/raid1/www/Hosts/bankrupt/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
*********
=============
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
=============
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.
===============
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.
=============
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.
=============
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.
=============
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.
=============
I R E L A N D
=============
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 * * *