/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/140811.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, August 11, 2014, Vol. 15, No. 157 Headlines A Z E R B A I J A N EXPRESSBANK OJSC: Fitch Assigns 'B' LT Issuer Default Rating B E L G I U M DEXIA CREDIT: S&P Lowers Ratings on Tier 2 Instruments to 'CCC+' D E N M A R K KOBSTAEDERNES FORSIKRING: S&P Lifts Rating From 'BBpi' F R A N C E FCC PROUDREED: Fitch Affirms Rating on Class E Notes at 'Bsf' G E R M A N Y PROVIDE GEMS 2002-1: Fitch Lifts Rating on Cl. C Tranche to 'CCC' G R E E C E HELLENIC TELECOMS: Moody's Raises CFR to 'B2'; Outlook Stable I T A L Y ALITALIA SPA: Etihad Airways Inks EUR1.76-Bil. Acquisition Deal BRUNO MAGLI: Files for Pre-Pack Bankruptcy in Bologna MONTE DEI PASCHI: Posts EUR178.9-Mil. Net Loss in 2nd Qtr. 2014 TAURUS CMBS NO. 2: S&P Lowers Rating on Class F Notes to 'CCC' N E T H E R L A N D S ARES EURO I: Moody's Affirms 'B1' Rating on Class F Notes ARES EUROPEAN II: Moody's Raises Rating on Class D Notes to 'Ba1' HALCYON STRUCTURED 2008-II: S&P Ups Cl. E Notes Rating to 'B+' NEW WORLD RESOURCES: Sept. 9 Hearing on U.S. Court Protection P O R T U G A L BANCO ESPIRITO: Bailout Devalues Credit-Default Debt Swaps S P A I N ALMIRALL SA: Moody's Affirms 'Ba3' Corp. Family Rating AVANZA SPAIN: S&P Lowers CCR to 'B'; Outlook Stable CURRUS XIV-XVI: Fitch Cuts Ratings on Senior Facilities to 'Bsf' UNICAJA BANCO: Fitch Affirms 'BB+' Support Rating Floor * SPAIN: Number of Insolvency Proceedings Hit Record Low * SPAIN: Number of Business Bankruptcies Down 31.8% in 2Q 2014 U N I T E D K I N G D O M GLASTONBURY FINANCE 2007-1: S&P Cuts Rating on Cl. B Notes to B- MONARCH: Seeks Fresh Capital; Moulton Among Potential Investors THRONES 2014-1: S&P Assigns 'BB' Rating to Class E-Dfrd Notes TOWERGATE FINANCE: Fitch Affirms 'B' LT Issuer Default Rating X X X X X X X X * BOND PRICING: For the Week August 4 to August 8, 2014 ********* =================== A Z E R B A I J A N =================== EXPRESSBANK OJSC: Fitch Assigns 'B' LT Issuer Default Rating ------------------------------------------------------------ Fitch Ratings has assigned Azerbaijani bank OJSC Expressbank (EB) a Long-term Issuer Default Rating (IDR) of 'B'. The Outlook is Stable. KEY RATING DRIVERS: IDRs and VIABILITY RATING (VR) The ratings reflect risks stemming from a structurally weak Azerbaijani operating environment; EB's narrow domestic franchise and limited track record; significant exposure to related parties, albeit of fairly sound credit quality; and a rapidly growing and hence unseasoned retail loan book. The ratings also consider a high capital base, adequate asset quality metrics, decent performance to date, and close ties with the state authorities. At end-1Q14 more than 44% of total loans were issued to the bank's sister companies, of which the bulk were to one infrastructure construction company mainly providing services to a local state-owned utilities monopoly, Azerenerji (BBB-/Stable), and a further 9% to the subsidiaries of Azerenerji. The risk is, however, mitigated by (i) the fact that most of these companies directly or indirectly benefit from the state contracts, (ii) these companies and Azerenerji keep significant interest-free placements with the bank (34% of total customer accounts at end- 1Q14), which, although not being a formal collateral, still offers some protection in terms of recovery, (iii) the bank's high capitalisation, which would allow it to meet regulatory capital requirements if these exposures were fully deducted from capital. In retail (40% of end-1Q14 loans) EB mainly targets general purpose unsecured cash loans. Retail non-performing loans (90 days overdue loans; NPLs) were 0.5% at end-2013, 2x covered by impairment reserves. The NPL origination ratio (a proxy for credit losses, defined as increase in NPLs plus write-offs divided by average performing loans) was below 1% in 2013. However, the losses may be somewhat understated due to high loan growth (26% in 1H14, 102% in 2013). EB is mainly funded by customer deposits (88% of total liabilities at end-1Q14), which are quite concentrated, although among the largest ones are affiliated companies (9% of end-1Q14 liabilities) and Azerenerji (18% of end-1Q14 liabilities). Liquidity risks are mitigated by ample liquidity buffer - this was sufficient to repay 41% of customer funding at end-1Q14 - and fast retail loan turnover. The share of wholesale funding is negligible and Fitch does not expect it to increase materially in the near-term. EB's capital position is robust as expressed by a high 45.8% Fitch Core Capital (FCC) ratio at end-2013. The capital cushion is likely to be gradually consumed by fast loan growth (management targets 50% growth in retail in 2014), but it is supported with a robust internal capital generation capacity (return on average assets of 4.8% in 2013) underpinned by wide margins in retail lending and so far limited loan impairment charges. EB is ranked 21st in Azerbaijan by assets. Fitch believes that EB is ultimately controlled by well-connected individuals in Azerbaijan. KEY RATING SENSITIVITIES: IDRs and VR EB's ratings could be upgraded based on (i) substantial franchise development through growth of third-party business, (ii) reduction in volume of operations with affiliated parties (on both sides of the balance sheet) (iii) maintenance of reasonable asset quality and profitability. Downside pressure on EB's ratings could arise from sharp deterioration in the Azerbaijan economy or the country's political stability, for example, in case of a much lower oil price. A weakening of relationship with the Azerbaijani authorities, for example, due to change of ownership could be credit-negative. KEY RATING DRIVERS AND SENSITIVITIES: SUPPORT RATING AND SUPPORT RATING FLOOR (SRF) EB's SRF of 'No Floor' and '5' Support Rating reflect its fairly limited systemic importance, as a result of which extraordinary support from the Azerbaijan authorities cannot be relied upon, in Fitch's view. Although support from the bank's private shareholders is possible, it cannot be reliably assessed. Fitch does not expect any revision of the bank's SRF or Support Rating in the foreseeable future. The rating actions are as follows: Long-term IDR: assigned at 'B', Outlook Stable Short-term IDR: assigned at 'B' Viability Rating: assigned at 'b' Support Rating: assigned at '5' Support Rating Floor: assigned at 'No Floor' ============= B E L G I U M ============= DEXIA CREDIT: S&P Lowers Ratings on Tier 2 Instruments to 'CCC+' ---------------------------------------------------------------- Standard & Poor's Ratings Services corrected its issue ratings on two subordinated lower Tier 2 hybrid capital instruments of Dexia Credit Local (DCL; BBB/Stable/A-2) by lowering them to 'CCC+' from 'B-'. The instruments' residual amounts are respectively EUR106.4 million (ISIN: XS0284386306; maturity date: Feb. 12, 2019) and EUR252.1 million (ISIN: XS0307581883; maturity date: July 9, 2017). S&P also corrected its assessment of DCL's stand- alone credit profile (SACP) by revising it downward to 'b' from 'b+'. All other ratings on DCL remain unchanged. Under S&P's criteria, when it assess a bank's liquidity as weak, it assigns the bank an SACP no higher than 'b'. Due to an error, S&P assessed the SACP of DCL at 'b+' on Nov. 23, 2011. S&P rates DCL's subordinated two notches lower than its SACP. Consequently, S&P has lowered its ratings on this debt to 'CCC+', based on its 'b' SACP for DCL. ============= D E N M A R K ============= KOBSTAEDERNES FORSIKRING: S&P Lifts Rating From 'BBpi' ------------------------------------------------------ Standard & Poor's Ratings Services raised its unsolicited public information (pi) insurer financial strength and counterparty credit ratings on Denmark-based non-life insurer Kobstaedernes Forsikring (Kobstaedernes) to 'BBBpi' from 'BBpi'. The upgrade predominantly reflects S&P's view of Kobstaedernes' improved capital and earnings. This is based on stronger underwriting results over the last two years and the resulting improvement of capital adequacy, now in the 'A' range thanks to earnings retention. S&P believes this strengthening in capital adequacy is sustainable, as management continues to address unprofitable contracts to improve the quality of its insurance portfolio and earnings profile. The ratings also reflect S&P's view of Kobstaedernes' fair business risk profile, mainly driven by a less-than-adequate competitive position, resulting from continued, although to a lesser extent, operating underperformance relative to domestic peers. The ratings also reflect a lower adequate financial risk profile, driven by a high risk position. S&P sees potential for continued substantial volatility of the investment and underwriting results, offsetting S&P's view of moderately strong capital and earnings. S&P combines these factors to derive a 'bbb-' anchor for Kobstaedernes. The ratings on Kobstaedernes are 'BBBpi', as S&P's public information ratings generally do not bear plus or minus modifiers. "In our view, Kobstaedernes' capital and earnings have strengthened to a moderately strong level in 2013. Over the next two years, we expect Kobstaedernes to maintain its capital adequacy above our benchmark for the 'A' rating category, based on our risk-adjusted capital adequacy model. However, due to the small absolute size of its capital base (Danish krone [DKK]1.1 billion; or approximately EUR150 million), the company is susceptible to volatility of its capital adequacy. We believe that regulatory capital remains well above intervention levels, given that the company reported its regulatory solvency requirements will be covered by 8.6x in 2013 (versus 7.1x in 2012), and its individual solvency requirements, based on Solvency II principles, will be covered by 1.8x in 2013," S&P said. Kobstaedernes reported positive net income of DKK69 million in 2013, an increase from the DKK52 million it reported in 2012. This is based on further normalization of underwriting results, following adverse performance in prior years. The net combined ratio further improved to 97.4% in 2013 from 98.6 in 2012. The company would have achieved its target combined ratio of 95% if the expense ratio were not inflated due to several one-off events (impairment of goodwill from DiBa Insurance and impairment of the IT system), which increased the net expense ratio to 29.0% (against 23.3% in 2012). Although S&P expects premiums to continue decreasing, it assumes that the company's continued focus on profitability will support net income in excess of DKK40 million annually over S&P's forecast horizon (2014-2016). Nevertheless, in S&P's view, the earnings could feel pressure from the prolonged low interest rates and volatility in the financial markets. Kobstaedernes is a small Denmark-based mutual non-life insurer that focuses on commercial and private property insurance, which represented 35% and 21%, respectively, of the business in 2013. Other business lines include motor (24%) and accident and health (14%). The group comprises Forsikringsaktieselskabet K.a.B. International (not rated), K.a.B. Ejendomsinvest A/S (not rated), and DiBa Forsikring A/S (not rated). In 2014, the company decided to stop writing new contracts at their reinsurance subsidiary K.a.B. International. Kobstaedernes expects that all the remaining contracts will expire by mid-2015. Kobstaedernes faces low industry and country risk because it operates in the stable Danish non-life market, characterized by positive profitability, high barriers to entry, neutral product- related risks and very low country risk. S&P sees moderate risk for natural catastrophes in Denmark, as experienced in recent years through storms, cloudbursts, and harsh winters, among others. Kobstaedernes is especially sensitive to weather-related claims, owing to its high proportion of property insurance, and partly from its discontinued reinsurance business. "We view Kobstaedernes' competitive position as less than adequate, reflecting the company's small scale (less than 2% market share), its limited geographic diversity, and its continued, although to a lesser extent, operating underperformance compared with its domestic peers. The company writes its business through multiple distribution channels, including sales agents, independent insurance agencies, insurance brokers, and through cooperation with two Danish banks. In 2013, Kobstaedernes started cooperation with Andelskassers Bank, which is mainly focused on private customers and small and midsize enterprises in market areas that are mostly located outside the larger towns and cities in Denmark," S&P said. Gross premiums written (GPW) fell by 8.6% to DKK736 million in 2013 from DKK805 million in 2012. The decrease was mainly the result of the new commercial property portfolio strategy, which resulted in the implementation of new tariffs in the second half of 2013. As a consequence, contracts with unprofitable customers were cancelled, which was a key reason for the 8.8% premium decline in the commercial property segment. Updating the commercial portfolio is one of the key elements in the company's broader efforts to improve its underwriting results--which have historically compared unfavorably with the results of its Danish peers. For 2014, the company announced additional measures, including new tariffs in private property and motor business, which aim at further improving its underwriting profitability. Due to the retreat from the reinsurance business, S&P expects another decrease of GPW of at least 5% in 2014. "Kobstaedernes' risk position reflects high risk, in our opinion. We base this view on its substantial investment in assets carrying sizable market risk (25% mutual funds, 10% in equity, and 6% in real estate), which exposes the company to volatility in capital and earnings. We have no evidence of asset derisking, and therefore assume in our base case that this risk will remain stable. We see some decrease of natural catastrophe exposures thanks to the company's exit from reinsurance business, but the risk remains considerable due to a higher-than-50% share of property insurance business in its portfolio, including a high weighting of commercial property. This potential for significant volatility was evident in 2011 gross underwriting results," S&P said. S&P considers the company's financial flexibility to be adequate. The access to external sources of capital is limited due to its mutual character. However, the company uses bank loans to support its liquidity needs. Kobstaedernes decreased the debt on its balance sheet to approximately DKK2.3 million in 2013 from DKK2.7 million in 2012, translating into a low financial leverage ratio of 0.2% in 2013. =========== F R A N C E =========== FCC PROUDREED: Fitch Affirms Rating on Class E Notes at 'Bsf' ------------------------------------------------------------- Fitch Ratings has affirmed FCC Proudreed Properties 2005's class C to E notes, as follows: EUR26.6 million Class C (FR0010247593): affirmed at 'BBBsf'; Outlook Stable EUR28.4 million Class D (FR0010247601): affirmed at 'BBsf'; Outlook Stable EUR28.4 million Class E (FR0010247619): affirmed at 'Bsf'; Outlook Stable FCC Proudreed Properties 2005 is a CMBS transaction originally secured by two loans backed by commercial real estate assets located in France. KEY RATING DRIVERS The affirmation reflects the early redemption of the Paris France loan and the upcoming redemption of the sole remaining Proudreed France loan. An investor notice released by FCC Proudreed on 9 July 2014 had confirmed Fitch's expectation that both loans would repay at or prior to maturity. Following the prepayment of the GBP238.5 million Paris France loan in May, the class A and B notes were redeemed in full. Fitch had previously highlighted a fall in occupancy on the properties securing the Paris France loan, but this deterioration was offset by a strong interest coverage ratio (ICR; in excess of 4.5x) and by sound debt yield (in excess than 10%). The second facility, Proudreed France loan, was refinanced on 8 July 2014, which will lead to the full redemption of the C, D and E notes as well as payment of accrued interest due on the interest payment date on 18 August 2014. The Proudreed France loan has shown stable performance over the last 12 months. Occupancy of 94%, coupled with interest coverage of more than 8x and debt yield of 15% make for a strong refinance position. These sound credit metrics have helped Proudreed secure new financing. RATING SENSITIVITIES As redemption funds are held with HSBC France (AA-/Stable/F1+) acting as account bank, the transaction is exposed to jump-to- default risk until the next interest payment date. However, Fitch views this scenario as highly unlikely. Fitch will continue to monitor the performance of the transaction. ============= G E R M A N Y ============= PROVIDE GEMS 2002-1: Fitch Lifts Rating on Cl. C Tranche to 'CCC' ----------------------------------------------------------------- Fitch Ratings has upgraded two tranches of Provide GEMS 2002-1 Plc and affirmed the rest as follows: Class A (ISIN XS0145700471): affirmed at 'AAAsf'; Outlook Stable Class B (ISIN XS0145701289): upgraded to 'AAsf' from 'BBBsf'; Outlook Stable Class C (ISIN XS0145701792): upgraded to 'CCCsf' from 'CCsf'; Recovery Estimate revised to 90% from 75% Class D (ISIN XS0145701875): affirmed at 'Csf'; Recovery Estimate 0% Class E (ISIN XS0145702170): affirmed at 'Csf'; Recovery Estimate 0% The transaction is a synthetic securitization of second lien mortgage loans originated by Rheinische Hypothekenbank, now part of Hypothekenbank Frankfurt AG (A-/Negative/F1). Key Rating Drivers Improved Performance Over the past 12 months the performance of the underlying assets in the portfolio has improved. The volume of credit events has come down to EUR25.9 million from EUR36.2 million. Over two- thirds of the credit events that have been resolved in the period were deemed ineligible for a loss allocation as they did not comply with the transaction representations and warranties. Only 32% of the credit events resulted in a loss allocation to the structure. Given the second lien nature of the loans in the portfolio, it is not unusual that loss severities on the underlying loans remain high and on a cumulative basis are reported at 92%. Therefore, in its analysis of the transaction, Fitch has assumed 0% recovery on the remaining and any future credit events across all rating scenarios. Despite these stresses, the analysis shows that the credit enhancement available to the class B notes is sufficient to withstand higher ratings, as reflected in the upgrade of these notes to 'AAsf'. Junior Notes Exposed to Losses As of end-June 2014 the class D notes have allocated losses amounting to 15.7% of the issuance amount compared with 7% 12 months ago. Meanwhile, losses have been allocated to the full outstanding balance of the class E notes. While Fitch believes that further losses are likely to be allocated to the class D notes, the agency has conducted sensitivity analysis which shows that the likelihood of loss allocation on the class C notes has decreased due to the improved performance of the transaction. This view is reflected in the upgrade of the class C notes to 'CCCsf' and the revision in the recovery estimate to 90%. Rating Sensitivities A sudden deterioration in asset performance that leads to credit events and losses for the structure beyond Fitch's assumptions would put pressure on the credit enhancement levels, particularly at the bottom end of the structure. =========== G R E E C E =========== HELLENIC TELECOMS: Moody's Raises CFR to 'B2'; Outlook Stable ------------------------------------------------------------- Moody's Investors Service has upgraded the corporate family rating (CFR) of Hellenic Telecommunications Organization S.A. (OTE) to Ba3 from B2. Concurrently, the rating agency has upgraded the company's probability of default rating (PDR) to Ba3-PD from B2-PD. In addition, Moody's has upgraded the senior unsecured ratings on the global medium-term note program (GMTN) and the global bonds issued by OTE PLC (OTE's fully and unconditionally guaranteed subsidiary) to (P)Ba3 from (P)B2 and to Ba3 from B2, respectively. The outlook on all the ratings is stable. "OTE's upgrade to Ba3 is in line with the sovereign ceiling of Greece which was recently upgraded" says Carlos Winzer, a Moody's Senior Vice President and lead analyst for OTE. "It also signifies the company's improved liquidity risk management, operating performance and successful deleveraging efforts under its current business plan and against the backdrop of a challenging market environment," adds Mr. Winzer. This action follows Moody's recent decision to upgrade Greece's government (Government of Greece) bond rating to Caa1/Stable/NP from Caa3/Stable/NP; and the foreign currency sovereign ceiling to Ba3/NP from B3/NP. Ratings Rationale The rating action follows the recent upgrade of the Greek government bond rating and the raising of the sovereign ceiling. OTE remains a predominantly Greek business with its headquarters in Athens and approximately 70% of its revenues generated in Greece. As such, its ratings are constrained by Greece's sovereign ceiling. OTE has demonstrated a degree of resilience through the recent period of sovereign stress and has taken steps to further insulate itself from a weak Greek economy, having limited exposure to domestic banks and enhanced international banking relationships. For example, all of the OTE Group's outstanding debt (bonds issued under the GMTN and Syndicated Facility at Cosmote Romania) is governed by English law. Also, OTE has no Greek bank debt exposure and therefore is limited to any disruption in the Greek banking system. These factors have enabled OTE's ratings to be positioned higher than the government's bond rating, and at the Ba3 sovereign ceiling. The rating also factors the potential for support from Deutsche Telekom AG (Baa1 stable). However, Moody's stated that at this new rating level, the Ba3 sovereign ceiling constrains the rating of OTE which adequately factors in the still fragile recovery of the Greek economy. Being four notches above the Caa1 government bond rating is justified by the underlying characteristics and credit strength of OTE. The PDR and CFR ratings remain at the same rating level, reflecting the fact that all of OTE's debt is subject to English law. This reduces the risk of redenomination, which would otherwise be captured in a one-notch rating difference between the CFR and PDR. Moody's notes that OTE's liquidity risk management has improved substantially over the past few months. As a result of asset disposals and refinancing in the market, the company has a cash buffer of around EUR 1.15 billion. This buffer, together with expected future free cash flow generation, comfortably prefunds OTE's cash needs beyond the next 24 months. In addition, Moody's expects that the company will sustain improved financial ratios over the next 24 months. The rating agency notes that OTE's financial ratios have been on an improving trend over the past two years, driven by management's execution of its business plan, which includes mitigating the effect on the company of the adverse macroeconomic conditions in Greece. Specifically, Moody's recognizes management's focus on operating expenditure containment, cash flow generation (free cash flow expected to exceed EUR500 million in 2014) and a progressive reduction in debt. Management has committed to a maximum reported net debt/EBITDA ratio of 1.5x/1.6x over the next few years. The rating is capped by the Greek sovereign ceiling because of the still substantial risks of operating in Greece. At Ba3, OTE's ratings are at the same level as the sovereign ceiling, reflecting that (1) OTE's debt is issued by a non-Greek financial subsidiary (OTE PLC, which is domiciled in the UK and subject to English law); (2) around 30% of OTE's revenues and 25% of its EBITDA are generated outside of Greece; (3) Moody's expects OTE to maintain substantial cash balances of around EUR1.15 billion to pre fund future bond maturities; and (4) the company is subject to a degree of implicit support from its largest shareholder, Deutsche Telekom. Moody's recognizes the ongoing corporate restructuring process that OTE has in place, which has contributed to (1) the recent improvement in its EBITDA margin, liquidity risk management and operating performance trends, the latter demonstrated in Q1 2014; (2) the strengthening of the company's cash flow; and (3) significant deleveraging. OTE's Ba3 rating also reflects the company's underlying business risk, given that it operates in a very challenging market, in which revenues remain under pressure due to weak consumer spending and tough competition. Moody's expects that OTE's operating performance will continue to be affected by adverse macroeconomic conditions in Greece, intense competition across all segments and the increasing challenge the company faces to further reduce costs while its revenues remain under pressure. However, the rating agency believes that these factors will be mitigated by (1) the company's strong market positions in both domestic fixed-line and mobile services; (2) a modest degree of international diversification, which contributes to the company's growth outside of Greece; (3) the quality of management, which has enabled the company to cut operational expenditure to offset pressure on revenues and contain further erosion of its EBITDA margin; and (4) the ongoing implicit support from Deutsche Telekom. OTE has a strong liquidity profile, which was reinforced with a EUR700 million six-year fixed-rate bond issued on July 7, 2014. There is no requirement for OTE to issue more debt in the near term. Indeed, it will only do so to take advantage of opportunities that may arise in the market. In Moody's view, OTE's internal annual cash flow generation of EUR500 million and reported cash of some EUR1.3 billion as of March 2014, should enable the company to cover its cash needs and total remaining debt maturities of EUR11 million in 2014, EUR516 million in 2015 and EUR745 million in 2016. Rationale for Stable Outlook The stable outlook on the ratings reflects Moody's expectation that OTE will maintain a strong liquidity profile and continue to improve its credit metrics on a sustainable basis. It mirrors the stable outlook on Greece, which reflects the lack of scope for an upgrade absent an upgrade in Greece's rating, or an increase in the country ceiling, or more explicit support from Deutsche Telekom. What Could Change the Ratings Up/Down In the absence of a more explicit statement of support from Deutsche Telekom, Moody's currently expects no upward pressure on OTE's ratings in the short term, as reflected by the stable outlook. However, Moody's could change the outlook on the ratings to positive if the outlook on Greece were to change. Negative pressure on OTE's ratings could arise if (1) conditions in the domestic environment were to deteriorate further as a result of a weakening of Greece credit profile or a material increase in the risk of Greece exiting the euro area; and/or (2) unexpected pressure were to be exerted on OTE's liquidity, particularly as a result of a failure by the company to maintain comfortable cash balances. Upgrades: Issuer: Hellenic Telecommunications Organization S.A. Probability of Default Rating, Upgraded to Ba3-PD from B2-PD Corporate Family Rating, Upgraded to Ba3 from B2 Issuer: OTE PLC Senior Unsecured Medium-Term Note Program, Upgraded to (P)Ba3 from (P)B2 Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3 from B2 Principal Methodologies The principal methodology used in these ratings was the Global Telecommunications Industry published in December 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. Hellenic Telecommunications Organisation SA (OTE) is the leading telecommunications operator in Greece, servicing 2.9 million fixed access lines, 1.3 million fixed-line broadband connections, 278,742 TV subscribers, and 7.4 million mobile customers in Greece as of end Q1 2014. In addition to its wireless operations in Greece, OTE offers mobile telephony services to customers in Albania (2.1 million customers), and Romania through Cosmote, Greece's leading provider of mobile telecommunications services. OTE offers mobile telephony through a number of subsidiaries. In addition, OTE offers wireline services in Romania through RomTelecom. OTE is also involved in a range of activities in Greece, notably in real-estate and satellite telecommunications. OTE owns 100% of Germanos, the largest distributor of technology- related products in southeast Europe. OTE reported revenues of EUR4.1 billion for the 12 months to March 2014. ========= I T A L Y ========= ALITALIA SPA: Etihad Airways Inks EUR1.76-Bil. Acquisition Deal --------------------------------------------------------------- Vernon Silver and Deena Kamel Yousef at Bloomberg News report that Etihad Airways PJSC signed a EUR1.76 billion (US$2.4 billion) deal to purchase 49% of Alitalia SpA, giving the Gulf company access to one of Europe's biggest travel markets and providing a lifeline to Italy's unprofitable former flag-carrier. Etihad will invest EUR560 million in Alitalia, while existing core investors have approved a EUR300 million capital increase and Italian financial institutions will supply the same amount in new loans, Bloomberg discloses. Some EUR598 million of short- and medium-term debt will also be restructured, Bloomberg says. According to Bloomberg, James Hogan, the Abu Dhabi-based company's chief executive officer, said that the Italian company will seek to become profitable by 2017. The deal, which caps months of negotiations between the airlines, bank creditors and unions over questions of debt and job cuts, helps secure Alitalia's future after Air France-KLM Group bowed out of a bailout brokered by the Italian government last year, Bloomberg notes. Etihad's outlay on Alitalia comprises a EUR387.5 million payment for the equity stake, EUR112.5 million for a 75% interest in the European company's frequent-flyer program, and EUR60 million for five pairs of scarce take-off and landing slots at London's Heathrow airport, according to Bloomberg. Several Alitalia unions earlier on Aug. 8 reached an agreement with the carrier on a national labor contract that will result in EUR31 million of savings over the last five months of the year, Bloomberg relays. 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%. BRUNO MAGLI: Files for Pre-Pack Bankruptcy in Bologna ----------------------------------------------------- Pambianco News, citing MF Fashion, reports that following the closure of its stores in Via Montenapoleone in Milan and Fiumicino in Rome, Bruno Magli, which was acquired by Switzerland's Da Vinci Invest from London-based hedge fund Fortelus, last January, has asked for what it is known as a "pre-pack chapter 11". The Pre-Pack Bankruptcy was filed in Bologna and the company has 60 days to draft a plan for its creditors, Pambianco News relates. The company is set to meet with the unions on Aug. 25, Pambianco News discloses. As a result of the filing, the firm shuttered its store in Venice but will keep outlet stores in Sicily, Serravalle and Barberino del Mugello, Pambianco News relays. The company is also said to be eyeing buyers and according to rumors, GMI USA Corp. CEO Stefano Maroni, is a contender, Pambianco News says, citing MF Fashion Bruno Magli is an Italian luxury leather brand. MONTE DEI PASCHI: Posts EUR178.9-Mil. Net Loss in 2nd Qtr. 2014 --------------------------------------------------------------- Sonia Sirletti and Francesca Cinelli at Bloomberg News report that Banca Monte dei Paschi di Siena SpA posted a worst-than- expected second-quarter loss as the bank stepped up bad-loan provisions and Italy slipped back into recession. Monte Paschi said its net loss for the period was EUR178.9 million (US$239 million), more than twice the average estimate of a EUR71.5 million loss, according to a Bloomberg News survey of six analysts. It was the bank's ninth consecutive quarterly loss, coinciding with a contraction in Italy's economy, the euro area's third-largest after Germany and France, Bloomberg notes. Monte Paschi Chief Executive Officer Fabrizio Viola is cutting jobs and selling assets in an effort to turn around the bank, Bloomberg discloses. Monte Paschi, which has turned to the government for aid twice since 2009, raised EUR5 billion from investors in June, mainly to reimburse taxpayers, Bloomberg recounts. Bad-loan provisions rose to EUR731 million in the second quarter from EUR545 million a year earlier, Bloomberg relays. The net loss was 36% lower than the EUR278 million in the year-earlier period, Bloomberg states. 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. TAURUS CMBS NO. 2: S&P Lowers Rating on Class F Notes to 'CCC' -------------------------------------------------------------- Standard & Poor's Ratings Services lowered its credit ratings on Taurus CMBS No. 2 S.r.l.'s class E, F, and G notes. At the same time, S&P has withdrawn its rating on the class B notes. The transaction originally securitized four loans. Three loans have repaid since closing in December 2005. The transaction is now only secured on one loan, the Berenice loan. The transaction closed in December 2005, with a legal final maturity date in July 2019. The securitized Berenice loan comprises one-third of a syndicated loan facility, which totaled EUR450.0 million at closing, with a EUR40.0 million capital expenditure facility. Its size has decreased to EUR66.3 million from EUR150.0 million at closing, which includes a capital expenditure facility of EUR13.3 million (EUR8.8 million remains undrawn within this facility). The loan was originally secured on 54 properties. Following some asset sales, 27 properties currently back the sole outstanding loan. The portfolio has a vacancy rate of 26% and a securitized loan-to-value (LTV) ratio of 45.2%, based on a June 2013 valuation of EUR381.9 million. In addition, S&P understands that a binding offer for the sale of six properties for EUR94.9 million is due to be finalized. The issuer would receive one- third of the sales proceeds. S&P do not expect the loan to experience principal losses in its expected case scenario. CASH FLOW ANALYSIS With an outstanding securitized note balance of EUR66.3 million, Taurus CMBS No. 2 has amortized by 83.5% since closing. As a result, the notes' weighted-average margin now exceeds that of the Berenice loan. Combined with senior expenses payable, this has reduced the amounts available for interest payments. S&P's cash flow analysis indicates that the class E and F notes have become more vulnerable to cash flow disruptions, as a result of loan prepayments. The class G notes are subject to an available funds cap (AFC). As such, under the transaction documents, the class G notes are only entitled to receive interest up to an amount available from loan interest, provided that the shortfall is solely attributable to prepayments. RATING ACTIONS S&P's ratings in this transaction address the timely payment of interest, payable quarterly in arrears, and the payment of principal by the July 2019 legal final maturity date. S&P has withdrawn its rating on the class B notes following receipt of the July 2014 cash manager's report, which confirms that they fully repaid on the July 2014 interest payment date. Although S&P considers the class E notes' available credit enhancement to be adequate to mitigate the risk of principal losses from the underlying loan in higher stress scenarios, it has lowered to 'B (sf)' from 'B+ (sf)' its rating on this class of notes because they have become more vulnerable to future cash flow disruptions as a result of loan prepayments, in our view. "We have lowered to 'CCC (sf)' from 'CCC+ (sf)' our rating on the class F notes because their exposure to cash flow disruptions has increased, as a result of loan prepayments. In accordance with our relevant criteria, we have not lowered to 'D (sf)' our rating on this class of notes because the issuer may repay the accrued interest shortfalls by maturity, although this is becoming less likely, in our opinion," S&P said. S&P has lowered to 'B (sf)' from 'BB (sf)' its rating on the class G notes because it considers that they could become more vulnerable to principal losses, if the issuer were to divert some of its principal receipts to repay accrued interest for the senior tranches. RATINGS LIST Taurus CMBS No. 2 S.r.l. EUR403.9 mil commercial mortgage-backed floating-rate notes Rating Class Identifier To From B IT0003957013 NR A (sf) E IT0003957047 B (sf) B+ (sf) F IT0003957054 CCC (sf) CCC+ (sf) G IT0003957062 B (sf) BB (sf) NR-Not Rated. ===================== N E T H E R L A N D S ===================== ARES EURO I: Moody's Affirms 'B1' Rating on Class F Notes --------------------------------------------------------- Moody's Investors Service has upgraded the ratings on the following notes issued by Ares Euro CLO I B.V.: Issuer: Ares Euro CLO I B.V. EUR8 million Class B-1 Senior Secured Deferrable Floating Rate Notes due 2024, Upgraded to Aa1 (sf); previously on Sep 9, 2011 Upgraded to Aa2 (sf) EUR13 million Class B-2 Senior Secured Deferrable Fixed Rate Notes due 2024, Upgraded to Aa1 (sf); previously on Sep 9, 2011 Upgraded to Aa2 (sf) EUR19 million Class C Senior Secured Deferrable Floating Rate Notes due 2024, Upgraded to A1 (sf); previously on Sep 9, 2011 Upgraded to A2 (sf) EUR8 million Class Q Combination Notes due 2024, Upgraded to A3 (sf); previously on Sep 9, 2011 Upgraded to Baa1 (sf) Moody's also affirmed the ratings of the following notes issued by Ares Euro CLO I: EUR147.3 million Class A-1 Senior Secured Floating Rate Notes due 2024, Affirmed Aaa (sf); previously on May 15, 2007 Definitive Rating Assigned Aaa (sf) EUR37.8 million Class A-2 Senior Secured Floating Rate Notes due 2024, Affirmed Aaa (sf); previously on Sep 9, 2011 Upgraded to Aaa (sf) EUR50.9 million Class A-3 Senior Secured Floating Rate Notes due 2024, Affirmed Aaa (sf); previously on Sep 9, 2011 Upgraded to Aaa (sf) EUR26 million Class D Senior Secured Deferrable Floating Rate Notes due 2024, Affirmed Baa3 (sf); previously on Sep 9, 2011 Upgraded to Baa3 (sf) EUR13.5 million Class E Senior Secured Deferrable Floating Rate Notes due 2024, Affirmed Ba3 (sf); previously on Sep 9, 2011 Upgraded to Ba3 (sf) EUR6 million Class F Senior Secured Deferrable Floating Rate Notes due 2024, Affirmed B1 (sf); previously on Sep 9, 2011 Upgraded to B1 (sf) Ares Euro CLO I, issued in April 2007, is a Collateralised Loan Obligation ("CLO") backed by a portfolio of mostly high yield European loans. The portfolio is managed by Ares Management Limited. The transaction's reinvestment period ended on 15 May 2014. Ratings Rationale The rating actions on the notes are primarily a result of the end of the reinvestment period and relatively good credit quality of the collateral pool. In light of reinvestment restrictions during the amortization period, and therefore the limited ability to effect significant changes to the current collateral pool, Moody's analyzed the deal assuming a higher likelihood that the collateral pool characteristics would maintain an adequate buffer relative to certain covenant requirements. In particular, Moody's assumed that the deal will benefit from a shorter amortization profile and higher spread levels than it had assumed prior to the end of the reinvestment period. The rating on the combination notes address the repayment of the rated balance on or before the legal final maturity. For the Class Q notes, the 'rated balance' at any time is equal to the principal amount of the combination note on the issue date minus the sum of all payments made from the issue date to such date, of either interest or principal. The rated balance will not necessarily correspond to the outstanding notional amount reported by the trustee. The key model inputs Moody's uses in its analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on its published methodology and could differ from the trustee's reported numbers. In its base case, Moody's analyzed the underlying collateral pool as having a performing par and principal proceeds balance of EUR306 million, a weighted average default probability of 18.98% (consistent with a WARF of 2715), a weighted average recovery rate upon default of 47.15% for a Aaa liability target rating, a diversity score of 38 and a weighted average spread of 3.64%. The default probability derives from the credit quality of the collateral pool and Moody's expectation of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. For a Aaa liability target rating, Moody's assumed a recovery of 50% of the 90.84% of the portfolio exposed to first-lien senior secured corporate assets upon default and of 15% of the remaining non-first-lien loan corporate assets upon default. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into its cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analyzing. Methodology Underlying the Rating Action: The principal methodology used in this rating was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in February 2014. Factors that would lead to an upgrade or downgrade of the rating: In addition to the base-case analysis, Moody's conducted sensitivity analyses on the key parameters for the rated notes, for which it assumed a lower weighted average spread in the portfolio. Moody's ran a model in which it lowered the weighted average spread by 30bp; the model generated outputs that were within one notch of the base-case results. This transaction is subject to a high level of macroeconomic uncertainty, which could negatively affect the ratings on the note, in light of uncertainty about credit conditions in the general economy. CLO notes' performance may also be impacted either positively or negatively by 1) the manager's investment strategy and behavior and 2) divergence in the legal interpretation of CDO documentation by different transactional parties because of embedded ambiguities. * Portfolio amortization: The main source of uncertainty in this transaction is the pace of amortization of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortization could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortization would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. * Around 14.5% of the collateral pool consists of debt obligations whose credit quality Moody's has assessed by using credit estimates. * Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over- collateralization levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Moody's analyzed defaulted recoveries assuming the lower of the market price or the recovery rate to account for potential volatility in market prices. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from other Moody's analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. ARES EUROPEAN II: Moody's Raises Rating on Class D Notes to 'Ba1' ----------------------------------------------------------------- Moody's Investors Service has upgraded the ratings on the following notes issued by Ares European CLO II B.V.: Issuer: Ares European CLO II B.V. EUR270.1M Class A Senior Secured Floating Rate Notes due 2025, Upgraded to Aaa (sf); previously on Oct 27, 2011 Upgraded to Aa1 (sf) EUR37.1M Class B Senior Secured Floating Rate Notes due 2025, Upgraded to A1 (sf); previously on Oct 27, 2011 Upgraded to A2 (sf) EUR22M Class C Senior Secured Deferrable Floating Rate Notes due 2025, Upgraded to Baa2 (sf); previously on Oct 27, 2011 Upgraded to Baa3 (sf) EUR12M Class D Senior Secured Deferrable Floating Rate Notes due 2025, Upgraded to Ba1 (sf); previously on Oct 27, 2011 Upgraded to Ba2 (sf) Ares European CLO II B.V., issued in December 2007, is a Collateralised Loan Obligation ("CLO") backed by a portfolio of mostly high yield European loans. The portfolio is managed by Ares Management Limited. The transaction's reinvestment period will end in March 2015. Ratings Rationale The rating actions on the notes are primarily a result of the benefit of the shorter period of time remaining before the end of the reinvestment period in March 2015 and relatively good credit quality of the collateral pool. In light of reinvestment restrictions during the amortization period, and therefore, the limited ability to effect significant changes to the current collateral pool, Moody's analyzed the deal assuming a higher likelihood that the collateral pool characteristics would maintain an adequate buffer relative to certain covenant requirements. In particular, Moody's assumed that the deal will benefit from a shorter amortization profile and higher spread levels than it had assumed a year prior to the end of the reinvestment period. The key model inputs Moody's uses in its analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on its published methodology and could differ from the trustee's reported numbers. In its base case, Moody's analyzed the underlying collateral pool as having a performing par and principal proceeds balance of EUR378 million, a weighted average default probability of 20.56% (consistent with a WARF of 2798), a weighted average recovery rate upon default of 46.30%for a Aaa liability target rating, a diversity score of 40 and a weighted average spread of 3.45%. The default probability derives from the credit quality of the collateral pool and Moody's expectation of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. For a Aaa liability target rating, Moody's assumed a recovery of 50% of the 89.20% of the portfolio exposed to first-lien senior secured corporate assets upon default and of 15% of the remaining non-first-lien loan corporate assets upon default. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into its cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analyzing. Because the deal can reinvest, the manager can erode the collateral quality metrics' existing buffer against covenant levels. However, given the limited time remaining in the deal's reinvestment period, Moody's analyzed the impact by assuming a weighted average spread consistent with the midpoint between reported and covenanted values. Methodology Underlying the Rating Action: The principal methodology used in this rating was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in February 2014. Factors that would lead to an upgrade or downgrade of the rating: In addition to the base-case analysis, Moody's conducted sensitivity analyses on the key parameters for the rated notes, for which it assumed a lower weighted average spread in the portfolio. Moody's ran a model in which the transaction's current weighted average spread was used, the model generated outputs that were within one notch of the base-case results. This transaction is subject to a high level of macroeconomic uncertainty, which could negatively affect the ratings on the note, in light of uncertainty about credit conditions in the general economy. CLO notes' performance may also be impacted either positively or negatively by 1) the manager's investment strategy and behavior and 2) divergence in the legal interpretation of CDO documentation by different transactional parties because of embedded ambiguities. * Portfolio amortization: The main source of uncertainty in this transaction is the pace of amortization of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortization could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortization would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. * Weighted average life: The notes' ratings are sensitive to the weighted average life assumption of the portfolio, which could lengthen as a result of the manager's decision to reinvest in new issue loans or other loans with longer maturities, or participate in amend-to-extend offerings. The effect on the ratings of extending the portfolio's weighted average life can be positive or negative depending on the notes' seniority. * Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over- collateralization levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Moody's analyzed defaulted recoveries assuming the lower of the market price or the recovery rate to account for potential volatility in market prices. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from other Moody's analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. HALCYON STRUCTURED 2008-II: S&P Ups Cl. E Notes Rating to 'B+' -------------------------------------------------------------- Standard & Poor's Ratings Services raised its credit ratings on Halcyon Structured Asset Management CLO 2008-II B.V.'s class A2, B, C1, C2, D, and E notes. The upgrades follow S&P's performance review of the transaction, using data from the trustee report dated June 30, 2014, and reflect the application of its relevant criteria. S&P conducted its cash flow analysis to determine the break-even default rate (BDR) for each rated class of notes at each rating level. The BDR represents S&P's estimate of the maximum level of gross defaults, based on its stress assumptions, that a tranche can withstand and still fully repay interest and principal to the noteholders. S&P gave credit to an aggregate collateral amount of EUR91 million, used the reported weighted-average spread of 4.06%, and the weighted-average recovery rates calculated in accordance with S&P's criteria for corporate collateralized debt obligations. S&P applied various cash flow stresses using its standard default patterns and timings for each rating category assumed for each class of notes, combined with different interest stresses as outlined in S&P's corporate CDO criteria. The transaction's post-reinvestment period began in Sept. 2010. The class A2 notes have amortized by about EUR16 million since S&P's previous review on July 11, 2012. In S&P's opinion, this has increased the available credit enhancement for all classes of notes. The reported overcollateralization tests for all classes of notes are all passing with higher cushions than in S&P's previous review. U.S. dollar-denominated assets account for about 4% of the performing assets. Perfect asset swaps hedge the resulting foreign currency risk, with JPMorgan Chase Bank N.A. (A+/Stable/A-1) as swap counterparty. In scenarios above 'AA-', S&P has assumed nonperformance of the swap counterparty by applying foreign exchange stresses to the notional amount of non- euro-denominated assets, in accordance with S&P's current counterparty criteria. Of the transaction's collateral, 10.28% of the aggregate collateral balance is exposed to country risk through Spain (BBB/Stable/A-2). Under S&P's non-sovereign ratings criteria, it limits the credit that it gives to assets in countries with a sovereign rating of more than six notches below the ratings on the notes, to 10% of the total collateral to the collateral in S&P's 'AAA' and 'AA+' cash flow scenarios. Despite the aforementioned stresses, S&P's analysis shows that the available credit enhancement for the class A2 and B notes is commensurate with higher ratings than previously assigned. S&P has therefore raised its ratings on these classes of notes. The results of S&P's analysis indicate that the class C1, C2, D, and E notes can sustain defaults at higher rating levels. Therefore, S&P has raised its ratings on these classes of notes. The application of the largest obligor default test constrains S&P's ratings on these classes of notes, which would otherwise have passed at even higher rating levels. The largest obligor default test is a supplemental stress test that S&P introduced in its corporate CDO criteria. Halcyon Structured Asset Management CLO 2008-II is a cash flow collateralized loan obligation (CLO) transaction that closed in August 2008. Halcyon Loan Investors L.P. is the manager. RATINGS LIST Ratings Raised Halcyon Structured Asset Management CLO 2008-II B.V. EUR444 Million Subordinated Notes Class Rating To From A2 AAA (sf) AA+ (sf) B AAA (sf) A+ (sf) C1 AA+ (sf) BBB+ (sf) C2 A+ (sf) BBB+ (sf) D BBB- (sf) BB- (sf) E B+ (sf) CCC+ (sf) NEW WORLD RESOURCES: Sept. 9 Hearing on U.S. Court Protection ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York will hold a hearing Sept. 9 at 10 a.m. (NY Time), to consider the petition filed by Boudewijn Wentink -- the foreign representative of New World Resources N.V., the financing vehicle for Dutch company CERCL Mining B.V. -- for recognition as a "foreign main" proceeding under Chapter 15 of the U.S. Bankruptcy Code of New World's voluntary restructuring proceedings pending before the Chancery Division (Companies Court) of the High Court of Justice of England and Wales. At the Recognition Hearing, the U.S. Court may order the scheduling of a case management conference to consider the efficient administration of the case. Responses or objections to the Chapter 15 petition may be submitted by Aug. 29 to: -- Mr. Wentink's U.S. counsel: Richard A. Graham, Esq. Richard S. Kebrdle, Esq. WHITE & CASE LLP 1155 Avenue of the Americas New York, NY 10036-2787 Tel: 212-819-8200 Fax: 212-354-8113 E-mail: rkebrdle@whitecase.com -- U.K. Counsel to the Debtor: Time Lees, Esq. WHITE & CASE LLP 5 Old Broad Street London, ECN2N 1DW United Kingdom Tel: + 44 20 7532 1746 Fax: + 44 20 7532 1001 E-mail: tlees@whitecase.com -- Counsel to the Existing Trustees: Elizabeth McGovern, Esq. REED SMITH LLP Broadgate Tower 20 Primrose Street London, EC2A 2RS United Kingdom Tel: +44 (0)20 3116 3151 Fax: +44 (0)20 3116 3999 E-mail: emcgovern@reedsmith.com -- Counsel to the Security Agent: Yannis Erifillidis, Esq. NORTON ROSE FULBRIGHT LLP 3 More London Riverside London SE1 2AQ United Kingdom Tel: + 44 20 7444 2064 Fax: + 44 20 7283 6500 E-mail: yannis.erifillidis@nortonrosefulbright.com -- Counsel to the Ad Hoc Group: Geoff O'Dea, Esq. Sean Lacey, Esq. FRESHFIELDS BRUCKHAUS DERINGER 65 Fleet Street London EC4Y 1HT United Kingdom Tel: +44 20 7936 4000 Fax: +44 20 7832 7001 E-mail: geoff.odea@freshfields.com sean.lacey@freshfields.com -- Counsel to CERCL: Adam Goldberg, Esq. LATHAM & WATKINS LLP 885 Third Avenue New York, NY 10022-4834 Tel: 212-906-1828 E-mail: adam.goldberg@lw.com -- the Information Agent: Sunjeeve Patel Thomas Choquet LUCID ISSUER SERVICES LIMITED Leroy House 436 Essex Road London N1 3QP United Kingdom Tel: +44 20 7704 0880 E-mail: invitel@lucid-is.com -- Mr. Wentink's U.S. counsel: Richard A. Graham, Esq. WHITE & CASE LLP 1155 Avenue of the Americas New York, NY 10036-2787 Tel: 212-819-8200 Fax: 212-354-8113 -- Office of the U.S. Trustee in New York Details of New World's Chapter 15 filing was reported by the Troubled Company Reporter on Aug. 5, and the case summary was reported by the TCR on July 31. The Debtor is seeking to stop creditor actions in the U.S. The Debtor has assets in the form of funds held in an account at Citibank N.A. in New York, New York, and the indentures governing the notes that will be adjusted pursuant to the Scheme are governed by New York law. About New World Resources New World Resources N.V. is owned and controlled by New World Resources Plc, an English public limited company domiciled in the Netherlands that is admitted for trading on the London Stock Exchange, where it maintains a Premium Listing, along with the Warsaw Stock Exchange and the Prague Stock Exchange. The ultimate parent and indirect majority owner of NWR is CERCL Mining B.V., a privately-held Dutch company, which owns a controlling majority of the shares of NWR Plc. NWR's primary role in its corporate group has been to issue debt (primarily in the form of secured and unsecured notes) and to loan the corresponding proceeds to its wholly-owned operating subsidiaries. These operating subsidiaries conduct coal mining and exploration operations in the Czech Republic and Poland. The operating subsidiary conducting mining operations in the Czech Republic is critical to the local economy in that country. Collectively, these operating subsidiaries employee over 11,500 workers (and utilize an additional 3,000 contractors), and many major steel groups -- including some operating in the U.S. -- are reliant on their coal. As of July 15, 2014, NWR had outstanding gross external debt of approximately EUR825 million (exclusive of amounts it owes under certain intercompany obligations). Of this debt, EUR500 million in principal amount plus accrued interest is owed to the beneficial holders of the 7.875% Senior Secured Notes due May 1, 2018. NWR also owes EUR275 million in principal amount plus accrued interest to the beneficial holders of its 7.875% Senior Unsecured Notes due January 15, 2021. NWR applied to the Chancery Division (Companies Court) of the High Court of Justice of England and Wales, on July 28, 2014, for an order directing it to convene separate meetings for two classes of creditors only, namely, the existing senior secured noteholders on the one hand, and the existing senior unsecured noteholders. NWR filed a Chapter 15 bankruptcy petition (Bankr. S.D.N.Y. Case No. 14-12226) in Manhattan, New York on July 30, 2014, to seek recognition of the UK proceeding. Neither the Debtor's parent nor any of its operating subsidiaries have commenced insolvency proceedings in the UK Court or any other court within any jurisdiction. The U.S. case is assigned to Judge Stuart M. Bernstein. =============== P O R T U G A L =============== BANCO ESPIRITO: Bailout Devalues Credit-Default Debt Swaps ---------------------------------------------------------- Abigail Moses at Bloomberg News reports that Banco Espirito Santo SA's bailout has left buyers of default insurance on the Portuguese lender's subordinated bonds holding ineffective contracts after a ruling by the International Swaps & Derivatives Association. According to Bloomberg, ISDA ruled on Aug. 8 that all outstanding credit-default swaps will be linked to a new bank, called Novo Banco, and won't cover the lender's outstanding subordinated bonds. The separation of junior swaps from the underlying debt, which remains at Banco Espirito Santo, devalues the contracts, Bloomberg says. "Sub CDS is worthless because you can't deliver anything against it," John Raymond, an analyst at independent research company CreditSights Ltd. in London, as cited by Bloomberg, said. "It highlights the problem in existing CDS." Banco Espirito Santo's bonds were split as part of a EUR4.9 billion (US$6.6 billion) rescue by the Bank of Portugal, with the best assets moving to the new company and its most "problematic" assets left at the old entity, Bloomberg relates. ISDA ruled last week that the bailout didn't constitute a bankruptcy credit event that would have triggered payouts on swaps, Bloomberg relays. ISDA ruled on Aug. 8 that a so-called succession event has taken place at the bank, Bloomberg discloses. According to Bloomberg, in an event such as a company dividing into two, the debt can remain whole with one entity or be split between each. Under ISDA's existing rules, if an entity takes on 75% or more of a company's obligations that can be guaranteed by swaps, then the derivatives become linked solely to that entity, Bloomberg notes. Otherwise, swaps are divided, Bloomberg states. Banco Espirito Santo is a private Portuguese bank based in Lisbon. It is 20% owned by Espirito Santo Financial Group. ========= S P A I N ========= ALMIRALL SA: Moody's Affirms 'Ba3' Corp. Family Rating ------------------------------------------------------ Moody's Investors Service has affirmed Almirall's Probability of Default rating at Ba3-PD and its Corporate Family rating at Ba3. Concurrently Moody's has affirmed the instrument rating assigned to EUR325 million of senior unsecured guaranteed notes issued by Almirall, S.A. at Ba3, LGD 3 (48%). The outlook on all ratings is stable. Ratings Rationale The rating affirmation follows Almirall's recent announcement that they have entered an agreement to transfer to AstraZeneca all the rights of its respiratory franchise for an initial consideration of US$875 million and contingent compensation of up to US$1.22 billion depending on development, launch and sales- related milestones. The scope of the agreement includes Almirall's LAMA compound Eklira (already marketed in several countries outside the US) as well as several other compounds in clinical development (LABA, MABA; LAMA/LABA combination). Almirall will also transfer Almirall Sofotec and Genuair, two companies owning the rights to all assets and technologies for the production of Almirall's well perceived dry powder inhaler device. Under the signed agreement Almirall will continue to produce the compounds for several years under a tolling agreement with AstraZeneca (terms currently undisclosed). Moody's positively notes the attractive valuation achieved by Almirall with a total consideration of US$2.1 billion, which was close to the group's market capitalization prior to the announcement of the deal. At the same time a large portion of the proceeds will be tied to milestones hence the final valuation might be lower. The rating affirmation also reflects Almirall's public commitment to reinvest the cash proceeds from the upfront payment consideration and from potential later milestone payments into the business rather than distributing the proceeds to shareholders through a special dividend. The sale of the group's respiratory franchise will initially have a negative impact on the group's overall business profile due to the lower breadth of the remaining portfolio and a higher concentration on dermatology and other therapeutic areas with a modest contribution to earnings and operating cash flows. Almirall's respiratory franchise was also the main expected growth driver for the group. However Moody's note that Almirall might have faced difficulties establishing itself as a long term strong player in the increasingly competitive respiratory market despite the quality of its pipeline and inhaler device. The respiratory market is a primary care market where the size of the sales force organization is a key competitive success factor. This market is dominated by very large pharmaceutical companies, which can leverage their salesforce to increase their prescription volumes. Going forward Almirall will focus on specialty pharma therapeutic areas with a focus on dermatology, which seems well suited to the group's small size in the context of the pharmaceutical industry. The future rating direction of the group will be mainly driven by management's ability to continue to grow its remaining franchise and to transform the company into a specialty pharma business whilst maintaining positive free cash flow generation. Almirall's reinvestment strategy for the sales proceeds (valuation and strategic fit of acquisitions, cash flow generative versus pipeline assets, etc.), and the group's financial policies going forward (tolerance for leverage in light of the relatively weak debt protection covenant under the group's notes indenture especially for incremental leverage under the debt incurrence ratio test) will also be key determinant factors of future rating direction. Liquidity Profile Moody's views Almirall's liquidity profile as strong. Almirall's liquidity is underpinned by (1) a cash balance of approximately EUR89 million at June 30, 2014; (2) positive free cash flow generation; and (3) access to a EUR25 million unsecured and unguaranteed committed revolving credit facility maturing in March 2017. These liquidity sources adequately cover the group's cash outflows over the next 12 months, which include potential milestone payments of up to EUR55 million (US$75 million) and payments relating to the restructuring program. The revolving credit facility is subject to a financial capitalization covenant ratio, tested annually based on audited accounts and described as net equity over total assets >40%. Moody's expectations are that the company will maintain at least 25% of headroom over the three-year credit facility agreement period. Post closing of the transaction with AstraZeneca (expected by year-end 2014) and until the cash proceeds from the sale are reinvested the liquidity position of Almirall will be excellent. The company will be in a net cash position of around EUR400-410 million. Structural Considerations The notes are senior unsecured obligations benefiting from senior guarantees provided by the issuer and its material operating subsidiaries -- the issuer and guarantors accounted for 71%, 83%, and 94% of the consolidated revenues, EBITDA (excluding exceptional restructuring costs), and total assets, respectively, of the group as of the fiscal year ending 31st December 2013. The notes represent the bulk of the company's debt and their Ba3 rating is therefore aligned with that of the CFR. The revolving credit facility ranks behind the notes in Moody's waterfall, given that it does not benefit from upstream guarantees. Rationale for Stable Outlook The stable outlook considers that Almirall will have a strong financial profile pro-forma of the closing of the transaction (net cash position) even whilst the business diversity of the group will have weakened. Going forward the maintenance of the stable outlook would largely hinge on Almirall's ability to continue to grow its remaining business on a profitable and free cash flow generative basis and on how the company will choose to reinvest the proceeds from the sale of its respiratory franchise. Moody's expects that the company strategy in terms of acquisitions and debt leveraging will remain fairly conservative, in line with the company's objective of a maximum reported net debt/EBITDA of 2.0x to 3.0x. What Could Change the Rating -- UP/DOWN Upward pressure on the ratings could develop over time if Almirall is able to continue growing its business (pro-forma of the sale), demonstrates cautiousness whilst reinvesting the cash proceeds from the sale of its respiratory franchise and maintains a leverage (gross debt/EBITDA, including Moody's adjustments) below 2.5x on a sustainable basis. Conversely, negative pressure could arise on the ratings if performance weakens resulting in a deterioration of credit metrics such that the gross debt/EBITDA ratio would increase above 3.5x and/or the CFO/debt ratio declines below 20%, for a prolonged period of time. This would be the result of a shift to more aggressive financial policies including M&A transaction considerations in excess of the cash proceeds to be received from AstraZeneca. AVANZA SPAIN: S&P Lowers CCR to 'B'; Outlook Stable --------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on bus service provider Avanza Spain S.A.U to 'B' from 'B+'. The outlook is stable. At the same time, S&P lowered its issue ratings on the company's senior secured debt to 'B' from 'B+'. The recovery rating is unchanged at '3'. S&P also lowered its issue rating on Avanza's senior unsecured debt to 'CCC+' from 'B-'. The recovery rating is unchanged at '6'. The downgrade reflects S&P's lower expectations for Avanza's credit metrics over the next two years as a result of declining passenger numbers in the suburban and long-distance segments and lower earnings following the renewal of the Zaragora and Madrid concessions. S&P now forecasts the company's Standard & Poor's- adjusted debt-to-EBITDA ratio at about 8x by the end of 2014, up from about 6.5x for the fiscal year ended Dec. 31, 2013. The company's financial ratios are no longer at the stronger end of the range for a "highly leveraged" financial risk profile, and S&P has therefore removed the one-notch upward adjustment to the rating for its comparable rating analysis modifier. Contrary to S&P's expectations last year, Avanza's operating performance has continued to worsen in 2014 and revenues have declined in urban, suburban, and long-distance segments. Urban revenues fell by 11% in the first quarter of the year compared with first-quarter 2013, reflecting the network reduction in Zaragoza. Suburban revenues declined by 5% across the same period as a result of a large reduction in passengers, especially in Madrid. The drop in passengers follows Avanza's agreement with the public transport authority, the Consorcio Regional de Transportes de Madrid, to reduce the size of its network by 8% to adapt to lower demand. Finally, the 14% reduction in long- distance revenues in the first quarter of 2014 was largely the result of the aggressive pricing strategy of the public train operator, RENFE. S&P's revised base case assumes: -- Mid- to high-single digit revenue decline in 2014, reflecting the full annual impact of volume reductions in Zaragoza and Madrid and a decline in passengers for the long-distance segment due to increasing competition; -- Decline in revenues of about 3% in 2015 reflecting S&P's base case that Avanza will stop operating in Terrassa; -- Decline in the EBITDA margin to roughly 17%; and -- Finance lease amortization of approximately EUR20 million per year. Based on these assumptions, S&P arrives at the following credit metrics over 2014-2015: -- Debt to EBITDA of 7.5x-8x; -- Funds from operations (FFO) to debt of 4.5%; and -- FFO interest coverage of 1.5x S&P continues to assess the company's business risk profile as "fair." Avanza has a strong competitive position as Spain's leading private provider of bus services. The business is also supported by its exclusive long-term concession agreements and a business model focused on "forced mobility" (mostly commuters) in urban and suburban markets (86% of revenues) that deliver somewhat resilient EBITDA earnings. About 75% of total revenues guarantee cost protection through tariffs. 35% of total revenues do not involve any passenger volume risk, and of those that do, about 40% benefit from cost protection through tariffs. Concession renewal risk is a rating weakness; although the company's track record supports S&P's view of this risk as relatively low, the nonrenewal of a concession could contribute to a further decline of the company's revenues. S&P forecasts that if the company lost the concession in Terrassa, it would contribute to a 3% revenue decline in 2015. Avanza's exposure to passenger volume risk also constrains the rating. For about 25% of its revenues, cost recovery is limited to a consumer price index (CPI) adjustment to passenger fares. The rating also reflects S&P's view that Avanza is a relatively small company operating in a cyclical transportation industry that S&P assess as high-risk. The company's operations are concentrated in Spain, with some business in Portugal; S&P's weighted-average assessment of country risk is moderately high. S&P assess Avanza's financial risk profile as "highly leveraged," given its high debt relative to cash flow generation. S&P do not expect leverage to decline, as it expects additional finance leases to fund capital expenditure (capex) and continued negative free operating cash flow. The outlook is stable. Though S&P expects credit metrics to continue to deteriorate throughout 2014, it believes Avanza is likely to benefit from the slow economic recovery in Spain and the somewhat predictable revenues in urban and suburban segments. S&P could lower the ratings if Avanza's operating performance is weaker than S&P expects, possibly stemming from further declines in passengers, a reduction in network size due to unfavorable concessional renewal conditions, or increasing competition for renewal bids. S&P could also lower the rating if Avanza takes on greater debt, for example to fund acquisitions or capex, resulting in FFO interest coverage falling below 1.2x. S&P could also take a negative rating action if liquidity deteriorates to "weak." While currently unlikely, S&P could consider raising the rating if Avanza's operating performance improves, resulting in sustained stronger credit metrics; for example, FFO to debt in excess of 9% on a sustained basis. CURRUS XIV-XVI: Fitch Cuts Ratings on Senior Facilities to 'Bsf' ---------------------------------------------------------------- Fitch Ratings has downgraded the senior and subordinated facilities of Currus XIV-XVI. Fitch has also removed all classes from Rating Watch Negative and assigned each a Negative Rating Outlook. Key Rating Drivers: This rating action reflects the current ratings of the underlying collateral, the class A2 and A4 Spanish residential mortgage backed security (RMBS) notes issued by Banco Bilbo Vizcaya's BBVA RMBS II Trust, which were downgraded by Fitch on August 4, 2014. Fitch downgraded the following ratings: Currus XIV Limited -- EUR166,400,000 senior facility downgraded to 'Bsf' from 'BBsf'; Outlook Negative; -- EUR2,133,333 subordinated B1 facility downgraded to 'Bsf' from 'BBsf'; Outlook Negative; -- EUR2,133,333 subordinated B2 facility downgraded to 'Bsf' from 'BBsf'; Outlook Negative. Currus XV Limited -- EUR166,400,000 senior facility downgraded to 'Bsf' from 'BBsf'; Outlook Negative; -- EUR2,133,333 subordinated B1 facility downgraded to 'Bsf' from 'BBsf'; Outlook Negative; -- EUR2,133,333 subordinated B2 facility downgraded to 'Bsf' from 'BBsf'; Outlook Negative. Currus XVI Limited -- EUR166,400,000 senior facility downgraded to 'Bsf' from 'BBsf'; Outlook Negative; -- EUR2,133,333 subordinated B1 facility downgraded to 'Bsf' from 'BBsf'; Outlook Negative; -- EUR2,133,333 subordinated B2 facility downgraded to 'Bsf' from 'BBsf'; Outlook Negative. Prior to the downgrades, all classes were on Rating Watch Negative. UNICAJA BANCO: Fitch Affirms 'BB+' Support Rating Floor ------------------------------------------------------- Fitch Ratings has affirmed Spain-based Unicaja Banco, S.A.'s (Unicaja) Long-term Issuer Default Rating (IDR) at 'BBB-', its Viability Rating (VR) at 'bbb-' and its Short-term IDR at 'F3'. The Rating Watch Negative (RWN) on its Long- and Short-term IDRs and VR have been removed and the Outlook on the Long-term IDR is Stable. At the same time the agency has affirmed the bank's Support Rating (SR) and Support Rating Floor (SRF) at '3' and 'BB+', respectively. The rating action follows our analysis of the effect on Unicaja from the acquisition of Banco de Caja Espana de Inversiones, Salamanca y Soria, S.A. (Banco CEISS). This transaction concluded on March 28, 2014 with Unicaja taking majority control, since diluted to a 60.7% stake following the conversion of convertible bonds in June 2014. Fitch views the acquisition of Banco CEISS as manageable for Unicaja and tolerable for the 'bbb-' VR despite the erosion of some of Unicaja's capital strength. KEY RATING DRIVERS - IDRs and VR Unicaja's IDRs are driven by its standalone credit fundamentals as expressed by its VR. The ratings would likely have been higher today without the Banco CEISS acquisition as Banco CEISS has a weaker overall risk profile and is loss-making. In affirming the ratings Fitch takes the view that management will complete the acquisition as targeted during the next three years, including repayment of EUR604 million contingent convertible bonds held by the Fondo de Reestructuracion Ordenada Bancaria (FROB). Banco CEISS would have equalled to 46% of Unicaja's assets on an aggregate (Unicaja and Banco CEISS) basis at end-2013. Unicaja faces the challenge of implementing its risk management framework and lower risk appetite at Banco CEISS, further divesting equity stakes and continuing with the restructuring process. However, Unicaja's experience in integrating banks and Spain's improved operating environment should aid the process. Fitch also highlights other medium-term execution risks from Unicaja's plan to list in the capital markets by no later than 2016, raise a significant amount of capital to pay back Banco CEISS's state aid and thereafter proceed with the full integration of the two banks. Unicaja's capital ratios have been significantly affected by the acquisition. Estimated consolidated Fitch Core Capital (FCC) fell to a just adequate 8.4% at end-1H14 from 11.3% at end-2013 (taking into account the conversion of Banco CEISS's EUR442 million mandatory contingent convertible bonds in June 2014 and including the resulting minority interests into FCC). Fitch gives no loss absorption credit to the EUR604 million state's contingent convertible bonds issued by Banco CEISS, given that these bonds remain at the subsidiary level and Fitch expects them to be repaid by May 2017. As a result, Unicaja's Fitch eligible capital ratio was only marginally higher than its FCC at 8.7% at end-1H14. Fitch expects capital levels to gradually improve, due to Unicaja's improved internal capital generation and capital- raising plans. Unicaja's asset quality has also been negatively affected by the acquisition of Banco CEISS. The combined impaired loans/total loans (NPL) ratio was 11.5% at end-1Q14 (14.3% including foreclosed assets) but this still compares well with the system- average of 13.4%, helped by Unicaja's generally low risk appetite (pre-acquisition NPL ratio was 8.4% at end-2013) and the transfer of real estate assets by Banco CEISS to Spain's bad bank (SAREB). The group's coverage ratio was adequate and above sector average at 68%. Fitch expects the deterioration of asset quality to slow down in 2014, supported by the improving economy. A further challenge for Unicaja will be to turn around Banco CEISS's profitability, especially given the prevailing low interest rate environment and stagnant business volume. However, Unicaja's more resilient operating profitability, further scope to lower retail funding costs, recognition of expected losses and further cost cuts at Banco CEISS should support the group's operating profitability. Banco CEISS contributed to an improvement in the group's funding and liquidity profile, particularly by adding a large deposit base and a high level of liquid assets. The group's adjusted net loans/deposits ratio was 96% at end-1Q14 and unencumbered liquid assets (the vast majority of which are sovereign bonds) accounted for 21% of assets. RATING SENSITIVITIES - IDRs and VR Upward rating potential would arise from the successful achievement of Unicaja's plans to improve capital levels, return Banco CEISS's state aid and complete the integration process without a detrimental effect on its overall risk profile. This in turn should also help to enhance the group's profitability. Downside pressure would largely arise from unforeseen asset quality deterioration as well as any setback in the integration of Banco CEISS that could negatively affect Unicaja's standalone credit profile, mainly due to inability to improve its weak profitability and/or a deterioration of the bank's regional franchise. KEY RATING DRIVERS AND SENSITIVITIES - SR AND SRF Unicaja's SR of '3' and SRF of 'BB+' reflect Fitch's view that there is a moderate likelihood of support for the bank from the authorities, if needed. This is because of the bank's regional systemic importance to Spain with a deposit market share of around 14% and 23% in the Andalusia and Castilla Leon regions, respectively. The SR and SRF are sensitive to a weakening of the assumptions around Spain's ability and propensity to provide timely support to the group. Of these, the greatest sensitivity is to progress made in implementing Bank Recovery and Resolution Directive (BRRD) and Single Resolution Mechanism (SRM). Fitch expects to downgrade Unicaja's SR to '5' and its SRF to 'No Floor' during 2H14 or 1H15. Timing will be influenced by progress made on implementing domestic bank resolution legislation. The rating actions are as follows: Unicaja Long-term IDR: affirmed at 'BBB-'; removed from RWN, Outlook Stable Short-term IDR: affirmed at 'F3'; removed from RWN Viability Rating: affirmed at 'bbb-'; removed from RWN Support Rating: affirmed at '3' Support Rating Floor: affirmed at 'BB+' * SPAIN: Number of Insolvency Proceedings Hit Record Low -------------------------------------------------------- Katie Linsell at Bloomberg News reports that the number of Spanish companies seeking protection from creditors has fallen to the lowest in three years as the economy recovers and changes to the nation's bankruptcy rules help heavily-indebted borrowers. Spanish rating company Axesor said that insolvency proceedings dropped 28% to about 4,000 this year, Bloomberg relates. The nation overhauled bankruptcy rules in March to help troubled companies avoid proceedings, known as concurso, and prevent liquidation, Bloomberg recounts. According to Bloomberg, Madrid-based Colegio de Registradores, which tracks company registrations, said that the government is trying to save viable companies because about 95% of companies that enter concurso end up in liquidation. A record 8,716 Spanish companies sought creditor protection in 2013, Bloomberg says, citing a PricewaterhouseCoopers LLP report. * SPAIN: Number of Business Bankruptcies Down 31.8% in 2Q 2014 -------------------------------------------------------------- Xinhua News Agency, citing Spanish National Institute of Statistics (INE), reports that the number of businesses declared bankrupt fell by 31.8% in the second quarter in 2014 to 1,675 when compared with the same period in 2013, while they fell by 12.4% from the first quarter of the year. The Spanish economy is emerging from a long period of economic recession that caused many firms to fall into insolvency, Xinhua notes. =========================== U N I T E D K I N G D O M =========================== GLASTONBURY FINANCE 2007-1: S&P Cuts Rating on Cl. B Notes to B- ---------------------------------------------------------------- Standard & Poor's Ratings Services took various credit rating actions in Glastonbury Finance 2007-1 PLC. Specifically, S&P has: -- Raised to 'A+ (sf)' from 'BBB+ (sf)' its rating on the class A-1 notes; -- Lowered to 'B- (sf)' from 'BB+ (sf)' its rating on the class B notes; and -- Affirmed its ratings on the class A-2, C, D, E, F, and X notes. The rating actions follow S&P's analysis of the transaction using data from the May 6, 2014 trustee report, and the application of its relevant criteria. The transaction's post-reinvestment period began in May 2010. The class A-1 and X notes have largely amortized since S&P's Aug. 30, 2012 review. Only 19% and 13% of the original balance is still outstanding for the class A-1 and X notes, respectively. The amortization of the capital structure has increased the available credit enhancement for the class A-1 and X notes. The portfolio's credit quality has decreased since S&P's previous review. The proportion of assets that S&P considers to be defaulted (rated 'CC', 'C', 'SD' [selective default], or 'D') has increased to 14% from 12% of the portfolio balance excluding cash. The proportion of assets that S&P rates in the 'CCC' category ('CCC+', 'CCC', and 'CCC-') has also increased to 34% from 0% of the total portfolio, over the same period. Following the deterioration of the pool's credit quality and the portfolio's increased obligor concentration -- down to 13 from 23 obligors -- the scenario default rates (SDRs) have increased at each rating level. The SDR is the minimum level of portfolio defaults that we expect each tranche to be able to withstand at a specific rating level using CDO Evaluator. The overcollateralization tests have improved for the class A, B, and C notes. The class C and D notes are still failing their tests, but the class C notes are failing with a lower margin than in our previous review. "We conducted our cash flow analysis to determine the break-even default rate (BDR) for each rated class of notes at each rating level. The BDR represents our estimate of the maximum level of gross defaults, based on our stress assumptions, that a tranche can withstand and still fully repay interest and principal to the noteholders. We gave credit to an aggregate collateral amount of EUR154 million, used the reported weighted-average spread (WAS) of 1.31%, and the weighted-average recovery rates calculated in accordance with our 2012 criteria for collateralized debt obligations (CDOs) of pooled structured finance assets. We applied various cash flow stresses using our standard default patterns and timings for each rating category assumed for each class of notes," S&P said. Due to the significant deleveraging of the class A-1 and X notes, S&P's analysis indicates that the class X notes can still sustain defaults at a 'AAA (sf)' rating, and that the class A-1 notes can now sustain defaults at a 'A+' rating level. S&P has therefore affirmed its 'AAA (sf)' rating on the class X notes and raised to 'A+ (sf)' from 'BBB+ (sf)' its rating on the class A-1 notes. S&P's analysis also indicates that the available credit enhancement for the class A-2, C, D, E, and F notes is commensurate with their currently assigned ratings. S&P has therefore affirmed its ratings on these classes of notes. The application of S&P's largest obligor default test constrains its rating on the class B notes. S&P has therefore lowered to 'B- (sf)' from 'BB+ (sf)' its rating on the class B notes. Glastonbury Finance 2007-1 is a collateralized debt obligation (CDO) transaction comprising primarily European commercial mortgage-backed securities (CMBS), managed by Palatium Investment Management Ltd. RATINGS LIST Class Rating To From Glastonbury Finance 2007-1 PLC GBP354 Million Floating-Rate Notes Rating Raised A-1 A+ (sf) BBB+ (sf) Rating Lowered B B- (sf) BB+ (sf) Ratings Affirmed A-2 BBB+ (sf) C CCC- (sf) D CCC- (sf) E CCC- (sf) F CC (sf) X AAA (sf) MONARCH: Seeks Fresh Capital; Moulton Among Potential Investors --------------------------------------------------------------- Ben Marlow at The Telegraph reports that Jon Moulton, the venture capitalist, is among a small group of distressed and private equity investors considering pumping money into Monarch as the struggling travel group aims to restructure its holding company. Interest has come from Mr. Moulton's Better Capital, which focuses on struggling companies, HIG Europe, another turnaround specialist, and private equity firms Towerbrook and Indigo Capital, The Telegraph discloses. Company insiders say they are hopeful of having a deal in place by Christmas, according to The Telegraph. It is understood that Monarch needs as much as GBP60 million of fresh capital, The Telegraph notes. Monarch's controlling shareholders, the Mantegazza family, have also appointed a team of restructuring specialists from PwC to draw up contingency plans in case the search for a new investor fails and its financial state deteriorates further, The Telegraph relays. Following a request for its third bail-out in five years -- first reported in The Sunday Telegraph last month -- the family is considering selling a stake to an outside investor for the first time, The Telegraph relays. Dean Street Advisors, a corporate finance firm, has been hired to lead the search, The Telegraph discloses. Monarch and its owners were this weekend working to put together a proposal for a dramatic shake-up that is expected to see Monarch streamline its operations by shrinking its fleet, pulling out of unprofitable routes and scaling back from some bases, The Telegraph relates. After struggling during the recession, Monarch returned to the black in the year to October with profits of GBP5.9 million on sales of GBP957 million, The Telegraph recounts. Monarch owns the tour operator Cosmos and the travel websites Somewhere2stay and Avro. THRONES 2014-1: S&P Assigns 'BB' Rating to Class E-Dfrd Notes ------------------------------------------------------------- Standard & Poor's Ratings Services assigned its credit ratings to Thrones 2014-1 PLC's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd notes. At closing, Thrones 2014-1 also issued unrated residual certificates. At closing, the issuer purchased the beneficial interest in a portfolio of U.K. residential mortgage loans from the beneficial title seller (Raphael Mortgages Ltd.), using the proceeds from the issuance of the rated notes and the unrated residual certificates. At closing, the issuer used the proceeds from a reserve subordinated loan to fund a general reserve fund and liquidity reserve fund. As the seller is a special-purpose entity (SPE), it has limited resources to meet its financial obligations under the representations and warranties in the transaction documentation. In S&P's view, this limits the value of the seller's representations and warranties to the issuer. S&P considers the package of representations and warranties to be nonstandard. S&P has therefore increased its weighted-average foreclosure frequency (WAFF) estimates to address this risk. The GBP307.02 million pool (as of July 25, 2014) comprises first- lien U.K. nonconforming residential mortgage loans owned by Raphael Mortgages. The originators are Edeus Mortgage Creators Ltd. (63.83%) and Victoria Mortgage Funding Ltd. (36.17%). The first-lien U.K. nonconforming residential mortgage loans include 10.36% of loans with previous County Court judgments (CCJs), as well as 1.93% of loans to borrowers who have previously been declared bankrupt. Of the pool, 46.91% are self- certified loans. The portfolio's weighted-average current loan- to-value (LTV) ratio is 90.98% (according to our methodology, which includes haircuts to valuations when the valuation method was not a full surveyor valuation). The weighted-average original LTV ratio is 85.44%. Of the pool, 26.49% are buy-to-let mortgages and 22.42% are loans made to first-time buyers. There is also a high proportion (86.18%) of interest-only loans in the pool. Within the pool, 7.54% of the loans have been delinquent for more than one month. In addition, 7.60% of the pool's loans have capitalized arrears. S&P views these types of borrowers as having a higher risk of default. In line with S&P's U.K. residential mortgage-backed securities (RMBS) criteria, it has increased its WAFF estimates accordingly to address this increased risk. S&P has also projected arrears of 6.50% to incorporate its expectation of arrears in the pool. The class A to F-Dfrd notes' interest rates are equal to three- month British pound sterling LIBOR plus class-specific margins. There is basis risk in the pool as the underlying collateral contains loans that are linked to the Bank of England Base Rate (BBR) or three-month sterling LIBOR (that resets at a different reset date to the notes). As a result, S&P stresses the historical difference between the index paid on the assets and the liabilities. S&P's analysis then takes the percentiles of the resulting distribution according to table 20 of S&P's U.K. RMBS criteria. This transaction does not benefit from a swap to hedge basis risk. S&P treated the class B-Dfrd to F-Dfrd notes as deferrable- interest notes in its analysis. Under the transaction documentation, the issuer can defer interest payments on the class B-Dfrd to F-Dfrd notes. Consequently, any deferral of interest on the class B-Dfrd to F-Dfrd notes would not constitute an event of default. While S&P's 'AAA (sf)' rating on the class A notes addresses the timely payment of interest and the ultimate payment of principal, its ratings on the class B-Dfrd to F-Dfrd notes address the ultimate payment of principal and the ultimate payment of interest only. S&P's ratings reflect its assessment of the transaction's payment structure, cash flow mechanics, and the results of its cash flow analysis to assess whether the notes would be repaid under stress test scenarios. Subordination and the general reserve fund provide credit enhancement to the notes that are senior to the unrated residual certificates. Taking these factors into account, S&P considers the available credit enhancement for the rated notes to be commensurate with the ratings that it has assigned. RATINGS LIST Thrones 2014-1 PLC GBP307.021 Million Mortgage-Backed Floating-Rate Notes and Unrated Residual Certificates Class Rating Amount (mil. GBP) A AAA (sf) 185.74 B-Dfrd AA (sf) 32.23 C-Dfrd A (sf) 29.16 D-Dfrd BBB (sf) 23.02 E-Dfrd BB (sf) 16.88 F-Dfrd B (sf) 4.60 RC NR 15.39 RC-Residual certificates. Dfrd-Deferrable instruments. These ratings address the ultimate repayment of principal and interest. NR-Not rated. TOWERGATE FINANCE: Fitch Affirms 'B' LT Issuer Default Rating ------------------------------------------------------------- Fitch Ratings has affirmed Towergate Finance plc's Long-term Issuer Default Rating (IDR) at 'B' and revised the Outlook to Negative from Stable. Fitch has also affirmed Towergate's senior secured notes due 2018 at 'BB'/'RR1' and senior notes due 2019 at 'B-'/'RR5'. The affirmation reflects Towergate's leading position as an independent insurance intermediary in the UK, its well- established relationship with leading insurance providers, and its wide distribution platform and underwriting capacity in niche segments of the personal and SME commercial non-life insurance market. However, the revision of the Outlook to Negative reflects declining profitability and persistently high financial leverage since Towergate partly refinanced its capital structure in May 2013. It also factors in the sustained pressure on free cash flow, which we expect to continue in 2014, primarily due to costs incurred as part of the group's strategic reorganization. In our view, headroom under the current rating has reduced. Given the prospects of subdued organic performance, we view Towergate as being reliant on successfully extracting its planned operational efficiencies as well as integrating recent debt- funded acquisitions to bring the company's credit metrics back to levels that are more commensurate with a 'B' IDR and a Stable Outlook. KEY RATING DRIVERS Profitability Pressure Towergate's business diversification across both insurance broking and underwriting activities has only partly helped the group mitigate the significant earnings pressure faced by the Network division in 2013 and in 1H14, by Paymentshield, its provider of insurance products to mortgage brokers. In 2013, the group's adjusted EBITDA margin decreased to 34.4% from 36.7% on a pro forma basis, as the Underwriting division faced increasing operating costs and declining profitability. Nonetheless, the IDR is supported by the fact that Towergate remains a high-margin business and we project the group EBITDA margin will stay above 30% over the medium term. Execution Risk of Reorganization Plan We believe that the series of strategic measures taken by Towergate to rationalize and enhance its processes has some merits and we expect some cost-saving opportunities to materialize. However, in our view, there are inherent risks in implementing such a large transformation plan. We will monitor how operational efficiencies are extracted and the extent to which profitability improves and leverage reduces as soon as FY15. Any material deviation from the cost savings plan could translate into sustained weak credit metrics as financial results for 1H14 indicated further EBITDA pressure at Paymentshield and the Retail (Insurance Brokers) division. Weak Cash Flow, Satisfactory Liquidity Towergate did not generate any free cash flow over 2013 due to exceptional cash items resulting from the reorganization of the business. We expect this to continue in 2014 but we believe that Towergate should be able to generate positive free cash flow once reorganization actions abate, given working capital management efforts, structurally low capex and interest rate swap costs running off in 2015. As a result, we project medium-term liquidity will remain satisfactory, supported by its private equity sponsor Advent's recent cash injection of GBP12m. We view any adverse outcome from the current investigation by the FCA into the sale and advice of two products by Towergate Financial leading to a meaningful negative cash impact for the group as event risk. Weak Credit Metrics FFO gross adjusted leverage has remained above 6.75x and FFO fixed charge coverage below 1.5x over 2013, limiting financial flexibility and reducing headroom under the 'B' IDR. We do not forecast any meaningful improvement in credit metrics over 2014 at least, as we expect the challenging pricing environment in the UK non-life insurance market to prevail therefore partly offsetting the deleveraging potential (on a pro forma basis) of the debt-funded acquisitions completed over 2013 and 1H14. RATING SENSITIVITIES Fitch would consider a downgrade of the IDR to 'B-' from 'B' if benefits from the cost savings program were lower than expected, there was a lower contribution from acquisitions or further underlying earnings pressure, leading to: - Failure to reduce FFO gross adjusted leverage below 6.75x by FY15 on a pro forma basis. - Failure to improve FFO fixed charge cover above 1.5x by FY15. - Failure to generate positive FCF with a FCF margin close to 5% by FY15. A revision of the Outlook to Stable could result from the proven success of the current strategic initiatives translating into sustainable earnings and cash flow improvements, as evidenced by: - FFO gross leverage below 6.75x on a sustainable basis. - FFO fixed charge cover above 1.5x on a sustainable basis. - Sustained positive FCF with FCF margin above 5%. =============== X X X X X X X X =============== * BOND PRICING: For the Week August 4 to August 8, 2014 ------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- IMMOFINANZ AG 4.25 3/8/2018 EUR 4.46 Hypo Alpe-Adria-Bank I 0.97 1/24/2017 EUR 38.88 Oesterreichische Volks 1.17 11/28/2016 EUR 73.67 Hypo Alpe-Adria-Bank I 4.35 11/3/2016 EUR 38.13 KA Finanz AG 5.43 2/13/2024 EUR 56.00 Hypo Alpe-Adria-Bank I 0.89 11/29/2032 EUR 38.25 Hypo Alpe-Adria-Bank I 0.56 9/11/2017 EUR 39.63 Hypo Tirol Bank AG 0.66 7/23/2026 EUR 62.38 Alpine Holding GmbH 6.00 5/22/2017 EUR 1.50 UniCredit Bank Austria 0.84 8/20/2033 EUR 74.01 Hypo Alpe-Adria-Bank I 5.92 2/22/2022 EUR 39.63 Alpine Holding GmbH 5.25 7/1/2015 EUR 1.88 KA Finanz AG 6.08 12/13/2018 EUR 67.00 Hypo Alpe-Adria-Bank I 5.27 4/7/2028 EUR 38.88 Hypo Alpe-Adria-Bank I 4.88 9/18/2017 EUR 38.75 Hypo Alpe-Adria-Bank I 5.03 1/26/2017 EUR 39.00 A-TEC Industries AG 8.75 10/27/2014 EUR 2.00 Alpine Holding GmbH 5.25 6/10/2016 EUR 0.13 Hypo Alpe-Adria-Bank I 0.68 12/18/2030 EUR 38.38 UniCredit Bank Austria 0.56 1/25/2031 EUR 71.45 Hypo Alpe-Adria-Bank I 5.73 12/10/2021 EUR 39.00 Hypo Alpe-Adria-Bank I 0.65 9/26/2043 EUR 23.38 Hypo Alpe-Adria-Bank I 7.50 5/27/2024 ATS 38.88 KA Finanz AG 4.90 6/23/2031 EUR 47.00 Oesterreichische Volks 5.27 2/8/2027 EUR 62.00 Raiffeisen Bank Intern 4.50 9/28/2035 EUR 65.49 A-TEC Industries AG 2.75 5/10/2014 EUR 2.00 Hypo Alpe-Adria-Bank I 1.06 9/20/2017 EUR 39.00 Hypo Alpe-Adria-Bank I 0.42 4/9/2043 EUR 22.25 UniCredit Bank Austria 0.70 1/22/2031 EUR 72.73 Hypo Alpe-Adria-Bank I 0.61 3/12/2043 EUR 23.00 Oberoesterreichische L 0.51 4/25/2042 EUR 65.22 UniCredit Bank Austria 0.60 1/24/2031 EUR 72.17 Hypo Alpe-Adria-Bank I 0.61 4/9/2018 EUR 74.38 KA Finanz AG 4.44 12/20/2030 EUR 39.00 Raiffeisen Zentralbank 0.20 4/15/2020 EUR 73.94 A-TEC Industries AG 5.75 11/2/2010 EUR 2.00 Hypo Alpe-Adria-Bank I 0.59 4/2/2018 EUR 74.38 Hypo Alpe-Adria-Bank I 0.61 4/22/2018 EUR 74.38 Raiffeisen Centrobank 5.32 3/12/2015 EUR 65.56 Salzburger-Landes Hypo 0.30 10/29/2021 EUR 71.12 Oberoesterreichische L 0.76 11/6/2030 EUR 74.70 Hypo Alpe-Adria-Bank I 0.55 3/4/2018 EUR 74.88 Raiffeisen Centrobank 7.33 8/21/2015 EUR 72.65 Raiffeisen Centrobank 6.29 1/20/2016 EUR 72.53 Republika Srpska 1.50 6/30/2023 BAM 73.02 Bosnia & Herzegovina G 2.50 6/30/2022 BAM 67.92 Bosnia & Herzegovina G 2.50 6/30/2020 BAM 74.65 Bosnia & Herzegovina G 2.50 6/30/2021 BAM 71.32 Bosnia & Herzegovina G 2.50 6/30/2023 BAM 65.11 Republika Srpska 1.50 9/25/2026 BAM 67.00 Republika Srpska 1.50 12/15/2023 BAM 73.02 Republika Srpska 1.50 12/24/2025 BAM 65.10 Republika Srpska 1.50 5/31/2025 BAM 65.50 Republika Srpska 1.50 10/30/2023 BAM 73.01 Republika Srpska 1.50 6/15/2024 BAM 70.01 Brcko distrikt Bosne i 2.50 9/30/2014 BAM 70.00 Republic of Srpska Tre 1.50 6/9/2025 BAM 65.61 Republika Srpska 1.50 12/31/2022 BAM 69.00 Republika Srpska 1.50 12/15/2023 BAM 70.00 Republika Srpska 1.50 12/22/2023 BAM 68.39 Econocom Group 1.50 1/15/2019 EUR 11.14 Ideal Standard Interna 11.75 5/1/2018 EUR 40.38 Belfius Bank SA/NV 0.74 3/1/2022 EUR 74.63 Ideal Standard Interna 11.75 5/1/2018 EUR 40.38 SV Patrimonia 4.00 4/19/2016 EUR 58.50 Petrol AD 8.38 1/26/2017 EUR 59.38 Enemona AD-Kozloduy 10.00 4/28/2017 BGN 2.02 OGX Austria GmbH 8.50 6/1/2018 USD 4.13 Aralco Finance SA 10.13 5/7/2020 USD 14.38 OGX Austria GmbH 8.38 4/1/2022 USD 4.25 OGX Austria GmbH 8.50 6/1/2018 USD 5.00 OGX Austria GmbH 8.38 4/1/2022 USD 4.00 Aralco Finance SA 10.13 5/7/2020 USD 14.00 Clariden Leu Ltd/Nassa 5.76 10/15/2014 CHF 57.61 Credit Suisse AG/Nassa 9.00 10/29/2014 EUR 67.55 Credit Suisse AG/Nassa 9.00 5/28/2015 EUR 68.43 Credit Suisse AG/Nassa 8.50 1/22/2015 EUR 62.26 Credit Suisse AG/Nassa 9.00 2/20/2015 EUR 69.44 Credit Suisse AG/Nassa 10.25 11/14/2014 EUR 67.20 Credit Suisse AG/Nassa 8.25 2/5/2015 EUR 70.01 Clariden Leu Ltd/Nassa 4.50 8/13/2014 CHF 49.66 SAir Group 5.50 7/23/2003 CHF 11.25 SAir Group 4.25 2/2/2007 CHF 11.50 SAir Group 0.13 7/7/2005 CHF 11.25 SAir Group 5.13 3/1/2003 CHF 11.00 Credit Suisse AG 8.50 1/9/2015 USD 8.80 SAir Group 2.13 11/4/2004 CHF 10.75 SAir Group 6.25 10/27/2002 CHF 12.00 UBS AG 5.75 3/2/2015 USD 22.65 UBS AG 5.41 11/20/2014 USD 28.22 SAir Group 6.25 4/12/2005 CHF 10.88 UBS AG 7.36 1/20/2015 USD 29.40 UBS AG 14.75 12/29/2015 EUR 68.92 UBS AG 0.50 4/27/2015 CHF 65.30 UBS AG 10.00 3/27/2015 USD 9.56 UBS AG 4.62 4/20/2015 USD 45.37 SAir Group 2.75 7/30/2004 CHF 10.88 UBS AG 7.65 3/12/2015 USD 23.68 UBS AG 7.98 11/14/2014 USD 9.71 UBS AG 10.00 1/2/2015 EUR 72.03 UBS AG 14.25 1/2/2015 EUR 57.34 UBS AG 14.50 1/2/2015 EUR 71.48 UBS AG 14.00 9/26/2014 EUR 58.54 UBS AG 14.25 6/26/2015 EUR 58.80 UBS AG 14.50 12/29/2015 EUR 62.38 UBS AG 6.04 8/29/2014 USD 34.28 UBS AG 4.14 4/20/2015 USD 66.71 UBS AG 13.75 1/2/2015 EUR 69.88 UBS AG 12.50 12/29/2015 EUR 67.99 UBS AG 13.50 12/29/2015 EUR 64.81 UBS AG 9.75 1/2/2015 EUR 74.91 UBS AG 11.75 6/26/2015 EUR 66.73 UBS AG 14.25 1/2/2015 EUR 73.16 UBS AG 11.00 12/29/2015 EUR 71.42 UBS AG 11.75 12/29/2015 EUR 67.27 UBS AG 10.50 9/26/2014 EUR 72.37 UBS AG 13.50 9/26/2014 EUR 63.20 UBS AG 12.25 9/26/2014 EUR 66.14 UBS AG 12.25 9/26/2014 EUR 65.91 UBS AG 13.00 1/2/2015 EUR 68.28 UBS AG 12.00 1/2/2015 EUR 69.12 UBS AG 13.00 1/2/2015 EUR 62.44 UBS AG 12.00 1/2/2015 EUR 71.81 UBS AG 5.54 12/2/2014 USD 41.53 UBS AG 4.93 12/3/2014 USD 61.43 UBS AG 5.34 12/3/2014 USD 19.22 UBS AG 10.75 9/26/2014 EUR 69.39 UBS AG 14.25 9/26/2014 EUR 59.10 UBS AG 13.00 9/26/2014 EUR 65.97 UBS AG 14.50 1/2/2015 EUR 57.39 UBS AG 11.50 1/2/2015 EUR 69.01 UBS AG 14.75 9/26/2014 EUR 71.39 UBS AG 14.25 1/2/2015 EUR 75.00 UBS AG 14.00 1/2/2015 EUR 62.76 UBS AG 13.75 9/26/2014 EUR 73.98 UBS AG 12.25 1/2/2015 EUR 66.42 UBS AG 6.96 12/18/2014 USD 18.29 UBS AG 5.99 12/18/2014 USD 33.79 UBS AG 7.63 12/22/2014 USD 23.92 UBS AG 14.00 1/2/2015 EUR 62.99 UBS AG 11.25 1/2/2015 EUR 69.12 UBS AG 4.55 12/2/2014 USD 24.90 UBS AG 11.25 1/2/2015 EUR 60.74 UBS AG 6.75 1/2/2015 EUR 68.81 UBS AG 14.50 9/26/2014 EUR 72.39 UBS AG 9.00 8/20/2014 EUR 73.01 Notenstein Privatbank 15.00 11/3/2014 CHF 68.30 SAir Group 2.75 7/30/2004 CHF 11.25 Banque Cantonale Vaudo 1.00 7/7/2016 CHF 57.74 UBS AG 13.25 6/26/2015 EUR 69.88 UBS AG 8.75 3/29/2016 EUR 73.77 UBS AG 12.25 3/27/2015 EUR 72.06 UBS AG 11.75 1/2/2015 EUR 66.28 UBS AG 11.50 6/26/2015 EUR 73.84 UBS AG 8.25 12/29/2015 EUR 63.29 UBS AG 8.50 12/29/2015 EUR 73.66 UBS AG 14.25 9/25/2015 EUR 69.03 UBS AG 14.50 1/2/2015 EUR 71.69 UBS AG 4.75 1/2/2015 EUR 70.01 UBS AG 13.25 1/2/2015 EUR 66.41 UBS AG 9.50 12/29/2015 EUR 70.38 UBS AG 10.25 1/2/2015 EUR 61.97 UBS AG 5.00 12/29/2015 EUR 58.07 UBS AG 6.75 9/25/2015 EUR 67.64 UBS AG 12.25 9/25/2015 EUR 74.24 UBS AG 9.75 9/25/2015 EUR 68.66 UBS AG 11.00 1/2/2015 EUR 73.94 UBS AG 8.20 1/22/2015 USD 21.82 UBS AG 24.00 12/29/2015 EUR 72.89 UBS AG 19.25 3/29/2016 EUR 74.37 UBS AG 22.00 12/29/2015 EUR 71.07 UBS AG 24.75 9/25/2015 EUR 70.67 UBS AG 21.00 9/26/2014 EUR 63.79 UBS AG 23.75 12/29/2015 EUR 71.01 UBS AG 20.00 12/29/2015 EUR 71.13 UBS AG 23.00 3/27/2015 EUR 65.54 UBS AG 21.75 6/26/2015 EUR 67.49 UBS AG 22.75 9/25/2015 EUR 68.98 UBS AG 22.50 1/2/2015 EUR 64.59 UBS AG 19.75 1/2/2015 EUR 66.13 UBS AG 23.00 12/29/2015 EUR 67.25 UBS AG 21.00 3/27/2015 EUR 66.48 UBS AG 17.00 1/2/2015 EUR 67.93 UBS AG 21.25 3/29/2016 EUR 74.41 UBS AG 18.50 3/27/2015 EUR 67.30 UBS AG 20.00 6/26/2015 EUR 67.95 UBS AG 24.25 3/27/2015 EUR 67.23 UBS AG 21.75 12/29/2015 EUR 73.01 UBS AG 17.25 3/29/2016 EUR 74.91 UBS AG 17.25 9/26/2014 EUR 66.53 UBS AG 9.50 6/26/2015 EUR 74.85 UBS AG 10.25 12/29/2015 EUR 67.47 UBS AG 5.00 9/25/2015 EUR 56.72 UBS AG 11.75 12/29/2015 EUR 73.30 UBS AG 7.50 9/26/2014 EUR 57.28 UBS AG 10.00 9/26/2014 EUR 65.65 UBS AG 13.50 9/26/2014 EUR 67.89 UBS AG 6.75 9/26/2014 EUR 65.27 UBS AG 11.25 1/2/2015 EUR 69.05 UBS AG 10.25 9/26/2014 EUR 59.25 UBS AG 13.75 1/2/2015 EUR 62.40 UBS AG 12.25 1/2/2015 EUR 62.92 UBS AG 14.50 9/26/2014 EUR 54.48 UBS AG 12.50 1/2/2015 EUR 56.36 UBS AG 4.50 1/2/2015 EUR 66.07 UBS AG 11.50 9/26/2014 EUR 54.21 UBS AG 10.25 1/2/2015 EUR 68.41 UBS AG 7.75 1/2/2015 EUR 59.34 UBS AG 9.00 9/26/2014 EUR 65.60 UBS AG 13.75 1/2/2015 EUR 58.18 UBS AG 14.75 1/2/2015 EUR 62.12 UBS AG 11.00 9/26/2014 EUR 65.75 UBS AG 12.00 1/2/2015 EUR 53.09 UBS AG 13.00 9/26/2014 EUR 59.62 UBS AG 10.00 1/2/2015 EUR 61.97 UBS AG 8.50 9/26/2014 EUR 52.78 UBS AG 4.25 9/26/2014 EUR 64.91 UBS AG 9.50 1/2/2015 EUR 68.26 UBS AG 14.50 9/26/2014 EUR 74.49 UBS AG 13.00 9/26/2014 EUR 53.10 UBS AG 12.25 9/26/2014 EUR 49.90 UBS AG 12.25 1/2/2015 EUR 69.40 UBS AG 11.50 9/26/2014 EUR 57.79 UBS AG 12.50 9/26/2014 EUR 66.09 UBS AG 5.00 6/26/2015 EUR 73.78 UBS AG 14.00 6/26/2015 EUR 56.37 UBS AG 7.00 6/26/2015 EUR 69.34 UBS AG 10.75 6/26/2015 EUR 53.36 UBS AG 7.25 3/27/2015 EUR 51.96 UBS AG 11.50 6/26/2015 EUR 62.07 UBS AG 4.25 3/27/2015 EUR 65.91 UBS AG 9.25 6/26/2015 EUR 59.92 UBS AG 8.25 3/27/2015 EUR 63.20 UBS AG 4.75 3/27/2015 EUR 54.81 UBS AG 8.25 6/26/2015 EUR 70.63 UBS AG 12.00 3/27/2015 EUR 60.37 UBS AG 10.00 6/26/2015 EUR 65.86 UBS AG 10.25 3/27/2015 EUR 64.59 UBS AG 9.25 3/27/2015 EUR 58.41 UBS AG 5.25 6/26/2015 EUR 55.54 UBS AG 14.75 3/27/2015 EUR 73.71 UBS AG 4.50 3/27/2015 EUR 59.81 UBS AG 5.00 6/26/2015 EUR 60.38 UBS AG 13.25 3/27/2015 EUR 56.86 UBS AG 14.75 6/26/2015 EUR 53.04 UBS AG 14.25 3/27/2015 EUR 53.81 UBS AG 12.75 6/26/2015 EUR 58.95 UBS AG 4.75 3/27/2015 EUR 73.74 UBS AG 6.75 3/27/2015 EUR 56.94 UBS AG 7.25 6/26/2015 EUR 57.13 UBS AG 6.25 3/27/2015 EUR 61.86 UBS AG 5.75 6/26/2015 EUR 68.13 UBS AG 8.25 6/26/2015 EUR 64.24 UBS AG 8.50 3/27/2015 EUR 69.80 UBS AG 4.50 6/26/2015 EUR 66.08 UBS AG 6.50 6/26/2015 EUR 62.67 UBS AG 7.00 3/27/2015 EUR 68.78 UBS AG 10.75 3/27/2015 EUR 50.52 UBS AG 7.75 6/26/2015 EUR 53.35 UBS AG 5.50 3/27/2015 EUR 67.85 UBS AG 10.00 3/27/2015 EUR 54.62 UBS AG 10.25 6/26/2015 EUR 56.52 UBS AG 3.10 2/25/2015 EUR 73.64 UBS AG 5.80 7/22/2015 EUR 71.74 UBS AG 7.10 7/22/2015 EUR 69.81 UBS AG 3.00 9/24/2014 EUR 72.42 UBS AG 6.90 12/24/2014 EUR 67.13 UBS AG 4.80 12/24/2014 EUR 69.93 UBS AG 3.20 12/24/2014 EUR 73.22 UBS AG 4.50 2/25/2015 EUR 70.57 UBS AG 13.40 9/24/2014 EUR 70.92 UBS AG 14.75 9/26/2014 EUR 72.47 UBS AG 14.75 1/2/2015 EUR 73.10 UBS AG 8.40 12/29/2014 EUR 67.43 UBS AG 9.30 12/24/2014 EUR 63.56 UBS AG 10.00 9/24/2014 EUR 74.20 UBS AG 11.10 9/24/2014 EUR 62.65 UBS AG 6.30 2/25/2015 EUR 68.01 UBS AG 6.09 5/29/2015 USD 71.57 UBS AG 8.73 3/30/2015 USD 6.72 UBS AG 13.00 12/29/2015 EUR 69.08 UBS AG 7.25 9/25/2015 EUR 72.39 UBS AG 24.50 9/25/2015 EUR 65.17 UBS AG 17.25 9/25/2015 EUR 65.26 UBS AG 11.18 12/10/2014 USD 68.97 UBS AG 21.00 3/27/2015 EUR 74.36 UBS AG 19.00 9/25/2015 EUR 72.61 UBS AG 22.00 3/27/2015 EUR 68.28 UBS AG 23.00 6/26/2015 EUR 69.32 UBS AG 22.50 9/26/2014 EUR 65.47 UBS AG 19.25 9/26/2014 EUR 68.35 UBS AG 19.25 3/27/2015 EUR 70.41 UBS AG 16.75 6/26/2015 EUR 73.05 UBS AG 22.25 6/26/2015 EUR 74.42 UBS AG 20.25 9/25/2015 EUR 72.00 UBS AG 17.00 3/27/2015 EUR 71.87 UBS AG 22.75 12/29/2015 EUR 72.71 UBS AG 23.00 9/25/2015 EUR 70.69 UBS AG 18.50 1/2/2015 EUR 70.01 UBS AG 23.50 3/27/2015 EUR 73.06 UBS AG 21.75 3/27/2015 EUR 71.35 UBS AG 15.50 12/29/2015 EUR 68.35 UBS AG 9.25 12/29/2015 EUR 71.67 UBS AG 23.50 9/25/2015 EUR 74.94 UBS AG 21.50 6/26/2015 EUR 70.02 UBS AG 15.00 3/27/2015 EUR 73.78 UBS AG 18.00 12/29/2015 EUR 74.19 UBS AG 19.25 6/26/2015 EUR 71.41 UBS AG 17.00 12/29/2015 EUR 74.80 UBS AG 20.50 12/29/2015 EUR 73.26 UBS AG 14.50 9/25/2015 EUR 67.35 UBS AG 22.50 3/27/2015 EUR 61.71 UBS AG 11.50 9/25/2015 EUR 68.97 UBS AG 19.75 12/29/2015 EUR 66.81 UBS AG 22.50 9/25/2015 EUR 65.56 UBS AG 20.00 9/25/2015 EUR 65.79 UBS AG 16.50 1/2/2015 EUR 63.53 UBS AG 18.50 3/27/2015 EUR 63.51 UBS AG 20.25 9/26/2014 EUR 59.48 UBS AG 19.75 6/26/2015 EUR 64.09 UBS AG 17.75 12/29/2015 EUR 67.92 UBS AG 16.50 6/26/2015 EUR 65.45 UBS AG 21.75 12/29/2015 EUR 67.79 UBS AG 22.50 1/2/2015 EUR 60.77 UBS AG 23.50 9/25/2015 EUR 73.06 UBS AG 23.75 6/26/2015 EUR 71.96 UBS AG 10.50 12/29/2015 EUR 70.56 UBS AG 14.75 9/26/2014 EUR 61.77 UBS AG 11.00 3/27/2015 EUR 66.88 UBS AG 13.00 3/27/2015 EUR 65.17 UBS AG 8.00 1/2/2015 EUR 70.14 UBS AG 9.00 3/27/2015 EUR 68.90 UBS AG 10.75 6/26/2015 EUR 63.96 UBS AG 12.75 9/25/2015 EUR 72.00 UBS AG 10.25 1/2/2015 EUR 74.83 UBS AG 4.50 12/29/2015 EUR 65.25 UBS AG 10.75 12/29/2015 EUR 64.24 UBS AG 13.75 6/26/2015 EUR 69.17 UBS AG 13.25 3/27/2015 EUR 68.31 UBS AG 5.25 12/29/2015 EUR 72.55 UBS AG 14.75 9/25/2015 EUR 59.80 UBS AG 13.75 3/27/2015 EUR 62.61 UBS AG 5.50 6/26/2015 EUR 71.67 UBS AG 6.50 12/29/2015 EUR 67.74 UBS AG 9.75 3/27/2015 EUR 66.09 UBS AG 9.00 6/24/2016 EUR 74.42 UBS AG 12.25 9/26/2014 EUR 74.02 UBS AG 10.75 6/26/2015 EUR 70.83 UBS AG 12.25 9/26/2014 EUR 64.67 UBS AG 13.00 1/2/2015 EUR 62.04 UBS AG 12.50 6/26/2015 EUR 67.19 UBS AG 10.75 12/29/2015 EUR 70.04 UBS AG 10.25 6/26/2015 EUR 72.31 UBS AG 14.25 6/26/2015 EUR 72.44 UBS AG 10.75 6/26/2015 EUR 72.53 UBS AG 5.70 2/11/2015 USD 12.18 UBS AG 14.75 9/26/2014 EUR 72.32 UBS AG 14.00 9/26/2014 EUR 74.36 UBS AG 14.00 6/26/2015 EUR 62.92 UBS AG 11.50 6/26/2015 EUR 67.04 UBS AG 10.00 12/29/2015 EUR 73.62 UBS AG 10.50 12/29/2015 EUR 71.06 UBS AG 11.50 1/2/2015 EUR 67.77 UBS AG 13.00 6/26/2015 EUR 62.23 UBS AG 12.75 12/29/2015 EUR 64.08 UBS AG 4.47 2/19/2015 USD 37.13 UBS AG 5.39 2/19/2015 USD 13.32 UBS AG 5.78 3/31/2015 USD 32.96 UBS AG 7.10 10/22/2014 EUR 72.07 UBS AG 6.10 3/25/2015 EUR 74.35 UBS AG 8.10 3/25/2015 EUR 72.15 UBS AG 10.60 10/22/2014 EUR 69.22 UBS AG 4.50 10/22/2014 EUR 73.80 UBS AG 19.25 6/26/2015 EUR 71.27 UBS AG 16.25 3/27/2015 EUR 72.43 UBS AG 17.00 9/25/2015 EUR 73.46 UBS AG 20.25 1/2/2015 EUR 69.21 UBS AG 15.00 12/29/2015 EUR 74.99 UBS AG 17.25 9/26/2014 EUR 70.15 UBS AG 13.50 6/26/2015 EUR 69.10 UBS AG 15.00 6/26/2015 EUR 67.98 UBS AG 13.75 9/25/2015 EUR 68.25 UBS AG 18.00 1/2/2015 EUR 70.84 UBS AG 17.00 9/25/2015 EUR 73.70 UBS AG 21.25 1/2/2015 EUR 68.14 UBS AG 24.25 3/27/2015 EUR 71.84 UBS AG 21.00 1/2/2015 EUR 63.26 UBS AG 21.25 3/27/2015 EUR 63.86 UBS AG 15.75 9/26/2014 EUR 65.14 UBS AG 22.50 3/27/2015 EUR 68.53 UBS AG 18.00 3/27/2015 EUR 71.08 UBS AG 14.50 1/2/2015 EUR 73.65 UBS AG 23.50 1/2/2015 EUR 61.98 UBS AG 19.25 3/27/2015 EUR 64.69 UBS AG 13.50 12/29/2015 EUR 69.29 UBS AG 15.50 3/27/2015 EUR 67.06 UBS AG 22.50 9/26/2014 EUR 66.58 UBS AG 21.75 6/26/2015 EUR 74.84 UBS AG 17.25 3/27/2015 EUR 65.70 UBS AG 13.00 1/2/2015 EUR 68.26 UBS AG 16.75 6/26/2015 EUR 67.28 UBS AG 15.00 9/25/2015 EUR 67.51 UBS AG 8.20 12/24/2014 EUR 74.80 UBS AG 19.25 9/26/2014 EUR 62.57 UBS AG 22.25 3/27/2015 EUR 72.92 UBS AG 12.50 9/25/2015 EUR 68.28 UBS AG 16.50 9/25/2015 EUR 67.22 UBS AG 18.50 1/2/2015 EUR 64.75 UBS AG 15.75 1/2/2015 EUR 66.37 UBS AG 13.25 3/27/2015 EUR 68.33 UBS AG 11.00 9/25/2015 EUR 69.99 UBS AG 24.50 9/25/2015 EUR 74.19 UBS AG 14.00 6/26/2015 EUR 74.37 UBS AG 22.50 9/26/2014 EUR 60.26 UBS AG 18.25 6/26/2015 EUR 66.52 UBS AG 12.50 12/29/2015 EUR 70.03 UBS AG 15.50 6/26/2015 EUR 73.29 UBS AG 11.25 12/29/2015 EUR 70.41 UBS AG 5.58 12/23/2014 USD 27.17 UBS AG 11.10 12/24/2014 EUR 73.50 UBS AG 9.80 2/25/2015 EUR 74.67 UBS AG 7.70 9/24/2014 EUR 65.42 UBS AG 9.70 9/24/2014 EUR 65.28 UBS AG 5.00 3/27/2015 EUR 71.37 UBS AG 5.25 9/25/2015 EUR 72.75 UBS AG 15.00 6/26/2015 EUR 74.36 UBS AG 4.70 4/15/2015 USD 33.31 UBS AG 5.67 12/3/2014 USD 71.07 UBS AG 9.75 6/26/2015 EUR 66.94 UBS AG 11.75 6/26/2015 EUR 70.48 UBS AG 10.50 9/25/2015 EUR 65.58 UBS AG 10.50 3/27/2015 EUR 62.72 UBS AG 11.75 3/27/2015 EUR 72.62 UBS AG 8.25 9/25/2015 EUR 61.27 UBS AG 4.25 9/25/2015 EUR 63.81 UBS AG 9.75 12/29/2015 EUR 57.59 UBS AG 8.00 12/29/2015 EUR 73.05 UBS AG 18.50 3/27/2015 EUR 73.38 UBS AG 8.50 9/25/2015 EUR 71.63 UBS AG 6.75 12/29/2015 EUR 74.74 UBS AG 23.00 6/26/2015 EUR 62.47 UBS AG 22.00 6/26/2015 EUR 72.53 UBS AG 24.75 3/27/2015 EUR 69.66 UBS AG 6.70 11/26/2014 EUR 73.03 UBS AG 7.00 1/2/2015 EUR 74.12 UBS AG 8.50 1/2/2015 EUR 66.99 UBS AG 13.50 1/2/2015 EUR 69.55 UBS AG 8.75 9/26/2014 EUR 57.97 UBS AG 6.75 9/26/2014 EUR 73.42 UBS AG 9.50 9/26/2014 EUR 52.05 UBS AG 8.00 9/26/2014 EUR 64.99 Notenstein Privatbank 14.00 3/9/2015 CHF 72.32 UBS AG 9.25 6/26/2015 EUR 73.77 UBS AG 14.25 6/26/2015 EUR 68.49 UBS AG 12.50 6/26/2015 EUR 69.87 UBS AG 10.75 6/26/2015 EUR 71.54 UBS AG 14.75 1/2/2015 EUR 68.66 UBS AG 8.90 9/24/2014 EUR 69.37 UBS AG 6.90 11/26/2014 EUR 72.34 UBS AG 10.20 11/26/2014 EUR 73.65 UBS AG 12.00 8/20/2014 EUR 70.83 UBS AG 7.60 3/25/2015 EUR 71.50 UBS AG 5.72 5/14/2015 USD 13.97 UBS AG 14.75 9/26/2014 EUR 69.65 UBS AG 14.75 1/2/2015 EUR 70.10 UBS AG 12.25 9/26/2014 EUR 74.06 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EUR 72.28 LBBW 4.00 2/27/2015 EUR 70.40 Commerzbank AG 4.80 6/25/2015 EUR 73.51 Commerzbank AG 4.70 6/25/2015 EUR 70.30 DZ Bank AG Deutsche Ze 6.25 1/23/2015 EUR 74.40 DZ Bank AG Deutsche Ze 5.50 1/23/2015 EUR 64.67 DZ Bank AG Deutsche Ze 5.00 1/23/2015 EUR 73.40 DZ Bank AG Deutsche Ze 7.50 3/27/2015 EUR 71.26 DZ Bank AG Deutsche Ze 7.25 6/26/2015 EUR 71.71 DZ Bank AG Deutsche Ze 6.00 3/27/2015 EUR 66.95 DZ Bank AG Deutsche Ze 7.75 3/27/2015 EUR 74.04 DZ Bank AG Deutsche Ze 5.75 3/27/2015 EUR 63.58 Deutsche Bank AG 6.20 6/22/2015 EUR 71.90 Deutsche Bank AG 4.20 6/22/2015 EUR 73.80 Deutsche Bank AG 6.20 6/22/2015 EUR 74.50 Vontobel Financial Pro 4.70 6/26/2015 EUR 66.44 Vontobel Financial Pro 6.65 6/26/2015 EUR 68.34 Vontobel Financial Pro 5.00 3/27/2015 EUR 66.90 Vontobel Financial Pro 5.80 12/30/2014 EUR 65.96 DZ Bank AG Deutsche Ze 5.00 1/23/2015 EUR 64.79 Deutsche Bank AG 6.10 12/23/2014 EUR 68.50 Deutsche Bank AG 6.10 12/23/2014 EUR 66.90 Deutsche Bank AG 6.10 12/23/2014 EUR 64.60 DZ Bank AG Deutsche Ze 5.50 9/26/2014 EUR 68.63 Deutsche Bank AG 6.10 9/23/2014 EUR 67.00 Deutsche Bank AG 6.10 9/23/2014 EUR 65.40 Deutsche Bank AG 6.10 9/23/2014 EUR 63.10 Deutsche Bank AG 7.10 12/23/2014 EUR 68.90 Deutsche Bank AG 7.10 12/23/2014 EUR 67.30 Deutsche Bank AG 7.10 12/23/2014 EUR 65.00 Commerzbank AG 9.50 2/26/2015 EUR 72.00 Vontobel Financial Pro 8.60 12/30/2014 EUR 71.22 Vontobel Financial Pro 9.35 9/26/2014 EUR 72.02 DZ Bank AG Deutsche Ze 7.25 2/13/2015 EUR 69.17 DZ Bank AG Deutsche Ze 8.00 2/13/2015 EUR 69.54 DZ Bank AG Deutsche Ze 7.25 8/14/2015 EUR 71.38 DZ Bank AG Deutsche Ze 6.00 1/16/2015 EUR 70.00 DZ Bank AG Deutsche Ze 7.00 10/17/2014 EUR 66.90 DZ Bank AG Deutsche Ze 6.50 10/17/2014 EUR 68.26 DZ Bank AG Deutsche Ze 6.00 1/16/2015 EUR 69.59 DZ Bank AG Deutsche Ze 6.75 1/16/2015 EUR 69.91 DZ Bank AG Deutsche Ze 7.25 1/16/2015 EUR 68.65 DZ Bank AG Deutsche Ze 7.25 7/10/2015 EUR 70.80 Vontobel Financial Pro 8.80 12/30/2014 EUR 71.20 DZ Bank AG Deutsche Ze 8.75 10/17/2014 EUR 71.55 Deutsche Bank AG 6.50 3/24/2015 EUR 73.90 Deutsche Bank AG 6.50 3/24/2015 EUR 74.80 Deutsche Bank AG 6.50 3/24/2015 EUR 72.90 Commerzbank AG 8.00 2/26/2015 EUR 74.25 Deutsche Bank AG 6.50 3/24/2015 EUR 74.30 Deutsche Bank AG 6.50 3/24/2015 EUR 72.50 Deutsche Bank AG 7.50 3/24/2015 EUR 73.10 Deutsche Bank AG 5.50 3/24/2015 EUR 74.20 Deutsche Bank AG 5.50 3/24/2015 EUR 71.20 Deutsche Bank AG 6.50 3/24/2015 EUR 71.80 Deutsche Bank AG 6.50 3/24/2015 EUR 68.80 Deutsche Bank AG 6.50 3/24/2015 EUR 67.40 Deutsche Bank AG 7.50 3/24/2015 EUR 72.50 Deutsche Bank AG 7.50 3/24/2015 EUR 70.20 Deutsche Bank AG 7.50 3/24/2015 EUR 68.00 Deutsche Bank AG 7.50 3/24/2015 EUR 66.60 Vontobel Financial Pro 5.75 1/23/2015 EUR 72.82 DZ Bank AG Deutsche Ze 9.00 6/26/2015 EUR 74.50 DZ Bank AG Deutsche Ze 10.50 12/30/2014 EUR 71.38 DZ Bank AG Deutsche Ze 7.25 3/27/2015 EUR 71.78 DZ Bank AG Deutsche Ze 9.00 6/26/2015 EUR 73.95 DZ Bank AG Deutsche Ze 7.00 9/25/2015 EUR 73.76 Deutsche Bank AG 5.20 6/22/2015 EUR 74.70 Deutsche Bank AG 6.20 6/22/2015 EUR 73.70 Goldman Sachs & Co Wer 13.00 1/21/2015 EUR 73.33 HSBC Trinkaus & Burkha 11.50 12/30/2014 EUR 71.82 DZ Bank AG Deutsche Ze 5.25 12/12/2014 EUR 66.67 DZ Bank AG Deutsche Ze 7.00 12/12/2014 EUR 64.43 BNP Paribas Emissions- 8.00 12/29/2014 EUR 73.68 DZ Bank AG Deutsche Ze 8.25 9/26/2014 EUR 68.78 DZ Bank AG Deutsche Ze 12.00 9/26/2014 EUR 60.49 DZ Bank AG Deutsche Ze 11.00 9/26/2014 EUR 65.80 DZ Bank AG Deutsche Ze 13.00 9/26/2014 EUR 67.45 Vontobel Financial Pro 8.50 6/26/2015 EUR 70.96 Vontobel Financial Pro 10.45 12/30/2014 EUR 68.38 Vontobel Financial Pro 13.05 9/26/2014 EUR 65.62 LBBW 5.00 10/24/2014 EUR 74.68 LBBW 6.00 10/24/2014 EUR 72.38 Goldman Sachs & Co Wer 7.00 8/20/2014 EUR 68.61 Goldman Sachs & Co Wer 8.00 9/24/2014 EUR 69.35 DekaBank Deutsche Giro 4.90 6/11/2015 EUR 66.43 BNP Paribas Emissions- 5.00 12/29/2014 EUR 74.78 BNP Paribas Emissions- 5.00 1/22/2015 EUR 73.40 BNP Paribas Emissions- 5.00 10/23/2014 EUR 72.81 BNP Paribas Emissions- 4.00 10/23/2014 EUR 73.78 Commerzbank AG 10.00 9/25/2014 EUR 64.27 DZ Bank AG Deutsche Ze 5.00 12/19/2014 EUR 73.85 Deutsche Bank AG 7.20 9/24/2014 EUR 70.10 BNP Paribas Emissions- 17.00 9/25/2014 EUR 68.74 BNP Paribas Emissions- 9.50 9/25/2014 EUR 71.30 BNP Paribas Emissions- 8.00 12/29/2014 EUR 72.95 BNP Paribas Emissions- 10.00 12/29/2014 EUR 72.55 HSBC Trinkaus & Burkha 13.50 9/26/2014 EUR 69.08 HSBC Trinkaus & Burkha 10.00 3/27/2015 EUR 73.51 HSBC Trinkaus & Burkha 7.50 8/22/2014 EUR 74.70 BNP Paribas Emissions- 6.00 9/25/2014 EUR 74.79 BNP Paribas Emissions- 10.00 9/25/2014 EUR 70.35 BNP Paribas Emissions- 8.00 9/25/2014 EUR 71.59 Commerzbank AG 7.00 9/25/2014 EUR 67.22 Commerzbank AG 10.25 9/25/2014 EUR 74.46 Commerzbank AG 8.25 1/22/2015 EUR 72.10 Commerzbank AG 8.50 1/22/2015 EUR 73.56 Vontobel Financial Pro 9.70 12/30/2014 EUR 63.90 Vontobel Financial Pro 12.10 9/26/2014 EUR 61.44 Vontobel Financial Pro 8.20 6/26/2015 EUR 70.78 Vontobel Financial Pro 9.50 12/30/2014 EUR 68.28 Vontobel Financial Pro 11.70 9/26/2014 EUR 65.82 Vontobel Financial Pro 8.70 12/30/2014 EUR 71.12 Vontobel Financial Pro 10.50 9/26/2014 EUR 68.98 Vontobel Financial Pro 5.65 6/26/2015 EUR 69.22 Vontobel Financial Pro 7.00 12/30/2014 EUR 68.46 Vontobel Financial Pro 7.50 9/26/2014 EUR 66.86 Vontobel Financial Pro 7.70 1/30/2015 EUR 64.90 Vontobel Financial Pro 6.35 6/26/2015 EUR 69.18 Vontobel Financial Pro 6.65 12/30/2014 EUR 67.64 Vontobel Financial Pro 6.45 9/26/2014 EUR 65.90 Commerzbank AG 6.00 1/22/2015 EUR 70.58 Commerzbank AG 8.00 1/22/2015 EUR 68.05 Goldman Sachs & Co Wer 12.00 10/22/2014 EUR 67.14 Goldman Sachs & Co Wer 11.00 12/24/2014 EUR 68.80 Goldman Sachs & Co Wer 10.00 2/25/2015 EUR 70.11 Goldman Sachs & Co Wer 6.00 2/25/2015 EUR 67.96 Goldman Sachs & Co Wer 8.00 6/24/2015 EUR 70.11 Goldman Sachs & Co Wer 7.00 6/24/2015 EUR 69.25 Goldman Sachs & Co Wer 16.00 9/24/2014 EUR 61.10 Goldman Sachs & Co Wer 17.00 9/24/2014 EUR 63.61 Goldman Sachs & Co Wer 9.00 9/24/2014 EUR 72.74 Goldman Sachs & Co Wer 15.00 9/24/2014 EUR 65.92 Goldman Sachs & Co Wer 14.00 10/22/2014 EUR 66.93 Goldman Sachs & Co Wer 13.00 11/26/2014 EUR 67.99 Goldman Sachs & Co Wer 10.00 12/24/2014 EUR 71.41 Goldman Sachs & Co Wer 13.00 12/24/2014 EUR 68.98 Goldman Sachs & Co Wer 10.00 1/21/2015 EUR 72.13 Goldman Sachs & Co Wer 12.00 1/21/2015 EUR 69.51 Goldman Sachs & Co Wer 8.00 2/25/2015 EUR 68.94 Goldman Sachs & Co Wer 12.00 2/25/2015 EUR 68.13 Goldman Sachs & Co Wer 9.00 2/25/2015 EUR 72.47 Goldman Sachs & Co Wer 11.00 2/25/2015 EUR 70.10 Goldman Sachs & Co Wer 9.00 3/25/2015 EUR 73.09 Goldman Sachs & Co Wer 11.00 3/25/2015 EUR 70.90 Goldman Sachs & Co Wer 11.00 6/24/2015 EUR 69.86 Goldman Sachs & Co Wer 9.00 6/24/2015 EUR 74.14 Goldman Sachs & Co Wer 11.00 6/24/2015 EUR 72.52 DZ Bank AG Deutsche Ze 4.50 10/9/2014 EUR 67.21 DZ Bank AG Deutsche Ze 4.50 1/9/2015 EUR 67.63 DZ Bank AG Deutsche Ze 4.50 4/13/2015 EUR 68.55 DZ Bank AG Deutsche Ze 8.00 2/27/2015 EUR 66.43 DZ Bank AG Deutsche Ze 11.50 9/26/2014 EUR 66.21 DZ Bank AG Deutsche Ze 9.50 2/27/2015 EUR 69.89 DZ Bank AG Deutsche Ze 9.00 3/27/2015 EUR 70.28 DZ Bank AG Deutsche Ze 13.75 9/26/2014 EUR 67.35 DZ Bank AG Deutsche Ze 11.00 12/30/2014 EUR 69.84 DZ Bank AG Deutsche Ze 10.50 2/27/2015 EUR 71.30 DZ Bank AG Deutsche Ze 7.50 3/27/2015 EUR 70.23 HSBC Trinkaus & Burkha 10.00 3/27/2015 EUR 63.28 HSBC Trinkaus & Burkha 11.00 9/26/2014 EUR 64.72 HSBC Trinkaus & Burkha 12.00 3/27/2015 EUR 65.16 HSBC Trinkaus & Burkha 6.50 6/26/2015 EUR 70.59 HSBC Trinkaus & Burkha 6.50 10/24/2014 EUR 67.91 HSBC Trinkaus & Burkha 6.00 1/23/2015 EUR 69.28 HSBC Trinkaus & Burkha 11.50 9/26/2014 EUR 65.94 HSBC Trinkaus & Burkha 6.00 9/26/2014 EUR 70.78 HSBC Trinkaus & Burkha 9.50 12/30/2014 EUR 68.15 HSBC Trinkaus & Burkha 12.50 3/27/2015 EUR 66.11 HSBC Trinkaus & Burkha 8.50 3/27/2015 EUR 69.72 HSBC Trinkaus & Burkha 6.50 6/26/2015 EUR 72.02 HSBC Trinkaus & Burkha 7.00 10/24/2014 EUR 69.50 HSBC Trinkaus & Burkha 6.00 1/23/2015 EUR 70.74 HSBC Trinkaus & Burkha 12.50 3/27/2015 EUR 67.32 HSBC Trinkaus & Burkha 6.50 6/26/2015 EUR 73.05 HSBC Trinkaus & Burkha 13.50 3/27/2015 EUR 72.67 HSBC Trinkaus & Burkha 10.00 9/26/2014 EUR 65.09 HSBC Trinkaus & Burkha 6.00 12/30/2014 EUR 68.70 DZ Bank AG Deutsche Ze 4.25 2/27/2015 EUR 70.00 DZ Bank AG Deutsche Ze 6.50 1/23/2015 EUR 72.45 DZ Bank AG Deutsche Ze 7.00 1/23/2015 EUR 66.18 Commerzbank AG 8.00 1/22/2015 EUR 68.32 Commerzbank AG 10.00 10/23/2014 EUR 69.20 Commerzbank AG 8.50 1/22/2015 EUR 70.93 Commerzbank AG 6.50 9/25/2014 EUR 63.39 Commerzbank AG 6.50 1/22/2015 EUR 65.48 DZ Bank AG Deutsche Ze 6.50 7/10/2015 EUR 73.75 DZ Bank AG Deutsche Ze 7.00 7/10/2015 EUR 74.20 DZ Bank AG Deutsche Ze 7.25 7/10/2015 EUR 74.43 DZ Bank AG Deutsche Ze 7.00 10/17/2014 EUR 73.31 DZ Bank AG Deutsche Ze 6.25 1/16/2015 EUR 74.58 Vontobel Financial Pro 10.00 12/30/2014 EUR 71.74 DZ Bank AG Deutsche Ze 6.00 10/17/2014 EUR 74.64 UniCredit Bank AG 4.00 2/26/2015 EUR 73.82 UniCredit Bank AG 4.10 2/26/2015 EUR 72.02 UniCredit Bank AG 5.70 2/26/2015 EUR 67.24 UniCredit Bank AG 5.00 2/26/2015 EUR 71.87 UniCredit Bank AG 4.50 2/26/2015 EUR 70.75 UniCredit Bank AG 5.50 2/26/2015 EUR 70.94 UniCredit Bank AG 5.30 2/26/2015 EUR 68.36 UniCredit Bank AG 4.00 2/26/2015 EUR 74.37 UniCredit Bank AG 4.75 2/26/2015 EUR 72.89 UniCredit Bank AG 6.00 2/26/2015 EUR 70.01 UniCredit Bank AG 4.50 2/26/2015 EUR 72.82 UniCredit Bank AG 4.90 2/26/2015 EUR 69.53 UniCredit Bank AG 5.40 2/26/2015 EUR 71.43 Vontobel Financial Pro 6.60 6/26/2015 EUR 73.20 Goldman Sachs & Co Wer 17.00 9/24/2014 EUR 66.15 Vontobel Financial Pro 7.75 9/26/2014 EUR 69.98 Vontobel Financial Pro 6.40 6/26/2015 EUR 72.72 Vontobel Financial Pro 8.00 12/30/2014 EUR 71.96 Vontobel Financial Pro 7.75 9/26/2014 EUR 70.02 Commerzbank AG 7.00 1/22/2015 EUR 73.47 DZ Bank AG Deutsche Ze 6.75 1/23/2015 EUR 70.03 DZ Bank AG Deutsche Ze 7.50 1/23/2015 EUR 68.79 DZ Bank AG Deutsche Ze 8.50 1/23/2015 EUR 72.89 BNP Paribas Emissions- 8.50 12/29/2014 EUR 70.90 Goldman Sachs & Co Wer 12.00 10/22/2014 EUR 74.31 DZ Bank AG Deutsche Ze 7.25 1/16/2015 EUR 65.36 DZ Bank AG Deutsche Ze 9.00 1/16/2015 EUR 66.12 DZ Bank AG Deutsche Ze 7.25 10/17/2014 EUR 70.48 DZ Bank AG Deutsche Ze 8.00 10/17/2014 EUR 69.21 DZ Bank AG Deutsche Ze 7.00 1/16/2015 EUR 70.73 DZ Bank AG Deutsche Ze 5.25 7/10/2015 EUR 73.55 DZ Bank AG Deutsche Ze 6.50 7/10/2015 EUR 72.00 Vontobel Financial Pro 14.00 10/17/2014 EUR 72.18 Vontobel Financial Pro 5.90 3/13/2015 EUR 66.38 Goldman Sachs & Co Wer 8.00 12/24/2014 EUR 71.26 Goldman Sachs & Co Wer 10.00 12/24/2014 EUR 66.74 Goldman Sachs & Co Wer 15.00 9/24/2014 EUR 65.69 Goldman Sachs & Co Wer 13.00 11/26/2014 EUR 69.83 Goldman Sachs & Co Wer 10.00 3/25/2015 EUR 72.88 Goldman Sachs & Co Wer 9.00 6/24/2015 EUR 74.50 Vontobel Financial Pro 6.60 3/13/2015 EUR 74.70 Vontobel Financial Pro 8.00 3/13/2015 EUR 73.80 Vontobel Financial Pro 9.00 3/13/2015 EUR 74.38 Vontobel Financial Pro 6.95 10/17/2014 EUR 74.02 Vontobel Financial Pro 10.05 12/12/2014 EUR 72.80 Vontobel Financial Pro 12.55 11/14/2014 EUR 72.74 Vontobel Financial Pro 5.50 12/30/2014 EUR 73.26 Vontobel Financial Pro 7.85 9/26/2014 EUR 67.68 Vontobel Financial Pro 7.05 12/30/2014 EUR 69.64 Vontobel Financial Pro 10.45 12/30/2014 EUR 71.78 HSBC Trinkaus & Burkha 11.50 9/26/2014 EUR 66.36 HSBC Trinkaus & Burkha 8.00 9/26/2014 EUR 72.93 HSBC Trinkaus & Burkha 9.50 9/26/2014 EUR 69.26 Vontobel Financial Pro 4.00 6/12/2015 EUR 45.30 Vontobel Financial Pro 10.45 9/26/2014 EUR 74.88 Goldman Sachs & Co Wer 6.00 9/24/2014 EUR 73.41 Goldman Sachs & Co Wer 10.00 9/24/2014 EUR 69.24 Goldman Sachs & Co Wer 13.00 9/24/2014 EUR 61.22 Goldman Sachs & Co Wer 15.00 9/24/2014 EUR 66.46 Goldman Sachs & Co Wer 17.00 9/24/2014 EUR 58.75 DZ Bank AG Deutsche Ze 10.75 9/26/2014 EUR 73.89 HSBC Trinkaus & Burkha 6.50 9/26/2014 EUR 65.67 HSBC Trinkaus & Burkha 10.50 9/26/2014 EUR 69.65 HSBC Trinkaus & Burkha 9.50 9/26/2014 EUR 73.26 HSBC Trinkaus & Burkha 8.50 9/26/2014 EUR 69.63 HSBC Trinkaus & Burkha 6.00 9/26/2014 EUR 73.60 Vontobel Financial Pro 6.25 12/30/2014 EUR 73.50 Vontobel Financial Pro 6.90 9/26/2014 EUR 71.66 HSBC Trinkaus & Burkha 6.00 9/26/2014 EUR 71.88 Commerzbank AG 7.00 11/27/2014 EUR 64.65 Deutsche Bank AG 5.20 11/26/2014 EUR 72.80 Deutsche Bank AG 6.20 11/26/2014 EUR 74.80 Deutsche Bank AG 6.20 11/26/2014 EUR 71.30 Deutsche Bank AG 6.20 11/26/2014 EUR 68.90 Deutsche Bank AG 7.20 11/26/2014 EUR 71.60 Deutsche Bank AG 7.20 11/26/2014 EUR 69.20 Deutsche Bank AG 7.20 11/26/2014 EUR 66.90 Deutsche Bank AG 5.20 11/26/2014 EUR 72.80 Deutsche Bank AG 6.20 11/26/2014 EUR 73.10 Deutsche Bank AG 7.20 11/26/2014 EUR 73.40 Deutsche Bank AG 6.20 11/26/2014 EUR 73.00 Deutsche Bank AG 5.20 11/26/2014 EUR 74.50 Deutsche Bank AG 5.20 11/26/2014 EUR 66.30 DZ Bank AG Deutsche Ze 6.00 12/30/2014 EUR 68.33 DZ Bank AG Deutsche Ze 8.50 12/30/2014 EUR 65.34 Deutsche Bank AG 6.20 11/26/2014 EUR 66.60 Deutsche Bank AG 7.20 11/26/2014 EUR 73.40 Deutsche Bank AG 5.20 11/26/2014 EUR 71.00 Goldman Sachs & Co Wer 10.00 12/24/2014 EUR 73.65 Goldman Sachs & Co Wer 11.00 9/24/2014 EUR 68.93 Goldman Sachs & Co Wer 14.00 9/24/2014 EUR 66.25 Goldman Sachs & Co Wer 10.00 11/26/2014 EUR 70.56 Goldman Sachs & Co Wer 8.00 8/20/2014 EUR 72.18 Goldman Sachs & Co Wer 8.00 10/22/2014 EUR 73.54 Goldman Sachs & Co Wer 8.00 8/20/2014 EUR 67.64 Goldman Sachs & Co Wer 16.00 8/20/2014 EUR 59.20 Goldman Sachs & Co Wer 9.00 10/22/2014 EUR 66.37 Goldman Sachs & Co Wer 9.00 8/20/2014 EUR 73.91 Goldman Sachs & Co Wer 11.00 10/22/2014 EUR 68.26 Goldman Sachs & Co Wer 15.00 10/22/2014 EUR 68.27 Goldman Sachs & Co Wer 13.00 11/26/2014 EUR 66.98 Commerzbank AG 9.50 11/27/2014 EUR 70.31 Goldman Sachs & Co Wer 7.00 11/26/2014 EUR 69.62 Vontobel Financial Pro 7.30 12/30/2014 EUR 73.92 Goldman Sachs & Co Wer 13.00 10/22/2014 EUR 68.46 BNP Paribas Emissions- 7.00 12/29/2014 EUR 72.82 Goldman Sachs & Co Wer 13.00 12/24/2014 EUR 72.91 Goldman Sachs & Co Wer 16.00 9/24/2014 EUR 71.95 Goldman Sachs & Co Wer 14.00 11/26/2014 EUR 74.06 DZ Bank AG Deutsche Ze 7.25 10/17/2014 EUR 63.60 DZ Bank AG Deutsche Ze 9.50 10/17/2014 EUR 64.00 DZ Bank AG Deutsche Ze 7.00 7/10/2015 EUR 67.26 DZ Bank AG Deutsche Ze 8.00 7/10/2015 EUR 68.17 DZ Bank AG Deutsche Ze 9.50 10/17/2014 EUR 68.06 DZ Bank AG Deutsche Ze 5.50 1/16/2015 EUR 72.88 Vontobel Financial Pro 14.65 10/17/2014 EUR 74.34 Vontobel Financial Pro 4.75 10/17/2014 EUR 63.94 Vontobel Financial Pro 5.55 10/17/2014 EUR 64.08 Vontobel Financial Pro 6.25 10/17/2014 EUR 64.20 Vontobel Financial Pro 4.95 3/13/2015 EUR 65.84 Goldman Sachs & Co Wer 8.00 12/24/2014 EUR 70.46 Goldman Sachs & Co Wer 10.00 12/24/2014 EUR 71.19 Goldman Sachs & Co Wer 9.00 9/24/2014 EUR 74.93 Goldman Sachs & Co Wer 12.00 9/24/2014 EUR 68.35 Goldman Sachs & Co Wer 11.00 10/22/2014 EUR 69.06 Goldman Sachs & Co Wer 12.00 10/22/2014 EUR 65.54 Goldman Sachs & Co Wer 10.00 3/25/2015 EUR 69.25 Goldman Sachs & Co Wer 13.00 6/24/2015 EUR 70.32 Vontobel Financial Pro 6.25 3/13/2015 EUR 71.02 Vontobel Financial Pro 5.70 3/13/2015 EUR 70.70 Vontobel Financial Pro 4.70 3/13/2015 EUR 70.12 Vontobel Financial Pro 7.65 12/12/2014 EUR 73.62 Vontobel Financial Pro 4.85 12/12/2014 EUR 69.16 Vontobel Financial Pro 8.60 10/17/2014 EUR 71.36 Vontobel Financial Pro 14.35 1/16/2015 EUR 68.00 Vontobel Financial Pro 10.75 3/13/2015 EUR 71.16 Commerzbank AG 6.00 11/27/2014 EUR 70.21 Commerzbank AG 9.00 11/27/2014 EUR 66.30 Commerzbank AG 6.75 3/26/2015 EUR 66.71 Commerzbank AG 9.00 3/26/2015 EUR 64.98 Commerzbank AG 6.00 3/26/2015 EUR 72.31 Commerzbank AG 8.00 3/26/2015 EUR 70.26 Commerzbank AG 7.25 3/26/2015 EUR 63.97 DZ Bank AG Deutsche Ze 7.25 12/30/2014 EUR 72.18 DZ Bank AG Deutsche Ze 5.75 3/27/2015 EUR 67.73 DZ Bank AG Deutsche Ze 7.25 3/27/2015 EUR 73.75 Vontobel Financial Pro 7.90 6/26/2015 EUR 73.76 DZ Bank AG Deutsche Ze 6.75 3/13/2015 EUR 67.01 DZ Bank AG Deutsche Ze 5.75 3/13/2015 EUR 73.82 DZ Bank AG Deutsche Ze 5.00 3/13/2015 EUR 70.67 Vontobel Financial Pro 8.80 6/26/2015 EUR 71.24 Vontobel Financial Pro 9.05 3/27/2015 EUR 70.20 Vontobel Financial Pro 4.00 9/11/2015 EUR 73.70 Vontobel Financial Pro 11.25 12/30/2014 EUR 68.64 Vontobel Financial Pro 4.85 9/11/2015 EUR 74.64 Vontobel Financial Pro 5.85 6/12/2015 EUR 74.62 UniCredit Bank AG 4.00 6/25/2015 EUR 69.96 Vontobel Financial Pro 5.30 7/10/2015 EUR 74.44 Vontobel Financial Pro 3.75 7/10/2015 EUR 73.07 UniCredit Bank AG 5.50 6/25/2015 EUR 65.19 DZ Bank AG Deutsche Ze 5.25 6/26/2015 EUR 70.71 DZ Bank AG Deutsche Ze 7.25 6/26/2015 EUR 68.28 UniCredit Bank AG 4.75 6/25/2015 EUR 67.45 UniCredit Bank AG 6.00 6/25/2015 EUR 73.04 Vontobel Financial Pro 4.65 6/12/2015 EUR 73.55 UniCredit Bank AG 4.65 6/25/2015 EUR 74.69 UniCredit Bank AG 5.25 6/25/2015 EUR 73.77 DZ Bank AG Deutsche Ze 9.00 12/12/2014 EUR 66.19 DZ Bank AG Deutsche Ze 10.75 12/12/2014 EUR 66.75 DZ Bank AG Deutsche Ze 6.00 9/12/2014 EUR 73.42 DZ Bank AG Deutsche Ze 5.50 12/12/2014 EUR 74.70 Vontobel Financial Pro 9.50 6/12/2015 EUR 71.50 Vontobel Financial Pro 10.45 9/11/2015 EUR 71.92 Vontobel Financial Pro 8.65 9/11/2015 EUR 73.02 Vontobel Financial Pro 6.95 9/11/2015 EUR 74.46 Vontobel Financial Pro 4.25 9/11/2015 EUR 66.14 Vontobel Financial Pro 4.95 9/11/2015 EUR 66.84 Vontobel Financial Pro 6.20 9/11/2015 EUR 68.19 Vontobel Financial Pro 7.20 9/11/2015 EUR 69.26 Vontobel Financial Pro 7.80 9/11/2015 EUR 69.96 Vontobel Financial Pro 8.40 6/12/2015 EUR 68.63 Vontobel Financial Pro 7.40 6/12/2015 EUR 67.85 Commerzbank AG 10.50 5/21/2015 EUR 73.85 Commerzbank AG 6.25 3/26/2015 EUR 73.59 Commerzbank AG 9.50 3/26/2015 EUR 69.91 DZ Bank AG Deutsche Ze 10.50 12/12/2014 EUR 72.17 DZ Bank AG Deutsche Ze 8.40 6/12/2015 EUR 74.19 DZ Bank AG Deutsche Ze 7.30 9/11/2015 EUR 74.64 Vontobel Financial Pro 7.50 6/26/2015 EUR 65.40 Goldman Sachs & Co Wer 16.00 2/25/2015 EUR 66.76 UniCredit Bank AG 6.00 7/23/2015 EUR 66.26 UniCredit Bank AG 5.50 7/23/2015 EUR 67.19 UniCredit Bank AG 5.00 7/23/2015 EUR 68.95 UniCredit Bank AG 4.50 7/23/2015 EUR 70.04 UniCredit Bank AG 4.00 7/23/2015 EUR 71.21 UniCredit Bank AG 5.50 7/23/2015 EUR 70.91 UniCredit Bank AG 5.20 7/23/2015 EUR 72.34 UniCredit Bank AG 4.80 7/23/2015 EUR 73.71 Vontobel Financial Pro 4.65 6/26/2015 EUR 74.89 DZ Bank AG Deutsche Ze 7.00 9/11/2015 EUR 73.91 DZ Bank AG Deutsche Ze 7.50 9/11/2015 EUR 74.07 DZ Bank AG Deutsche Ze 6.25 12/12/2014 EUR 70.72 UniCredit Bank AG 4.60 6/26/2015 EUR 72.55 UniCredit Bank AG 6.00 6/26/2015 EUR 65.79 UniCredit Bank AG 5.20 6/26/2015 EUR 69.57 UniCredit Bank AG 6.10 6/26/2015 EUR 65.66 UniCredit Bank AG 5.50 6/26/2015 EUR 68.18 UniCredit Bank AG 5.80 6/26/2015 EUR 66.89 UniCredit Bank AG 5.50 6/26/2015 EUR 66.79 UniCredit Bank AG 4.90 6/26/2015 EUR 71.00 UniCredit Bank AG 4.00 6/26/2015 EUR 68.54 UniCredit Bank AG 4.30 6/26/2015 EUR 74.14 UniCredit Bank AG 4.80 6/26/2015 EUR 67.67 UniCredit Bank AG 5.25 9/24/2015 EUR 69.58 UniCredit Bank AG 4.25 9/24/2015 EUR 71.57 UniCredit Bank AG 5.40 9/24/2015 EUR 69.01 UniCredit Bank AG 5.75 9/24/2015 EUR 67.97 UniCredit Bank AG 4.80 9/24/2015 EUR 70.60 UniCredit Bank AG 4.90 9/24/2015 EUR 70.33 UniCredit Bank AG 4.75 9/24/2015 EUR 70.94 DZ Bank AG Deutsche Ze 6.25 12/30/2014 EUR 74.80 DZ Bank AG Deutsche Ze 9.75 12/30/2014 EUR 67.44 DZ Bank AG Deutsche Ze 14.25 12/30/2014 EUR 73.58 DZ Bank AG Deutsche Ze 5.50 6/26/2015 EUR 74.27 Goldman Sachs & Co Wer 11.00 12/23/2015 EUR 72.11 Vontobel Financial Pro 6.10 3/27/2015 EUR 74.40 Vontobel Financial Pro 6.10 12/30/2014 EUR 73.29 Vontobel Financial Pro 8.35 6/26/2015 EUR 66.51 BNP Paribas Emissions- 4.00 9/25/2014 EUR 72.30 BNP Paribas Emissions- 7.00 9/25/2014 EUR 68.67 BNP Paribas Emissions- 11.00 9/25/2014 EUR 65.57 BNP Paribas Emissions- 5.00 12/29/2014 EUR 73.62 BNP Paribas Emissions- 7.00 12/29/2014 EUR 70.47 BNP Paribas Emissions- 10.00 12/29/2014 EUR 68.06 BNP Paribas Emissions- 5.00 3/26/2015 EUR 74.47 BNP Paribas Emissions- 7.00 3/26/2015 EUR 71.93 BNP Paribas Emissions- 9.00 3/26/2015 EUR 69.71 BNP Paribas Emissions- 5.50 6/25/2015 EUR 74.72 BNP Paribas Emissions- 7.50 6/25/2015 EUR 72.80 BNP Paribas Emissions- 9.00 6/25/2015 EUR 70.74 Vontobel Financial Pro 6.05 9/25/2015 EUR 67.92 Vontobel Financial Pro 5.85 6/26/2015 EUR 66.51 Vontobel Financial Pro 9.20 9/25/2015 EUR 70.94 Vontobel Financial Pro 5.90 9/25/2015 EUR 73.52 Vontobel Financial Pro 6.40 6/26/2015 EUR 72.50 DZ Bank AG Deutsche Ze 4.60 3/13/2015 EUR 73.33 DZ Bank AG Deutsche Ze 5.30 3/13/2015 EUR 72.32 DZ Bank AG Deutsche Ze 7.10 3/13/2015 EUR 70.52 DZ Bank AG Deutsche Ze 7.75 6/12/2015 EUR 68.27 DZ Bank AG Deutsche Ze 6.50 6/12/2015 EUR 68.42 DZ Bank AG Deutsche Ze 5.50 12/12/2014 EUR 71.92 DZ Bank AG Deutsche Ze 7.70 12/12/2014 EUR 69.64 DZ Bank AG Deutsche Ze 7.25 6/12/2015 EUR 72.35 DZ Bank AG Deutsche Ze 6.75 6/12/2015 EUR 71.96 Deutsche Bank AG 6.20 6/22/2015 EUR 65.80 Deutsche Bank AG 7.20 12/22/2015 EUR 73.00 Deutsche Bank AG 5.20 12/22/2015 EUR 70.20 Deutsche Bank AG 5.20 6/22/2015 EUR 67.90 Deutsche Bank AG 6.20 9/22/2015 EUR 70.20 Deutsche Bank AG 7.20 9/22/2015 EUR 74.60 Deutsche Bank AG 7.20 9/22/2015 EUR 68.30 Deutsche Bank AG 6.20 12/22/2015 EUR 74.80 Deutsche Bank AG 5.20 6/22/2015 EUR 64.90 Deutsche Bank AG 7.20 6/22/2015 EUR 66.60 Deutsche Bank AG 7.20 12/22/2015 EUR 70.00 Deutsche Bank AG 5.20 12/22/2015 EUR 73.40 Deutsche Bank AG 6.20 9/22/2015 EUR 67.20 Deutsche Bank AG 5.20 9/22/2015 EUR 66.10 Deutsche Bank AG 5.20 9/22/2015 EUR 72.30 Deutsche Bank AG 5.20 9/22/2015 EUR 69.10 Deutsche Bank AG 6.20 12/22/2015 EUR 71.60 Deutsche Bank AG 5.20 6/22/2015 EUR 71.30 Deutsche Bank AG 5.20 12/22/2015 EUR 67.30 Deutsche Bank AG 6.20 6/22/2015 EUR 68.80 Deutsche Bank AG 7.20 6/22/2015 EUR 73.00 Deutsche Bank AG 6.20 12/22/2015 EUR 68.60 Deutsche Bank AG 7.20 9/22/2015 EUR 71.30 Deutsche Bank AG 6.20 9/22/2015 EUR 73.50 Commerzbank AG 7.00 5/21/2015 EUR 73.37 Commerzbank AG 9.00 5/21/2015 EUR 71.51 Commerzbank AG 11.25 5/21/2015 EUR 69.90 DZ Bank AG Deutsche Ze 4.25 6/5/2015 EUR 73.62 Vontobel Financial Pro 6.20 3/27/2015 EUR 75.00 HSBC Trinkaus & Burkha 8.50 11/28/2014 EUR 67.04 HSBC Trinkaus & Burkha 7.00 4/24/2015 EUR 69.27 HSBC Trinkaus & Burkha 7.50 6/26/2015 EUR 74.56 HSBC Trinkaus & Burkha 9.50 12/30/2014 EUR 73.21 HSBC Trinkaus & Burkha 8.00 3/27/2015 EUR 74.40 HSBC Trinkaus & Burkha 12.50 6/26/2015 EUR 73.01 Goldman Sachs & Co Wer 8.00 7/22/2015 EUR 73.86 Goldman Sachs & Co Wer 10.00 7/22/2015 EUR 72.42 Goldman Sachs & Co Wer 12.00 7/22/2015 EUR 71.25 Goldman Sachs & Co Wer 10.00 12/23/2015 EUR 73.47 DZ Bank AG Deutsche Ze 6.75 10/17/2014 EUR 64.41 DZ Bank AG Deutsche Ze 6.25 1/16/2015 EUR 65.74 DZ Bank AG Deutsche Ze 7.25 10/17/2014 EUR 68.39 DZ Bank AG Deutsche Ze 8.00 10/17/2014 EUR 68.53 DZ Bank AG Deutsche Ze 6.50 1/16/2015 EUR 68.33 DZ Bank AG Deutsche Ze 6.25 7/10/2015 EUR 69.80 DZ Bank AG Deutsche Ze 6.75 7/10/2015 EUR 70.36 DZ Bank AG Deutsche Ze 7.00 10/17/2014 EUR 73.83 Deutsche Bank AG 6.50 3/24/2015 EUR 72.10 Deutsche Bank AG 5.50 3/24/2015 EUR 70.50 Deutsche Bank AG 7.50 3/24/2015 EUR 74.50 Deutsche Bank AG 7.50 3/24/2015 EUR 71.00 Deutsche Bank AG 7.50 3/24/2015 EUR 73.60 Deutsche Bank AG 7.50 3/24/2015 EUR 71.70 Deutsche Bank AG 5.50 3/24/2015 EUR 69.70 Deutsche Bank AG 5.50 3/24/2015 EUR 74.20 Deutsche Bank AG 5.50 3/24/2015 EUR 72.30 Deutsche Bank AG 6.50 3/24/2015 EUR 71.10 Deutsche Bank AG 5.50 3/24/2015 EUR 74.80 Deutsche Bank AG 5.50 3/24/2015 EUR 73.70 Deutsche Bank AG 5.50 3/24/2015 EUR 71.90 Deutsche Bank AG 7.50 3/24/2015 EUR 75.00 Deutsche Bank AG 7.50 3/24/2015 EUR 71.40 Deutsche Bank AG 5.50 3/24/2015 EUR 68.10 Deutsche Bank AG 5.50 3/24/2015 EUR 66.70 Deutsche Bank AG 5.50 3/24/2015 EUR 65.40 Deutsche Bank AG 6.50 3/24/2015 EUR 74.90 Deutsche Bank AG 6.50 3/24/2015 EUR 66.00 HSBC Trinkaus & Burkha 8.00 11/28/2014 EUR 70.46 HSBC Trinkaus & Burkha 6.50 4/24/2015 EUR 72.41 Goldman Sachs & Co Wer 6.00 1/21/2015 EUR 73.53 Goldman Sachs & Co Wer 7.00 1/21/2015 EUR 70.54 Goldman Sachs & Co Wer 6.00 6/24/2015 EUR 74.32 Goldman Sachs & Co Wer 10.00 6/24/2015 EUR 69.22 DZ Bank AG Deutsche Ze 11.50 9/26/2014 EUR 69.17 Goldman Sachs & Co Wer 16.00 9/24/2014 EUR 67.90 DZ Bank AG Deutsche Ze 14.75 9/26/2014 EUR 67.67 DZ Bank AG Deutsche Ze 12.00 9/26/2014 EUR 69.05 Commerzbank AG 7.50 12/12/2014 EUR 56.48 Vontobel Financial Pro 4.05 6/26/2015 EUR 73.58 DZ Bank AG Deutsche Ze 6.20 9/12/2014 EUR 73.20 DZ Bank AG Deutsche Ze 9.00 12/30/2014 EUR 74.70 Vontobel Financial Pro 5.10 6/26/2015 EUR 71.88 Vontobel Financial Pro 5.05 12/30/2014 EUR 70.86 DZ Bank AG Deutsche Ze 5.50 11/14/2014 EUR 69.21 Deutsche Bank AG 6.00 6/22/2015 EUR 74.50 Deutsche Bank AG 7.00 6/22/2015 EUR 73.50 Deutsche Bank AG 8.00 6/22/2015 EUR 74.40 Deutsche Bank AG 6.00 6/22/2015 EUR 74.40 Deutsche Bank AG 7.00 6/22/2015 EUR 71.40 Deutsche Bank AG 7.00 6/22/2015 EUR 73.70 Deutsche Bank AG 8.00 6/22/2015 EUR 74.60 Commerzbank AG 7.00 11/27/2014 EUR 70.45 Commerzbank AG 8.25 11/27/2014 EUR 68.75 DZ Bank AG Deutsche Ze 6.00 12/30/2014 EUR 73.47 Deutsche Bank AG 8.00 6/22/2015 EUR 72.60 Deutsche Bank AG 6.00 6/22/2015 EUR 72.80 Deutsche Bank AG 8.00 6/22/2015 EUR 72.30 Vontobel Financial Pro 5.60 6/26/2015 EUR 74.36 Deutsche Bank AG 6.50 9/23/2014 EUR 72.10 Deutsche Bank AG 7.50 9/23/2014 EUR 72.20 Deutsche Bank AG 7.50 9/23/2014 EUR 70.50 DZ Bank AG Deutsche Ze 8.00 12/30/2014 EUR 65.26 Commerzbank AG 7.25 1/22/2015 EUR 71.84 Vontobel Financial Pro 8.30 9/26/2014 EUR 71.92 Deutsche Bank AG 5.50 12/23/2014 EUR 73.20 Deutsche Bank AG 7.50 12/23/2014 EUR 74.00 Deutsche Bank AG 7.50 12/23/2014 EUR 72.30 Goldman Sachs & Co Wer 9.00 1/21/2015 EUR 68.57 Goldman Sachs & Co Wer 11.00 1/21/2015 EUR 66.53 Goldman Sachs & Co Wer 7.00 6/24/2015 EUR 72.27 Goldman Sachs & Co Wer 8.00 6/24/2015 EUR 69.94 DZ Bank AG Deutsche Ze 12.50 9/26/2014 EUR 64.78 DZ Bank AG Deutsche Ze 14.25 9/26/2014 EUR 71.07 Goldman Sachs & Co Wer 13.00 1/21/2015 EUR 71.67 HSBC Trinkaus & Burkha 6.00 10/24/2014 EUR 72.55 DZ Bank AG Deutsche Ze 7.25 1/16/2015 EUR 70.90 DZ Bank AG Deutsche Ze 6.00 10/17/2014 EUR 74.49 DZ Bank AG Deutsche Ze 8.50 10/17/2014 EUR 72.17 DZ Bank AG Deutsche Ze 8.00 9/12/2014 EUR 70.03 DZ Bank AG Deutsche Ze 10.75 9/26/2014 EUR 70.99 Deutsche Bank AG 6.50 9/23/2014 EUR 74.80 Deutsche Bank AG 5.50 9/23/2014 EUR 73.80 Deutsche Bank AG 6.50 9/23/2014 EUR 73.90 DZ Bank AG Deutsche Ze 6.25 2/27/2015 EUR 71.91 Deutsche Bank AG 5.50 9/23/2014 EUR 71.90 Deutsche Bank AG 7.50 9/23/2014 EUR 74.00 DZ Bank AG Deutsche Ze 7.00 12/30/2014 EUR 74.26 Commerzbank AG 7.25 1/22/2015 EUR 70.69 Commerzbank AG 9.75 1/22/2015 EUR 67.70 Commerzbank AG 9.00 1/22/2015 EUR 69.91 Vontobel Financial Pro 7.20 9/26/2014 EUR 73.56 Deutsche Bank AG 5.50 12/23/2014 EUR 75.00 Deutsche Bank AG 6.50 12/23/2014 EUR 73.60 BNP Paribas Emissions- 10.00 12/11/2014 EUR 70.29 BNP Paribas Emissions- 11.00 9/11/2014 EUR 72.70 BNP Paribas Emissions- 15.00 9/11/2014 EUR 69.03 UniCredit Bank AG 5.85 2/26/2015 EUR 67.48 UniCredit Bank AG 4.00 2/26/2015 EUR 73.14 UniCredit Bank AG 5.20 2/26/2015 EUR 74.16 UniCredit Bank AG 6.25 2/26/2015 EUR 74.45 UniCredit Bank AG 6.50 2/26/2015 EUR 72.49 Commerzbank AG 11.00 9/25/2014 EUR 73.89 HSBC Trinkaus & Burkha 6.00 9/26/2014 EUR 73.92 HSBC Trinkaus & Burkha 12.50 12/30/2014 EUR 71.98 DZ Bank AG Deutsche Ze 6.00 10/24/2014 EUR 63.00 UniCredit Bank AG 4.30 2/26/2015 EUR 72.41 UniCredit Bank AG 6.25 2/26/2015 EUR 73.17 UniCredit Bank AG 5.45 2/26/2015 EUR 68.82 UniCredit Bank AG 5.60 2/26/2015 EUR 74.49 Vontobel Financial Pro 9.15 9/26/2014 EUR 72.62 Commerzbank AG 7.00 9/25/2014 EUR 74.79 Commerzbank AG 10.00 9/25/2014 EUR 69.65 HSBC Trinkaus & Burkha 8.00 3/27/2015 EUR 71.05 HSBC Trinkaus & Burkha 9.50 3/27/2015 EUR 74.10 HSBC Trinkaus & Burkha 8.00 8/22/2014 EUR 74.12 HSBC Trinkaus & Burkha 12.50 9/26/2014 EUR 72.32 HSBC Trinkaus & Burkha 10.50 12/30/2014 EUR 74.76 Vontobel Financial Pro 7.60 12/30/2014 EUR 66.18 Vontobel Financial Pro 9.00 9/26/2014 EUR 64.18 LBBW 3.00 6/26/2015 EUR 74.46 LBBW 4.00 6/26/2015 EUR 71.89 BNP Paribas Emissions- 8.50 12/29/2014 EUR 74.75 BNP Paribas Emissions- 5.00 12/29/2014 EUR 73.11 BNP Paribas Emissions- 6.75 12/29/2014 EUR 69.64 UniCredit Bank AG 5.00 12/29/2014 EUR 70.85 UniCredit Bank AG 4.75 12/29/2014 EUR 71.58 UniCredit Bank AG 4.50 12/29/2014 EUR 72.33 UniCredit Bank AG 4.25 12/29/2014 EUR 73.09 UniCredit Bank AG 4.00 12/29/2014 EUR 73.88 UniCredit Bank AG 7.00 12/29/2014 EUR 67.73 UniCredit Bank AG 6.80 12/29/2014 EUR 69.25 UniCredit Bank AG 6.30 12/29/2014 EUR 69.93 UniCredit Bank AG 5.70 12/29/2014 EUR 70.52 UniCredit Bank AG 5.20 12/29/2014 EUR 71.20 UniCredit Bank AG 4.80 12/29/2014 EUR 71.96 UniCredit Bank AG 4.50 12/29/2014 EUR 72.77 UniCredit Bank AG 6.50 12/29/2014 EUR 66.85 UniCredit Bank AG 6.00 12/29/2014 EUR 68.08 UniCredit Bank AG 5.50 12/29/2014 EUR 69.43 Vontobel Financial Pro 4.30 10/17/2014 EUR 71.82 Vontobel Financial Pro 5.80 3/13/2015 EUR 70.50 Vontobel Financial Pro 5.15 10/17/2014 EUR 70.14 Vontobel Financial Pro 6.55 10/17/2014 EUR 68.04 Vontobel Financial Pro 8.25 10/17/2014 EUR 66.00 Vontobel Financial Pro 9.45 10/17/2014 EUR 64.76 Vontobel Financial Pro 4.90 12/12/2014 EUR 71.00 Vontobel Financial Pro 6.20 12/12/2014 EUR 69.08 Vontobel Financial Pro 7.55 12/12/2014 EUR 67.18 Vontobel Financial Pro 8.50 12/12/2014 EUR 66.08 Vontobel Financial Pro 9.55 12/12/2014 EUR 64.94 Vontobel Financial Pro 4.15 3/13/2015 EUR 73.60 UniCredit Bank AG 7.00 12/29/2014 EUR 72.03 UniCredit Bank AG 6.50 12/29/2014 EUR 73.10 UniCredit Bank AG 6.25 12/29/2014 EUR 74.27 UniCredit Bank AG 8.00 12/29/2014 EUR 69.58 UniCredit Bank AG 6.00 12/29/2014 EUR 69.05 UniCredit Bank AG 4.50 12/29/2014 EUR 72.12 UniCredit Bank AG 7.50 12/29/2014 EUR 72.66 UniCredit Bank AG 6.50 12/29/2014 EUR 74.21 UniCredit Bank AG 5.50 12/29/2014 EUR 73.41 UniCredit Bank AG 5.25 12/29/2014 EUR 74.92 Vontobel Financial Pro 9.25 6/26/2015 EUR 75.00 UniCredit Bank AG 4.00 6/25/2015 EUR 67.91 DZ Bank AG Deutsche Ze 8.75 12/30/2014 EUR 72.49 Goldman Sachs & Co Wer 9.00 12/24/2014 EUR 69.60 LBBW 5.00 9/26/2014 EUR 73.41 Goldman Sachs & Co Wer 11.00 12/24/2014 EUR 63.54 Goldman Sachs & Co Wer 15.00 12/24/2014 EUR 67.84 LBBW 7.00 9/26/2014 EUR 68.47 UniCredit Bank AG 4.50 8/21/2014 EUR 66.92 UniCredit Bank AG 6.00 8/21/2014 EUR 61.57 Goldman Sachs & Co Wer 10.00 12/24/2014 EUR 74.50 DZ Bank AG Deutsche Ze 7.50 3/6/2015 EUR 70.42 DZ Bank AG Deutsche Ze 6.75 2/13/2015 EUR 71.12 DZ Bank AG Deutsche Ze 6.00 11/14/2014 EUR 72.06 DZ Bank AG Deutsche Ze 4.75 2/13/2015 EUR 73.95 DZ Bank AG Deutsche Ze 5.00 2/13/2015 EUR 73.49 DZ Bank AG Deutsche Ze 5.00 8/14/2015 EUR 74.96 Vontobel Financial Pro 5.60 6/26/2015 EUR 67.22 Vontobel Financial Pro 16.50 1/16/2015 EUR 66.96 Vontobel Financial Pro 12.60 3/13/2015 EUR 69.46 Vontobel Financial Pro 7.40 11/14/2014 EUR 68.98 Vontobel Financial Pro 8.40 1/16/2015 EUR 70.54 Deutsche Bank AG 5.80 12/23/2014 EUR 73.58 Deutsche Bank AG 6.00 3/25/2015 EUR 66.70 Deutsche Bank AG 6.00 3/25/2015 EUR 74.91 Vontobel Financial Pro 7.60 3/27/2015 EUR 71.92 Vontobel Financial Pro 5.25 3/27/2015 EUR 74.46 Vontobel Financial Pro 7.95 9/26/2014 EUR 72.63 Commerzbank AG 6.00 2/26/2015 EUR 66.46 Commerzbank AG 8.00 2/26/2015 EUR 64.30 Commerzbank AG 8.00 2/26/2015 EUR 69.04 DZ Bank AG Deutsche Ze 8.00 9/12/2014 EUR 57.30 DZ Bank AG Deutsche Ze 7.25 9/12/2014 EUR 62.91 DZ Bank AG Deutsche Ze 6.00 6/12/2015 EUR 65.93 DZ Bank AG Deutsche Ze 8.00 10/17/2014 EUR 71.11 Vontobel Financial Pro 14.65 12/12/2014 EUR 74.58 Vontobel Financial Pro 9.55 12/12/2014 EUR 67.20 Vontobel Financial Pro 8.35 3/13/2015 EUR 68.74 Vontobel Financial Pro 9.10 3/13/2015 EUR 69.18 Vontobel Financial Pro 12.15 12/12/2014 EUR 68.34 Vontobel Financial Pro 9.30 12/12/2014 EUR 70.86 Vontobel Financial Pro 9.30 9/26/2014 EUR 68.78 Vontobel Financial Pro 8.95 3/27/2015 EUR 70.08 Vontobel Financial Pro 5.10 3/27/2015 EUR 74.88 DZ Bank AG Deutsche Ze 5.50 9/12/2014 EUR 66.81 DZ Bank AG Deutsche Ze 6.50 9/12/2014 EUR 65.53 DZ Bank AG Deutsche Ze 9.50 9/12/2014 EUR 62.95 DZ Bank AG Deutsche Ze 5.50 6/12/2015 EUR 67.97 BNP Paribas Emissions- 4.50 9/25/2014 EUR 63.58 BNP Paribas Emissions- 6.50 12/29/2014 EUR 65.50 BNP Paribas Emissions- 5.00 3/26/2015 EUR 66.12 BNP Paribas Emissions- 7.00 3/26/2015 EUR 67.34 BNP Paribas Emissions- 6.50 6/25/2015 EUR 67.19 BNP Paribas Emissions- 7.00 6/25/2015 EUR 67.62 Deutsche Bank AG 6.20 12/23/2014 EUR 72.80 Deutsche Bank AG 7.20 12/23/2014 EUR 71.78 Deutsche Bank AG 6.20 12/23/2014 EUR 69.40 Deutsche Bank AG 5.20 12/23/2014 EUR 72.40 Commerzbank AG 7.00 2/26/2015 EUR 74.05 Commerzbank AG 8.00 2/26/2015 EUR 72.82 Deutsche Bank AG 6.20 12/23/2014 EUR 71.41 BNP Paribas Emissions- 8.00 3/26/2015 EUR 74.23 BNP Paribas Emissions- 8.00 9/25/2014 EUR 72.59 BNP Paribas Emissions- 10.00 9/25/2014 EUR 72.82 Deutsche Bank AG 6.20 12/23/2014 EUR 62.50 Deutsche Bank AG 5.20 12/23/2014 EUR 60.80 Deutsche Bank AG 5.20 12/23/2014 EUR 64.30 Deutsche Bank AG 5.20 12/23/2014 EUR 69.00 Deutsche Bank AG 6.20 3/24/2015 EUR 67.10 Deutsche Bank AG 6.20 3/24/2015 EUR 64.90 Deutsche Bank AG 6.20 3/24/2015 EUR 72.20 Deutsche Bank AG 6.20 3/24/2015 EUR 71.70 Deutsche Bank AG 5.20 3/24/2015 EUR 71.60 Deutsche Bank AG 5.20 3/24/2015 EUR 64.30 Deutsche Bank AG 5.20 3/24/2015 EUR 63.00 Deutsche Bank AG 5.20 3/24/2015 EUR 66.40 Deutsche Bank AG 7.20 3/24/2015 EUR 72.40 DZ Bank AG Deutsche Ze 6.50 11/28/2014 EUR 73.09 DZ Bank AG Deutsche Ze 7.50 11/28/2014 EUR 58.51 Deutsche Bank AG 7.20 3/24/2015 EUR 67.70 Deutsche Bank AG 7.20 3/24/2015 EUR 64.20 Deutsche Bank AG 7.20 3/24/2015 EUR 65.60 Vontobel Financial Pro 4.45 12/12/2014 EUR 64.54 Vontobel Financial Pro 10.60 12/12/2014 EUR 63.46 Vontobel Financial Pro 6.75 3/13/2015 EUR 67.36 HSBC Trinkaus & Burkha 8.50 8/22/2014 EUR 68.18 Vontobel Financial Pro 8.95 3/13/2015 EUR 65.34 HSBC Trinkaus & Burkha 7.00 11/28/2014 EUR 70.01 Vontobel Financial Pro 5.15 12/12/2014 EUR 64.76 Vontobel Financial Pro 6.00 12/12/2014 EUR 65.06 Vontobel Financial Pro 6.50 12/12/2014 EUR 65.22 HSBC Trinkaus & Burkha 11.00 3/27/2015 EUR 70.03 HSBC Trinkaus & Burkha 10.00 10/24/2014 EUR 70.16 HSBC Trinkaus & Burkha 9.00 11/28/2014 EUR 71.01 HSBC Trinkaus & Burkha 12.00 1/23/2015 EUR 73.68 BNP Paribas Emissions- 6.00 9/25/2014 EUR 67.73 BNP Paribas Emissions- 5.00 12/29/2014 EUR 71.30 BNP Paribas Emissions- 4.50 3/26/2015 EUR 73.74 BNP Paribas Emissions- 5.00 6/25/2015 EUR 73.61 BNP Paribas Emissions- 7.00 6/25/2015 EUR 67.88 HSBC Trinkaus & Burkha 10.50 9/26/2014 EUR 75.00 HSBC Trinkaus & Burkha 11.50 3/27/2015 EUR 73.03 HSBC Trinkaus & Burkha 10.50 8/22/2014 EUR 74.00 HSBC Trinkaus & Burkha 9.50 10/24/2014 EUR 69.31 HSBC Trinkaus & Burkha 17.00 9/26/2014 EUR 71.43 Deutsche Bank AG 5.20 3/24/2015 EUR 71.10 DZ Bank AG Deutsche Ze 6.50 11/28/2014 EUR 74.32 DZ Bank AG Deutsche Ze 6.75 11/28/2014 EUR 74.17 BNP Paribas Emissions- 5.25 1/22/2015 EUR 74.28 Vontobel Financial Pro 7.10 10/17/2014 EUR 73.54 BNP Paribas Emissions- 6.75 1/22/2015 EUR 71.77 BNP Paribas Emissions- 8.00 6/25/2015 EUR 68.08 BNP Paribas Emissions- 6.75 6/25/2015 EUR 70.86 BNP Paribas Emissions- 8.00 7/23/2015 EUR 69.36 Goldman Sachs & Co Wer 14.00 12/24/2014 EUR 73.19 DZ Bank AG Deutsche Ze 5.75 11/14/2014 EUR 72.05 DZ Bank AG Deutsche Ze 5.00 8/14/2015 EUR 74.41 Goldman Sachs & Co Wer 10.00 3/25/2015 EUR 73.80 Vontobel Financial Pro 10.85 4/17/2015 EUR 70.94 Vontobel Financial Pro 5.95 12/12/2014 EUR 69.04 Vontobel Financial Pro 7.05 6/12/2015 EUR 74.32 Vontobel Financial Pro 8.25 6/12/2015 EUR 72.98 Vontobel Financial Pro 9.65 6/12/2015 EUR 72.04 Vontobel Financial Pro 10.55 6/12/2015 EUR 71.36 Goldman Sachs & Co Wer 14.00 3/25/2015 EUR 67.92 DZ Bank AG Deutsche Ze 8.00 2/27/2015 EUR 73.79 DZ Bank AG Deutsche Ze 7.50 2/27/2015 EUR 64.80 Commerzbank AG 6.00 2/26/2015 EUR 71.35 DZ Bank AG Deutsche Ze 7.50 10/17/2014 EUR 69.29 DZ Bank AG Deutsche Ze 9.50 9/12/2014 EUR 57.43 DZ Bank AG Deutsche Ze 8.00 9/12/2014 EUR 67.77 DZ Bank AG Deutsche Ze 8.00 9/12/2014 EUR 72.93 DZ Bank AG Deutsche Ze 8.25 6/12/2015 EUR 72.41 DZ Bank AG Deutsche Ze 8.50 12/12/2014 EUR 74.48 Vontobel Financial Pro 9.85 9/26/2014 EUR 72.68 Vontobel Financial Pro 8.05 3/13/2015 EUR 72.58 Vontobel Financial Pro 10.10 3/13/2015 EUR 70.36 Vontobel Financial Pro 9.00 6/12/2015 EUR 70.96 BNP Paribas Emissions- 7.00 1/22/2015 EUR 65.55 Commerzbank AG 10.75 9/25/2014 EUR 73.09 BNP Paribas Emissions- 6.00 9/25/2014 EUR 63.75 BNP Paribas Emissions- 8.00 9/25/2014 EUR 63.98 BNP Paribas Emissions- 5.00 12/29/2014 EUR 64.93 BNP Paribas Emissions- 8.00 12/29/2014 EUR 66.06 BNP Paribas Emissions- 6.00 3/26/2015 EUR 66.73 BNP Paribas Emissions- 5.50 6/25/2015 EUR 66.33 Deutsche Bank AG 6.20 12/23/2014 EUR 64.70 Deutsche Bank AG 6.20 12/23/2014 EUR 61.20 Deutsche Bank AG 6.20 12/23/2014 EUR 74.50 Commerzbank AG 9.00 2/26/2015 EUR 73.44 Commerzbank AG 6.00 9/25/2014 EUR 60.85 Commerzbank AG 10.00 2/26/2015 EUR 73.98 Commerzbank AG 11.50 2/26/2015 EUR 73.10 Commerzbank AG 7.75 2/26/2015 EUR 73.53 Commerzbank AG 10.00 2/26/2015 EUR 71.25 Vontobel Financial Pro 3.00 1/23/2015 EUR 64.10 Commerzbank AG 5.25 12/30/2014 EUR 74.33 Deutsche Bank AG 7.10 2/25/2015 EUR 74.70 Deutsche Bank AG 5.10 2/25/2015 EUR 73.00 Deutsche Bank AG 7.10 2/25/2015 EUR 70.60 Deutsche Bank AG 6.10 2/25/2015 EUR 74.80 DZ Bank AG Deutsche Ze 8.75 9/26/2014 EUR 63.22 Deutsche Bank AG 6.10 2/25/2015 EUR 73.70 Deutsche Bank AG 7.10 2/25/2015 EUR 68.10 Deutsche Bank AG 6.10 2/25/2015 EUR 74.20 DZ Bank AG Deutsche Ze 6.50 12/12/2014 EUR 64.44 Goldman Sachs & Co Wer 6.00 8/20/2014 EUR 72.80 Goldman Sachs & Co Wer 6.00 8/20/2014 EUR 72.80 Commerzbank AG 7.00 8/21/2014 EUR 68.49 Commerzbank AG 7.00 2/26/2015 EUR 69.68 Commerzbank AG 6.50 2/26/2015 EUR 71.65 Commerzbank AG 11.00 8/21/2014 EUR 66.27 Goldman Sachs & Co Wer 10.00 8/20/2014 EUR 71.07 DZ Bank AG Deutsche Ze 6.00 12/12/2014 EUR 64.28 DZ Bank AG Deutsche Ze 6.00 12/30/2014 EUR 66.12 DZ Bank AG Deutsche Ze 6.00 3/27/2015 EUR 66.92 Goldman Sachs & Co Wer 18.00 8/20/2014 EUR 66.41 Goldman Sachs & Co Wer 18.00 8/20/2014 EUR 74.21 DZ Bank AG Deutsche Ze 14.50 3/27/2015 EUR 68.75 Goldman Sachs & Co Wer 9.00 2/25/2015 EUR 66.70 Goldman Sachs & Co Wer 11.00 2/25/2015 EUR 65.22 Goldman Sachs & Co Wer 6.00 10/22/2014 EUR 74.00 Goldman Sachs & Co Wer 18.00 10/22/2014 EUR 66.61 Goldman Sachs & Co Wer 6.00 2/25/2015 EUR 70.88 Goldman Sachs & Co Wer 14.00 11/26/2014 EUR 69.37 Vontobel Financial Pro 11.00 9/26/2014 EUR 74.92 HSBC Trinkaus & Burkha 18.00 9/26/2014 EUR 68.65 HSBC Trinkaus & Burkha 10.00 9/26/2014 EUR 74.52 HSBC Trinkaus & Burkha 13.50 12/30/2014 EUR 71.80 HSBC Trinkaus & Burkha 11.50 3/27/2015 EUR 73.08 Commerzbank AG 10.00 2/26/2015 EUR 73.83 Commerzbank AG 6.50 2/26/2015 EUR 73.69 Commerzbank AG 8.50 2/26/2015 EUR 71.37 DZ Bank AG Deutsche Ze 8.50 10/17/2014 EUR 72.17 Deutsche Bank AG 6.10 2/25/2015 EUR 71.10 Deutsche Bank AG 6.10 2/25/2015 EUR 71.80 DZ Bank AG Deutsche Ze 7.75 12/30/2014 EUR 65.10 DZ Bank AG Deutsche Ze 6.00 1/23/2015 EUR 67.07 DZ Bank AG Deutsche Ze 7.50 1/23/2015 EUR 65.45 DZ Bank AG Deutsche Ze 7.00 3/27/2015 EUR 66.46 Deutsche Bank AG 5.10 2/25/2015 EUR 73.10 Deutsche Bank AG 7.10 2/25/2015 EUR 74.20 Deutsche Bank AG 7.10 2/25/2015 EUR 71.70 DZ Bank AG Deutsche Ze 6.00 9/26/2014 EUR 74.21 DZ Bank AG Deutsche Ze 6.00 9/26/2014 EUR 65.14 Commerzbank AG 7.00 8/21/2014 EUR 72.71 Goldman Sachs & Co Wer 10.00 8/20/2014 EUR 69.33 DZ Bank AG Deutsche Ze 8.00 3/27/2015 EUR 71.45 Goldman Sachs & Co Wer 14.00 8/20/2014 EUR 71.86 DZ Bank AG Deutsche Ze 5.75 3/27/2015 EUR 74.44 DZ Bank AG Deutsche Ze 5.50 3/27/2015 EUR 68.93 Goldman Sachs & Co Wer 7.00 2/25/2015 EUR 68.40 Goldman Sachs & Co Wer 12.00 9/24/2014 EUR 67.52 Goldman Sachs & Co Wer 13.00 2/25/2015 EUR 74.97 Goldman Sachs & Co Wer 18.00 10/22/2014 EUR 68.15 Goldman Sachs & Co Wer 12.00 11/26/2014 EUR 73.47 Goldman Sachs & Co Wer 14.00 11/26/2014 EUR 67.91 Goldman Sachs & Co Wer 16.00 11/26/2014 EUR 72.71 HSBC Trinkaus & Burkha 11.00 3/27/2015 EUR 61.71 HSBC Trinkaus & Burkha 6.50 3/27/2015 EUR 64.74 Deutsche Bank AG 9.20 9/23/2014 EUR 70.70 Deutsche Bank AG 8.20 9/23/2014 EUR 74.10 Deutsche Bank AG 8.80 9/23/2014 EUR 72.40 BNP Paribas Emissions- 9.00 2/26/2015 EUR 73.28 Commerzbank AG 9.00 12/29/2014 EUR 64.71 BNP Paribas Emissions- 18.00 8/21/2014 EUR 72.43 BNP Paribas Emissions- 7.00 9/25/2014 EUR 67.28 BNP Paribas Emissions- 6.75 12/29/2014 EUR 68.97 BNP Paribas Emissions- 13.00 8/21/2014 EUR 68.12 BNP Paribas Emissions- 4.00 9/25/2014 EUR 73.25 BNP Paribas Emissions- 13.00 9/25/2014 EUR 68.41 BNP Paribas Emissions- 22.00 9/25/2014 EUR 59.99 BNP Paribas Emissions- 12.00 12/29/2014 EUR 70.24 BNP Paribas Emissions- 12.00 9/25/2014 EUR 73.28 Commerzbank AG 10.50 8/21/2014 EUR 71.34 Commerzbank AG 11.00 12/29/2014 EUR 71.66 Deutsche Bank AG 9.20 9/23/2014 EUR 73.00 Goldman Sachs & Co Wer 16.00 12/24/2014 EUR 73.92 BNP Paribas Emissions- 12.50 8/21/2014 EUR 68.90 BNP Paribas Emissions- 9.25 1/22/2015 EUR 72.66 BNP Paribas Emissions- 18.50 9/25/2014 EUR 74.32 HSBC Trinkaus & Burkha 7.50 3/27/2015 EUR 72.27 HSBC Trinkaus & Burkha 6.00 3/27/2015 EUR 74.83 BNP Paribas Emissions- 10.00 1/22/2015 EUR 72.24 BNP Paribas Emissions- 10.00 2/26/2015 EUR 73.05 BNP Paribas Emissions- 8.00 9/25/2014 EUR 68.90 BNP Paribas Emissions- 12.00 9/25/2014 EUR 65.13 BNP Paribas Emissions- 4.00 12/29/2014 EUR 73.84 BNP Paribas Emissions- 10.00 12/29/2014 EUR 67.34 BNP Paribas Emissions- 18.00 12/29/2014 EUR 63.67 Deutsche Bank AG 7.20 12/23/2014 EUR 74.10 Deutsche Bank AG 5.20 12/23/2014 EUR 62.20 Deutsche Bank AG 6.20 9/24/2014 EUR 69.96 Deutsche Bank AG 7.20 9/24/2014 EUR 72.46 BNP Paribas Emissions- 7.50 12/29/2014 EUR 74.30 BNP Paribas Emissions- 9.00 12/29/2014 EUR 74.86 BNP Paribas Emissions- 12.00 9/25/2014 EUR 73.05 Deutsche Bank AG 5.20 12/23/2014 EUR 74.10 Deutsche Bank AG 6.20 3/24/2015 EUR 62.80 Vontobel Financial Pro 11.10 9/26/2014 EUR 72.92 Deutsche Bank AG 7.20 3/24/2015 EUR 72.90 HSBC Trinkaus & Burkha 9.50 3/27/2015 EUR 67.90 HSBC Trinkaus & Burkha 7.50 10/24/2014 EUR 69.45 HSBC Trinkaus & Burkha 9.25 1/23/2015 EUR 72.07 HSBC Trinkaus & Burkha 12.50 12/30/2014 EUR 67.96 BNP Paribas Emissions- 4.00 9/25/2014 EUR 71.67 BNP Paribas Emissions- 5.00 9/25/2014 EUR 70.06 BNP Paribas Emissions- 8.00 9/25/2014 EUR 65.68 BNP Paribas Emissions- 10.00 9/25/2014 EUR 64.48 BNP Paribas Emissions- 7.00 12/29/2014 EUR 67.37 BNP Paribas Emissions- 9.00 12/29/2014 EUR 66.70 BNP Paribas Emissions- 6.00 3/26/2015 EUR 70.63 BNP Paribas Emissions- 8.00 3/26/2015 EUR 68.21 BNP Paribas Emissions- 5.50 6/25/2015 EUR 70.13 HSBC Trinkaus & Burkha 12.50 12/30/2014 EUR 72.49 HSBC Trinkaus & Burkha 15.50 9/26/2014 EUR 63.47 HSBC Trinkaus & Burkha 13.00 12/30/2014 EUR 66.55 HSBC Trinkaus & Burkha 14.00 12/30/2014 EUR 74.64 BNP Paribas Emissions- 6.50 6/25/2015 EUR 74.90 BNP Paribas Emissions- 8.00 11/27/2014 EUR 66.97 BNP Paribas Emissions- 6.75 11/27/2014 EUR 70.74 BNP Paribas Emissions- 8.00 1/22/2015 EUR 68.22 Vontobel Financial Pro 9.15 10/17/2014 EUR 73.90 Vontobel Financial Pro 7.30 12/12/2014 EUR 74.46 Vontobel Financial Pro 8.60 12/12/2014 EUR 74.90 BNP Paribas Emissions- 6.75 7/23/2015 EUR 72.06 DZ Bank AG Deutsche Ze 5.00 2/13/2015 EUR 73.00 DZ Bank AG Deutsche Ze 5.00 8/14/2015 EUR 73.69 UniCredit Bank AG 6.50 10/23/2014 EUR 73.78 DZ Bank AG Deutsche Ze 7.25 11/14/2014 EUR 74.07 DZ Bank AG Deutsche Ze 9.00 11/14/2014 EUR 74.51 DZ Bank AG Deutsche Ze 9.25 11/14/2014 EUR 69.19 LBBW 3.50 1/2/2015 EUR 73.02 LBBW 3.00 1/2/2015 EUR 73.84 LBBW 4.00 1/2/2015 EUR 71.75 HSBC Trinkaus & Burkha 14.00 9/26/2014 EUR 67.98 Commerzbank AG 6.25 12/29/2014 EUR 71.63 Commerzbank AG 8.50 12/29/2014 EUR 68.34 DZ Bank AG Deutsche Ze 8.25 9/12/2014 EUR 72.84 Vontobel Financial Pro 23.40 9/26/2014 EUR 67.18 DZ Bank AG Deutsche Ze 6.75 9/12/2014 EUR 74.14 Commerzbank AG 10.50 1/22/2015 EUR 70.88 Commerzbank AG 10.00 9/25/2014 EUR 60.46 DZ Bank AG Deutsche Ze 3.60 8/21/2015 EUR 65.84 Commerzbank AG 10.00 12/29/2014 EUR 71.41 Commerzbank AG 10.00 12/29/2014 EUR 73.59 Goldman Sachs & Co Wer 17.00 9/24/2014 EUR 73.84 Goldman Sachs & Co Wer 16.00 10/22/2014 EUR 72.66 Deutsche Bank AG 7.50 9/23/2014 EUR 71.60 Deutsche Bank AG 8.50 9/23/2014 EUR 74.70 Deutsche Bank AG 8.50 9/23/2014 EUR 71.80 UniCredit Bank AG 6.10 10/23/2014 EUR 72.37 DZ Bank AG Deutsche Ze 7.00 11/14/2014 EUR 71.00 DZ Bank AG Deutsche Ze 10.00 11/14/2014 EUR 69.39 DZ Bank AG Deutsche Ze 6.25 10/9/2015 EUR 74.44 HSBC Trinkaus & Burkha 13.00 3/27/2015 EUR 72.94 HSBC Trinkaus & Burkha 11.00 12/30/2014 EUR 70.46 HSBC Trinkaus & Burkha 9.50 3/27/2015 EUR 72.06 Commerzbank AG 8.00 1/22/2015 EUR 73.17 Commerzbank AG 10.50 9/25/2014 EUR 70.38 LBBW 4.00 2/27/2015 EUR 74.97 LBBW 3.00 2/27/2015 EUR 71.58 Goldman Sachs & Co Wer 8.00 1/21/2015 EUR 71.11 Deutsche Bank AG 7.50 9/23/2014 EUR 74.60 Deutsche Bank AG 8.50 12/23/2014 EUR 73.90 Deutsche Bank AG 7.50 12/23/2014 EUR 73.50 Vontobel Financial Pro 7.75 10/17/2014 EUR 74.18 UniCredit Bank AG 4.00 12/29/2014 EUR 21.53 Goldman Sachs & Co Wer 11.00 6/24/2015 EUR 70.09 Goldman Sachs & Co Wer 16.00 11/26/2014 EUR 68.86 Vontobel Financial Pro 8.30 8/28/2015 EUR 71.50 UniCredit Bank AG 5.40 10/23/2014 EUR 71.35 Deutsche Bank AG 5.80 1/21/2015 EUR 73.70 Deutsche Bank AG 6.80 1/21/2015 EUR 74.20 WGZ-Bank AG Westdeutsc 5.00 12/23/2014 EUR 74.35 Deutsche Bank AG 5.80 1/21/2015 EUR 74.50 Deutsche Bank AG 7.80 1/21/2015 EUR 73.80 Deutsche Bank AG 5.80 1/21/2015 EUR 72.90 Deutsche Bank AG 7.80 1/21/2015 EUR 69.10 Deutsche Bank AG 5.80 1/21/2015 EUR 67.40 HSBC Trinkaus & Burkha 6.50 6/26/2015 EUR 70.63 HSBC Trinkaus & Burkha 6.50 1/23/2015 EUR 69.27 HSBC Trinkaus & Burkha 23.50 9/26/2014 EUR 71.96 HSBC Trinkaus & Burkha 6.50 12/30/2014 EUR 66.34 DZ Bank AG Deutsche Ze 5.50 1/23/2015 EUR 70.30 Vontobel Financial Pro 7.15 12/30/2014 EUR 73.80 Vontobel Financial Pro 6.70 9/26/2014 EUR 67.50 HSBC Trinkaus & Burkha 10.50 12/30/2014 EUR 73.07 BNP Paribas Emissions- 11.00 9/25/2014 EUR 73.93 DZ Bank AG Deutsche Ze 8.50 2/27/2015 EUR 71.40 Deutsche Bank AG 7.80 1/21/2015 EUR 74.60 Deutsche Bank AG 6.80 1/21/2015 EUR 70.90 Deutsche Bank AG 6.80 1/21/2015 EUR 67.80 Deutsche Bank AG 5.80 1/21/2015 EUR 70.50 Deutsche Bank AG 7.80 1/21/2015 EUR 71.40 HSBC Trinkaus & Burkha 14.50 9/26/2014 EUR 74.97 HSBC Trinkaus & Burkha 7.00 10/24/2014 EUR 67.78 HSBC Trinkaus & Burkha 6.00 9/26/2014 EUR 72.83 HSBC Trinkaus & Burkha 11.00 9/26/2014 EUR 62.67 DZ Bank AG Deutsche Ze 4.50 2/27/2015 EUR 74.32 DZ Bank AG Deutsche Ze 7.50 2/27/2015 EUR 69.01 Vontobel Financial Pro 8.05 9/26/2014 EUR 71.86 DZ Bank AG Deutsche Ze 6.00 11/14/2014 EUR 74.47 DZ Bank AG Deutsche Ze 5.50 2/13/2015 EUR 74.91 Vontobel Financial Pro 5.75 12/30/2014 EUR 69.16 DZ Bank AG Deutsche Ze 7.00 11/14/2014 EUR 64.03 DZ Bank AG Deutsche Ze 7.00 11/14/2014 EUR 69.73 HSBC Trinkaus & Burkha 8.50 3/27/2015 EUR 70.08 UniCredit Bank AG 4.00 10/30/2014 EUR 64.36 BNP Paribas Emissions- 11.50 9/11/2014 EUR 67.93 DZ Bank AG Deutsche Ze 10.50 9/26/2014 EUR 69.05 DZ Bank AG Deutsche Ze 10.00 10/24/2014 EUR 69.76 DZ Bank AG Deutsche Ze 9.50 12/30/2014 EUR 71.34 Vontobel Financial Pro 4.30 12/30/2014 EUR 72.72 Vontobel Financial Pro 4.90 9/26/2014 EUR 71.48 Vontobel Financial Pro 6.00 9/26/2014 EUR 71.64 Vontobel Financial Pro 11.70 9/26/2014 EUR 69.22 Vontobel Financial Pro 8.25 12/30/2014 EUR 74.86 Vontobel Financial Pro 9.30 9/26/2014 EUR 72.76 Vontobel Financial Pro 8.00 6/12/2015 EUR 64.90 Vontobel Financial Pro 6.00 6/12/2015 EUR 74.30 LBBW 4.00 11/28/2014 EUR 74.90 Goldman Sachs & Co Wer 8.00 9/24/2014 EUR 73.65 Vontobel Financial Pro 4.80 12/12/2014 EUR 67.34 Vontobel Financial Pro 5.40 3/13/2015 EUR 68.70 Vontobel Financial Pro 5.80 6/12/2015 EUR 69.12 DZ Bank AG Deutsche Ze 7.25 12/12/2014 EUR 69.57 DZ Bank AG Deutsche Ze 9.50 12/12/2014 EUR 74.93 DZ Bank AG Deutsche Ze 7.50 6/12/2015 EUR 73.00 DZ Bank AG Deutsche Ze 7.00 9/12/2014 EUR 74.95 DZ Bank AG Deutsche Ze 6.00 9/12/2014 EUR 72.02 DZ Bank AG Deutsche Ze 10.25 12/12/2014 EUR 69.01 DZ Bank AG Deutsche Ze 7.25 12/12/2014 EUR 68.01 DZ Bank AG Deutsche Ze 7.75 3/13/2015 EUR 74.75 DZ Bank AG Deutsche Ze 9.50 3/13/2015 EUR 70.97 DZ Bank AG Deutsche Ze 8.50 12/12/2014 EUR 73.31 DZ Bank AG Deutsche Ze 13.75 10/24/2014 EUR 63.82 DZ Bank AG Deutsche Ze 15.00 10/24/2014 EUR 69.13 DZ Bank AG Deutsche Ze 12.75 10/24/2014 EUR 72.54 Deutsche Bank AG 6.40 12/23/2014 EUR 70.20 Deutsche Bank AG 6.40 12/23/2014 EUR 68.40 Deutsche Bank AG 6.40 12/23/2014 EUR 72.10 Deutsche Bank AG 6.40 12/23/2014 EUR 74.10 Vontobel Financial Pro 8.30 3/27/2015 EUR 73.18 BNP Paribas Emissions- 6.00 9/25/2014 EUR 72.53 BNP Paribas Emissions- 10.00 9/25/2014 EUR 69.02 BNP Paribas Emissions- 18.50 9/25/2014 EUR 66.45 BNP Paribas Emissions- 6.00 12/29/2014 EUR 74.00 BNP Paribas Emissions- 10.00 12/29/2014 EUR 71.60 BNP Paribas Emissions- 13.50 12/29/2014 EUR 69.38 BNP Paribas Emissions- 9.00 3/26/2015 EUR 73.16 BNP Paribas Emissions- 11.00 3/26/2015 EUR 70.93 BNP Paribas Emissions- 9.00 6/25/2015 EUR 74.09 BNP Paribas Emissions- 11.00 6/25/2015 EUR 72.46 UniCredit Bank AG 4.30 6/24/2015 EUR 67.60 UniCredit Bank AG 5.00 6/24/2015 EUR 70.22 UniCredit Bank AG 5.25 6/24/2015 EUR 65.45 UniCredit Bank AG 5.50 6/24/2015 EUR 64.96 UniCredit Bank AG 4.50 6/24/2015 EUR 73.34 UniCredit Bank AG 5.25 6/24/2015 EUR 68.77 UniCredit Bank AG 4.20 6/24/2015 EUR 75.00 UniCredit Bank AG 4.75 6/24/2015 EUR 66.47 UniCredit Bank AG 4.50 6/24/2015 EUR 67.01 UniCredit Bank AG 5.00 6/24/2015 EUR 65.95 UniCredit Bank AG 4.75 6/24/2015 EUR 71.73 Vontobel Financial Pro 3.05 3/13/2015 EUR 75.00 Vontobel Financial Pro 11.20 5/15/2015 EUR 71.82 UniCredit Bank AG 4.00 6/25/2015 EUR 72.70 UniCredit Bank AG 4.00 6/25/2015 EUR 63.33 Commerzbank AG 7.10 6/25/2015 EUR 73.43 Vontobel Financial Pro 4.60 6/12/2015 EUR 74.66 Vontobel Financial Pro 7.90 6/26/2015 EUR 70.36 Vontobel Financial Pro 7.10 3/27/2015 EUR 69.22 Vontobel Financial Pro 7.60 9/26/2014 EUR 65.92 Vontobel Financial Pro 5.75 12/30/2014 EUR 67.16 Vontobel Financial Pro 5.55 6/12/2015 EUR 69.90 Vontobel Financial Pro 6.95 6/12/2015 EUR 69.24 Vontobel Financial Pro 8.00 6/12/2015 EUR 70.12 Vontobel Financial Pro 9.70 12/12/2014 EUR 72.94 Landesbank Hessen-Thue 3.50 7/10/2015 EUR 66.50 Goldman Sachs & Co Wer 23.00 9/24/2014 EUR 70.35 Commerzbank AG 7.00 6/25/2015 EUR 72.38 DZ Bank AG Deutsche Ze 10.75 10/24/2014 EUR 60.10 DZ Bank AG Deutsche Ze 10.00 10/24/2014 EUR 74.00 DZ Bank AG Deutsche Ze 14.00 10/24/2014 EUR 66.03 DZ Bank AG Deutsche Ze 12.25 10/24/2014 EUR 64.25 DZ Bank AG Deutsche Ze 14.50 10/24/2014 EUR 73.29 DZ Bank AG Deutsche Ze 8.25 6/26/2015 EUR 66.82 DZ Bank AG Deutsche Ze 5.25 4/9/2015 EUR 71.38 Commerzbank AG 11.00 11/27/2014 EUR 64.33 Commerzbank AG 8.50 3/26/2015 EUR 66.34 Vontobel Financial Pro 7.40 3/27/2015 EUR 63.66 Vontobel Financial Pro 10.60 9/26/2014 EUR 59.92 Commerzbank AG 7.00 3/26/2015 EUR 71.13 Commerzbank AG 10.00 3/26/2015 EUR 68.70 Goldman Sachs & Co Wer 18.00 9/24/2014 EUR 73.14 Goldman Sachs & Co Wer 16.00 3/25/2015 EUR 67.96 Goldman Sachs & Co Wer 16.00 5/20/2015 EUR 69.35 LBBW 4.00 6/26/2015 EUR 74.05 LBBW 5.00 6/26/2015 EUR 72.33 HSBC Trinkaus & Burkha 13.00 6/26/2015 EUR 74.82 HSBC Trinkaus & Burkha 12.50 12/30/2014 EUR 66.10 HSBC Trinkaus & Burkha 14.00 6/26/2015 EUR 66.66 HSBC Trinkaus & Burkha 10.00 6/26/2015 EUR 68.59 HSBC Trinkaus & Burkha 7.00 9/25/2015 EUR 70.39 HSBC Trinkaus & Burkha 10.00 12/30/2014 EUR 71.89 HSBC Trinkaus & Burkha 7.00 3/27/2015 EUR 74.33 Deutsche Bank AG 5.20 9/22/2015 EUR 73.80 UniCredit Bank AG 5.00 6/25/2015 EUR 65.60 UniCredit Bank AG 6.50 6/25/2015 EUR 64.16 UniCredit Bank AG 6.25 6/25/2015 EUR 64.61 UniCredit Bank AG 4.75 6/25/2015 EUR 66.87 UniCredit Bank AG 6.10 6/25/2015 EUR 65.16 UniCredit Bank AG 4.25 6/25/2015 EUR 67.96 DZ Bank AG Deutsche Ze 8.25 12/30/2014 EUR 68.71 DZ Bank AG Deutsche Ze 7.50 6/26/2015 EUR 70.68 DZ Bank AG Deutsche Ze 9.00 6/26/2015 EUR 72.08 DZ Bank AG Deutsche Ze 14.25 9/26/2014 EUR 73.76 DZ Bank AG Deutsche Ze 9.75 3/27/2015 EUR 71.63 DZ Bank AG Deutsche Ze 8.00 3/13/2015 EUR 74.99 DZ Bank AG Deutsche Ze 9.50 9/12/2014 EUR 67.67 DZ Bank AG Deutsche Ze 9.50 12/12/2014 EUR 69.96 DZ Bank AG Deutsche Ze 9.25 6/12/2015 EUR 73.11 DZ Bank AG Deutsche Ze 10.00 6/12/2015 EUR 73.73 Commerzbank AG 10.25 4/23/2015 EUR 74.55 Vontobel Financial Pro 9.00 4/24/2015 EUR 68.50 DZ Bank AG Deutsche Ze 7.75 10/17/2014 EUR 63.88 DZ Bank AG Deutsche Ze 9.00 10/17/2014 EUR 64.10 DZ Bank AG Deutsche Ze 7.25 10/17/2014 EUR 69.26 DZ Bank AG Deutsche Ze 10.50 10/17/2014 EUR 69.78 DZ Bank AG Deutsche Ze 6.50 10/17/2014 EUR 63.17 DZ Bank AG Deutsche Ze 6.00 10/17/2014 EUR 72.61 DZ Bank AG Deutsche Ze 7.50 10/17/2014 EUR 70.84 DZ Bank AG Deutsche Ze 9.25 10/17/2014 EUR 69.23 DZ Bank AG Deutsche Ze 5.00 4/17/2015 EUR 74.59 DZ Bank AG Deutsche Ze 5.75 4/17/2015 EUR 73.16 DZ Bank AG Deutsche Ze 6.75 4/17/2015 EUR 71.97 Vontobel Financial Pro 6.35 3/27/2015 EUR 71.90 Vontobel Financial Pro 7.45 12/30/2014 EUR 70.70 DZ Bank AG Deutsche Ze 5.75 3/27/2015 EUR 62.84 DZ Bank AG Deutsche Ze 5.00 3/27/2015 EUR 71.74 Deutsche Bank AG 6.20 6/23/2015 EUR 70.32 Deutsche Bank AG 5.20 6/23/2015 EUR 69.45 Deutsche Bank AG 7.20 6/23/2015 EUR 71.18 Deutsche Bank AG 8.20 6/23/2015 EUR 72.06 Goldman Sachs & Co Wer 14.00 5/20/2015 EUR 73.47 Deutsche Bank AG 7.20 6/22/2015 EUR 70.70 Deutsche Bank AG 6.20 6/22/2015 EUR 62.70 Deutsche Bank AG 5.20 6/22/2015 EUR 65.20 Deutsche Bank AG 6.20 6/22/2015 EUR 66.10 Deutsche Bank AG 5.20 6/22/2015 EUR 61.90 Deutsche Bank AG 7.20 6/22/2015 EUR 63.60 Deutsche Bank AG 7.20 3/24/2015 EUR 71.60 Deutsche Bank AG 5.20 3/24/2015 EUR 70.30 Deutsche Bank AG 5.20 6/22/2015 EUR 68.90 Deutsche Bank AG 6.20 3/24/2015 EUR 71.00 Deutsche Bank AG 6.20 6/22/2015 EUR 69.00 Deutsche Bank AG 7.20 6/22/2015 EUR 67.00 DZ Bank AG Deutsche Ze 12.00 9/12/2014 EUR 64.22 DZ Bank AG Deutsche Ze 8.00 3/13/2015 EUR 64.16 DZ Bank AG Deutsche Ze 9.00 4/24/2015 EUR 69.28 Deutsche Bank AG 5.20 3/24/2015 EUR 74.70 Deutsche Bank AG 5.20 12/23/2014 EUR 74.50 Deutsche Bank AG 6.20 12/23/2014 EUR 74.80 Goldman Sachs & Co Wer 6.00 5/20/2015 EUR 74.57 Goldman Sachs & Co Wer 8.00 5/20/2015 EUR 72.46 Goldman Sachs & Co Wer 9.00 5/20/2015 EUR 69.86 Goldman Sachs & Co Wer 13.00 5/20/2015 EUR 67.05 Goldman Sachs & Co Wer 7.00 9/23/2015 EUR 74.00 Goldman Sachs & Co Wer 10.00 9/23/2015 EUR 71.06 Goldman Sachs & Co Wer 11.00 9/23/2015 EUR 69.41 Goldman Sachs & Co Wer 17.00 12/24/2014 EUR 73.76 Goldman Sachs & Co Wer 16.00 1/21/2015 EUR 74.66 DZ Bank AG Deutsche Ze 10.75 9/26/2014 EUR 74.61 Deutsche Bank AG 5.20 9/22/2015 EUR 70.40 Deutsche Bank AG 7.20 9/22/2015 EUR 72.70 Deutsche Bank AG 6.20 9/22/2015 EUR 75.00 Deutsche Bank AG 6.20 9/22/2015 EUR 71.60 HSBC Trinkaus & Burkha 6.50 12/29/2014 EUR 45.32 HSBC Trinkaus & Burkha 7.50 12/29/2014 EUR 39.13 HSBC Trinkaus & Burkha 8.50 12/29/2014 EUR 34.49 HSBC Trinkaus & Burkha 7.00 12/29/2014 EUR 70.81 HSBC Trinkaus & Burkha 6.50 12/29/2014 EUR 62.23 HSBC Trinkaus & Burkha 7.00 12/29/2014 EUR 57.31 HSBC Trinkaus & Burkha 7.50 12/29/2014 EUR 74.87 HSBC Trinkaus & Burkha 6.00 12/29/2014 EUR 50.34 HSBC Trinkaus & Burkha 6.50 12/29/2014 EUR 47.29 HSBC Trinkaus & Burkha 6.00 12/29/2014 EUR 68.13 HSBC Trinkaus & Burkha 7.50 12/29/2014 EUR 63.02 BNP Paribas Emissions- 6.00 11/27/2014 EUR 74.17 Deutsche Bank AG 6.30 9/23/2014 EUR 74.40 BNP Paribas Emissions- 5.00 11/27/2014 EUR 72.15 BNP Paribas Emissions- 5.00 1/22/2015 EUR 72.84 BNP Paribas Emissions- 5.00 5/21/2015 EUR 73.50 Vontobel Financial Pro 9.15 12/30/2014 EUR 62.36 Vontobel Financial Pro 11.80 9/26/2014 EUR 60.06 Vontobel Financial Pro 10.60 9/26/2014 EUR 72.92 UniCredit Bank AG 4.60 11/27/2014 EUR 61.86 LBBW 5.00 9/26/2014 EUR 73.35 UniCredit Bank AG 4.75 2/26/2015 EUR 70.07 UniCredit Bank AG 6.00 2/26/2015 EUR 73.86 Goldman Sachs & Co Wer 8.00 12/24/2014 EUR 71.26 DZ Bank AG Deutsche Ze 10.25 12/12/2014 EUR 67.80 DZ Bank AG Deutsche Ze 8.50 3/13/2015 EUR 69.23 DZ Bank AG Deutsche Ze 9.25 3/13/2015 EUR 69.65 DZ Bank AG Deutsche Ze 8.00 9/11/2015 EUR 71.55 DZ Bank AG Deutsche Ze 7.50 9/12/2014 EUR 71.15 DZ Bank AG Deutsche Ze 10.00 9/12/2014 EUR 68.93 DZ Bank AG Deutsche Ze 6.50 12/12/2014 EUR 72.65 Commerzbank AG 6.75 5/21/2015 EUR 73.46 Commerzbank AG 8.75 5/21/2015 EUR 71.58 Commerzbank AG 11.00 5/21/2015 EUR 69.95 Commerzbank AG 6.75 5/21/2015 EUR 66.67 Vontobel Financial Pro 9.00 4/14/2015 EUR 68.50 UniCredit Bank AG 4.40 9/25/2014 EUR 72.21 UniCredit Bank AG 5.20 9/25/2014 EUR 70.58 UniCredit Bank AG 4.80 9/25/2014 EUR 71.39 UniCredit Bank AG 6.50 9/25/2014 EUR 68.29 Commerzbank AG 10.25 9/25/2014 EUR 67.09 Commerzbank AG 13.00 9/25/2014 EUR 71.86 Commerzbank AG 8.00 9/25/2014 EUR 74.39 Commerzbank AG 11.00 9/25/2014 EUR 69.94 Commerzbank AG 7.25 9/25/2014 EUR 58.01 Commerzbank AG 10.50 9/25/2014 EUR 54.31 UniCredit Bank AG 4.00 9/25/2014 EUR 73.04 UniCredit Bank AG 7.00 9/25/2014 EUR 51.76 UniCredit Bank AG 5.00 9/25/2014 EUR 55.89 Deutsche Bank AG 6.50 10/22/2014 EUR 72.60 HSBC Trinkaus & Burkha 13.50 9/26/2014 EUR 71.36 Deutsche Bank AG 5.50 10/22/2014 EUR 74.20 HSBC Trinkaus & Burkha 12.00 12/30/2014 EUR 64.08 HSBC Trinkaus & Burkha 10.50 3/27/2015 EUR 65.96 Vontobel Financial Pro 7.05 12/30/2014 EUR 67.40 Vontobel Financial Pro 5.05 12/30/2014 EUR 71.32 Vontobel Financial Pro 7.90 9/26/2014 EUR 65.38 Vontobel Financial Pro 5.45 9/26/2014 EUR 69.82 DekaBank Deutsche Giro 5.75 2/5/2015 EUR 70.97 HSBC Trinkaus & Burkha 10.00 9/26/2014 EUR 68.98 HSBC Trinkaus & Burkha 12.00 12/30/2014 EUR 67.27 HSBC Trinkaus & Burkha 11.00 3/27/2015 EUR 67.86 HSBC Trinkaus & Burkha 10.00 8/22/2014 EUR 68.02 HSBC Trinkaus & Burkha 16.00 9/26/2014 EUR 60.98 HSBC Trinkaus & Burkha 11.00 9/26/2014 EUR 65.71 HSBC Trinkaus & Burkha 13.50 12/30/2014 EUR 64.16 HSBC Trinkaus & Burkha 9.50 12/30/2014 EUR 68.00 HSBC Trinkaus & Burkha 10.00 10/24/2014 EUR 66.35 HSBC Trinkaus & Burkha 16.50 9/26/2014 EUR 73.24 HSBC Trinkaus & Burkha 14.00 9/26/2014 EUR 72.99 HSBC Trinkaus & Burkha 9.00 10/24/2014 EUR 69.54 HSBC Trinkaus & Burkha 8.50 11/28/2014 EUR 70.24 HSBC Trinkaus & Burkha 8.00 1/23/2015 EUR 71.25 Vontobel Financial Pro 10.75 9/26/2014 EUR 74.90 DZ Bank AG Deutsche Ze 6.00 11/28/2014 EUR 71.85 DZ Bank AG Deutsche Ze 6.00 8/22/2014 EUR 70.77 DZ Bank AG Deutsche Ze 7.25 8/22/2014 EUR 68.02 DZ Bank AG Deutsche Ze 7.25 9/26/2014 EUR 68.65 Deutsche Bank AG 6.50 9/24/2014 EUR 70.01 Deutsche Bank AG 5.50 9/24/2014 EUR 69.88 Goldman Sachs & Co Wer 7.00 12/24/2014 EUR 74.42 Goldman Sachs & Co Wer 7.00 12/24/2014 EUR 74.42 Goldman Sachs & Co Wer 8.00 12/24/2014 EUR 74.79 Goldman Sachs & Co Wer 7.00 9/24/2014 EUR 72.83 Goldman Sachs & Co Wer 7.00 9/24/2014 EUR 72.83 Goldman Sachs & Co Wer 9.00 9/24/2014 EUR 73.07 Goldman Sachs & Co Wer 6.00 10/22/2014 EUR 73.15 Goldman Sachs & Co Wer 7.00 10/22/2014 EUR 73.34 Goldman Sachs & Co Wer 9.00 10/22/2014 EUR 73.73 Goldman Sachs & Co Wer 7.00 11/26/2014 EUR 73.95 Goldman Sachs & Co Wer 8.00 11/26/2014 EUR 74.24 Goldman Sachs & Co Wer 7.00 8/20/2014 EUR 72.15 Goldman Sachs & Co Wer 9.00 8/20/2014 EUR 72.20 BNP Paribas Emissions- 7.00 12/29/2014 EUR 73.86 HSBC Trinkaus & Burkha 15.00 9/26/2014 EUR 72.75 HSBC Trinkaus & Burkha 8.25 1/23/2015 EUR 74.91 HSBC Trinkaus & Burkha 10.50 9/26/2014 EUR 72.90 HSBC Trinkaus & Burkha 10.00 10/24/2014 EUR 73.60 HSBC Trinkaus & Burkha 9.00 11/28/2014 EUR 74.21 HSBC Trinkaus & Burkha 13.00 12/30/2014 EUR 70.92 HSBC Trinkaus & Burkha 9.00 12/30/2014 EUR 74.93 HSBC Trinkaus & Burkha 11.50 3/27/2015 EUR 71.33 HSBC Trinkaus & Burkha 17.00 9/26/2014 EUR 65.02 HSBC Trinkaus & Burkha 9.50 11/28/2014 EUR 71.86 HSBC Trinkaus & Burkha 13.50 12/30/2014 EUR 68.10 Deutsche Bank AG 5.00 11/26/2014 EUR 72.70 Deutsche Bank AG 6.00 11/26/2014 EUR 71.30 Deutsche Bank AG 7.00 11/26/2014 EUR 69.10 Deutsche Bank AG 6.00 8/20/2014 EUR 74.20 Deutsche Bank AG 5.00 8/20/2014 EUR 73.20 Deutsche Bank AG 5.00 8/20/2014 EUR 71.40 Deutsche Bank AG 5.00 8/20/2014 EUR 69.70 Deutsche Bank AG 5.00 8/20/2014 EUR 67.20 Deutsche Bank AG 6.00 8/20/2014 EUR 73.30 Deutsche Bank AG 6.00 8/20/2014 EUR 71.50 Deutsche Bank AG 6.00 8/20/2014 EUR 69.70 Deutsche Bank AG 6.00 8/20/2014 EUR 67.30 Deutsche Bank AG 7.00 8/20/2014 EUR 73.30 Deutsche Bank AG 7.00 8/20/2014 EUR 71.50 Deutsche Bank AG 7.00 8/20/2014 EUR 69.80 Deutsche Bank AG 7.00 8/20/2014 EUR 67.30 Deutsche Bank AG 5.00 8/20/2014 EUR 72.90 Deutsche Bank AG 5.00 8/20/2014 EUR 66.70 Deutsche Bank AG 6.00 8/20/2014 EUR 72.90 Deutsche Bank AG 6.00 8/20/2014 EUR 66.70 Deutsche Bank AG 7.00 8/20/2014 EUR 73.00 Deutsche Bank AG 7.00 8/20/2014 EUR 66.70 Deutsche Bank AG 7.00 8/20/2014 EUR 74.20 DZ Bank AG Deutsche Ze 6.25 8/22/2014 EUR 68.12 Vontobel Financial Pro 6.50 9/26/2014 EUR 71.68 Commerzbank AG 6.50 10/23/2014 EUR 69.58 Commerzbank AG 6.25 9/25/2014 EUR 72.20 Commerzbank AG 10.00 9/25/2014 EUR 67.35 Vontobel Financial Pro 8.15 9/26/2014 EUR 66.98 Vontobel Financial Pro 5.35 9/26/2014 EUR 71.04 Vontobel Financial Pro 10.95 9/26/2014 EUR 72.06 Vontobel Financial Pro 7.00 11/21/2014 EUR 66.00 Commerzbank AG 8.00 10/23/2014 EUR 74.13 Goldman Sachs & Co Wer 7.00 8/20/2014 EUR 74.85 Goldman Sachs & Co Wer 15.00 8/20/2014 EUR 64.78 Deutsche Bank AG 5.00 9/23/2014 EUR 74.60 Goldman Sachs & Co Wer 9.00 9/24/2014 EUR 72.08 Goldman Sachs & Co Wer 12.00 12/24/2014 EUR 68.93 Deutsche Bank AG 6.00 9/23/2014 EUR 74.70 Deutsche Bank AG 7.00 9/23/2014 EUR 74.80 Deutsche Bank AG 5.00 9/23/2014 EUR 73.70 Deutsche Bank AG 5.00 9/23/2014 EUR 71.90 Deutsche Bank AG 5.00 9/23/2014 EUR 70.10 Deutsche Bank AG 5.00 9/23/2014 EUR 67.70 Deutsche Bank AG 6.00 9/23/2014 EUR 73.80 Deutsche Bank AG 6.00 9/23/2014 EUR 72.00 Deutsche Bank AG 6.00 9/23/2014 EUR 70.30 Deutsche Bank AG 6.00 9/23/2014 EUR 67.80 Deutsche Bank AG 7.00 9/23/2014 EUR 74.00 Deutsche Bank AG 7.00 9/23/2014 EUR 72.10 Deutsche Bank AG 7.00 9/23/2014 EUR 70.40 Goldman Sachs & Co Wer 14.00 8/20/2014 EUR 69.93 Goldman Sachs & Co Wer 10.00 9/24/2014 EUR 74.92 Goldman Sachs & Co Wer 13.00 9/24/2014 EUR 71.21 Goldman Sachs & Co Wer 12.00 11/26/2014 EUR 73.10 Deutsche Bank AG 7.00 9/23/2014 EUR 67.90 Goldman Sachs & Co Wer 11.00 3/25/2015 EUR 74.68 LBBW 4.50 11/28/2014 EUR 72.51 BNP Paribas Emissions- 5.00 10/17/2014 EUR 72.91 BNP Paribas Emissions- 5.50 10/17/2014 EUR 72.13 DZ Bank AG Deutsche Ze 6.00 11/28/2014 EUR 70.30 DZ Bank AG Deutsche Ze 6.00 11/28/2014 EUR 60.57 Vontobel Financial Pro 6.65 12/30/2014 EUR 67.96 Vontobel Financial Pro 7.90 9/26/2014 EUR 66.14 HSBC Trinkaus & Burkha 6.00 8/22/2014 EUR 69.76 Deutsche Bank AG 5.20 12/23/2014 EUR 73.10 Deutsche Bank AG 6.20 12/23/2014 EUR 73.50 Deutsche Bank AG 7.20 12/23/2014 EUR 73.90 Deutsche Bank AG 5.20 12/23/2014 EUR 74.90 Deutsche Bank AG 5.20 12/23/2014 EUR 73.10 Deutsche Bank AG 5.20 12/23/2014 EUR 71.40 Deutsche Bank AG 5.20 12/23/2014 EUR 69.00 Deutsche Bank 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EUR 72.70 Deutsche Bank AG 7.20 10/22/2014 EUR 71.00 Deutsche Bank AG 5.20 10/22/2014 EUR 70.60 Deutsche Bank AG 7.20 10/22/2014 EUR 72.80 Deutsche Bank AG 5.20 10/22/2014 EUR 72.30 Deutsche Bank AG 5.20 10/22/2014 EUR 65.90 Deutsche Bank AG 6.20 10/22/2014 EUR 72.50 Deutsche Bank AG 5.20 10/22/2014 EUR 68.10 Deutsche Bank AG 7.20 10/22/2014 EUR 68.50 Commerzbank AG 8.00 8/21/2014 EUR 68.51 Commerzbank AG 12.00 8/21/2014 EUR 72.49 DZ Bank AG Deutsche Ze 7.50 11/14/2014 EUR 66.90 Vontobel Financial Pro 7.45 9/12/2014 EUR 71.60 Vontobel Financial Pro 6.45 9/12/2014 EUR 71.52 Vontobel Financial Pro 7.70 9/12/2014 EUR 71.62 Vontobel Financial Pro 8.00 9/26/2014 EUR 71.86 DZ Bank AG Deutsche Ze 10.25 9/26/2014 EUR 69.02 DZ Bank AG Deutsche Ze 6.25 11/14/2014 EUR 63.83 DZ Bank AG Deutsche Ze 7.25 11/14/2014 EUR 64.13 Goldman Sachs & Co Wer 11.00 12/24/2014 EUR 65.78 Goldman Sachs & Co Wer 6.00 3/25/2015 EUR 74.57 Goldman Sachs & Co Wer 7.00 3/25/2015 EUR 71.97 Goldman Sachs & Co Wer 8.00 3/25/2015 EUR 69.58 Goldman Sachs & Co Wer 10.00 3/25/2015 EUR 68.03 Goldman Sachs & Co Wer 6.00 9/24/2014 EUR 71.73 Goldman Sachs & Co Wer 8.00 9/24/2014 EUR 68.58 Goldman Sachs & Co Wer 10.00 9/24/2014 EUR 65.78 Goldman Sachs & Co Wer 13.00 9/24/2014 EUR 63.32 Goldman Sachs & Co Wer 6.00 11/26/2014 EUR 72.68 Goldman Sachs & Co Wer 8.00 11/26/2014 EUR 69.91 Goldman Sachs & Co Wer 10.00 11/26/2014 EUR 67.48 Goldman Sachs & Co Wer 12.00 11/26/2014 EUR 65.26 Goldman Sachs & Co Wer 6.00 12/24/2014 EUR 73.05 Goldman Sachs & Co Wer 7.00 12/24/2014 EUR 70.10 Goldman Sachs & Co Wer 9.00 12/24/2014 EUR 67.83 Goldman Sachs & Co Wer 15.00 9/24/2014 EUR 73.61 LBBW 5.00 8/22/2014 EUR 73.20 DZ Bank AG Deutsche Ze 6.00 9/26/2014 EUR 72.17 BNP Paribas Emissions- 6.00 11/27/2014 EUR 74.55 BNP Paribas Emissions- 6.00 7/23/2015 EUR 74.89 HSBC Trinkaus & Burkha 12.00 12/30/2014 EUR 62.86 HSBC Trinkaus & Burkha 10.50 3/27/2015 EUR 64.74 HSBC Trinkaus & Burkha 8.50 8/22/2014 EUR 65.10 HSBC Trinkaus & Burkha 7.50 10/24/2014 EUR 66.37 HSBC Trinkaus & Burkha 7.00 11/28/2014 EUR 66.94 HSBC Trinkaus & Burkha 6.50 1/23/2015 EUR 67.77 HSBC Trinkaus & Burkha 10.00 8/22/2014 EUR 70.47 HSBC Trinkaus & Burkha 8.50 10/24/2014 EUR 71.90 HSBC Trinkaus & Burkha 8.00 11/28/2014 EUR 72.56 HSBC Trinkaus & Burkha 8.00 1/23/2015 EUR 73.53 HSBC Trinkaus & Burkha 10.00 9/26/2014 EUR 70.86 HSBC Trinkaus & Burkha 12.00 12/30/2014 EUR 68.86 HSBC Trinkaus & Burkha 8.50 12/30/2014 EUR 72.80 HSBC Trinkaus & Burkha 11.00 3/27/2015 EUR 69.41 HSBC Trinkaus & Burkha 8.50 3/27/2015 EUR 72.95 HSBC Trinkaus & Burkha 10.50 8/22/2014 EUR 69.91 HSBC Trinkaus & Burkha 9.00 10/24/2014 EUR 71.42 HSBC Trinkaus & Burkha 8.00 1/23/2015 EUR 73.08 HSBC Trinkaus & Burkha 15.50 9/26/2014 EUR 62.17 HSBC Trinkaus & Burkha 10.00 9/26/2014 EUR 67.08 HSBC Trinkaus & Burkha 13.00 12/30/2014 EUR 65.24 HSBC Trinkaus & Burkha 9.00 12/30/2014 EUR 69.30 HSBC Trinkaus & Burkha 9.50 10/24/2014 EUR 67.75 HSBC Trinkaus & Burkha 12.50 9/26/2014 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Financial Pro 8.70 9/12/2014 EUR 72.00 DZ Bank AG Deutsche Ze 6.25 10/24/2014 EUR 69.18 DZ Bank AG Deutsche Ze 5.00 11/7/2014 EUR 74.56 Vontobel Financial Pro 8.90 9/26/2014 EUR 74.66 UniCredit Bank AG 4.00 9/25/2014 EUR 58.26 UniCredit Bank AG 6.00 9/25/2014 EUR 53.74 UniCredit Bank AG 6.20 12/29/2014 EUR 74.25 DZ Bank AG Deutsche Ze 10.00 9/26/2014 EUR 71.21 DZ Bank AG Deutsche Ze 8.50 9/26/2014 EUR 68.85 Vontobel Financial Pro 7.10 9/12/2014 EUR 71.42 Landesbank Berlin AG 7.00 12/30/2014 EUR 73.78 Vontobel Financial Pro 10.95 9/26/2014 EUR 74.92 HSBC Trinkaus & Burkha 9.50 9/26/2014 EUR 64.60 HSBC Trinkaus & Burkha 6.00 9/26/2014 EUR 70.34 DZ Bank AG Deutsche Ze 8.00 9/26/2014 EUR 68.78 Vontobel Financial Pro 7.45 12/30/2014 EUR 69.82 Vontobel Financial Pro 8.60 9/26/2014 EUR 67.76 DZ Bank AG Deutsche Ze 6.00 10/17/2014 EUR 70.25 DZ Bank AG Deutsche Ze 8.00 10/17/2014 EUR 73.68 DZ Bank AG Deutsche Ze 3.60 12/12/2014 EUR 63.03 DZ Bank AG Deutsche Ze 3.40 12/19/2014 EUR 62.96 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Commerzbank AG 5.00 10/7/2014 EUR 73.40 Commerzbank AG 10.25 8/21/2014 EUR 70.89 HSBC Trinkaus & Burkha 10.00 9/26/2014 EUR 61.98 HSBC Trinkaus & Burkha 6.50 9/26/2014 EUR 67.19 HSBC Trinkaus & Burkha 9.00 12/30/2014 EUR 64.18 HSBC Trinkaus & Burkha 6.00 12/30/2014 EUR 68.67 HSBC Trinkaus & Burkha 13.50 9/26/2014 EUR 74.25 Deutsche Bank AG 5.20 11/26/2014 EUR 68.60 UniCredit Bank AG 5.50 2/26/2015 EUR 68.06 UniCredit Bank AG 5.20 2/26/2015 EUR 67.96 UniCredit Bank AG 4.30 2/26/2015 EUR 69.71 UniCredit Bank AG 7.00 2/26/2015 EUR 72.37 UniCredit Bank AG 4.90 2/26/2015 EUR 68.49 UniCredit Bank AG 5.00 2/26/2015 EUR 68.88 UniCredit Bank AG 4.80 2/26/2015 EUR 69.27 UniCredit Bank AG 4.00 2/26/2015 EUR 70.50 UniCredit Bank AG 4.60 2/26/2015 EUR 72.58 UniCredit Bank AG 6.10 2/26/2015 EUR 65.64 UniCredit Bank AG 6.00 2/26/2015 EUR 66.81 UniCredit Bank AG 4.00 2/26/2015 EUR 74.19 UniCredit Bank AG 5.20 2/26/2015 EUR 71.04 UniCredit Bank AG 5.50 2/26/2015 EUR 67.37 UniCredit Bank AG 4.60 2/26/2015 EUR 69.11 UniCredit Bank AG 6.50 2/26/2015 EUR 73.89 UniCredit Bank AG 5.80 2/26/2015 EUR 66.85 UniCredit Bank AG 4.00 2/26/2015 EUR 70.32 BNP Paribas Emissions- 12.00 12/11/2014 EUR 71.77 LBBW 4.30 9/23/2016 EUR 73.23 WGZ-Bank AG Westdeutsc 6.00 12/23/2014 EUR 72.94 Deutsche Bank AG 6.80 1/21/2015 EUR 73.30 Deutsche Bank AG 6.80 1/21/2015 EUR 75.00 BNP Paribas Emissions- 5.00 9/25/2014 EUR 73.61 BNP Paribas Emissions- 7.75 9/25/2014 EUR 69.53 BNP Paribas Emissions- 10.25 9/25/2014 EUR 66.69 BNP Paribas Emissions- 7.00 12/29/2014 EUR 71.23 BNP Paribas Emissions- 9.00 12/29/2014 EUR 68.86 BNP Paribas Emissions- 6.50 3/26/2015 EUR 72.50 BNP Paribas Emissions- 8.00 3/26/2015 EUR 70.35 BNP Paribas Emissions- 4.25 1/22/2015 EUR 74.82 BNP Paribas Emissions- 5.25 7/23/2015 EUR 74.19 HSBC Trinkaus & Burkha 12.50 3/27/2015 EUR 69.55 UniCredit Bank AG 4.60 2/26/2015 EUR 71.71 HSBC Trinkaus & Burkha 7.00 6/26/2015 EUR 74.35 HSBC Trinkaus & Burkha 13.00 3/27/2015 EUR 69.32 HSBC Trinkaus & Burkha 8.50 3/27/2015 EUR 73.24 HSBC Trinkaus & Burkha 7.50 6/26/2015 EUR 74.49 HSBC Trinkaus & Burkha 8.50 10/24/2014 EUR 71.73 HSBC Trinkaus & Burkha 7.50 1/23/2015 EUR 73.32 HSBC Trinkaus & Burkha 11.50 9/26/2014 EUR 63.98 HSBC Trinkaus & Burkha 11.00 12/30/2014 EUR 61.32 HSBC Trinkaus & Burkha 10.00 9/26/2014 EUR 67.20 HSBC Trinkaus & Burkha 13.50 12/30/2014 EUR 64.87 Goldman Sachs & Co Wer 11.00 10/22/2014 EUR 74.06 HSBC Trinkaus & Burkha 18.00 9/26/2014 EUR 73.52 Commerzbank AG 11.00 12/29/2014 EUR 71.35 DZ Bank AG Deutsche Ze 6.75 3/13/2015 EUR 72.36 DZ Bank AG Deutsche Ze 15.75 4/24/2015 EUR 74.80 Commerzbank AG 5.75 4/23/2015 EUR 65.97 Commerzbank AG 8.00 4/23/2015 EUR 64.44 DZ Bank AG Deutsche Ze 7.75 6/26/2015 EUR 73.25 Vontobel Financial Pro 7.75 6/26/2015 EUR 71.76 DZ Bank AG Deutsche Ze 7.50 6/12/2015 EUR 71.67 DZ Bank AG Deutsche Ze 7.25 9/11/2015 EUR 72.95 Kommunekredit 0.50 10/22/2019 BRL 59.09 Kommunekredit 0.50 9/19/2019 BRL 59.00 Kommunekredit 0.50 7/30/2027 TRY 28.17 Keops EjendomsObligati 12.00 1/1/2019 DKK 22.00 Kommunekredit 0.50 2/20/2020 BRL 57.14 BRFkredit A/S 0.90 10/1/2044 DKK 50.98 Kommunekredit 0.50 12/14/2020 ZAR 62.05 Kommunekredit 0.50 5/11/2029 CAD 59.54 Pescanova SA 5.13 4/20/2017 EUR 4.38 Minicentrales Dos SA 4.81 11/29/2034 EUR 74.25 Pescanova SA 8.75 2/17/2019 EUR 4.00 Minicentrales Dos SA 6.45 4/14/2028 EUR 74.25 Popular Capital SA 7.00 11/25/2015 EUR 36.90 Pescanova SA 6.75 3/5/2015 EUR 4.38 Autonomous Community o 2.97 9/8/2039 JPY 61.38 Catalunya Banc SA 1.06 5/5/2016 EUR 48.38 Junta Comunidades de C 0.50 12/5/2023 EUR 62.63 Banco de Castilla La M 1.50 6/23/2021 EUR 68.50 Talvivaara Mining Co P 4.00 12/16/2015 EUR 9.67 Talvivaara Mining Co P 9.75 4/4/2017 EUR 16.00 Municipality Finance P 0.50 8/8/2029 NZD 48.71 Municipality Finance P 0.50 3/28/2018 BRL 68.33 Municipality Finance P 0.50 11/16/2017 TRY 74.79 Municipality Finance P 0.50 6/19/2024 ZAR 41.56 Municipality Finance P 0.50 7/30/2029 AUD 62.05 Municipality Finance 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71.71 Societe Centrale des B 9.00 7/1/2016 EUR 6.81 Societe Generale SA 0.50 5/30/2023 MXN 61.38 Societe Generale SA 0.50 7/31/2020 MXN 74.06 Quantel SA 4.88 1/2/2015 EUR 25.00 Zlomrex International 8.50 2/1/2014 EUR 71.00 SG Option Europe SA 7.00 5/5/2017 EUR 52.23 SG Option Europe SA 7.50 12/24/2014 EUR 42.29 Groupe Monceau Fleurs 4.30 5/2/2022 EUR 4.01 Credit Agricole Corpor 0.50 3/6/2023 RUB 42.79 Fonciere Volta SA 4.50 7/30/2020 EUR 2.75 Atari SA 0.50 4/1/2015 EUR 3.00 BNP Paribas SA 0.50 5/6/2021 MXN 69.90 BNP Paribas SA 0.50 1/31/2018 RUB 70.68 OL Groupe 7.00 12/28/2015 EUR 6.82 Avanquest Software SA 6.50 2/15/2015 EUR 4.71 COFIDUR SA 0.10 12/31/2024 EUR 15.00 Societe Generale SA 0.50 4/4/2024 MXN 61.55 Societe Generale SA 0.50 6/12/2023 RUB 41.41 Credit Agricole Corpor 0.50 6/4/2021 NZD 72.40 Societe Generale SA 0.50 5/22/2024 MXN 62.79 Caisse Centrale du Cre 7.00 9/10/2015 EUR 15.38 BNP Paribas SA 0.50 11/16/2032 MXN 31.83 BNP Paribas SA 0.50 2/13/2024 NZD 62.70 SG Option 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Credit Group PLC 0.82 2/21/2021 EUR 69.00 Barclays Bank PLC 7.50 2/17/2015 USD 10.01 Barclays Bank PLC 9.00 10/3/2014 USD 9.92 Barclays Bank PLC 0.50 4/24/2023 MXN 61.77 Barclays Bank PLC 2.50 3/7/2017 EUR 34.94 HSBC Bank PLC 0.50 12/29/2022 AUD 63.89 RSL Communications PLC 12.00 11/1/2008 USD 1.25 Alpha Credit Group PLC 1.50 12/18/2028 EUR 43.50 HSBC Bank PLC 0.50 2/24/2023 AUD 62.40 Alpha Credit Group PLC 2.00 4/27/2024 EUR 62.63 RSL Communications PLC 10.13 3/1/2008 USD 1.25 RSL Communications PLC 9.88 11/15/2009 USD 1.25 HSBC Bank PLC 0.50 1/29/2027 NZD 55.00 HSBC Bank PLC 0.50 2/5/2018 RUB 70.38 RSL Communications PLC 10.50 11/15/2008 USD 1.25 HSBC Bank PLC 0.50 12/8/2026 AUD 58.98 HSBC Bank PLC 0.50 6/30/2021 NZD 73.20 HSBC Bank PLC 0.50 11/22/2021 AUD 74.22 Barclays Bank PLC 0.50 1/28/2033 MXN 32.68 HSBC Bank PLC 0.50 2/2/2023 AUD 62.61 HSBC Bank PLC 0.50 11/30/2021 NZD 71.71 HSBC Bank PLC 0.50 2/24/2027 NZD 54.79 HSBC Bank PLC 0.50 4/27/2027 NZD 54.31 Barclays Bank PLC 1.47 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3/23/2018 EUR 42.37 Leonteq Securities AG/ 8.64 8/25/2015 CHF 50.25 Leonteq Securities AG/ 11.40 7/31/2015 EUR 74.47 Bank Julius Baer & Co 7.75 12/12/2014 EUR 65.85 Bank Julius Baer & Co 11.50 10/17/2014 EUR 71.10 Leonteq Securities AG/ 19.94 5/21/2015 CHF 74.57 Leonteq Securities AG/ 14.25 2/13/2015 USD 74.96 EFG International Fina 6.00 11/30/2017 EUR 40.21 Leonteq Securities AG/ 7.80 8/26/2014 CHF 47.61 Banque Cantonale Vaudo 14.68 9/22/2014 EUR 66.95 Zurcher Kantonalbank F 11.25 2/13/2015 EUR 71.58 Bank Julius Baer & Co 10.00 2/27/2015 USD 73.15 Mare Baltic PCC Ltd 3.00 11/17/2014 DKK 1.00 Zurcher Kantonalbank F 5.15 11/5/2014 CHF 72.94 Bank Julius Baer & Co 7.50 1/27/2015 EUR 64.80 Leonteq Securities AG/ 6.58 3/29/2016 EUR 73.00 Banque Cantonale Vaudo 4.90 9/9/2014 CHF 72.92 Leonteq Securities AG/ 6.80 12/19/2014 USD 62.97 Bank Julius Baer & Co 9.10 5/22/2015 EUR 73.00 Bank Julius Baer & Co 9.50 9/12/2014 EUR 75.00 EFG International Fina 12.86 10/30/2017 EUR 44.33 Leonteq Securities AG/ 29.61 10/26/2017 EUR 40.04 Leonteq Securities AG/ 10.40 8/14/2015 EUR 74.35 Leonteq Securities AG/ 10.00 9/26/2014 USD 65.45 Leonteq Securities AG/ 4.05 9/25/2014 CHF 69.49 Leonteq Securities AG/ 5.50 8/19/2014 USD 65.89 Leonteq Securities AG/ 14.00 9/22/2014 CHF 31.61 Zurcher Kantonalbank F 6.95 10/22/2014 EUR 74.26 Leonteq Securities AG/ 11.80 9/10/2015 EUR 74.75 Bank Julius Baer & Co 6.60 10/7/2014 EUR 71.20 EFG International Fina 6.48 5/29/2018 EUR 72.71 Zurcher Kantonalbank F 9.28 1/15/2015 EUR 68.05 Zurcher Kantonalbank F 10.50 2/25/2015 CHF 70.98 Bank J Safra Sarasin A 8.00 4/27/2015 CHF 68.25 Zurcher Kantonalbank F 9.00 11/12/2014 EUR 71.75 Banque Cantonale Vaudo 8.65 11/24/2014 EUR 64.70 Leonteq Securities AG/ 20.15 9/11/2014 CHF 65.15 Zurcher Kantonalbank F 14.00 7/29/2015 EUR 74.28 Marfin Investment Grou 5.00 3/19/2015 EUR 4.78 Hellenic Republic Gove 2.09 7/25/2057 EUR 22.63 Nireus Aquaculture SA 5.30 7/12/2015 EUR 12.00 Marfin Investment Grou 7.00 6/18/2019 EUR 1.00 Marfin Investment Grou 6.30 6/18/2020 EUR 0.85 Ingra dd 6.13 12/6/2016 HRK 12.99 ENEFI Energyefficiency 10.24 2/12/2015 HUF 17.29 Corsicanto Ltd 3.50 1/15/2032 USD 82.00 Allied Irish Banks PLC 0.95 10/24/2035 EUR 24.38 Allied Irish Banks PLC 12.50 6/25/2035 GBP 70.00 Depfa ACS Bank 4.90 8/24/2035 CAD 72.28 Depfa ACS Bank 0.25 7/8/2033 CAD 24.00 Allied Irish Banks PLC 5.25 3/10/2035 GBP 26.50 Kalvebod PLC 2.00 5/1/2106 DKK 65.00 Depfa ACS Bank 0.50 3/3/2025 CAD 51.48 Kaupthing Bank Hf 7.13 5/19/2016 USD 0.13 LBI HF 6.10 8/25/2011 USD 11.00 Kaupthing Bank Hf 5.75 10/4/2011 USD 12.88 Kaupthing Bank Hf 7.63 2/28/2015 USD 10.75 Glitnir HF 3.00 6/30/2010 EUR 12.00 Glitnir HF 6.00 3/5/2012 GBP 12.00 Kaupthing Bank Hf 6.50 2/3/2045 EUR 0.13 Kaupthing Bank Hf 5.75 10/4/2011 USD 12.88 Kaupthing Bank Hf 3.00 2/12/2010 CHF 12.88 Kaupthing Bank Hf 5.25 7/18/2017 BGN 12.88 Glitnir HF 4.38 2/5/2010 EUR 12.00 Kaupthing Bank Hf 5.50 2/2/2009 USD 12.88 LBI HF 6.10 8/25/2011 USD 8.88 Kaupthing Bank Hf 7.50 2/1/2045 USD 0.13 LBI HF 2.25 2/14/2011 CHF 9.38 Kaupthing Bank Hf 1.80 10/20/2009 JPY 12.88 LBI HF 3.00 12/7/2010 CHF 9.38 Kaupthing Bank Hf 6.13 10/4/2016 USD 12.88 Kaupthing Bank Hf 6.13 10/4/2016 USD 12.88 LBI HF 3.20 5/10/2010 SKK 9.38 Kaupthing Bank Hf 4.65 2/19/2013 EUR 12.88 Glitnir HF 6.38 9/25/2012 USD 12.00 Glitnir HF 6.33 7/28/2011 USD 12.00 Kaupthing Bank Hf 4.70 2/15/2010 CAD 12.88 Glitnir HF 1.63 3/11/2009 CHF 12.00 Glitnir HF 4.75 10/15/2010 USD 12.00 Kaupthing Bank Hf 1.65 7/5/2010 JPY 12.88 LBI HF 4.40 1/18/2010 CAD 9.38 LBI HF 7.75 2/22/2016 USD 9.38 Kaupthing Bank Hf 9.75 9/10/2015 USD 12.88 Glitnir HF 5.44 12/22/2015 USD 12.00 Glitnir HF 5.31 12/24/2012 USD 12.00 Kaupthing Bank Hf 7.13 5/19/2016 USD 0.13 Glitnir HF 10.00 6/28/2017 USD 12.00 Kaupthing Bank Hf 1.99 7/5/2012 JPY 12.88 Glitnir HF 6.00 8/1/2015 ISK 12.00 Glitnir HF 3.00 4/1/2010 CZK 12.00 Kaupthing Bank Hf 0.80 2/15/2011 EUR 12.88 Kaupthing Bank Hf 1.75 6/7/2016 EUR 12.88 Kaupthing Bank Hf 7.63 2/28/2015 USD 10.75 Kaupthing Bank Hf 4.95 5/6/2009 EUR 12.88 Glitnir HF 6.33 7/28/2011 USD 12.00 Kaupthing Bank Hf 3.75 2/15/2024 ISK 12.88 Glitnir HF 3.25 8/15/2016 EUR 12.00 LBI HF 4.40 11/3/2009 CZK 9.38 LBI HF 4.38 10/20/2008 EUR 9.38 Kaupthing Bank Hf 7.00 7/24/2009 ISK 12.88 Glitnir HF 5.35 5/11/2010 USD 12.00 Glitnir HF 5.25 5/2/2014 ISK 12.00 Glitnir HF 3.25 9/15/2015 EUR 12.00 LBI HF 4.40 11/30/2035 EUR 0.13 Glitnir HF 2.75 3/31/2010 EUR 12.00 LBI HF 6.00 6/6/2017 EUR 9.38 Kaupthing Bank Hf 0.69 5/21/2011 JPY 12.88 Glitnir HF 3.00 10/31/2015 EUR 12.00 Glitnir HF 4.75 10/15/2010 USD 12.00 Kaupthing Bank Hf 4.47 10/27/2010 EUR 12.88 Glitnir HF 4.85 4/26/2012 EUR 12.00 LBI HF 8.65 5/1/2011 ISK 9.38 LBI HF 6.75 2/18/2015 EUR 9.38 LBI HF 7.25 4/2/2011 EUR 9.38 Kaupthing Bank Hf 4.90 5/29/2017 EUR 12.88 Kaupthing Bank Hf 0.95 10/20/2010 JPY 12.88 LBI HF 4.53 4/24/2012 EUR 9.38 LBI HF 2.14 2/3/2020 JPY 9.38 Kaupthing Bank Hf 7.70 10/2/2011 EUR 12.88 Kaupthing Bank Hf 7.50 10/2/2010 EUR 12.88 LBI HF 7.00 4/2/2010 EUR 9.38 LBI HF 7.20 4/27/2026 EUR 0.13 Kaupthing Bank Hf 0.20 7/12/2009 JPY 12.88 Kaupthing Bank Hf 4.50 1/17/2011 EUR 12.88 Glitnir HF 0.01 5/6/2009 JPY 12.00 Glitnir HF 3.00 12/15/2009 EUR 12.00 Kaupthing Bank Hf 7.50 12/5/2014 ISK 12.88 Glitnir HF 6.38 9/25/2012 USD 12.00 Glitnir HF 4.85 4/6/2012 EUR 12.00 LBI HF 3.45 12/18/2033 JPY 0.13 Glitnir HF 3.75 1/15/2010 EUR 12.00 Glitnir HF 6.75 3/27/2013 EUR 12.00 LBI HF 4.08 3/16/2015 EUR 9.38 Kaupthing Bank Hf 7.90 2/1/2016 EUR 12.88 LBI HF 4.34 12/22/2025 EUR 9.38 Glitnir HF 2.00 1/30/2009 CHF 12.00 Glitnir HF 5.86 7/28/2016 GBP 12.00 LBI HF 3.11 11/10/2008 EUR 9.38 Glitnir HF 3.63 4/5/2009 EUR 12.00 Kaupthing Bank Hf 5.40 3/22/2014 ISK 0.13 Glitnir HF 5.25 10/23/2011 ISK 12.00 LBI HF 5.08 3/1/2013 ISK 9.38 Glitnir HF 0.50 11/26/2009 EUR 12.00 Kaupthing Bank Hf 6.50 10/8/2010 ISK 12.88 Glitnir HF 3.00 11/30/2009 EUR 12.00 LBI HF 1.68 12/22/2014 JPY 9.38 Kaupthing Bank Hf 7.00 1/3/2011 EUR 12.88 Glitnir HF 3.30 6/10/2010 EUR 12.00 Kaupthing Bank Hf 4.53 4/24/2012 EUR 12.88 LBI HF 5.44 9/3/2018 EUR 0.13 Glitnir HF 6.00 12/15/2012 GBP 12.00 Glitnir HF 7.32 12/19/2012 USD 12.00 LBI HF 5.25 6/5/2023 EUR 9.38 Kaupthing Bank Hf 7.50 4/2/2011 EUR 12.88 LBI HF 6.75 8/18/2015 EUR 9.38 LBI HF 4.34 3/1/2011 EUR 9.38 Glitnir HF 3.45 8/22/2010 CZK 12.00 Glitnir HF 0.01 8/3/2009 JPY 12.00 Kaupthing Bank Hf 5.80 9/7/2012 EUR 12.88 LBI HF 3.36 8/17/2012 EUR 9.38 Glitnir HF 3.30 8/22/2012 EUR 12.00 Glitnir HF 3.00 10/4/2011 EUR 12.00 LBI HF 4.00 9/23/2015 EUR 9.38 Kaupthing Bank Hf 7.90 4/28/2016 EUR 12.88 Glitnir HF 2.57 12/31/2013 EUR 12.00 Glitnir HF 4.01 7/6/2009 HKD 12.00 Glitnir HF 5.86 7/28/2016 GBP 12.00 Glitnir HF 6.31 7/28/2011 USD 12.00 Glitnir HF 6.31 7/28/2011 USD 12.00 Glitnir HF 5.24 12/22/2010 USD 12.00 Kaupthing Bank Hf 5.00 11/8/2013 EUR 12.88 LBI HF 4.75 5/31/2013 EUR 9.38 Kaupthing Bank Hf 5.00 1/4/2027 SKK 12.88 LBI HF 4.32 1/31/2010 EUR 9.38 LBI HF 4.28 11/19/2010 EUR 9.38 Glitnir HF 3.50 10/30/2012 EUR 12.00 LBI HF 3.34 5/11/2012 EUR 9.38 Glitnir HF 4.50 1/9/2012 EUR 12.00 LBI HF 2.75 3/16/2011 EUR 9.38 Glitnir HF 5.00 2/1/2011 ISK 12.00 Glitnir HF 5.00 2/1/2016 ISK 12.00 Glitnir HF 6.00 8/1/2010 ISK 12.00 Kaupthing Bank Hf 8.00 6/22/2011 ISK 0.13 Kaupthing Bank Hf 7.00 4/28/2012 ISK 0.13 LBI HF 3.00 10/22/2015 EUR 9.38 LBI HF 2.22 10/15/2019 JPY 9.38 Glitnir HF 2.25 2/15/2011 EUR 12.00 Glitnir HF 5.00 3/14/2012 EUR 12.00 Kaupthing Bank Hf 6.40 12/15/2015 EUR 12.88 Glitnir HF 5.25 5/2/2017 ISK 12.00 Banca delle Marche SpA 1.26 6/1/2017 EUR 56.88 Banca delle Marche SpA 1.39 6/15/2016 EUR 68.98 Seat Pagine Gialle SpA 10.50 1/31/2017 EUR 19.00 Cirio Finanziaria SpA 8.00 12/21/2005 EUR 1.63 Seat Pagine Gialle SpA 10.50 1/31/2017 EUR 19.00 Seat Pagine Gialle SpA 10.50 1/31/2017 EUR 19.00 Region of Molise Italy 0.73 12/15/2033 EUR 67.25 Region of Abruzzo Ital 0.82 11/7/2036 EUR 58.15 Region of Piemont Ital 0.56 11/27/2036 EUR 58.83 Italy Government Inter 0.72 7/31/2045 EUR 64.25 Region of Abruzzo Ital 0.66 11/7/2031 EUR 64.30 Banca Monte dei Paschi 3.04 11/10/2020 EUR 70.00 Seat Pagine Gialle SpA 10.50 1/31/2017 EUR 19.00 Seat Pagine Gialle SpA 10.50 1/31/2017 EUR 19.38 Comune di Fiumicino 0.46 12/31/2026 EUR 71.39 Province of Milan Ital 0.55 12/22/2033 EUR 63.41 Province of Treviso It 0.54 12/31/2034 EUR 60.45 Seat Pagine Gialle SpA 10.50 1/31/2017 EUR 18.75 Province of Treviso It 0.48 12/31/2034 EUR 58.84 Comune di Verona 0.53 12/1/2026 EUR 62.80 Province of Milan Ital 0.30 12/20/2042 EUR 44.18 City of Lecco Italy 0.42 6/30/2026 EUR 72.18 Comune di Nervesa dell 0.39 1/31/2027 EUR 69.15 Comune di Seminara 0.84 10/31/2026 EUR 74.10 Province of Rovigo Ita 0.56 12/28/2035 EUR 59.34 City of Cagliari Italy 0.48 12/23/2025 EUR 72.72 Province of Brescia It 0.68 6/30/2036 EUR 58.02 Comune di Azzano Mella 0.41 6/30/2025 EUR 73.36 City of Pavullo nel Fr 1.26 12/31/2030 EUR 71.53 Comunita Montana Leogr 0.37 1/15/2027 EUR 69.05 Comune di San Benedett 0.38 6/30/2027 EUR 68.11 Comunita Montana della 0.44 6/30/2027 EUR 70.17 Comune di Ladispoli 0.41 12/31/2026 EUR 69.29 Comune di Ferentino 0.38 12/28/2027 EUR 66.87 Comune di Pieve d'Olmi 0.41 6/30/2026 EUR 70.76 Province of Macerata 0.35 12/30/2025 EUR 71.54 Province of Teramo Ita 0.43 12/30/2025 EUR 73.75 Banca di Cividale SpA 0.42 10/2/2036 EUR 56.25 Comune di Cimbergo 0.52 12/31/2035 EUR 56.85 Comune di Orvieto 0.43 12/31/2030 EUR 61.47 Province of Teramo Ita 0.40 12/30/2030 EUR 63.54 Comune di Bossico 0.52 12/31/2035 EUR 56.85 Comune di Ponte Di Leg 0.52 12/31/2035 EUR 56.85 Comune di Cellatica 0.46 12/31/2025 EUR 72.30 Comune di Roe Volciano 0.52 12/31/2035 EUR 56.85 Comune di Bassano del 0.39 12/31/2025 EUR 71.83 Province of Ascoli Pic 0.59 6/30/2026 EUR 70.72 Comune di San Lorenzo 0.41 6/30/2026 EUR 70.69 Comune di Bovegno 0.52 12/31/2035 EUR 56.85 Comune di Biella 0.37 12/31/2025 EUR 71.66 Comune di Orvieto 0.43 12/31/2031 EUR 60.34 Province of Brescia It 0.75 12/22/2036 EUR 57.45 Comune di San Ferdinan 0.49 12/27/2026 EUR 71.99 Comune di Soriano Nel 0.40 12/31/2026 EUR 69.47 Comune di Erchie 0.44 12/31/2036 EUR 54.39 Comune di Acquapendent 0.41 12/31/2025 EUR 72.00 Comune di Marsciano 0.46 12/31/2036 EUR 55.01 Comune di Dello 0.46 12/31/2025 EUR 72.30 Province of Palermo It 0.41 12/31/2035 EUR 55.37 Comune di Santa Maria 0.70 5/31/2026 EUR 74.06 Province of Treviso It 0.31 12/31/2034 EUR 57.54 Comune di Comezzano Ci 0.47 6/30/2030 EUR 62.97 Province of Pavia 0.39 12/31/2025 EUR 71.91 Comune di Cologno Monz 0.39 12/31/2025 EUR 71.88 Comune di Pietra Ligur 0.39 12/31/2025 EUR 71.86 Comune di Castel Madam 0.45 12/31/2025 EUR 72.38 Province of Lecce 0.36 6/30/2026 EUR 70.29 Comune di Grottaferrat 0.40 6/30/2026 EUR 70.59 Comune di Lozio 0.57 12/31/2035 EUR 57.53 Comune di Susegana 0.40 12/31/2025 EUR 71.91 Comune di Marsciano 0.63 12/30/2034 EUR 58.95 ESFIL-Espirito Santo F 5.25 6/12/2015 EUR 11.50 Espirito Santo Financi 6.88 10/21/2019 EUR 3.38 Espirito Santo Financi 3.13 12/2/2018 EUR 17.38 Far East Capital Ltd S 8.00 5/2/2018 USD 75.15 Espirito Santo Financi 9.75 12/19/2025 EUR 5.38 Bank of New York Mello 4.45 12/30/2099 EUR 46.69 3W Power SA 9.25 12/1/2015 EUR 57.00 Banco Espirito Santo S 3.50 1/23/2043 EUR 69.25 Codere Finance Luxembo 8.25 6/15/2015 EUR 63.00 Far East Capital Ltd S 8.75 5/2/2020 USD 83.15 Far East Capital Ltd S 8.00 5/2/2018 USD 66.94 Codere Finance Luxembo 9.25 2/15/2019 USD 64.00 International Industri 9.00 7/6/2011 EUR 0.63 Codere Finance Luxembo 9.25 2/15/2019 USD 64.75 Hellas Telecommunicati 8.50 10/15/2013 EUR 0.13 Cirio Holding Luxembou 6.25 2/16/2004 EUR 0.63 IT Holding Finance SA 9.88 11/15/2012 EUR 0.13 International Industri 11.00 2/19/2013 USD 0.38 Cirio Finance Luxembou 7.50 11/3/2002 EUR 1.50 Del Monte Finance Luxe 6.63 5/24/2006 EUR 13.75 Breeze Finance SA 11.75 4/19/2027 EUR 3.00 Far East Capital Ltd S 8.75 5/2/2020 USD 68.75 Breeze Finance SA 6.71 4/19/2027 EUR 35.00 Codere Finance Luxembo 8.25 6/15/2015 EUR 63.50 Banco Espirito Santo S 3.50 2/19/2043 EUR 63.75 Codere Finance Luxembo 8.25 6/15/2015 EUR 63.38 Teksid Aluminum Luxemb 11.38 7/15/2011 EUR 0.25 Banco Espirito Santo S 3.50 3/18/2043 EUR 63.75 Finmek International S 7.00 12/3/2004 EUR 0.13 Hellas Telecommunicati 8.50 10/15/2013 EUR 0.13 La Veggia Finance SPA 7.13 11/14/2004 EUR 0.63 ECM Real Estate Invest 5.00 10/9/2011 EUR 10.38 Codere Finance Luxembo 8.25 6/15/2015 EUR 63.50 Erste Europaeische Pfa 0.24 2/1/2037 USD 74.56 IT Holding Finance SA 9.88 11/15/2012 EUR 0.13 Cerruti Finance SA 6.50 7/26/2004 EUR 1.63 ECM Real Estate Invest 5.00 10/9/2011 EUR 10.38 WPE International Coop 10.38 9/30/2020 USD 31.50 Metinvest BV 8.75 2/14/2018 USD 68.31 New World Resources NV 7.88 5/1/2018 EUR 70.02 New World Resources NV 7.88 1/15/2021 EUR 15.13 WPE International Coop 10.38 9/30/2020 USD 30.00 BLT Finance BV 7.50 5/15/2014 USD 8.50 SNS Bank NV 6.25 10/26/2020 EUR 3.88 KPNQwest NV 10.00 3/15/2012 EUR 0.38 Astana Finance BV 7.88 6/8/2010 EUR 5.38 KPNQwest NV 8.13 6/1/2009 USD 1.50 KPNQwest NV 7.13 6/1/2009 EUR 0.25 KPNQwest NV 8.88 2/1/2008 EUR 0.25 Finance and Credit Ban 9.25 1/25/2019 USD 70.00 Cooperatieve Centrale 0.50 11/26/2021 ZAR 51.85 Lehman Brothers Treasu 6.00 2/15/2035 EUR 7.00 Cirio Del Monte NV 7.75 3/14/2005 EUR 6.00 Astana Finance BV 9.00 11/16/2011 USD 5.33 Sairgroup Finance BV 6.63 10/6/2010 EUR 11.38 Lehman Brothers Treasu 7.00 5/17/2035 EUR 7.75 Sidetur Finance BV 10.00 4/20/2016 USD 21.13 Lehman Brothers Treasu 7.25 10/5/2035 EUR 7.25 Lehman Brothers Treasu 6.00 11/2/2035 EUR 7.00 Sairgroup Finance BV 4.38 6/8/2006 EUR 11.13 New World Resources NV 7.88 1/15/2021 EUR 15.13 Bulgaria Steel Finance 12.00 5/4/2013 EUR 1.00 Air Berlin Finance BV 1.50 4/11/2027 EUR 66.01 Global PVQ Netherlands 5.75 5/26/2014 EUR 29.83 Lehman Brothers Treasu 8.25 3/16/2035 EUR 6.75 Lehman Brothers Treasu 5.00 9/22/2014 EUR 30.63 New World Resources NV 7.88 5/1/2018 EUR 70.00 SNS Bank NV 6.63 5/14/2018 EUR 4.38 Lehman Brothers Treasu 5.00 2/16/2015 EUR 30.63 BLT Finance BV 12.00 2/10/2015 USD 10.50 KPNQwest NV 8.88 2/1/2008 EUR 0.25 Lehman Brothers Treasu 1.75 2/7/2010 EUR 5.63 Global PVQ Netherlands 1.38 4/30/2012 EUR 30.38 Lehman Brothers Treasu 5.10 5/8/2017 HKD 29.88 Global PVQ Netherlands 1.38 4/30/2012 EUR 29.83 Cooperatieve Centrale 0.50 7/30/2043 MXN 18.47 Bank Nederlandse Gemee 0.50 6/7/2022 ZAR 54.03 Lehman Brothers Treasu 7.60 5/21/2013 USD 30.63 Lehman Brothers Treasu 2.88 3/14/2013 CHF 11.13 Lehman Brothers Treasu 6.00 3/14/2011 EUR 30.63 Lehman Brothers Treasu 7.00 10/22/2010 EUR 30.63 KPNQwest NV 7.13 6/1/2009 EUR 0.25 Lehman Brothers Treasu 8.00 2/16/2016 EUR 30.63 Lehman Brothers Treasu 5.25 5/26/2026 EUR 30.63 Lehman Brothers Treasu 4.00 10/24/2012 EUR 30.63 Astana Finance BV 14.50 7/2/2013 USD 7.63 Cooperatieve Centrale 0.50 10/30/2043 MXN 17.97 Lehman Brothers Treasu 4.50 5/2/2017 EUR 30.63 Lehman Brothers Treasu 3.03 1/31/2015 EUR 5.63 Lehman Brothers Treasu 11.00 12/20/2017 AUD 30.63 Lehman Brothers Treasu 8.25 12/3/2015 EUR 5.63 Lehman Brothers Treasu 6.00 10/30/2012 EUR 30.63 Lehman Brothers Treasu 1.00 5/9/2012 EUR 30.63 Lehman Brothers Treasu 5.00 2/27/2014 EUR 30.63 Lehman Brothers Treasu 4.00 12/2/2012 EUR 30.63 Lehman Brothers Treasu 4.00 2/16/2017 EUR 5.63 Nederlandse Waterschap 0.50 3/11/2025 CAD 72.12 Lehman Brothers Treasu 13.50 6/2/2009 USD 5.63 Lehman Brothers Treasu 7.00 11/26/2013 EUR 30.63 Lehman Brothers Treasu 6.00 3/18/2015 USD 30.63 Lehman Brothers Treasu 10.00 6/17/2009 USD 5.63 Lehman Brothers Treasu 15.00 6/4/2009 CHF 5.63 Lehman Brothers Treasu 5.25 7/8/2014 EUR 5.63 Lehman Brothers Treasu 1.46 2/19/2012 JPY 29.88 Lehman Brothers Treasu 4.10 6/10/2014 SGD 5.63 Lehman Brothers Treasu 11.75 3/1/2010 EUR 5.63 BLT Finance BV 7.50 5/15/2014 USD 8.50 Lehman Brothers Treasu 0.75 3/29/2012 EUR 30.63 Lehman Brothers Treasu 5.00 8/16/2017 EUR 30.63 Lehman Brothers Treasu 3.00 3/19/2018 JPY 5.63 Lehman Brothers Treasu 0.50 6/2/2020 EUR 5.63 Lehman Brothers Treasu 7.00 2/15/2012 EUR 5.63 Lehman Brothers Treasu 5.00 3/18/2015 EUR 30.63 Morgan Stanley BV 8.50 5/25/2015 EUR 74.08 Lehman Brothers Treasu 3.00 6/23/2009 EUR 30.63 Lehman Brothers Treasu 6.65 8/24/2011 AUD 29.88 Lehman Brothers Treasu 4.00 7/20/2012 EUR 30.63 Nutritek International 8.75 12/11/2008 USD 2.00 Lehman Brothers Treasu 4.05 9/16/2008 EUR 30.63 Lehman Brothers Treasu 1.50 10/12/2010 EUR 30.63 Bulgaria Steel Finance 12.00 5/4/2013 EUR 1.00 NIBC Bank NV 25.98 5/7/2029 EUR 61.92 Lehman Brothers Treasu 8.88 1/28/2011 HKD 29.88 Lehman Brothers Treasu 7.00 6/6/2017 EUR 30.63 Morgan Stanley BV 9.00 4/16/2015 EUR 63.90 Lehman Brothers Treasu 6.00 6/21/2011 EUR 30.63 Lehman Brothers Treasu 8.25 2/3/2016 EUR 30.63 Lehman Brothers Treasu 3.86 9/21/2011 SGD 5.63 Lehman Brothers Treasu 6.00 8/7/2013 EUR 30.63 KPNQwest NV 8.88 2/1/2008 EUR 0.25 Cooperatieve Centrale 0.50 10/29/2027 MXN 46.90 Lehman Brothers Treasu 1.28 11/6/2010 JPY 29.88 Lehman Brothers Treasu 5.55 3/12/2015 EUR 5.63 Lehman Brothers Treasu 4.68 12/12/2045 EUR 5.63 Lehman Brothers Treasu 10.44 11/22/2008 CHF 5.63 Lehman Brothers Treasu 7.60 3/26/2009 EUR 30.63 Lehman Brothers Treasu 4.10 8/23/2010 USD 5.63 Lehman Brothers Treasu 0.50 12/20/2017 AUD 30.63 Lehman Brothers Treasu 7.75 2/21/2016 EUR 30.63 Lehman Brothers Treasu 7.60 1/31/2013 AUD 5.63 Lehman Brothers Treasu 11.00 7/4/2011 USD 5.63 Lehman Brothers Treasu 8.50 7/5/2016 EUR 30.63 Lehman Brothers Treasu 4.60 7/6/2016 EUR 30.63 Lehman Brothers Treasu 0.50 12/20/2017 AUD 30.63 Lehman Brothers Treasu 4.35 8/8/2016 SGD 29.88 Lehman Brothers Treasu 2.00 6/28/2011 EUR 30.63 Lehman Brothers Treasu 6.00 3/4/2015 USD 30.63 Lehman Brothers Treasu 14.90 11/16/2010 EUR 5.63 Lehman Brothers Treasu 5.50 6/22/2010 USD 30.63 Lehman Brothers Treasu 6.50 7/24/2026 EUR 30.63 Lehman Brothers Treasu 13.50 11/28/2008 USD 5.63 Lehman Brothers Treasu 7.39 5/4/2017 USD 30.63 Lehman Brothers Treasu 11.00 12/19/2011 USD 30.63 Lehman Brothers Treasu 4.70 3/23/2016 EUR 30.63 Lehman Brothers Treasu 4.50 3/7/2015 EUR 30.63 Central European Estat 7.80 8/30/2014 ILS 12.80 Lehman Brothers Treasu 4.00 4/13/2011 CHF 30.63 KPNQwest NV 7.13 6/1/2009 EUR 0.25 Lehman Brothers Treasu 14.90 9/15/2008 EUR 5.63 Lehman Brothers Treasu 7.50 8/1/2035 EUR 30.63 Lehman Brothers Treasu 4.10 5/20/2009 USD 5.63 Lehman Brothers Treasu 6.00 9/20/2011 EUR 30.63 Lehman Brothers Treasu 0.50 12/20/2017 AUD 30.63 Lehman Brothers Treasu 9.75 6/22/2018 USD 30.63 Lehman Brothers Treasu 6.50 5/16/2015 EUR 30.63 Lehman Brothers Treasu 4.50 7/24/2014 EUR 30.63 Lehman Brothers Treasu 5.00 5/12/2011 CHF 30.63 Lehman Brothers Treasu 15.00 3/30/2011 EUR 30.63 Lehman Brothers Treasu 4.00 7/27/2011 EUR 30.63 Lehman Brothers Treasu 5.00 5/2/2022 EUR 5.63 Lehman Brothers Treasu 7.00 9/20/2011 USD 30.63 Cooperatieve Centrale 0.50 8/21/2028 MXN 44.41 Lehman Brothers Treasu 5.38 2/4/2014 USD 30.63 Lehman Brothers Treasu 2.50 11/9/2011 CHF 30.63 Lehman Brothers Treasu 6.00 10/30/2012 USD 5.63 Lehman Brothers Treasu 7.50 5/2/2017 EUR 30.63 Lehman Brothers Treasu 7.15 3/21/2013 USD 30.63 Bank Nederlandse Gemee 0.50 5/12/2021 ZAR 59.48 Lehman Brothers Treasu 8.05 12/20/2010 HKD 5.63 Lehman Brothers Treasu 7.59 11/22/2009 MXN 29.88 Bank Nederlandse Gemee 0.50 3/3/2021 NZD 71.60 Lehman Brothers Treasu 6.30 12/21/2018 USD 30.63 Lehman Brothers Treasu 5.12 4/30/2027 EUR 5.63 Bank Nederlandse Gemee 0.50 8/9/2022 MXN 69.25 Bank Nederlandse Gemee 0.50 8/15/2022 ZAR 52.65 Lehman Brothers Treasu 17.00 6/2/2009 USD 5.63 Lehman Brothers Treasu 23.30 9/16/2008 USD 5.63 Lehman Brothers Treasu 4.00 8/11/2010 USD 30.63 Lehman Brothers Treasu 5.00 11/22/2012 EUR 30.63 Sidetur Finance BV 10.00 4/20/2016 USD 21.13 Lehman Brothers Treasu 7.25 10/6/2008 EUR 5.63 Lehman Brothers Treasu 5.10 6/22/2046 EUR 5.63 Lehman Brothers Treasu 4.69 2/19/2017 EUR 5.63 Lehman Brothers Treasu 7.06 12/29/2008 EUR 30.63 Lehman Brothers Treasu 4.82 12/18/2036 EUR 5.63 Lehman Brothers Treasu 4.00 2/28/2010 EUR 5.63 Lehman Brothers Treasu 8.60 7/31/2013 GBP 30.63 Lehman Brothers Treasu 8.28 7/31/2013 GBP 30.63 Lehman Brothers Treasu 7.50 7/31/2013 GBP 30.63 Lehman Brothers Treasu 7.32 7/31/2013 GBP 30.63 Lehman Brothers Treasu 3.00 12/3/2012 EUR 30.63 Bank Nederlandse Gemee 0.50 9/20/2022 ZAR 52.63 Lehman Brothers Treasu 7.55 12/29/2008 USD 30.63 Lehman Brothers Treasu 18.25 10/2/2008 USD 5.63 Lehman Brothers Treasu 6.00 2/19/2023 USD 30.63 Lehman Brothers Treasu 8.00 10/17/2014 EUR 30.63 Lehman Brothers Treasu 9.30 12/21/2010 EUR 5.63 Lehman Brothers Treasu 3.50 6/20/2011 EUR 30.63 Lehman Brothers Treasu 4.00 4/24/2009 USD 5.63 Lehman Brothers Treasu 7.38 9/20/2008 EUR 5.63 Lehman Brothers Treasu 7.50 9/13/2009 CHF 5.63 Lehman Brothers Treasu 6.00 2/14/2012 EUR 5.63 Lehman Brothers Treasu 6.00 5/23/2018 CZK 30.63 Lehman Brothers Treasu 6.72 12/29/2008 EUR 30.63 Lehman Brothers Treasu 9.00 5/15/2022 USD 30.63 Cooperatieve Centrale 0.50 12/29/2027 MXN 46.38 Lehman Brothers Treasu 2.40 6/20/2011 JPY 30.63 Cooperatieve Centrale 0.50 1/31/2033 MXN 27.83 Lehman Brothers Treasu 7.00 2/15/2010 CHF 5.63 Lehman Brothers Treasu 7.50 2/14/2010 AUD 5.63 Lehman Brothers Treasu 10.60 4/22/2014 MXN 30.63 Lehman Brothers Treasu 0.50 8/1/2020 EUR 5.63 Lehman Brothers Treasu 5.75 6/15/2009 CHF 5.63 Lehman Brothers Treasu 2.50 12/15/2011 GBP 5.63 Lehman Brothers Treasu 4.20 12/3/2008 HKD 30.63 Lehman Brothers Treasu 4.80 11/16/2012 HKD 5.63 Lehman Brothers Treasu 4.05 9/16/2008 EUR 30.63 Lehman Brothers Treasu 3.50 12/20/2027 USD 30.63 Lehman Brothers Treasu 5.50 11/30/2012 CZK 30.63 Lehman Brothers Treasu 16.00 10/8/2008 CHF 5.63 Lehman Brothers Treasu 6.60 2/9/2009 EUR 30.63 Lehman Brothers Treasu 3.40 9/21/2009 HKD 5.63 Lehman Brothers Treasu 8.00 10/23/2008 USD 5.63 Lehman Brothers Treasu 6.25 11/30/2012 EUR 30.63 Lehman Brothers Treasu 1.00 2/26/2010 USD 30.63 Lehman Brothers Treasu 8.00 3/21/2018 USD 30.63 Lehman Brothers Treasu 4.00 3/10/2011 EUR 30.63 Lehman Brothers Treasu 0.01 9/20/2011 USD 30.63 Lehman Brothers Treasu 8.80 12/27/2009 EUR 5.63 Lehman Brothers Treasu 11.00 12/20/2017 AUD 30.63 Lehman Brothers Treasu 11.00 12/20/2017 AUD 30.63 Lehman Brothers Treasu 4.00 1/4/2011 USD 5.63 Lehman Brothers Treasu 0.50 12/20/2017 AUD 30.63 Lehman Brothers Treasu 0.50 12/20/2017 AUD 30.63 Lehman Brothers Treasu 8.00 12/31/2010 USD 5.63 Lehman Brothers Treasu 0.50 12/20/2017 USD 30.63 Lehman Brothers Treasu 0.50 12/20/2017 USD 30.63 Lehman Brothers Treasu 0.50 12/20/2017 USD 30.63 Lehman Brothers Treasu 0.50 12/20/2017 USD 30.63 Lehman Brothers Treasu 16.00 11/9/2008 USD 5.63 Lehman Brothers Treasu 10.00 5/22/2009 USD 5.63 Lehman Brothers Treasu 4.60 8/1/2013 EUR 30.63 Lehman Brothers Treasu 8.00 5/22/2009 USD 5.63 Lehman Brothers Treasu 7.60 3/4/2010 NZD 5.63 Lehman Brothers Treasu 2.30 6/6/2013 USD 5.63 Lehman Brothers Treasu 7.50 5/30/2010 AUD 5.63 Lehman Brothers Treasu 11.00 5/9/2020 USD 30.63 Lehman Brothers Treasu 4.30 6/4/2012 USD 5.63 Lehman Brothers Treasu 4.00 6/5/2011 USD 5.63 Lehman Brothers Treasu 10.00 10/23/2008 USD 5.63 Lehman Brothers Treasu 10.00 10/22/2008 USD 5.63 Lehman Brothers Treasu 6.45 2/20/2010 AUD 5.63 Lehman Brothers Treasu 6.60 5/23/2012 AUD 5.63 Lehman Brothers Treasu 3.45 5/23/2013 USD 30.63 Lehman Brothers Treasu 16.00 10/28/2008 USD 5.63 Lehman Brothers Treasu 5.50 4/23/2014 EUR 30.63 Lehman Brothers Treasu 5.00 2/15/2018 EUR 30.63 Lehman Brothers Treasu 9.00 5/6/2011 CHF 5.63 Lehman Brothers Treasu 16.20 5/14/2009 USD 5.63 Lehman Brothers Treasu 0.50 7/2/2020 EUR 5.63 Lehman Brothers Treasu 7.75 1/3/2012 AUD 5.63 Lehman Brothers Treasu 3.10 6/4/2010 USD 5.63 Lehman Brothers Treasu 2.50 8/15/2012 CHF 30.63 Lehman Brothers Treasu 13.15 10/30/2008 USD 5.63 Lehman Brothers Treasu 11.00 7/4/2011 CHF 5.63 Lehman Brothers Treasu 12.00 7/4/2011 EUR 5.63 Lehman Brothers Treasu 2.00 6/21/2011 EUR 30.63 Lehman Brothers Treasu 16.00 12/26/2008 USD 5.63 Lehman Brothers Treasu 13.43 1/8/2009 ILS 5.63 Lehman Brothers Treasu 6.00 5/12/2017 EUR 30.63 Lehman Brothers Treasu 4.10 2/19/2010 EUR 30.63 Lehman Brothers Treasu 6.60 2/22/2012 EUR 5.63 Lehman Brothers Treasu 5.20 3/19/2018 EUR 5.63 Lehman Brothers Treasu 5.00 2/28/2032 EUR 30.63 Lehman Brothers Treasu 4.15 8/25/2020 EUR 5.63 Lehman Brothers Treasu 6.00 12/6/2016 USD 30.63 Lehman Brothers Treasu 2.00 11/16/2009 EUR 30.63 Lehman Brothers Treasu 10.00 1/4/2010 USD 30.63 Lehman Brothers Treasu 4.50 12/30/2010 USD 5.63 Lehman Brothers Treasu 7.00 7/11/2010 EUR 30.63 Lehman Brothers Treasu 4.50 3/6/2013 CHF 30.63 Lehman Brothers Treasu 9.00 6/13/2009 USD 5.63 Lehman Brothers Treasu 9.00 3/17/2009 GBP 5.63 Lehman Brothers Treasu 7.00 11/28/2008 CHF 5.63 Lehman Brothers Treasu 3.85 4/24/2009 USD 5.63 Lehman Brothers Treasu 10.50 8/9/2010 EUR 5.63 Lehman Brothers Treasu 8.00 5/22/2009 USD 5.63 Lehman Brothers Treasu 7.50 10/24/2008 USD 5.63 Lehman Brothers Treasu 10.00 3/27/2009 USD 30.63 Lehman Brothers Treasu 5.00 10/24/2008 CHF 5.63 Lehman Brothers Treasu 7.00 4/14/2009 EUR 5.63 Lehman Brothers Treasu 6.00 10/24/2008 EUR 5.63 Lehman Brothers Treasu 7.75 1/30/2009 EUR 5.63 Lehman Brothers Treasu 0.25 7/21/2014 EUR 30.63 Lehman Brothers Treasu 4.95 10/25/2036 EUR 30.63 Lehman Brothers Treasu 3.70 6/6/2009 EUR 30.63 Lehman Brothers Treasu 8.50 7/6/2009 CHF 5.63 Lehman Brothers Treasu 4.50 8/2/2009 USD 5.63 Lehman Brothers Treasu 6.25 9/5/2011 EUR 30.63 Lehman Brothers Treasu 16.80 8/21/2009 USD 5.63 Lehman Brothers Treasu 14.10 11/12/2008 USD 5.63 Lehman Brothers Treasu 3.00 6/3/2010 EUR 30.63 Lehman Brothers Treasu 12.40 6/12/2009 USD 5.63 Lehman Brothers Treasu 13.00 7/25/2012 EUR 5.63 Lehman Brothers Treasu 10.00 8/2/2037 JPY 30.63 Lehman Brothers Treasu 6.00 12/30/2017 EUR 30.63 Lehman Brothers Treasu 4.00 5/30/2010 USD 5.63 Lehman Brothers Treasu 4.00 5/17/2010 USD 30.63 Lehman Brothers Treasu 2.48 5/12/2009 USD 30.63 Lehman Brothers Treasu 2.25 5/12/2009 USD 30.63 Lehman Brothers Treasu 7.50 6/15/2017 USD 30.63 Lehman Brothers Treasu 0.80 12/30/2016 EUR 30.63 Lehman Brothers Treasu 10.00 1/3/2012 BRL 30.63 Lehman Brothers Treasu 2.50 8/23/2012 GBP 5.63 Lehman Brothers Treasu 3.00 8/13/2011 EUR 30.63 Lehman Brothers Treasu 7.63 7/22/2011 HKD 5.63 Lehman Brothers Treasu 4.25 5/15/2010 EUR 30.63 Lehman Brothers Treasu 3.35 10/13/2016 EUR 30.63 Lehman Brothers Treasu 1.68 3/5/2015 EUR 30.63 Lehman Brothers Treasu 6.75 4/5/2012 EUR 30.63 Lehman Brothers Treasu 5.00 9/1/2011 EUR 30.63 Lehman Brothers Treasu 3.00 8/15/2017 EUR 30.63 Lehman Brothers Treasu 3.50 9/19/2017 EUR 5.63 Lehman Brothers Treasu 3.50 10/31/2011 USD 30.63 Lehman Brothers Treasu 3.50 10/24/2011 USD 30.63 Lehman Brothers Treasu 0.25 10/19/2012 CHF 30.63 Lehman Brothers Treasu 4.00 11/24/2016 EUR 30.63 Lehman Brothers Treasu 6.00 3/17/2011 EUR 30.63 Lehman Brothers Treasu 4.70 3/23/2016 EUR 30.63 Lehman Brothers Treasu 8.00 4/20/2009 EUR 30.63 Lehman Brothers Treasu 0.50 2/16/2009 EUR 5.63 Lehman Brothers Treasu 4.25 3/13/2021 EUR 5.63 Lehman Brothers Treasu 5.00 4/24/2017 EUR 30.63 Lehman Brothers Treasu 6.70 4/21/2011 USD 30.63 Lehman Brothers Treasu 3.00 9/12/2036 JPY 29.88 Lehman Brothers Treasu 13.00 12/14/2012 USD 30.63 Lehman Brothers Treasu 7.25 6/20/2010 USD 30.63 Lehman Brothers Treasu 5.25 4/1/2023 EUR 5.63 Lehman Brothers Treasu 12.00 7/13/2037 JPY 30.63 Lehman Brothers Treasu 10.00 6/11/2038 JPY 30.63 Lehman Brothers Treasu 4.00 10/12/2010 USD 5.63 Lehman Brothers Treasu 4.60 11/9/2011 EUR 30.63 Lehman Brothers Treasu 4.60 10/11/2017 ILS 29.88 Lehman Brothers Treasu 12.22 11/21/2017 USD 30.63 Lehman Brothers Treasu 3.82 10/20/2009 USD 5.63 Lehman Brothers Treasu 5.22 3/1/2024 EUR 5.63 Lehman Brothers Treasu 2.30 4/28/2014 JPY 30.63 Bank Nederlandse Gemee 0.50 2/24/2025 CAD 72.14 Lehman Brothers Treasu 5.00 12/6/2011 EUR 5.63 Lehman Brothers Treasu 5.00 3/13/2009 EUR 30.63 Lehman Brothers Treasu 2.30 6/27/2013 USD 5.63 Lehman Brothers Treasu 4.87 10/8/2013 USD 5.63 Lehman Brothers Treasu 1.95 11/4/2013 EUR 5.63 Lehman Brothers Treasu 2.37 7/15/2013 USD 30.63 Lehman Brothers Treasu 2.75 10/28/2009 EUR 30.63 Lehman Brothers Treasu 3.63 3/2/2012 EUR 5.63 Lehman Brothers Treasu 5.00 8/1/2025 EUR 30.63 Lehman Brothers Treasu 6.00 7/28/2010 EUR 5.63 Lehman Brothers Treasu 6.00 7/28/2010 EUR 5.63 Lehman Brothers Treasu 4.90 7/28/2020 EUR 30.63 Lehman Brothers Treasu 2.00 5/17/2010 EUR 5.63 Lehman Brothers Treasu 3.50 9/29/2017 EUR 5.63 Lehman Brothers Treasu 3.00 8/8/2017 EUR 30.63 Bank Nederlandse Gemee 0.50 6/22/2021 ZAR 55.70 Lehman Brothers Treasu 5.25 11/21/2009 USD 30.63 Bank Nederlandse Gemee 0.50 7/12/2022 ZAR 51.65 Cooperatieve Centrale 0.50 11/30/2027 MXN 46.63 Lehman Brothers Treasu 1.60 6/21/2010 JPY 30.63 Lehman Brothers Treasu 9.25 6/20/2012 USD 30.63 Lehman Brothers Treasu 3.00 9/13/2010 JPY 29.88 Lehman Brothers Treasu 5.50 7/8/2013 EUR 30.63 Lehman Brothers Treasu 8.00 3/19/2012 USD 30.63 Lehman Brothers Treasu 7.05 4/8/2015 USD 30.63 Lehman Brothers Treasu 7.80 3/31/2018 USD 30.63 Lehman Brothers Treasu 9.50 4/1/2018 USD 30.63 Lehman Brothers Treasu 11.00 2/16/2009 CHF 5.63 Lehman Brothers Treasu 10.00 2/16/2009 CHF 5.63 Lehman Brothers Treasu 13.00 2/16/2009 CHF 5.63 Lehman Brothers Treasu 11.00 6/29/2009 EUR 5.63 Lehman Brothers Treasu 8.00 8/3/2009 USD 5.63 Lehman Brothers Treasu 5.50 6/15/2009 CHF 5.63 Lehman Brothers Treasu 1.50 10/25/2011 EUR 30.63 Lehman Brothers Treasu 1.50 2/8/2012 CHF 30.63 JP Morgan Structured P 12.00 10/3/2014 USD 71.97 Lehman Brothers Treasu 6.85 12/22/2008 EUR 30.63 Norske Skogindustrier 7.00 6/26/2017 EUR 67.38 Norske Skogindustrier 7.13 10/15/2033 USD 58.25 Norske Skogindustrier 7.13 10/15/2033 USD 55.25 Petromena ASA 9.75 5/24/2015 NOK 2.00 Kommunalbanken AS 0.50 5/25/2018 ZAR 74.23 Petromena ASA 10.85 11/19/2010 USD 2.00 Kommunalbanken AS 0.50 9/26/2017 BRL 71.58 Kommunalbanken AS 0.50 3/2/2018 BRL 68.14 Kommunalbanken AS 0.50 6/28/2017 BRL 73.66 Kommunalbanken AS 0.50 6/1/2017 BRL 74.98 Kommunalbanken AS 0.50 2/2/2018 BRL 68.39 Eitzen Chemical ASA 12.84 6/6/2016 NOK 23.50 Eitzen Chemical ASA 5.26 10/4/2014 NOK 3.00 Kommunalbanken AS 0.50 11/8/2018 BRL 62.83 Kommunalbanken AS 0.50 5/10/2017 BRL 74.42 Eksportfinans ASA 0.50 5/9/2030 CAD 28.13 Kommunalbanken AS 0.50 8/29/2017 BRL 72.03 Kommunalbanken AS 0.50 9/20/2018 BRL 63.75 Kommunalbanken AS 0.50 3/29/2017 BRL 74.71 Eitzen Chemical ASA 11.23 6/6/2016 USD 23.50 Kommunalbanken AS 0.50 5/27/2022 ZAR 50.74 Kommunalbanken AS 0.50 2/23/2018 BRL 67.95 Eksportfinans ASA 0.25 7/14/2033 CAD 19.00 Kommunalbanken AS 0.50 8/15/2018 BRL 67.01 Kommunalbanken AS 0.50 6/16/2017 BRL 73.25 Orzel SA 11.00 8/22/2014 PLN 29.00 e-Kancelaria Grupa Pra 9.02 12/4/2015 PLN 72.10 TRUST SA 7.74 12/2/2014 PLN 60.00 e-Kancelaria Grupa Pra 9.01 8/19/2016 PLN 61.00 WZRT-Energia SA 9.72 11/16/2015 PLN 10.00 e-Kancelaria Grupa Pra 10.00 6/27/2016 PLN 74.50 Banco Espirito Santo S 7.13 11/28/2023 EUR 13.50 Espirito Santo Financi 5.13 5/30/2016 EUR 21.38 Banco Espirito Santo S 10.00 12/6/2021 EUR 30.00 BES Vida - Cia de Segu 2.42 12/19/2022 EUR 65.00 Espirito Santo Financi 5.63 7/28/2017 EUR 23.88 Espirito Santo Financi 1.31 10/27/2024 EUR 50.00 Banco Espirito Santo S 3.50 1/2/2043 EUR 71.75 Caixa Geral de Deposit 5.98 3/3/2028 EUR 48.50 AdP - Aguas de Portuga 0.73 6/20/2022 EUR 74.07 AdP - Aguas de Portuga 0.30 1/23/2023 EUR 69.89 City of Hunedoara Roma 3.43 8/15/2026 RON 43.10 City of Iasi Romania 3.84 11/15/2028 RON 71.93 Oravita City Council 4.23 6/15/2027 RON 50.00 City of Baile Herculan 3.50 12/16/2020 RON 20.00 City of Siret Romania 4.46 3/1/2028 RON 50.00 City of Predeal Romani 4.50 5/15/2026 RON 60.00 Mechel 8.40 5/27/2021 RUB 52.02 Gazprom OAO 8.30 10/21/2043 RUB 8.04 Mechel 10.00 8/25/2020 RUB 62.02 Mechel 8.40 5/27/2021 RUB 52.03 Mechel 8.40 6/1/2021 RUB 51.15 Mechel 10.00 8/25/2020 RUB 65.02 RTK-Leasing OJSC 13.50 6/1/2018 RUB 30.05 TGC-2 12.00 10/10/2018 RUB 62.10 VTB Capital Finance OO 0.10 9/14/2023 RUB 70.01 Mobile Telesystems OJS 5.00 6/29/2021 RUB 70.38 Rosbank 0.04 4/30/2024 RUB 100.00 Rosbank 0.03 4/30/2024 RUB 100.00 Rosbank 0.02 4/30/2024 RUB 100.00 MORTGAGE AGENT AHML 13 3.00 9/9/2045 RUB 5.31 World of Building Tech 5.40 6/25/2019 RUB 2.81 Mortgage Agent AHML 11 9.00 6/22/2046 RUB 4.99 RBC OJSC 3.27 4/19/2018 RUB 61.00 Arizk 3.00 12/20/2030 RUB 38.00 Zhilstroy OOO 8.25 3/14/2018 RUB 69.51 Northland Resources AB 4.00 10/15/2020 USD 2.88 Dannemora Mineral AB 11.75 3/22/2016 USD 15.00 Svensk Exportkredit AB 0.50 1/31/2022 ZAR 48.45 Svensk Exportkredit AB 0.50 8/29/2029 AUD 63.26 Svensk Exportkredit AB 0.50 8/28/2018 BRL 63.32 Svensk Exportkredit AB 0.50 3/19/2018 IDR 71.27 Svensk Exportkredit AB 0.50 6/20/2029 AUD 55.44 Svensk Exportkredit AB 0.50 3/15/2022 ZAR 47.79 Svensk Exportkredit AB 0.50 2/22/2022 ZAR 48.35 Svensk Exportkredit AB 0.50 8/26/2021 AUD 73.83 Svensk Exportkredit AB 0.50 6/5/2017 BRL 74.06 Provinsor Fastigheter 8.50 6/30/2015 DKK 0.10 Svensk Exportkredit AB 0.50 6/26/2019 TRY 67.27 Svensk Exportkredit AB 0.50 4/25/2019 BRL 62.75 Svensk Exportkredit AB 0.50 6/29/2029 AUD 61.06 Svensk Exportkredit AB 0.50 8/25/2021 ZAR 58.46 Svensk Exportkredit AB 0.50 7/21/2017 BRL 73.05 Svensk Exportkredit AB 0.50 6/21/2017 BRL 73.69 Svensk Exportkredit AB 0.50 4/24/2029 AUD 58.64 Svensk Exportkredit AB 0.50 3/28/2029 AUD 59.32 Svensk Exportkredit AB 0.50 6/28/2022 ZAR 46.38 Svensk Exportkredit AB 0.50 12/17/2027 USD 68.71 Svensk Exportkredit AB 0.50 8/28/2020 TRY 60.65 Svensk Exportkredit AB 0.50 6/30/2017 BRL 73.49 APP International Fina 11.75 10/1/2005 USD 8.50 KD Group 5.45 5/25/2015 EUR 63.00 Yuksel Insaat AS 9.50 11/10/2015 USD 74.06 Mriya Agro Holding PLC 9.45 4/19/2018 USD 48.52 Mriya Agro Holding PLC 10.95 3/30/2016 USD 44.99 Mriya Agro Holding PLC 9.45 4/19/2018 USD 44.00 Agroton Public Ltd 6.00 7/14/2019 USD 29.13 Mriya Agro Holding PLC 10.95 3/30/2016 USD 44.99 ********* 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 * * *