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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, February 24, 2014, Vol. 15, No. 38

                            Headlines


B U L G A R I A

NATIONAL ELECTRICITY: Ruling Power May Prompt Bankruptcy


C Z E C H   R E P U B L I C

LAZNE VELICHOVKY: Administrator Selects Winning Bidder


D E N M A R K

ISS A/S: Moody's Raises Corporate Family Rating to 'Ba3'
ISS A/S: S&P Puts 'BB' Corp. Credit Rating on Watch Positive


F R A N C E

PEUGEOT SA: Moody's Changes Outlook on 'B1' CFR to Stable


G E R M A N Y

HYPO ALPE ADRIA: Creditors Urged to Contribute to Wind-Down Costs
PROVIDE VR 2003-1: Fitch Affirms 'Csf' Rating on Class D Notes


I R E L A N D

LUNAR FUNDING V: S&P Raises Rating on Series 2007-58 to 'B-'
MALLINCKRODT PLC: S&P Lowers Corporate Credit Rating to 'BB-'
SIG CAPITAL: Court Appoints Receiver Over O'Brien Investment


K A Z A K H S T A N

* KAZAKHSTAN: Banks Not Facing Bankruptcy Risk, Pres. Says


N E T H E R L A N D S

LAURELIN II: Fitch Affirms 'BBsf' Rating on EUR17MM Class E Notes
MESDAG BV: Fitch Lowers Rating on Class C Notes to 'CCsf'
WOOD STREET V: Fitch Affirms 'Bsf' Ratings on 2 Note Classes


R O M A N I A

* ROMANIA: More Than 2,000 Companies Go Bust in January 2014


R U S S I A

SOLWAY INVESTMENT: Fitch Cuts LT Foreign Currency IDR to 'B-'


S P A I N

IBERCAJA BANCO: Fitch Assigns 'BB+' IDR; Outlook Stable
IM GRUPO: Moody's Affirms 'C' Ratings on 3 Note Classes
PORTAVENTURA ENTERTAINMENT: Moody's Rates EUR420MM Notes 'B3'


U K R A I N E

UKRAINE: On Verge of Bankruptcy Amid Political Crisis


U N I T E D   K I N G D O M

ARGON CAPITAL: Moody's Puts B1 Rating on Review for Downgrade
CPUK FINANCE: Fitch Affirms 'B+' Rating on Class B Notes
EUROSAIL PRIME-UK: S&P Lowers Ratings on 4 Note Classes to 'D'
KPL CONTRACTS: In Administration, More than 200 Jobs Affected
LB UK: Administrators to Make Third Dividend Distribution

WINDERMERE XI: Moody's Affirms 'Caa3' Rating on GBP55MM Notes


X X X X X X X X

* BOND PRICING: For the Week February 17 to February 21, 2014


                            *********


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


NATIONAL ELECTRICITY: Ruling Power May Prompt Bankruptcy
--------------------------------------------------------
FOCUS News Agency reports that Boyko Borisov, leader of the
oppositional Citizens for European Development of Bulgaria (CEDB)
and former prime minister of Bulgaria, said at a meeting with the
regional structures of the party, "The ruling power will lead the
National Electricity Company (NEK) to bankruptcy".

Mr. Borisov, as cited by FOCUS News, said that "Standard & Poor's
decreased Bulgaria's rating; it sent a warning and, especially
when it comes to NEK, it means that they are bringing the company
to a real bankruptcy.

"The situation around the electricity price, which is
artificially kept unchanged, will grow worse."



===========================
C Z E C H   R E P U B L I C
===========================


LAZNE VELICHOVKY: Administrator Selects Winning Bidder
------------------------------------------------------
CTK reports that David Janosik, Lazne Velichovky's insolvency
administrator, has said the creditor committee of the company
chose a new owner in a tender on Friday after opening envelopes
with bids from tender participants.

The name of the tender's winner and the price offered for
Lazne Velichovky will not be disclosed for the time being,
Mr. Janosik, as cited by CTK, said, adding two entities had
submitted a bid in the tender.

The price was the only criterion for choosing the winner,
CTK notes.

The company was appraised at CZK110.6 million, CTK discloses.

Lazne Velichovky is a spa company based in the Czech Republic.



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D E N M A R K
=============


ISS A/S: Moody's Raises Corporate Family Rating to 'Ba3'
--------------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating (CFR) of ISS A/S (ISS) to Ba3 from B1. Concurrently,
Moody's has also upgraded the probability of default rating (PDR)
rating to Ba3-PD, the company's senior subordinated notes, due
2016, to B2 from B3 and the senior secured facilities to Ba2 from
Ba3 of ISS Global A/S. All ratings are under review for upgrade.

Ratings Rationale

"The upgrade of the CFR to Ba3 reflects the reduction in net
leverage that has taken place over the past 12-18 months as ISS
has conducted a string of divestments of non-core assets and
applied the proceeds for debt reimbursement," says Knut Slatten,
Moody's lead analyst for ISS. "This has contributed to a
strengthening of free cash flows as interest payments have been
significantly reduced," adds Mr. Slatten.

Furthermore, the decision to leave the ratings under review
follows ISS's announcement on February 18 whereby the company
declares its intention to file for an Initial Public Offering
(IPO). As part of the intended IPO, ISS expects to issue new
shares worth approximately DKK8 billion (EUR1.1 billion). At the
same time, ISS has put in place new banking facilities
agreements. The company is -- in addition to the proceeds
obtained from the IPO -- intending to draw on these facilities to
repay existing debt instruments during the course of 2014. This
is likely to lead to a material reduction in net debt and further
strengthening of free cash flows as interest expenses continue to
abate.

During the review process, Moody's will closely monitor the
company's progress on the contemplated IPO and will assess the
implications of the proposed refinancing on the company's
financial profile, as well as its financial policy objectives
post-IPO. If the IPO goes ahead as scheduled, Moody's is likely
to upgrade the Ba3 CFR by two notches, although a more favorable
outcome cannot be excluded at this stage.

What Could Change The Rating Up/Down

Upward pressure on the rating could occur if ISS's adjusted
leverage were to fall below 5.0x. Conversely, negative rating
pressure could arise if the group's operating profitability were
to decline, with adjusted debt/EBITDA moving towards 5.5x.
Negative pressure could also occur if ISS were to make debt-
funded acquisitions, or if the company were to experience
difficulty in executing its large-scale Integrated Facility
Services contracts.

Principal Methodology

The principal methodology used in these ratings was the Global
Business & Consumer Service Industry Rating Methodology published
in October 2010. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

Based in Copenhagen, Denmark, ISS is one of the leading facility
services providers in the world. The company recorded revenues of
DKK79 billion (EUR10 billion) in financial year 2012.


ISS A/S: S&P Puts 'BB' Corp. Credit Rating on Watch Positive
------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its 'BB' long-term corporate credit ratings
on Denmark-based facilities services provider ISS A/S and the
company's subsidiaries ISS World Services A/S and ISS Global A/S.

At the same time, S&P placed on CreditWatch positive its 'B'
short-term rating on ISS World Services A/S.

In addition, S&P affirmed its 'BB' and 'B+' issue ratings on ISS'
debt instruments.  The recovery ratings on these instruments
remain unchanged.

The CreditWatch placement follows ISS' announcement that it
intends to float shares in a primary share issuance to raise
additional capital.  The group proposes to use the extra
capital -- targeted at about Danish Krone (DKK) 8 billion in IPO
proceeds -- to delever its capital structure.

"We assess ISS' financial risk profile as "aggressive" under our
criteria.  We forecast that Standard & Poor's-adjusted debt to
EBITDA for the financial year ending Dec. 31, 2013, will be under
4.5x, while adjusted funds from operations (FFO) to debt will be
about 13%.  We estimate that if the proceeds of the IPO were
fully used to repay debt, pro forma adjusted debt to EBITDA for
2014 could drop closer to 3x with FFO to debt rising to the low
20% range.  These metrics would be consistent with a financial
risk profile assessment of "significant," as defined by our
criteria," S&P said.

S&P's assessment of ISS' business risk profile as "strong" would
be unaffected by the prospective IPO.

S&P's base case for ISS assumes:

   -- Organic revenue growth in the low to mid-single digits for
      2014 and 2015.

   -- Stable operating margins.

   -- IPO proceeds used for debt reduction.

S&P may reassess the current financial policy assessment of FS-5
for ISS following the completion of the IPO.  If S&P considers
that ISS would continue deleveraging post the IPO, maintain
limited acquisition spending, and introduce a stable dividend
policy, S&P could revise the financial policy assessment to FS-4.

S&P aims to resolve the CreditWatch following ISS' successful
completion of the IPO and once it has confirmation from ISS on
the final use of the new funding.  S&P expects this to happen
within 90 days.  In addition, S&P will seek to ascertain from the
group's reference shareholders (EQT Partners and Goldman Sachs
Capital Partners) their investment horizon, strategy, and degree
of support for the revised financial policy.

S&P would view a further reduction in ISS' debt burden as
positive and it could raise the ratings as a result.  The
magnitude of any potential ratings upside would depend on S&P's
satisfactory assessment of: 1) the group's likely sustainable
future credit metrics; 2) the group's revised financial policy,
together with an assessment of the group's future shareholder
structure; and 3) the group's sustained adequate liquidity.

S&P could affirm the ratings at their current level if ISS is
unsuccessful in its IPO.



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


PEUGEOT SA: Moody's Changes Outlook on 'B1' CFR to Stable
---------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook on the B1 corporate family rating (CFR) and the B1-PD
probability of default rating (PDR) of Peugeot S.A. (PSA) and its
rated subsidiary GIE PSA Tresorerie. Concurrently, Moody's has
affirmed all of PSA's and its subsidiary's ratings.

The outlook change is triggered by a EUR3.0 billion cash inflow,
which follows the announced and pre-subscribed capital increase.
The cash inflow will help to restore PSA's cash position, which
eroded in fiscal year 2013 as a result of negative operational
free cash flow (FCF) and cash outflow for restructuring that
together totaled approximately EUR1.0 billion. This rating action
assumes the successful completion of all parts of the plan
announced on February 19, including approval by regulatory
authorities and PSA shareholders.

"Moody's have stabilized Peugeot's outlook as the cash inflow
will strengthen the company's liquidity position and provide it
with a cushion with which to cover anticipated cash consumption
in the year ahead," says Falk Frey, a Moody's Senior Vice
President and lead analyst for Peugeot. "However, turning around
the profitability of its automotive division remains a
significant challenge for Peugeot," adds Mr. Frey.

Affirmations:

Issuer: Peugeot S.A.

Probability of Default Rating, Affirmed B1-PD

Corporate Family Rating, Affirmed B1

EUR574.99996M 4.45% Senior Unsecured Conv./Exch. Bond/Debenture
Jan 1, 2016, Affirmed B1

EUR5000M Senior Unsecured Medium-Term Note Program, Affirmed
(P)B1

EUR5000M Senior Unsecured Medium-Term Note Program, Affirmed
(P)NP

EUR650M 5% Senior Unsecured Regular Bond/Debenture Oct 28, 2016,
Affirmed B1

EUR600M 5.625% Senior Unsecured Regular Bond/Debenture Jul 11,
2017, Affirmed B1

EUR1000M 7.375% Senior Unsecured Regular Bond/Debenture Mar 6,
2018, Affirmed B1

EUR750M 8.375% Senior Unsecured Regular Bond/Debenture Jul 15,
2014, Affirmed B1

EUR500M 6.875% Senior Unsecured Regular Bond/Debenture Mar 30,
2016, Affirmed B1

EUR500M 5.625% Senior Unsecured Regular Bond/Debenture Jun 29,
2015, Affirmed B1

EUR600M 6.5% Senior Unsecured Regular Bond/Debenture Jan 18,
2019, Affirmed B1

Issuer: GIE PSA Tresorerie

EUR1200M Senior Unsecured Commercial Paper, Affirmed NP

EUR600M 6% Senior Unsecured Regular Bond/Debenture Sep 19, 2033,
Affirmed B1

Outlook Actions:

Issuer: Peugeot S.A.

Outlook, Changed To Stable From Negative

Issuer: GIE PSA Tresorerie

Outlook, Changed To Stable From Negative

Ratings Rationale

Change of Outlook on Ratings to Stable From Negative

The stabilization of PSA's outlook was prompted by the company's
planned EUR3.0 billion cash inflow, which comes on the back of
its announced pre-subscribed capital increase. While Moody's
believes that the cash inflow from the capital increase, as well
as the new credit agreements, are credit positive for PSA as they
will strengthen the company's liquidity profile, PSA's automotive
division continues to generate substantial losses.

In 2013, the automotive division's recurring operating income was
negative at EUR1.0 billion compared with a loss of EUR1.5 billion
in 2012. Including restructuring costs and non-recurring income,
the operating loss at the automotive division amounted to
EUR2.1 billion in 2013 compared with a loss of EUR5.7 billion in
2012. Consequently, PSA's industrial business reported a loss
from continuing operations of EUR2.45 billion in 2013 compared
with a loss of EUR6.0 billion in 2012. While PSA has made
significant progress in turning around the company, it is likely
that it will take more time than originally anticipated for the
structural changes implemented and cost savings generated to
result in a return to profitability and positive FCF generation.

In Moody's view, the financial strength of the new shareholders
(i.e., the French State and Dongfeng Motor Corporation) will be
insufficient to provide short-term solutions to turn around the
automotive division's operating performance and master the
challenges PSA is facing in Europe, Latin America and Russia
though some benefits should accrue over time from the
strengthening of the industrial alliance, most notably in China.

On a positive note, PSA was able to substantially reduce negative
free cash flow (FCF) in 2013 when compared with 2012 which was
also better than anticipated by us. PSA's reported consolidated
negative operational free cash flow of EUR426 million in 2013 --
prior to restructuring -- well below the 2012 comparative number
of a negative EUR3 billion. This was for a large part aided by
working capital inflow and tight control on Capex and R&D.

PSA's B1 CFR reflects (1) its high dependency on the weakest of
European car markets in Southern Europe, and hence extremely weak
financial performance recently, in particular with regard to
operating losses in the company's automobile division and the
negative FCF from its industrial operations; (2) the challenges
in successfully restructuring and turning around the operating
performance of its automotive operations, against the background
of a European market environment with new passenger car demand
remaining well below pre-crisis levels and being characterized by
historically high discount levels, especially in the small and
medium-sized passenger car segments; (3) the risk that PSA's
announced initiatives may not be sufficient for the group to
realise the financial results it is targeting within its
restructuring plan in the absence of an anticipated strong
recovery in year-on-year European passenger car demand in 2014.
This could induce PSA to implement additional measures to achieve
the targeted turnaround as announced.

PSA's rating positively takes into account (1) the group's
adequate liquidity with EUR6.2 billion cash and cash equivalents
on balance sheet for PSA's industrial operations as at 31
December 2013, plus the anticipated nearly EUR3.0 billion cash
inflow from the signed capital increase, which provide the
resources and time that would allow PSA to implement the
necessary operational and structural measures to turn around the
core automotive business within the next two years; (2) PSA's
announced action plan, which included important new product
launches and cost reductions; (3) PSA's continued cooperation
with General Motors Company (GM), mostly on purchasing and
certain industrial projects, which could result in additional
synergies in the medium to long-term; and (4) the longer term
potential synergies from projects it is involved in with its new
shareholder and Chinese joint-venture partner, Dongfeng.

Liquidity

Moody's note that PSA currently maintains an adequate liquidity
position, which provides the company with a sufficient period of
time to reverse negative performance trends. As of December 31,
2013, PSA's principal liquidity sources for its industrial
business consisted of (1) cash and cash equivalents on the
balance sheet amounting to EUR6.2 billion; (2) availability under
undrawn committed credit lines of EUR2.225 billion maturing July
2015 and EUR175 million maturing July 2014 (excluding additional
headroom of EUR1.15 billion under Faurecia's facility) which
should be renewed by extending the amount to EUR2.7 billion as
well as maturities to 5- and 3 years respectively (contingent
upon the EUR3 billion capital increase); (3) current financial
assets of EUR141 million less some haircuts; (4) potential cash
flow generation from operations over the next 12 months as well
as (5) the anticipated cash inflow of approximately EUR3.0
billion from the capital increase. These cash sources provide
adequate coverage for PSA's major liquidity requirements during
the next 12 months. These requirements consist of short-term debt
maturities, capital expenditures, working capital funding and
day-to-day operating needs.

Moody's also positively notes that Banque PSA Finance is planning
to enter into a joint venture with an international bank for the
future development of the captive financing activities of the
group in Europe. This JV would over time allow the release of the
current state guarantee for bonds issued by Banque PSA totalling
up to EUR7.0 billion.

Structural Considerations

Peugeot's funding policy is based on borrowing at the holding
company level (PSA), and on-lending to its operating subsidiaries
via GIE PSA Tresorerie. Based on a cash-pooling agreement between
PSA and GIE, all operating subsidiaries' payment obligations to
GIE rank pari-passu with trade payables at the subsidiaries'
level. In addition, PSA has put in place a guarantee by GIE that
will benefit PSA bondholders.

Rationale For Stable Outlook

The stable outlook reflects a strengthened liquidity position
following the execution of the EUR3.0 billion announced and
subscribed capital increase, as well as Moody's anticipation of a
recovery in market share losses based on the Group's young and
competitive new model range on the market.

What Could Change The Ratings Down/Up

PSA's ratings could come under downward pressure if the company
is unable to (1) turn around its operating performance and cash
flow generation, which would be evidenced by achieving a close-
to-breakeven EBIT result in its industrial business and reducing
recurring operating income losses in its automotive division to
around EUR0.5 billion in 2014, with further improvement towards
breakeven in 2015; (2) limit negative FCF (as adjusted by Moody's
and including cash outflow for restructuring) to around EUR1.0
billion in 2014; and (3) recover part of its lost market shares
in Western Europe with a successful new product line-up in the
current year and beyond.

The ratings could come under upward pressure if there is a
faster-than-anticipated and sustained recovery in the operating
performance and cash generation of PSA's automotive business.
This recovery would be reflected by (1) positive operating
profits in the industrial business in 2014, with profitability
improving to a positive EBIT margin by 2014 and beyond; and (2) a
positive FCF as per Moody's definition.

Principal Methodologies

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

Peugeot S.A. is Europe's second-largest maker of light vehicles
with its two main brands Peugeot and Citro‰n. In addition, PSA
holds a 51.7% interest in Faurecia SA (B1 stable), one of
Europe's leading automotive suppliers (turnover of EUR18.0
billion in fiscal year 2013) and remains a 25% shareholder in
Gefco, France's second-largest transportation and logistics
service provider. The PSA group also provides financing to
dealers and end-customers through its wholly owned finance
subsidiary, Banque PSA Finance. In fiscal year 2013, the PSA
group generated revenues of EUR54.1 billion and reported a
recurring operating loss of EUR0.2 billion.



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


HYPO ALPE ADRIA: Creditors Urged to Contribute to Wind-Down Costs
-----------------------------------------------------------------
Angelika Gruber and Michael Shield at Reuters report that the
finance ministry said on Thursday creditors of Hypo Alpe Adria
should contribute to the costs of winding down the nationalized
Austrian lender, listing insolvency or voluntary debt haircuts as
possible options.

The comments widen a split between the government and bank
supervisors over how to handle Hypo, whose chronic capital needs
have required EUR4.8 billion (US$6.6 billion) in taxpayer support
since 2008, Reuters notes.

Reuters relates that a ministry spokesman said Austria had
commissioned outside experts to review the situation, adding:
"The political goal is that not just taxpayers bear all the
costs, but that others such as creditors or the province of
Carinthia do their part."

Carinthia is Hypo's home province and still has EUR12.5 billion
in guarantees on Hypo debt, Reuters discloses.  The central bank
and FMA market watchdog have warned the government not to let
Hypo go under, Reuters relays.  Such an eventuality would
triggering guarantees that Carinthia -- with an annual budget of
around EUR2 billion -- cannot honor on its own, Reuters states.

The government at this stage favors creating a "bad bank" to
absorb toxic assets from loss-making Hypo, which it had to take
over from BayernLB in 2009, but has refused for weeks to rule out
letting the bank go bust, Reuters says.

According to Reuters, Austrian Finance Minister Michael
Spindelegger in which he takes the same line when asked about an
orderly insolvency said "I believe that creditors as well have to
contribute, and Carinthia too has a moral obligation because the
provincial government there caused the problem".

He said it was a political decision to determine to what extent
creditors and Carinthia should be asked to support Hypo's
resolution costs, but a decision to be taken only after the
government had a chance to review all its options, Reuters notes.

                      About Hypo Alpe-Adria

Hypo Alpe-Adria International AG is a subsidiary of BayernLB.  It
is active in banking and leasing.  In banking, HGAA serves both
corporate and retail customers and offers services ranging from
traditional lending through savings and deposits to complex
investment products and asset management services.

Hypo Alpe has received EUR1.75 billion in aid in emergency
capital from the Austrian government.  European Union Competition
Commissioner Joaquin Almunia said in March 2013 that Hypo faced
possible closure for failing to adequately restructure.
The European Commission approved Hypo's recapitalization in
December 2013, but made it conditional on the management
presenting a thorough plan to overhaul the group.  The Austrian
finance ministry, which effectively runs Hypo Alpe, submitted a
restructuring plan to the Commission on Feb. 5.


PROVIDE VR 2003-1: Fitch Affirms 'Csf' Rating on Class D Notes
--------------------------------------------------------------
Fitch Ratings has affirmed Provide VR 2003-1 Plc, as follows.

   -- Senior credit default swap: paid in full

   -- Class A+ (ISIN DE000A0AAZ03): paid in full

   -- Class A (ISIN DE000A0AAZ11): paid in full

   -- Class B (ISIN DE000A0AAZ29): affirmed at 'AAsf'; Outlook
      Stable

   -- Class C (ISIN DE000A0AAZ37): affirmed at 'BBBsf'; Outlook
      Stable

   -- Class D (ISIN DE000A0AAZ45): affirmed at 'CCsf'; Recovery
      Estimate (RE) 70%

   -- Class E (ISIN DE000A0AAZ52): affirmed at 'Csf'; RE 0%

   -- Class F: NR

The transaction is a synthetic securitization backed by
residential mortgages originated by several institutions
belonging to the German Cooperative Banking group.

Key Rating Drivers

Since the last review in February 2013, additional losses of
EUR0.6 million have been realised and allocated to the class E
notes. Cumulative losses since closing in December 2003 currently
stand at 2.2% of the original pool balance.  The class F notes
(not rated) have been completely eliminated by loss allocation
(EUR6.1 million).  The class E notes have also incurred
EUR4 million losses. Of their initial balance of EUR4.4 million,
currently only EUR0.4 million are outstanding (based on the
latest investor report as of December 2013).

Overall, the deal is performing worse than Fitch's initial
expectations and we expect the class E notes to be reduced to
zero through further loss allocation, as outstanding foreclosures
currently in the portfolio turn into losses.  Given the small
outstanding balance of the class E notes, losses are also likely
to be allocated to the class D notes.  This expectation is
factored into the notes' ratings and REs and consequently their
affirmation.

The class B and C notes have built up substantial credit
enhancement through amortization.  The portfolio has amortized to
approximately 8% of its initial balance.  As a result, they are
able to withstand losses commensurate with their current ratings,
as reflected in their affirmation.

Rating Sensitivities

The transaction remains exposed to further loss allocation, as
outstanding foreclosures in the portfolio (currently
approximately EUR2 million) translate into losses.  Fitch expects
additional losses to be allocated to the class E notes (thus
fully eliminating them) and also to the class D notes.  At the
same time, Fitch expects the relative credit enhancement for the
class B and C notes to further increase via amortization,
resulting in additional protection.

Fitch assigns REs to all notes rated 'CCCsf' or below. REs are
forward-looking, taking into account Fitch's expectations for
principal repayments on a distressed structured finance security.



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I R E L A N D
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LUNAR FUNDING V: S&P Raises Rating on Series 2007-58 to 'B-'
------------------------------------------------------------
Standard & Poor's Ratings Services corrected its credit rating on
Lunar Funding V PLC's series 2007-58 by raising it to 'B- (sf)'
from 'CCC+ (sf)'.  Lunar Funding V's series 2007-58 is a single
tranche European synthetic corporate investment-grade
collateralized debt obligation (CDO) transaction.

The rating action follows S&P's discovery of an error leading to
its Jan. 22, 2014 rating action in this transaction, when it
lowered it to 'CCC+ (sf)' from 'B- (sf)/Watch Neg' as part of its
regular monthly synthetic CDO surveillance.  When calculating the
synthetic rated overcollateralization (SROC) results, S&P had
erroneously assumed there had been negative rating migration in
the underlying portfolio of Lunar Funding V's series 2007-58.
S&P has corrected this error by raising to 'B- (sf)' from 'CCC+
(sf)' its rating on Lunar Funding V's series 2007-58.


MALLINCKRODT PLC: S&P Lowers Corporate Credit Rating to 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services removed its ratings on
Mallinckrodt plc from CreditWatch with negative implications and
lowered the corporate credit rating to 'BB-' from 'BBB-'.  The
outlook is stable.  At the same time, S&P lowered the rating on
the company's US$900 million senior unsecured notes to 'B' from
'BBB-' and assigned a recovery rating of '6', indicating
negligible prospects (0-10%) of recovery of principal in the
event of a default.  The downgrades follow the company's debt-
financed US$1.3 billion acquisition of Cadence Pharmaceuticals.

S&P also assigned its senior secured issue-level rating of 'BB+
to the company's proposed senior secured credit facility that
will be used to fund the acquisition.  The recovery rating on the
facility is '1', reflecting S&P's expectation of very high
recovery (90%-100%) in the event of payment default.

"Our 'BB-' rating on Mallinckrodt is derived from our anchor of
'bb-' based on our "fair" business risk and "aggressive"
financial risk profile assessments for the company.
Mallinckrodt's fair business risk profile incorporates the
product and revenue diversity afforded by two businesses, imaging
and pharmaceuticals, which is offset by lower than average
profitability relative to peers," said credit analyst Cheryl
Richer.  "Moreover, performance has fallen short of our
expectations given supply constraints experienced by the imaging
segment and a somewhat thin pipeline. The addition of Cadence's
single product, Ofirmev, to the pharmaceutical business is not
significant enough to alter our view of the company's business
risk because it does not add product or therapeutic
diversification."

S&P's stable outlook anticipates low- to mid-single-digit organic
revenue growth, largely driven by the company's specialty pharma
business, and improving gross and EBITDA margins.  As a result,
S&P expects debt leverage to decline to at least 5x within 12
months.

Upside scenario

Stronger than anticipated revenue and EBITDA growth and
management's commitment to maintain debt leverage below 4x could
result in an upgrade.  For example, a 20% revenue increase and
100-basis-point (bp) gross margin improvement over S&P's base
case would result in financial metrics consistent with a
"significant" financial risk profile, including FFO/debt of about
20%.

Downside scenario

S&P could lower its ratings if anticipated financial improvement
does not occur.  For example, if revenues grew by only 10% in
2015, compared with S&P's base case forecast of 15%, and gross
margins did not improve by at least 400 bps over 2014, debt
leverage would remain above 5x and S&P could lower the ratings.
Alternatively, another large, debt-financed acquisition could
trigger a downgrade.  Per S&P's base case assumptions, it
estimates Mallinckrodt has about $500 million of increment debt
(or less cash) capacity in 2015 at the current ratings.


SIG CAPITAL: Court Appoints Receiver Over O'Brien Investment
------------------------------------------------------------
Independent.ie reports that creditors pursuing businessmen
Breifne O'Brien in a bid to enforce judgments of some
EUR13 million have secured court orders appointing a receiver
over his interest in a property in Boston held via two Irish-
registered partnerships.

According to Independent.ie, the EUR100,000 investment in the
partnerships was disclosed by Mr. O'Brien in a statement of
affairs provided in 2008.

Judge Peter Kelly appointed the receiver on Thursday,
Independent.ie relates.

It followed an application by counsel representing several
investors who previously obtained judgments totaling some
EUR13 million against Mr. O'Brien, Independent.ie notes.

Solicitor Brian Quigley, of McCann Fitzgerald, was appointed
receiver with a range of powers aimed at realising any sums due
to Mr. O'Brien under his interest in the partnerships, Sig
Capital Nominees and Sig Cap GB, Independent.ie relays.



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


* KAZAKHSTAN: Banks Not Facing Bankruptcy Risk, Pres. Says
----------------------------------------------------------
RIA Novosti reports that Kazakhstan President Nursultan
Nazarbayev sought to dismiss concerns Friday that any of the
country's lenders was in danger of going bankrupt as unease
persists in the wake of a decision to sharply devalue the
national currency.

Mr. Nazarbayev, as cited by RIA Novosti, said in a government
meeting on the state of the financial sector that the oil-rich
country's economy was in good health and that no bank would fold.

Banks in Kazakhstan were particularly badly hit by the global
financial crisis of 2008 and major state interventions were
required to save leading financial groups from collapse, RIA
Novosti recounts.

Kazakhstan's central bank joined the attempt to calm savers on
Feb. 18 by dismissing the rumors that Kaspi, Alliance and Center
Credit were facing looming bankruptcy, RIA Novosti relates.

The central bank said the rumors were "false, speculative and
misleading" and designed to destabilize the country's banking
system, RIA Novosti relays.

The banks also issued a joint statement to reassure clients, RIA
Novosti discloses.



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


LAURELIN II: Fitch Affirms 'BBsf' Rating on EUR17MM Class E Notes
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook Laurelin II B.V.'s junior
notes to Negative from Stable and affirmed all ratings as
follows:

   -- EUR147.2m Class A-1E: affirmed at 'AAAsf'; Outlook Stable

   -- EUR90m Class A-1R: affirmed at 'AAAsf'; Outlook Stable

   -- GBP30.4m Class A-1S: affirmed at 'AAAsf'; Outlook Stable

   -- EUR15.8m Class A-2: affirmed at 'AAAsf'; Outlook Stable

   -- EUR26m Class B-1: affirmed at 'AAsf'; Outlook Stable

   -- EUR15m Class B-2: affirmed at 'AAsf'; Outlook Stable

   -- EUR26m Class C: affirmed at 'Asf'; Outlook Stable

   -- EUR12.5m Class D-1: affirmed at 'BBBsf'; Outlook revised to
      Negative from Stable

   -- EUR10.5m Class D-2: affirmed at 'BBBsf'; Outlook revised to
      Negative from Stable

   -- EUR17m Class E: affirmed at 'BBsf'; Outlook Negative

   -- EUR1.7m Class X: paid in full

Laurelin II B.V. is a securitization of mainly senior secured,
senior unsecured, second-lien, and mezzanine loans (including
revolvers) extended to mostly European obligors.  At closing, a
total note issuance of EUR450 million was used to invest in a
target portfolio of EUR438 million.  The portfolio is actively
managed by GoldenTree Asset Management L.P.

Key Rating Drivers

The affirmation reflects the transaction's stable performance
over the past 12 months.  The Fitch Weighted Average Rating
Factor increased to 29.78 from 29.52, signaling slightly lower
credit quality, but still below its trigger of 32.  This was
offset by an improvement in the Weighted Average Recovery Rate
over the same period to 66% from 65.1%, above its trigger of
64.5%.  In addition, the Weighted Average Spread (WAS) increased
significantly to 4.47% from 4.07%, above its threshold of 2.75%,
the second-highest among Fitch's CLOs.  However, defaults are now
1.3% of the performing portfolio, up from 0% 12 months ago

The notes' over-collateralization (OC) tests have not been
breached to date. OC test results deteriorated towards the end-
2012 as a result of defaults in the portfolio but have since
recovered.  The interest coverage tests are passing with rising
buffers.

The revision in Outlooks to Negative on the class D notes and the
Negative Outlook on the class E notes reflects their sensitivity
to refinancing risk and an increase in defaults over the past 12
months.  Lower credit quality obligors may face difficulties
finding alternative financing, leaving them unable to repay the
securitized loans once they reach maturity.  Currently, 4.73% of
the portfolio is scheduled to mature by end-2015.

Rating Sensitivities

Fitch ran various rating sensitivity stresses on the transaction
to outline the impact on the notes' ratings if the key risk
drivers -- default rates and recovery rates -- are stressed.
Increasing the default probability by 25% would likely result in
a downgrade of up to three notches on the notes.  Furthermore,
applying a recovery rate haircut of 25% on all the assets would
likely result in a downgrade of up to three notches on the notes.


MESDAG BV: Fitch Lowers Rating on Class C Notes to 'CCsf'
---------------------------------------------------------
Fitch Ratings has downgraded Mesdag (Charlie) B.V.'s class C
notes due December 2019 and affirmed all other classes, as
follows:

  EUR130.7 million Class A (XS0289819889) affirmed at 'AAsf';
  Outlook revised to Stable from Negative

  EUR40.3 million Class B (XS0289822677) affirmed at 'BBBsf';
  Outlook Negative

  EUR40.3 million Class C (XS0289823568) downgraded to 'CCsf'
  from 'CCCsf'

  Recovery Estimate (RE) 50%

  EUR3.4 million Class D (XS0289824533) affirmed at 'Dsf'; RE0%

  EUR0 million Class E (XS0289824889) affirmed at 'Dsf'; RE0%

Mesdag (Charlie) B.V. is a CMBS transaction secured by six loans
backed by commercial real estate assets in Germany and the
Netherlands originated by NIBC Bank N.V.

Key Rating Drivers

The downgrade of the class C notes reflects the threat of loss
from the bankrupt Dutch Office loans and the thin layer of credit
support offered by the class D notes' balance (EUR3.4 million).
The affirmation of all other classes of notes and the revision of
the Outlook on the class A notes to Stable reflects the good
performance of the largest loan in the portfolio, Berlin
(EUR114.6 million, 53% of the pool balance), and Fitch's mixed
view on the performance of the remaining loans.

The Dutch Office I and II loans (EUR31.8 million and EUR25
million, respectively) continue to pose a threat of further
losses to junior notes.  An asset manager has now been appointed
on the properties securing these loans to improve value ahead of
a disposal process.  The current reported loan-to-value (LTV)
ratios stand at 148.1% and 124.8%, respectively.  Fitch expects
significant losses on the Dutch Office loans, in excess of the
class D notes' balance, which will lead to losses applied to the
class C notes.

The performance of the Berlin loan German multifamily housing
collateral, underpinned by strong income, low vacancy, a
manageable cost base and strong demand for German multifamily
assets, resulted in a current market value increase of 7% to
EUR201.9 million in December 2013 from EUR187.9 million in
December of 2011.  This will benefit the class A notes due to the
sequential payment of principal on the notes.

Since Fitch's last rating action, costs on some properties
backing the Tommy and Sparkasse loans have spiked.  Although this
is cause for concern, low leverage on the Tommy loan (LTV 37%)
helps mitigate the risk of losses.  Fitch expects a moderate
chance of refinance on the Sparkasse loan at maturity in March
2014 despite the unique nature of the properties, which are
mainly used as bank branches and residential space with a heavy
concentration in a relatively small pocket of western Germany.
The facility benefits from an average lease term of nearly seven
years to a strong tenant (Sparkasse, German savings bank) and
desirable town centre locations.

Rating Sensitivities

Any losses from the disposal of the Dutch Office I and II
properties could result in a further downgrade of the class C
notes.

Estimated 'Bsf' recoveries are EUR187.9m.


WOOD STREET V: Fitch Affirms 'Bsf' Ratings on 2 Note Classes
------------------------------------------------------------
Fitch Ratings has affirmed Wood Street CLO V B.V's notes as
follows:

   -- Class A-D (ISIN XS0305963588): affirmed at 'AAAsf'; Outlook
      Stable

   -- Class A-R (no ISIN): affirmed at 'AAAsf'; Outlook Stable

   -- Class A-T (ISIN US978639AM42): affirmed at 'AAAsf'; Outlook
      Stable

   -- Class A-2 (ISIN XS0305963745): affirmed at 'AAsf'; Outlook
      Stable

   -- Class B (ISIN XS0305963828): affirmed at 'Asf'; Outlook
      Stable

   -- Class C-1 (ISIN XS0305964123): affirmed at 'BBBsf'; Outlook
      Stable

   -- Class C-2 (ISIN XS0305964396): affirmed at 'BBBsf'; Outlook
      Stable

   -- Class D (ISIN XS0305964800): affirmed at 'BBsf'; Outlook
      Stable

   -- Class E-1 (ISIN XS0305965286): affirmed at 'Bsf'; Outlook
      Stable

   -- Class E-2 (ISIN XS0305965799): affirmed at 'Bsf'; Outlook
      Stable

Wood Street CLO V is a securitization of mainly European senior
secured loans with a total note issuance of EUR500 million
invested in a target portfolio of EUR480m.  The portfolio is
actively managed by Alcentra Limited.

Key Rating Drivers

The affirmations reflect commensurate levels of credit
enhancement for the notes, the respective transaction's stable
performance over the past 12 months, increases in excess spread
and stable coverage tests.  The notes each have sufficient
buffers relative to Fitch's loss expectation at the current
ratings.  The Stable Outlook on the mezzanine and junior notes
reflects limited refinancing and default clustering risks over
the next 18 months as only a small proportion of the current
portfolio is scheduled to mature over this time horizon.

The weighted average spread on the portfolio continues to
increase and is correlated with amend and extend activity on the
underlying loans.  The transaction's weighted average spread of
4.66% as of end-December 2013 is the highest among pre-crisis
Fitch-rated CLOs.  The weighted average life of the portfolio has
extended marginally, following maturity extension of a
considerable number of loans in the portfolio and trading
activity by the manager.  The re-investment period for the
transaction will end in October 2014, although unscheduled
principal proceeds can be re-invested at any time subject to
fairly stringent covenants on coverage tests, credit quality and
assets' weighted average life.  There are currently no long-dated
assets in the portfolio and the coverage tests do not incur any
penalty on such assets.

There is currently one defaulted asset in the portfolio making up
1% of the portfolio balance.  The defaulted asset has been in the
portfolio for the past 12months and in the over-collateralization
test is currently being appraised at the lower of its recovery
rate and market value.  The transaction is passing its coverage
tests although the buffers have marginally decreased, due to a
default of another asset in 2013 - which has since been sold
off -- and drawdowns on the class A-R variable funding note.  The
class A-R variable funding note is now nearly fully drawn.

The transaction has the ability to invest up to 30% of the
portfolio in sterling-denominated assets.  Currency risk from
sterling assets is naturally hedged through matching sterling
liabilities on the revolving multi-currency class A-R notes.  The
key risk arises when a sterling asset defaults, leaving the
remaining sterling assets unable to cover sterling note
repayments and in turn causing the structure to convert euro
proceeds into sterling to pay off sterling liabilities.  In such
a scenario, currency risk is exacerbated if sterling is
appreciating against the euro while a simultaneous rise in the
GBP Libor may compound the cost of sterling liabilities.

Such risks are managed in the structure via several tools,
including a redenomination of part of the class A-R notes and the
use of a liquidity facility, out-of-the money currency options
and an interest rate cap.  The residual currency risk is absorbed
by the structure through excess spread, which is at present
fairly significant, and through the low cost of funding on the
liabilities.  Fitch has found that the transactions can withstand
the various combinations of interest rate and currency stresses
overlaid with default skews between sterling and euro assets.
The transaction's exposure to Ireland, Italy and Spain --
countries where Fitch has imposed a sovereign rating cap under
the ratings on any of the notes in the transaction -- is fairly
higher than pre-crisis Fitch-rated CLOs.

Rating Sensitivities

Fitch ran rating sensitivity scenarios on the transaction to
assess the impact on the notes' ratings if default rates and
recovery rates are stressed.

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



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


* ROMANIA: More Than 2,000 Companies Go Bust in January 2014
------------------------------------------------------------
Florentina Dragu at Ziarul Financiar reports that data from the
Trade Registry showed Friday a little over 2,000 companies went
out of business in Romania last month, down 14.5% compared with
January 2013.



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


SOLWAY INVESTMENT: Fitch Cuts LT Foreign Currency IDR to 'B-'
-------------------------------------------------------------
Fitch Ratings has downgraded Russian-based Solway Investment
Group Limited's Long-term foreign currency Issuer Default Rating
(IDR) to 'B-' from 'B' and placed it on Rating Watch Negative
(RWN).  The group's Short-term IDR of 'B' has also been placed on
RWN.

The downgrade reflects a material rebasing of expected results
for the next three to four years stemming from a combination of
delays at key development projects (Fenix, KurilGeo), a potential
curtailment of production at the group's Pobugsky ferro-nickel
plant, as well as nickel prices below Fitch's price deck.  Fitch
now expects FY2014 revenues of around USD450 million compared
with previous expectations in excess of USD900 million.

The RWN primarily reflects liquidity concerns over the coming
6-12 months.  Given assumed negative free cash flow (FCF),
maintenance of adequate liquidity is dependent upon receiving
funds from asset sales and raising new debt.

Key Rating Drivers

Rebased Forecasts

In recent months, Solway has been subject to several operational
problems at existing and planned sites, as well as nickel market-
related issues.  These factors have led us to significantly
revise down our expectations for the group over the next three to
four years.  "We now expect revenues in 2014 and 2015 to be
roughly half previous levels at around USD450 million-USD500
million. Under our base rating case, Fitch calculated EBITDA will
be similarly affected, with levels of around USD120 million in
2014 and USD175 million in 2015.  FCF will now also be negative
in 2014 before turning positive in 2015. Funds from operations
(FFO) adjusted leverage is forecast to peak at end-2013 at 4.1x
(1.6x expected previously), but will reduce to below 2.0x in 2014
and beyond as the Fenix project ramps up," Fitch said.

Liquidity

As of February 2014, Solway had USD41 million of cash against
maturing debt of USD49 million in 2014.  Under the 2014 base
case, we forecast negative FCF of around USD25 million. The
maintenance of adequate liquidity is therefore dependent on
receiving cash from asset sales and planned debt raising.  Solway
expects USD135 million in proceeds from asset sales in 2014,
USD49 million of which has been received to date. These include
residential apartments, commercial property and equity stakes in
mining projects.  The company also has plans to raise new debt
funding of up to USD100 million from from a private equity fund
with negotiations currently ongoing.

Project Delays

Solway's main development project is the Fenix nickel mine in
Guatemala.  Commissioning was originally planned for August 2013
but has been postponed by six months due to delays in equipment
delivery.  Phases 1 and 2 of the project, consisting of
processing capacity of 27,000 metric tonnes per annum in
aggregate and a diesel power plant, will be completed in February
2014.  The company's KurilGeo gold mine in Russia has also been
subject to delays and will now come into production in 2H14
rather than 2H13.

Indonesia Ore Export Ban

Solway's Pobugsky ferro-nickel plant in Ukraine has historically
sourced nickel ore from Indonesia.  Indonesia banned the export
of unprocessed nickel ores from January 2014.  "We understand
that the Pobugsky plant has sufficient ore to continue operation
until the end of March 2014, after which there is no guaranteed
supply. The company's Fenix mine will eventually be able to
supply around one-third of the plants requirements," Fitch said.

Diversified Portfolio of Assets

Although relatively small in size Solway has good operational
diversification.  It produces ferronickel (67% of revenue in
2012), copper and copper concentrate (14%), lead concentrate
(11%) and zinc concentrate (5%).  This kind of product
diversification may reduce the volatility of margins.  However,
the company operates in countries with 'high' and 'medium' risk
relative to mining operations -- Ukraine, Macedonia, Guatemala
and Russia.

Below Average Corporate Governance
Transactions with related entities represent a material portion
of Solway's revenue.  As a private company Solway has a low level
of transparency and public information disclosure (although Fitch
continues to receive adequate information to monitor the
ratings).

Rating Sensitivities

Negative: Future developments that could lead to negative rating
action include:

-- Further delays and/or cost overruns in key development
    projects.

-- Failure to improve company's liquidity profile via the
    expected disposal of non-core assets or debt issuance.

-- Sustained negative FCF.

-- FFO adjusted gross leverage sustained above 3.0x.

Positive: Future developments that could lead to positive rating
actions include:

-- Successful commissioning and period of sustainable production
    from key Fenix and KurilGeo development projects.

-- Funds from operations adjusted gross leverage sustainably
    below 2.0x.

-- Strengthening of the liquidity profile.

-- Improvement of the corporate governance profile including
    greater transparency and information disclosure.

Resolution of the RWN will likely take place over the next six
months.



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


IBERCAJA BANCO: Fitch Assigns 'BB+' IDR; Outlook Stable
-------------------------------------------------------
Fitch Ratings has assigned Spain-based Ibercaja Banco, S.A. a
Long-term Issuer Default Rating (IDR) of 'BB+' with Stable
Outlook and a Viability Rating (VR) of 'bb+'.  Fitch has also
assigned a Support Rating and Support Rating Floor (SRF)
respectively of '3' and 'BB+'.

At the same time, Fitch has taken rating actions on Ibercaja
Banco's subsidiary, Banco Grupo Cajatres, S.A. (BCaja3).

KEY RATING DRIVERS - IBERCAJA BANCO's IDRS AND VR

Ibercaja Banco's Long-term IDR is driven by its intrinsic
strengths, as captured by the VR.  The VR reflects a loan book
heavily weighted towards retail mortgages (around 65% of loans)
where asset quality is holding up better than the average Spanish
bank.  Other supporting factors for the VR are a comfortable
funding and liquidity profile and a leading franchise in Aragon.
Both factors were boosted following the acquisition of BCaja3 and
its ample customer deposit base.

On the other hand, Ibercaja Banco's VR also reflects its modest
earning capacity, due to low interest rates and limited growth
prospects in the bank's traditional markets resulting from
Spain's weak operating environment.  Fairly weak capital ratios
also weigh on the VR, as do the execution risks arising from the
restructuring and subsequent integration of BCaja3.

The impaired loan (NPL) ratio reached 8.9% at end-3Q13 following
a spike in 1H13.  This reflected deterioration in the bank's real
estate development loan portfolio and the consolidation of
BCaja3's loans.  However, the NPL ratio remains below that of
many peers, reflecting conservative underwriting standards
applied to residential mortgages and real estate development
loans representing just 10% of total lending, which is low
relative to other Spanish banks.  Reserve coverage for NPLs (66%)
is reasonable as the bulk of these loans are secured by tangible
collateral.  Fitch expects asset quality to weaken further, but
the agency considers the bank's loss absorption capacity as
compatible with the current VR.

The bank is predominantly funded by deposits, with a loan/deposit
ratio of 107%.  The stock of unencumbered assets is considered
ample at 15% of total assets given the diversified structure of
the bank's wholesale debt repayments.

Fitch expects Ibercaja Banco's profitability to remain modest
given weak growth, low interest rates and additional provisions.
Any profitability improvement will mainly arise from synergies
from the BCaja3 merger.  Ibercaja Banco's 9M13 figures show only
marginal profitability, due to tight margins and high, albeit
declining, impairments, following heavy losses in 2012.

Fitch believes Ibercaja Banco's level of capital, coupled with
weak earnings prospects, provides the bank with a fairly moderate
capacity to absorb unforeseen losses.  However, capital should
benefit from the conversion of deferred tax assets into tax
credits, risk-weighting optimization and one-off items.  At end-
3Q13, Ibercaja Banco's Fitch eligible capital-to-weighted risks
ratio was 8.3% and included EUR407 million of convertibles from
Spain's Fund for Orderly Bank Restructuring.  These convertibles
were injected into BCaja3 prior to its acquisition.

RATING SENSITIVITIES - IBERCAJA BANCO's IDRS AND VR

A downgrade of Ibercaja Banco's VR may lead to a corresponding
action on the IDRs, provided the Support Rating Floor is also
being revised lower.  This is because the VR is at the same level
as the Support Rating Floor.

The VR remains sensitive to a higher-than-currently-assumed
deterioration in asset quality, especially if this results in an
even lower level of earnings or inability to sustain capital.
The VR could also be downgraded if expected synergies from the
BCaja3 acquisition fail to materialize.

Modest upward potential on the VR could arise if asset quality
stabilizes, and if earnings generation and capital ratios see
material improvements.  The VR would also benefit from a smooth
implementation of BCaja3's restructuring.

KEY RATING DRIVERS - IBERCAJA BANCO's SUPPORT RATING AND SRF

The SR of '3' and SRF of 'BB+' reflect Fitch's opinion of a
moderate likelihood of government support for the bank, if
needed. This is due to a small franchise at national level
(deposit market share: 3%), although Fitch also considers
Ibercaja Banco's large presence in Aragon, and in Castilla-Leon
and Extremadura.

RATING SENSITIVITIES - IBERCAJA BANCO's SUPPORT RATING AND SRF

A downgrade of Spain's Long-term IDR (BBB/Stable) could put
pressure on Ibercaja Banco's SR and SRF.  The SR and SRF could
also be downgraded if the bank's franchise are significantly
eroded, which is, however, not Fitch's base case.  The SR and SRF
could also be downgraded should state support for senior
creditors of EU banks weaken, as signaled in a series of
legislative, policy and regulatory initiatives.

KEY RATING DRIVERS - BCAJA3

Fitch aligns BCaja3's IDRs with the parent's because BCaja3 is
viewed as a core subsidiary and will be merged into the parent by
end-2014, when BCaja3 will cease to exist as a separate legal
entity. Ibercaja Banco acquired BCaja3 on July 23, 2013.  BCaja3
is 100% owned by Ibercaja Banco and is fully-consolidated into
the group's accounts.

BCaja3's SRF of 'BB+' is affirmed and withdrawn.  Fitch believes
the main source of support for BCaja3 to be Ibercaja Banco,
rather than the Kingdom of Spain.  Fitch does not assign SRFs to
banks whose primary source of support is institutional.

RATING SENSITIVITIES - BCAJA3

Until BCaja3 ceases to exist as a separate legal entity, its IDRs
are sensitive to the same factors that could impact Ibercaja
Banco's IDRs.  BCaja3's Stable Outlook reflects its parent's.
BCaja3's SR may be downgraded if its importance to the group
diminishes, which Fitch considers as unlikely at present.
The rating actions are as follows:

Ibercaja Banco:

   -- Long-term IDR: assigned at 'BB+'; Stable Outlook
   -- Short-term IDR: assigned at 'B'
   -- Viability Rating: assigned at 'bb+'
   -- Support Rating: assigned at '3'
   -- Support Rating Floor: assigned at 'BB+'

BCaja3:

   -- Long-term IDR: affirmed at 'BB+'; Stable Outlook
   -- Short-term IDR: affirmed at 'B'
   -- Support Rating: affirmed at '3'
   -- Support Rating Floor: affirmed at 'BB+'; withdrawn


IM GRUPO: Moody's Affirms 'C' Ratings on 3 Note Classes
-------------------------------------------------------
Moody's Investors Service has upgraded the ratings of six
mezzanine notes and affirmed the ratings of 10 notes issued by
three Spanish asset-backed securities (ABS) transactions backed
by loans to small and medium-sized enterprises (SME): IM Grupo
Banco Popular Empresas 1, FTA, IM Grupo Banco Popular FTPYME I,
FTA, and IM Grupo Banco Popular FTPYME II, FTA.

Deleveraging and the high level of credit enhancement, combined
with asset-pool performance in line with Moody's expectations,
primarily drove the rating actions. The actions also capture
Moody's view regarding the deals' exposure to counterparty risk.

The three SME ABS transactions were originated by Banco Popular
Espanol, S.A. (Ba3/NP negative, standalone bank financial
strength rating E+/baseline credit assessment b1 negative).


Ratings rationale

Deleveraging of the Transaction and Build-Up Of Credit
Enhancement

The rating action primarily reflects the deleveraging of the
transactions and the increase of credit enhancement to address
credit risk.

The current level of credit enhancement in the form of cash (via
the reserve fund) and subordination is sufficient to support the
upgrades for the notes of the following deals, ranging from one
to three-notches (1) the class C and D notes issued by IM Grupo
Banco Popular Empresas 1, FTA; (2) class B and C notes issued by
IM Grupo Banco Popular FTPYME I, FTA; and (3) the class B and C
notes issued by IM Grupo Banco Popular FTPYME II, FTA.

The fast amortization in the three deals has prompted a
significant deleveraging in their capital structures during 2013.

The credit enhancement under class C and D in IM Grupo Banco
Popular Empresas 1, FTA, of 46.2% and 20.8% respectively, has
been the key driver for the upgrades to A3 (sf) and Ba3 (sf).

The credit enhancement under class B and C in IM Grupo Banco
Popular FTPYME I, FTA, of 41.8% and 32.8% respectively, has been
the key driver for the upgrades to A3 (sf) and Baa3 (sf).

The credit enhancement of 48.8% and 37.0% available under class B
and class C respectively in IM Grupo Banco Popular FTPYME II, FTA
is enough to protect these notes from the increasing borrower
concentration risk, with the top 10 borrowers representing 22% of
the portfolio (according to the December 2013 collateral report).

Using different sensitivity scenarios, Moody's has tested the
current ratings' resistance to the default of the top borrowers'
exposures.

Moody's Maintains Key Collateral Assumptions

The performance of the three transactions is in line with Moody's
expectations.

90+ delinquencies have stabilized in IM Grupo Banco Popular
Empresas 1, FTA and IM Grupo Banco Popular FTPYME I, FTA at 2.0%
and 2.7% respectively, following decreasing trends since their
peak in 2012, and below the market average for Spanish SME ABS.
The lack of granularity in IM Grupo Banco Popular FTPYME II, FTA
prompted the increase in arrears in December 2013 up to 6.9%;
however, this remains below Moody's default assumption of 16.5%
of the current portfolio balance in the deal. Defaults stood at
4% to 5% of the original pool balance as of December 2013.

Moody's maintained its default and recovery rate assumptions for
the three transactions, which it updated on April 11, 2013 in IM
Grupo Banco Popular FTPYME I, FTA and IM Grupo Banco Popular
FTPYME II, FTA, and on 25 March 2013 in IM Grupo Banco Popular
Empresas 1, FTA.

For IM Grupo Banco Popular Empresas 1, FTA, the current default
assumption is 16.5% of the current portfolio balance, the
assumption for the fixed recovery rate is 60.0% and the CoV is
90.3% which, combined with the key collateral assumptions,
corresponds to a portfolio credit enhancement of 22.8%.

For IM Grupo Banco Popular FTPYME I, FTA, the current default
assumption is 16.5% of the current portfolio balance, the
assumption for the fixed recovery rate is 60.0% and the CoV is
88.2% which, combined with the key collateral assumptions,
corresponds to a portfolio credit enhancement of 21.5%.

For IM Grupo Banco Popular FTPYME II, FTA, the current default
assumption is 16.5% of the current portfolio balance, the
assumption for the fixed recovery rate is 45.0% and the CoV is
83.7% which, combined with the key collateral assumptions,
corresponds to a portfolio credit enhancement of 31.3%.

Exposure to Counterparty Risk

Moody's rating actions also take into consideration the exposure
to the different counterparties in the transactions.

In the three transactions, Banco Popular Espanol, S.A. acts as
servicer and collections account bank, and transfers collections
every day to the reinvestment accounts at the Banco de Espana
(unrated), where the reserve funds also reside. Moody's has
incorporated into its analysis the potential default of both
counterparties, which could expose the transactions to a
commingling loss on the collections and a loss on the reserve
fund.

HSBC Bank plc (Aa3/P-1) acts as swap counterparty in IM Grupo
Banco Popular FTPYME I, FTA, while JPMorgan Chase Bank, N.A.,
London Branch (Aa3/(P)P-1) has this role in IM Grupo Banco
Popular Empresas 1, FTA. Banco Popular Espanol, S.A. is the swap
counterparty in IM Grupo Banco Popular FTPYME II, FTA.

The principal methodology used in these ratings was Moody's
Global Approach to Rating SME Balance Sheet Securitizations
published in January 2014.

Factors That Would Lead to an Upgrade or Downgrade of the Ratings

Factors or circumstances that could lead to a downgrade of the
ratings affected by the action would be (1) worse-than-expected
performance of the underlying collateral; (2) deterioration in
the credit quality of the counterparties; and (3) an increase in
Spain's sovereign risk.

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

List of Affected Ratings

Issuer: IM Grupo Banco Popular Empresas 1, FTA

EUR1135.8M A2 Notes, Affirmed A3 (sf); previously on Mar 25,
2013 Confirmed at A3 (sf)

EUR28.8M B Notes, Affirmed A3 (sf); previously on Mar 25, 2013
Confirmed at A3 (sf)

EUR27M C Notes, Upgraded to A3 (sf); previously on Mar 25, 2013
Confirmed at Baa3 (sf)

EUR54.9M D Notes, Upgraded to Ba3 (sf); previously on Mar 25,
2013 Upgraded to B2 (sf)

EUR32.4M E Notes, Affirmed C (sf); previously on Mar 25, 2013
Affirmed C (sf)

Issuer: IM Grupo Banco Popular FTPYME I, FTA

EUR150M A4 Notes, Affirmed A3 (sf); previously on Apr 11, 2013
Confirmed at A3 (sf)

EUR155.4M A5(G) Notes, Affirmed A3 (sf); previously on Apr 11,
2013 Confirmed at A3 (sf)

EUR30M B Notes, Upgraded to A3 (sf); previously on Apr 11, 2013
Confirmed at Baa3 (sf)

EUR28M C Notes, Upgraded to Baa3 (sf); previously on Apr 11,
2013 Confirmed at Ba2 (sf)

EUR60M D Notes, Affirmed B2 (sf); previously on Apr 11, 2013
Upgraded to B2 (sf)

EUR30M E Notes, Affirmed C (sf); previously on Apr 11, 2013
Affirmed C (sf)

Issuer: IM Grupo Banco Popular FTPYME II, FTA

EUR221.7M A3(G) Notes, Affirmed A3 (sf); previously on Apr 11,
2013 Confirmed at A3 (sf)

EUR47M B Notes, Upgraded to Baa1 (sf); previously on Apr 11,
2013 Confirmed at Baa2 (sf)

EUR23M C Notes, Upgraded to Baa2 (sf); previously on Apr 11,
2013 Upgraded to Ba1 (sf)

EUR45M D Notes, Affirmed B3 (sf); previously on Apr 11, 2013
Upgraded to B3 (sf)

EUR39M E Notes, Affirmed C (sf); previously on Apr 11, 2013
Affirmed C (sf)


PORTAVENTURA ENTERTAINMENT: Moody's Rates EUR420MM Notes 'B3'
-------------------------------------------------------------
Moody's Investors Service has assigned a definitive B3 instrument
rating with a loss given default of LGD4 to the senior secured
EUR420 million notes due 2019 and 2020 issued at PortAventura
Entertainment Barcelona B.V., a special purpose vehicle that is
not affiliated with the rated group, has no turnover generating
operations of its own and whose principal purpose is to issue the
notes. The notes proceeds are on-lent to the company via a
Secured Credit Facility. PAESA Entertainment Holding, S.L.'s
(PortAventura) B3 corporate family rating (CFR), B3-PD
probability of default rating (PDR) and the stable outlook on all
ratings remain unchanged.

Ratings Rationale

Moody's definitive ratings on these debt obligations are in line
with the provisional ratings assigned on December 9, 2013.

Corporate Family Rating And Probability Of Default Rating

In Moody's view, the key constraints to PortAventura's ratings
are its small scale relative to its peers in the theme park and
destination park industry, single location, and the rating
agency's expectation of a fairly aggressive capital structure
after the pending notes issuance. In last twelve months to
September 2013 the company reported sales of EUR181 million,
which is the smallest within Moody's rated peer group of theme
parks. The company has shown progressive growth in both revenues
and earnings in the past three years. However, Moody's continues
to believe that PortAventura's limited diversification, with one
theme park in Catalunya (Generalitat de Catalunya is rated Ba3 by
Moody's, with a stable outlook), exposes the company to economic,
regulatory or political risks in that region and in Spain
generally (Government of Spain is rated Baa3 by Moody's, with a
stable outlook). Its concentration of visitors from Spain, which
continued to make up nearly two thirds of visitors in 2012, is
significant and exposes the company to domestic tourism trends,
although PortAventura is gradually diversifying its visitor base
to other countries, with the share of foreign visitors increasing
from 29% in 2011 to 35% in 2012. The company's gross leverage
(debt/EBITDA), as adjusted by Moody's, was 4.2x as of FYE2012,
although Moody's expects that with the current financing, and
return of funds to shareholders, the metric will rise to about
6.0x pro forma using last twelve month reported EBITDA to
September 2013 of EUR71.9 million. As the company tends to
generate positive free cash flows, the trend in the leverage
metric will depend on the company and its shareholders' own
financial policies. Our rating factors in the expectation of
continued steady growth in earnings without any further debt-
funded returns to shareholders.

The rating is supported by PortAventura's resilient performance
in recent years. Reported EBITDA grew to EUR68.8 million in 2012,
from EUR40.1 million in 2010, amidst a regional economy in
Catalunya that saw on average slightly negative growth of about
0.2% in 2007-12 (and negative 1.0% in 2012). The average national
GDP growth was also negative in those years, while Moody's
forecasts minus 1.3% in 2013 and growth of 0.7% in 2014. EBITDA
growth has continued on a positive trajectory in 2013 with last
twelve month reported EBITDA to September 2013 of EUR71.9
million. The park's earnings growth has benefited in part from
the park's own expansion in terms of adding new hotels and
renovating existing ones, as well as adding new attractions, most
notably the Shambhala, the tallest roller coaster in Europe which
opened in 2012 with an investment of EUR25 million. PortAventura
had 3.7 million visitors in 2012, of which about 34% from abroad,
making it the fifth most visited park in Europe, with the second
largest number of rooms after Eurodisney. Moody's expects that
the company will continue to invest in new rides and attractions,
which Moody's believe will remain fundamental to attract new and
repeat customers and to grow earnings.

Moody's notes that land development in the area where
PortAventura operates is regulated by the Recreational and
Tourism Centers (RTC), a consortium composed of the local
municipalities where PortAventura operates and the Generalitat de
Catalunya. While the consortium could potentially impede
PortAventura's own development plans, it could also act as a
barrier to entry for new competitors. In this regard, Moody's
notes the application currently pending to develop Barcelona
World (BCN World), a luxury tourism complex adjacent to
PortAventura with six hotels. PortAventura has not committed any
funds to this project, but has an option to manage some of the
hotels. In our view, such a development could bring more tourism
to the region in general, which would be to the benefit of both
companies, but also risks increasing competition over hotel
occupancy. However, the development is not expected to begin
operations until late 2016. In October 2013, the company reached
an option agreement with the BCN World shareholders to
participate in the potential development of the project through
the management of its family hotels.

The company has issued EUR420 million fixed and floating rate
notes which, together with existing cash, will be used to: i) to
refinance existing debt, including a vendor loan, of about EUR270
million in total; ii) to pay certain transaction fees of about
EUR15 million; and iii) to pay a dividend to shareholders of
about EUR170 million. Of this amount, EUR50 million was held in
an escrow account and paid to World Park Holdings upon
consummation of the acquisition by KKR, which Moody's understands
occurred on 10 February 2014. The company also retains an EUR15
million secured mortgage loan on Hotel Caribe, a hotel in which
it holds a 60% stake. Post transaction, this mortgage loan and
the notes are expected to be the only outstanding debt at the
company.

In terms of liquidity, the company benefits from an EUR50 million
Revolving Credit Facility (RCF) maturing in 2019, was undrawn at
closing, as well as a pro forma cash balance as of September 2013
of EUR26 million. The facility contains one covenant for
leverage, for which Moody's expects strong headroom. The covenant
is only applicable if the aggregate amount of utilization amounts
to at least 15% of the available amount. The company's revenues
are highly seasonal, with the majority of revenues and earnings
generated between June and August. Seasonality is partly
mitigated by the convention centre, which is opened year-round,
and where peak occupancy is in the October to March period. Since
the company tends to see cash outflows in the fourth and first
quarters of the year, Moody's expects drawings under the RCF to
be during those quarters. The rating agency's assessment of
adequate liquidity therefore assumes access to the RCF at all
times.

B3 Rating Of Senior Secured Notes

The B3 rating of the notes, at the same level as the CFR,
reflects the fact that they represent nearly all of the company's
debt obligations. The notes are issued by PortAventura
Entertainment Barcelona B.V., a special purpose funding vehicle,
with the proceeds on-lent to the restricted group by means of a
Secured Credit Facility. The facility will be guaranteed by
guarantors that represented 92% of the EBITDA, 91% of total
assets and 97% of revenues of the group as of September 2013. The
Secured Credit Facility will also hold a security over certain
bank accounts and shares of the Issuer and the Subsidiary
Guarantors, as well as over certain material real estate assets.
Finally, although Hotel Caribe itself is not a Subsidiary
Guarantor, the Secured Credit Facility will also be secured by a
pledge over the 60% of the shares in Hotel Caribe held by
PortAventura. The Secured Credit Facility Agreement amounts to
EUR420 million, the same as the senior secured notes, and has the
same maturity date. The RCF is secured by the same collateral as
the Secured Credit Facility except that the RCF will not benefit
from the security over shares held in Hotel Caribe. The notes
will be secured by a first-ranking security over the receivables
owed to the issuer, notably the Secured Credit Facility. In
accordance with the terms of an intercreditor agreement, in the
event of enforcement of the collateral, the Secured Credit
Facility will be repaid only after the RCF has been repaid in
full. The PDR of B3-PD reflects a group family recovery rate
assumption of 50%, in line with bank and bond capital structures.

Rationale For The Stable Outlook

The stable outlook reflects Moody's view that PortAventura's
recent performance and gradual growth in earnings, will result in
a gradual strengthening in metrics. The rating does not
anticipate any further distributions to shareholders after this
transaction. Given the single site nature of the company, Moody's
would expect it to retain a fairly conservative financial profile
for the rating. For the current B3 rating, the rating agency
would expect PortAventura to maintain its gross adjusted leverage
below 6x, such that Moody's expects there will be limited
flexibility for deviations from the business plan.

What Could Change The Rating Up/Down

Positive pressure could ensue if the gross leverage metric were
to fall well below 5.5x on a sustainable basis, with strong
liquidity and continued positive free cash flow generation.
Downward pressure on the rating would likely occur if operating
performance trends worsen or the gross leverage metric were to
exceed 6.25x on a continued basis, or following a significant
deterioration in liquidity (including, but not limited to,
diminishing covenant headroom) or free cash flow generation.

Principal Methodology

PortAventura Entertainment Barcelona B.V.'s ratings were assigned
by evaluating factors that Moody's considers relevant to the
credit profile of the issuer, such as the company's (i) business
risk and competitive position compared with others within the
industry; (ii) capital structure and financial risk; (iii)
projected performance over the near to intermediate term; and
(iv) management's track record and tolerance for risk. Moody's
compared these attributes against other issuers both within and
outside PortAventura Entertainment Barcelona B.V.'s core industry
and believes PortAventura Entertainment Barcelona B.V.'s ratings
are comparable to those of other issuers with similar credit
risk. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

PortAventura, based in Catalunya, Spain, is the second largest
destination resort in Europe by number of hotel rooms and the
fourth largest destination resort and theme park by number of
visitors in 2012. In that year, the company reported revenues and
EBITDA of EUR181.2 million and EUR68.8 million, respectively.



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


UKRAINE: On Verge of Bankruptcy Amid Political Crisis
-------------------------------------------------------
Deutsche Welle reports that Ukraine's political crisis has
brought the country to the edge of the abyss.  And worse yet, the
standoff between the government and demonstrators has reduced the
economy to a shambles, Deutsche Welle says.

According to Deutsche Welle, the latest setback came over the
weekend, when the ratings agency Standard and Poor's cut Kyiv's
credit worthiness to CCC, just a few notches away from being
classified as insolvent.

Ukraine's currency, the hryvnia, has lost more than 10% of its
value against the euro since the beginning of this year,
Deutsche Welle notes.  Meanwhile, the country's foreign exchange
reserves are melting away rapidly, Deutsche Welle states.  As a
consequence, Ukraine's public debt is soaring because a large
portion of the loans taken out were in foreign currencies,
according to Deutsche Welle.

"A bankruptcy is absolutely possible," Deutsche Welle quotes
Theocharis Grigoriadis, an economist with the Eastern Europe
Institute at the Free University of Berlin, as saying.

Mr. Grigoriadis, as cited by Deutsche Welle, said that the
country's impending bankruptcy was the reason why Ukrainian
President Viktor Yanukovych rejected the EU association agreement
last year and instead accepted a multi-billion dollar loan from
Moscow.

Deutsche Welle relates that Mr. Thomas Baumman said with its
foreign exchange reserves dwindling, Ukraine will soon face
problems paying for imported goods.

Deutsche Welle notes that Mr. Grigoriadis said the EU, World
Bank, International Monetary Fund, and -- if possible -- Russia
need to sit down at one table and develop a plan for Ukraine.
Mr. Yanukovych rejected IMF loans because they required stringent
economic reforms, Deutsche Welle recounts.

"In order to meet the conditions of the IMF, Ukraine needs a new
government," Deutsche Welle quotes Mr. Baumann as saying.



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


ARGON CAPITAL: Moody's Puts B1 Rating on Review for Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the rating of the following notes issued by Argon
Capital PLC:

Series 100 GBP750,000,000 Perpetual Non-Cumulative Securities,
B1 Placed Under Review for Possible Downgrade; previously on
November 12, 2013 Confirmed at B1.

Ratings Rationale

Moody's explained that the rating action taken is the result of
the rating action on the preference shares of Royal Bank of
Scotland Group plc whose B1 (hyb) rating was placed on review for
possible downgrade on February 12, 2014. The transaction is a
repackaging of preference shares issued by Royal Bank of Scotland
Group plc.

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

This rating is essentially a pass-through of the rating of the
underlying securities. Noteholders are exposed to the credit risk
of the preference shares of Royal Bank of Scotland Group plc and
therefore the rating moves in lock-step.

Moody's expects to conclude this review when the review of Royal
Bank of Scotland Group plc is completed.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy and 2) more specifically, any
uncertainty associated with the underlying credits in the
transaction could have a direct impact on the repackaged
transaction.

Methodology Underlying the Rating Action:

The principal methodology used in this rating was Moody's
Approach to Rating Repackaged Securities published in April 2010.

Moody's conducted no cash flow analysis, sensitivity or stress
scenarios because the ratings are a direct pass-through of the
rating of the Royal Bank of Scotland Group PLC preference shares.


CPUK FINANCE: Fitch Affirms 'B+' Rating on Class B Notes
--------------------------------------------------------
Fitch Ratings has affirmed CPUK Finance Ltd.'s class A1, A2 and B
notes at 'BBB', 'BBB' and 'B+', respectively.  The Outlook on all
the notes is Stable.

Key Rating Drivers

The affirmation is driven by the solid performance of Center
Parcs Limited (Center Parcs; the operating company; forming the
borrower group together with four property holding companies
among others) with 1H14 EBITDA (24 weeks) rising by 3.5% and
revenues up by 3.4%.  Growth was supported by the continuation of
Center Parcs' capex program with GBP39.9 million (13.1% sales)
and GBP14.7 million total capex invested in 2013 and 1H14,
respectively.  The Stable Outlooks reflect Fitch's expectation
that the relatively good quality estate and proactive management
will continue to deliver steady performance over the next few
years.

After revenue growth slowed materially during FY12 to 0.4% (due
primarily to a VAT increase in 2011, impact of a 53-week year and
concession changes that were broadly EBITDA neutral but negative
for revenues), strong growth in accommodation of 6.0% (59.1% of
total revenues) drove FY13 growth of 4.0%.  Accommodation growth
was price-led and largely generated in 2H, with the average daily
rate (ADR) improving by 7.4% and 7.9% in 3Q13 and 4Q13,
respectively (YoY quarterly basis) while occupancy remained flat
at around 97% on a trailing-12-months (TTM) average basis.
According to management, the strong ADR growth was driven by
inflationary price increases, yield management and the benefit of
uplift in ADR on the refurbished lodges, as well as a small
benefit from new build accommodation. During FY13, on-site (40.9%
total revenues) growth was lower at 1.4%, but this was affected
by the loss of GBP2.7 million of revenues from the transfer of 16
food and beverage and retail units to concessions during the
year.

The improved top line performance drove FY13 EBITDA growth of
4.8% (to GBP140.0 million), with the margin remaining around 46%
versus previous year as cost of goods sold reduced by 7.9% (to
GBP31.4 million) as a result of cost management and concession
transfers, and operating costs increased by 6.5% to GBP132.1
million due to increases in all key drivers (payroll, maintenance
insurance and energy costs). At 3.5%, EBITDA growth for the first
half of FY14 showed continued stable performance.

Center Parcs is reliant on a relatively high capex spend to keep
its offer current. As of 1H14 the refurbishment program was on
track, with 69% of all 3421 units having been refurbished so far,
leaving 957 to go with planned upgrades of a further 263 units in
the remainder of FY14 and early FY15 at an estimated cost of
GBP14.2 million.

Center Parcs continues to benefit from a high level of advance
bookings. Guests can book 18 months in advance, giving the
company a high degree of visibility for its staffing and
expenditure requirements. 24 weeks into FY14, around 80% physical
capacity has been booked.

As expected, the class B cumulative interest expense ratio (1.79x
as per first half of FY14) is below its restricted payment
covenant (1.9x) so that no dividends have been paid (except
management fees) and cash is being locked up (GBP37.4 million as
per 1H14).

Fitch's base case (to legal final maturity of the notes in
February 2042) free cash flow (FCF) compound annual


EUROSAIL PRIME-UK: S&P Lowers Ratings on 4 Note Classes to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D(sf)' its credit
ratings on Eurosail PRIME-UK 2007-A PLC's class M, B, C, and D
notes.  At the same time, S&P has placed on CreditWatch positive
its 'B (sf)' rating on the class A notes.

On Feb. 4, 2014, we were notified that Eurosail PRIME-UK 2007-A's
noteholders voted in favor of restructuring the transaction.  The
rating actions follow the Feb. 13, 2014 noteholders' approval of
Eurosail PRIME-UK 2007-A's restructuring proposal, with the
restructuring being conditional on the successful sale of the
remaining claims against Lehman Brothers' bankruptcy trustee.
The restructuring, among other things, removed the foreign
exchange rate risk by converting the euro-denominated notes into
British pound sterling-denominated notes and resulted in a write-
down of the class M, B, C, and D notes by 13.03% each, equating
to a total write-down of GBP7.00 million.

Following the bankruptcy of Lehman Brothers, the issuer entered
into a termination and settlement agreement with Lehman Brothers'
trustee, in March 2012.  Under this agreement, the parties agreed
to settle the issuer's claim against Lehman Brothers under the
terminated hedging agreement at a value of US$106 million.

The proceeds of the termination, including the sale of the
remaining claims, amounted to US$64.9 million, or 61.12% of the
agreed claim.

Following the sale of the remaining claims in early February, the
restructuring became effective, which resulted in amendments to
the existing debt documentation's terms and conditions, and
included, among other things:

   -- The conversion into sterling of the termination payouts to
      GBP39.78 million from US$64.9 million;

   -- A decrease of the reserve fund to GBP1.500 million from
      GBP4.725 million; and

   -- The re-collateralization of the transaction through write-
      downs of the mezzanine and junior classes of notes,
      effective on the December 2013 interest payment date.

Because the class M, B, C, and D notes suffered principal losses
due to the write-downs -- of GBP2.15 million, GBP2.11 million,
GBP1.39 million, and GBP1.35 million, respectively -- S&P has
lowered to 'D (sf)' its ratings on these classes of notes.

The senior class of notes did not incur a write-down and the
conversion occurred at a spot rate of GBP0.830 to EUR1.000.
Therefore, S&P do not view the amendment to the class A notes as
a distressed restructuring.  Following the conversion, the
transaction is no longer exposed to foreign exchange rate risk,
which was the main constraint on S&P's rating.  S&P has therefore
placed on CreditWatch positive its rating on the class A notes.

In order to resolve this CreditWatch placement, S&P will conduct
a credit and cash flow analysis of the revised transaction
structure.

Eurosail PRIME-UK 2007-A is a U.K. residential mortgage-backed
securities (RMBS) transaction backed by mortgages originated by
Alliance & Leicester PLC.

RATINGS LIST

Class     Rating             Rating
          To                 From

Eurosail PRIME-UK 2007-A PLC
EUR323.743 Million Floating-Rate Notes

Rating Placed On CreditWatch Positive

A       B (sf)/Watch Pos     B (sf)

Ratings Lowered

M       D (sf)               B- (sf)
B       D (sf)               B- (sf)
C       D (sf)               B- (sf)
D       D (sf)               CCC (sf)


KPL CONTRACTS: In Administration, More than 200 Jobs Affected
-------------------------------------------------------------
Press Association reports that more than 200 jobs have been lost
at an administration-hit KPL Contracts in Northern Ireland.

There had been concerns for the 202-strong workforce at Derry-
based KPL Contracts following Friday's move to call in the
administrators, Press Association relates.

Worst fears have now been realised with administrator
PricewaterhouseCoopers conceding that efforts to save the
business and continue trading had been unsuccessful, Press
Association relays.

It said all workers had been made redundant, Press Association
notes.

According to Press Association, it is understood the company also
had large borrowings relating to property development.

KPL Contracts is a maintenance firm.  The Dungiven company had
done work for public utility companies such as BT, NIE and
Northern Ireland Water.


LB UK: Administrators to Make Third Dividend Distribution
---------------------------------------------------------
Pursuant to Rule 2.95 of the Insolvency Rules 1986, the Joint
Administrators of LB UK RE Holdings Limited intend to make a
third dividend distribution to the preferential creditors (if
any) and to the unsecured, non-preferential creditors of the
company.

Proofs of debt may be lodged at any point through March 12, 2014,
the last date for proving claims.  However, creditors are
requested to lodge their proofs of debt at the earliest possible
opportunity.

Person so proving are required, if so requested, to provide such
further details or produce such documents or other evidence as
may appear to the Joint Administrators to be necessary.

The Joint Administrators will not be obliged to deal with proofs
lodged after the last date for proving but they may do so if they
think fit.

The Joint Administrators intend to make such distribution within
the period of two months from the last date for proving claims.

For further information, contact details and proof of debt forms,
please visit http://is.gd/9kgAYS

Please complete and return a proof of debt form, together with
relevant supporting documents to PricewaterhouseCoopers LLP,
7 More London Riverside, London SE1 2RT marked for the attention
of Nigel Rackham.  Alternatively you can email a completed proof
of debt form to lbukre.claims@uk.pwc.com

Rule 2.95(2)c of the Insolvency Rules 1986 requires the Joint
Administrators to state in this notice the value of the
prescribed part of LB UK RE's net property which is required to
be made available for the satisfaction of LB UK RE's unsecured
debts pursuant to section 176A of the Insolvency Act 1986.  There
are no floating charges over the assets of LB UK RE and,
accordingly, there shall be no prescribed part.  All of LB UK
RE's net property will be available for the satisfaction of LB UK
RE's unsecured debts.


WINDERMERE XI: Moody's Affirms 'Caa3' Rating on GBP55MM Notes
-------------------------------------------------------------
Moody's Investors Service has taken rating action on the
following classes of Notes issued by Windermere XI CMBS plc
(amounts reflect initial outstanding):

Issuer: Windermere XI CMBS plc

  GBP570M A Notes, Upgraded to A1 (sf); previously on Oct 21,
  2013 Ba2 (sf) Placed Under Review for Possible Upgrade

  GBP55M B Notes, Affirmed Caa3 (sf); previously on Jun 6, 2011
  Downgraded to Caa3 (sf)

The Class A Notes were placed on review for possible upgrade on
October 21, 2013. The action concludes Moody's review of the
transaction.

Moody's does not rate the Class C, Class D and Class E Notes.

Ratings Rationale

The upgrade action reflects: (1) the large increase in credit
enhancement (CE) for the Class A Notes following the prepayment
of the Devonshire Loan which contributed approximately 45% to the
pool; and (2) the further expected increase in CE after the
anticipated repayment of the Long Acre Loan in April 2014, which
now contributes 48% to the pool.

The Class B Notes are affirmed at Caa3 (sf) because despite the
increase in CE for this Class from 14% to 25.5%, Moody's expects
the Class to incur losses by its legal final maturity.

Since the October 2013 IPD, the Class A Note CE has increased to
48% from 26%. After the expected repayment of the Long Acre Loan
and the loss allocation from the almost worked out Westville
Loan, Moody's expects that the CE will reach 92%. Moody's
estimates that by this point only about GBP6-GBP7 million of
Class A Notes will remain outstanding with a Moody's Note-to-
Value of 15%. The Government Income Portfolio Loan which will be
the sole remaining loan, has adequate collateral value from its
13 office properties to repay the remaining balance. Additionally
the Class A also benefits from cash sweep from the loan.

Methodology Underlying the Rating Action:

The principal methodology used in this rating was Moody's
Approach to Rating EMEA CMBS Transactions published in December
2013.

Other factors used in this rating are described in:

European CMBS: 2013 Central Scenarios published in February
2013;

Global Structure Finance Operational Risk Guidelines republished
in June 2013; and

Rating Caps for CMBS in the Tail Period published in October
2011.

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

Main factors or circumstances that could lead to a downgrade of
the ratings are (i) the borrower's failure to refinance the Long
Acre Loan together with an inability to sell the underlying
property for an amount that would fully repay the securitized
loan; and (ii) lower than expected recovery on the Government
Income Portfolio Loan.

The Class A Notes are subject a rating cap of Aa2 (sf) due to
operational risk. Given the start of the transaction's tail
period in April 2014, the Class A Notes are also subject to a
tail period rating cap which range between Aa1(sf) and A2(sf)
during a 24 to 36 months remaining tail period. Given these
rating caps, and our expectation that Class A Notes will be fully
redeemed by the end of 2014, there is no scope for further
upgrade.

The main factor that could lead to an upgrade of the Class B
Notes is a higher than expected recovery on the Government Income
Portfolio Loan. Given Moody's GBP41.6 million property value for
the properties securing this loan, Moody's expects approximately
30% loss on the Class B Notes. A reduction in loss expectation to
10%-20% for the Class B Notes could result in a one notch upgrade
to Caa2 (sf).

Moody's Portfolio Analysis

Windermere XI CMBS plc closed in August 2007 and represents the
securitization of initially eight mortgage loans originated by
Lehman Commercial Paper Inc and secured by first-ranking legal
mortgages over initially 47 commercial properties located across
the UK. Currently three loans remain in the pool secured by 15
properties. The pool exhibits an above average concentration in
terms of geographic location (100% in the UK) and property type
(94% office). Moody's uses a variation of Herf to measure
diversity of loan size, where a higher number represents greater
diversity. Large multi-borrower transactions typically have a
Herf of less than 10 with an average of around 5. This pool has a
Herf of 2.7, lower than at Moody's prior review.

The Devonshire House Mortgage Loan which contributed 45% to the
pool prepaid in December 2013, ahead of its maturity date in
April 2014. Moody's understands that the loan was repaid through
the sale of the prime Mayfair, London office property securing
the loan. This loan repayment was possible through the successful
repositioning of the property and very strong sponsor support.
The property suffered a vacancy rate in excess of 40% between the
beginning of 2012 and mid-2013 during which time debt service was
partly made from an interest reserve account that was topped up
quarterly by the sponsor. The sponsor also undertook an extensive
capex program between Q4 2012 and Q1 2013 and implemented a
re-letting strategy thereafter. However, there was no direct
reporting available to track progress on the strategy during this
period. Moody's was prompted to place the Class A notes on review
for upgrade following market news on the re-letting activity with
the expectation to conclude following receipt of detailed
information. Without the strong sponsor support, in Moody's
opinion this loan would have defaulted.

The remaining portfolio is highly bifurcated in terms of loan
quality. While Moody's expect the Long Acre Loan (48% of current
pool balance) will fully repay, the Government Income Portfolio
(32%) and the Westville Loans (20%) have very high expected
losses in the range of 50%-75% and >75% respectively.

The Long Acre Loan with GBP111 million securitized balance is
secured by a 194,000 square feet office property in a very prime
location close to Covent Garden tube station. Through a sale of
shares in the TopCo, the property changed ownership at the
beginning of 2013. The sale of shares in the TopCo unlike the
sale of shares in the parent or the borrower, did not trigger a
mandatory prepayment obligation under the loan agreement. Prior
to the sale of the shares, the property was marketed for sale and
firm bids were received from cash investors in the range of
GBP164-GBP165 million. The loan will mature in April 2014 and
based on information from the servicer, the sponsor is aiming to
refinance the loan prior to its maturity. In Moody's opinion, a
successful repayment of the loan is the most likely scenario.
However, even if the property had to be sold in order to repay
the loan, a full repayment is expected given the strong investor
interest in this property in 2013 and the very good location of
the property.

The Government Income Portfolio Loan was extended until October
2014 after the borrower met the extension condition to paydown
the loan to GBP76 million. One industrial and 12 office
properties remain under the loan which are almost entirely let to
UK Government related tenants. The properties are in secondary
locations and of average quality. Moody's value for the portfolio
is GBP41.6 million compared to the underwriter value of GBP49.1
million as of May 2012. This portfolio had suffered a 53% value
decline since March 2007 due to an increase in cap rates and the
properties' unfavorable lease break and lease expiry profiles. To
obtain the next extension, the sponsor needs to pay down the loan
to GBP40 million by October 2014. There is also a cash sweep in
place since the April 2013 IPD and approximately GBP3 million of
excess cash has been swept and applied toward repaying the loan
over the last four quarters. This will decrease over time as the
properties are sold. In Moody's opinion the sale proceeds from
these assets will comfortably cover the remaining Class A Notes
after the Long Acre Loan repays and the Westville Loan is worked
out.

The defaulted Westville Loan which has been in special servicing
since July 2009, is close to being worked out with only one
remaining property to be sold. The property is a retail park let
to three tenants in Wolverhampton, West Midlands. Moody's expects
a net recovery in the region of GBP3 million from this property
which means that the loss on the securitized portion of the loan
will reach approximately GBP43.6 million. These losses will
likely be allocated to the Class D and C Notes during 2014.



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


* BOND PRICING: For the Week February 17 to February 21, 2014
-------------------------------------------------------------

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, and Peter A. Chapman,
Editors.

Copyright 2014.  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.


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