Notes to the consolidated financial statements of Aegon N.V.  Note 4 186 Unrealized bond losses by sector  Annual Report 2013 Financial and credit market conditions were generally stronger in 2013. Developed-world growth remains below potential, frustrating  attempts to generate a strong recovery. The credit crisis that began as a result of the subprime mortgage loan crisis continues to evolve  into concerns about governmental borrowing and debt levels across much of the world. European sovereign debt, after coming under  pressure in the first half of the year, rallied in the second half of 2013, though concerns for default risk in the peripheral European  countries persist. High governmental debt levels remain a concern in the U.S. as well, including those of state and local governments.  Most world equity markets performed well during 2013, with U.S., Japanese, and European markets up strongly. The U.S. Federal  Reserve maintained a Fed Funds rate near zero. U.S. Treasury rates fell to new all-time lows during the second quarter, but rose  significantly thereafter as the markets began to discount U.S. Federal Reserve tapering of quantitative easing. Corporate default rates  As of December 31, 2013, there are EUR 5,580 million (2012: EUR 10,669 million) of gross unrealized gains and EUR 1,575 million  (2012: EUR 1,341 million) of gross unrealized losses in the AFS debt securities portfolio of Aegon Americas, Aegon the Netherlands  and Aegon UK. No one issuer represents more than 4% of the total unrealized loss position. The largest single issuer unrealized loss  is EUR 257 million and relates to securities issued by the government of the United States of America and is primarily from rising  interest rates.  The composition by industry categories of debt securities and money market investments that are included in Aegon’s available-for-sale  portfolios in an unrealized loss position held by Aegon at December 31 is presented in the following table: 2012 Amortized  cost Unrealized  gains Unrealized  losses Total fair  value Fair value of  instruments  with  unrealized  gains Fair value of  instruments  with  unrealized  losses Debt securities United States Government 5,066 779 (8) 5,837 5,256 581 Dutch Government 3,471 447 - 3,918 3,724 194 Other Government 12,707 1,949 (39) 14,617 13,325 1,292 Mortgage backed securities 10,217 837 (321) 10,733 8,561 2,172 Asset backed securities 7,035 475 (440) 7,070 4,387 2,683 Corporate 47,389 6,399 (569) 53,219 48,207 5,012 Money market investments 8,687 - - 8,687 8,687 - Other 1,147 123 (56) 1,214 854 360 Total 95,719 11,009 (1,433) 105,295 93,001 12,294 Of which held by Aegon Americas, NL and UK 93,066 10,793 (1,397) 102,462 90,513 11,949 December 31, 2013 December 31, 2012 Unrealized losses ­ debt securities and money market investments Carrying  value of  instruments  with  unrealized  losses Gross  unrealized  losses Carrying  value of  instruments  with  unrealized  losses Gross  unrealized  losses Residential mortgage backed securities (RMBSs) 1,842 (210) 1,987 (397) Commercial mortgage backed securities (CMBSs) 1,559 (91) 847 (102) Asset Backed Securities (ABSs) - CDOs backed by ABS, Corp. Bonds, Bank loans 1,188 (51) 993 (86) ABSs - Other 1,037 (48) 967 (162) Financial Industry - Banking 1,834 (215) 1,414 (328) Financial Industry - Insurance 827 (47) 555 (58) Financial Industry - Other 601 (37) 344 (24) Industrial 5,569 (316) 2,143 (117) Utility 916 (63) 377 (20) Sovereign 6,920 (499) 1,963 (47) Total held by Aegon Americas, NL and UK 22,293 (1,575) 11,590 (1,341) Held by other segments 857 (60) 346 (37) Total 23,150 (1,635) 11,936 (1,378)