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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, June 9, 2014, Vol. 15, No. 112

                            Headlines

B U L G A R I A

BDZ: Delays Payment on EUR120MM Ministry of Transport Loan


F R A N C E

RENAULT SA: S&P Revises Outlook to Positive & Affirms 'BB+' CCR


G E R M A N Y

STABILUS SA: Fitch Affirms 'B' Issuer Default Rating


G R E E C E

GREECE: Fitch Retains Ratings over Updated Assessment Assumptions


I R E L A N D

AVOCA CLO XI: Moody's Assigns B2 Rating to EUR17.5MM Cl. F Notes
AVOCA CLO XI: S&P Assigns 'B-' Rating to Class F Notes
CARLYLE GLOBAL 2014-2: Moody's Rates EUR11MM Cl. E Notes '(P)B2'
IRISH BANK: Liquidators Prepare to Sell Assets & Repay Debt


I T A L Y

ALITALIA SPA: Creditor Banks Support Etihad's Turnaround Plan
ITALY: Fitch Updates Mortgage Assumptions; Rating Impact Limited
MONTE DEI PASCHI: Prices Fundraising at Deep Discount


L U X E M B O U R G

ARDAGH PACKAGING: Moody's Affirms 'B3' Corporate Family Rating
ARDAGH PACKAGING: S&P Affirms 'B' CCR on Debt Refinancing


N E T H E R L A N D S

CHARGER OPCO: S&P Assigns Prelim. 'BB' LT Corp. Credit Rating
HEMA BV: S&P Assigns Prelim. 'B+' CCR; Outlook Stable


P O L A N D

* POLAND: Corporate Bankruptcies Up in May, Euler Hermes Says


R O M A N I A

OLTCHIM SA: Government Considers All Restructuring Measures


R U S S I A

MDM BANK: S&P Lowers Counterparty Rating to 'B+'; Outlook Neg.
NIZHNY NOVGOROD: S&P Withdraws 'BB' LT Issuer Credit Rating


S L O V E N I A

ACH: Power Struggle Ends Amid Bankruptcy Threat


S P A I N

CAIXA PENEDES 1: S&P Lowers Rating on Class C Notes to 'BB'
PYMES SANTANDER 8: DBRS Assigns 'C' Rating to Series C Notes
PYMES SANTANDER 9: DBRS Assigns 'CCC' Rating to Series B Notes


S W E D E N

MUNTERS AB: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable


S W I T Z E R L A N D

DUFRY AG: Moody's Affirms Ba3 Corp. Family Rating; Outlook Stable
DUFRY AG: Fitch Revises Outlook to Neg. & Affirms 'BB' IDR
NUANCE GROUP: Moody's Places 'B2' CFR on Review for Upgrade


U N I T E D   K I N G D O M

EUROSAIL-UK: Moody's Raises Rating on EUR30.33MM Notes to Caa3
FAIRHOLD SECURITISATION: Fitch Cuts Rating on Cl. B Notes to CCC
HEARTS OF MIDLOTHIAN: Set to Officially Exit Administration Today
HERCULES PLC: Fitch Affirms 'CCsf' Rating on Class E Notes
NEW WORLD: S&P Lowers CCR to 'CC' on Upcoming Exchange Offer

RMAC 2005-NSP2: S&P Raises Ratings on 2 Note Classes to B+
SAGA LIMITED: Moody's Upgrades CFR to 'Ba2' Following IPO


X X X X X X X X

* EUROPE: EU Commission Okays New Cross-Border Insolvency Rules
* BOND PRICING: For the Week June 2 to June 6, 2014


                            *********


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


BDZ: Delays Payment on EUR120MM Ministry of Transport Loan
----------------------------------------------------------
FOCUS News Agency, citing Trud Daily, reports that creditors of
Bulgarian state railway company (BDZ) have sent a notifying
letter concerning the delayed payment of the bond loan amounting
to EUR120 million to the Ministry of Transport.

According to FOCUS News, the Transport Ministry expressed hopes
that the European Commission will allow the Bulgarian government
to aid BDZ in order to pay the loan in installments.  Bulgaria
hopes to defer the loan for 10 years, FOCUS News says.

Creditors of BDZ are FMS Wertmanagement, KA Finanz, DEPFA, BNP
Paribas and Bulgarian Corporate Commercial Bank, FOCUS News
discloses.

Established in 1885, The Bulgarian State Railways, commonly known
as BDZ, is Bulgaria's state railway company and the largest
railway carrier in the country.  The company's headquarters is
located in the capital Sofia.



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


RENAULT SA: S&P Revises Outlook to Positive & Affirms 'BB+' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on French
automotive manufacturer Renault S.A. to positive from stable.  At
the same time, S&P affirmed its 'BB+/B' long- and short-term
corporate credit ratings on the company.

The outlook revision reflects S&P's view that Renault could
maintain strong credit ratios in the next two years while
gradually improving its profitability.

Renault has markedly improved its financial profile in recent
years.  Between 2010 -- when S&P raised the company's long-term
corporate credit rating to 'BB+' -- and 2013, the adjusted funds
from operations (FFO)-to-debt ratio climbed to 61% from 31%,
thanks to asset disposals and earnings growth.  Over that three-
year period, the company's adjusted debt contracted to EUR4.0
billion from EUR5.7 billion.  The automotive division had a
EUR1.7 billion net cash position on a reported basis at year-end
2013.  S&P expects Renault will continue to generate positive
free operating cash flows in 2014 and 2015 owing to supportive
operating trends, capital expenditures in line with historical
trends, and limited working capital cash outflows.  S&P also
assumes that the company will maintain a disciplined approach
toward shareholder remuneration and acquisitions.

In S&P's opinion, an upgrade would require that Renault continues
to improve the profitability of its automotive division, despite
recent pressures in international markets.  The reported
operating margin of the automotive segment rose to 1.3% in 2013
from 0.1% in 2012, on the back of increasing volumes and cost-
cutting measures. Even though operations in emerging markets are
currently weighing on earnings, S&P believes that these
operations remain fundamentally supportive of Renault's credit
quality.  In 2014, S&P assumes that Renault will partly offset
the depreciation of emerging market currencies with price
increases.  Regarding Russia, whose importance for Renault should
increase due to the company's full consolidation of the Russian
automobile manufacturer AvtoVAZ by end-2014, S&P forecasts a
limited earnings decline owing to the renewal of the vehicle
line-up and the high share of Russian production.

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

   -- Car sales of global automakers will rise by 4.1% in 2014
      and by 5.2% in 2015.

   -- Sales in European markets will increase by 3.2% in 2014 and
      by 4.3% in 2015.

   -- Volume growth and cost savings will roughly offset negative
      currency effects in 2014.

   -- The company's financial policy will remain prudent, with a
      limited increase in shareholder remuneration and no large
      debt-financed acquisition.

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

   -- Renault's adjusted EBITDA margin will rise to about 9% in
      2014, from 8.3% in 2013, and reach between 9% and 10% by
      2015.

   -- The reported operating margin of Renault's core automotive
      operations will structurally improve and the consolidated
      operating margin will continue up toward 5%.

   -- S&P sees more than a one-in-three likelihood that Renault
      will maintain an adjusted FFO-to-debt ratio of more than
      45% in the next two years.

The positive outlook on Renault reflects S&P's opinion that its
financial policy will support credit metrics over the next 24
months and that the company will gradually improve the
profitability of its automotive operations.  As a result, S&P
expects Renault's adjusted EBITDA margin to move closer to the
middle of the 9%-10% range by 2015.

S&P may raise its ratings on Renault if the company maintains an
adjusted FFO-to-debt ratio above 45%.  In that case, S&P would
revise its financial risk profile assessment to "modest" from
"intermediate."  Such a scenario could unfold if, for instance,
Renault moderately increases shareholder remuneration and does
not make large debt-financed acquisitions.  An upgrade would
require that the profitability of automotive operations keeps
improving, thanks to productivity gains and the recovery of the
European car market.

S&P could revise the outlook to stable if Renault was unable to
preserve an adjusted FFO-to-debt ratio above 45%, as a result of
a more aggressive financial policy or a sharp decline in
earnings. S&P would also revise the outlook to stable if the
operating margin of automotive operations deteriorated because of
declining sales or an inability to contain costs.



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


STABILUS SA: Fitch Affirms 'B' Issuer Default Rating
----------------------------------------------------
Fitch Ratings has affirmed Stabilus S.A.'s (formerly Servus
Holdco S.a.r.l.) Issuer Default Rating (IDR) at 'B' with a
Positive Outlook.  The remaining EUR256.1 million senior secured
notes issued by Servus Luxembourg Holding S.C.A have been
upgraded to 'BB-'/'RR2' from 'B+'/'RR3' based on improved
recoveries.  The ratings have been removed from Rating Watch
Positive (RWP) where they were placed on April 30, 2014.

The rating actions follow Stabilus's successful IPO on May 23,
2014 and the reduction of debt by EUR58.9 million. Fitch
forecasts that funds from operations (FFO) adjusted leverage will
trend towards 4x by end of September 2014 (FY14), albeit with
interim debt fluctuations relating to short-term debt. The debt
reduction reduces interest expenses by approximately EUR4.5
million per year, resulting in a FFO/interest cover ratio above
3.0x (2015 forecast: 3.7x). At the same time, public listing has
further diversified the funding sources available to Stabilus and
enhanced its financial flexibility.

The Positive Outlook reflects the substantial reduction in debt
following the partial repayment of the bond, enhanced financial
flexibility and expected FFO interest cover of 3.7x for FY 2015.
In addition, Stabilus continues to implement its strategy of
growth and further diversification with the Powerise segment
being an important contributor. The remaining senior secured
notes also benefit from improved recoveries following debt
reduction. Stabilus's current performance is in line with Fitch's
expectations.

KEY RATING DRIVERS

Deleveraging Through IPO
Fitch previously expected Stabilus's FFO adjusted leverage to
remain near 4.5x due to cash requirements related to the
execution of the expansion strategy. The IPO and debt reduction
of EUR58.9 million will reduce leverage to a level of around4x,
while enhancing financial flexibility. Discretionary cash flow
should increase due to lower interest payments.

Balanced, Resilient Profile
Stabilus is the market leader in its main and commoditized
product -- gas springs -- with a significantly greater market
share than its nearest competitors. As a result, the company has
considerable economies of scale and sound cash generation. The
ratings are further supported by Stabilus's broad mix of mature
and growth products in both automotive and industrial
applications, with limited customer concentration. This helps
provide a buffer against the high demand volatility and
cyclicality that characterize the mature markets Stabilus
operates in. Given Stabilus's high fixed-cost base, a sustained
decline in demand would affect profitability and cash flow
generation.

Competitive Threats Remain
Stabilus has successfully positioned itself as a favored supplier
of automated, electro-mechanical opening and closing systems, and
has consequently become increasingly important to OEMs' supply
chains. However, Stabilus competes with larger and more
diversified suppliers, which Fitch expects will react to the
company's ambitious growth plans. In addition, this segment is
likely to see higher R&D and capex requirements, which will hold
back the company's deleveraging efforts.

Cash Flow Fluctuation
Stabilus has generated positive free cash flow (FCF) margins over
the past four years and during 1HFY14. However, capacity
expansion efforts are likely to remain a strong cash drain,
although this should be mitigated by reduced interest expenses
following its IPO and debt repayment. As with most industrial
producers, Stabilus experiences seasonal working capital
volatility. Outflows are heaviest during the early part of the
year. FCF generation could be further restrained by dividend
payments of 20%-40% of net income as planned in the new dividend
policy.

Sufficient Financial Flexibility
Fitch views Stabilus's liquidity as adequate with sufficient
financial flexibility. Stabilus had EUR35 million of cash on
balance sheet at end-FY1H14, although around EUR10 million of
this was for working capital needs and some of it is restricted.
The group has access to a EUR25 million revolving credit facility
(RCF). Moreover, Stabilus has access to a EUR35 million factoring
program, of which EUR20 million had been utilized in March 2014.

Strong Recoveries
The 'BB-' notes' Recovery Rating is 'RR2', reflecting above-
average recoveries. Recovery rates for the remaining creditors
are expected to improve as a result of debt reduction. The
notching between the IDR and the instrument rating has widened to
two notches as a result of the debt reduction.

Rating Sensitivities

Positive: The group focuses on three product lines (gas springs,
Powerise and swivel chairs) and its overall scale is limited
compared with some other automotive suppliers. Therefore, in
addition to enhanced product and geographic diversification,
upgrades would require a substantial strengthening of key credit
ratios. We would view FFO adjusted leverage sustainably below
4.0x, FFO interest cover sustainably above 3.5x and fixed charge
cover sustainably above 3.0x as a pre-requisite.

Negative: Negative rating action could be considered if FFO
adjusted leverage sustainably exceeds 6.0x, and minimal FCF
margins are reached. Shifts to a shareholder friendly policy
could also lead to negative rating action.



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


GREECE: Fitch Retains Ratings over Updated Assessment Assumptions
-----------------------------------------------------------------
Fitch Ratings has updated its criteria assumptions for assessing
credit risk in Greek residential mortgage loan pools. The updated
assumptions do not have any impact on the existing Greek RMBS and
covered bond ratings.

Following further weakening of the Greek housing market Fitch has
made its house price decline assumptions more conservative.
Fitch's base default expectations on Greek mortgage pools have
remained unchanged; however, some borrower and product specific
foreclosure frequency (FF) adjustments have increased, as
borrowers with loans secured by second homes and unemployed
borrowers have shown heightened probabilities of default as part
of the performed regression analysis. FF adjustment for loans in
arrears has been revised upwards to reflect a high portion of
loans becoming delinquent and the potential difficulty of these
loans returning to performing due to a stressful economic
environment.

Following the upgrade of the Greek sovereign Country Ceiling to
'BB' from 'B+', Fitch has added assumptions for rating scenarios
up to 'BB'.

House prices in Greece have declined by 34% on average from their
2008 peak across regions. Fitch expects Greek house prices to
suffer a further decline from current levels of approximately 16%
over the medium term in the context of the severe recession the
country is going through and the uncertainty surrounding the real
estate taxation framework. Fitch has revised upwards its average
peak-to-trough house price decline expectation for Greece to 45%
from 42% in nominal terms.

Fitch has maintained the FF floor in the range of 40%-60% for
loans that have been subject to a restructuring, as the agency
believes that borrowers who have experienced problems servicing
their mortgages and who have thus opted for a "restructuring"
package are more susceptible to economic shocks. Fitch has
revised upwards servicing costs assumption as the level of loans
in arrears is high and volume of restructured loans is expected
to increase. For Greek banks loan restructure is a main method
for dealing with the high levels of arrears while the property
foreclosure ban is in place.



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


AVOCA CLO XI: Moody's Assigns B2 Rating to EUR17.5MM Cl. F Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following ratings to notes issued by Avoca CLO XI Limited:

EUR275,000,000 Class A Senior Secured Floating Rate Notes due
2027, Definitive Rating Assigned Aaa (sf)

EUR18,000,000 Class B-1 Senior Secured Fixed Rate Notes due 2027,
Definitive Rating Assigned Aa2 (sf)

EUR61,000,000 Class B-2 Senior Secured Floating Rate Notes due
2027, Definitive Rating Assigned Aa2 (sf)

EUR24,500,000 Class C Deferrable Mezzanine Floating Rate Notes
due 2027, Definitive Rating Assigned A2 (sf)

EUR31,500,000 Class D Deferrable Mezzanine Floating Rate Notes
due 2027, Definitive Rating Assigned Baa2 (sf)

EUR32,500,000 Class E Deferrable Junior Floating Rate Notes due
2027, Definitive Rating Assigned Ba2 (sf)

EUR17,500,000 Class F Deferrable Junior Floating Rate Notes due
2027, Definitive Rating Assigned B2 (sf)

Ratings Rationale

Moody's rating of the rated notes addresses the expected loss
posed to noteholders by the legal final maturity of the notes in
2027. The ratings reflect the risks due to defaults on the
underlying portfolio of loans given the characteristics and
eligibility criteria of the constituent assets, the relevant
portfolio tests and covenants as well as the transaction's
capital and legal structure. Furthermore, Moody's is of the
opinion that the collateral manager, Avoca Capital Holdings
("Avoca Capital"), has sufficient experience and operational
capacity and is capable of managing this CLO.

Avoca CLO XI is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans or senior secured
bonds and up to 10% of the portfolio may consist of senior
unsecured loans, second-lien loans, mezzanine obligations, high
yield bonds and senior unsecured bonds. The portfolio is expected
to be 70% ramped up as of the closing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe. The remainder of the portfolio will be acquired during
the six month ramp-up period in compliance with the portfolio
guidelines.

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

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue one class of subordinated notes which is not
rated.

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

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

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

Loss and Cash Flow Analysis:

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

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

Par amount: EUR 500,000,000

Diversity Score: 38

Weighted Average Rating Factor (WARF): 2810

Weighted Average Spread (WAS): 3.75%

Weighted Average Recovery Rate (WARR): 44.0%

Weighted Average Life (WAL): 8 years.

As part of the base case, Moody's has addressed the potential
exposure to obligors domiciled in countries with foreign currency
government bond rating of A3 or below. Following the effective
date, and given the portfolio constraints and the current
sovereign ratings in Europe, such exposure may not exceed 10% of
the total portfolio, where exposures to countries rated below
Baa3 cannot exceed 5%. As a result and in conjunction with the
current foreign government bond ratings of the eligible
countries, as a worst case scenario, a maximum 5% of the pool
would be domiciled in countries with single A local currency
country ceiling and 5% in Baa2 local currency country ceiling.
The remainder of the pool will be domiciled in countries which
currently have a local currency country ceiling of Aaa. Given
this portfolio composition, the model was run with different
target par amounts depending on the target rating of each class
of notes as further described in the rating methodology. The
portfolio haircuts are a function of the exposure size to
peripheral countries and the target ratings of the rated notes
and amount to 0.75% for the class A notes, 0.50% for the Class B
notes, 0.375% for the Class C notes and 0% for Classes D, E and
F.

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

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3231 from 2810)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: 0

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

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

Class C Deferrable Mezzanine Floating Rate Notes: -2

Class D Deferrable Mezzanine Floating Rate Notes: -1

Class E Deferrable Junior Floating Rate Notes : 0

Class F Deferrable Junior Floating Rate Notes : 0

Percentage Change in WARF: WARF +30% (to 3653 from 2810)

Class A Senior Secured Floating Rate Notes: 0

Class B-1 Senior Secured Fixed Rate Notes : -3

Class B-2 Senior Secured Floating Rate Notes: -3

Class C Deferrable Mezzanine Floating Rate Notes: -4

Class D Deferrable Mezzanine Floating Rate Notes: -3

Class E Deferrable Junior Floating Rate Notes : -2

Class F Deferrable Junior Floating Rate Notes : -2

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


AVOCA CLO XI: S&P Assigns 'B-' Rating to Class F Notes
------------------------------------------------------
Standard & Poor's Ratings Services assigned credit ratings to
Avoca CLO XI Ltd.'s floating and fixed-rate class A, B-1, B-2, C,
D, E, and F notes.  At closing, Avoca CLO XI also issued an
unrated subordinated class of notes.

S&P's ratings reflect its assessment of the collateral
portfolio's credit quality, which has a weighted-average 'B'
rating.  S&P considers that the portfolio as of closing is
diversified, primarily comprising broadly syndicated speculative-
grade senior secured term loans and senior secured bonds.

S&P's ratings also reflect the available credit enhancement for
the rated notes through the subordination of cash flows payable
to the subordinated notes.  S&P subjected the structure to a cash
flow analysis to determine the break-even default rate (BDR) for
each rated class of notes.  The BDR represents Standard & Poor's
estimate of the maximum level of gross defaults, based on S&P's
stress assumptions, that a tranche can withstand and still fully
repay the noteholders.

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

Following S&P's credit and cash flow analysis, its assessment of
available credit enhancement is commensurate with its ratings.
S&P's analysis shows that the available credit enhancement for
each class of notes was sufficient to withstand the defaults that
S&P applied in its supplemental tests (not counting excess
spread) outlined in S&P's corporate collateralized debt
obligations criteria.

In S&P's analysis, it considered that the transaction documents'
replacement and remedy mechanisms adequately mitigate the
transaction's exposure to counterparty risk under S&P's current
counterparty criteria.

Following the application of S&P's non-sovereign ratings
criteria, it considers that the transaction's exposure to country
risk is sufficiently mitigated at the assigned rating levels.
This is because the concentration of the pool comprising assets
in countries rated lower than 'A-' is limited to 10% of the
aggregate collateral balance.

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

Avoca CLO XI is a European cash flow collateralized loan
obligation (CLO), mainly comprising euro-denominated leveraged
loans and bonds issued by European borrowers. Avoca Holdings is
the investment manager.

RATINGS LIST

Avoca CLO XI Ltd.
EUR518.5 Million Senior Secured Floating-
and Fixed-Rate Notes and Subordinated Notes

Class                 Rating            Amount
                                      (mil. EUR)

A                     AAA (sf)          275.00
B-1                   AA (sf)            18.00
B-2                   AA (sf)            61.00
C                     A (sf)             24.50
D                     BBB (sf)           31.50
E                     BB (sf)            32.50
F                     B- (sf)            17.50
Subordinated          NR                 58.50

NR-Not rated.


CARLYLE GLOBAL 2014-2: Moody's Rates EUR11MM Cl. E Notes '(P)B2'
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Carlyle
Global Market Strategies Euro CLO 2014-2 Limited:

  EUR234,600,000 Class A-1 Senior Secured Floating Rate Notes due
  2027, Assigned (P)Aaa (sf)

  EUR31,400,000 Class A-2A Senior Secured Floating Rate Notes due
  2027, Assigned (P)Aa2 (sf)

  EUR11,600,000 Class A-2B Senior Secured Fixed Rate Notes due
  2027, Assigned (P)Aa2 (sf)

  EUR26,000,000 Class B Senior Secured Deferrable Floating Rate
  Notes due 2027, Assigned (P)A2 (sf)

  EUR21,000,000 Class C Senior Secured Deferrable Floating Rate
  Notes due 2027, Assigned (P)Baa2 (sf)

  EUR27,300,000 Class D Senior Secured Deferrable Floating Rate
  Notes due 2027, Assigned (P)Ba2 (sf)

  EUR11,000,000 Class E Senior Secured Deferrable Floating Rate
  Notes due 2027, Assigned (P)B2 (sf)

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

Ratings Rationale

Moody's provisional rating of the rated notes addresses the
expected loss posed to noteholders by legal final maturity of the
notes in 2027. The provisional ratings reflect the risks due to
defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, CELF Advisors LLP,
has sufficient experience and operational capacity and is capable
of managing this CLO.

CGMS Euro CLO 2014-2 is a managed cash flow CLO. At least 90% of
the portfolio must consist of secured senior obligations and up
to 10% of the portfolio may consist of unsecured senior loans,
second-lien loans, mezzanine obligations and high yield bonds.
The portfolio is expected to be 60% ramped up as of the closing
date and to be comprised predominantly of corporate loans to
obligors domiciled in Western Europe. The remainder of the
portfolio will be acquired during the six month ramp-up period in
compliance with the portfolio guidelines.

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

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR39,100,000 of subordinated notes. Moody's
has not assigned rating to this class of notes.

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

Loss and Cash Flow Analysis:

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

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

Par Amount: EUR391,000,000

Diversity Score: 36

Weighted Average Rating Factor (WARF): 2800

Weighted Average Spread (WAS): 4.05%

Weighted Average Coupon (WAC): 6.00%

Weighted Average Recovery Rate (WARR): 42.0%

Weighted Average Life (WAL): 8.0 years.

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3220 from 2800)

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes: 0

Class A-2A Senior Secured Floating Rate Notes: -2

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

Class B Senior Secured Deferrable Floating Rate Notes: -3

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -1

Class E Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3640 from 2800)

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

Class A-2A Senior Secured Floating Rate Notes: -3

Class A-2B Senior Secured Fixed Rate Notes: -3

Class B Senior Secured Deferrable Floating Rate Notes: -3

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -2

Methodology Underlying the Rating Action:

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

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

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


IRISH BANK: Liquidators Prepare to Sell Assets & Repay Debt
-----------------------------------------------------------
Vincent Boland at The Financial Times reports that Anglo Irish
Bank, the institution that brought Ireland's financial sector
crashing down in 2008, has been "finally consigned to history" as
liquidators prepare to sell the last of its assets and repay its
outstanding debt.

Michael Noonan, Ireland's finance minister, said the progress of
the liquidation -- the biggest in Ireland -- was a significant
factor in the country's emergence in December from its EUR67.5
billion international bailout, which led to a sharp fall in Irish
borrowing costs, the FT relates.

The bailout was required after Anglo and most other Irish banks
fell victim to the bursting of a speculative property price
bubble, the FT notes.

KPMG, Anglo's "special liquidator", issued a progress report on
the liquidation on Friday showing that the bank, now known as
Irish Bank Resolution Corp., repaid the bulk of a EUR13 billion
loan advanced to facilitate the process, which began in February
last year, the FT relays.  The outstanding EUR2 billion is
expected to be repaid later this year, which will effectively
mean that the process has been completed, the FT states.

Ireland's taxpayers poured EUR64 billion into the country's
financial institutions as they were buckling under the weight of
bad debts during the global financial crisis, the FT discloses.
Some EUR34 billion of that was sucked in by Anglo, the FT
recounts.  Taxpayers are still owed a huge sum, but it is likely
never to be recovered once the liquidation has been completed,
the FT says.

                   About Irish Bank Resolution

Irish Bank Resolution Corp., the liquidation vehicle for what was
once one of Ireland's largest banks, filed a Chapter 15 petition
(Bankr. D. Del. Case No. 13-12159) on Aug. 26, 2013, to protect
U.S. assets of the former Anglo Irish Bank Corp. from being
seized by creditors.  Irish Bank Resolution sought assistance
from the U.S. court in liquidating Anglo Irish Bank Corp. and
Irish Nationwide Building Society.  The two banks failed and were
merged into IBRC in July 2011.  IBRC is tasked with winding them
down and liquidating their assets.  In February, when Irish
lawmakers adopted the Irish Bank Resolution Corp., IBRC was
placed into a special liquidation in the Irish High Court to
complete liquidation and distribution of the two banks' assets.

IBRC's principal asset as of June 2012 was a loan portfolio
valued at some EUR25 billion (US$33.5 billion). About 70 percent
of the loans were to Irish borrowers. Some 5 percent of the
portfolio was under U.S. law, according to a court filing.  Total
liabilities in June 2012 were about EUR50 billion, according
to a court filing.

Most assets in the U.S. have been sold already.  IBRC is involved
in lawsuits in the U.S.

IBRC was granted protection under Chapter 15 of the U.S.
Bankruptcy Code in December 2013.

Kieran Wallace and Eamonn Richardson of KPMG have been named the
special liquidators.



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


ALITALIA SPA: Creditor Banks Support Etihad's Turnaround Plan
-------------------------------------------------------------
Alberto Sisto at Reuters reports that a government source said
Alitalia SpA's creditor banks expressed support for a turnaround
plan put forward by Abu Dhabi's Etihad for the loss-making
Italian airline when they met with Italy's government on
Thursday.

According to Reuters, Alitalia's board was set to make an initial
evaluation of the conditions Etihad has set for investing in the
Rome-based airline at a meeting scheduled for June 6.

Etihad said on June 1 it had set the conditions for a possible
investment and was looking to conclude the deal, which sources
have said could see Etihad pay more than EUR500 million
(US$681.08 million) for a 49% stake in Alitalia, Reuters relates.

Issues including the prospect of major job cuts in Alitalia's
14,000-strong workforce and its EUR800 million debt burden have
been obstacles to the deal, which Italy's government is keen to
complete, Reuters notes.

                         About Alitalia

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


ITALY: Fitch Updates Mortgage Assumptions; Rating Impact Limited
----------------------------------------------------------------
Fitch Ratings has updated its criteria assumptions for assessing
credit risk in Italian residential mortgage loan pools. The
updated assumptions are expected to have a limited impact on
existing Italian RMBS ratings and no impact on covered bonds
ratings. Potentially affected ratings will be reviewed within six
months. Most of the agency's assumptions -- including base and
stressed default as well as quick sale assumptions -- have
remained unchanged given Fitch's stable view on the Italian
mortgage and housing market.

Some assumptions have been slightly adjusted based on a
regression analysis conducted on a sample of over 143,000
residential mortgage loans in Italy. The agency has recalibrated
its foreclosure frequency (FF) matrix, some FF adjustments for
specific loan/borrower/property characteristics, and the property
value thresholds of illiquid properties. In particular, the FF
adjustment for non-Italian borrowers has increased, a change
supported by the materially worse observed performance of these
borrowers in Fitch-rated RMBS as compared with Italian nationals.

Fitch has moderated its house price decline (HPD) assumptions
given that the Italian housing market has performed broadly in
line with the agency's expectations. The HPD assumptions at
'AA+sf' remain stable at 43%. Nominal house prices have recently
started flattening, supported by a stabilizing outlook for house
price drivers, including new retail lending volumes and
affordability for new housing transactions. Therefore, Fitch has
slightly reduced its peak-to-trough assumption at 'Bsf' to 20%
from 22%, and as a result now assumes a further house price fall
of 7% from 4Q13 levels. To align its national HPD expectations
with regional ones, Fitch has changed its source of data when
indexing property values. This has also resulted in the
recalibration of its regional market value declines.

Low prepayment stresses have been reduced to 2% in each year
after closing in light of observed trends in Fitch-rated RMBS.
This reflects the stabilization of prepayment rates at low levels
due to the currently low interest rate environment and subdued
new lending.

The application of the revised assumptions is expected to have a
limited effect on existing ratings of Italian RMBS transactions.
There are few transactions with significant exposure to non-
Italian borrowers; therefore the change in related assumptions
will have little effect on the analysis of portfolios. The
revised assumptions on non-Italian borrowers may result in a
lower breakeven asset percentage for Italian covered bonds
programs secured by cover pools with a significant portion of
these loans, albeit no rating impact is expected.

In the review of transactions, Fitch will apply the revised
assumptions but will also consider the historical performance of
the particular loans in question.


MONTE DEI PASCHI: Prices Fundraising at Deep Discount
-----------------------------------------------------
Rachel Sanderson at The Financial Times reports that Monte dei
Paschi di Siena, Italy's third largest bank by assets, has priced
its EUR5 billion fundraising at a deep discount as it seeks to
raise almost twice the value of its market capitalization in the
run up to the European asset quality review and stress tests.

The bank, which has received three state bailouts over the past
five years, priced the issue at EUR1 for each new share,
equivalent to a 35.5% discount to the theoretical share price
accounting for the dilution of new shares, the FT discloses.

The offer period for the capital increase will run from June 9 to
June 20, the FT says.  The issue is fully underwritten by a
consortium of 10 banks led by UBS, the FT notes.

According to the FT, with the capital raising, Monte dei Paschi
avoids the threat of nationalization that has been hanging over
the bank for at least the past two years since it received
EUR4.1 billion in bail out bonds from the Italian state.

Stung by the costly acquisition of local rival Antonveneta at the
peak of the financial boom, Monte dei Paschi came close to
collapse when it was subsequently hit by the effect of the
eurozone debt crisis, the FT recounts.  Former managers are also
on trial amid allegations of false bookkeeping in an attempt to
hide the scale of its losses from investors, the FT relays.

Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is
an Italy-based company engaged in the banking sector.  It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts.  In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services.  The Company comprises more than 3,000
branches, and a structure of channels of distribution.  Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa.  It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 18,
2013, Fitch downgraded MPS's Viability Rating (VR) to 'ccc' from
'b' and removed it from Rating Watch Negative (RWN).

TCR-Europe also reported on June 19, 2013, that Standard & Poor's
Ratings Services lowered its long-term counterparty credit rating
on Italy-based Banca Monte dei Paschi di Siena SpA (MPS) to 'B'
from 'BB', and affirmed the 'B' short-term rating.  S&P also
lowered its rating on MPS' Lower Tier 2 subordinated notes to
'CCC-' from 'CCC+'.  S&P affirmed the ratings on MPS' junior
subordinated debt at 'CCC-' and on its preferred stock at 'C'. At
the same time, S&P removed the ratings from CreditWatch, where it
placed them with negative implications on Dec. 5, 2012.



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


ARDAGH PACKAGING: Moody's Affirms 'B3' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service affirmed Ardagh Packaging Group Ltd.'s
corporate family rating (CFR) at B3, and probability of default
rating (PDR) at B3-PD.

Moody's also affirmed the Ba3 ratings on the company's senior
secured notes, Ba3 rating on senior secured bank facilities, Caa1
rating on its senior unsecured notes and Caa1 rating on senior
subordinated notes.

Concurrently, Moody's has assigned a (P)Caa2 rating to the new
USD 1 billion PIK notes (combination of USD and EURO) to be
issued by Ardagh Finance Holdings S.A. (formerly ARD Two S.A.)
with proceeds to be used to (1) refinance Ardagh's existing PIK
notes due 2018, which become callable on June 1, 2014, (2) pay
fees and expenses and (3) fund a c.USD100 million distribution to
shareholders. The outlook on all ratings is stable.

Once the refinancing is complete, Moody's will withdraw the Caa2
rating on the existing PIK notes issued by ARD Finance S.A.

Moody's issues provisional ratings in advance of the final sale
of securities. Upon a conclusive review of the final
documentation, Moody's will endeavor to assign a definitive
rating to the new PIK notes. A definitive rating may differ from
a provisional rating.

Ratings Rationale

The affirmation of Moody's existing ratings firstly reflects the
completion of the acquisition of Veralia North America (VNA) from
Compagnie de Saint-Gobain SA, which Moody's view as a positive
factor for Ardagh positioning the company as a leading glass
container manufacturer in the US. It also provides the
opportunity to drive significant synergies for the overall
business estimated to be in the region of USD75 million over a
three year period. Secondly, Moody's view positively the
announcement that the net proceeds from the disposal of the
Anchor business (expected to complete before the end of
July 2014) will be entirely applied in prepayment of debt. This
will replace the previously anticipated cash equity raise as a
mechanism to deleverage the business.

Moody's is cautiously optimistic over the progress and plans for
profit improvement in Ardagh's European metals business, which
currently comprises around 30% of the group and which materially
underperformed Moody's expectations for 2013. The company is now
implementing an incremental profit improvement plan, which will
require significantly less capital investment than a more
transformational plan to relocate manufacturing plants
(EUR300 million) Although the plan is less transformational,
Moody's expect a recovery in margins in the period 2014-2016,
from the level reached in 2013.

Ardagh's financial metrics remain weak for the B3 rating
category. Moody's expects that adjusted debt/EBITDA will remain
above 6.5x through 2014, even incorporating the assumption that
the company will utilize the proceeds from the disposal of the
Anchor business to prepay debt. Additionally, Moody's expects
free cash flow to remain limited until 2015, with a continued
high level of investment capex on the Group's development
initiatives as projects move to completion in late 2014. Although
the increase in gross debt from the new PIK notes will not
materially increase the group's interest burden, due to the lack
of free cash flow, further expectations of debt prepayment are
entirely contingent upon external funding.

Moody's expects the company's liquidity profile to remain
adequate to meet its near-term funding requirements. Ardagh had
EUR202 million cash available on balance sheet as at March 31,
2014 and EUR252 million available under securitization and
guarantee lines. The group's liquidity profile is further
supported by the fact that it has no material debt maturities
before 2017. The newly issued PIK will improve the liquidity
profile as it does not hold a cash-pay toggle, unlike the
existing PIK notes.

The affirmation of the Ba3 rating on the senior secured notes,
and assignment of (P)Caa2 rating of the PIK notes is in line with
Moody's loss given default methodology. The (P)Caa2 instrument
rating assigned to the proposed PIK Notes reflects the fact that
they are junior to the company's existing debt facilities. The
three notch uplift of the senior secured debt over the CFR
reflects the material debt cushion provided by the unsecured
notes and PIK notes, which in turn are rated one and two notches
respectively below the CFR.

The stable outlook reflects Moody's view that Ardagh will: (1)
stabilize its European metal business in 2014 and improve its
operating profitability; (2) dispose of the Anchor business with
the proceeds being used to prepay debt; (3) enter into no more
debt-financed M&A activity until operational stability has been
achieved in its existing business, with VNA being integrated into
the overall business.

The ratings could come under negative pressure in 2014 if Ardagh
is not able to: (1) demonstrate continued improvements in
profitability in the European metals business; (2) generate
positive free cash flow or; (iii) reduce debt/EBITDA towards
6.5x, including through the use of proceeds from the disposal of
the Anchor business to prepay debt in 2014.

Given Ardagh's current weak positioning in the B3 category,
Moody's does not see any near-term upward pressure on Ardagh's
ratings. However, the ratings could come under positive pressure
should Ardagh be able to reduce debt/EBITDA below 6.0x and
maintain sustained positive free cash flow generation.

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

Ardagh Packaging Group, registered in Luxembourg, is a leading
supplier of glass and metal containers. Pro forma for the
acquisition of Verallia North America, the company generated
sales of about EUR4 billion in 2013.

Affirmations:

Issuer: Ardagh Packaging Group Ltd

Probability of Default Rating, Affirmed B3-PD

Corporate Family Rating, Affirmed B3

Upgrades:

Issuer: Ardagh Glass Finance plc

Senior Subordinated Regular Bond/Debenture Jun 15, 2017,
Upgraded to a range of LGD5, 71 % from a range of LGD5, 72 %

Senior Unsecured Regular Bond/Debenture Feb 1, 2020, Upgraded to
a range of LGD5, 71 % from a range of LGD5, 72 %

Issuer: Ardagh Holdings USA Inc.

Senior Secured Bank Credit Facility Dec 17, 2019, Upgraded to a
range of LGD2, 20 % from a range of LGD2, 22 %

Senior Secured Bank Credit Facility Dec 17, 2019, Upgraded to a
range of LGD2, 20 % from a range of LGD2, 22 %

Senior Secured Bank Credit Facility Dec 17, 2019, Upgraded to a
range of LGD2, 20 % from a range of LGD2, 22 %

Issuer: Ardagh Packaging Finance plc

Senior Secured Regular Bond/Debenture Oct 15, 2017, Upgraded to
a range of LGD2, 20 % from a range of LGD2, 22 %

Senior Secured Regular Bond/Debenture Oct 15, 2017, Upgraded to
a range of LGD2, 20 % from a range of LGD2, 22 %

Senior Secured Regular Bond/Debenture Oct 15, 2017, Upgraded to
a range of LGD2, 20 % from a range of LGD2, 22 %

Senior Secured Regular Bond/Debenture Oct 15, 2017, Upgraded to
a range of LGD2, 20 % from a range of LGD2, 22 %

Senior Secured Regular Bond/Debenture Oct 15, 2017, Upgraded to
a range of LGD2, 20 % from a range of LGD2, 22 %

Senior Unsecured Regular Bond/Debenture Jan 31, 2021, Upgraded
to a range of LGD5, 71 % from a range of LGD5, 72 %

Senior Unsecured Regular Bond/Debenture Jan 31, 2019, Upgraded
to a range of LGD5, 71 % from a range of LGD5, 72 %

Senior Unsecured Regular Bond/Debenture Oct 15, 2020, Upgraded
to a range of LGD5, 71 % from a range of LGD5, 72 %

Senior Unsecured Regular Bond/Debenture Oct 15, 2020, Upgraded
to a range of LGD5, 71 % from a range of LGD5, 72 %

Senior Unsecured Regular Bond/Debenture Nov 15, 2020, Upgraded
to a range of LGD5, 71 % from a range of LGD5, 72 %

Senior Unsecured Regular Bond/Debenture Oct 15, 2020, Upgraded
to a range of LGD5, 71 % from a range of LGD5, 72 %

Assignments:

Issuer: Ardagh Finance Holdings S.A

Senior Unsecured Regular Bond/Debenture, Assigned (P)Caa2

Senior Unsecured Regular Bond/Debenture, Assigned a range of
LGD6, 93 %

Senior Unsecured Regular Bond/Debenture, Assigned (P)Caa2

Senior Unsecured Regular Bond/Debenture, Assigned a range of
LGD6, 93 %

Outlook Actions:

Issuer: Ardagh Glass Finance plc

Outlook, Remains Stable

Issuer: Ardagh Holdings USA Inc.

Outlook, Remains Stable

Issuer: Ardagh Packaging Finance plc

Outlook, Remains Stable

Issuer: Ardagh Packaging Group Ltd

Outlook, Remains Stable

Affirmations:

Issuer: Ardagh Glass Finance plc

Senior Subordinated Regular Bond/Debenture Jun 15, 2017,
Affirmed Caa1

Senior Unsecured Regular Bond/Debenture Feb 1, 2020, Affirmed
Caa1

Issuer: Ardagh Holdings USA Inc.

Senior Secured Bank Credit Facility Dec 17, 2019, Affirmed Ba3

Senior Secured Bank Credit Facility Dec 17, 2019, Affirmed Ba3

Senior Secured Bank Credit Facility Dec 17, 2019, Affirmed Ba3

Issuer: Ardagh Packaging Finance plc

Senior Secured Regular Bond/Debenture Oct 15, 2017, Affirmed Ba3

Senior Secured Regular Bond/Debenture Oct 15, 2017, Affirmed Ba3

Senior Secured Regular Bond/Debenture Oct 15, 2017, Affirmed Ba3

Senior Secured Regular Bond/Debenture Oct 15, 2017, Affirmed Ba3

Senior Secured Regular Bond/Debenture Oct 15, 2017, Affirmed Ba3

Senior Unsecured Regular Bond/Debenture Jan 31, 2021, Affirmed
Caa1

Senior Unsecured Regular Bond/Debenture Jan 31, 2019, Affirmed
Caa1

Senior Unsecured Regular Bond/Debenture Oct 15, 2020, Affirmed
Caa1

Senior Unsecured Regular Bond/Debenture Oct 15, 2020, Affirmed
Caa1

Senior Unsecured Regular Bond/Debenture Nov 15, 2020, Affirmed
Caa1

Senior Unsecured Regular Bond/Debenture Oct 15, 2020, Affirmed
Caa1


ARDAGH PACKAGING: S&P Affirms 'B' CCR on Debt Refinancing
---------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B'
long-term corporate credit ratings on Luxembourg-based glass-
container and metal packaging manufacturer Ardagh Packaging Group
and related entities.  The outlook is stable.

At the same time, S&P assigned its issue rating of 'CCC+' to the
proposed $1 billion (about EUR730 million) payment-in-kind (PIK)
notes due 2019, to be issued by Ardagh Finance Holdings S.A.  The
recovery rating on these notes is '6', indicating S&P's
expectation of a negligible (0%-10%) recovery prospects in the
event of a payment default.

In addition, S&P affirmed its issue rating of 'B+' on Ardagh's
US$700 million (EUR519 million) senior secured term loan B tap,
due 2022.  The recovery rating on this term loan is unchanged at
'2', indicating S&P's expectation of substantial (70%-90%)
recovery in the event of a payment default.

"We affirmed our 'CCC+' issue rating on Ardagh's various
unsecured notes.  The recovery rating on these notes is unchanged
at '6', indicating our expectation of negligible (0%-10%)
recovery in the event of a payment default.  We also affirmed our
'B+' issue ratings on Ardagh's existing senior secured debt
instruments.  The recovery rating on these instruments is
unchanged at '2', indicating our expectation of substantial (70%-
90%) recovery in the event of a payment default," S&P said.

The rating actions follow Ardagh's recent announcement that it is
undertaking a refinancing and debt maturity extension.  This
transaction involves the repayment of Ardagh's existing PIK notes
and the payment of a US$100 million shareholder distribution with
the issuance of US$1 billion of new PIK notes.  The changes in
the capital structure do not alter S&P's assessment of Ardagh's
financial risk profile as "highly leveraged," with its key
financial metrics remaining commensurate with the current
ratings.

S&P do not expect Ardagh's free operating cash flow generation to
contribute significantly to reducing debt in the near term, nor
do S&P expects the group's Standard & Poor's-adjusted funds from
operations (FFO) to debt to exceed 10%.

Ardagh's "satisfactory" business risk profile reflects the
group's leading market positions in the global glass-container
and metal-packaging markets.  The group focuses on the relatively
stable food and beverage end markets.  Ardagh remains exposed to
volatile raw material prices and high energy costs, despite its
prudent hedging strategy.  The group has expanded aggressively in
recent years with debt-funded acquisitions.  Although these
acquisitions have enhanced the group's competitive position and
geographic, end-market, and product diversification, they carry
integration risks, including those related to the realization of
synergies.

Ardagh's "highly leveraged" financial risk profile reflects the
group's highly leveraged capital structure.  S&P forecasts that
its adjusted debt to EBITDA will exceed 7x in 2014 and 2015, and
that its free operating cash flow generation will be relatively
weak because its glass operations are capital-intensive.

Ardagh's financial policy has a negative impact on S&P's rating
outcome.  S&P considers that there is a risk that Ardagh could
continue its track record of acquisitions, which could entail
higher debt usage than S&P assumes in its base-case scenario.
This could result in weaker credit metrics than S&P forecasts.

S&P's base-case operating scenario for Ardagh assumes:

   -- Flat like-for-like sales growth for 2014.  This equates to
      about 17% on an absolute basis, net of the acquisition of
      Verallia North America (VNA), the North American operations
      of Compagnie de Saint-Gobain's glass business, and the
      disposal of six other U.S. plants.

   -- A gradual improvement in margins as the share of Ardagh's
      output of high-margin glass-container packaging increases
      and it realizes synergies from acquisitions.

   -- No major acquisitions or divestitures after the completion
      of the VNA acquisition and disposal of six plants.

   -- Negative free operating cash flow generation in 2014, on
      the back of a working capital outflow and capital
      expenditure of above EUR300 million.

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

   -- FFO to debt of about 5% in 2014; and

   -- Debt to EBITDA of above 7x at the same time.

The stable outlook on Ardagh and related entities reflects S&P's
view that Ardagh's credit metrics will remain at levels
commensurate with the 'B' rating in the near term.  Specifically,
this means relatively aggressive financial policies and credit
metrics that are likely to remain highly leveraged.  The outlook
also takes into account the possibility that synergies related to
the VNA acquisition take longer to realize than S&P anticipates,
and the group's largely debt-funded growth strategy.

S&P could take a positive rating action if it anticipates that
Ardagh will alter its financial policy to focus on deleveraging,
while improving its credit measures to levels S&P considers
commensurate with a 'B+' rating.  This could occur if Ardagh
significantly reduces its debt, for example, through an IPO.

S&P could take a negative rating action if Ardagh's credit
measures deteriorate further -- for example, because of further
debt-funded acquisitions, financial underperformance, or
unexpected material shareholder returns.  Similarly, S&P could
downgrade Ardagh if the group suffers from liquidity issues.
However, S&P considers these risks to be remote in the near term.



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


CHARGER OPCO: S&P Assigns Prelim. 'BB' LT Corp. Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'BB'
long-term corporate credit rating to Charger OpCo B.V., a
Netherlands-based company set up to raise funds for the merger of
the coffee businesses of Mondelez International Inc. and D.E
Master Blenders 1753 B.V. (DEMB) into a combined coffee and tea
company called Jacobs Douwe Egberts.  The outlook is stable.

At the same time, S&P assigned its preliminary 'BB' issue rating
to Charger OpCo's senior secured debt facilities, in line with
the corporate credit rating.  The recovery rating on these
facilities is '4', indicating S&P's expectation of average (30%-
50%) recovery in the event of default.

The final ratings will be subject to the successful completion of
the refinancing transaction and will depend on S&P's receipt and
satisfactory review of all final refinancing transaction
documentation.  Accordingly, the preliminary ratings should not
be construed as evidence of the final ratings.  If Standard &
Poor's does not receive the final documentation within a
reasonable timeframe, or if the final documentation departs from
the materials S&P has already reviewed, it reserves the right to
revise or withdraw its ratings.

The 'BB' preliminary corporate credit rating on Charger OpCo
reflects S&P's view of its "satisfactory" business risk profile
and "aggressive" financial risk profile.

The "satisfactory" business risk profile reflects S&P's view of
Jacobs Douwe Egberts' solid market positions in various regional
markets, its varied portfolio of highly recognized brands, and
the generally solid demand for coffee and tea products even in
times of austerity.  S&P assess the group's country risk as
"intermediate" given its relatively broad geographical spread of
revenues.  S&P assess the risk for the global branded nondurables
industry as "low," reflecting relatively stable demand and
generally solid growth prospects.

S&P believes that Jacobs Douwe Egberts will maintain stable
growth, supported by spending on product development, innovation,
and marketing, and underpinned by relatively solid demand for
coffee and tea products.  While S&P understands that the merger
might not close until 2015, it anticipates that the combined
group will generate pro forma revenues of close to EUR5.6 billion
in 2014, with growth in Eastern Europe and Latin America
mitigated by moderate and limited growth in Europe and Australia,
respectively.

S&P believes that ongoing cost and efficiency savings -- which
had a positive impact on the respective merging entities'
earnings in 2013 -- will continue to strengthen profitability.
S&P anticipates that Jacobs Douwe Egberts' Standard & Poor's-
adjusted pro forma EBITDA margin will be in the high teens in
2014 and will continue to increase over the two-to-three years
thereafter.  S&P also considers that the group is exposed to
relatively volatile coffee prices, and that to maintain
improvements in profitability, the group would need to handle the
volatility efficiently and be able to pass on price increases to
its consumers.  S&P views Jacobs Douwe Egberts' relative reliance
on Europe, which accounts for 75% of the revenue base, as a
weakness compared with the group's peers in the consumer products
market.

S&P's assessment of Jacobs Douwe Egberts' financial risk profile
as "aggressive" reflects its view that although its balance sheet
will be highly leveraged following the refinancing transaction,
this is mitigated by strong interest coverage ratios and
management's commitment to reduce leverage.  S&P understands that
the merger of the coffee businesses of Mondelez International and
DEMB will be financed with up to EUR7.6 billion of debt, of which
EUR2.9 billion will be used to refinance the existing debt at
DEMB's holding company Oak Leaf B.V., and about EUR4 billion will
be paid to Mondelez International when the merger is complete.
S&P anticipates that the deal will close in 2015.

S&P believes that Jacobs Douwe Egberts will maintain strong and
sustainable free cash flow generation due to relatively low, but
solid, revenue growth, which combined with ongoing cost savings
and efficiency measures, should result in solid growth in EBITDA.

S&P believes that management's plan to rapidly reduce leverage is
credible because there are restrictions on dividend payments in
the near term, and acquisitions, if any, are likely to be small
during the integration phase of the two merged coffee businesses.
In S&P's view, the cash flow available for debt repayment should
be positive, and management's aim to reduce debt, stipulations in
the loan documentation, and the amortization structure of one of
the term loans should ensure a steady decrease of leverage.

S&P forecasts that the group's adjusted funds from operations
(FFO)-to-debt and net debt-to-EBITDA ratios will strengthen to
13% and close to 5x, respectively, by year-end 2015, from about
9% and more than 6x pro forma the refinancing this year.  S&P
anticipates that these ratios will continue to strengthen to more
than 17% and about 4x, respectively, in 2016.

S&P's assessment of the financial risk profile as "aggressive"
reflects not only the strengthening of FFO to debt and debt to
EBITDA, but also very strong interest coverage ratios.  S&P
forecasts that EBITDA interest coverage will be 3x-6x over the
forecast period, indicating a stronger financial risk profile.

S&P's base-case operating scenario assumes:

   -- Annual growth of sales revenues of about 2%-3%, in line
      with the growth S&P anticipates in the coffee industry.

   -- Gradually strengthening EBITDA margins, with profitability
      benefiting from ongoing cost savings, efficiency measures,
      and other initiatives.

   -- Annual capex of about 4% of revenues.

   -- Solid working capital inflows, as management's focus on the
      group's operating working capital results in a cash release
      over the next two years.

   -- Debt reduction thanks to an excess cash flow sweep, the
      amortizing structure of one of the term loans, and
      limitations on dividend payments.

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

   -- EBITDA margins in the high teens in 2014 and strengthening
      thereafter.

   -- Debt to EBITDA of 6x-7x in 2014, 4.5x-5.0x in 2015, and
      3.5x-4.5x in 2016.

   -- EBITDA interest coverage of 3.0x-3.5x in 2014, 4.5x-5.0x in
      2015, and 5.5x-6.0x in 2016.

The stable outlook reflects S&P's view that Jacobs Douwe Egberts'
credit ratios are likely to strengthen in 2015 from the
relatively weak levels S&P forecasts for the current year pro
forma the refinancing.  The outlook also assumes that the merger
will receive regulatory approval without the need for major
divestments and will close as planned in 2015.  S&P thinks that
the group's strong EBITDA interest coverage ratios, which
according to its forecasts will exceed 3x over the near term,
mitigate its highly leveraged balance sheet and debt-to-EBITDA
ratio of more than 5x. The stable outlook reflects S&P's opinion
that interest coverage ratios will remain strong and that the
leverage ratio will strengthen in the near term.

Upside scenario

An upgrade is unlikely over the next 12-18 months, as Jacobs
Douwe Egberts' adjusted debt to EBITDA ratio would need to fall
below 4x to justify a higher rating.  While S&P assumes that the
merger will close in 2015, it would like to see regulatory
approvals without potential divestments, and evidence of
successful integration without pressure on profitability and cash
flow generation, before considering a higher rating.

Downside scenario

S&P could consider taking a negative rating action if Jacobs
Douwe Egberts' leverage does not decrease as much as it forecasts
over the next 12-18 months.  For example, this could result from
asset sales; weaker operating performance, which would put
pressure on the group's earnings and EBITDA; or from higher
capex; a debt-financed acquisition; or a change in the group's
dividend policies.


HEMA BV: S&P Assigns Prelim. 'B+' CCR; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B+' preliminary long-term corporate credit rating to the
Netherlands-based general merchandise and food retailer Hema B.V.
The outlook is stable.

At the same time, S&P assigned a 'BB+' preliminary long-term
issue rating and '1+' recovery rating to Hema's EUR80 million
proposed super senior revolving credit facility (RCF) due 2018.
S&P assigned its 'B+' preliminary rating and '3' recovery rating
to the proposed EUR275 million senior secured floating rate notes
and EUR290 million senior secured fixed-rate notes, both due
2019.  S&P assigned a 'B-' preliminary rating and '6' recovery
rating to the EUR150 million proposed senior unsecured notes due
2019.  S&P understands that the proposed notes will be issued by
special purpose vehicles owned by Dutch Lion B.V., the parent
company of Hema.  The proceeds of the notes will then be lent on
to Hema.

The preliminary ratings are subject to the successful issuance of
the RCF and notes, and to S&P's review of the final
documentation. If Standard & Poor's does not receive the final
documentation within a reasonable time frame, or if the final
documentation departs from the materials S&P has already
reviewed, it reserves the right to withdraw or revise its
ratings.

The preliminary rating reflects S&P's view of Hema's "fair"
business risk profile and "highly leveraged" financial risk
profile, resulting in an anchor of 'b'.  S&P adjusts the anchor
upward by one notch to account for its positive view of Hema
under S&P's comparable ratings analysis, where it reviews Hema's
credit characteristics in aggregate.

The stable outlook reflects S&P's view that Hema will continue to
improve its market position and pursue a prudent diversification
strategy to expand its operations.  Furthermore, S&P considers
that profitability is likely to improve following the company's
implementation of its cost-saving strategy and that Hema should
be able to continue generating positive FOCF and maintain
adequate coverage of debt service costs.  Hema's "adequate"
liquidity, as well as its sufficient financial covenant headroom,
should, in S&P's opinion, enable the company to withstand
potential temporary operating setbacks.

S&P don't think it likely that Hema will be able to meaningfully
reduce its total adjusted leverage, owing to the PIK nature of
the shareholder loan.

Ratings upside is limited in the next 12 months.  However, S&P
would likely consider a positive rating action if Hema's business
operations grew more strongly than it currently forecasts, on the
back of a successful expansion strategy in other countries, and
translating into a higher business risk profile assessment.

S&P could also consider a positive rating action if Hema's core
leverage ratios improved toward the "aggressive" category.  This
would occur if adjusted FFO to debt increased to more than 12%
and adjusted debt to EBITDA fell below 5x.

If Hema's financial policy toward shareholder remuneration became
more aggressive, S&P could consider a downgrade.

S&P could also lower the rating if the company experiences an
unexpected loss of market share or considerable revenue or profit
declines, leading S&P to lower its assessment of its business
risk profile.

S&P could also lower the rating because of lower EBITDA and cash
generation, resulting in FFO cash interest coverage falling below
2x or free cash flow turning negative.



===========
P O L A N D
===========


* POLAND: Corporate Bankruptcies Up in May, Euler Hermes Says
-------------------------------------------------------------
Warsaw Business Journal, citing research and debt collection firm
Euler Hermes Collections, reports that in May, about 79 companies
were declared bankrupt compared to 70 bankruptcies recorded in
the corresponding month of 2013.

The total revenue of the companies that went under last month
stood at PLN1.7 billion and altogether, they employed 4,300
people, WBJ discloses.  Most of the companies that were declared
bankrupt were manufacturing firms, WBJ notes.  There were also a
significant number of construction companies and service
providers, WBJ states.

In the first five months of 2014, as many as 342 Polish firms
were declared bankrupt, 57 fewer than in the same period of the
previous year, WBJ relays.

According to WBJ, the report said that current bankruptcies are
still the effect of the poor business conditions seen in previous
years.

"Last year, economic uncertainty contributed to the fact that 20
percent of bankruptcies involved company restructuring.  In May
of this year, only 10 companies received permission for
restructuring, meanwhile eight restructuring processes initiated
in previous months failed and turned into company liquidation,"
WBJ quotes Grzegorz Hylewicz, director at Euler Hermes, as
saying.



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


OLTCHIM SA: Government Considers All Restructuring Measures
-----------------------------------------------------------
Gabriela Stan at Ziarul Financiar reports that Romanian Prime
Minister Victor Ponta Friday said that all restructuring measures
have been taken so that insolvent chemical company Oltchim SA
would become feasible, as it is eligible for loans.

Oltchim is a Romanian chemical producer.  The company has been
under insolvency procedures since January 2013.  This came soon
after the state failed to privatize Oltchim in its first
privatization stage, which was won by media mogul Dan Diaconescu.



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


MDM BANK: S&P Lowers Counterparty Rating to 'B+'; Outlook Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term counterparty credit rating on Russian MDM Bank to 'B+'
from 'BB-' and affirmed the 'B' short-term counterparty credit
rating.  The outlook is negative.

At the same time, S&P lowered the Russia national scale rating on
MDM Bank to 'ruA' from 'ruAA-'.

The downgrade reflects continuing pressure on MDM Bank's
financial profile, notably its asset quality and profitability.
S&P believes MDM Bank's market share and capacity to deliver
stable earnings have significantly deteriorated in the past few
years.  S&P acknowledges the bank's management's efforts to clean
up the problem loan portfolio and implement a new growth strategy
to improve the bank's risk profile and revenue stability.
However, S&P's expectation is that the negative trends we see for
both economic and industry risks for Russian banks are likely to
negatively affect MDM Bank's credit quality.

S&P revised its assessment of MDM Bank's risk position to "weak"
from "moderate" to reflect the bank's weaker-than-peer's loan-
loss track record.  The bank's reduced capital base and weak
earnings capacity led S&P to revise its assessment of the bank's
capital and earnings position to "moderate" from "adequate."  S&P
notes, however, that this revised assessment has a neutral impact
on its ratings on MDM Bank.

S&P revised its assessment of MDM Bank's stand-alone credit
profile (SACP) to 'b' from 'b+'.  The 'B+' long-term rating
factors in a one-notch uplift, acknowledging the bank's moderate
systemic importance in Russia, notably its strong regional market
shares.

The negative outlook on MDM Bank reflects its vulnerable
financial profile, exacerbated by the negative developments in
the Russian economy and the banking sector.  S&P thinks
pronounced slowing of the economy will put additional pressure on
the bank's financial performance, which is already fragile owing
to weak problem portfolio recovery and a sizable share of NPLs in
its legacy portfolio from before the 2008 crisis.

S&P could lower the ratings if it was to revise down its
assessment of potential government support for MDM Bank.  This
could happen if S&P observed further significant deterioration of
the bank's market position, particularly in the Siberia region
where the bank's positions have been traditionally stronger.
Additionally, S&P could lower the ratings if it observed further
intensification of operating risks in Russia, leading to a
further deterioration of the loan portfolio quality and to the
creation of additional provisions resulting in our forecast RAC
ratio falling below 5%.  S&P could also lower the ratings if the
bank's liquidity position significantly deteriorates.

S&P could revise the outlook to stable if it saw substantial
growth of sustainable new business, together with no further
significant deterioration of the loan portfolio's quality,
resulting in stable earnings generation and improvement of the
bank's market position.  A prerequisite for this would be abating
economic and industry risks for the Russian banking sector as a
whole, however.


NIZHNY NOVGOROD: S&P Withdraws 'BB' LT Issuer Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
issuer credit rating and 'ruAA' Russia national scale rating on
the Russian City of Nizhny Novgorod.  S&P subsequently withdrew
the ratings at the issuer's request.  At the time of the
withdrawal, the outlook was stable.

Rationale

Prior to withdrawal, the ratings on the Russian City of Nizhny
Novgorod were constrained by what S&P views as Russia's
"developing and unbalanced" institutional framework, and the
city's modest wealth levels and concentrated economic base,
limited budgetary flexibility and predictability, and "negative"
financial management in an international context.  The city's
moderate budgetary performance, low debt levels, and limited
contingent liabilities supported the ratings.  S&P assessed its
liquidity position as "neutral" for its creditworthiness.

At the time of withdrawal, the stable outlook on Nizhny Novgorod
reflected S&P's view that the continued inflow of operating and
capital transfers from the oblast would help Nizhny Novgorod meet
its need to increase expenditure and support its budgetary
performance at moderate levels.  S&P assumed that the city would
maintain its existing liquidity policy, and that liquidity would
remain "neutral" over the medium term.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.  The chair
ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.

RATINGS LIST

Ratings Affirmed Then Withdrawn

                                        To                 From
Nizhny Novgorod (City of)
Issuer Credit Rating                   N.R.
BB/Stable/--
Russia National Scale                  N.R.          ruAA/--/--

N.R.-Not rated.



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


ACH: Power Struggle Ends Amid Bankruptcy Threat
-----------------------------------------------
STA reports that a bitter power struggle at conglomerate ACH
appears to have ended on Friday as the indebted company got a new
chairman and chief supervisor following weeks of uncertainty that
threatened to push it into bankruptcy.

ACH is one of Slovenia's biggest companies.



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


CAIXA PENEDES 1: S&P Lowers Rating on Class C Notes to 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in CAIXA PENEDES 1 TDA Fondo de Titulizacion de Activos
and CAIXA PENEDES 2 TDA, Fondo de Titulizacion de Activos.

Specifically, S&P has raised its rating on:

   -- the class A notes, affirmed its rating on the class B
      notes, and lowered its rating on the class C notes in CAIXA
      PENEDES 1; and

   -- the class A notes, affirmed its rating on the class B
      notes, and lowered its rating on the class C notes in CAIXA
      PENEDES 2.

The rating actions follow S&P's review of the transactions'
collateral credit quality and its assessment of counterparty
risk. S&P's ratings on the notes also reflect its analysis of the
evolution of the transaction's structural features for which S&P
applied its cash flow criteria for European residential mortgage-
backed securities (RMBS) transactions.  For each transaction, S&P
has used the latest available portfolio and structural features
information from the April 2014 trustee investor report.

Arrears of more than 90 days in CAIXA PENEDES 1 and 2, excluding
defaults (loans delinquent for 12 months or longer), represent
1.63% and 1.44%, respectively, of the outstanding nondefaulted
pool balance, compared with 0.54% and 0.32% in April 2013.
Despite the increase, arrears levels are well below those in
S&P's Spanish RMBS index.

As of end-March 2014, the cumulative defaults over the original
loan balance ratios were 2.36% for CAIXA PENEDES 1 and 1.43% for
CAIXA PENEDES 2.  Both transactions have a combined interest and
principal priority of payments with deferral triggers based on
cumulative gross defaults.  If the transactions breach their
triggers (4.90% and 5.00% for the class C notes in CAIXA PENEDES
1 and CAIXA PENEDES 2, respectively), they will divert interest
on the subordinated notes to amortize the senior notes'
principal.  In S&P's view, both transactions are unlikely to
breach their triggers.  S&P expects cumulative defaults to
continue to increase, as long-term delinquencies roll into
defaults.

As of the April interest payment date, the reserve funds in both
transactions, which the subordinated notes fully funded at
closing, are at their documented required levels and represent
2.15% and 4.68% of the outstanding notes' balance in CAIXA
PENEDES 1 and CAIXA PENEDES 2, respectively.

In CAIXA PENEDES 1, the available credit enhancement (based on
the performing balance, including arrears of up to 90 days plus
the reserve balance) is 12.87%, 6.65%, and 2.15% for the class A,
B, and C notes, respectively.  In CAIXA PENEDES 2, the available
credit enhancement for the class A, B, and C notes is 11.40%,
9.36%, and 4.68%, respectively.

In both transactions, the trustee, on behalf of the issuer,
entered into an interest swap contract with JP Morgan Chase Bank
N.A. to mitigate any basis and interest risk due to the pool's
various indexes and the notes' reference interest rate.  The
issuer pays the swap counterparty a combination of the past 12
month's EURIBOR (Euro Interbank Offered Rate) and IRPH (¡ndice de
referencia de prestamos hipotecarios) multiplied by the balance
of the performing loans.  The issuer receives three-month EURIBOR
on the performing balance of the loans minus 0.10% in CAIXA
PENEDES 1 and minus 0.068% in CAIXA PENEDES 2.  The replacement
mechanisms and minimum required ratings in the transactions'
documents are in line with S&P's current counterparty criteria.
Therefore, under S&P's criteria, the maximum potential rating on
the notes that a counterparty can support in both transactions is
'AAA (sf)'.

On May 23, 2014, S&P raised its long- and short-term foreign and
local currency sovereign ratings on Spain.  Under S&P's
nonsovereign ratings criteria, the maximum rating differential
between its ratings on the sovereign in which the underlying
assets are based and S&P's ratings in the transaction is up to
six notches.  Therefore, S&P's criteria cap the maximum potential
rating in CAIXA PENEDES 1 and 2 at 'AA (sf)'.  S&P has therefore
raised to 'AA (sf)' from 'AA- (sf)' its ratings on the class A
notes in both transactions following S&P's recent rating action
on Spain and the application of its nonsovereign ratings
criteria.

S&P has also affirmed its 'A (sf)' and 'AA- (sf)' ratings on
CAIXA PENEDES 1 and 2's class B notes, respectively as the
available credit enhancement and performance of the notes is
commensurate with S&P's currently assigned ratings.

In S&P's view, the class C notes in both transactions can no
longer maintain their currently assigned ratings due to the
increase in severe delinquencies over the last year.  Given that
payment on the class C notes' principal in both transactions is
subordinated to payments on the more senior notes' principal, S&P
considers the class C notes to be more sensitive to its stress
assumptions than the other classes.  S&P has therefore lowered to
'BB (sf)' from 'BBB (sf)' and to 'BBB (sf)' from 'BBB+ (sf)' its
ratings on the class C notes in CAIXA PENEDES 1 and CAIXA PENEDES
2, respectively.

CAIXA PENEDES 1 and 2 are Spanish RMBS transactions, which closed
in November 2006 and September 2007, respectively.  They
securitize two portfolios of residential mortgage loans.  The
loans are secured over Spanish properties, mainly in Catalonia
(98.22%; 97.41% of the balance of the outstanding pool).  CAIXA
PENEDES, now merged with Banco Sabadell S.A., originated the
loans and is the servicer.

POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES

These ratings are based on S&P's applicable criteria, including
those set out in the criteria article "Nonsovereign Ratings That
Exceed EMU Sovereign Ratings: Methodology And Assumptions,"
published on June 14, 2011.  However, please note that these
criteria are under review.

As a result of this review, S&P's future criteria applicable to
ratings above the sovereign may differ from its current criteria.
This potential criteria change may affect the ratings on all
outstanding notes in this transaction.  S&P will continue to rate
and surveil these notes using its existing criteria.

RATINGS LIST

Class  Rating        Rating
       To            From

CAIXA PENEDES 1 TDA Fondo de Titulizacion de Activos
EUR1 Billion Mortgage-Backed Floating-Rate Notes

Rating Raised

A      AA (sf)       AA- (sf)

Rating Affirmed

B      A (sf)

Rating Lowered

C      BB (sf)       BBB (sf)

CAIXA PENEDES 2 TDA, Fondo de Titulizacion de Activos
EUR750 Million Mortgage-Backed Floating-Rate Notes

Rating Raised

A      AA (sf)       AA- (sf)

Rating Affirmed

B      AA- (sf)

Rating Lowered

C      BBB (sf)      BBB+ (sf)


PYMES SANTANDER 8: DBRS Assigns 'C' Rating to Series C Notes
------------------------------------------------------------
DBRS Ratings Limited has released a Rating Report on FTA PYMES
SANTANDER 8, which was assigned its final ratings on May 20,
2014.

Issuer            Debt Rated      Rating Action   Rating
------            ----------      -------------   ------
FTA PYMES
SANTANDER 8       Series A Notes  Provis.-Final   A (sf)
                  Series B Notes  Provis.-Final   BB (high)(sf)
                  Series C Notes  Provis.-Final   C (sf)


PYMES SANTANDER 9: DBRS Assigns 'CCC' Rating to Series B Notes
--------------------------------------------------------------
DBRS Ratings Limited has released a Rating Report on FTA PYMES
Santander 9, which was assigned its final ratings on May 20,
2014.

Issuer            Debt Rated      Rating Action   Rating
------            ----------      -------------   ------
FTA PYMES
SANTANDER 9       Series A Notes  Provis.-Final   AA (sf)
                  Series B Notes  Provis.-Final   CCC (high)(sf)



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


MUNTERS AB: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B' long-
term corporate credit rating to Sweden-based air treatment
solutions provider Munters AB.  The outlook is stable.

At the same time, S&P assigned its 'B' issue rating to Munters'
US$280 million senior secured term loan and US$45 million
revolving credit facility (RCF).  The recovery rating on the loan
is '3', indicating S&P's expectation of meaningful (50%-70%)
recovery in the event of a payment default.

The ratings reflect S&P's assessments of Munters' "highly
leveraged" financial risk profile and "weak" business risk
profile, as defined in our criteria.

The ratings on Munters are constrained by S&P's view of the
company's "highly leveraged" financial risk profile and its
assessment of its financial policy as FS (financial sponsor)-6,
based on Munters' private equity ownership.  S&P excludes the
Swedish krona (SEK) 2.6 billion shareholder loan from its debt
calculation, as S&P considers that it qualifies as equity under
its criteria.  It is deeply subordinated to all existing and
future debt instruments, and no mandatory cash payments can be
associated with this instrument.  S&P therefore expects Munters'
credit metrics to be in the lower end of its "highly leveraged"
financial risk profile assessment, with debt to EBITDA at about
5.5x (including S&P's standard adjustments for operating leases).
A key strength, in S&P's opinion, is Munters' likely ability to
generate positive free operating cash flow (FOCF) in the near to
medium term.  S&P forecasts FOCF of roughly SEK40 million
(US$6 million), in 2014, and higher than SEK100 million in 2015
and thereafter.

"We assess Munters' business risk as "weak." We consider that the
company's limited scale and scope of operations and its lower-
than-average profitability in a global comparison constrain its
business risk.  Still, management has engaged in initiatives to
improve margins, but we will not factor them in until we observe
a positive track record.  We believe that these weaknesses are
mitigated by Munters' solid market positions in its major niche
markets, coupled with its good end markets and geographic
diversification.  It has longstanding customer relationships,
which in our view offset some of the business' exposure to
cyclicality.  Furthermore, we believe Munters' growth potential
in several of its business units is sound, which could lead to
higher growth than in our base case, if management is successful
with its ongoing strategic initiatives," S&P said.

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

   -- Revenue growth of about 5%, predominantly on increased
      service revenues, new product offerings, and price and
      volume increases.

   -- EBITDA margin of about 9.0%-9.5%, slightly better than the
      2013 figure because of less one-off costs.

   -- Capital expenditures of about SEK80 million to SEK100
      million.

   -- No further acquisitions beyond those to which Munters has
      already committed.

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

   -- Debt to EBITDA at about 5.5x excluding the shareholder
      loan.
   -- Adjusted EBITDA of SEK360 million-SEK390 million.
   -- FOCF of SEK40 million-SEK60 million, improving to SEK100
      million-SEK150 million in 2014.

The stable outlook reflects S&P's opinion that Munters should
continue to generate FOCF over 2014-2015, based on S&P's
assumption that the company will gradually improve its operating
performance and control expansionary investments in capital
expenditures and working capital.  S&P expects fully adjusted
debt to EBITDA of about 5.5x, in line with the current rating.

S&P could consider a positive rating action if Munters' debt to
EBITDA moves consistently below 5x, which could be consistent
with a higher rating, if the company simultaneously continues to
generate FOCF and liquidity remains at least "adequate."
Furthermore, if the company delivers revenue growth above S&P's
current base case and at the same time improves profitability,
with EBITDA margins wider than 12%, this could gradually lead to
rating upside, assuming Munters uses the resulting higher cash
flow to reduce debt.

S&P could lower the ratings if unexpected adverse operating
developments were to occur, such as a sharp economic downturn in
the global economy that affects Munters' end markets.  The
ratings could come under pressure if the group's EBITDA margin
approaches 7%, or FOCF turns negative as a result of any
operating shortfalls, adverse working capital swings, or if the
non-cash-paying shareholder loan was replaced by a cash-paying
instrument.  Furthermore, any breach of the financial covenants
could weigh negatively on the ratings.



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


DUFRY AG: Moody's Affirms Ba3 Corp. Family Rating; Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has affirmed Ba3 corporate family
rating (CFR), Ba3-PD probability of default rating (PDR) of Dufry
AG and the Ba3 senior unsecured notes of Dufry Finance S.C.A.
following the announcement that the company has signed a
definitive agreement for the acquisition of 100% of The Nuance
Group AG (Nuance, B2 Rating Under Review). The outlook on the
ratings is stable.

"The deal has clear industrial logic as its completion will
create the world's leading operator in the travel retail
industry," says Lola Cavanilles, Moody's Assistant Vice
President -- Analyst and lead analyst for Dufry. "However, the
improvement in qualitative factors will be somewhat offset by
weaker credit metrics, at least in the medium term," adds
Ms.Cavanilles.

Dufry will acquire Nuance for an enterprise value of CHF1,550
million through Dufry Financial Services B.V., an acquisition
vehicle incorporated in the Netherlands that is a 100% subsidiary
of Dufry International AG. The acquired entities will be financed
through a combination of debt (at least CHF550 million bond) and
equity (mandatory convertible notes of CHF275 million and a
CHF725 million rights issue). Nuance's existing EUR200 million
bond will be repaid within six months after closing of the
transaction and its CHF420 million bank credit facility will be
refinanced. Dufry's current revolving credit facility and term
loans will also be refinanced, extending the first maturity to
2019.

Moody's assumption in affirming the rating is that Dufry will
successfully launch a capital increase of CHF1,000 million in
order to complete the acquisition.

Ratings Rationale

The transaction will enhance Dufry's geographical footprint,
providing it with a balanced geographic portfolio that holds
strong positions in mature and emerging markets. Nuance's
portfolio complements and strengthens Dufry's presence in
strategic regions and the combined entity will benefit from a
leading position in Europe and Latin America, as well as
strengthened growth potential in Asia.

The improved business profile is offset with a somewhat higher
leverage, which will position Dufry initially very weakly in the
Ba3 rating category following the completion of this transaction.
At the end of 2013, Dufry's gross debt/EBITDA ratio (on a
standalone basis) stood at 5.3x and its EBITA/interest expense
ratio was around 1.9x (both Moody's adjusted). Post transaction,
Moody's expects that these ratios will deteriorate to 5.7x and
1.6x respectively and it won't be until the end of 2016 that the
company will be able to return to 2013 levels. Therefore, the
rating incorporates the expectation that external growth will be
limited at Dufry group until leverage has reached a level that
would be more commensurate with the Ba3 rating.

What Could Change The Rating -- Up/Down

Dufry's ratings could be upgraded if the company continues to
improve its geographical reach, sustains the current growth in
its profits and reduces its indebtedness, with debt/EBITDA
decreasing below 4x, on a sustainable basis.

Dufry's rating could be downgraded if the company experiences
operational weakness, difficulties in integrating Nuance or
pursues an aggressive growth strategy such that its Moody's-
adjusted debt/EBITDA ratio remains above 5.5x and EBITA/interest
expense remains below 1.6x for a prolonged period.

The principal methodology used in these ratings was the Global
Retail 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.


DUFRY AG: Fitch Revises Outlook to Neg. & Affirms 'BB' IDR
-----------------------------------------------------------
Fitch Ratings has revised Dufry AG's Outlook to Negative from
Stable and affirmed its Issuer Default Rating (IDR) at 'BB'.
Fitch has also affirmed Dufry Finance S.C.A.'s senior unsecured
notes rating at 'BB'.

The rating actions follow Dufry's announcement that it is
acquiring the Nuance Group. The affirmation reflects the overall
positive impact the acquisition should have on Dufry's operations
and expanded geographic footprint. However, the revision of the
Outlook to Negative reflects the anticipated temporary weakening
of credit metrics in FY14 and FY15 relating to the increased
indebtedness from the new bond issue and a possible longer term
drawing under the bridge facility ahead of the new equity
placement, as well as the initial operating margin dilution.
Although Dufry's business model will remain capable of generating
large free cash flow (FCF), a commitment to pursue a more
conservative financial strategy will be critical to assess the
future outlook trend.

Key Rating Drivers

Market Leadership and Business Scale Strengthened
The acquisition of Nuance materially increases Dufry's market
leadership and scope of operations. In the travel retail
industry, Fitch views this as paramount for maintaining high
quality of concessions and deriving an increasing amount of
operational efficiencies.

Increased Footprint in Strategically Important Regions
Dufry will benefit from Nuance's complementary presence in the
Mediterranean region, Asia and the US. Given that over 80% of
Dufry's pipeline projects involve new concessions and expansions
in these geographies, Fitch views the complementary geographic
nature of the transaction as highly accretive to Dufry's long-
term business development goals.

Impact on Concession Portfolio Mixed
The acquisition will allow Dufry to expand and diversify its
concession portfolio and add a number of profitable contracts. We
note an overall shorter concession lifetime and a higher share of
concessions with maximum guaranteed payments will slightly
elevate Dufry's operating leverage. However, given Dufry's
historically high concession renewal rates of 80%, the curtailed
concession lifetime does not materially diminish business
visibility. We expect the average profitability of Nuance's
concessions to converge with that of Dufry's through
discontinuation of less profitable contracts and renegotiation of
new concessions with predominantly variable fee structures.

Fitch also notes the unprofitable Australian operations of
Nuance, although these are not deemed as strategically important
to Dufry, with most of the unprofitable concessions expiring over
the next quarters.

Operating Cash Generation Constrained By Weaker Profitability
Given Nuance's weaker profitability, the acquisition will
sustainably compress Dufry's EBITDA margins by 1%-2% below the
historical average of 14%. As a result, Fitch estimates the
forecast funds from operations (FFO) as a percentage of sales
will be consistently below historical levels of 11%-12% by 2-3%.
However, in the absence of any major incremental capital spend
above the company's target of 3.5% of sales, free cash flow
generation is projected to remain strong and expand over the
rating horizon. We also note that even with lower profitability,
Dufry would still rank among the top performers in the travel
retail sector such as World Duty Free.

Credit Metrics to Come Under Pressure in FY 14-15
As a result of the acquisition, Fitch expects FCF as a percentage
of sales to drop to below 4%, with FFO adjusted leverage after
consideration of dividends paid to associates close to 6.0x by
the end of FY14 (based on the actual contribution from Nuance in
2H14) and remain above 5.5x in FY 2015. We consider the
deterioration in credit metrics will be temporary, limited to the
business integration period, which is expected to be restored in
FY16 once the combined business has started generating normalized
levels of cash flow.

If FFO adjusted gross leverage remains sustainably above 5.5x,
for example as a result of a more onerous integration process,
weaker FCF or a delay in the equity placement as part of the
financing package, this could put pressure on the rating.

Further Debt-Funded Acquisitions Likely
In the consolidating and highly competitive travel retail
industry, we expect acquisitions will remain an essential route
to delivering growth and protecting profitability. As long as
future acquisitions are accretive to Dufry's internal cash
generation and the company remains disciplined about its
financial policy, Fitch continues to factor small add-on
acquisitions into the ratings.

LIQUIDITY AND DEBT STRUCTURE

Fitch expects Dufry to maintain comfortable liquidity given the
company's continuously strong FCF generation, absence of
principal repayments until 2019 after the debt refinancing and
augmented liquidity reserves under the new undrawn RCF of
CHF900m.

RATING SENSITIVITIES

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

-- FFO adjusted leverage staying around 5.0x in the medium term
    suggesting an adverse shift in the operating environment,
    persisting organic issues and/or continuing appetite for
    debt-funded acquisitions

-- EBITDA margin below 12% coupled with FCF margin below 4.0%,
    both on a sustainable basis

-- FFO fixed charge cover sustainably below 2.5x

Positive: Although an upgrade is unlikely before 2015, future
developments that could lead to positive rating action include:

-- FFO adjusted leverage reducing to below 4.0x and fixed charge
    cover rising above 3.0x on a sustainable basis


NUANCE GROUP: Moody's Places 'B2' CFR on Review for Upgrade
-----------------------------------------------------------
Moody's Investors Service has placed the B2 corporate family
rating (CFR) and B2-PD Probability of Default Rating (PDR) of The
Nuance Group AG (Nuance) and the B2 senior secured notes of
Stampos B.V. on review for upgrade, following the announcement
that Dufry AG (Dufry, Ba3 stable) has signed a definitive
agreement to acquire 100% of Nuance.

"The deal has clear industrial logic as its completion will
create the world's leading operator in the travel retail
industry," says Lola Cavanilles, Moody's Assistant Vice
President -- Analyst and lead analyst for Nuance. "We expect that
the review will lead to an upgrade of Nuance's ratings by two
notches to Ba3, in line with the credit quality of the combined
Dufry/Nuance entity. We will likely conclude Moody's review when
the transaction is complete, at which time we would expect to
withdraw the ratings."

Dufry will acquire Nuance for an enterprise value of CHF1,550
million through Dufry Financial Services B.V., an acquisition
vehicle incorporated in the Netherlands that is a 100% subsidiary
of Dufry International AG. The acquired entities will be financed
through a combination of debt (at least CHF550 million bond) and
equity (mandatory convertible notes of CHF275 million and a
CHF725 million rights issue). Nuance's existing EUR200 million
bond will be repaid within six months after closing of the
transaction and the CHF420 million bank credit facility will be
refinanced. Dufry's current revolving credit facility and term
loans will also be refinanced, extending the first maturity to
2019.

Being subject to customary regulatory approval and closing
conditions, Moody's expects that this transaction will close by
the third calendar quarter of 2014.

Ratings Rationale

The transaction will enhance the combined Dufry/Nuance group's
geographical footprint, providing it with a balanced geographic
portfolio that holds strong positions in mature and emerging
markets. Nuance's portfolio complements and strengthens Dufry's
presence in strategic regions and the combined entity will
benefit from a leading position in Europe and Latin America, as
well as strengthened growth potential in Asia.

The improved business profile of the combined Dufry/Nuance group
is offset by the somewhat higher leverage, which will position
Dufry initially very weakly in the Ba3 rating category following
the completion of this transaction. At the end of 2013, Dufry's
gross debt/EBITDA ratio (on a standalone basis) stood at 5.3x and
its EBITA/interest expense ratio was around 1.9x (both Moody's
adjusted). Post transaction, Moody's expects that (1) these
ratios will deteriorate to 5.7x and 1.6x, respectively; and (2)
the company will be unlikely to return to 2013 levels until the
end of 2016. Therefore, the rating incorporates the expectation
that external growth will be limited at the Dufry group until
leverage has reached a level that would be more commensurate with
the Ba3 rating.

In its review process for Nuance's ratings, Moody's will be
evaluating (1) the transaction's final legal structure; (2) its
effect on Nuance' standalone ratings; and (3) the potential for
successful execution of the integration process in line with the
plan outlined by Dufry.

What Could Change The Rating -- Up/Down

Nuance's ratings will be upgraded at the completion of the
transaction to reflect the credit quality of the combined entity.
At the same time, Nuance's standalone ratings are expected to be
withdrawn.

Downward pressure on Nuance's ratings could also arise if the
transaction is not completed and Nuance's standalone leverage
metric were to increase beyond 6.0x, which could occur either as
a result of lower travel spending or less favorable terms for
concession contracts.

The principal methodology used in these ratings was the Global
Retail 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.



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


EUROSAIL-UK: Moody's Raises Rating on EUR30.33MM Notes to Caa3
--------------------------------------------------------------
Moody's Investors Service has upgraded the class A2a, A3a and B1a
and affirmed the class C1a and D1a notes ratings in Eurosail-UK
2007-6NP PLC following the execution of a restructuring.

LIST OF AFFECTED RATINGS:

Issuer: Eurosail-UK 2007-6NC PLC

  EUR111.14M A2a Notes, Upgraded to Aa2 (sf); previously on
  Dec 21, 2010 Downgraded to Ba1 (sf)

  EUR170.53M A3a Notes, Upgraded to A3 (sf); previously on
  Nov 25, 2008 Downgraded to B2 (sf)

  EUR30.33M B1a Notes, Upgraded to Caa3 (sf); previously on
  Dec 21, 2010 Downgraded to Ca (sf)

  EUR21.67M C1a Notes, Affirmed Ca (sf); previously on Dec 21,
  2010 Downgraded to Ca (sf)

  EUR18.1M D1a Notes, Affirmed Ca (sf); previously on Dec 21,
  2010 Downgraded to Ca (sf)

Ratings Rationale

The restructuring, implemented in February 2014, included the
redenomination of all notes, the application of cash receipts
relating to the claims against the original swap counterparties
and the partial write-down of the mezzanine and junior notes. For
additional restructuring items, please refer to the end of this
press release.

The restructuring aims to mitigate the deal's exposure to
foreign-exchange risk, present since the event of default on the
swap agreement that the bankruptcy filing of Lehman Brothers
Holdings Inc. triggered in 2008.

Rating Drivers For Class A Notes

The rating upgrades of the class A2a and A3a notes reflect the
redenomination from euro (EUR) to British pound sterling (GBP)
and repayment of the class A3a notes through the application of
cash receipts. The class A2a and A3a notes have been
redenominated GBP from EUR at a conversion rate of 1.2173
EUR/GBP, thereby eliminating the cross-currency risk and the
potential for future build-up of under-collateralization that the
depreciation of GBP to EUR could cause.

The cash receipts relating to the claims against the swap
counterparties have been applied towards the repayment of the
outstanding notes, and together with the termination of the swap
replacement obligation resulted in faster repayment of the notes.

Rating Drivers For Class B, C And D Notes

The B1a notes benefit from the restructuring of the transaction,
which eliminates the potential for future build-up of under-
collateralization caused by the transaction being un-hedged.

Moody's upgrade of the class B1a and affirmation of the classes
C1a and D1a notes take into consideration the losses resulting
from the tranche write-down as well as any future losses to be
incurred due to collateral performance. Class B1a, C1a and D1a
notes suffered write-downs of 10% of their original principal
balance following the restructuring. Moody's believes that the
expected recovery rate on the Class B1a, C1a and D1a notes is
consistent with the revised ratings. Moody's determined that the
ratings of the class B1a, C1a and D1a notes are compliant with
its publication "Moody's Approach to Rating Structured Finance
Securities in Default" dated November 2009.

Other Considerations

Moody's review of transaction's collateral indicated stable
performance, and as such, it did not revise any of its key
collateral assumptions.

Moody's rating analysis also took into consideration the exposure
of the notes to the issuer account bank Danske Bank A/S (Danske -
Baa1/P-2), acting through its London branch. Moody's has assessed
that the revised ratings are consistent with that risk of the
probability and effect of a default of Danske on the issuer's
ability to meet its obligations under the transaction.

List of Additional Restructuring Items

Amendment to the margin of the notes:

The margins of the class B1a were amended to 160 bps, the class
C1a to 225 bps and the class D1a notes to 385 bps.

Amendment to the priority of payments:

Interest payment to the class A3a became subordinated to the
payment of interest to the class A2a and both classes now have
separate principal deficiency ledgers.

Introduction of liquidity reserve fund:

Liquidity reserve fund of GBP1.8 million is available to cover
interest shortfall on the class A2a and A3a notes.

Amendment of reserve fund level and required target amount:

The reserve fund required amount was reduced to GBP1.8 million
from GBP9.3 million. The reserve fund will be allowed to amortize
to the lower of (1) GBP1.8 million; or (2) 1.2% of the
outstanding notes balance, subject to certain conditions. The
conditions are: the reserve fund being at its required target and
delinquencies which are 90 days or more overdue not exceeding
22.5% of the outstanding mortgage balance. Amounts released
following amortization of the reserve fund will be used to pay
additional interest to class D1a notes.

Waiver of account bank trigger breach:

The noteholders agreed to waive the trigger breach of Danske
acting as the transaction's account bank. As a result, Danske
will continue to act as the transaction's account bank, even
though it has a short-term rating of Prime-2, below the Prime-1
rating originally required for the issuer account bank.

Termination of the PECO:

The relevant parties agreed to terminate the Post Enforcement
Call Option agreement (PECO).

The principal methodology used in this rating was Moody's
Approach to Rating RMBS Using the MILAN Framework published in
March 2014.

Factors That Would Lead To An Upgrade Or Downgrade Of The Rating:

Upward pressure could develop on the ratings following (1)
stronger underlying asset performance, beyond Moody's
expectations; (2) further deleveraging with a build-up of credit
enhancement; or (3) the improvement of the creditworthiness of
the transaction's main counterparties.

Downward pressure could develop on the ratings following (1)
underlying collateral performance that is worse than Moody's
expects; or (2) deterioration in the creditworthiness of the
transaction's main counterparties.


FAIRHOLD SECURITISATION: Fitch Cuts Rating on Cl. B Notes to CCC
----------------------------------------------------------------
Fitch Ratings has downgraded Fairhold Securitisation Limited's
class A and B notes, as follows:

  GBP413.7 million class A due October 2017 (XS0298926360)
  downgraded to 'Bsf' from 'BBBsf'; Outlook Negative

  GBP29.8 million class B due October 2017 (XS0298927509)
  downgraded to 'CCCsf' from 'BBsf'; Recovery Estimate 0%

Key Rating Drivers

The downgrade reflects the difficulties Fitch expects the
borrower will face if it seeks to bring about an orderly
refinancing of the sheltered housing ground rent portfolio in
time for loan maturity. The loan interest step-up, which is
designed to motivate a refinancing, has applied since October
2012. Fitch is not aware of any attempts by the sponsor to secure
a refinancing, and expects that the availability and/or cost of
refinancing would struggle to compete with the terms of the debt
in place.

The borrower vehicle is highly geared, with interest service
currently topped up by drawing on a deposit made at closing.
Replicating this capital structure, which provides financing on a
remarkably low risk premium, will not be possible without a
return to an environment similar to before the economic downturn.

Refinancing will consequently be predicated on an injection of
fresh equity by the sponsor. At the same time, there is little
market-based evidence to support the premise that the sponsor has
existing equity to protect; or -- assuming there is equity - that
protecting it would hinge on the sponsor repaying the loan by
2015 maturity. Instead, it may seek to apply for debt forbearance
given the alternative, namely to enforce the mortgage security,
could risk losses for all creditors (including the swap
counterparties).

The class A notes and the swaps rank pari passu in the issuer
post-enforcement waterfall. If the loan were to default, causing
a swap termination payment to be payable by the issuer, this
would likely lead to issuer default. Therefore in any
restructuring these creditors can be expected to club together to
extract the best possible terms for themselves at the expense of
the class B notes. The class B notes appear to be most at risk of
a distressed debt exchange in these circumstances, which is
reflected in the downgrade to a distressed rating category and
the zero Recovery Estimate (RE) in the event of bond default.

The transaction is a single-borrower securitization of freehold
RPI-linked ground rents and transfer fees derived from a
portfolio of sheltered housing located in the UK and encumbered
by long leasehold interests. The variability of the inflation
linked ground rents was stripped out by long-term RPI swaps,
while the floating rate debt was hedged over a similar term using
interest rate swaps.

Given the extraordinarily high quality of the ground rents (if
not the transfer fees), the intention had been to lock in the
long-term cost of financing to a long-term stream of quasi-
certain cash flows. As interest rates fell and long-term
inflation expectations rose in the UK over the downturn, the
issuer's swap position rapidly moved out of the money (the
aggregate mark-to-market (MTM) liability as at February 2014 was
GBP270 million). However, these forces also caused the property
valuation to increase.

Nevertheless the aggregate loan-to-value ratio rose markedly over
the same period. This is because the cost of financing relates
not only to LIBOR (which is capable of being hedged) but also to
the risk premium, which was not hedged and was assumed to have
risen for the property portfolio as it did across a range of
illiquid asset classes. This effect has not receded to previous
levels, nor is it likely to.

As refinancing on the existing terms can be largely discounted,
and the motivation for the sponsor to inject fresh equity is
unclear, the outcome at loan maturity is difficult to predict
with confidence. The various parties' objectives (and possible
cross-holdings) are not known. Moreover, there are only three
years until note maturity in 2017. The Negative Outlook on the
class A notes denotes the risk that they also share in any
economic loss.

If the issuer security trustee pursued enforcement, with the
collateral marketed for sale, in Fitch's view this should be
limited to a scenario in which losses are avoided for the class A
notes and swaps. This would hinge on the collateral value being
close to the amount estimated by the valuer (GBP801 million as at
February 2014 on an "actuarial" basis). This outcome is possible,
as is a voluntary refinancing by the sponsor. However, perhaps
the most likely outcome is a non-distressed debt exchange for the
class A notes following a debt restructuring. Nonetheless, the
class B notes face a real possibility of economic loss.

Rating Sensitivities

A change in the ratings is only likely to be made in the run-up
to, or shortly after, loan maturity in 2015, once possible exit
strategies to be negotiated by the sponsor, noteholders and swap
counterparties become more visible.

Fitch estimates 'Bsf' recoveries of from GBP400m to GBP450m net
of MtM termination fees.

Fitch will continue to monitor the performance of the
transaction.


HEARTS OF MIDLOTHIAN: Set to Officially Exit Administration Today
-----------------------------------------------------------------
Darren Johnstone and Iain Collin at The Scotsman report that the
Hearts of Midlothian Football Club are on course to officially
exit administration today, June 9, about 355 days after plunging
into a grave financial crisis that threatened the club's very
existence.

Barring any last-minute complications, BDO joint-administrator
Bryan Jackson is understood to be hopeful that the process will
be signed off by the Court of Session at the start of this week,
The Scotsman discloses.

The Tynecastle side went into administration on June 19 last year
with debts of GBP28.5 million and Jackson was forced to make
13-non playing staff and four players redundant, The Scotsman
relates.

Ahead of the first anniversary, it now looks certain that
Mr. Jackson will not have to apply for an administration
extension beyond June 19, The Scotsman says.

Ann Budge completed her GBP2.5 million takeover of Hearts on
May 9 and the self-made IT millionaire will run the business for
up to five years before handing it over to fans' group, the
Foundation of Hearts, The Scotsman relays.

According to The Scotsman, Hearts' transfer embargo will be
lifted should the club exit administration on Monday, and the
Edinburgh side will also avoid incurring another 15-point penalty
for next season's Championship campaign.

                    About Hearts of Midlothian

Hearts of Midlothian Football Club, more commonly known as
Hearts, is a Scottish professional football club based in Gorgie,
in the west of Edinburgh.

Hearts went into administration after the Scottish FA opened
disciplinary proceedings against the club.  BDO was appointed
administrators on June 19.


HERCULES PLC: Fitch Affirms 'CCsf' Rating on Class E Notes
----------------------------------------------------------
Fitch Ratings has downgraded Hercules (Eclipse 2006-4) plc's CMBS
Class A notes due October 2018 and affirmed all other notes as
follows:

  GBP625.7 million class A (XS0276410080) downgraded to 'BBB-sf'
  from 'BBBsf'; Outlook Negative

  GBP43.9 million class B (XS0276410833) affirmed at 'BBsf';
  Outlook Negative

  GBP25.0 million class C (XS0276412375) affirmed at 'Bsf';
  Outlook Negative

  GBP50.9 million class D (XS0276413183) affirmed at 'CCCsf';
  Recovery Estimate (RE) 'RE70%'

  GBP28.9 million class E (XS0276413340) affirmed at 'CCsf';
  'RE0%'

Key Rating Drivers

The downgrade of the class A notes and Negative Outlook is driven
by weakening operating conditions for nursing homes in the UK,
exposing noteholders to further underperformance of the GBP73.2
million Ashbourne Portfolio Priority A (APPA) loan. The A loan is
a participation in the senior-most tranche of a complex GBP328
million package of debt secured by a portfolio of illiquid UK
nursing homes (another participation is held by Equinox Eclipse
2006-1, due 2018), The entire participation on behalf of multiple
issuers risks further debt extension. The affirmation of the
class B through E notes is driven by the steady performance of
the rest of the loans since Fitch's last rating action in July
2013.

Following Southern Cross's bankruptcy in 2011, two new nursing
home operators were installed to run the portfolio under a
management agreement, allowing the defaulted mortgage debt to be
restructured. This involved among other things, a short loan
extension, a bundling of unpaid amortization and interest on the
class A loan into new loans, and a crystallization of certain
swap liabilities as loans owed to the swap provider. In parallel
a disposal plan for non-performing properties has been
formulated, along with a cash sweep of EBITDA to service the
senior debt.

Although a structured capex program has been implemented to
enhance the value of the properties, Fitch has reservations about
how quickly any improvements will feed into potential liquidation
values, particularly for the non-performing homes. Stabilization
of the underlying operations is positive, although significant
risks remain regarding the borrower's ability to secure
refinancing at loan maturity, and the servicer's ability to
realize sufficient proceeds in time for note maturity. Fitch has
identified concerns with the UK care home sector by placing the
sector on negative outlook (see "2014 Outlook: UK Whole Business
Securitisations (WBS)", dated 10 December 2013).

Given the relatively small size of the APPA loan, it is the three
largest loans in the pool -- the River Court A-note (26%), the
Chapelfield loan (26%) and the Cannonbridge A-note (20%) -- which
anchor the ratings, particularly of the senior notes. All three
are secured by high quality collateral. Chapelfield has
manageable leverage and is likely to repay in full, whereas for
River Court and Cannonbridge their B-notes represent obstacles to
refinancing, but are also first in line to absorb any loan losses
should the recovery underway in the central London office market
be insufficient to allow for full repayment.

The Cannonbridge borrower has faced several years of financial
difficulty and continues to capitalise interest related to the B-
note in lieu of payment. Cannonbridge was restructured in 2010,
which included a considerable loan extension to allow for re-
letting and capex. While this has largely been successful in
stabilising income -- as lengthy rent-free periods have now
elapsed, the whole loan debt yield has improved to 6.6% -- the
rent roll creates a dependency on individual tenants (LIFFE and
Natixis, which together account for 62% of income, have breaks in
the next couple of years).

Were the Cannonbridge borrower to default at maturity in
January 2015, for senior noteholders there is arguably an
advantage; unlike loan redemption proceeds (which Fitch
understands would be applied pro rata) recovery proceeds would
flow sequentially and this would also switch the CMBS-wide
sequential trigger.

The three remaining loans (Booker, Endeavour and Welbeck) have
shown no material change in performance since Fitch's last rating
action, and contribute to the distressed rating of the lower
classes in particular.

RATING SENSITIVITIES

A major delay in the recovery of the APPA loan could result in
the class A notes being downgraded below investment grade. If
Chapelfield failed to repay at maturity, all the notes could face
a downgrade. Full repayment of the smaller loans could lead to a
positive revision of the Outlook or upgrade of individual note
classes affected.

Fitch estimates 'Bsf' recovery proceeds of GBP728.5m.


NEW WORLD: S&P Lowers CCR to 'CC' on Upcoming Exchange Offer
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on U.K.-headquartered coal miner New
World Resources N.V. (NWR) to 'CC' from 'CCC'.  The outlook is
negative.

In addition, S&P lowered its issue rating on NWR's senior secured
notes to 'CC' from 'CCC' and its issue ratings on NWR's senior
unsecured notes to 'C' from 'CC'.

The downgrades reflect NWR's recently announced exchange offer on
its outstanding EUR500 million senior secured notes due in 2018
and EUR275 million senior unsecured notes due in 2021.  S&P
considers this exchange offer to be distressed, rather than
opportunistic, and caused by NWR's "weak" liquidity, as S&P's
criteria define the term.

As of March 31, 2014, NWR only had EUR159 million of cash, and no
available long-term credit facilities.  Under S&P's base-case
scenario, it assumes that NWR will exhaust most of the cash by
the end of this year to support its ongoing operations, interest
expenses, and maintenance capital expenditure (capex).
Furthermore, NWR needs to maintain a minimum of EUR80 million in
cash as a condition of the interim covenants on its export credit
agency (ECA) facility.  This leaves the company with very limited
liquidity sources and limited time to stabilize its capital
structure.  In addition, S&P considers that NWR's liquidity is
constrained by weak coal market conditions.  S&P understands that
the next coupon payments on the senior secured and unsecured
notes are due in July (about EUR11 million) and November (about
EUR20 million).

NWR's current proposal aims to reduce the amount of outstanding
notes to EUR450 million from EUR775 million through redemptions
with minimal haircuts of 5% on the secured notes and more than
75% on the unsecured notes, as well as the issue of new
instruments, including junior instruments and contingent value
rights.  S&P views the proposal as constituting a distressed
exchange offer.  In addition, NWR will receive an injection of
EUR185 million from the main shareholder, some of the
noteholders, and other minorities.  NWR aims to finalize the
capital restructuring by the end of September 2014.  The
restructuring will require the approval of the current
noteholders, consent from the outstanding ECA lenders, and
receipt of the equity injection.

"In our view, NWR's business profile remains "vulnerable" and its
financial risk profile "highly leveraged."  These assessments
reflect NWR's weak position on the global cash cost curve,
coupled with our assumption that the coking coal market will
remain depressed in the coming two years (the hard coking coal
Australian reference spot price is currently about US$115 per
ton).  We continue to assume that NWR's EBITDA will be in the
range of zero to negative EUR50 million in 2014 (in the first
quarter of 2014, NWR recorded EBITDA of about EUR10 million).  In
our view, without a material rebound in coking coal and thermal
coal prices, NWR's credit metrics will remain unsustainable after
the capital restructuring," S&P said.

"We assess NWR's management and governance as "weak," based on
the company's proposed capital restructuring, which implies a
material haircut on the notes.  Our assessment also reflects the
recent step-down of directors from the board; and NWR's decision
to continue operating the Paskov mine in the current price
environment, which suggests high risk tolerance," S&P noted.

The negative outlook reflects that S&P could lower its long-term
corporate credit rating on NWR to 'SD' (selective default) and
the issue rating on its outstanding notes to 'D' (default) in the
coming months if noteholders accept the exchange offer, or if the
company misses the next coupon payments in July or November.

Once the capital restructuring is finalized, S&P will revise the
ratings to reflect NWR's liquidity position and debt maturity
schedule.


RMAC 2005-NSP2: S&P Raises Ratings on 2 Note Classes to B+
----------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in RMAC 2005-NS1 PLC and RMAC 2005-NSP2 PLC.

Specifically, S&P has:

   -- Raised its rating on RMAC 2005-NS1's class M2 notes;

   -- Affirmed its ratings on RMAC 2005-NS1's class A2a, A2c, M1,
      and B1 notes;

   -- Raised its ratings on RMAC 2005-NSP2's class M1a, M1c, M2a,
      M2c, B1a, and B1c notes; and

   -- Affirmed its ratings on RMAC 2005-NSP2's class A2a, A2b,
      and A2c notes.

The rating actions follow S&P's review of these transactions.
S&P conducted its credit and cash flow analysis based on
information from the March 2014 investor reports, loan-level
data, and the application of S&P's relevant criteria.

RMAC 2005-NS1 and RMAC 2005-NSP2 are securitizations of U.K.
nonconforming residential mortgage loans, which Paratus AMC Ltd.
(formerly known as GMAC Residential Funding Co.) originated.

Except for a marginal increase in December 2013, total arrears in
these transactions have been declining.  They are lower than
S&P's index for U.K. nonconforming residential-mortgage backed
securities (RMBS).  In RMAC 2005-NS1, 90+ day delinquencies have
decreased to 13.25% from 20.45% in December 2011.  This figure
has decreased to 12.58% in RMAC 2005-NSP2 from 21.02% in December
2011.  This has remedied the breaches of the 90+ day
delinquencies triggers in both transactions (17.00% for RMAC
2005-NS1 and 15.00% for RMAC 2005-NSP2).

The transactions are subsequently paying principal pro rata.
However, in S&P's analysis, it considered the possibility of
these triggers being breached.

The transactions' improved seasoning and declining arrears have
led S&P to lower its weighted-average foreclosure frequency
(WAFF) calculations for both transactions since S&P's previous
reviews in 2012.  The decline in arrears resulted in more loans
benefitting from a seasoning adjustment that S&P applies to up-
to-date loans, which are outstanding for more than five years.
In S&P's analysis, it considered scenarios in which interest
rates increase and arrears levels return to previous highs.  S&P
has also slightly lowered its weighted-average loss severity
(WALS) assumptions for both transactions.

RMAC 2005-NS1

Rating        WAFF     WALS
level          (%)      (%)
AAA          38.59    27.80
AA           33.60    22.77
A            27.11    14.63
BBB          23.07    10.47
BB           18.91     7.77
B            16.47     5.56

RMAC 2005-NSP2

Rating        WAFF     WALS
level          (%)      (%)
AAA          37.40    27.84
AA           32.01    22.99
A            25.99    15.18
BBB          22.00    11.07
BB           18.05     8.36
B            15.91     6.14

Both transactions have deleveraged, increasing the available
credit enhancement for all classes of notes.  The reserve funds
and liquidity facilities in both transactions have reached their
floor (minimum) level and will no longer amortize.

Due to S&P's lower WAFF and WALS assumptions and the increase in
credit enhancement, RMAC 2005-NS1's class M2 and RMAC 2005-NSP2's
class M1a, M1c, M2a, M2c, B1a and B1c notes pass S&P's cash flow
stresses at higher rating levels.  Taking into consideration the
U.K.'s improving economic conditions and the rating levels at
which the notes pass S&P's cash flow stresses, it has raised its
ratings on these classes of notes.

S&P considers the available credit enhancement for RMAC 2005-
NS1's class B1 notes to be commensurate with our currently
assigned rating.  S&P has therefore affirmed its 'B+ (sf)' rating
on this class of notes.

S&P's analysis of counterparty risk for both transactions remains
unchanged under its current counterparty criteria.  Although the
class A2a and A2c notes in RMAC 2005-NS1, and the class A2a, A2b,
A2c, M1a and M1c in RMAC 2005-NS2 notes could achieve higher
ratings under S&P's cash flow analysis, its current counterparty
criteria continue to cap its ratings on these tranches at 'A
sf)'. S&P has therefore affirmed its 'A (sf)' ratings on these
classes of notes.

S&P's credit stability analysis indicates that the maximum
projected deterioration that it would expect at each rating level
for time horizons of one year and three years, under moderate
stress conditions, are in line with S&P's credit stability
criteria.

RATINGS LIST

Class             Rating
            To              From

RMAC 2005-NS1 PLC
EUR526.4 Million, GBP250 Million, and $267.7 Million
Mortgage-Backed Floating-Rate Notes

Ratings Raised

M2          BBB (sf)        BBB-(sf)

Ratings Affirmed

A2a         A (sf)
A2c         A (sf)
M1          A (sf)
B1          B+(sf)

RMAC 2005-NSP2 PLC
EUR466 Million, GBP353 Million, and $780 Million
Multi-Currency Mortgage-Backed Floating-Rate Notes

Ratings Raised

M1a          A (sf)          BBB+ (sf)
M1c          A (sf)          BBB+ (sf)
M2a          BBB+ (sf)       BB+ (sf)
M2c          BBB+ (sf)       BB+ (sf)
B1a          B+ (sf)         B- (sf)
B1c          B+ (sf)         B- (sf)

Ratings Affirmed

A2a         A (sf)
A2b         A (sf)
A2c         A (sf)


SAGA LIMITED: Moody's Upgrades CFR to 'Ba2' Following IPO
---------------------------------------------------------
Moody's Investors Service upgraded Saga Limited's corporate
family rating (CFR) to Ba2 from B1 and probability of default
rating (PDR) to Ba3-PD from B2-PD. Concurrently, Moody's upgraded
Saga Midco Limited's instrument ratings on the Term Loan A and
Revolving Credit Facility (RCF) to Ba2 from B1. The outlook on
the ratings is stable.

Ratings Rationale

The rating action follows the London primary IPO of Saga Plc (the
new holding company of the Saga Limited group of companies), with
27% of the share capital now in public ownership. Net IPO
proceeds of GBP512 million, along with cash from the balance
sheet, were used to reduce the group's indebtedness -- GBP125
million of the GBP825 million Term Loan A was prepaid while the
GBP425 million Term Loan B was repaid in full.

"Saga's Ba2 CFR reflects the company's significantly improved
credit metrics following its IPO, the proceeds of which were used
to repay part of its outstanding debt. Pro-forma for the IPO,
Saga's adjusted leverage ratio significantly improved to 3.3x
(based on 2013/2014 EBITDA including Moody's adjustments) from
5.6x", says Sebastien Cieniewski, Moody's lead analyst for Saga.
However, Moody's notes that the ratings are constrained by the
limited prospects for gross deleveraging over the rating horizon
because of the relatively mature nature of the markets where Saga
operates, as well as the intense price competition putting
pressure on premiums for the company's motor and home insurance
businesses.

Thanks to a reduced aggregate amount of debt and lower interest
margins following the completion of the IPO, Saga's pro-forma
adjusted EBITDA-to-Interest Expense ratio increased to 8.1x
(based on 2013/2014 EBITDA including Moody's adjustments) from
2.8x prior to the transaction. Moody's expects the company to
deliver Free Cash Flow (FCF) as a percentage of adjusted debt of
around mid-double digit over the period 2014/2015-2016/2017,
despite Saga's dividend policy expected at 40% to 50% of annual
net income with the first cash outflow projected for Q2
2015/2016.

Saga's liquidity position is good and supported by the company's
undrawn GBP150 million RCF while the pro-forma cash balance as of
March 31, 2014 is limited at approximately GBP30 million.

Saga's PDR of Ba3-PD, which is one notch below the CFR, reflects
Moody's assumption of a 65% family recovery rate as is customary
for capital structures including senior bank debt only with
maintenance covenants. The Term Loan A and RCF rank pari passu
but are junior to a maximum of GBP32.5 million of super senior
pension debt. The senior bank facilities benefit from only
limited guarantees in the absence of guarantees provided by the
regulated entities including Saga's underwriting and travel
businesses. The Ba2 rating of the Term Loan A and RCF, at the
same level as the CFR, results from the relatively small amount
of super senior pension liabilities and other non financial debt
liabilities at the operating companies ranking ahead. The senior
bank facilities remain subject to financial covenants (leverage
and interest cover) that have not changed following the IPO, and
hence have significant headroom.

Saga's CFR is weakly positioned within the Ba2 rating category.
The stable outlook reflects Moody's expectation that the company
will continue to enjoy high renewal rates and stable margins in
its insurance business, which will allow it to generate free cash
flow well above 10% of adjusted gross debt. Upward rating
pressure could develop if Saga: (1) decreases its leverage to
below 3x on a sustainable basis; (2) maintains its FCF-to-debt at
around 15%; and (3) follows a conservative financial policy with
ample liquidity cushion. Downward rating pressure could develop
if: (1) the company's leverage increases sustainably above 3.5x;
(2) FCF/debt decreases to below 10%; (3) motor and home insurance
renewal rates weaken; and/or (4) the company adopts a more
aggressive financial policy.

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.

Headquartered in Folkestone, UK, Saga provides a range of branded
products for the over-50s consumer segment in the UK. Saga's
products mainly span across financial services including motor
and home insurance, travel with a packaged and cruise holidays
offering, and healthcare which is specialised in private
domiciliary care services. In fiscal year ended January 2014,
Saga reported trading revenues and EBITDA of GBP1,258 million and
GBP234 million, respectively, and underlying revenues and EBITDA
(pro forma mainly for the Ruby ship retirement in January 2014)
of GBP1,209 million and GBP222 million, respectively. The company
is now listed on the London Stock Exchange. Approximately 72% of
the share capital is owned by Acromas BidCo Limited whose
ultimate shareholders are Charterhouse Capital partners (35.8%
ownership), CVC Capital Partners (19.9%), Permira Advisers
(19.9%), employees (20.2%) and other coinvestors (4.2%). The
remainder is owned by various institutional and retail investors.



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


* EUROPE: EU Commission Okays New Cross-Border Insolvency Rules
----------------------------------------------------------------
Rebecca Christie at Bloomberg News reports that businesses that
go bust across borders in the European Union could seek
restructuring over immediate liquidation under proposals approved
by the bloc's justice ministers on Friday.

According to Bloomberg, the European Commission said in a
statement that the new bankruptcy rules would make it easier to
restructure a failing business and would provide rules for
determining legal jurisdiction.  The proposals aim to give
creditors a better chance to recoup their investment than if a
troubled business were liquidated immediately, Bloomberg
discloses.

About 50,000 businesses a year are affected by cross-border
insolvency proceedings, or one in four bankruptcies, Bloomberg
says, citing European Commission data.


* BOND PRICING: For the Week June 2 to June 6, 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
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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.

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.


                 * * * End of Transmission * * *