Notes to the consolidated financial statements of Aegon N.V.  Note 4 190 The fair values of Aegon USA’s CMBS instruments were determined as follows: Aegon Americas, Aegon the Netherlands and Aegon UK hold EUR 5,861 million (2012: EUR 5,744 million) of AFS ABS instruments of  which EUR 2,592 million (2012: EUR 2,908 million) is held by Aegon USA, EUR 1,563 million (2012 : EUR 1,103 million) by Aegon the  Netherlands and EUR 1,682 million (2012: EUR 1,674 million) by by Aegon UK. Additionally, Aegon Americas has investments in ABS of  EUR 24 million (2012: EUR 16 million), which are classified as fair value through profit or loss. ABS are securitizations of underlying  pools of credit card receivables, auto financing loans, small business loans, bank loans, and other receivables. The underlying assets of  the asset backed securities have been pooled together and sold in tranches with varying credit ratings.  The total gross unrealized loss on AFS ABS of Aegon Americas, Aegon the Netherlands and Aegon UK amounts to EUR 99 million.  Aegon USA has 52 million of this gross unrealized loss, followed by Aegon the Netherlands at 40 million and Aegon UK at 7 million.  The unrealized loss in the sector is primarily a result of the credit crisis that started in 2007 which resulted in weak liquidity and  increased credit spreads. The stronger financial and economic conditions in 2013 have helped stabilize the performance of the  underlying collateral backing many of these securities. New issuance in the asset-backed sector has been weak but buyers began  returning to the market. The combination of these factors has led to a decrease in credit spreads in 2013.  The breakdown by quality of the available-for-sale ABS portfolio of Aegon USA, Aegon the Netherlands & Aegon UK is as follows: There were no individual issuers rated below investment grade in this ABS sector which has unrealized loss position greater than EUR  25 million. The fair values of Aegon USA, Aegon the Netherlands & Aegon UK ABS instruments were determined as follows: The Corporate Financial Sector is further subdivided into banking, brokerage, insurance, REIT’s and financial-other sub-sectors. A  majority of the gross unrealized loss is from the banking sub-sector. Companies within Aegon’s financial sector are generally high in  credit quality and, as a whole, represent a large portion of the corporate debt market. Corporate - Financial sector Asset-backed securities Annual Report 2013 Level II Level III Total 2013 Level II Level III Total 2012 ABSs 3,583 2,254 5,837 4,120 1,565 5,685 ABS US, NL and UK AAA AA A BBB <BBB Total  amortized  cost Total fair  value Credit Cards 391 63 337 112 3 906 943 Autos 292 7 - - - 299 306 Small business loans 5 10 46 152 87 300 242 CDOs backed by ABS, Corp. Bonds, Bank loans 380 537 187 49 171 1,324 1,252 Other ABS 567 954 690 281 216 2,708 2,942 At December 31, 2012 1,635 1,571 1,260 594 477 5,537 5,685 ABS US, NL and UK AAA AA A BBB <BBB Total  amortized  cost Total fair  value Credit Cards 250 64 202 5 1 522 538 Autos 274 15 19 - - 308 311 Small business loans - 3 19 99 98 219 211 CDOs backed by ABS, Corp. Bonds, Bank loans 738 623 338 93 186 1,978 1,950 Other ABS 442 696 965 300 196 2,599 2,827 At December 31, 2013 1,704 1,401 1,543 497 481 5,626 5,837 Level II Level III Total 2013 Level II Level III Total 2012 CMBS 4,674 28 4,702 5,145 54 5,199