TCREUR_Public/111010.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, October 10, 2011, Vol. 12, No. 200

                            Headlines



A U S T R I A

A-TEC INDUSTRIES: Offers to Buy Firm & Three Other Units
UNICREDIT BANK: Moody's Downgrades Jr. Debt Rating to 'Ba2'


B E L G I U M

DEXIA SA: Euronext Suspends Shares Amid Unit Sale Talks
ESMEE MASTER: Moody's Affirms Rating on Class D Notes at 'Ba2'


B U L G A R I A

ALMA TOUR: Unit Files for Bankruptcy


F I N L A N D

ELCOTEQ SE: Declared Bankrupt by Luxembourg Court


G E R M A N Y

SOLARVALUE AG: To Decide on Liquidation on November 16


H U N G A R Y

* HUNGARY: Mandatory Liquidations Up 4.7% in September 2011


I R E L A N D

CALYPSO CAPITAL: S&P Rates EUR100-Mil. Class A Notes at 'BB-'
QUINN INSURANCE: High Court Approves Sale to Anglo-Liberty JV
WINDERMERE X: Fitch Cuts Ratings on Two Note Classes to 'Csf'


I T A L Y

* ITALY: Moody's Downgrades Government Bond Ratings


L U X E M B O U R G

INT'L AUTOMOTIVE: S&P Affirms 'B+' Corporate Credit Rating


N E T H E R L A N D S

AEGON NV: Expects to Shed 300 Jobs Under Restructuring Program
DIGINOTAR BV: Parent Expects to Lose Up to $4.8 Mil from Collapse
FORNAX BV: Fitch Affirms 'CCCsf' Ratings on Two Note Classes
INVESCO MEZZANO: S&P Raises Rating on Class E Notes to 'B+'
LEOPARD CLO: Moody's Confirms 'Caa3' Rating on 2023-1 Notes

NORIT HOLDING: S&P Assigns 'B+' Corporate Credit Rating
WOOD STREET: Moody's Raises Rating on Class E Notes to 'B1'


R U S S I A

OTP BANK: Moody's Reviews 'Ba1' Deposit Ratings for Downgrade
* KRASNODAR KRAI: S&P Affirms 'BB' Long-Term Issuer Credit Rating


U N I T E D   K I N G D O M

BIOFLAME LTD: Goes Into Liquidation as Investor Pulls Out Funds
HAINES WATTS: Primary Equity Firm Sues E&Y Over Lost Investment
MOUCHEL GROUP: CEO Steps Down; Covenant Breach Likely
PREMIER FOODS: Issues Profit Warning; In Debt Talks with Lenders
TRAVELPORT HOLDINGS: S&P Lowers Corporate Credit Rating to 'SD'


X X X X X X X X

* OAKTREE CAPITAL: Nears Final Close for European Distress Fund
* BOND PRICING: For the Week October 3 to October 7, 2011




                            *********


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


A-TEC INDUSTRIES: Offers to Buy Firm & Three Other Units
--------------------------------------------------------
Jonathan Tirone at Bloomberg News reports that Penta Investments,
a Czech private equity company, offered to buy units of A-Tec
Industries AG.

According to Bloomberg, Penta said in an e-mail on Friday that
Penta "submitted an indicative offer" for three A-Tec units along
with a separate offer for the insolvent company's ATB AG division.

As reported by the Troubled Company Reporter-Europe on Oct. 4,
2011, Bloomberg News related that Wiener Boerse said in an
e-mailed statement A-Tec had its shares suspended indefinitely in
Vienna one day after the company's bankruptcy administrator
exercised its right to liquidate A-Tec's assets.  A-Tec said its
administrator Matthias Schmidt exercised his right to start
liquidating the group after it failed to raise by Sept. 30 funds
required under a restructuring agreed with creditors last year,
Bloomberg disclosed.

On Oct. 22, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, related 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.


UNICREDIT BANK: Moody's Downgrades Jr. Debt Rating to 'Ba2'
-----------------------------------------------------------Moody's
Investors Service has downgraded the long-term senior debt and
deposit ratings of UniCredit Bank Austria AG (UBA) to A2 from A1,
reflecting the downgrade to C- from C of the standalone bank
financial strength rating (BFSR) of UniCredit SpA, UBA's parent
institution. The outlook on UBA's ratings has been changed to
negative and reflects possible transition risk in the standalone
financial strength of its parent bank, UniCredit SpA. UBA's Prime-
1 short-term debt and deposit ratings were affirmed.

At the same time, Moody's has also downgraded UBA's (i)
subordinated debt rating to A3 from A2, which are notched off
UBA's fully supported debt and deposit ratings; (ii) junior
subordinated debt to Ba2(hyb) from Ba1(hyb); and (iii) preferred
securities to Ba1(hyb) from Baa3(hyb). The outlook on these
ratings has also been changed to negative. UBA's standalone C-
BFSR, which maps to Baa2 on the long-term rating scale, remains
unaffected by the rating action.

This rating action concludes the review for downgrade on UBA's
long-term debt and deposit ratings initiated on 26 May 2011.

RATINGS RATIONALE

-- LONG-TERM RATINGS DOWNGRADED ON WEAKENING PARENT SUPPORT
   CAPACITY

The downgrade of UBA's senior debt and deposit ratings by one
notch to A2 reflects the downgrade of its parent bank's standalone
BFSR to C-, mapping to Baa1 on the long-term rating scale (see
press release "Moody's downgrades UniCredit to A2/C- (Italy),
dated October 5, 2011"). UBA's long-term ratings now incorporate
(i) one-notch of rating uplift for parental support from two
notches previously; and (ii) retain a two-notch rating uplift for
systemic support. The latter reflects Moody's assessment of a high
probability of support from the Austrian government, in case of
need. The outlook on the long-term ratings has been changed to
negative from stable, driven by a level of rating transition risk
for UniCredit SpA's standalone rating at the C-/Baa1 level, which
could be subject to a lower mapping within the C- BFSR range.

-- SUBORDINATED DEBT AND HYBRID RATINGS DOWNGRADED

The downgrade of UBA's subordinated debt to A3 from A2 follows
Moody's approach to notch these instruments from UBA's fully
supported debt and deposit ratings. The downgrade by one notch to
A3 therefore reflects Moody's view that there is currently no
legal framework authority in place for the Austrian bank regulator
to impose losses on subordinated creditors outside of a
liquidation scenario.

UBA's non-cumulative junior subordinated debt was downgraded to
Ba2(hyb) from Ba1(hyb), which is four notches below its adjusted
standalone credit strength. This reflects its junior subordinated
claim in liquidation and non-cumulative deferral features tied to
the breach of a net-loss trigger.

UBA's non-cumulative preferred securities were downgraded to
Ba1(hyb) from Baa3(hyb), which is three notches below the adjusted
standalone credit strength. This reflects their deeply
subordinated claim in liquidation and non-cumulative coupon-skip
mechanism tied to the breach of a balance-sheet loss trigger.

The adjusted standalone credit strength is Moody's starting point
for rating hybrid securities and reflects a bank's standalone
credit strength, including parental and co-operative support, as
applicable, but excluding systemic support assumptions. UBA's
adjusted standalone credit strength stands at Baa1.

The outlook on these ratings has been changed to negative,
reflecting UBA's high interconnectedness with its parent bank,
UniCredit SpA.

WHAT COULD CHANGE THE RATING UP/DOWN

UBA's long-term debt and deposit ratings could be downgraded as a
result of a downgrade of its own BFSR and/or a continued weakening
of the standalone financial strength profile of UniCredit SpA.
Similarly, the long-term ratings could be downgraded if Moody's
considers that the likely systemic support available to UBA has
weakened further.

Moody's does not currently foresee upward pressure on UBA's debt
and deposit ratings, partly due to the high systemic support
assumptions already factored into its long-term ratings.

DETAILED LIST OF RATING ACTIONS

These ratings were downgraded:

- Long-term senior debt and deposit ratings to A2 from A1

- Senior unsecured medium-term note (MTN) program rating to (P)A2
  from (P)A1

- Subordinated MTN program rating to (P)A3 from (P)A2

- Junior subordinated debt rating to Ba2(hyb) from Ba1(hyb)

- Preferred stock rating to Ba1(hyb) from Baa3(hyb)

All the above ratings have a negative outlook.

These ratings were affirmed:

- Prime-1 short-term debt and deposit ratings.

This rating of UBA remains unaffected:

- C- BFSR with a stable outlook, mapping to Baa2 on the long-term
  rating scale

PRINCIPAL METHODOLOGIES

The methodologies used in this rating were Bank Financial Strength
Ratings: Global Methodology, published in February 2007,
Incorporation of Joint Default Analysis into Moody's Bank Ratings:
A Refined Methodology, published in March 2007, and Moody's
Guidelines for Rating Bank Hybrid Securities and Subordinated
Debt, published in November 2009.

Headquartered in Vienna, Austria, UBA reported total assets of
EUR194 billion and net income of EUR640 million as of the end of
June 2011.


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B E L G I U M
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DEXIA SA: Euronext Suspends Shares Amid Unit Sale Talks
-------------------------------------------------------
BBC News reports that trading of shares in Dexia SA has been
halted by the Euronext stock exchange.

The stop was requested by the Belgian regulator until the troubled
Franco-Belgian bank could provide details of a planned sale of its
Luxembourg unit, BBC relates.

According to BBC, Dexia has confirmed it is in "exclusive
negotiations" with a group of international investors to dispose
of Dexia Banque Internationale a Luxembourg (BIL).  The key buyer
is reported to be the Qatari Investment Authority, the country's
sovereign wealth fund, BBC discloses.

Reports say it may pay EUR900 million (US$1.2 billion, GBP785
million) for control of the Dexia unit, BBC notes.

The government of Luxembourg is also in talks to buy a minority
stake, BBC states.  According to BBC, the country's finance
minister, Luc Frieden, said he expects discussions to be completed
by the end of the month.

Dexia is facing its second rescue in three years because of the
eurozone debt crisis, discloses.  The firm has EUR3.4 billion
(US$4.5 billion, GBP2.9 billion) of exposure to Greek government
bonds, and about four times that amount to Italian sovereign debt,
BBC notes.

Ratings agency Moody's put the lender on review for a credit score
downgrade on Oct. 5, BBC relates.  It said the bank was finding it
harder to borrow from the markets, BBC recounts.  The news led to
a sell-off of Dexia's shares, prompting France and Belgium to
announce they would prevent its collapse, BBC notes.

Dexia SA -- http://www.dexia.com/-- is a Belgian-based bank and
insurance carrier that focuses on Public and Wholesale Banking,
providing local public finance actors with banking and financial
solutions, and on Retail and Commercial Banking in Europe, mainly
Belgium, France, Luxembourg and Turkey.


ESMEE MASTER: Moody's Affirms Rating on Class D Notes at 'Ba2'
--------------------------------------------------------------
Moody's affirms ratings of Esmee Master Issuer N.V. --S.A. Series
0-2009-I following deal amendment.

Issuer: Esmee Master Issuer N.V. --S.A. Series 0-2009-I

   -- EUR6040M A Notes, Affirmed at Aaa (sf); previously on
      Dec 2, 2009 Assigned Aaa (sf)

   -- EUR1400M B Notes, Affirmed at A2 (sf); previously on Dec 2,
      2009 Assigned A2 (sf)

   -- EUR320M C Notes, Affirmed at Baa2 (sf); previously on
      Dec 2, 2009 Assigned Baa2 (sf)

   -- EUR240M D Notes, Affirmed at Ba2 (sf); previously on Dec 2,
      2009 Assigned Ba2 (sf)

RATINGS RATIONALE

Moody's has reviewed the impact of a series of amendments to the
transaction documents of Esmee Master Issuer N.V. --S.A. Series 0-
2009-I , which will have the effect, among other things, of
extending the transaction maturity, allowing for the purchase of
receivables for further 24 month (substitution period). Moody's
has taken no rating action on the notes issued by this Belgian
SPV.

The documents have been amended in order to allow the originator
to extend the substitution period by 2 years. In particular, the
step-up date and the final maturity date of all notes have been
postponed from October 2011 to October 2013 and from October 2045
to October 2047, respectively. At this time, the amendments will
not, in and of itself, result in a reduction or withdrawal of the
current ratings on the Debt.

The methodologies used in this rating were "Moody's Approach to
Rating CDOs of SMEs in Europe" published in February 2007,
"Moody's Approach to Rating Granular SME Transactions in Europe,
Middle East and Africa" published in June 2007, and "Refining the
ABS SME Approach: Moody's Probability of Default assumptions in
the rating analysis of granular Small and Mid-sized Enterprise
portfolios in EMEA" published in March 2009.

Moody's will continue monitoring this rating. Any change in the
rating will be publicly disseminated by Moody's through
appropriate media.


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


ALMA TOUR: Unit Files for Bankruptcy
------------------------------------
According to Novinite.com, the Sofia City Court said Friday that
Alma Tour Fly, a company within the group of scandal-hit Bulgarian
tour operator Alma Tour, filed for bankruptcy on
Oct. 6.

Problems with Alma Tour surfaced in early September, when close to
1,000 international tourists, most of them Russians, were stranded
at Bulgarian Black Sea airports of Burgas and Varna, Novinite.com
recounts.

Their flights were cancelled by national air carrier Bulgaria Air
over what it claimed to be EUR3.6 million debts from Alma Tour,
which had booked the tourists' trips, Novinite.com discloses.

On Sept. 13, Bulgaria Air claimed Alma Tour had had problems in
repaying its bank loans in the summer, namely a credit in the
amount of US$8 million for the financing of its airline
transportation services and in the amount of EUR18 million for
hotel accommodations, Novinite.com relates.

The biggest creditor of Alma Tour was said to be the Bulgarian
Commercial Corporate Bank, with which the company had pledged its
assets for EUR13 million, Novinite.com notes.

In the meantime, Bulgarian industrial conglomerate Chimimport,
comprising companies like Bulgaria Air, Central Cooperative Bank
(CCB) and insurance company Armeetz, rejected claims of eyeing
assets of companies within the debt-ridden Alma Tour group,
Novinite.com states.

"Like anywhere else in the world, when a company takes a loan, it
pledges some asset as collateral.  In this case, the firms within
the Alma Tour group have pledged collaterals to CCB and Bulgaria
Air of their choice", Novinite.com quotes as saying in a Wednesday
statement, refuting allegations that it aimed to take over the
troubled tour operator after bringing it to its knees.


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F I N L A N D
=============


ELCOTEQ SE: Declared Bankrupt by Luxembourg Court
-------------------------------------------------
Elcoteq SE was declared bankrupt by the Luxembourg Court on
Oct. 7.  Yann Baden has been appointed as the Bankruptcy
administrator.  He also acts as Bankruptcy Administrator for
Elcoteq Network S.A.

Trading in Elcoteq's securities at Nasdaq OMX Helsinki has been
terminated on Oct. 6.  Due to the bankruptcy, Elcoteq will not
publish the Interim Report January-September 2011 or any further
Stock Exchange Releases.

According to SeeNews, during the last months, Elocteq has been in
discussions with its revolving credit facility lenders and key
customers but in the end it was unable to agree on a solution that
would satisfy its lenders.  Elcoteq, as cited by SeeNews, said
that the banks rejected the proposal of the company and its
customers and requested the customers to waive their rights and
increase their exposure instead.

About 15% of the original EUR230 million (US$309.9 million)
revolving credit facility remains outstanding and the lenders have
continued their enforcement actions against the company, thus
preventing it from continuing its operations, SeeNews discloses.

Elcoteq SE's three Finnish subsidiaries, Elcoteq Finland Oy,
Elcoteq Lohja Oy and Elcoteq Design Center Oy filed for insolvency
at the end of August, followed by Elcoteq Network in September,
SeeNews recounts.

                         About Elcoteq

Elcoteq SE -- http://www.elcoteq.com/-- Elcoteq provides a wide
range of services to original equipment manufacturers (OEM) and
to service providers such as operators, retailers and insurance
companies.

Elcoteq's Electronics Manufacturing Services (EMS) Business
Segment provides global supply chain solutions such as
Engineering and Manufacturing Services but also technology and
component Sourcing, custom Configuration, Testing, Delivery and
other product supply related Services.  EMS products range from
control and security, communications infrastructure and lighting
solutions to special purpose mobile devices and home
entertainment systems.

Elcoteq's After Market Services (AMS) Business Segment provides
globally reverse supply chain solutions for its customers
consisting of Reverse Logistics, Depot Repair, Refurbishment,
Recycling and Salvaging Services as well as AMS specific
Engineering and Customer Support Services.  AMS products range
from mobile phones, tablets, flat panel TV's and set-top boxes to
personal navigation and gaming devices.

Elcoteq SE is listed on the NASDAQ OMX Helsinki Ltd.


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


SOLARVALUE AG: To Decide on Liquidation on November 16
------------------------------------------------------
Solarvalue Annual General Meeting (AGM) will decide about
liquidation.

Despite the appropriate efforts, Solarvalue AG did not succeed to
ensure the funds needed for the scheduled industrial production of
solar grade silicon.

Due to the company's current financial situation, the Annual
General Meeting, scheduled for November 16, 2011 in Berlin will
have to decide about the liquidation of the company.

The invitation for the AGM is available on the company's Web site
at http://www.solarvalue.comby visiting the section Investor
Relations -- General Meetings.

The Solarvalue AG, based in Berlin, was founded in 2005.  Nearest
purpose of the company is the production of ingots from upgraded
silicon.  The long term goal is to grow along the solar value
chain.


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H U N G A R Y
=============


* HUNGARY: Mandatory Liquidations Up 4.7% in September 2011
-----------------------------------------------------------
MTI-Econews, citing company information provider Opten, reports
that the number of mandatory liquidations initiated against
Hungarian companies came to 1,967 in September, up 4.7% yr/yr.

According to MTI, in January-September, the number of mandatory
liquidations came to 14,792, up 12% from a year earlier.

The number of voluntary liquidations was up 99.7% in September
from a year earlier, MTI relates.

In the first nine months of 2011, the number of voluntary
liquidations amounted to 17,381, 60.7% more than in the same
period of 2010, MTI discloses.


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I R E L A N D
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CALYPSO CAPITAL: S&P Rates EUR100-Mil. Class A Notes at 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'BB- (sf)'
preliminary credit rating to the EUR100 million
principal-at-risk, variable-rate series 2011-1, class A notes
issued by Calypso Capital Ltd. under its program. The program is
sponsored by AXA Global P&C (AXA GPC). This is the second series
of notes to be issued under this program.

The proceeds of the notes will serve to provide AXA GPC with a
source of industry loss-based cover for windstorms in Europe over
a three-year period. The notes will be exposed to European
windstorm risks in Belgium, Denmark, France (excluding French
overseas territories), Germany, Ireland, Luxemburg, the
Netherlands, Norway, Sweden, Switzerland, and the U.K.

Calypso Capital is a special-purpose company incorporated under
the laws of the Republic of Ireland. All of its issued and
outstanding share capital is held in trust for charitable purposes
by Wilmington Trust SP Services (Dublin) Ltd.

AXA GPC, a wholly owned subsidiary of AXA, is an internal AXA
group reinsurance company that also oversees AXA's global P&C
operations. It is proposing to enter into this transaction to
provide a multiyear source of cover against certain European
windstorm events.

The series 2011-1 transaction will include a nonrisk period
between the issuance date in October 2011, and the beginning of
the risk period, Jan. 1, 2012. The risk modeling is based on
EQECAT's Europe windstorm model, as released in WORLDCATenterprise
Version 3.16.

Calypso Capital 2011-1 will provide non-indemnity protection to
AXA GPC against losses suffered between Jan. 1, 2012, and
Dec. 31, 2014. The transaction can be extended in three-month
increments up to 24 months beyond the scheduled redemption date,
to allow for loss development and reporting. The risk period will
not be extended.


QUINN INSURANCE: High Court Approves Sale to Anglo-Liberty JV
-------------------------------------------------------------
Mary Carolan at The Irish Times reports that the president of the
High Court has approved the sale of Quinn Insurance Ltd. to a
joint venture of US insurer Liberty Mutual and Anglo Irish Bank.

According to The Irish Times, the decision means EUR738 million of
public money will be paid out of the State's insurance
compensation fund to the insurer, including an immediate payment
of EUR320 million to facilitate the sale with the remainder later,
subject to applications to the court.

After a three-day hearing, Mr. Justice Nicholas Kearns on Thursday
approved the sale proposals advanced by the insurer's joint
administrators, The Irish Times relates.  He said he had decided
to give his decision immediately, given the fact the proposed
transaction is subject to time limits, the commercial
sensitivities involved and the needs of the affected parties for
certainty, The Irish Times notes.

He had decided to approve the transfer by Quinn Insurance to
Liberty of those parts of the insurance business as identified in
the sale scheme, The Irish Times states.  He would give his full
reasons in a written judgment this week, The Irish Times
discloses.

Denis McDonald SC, for the administrators, said the sale provided
for the entire workforce of Quinn Insurance to be transferred to
Liberty and the management of policies would continue with the
same staff, The Irish Times relates.  Mr. McDonald, as cited by
The Irish Times, said that this scheme preserved the business and
a full workforce and represented a "fantastic achievement".  He
added that the administrators' sale scheme was conditional on the
Central Bank authorizing Liberty to practice here and on the
company meeting the solvency requirements, The Irish Times notes.

                     About Quinn Insurance

Quinn Insurance is owned by Sean Quinn, who was once Ireland's
richest man, and his family.  The company has more than 20% of
the motor and health insurance market in Ireland.  Employing
almost 2,800 people in Britain and Ireland, it was founded in
1996 and entered the UK market in 2004.

As reported by the Troubled Company Reporter-Europe, The Irish
Times said the Financial Regulator put Quinn Insurance into
administration in March 2010 after his office discovered
guarantees had been provided by the insurer's subsidiaries as far
back as 2005 on Quinn Group debts of more than EUR1.2 billion.
The regulator said the guarantees reduced the amount the firm had
in reserve to protect policyholders against possible claims,
putting 1.3 million customers at risk, according to the Irish
Times.


WINDERMERE X: Fitch Cuts Ratings on Two Note Classes to 'Csf'
-------------------------------------------------------------
Fitch Ratings has downgraded Windermere X CMBS Ltd's Class D, E
and F notes and affirmed the Class A, B and C notes, as follows:

  -- EUR904.7m Class A (XS0293895271) affirmed at 'Asf'; Outlook
     revised to Stable from Negative

  -- EUR51.9m Class B (XS0293896915) affirmed at 'A-sf'; Outlook
     revised to Stable from Negative

  -- EUR59.3m Class C (XS0293897137) affirmed at 'BBBsf'; Outlook
     revised to Stable from Negative

  -- EUR104.6m Class D (XS0293898457) downgraded to 'CCCsf' from
     'Bsf'; Recovery Rating 'RR3'

  -- EUR64.9m Class E (XS0293898887) downgraded to 'Csf' from
     'CCsf'; 'RR6'

  -- EUR13.4m Class F (XS0293899265) downgraded to 'Csf' from
     'CCsf'; 'RR6'

The downgrade of the junior notes reflects the revised recovery
expectations from the Woolworth Boenen and Tresforte loans,
following an investor presentation from the special servicer.
Losses on the classes E and F notes are now considered inevitable,
and the class D notes are at risk of defaulting.  For the affirmed
tranches, the Stable Outlook rests on robust performance for the
other loans, the expected switch to sequential principal
allocation (once a loss is incurred), and the length of the
effective tail period (with legal bond maturity in 2019) given the
extension options available for the Thunderbird, Corvatsch and
Lightning Dutch loans.

A revaluation of the vacant Woolworth Boenen asset (announced in
September 2011) implies minimal prospects for loan recoveries as a
result of its appeal to occupiers (in its current state) being
judged as negligible.  Workout and swap breakage costs are
expected to consume the bulk of any sales proceeds.  The loan
balance, expected to be written off, stands at EUR46.5 million.

The workout of the defaulted EUR35 million Tresforte loan may also
result in loss allocation.  The special servicer is currently in
discussions with the borrower regarding a restructuring of the
loan, including curing of the LTV covenant breach.  However, if
these attempts fail, sale of the assets may only yield net
recoveries of 40% of the loan balance in a worst-case scenario,
according to a stress test conducted by Hatfield Philips
International.  While the special servicer believes recoveries
will be in excess of the stress test result, Fitch has
incorporated the likelihood of such a loss in its analysis.

The EUR118.5 million Thunderbird loan has an extension option upon
maturity on October 15, 2011, subject to meeting certain
performance triggers.  A recent revaluation of the collateral,
stating compliance with the LTV covenant, is a step towards
meeting the extension criteria.

The EUR8 million Built loan defaulted at its extended maturity on
September 30, 2011.  The borrower had been unable to redeem the
loan in full, which constitutes an event of default and resulted
in a transfer into special servicing.  This is reflected in the
ratings.


=========
I T A L Y
=========


* ITALY: Moody's Downgrades Government Bond Ratings
---------------------------------------------------
Moody's Investors Service on Oct.4 downgraded Italy's government
bond ratings to A2 with a negative outlook from Aa2, while
affirming its short-term ratings at Prime-1.  The rating action
concludes the review for downgrade initiated by Moody's on June
17, 2011.

The main drivers that prompted the rating downgrade are:

(1) The material increase in long-term funding risks for euro area
sovereigns with high levels of public debt, such as Italy, as a
result of the sustained and non-cyclical erosion of confidence in
the wholesale finance environment for euro sovereigns, due to the
current sovereign debt crisis.

(2) The increased downside risks to economic growth due to
macroeconomic structural weaknesses and a weakening global
outlook.

(3) The implementation risks and time needed to achieve the
government's fiscal consolidation targets to reverse the adverse
trend observed in the public debt, due to economic and political
uncertainties.

The downgrade reflects the weight of these growing risks relative
to some positive credit attributes. These include a lack of
significant imbalances in the economy or severe pressure on
private financial and non-financial sector balance sheets, as well
as the actions undertaken by the government over the summer.
Moody's notes that the size of the rating action is largely driven
by the sustained increase in the country's susceptibility to
financial shocks due to a structural shift in market sentiment
regarding euro-area countries with high debt burdens. A country's
susceptibility to shocks is a key factor under Moody's
sovereign methodology.
The negative outlook reflects ongoing economic and financial risks
in Italy and in the euro area. The uncertain market environment
and the risk of further deterioration in investor sentiment could
constrain the country's access to the public debt markets. If such
risks were to materialize and the long-term availability of
external sources of liquidity support were to remain uncertain,
the country's rating could transition to substantially lower
rating levels.

The downgrade stems from three closely related drivers:
1) The fragile market sentiment that continues to surround euro
area sovereigns with high levels of debt implies materially
increased financing costs and funding risks for Italy. The country
is a frequent issuer with refinancing needs of more than EUR200
billion in 2012.

Although future policy actions within the euro area could reduce
investors' concerns and stabilize funding markets, the opposite is
also increasingly possible. Even if policy actions were to succeed
in the short term in returning some degree of normality to euro
area sovereign debt markets, the underlying fragility and loss of
confidence is deep and likely to be sustained. As indicated by the
A2 rating, the risk of default by Italy remains remote.
Nonetheless, Moody's believes that the structural shift in
sentiment in the euro area funding market implies
increased vulnerability of this country to loss of market access
at affordable rates that is incompatible with a 'Aa' rating.
Moreover, the preponderance of downside risks and the potential
for rapid rating transition which those risks imply are not
compatible with a rating at the top end of the 'A' range. The
repositioning of Italy's government bond rating to A2 reflects
Moody's judgment of the balance of long-term risks facing the
Italian sovereign. It is consistent with Moody's broader
reassessment of sovereign risk in the euro area, focusing on
member countries that are more susceptible to confidence-related
shocks due to high public debt exposure and/or large fiscal
imbalances.

2) The Italian economy continues to face significant challenges
due to structural economic weaknesses. These problems -- mainly
low productivity and important labor and product market rigidities
-- have been an impediment to the achievement of higher potential
growth rates over the past decade and continue to hinder the
economy's recovery from the severe recession it experienced in
2009. These structural impediments to economic growth cannot be
removed quickly. The government's reform
plans have only just started to address some of these structural
challenges, and they need to be implemented efficiently. Moreover,
moderate medium-term growth prospects for the Italian economy have
been further revised downwards due to potential adverse effects of
a weakening European and global growth outlook. Economic growth
will be a crucial factor determining the government's revenues,
the achievement of fiscal consolidation targets and, ultimately,
its debt trajectory.

3) Finally, there is increasing uncertainty for the government to
achieve fiscal consolidation targets. Since more than half of the
consolidation measures are based on government revenue growth, the
plans are vulnerable to the high level of uncertainty around
economic growth in Italy and elsewhere in the EU. Moreover,
political consensus on additional expenditure cuts can be
difficult to achieve. As a consequence, the government may find it
challenging to generate the primary surpluses that are needed to
place the public debt-to-GDP ratio and the interest burden
on a solid downward trend. Moody's expects Italy's public debt-to-
GDP ratio to reach 120% at the end of this year, up from 104% at
the start of the global crisis. As well as posing a risk to
Italy's financial strength, which is a key consideration under
Moody's sovereign methodology, failure to achieve fiscal and debt
targets could increase the country's susceptibility to financial
market shocks.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008. Please see the Credit Policy
page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt,
this announcement provides relevant regulatory disclosures in
relation to each rating of a subsequently issued bond or note of
the same series or category/class of debt or pursuant to a program
for which the ratings are derived exclusively from existing
ratings in accordance with Moody's rating practices. For ratings
issued on a support provider, this announcement provides relevant
regulatory disclosures in relation to the rating action on the
support provider and in relation to each particular
rating action for securities that derive their credit ratings from
the support provider's credit rating. For provisional ratings,
this announcement provides relevant regulatory disclosures in
relation to the provisional rating assigned, and in relation to a
definitive rating that may be assigned subsequent to the final
issuance of the debt, in each case where the transaction structure
and terms have not changed prior to
the assignment of the definitive rating in a manner that would
have affected the rating. For further information please see the
ratings tab on the issuer/entity page for the respective issuer on
http://www.moodys.com/


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


INT'L AUTOMOTIVE: S&P Affirms 'B+' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
International Automotive Components Group S.A. (a Luxembourg-based
global auto supplier with regional offices in Southfield, Mich.
and Krefeld, Germany) to negative from stable, and affirmed its
ratings on the company, including the 'B+' corporate credit
rating.

"The 'B+' corporate credit rating on IAC reflects our view of the
company's aggressive financial risk profile, with debt to EBITDA
(including our adjustments) that we expect will be around 4.0x
over the next year, and its vulnerable business risk profile that
reflects a limited track record in its current form, our
assumption of mid single-digit EBITDA margins and participation in
the volatile and competitive global auto supplier industry,"
said Standard & Poor's credit analyst Nishit Madlani.

"The financial risk profile assessment reflects our view that,
over the long term, IAC's financial policies will remain
aggressive, given its concentrated private-equity ownership.
According to our estimates, lease-adjusted debt to EBITDA will be
about 3.8x by the end of 2011 and should remain under 4.0x in
2012. Unrecovered commodity costs could also reduce EBITDA margins
and strain free cash flow generation. For the 'B+' rating, we
would expect that adjusted leverage remains at 4.0x or less over
the next two years with sustained free cash flow generation of
around $40 million-$50 million," S&P said.

"In June 2011, IAC issued $300 million of debt composed of senior
secured notes, due 2018, to pay down a portion of its existing
debt and to finance a shareholder distribution. At July 2, IAC had
total balance-sheet debt of about $545 million and about $776
million in total, including our adjustments, mostly for the
present value of operating leases and some unfunded postretirement
benefits. We believe acquisitions or possible future distributions
to shareholders could absorb free cash flow and limit significant
debt reduction. The assessment also incorporates our view of IAC's
liquidity as adequate under our criteria given a lack of
meaningful near-term debt maturities," S&P stated.


=====================
N E T H E R L A N D S
=====================


AEGON NV: Expects to Shed 300 Jobs Under Restructuring Program
--------------------------------------------------------------
AEGON's business in The Netherlands is bringing forward plans to
make the company more agile and better positioned to respond to
changing conditions and opportunities in the Dutch market.  The
restructuring program announced on Sept. 29 will affect
approximately 300 positions.

The restructuring of AEGON's Dutch business is an acceleration of
previously announced strategic plans.  "The world around us is
changing rapidly," said Marco Keim, a member of the Management
Board and CEO of AEGON The Netherlands.

"To effectively respond to these developments, AEGON in the
Netherlands must simplify its operations and become a more
efficient organization, better able to capture the opportunities
arising from changes in the market.  Unfortunately, this means
that we will need to downsize our workforce."

The reorganization will inevitably entail forced redundancies.
Employees affected will be supported by AEGON according to
agreements with the relevant trade unions in the Netherlands.

The costs of the reorganization will total approximately
EUR60 million and are expected to be accounted for before the end
of this year.  The reorganization program and other initiatives
will result in reducing the cost base for AEGON The Netherlands by
EUR100 million, compared to the cost base for 2010.  Most of the
cost savings is expected to be achieved in 2012.

As required by Dutch law, the restructuring plans have been
submitted to the Central Works' Council for its formal advice,
which is expected before the end of the year.

                           About AEGON

As an international life insurance, pension and asset management
company based in The Hague, AEGON has businesses in over twenty
markets in the Americas, Europe and Asia.  AEGON companies employ
approximately 26,500 people and have some 40 million customers
across the globe.


DIGINOTAR BV: Parent Expects to Lose Up to $4.8 Mil from Collapse
-----------------------------------------------------------------
VASCO Data Security International, Inc., on Oct. 4 announced that
the losses the company expects to record related to the bankruptcy
of DigiNotar, B.V. and related events will range from
approximately US$3.3 million to $4.8 million.  These estimates do
not include any provision for possible claims which might be
asserted against VASCO.

DigiNotar was declared bankrupt by the Haarlem District Court, The
Netherlands on September 20, 2011.

"We expect to record the costs and a recovery related to the
DigiNotar events beginning in the third quarter of 2011," said
T. Kendall Hunt, VASCO's Chairman and CEO.  "Additional costs or
recoveries may be recorded in future periods as more information
becomes available.  We also expect to report the foregoing costs
and recovery, together with the results of operation of
DigiNotar through the date of its filing for bankruptcy, as a
discontinued operation."

More information regarding VASCO's estimates of the costs and
recovery it expects to incur in connection with the DigiNotar
events is contained in an amendment to Form 8-K that will be filed
by VASCO with the Securities and Exchange Commission on Oct. 4.

                           About VASCO

VASCO is a supplier of strong authentication and e-signature
solutions and services specializing in Internet security
applications and transactions.  VASCO has positioned itself as a
global software company for Internet security serving a customer
base of approximately 10,000 companies in more than 100
countries, including approximately 1,700 international financial
institutions.  VASCO's prime markets are the financial sector,
enterprise security, e-commerce and e-government.

                      About Diginotar B.V.

As reported by the Troubled Company Reporter-Europe on Sept. 22,
2011, DigiNotar, a company organized and existing in The
Netherlands, filed a voluntary bankruptcy petition under Article 4
of the Dutch Bankruptcy Act in the Haarlem District Court, The
Netherlands, on Sept. 19, 2011, and was declared bankrupt by the
Court.

The Court appointed a bankruptcy trustee and a bankruptcy judge
to manage all affairs of DigiNotar as it proceeds through the
bankruptcy process.  The Trustee will work under the supervision
of the Judge and be responsible for the administration and
liquidation of DigiNotar.  The Trustee is required to report to
the Judge and his reports are expected to be made available to
the public and will serve as a source of information to the
creditors and other stakeholders.  Effective as of the beginning
of business, the Trustee has taken over the management of
DigiNotar's business activities.


FORNAX BV: Fitch Affirms 'CCCsf' Ratings on Two Note Classes
------------------------------------------------------------
Fitch Ratings has affirmed Fornax (Eclipse 2006-2) B.V.'s notes,
as follows:

  -- EUR4.2m class A (XS0267553443) affirmed at 'AAAsf'; Outlook
     Stable

  -- EUR87.2m class B (XS0267554334) affirmed at 'AAAsf'; Outlook
     Stable

  -- EUR31.9m class C (XS0267554508) affirmed at 'AAsf'; Outlook
     Stable

  -- EUR19.9m class D (XS0267554920) affirmed at 'BBBsf'; Outlook
     Negative

  -- EUR24.8m class E (XS0267555570) affirmed at 'B-sf'; Outlook
     Negative

  -- EUR16.8m class F (XS0267555737) affirmed at 'CCCsf';
     Recovery Rating (RR) of RR5

  -- EUR8.0m class G (XS0267556032) affirmed at 'CCCsf'; Recovery
     Rating RR6

The affirmations reflect the broadly stable performance of the
underlying loans over the past 12 months.  During this period, the
largest loan, Anec Blau (EUR42.6 million), secured by a Grade A
shopping centre located on the outskirts of Barcelona, was repaid
in full at its maturity in February 2011.  All proceeds were used
to pay down the class A notes, which will be repaid in full once
the low leverage Toulouse 2 loan repays.

Of the 19 loans originated at closing, eight remain outstanding.
With the exception of Toulouse 2, balloon repayments will be
applied either on a 50% pro rata/50% sequential basis or, for the
last three scheduled loan maturities, on a fully-pro rata basis
(in each case subject to a lock-out on the class G notes pending
repayment of the ATU Austria, ATU Germany, Cassina Plaza and
Kingbu loans).  Since principal recoveries on defaulted loans will
be applied sequentially, Fitch tests bond performance not only in
scenarios of default, but also in scenarios in which certain loans
redeem.  With some loan maturities approaching, Fitch has
maintained a Negative Outlook on the class D and E notes, and
continues to consider a default of the class F and G notes a
possibility.

Two loans, accounting for approximately one-third of the
outstanding balance, are currently watchlisted by the servicer.
The Cassina Plaza loan was watchlisted in Q410 because of the
rent-free period granted to the main tenant in exchange for
signing new leases.  Therefore this is expected to be reversed
once the rent-free period expires in the next quarter.  The
Bielefeld/Berlin portfolio loan has been on the watchlist for a
number of years because although interest can be met from rental
income, scheduled amortization relies in part on sponsor cash
injections.  Neither of these cases warrants negative rating
action at this time.

The other loans in the pool are performing as expected.  This is
anchored on generally long leases providing debt service coverage
beyond loan maturity.  However, the majority of properties
securing the loans have not been revalued since closing, which
means loan leverage remains a concern -- albeit one that is
adequately reflected in the ratings.


INVESCO MEZZANO: S&P Raises Rating on Class E Notes to 'B+'
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
all rated classes of notes in Invesco Mezzano B.V.

"The rating actions follow our assessment of the transaction's
performance using data from the latest available trustee report,
dated Aug. 31, 2011, as well as a cash flow analysis. We have
taken into account recent developments in the transaction and
reviewed the transaction under our 2010 counterparty criteria (see
'Counterparty And Supporting Obligations Methodology And
Assumptions,' published on Dec. 6, 2010)," S&P related.

"From our analysis, we have observed an increase in the aggregate
collateral balance and a reduction in the principal balance of the
class E notes. This has increased the credit enhancement available
for all classes of notes -- especially that of the class E notes -
- since our last rating action in December 2009," S&P said.

The August 2011 trustee report indicates that the
overcollateralization test results for all classes have improved
and are now currently passing. "In addition, we have observed an
improvement in the credit quality of the portfolio, such as a fall
in defaulted assets to 0% from 7.80% and a decrease in assets
rated 'CCC+', 'CCC', or 'CCC-', to 4.10% from 9.11%," S&P related.

"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated class. In our
analysis, we used the reported portfolio balance that we consider
to be performing, the current weighted-average spread and the
weighted-average recovery rates that we considered to be
appropriate. We incorporated various cash flow stress scenarios
using alternative default patterns, levels, and timings for each
liability rating category, in conjunction with different interest
stress scenarios," S&P said.

"Our credit and cash flow analysis indicated that the credit
enhancement available to each tranche is now at levels that are
consistent with a higher rating than previously assigned. We have
therefore raised our ratings on the class A to E notes," S&P
related.

"As the updated ratings on these notes are currently lower than
the ratings on any of the counterparties in the transaction, they
are not affected by the application of our 2010 counterparty
criteria," S&P said.

"None of our ratings on the notes was constrained by the
application of the largest obligor default test, a supplemental
stress test we introduced in our 2009 criteria update for
corporate collateralized debt obligations (CDOs) (see 'Update To
Global Methodologies And Assumptions For Corporate Cash Flow And
Synthetic CDOs,' published on Sept. 17, 2009)," S&P said.

Invesco Mezzano is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans to primarily speculative-
grade corporate firms. The transaction closed in October 2007 and
is managed by Invesco Asset Management Ltd.

Ratings List

Class                 Rating
               To                From

Invesco Mezzano B.V.
EUR350.45 Million Senior and Deferrable Interest Floating-Rate
Notes

Ratings Raised

A              A+ (sf)           A (sf)
B              A (sf)            BBB+ (sf)
C              BBB- (sf)         BB+ (sf)
D              BB+ (sf)          BB- (sf)
E              B+ (sf)           CCC (sf)


LEOPARD CLO: Moody's Confirms 'Caa3' Rating on 2023-1 Notes
-----------------------------------------------------------Moody's
Investors Service has taken rating action on these notes issued by
Leopard CLO V B.V:

   -- EUR168M Class A Senior Secured Floating Rate Notes due 2023
      Notes, Confirmed at Aa1 (sf); previously on Jun 22, 2011
      Aa1 (sf) Placed Under Review for Possible Upgrade

   -- EUR100M Multicurrency Senior Secured Floating Rate Variable
      Funding Notes due 2023 Notes, Confirmed at Aa1 (sf);
      previously on Jun 22, 2011 Aa1 (sf) Placed Under Review for
      Possible Upgrade

   -- EUR28M Class B Secured Deferrable Floating Rate Notes due
      2023 Notes, Upgraded to A2 (sf); previously on Jun 22, 2011
      Baa1 (sf) Placed Under Review for Possible Upgrade

   -- EUR13M Class C-1 Secured Deferrable Floating Rate Notes due
      2023 Notes, Upgraded to Baa2 (sf); previously on Jun 22,
      2011 Ba2 (sf) Placed Under Review for Possible Upgrade

   -- EUR7M Class C-2 Secured Deferrable Fixed Rate Notes due
      2023 Notes, Upgraded to Baa2 (sf); previously on Jun 22,
      2011 Ba2 (sf) Placed Under Review for Possible Upgrade

   -- EUR26M Class D Secured Deferrable Floating Rate Notes due
      2023 Notes, Upgraded to Ba2 (sf); previously on Jun 22,
      2011 B2 (sf) Placed Under Review for Possible Upgrade

   -- EUR13M Class E-1 Secured Deferrable Floating Rate Notes due
      2023 Notes, Upgraded to B1 (sf); previously on Jun 22, 2011
      Caa3 (sf) Placed Under Review for Possible Upgrade

   -- EUR3M Class E-2 Secured Deferrable Fixed Rate Notes due
      2023 Notes, Upgraded to B1 (sf); previously on Jun 22, 2011
      Caa3 (sf) Placed Under Review for Possible Upgrade

   -- EUR7M Class F Secured Deferrable Floating Rate Notes due
      2023-1 Notes, Confirmed at Caa3 (sf); previously on Jun 22,
      2011 Caa3 (sf) Placed Under Review for Possible Upgrade

   -- EUR5M Class K Combination Notes due 2023 Notes, Upgraded to
      Baa2 (sf); previously on Jun 22, 2011 Ba1 (sf) Placed Under
      Review for Possible Upgrade

   -- EUR10M Class T Combination Notes due 2023 Notes, Upgraded
      to Ba2 (sf); previously on Jun 22, 2011 B2 (sf) Placed
      Under Review for Possible Upgrade

   -- EUR5M Class W Combination Notes due 2023 Notes, Upgraded to
      Ba1 (sf); previously on Jun 22, 2011 Ba2 (sf) Placed Under
      Review for Possible Upgrade

The ratings of the three Combination Notes address the repayment
of the Rated Balance on or before the legal final maturity. For
Class W, Class K and Class T, the 'Rated Balance' is equal at any
time to the principal amount of the Combination Note on the Issue
Date minus the aggregate of all payments made from the Issue Date
to such date, either through interest or principal payments. The
current Rated Balance of Class W, Class K and Class T is
approximately EUR 4.2, EUR 4.1m and EUR 7.8m respectively. The
Rated Balance may not necessarily correspond to the outstanding
notional amount reported by the trustee.

RATINGS RATIONALE

Leopard CLO V B.V., issued in May 2007, is a multicurrency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European loans. The portfolio is managed by M &G
Investment Management Limited. This transaction will be in
reinvestment period until July 2013. It is predominantly composed
of senior secured loans.

According to Moody's, the rating actions taken on the notes are
primarily a result of applying Moody's revised CLO assumptions
described in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011.

The actions reflect key changes to the modeling assumptions, which
incorporate (1) a removal of the temporary 30% default probability
macro stress implemented in February 2009, (2) increased BET
liability stress factors as well as (3) change to a fixed recovery
rate modeling framework. Additional changes to the modeling
assumptions include (1) standardizing the modeling of collateral
amortization profile, and (2) changing certain credit estimate
stresses aimed at addressing the lack of forward looking
indicators as well as time lags in receiving information required
for credit estimate updates, and (3) adjustments to the equity
cash-flows haircuts applicable to combination notes.

Reported WARF has increased from 2722 to 2853 between January 2011
and August 2011. However, this reported WARF overstates the actual
deterioration in credit quality because of the technical
transition related to rating factors of European corporate credit
estimates, as announced in the press release published by Moody's
on September 1, 2010. In addition, securities rated Caa or lower
make up approximately 8.4% of the underlying portfolio versus
10.8% in January 2011. Additionally, there are currently no
defaulted securities compared to EUR6.2 million in January 2011.

The overcollateralization ratios of the rated notes have
deteriorated since the rating action in April 2011. The Senior and
Class F overcollateralization ratios are reported at 145.1% and
103.1%, respectively, versus January 2011 levels of 147.7% and
104.7%, respectively; however all related overcollateralization
tests are currently in compliance. Moody's notes that the
overcollateralization ratios are calculated by the relevant
transaction parties by including the undrawn and uncommitted
amount of the senior VFN in the numerator of the ratio. Currently
this amount is approximately EUR 14.56m. The inclusion of this
amount in the ratios' numerator and its exclusion from the
denominator results in higher than usual overcollateralization
ratios therefore delaying the potential trigger of the relevant
overcollateralization tests.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR 338 million,
defaulted par of zero, a weighted average default probability of
23.67% (consistent with a WARF of 2839), a weighted average
recovery rate upon default of 44.6% for a Aaa liability target
rating, a diversity score of and a weighted average spread of
2.85%. The default probability is derived from the credit quality
of the collateral pool and Moody's expectation of the remaining
life of the collateral pool. The average recovery rate to be
realized on future defaults is based primarily on the seniority of
the assets in the collateral pool. For a Aaa liability target
rating, Moody's assumed that 87% of the portfolio exposed to
senior secured corporate assets would recover 50% upon default,
while the remainder non first-lien loan corporate assets would
recover 10%. In each case, historical and market performance
trends and collateral manager latitude for trading the collateral
are also relevant factors. These default and recovery properties
of the collateral pool are incorporated in cash flow model
analysis where they are subject to stresses as a function of the
target rating of each CLO liability being reviewed.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by uncertainties of credit
conditions in the general economy, and the large concentration of
speculative-grade debt maturing between 2012 and 2015 which may
create challenges for issuers to refinance. CLO notes' performance
may also be impacted by 1) the manager's investment strategy and
behavior and 2) divergence in legal interpretation of CDO
documentation by different transactional parties due to embedded
ambiguities.

Sources of additional performance uncertainties are:

1) Moody's notes that around 61% of the collateral pool consists
of debt obligations whose credit quality has been assessed through
Moody's credit estimates. Risks and associated stresses related to
the usage of Moody's credit estimates are described in "Updated
Approach to the Usage of Credit Estimates in Rated Transactions"
published in October 2009.

2) The deal has significant exposure to non-EUR denominated
assets. Volatilities in foreign exchange rate will have a direct
impact on interest and principal proceeds available to the
transaction, which may affect the expected loss of rated tranches.

3) Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which may be
extended due to the manager's decision to reinvest into new issue
loans or other loans with longer maturities and/or participate in
amend-to-extend offerings.

4) Other collateral quality metrics: The deal is allowed to
reinvest and the manager has the ability to deteriorate the
collateral quality metrics' existing cushions against the covenant
levels. Moody's analyzed the impact of assuming worse of reported
and covenanted values for weighted average rating factor, weighted
average spread, and diversity score.

The principal methodology used in this rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011.

Moody's modeled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's
Approach to Rating Collateralized Loan Obligations" rating
methodology published in June 2011.

The cash flow model used for this transaction, whose description
can be found in the methodology listed above, is Moody's EMEA
Cash-Flow model.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio. All information
available to rating committees, including macroeconomic forecasts,
input from other Moody's analytical groups, market factors, and
judgments regarding the nature and severity of credit stress on
the transactions, may influence the final rating decision.


NORIT HOLDING: S&P Assigns 'B+' Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to Norit Holding B.V. The outlook is stable.

"At the same time, we assigned our 'BB-' issue ratings and '2'
recovery ratings to the company's US$50 million revolving credit
facility and its US$260 million and EUR75 million first-lien
senior secured term loans. The '2' recovery ratings indicate our
expectation for substantial recovery (70% to 90%) in the event of
a payment default. Norit used proceeds from the transaction to
mainly fund approximately US$333 million in distribution to its
private-equity owners," S&P related.

"The ratings on Norit reflect the company's fair business risk
profile, including its leading positions in a value-added global
niche for activated carbon," said Standard & Poor's credit analyst
Paul Kurias. Incorporated in The Netherlands and based in
Marshall, Texas, Norit has a highly leveraged financial profile,
with very aggressive financial policies, that offsets its
strengths.

"We do not believe the company will be in a position to generate
meaningful surplus free cash flow to pay down debt, given a
relatively large discretionary growth-related capital spending
program," Mr. Kurias said. "Over the next several years, growth
spending is likely to obscure the inherent low capital intensity
of the business. We expect management will approach this growth
prudently, addressing market demand and raw procurement material
issues to support the planned capital outlays, so that leverage
metrics remain within our range of expectations."

Norit is the largest global producer of activated carbon in a
market valued at about $1.5 billion globally. Norit's activated
carbon products are generally critical inputs into its customers'
products and processes, with demand resulting from the high value
proposition, existing and pending legislation, and a growing
awareness of environmental issues. The company's global market
leadership position and well-diversified geographic markets
contribute to a favorable competitive position. Norit's operations
benefit from long-term contracts for key raw materials and the
capability to manufacture a wide range of activated carbon grades
for diverse applications.

"The stable outlook reflects our expectation that operating
performance will remain strong in 2011, as volumes in some end
markets strengthen. We also expect the company to be proactive in
terms of pricing, so that the prospect of inflationary raw
material prices will not contribute to lower margins," Mr.
Kurias said.


WOOD STREET: Moody's Raises Rating on Class E Notes to 'B1'
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by Wood Street CLO III B.V.:

Issuer: Wood Street CLO III B.V.

   -- EUR49.5M Class B Senior Secured Floating Rate Notes due
      2022, Upgraded to A1 (sf); previously on Jun 22, 2011 A3
      (sf) Placed Under Review for Possible Upgrade

   -- EUR44M Class C Senior Secured Deferrable Floating Rate
      Notes due 2022, Upgraded to Baa3 (sf); previously on
      Jun 22, 2011 Ba2 (sf) Placed Under Review for Possible
      Upgrade

   -- EUR24.75M Class D Senior Secured Deferrable Floating Rate
      Notes due 2022, Upgraded to Ba3 (sf); previously on Jun 22,
      2011 B3 (sf) Placed Under Review for Possible Upgrade

   -- EUR16.5M Class E Senior Secured Deferrable Floating Rate
      Notes due 2022, Upgraded to B1 (sf); previously on Jun 22,
      2011 Caa3 (sf) Placed Under Review for Possible Upgrade

   -- EUR5M (Rated Outstanding Balance EUR 3.9M) Class V
      Combination Notes due 2022, Upgraded to Baa3 (sf);
      previously on Jun 22, 2011 Ba1 (sf) Placed Under Review for
      Possible Upgrade

   -- EUR6M (Rated Outstanding Balance EUR 4.3M) Class W
      Combination Notes due 2022, Upgraded to Baa2 (sf);
      previously on Jun 22, 2011 Ba2 (sf) Placed Under Review for
      Possible Upgrade

   -- EUR10M Class U Combination Notes due 2022, Withdrawn (sf);
      previously on Jun 22, 2011 Ba2 (sf) Placed Under Review for
      Possible Upgrade

   -- EUR5.5M Class X Combination Notes due 2022, Withdrawn (sf);
      previously on Jun 22, 2011 B2 (sf) Placed Under Review for
      Possible Upgrade

The ratings of the Combination Notes address the repayment of the
Rated Balance on or before the legal final maturity. For Class W,
the 'Rated Balance' is equal at any time to the principal amount
of the Combination Note on the Issue Date increased by the Rated
Coupon of 0.25% per annum respectively, accrued on the Rated
Balance on the preceding payment date minus the aggregate of all
payments made from the Issue Date to such date, either through
interest or principal payments. For Class V, the 'Rated Balance'
is equal at any time to the principal amount of the Combination
Note on the Issue Date minus the aggregate of all payments made
from the Issue Date to such date, either through interest or
principal payments. The Rated Balance may not necessarily
correspond to the outstanding notional amount reported by the
trustee.

The ratings of the Class U and X Combination Notes have been
withdrawn due to the classes' exchanges for their respective
components.

RATINGS RATIONALE

Wood Street CLO III B.V., issued in June 2006 is a single currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European loans. The portfolio is managed by
Alcentra Limited. This transaction will be in reinvestment period
until August 27, 2012. It is predominantly composed of senior
secured loans.

According to Moody's, the rating actions taken on the notes are
primarily a result of applying Moody's revised CLO assumptions
described in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011.

The actions reflect key changes to the modeling assumptions, which
incorporate (1) a removal of the temporary 30% default probability
macro stress implemented in February 2009, (2) increased BET
liability stress factors as well as (3) change to a fixed recovery
rate modeling framework. Additional changes to the modeling
assumptions include (1) standardizing the modeling of collateral
amortization profile, and (2) changing certain credit estimate
stresses aimed at addressing the lack of forward looking
indicators as well as time lags in receiving information required
for credit estimate updates.

The overcollateralization ratios of the rated notes have improved
since the rating action in November 2009. The Class A/B, Class C,
Class D, and Class E overcollateralization ratios are reported at
127.3%, 114.7%, 108.7%, and 105.6%, respectively, versus September
2009 levels of 126.7%, 114.4%, 108.4%, and 104.8%, respectively,
and all related overcollateralization tests are currently in
compliance. In particular, the Class E overcollateralization ratio
has increased due to the diversion of excess interest to
deleverage the Class E notes in the event of a Class E
overcollateralization test failure. Class E has amortized by EUR
2.6 million (15.5%) since last rating action in November 2009.
None of the classes of notes is deferring interest.

Reported WARF has increased from 2,675 to 2,852 between September
2009 and August 2011. However, this reported WARF mostly reflects
the technical transition related to rating factors of European
corporate credit estimates, as announced in the press release
published by Moody's on 1 September 2010. Additionally, there are
currently no defaulted securities compared to EUR 25.5 million in
September 2009.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR 524.1 million
a weighted average default probability of 20.86% (consistent with
a WARF of 2,835), a weighted average recovery rate upon default of
44.8% for a Aaa liability target rating, a diversity score of 31
and a weighted average spread of 2.99%. The default probability is
derived from the credit quality of the collateral pool and Moody's
expectation of the remaining life of the collateral pool. The
average recovery rate to be realized on future defaults is based
primarily on the seniority of the assets in the collateral pool.
For a Aaa liability target rating, Moody's assumed that 87.0% of
the portfolio exposed to senior secured corporate assets would
recover 50% upon default, while the remainder non first-lien loan
corporate assets would recover 10%. In each case, historical and
market performance trends and collateral manager latitude for
trading the collateral are also relevant factors. These default
and recovery properties of the collateral pool are incorporated in
cash flow model analysis where they are subject to stresses as a
function of the target rating of each CLO liability being
reviewed.

The deal is allowed to reinvest and the manager has the ability to
deteriorate the collateral quality metrics' existing cushions
against the covenant levels. However, in this case given the
limited time remaining in the deal's reinvestment period, Moody's
analyzed the impact of assuming weighted average spread consistent
with the midpoint between reported and covenanted values.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy and 2) the large
concentration of speculative-grade debt maturing between 2012 and
2015 which may create challenges for issuers to refinance. CLO
notes' performance may also be impacted by 1) the manager's
investment strategy and behavior and 2) divergence in legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.

Sources of additional performance uncertainties are:

1) Deleveraging: The main source of uncertainty in this
transaction is the pace of delevering from unscheduled principal
proceeds. Deleveraging may accelerate due to high prepayment
levels in the loan market and/or collateral sales by the manager,
which may have significant impact on the notes' ratings.

2) Moody's also notes that around 51% of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates. Large single exposures
to obligors bearing a credit estimate have been subject to a
stress applicable to concentrated pools as per the report titled
"Updated Approach to the Usage of Credit Estimates in Rated
Transactions" published in October 2009.

3) Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which may be
extended due to the manager's decision to reinvest into new issue
loans or other loans with longer maturities and/or participate in
amend-to-extend offerings.

The principal methodology used in this rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011. Please see the Credit Policy page on www.moodys.com for
a copy of this methodology.

Moody's modeled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's
Approach to Rating Collateralized Loan Obligations" rating
methodology published in June 2011.

The cash flow model used for this transaction, whose description
can be found in the methodology listed above, is Moody's CDOEdge
model.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio. All information
available to rating committees, including macroeconomic forecasts,
input from other Moody's analytical groups, market factors, and
judgments regarding the nature and severity of credit stress on
the transactions, may influence the final rating decision.


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


OTP BANK: Moody's Reviews 'Ba1' Deposit Ratings for Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed the Ba1 long-term local and
foreign currency deposit ratings of OJSC OTP Bank (Russia)
("OTPR") on review for downgrade.

RATINGS RATIONALE

The review for downgrade on OTPR's long-term ratings follows
Moody's recent announcement that it placed on review for downgrade
the bank financial strength rating of D+ (mapping to Baa3 on the
long-term scale) of OTP Bank (Hungary), OTPR's support provider.

OTPR's Ba1 deposit ratings incorporate a very high probability of
parental support from OTP Bank (Hungary), and OTPR consequently
receives a two-notch uplift from its Ba3 standalone credit
strength. Moody's assessment of a very high probability of
parental support is based on (i) OTPR's significant operational
integration with its parent, (ii) the strong strategic fit of OTPR
with OTP Bank Group, as Russia is one of three strategic foreign
markets for the group, and (iii) the parent's demonstrated
willingness to provide ongoing capital and liquidity support. At
the same time, there remains the risk that the Russian market
could lose its attractiveness, such that OTPR may be considered
non-strategic at a future date.

PRINCIPAL METHODOLOGIES

The 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, OTPR reported total assets of
RUB97.5 billion (US$3.2 billion) and equity of RUB14.5 billion (or
US$476 million), according to the bank's audited IFRS financial
report at year-end 2010. The bank is one of the market leaders in
unsecured retail lending in Russia, with the target products being
point of sale (POS) and credit cards. OTP Bank (Hungary) controls
over 95% of OTPR's shares.


* KRASNODAR KRAI: S&P Affirms 'BB' Long-Term Issuer Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said, based on available data
from Krasnodar Krai on debt, cash, budget, and economic
performance, it had affirmed its 'BB' long-term issuer credit
rating on Russia's Krasnodar Krai with a stable outlook, and also
affirmed the 'ruAA' Russia national scale rating. "At the same
time, we affirmed the 'BB/ruAA' issue ratings on the krai's
RUB1.5 billion senior unsecured amortizing bonds. The '3' recovery
rating on these bonds is unchanged," S&P stated.

"We subsequently suspended all our ratings on Krasnodar Krai --
including the debt issue and recovery ratings," S&P related.

"We suspended our ratings on Krasnodar Krai because we deem that
we do not have sufficient information from Krasnodar Krai to
maintain ratings surveillance on the krai," S&P related.

"Krasnodar Krai has not provided us with access to the necessary
data in its GRE sector, nor to long-term action plans of the
krai's management for the medium to long term. Specifically, we do
not know how the krai's government intends to address the
maintenance costs associated with the Olympic projects along with
its investment priorities after the 2014 Winter Olympic Games,"
S&P stated.

"We will resume our surveillance and reinstate the ratings on
Krasnodar Krai if we are able to visit management and receive
updated information on the krai's strategic plans. If, after a
reasonable period of time, we are still unable to fulfill our
information requirements for surveillance, we will withdraw the
ratings," S&P stated.


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


BIOFLAME LTD: Goes Into Liquidation as Investor Pulls Out Funds
---------------------------------------------------------------
Gazette & Herald reports that waste-to-energy firm Bioflame Ltd
has gone into liquidation with the loss of 12 jobs.  The company
ceased trading after its funding was pulled, the report says.

Gazette & Herald relates that Victor Buchanan, managing director,
said the directors were in the process of winding up the company.

According to the report, Mr. Buchanan said that one of the plants,
owned by a Doncaster company, would continue to be run by that
company, but he had "no idea" what would happen to the rest of the
sites or half-built sites.

Bioflame went to the market for funding last year, securing a deal
with cleantech and renewable energy fund ESB Novusmodus LP for an
investment of GBP4.5 million, Gazette & Herald recalls.

Bioflame secured the investment in December 2010 to complete the
commercialisation of the company's technology, attract project
funding, and accelerate the rollout of projects.  But the funder
pulled out after investing GBP3 million, believing the business
would require more than the further GBP1.5 million agreed to reach
its goals, the report relates.

Mr. Buchanan, as cited by Gazette & Herald, said the business plan
and project development side of the company were successful, but
it could not continue without cash.

"Bioflame had been a profitable business until it embarked on the
expansion with the investment, and it had then grown too quickly,"
the report quotes Mr. Buchanan as saying.

                         About Bioflame Ltd

Based in Pickering, U.K., Bioflame Ltd engages in the production
of power through biomass and waste.  It also offers services
related to environmental activities, such as research, design,
development, and build of low emissions facilities.  The company
employed 38 people.


HAINES WATTS: Primary Equity Firm Sues E&Y Over Lost Investment
---------------------------------------------------------------
Accountancy Age reports that Ernst & Young is being sued for
GBP8.5 million by private equity firm Primary Capital, which
claims the accountants incorrectly valued its investment into a
business recovery practice.

According to the report, the private equity firm acquired Haines
Watts Business Recovery in 2006, before the insolvency practice
entered into a pre-pack administration two years later. It was
sold to Tenon, the report notes.

The report says Primary Capital has made the claim after it lost
its investment when the insolvency firm was sold on.

E&Y said "the claim is misconceived and will be vigorously
defended," Accountancy Age reports citing The Times.

As reported in the Troubled Company Reporter-Europe on Jan. 29,
2008, Colin Michael, Trevethyn Haig, Ian David Green and Patrick
Michael Boyden of PricewaterhouseCoopers LLP were appointed
Jan. 14, 2008, joint administrators of:

   -- Credere (Company Number 05719911);

   -- Credere Holdings Ltd. (Company Number 05874693);

   -- Haines Watts Bri Ltd. (Company Number 05532196);

   -- Haines Watts Iva Ltd. (Company Number 05532209);

   -- Haines Watts Information Services Ltd.
      (Company Number 03637610); and

   -- Haines Watts Laiss Ltd. (Company Number 05532202).

Headquartered in Barnsley, England, Haines Watts provided services
that include taxation, business advisory, corporate finance,
corporate recovery & insolvency and budget summary.


MOUCHEL GROUP: CEO Steps Down; Covenant Breach Likely
-----------------------------------------------------
CFO UK reports that Mouchel Group plc's chief executive resigned
on Thursday following discovery of a GBP4.3 million accounting
error, which resulted in a profit warning.

The company said its CEO Richard Cuthbert had tendered his
resignation in a shock move just three weeks before the company is
to reveal its full year results, CFO UK notes.

According to CFO UK, Mouchel said it had overestimated the profits
from one contract by GBP4.3 million because of an actuarial error
on pensions liabilities inherited from a local authority contract.

It's expected the group is now likely to breach its banking
covenants, and ask shareholders for more cash, CFO UK states.

In a further set back on Thursday, following a year end review by
Mouchel's new finance director the group announced it was
increasing accounting provisions related to other contracts by
roughly a further GBP4 million, CFO UK discloses.

CFO UK relates that the company said CEO Richard Cuthbert would
work with the company for a short period to ensure "an orderly
handover".  Bo Lerenius will become executive chairman until a new
CEO has been appointed, CFO UK says.

Mouchel Group plc -- http://www.mouchel.com/-- is a consulting
and business services company supporting clients in developing and
managing their infrastructure assets.  The Company operates in
three segments: Government Services, Regulated Industries and
Highways.


PREMIER FOODS: Issues Profit Warning; In Debt Talks with Lenders
----------------------------------------------------------------
This Is Money reports that shares at Premier Foods fell by more
than 29 cent per cent in early morning trading on Oct. 7 after the
company issued profits warning following a slump in sales.

According to the report, the company said sales volumes had fallen
8% in the three months to September 30.

Michael Clarke, Premier chief executive, who took the top post in
August, said the trading performance was "significantly below
expectations" and the company will not meet last year's profit in
the second half as previously expected, This Is Money relates.

Premier said it was holding talks with lenders to prevent it from
breaching agreements -- which will be tested at the end of the
year -- over its debt, This Is Money notes.

Premier said full-year profit expectations were between GBP214
million and GBP232 million -- but it no longer expected to meet
that range, according to This Is Money.  Trading profit in the
year to December 31 was GBP311 million, This Is Money discloses.

The company, as cited by This Is Money, also said its net debt
would be higher than the GBP850 million forecast for the full
year.

Premier Foods plc is United Kingdom-based company engaged in food
manufacturing, processing and distribution.



TRAVELPORT HOLDINGS: S&P Lowers Corporate Credit Rating to 'SD'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit ratings on travel services provider Travelport Holdings
Limited (Travelport Holdings) and indirect subsidiary Travelport
LLC (Travelport) to 'SD' (selective default) from 'CC'.

"At the same time, we lowered our long-term issue rating on
Travelport Holdings' subordinated payment-in-kind (PIK) loan to
'D' (default) from 'C'," S&P related.

"In addition, we affirmed our 'C' issue rating on Travelport and
Travelport Holdings' other subordinated debt instruments. The
recovery rating on these instruments remains unchanged at '6',"
S&P related.

"We also affirmed our issue ratings on Travelport's senior secured
debt facilities at 'CCC-' and on its senior unsecured notes at
'C', with the recovery ratings remaining unchanged at '2' and
'5'," S&P stated.

The downgrades follow the implementation of a capital
restructuring, which was necessary because of the Travelport
group's high leverage, weak liquidity, and the upcoming maturity
of its $693 million (as of end-June 2011) PIK loan in March 2012.
"According to our criteria, we view this restructuring as a
distressed exchange and tantamount to a default (see 'Rating
Implications Of Exchange Offers And Similar Restructurings,
Update,' published May 12, 2009, on RatingsDirect on the Global
Credit Portal)," S&P related.

As part of the restructuring, Travelport announced a maturity
extension of the PIK loan in two tranches to September 2012 and
December 2016. The first tranche is mandatorily exchangeable into
second-lien debt in September 2012, subject to legal confirmation,
or is mandatorily extended to December 2016. In addition,
Travelport announced a new issue of second-lien bank debt due
December 2016 and various transfers to partially exchange the
outstanding PIK loan. "The capital restructuring calls for
increases to the existing leverage covenant, which we believe that
Travelport may otherwise have breached by the end of 2011, and the
inclusion of an additional first-lien leverage covenant. The
restructuring also involves a $40 million buyback of the PIK loans
by either TDS Investor LP or Travelport Intermediate Ltd., the
group's ultimate parent companies, together with a transfer of at
least 40% of holding company equity to PIK loanholders following
the restructuring," S&P stated.

"While this offer is an improvement on Travelport's original
announcement, the offer to PIK loanholders requires a maturity
extension, which, under our criteria, results in loanholders
accepting less than they were originally promised. We believe that
loanholders have accepted the offer because of the perceived risk
that the issuer may not fulfill its original obligations," S&P
related.

"Following the restructuring, we will review Travelport's new
capital structure and liquidity profile, including its headroom
under the revised covenants. We could raise the rating on
Travelport should the company benefit from the extended maturity
of the PIK loan and revolving credit facility, and the increased
covenant headroom. That said, we believe that the group will
remain highly leveraged, which will likely constrain any
subsequent rating upside to the 'B' category at best," S&P stated.


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


* OAKTREE CAPITAL: Nears Final Close for European Distress Fund
---------------------------------------------------------------
Dow Jones' DBR Small Cap reports that Oaktree Capital Management,
which is on the path to going public, is moving toward a final
close on its European distressed strategy vehicle at the
EUR3 billion (US$4.02 billion) hard cap, according to people
familiar with the situation.


* BOND PRICING: For the Week October 3 to October 7, 2011
---------------------------------------------------------

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

AUSTRIA
-------
BA CREDITANSTALT        5.470    8/28/2013      EUR     60.00
BA CREDITANSTALT        5.000    3/22/2029      EUR     73.38
BAWAG                   5.430    2/26/2024      EUR     65.82
BAWAG                   5.400    2/12/2023      EUR     68.74
BAWAG                   5.310    2/12/2023      EUR     68.21
HAA-BANK INTL AG        5.250   10/27/2015      EUR     64.38
HAA-BANK INTL AG        5.270     4/7/2028      EUR     61.17
IMMOFINANZ              4.250     3/8/2018      EUR      3.34
OBEROSTERR LB           5.000    4/25/2037      EUR     76.27
OBEROSTERR LB           5.000    4/23/2036      EUR     76.47
OBEROSTERR LB           5.000   10/28/2037      EUR     76.16
OBEROSTERR LB           5.000    4/18/2035      EUR     76.72
OBEROSTERR LB           5.000   10/24/2036      EUR     76.35
OBEROSTERR LB           5.000   10/22/2035      EUR     76.57
OESTER VOLKSBK          5.000   10/15/2019      EUR     89.03
OESTER VOLKSBK          4.810    7/29/2025      EUR     61.00
OESTER VOLKSBK          5.260     2/5/2025      EUR     84.73
OESTER VOLKSBK          4.800     5/9/2025      EUR     80.44
OESTER VOLKSBK          4.520     3/1/2021      EUR     89.72
OESTER VOLKSBK          4.750    4/30/2021      EUR     80.34
OESTER VOLKSBK          5.050     8/5/2030      EUR    100.08
OESTER VOLKSBK          4.000   12/14/2023      EUR     79.54
OESTER VOLKSBK          4.780     6/7/2030      EUR    101.95
OESTER VOLKSBK          4.170    7/29/2015      EUR     64.13
OESTER VOLKSBK          3.700     6/3/2025      EUR     70.36
OESTER VOLKSBK          4.160    5/20/2025      EUR     66.98
OESTER VOLKSBK          5.270     2/8/2027      EUR     56.99
OESTER VOLKSBK          3.750   10/13/2020      EUR     92.39
OESTER VOLKSBK          5.000    6/12/2020      EUR     91.91
OESTER VOLKSBK          4.810     5/9/2035      EUR     99.23
OESTER VOLKSBK          5.214    2/13/2026      EUR     86.54
OESTER VOLKSBK          4.000     2/1/2021      EUR     95.36
OESTER VOLKSBK          4.260    3/22/2024      EUR     80.08
OESTER VOLKSBK          4.750     3/1/2022      EUR     87.31
RAIFF LB OBEROST        4.620    9/17/2030      EUR     69.51
RAIFF ZENTRALBK         5.500   12/29/2023      EUR     70.77
RAIFF ZENTRALBK         5.730   12/11/2023      EUR     72.54
RAIFF ZENTRALBK         5.470    2/28/2028      EUR     67.09
RAIFF ZENTRALBK         4.500    9/28/2035      EUR     53.68

BELARUS
-------
REPUBLIC OF BELA        8.750     8/3/2015      USD     72.79
REPUBLIC OF BELA        8.950    1/26/2018      USD     72.35
ECONOCOM GROUP          4.000     6/1/2016      EUR     19.99
IDEAL STANDARD         11.750     5/1/2018      EUR     70.88
IDEAL STANDARD         11.750     5/1/2018      EUR     70.85
ONTEX IV                9.000    4/15/2019      EUR     70.20
ONTEX IV                9.000    4/15/2019      EUR     70.13

CYPRUS
------
AVANGARDCO INVES       10.000   10/29/2015      USD     76.13
CYPRUS GOVT BOND        6.000     6/9/2021      EUR     73.54
CYPRUS GOVT BOND        5.350     6/9/2020      EUR     72.19
CYPRUS GOVT BOND        4.600    2/26/2019      EUR     68.68
CYPRUS GOVT BOND        4.600   10/23/2018      EUR     68.79
CYPRUS GOVT BOND        4.600    4/23/2018      EUR     69.24
CYPRUS GOVT BOND        5.100    1/29/2018      EUR     71.71
CYPRUS GOVT BOND        4.500    9/28/2017      EUR     69.67
CYPRUS GOVT BOND        5.600    4/15/2017      EUR     72.77
CYPRUS GOVT BOND        4.500     4/2/2017      EUR     70.70
CYPRUS GOVT BOND        4.500    2/15/2017      EUR     70.92
CYPRUS GOVT BOND        4.500     1/4/2017      EUR     71.12
CYPRUS GOVT BOND        4.500    10/9/2016      EUR     71.60
CYPRUS GOVT BOND        4.500    7/11/2016      EUR     72.37
CYPRUS GOVT BOND        5.000     6/9/2016      EUR     73.20
CYPRUS GOVT BOND        4.625     2/3/2020      EUR     62.35
CYPRUS GOVT BOND        4.500    3/30/2016      EUR     73.26
CYPRUS GOVT BOND        4.500     1/2/2016      EUR     74.06
CYPRUS GOVT BOND        4.750    12/2/2015      EUR     74.97
CYPRUS GOVT BOND        3.750    11/1/2015      EUR     71.88
CYPRUS GOVT BOND        4.500     6/2/2016      EUR     72.45
MARFIN POPULAR          4.350   11/20/2014      EUR     51.38

DENMARK
-------
FIN-DANISH IND          4.910     7/6/2021      EUR     72.13
JYSKE BANK A/S          7.000    5/29/2024      EUR     56.50
KOMMUNEKREDIT           0.500   12/14/2020      ZAR     45.74

FINLAND
-------
MUNI FINANCE PLC        0.250    6/28/2040      CAD     24.60
MUNI FINANCE PLC        0.500    3/17/2025      CAD     61.95
MUNI FINANCE PLC        0.500   11/25/2020      ZAR     48.85
MUNI FINANCE PLC        0.500    4/27/2018      ZAR     59.71
MUNI FINANCE PLC        1.000    6/30/2017      ZAR     66.61
MUNI FINANCE PLC        0.500    4/26/2016      ZAR     73.03
MUNI FINANCE PLC        0.500     2/9/2016      ZAR     74.08

FRANCE
------
AIR FRANCE-KLM          4.970     4/1/2015      EUR     10.86
ALCATEL-LUCENT          5.000     1/1/2015      EUR      3.04
ALTRAN TECHNOLOG        6.720     1/1/2015      EUR      4.59
ASSYSTEM                4.000     1/1/2017      EUR     19.79
ATOS ORIGIN SA          2.500     1/1/2016      EUR     50.07
AXA SA                  5.250    4/16/2040      EUR     69.91
BNP PARIBAS             2.890    5/16/2036      JPY     68.95
CALYON                  6.000    6/18/2047      EUR     14.80
CALYON                  5.800   10/29/2029      USD     68.76
CAP GEMINI SOGET        3.500     1/1/2014      EUR     37.47
CAP GEMINI SOGET        1.000     1/1/2012      EUR     41.93
CGG VERITAS             1.750     1/1/2016      EUR     24.71
CLUB MEDITERRANE        6.110    11/1/2015      EUR     17.70
CLUB MEDITERRANE        5.000     6/8/2012      EUR     12.94
CMA CGM                 8.875    4/15/2019      EUR     33.67
CMA CGM                 8.875    4/15/2019      EUR     33.67
CMA CGM                 8.500    4/15/2017      USD     32.00
CMA CGM                 8.500    4/15/2017      USD     32.03
CNP ASSURANCES          6.000    9/14/2040      EUR     69.53
CNP ASSURANCES          6.875    9/30/2041      EUR     71.22
CRED AGRICOLE SA        3.900    4/19/2021      EUR     73.78
CREDIT AGRI CIB         5.650    6/10/2031      USD     64.46
CREDIT AGRI CIB         5.300    10/7/2030      USD     62.17
CREDIT AGRI CIB         5.300   10/12/2030      USD     59.97
CREDIT AGRI CIB         5.250   10/18/2030      USD     61.78
CREDIT AGRI CIB         5.610    6/15/2031      USD     64.06
CREDIT AGRI CIB         4.910    11/3/2030      USD     59.58
CREDIT AGRI CIB         5.450    11/9/2030      USD     63.43
CREDIT AGRI CIB         5.300   10/22/2030      USD     62.27
CREDIT AGRI CIB         5.350   10/29/2030      USD     62.56
CREDIT AGRI CIB         5.830    6/30/2031      USD     66.08
CREDIT AGRI CIB         5.850    6/30/2031      USD     66.27
CREDIT AGRI CIB         5.080   11/23/2030      USD     60.02
CREDIT AGRI CIB         5.690   11/26/2030      USD     65.61
CREDIT AGRI CIB         5.400    12/9/2030      USD     62.83
CREDIT AGRI CIB         6.000   12/23/2030      USD     65.72
CREDIT AGRI CIB         6.050    1/14/2031      USD     68.71
CREDIT AGRI CIB         5.950    1/19/2031      USD     67.79
CREDIT AGRI CIB         6.150    2/11/2031      USD     69.29
CREDIT AGRI CIB         5.880     4/8/2031      USD     68.22
CREDIT AGRI CIB         5.850    5/27/2031      USD     66.32
CREDIT AGRI CIB         5.270     8/5/2030      USD     62.23
CREDIT AGRI CIB         4.850    9/17/2030      USD     58.06
CREDIT AGRI CIB         6.220    3/17/2031      USD     70.04
CREDIT AGRICOLE         4.500   12/22/2019      EUR     71.74
CREDIT AGRICOLE         3.750   10/20/2020      EUR     74.16
CREDIT LOCAL FRA        3.750    5/26/2020      EUR     56.47
DEXIA CRED LOCAL        5.037     8/4/2020      EUR     62.24
DEXIA CRED LOCAL        4.550     4/2/2020      EUR     60.69
DEXIA CRED LOCAL        4.500    2/25/2020      EUR     60.73
DEXIA CRED LOCAL        4.110    9/18/2018      EUR     64.01
DEXIA MUNI AGNCY        1.000   12/23/2024      EUR     56.39
EURAZEO                 6.250    6/10/2014      EUR     53.93
EUROPCAR GROUPE         9.375    4/15/2018      EUR     48.85
EUROPCAR GROUPE         9.375    4/15/2018      EUR     49.25
FAURECIA                4.500     1/1/2015      EUR     20.71
FONCIERE REGIONS        3.340     1/1/2017      EUR     73.34
GROUPAMA SA             7.875   10/27/2039      EUR     36.56
INGENICO                2.750     1/1/2017      EUR     41.99
LABCO SAS               8.500    1/15/2018      EUR     70.50
MAUREL ET PROM          7.125    7/31/2014      EUR     16.94
MAUREL ET PROM          7.125    7/31/2015      EUR     15.62
NEXANS SA               4.000     1/1/2016      EUR     58.53
NOVASEP HLDG            9.750   12/15/2016      USD     43.00
ORPEA                   3.875     1/1/2016      EUR     43.16
PAGESJAUNES FINA        8.875     6/1/2018      EUR     65.32
PAGESJAUNES FINA        8.875     6/1/2018      EUR     65.25
PEUGEOT SA              4.450     1/1/2016      EUR     25.19
PUBLICIS GROUPE         1.000    1/18/2018      EUR     47.64
PUBLICIS GROUPE         3.125    7/30/2014      EUR     34.85
RHODIA SA               0.500     1/1/2014      EUR     52.05
SOC AIR FRANCE          2.750     4/1/2020      EUR     20.33
SOCIETE GENERALE        5.860    3/11/2031      USD     64.49
SOCIETE GENERALE        5.900    3/10/2031      USD     64.90
SOCIETE GENERALE        5.920    3/17/2031      USD     65.05
SOCIETE GENERALE        5.860    4/26/2031      USD     64.74
SOCIETE GENERALE        6.010    3/15/2031      USD     65.89
SOCIETE GENERALE        5.910    3/16/2031      USD     64.97
SOCIETE GENERALE        5.940    3/14/2031      USD     65.25
SOITEC                  6.250     9/9/2014      EUR      7.64
TEM                     4.250     1/1/2015      EUR     51.78
THEOLIA                 2.700     1/1/2041      EUR      9.85

GERMANY
-------
BAYERISCHE HYPO         5.000   12/21/2029      EUR     73.37
BAYERISCHE LNDBK        4.500     2/7/2019      EUR     73.00
BHW BAUSPARKASSE        5.640    1/30/2024      EUR     65.50
BHW BAUSPARKASSE        5.600    4/14/2023      EUR     67.70
BHW BAUSPARKASSE        5.450    2/20/2023      EUR     66.92
COMMERZBANK AG          6.375    3/22/2019      EUR     73.94
COMMERZBANK AG          5.000    3/30/2018      EUR     32.83
COMMERZBANK AG          5.000    4/20/2018      EUR     32.84
COMMERZBANK AG          4.000   11/30/2017      EUR     33.01
COMMERZBANK AG          5.000   10/30/2017      EUR     71.39
COMMERZBANK AG          6.460    6/24/2022      EUR     65.14
COMMERZBANK AG          6.360    3/15/2022      EUR     65.29
COMMERZBANK AG          6.300    3/15/2022      EUR     65.15
DEUTSCHE BANK AG        5.050    3/10/2031      USD     71.37
DEUTSCHE BANK AG        5.010    3/11/2031      USD     70.93
DEUTSCHE BANK AG        5.080    3/14/2031      USD     71.67
DEUTSCHE BANK AG        5.000     6/1/2031      USD     73.75
DEUTSCHE BK LOND        5.200    2/22/2031      USD     74.27
DEUTSCHE BK LOND        4.750   12/16/2030      USD     70.66
DEUTSCHE BK LOND        5.170     3/2/2031      USD     73.93
DEUTSCHE BK LOND        5.140     3/3/2031      USD     73.60
DEUTSCHE BK LOND        5.120    3/15/2031      USD     73.32
DEUTSCHE BK LOND        5.050    3/16/2031      USD     72.55
DEUTSCHE BK LOND        5.220    2/23/2031      USD     74.48
DEUTSCHE BK LOND        5.000    7/21/2033      USD     71.91
DEUTSCHE BK LOND        5.170    2/25/2031      USD     73.93
DEUTSCHE BK LOND        5.210    2/25/2031      USD     74.36
DEUTSCHE BK SING        4.860    6/30/2031      USD     69.70
DEUTSCHE HYP HAN        5.300   11/20/2023      EUR     67.31
DRESDNER BANK AG        5.700    7/31/2023      EUR     58.87
DRESDNER BANK AG        7.160    8/14/2024      EUR     65.27
DRESDNER BANK AG        7.350    6/13/2028      EUR     63.89
DRESDNER BANK AG        6.210    6/20/2022      EUR     63.84
DRESDNER BANK AG        5.290    5/31/2021      EUR     60.71
DRESDNER BANK AG        6.550    4/14/2020      EUR     70.19
DRESDNER BANK AG        6.000    2/25/2020      EUR     67.83
DRESDNER BANK AG        6.635    6/18/2018      EUR     73.90
DRESDNER BANK AG        6.180    2/28/2023      EUR     61.18
DRESDNER BANK AG        6.375     5/8/2018      EUR     72.89
EUROHYPO AG             5.560    8/18/2023      EUR     55.38
EUROHYPO AG             5.110     8/6/2018      EUR     65.38
EUROHYPO AG             6.490    7/17/2017      EUR      4.50
EUROHYPO AG             3.830    9/21/2020      EUR     52.63
GOTHAER ALLG VER        5.527    9/29/2026      EUR     68.03
HAPAG-LLOYD             9.750   10/15/2017      USD     75.00
HAPAG-LLOYD             9.750   10/15/2017      USD     64.67
HAPAG-LLOYD             9.000   10/15/2015      EUR     73.36
HECKLER & KOCH          9.500    5/15/2018      EUR     61.25
HECKLER & KOCH          9.500    5/15/2018      EUR     60.75
HEIDELBERG DRUCK        9.250    4/15/2018      EUR     58.63
HEIDELBERG DRUCK        9.250    4/15/2018      EUR     58.07
HSH NORDBANK AG         4.375    2/14/2017      EUR     48.54
L-BANK FOERDERBK        0.500    5/10/2027      CAD     53.71
LB BADEN-WUERTT         2.800    2/23/2037      JPY     42.43
LB BADEN-WUERTT         5.250   10/20/2015      EUR     27.89
PRAKTIKER BAU-UN        5.875    2/10/2016      EUR     66.30
Q-CELLS                 6.750   10/21/2015      EUR      1.01
QIMONDA FINANCE         6.750    3/22/2013      USD      1.50
RHEINISCHE HYPBK        6.600    5/29/2022      EUR     63.75
SOLARWORLD AG           6.125    1/21/2017      EUR     49.88
STYROLUTION GRP         7.625    5/15/2016      EUR     71.41
TAG IMMO AG             6.500   12/10/2015      EUR      7.35
TUI AG                  2.750    3/24/2016      EUR     34.96
TUI AG                  5.500   11/17/2014      EUR     53.43

GREECE
------
ATHENS URBAN TRN        4.057    3/26/2013      EUR     48.60
ATHENS URBAN TRN        4.301    8/12/2014      EUR     37.52
ATHENS URBAN TRN        4.851    9/19/2016      EUR     36.62
ATHENS URBAN TRN        5.008    7/18/2017      EUR     37.35
HELLENIC REP I/L        2.900    7/25/2025      EUR     27.57
HELLENIC REP I/L        2.300    7/25/2030      EUR     25.42
HELLENIC REPUB          5.000    3/11/2019      EUR     37.75
HELLENIC REPUB          4.590     4/8/2016      EUR     35.38
HELLENIC REPUB          4.625    6/25/2013      USD     63.88
HELLENIC REPUB          5.200    7/17/2034      EUR     31.75
HELLENIC REPUB          6.140    4/14/2028      EUR     33.13
HELLENIC REPUB          2.125     7/5/2013      CHF     49.63
HELLENIC REPUBLI        4.600    5/20/2013      EUR     42.24
HELLENIC REPUBLI        4.300    3/20/2012      EUR     56.05
HELLENIC REPUBLI        5.250    5/18/2012      EUR     49.89
HELLENIC REPUBLI        5.250    6/20/2012      EUR     70.88
HELLENIC REPUBLI        1.000    6/30/2012      EUR     68.25
HELLENIC REPUBLI        4.100    8/20/2012      EUR     46.30
HELLENIC REPUBLI        4.506    3/31/2013      EUR     45.87
HELLENIC REPUBLI        7.500    5/20/2013      EUR     48.35
HELLENIC REPUBLI        3.900     7/3/2013      EUR     43.25
HELLENIC REPUBLI        4.427    7/31/2013      EUR     42.07
HELLENIC REPUBLI        4.000    8/20/2013      EUR     42.60
HELLENIC REPUBLI        4.520    9/30/2013      EUR     43.88
HELLENIC REPUBLI        6.500    1/11/2014      EUR     39.37
HELLENIC REPUBLI        4.500    5/20/2014      EUR     39.45
HELLENIC REPUBLI        4.500     7/1/2014      EUR     38.88
HELLENIC REPUBLI        3.985    7/25/2014      EUR     38.51
HELLENIC REPUBLI        5.500    8/20/2014      EUR     38.84
HELLENIC REPUBLI        4.113    9/30/2014      EUR     39.54
HELLENIC REPUBLI        3.700    7/20/2015      EUR     38.31
HELLENIC REPUBLI        6.100    8/20/2015      EUR     38.97
HELLENIC REPUBLI        3.702    9/30/2015      EUR     39.64
HELLENIC REPUBLI        3.700   11/10/2015      EUR     38.63
HELLENIC REPUBLI        3.600    7/20/2016      EUR     38.60
HELLENIC REPUBLI        4.020    9/13/2016      EUR     40.11
HELLENIC REPUBLI        4.225     3/1/2017      EUR     40.95
HELLENIC REPUBLI        5.900    4/20/2017      EUR     37.97
HELLENIC REPUBLI        4.300    7/20/2017      EUR     38.11
HELLENIC REPUBLI        4.675    10/9/2017      EUR     42.38
HELLENIC REPUBLI        4.590     4/3/2018      EUR     42.37
HELLENIC REPUBLI        4.600    7/20/2018      EUR     38.29
HELLENIC REPUBLI        6.000    7/19/2019      EUR     38.09
HELLENIC REPUBLI        6.500   10/22/2019      EUR     38.43
HELLENIC REPUBLI        6.250    6/19/2020      EUR     38.64
HELLENIC REPUBLI        5.900   10/22/2022      EUR     31.14
HELLENIC REPUBLI        4.700    3/20/2024      EUR     30.65
HELLENIC REPUBLI        5.300    3/20/2026      EUR     30.85
HELLENIC REPUBLI        4.500    9/20/2037      EUR     29.95
HELLENIC REPUBLI        4.600    9/20/2040      EUR     29.99
NATL BK GREECE          3.875    10/7/2016      EUR     53.92

GUERNSEY
--------
CALYON FIN GUER         6.000     9/4/2029      USD     69.63
CREDIT AGRICOLE         5.600    2/25/2030      USD     66.20

IRELAND
-------
AIB MORTGAGE BNK        5.580    4/28/2028      EUR     54.46
AIB MORTGAGE BNK        5.000    2/12/2030      EUR     48.87
AIB MORTGAGE BNK        4.875    6/29/2017      EUR     72.94
AIB MORTGAGE BNK        5.000     3/1/2030      EUR     48.84
ALLIED IRISH BKS        4.000    3/19/2015      EUR     73.30
ALLIED IRISH BKS       12.500    6/25/2035      GBP     27.63
ALLIED IRISH BKS        5.625   11/12/2014      EUR     70.65
ANGLO IRISH BANK        4.000    4/15/2015      EUR     74.30
ARDAGH GLASS            8.750     2/1/2020      EUR     74.88
ARDAGH GLASS            7.125    6/15/2017      EUR     74.00
BANESTO FINANC          5.000    3/23/2030      EUR     74.48
BANK OF IRELAND        10.000    2/12/2020      EUR     35.63
BANK OF IRELAND         5.600    9/18/2023      EUR     34.00
BANK OF IRELAND        10.000    2/12/2020      GBP     36.25
BANK OF IRELAND         4.473   11/30/2016      EUR     52.25
BANK OF IRELAND         3.585    4/21/2015      EUR     63.75
BK IRELAND MTGE         5.360   10/12/2029      EUR     50.94
BK IRELAND MTGE         5.400    11/6/2029      EUR     51.16
BK IRELAND MTGE         5.450     3/1/2030      EUR     51.69
BK IRELAND MTGE         5.760     9/7/2029      EUR     53.85
DEPFA ACS BANK          0.500     3/3/2025      CAD     39.72
DEPFA ACS BANK          3.250    7/31/2031      CHF     73.45
DEPFA ACS BANK          4.900    8/24/2035      CAD     67.66
IRISH LIFE PERM         4.000    3/10/2015      EUR     73.58
ONO FINANCE II         11.125    7/15/2019      EUR     63.60
ONO FINANCE II         10.875    7/15/2019      USD     69.00
ONO FINANCE II         10.875    7/15/2019      USD     69.00
ONO FINANCE II         11.125    7/15/2019      EUR     63.29
UT2 FUNDING PLC         5.321    6/30/2016      EUR     56.00

ITALY
-----
BANCA AGRILEASIN        5.220    4/11/2017      EUR     74.12
BANCA MARCHE            4.000    5/26/2021      EUR     74.81
BANCA MARCHE            3.600   11/12/2020      EUR     73.49
BANCA MARCHE            3.700     9/1/2020      EUR     74.71
BANCA POP LODI          5.250     4/3/2029      EUR     75.30
BANCA POP MILANO        3.500    6/30/2018      EUR     74.50
BANCA POP MILANO        4.500    4/18/2018      EUR     72.56
BANCA POP MILANO        4.000    4/23/2020      EUR     71.70
BANCO POPOLARE          6.000    11/5/2020      EUR     74.19
BANCO POPOLARE          6.375    5/31/2021      EUR     70.12
BTPS                    4.000     2/1/2037      EUR     72.83
BTPS I/L                2.550    9/15/2041      EUR     65.44
BTPS I/L                2.350    9/15/2035      EUR     67.89
CASSA RISP FERRA        3.000    1/18/2015      EUR     73.13
CASSA RISP FERRA        4.575     2/2/2017      EUR     68.88
CASSA RISP FERRA        4.000     8/5/2015      EUR     73.13
CASSA RISP FERRA        3.400    9/17/2017      EUR     63.88
CASSA RISP FERRA        4.500    11/2/2020      EUR     68.13
CASSA RISP FERRA        4.000    11/2/2016      EUR     67.38
CASSA RISP FERRA        3.500     3/5/2016      EUR     68.50
CASSA RISP FERRA        4.000     9/2/2015      EUR     72.75
CASSA RISP FERRA        4.000    4/15/2015      EUR     74.75
CIR SPA                 5.750   12/16/2024      EUR     73.76
COMUNE DI MILANO        4.019    6/29/2035      EUR     73.47
DEXIA CREDIOP           4.790   12/17/2043      EUR     67.48
INTESA SANPAOLO         2.882    4/20/2020      EUR     73.48
LOTTOMATICA SPA         8.250    3/31/2066      EUR     74.54
MONTE DEI PASCHI        5.750    9/30/2016      GBP     68.62
REP OF ITALY            2.000    9/15/2062      EUR     49.53
REP OF ITALY            2.200    9/15/2058      EUR     54.95
REP OF ITALY            4.850    6/11/2060      EUR     70.90
REP OF ITALY            1.850    9/15/2057      EUR     46.95
REP OF ITALY            2.870    5/19/2036      JPY     67.70
ROMULUS FINANCE         5.441    2/20/2023      GBP     70.17
SEAT PAGINE            10.500    1/31/2017      EUR     61.60
SEAT PAGINE            10.500    1/31/2017      EUR     61.05
SEAT PAGINE            10.500    1/31/2017      EUR     61.88
SEAT PAGINE            10.500    1/31/2017      EUR     61.75
TELECOM ITALIA          5.250    3/17/2055      EUR     64.50

LUXEMBOURG
----------
ARCELORMITTAL           7.250     4/1/2014      EUR     22.48
BEVERAGE PACK           9.500    6/15/2017      EUR     62.17
BEVERAGE PACK           8.000   12/15/2016      EUR     73.88
BEVERAGE PACK           8.000   12/15/2016      EUR     73.88
BEVERAGE PACK           9.500    6/15/2017      EUR     62.13
CIRSA FUNDING LX        8.750    5/15/2018      EUR     72.13
CIRSA FUNDING LX        8.750    5/15/2018      EUR     70.75
CONTROLINVESTE          3.000    1/28/2015      EUR     67.66
ESPIRITO SANTO F        6.875   10/21/2019      EUR     54.18
GCL HOLDINGS            9.375    4/15/2018      EUR     69.38
GCL HOLDINGS            9.375    4/15/2018      EUR     69.50
KION FINANCE            7.875    4/15/2018      EUR     67.13
KION FINANCE            7.875    4/15/2018      EUR     66.45
LIGHTHOUSE INTL         8.000    4/30/2014      EUR     13.33
LIGHTHOUSE INTL         8.000    4/30/2014      EUR     12.67
TELENET FINANCE         5.300   11/15/2016      EUR     74.38
UBI BANCA INT           8.750   10/29/2012      EUR     72.61
ZINC CAPITAL            8.875    5/15/2018      EUR     68.83
ZINC CAPITAL            8.875    5/15/2018      EUR     69.00

NETHERLANDS
-----------
APP INTL FINANCE       11.750    10/1/2005      USD      0.01
BK NED GEMEENTEN        0.500    3/29/2021      NZD     65.06
BK NED GEMEENTEN        0.500    5/12/2021      ZAR     43.48
BK NED GEMEENTEN        0.500    2/24/2025      CAD     61.15
BK NED GEMEENTEN        0.500    5/25/2016      TRY     74.71
BK NED GEMEENTEN        0.500    6/22/2016      TRY     74.50
BK NED GEMEENTEN        0.500    9/15/2016      TRY     73.08
BK NED GEMEENTEN        0.500     3/3/2021      NZD     65.42
BK NED GEMEENTEN        0.500    6/22/2021      ZAR     43.17
BLT FINANCE BV          7.500    5/15/2014      USD     35.50
BLT FINANCE BV          7.500    5/15/2014      USD     29.75
BRIT INSURANCE          6.625    12/9/2030      GBP     54.89
CEMEX FIN EUROPE        4.750     3/5/2014      EUR     52.65
CLONDALKIN BV           8.000    3/15/2014      EUR     72.88
EDP FINANCE BV          4.900    10/1/2019      USD     72.99
EDP FINANCE BV          4.125    6/29/2020      EUR     70.58
EDP FINANCE BV          4.900    10/1/2019      USD     72.10
ELEC DE CAR FIN         8.500    4/10/2018      USD     54.38
FINANCE & CREDIT       10.500    1/25/2014      USD     50.00
FRIESLAND BANK          4.210   12/29/2025      EUR     67.61
INDAH KIAT INTL        12.500    6/15/2006      USD      0.01
ING BANK NV             4.200   12/19/2035      EUR     69.81
ING VERZEKERING         6.375     5/7/2027      EUR     70.47
IVG FINANCE BV          1.750    3/29/2017      EUR     67.11
MAGYAR TELECOM          9.500   12/15/2016      EUR     73.00
MAGYAR TELECOM          9.500   12/15/2016      EUR     74.04
MARFRIG HLDG EUR        8.375     5/9/2018      USD     67.53
NATL INVESTER BK       25.983     5/7/2029      EUR     22.40
NED WATERSCHAPBK        0.500    3/11/2025      CAD     61.34
NIB CAPITAL BANK        4.510   12/16/2035      EUR     68.19
POLYSINDO FIN           9.375    7/30/2007      USD      0.01
PORTUGAL TEL FIN        4.500    6/16/2025      EUR     64.89
Q-CELLS INTERNAT        5.750    5/26/2014      EUR     20.30
Q-CELLS INTERNAT        1.375    2/28/2012      EUR     59.13
RBS NV EX-ABN NV        5.000    2/27/2037      EUR     70.40
RBS NV EX-ABN NV        2.910    6/21/2036      JPY     72.58
SIDETUR FINANCE        10.000    4/20/2016      USD     68.13
SNS BANK                6.250   10/26/2020      EUR     59.96
SNS BANK                6.625    5/14/2018      EUR     78.05
SRLEV NV                9.000    4/15/2041      EUR     57.50
TJIWI KIMIA FIN        13.250     8/1/2001      USD      0.00

NORWAY
------
EKSPORTFINANS           0.500     5/9/2030      CAD     45.40
KOMMUNALBANKEN          0.500    3/24/2016      ZAR     74.17
KOMMUNALBANKEN          0.500    5/25/2016      ZAR     73.08
KOMMUNALBANKEN          0.500     3/1/2016      ZAR     74.62
KOMMUNALBANKEN          0.500    7/29/2016      ZAR     71.46
KOMMUNALBANKEN          0.500    7/29/2016      TRY     73.52
KOMMUNALBANKEN          0.500    5/25/2018      ZAR     60.01
KOMMUNALBANKEN          0.500    7/26/2016      ZAR     72.22
NORSKE SKOGIND          6.125   10/15/2015      USD     54.00
NORSKE SKOGIND          7.000    6/26/2017      EUR     46.39
NORSKE SKOGIND          7.125   10/15/2033      USD     40.13
NORSKE SKOGIND          7.125   10/15/2033      USD     40.13
NORSKE SKOGIND         11.750    6/15/2016      EUR     54.50
NORSKE SKOGIND         11.750    6/15/2016      EUR     54.38
NORSKE SKOGIND          6.125   10/15/2015      USD     54.00
RENEWABLE CORP          6.500     6/4/2014      EUR     57.99

POLAND
------
POLAND-PAR CPN          3.000   10/27/2024      USD     71.81
BANCO COM PORTUG        4.750    6/22/2017      EUR     66.36
BANCO COM PORTUG        3.750    10/8/2016      EUR     64.74
BANCO COM PORTUG        5.625    4/23/2014      EUR     68.67
BANCO ESPIRITO          4.600    1/26/2017      EUR     64.75
BANCO ESPIRITO          3.875    1/21/2015      EUR     68.75
BANCO ESPIRITO          3.375    2/17/2015      EUR     73.12
BANCO ESPIRITO          6.160    7/23/2015      EUR     70.13
BANCO ESPIRITO          6.875    7/15/2016      EUR     65.75
BANCO ESPIRITO          4.600    9/15/2016      EUR     66.69
BRISA                   4.500    12/5/2016      EUR     70.09
CAIXA GERAL DEPO        4.750    3/14/2016      EUR     73.63
CAIXA GERAL DEPO        5.090     6/8/2016      EUR     73.50
CAIXA GERAL DEPO        5.165     7/8/2016      EUR     73.63
CAIXA GERAL DEPO        3.875    12/6/2016      EUR     66.69
CAIXA GERAL DEPO        4.750    2/14/2016      EUR     66.68
CAIXA GERAL DEPO        4.500    1/19/2016      EUR     75.03
CAIXA GERAL DEPO        4.455    8/20/2017      EUR     68.63
CAIXA GERAL DEPO        4.400    10/8/2019      EUR     59.22
CAIXA GERAL DEPO        4.250    1/27/2020      EUR     63.91
CAIXA GERAL DEPO        5.980     3/3/2028      EUR     49.38
CAIXA GERAL DEPO        5.380    10/1/2038      EUR     53.52
CAIXA GERAL DEPO        5.500   11/13/2017      EUR     66.50
METRO DE LISBOA         5.750     2/4/2019      EUR     60.83
METRO DE LISBOA         7.300   12/23/2025      EUR     71.52
METRO DE LISBOA         4.061    12/4/2026      EUR     55.22
METRO DE LISBOA         4.799    12/7/2027      EUR     55.16
MONTEPIO GERAL          5.000     2/8/2017      EUR     61.25
PARPUBLICA              4.200   11/16/2026      EUR     39.25
PARPUBLICA              3.567    9/22/2020      EUR     45.00
PARPUBLICA              4.191   10/15/2014      EUR     69.50
PARPUBLICA              3.500     7/8/2013      EUR     77.13
PORTUGAL (REP)          3.500    3/25/2015      USD     70.01
PORTUGAL (REP)          3.500    3/25/2015      USD     70.06
PORTUGUESE OT'S         4.350   10/16/2017      EUR     62.13
PORTUGUESE OT'S         4.800    6/15/2020      EUR     59.76
PORTUGUESE OT'S         4.750    6/14/2019      EUR     60.72
PORTUGUESE OT'S         4.450    6/15/2018      EUR     61.34
PORTUGUESE OT'S         4.200   10/15/2016      EUR     66.62
PORTUGUESE OT'S         6.400    2/15/2016      EUR     74.41
PORTUGUESE OT'S         3.350   10/15/2015      EUR     69.79
PORTUGUESE OT'S         3.600   10/15/2014      EUR     71.46
PORTUGUESE OT'S         4.375    6/16/2014      EUR     73.84
PORTUGUESE OT'S         4.100    4/15/2037      EUR     49.33
PORTUGUESE OT'S         4.950   10/25/2023      EUR     59.03
PORTUGUESE OT'S         3.850    4/15/2021      EUR     58.21
REFER                   5.875    2/18/2019      EUR     57.88
REFER                   4.250   12/13/2021      EUR     45.13
REFER                   4.000    3/16/2015      EUR     41.75
REFER                   4.675   10/16/2024      EUR     45.63

RUSSIA
------
APK ARKADA             17.500    5/23/2012      RUB      0.38
ARIZK                   3.000   12/20/2030      RUB     47.82
DVTG-FINANS             7.750    7/18/2013      RUB     20.29
DVTG-FINANS            17.000    8/29/2013      RUB     55.55
IART                    8.500     8/4/2013      RUB      1.00
MIRAX                  17.000    9/17/2012      RUB      7.11
MOSMART FINANS          0.010    4/12/2012      RUB      1.81
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
RBC OJSC                7.000    4/23/2015      RUB     69.00
RBC OJSC                3.270    4/19/2018      RUB     42.99
RBC OJSC                7.000    4/23/2015      RUB     63.01
SAHO                   10.000    5/21/2012      RUB      3.00
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      6.00

SPAIN
-----
AYT CEDULAS CAJA        3.750    6/30/2025      EUR     61.81
AYT CEDULAS CAJA        4.250   10/25/2023      EUR     71.05
AYT CEDULAS CAJA        4.750    5/25/2027      EUR     69.02
AYT CEDULAS CAJA        3.750   12/14/2022      EUR     67.43
BANCAJA                 1.500    5/22/2018      EUR     64.27
BANCO BILBAO VIZ        4.500    2/16/2022      EUR     71.63
BANCO BILBAO VIZ        6.025     3/3/2033      EUR     57.95
BANCO PASTOR            4.550    7/31/2020      EUR     72.59
BBVA SUB CAP UNI        2.750   10/22/2035      JPY     47.41
CAJA CASTIL-MAN         1.500    6/23/2021      EUR     58.78
CAJA MADRID             4.125    3/24/2036      EUR     68.82
CEDULAS TDA 6 FO        4.250    4/10/2031      EUR     58.37
CEDULAS TDA 6 FO        3.875    5/23/2025      EUR     62.88
CEDULAS TDA A-5         4.250    3/28/2027      EUR     62.83
CEMEX ESPANA LUX        9.250    5/12/2020      USD     62.13
CEMEX ESPANA LUX        8.875    5/12/2017      EUR     57.80
CEMEX ESPANA LUX        9.250    5/12/2020      USD     63.00
CEMEX ESPANA LUX        8.875    5/12/2017      EUR     55.25
COMUN AUTO CANAR        3.900   11/30/2035      EUR     62.22
COMUN AUTO CANAR        4.200   10/25/2036      EUR     65.42
COMUNIDAD BALEAR        4.063   11/23/2035      EUR     65.60
COMUNIDAD MADRID        4.300    9/15/2026      EUR     73.71
GEN DE CATALUNYA        2.965     9/8/2039      JPY     57.34
GEN DE CATALUNYA        4.220    4/26/2035      EUR     65.72
GEN DE CATALUNYA        2.355   11/10/2015      CHF     68.22
GEN DE CATALUNYA        2.750    3/24/2016      CHF     67.97
GEN DE CATALUNYA        4.690   10/28/2034      EUR     70.75
GEN DE CATALUNYA        2.315    9/10/2015      CHF     69.16
GENERAL DE ALQUI        2.750    8/20/2012      EUR     71.20
IM CEDULAS 5            3.500    6/15/2020      EUR     73.31
INAER AVIATION F        9.500     8/1/2017      EUR     70.07
INAER AVIATION F        9.500     8/1/2017      EUR     69.75
INSTIT CRDT OFCL        2.570   10/22/2021      CHF     69.76
INSTIT CRDT OFCL        3.250    6/28/2024      CHF     71.02
JUNTA ANDALUCIA         3.065    7/29/2039      JPY     60.32
JUNTA ANDALUCIA         4.250   10/31/2036      EUR     65.68
JUNTA ANDALUCIA         3.170    7/29/2039      JPY     62.28
JUNTA LA MANCHA         3.875    1/31/2036      EUR     55.22
MAPFRE SA               5.921    7/24/2037      EUR     59.94
XUNTA DE GALICIA        4.025   11/28/2035      EUR     74.01

SWEDEN
------
STENA AB                5.875     2/1/2019      EUR     73.81
STENA AB                5.875     2/1/2019      EUR     73.63
SWEDISH EXP CRED        0.500    8/26/2021      AUD     62.99
SWEDISH EXP CRED        0.500   12/17/2027      USD     59.08
SWEDISH EXP CRED        7.500    6/12/2012      USD      7.33
SWEDISH EXP CRED        9.250    4/27/2012      USD      7.46
SWEDISH EXP CRED        0.500    1/25/2028      USD     58.61
SWEDISH EXP CRED        8.000   10/21/2011      USD      8.89
SWEDISH EXP CRED        9.750    3/23/2012      USD      7.65
SWEDISH EXP CRED        2.000    12/7/2011      USD      9.96
SWEDISH EXP CRED        2.130    1/10/2012      USD      9.59
SWEDISH EXP CRED        6.500    1/27/2012      USD      6.65
SWEDISH EXP CRED        8.000    1/27/2012      USD      5.19
SWEDISH EXP CRED        7.500    2/28/2012      USD      7.49
SWEDISH EXP CRED        7.000     3/9/2012      USD      9.87
SWEDISH EXP CRED        8.000    11/4/2011      USD      7.11
SWEDISH EXP CRED        0.500   12/21/2015      ZAR     74.33
SWEDISH EXP CRED        0.500     3/3/2016      ZAR     72.96
SWEDISH EXP CRED        0.500    6/14/2016      ZAR     71.09
SWEDISH EXP CRED        0.500    6/29/2016      TRY     72.90
SWEDISH EXP CRED        0.500    8/25/2016      ZAR     69.66
SWEDISH EXP CRED        0.500    8/26/2016      ZAR     69.56
SWEDISH EXP CRED        0.500    9/20/2016      ZAR     69.51
SWEDISH EXP CRED        0.500    9/30/2016      ZAR     68.90
SWEDISH EXP CRED        0.500    8/25/2021      ZAR     42.26
SWEDISH EXP CRED        7.000     3/9/2012      USD      8.78

SWITZERLAND
-----------
CRED SUIS NY            9.000   10/12/2012      USD     22.48
CYTOS BIOTECH           2.875    2/20/2012      CHF     57.49
UBS AG                  9.640   11/14/2011      USD     12.06

UKRAINE
-------
LVIV CITY               9.950   12/19/2012      UAH     92.51

UNITED KINGDOM
--------------
ABBEY NATL TREAS        5.000    8/26/2030      USD     57.64
ALPHA CREDIT GRP        5.500    6/20/2013      EUR     69.88
ALPHA CREDIT GRP        4.400    2/12/2013      EUR     71.63
ALPHA CREDIT GRP        4.000   11/16/2012      EUR     74.38
ALPHA CREDIT GRP        4.500    6/21/2013      EUR     66.25
ALPHA CREDIT GRP        6.000    6/20/2014      EUR     62.38
ALPHA CREDIT GRP        3.250    2/25/2013      EUR     69.00
BAKKAVOR FIN 2          8.250    2/15/2018      GBP     66.36
BAKKAVOR FIN 2          8.250    2/15/2018      GBP     66.69
BANK NADRA              8.000    6/22/2017      USD     73.69
BANK OF SCOTLAND        2.359    3/27/2029      JPY     69.64
BANK OF SCOTLAND        2.340   12/28/2026      JPY     71.68
BANK OF SCOTLAND        2.408     2/9/2027      JPY     72.95
BARCLAYS BK PLC         9.500    8/31/2012      USD     18.23
BARCLAYS BK PLC         9.250    8/31/2012      USD     31.83
BARCLAYS BK PLC        10.800    7/31/2012      USD     25.08
BARCLAYS BK PLC         9.400    7/31/2012      USD      9.07
BARCLAYS BK PLC        11.000    7/27/2012      USD      7.03
BARCLAYS BK PLC         7.000    7/27/2012      USD      7.90
BARCLAYS BK PLC        10.000    7/20/2012      USD      7.28
BARCLAYS BK PLC         8.000    6/29/2012      USD      7.87
BARCLAYS BK PLC        14.000    10/1/2012      USD      9.65
BARCLAYS BK PLC         5.750    9/14/2026      GBP     72.73
BARCLAYS BK PLC         5.420     5/5/2031      USD     70.09
BARCLAYS BK PLC         5.100    5/26/2031      USD     68.69
BARCLAYS BK PLC         5.390     8/4/2031      USD     69.99
BARCLAYS BK PLC         5.200    8/25/2031      USD     67.78
BARCLAYS BK PLC        13.050    4/27/2012      USD     25.83
BARCLAYS BK PLC        12.950    4/20/2012      USD     23.45
BARCLAYS BK PLC         5.230    8/26/2031      USD     67.85
BARCLAYS BK PLC         5.200    8/29/2031      USD     67.48
BARCLAYS BK PLC         5.250    8/29/2031      USD     67.37
BARCLAYS BK PLC         6.330    9/23/2032      GBP     73.30
BARCLAYS BK PLC         5.000     6/3/2041      USD     64.15
BARCLAYS BK PLC         8.000    9/28/2012      USD      9.76
BARCLAYS BK PLC         8.000    9/11/2012      USD      9.56
BARCLAYS BK PLC         8.000    9/11/2012      USD      9.62
BARCLAYS BK PLC         9.000    10/1/2012      USD      9.47
BARCLAYS BK PLC        10.650    1/31/2012      USD     34.34
BARCLAYS BK PLC        10.350    1/23/2012      USD     26.49
BARCLAYS BK PLC         8.550    1/23/2012      USD     10.60
BEAZLEY GROUP LT        7.250   10/17/2026      GBP     70.00
BOPARAN FINANCE         9.875    4/30/2018      GBP     74.63
CEVA GROUP PLC          8.500    6/30/2018      EUR     51.50
CEVA GROUP PLC         10.000    6/30/2018      EUR     58.75
CITY OF KYIV            9.375    7/11/2016      USD     75.63
CO-OPERATIVE BNK        5.750    12/2/2024      GBP     72.01
CO-OPERATIVE BNK        5.875    3/28/2033      GBP     63.27
EC FINANCE              9.750     8/1/2017      EUR     65.83
EC FINANCE              9.750     8/1/2017      EUR     66.63
EFG HELLAS PLC          6.010     1/9/2036      EUR     32.88
EFG HELLAS PLC          5.400    11/2/2047      EUR     13.13
EFG HELLAS PLC          4.375    2/11/2013      EUR     71.21
EMPORIKI GRP FIN        4.000    2/28/2013      EUR     60.38
EMPORIKI GRP FIN        4.000    2/28/2013      EUR     60.38
EMPORIKI GRP FIN        4.350    7/22/2014      EUR     42.13
ENTERPRISE INNS         6.375    9/26/2031      GBP     60.17
ENTERPRISE INNS         6.500    12/6/2018      GBP     68.60
ENTERPRISE INNS         6.875    2/15/2021      GBP     62.99
ENTERPRISE INNS         6.875     5/9/2025      GBP     63.58
ESSAR ENERGY            4.250     2/1/2016      USD     62.57
EX-IM BK OF UKRA        5.793     2/9/2016      USD     69.99
F&C ASSET MNGMT         6.750   12/20/2026      GBP     63.85
GALA ELECTRIC CA       11.500     6/1/2019      GBP     64.50
GALA ELECTRIC CA       11.500     6/1/2019      GBP     65.23
HBOS PLC                5.374    6/30/2021      EUR     69.88
HBOS PLC                4.375   10/30/2019      EUR     72.07
HBOS PLC                4.500    3/18/2030      EUR     63.62
HEALTHCARE SUPP         2.067    2/19/2043      GBP     75.40
INEOS GRP HLDG          7.875    2/15/2016      EUR     64.50
INEOS GRP HLDG          7.875    2/15/2016      EUR     65.04
INEOS GRP HLDG          8.500    2/15/2016      USD     71.63
INEOS GRP HLDG          8.500    2/15/2016      USD     71.63
LBG CAPITAL NO.1        6.439    5/23/2020      EUR     66.06
LBG CAPITAL NO.1        7.875    11/1/2020      USD     74.00
LBG CAPITAL NO.1        7.625   10/14/2020      EUR     69.53
LBG CAPITAL NO.1        7.869    8/25/2020      GBP     71.90
LBG CAPITAL NO.1        7.588    5/12/2020      GBP     72.00
LBG CAPITAL NO.1        7.375    3/12/2020      EUR     69.84
LBG CAPITAL NO.1        7.867   12/17/2019      GBP     71.77
LBG CAPITAL NO.1        7.975    9/15/2024      GBP     66.43
LBG CAPITAL NO.2        8.500     6/7/2032      GBP     62.19
LBG CAPITAL NO.2        6.385    5/12/2020      EUR     66.06
LBG CAPITAL NO.2        7.875    3/19/2020      USD     72.50
LBG CAPITAL NO.2        7.625    12/9/2019      GBP     71.29
LBG CAPITAL NO.2        9.000    7/15/2029      GBP     71.43
LLOYDS TSB BANK         5.750     7/9/2025      GBP     74.03
LOUIS NO1 PLC           8.500    12/1/2014      EUR     64.00
LOUIS NO1 PLC          10.000    12/1/2016      EUR     64.06
LOUIS NO1 PLC          10.000    12/1/2016      EUR     62.75
MATALAN                 9.625    3/31/2017      GBP     59.38
MATALAN                 9.625    3/31/2017      GBP     59.44
MAX PETROLEUM           6.750     9/8/2013      USD     54.14
NATIONWIDE BLDG         5.600    8/19/2030      USD     74.06
NOMURA BANK INTL        0.800   12/21/2020      EUR     64.06
NORTHERN ROCK           5.750    2/28/2017      GBP     64.08
NORTHERN ROCK           4.574    1/13/2015      GBP     66.00
OTE PLC                 4.625    5/20/2016      EUR     57.99
OTE PLC                 5.000     8/5/2013      EUR     70.57
OTE PLC                 7.250     4/8/2014      EUR     66.46
PHONES4U FINANCE        9.500     4/1/2018      GBP     70.27
PHONES4U FINANCE        9.500     4/1/2018      GBP     70.25
PIRAEUS GRP FIN         4.000    9/17/2012      EUR     65.14
PUNCH TAVERNS           7.567    4/15/2026      GBP     57.88
ROYAL BK SCOTLND        4.350    1/23/2017      EUR     71.47
ROYAL BK SCOTLND        4.625    9/22/2021      EUR     59.13
ROYAL BK SCOTLND        2.300   11/26/2024      JPY     64.70
ROYAL BK SCOTLND        4.692     6/9/2025      EUR     66.32
ROYAL BK SCOTLND        5.250   11/14/2033      EUR     69.54
THOMAS COOK GR          7.750    6/22/2017      GBP     64.35
THOMAS COOK GR          6.750    6/22/2015      EUR     69.88
TUI TRAVEL PLC          6.000    10/5/2014      GBP     75.52
TUI TRAVEL PLC          4.900    4/27/2017      GBP     68.01
TXU EASTERN FNDG        6.450    5/15/2005      USD      0.13


                            *********

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 * * *