TCREUR_Public/110725.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, July 25, 2011, Vol. 12, No. 145

                            Headlines



A U S T R I A

A-TEC INDUSTRIES: Takeover Talks Ongoing
BLUE CHIP ENERGY: Files for Insolvency Proceedings


B U L G A R I A

KREMIKOVTZI AD: Offshore Company Acquires Buyer Eltrade
UNITED BULGARIAN: Fitch Lowers LT Issuer Default Rating to 'B'


C Z E C H   R E P U B L I C

ECM REAL ESTATE: Court Declares Firm Bankrupt
JEANS CLUB: Enters Bankruptcy in Czech Republic


F I N L A N D

ELCOTEQ SE: Starts Investigating Legality of Lenders' Actions


F R A N C E

NOVASEP HOLDING: Moody's Cuts Probability of Default Rating to 'D'


G E R M A N Y

CONTINENTAL AG: S&P Raises CCR to 'B+' on Improved Credit Metrics


K A Z A K H S T A N

BMB MUNAI: May File for Chap. 11 if Emir Oil Sale Doesn't Close


R U S S I A

ABSOLUT BANK: Moody's Affirms LT National Scale Credit Rating
ABSOLUT BANK: Moody's Affirms 'E+' Bank Financial Strength Rating
CREDIT EUROPE: Moody's Upgrades Financial Strength Rating to 'D-'


S L O V A K   R E P U B L I C

VOLKSBANK SLOVENSKO: Fitch Puts LT Issuer Default Rating on RWN


U K R A I N E

ALFA BANK: Fitch Upgrades Long-Term Issuer Default Rating to 'BB+'
DONGORBANK PJSC: Moody's Withdraws 'E+' Financial Strength Rating
SOTSKOMBANK: Central Bank Extends Administration for Third Time


U N I T E D   K I N G D O M

38 SELF DRIVE: In Liquidation, Sells Fleet of Vehicles
GREENSANDS LTD: Fitch Affirms 'B' Long-Term Issuer Default Rating
KEYDATA INVESTMENT: FSA Can't Use E-mails in Probe, Lawyers Claim


X X X X X X X X

* BOND PRICING: For the Week July 18 to July 22, 2011




                            *********


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A U S T R I A
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A-TEC INDUSTRIES: Takeover Talks Ongoing
-----------------------------------------
Jonathan Tirone at Bloomberg News reports that A-Tec Industries AG
said it is continuing talks with all bidders about a possible
takeover.

As reported Troubled Company Reporter-Europe on July 22, 2011,
Bloomberg News related that A-Tec is still an acquisition target
of Penta Investments even after A-Tec's offices were searched on
Wednesday by Viennese authorities.  Penta is standing by its
"serious offer for all the assets of A-Tec" and "has extended the
validity of the offer until the end of July," Bloomberg quoted an
e-mail as saying.  Bloomberg said that executives and creditor
trustees are assessing bids for A-Tec's assets.  The company
became Austria's third-biggest insolvency case since World War II
after it filed for bankruptcy protection in October, Bloomberg
disclosed.

A-TEC Industries AG engages in plant construction, drive
technology, machine tools, and minerals and metals businesses in
Europe and internationally.  The company is based in Vienna,
Austria.


BLUE CHIP ENERGY: Files for Insolvency Proceedings
--------------------------------------------------
Chris Whitmore at PV-Tech.org reports that Blue Chip Energy GmbH
has filed for insolvency proceedings.  The company informed a
court in Eisenstadt about its financial state on Thursday and
production was abandoned with immediate effect, PV-Tech.org says.

According to the report, Blue Chip has attributed the current
economic climate and the accompanying dip in module demand as the
reason behind the company's financial plight.  The report relates
that despite 11th hour bailout talks with a number of banks, the
Gussling-based manufacturer was unable to find a solution.

PV-Tech.org discloses that Solon SE holds an 18.28% stake in the
company, which it acquired in 2006 to help equip its project
pipeline.  However, with Blue Chip's demise now all but secured,
Solon is faced with a valuation allowance totalling EUR18 million,
the report says.

Based in Gussing, Austria, Blue Chip Energy GmbH manufactures and
markets high-capacity silicon-based solar cells.  As of Dec. 10,
2007, Blue Chip Energy GmbH operates as a subsidiary of Solon SE.


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


KREMIKOVTZI AD: Offshore Company Acquires Buyer Eltrade
-------------------------------------------------------
Novinite.com reports that an offshore company, registered on the
British Virgin Islands, has acquired the buyer of Kremikovtzi AD
amid many question marks surrounding the deal.

According to Novinite.com, a check in the Trade registry shows
that "Bessian Management Limited" bought "Eltrade company", owned
by 26-year-old Lachezar Varnadzhiev for BGN20,000.

"Bessian Management Limited" is in its turn controlled by another
offshore company -- "Bun Sekretarial Limited", based in Cyprus,
Novinite.com notes.

Bulgaria sold in April the production assets of bankrupt
Kremikovtzi steel mill in a fourth auction to a newly established
local company, owned by Mr. Varnadzhiev, Novinite.com recounts.

Novinite.com, citing a check in the Trade Registry, says that the
deal was signed just a month after "Eltrade company" was
established on March 8, 2011 with a capital of mere BGN20,000,
triggering suspicions who stays behind it, Novinite.com discloses.
It is Mr. Varnadzhiev's only company and it is supposed to be a
black and colored metal dealer, Novinite.com states.

Bulgaria's privately-owned First Investment Bank said it had
provided all the funding for Kremikovtzi steel mill, amounting to
nearly BGN320 million, Novinite.com notes.

Just before that the bank issued a EUR20 million bond, which
allowed it to boost its credit portfolio by more than BGN320
million, which is exactly the price of Kremikovtzi sale deal,
according to Novinite.com.

The first two auctions of Kremikovtzi failed to attract any
bidders last year, Novinite.com relates.  The price started at
BGN565,517,510, which according to trade unions and analysts is
far below the market price, Novinite.com discloses.

                        About Kremikovtzi

Kremikovtzi AD Sofia -- http://www.kremikovtzi.com/-- is a
Bulgaria-based company principally engaged in the steel industry.
Its production capacity includes a complete steel production
cycle, from ore mining to finished products, such as hot rolled
and cold rolled products (coils, slabs, plates, blooms and
billets), different thickness wire rods and tubes.  The Company's
product range also includes coke and chemical products, flat
products, ferro-alloys and metallurgical lime, and other products.
The Company operates through a number of subsidiaries, including
Ferosplaven zavod EOOD, NLA 2000 EOOD, Kremikovtzi Rudodobiv AD,
Metalresource OOD and others.  The Company is 71%-owned by
Finmetals Holding AD.


UNITED BULGARIAN: Fitch Lowers LT Issuer Default Rating to 'B'
--------------------------------------------------------------
Fitch Ratings has downgraded United Bulgarian Bank's Long-term
Issuer Default Rating (IDR) to 'B' from 'B+' and maintained it on
Rating Watch Negative. At the same time, the agency has maintained
a RWN on Banca Romaneasca's Long-term IDR.

Finansbank A.S.'s ratings are unaffected by the downgrade of
National Bank of Greece, reflecting Fitch's view of the low
contagion risk for Finansbank from developments at NBG.

UBB and BROM are majority-owned by NBG and the rating actions
follow the downgrade of NBG's ratings on July 14, 2011, including
its Long-term IDR to 'B-'/RWN. The banks' IDRs are based on their
stand-alone financial strength, given the limited ability of NBG
to provide financial support. The banks' ratings have not so far
incorporated any potential support from the local (Bulgarian and
Romanian) sovereigns. This reflects significant uncertainty on the
provision of such assistance, in particular if capital support,
rather than just liquidity, is needed. At the same time, clear
statements from the Bulgarian authorities on their readiness to
provide support to Greek bank subsidiaries, including UBB, if
needed, could considerably reduce further downside risk for UBB's
ratings, and may result in a positive rating action.

The downgrade of UBB's Long-term IDR reflects the increase in
contagion risk following the downgrade of NBG and the Greek
sovereign. The downgrade also reflects the continued weakening in
UBB's asset quality, with non-performing loans (NPLs, overdue by
90 days or more loans) reaching 25.7% at end-Q11 (2010: 24.7%;
2009: 8.4%). Net NPLs are now roughly equal to the bank's equity
which puts pressure on capitalization. At end-H111, the bank's
Tier 1 capital ratio was 12.8%.

BROM's 'B+' Long-term IDR reflects the bank's better (relative to
UBB) asset quality and capital position. NPLs amounted to 9.5% at
end-Q111 (2010: 7.6% and 2009: 4.8%). Net NPLs/equity stood at 14%
at Q111 and the regulatory capital adequacy ratio was 25.9%.

The RWN on both banks reflects the potential for further
deterioration in the banks' credit profiles should negative
developments in Greece, and at NBG in particular, result in
reduced funding access for the subsidiaries, or losses of existing
funding. The RWN on UBB also reflects the negative trend in its
asset quality and potential recapitalization needs.

At the same time, Fitch notes that deposits and liquidity appear
to have been quite stable at both banks to date, and the former
even increased marginally in Q111. There have also been no signs
to date that NBG is withdrawing capital or liquidity from the
subsidiaries (NBG provided about 30% of non-equity funding at both
banks at end-2010). Furthermore, the banks' non-deposit funding,
aside of that provided by NBG group entities, is limited.

The rating actions are:

UBB:

   -- Long-term IDR: downgraded to 'B' from 'B+'; maintained on
      RWN

   -- Short-term IDR: affirmed at 'B'

   -- Support Rating: downgraded to '5' from '4'

   -- Individual Rating: affirmed at 'D/E'

BROM:

   -- Long-term IDR: 'B+' maintained on RWN

   -- Short-term IDR: affirmed at 'B'

   -- Support Rating: downgraded to '5' from '4'

   -- Individual Rating: affirmed at 'D'


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C Z E C H   R E P U B L I C
===========================


ECM REAL ESTATE: Court Declares Firm Bankrupt
---------------------------------------------
CTK, citing a document made public by Prague's City Court in the
insolvency register, reports that ECM Real Estate Investments was
officially declared bankrupt on Thursday and the right to handle
the company's assets was taken over by insolvency administrator
Ivo Hala.

As reported by the Troubled Company Reporter-Europe on July 21,
2011, Reuters, citing a document on the Prague Municipal Court's
Web site, related that the court administrator for ECM recommended
bankruptcy for the insolvent Czech developer.  ECM and several
creditors pushed for a reorganization that would allow the company
to continue operations, Reuters disclosed.

ECM Real Estate Investments AG is known mainly as the builder of
high-rise buildings in Prague's Pankrac district.


JEANS CLUB: Enters Bankruptcy in Czech Republic
-----------------------------------------------
MTI-Econews, citing the Prague business daily E15, reports that
Jeans Club has gone bankrupt in the Czech Republic.

MTI relates that the paper said Jeans Club, which sells
inexpensive men's and women's clothing, closed its last store in
Prague last week after its other shops in the country were closed
down a week earlier, noting that Jeans Club's Czech
Web site shut down as well.

According to MTI, quoting Textil Journal, the newspaper said that
the company has been struggling for a while, not only in the Czech
Republic, but in Hungary, Romania and Poland as well.

Jeans Club is a Hungarian fashion retailer.


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F I N L A N D
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ELCOTEQ SE: Starts Investigating Legality of Lenders' Actions
-------------------------------------------------------------
Reuters reports that Elcoteq SE has begun looking into the
legality of actions by lenders that the company says forced it to
file for insolvency.

As reported in the Troubled Company Reporter-Europe on July 20,
2011, Elcoteq said it decided to apply for controlled management
under the laws of Luxembourg to secure continuation of the
Company's current operations and to allow outside investor to
finalize its due diligence.  Elcoteq has received a notice from
Danske Bank, according to which Danske Bank has decided, under the
direction of the revolving credit facility lenders, to accelerate
Elcoteq's outstanding revolving credit facility despite the
ongoing negotiations concerning the contemplated transaction with
the outside investor. Simultaneously, the lenders have taken
actions to block some of the Company's bank accounts. Danske Bank
is acting as an agent on behalf of the other lenders: The Royal
Bank of Scotland, Skandinaviska Enskilda Banken, Nordea Bank,
Pohjola Bank, Banco Bilbao Vizcaya Argentaria, UniCredit Bank and
HSH Nordbank.

Since November 2009, the Company has been able to reduce the
revolving credit facility from EUR230 million to EUR48.5 million.
On June 30, 2011, the Company announced that the Company would not
be able to repay on its maturity the remaining outstanding amounts
under the facility.  However, the Company entered into
negotiations with the outside investor concerning a major equity
and debt investment in the Company, and if the intended
transaction is consummated, it would significantly strengthen
Elcoteq's financial position.

Elcoteq said, "the Company is extremely disappointed that the
lenders have taken these actions despite requests not to
accelerate the facility in order to secure enough time for the
outside investor to complete a confirmatory due diligence process.
In the Company's view, the lenders' act shows total disregard of
the Company's customers, suppliers and close to 7,000 employees as
well as other stakeholders."

                        About Elcoteq SE

Elcoteq SE -- http://www.elcoteq.com/-- is a Finland-based
manufacturer of electronics that focuses on communication
technology.  The Company is engaged in the design, production,
distribution and after-sales services of communications equipment.
Its production activities are organized in three business areas:
Communications Networks, Personal Communications and Home
Communications.  The Company's international service network
covers altogether 15 countries across Europe, the Americas and
Asia-Pacific region.  It includes manufacturing plants, product
development units and new product introduction centers in Hungary,
Estonia, Romania, Russia, India, China, Mexico and Brazil.


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F R A N C E
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NOVASEP HOLDING: Moody's Cuts Probability of Default Rating to 'D'
------------------------------------------------------------------
Moody's Investors Service has downgraded to D from Ca the
probability of default rating (PDR) of Novasep Holding SAS. The
corporate family rating (CFR) and the ratings of the company's
EUR270 million and US$150 million worth of senior secured notes,
both maturing in December 2016, remain unchanged at Ca. The
outlook on the ratings is stable.

RATINGS RATIONALE

The downgrade to D from Ca of Novasep's PDR follows the company's
announcement on July 15, 2011 that it has not paid a large part of
its coupon due on June 15, 2011. This announcement came at the end
of the grace period. Moody's considers the non-payment of interest
to be an event of default and, given that Novasep is in default on
all of its debt obligations (Novasep only has senior secured
notes), has assigned a PDR of D until the default is resolved. At
this time, Moody's estimates the recovery to be broadly in line
with standard assumptions (i.e., 50%), which results in a CFR of
Ca.

On July 15, 2011, Novasep announced that it has reached an
agreement with an ad hoc group of noteholders (representing a
majority in aggregate principal amount of Novasep's high yield
notes), under which the group will not accelerate the repayment of
the notes despite the partial payment of the June 15 coupon
(Novasep paid EUR3 million worth of interest out of a total due of
EUR18 million). The agreement also requires that restructuring
negotiations be conducted under the aegis of the mandataire ad hoc
and that the implementation of any debt restructuring be completed
by mid-October 2011.

The stable outlook reflects the limited likelihood of further
downward pressure on the rating, while at the same time the
company is still in negotiations with its noteholders and any
positive outcome regarding a potential debt restructuring -- which
would in all likelihood constitute a distressed exchange -- cannot
therefore yet be factored into the outlook.

According to Moody's definitions, Novasep is currently in default.
Further downward pressure on the CFR could only develop if Moody's
materially revised downward the estimated recovery. Upward
pressure could develop if, through the restructuring of its debt,
Novasep were able to reduce its leverage materially.

The principal methodology used in rating Novasep Holding SAS was
the Global Business & Consumer Service Industry Rating Methodology
published in October 2010. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

Novasep, headquartered in Pompey, France, is a leading provider of
contract manufacturing services for life science industries and a
manufacturer of purification equipment. Novasep reported revenues
of EUR302 million in 2010.


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G E R M A N Y
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CONTINENTAL AG: S&P Raises CCR to 'B+' on Improved Credit Metrics
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on German automotive supplier Continental AG to 'B+'
from 'B' reflecting a improvement of credit metrics, lower
liquidity risks following arrangement of a new bank facility, and
the improved credit quality of its parent, Schaeffler GmbH. The
outlook is positive.

"At the same time, we raised our issue ratings on the senior
secured notes issued by Continental's financial vehicle, Conti-
Gummi Finance B.V. (not rated), to 'B+' from 'B'. The recovery
ratings on the notes remain at '3'," S&P related.

"The rating action reflects our opinion that Continental is likely
to continue to improve its financial risk profile throughout 2011
and beyond. Supported by a rebound of global light vehicle
production and solid demand for both passenger car and truck tires
worldwide, Continental's credit protection measures have improved.
For the 12 months to March 31, 2011, funds from operations (FFO)
to debt and debt to EBITDA were 27% and 2.6x. In 2011, we believe
that Continental should be able to generate positive free
operating cash flow (FOCF), which is likely to be used for
deleveraging," S&P said.

The rating action is also driven by a decline in liquidity risk as
a result of a new EUR6.0 billion bank facility. The resulting new
funding structure has extended the company's maturity profile
significantly.

"We are also of the opinion that the credit quality of Schaeffler,
has improved. This is for two reasons. Firstly, through the
disposal of a stake in Continental, Schaeffler has been able to
deleverage itself and, secondly, Schaeffler is benefiting from
strong demand in the automotive and industrial machinery sectors.
Following the disposal of the 15% stake, Schaeffler, together with
two banks, holds 60% of the voting rights in Continental. Because
of the reduction of the investment in Continental, the risk of a
combination of Schaeffler and Continental has also diminished,"
S&P related.

"Under our parent-subsidiary criteria, we incorporate the weaker
credit quality of Schaeffler into our assessment of Continental,
even though Continental's bank facility agreements include
covenants protecting creditors. Accordingly, the corporate credit
rating on Continental is 'B+', even though we assess the company's
stand-alone credit profile at the upper end of the 'bb' category,"
S&P said.

Continental reported solid results for the first quarter of 2011.
Revenues increased 23% year on year thanks to higher light vehicle
production globally and higher volumes and better pricing in the
tire division. EBIT was up by about EUR130 million year on year,
while the company's reported EBIT margin was comparatively at flat
at 10.0% against 10.1% previously. For 2011, Continental targets
sales growth of 10% year on year and a flat annual EBIT margin of
9.7% despite projected higher raw material costs of EUR700
million. "We have included in our forecasts an adjusted EBIT
margin of about 9% for 2011," S&P said.

Continental's new bank facility includes covenant restrictions on
dividends and special dividends, and prohibits loans and
guarantees to major shareholders. In addition, Continental is
unable to undertake acquisitions or joint-ventures exceeding
EUR450 million. Because of contractual ring-fencing of
Continental's assets and cash, any combination of Schaeffler's
assets with those of Continental is subject to the prior consent
of Continental lenders.

"We continue to view Continental's business risk profile as
'satisfactory', underpinned by solid market shares, size,
diversity, technological capabilities and ability to generate
above industry-average profitability. We assess the company's
financial risk profile as 'highly leveraged.' This primarily
reflects the application of our parent-subsidiary criteria, which
effectively captures the weaker credit quality of the parent," S&P
stated.

"The positive outlook reflects our opinion that Continental could
improve its financial risk profile over the coming year through
further deleveraging," S&P added.


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K A Z A K H S T A N
===================


BMB MUNAI: May File for Chap. 11 if Emir Oil Sale Doesn't Close
---------------------------------------------------------------
BMB Munai, Inc., filed on June 29, 2011, its annual report on Form
10-K for the fiscal year ended March 31, 2011.

Hansen, Barnett & Maxwell, P.C., in Salt Lake City, said that as a
result of the pending sale of Emir Oil LLP, BMB Munai will have no
continuing operations that result in positive cash flow, which
raise substantial doubt about its ability to continue as a going
concern.

The Company did not generate any revenue during the fiscal years
ended March 31, 2011, and 2010, except from oil and gas sales
through Emir Oil.  Because of the pending sale of Emir Oil,
discussed below, the assets, liabilities and operations of Emir
Oil have been classified as discontinued operations for reporting
purposes.

The Company realized a loss from continuing operations of
US$15.1 million during fiscal year 2011 compared to US$10.7
million during fiscal year 2010.  This 41% increase in loss from
continuing operations was primarily attributable to increased
general and administrative and interest expense and the foreign
exchange loss of US$415,803 incurred during fiscal year 2011.

During the fiscal year ended March 31, 2011, the Company realized
income from discontinued operations of US$20.0 million compared to
US$19.7 million during the fiscal year ended March 31, 2010.

The Company realized net income of US$4.9 million for fiscal year
2011 compared to a net income of US$9.0 million for fiscal year
2010.

                       Sale of Emir Oil LLP

On Feb. 14, 2011, the Company entered into a Participation
Interest Purchase Agreement with MIE Holdings Corporation, a
company with limited liability organized under the laws of the
Cayman Islands, and its subsidiary, Palaeontol B.V., a company
organized under the laws of the Netherlands, pursuant to which the
Company agreed to sell (i) all of its interest in Emir Oil to
Palaeontol, and (ii) certain intercompany loans it made to Emir
Oil.  The initial purchase price is US$170 million and is subject
to various closing adjustments and the deposit of US$36 million in
escrow to be held for a period of twelve months following the
closing for indemnification purposes.

Upon consummation of the Sale, the Company will use a portion of
the proceeds to repay the Company's outstanding Senior Notes and
to pay transaction costs and expenses.

The Company's stockholders approved the Sale of June 2, 2011.  The
parties are currently working to satisfy the other closing
conditions.

                        Bankruptcy Warning

The Company discloses in the filing that if it does not complete
the Sale, it will not have sufficient funds to retire the
restructured Senior Notes when they become due.  "In this event,
we would likely be required to consider liquidation alternatives,
including the liquidation of our business under bankruptcy
protection," the Company said.

A copy of the Form 10-K is available at http://is.gd/EREKxQ

Based in Almaty, Kazakhstan, BMB Munai, Inc., is a Nevada
corporation that originally incorporated in the State of Utah in
1981.  Since 2003, its business activities have focused on oil and
natural gas exploration and production in the Republic of
Kazakhstan through its wholly-owned operating subsidiary Emir Oil
LLP.  Emir Oil holds an exploration contract that allows the
Company to conduct exploration drilling and oil production in the
Mangistau Province in the southwestern region of Kazakhstan until
January 2013.  The exploration territory of its contract area is
approximately 850 square kilometers and is comprised of three
areas, referred to herein as the ADE Block, the Southeast Block
and the Northwest Block.


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R U S S I A
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ABSOLUT BANK: Moody's Affirms LT National Scale Credit Rating
-------------------------------------------------------------
Moody's Investors Service has affirmed Aa3.ru long-term national
scale credit rating of Absolut Bank.

The affirmation follows Moody's assessment of AB's audited
financial statements for 2010, prepared under IFRS.

RATINGS RATIONALE

According to Moody's Interfax, the affirmation of AB's NSR follows
affirmation of the bank's standalone E+ Bank Financial Strength
Rating (BFSR), and the Ba3/Not-Prime long-term and short-term
local and foreign currency bank deposit ratings that remain
constrained by (i) the bank's low profitability and uncertainties
over its ability to recover profitability given the highly
competitive environment, (ii) relatively high credit risk and
industry concentrations, albeit on a declining trend in 2010 , and
(iii) the high dependence on parental funding. At the same time,
the ratings are supported by the recent improvements in asset
quality, as well as strong capital adequacy levels.

During 2009 and 2010, AB focused on (i) deleveraging its balance
sheet and disposing risky problem assets and (ii) maintaining
manageable asset quality. As a result, AB's loan portfolio
recorded a decrease of more than 40% in 2009-2010, mainly due to a
decline in facilities provided to construction and real estate
companies, and a reduction in the level of retail mortgages and
car loans. The level of problem loans (defined 90+ days overdue
and restructured loans) reduced to a system average of 21% as at
31 December 2010 from over 45% at 31 December 2009. Reduction of
problem loans was driven by the write-off and sale of problem
loans as well as success in recoveries by repossession of pledged
assets, which accounted for 6% of Tier 1 capital as of year-end
2010. Discounts on the sale of problem loans were covered by
provisions, and the provisioning charges were the main drivers for
the bank's weak financial results as they absorbed almost 100% of
operating income in 2009 and 15% in 2010. As of 31 December 2010,
provisions covered 13.5% of the loan book, which Moody's considers
to be sufficient to cover potential losses arising from current
level of problem loans.

At the same time, AB's profitability was negatively affected by a
squeeze in interest margins, which decreased to a moderate 3.8% in
2010, from more comfortable 4.9% and 5.5% in 2009 and 2008,
respectively. As the bank operates through a relatively wide
branch network that is necessary to generate new business going
forward, AB has limited flexibility to cut operating expenses,
which accounted for 4.1% of average assets in 2010 (3.1% in 2009,
3.5% in 2008). Thanks to deleveraging, AB reported healthy a Tier
1 ratio of 14% and total capital adequacy ratio (CAR) of 21%
despite negative profitability. Moody's main area of concern is
the bank's ability to restore recurring revenues in still
challenging credit conditions in Russia.

Moody's Interfax also notes that the bank's Aa3.ru NSR benefits
from Moody's assessment of a low probability of support from its
controlling shareholder -- KBC Bank (C+/Aa3, negative outlook) --
providing a one-notch uplift for AB's long-term deposit rating
from its B1 standalone credit strength. Although KBC Bank owns a
99% stake in AB, the parent now regards Russia as a non-core
market for its business, and Moody's therefore assumes that the
probability of AB receiving parental support is less likely than
for other foreign-owned peers in Russia and for other subsidiaries
of KBC domiciled in the EU.

PREVIOUS RATING ACTIONS AND PRINCIPAL METHODOLOGIES

The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007.

Headquartered in Moscow, Russia, Absolut Bank reported total
audited IFRS assets of RUB109 billion and total shareholders'
equity of RUB13 billion as at YE2010.

Moody's Interfax Rating Agency's National Scale Ratings (NSRs) are
intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs differ from Moody's
global scale ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".ru" for Russia. For further information
on Moody's approach to national scale ratings, please refer to
Moody's Rating Implementation Guidance published in August 2010
entitled "Mapping Moody's National Scale Ratings to Global Scale
Ratings."

ABOUT MOODY'S AND MOODY'S INTERFAX

Moody's Interfax Rating Agency (MIRA) specializes in credit risk
analysis in Russia. MIRA is a joint-venture between Moody's
Investors Service, a leading provider of credit ratings, research
and analysis covering debt instruments and securities in the
global capital markets, and the Interfax Information Services
Group. Moody's Investors Service is a subsidiary of Moody's
Corporation (NYSE: MCO).


ABSOLUT BANK: Moody's Affirms 'E+' Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has affirmed the standalone E+ Bank
Financial Strength Rating (BFSR), and the Ba3/Not-Prime long-term
and short-term local and foreign currency bank deposit ratings of
Absolut Bank. The BFSR carries a stable outlook, while all other
long-term ratings carry a negative outlook.

The affirmation follows Moody's assessment of AB's audited
financial statements for 2010, prepared under IFRS.

RATINGS RATIONALE

According to Moody's, AB's ratings remain constrained by (i) the
bank's low profitability and uncertainties over its ability to
recover profitability given the highly competitive environment,
(ii) relatively high credit risk and industry concentrations,
albeit on a declining trend in 2010 , and (iii) the high
dependence on parental funding. At the same time, the ratings are
supported by the recent improvements in asset quality, as well as
strong capital adequacy levels.

During 2009 and 2010, AB focused on (i) deleveraging its balance
sheet and disposing risky problem assets and (ii) maintaining
manageable asset quality. As a result, AB's loan portfolio
recorded a decrease of more than 40% in 2009-2010, mainly due to a
decline in facilities provided to construction and real estate
companies, and a reduction in the level of retail mortgages and
car loans. The level of problem loans (defined 90+ days overdue
and restructured loans) reduced to a system average of 21% as at
31 December 2010 from over 45% at 31 December 2009. Reduction of
problem loans was driven by the write-off and sale of problem
loans as well as success in recoveries by repossession of pledged
assets, which accounted for 6% of Tier 1 capital as of year-end
2010. Discounts on the sale of problem loans were covered by
provisions, and the provisioning charges were the main drivers for
the bank's weak financial results as they absorbed almost 100% of
operating income in 2009 and 15% in 2010. As of 31 December 2010,
provisions covered 13.5% of the loan book, which Moody's considers
to be sufficient to cover potential losses arising from current
level of problem loans.

At the same time, AB's profitability was negatively affected by a
squeeze in interest margins, which decreased to a moderate 3.8% in
2010, from more comfortable 4.9% and 5.5% in 2009 and 2008,
respectively. As the bank operates through a relatively wide
branch network that is necessary to generate new business going
forward, AB has limited flexibility to cut operating expenses,
which accounted for 4.1% of average assets in 2010 (3.1% in 2009,
3.5% in 2008). Thanks to deleveraging, AB reported healthy a Tier
1 ratio of 14% and total capital adequacy ratio (CAR) of 21%
despite negative profitability. Moody's main area of concern is
the bank's ability to restore recurring revenues in still
challenging credit conditions in Russia.

AB's Ba3/Not-Prime deposit ratings incorporate Moody's assessment
of a low probability of support from its controlling shareholder -
- KBC Bank (C+/Aa3, negative outlook) -- providing a one-notch
uplift for AB's long-term deposit rating from its B1 standalone
credit strength. Although KBC Bank owns a 99% stake in AB, the
parent now regards Russia as a non-core market for its business,
and Moody's therefore assumes that the probability of AB receiving
parental support is less likely than for other foreign-owned peers
in Russia and for other subsidiaries of KBC domiciled in the EU.

PREVIOUS RATING ACTIONS AND PRINCIPAL METHODOLOGIES

The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007.

Headquartered in Moscow, Russia, Absolut Bank reported total
audited IFRS assets of RUB109 billion and total shareholders'
equity of RUB13 billion as at YE2010.


CREDIT EUROPE: Moody's Upgrades Financial Strength Rating to 'D-'
-----------------------------------------------------------------
Moody's Investors Service has upgraded the standalone bank
financial strength rating (BFSR) of Credit Europe Bank Ltd to D-
from E+, with a stable outlook. The rating agency has also changed
to positive from negative the outlook on the bank's Ba3 long-term
debt and deposit ratings. CEB Ltd's Not-Prime short-term deposit
ratings have been affirmed.

RATINGS RATIONALE

Standalone Ratings

"The upgrade of CEB Ltd's standalone ratings recognizes the bank's
strong performance amid the recent global financial crisis and
improvement in its financial metrics over the recent year," says
Semyon Isakov, a Moody's Assistant Vice-President and lead analyst
for the bank.

At year-end 2010, CEB Ltd's non-performing loans (NPLs) as a
proportion of gross loans declined to 3.3%, from 7.4% a year
earlier, while the bank reported return on average assets (RoAA)
and return on equity (RoE) of 4.4% and 21.5%, respectively. As of
end-December 2010, the Basel total capital adequacy ratio was
19.56% while NPLs were, in Moody's view, adequately covered by
loan loss reserves of 3.67%. At the same time, according to
Moody's, the bank's BFSR remains constrained by its high reliance
on wholesale sources for funding.

Supported Ratings

Moody's decision to change the outlook on CEB Ltd's Ba3 long-term
ratings to positive is triggered by: (i) the change of the outlook
to positive from negative on the ratings of the bank's Dutch
parent, Credit Europe Bank N.V. (CEB-NV, rated Ba2/D) dated 19
July 2011, and (ii) the upgrade of the bank's standalone BFSR to
D- (now mapping to Ba3 on the long-term scale) from E+.

Moody's continues to incorporate high probability of parental
support into CEB's Ba3 debt and deposit ratings given the
significant financial and key strategic importance of the Russian
business for CEB N.V. At the current rating level, CEB Ltd's long-
term ratings are not sensitive to the upgrade of the standalone
ratings. However, if the parents' ratings were to be upgraded --
as reflected in their current positive outlook -- Moody's would
expect CEB Ltd's deposit and debt rating to move in parallel, as
reflected in the positive outlook on CEB Ltd's Ba3 debt and
deposit ratings.

PRINCIPAL METHODOLOGIES

The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007.

Headquartered in Moscow, Russia, CEB Ltd reported total assets of
RUB85 billion (approximately US$2.8 billion) and net income of
RUB2.6 billion, according to (audited) IFRS at YE2010.


=============================
S L O V A K   R E P U B L I C
=============================


VOLKSBANK SLOVENSKO: Fitch Puts LT Issuer Default Rating on RWN
---------------------------------------------------------------
Fitch Ratings has placed Slovakia-based Volksbank Slovensko a.s.'s
Long-term Issuer Default Rating (IDR) of 'BBB+' and Short-term IDR
of 'F2' on Rating Watch Negative (RWN), and removed them from
Rating Watch Evolving (RWE).

The rating action follows the announcement on July 14, 2011 of the
agreed sale of Volksbank International by Oesterreichische
Volksbanken-Aktiengesellschaft (VBAG; 'A'/Stable) to Sberbank of
Russia (Sberbank; 'BBB'/Stable). VBI, a management holding company
which combines VBAG and other European cooperative banks'
operations in central and eastern Europe, holds a 93% stake in VS.
VBAG holds 51% of VBI. Sberbank will buy 100% of VBI from VBAG and
other shareholders. The deal is expected to be legally completed
by end-2011, and will require regulatory approvals.

Fitch expects to resolve the RWN upon completion of the
transaction. At this point, it is likely that VS's IDRs will be
downgraded to 'BBB-', reflecting the expectation of support from
the new parent, whose ability to provide such support is indicated
by its Long-term IDR. At the same time, Fitch believes that
VBI/VBAG will continue to provide full support for VS until the
legal completion of the transaction.

VS is mainly funded by client deposits and parent-related funding
is negligible of below 1% at end-2010. No capital or liquidity
support has been requested by VS during the crisis period.

The rating actions are:

   -- Long-term IDR: 'BBB+'; placed on Rating Watch Negative
      (RWN), off RWE

   -- Short-term IDR: 'F2'; placed on RWN, off RWE

   -- Support Rating: '2'; affirmed, off RWE

   -- Individual Rating: 'D'; Unaffected


=============
U K R A I N E
=============


ALFA BANK: Fitch Upgrades Long-Term Issuer Default Rating to 'BB+'
------------------------------------------------------------------
Fitch Ratings has upgraded Alfa Bank's Long-term Issuer Default
Rating (IDR) to 'BB+' from 'BB' and assigned a Stable Outlook. The
agency has also affirmed MDM Bank OJSC's IDR at 'BB' with Stable
Outlook.

The upgrade of Alfa Bank's IDR reflects significant asset quality
improvement, which coupled with a good quality customer franchise
and relatively cheap funding costs creates momentum for
sustainable future growth. The upgrade also reflects sound
performance and good liquidity management through the cycle. Fitch
also takes comfort from the successful track record through
several crises, as well as provision of support from shareholders
in difficult times. Constraining the rating are still significant
credit risks on a few relatively big exposures, generally quite
high borrower concentration, considerable market risk, as well as
some political risk.

Alfa's 2010 performance was strong (ROE of 19%). Most of the
profit was derived from investment banking and unsecured retail
lending, while corporate business reported only very modest
results due to what Fitch considers to be excessive reserves.

Non-performing loans (NPLs) reduced to 4% at end-2010 from 13% at
end-2009, mostly due to the successful work-out of several large
problem exposures. The remaining NPLs are 2x covered with
reserves. Rolled-over loans (mostly leasing) stood at 6.5% at end-
2010. Alfa expects restructured leasing exposure to decrease
significantly by end-Q311.

Fitch also regards as potentially problematic a few exposures (in
total about 4% of loans), which are not classified as NPLs but
show some signs of impairment, in the agency's view. However, the
risk is mitigated by strong collateral (in some cases) and
generally excessive reserves created in 2010.

Considerable market risk stems mainly from opportunistic
investment banking; high-volume derivatives trading, of which most
is client-driven, according to management; and to a much lesser
degree, fixed income securities portfolio of good credit quality.
However, Fitch has a reasonable level of comfort given Alfa's
previous good track record in managing such risks.

Liquidity is comfortable with about 25% of liquid assets
maintained at end-H111. This exceeds US$98 million of wholesale
funding maturing in H211 and US$661 million due in 2012 (the
latter amount conservatively includes callable subordinated debt
of US$251 million).

Capitalization is solid (Basel I total and Tier 1 ratios of 18.2%
and 12.6%, respectively, at end-2010), partly burdened by a US$336
million (11% of equity) investment in Pamplona Credit
Opportunities Fund, which Fitch considers to be non-core. Adjusted
for this investment (deducting it from equity), Alfa could
withstand about 15% of credit losses before its Basel I total
capital adequacy ratio decreases to 12%. This should also be
viewed in the context of relatively good asset quality and
shareholders' apparent ability to provide capital if needed.

The affirmation of MDM's ratings reflects Fitch's base-case
expectation that the bank should be able to gradually recover
after significant asset quality deterioration, reflected in still
high non-performing loans (14% of end-2010 loans), restructured
loans (9%) and foreclosed properties (equivalent to 4%). Fitch
believes the borrowers' repayment ability and the bank's
performance should benefit from the improved operating
environment. MDM's new strategy, which focuses on small and
medium-sized businesses with greater emphasis on asset quality, is
also aimed at reducing risks. However, there are uncertainties in
implementing this, as well a risk of asset quality relapses.

A specific area of concern is eight of MDM's 20 largest exposures
amounting to 13% of gross loans. These are not classified as NPLs
(some are not even considered impaired) but nevertheless
potentially problematic, in Fitch's opinion, including due to them
being poorly reserved and some also with weak collateral coverage.

Mitigating credit risks and supporting the rating is a high
capital buffer (Basel I total and Tier 1 ratios of 20.3% and
18.6%, respectively, at end-2010), which allows for the creation
of an extra RUB31 billion of reserves (12% of loans) before the
Basel I total capital ratio drops to 12%. This would be sufficient
to absorb losses, even if several of large borrower defaults
happen, before MDM would require new capital. Reserve coverage of
current NPLs was a satisfactory 83% at end-2010.

Due to the limited liquidity of the loan book and MDM's increased
reliance on retail term deposits (35% of end-2010 liabilities), it
needs to keep a significant liquidity buffer (about US$2.1 billion
at end-H111) to address the risk of potential withdrawals. This
will weigh on profitability, which will also be susceptible to
trends in market rates.

Given the long-term nature of MDM's recovery prospects, the upside
for the ratings is currently limited. A major worsening of asset
quality, due to, for example, large corporate defaults and lack of
shareholder capital injections, could result in a downgrade.

Although remote, as reflected in the sovereign's 'BBB' rating with
a Positive Outlook, the risk of a sharp worsening of the operating
environment and/or major liquidity shortage on the market is
nevertheless significant over the expected recovery timeframe.
This could hamper the upturn and put pressure on MDM's liquidity
position.

The rating actions are:

OJSC Alfa-Bank

   -- Long-term IDR: upgraded to 'BB+' from 'BB'; Stable Outlook

   -- Senior unsecured debt: upgraded to 'BB+' from 'BB'

   -- Subordinated debt: upgraded to 'BB' from 'BB-'

   -- Short-term IDR: affirmed at 'B'

   -- Individual Rating: affirmed at 'C/D'

   -- Support Rating: affirmed at '4'

   -- Support Rating Floor: affirmed at 'B'

   -- National Long-term rating: upgraded to 'AA(rus)' from 'AA-
      (rus)'; Stable Outlook

MDM Bank (OJSC)

   -- Long-term foreign and local currency IDRs: affirmed at 'BB';
      Stable Outlooks

   -- Senior unsecured debt: affirmed at 'BB'

   -- Short-term IDR: affirmed at 'B'

   -- Individual Rating: affirmed at 'C/D'

   -- Support Rating: affirmed at '4'

   -- Support Rating Floor: affirmed at 'B'

   -- National Long-term Rating: affirmed at 'AA-(rus)'


DONGORBANK PJSC: Moody's Withdraws 'E+' Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the following ratings of
Dongorbank (DGB): Bank Financial Strength Rating (BFSR) of E+;
local currency deposit ratings of B2/Not Prime; foreign currency
deposit ratings of B3/Not Prime; local currency senior unsecured
debt rating of B2; and National Scale Rating (NSR) of A3.ua. At
the time of withdrawal, the outlook on DGB's local currency
deposit and debt ratings was negative, while the outlook on its
BFSR and foreign currency deposit rating was stable.

RATINGS RATIONALE

Moody's decision to withdraw DGB's ratings is prompted by the
completion of the legal merger of DGB into First Ukrainian
International Bank on July 15, 2011, whereby DGB ceased to exist
as a separate entity. At the time of the ratings withdrawal DGB
had two outstanding senior unsecured bonds in local currency, each
amounting UAH100 million and rated B2/A3.ua. The rating agency
understands that the merged First Ukrainian International Bank has
assumed all the obligations of DGB, including the rated senior
unsecured bonds.

PREVIOUS RATING ACTIONS

Headquartered in Donetsk, Ukraine, DGB reported total assets of
US$1.15 billion and shareholders' equity of US$92 million as of
year-end 2010, according to the bank's audited IFRS financial
statements.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".ua" for Ukraine. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating
Implementation Guidance published in August 2010 entitled "Mapping
Moody's National Scale Ratings to Global Scale Ratings."


SOTSKOMBANK: Central Bank Extends Administration for Third Time
---------------------------------------------------------------
Daryna Krasnolutska at Bloomberg News reports that Ukraine's
central bank extended its administration of PAT KB Sotskombank for
a third time through Oct. 21.

According to Bloomberg, the Kiev-based Natsionalnyi Bank Ukrainy
gave no reason for the extension in a statement on Thursday on its
Web site.

Bloomberg notes that the statement said Nataliya Khorolenko will
remain as the lender's administrator.


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


38 SELF DRIVE: In Liquidation, Sells Fleet of Vehicles
------------------------------------------------------
Gainsborough Standard reports that 38 Self drive Ltd has gone into
liquidation.  The downfall of the business is being blamed on the
economic climate, Gainsborough Standard says.

According to Gainsborough Standard, the company's vehicle fleet of
38 vehicles was sold at auction earlier last week by CJM Asset
Management.

"The downturn in business activity is having a knock-on effect on
demand for van hire," Gainsborough Standard quotes CJM director
Paul Cooper as saying.  "The owners of 38selfdrive have struggled
to keep going, trying everything they could to drum up new
business, but sadly events have overtaken them."

Gainsborough Standard notes that all the vehicles were last week
sold at auction in Scunthorpe for between GBP6,000 and GBP11,000
each.  The money will be sent to the liquidator, the report says.

38 Self drive Ltd -- http://www.38selfdrive.com/-- is a
Gainsborough-based van and truck hire firm.


GREENSANDS LTD: Fitch Affirms 'B' Long-Term Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has revised Greensands (UK) Limited's Outlook to
Negative from Stable and affirmed the Long-term Issuer Default
Rating (IDR) at 'B'. The agency has also affirmed Greensands'
senior secured rating at 'B+'.

The bonds issued by Southern Water (Greensands) Financing plc
(SWF) are unconditionally and irrevocably guaranteed by Greensands
as well as its parent, Greensands Holdings Limited, and its two
subsidiaries, Greensands Junior Finance Limited and Greensands
Senior Finance Limited. Therefore, SWF's bonds' senior secured
rating has also been affirmed at 'B+'/RR3.

The revision of the Outlook to Negative reflects the cash flow
dynamics of the group's main operating company, Southern Water
Services Limited (Southern Water). On July 15, 2011, Fitch
downgraded Southern Water's financing vehicle, Southern Water
Services (Finance) Limited's, senior secured ratings to 'A-' for
Class A and 'BBB' for Class B. This reflected Southern Water's
weakening operating performance, as evidenced by operating
expenditure and capital expenditure overspending in comparison to
regulatory targets, which included an increase in the annual
doubtful debt charge of around GBP9 million.

Southern Water's management expects to compensate the impact of
additional operating expenditure on cash flow through better
working capital management. However, in terms of calculating
dividend cover at the holding company level, Fitch considers it as
more risky to rely on working capital management to safeguard
servicing of holding company debt, and therefore does not reflect
this potential effect in its analysis. Operational dividend cover
as forecasted by Fitch for the remaining years of the ongoing
price control period, extending until March 2015, has dropped
below the ratio guideline of 1.5x dividend cover for a 'B' IDR.

At the same time, Fitch notes that its forecast is conservative
and focuses on all available information on downside moves, but
gives little credit for upside, including retail price inflation
above forecast assumptions (FY12 assumption was 3.5% and 2.5%
thereafter), and the potential for an interim determination of K,
a re-opener mechanism in the regulatory regime, for expenditure
related to the adoption of private sewers.

Following the refinancing in April 2011 Greensands Investments
Limited, an indirect subsidiary of Greensands, holds GBP38 m in
cash and SWF has access to a GBP25 million undrawn, committed
revolving credit facility (with maturity in April 2016), both
available for SWF's debt service. Considering the likely dividend
to be upstreamed during FY12, the holding companies will have
available cash to cover SWF's debt service well into 2013.

Gearing in terms of pension adjusted net debt/economic regulatory
asset value for FY11 was calculated at 93.5%, broadly in line with
previous guidance. Calculations of financial ratios used by Fitch
differ from covenants of the transaction documentation.

Greensands is an intermediate holding company that indirectly owns
Southern Water, the regulated, monopoly provider of water and
sewage services for parts of Sussex, Kent, Hampshire and the Isle
of Wight, UK. SWF is Greensands' financing vehicle.


KEYDATA INVESTMENT: FSA Can't Use E-mails in Probe, Lawyers Claim
-----------------------------------------------------------------
Kit Chellel at Bloomberg News reports that lawyers for Keydata
Investment Services Ltd. founder, Stewart Ford, are seeking to
prevent U.K. regulators from using in an investigation seized
e-mails that were sent by the insolvent company's law firm.

According to Bloomberg, the lawyers told a London court on
Thursday that the e-mails contained confidential legal advice and
shouldn't have been available to the Financial Services Authority.

"The FSA prides itself on being a fair and transparent regulator,"
Bloomberg quotes Hodge Malek, one of Ford's lawyers, as saying.
"We say it was neither fair nor transparent in the way it got the
e-mails."

Keydata was forced into administration by the FSA in 2009 and the
U.K. regulator is investigating potentially misleading marketing
and tax irregularities at the company, which managed as much as
GBP2.8 billion (US$4.6 billion) before it failed.

Bloomberg relates that the FSA obtained the e-mails in 2009 from
Keydata's administrators at PricewaterhouseCoopers LLP and Ford's
lawyers said they contained material covered by "legal and
professional privilege."

The founder and former chief executive officer of Keydata was
granted a judicial review in May to question the way the FSA
carried out its investigation, Bloomberg recounts.

"The FSA maintains that it is lawfully able to use this material,"
Bloomberg quotes the agency as saying in an e-mailed statement
following Thursday's judicial hearing.

As reported by the Troubled Company Reporter-Europe, Dan
Schwarzmann and Mark Batten of PricewaterhouseCoopers LLP were
appointed joint administrators of Keydata on June 8, 2009.  The
appointment was made based on an application to court by the FSA
on insolvency grounds.

Keydata Investment Services Ltd. designs, distributes and
administers structured investment products.  Keydata operates from
three locations, being London, Glasgow and Reading and administers
its own products as well as portfolios for third parties.


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


* BOND PRICING: For the Week July 18 to July 22, 2011
-----------------------------------------------------

Issuer                 Coupon    Maturity  Currency    Price
------                 ------    --------  --------    -----

AUSTRIA
-------
IMMOFINANZ               4.250    3/8/2018      EUR      3.91
OESTER VOLKSBK           4.810   7/29/2025      EUR     59.75
OESTER VOLKSBK           4.750   4/30/2021      EUR     72.53
OESTER VOLKSBK           4.350  11/16/2018      EUR     74.13
OESTER VOLKSBK           5.270    2/8/2027      EUR     74.19
OESTER VOLKSBK           4.900   8/18/2025      EUR     62.38
OESTER VOLKSBK           4.160   5/20/2025      EUR     74.24
RAIFF ZENTRALBK          4.500   9/28/2035      EUR     73.48

BELGIUM
-------
ECONOCOM GROUP           4.000    6/1/2016      EUR     20.96

CYPRUS
------
CYPRUS GOVT BOND         4.600   4/23/2018      EUR     71.82
CYPRUS GOVT BOND         4.600   2/26/2019      EUR     70.72
CYPRUS GOVT BOND         4.500   9/28/2017      EUR     72.62
CYPRUS GOVT BOND         3.750   11/1/2015      EUR     75.31
CYPRUS GOVT BOND         4.500    1/4/2017      EUR     74.59
CYPRUS GOVT BOND         5.350    6/9/2020      EUR     74.59
CYPRUS GOVT BOND         4.625    2/3/2020      EUR     70.88
CYPRUS GOVT BOND         4.500    4/2/2017      EUR     74.01
CYPRUS GOVT BOND         4.500   2/15/2017      EUR     74.31
CYPRUS GOVT BOND         4.600  10/23/2018      EUR     70.93

CZECH REPUBLIC
--------------
SAZKA                    9.000   7/12/2021      EUR     59.00

DENMARK
-------
KOMMUNEKREDIT            0.500    2/3/2016      TRY     71.10
KOMMUNEKREDIT            0.500  12/14/2020      ZAR     45.48

FINLAND
-------
MUNI FINANCE PLC         0.500   3/17/2025      CAD     54.58
MUNI FINANCE PLC         0.500    2/9/2016      ZAR     69.50
MUNI FINANCE PLC         0.500  11/25/2020      ZAR     45.11
MUNI FINANCE PLC         1.000   6/30/2017      ZAR     62.62
MUNI FINANCE PLC         0.500   4/26/2016      ZAR     68.45
MUNI FINANCE PLC         1.000   2/27/2018      AUD     73.74
MUNI FINANCE PLC         0.250   6/28/2040      CAD     23.10
MUNI FINANCE PLC         0.500   4/27/2018      ZAR     55.69
MUNI FINANCE PLC         0.500   9/24/2020      CAD     70.06

FRANCE
------
AIR FRANCE-KLM           4.970    4/1/2015      EUR     13.54
ALCATEL-LUCENT           5.000    1/1/2015      EUR      4.29
ALTRAN TECHNOLOG         6.720    1/1/2015      EUR      6.27
ASSYSTEM                 4.000    1/1/2017      EUR     21.53
ATOS ORIGIN SA           2.500    1/1/2016      EUR     52.14
CALYON                   6.000   6/18/2047      EUR     17.56
CAP GEMINI SOGET         1.000    1/1/2012      EUR     43.52
CAP GEMINI SOGET         3.500    1/1/2014      EUR     43.94
CGG VERITAS              1.750    1/1/2016      EUR     31.13
CIE FIN FONCIER          3.250  12/30/2044      EUR     72.68
CLUB MEDITERRANE         6.110   11/1/2015      EUR     20.64
CLUB MEDITERRANE         5.000    6/8/2012      EUR     16.60
CREDIT AGRI CIB          4.910   11/3/2030      USD     74.03
CREDIT AGRI CIB          4.850   9/17/2030      USD     72.42
CREDIT AGRICOLE          3.537   1/15/2016      EUR    100.16
CREDIT LOCAL FRA         3.750   5/26/2020      EUR     73.61
DEXIA MUNI AGNCY         1.000  12/23/2024      EUR     61.89
EURAZEO                  6.250   6/10/2014      EUR     58.36
FAURECIA                 4.500    1/1/2015      EUR     31.63
INGENICO                 2.750    1/1/2017      EUR     44.73
MAUREL ET PROM           7.125   7/31/2014      EUR     20.68
MAUREL ET PROM           7.125   7/31/2015      EUR     20.19
NEXANS SA                4.000    1/1/2016      EUR     70.02
NOVASEP HLDG             9.625  12/15/2016      EUR     57.24
ORPEA                    3.875    1/1/2016      EUR     47.05
PEUGEOT SA               4.450    1/1/2016      EUR     34.03
PUBLICIS GROUPE          3.125   7/30/2014      EUR     39.08
PUBLICIS GROUPE          1.000   1/18/2018      EUR     48.86
REG NORD-PAS CAL         4.411  12/22/2023      EUR    106.15
RHODIA SA                0.500    1/1/2014      EUR     51.89
SOC AIR FRANCE           2.750    4/1/2020      EUR     20.50
SOITEC                   6.250    9/9/2014      EUR      9.84
TEM                      4.250    1/1/2015      EUR     56.33
THEOLIA                  2.700    1/1/2041      EUR     10.95

GERMANY
-------
EUROHYPO AG              3.830   9/21/2020      EUR     64.88
EUROHYPO AG              6.490   7/17/2017      EUR      6.00
EUROHYPO AG              5.560   8/18/2023      EUR     70.00
HSH NORDBANK AG          4.375   2/14/2017      EUR     68.50
L-BANK FOERDERBK         0.500   5/10/2027      CAD     50.03
LB BADEN-WUERTT          5.250  10/20/2015      EUR     28.53
LB BADEN-WUERTT          2.500   1/30/2034      EUR     67.23
LB BADEN-WUERTT          2.800   2/23/2037      JPY     73.24
Q-CELLS                  6.750  10/21/2015      EUR      2.32
QIMONDA FINANCE          6.750   3/22/2013      USD      2.38
TAG IMMO AG              6.500  12/10/2015      EUR      7.96
TUI AG                   2.750   3/24/2016      EUR     50.98

GREECE
------
ATHENS URBAN TRN         4.851   9/19/2016      EUR     56.66
ATHENS URBAN TRN         4.301   8/12/2014      EUR     69.53
ATHENS URBAN TRN         5.008   7/18/2017      EUR     52.85
HELLENIC REP I/L         2.900   7/25/2025      EUR     41.88
HELLENIC REP I/L         2.300   7/25/2030      EUR     36.35
HELLENIC REPUB           5.200   7/17/2034      EUR     45.50
HELLENIC REPUB           2.125    7/5/2013      CHF     68.86
HELLENIC REPUB           6.140   4/14/2028      EUR     48.50
HELLENIC REPUB           5.000   3/11/2019      EUR     50.50
HELLENIC REPUB           4.590    4/8/2016      EUR     61.50
HELLENIC REPUB           4.625   6/25/2013      USD     66.20
HELLENIC REPUBLI         5.300   3/20/2026      EUR     48.28
HELLENIC REPUBLI         4.500   9/20/2037      EUR     46.24
HELLENIC REPUBLI         4.600   9/20/2040      EUR     45.91
HELLENIC REPUBLI         4.113   9/30/2014      EUR     51.25
HELLENIC REPUBLI         3.985   7/25/2014      EUR     51.32
HELLENIC REPUBLI         4.500    7/1/2014      EUR     71.38
HELLENIC REPUBLI         4.500   5/20/2014      EUR     56.91
HELLENIC REPUBLI         6.500   1/11/2014      EUR     57.91
HELLENIC REPUBLI         4.000   8/20/2013      EUR     60.92
HELLENIC REPUBLI         3.700   7/20/2015      EUR     52.96
HELLENIC REPUBLI         4.427   7/31/2013      EUR     62.23
HELLENIC REPUBLI         3.900    7/3/2013      EUR     65.25
HELLENIC REPUBLI         7.500   5/20/2013      EUR     67.46
HELLENIC REPUBLI         4.600   5/20/2013      EUR     66.75
HELLENIC REPUBLI         4.506   3/31/2013      EUR     68.16
HELLENIC REPUBLI         4.100   8/20/2012      EUR     70.94
HELLENIC REPUBLI         6.100   8/20/2015      EUR     55.39
HELLENIC REPUBLI         3.702   9/30/2015      EUR     48.83
HELLENIC REPUBLI         3.700  11/10/2015      EUR     58.38
HELLENIC REPUBLI         3.600   7/20/2016      EUR     53.44
HELLENIC REPUBLI         4.020   9/13/2016      EUR     49.43
HELLENIC REPUBLI         5.250   5/18/2012      EUR     74.90
HELLENIC REPUBLI         4.300   3/20/2012      EUR     76.32
HELLENIC REPUBLI         4.225    3/1/2017      EUR     50.62
HELLENIC REPUBLI         5.900   4/20/2017      EUR     54.13
HELLENIC REPUBLI         4.300   7/20/2017      EUR     52.20
HELLENIC REPUBLI         4.590    4/3/2018      EUR     48.07
HELLENIC REPUBLI         4.600   7/20/2018      EUR     50.78
HELLENIC REPUBLI         5.014   2/27/2019      EUR     46.91
HELLENIC REPUBLI         5.959    3/4/2019      EUR     49.94
HELLENIC REPUBLI         6.000   7/19/2019      EUR     50.33
HELLENIC REPUBLI         5.500   8/20/2014      EUR     54.68
HELLENIC REPUBLI         6.500  10/22/2019      EUR     53.95
HELLENIC REPUBLI         6.250   6/19/2020      EUR     55.36
HELLENIC REPUBLI         5.900  10/22/2022      EUR     50.75
HELLENIC REPUBLI         4.700   3/20/2024      EUR     47.54
NATL BK GREECE           3.875   10/7/2016      EUR     62.36
YIOULA GLASSWORK         9.000   12/1/2015      EUR     79.13

IRELAND
-------
AIB MORTGAGE BNK         5.000   2/12/2030      EUR     41.83
AIB MORTGAGE BNK         5.000    3/1/2030      EUR     41.80
AIB MORTGAGE BNK         5.580   4/28/2028      EUR     47.26
AIB MORTGAGE BNK         4.875   6/29/2017      EUR     70.80
ALLIED IRISH BKS         5.625  11/12/2014      EUR     69.56
ALLIED IRISH BKS        10.750   6/25/2035      EUR     20.25
ALLIED IRISH BKS        12.500   6/25/2035      GBP     24.25
ALLIED IRISH BKS         4.000   3/19/2015      EUR     70.17
ALLIED IRISH BKS         2.710    4/8/2013      EUR     76.38
ANGLO IRISH BANK         4.000   4/15/2015      EUR     65.37
BANK OF IRELAND          3.780    4/1/2015      EUR     66.01
BANK OF IRELAND          5.600   9/18/2023      EUR     31.25
BANK OF IRELAND         10.000   2/12/2020      EUR     35.25
BANK OF IRELAND          2.970   3/31/2014      EUR     68.77
BANK OF IRELAND         10.000   2/12/2020      GBP     35.50
BANK OF IRELAND          3.585   4/21/2015      EUR     56.88
BANK OF IRELAND          4.473  11/30/2016      EUR     47.75
BANK OF IRELAND          4.000   1/28/2015      EUR     71.12
BK IRELAND MTGE          3.250   6/22/2015      EUR     70.75
BK IRELAND MTGE          5.760    9/7/2029      EUR     43.44
BK IRELAND MTGE          5.400   11/6/2029      EUR     41.02
BK IRELAND MTGE          5.450    3/1/2030      EUR     40.97
BK IRELAND MTGE          5.360  10/12/2029      EUR     40.83
DEPFA ACS BANK           5.125   3/16/2037      USD     71.23
DEPFA ACS BANK           5.125   3/16/2037      USD     71.23
DEPFA ACS BANK           4.900   8/24/2035      CAD     63.85
DEPFA ACS BANK           0.500    3/3/2025      CAD     37.09
EBS BLDG SOCIETY         4.000   2/25/2015      EUR     63.69
IRISH GOVT               4.000   1/15/2014      EUR     76.00
IRISH GOVT               5.400   3/13/2025      EUR     61.00
IRISH GOVT               5.000  10/18/2020      EUR     62.53
IRISH GOVT               4.500   4/18/2020      EUR     62.08
IRISH GOVT               5.900  10/18/2019      EUR     65.56
IRISH GOVT               4.500  10/18/2018      EUR     63.26
IRISH GOVT               4.600   4/18/2016      EUR     69.74
IRISH GOVT               4.400   6/18/2019      EUR     62.38
IRISH LIFE & PER         3.600   1/14/2013      USD     78.87
IRISH LIFE PERM          4.000   3/10/2015      EUR     64.34
IRISH LIFE PERM          3.125   4/22/2013      EUR     79.02
IRISH NATIONWIDE         6.250   6/26/2012      GBP     76.88

ITALY
-----
ABRUZZO REGION           4.450    3/1/2037      EUR     74.64
BANCA POP ALTO           0.900   7/14/2020      EUR     74.36
CASSA RISP FERRA         3.500    3/5/2016      EUR     74.75
CASSA RISP FERRA         4.000   11/2/2016      EUR     74.88
CASSA RISP FERRA         3.400   9/17/2017      EUR     71.13
CITY OF TURIN            5.270   6/26/2038      EUR     70.94
CO BRAONE                4.567   6/30/2037      EUR     73.46
COMUNE DI MILANO         4.019   6/29/2035      EUR     65.53
INTESA SANPAOLO          1.750   1/19/2026      EUR      3.06
REP OF ITALY             1.850   9/15/2057      EUR     63.39
REP OF ITALY             2.870   5/19/2036      JPY     68.97
REP OF ITALY             2.200   9/15/2058      EUR     70.63
REP OF ITALY             2.000   9/15/2062      EUR     64.30
SARDINIA REGION          4.022  11/28/2035      EUR     72.15
TELECOM ITALIA           5.250   3/17/2055      EUR     72.93

LUXEMBOURG
----------
ARCELORMITTAL            7.250    4/1/2014      EUR     28.73
CONTROLINVESTE           3.000   1/28/2015      EUR     75.88
ESPIRITO SANTO F         6.875  10/21/2019      EUR     58.61
LIGHTHOUSE INTL          8.000   4/30/2014      EUR     30.29
LIGHTHOUSE INTL          8.000   4/30/2014      EUR     30.91
UBI BANCA INT            8.750  10/29/2012      EUR     74.93

NETHERLANDS
-----------
ABN AMRO BANK NV         4.500  10/20/2020      NOK    102.07
ABN AMRO BANK NV         5.400   2/18/2026      NOK    112.63
APP INTL FINANCE        11.750   10/1/2005      USD      0.01
BK NED GEMEENTEN         0.500   5/25/2016      TRY     68.96
BK NED GEMEENTEN         0.500   4/27/2016      TRY     69.29
BK NED GEMEENTEN         0.500   5/12/2021      ZAR     43.51
BK NED GEMEENTEN         0.500   6/22/2016      TRY     68.36
BK NED GEMEENTEN         0.500    3/3/2021      NZD     61.93
BK NED GEMEENTEN         0.500   3/29/2021      USD     71.72
BK NED GEMEENTEN         0.500   3/29/2021      NZD     61.56
BK NED GEMEENTEN         0.500   6/22/2021      ZAR     44.50
BK NED GEMEENTEN         0.500   2/24/2025      CAD     55.83
BK NED GEMEENTEN         0.500   3/17/2016      TRY     69.87
BLT FINANCE BV           7.500   5/15/2014      USD     79.95
BLT FINANCE BV           7.500   5/15/2014      USD     70.25
BRIT INSURANCE           6.625   12/9/2030      GBP     65.02
DGS INTL FIN BV         10.000    6/1/2007      USD      0.01
EDP FINANCE BV           4.125   6/29/2020      EUR     71.44
ELEC DE CAR FIN          8.500   4/10/2018      USD     59.90
FRIESLAND BANK           4.210  12/29/2025      EUR     71.82
INDAH KIAT INTL         12.500   6/15/2006      USD      0.01
ING BANK NV              4.600  10/27/2020      NOK    102.83
ING BANK NV              2.960    7/1/2014      EUR     99.85
NATL INVESTER BK        25.983    5/7/2029      EUR     20.36
NED WATERSCHAPBK         0.500   3/11/2025      CAD     55.27
NIB CAPITAL BANK         4.510  12/16/2035      EUR     66.21
PORTUGAL TEL FIN         4.500   6/16/2025      EUR     68.31
PORTUGAL TEL FIN         5.000   11/4/2019      EUR     76.16
Q-CELLS INTERNAT         1.375   2/28/2012      EUR     74.85
Q-CELLS INTERNAT         5.750   5/26/2014      EUR     50.84
RBS NV EX-ABN NV         2.910   6/21/2036      JPY     75.01
SIDETUR FINANCE         10.000   4/20/2016      USD     69.25
TJIWI KIMIA FIN         13.250    8/1/2001      USD      0.01

NORWAY
------
EKSPORTFINANS            0.500    5/9/2030      CAD     43.11
KOMMUNALBANKEN           0.500   7/29/2016      TRY     72.29
KOMMUNALBANKEN           0.500   5/25/2016      ZAR     69.89
KOMMUNALBANKEN           0.500  12/18/2015      ZAR     72.54
KOMMUNALBANKEN           0.500    3/1/2016      ZAR     71.30
KOMMUNALBANKEN           0.500   3/24/2016      ZAR     70.89
KOMMUNALBANKEN           0.500   7/26/2016      ZAR     72.87
KOMMUNALBANKEN           0.500   1/27/2016      ZAR     71.87
KOMMUNALBANKEN           0.500   5/25/2018      ZAR     58.25
KOMMUNALBANKEN           0.500   7/29/2016      ZAR     68.42
NORSKE SKOGIND           7.000   6/26/2017      EUR     73.56
NORSKE SKOGIND           7.125  10/15/2033      USD     67.00
NORSKE SKOGIND           7.125  10/15/2033      USD     67.00

PORTUGAL
--------
BANCO BPI                1.390   11/1/2013      EUR     70.50
BANCO BPI                1.000   4/10/2014      EUR     64.74
BANCO COM PORTUG         3.750   10/8/2016      EUR     65.36
BANCO COM PORTUG         5.625   4/23/2014      EUR     70.91
BANCO COM PORTUG         4.750   6/22/2017      EUR     68.07
BANCO ESPIRITO           4.600   9/15/2016      EUR     68.46
BANCO ESPIRITO           6.160   7/23/2015      EUR     70.88
BANCO ESPIRITO           6.875   7/15/2016      EUR     68.50
BANCO ESPIRITO           3.375   2/17/2015      EUR     73.76
BANCO ESPIRITO           4.600   1/26/2017      EUR     66.61
BANCO ESPIRITO           5.625    6/5/2014      EUR     76.23
BANCO ESPIRITO           3.875   1/21/2015      EUR     71.20
CAIXA GERAL DEPO         4.250   1/27/2020      EUR     64.36
CAIXA GERAL DEPO         4.400   10/8/2019      EUR     44.78
CAIXA GERAL DEPO         4.320   4/15/2014      EUR     74.99
CAIXA GERAL DEPO         4.570   4/28/2014      EUR     75.12
CAIXA GERAL DEPO         3.511   10/7/2014      EUR     69.53
CAIXA GERAL DEPO         5.380   10/1/2038      EUR     49.83
CAIXA GERAL DEPO         4.750   2/14/2016      EUR     55.27
CAIXA GERAL DEPO         5.980    3/3/2028      EUR     66.38
CAIXA GERAL DEPO         5.050   4/26/2016      EUR     62.61
CAIXA GERAL DEPO         3.875   12/6/2016      EUR     67.75
CAIXA GERAL DEPO         4.500   1/19/2016      EUR     62.68
CAIXA GERAL DEPO         4.455   8/20/2017      EUR     74.38
COMBOIOS DE PORT         4.170  10/16/2019      EUR     55.38
COMBOIOS DE PORT         5.700    2/5/2030      EUR     62.25
METRO DE LISBOA          4.799   12/7/2027      EUR     54.62
METRO DE LISBOA          4.061   12/4/2026      EUR     50.49
METRO DE LISBOA          7.300  12/23/2025      EUR     71.67
METRO DE LISBOA          5.750    2/4/2019      EUR     65.59
MONTEPIO GERAL           5.000    2/8/2017      EUR     59.00
PARPUBLICA               4.200  11/16/2026      EUR     43.38
PARPUBLICA               4.191  10/15/2014      EUR     71.38
PARPUBLICA               3.567   9/22/2020      EUR     45.63
PARPUBLICA               3.500    7/8/2013      EUR     74.00
PORTUGAL (REP)           3.500   3/25/2015      USD     72.61
PORTUGAL (REP)           3.500   3/25/2015      USD     72.61
PORTUGUESE OT'S          3.600  10/15/2014      EUR     70.13
PORTUGUESE OT'S          3.350  10/15/2015      EUR     64.51
PORTUGUESE OT'S          6.400   2/15/2016      EUR     70.57
PORTUGUESE OT'S          4.200  10/15/2016      EUR     61.07
PORTUGUESE OT'S          4.350  10/16/2017      EUR     57.85
PORTUGUESE OT'S          4.450   6/15/2018      EUR     58.33
PORTUGUESE OT'S          4.750   6/14/2019      EUR     55.97
PORTUGUESE OT'S          4.800   6/15/2020      EUR     57.19
PORTUGUESE OT'S          3.850   4/15/2021      EUR     56.10
PORTUGUESE OT'S          4.950  10/25/2023      EUR     55.66
PORTUGUESE OT'S          4.100   4/15/2037      EUR     50.66
PORTUGUESE OT'S          4.375   6/16/2014      EUR     72.04
REFER                    5.875   2/18/2019      EUR     58.25
REFER                    4.675  10/16/2024      EUR     48.63
REFER                    4.047  11/16/2026      EUR     48.08
REFER                    4.250  12/13/2021      EUR     47.00
REFER                    4.000   3/16/2015      EUR     55.00

RUSSIA
------
APK ARKADA              17.500   5/23/2012      RUB      0.38
ARIZK                    3.000  12/20/2030      RUB     52.74
DVTG-FINANS             17.000   8/29/2013      RUB      1.00
M-INDUSTRIYA            12.250   8/16/2011      RUB     18.01
MIG-FINANS               0.100    9/6/2011      RUB      1.00
MIRAX                   17.000   9/17/2012      RUB      5.00
MOSMART FINANS           0.010   4/12/2012      RUB      1.81
NOK                     10.000   9/22/2011      RUB     30.00
NOK                     12.500   8/26/2014      RUB      5.00
PROMPEREOSNASTKA         1.000  12/17/2012      RUB      0.01
PROTON-FINANCE           9.000   6/12/2012      RUB     65.00
SAHO                    10.000   5/21/2012      RUB      5.00
SATURN                   8.500    6/6/2014      RUB      1.00
SEVENTH CONTINE          8.750   6/14/2012      RUB      1.00
SEVKABEL-FINANS         10.500   3/27/2012      RUB      3.40
TERNA-FINANS             1.000   11/4/2011      RUB      0.01

SPAIN
-----
AYT CEDULAS CAJA         4.000   3/24/2021      EUR     74.49
AYT CEDULAS CAJA         4.250  10/25/2023      EUR     70.25
AYT CEDULAS CAJA         4.750   5/25/2027      EUR     68.64
AYT CEDULAS CAJA         3.750  12/14/2022      EUR     67.59
AYT CEDULAS CAJA         3.750   6/30/2025      EUR     62.24
AYUNTAM DE MADRD         4.550   6/16/2036      EUR     72.09
BANCAJA                  1.500   5/22/2018      EUR     64.15
BANCO PASTOR             4.550   7/31/2020      EUR     70.84
CAJA CASTIL-MAN          1.500   6/23/2021      EUR     60.53
CAJA MADRID              5.020   2/26/2038      EUR     71.01
CAJA MADRID              4.000    2/3/2025      EUR     70.95
CAJA MADRID              4.125   3/24/2036      EUR     63.29
CEDULAS TDA 6 FO         3.875   5/23/2025      EUR     63.56
CEDULAS TDA 6 FO         4.250   4/10/2031      EUR     58.10
CEDULAS TDA A-4          4.125   4/10/2021      EUR     75.72
CEDULAS TDA A-5          4.250   3/28/2027      EUR     62.77
COMUN AUTO CANAR         4.200  10/25/2036      EUR     59.70
COMUN AUTO CANAR         3.900  11/30/2035      EUR     56.82
COMUNIDAD ARAGON         4.646   7/11/2036      EUR     70.86
COMUNIDAD BALEAR         4.063  11/23/2035      EUR     57.57
COMUNIDAD MADRID         4.300   9/15/2026      EUR     69.87
GEN DE CATALUNYA         4.220   4/26/2035      EUR     58.82
GEN DE CATALUNYA         5.219   9/10/2029      EUR     73.64
GEN DE CATALUNYA         4.690  10/28/2034      EUR     63.93
GENERAL DE ALQUI         2.750   8/20/2012      EUR     77.77
IM CEDULAS 5             3.500   6/15/2020      EUR     72.27
IM CEDULAS 7             4.000   3/31/2021      EUR     74.31
INSTIT CRDT OFCL         3.250   6/28/2024      CHF     74.90
INSTIT CRDT OFCL         2.570  10/22/2021      CHF     74.11
INSTITUT CATALA          4.250   6/15/2024      EUR     69.39
JUNTA ANDALUCIA          4.250  10/31/2036      EUR     65.09
JUNTA LA MANCHA          4.625  11/30/2022      EUR     73.93
JUNTA LA MANCHA          3.875   1/31/2036      EUR     59.84
JUNTA LA MANCHA          5.950    9/9/2030      EUR     73.14
SPANISH GOV'T            4.200   1/31/2037      EUR     76.73
XUNTA DE GALICIA         4.025  11/28/2035      EUR     66.24

SWEDEN
------
SWEDISH EXP CRED         8.000  10/21/2011      USD      9.70
SWEDISH EXP CRED         0.500   1/25/2028      USD     50.86
SWEDISH EXP CRED         0.500  12/17/2027      USD     51.37
SWEDISH EXP CRED         0.500    3/5/2018      AUD     71.64
SWEDISH EXP CRED         0.500   6/29/2016      TRY     65.80
SWEDISH EXP CRED         0.500   6/14/2016      ZAR     67.80
SWEDISH EXP CRED         8.000   11/4/2011      USD      6.96
SWEDISH EXP CRED         2.000   12/7/2011      USD     10.41
SWEDISH EXP CRED         0.500    3/3/2016      ZAR     69.63
SWEDISH EXP CRED         0.500  12/21/2015      ZAR     71.00
SWEDISH EXP CRED         7.500   6/12/2012      USD      9.93
SWEDISH EXP CRED         9.250   4/27/2012      USD      9.57
SWEDISH EXP CRED         9.750   3/23/2012      USD      9.32
SWEDISH EXP CRED         7.000    3/9/2012      USD      9.91
SWEDISH EXP CRED         7.000    3/9/2012      USD     10.75
SWEDISH EXP CRED         7.500   2/28/2012      USD      8.77
SWEDISH EXP CRED         8.000   1/27/2012      USD      8.87
SWEDISH EXP CRED         6.500   1/27/2012      USD      9.03
SWEDISH EXP CRED         2.130   1/10/2012      USD     10.22
SWEDISH EXP CRED         9.000   8/12/2011      USD     10.38
SWEDISH EXP CRED         9.000   7/28/2011      USD     10.20

SWITZERLAND
-----------
CYTOS BIOTECH            2.875   2/20/2012      CHF     74.16
UBS AG                  10.290   3/26/2012      EUR     70.92
UBS AG                  11.010   3/26/2012      EUR     75.32
UBS AG                  12.660   3/26/2012      EUR     70.52
UBS AG                  15.210   3/26/2012      EUR     60.06
UBS AG                  17.220   3/26/2012      EUR     57.42
UBS AG                  14.000   5/23/2012      USD      8.03
UBS AG                  13.300   5/23/2012      USD      4.00
UBS AG                  13.280  12/27/2011      EUR     70.18
UBS AG                   9.310  12/27/2011      EUR     76.38
UBS AG                  16.500  12/16/2011      EUR     62.00
UBS AG                  23.590  11/10/2011      EUR     76.22
UBS AG                  24.980   9/26/2011      EUR     53.06
UBS AG                  16.550   9/26/2011      EUR     63.86
UBS AG                  15.600   9/26/2011      EUR     65.55
UBS AG                  14.300   9/26/2011      EUR     61.42
UBS AG                  11.110   9/26/2011      EUR     75.87
UBS AG                  10.730   9/26/2011      EUR     73.70
UBS AG                  10.530   1/23/2012      USD     40.62
UBS AG                  10.070   3/23/2012      USD     35.34
UBS AG                   9.250   3/20/2012      USD     13.83
UBS AG JERSEY            3.220   7/31/2012      EUR     49.00
UBS AG JERSEY           10.360   8/19/2011      USD     51.48
UBS AG JERSEY           11.150   8/31/2011      USD     38.37
UBS AG JERSEY           10.140  12/30/2011      USD     15.04
UBS AG JERSEY            9.450   9/21/2011      USD     49.91

UKRAINE
-------
LVIV CITY                9.950  12/19/2012      UAH     95.37

UNITED KINGDOM
--------------
ABBEY NATL TREAS         5.000   8/26/2030      USD     69.62
ALPHA CREDIT GRP         6.000   6/20/2014      EUR     73.38
ALPHA CREDIT GRP         4.500   6/21/2013      EUR     74.63
BANK NADRA               8.000   6/22/2017      USD     77.17
BANK OF SCOTLAND         5.772    2/7/2035      EUR     71.27
BARCLAYS BK PLC          9.500   8/31/2012      USD     29.73
BARCLAYS BK PLC          7.500   9/22/2011      USD     17.10
BARCLAYS BK PLC          8.750   9/22/2011      USD     72.48
BARCLAYS BK PLC          8.550   1/23/2012      USD     11.36
BARCLAYS BK PLC         10.350   1/23/2012      USD     26.78
BARCLAYS BK PLC          9.250   1/31/2012      USD      9.42
BARCLAYS BK PLC         10.650   1/31/2012      USD     42.96
BARCLAYS BK PLC          8.950   4/20/2012      USD     16.29
BARCLAYS BK PLC         12.950   4/20/2012      USD     23.75
BARCLAYS BK PLC         10.000   7/20/2012      USD     10.00
BARCLAYS BK PLC          9.400   7/31/2012      USD     11.33
BARCLAYS BK PLC         10.800   7/31/2012      USD     27.06
BARCLAYS BK PLC          5.000    6/3/2041      USD     71.63
CO-OPERATIVE BNK         5.875   3/28/2033      GBP     69.32
EFG HELLAS PLC           4.375   2/11/2013      EUR     71.26
EFG HELLAS PLC           5.400   11/2/2047      EUR     20.13
EFG HELLAS PLC           6.010    1/9/2036      EUR     32.00
EMPORIKI GRP FIN         4.000   2/28/2013      EUR     67.38
EMPORIKI GRP FIN         4.000   2/28/2013      EUR     67.38
ENTERPRISE INNS          6.375   9/26/2031      GBP     71.78
ESPRIT TELECOM          10.875   6/15/2008      USD      0.01
F&C ASSET MNGMT          6.750  12/20/2026      GBP     71.95
HBOS PLC                 6.000   11/1/2033      USD     72.12
HBOS PLC                 4.500   3/18/2030      EUR     72.00
HBOS PLC                 6.000   11/1/2033      USD     72.12
HEALTHCARE SUPP          2.067   2/19/2043      GBP     71.78
NEW HOSPITALS ST         1.777   2/26/2047      GBP     58.10
NOMURA BANK INTL         0.800  12/21/2020      EUR     65.48
NORTHERN ROCK            5.750   2/28/2017      GBP     72.81
OTE PLC                  4.625   5/20/2016      EUR     75.67
PIRAEUS GRP FIN          4.000   9/17/2012      EUR     69.76
PUNCH TAVERNS            8.374   7/15/2029      GBP     63.81
ROYAL BK SCOTLND         4.692    6/9/2025      EUR     70.72
ROYAL BK SCOTLND         5.168   6/29/2030      EUR     63.16
UNIQUE PUB FIN           6.464   3/30/2032      GBP     62.65
UNIQUE PUB FIN           7.395   3/28/2024      GBP     74.89
UNIQUE PUB FIN           5.659   6/30/2027      GBP     73.87
WESSEX WATER FIN         1.369   7/31/2057      GBP     30.88


                            *********

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.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

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., Frederick, Maryland USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Psyche A. Castillon, Julie Anne G. Lopez,
Ivy B. Magdadaro, Frauline S. Abangan and Peter A. Chapman,
Editors.

Copyright 2011.  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$625 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 Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *