/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/141110.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, November 10, 2014, Vol. 15, No. 222 Headlines A Z E R B A I J A N BANK TECHNIQUE: Moody's Raises Long-Term Deposit Ratings to Caa1 B U L G A R I A CORPORATE COMMERCIAL: Central Bank Revokes License C R O A T I A ZAGREBACKA BANKA: S&P Affirms 'BB' Counterparty Credit Rating C Y P R U S LIBRA: Court Appoints Provisional Liquidator F I N L A N D SCFI RAHOITUSPALVELUT: Moody's Rates EUR8.2MM Class E Notes 'Ba1' SCFI RAHOITUSPALVELUT: Fitch Assigns 'BB' Rating to Class E Notes G E R M A N Y PREMICON HOCHSEEKREUZFAHRT: Files for Insolvency in Bremen Court I R E L A N D BLACKROCK HALL AMS: In Liquidation; Ceases Trading HARVEST CLO X: Fitch Assigns 'Bsf' Rating to Class F Notes TITAN EUROPE 2006-3: Fitch Affirms 'D' Ratings on 4 Note Classes TOUCHSTONE PHARMACY: Put Under Interim Examinership I T A L Y IMCO: Peluso Faces Probe Over Alleged Fraudulent Bankruptcy L U X E M B O U R G CANYON COS: S&P Affirms 'B' CCR on Proposed Gorkana Acquisition N E T H E R L A N D S GAS NATURAL: Moody's Assigns (P)Ba1 Rating to Non-Call Securities R O M A N I A BANCA COMERCIALA: Fitch Affirms 'b+' Viability Rating R U S S I A RUSSIAN INSURANCE: Fitch Affirms 'B' IFS Rating; Outlook Negative S P A I N FTPYME TDA 7: Moody's Hikes Rating on Class C Notes to 'Ba1' HIPOCAT 9: S&P Lowers Rating on Class B Notes to 'B- (sf)' PYME VALENCIA: Fitch Lowers Rating on Class D Notes to 'Csf' TDA EMPRESAS 1: Fitch Affirms 'BB+' Ratings on 3 Note Classes * SPAIN: Company Insolvency Proceedings Down 27%, Axesor Says U N I T E D K I N G D O M CABLE & WIRELESS: Moody's Affirms Ba2 Corporate Family Rating CATERHAM FORMULA ONE: Seeks Funding From Fans for Abu Dhabi Race FARRINGDON MORTGAGES NO.2: S&P Raises Rating on B2a Notes to 'B' HARVEST CLO X: S&P Assigns 'B(sf)' Rating to Class F Notes HOCHSCHILD MINING: Fitch Affirms 'BB+' IDRs; Outlook Stable MARUSSIA F1: Fails to Find New Investors; To Fire 200 Workers UNITED BISCUITS: S&P Puts 'B+' CCR on CreditWatch Developing WELLINGTON PUB: Fitch Affirms 'B-' Rating on Class B Notes X X X X X X X X * BOND PRICING: For the Week November 3 to 7, 2014 ********* =================== A Z E R B A I J A N =================== BANK TECHNIQUE: Moody's Raises Long-Term Deposit Ratings to Caa1 ---------------------------------------------------------------- Moody's Investors Service has upgraded the long-term foreign- and local-currency deposit ratings of Bank Technique OJSC to Caa1 from Caa2 with positive outlook. Concurrently, Moody's affirmed the bank's standalone bank financial strength rating (BFSR) of E, which is equivalent to a baseline credit assessment (BCA) of caa2. The outlook on the BFSR is stable. The bank's Not-Prime short-term local- and foreign-currency deposit ratings were also affirmed; the short-term ratings carry no specific outlook. The rating action reflects the improvement of Bank Technique's financial profile in terms of asset quality and capitalization. Bank Technique has exhibited visible progress in recovering problem loans and restoring its capital base, enabling the bank to comply with regulatory capital requirements (specified by the Central Bank of Azerbaijan) and to expand its banking franchise. Moody's rating action is largely based on Bank Technique's audited financial statements for 2013 and the first six months of 2014, prepared under IFRS. Ratings Rationale The rating action reflects Bank Technique's (1) improved -- albeit still weak -- asset quality; (2) restored capital levels but still weak loss-absorption capacity because of low provisioning levels and weak pre-provision profitability; and (3) stabilized liquidity and funding profile. In light of the ongoing workout of Bank Technique's problem loans, Moody's expects further improvement in the bank's asset quality over the next 12-18 months, which is reflected in the positive outlook on deposit ratings. Following the sale of foreclosed property, the volume of Bank Technique's problem loans in absolute terms declined to AZN137.7 million at 1H-2014, representing a 38% reduction from AZN222.1 million reported as at year-end 2011. Despite visible progress achieved by Bank Technique in the period 2012-13, its asset- quality remains weak -- as reflected by a high level of problem loans of 30.0% at 1H-2014 (year-end 2013: 37.2%; year-end 2012: 55.2%). The largest group of interconnected borrowers accounted for over one-third of problem corporate assets as of 1H-2014. Moody's notes the satisfactory quality of the collateral against those loans, and, according to the rating agency's central scenario, most of these loans are expected to be worked out in the next 12-18 months. As at June 30, 2014, Bank Technique reported an increase in its Total capital adequacy ratio (CAR) and Tier 1 ratio (under Basel I) to 11.8% and 9.4%, respectively, compared to 2.8% and 1.7%, respectively, at year-end 2011. Moody's notes that, for the first time since 2012, the bank's regulatory Total CAR exceeded the 12% threshold as of year-end 2013. According to the bank, this ratio will likely be maintained at current levels, at least within the 12%-13% range. At the same time, in the rating agency's view the bank's capital position is undermined by (1) under-provisioned problem loans; and (2) investment property held on Bank Technique's balance sheet (26% of Tier 1 equity as at 1H-2014). In Moody's view, the bank's capital position would be supported by the expected workout of problem loan followed by release of provisions; however, any positive impact will be limited as these provisions covered only 35% of the problem loan portfolio. Despite the dramatic deposits outflow in 2012, the rating agency believes that Bank Technique's reputation has now recovered, as evidenced by stabilized customer accounts in the period 2013-14. The bank's liquidity profile has also stabilized, and the bank maintained a sufficient level of liquid assets amounting to 15%- 25% of balance sheet over the first six months of 2014 according to its IFRS reports. Following rapid growth of new lending in the form of corporate loans and mortgages in 1H-2014, the bank's liquidity cushion has decreased somewhat, but has remained at adequate levels (14% of assets as at 1 October 2014 under local GAAP). Moody's expects the bank's liquidity profile to remain adequate in the next 12-18 months. In agency's view, given Bank Technique's historically close ties with the domestic market leader International Bank of Azerbaijan, the latter could be approached in order to cover any short-term liquidity gaps, if needed. Support Considerations Bank Technique's Caa1 ratings incorporate a one-notch uplift from its standalone BCA of caa2, reflecting Moody's assessment of a low probability of systemic support in the event of need. What Could Move the Ratings UP/DOWN An upgrade of Bank Technique's ratings (which carry a positive outlook) will be contingent on its ability to exhibit a further material reduction in the volume of problem loans and improve its loss absorption capacity. However, the outlook on Bank Technique's ratings could be changed to stable from positive should the bank fail to materially reduce legacy problem loans in the next 12-18 months. Principal Methodology The principal methodology used in this rating was Global Banks published in July 2014. Headquartered in Baku, Azerbaijan, Bank Technique reported total assets of AZN568.5 million, total shareholders' equity of AZN49.8 million, and net income of AZN1.3 million, according to audited IFRS as of June 30, 2014. =============== B U L G A R I A =============== CORPORATE COMMERCIAL: Central Bank Revokes License -------------------------------------------------- Georgi Kantchev at The New York Times reports that Bulgaria's central bank on Nov. 6 revoked the license of Corporate Commercial Bank, one of the country's biggest lenders, and moved to open bankruptcy proceedings. Corporate Commercial Bank, also known as K.T.B., has been closed since a bank run in June, leaving businesses and consumers without access to about US$4 billion in deposits, The New York Times notes. According to The New York Times, the move on Nov. 6 halts all activities at the bank and opens the way for the payment of more than half of the deposits -- about US$2.3 billion, which are insured by the state under European Union law. The central bank, as cited by The New York Times, said the depositors, hundreds of whom have been staging near-weekly protests since August, will have access to their money beginning early next month. In a statement on Nov. 6, the central bank said that because of a write-off after an audit last month, K.T.B. had negative capital of 3.75 billion leva, or a shortfall of US$2.4 billion, The New York Times relates. The central bank said it had asked a court to begin bankruptcy proceedings, The New York Times relays. About Corporate Commercial Bank AD Corporate Commercial Bank AD is the fourth largest bank in Bulgaria in terms of assets, third in terms of net profit, and first in terms of deposit growth. Bulgaria's central bank placed Corpbank under its administration and suspended shareholders' rights in June 2014 after a run drained the bank of cash to meet client demands. ============= C R O A T I A ============= ZAGREBACKA BANKA: S&P Affirms 'BB' Counterparty Credit Rating ------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB' long-term counterparty credit rating on Croatia-based Zagrebacka Banka dd (ZABA) and its 'BB/B' long- and short-term counterparty credit ratings on Croatia-based Hrvatska banka za obnovu i razvitak (HBOR). The outlooks on both banks are stable. The affirmations follow S&P's review of the Croatian banking system under S&P's Banking Industry Country Risk Assessment (BICRA) methodology. S&P sees heightened industry risks for Croatian banks from an increasing trend of foreign parent companies enforcing more rigid self-funding and gradually reducing funding to their Croatian subsidiaries. The Croatian banking system is 90% foreign owned, largely by Italian and Austrian banks. Although S&P still believes most foreign banks are willing to provide extraordinary support to their core operations in times of need, it expects lending growth in Croatia will be financed -- enforced by the parents -- through domestic funding. S&P believes the gradual weakening of access to parental funding could become a constraint when loan growth resumes, especially considering Croatia's narrow debt capital market. S&P sees no increase in economic risk for Croatian banks and view the trends for both economic risk and industry risk as stable. S&P thinks that a further increase in industry or economic risk is unlikely, considering that the high risks S&P envisions for 2015 are already captured in the current BICRA. That said, S&P sees no tangible signs of improvement. To reflect the higher industry risk, S&P has reclassified Croatia's banking system to BICRA group '8' from group '7' and lowered the anchor for Croatian banks to 'bb-' from 'bb'. This led to the lowering of S&P's stand-alone credit profile (SACP) on ZABA to 'bb' from 'bb+' and that on HBOR to 'bb-' from 'bb'. The affirmation on ZABA reflects that S&P caps the long-term rating on the bank at the long-term rating on Croatia, according to its criteria. ZABA's operations in Croatia hamper its asset quality and profitability, although this is somewhat offset by ZABA's leading market position and adequate capitalization. The long-term rating on ZABA is at the same level as its SACP of 'bb' because, at this stage, it is equal to the sovereign rating on Croatia and therefore can't benefit from uplift for group support from parent bank UniCredit. S&P affirmed its ratings on HBOR because S&P equalizes the ratings on HBOR with those on the Republic of Croatia. S&P classifies HBOR as a government-related entity (GRE) and consider it "almost certain" that the Croatian government would provide timely and sufficient extraordinary support to HBOR if the bank experienced financial difficulties. HBOR's SACP primarily reflects the sustainability of its business model as a government-owned development bank and export credit agency in Croatia's tough economic environment. S&P assess HBOR's capital position as "strong," and S&P notes some weakening, but consider that its risk position has improved to "adequate" from "moderate." S&P believes HBOR's capital cushion strongly supports its risk profile, considering its major exposure to largely foreign-owned local banks, which S&P views as less risky than direct corporate lending. The stable outlook on the two banks mirrors that on the sovereign. The outlook on the sovereign reflects the balance between S&P's expectations of medium-term benefits for Croatia from its EU accession and S&P's view of limited prospects for significant reforms that enhance economic growth. S&P would lower the ratings on the banks if it lowered the rating on the sovereign. This could be triggered by erosion of the sovereign's funding position and further deterioration in its external accounts. S&P could raise its ratings on the banks if it took a similar action on the sovereign, all other factors remaining unchanged. A sovereign upgrade could be triggered by significant improvement in economic growth prospects and government finances. BICRA SCORE SNAPSHOT* Croatia To From BICRA Group 8 7 Economic risk 8 8 Economic resilience Very high risk Very high risk Economic imbalances High risk High risk Credit risk in the economy Very high risk Very high risk Trend Stable Stable Industry risk 7 6 Institutional framework High risk High risk Competitive dynamics High risk High risk System wide funding High risk Intermediate risk Trend Stable Negative * Banking Industry Country Risk Assessment (BICRA) economic risk and industry risk scores are on a scale from 1 (lowest risk) to 10 (highest risk). RATINGS LIST Ratings Affirmed Zagrebacka banka dd BB/Stable/-- Hrvatska banka za obnovu i razvitak BB/Stable/B NB: This list does not include all the ratings affected. =========== C Y P R U S =========== LIBRA: Court Appoints Provisional Liquidator -------------------------------------------- Stockwatch reports that the court on Oct. 31 decided the liquidation of Libra and appointed the official receiver as a provisional liquidator. According to Stockwatch, it is noted that the company will file an appeal against the court's decision as well as an application for stay of execution of the appointment. In January 2014, it was announced that Eleftherios Filippou and Alkis Christodoulides were appointed as receivers of the companies associated with Libra Group, Stockwatch relates. The two listed companies and Libra have not published results after the first half of 2012, Stockwatch notes. Libra is based in Cyprus. ============= F I N L A N D ============= SCFI RAHOITUSPALVELUT: Moody's Rates EUR8.2MM Class E Notes 'Ba1' ----------------------------------------------------------------- Moody's Investors Service has assigned definitive ratings to the following asset-backed securities (ABS) notes issued by SCFI Rahoituspalvelut Limited. EUR442.8 million Class A Fixed Rate Notes due September 2023, Definitive Rating Assigned Aaa (sf) EUR43.5 million Class B Fixed Rate Notes due September 2023, Definitive Rating Assigned Aa2 (sf) EUR6.7 million Class C Fixed Rate Notes due September 2023, Definitive Rating Assigned A2 (sf) EUR7.2 million Class D Fixed Rate Notes due September 2023, Definitive Rating Assigned Baa1 (sf) EUR8.2 million Class E Fixed Rate Notes due September 2023, Definitive Rating Assigned Ba1 (sf) Subordinated and unrated EUR9.3 million Class F Notes will also be issued. Ratings Rationale The rating assignment reflects the transaction's structure as a static cash securitization of auto loans extended to obligors in Finland by Santander Consumer Finance Oy (not rated), which is a wholly owned subsidiary of Santander Consumer Bank AS, which in turn is a wholly owned subsidiary of Santander Consumer Finance S.A. (Baa1/P-2). This is the third Moody's rated public securitization transaction sponsored by Santander Consumer Finance Oy as well as the third public Finnish ABS auto securitization Moody's has rated. The seller also acts as servicer of the portfolio. A back-up servicer facilitator is appointed at close (Banco Santander S.A.(Spain) (Baa1/P-2) and the structure envisions the selection of a back-up servicer within 60 days should (i) Banco Santander S.A.(Spain) be downgraded below a Baa3 rating or (ii) the parent no longer holds at least 50% of the share capital of the servicer. The portfolio of underlying assets consists of auto loans distributed through dealers to mainly private individuals (82.2%) or self-employed individuals or commercial entities (17.8%). These loans finance new cars (32.0%) and used cars (68.0%). As of September 2014 the final portfolio consists of 36,548 loans with a weighted average seasoning of 6.6 months. According to Moody's, the transaction benefits from various credit strengths such as a granular portfolio, an amortizing reserve fund of 0.5% at inception and an amortizing liquidity reserve of 1%. However, Moody's notes that the transaction features some credit weaknesses such as an unrated servicer and a higher likelihood of deferred interest payments due on the Class E Notes. Various mitigants have been included in the transaction structure such as a back-up servicer facilitator which is obliged to appoint a back-up servicer if certain triggers are breached. Moody's analysis focused, amongst other factors, on (i) historical portfolio performance information; (ii) the credit enhancement provided by the reserve fund and subordination; (iii) the liquidity support available in the transaction by way of the amortizing 1% liquidity reserve, the possibility of using principal to pay interest and the reserve fund; (iv) the appointment of a back-up servicer facilitator at closing; (v) the independent cash manager and calculation agent; (vi) the notification of the borrowers near the closing date of the sale of the receivables and direction to borrowers to pay directly into the issuer account and (vii) the legal and structural integrity of the transaction. Moody's assigned provisional ratings to the Class A to Class E Notes on October 9, 2014. Main Model Assumptions Moody's assumed a mean cumulative default of 3.0% for the portfolio and a default volatility measured as coefficient of variation of 55%. These assumptions together with an expected recovery rate of 45% are the main inputs for Moody's cash flow model ABSROM. The main assumptions lead to a Aaa portoflio credit enhancement of 11.6%. In its base case scenario, Moody's also assumed a prepayment rate of 22.5% in the first 18 months and 27.5% thereafter, and a sinus-shape timing of defaults. Methodology The principal methodology used in this rating was Moody's Approach to Rating Auto Loan-Backed ABS, published in May 2013. Factors that would lead to an upgrade or downgrade of the rating: Factors that may cause an upgrade of the ratings include a significant better than expected performance of the pool together with an increase in credit enhancement of notes. Factors that may cause a downgrade of the ratings include a decline in the overall performance of the pool and change in control of the servicer or insolvency of the servicer. The ratings address the expected loss posed to investors by the legal final maturity. In Moody's opinion the structure allows for the timely payment of interest on the Class A to Class D Notes and the ultimate payment of interest and principal at par on the Class A to Class E Notes on or before the rated final legal maturity date. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. Loss and cash flow analysis: In rating this transaction, Moody's used ABSROM to model the cash flows and determine the loss for each tranche. The cash flow model evaluates all default scenarios that are then weighted considering the probabilities of the lognormal distribution assumed for the portfolio default rate. In each default scenario, the corresponding loss for each class of notes is calculated given the incoming cash flows from the assets and the outgoing payments to third parties and noteholders. Therefore, the expected loss for each tranche is the sum product of (i) the probability of occurrence of each default scenario; and (ii) the loss derived from the cash flow model in each default scenario for each tranche. Stress scenarios: In rating auto loan ABS, default rate and recoveries are two key inputs that determine the loss distribution. Parameter sensitivities for this transaction have been tested for each rated class of notes in the following manner: Moody's tested nine scenarios derived from a combination of mean default: 3.0% (base case), 3.25% (base case + 0.25%), 3.5% (base case + 0.5%) and recoveries: 45% (base case), 40% (base case - 5%), 35% (base Case - 10%). The results for Class A Notes under these scenarios vary from Aaa (base case) model output to Aa1 (model output where the mean default is 3.5% and recoveries are 35%). Parameter sensitivities provide a quantitative/model indicated calculation of the number of notches that a Moody's rated structured finance security may vary if certain input parameters used in the initial rating process differed. The analysis assumes that the deal has not aged. It is not intended to measure how the rating of the security might migrate over time, but rather how the initial model output of the security might have differed if the two parameters within a given sector that have the greatest impact were varied. Results for all other rated classes of notes can be found in Moody's new issue report. SCFI RAHOITUSPALVELUT: Fitch Assigns 'BB' Rating to Class E Notes ----------------------------------------------------------------- Fitch Ratings has assigned SCFI Rahoituspalvelut Limited's notes final ratings, as follows: EUR442.8 million Class A, due September 2023: 'AAAsf'; Outlook Stable EUR43.5 million Class B, due September 2023: 'AAsf'; Outlook Stable EUR6.7 million Class C, due September 2023: 'A+sf'; Outlook Stable EUR7.2 million Class D, due September 2023: 'Asf'; Outlook Stable EUR8.2 million Class E, due September 2023: 'BB+sf'; Outlook Stable EUR9.3 million Class F, due September 2023: not rated The transaction is a securitisation of auto loan receivables originated to Finnish individuals and companies by Santander Consumer Finance Oy (SCF Oy), a 100% subsidiary of Norway-based Santander Consumer Bank AS, which is a 100% subsidiary of Santander Consumer Finance, S.A. (A-/Stable/F2). Key Rating Drivers Strong Underlying Receivables' Performance Default rates have decreased significantly since SCF Oy started originations in 2007. In Fitch's view, this is due to improved economic conditions and origination practices. We have used a default rate assumption of 2% and a high stress default multiple of 7x for 'AAAsf', which reflects the presence of balloon payments together with the low default base case and fairly late default definition. The higher stress multiple also reflects uncertainty over the Finnish economy. High Recoveries The recoveries achieved by SCF Oy are among the highest for rated European auto ABS. Fitch has used a recovery assumption of 70%, which was stressed with a high recovery haircut (60% for AAAsf). This reflects the small market, sensitivity of used-car prices to changes in (upfront) vehicle taxation, and the risk posed by the government's valuation mechanism. Under this mechanism, if the achieved sale price is lower than the government valuation, the difference cannot be claimed from the borrower. Liquidity Coverage A liquidity reserve provides liquidity coverage to the class A and B notes. Fitch has capped the rating on the class C notes at 'A+sf' as it does not benefit from this reserve and therefore timely payment of interest will not be achieved if there is servicing disruption. Stable Asset Outlook Finland has had slower economic growth and slightly increasing unemployment in recent quarters. However, Fitch does not expect unemployment to rise materially during 2014 and 2015. In addition, an important social security system is in place, leading the agency to forecast stable auto loan performance. Rating Sensitivities Expected impact on the notes' rating of increased defaults (class A/B/C/D/E): Final ratings: 'AAAsf'/'AAsf'/'A+sf'/'Asf'/'BB+sf' Increase default base case by 10%: 'AAAsf'/'AAsf'/'A+sf'/'Asf'/'BB+sf' Increase default base case by 25%: 'AAAsf'/'AA- sf'/'A+sf'/'Asf'/'BB+sf' Increase default base case by 50%: 'AAAsf'/'A+sf'/'Asf'/'BBB+sf'/'BB+sf' Expected impact on the notes' rating of reduced recoveries (class A/B/C/D/E): Final ratings: 'AAAsf'/'AAsf'/'A+sf'/'Asf'/'BB+sf' Reduce recovery base case by 10%: 'AAAsf'/'AAsf'/'A+sf'/'Asf'/'BB+sf' Reduce recovery base case by 25%: 'AAAsf'/'AAsf'/'A+sf'/'Asf'/'BB+sf' Reduce recovery base case by 50%: 'AAAsf'/'A+sf'/'A+sf'/'A- sf'/'BB+sf' Expected impact on the notes' rating of increased defaults and reduced recoveries (class A/B/C/ D/E): Final ratings: 'AAAsf'/'AAsf'/'A+sf'/'Asf'/'BB+sf' Increase default base case by 10%; reduce recovery base case by 10%: 'AAAsf'/'AA-sf'/'A+sf'/'Asf'/'BB+sf' Increase default base case by 25%; reduce recovery base case by 25%: 'AAAsf'/'A+sf'/'Asf'/'BBB+sf'/'BB+sf' Increase default base case by 50%; reduce recovery base case by 50%: 'AA+sf'/'BBB+sf'/'BBBsf'/'BBB-sf'/'BB-sf' TRANSACTION CHARACTERISTICS The transaction will start amortizing from closing. Fitch analyzed the portfolio as of September 30, 2014, which has a total principal value of EUR517.6 million and comprises 36,548 loans with an average current balance of EUR14,163. New and used vehicles represent 32% and 68% of the pool, respectively. The portfolio consists of both amortizing loans (62%) and balloon loans (38%). Credit enhancement is provided to each class of notes (class A (16%), class B (7.6%), class C (6.3%), class D (4.9%), class E (3.3%) and class F (1.5%)) by overcollateralization through subordination and an amortizing reserve account (1.5%). All classes also benefit from excess spread of initially about 3% that serves as first source of protection. The notes and assets are euro-denominated and pay fixed interest rates. ============= G E R M A N Y ============= PREMICON HOCHSEEKREUZFAHRT: Files for Insolvency in Bremen Court ---------------------------------------------------------------- Kari Reinikainen at Cruise Business Online reports that Premicon Hochseekreuzfahrt GbmH & Co. KG MS Astor, which owns the 1987 built cruise liner Astor that is operated by the London-based Cruise & Maritime Voyages group, has filed for insolvency at the district court of Bremen in Germany. The owner of the 20,606 gross ton Astor is part of the Munich based Premicon group, which sold Trans Ocean Cruises and that operates Astor in Germany, together with three river cruise vessels and a ship management company, to Cruise & Maritime Voyages earlier this year, Cruise Business Online discloses. According to Cruise Business Online, German media reports say it is expected that Astor will continue to operate normally despite the problems at its owner company. It should be noted that Cruise & Maritime Voyages is in not connected to the Premicon group and that no concerns have been expressed over the British cruise operator's finances, Cruise Business Online relates. ============= I R E L A N D ============= BLACKROCK HALL AMS: In Liquidation; Ceases Trading -------------------------------------------------- Catherine Shanahan at Irish Examiner reports that Blackrock Hall Allied Medical Services, which operates out of a section of the second floor at Blackrock Hall, has ceased to trade and is going into liquidation. Ciaran Desmond, solicitor for entrepreneur Fergus Hoban, confirmed a creditors' meeting is set to for Nov. 21, Irish Examiner relates. According to Irish Examiner, building owner Kieran Coughlan, who says he is owed EUR280,000 in rent relating to the pharmacy and the second-floor services, said despite the setbacks, it was "business as usual" at the Mahon center, Irish Examiner notes. Blackrock Hall was the first in what was originally planned by Mr. Hoban as a nationwide network of 60 state-of-the-art primary care centers providing a range of services, Irish Examiner discloses. However, his ambitious plans stalled with the property crash, Irish Examiner states. HARVEST CLO X: Fitch Assigns 'Bsf' Rating to Class F Notes ---------------------------------------------------------- Fitch Ratings has assigned Harvest CLO X Limited notes final ratings, as follows: Class A: 'AAAsf'; Outlook Stable Class B: 'AA+sf'; Outlook Stable Class C: 'Asf'; Outlook Stable Class D: 'BBBsf'; Outlook Stable Class E: 'BBsf'; Outlook Stable Class F: 'Bsf'; Outlook Stable Subordinated notes: not rated Harvest CLO X Limited is an arbitrage cash flow collateralized loan obligation (CLO). KEY RATING DRIVERS 'B'/'B-' Portfolio Credit Quality Fitch assesses the average credit quality of obligors to be in the 'B'/'B-' range. The agency has credit opinions or public ratings on the entire indicative portfolio. The weighted average rating factor (WARF) of the initial portfolio is 32.7%, below the covenanted maximum for the ratings of 33.5%. The asset manager is able to purchase loans only. Bonds purchases are prohibited by the eligibility criteria to comply with Volcker rule legislation. High Recovery Expectations At least ninety per cent of the portfolio will be comprised of senior secured loans. Recovery prospects for these assets are typically more favorable than for second-lien, unsecured, and mezzanine assets. Fitch has assigned Recovery Ratings (RR) to all of the 152 assets in the indicative portfolio. The weighted average recovery rate (WARR) of the identified portfolio is 69.6%, above the covenanted minimum for the ratings of 68%. Payment Frequency Switch The notes pay quarterly, while the portfolio assets can reset to semi-annual interest payment. The transaction has an interest- smoothing account, but no liquidity facility. A liquidity stress for the non-deferrable classes A and B, stemming from a large proportion of assets resetting to semi-annual in any one quarter, is addressed by switching the payment frequency on the notes to semi-annual, subject to certain conditions. Limited Interest Rate Risk Unhedged fixed rate assets cannot exceed 5% of the portfolio, while the liabilities pay floating rate. Consequently, the impact of unhedged interest rate risk caused by the exposure to these assets is small. Trading Gain Release The portfolio manager may designate trading gains as interest proceeds, providing the portfolio balance remains above the reinvestment target par balance and the class F overcollateralization (OC) test remains above its value at the effective date. OC Test Step-Up Following the end of the reinvestment period in 2018, the class F OC test threshold will step up by 1% to 104.6% for the remaining life of the transaction. This offers increased protection to the holders of the most junior rated notes. TRANSACTION SUMMARY Net proceeds from the note issue are being used to purchase a EUR450m portfolio of European leveraged loans. The portfolio is managed by 3i Debt Management Investments Limited. The transaction has a four year re-investment period scheduled to end in 2018. The transaction documents may be amended subject to rating agency confirmation or noteholder approval. Where rating agency confirmation relates to risk factors, Fitch will analyze the proposed change and may provide a rating action commentary if the change has a negative impact on the ratings. Such amendments may delay the repayment of the notes as long as Fitch's analysis confirms the expected repayment of principal at the legal final maturity. If in the agency's opinion the amendment is risk-neutral from a rating perspective Fitch may decline to comment. Noteholders should be aware that confirmation is considered to be given if Fitch declines to comment. Rating Sensitivities A 25% increase in the obligor default probability would lead to a downgrade of two notches for the rated notes. A 25% reduction in recovery rates would lead to a downgrade of three notches for the rated notes. TITAN EUROPE 2006-3: Fitch Affirms 'D' Ratings on 4 Note Classes ---------------------------------------------------------------- Fitch Ratings has affirmed Titan Europe 2006-3 plc's notes, as follows: EUR227 million Class A (XS0257767631) affirmed at 'Dsf'; Recovery Estimate 70% (RE70%) EUR237.5 million Class B (XS0257768522) affirmed at 'Dsf'; RE0% EUR31.6 million Class C (XS0257769090) affirmed at 'Dsf'; RE0% EUR0 million Class D (XS0257769769) affirmed at 'Dsf'; RE0% Key Rating Drivers A continuing note event of default warrants the affirmation of the 'Dsf' rating on all classes. The Recovery Estimate is driven by a higher expectation of deferred interest on the class A notes following a switch to a higher rate of interest applicable on judgment debts under English law. On July 18, 2014, a notice was published on the Irish stock exchange, informing noteholders that the issuer had been notified of a Note Enforcement Notice. In the event that all principal and interest amounts due on the notes cannot be paid, interest shall accrue at 8% on any amount owed. Recoveries from the remaining six loans will first be used to repay the crystallized balance of the liquidity facility followed by deferred interest on the class A and X notes. These costs, ranking senior to principal recoveries on class A notes, amount to more than EUR45 million. Fitch's Recovery Estimate looks through legal final maturity of the notes and accounts for the expected future increases in deferred interest amounts. Interest shortfalls are not technically part of Fitch's Recovery Estimate. However, in this case they are relevant because deferred amounts will have a material impact on the final amounts received by bondholders. The six remaining loans are all in special servicing and their performance remains weak. A resolution of all loans prior to legal final maturity in July 2016 will present a considerable challenge in Fitch's opinion. Rating Sensitivities Ratings on all notes will be withdrawn within 11 months of this rating action. TOUCHSTONE PHARMACY: Put Under Interim Examinership --------------------------------------------------- Catherine Shanahan at Irish Examiner reports that The Touchstone pharmacy at Blackrock Hall, which opened in 2010, was placed in interim examinership. Kieran Coughlan, who, with wife Claire Riordan, is landlord and owner of the building, Irish Examiner notes. Touchstone is a pharmacy operating out of a flagship primary care center opened by entrepreneur Fergus Hoban, Irish Examiner discloses. Mr. Hoban, as cited by Irish Examiner, said the pharmacy should emerge from examinership successfully within the next few weeks. ========= I T A L Y ========= IMCO: Peluso Faces Probe Over Alleged Fraudulent Bankruptcy ----------------------------------------------------------- ANSA reports that officials on Nov. 7 said Piergiorgio Peluso, son of former justice minister Anna Maria Cancellieri, is being investigated by Milan prosecutors in connection with the failure of Imco, one of the holdings of the Ligresti family which at the time controlled the Fonsai insurance group. According to ANSA, prosecutors said Mr. Peluso is being probed for fraudulent bankruptcy in connection with the 2010 failure of Imco and parent company Sinergia, whose restructuring entailed the transfer of EUR108.5 million of its debt onto the "none too sturdy shoulders" of Imco. The prosecutors said Mr. Peluso allegedly conspired to squander Imco's assets while loading it with debt to the benefit of creditors UniCredit and GE Capital, ANSA relates. Imco is based in Italy. =================== L U X E M B O U R G =================== CANYON COS: S&P Affirms 'B' CCR on Proposed Gorkana Acquisition --------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Luxembourg-based Canyon Cos. S.ar.l. The issue- level and recovery ratings remain unchanged. The outlook is stable. "The rating on Canyon reflects our view of the company's modest position in a narrow and fragmented global PR software market, incorporating the recent Gorkana acquisition, and a highly- leveraged financial profile," said Standard & Poor's credit analyst Jenny Chang. Standard & Poor's view of Canyon's business risk profile incorporates the pending acquisition of Gorkana, which will expand the company's footprint in the U.K. and drive additional cost synergies. However, S&P notes that the combined entity holds a relatively small share of the global PR software segment, a subset of the global enterprise software market, which includes large competitors with significantly more resources. The company's substantial base of recurring subscription revenues, lack of customer concentration, and expanded suite of PR software solutions and geographic coverage partially offset these factors. S&P's view of the company's financial risk profile reflects pro forma adjusted leverage, excluding forecasted synergies, in the low-6x area as of Dec. 31, 2014. S&P expects modest revenue growth and the realization of additional synergies will result in leverage in the low- to mid-5x area by the end of fiscal 2015. Furthermore, while S&P expects consistent positive cash flow generation, which in turn provides the capacity for debt reduction, S&P believes the company's ownership structure is likely to preclude sustained deleveraging. The outlook is stable, reflecting S&P's expectation that the company will be largely successful in integrating Gorkana while achieving modest revenue growth and reducing customer churn. The rating also incorporates S&P's expectation that a significant base of recurring revenues and the realization of cost synergies will enable the company to achieve EBITDA margins in excess of 30% in fiscal 2014. The current rating does not incorporate additional material debt-financed acquisitions. ===================== N E T H E R L A N D S ===================== GAS NATURAL: Moody's Assigns (P)Ba1 Rating to Non-Call Securities ----------------------------------------------------------------- Moody's Investors Service has assigned a provisional (P)Ba1 long- term rating to the proposed issuance of eight-year Non-Call Securities (the "hybrid") by Gas Natural Fenosa Finance B.V. (Gas Natural Fenosa Finance). The notes will be guaranteed on a subordinated basis by Gas Natural SDG, S.A. (Gas Natural Fenosa, "the group"). The outlook on the rating is stable. The size and completion of the hybrid issuance remain subject to market conditions. Moody's issues provisional ratings in advance of the final sale of securities and these ratings reflect Moody's preliminary credit opinion regarding the transaction only. Upon a conclusive review of the final documentation, Moody's will endeavor to assign a definitive rating to the hybrid. A definitive rating may differ from a provisional rating. Ratings Rationale The (P)Ba1 rating assigned to the hybrid is two notches below Gas Natural Fenosa's Baa2 senior unsecured ratings. This two-notch differential reflects (1) the unconditional and irrevocable guarantee given by Gas Natural Fenosa in favor of the hybrid debtholders on a subordinated basis, and (2) the features of the hybrid. This security is a perpetual, deeply subordinated hybrid, and Gas Natural Fenosa Finance can opt to defer coupons on a cumulative basis. In Moody's view, the hybrid has equity-like features which allow it to receive basket 'C' treatment (i.e., 50% equity and 50% debt) for financial leverage purposes (please refer to Moody's Rating Implementation Guidance 'Revisions to Moody's Hybrid Tool Kit', published July 2010). Gas Natural Fenosa's Baa2 senior unsecured ratings reflect the group's balanced asset portfolio, which mitigate earnings' volatility. The group's operations include (1) sizeable positions in Spanish gas and electricity distribution, which accounted for 33% of group EBITDA and a smaller 15% from domestic electricity production in the first half of 2014; (2) gas infrastructure and supply which generated 26%; and (3) substantial assets abroad, mostly in distribution in Latin America, which accounted for 23% of EBITDA over the same period. The ratings also take into account the group's recent announcement that it will launch a cash tender offer for 100% of the Chilean energy firm Compania General de Electricidad, S.A. (CGE). Should Gas Natural Fenosa achieve 100% acceptance, the acquisition would cost EUR2.6 billion. The transaction is expected to close in the second half of November. Moody's regards CGE as a good strategic fit for the group, as it has leading positions in gas and electricity in Chile and provides access to a key Latin American (LatAm) platform with strong growth opportunities. Following the acquisition of CGE, the group will increase its exposure to LatAm, which will generate around 35%, compared to 26%, of group EBITDA (based off numbers as at end 2013), and the group will maintain a strong contribution from regulated EBITDA of around 66%. The rating also factors the following: (1) the group's moderately increased leverage (from unadjusted net debt/EBITDA of around 2.9x to around 3.4x) following the acquisition; as a result, the group is unlikely to deleverage as rapidly as envisaged prior to the transaction. The successful execution of the proposed hybrid transaction should nonetheless contribute to a modest improvement in credit metrics; and (2) the possibility that the group may consider pursuing future investment opportunities in Chile, such as new generation, to augment its new growth platform, which could absorb free cash flow and delay further deleveraging; and (3) the execution and integration risks associated with a rather sizeable transaction in a new market for Gas Natural Fenosa. The rating factors a still challenging domestic operating environment including a weak forecast for energy demand; and the risks and financial burdens arising from recent reforms aimed at eliminating tariff deficits in the Spanish electricity and gas systems. Moody's believes there is a reduced risk of further substantial negative effects on revenues following publication in July of Royal Decree Law 8/2014 (RDL 8/2014) to address the gas tariff deficit, and the earlier sequence of reforms designed to eliminate the electricity tariff deficit; nonetheless, further smaller adjustments to the regulatory and remuneration frameworks may still be needed. The stable outlook assumes that the group will continue to maintain a financial profile consistent with a Baa2 rating; with RCF/net debt in the mid-teens, FFO/net debt in the high teens to low 20s in percentage terms, and FFO/net interest cover of more than 4x. What Could Change The Rating Up/Down As the hybrid rating is positioned relative to another rating of Gas Natural Fenosa, a change in either (1) the relative notching practice or (2) the senior unsecured ratings of Gas Natural Fenosa could influence the hybrid rating. Positive pressure could develop on Gas Natural Fenosa's ratings, assuming that the group could demonstrate a stable business profile and maintain a strengthened financial standing with credit metrics (on a sustainable basis) of FFO/net debt comfortably in the 20s in percentage terms; RCF/net debt in the mid to high teens in percentage terms, and FFO interest cover of more than 4.5x. Given the integration risks relating to the latest proposed acquisition, positive pressure is unlikely to develop in the near-term rating horizon. Conversely, negative pressure could develop on Gas Natural Fenosa's ratings in the event of any increase in business, regulatory or political risk within core markets or any significant growth activity through organic change or acquisitions that could cause credit metrics to deteriorate; trending to FFO/net debt in the mid-teens and RCF/net debt in the low teens and below. Principal Methodology The principal methodology used in this rating was Unregulated Utilities and Unregulated Power Companies published in October 2014. Gas Natural SDG, S.A. is one of the three major players in the Iberian power and gas markets. It ranks as the leading domestic gas supply company and ranks third in power generation. It reported total EBITDA of EUR5.09 billion in 2013. ============= R O M A N I A ============= BANCA COMERCIALA: Fitch Affirms 'b+' Viability Rating ----------------------------------------------------- Fitch Ratings has affirmed Bucharest based BRD-Groupe Societe Generale S.A.'s (BRD) and Banca Comerciala Romana S.A.'s (BCR) Long-term Issuer Default Ratings (IDR) at 'BBB+' and Garanti Bank S.A.'s (GBR) Long-term IDR at 'BB+'. Key Rating Drivers: IDRs and Support Rating BCR BCR's IDRs and Support Rating are driven by the potential support it can expect to receive from its 93.6%-owner, Erste Group Bank AG (Erste; A/Negative). As a strategically important subsidiary of Erste, Fitch would normally notch BCR's IDR one notch below that of its parent, implying an IDR for BCR of 'A-'/Negative. However, BCR's rating is constrained by the Romanian Country Ceiling of 'BBB+'. The Negative Outlook on BCR's Long-term IDR takes into consideration Fitch's statement that it is likely to downgrade Erste's IDR to the level of its VR (currently bbb+) by end-1H15, when its Support Rating and Support Rating Floor will likely be downgraded to '5' and revised to 'No Floor'. At that point, the anchor rating driving Erste's IDR will be its VR and BCR's IDR will likely be downgraded to 'BBB'. A downgrade of BCR's Long- term IDR to 'BBB' is unlikely to trigger a downgrade of its Short-term IDR of 'F2'. Fitch believes that BCR continues to be strategically important to its group despite the weak performance of the Romanian market, in light of Erste's focus on Central and Eastern European (CEE), the strong integration into the group and the track record of support to date. BRD The IDRs and Support Rating of BRD are based on our view that there would be a high likelihood of support from its majority (60%) shareholder, Societe Generale (SG; A/Negative/a-) in case of need. Fitch views BRD as a strategically important subsidiary for SG, given the parent's strategic focus on Romania; BRD's high integration, with management, board members and risk systems drawn from the parent and SG's proven commitment to date. In line with Fitch's criteria, as a strategically important subsidiary of SG, Fitch would normally notch BRD once from the parent's IDR, implying an IDR of 'A-'/Negative for BRD. However, BRD's rating is currently constrained by the Romanian Country Ceiling of 'BBB+'; therefore the Stable Outlook on BRD's IDR reflects that on Romania's IDR. BRD's Stable Outlook reflects the fact that, assuming no change in Fitch's perception of BRD's strategic importance to SG, a one- notch downgrade of SG's Long-term IDR due to the expected revision of SG's SRF would not trigger any action on BRD's IDRs. Fitch expects to downgrade SG's Support Rating to '5' and revise down its SRF to 'No Floor' by H115. SG's Long-term IDR would then likely be downgraded to the level of its VR, which is currently 'a-'. As Fitch has not undertaken a full review of BRD, it has not assigned a Viability Rating. GBR The IDRs and Support Rating of GBR are underpinned by Fitch's view that the bank is a strategically important subsidiary of Turkiye Garanti Bankasi (TGB; BBB-/Stable). GBR shares the parent's brand and IT systems, and sources top management and board members from TGB. Fitch believes the parent has a strong propensity to support GBR, given their strong integration and the high reputational risk to TGB in allowing its subsidiary to default. The Stable Outlook on GBR's Long-Term IDR reflects the Outlook on TGB. Key Rating Drivers: VR BCR BCR's VR reflects (i) still weak asset quality; (ii) the improved but still considerable level of uncovered impaired loans relative to Fitch core capital (FCC); and (iii) weak performance expected in 2014 driven by high loan impairment charges (LICs), which reflected accelerated efforts by the bank to resolve its large pool of legacy problem loans. The VR also reflects the bank's (i) still substantial capital buffer to absorb potential further losses; (iii) adequate pre-impairment profitability; and (iii) comfortable liquidity. The bank reported a still high impaired loans ratio (IFRS impaired loans/gross loans ratio) of 27.9% at end-3Q14, down from 30.5% at end-2013 driven by sales of problem loans and write- offs. Fitch understands further portfolio sales will allow the bank to reduce its volume of impaired loans further to year-end. The coverage of these impaired loans with IFRS reserves has increased substantially to 78% at end-3Q14, further to the additional provisioning charges in 3Q14. However, Fitch estimates that uncovered impaired loans continued to account for a high 59% of FCC. The bank reported FCC of 19% at end-1H14. Fitch estimates FCC at end-Q314 to be about 14%, assuming that risk-weighted assets (RWA) at end-3Q14 were equivalent to 1H14, minus the additional LICs booked in 3Q14 (RON2.7bn), and that the loan book composition remained constant. Fitch believes that capital provides a sufficient cushion to absorb any further moderate losses linked to the balance sheet clean up. High LICs are expected to drive full year losses. However, Fitch notes that pre-impairment operating results remain adequate (pre- impairment operating profit/average equity of 27% at end-1H14), as the bank has managed to increase efficiency (costs/average assets of 2.6% in 1H14) and counter downward pressure on its NIM (455bps in 1H14) by repricing its customer deposit base. BCR is primarily funded by customer deposits (customer deposits / total funding 68% at end-1H14). Whilst parent funding has continued to decline, it remains considerable at 25% of total funding at end-1H14. The liquidity cushion held by the bank is sizeable, with cash (including mandatory reserves) and unpledged securities eligible for repo with the Central Bank covering about 70% of total customer deposits (bank standalone). GBR GBR's 'b' VR reflects its (i) short track record of operating profits following losses in 2011-2012; (ii) weak reserve coverage of IFRS impaired loans; (iii) modest franchise; and (iv) the importance of foreign fiduciary deposits for its funding. The VR also reflects the bank's reduced reliance on parent funding and adequate capitalization. The bank reported operating profits in 1H14 and 2013, but this remains a short track record of core profitability (the bank started operations in its current form in 2010). LICs are likely to remain a constraint on mid-term profitability, given the fast growth of the loan book which has yet to season in a challenging operating environment. Asset quality remains weak (IFRS impaired loans of 15.7% at end-1H14), although it improved further due to write offs in 1H14, and compares well with the sector average. Borrower concentrations are high with the largest 25 exposures (on and off balance sheet) accounting for 4.6x FCC at end-1H14. We view the bank's capitalization as adequate (Fitch core capital 18% at end-1H14), but note weak reserve coverage of IFRS impaired loans (40.5% at end-1H114), modest internal capital generation, and credit risks in the loan book which is yet to season. The funding profile improved in 1H14, as customer deposits increased to 50% of total funding and the share of parent funding significantly reduced (4% of total end-1H14 funding). However, cross-border fiduciary deposits continue to account for a high 23% of its total end-1H14 funding. Rating Sensitivities - IDRS, Support Rating BCR BCR's Long-term IDRs are sensitive to both a change in Erste's Long-term IDR or in Romania's Country Ceiling. However, Fitch currently considers a downward revision of the Romanian Country Ceiling as unlikely. They are also sensitive to any reduction in Fitch's view of Erste's commitment to CEE and to the Romanian market in particular. A downgrade of the Support Rating would require a downgrade of Erste's Long-term IDR to 'BBB-' or below, or a change in Fitch's view of the propensity of Erste to provide support to BCR. Fitch considers both of these unlikely. BRD A downgrade of BRD's IDR would require SG's IDR to be downgraded to 'BBB+' or below, or a downward revision of the Romanian Country Ceiling, both of which Fitch currently considers unlikely. The IDRs and SR are also sensitive to a change in Fitch's view of the propensity of SG to provide support to BRD, which we currently consider unlikely. GBR GBR's IDRs are sensitive to a change in TGB's IDR. Given the recent downgrade of TGB's IDR and its Stable Outlook, an upgrade is unlikely in the short to medium term. Additionally, GBR's IDR could come under downward pressure should Fitch adversely change its view on TGB's ability or propensity to support GBR. Rating Sensitivities -- VR An upgrade of BCR's VR would require further progress in resolving the "legacy" problem loan book, and a stabilisation of operating performance. An upgrade of GBR's VR would depend on the bank building an extended track record of reasonable performance, and on the loan book seasoning without a marked deterioration in asset quality. The rating actions are as follows: Banca Comerciala Romana S.A. Long-term foreign currency IDR: affirmed at BBB+'; Outlook Negative Short-term foreign currency IDR: affirmed at 'F2' Long-term local currency IDR: affirmed at 'BBB+'; Outlook Negative Support Rating: affirmed at '2' Viability Rating: affirmed at 'b+' Garanti Bank S.A. Long-term foreign currency IDR: affirmed at BB+; Outlook Stable Short-term foreign currency IDR: affirmed at B Support Rating: affirmed at 3 Viability Rating: affirmed at b BRD-Groupe Societe Generale S.A. Long-term foreign currency IDR: affirmed at BBB+'; Outlook Stable Short-term foreign currency IDR: affirmed at 'F2' Support Rating: affirmed at '2' =========== R U S S I A =========== RUSSIAN INSURANCE: Fitch Affirms 'B' IFS Rating; Outlook Negative ----------------------------------------------------------------- Fitch Ratings has affirmed Russian Insurance Centre's (RIC) Insurer Financial Strength (IFS) rating at 'B' and National IFS rating at 'BBB-(rus)'. The Outlook is Negative. Key Rating Drivers The ratings reflect RIC's relatively small scale, its moderate capital position and risky investment strategy. The Outlook reflects the insurer's relatively undiversified business mix, its weakened ability to generate underwriting profit, and the challenges related to implementation of the new team's ambitious growth strategy. RIC's unique niche position as insurer of the Russian defense and space industries weakened after changes in the company's shareholding structure and management team in 2012 - 2013. RIC's new management team decided to pursue a more aggressive strategy to compensate for the 64% drop in gross written premiums (GWP) in 2013 compared with 2012. Fitch expects increased risk to arise from the new team's strategy, which the agency understands will continue to focus on commercial insurance but with more ambitious top-line growth targets. RIC's net profit remained positive at RUB72 million in 9M14 (9M13: RUB90 million), which was a combination of a marginally negative underwriting result of minus RUB1 million (9M13: positive RUB40 million) and stronger investment income. Fitch believes that the insurer may find it challenging to maintain the previous business model and generate most of its profit on underwriting activity. The reasons for this are the weakening of the previously strong niche position, the insurer's small scale and hence limited bargaining power, and worsened market conditions. RIC demonstrated a moderate recovery of its business volumes with GWP growing by 45% in 9M14 compared with 9M13 after a drop of 64% in 2013 compared with 2012. The recovery in 9M14 was accompanied by significant changes in the insurer's business mix. In line with Fitch's expectations, RIC's position in marine, aviation and transport (MAT) insurance weakened with the weight of these lines declining to 7% of the insurer's GWP in 9M14 from 27% in 9M13. The liability lines also declined to 7% from 25% in the same period. Instead, the key driver of RIC's premium recovery was commercial property insurance, which accounted for 60% in 9M14 (9M13: 28%). This new business was acquired at rather high acquisition cost, which was the major driver behind the increase of the commission ratio to 22% in 9M14 from 4% in 9M13 for the insurer's overall portfolio. This is in line with Fitch's expectations that the ambitious growth strategy of the insurer's new management team may be accompanied by increased pricing risk. RIC's loss ratio improved to 29% in 9M14 from 42% in 9M13. Fitch does not view this improvement as sustainable as it was largely driven by the release of incurred but not reported (IBNR) loss reserves under expiring MAT policies. From a Prism factor-based capital model (Prism FBM) perspective, RIC scored 'Adequate' based on year-end 2013 results. Fitch believes that RIC's capital is under pressure from the quality of certain investment assets. The company's regulatory capital position is more comfortable, with the solvency margin at 567% at end-9M14 (minimum requirement is 130%), as these assets get full credit in the regulatory assessment. RIC's investment strategy continues to be somewhat risky. It has a record of holding promissory notes of low liquidity on its balance sheet (8% of investments or 23% relative to the equity at end-9M14), a substantial amount of shares (29% of investments at end-9M14) and recent investments in land (18% at end-9M14). Rating Sensitivities RIC's ratings could be downgraded if the company continues to report underwriting losses in the next 12-24 months. The ratings could be also downgraded if RIC incurs significant losses on its investment portfolio. Should the insurer manage to consolidate its profile as a specialized medium-sized commercial insurer and maintain satisfactory underwriting discipline, Fitch could revise the Outlook to Stable. A consistent improvement in the quality of RIC's investment portfolio could also lead to the revision of the Outlook to Stable. ========= S P A I N ========= FTPYME TDA 7: Moody's Hikes Rating on Class C Notes to 'Ba1' ------------------------------------------------------------ Moody's Investors Service has upgraded the ratings on four notes in two Spanish asset-backed securities (ABS) transactions. At the same time, Moody's affirmed the A1 (sf) rating on the most senior notes in both transactions: -- FTPYME TDA 7, FTA, currently serviced by Banco Sabadell S.A. (Ba2/NP) -- AyT Colaterales Global Empresas Caja Granada I, currently serviced by Banco Mare Nostrum (unrated) The rating action concludes the review of 3 notes initiated on March 17, 2014, following the upgrade of the Spanish sovereign rating to Baa2 from Baa3 and the resulting increase of the local- currency country ceiling to A1 from A3. The sovereign rating upgrade reflected improvements in institutional strength and reduced susceptibility to event risk associated with lower government liquidity and banking sector risks. The two transactions are ABS backed by small to medium-sized enterprise (ABS SME) loans to SMEs located in Spain. Ratings Rationale The rating action reflects (1) the increase in the Spanish local- currency country ceiling to A1; and (2) the sufficiency of credit enhancement in the affected transactions, which has increased significantly in the two deals over the last 12 months. -- Reduced sovereign risk Moody's upgraded the Spanish sovereign rating to Baa2 in February 2014, which resulted in an increase in the local-currency country ceiling to A1. The Spanish country ceiling, and therefore the maximum rating that Moody's will assign to a domestic Spanish issuer, including structured finance transactions backed by Spanish receivables, is A1 (sf). The large increase of credit enhancement and the reduction in sovereign risk have prompted the upgrade of the four notes. -- Key collateral assumptions Moody's has revised its volatility assumption in those transactions given the reduced country risk. The default probability assumption (DP) remains unchanged in FTPYME TDA 7, FTA given the stable performance of the transaction, while Moody's reduced its DP assumption in AyT Colaterales Global Empresas Caja Granada I. Moody's has a stable outlook for Spanish ABS. In FTPYME TDA 7, FTA, the unchanged DP assumption on the current balance of 24.0% and an updated volatility of 69.6% correspond to an unchanged portfolio credit enhancement of 28.7%. The DP assumption takes into account the concentration in the real estate sector of 41% as of October 2014. Moody's has increased the recovery rate assumption to 60% from 50%, in line with higher-than-expected recoveries in the transaction. In this transaction, the top debtor represents 3.34% of the current portfolio; top five, 13.02%; and top 10, 21.24%. In AyT Colaterales Global Empresas Caja Granada I, Moody's reduced its DP assumption in light of improved performance as per delinquency levels (loans more than 90 days in arrears represent 2.0% of the current portfolio balance, compared with 7.4% when the transaction was initially rated), as well as significant seasoning in the transaction (more than 45% of the current portfolio balance was originated before 2006). The revised DP assumption on the current balance of 16.41% and an updated volatility of 69.11% correspond to a new portfolio credit enhancement of 23.0%. Moody's has increased the recovery rate assumption to 60% from 55%, in line with higher-than-expected recoveries in the transaction. In this transaction, the top debtor represents 2.23% of the current portfolio; top five, 7.35%; and top 10, 12.35%. Moody's has incorporated the sensitivity of the ratings to borrower concentrations into the quantitative analysis. In particular, Moody's considered the credit enhancement coverage of large debtors in both transactions as they show significant exposure to large debtors. The results of this analysis limited the potential upgrade of the rating on the class C notes of FTPYME TDA 7, FTA. -- Exposure to counterparties Moody's rating analysis also took into consideration the exposure to key transaction counterparties. In the two transactions, Barclays Bank PLC (A2/P-1) acts as account bank. Moody's also assessed the exposure to the swaps in the transactions. CECABANK S.A. (Ba3/NP) is the swap counterparty in AyT Colaterales Global Empresas Caja Granada I, and Credit Agricole Corporate and Investment Bank (A2/P-1) is the swap counterparty in FTPYME TDA 7, FTA. Principal Methodology The principal methodology used in these ratings was "Moody's Global Approach to Rating SME Balance Sheet Securitizations", published in January 2014. Factors that would lead to an upgrade or downgrade of the ratings: Factors or circumstances that could lead to an upgrade of the ratings include (1) further reduction in sovereign risk, (2) performance of the underlying collateral that is better than Moody's expected, (3) deleveraging of the capital structure and (4) improvements in the credit quality of the transaction counterparties. Factors or circumstances that could lead to a downgrade of the ratings include (1) an increase in sovereign risk, (2) performance of the underlying collateral that is worse than Moody's expects, (3) deterioration in the notes' available credit enhancement and (4) deterioration in the credit quality of the transaction counterparties. LIST OF AFFECTED RATINGS: Issuer: AyT Colaterales Global Empresas Caja Granada I EUR135.6M A Notes, Affirmed A1 (sf); previously on Mar 17, 2014 Upgraded to A1 (sf) EUR18.4M B Notes, Affirmed A1 (sf); previously on Mar 17, 2014 Upgraded to A1 (sf) EUR10.5M C Notes, Upgraded to A1 (sf); previously on Mar 17, 2014 Baa1 (sf) Placed Under Review for Possible Upgrade EUR10.5M D Notes, Upgraded to A1 (sf); previously on Mar 17, 2014 B1 (sf) Placed Under Review for Possible Upgrade Issuer: FTPYME TDA 7, FTA EUR230.3M A1 Notes, Affirmed A1 (sf); previously on Mar 17, 2014 Upgraded to A1 (sf) EUR18.3M A2(CA) Notes, Affirmed A1 (sf); previously on Mar 17, 2014 Upgraded to A1 (sf) EUR20.2M B Notes, Upgraded to A1 (sf); previously on Mar 17, 2014 Ba1 (sf) Placed Under Review for Possible Upgrade EUR11.2M C Notes, Upgraded to Ba1 (sf); previously on May 23, 2013 Downgraded to Caa2 (sf) HIPOCAT 9: S&P Lowers Rating on Class B Notes to 'B- (sf)' ---------------------------------------------------------- Standard & Poor's Ratings Services lowered its credit ratings on Hipocat 9, Fondo de Titulizacion de Activos' class A2a, A2b, and B notes. At the same time, S&P has affirmed its ratings on the class C and D notes. Upon publishing S&P's updated criteria for Spanish residential mortgage-backed securities (RMBS criteria) and its updated criteria for rating single-jurisdiction securitizations above the sovereign foreign currency rating (RAS criteria), S&P placed those ratings that could potentially be affected "under criteria observation". Following S&P's review of this transaction, its ratings that could potentially be affected by the criteria are no longer under criteria observation. The rating actions follow S&P's credit and cash flow analysis of the most recent transaction information that S&P has received, dated July 2014. S&P's analysis reflects the application of its RMBS criteria. S&P's RAS criteria do not apply to this transaction as the ratings in this transaction are below S&P's 'BBB' long-term rating on the Kingdom of Spain. Credit enhancement has increased to 12.65%, from a level of 9.78% in S&P's previous review, based on performing balance. Class Available Credit Enhancement (%) A2a 12.65 A2b 12.65 B 6.13 C 0.70 D (6.27) This transaction features a reserve fund. However, due to high periodic losses, the reserve is fully depleted. Severe delinquencies of more than 90 days at 8.03% are on average higher for this transaction than our Spanish RMBS index. However, delinquencies have decreased since S&P's previous review when severe delinquencies of more than 90 days totaled 9.63%. Defaults are defined as mortgage loans in arrears for more than 18 months in this transaction. Cumulative losses, at 7.59%, are also higher than in other Spanish RMBS transactions that S&P rates. Prepayment levels have increased in this transaction in recent quarters, but remain low at 8%. After applying S&P's RMBS criteria to this transaction, its credit analysis results show an increase in the weighted-average foreclosure frequency (WAFF) and an increase in the weighted- average loss severity (WALS) for each rating level. Rating level WAFF (%) WALS (%) AAA 62.61 41.72 AA 52.54 37.37 A 45.61 29.62 BBB 34.74 25.30 BB 28.12 22.22 B 25.57 19.35 The increase in the WAFF is mainly due to S&P's increased base- case foreclosure frequency. However, the transaction's increased seasoning and improved performance since S&P's previous review partly mitigated this. The increase in the WALS is mainly due to the application of S&P's revised market value decline assumptions. The overall effect is an increase in the required credit coverage for each rating level. Although credit enhancement for the class A2a and A2b notes has increased by 2.87% since S&P's previous review, based on the initial loan balance under its RMBS criteria, S&P applies more cash flow scenarios, including delayed recession runs. Under these runs, the class A2a and A2b notes fail to achieve their currently assigned ratings. S&P has therefore lowered to 'BB- (sf)' from 'BB (sf)' its ratings on these classes of notes. Credit enhancement for the class B notes has increased to 6.13% from 3.52% since S&P's previous review. However, after applying S&P's RMBS criteria, its expected credit loss has increased by more than the credit enhancement. S&P has therefore lowered its rating on this class of notes to 'B- (sf)' from 'B (sf)'. Cumulative losses have increased to 7.59% from 6.12% since S&P's previous review. At the current pace of increase, the class C notes' interest rate deferral trigger will be hit shortly. Taking this into account, S&P has affirmed its 'CCC- (sf)' rating on the class C notes. S&P has affirmed its 'D (sf)' rating on the class D notes as this class hit its interest deferral trigger earlier this year. S&P also considers credit stability in its analysis. To reflect moderate stress conditions, S&P adjusted its WAFF assumptions by assuming additional arrears of 8.00% for both one-year and three- year horizons. This did not result in S&P's rating deteriorating below the maximum projected deterioration that S&P would associate with each relevant rating level, as outlined in S&P's credit stability criteria. In S&P's opinion, the outlook for the Spanish residential mortgage and real estate market is not benign and S&P has therefore increased its expected 'B' foreclosure frequency assumption to 3.33% from 2.00%, when S&P applies its RMBS criteria, to reflect this view. S&P bases these assumptions on its expectation of modest economic growth, continuing high unemployment, and further falls in house prices for the remainder of 2014, which will then level off in 2015. On the back of improving but still depressed macroeconomic conditions, S&P don't expect the performance of the transactions in our Spanish RMBS index to improve in 2014. S&P expects severe arrears in the portfolio to remain at their current levels, as there are a number of downside risks. These include inflation, weak economic growth, high unemployment, and fiscal tightening. On the positive side, S&P expects interest rates to remain low for the foreseeable future. Hipocat 9 is a Spanish RMBS transaction, which closed in November 2005. The transaction securitizes a pool of first-lien mortgage loans that Caixa d'Estalvis de Catalunya (now Catalunya Banc) originated. The mortgage loans are mainly located in Catalonia and the transaction comprises loans granted to borrowers that contain flexible features. RATINGS LIST Class Rating To From Hipocat 9, Fondo de Titulizacion de Activos EUR1.016 Billion Residential Mortgage-Backed Floating Rate Notes Ratings Lowered A2a BB- (sf) BB (sf) A2b BB- (sf) BB (sf) B B- (sf) B (sf) Ratings Affirmed C CCC- (sf) D D (sf) PYME VALENCIA: Fitch Lowers Rating on Class D Notes to 'Csf' ------------------------------------------------------------ Fitch Ratings has downgraded PYME Valencia 1, FTA's class D notes and affirmed the others, as follows: EUR33 million Class A2 (ISIN ES0372241010): affirmed at AA+sf'; Outlook Stable EUR47.6 million Class B (ISIN ES0372241028): affirmed at 'BBsf'; Outlook Stable EUR34 million Class C (ISIN ES0372241036): affirmed at 'CCsf'; RE (Recovery Estimate) 0% EUR13.6 million Class D (ISIN ES0372241044): downgraded to 'Csf' from 'CCsf'; RE 0% EUR15.3 million Class E (ISIN ES0372241051): affirmed at 'Csf'; RE 0% PYME Valencia 1, F.T.A. is a cash-flow securitization of loans granted to Spanish small and medium enterprises (SMEs) by Banco de Valencia, which merged with Caixabank (BBB/Positive/F2) in 2013. Key Rating Drivers The downgrade of class D notes reflects the deferral of interest payment on the last payment date, following a breach of the cumulative default trigger at 8% of the initial notes balance. As unpaid interest will start accumulating the full repayment of the notes is now deemed unlikely. The 'AA+sf' rating of the class A2 notes reflects the 77% asset- based credit enhancement available to the notes. The rating is the highest rating possible for Spanish structured finance transactions, as it is six notches above the Kingdom of Spain's Issuer Default Rating (BBB+/Stable/F2). The affirmation of the class B notes reflects an increase of the asset-based credit enhancement over the last 12 months to 43.1% from 37.4%. The notes benefit from the protection offered by a financial swap. The swap pays an amount equal to interest payments on the class A2 to D notes plus 65bps of excess spread even if the performing balance of the portfolio is lower than the aggregate outstanding notional of these notes. The 'CCsf' rating on the class C notes reflects the low credit enhancement available to the notes and their subordinated position in the capital structure. Credit enhancement for the class C notes is insufficient to pass Fitch's base case expected loss rate and their repayment is solely dependent on the recoveries realised on defaulted assets. The 'Csf' rating on the class E notes indicates that a default is inevitable. The notional of the reserve fund (RF) will be applied to redeem the notes. Fitch considers it unlikely that the RF, which has been fully depleted since September 2009, will be replenished to its required amount of EUR13.5m before the notes' maturity. The deal continues to maintain a dynamic commingling reserve (CR), held at Barclays Plc (A/Stable/F1), which will be utilized to redeem the items in the priority of payments in case of a commingling loss or a servicer's disruption event. The CR is updated monthly and it is sized at 1.5x the expected collections' notional at 10% prepayment rate. The CR's notional is above EUR7 million. Current defaults and loans more than 90 days in arrears account for 35.1% and 2.7% of the outstanding portfolio balance, respectively. The principal deficiency ledger balance has over the last 12 months increased to EUR30.9 million from EUR26.3 million. Additionally, Fitch views as additional risks the increased obligor concentration resulting from the portfolio's deleveraging and the portfolio's high exposure to the troubled Spanish real estate and building materials sectors. The top 10 obligors account for 24% of the outstanding balance, while loans to the real estate and building materials sectors account for 52% of the outstanding portfolio. Rating Sensitivities The analysis included a stress test to analyze the ratings' sensitivity to a change in our underlying assumptions. The first stress simulated a 25% increase of the default probability, which did not imply any impact on the ratings. The second stress test addressed a 25% reduction of recovery rates on the collateral and did not indicate any material impact on the ratings. TDA EMPRESAS 1: Fitch Affirms 'BB+' Ratings on 3 Note Classes ------------------------------------------------------------- Fitch Ratings has affirmed TDA SA Nostra Empresas 1 and 2 FTA, and revised the Outlook on one tranche to Negative as follows: TDA SA Nostra Empresas 1 (TDA Empresas 1) Series A (ISIN: ES0377969003): affirmed at 'Asf', Outlook Stable Series B (ISIN: ES0377969011): affirmed at 'Asf'; Outlook revised to Negative from Stable Series C (ISIN:ES0377969029): affirmed at 'BB+sf'; Outlook Negative Series D (ISIN: ES0377969037): affirmed at 'BB+sf'; Outlook Negative Series E (ISIN: ES0377969045): affirmed at 'BB+sf'; Outlook Negative TDA SA Nostra Empresas 2 (TDA Empresas 2) Series A (ISIN: ES0377957008): affirmed at 'Asf'; Outlook Stable Series B (ISIN: ES0377957016): affirmed at 'Asf'; Outlook Stable Series C (ISIN: ES0377957032): affirmed at 'BB+sf'; Outlook Negative Series D (ISIN: ES0377957024): affirmed at 'BB+sf', Outlook Negative Key Rating Drivers The affirmation of classes A and B of both transactions reflects their robust credit enhancement, which are by themselves sufficient to support the ratings (ie without taking into account support from the reserve fund). However, the notes would be exposed to liquidity risk in a servicer disruption event, leading to the ratings being capped at 'Asf'. The revision of the Outlook of Class B of TDA Empresas 1 reflects increased concentration of the pool and slower build-up of credit enhancement due to the current pro-rata amortization of the notes. Top ten obligors represent 47% of the notes, up from 44% a year ago. The ratings reflect the notes' material exposure to Banco Mare Nostrum (BMN; 'BB+'/Negative/'B'), the servicer and reserve fund account holder, which is not an eligible counterparty in accordance with Fitch's criteria. To address exposure to BMN's rating, the agency has not given credit to the reserve fund in its credit analysis. The ratings of TDA Empresas 1's class C, D and E notes and TDA Empresas 2's class C and D notes are capped at BMN's rating given their dependence on the reserve fund for credit enhancement Both portfolios are concentrated at regional, industry and borrowers levels. Close to 90% of both transactions' obligors are located in Balearic Islands. TDA Empresas 1's top one and top 10 obligors account for 7% and 47%, respectively, while for TDA Empresas 2 at 3% and 14%, respectively. Fitch has addressed these concentration levels in its credit analysis. Both transactions are highly seasoned. Performance to date has been robust although arrears have been volatile due to the high levels of concentration. However, there has been little migration of delinquencies into defaults so far, with current defaults representing 0.1% and 1.4% of TDA Empresas 1 and 2's current outstanding balances, respectively. Ratings Sensitivities The analysis included a stress test to analyze the ratings' sensitivity to a change in the underlying assumptions. The first stress simulated a 25% increase of the default probability and did not imply any impact on the ratings. The second stress test addressed a 25% reduction of recovery rates on the collateral and did not indicate any impact on the ratings. * SPAIN: Company Insolvency Proceedings Down 27%, Axesor Says ------------------------------------------------------------- Katie Linsell at Bloomberg News, citing Spanish rating company Axesor, reports that the number of Spanish companies seeking protection from creditors is in longest streak of declines since at least 2004. According to Bloomberg, a total of 5,525 insolvency proceedings were recorded year-to-date, down 27% compared to the same period in 2013. The year-to-date volume is the lowest since 2011, Bloomberg notes. =========================== U N I T E D K I N G D O M =========================== CABLE & WIRELESS: Moody's Affirms Ba2 Corporate Family Rating ------------------------------------------------------------- Moody's Investors Service affirmed the Ba2 corporate family rating of Cable & Wireless Communications Plc (CWC), the Ba2 senior secured rating on the USD400 million notes issued by Sable International and the B1 senior unsecured rating on the GBP200 million notes issued by Cable & Wireless International Finance B.V. The ratings outlook remains negative. On November 6, CWC announced its intention to acquire Columbus International Inc (B2, stable) in a transaction totaling around USD3 billion, funded through both equity and debt. The ratings affirmation recognizes the improvement in CWC's credit metrics over the last few quarters and that successful integration with Columbus will benefit CWC's operations over the long-term. On the other hand, Moody's maintained the company's negative outlook given that the proposed acquisition and business model realignment present execution risks in addition to potential liquidity constraints, accompanied by ongoing negative free cash flow and higher leverage over the next eighteen to twenty four months. Ratings Rationale CWC's Ba2 corporate family rating reflects the company's leading market positions throughout the Caribbean and Panama, effective business model and improved credit metrics. The rating remains constrained by operating challenges and exposure to the emerging economies where the company operates, the competitive nature of the telecom industry and the uncertainties and execution risks surrounding the success of CWC's strategic realignment efforts, as well as potential liquidity pressure under the structure of the proposed transaction. Through a series of asset divestitures over the last twenty four months, CWC has realigned its business strategy, shifting from a portfolio of widely-scattered global operations in more than 35 nations to a regionally-based operator in Pan-America. Since May 2013, CWC participates in a joint venture with Columbus Networks (subsidiary of Columbus International) through a 27.5% share under which it has developed its international wholesale capacity business by accessing Columbus' extensive sub-sea and terrestrial fiber optic cable network that connects the entire Caribbean and Central American region. On November 6th, CWC announced its intention to acquire 100% of the shares of Columbus International (B2, stable), which, in addition to running Columbus Networks, is a leading provider of digital cable TV, high speed broadband and fixed line services to Trinidad, Jamaica, Grenada, Curacao and Barbados. Approximately USD1.3 billion of the USD3.1 billion transaction will be funded through equity. The assumption of Columbus' net debt for USD1.2 billion and new incremental debt totaling USD760 million represent the remaining balance plus transaction costs. Assuming successful implementation, the full integration with Columbus will strengthen CWC's already prominent presence in the region by expanding its product offering, particularly in the regions where both companies' markets overlap. By itself, CWC has strong market participation, acting as the leading mobile operator in 10 of 16 markets, the number one fixed line provider in all 15 services areas, and the primary broadband supplier in all but one of 16 markets. Although the small populations and landmass, limited disposable incomes and overall moderate economic growth present operational challenges, the Columbus acquisition will further situate CWC as a prevailing service provider with an optimal regional presence and state of the art technology. The merged company will be uniquely positioned to offer a full portfolio of new and traditional products, benefiting from shared know-how, combined infrastructure, network convergence, quad-play bundling and brand recognition. Although CWC's profitability has increased in recent years, the integration of Columbus' higher margin operations will have an even stronger positive impact per Moody's projections. Traditionally active on the M&A front, Columbus acquired 33 companies during the past nine years, more than doubling its revenue base over the last 5 years while maintaining strong profitability. During the last twelve months ended on June 30th, 2014, Columbus' adjusted EBITDA margin was 45.7%, compared to CWC's 33%. Pro-forma the proposed transaction, Moody's estimates that combined operations will produce an adjusted EBITDA margin of around 38% during the first full fiscal year. The proposed acquisition will, nevertheless, pressure CWC leverage metrics. In Moody's estimates pro forma the Columbus acquisition, leverage (gross debt to EBITDA as adjusted by Moody's) will reach 3.5 times and remain over 3 times through the fiscal year ended March 2016. In addition, the transaction presents execution risks, particularly if financial targets, such as improved pro-forma EBITDA margins (as adjusted by Moody's) starting at 38% are not met or if cash generation is insufficient to cover planned capex and other obligations. Closure of the pending acquisition proposal also adds potential liquidity pressures arising from the current transaction structure, which may add stress to the company's financial position. For example, the acquisition will trigger the change of control clause under which the Columbus bondholders may put the bonds (totaling USD1.25 billion). Although the company has a backstop negotiated with JP Morgan in place, should some or all of the existing bondholders exercise the option, the debt will need to be refinanced to a longer term and as such be subject to market conditions. In addition, selected Columbus shareholders will have the right to exercise put options on merged company shares totaling between USD240 million and USD350 million annually from 2016 to 2019 -- if the market price of the shares is below the put option, CWC could potentially face additional liquidity pressures if they are unable to fund pricing differences with either cash or equity as intended. Although the recently hired international management team provides a platform for the implementation of solid business development plans due to its vast experience, the group has very little track record under CWC. Nonetheless, the success of the existing joint venture and CWC's historical M&A track record should play a role in mitigating potential setbacks. In addition, key shareholders as well as senior management of Columbus are expected to remain present as the merger unfolds, adding further support and know-how to the integration process. CWC is furthermore expected to remain focused on executing its strategy of improving its mobile business and fixed-mobile convergence and reinforcing its TV offering while growing its B2B and B2G operations. CWC's liquidity is adequate; however, additional liquidity pressure may arise under the structure of the proposed transaction to acquire Columbus. Although the company has a backstop in place to cover the possibility that Columbus bondholders will exercise their right to call the outstanding bonds for USD 1.25 billion, the debt will need to be refinanced to a longer term and as such be subject to market conditions. In addition, selected Columbus shareholders will have the right to exercise put options totaling between USD 240 million and USD 350 million annually through 2016 to 2019 -- if the market price of the shares is below the put option, CWC could potentially face additional liquidity pressures if they are unable to fund pricing differences with either cash or equity. As of September 30th, 2014, the company had USD 438 million cash on hand. Over 95% of CWC's cash balance is USD-linked and approximately 80% of the company's cash balance is available on short notice. In addition, the company currently has a committed and fully-available revolving credit facility for USD 487 million, which is expected to cancelled and replaced with a new USD 500 million revolving credit facility upon closure of the pending transaction. Given the current cash balance and projected cash flow, the company will be able to cover upcoming debt maturities for USD 165 million over the next 2 years, planned capital expenditures, interest payments and working capital. Pro-forma the Columbus acquisition, CWC will continue to have a comfortable debt maturity profile, with no major maturities until 2019, when the equivalent of USD 240 million comes due. The negative rating outlook reflects execution risks surrounding the proposed acquisition, potential liquidity pressures under the current transaction structure, and ongoing uncertainty surrounding the realignment of CWC's business model to a new regional and operational strategy. Execution and event risks taken into consideration are associated with a sizeable acquisition that will pose challenges such as the integration of the new business, unforeseen legal or regulatory issues, inability to retain customers, difficulties deploying acquired networks, and a new management team with little track record under CWC. In addition, the outlook assumes ongoing negative free cash flow coupled with increased indebtedness resulting in higher leverage over the next eighteen to twenty four months. Given the transitional state of the company following its portfolio reshuffling, upwards rating pressure is currently limited. However the rating could experience upward pressure once the company returns to meaningful positive free cash flow at a group level (after dividend payments) on a sustained basis, if the company's gross debt to EBITDA ratio (as adjusted by Moody's) stays below 2.0 times. Downward pressure on the rating could develop if post transaction adjusted EBITDA margins stay below 35% on a sustained basis or if gross debt to EBITDA as adjusted by Moody's surpasses 3.75 times. Also, if interest coverage as measured by FFO + interest expense/interest expense stays below 3.0 times on a sustained basis, the rating would come under pressure. Deteriorating operating performance that impacts cash flow or liquidity such that the company is unable to carryout planned investments would also pressure the rating. CWC's corporate family rating (CFR) and probability of default rating (PDR) of Ba2 reflect the expected recovery rate of 50% assumed by Moody's for bank and bond capital structures. The administrative and priority claims have been ranked highest in priority of claims at operating level. Next, the senior secured notes for USD 400 million (due in 2020) issued by Sable International Finance Limited are ranked in line with all first lien assets at the holding company level along with the USD 487 million senior secured revolving credit facility. Outstanding unsecured operating subsidiary debt for USD 270 million follows next in the waterfall, together with senior unsecured non-debt trade claims and lease rejection claims. Last in the waterfall are the unsecured GBP200 bonds (due in 2019) issued by Cable & Wireless International Finance B.V., along with UK pension obligations totaling USD 196 million as of March 2014 at Cable & Wireless Ltd (Holding Company), and all other unsecured holding company claims. Outlook Actions: Issuer: Cable & Wireless Communications plc Outlook, Remains Negative Issuer: Cable & Wireless International Finance B.V. Outlook, Remains Negative Issuer: Cable & Wireless Limited Outlook, Remains Negative Issuer: Sable International Finance Limited Outlook, Remains Negative Affirmations: Issuer: Cable & Wireless Communications plc Probability of Default Rating, Affirmed Ba2-PD Corporate Family Rating (Local Currency), Affirmed Ba2 Issuer: Cable & Wireless International Finance B.V. Senior Unsecured Regular Bond/Debenture (Foreign Currency) Mar 25, 2019, Affirmed B1, LGD6 Issuer: Cable & Wireless Limited Commercial Paper, Affirmed NP Issuer: Sable International Finance Limited Senior Secured Regular Bond/Debenture (Foreign Currency) Feb 1, 2020, Affirmed Ba2, LGD4 The principal methodology used in these ratings was 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. Headquartered in London, Cable & Wireless Communications Plc (CWC) is an integrated telecommunications provider offering mobile, broadband, fixed-line, business and IT services throughout the Caribbean and Panama. CWC does not fully own and/or control some of its businesses which remain jointly owned with governments or corporate partners. The company consolidates the results of all operating subsidiaries in which it has control over the entity's financial and operating policies. Covering 14 markets, the Caribbean unit accounted for 56% of total revenues during the year-ended March 31, 2014 and 49% of EBITDA. The Panama operation, of which CWC owns 49% and maintains control, accounted for 32% and 40% of respective revenues and EBITDA during the same period. As of March 2014, CWC attended to 5.3 million customers, of which around 70% consisted of mobile users, 20% of fixed line clients, and the remainder of broadband and TV customers. During the 2013/14 fiscal year, the company reported revenues of USD1,873 million and EBITDA of USD608 million. CATERHAM FORMULA ONE: Seeks Funding From Fans for Abu Dhabi Race ---------------------------------------------------------------- Christopher Elser at Bloomberg News reports that the Caterham Formula One racing team is appealing to fans to send money to keep it going. Caterham F1 went into administration last month, and didn't participate in the U.S. Grand Prix in Austin, Texas, Bloomberg recounts. Caterham F1 was given permission to skip the U.S. and last weekend's Brazilian races, Bloomberg discloses. The final race is in Abu Dhabi, Bloomberg notes. According to Bloomberg, the team is asking supporters to help fund its participation in Abu Dhabi. It's using public-funding website Crowdcube to try to raise GBP2.35 million by Nov. 14, asking fans to give as little as 10 pounds, Bloomberg discloses. "We are working non-stop to get the Caterham F1 team back racing, initially in Abu Dhabi, but hopefully that will be just a stepping stone to get it back racing on a permanent basis, under new ownership," Bloomberg quotes Finbarr O'Connell, Caterham Sports Ltd. administrator and interim team principal as saying. FARRINGDON MORTGAGES NO.2: S&P Raises Rating on B2a Notes to 'B' ---------------------------------------------------------------- Standard & Poor's Ratings Services raised its credit ratings on Farringdon Mortgages No. 1 PLC's (FM 1) class B2a notes and Farringdon Mortgages No. 2 PLC's (FM 2) class B1a and B2a notes. At the same time, S&P has affirmed its ratings on FM 1's class M2a and B1a notes, and FM 2's class A2a, A2a DAC, and M2a notes. The rating actions follow S&P's credit and cash flow analysis of the most recent transaction information that it has received. Total and 90+ days delinquencies have decreased for both transactions since S&P's previous reviews in mid-2012. Credit enhancement continues to increase as principal is being paid sequentially and both reserve funds have topped up since S&P's mid-2012 reviews. Farringdon Mortgages No. 1 Delinquencies of 90+ days have decreased to 4.92% in July 2014 from 15.97% in April 2012. Seasoning has increased to 114 months from 87 months, over the same period. The combination of these two factors has led to a decrease in S&P's weighted-average foreclosure frequency (WAFF) assumptions. S&P's calculated current loan-to-value (LTV) ratio has decreased to 57.4% from 67.2% in S&P's June 2012 review. The average loan balance has decreased slightly as the repayment loans pay down principal. These factors have offset an increase in S&P's weighted-average market value decline assumptions, leading to a decline in S&P's weighted-average loss severity (WALS) assumptions. Rating level WAFF (%) WALS (%) AAA 48.89 31.42 AA 40.31 24.17 A 30.44 13.28 BBB 24.33 8.01 BB 18.14 4.73 B 14.37 2.65 Given the low pool factor (the outstanding collateral balance as a proportion of the original collateral balance) and number of loans remaining S&P believes the transaction is exposed to small- pool risks relating to higher borrower concentrations. To account for this, S&P has run additional cash flow scenarios assuming a lower reserve fund. Taking into account the results of S&P's credit and cash flow analysis, it has raised to 'B+ (sf)' from 'B- (sf) its rating on the class B2a notes. S&P's ratings on the class M2a and B1a notes are capped at its 'A' long-term issuer credit rating (ICR) on Danske Bank A/S, as it do not view the replacement framework for the liquidity facility and guaranteed investment contract (GIC) account (for which Danske Bank is the counterparty) to be in line with S&P's current counterparty criteria. S&P has therefore affirmed its 'A (sf)' ratings on the class M2a and B1a notes. Farringdon Mortgages No. 2 Delinquencies of 90+ days (excluding repossessions) have decreased to 12.33% in July 2014 from 19.10% in April 2012. Seasoning has increased to 109 months from 82 months, over the same time period. The combination of these two factors has led to a decrease in S&P's WAFF assumptions. S&P's calculated current LTV ratio has decreased to 66.5% from 71.2% in S&P's May 2012 review. The average loan balance has decreased slightly as the repayment loans pay down principal. These factors have offset an increase in S&P's weighted-average market value decline assumptions, leading to a decline in S&P's WALS assumptions. Rating level WAFF (%) WALS (%) AAA 50.38 34.64 AA 42.42 27.17 A 34.02 16.00 BBB 28.23 10.28 BB 21.74 6.69 B 18.18 3.61 Taking into account the results of S&P's credit and cash flow analysis, it has raised to 'B (sf)' from 'B- (sf)' its rating on the class B2a notes and to 'A- (sf)' from 'BBB+ (sf)' its rating on the class B1a notes. S&P's ratings on the class A2a, A2a DAC, and M2a notes are capped at its 'A' long-term ICR on Danske Bank as S&P do not view the replacement framework for the liquidity facility and GIC account (for which Danske Bank is the counterparty) to be in line with S&P's current counterparty criteria. S&P has therefore affirmed its 'A (sf)' ratings on the class A2a, A2a DAC, and M2a notes. S&P's credit stability analysis, for both transactions, indicates that the maximum projected deterioration that S&P would expect at each rating level for time horizons of one year and three years, under moderate stress conditions, are in line with S&P's credit stability criteria. RATINGS LIST Class Rating To From Farringdon Mortgages No. 1 PLC GBP125 Million Mortgage-Backed Floating-Rate Notes Rating Raised B2a B+ (sf) B- (sf) Ratings Affirmed M2a A (sf) B1a A (sf) Farringdon Mortgages No. 2 PLC GBP200 Million Mortgage-Backed Floating-Rate Notes Ratings Raised B1a A- (sf) BBB+ (sf) B2a B (sf) B- (sf) Ratings Affirmed A2a A (sf) A2a DAC A (sf) M2a A (sf) HARVEST CLO X: S&P Assigns 'B(sf)' Rating to Class F Notes ---------------------------------------------------------- Standard & Poor's Ratings Services has assigned credit ratings to Harvest CLO X Ltd.'s class A, B, C, D, E, and F senior secured floating-rate notes. At closing, Harvest CLO X also issued unrated subordinated notes. Harvest CLO X is a cash flow collateralized loan obligation (CLO) transaction securitizing a portfolio of primarily senior secured loans granted to speculative-grade European corporates. 3i Debt Management Investments Ltd. manages the transaction. Under the transaction documents, the rated notes will pay quarterly interest unless there is a frequency switch event. Following this, the notes will permanently switch to semi-annual payment. The portfolio's reinvestment period will end four years after the effective date, and the portfolio's maximum average maturity date is eight years after the effective date. At the end of the ramp-up period, S&P understands that the portfolio will represent a well-diversified pool of corporate credits, with a fairly uniform exposure to all of the credits. Therefore, S&P has conducted its credit and cash flow analysis by applying its criteria for corporate cash flow collateralized debt obligations. In S&P's cash flow analysis, it used a portfolio target par amount of EUR450.00 million, using the covenanted weighted- average spread (3.80%), and the covenanted weighted-average recovery rates at each rating level. Deutsche Bank AG (London Branch) is the bank account provider and custodian. At closing, the participants' downgrade remedies were in line with S&P's current counterparty criteria. At closing, the issuer was bankruptcy-remote under S&P's European legal criteria. Following S&P's analysis of the credit, cash flow, counterparty, operational, and legal risks, it believes its ratings are commensurate with the available credit enhancement for each class of notes. RATINGS LIST Ratings Assigned Harvest CLO X Ltd. EUR466.5 Million Senior Secured Floating-Rate and Deferrable Notes Class Rating Amount (mil. EUR) A AAA (sf) 264.4 B AA+ (sf) 56.30 C A (sf) 30.40 D BBB (sf) 23.60 E BB (sf) 29.20 F B (sf) 12.40 Sub loan NR 50.20 NR--Not rated. HOCHSCHILD MINING: Fitch Affirms 'BB+' IDRs; Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed the long-term foreign currency Issuer Default Rating (IDR) and long-term local currency IDR of Hochschild Mining Plc (Hochschild), and USD350 million 7.75% senior unsecured notes due 2021 issued by the company's 100% owned subsidiary in Peru, Compania Minera Ares S.A.C., at 'BB+'. The Rating Outlook is Stable. Key Rating Drivers: Significant Exposure to Argentina: Hochschild's San Jose mine in Argentina currently represents about 42% of the company's production of silver equivalents and 39% of its revenues as of the first half of 2014 (1H'14). Management's strategy is to dilute the exposure of the company to Argentina through the Inmaculada and Crespo projects so that San Jose represents about 20% of production and 30% of revenues once completed. Excluding San Jose's EBITDA from Hochschild's consolidated financial profile, the company's total debt to latest 12 months (LTM) EBITDA ratio as of June 30, 2014 would stand at 3.4x and net debt to EBITDA at 1.8x, consistent with the rating category. Hochschild has historically been successful in extracting dividends from Argentina, although its ability to do so going forward constitutes event risk. Low Through-the-Cycle Leverage: Hochschild exhibits a strong historical track record of very low leverage. For the LTM to June 30, 2014, Hochschild's total- debt/EBITDA ratio was 2.4x while its net debt/EBITDA ratio was 1.3x. The average funds from operations (FFO) adjusted leverage ratio from 2009 to 2013 was 1.0x. Fitch expects the company's total-debt/EBITDA ratio to peak around 2.5x and its net debt/EBITDA at around 1.7x for 2014, declining from 2015 onward following the benefit of Inmaculada's new production volumes. Comfortable Liquidity: Hochschild has a robust cash balance and ready access to additional liquidity through its major shareholder and banking partners, if required. The company held cash of USD226 million and short-term debt of USD138 million as of June 30, 2014, corresponding to a cash/short-term debt ratio of 1.6x. Fitch forecasts free cash flow (FCF) for the company in 2014 to be negative, yet despite this it exhibits sufficient liquidity headroom, even under a worsening commodity price environment. The short-term debt mostly relates to USD117 million of convertible bonds that was repaid in October 2014 using part of the company's proceeds from its USD350 million senior unsecured notes. Favorable Maturity Profile: Following the USD350 million senior unsecured 7.875% notes issuance by Hochschild's wholly owned subsidiary Compania Minera Ares S.A.C. and repayment of the USD115 million convertible notes, the company's debt repayment profile was pushed out to 2021, with no material debt amortization until then. Fitch expects Hochschild's total debt to peak at around USD475 million in 2014 and decrease to around USD350 million post-2015, following the completion of Inmaculada. Resilient Financial Performance: Hochschild generated EBITDA of USD200 million with a 34% margin and CFFO of USD105 million as of the LTM to June 30, 2014, significantly lower than the company's EBITDA of USD347 million and CFFO generation of USD255 million, respectively, during 2012. The deterioration reflects higher production costs and lower silver and gold prices in 2013 and 2014 compared to 2012. Conversely, the LTM June 2014 EBITDA shows improvement on 2013 EBITDA of USD183 million with a 30% margin. This was due to Hochschild's acquisition of the 40% interest held by IMZ in Inmaculada and Pallancanta for USD280 million (including USD73 million of equity) during 2H'13 and immediate benefit in the extra volumes from Pallancata. Negative FCF Expected: Fitch forecasts negative FCF for the company through 2016, yet despite this it exhibits sufficient liquidity headroom, even under a worsening commodity price environment. Fitch's base case indicates FCF of negative USD190 million in 2014 and negative USD20 million 2015 due to increased capex related to the final development of Inmaculada. FCF generation is also exacerbated by decreasing prices for silver, currently volatile at between USD15 to USD17 per ounce and gold hovering between USD1,150 to USD1,200 per ounce. Post-capex, FCF is expected to turn positive in 2017. Offset by Resilient Credit Metrics: Offsetting the expected negative FCF for the next three years are the company's resilient credit metrics as projected with FFO fixed charge cover around 5x in 2014 and 8x from 2016 onward due to the full impact of higher production volumes, alongside low leverage. Due to large capex of USD260 million and a dividend payment relating to 2012 of USD19 million paid in 2013, Hochschild had FCF of negative USD213 million in 2013 compared to FCF of negative USD152 million in 2012 and USD177 million in 2011. The negative FCF is consistent with Hochschild's forward looking investments to maintain scale and profitability through a prolonged lower price environment. Inmaculada is Crucial: Completion of Inmaculada is expected to lead to lower cash costs, increased volumes, and lower capex from 2015 and beyond. The reduction in cash generation over the last few years reflects the 58% drop in the average price of silver from around USD36 per ounce in 2011 to around USD15-USD16 per ounce currently. The company has announced it will pay no dividends this year and none anticipated in 2015 due to the intensive and vital investment period during this period of low silver and gold prices. Leading to Lower Production Costs: Fitch expects Hochschild's all-in sustaining costs (AISC), which include general and administrative costs plus exploration, interest and total capex, to decrease to around USD16 per ounce of silver equivalents (including gold) as the company's production volumes benefit from a full year's 100% ownership of Pallancata during 2014. This cost measure is expected to decrease further following the volumes received from the Inmaculada mine from 2H'15. This compares to Hochschild's total cash cost of USD25 per ounce silver equivalents in 2012, illustrating the focus of management to respond to structural pressures across the industry. Rating Sensitivities: Risks from Increasing Costs: Hochschild's ratings could be downgraded or result in a Negative Outlook following lower than forecasted sales volumes that could keep production costs relatively elevated, negatively affecting the capital structure of the company. Lower sales volumes from Peru would also exacerbate already significant exposure to Argentina, currently a volatile jurisdiction. Financial performance consistently worse than Fitch's base case, such as sustained total debt to EBITDA leverage above 3.5x, with longer than expected negative FCF post-Inmaculada completion in 2015, could also result in a negative rating action. Positive Rating Momentum: Significantly diluting the company's exposure to Argentina could result in a rating upgrade or Positive Outlook. Continued reduction in production costs to remain profitable through the precious metal pricing trough, alongside reduction in leverage with sustained total debt to EBITDA ratios below 2.0x, would also be requisites under this scenario. MARUSSIA F1: Fails to Find New Investors; To Fire 200 Workers ------------------------------------------------------------- Christopher Elser at Bloomberg News reports that the Marussia Formula One racing team will fire 200 workers and won't compete in any more races this season after failing to find new investors. Marussia, based in Banbury, England, appointed FRP Advisory LLP to oversee its entry into administration, a form of protection from creditors, Bloomberg relates. According to Bloomberg, FRP on Nov. 7 said in an e-mailed statement the staff was paid through the end of last month. While "the team made significant progress during its relatively short period of operation, operating a F1 team requires significant ongoing investment," Bloomberg quotes FRP's Geoff Rowley as saying in the statement. "Sadly no solution could be achieved to allow for the business to continue in its current form. We would like to thank all the staff for their support during this difficult process." Smaller teams are struggling with financing as the sport requires squads to fund technological advances to stay competitive, Bloomberg states. A non-binding proposal to limit spending to below GBP40 million (US$63 million) a season was abandoned after disagreements between teams, Bloomberg relays. Mr. Rowley, as cited by Bloomberg, said Marussia F1 was put into administration last month because of funding problems, with the process giving a moratorium to try to secure a long-term solution. UNITED BISCUITS: S&P Puts 'B+' CCR on CreditWatch Developing ------------------------------------------------------------ Standard & Poor's Ratings Services placed its 'B+' long-term corporate credit and issue ratings on U.K.-based biscuits manufacturer United Biscuits Holdco Ltd. on CreditWatch with developing implications. The recovery rating of '3' remains unchanged. The CreditWatch developing placement follows the Nov. 3, 2014 announcement that Turkish group Yildiz Holding (not rated) has agreed to acquire United Biscuits from private-equity owners Blackstone and PAI Partners. S&P's current assessment of United Biscuits' business risk profile remains "fair" as S&P thinks the transaction is unlikely to materially change the business in the short term. The financial risk profile remains "highly leveraged" as S&P is maintaining its current financial forecasts for United Biscuits. This is because S&P has no information yet on the likely capital structure of United Biscuits after the repayment of its GBP650 million of credit facilities and on the creditworthiness of Yildiz Holding. S&P derives its final 'B+' rating from an anchor score of 'b'. The one-notch upward adjustment reflects United Biscuit's strong cash flow metrics relative to peers in the same rating category. The exit of private-equity owners in the shareholder base has no impact on the rating currently as S&P's forecast credit measures for United Biscuits remain in the "highly leveraged" category. S&P will resolve the CreditWatch placement when it has further details on the new capital structure at United Biscuits, on the financial profile of Yildiz Holding, and on the level of support the Yildiz group will provide to United Biscuits. Following S&P's review, it could lower, affirm, or raise its ratings on United Biscuits. S&P could affirm the ratings if it believes that the new capital structure of United Biscuits will not differ materially from the current one and S&P sees no evidence that Yildiz Holding would support United Biscuits. S&P could lower the ratings if it determines that the transaction would result in a weaker capital structure for United Biscuits, or that the financial profile of Yildiz Holding would be weaker than United Biscuits, and that United Biscuits is an integral part of the Yildiz group. S&P could raise the ratings if it determines that the capital structure of United Biscuits would improve as a result of the transaction, that the financial profile of Yildiz Holding is stronger than United Biscuits, and that United Biscuits is an integral part of the Yildiz group. WELLINGTON PUB: Fitch Affirms 'B-' Rating on Class B Notes ---------------------------------------------------------- Fitch Ratings has revised the Outlook on Wellington Pub Company plc's (Wellington) fixed-rate notes to Stable from Negative and affirmed the ratings, as follows: GBP120.4 million class A fixed-rate notes due 2029: affirmed 'B+'; Outlook Stable GBP29.6 million class B fixed-rate notes due 2029: affirmed 'B-'; Outlook Stable The rating action reflects a slowdown in the underlying pubs' EBITDA decline and the UK's improving economy. While the Stable Outlook indicates that the agency does not anticipate a change to the ratings over the next 12 to 24 months, the deteriorating asset quality of the portfolio and continuing under-investment represent a risk and may put pressure on the ratings over the longer term. Key Rating Drivers Industry Profile -- Midrange: While the pub sector in the UK has a long history, trading performance for some assets has shown significant weakness in the past, with the sector being in a structural decline for the last three decades due to demographic shifts, greater health awareness and a larger variety of competing offerings. Exposure to discretionary spending is high and revenues are, therefore, inherently linked to the broader economic cycle. Competition is strong, including off-trade alternatives, and barriers to entry are low, notwithstanding increasingly more demanding licensing laws and regulations applicable to the sector. Despite the on- going contraction, the eating- and drinking-out market is viewed as sustainable in the long-term, supported by the strong pub culture in the UK. Company Profile -- Midrange: The Wellington securitization has underperformed in the past six years due to poor operational performance and a shrinking number of portfolio assets. As such, total EBITDA has declined by a CAGR of 7% since the peak in March 2008, while EBITDA per pub declined by a CAGR of 6.2% within the same period. Although adjusted for bad debt provision EBITDA showed slower decline during the past 12 months to 1.3% yoy in the financial year to March 2014 versus 5.3% yoy in FY13. This is due to improvements in properties foreclosure rates both at industry and company levels facilitated by UK's favorable macroeconomic trends. Notably, Wellington's properties foreclosure rate declined 30% over the last four quarters. Operating performance remains stable with revenue per pub and operating costs broadly unchanged. Wellington retained around GBP18 million of cash deposit as of end-September 2014, which includes GBP6 million in liquidity reserves and cash from earlier disposals. The tenanted business model makes it challenging for Wellington to adapt to the growing importance of the eating-out market in the UK. Furthermore, less visibility with respect to the tenants' profitability means that the sustainability of the cash flows generated by tenanted pubs is more difficult to estimate. Dependence on operator risk is viewed as remote because the nature of the portfolio, being free-of-tie, implies a low level of operational management. Additionally, the number of available alternative operators is deemed to be sufficient in the competitive UK pub industry. Wellington's on-going low capex adversely impacts the property values and the profitability of the pubs -- especially in the current market conditions when tenants do not have the financial strength to make sufficient investments themselves. This strategy is viewed as credit-negative. The asset manager estimates that about 51% of the portfolio is suffering from noticeable deferred maintenance (at least GBP5,000 per pub) with 12% experiencing underinvestment of more than GBP20,000 per pub. The total average deferred maintenance costs are estimated to be just under GBP10 million. Debt Structure -- Weaker: The class A and class B notes are fully amortizing, secured and fixed-rate, which removes refinancing and interest rate risks. Additionally, the class B notes feature a fixed amortization amount, which results in reducing class B debt service over time. The security package the class A and class B notes is weakened by the unfavorable ownership structure, whereby pubs are directly owned by the issuer leading to a higher default risk compared with standard WBS issuer-borrower structures. However, the security package per se is strong with typical first-ranking fixed and floating charges over the issuer's assets. Notably, the class B notes rank junior to the class A notes. Structural features are weak due to the non-orphan SPV structure, limited contractual provisions, an inadequate liquidity reserve (covering approximately four months of class A debt service), in addition to the lack of financial covenants, which in other WBS transactions provides bondholders with more control by giving them the option to appoint an administrative receiver well ahead of a payment default. As the liquidity reserve is not tranched among the class A and B notes, it could be depleted by drawings to support the subordinated class B notes, leaving little support for the senior notes. This makes the class A notes more vulnerable than suggested by the average or median debt-service coverage ratio (DSCR). Another weak structural feature is the restricted payment conditions (RPC) covenant, which stipulates that transaction is subject to a lock-up if DSCR falls below 1.25x. In practice, despite actual DSCR levels being below 1.25x a lock-up has never been triggered, since a surplus cash account is taken into consideration when DSCR is calculated under 'cash release income cover test'. Financial Metrics: Performance over the last 12 months has been fairly stable with debt metrics largely unchanged. Fitch's base case free cash flow (FCF) DSCR (minimum of the average and median DSCRs to the notes' legal final maturity) for the class A and B notes is 1.23x and just under 1.0x, respectively. The minimum class A FCF DSCR under Fitch's base case is 1.1x and is expected to be reached towards the end of the transaction's life. Peer Group: Wellington is the only Fitch rated free-of-tie pub transaction. However, leased/ tenanted pub WBS transactions relying on the beer-tie with the Punch A and Punch B transactions are considered the closest peers, albeit with different business models and revenue streams. Wellington's FCF DSCRs and debt-to-EBITDA multiples are aligned with its peers relative to their rating levels after taking into account the differences in business model and debt structure. Rating Sensitivities Negative: Significant reduction in EBITDA and/or substantial increase in operating costs resulting in substantial deterioration of debt coverage ratios would lead to a negative rating action. Positive: Transaction's performance materially above the Fitch base case in respect of debt coverage metrics may trigger a positive rating action. Transaction Summary Wellington is a securitization of rental income from 782 free-of- tie pubs predominantly located in residential areas, mainly in the south-east of the UK. =============== X X X X X X X X =============== * BOND PRICING: For the Week November 3 to 7, 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 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LBBW 6.00 8/22/2014 EUR 70.77 LBBW 5.00 8/22/2014 EUR 73.37 LBBW 4.60 11/28/2014 EUR 67.86 HSBC Trinkaus & Burkha 6.00 12/29/2014 EUR 36.72 HSBC Trinkaus & Burkha 6.50 12/29/2014 EUR 34.11 HSBC Trinkaus & Burkha 7.50 12/29/2014 EUR 31.32 HSBC Trinkaus & Burkha 7.00 12/29/2014 EUR 67.15 HSBC Trinkaus & Burkha 7.00 12/29/2014 EUR 70.43 HSBC Trinkaus & Burkha 6.50 12/29/2014 EUR 62.82 HSBC Trinkaus & Burkha 7.50 12/29/2014 EUR 58.37 HSBC Trinkaus & Burkha 6.00 12/29/2014 EUR 43.63 HSBC Trinkaus & Burkha 6.50 12/29/2014 EUR 41.14 HSBC Trinkaus & Burkha 6.00 12/29/2014 EUR 49.39 HSBC Trinkaus & Burkha 6.50 12/29/2014 EUR 46.45 HSBC Trinkaus & Burkha 6.50 12/29/2014 EUR 71.07 HSBC Trinkaus & Burkha 8.50 12/29/2014 EUR 72.83 HSBC Trinkaus & Burkha 6.50 12/29/2014 EUR 72.13 HSBC Trinkaus & Burkha 8.00 12/29/2014 EUR 63.17 Societe Generale Effek 2.50 10/7/2016 EUR 54.30 HSBC Trinkaus & Burkha 7.00 12/29/2014 EUR 41.65 HSBC Trinkaus & Burkha 9.00 12/29/2014 EUR 65.86 Deutsche Bank AG 6.30 9/23/2014 EUR 73.90 Deutsche Bank AG 8.30 9/23/2014 EUR 70.60 Deutsche Bank AG 8.30 9/23/2014 EUR 74.50 Deutsche Bank AG 7.30 9/23/2014 EUR 72.20 HSBC Trinkaus & Burkha 10.00 9/26/2014 EUR 63.29 HSBC Trinkaus & Burkha 6.50 9/26/2014 EUR 68.75 HSBC Trinkaus & Burkha 9.00 12/30/2014 EUR 65.31 HSBC Trinkaus & Burkha 6.00 12/30/2014 EUR 70.23 Vontobel Financial Pro 7.10 9/26/2014 EUR 72.46 HSBC Trinkaus & Burkha 12.00 9/26/2014 EUR 71.68 HSBC Trinkaus & Burkha 11.00 12/30/2014 EUR 74.39 Deutsche Bank AG 7.00 10/22/2014 EUR 72.70 Deutsche Bank AG 8.00 10/22/2014 EUR 71.20 Deutsche Bank AG 6.00 10/22/2014 EUR 74.30 DZ Bank AG Deutsche Ze 5.00 11/28/2014 EUR 69.99 Societe Generale Effek 4.00 6/26/2017 EUR 48.94 LBBW 5.00 9/26/2014 EUR 70.65 DZ Bank AG Deutsche Ze 5.75 6/26/2015 EUR 71.38 BNP Paribas Emissions- 7.00 6/25/2015 EUR 68.98 BNP Paribas Emissions- 7.00 10/22/2015 EUR 71.08 BNP Paribas Emissions- 8.00 11/27/2014 EUR 70.78 BNP Paribas Emissions- 7.50 1/22/2015 EUR 70.02 BNP Paribas Emissions- 8.00 10/22/2015 EUR 74.92 BNP Paribas Emissions- 9.00 10/22/2015 EUR 74.51 BNP Paribas Emissions- 10.00 10/22/2015 EUR 74.18 Commerzbank AG 7.50 6/25/2015 EUR 67.50 DZ Bank AG Deutsche Ze 5.25 12/12/2014 EUR 74.37 DZ Bank AG Deutsche Ze 6.25 3/13/2015 EUR 71.40 DZ Bank AG Deutsche Ze 6.00 6/12/2015 EUR 71.35 DZ Bank AG Deutsche Ze 6.75 6/12/2015 EUR 72.00 DZ Bank AG Deutsche Ze 6.50 9/11/2015 EUR 73.19 DZ Bank AG Deutsche Ze 6.00 9/11/2015 EUR 73.34 DZ Bank AG Deutsche Ze 7.25 6/12/2015 EUR 70.32 DZ Bank AG Deutsche Ze 8.00 9/11/2015 EUR 72.65 DZ Bank AG Deutsche Ze 6.75 9/11/2015 EUR 71.32 DZ Bank AG Deutsche Ze 5.75 9/11/2015 EUR 72.59 DZ Bank AG Deutsche Ze 5.25 9/11/2015 EUR 72.87 DZ Bank AG Deutsche Ze 6.80 6/12/2015 EUR 74.68 Commerzbank AG 10.00 3/26/2015 EUR 72.71 DZ Bank AG Deutsche Ze 6.25 3/27/2015 EUR 74.19 DZ Bank AG Deutsche Ze 9.00 3/27/2015 EUR 71.16 DZ Bank AG Deutsche Ze 8.25 3/27/2015 EUR 69.36 DZ Bank AG Deutsche Ze 8.25 6/26/2015 EUR 70.29 UniCredit Bank AG 4.00 9/24/2015 EUR 65.54 UniCredit Bank AG 4.00 9/24/2015 EUR 74.12 UniCredit Bank AG 4.00 9/24/2015 EUR 67.22 Vontobel Financial Pro 6.40 6/26/2015 EUR 71.74 Vontobel Financial Pro 4.95 12/30/2014 EUR 72.98 Vontobel Financial Pro 9.30 9/26/2014 EUR 67.86 Goldman Sachs & Co Wer 22.00 9/24/2014 EUR 63.53 Goldman Sachs & Co Wer 17.00 12/24/2014 EUR 67.28 Goldman Sachs & Co Wer 16.00 1/21/2015 EUR 68.13 Goldman Sachs & Co Wer 9.00 4/22/2015 EUR 73.84 Goldman Sachs & Co Wer 14.00 4/22/2015 EUR 70.76 HSBC Trinkaus & Burkha 12.00 6/26/2015 EUR 69.96 HSBC Trinkaus & Burkha 6.00 9/25/2015 EUR 74.43 HSBC Trinkaus & Burkha 7.50 10/24/2014 EUR 71.11 HSBC Trinkaus & Burkha 13.00 6/26/2015 EUR 68.36 HSBC Trinkaus & Burkha 6.50 9/25/2015 EUR 73.33 HSBC Trinkaus & Burkha 9.00 8/22/2014 EUR 68.34 HSBC Trinkaus & Burkha 18.50 12/30/2014 EUR 69.69 HSBC Trinkaus & Burkha 15.00 3/27/2015 EUR 71.83 HSBC Trinkaus & Burkha 14.00 6/26/2015 EUR 73.13 HSBC Trinkaus & Burkha 10.00 10/24/2014 EUR 73.51 HSBC Trinkaus & Burkha 10.00 12/30/2014 EUR 62.80 HSBC Trinkaus & Burkha 6.00 3/27/2015 EUR 65.39 Vontobel Financial Pro 6.55 3/27/2015 EUR 66.60 Vontobel Financial Pro 8.85 5/22/2015 EUR 73.72 Deutsche Bank AG 5.20 6/22/2015 EUR 72.80 Deutsche Bank AG 4.20 6/22/2015 EUR 73.70 Deutsche Bank AG 5.20 6/22/2015 EUR 72.90 Deutsche Bank AG 5.20 7/22/2015 EUR 75.00 Deutsche Bank AG 5.20 8/26/2015 EUR 71.80 Deutsche Bank AG 6.20 7/22/2015 EUR 72.30 Deutsche Bank AG 5.20 7/22/2015 EUR 71.40 Deutsche Bank AG 6.20 8/26/2015 EUR 72.80 DZ Bank AG Deutsche Ze 6.50 5/22/2015 EUR 71.92 DZ Bank AG Deutsche Ze 6.25 9/25/2015 EUR 73.06 BNP Paribas Emissions- 15.00 9/25/2014 EUR 72.09 BNP Paribas Emissions- 6.00 9/25/2014 EUR 74.70 BNP Paribas Emissions- 14.00 9/25/2014 EUR 65.92 BNP Paribas Emissions- 8.00 12/29/2014 EUR 72.75 BNP Paribas Emissions- 11.00 12/29/2014 EUR 70.16 BNP Paribas Emissions- 7.50 3/26/2015 EUR 74.18 BNP Paribas Emissions- 10.00 3/26/2015 EUR 72.11 BNP Paribas Emissions- 14.00 9/25/2014 EUR 60.72 BNP Paribas Emissions- 3.50 12/29/2014 EUR 72.13 BNP Paribas Emissions- 8.00 12/29/2014 EUR 65.55 BNP Paribas Emissions- 11.50 12/29/2014 EUR 63.40 BNP Paribas Emissions- 4.00 3/26/2015 EUR 73.13 BNP Paribas Emissions- 5.50 3/26/2015 EUR 69.73 BNP Paribas Emissions- 3.50 9/25/2014 EUR 71.30 BNP Paribas Emissions- 9.00 9/25/2014 EUR 63.61 BNP Paribas Emissions- 7.50 3/26/2015 EUR 67.10 BNP Paribas Emissions- 10.00 3/26/2015 EUR 65.19 BNP Paribas Emissions- 16.00 9/25/2014 EUR 68.88 BNP Paribas Emissions- 13.00 12/29/2014 EUR 71.94 BNP Paribas Emissions- 10.00 3/26/2015 EUR 73.85 BNP Paribas Emissions- 7.00 9/25/2014 EUR 63.99 BNP Paribas Emissions- 13.50 9/25/2014 EUR 59.02 BNP Paribas Emissions- 7.00 12/29/2014 EUR 65.72 BNP Paribas Emissions- 11.00 12/29/2014 EUR 61.53 BNP Paribas Emissions- 3.50 3/26/2015 EUR 72.03 BNP Paribas Emissions- 6.00 3/26/2015 EUR 66.79 BNP Paribas Emissions- 9.50 3/26/2015 EUR 63.26 BNP Paribas Emissions- 17.50 9/25/2014 EUR 63.24 BNP Paribas Emissions- 6.50 12/29/2014 EUR 71.69 BNP Paribas Emissions- 14.00 12/29/2014 EUR 66.37 BNP Paribas Emissions- 7.50 3/26/2015 EUR 70.74 BNP Paribas Emissions- 12.50 3/26/2015 EUR 67.39 BNP Paribas Emissions- 12.00 9/25/2014 EUR 51.65 BNP Paribas Emissions- 19.00 9/25/2014 EUR 46.90 BNP Paribas Emissions- 11.00 12/29/2014 EUR 54.05 BNP Paribas Emissions- 16.00 12/29/2014 EUR 50.45 BNP Paribas Emissions- 8.00 3/26/2015 EUR 60.90 BNP Paribas Emissions- 11.00 3/26/2015 EUR 56.16 BNP Paribas Emissions- 15.00 3/26/2015 EUR 53.30 BNP Paribas Emissions- 14.00 9/25/2014 EUR 73.69 HSBC Trinkaus & Burkha 9.50 10/24/2014 EUR 68.16 HSBC Trinkaus & Burkha 8.50 1/23/2015 EUR 70.04 HSBC Trinkaus & Burkha 9.50 6/26/2015 EUR 69.66 HSBC Trinkaus & Burkha 7.00 9/25/2015 EUR 72.20 HSBC Trinkaus & Burkha 10.50 8/22/2014 EUR 66.55 HSBC Trinkaus & Burkha 10.50 12/30/2014 EUR 65.33 HSBC Trinkaus & Burkha 6.00 3/27/2015 EUR 67.97 DZ Bank AG Deutsche Ze 8.50 5/22/2015 EUR 70.91 DZ Bank AG Deutsche Ze 5.50 5/22/2015 EUR 66.19 Deutsche Bank AG 4.00 5/25/2015 EUR 74.20 BNP Paribas Emissions- 6.00 6/25/2015 EUR 68.59 BNP Paribas Emissions- 7.00 11/27/2014 EUR 72.42 BNP Paribas Emissions- 6.75 1/22/2015 EUR 72.69 Deutsche Bank AG 7.30 9/23/2014 EUR 71.60 BNP Paribas Emissions- 5.75 1/22/2015 EUR 74.97 BNP Paribas Emissions- 6.75 7/23/2015 EUR 74.33 UniCredit Bank AG 6.00 11/27/2014 EUR 73.82 UniCredit Bank AG 5.30 11/27/2014 EUR 74.60 Deutsche Bank AG 8.30 9/23/2014 EUR 69.00 UniCredit Bank AG 7.00 11/27/2014 EUR 73.92 Vontobel Financial Pro 11.05 9/26/2014 EUR 72.82 Vontobel Financial Pro 9.05 12/30/2014 EUR 69.70 Vontobel Financial Pro 6.40 12/30/2014 EUR 72.84 Vontobel Financial Pro 11.35 9/26/2014 EUR 67.34 Vontobel Financial Pro 7.60 9/26/2014 EUR 71.28 UniCredit Bank AG 5.20 11/27/2014 EUR 59.30 UniCredit Bank AG 4.00 11/27/2014 EUR 64.67 Deutsche Bank AG 8.30 9/23/2014 EUR 71.70 Goldman Sachs & Co Wer 18.00 9/24/2014 EUR 66.72 Goldman Sachs & Co Wer 12.00 2/25/2015 EUR 71.09 Goldman Sachs & Co Wer 10.00 2/25/2015 EUR 73.04 Goldman Sachs & Co Wer 8.00 3/25/2015 EUR 72.48 HSBC Trinkaus & Burkha 12.50 9/26/2014 EUR 66.42 HSBC Trinkaus & Burkha 6.50 6/26/2015 EUR 72.14 HSBC Trinkaus & Burkha 12.50 9/26/2014 EUR 64.41 HSBC Trinkaus & Burkha 6.50 9/26/2014 EUR 68.90 HSBC Trinkaus & Burkha 10.00 12/30/2014 EUR 66.70 HSBC Trinkaus & Burkha 6.00 12/30/2014 EUR 70.37 HSBC Trinkaus & Burkha 9.00 3/27/2015 EUR 68.40 HSBC Trinkaus & Burkha 7.50 6/26/2015 EUR 69.51 HSBC Trinkaus & Burkha 10.50 8/22/2014 EUR 64.81 HSBC Trinkaus & Burkha 9.00 10/24/2014 EUR 66.32 HSBC Trinkaus & Burkha 8.00 1/23/2015 EUR 68.09 HSBC Trinkaus & Burkha 22.00 9/26/2014 EUR 69.48 HSBC Trinkaus & Burkha 15.00 9/26/2014 EUR 73.36 HSBC Trinkaus & Burkha 16.50 12/30/2014 EUR 73.08 HSBC Trinkaus & Burkha 13.50 3/27/2015 EUR 74.98 LBBW 3.00 2/27/2015 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 AG 5.20 12/23/2014 EUR 66.70 Deutsche Bank AG 6.20 12/23/2014 EUR 73.50 Deutsche Bank AG 6.20 12/23/2014 EUR 71.80 Deutsche Bank AG 6.20 12/23/2014 EUR 69.40 UniCredit Bank AG 5.80 9/25/2014 EUR 74.09 Deutsche Bank AG 6.20 12/23/2014 EUR 67.10 Deutsche Bank AG 7.20 12/23/2014 EUR 73.80 Deutsche Bank AG 7.20 12/23/2014 EUR 72.10 Deutsche Bank AG 7.20 12/23/2014 EUR 69.70 Deutsche Bank AG 7.20 12/23/2014 EUR 67.50 UniCredit Bank AG 5.40 9/25/2014 EUR 74.98 LBBW 5.50 9/26/2014 EUR 73.86 UniCredit Bank AG 4.00 9/25/2014 EUR 59.59 DZ Bank AG Deutsche Ze 6.00 9/26/2014 EUR 56.27 Deutsche Bank AG 5.20 10/22/2014 EUR 74.10 Deutsche Bank AG 7.20 10/22/2014 EUR 66.30 Deutsche Bank AG 5.20 10/22/2014 EUR 72.40 Deutsche Bank AG 6.20 10/22/2014 EUR 72.60 Deutsche Bank AG 6.20 10/22/2014 EUR 74.30 Deutsche Bank AG 6.20 10/22/2014 EUR 68.30 Deutsche Bank AG 7.20 10/22/2014 EUR 74.50 Deutsche Bank AG 6.20 10/22/2014 EUR 66.10 Deutsche Bank AG 6.20 10/22/2014 EUR 70.80 Deutsche Bank AG 7.20 10/22/2014 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 EUR 74.50 Vontobel Financial Pro 7.45 12/30/2014 EUR 69.70 Vontobel Financial Pro 8.40 9/26/2014 EUR 67.76 DZ Bank AG Deutsche Ze 6.00 11/28/2014 EUR 72.90 DZ Bank AG Deutsche Ze 7.75 11/28/2014 EUR 70.03 DZ Bank AG Deutsche Ze 9.25 9/26/2014 EUR 53.67 DZ Bank AG Deutsche Ze 8.25 12/30/2014 EUR 55.69 Vontobel Financial Pro 6.20 9/12/2014 EUR 73.12 Vontobel Financial Pro 7.95 9/12/2014 EUR 69.76 HSBC Trinkaus & Burkha 8.50 12/30/2014 EUR 66.49 HSBC Trinkaus & Burkha 11.50 9/26/2014 EUR 68.03 HSBC Trinkaus & Burkha 10.00 12/30/2014 EUR 70.23 HSBC Trinkaus & Burkha 12.50 9/26/2014 EUR 73.92 Vontobel Financial Pro 4.20 9/26/2014 EUR 66.92 Vontobel Financial Pro 6.75 9/26/2014 EUR 67.24 Vontobel Financial Pro 4.35 12/30/2014 EUR 68.06 Vontobel Financial Pro 5.50 12/12/2014 EUR 69.38 Vontobel Financial Pro 6.80 12/12/2014 EUR 69.82 DZ Bank AG Deutsche Ze 7.75 10/24/2014 EUR 73.34 Vontobel Financial Pro 6.40 12/12/2014 EUR 73.08 Vontobel Financial Pro 7.00 9/12/2014 EUR 71.84 Vontobel 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 Commerzbank AG 6.75 10/23/2014 EUR 73.40 Commerzbank AG 9.50 10/23/2014 EUR 68.97 Deutsche Bank AG 8.30 9/23/2014 EUR 75.00 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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 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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 P 0.50 5/31/2022 ZAR 47.17 Municipality Finance P 0.50 1/10/2018 BRL 70.11 Municipality Finance P 0.50 11/10/2021 NZD 69.15 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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 Europe SA 7.00 9/22/2017 EUR 74.64 SG Option Europe SA 6.00 1/9/2015 EUR 73.19 Societe Generale SA 0.50 12/6/2021 AUD 72.92 Societe Generale SA 0.50 9/7/2021 AUD 74.54 Societe Generale SA 0.50 4/27/2022 AUD 71.43 Societe Generale SA 0.50 7/11/2022 AUD 70.77 Societe Generale SA 0.50 12/21/2022 AUD 69.38 Societe Generale SA 0.50 4/30/2023 RUB 41.91 Societe Generale SA 0.50 4/3/2023 RUB 42.37 Societe Generale SA 0.50 11/29/2022 AUD 69.82 SG Option Europe SA 8.00 12/18/2014 USD 43.16 SG Option Europe SA 8.00 9/29/2015 USD 64.49 DTEK Finance PLC 7.88 4/4/2018 USD 71.50 EXIM of Ukraine CJSC/T 5.79 2/9/2016 USD 78.00 Attica Funds PLC 2.71 3/24/2015 EUR 66.88 NDR Finance PLC 8.00 6/22/2017 USD 55.00 Barclays Bank PLC 0.60 12/28/2040 EUR 65.67 Cattles Ltd 6.88 1/17/2014 GBP 3.00 DTEK Finance PLC 7.88 4/4/2018 USD 81.00 Cattles Ltd 7.13 7/5/2017 GBP 3.00 Bradford & Bingley PLC 1.39 1/15/2018 GBP 52.00 Bradford & Bingley PLC 7.63 2/16/2049 GBP 60.00 Lloyds Bank PLC 4.59 4/26/2033 USD 73.59 Alpha 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 8/19/2016 EUR 72.73 HSBC Bank PLC 0.50 4/3/2023 AUD 69.56 HSBC Bank PLC 0.50 10/30/2026 NZD 55.72 RSL Communications PLC 9.13 3/1/2008 USD 1.25 Credit Suisse AG/Londo 1.64 6/1/2042 USD 53.78 HSBC Bank PLC 0.50 12/20/2018 RUB 64.51 Barclays Bank PLC 3.50 12/7/2015 EUR 57.40 Barclays Bank PLC 1.99 12/1/2040 USD 73.13 Barclays Bank PLC 0.50 3/19/2021 MXN 71.02 Barclays Bank PLC 0.50 3/26/2021 MXN 70.94 Royal Bank of Scotland 1.50 12/15/2017 EUR 15.36 Barclays Bank PLC 3.50 2/5/2016 EUR 56.82 Barclays Bank PLC 1.64 6/3/2041 USD 69.23 HSBC Bank PLC 0.50 4/11/2023 MXN 63.54 HSBC Bank PLC 0.50 12/29/2026 AUD 58.35 HSBC Bank PLC 0.50 7/30/2027 NZD 53.58 HSBC Bank PLC 0.50 6/9/2023 MXN 62.86 Lloyds Bank PLC 0.50 7/26/2028 MXN 42.80 HSBC Bank PLC 0.50 12/2/2022 AUD 70.98 HSBC Bank PLC 0.50 10/25/2021 AUD 74.76 Royal Bank of Scotland 7.25 1/30/2015 EUR 65.50 HSBC Bank PLC 0.50 3/1/2018 RUB 69.82 Barclays Bank PLC 0.50 3/13/2023 RUB 42.50 Credit Suisse Internat 6.30 3/20/2015 EUR 72.40 Royal Bank of Scotland 12.00 9/26/2014 EUR 73.39 Royal Bank of Scotland 12.00 12/30/2014 EUR 68.60 Royal Bank of Scotland 8.00 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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 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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 202-362-8552. * * * End of Transmission * * *