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        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, December 23, 2013, Vol. 14, No. 253

                            Headlines

F I N L A N D

SANITEC OYJ: S&P Raises Long-Term CCR to 'BB-'; Outlook Positive


F R A N C E

ALCATEL-LUCENT: Moody's Raises Rating on 8.50% Senior Notes to B3


G E R M A N Y

CONERGY AG: Completes Insolvency Process


I R E L A N D

ALLIED IRISH: Moody's Cuts Deposit & Sr. Debt Ratings to Ba3
FINGLAS MOTORS: High Court Approves Sale of Some Assets
UPMC BEACON: Owner in Debt Restructuring Talks with Ulster Bank
DIRECTROUTE FINANCE: S&P Revises Outlook & Affirms 'BB-' Rating


I T A L Y

ALITALIA SPA: In Advanced Stake Acquisition Talks with Etihad
WIND TELECOM: Parent Reviews Future; Debt Refinancing Mulled


K A Z A K H S T A N

DBK LEASING: Moody's Changes Outlook on Ba3 Ratings to Stable
KAZAKH KASSA: S&P Affirms 'B/C' Counterparty Credit Ratings


L U X E M B O U R G

EMPARK FUNDING: Moody's Rates EUR385MM Senior Secured Notes 'B2'


N E T H E R L A N D S

DRYDEN 29: Moody's Assigns B2 Rating to Class F Mezzanine Notes
DRYDEN 29 EURO: S&P Assigns 'B-' Rating to Class F Notes
NORTH WESTERLY: S&P Assigns 'BB' Rating to Class E Notes
NORTH WESTERLY: Fitch Rates EUR21MM Notes 'BB'; Outlook Stable
REFRESCO GERBER: Moody's Confirms 'B2' CFR; Outlook Stable


P O R T U G A L

BANIF-BANCO INT'L: Fitch Upgrades Viability Rating to 'ccc'
CAIXA ECONOMICA: Moody's Lowers Sr. Debt & Deposit Ratings to B2
CAIXA ECONOMICA: Moody's Lowers Mortgage Bond Rating to Ba1


R O M A N I A

CFR MARFA: IMF Proposes Insolvency For CFR Marfa and CFR Calatori


R U S S I A

BASHNEFT OIL: Fitch Says Reorganization No Rating Impact


S P A I N

CODERE SA: S&P Lowers Long-Term Corp. Credit Rating to 'SD'


S W E D E N

NORTHLAND RESOURCES: Moody's Affirms 'Caa3' CFR; Outlook Negative


T U R K E Y

BURSA: Fitch Affirms BB LT Issuer Default Rating; Outlook Stable
FINANSBANK AS: Moody's Affirms 'Ba2' Long-Term Deposit Ratings


U N I T E D   K I N G D O M

BLOCKBUSTER UK: Collapse to Cost HMRC Almost GBP7 Million
CO-OPERATIVE BANK: UK Finc'l. Watchdog Draws Up Contingency Plans


X X X X X X X X

* BOND PRICING: For the Week December 16 to December 20, 2013


                            *********


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F I N L A N D
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SANITEC OYJ: S&P Raises Long-Term CCR to 'BB-'; Outlook Positive
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term corporate credit rating on Finland-based ceramic
sanitaryware manufacturer Sanitec OyJ to 'BB-' from 'B+'.  The
outlook is positive.

At the same time, S&P raised its issue rating on Sanitec's
EUR250 million senior secured floating-rate notes due 2018 to
'BB-' from 'B+'.  The recovery rating on these notes is unchanged
at '3', indicating S&P's expectation of meaningful (50%-70%)
recovery prospects in an event of default.

The upgrades follow Sanitec's IPO on the NASDAQ OMX in Sweden and
reflect S&P's opinion that Sanitec will maintain a more moderate
financial policy as a publicly traded company, notwithstanding
its partial ownership by Swedish private equity firm EQT.  In
S&P's view, publicly traded companies tend to exercise less
aggressive financial policies than firms owned entirely by
private equity interests.

S&P estimates that 60% of Sanitec's stock is now publicly owned,
and believe it possible that the proportion of public ownership
could increase over time if EQT monetizes its investment.  EQT's
stake in Sanitec has fallen to 30.6% from 76.5% as a result of
the listing.  Consequently, S&P has revised its assessment of the
group's financial policy upward to 'FS-4' from 'FS-5'.

S&P is also changing its analytical approach to Sanitec's surplus
cash, which results in lower Standard & Poor's-adjusted debt and
improved credit metrics.  S&P assess the group's financial risk
profile as "intermediate," because it forecasts adjusted debt to
EBITDA of just less than 2.5x on Dec. 31, 2014.  This is in line
with Sanitec's publically stated net debt-to-EBITDA target of
less than 2.5x.  At the same time, S&P anticipates that Sanitec's
funds from operations (FFO) to debt will be about 32%.  Due to
the group's partial ownership by a private equity sponsor and
S&P's 'FS-4' financial policy assessment, it caps Sanitec's
financial risk profile at "significant" and the corporate credit
rating on the group at 'BB-'.

"In our view, if EQT further reduced its shareholding in Sanitec,
we could revise the financial policy modifier to "neutral,"
potentially resulting in a higher rating.  Furthermore, we
anticipate that, over the next 12-18 months, Sanitec will
continue to exhibit stronger credit metrics than those we
consider commensurate with a "significant" financial risk
profile.  In addition, we believe that Sanitec will keep
generating solid free cash flows, despite our weak outlook for
the construction sector in the majority of the group's key
markets," S&P said.

S&P could raise its ratings on Sanitec if it listed a further
tranche of shares, thereby reducing private equity sponsor EQT's
stake to a level where S&P would deem the group's financial
policy to be "neutral" instead of "FS-4."  This would likely
result in S&P's upward revision of the group's financial risk
profile to "intermediate" from "significant."

S&P could lower the ratings if it was to see Sanitec adopt more
aggressive financial policy measures or undertake significant
debt-funded acquisitions, leading to an increase in adjusted debt
and a weakening of credit metrics.  S&P could also lower the
ratings if it was to see wholesale management changes that could
affect its assessment of the group's management and governance.



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ALCATEL-LUCENT: Moody's Raises Rating on 8.50% Senior Notes to B3
-----------------------------------------------------------------
Moody's Investors Service has upgraded the instrument rating of
the EUR500 million (EUR425 million outstanding) 8.50% senior
notes due 2016 issued by Alcatel-Lucent (France) to B3 from Caa1.
Alcatel-Lucent's B3 corporate family rating (CFR), B3-PD
probability of default rating (PDR) and rating outlook remain
unchanged.

The rating upgrade of the 8.50% senior notes due 2016 reflects
the implementation of additional upstream guarantees by Alcatel-
Lucent in favor of these notes through a supplemental indenture
dated November 15, 2013. The additional upstream guarantees
mitigate the structural subordination vis-a-vis the senior notes
issued by Alcatel-Lucent USA Inc., an operating subsidiary. The
8.50% senior notes issued by Alcatel Lucent (France) now benefit
from exactly the same access to operating entities as the senior
notes that were issued by Alcatel-Lucent USA in November and
December 2013.

Ratings Rationale:

   -- Upgrade of Senior Unsecured Notes to B3 --

The B3 rating on the 8.50% senior notes due 2016 issued by
Alcatel-Lucent (France) reflects (1) their unsecured nature and
hence their junior position in Alcatel-Lucent's capital structure
behind the senior secured debt raised by Alcatel-Lucent USA; and
(2) the senior unsecured guarantees from Alcatel-Lucent USA and
certain other subsidiaries, which rank pari passu with the other
senior debt of the guarantors.

For the 12 months period ended September 30, 2013, the issuer,
the guarantor and the subsidiary guarantors accounted for
approximately 49% of total group revenue, 151% of Adjusted EBITDA
and 53.86% of total group assets.

   -- Positioning of the Corporate Family Rating --

The B3 rating (Corporate Family Rating, or "CFR") reflects the
company's persistent negative profitability and large negative
free cash flows stemming from a highly competitive industry,
subdued investments from telecom operators and aggressive
marketing strategies of major competitors. These credit negatives
are to some extent compensated by the company's entrenched market
positions and long standing customer relationships, its large
installed base, and a solid liquidity position with a moderate
leverage on a net of cash basis.

In June 2013, Alcatel-Lucent announced a new strategic plan that,
in essence, will reposition the company's focus predominantly on
becoming an IP Networking and Ultra Broadband specialist and to
manage its Access activities for cash. The B3 rating incorporates
the expectation that Alcatel-Lucent will generate low but
improving levels of operating profitability as a result of its
ongoing cost reduction plan and, longer term, of its recent
strategic re-focusing towards IP Networking and Ultra Broadband.
Nevertheless, Moody's believes that it will be challenging for
Alcatel-Lucent to achieve its targets, taking into account
historical track record and the competitive industry environment.

The change in the rating outlook on Alcatel-Lucent's B3 rating to
stable from negative on November 7, 2013 reflects the further
improvement in the company's liquidity and debt maturity profile
as a result of four refinancing transactions since the beginning
of 2013. The stable outlook also reflects the company's capital
raising closed on December 9, 2013 approximately equivalent to
its negative free cash flow expected in 2013. The transaction
will provide the company with greater flexibility to execute its
ongoing restructuring plan.

What Could Change the Rating Up/Down:

Negative pressure would be exerted on the B3 rating if Alcatel-
Lucent's ongoing restructuring plan fails to gain traction such
that (1) the company's operating margin (as adjusted by Alcatel-
Lucent) fails to trend towards the mid-single digits in
percentage terms; (2) it is unable to reduce its negative free
cash flows (Moody's-adjusted) over the next 12-18 months; (3) the
company's debt/EBITDA does not improve towards 6.0x (Moody's-
adjusted); or (4) it is unable to maintain adequate liquidity.

Upward rating pressure would develop if Alcatel-Lucent shows
evidence of sustained positive free cash flows and operating
margins in the mid-single digits (as adjusted by Alcatel-Lucent)
as well as improved leverage, as evidenced by a Debt/EBITDA ratio
of approximately 6.0x.

Headquartered in Paris, France, Alcatel-Lucent is a leading
developer and manufacturer of telecom equipment with sales of
about EUR14.4 billion in 2012. The company traditionally focuses
on fixed, mobile, optics and converged networking hardware, IP
technologies, software, and services. It holds Bell Labs, one of
the largest innovation and R&D houses in the telecom industry.



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G E R M A N Y
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CONERGY AG: Completes Insolvency Process
----------------------------------------
Lucy Woods at pvtech.org reports that Conergy AG's solar racking
equipment arm, Mounting Systems, has been bought by Frankfurt
based investment firm, Nordwest Industrie Group.

The contract was signed on Dec. 18, but the purchase price is
being kept confidential, the report relates.

According to the report, Conergy said 150 jobs have now been
secured at the headquarters in Rangsdorf, and a further 30 at the
production site in Sacramento, USA.

pvtech.org relates that the acquisition is the third successful
and final investor process of Conergy's insolvency procedures.
Kawa Capital has acquired Conergy's sales division while
Astronergy has acquired Conergy's module factory in Frankfurt.

On December 11, Conergy began the auction for its Frankfurt
factory's wafer equipment, the report adds.

pvtech.org says overall 740 out of 1,000 jobs have been secured
-- 350 at Conergy sales, 210 at the modules factory, and 180 at
Mounting Systems.

Conergy AG is a Hamburg-based solar panel manufacturer.

The Company filed for insolvency on July 5 and stopped its module
production in Frankfurt an der Oder near the Polish border after
a delay in payments from a large project and the failure of
executives to bridge the financial gap, Bloomberg News reported.



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ALLIED IRISH: Moody's Cuts Deposit & Sr. Debt Ratings to Ba3
------------------------------------------------------------
Moody's Investors Service has downgraded by one notch Allied
Irish Banks' (AIB) deposit ratings to Ba3 from Ba2 and senior
debt ratings to B1 from Ba3. In line with the downgrade of AIB,
Moody's has also downgraded the deposit and senior debt ratings
of AIB's subsidiary EBS Ltd to Ba3/NP and B1, respectively. In
both cases, the rating actions follow the lowering of the
entities' baseline credit assessments (BCAs) by two notches to b2
from ba3. The outlook on all ratings has been changed to stable,
NP ratings also affirmed.

The lowering of the BCA reflects Moody's view of the increase in
risks to bondholders arising from

(1) ongoing asset-quality challenges that have the potential to
put pressure on AIB's capital levels beyond the expectations of
the Prudential Capital Assessment Review (PCAR) undertaken by the
Irish regulator in 2011. As of June 2013, above one third of the
bank's loan portfolio was non-performing.

(2) the closely-related risk for AIB's bondholders stemming from
the prospect of the stress test that will be undertaken by the
European Central Bank (ECB) in 2014. While the design of the
stress test remains unclear and its result difficult to
anticipate, banks such as AIB with poor quality lending books and
poor profitability are at relatively greater risk of 'failing'
the test. Any resulting material capital shortfall following the
ECB's Comprehensive Assessment, will raise the risks for its
bondholders.

The moderate expectation of support from the Irish government
leads to a one-notch uplift for AIB's senior unsecured debt
ratings. In line with previous government actions to support
depositors, Moody's continues to incorporate a higher degree of
support likelihood for AIB's deposits, resulting in two notches
of rating uplift from the standalone BCA.

The outlook on all ratings has been changed to stable, reflecting
the balance between the continuing downside risks that
underpinned the downgrade, as well as the positive signals
stemming from the broader economic stabilization.

Ratings Rationale:

   --- Asset-Quality Challenges Continue to Pose Downside Risks:

The still sizable level of impaired loans at 34.3% as of June
2013 poses risks to the bank's performance. Although the bank
maintains relatively high coverage ratios, the need to address
the ongoing asset quality problems may increase regulatory
pressure on banks since the adequacy of current provisions could
be questioned once more. The bank announced that it believes it
continues to be well capitalized and in excess of minimum
regulatory requirements following the BSA results, incorporating
those results in the preparation of its year-end financial
statements. However, AIB did not provide a detailed breakdown
about further potential impairment provisions, expected losses on
default assets or adjustments on risk weighted assets (RWAs).
Moody's has incorporated these challenges in its analysis for
AIB.

   --- Adequate Capitalization Under Current Rules, But AIB Still
Has to Pass the ECB Stress Test and Replace Non-Qualifying
Capital Instruments Under CRD IV

Moody's believes that these underlying asset quality problems,
reflected in a very high level of NPLs could leave the bank in a
more vulnerable position to face the European Central Bank's
(ECB) stress test later in 2014 as part of its comprehensive
assessment of European banks. There remains considerable
uncertainty surrounding the stress testing process and the key
parameters it will incorporate -- for example loss rates, target
capital levels, corrective windows -- which make the outcome
difficult to anticipate. However, in Moody's opinion, banks such
as AIB, with vulnerable lending portfolios, and poor
profitability, are at relatively greater risk of 'failing' the
stress test.

In Moody's view the ECB's Asset Quality Review (AQR) poses a
lower threat than the stress test since the ECB will likely use
the data from the BSA for its comprehensive assessment in line
with CBI's expectations. As a result, the rating agency believes
that the bank will remain adequately capitalized under the Basel
III transitional rules even after meeting all the potential
requirements outlined as a result of the ECB's AQR. However, the
starting point CRDIV transitional CET1 ratio will be eroded,
increasing the uncertainty as to whether AIB's CET1 ratio will be
deemed adequately capitalized on a stressed basis following
completion of the ECB exercise. In addition, the bank's stressed
ratio would face additional pressure since it should include a
phased-in deduction for deferred tax assets. These remain sizable
for AIB and will continue to have a negative impact on its fully
loaded CET1 ratio.

The implications of 'failing' the stress test are difficult to
predict and the offsetting actions management could take
correspondingly uncertain. However, Moody's believes that the
slightly heightened risks to bondholders need to be reflected in
both lower baseline credit assessment (to signal the potential
for some sort of support event) and lower debt ratings (to signal
the heightened risk to senior creditors).

   --- Some Positive Signs Stemming from the Return to Growth in
       the Irish Economy

Action (including the stabilization of the outlook) reflects a
balance of factors, including some positive signs. Despite the
significant challenges that the Irish economy still faces, signs
of stabilization -- reduced unemployment levels and increased
asset prices -- could help AIB to improve its asset quality and
profitability metrics. In Moody's opinion, the bank's leading
retail and commercial banking franchise in Ireland will
contribute to its return to stable profitability. Improved net
interest margins will also increase profitability, despite the
negative effect on profits that lower ECB base rates could have
on the bank's tracker mortgages.

In Moody's view, AIB's mortgage portfolio credit quality will
likely show some improvement in line with the system, after the
CBI reported a decline in the number of mortgage accounts for
principal dwelling houses in arrears during Q3 2013. Moody's
notes that AIB reported a 56.4% coverage ratio at the end of June
2013, which is relatively high compared to 51.7% for rated banks
in Ireland.

   --- Support Assumptions

The senior unsecured debt rating of AIB incorporates one notch of
uplift, reflecting Moody's assumption of a moderate probability
of systemic support coming from the Irish government, if the bank
requires additional capital. AIB is systemically important to the
financial stability and economic prospects for the now
stabilizing Irish economy.

The deposit ratings of AIB incorporate two notches of rating
uplift from the BCA, reflecting Moody's expectation that support
for deposits would likely be forthcoming in the event of need.
This is based on the supportive stance of the Irish government
towards depositors as witnessed by the 2011 transfer orders to
sell the deposits of Anglo Irish Bank and Irish Nationwide
Building Society to AIB and IL&P.

   --- Upgrade of Subordinated Instruments

Moody's upgraded the ratings of AIB's subordinated debt to B3
from C in line with the rating agency's guidelines for rating
junior bank obligations.

What Could Move the Ratings Up/Down:

Upward pressure might develop if AIB's management takes actions
that result in improvements in the bank's capital position, ahead
of the ECB stress test in 2014.

Other factors that could exert upward pressure on the bank's BCA
in the medium term are (1) a sustainable recovery of asset-
quality indicators; (2) a return to profitability and improved
efficiency metrics; and (3) an improved liquidity position, with
lower reliance on funding from monetary authorities.

An upgrade of the bank's debt and deposit ratings could be
triggered by an improvement in its standalone financial strength.

The bank's BCA could be adversely affected by (1) a greater-than-
expected deterioration in the bank's existing capital buffers;
(2) an additional capital requirement resulting from the ECB
stress test exercise that could not be met organically or through
management actions; (3) an unexpected deterioration in the bank's
profitability metrics; and (4) a material deterioration in its
liquidity or funding position.

Negative pressure on the bank's long-term debt and deposit
ratings could result from a lowering of the bank's BCA.


FINGLAS MOTORS: High Court Approves Sale of Some Assets
-------------------------------------------------------
The Irish Times reports that the High Court has approved the sale
of some of the assets of Finglas Motors group in a deal that it
is hoped will save the jobs of more than half of the 70
employees.

According to The Irish Times, earlier last week, the court
approved the appointment of Jim Hamilton as provisional
liquidator to the Finglas Motors group, which operated Ford
franchises at Finglas and Blanchardstown.  The court was told the
company has assets worth EUR5.5 million, including its freehold
premises on the North Road, Finglas, Dublin, and debts of
EUR11.5 million, The Irish Times relates.

On Thursday, Mr. Justice David Keane granted an application by
Mr. Hamilton to approve a deal involving sale of some of the
assets to JDM Specialist Cars Ltd., which is part of the Joe
Duffy Motor Group, The Irish Times relays.  The deal, which
involves the buyer acquiring certain assets of the company
including the Finglas premises, will mean between 30 to 40 of the
70 jobs will be saved, The Irish Times discloses.

Bernard Dunleavy, for Mr. Hamilton, as cited by The Irish Times,
said the deal had the approval of the Revenue Commissioners, the
company's biggest creditor.  Counsel said the deal was in the
best interests of creditors, The Irish Times notes.

Finglas Motors is Ireland's second largest Ford dealership.


UPMC BEACON: Owner in Debt Restructuring Talks with Ulster Bank
---------------------------------------------------------------
Tom Lyons at The Irish Times reports that the University of
Pittsburgh Medical Centre is in talks with its bankers to
restructure company borrowings of more than EUR100 million
relating to the UPMC Beacon Hospital Sandyford.

According to The Irish Times, the American private hospital
operator, which has revenues of US$9 billion a year, is
understood to have appointed Deloitte to advise it on
negotiations with its principal banker, Ulster Bank.

Accountants BDO are advising Ulster on the ongoing talks, which
are believed to be seeking a debt write-down of EUR20 million to
EUR30 million in order to better position the hospital for the
future, The Irish Times discloses.

Losses at UPMC Beacon Hospital Sandyford were EUR9.8 million in
2012 versus EUR9.7 million in 2011, The Irish Times relates.  The
group's not-for-profit parent company is anxious to turn a profit
in Ireland but it is held back by legacy debts combined with
tough trading conditions in the downturn, The Irish Times notes.

Like other private hospitals, UPMC has been hit in Sandyford by
the declining numbers of people with health cover and pressure
from health insurance companies to reduce fees, The Irish Times
relays.

In 2009, UPMC completed a previous restructuring that saw it take
control of the hospital from its original founders in return for
additional investment, The Irish Times recounts.

UPMC Beacon Hospital Sandyford now employs 500 people and has 142
beds.  It also has the Republic's biggest private orthopaedic
facility, which employs 16 surgeons.


DIRECTROUTE FINANCE: S&P Revises Outlook & Affirms 'BB-' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on
Republic of Ireland-based road project DirectRoute (Limerick)
Finance Ltd. (ProjectCo) to stable from negative.

At the same time, S&P affirmed the long-term debt ratings on the
debt issued by the company at 'BB-'.

The outlook revision reflects the continuing positive growth in
traffic volumes experienced by the project over the past two
years.  Along with a reduction in tolling costs, as a result of
the successful de-manning of the Clonmacken toll plaza in
February 2013, this has led to greater cash flows available to
service debt than S&P previously anticipated.

S&P's current base case incorporates traffic volume growth of
2.6% for 2013 as a whole and 3.5% for 2014, driven mainly by the
economic recovery in Ireland.  These forecasts are still
materially lower than ProjectCo's base case.  Traffic volumes
also currently remain approximately 26% below the levels
guaranteed by Irish National Roads Authority (NRA; the project
grantor).

S&P's updated base case, including actual results to June 30,
2013, shows an average and minimum debt service coverage ratio
(DSCR), calculated according to its criteria, of 1.12x and 1.02x
respectively for the period to 2030.  After 2030, the level of
NRA guarantee payments falls as they are capped at 90% of
outstanding senior debt.  At the same time, contractual revenue-
sharing with the NRA begins, resulting in a significant drop in
cash flow available for debt service and a minimum DSCR below 1x.
However, due to the contractual lock-up provisions limiting
shareholder distributions, S&P do not currently forecast any
shortfall in debt service and, as a result, the DSCRs for the
period after 2030 carry reduced weight, in S&P's view.
Consequently, S&P views its forecasts as consistent with the
'BB-' long-term issue ratings.

S&P anticipates that the project will continue to rely on the
traffic guarantee from the NRA for its remaining life, though the
benefit is limited closer to maturity due to the payment cap.

The 'BB-' rating reflects S&P's view of the following credit
risks:

   -- Although the NRA provides a traffic guarantee (that is,
      paying any shortfall in cash generation up to a specified
      level), it does not guarantee cash flow available for debt
      service.

   -- Material differences in the mix of vehicles compared with
      original expectations, sharply lower-than-anticipated
      traffic volumes, or a failure to meet asset-availability
      obligations or higher-than-anticipated operating costs, for
      example, could each result in the senior annual DSCR
      falling below 1.0x, despite the NRA guarantee.

   -- Exposure to traffic risk. Traffic volumes to date have been
      significantly lower than originally forecast.  The mix of
      vehicles is also different, with a lower proportion of
      heavy goods vehicles in particular.  As a result, S&P's
      forecast revenues are materially weaker than those
      anticipated at financial close.

   -- The project has an aggressive financing structure.  S&P
      anticipates that the annual DSCR is likely to breach the
      default level of 1.05x during the remaining life of the
      debt, with a minimum annual DSCR of 0.29x, if performance
      is in line with its base-case scenario. Although the
      minimum ratio is not forecast to occur until close to the
      maturity of the debt, this leaves no room for further
      underperformance, in S&P's opinion, despite the NRA
      guarantee.

   -- ProjectCo has chosen to retain various operating and
      maintenance risks.

   -- It is therefore exposed to the risk of greater-than-
      budgeted expenditure in these areas.

These risks are partly offset, in S&P's opinion, by the following
credit strengths:

   -- The project receives material support from the NRA in the
      form of the traffic guarantee and sharing of some operating
      cost risks.

   -- The contracts for maintenance and toll operations, in
      general, successfully transfer risk from ProjectCo.  In
      addition, the contracts include flexibility to allow
      ProjectCo to adapt to operations where, for example, the
      traffic volume is lower than anticipated, as is currently
      the case.

   -- The project rationale is strong because the tunnel enables
      long-distance drivers to bypass the city of Limerick, which
      should save them a significant amount of time.

   -- Economic recovery in Ireland appears to have contributed to
      continued underlying growth in traffic volumes during 2012
      and 2013.

The senior secured debt has a recovery rating of '1', reflecting
S&P's expectation of very high (90%-100%) recovery of outstanding
principal in the event of a payment default.  The senior secured
debt facilities benefit from a strong security package,
covenants, and contractual features for compensation on
termination that are comparable to other U.K. private finance
initiatives.

The stable outlook reflects S&P's view that, in the near term,
traffic volume growth will continue, reflecting the improving
economic outlook for Ireland.  This, together with reduced costs
due to the introduction of unmanned operations at one of the
project's toll plazas, will in S&P's view result in a
stabilization of project cash flows.

S&P could take a negative rating action if the projected
financial profile of the project deteriorates--for example, if
actual cash flows are lower than S&P currently forecasts in its
base case and the minimum DSCR for the period to 2030 falls below
1x.

S&P views the potential for a positive rating action as currently
limited.



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ALITALIA SPA: In Advanced Stake Acquisition Talks with Etihad
-------------------------------------------------------------
Rachel Sanderson at The Financial Times reports that Etihad
Airways and Alitalia are in advanced talks that would see the
Abu Dhabi airline become the largest shareholder in Italy's
cash-strapped national carrier.

According to the FT, two people familiar with the discussions
said that talks between the two airlines, which have been on and
off for months, are focusing on Etihad taking a stake of between
30% and 49% in Alitalia, and include a capital injection of as
much as EUR350 million.

Alitalia is trying to avoid bankruptcy for the second time in
five years as it struggles to overcome low-cost competition and
rising fuel prices after years of mismanagement and being used as
an electioneering pawn by politicians from both left and right,
the FT relays.

Alitalia has been scrabbling to find a new partner since Air
France, its main shareholder with a 25% stake, said it would not
participate in the Italian airline's planned EUR300 million
capital increase, arguing a turnaround plan did not go far
enough, the FT relates.

                          About Alitalia

Alitalia-Compagnia Aerea Italiana has navigated its way through
a successful restructuring.  After filing for bankruptcy
protection in 2008, Alitalia found additional investors, acquired
rival airline Air One, and re-emerged as Italy's leading airline
in early 2009.  Operating a fleet of about 150 aircraft, the
airline now serves more than 75 national and international
destinations from hubs in Fiumicino (Rome), Milan, Turin, Venice,
Naples, and Catania.  Alitalia extends its network as a member of
the SkyTeam code-sharing and marketing alliance, which also
includes Air France, Delta Air Lines, and KLM.  An Italian
investor group owns a majority of the company, while Air France-
KLM owns 25%.


WIND TELECOM: Parent Reviews Future; Debt Refinancing Mulled
------------------------------------------------------------
Daniel Thomas at The Financial Times reports that VimpelCom is
reviewing the future of its Italian mobile phone business
including a possible sale or merger, or a refinancing of its high
debts.

Its Italian operation, called Wind, is the global telecoms
group's second largest mobile business, but also comes saddled
with about US$14 billion of ringfenced debt that was put in place
after its acquisition in 2010, the FT discloses.

According to the FT, people familiar with the matter said that
VimpelCom, which is mainly owned by Russia's Altimo and Norway's
Telenor although listed in New York, has been in discussions
about Wind with Hutchison Whampoa.

The FT notes that people revealed as part of the talks, top
executives at VimpelCom met counterparts at Hutchison, which owns
the rival Three mobile group.  One person with knowledge of the
situation said that the talks did not progress as far as
negotiations over a merger or sale, the FT relates.

According to the FT, analysts at Bernstein said that net debt at
Wind is 4.7 times the business's earnings, which, they argue,
could make a sale at a similar multiple attractive to VimpelCom
shareholders.

No decision has been made, said one informed person, with a
number of options being discussed, the FT relays.

VimpelCom has started to discuss ways of refinancing the high
levels of debt at Wind, the FT recounts.  The group needs to
cover high payments in addition to facing the maturing of some of
the loans in four years' time -- although it could lend cash to
Wind from the parent account, or assume the debt at a group
level, the FT states.

The FT notes that analysts have said VimpelCom could also
refinance some of its payment-in-kind and high yield notes next
year by issuing new group debt and then lending the proceeds to
Wind.

WIND Telecomunicazioni SpA is the third largest mobile operator
in Italy behind Telecom Italia and Vodafone.



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


DBK LEASING: Moody's Changes Outlook on Ba3 Ratings to Stable
-------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook on the following ratings of DBK Leasing: Ba3 long-term
local- and foreign-currency corporate family and issuer ratings,
the provisional (P)Ba3 local-currency rating assigned to the
issuer's KZT15 billion (US$102 million) domestic bond program,
and the Ba3 local currency debt rating assigned to the issuer's
senior unsecured Medium-Term Notes (MTN) issued under this
program. Concurrently Moody's affirmed all the company's long-
term ratings and its Not Prime short-term issuer rating.

Ratings Rationale:

The rating action reflects Moody's assessment of the
stabilization in DBK Leasing's credit profile following a large-
scale equity injection into the company in Q3 2013. The rating
agency expects that DBK Leasing's enhanced capital will be
sufficient to absorb possible losses stemming from the company's
weak asset quality and to offset its weak earnings generations in
the next two-to-three years.

The KZT11.44 billion (about US$75 million) recapitalization of
DBK Leasing by its parent Development Bank of Kazakhstan (Baa3,
stable) more than doubled the company's equity, which resulted in
the company reporting a very strong equity-to-assets ratio of
38.4% at end-Q3 2013, according to its unaudited IFRS financial
statements.

According to DBK Leasing, nearly 40% of its leasing book was
overdue over 90 days or restructured as of end-Q3 2013. Against
these problem leases the company held reserves of 16.9% of the
leasing book, which will likely be insufficient to cover all
expected credit losses, and the company will have to
substantially increase these reserves over the next 12-18 months.

Higher reserves against problem leases and low net interest
margin will maintain negative pressure on DBK Leasing's already
weak profitability. The company reported a net loss of KZT691
million for the first nine months of 2013, which resulted in a
negative annualized return on assets (RoA) of 1.92%.

DBK Leasing's liquidity profile is adequate, with an ample
liquidity cushion amounting to 31% of total assets as of end-Q3
2013. The company's refinancing risks are limited as it is highly
reliant on parental funding, which accounted for around half of
its non-equity funding at end-Q3 2013. Whilst DBK Leasing has
repaid a considerable portion of the parent funds following its
recapitalization, the rating agency expects that the resources
provided by the parent can be rolled over if necessary.

DBK Leasing's Ba3 corporate family and issuer ratings incorporate
a three-notch uplift from the company's standalone credit
assessment of b3, which is based on Moody's assessment of the
very high probability of extraordinary support from the parent.
The very high probability of parental support reflects: (1) DBK
Leasing's 100% ownership and around 50% (at end-Q3 2013) non-
equity funding by Development Bank of Kazakhstan; (2) the
company's relatively small size, which enables the parent to
extend the necessary level of support in the event of need; and
(3) its good fit with its parent strategy.

What Could Move the Ratings Up/Down:

Upward pressure could be exerted on DBK Leasing's ratings as a
result of improving asset quality and profitability.

A further material deterioration of DBK Leasing's leasing book
could have negative rating implications, as could any downgrade
of the parent's ratings. Signs of a diminished willingness on the
part of Development Bank of Kazakhstan to further develop DBK
Leasing, or the parent's decision to privatize the company could
also exert negative pressure on the company's ratings.

Headquartered is Astana, Kazakhstan, DBK Leasing reported total
assets of KZT43.9 billion (US$291.4 million), shareholders equity
of KZT7.7 billion (US$51.1 million), and net income of KZT95
million (US$630,000) as of year-end 2012, according to the
company's audited financial statements.


KAZAKH KASSA: S&P Affirms 'B/C' Counterparty Credit Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B' long-term and 'C' short-term counterparty credit ratings and
'kzBB' Kazakhstan national scale rating on Kassa Nova Bank JSC.
The outlook is stable.

The affirmation reflects S&P's view that Kassa Nova's stand-alone
credit profile (SACP) and factors for the long-term rating remain
largely unchanged.  This is because, although capitalization has
weakened because the rapid growth in its loan book has not been
supported by capital injections as we had expected, the bank has
strengthened and diversified its funding and liquidity profile.

S&P sees two opposite dynamics affecting the SACP:

   -- Weakening of the bank's capital position in 2013 and its
      forecast for lower risk-adjusted capital (RAC) for the next
      18 months; versus

   -- An improvement in the funding profile in 2013.

S&P has therefore revised its capital and earnings assessment on
Kassa Nova to "strong" from "very strong," and its assessment of
its funding and liquidity to "average" from "below average," as
defined in S&P's criteria.

S&P's ratings on Kassa Nova Bank reflect its anchor of 'bb-', as
well as its "weak" business position, "strong" capital and
earnings, "moderate" risk position, "average" funding, and
"adequate" liquidity, as S&P's criteria define these terms.

The stable outlook reflects S&P's expectation that Kassa Nova has
sufficient capital to absorb what S&P expects to be slower asset
growth over the next 12 months and its expectation of some asset
quality deterioration as the loan portfolio matures.

"We could lower the ratings if capitalization weakens further
than we anticipate, resulting in our projected RAC ratio
decreasing below 10%.  This can happen if the bank continues its
rapid loan growth much above our expectation of about 10% per
year or if the bank had to create significant additional
provisions, which would negatively affect the earnings
contribution to its capital base. Inability to keep diversifying
its franchise, secure sufficient funding, either from corporates
or individuals, and decrease high depositor concentrations would
lead us to revise our assessment of its funding to "below
average."  But neither of these is our base-case scenario," S&P
said.

Rating upside is limited over the next two years, in view of the
bank's limited operating record of only four years and its small
franchise concentrated in consumer lending in Kazakhstan, where
S&P views increasing risks of overheating.



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


EMPARK FUNDING: Moody's Rates EUR385MM Senior Secured Notes 'B2'
----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 rating and
loss given default (LGD) assessment of LGD4 to the EUR385 million
of senior secured notes due 2019 issued by Empark Funding S.A., a
financing conduit of Empark Aparcamientos y Servicios S.A.
(Empark). Empark's B2 corporate family rating (CFR) and B1-PD
probability of default rating (PDR) remain unchanged. The outlook
on the ratings is stable.

Ratings Rationale:

The B2 CFR primarily reflects (1) the competitive nature of the
car parking sector and the company's limited scale; (2) renewal
risk associated with maturing concessions and contracts; (3)
declining traffic volumes, which reflect the weak macroeconomic
environment in Spain and Portugal; and (4) high financial
leverage, with Moody's-adjusted debt/EBITDA of around 8.3x.

More positively, however, the rating recognizes (1) the strategic
location of the company's assets and Empark's long track record
of operations, which mitigates competitive threats and demand
risk; (2) strict cost controls, which have enabled the company to
maintain a relatively stable recurring EBITDA despite contraction
in volumes; and (3) a significant share of long-term off-street
concessions, which at present account for some 78% of group
consolidated EBITDA and provide a degree of medium-term
visibility for Empark's future cash flow generation.

Empark is the largest private car parking operator in the Iberian
Peninsula and benefits from a long operational track record
dating back to the late 1960s. Empark's established track record
and significant number of managed parking spaces, contracts and
concessions are supportive of the company's business risk profile
in a market that is fragmented and highly competitive. In
addition, long-term off-street concessions give some visibility
to the company's future cash flow generation, given their
remaining weighted average concession life of 28 years, as
calculated by management.

The company's operations are, however, concentrated in Spain and
Portugal, where the economic environment is weak, thereby
negatively affecting demand for tolled car parking space. The
economic downturn in these countries has negatively affected
Empark's performance, as the company has seen customer volumes
fall as a result of austerity measures affecting economic
activity and consumption. Empark is also exposed to renewal risk
as contracts accounting for around a third of the company's
EBITDA will expire over the next seven years. Whilst Empark has a
fairly good track record in renewing and winning new contracts,
competition is strong and bidding for new contracts in the off-
street and on-street concessions usually requires upfront capital
employment.

The company's Moody's-adjusted leverage pro forma for the
transaction is high, expected at 8.3x at the end of 2013. Whilst
Empark's maintenance capex obligations are fairly small at EUR2.5
million, the company has yet to finalize its investments in some
of its car parking facilities in 2014-15, which will reduce its
ability to deleverage in the short term.

Moody's considers Empark's liquidity to be adequate. This
assessment reflects the rating agency's assumption that Empark
will complete the disposal of its Sevilla car park facility and
use the proceeds to pay down the initial drawing of EUR22.5
million under the company's super senior revolving credit
facility (RCF) of EUR30 million.

The senior secured notes will be guaranteed on a senior secured
basis by a number of subsidiaries that account for around 80% of
group consolidated adjusted EBITDA and 96% of assets. The super
senior RCF will be guaranteed by the same subsidiaries and share
the same collateral package but will rank ahead in an enforcement
scenario. The senior secured notes are rated B2, as the same
level as the CFR, due to the relatively small super senior RCF
ranking ahead.

Rationale for Stable Outlook:

The stable rating outlook reflects Moody's expectation that
Empark will reduce its Moody's-adjusted net debt/EBITDA to below
8x and maintain an adequate liquidity position.

What Could Change the Rating Up/Down:

Upward rating pressure could materialise if (1) Empark improves
its operational and financial performance such that the company's
net debt/EBITDA ratio decreases below 6.5x on a Moody's-adjusted
basis; and (2) it successfully maintains a strong and diversified
portfolio of contracts.

Conversely, negative rating pressure could develop if the
conditions for the stable outlook are not met.

Empark Aparcamientos y Servicios S.A. is the largest car parking
operator in the Iberian Peninsula. The company's geographic focus
is on Spain and Portugal, although it also has some minor
operations in Andorra, the UK and Turkey.



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


DRYDEN 29: Moody's Assigns B2 Rating to Class F Mezzanine Notes
---------------------------------------------------------------
Moody's Investors Service has assigned the following ratings to
notes issued by Dryden 29 Euro CLO 2013 B.V.:

EUR150,250,000 Class A-1A Senior Secured Floating Rate Notes due
2026, Assigned Aaa (sf)

EUR75,000,000 Class A-1B Senior Secured Fixed Rate Notes due
2026, Assigned Aaa (sf)

EUR25,500,000 Class B-1A Senior Secured Floating Rate Notes due
2026, Assigned Aa2 (sf)

EUR25,000,000 Class B-1B Senior Secured Fixed Rate Notes due
2026, Assigned Aa2 (sf)

EUR32,750,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2026, Assigned A2 (sf)

EUR23,250,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2026, Assigned Baa2 (sf)

EUR22,000,000 Class E Mezzanine Secured Deferrable Floating Rate
Notes due 2026, Assigned Ba2 (sf)

EUR17,500,000 Class F Mezzanine Secured Deferrable Floating Rate
Notes due 2026, Assigned B2 (sf)

Moody's had assigned provisional ratings to this transaction on
November 21, 2013.

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR43.5 million of subordinated notes. Moody's
has not assigned rating to this class of notes.

Ratings Rationale:

Moody's ratings of the rated notes addresses the expected loss
posed to noteholders by legal final maturity of the notes in
2026. 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, Pramerica Investment
Management Limited, has sufficient experience and operational
capacity and is capable of managing this CLO.

Dryden 29 is a managed cash flow CLO. At least 85% of the
portfolio must consist of senior secured loans or senior secured
bonds and up to 15% of the portfolio may consist of unsecured
senior obligations, second-lien loans, mezzanine obligations and
high yield bonds. The portfolio is expected to be 75% 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.

Pramerica 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.

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.

As part of its analysis, Moody's has addressed the potential
exposure to obligors domiciled in countries with a local currency
country risk bond ceilings (LCC) of A1 and lower. Following the
effective date, and given the portfolio constraints and the
current local currency country ceilings rating in Europe, such
exposure may not exceed 15% of the total portfolio, where
exposures to countries rated below A3 cannot exceed 10% and
exposures to countries rated below Baa3 cannot exceed 0%. As a
result and in conjunction with the current local country ceiling
ratings of the eligible countries, as a worst case scenario, a
maximum 5% of the pool would be domiciled in countries with
single A local currency country ceiling and 10% in Baa2 local
currency country ceiling. The remainder of the pool will be
domiciled in countries which currently have a local currency
country ceiling of Aaa. Given this portfolio composition, the
model was run with different target par amounts depending on the
target rating of each class of notes as further described in
Appendix 14 of the methodology. The portfolio haircuts are a
function of the exposure size to peripheral countries and the
target ratings of the rated notes and amount to 3.33% for the
class A-1A and A-1B notes, 2.42% for the Class B-1 and B-1B
notes, 1.17% for the Class C notes, 0.17% for the Class D notes
and 0% for Classes E and F notes.

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
November 2013. 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. As such, Moody's
encompasses the assessment of stressed scenarios.

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

Par amount: EUR400,000,000

Diversity Score: 40

Weighted Average Rating Factor (WARF): 2670

Weighted Average Spread (WAS): 4.35%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 38.0%

Weighted Average Life (WAL): 8 years.

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

Percentage Change in WARF: WARF + 15% (to 3071 from 2670)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: 0

Class D Senior Secured Floating Rate Notes: -1

Percentage Change in WARF: WARF +30% (to 3471 from 2670)

Class A Senior Secured Floating Rate Notes: -2

Class D Senior Secured Floating Rate Notes: -2

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. Pramerica's investment
decisions and management of the transaction will also affect the
notes' performance.


DRYDEN 29 EURO: S&P Assigns 'B-' Rating to Class F Notes
--------------------------------------------------------
Standard & Poor's Ratings Services has assigned credit ratings to
Dryden 29 Euro CLO 2013 B.V.'s fixed- and floating-rate class A-
1A, A-1B, B-1A, B-1B, C, D, E, and F notes.  At closing, Dryden
29 Euro CLO 2013 also issued an unrated subordinated class of
notes.

S&P has assigned its ratings following its assessment of the
collateral portfolio's credit quality.  At closing, the portfolio
was diversified, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds.

S&P's ratings are commensurate with the available credit
enhancement for the rated notes through the subordination of cash
flows payable to the subordinated notes.  S&P subjected the
capital structure to a cash flow analysis to determine the break-
even default rate for each rated class of notes.

In S&P's analysis, it used the target par amount, the covenanted
weighted-average spread, the covenanted weighted-average coupon,
and the covenanted weighted-average recovery rates.  S&P applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

Under the transaction documents, if the concentration of the pool
comprising assets paying a fixed rate of interest is between 20%
and 30%, no additional hedging is required.  S&P modeled the mix
of fixed- and floating-rate assets at the maximum and minimum
levels under the transaction documents.  S&P also biased defaults
toward fixed-rate assets during low interest-rate environments
and toward floating-rate assets during high interest-rate
environments.

S&P's analysis shows that the credit enhancement available to
each rated class of notes is sufficient to withstand the defaults
applicable under the supplemental tests (not counting excess
spread) outlined in S&P's corporate collateralized debt
obligation (CDO) criteria.

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

Following the application of S&P's criteria for nonsovereign
ratings that exceed eurozone (European Economic and Monetary
Union) sovereign ratings, it considers the transaction's exposure
to country risk to be sufficiently mitigated at the assigned
rating levels, as the concentration of the pool comprising of
assets in countries rated lower than 'A-' does not exceed 10% of
the aggregate collateral balance.

The transaction's legal structure is bankruptcy-remote, in line
with S&P's European legal criteria.

Dryden 29 Euro CLO 2013 is a European cash flow collateralized
loan obligation (CLO) transaction, comprising euro-denominated
senior secured loans and bonds issued by European borrowers.
Pramerica Investment Management Ltd. acts as collateral manager.

RATINGS LIST

Ratings Assigned

Dryden 29 Euro CLO 2013 B.V.
EUR414.75 Million Floating-Rate, Fixed-Rate, and
Subordinated Notes

Class                 Rating          Amount
                                    (mil. EUR)

A-1A                  AAA (sf)        150.25
A-1B                  AAA (sf)         75.00
B-1A                  AA (sf)          25.50
B-1B                  AA (sf)          25.00
C                     A (sf)           32.75
D                     BBB (sf)         23.25
E                     BB (sf)          22.00
F                     B- (sf)          17.50
Subordinated          NR               43.50

NR--Not rated.


NORTH WESTERLY: S&P Assigns 'BB' Rating to Class E Notes
--------------------------------------------------------
Standard & Poor's Ratings Services has assigned credit ratings to
NORTH WESTERLY CLO IV 2013 B.V.'s class A-1, A-2, B-1, B-2, C, D,
and E notes.  At closing, NORTH WESTERLY CLO IV 2013 also issued
an unrated subordinated class of notes.

Since S&P assigned preliminary ratings, the former class B notes
have been split into two classes of notes (class B-1 and B-2
notes), which rank pari passu and pro rata among themselves.  The
subordinated notes' amount has increased to EUR37.5 million from
EUR36.5 million.

NORTH WESTERLY CLO IV 2013 is a cash flow collateralized debt
obligation (CDO) securitization of a revolving pool, comprising
broadly syndicated senior secured floating-rate notes, fixed-rate
loans, senior unsecured, second lien, and mezzanine loans.  NIBC
Bank N.V. is the collateral manager.

S&P's ratings reflect the available credit enhancement for the
rated notes through the subordination of cash flows payable to
the junior notes.  S&P subjected the capital structure to its
cash flow analysis to determine the break-even default rate for
each rated class of notes.  In S&P's analysis, it used the target
par amount, the covenanted weighted-average spread, the
covenanted weighted-average coupon, and the covenanted weighted-
average recovery rates.  S&P applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

The ratings assigned to the notes are commensurate with S&P's
assessment of available credit enhancement following its credit
and cash flow analysis.  S&P's analysis shows that the credit
enhancement available to each rated class of notes would be
sufficient to withstand the scenario default rates and defaults
applicable under the supplemental tests outlined in S&P's
corporate collateralized debt obligation (CDO) criteria.

S&P considers that the transaction's downgrade provisions
adequately mitigate the transaction's exposure to counterparty
risk under S&P's current counterparty criteria.

Following the application of S&P's criteria for nonsovereign
ratings that exceed eurozone sovereign ratings, it considers the
transaction's exposure to country risk to be sufficiently
mitigated at the assigned rating levels.

NORTH WESTERLY CLO IV 2013, incorporated in the Netherlands, is a
bankruptcy-remote special-purpose entity (SPE) under S&P's
European legal criteria.

RATINGS LIST

Ratings Assigned

NORTH WESTERLY CLO IV 2013 B.V.
EUR306 Million Senior Secured Fixed- And Floating-Rate Notes
Including EUR37.5 Million Unrated Subordinated Notes

Class             Rating           Amount
                                 (mil. EUR)

A-1               AAA (sf)         161.00
A-2               AAA (sf)          16.00
B-1               AA (sf)           27.00
B-2               AA (sf)           10.00
C                 A (sf)            17.50
D                 BBB (sf)          16.00
E                 BB (sf)           21.00
Sub               NR                37.50

NR-Not rated.


NORTH WESTERLY: Fitch Rates EUR21MM Notes 'BB'; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has assigned North Westerly CLO IV 2013 B.V.'s
notes final ratings, as follows:

EUR161m Class A-1: 'AAAsf'; Outlook Stable
EUR16m Class A-2: 'AAAsf'; Outlook Stable
EUR27m Class B-1: 'AAsf'; Outlook Stable
EUR10m Class B-2: 'AAsf'; Outlook Stable
EUR17.5 Class C: 'Asf'; Outlook Stable
EUR16m Class D: 'BBBsf'; Outlook Stable
EUR21m Class E: 'BBsf'; Outlook Stable
EUR37.5m subordinated notes: not rated

Transaction Summary:

North Westerly CLO IV 2013 BV is an arbitrage cash flow
collateralized loan obligation (CLO). Net proceeds from the
issuance of the notes will be used to purchase a EUR300 million
portfolio of European and US leveraged loans and bonds. The
portfolio is managed by NIBC Bank NV. The reinvestment period is
scheduled to end in 2018.

Key Rating Drivers:

Loans in the 'B'/'B-' Range
Fitch expects the average credit quality of obligors to be in the
'B'/'B-' range. The agency has credit opinions on all obligors in
the indicative portfolio.

Portfolio Includes Mid-Cap Borrowers
The indicative portfolio includes a number of loans to mid-cap
borrowers in Germany and the Netherlands that are less widely
syndicated and have not been included in other CLOs. These loans
may be significantly less liquid in secondary trading compared
with more broadly syndicated loans.

No Italian or Spanish Exposure
The indicative portfolio has an over-proportional exposure to
Germany and the Netherlands, but excludes Spain and Italy.

Above Average Recoveries
At least 90% of the portfolio will comprise senior secured loans
and senior secured floating rate notes. The covenanted weighted
average Fitch recovery rate is 68%. Fitch has assigned Recovery
Ratings to all the assets in the indicative portfolio.

Limited Basis/Reset Risk
Fixed assets can account for up to 10% of the portfolio, while
8.5% of the liabilities are fixed rate. Therefore, the
transaction is less exposed to rising interest rates compared
with other European CLOs. Liabilities pay semi-annually and no
more than 5% of the assets can pay interest less frequently than
semi-annually.

Limited FX Risk
All non-euro assets have to be hedged using suitable asset swaps.
Non-euro assets are limited to 20% of the portfolio.

Amendments to Documents
The documents allow the trustee to approve certain changes to
transaction documents upon the receipt of rating confirmation
without further reference to investors. However, the rating
impact is not equivalent to determining whether such a change is
prejudicial to the interests of investors. The provision of
rating confirmations is at the discretion of Fitch and Fitch may
choose not to provide rating confirmations.

Rating Sensitivities:

-- A 25% increase in the expected obligor default probability
    would lead to a downgrade of one to two notches for the rated
    notes.

-- A 25% reduction in the expected recovery rates would lead to
    a downgrade of one to four notches for the rated notes.


REFRESCO GERBER: Moody's Confirms 'B2' CFR; Outlook Stable
----------------------------------------------------------
Moody's Investors Service has confirmed the B2 corporate family
rating (CFR) and the B2-PD probability of default rating (PDR) of
Refresco Gerber B.V., formerly Refresco Group B.V. Concurrently,
the rating agency has also downgraded to B3 from B2 the rating of
Refresco Gerber's EUR660 million of senior secured notes due
2018. The outlook is stable.

Ratings Rationale:

The rating action follows on from the conclusion of Moody's
review of the merger of Refresco with Gerber Emig Group Limited
(Gerber Emig) to form Refresco Gerber. In April, 2013, Moody's
changed the rating outlook of Refresco from stable to under
review from downgrade, following the announcement by Refresco to
merge with Gerber Emig. Moody's review concentrated on two areas:
(1) the dilutive effect the transaction may have on Refresco's
Moody's adjusted revenue margins, EBITDA, free cash flow, and
liquidity profile; and (2) the structural considerations
associated with an anticipated increase of the company's super-
senior revolving credit facility (RCF).

Moody's expects that the transaction, which was concluded on 11
November, 2013, will be leverage neutral for the financial year
end December 2013 (FYE 2013), pro-forma for the merger, also
taking into account the pro-forma effect of the divestment of the
company's Waibstadt manufacturing site in Germany required as a
condition of regulatory approval of the merger. Moody's also
notes the improvement in Refresco stand-alone Moody's adjusted
EBITDA from EUR136 million for FYE 2012 to EUR146 million for the
12 months ended September 30, 2013 and the consequent reduction
in the Moody's adjusted debt/ EBITDA ratio from 6.2x to 5.8x over
the same period.

Moody's additionally expects that whilst the company's EBIT
margins will be diluted as a result of the merger, these should
be improved to the pre-merger level or above within the next 18
months due to the expected realization of profit enhancing
synergy benefits achieved as a result of the merger.

However, as Refresco Gerber has funded the merger partially
through a combination of utilizing and increasing its committed
super-senior RCF to EUR150 million from EUR75 million and
retaining Gerber Emig's senior secured mortgage facility of EUR39
million, the additional super-senior debt ranking ahead of the
senior secured notes has resulted in downwards notching of the
notes to B3 from B2.

Moody's also now views the company's liquidity as weaker,
although still adequate, due to the reduction of cash balances by
approximately EUR50 million and the reduction in RCF availability
by EUR25 million to EUR50 million, as a result of the financing
of the merger.

Rating Outlook:

The stable outlook reflects Moody's expectations that Refresco
Gerber will be able to continue to improve its current operating
performance over the next 12 months, as well as demonstrate the
synergy benefits from the merger on both EBITDA and margins, in
addition to maintaining a stable and improving liquidity profile.
Moody's also continues to assume that any future debt-funded
acquisition activity will be small in nature and that there will
be no shareholder-friendly action such as dividend payments.

What Could Change the Rating Up:

In view of the weak positioning of the company in the B2
category, there is no near-term upward ratings pressure. However,
there could be positive pressure if the Moody's-adjusted
debt/EBITDA ratio falls to below 5x on a sustained basis, and if
the company maintains a Moody's adjusted EBIT margin approaching
5% and a solid liquidity profile.

What Could Change the Rating Down:

The ratings could be lowered if earnings deteriorated, resulting
in the Moody's-adjusted debt/EBITDA ratio rising above 6x, or if
EBIT margins fall and/or liquidity concerns emerge. Moody's could
also consider downgrading the ratings in event of any material
acquisitions or change in financial policy.

Headquartered in the Netherlands, Refresco Gerber B.V., is a
leading European manufacturer of private label soft beverages.
For the financial year ended December 31, 2012, Refresco reported
revenues of EUR1.5 billion.



===============
P O R T U G A L
===============


BANIF-BANCO INT'L: Fitch Upgrades Viability Rating to 'ccc'
-----------------------------------------------------------
Fitch Ratings has affirmed Banif - Banco Internacional do
Funchal, S.A.'s (Banif) Long-Term Issuer Default Rating (IDR) at
'BB', Support Rating (SR) at '3' and Support Rating Floor (SRF)
at 'BB'. The Outlook on the Long-term IDR is Negative. At the
same time, Fitch has upgraded Banif's Viability Rating (VR) to
'ccc' from 'f'.

Key Rating Drivers - IDRs, Senior Debt, SR and SRF and VRs:

Banif's Long-term IDR and senior debt rating are at its SRF. The
affirmation of these ratings is based on Fitch's view that there
continues to be a moderate likelihood of state support for Banif,
if needed. Capital backstop funds of EUR6.4 billion are still
available under the IMF/EU support program. Banif holds about 4%
deposit market share, making it a second tier bank in Portugal,
in Fitch's view. The Portuguese government has been supportive of
domestic banks, including Banif.

The Negative Outlook on Banif's Long-term IDR mirrors that on the
sovereign, given the links between bank and sovereign ratings in
Portugal.

Rating Sensitivities - IDRs, Senior Debt, SR and SRF:

Banif's Long-term IDR and SRF are sensitive to any change in the
assumptions underpinning Fitch's current judgment about
Portugal's ability (as measured by its ratings) to support banks.
These ratings may also be affected by changes in the agency's
assumptions around the sovereign's propensity of support.
Potential future sovereign support for creditors of banks across
jurisdictions is weakening given legal, regulatory, political and
economic dynamics.

Key Rating Drivers - VR:

The upgrade of Banif's VR reflects the improvement in its
capitalization, resulting in a Fitch- eligible capital (FEC)
ratio of 10% at end-3Q13 (Fitch Core Capital ratio of 7.5%). The
VR also takes into account the bank's small franchise in
Portugal, it's still negative underlying profitability, high
impairment charges arising from weak asset quality, the need to
dispose non-core assets and high reliance on ECB funding.

Banif's core tier 1 capital ratio improved to 12.1% at end-3Q13
as the bank reduced risk-weighted assets and received EUR700
million capital and EUR400 million contingent convertible
instruments (EUR150 million of which was repaid in 2013) from the
Portuguese government in January 2013. Banif also raised EUR312
million capital from private investors during 2013, which
included EUR71 million of capital obtained from a voluntary
liability management exercise. Fitch believes that although the
improved capitalization has strengthened the bank's buffer to
cover further losses that could arise from further asset quality
deterioration it remains tight for the bank's weak asset quality.

Banif's restructuring plan should result in a further reduction
in the bank's balance sheet and branch network. The bank will
position itself in SME lending and private banking in mainland
Portugal alongside a continued focus on the Madeira and Azores
islands business, where the bank has leading market shares. Banif
is simplifying its organization and plans to divest and/or run-
down non-core assets. Fitch believes that there is some execution
risk in relation to the restructuring plan, particularly in the
sale of assets. The completion of the plan is key to returning
the bank to profitability and hence supporting internal capital
generation.

Banif generated a small pre-impairment operating loss in 9M13.
This reflected narrower margins, pressured by a low-interest rate
environment and higher funding costs, despite cost- cutting
measures. High loan impairment charges resulted in a EUR229
million operating loss for 9M13.

Fitch expects retail funding costs to decline in 2014, and a more
favorable operating environment should help ease asset quality
pressure as Portugal's economy is expected to come out of
recession in the new year. While Fitch expects Banif to remain
loss-making in 2014, these factors should help constrain the
losses.

Banif's asset quality is weak with a 30-days-overdue loan ratio
of 13.5% at end-3Q13. This indicator is less stringent than the
regulatory credit-at-risk indicator. The bank's asset quality is
worse than its peers', due to higher exposure to consumer lending
and the construction and real estate sectors, both at home and
abroad.

Banif's funding includes a high proportion of funding obtained
from the ECB (27% of total assets at end-3Q13). Banif's deposits
declined 12% in the year to 3Q13, due to its restructuring and
recapitalization process and decline in spreads. However, its net
loans/deposits ratio (including retail debt placed) was still
adequate at 118% at end-3Q13.

Rating Sensitivities - VR:

The rating may benefit from a return of underlying operating
profitability and successful disposal of non-core assets that
would help preserve and improve capital levels. Successful
completion of the remaining capital-raising plan during 2014
would indicate that the bank is on track in its restructuring.
While the proceeds from the capital-raising might be used to
repay the contingent convertible bonds held by the government and
therefore result in no increase in capital, it would help reduce
interest expenses and support future earnings. A stabilization of
its deposit base, a reduction of ECB funding and improvement in
asset quality trends would also be positive rating drivers.

Downward rating pressure would arise from an inability to turn
around the bank successfully and ultimately needing additional
extraordinary support.

Rating Drivers and Sensitivities - Subordinated and Hybrids:

The bank's subordinated debt has been upgraded to 'CC' from 'C',
reflecting the bank's VR upgrade. Banif's preference shares have
been affirmed at 'C', as Fitch believes that a high risk of non-
performance remains. The ratings are sensitive to changes in
Banif's VR or to changes in Fitch's expectation of the
instruments' relative non-performance risk.

The rating actions are as follows:

Long-term IDR: affirmed at 'BB'; Outlook Negative
Short-term IDR: affirmed at 'B'
VR: upgraded to 'ccc' from 'f'
SR: affirmed at '3'
SRF: affirmed at 'BB'
Senior unsecured: affirmed at 'BB'
Subordinated debt: upgraded to 'CC' from 'C'
Preference shares: affirmed at 'C'


CAIXA ECONOMICA: Moody's Lowers Sr. Debt & Deposit Ratings to B2
----------------------------------------------------------------
Moody's Investors Service has downgraded by two notches the
long-term senior debt and deposit ratings of Caixa Economica
Montepio Geral to B2 from Ba3, following the lowering of the
bank's standalone bank financial strength rating (BFSR) to E+
(equivalent to a b3 baseline credit assessment (BCA)) from
D-/ba3. The short-term ratings were unaffected and remain at Not
Prime. All of the bank's ratings, with the exception of the
short-term, continue to carry a negative outlook.

The downgrade reflects (1) the bank's strained and worse-than-
expected profitability indicators throughout 2013, which compare
poorly with those of other similarly rated Portuguese peers and
are likely to remain under pressure given the still challenging
domestic operating environment with low interest rates and
continuing high provisioning costs; and (2) the significant
deterioration of its asset-quality indicators, with a notable
increase in non-earning assets since late 2012, particularly in
the corporate segment, that has translated into considerable
impairment requirements.

In downgrading Montepio's ratings, Moody's has concurrently
considered the bank's recent reinforcement of its capital base by
EUR405 million between September and mid-December 2013, which
will lead Montepio to report a core capital ratio of around 12.4%
by end-2013 (12.8% according to Basel 2.5) , above the 10%
regulatory requirement. Despite this capital increase and the
growth in provisions, Moody's is concerned that the bank's
overall cushion in relation to its deteriorating asset quality
(Non performing loans as percentage of shareholders equity plus
loan loss reserves) continues to weaken, with little visibility
of a sufficient pick-up in earnings which could reverse this
trend.

At the same time, the lowering of Montepio's BCA triggered the
downgrade of its subordinated debt ratings to Caa1 from B1 and
its junior subordinated EMTN program to (P)Caa2 from (P)B2, with
a negative outlook.

This rating action concludes the review for downgrade initiated
on October 2, 2013.

Ratings Rationale:

   --- Downgrade of the Standalone Credit Assesment

The lowering of the bank's standalone BCA reflects Montepio's
pressured profitability indicators, with record losses of
EUR205.2 million during the first nine months of 2013, compared
to breakeven (with a net profit of EUR1.2 million) a year
earlier. This very negative trend was mainly driven by the sharp
34% decline at the net interest income level and the significant
provisioning effort carried out by the bank during the mentioned
period. In common with its domestic peers, the increasing non-
earning assets, low interest rate environment and ongoing balance
sheet deleveraging have significantly undermined Montepio's
capacity to generate recurrent earnings. Moody's notes, however,
that despite these common trends across the sector, Montepio's
profitability metrics still compare poorly with those of its
domestic peers. The rating agency expects profitability to show
modest improvements in 2014 relative to the levels seen so far in
2013, but to remain under pressure in light of the still
challenging operating environment in Portugal (i.e. Moody's
forecast a 0.7% growth of the Portuguese economy in 2014).
Moody's also notes that Montepio also displays very weak
efficiency levels (with a cost-to-income ratio of 92.7% at end-
September 2013), which stands among the highest ratios for
similarly rated European banks, and which further underpins the
bank's challenge to return to solid profitability levels.

Rating action also reflects Montepio's weak asset quality
indicators, with a non-performing loan ratio (credit-at-risk
ratio as defined by Bank of Portugal) of 12.7% at end-September
2013 (2012: 8.8%), comparing negatively with the system average
of 10.6% at end-June 2013. Since late 2012 and throughout 2013,
Montepio's asset-quality metrics have significantly deteriorated
across all asset classes, particularly those related to the
corporate sector, which were severely affected by the country's
very weak credit trends. Given the bank's diversification
strategy into the corporate sector together with the typical time
lag between macroeconomic indicators and the credit quality of
borrowers, Moody's expects Montepio's asset-quality indicators to
remain under pressure during next year. Moody's notes positively,
however, that the pace of deterioration is likely to be slower
than that registered throughout 2013.

In downgrading Montepio's ratings, Moody's has taken into account
the recent capital reinforcement measures implemented by the
bank, which have resulted in a total EUR405 million capital
increase. In particular, the bank has carried out two different
capital increases subscribed by its parent company (Montepio
Geral Associacao Mutualista (unrated)) for a total amount of
EUR205 million, and has raised a further EUR200 million through
the market placement of its Participation Fund. These initiatives
will allow Montepio to report a core capital ratio of around
12.4% by end-2013 (12.8% according to Basel 2.5), above the 10%
regulatory requirement. Moody's notes however, that Montepio's
recently replenished capital levels are likely to come under
renewed pressure by the rating agency's view of further asset
quality and profitability challenges in 2014.

   --- Downgrade of the Senior Debt and Deposit Ratings

The two-notch downgrade of Montepio's senior debt and deposit
ratings reflects (1) the three-notch lowering of its standalone
BCA to b3 from ba3; and (2) Moody's assessment of a moderate
probability of support from the Portuguese government for the
bank, in case of need.

The negative outlook on Montepio's standalone BFSR drives the
negative outlook on the bank's debt and deposit ratings.

Rationale for the Negative Outlook

The negative outlook that Moody's has assigned to the BFSR
reflects the bank's vulnerability to a further weakening of its
credit profile in light of the still modest growth expected for
Portugal in 2014, as well as the downside risks to Moody's
macroeconomic forecasts, which could exert further credit-
negative pressure if these risks were to materialize.

Subordinated Debt and Hybrid Ratings:

In line with the lowering of the bank's BCA, Moody's has
downgraded the senior subordinated debt ratings of Montepio to
Caa1 from B1 and its junior subordinated debt to (P)Caa2 from
(P)B2, all with a negative outlook.

What Could Move the Rating Up/Down:

Downward pressure on the bank's standalone BCA could develop if
(1) asset-quality and profitability indicators deteriorate
further than anticipated, leading to significant pressure on the
bank's recently reinforced capital base; (2) operating conditions
fall short of Moody's current central scenario of 0.7% GDP growth
for 2014; and/or (3) the bank's liquidity profile deteriorates
significantly.

The bank's debt and deposit ratings are linked to the standalone
BCA, and any change to the BCA would likely also affect these
ratings. Furthermore, any change in Moody's systemic support
assumptions may directly impact Montepio's senior debt ratings.

Upward pressure on the banks' BCA is unlikely given the negative
outlook. An improvement of the BCA could be driven by clear
visibility on the work-out of asset quality challenges, together
with a sustainable recovery in the bank's recurring earnings
generation capacity. Any significant macroeconomic growth beyond
Moody's central scenario of 0.7% in 2014 could also increase
positive rating pressure.


CAIXA ECONOMICA: Moody's Lowers Mortgage Bond Rating to Ba1
-----------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 (on review for
downgrade) from Baa3 (on review for downgrade) the ratings of the
mortgage covered bonds issued by Caixa Economica Montepio Geral
(Montepio; deposits B2 negative, standalone bank financial
strength rating E+/baseline credit assessment b3, negative).

This rating action follows Moody's decision to downgrade the
issuer rating of Montepio to B2 from Ba3.

Ratings Rationale:

Rating action on the mortgage covered bonds was prompted by the
downgrade of the issuer's rating on December 19, 2013.

Moody's has downgraded the Montepio mortgage covered bond program
rating to Ba1 and kept the rating on review for downgrade. The
review will take into account the final form in which the
proposals under the Request for Comment (RFC) published on
September 19, 2013 are implemented.

The TPI assigned to Montepio's mortgage covered bond program
remains unchanged at "Very Improbable". Moody's TPI framework may
constrain the final rating of the covered bond program following
the review of the covered bond ratings.

The ratings that Moody's has assigned addresses the expected loss
posed to investors. Moody's ratings address only the credit risks
associated with the transaction. Moody's did not address other
non-credit risks, but these may have a significant effect on
yield to investors.

Key Rating Assumptions/Factors:

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

EXPECTED LOSS: Moody's uses its Covered Bond Model (COBOL) to
determine a rating based on the expected loss on the bond. COBOL
determines expected loss as (1) a function of the issuer's
probability of default (measured by the issuer's rating); and (2)
the stressed losses on the cover pool assets following issuer
default.

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

The cover pool losses are 39.7%, with market risk of 33.0% and
collateral risk of 6.7%. The collateral score for this program is
currently 10.0%. The over-collateralization (OC) in this cover
pool is 36.8%, of which Montepio provides 13.0% on a "committed"
basis. Once the rating review concludes, Moody's will reassess
the level of OC that is consistent with the then-current rating.

For further details on cover pool losses, collateral risk, market
risk, collateral score and TPI Leeway across covered bond
programs rated by Moody's please refer to "Moody's EMEA Covered
Bonds Monitoring Overview", published quarterly. All numbers in
this section are based on the most recent Performance Overview.

TPI FRAMEWORK: Moody's assigns a "timely payment indicator"
(TPI), which indicates the likelihood that the issuer will make
timely payments to covered bondholders if the issuer defaults.
The TPI framework limits the covered bond rating to a certain
number of notches above the issuer's rating.

Factors that Would Lead to an Upgrade or Downgrade of the Rating:

The issuer's credit strength is the main determinant of a covered
bond rating's robustness. The TPI Leeway measures the number of
notches by which Moody's might downgrade the issuer's rating
before the rating agency downgrades the covered bonds because of
TPI framework constraints.

The TPI assigned to Montepio's mortgage covered bond program
remains Very Improbable. The TPI Leeway for the program is
limited, and thus any downgrade of the issuer ratings may lead to
a downgrade of the covered bonds.

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



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


CFR MARFA: IMF Proposes Insolvency For CFR Marfa and CFR Calatori
-----------------------------------------------------------------
Romanian Business News - ACTMedia reports that Romania Minister
of Transport, Ramona Manescu, said the International Monetary
Fund's (IMF) proposal was that the country should declare the
state-owned companies CFR Marfa (Romania's National Freight
Operator) and CFR Calatori (the passenger service division)
insolvent, but in the end it finished by accepting the objection
formulated by the Romanian authorities, on condition that the two
companies are restructured and made profitable again.

CFR Marfa S.A., headquartered in Bucharest, is the national
company for freight railway transport in Romania.



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


BASHNEFT OIL: Fitch Says Reorganization No Rating Impact
--------------------------------------------------------
Fitch Ratings says that the announced ownership reorganization of
Joint Stock Oil Company Bashneft (Bashneft, BB/Positive) will
have no immediate impact on its ratings.

The reorganization would eliminate cross-ownership between
Bashneft and ZAO Sistema Invest, which is also partially owned by
Sistema Joint Stock Financial Corp. (Sistema, BB-/Stable),
Bashneft's controlling shareholder. Fitch believes that while the
announced reorganization would simplify Bashneft's ownership it
may also increase Bashneft's leverage if the company incurs debt
to buy back its own shares for up to RUB21 billion (US$638
million). Following the share buyback, Fitch expects Bashneft's
leverage to remain commensurate with the 'BB' rating category.

Currently, Sistema effectively owns 87.6% of Bashneft's voting
shares directly and indirectly, 30.2% of which is through
Sistema-Invest. Sistema Invest is owned by Sistema (50.6%) and
Bashneft (49.4%) resulting in cross-ownership between Bashneft
and Sistema Invest. At September 30, 2013, Bashneft had loans
receivable from Sistema Invest of RUB29.3 billion (US$907
million).

On February 3, 2014, Bashneft's shareholders will vote on the
reorganization, which provides for Sistema-Invest to be split
into two entities, one of which will merge with Bashneft. Cross-
ownership will be eliminated, and Bashneft will make a mandatory
buyback offer for its shares, which is limited to 10% of its net
assets according to the Russian corporate law, or RUB21 billion
as of September 30, 2013. Fitch expects that following the
reorganization Bashneft's dividend policy will remain unchanged.

The announced transaction may impact Bashneft's credit profile in
two ways. On the one hand, a simplified ownership structure may
improve Fitch assessment of the company's corporate governance
because it may make the decision-making process more transparent.
On the other hand, the reorganization may result in moderately
higher leverage, as Bashneft may need to borrow funds to finance
the share buyback. However, Fitch expects Bashneft's funds from
operations (FFO) adjusted net leverage to remain under 2.5x in
2014-2017, ie, below Fitch guidance for a negative rating action.

The reorganization is not the first step taken by Sistema and
Bashneft to improve the company's corporate governance. In 2012
Bashneft simplified its legal structure by merging with key
downstream subsidiaries into a single company. At the same time,
Bashneft is still involved in some related-party transactions,
which Fitch considers a risk although the scale of such
transactions is shrinking.

Bashneft is a second-tier Russian oil producer that accounts for
3% of oil production and 8% of oil refining in the country, with
assets located mainly in the Republic of Bashkiria. In 9M13 its
crude production averaged 318,000 barrels per day (mbpd), up 3%
yoy. Bashneft is currently developing the Trebs and Titov oil
fields in the north of Russia in a joint venture with OAO LUKOIL
(BBB/Stable), which should help the company to diversify its
upstream geography and balance its upstream and downstream
operations.



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


CODERE SA: S&P Lowers Long-Term Corp. Credit Rating to 'SD'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'SD' (selective
default) from 'CC' its long-term corporate credit rating on
Spain-based gaming company Codere S.A.

At the same time, S&P lowered its issue rating on the
EUR760 million senior notes due 2015 issued by Codere Finance
(Luxembourg) S.A. to 'D' (default) from 'CC'.  The recovery
rating on these notes remains unchanged at '4', reflecting S&P's
expectation of average (30%-50%) recovery in the event of a
payment default.

The rating on the US$300 million senior notes issued by Codere
Finance (Luxembourg) remains at 'CC'.  The recovery rating of '4'
reflects S&P's expectation of average (30%-50%) recovery in the
event of a payment default.

The downgrades follow Codere's failure to pay the interest
(EUR31.4 million) on its EUR760 million senior notes on the due
date of Dec. 15, 2013.  The company announced on Dec. 12, 2013,
that it would not make the interest payment due on Dec. 15, 2013,
and that it would use the 30-day grace period included in the
notes' terms and conditions.

Under S&P's criteria, it considers the extension of a due payment
of interest or principal as tantamount to a default if the
payment falls later than five business days after the scheduled
due date. This is irrespective of any grace period stipulated in
the debt documentation.

S&P do not believe that Codere will make the interest payment
within this five-day period, because S&P understands that Codere
is still negotiating various strategic alternatives regarding its
capital structure.

It is S&P's understanding that Codere is still up to date with
the payments on its US$300 million notes due 2019; the next
payment is not due until Feb. 15, 2014.  S&P also understands
that Codere is still up to date with the payments on all of its
other liabilities.  S&P could lower the rating on Codere to 'D'
if the company fails to pay substantially all of its obligations
under its current indebtedness when these fall due.

Codere's decision not to pay the interest on the 2015 notes
follows an ongoing strategic review process that began around May
this year.  This follows continuing deterioration in the
operating environment since early 2013, mostly due to the
implementation of a smoking ban in Argentina from October 2012,
along with the temporary closure of gaming halls in Mexico and
higher taxes in some of its most relevant markets.

S&P will continue to follow the progress of Codere's pending
capital restructuring and subsequently reassess the ratings,
taking into account the group's business prospects, new capital
structure, and the impact of any reorganization.



===========
S W E D E N
===========


NORTHLAND RESOURCES: Moody's Affirms 'Caa3' CFR; Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service has affirmed the Caa3 corporate family
rating (CFR) and the Caa3-PD probability of default rating (PDR)
of Northland Resources AB. Concurrently, the rating agency has
assigned a Caa2 rating (with a loss-given default (LGD)
assessment of LGD3, 47%) to the US$335 million of 15% senior
secured notes with warrants maturing in 2019 issued by Northland.
The outlook on all ratings is negative.

Northland, a subsidiary of publicly listed Northland Resources
SA, is a special purpose vehicle created to manage the
construction and development of the Kaunisvaara iron ore project
in northern Sweden. The Kaunisvaara project comprises the Tapuli
mine, the Sahavaara mine, a dual-line processing plant and a
fully integrated logistics solution for the delivery of iron ore
concentrate to the Port of Narvik in Norway. Management expects
that the Kaunisvaara project will produce 4.4 million dry metric
tonnes of high-grade iron ore concentrate per annum, once
completed.

"We have affirmed Northland's ratings at the Caa3 level because
its weak liquidity remains only sufficient for the company to
push ahead with the Kaunisvaara project over the next few
quarters while management continues to focus on arranging
additional funding to enable it to complete the project and
protect it against potential near-term downside risks," says
Gianmarco Migliavacca, a Moody's Vice President -- Senior Analyst
and lead analyst for the issuer. "The modest uplift for the bond
rating assignment from the CFR, meanwhile, reflects the priority
ranking status of the senior secured bondholders relative to
other credits and the fact that there is a large amount of debt
junior to the notes within the capital structure."

Ratings Rationale:

   -- Affirmation Of Caa3 CFR and Caa3-PD --

The affirmation of Northland's Caa3 CFR and Caa3-PD reflects the
company's weak liquidity as management continues to progress
forward with the Kaunisvaara iron ore project. Northland had
around US$48 million in cash available on the balance sheet as of
September 30, 2013 and was able to draw US$100 million of
additional funds from the escrow accounts in November 2013.

The affirmation also recognizes the window of opportunity these
remaining funds afford Northland in terms of seeking around
US$150 million of additional liquidity to (1) complete the
project ramp-up by year-end 2014 (as currently scheduled); and
(2) provide a further cushion against possible downside risks.
However, the rating agency believes that timing is critical in
terms of securing the additional funding, as the company
continues to generate negative free cash flows from its as-yet-
unfinished Kaunisvaara iron ore project. Committed capex remains
high until year-end 2014, at over US$150 million, with an
additional US$75 million uncommitted but still required to be
invested to complete the project over the same timetable.

While Moody's remains skeptical about Northland's expectations
that it will be able to start generating positive free cash flows
from Q4 2014, the rating agency notes that this target is
supported by the company's increased productivity and reduced
operating costs. These improvements are likely to materialize
from Q1 2014, following (1) the recently completed ramp-up of the
Kaunisvaara project's first process line with the installation of
the third vertimill at the plant; and (2) the switch to a
permanent logistics solution at the port, after the installation
of a ship-loader in early December.

The rating also reflects Moody's concern regarding a potential
scenario whereby the environmental permit for the Sahavaara mine
is not granted. Under such circumstance, the cash flows generated
by the Tapuli mine alone are unlikely to be sufficient to fully
repay the notes at maturity. Moody's understands that the risk
that the environmental permit for Sahavaara might be refused is
unlikely, although it is now certain that the process to obtain
such permit, which was originally expected by management to be
successfully completed before the end of 2013, is materially
delayed by nearly one year, following the recent announcement
that the main court hearings for the environmental permitting
process will take place in September 2014.

   -- Assignment of Caa2 Rating on the Senior Secured Notes --

The assignment of the Caa2 rating to the senior secured notes,
which represents a one-notch uplift from the CFR, reflects the
priority ranking status of the secured bondholders relative to
other creditors in the event of default, and the fact that there
is a large amount of debt junior to the notes within the capital
structure. This more junior debt comprises the US$370 million
second lien claim of the mandatorily convertible bondholders; and
(2) Northland's deeply subordinated intercompany loans, which the
issuer has received over time from its ultimate parent guarantor,
Northland Resources SA, in order to fund part of its earlier
project development activities.

At the same time, the Caa2 rating on the notes is constrained by
Moody's assumption of a low overall recovery at this stage under
a potential default scenario.

The senior secured notes were issued last June via a private
placement, as a condition for the completion of the formal
reconstruction (i.e., debt restructuring) process overseen by the
District Court of Lulea in Sweden. The net proceeds of the notes,
initially placed in an escrow account, have already been entirely
drawn by the issuer in order to fund the further development of
the Kaunisvaara project. The District Court of Lulea granted a
stay on debt and gave Northland the possibility to restructure
its debt obligations and find additional sources of liquidity,
which included the notes. This process was formally concluded in
August 2013, with the full support of bondholders and key
suppliers, who provided additional liquidity of nearly US$485
million in aggregate.

Negative Outlook:

The negative outlook reflects Moody's concerns regarding the
still elevated project execution risk and the challenges
Northland may experience in seeking new funding to support its
near- and medium-term liquidity needs (over the next 6-12
months). Moody's considers that the US$150 million of additional
liquidity targeted by Northland over the next few months will be
critical in order to avoid a possible liquidity shortfall in mid-
to-late 2014, given that the rating agency expects the company to
remain free cash flow negative until Q4 2014.

What Could Change the Rating Up/Down:

Moody's does not expect positive rating pressure in the near
term. However, the rating agency could consider a stabilization
of the outlook if Northland is able to secure within the next
couple of quarters additional funds close to the US$150 million
target announced by management to create adequate liquidity
headroom. Longer term, Moody's could consider a positive rating
action as the Kaunisvaara project completes its ramp-up phase
leading to positive free cash flow generation. Moody's could also
consider a positive rating action once the Sahavaara mine goes
into production and starts to contribute to the company's total
cash flows, assuming the environmental permit is achieved without
any further delay.

Conversely, further negative pressure on the ratings would result
if over the next few quarters management is unable to secure the
additional liquidity it has targeted, as this would leave the
company highly exposed to the risk of a new liquidity crisis.
Insufficient liquidity would most likely be a result of (1)
diminished support from bondholders and/or major suppliers; or
(2) much higher-than-anticipated negative free cash flows
resulting from a material overrun in costs and/or capex or
further delays to the completion of the project.



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


BURSA: Fitch Affirms BB LT Issuer Default Rating; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Metropolitan Municipality of Bursa's
Long-term foreign and local Issuer Default Ratings (IDRs) at 'BB'
and its National Long term rating at 'AA- (tur)'. The Outlooks
are Stable.

Key Rating Drivers:

The ratings reflect Bursa's strong operating performance that is
balanced by its high debt levels, slowing GDP growth and a
significant unhedged foreign currency exposure.

At end-2012, Bursa's foreign currency debt accounted for 67.8% of
its outstanding debt or TRY622.3 million. Although the foreign
currency-denominated debt has a guarantee from the National
Treasury and the lenders are multinationals, it exposes Bursa to
significant unhedged foreign exchange risk. In 2008 and 2011 the
municipality suffered adverse effects from a depreciation of the
Turkish lira.

Fitch expects Bursa to continue posting strong operating margins
of 45% in 2013-2015, albeit down from 48% in 2012, due to its
fairly diversified and dynamic local economy. In 2012 Bursa
achieved a 95% realisation of its budgeted revenues. Operating
expenditure control and tax revenue growth of 18% yoy led to an
improvement of debt coverage metrics. Direct debt growth slowed
to 12% in 2012 from 17.2% in 2011 as a result of deficit
reduction, strong tax revenue performance and an appreciation of
the Turkish lira. Direct debt to current revenue decreased to
132.3% in 2012 (146.1% in 2011). Fitch expects direct debt to
stay within 135%-141% of current revenue in 2013-2015.

Fitch expects the current balance-to-capital expenditure ratio to
improve on average to 70% in 2013-2015 from 65.2% in 2012. The
administration has started in 2010 a significant investment
program, which will continue until 2014. The program is primarily
driven by the expansion of the public transport system. Capex as
a share of total expenditure averaged 47.1% in 2010-2012. Fitch
projects this ratio to stabilize at 40.4% until 2015.

Bursa's indirect risk totaled TRY194 million at end-2012,
stemming from the municipality's five public sector entities. Of
this 83% relates to the provider of water services. Debt at the
five public sector entities is self-supporting. Similar to other
metropolitan municipalities Bursa supports its public sector
entities with regular capital injections.

In 2012 the city was the fourth-largest contributor of national
GDP with a share of 4% and accounted for 3% of the population.
Key industries are automotive, textile and food processing. The
city is investing in road and transport infrastructure to enhance
access to its main historical and cultural attractions. The tax
base will benefit from a further diversification of the local
economy.

Rating Sensitivities:

-- A sharp increase in external direct debt, which would lead to
    a deterioration of the debt servicing capacity, would lead to
    a downgrade.

-- Sustainable reduction of overall risk, a debt payback below 5
    years (2012: 3.5 years) and continuation of strong budgetary
    performance with not higher than budgeted operating
    expenditures would be positive for the ratings.

Key Assumptions:

Fitch base case scenario relies on the following assumptions:

   -- Operating margin to remain on average at 45% in 2013-2015

   -- Current balance sufficient to cover at least 60% of capital
      expenditure

   -- Debt to remain at between 135% and 141 % of current revenue
      until 2015


FINANSBANK AS: Moody's Affirms 'Ba2' Long-Term Deposit Ratings
--------------------------------------------------------------
Moody's Investors Service has affirmed all the ratings of
Turkey's Finansbank A.S., and changed the outlook on the BFSR and
all of the bank's long-term ratings to stable from negative. At
the same time, Moody's has raised the bank's baseline credit
assessment (BCA) to b1 from b2 and assigned a provisional (P) Ba2
long-term local-currency and (P) Not Prime short-term local- and
foreign-currency senior unsecured debt ratings to the GMTN
program.

The raising of Finansbank's BCA incorporates Moody's opinion that
the credit quality of parent banks and their subsidiaries are
typically linked and reflects the improvement of the fundamental
credit profile of the bank's parent, National Bank of Greece,
S.A. (NBG, deposits Caa1/Not Prime, stable; BFSR/BCA E/caa2
stable). Finansbank's BCA therefore remains four notches above
the level of NBG's standalone strength.

Additionally, Moody's affirmed the Ba3 issuer and corporate
family rating (CFR) and b3 BCA of Finansbank's domestic
subsidiary Finans Finansal Kiralma A.S. (FinansLeasing), and
changed the outlook on the subsidiary's ratings to stable from
negative.

Ratings Rationale:

   --- Finansbank -- Affirmation of Deposit and Debt Ratings:

Moody's affirmation of Finansbank's deposit rating coincides with
the affirmation of the bank's BFSR and continues to incorporate
Moody's assessment of a high probability of systemic (government)
support for Finansbank, given its importance to the Turkish
financial system, with a 4% market share of deposits. The high
support assumptions incorporated into the long-term ratings now
provide two notches (previously three notches) of systemic
support uplift from the bank's BCA, as the raising of
Finansbank's BCA to b1 from b2 did not translate into an upward
rating movement on the bank's long-term ratings.

The affirmation of the ratings on Finansbank's foreign-currency
senior unsecured debt and GMTN program follows the affirmation of
the bank's long-term deposit ratings, as these ratings are at the
same level (Ba2) and are not constrained by the applicable
country ceilings. The long-term local-currency and short-term
local- and foreign-currency senior unsecured debt ratings
assigned to the GMTN program are in line with Finansbank's GLC
deposit ratings and are not constrained by the applicable
ceilings.

The stable outlook on these ratings reflects the stable outlook
on Finansbank's and NBG's standalone credit profile.

  --- Finansbank -- Affirmation of BFSR and the Raising of the
                    BCA

The affirmation of Finansbank's BFSR of E+ and raising the BCA to
b1 reflects Moody's assessment of the level of interconnectedness
between Finansbank's overall risk profile and that of its parent
NBG, and the likelihood that improvements in NBG's
creditworthiness will reduce the level of potential stress within
the group and ultimately diminish any contagion risk to
Finansbank. The affirmation of Finansbank's BFSR follows the
affirmation of NBG's BFSR, and the raising of Finansbank's BCA by
one notch follows a similar change on NBG's BCA.

Furthermore, the raising of Finansbank's BCA takes into account
the bank's satisfactory performance over recent years, despite
credit pressures stemming from the previously sharp deterioration
in NBG's risk profile. Additionally, the upwardly revised BCA
reflects (1) Finansbank's low dependence on funding from NBG,
with financing limited to 3% of its balance sheet in the form of
Tier 2 capital; (2) Finansbank's purely domestic focus, which
reflects the low operational inter-linkages between Finansbank
and NBG; and (3) the regulatory environment in Turkey, which aims
to ring-fence the domestic subsidiary.

The stable outlook on Finansbank's BFSR reflects the stable
outlook on the parent's ratings.

   --- Finansleasing - Affirmation of Issuer Rating and BCA

The affirmation of FinansLeasing's Ba3 issuer and corporate
family ratings and the change in outlook to stable follows the
affirmation and the change in outlook on the ratings of the
parent (Finansbank) and FinansLeasing's BCA. FinansLeasing's
ratings incorporate Moody's assessment of a high probability of
support from Finansbank, its domestic 69.1% shareholder.
According to Moody's Joint Default Analysis (JDA) methodology,
the likelihood of systemic support for financial subsidiaries
with a controlling shareholder in the same country is
incorporated into the rating through the parent's supported
rating. The affirmation of FinansLeasing BCA and the change in
outlook to stable from negative reflects its satisfactory
performance and improvement of the group's risk profile.

What Could Move the Ratings Up/Down:

Upward rating pressure could materialize following (1) positive
developments regarding the creditworthiness of NBG; and (2) any
further clarity on the future ownership structure of Finansbank
that could potentially de-link the creditworthiness of Finansbank
and FinansLeasing from that of NBG.

If NBG's BCA is raised further, Moody's would expect more muted
upward pressure on Finansbank's BCA and subsequently on the long-
term deposit and debt ratings. This reflects Moody's opinion of
inter-linkages between the credit profiles of parents and their
subsidiaries, where the notching difference of a subsidiary's BCA
above its parent will narrow down to maximum of two notches,
further up the rating scale.

A downgrade of assigned ratings could be triggered by (1) adverse
credit developments in NBG's credit profile (i.e. its BFSR and
BCA); (2) a deterioration of Finansbank's and FinansLeasing's own
intrinsic credit characteristics; (3) any weakening in Moody's
systemic support assumptions for Finansbank's ratings, or
parental support assumption for FinansLeasing's ratings; and/or
(4) a lower applicable country debt ceiling that will, in turn,
constrain the assigned ratings.

List of Affected Ratings of Finansbank

Ratings affirmed:

   -- Ba2 and Not-Prime long-term and short-term local- and
      foreign-currency deposit ratings

   -- Ba2 foreign-currency senior unsecured debt rating

   -- E+ standalone bank financial strength rating (BFSR)

   -- Provisional (P) Ba2 long-term foreign-currency senior
      unsecured debt rating assigned to Finansbank's global
      medium-term note (GMTN) program.

Ratings assigned:

   -- Provisional (P) Ba2 long-term local-currency and (P) Not
      Prime short-term local- and foreign-currency senior
      unsecured debt ratings to the GMTN program.



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


BLOCKBUSTER UK: Collapse to Cost HMRC Almost GBP7 Million
---------------------------------------------------------
Graham Ruddick at The Telegraph reports that HM Revenue & Customs
faces losing almost GBP7 million from the collapse of Blockbuster
after it called in administrators twice within the space of a
year.

The latest statement of the administrator's proposals for
Blockbuster's parent company, TS Operations Limited, shows that
HMRC is likely to lose GBP2.1 million in VAT, PAYE and National
Insurance contributions after the DVD rental company fell back
into administration in November, The Telegraph discloses.

This is on top of the GBP4.8 million bill when Blockbuster first
collapsed into administration in January, The Telegraph notes.

According to The Telegraph, the losses to HMRC come after a
GBP26 million loss following the collapse of Comet in 2012 and
the more-than-GBP1 million loss from Jessops, which went into
administration this year.

Gordon Brothers Europe, the private equity group, tried to rescue
Blockbuster after it initially collapsed into administration in
January but conceded defeat months later, The Telegraph recounts.
It said it had "striven to turn around the historically loss-
making company" and invested "significantly" in strategic
marketing activities, The Telegraph discloses.  According to The
Telegraph, the administrator's report shows that Gordon Brothers
could recover almost GBP15 million from the company.

It says that on Oct. 28, the day before TS Operations announced
it was filing a notice of intention to appoint an administrator,
Gordon Brothers issued a formal demand of GBP16.5 million "in
respect of the balance outstanding under the facility agreement
in place", The Telegraph relays.

Before Blockbuster was placed into administration, GBP5.2 million
in sales income from the retailer was paid out to Gordon
Brothers, the senior creditor, reducing its debts to GBP11.3
million, The Telegraph notes.

The private equity group is unlikely to recover that amount, but
the statement of affairs estimates that as much as GBP9.96
million could be available from the sale of Blockbuster's assets
for the floating chargeholder, which was Gordon Brothers, The
Telegraph discloses.

On top of the claims from Gordon Brothers, Blockbuster had
GBP10.9 million debts to unsecured creditors, including trade
creditors, redundancy payments and the HMRC bill, The Telegraph
states.

Blockbuster UK is a DVD rental company.  It is part of
Blockbuster L.L.C.


CO-OPERATIVE BANK: UK Finc'l. Watchdog Draws Up Contingency Plans
-----------------------------------------------------------------
Sharlene Goff at The Financial Times reports that the UK
financial watchdog continues to draw up contingency plans for a
potential collapse of the Co-operative Bank, even though the
lender has completed a sweeping recapitalization.

The deal, handing a 70% equity stake in the bank to institutional
bondholders including several US hedge funds, follows a
catastrophic period for the bank, the FT notes.  A series of
group and bank directors has left and Paul Flowers, the bank's
former chairman, was filmed allegedly buying illegal drugs, the
FT relays.

The Co-op Bank on Friday finalized a GBP1.5 billion debt exchange
intended to strengthen its fragile capital position, the FT
relates.  The decision is an important step towards restoring
normality at the bank after a turbulent six months triggered by
the exposure in June of a GBP1.5 billion capital hole, the FT
notes.

According to the FT, people familiar with the situation said that
while the regulator is satisfied that the recapitalization heads
off any imminent threat to the bank's stability, it remains
cautious about its prospects.  They said there were several
obstacles in the new year that could thwart its recovery, the FT
relates.  These people said the Prudential Regulation Authority
is continuing to work on back-up plans to ensure it is ready to
put the bank into resolution if it were to encounter further
difficulties next year, the FT notes.

Crucially, the Co-op Group must sell its general insurance
business to raise the GBP333 million of cash it has pledged to
inject into the bank by the end of 2014, the FT says.
If it were to fail to sell the insurance business, the Co-op
Group would need to raise the money by other means, the FT
states.

Meanwhile the Co-op Bank must implement a tough new business plan
that involves radically shrinking its retail branch network and
dramatically reducing its overinflated cost base, the FT notes.

The bank -- and its parent Co-op Group -- are also subject to
multiple reviews of what went wrong and of how their governance
and controls should be improved, the FT discloses.

                    About Co-operative Bank

Co-op Bank -- part of the mutually owned food-to-funerals
conglomerate Co-operative Group -- traces its history back to
1872.  The bank gained prominence for specializing in ethical
investment.  It refuses to lend to companies that test their
products on animals, and its headquarters in Manchester is
powered by rapeseed oil grown on Co-operative Group farms.

Founded in 1863, the Co-op Group has more than six million
members, employs more than 100,000 people, and has turnover of
more than GBP13 billion.

                           *     *     *

The Troubled Company Reporter-Europe on Nov. 14 and 18, 2013 has
reported that Moody's Investors Service has affirmed The
Co-operative Bank's Caa1 senior unsecured debt and deposit
ratings, and changed the outlook on the rating to negative from
developing, and Fitch Ratings has downgraded the company's Issuer
Default Rating to 'B' from 'BB-' and placed it on Rating Watch
Negative.



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


* BOND PRICING: For the Week December 16 to December 20, 2013
-------------------------------------------------------------

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

AUSTRIA
-------
IMMOFINANZ AG          4.25   3/8/2018    EUR    4.70
Alpine Holding Gmb     6.00  5/22/2017    EUR    0.25
Alpine Holding Gmb     5.25   7/1/2015    EUR    0.25
Alpine Holding Gmb     5.25  6/10/2016    EUR    0.25
A-TEC Industries A     8.75 10/27/2014    EUR    1.63
A-TEC Industries A     2.75  5/10/2014    EUR    2.00
A-TEC Industries A     5.75  11/2/2010    EUR    1.88
Hypo Alpe-Adria-Ba     0.79 11/29/2032    EUR   70.93
Hypo Alpe-Adria-Ba     0.68 12/18/2030    EUR   72.49
Investkredit Bank      4.63  4/12/2022    EUR   74.70
KA Finanz AG           4.90  6/23/2031    EUR   67.75
KA Finanz AG           4.44 12/20/2030    EUR   65.13
Oberoesterreichisc     0.63  11/6/2030    EUR   72.60
Oberoesterreichisc     0.52  4/25/2042    EUR   65.26
Oesterreichische V     1.06  7/29/2018    EUR   25.00
Oesterreichische V     5.27   2/8/2027    EUR   63.00
Raiffeisen Centrob    14.40   3/6/2014    EUR   73.77
UniCredit Bank Aus     0.75  8/20/2033    EUR   73.41
UniCredit Bank Aus     0.70 12/27/2031    EUR   71.81
UniCredit Bank Aus     0.57  1/25/2031    EUR   73.50
UniCredit Bank Aus     0.61  1/24/2031    EUR   73.64
UniCredit Bank Aus     0.72  1/22/2031    EUR   73.74

BELGIUM
-------
Econocom Group         4.00   6/1/2016    EUR   27.70
Ideal Standard Int    11.75   5/1/2018    EUR   72.33
Ideal Standard Int    11.75   5/1/2018    EUR   73.13

BULGARIA
--------
Petrol AD              8.38  1/26/2017    EUR   57.66
Aralco Finance SA     10.13   5/7/2020    USD   75.05
Aralco Finance SA     10.13   5/7/2020    USD   74.63
OGX Austria GmbH       8.50   6/1/2018    USD   12.03
OGX Austria GmbH       8.38   4/1/2022    USD   12.03
OGX Austria GmbH       8.50   6/1/2018    USD   11.88
OGX Austria GmbH       8.38   4/1/2022    USD   11.88
Clariden Leu Ltd/N     5.25   8/6/2014    CHF   65.59
Clariden Leu Ltd/N     4.50  8/13/2014    CHF   62.47
Credit Suisse/Nass     7.25   4/4/2014    USD   64.87
Clariden Leu Ltd/N     4.52  9/10/2014    CHF   65.99

CYPRUS
------
Cyprus Government      4.63   2/3/2020    EUR   73.86
Cyprus Government      6.00   7/1/2023    EUR   73.75
Cyprus Government      4.75   7/1/2020    EUR   73.13
Cyprus Government      5.25   7/1/2022    EUR   71.00
Cyprus Government      5.00   7/1/2021    EUR   71.75

CZECH REPUBLIC
--------------
Sazka AS               9.00  7/12/2021    EUR   10.13

DENMARK
-------
Kommunekredit          0.50  7/30/2027    TRY   26.38
Kommunekredit          0.50  9/19/2019    BRL   53.55
Kommunekredit          0.50  2/20/2020    BRL   51.34
Kommunekredit          0.50  5/11/2029    CAD   50.52
Kommunekredit          0.50 10/22/2019    BRL   53.10
Kommunekredit          0.50 12/14/2020    ZAR   60.44

FINLAND
-------
Municipality Finan     0.50 10/27/2016    BRL   73.96
Municipality Finan     0.50 11/30/2016    BRL   73.14
Municipality Finan     0.50 11/16/2017    TRY   71.26
Municipality Finan     0.50  6/19/2024    ZAR   37.00
Municipality Finan     0.50  2/17/2017    BRL   71.34
Municipality Finan     0.50  4/27/2018    ZAR   70.77
Municipality Finan     0.50  5/31/2022    ZAR   45.84
Municipality Finan     0.50 11/17/2016    BRL   73.90
Municipality Finan     0.50 11/10/2021    NZD   67.05
Municipality Finan     0.50 11/21/2018    ZAR   67.19
Municipality Finan     0.50  4/26/2022    ZAR   46.35
Municipality Finan     0.50 12/20/2018    ZAR   66.70
Municipality Finan     0.50  3/28/2018    BRL   62.02
Municipality Finan     0.50 12/14/2018    TRY   64.02
Municipality Finan     0.50   2/7/2018    BRL   68.42
Municipality Finan     0.50  3/16/2017    BRL   71.42
Municipality Finan     0.50  2/22/2019    IDR   65.22
Municipality Finan     0.50 11/21/2018    TRY   64.13
Municipality Finan     0.50  1/10/2018    BRL   64.01
Municipality Finan     0.50  6/22/2017    IDR   74.39
Municipality Finan     0.50  1/23/2018    BRL   64.50
Municipality Finan     0.25  6/28/2040    CAD   23.91
Municipality Finan     0.50 12/21/2021    NZD   66.64
Municipality Finan     0.50 11/25/2020    ZAR   54.11
Municipality Finan     0.50  3/17/2025    CAD   61.50
Talvivaara Mining      4.00 12/16/2015    EUR   17.99

FRANCE
------
Air France-KLM         4.97   4/1/2015    EUR   12.75
Air France-KLM         2.03  2/15/2023    EUR   10.59
Alcatel-Lucent/Fra     4.25   7/1/2018    EUR    3.12
Alcatel-Lucent/Fra     5.00   1/1/2015    EUR    3.36
Assystem               4.00   1/1/2017    EUR   24.27
AtoS                   2.50   1/1/2016    EUR   61.09
AtoS                   1.50   7/1/2016    EUR   60.87
BNP Paribas SA         0.50  1/31/2018    RUB   73.33
BNP Paribas SA         0.50 11/16/2032    MXN   39.68
BNP Paribas SA         0.50   5/6/2021    MXN   71.71
Caisse Centrale du     7.00  5/16/2014    EUR   53.03
Caisse Centrale du     7.00  5/18/2015    EUR    9.08
Caisse Centrale du     7.00  9/10/2015    EUR   15.35
Cap Gemini SA          3.50   1/1/2014    EUR   48.05
CGG SA                 1.75   1/1/2016    EUR   28.39
CGG SA                 1.25   1/1/2019    EUR   31.31
Club Mediterranee      6.11  11/1/2015    EUR   19.71
Credit Agricole Co     0.50  2/28/2018    RUB   73.06
Credit Agricole Co     0.50   3/6/2023    RUB   48.05
Dexia Credit Local     0.88  7/10/2017    EUR   74.75
Dexia Credit Local     4.38  2/12/2019    EUR   71.75
Etablissements Mau     7.13  7/31/2014    EUR   16.90
Etablissements Mau     7.13  7/31/2015    EUR   15.67
Faurecia               4.50   1/1/2015    EUR   24.46
Faurecia               3.25   1/1/2018    EUR   27.55
GFI Informatique S     5.25   1/1/2017    EUR    5.30
Ingenico               2.75   1/1/2017    EUR   57.77
Le Noble Age           4.88   1/3/2016    EUR   19.50
Nexans SA              2.50   1/1/2019    EUR   72.92
Nexans SA              4.00   1/1/2016    EUR   58.43
Novasep Holding SA     9.75 12/15/2016    USD   49.50
Novasep Holding SA     9.75 12/15/2016    USD   49.50
OL Groupe              7.00 12/28/2015    EUR    6.53
Orpea                  1.75   1/1/2020    EUR   48.99
Orpea                  3.88   1/1/2016    EUR   51.28
Peugeot SA             4.45   1/1/2016    EUR   26.65
Publicis Groupe SA     1.00  1/18/2018    EUR   60.32
SG Option Europe S     8.00  9/29/2015    USD   62.49
SG Option Europe S     7.00   5/5/2017    EUR   52.35
SG Option Europe S     7.00  9/22/2017    EUR   68.73
SG Option Europe S     8.00 12/18/2014    USD   40.49
SG Option Europe S     7.50 12/24/2014    EUR   38.00
SG Option Europe S     7.25   8/5/2014    EUR   62.59
Societe Air France     2.75   4/1/2020    EUR   21.03
Societe Generale S     0.50  6/12/2023    RUB   45.95
Societe Generale S     0.50   4/3/2023    RUB   46.79
Societe Generale S     0.50 11/29/2022    AUD   63.45
Societe Generale S     0.50  7/11/2022    USD   71.63
Societe Generale S     0.50  4/27/2022    USD   72.50
Societe Generale S     0.50 12/21/2022    AUD   63.21
Societe Generale S     0.50  4/30/2023    RUB   46.47
Societe Generale S     0.50  7/11/2022    AUD   64.99
Societe Generale S     0.50  12/6/2021    AUD   67.38
Societe Generale S     0.50  4/27/2022    AUD   65.81
Societe Generale S     0.50   9/7/2021    AUD   69.04
SOITEC                 6.75  9/18/2018    EUR    2.50
SOITEC                 6.25   9/9/2014    EUR    8.61
Tem SAS                4.25   1/1/2015    EUR   55.58
Zlomrex Internatio     8.50   2/1/2014    EUR   62.00
Zlomrex Internatio     8.50   2/1/2014    EUR   62.00

GEORGIA
-------
Bank J Safra Saras    13.60  2/17/2014    CHF   71.13
Bank Julius Baer &     6.20  4/15/2014    CHF   63.95
Bank Julius Baer &     9.00 12/13/2013    USD   67.65
Bank Julius Baer &    14.00  5/23/2014    USD   55.80
Bank Julius Baer &     8.50 12/13/2013    USD   56.05
Bank Julius Baer &     9.50 12/13/2013    USD   61.50
Bank Julius Baer &    12.60 12/13/2013    USD   52.65
Bank Julius Baer &     7.25  4/10/2014    USD   64.50
Bank Julius Baer &     9.00  1/29/2014    CHF   71.40
Bank Julius Baer &     6.10  4/17/2014    CHF   65.15
Bank Julius Baer &     6.20  4/17/2014    EUR   65.45
Bank Julius Baer &     5.00 12/23/2013    CHF   67.05
Bank Julius Baer &    10.20 11/29/2013    USD   52.45
Bank Julius Baer &    11.50  3/18/2014    USD   61.85
Bank Julius Baer &     6.80  4/11/2014    USD   70.15
Bank Julius Baer &     6.50  4/11/2014    USD   71.25
Bank Julius Baer &     9.00  4/11/2014    USD   71.05
Bank Julius Baer &     7.80  2/14/2014    USD   70.35
Bank Julius Baer &     7.50  2/14/2014    CHF   69.75
Bank Julius Baer &    10.00   4/4/2014    USD   62.75
Bank Julius Baer &     6.90  3/21/2014    USD   70.45
Banque Cantonale V     4.90   9/9/2014    CHF   73.73
EFG International      6.00 11/30/2017    EUR   39.45
EFG International     13.40 11/14/2013    CHF   58.64
EFG International      6.82   6/4/2014    CHF   70.01
EFG International     12.86 10/30/2017    EUR   35.40
EFG International     12.10  3/10/2014    USD   50.04
EFG International      4.50  2/20/2014    USD   58.50
EFG International      5.85 10/14/2014    CHF   72.75
EFG International     10.00 12/17/2013    USD   66.27
Leonteq Securities    11.90  1/15/2014    EUR   50.01
Leonteq Securities    17.00 11/21/2013    CAD   40.23
Leonteq Securities     9.25  11/5/2013    USD   36.80
Leonteq Securities    12.65 12/10/2013    EUR   50.06
Leonteq Securities     7.80  8/26/2014    CHF   55.40
Leonteq Securities    15.00  2/13/2014    CHF   55.94
Leonteq Securities    12.00 11/15/2013    CHF   54.70
Leonteq Securities    17.05  2/14/2014    CHF   42.69
Leonteq Securities    10.03 10/25/2013    CHF   48.39
Leonteq Securities     5.06  5/26/2014    CHF   74.49
Leonteq Securities    18.00  12/6/2013    CHF   58.34
Leonteq Securities     8.40 11/27/2013    CHF   69.11
Leonteq Securities     8.80  12/6/2013    EUR   66.34
Leonteq Securities    20.00 12/12/2013    CHF   59.36
Leonteq Securities    12.80 12/12/2013    CHF   56.01
Leonteq Securities     8.00 12/12/2013    CHF   67.47
Leonteq Securities     8.10 12/13/2013    CHF   56.63
Leonteq Securities     9.20 11/15/2013    CHF   72.96
Leonteq Securities     7.21 11/14/2013    CHF   72.00
Leonteq Securities    10.00 11/21/2013    CHF   48.23
Leonteq Securities    13.60  12/6/2013    CHF   53.15
Leonteq Securities     8.75   6/6/2014    GBP   71.26
Leonteq Securities     8.00  12/6/2013    USD   65.15
Leonteq Securities    12.89 12/10/2013    GBP   52.10
Leonteq Securities    10.20 11/14/2013    CHF   56.32
Leonteq Securities     8.01 11/15/2013    CHF   44.99
Leonteq Securities    21.75  5/22/2014    USD   45.78
Leonteq Securities    20.00  5/27/2014    CHF   71.16
Leonteq Securities    12.00  2/24/2014    CHF   69.73
Leonteq Securities     9.46   6/3/2014    AUD   61.68
Leonteq Securities    24.40  2/25/2014    USD   44.15
Leonteq Securities    22.75   2/4/2014    USD   68.91
Leonteq Securities    15.60   2/6/2014    CHF   55.74
Leonteq Securities    12.25  1/30/2014    CHF   49.87
Leonteq Securities    20.52  3/25/2014    USD   50.23
Leonteq Securities    10.00  1/17/2014    CHF   54.64
Leonteq Securities    21.50  3/21/2014    USD   57.05
Leonteq Securities     8.90  3/28/2014    EUR   63.16
Leonteq Securities    14.25  2/13/2015    USD   62.34
Leonteq Securities    11.50  2/11/2014    USD   70.57
Leonteq Securities    20.50  2/13/2014    CHF   65.24
Leonteq Securities     5.80  8/20/2014    USD   70.34
Leonteq Securities    13.25  2/14/2014    USD   60.87
Leonteq Securities    10.00  7/29/2014    USD   58.84
Leonteq Securities    29.61 10/26/2017    EUR   39.70
Leonteq Securities     9.00 10/31/2013    CHF   43.77
Leonteq Securities    12.00   3/5/2014    CHF   60.81
Leonteq Securities     8.50 12/24/2013    USD   54.18
Leonteq Securities    14.06 12/18/2013    USD   52.76
Leonteq Securities     5.76 12/20/2013    GBP   67.92
Leonteq Securities    10.00  1/23/2014    CHF   54.82
Leonteq Securities     8.00  6/19/2014    CHF   73.01
Leonteq Securities     6.80 12/19/2014    USD   71.84
Leonteq Securities    14.05 12/27/2013    CHF   55.88
Leonteq Securities     6.00  5/20/2014    CHF   66.65
Leonteq Securities    10.00 11/27/2013    CHF   74.15
Leonteq Securities    20.00 11/27/2013    CHF   57.98
Leonteq Securities    11.95 11/29/2013    EUR   54.01
Leonteq Securities     8.35   1/3/2014    AUD   70.38
Leonteq Securities     9.20 12/27/2013    CHF   70.21
Leonteq Securities     9.60   1/8/2014    USD   47.95
Leonteq Securities     8.40  1/15/2014    CHF   74.30
Leonteq Securities    14.00  9/22/2014    CHF   66.90
Leonteq Securities    10.80  1/15/2014    CHF   54.68
Leonteq Securities     5.50  1/25/2016    EUR   64.28
Leonteq Securities    12.00  12/6/2013    GBP   52.45
Leonteq Securities    20.14   4/9/2014    USD   55.40
Leonteq Securities     5.50  8/19/2014    USD   72.76
Leonteq Securities    20.07  2/19/2014    USD   41.82
Leonteq Securities    10.00   2/6/2014    USD   57.48
Leonteq Securities    23.90  1/24/2014    USD   43.75
Leonteq Securities    10.00  11/5/2013    USD   71.34
Leonteq Securities    25.70  1/24/2014    USD   50.45
Mare Baltic PCC Lt     2.00  11/1/2015    DKK    0.00
Zurcher Kantonalba    12.35 11/13/2013    CHF   56.78
Zurcher Kantonalba     8.22 11/15/2013    CHF   56.56
Zurcher Kantonalba     6.05 12/19/2013    EUR   65.62
Zurcher Kantonalba     9.00 12/31/2013    CHF   58.57
Zurcher Kantonalba    10.40  12/5/2013    EUR   60.48
Zurcher Kantonalba    10.65  12/6/2013    CHF   57.99

GERMANY
-------
ATU Auto-Teile-Ung     7.47  10/1/2014    EUR   18.67
BDT Media Automati     8.13  10/9/2017    EUR   65.75
BNP Paribas Emissi     6.00 11/21/2013    EUR   72.21
BNP Paribas Emissi     5.00 11/21/2013    EUR   58.40
BNP Paribas Emissi     7.00 12/30/2013    EUR   60.64
BNP Paribas Emissi     5.50 11/21/2013    EUR   60.09
BNP Paribas Emissi     5.00 11/21/2013    EUR   60.05
BNP Paribas Emissi     6.50 12/30/2013    EUR   59.53
BNP Paribas Emissi     5.50 11/21/2013    EUR   68.77
BNP Paribas Emissi     4.50 11/21/2013    EUR   72.24
BNP Paribas Emissi     6.00 11/21/2013    EUR   74.37
Bremer Landesbank      0.69  3/21/2031    EUR   67.09
Bremer Landesbank      0.72   4/5/2041    EUR   54.49
Centrosolar Group      7.00  2/15/2016    EUR   13.75
Commerzbank AG         8.40 12/30/2013    EUR    2.56
Commerzbank AG         5.05 12/24/2013    EUR   67.54
DekaBank Deutsche      2.21  9/22/2021    EUR   13.92
Deutsche Bank AG       7.00 10/31/2013    EUR   56.20
Deutsche Bank AG       5.00 11/29/2013    EUR   65.00
Deutsche Bank AG       5.00 10/31/2013    EUR   64.80
Deutsche Bank AG       6.00 10/31/2013    EUR   61.70
Deutsche Bank AG       6.00 11/29/2013    EUR   62.00
Deutsche Bank AG       7.00 11/29/2013    EUR   56.60
Deutsche Bank AG       8.20  6/24/2014    EUR   61.80
Deutsche Bank AG       6.20  6/24/2014    EUR   66.00
Deutsche Bank AG       7.20  6/24/2014    EUR   62.90
Deutsche Bank AG       6.20  3/25/2014    EUR   66.40
Deutsche Bank AG       8.20  3/25/2014    EUR   61.50
Deutsche Bank AG       7.20  3/25/2014    EUR   62.90
Deutsche Bank AG       5.00  8/20/2014    EUR   69.00
Deutsche Bank AG       5.00  8/20/2014    EUR   65.10
Deutsche Bank AG       5.00  8/20/2014    EUR   61.50
Deutsche Bank AG       5.00  8/20/2014    EUR   56.80
Deutsche Bank AG       6.00  8/20/2014    EUR   69.80
Deutsche Bank AG       6.00  8/20/2014    EUR   65.90
Deutsche Bank AG       6.00  8/20/2014    EUR   62.30
Deutsche Bank AG       6.00  8/20/2014    EUR   57.70
Deutsche Bank AG       7.00  8/20/2014    EUR   70.70
Deutsche Bank AG       7.00  8/20/2014    EUR   66.70
Deutsche Bank AG       7.00  8/20/2014    EUR   63.20
Deutsche Bank AG       7.00  8/20/2014    EUR   58.50
Deutsche Bank AG       6.00  6/25/2014    EUR   66.70
Deutsche Bank AG       5.00  6/25/2014    EUR   59.24
Deutsche Bank AG       7.50  6/24/2014    EUR   55.20
Deutsche Bank AG       8.50  6/24/2014    EUR   55.90
Deutsche Bank AG       9.50  6/24/2014    EUR   56.60
Deutsche Bank AG       5.50  6/24/2014    EUR   52.50
Deutsche Bank AG       6.50  6/24/2014    EUR   53.20
Deutsche Bank AG       7.50  6/24/2014    EUR   53.90
Deutsche Bank AG       8.50  6/24/2014    EUR   54.50
Deutsche Bank AG       9.50  6/24/2014    EUR   55.20
Deutsche Bank AG       5.50  6/24/2014    EUR   51.20
Deutsche Bank AG       6.50  6/24/2014    EUR   51.90
Deutsche Bank AG       7.50  6/24/2014    EUR   52.60
Deutsche Bank AG       8.50  6/24/2014    EUR   53.30
Deutsche Bank AG       9.50  6/24/2014    EUR   53.90
Deutsche Bank AG       5.50  6/24/2014    EUR   60.00
Deutsche Bank AG       6.50  6/24/2014    EUR   60.70
Deutsche Bank AG       7.50  6/24/2014    EUR   61.30
Deutsche Bank AG       8.50  6/24/2014    EUR   62.00
Deutsche Bank AG       9.50  6/24/2014    EUR   62.70
Deutsche Bank AG       5.50  6/24/2014    EUR   58.30
Deutsche Bank AG       6.50  6/24/2014    EUR   59.00
Deutsche Bank AG       7.50  6/24/2014    EUR   59.70
Deutsche Bank AG       8.50  6/24/2014    EUR   60.40
Deutsche Bank AG       9.50  6/24/2014    EUR   61.00
Deutsche Bank AG       6.50  6/24/2014    EUR   57.40
Deutsche Bank AG       7.50  6/24/2014    EUR   58.10
Deutsche Bank AG       8.50  6/24/2014    EUR   58.80
Deutsche Bank AG       9.50  6/24/2014    EUR   59.50
Deutsche Bank AG       6.50  6/24/2014    EUR   55.90
Deutsche Bank AG       7.50  6/24/2014    EUR   56.60
Deutsche Bank AG       8.50  6/24/2014    EUR   57.30
Deutsche Bank AG       9.50  6/24/2014    EUR   58.00
Deutsche Bank AG       5.50  6/24/2014    EUR   53.80
Deutsche Bank AG       6.50  6/24/2014    EUR   54.50
Deutsche Bank AG       6.00  4/24/2014    EUR   68.90
Deutsche Bank AG       7.00  4/24/2014    EUR   65.30
Deutsche Bank AG       8.00  4/24/2014    EUR   62.10
Deutsche Bank AG       8.00  7/22/2014    EUR   72.10
Deutsche Bank AG       9.50  3/25/2014    EUR   62.10
Deutsche Bank AG       5.50  3/25/2014    EUR   58.60
Deutsche Bank AG       6.50  3/25/2014    EUR   59.10
Deutsche Bank AG       7.50  3/25/2014    EUR   59.50
Deutsche Bank AG       9.50  3/25/2014    EUR   60.40
Deutsche Bank AG       8.50  3/25/2014    EUR   58.30
Deutsche Bank AG       6.50  3/25/2014    EUR   55.90
Deutsche Bank AG       7.50  3/25/2014    EUR   56.30
Deutsche Bank AG       8.50  3/25/2014    EUR   56.80
Deutsche Bank AG       9.50  3/25/2014    EUR   57.20
Deutsche Bank AG       5.50  3/25/2014    EUR   54.00
Deutsche Bank AG       8.50  3/25/2014    EUR   55.30
Deutsche Bank AG       9.50  3/25/2014    EUR   55.70
Deutsche Bank AG       8.50  3/25/2014    EUR   53.90
Deutsche Bank AG       6.50  3/25/2014    EUR   51.70
Deutsche Bank AG       9.50  3/25/2014    EUR   53.00
Deutsche Bank AG       7.50  9/23/2014    EUR   74.80
Deutsche Bank AG       8.50  9/23/2014    EUR   73.60
Deutsche Bank AG       8.00 12/20/2013    EUR   54.70
Deutsche Bank AG       9.50 12/20/2013    EUR   63.80
Deutsche Bank AG      11.00 12/20/2013    EUR   64.10
Deutsche Bank AG       7.50  3/25/2014    EUR   61.20
Deutsche Bank AG       6.50  3/25/2014    EUR   57.40
Deutsche Bank AG       6.50  3/25/2014    EUR   54.40
Deutsche Bank AG       7.50  3/25/2014    EUR   54.90
Deutsche Bank AG       5.50  3/25/2014    EUR   52.60
Deutsche Bank AG       6.50  3/25/2014    EUR   53.00
Deutsche Bank AG       7.50  3/25/2014    EUR   53.50
Deutsche Bank AG       5.50  3/25/2014    EUR   51.30
Deutsche Bank AG       8.50  3/25/2014    EUR   52.60
Deutsche Bank AG       8.00 12/20/2013    EUR   63.60
Deutsche Bank AG       8.00 12/20/2013    EUR   59.70
Deutsche Bank AG       9.50 12/20/2013    EUR   60.00
Deutsche Bank AG       9.50 12/20/2013    EUR   55.00
Deutsche Bank AG      11.00 12/20/2013    EUR   60.20
Deutsche Bank AG       6.00  3/25/2014    EUR   66.40
Deutsche Bank AG       8.00  3/25/2014    EUR   61.40
Deutsche Bank AG       7.00  3/25/2014    EUR   62.80
Deutsche Bank AG      11.00 12/20/2013    EUR   55.20
Deutsche Bank AG       6.00 10/31/2013    EUR   62.70
Deutsche Bank AG       8.00 10/31/2013    EUR   53.80
Deutsche Bank AG       6.00 11/29/2013    EUR   63.00
Deutsche Bank AG       8.00 10/31/2013    EUR   72.80
Deutsche Bank AG       7.00  2/28/2014    EUR   60.60
Deutsche Bank AG       5.00 12/20/2013    EUR   63.10
Deutsche Bank AG       7.00 12/20/2013    EUR   56.10
Deutsche Bank AG       7.50 11/29/2013    EUR   55.80
Deutsche Bank AG       5.00 11/29/2013    EUR   67.30
Deutsche Bank AG       7.00 11/29/2013    EUR   59.20
Deutsche Bank AG       8.00 11/29/2013    EUR   54.30
Deutsche Bank AG       6.00  2/28/2014    EUR   64.00
Deutsche Bank AG       8.00  2/28/2014    EUR   56.00
Deutsche Bank AG       6.00 12/20/2013    EUR   59.40
Deutsche Bank AG       6.50 11/29/2013    EUR   59.20
Deutsche Bank AG       8.50 10/31/2013    EUR   58.90
Deutsche Bank AG       7.50 10/31/2013    EUR   62.70
Deutsche Bank AG       7.50 11/29/2013    EUR   63.20
Deutsche Bank AG       8.50 11/29/2013    EUR   59.40
Deutsche Bank AG       7.50 12/20/2013    EUR   59.60
Deutsche Bank AG      10.00 12/20/2013    EUR   53.60
Deutsche Bank AG       8.00 12/20/2013    EUR   56.30
Deutsche Bank AG       8.50 12/20/2013    EUR   56.40
Deutsche Bank AG       9.00 12/20/2013    EUR   54.90
Deutsche Bank AG       5.00 10/31/2013    EUR   67.10
Deutsche Bank AG       7.00 10/31/2013    EUR   58.80
Deutsche Bank AG       9.00 11/29/2013    EUR   73.50
Deutsche Bank AG       5.50 11/29/2013    EUR   62.90
Deutsche Bank AG       8.50 12/20/2013    EUR   59.80
Deutsche Bank AG       9.00 12/20/2013    EUR   58.10
Deutsche Bank AG      10.00 12/20/2013    EUR   58.30
Deutsche Bank AG       6.00 12/20/2013    EUR   55.90
Deutsche Bank AG       6.50 12/20/2013    EUR   56.00
Deutsche Bank AG       6.00 12/20/2013    EUR   57.60
Deutsche Bank AG       7.00 12/20/2013    EUR   57.80
Deutsche Bank AG       8.00 12/20/2013    EUR   57.90
Deutsche Bank AG       7.50 12/20/2013    EUR   56.20
Deutsche Bank AG      10.00 12/20/2013    EUR   56.60
Deutsche Bank AG       7.00 12/20/2013    EUR   59.50
Deutsche Bank AG       9.50 12/20/2013    EUR   56.50
Deutsche Bank AG       6.00  3/26/2014    EUR   66.95
Deutsche Bank AG       7.50 12/20/2013    EUR   57.90
Deutsche Bank AG       9.00 12/20/2013    EUR   59.90
Deutsche Bank AG       5.00  3/26/2014    EUR   70.59
Deutsche Bank AG       9.00 12/20/2013    EUR   56.40
Deutsche Bank AG      12.00 12/20/2013    EUR   51.20
Deutsche Bank AG       6.50 12/20/2013    EUR   59.40
Deutsche Bank AG      10.00 12/20/2013    EUR   55.00
Deutsche Bank AG       5.00  6/24/2014    EUR   71.70
Deutsche Bank AG       4.50  3/25/2014    EUR   75.00
Deutsche Bank AG       5.00  3/25/2014    EUR   72.70
Deutsche Bank AG       7.00  1/31/2014    EUR   62.00
Deutsche Bank AG       8.00  1/31/2014    EUR   60.40
Deutsche Bank AG       5.50  3/25/2014    EUR   60.30
Deutsche Bank AG       6.50  3/25/2014    EUR   60.80
Deutsche Bank AG       8.50  3/25/2014    EUR   61.60
Deutsche Bank AG       8.50  3/25/2014    EUR   59.90
Deutsche Bank AG       7.50  3/25/2014    EUR   57.90
Deutsche Bank AG       9.50  3/25/2014    EUR   58.70
Deutsche Bank AG       9.50  3/25/2014    EUR   54.30
Deutsche Bank AG       7.50  3/25/2014    EUR   52.20
Deutsche Bank AG       6.00  1/31/2014    EUR   65.80
Deutsche Bank AG       4.50  6/24/2014    EUR   73.70
Dresdner Bank AG       0.89 11/19/2029    EUR   51.13
Dresdner Bank AG       5.45  2/22/2029    EUR   65.92
Dresdner Bank AG       1.08 12/31/2021    EUR   72.13
DZ Bank AG Deutsch    12.00 10/25/2013    EUR   73.65
DZ Bank AG Deutsch     2.35  3/24/2023    EUR   70.50
DZ Bank AG Deutsch     6.25 10/25/2013    EUR   70.93
DZ Bank AG Deutsch     8.50 10/25/2013    EUR   72.67
DZ Bank AG Deutsch     7.00 10/25/2013    EUR   50.42
DZ Bank AG Deutsch     5.75 12/31/2013    EUR   55.46
DZ Bank AG Deutsch     7.00 12/31/2013    EUR   72.18
DZ Bank AG Deutsch     7.75  11/8/2013    EUR   54.90
DZ Bank AG Deutsch     6.25 10/25/2013    EUR   73.66
DZ Bank AG Deutsch     7.00 12/31/2013    EUR   51.95
DZ Bank AG Deutsch     5.00 12/13/2013    EUR   62.43
DZ Bank AG Deutsch     5.75 11/22/2013    EUR   74.95
DZ Bank AG Deutsch     6.50 11/22/2013    EUR   49.33
DZ Bank AG Deutsch     6.25  11/8/2013    EUR   56.39
DZ Bank AG Deutsch     5.00 12/31/2013    EUR   64.79
DZ Bank AG Deutsch     9.40 12/31/2013    EUR   58.13
DZ Bank AG Deutsch     9.50 10/25/2013    EUR   48.70
DZ Bank AG Deutsch    15.75 11/22/2013    EUR    4.94
DZ Bank AG Deutsch    10.75 12/31/2013    EUR   56.51
DZ Bank AG Deutsch     9.25  3/28/2014    EUR   58.18
DZ Bank AG Deutsch     5.75  6/27/2014    EUR   60.94
DZ Bank AG Deutsch     9.75  6/27/2014    EUR   58.40
DZ Bank AG Deutsch     8.50  9/26/2014    EUR   59.94
DZ Bank AG Deutsch     7.00   4/7/2014    EUR   62.91
DZ Bank AG Deutsch     7.50  6/13/2014    EUR   63.50
DZ Bank AG Deutsch     5.00 10/25/2013    EUR   58.00
DZ Bank AG Deutsch     5.00 12/20/2013    EUR   68.68
DZ Bank AG Deutsch     9.50  1/10/2014    EUR   65.98
DZ Bank AG Deutsch    12.25  1/10/2014    EUR   68.31
DZ Bank AG Deutsch    10.75  7/11/2014    EUR   74.40
DZ Bank AG Deutsch     6.30  7/11/2014    EUR   69.50
DZ Bank AG Deutsch     5.50 12/13/2013    EUR   55.94
DZ Bank AG Deutsch     3.50 12/31/2013    EUR   64.92
DZ Bank AG Deutsch     7.50  6/13/2014    EUR   66.92
DZ Bank AG Deutsch     2.50 12/13/2013    EUR   68.49
DZ Bank AG Deutsch     8.00  3/28/2014    EUR   53.91
DZ Bank AG Deutsch     7.40  7/11/2014    EUR   68.63
DZ Bank AG Deutsch     4.75 12/13/2013    EUR   59.73
DZ Bank AG Deutsch     7.50  1/15/2014    EUR   74.79
DZ Bank AG Deutsch     6.00 11/11/2013    EUR   49.46
DZ Bank AG Deutsch     5.00 12/13/2013    EUR   59.41
DZ Bank AG Deutsch     6.25   3/7/2014    EUR   58.45
DZ Bank AG Deutsch     5.50  2/14/2014    EUR   56.46
DZ Bank AG Deutsch    10.00 12/31/2013    EUR   63.87
DZ Bank AG Deutsch     5.25  6/27/2014    EUR   69.05
DZ Bank AG Deutsch     8.75  9/26/2014    EUR   66.80
DZ Bank AG Deutsch     9.25  3/28/2014    EUR   65.56
DZ Bank AG Deutsch     9.75  6/27/2014    EUR   65.38
DZ Bank AG Deutsch     4.00 12/13/2013    EUR   60.82
DZ Bank AG Deutsch     5.25 10/25/2013    EUR   54.26
DZ Bank AG Deutsch     6.00 12/13/2013    EUR   72.70
DZ Bank AG Deutsch     6.50  6/27/2014    EUR   64.75
DZ Bank AG Deutsch     7.50  6/27/2014    EUR   63.09
DZ Bank AG Deutsch     9.75  6/13/2014    EUR   64.24
DZ Bank AG Deutsch     4.50 12/31/2013    EUR   62.28
DZ Bank AG Deutsch     6.50  3/14/2014    EUR   52.87
DZ Bank AG Deutsch     6.00  1/17/2014    EUR   58.65
DZ Bank AG Deutsch     4.00  3/28/2014    EUR   57.78
DZ Bank AG Deutsch     4.00 12/20/2013    EUR   68.55
DZ Bank AG Deutsch     5.75 11/22/2013    EUR   58.79
DZ Bank AG Deutsch     9.75 11/22/2013    EUR   53.48
DZ Bank AG Deutsch     7.50  1/10/2014    EUR   70.79
DZ Bank AG Deutsch     6.00  3/28/2014    EUR   60.96
EDOB Abwicklungs A     7.50  3/29/2049    EUR    3.25
EDOB Abwicklungs A     7.50  3/29/2049    EUR    3.25
Estavis AG             7.75  6/25/2017    EUR    2.29
getgoods.de AG         7.75  10/2/2017    EUR   68.50
Goldman Sachs & Co    11.00 10/23/2013    EUR   60.54
Goldman Sachs & Co    13.00 10/23/2013    EUR   47.86
Goldman Sachs & Co     7.00 12/27/2013    EUR   68.38
Goldman Sachs & Co    12.00 12/27/2013    EUR   44.22
Goldman Sachs & Co    13.00 12/27/2013    EUR   72.58
Goldman Sachs & Co     7.00 12/27/2013    EUR   67.54
Goldman Sachs & Co    10.00 11/20/2013    EUR   70.02
Goldman Sachs & Co    16.00 12/27/2013    EUR   43.09
Goldman Sachs & Co    16.00 11/20/2013    EUR   61.82
Goldman Sachs & Co    13.00 12/27/2013    EUR   47.51
Goldman Sachs & Co    10.00 12/27/2013    EUR   48.06
Goldman Sachs & Co    14.00 10/23/2013    EUR   44.71
Goldman Sachs & Co    14.00 11/20/2013    EUR   72.30
Goldman Sachs & Co    16.00 10/23/2013    EUR   68.51
Goldman Sachs & Co    12.00  3/26/2014    EUR   73.08
Goldman Sachs & Co     8.00  3/26/2014    EUR   57.54
Goldman Sachs & Co    14.00 10/23/2013    EUR   69.75
Goldman Sachs & Co    11.00  3/26/2014    EUR   74.11
Goldman Sachs & Co    14.00 11/20/2013    EUR   70.69
Goldman Sachs & Co    16.00 10/23/2013    EUR   68.67
Goldman Sachs & Co    16.00 11/20/2013    EUR   66.17
Goldman Sachs & Co    16.00  3/26/2014    EUR   69.23
Goldman Sachs & Co     6.00 10/23/2013    EUR   72.71
Goldman Sachs & Co    12.00 10/23/2013    EUR   71.90
Goldman Sachs & Co    14.00 11/20/2013    EUR   72.42
Goldman Sachs & Co     8.00 11/20/2013    EUR   57.14
Goldman Sachs & Co     9.00 10/23/2013    EUR   47.84
Goldman Sachs & Co    11.00  3/26/2014    EUR   56.14
Goldman Sachs & Co     8.00 10/23/2013    EUR   52.12
Goldman Sachs & Co    18.00 10/23/2013    EUR   43.70
Goldman Sachs & Co    12.00 11/20/2013    EUR   74.24
Goldman Sachs & Co    13.00 11/20/2013    EUR   72.22
Goldman Sachs & Co     9.00 12/27/2013    EUR   55.96
Goldman Sachs & Co     7.00  3/26/2014    EUR   54.46
Goldman Sachs & Co    12.00 10/23/2013    EUR   49.40
Goldman Sachs & Co    15.00 11/20/2013    EUR   46.58
Goldman Sachs & Co    16.00  3/26/2014    EUR   50.67
Goldman Sachs & Co    17.00 10/23/2013    EUR   72.12
Goldman Sachs & Co     6.00  3/26/2014    EUR   63.79
Goldman Sachs & Co    13.00 12/24/2014    EUR   72.15
Goldman Sachs & Co     9.00 12/24/2014    EUR   61.30
Goldman Sachs & Co    15.00 12/27/2013    EUR   71.38
Goldman Sachs & Co     8.00 12/27/2013    EUR   67.72
Goldman Sachs & Co    14.00 12/27/2013    EUR   50.02
Goldman Sachs & Co    16.00 12/27/2013    EUR   46.96
Goldman Sachs & Co     8.00 12/27/2013    EUR   67.65
Goldman Sachs & Co     6.00  3/26/2014    EUR   69.01
Goldman Sachs & Co    10.00 12/27/2013    EUR   59.73
Goldman Sachs & Co    15.00 12/27/2013    EUR   55.64
Goldman Sachs & Co     9.00 12/27/2013    EUR   54.56
Goldman Sachs & Co    10.00  3/26/2014    EUR   53.04
Goldman Sachs & Co     6.00 12/27/2013    EUR   67.36
Goldman Sachs & Co     6.00 12/27/2013    EUR   60.95
Goldman Sachs & Co     9.00 12/27/2013    EUR   61.49
Goldman Sachs & Co    15.00 12/27/2013    EUR   55.92
Goldman Sachs & Co     4.00  3/26/2014    EUR   63.10
Goldman Sachs & Co     5.00  3/26/2014    EUR   67.72
Goldman Sachs & Co     5.00  3/26/2014    EUR   65.56
Goldman Sachs & Co     7.00  3/26/2014    EUR   58.88
Goldman Sachs & Co     9.00  3/26/2014    EUR   56.78
Goldman Sachs & Co    10.00  3/26/2014    EUR   60.15
Goldman Sachs & Co     5.00  6/25/2014    EUR   61.58
Goldman Sachs & Co     8.00  6/25/2014    EUR   61.84
Goldman Sachs & Co    10.00  6/25/2014    EUR   59.71
Goldman Sachs & Co    15.00  3/26/2014    EUR   54.92
Goldman Sachs & Co    19.00  3/26/2014    EUR   56.61
Goldman Sachs & Co     4.00  6/25/2014    EUR   66.52
Goldman Sachs & Co     4.00  6/25/2014    EUR   62.76
Goldman Sachs & Co     6.00  9/24/2014    EUR   61.79
Goldman Sachs & Co     8.00  9/24/2014    EUR   65.32
Goldman Sachs & Co     8.00  9/24/2014    EUR   63.62
Goldman Sachs & Co    19.00  6/25/2014    EUR   57.83
Goldman Sachs & Co     5.00  9/24/2014    EUR   67.95
Goldman Sachs & Co    13.00  9/24/2014    EUR   58.17
Goldman Sachs & Co    17.00  9/24/2014    EUR   59.59
Goldman Sachs & Co     8.00 10/23/2013    EUR   49.40
Goldman Sachs & Co     5.00 10/23/2013    EUR   62.52
Goldman Sachs & Co     5.00 12/27/2013    EUR   57.12
Goldman Sachs & Co     6.00  3/26/2014    EUR   63.94
Goldman Sachs & Co     7.00  8/20/2014    EUR   58.46
Goldman Sachs & Co    10.00 12/27/2013    EUR   69.58
Goldman Sachs & Co     7.00 12/27/2013    EUR   49.99
Goldman Sachs & Co    11.00 12/27/2013    EUR   59.96
Goldman Sachs & Co    13.00 12/27/2013    EUR   58.55
Goldman Sachs & Co     7.00 12/27/2013    EUR   64.12
Goldman Sachs & Co    14.00 12/27/2013    EUR   71.02
Goldman Sachs & Co    11.00 12/27/2013    EUR   47.15
Goldman Sachs & Co    10.00 12/27/2013    EUR   49.26
Goldman Sachs & Co     6.50 12/27/2013    EUR   43.13
Goldman Sachs & Co     8.00 12/27/2013    EUR   37.67
Goldman Sachs & Co     3.00 12/24/2014    EUR   68.05
Goldman Sachs & Co    12.00  3/26/2014    EUR   54.84
Goldman Sachs & Co    17.00  2/26/2014    EUR   74.27
Goldman Sachs & Co     8.00 12/27/2013    EUR   59.43
Goldman Sachs & Co     9.00  3/26/2014    EUR   59.71
Goldman Sachs & Co    17.00  3/26/2014    EUR   55.75
Goldman Sachs & Co     8.00  1/22/2014    EUR   61.77
Goldman Sachs & Co     7.00  3/26/2014    EUR   61.74
Goldman Sachs & Co    17.00  1/22/2014    EUR   72.86
Goldman Sachs & Co    12.00 12/27/2013    EUR   52.26
Goldman Sachs & Co    14.00  2/26/2014    EUR   52.23
Goldman Sachs & Co    11.00  1/22/2014    EUR   58.90
Goldman Sachs & Co    13.00  1/22/2014    EUR   56.41
Goldman Sachs & Co    16.00  1/22/2014    EUR   55.68
Goldman Sachs & Co    17.00 12/27/2013    EUR   70.65
Goldman Sachs & Co    11.00 12/24/2014    EUR   58.55
Goldman Sachs & Co    13.00 12/27/2013    EUR   50.47
Goldman Sachs & Co     7.00 12/27/2013    EUR   72.82
Goldman Sachs & Co    13.00 12/27/2013    EUR   55.54
Goldman Sachs & Co    16.00 12/27/2013    EUR   73.11
Goldman Sachs & Co    10.00 12/27/2013    EUR   73.16
Goldman Sachs & Co     8.00 12/27/2013    EUR   70.65
Goldman Sachs & Co    14.00 11/20/2013    EUR   66.64
Goldman Sachs & Co    12.00 10/23/2013    EUR   61.94
Goldman Sachs & Co    15.00 12/27/2013    EUR   63.22
Goldman Sachs & Co    14.00  3/26/2014    EUR   66.42
Goldman Sachs & Co     6.00  3/26/2014    EUR   63.94
Goldman Sachs & Co     8.00 11/20/2013    EUR   50.98
Goldman Sachs & Co    10.00 10/23/2013    EUR   49.39
Goldman Sachs & Co    11.00  3/26/2014    EUR   49.64
Goldman Sachs & Co    11.00 11/20/2013    EUR   45.17
Goldman Sachs & Co    15.00 11/20/2013    EUR   42.06
Goldman Sachs & Co    17.00 11/20/2013    EUR   41.31
Goldman Sachs & Co    13.00 10/23/2013    EUR   70.25
Goldman Sachs & Co    10.00  3/26/2014    EUR   73.65
Goldman Sachs & Co    16.00 11/20/2013    EUR   67.23
Goldman Sachs & Co    13.00  3/26/2014    EUR   69.70
Goldman Sachs & Co     6.00  3/26/2014    EUR   54.89
Goldman Sachs & Co     9.00 12/27/2013    EUR   56.40
Goldman Sachs & Co    18.00 12/27/2013    EUR   52.01
Goldman Sachs & Co    15.00  3/26/2014    EUR   54.90
Goldman Sachs & Co    12.00  2/26/2014    EUR   55.73
Goldman Sachs & Co     7.00 12/27/2013    EUR   59.19
Goldman Sachs & Co     7.00 12/27/2013    EUR   48.72
Goldman Sachs & Co    12.00 11/20/2013    EUR   73.14
Goldman Sachs & Co    12.00  3/26/2014    EUR   68.12
Goldman Sachs & Co    12.00  3/26/2014    EUR   51.20
Goldman Sachs & Co     7.00 10/23/2013    EUR   74.87
Goldman Sachs & Co    13.00 12/27/2013    EUR   66.31
Goldman Sachs & Co    15.00 10/23/2013    EUR   71.91
Goldman Sachs & Co     6.00 11/20/2013    EUR   52.23
Goldman Sachs & Co    14.00 11/20/2013    EUR   48.85
Goldman Sachs & Co    16.00 11/20/2013    EUR   45.57
Goldman Sachs & Co    11.00 10/23/2013    EUR   74.03
Goldman Sachs & Co     8.00 12/27/2013    EUR   56.22
Goldman Sachs & Co    11.00 11/20/2013    EUR   49.88
Goldman Sachs & Co    18.00 10/23/2013    EUR   42.71
Goldman Sachs & Co    15.00  3/26/2014    EUR   47.30
Goldman Sachs & Co    15.00 10/23/2013    EUR   70.26
Goldman Sachs & Co    15.00 10/23/2013    EUR   70.26
Goldman Sachs & Co    15.00 11/20/2013    EUR   70.55
Goldman Sachs & Co    13.00 12/27/2013    EUR   54.06
Goldman Sachs & Co    16.00 12/27/2013    EUR   65.08
Goldman Sachs & Co    13.00 12/27/2013    EUR   68.50
Goldman Sachs & Co     9.00 12/27/2013    EUR   61.48
Goldman Sachs & Co    10.00 12/27/2013    EUR   56.30
Goldman Sachs & Co     6.00 12/27/2013    EUR   57.30
Goldman Sachs & Co    15.00 12/27/2013    EUR   68.63
Goldman Sachs & Co    14.00 12/27/2013    EUR   48.78
Goldman Sachs & Co    13.00 12/27/2013    EUR   48.65
Goldman Sachs & Co     6.00 11/20/2013    EUR   64.83
Goldman Sachs & Co    14.00 11/20/2013    EUR   51.46
Goldman Sachs & Co    16.00 11/20/2013    EUR   50.28
Goldman Sachs & Co    15.00  3/26/2014    EUR   52.47
Goldman Sachs & Co    16.00 12/27/2013    EUR   48.06
Goldman Sachs & Co    12.00 10/23/2013    EUR   49.43
Goldman Sachs & Co    17.00 10/23/2013    EUR   50.76
Goldman Sachs & Co     9.00  3/26/2014    EUR   53.69
Goldman Sachs & Co    11.00 12/27/2013    EUR   47.15
Goldman Sachs & Co    13.00 12/27/2013    EUR   71.84
Goldman Sachs & Co    10.00 12/27/2013    EUR   55.02
Goldman Sachs & Co     9.00 12/27/2013    EUR   59.61
Goldman Sachs & Co     4.00 12/27/2013    EUR   60.59
Goldman Sachs & Co     4.00 12/27/2013    EUR   69.44
Goldman Sachs & Co     7.00  3/26/2014    EUR   57.47
Goldman Sachs & Co     3.00  3/26/2014    EUR   64.72
Goldman Sachs & Co     8.00  9/24/2014    EUR   59.95
Goldman Sachs & Co    13.00  2/26/2014    EUR   48.40
Goldman Sachs & Co     9.00 10/23/2013    EUR   52.85
Goldman Sachs & Co     6.00 10/23/2013    EUR   64.68
Goldman Sachs & Co     7.00 12/27/2013    EUR   63.13
Goldman Sachs & Co     4.00  3/26/2014    EUR   74.62
Goldman Sachs & Co     9.00  6/25/2014    EUR   60.40
Gunther Zamek Prod     7.75  5/15/2017    EUR   55.50
Hamburgische Lande     0.60  1/22/2041    EUR   68.03
Hamburgische Lande     0.61 10/30/2040    EUR   68.07
Hamburgische Lande     0.61 11/28/2030    EUR   74.77
Hamburgische Lande     0.60 10/25/2030    EUR   75.00
Hamburgische Lande     0.56 10/30/2030    EUR   74.24
Hamburgische Lande     0.64  7/18/2031    EUR   74.20
Hamburgische Lande     0.69  11/8/2030    EUR   74.82
Hamburgische Lande     0.59   2/5/2031    EUR   73.86
Hamburgische Lande     0.58 10/25/2030    EUR   74.61
Hamburgische Lande     0.59  12/1/2030    EUR   73.55
Hanwha Q-CELLS Gmb     6.75 10/21/2015    EUR    1.32
HSBC Trinkaus & Bu    10.50 12/30/2013    EUR   73.80
HSBC Trinkaus & Bu    12.50 12/30/2013    EUR   70.21
HSBC Trinkaus & Bu    11.00 12/30/2013    EUR   73.68
HSH Nordbank AG        1.03  2/14/2017    EUR   68.24
HSH Nordbank AG        1.07  2/14/2017    EUR   68.16
IKB Deutsche Indus     1.12  9/13/2016    EUR   74.66
IKB Deutsche Indus     0.97  1/23/2017    EUR   71.62
KFW                    0.25  10/6/2036    CAD   33.42
Landesbank Berlin      4.80  11/7/2014    EUR   58.28
Landesbank Berlin      7.25  6/27/2014    EUR   58.30
Landesbank Berlin      4.00 12/30/2013    EUR   63.19
Landesbank Berlin      5.00  6/27/2014    EUR   64.20
Landesbank Berlin      4.00 12/30/2014    EUR   68.24
Landesbank Berlin      7.00 12/30/2014    EUR   64.80
Landesbank Berlin      4.75 12/30/2014    EUR   65.47
Landesbank Berlin      8.50  3/28/2014    EUR   62.32
Landesbank Berlin      4.75  3/28/2014    EUR   70.71
Landesbank Berlin      8.50  3/28/2014    EUR   65.88
Landesbank Berlin     11.00 12/30/2013    EUR    7.94
Landesbank Berlin      5.50  6/27/2014    EUR   62.69
Landesbank Berlin      4.00  3/28/2014    EUR   61.97
Landesbank Berlin      5.00   8/8/2014    EUR   58.13
Landesbank Berlin      5.00  3/28/2014    EUR   60.58
Landesbank Berlin      6.00  3/28/2014    EUR   65.28
Landesbank Berlin      3.00  3/28/2014    EUR   72.82
Landesbank Berlin      4.50  3/28/2014    EUR   68.83
Landesbank Berlin      5.00 12/30/2013    EUR   59.52
Landesbank Berlin      4.00  3/28/2014    EUR   65.95
Landesbank Berlin      8.00  3/28/2014    EUR   60.17
Landesbank Berlin      7.00  6/27/2014    EUR   58.72
Landesbank Berlin     11.00  6/27/2014    EUR   14.56
Landesbank Berlin      4.00  6/27/2014    EUR   65.46
Landesbank Berlin      5.50 12/23/2013    EUR   60.90
Landesbank Berlin      4.00  6/27/2014    EUR   68.01
Landesbank Berlin      7.00  6/27/2014    EUR   62.46
Landesbank Hessen-     0.85  7/18/2031    EUR   63.96
Landesbank Hessen-     4.00  6/20/2014    EUR   59.10
Landeskreditbank B     0.25 10/13/2037    CAD   29.38
Landeskreditbank B     0.50  5/10/2027    CAD   57.81
Landwirtschaftlich     0.50  4/19/2017    TRY   74.97
LBBW                   0.62  10/4/2030    EUR   71.11
LBBW                   4.00 11/22/2013    EUR   74.51
LBBW                   4.00  3/28/2014    EUR   60.31
LBBW                   5.00  3/28/2014    EUR   57.49
LBBW                   3.00 11/22/2013    EUR   66.79
LBBW                   5.00 11/22/2013    EUR   62.53
LBBW                   4.00 11/22/2013    EUR   65.79
LBBW                   4.00  7/25/2014    EUR   64.82
LBBW                   3.00  2/28/2014    EUR   67.30
LBBW                   5.00  2/28/2014    EUR   58.88
LBBW                   6.00  2/28/2014    EUR   56.10
LBBW                   5.00 11/22/2013    EUR   58.10
LBBW                   3.00 11/22/2013    EUR   63.63
LBBW                   4.00 11/22/2013    EUR   60.83
LBBW                   3.00  6/27/2014    EUR   64.58
LBBW                   4.00  6/27/2014    EUR   61.78
LBBW                   5.00  6/27/2014    EUR   59.62
LBBW                   3.00  8/22/2014    EUR   67.39
LBBW                   4.00  8/22/2014    EUR   65.35
LBBW                   5.00  8/22/2014    EUR   63.72
LBBW                   3.00  2/28/2014    EUR   64.90
LBBW                   5.00  2/28/2014    EUR   61.60
LBBW                   5.00  9/26/2014    EUR   61.16
LBBW                   4.00 10/25/2013    EUR   58.36
LBBW                   4.00  3/28/2014    EUR   61.06
LBBW                   3.00  3/28/2014    EUR   64.74
LBBW                   4.00  1/24/2014    EUR   67.54
LBBW                   6.00  1/24/2014    EUR   60.58
LBBW                   7.00  1/24/2014    EUR   58.00
LBBW                   7.00 11/22/2013    EUR   69.09
LBBW                   4.00  6/27/2014    EUR   63.66
LBBW                   6.00  6/27/2014    EUR   59.62
LBBW                   6.00  7/25/2014    EUR   61.69
LBBW                   4.00  3/28/2014    EUR   60.09
LBBW                   5.10  1/15/2014    EUR   68.01
LBBW                   5.00  6/27/2014    EUR   58.31
LBBW                   4.00  6/27/2014    EUR   59.42
LBBW                   3.00  6/27/2014    EUR   61.09
LBBW                   3.00  9/26/2014    EUR   64.39
LBBW                   4.00  9/26/2014    EUR   62.54
LBBW                   7.00  9/26/2014    EUR   59.20
LBBW                   5.00 11/22/2013    EUR   63.58
LBBW                   6.00 11/22/2013    EUR   64.98
LBBW                   8.00 11/22/2013    EUR   58.71
Norddeutsche Lande     0.69 10/21/2030    EUR   74.42
Praktiker AG           5.88  2/10/2016    EUR    1.50
Qimonda Finance LL     6.75  3/22/2013    USD    3.44
SiC Processing Gmb     7.13   3/1/2016    EUR    5.50
Solarwatt GmbH         7.00  11/1/2015    EUR   14.75
Solarworld AG          6.13  1/21/2017    EUR   37.25
Solarworld AG          6.38  7/13/2016    EUR   33.00
Solon SE               1.38  12/6/2012    EUR    0.63
Sparkasse KoelnBon     0.68   5/7/2031    EUR   71.54
Sparkasse KoelnBon     0.74  9/29/2034    EUR   68.26
TAG Immobilien AG      6.50 12/10/2015    EUR    9.45
TUI AG                 2.75  3/24/2016    EUR   64.09
UniCredit Bank AG      0.92 11/19/2029    EUR   65.48
Vontobel Financial     5.45 12/31/2013    EUR   59.48
Vontobel Financial     5.47  3/17/2014    EUR   35.50
Vontobel Financial     4.30 12/31/2013    EUR   63.20
Vontobel Financial     7.70 12/31/2013    EUR   54.94
Vontobel Financial     5.30  6/27/2014    EUR   60.94
Vontobel Financial     4.25 12/31/2013    EUR   63.14
Vontobel Financial     5.30 12/31/2013    EUR   59.38
Vontobel Financial     9.85 12/31/2013    EUR   73.66
Vontobel Financial     4.20 12/31/2013    EUR   63.14
Vontobel Financial     5.35 12/31/2013    EUR   59.50
Vontobel Financial     7.40 12/31/2013    EUR   54.84
Vontobel Financial     9.85 12/31/2013    EUR   51.06
Vontobel Financial     6.10 12/31/2013    EUR   59.66
Vontobel Financial     5.50 12/31/2013    EUR   59.56
Vontobel Financial     6.85 12/31/2013    EUR   54.78
Vontobel Financial     7.15 12/31/2013    EUR   54.82
Vontobel Financial     9.10 12/31/2013    EUR   50.96
Vontobel Financial     5.10  4/14/2014    EUR   30.60
Vontobel Financial    17.15 12/31/2013    EUR   52.48
Vontobel Financial     4.25 12/31/2013    EUR   63.20
Vontobel Financial     8.65 12/31/2013    EUR   56.66
Vontobel Financial     6.30 12/31/2013    EUR   59.72
Vontobel Financial     8.70 12/31/2013    EUR   73.44
Vontobel Financial     7.85 12/31/2013    EUR   50.72
Vontobel Financial     5.50 12/31/2013    EUR   54.52
Vontobel Financial     5.10  6/27/2014    EUR   60.50
Vontobel Financial     8.00 12/31/2013    EUR   55.02
Vontobel Financial     7.35  6/27/2014    EUR   57.28
Vontobel Financial     4.60  3/28/2014    EUR   60.20
Vontobel Financial     4.75 12/31/2013    EUR   59.42
Vontobel Financial     7.20  3/28/2014    EUR   56.40
Vontobel Financial     7.45 12/31/2013    EUR   59.94
Vontobel Financial    10.20 12/31/2013    EUR   56.98
Vontobel Financial     4.80 12/31/2013    EUR   56.58
Vontobel Financial     5.50 12/31/2013    EUR   56.38
Vontobel Financial     8.85 12/31/2013    EUR   54.96
Vontobel Financial     8.35 12/31/2013    EUR   56.92
Vontobel Financial     7.70 12/31/2013    EUR   54.74
Vontobel Financial     7.40 12/31/2013    EUR   59.92
Vontobel Financial     5.40  6/27/2014    EUR   57.68
Vontobel Financial     5.05  3/28/2014    EUR   57.46
Vontobel Financial     7.60  3/28/2014    EUR   58.24
Vontobel Financial     5.65  3/28/2014    EUR   57.40
Vontobel Financial     4.35 12/31/2013    EUR   63.26
Vontobel Financial     8.65 12/31/2013    EUR   60.16
Vontobel Financial     7.75 12/31/2013    EUR   54.72
Vontobel Financial     8.15 12/31/2013    EUR   56.38
Vontobel Financial    15.75 12/31/2013    EUR   52.14
Vontobel Financial    10.45 12/31/2013    EUR   55.40
Vontobel Financial     6.35 12/31/2013    EUR   54.68
Vontobel Financial     8.00 12/31/2013    EUR   54.98
Vontobel Financial     5.25 12/31/2013    EUR   59.50
Vontobel Financial     6.45 12/31/2013    EUR   74.82
Vontobel Financial     5.00  1/24/2014    EUR   61.50
Vontobel Financial     7.39 11/25/2013    EUR   62.60
WGZ-Bank AG Westde     2.50 12/23/2013    EUR   68.43
WGZ-Bank AG Westde     3.00  1/30/2014    EUR   69.85
WGZ-Bank AG Westde     4.00  1/30/2014    EUR   65.48
WGZ-Bank AG Westde     5.00  1/30/2014    EUR   63.64
WGZ-Bank AG Westde     6.00 12/18/2013    EUR   52.92
WGZ-Bank AG Westde     4.00 12/18/2013    EUR   59.07
WGZ-Bank AG Westde     5.00 12/18/2013    EUR   55.81
WGZ-Bank AG Westde     7.50 12/18/2013    EUR   50.43
WGZ-Bank AG Westde     4.00  3/27/2014    EUR   66.20
WGZ-Bank AG Westde     3.00  6/25/2014    EUR   61.31
WGZ-Bank AG Westde     5.50  6/25/2014    EUR   56.15
WGZ-Bank AG Westde     4.00  6/25/2014    EUR   58.30
WGZ-Bank AG Westde     7.00  6/25/2014    EUR   54.32
WGZ-Bank AG Westde     6.00  1/30/2014    EUR   61.94
WGZ-Bank AG Westde     6.00  3/11/2014    EUR   54.62
WGZ-Bank AG Westde     4.00  9/30/2014    EUR   74.98
WGZ-Bank AG Westde     5.00  9/30/2014    EUR   73.89
WGZ-Bank AG Westde     6.00  9/30/2014    EUR   73.00
WGZ-Bank AG Westde     3.00  3/27/2014    EUR   68.09
WGZ-Bank AG Westde     5.00  3/27/2014    EUR   64.45
WGZ-Bank AG Westde     6.00  3/27/2014    EUR   62.91
Windreich GmbH         6.50  7/15/2016    EUR   11.13
Windreich GmbH         6.50   3/1/2015    EUR    9.88
Windreich GmbH         6.75   3/1/2015    EUR   11.13
Windreich GmbH         6.25   3/1/2015    EUR   11.13

GREECE
------
Yioula Glassworks      9.00  12/1/2015    EUR   74.00
Yioula Glassworks      9.00  12/1/2015    EUR   74.00

ICELAND
-------
Kaupthing Bank Hf      7.13  5/19/2016    USD    0.13
Kaupthing Bank Hf      5.75  10/4/2011    USD   22.88
Kaupthing Bank Hf      5.75  10/4/2011    USD   22.88
Kaupthing Bank Hf      7.63  2/28/2015    USD   22.88
Kaupthing Bank Hf      6.50   2/3/2045    EUR    0.13
Kaupthing Bank Hf      3.00  2/12/2010    CHF   22.88
Kaupthing Bank Hf      4.70  2/15/2010    CAD   22.88
Kaupthing Bank Hf      6.13  10/4/2016    USD   22.88
Kaupthing Bank Hf      4.65  2/19/2013    EUR   22.88
Kaupthing Bank Hf      6.13  10/4/2016    USD   22.88
Kaupthing Bank Hf      7.50   2/1/2045    USD    0.13
Kaupthing Bank Hf      1.99   7/5/2012    JPY   22.88
Kaupthing Bank Hf      9.75  9/10/2015    USD   22.88
Kaupthing Bank Hf      7.13  5/19/2016    USD    0.13
Kaupthing Bank Hf      5.50   2/2/2009    USD   22.88
Kaupthing Bank Hf      1.80 10/20/2009    JPY   22.88
Kaupthing Bank Hf      5.80   9/7/2012    EUR   22.88
Kaupthing Bank Hf      7.63  2/28/2015    USD   22.88
Kaupthing Bank Hf      0.80  2/15/2011    EUR   22.88
Kaupthing Bank Hf      7.50  12/5/2014    ISK   22.88
Kaupthing Bank Hf      3.75  2/15/2024    ISK   22.88
Kaupthing Bank Hf      7.00  4/28/2012    ISK    0.13
Kaupthing Bank Hf      5.25  7/18/2017    BGN   22.88
Kaupthing Bank Hf      1.65   7/5/2010    JPY   22.88
Kaupthing Bank Hf      7.90   2/1/2016    EUR   22.88
Kaupthing Bank Hf      4.95   5/6/2009    EUR   22.88
Kaupthing Bank Hf      8.00  6/22/2011    ISK    0.13
Kaupthing Bank Hf      7.70  10/2/2011    EUR   22.88
Kaupthing Bank Hf      4.50  1/17/2011    EUR   22.88
Kaupthing Bank Hf      0.69  5/21/2011    JPY   22.88
Kaupthing Bank Hf      7.00  7/24/2009    ISK   22.88
Kaupthing Bank Hf      0.20  7/12/2009    JPY   22.88
Kaupthing Bank Hf      5.00  11/8/2013    EUR   22.88
Kaupthing Bank Hf      7.50   4/2/2011    EUR   22.88
Kaupthing Bank Hf      7.50  10/2/2010    EUR   22.88
Kaupthing Bank Hf      7.00   1/3/2011    EUR   22.88
Kaupthing Bank Hf      4.53  4/24/2012    EUR   22.88
Kaupthing Bank Hf      4.47 10/27/2010    EUR   22.88
Kaupthing Bank Hf      0.95 10/20/2010    JPY   22.88
Kaupthing Bank Hf      5.00   1/4/2027    SKK   22.88
Kaupthing Bank Hf      4.90  5/29/2017    EUR   22.88
Kaupthing Bank Hf      6.50  10/8/2010    ISK   22.88
Kaupthing Bank Hf      5.40  3/22/2014    ISK    0.13
Kaupthing Bank Hf      7.90  4/28/2016    EUR   22.88
Kaupthing Bank Hf      1.75   6/7/2016    EUR   22.88
Kaupthing Bank Hf      6.40 12/15/2015    EUR   22.88
LBI HF                 6.10  8/25/2011    USD    8.00
LBI HF                 3.20  5/10/2010    SKK    8.00
LBI HF                 2.25  2/14/2011    CHF    8.00
LBI HF                 6.10  8/25/2011    USD    8.00
LBI HF                 3.00  12/7/2010    CHF    8.00
LBI HF                 4.40  1/18/2010    CAD    8.00
LBI HF                 4.38 10/20/2008    EUR    8.00
LBI HF                 4.75  5/31/2013    EUR    8.00
LBI HF                 4.53  4/24/2012    EUR    8.00
LBI HF                 7.25   4/2/2011    EUR    8.00
LBI HF                 8.65   5/1/2011    ISK    8.00
LBI HF                 4.08  3/16/2015    EUR    8.00
LBI HF                 6.75  8/18/2015    EUR    8.00
LBI HF                 4.40  11/3/2009    CZK    8.00
LBI HF                 6.00   6/6/2017    EUR    8.00
LBI HF                 5.44   9/3/2018    EUR    0.13
LBI HF                 4.28 11/19/2010    EUR    8.00
LBI HF                 2.14   2/3/2020    JPY    8.00
LBI HF                 4.32  1/31/2010    EUR    8.00
LBI HF                 4.40 11/30/2035    EUR    0.13
LBI HF                 5.25   6/5/2023    EUR    8.00
LBI HF                 5.08   3/1/2013    ISK    8.00
LBI HF                 7.00   4/2/2010    EUR    8.00
LBI HF                 3.00 10/22/2015    EUR    8.00
LBI HF                 1.68 12/22/2014    JPY    8.00
LBI HF                 4.00  9/23/2015    EUR    8.00
LBI HF                 3.45 12/18/2033    JPY    0.13
LBI HF                 2.22 10/15/2019    JPY    8.00
LBI HF                 4.34   3/1/2011    EUR    8.00
LBI HF                 3.34  5/11/2012    EUR    8.00
LBI HF                 7.75  2/22/2016    USD    8.00
LBI HF                 2.75  3/16/2011    EUR    8.00
LBI HF                 3.36  8/17/2012    EUR    8.00
LBI HF                 7.20  4/27/2026    EUR    0.13
LBI HF                 6.75  2/18/2015    EUR    8.00
LBI HF                 3.11 11/10/2008    EUR    8.00
LBI HF                 4.34 12/22/2025    EUR    8.00

IRELAND
-------
Corsicanto Ltd         3.50  1/15/2032    USD   74.94
Depfa ACS Bank         4.90  8/24/2035    CAD   69.73
Depfa ACS Bank         0.50   3/3/2025    CAD   46.53
Kalvebod PLC           2.00   5/1/2106    DKK   40.00

ITALY
-------
Banca delle Marche     1.18   6/1/2017    EUR   42.39
A2A SpA                3.20  8/10/2036    EUR   62.44
Banca delle Marche     5.50  9/16/2030    EUR   69.25
Banca di Cividale      0.34  10/2/2036    EUR   57.63
Banca Monte dei Pa     1.23  1/15/2018    EUR   74.60
Cassa Depositi e P     0.29 10/31/2029    EUR   61.70
Cirio Finanziaria      8.00 12/21/2005    EUR    0.63
City of Lecco Ital     0.46  6/30/2026    EUR   67.27
Comune di Andrano      3.92 12/31/2035    EUR   71.20
Comune di Fiumicin     0.49 12/31/2026    EUR   66.65
Comune di Grontard     4.10 12/31/2035    EUR   73.36
Comune di Marcheno     4.23 12/31/2036    EUR   74.59
Comune di Marscian     4.03 12/31/2035    EUR   72.47
Comune di Mercato      3.97 12/31/2035    EUR   71.83
Comune di Piadena      4.05 12/31/2035    EUR   72.74
Comune di San Ferd     0.53 12/27/2026    EUR   67.26
Comune di Santa Ma     0.60  5/31/2026    EUR   69.00
Comune di Seminara     0.72 10/31/2026    EUR   69.14
Comune di Verona       0.43  12/1/2026    EUR   64.53
Enel SpA               0.96 10/20/2032    EUR   63.62
Intesa Sanpaolo Sp     1.06  3/20/2023    EUR   74.70
Italy Government I     1.85  9/15/2057    EUR   65.06
Italy Government I     2.00  9/15/2062    EUR   67.03
Italy Government I     2.20  9/15/2058    EUR   72.77
Italy Government I     2.87  5/19/2036    JPY   69.43
Province of Bresci     0.73 12/22/2036    EUR   57.22
Province of Bresci     0.72  6/30/2036    EUR   57.58
Province of Chieti     0.65 12/29/2023    EUR   74.35
Province of Milan      0.59 12/22/2033    EUR   63.54
Province of Rovigo     0.59 12/28/2035    EUR   58.80
Province of Teramo     0.44 12/30/2030    EUR   60.80
Province of Teramo     0.47 12/30/2025    EUR   68.61
Province of Trevis     0.47 12/31/2034    EUR   58.04
Province of Trevis     0.57 12/31/2034    EUR   59.52
Province of Trevis     0.34 12/31/2034    EUR   56.82
Region of Abruzzo      0.68  11/7/2036    EUR   63.64
Region of Abruzzo      0.52  11/7/2031    EUR   61.27
Region of Abruzzo      4.45   3/1/2037    EUR   70.52
Region of Aosta Va     0.45  5/28/2021    EUR   73.65
Region of Molise I     0.72 12/15/2033    EUR   64.40
Region of Piemont      0.45 11/27/2036    EUR   55.47
Region of Puglia I     0.74   2/6/2023    EUR   69.69
Seat Pagine Gialle    10.50  1/31/2017    EUR   23.00
Seat Pagine Gialle    10.50  1/31/2017    EUR   22.13
Seat Pagine Gialle    10.50  1/31/2017    EUR   22.63
Seat Pagine Gialle    10.50  1/31/2017    EUR   22.75
Seat Pagine Gialle    10.50  1/31/2017    EUR   22.13
Seat Pagine Gialle    10.50  1/31/2017    EUR   22.63

LUXEMBOURG
----------
3W Power SA            9.25  12/1/2015    EUR   55.75
ArcelorMittal          7.25   4/1/2014    EUR   20.83
Bank of New York M     4.48 12/30/2099    EUR   18.04
Bank of New York M     4.73 12/15/2050    EUR   52.00
Cerruti Finance SA     6.50  7/26/2004    EUR    3.00
Cirio Finance Luxe     7.50  11/3/2002    EUR    1.25
Cirio Holding Luxe     6.25  2/16/2004    EUR    0.13
Codere Finance Lux     8.25  6/15/2015    EUR   52.02
Codere Finance Lux     9.25  2/15/2019    USD   50.50
Codere Finance Lux     9.25  2/15/2019    USD   50.98
Codere Finance Lux     8.25  6/15/2015    EUR   50.75
Codere Finance Lux     8.25  6/15/2015    EUR   51.75
Codere Finance Lux     8.25  6/15/2015    EUR   50.75
Del Monte Finance      6.63  5/24/2006    EUR   13.63
ECM Real Estate In     5.00  10/9/2011    EUR   10.38
ECM Real Estate In     5.00  10/9/2011    EUR   10.38
Erste Europaeische     0.27   2/1/2037    USD   55.57
European Media Cap    10.00   2/1/2015    USD   75.00
European Media Cap    10.00   2/1/2015    USD   75.00
Finmek Internation     7.00  12/3/2004    EUR    0.13
Hellas Telecommuni     8.50 10/15/2013    EUR    0.13
Hellas Telecommuni     8.50 10/15/2013    EUR    0.13
Hypothekenbank Fra     0.25 12/20/2029    USD   67.37
International Indu     9.00   7/6/2011    EUR    1.00
International Indu    11.00  2/19/2013    USD    0.88
IT Holding Finance     9.88 11/15/2012    EUR    0.13
IT Holding Finance     9.88 11/15/2012    EUR    0.13
La Veggia Finance      7.13 11/14/2004    EUR    0.25
Teksid Aluminum Lu    11.38  7/15/2011    EUR    0.75

NETHERLANDS
-----------
Astana Finance BV      7.88   6/8/2010    EUR    4.00
Astana Finance BV      9.00 11/16/2011    USD    3.50
Astana Finance BV     14.50   7/2/2013    USD    3.75
Bank Nederlandse G     0.50  5/10/2017    TRY   73.62
Bank Nederlandse G     0.50  7/12/2022    ZAR   52.90
Bank Nederlandse G     0.50  7/12/2017    TRY   72.46
Bank Nederlandse G     0.50   6/7/2022    ZAR   53.32
Bank Nederlandse G     0.50  6/12/2017    TRY   73.13
Bank Nederlandse G     0.50   8/9/2017    TRY   72.30
Bank Nederlandse G     0.50  6/22/2021    ZAR   57.64
Bank Nederlandse G     0.50  3/29/2021    NZD   70.64
Bank Nederlandse G     0.50  8/15/2022    ZAR   52.50
Bank Nederlandse G     0.50   8/9/2022    MXN   64.98
Bank Nederlandse G     0.50   3/3/2021    NZD   64.80
Bank Nederlandse G     0.50  2/24/2025    CAD   65.15
Bank Nederlandse G     0.50  5/12/2021    ZAR   58.17
Bank Nederlandse G     0.50  9/20/2022    ZAR   52.08
BLT Finance BV         7.50  5/15/2014    USD    9.01
BLT Finance BV        12.00  2/10/2015    USD   10.25
BLT Finance BV         7.50  5/15/2014    USD    9.63
Bulgaria Steel Fin    12.00   5/4/2013    EUR    0.38
Bulgaria Steel Fin    12.00   5/4/2013    EUR    0.38
Cirio Del Monte NV     7.75  3/14/2005    EUR    3.38
Cooperatieve Centr     0.50 11/26/2021    ZAR   48.95
Cooperatieve Centr     0.50 10/30/2043    MXN   23.60
Cooperatieve Centr     0.50  8/21/2028    MXN   46.15
Cooperatieve Centr     0.50  7/30/2043    MXN   23.80
Cooperatieve Centr     0.50  1/31/2033    MXN   36.68
Cooperatieve Centr     0.50 10/29/2027    MXN   48.35
Cooperatieve Centr     0.50 11/30/2027    MXN   48.11
Cooperatieve Centr     0.50 12/29/2027    MXN   47.89
Cooperatieve Centr     9.20  3/13/2014    USD   60.77
Cooperatieve Centr     8.60  3/13/2014    CHF   60.50
Cooperatieve Centr     8.15   3/5/2014    CHF   58.60
Cooperatieve Centr     9.20  3/13/2014    USD   60.43
JP Morgan Structur     6.00   2/7/2014    USD   69.19
JP Morgan Structur     5.00  12/3/2013    CHF   64.32
JP Morgan Structur     6.00  2/25/2014    EUR   73.83
JP Morgan Structur    12.30 11/29/2013    USD   48.32
KPNQwest NV            8.88   2/1/2008    EUR    0.25
KPNQwest NV            7.13   6/1/2009    EUR    0.25
KPNQwest NV           10.00  3/15/2012    EUR    0.25
KPNQwest NV            8.13   6/1/2009    USD    0.38
KPNQwest NV            7.13   6/1/2009    EUR    0.25
KPNQwest NV            8.88   2/1/2008    EUR    0.25
KPNQwest NV            8.88   2/1/2008    EUR    0.25
KPNQwest NV            7.13   6/1/2009    EUR    0.25
Lehman Brothers Tr     7.25  10/5/2035    EUR    9.75
Lehman Brothers Tr     6.00  11/2/2035    EUR    6.00
Lehman Brothers Tr     8.25  3/16/2035    EUR   14.00
Lehman Brothers Tr     6.00  2/15/2035    EUR    6.00
Lehman Brothers Tr     7.00  5/17/2035    EUR   10.38
Lehman Brothers Tr     2.88  3/14/2013    CHF    2.13
Lehman Brothers Tr     5.00  9/22/2014    EUR    6.00
Lehman Brothers Tr     5.00  2/16/2015    EUR    6.00
Lehman Brothers Tr     5.10   5/8/2017    HKD    2.50
Lehman Brothers Tr     7.00 11/26/2013    EUR    6.00
Lehman Brothers Tr     6.00  3/14/2011    EUR    6.00
Lehman Brothers Tr     5.00  2/27/2014    EUR    6.00
Lehman Brothers Tr     8.50   7/5/2016    EUR    6.00
Lehman Brothers Tr     4.00  2/16/2017    EUR    1.38
Lehman Brothers Tr    14.90  9/15/2008    EUR    1.38
Lehman Brothers Tr     4.50   5/2/2017    EUR    6.00
Lehman Brothers Tr     5.00  3/18/2015    EUR    6.00
Lehman Brothers Tr     3.03  1/31/2015    EUR    1.38
Lehman Brothers Tr     4.00 10/24/2012    EUR    6.00
Lehman Brothers Tr     1.00   5/9/2012    EUR    6.00
Lehman Brothers Tr     5.25  5/26/2026    EUR    6.00
Lehman Brothers Tr     8.25  12/3/2015    EUR    1.38
Lehman Brothers Tr     5.70  3/18/2015    USD    6.00
Lehman Brothers Tr     7.00   6/6/2017    EUR    6.00
Lehman Brothers Tr    11.00 12/20/2017    AUD    6.00
Lehman Brothers Tr     4.00  12/2/2012    EUR    6.00
Lehman Brothers Tr     6.00 10/30/2012    EUR    6.00
Lehman Brothers Tr     1.46  2/19/2012    JPY    2.50
Lehman Brothers Tr     3.00  6/23/2009    EUR    6.00
Lehman Brothers Tr     1.75   2/7/2010    EUR    1.38
Lehman Brothers Tr     4.00  2/28/2010    EUR    1.38
Lehman Brothers Tr     4.00  7/20/2012    EUR    6.00
Lehman Brothers Tr    10.00  6/17/2009    USD    1.38
Lehman Brothers Tr     7.00 10/22/2010    EUR    6.00
Lehman Brothers Tr     4.00  7/27/2011    EUR    6.00
Lehman Brothers Tr     4.05  9/16/2008    EUR    6.00
Lehman Brothers Tr    10.44 11/22/2008    CHF    1.38
Lehman Brothers Tr     5.00  8/16/2017    EUR    6.00
Lehman Brothers Tr    12.22 11/21/2017    USD    6.00
Lehman Brothers Tr     3.00  9/13/2010    JPY    2.50
Lehman Brothers Tr     4.10  6/10/2014    SGD    1.38
Lehman Brothers Tr     8.00  4/20/2009    EUR    6.00
Lehman Brothers Tr     3.86  9/21/2011    SGD    1.38
Lehman Brothers Tr     3.50 12/20/2027    USD    6.00
Lehman Brothers Tr     5.00  5/12/2011    CHF    6.00
Lehman Brothers Tr     5.00   8/1/2025    EUR    6.00
Lehman Brothers Tr     5.55  3/12/2015    EUR    1.38
Lehman Brothers Tr     7.05   4/8/2015    USD    6.00
Lehman Brothers Tr     4.70  3/23/2016    EUR    6.00
Lehman Brothers Tr     6.25   9/5/2011    EUR    6.00
Lehman Brothers Tr    23.30  9/16/2008    USD    1.38
Lehman Brothers Tr     8.00 10/17/2014    EUR    6.00
Lehman Brothers Tr     8.88  1/28/2011    HKD    2.50
Lehman Brothers Tr     5.25 11/21/2009    USD    6.00
Lehman Brothers Tr     4.10  2/19/2010    EUR    6.00
Lehman Brothers Tr    10.00   1/3/2012    BRL    6.00
Lehman Brothers Tr    13.50   6/2/2009    USD    1.38
Lehman Brothers Tr     6.00   8/7/2013    EUR    6.00
Lehman Brothers Tr     8.00  3/21/2018    USD    6.00
Lehman Brothers Tr    13.50 11/28/2008    USD    1.38
Lehman Brothers Tr    10.00  6/11/2038    JPY    6.00
Lehman Brothers Tr     3.50  9/19/2017    EUR    1.38
Lehman Brothers Tr     5.50  4/23/2014    EUR    6.00
Lehman Brothers Tr     5.50  6/22/2010    USD    6.00
Lehman Brothers Tr     8.00  2/16/2016    EUR    6.00
Lehman Brothers Tr     4.00  3/10/2011    EUR    6.00
Lehman Brothers Tr     4.00  4/13/2011    CHF    6.00
Lehman Brothers Tr     4.50   3/7/2015    EUR    6.00
Lehman Brothers Tr     7.60  1/31/2013    AUD    1.38
Lehman Brothers Tr    16.00  11/9/2008    USD    1.38
Lehman Brothers Tr     9.75  6/22/2018    USD    6.00
Lehman Brothers Tr     5.12  4/30/2027    EUR    1.38
Lehman Brothers Tr     7.50   5/2/2017    EUR    6.00
Lehman Brothers Tr     5.00  2/28/2032    EUR    6.00
Lehman Brothers Tr     4.60   7/6/2016    EUR    6.00
Lehman Brothers Tr     5.10  6/22/2046    EUR    1.38
Lehman Brothers Tr     6.65  8/24/2011    AUD    2.50
Lehman Brothers Tr    16.00 12/26/2008    USD    1.38
Lehman Brothers Tr     2.50 12/15/2011    GBP    1.38
Lehman Brothers Tr     4.68 12/12/2045    EUR    1.38
Lehman Brothers Tr     7.06 12/29/2008    EUR    6.00
Lehman Brothers Tr     4.05  9/16/2008    EUR    6.00
Lehman Brothers Tr     2.00  6/28/2011    EUR    6.00
Lehman Brothers Tr     5.70   3/4/2015    USD    6.00
Lehman Brothers Tr     4.69  2/19/2017    EUR    1.38
Lehman Brothers Tr     7.59 11/22/2009    MXN    2.50
Lehman Brothers Tr     1.28  11/6/2010    JPY    2.50
Lehman Brothers Tr     0.50 12/20/2017    AUD    6.00
Lehman Brothers Tr     0.50 12/20/2017    AUD    6.00
Lehman Brothers Tr     6.60   2/9/2009    EUR    6.00
Lehman Brothers Tr     0.50   6/2/2020    EUR    1.38
Lehman Brothers Tr     0.50 12/20/2017    AUD    6.00
Lehman Brothers Tr     5.38   2/4/2014    USD    6.00
Lehman Brothers Tr     6.30 12/21/2018    USD    6.00
Lehman Brothers Tr     7.00  2/15/2010    CHF    1.38
Lehman Brothers Tr    16.20  5/14/2009    USD    1.38
Lehman Brothers Tr     4.60 10/11/2017    ILS    2.38
Lehman Brothers Tr    15.00  3/30/2011    EUR    6.00
Lehman Brothers Tr     7.50 10/24/2008    USD    1.38
Lehman Brothers Tr     8.00   8/3/2009    USD    1.38
Lehman Brothers Tr     8.60  7/31/2013    GBP    6.00
Lehman Brothers Tr     0.50 12/20/2017    AUD    6.00
Lehman Brothers Tr     0.50   7/2/2020    EUR    1.38
Lehman Brothers Tr     5.25   7/8/2014    EUR    1.38
Lehman Brothers Tr     6.50  5/16/2015    EUR    6.00
Lehman Brothers Tr    14.90 11/16/2010    EUR    1.38
Lehman Brothers Tr     6.72 12/29/2008    EUR    6.00
Lehman Brothers Tr     0.50 12/20/2017    AUD    6.00
Lehman Brothers Tr    15.00   6/4/2009    CHF    1.38
Lehman Brothers Tr    18.25  10/2/2008    USD    1.38
Lehman Brothers Tr     3.50 10/31/2011    USD    6.00
Lehman Brothers Tr     2.80  3/19/2018    JPY    1.38
Lehman Brothers Tr     2.00 11/16/2009    EUR    6.00
Lehman Brothers Tr     7.25  10/6/2008    EUR    1.38
Lehman Brothers Tr     5.00 11/22/2012    EUR    6.00
Lehman Brothers Tr     9.25  6/20/2012    USD    6.00
Lehman Brothers Tr     7.60  5/21/2013    USD    6.00
Lehman Brothers Tr    13.00  2/16/2009    CHF    1.38
Lehman Brothers Tr     0.01  9/20/2011    USD    6.00
Lehman Brothers Tr     6.00  2/19/2023    USD    6.00
Lehman Brothers Tr    10.60  4/22/2014    MXN    6.00
Lehman Brothers Tr     3.00  12/3/2012    EUR    6.00
Lehman Brothers Tr     2.50  8/23/2012    GBP    1.38
Lehman Brothers Tr     2.37  7/15/2013    USD    6.00
Lehman Brothers Tr     4.87  10/8/2013    USD    1.38
Lehman Brothers Tr     5.75  6/15/2009    CHF    1.38
Lehman Brothers Tr     6.00 10/24/2008    EUR    1.38
Lehman Brothers Tr     7.38  9/20/2008    EUR    1.38
Lehman Brothers Tr     3.00  8/15/2017    EUR    6.00
Lehman Brothers Tr     3.50  9/29/2017    EUR    1.38
Lehman Brothers Tr     3.00   8/8/2017    EUR    6.00
Lehman Brothers Tr     8.25   2/3/2016    EUR    6.00
Lehman Brothers Tr    13.43   1/8/2009    ILS    1.38
Lehman Brothers Tr    16.00  10/8/2008    CHF    1.38
Lehman Brothers Tr     5.00  3/13/2009    EUR    6.00
Lehman Brothers Tr     5.25   4/1/2023    EUR    1.38
Lehman Brothers Tr     7.63  7/22/2011    HKD    1.38
Lehman Brothers Tr    11.00   7/4/2011    CHF    1.38
Lehman Brothers Tr     7.80  3/31/2018    USD    6.00
Lehman Brothers Tr     5.00   5/2/2022    EUR    1.38
Lehman Brothers Tr     4.25  5/15/2010    EUR    6.00
Lehman Brothers Tr     8.28  7/31/2013    GBP    6.00
Lehman Brothers Tr     4.35   8/8/2016    SGD    2.50
Lehman Brothers Tr     8.50   7/6/2009    CHF    1.38
Lehman Brothers Tr    10.50   8/9/2010    EUR    1.38
Lehman Brothers Tr     7.00  7/11/2010    EUR    6.00
Lehman Brothers Tr     4.82 12/18/2036    EUR    1.38
Lehman Brothers Tr     4.20  12/3/2008    HKD    6.00
Lehman Brothers Tr     3.00   6/3/2010    EUR    6.00
Lehman Brothers Tr    12.40  6/12/2009    USD    1.38
Lehman Brothers Tr    11.00   7/4/2011    USD    1.38
Lehman Brothers Tr    12.00   7/4/2011    EUR    1.38
Lehman Brothers Tr     5.50   7/8/2013    EUR    6.00
Lehman Brothers Tr     9.30 12/21/2010    EUR    1.38
Lehman Brothers Tr     8.00 12/31/2010    USD    1.38
Lehman Brothers Tr     1.50   2/8/2012    CHF    6.00
Lehman Brothers Tr     0.50 12/20/2017    USD    6.00
Lehman Brothers Tr     0.50 12/20/2017    USD    6.00
Lehman Brothers Tr     0.50 12/20/2017    USD    6.00
Lehman Brothers Tr     0.50 12/20/2017    USD    6.00
Lehman Brothers Tr    11.00  2/16/2009    CHF    1.38
Lehman Brothers Tr    10.00  2/16/2009    CHF    1.38
Lehman Brothers Tr     8.00  3/19/2012    USD    6.00
Lehman Brothers Tr     9.50   4/1/2018    USD    6.00
Lehman Brothers Tr     7.15  3/21/2013    USD    6.00
Lehman Brothers Tr     6.25 11/30/2012    EUR    6.00
Lehman Brothers Tr     1.00  2/26/2010    USD    6.00
Lehman Brothers Tr     3.50  6/20/2011    EUR    6.00
Lehman Brothers Tr     7.50  2/14/2010    AUD    1.38
Lehman Brothers Tr    10.00 10/23/2008    USD    1.38
Lehman Brothers Tr    10.00 10/22/2008    USD    1.38
Lehman Brothers Tr     6.45  2/20/2010    AUD    1.38
Lehman Brothers Tr    10.00  5/22/2009    USD    1.38
Lehman Brothers Tr     4.60   8/1/2013    EUR    6.00
Lehman Brothers Tr     8.00  5/22/2009    USD    1.38
Lehman Brothers Tr     7.60   3/4/2010    NZD    1.38
Lehman Brothers Tr     3.63   3/2/2012    EUR    1.38
Lehman Brothers Tr     7.75  2/21/2016    EUR    6.00
Lehman Brothers Tr     8.80 12/27/2009    EUR    1.38
Lehman Brothers Tr    11.00 12/20/2017    AUD    6.00
Lehman Brothers Tr     0.75  3/29/2012    EUR    6.00
Lehman Brothers Tr     5.00  12/6/2011    EUR    1.38
Lehman Brothers Tr    11.00 12/20/2017    AUD    6.00
Lehman Brothers Tr     4.00   1/4/2011    USD    1.38
Lehman Brothers Tr    11.75   3/1/2010    EUR    1.38
Lehman Brothers Tr     3.82 10/20/2009    USD    1.38
Lehman Brothers Tr     3.00  8/13/2011    EUR    6.00
Lehman Brothers Tr     4.80 11/16/2012    HKD    1.38
Lehman Brothers Tr     4.00 10/12/2010    USD    1.38
Lehman Brothers Tr     8.00 10/23/2008    USD    1.38
Lehman Brothers Tr     6.00  9/20/2011    EUR    6.00
Lehman Brothers Tr     3.40  9/21/2009    HKD    1.38
Lehman Brothers Tr     2.30  4/28/2014    JPY    6.00
Lehman Brothers Tr     7.50  6/15/2017    USD    6.00
Lehman Brothers Tr     6.00 12/30/2017    EUR    6.00
Lehman Brothers Tr     4.10  5/20/2009    USD    1.38
Lehman Brothers Tr     2.00  5/17/2010    EUR    1.38
Lehman Brothers Tr    13.00  7/25/2012    EUR    1.38
Lehman Brothers Tr    10.00   8/2/2037    JPY    6.00
Lehman Brothers Tr     1.50 10/12/2010    EUR    6.00
Lehman Brothers Tr     4.10  8/23/2010    USD    1.38
Lehman Brothers Tr     4.60  11/9/2011    EUR    6.00
Lehman Brothers Tr     6.00  2/14/2012    EUR    1.38
Lehman Brothers Tr     7.00  2/15/2012    EUR    1.38
Lehman Brothers Tr     6.00  5/12/2017    EUR    6.00
Lehman Brothers Tr     6.60  2/22/2012    EUR    1.13
Lehman Brothers Tr     5.20  3/19/2018    EUR    1.38
Lehman Brothers Tr     1.95  11/4/2013    EUR    1.38
Lehman Brothers Tr    11.00 12/19/2011    USD    6.00
Lehman Brothers Tr    10.00  3/27/2009    USD    6.00
Lehman Brothers Tr     5.00 10/24/2008    CHF    1.38
Lehman Brothers Tr     7.00  4/14/2009    EUR    1.38
Lehman Brothers Tr     7.75  1/30/2009    EUR    1.38
Lehman Brothers Tr     0.25  7/21/2014    EUR    6.00
Lehman Brothers Tr     4.95 10/25/2036    EUR    6.00
Lehman Brothers Tr    11.00  6/29/2009    EUR    1.38
Lehman Brothers Tr     5.50  6/15/2009    CHF    1.38
Lehman Brothers Tr     1.50 10/25/2011    EUR    6.00
Lehman Brothers Tr     6.75   4/5/2012    EUR    6.00
Lehman Brothers Tr     5.00  4/24/2017    EUR    6.00
Lehman Brothers Tr     7.39   5/4/2017    USD    6.00
Lehman Brothers Tr     3.35 10/13/2016    EUR    6.00
Lehman Brothers Tr     0.80 12/30/2016    EUR    6.00
Lehman Brothers Tr     6.00  5/23/2018    CZK    6.00
Lehman Brothers Tr     4.00  5/30/2010    USD    1.38
Lehman Brothers Tr     4.00  5/17/2010    USD    6.00
Lehman Brothers Tr     2.48  5/12/2009    USD    6.00
Lehman Brothers Tr     2.25  5/12/2009    USD    6.00
Lehman Brothers Tr     2.30  6/27/2013    USD    1.38
Lehman Brothers Tr     3.50 10/24/2011    USD    6.00
Lehman Brothers Tr     0.25 10/19/2012    CHF    6.00
Lehman Brothers Tr     1.68   3/5/2015    EUR    6.00
Lehman Brothers Tr     9.00  5/15/2022    USD    6.00
Lehman Brothers Tr     7.50  7/31/2013    GBP    6.00
Lehman Brothers Tr     7.32  7/31/2013    GBP    6.00
Lehman Brothers Tr     7.50  9/13/2009    CHF    1.38
Lehman Brothers Tr     6.50  7/24/2026    EUR    6.00
Lehman Brothers Tr     4.50   8/2/2009    USD    1.38
Lehman Brothers Tr     0.50  2/16/2009    EUR    1.38
Lehman Brothers Tr     4.25  3/13/2021    EUR    1.38
Lehman Brothers Tr     6.00  3/17/2011    EUR    6.00
Lehman Brothers Tr     4.70  3/23/2016    EUR    6.00
Lehman Brothers Tr     6.00  12/6/2016    USD    6.00
Lehman Brothers Tr     5.00   9/1/2011    EUR    6.00
Lehman Brothers Tr     3.70   6/6/2009    EUR    6.00
Lehman Brothers Tr     4.50   3/6/2013    CHF    6.00
Lehman Brothers Tr     4.00  4/24/2009    USD    1.38
Lehman Brothers Tr     9.00  6/13/2009    USD    1.38
Lehman Brothers Tr     9.00  3/17/2009    GBP    1.38
Lehman Brothers Tr     7.00 11/28/2008    CHF    1.38
Lehman Brothers Tr     3.85  4/24/2009    USD    1.38
Lehman Brothers Tr     8.00  5/22/2009    USD    1.38
Lehman Brothers Tr     4.50  7/24/2014    EUR    6.00
Lehman Brothers Tr     4.50 12/30/2010    USD    1.38
Lehman Brothers Tr     7.75   1/3/2012    AUD    1.38
Lehman Brothers Tr     3.10   6/4/2010    USD    1.38
Lehman Brothers Tr     2.50  8/15/2012    CHF    6.00
Lehman Brothers Tr    13.15 10/30/2008    USD    1.38
Lehman Brothers Tr     0.50   8/1/2020    EUR    1.38
Lehman Brothers Tr    14.10 11/12/2008    USD    1.38
Lehman Brothers Tr     4.00  8/11/2010    USD    6.00
Lehman Brothers Tr    12.00  7/13/2037    JPY    6.00
Lehman Brothers Tr     6.00  7/28/2010    EUR    1.38
Lehman Brothers Tr     6.00  7/28/2010    EUR    1.38
Lehman Brothers Tr     7.50   8/1/2035    EUR    6.00
Lehman Brothers Tr     4.90  7/28/2020    EUR    6.00
Lehman Brothers Tr     4.15  8/25/2020    EUR    1.38
Lehman Brothers Tr     7.50  5/30/2010    AUD    1.38
Lehman Brothers Tr    11.00   5/9/2020    USD    6.00
Lehman Brothers Tr     4.30   6/4/2012    USD    1.38
Lehman Brothers Tr     4.00   6/5/2011    USD    1.38
Lehman Brothers Tr     2.30   6/6/2013    USD    1.38
Lehman Brothers Tr     6.00  6/21/2011    EUR    6.00
Lehman Brothers Tr     2.00  6/21/2011    EUR    6.00
Lehman Brothers Tr    10.00   1/4/2010    USD    6.00
Lehman Brothers Tr    17.00   6/2/2009    USD    1.38
Lehman Brothers Tr    16.80  8/21/2009    USD    1.38
Lehman Brothers Tr     5.22   3/1/2024    EUR    1.38
Lehman Brothers Tr     6.60  5/23/2012    AUD    1.38
Lehman Brothers Tr     3.45  5/23/2013    USD    6.00
Lehman Brothers Tr    16.00 10/28/2008    USD    1.38
Lehman Brothers Tr     5.00  2/15/2018    EUR    6.00
Lehman Brothers Tr     9.00   5/6/2011    CHF    1.38
Lehman Brothers Tr     2.75 10/28/2009    EUR    6.00
Lehman Brothers Tr     5.50 11/30/2012    CZK    6.00
Lehman Brothers Tr     2.50  11/9/2011    CHF    6.00
Lehman Brothers Tr     4.00 11/24/2016    EUR    6.00
Lehman Brothers Tr     6.00 10/30/2012    USD    1.38
Lehman Brothers Tr     3.00  9/12/2036    JPY    2.50
Lehman Brothers Tr    13.00 12/14/2012    USD    6.00
Lehman Brothers Tr     2.40  6/20/2011    JPY    6.00
Lehman Brothers Tr     1.60  6/21/2010    JPY    6.00
Lehman Brothers Tr     8.05 12/20/2010    HKD    1.38
Lehman Brothers Tr     7.25  6/20/2010    USD    6.00
Lehman Brothers Tr     7.00  9/20/2011    USD    6.00
Lehman Brothers Tr     6.70  4/21/2011    USD    6.00
Magyar Telecom BV      9.50 12/15/2016    EUR   45.04
Magyar Telecom BV      9.50 12/15/2016    EUR   44.63
Morgan Stanley BV      9.00  4/16/2015    EUR   71.90
Nederlandse Waters     0.50  3/11/2025    CAD   65.79
New World Resource     7.88   5/1/2018    EUR   68.24
New World Resource     7.88  1/15/2021    EUR   36.78
New World Resource     7.88  1/15/2021    EUR   36.25
New World Resource     7.88   5/1/2018    EUR   68.47
NIBC Bank NV          25.98   5/7/2029    EUR   50.62
Nutritek Internati     8.75 12/11/2008    USD    2.00
Q-Cells Internatio     1.38  4/30/2012    EUR   32.45
Q-Cells Internatio     5.75  5/26/2014    EUR   32.09
Sairgroup Finance      4.38   6/8/2006    EUR   10.50
Sairgroup Finance      6.63  10/6/2010    EUR   12.13
Sidetur Finance BV    10.00  4/20/2016    USD   55.25
Sidetur Finance BV    10.00  4/20/2016    USD   55.00
SNS Bank NV            6.25 10/26/2020    EUR    2.13
SNS Bank NV            6.63  5/14/2018    EUR    4.13
WPE International     10.38  9/30/2020    USD   59.90
WPE International     10.38  9/30/2020    USD   59.38

NORWAY
------
Eksportfinans ASA      0.25  7/14/2033    CAD    8.50
Eksportfinans ASA      0.50   5/9/2030    CAD   14.25
Kommunalbanken AS      0.50   3/7/2017    BRL   69.77
Kommunalbanken AS      0.50  5/10/2017    BRL   68.32
Kommunalbanken AS      0.50  8/29/2017    BRL   66.85
Kommunalbanken AS      0.50  5/25/2018    ZAR   70.89
Kommunalbanken AS      0.50  9/26/2017    BRL   65.80
Kommunalbanken AS      0.50  3/28/2017    BRL   68.91
Kommunalbanken AS      0.50  6/28/2017    BRL   67.67
Kommunalbanken AS      0.50  9/20/2018    BRL   64.71
Kommunalbanken AS      0.50   3/2/2018    BRL   62.66
Kommunalbanken AS      0.50   6/1/2017    BRL   68.22
Kommunalbanken AS      0.50  8/15/2018    BRL   67.16
Kommunalbanken AS      0.50  3/29/2017    BRL   70.51
Kommunalbanken AS      0.50  8/16/2016    BRL   73.83
Kommunalbanken AS      0.50  5/27/2022    ZAR   47.60
Kommunalbanken AS      0.50  7/28/2016    BRL   74.11
Norske Skogindustr     7.00  6/26/2017    EUR   60.59
Norske Skogindustr    11.75  6/15/2016    EUR   74.02
Norske Skogindustr     6.13 10/15/2015    USD   72.75
Norske Skogindustr     6.13 10/15/2015    USD   69.53
Norske Skogindustr     7.13 10/15/2033    USD   51.63
Norske Skogindustr    11.75  6/15/2016    EUR   73.50
Norske Skogindustr     7.13 10/15/2033    USD   50.08
Petromena ASA          9.75  5/24/2014    NOK    6.75
Petromena ASA         10.85 11/19/2010    USD    6.75

PORTUGAL
--------
AdP - Aguas de Por     0.33  1/23/2023    EUR   63.88
Banco Espirito San     3.50   1/2/2043    EUR   50.13
Caixa Geral de Dep     5.98   3/3/2028    EUR   57.00
CP - Comboios de P     5.70   2/5/2030    EUR   60.31
Empresa de Desenvo     0.33 11/21/2018    EUR   66.63
Metropolitano de L     4.80  12/7/2027    EUR   73.38
Metropolitano de L     4.06  12/4/2026    EUR   71.93
Parpublica - Parti     4.20 11/16/2026    EUR   68.25
Portugal Obrigacoe     4.10  4/15/2037    EUR   72.12
Rede Ferroviaria N     4.25 12/13/2021    EUR   70.38
Rede Ferroviaria N     4.05 11/16/2026    EUR   71.78

ROMANIA
-------
City of Iasi Roman     4.45 11/15/2028    RON   71.23

RUSSIA
------
Arizk                  3.00 12/20/2030    RUB   46.44
Kuzbassenergo-Fina     8.70  4/15/2021    RUB   72.01
Mechel                 8.40  5/27/2021    RUB   70.02
Mechel                 8.40   6/1/2021    RUB   70.13
Mechel                 8.40  5/27/2021    RUB   70.21
Mobile Telesystems     5.00  6/29/2021    RUB   74.25
MORTGAGE AGENT AHM     3.00   9/9/2045    RUB    9.17
Novosibirsk TIN Pl    12.50  8/26/2014    RUB    5.00
RBC OJSC               3.27  4/19/2018    RUB   51.50
Russian Railways J     8.40   6/8/2028    RUB  100.00
Saturn Research &      8.50   6/6/2014    RUB    1.01
TGC-2                 12.00 10/10/2018    RUB   75.00
World of Building      4.20  6/25/2019    RUB    3.60

SPAIN
-----
Autonomous Communi     4.25 10/31/2036    EUR   65.75
Autonomous Communi     4.22  4/26/2035    EUR   64.14
Autonomous Communi     4.69 10/28/2034    EUR   68.88
Autonomous Communi     2.97   9/8/2039    JPY   59.88
Autonomous Communi     0.48 10/17/2022    EUR   70.50
Autonomous Communi     2.10  5/20/2024    EUR   73.97
Autonomous Communi     0.27 11/29/2021    EUR   74.92
Banco de Castilla      1.50  6/23/2021    EUR   65.00
Bankinter SA           6.00 12/18/2028    EUR   65.13
City of Madrid Spa     0.34 10/10/2022    EUR   66.37
City of Madrid Spa     4.55  6/16/2036    EUR   73.57
Comunidad Autonoma     3.90 11/30/2035    EUR   63.84
Comunidad Autonoma     4.20 10/25/2036    EUR   66.58
Comunidad Autonoma     4.06 11/23/2035    EUR   63.94
Diputacion Foral d     4.32 12/29/2023    EUR   61.41
Ibercaja Banco SAU     1.09  4/20/2018    EUR   70.93
Junta Comunidades      0.41  12/5/2023    EUR   54.38
Junta Comunidades      3.88  1/31/2036    EUR   60.38
Junta de Extremadu     0.95  6/10/2024    EUR   72.31
Pescanova SA           5.13  4/20/2017    EUR   18.74
Pescanova SA           8.75  2/17/2019    EUR   17.79
Pescanova SA           6.75   3/5/2015    EUR   17.96
Spain Government I     2.92  12/2/2030    JPY   69.99

SWEDEN
------
Dannemora Mineral     11.75  3/22/2016    USD   41.50
Northland Resource     4.00 10/15/2020    USD    6.63
Northland Resource     4.00 10/15/2020    NOK    7.00
Svensk Exportkredi     0.50  9/14/2016    BRL   74.58
Svensk Exportkredi     0.50  2/22/2022    ZAR   46.97
Svensk Exportkredi     0.50  6/29/2017    IDR   73.20
Svensk Exportkredi     0.50  1/31/2022    ZAR   47.32
Svensk Exportkredi     0.50  6/28/2022    ZAR   45.13
Svensk Exportkredi     0.50  3/19/2018    IDR   68.74
Svensk Exportkredi     0.50  8/28/2018    BRL   59.21
Svensk Exportkredi     0.50  3/15/2022    ZAR   46.66
Svensk Exportkredi     0.50  8/26/2021    AUD   68.36
Svensk Exportkredi     0.50 12/17/2027    USD   60.33
Svensk Exportkredi     0.50 12/14/2016    BRL   72.32
Svensk Exportkredi     0.50  9/28/2017    IDR   71.27
Svensk Exportkredi     0.50   2/3/2017    BRL   70.83
Svensk Exportkredi     0.50  7/21/2017    BRL   67.44
Svensk Exportkredi     0.50 12/21/2016    BRL   72.17
Svensk Exportkredi     0.50  9/20/2017    TRY   71.95
Svensk Exportkredi     0.50 12/22/2016    BRL   72.19
Svensk Exportkredi     0.50  8/28/2020    TRY   54.02
Svensk Exportkredi     0.50   9/5/2017    IDR   71.10
Svensk Exportkredi     0.50  3/10/2017    BRL   70.65
Svensk Exportkredi     0.50  1/26/2017    BRL   71.31
Svensk Exportkredi     0.50  6/30/2017    BRL   67.86
Svensk Exportkredi     1.00 11/15/2021    AUD   72.00
Svensk Exportkredi     0.50  6/21/2017    BRL   68.05
Svensk Exportkredi     0.50  8/25/2021    ZAR   56.85

SWITZERLAND
-----------
UBS AG                24.75   1/3/2014    EUR   66.60
Banque Cantonale V    11.80  1/29/2014    CHF   63.63
Banque Cantonale V     6.50  10/5/2015    CHF   72.74
Banque Cantonale V     2.00   7/8/2014    CHF   61.29
SAir Group             6.25 10/27/2002    CHF   11.00
SAir Group             4.25   2/2/2007    CHF   11.63
SAir Group             2.13  11/4/2004    CHF   11.00
SAir Group             0.13   7/7/2005    CHF   11.25
SAir Group             5.50  7/23/2003    CHF   11.00
SAir Group             2.75  7/30/2004    CHF   11.00
SAir Group             2.75  7/30/2004    CHF   11.13
SAir Group             6.25  4/12/2005    CHF   10.88
UBS AG                24.50   1/3/2014    EUR   53.44
UBS AG                23.75   1/3/2014    EUR   58.46
UBS AG                 8.87  4/15/2014    USD   10.17
UBS AG                24.00   1/3/2014    EUR   71.67
UBS AG                24.25   1/3/2014    EUR   60.63
UBS AG                18.45 10/24/2013    USD    8.73
UBS AG                14.25   1/3/2014    EUR   52.30
UBS AG                20.00   1/3/2014    EUR   56.56
UBS AG                 7.25  7/29/2014    USD   31.57
UBS AG                 6.03  5/14/2014    USD   54.95
UBS AG                24.50   1/3/2014    EUR   67.05
UBS AG                 7.50   1/3/2014    EUR   64.51
UBS AG                12.70  4/22/2014    USD   66.71
UBS AG                 8.94  2/13/2014    USD   14.64
UBS AG                 6.29  2/26/2014    USD   32.99
UBS AG                 6.22  2/26/2014    USD   38.93
UBS AG                24.00   1/3/2014    EUR   72.58
UBS AG                16.50   1/3/2014    EUR   69.19
UBS AG                18.25   1/3/2014    EUR   62.22
UBS AG                18.75   1/3/2014    EUR   66.02
UBS AG                20.25   1/3/2014    EUR   63.41
UBS AG                17.25   1/3/2014    EUR   42.91
UBS AG                11.50   1/3/2014    EUR   52.05
UBS AG                15.50   1/3/2014    EUR   72.73
UBS AG                22.00   1/3/2014    EUR   61.74
UBS AG                17.75   1/3/2014    EUR   68.54
UBS AG                 6.04  8/29/2014    USD   35.75
UBS AG                10.46   1/2/2014    USD   35.35
UBS AG                 8.75   1/3/2014    EUR   69.50
UBS AG                15.25   1/3/2014    EUR   63.26
UBS AG                10.75   1/3/2014    EUR   69.94
UBS AG                12.50   1/3/2014    EUR   62.75
UBS AG                19.00   1/3/2014    EUR   53.05
UBS AG                14.25   1/3/2014    EUR   70.59
UBS AG                20.50   1/3/2014    EUR   69.50
UBS AG                 8.50   1/3/2014    EUR   69.72
UBS AG                24.00   1/3/2014    EUR   63.30
UBS AG                22.25   1/3/2014    EUR   63.98
UBS AG                 9.53 12/17/2013    USD   48.94
UBS AG                 6.49  5/23/2014    USD   21.20
UBS AG                 6.53  5/27/2014    USD   21.09
UBS AG                 6.33  5/12/2014    USD   19.48
UBS AG                 9.25  4/30/2014    USD    9.78
UBS AG                14.00  6/27/2014    EUR   55.27
UBS AG                11.75  6/27/2014    EUR   48.70
UBS AG                 8.29  1/14/2014    USD   19.98
UBS AG                 5.22  1/28/2014    USD   11.48
UBS AG                 7.86  1/31/2014    USD   20.24
UBS AG                 9.17  6/30/2014    USD   67.70
UBS AG                 7.25   8/8/2014    USD   45.54
UBS AG                 8.35 10/24/2013    USD   50.89
UBS AG                 9.45 10/22/2013    USD   20.95
UBS AG                 9.00   1/3/2014    EUR   48.64
UBS AG                14.75   1/3/2014    EUR   44.63
UBS AG                 7.15  2/26/2014    USD   32.50
UBS AG                10.75   1/3/2014    EUR   55.72
UBS AG                 5.00   1/3/2014    EUR   63.46
UBS AG                 8.21  2/26/2014    USD   50.39
UBS AG                10.00   1/3/2014    EUR   43.67
UBS AG                13.50   1/3/2014    EUR   56.28
UBS AG                13.75   1/3/2014    EUR   56.97
UBS AG                10.00   1/3/2014    EUR   62.22
UBS AG                 8.25   1/3/2014    EUR   62.15
UBS AG                23.00   1/3/2014    EUR   69.99
UBS AG                18.75   1/3/2014    EUR   69.15
UBS AG                 7.25   1/3/2014    EUR   69.51
UBS AG                23.25   1/3/2014    EUR   48.61
UBS AG                22.75   1/3/2014    EUR   59.35
UBS AG                21.50   1/3/2014    EUR   61.38
UBS AG                17.50   1/3/2014    EUR   68.73
UBS AG                14.50   1/3/2014    EUR   74.99
UBS AG                16.00   1/3/2014    EUR   71.69
UBS AG                21.00   1/3/2014    EUR   38.60
UBS AG                 6.19   1/8/2014    USD   19.82
UBS AG                 9.93  6/18/2014    USD   50.46
UBS AG                 9.89 11/22/2013    EUR   71.22
UBS AG                 8.00   1/3/2014    EUR   55.16
UBS AG                 4.75   1/3/2014    EUR   69.04
UBS AG                 4.50  6/27/2014    EUR   48.72
UBS AG                 8.75  6/27/2014    EUR   58.09
UBS AG                 6.80  2/20/2014    USD   27.83
UBS AG                 6.80  2/20/2014    USD   27.76
UBS AG                 5.50  3/28/2014    EUR   55.86
UBS AG                 9.50  3/28/2014    EUR   50.93
UBS AG                13.50  3/28/2014    EUR   62.47
UBS AG                12.00  3/28/2014    EUR   42.70
UBS AG                11.50   1/3/2014    EUR   39.79
UBS AG                14.00  3/28/2014    EUR   52.93
UBS AG                 7.75  6/27/2014    EUR   45.94
UBS AG                 6.00  3/28/2014    EUR   49.43
UBS AG                 7.00  6/27/2014    EUR   50.45
UBS AG                11.00  3/28/2014    EUR   46.42
UBS AG                11.00  6/27/2014    EUR   59.64
UBS AG                13.00  6/27/2014    EUR   45.50
UBS AG                13.00   1/3/2014    EUR   59.17
UBS AG                10.75  3/28/2014    EUR   58.16
UBS AG                 5.00  6/27/2014    EUR   63.87
UBS AG                10.50  6/27/2014    EUR   52.89
UBS AG                12.25  6/27/2014    EUR   71.08
UBS AG                 6.25  6/27/2014    EUR   56.36
UBS AG                11.25  3/28/2014    EUR   72.74
UBS AG                11.00   1/3/2014    EUR   70.06
UBS AG                12.25  3/28/2014    EUR   68.98
UBS AG                12.00   1/3/2014    EUR   66.02
UBS AG                13.75  6/27/2014    EUR   65.24
UBS AG                 8.00  3/28/2014    EUR   56.96
UBS AG                20.25   1/3/2014    EUR   67.22
UBS AG                24.50   1/3/2014    EUR   59.05
UBS AG                21.75   1/3/2014    EUR   58.98
UBS AG                12.25   1/3/2014    EUR   52.20
UBS AG                18.00   1/3/2014    EUR   64.27
UBS AG                24.75   1/3/2014    EUR   54.61
UBS AG                22.00   1/3/2014    EUR   63.63
UBS AG                19.25   1/3/2014    EUR   71.52
UBS AG                23.50   1/3/2014    EUR   72.60
UBS AG                18.50   1/3/2014    EUR   71.37
UBS AG                 6.50   1/3/2014    EUR   63.77
UBS AG                13.00   1/3/2014    EUR   49.48
UBS AG                 5.75   1/3/2014    EUR   54.70
UBS AG                 4.25   1/3/2014    EUR   54.36
UBS AG                 6.25   1/3/2014    EUR   48.11
UBS AG                20.00   1/3/2014    EUR   64.93
UBS AG                14.41 11/21/2013    USD   40.01
UBS AG                23.25   1/3/2014    EUR   65.06
UBS AG                15.50   1/3/2014    EUR   45.13
UBS AG                18.25   1/3/2014    EUR   41.49
UBS AG                 6.75   1/3/2014    EUR   68.80
UBS AG                20.75   1/3/2014    EUR   70.05
UBS AG                16.25   1/3/2014    EUR   72.22
UBS AG                19.75   1/3/2014    EUR   64.89
UBS AG                10.00   1/3/2014    EUR   55.96
UBS AG                13.75   1/3/2014    EUR   47.78
UBS AG                12.50   1/3/2014    EUR   49.77
UBS AG                 8.50   1/3/2014    EUR   60.73
UBS AG                23.50   1/3/2014    EUR   36.11
UBS AG                22.75   1/3/2014    EUR   59.75
UBS AG                19.50   1/3/2014    EUR   65.22
UBS AG                20.50   1/3/2014    EUR   70.00
UBS AG                23.50   1/3/2014    EUR   72.59
UBS AG                18.25   1/3/2014    EUR   41.55
UBS AG                24.75   1/3/2014    EUR   72.66
UBS AG                17.50   1/3/2014    EUR   69.19
UBS AG                21.50   1/3/2014    EUR   61.80
UBS AG                 7.98  3/17/2014    USD   10.60
UBS AG                14.75  3/28/2014    EUR   71.70
UBS AG                11.50  6/27/2014    EUR   74.62
UBS AG                 4.50  3/28/2014    EUR   64.14
UBS AG                 6.50  3/28/2014    EUR   44.45
UBS AG                 7.30   7/7/2014    USD   28.53

TURKEY
------
APP International     11.75  10/1/2005    USD    5.00
Yuksel Insaat AS       9.50 11/10/2015    USD   72.64

UKRAINE
-------
Agroton Public Ltd    12.50  7/14/2014    USD   50.00

UNITED KINGDOM
--------------
Alpha Credit Group     0.73  2/21/2021    EUR   52.38
Alpha Credit Group     6.00  7/29/2020    EUR   72.88
Barclays Bank PLC      0.61 12/28/2040    EUR   64.00
Barclays Bank PLC      8.00  5/23/2014    USD   10.81
Barclays Bank PLC      2.20 11/30/2025    USD   21.86
Barclays Bank PLC      0.50  3/13/2023    RUB   47.04
Barclays Bank PLC      6.75 10/16/2015    GBP    1.15
Barclays Bank PLC      7.40  2/13/2014    GBP    1.04
Barclays Bank PLC      2.50   3/7/2017    EUR   35.67
Barclays Bank PLC      8.25  1/26/2015    USD    1.13
Barclays Bank PLC      1.99  12/1/2040    USD   71.38
Barclays Bank PLC      1.64   6/3/2041    USD   66.57
Barclays Bank PLC      7.50  4/29/2014    GBP    1.06
Barclays Bank PLC      2.33   1/2/2041    USD   73.08
Cattles Ltd            6.88  1/17/2014    GBP    2.50
Cattles Ltd            7.13   7/5/2017    GBP    2.50
Commercial Bank Pr     5.80   2/9/2016    USD   69.01
Co-Operative Bank      9.25  4/28/2021    GBP   72.74
Co-Operative Bank      5.75  12/2/2024    GBP   68.46
Co-Operative Bank      7.88 12/19/2022    GBP   70.52
Co-Operative Bank      5.88  3/28/2033    GBP   69.57
Co-Operative Bank      5.63 11/16/2021    GBP   55.13
Co-Operative Bank      1.01  5/18/2016    EUR   69.71
Credit Suisse AG/L    11.50   4/4/2014    CHF   70.01
Credit Suisse AG/L     8.50  11/5/2013    CHF   45.66
Credit Suisse AG/L     6.50  1/14/2014    CHF   55.22
Credit Suisse AG/L     9.00 11/14/2013    CHF   51.41
Credit Suisse AG/L     1.64   6/1/2042    USD   46.62
Credit Suisse AG/L     8.00  1/14/2014    USD   55.38
Credit Suisse AG/L     6.85   8/8/2014    USD   57.36
Credit Suisse AG/L    10.50 11/15/2013    USD   51.48
Credit Suisse Inte     4.40 10/24/2013    EUR   57.10
Credit Suisse Inte     4.45 12/13/2013    EUR   53.20
Dunfermline Buildi     6.00  3/31/2015    GBP    1.38
Emporiki Group Fin     5.00  2/24/2022    EUR   60.75
Emporiki Group Fin     5.00  12/2/2021    EUR   61.13
Emporiki Group Fin     5.10  12/9/2021    EUR   62.13
ERB Hellas PLC         0.52   9/3/2014    EUR   72.13
Goldman Sachs Inte     2.50  8/17/2018    EUR   20.40
HSBC Bank PLC          0.50   4/3/2023    AUD   62.86
HSBC Bank PLC          0.50  12/2/2022    AUD   64.19
HSBC Bank PLC          0.50  2/24/2023    AUD   63.27
HSBC Bank PLC          0.50 10/25/2021    AUD   68.62
HSBC Bank PLC          0.50 11/30/2021    NZD   65.52
HSBC Bank PLC          0.50 12/20/2018    RUB   69.82
HSBC Bank PLC          0.50  6/30/2021    NZD   67.16
HSBC Bank PLC          0.50   2/2/2023    AUD   63.51
HSBC Bank PLC          0.50 12/29/2022    AUD   63.89
HSBC Bank PLC          0.50   2/5/2018    RUB   74.86
HSBC Bank PLC          0.50   3/1/2018    RUB   74.48
HSBC Bank PLC          0.50  4/27/2027    NZD   47.02
HSBC Bank PLC          0.50 11/22/2021    AUD   68.35
HSBC Bank PLC          0.50  7/30/2027    NZD   46.29
HSBC Bank PLC          0.50  1/29/2027    NZD   47.70
HSBC Bank PLC          0.50 10/30/2026    NZD   48.42
HSBC Bank PLC          0.50 12/29/2026    AUD   50.10
HSBC Bank PLC          0.50  12/8/2026    AUD   50.28
HSBC Bank PLC          0.50  2/24/2027    NZD   47.50
Royal Bank of Scot     1.69 11/14/2016    GBP    1.10
RSL Communications    10.50 11/15/2008    USD    1.20
RSL Communications    10.13   3/1/2008    USD    1.25
RSL Communications     9.13   3/1/2008    USD    1.25
RSL Communications     9.88 11/15/2009    USD    1.25
RSL Communications    12.00  11/1/2008    USD    1.25
UBS AG/London         25.00  3/20/2014    CHF   62.25
UBS AG/London          7.63  9/30/2015    USD   16.71
UBS AG/London         20.25  4/17/2014    CHF   66.13
UBS AG/London          6.88  8/31/2015    USD   15.37


                            *********

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.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

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, Frauline S. Abangan and Peter
A. Chapman, Editors.

Copyright 2013.  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
202-241-8200.


                 * * * End of Transmission * * *