TCREUR_Public/110822.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, August 22, 2011, Vol. 12, No. 165

                            Headlines



A U S T R I A

A-TEC INDUSTRIES: Sale Delayed; Board Has Yet to Recommend Bid


B U L G A R I A

MLECHEN PUT: Files for Insolvency


F R A N C E

WINDTECHNICS: Put Under Legal Receivership


G E R M A N Y

MORALT TISCHLERPLATTEN: Business as Usual Despite Insolvency


I R E L A N D

ANGLO IRISH: Seeks to Liquidate 20 Dormant Subsidiary Companies
IRISH POST: Goes Into Liquidation
TABERNA EUROPE: S&P Cuts Ratings on Five Note Classes to 'CC'


K A Z A K H S T A N

KAZEXPORTASTYK HOLDING: Fitch Assigns 'B' Long-Term Currency IDRs
KAZEXPORTASTYK HOLDING: Fitch Rates KZT40 Billion Bond at 'B(exp)'


L U X E M B O U R G

OSTREGION INVESTMENTGESELLSCHAFT: Moody's Cuts Debt Ratings to Ba2


P O R T U G A L

BPN-BANCO PORTUGUES: Moody's Comments on Potential Sale


T U R K E Y

ERDEMIR: Moody's Changes Outlook on 'B2' CFR to Positive


U N I T E D   K I N G D O M

DEGI GLOBAL: Faces Liquidation; Asset Disposal Under Way
ETHEL AUSTIN: Ashloch Company Buys 62 Stores, Saves 470 Jobs
IGLOO FOODS: S&P Affirms 'B+' Rating on GBP375MM Senior Term Loan
JOWOOD ENTERTAINMENT: Nordic Buys JoWooD and The Adventure Brands
LAW FOR ALL: Goes Into Administration as Government Cuts Legal Aid

RENEWAL CARPET: Goes Into Administration, Cuts 90 Jobs
ROTEL: Goes Into Administration, To Close Care Homes
SPRINGBARN DEVELOPMENTS: In Liquidation; Court Case Adjourned


X X X X X X X X

* EUROPE: Banks Too Weak to Withstand Debt Crisis, WSJ Says
* BOND PRICING: For the Week August 15 to August 19, 2011


                            *********


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A U S T R I A
=============


A-TEC INDUSTRIES: Sale Delayed; Board Has Yet to Recommend Bid
--------------------------------------------------------------
According to Bloomberg News' Zoe Schneeweiss, Format magazine,
citing A-Tec Chief Executive Officer Mirko Kovats, reported that
the sale of insolvent A-Tec Industries AG has been delayed after
the company's supervisory board didn't make a recommendation for
any of the bids.

Bloomberg relates that the Vienna-based magazine said the
supervisory board has hired business professor Leo Chini and
former justice minister Dieter Boehmdorfer to evaluate the danger
of potential damage claims.  Format said Mr. Chini's evaluation is
due to be discussed on Aug. 24, Bloomberg notes.

Bidders for A-Tec include hedge fund Springwater Capital, private-
equity company Penta Investments Ltd. and Pakistani billionair
Alshair Fiyaz, according to Bloomberg.

On Oct. 22, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that A-Tec sought court clearance to
reorganize debt after losing access to its line of credit because
of an Australian power-station project's financial difficulties.
A-Tec said in an Oct. 20 statement that it had filed for self-
administered reorganization proceedings at the Vienna Commercial
Court and appointed trustees for bondholders, Bloomberg
disclosed.  The company has a EUR798 million (US$1.11 billion)
revolving credit facility and EUR302 million in outstanding
bonds, according to Bloomberg data.

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.


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


MLECHEN PUT: Files for Insolvency
---------------------------------
Dnevnik.bg reports that Mlechen Put, indirectly owned by Holding
Nov Vek, has filed for insolvency, Trade Registry data shows.

Mlechen Put, Dnevnik.bg says, attributed the move to its inability
to sell its production at competitive prices because of the
financial crisis.  According to Dnevnik.bg, Mlechen added that its
development strategy has proved to be "hard to implement."

The company has proposed to name Matei Mateev a temporary receiver
for the company, Dnevnik.bg discloses.

Mlechen Put has accumulated significant debts to the state as well
as to related parties and suppliers, Dnevnik.bg relates.

Mlechen Put is a Bulgarian dairy company.


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F R A N C E
===========


WINDTECHNICS: Put Under Legal Receivership
------------------------------------------
SeeNews reports that Windtechnics has been placed under legal
receivership.

According to SeeNews, the company, which has a staff of 73, has to
find an investor by the end of October if it does not want to face
liquidation.

Windtechnics was placed under receivership due to the financial
problems of its major customer, Spanish group Gamesa Eolica,
SeeNews discloses.  SeeNews relates that the company said the
Gamesa, which faces financial difficulties, has become more
demanding towards its suppliers without giving anything in return.

Gamesa, SeeNews says, owes nearly EUR3 million (US$4.2 million) to
Windtechnics, according to estimates of the French group.

The services provided by the French firm for Gamesa account for
75% of the overall revenue of Windtechnics, SeeNews notes.

France-based Windtechnics specializes in the maintenance and
operation of wind turbines.


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G E R M A N Y
=============


MORALT TISCHLERPLATTEN: Business as Usual Despite Insolvency
------------------------------------------------------------
ttjonline reports that German door blank and panel product
manufacturer Moralt Tischlerplatten said business continues as
normal despite filing for insolvency.

According to ttjonline, the company said it had suffered setbacks
of high timber prices, competition from a lower-cost Romanian
producer and liquidity issues due to Moralt's bank BNP Paribas
Fortis withdrawing credit lines.

But order in-take and turnover are up around 20% in the first
seven months of 2011, compared to a year ago, while prices have
been successfully increased and it is expected that the result in
the second half of the year will be positive, ttjonline says.

"Moralt's day-to-day business remains unaffected, and all business
procedures remain unchanged," Moralt said in a statement.
"Furthermore we do not foresee a necessity for implementing a
factory closure."

ttjonline relates that Moralt said the management will continue to
run the company unhindered with the support of a temporary
insolvency practitioner.

"The basis for the continuation of the business is an already
written redevelopment report, which shows a positive prognosis.
Each and every Moralt employee has pledged their full support to
the company through continued hard work and absolute commitment."

                            About Moralt

Moralt Tischlerplatten GmbH & Co. KG manufactures lightweight and
stable sheet materials with solid timber cores. The company's
products include blockboards, laminboards, surfaces, substrates,
and door systems.  The company was founded in 1900 and is
headquartered in Bad Tolz, Germany.


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I R E L A N D
=============


ANGLO IRISH: Seeks to Liquidate 20 Dormant Subsidiary Companies
---------------------------------------------------------------
Laura Noonan at Irish Independent reports that Anglo Irish Bank
has advertised for a liquidator to formally wind up at least 20
dormant companies.  The bank is also seeking "removal service
providers" to help the bank complete its restructuring.

Irish Independent relates that both tenders were published last
week and came as Anglo Irish Bank and Irish Nationwide executed
their recent merger into Irish Bank Resolution Corporation (IRBC).

According to the report, the liquidation tender said the bank
wanted to hire one or more liquidators to initially assist with
the liquidation of 20 dormant subsidiary companies that have no
assets.

A separate tender showed Anglo also wanted to set up a panel of
"approved removal services providers" to carry out a variety of
tasks including "staff move, relocations, office and meeting room
reshuffles and disassembling office furniture," Irish Independent
notes.

Both tenders have given interested providers until August 26, or
next Friday, to apply for the contracts, Irish Independent says.

                          Bailout Plan

As reported by the Troubled Company Reporter-Europe on July 1,
2011, BreakingNews.ie related that The European Commission cleared
a bailout plan for Anglo Irish Bank and the Irish Nationwide
Building Society.  BreakingNews.ie disclosed that the proposal,
which was submitted for approval in January, provides for the
merger of the two troubled institutions and their winding down
over the next 10 years.  Anglo Irish and Irish Nationwide jointly
received EUR34.7 billion in capital injections from the State to
cover losses on property loans, BreakingNews.ie noted.

Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking.  The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions.  The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions.  In addition, at Sept. 30,
2008, its non-retail deposits included deposits from Irish
Life Assurance plc.  The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.


IRISH POST: Goes Into Liquidation
---------------------------------
Charlie Taylor at The Irish Times reports that the biggest selling
Irish community newspaper in Britain, the Irish Post, has gone
into liquidation.

Berkshire-based FPM Accountants has been appointed liquidator to
the newspaper by owner Thomas Crosbie Holdings (TCH) and the final
edition was published early last week, The Irish Times relates.

According to The Irish Times, the newspaper was acquired by TCH,
publisher of The Examiner and The Sunday Business Post, in 2003
for GBP1.7 million from Jefferson Smurfit.

The Irish Times relates that Dan Linehan, chief executive of
regional newspapers at TCH, said the decision to close the
newspaper was taken as a result of the severe economic downturn
and significantly reduced advertising revenues.

"I would like to pay tribute to the hard work and commitment of
the staff at the Irish Post.  They have been part of our Group for
8 years and they have tried very hard to make the newspaper work.
Regrettably, persistent trading losses and the current economic
climate have made the title unsustainable," The Irish Times quotes
Mr. Linehan as saying.

Cork-based TCH reported operating losses of EUR2.95 million for
2009 last November, and said it expected to be loss-making in
fiscal 2010, The Irish Times relays.

Established in 1970 by Clare-born journalist Breandan Mac Lua and
accountant Tony Beatty, the Irish Post employs 10 full-time
employees.


TABERNA EUROPE: S&P Cuts Ratings on Five Note Classes to 'CC'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Taberna Europe CDO I PLC and Taberna Europe CDO II PLC's class A,
B, C, D, and E notes, and removed from CreditWatch negative its
ratings on the class A to C notes in both transactions.

"The rating actions reflect our assessment of the transactions'
performance and the application of our criteria on collateralized
debt obligations (CDOs)," S&P said.

"In terms of performance, we believe that, based on the
information in the trustee reports, there has been a decline in
the portfolios' credit quality, and an increase in defaulted
assets in both transactions," S&P related.

"Using the ratings on the underlying assets that we consider to be
appropriate in our analysis, we note that approximately 31% of the
portfolio backing Taberna Europe CDO I consists of investment-
grade ratings. We consider the remainder to be speculative-grade,
with 17.38% treated as defaulted in our analysis," S&P said.

"We also note that Taberna Europe CDO II's portfolio comprises
30.87% investment-grade ratings, with 13.22% treated as defaulted
in our analysis," S&P said.

Some or all of each transaction's overcollateralization tests are
not currently being met and, as a result, no reinvestment is
taking place. Therefore, on each payment date, after the payment
of interest to the nondeferrable tranches, the issuers are using
the remaining funds to pay down principal on the most senior class
in the transactions.

Across all classes in both transactions, the credit enhancement
levels are lower than at closing. For the most senior class, the
decline has not been as severe as for the junior tranches, largely
due to reduction of principal through repayment. The credit
enhancement for some of the most junior notes has been reduced to
zero, meaning that there are not enough performing assets
to repay the lowest-rated notes. In both transactions, the
tranches below class B continue to defer interest payments.

"Our credit and cash flow analyses, based on our criteria
applicable to these transactions (see 'Update To Global
Methodologies And Assumptions For Corporate Cash Flow And
Synthetic CDOs,' published on Sept. 17, 2009) show that, along
with the decline in performance, the scenario default rates have
increased, and the break-even default rates have fallen. In our
opinion, the portfolios' current credit enhancement and credit
quality are not sufficient to maintain the existing ratings.
Therefore, we have lowered the ratings to levels that we believe
are commensurate with the credit enhancement," S&P said.

"In the case of the class A-2 notes in Taberna Europe CDO II, the
ratings are constrained by the application of the largest obligor
default test, a supplemental stress test we introduced in our 2009
criteria update for corporate CDOs," S&P related.

"The rating levels suggested by our performance review are lower
than the swap counterparties that provide interest rate and
currency swaps. Therefore, our 2010 counterparty criteria do not
have an impact on the ratings (see 'Counterparty and Supporting
Obligations Methodology and Assumptions,' published on Dec. 6,
2010)," S&P said.

Both Taberna transactions are managed by Fortress Investment
Group, and the Taberna portfolios consist of corporate loans and
bonds, including hybrid securities and several dated and undated
callable obligations. The Taberna portfolios also have limited
exposure to commercial mortgage-backed securities (CMBS) and
financial institutions.

Ratings List

Class            Rating
            To            From

TABERNA EUROPE CDO I PLC
EUR600 Million Floating-Rate Notes

Ratings Lowered and Removed From CreditWatch Negative

A1          BBB+ (sf)     AAA (sf)/Watch Neg
A2          CCC (sf)      BBB (sf)/Watch Neg
B           CCC- (sf)     B (sf)/Watch Neg
C           CC (sf)       CCC+ (sf)/Watch Neg

Ratings Lowered

D           CC (sf)       CCC- (sf)
E           CC (sf)       CCC- (sf)

TABERNA EUROPE CDO II PLC
EUR899.1 Million Senior Deferrable Floating-Rate Notes

Ratings Lowered and Removed From CreditWatch Negative

A-1         BBB (sf)      AAA (sf)/Watch Neg
A-2         B- (sf)       A (sf)/Watch Neg
B           CCC- (sf)     BBB- (sf)/Watch Neg
C-1         CCC- (sf)     B+ (sf)/Watch Neg
C-2         CCC- (sf)     B- (sf)/Watch Neg

Ratings Lowered

D           CC (sf)       CCC- (sf)
E           CC (sf)       CCC- (sf)


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


KAZEXPORTASTYK HOLDING: Fitch Assigns 'B' Long-Term Currency IDRs
-----------------------------------------------------------------
Fitch Ratings has assigned Kazakhstan-based grain and oilseed
producer JSC Holding KazExportAstyk Long-term foreign and local
currency Issuer Default Ratings (IDRs) of 'B' and a National Long-
term rating of 'BB(kaz)'.  The agency has simultaneously placed
the ratings on Rating Watch Negative (RWN) reflecting the
company's need to procure longer-dated debt, which a successful
issue of a proposed bond is expected to address.

The resolution of the RWN is dependent on a successful bond
offering which would alleviate any liquidity concerns. The agency
expects to remove the RWN and assign a Stable Outlook upon
evidence of the company's receipt of minimum expected proceeds of
KZT20bn.

The IDRs reflect KEA's moderate to high business risk due to the
cyclicality and seasonality of the agricultural commodities
sector, its reliance on one geographical area and lack of any
large scale vertical integration or diversification beyond crop
rotation and ancillary agricultural services.  However, this is
mitigated by the prospects of long-term growth for the
agricultural sector in Kazakhstan and KEA's high crop yields
relative to average levels in Kazakhstan.

The rating is underpinned by KEA's manageable market price
exposure derived from its contractual relationship with the
group's partner agrofirms and its own trading strategies, as well
as adequate storage capacity in relation to market price exposure
from its own crop production.

The group's financial risk is currently considered weak for the
rating. Fitch remains concerned about KEA's high level of short-
term funding and near-term maturities.  However, the agency
understands that the company will attempt to term out these debt
maturities with longer-dated debt instruments by the end of 2011,
including a planned KZT40 billion local currency unsecured bond
that is expected to be issued in the coming weeks.  A successful
debt refinancing will strengthen the group's financial
flexibility, particularly when combined with other short-term
liquidity measures, including its ability to liquidate
inventories, and


KAZEXPORTASTYK HOLDING: Fitch Rates KZT40 Billion Bond at 'B(exp)'
------------------------------------------------------------------
Fitch Ratings has assigned JSC Holding KazExportAstyk's
prospective KZT40 billion five-year unsecured bond an expected
local currency unsecured rating of 'B(exp)' and a Recovery Rating
of 'RR4'.  Fitch also assigned the bond a local currency unsecured
National rating of 'BB (exp)(kaz)'.  All ratings are on Rating
Watch Negative (RWN).

The resolution of the RWN on the planned bond, which could be an
adverse multi-notch rating action, is dependent on addressing
near-term refinancing issues while permanently reducing the amount
of secured debt facilities to a maximum of US$225 million (or
equivalent in other currencies) including undrawn revolving credit
facilities (RCF).  KazExportAstyk's available secured credit lines
currently amount to US$500 million.  The reduction is expected to
be achieved through the permanent cancellation of secured RCFs and
the application of proceeds from a combination of the proposed
bond, bilateral facility re-financings and a potential equity
investment.

As of June 30, 2011, KazExportAstyk had US$479 million (or
equivalent in other currencies) in total drawn consolidated debt.
Around 40% of this was debt due within 12 months.  While Fitch
remains concerned over KazExportAstyk's high level of short-term
funding maturities, the proposed bond should help to adequately
term out KazExportAstyk's debt profile, mitigating any profit
volatility inherent to the agriculture business.  Fitch expects
the company to maintain RCFs of circa US$100 million for peak
working capital funding throughout the year.

The bond issue is an unsecured and unguaranteed obligation.
Currently around 60%-70% of revenues, EBITDA and assets are
received or held at the holding company level.  The bonds are
subordinated to all secured debt at the holding company level and
all remaining secured or unsecured debt at the operating company
level.  However, Fitch expects that, post refinancing, nearly all
debt will be at the holding company level with substantially
reduced levels of secured financing.

In the agency's opinion, the bond documentation provides little
protection for unsecured bondholders due to the lack of robust
covenants, including restrictions to incur additional
indebtedness.  In addition, the absence of any cross-default
provisions, mandatory prepayment clauses or dividend restrictions
further weakens unsecured creditors' positions.  Fitch notes the
inclusion of a "force-majeure" clause which, if triggered,
stipulates that obligations under the loan documentation may be
postponed due to circumstances that could not be foreseen or
prevented.  This could further weaken any potential enforcement on
behalf of unsecured creditors, as the ability to declare a default
could prove limited.

Despite the weak terms of the planned bond offering, the
liquidation value approach using conservative assumptions under
Fitch's Recovery Rating methodology yields a higher recovery than
a going concern valuation.  This is partially due to the high
level of inventories and realizable prepayment/receivables.  The
agency caps the recovery rating for Kazakhstan corporates at
'RR4', reflecting average recoveries in the event of default
(between 31% and 50%).


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L U X E M B O U R G
===================


OSTREGION INVESTMENTGESELLSCHAFT: Moody's Cuts Debt Ratings to Ba2
------------------------------------------------------------------
Moody's Investors Service has downgraded to Ba2 from Baa3 the
ratings of the following debt obligations of Ostregion
Investmentgesellschaft Nr. 1 S.A. and placed these ratings on
review for possible downgrade.

  -- EUR425 million floating rate guaranteed senior secured bonds;
     and

  -- EUR350 million floating rate guaranteed senior secured bank
     loan provided by the European Investment Bank

The "EIB Loan", and together with the Bonds, are collectively
referred to the "Senior Debt."

Ratings Rationale

"The rating action was prompted by the adoption by ProjectCo of
updated traffic projections prepared by the independent traffic
consultant which forecast 20% lower traffic volume relative to
initial expectations," explains Johan Verhaeghe, a Vice President
- Senior Credit Officer in Moody's Infrastructure Finance Group.

Moody's understands that because of a material reduction in
projected traffic volumes, the Issuer is now unlikely to be able
to meet in full its scheduled payments of mezzanine debt principal
and interest. As a consequence, the Issuer may be declared
insolvent under Austrian law if it is deemed to be in permanent
negative equity based on its audited financial statements prepared
at year end. If the Issuer is declared insolvent, this would
trigger a default of the Senior Debt. Moody's further understands
that such a default may be avoided through a deeper subordination
of mezzanine debt under Austrian law. While a default would not be
in the interests of the Issuer nor any of its senior or junior
financial creditors, the satisfactory resolution of insolvency
risk is subject to on-going negotiation between the relevant
parties.

The Issuer is a financing conduit that issued the Bonds and
entered into the EIB Loan, and on-lent the proceeds to Bonaventura
Strassenerrichtungs-GmbH, which has entered into a 32-year and
eight months Concession Agreement with the Autobahnen- und
Schnellstrassen-Finanzierungs AG to plan, develop, construct and
operate the concession-route comprising four motorway sections
with a total length of 51.5 km in the North of Vienna, Austria.
Construction was completed in January 2010.

The Bonds and the EIB Loan benefit from financial guarantees of
scheduled principal and interest under insurance policies issued
by Ambac Assurance UK Ltd. However, as Ambac UK is no longer rated
by Moody's, Moody's ratings ignore the benefit of these financial
guarantees.

The Ba2 ratings of the Bonds and the EIB Loan reflect: (i) the
strong credit rating of Asfinag which undertakes to compensate the
Project for a shortfall in traffic volume if the ADSCR falls below
a minimum level of 1.05x by an amount that would enable ProjectCo
to maintain this minimum ADSCR level; (ii) the straightforward
nature of operation and maintenance and low lifecycle
requirements; (iii) the significant protection afforded to senior
creditors by the terms and conditions within the Concession
Agreement; (iv) significant leverage, with low debt service
coverage ratios of slightly above 1.05x; (v) a relatively high
expected recovery assumption following early termination of the
Concession Agreement; (vi) the Project's exposure to traffic risk
which is partially mitigated by Asfinag's top-up payment; and
(vii) the uncertainty with respect to the upcoming negotiation
process.

As noted above, Moody's has placed the ratings of the Bonds and
the EIB Loan on review for possible downgrade. In concluding
Moody's review, Moody's will consider updated information to be
provided by ProjectCo, including a review of the updated traffic
forecast, updated legal analysis of insolvency risk, an updated
financial model, and the progress made by the relevant parties
toward the satisfactory resolution of insolvency risk.

If insolvency risk arising from the mezzanine debt is resolved in
a timely and satisfactory manner, Moody's will likely stabilize
the rating outlook. However if the relevant parties are unable to
make progress in negotiating a timely and satisfactory solution,
Moody's may downgrade the Senior Debt further.

The principal methodology used in this rating was Operating Risk
in Privately-Financed Public Infrastructure (PFI/PPP/P3) Projects
published in December 2007. Please see the Credit Policy page on
www.moodys.com for a copy of this methodology.

ProjectCo is owned Alpine Mayreder Bau GmbH, Hochtief PPP
Solutions GmbH and Egis Projects S.A. (11.2%). The Issuer is an
orphan company, whose shares are owned by a Dutch charitable trust
(Stichting).


===============
P O R T U G A L
===============


BPN-BANCO PORTUGUES: Moody's Comments on Potential Sale
-------------------------------------------------------
Moody's Investors Service has commented on Portugal's Ministry of
Finance announcement that the government has entered into
exclusive negotiations with the Portuguese subsidiary of Angola's
Banco BIC (Unrated) about the possible acquisition of a 100% stake
in Banco Portugues de Negocios (BPN, rated B1 with a developing
outlook and a standalone Bank Financial Strength Rating of E
mapping to a Caa1 on the long-term rating scale, also with a
developing outlook). The discussions announced on Sunday 31st of
July exclude some assets that the government is incorporating into
three special purpose vehicles Parvalorem, S.A., Parups, S.A. and
Parparticipadas, S.A. (no further details available at this
stage). Banco BIC has offered to pay EUR40 million and to retain a
minimum of 750 employees from BPN's current total headcount of
1,580. In addition, the government has announced an increase in
capital by EUR550 million prior to the share transfer once the
deal is closed. The sale of BPN is included in Portugal's bailout
program agreed with the International Monetary Fund and the
European Union.

Moody's is following closely the negotiations described above and
notes that any future change in BPN's ratings will depend on the
final result of the process. Although the government's commitment
to sell the bank and provide additional capital should enable BPN
to continue operating, Moody's needs to incorporate BPN's new
financial profile to finalise its rating. While the capital
increase is likely to have a positive effect in BPN's Bank
Financial Strength Ratings (as the bank would have positive
shareholders equity), the probability of receiving systemic
support if needed would decline as the bank will no longer be
owned by the government. Therefore, Moody's ratings on BPN remain
unchanged until further information is provided.


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T U R K E Y
===========


ERDEMIR: Moody's Changes Outlook on 'B2' CFR to Positive
--------------------------------------------------------
Moody's Investors Service has changed the outlook on the B2
corporate family rating and the Baa3.tr national scale rating of
Turkish steel producer Erdemir to positive from stable.

Ratings Rationale

The outlook change was prompted by ongoing improvements in
Erdemir's operating performance and credit metrics in the first
half 2011 benefiting from strong industrial activities in Turkey
and increasing steel prices. Erdemir's adjusted EBIT margin in H1
2011 improved to 20.1% as compared to 18.2% in 2010 and 0.6% in
2009. Debt/EBITDA improved to 2.8x per end of June 2011 on a last
twelve months basis against a debt/EBITDA of 4.0x for full year
2010. This improvement was also helped by cash on balance that has
been applied to debt reduction in the first half 2011. Therefore,
Moody's expects that Erdemir's full year profitability and
leverage will be in line with the levels required for an upgrade
of the rating to B1, evidenced for instance by debt/EBITDA below
3.5x.

However, Moody's believes that the next couple of months might be
more challenging for Erdemir as increasing margin pressure from
rising raw material costs and a potential slow down in the strong
economic growth in its domestic market could reduce the positive
momentum observed in the last few quarters. In addition, free cash
flow generation is expected to be limited as the company resumed
dividend payments this year.

Moody's would consider an upgrade of Erdemir's rating if the
company can maintain debt/EBITDA of below 3.5x on a sustainable
basis and consistently generate positive free cash flows even in a
less benign volume and steel price environment. In addition,
Moody's expects the company will make further progress in reducing
its reliance on uncommitted bilateral credit lines.

The rating would come under pressure if Erdemir failed to maintain
debt/EBITDA below 4.0x or to generate positive free cash flows
which would be applied to debt reduction.

Erdemir's short-term liquidity remains relatively weak but
benefits currently from a high cash position of TRY1,425 million
at June 30, 2011. Liquidity sources consist of expected cash flow
over the next twelve months and the existing cash balance. These
sources would not be fully sufficient to cover debt maturities
(around TRY1.2 billion), working capital movements and capital
expenditures over the next twelve months assuming that Erdemir
pays out a sizeable dividend in 2012 and that trading conditions
moderate somewhat. Although Erdemir paid out dividends in the
current year of TRY435 million, the group has historically
maintained a disciplined approach on organic growth and
demonstrated flexibility to adjust dividend payments and capital
expenditures during the downturn. Moody's would expect Erdemir to
continue applying discretion on dividend decisions and investment
projects in the future in order to ensure a satisfactory liquidity
position. In addition, Moody's takes into account Erdemir's
closely knit relationship with local banks, which combined with
Oyak's consistent financial policy could offset any liquidity
pressure that may occur in the future.

The B2 rating continues to benefit from Erdemir's strong market
position in Turkey with 2010 market shares of around 36% in the
Turkish flat steel market, 13% in the long steel market as well as
its solid footprint in the production of Tin Plate with 57% market
share.

Weighing negatively on Erdemir's rating is its relatively high
dependency on iron ore and coking coal supply from third parties
which could lead to a squeeze in margins if continued increases in
raw materials cannot be passed on. Taking into account the
commoditized nature of the steel industry, its volatility, current
overcapacities in the mature markets and more capacity planned to
come on stream in Turkey in the next two years as well as limited
market power of steel producers, this is a highly likely scenario
going forward.

In addition, production is primarily focused on the Turkish market
where the company operates two integrated plants with a complete
metallurgical cycle and rolling facilities in the cities of
Iskenderun and Eregli. This concentration of the production
exposes Erdemir to some operational risks even though a potential
full business interruption of one entire site is relatively
unlikely given the large size of the group's production
facilities.

The principal methodology used in rating Erdemir was the Global
Steel Industry Methodology published in January 2009. Please see
the Credit Policy page on www.moodys.com for a copy of this
methodology.

Eregli Demir ve Celik Fabrikalari ("Erdemir") is the largest steel
manufacturer in Turkey. Erdemir produces both long steel as well
as flat steel products which are sold to the domestic (ca. 87% of
sales) and international (ca. 13% of sales) markets. Erdemir is
majority owned by Ordu Yardimlasma Kurumu (Oyak), the Turkish
private pension fund primarily serving members of Turkish Armed
Forces (rated Ba2 stable). ArcelorMittal (rated Baa3) holds a
stake of around 25% in Erdemir. Erdemir generated revenues of TRY
6.6 billion (around USD 4.4 billion) in 2010.

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
".mx" for Mexico. 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."


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


DEGI GLOBAL: Faces Liquidation; Asset Disposal Under Way
--------------------------------------------------------
Property EU reports that Aberdeen Asset Management announced plans
on Thursday to dissolve its Degi Global Business open-ended real
estate fund by June 2014.

The company, as cited by Property EU, said it will undertake an
'orderly disposal' of the fund's portfolio, which currently
comprises 11 assets valued at EUR254 million.

Property EU notes that despite having returned 5% on average in
the first four years of business, investors panicked in late 2009
after they realized that the fund was overexposed in crisis-hit
markets in eastern Europe.  In particular, the value of the fund's
real estate developments in Croatia and Romania suffered bitter
setbacks, Property EU discloses.

As a result, the fund was hit by massive outflows and had to close
in mid-November, Property EU says.  Since then, Degi Global
Business has been trying to sell assets to pay down investors and
improve its liquidity ratio, which currently stands at 12.8%,
Property EU relates.

It has so far divested an office property in Cologne and Helsinki
for EUR55 million, and is currently in the final stages of
offloading a further two properties for EUR50 million, Property EU
states.  According to Property EU, the company said that the
marketing process for additional assets is already underway.

Degi Global Business, which is dedicated to institutional
investors, was launched in November 2005 to create a broadly
diversified investment portfolio in Europe and Northern America.


ETHEL AUSTIN: Ashloch Company Buys 62 Stores, Saves 470 Jobs
------------------------------------------------------------
Bill Gleeson at Liverpool Daily Post reports that entrepreneur Sue
Townsend's Ashloch company acquired 62 stores from the
administrators from Altrincham-based Life & Style, saving 470 jobs
in the process.  The report relates that the stores previously
belonged to, and traded as, Ethel Austin before it collapsed into
administration three years ago.

Another 41 Life & Style stores will cease trading and close down
with the loss of 512 jobs, according to Liverpool Daily Post.

Ethel Austin was once one of Liverpool's best-known business
names.  It was formed in 1934 by Ethel and George Austin from a
council house in Anfield.


IGLOO FOODS: S&P Affirms 'B+' Rating on GBP375MM Senior Term Loan
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' issue rating
on the GBP375 million senior secured Term Loan E, issued by Iglo
Foods Midco Ltd. (Iglo Midco), a subsidiary of European frozen
foods group Iglo Foods Holdings Ltd. (Iglo; B+/Stable/--). "The
'B+' issue rating is in line with our corporate credit rating on
Iglo. The recovery rating on the Term Loan E is '3', indicating
our expectation of meaningful (50%-70%) recovery in the event of a
payment default," S&P related.

"At the same time, we lowered to 'B+' from 'BB-' our issue rating
on Iglo Midco's other senior secured bank debt (comprising a
revolving credit facility and Term Loans A, B, C, and D) due 2013
through 2016, in line with the Term Loan E and the corporate
credit rating on Iglo. We removed the senior secured debt rating
from CreditWatch, where it was placed with negative implications
on April 13, 2011. In addition, we revised the recovery rating on
these instruments to '3' from '2', indicating our expectation of
meaningful (50%-70%) recovery in the event of a payment default,"
S&P said.

"The lowering of the issue rating on the notes follows our
announcement on April 13, 2011 ('Food Group BEIG Topco Proposed
Term Loan E Rated 'B+'; Existing 'BB-' Senior Secured Tranche
Ratings Placed On Watch Neg') and reflects our view that the Term
Loan E issue has materially increased the amount of senior
unsecured debt in Iglo's capital structure. We therefore
anticipate significantly reduced recovery prospects for this layer
of the capital structure," S&P related.

                       Recovery Analysis

"We value Iglo on a going-concern basis, reflecting our view of
Iglo's leading position in the frozen foods market in Europe, its
strong brand awareness, and its cash generative and resilient
business model," S&P said.

The security package for the senior debt facilities (including the
Term Loan E) includes share pledges as well as asset security over
guarantors' assets (such as bank accounts, receivables,
inventories, and intellectual property). The security package
includes a share pledge over Iglo's Italian business (Findus
Italy), along with security on the intercompany loan from Iglo
Midco to Findus Italy, although we understand that Italian assets
are not part of the collateral package.

The documentation requires that Iglo maintains aggregate EBITDA
and gross assets of the guarantors in excess of 80% of the
consolidated EBITDA and gross assets of the group. "It is our
understanding that the Italian business is specifically excluded
from this clause," S&P said.

"We believe that a default would most likely result from excessive
leverage and Iglo's inability to refinance its capital structure
as a result of operating underperformance. Under our simulated
default scenario, we project a default in 2014 at the maturity of
Term Loan B, with EBITDA having declined to about EUR200 million.
At the hypothetical point of default, we value the business at
about EUR1.3 billion. After deducting EUR118 million of priority
claims (including enforcement costs and 50% of the pensions
deficit), this leaves EUR1.18 billion net enterprise value
available for senior secured creditors," S&P related.

The estimated net enterprise value is sufficient for meaningful
(50%-70%) recovery of the senior secured facilities, hence our
recovery rating of '3' on this debt. "Our recoveries assume
EUR1.82 billion of outstanding debt under the facilities,
including a fully drawn revolver and six months' prepetition
interest added to the principal balance," S&P said.

Ratings List
Downgraded; CreditWatch/Outlook Action
                                        To         From
Iglo Foods Midco Ltd.
Senior Secured
  EUR1.13 bil (including 500 million    B+         BB-/Watch Neg
  Term Loan D) bank ln due 12/31/2015
   Recovery Rating                      3          2

  GBP320.6 mil bank ln due 12/31/2015   B+         BB-/ Watch Neg
   Recovery Rating                      3          2

Ratings Affirmed

Iglo Foods Midco Ltd.
Senior Secured                         B+         B+
   Recovery Rating                      3          3


JOWOOD ENTERTAINMENT: Nordic Buys JoWooD and The Adventure Brands
-----------------------------------------------------------------
Nordic Games GmbH, part of the Nordic Games Holding AB group,
announced the acquisition of the JoWooD and The Adventure Company
brands, products, and selected subsidiaries.

JoWooD and The Adventure Company will become publishing labels
within Nordic Games GmbH, with the plan to re-launch the huge back
catalogue of games and invest in developing the wholly owned IP's
and franchises, including SpellForce, Painkiller, ArcaniA, The
Guild, Panzer Elite, Legend of Kay, The Nations, Safecracker, and
Neighbours From Hell, among others.

Nordic Games GmbH has recently opened its new office in Vienna,
Austria.  The team members have been carefully selected for their
enthusiasm and desire to make a successful publishing company,
and their care and attention to the former JoWooD Entertainment AG
brands and products.

Nordic Games GmbH CEO, Lars Wingefors said: "This new venture will
be a fresh start, and we will be introducing new systems,
procedures and business ethics to ensure the company goes from
strength to strength."

Mr. Wingefors continued: "This is the beginning of a new era and
over the coming months product development will start on a variety
of well loved and respected brands and products."

Klemens Kreuzer, General Manager added: "We have a great range of
back catalogue that will keep our team busy in these early days."

Nordic Games GmbH will be at Gamescom, Cologne, to meet with
partners.

Nordic Games GmbH joins the growing roster of video game related
companies that are part of the Nordic Games Holding AB Group.

                   About JoWood Entertainment

Based in Austria, JoWooD Entertainment AG --
http://corporate.jowood.com/-- formerly JoWooD Productions
Software AG, develops and distributes computer/video games and
entertainment software on a global basis.  The publisher is best
known for titles such as Arcania Gothic 4 and Torchlight.

As reported by the Troubled Company Reporter-Europe on Jan. 11,
2011, JoWooD applied for a procedure of capital reorganization at
the Commercial Court Vienna in accordance with Art. 167 IO/
Insolvency Statute.


LAW FOR ALL: Goes Into Administration as Government Cuts Legal Aid
------------------------------------------------------------------
New Legal Review reports that Law For All has gone into
administration as a direct result of government cuts to legal aid.

Recent years had proven extremely difficult, Law for ALL said in a
statement obtained by the news agency.  "Changes to the
administration of publicly funded legal work have resulted in an
unsustainable administrative burden. . . [plus] an increasingly
complicated funding mechanism - not to mention reduced payments in
real terms . . . . These factors . . . combined with current plans
by the government to cut legal aid payments by a further 10% this
autumn -- and to almost completely end legal aid in October 2012
--have led the trustees, reluctantly, to conclude that there is no
hope of a viable, long-term future for Law For All," New Legal
Review quoted Law For All as saying.

The report notes that Law For All pledged that its ongoing
casework would continue to be processed.  "The administrators have
retained a certain number of professional staff in order to deal
with the existing open cases on a strict priority basis [and]
minimise the impact on the clients retained . . . .  In the
meantime, they are liaising with the various work providers to
ensure that the cases are being dealt with as expeditiously as
possible," Law For All added, New Legal Review relays.

The demise of Law For All has raised fresh questions over the
legal aid budget's GBP350 million reduction, which is predicted to
trigger sweeping restrictions on the number of citizens eligible
for the service, according to New Legal Review.

Founded in 1994 by former local-education director Ulla Barlow and
her newly qualified solicitor daughter Anna Barlow, Law For All
first set out to provide legal aid to clients in the London
Borough of Ealing.


RENEWAL CARPET: Goes Into Administration, Cuts 90 Jobs
------------------------------------------------------
The Citizen reports that Renewal Carpet Tiles Ltd has gone into
administration cutting 90 jobs in the process.  KPMG has been
appointed as administrator for the firm.

'Poor trading environment' and 'increased material costs' are
being blamed for the closure of the business based in Griffin
Mill, Stancliffe Street, according to The Citizen.

The report notes that management tried to avoid placing the
business into administration by making affiance measures and
sought opportunities for further investment.

The Citizen discloses that employees were notified that trading
had ceased at the former Dutton Carpets site.  The report relates
that the employees lost their jobs with immediate effect.

Staff must now seek redundancy and severance payments from the
government's Redundancy Payments Office, the report relays.

The Citizen notes that the business will be sold as a going
concern but it is understood that there was not enough money to
retain employees while a potential buyer is being sought.

However, the administrator said that if a sale was successful, the
employee list would be made available to the buyers, the report
adds.

Headquartered in Mill Hill, Blackburn, Renewal Carpet Tiles Ltd is
a carpet and rug manufacturer.


ROTEL: Goes Into Administration, To Close Care Homes
----------------------------------------------------
BBC News reports that Rotel enters administration putting the
future for about 20 disabled adults in Devon unclear.
Administrator Grant Thornton took over the company on Aug. 1.

The company, Rotel, has two care homes, one in Torquay and one in
Babbacombe, which will close within a month, according to BBC
News.  Administrator Grant Thornton said once the residents had
been re-housed, the 31 staff would be made redundant, the report
notes.

Rotel, BBC News discloses, said that because of "contractual
matters," the residents had to be re-housed ahead of the closure.

Grant Thornton added that once residents had been re-housed, the
premises would be marketed for sale, BBC News relays.

Rotel is a care home firm in Devon.  Rotel has two care homes in
Torbay, the Magnolia Lodge in Torquay and Overcliffe in
Babbacombe, a domiciliary care unit, and a day care centre in the
Torquay and Teignmouth areas.


SPRINGBARN DEVELOPMENTS: In Liquidation; Court Case Adjourned
-------------------------------------------------------------
Buy Free Press reports that the court case against Springbarn
Developments, the company that carried out illegal work on a
listed building, has been adjourned after the firm went into
liquidation.

According to the report, Springbarn Developments has admitted
carrying out the work at The Stables, Gulling Green, near Brockley
Green, between September and November 2009.  It was being
prosecuted by St Edmundsbury Borough Council and was due to be
sentenced at Ipswich Crown Court last August 16.

But Judge David Goodin agreed to postpone sentencing until
today, August 22, after hearing that the company had gone into
liquidation, Buy Free Press relays.

Buy Free Press notes that the court was told that information from
Companies House indicated that Springbarn Development's assets
were greatly outweighed by its debts.

Judge Goodin, according to Buy Free Press, said that before he
could pass sentence, he required confirmation of the company's
financial situation from the liquidators handling it.

Based in Crome Lea Business Park, Cambridge, Springbarn
Developments is a property developer.


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


* EUROPE: Banks Too Weak to Withstand Debt Crisis, WSJ Says
-----------------------------------------------------------
The Wall Street Journal reports that a dramatic sell-off in
European financial markets on Thursday renewed fears that Europe's
banks are too weak to withstand the Continent's debt crisis,
increasing the chances that the region's leaders will be forced to
pursue radical steps toward fiscal union in order to preserve
their single currency.

For more than a year and a half, the euro zone's strategy has been
to buy time for its weak nations to regain the confidence of
financial markets, while taking tentative steps toward closer
cooperation on the bloated budgets that got them in trouble, the
Journal relates.

If the region's banks remain under pressure, however, the
countries at the euro zone's core, in particular Germany and
France, will be left with no choice but to embrace the deeper
fiscal union that they have rejected for more than a year, Journal
notes.  If they don't, the common currency could collapse,
thrusting the Continent into political and economic chaos, the
Journal states.


* BOND PRICING: For the Week August 15 to August 19, 2011
---------------------------------------------------------

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

AUSTRIA
-------
BA CREDITANSTALT          5.470  8/28/2013     EUR    70.25
HAA-BANK INTL AG          5.250 10/27/2015     EUR    71.50
IMMOFINANZ                4.250   3/8/2018     EUR     3.59
OESTER VOLKSBK            5.270   2/8/2027     EUR    72.40
OESTER VOLKSBK            4.810  7/29/2025     EUR    63.13
OESTER VOLKSBK            4.170  7/29/2015     EUR    69.13
RAIFF ZENTRALBK           4.500  9/28/2035     EUR    63.70

CYPRUS
------
CYPRUS GOVT BOND          6.000  4/20/2015     EUR    74.96
CYPRUS GOVT BOND          4.600 10/23/2018     EUR    62.42
CYPRUS GOVT BOND          4.600  4/23/2018     EUR    62.78
CYPRUS GOVT BOND          6.100  4/20/2020     EUR    69.78
CYPRUS GOVT BOND          4.625   2/3/2020     EUR    61.22
CYPRUS GOVT BOND          6.100  6/24/2019     EUR    69.70
CYPRUS GOVT BOND          4.600  2/26/2019     EUR    62.54
CYPRUS GOVT BOND          3.750  11/1/2015     EUR    62.67
CYPRUS GOVT BOND          5.250   6/9/2015     EUR    72.29
CYPRUS GOVT BOND          4.750  9/30/2015     EUR    69.44
CYPRUS GOVT BOND          4.500   1/2/2016     EUR    67.62
CYPRUS GOVT BOND          4.750  12/2/2015     EUR    68.59
CYPRUS GOVT BOND          4.500   6/2/2016     EUR    65.81
CYPRUS GOVT BOND          4.500  3/30/2016     EUR    66.68
CYPRUS GOVT BOND          6.000   6/9/2021     EUR    66.88
CYPRUS GOVT BOND          5.000   6/9/2016     EUR    66.35
CYPRUS GOVT BOND          4.500  10/9/2016     EUR    64.85
CYPRUS GOVT BOND          4.500  7/11/2016     EUR    65.68
CYPRUS GOVT BOND          5.350   6/9/2020     EUR    65.88
CYPRUS GOVT BOND          6.600 10/26/2016     EUR    71.81
CYPRUS GOVT BOND          4.500  2/15/2017     EUR    64.22
CYPRUS GOVT BOND          4.500   1/4/2017     EUR    64.44
CYPRUS GOVT BOND          5.600  4/15/2017     EUR    65.90
CYPRUS GOVT BOND          4.500   4/2/2017     EUR    63.99
CYPRUS GOVT BOND          5.100  1/29/2018     EUR    65.11
CYPRUS GOVT BOND          4.500  9/28/2017     EUR    63.06
MARFIN POPULAR            4.350 11/20/2014     EUR    71.63
REP OF CYPRUS             4.750  2/25/2016     EUR    67.07
REP OF CYPRUS             4.375  7/15/2014     EUR    73.24

FINLAND
-------
KOMMUNEKREDIT             0.500 12/14/2020     ZAR    47.27
MUNI FINANCE PLC          0.500  9/24/2020     CAD    75.63
MUNI FINANCE PLC          0.500  3/17/2025     CAD    60.93
MUNI FINANCE PLC          0.500   2/9/2016     ZAR    71.46
MUNI FINANCE PLC          0.500  4/27/2018     ZAR    57.96
MUNI FINANCE PLC          0.500 11/25/2020     ZAR    47.52
MUNI FINANCE PLC          1.000  6/30/2017     ZAR    64.87
MUNI FINANCE PLC          0.250  6/28/2040     CAD    24.38
MUNI FINANCE PLC          0.500  4/26/2016     ZAR    70.50

FRANCE
------
AIR FRANCE-KLM            4.970   4/1/2015     EUR    11.86
ALCATEL-LUCENT            5.000   1/1/2015     EUR     3.37
ALTRAN TECHNOLOG          6.720   1/1/2015     EUR     5.13
ATOS ORIGIN SA            2.500   1/1/2016     EUR    48.67
CALYON                    6.000  6/18/2047     EUR    19.46
CAP GEMINI SOGET          3.500   1/1/2014     EUR    38.72
CAP GEMINI SOGET          1.000   1/1/2012     EUR    41.64
CGG VERITAS               1.750   1/1/2016     EUR    25.41
CLUB MEDITERRANE          5.000   6/8/2012     EUR    13.84
CLUB MEDITERRANE          6.110  11/1/2015     EUR    18.60
CMA CGM                   8.875  4/15/2019     EUR    51.52
CMA CGM                   8.500  4/15/2017     USD    80.35
CMA CGM                   8.875  4/15/2019     EUR    51.67
CMA CGM                   8.500  4/15/2017     USD    55.17
CREDIT AGRI CIB           5.350 10/29/2030     USD    74.49
CREDIT AGRI CIB           4.850  9/17/2030     USD    69.48
CREDIT AGRI CIB           5.300  10/7/2030     USD    74.01
CREDIT AGRI CIB           5.300 10/12/2030     USD    71.83
CREDIT AGRI CIB           5.250 10/18/2030     USD    73.68
CREDIT AGRI CIB           5.300 10/22/2030     USD    74.19
CREDIT AGRI CIB           4.910  11/3/2030     USD    71.03
CREDIT AGRI CIB           5.080 11/23/2030     USD    71.73
CREDIT AGRI CIB           5.270   8/5/2030     USD    74.01
CREDIT AGRICOLE           3.537  1/15/2016     EUR   102.66
DEXIA MUNI AGNCY          1.000 12/23/2024     EUR    66.42
EURAZEO                   6.250  6/10/2014     EUR    54.56
FAURECIA                  4.500   1/1/2015     EUR    22.30
INGENICO                  2.750   1/1/2017     EUR    39.51
MAUREL ET PROM            7.125  7/31/2015     EUR    15.86
MAUREL ET PROM            7.125  7/31/2014     EUR    17.23
NEXANS SA                 4.000   1/1/2016     EUR    59.85
ORPEA                     3.875   1/1/2016     EUR    44.69
PEUGEOT SA                4.450   1/1/2016     EUR    27.07
PUBLICIS GROUPE           3.125  7/30/2014     EUR    34.00
PUBLICIS GROUPE           1.000  1/18/2018     EUR    47.74
RHODIA SA                 0.500   1/1/2014     EUR    51.97
SOC AIR FRANCE            2.750   4/1/2020     EUR    20.30
SOITEC                    6.250   9/9/2014     EUR     8.64
TEM                       4.250   1/1/2015     EUR    54.07
THEOLIA                   2.700   1/1/2041     EUR    10.12

GERMANY
-------
COMMERZBANK AG            4.000 11/30/2017     EUR    53.87
COMMERZBANK AG            5.000  3/30/2018     EUR    56.46
COMMERZBANK AG            5.000  4/20/2018     EUR    56.45
DRESDNER BANK AG          5.700  7/31/2023     EUR    72.12
EUROHYPO AG               6.490  7/17/2017     EUR     5.50
EUROHYPO AG               5.560  8/18/2023     EUR    65.13
EUROHYPO AG               3.830  9/21/2020     EUR    61.88
HEIDELBERG DRUCK          9.250  4/15/2018     EUR    72.75
HEIDELBERG DRUCK          9.250  4/15/2018     EUR    70.30
HSH NORDBANK AG           4.375  2/14/2017     EUR    58.99
IKB DEUT INDUSTR          6.550  3/31/2012     EUR    18.17
L-BANK FOERDERBK          0.500  5/10/2027     CAD    54.74
LB BADEN-WUERTT           5.250 10/20/2015     EUR    28.79
LB BADEN-WUERTT           2.500  1/30/2034     EUR    74.27
LB BADEN-WUERTT           2.800  2/23/2037     JPY    62.75
Q-CELLS                   6.750 10/21/2015     EUR     1.64
QIMONDA FINANCE           6.750  3/22/2013     USD     2.38
RHEINISCHE HYPBK          6.600  5/29/2022     EUR    74.63
SOLON AG SOLAR            1.375  12/6/2012     EUR    23.50
TAG IMMO AG               6.500 12/10/2015     EUR     7.61
TUI AG                    5.500 11/17/2014     EUR    57.61
TUI AG                    2.750  3/24/2016     EUR    40.38
GREECE
------
ATHENS URBAN TRN          4.057  3/26/2013     EUR    64.24
ATHENS URBAN TRN          4.301  8/12/2014     EUR    54.60
ATHENS URBAN TRN          4.851  9/19/2016     EUR    51.21
ATHENS URBAN TRN          5.008  7/18/2017     EUR    51.60
HELLENIC REP I/L          2.300  7/25/2030     EUR    38.18
HELLENIC REP I/L          2.900  7/25/2025     EUR    39.83
HELLENIC REPUB            6.140  4/14/2028     EUR    50.88
HELLENIC REPUB            5.200  7/17/2034     EUR    47.00
HELLENIC REPUB            4.590   4/8/2016     EUR    50.38
HELLENIC REPUB            2.125   7/5/2013     CHF    73.70
HELLENIC REPUB            5.000  3/11/2019     EUR    51.63
HELLENIC REPUBLI          3.700 11/10/2015     EUR    49.13
HELLENIC REPUBLI          3.702  9/30/2015     EUR    50.53
HELLENIC REPUBLI          6.100  8/20/2015     EUR    55.00
HELLENIC REPUBLI          3.700  7/20/2015     EUR    53.44
HELLENIC REPUBLI          4.113  9/30/2014     EUR    53.17
HELLENIC REPUBLI          5.500  8/20/2014     EUR    54.21
HELLENIC REPUBLI          3.985  7/25/2014     EUR    53.48
HELLENIC REPUBLI          4.500  5/20/2014     EUR    55.14
HELLENIC REPUBLI          6.500  1/11/2014     EUR    58.96
HELLENIC REPUBLI          4.520  9/30/2013     EUR    60.38
HELLENIC REPUBLI          4.000  8/20/2013     EUR    59.22
HELLENIC REPUBLI          4.427  7/31/2013     EUR    64.68
HELLENIC REPUBLI          3.900   7/3/2013     EUR    66.88
HELLENIC REPUBLI          7.500  5/20/2013     EUR    66.05
HELLENIC REPUBLI          4.600  5/20/2013     EUR    62.80
HELLENIC REPUBLI          4.506  3/31/2013     EUR    70.87
HELLENIC REPUBLI          4.100  8/20/2012     EUR    70.35
HELLENIC REPUBLI          4.600  9/20/2040     EUR    41.75
HELLENIC REPUBLI          4.500  9/20/2037     EUR    42.16
HELLENIC REPUBLI          5.300  3/20/2026     EUR    45.24
HELLENIC REPUBLI          4.700  3/20/2024     EUR    47.63
HELLENIC REPUBLI          5.900 10/22/2022     EUR    50.34
HELLENIC REPUBLI          6.250  6/19/2020     EUR    54.30
HELLENIC REPUBLI          6.500 10/22/2019     EUR    53.61
HELLENIC REPUBLI          5.161  9/17/2019     EUR    50.47
HELLENIC REPUBLI          6.000  7/19/2019     EUR    53.36
HELLENIC REPUBLI          4.600  7/20/2018     EUR    53.17
HELLENIC REPUBLI          4.675  10/9/2017     EUR    53.31
HELLENIC REPUBLI          4.300  7/20/2017     EUR    53.75
HELLENIC REPUBLI          5.900  4/20/2017     EUR    53.47
HELLENIC REPUBLI          4.225   3/1/2017     EUR    53.33
HELLENIC REPUBLI          4.020  9/13/2016     EUR    51.07
HELLENIC REPUBLI          3.600  7/20/2016     EUR    53.17
HELLENIC REPUBLI          4.500   7/1/2014     EUR    57.25
NATL BK GREECE            3.875  10/7/2016     EUR    64.29
YIOULA GLASSWORK          9.000  12/1/2015     EUR    74.25
YIOULA GLASSWORK          9.000  12/1/2015     EUR    75.45

IRELAND
-------
AIB MORTGAGE BNK          5.580  4/28/2028     EUR    49.74
AIB MORTGAGE BNK          4.875  6/29/2017     EUR    72.61
AIB MORTGAGE BNK          5.000  2/12/2030     EUR    44.20
AIB MORTGAGE BNK          5.000   3/1/2030     EUR    44.16
ALLIED IRISH BKS          4.000  3/19/2015     EUR    71.13
ALLIED IRISH BKS          5.625 11/12/2014     EUR    66.31
ANGLO IRISH BANK          4.000  4/15/2015     EUR    70.53
BANK OF IRELAND          10.000  2/12/2020     GBP    35.00
BANK OF IRELAND          10.000  2/12/2020     EUR    29.75
BANK OF IRELAND           5.600  9/18/2023     EUR    33.63
BANK OF IRELAND           3.585  4/21/2015     EUR    60.63
BANK OF IRELAND           3.780   4/1/2015     EUR    71.23
BANK OF IRELAND           4.000  1/28/2015     EUR    74.32
BANK OF IRELAND           4.473 11/30/2016     EUR    50.38
BK IRELAND MTGE           5.360 10/12/2029     EUR    43.02
BK IRELAND MTGE           5.760   9/7/2029     EUR    45.73
BK IRELAND MTGE           5.450   3/1/2030     EUR    42.96
BK IRELAND MTGE           3.250  6/22/2015     EUR    74.65
BK IRELAND MTGE           5.400  11/6/2029     EUR    43.21
DEPFA ACS BANK            4.900  8/24/2035     CAD    66.83
DEPFA ACS BANK            0.500   3/3/2025     CAD    39.48
EBS BLDG SOCIETY          4.000  2/25/2015     EUR    69.06
IRISH GOVT                5.000 10/18/2020     EUR    72.19
IRISH GOVT                5.400  3/13/2025     EUR    71.13
IRISH GOVT                4.500  4/18/2020     EUR    71.35
IRISH LIFE PERM           4.000  3/10/2015     EUR    69.44
IRISH NATIONWIDE          6.250  6/26/2012     GBP    69.38

ITALY
-----
CITY OF TURIN             5.270  6/26/2038     EUR    74.36
COMUNE DI MILANO          4.019  6/29/2035     EUR    71.39
DEXIA CREDIOP             4.790 12/17/2043     EUR    75.35
REP OF ITALY              2.200  9/15/2058     EUR    65.21
REP OF ITALY              1.850  9/15/2057     EUR    58.36
REP OF ITALY              2.000  9/15/2062     EUR    59.16
REP OF ITALY              2.870  5/19/2036     JPY    62.62
ROMULUS FINANCE           5.441  2/20/2023     GBP    77.61
SARDINIA REGION           4.022 11/28/2035     EUR    75.08
TELECOM ITALIA            5.250  3/17/2055     EUR    71.31

LUXEMBOURG
----------
ARCELORMITTAL             7.250   4/1/2014     EUR    23.41
CONTROLINVESTE            3.000  1/28/2015     EUR    73.41
ESPIRITO SANTO F          6.875 10/21/2019     EUR    56.21
LIGHTHOUSE INTL           8.000  4/30/2014     EUR    24.33
LIGHTHOUSE INTL           8.000  4/30/2014     EUR    22.89
UBI BANCA INT             8.750 10/29/2012     EUR    67.24

NETHERLANDS
-----------
ABN AMRO BANK NV          5.080   6/9/2021     NOK   111.32
APP INTL FINANCE         11.750  10/1/2005     USD     0.01
BK NED GEMEENTEN          0.500  3/29/2021     NZD    64.80
BK NED GEMEENTEN          0.500   3/3/2021     NZD    65.15
BK NED GEMEENTEN          0.500  6/22/2016     TRY    74.83
BK NED GEMEENTEN          0.500  6/22/2021     ZAR    45.47
BK NED GEMEENTEN          0.500  2/24/2025     CAD    60.83
BK NED GEMEENTEN          0.500  5/12/2021     ZAR    45.24
BLT FINANCE BV            7.500  5/15/2014     USD    62.13
BLT FINANCE BV            7.500  5/15/2014     USD    64.05
BRIT INSURANCE            6.625  12/9/2030     GBP    60.15
EDP FINANCE BV            4.125  6/29/2020     EUR    73.21
ELEC DE CAR FIN           8.500  4/10/2018     USD    57.58
FINANCE & CREDIT         10.500  1/25/2014     USD    80.00
FRIESLAND BANK            4.210 12/29/2025     EUR    70.65
INDAH KIAT INTL          12.500  6/15/2006     USD     0.01
IVG FINANCE BV            1.750  3/29/2017     EUR    74.83
NATL INVESTER BK         25.983   5/7/2029     EUR    19.36
NED WATERSCHAPBK          0.500  3/11/2025     CAD    62.09
NIB CAPITAL BANK          4.510 12/16/2035     EUR    64.64
PORTUGAL TEL FIN          4.500  6/16/2025     EUR    71.65
Q-CELLS INTERNAT          5.750  5/26/2014     EUR    40.51
Q-CELLS INTERNAT          1.375  2/28/2012     EUR    52.55
RABOBANK                  5.276  2/28/2035     EUR    82.35
RBS NV EX-ABN NV          2.910  6/21/2036     JPY    73.47
SIDETUR FINANCE          10.000  4/20/2016     USD    69.25
TJIWI KIMIA FIN          13.250   8/1/2001     USD     0.00

NORWAY
------
EKSPORTFINANS             0.500   5/9/2030     CAD    47.01
KOMMUNALBANKEN            0.500  7/26/2016     ZAR    72.12
KOMMUNALBANKEN            0.500  5/25/2016     ZAR    71.64
KOMMUNALBANKEN            0.500  3/24/2016     ZAR    72.67
KOMMUNALBANKEN            0.500   3/1/2016     ZAR    73.09
KOMMUNALBANKEN            0.500  1/27/2016     ZAR    73.66
KOMMUNALBANKEN            0.500 12/18/2015     ZAR    74.33
KOMMUNALBANKEN            0.500  11/4/2015     BRL    73.29
KOMMUNALBANKEN            0.500  7/29/2016     ZAR    70.10
KOMMUNALBANKEN            0.500  5/25/2018     ZAR    59.48
NORSKE SKOGIND           11.750  6/15/2016     EUR    56.88
NORSKE SKOGIND           11.750  6/15/2016     EUR    56.77
NORSKE SKOGIND            7.000  6/26/2017     EUR    46.36
NORSKE SKOGIND            7.125 10/15/2033     USD    46.50
NORSKE SKOGIND            7.125 10/15/2033     USD    46.50
NORSKE SKOGIND            6.125 10/15/2015     USD    57.38
NORSKE SKOGIND            6.125 10/15/2015     USD    57.38

PORTUGAL
--------
BANCO BPI                 1.000  4/10/2014     EUR    75.12
BANCO COM PORTUG          4.750  6/22/2017     EUR    70.33
BANCO COM PORTUG          5.625  4/23/2014     EUR    72.53
BANCO COM PORTUG          3.750  10/8/2016     EUR    68.89
BANCO ESPIRITO            6.160  7/23/2015     EUR    73.63
BANCO ESPIRITO            3.875  1/21/2015     EUR    71.50
BANCO ESPIRITO            4.600  1/26/2017     EUR    71.00
BANCO ESPIRITO            4.600  9/15/2016     EUR    72.82
BANCO ESPIRITO            6.875  7/15/2016     EUR    69.18
CAIXA GERAL DEPO          5.980   3/3/2028     EUR    58.00
CAIXA GERAL DEPO          4.250  1/27/2020     EUR    68.72
CAIXA GERAL DEPO          4.400  10/8/2019     EUR    50.58
CAIXA GERAL DEPO          4.500  1/19/2016     EUR    69.67
CAIXA GERAL DEPO          4.750  2/14/2016     EUR    61.65
CAIXA GERAL DEPO          5.050  4/26/2016     EUR    70.20
CAIXA GERAL DEPO          4.455  8/20/2017     EUR    70.75
CAIXA GERAL DEPO          3.875  12/6/2016     EUR    70.93
CAIXA GERAL DEPO          5.090   6/8/2016     EUR    67.95
CAIXA GERAL DEPO          5.380  10/1/2038     EUR    54.97
COMBOIOS DE PORT          4.170 10/16/2019     EUR    60.17
METRO DE LISBOA           4.061  12/4/2026     EUR    52.51
METRO DE LISBOA           4.799  12/7/2027     EUR    47.18
METRO DE LISBOA           5.750   2/4/2019     EUR    60.35
METRO DE LISBOA           7.300 12/23/2025     EUR    61.53
MONTEPIO GERAL            5.000   2/8/2017     EUR    60.50
PARPUBLICA                3.500   7/8/2013     EUR    78.50
PARPUBLICA                4.191 10/15/2014     EUR    72.88
PARPUBLICA                4.200 11/16/2026     EUR    49.00
PORTUGAL (REP)            3.500  3/25/2015     USD    73.02
PORTUGAL (REP)            3.500  3/25/2015     USD    73.02
PORTUGUESE OT'S           4.100  4/15/2037     EUR    53.14
PORTUGUESE OT'S           3.850  4/15/2021     EUR    60.60
PORTUGUESE OT'S           4.800  6/15/2020     EUR    63.49
PORTUGUESE OT'S           4.750  6/14/2019     EUR    64.82
PORTUGUESE OT'S           4.450  6/15/2018     EUR    67.11
PORTUGUESE OT'S           4.350 10/16/2017     EUR    67.87
PORTUGUESE OT'S           4.200 10/15/2016     EUR    72.12
PORTUGUESE OT'S           3.350 10/15/2015     EUR    74.02
PORTUGUESE OT'S           4.950 10/25/2023     EUR    59.65
REFER                     4.000  3/16/2015     EUR    49.38
REFER                     4.675 10/16/2024     EUR    54.25
REFER                     4.250 12/13/2021     EUR    46.75
REFER                     5.875  2/18/2019     EUR    63.00

RUSSIA
------
APK ARKADA               17.500  5/23/2012     RUB     0.38
ARIZK                     3.000 12/20/2030     RUB    49.66
DVTG-FINANS              17.000  8/29/2013     RUB    55.55
DVTG-FINANS               7.750  7/18/2013     RUB    20.29
IART                      8.500   8/4/2013     RUB     1.00
M-INDUSTRIYA             12.250  8/16/2011     RUB    17.25
MIG-FINANS                0.100   9/6/2011     RUB     1.00
MIRAX                    17.000  9/17/2012     RUB     6.00
MOSMART FINANS            0.010  4/12/2012     RUB     1.81
NOK                      10.000  9/22/2011     RUB    49.90
NOK                      12.500  8/26/2014     RUB     5.00
PENOPLEX-FINANS          14.000 11/21/2014     RUB    20.00
PROMPEREOSNASTKA          1.000 12/17/2012     RUB     0.01
PROMTRACTOR-FINA          0.010 10/18/2011     RUB     1.00
PROTON-FINANCE            9.000  6/12/2012     RUB    65.00
RAZGULYAY-FINANS         17.000  9/27/2011     RUB    50.00
RBC OJSC                  3.270  4/19/2018     RUB    41.65
RBC OJSC                  7.000  4/23/2015     RUB    69.10
RBC OJSC                  7.000  4/23/2015     RUB    67.00
SAHO                     10.000  5/21/2012     RUB    73.13
SATURN                    8.500   6/6/2014     RUB     1.00
SEVKABEL-FINANS          10.500  3/27/2012     RUB     3.40
TERNA-FINANS              1.000  11/4/2011     RUB     0.50

SPAIN
-----
AYT CEDULAS CAJA          4.750  5/25/2027     EUR    69.92
AYT CEDULAS CAJA          3.750  6/30/2025     EUR    62.64
AYT CEDULAS CAJA          3.750 12/14/2022     EUR    69.51
AYT CEDULAS CAJA          4.250 10/25/2023     EUR    72.28
BANCAJA                   1.500  5/22/2018     EUR    64.89
BANCO PASTOR              4.550  7/31/2020     EUR    73.62
CAJA CASTIL-MAN           1.500  6/23/2021     EUR    59.83
CAJA MADRID               4.125  3/24/2036     EUR    66.43
CAJA MADRID               4.000   2/3/2025     EUR    74.41
CAJA MADRID               5.020  2/26/2038     EUR    75.81
CEDULAS TDA 6 FO          4.250  4/10/2031     EUR    60.19
CEDULAS TDA 6 FO          3.875  5/23/2025     EUR    64.36
CEDULAS TDA A-5           4.250  3/28/2027     EUR    64.43
COMUN AUTO CANAR          3.900 11/30/2035     EUR    61.41
COMUN AUTO CANAR          4.200 10/25/2036     EUR    64.47
COMUNIDAD ARAGON          4.646  7/11/2036     EUR    75.69
COMUNIDAD BALEAR          4.063 11/23/2035     EUR    63.52
COMUNIDAD MADRID          4.300  9/15/2026     EUR    73.03
GEN DE CATALUNYA          2.355 11/10/2015     CHF    74.27
GEN DE CATALUNYA          4.220  4/26/2035     EUR    63.60
GEN DE CATALUNYA          2.750  3/24/2016     CHF    73.70
GEN DE CATALUNYA          4.690 10/28/2034     EUR    69.13
GENERAL DE ALQUI          2.750  8/20/2012     EUR    71.53
IM CEDULAS 5              3.500  6/15/2020     EUR    74.97
INSTIT CRDT OFCL          3.250  6/28/2024     CHF    76.39
INSTIT CRDT OFCL          2.570 10/22/2021     CHF    73.75
INSTITUT CATALA           4.250  6/15/2024     EUR    73.81
JUNTA ANDALUCIA           5.150  5/24/2034     EUR    74.27
JUNTA ANDALUCIA           4.250 10/31/2036     EUR    63.13
JUNTA LA MANCHA           3.875  1/31/2036     EUR    53.66
MAPFRE SA                 5.921  7/24/2037     EUR    68.35
XUNTA DE GALICIA          4.025 11/28/2035     EUR    71.81

SWEDEN
------
STENA AB                  5.875   2/1/2019     EUR    73.25
SWEDISH EXP CRED          8.000 10/21/2011     USD     8.58
SWEDISH EXP CRED          8.000  11/4/2011     USD     6.07
SWEDISH EXP CRED          2.000  12/7/2011     USD    10.33
SWEDISH EXP CRED          2.130  1/10/2012     USD     8.97
SWEDISH EXP CRED          6.500  1/27/2012     USD     8.15
SWEDISH EXP CRED          8.000  1/27/2012     USD     7.32
SWEDISH EXP CRED          7.500  2/28/2012     USD     8.77
SWEDISH EXP CRED          7.000   3/9/2012     USD    10.08
SWEDISH EXP CRED          7.000   3/9/2012     USD     8.82
SWEDISH EXP CRED          9.750  3/23/2012     USD     7.70
SWEDISH EXP CRED          9.250  4/27/2012     USD     7.69
SWEDISH EXP CRED          7.500  6/12/2012     USD     8.86
SWEDISH EXP CRED          0.500 12/21/2015     ZAR    74.15
SWEDISH EXP CRED          0.500   3/3/2016     ZAR    72.85
SWEDISH EXP CRED          0.500  6/14/2016     ZAR    71.10
SWEDISH EXP CRED          0.500  6/29/2016     TRY    72.52
SWEDISH EXP CRED          0.500  8/25/2016     ZAR    72.09
SWEDISH EXP CRED          0.500  8/26/2016     ZAR    72.96
SWEDISH EXP CRED          0.500   3/5/2018     AUD    74.54
SWEDISH EXP CRED          0.500  8/25/2021     ZAR    48.27
SWEDISH EXP CRED          0.500 12/17/2027     USD    60.45
SWEDISH EXP CRED          0.500  1/25/2028     USD    59.92
SWEDISH EXP CRED          0.500  8/26/2021     AUD    61.97

SWITZERLAND
-----------
UBS AG                   10.070  3/23/2012     USD    35.34
UBS AG                    9.250  3/20/2012     USD    13.83
UBS AG                    8.380  3/20/2012     USD    32.03
UBS AG                   10.530  1/23/2012     USD    39.04
UBS AG                   11.960  8/14/2012     USD    35.49
UBS AG                   12.040  7/31/2012     USD    34.05
UBS AG                   11.760  7/31/2012     USD    25.02
UBS AG                   14.000  5/23/2012     USD     6.69
UBS AG                   13.700  5/23/2012     USD     8.80
UBS AG                   13.300  5/23/2012     USD     3.23
UBS AG JERSEY            10.140 12/30/2011     USD    14.71
UBS AG JERSEY             3.220  7/31/2012     EUR    37.37
UBS AG JERSEY             9.450  9/21/2011     USD    49.91
UBS AG JERSEY            10.360  8/19/2011     USD    51.05
UBS AG JERSEY            11.150  8/31/2011     USD    36.97

UKRAINE
-------
LVIV CITY                 9.950 12/19/2012     UAH    95.33

UNITED KINGDOM
--------------
ABBEY NATL TREAS          5.000  8/26/2030     USD    69.18
BANK NADRA                8.000  6/22/2017     USD    74.99
BARCLAYS BK PLC           8.550  1/23/2012     USD    10.78
BARCLAYS BK PLC          10.350  1/23/2012     USD    26.49
BARCLAYS BK PLC           9.250  1/31/2012     USD     9.42
BARCLAYS BK PLC          10.650  1/31/2012     USD    33.56
BARCLAYS BK PLC           8.950  4/20/2012     USD    16.29
BARCLAYS BK PLC          12.950  4/20/2012     USD    23.99
BARCLAYS BK PLC           8.800  9/22/2011     USD    15.57
BARCLAYS BK PLC           8.750  9/22/2011     USD    71.61
BARCLAYS BK PLC           7.500  9/22/2011     USD    17.05
BARCLAYS BK PLC          10.000  7/20/2012     USD     8.29
BARCLAYS BK PLC           7.000  7/27/2012     USD     9.49
BARCLAYS BK PLC          11.000  7/27/2012     USD     8.06
BARCLAYS BK PLC           9.400  7/31/2012     USD    10.21
BARCLAYS BK PLC          10.800  7/31/2012     USD    25.08
BARCLAYS BK PLC           9.250  8/31/2012     USD    32.38
BARCLAYS BK PLC           9.500  8/31/2012     USD    29.73
BARCLAYS BK PLC           8.000  6/29/2012     USD     8.43
BARCLAYS BK PLC           5.000   6/3/2041     USD    69.43
CO-OPERATIVE BNK          5.875  3/28/2033     GBP    69.40
DISCOVERY EDUCAT          1.948  3/31/2037     GBP    71.75
EFG HELLAS PLC            5.400  11/2/2047     EUR    22.50
EFG HELLAS PLC            4.375  2/11/2013     EUR    69.50
EFG HELLAS PLC            6.010   1/9/2036     EUR    32.75
EMPORIKI GRP FIN          4.350  7/22/2014     EUR    57.63
EMPORIKI GRP FIN          4.000  2/28/2013     EUR    71.00
EMPORIKI GRP FIN          4.000  2/28/2013     EUR    71.00
ENTERPRISE INNS           6.500  12/6/2018     GBP    76.11
ENTERPRISE INNS           6.875   5/9/2025     GBP    68.56
ENTERPRISE INNS           6.875  2/15/2021     GBP    72.80
ENTERPRISE INNS           6.375  9/26/2031     GBP    59.33
F&C ASSET MNGMT           6.750 12/20/2026     GBP    69.50
GALA ELECTRIC CA         11.500   6/1/2019     GBP    71.25
GALA ELECTRIC CA         11.500   6/1/2019     GBP    72.00
HBOS PLC                  4.500  3/18/2030     EUR    70.37
HEALTHCARE SUPP           2.067  2/19/2043     GBP    74.20
MATALAN                   9.625  3/31/2017     GBP    69.75
MATALAN                   9.625  3/31/2017     GBP    68.50
NOMURA BANK INTL          0.800 12/21/2020     EUR    67.67
NORTHERN ROCK             4.574  1/13/2015     GBP    78.34
PIRAEUS GRP FIN           4.000  9/17/2012     EUR    72.78
ROYAL BK SCOTLND          5.168  6/29/2030     EUR    61.93
ROYAL BK SCOTLND          2.300 11/26/2024     JPY    70.87
SKIPTON BUILDING          5.625  1/18/2018     GBP    67.98
UNIQUE PUB FIN            5.659  6/30/2027     GBP    68.67
WESSEX WATER FIN          1.369  7/31/2057     GBP    33.31


                            *********

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.


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