Securities   20.00   12/29/2015    CHF    64.22
Provincia di Ancon    0.31    6/30/2028    EUR    73.15
Bank Julius Baer &    8.85    9/25/2015    CHF    53.25
DZ Bank AG Deutsch    6.25    9/25/2015    EUR    65.00
DZ Bank AG Deutsch    7.00   10/23/2015    EUR    64.54
Bank Julius Baer &   14.20   10/28/2015    CHF    62.55
HSBC Trinkaus & Bu   21.30    6/26/2015    EUR    46.89
HSBC Trinkaus & Bu   15.80    6/26/2015    EUR    49.61
HSBC Trinkaus & Bu    8.50    6/26/2015    EUR    55.02
HSBC Trinkaus & Bu   17.10    9/25/2015    EUR    50.52
HSBC Trinkaus & Bu   12.80    7/24/2015    EUR    52.12
HSBC Trinkaus & Bu   11.30   10/23/2015    EUR    54.56
UBS AG/London         7.50   10/15/2015    CHF    57.59
Oesterreichische V    2.75    9/20/2016    EUR    73.50
Commerzbank AG        9.50    9/24/2015    EUR    63.73
Commerzbank AG       11.50    9/24/2015    EUR    61.39
Commerzbank AG       13.75    9/24/2015    EUR    59.44
Deutsche Bank AG     10.00    6/22/2015    EUR    70.80
Deutsche Bank AG     10.00    8/26/2015    EUR    72.60
Deutsche Bank AG     10.00   10/21/2015    EUR    74.00
Oesterreichische V    5.05     8/5/2030    EUR    18.63
HSBC Trinkaus & Bu   13.40    9/25/2015    EUR    52.57
Deutsche Bank AG     10.00    7/22/2015    EUR    71.70
Deutsche Bank AG     10.00    9/22/2015    EUR    73.20
Deutsche Bank AG     10.00   11/25/2015    EUR    74.90
Oesterreichische V    2.75    8/24/2016    EUR    74.63
Oesterreichische V    1.33    6/14/2017    EUR    60.38
Credit Suisse AG/L    7.50    6/25/2015    USD    70.40
BNP Paribas Emissi    7.00   10/22/2015    EUR    55.67
BNP Paribas Emissi    9.00   10/22/2015    EUR    66.33
DZ Bank AG Deutsch   15.25    5/22/2015    EUR    52.13
UniCredit Bank AG     5.40    9/24/2015    EUR    54.36
UniCredit Bank AG     5.25    9/24/2015    EUR    54.92
DZ Bank AG Deutsch    9.75    5/22/2015    EUR    56.40
DZ Bank AG Deutsch   15.25    5/22/2015    EUR    53.47
Goldman Sachs & Co    6.00    7/22/2015    EUR    74.23
Goldman Sachs & Co    7.00   12/23/2015    EUR    73.16
Goldman Sachs & Co   11.00   12/23/2015    EUR    65.99
Vontobel Financial    8.95    6/26/2015    EUR    74.43
Vontobel Financial    4.50    6/26/2015    EUR    73.49
Vontobel Financial    8.35    6/26/2015    EUR    51.74
BNP Paribas Emissi    5.50    6/25/2015    EUR    73.96
BNP Paribas Emissi    7.50    6/25/2015    EUR    70.19
BNP Paribas Emissi    9.00    6/25/2015    EUR    66.77
Raiffeisen Centrob    7.55    1/20/2016    EUR    69.36
Raiffeisen Centrob    6.29    1/20/2016    EUR    67.11
Goldman Sachs & Co   14.00    5/20/2015    EUR    73.34
UniCredit Bank AG     4.25    9/24/2015    EUR    57.26
UniCredit Bank AG     5.75    9/24/2015    EUR    53.24
Credit Suisse AG/L    9.50    5/11/2015    USD    60.26
BNP Paribas Emissi    7.50    6/25/2015    EUR    74.24
BNP Paribas Emissi    9.00    6/25/2015    EUR    70.40
BNP Paribas Emissi   11.00    6/25/2015    EUR    67.04
HSBC Trinkaus & Bu   13.50    6/26/2015    EUR    73.90
UniCredit Bank AG     4.50    6/24/2015    EUR    72.50
UniCredit Bank AG     4.75    6/24/2015    EUR    53.19
UniCredit Bank AG     4.50    6/24/2015    EUR    53.80
UniCredit Bank AG     5.00    6/24/2015    EUR    73.44
Vontobel Financial   11.20    5/15/2015    EUR    65.75
Leonteq Securities    9.07     5/3/2016    GBP    54.53
UBS AG/London         9.06   10/23/2015    CHF    62.40
UBS AG/London        12.88   10/23/2015    CHF    64.65
DZ Bank AG Deutsch    8.50    5/22/2015    EUR    56.51
Deutsche Bank AG      6.20    6/22/2015    EUR    51.20
Deutsche Bank AG      5.20    6/22/2015    EUR    48.20
Deutsche Bank AG      7.20    6/22/2015    EUR    51.30
Leonteq Securities   11.60    8/12/2015    USD    63.53
HSBC Trinkaus & Bu   16.00    6/26/2015    EUR    58.33
UniCredit Bank AG     4.30    6/24/2015    EUR    54.44
UniCredit Bank AG     5.00    6/24/2015    EUR    68.64
UniCredit Bank AG     6.00    6/24/2015    EUR    72.55
UniCredit Bank AG     5.25    6/24/2015    EUR    52.00
UniCredit Bank AG     6.00    6/24/2015    EUR    70.26
UniCredit Bank AG     5.50    6/24/2015    EUR    51.43
UniCredit Bank AG     5.25    6/24/2015    EUR    66.87
UniCredit Bank AG     4.20    6/24/2015    EUR    74.60
UniCredit Bank AG     5.00    6/24/2015    EUR    52.59
UniCredit Bank AG     4.75    6/24/2015    EUR    70.52
Vontobel Financial    5.80    6/12/2015    EUR    67.71
Credit Suisse AG/N    8.25     5/4/2015    USD    72.20
Deutsche Bank AG      7.20    6/22/2015    EUR    54.40
Deutsche Bank AG      6.20    6/22/2015    EUR    48.40
Deutsche Bank AG      5.20    6/22/2015    EUR    51.00
Deutsche Bank AG      7.20    6/22/2015    EUR    48.50
Deutsche Bank AG      5.20    6/22/2015    EUR    54.20
Deutsche Bank AG      6.20    6/22/2015    EUR    54.30
Deutsche Bank AG      6.20    6/22/2015    EUR    69.60
Zurcher Kantonalba   14.00    7/29/2015    EUR    67.46
BNP Paribas Emissi    8.00    6/25/2015    EUR    60.31
BNP Paribas Emissi   10.50    6/25/2015    EUR    55.28
Deutsche Bank AG      5.20    9/22/2015    EUR    64.00
Deutsche Bank AG      5.20    9/22/2015    EUR    70.80
Deutsche Bank AG      5.20    9/22/2015    EUR    67.20
Deutsche Bank AG      6.20   12/22/2015    EUR    69.00
Deutsche Bank AG      5.20    6/22/2015    EUR    69.60
Deutsche Bank AG      5.20   12/22/2015    EUR    65.20
Deutsche Bank AG      6.20    6/22/2015    EUR    66.10
Deutsche Bank AG      7.20    6/22/2015    EUR    69.80
Deutsche Bank AG      6.20   12/22/2015    EUR    65.80
Deutsche Bank AG      7.20    9/22/2015    EUR    68.00
Deutsche Bank AG      5.20    6/22/2015    EUR    74.80
Deutsche Bank AG      6.20    9/22/2015    EUR    71.20
Notenstein Privatb    9.60    6/16/2015    CHF    43.96
Commerzbank AG        7.00    5/21/2015    EUR    70.47
Commerzbank AG        9.00    5/21/2015    EUR    66.88
Commerzbank AG       11.25    5/21/2015    EUR    63.65
HSBC Trinkaus & Bu   14.50    6/26/2015    EUR    63.82
Goldman Sachs & Co   12.00    7/22/2015    EUR    64.44
DZ Bank AG Deutsch   10.50    5/22/2015    EUR    55.14
DZ Bank AG Deutsch   16.00    5/22/2015    EUR    52.17
Vontobel Financial    8.80    6/26/2015    EUR    66.72
DZ Bank AG Deutsch    7.25    6/26/2015    EUR    65.64
Bank Julius Baer &   15.25     6/4/2015    CHF    52.20
Vontobel Financial    4.95    9/11/2015    EUR    66.18
Vontobel Financial    7.80    9/11/2015    EUR    67.18
Commerzbank AG        8.75    5/21/2015    EUR    67.15
Commerzbank AG       11.00    5/21/2015    EUR    63.91
DZ Bank AG Deutsch    4.25     6/5/2015    EUR    73.96
UniCredit Bank AG     6.00    7/23/2015    EUR    51.69
UniCredit Bank AG     4.50    7/23/2015    EUR    55.86
UniCredit Bank AG     4.00    7/23/2015    EUR    57.19
UniCredit Bank AG     5.50    7/23/2015    EUR    68.24
UniCredit Bank AG     4.40    7/23/2015    EUR    73.85
DZ Bank AG Deutsch    7.50    9/11/2015    EUR    71.10
Commerzbank AG       11.50    5/21/2015    EUR    58.87
Commerzbank AG        7.25    5/21/2015    EUR    74.88
Commerzbank AG        7.50    5/21/2015    EUR    74.05
Commerzbank AG        6.50    5/21/2015    EUR    67.42
Commerzbank AG        9.00    5/21/2015    EUR    62.87
Vontobel Financial    6.05    9/25/2015    EUR    66.51
Vontobel Financial    9.20    9/25/2015    EUR    65.81
Vontobel Financial    5.90    9/25/2015    EUR    71.34
Vontobel Financial    6.40    6/26/2015    EUR    70.01
DZ Bank AG Deutsch    8.50    5/22/2015    EUR    67.48
DZ Bank AG Deutsch    5.50    5/22/2015    EUR    64.66
DZ Bank AG Deutsch   10.25    5/22/2015    EUR    59.69
BNP Paribas Emissi    6.00    6/25/2015    EUR    65.66
Commerzbank AG       10.50    5/21/2015    EUR    68.22
Vontobel Financial    7.50    6/26/2015    EUR    64.70
UniCredit Bank AG     5.50    7/23/2015    EUR    52.78
UniCredit Bank AG     5.00    7/23/2015    EUR    54.61
UniCredit Bank AG     5.20    7/23/2015    EUR    70.02
UniCredit Bank AG     4.80    7/23/2015    EUR    71.88
UniCredit Bank AG     6.00    7/23/2015    EUR    72.98
HSBC Trinkaus & Bu   12.00    6/26/2015    EUR    58.07
HSBC Trinkaus & Bu    8.50    6/26/2015    EUR    63.50
HSBC Trinkaus & Bu    6.00    6/26/2015    EUR    73.94
HSBC Trinkaus & Bu   15.00    6/26/2015    EUR    64.63
Commerzbank AG        9.25    5/21/2015    EUR    71.14
Commerzbank AG        6.75    5/21/2015    EUR    51.98
UBS AG/London         7.75    5/28/2015    CHF    43.95
DZ Bank AG Deutsch   16.00    5/22/2015    EUR    57.53
Deutsche Bank AG      4.00    5/25/2015    EUR    60.00
Zurcher Kantonalba    8.00     6/4/2015    CHF    50.29
Commerzbank AG        8.25    5/21/2015    EUR    71.70
DZ Bank AG Deutsch    8.40    6/12/2015    EUR    70.93
DZ Bank AG Deutsch    7.30    9/11/2015    EUR    72.32
Credit Suisse AG/L    9.00   12/18/2015    USD    44.79
Bank Julius Baer &   11.25     6/3/2015    CHF    51.85
Vontobel Financial    9.50    6/12/2015    EUR    66.44
Vontobel Financial   10.45    9/11/2015    EUR    65.89
Vontobel Financial    8.65    9/11/2015    EUR    68.52
Vontobel Financial    6.95    9/11/2015    EUR    71.50
Vontobel Financial    5.35    9/11/2015    EUR    74.87
Commerzbank AG        6.75    5/21/2015    EUR    70.78
HSBC Trinkaus & Bu    9.50    6/26/2015    EUR    69.40
HSBC Trinkaus & Bu   17.00    6/26/2015    EUR    73.79
Goldman Sachs & Co    7.00    5/20/2015    EUR    73.05
Goldman Sachs & Co    7.00    7/22/2015    EUR    74.75
Goldman Sachs & Co    8.00    7/22/2015    EUR    70.63
Goldman Sachs & Co   10.00    7/22/2015    EUR    67.43
Goldman Sachs & Co    8.00   12/23/2015    EUR    73.80
Goldman Sachs & Co   10.00   12/23/2015    EUR    68.26
Intertekhelektro-N    8.50    4/21/2020    RUB    60.00
Oesterreichische V    3.50    5/23/2022    EUR    25.63
Leonteq Securities    9.00     4/8/2016    USD    32.41
Oesterreichische V    2.75    8/26/2016    EUR    74.50
Bank Julius Baer &   10.20    10/7/2015    CHF    67.55
Zurcher Kantonalba    7.02    10/9/2015    CHF    62.21
Leonteq Securities   13.60     1/6/2016    CHF    73.17
UniCredit Bank AG     4.80   10/22/2015    EUR    74.87
UniCredit Bank AG     5.00   10/22/2015    EUR    73.82
DZ Bank AG Deutsch    5.60    10/7/2015    EUR    59.11
Goldman Sachs & Co    8.00    9/23/2015    EUR    72.79
Vontobel Financial    9.75   10/23/2015    EUR    74.09
Notenstein Finance    8.68     4/1/2016    USD    73.99
Bank Julius Baer &    8.25    10/9/2015    USD    65.00
UniCredit Bank AG     5.20   10/22/2015    EUR    71.75
Goldman Sachs & Co   10.00    5/20/2015    EUR    73.16
Goldman Sachs & Co   14.00    5/20/2015    EUR    65.37
Goldman Sachs & Co   12.00    9/23/2015    EUR    69.76
DZ Bank AG Deutsch    7.50    6/12/2015    EUR    68.29
DZ Bank AG Deutsch    7.25    6/12/2015    EUR    67.52
DZ Bank AG Deutsch    8.00    9/11/2015    EUR    69.86
DZ Bank AG Deutsch    6.80    6/12/2015    EUR    72.75
Bank Julius Baer &   11.50    5/21/2015    USD    63.65
Credit Suisse AG/L    8.00    5/29/2015    USD    60.66
UniCredit Bank AG     4.00    9/24/2015    EUR    49.31
UniCredit Bank AG     4.00    9/24/2015    EUR    74.74
UniCredit Bank AG     4.00    9/24/2015    EUR    50.53
DZ Bank AG Deutsch    7.50    6/12/2015    EUR    68.90
DZ Bank AG Deutsch    7.75    9/11/2015    EUR    70.78
Bank Julius Baer &   14.75    5/20/2015    CHF    57.55
HSBC Trinkaus & Bu    7.50    6/26/2015    EUR    60.25
Deutsche Bank AG      5.20    7/22/2015    EUR    74.00
Deutsche Bank AG      5.20    8/26/2015    EUR    70.40
Deutsche Bank AG      6.20    7/22/2015    EUR    74.20
Deutsche Bank AG      5.20    7/22/2015    EUR    70.00
Deutsche Bank AG      5.20    8/26/2015    EUR    74.40
Deutsche Bank AG      6.20    8/26/2015    EUR    70.80
UBS AG/London        14.83    5/22/2015    CHF    62.70
UBS AG/London         6.50    5/22/2015    CHF    45.00
LBBW                  4.50    6/26/2015    EUR    73.84
Deutsche Bank AG      6.20    7/22/2015    EUR    70.20
Deutsche Bank AG      6.20    8/26/2015    EUR    74.70
UBS AG/London         8.98    5/22/2015    CHF    62.35
UBS AG/London         8.98    5/22/2015    CHF    74.45
DZ Bank AG Deutsch    7.75    6/26/2015    EUR    70.35
DZ Bank AG Deutsch    8.25    6/26/2015    EUR    61.05
DZ Bank AG Deutsch    5.25    6/26/2015    EUR    56.33
DZ Bank AG Deutsch    7.75    6/26/2015    EUR    71.48
DZ Bank AG Deutsch   16.00    6/26/2015    EUR    39.52
Vontobel Financial    7.75    6/26/2015    EUR    69.06
DZ Bank AG Deutsch    7.25    9/11/2015    EUR    70.82
Bank Julius Baer &    8.75    5/22/2015    USD    73.20
Vontobel Financial    7.50    6/26/2015    EUR    68.90
HSBC Trinkaus & Bu   12.00    6/26/2015    EUR    73.93
HSBC Trinkaus & Bu   13.50    6/26/2015    EUR    66.82
DZ Bank AG Deutsch    9.00    6/26/2015    EUR    69.43
DZ Bank AG Deutsch    7.00    9/25/2015    EUR    71.31
DZ Bank AG Deutsch    6.75    9/11/2015    EUR    69.42
DZ Bank AG Deutsch    5.25    9/11/2015    EUR    71.32
DZ Bank AG Deutsch    5.80    9/11/2015    EUR    74.00
Leonteq Securities    9.15    5/20/2015    USD    57.61
UBS AG/London        13.25    5/20/2015    CHF    43.39
UBS AG/London        12.53    5/22/2015    CHF    61.45
Lehman Brothers Tr    5.25   11/21/2009    USD     3.82
DZ Bank AG Deutsch    7.75    6/12/2015    EUR    64.57
DZ Bank AG Deutsch    6.50    6/12/2015    EUR    64.24
LBBW                  4.50   12/29/2015    EUR    73.43
LBBW                  2.50    7/24/2015    EUR    66.77
LBBW                  3.50    7/22/2016    EUR    73.23
HSBC Trinkaus & Bu   23.50    6/26/2015    EUR    52.48
DZ Bank AG Deutsch    7.75   11/27/2015    EUR    68.14
Oesterreichische V    1.53   12/19/2016    EUR    68.00
HSBC Trinkaus & Bu   13.50    7/24/2015    EUR    59.31
HSBC Trinkaus & Bu   11.60   10/23/2015    EUR    61.67
HSBC Trinkaus & Bu    6.50    9/25/2015    EUR    71.65
Goldman Sachs & Co   17.00    6/24/2015    EUR    72.09
Goldman Sachs & Co   16.00    7/22/2015    EUR    73.19
UBS AG/London        13.75    8/27/2015    CHF    64.11
HSBC Trinkaus & Bu    7.00    6/26/2015    EUR    70.60
HSBC Trinkaus & Bu    8.50    8/28/2015    EUR    68.29
HSBC Trinkaus & Bu    7.40    6/26/2015    EUR    66.80
HSBC Trinkaus & Bu    7.10    9/25/2015    EUR    68.24
HSBC Trinkaus & Bu    6.00   12/28/2015    EUR    37.55
HSBC Trinkaus & Bu    6.00   12/28/2015    EUR    64.98
HSBC Trinkaus & Bu    6.60    9/25/2015    EUR    74.34
HSBC Trinkaus & Bu    7.90   10/23/2015    EUR    72.18
HSBC Trinkaus & Bu    6.00   12/28/2015    EUR    73.39
HSBC Trinkaus & Bu   19.50    6/26/2015    EUR    73.72
DZ Bank AG Deutsch    6.50    8/28/2015    EUR    71.06
Leonteq Securities   15.20    12/2/2015    CHF    64.53
Commerzbank AG        8.75    8/27/2015    EUR    65.22
Commerzbank AG       10.75    8/27/2015    EUR    62.76
Commerzbank AG       10.25    8/27/2015    EUR    69.75
Commerzbank AG       11.00    8/27/2015    EUR    73.07
Commerzbank AG        6.75    8/27/2015    EUR    67.98
Vontobel Financial    6.60    6/12/2015    EUR    74.72
DZ Bank AG Deutsch    5.70     9/7/2015    EUR    69.18
HSBC Trinkaus & Bu    9.50    7/24/2015    EUR    64.36
HSBC Trinkaus & Bu   10.80    9/25/2015    EUR    63.31
HSBC Trinkaus & Bu    8.80   10/23/2015    EUR    66.13
HSBC Trinkaus & Bu    6.00   12/28/2015    EUR    46.36
HSBC Trinkaus & Bu    6.00   12/28/2015    EUR    51.84
HSBC Trinkaus & Bu    6.90    6/26/2015    EUR    73.07
HSBC Trinkaus & Bu    8.70    7/24/2015    EUR    70.86
HSBC Trinkaus & Bu   11.50    9/25/2015    EUR    67.61
e-Kancelaria Grupa    9.00   12/23/2015    PLN     2.00
BNP Paribas Emissi    7.25   10/22/2015    EUR    72.28
BNP Paribas Emissi    7.00    1/21/2016    EUR    72.84
e-Kancelaria Grupa    9.00    12/4/2015    PLN    40.00
Lehman Brothers Tr    4.20    12/3/2008    HKD     3.82
Leonteq Securities   13.00    8/25/2015    CHF    40.99
Notenstein Privatb   10.00    8/14/2015    USD    72.84
Leonteq Securities   14.20    8/25/2015    CHF    73.60
Commerzbank AG       16.25    6/25/2015    EUR    51.50
Bank Julius Baer &   11.50    8/19/2015    CHF    66.65
Vontobel Financial    6.80    9/25/2015    EUR    73.45
DZ Bank AG Deutsch   15.75    9/25/2015    EUR    67.79
Bank Julius Baer &   10.70    9/16/2015    CHF    66.85
Notenstein Privatb    7.20     9/3/2015    EUR    62.94
Vontobel Financial    7.65    6/12/2015    EUR    74.76
Bank Julius Baer &    8.20    9/23/2015    CHF    50.90
Leonteq Securities   12.00   12/15/2015    CHF    74.87
Vontobel Financial    8.10   12/28/2015    EUR    74.70
Vontobel Financial    9.45    9/25/2015    EUR    73.19
Vontobel Financial   11.55    6/26/2015    EUR    71.17
Vontobel Financial   24.30    6/26/2015    EUR    61.94
Leonteq Securities   13.80   12/22/2015    CHF    73.71
UBS AG/London        11.25    8/27/2015    CHF    48.00
Commerzbank AG       14.00    8/27/2015    EUR    66.92
Commerzbank AG       17.25    8/27/2015    EUR    60.90
Commerzbank AG       20.50    8/27/2015    EUR    56.00
Commerzbank AG       23.75    8/27/2015    EUR    51.83
Bank Julius Baer &    7.40     9/9/2015    CHF    47.90
BNP Paribas Emissi    8.50   12/24/2015    EUR    70.28
BNP Paribas Emissi    7.50    6/25/2015    EUR    70.51
Notenstein Privatb   10.00     9/5/2016    CHF    67.48
Leonteq Securities    9.50     9/8/2016    USD    61.34
Leonteq Securities    8.64     9/8/2016    CHF    61.96
HSBC Trinkaus & Bu    9.00    6/26/2015    EUR    63.42
HSBC Trinkaus & Bu    7.80    6/26/2015    EUR    63.25
HSBC Trinkaus & Bu    8.50    9/25/2015    EUR    65.19
HSBC Trinkaus & Bu    7.80    9/25/2015    EUR    64.92
HSBC Trinkaus & Bu    8.10   12/28/2015    EUR    66.40
HSBC Trinkaus & Bu    7.60   12/28/2015    EUR    66.07
HSBC Trinkaus & Bu    8.00    6/26/2015    EUR    66.96
HSBC Trinkaus & Bu    7.50   12/28/2015    EUR    69.70
HSBC Trinkaus & Bu    7.00   12/28/2015    EUR    69.38
Leonteq Securities   20.00    12/8/2015    USD    45.65
BNP Paribas Emissi    7.50    9/24/2015    EUR    72.11
BNP Paribas Emissi    9.00    9/24/2015    EUR    69.08
BNP Paribas Emissi    7.25   12/24/2015    EUR    72.80
BNP Paribas Emissi    5.75    6/25/2015    EUR    74.53
BNP Paribas Emissi    9.50    6/25/2015    EUR    66.96
Leonteq Securities   13.00     9/2/2015    CHF    68.87
Notenstein Privatb    9.10    8/29/2016    CHF    73.04
Notenstein Privatb    9.10    8/29/2016    CHF    47.66
Credit Suisse AG/L   11.00    8/28/2015    USD    49.07
Bank Julius Baer &    7.00    8/28/2015    USD    71.65
Commerzbank AG       17.50    5/21/2015    EUR    50.01
Leonteq Securities   11.00    8/25/2015    USD    59.15
Commerzbank AG       13.00    5/21/2015    EUR    70.77
Commerzbank AG       23.25    6/25/2015    EUR    53.84
Commerzbank AG       24.25    7/23/2015    EUR    53.18
Commerzbank AG        9.00    7/23/2015    EUR    66.09
HSBC Trinkaus & Bu    6.90    9/25/2015    EUR    64.57
HSBC Trinkaus & Bu    7.00   12/28/2015    EUR    65.68
HSBC Trinkaus & Bu    6.10   12/28/2015    EUR    65.10
HSBC Trinkaus & Bu    9.00    6/26/2015    EUR    67.11
HSBC Trinkaus & Bu    8.40    9/25/2015    EUR    68.80
HSBC Trinkaus & Bu    7.80    9/25/2015    EUR    68.56
HSBC Trinkaus & Bu    7.10    9/25/2015    EUR    68.29
HSBC Trinkaus & Bu    7.90   12/28/2015    EUR    69.96
HSBC Trinkaus & Bu    5.90   12/28/2015    EUR    68.67
Societe Generale S    0.50     4/4/2024    MXN    60.99
Societe Generale S    0.50   12/21/2022    AUD    74.54
Bank Julius Baer &    8.25    9/18/2015    CHF    48.75
Goldman Sachs & Co   11.00   10/21/2015    EUR    74.73
Veniti SA             9.70    3/28/2016    PLN    55.00
e-Kancelaria Grupa    9.00   10/25/2016    PLN     1.00
Cooperatieve Centr    0.50   12/29/2027    MXN    46.60
Goldman Sachs & Co   11.00    9/23/2015    EUR    73.95
Goldman Sachs & Co   11.00    9/23/2015    EUR    73.95
Goldman Sachs & Co   11.00    9/23/2015    EUR    73.95
Goldman Sachs & Co   11.00   10/21/2015    EUR    74.73
HSBC Bank PLC         0.50   12/20/2018    RUB    65.24
Commerzbank AG        7.50    6/25/2015    EUR    73.86
Commerzbank AG        8.00    7/23/2015    EUR    73.09
Commerzbank AG       11.75    7/23/2015    EUR    61.50
Commerzbank AG       16.00    7/23/2015    EUR    52.62
DZ Bank AG Deutsch    9.10     8/7/2015    EUR    70.40
Commerzbank AG        7.25    7/23/2015    EUR    73.14
Commerzbank AG        7.00    7/23/2015    EUR    66.06
Commerzbank AG       10.00    7/23/2015    EUR    56.59
Commerzbank AG       13.00    7/23/2015    EUR    49.52
Commerzbank AG       16.25    7/23/2015    EUR    44.55
Commerzbank AG       19.75    7/23/2015    EUR    40.68
Commerzbank AG       10.00    7/23/2015    EUR    60.47
Lehman Brothers Tr    2.50   12/15/2011    GBP     6.63
DZ Bank AG Deutsch    8.25    7/24/2015    EUR    59.68
Commerzbank AG        5.50    7/23/2015    EUR    72.97
Commerzbank AG        7.00    7/23/2015    EUR    70.33
Commerzbank AG        9.00    7/23/2015    EUR    68.02
Commerzbank AG        9.25    7/23/2015    EUR    62.30
Commerzbank AG       23.25    7/23/2015    EUR    37.74
Commerzbank AG        7.00    7/23/2015    EUR    64.62
Lehman Brothers Tr    4.00   11/24/2016    EUR     3.82
Zurcher Kantonalba   11.03     8/7/2015    CHF    55.72
Notenstein Privatb    4.00     2/1/2016    EUR    65.87
DZ Bank AG Deutsch   16.00    8/28/2015    EUR    41.11
DZ Bank AG Deutsch    6.75    8/28/2015    EUR    64.84
Zurcher Kantonalba    7.50     8/6/2015    EUR    74.46
UBS AG/London         7.20    1/20/2016    EUR    69.35
Lehman Brothers Tr   11.00   12/19/2011    USD     3.82
DZ Bank AG Deutsch    7.50    9/25/2015    EUR    70.87
DZ Bank AG Deutsch   10.00    8/28/2015    EUR    72.09
DZ Bank AG Deutsch    5.00    9/25/2015    EUR    68.48
Province of Teramo    0.27   12/30/2030    EUR    67.97
UBS AG/London         5.00    7/31/2015    CHF    60.67
Societe Generale S    5.50    7/27/2015    EUR    58.87
Province of Trevis    0.17   12/31/2034    EUR    59.40
Zurcher Kantonalba    6.30     8/6/2015    EUR    73.58
Credit Suisse AG/N    8.00     2/8/2016    USD    72.90
Lehman Brothers Tr    4.05    9/16/2008    EUR     3.82
Kommunalbanken AS     0.50     2/2/2018    BRL    73.70
HSBC Bank PLC         0.50     3/1/2018    RUB    71.38
Eitzen Chemical AS   11.26     6/6/2016    USD    20.88
e-Kancelaria Grupa   10.00    11/6/2015    PLN     2.00
Instalexport SA       8.41   10/19/2015    PLN    50.00
Leonteq Securities   14.20   11/18/2015    CHF    73.23
UBS AG/London         4.25    6/26/2015    EUR    74.25
UBS AG/London         9.00    9/25/2015    EUR    61.94
UBS AG/London        13.75    6/26/2015    EUR    58.32
UBS AG/London         9.00   12/29/2015    EUR    64.21
Leonteq Securities    9.60   11/18/2015    CHF    74.66
UBS AG/London        21.25    9/25/2015    EUR    73.40
UBS AG/London        14.75    9/25/2015    EUR    65.38
Kaupthing Bank Hf     0.95   10/20/2010    JPY    14.13
UBS AG/London        10.25    9/25/2015    EUR    56.89
Kaupthing Bank Hf     4.50    1/17/2011    EUR    14.13
UBS AG/London        18.50    6/26/2015    EUR    54.13
UBS AG/London        24.75    9/25/2015    EUR    74.09
UBS AG/London        10.00     7/2/2015    CHF    46.99
Vontobel Financial    8.50    9/11/2015    EUR    72.51
Commerzbank AG        9.25    6/25/2015    EUR    72.87
DZ Bank AG Deutsch    5.00    7/24/2015    EUR    55.03
DZ Bank AG Deutsch    6.75    7/24/2015    EUR    68.74
Vontobel Financial    5.50    7/24/2015    EUR    73.54
Vontobel Financial    7.70   12/11/2015    EUR    74.08
Bank Julius Baer &   10.00     7/3/2015    USD    50.85
Banque Cantonale V   10.80    6/25/2015    CHF    53.23
Bank Julius Baer &    7.65     7/3/2015    USD    65.65
UBS AG/London        15.25    6/25/2015    CHF    46.01
Commerzbank AG        6.75    6/25/2015    EUR    63.83
Commerzbank AG        8.50    6/25/2015    EUR    60.56
Commerzbank AG       10.50    6/25/2015    EUR    57.96
Commerzbank AG        7.50    6/25/2015    EUR    52.35
Commerzbank AG        6.50    6/25/2015    EUR    68.76
Commerzbank AG        8.25    6/25/2015    EUR    65.44
Commerzbank AG       10.25    6/25/2015    EUR    62.05
DZ Bank AG Deutsch    7.25    7/24/2015    EUR    62.63
DZ Bank AG Deutsch   16.00    7/24/2015    EUR    36.01
Credit Suisse AG/N    8.25    1/11/2016    CHF    54.23
MORTGAGE AGENT AHM    3.00     9/9/2045    RUB    72.50
e-Kancelaria Grupa   10.00    6/27/2016    PLN     1.00
HSBC Bank PLC         0.50    4/11/2023    MXN    65.51
LBI HF                4.32    1/31/2010    EUR     2.81
UBS AG/London        21.25    6/26/2015    EUR    72.92
UBS AG/London        23.50    6/26/2015    EUR    50.76
Vontobel Financial    5.50    8/14/2015    EUR    73.09
HSBC Trinkaus & Bu   13.00    9/25/2015    EUR    70.67
HSBC Trinkaus & Bu    8.00    8/28/2015    EUR    61.66
HSBC Trinkaus & Bu    6.00    9/25/2015    EUR    71.02
HSBC Trinkaus & Bu    8.50    8/28/2015    EUR    65.86
UniCredit Bank AG     6.50    9/24/2015    EUR    74.08
LBI HF                4.75    5/31/2013    EUR     2.81
UBS AG               19.50    6/24/2016    EUR    74.87
Oesterreichische V    5.10    5/23/2022    EUR    31.13
UBS AG               16.00   12/23/2016    EUR    74.82
UBS AG               24.25   12/29/2015    EUR    68.71
UBS AG               16.00   12/23/2016    EUR    74.43
UBS AG               22.50    3/29/2016    EUR    71.05
Banca di Cividale     0.09    10/2/2036    EUR    60.22
Oesterreichische V    4.81     5/9/2035    EUR    16.88
Lehman Brothers Tr    7.50    6/15/2017    USD     3.82
Lehman Brothers Tr    6.00   12/30/2017    EUR     3.82
Lehman Brothers Tr    6.00    5/23/2018    CZK     3.82
UBS AG               21.75    3/29/2016    EUR    72.54
Credit Suisse AG/N    8.25    9/14/2015    CHF    74.00
LBBW                  4.30    9/23/2016    EUR    70.37
LBI HF                4.28   11/19/2010    EUR     2.81
Goldman Sachs & Co   17.00    5/20/2015    EUR    70.41
UBS AG/London        24.75    3/29/2016    EUR    67.11
UBS AG/London        17.75    9/25/2015    EUR    68.79
Credit Suisse AG/N    7.00     9/7/2015    CHF    72.25
Vontobel Financial    8.50    6/26/2015    EUR    66.67
DZ Bank AG Deutsch    5.00    8/14/2015    EUR    74.60
UBS AG/London        14.75    3/29/2016    EUR    74.56
Vontobel Financial    4.70    6/26/2015    EUR    65.69
Vontobel Financial    6.65    6/26/2015    EUR    66.17
UBS AG/London        16.50    3/29/2016    EUR    73.43
Societe Generale E    2.50    10/7/2016    EUR    58.95
Leonteq Securities    7.07    9/21/2015    CHF    49.19
UBS AG/London        14.75    6/24/2016    EUR    74.81
DZ Bank AG Deutsch    8.25    6/26/2015    EUR    66.73
DZ Bank AG Deutsch    8.00    9/11/2015    EUR    68.63
Deutsche Bank AG      4.20    6/22/2015    EUR    73.40
Deutsche Bank AG      5.20    6/22/2015    EUR    73.60
DZ Bank AG Deutsch    7.25    6/26/2015    EUR    69.04
Deutsche Bank AG      5.20    6/22/2015    EUR    71.50
Deutsche Bank AG      6.20    6/22/2015    EUR    71.70
Deutsche Bank AG      6.20    6/22/2015    EUR    69.70
UniCredit Bank AG     4.60    6/26/2015    EUR    71.52
UniCredit Bank AG     6.00    6/26/2015    EUR    51.83
Oesterreichische V    3.50    3/20/2018    EUR    52.50
Vontobel Financial    6.95    6/12/2015    EUR    66.93
Vontobel Financial    8.00    6/12/2015    EUR    67.04
Landesbank Hessen-    3.50    7/10/2015    EUR    54.50
UniCredit Bank AG     4.00    6/25/2015    EUR    73.56
UniCredit Bank AG     4.00    6/25/2015    EUR    63.99
Commerzbank AG        7.10    6/25/2015    EUR    70.49
Commerzbank AG        7.30    6/25/2015    EUR    73.97
Societe Generale S    4.00    3/29/2016    EUR    65.85
Commerzbank AG        7.00    6/25/2015    EUR    67.30
UniCredit Bank AG     5.00    6/25/2015    EUR    67.66
Commerzbank AG       10.75   12/24/2015    EUR    74.04
HSBC Trinkaus & Bu   13.50    6/26/2015    EUR    69.55
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    44.29
HSBC Trinkaus & Bu    7.50    6/26/2015    EUR    52.34
HSBC Trinkaus & Bu   13.50    6/26/2015    EUR    69.41
HSBC Trinkaus & Bu   10.50    6/26/2015    EUR    74.82
HSBC Trinkaus & Bu    8.00    6/26/2015    EUR    59.55
Commerzbank AG       14.75   12/24/2015    EUR    70.41
Klaebu Sparebank      2.72                 NOK    69.84
HSBC Trinkaus & Bu   10.00    6/26/2015    EUR    48.78
HSBC Trinkaus & Bu    6.50    9/25/2015    EUR    71.48
BNP Paribas Emissi    8.00    7/23/2015    EUR    53.64
DZ Bank AG Deutsch   14.50    8/28/2015    EUR    69.60
DZ Bank AG Deutsch    7.25    8/14/2015    EUR    68.78
BNP Paribas Emissi    9.00    5/21/2015    EUR    56.78
BNP Paribas Emissi    6.75    7/23/2015    EUR    56.69
BNP Paribas Emissi    6.75    7/23/2015    EUR    72.54
DZ Bank AG Deutsch    8.80   12/23/2015    EUR    74.76
HSBC Trinkaus & Bu   13.00    6/26/2015    EUR    61.03
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    73.42
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    49.47
HSBC Trinkaus & Bu   11.00    6/26/2015    EUR    53.94
Deutsche Bank AG      9.00    9/11/2015    EUR    67.83
BNP Paribas Emissi    8.00    6/25/2015    EUR    52.95
BNP Paribas Emissi    6.75    6/25/2015    EUR    56.10
Lehman Brothers Tr    4.25    5/15/2010    EUR     3.82
Lehman Brothers Tr    3.35   10/13/2016    EUR     3.82
Kaupthing Bank Hf     4.53    4/24/2012    EUR    14.13
Credit Suisse AG/N    8.75    8/24/2015    CHF    72.64
LBI HF                3.34    5/11/2012    EUR     2.81
Lehman Brothers Tr    7.39     5/4/2017    USD     3.82
UBS AG/London        16.25   12/29/2015    EUR    70.78
UBS AG/London        13.25    9/25/2015    EUR    72.55
DZ Bank AG Deutsch    6.25    10/9/2015    EUR    72.38
UBS AG               17.25   12/23/2016    EUR    73.55
Deutsche Bank AG      6.00    6/22/2015    EUR    73.70
Deutsche Bank AG      8.00    6/22/2015    EUR    71.90
Vontobel Financial    5.60    6/26/2015    EUR    71.52
Kaupthing Bank Hf     4.47   10/27/2010    EUR    14.13
DekaBank Deutsche     3.10    2/26/2018    EUR    74.61
Leonteq Securities    6.58    3/29/2016    EUR    69.75
UniCredit Bank AG     6.10    6/26/2015    EUR    62.90
UniCredit Bank AG     4.90    6/26/2015    EUR    69.60
UniCredit Bank AG     4.30    6/26/2015    EUR    73.55
UniCredit Bank AG     5.00    6/25/2015    EUR    71.77
UniCredit Bank AG     5.80    6/26/2015    EUR    64.44
UniCredit Bank AG     5.50    6/26/2015    EUR    53.01
UniCredit Bank AG     4.80    6/26/2015    EUR    54.20
Vontobel Financial    7.90    6/26/2015    EUR    70.23
UniCredit Bank AG     4.00    6/25/2015    EUR    70.26
HSBC Trinkaus & Bu   27.50    6/26/2015    EUR    60.28
UniCredit Bank AG     5.50    6/25/2015    EUR    63.85
DZ Bank AG Deutsch    8.00    1/22/2016    EUR    74.07
UniCredit Bank AG     6.00    6/25/2015    EUR    68.74
UniCredit Bank AG     5.50    6/26/2015    EUR    66.07
UniCredit Bank AG     5.20    6/26/2015    EUR    67.78
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    45.85
HSBC Trinkaus & Bu    7.50    6/26/2015    EUR    54.87
HSBC Trinkaus & Bu    9.50    6/26/2015    EUR    65.08
HSBC Trinkaus & Bu    7.00    9/25/2015    EUR    69.83
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    72.29
HSBC Trinkaus & Bu    8.50    6/26/2015    EUR    70.22
Glitnir HF            3.50   10/30/2012    EUR    14.00
HSBC Trinkaus & Bu    7.50    6/26/2015    EUR    71.86
LBI HF                4.34     3/1/2011    EUR     2.81
UBS AG/London        18.50   12/29/2015    EUR    69.20
Goldman Sachs & Co   14.00    8/26/2015    EUR    74.10
Lehman Brothers Tr    4.00    5/30/2010    USD     6.63
Lehman Brothers Tr    2.48    5/12/2009    USD     3.82
Lehman Brothers Tr    2.25    5/12/2009    USD     3.82
HSBC Trinkaus & Bu    7.50    6/26/2015    EUR    66.47
Leonteq Securities    8.64    8/25/2015    CHF    17.46
UBS AG               20.50    6/24/2016    EUR    73.88
Lehman Brothers Tr    4.00    5/17/2010    USD     3.82
Notenstein Privatb   11.00    8/28/2015    CHF    69.30
Credit Suisse AG/N    7.75    8/28/2015    CHF    73.03
UniCredit Bank AG     4.80    9/24/2015    EUR    56.10
UniCredit Bank AG     4.75    9/24/2015    EUR    56.41
HSBC Trinkaus & Bu   15.50    6/26/2015    EUR    56.45
HSBC Trinkaus & Bu   16.00    6/26/2015    EUR    68.97
Credit Suisse AG/L    8.00     7/3/2015    CHF    70.83
Credit Suisse AG/N   10.50     7/9/2015    USD    52.77
UBS AG/London         6.75     7/2/2015    CHF    73.74
UBS AG/London         7.00    7/16/2015    CHF    42.00
Lehman Brothers Tr    4.50     8/2/2009    USD     6.63
Banque Cantonale V   13.10    7/21/2015    CHF    62.73
Commerzbank AG        9.50    7/23/2015    EUR    74.81
Zurcher Kantonalba    6.60    7/29/2015    CHF    48.23
Notenstein Privatb   13.40    7/28/2015    USD    57.67
Zaklady Miesne Mys   11.50    6/10/2015    PLN    10.00
Lehman Brothers Tr    5.50    6/15/2009    CHF     6.63
Lehman Brothers Tr    1.50   10/25/2011    EUR     3.82
Vontobel Financial    7.90    6/26/2015    EUR    67.23
Bank Julius Baer &    8.75    7/31/2015    EUR    71.20
HSBC Trinkaus & Bu   10.00    6/26/2015    EUR    71.16
HSBC Trinkaus & Bu   12.50    9/25/2015    EUR    68.61
HSBC Trinkaus & Bu    8.50    9/25/2015    EUR    72.97
HSBC Trinkaus & Bu   14.00    9/25/2015    EUR    56.91
HSBC Trinkaus & Bu   10.50    9/25/2015    EUR    60.41
HSBC Trinkaus & Bu   13.00    9/25/2015    EUR    59.25
HSBC Trinkaus & Bu   10.00    9/25/2015    EUR    62.22
HSBC Trinkaus & Bu    9.00    7/24/2015    EUR    62.69
Lehman Brothers Tr   11.00    6/29/2009    EUR     6.63
Lehman Brothers Tr    8.00     8/3/2009    USD     6.63
Bank Julius Baer &    9.10    5/22/2015    EUR    69.45
Leonteq Securities   12.40    4/27/2016    CHF    64.13
Bank Julius Baer &   11.00   10/14/2015    CHF    57.15
Oesterreichische V    4.05    12/1/2016    EUR    72.25
Lehman Brothers Tr    8.00   12/27/2032    JPY     3.82
Oesterreichische V    1.52    2/19/2018    EUR    51.63
Oesterreichische V    1.24     3/1/2022    EUR    21.75
Oesterreichische V    1.04     3/1/2021    EUR    25.75
Barclays Bank PLC     1.99    12/1/2040    USD    72.63
Deutsche Bank AG      6.20    6/22/2015    EUR    62.80
Deutsche Bank AG      7.20   12/22/2015    EUR    73.20
Deutsche Bank AG      7.20   12/22/2015    EUR    69.70
Deutsche Bank AG      5.20   12/22/2015    EUR    68.40
Deutsche Bank AG      5.20    6/22/2015    EUR    65.90
Deutsche Bank AG      6.20    9/22/2015    EUR    67.60
Deutsche Bank AG      7.20    9/22/2015    EUR    71.60
Deutsche Bank AG      7.20    9/22/2015    EUR    64.80
Deutsche Bank AG      6.20   12/22/2015    EUR    72.50
Deutsche Bank AG      5.20    6/22/2015    EUR    62.70
Deutsche Bank AG      7.20    6/22/2015    EUR    66.20
Deutsche Bank AG      7.20    6/22/2015    EUR    63.00
Deutsche Bank AG      7.20   12/22/2015    EUR    66.50
Deutsche Bank AG      5.20   12/22/2015    EUR    71.90
Deutsche Bank AG      6.20    9/22/2015    EUR    64.40
BNP Paribas Emissi    9.00    1/21/2016    EUR    65.14
UBS AG/London        10.50    10/8/2015    CHF    67.76
Leonteq Securities    9.00   10/20/2015    CHF    62.94
Bank Julius Baer &   10.60    10/9/2015    USD    71.70
UBS AG/London        12.00    10/1/2015    CHF    70.37
Commerzbank AG       10.00    5/21/2015    EUR    71.83
Barclays Bank PLC     1.64     6/3/2041    USD    72.48
Leonteq Securities    6.70     6/6/2016    USD    70.24
Vontobel Financial    8.00    8/28/2015    EUR    72.55
DZ Bank AG Deutsch    7.10     8/7/2015    EUR    73.90
UBS AG/London        14.25    8/13/2015    CHF    69.55
UBS AG/London         7.50    8/13/2015    CHF    46.43
e-Kancelaria Grupa    9.00    8/19/2016    PLN     2.00
HSBC Trinkaus & Bu   10.20   10/23/2015    EUR    63.77
Cooperatieve Centr    0.50    1/31/2033    MXN    32.97
e-Kancelaria Grupa    9.91    7/11/2015    PLN     2.00
Vontobel Financial    3.30    7/10/2015    EUR    72.20
Vontobel Financial    5.05    7/10/2015    EUR    69.14
Vontobel Financial    7.20    7/10/2015    EUR    66.42
Vontobel Financial    9.60    7/10/2015    EUR    64.02
Lehman Brothers Tr    8.50     7/6/2009    CHF     6.63
Lehman Brothers Tr    7.50    9/13/2009    CHF     6.63
Commerzbank AG        8.75    6/25/2015    EUR    62.27
Commerzbank AG       10.75    6/25/2015    EUR    59.46
Commerzbank AG        6.25    5/21/2015    EUR    67.82
Commerzbank AG        8.75    5/21/2015    EUR    64.57
Commerzbank AG        6.00    6/25/2015    EUR    68.42
Commerzbank AG        8.25    6/25/2015    EUR    65.36
Commerzbank AG       11.00    6/25/2015    EUR    62.70
Commerzbank AG        7.00    6/25/2015    EUR    71.03
Commerzbank AG        9.00    5/21/2015    EUR    50.62
Commerzbank AG       12.50    5/21/2015    EUR    43.49
LBI HF                4.40   11/30/2035    EUR     0.01
Commerzbank AG       16.50    5/21/2015    EUR    38.23
Commerzbank AG       20.50    5/21/2015    EUR    34.34
Commerzbank AG       24.75    5/21/2015    EUR    31.13
Commerzbank AG        6.25    6/25/2015    EUR    60.68
Commerzbank AG        9.25    6/25/2015    EUR    51.50
Commerzbank AG       12.50    6/25/2015    EUR    44.69
Commerzbank AG       16.50    6/25/2015    EUR    39.25
Commerzbank AG       19.75    6/25/2015    EUR    36.20
Commerzbank AG       23.50    6/25/2015    EUR    33.33
Lehman Brothers Tr    6.50    7/24/2026    EUR     3.82
Deutsche Bank AG      4.50   12/22/2015    EUR    73.69
Glitnir HF            6.31    7/28/2011    USD    14.00
Glitnir HF            6.31    7/28/2011    USD    14.00
DZ Bank AG Deutsch    5.00    6/26/2015    EUR    72.32
DZ Bank AG Deutsch    5.25    9/25/2015    EUR    70.41
Leonteq Securities   10.00    1/22/2016    USD    69.84
Credit Suisse AG/N    8.25    7/31/2015    USD    68.16
DZ Bank AG Deutsch    5.40    7/23/2015    EUR    71.21
DZ Bank AG Deutsch    5.60   10/23/2015    EUR    72.80
DZ Bank AG Deutsch    4.70    7/23/2015    EUR    62.59
DZ Bank AG Deutsch    5.70    7/23/2015    EUR    60.18
DZ Bank AG Deutsch    3.90   10/23/2015    EUR    68.09
DZ Bank AG Deutsch    4.90   10/23/2015    EUR    65.07
DZ Bank AG Deutsch    5.80   10/23/2015    EUR    62.84
DZ Bank AG Deutsch    7.10    7/23/2015    EUR    69.95
DZ Bank AG Deutsch    6.10    7/23/2015    EUR    66.65
DZ Bank AG Deutsch    3.70    7/23/2015    EUR    65.84
DZ Bank AG Deutsch    4.20    7/23/2015    EUR    63.26
DZ Bank AG Deutsch    6.00   10/23/2015    EUR    72.40
DZ Bank AG Deutsch    4.70   10/23/2015    EUR    68.80
DZ Bank AG Deutsch    6.30    7/23/2015    EUR    63.51
DZ Bank AG Deutsch    4.90    7/23/2015    EUR    63.21
DZ Bank AG Deutsch    4.40    7/23/2015    EUR    57.46
DZ Bank AG Deutsch    5.90   10/23/2015    EUR    66.36
DZ Bank AG Deutsch    5.80   10/23/2015    EUR    63.32
DZ Bank AG Deutsch    4.70   10/23/2015    EUR    60.06
DZ Bank AG Deutsch    3.10    7/22/2015    EUR    69.64
DZ Bank AG Deutsch    4.90    7/22/2015    EUR    66.77
DZ Bank AG Deutsch    6.00    7/22/2015    EUR    65.48
DZ Bank AG Deutsch    3.90   10/22/2015    EUR    70.36
DZ Bank AG Deutsch    4.70   10/22/2015    EUR    69.14
DZ Bank AG Deutsch    5.60   10/22/2015    EUR    68.04
DZ Bank AG Deutsch    7.80    7/22/2015    EUR    72.81
DZ Bank AG Deutsch    3.70    7/22/2015    EUR    69.25
DZ Bank AG Deutsch    5.70    7/22/2015    EUR    66.10
DZ Bank AG Deutsch    8.30    7/22/2015    EUR    63.37
DZ Bank AG Deutsch    3.60   10/22/2015    EUR    72.15
DZ Bank AG Deutsch    5.30   10/22/2015    EUR    69.33
DZ Bank AG Deutsch    7.30   10/22/2015    EUR    66.92
Lehman Brothers Tr    4.50     3/6/2013    CHF     3.82
Lehman Brothers Tr    4.00    4/24/2009    USD     6.63
Lehman Brothers Tr    9.00    6/13/2009    USD     6.63
Lehman Brothers Tr    9.00    3/17/2009    GBP     6.63
Lehman Brothers Tr    7.00   11/28/2008    CHF     6.63
Lehman Brothers Tr    7.38    9/20/2008    EUR     6.63
Lehman Brothers Tr    3.85    4/24/2009    USD     6.63
Lehman Brothers Tr    7.25    10/6/2008    EUR     6.63
Lehman Brothers Tr   10.50     8/9/2010    EUR     6.63
Lehman Brothers Tr    8.00    5/22/2009    USD     6.63
Bank Julius Baer &    6.50    7/31/2015    USD    67.75
Lehman Brothers Tr    5.75    6/15/2009    CHF     6.63
Lehman Brothers Tr    7.50   10/24/2008    USD     6.63
UBS AG/London        15.00    7/23/2015    CHF    43.35
Lehman Brothers Tr   10.00    3/27/2009    USD     3.82
Lehman Brothers Tr    5.00   10/24/2008    CHF     6.63
Lehman Brothers Tr    7.00    4/14/2009    EUR     6.63
Bank Julius Baer &    6.60    7/27/2015    EUR    72.20
Lehman Brothers Tr    4.95   10/25/2036    EUR     3.82
Leonteq Securities   11.52   10/28/2015    CHF    60.16
BNP Paribas Emissi    7.00    6/25/2015    EUR    67.04
BNP Paribas Emissi   10.00    6/25/2015    EUR    62.74
BNP Paribas Emissi    5.00    6/25/2015    EUR    74.43
BNP Paribas Emissi    7.00    6/25/2015    EUR    66.62
BNP Paribas Emissi   10.00    6/25/2015    EUR    60.48
BNP Paribas Emissi   14.00    6/25/2015    EUR    55.66
BNP Paribas Emissi   14.00    6/25/2015    EUR    62.52
BNP Paribas Emissi   17.00    6/25/2015    EUR    57.92
BNP Paribas Emissi   20.00    6/25/2015    EUR    54.07
UBS AG/London        12.00     7/9/2015    CHF    49.51
Lehman Brothers Tr    2.00   11/16/2009    EUR     3.82
Deutsche Bank AG      7.20    6/22/2015    EUR    66.80
Deutsche Bank AG      7.20    6/22/2015    EUR    62.10
Deutsche Bank AG      5.20    9/22/2015    EUR    63.10
Deutsche Bank AG      5.20   12/22/2015    EUR    64.40
Deutsche Bank AG      5.20    6/22/2015    EUR    61.80
Deutsche Bank AG      6.20    9/22/2015    EUR    63.50
Deutsche Bank AG      7.20   12/22/2015    EUR    70.30
Deutsche Bank AG      5.20    6/22/2015    EUR    66.50
Deutsche Bank AG      7.20   12/22/2015    EUR    65.70
Deutsche Bank AG      6.20    6/22/2015    EUR    66.70
Deutsche Bank AG      6.20    9/22/2015    EUR    68.20
Deutsche Bank AG      5.20    9/22/2015    EUR    67.80
Deutsche Bank AG      6.20   12/22/2015    EUR    69.70
Deutsche Bank AG      7.20    9/22/2015    EUR    68.60
Deutsche Bank AG      5.20   12/22/2015    EUR    69.00
Deutsche Bank AG      6.20    6/22/2015    EUR    62.00
Deutsche Bank AG      6.20   12/22/2015    EUR    65.10
Vontobel Financial    5.70   12/11/2015    EUR    73.59
Commerzbank AG       11.00    6/25/2015    EUR    57.38
Leonteq Securities    9.40    10/8/2015    USD    73.64
DZ Bank AG Deutsch    5.50    9/25/2015    EUR    72.94
DZ Bank AG Deutsch    9.25    7/24/2015    EUR    71.04
HSBC Trinkaus & Bu   12.50    9/25/2015    EUR    66.85
HSBC Trinkaus & Bu    8.50    9/25/2015    EUR    70.88
HSBC Trinkaus & Bu    6.50    7/24/2015    EUR    73.39
HSBC Trinkaus & Bu   15.00    9/25/2015    EUR    55.16
HSBC Trinkaus & Bu   12.00    9/25/2015    EUR    58.45
HSBC Trinkaus & Bu    7.50    9/25/2015    EUR    65.06
HSBC Trinkaus & Bu   13.00    9/25/2015    EUR    72.40
HSBC Trinkaus & Bu   16.50    6/26/2015    EUR    71.82
HSBC Trinkaus & Bu   11.00    6/26/2015    EUR    62.31
HSBC Trinkaus & Bu   12.50    9/25/2015    EUR    61.06
HSBC Trinkaus & Bu   10.00    9/25/2015    EUR    64.53
HSBC Trinkaus & Bu    8.50    7/24/2015    EUR    65.10
Deutsche Bank AG      7.20    6/23/2015    EUR    54.80
Deutsche Bank AG      5.20    6/23/2015    EUR    54.50
Deutsche Bank AG      6.20    6/23/2015    EUR    54.70
Deutsche Bank AG      5.20    9/22/2015    EUR    64.20
Deutsche Bank AG      7.20    9/22/2015    EUR    65.00
Deutsche Bank AG      6.20    9/22/2015    EUR    64.60
Deutsche Bank AG      7.20    9/22/2015    EUR    61.90
Deutsche Bank AG      6.20    9/22/2015    EUR    61.50
Deutsche Bank AG      5.20    9/22/2015    EUR    61.10
Deutsche Bank AG      7.20    9/22/2015    EUR    59.10
Deutsche Bank AG      6.20    9/22/2015    EUR    58.70
Deutsche Bank AG      5.20    9/22/2015    EUR    58.30
Deutsche Bank AG      7.20    9/22/2015    EUR    56.60
Deutsche Bank AG      6.20    9/22/2015    EUR    56.20
Deutsche Bank AG      5.20    9/22/2015    EUR    55.80
Commerzbank AG        7.25    6/25/2015    EUR    73.49
Lehman Brothers Tr    3.70     6/6/2009    EUR     3.82
HSBC Trinkaus & Bu    4.90    7/10/2015    EUR    68.29
UBS AG/London         7.00     7/9/2015    CHF    41.44
Kaupthing Bank Hf     1.75     6/7/2016    EUR    14.13
Commerzbank AG        6.00    6/25/2015    EUR    63.55
Commerzbank AG        7.50    6/25/2015    EUR    67.97
Commerzbank AG        7.00    6/25/2015    EUR    69.66
DZ Bank AG Deutsch    9.50    7/24/2015    EUR    60.61
LBI HF                7.20    4/27/2026    EUR     0.01
Glitnir HF            6.84   12/15/2015    EUR     0.02
Vontobel Financial    8.35    6/26/2015    EUR    64.38
Vontobel Financial    5.30    6/26/2015    EUR    67.90
Deutsche Bank AG      5.20    6/23/2015    EUR    57.10
Vontobel Financial    5.80    9/11/2015    EUR    72.43
Vontobel Financial    5.00    9/11/2015    EUR    72.15
Vontobel Financial    5.10   12/11/2015    EUR    73.23
Vontobel Financial    4.45   12/11/2015    EUR    72.84
Glitnir HF            3.63     4/5/2009    EUR    14.00
HSBC Trinkaus & Bu    9.00    7/24/2015    EUR    61.14
HSBC Trinkaus & Bu   13.50    9/25/2015    EUR    74.66
HSBC Trinkaus & Bu    7.00    9/25/2015    EUR    68.53
Bank Julius Baer &    7.10     7/8/2015    CHF    42.65
UniCredit Bank AG     4.90    9/24/2015    EUR    55.80
Notenstein Privatb    6.10   12/30/2015    EUR    72.75
HSBC Trinkaus & Bu    8.00    6/26/2015    EUR    67.16
HSBC Trinkaus & Bu   16.00    6/26/2015    EUR    71.61
Deutsche Bank AG      6.20    9/22/2015    EUR    70.90
Deutsche Bank AG      5.20    9/22/2015    EUR    67.60
Deutsche Bank AG      5.20    6/23/2015    EUR    63.00
Deutsche Bank AG      6.20    6/23/2015    EUR    63.20
Deutsche Bank AG      7.20    6/23/2015    EUR    63.30
Deutsche Bank AG      5.20    6/23/2015    EUR    59.90
Deutsche Bank AG      6.20    6/23/2015    EUR    60.00
Deutsche Bank AG      7.20    6/23/2015    EUR    60.20
Deutsche Bank AG      7.20    6/23/2015    EUR    57.40
Deutsche Bank AG      6.20    6/23/2015    EUR    57.20
UBS AG/London        12.25    6/26/2015    EUR    73.44
UBS AG/London        18.75   12/23/2016    EUR    72.62
UBS AG/London        16.00    3/29/2016    EUR    71.55
UBS AG/London        15.00   12/29/2015    EUR    71.58
UBS AG/London        11.75   12/29/2015    EUR    74.91
UBS AG/London        22.25    6/24/2016    EUR    68.88
Lehman Brothers Tr    4.10    2/19/2010    EUR     3.82
UBS AG/London        23.75    6/26/2015    EUR    63.54
UBS AG/London         5.00     8/6/2015    USD    61.59
Raiffeisen Centrob    7.33    8/21/2015    EUR    66.87
DZ Bank AG Deutsch    9.50    8/28/2015    EUR    67.42
BNP Paribas Emissi    9.00    6/25/2015    EUR    74.44
Lehman Brothers Tr    3.50   10/31/2011    USD     3.82
Credit Suisse AG/N   10.25    8/14/2015    CHF    74.08
Notenstein Privatb   11.00    8/14/2015    CHF    70.22
UBS AG/London        15.75    6/26/2015    EUR    69.62
UBS AG/London        19.25    9/25/2015    EUR    67.73
Lehman Brothers Tr    7.00    2/15/2012    EUR     6.63
UBS AG/London        12.50    6/24/2016    EUR    74.10
UBS AG/London        15.00    6/24/2016    EUR    72.53
UBS AG/London        21.75    6/26/2015    EUR    64.90
Lehman Brothers Tr    6.60    2/22/2012    EUR     6.63
Lehman Brothers Tr    1.68     3/5/2015    EUR     3.82
BNP Paribas Emissi   10.00    6/25/2015    EUR    70.53
Deutsche Bank AG      7.00    6/22/2015    EUR    73.80
Deutsche Bank AG      7.00    6/22/2015    EUR    71.80
Deutsche Bank AG      8.00    6/22/2015    EUR    69.90
Deutsche Bank AG      8.00    6/22/2015    EUR    74.00
Lehman Brothers Tr    6.75     4/5/2012    EUR     3.82
UBS AG/London        18.00    6/26/2015    EUR    67.99
UBS AG/London        13.25    6/24/2016    EUR    73.41
UBS AG/London        13.25    3/29/2016    EUR    73.68
UBS AG/London        22.00    9/25/2015    EUR    65.77
Lehman Brothers Tr    6.00    5/12/2017    EUR     3.82
UBS AG/London        14.25    3/29/2016    EUR    72.97
UBS AG/London        18.00   12/23/2016    EUR    73.02
UBS AG/London        13.00   12/29/2015    EUR    73.81
UBS AG/London        23.50    6/24/2016    EUR    68.69
UBS AG/London        15.00    9/25/2015    EUR    71.31
Vontobel Financial    9.25    6/26/2015    EUR    70.42
DekaBank Deutsche     3.40     3/5/2018    EUR    74.26
Deutsche Bank AG      6.20    6/22/2015    EUR    73.70
Deutsche Bank AG      6.20    6/22/2015    EUR    74.90
Raiffeisen Centrob    2.80   11/14/2016    EUR    68.86
EFG International    12.86   10/30/2017    EUR    67.54
Leonteq Securities    6.25   11/13/2015    CHF    55.32
Goldman Sachs & Co    9.00    5/20/2015    EUR    65.17
Deutsche Bank AG      7.20    9/22/2015    EUR    73.50
Deutsche Bank AG      5.20    9/22/2015    EUR    68.90
Deutsche Bank AG      7.20    9/22/2015    EUR    69.70
Deutsche Bank AG      6.20    9/22/2015    EUR    73.10
Deutsche Bank AG      6.20    9/22/2015    EUR    69.30
Zurcher Kantonalba   12.00    7/23/2015    CHF    48.78
Goldman Sachs & Co   16.00    5/20/2015    EUR    59.32
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    47.53
Goldman Sachs & Co   13.00    5/20/2015    EUR    59.20
Goldman Sachs & Co    7.00    9/23/2015    EUR    71.54
Goldman Sachs & Co   10.00    9/23/2015    EUR    65.73
Goldman Sachs & Co   11.00    9/23/2015    EUR    63.16
LBBW                  4.00    6/26/2015    EUR    73.50
LBBW                  5.00    6/26/2015    EUR    70.74
HSBC Trinkaus & Bu   13.50    6/26/2015    EUR    71.49
HSBC Trinkaus & Bu   11.00    6/26/2015    EUR    50.90
Goldman Sachs & Co   13.00    5/20/2015    EUR    74.91
DZ Bank AG Deutsch    8.25    6/26/2015    EUR    63.30
Goldman Sachs & Co    8.00    9/23/2015    EUR    71.93
Bank Julius Baer &    9.00    10/8/2015    CHF    47.70
Goldman Sachs & Co    6.00    5/20/2015    EUR    73.01
Goldman Sachs & Co    8.00    5/20/2015    EUR    69.02
Leonteq Securities   12.20    7/22/2015    USD    68.45
Vontobel Financial    5.00     5/6/2016    EUR    72.30
DZ Bank AG Deutsch    9.00    6/26/2015    EUR    68.37
Lehman Brothers Tr    1.60    6/21/2010    JPY     3.82
HSBC Trinkaus & Bu    7.00    9/25/2015    EUR    67.88
Deutsche Bank AG      5.20    9/22/2015    EUR    72.70
UniCredit Bank AG     5.00    6/25/2015    EUR    52.29
UniCredit Bank AG     6.25    6/25/2015    EUR    50.69
UniCredit Bank AG     4.75    6/25/2015    EUR    53.52
UniCredit Bank AG     4.25    6/25/2015    EUR    54.78
DZ Bank AG Deutsch    8.25    6/26/2015    EUR    50.78
DZ Bank AG Deutsch    7.50    6/26/2015    EUR    68.16
DZ Bank AG Deutsch    9.25    6/12/2015    EUR    68.99
DZ Bank AG Deutsch   10.00    6/12/2015    EUR    69.07
Lehman Brothers Tr    2.40    6/20/2011    JPY     3.82
UniCredit Bank AG     6.10    6/25/2015    EUR    51.26
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    58.48
HSBC Trinkaus & Bu   10.00    6/26/2015    EUR    63.36
HSBC Trinkaus & Bu   11.50    6/26/2015    EUR    64.71
UniCredit Bank AG     6.50    6/25/2015    EUR    50.14
Oesterreichische V    1.61    5/18/2020    EUR    32.00
Oesterreichische V    1.61    5/18/2020    EUR    32.50
Oesterreichische V    1.61    5/18/2020    EUR    32.50
Leonteq Securities    7.60   11/20/2015    USD    47.52
Raiffeisen Centrob    2.40   12/19/2016    EUR    69.32


                            *********

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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