/raid1/www/Hosts/bankrupt/TCREUR_Public/111213.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
Tuesday, December 13, 2011, Vol. 12, No. 246
Headlines
F R A N C E
FRANCE TELECOM: Loses Appeal in EU Dispute Over State Aid
G E R M A N Y
ADAM OPEL: Targets EUR1 Billion Profit by 2016
FINNFOREST MERK: Bankruptcy Bid No Effect on Operations, CEO Says
HECKLER & KOCH: S&P Lowers Corporate Credit Rating to 'CCC'
LANDESBANK HESSEN: Fails EBA Financial-Strength Test
STYROLUTION GROUP: Moody's Changes 'B2' CFR Outlook to Negative
* GERMANY: Business Insolvencies Drop 6.7% in 9-Month Ended Sept.
I C E L A N D
TRYGGINGAMIDSTODIN HF: S&P Lifts Counterparty Rating to 'BB+'
I R E L A N D
ALLIED IRISH: Does Not Require Add'l. Capital, EBA Confirms
ALLIED IRISH: S&P Keeps 'BB' Counterparty Credit Rating
AVEBURY FINANCE: S&P Lowers Ratings on Three Note Classes to 'D'
DECO 7: S&P Lowers Rating on Class G Notes to 'D(sf)'
* IRELAND: Firms That Cut Severe Costs Cuts Most Likely to Fail
I T A L Y
CASSA DI RISPARMIO: S&P Keeps 'BB+/B' Counterparty Credit Ratings
LEO CONSUMO: DBRS Confirms Rating on Class B Notes at 'BB'
SIENA SME: Moody's Assigns 'Caa1' Rating to Class C Notes
K A Z A K H S T A N
GEO POINT: Posts US$390,700 Net Loss in Sept. 30 Quarter
KAZMUNAIGAS EXPLORATION: S&P Raises Issuers Rating From 'BB+'
N E T H E R L A N D S
DECO 14: S&P Lowers Ratings on Two Note Classes to 'D'
DUTCH MBS: S&P Affirms Rating on Class E Notes at 'BB+'
JUBILEE CDO: S&P Raises Rating on Class E Notes to 'CCC+'
P O R T U G A L
COMBOIOS DE PORTUGAL: S&P Keeps 'B-' Issuer Credit Rating
R U S S I A
ALFA-BANK OJSC: S&P Raises Issuer Credit Rating to 'BB'
* VOLOGDA OBLAST: S&P Assigns 'B+' Rating to RUB2.51-Bil. Bond
* ROSTOV REGION: Fitch Affirms 'BB-' Long-Term Currency Ratings
S P A I N
SANTANDER EMPRESAS: DBRS Assigns 'C' Rating on Series C Notes
SANTANDER FINANCIACION: S&P Affirms 'D' Ratings on Two Notes
SPANISH AUTOVIA: S&P Lowers SPUR on EUR110-Mil. Loan to 'BB-'
U N I T E D K I N G D O M
AEOLUS CDO: S&P Lowers Ratings on Five Note Classes to 'D'
BATTERSEA POWER: Set to be Placed Into Administration
BLACKS LEISURE: Potential Bidders Await Administration
BRADFORD & BINGLEY: Fitch Affirms 'C' Ratings on Sub. Securities
COUNTYROUTE PLC: S&P Cuts GBP88-Mil. Senior Debt Rating to 'BB-'
HIT ENTERTAINMENT: S&P Puts 'CCC+' Rating on Watch Developing
HOUSE OF EUROPE: Fitch Downgrades Rating on Class E Notes to 'C'
MEDIA SQUARE: Unable to Repay Bank Loans; Appoints Administrators
MOUCHEL GROUP: Appoints David Shearer as New Chairman
ROYAL BANK: 2008 Near-Collapse Blamed on Management
S BARRATT & CO: Goes Into Administration, Cuts 43 Jobs
THOMAS COOK: Expected to Reveal Shop Closures & Job Cuts
VON ESSEN: Patron, Halcyon Buy 7 Hotels For GBP38 Million
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
===========
F R A N C E
===========
FRANCE TELECOM: Loses Appeal in EU Dispute Over State Aid
---------------------------------------------------------
Stephanie Bodoni at Bloomberg News reports that France Telecom SA
lost an appeal at the European Union's highest court against an
EU order that forced it to pay about EUR1.02 billion
(US$1.37 billion) in back taxes to the French government.
The EU regulators' "decision finding that that aid existed and
ordering its recovery is valid," Bloomberg quotes the EU Court of
Justice in Luxembourg as saying in a ruling on Thursday. It
upheld a lower EU court's ruling in 2009 "that the special tax
regime to which France Telecom was subject constituted state
aid."
The European Commission, which checks whether government aid
distorts competition, had probed France's support for the phone
company when it was close to bankruptcy in 2002, Bloomberg
recounts. It decided that France Telecom received improper tax
benefits from 1994 through 2004, Bloomberg discloses. A lower EU
court in 2009 sided with the regulator, Bloomberg relates.
The Brussels-based commission won a separate case at the EU high
court in 2007 over France's failure to recoup the tax breaks,
Bloomberg notes. The court in that case rejected France's
arguments that the commission should have given a more precise
figure when it ruled in 2004 that France Telecom must pay back as
much as EUR1.1 billion, plus interest, according to Bloomberg.
=============
G E R M A N Y
=============
ADAM OPEL: Targets EUR1 Billion Profit by 2016
----------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that General Motors
Co.'s loss-making European Opel brand targets EUR1 billion
($1.33 billion) in profit as of 2016 and a 5% return on sales,
brand chief Karl-Friedrich Stracke told a staff newspaper.
About Adam Opel
Adam Opel GmbH -- http://www.opel.com/-- is General Motors
Corp.'s German wholly owned subsidiary. Opel started making cars
in 1899. Opel makes passenger cars (including the Astra, Corsa,
and Vectra) and light commercial vehicles (Combo and Movano).
Its high-performance VXR range includes souped-up versions of
Opel models like the Meriva minivan, the Corsa hatchback, and the
Astra sports compact. Opel is GM's largest subsidiary outside
North America.
FINNFOREST MERK: Bankruptcy Bid No Effect on Operations, CEO Says
-----------------------------------------------------------------
EUWID reports that Christoph Zimmermann, CEO at Finnforest Merk,
said the insolvency application submitted by the service company
Merk-Project on Nov. 23, 2011, has no effect on the operational
business and the future of Finnforest Merk.
EUWID relates that Mr. Zimmermann confirmed that the managing
partner of Merk-Project, Karl Moser, filed for bankruptcy on
account of pending inability to pay.
Even though Merk-Project had primarily worked as a service
provider for Finnforest Merk, Mr. Zimmermann said that the two
companies are not connected in terms of company law and Merk-
Project is also not a subsidiary of Finnforest Merk, according to
EUWID.
Finnforest Merk GMBH is a timber-construction company.
HECKLER & KOCH: S&P Lowers Corporate Credit Rating to 'CCC'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Germany-based defense contractor
Heckler & Koch GmbH to 'CCC' from 'CCC+'. The outlook is
negative.
"At the same time, we lowered the issue rating on Heckler &
Koch's EUR295 million 9.5% senior secured notes due 2018 to 'CCC'
from 'CCC+'. The recovery rating on this instrument is unchanged
at '4', indicating our expectation of average (30%-50%) recovery
in the event of a payment default," S&P said.
"The downgrade reflects our assessment that Heckler & Koch's
liquidity profile has deteriorated to 'weak' from 'less than
adequate' under our criteria. This is primarily due to higher
working capital investments caused by product delivery delays, in
turn caused by export license delays, and higher cash interest
after the group's recent refinancing. As a result, we project
that the group will have negative free operating cash flow in
2011, eliminating nearly all unrestricted cash. We understand
that there could be a slight shortage of liquidity by the end of
2011, which we believe could be covered by the postponement of
trade payables. Although we anticipate some liquidity
improvements in the first quarter of 2012 due to cash inflows
from delayed deliveries, we think any delay in improving the cash
flow could endanger the bond interest payment of EUR14 million in
May 2012," S&P said.
"The negative outlook reflects our opinion of the possibility
that Heckler & Koch's very tight liquidity will not improve in
the first quarter of 2012. This situation could in our view arise
because the completion of delayed orders will likely put the
company at risk of not being able to cover its operating needs
over the next few weeks. In addition to the short-term liquidity
risk, we are also concerned about the group's liquidity position
over the next 12 months, which could potentially put its interest
payments of EUR14 million in May and November 2012 at risk," S&P
said.
"Under our base case, we believe that the company will improve
its cash flow position on the back of the completion of delayed
orders and the order book as of Sept. 30, 2011, which is about
nine months. We note, however, that despite satisfactory
profitability, Heckler & Koch's cash generation is weak, and, as
a result, limited downward diversions from our base-case
assumptions could create significant liquidity stress. These
downward diversions could, for example, come from a weaker order
book or further delays in export license approvals," S&P said.
"An outlook revision to stable or an upgrade would in our view
depend on the group's ability to significantly improve its
liquidity position for the next 12 months," S&P said.
LANDESBANK HESSEN: Fails EBA Financial-Strength Test
----------------------------------------------------
Nicholas Comfort at Bloomberg News reports that Landesbank
Hessen-Thueringen said it failed a financial-strength test by
Europe's top banking regulator because of "technical formalities"
relating to a form of German capital.
According to Bloomberg, Frankfurt-based Helaba said in a
statement on Dec. 7 that Germany's fifth biggest state-owned
lender would need to raise EUR1.5 billion (US$2 billion) to reach
a core Tier 1 capital ratio, a measure of financial strength, of
9% or more because the European Banking Authority's test doesn't
account for measures that will take effect by the end of the
year.
Helaba, as cited by Bloomberg, said it won't need additional
capital as a state shareholder will convert so-called silent
participations, a form of non-voting capital used in Germany, by
the end of the year.
Bloomberg notes that the statement said Helaba would fail the
test because it's based on data from the end of September, which
don't reflect the effect of the conversion of EUR1.92 billion in
silent participations held by the German state of Hesse.
Helaba entered the capital as "hybrid instruments not subscribed
by government" in a data submission to the EBA, according to the
statement, which didn't disclose details of the test, Bloomberg
discloses. The company said that the lender would have a core
Tier 1 capital ratio of 9.8% at Sept. 30 if the silent
participations were recognized, Bloomberg recounts.
The bank said that the German bank and Hesse have taken all
necessary measures to convert the state's silent participations
to core Tier 1 capital, Bloomberg relates.
Landesbank Hessen-Thueringen (Helaba) is a Germany-based regional
bank.
STYROLUTION GROUP: Moody's Changes 'B2' CFR Outlook to Negative
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on the 'B2'
corporate family rating of Styrolution Group GmbH to negative
from stable.
Ratings Rationale
The agency's decision to change the outlook on the rating to
negative follows weaker than expected financial performance in
the second and third quarters of 2011. Moody's expects this trend
to continue into the first half of 2012 given the general
slowdown in end-user markets - especially in Europe where the
company generates half of its revenues -- but also as a result of
increasing overcapacity issues, particularly for ABS in Asia, and
PS in Europe.
Despite customer inventories being at very low levels, Moody's is
concerned that deteriorating market conditions will continue
driving volumes and margins to bottom of cycle levels in
Styrolution's key markets over the coming quarters, with no
evident catalyst for a reversal of this trend. Furthermore, Q4
2011 results will suffer a circa EUR20 million EBITDA impact from
the fire affecting Styrolution's plants at the Ludwigshafen site,
which resulted in a force majeure declaration in October 2011.
The fire impacted a range of Styrolution's specialty products,
with several production lines unlikely to be operational until Q1
2012.
Moody's also notes that management's focus on cost-saving
measures will likely lead to significant restructuring costs and
one-off capital expenditures (capex) in 2012, whilst not
providing any substantial cost saving benefits until at least
2013. At the same time, the agency is concerned that these one-
off costs will be realised in a challenging market environment,
whilst presenting significant execution risk.
More positively, Moody's notes that despite the weakening
financial performance and an uncertain outlook for the styrenics
market, Styrolution retains sufficient liquidity to address the
medium-term challenges ahead. Upon closing of the JV on October
4, 2011, the company had EUR210 million of cash on balance sheet,
albeit cash was largely generated via the drawdown of EUR350
million from the group's EUR500 million securitization facility -
- close to the maximum available given drawings are constrained
by eligibility criteria for trade receivables, with no financial
maintenance covenants. Preservation of large liquidity and
adequate financial flexibility is important given capex is
expected to materially ramp-up over the next 12-18 months as the
group incur additional one-off costs related to cost-saving
initiatives.
Additional supportive factors for Styrolution are its (i) global
leading position in the styrenics market; (ii) first and second
quartile assets in several markets; and (iii) conservative
financial policy and credit metrics.
Negative rating pressure could be triggered by: (i) a material
weakening in the liquidity position of the company; (ii) Moody's
adjusted Net Debt/EBITDA ratio rising above 3.0x for a sustained
period (LTM Q2 2011: 1.7x); (iii) a deterioration in the group's
cash flow generation leading to a sustained RCF/Net Debt ratio
below 20% (LTM Q2 2011: 51%) ; and (iv) underperformance in
delivering expected cost synergies over the next 24-months.
While upward rating pressure is unlikely in the short term,
positive pressure could be applied should Styrolution: (i)
improve EBITDA margins sustainably above 7%; (ii) maintain an
adjusted Net Debt/EBITDA ratio sustainably below 2.0x; and (iii)
improve RCF/Net Debt ratio sustainably above 30%.
The principal methodology used in rating Styrolution Group GmbH
was the "Global Chemical Industry Methodology," published in
December 2009. Other methodologies used include "Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA," published in June 2009.
Styrolution, based in Ludwigshafen, Germany, is a 50:50 joint-
venture between BASF Group and INEOS Group, through the
combination of BASF Styrenics, INEOS Styrenics and INEOS ABS
assets. The joint-venture became fully operational as a new
independent company on 1 October 2011, following the approval of
the relevant antitrust authorities. The company is a leading
player in the styrenics business, especially in Europe and North
America, with combined unaudited pro-forma 2010 revenues of
EUR6.4 billion and EBITDA (before exceptional items) of nearly
EUR407 million.
* GERMANY: Business Insolvencies Drop 6.7% in 9-Month Ended Sept.
-----------------------------------------------------------------
RTTNews reports that the Federal Statistical Office said
Germany's business insolvencies decreased 6.7% in January to
September from the same period of the previous year.
The German insolvency courts reported 22,854 business
insolvencies during January to September, RTTNews discloses.
RTTNews says the number of consumer insolvencies was 78,569
cases, which was 3.8% less than a year earlier. Together with
the insolvencies of other private debtors and of estates, total
insolvencies dropped 4.6% from the prior year.
=============
I C E L A N D
=============
TRYGGINGAMIDSTODIN HF: S&P Lifts Counterparty Rating to 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit and insurer financial strength ratings on
Iceland-based multiline insurer Tryggingamidstodin hf (TM) to
'BB+' from 'BB'. The outlook is stable.
"The upgrade reflects our view of TM's operating performance,
which has improved to good from marginal. As a result of the
successful implementation of management's strategy, we note that
TM has consistently shown improving underwriting results for the
past three years. In our view, TM reached a turning point in its
underwriting profitability in 2010, with a non-life net combined
ratio (a measure of profitability for which a result greater than
100% signifies an underwriting loss) of 96%, and 93% in the first
three quarters of 2011. To give this context, TM's combined ratio
was 116% in 2009 and 128% in 2008," S&P said.
"We consider that TM has significantly enhanced its pricing
techniques, risk selection, and risk management. This is
reflected in its positive underwriting results over the past two
years. We expect these measures to allow TM to maintain and
improve its underwriting performance further. We anticipate that
TM will achieve a net combined ratio of less than 95% in 2011-
2013. In our view, combined with a focused management team, this
will likely reinforce TM's marginal competitive position and its
marginal capitalization. Earnings are still exposed to some
volatility because of TM's above-average exposure to equities,"
S&P said.
"We regard TM's investments as marginal. This reflects the
company's aggressive investment portfolio mix, which is
exacerbated by significant concentration exposure and credit and
market risk in Iceland, which, although diminishing, is still
historically high. At the end of October 2011, investments in
equities were equal to 31% of total invested assets, compared
with 21% at year-end 2010. This is largely due to appreciating
value of a single private equity investment. Although we see this
as a significant risk, it is partially mitigated by the
management's and the board's awareness of it, close monitoring,
and the risk controls in place," S&P said.
"We are aware of the sale of TM by its parent, Stodir, which has
99.9% ownership of the company. However, we do not expect any
significant implications over the outlook horizon of 12 months
because of oversight by the Icelandic regulator and controls in
place, which we view as sufficient," S&P said.
"The stable outlook reflects our view that TM's management will
continue to successfully implement its strategy, sustain the
recent improvement in operating performance, and produce a net
combined ratio of less than 95% in 2011-2012. We further expect
this improvement in earnings to contribute to growth in capital
adequacy, which we believe will be at least in line with the
rating or better, as measured by our risk-adjusted capital
model," S&P said.
"A downgrade is unlikely at present in our view. However, we
could consider taking a negative rating action if we see a
material deterioration in TM's operating performance or capital
adequacy, or a shift to a more risky investment portfolio
composition," S&P said.
"We could take a positive rating action if we see an improvement
in the company's risk-based capital through reduced investment
risk, good (sustainable) operating performance, and a stronger
competitive position," S&P said.
=============
I R E L A N D
=============
ALLIED IRISH: Does Not Require Add'l. Capital, EBA Confirms
-----------------------------------------------------------
Allied Irish Banks, p.l.c. has published the results of the EU-
wide stress testing exercise coordinated by the European Banking
Authority under the supervision of the Central Bank of Ireland.
The published results confirm that AIB does not require any
additional capital. AIB has been recapitalized to meet the
requirements of the Prudential Capital Assessment Review set by
the CBI in March 2011 and is required to maintain a minimum Core
Tier 1 ratio of 10.5% on an ongoing basis.
To view the published results including the EBA disclosure
templates for AIB, click:
http://www.rns-pdf.londonstockexchange.com/rns/6565T_1-2011-12-8.pdf
About Allied Irish Banks
Allied Irish Banks, p.l.c. -- http://www.aibgroup.com/-- is a
major commercial bank based in Ireland. It has an extensive
branch network across the country, a head office in Dublin and a
capital markets operation based in the International Financial
Services Centre in Dublin. AIB also has retail and corporate
businesses in the UK, offices in Europe and a subsidiary company
in the Isle of Man and Jersey (Channel Islands).
Since the onset of the global and Irish financial crisis, AIB's
relationship with the Irish Government has changed significantly.
As at Dec. 31, 2010, the Government, through the National Pension
Reserve Fund Commission ("NPRFC"), held 49.9% of the ordinary
shares of the Company (the share of the voting rights at
shareholders' general meetings), 10,489,899,564 convertible non-
voting ("CNV") shares and 3.5 billion 2009 Preference Shares. On
April 8, 2011, the NPRFC converted the total outstanding amount
of CNV shares into 10,489,899,564 ordinary shares of AIB, thereby
increasing its holding to 92.8% of the ordinary share capital.
In addition to its shareholders' interests, the Government's
relationship with AIB is reflected through formal and informal
oversight by the Minister and the Department of Finance and the
Central Bank of Ireland, representation on the Board of Directors
(three non-executive directors are Government nominees),
participation in NAMA, and otherwise.
As reported by the TCR on May 31, 2011, KPMG, in Dublin, Ireland,
noted that there are a number of material economic, political and
market risks and uncertainties that impact the Irish banking
system, including the Company's continued ability to access
funding from the Eurosystem and the Irish Central Bank to meet
its liquidity requirements, that raise substantial doubt about
the Company's ability to continue as a going concern.
The Company reported a net loss of EUR10.16 billion on
EUR1.84 billion of interest income for 2010, compared with a net
loss of EUR2.33 billion on US$2.87 billion of interest income for
2009.
The Company's balance sheet at June 30, 2011, showed
EUR126.87 billion in total assets, EUR120.01 billion in total
liabilities, and EUR6.86 billion in total shareholders' equity
including non-controlling interests.
ALLIED IRISH: S&P Keeps 'BB' Counterparty Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services reviewed the ratings on 11
U.K. and Irish financial institutions by applying its new ratings
criteria for banks. "In addition, following the placement of the
sovereign ratings on the Republic of Ireland (BBB+/Watch Neg/A-2)
on CreditWatch negative on Dec. 5, 2011, (see "Ireland's
'BBB+' Long-Term And 'A-2' Short-Term Ratings Placed On
CreditWatch Negative"), we are placing the ratings on two of the
Irish banks on CreditWatch with negative implications. We intend
to resolve the CreditWatch status on these banks soon after the
resolution of the CreditWatch status on Ireland," S&P said.
"See the list for the ratings on these 11 financial institutions,
including any rating changes that resulted from applying our new
criteria," S&P said.
"We will publish individual research updates on the financial
institutions identified, including a list of ratings on
affiliated entities, as well as the ratings by debt type--senior,
subordinated, junior subordinated, and preferred stock. The
research updates will be available at
www.standardandpoors.com/AI4FI and on RatingsDirect on the Global
Credit Portal. Ratings on specific issues will be available on
RatingsDirect on the Global Credit Portal and
www.standardandpoors.com," S&P said.
"We have previously published ratings on Barclays, HSBC, Lloyds,
Royal Bank of Scotland, and Santander UK on Nov. 29, 2011, and
Clydesdale and Standard Chartered on Dec. 1, 2011 under our new
criteria," S&P said.
Ratings List
The ratings are counterparty credit ratings.
To From
Irish Banks:
Allied Irish Banks PLC BB/Negative/B BB/Negative/B
Bank of Ireland
Long-term counterparty ratings BB+/Watch Neg BB+/Negative
Short-term counterparty ratings B B
Irish Bank Resolution
Corporation Limited
CCC+/Developing/C CCC/Negative/C
Irish Life & Permanent PLC BB-/Watch Neg/B BB/Negative/B
KBC Bank Ireland PLC BBB-/Negative/A-3 BBB+/Negative/A-2
U.K. Financial Institutions:
AIB Group (U.K.) PLC BB/Negative/B BB-/Negative/B
Bradford & Bingley PLC --/--/A-1 --/--/A-1
FCE Bank PLC BBB-/Stable/- BBB-/Stable/-
Nationwide Building Society A+/Stable/A-1 A+/Negative/A-1
Northern Rock (Asset Management) PLC A/Stable/A-1 A/Stable/A-1
Yorkshire Building Society A-/Stable/A-2 A-/Stable/A-2
AVEBURY FINANCE: S&P Lowers Ratings on Three Note Classes to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' its credit
ratings on the class C, D, and E notes in Avebury Finance CDO
PLC, and affirmed its 'D (sf)' ratings on the class A-2 and B
notes. "At the same time, we withdrew, effective in 30 days'
time, our ratings on all rated classes of notes," S&P said.
"The rating actions follow the liquidation of the collateral
portfolio, which we understand took place by auction on Oct. 12,
2011, and the distribution of the available proceeds to
noteholders on Nov. 18," S&P said.
"The transaction's liquidation report makes clear that none of
the outstanding note balances were fully repaid. We therefore
consider that all rated classes are now in payment default. We
have therefore lowered our ratings on classes C, D, and E to 'D
(sf)', and affirmed our 'D (sf)' ratings on classes A-2 and B.
The ratings will remain at 'D (sf)' for a period of 30 days
before the withdrawal becomes effective," S&P said.
Avebury Finance CDO is a cash flow collateralized debt obligation
(CDO) where the portfolio originally consisted of primarily U.S.
structured finance securities. The transaction closed in June
2006.
Ratings List
Class Rating
To From
Avebury Finance CDO PLC
US$1.01 Billion Secured Floating-Rate Notes Due 2051
Ratings Affirmed and Withdrawn[1]
A-2 D (sf)
NR D (sf)
B D (sf)
NR D (sf)
Ratings Lowered and Withdrawn[1]
C D (sf) CC (sf)
NR D (sf)
D D (sf) CC (sf)
NR D (sf)
E D (sf) CC (sf)
NR D (sf)
[1]The withdrawals become effective in 30 days' time.
NR--Not rated.
DECO 7: S&P Lowers Rating on Class G Notes to 'D(sf)'
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
DECO 7 - Pan Europe 2 PLC's class C to G notes. Our ratings on
the class A2, B, and H notes are unaffected.
DECO 7-Pan Europe 2 closed in March 2006, and was originated and
is serviced by Deutsche Bank AG (London branch). It is backed by
six loans secured over properties in Germany, Switzerland, and
the Netherlands.
"The rating actions follow the asset revaluation of the Karstadt
Kompakt loan, which makes up 25% of the transaction loan pool.
They reflect our increased expectation of losses, a subsequent
appraisal reduction of the liquidity facility, and interest
shortfalls on the October 2011 note interest payment date (IPD),"
S&P said.
The 35 retail assets in Germany that back the loan have been
vacant since 2008, following the insolvency of the main tenant,
Hertie department stores (see "Ratings Lowered On Classes B, C,
D, F, G, And H In DECO 7-Pan Europe 2's CMBS Transaction;
Remaining Ratings Affirmed," published on Sept. 13, 2010).
The Karstadt Kompakt loan was transferred into special servicing
with Hatfield Phillips in December 2010. The first interest
shortfall occurred at the July IPD (see "Ratings Lowered On CMBS
Transaction DECO 7-Pan Europe 2's Class H Notes After Interest
Shortfall," published on Sept. 23, 2011).
The New Valuation and Potential Losses From The Karstadt Kompakt
Loan
After the transfer to special servicing, as required by the
transaction documents, Hatfield Philips commissioned a valuation
from an independent valuer, Apollo Valuation Advisory. Nineteen
of the 35 remaining assets were valued as development sites/land,
and 16 were valued from a potential income capitalization
perspective. The revised valuation is reported as EUR114.685
million (as against an independent value of EUR248.278 million
for the same assets at origination in 2006), which shows a
decline of 52%.
"We have not had sight of the new valuation report, but we
believe that factors contributing to the decline in value are
likely to be: the absence of income since 2008; a widening of
market investment yields; and 19 retail units that are now
considered obsolete for their intended use," S&P said.
"The assets are being sold in a distressed scenario. We
understand that most of the highest-quality assets have been sold
already, and that the remaining assets will continue to be
disposed of one by one. In view of these facts, as well as the
new market value, we believe that Hatfield Philips may find it
difficult to achieve sales at the levels and numbers it has in
the past, and that recoveries in excess of the most recent
valuation are unlikely," S&P said.
If the assets are sold at the current valuation of EUR114.685
million against an outstanding loan balance of EUR162.24 million,
the loss on the loan (assuming a deduction of 10% from sale
proceeds for fees and charges) would be approximately EUR60
million.
"If we consider also that accrued interest and property charges
at the loan level (interest being approximately EUR2 million per
quarter) will be paid from disposal proceeds in priority to
principal on the notes, the losses could be higher than EUR60
million. This would lead to potential principal losses on the
class F, G, and H notes, which have a current aggregate balance
of EUR71.39 million," S&P said.
The Appraisal Reduction and Interest Shortfalls
Since August 2008 when the main tenant, Hertie GmbH & Co., became
insolvent, the borrower has met the majority of interest
obligations from quarterly asset sales. In the quarters when
there were no asset sales, the issuer drew from the liquidity
facility to cover shortfalls, until it was repaid by further
asset sales.
Following the recent valuation, the provisions of the documents
that provide for an appraisal reduction have been triggered:
These provide that if the outstanding loan amount (together with
other expenses outlined in the offering circular) exceeds 90% of
the new value, an appraisal reduction has occurred on the loan.
The loan-to-value (LTV) ratio is now reported as 141% for the
Karstadt Kompakt loan and the special servicer has calculated an
appraisal reduction amount of EUR65,610,996.96.
"In this transaction, the appraisal reduction operates to reduce
the amount of each drawing that can be made under the liquidity
facility by the appraisal reduction proportion -- meaning that,
in the quarters when there are insufficient funds from asset
sales to pay the interest, the issuer's drawing will be limited
by the same proportion -- to about 59%, according to our
calculations. In our view, this will likely cause further
shortfalls and deferred interest on the notes," S&P said.
At the October 2011 IPD, there were no asset sales. As a result
of the appraisal reduction, the liquidity facility was reduced by
the appraisal reduction factor, and a shortfall of EUR1.342
million occurred -- affecting the class C to G notes.
"We believe the shortfall was compounded by extra expenses of
EUR343,000 for a liquidation fee, servicer reimbursements, and
administration costs. These fees and costs were paid in priority
to note interest. Based on our analysis of interest due and
average costs, we estimate that, in the absence of asset sales,
future shortfalls could be in the region of EUR1 million per
quarter (this figure includes interest due on the loan and
special servicing fees," S&P said.
Conclusion
"The interest shortfall has affected the class C to H notes. The
rating on the class H notes is already 'D (sf)'. We anticipate
that the shortfalls on the class G notes are likely to recur and
increase in size. As a result, we have lowered the rating on the
class G notes to 'D (sf)'," S&P said.
"The shortfalls that occurred on the class C to F notes were
minor compared with the note balance (less than 1% of each
class's balance). Moreover, given that accrued interest is
payable on the notes sequentially in priority to interest due, we
anticipate that the shortfalls on these classes could be repaid
sequentially over time, from asset sales and liquidity drawings
(to the extent available). Accordingly, applying our interest
shortfall criteria, we have not lowered to 'D (sf)' the ratings
on the class C to F notes (see 'Rating U.S. CMBS In The Face Of
Interest Shortfalls,' published on Feb. 23, 2006)," S&P said.
"However, given our revised loss expectations for the Karstadt
Kompakt loan, we believe that the risk of principal losses has
increased. Accordingly, we have lowered the ratings on the class
C to F notes. If principal losses are realized on the Karstadt
Kompakt loan to the extent outlined above, these would in turn
cause losses on the class E and F notes, and we would then lower
the ratings on these classes to 'D (sf)'. This would in turn
reduce the credit enhancement available to the remaining classes
and leave the class D notes vulnerable to losses. Accordingly, we
have lowered the rating on the class D notes to speculative-grade
from investment-grade," S&P said.
Potential Effects of Proposed Criteria Changes
"We have taken rating actions based on our criteria for rating
European commercial mortgage-backed securities (CMBS). However,
these criteria are under review (see 'Advance Notice of Proposed
Criteria Change: Methodology And Assumptions For Rating European
Commercial Mortgage-Backed Securities,' published on Nov. 8,
2011)," S&P said.
"As highlighted in the Nov. 8 Advance Notice of Proposed Criteria
Change, we expect to publish a request for comment (RFC)
outlining our proposed criteria changes for rating European CMBS
transactions. Subsequently, we will consider market feedback
before publishing our updated criteria. Our review may result
in changes to the methodology and assumptions we use when rating
European CMBS, and consequently, it may affect both new and
outstanding ratings on European CMBS transactions," S&P said.
"Until such time that we adopt new criteria for rating European
CMBS, we will continue to rate and surveil these transactions
using our existing criteria (see 'Related Criteria And
Research')," S&P said.
Ratings List
Class Rating
To From
DECO 7 - Pan Europe 2 PLC
EUR1.556 Billion Commercial Mortgage-Backed Variable- And
Floating-Rate Notes
Ratings Lowered
C A (sf) A+ (sf)
D BB+ (sf) A (sf)
E BB (sf) BBB (sf)
F B- (sf) BBB-(sf)
G D (sf) BB- (sf)
Ratings Unaffected
A2 A+ (sf)
B A+ (sf)
H D (sf)
* IRELAND: Firms That Cut Severe Costs Cuts Most Likely to Fail
---------------------------------------------------------------
According to Bloomberg News' Gavin Finch, the Independent on
Sunday, citing a survey by PA Consulting Group, reported that
firms that carried out the most severe cost cuts to weather the
financial crisis are the most likely to fail.
The Independent reported that the London-based consulting firm
said a survey of 200 business leaders and data from 2007 to 2010
found that the firms that reduced costs, particularly for staff,
had a 10% lower total shareholder return than those that did not,
Bloomberg discloses.
=========
I T A L Y
=========
CASSA DI RISPARMIO: S&P Keeps 'BB+/B' Counterparty Credit Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services reviewed its ratings on 33
Italy-based financial institutions by applying its new ratings
criteria and updated group methodology for banks. In addition,
Standard & Poor's has placed these ratings on CreditWatch with
negative implications following the same action on the 'A/A-1'
unsolicited long- and short-term sovereign ratings on the
Republic of Italy on Dec. 5, 2011, (see "Italy's Unsolicited
'A/A-1' Ratings Placed On CreditWatch Negative"). "We intend to
resolve the CreditWatch placement shortly after resolution of the
CreditWatch on the Republic of Italy," S&P said.
See the ratings list for ratings on these financial institutions
and their relevant subsidiaries, including any ratings changes
that resulted from applying S&P's new criteria.
"We will publish individual research updates on banks identified,
including a list of ratings on affiliated entities, as well as
the ratings by debt type -- senior, subordinated, junior
subordinated, and preferred stock. The research updates will be
available at www.standardandpoors.com/AI4FI and on RatingsDirect
on the Global Credit Portal. Ratings on specific issues will be
available on RatingsDirect on the Global Credit Portal and
www.standardandpoors.com," S&P said.
"We have previously published the results of our review of the
ratings on UniCredit SpA, Intesa Sanpaolo SpA, Banca Nazionale
del Lavoro SpA, and Cassa di Risparmio di Parma e Piacenza SpA
under our new criteria on Nov. 29, 2011, followed by an update
today (see 'Standard & Poor's Places Several Large Bank Groups
Across The Eurozone On CreditWatch Negative')," S&P related.
Ratings List
To From
Agos-Ducato SpA BBB+/Watch Neg/A-2 A-/Negative/A-2
Banca Carige SpA BBB/Watch Neg/A-2 BBB+/Negative/A-2
Banca di Credito
Cooperativo di
Conversano S.c.r.l
BBB-/Watch Neg/A-3 BBB-/Stable/A-3
Banca di Credito
Cooperativo San Marzano
di San Giuseppe S.c.r.l.
BBB-/Watch Neg/A-3 BBB-/Negative/A-3
Banca Fideuram
Long-Term Counterparty
Credit Rating
A-/Watch Neg A/Negative
Short-Term Counterparty
Credit Rating
A-2 A-1
Banca Mediocredito
del Friuli-Venezia
Giulia SpA
BBB+/Watch Neg/A-2 BBB+/Stable/A-2
Banca Monte dei
Paschi di Siena SpA
BBB+/Watch Neg/A-2 BBB+/Stable/A-2
Banca Popolare
dell'Alto Adige
BBB+/ Watch Neg /A-2 BBB+/Stable/A-2
Banca Popolare
dell'Emilia Romagna S.C.
BBB+/Watch Neg/A-2 BBB+/Stable/A-2
Banca Popolare di
Milano SCRL
BBB/Watch Neg/A-2 BBB+/Negative/A-2
Banca Akros SpA BBB/Watch Neg/A-2 BBB+/Negative/A-2
Banca Popolare
di Vicenza ScpA
BBB/Watch Neg/A-2 BBB/Stable/A-2
BancaSai SpA BB/Watch Neg/B BB/Watch Neg/B
Banco Popolare
Societa Cooperativa SCRL
BBB/Watch Neg/A-2 BBB/Stable/A-2
Credito Bergamasco BBB/Watch Neg/A-2 BBB/Stable/A-2
Banca Aletti & C. SpA BBB/Watch Neg/A-2 BBB/Stable/A-2
Cassa di Risparmio
della Provincia
di Teramo SpA
Long-Term Counterparty
Credit Rating
BB+/Watch Neg BB+/Negative
Short-Term Counterparty
Credit Rating
B B
Cassa di Risparmio
di Cento SpA
Long-Term Counterparty
Credit Rating
BB+/Watch Neg BB+/Stable
Short-Term Counterparty
Credit Rating
B B
Credito Emiliano SpA BBB+/Watch Neg/A-2 BBB+/Stable/A-2
Dexia Crediop SpA
Long-Term Counterparty
Credit Rating
BB+/Watch Neg BBB+/Watch Neg
Short-Term Counterparty
Credit Rating
B A-2/Watch Neg
Farmafactoring SpA BBB-/Watch Neg/A-3 BBB-/Stable/A-3
FGA Capital SpA BBB/Watch Neg/A-3 BBB/Negative/A-3
Iccrea Holding SpA BBB+/Watch Neg /A-2 BBB+/Stable/A-2
Iccrea Banca SpA BBB+/Watch Neg /A-2 BBB+/Stable/A-2
Iccrea BancaImpresa SpA BBB+/Watch Neg /A-2 BBB+/Stable/A-2
Istituto Centrale delle
Banche Popolari Italiane SpA
BBB-/Watch Neg/A-3 BBB/Stable/A-2
CartaSi SpA BBB-/Watch Neg/A-3 BBB/Stable/A-2
Istituto per il
Credito Sportivo
A/Watch Neg/A-1 A/Negative/A-1
Mediobanca SpA A/Watch Neg/A-1 A/Negative/A-1
MedioCredito Centrale SpA
A-/Watch Neg/A-2 A-/Watch Dev/A-2
Unione di Banche Italiane Scpa
Long-Term Counterparty
Credit Rating
A-/Watch Neg A-/Stable
Short-Term Counterparty
Credit Rating
A-2 A-2
Unipol Banca SpA
Long-Term Counterparty
Credit Rating
BB+/Watch Neg BB+/Negative
Short-Term Counterparty
Credit Rating
B B
Veneto Banca SCPA BBB/Watch Neg/A-2 BBB/Negative/A-2
LEO CONSUMO: DBRS Confirms Rating on Class B Notes at 'BB'
----------------------------------------------------------
DBRS, Inc., has confirmed the Class A and Class B notes issued by
LEO CONSUMO 1 S.R.L. at BBB (sf) and BB (sf), respectively. The
rating action reflects the following analytical considerations:
-- Incorporation of a sovereign related stress component in the
rating analysis. The additional stress was prompted by the
recent downgrade by DBRS of the Republic of Italy's
sovereign from AA (low) to A (high) with the Negative Trend
maintained.
-- Upon incorporation of the sovereign related stress
component, the transaction is performing within DBRS
expectations and available credit enhancement for the notes
is sufficient to cover DBRS stressed assumptions.
-- The transaction parties' continue to meet DBRS legal
criteria.
On November 9, 2011, DBRS downgraded the Republic of Italy's Long
Term Foreign Currency and Long-Term Local Currency ratings from
AA (low) to A (high) with the Negative Trend maintained (see
press release "DBRS Downgrades Republic of Italy to A (high) on
Fiscal and Market Risks; Trend Remains Negative").
The principal methodologies applicable are Master European
Structured Finance Surveillance Methodology, Rating European
Consumer and Commercial Asset-Backed Securitisations and the DBRS
Legal Criteria for European Structured Finance Transactions,
which can be found on DBRS' website under Methodologies. For a
more detailed discussion of sovereign risk impact on Structured
Finance ratings, please refer to DBRS commentary "The Effect of
Sovereign Risk on Securitisations in the Euro Area", located at
http://dbrs.com/research/239786
For additional information on these ratings, please refer to the
linking document.
Lead Analyst: Mike Babick
Rating Committee Chair: Claire Mezzanotte
Initial Rating Date: December 30, 2010
DBRS's rating definitions and the terms of use of such ratings
are available at www.dbrs.com.
SIENA SME: Moody's Assigns 'Caa1' Rating to Class C Notes
---------------------------------------------------------
Moody's Investors Service has assigned these definitive ratings
to the debt issued by Siena SME 11-1 S.r.l.:
EUR1,244.2M Class A Mortgage Backed Floating Rate Notes due
December 2057, Assigned Aaa (sf)
EUR394.5M Class B Mortgage Backed Floating Rate Notes due
December 2057, Assigned A3 (sf)
EUR1,395.9M Class C Mortgage Backed Floating Rate Notes due
December 2057, Assigned Caa1 (sf)
Ratings Rationale
Siena SME 11-1 S.r.l. is a cash securitization of secured loans
to small, medium and corporate-sized enterprises domiciled in
Italy extended by MPS Capital Services (MPSCS, Baa2/ P-
2/D+/Stable Outlook).
According to Moody's, the ratings take account of, among other
factors, (i) a loan-by-loan evaluation of the underlying
portfolio of loans; (ii) historical performance information;
(iii) the credit enhancement provided by the excess spread, the
subordination of the notes and the reserve fund; (iv) the
liquidity support available in the transaction, by way of
principal to pay interest, the cash reserve and the interest
deferral mechanism for Class B and Class C notes; (v) the
appointment of a back-up servicer facilitator from day one and
the provisions for the appointment of a back-up servicer; and
(vi) the sound legal structure of the transaction.
Moody's notes that the transaction benefits from several credit
strengths, such as the geographical diversification, high
collateralization rate as 100% of the pool is backed by real
estate mortgages, as well as certain structural features such as
the appointment of a back-up servicer facilitator from day one.
Moody's notes that the transaction also features a number of
credit weaknesses, such as: (i) the transaction does not have a
hedging mechanism to compensate for interest and payment
frequency mismatches between the assets and the notes (ii) there
is some exposure to commingling risk and set-off risk; (iii) the
servicer can renegotiate some terms and conditions of the loans;
(iv) the pool has a relatively long weighted average life (of
around 7 years) which implies a degree of uncertainty regarding
the quantitative assumptions; and (v) the pool is heavily
concentrated in two sectors which together represent almost 64%
of the pool volume, namely Beverage, Food & Tobacco and
Construction & Building (according to Moody's industry
classification). Loans must be fully drawn and construction loans
and loan granted in the context of a transaction of project
financing are excluded. These characteristics, amongst others,
were considered in Moody's analysis and ratings.
As of November 1, 2011, the outstanding portfolio of EUR3,034.6M
was composed of 3,494 contracts granted to 3,105 borrowers,
mainly Small and Medium-Sized Companies (SME) and some large
corporate debtors. Compared to similar transactions the portfolio
shows some obligor concentration, however the largest single-name
exposure does not exceed 0.9% of the total portfolio and the top
20 borrowers represent 10.5% of the total portfolio. Most of the
loans were originated between 1998 and 2011, and the weighted
average seasoning of the portfolio is 5.6 years with a weighted
average remaining term of approximately 12 years. The interest
rate is floating for 98% of the pool (mostly linked to the 6-
month Euribor), the weighted average margin over the index being
1.62%. The fixed interest rate portion of the portfolio
represents approximately 2% in volume terms and has a weighted
average yield of 5.78%. Geographically, the pool is diversified
with the top region, i.e. Toscana, representing 27.9%. In terms
of industry sector the portfolio is mostly concentrated in two
sectors according to Moody's classification: the Beverage, Food &
Tobacco sector represents 33.6% of the outstanding pool, while
Construction & Building represents 30.2% (which includes 5.5% of
real estate developers). Loans in arrears up to 29 days account
for 0.68% of the pool balance and those exceeding 29 days in
arrears as of the transfer date have been excluded from the
securitized pool.
The resulting key assumptions of Moody's analysis for this
transaction are a mean default rate of 28.3% with a coefficient
of variation of 33.6%, and a stochastic mean recovery rate of
60%.
Moody's has assigned a composite V Score of "medium" to this
transaction, which is in line with the Italian SME ABS sector. V-
Scores are a relative assessment of the quality of available
credit information and of the degree of dependence on various
assumptions used in determining the rating. For more information,
the V-Score has been assigned accordingly to the report " V
Scores and Parameter Sensitivities in the EMEA Small-to-Medium
Enterprise ABS Sector " published in June 2009.
Moody's also ran sensitivities around key parameters for the
rated notes. For instance, if the assumed default probability of
28.3% used in determining the initial rating was changed to 46.9%
and the recovery rate of 60% was changed to 50%, the model-
indicated rating for Class B and Class C of A3(sf) and Caa1(sf),
respectively, would have changed to B1(sf) and Ca(sf),
respectively, while the model-indicated rating for Class A of
Aaa(sf) would have remained unchanged.
The methodologies used in this rating were "Moody's Approach to
Rating CDOs of SMEs in Europe", published in February 2007,
"Refining the ABS SME Approach: Moody's Probability of Defaults
Assumptions in the Rating Analysis of Granular SME Portfolios in
EMEA", published in March 2009 and "Moody's Approach to Rating
Granular SME Transactions in Europe, Middle East and Africa",
published in June 2007. Please see the Credit Policy page on
www.moodys.com for a copy of these methodologies.
In rating this transaction, Moody's used a combination of its
CDOROM model (to generate the default distribution) and ABSROM
cashflow model to determine the potential loss incurred by the
notes under each loss scenario.
The cash flow model evaluates all default scenarios that are then
weighted considering the probabilities of the lognormal
distribution assumed for the portfolio default rate. In each
default scenario, the corresponding loss for each class of notes
is calculated given the incoming cash flows from the assets and
the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario; and (ii) the loss derived from the cash flow model in
each default scenario for each tranche.
As such, Moody's analysis encompasses the assessment of stressed
scenarios.
As noted in Moody's comment "Rising Severity of Euro Area
Sovereign Crisis Threatens Credit Standing of All EU Sovereigns",
published on 28 November 2011, the risk of sovereign defaults or
the exit of countries from the Euro area is rising. As a result,
Moody's could lower the maximum achievable rating for structured
finance transactions in some countries, which could result in
rating downgrades
===================
K A Z A K H S T A N
===================
GEO POINT: Posts US$390,700 Net Loss in Sept. 30 Quarter
--------------------------------------------------------
Geo Point Technologies, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of US$390,768 on US$58,750 of revenues
for the three months ended Sept. 30, 2011, compared with a net
loss of US$127,558 on US$128,018 of revenues for the three months
ended Sept. 30, 2010.
For the six months ended Sept. 30, 2011, the Company has reported
a net loss of US$771,620 on US$139,229 of revenues, compared with
a net loss of US$264,990 on US$143,945 of revenues for the three
months ended Sept. 30, 2010.
The Company's balance sheet at Sept. 30, 2011, showed US$6.0
million in total assets, US$3.0 million in total liabilities, and
stockholders' equity of US$3.0 million.
As reported in the TCR on July 19, 2011, Hansen, Barnett &
Maxwell, P.C., in Salt Lake City, expressed substantial doubt
about Geo Point Technologies' ability to continue as a going
concern, following the Company's results for the fiscal year
ended March 31, 2011. The independent auditors noted that the
Company has incurred significant losses and negative cash flows
from operating activities since inception, has negative working
capital and an accumulated deficit, and is dependent on
additional debt or equity financing in order to continue its
operations.
A copy of the Form 10-Q is available for free at:
http://is.gd/8hXitO
Salt Lake City-based Geo Technologies, Inc., owns and operates an
oil refinery in Karatau, Kazakhstan, that refines crude oil into
diesel fuel, gasoline, and mazut, a heating oil.
KAZMUNAIGAS EXPLORATION: S&P Raises Issuers Rating From 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit ratings on the core subsidiaries of Kazakhstan's 100%
state-owned oil company JSC NC KazMunayGas (KMG).
"We raised the ratings on 63%-owned oil production company JSC
KazMunaiGas Exploration Production (KMGEP) and 100%-owned oil
pipeline company KazTransOil (KTO) to 'BBB-' from 'BB+'. The
outlook is stable," S&P said.
"At the same time, we revised the outlook on 100%-owned gas
pipeline company KazTransGas (KTG) and its 100%-owned gas
pipeline operator JSC Intergas Central Asia (ICA) to positive
from stable, while affirming the long-term issuer credit ratings
at 'BB'. The ratings on ICA are equalized with those on KTG," S&P
related.
"The rating actions reflect our expectations that the
subsidiaries would benefit from a degree of extraordinary
government support in the event of stress, due to their 'strong',
albeit indirect, links with the government of Kazakhstan
(BBB+/Stable/A-2). Accordingly, we are switching from parent-
subsidiary methodology to government-related entity methodology,"
S&P said.
"We believe that both KMGEP and KTO are core subsidiaries of KMG
with relatively solid stand-alone credit profiles which we assess
at 'bb+'. We view their role in the oil-focused economy of
Kazakhstan as 'very important', and the likelihood of
extraordinary state support as 'high,'" S&P said.
"We view KTG and ICA as less important for the KMG group and for
Kazakhstan's economy in general, and assess KTG's improving
stand-alone credit profile at 'bb-'. Under our methodology, this
implies a "moderately high" likelihood of extraordinary state
support in the event of stress and underpins the rating at 'BB',"
S&P said.
"Our treatment of KMGEP, KTG, and KTO as government-related
entities enables us to rate them above the 'b+' stand-alone
credit profile of KMG. At the same time, we do not see the
subsidiaries as fully insulated from the parent and accordingly
cap the ratings on KMGEP and KTO at the level of that on the
parent ('BBB-')," S&P said.
"The rating on KMG reflects our expectation of an 'extremely
high' likelihood of extraordinary state support, given the
group's role as a key government tool for managing state assets
in the oil and gas sector. Our low assessment of KMG's stand-
alone credit profile reflects its high debt and negative free
cash flow," S&P said.
"The stable outlooks on KMGEP and KTO reflect the stable outlook
on KMG. The positive outlooks on KTG and ICA reflect our view
that the ratings on both companies could be raised if KTG's
stand-alone credit profile continues to improve," S&P said.
=====================
N E T H E R L A N D S
=====================
DECO 14: S&P Lowers Ratings on Two Note Classes to 'D'
------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
DECO 14 - Pan Europe 5 B.V.'s class E and F notes. "Our ratings
on the class A1 to D notes, and the class G notes, are
unaffected," S&P said.
DECO 14 - Pan Europe 5 is a commercial mortgage-backed securities
(CMBS) transaction that closed in 2006. It is backed by 13 loans
secured over properties in Germany, Italy, and Bulgaria -- all
originated by Deutsche Bank AG (London Branch), which also
services the loans.
"The rating actions follow the independent revaluation of the
single asset backing the DD Karstadt Hilden loan, which composes
0.37% of the transaction loan pool. It reflects our expectation
of note interest shortfalls following an appraisal reduction,
which has stopped the use of the liquidity facility as of the
October 2011 interest payment date (IPD)," S&P said.
The German retail property backing this loan has been vacant
since 2010, following insolvency of the main tenant, Hertie GmbH
& Co. An event of default occurred after the borrower failed to
pay debt service on the July 2010 IPD, and the loan has been in
special servicing with Hatfield Phillips International Ltd. ever
since.
Potential Losses From the DD Karstadt Hilden Loan
After this loan's transfer to special servicing, Hatfield Philips
commissioned an independent valuation, as required by the
transaction documents. This valuation reflects the vacant
possession value of the asset, reported as EUR2.18
Million - -a 67% drop from the EUR6.64 million valuation at
origination. The outstanding loan balance is EUR5.41 million;
thus, the loss on the loan would be approximately EUR3.5 million
and would lead to principal losses on the class G notes, if a
disposal price is achieved in line with the most recent
valuation.
Interest Shortfalls on the Notes
This drop in value has triggered an appraisal reduction under the
transaction documents: These provide that if the outstanding loan
amount (together with other expenses outlined in the offering
circular) exceeds 90% of the most recent valuation, an appraisal
reduction has occurred on the loan.
In this transaction, the appraisal reduction operates to reduce
the amount of each drawing that can be made under the liquidity
facility by the appraisal reduction factor, meaning that: In the
quarters when there are insufficient funds to pay interest, the
issuer can only draw a percentage of the interest due from the
liquidity facility, leaving the remainder unpaid.
Since the main tenant became insolvent, the borrower has met
interest obligations by drawing from the liquidity facility for
interest and fees. The loan-to-value ratio is now reported as
325% and Hatfield Philips has calculated an appraisal reduction
factor greater than 100%; the issuer can therefore draw no
further funds to cover interest payments to the noteholders. As a
result, interest and fees are now accruing for this loan, and
will continue to do so until it is enforced and the property is
sold.
"Consequently, the class D to G notes have suffered interest
shortfalls. Accrued liquidity facility drawings from the latest
five IPDs, and fees and expenses, have contributed to this
October 2011 shortfall of EUR476k. Based on our analysis of
interest due and of average fees, we estimate that future
shortfalls would likely be less (about EUR70,000 per quarter),"
S&P said.
Potential Shortfalls From the Arcadia Loan
"In addition, there are scenarios in which we forecast interest
shortfalls on the Arcadia loan, which could cause an additional
shortfall on the notes. The loan's current interest coverage
ratio is 1.16x and we believe a 15% drop in income would cause a
shortfall to occur. We note that an appraisal reduction affecting
the amount of liquidity available was already triggered in April
2010--the appraisal reduction factor being 63%," S&P said.
Conclusion
"Given that accrued interest is payable on the notes
sequentially, in priority to interest due in the quarter, we
anticipate that it will take one IPD for the class D interest
shortfall to be repaid with available funds. Accordingly,
applying our interest shortfall criteria, we have not lowered our
rating on the class D notes (see 'Rating U.S. CMBS In The Face Of
Interest Shortfalls,' published on Feb. 23, 2006)," S&P said.
"However, we anticipate that it will take more than four IPDs for
the shortfall on the class E notes to be repaid, and that the
shortfall on the class F and G notes will increase every quarter.
We also anticipate principal losses for these classes and,
accordingly, we have lowered our ratings on the class E and
F notes to 'D (sf)'. Our rating on the class G notes was already
at 'D (sf)'," S&P said.
Potential Effects of Proposed Criteria Changes
"We have taken the rating actions based on our criteria for
rating European commercial mortgage-backed securities (CMBS).
However, these criteria are under review (see 'Advance Notice of
Proposed Criteria Change: Methodology And Assumptions For Rating
European Commercial Mortgage-Backed Securities,' published on
Nov. 8, 2011)," S&P said.
"As highlighted in the Nov. 8 Advance Notice of Proposed Criteria
Change, we expect to publish a request for comment (RFC)
outlining our proposed criteria changes for rating European CMBS
transactions. Subsequently, we will consider market feedback
before publishing our updated criteria. Our review may result
in changes to the methodology and assumptions we use when rating
European CMBS, and consequently, it may affect both new and
outstanding ratings on European CMBS transactions," S&P said.
"Until such time that we adopt new criteria for rating European
CMBS, we will continue to rate and surveil these transactions
using our existing criteria (see 'Related Criteria And
Research')," S&P said.
Ratings List
Class Rating
To From
DECO 14 - Pan Europe 5 B.V.
EUR1.491 Billion Commercial Mortgage-Backed Floating-Rate Notes
Ratings Lowered
E D (sf) B (sf)
F D (sf) B- (sf)
Ratings Unaffected
A-1 A (sf)
A-2 A (sf)
A-3 A (sf)
B BBB+ (sf)
C BBB (sf)
D B+ (sf)
G D (sf)
DUTCH MBS: S&P Affirms Rating on Class E Notes at 'BB+'
-------------------------------------------------------
Standard & Poor's Ratings Services raised its credit rating on
Dutch MBS XV B.V.'s class C notes. "At the same time, we affirmed
our ratings on the remaining capital structure," S&P said.
"These rating actions follow our credit and cash flow analysis of
Dutch MBS XV. We have taken these actions primarily due to
deleveraging of the transaction, which has resulted in increased
credit enhancement for all classes of notes," S&P said.
"Our rating decisions regarding Dutch MBS XV incorporate our
standard criteria for Dutch residential mortgage-backed
securities (RMBS) transactions (see 'Dutch RMBS Market Overview
And Criteria,' published on Dec. 16, 2005). In addition, we take
into account credit stability as an important factor in our
rating opinion. We consider whether we believe that an issuer or
a security has a high likelihood of experiencing unusually large
adverse changes in credit quality under conditions of moderate
stress (see 'Methodology: Credit Stability Criteria,' published
on May 3, 2010)," S&P said.
"For Dutch RMBS transactions, we adjust our weighted-average loss
severity assumptions (WALS) by applying a 5% decrease in house
prices and giving full credit to the house price index (HPI). If
there has been an upward trend in arrears, we adjust our
weighted-average foreclosure frequency (WAFF) by projecting
arrears based on historical data," S&P said.
"In addition, our rating opinion also takes into account the
optional redemption feature of these notes, which falls on any
payment date on or after April 2015. If this option is exercised,
the class A notes would redeem at their principal amount
outstanding plus accrued but unpaid interest. The class B to E
notes, however, would redeem at their principal amount
outstanding plus accrued but unpaid interest, less any principal
shortfall. Consequently, we checked that principal deficiency
ledger (PDL) balances in all our cash flow scenarios never arose
in any period," S&P said.
"Since closing, the indexed weighted-average loan-to-value ratio
has increased to 82.38% from 81.13%, driving a slight increase in
WALS for the pool. This has offset positive drivers for the WAFF,
which also increased modestly. We have observed a marginal
decline in the loan-to-income ratio to 4.16% from 4.19%; and the
increase in seasoning of the pool has had a limited positive
impact on our WAFF results due to the initial high seasoning of
the pool at closing. Increased credit enhancement for all classes
of notes has offset what we believe to be a small increase in
credit risk in the pool, enabling the class C notes to pass our
cash flow stresses at a higher rating level. Subsequently, we
have raised our rating on these notes to 'A+ (sf)' and affirmed
our ratings on the remaining capital structure," S&P said.
"Additionally, we have observed what we consider to be low and
stable 90+ days arrears performance. 90+ days arrears have fallen
to 0.21% currently, from 0.33% in August 2011 (a 36% decline).
Total delinquencies have also continued their downward trend,
falling to 0.60% in November 2011 from 0.93% in June 2011," S&P
said.
Dutch MBS XV is an RMBS transaction backed by prime Dutch
residential mortgage loans.
Ratings List
Class Rating
To From
Dutch MBS XV B.V.
EUR750 Million Floating-Rate Mortgage-Backed Notes And Floating-
Rate
Subordinated Notes
Rating Raised
C A+ (sf) A (sf)
Ratings Affirmed
A1 AAA (sf)
A2 AAA (sf)
B AA+ (sf)
D BBB (sf)
E BB+ (sf)
JUBILEE CDO: S&P Raises Rating on Class E Notes to 'CCC+'
---------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Jubilee CDO I-R B.V.'s class D and E notes. "At the same time, we
affirmed our ratings on the class A, B, and C notes," S&P said.
"The rating actions follow our assessment of the transaction's
performance -- using data from the latest available trustee
report dated Oct. 10, 2011, and 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 Dec. 6, 2010)," S&P said.
"Our analysis indicates that the credit enhancement available for
all the rated notes has increased since we took rating action on
the transaction in February 2010 (see 'Transaction Update:
Jubilee CDO I-R B.V.,' published Feb. 5, 2010). In our opinion,
this is due to an increase in the aggregate collateral balance of
the portfolio as a result of higher recoveries than we had
previously assumed on assets that we considered to be defaulted
(i.e., those rated 'CC', 'SD' [selective default], or 'D'). There
are currently no defaulted assets in the portfolio," S&P said.
"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
considered 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
rate stress scenarios," S&P said.
"From our analysis, 21.87% of the performing assets are non-euro-
denominated, which are hedged under specific asset-swap
agreements. In our opinion, the swap documentation for these
derivatives does not fully reflect our 2010 counterparty
criteria. Hence, our cash flow analysis also considered scenarios
where the currency swap counterparty does not perform and, as a
result, the transaction is exposed to changes in currency rates,"
S&P said.
"Our credit and cash flow analyses indicate that the credit
enhancement available to the class A notes is now at a level that
is commensurate with the rating currently assigned. We have
therefore affirmed our rating on these notes," S&P said.
"In our opinion, the credit enhancement available to the class D
and E notes is now consistent with higher ratings than previously
assigned. We have therefore raised our ratings on these notes. As
the ratings on the class D and E notes remain 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.
"Our ratings on the class D and E notes were also constrained by
the application of the largest obligor default test, a
supplemental stress test that 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 Sept. 17, 2009)," S&P
said.
"We have affirmed our ratings on the class B and C notes, as our
analysis indicates that the credit enhancement available to these
notes is consistent with the ratings currently assigned," S&P
said.
Jubilee CDO I-R is a managed cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. The transaction closed in May
2007 and is managed by Alcentra Ltd.
Ratings List
Jubilee CDO I-R B.V.
EUR900 Million Senior Secured Fixed- And/Or Floating-Rate And
Subordinated Notes
Class Rating
To From
Ratings Raised
D B+ (sf) CCC+ (sf)
E CCC+ (sf) CCC- (sf)
Ratings Affirmed
A AA- (sf)
B A- (sf)
C BB+ (sf)
===============
P O R T U G A L
===============
COMBOIOS DE PORTUGAL: S&P Keeps 'B-' Issuer Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on 26
European Economic and Monetary Union (EMU or eurozone)
government-related entities (GREs) and non-GREs in the corporate
and infrastructure sector (including utilities) on CreditWatch
with negative implications.
The rating action follows the placement of 15 of the 17 eurozone
sovereigns on CreditWatch with negative implications (see
"Standard & Poor's Puts Ratings On Eurozone Sovereigns On
CreditWatch With Negative Implications", published on
RatingsDirect on Dec. 5, 2011).
See the Ratings List for the affected corporate and
infrastructure issuers and the related rating changes.
"Ratings on infrastructure companies account for the bulk of
those affected, as they are often partly or fully government
controlled and as they generally have high exposure to domestic
markets. Moreover, these ratings often benefit from an uplift
from our assessment of an issuer's stand-alone credit profile.
Consequently, most of the issuers concerned are affected because
of their GRE status, as the sovereign rating is a key element in
our ratings on GREs. Only three of the corporate and
infrastructure issuers are non-GREs--Atlantia SpA, Portugal
Telecom SGPS S.A., and Endesa S.A. The first two are on
CreditWatch because of our view of their high sensitivity to
country risk in line with our methodology for non-sovereign
ratings that exceed EMU sovereign ratings. The ratings on Endesa
S.A. are linked to the stand-alone credit profile of Enel SpA. We
also reviewed Acea SpA (A-/Watch Neg/A-2), which could also be
affected by the impending sovereign rating review, but the
ratings had already been placed on CreditWatch with negative
implications on Dec. 7, 2011 to reflect weakened financial
ratios," S&P said.
"We will review all of the ratings on CreditWatch when we have
resolved the CreditWatch placements of the respective sovereign
and have more clarity regarding the magnitude of any potential
downgrade. As part of the review, we will also consider the
possible consequences of any deterioration of country risk
factors on these entities' stand-alone credit profiles, as well
as their link with and role for their respective government," S&P
said.
"We plan to publish individual research updates shortly on the
corporate and infrastructure issuers listed below, including a
list of ratings on affiliated entities. The research updates will
be available on RatingsDirect on the Global Credit Portal.
Ratings on specific issues will be available on RatingsDirect on
the Global Credit Portal and www.standardandpoors.com," S&P said.
Ratings List
Issuer credit ratings
CreditWatch action
To From
Aeroports de Paris
A+/Watch Neg/-- A+/Stable/--
Atlantia SpA
A-/Watch Neg/A-2 A-/Negative/A-2
Bord Gais Eireann
BBB+/Watch Neg/A-2 BBB+/Negative/A-2
Comboios de Portugal E.P.E
B-/Watch Neg/-- B-/Watch Dev/--
Deutsche Bahn AG
AA/Watch Neg/A-1+ AA/Stable/A-1+
Dublin Airport Authority PLC
BBB/Watch Neg/A-3 BBB/Negative/A-3
EBN B.V.
AAA/Watch Neg/A-1+ AAA/Stable/A-1+
EDP - Energias de Portugal S.A.
BBB/Watch Neg/A-2 BBB/Negative/A-2
Electricite de France S.A.
AA-/Watch Neg/A-1+ AA-/Stable/A-1+
Electricity Supply Board
BBB+/Watch Neg/A-2 BBB+/Stable/A-2
Enagas S.A.
AA-/Watch Neg/A-1+ AA-/Negative/A-1+
Endesa S.A.
A-/Watch Neg/A-2 A-/Negative/A-2
Enel SpA
A-/Watch Neg/A-2 A-/Negative/A-2
Eni SpA
A+/Watch Neg/A-1 A+/Stable/A-1
Fingrid Oyj
AA-/Watch Neg/A-1+ AA-/Stable/A-1+
GasTerra B.V.
AA+/Watch Neg/A-1+ AA+/Stable/A-1+
N.V. Nederlandse Gasunie
AA-/Watch Neg/A-1+ AA-/Negative/A-1+
Northern Ireland Electricity Ltd.
BBB+/Watch Neg/A-2 BBB+/Stable/A-2
NS Groep N.V.
AA-/Watch Neg/-- AA-/Stable/--
Portugal Telecom SGPS S.A.
BBB-/Watch Neg/A-3 BBB-/Negative/A-3
Red Electrica Corporacion S.A.
AA-/Watch Neg/A-1+ AA-/Negative/A-1+
Rede Ferroviaria Nacional REFER E.P.E.
B-/Watch Neg /-- B-/Watch Dev/--
REN-Redes Energeticas Nacionais SGPS S.A.
BBB-/Watch Neg/A-3 BBB-/Negative/A-3
RTE EDF Transport S.A.
AA-/Watch Neg/A-1+ AA-/Stable/A-1+
Societe Nationale des Chemins de Fer Francais
AA+/Watch Neg/A-1+ AA+/Stable/A-1+
Terna SpA
A/Watch Neg/A-1 A/Negative/A-1
===========
R U S S I A
===========
ALFA-BANK OJSC: S&P Raises Issuer Credit Rating to 'BB'
-------------------------------------------------------
Standard & Poor's Ratings Services revised its ratings on 18
Russian banks and their core subsidiaries after applying its new
ratings criteria for banks, which was published on Nov. 9, 2011.
"We've listed the ratings and any changes that resulted from our
new criteria in the ratings list," S&P said.
"We will publish individual research updates on each bank
identified, including a list of ratings on affiliated rated
entities, as well as the ratings by debt type--senior and
subordinated. The research updates will be available at
www.standardandpoors.com/AI4FI and on RatingsDirect," S&P said.
Ratings List
Russia-Based Banks and Core Subsidiaries
To From
OJSC Alfa-Bank
Issuer credit rating BB/Stable/B BB-/Positive/B
Russia national scale rating ruAA ruAA-
BANK ROSSIYA
Issuer credit rating B+/Stable/B B/Stable/B
Russia national scale rating ruA ruA-
Bank URALSIB (OJSC)
Issuer credit rating BB-/Stable/B B+/Stable/B
Bank Vozrozhdenie
Issuer credit rating BB-/Stable/B BB-/Stable/B
Russia national scale rating ruAA- ruAA-
BNP PARIBAS ZAO
Issuer credit rating BBB/Stable/A-3 BBB/Stable/A-3
Russia national scale rating ruAAA ruAAA
Commercial Bank Petrocommerce (OJSC)
Issuer credit rating B+/Stable/B B+/Stable/B
Russia national scale rating ruA ruA
Gazprombank
Issuer credit rating BB+/Stable/B BB+/Stable/B
Russia national scale rating ruAA+ ruAA+
JSC VTB Bank
Issuer credit rating BBB/Stable/A-3 BBB/Stable/A-3
Russia national scale rating ruAAA ruAAA
TransCreditBank
Issuer credit rating BBB-/Stable/A-3 BB+/Stable/B
Russia national scale rating ruAAA ruAA+
VTB-Leasing
Issuer credit rating BBB/Stable/A-3 BBB/Stable/A-3
Russia national scale rating ruAAA ruAAA
Krayinvestbank
Issuer credit rating B+/Stable/B B/Positive/B
Russia national scale rating ruA ruA
MDM Bank
Issuer credit rating BB-/Stable/B B+/Stable/B
Russia national scale rating ruAA- NR
Raiffeisenbank ZAO
Issuer credit rating BBB/Stable/A-3 BBB/Stable/A-3
Russia national scale rating ruAAA ruAAA
Rosbank OJSC JSCB
Issuer credit rating BB+/Positive/B BB+/Positive/B
Russia national scale rating ruAA+ ruAA+
Russian Standard Bank CJSC
Issuer credit rating B+/Stable/B B+/Stable/B
Russia national scale rating ruA ruA
Vnesheconombank
Foreign currency ratings BBB/Stable/A-3 BBB/Stable/A-3
Local currency ratings BBB+/Stable/A-2 BBB+/Stable/A-2
GLOBEXBANK
Issuer credit rating BB/Stable/B BB-/Stable/B
Russia national scale rating ruAA ruAA-
OJSC VEB-leasing
Foreign currency ratings BBB/Stable/A-3 BBB/Stable/A-3
Local currency ratings BBB+/Stable/A-2 BBB+/Stable/A-2
Russia national scale rating ruAAA ruAAA
SME Bank
Foreign currency ratings BBB/Stable/A-3 BBB/Stable/A-3
Local currency ratings BBB+/Stable/A-2 BBB+/Stable/A-2
Sviaz-Bank
Issuer credit rating BB/Stable/B BB-/Stable/B
Russia national scale rating ruAA ruAA-
ZAO UniCredit Bank
Issuer credit rating BBB/Stable/A-3 BBB/Stable/A-3
NR--Not Rated.
N.M.--Not meaningful.
* VOLOGDA OBLAST: S&P Assigns 'B+' Rating to RUB2.51-Bil. Bond
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' and 'ruA+'
debt ratings to the proposed RUB2.51 billion (about US$84
million) senior unsecured bond to be issued by Russian region
Vologda Oblast. "The recovery rating on the proposed bond is '3',
indicating our expectation of meaningful (50%-70%)
recovery in the event of a payment default," S&P said.
At the same time, the 'B+' long-term issuer credit and 'ruA+'
Russia national scale ratings on Vologda Oblast were affirmed.
The outlook is stable.
"According to our criteria, the issue rating on bonds with a
recovery rating of '3' is on a par with the issuer credit rating.
The rating on Vologda Oblast's upcoming bond is therefore
equalized with the 'B+' long-term issuer credit rating on the
oblast," S&P said.
"We anticipate that the RUB2.51 billion issue will occur before
year-end 2011. It will have fixed coupon payments and a duration
of 2.6-2.9 years, with 30% of the principal amount to be repaid
in 2016. We understand the proceeds from the bond will be used to
refinance the oblast's existing debt obligations due in 2012,"
S&P said.
The ratings on Vologda Oblast are constrained high revenue
volatility stemming from high concentration in the steelmaking
industry, low revenue and spending flexibility, and weak
budgetary performance that has resulted in debt accumulation and
rising debt service commitments. The ratings are supported by
Vologda Oblast's so-far moderate debt burden by international
standards and modest contingent liabilities.
"In our view, rising spending pressures on Vologda Oblast are
likely to be counterbalanced by a moderate recovery of operating
revenues and ongoing federal support. These factors should enable
Vologda Oblast to improve its budgetary performance in the medium
term. The outlook also incorporates our assumption of a reduction
of peak debt service in 2011 and 2012 through management's
efforts to improve the oblast's debt profile, particularly via
the bond placement," S&P said.
"The ratings could come under pressure if market sentiment or
management's reluctance were to prevent Vologda Oblast from
extending its debt maturities, leading to increased liquidity and
refinancing risks. We think that Vologda Oblast's inability to
implement budget consolidation measures might cause tax-supported
debt to exceed the levels that we currently anticipate," S&P
said.
Ratings upside would be dependent on an improvement of Vologda
Oblast's debt profile, reflected in a significant reduction of
debt service and the accumulation of cash reserves in 2011 and
2012. The oblast's ability to deliver structurally stronger
budgetary performance could also result in a positive rating
action.
* ROSTOV REGION: Fitch Affirms 'BB-' Long-Term Currency Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed the Russian Rostov Region's Long-term
foreign and local currency ratings at 'BB-' with Stable Outlooks,
Short-term foreign currency rating at 'B' and National Long-term
rating at 'A+(rus)' with a Stable Outlook.
The agency has simultaneously withdrawn all of the region's
ratings as the issuer has chosen to stop participating in the
rating process. Accordingly, Fitch will no longer provide
ratings or analytical coverage for the Rostov Region.
=========
S P A I N
=========
SANTANDER EMPRESAS: DBRS Assigns 'C' Rating on Series C Notes
-------------------------------------------------------------
DBRS Ratings Limited has assigned Final ratings to the Notes
issued by F.T.A. SANTANDER EMPRESAS 10, as follows:
-- EUR3,760 million Series A Notes: AAA (sf)
-- EUR940 million Series B Notes: B (sf)
-- EUR940 million Series C Notes: C (sf)
The transaction is a cash flow securitization collateralized
primarily by a portfolio of bank loans originated by Banco
Santander, S.A. to Spanish corporates and small-and medium-sized
enterprises ("SMEs"). At closing, November 25, 2011, the
transaction's final pool included 25,153 loans totaling EUR 4,700
million.
These ratings are based upon DBRS' review of the following
analytical considerations:
* Transaction structure, the form and sufficiency of available
credit enhancement.
-- Credit enhancement is in the form of subordination, through
the reserve fund and excess spread. The current credit
enhancement level of 40% is sufficient to support the AAA (sf)
rating for the Series A Notes, and the current credit enhancement
level of 20% is sufficient to support the B (sf) rating for the
Series B Notes.
-- The Series C Notes have been issued for the purpose of funding
the Cash Reserve Fund. The Reserve Fund has been initially set
at 20% of the aggregate balance of the Series A and Series B
Notes, or EUR940 million. The Reserve Fund is available to cover
shortfalls in the senior expenses, interest and principal
throughout the life of the Notes.
-- The Reserve Fund cannot be reduced, except for required
payments to cover interest and principal shortfalls, unless:
-- The transaction is at least two years old;
-- The Reserve Fund is at least 40% of the outstanding
aggregate balance of the Series A and Series B Notes; and,
-- The Reserve Fund balance is greater than 10% of the initial
aggregate balance of the Series A and Series B Notes
(EUR470.00 million).
-- In addition, the Reserve Fund will not be eligible for
further pay downs, the above notwithstanding, if:
-- The balance of the Reserve Fund was not at the minimum
required level the at the previous period; or,
-- The outstanding balance of the non-failed assets, which are
more than 90 days in arrears, is greater than 1% of the
outstanding balance of the total non-failed assets.
* At closing, credit lines represented 49% of the pool's
outstanding balance. This exposure in the pool to the credit
lines could increase further by EUR665.52 million if the clients
use the credit lines to their maximum limits. This exposure
would be funded by a liquidity line provided by Banco Santander,
S.A. if no other principal proceeds are available in the
transaction. This risk is partly mitigated by the short weighted
average life of the credit lines and was taken into consideration
in the DBRS analysis.
* The ability of the transaction to withstand stressed cash
flow assumptions and repay investors according to the approved
terms. For this transaction, the final rating of the Series A
Notes addresses the timely payments of interest, as defined in
the transaction documents, and the timely payments of principal
on each Payment Date during the transaction and, in any case, at
their Legal Final Maturities on March 16, 2044. The final rating
of the Series B Notes addresses the ultimate payment of interest,
as defined in the transaction documents, and the ultimate payment
of principal on each Payment Date during the transaction and, in
any case, at their Legal Final Maturities on March 16, 2044.
Interest and principal payments on the notes will be made
quarterly, generally on the 16th day of February, May, August and
November, with the first payment date on February 16, 2012.
* The transaction parties' financial strength and
capabilities to perform their respective duties, and the quality
of origination, underwriting and servicing practices.
* Soundness of the legal structure and presence of legal
opinions which address the true sale of the assets to the trust
and the non-consolidation of the special purpose vehicle, as well
as the consistency with the DBRS Legal Criteria for European
Structured Finance Transactions.
* The rating of the Series C Notes is based upon DBRS' review
of the following considerations:
-- The Series C Notes are in the first loss position.
-- As such, the Series C Notes are highly likely to default.
-- Because the rating of the Series C Notes addresses the
ultimate payment of interest and principal, the default most
likely would occur at the maturity of the transaction.
The principal methodology is Master European Granular Corporate
Securitisations (SME CLOs), which can be found on DBRS' website
under Methodologies.
DBRS determined key inputs used in its analysis based on
historical performance data provided for the originator and
servicer as well as analysis of the current economic environment.
Further information on DBRS' analysis of this transaction will be
available in a rating report on http://www.dbrs.comor by
contacting us at info@dbrs.com
The sources of information used for this rating include F.T.A.
SANTANDER EMPRESAS 10, Santander de Titulizacion, S.G.F.T., S.A.
and Banco Santander, S.A. DBRS considers the information
available to it for the purposes of providing this rating was of
satisfactory quality.
For additional information on DBRS European SME CLO(s), please
see European Disclosure Requirements, located at
http://www.dbrs.com/research/235269
Ratings assigned by DBRS Ratings Limited are subject to EU
regulations only.
Lead Analyst: Mudasar Chaudhry
Rating Committee Chair: Jerry van Koolbergen
Initial Rating Date: November 24, 2011
SANTANDER FINANCIACION: S&P Affirms 'D' Ratings on Two Notes
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
all classes of notes in Fondo de Titulizacion de Activos
Santander Financiacion 1, following our credit and cash flow
analysis.
The transaction closed in December 2006, and the transaction
documents intended for Santander Financiacion 1 to have a
revolving period of three years from its closing date. However,
the replenishment period stopped earlier, in January 2008, due to
a delinquency trigger being breached (this delinquency trigger
was set as the level of loans in arrears for more than 90 days
exceeding 2.5% of the outstanding balance of the assets).
The transaction is now highly seasoned and has a pool factor of
11.98%. The level of credit enhancement, taking into account the
subordination of junior rated classes, has significantly
increased for the class A, B, and C notes. However, as the class
E and F notes are undercollateralized, they are not providing the
same level of support to the class A, B, and C notes as when the
transaction closed.
"Since our last review, while the level of short-term
delinquencies has been decreasing, we associate this with a
rollover of long-term delinquencies into defaults," S&P said.
As of the most recent payment date in October 2011, the reported
ratio of cumulative defaults -- defined as loans being delinquent
for more than 12 months -- represented 7.46% over the original
portfolio balance securitized at closing (compared with 7.38% as
of the April 2011 payment date).
Although the level of credit enhancement provided by the
performing balance is positive for the class A, B, and C notes,
it is nil for the class D notes and negative for the class E and
F notes, which are therefore undercollateralized.
The reserve fund -- which was funded at closing by the issuance
proceeds of the class F notes -- is used to cure defaults in the
transaction, and since the January 2009 payment date it has been
fully depleted. Since that date, the reserve fund has not been
replenished as the performing collateral balance has decreased.
As of the latest payment date (October 2011), the transaction has
accumulated a EUR40.4 million principal redemption shortfall,
which is the difference between the available remaining principal
receipts and the accrued redemption amount (i.e., the difference
between the principal pending payments on the class A to E notes
and the outstanding balance of the performing assets).
"Based on our review of our credit analysis assumptions in terms
of defaults and recoveries, our opinion is that the credit
enhancement available to all notes in this transaction is
sufficient to affirm our current ratings. We have consequently
affirmed our ratings on all classes of notes, based on our cash
flow analysis," S&P said.
The class E and F notes had already defaulted in August 2009 and
July 2009. Since their interest payment defaults, neither of
these classes has paid any of the defaulted interest.
The class D notes are not asset-backed, according to the
transaction's current level of undercollateralization. However,
the class D notes' interest-deferral trigger (based on principal
redemption shortfall) has not been breached, and the class D
notes have not missed their scheduled interest payment on the
October 2011 interest payment date.
Santander Financiacion 1's notes, issued in 2006, are backed by a
portfolio of Spanish consumer loans originated by Banco Santander
S.A. (AA-/Negative/A-1+).
Ratings List
Class Rating
Fondo de Titulizacion de Activos Santander Financiacion 1
EUR1,914.3 Million Floating-Rate Notes
Ratings Affirmed
A AAA (sf)
B A+ (sf)
C BB- (sf)
D CCC- (sf)
E D (sf)
F D (sf)
SPANISH AUTOVIA: S&P Lowers SPUR on EUR110-Mil. Loan to 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB-' from 'BB+'
its underlying long-term debt rating (SPUR) on the EUR110 million
senior secured amortizing loan maturing July 2031 to Spanish toll
road special-purpose company Autovia de la Mancha, S.A.
(Aumancha). "We also revised the outlook to developing from
negative," S&P said.
"The recovery rating remains unchanged at '3', reflecting our
expectation of meaningful (50%-70%) recovery of principal in the
event of a payment default," S&P said.
"The downgrade reflects the continued increase in shadow toll
payment arrears since March 2011 and our expectation that arrears
will correspond to up to 10 months of payments (about EUR13
million-EUR14 million) by year-end 2011," S&P said.
"Furthermore, we consider that, despite the project's robust
traffic performance and strong operating fundamentals, the rating
is constrained by the credit quality of the concession grantor,
the Spanish region of Castile-La Mancha (CLM; not rated). In our
view, CLM faces increasingly challenging economic and financial
prospects," S&P said.
"The regional elections in May 2011 resulted in a change in
government in CLM. According to the information provided by
Aumancha's management, the new government has already approached
Aumancha in order to agree on a new payment scheme to restore the
project's financial stability. In that vein, we understand that
the new administration has already started to regularize its
pending payments relating to the toll payments for the first two
months of 2011 (EUR3.8 million payment as a whole). We also
understand that the regional government has agreed to set aside
the shadow toll payments due in the 2012 budget, which supports
its recent commitment to honor timely payments from the beginning
of next year. Nonetheless, CLM and Aumancha continue to negotiate
in relation to the payment of the remainder of the expected 10
months of outstanding toll payments for 2011," S&P said.
"In our view, the new government's initiatives herald the
potential restoration of Aumancha's financial balance. However,
we believe that increasing budgetary pressures on CLM could limit
the new government's ability to eliminate payment arrears and
start providing punctual payments going forward," S&P said.
"On the operational side, we understand that the concession
continues to perform well and demonstrates a relatively resilient
traffic performance, especially in the context of the economic
downturn. The developing outlook on the SPUR reflects, on the one
hand, the possibility of further downgrades if arrears continued
to increase -- further constraining the project's liquidity -- or
if our opinion of CLM's credit quality were to further weaken,"
S&P said.
"Conversely, it also reflects the possibility of a positive
rating action if the new government delivered on its declared
intentions of reducing or eliminating arrears for the region's
piling commercial debt, including payables to public-private
partnerships like Aumancha," S&P said.
The stable outlook on the secured debt issue reflects that of
Assured Guaranty. (For more information, see "Assured Guaranty
Ltd. And Operating Companies Downgraded; Outlook Stable,"
Nov. 30, 2011.)
===========================
U N I T E D K I N G D O M
===========================
AEOLUS CDO: S&P Lowers Ratings on Five Note Classes to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' and
withdrew, effective in 30 days' time, its credit ratings on the
class A, B, C, D, and E notes in Aeolus CDO Ltd.'s series
COLONNADE I.
"The rating actions follow noteholder resolutions to allow the
early termination of the transaction, which we understand
occurred on Sept. 30, 2011, and confirmation recently received
from the transaction's portfolio administrator that all
noteholders experienced principal losses. We have therefore
lowered our ratings on all classes of rated notes to 'D (sf)'
before withdrawing them. The ratings will remain at 'D (sf)' for
a period of 30 days before the withdrawal becomes effective," S&P
said.
The COLONNADE I series is a hybrid collateralized debt obligation
(CDO) where the issuer initially took exposure through a
portfolio credit default swap (CDS) to a portfolio of primarily
European structured finance securities. The transaction closed in
October 2006.
Ratings List
Class Rating
To From
Aeolus CDO Ltd.
EUR126 Million Secured Credit-Linked Floating-Rate Notes
(Colonnade I) Series
COLONNADE I
Ratings Lowered and Withdrawn[1]
A D (sf) B (sf)
NR D (sf)
B D (sf) B- (sf)
NR D (sf)
C D (sf) CCC (sf)
NR D (sf)
D D (sf) CCC- (sf)
NR D (sf)
E D (sf) CCC- (sf)
NR D (sf)
[1]The withdrawals become effective in 30 days' time.
NR--Not rated.
BATTERSEA POWER: Set to be Placed Into Administration
-----------------------------------------------------
The Telegraph reports that Battersea Power Station is set to be
placed into administration, sparking a battle among property
investors to secure control.
Lloyds Banking Group and Ireland's National Asset Management
Agency will go to the High Court to secure the appointment of
Ernst & Young as administrators to vehicles owning the power
station, according to The Telegraph. The report relates that
Lloyds Banking & NAMA will then launch a formal sales process to
find a developer for the south west London site, with interest
expected to come from Chelsea Football Club, Malaysian property
company SP Setia and British developers, such as Berkeley and
Development Securities.
The Telegraph discloses that more than GBP500 million of debt is
outstanding against the Grade-II listed power station and Irish
group Real Estate Opportunities, which controls it, has been
unable to strike a deal with a new investor to repay the debt.
Lloyds and NAMA are owed GBP324 million by REO, the report notes.
The Telegraph says that the debt expired on August 31 but REO was
given extra time to attract a new investor. However, the banks
demanded repayment of the debt last month after reacting angrily
to an offer from SP Setia, backed by REO, to buy the debt for
GBP262 million, The Telegraph adds.
Battersea Power Station, one of London's most famous landmarks,
has been dormant since 1983 and REO had secured planning
permission for a GBP5.5 billion scheme with 3,400 new homes and
10m sq.ft. of commercial space.
BLACKS LEISURE: Potential Bidders Await Administration
------------------------------------------------------
The Scotsman reports that hopes are fading of a rescue takeover
bid emerging for Blacks Leisure as sources claim bidders are
waiting for the retailer to fall into administration so they can
pick up assets on the cheap.
According to the Scotsman, one potential bidder is likely to be
Newcastle United FC owner Mike Ashley's Sports Direct, which is
Blacks' largest shareholder with a 22% stake. Private equity
bidders are also said to be running the rule over the distressed
group, where investors risk seeing their stakes wiped out, the
Scotsman relates.
Private equity names in the frame are believed to include
Bridgepoint Capital, CVC, Cinven and Candover, the Scotsman
discloses. However, Sports Direct declined to say whether it
would mount a takeover bid or allow Blacks to slide into
administration, the Scotsman notes.
As reported by the Troubled Company Reporter-Europe on Dec. 8,
2011, BBC News related that Blacks Leisure issued an appeal for a
white knight investor to rescue it by buying the firm or one of
its brands. The company said it was making the appeal after
meeting major shareholders and some potential investors as part
of a capital-raising exercise, according to BBC. Blacks, as
cited by BBC, said it had the support of Royal Bank of Scotland,
its main lender. Blacks currently has GBP36 million of net bank
debt, BBC disclosed. The firm appointed accountants KPMG to find
potential buyers, BBC said. It said it had obtained a waiver
from the takeover panel to ensure that any potential buyer can
remain anonymous and avoid rules that would normally compel it to
make a formal offer within 28 days, BBC noted.
Blacks Leisure is an outdoor clothing and equipment retailer.
The company operates about 300 shops under the Blacks and Millets
brands.
BRADFORD & BINGLEY: Fitch Affirms 'C' Ratings on Sub. Securities
----------------------------------------------------------------
Fitch Ratings has downgraded Bradford & Bingley's (B&B) and
Northern Rock Asset Management's (NRAM) Long-term Issuer Default
Ratings (IDRs) and revised their Support Rating Floors (SRFs) to
'A' from 'A+'. The Outlook on the Long-term IDRs is Negative.
The Short-term IDRs were downgraded to 'F1' from 'F1+'. All
senior unsecured and subordinated securities were affirmed.
The rating action reflects a re-assessment of the support
available to the companies. Fitch does not consider the
likelihood of support available to unguaranteed creditors to be
any greater than that available to the systemically important UK
banks whose SRFs were revised to 'A' on October 13, 2011.
The Negative Outlook reflects Fitch's view that the level of
government support available to B&B and NRAM might diminish over
time. Fitch believes that the UK government has strong economic
incentives to continue to provide support to B&B and NRAM while
it has such significant exposure to them through direct funding,
government guarantees and capital. However, as the government
and government guaranteed funding to these institutions reduce
overtime there may be less of an economic incentive for the
government to provide additional support should, for example, the
operating environment deteriorate significantly.
Both NRAM's and B&B's senior unsecured securities are guaranteed
by the government until maturity. These liabilities are
guaranteed under public law rather than private law. Fitch
assigns the securities the same rating as the UK sovereign
('AAA'/'F1+') because Fitch believes the default risk to be
materially the same as the UK sovereign risk.
The subordinated securities' ratings reflect Fitch's expectation
of their recovery prospects. Since mid-2009, B&B has deferred
payments on all its subordinated liabilities with the exception
of guaranteed hybrids and it stated its intention to continue to
defer payments until the government debt is repaid. NRAM
deferred coupons on subordinated securities where deferral was
contractually possible but continued to service other
subordinated securities. Nevertheless both B&B's and NRAM's
performing and non-performing subordinated securities were
subject to a tender offer announced on 16 November 2011 which
Fitch assessed to be tantamount to a distresses debt exchange.
Both NRAM and B&B are funded by legacy wholesale bond issues (the
majority of which are secured) with incremental funding provided
by the government. Both institutions rely on government funding
for the management of their liquidity. Government funding
accounted for 68% of B&B'S total funding and 34% of NRAM's total
funding at end-H111. All government debt is on-demand, although
HM Treasury is committed to supporting B&B and NRAM on a rolling
basis until at least end-2012. Both B&B and NRAM intend to repay
government funding as soon as practical.
The government has the right to change pricing on the funding
facilities it provides. The government already increased the
pricing on B&B's GBP8.6 billion working capital facilities in
August 2011, although debt owed by B&B to the Financial Services
Compensation Scheme remains interest free. NRAM government
funding has not been re-priced. However, according to the notice
of tender offer dated 16 November 2011, the UK Financial
Investments Limited, the manager of NRAM's government
shareholding, 'is actively considering making a recommendation to
HM Treasury to increase the margin on the HM Treasury loan' to
NRAM. Given the large amount of government funding at both B&B
and NRAM, the re-pricing of these facilities could have a
significant detrimental effect on the profitability and capital
of these institutions.
B&B and NRAM are now regulated by the FSA as providers of
mortgage services rather than banks (i.e. under MIPRU rather than
BIPRU rules) which involves less onerous minimum regulatory
capital requirements (1% of balance sheet and certain off-balance
sheet items). B&B and NRAM comfortably met their minimum
regulatory requirements in 2010 and H111.
The asset quality at B&B and NRAM currently benefits from the low
interest rates. However, meaningful deterioration in the
operating environment or an increase in the interest rates is
likely to result in a worsening of asset quality which could
result in a weakened capital position.
B&B and NRAM were nationalized in 2008 and are now owned by UK
Asset Resolution Ltd. Both companies are in going concern wind
down. The NRAM loan book comprises mainly residential mortgages
while B&B's book comprises a majority of by-to-let mortgages.
This rating action has no impact on the ratings of B&B's and
NRAM's covered bonds.
NRAM:
-- Long-term IDR: downgraded to 'A' from 'A+'; Outlook Negative
-- Short-term IDR: downgraded to 'F1' from 'F1+'
-- Support Rating: affirmed at '1'
-- SRF: revised to 'A' from 'A+'
-- Senior unsecured debt securities (guaranteed): affirmed at
'AAA'
-- Short-term debt (guaranteed): affirmed at F1+
-- Lower Tier 2 subordinated debt securities affirmed at 'CCC'
-- Upper Tier 2 subordinated debt securities affirmed at 'C'
-- Tier 1 subordinated debt securities (RCIs XS0117031194)
affirmed at 'C'
-- Tier 1 subordinated debt securities (TONs XS0152710439)
affirmed at 'CC'
B&B:
-- Long-term IDR: downgraded to 'A' from 'A+'; Outlook Negative
-- Short-term IDR: downgraded to 'F1' from 'F1+'
-- Support Rating: affirmed at '1'
-- SRF: revised to 'A' from 'A+'
-- Senior unsecured debt securities (guaranteed): affirmed at
'AAA'
-- Short-term debt (guaranteed): affirmed at F1+
-- Lower Tier 2 subordinated debt securities affirmed at 'C'
-- Upper Tier 2 subordinated debt securities affirmed at 'C'
-- Tier 1 subordinated debt securities affirmed at 'C'
COUNTYROUTE PLC: S&P Cuts GBP88-Mil. Senior Debt Rating to 'BB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB-' from 'BB' its
long-term debt rating on the GBP88 million senior secured bank
loan, due 2026, issued by U.K.-based concessionaire CountyRoute
(A130) PLC. At the same time, the long-term debt rating on
CountyRoute's GBP5.5 million subordinated secured
mezzanine bank loan, also due 2026, was raised to 'B-' from
'CCC+'. The outlook is stable.
"The downgrade of the senior secured bank loan reflects the
material increase in major maintenance expenditure projected by
CountyRoute over the remainder of the concession. It is further
supported by the recent decline in traffic volumes on the A130
road, a trend that we believe is driven by the softening U.K.
economy, and which we expect to continue into 2012. This results
in a decline in the projected average senior annual debt service
coverage ratios (ADSCRs) compared with previous forecasts, and
the prospect of constrained liquidity from the resulting
reduction in cash flows," S&P said.
CountyRoute is a special-purpose, bankruptcy-remote entity wholly
owned by John Laing Infrastructure Ltd. (not rated). Under a 30-
year concession granted by Essex County Council in 1999,
CountyRoute operates the A130, a 15-kilometer road from
Chelmsford to Basildon in southeastern England.
A test of the surface of the A130 in 2007 suggested a low
residual life in its current condition. Works were originally
projected to start in 2011-2012 to restore the road to the
necessary condition, with further works scheduled in 2013-2014.
CountyRoute has reviewed these assumptions because, despite two
particularly harsh winters, CountyRoute continues to report the
condition of the road surface as acceptable.
"Most notably, the sharp increases in major maintenance
expenditure previously forecast for 2011-2012 and 2013-2014 have
been reduced, although significant additional expenditure has
been added for 2024-2025 and 2025-2026. We understand that
CountyRoute has taken the view that resurfacing works will be
sufficient to maintain the road in the required condition for the
time being. However, as a result, greater interventions involving
replacing the lower layers of the road structure are forecast for
later in the concession in order to ensure that hand-back
conditions are met. Overall total expenditure over the remainder
of the concession, in real terms, has been further revised upward
by GBP1 million, or 7.7%, and is now 72.7% above that originally
forecast at the time of the refinancing in 2004," S&P said.
"The reduction in projected major maintenance expenditure in
2011-2012 and 2013-2014 reduces the prospect of a deferral of
mezzanine loan interest payments in the near term, in our view.
However, a deferral of mezzanine loan interest payments is
forecast to occur in 2021 in CountyRoute's projections, and on
two further occasions in our base-case credit scenario," S&P
said.
"In our view, in the medium term, the project's financial profile
is likely to stabilize and the level of major maintenance
expenditure for the next 3-5 years will not change again
significantly," S&P said.
"We could take a negative rating action if the amount of major
maintenance expenditure forecast over the medium term were higher
than CountyRoute currently projects, resulting in a further
decline in the project's forecast ADSCRs and liquidity. A similar
outcome could result if the future development of traffic volumes
is worse than we anticipate, with a similar impact on the
project's forecast ADSCRs and liquidity," S&P said.
"We could take a positive rating action if the forecast financial
profile of the project were to improve. This could occur, for
example, if the original construction contractor were to accept
partial or full responsibility for the rectification of the
underlying pavement defects, or if traffic volumes were to grow
faster than we forecast. We currently view such a situation as
less likely, however," S&P said.
HIT ENTERTAINMENT: S&P Puts 'CCC+' Rating on Watch Developing
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'CCC+' long-term
corporate credit rating on U.K.-based preschool children's
programming and consumer products company HIT Entertainment Ltd.
and subsidiary HIT Entertainment Inc. (together "HIT") on
CreditWatch with developing implications.
"We also placed our 'CCC+' issue rating on the first-lien credit
facilities and our 'CCC-' issue rating on the second-lien
facilities of HIT Entertainment Inc. on CreditWatch with
developing implications," S&P said.
"The recovery rating on the first-lien facilities is unchanged at
'3', reflecting our expectation of meaningful (50%-70%) recovery
for lenders in the event of a payment default. The recovery
rating on the second-lien facilities remains unchanged at '6',
indicating our expectation of negligible (0%-10%) recovery for
lenders in the event of a payment default," S&P related.
For further details, see "HIT Entertainment Inc. Recovery Rating
Profile," published on Dec. 24, 2010.
"We subsequently withdrew all issuer, issue, and recovery ratings
on HIT Entertainment Ltd. and Hit Entertainment Inc. at HIT's
request," S&P said.
"The CreditWatch placement follows the recent announcement by
U.S.-based toy manufacturer Mattel Inc. (BBB+/Stable/A-2) that it
has entered into an agreement to buy HIT for $680 million.
According to limited, publicly available information, on which we
base this rating action, we understand the transaction is
expected to be completed in the first quarter of 2012. The
CreditWatch developing placement indicates the possibility that
we might have raised the ratings on HIT if the acquisition were
finalized and the sale proceeds were used to fully repay HIT's
existing senior debt. The CreditWatch placement also indicates
that we could have lowered the ratings on HIT if the transaction
did not close, which we consider unlikely at this stage. Without
the use of potential sale proceeds, in our view HIT would face
refinancing needs given its sizable debt maturities in 2012," S&P
said.
HOUSE OF EUROPE: Fitch Downgrades Rating on Class E Notes to 'C'
----------------------------------------------------------------
Fitch Ratings has downgraded one and affirmed five classes of
House of Europe Funding IV PLC's (HoE IV) notes. In addition,
the agency revised the Outlook to Stable from Negative for the
senior class A1 tranche. The transaction is a cash flow
securitization of structured finance assets. The rating actions
are:
-- Class A1 (XS0228470588): affirmed at 'BBBsf', Outlook
revised to Stable from Negative
-- Class A2 (XS0228472873): affirmed at 'CCCsf'
-- Class B (XS0228474572): affirmed at 'Csf'
-- Class C (XS0228475389): affirmed at 'Csf'
-- Class D (XS0228476197): affirmed at 'Csf'
-- Class E (XS0228476601): downgraded to 'Csf' from 'CCCsf'
The affirmation of the class A1 notes and revision of its
Outlook to Stable from Negative reflects the stability in the
transaction's performance since the last review in January 2011.
There is a small 'CCCsf' and below bucket of 1.7%, which is a
slight increase from 1.3% in January 2011. The two largest
industry sectors are CMBS at 43% of the portfolio and RMBS at
49%. Of the RMBS sector, UK non-conforming RMBS makes up 8% of
the portfolio. Fitch believes that a material risk for the
transaction is that the underlying structured finance assets'
maturity may extend beyond their reported weighted average
expected life. This is taken into account in the agency's
portfolio analysis.
HoE IV's largely originally investment grade portfolio generates
very little spread, and as such there is currently negative
excess spread in the structure. Principal has been used to keep
interest timely on the classes A1 to C notes, and Fitch expects
principal leakage to continue in order to maintain timely
interest on classes A1 to C. This has led to classes A2 to E
being under-collateralized and these classes have negative credit
enhancement levels.
Class A2 is affirmed at 'CCCsf' because Fitch believes there
is a very slim possibility for default not to occur if recoveries
are higher than expected and repayments are earlier than
expected. Classes B to D are affirmed at 'Csf' due the extent of
their under-collateralization and the agency's expectation that
principal leakage will continue. Class E was downgraded to 'Csf'
because the agency believes the EUR0.3 million unprotected
portion of class E's rated balance will not be repaid in full due
to the extent of undercollateralization that the tranche is
experiencing.
The class A1, A2, B and C notes' ratings address the timely
payment of interest and the ultimate repayment of principal by
the stated maturity date as per the governing documents. The
ratings on the class D and E notes address the ultimate return of
the rated principal balance by the stated maturity as per the
governing documents. Currently, the class D rated notional
stands at EUR44.2 million and the class E rated notional is
EUR6.68 million. The class E notes benefit from partial
protection from a zero-coupon 'AAA' French government bond (ISIN:
FR0010172205) maturing in 2055 with a par balance of EUR6.375
million.
MEDIA SQUARE: Unable to Repay Bank Loans; Appoints Administrators
-----------------------------------------------------------------
StockMarketWire.com reports that Media Square Plc has appointed
Zelf Hussain -- zelf.hussain@uk.pwc.com -- and Robert Jonathan
Hunt -- rob.hunt@uk.pwc.com -- of PricewaterhouseCoopers as its
administrators.
According to the report, the company said that without a waiver
of its banking covenants, it is unable to meet its repayment
obligations to its bank and is therefore insolvent.
Following their appointment, the administrators have sold the
business and assets of the company to a new vehicle, MSQ
Partners, securing continuing employment for the company's staff
and payment of creditors, StockMarketWire.com relates. The
transaction, the report notes, will not result in a return to
shareholders.
Based in United Kingdom, Media Square plc is engaged in the
advertising, marketing and design services. The Company operates
through three segments: Advertising, Marketing and Design.
MOUCHEL GROUP: Appoints David Shearer as New Chairman
-----------------------------------------------------
Reuters reports that Mouchel Group said turnaround specialist
David Shearer had been appointed chairman, with the task of
turning around the lossmaking company which has seen government
spending cuts hit demand for its services.
According to Reuters, Mr. Shearer will take up the position on
Jan. 9, at which time Interim Chairman Michael Lyons will return
to the role of senior independent director.
Mouchel secured a lifeline from its banks in November, enabling
it to avoid a breach of its banking terms, Reuters recounts.
As reported by the Troubled Company Reporter-Europe on Dec. 2,
2011, Dow Jones' Daily Bankruptcy Review related Mouchelposted a
much wider fiscal year pretax loss, blaming takeover speculation
for hurting its ability to win new business, and said it wouldn't
breach banking covenants after amending its credit facilities.
On Oct. 24, 2011, the Troubled Company Reporter-Europe, citing
the Financial Times, reported that Mouchel was forced to knock
GBP8.6 million (US$13.6 million) off profits estimates as a
result of "over-optimistic" accounting on local authority
contracts and a pensions error by a council client's auditors.
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.
ROYAL BANK: 2008 Near-Collapse Blamed on Management
---------------------------------------------------
Ben Moshinsky and Gavin Finch at Bloomberg News report that Royal
Bank of Scotland Group Plc's board made "poor decisions" and
failed to carry out proper due diligence on its acquisition of
ABN Amro Holding NV.
According to Bloomberg, the Financial Services Authority said in
a report into the near collapse of RBS in 2008 that the bank
relied too much on short-term wholesale funding, a weakness that
was missed by the U.K. banking regulator.
The watchdog listed seven primary reasons for the bank's failure,
including uncertainties over the quality of the lender's assets
and lack of capital, Bloomberg discloses.
The report "describes the errors of judgment and execution made
by RBS executive management which, in combination, resulted in
RBS being one of the banks which failed amid the global crisis,"
Bloomberg quotes Adair Turner, the FSA's chairman, as saying in a
statement.
RBS reported a GBP24.1 billion (US$37 billion) loss for 2008, the
largest in U.K. corporate history, and required a GBP45.5 billion
taxpayer rescue, the world's biggest banking bailout, after the
acquisition, Bloomberg recounts. The FSA came under pressure to
publish the probe into RBS finances after it cleared former RBS
Chief Executive Officer Fred Goodwin of wrongdoing, Bloomberg
relates.
"Taxpayers should never have had to rescue RBS," Philip Hampton,
the bank's chairman, as cited by Bloomberg, said in an e-mailed
statement. "The FSA's views are an important contribution to the
debate on how banks should be managed and regulated in the
future."
The report blamed RBS's collapse on a liquidity run, where
lenders to the bank became increasingly unwilling to roll over
their funding commitments, Bloomberg states. That, in turn, had
its roots in uncertainty about whether the bank had sufficient
capital to absorb losses, Bloomberg notes.
About RBS
The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks. The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing. On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO). In July 2008, the company disposed of its
entire interest in Global Voice Group Ltd.
S BARRATT & CO: Goes Into Administration, Cuts 43 Jobs
------------------------------------------------------
Place North West News reports that S Barratt & Co has entered
into administration after more than 70 years of trading, with the
loss of 43 jobs.
Insolvency practitioners Philip Francis Duffy and Steven
Muncaster of MCR were appointed joint administrators on
November 29, according to Place North West News.
S Barratt & Co turned over GBP16 million in 2010 but made a loss
of GBP1.3 million, the report recalls.
The administrators can be reached at:
Philip Francis Duffy
Steven Muncaster
MCR
The Chancery,
58 Spring Gardens Manchester,
M2 1EW
Tel: 0161 827 9003
E-mail: pduffy@mcr.uk.com
smuncaster@mcr.uk.com
Manchester-based S Barratt & Co is a mechanical and electrical
contractor. The business was founded in 1935 and worked across
commercial and residential sectors.
THOMAS COOK: Expected to Reveal Shop Closures & Job Cuts
--------------------------------------------------------
Dominic Jeff at The Scotsman reports that Thomas Cook is expected
to reveal the closure of some 200 travel shops and 1,000 job cuts
when it delivers its delayed full-year results on Wednesday.
The company, which sells more than 22 million holidays a year in
the UK, is expected to make the announcement as it unveils a 31%
slide in pre-tax profits to GBP191 million for the year to
September, the Scotsman discloses.
The board will be under pressure from investors and lenders to
slash costs and turn the faltering business around following its
plea for help last month, the Scotsman says.
As reported by the Troubled Company Reporter-Europe on Nov. 29,
2011, BBC News related that Thomas Cook reached agreement with
its bankers to provide it with new access to funding. Shares in
the company fell 75% on Nov. 22 after it said it was in talks
about increasing borrowings, BBC recounted. Its bankers,
including Barclays, HSBC, RBS and UniCredit, agreed to provide a
new GBP200 million facility until April 30, 2013, BBC disclosed.
At the end of September the firm's net debt was just under GBP900
million, BBC said. The new loan will take the figure to over
GBP1 billion, BBC stated. The company stressed that it is not
currently in breach of the terms of any of its loans, and said it
wanted the new loans to "improve its resilience if trading
conditions remain difficult," according to BBC.
Thomas Cook Group plc is a United Kingdom-based company. The
Company, together with its subsidiaries, is engaged in the
provision of leisure travel services. Its main brands include
Airtours, Aspro, Club 18-30, Cresta, Manos, Neilson, Sunset,
Sunworld Holidays, Swiss Travel Service, Thomas Cook, Thomas Cook
Style Collection, Thomas Cook Signature and Thomas Cook Tours.
It has six geographic operating divisions: United Kingdom,
Central Europe, West and East Europe, Northern Europe, North
America and Airlines Germany.
VON ESSEN: Patron, Halcyon Buy 7 Hotels For GBP38 Million
---------------------------------------------------------
Pete Brush at Bankruptcy Law360 reports that real estate-focused
private equity firm Patron Capital Ltd. said on Dec. 8 that it
has teamed up with the newly formed Halcyon Hotels and Resorts
PLC in the GBP38 million (US$59 million) purchase of seven U.K.
hotels from the insolvent Von Essen Group.
Law360 relates that the London-headquartered Patron is ponying up
95% of the investment money while Halycon, whose CEO Nigel
Chapman used to own four of the properties before selling them to
Von Essen in 2005, said his company is committed to "returning
them to their former glory."
As reported in the Troubled Company Reporter-Europe on April 25,
2011, the holding company of the von Essen hotel chain appointed
accountants Ernst & Young as administrators. SoGlos.com related
that von Essen had debts of more than GBP25 million. SoGlos.com
noted the hotels were all expected to continue to trade as usual.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
KA FINANZ AG 3730Z AV -9072224.934 22043329918
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
S&T SYSTEM I-ADR STSQY US -31284693.65 200208144.5
S&T SYSTEM INTEG SLSYF US -31284693.65 200208144.5
S&T SYSTEM INTEG SNTS IX -31284693.65 200208144.5
S&T SYSTEM INTEG SYA EX -31284693.65 200208144.5
S&T SYSTEM INTEG SYA GR -31284693.65 200208144.5
S&T SYSTEM INTEG SNT EO -31284693.65 200208144.5
S&T SYSTEM INTEG SNT AV -31284693.65 200208144.5
S&T SYSTEM INTEG STSQF US -31284693.65 200208144.5
S&T SYSTEM INTEG SNTS ES -31284693.65 200208144.5
S&T SYSTEM INTEG SNTA PZ -31284693.65 200208144.5
S&T SYSTEM INTEG SYAG IX -31284693.65 200208144.5
S&T SYSTEM INTEG SNT EU -31284693.65 200208144.5
SKYEUROPE SKY PW -89480492.56 159076577.5
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE HLDG SKY AV -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY LI -89480492.56 159076577.5
SKYEUROPE HLDG SKY EO -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.56 159076577.5
SKYEUROPE HLDG SKURF US -89480492.56 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.56 159076577.5
SKYEUROPE HLDG SKY EU -89480492.56 159076577.5
SKYEUROPE HLDG S8E GR -89480492.56 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.56 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
ANTWERP GATEWAY 496769Z BB -51947070.5 266390692.5
BALTA SARL 3679528Z BB -213655263.9 956320938.3
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
COMPAGIMMOBDU BR 3727538Z BB -5867835.156 164809982.4
EON BELGIUM NV 3730258Z BB -8101077.851 251156828.9
EXPLORER NV 4289181Z BB -11594573.86 281605390.1
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -25317190.48 175772641.2
KIA MOTORS BELGI 3729658Z BB -40305545.64 136441397.8
KOREAN MOTOR CO 4161341Z BB -6368236.209 149093852.6
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -119299289.7 158958659.1
SCARLET BELGIUM 4171157Z BB -28951978.94 137456538.4
SCARLETT BUSINES 3724850Z BB -71847152.77 130053838
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
TELENET GRP HLDG TNETUSD EO -346984203.1 4652950529
TELENET GRP HLDG 3218105Q IX -346984203.1 4652950529
TELENET GRP HLDG TNETGBX EO -346984203.1 4652950529
TELENET GRP HLDG TNET IX -346984203.1 4652950529
TELENET GRP HLDG TNETUSD EU -346984203.1 4652950529
TELENET GRP HLDG TNET NQ -346984203.1 4652950529
TELENET GRP HLDG T4I GR -346984203.1 4652950529
TELENET GRP HLDG TNET BB -346984203.1 4652950529
TELENET GRP HLDG TNET S1 -346984203.1 4652950529
TELENET GRP HLDG TNET EB -346984203.1 4652950529
TELENET GRP HLDG TNET TQ -346984203.1 4652950529
TELENET GRP HLDG TNET MT -346984203.1 4652950529
TELENET GRP HLDG TNETGBX EU -346984203.1 4652950529
TELENET GRP HLDG TNET LI -346984203.1 4652950529
TELENET GRP HLDG TNET EU -346984203.1 4652950529
TELENET GRP HLDG TNETGBP EO -346984203.1 4652950529
TELENET GRP HLDG TNET PZ -346984203.1 4652950529
TELENET GRP HLDG TNET BQ -346984203.1 4652950529
TELENET GRP HLDG TNET QM -346984203.1 4652950529
TELENET GRP HLDG TLGHF US -346984203.1 4652950529
TELENET GRP HLDG TNET GK -346984203.1 4652950529
TELENET GRP HLDG TNET EO -346984203.1 4652950529
TELENET-STRP TNETS BB -346984203.1 4652950529
TELENET-UNS ADR TLGHY US -346984203.1 4652950529
UNIVERSAL MUSIC 3738307Z BB -12191533.66 143700285.8
CYPRUS
------
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG EU -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG EO -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS G LHGCYP EO -39648682.41 209021322.6
LIBRA HOLIDAYS G LHGCYP EU -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
CSA AS 1000Z CP -127978073.4 432492914
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
DENMARK
-------
AB-B NEW ABBN DC -101428498.9 298588010.2
AKADEMISK BOLDK ABB DC -101428498.9 298588010.2
BRIGHTPOINT EURO 4506883Z DC -18616347.98 189113937.7
CARLSBERG IT A/S 4503891Z DC -47250912.74 105417004.1
CIMBER STERLING CIMBER DC -5227729.374 192575897.9
CIMBER STERLING CIMBE EO -5227729.374 192575897.9
CIMBER STERLING CIMBE EU -5227729.374 192575897.9
CIMBER STERLING CIMBER BY -5227729.374 192575897.9
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.543 110737536.3
GREEN WIND ENERG GW EO -11320362.72 176234029.6
GREEN WIND ENERG GW PZ -11320362.72 176234029.6
GREEN WIND ENERG G7W GR -11320362.72 176234029.6
GREEN WIND ENERG GW DC -11320362.72 176234029.6
GREEN WIND ENERG G7W1 GR -11320362.72 176234029.6
GREEN WIND ENERG GW EU -11320362.72 176234029.6
GREEN WIND ENERG GW BY -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EO -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EU -11320362.72 176234029.6
HOLDINGSELSKABET BOHC IX -11320362.72 176234029.6
HOLDINGSELSKABET BODIL DC -11320362.72 176234029.6
ISS GLOBAL A/S 241863Z DC -9544026.554 7765217403
LAURITZEN TANKER 3979732Z DC -4428758.299 209128194.8
NATURGAS FYN DIS 3984844Z DC -2862743.662 194651527
NESTLE DANMARK A 3896690Z DC -31272771.75 160779148
OBTEC OBT DC -14819231.96 148553764.3
OBTEC OBTEC DC -14819231.96 148553764.3
OBTEC-NEW SHARES OBTECN DC -14819231.96 148553764.3
OBTEC-OLD OBTN DC -14819231.96 148553764.3
ORESUNDSBRO KONS 1015Z SS -583944155.3 3614975702
OSTERFALLEDPARKE 3985676Z DC -26063679.19 302533679.4
OW SUPPLY & TRAD 3986892Z DC -4299263.6 165798948.6
REITAN SERVICEHA 3984284Z DC -1371178.576 127192706
ROSKILDE BANK ROSK DC -532868840.9 7876687324
ROSKILDE BANK ROSK EU -532868840.9 7876687324
ROSKILDE BANK ROSK PZ -532868840.9 7876687324
ROSKILDE BANK RKI GR -532868840.9 7876687324
ROSKILDE BANK ROSKF US -532868840.9 7876687324
ROSKILDE BANK ROSBF US -532868840.9 7876687324
ROSKILDE BANK ROSK EO -532868840.9 7876687324
ROSKILDE BANK RSKC IX -532868840.9 7876687324
ROSKILDE BANK-RT 916603Q DC -532868840.9 7876687324
ROSKILDE BAN-NEW ROSKN DC -532868840.9 7876687324
ROSKILDE BAN-RTS ROSKT DC -532868840.9 7876687324
SCANDINAVIAN BRA SBS1EUR EU -14819231.96 148553764.3
SCANDINAVIAN BRA SBS DC -14819231.96 148553764.3
SCANDINAVIAN BRA SBS1 BY -14819231.96 148553764.3
SCANDINAVIAN BRA SBS1 EU -14819231.96 148553764.3
SCANDINAVIAN BRA SBSC IX -14819231.96 148553764.3
SCANDINAVIAN BRA SBS1 EO -14819231.96 148553764.3
SCANDINAVIAN BRA SBSD PZ -14819231.96 148553764.3
SCANDINAVIAN BRA SBS1EUR EO -14819231.96 148553764.3
SCHAUMANN PROP SCHAU EO -101428498.9 298588010.2
SCHAUMANN PROP SCHAUEUR EU -101428498.9 298588010.2
SCHAUMANN PROP SCHAUP EU -101428498.9 298588010.2
SCHAUMANN PROP SCHAUP DC -101428498.9 298588010.2
SCHAUMANN PROP SCHAUP PZ -101428498.9 298588010.2
SCHAUMANN PROP SCHAUEUR EO -101428498.9 298588010.2
SCHAUMANN PROP SCHAU EU -101428498.9 298588010.2
SCHAUMANN PROP SCHAU BY -101428498.9 298588010.2
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -151969329.6 262408720
ACERINOX FRANCE 4748633Z FP -4970414.587 106673210.6
AIR COMMAND SYST 4470055Z FP -24012413.92 236706831.5
AIRCELLE 61830Q FP -627210407.1 1037716117
AKERYS SERVICES 4685937Z FP -8561729.525 141611798.1
ALCATEL-LUCENT E 3642975Z FP -46648079.19 510672247.2
ALCATEL-LUCENT F 3647063Z FP -566942548.5 4810123614
AL-KHATTIYA LEAS 4783713Z FP -8522159.06 132815959.7
ALUMINIUM PECHIN 3650903Z FP -469114028.7 1322244624
ARIANESPACE 211530Z FP -51743991.45 3354710780
ATARI IFOE PZ -5534100.115 138494402.9
ATARI SA ATA S1 -5534100.115 138494402.9
ATARI SA IFGA GR -5534100.115 138494402.9
ATARI SA IFGA TH -5534100.115 138494402.9
ATARI SA ATA BQ -5534100.115 138494402.9
ATARI SA ATA PZ -5534100.115 138494402.9
ATARI SA ATA TQ -5534100.115 138494402.9
ATARI SA ATA EO -5534100.115 138494402.9
ATARI SA ATA EU -5534100.115 138494402.9
ATARI SA ATA QM -5534100.115 138494402.9
ATARI SA ATA EB -5534100.115 138494402.9
ATARI SA ATANV FP -5534100.115 138494402.9
ATARI SA ATA FP -5534100.115 138494402.9
ATARI-NEW 3715502Q FP -5534100.115 138494402.9
AUTOMOBILES CITR 3648863Z FP -298695778.9 1879542934
BELVEDERE - RTS 702036Q FP -254721370.9 1019397736
BELVEDERE - RTS 554451Q FP -254721370.9 1019397736
BELVEDERE SA BVDRF US -254721370.9 1019397736
BELVEDERE SA BELV FP -254721370.9 1019397736
BELVEDERE SA BELV NM -254721370.9 1019397736
BELVEDERE SA BVD S1 -254721370.9 1019397736
BELVEDERE SA BVD EO -254721370.9 1019397736
BELVEDERE SA BVD FP -254721370.9 1019397736
BELVEDERE SA BVD PZ -254721370.9 1019397736
BELVEDERE SA BVD EU -254721370.9 1019397736
BELVEDERE SA BEVD IX -254721370.9 1019397736
BELVEDERE SA BVD PW -254721370.9 1019397736
BELVEDERE SA BED TH -254721370.9 1019397736
BELVEDERE SA BED GR -254721370.9 1019397736
BELVEDERE SA-NEW 8198283Q FP -254721370.9 1019397736
BELVEDERE SA-NEW 946529Q FP -254721370.9 1019397736
BELVEDERE SA-NEW BVDNV FP -254721370.9 1019397736
BELVEDERE SA-RTS BVDDS FP -254721370.9 1019397736
BENP LILLEBONNE 4507291Z FP -14494480.15 341710346.6
CADES 211430Z FP -1.16E+11 23006745556
CARCOOP FRANCE 4690569Z FP -531951.7338 185621693.8
CARI SAS 4509915Z FP -10848329.91 182415382.5
CARREFOUR HYPERM 3897338Z FP -419813693 4772178623
CARREFOUR IMPORT 4519455Z FP -41015523.06 355888577.4
CARRERE GROUP CARG FP -9829531.944 279906700
CARRERE GROUP CAR2 EO -9829531.944 279906700
CARRERE GROUP CAR FP -9829531.944 279906700
CARRERE GROUP CAR2 EU -9829531.944 279906700
CARRERE GROUP CRRHF US -9829531.944 279906700
CARRERE GROUP CRGP IX -9829531.944 279906700
CARRERE GROUP XRR GR -9829531.944 279906700
CARRERE GROUP CARF PZ -9829531.944 279906700
CDISCOUNT 4690913Z FP -92485.81144 331210839.3
CELINE SA 3636031Z FP -6546413.145 108306445
CMA CGM AGENCES 4746849Z FP -7380117.985 187789703.7
CO PETROCHIMIQUE 4682369Z FP -79561628.19 444321642.5
CSF 3635887Z FP -66127486.72 3311857250
DESCAMPS SAS 4503139Z FP -2912961.458 104843475.7
EADS SECA 4706441Z FP -38679556.91 142045208.8
EDENRED EDEN EB -1395452285 5596512266
EDENRED EDEN FP -1395452285 5596512266
EDENRED EDENUSD EO -1395452285 5596512266
EDENRED QSV TH -1395452285 5596512266
EDENRED EDEN TQ -1395452285 5596512266
EDENRED QSV GR -1395452285 5596512266
EDENRED EDEN IX -1395452285 5596512266
EDENRED EDEN PZ -1395452285 5596512266
EDENRED EDEN BQ -1395452285 5596512266
EDENRED EDNMF US -1395452285 5596512266
EDENRED EDEN S1 -1395452285 5596512266
EDENRED EDEN EO -1395452285 5596512266
EDENRED EDENUSD EU -1395452285 5596512266
EDENRED EDEN QM -1395452285 5596512266
EDENRED EDEN EU -1395452285 5596512266
EDF EN FRANCE 4686529Z FP -4085423.459 508820792.6
EDF EN OUTRE MER 4679713Z FP -2598508.843 158364874.7
FRANFINANCE LOCA 4689993Z FP -69780982.12 1638852912
GRANDE PAROISSE GDPA FP -927267926.9 629287290
GRANDE PAROISSE GDPXF US -927267926.9 629287290
GRANDE PAROISSE GAPA FP -927267926.9 629287290
GROUPE MONITEUR 317840Z FP -116707395.4 610106709.3
GROUPE PROGRES S 4734137Z FP -165060841.9 123458910.5
HP ENTREPRISE SE 4698081Z FP -97546439.37 116383810.4
HUREL-DUBOIS HDUN FP -627210407.1 1037716117
I BASE 757542Z FP -11937366.64 400192956.6
INFOGRAMES - REG IFG EU -5534100.115 138494402.9
INFOGRAMES - REG IFG FP -5534100.115 138494402.9
INFOGRAMES - REG IFG EO -5534100.115 138494402.9
INFOGRAMES - REG IFOE IX -5534100.115 138494402.9
INFOGRAMES - REG IFG TQ -5534100.115 138494402.9
INFOGRAMES E-NEW IFGN FP -5534100.115 138494402.9
INFOGRAMES ENT IFG PZ -5534100.115 138494402.9
INFOGRAMES ENT IFGNR FP -5534100.115 138494402.9
INFOGRAMES ENT 2986980Q EU -5534100.115 138494402.9
INFOGRAMES ENT IFGEF US -5534100.115 138494402.9
INFOGRAMES ENT IFG GR -5534100.115 138494402.9
INFOGRAMES ENT IFOY IX -5534100.115 138494402.9
INFOGRAMES ENT 2986984Q EO -5534100.115 138494402.9
INFOGRAMES ENTMT IFG VX -5534100.115 138494402.9
INFOGRAMES ENTMT IFGRF US -5534100.115 138494402.9
INFOGRAMES- RTS IFGDS FP -5534100.115 138494402.9
INFOGRAMES-NEW IFGNV FP -5534100.115 138494402.9
INFOGRAMES-RTS 3133246Q FP -5534100.115 138494402.9
ING LEASE FRANCE 4699881Z FP -49994620.93 363520475.8
ISOCHEM SA 3540732Z FP -9354435.203 103629611.4
ITM REGION PARIS 4681817Z FP -49662079.76 124321085.9
JACQUOT ET CO 4721473Z FP -25605144.44 101591294.6
JTEKT AUTOMOTIVE 4504595Z FP -17492036.59 163375360
JTEKT AUTOMOTIVE 4505819Z FP -14610384.74 211911630
JUNGHEINRICH FIN 4635025Z FP -14429677.13 223424949.4
LAB DOLISOS DOLI FP -27752176.19 110485462.4
LAB DOLISOS LADL FP -27752176.19 110485462.4
LENOVO FRANCE SA 4710049Z FP -1944677.438 137134536.2
MATUSSIERE & FOR 1007765Q FP -77896689.09 293868350.8
MATUSSIERE & FOR MTUSF US -77896689.09 293868350.8
MVCI HOLIDAYS FR 4524959Z FP -112193151.3 233381369.4
NESTLE WATERS SU 3634879Z FP -166540192.4 357871830.8
NESTLE WATERS SU 3634887Z FP -100198554 212766860.3
NEXANS COPPER FR 4744809Z FP -22662074.82 308626962.2
NORDEX FRANCE SA 4521679Z FP -6460150.538 206115454.1
NOVELIS FOIL FRA 4678593Z FP -7951381.035 121719315.4
NOVEXEL SA 504169Z FP -362303.7226 107272250.4
NRJ 12 4681713Z FP -41481124.19 112522117.5
OROSDI OROS FP -51389802.68 181267113.2
OROSDI OROS S1 -51389802.68 181267113.2
OROSDI OROS EU -51389802.68 181267113.2
OROSDI OROS PZ -51389802.68 181267113.2
OROSDI OROS EO -51389802.68 181267113.2
OROSDI-BACK ORBA FP -51389802.68 181267113.2
OROSDI-BACK BACK IX -51389802.68 181267113.2
OROSDI-RTS ORODS FP -51389802.68 181267113.2
PAGESJAUNES GRP PAJGBX EU -3184867284 1167307980
PAGESJAUNES GRP PAJP IX -3184867284 1167307980
PAGESJAUNES GRP PAJ EU -3184867284 1167307980
PAGESJAUNES GRP PAJGBP EO -3184867284 1167307980
PAGESJAUNES GRP PAJ BQ -3184867284 1167307980
PAGESJAUNES GRP PAJ PZ -3184867284 1167307980
PAGESJAUNES GRP PAJUSD EU -3184867284 1167307980
PAGESJAUNES GRP PAJ EO -3184867284 1167307980
PAGESJAUNES GRP PAJ LI -3184867284 1167307980
PAGESJAUNES GRP PAJGBX EO -3184867284 1167307980
PAGESJAUNES GRP PAJ GK -3184867284 1167307980
PAGESJAUNES GRP PAJ IX -3184867284 1167307980
PAGESJAUNES GRP PAJ NQ -3184867284 1167307980
PAGESJAUNES GRP PAJ QM -3184867284 1167307980
PAGESJAUNES GRP PAJ EB -3184867284 1167307980
PAGESJAUNES GRP PGJUF US -3184867284 1167307980
PAGESJAUNES GRP QS3 GR -3184867284 1167307980
PAGESJAUNES GRP PAJ S1 -3184867284 1167307980
PAGESJAUNES GRP PAJUSD EO -3184867284 1167307980
PAGESJAUNES GRP PAJ FP -3184867284 1167307980
PAGESJAUNES GRP PAJ VX -3184867284 1167307980
PAGESJAUNES GRP PAJ TQ -3184867284 1167307980
PAGESJAUNES GRP QS3 TH -3184867284 1167307980
PEUGEOT CITROEN 3637183Z FP -268215289.1 319403481.8
PITNEY BOWES 4634633Z FP -11785422.82 184422748.8
REGIE PUBLICITAI 4691033Z FP -5262294.526 112402724.7
REGIONAL COMPAGN 3635823Z FP -11262048.65 587139828.4
RESEAU FERRE FRA 224063Z FP -1594878991 71610625888
RHODIA SA RHA VX -72552001.48 7951699362
RHODIA SA RHDI GR -72552001.48 7951699362
RHODIA SA RHAUSD EU -72552001.48 7951699362
RHODIA SA RHAGBP EO -72552001.48 7951699362
RHODIA SA RHA QM -72552001.48 7951699362
RHODIA SA RHAY IX -72552001.48 7951699362
RHODIA SA RHAGBX EU -72552001.48 7951699362
RHODIA SA RHA IX -72552001.48 7951699362
RHODIA SA RHA EU -72552001.48 7951699362
RHODIA SA RHDAF US -72552001.48 7951699362
RHODIA SA RHAGBX EO -72552001.48 7951699362
RHODIA SA RHA BQ -72552001.48 7951699362
RHODIA SA 3218857Q IX -72552001.48 7951699362
RHODIA SA 2324011Q EU -72552001.48 7951699362
RHODIA SA RHADF US -72552001.48 7951699362
RHODIA SA RHA EO -72552001.48 7951699362
RHODIA SA RHA NQ -72552001.48 7951699362
RHODIA SA RHA FP -72552001.48 7951699362
RHODIA SA RHD GR -72552001.48 7951699362
RHODIA SA RHA PZ -72552001.48 7951699362
RHODIA SA RHAUSD EO -72552001.48 7951699362
RHODIA SA RHA TQ -72552001.48 7951699362
RHODIA SA RHA S1 -72552001.48 7951699362
RHODIA SA RHA EB -72552001.48 7951699362
RHODIA SA RHANR PZ -72552001.48 7951699362
RHODIA SA 2324015Q EO -72552001.48 7951699362
RHODIA SA RHDI TH -72552001.48 7951699362
RHODIA SA RHA GK -72552001.48 7951699362
RHODIA SA - NEW 3156011Q FP -72552001.48 7951699362
RHODIA SA - NEW RHANV FP -72552001.48 7951699362
RHODIA SA - NEW 8125782Q FP -72552001.48 7951699362
RHODIA SA - NEW 3506266Q FP -72552001.48 7951699362
RHODIA SA - NEW 2335921Q FP -72552001.48 7951699362
RHODIA SA-ADR RHAYY US -72552001.48 7951699362
RHODIA SA-NON RE RHANR FP -72552001.48 7951699362
RHODIA SA-RIGHTS RHADS FP -72552001.48 7951699362
RHODIA SA-RIGHTS 653447Q FP -72552001.48 7951699362
RL INVEST SAS 4700369Z FP -21424084.29 103412643
RODRIGUEZ GROUP RDGP IX -38195223.8 238732565
RODRIGUEZ GROUP ROD BQ -38195223.8 238732565
RODRIGUEZ GROUP ROD EU -38195223.8 238732565
RODRIGUEZ GROUP ROD EO -38195223.8 238732565
RODRIGUEZ GROUP RGX GR -38195223.8 238732565
RODRIGUEZ GROUP ROD S1 -38195223.8 238732565
RODRIGUEZ GROUP RRGZF US -38195223.8 238732565
RODRIGUEZ GROUP ROD PZ -38195223.8 238732565
RODRIGUEZ GROUP ROD TQ -38195223.8 238732565
RODRIGUEZ GROUP ROD FP -38195223.8 238732565
SANDOZ SAS 3635111Z FP -18996502.07 160259044.1
SDR CENTREST 117241Q FP -132420129.5 252176017.2
SEAFRANCE 1707464Z FP -1015379.945 247033398.8
SHEET ANCHOR FRA 4745417Z FP -16938893.1 192023042.9
SIDEL CONVEYING 4715393Z FP -57759126.57 147204049
SIEMENS VAI META 4634441Z FP -78630983.34 175225384.5
SOC NICOISE REAL 4749097Z FP -6176043.591 112289722.4
SOCIETE COMMERCI 4516647Z FP -179862008.2 1576030746
SOCIETE D'AGENCE 4741441Z FP -3996843.897 267209404.9
SOCIETE DE CHAUF 4722937Z FP -11549371.73 107340406.8
STE DU 67 BD DU 4686753Z FP -550297.9006 103136595.7
STORA ENSO CORBE 4697593Z FP -932413.9939 163080772.7
SU3 SAS 4686497Z FP -11118401.88 105002034
TEAM PARTNER-RTS 633323Q FP -13557467.93 129831049
TEAM PARTNER-RTS 2841653Q FP -13557467.93 129831049
TEAM PARTNERS 2347985Q EO -13557467.93 129831049
TEAM PARTNERS TPGY IX -13557467.93 129831049
TEAM PARTNERS TIP PZ -13557467.93 129831049
TEAM PARTNERS 2347981Q EU -13557467.93 129831049
TEAM PARTNERS TIP FP -13557467.93 129831049
TEAM PARTNERS TPTRF US -13557467.93 129831049
TEAM PARTNERS GR TPGP IX -13557467.93 129831049
TEAM PARTNERS GR TIPNV FP -13557467.93 129831049
TEAM PARTNERS GR TPGP PZ -13557467.93 129831049
TEAM PARTNERS GR TIPA EO -13557467.93 129831049
TEAM PARTNERS GR TIPA FP -13557467.93 129831049
TEAM PARTNERS GR TIPDS FP -13557467.93 129831049
TEAM PARTNERS GR TIPA EU -13557467.93 129831049
TEAM PARTNERS-N TIPN FP -13557467.93 129831049
TF1 VIDEO SASU 4516855Z FP -1279245.403 166278795.5
THALES SECURITY 4701729Z FP -426153529.7 822653430.4
THOMSON TELECOM 4516815Z FP -35805908.77 528384056.4
THYSSENKRUPP SOF 4740929Z FP -18052289.45 299682634.2
TRANSOLVER SERVI 4521279Z FP -38102696.91 161124216
TREVES 4722153Z FP -70096913.54 394781399.9
TROUVAY CAUVIN TVYCF US -396977.8818 133986439.7
TROUVAY CAUVIN ETEC FP -396977.8818 133986439.7
TUILERIES FINANC 4701769Z FP -3956839.937 125936634.2
UCALEASE SA 3635807Z FP -1041989.142 150621028.5
VALEO VISION SAS 4518479Z FP -102634627 273699726.4
VISTEON SYSTEMES 4699177Z FP -149790335.3 304741135.7
YVES ST LAURENT/ 4633025Z FP -82897369.68 390343397.3
GEORGIA
-------
PEARL HOLDING 3622Z LN -133833007.2 968234065.8
DEVELICA DEUTSCH DDE PZ -79827494.88 1139643575
DEVELICA DEUTSCH DDE LN -79827494.88 1139643575
DEVELICA DEUTSCH DDE IX -79827494.88 1139643575
DEVELICA DEUTSCH D4B GR -79827494.88 1139643575
DEVELICA DEUTSCH DDE PG -79827494.88 1139643575
GERMANY
-------
AGOR AG DOO GR -482449.8788 144432986.2
AGOR AG NDAGF US -482449.8788 144432986.2
AGOR AG DOO EU -482449.8788 144432986.2
AGOR AG DOOG IX -482449.8788 144432986.2
AGOR AG DOOD PZ -482449.8788 144432986.2
AGOR AG DOO EO -482449.8788 144432986.2
AGOR AG DOO S1 -482449.8788 144432986.2
AGOR AG-RTS 2301918Z GR -482449.8788 144432986.2
ALNO AG ANO EU -99557307.47 237120255.4
ALNO AG ANO GR -99557307.47 237120255.4
ALNO AG ANO EO -99557307.47 237120255.4
ALNO AG ANO PZ -99557307.47 237120255.4
ALNO AG ALNO IX -99557307.47 237120255.4
ALNO AG ANO S1 -99557307.47 237120255.4
ALNO AG ANO TH -99557307.47 237120255.4
ALNO AG - RTS ANO2 GR -99557307.47 237120255.4
ALNO AG-NEW ANO1 GR -99557307.47 237120255.4
ALNO AG-RTS 4123912Z GR -99557307.47 237120255.4
ALNO AG-RTS 8174351Z GR -99557307.47 237120255.4
ALNO AG-RTS 2259765Z GR -99557307.47 237120255.4
ATRONIC INTERNAT 504688Z GR -30668737.79 163495101.6
BROKAT AG BKISF US -27139603.03 143536830.1
BROKAT AG BROFQ US -27139603.03 143536830.1
BROKAT AG BROAF US -27139603.03 143536830.1
BROKAT AG BRKAF US -27139603.03 143536830.1
BROKAT AG -NEW BRJ1 NM -27139603.03 143536830.1
BROKAT AG -NEW BRJ1 GR -27139603.03 143536830.1
BROKAT AG-ADR BROA US -27139603.03 143536830.1
BROKAT TECH -ADR BROAQ US -27139603.03 143536830.1
BROKAT TECH AG BRJ NM -27139603.03 143536830.1
BROKAT TECH AG BRJ GR -27139603.03 143536830.1
BROKAT TECH AG BSA LN -27139603.03 143536830.1
BROKAT TECH-ADR BRJA GR -27139603.03 143536830.1
CBB HOLDING AG CUBDF US -42994818.04 904723627.8
CBB HOLDING AG COB2 EO -42994818.04 904723627.8
CBB HOLDING AG COBG IX -42994818.04 904723627.8
CBB HOLDING AG COB GR -42994818.04 904723627.8
CBB HOLDING AG COBG PZ -42994818.04 904723627.8
CBB HOLDING AG COB2 EU -42994818.04 904723627.8
CBB HOLDING-NEW COB3 GR -42994818.04 904723627.8
CBB HOLDING-NEW COB1 GR -42994818.04 904723627.8
CBB HOLD-NEW 97 COB2 GR -42994818.04 904723627.8
COGNIS GMBH 575202Z GR -745013993.7 3306935972
COGNIS HOLDING G 635952Z GR -1587896974 2850475613
COMPASS GROUP DE 3896530Z GR -45713969.85 408640427.9
DFS DEUTSCHE FLU 1070Z GR -206867792.1 1418435822
DORT ACTIEN-BRAU 944167Q GR -12689156.29 117537053.7
DORT ACTIEN-RTS DAB8 GR -12689156.29 117537053.7
EDOB ABWICKLUNGS ESC TH -22323468.51 425598807.8
EDOB ABWICKLUNGS ESC TQ -22323468.51 425598807.8
EDOB ABWICKLUNGS ESC PZ -22323468.51 425598807.8
EDOB ABWICKLUNGS ESC EU -22323468.51 425598807.8
EDOB ABWICKLUNGS ESC GR -22323468.51 425598807.8
EDOB ABWICKLUNGS ESC EO -22323468.51 425598807.8
EDOB ABWICKLUNGS ESCDF US -22323468.51 425598807.8
EDOB ABWICKLUNGS ESC BQ -22323468.51 425598807.8
EM.TV & MERCHAND ETV LN -22067243.56 849175624.7
EM.TV & MERCHAND ETVMF US -22067243.56 849175624.7
EM.TV & MERCHAND 985403Q GR -22067243.56 849175624.7
EM.TV & MERCHAND ETV NM -22067243.56 849175624.7
EM.TV & MERCHAND EMTVF US -22067243.56 849175624.7
EM.TV & MERCHAND ETV VX -22067243.56 849175624.7
EM.TV & MERC-NEW ETV1 NM -22067243.56 849175624.7
EM.TV & MERC-NEW ETV1 GR -22067243.56 849175624.7
EM.TV & MERC-RTS ETV8 NM -22067243.56 849175624.7
EM.TV & MERC-RTS ETV8 GR -22067243.56 849175624.7
ESCADA AG ESCG IX -22323468.51 425598807.8
ESCADA AG -PFD ESC3 GR -22323468.51 425598807.8
ESCADA AG-NEW ESCN EU -22323468.51 425598807.8
ESCADA AG-NEW 3069367Q GR -22323468.51 425598807.8
ESCADA AG-NEW ESCC GR -22323468.51 425598807.8
ESCADA AG-NEW 835345Q GR -22323468.51 425598807.8
ESCADA AG-NEW ESCN GR -22323468.51 425598807.8
ESCADA AG-NEW ESCD GR -22323468.51 425598807.8
ESCADA AG-NEW ESCN EO -22323468.51 425598807.8
ESCADA AG-RTS ESCE GR -22323468.51 425598807.8
ESCADA AG-SP ADR ESCDY US -22323468.51 425598807.8
GENERAL ELECTRIC 4501923Z GR -547318343.8 8720530002
GUENTHER & SOHN GUS EU -9612095.264 130075209
GUENTHER & SOHN GUS EO -9612095.264 130075209
GUENTHER & SOHN GUS GR -9612095.264 130075209
GUENTHER & SOHN GUS PZ -9612095.264 130075209
KABEL DEUTSCHLAN KD8USD EO -2191296158 2637700879
KABEL DEUTSCHLAN KD8 TH -2191296158 2637700879
KABEL DEUTSCHLAN KD8GBP EO -2191296158 2637700879
KABEL DEUTSCHLAN KD8 EU -2191296158 2637700879
KABEL DEUTSCHLAN KD8 TQ -2191296158 2637700879
KABEL DEUTSCHLAN KD8 S1 -2191296158 2637700879
KABEL DEUTSCHLAN KD8 EB -2191296158 2637700879
KABEL DEUTSCHLAN KD8 BQ -2191296158 2637700879
KABEL DEUTSCHLAN KD8 NR -2191296158 2637700879
KABEL DEUTSCHLAN KD8USD EU -2191296158 2637700879
KABEL DEUTSCHLAN KD8 QM -2191296158 2637700879
KABEL DEUTSCHLAN KBDHF US -2191296158 2637700879
KABEL DEUTSCHLAN KD8 IX -2191296158 2637700879
KABEL DEUTSCHLAN KD8 EO -2191296158 2637700879
KABEL DEUTSCHLAN KD8 GR -2191296158 2637700879
KABEL DEUTSCHLAN KD8 PZ -2191296158 2637700879
KABEL DEUTS-CW10 DB7KWG GR -2191296158 2637700879
KAUFRING AG KFR EU -19296489.56 150995473.8
KAUFRING AG KFR GR -19296489.56 150995473.8
KAUFRING AG KAUG IX -19296489.56 150995473.8
KAUFRING AG KFR EO -19296489.56 150995473.8
KAUFRING AG KFR PZ -19296489.56 150995473.8
KION GROUP GMBH 834769Z GR -534551768.5 7697629095
MAERKLIN 730904Z GR -8321071.921 115821977.5
MANIA TECHNOLOGI MIAVF US -35060809.35 107465713.6
MANIA TECHNOLOGI 2260970Z GR -35060809.35 107465713.6
MANIA TECHNOLOGI MNI PZ -35060809.35 107465713.6
MANIA TECHNOLOGI MNI S1 -35060809.35 107465713.6
MANIA TECHNOLOGI MNI1 EU -35060809.35 107465713.6
MANIA TECHNOLOGI MNI1 EO -35060809.35 107465713.6
MANIA TECHNOLOGI MNI TH -35060809.35 107465713.6
MANIA TECHNOLOGI MNIG IX -35060809.35 107465713.6
MANIA TECHNOLOGI MNI NM -35060809.35 107465713.6
MANIA TECHNOLOGI MNI GR -35060809.35 107465713.6
MATERNUS KLINI-N MAK1 GR -16430126.25 184373499.3
MATERNUS-KLINIKE MAK EO -16430126.25 184373499.3
MATERNUS-KLINIKE MAK S1 -16430126.25 184373499.3
MATERNUS-KLINIKE MAK TH -16430126.25 184373499.3
MATERNUS-KLINIKE MAK GR -16430126.25 184373499.3
MATERNUS-KLINIKE MNUKF US -16430126.25 184373499.3
MATERNUS-KLINIKE MAK PZ -16430126.25 184373499.3
MATERNUS-KLINIKE MAKG IX -16430126.25 184373499.3
MATERNUS-KLINIKE MAK EU -16430126.25 184373499.3
NORDAG AG DOO1 GR -482449.8788 144432986.2
NORDAG AG-PFD DOO3 GR -482449.8788 144432986.2
NORDAG AG-RTS DOO8 GR -482449.8788 144432986.2
NORDENIA INTL AG NOD GR -74471727.44 729626481.3
NORDENIA INTL AG NOD8 GR -74471727.44 729626481.3
NORDSEE AG 533061Q GR -8200551.142 194616922.6
PRIMACOM AG PRC NM -18656751.16 610380925.7
PRIMACOM AG PRC S1 -18656751.16 610380925.7
PRIMACOM AG PRC GR -18656751.16 610380925.7
PRIMACOM AG PRC EU -18656751.16 610380925.7
PRIMACOM AG PRC TH -18656751.16 610380925.7
PRIMACOM AG PRCG PZ -18656751.16 610380925.7
PRIMACOM AG PRCG IX -18656751.16 610380925.7
PRIMACOM AG PCAGF US -18656751.16 610380925.7
PRIMACOM AG PRC EO -18656751.16 610380925.7
PRIMACOM AG PRC2 GR -18656751.16 610380925.7
PRIMACOM AG-ADR PCAG US -18656751.16 610380925.7
PRIMACOM AG-ADR PCAGY US -18656751.16 610380925.7
PRIMACOM AG-ADR+ PCAG ES -18656751.16 610380925.7
RAG ABWICKL-REG ROS1 EU -1744124.2 217776125.8
RAG ABWICKL-REG ROS GR -1744124.2 217776125.8
RAG ABWICKL-REG ROSG PZ -1744124.2 217776125.8
RAG ABWICKL-REG ROS S1 -1744124.2 217776125.8
RAG ABWICKL-REG RSTHF US -1744124.2 217776125.8
RAG ABWICKL-REG ROS1 EO -1744124.2 217776125.8
RINOL AG RNLAF US -1.171602 168095049.1
RINOL AG RILB EO -1.171602 168095049.1
RINOL AG RIL GR -1.171602 168095049.1
RINOL AG RILB GR -1.171602 168095049.1
RINOL AG RILB EU -1.171602 168095049.1
RINOL AG RILB IX -1.171602 168095049.1
RINOL AG RILB PZ -1.171602 168095049.1
RINOL AG RILB S1 -1.171602 168095049.1
ROSENTHAL AG 2644179Q GR -1744124.2 217776125.8
ROSENTHAL AG-ACC ROS4 GR -1744124.2 217776125.8
ROSENTHAL AG-ADR RSTHY US -1744124.2 217776125.8
ROSENTHAL AG-REG ROSG IX -1744124.2 217776125.8
SANDER (JIL) AG JLSDF US -6153256.267 127546738.8
SANDER (JIL) AG SAD GR -6153256.267 127546738.8
SANDER (JIL)-PRF 2916157Q EU -6153256.267 127546738.8
SANDER (JIL)-PRF 2916161Q EO -6153256.267 127546738.8
SANDER (JIL)-PRF SAD3 PZ -6153256.267 127546738.8
SANDER (JIL)-PRF SAD3 GR -6153256.267 127546738.8
SINNLEFFERS AG WHG GR -4491635.615 453887060.1
SPAR HANDELS-AG 773844Q GR -442426239.7 1433020961
SPAR HANDELS-AG SPHFF US -442426239.7 1433020961
SPAR HAND-PFD NV SPA3 GR -442426239.7 1433020961
TA TRIUMPH-ACQ TWNA GR -124531131.9 313411495.3
TA TRIUMPH-ACQ TWNA EU -124531131.9 313411495.3
TA TRIUMPH-ADLER TWN PZ -124531131.9 313411495.3
TA TRIUMPH-ADLER TWN GR -124531131.9 313411495.3
TA TRIUMPH-ADLER TWN EO -124531131.9 313411495.3
TA TRIUMPH-ADLER TTZAF US -124531131.9 313411495.3
TA TRIUMPH-ADLER TWN EU -124531131.9 313411495.3
TA TRIUMPH-ADLER TWNG IX -124531131.9 313411495.3
TA TRIUMPH-A-RTS 1018916Z GR -124531131.9 313411495.3
TA TRIUMPH-NEW TWN1 GR -124531131.9 313411495.3
TA TRIUMPH-RT TWN8 GR -124531131.9 313411495.3
TA TRIUMPH-RTS 3158577Q GR -124531131.9 313411495.3
UNITYMEDIA GMBH 560459Z GR -290585562 5747686306
GREECE
------
AG PETZETAKIS SA PETZK GA -110812812.5 206429374.1
AG PETZETAKIS SA PTZ GR -110812812.5 206429374.1
AG PETZETAKIS SA PZETF US -110812812.5 206429374.1
AG PETZETAKIS SA PETZK EU -110812812.5 206429374.1
AG PETZETAKIS SA PETZK EO -110812812.5 206429374.1
AG PETZETAKIS SA PETZK PZ -110812812.5 206429374.1
AG PETZETAKIS SA PTZ1 GR -110812812.5 206429374.1
ASPIS BANK SA ASEUF US -46224213.41 3486115450
ASPIS BANK-RIGHT 365673Q GA -46224213.41 3486115450
ASPIS BANK-RTS ASPTR GA -46224213.41 3486115450
ASPIS BANK-RTS 3558423Q GA -46224213.41 3486115450
ASPIS BANK-RTS 839325Q GA -46224213.41 3486115450
ASPIS MORT-RTS ASPTD GA -46224213.41 3486115450
ASPIS PRONIA GE ASASK EU -189908329.1 896537349.7
ASPIS PRONIA GE ASASK GA -189908329.1 896537349.7
ASPIS PRONIA GE ASASK PZ -189908329.1 896537349.7
ASPIS PRONIA GE AISQF US -189908329.1 896537349.7
ASPIS PRONIA GE ASASK EO -189908329.1 896537349.7
ASPIS PRONIA -PF ASAPR GA -189908329.1 896537349.7
ASPIS PRONIA-PF ASASP GA -189908329.1 896537349.7
ASPIS PRONIA-PF APGV GR -189908329.1 896537349.7
ASPIS PRONIA-RT ASASKR GA -189908329.1 896537349.7
ASPIS PRONOIA GE APGG IX -189908329.1 896537349.7
ASPIS PRONOIA GE APG GR -189908329.1 896537349.7
ASPIS PRON-PF RT ASASPR GA -189908329.1 896537349.7
ATLANTIC SUPERMA ATLA1 EO -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA1 EU -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA PZ -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA GA -76261648.16 315891294.2
EDRASIS C. PSALL EDRAR GA -38819673.91 215888637.7
EDRASIS PSALIDAS EDRA GA -38819673.91 215888637.7
EDRASIS PSALIDAS EDRA PZ -38819673.91 215888637.7
EDRASIS PSALIDAS EDRA EU -38819673.91 215888637.7
EDRASIS PSALIDAS EPP GR -38819673.91 215888637.7
EDRASIS PSALIDAS EDRA EO -38819673.91 215888637.7
EDRASIS-AUCTION EDRAE GA -38819673.91 215888637.7
EMPEDOS SA EMPED GA -33637669.62 174742646.9
EMPEDOS SA-RTS EMPEDR GA -33637669.62 174742646.9
HELLAS ONLINE SA 0394471Q GA -21686953.82 480123795.6
HELLAS ONLINE SA HOL GA -21686953.82 480123795.6
HELLAS ONLINE SA UN5 GR -21686953.82 480123795.6
HELLAS ONLINE SA BRAIN PZ -21686953.82 480123795.6
HELLAS ONLINE SA BRAIN EO -21686953.82 480123795.6
HELLAS ONLINE SA BRAIN EU -21686953.82 480123795.6
HELLAS ONLINE SA BRAIN GA -21686953.82 480123795.6
HELLAS ONLIN-RTS HOLR GA -21686953.82 480123795.6
KATSELIS SON-P R KATPD GA -37103990.3 167678703.3
KATSELIS SONS-PF KATSP GA -37103990.3 167678703.3
KATSELIS SONS-RT KATKD GA -37103990.3 167678703.3
LAMBRAKIS PR -RT DOLD GA -14479840.43 280712996.2
LAMBRAKIS PRESS LA3 GR -14479840.43 280712996.2
LAMBRAKIS PRESS DOL PZ -14479840.43 280712996.2
LAMBRAKIS PRESS DOL GA -14479840.43 280712996.2
LAMBRAKIS PRESS LMBKF US -14479840.43 280712996.2
LAMBRAKIS PRESS DOL EO -14479840.43 280712996.2
LAMBRAKIS PRESS DOL EU -14479840.43 280712996.2
LAMBRAKIS REPO DOLL10 GA -14479840.43 280712996.2
LAMBRAKIS R-R DOLV10 GA -14479840.43 280712996.2
LAMBRAKIS-AUC DOLE GA -14479840.43 280712996.2
MAILLIS MLISF US -54904198.09 438679485.9
MAILLIS -RTS MAIKR GA -54904198.09 438679485.9
MAILLIS-SPON ADR MJMSY US -54904198.09 438679485.9
MJ MAILLIS S.A. MAIK EU -54904198.09 438679485.9
MJ MAILLIS S.A. MJL GR -54904198.09 438679485.9
MJ MAILLIS S.A. MAIK PZ -54904198.09 438679485.9
MJ MAILLIS S.A. MAIK GA -54904198.09 438679485.9
MJ MAILLIS S.A. MAIK EO -54904198.09 438679485.9
NAOUSSA SPIN -RT NAOYD GA -163114842.1 286539436.9
NAOUSSA SPIN-AUC NAOYKE GA -163114842.1 286539436.9
NAOUSSA SPINNING NML GR -163114842.1 286539436.9
NAOUSSA SPIN-RTS NAOYKR GA -163114842.1 286539436.9
NUTRIART S.A. KTSEF US -37103990.3 167678703.3
NUTRIART S.A. KATSK GA -37103990.3 167678703.3
NUTRIART SA KATSK EO -37103990.3 167678703.3
NUTRIART SA KATSK PZ -37103990.3 167678703.3
NUTRIART SA NUTRIART GA -37103990.3 167678703.3
NUTRIART SA KATSK EU -37103990.3 167678703.3
NUTRIART-RTS 3411089Q GA -37103990.3 167678703.3
PETZET - PFD-RTS PETZPD GA -110812812.5 206429374.1
PETZETAKIS - RTS PETZKD GA -110812812.5 206429374.1
PETZETAKIS-AUC PETZKE GA -110812812.5 206429374.1
PETZETAKIS-PFD PETZP GA -110812812.5 206429374.1
PETZETAKIS-PFD PTZ3 GR -110812812.5 206429374.1
RADIO KORASSIDIS KORA GA -100972173.9 244951680.3
RADIO KORASSIDIS RKC GR -100972173.9 244951680.3
RADIO KORASSIDIS RAKOF US -100972173.9 244951680.3
RADIO KORASSI-RT KORAD GA -100972173.9 244951680.3
RADIO KORASS-RTS KORAR GA -100972173.9 244951680.3
SATO OFFICE AND SATOK EO -1304553.012 103403982.3
SATO OFFICE AND SATOK GA -1304553.012 103403982.3
SATO OFFICE AND SATOK EU -1304553.012 103403982.3
SATO OFFICE AND SATOK PZ -1304553.012 103403982.3
SATO SA - RIGHTS SATOKD GA -1304553.012 103403982.3
SATO SA-AUC SATOKE GA -1304553.012 103403982.3
SATO SA-PFD SATOP GA -1304553.012 103403982.3
T BANK TBANK GA -46224213.41 3486115450
T BANK ASPT EO -46224213.41 3486115450
T BANK TBANK EO -46224213.41 3486115450
T BANK ASPT EU -46224213.41 3486115450
T BANK ASPT GA -46224213.41 3486115450
T BANK TBANK EU -46224213.41 3486115450
T BANK ASPT PZ -46224213.41 3486115450
THEMELIODOMI THEME GA -55751173.78 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751173.78 232036822.6
THEMELIODOMI-RTS THEMED GA -55751173.78 232036822.6
THEMELIODOMI-RTS THEMER GA -55751173.78 232036822.6
UNITED TEXTILES NML1 GR -163114842.1 286539436.9
UNITED TEXTILES UTEX GA -163114842.1 286539436.9
UNITED TEXTILES NAOYK GA -163114842.1 286539436.9
UNITED TEXTILES UTEX EU -163114842.1 286539436.9
UNITED TEXTILES UTEX EO -163114842.1 286539436.9
UNITED TEXTILES NAOSF US -163114842.1 286539436.9
UNITED TEXTILES UTEX PZ -163114842.1 286539436.9
HUNGARY
-------
BADEL 1862 DD BD62RA CZ -18974967.32 134189914.2
BRODOGRADE INDUS 3MAJRA CZ -5021629.797 841433084.3
MAGMA DD MGMARA CZ -6945891.192 118172308.3
OT OPTIMA TELEKO 2299892Z CZ -83651540.39 109270884.7
OT-OPTIMA TELEKO OPTERA CZ -83651540.39 109270884.7
HUNGARIAN TELEPH HUGC IX -73723992 827192000
HUNGARIAN TELEPH HUC EX -73723992 827192000
INVITEL HOLD-ADR 0IN GR -73723992 827192000
INVITEL HOLD-ADR INVHY US -73723992 827192000
INVITEL HOLD-ADR IHO US -73723992 827192000
INVITEL HOLDINGS 3212873Z HB -73723992 827192000
ICELAND
-------
AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
EIMSKIPAFELAG HF HFEIM IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM PZ -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EO -223780368 2277882368
EIMSKIPAFELAG HF AVION IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EU -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EO -223780368 2277882368
IRELAND
-------
ACS AIRCRAFT FIN 4491555Z ID -23037147.35 130480079.7
AEGON GLOBAL INS 646937Z ID -154161392 4095368960
AIRPLANES FINANC 4460505Z ID -475086961 263082549.3
AIRPLANES HOLDIN 4461857Z ID -16556589608 931628665.2
ALECTRA FINANCE 4505075Z ID -59841094.81 1863021876
ARCADE PROPERTY 4461121Z ID -271759845.9 854806905.5
ARDAGH GLASS FIN 3489820Z ID -425719878.1 5124811840
ARNOTTS HOLDINGS 4462545Z ID -345703659.3 169928201.7
AVAYA HOLDINGS L 4491803Z ID -208021348.3 112505345.4
BALLYMORE PROPER 162707Z ID -243143095.2 972399152.8
BIRCHFORD INVEST 3802508Z ID -17025540.7 218278444.2
BOSPHORUS CAPITA 3807620Z ID -547691.4495 119473277.7
CAMBER 4 PLC 3807980Z ID -548127044.3 336912874.6
CAPEL DEVELOPMEN 3813016Z ID -54774206.54 118764190.8
CARRICKMINES MAN 3799108Z ID -1594145.025 116839693.5
CELTIC ROADS GRO 4527583Z ID -5475772.455 178943648.9
COMMUNICORP GROU 1027859Z ID -28828642.17 309423497.3
CONOCOPHILLIPS I 4526671Z ID -215725943.4 369716179.9
CONOCOPHILLIPS W 3894318Z ID -199958224.4 344111929.9
DEPFA IRELAND HO 4458641Z ID -7759253.483 392619649.6
DUOMO FUNDING PL 4462513Z ID -805845.5444 1772244292
ELAN PHARMA INTE 4515071Z ID -217568725.6 1820901782
ELLERSTON GEMS O 4781417Z ID -4056787.085 195869209.7
EQUANT NETWORK S 4462057Z ID -146075974 304925852.2
EURCO FINANCE 3799980Z ID -48643223.1 679126971.7
FOL INTERNATIONA 4513251Z ID -43457938.48 343547754.8
FORTIS PROPRIETA 4781289Z ID -1335113419 6891744243
FRESHWATER FINAN 699575Z ID -251700725.1 1588010523
FRUIT OF THE LOO 4459361Z ID -96376389.16 391436785
GENERAL FINANCE 3807584Z ID -3451729.765 140460867
GS MULTI-CURRENC 4780921Z ID -218031502.7 1766463253
HELSINGOR LTD 3814256Z ID -964944.8669 123961503.3
IRISH NATIONWIDE 1020Z ID -24460514.19 16215850688
JAMES HARDIE IND 726824Z NA -335300000 1882000000
JAMES HARDIE IND HAH NZ -335300000 1882000000
JAMES HARDIE IND 600241Q GR -335300000 1882000000
JAMES HARDIE IND HAH AU -335300000 1882000000
JAMES HARDIE NV JHXCC AU -335300000 1882000000
JAMES HARDIE-ADR JHINY US -335300000 1882000000
JAMES HARDIE-ADR JHX US -335300000 1882000000
JAMES HARDIE-CDI JHA TH -335300000 1882000000
JAMES HARDIE-CDI JHX AU -335300000 1882000000
JAMES HARDIE-CDI JHA GR -335300000 1882000000
JAMES HARDIE-CDI JHIUF US -335300000 1882000000
LCH EUROPEAN POR 3809212Z ID -91665071.77 296022574.1
LEASEPLAN FINANC 1179Z NA -14450149.08 8220952390
LTR FINANCE NO 8 3816616Z ID -15113152.02 537522513
MAINAU FUNDING L 4460161Z ID -216846138.8 1309830017
MCINERNEY HLDGS MNEYF US -137972148.5 304108432.2
MCINERNEY HLDGS MK9C PZ -137972148.5 304108432.2
MCINERNEY HLDGS MCI ID -137972148.5 304108432.2
MCINERNEY HLDGS MCI PO -137972148.5 304108432.2
MCINERNEY HLDGS MK9 GR -137972148.5 304108432.2
MCINERNEY HLDGS MCII IX -137972148.5 304108432.2
MCINERNEY HLDGS MCIGBX EU -137972148.5 304108432.2
MCINERNEY HLDGS MCIGBP EO -137972148.5 304108432.2
MCINERNEY HLDGS MCIGBX EO -137972148.5 304108432.2
MCINERNEY HLDGS MCI IX -137972148.5 304108432.2
MCINERNEY HLDGS MK9 PO -137972148.5 304108432.2
MCINERNEY HLDGS MCI VX -137972148.5 304108432.2
MCINERNEY HLDGS MCI EU -137972148.5 304108432.2
MCINERNEY HLDGS MCI EO -137972148.5 304108432.2
MCINERNEY HLDGS MCI LN -137972148.5 304108432.2
MCINERNEY PROP-A MYP LN -137972148.5 304108432.2
MCINERNEY PROP-A MCIYF US -137972148.5 304108432.2
MCINERNEY PROP-A MYP ID -137972148.5 304108432.2
MCINERNEY -RT FP MCIF LN -137972148.5 304108432.2
MCINERNEY -RT FP MCIF ID -137972148.5 304108432.2
MCINERNEY -RT NP MCIN LN -137972148.5 304108432.2
MCINERNEY -RT NP MCIN ID -137972148.5 304108432.2
MCINERNEY-ADR MNEYY US -137972148.5 304108432.2
MYRMIDON CMBS PR 3819292Z ID -76324372.07 313019507.2
NOVELL IRELAND S 3632507Z ID -26753771.46 278570269.2
PAYZONE PLC PAYZ EU -138030903.2 510010035.3
PAYZONE PLC PAYZ LN -138030903.2 510010035.3
PAYZONE PLC 4P6 GR -138030903.2 510010035.3
PAYZONE PLC PAYZ PG -138030903.2 510010035.3
PAYZONE PLC PAYZ EO -138030903.2 510010035.3
PAYZONE PLC PAYZ PZ -138030903.2 510010035.3
PAYZONE PLC PAYZ IX -138030903.2 510010035.3
PENNYGOLD TRADIN 4459561Z ID -77668624.17 1296718702
QUINN GROUP LTD 166771Z ID -228838127.1 2504412121
RELIANCE FLAG TE 4511819Z ID -132410401.4 259945642.6
RHATIGAN COMMERC 3800004Z ID -150605071 218524413.7
SALOME FUNDING P 747246Z ID -1780227.756 2390329099
SCHWARZ PHARMA L 626603Z ID -527103751.5 385715998.9
SHENDA IRELAND L 4781889Z ID -164635178.9 186343517.3
SPENCER DOCK DEV 3813908Z ID -87906519 773958702
SUSQUEHANNA EURO 4459081Z ID -1252022268 5765502698
TAKEDA PHARMA IR 4460049Z ID -553964898.1 178556098.5
TOPAZ ENERGY GRO 4508643Z ID -20430096.67 574668196.2
UDARAS EITLIOCHT 4461649Z ID -38554945.52 228382904.9
UPC BROADBAND IR 3633179Z ID -295261091 748962719.5
WATERFORD - RTS WWWB ID -505729895.2 820803256
WATERFORD - RTS WWWB GR -505729895.2 820803256
WATERFORD - RTS WWWA GR -505729895.2 820803256
WATERFORD - RTS WWWA ID -505729895.2 820803256
WATERFORD - RTS 508519Q LN -505729895.2 820803256
WATERFORD - RTS 508523Q LN -505729895.2 820803256
WATERFORD CRYSTA 4459209Z ID -150440252.3 114111756.9
WATERFORD W-ADR WATWY US -505729895.2 820803256
WATERFORD WDGEWD WATWF US -505729895.2 820803256
WATERFORD WDGEWD WATFF US -505729895.2 820803256
WATERFORD WED-RT WTFR LN -505729895.2 820803256
WATERFORD WED-RT 586556Q LN -505729895.2 820803256
WATERFORD WED-RT WWWC ID -505729895.2 820803256
WATERFORD WED-RT WWWC GR -505729895.2 820803256
WATERFORD WED-RT 586552Q LN -505729895.2 820803256
WATERFORD WED-RT WWWD GR -505729895.2 820803256
WATERFORD WED-RT WWWD ID -505729895.2 820803256
WATERFORD WED-UT WTFU LN -505729895.2 820803256
WATERFORD WED-UT WTFUGBX EU -505729895.2 820803256
WATERFORD WED-UT WTFU EO -505729895.2 820803256
WATERFORD WED-UT WWWD PZ -505729895.2 820803256
WATERFORD WED-UT WTFU ID -505729895.2 820803256
WATERFORD WED-UT WTFU VX -505729895.2 820803256
WATERFORD WED-UT WTFU EU -505729895.2 820803256
WATERFORD WED-UT WWW GR -505729895.2 820803256
WATERFORD WED-UT WTFUGBX EO -505729895.2 820803256
WATERFORD WED-UT WTFU PO -505729895.2 820803256
WATERFORD WED-UT WWW PO -505729895.2 820803256
WATERFORD WED-UT WTFU IX -505729895.2 820803256
WATERFORD WE-RTS WTFF LN -505729895.2 820803256
WATERFORD WE-RTS WTFN LN -505729895.2 820803256
WATERFORD WE-RTS WTFF ID -505729895.2 820803256
WATERFORD WE-RTS WTFN VX -505729895.2 820803256
WATERFORD WE-RTS WTFN ID -505729895.2 820803256
WATERFORD-ADR UT WATFZ US -505729895.2 820803256
WATERFORD-ADR UT WFWA GR -505729895.2 820803256
WATERFORD-SUB 3001875Z ID -505729895.2 820803256
WOLSELEY IRELAND 3898706Z ID -47443431.51 175225926.3
ITALY
-----
ALCOA TRASFORMAZ 4506523Z IM -200396353.5 504699192.2
AS ROMA SPA ASR QM -63822544.66 148818665.4
AS ROMA SPA ASR EB -63822544.66 148818665.4
AS ROMA SPA ASR IX -63822544.66 148818665.4
AS ROMA SPA RO9 GR -63822544.66 148818665.4
AS ROMA SPA ASR EU -63822544.66 148818665.4
AS ROMA SPA ASR PZ -63822544.66 148818665.4
AS ROMA SPA ASRAF US -63822544.66 148818665.4
AS ROMA SPA ASRO IX -63822544.66 148818665.4
AS ROMA SPA ASR EO -63822544.66 148818665.4
AS ROMA SPA ASR IM -63822544.66 148818665.4
AS ROMA SPA ASR TQ -63822544.66 148818665.4
AS ROMA SPA ASR BQ -63822544.66 148818665.4
AS ROMA SPA-RTS ASRAA IM -63822544.66 148818665.4
AUTOMOTIVE LIGHT 3895734Z IM -8797909.782 165588007.5
BIANCHI VENDING 764212Z IM -27419598.89 118828596.1
CABLELETTRA SPA 4507547Z IM -83494555.41 223468834.1
CANTIERI DI PISA 4313125Z IM -2611908.154 105466953.7
CANTIERI NAVALI 4427873Z IM -26985562.28 101874594.4
CIRIO FINANZIARI FIY GR -422095936.7 1583083044
CIRIO FINANZIARI CRO IM -422095936.7 1583083044
COGEME AXA COGAXA IM -33723621.33 159115245.5
COGEME AZXOBCV COGOB IM -33723621.33 159115245.5
COGEME SET SPA COG EU -33723621.33 159115245.5
COGEME SET SPA COG EO -33723621.33 159115245.5
COGEME SET SPA CRT GR -33723621.33 159115245.5
COGEME SET SPA COGM IX -33723621.33 159115245.5
COGEME SET SPA COG PZ -33723621.33 159115245.5
COGEME SET SPA COG IM -33723621.33 159115245.5
COIN SPA 965089Q GR -154057598.5 800526929.5
COIN SPA GC IX -154057598.5 800526929.5
COIN SPA GUCIF US -154057598.5 800526929.5
COIN SPA/OLD GC IM -154057598.5 800526929.5
COIN SPA-RTS GCAA IM -154057598.5 800526929.5
COMPAGNIA ITALIA CITU IX -137726596.3 527372691.4
COMPAGNIA ITALIA CGLUF US -137726596.3 527372691.4
COMPAGNIA ITALIA ICT IM -137726596.3 527372691.4
CONBIPEL SPA 2241259Z IM -8880034.854 222164742.3
CREDITO FONDIARI CRF IM -200209050.3 4213063202
CREDITO FOND-RTS CRFSA IM -200209050.3 4213063202
DEGI FRANCIACORT 4360437Z IM -471251.996 253375581.9
DIMA COSTRUZIONI 4526911Z IM -14681477.1 426157772.4
DIMAFIN SPA 2727163Z IM -63237953.95 270856564.4
ELETTRA PRODUZIO 3995020Z IM -2325645.288 227506350
EQUIPOLYMERS SRL 4224221Z IM -77501046.37 227622587.6
EUROFLY SPA EEZ IX -30409445.9 416708236.2
EUROFLY SPA -RTS EEZAXA IM -30409445.9 416708236.2
EUROFLY SPA-RTS EURAXA IM -30409445.9 416708236.2
FC INTERNAZIONAL 1185Z IM -10874536.45 713790943.1
FINMATICA SPA FIN NM -126380828.5 281244456.3
FINMATICA SPA FIN IM -126380828.5 281244456.3
FINMATICA SPA FIT GR -126380828.5 281244456.3
FINMATICA SPA FMTAF US -126380828.5 281244456.3
FORUM GRAN SASSO 4032509Z IM -5954613.651 163924566.4
FUNIVIE FOLGARID 4325137Z IM -3839728.226 199413338.6
GRUPPO FINI SPA 4514671Z IM -1791897.636 101060963.7
GUERRINO PIVATO 4292565Z IM -41218066.44 397216267.9
I VIAGGI DEL VEN VVE IX -209436890.3 202705179.9
I VIAGGI DEL VEN VVE EO -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IM -209436890.3 202705179.9
I VIAGGI DEL VEN IV7 GR -209436890.3 202705179.9
I VIAGGI DEL VEN VVE TQ -209436890.3 202705179.9
I VIAGGI DEL VEN IVGIF US -209436890.3 202705179.9
I VIAGGI DEL VEN VVE EU -209436890.3 202705179.9
I VIAGGI DEL VEN VVE PZ -209436890.3 202705179.9
I VIAGGI-RTS VVEAA IM -209436890.3 202705179.9
INDUSTRIE FINCUO 4270053Z IM -15676157.12 111118283.9
INTERSIDER ACCIA 4268893Z IM -5355062.509 156885353.6
INTRALOT ITALIA 2884343Z IM -2665603.223 118040362.9
IP MAESTRALE 4 S 4407001Z IM -1364553.628 613867867.9
KERSELF KERS IX -42106279.58 830980118.2
KERSELF SPA KRS EU -42106279.58 830980118.2
KERSELF SPA 3533882Z IM -42106279.58 830980118.2
KERSELF SPA KRS EO -42106279.58 830980118.2
KERSELF SPA KRSI PZ -42106279.58 830980118.2
KERSELF SPA KRS TQ -42106279.58 830980118.2
KERSELF SPA KRS IM -42106279.58 830980118.2
KERSELF-RT KRSAA IM -42106279.58 830980118.2
KERSELF-RTS KERSAA IM -42106279.58 830980118.2
KERSELF-RTS KRSRI IX -42106279.58 830980118.2
MAC METALLURGICA 4290637Z IM -13970053.88 192912284.9
MERIDIANA FLY MEF EB -30409445.9 416708236.2
MERIDIANA FLY EEZ IM -30409445.9 416708236.2
MERIDIANA FLY EEZ PZ -30409445.9 416708236.2
MERIDIANA FLY EEZ QM -30409445.9 416708236.2
MERIDIANA FLY E7N GR -30409445.9 416708236.2
MERIDIANA FLY EFLYF US -30409445.9 416708236.2
MERIDIANA FLY EEZ EU -30409445.9 416708236.2
MERIDIANA FLY MEF BQ -30409445.9 416708236.2
MERIDIANA FLY MEF IM -30409445.9 416708236.2
MERIDIANA FLY EEZ TQ -30409445.9 416708236.2
MERIDIANA FLY MEF IX -30409445.9 416708236.2
MERIDIANA FLY EEZ EO -30409445.9 416708236.2
MERIDIANA FLY SP MEFAXA IM -30409445.9 416708236.2
MERIDIANA SPA 1163Z IM -4645217.834 187285866.9
MONTE MARE GRADO 4359985Z IM -535776.0315 100534744.7
MV AGUSTA MOTOR 3898906Z IM -10856011.42 258767112.5
NEXANS ITALIA SP 3636695Z IM -19973174.81 139448244.4
OCV ITALIA SRL 4455649Z IM -7833657.759 212272084.3
OLCESE SPA O IM -12846689.89 179691572.8
OLCESE SPA-RTS OAA IM -12846689.89 179691572.8
OLCESE VENEZIANO OLVE IM -12846689.89 179691572.8
OMNIA SERVICE CE 3401139Z IM -9159816.788 165737571.5
PARMALAT FINANZI PRFI VX -18419396969 4120687886
PARMALAT FINANZI PAF GR -18419396969 4120687886
PARMALAT FINANZI PRF IM -18419396969 4120687886
PARMALAT FINANZI FICN AV -18419396969 4120687886
PARMALAT FINANZI PARAF US -18419396969 4120687886
PARMALAT FINANZI PMLFF US -18419396969 4120687886
PARMALAT FINANZI PMT LI -18419396969 4120687886
PARMALAT FINA-RT PRFR AV -18419396969 4120687886
PLASTIC COMPONEN 4489891Z IM -4874668.899 477291693.5
REGGIANE CRANES 4428649Z IM -56111781.34 352789095.4
RISANAMEN-RNC OP RNROPA IM -101777998.2 2959152553
RISANAMENTO -OPA RNOPA IM -101777998.2 2959152553
RISANAMENTO -RNC RNR IM -101777998.2 2959152553
RISANAMENTO SPA RN EU -101777998.2 2959152553
RISANAMENTO SPA RN IX -101777998.2 2959152553
RISANAMENTO SPA RN5 GR -101777998.2 2959152553
RISANAMENTO SPA RN IM -101777998.2 2959152553
RISANAMENTO SPA RN TQ -101777998.2 2959152553
RISANAMENTO SPA RN EO -101777998.2 2959152553
RISANAMENTO SPA RN BQ -101777998.2 2959152553
RISANAMENTO SPA RN PZ -101777998.2 2959152553
RISANAMENTO SPA RSMNF US -101777998.2 2959152553
RISANAMENTO SPA RNGBX EO -101777998.2 2959152553
RISANAMENTO SPA RNGBP EO -101777998.2 2959152553
RISANAMENTO SPA RNGBX EU -101777998.2 2959152553
RISANAMENTO-RTS RNAXA IM -101777998.2 2959152553
RISANAMENTO-RTS RNAXO IM -101777998.2 2959152553
RISANAMENTO-RTS RNAA IM -101777998.2 2959152553
SANTA CROCE 2010 3994268Z IM -4287041.203 120271258.3
SD SICILIA DISCO 4346005Z IM -57205.25336 162107130.8
SNIA BPD SN GR -141933895.2 150445252.4
SNIA BPD-ADR SBPDY US -141933895.2 150445252.4
SNIA SPA SBPDF US -141933895.2 150445252.4
SNIA SPA SIAI IX -141933895.2 150445252.4
SNIA SPA SNIB GR -141933895.2 150445252.4
SNIA SPA SNIA GR -141933895.2 150445252.4
SNIA SPA SIAI PZ -141933895.2 150445252.4
SNIA SPA SNIXF US -141933895.2 150445252.4
SNIA SPA SN EU -141933895.2 150445252.4
SNIA SPA SN EO -141933895.2 150445252.4
SNIA SPA SN TQ -141933895.2 150445252.4
SNIA SPA SSMLF US -141933895.2 150445252.4
SNIA SPA SN IM -141933895.2 150445252.4
SNIA SPA - RTS SNAAW IM -141933895.2 150445252.4
SNIA SPA- RTS SNAXW IM -141933895.2 150445252.4
SNIA SPA-2003 SH SN03 IM -141933895.2 150445252.4
SNIA SPA-CONV SA SPBDF US -141933895.2 150445252.4
SNIA SPA-DRC SNR00 IM -141933895.2 150445252.4
SNIA SPA-NEW SN00 IM -141933895.2 150445252.4
SNIA SPA-NON CON SPBNF US -141933895.2 150445252.4
SNIA SPA-RCV SNR IM -141933895.2 150445252.4
SNIA SPA-RCV SNIVF US -141933895.2 150445252.4
SNIA SPA-RIGHTS SNAW IM -141933895.2 150445252.4
SNIA SPA-RNC SNRNC IM -141933895.2 150445252.4
SNIA SPA-RNC SNIWF US -141933895.2 150445252.4
SNIA SPA-RTS SNSO IM -141933895.2 150445252.4
SNIA SPA-RTS SNAA IM -141933895.2 150445252.4
SVILUPPO COMPART 3895994Z IM -3410478.946 384012735.9
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.5
TEREX ITALIA SRL 4514535Z IM -65352037.06 187112594.8
TISCALI - RTS TISAAW IM -158576909.6 500626222.7
TISCALI - RTS TIQA GR -158576909.6 500626222.7
TISCALI SPA TIQ GR -158576909.6 500626222.7
TISCALI SPA TISN FP -158576909.6 500626222.7
TISCALI SPA TIS EU -158576909.6 500626222.7
TISCALI SPA TIS FP -158576909.6 500626222.7
TISCALI SPA TIQ1 GR -158576909.6 500626222.7
TISCALI SPA TISN NA -158576909.6 500626222.7
TISCALI SPA TIS EO -158576909.6 500626222.7
TISCALI SPA TISN IX -158576909.6 500626222.7
TISCALI SPA TISGBP EO -158576909.6 500626222.7
TISCALI SPA TIS NR -158576909.6 500626222.7
TISCALI SPA TISGBX EO -158576909.6 500626222.7
TISCALI SPA TIS PZ -158576909.6 500626222.7
TISCALI SPA TIS TQ -158576909.6 500626222.7
TISCALI SPA TIS VX -158576909.6 500626222.7
TISCALI SPA TIS BQ -158576909.6 500626222.7
TISCALI SPA TIS NQ -158576909.6 500626222.7
TISCALI SPA TIS QM -158576909.6 500626222.7
TISCALI SPA TISN IM -158576909.6 500626222.7
TISCALI SPA TISN VX -158576909.6 500626222.7
TISCALI SPA TSCXF US -158576909.6 500626222.7
TISCALI SPA TIS IM -158576909.6 500626222.7
TISCALI SPA TISGBX EU -158576909.6 500626222.7
TISCALI SPA TIS IX -158576909.6 500626222.7
TISCALI SPA TIQG IX -158576909.6 500626222.7
TISCALI SPA TIS EB -158576909.6 500626222.7
TISCALI SPA TISM IX -158576909.6 500626222.7
TISCALI SPA TIS NA -158576909.6 500626222.7
TISCALI SPA- RTS TISAXA IM -158576909.6 500626222.7
TISCALI SPA- RTS 3391621Q GR -158576909.6 500626222.7
UPIM SRL 3494031Z IM -24945031.42 495566337.9
VALEO SPA 3897442Z IM -55996.80114 165209720.2
VIA CAVOUR SRL 3997892Z IM -2002622.441 173628397.1
JERSEY
------
REAL ESTATE OP-O REO LN -1109604236 1668437669
REAL ESTATE OP-O REO VX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EU -1109604236 1668437669
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
REAL ESTATE OP-O REO ID -1109604236 1668437669
REAL ESTATE OP-O REA GR -1109604236 1668437669
REAL ESTATE OP-O REO PZ -1109604236 1668437669
LUXEMBOURG
----------
ARCELORMITTAL FL 3912244Z LX -1024313669 3328008487
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL 8133893Q GR -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
INTELSAT ILMA GR -697038976 17592367104
INTELSAT SA 2237Z US -697038976 17592367104
OXEA SARL 3682535Z LX -78371220.13 1013737294
OXEA SARL 3682535Z GR -78371220.13 1013737294
KOMBINAT ALUMINI KAPG ME -134316538.3 389788810.3
NETHERLANDS
-----------
ADAMAR AMSTERDAM 4049157Z NA -5256671.097 108813893.8
ALFRED C TOEPFER 4062117Z NA -1843317.436 1689194175
ASITO DIENSTENGR 743813Z NA -2494804.851 220704023.7
BAAN CO NV-ASSEN BAANA NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN EO -7854715.264 609871188.9
BAAN COMPANY NV BAAN EU -7854715.264 609871188.9
BAAN COMPANY NV BAAVF US -7854715.264 609871188.9
BAAN COMPANY NV BAAN GR -7854715.264 609871188.9
BAAN COMPANY NV BAAN IX -7854715.264 609871188.9
BAAN COMPANY NV BAAN NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN PZ -7854715.264 609871188.9
BAAN COMPANY NV BNCG IX -7854715.264 609871188.9
BAAN COMPANY-NY BAANF US -7854715.264 609871188.9
BASELL BENELUX B 4048469Z NA -49594551.15 221005725
BELEGGINGSMAATSC 801105Z NA -5070657.703 350267370.9
CENTRIC HOLDING 745383Z NA -72753.24225 363069870.7
CEVA GROUP PLC 976811Z NA -538665968.2 5318491121
CEVA LOGISTICS 882197Z NA -538665968.2 5318491121
CLATES HOLDING B 4043429Z NA -34881.25205 221495950.5
COENTUNNEL CO BV 3823892Z NA -42087507.72 316350701.9
COOPERATIE VOEDI 4378105Z NA -216576.9882 680962157.8
EON BENELUX LEVE 4173461Z NA -21561715.64 273422076.5
EUROCOMMERCE HOL 4174085Z NA -1476.315022 1442058655
EUROPEAN MARITIM 4523543Z NA -34803118.05 347300069.4
FERDINAND STINGE 4040837Z NA -197826.2129 1420319834
FONDEL METALS BV 4039013Z NA -2368075.248 110363800.6
HE INVESTMENTS B 3813216Z NA -1780665.857 195483088
HUISVUILCENTRALE 4777713Z NA -87789.23965 1412526184
INFOR GLOBAL SOL 4778481Z NA -332427172.9 500602423.6
ING RE DORTMUND/ 3819456Z NA -91900157.49 142290450.1
ING REIM DEVELOP 3811140Z NA -231041485.9 383323356.5
KONINKLIJKE HASK 4037221Z NA -69259.20141 230145390.9
KUIPER GROEP BV 3821988Z NA -3688.420875 101931401.5
LIBERTY GL EU-A UPC NA -5505478850 5112616630
LINO MANAGEMENT 3774416Z NA -302140891 797339200.3
MAAS INTERNATION 4174109Z NA -104625.6021 163961580.9
MITSUBISHI MOTOR 3893974Z NA -377506741.2 526604236.4
MSREF ELBA BV 4043045Z NA -89889.60183 584994172.5
MSREF VI KAIROS 4174205Z NA -38313.60078 893956511
NIDERA HANDELSCO 3893886Z NA -1347999.991 2303695933
NORFOLK HOLDINGS 779151Z NA -199512.5928 813430683.8
RHEIN PAPIER HOL 4040349Z NA -2301763.247 1089890804
RIVA NV 3797916Z NA -852952.1165 111411542.1
SGS NEDERLAND HO 3896746Z NA -742586.4558 148207265
SITA NEDERLAND B 874216Z NA -312079.8969 2324948031
SPYKER CARS NV SPYKR TQ -575434603 1479005959
SPYKER CARS NV SPYK IX -575434603 1479005959
SPYKER CARS NV SPYKR NA -575434603 1479005959
SPYKER CARS NV SPYKR QM -575434603 1479005959
SPYKER CARS NV SPYKR BQ -575434603 1479005959
SPYKER CARS NV SPYKR EB -575434603 1479005959
SPYKER CARS NV SPYKR EU -575434603 1479005959
SPYKER CARS NV SPYKR EO -575434603 1479005959
STICHTING PENSIO 4498027Z NA -19254451.13 566611058.3
STICHTING PENSIO 4489595Z NA -7065546415 43409019837
SWEDISH AUTOMOBI SWAN EU -575434603 1479005959
SWEDISH AUTOMOBI SWAN EB -575434603 1479005959
SWEDISH AUTOMOBI SWAN EO -575434603 1479005959
SWEDISH AUTOMOBI SPYKF US -575434603 1479005959
SWEDISH AUTOMOBI L9I GR -575434603 1479005959
SWEDISH AUTOMOBI SWAN BQ -575434603 1479005959
SWEDISH AUTOMOBI SPYKR PZ -575434603 1479005959
SWEDISH AUTOMOBI SWAN TQ -575434603 1479005959
SWEDISH AUTOMOBI SWAN NA -575434603 1479005959
SWEDISH AUTOMOBI L9I TH -575434603 1479005959
SWEDISH AUTOMOBI SWAN QM -575434603 1479005959
TATE & LYLE NETH 3634775Z NA -2595894.422 104534416.9
TOYOTA MATERIAL 4062173Z NA -525179.3964 103144175.2
TRAVELPORT GLOBA 4501611Z NA -3622780.496 320789835.8
UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UPC HOLDING BV 3590264Z NA -12164702941 13901661309
VAN WEELDE BEHEE 4038885Z NA -165002.3062 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
VWS TRANSPORTINF 4377249Z NA -88578.90129 442019063.5
VWS VERKEER-EN I 4777577Z NA -125486.7768 799874848.4
W2005 W2007 CARN 3824100Z NA -107841645.8 362615031
WE INTERNATIONAL 630199Z NA -1220350.163 1011026941
WILMAR EDIBLE OI 3817520Z NA -3976944.095 218912594.8
ZINVEST FASHION 3775412Z NA -296559.4047 180677208
ZWINGER OPCO 6 B 3821644Z NA -106543158.2 627759193.8
NORWAY
------
AFRICA OFFSHORE AOSA NO -238595008 399271008
AKER BIOMARINE A 4508947Z NO -91258656.74 103294723.7
AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
AKER FLOATING PR AKFP EO -7700000 816200000
AKER FLOATING PR AKFP EU -7700000 816200000
AKER FLOATING PR AKFP PZ -7700000 816200000
AKER FLOATING PR AKFPEUR EO -7700000 816200000
AKER FLOATING PR AKNO IX -7700000 816200000
AKER FLOATING PR AKFPEUR EU -7700000 816200000
AKER FLOATING PR AKFP BY -7700000 816200000
AKER FLOATING PR AKFP NO -7700000 816200000
AKER STORD A/S 4498875Z NO -150475117.7 783619889.1
BKK VARME AS 4445833Z NO -8164053.946 143462133.6
CAMILLO EITZEN C CECO NO -63803000 141950000
CAMILLO EITZEN C CECO EU -63803000 141950000
CAMILLO EITZEN C CECO EO -63803000 141950000
CAMILLO EITZEN C CECOEUR EO -63803000 141950000
CAMILLO EITZEN C CECO BY -63803000 141950000
CAMILLO EITZEN C CECO IX -63803000 141950000
CAMILLO EITZEN C CECOEUR EU -63803000 141950000
CAMILLO EITZEN C CEIZF US -63803000 141950000
CAMILLO EITZEN C CECOUSD EO -63803000 141950000
CAMILLO EITZEN C EZN GR -63803000 141950000
CAMILLO EITZEN C CECOUSD EU -63803000 141950000
CAMILLO EITZEN C CECO PZ -63803000 141950000
CIA LA GOMERA AS 4401057Z NO -14188999.46 111542577.2
GJENSIDIGE PENSJ 4447089Z NO -706038.7351 834496819.2
HEEGH AUTOLINERS 4389209Z NO -11654362.38 277390994.9
INTEROIL EXPLORA INOX NO -52024000 190674000
INTEROIL EXPLORA IOX BY -52024000 190674000
INTEROIL EXPLORA IOXEUR EO -52024000 190674000
INTEROIL EXPLORA IROIF US -52024000 190674000
INTEROIL EXPLORA IOX PZ -52024000 190674000
INTEROIL EXPLORA IOXEUR EU -52024000 190674000
INTEROIL EXPLORA IOXUSD EU -52024000 190674000
INTEROIL EXPLORA IOX IX -52024000 190674000
INTEROIL EXPLORA IOX EU -52024000 190674000
INTEROIL EXPLORA IOX NO -52024000 190674000
INTEROIL EXPLORA IOXUSD EO -52024000 190674000
INTEROIL EXPLORA IOX EO -52024000 190674000
LIVA BIL LIV NO -4061326.597 116023629.9
MAN LAST OG BUSS 4521719Z NO -7914946.127 134925818.8
MARINE SUBSEA AS MSAS NO -238595008 399271008
MASTER & COMMAND 4443393Z NO -3848.57586 105559612
NCC CONSTRUCTION 4389745Z NO -17444019.96 371204059.2
NCC ROADS AS 4401305Z NO -7603911.224 151509155.9
NORGIPS NORGE AS 4443889Z NO -4188300.148 124517344
NORSK STEIN AS 4394889Z NO -2509971.202 184248999.1
OSLO FORSIKRING 4415089Z NO -6494996.57 158542606
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
SECURITAS DIRECT 4394201Z NO -531628.2745 124746344.1
SEVAN MARINE ASA SEVAN QM -173000000 962300032
SEVAN MARINE ASA SEVAN BY -173000000 962300032
SEVAN MARINE ASA SEVAN EB -173000000 962300032
SEVAN MARINE ASA SEMA NO -173000000 962300032
SEVAN MARINE ASA SEVAN EU -173000000 962300032
SEVAN MARINE ASA SEVAN TQ -173000000 962300032
SEVAN MARINE ASA SVAN IX -173000000 962300032
SEVAN MARINE ASA SEVAN NO -173000000 962300032
SEVAN MARINE ASA SEVANGBX EO -173000000 962300032
SEVAN MARINE ASA SEVAN SS -173000000 962300032
SEVAN MARINE ASA SEVANEUR EO -173000000 962300032
SEVAN MARINE ASA 4SM GR -173000000 962300032
SEVAN MARINE ASA SEVAN PZ -173000000 962300032
SEVAN MARINE ASA SEVAN NQ -173000000 962300032
SEVAN MARINE ASA SEVANUSD EU -173000000 962300032
SEVAN MARINE ASA SEVANUSD EO -173000000 962300032
SEVAN MARINE ASA SEVAN EO -173000000 962300032
SEVAN MARINE ASA SEVANGBX EU -173000000 962300032
SEVAN MARINE ASA SEVAN NR -173000000 962300032
SEVAN MARINE ASA SVMRF US -173000000 962300032
SEVAN MARINE ASA SEVAN GK -173000000 962300032
SEVAN MARINE ASA SEVANEUR EU -173000000 962300032
SEVAN MARINE ASA SEVAN S1 -173000000 962300032
SEVAN MARINE ASA SEVANGBP EO -173000000 962300032
SEVAN MARINE-ADR SVMRY US -173000000 962300032
SEVAN MARINE-RTS 3328565Z NO -173000000 962300032
SKRETTING AS 4473771Z NO -3730844.426 499611269.4
STOREBRAND EIEND 4443409Z NO -69476764.19 1408585975
STOREBRAND EIEND 4288341Z NO -236066034.1 4427606061
TDC AS 4287413Z NO -95917885.43 128911202.9
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -30849484.35 107503145.6
UTKILEN SHIPPING 4446161Z NO -2435448.778 205148159.9
VNG NORGE AS 4513147Z NO -44725176.15 280935536.1
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
EXBUD SA EXBUD PW -8720557.632 315268316.8
EXBUD SA-GDR EXBDYP US -8720557.632 315268316.8
EXBUD SKANSKA SA EXB PW -8720557.632 315268316.8
EXBUD SKANSKA SA EXBUF US -8720557.632 315268316.8
EXBUD-REG S GDR EXBZF US -8720557.632 315268316.8
EXBUD-REG S GDR 291864Q GR -8720557.632 315268316.8
EXBUD-REG S GDR EXB EX -8720557.632 315268316.8
EXBUD-REG S GDR EXBD LI -8720557.632 315268316.8
EXBUD-REG S GDR EXBG LX -8720557.632 315268316.8
KROSNO KROS IX -2241615.44 111838141.2
KROSNO KRS1EUR EO -2241615.44 111838141.2
KROSNO KRS LI -2241615.44 111838141.2
KROSNO KRS1EUR EU -2241615.44 111838141.2
KROSNO KRS PW -2241615.44 111838141.2
KROSNO SA KROSNO PW -2241615.44 111838141.2
KROSNO SA KRS1 EU -2241615.44 111838141.2
KROSNO SA KRNFF US -2241615.44 111838141.2
KROSNO SA KRS PZ -2241615.44 111838141.2
KROSNO SA KRS1 EO -2241615.44 111838141.2
KROSNO SA-RTS KRSP PW -2241615.44 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241615.44 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
AGUAS DO ZEZERE 3646223Z PL -9497007.861 387261027.5
ALBERTO MARTINS 4488947Z PL -26137998.21 126979395.5
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3201667702 2260472073
ESTALEIROS NAVAI 4507307Z PL -23829401.88 315386385.8
FERREIRAS & MAGA 4281437Z PL -14115717.84 103226790.2
GALERIA PARQUE N 4772673Z PL -6221557.01 176869350.5
HOSPITAL DE FARO 3789880Z PL -59945072.08 249069905.8
HOSPITAL DO DIVI 3789932Z PL -38574192.3 217870602.5
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
LYCATELCOM LDA 4281821Z PL -8577510.562 109410577.8
METRO DE LISBOA 1009Z PL -477385988.2 5358774447
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PARQUE DA PAMPIL 4770625Z PL -1932626.439 135631078.1
PARQUE EOLICO DE 4772521Z PL -1450277.362 131706562.9
PORTUGALIA 1008Z PL -4086512.545 263103585.3
RADIO E TELEVISA 1227Z PL -874020727.2 739530129.4
REFER-REDE FERRO 1250Z PL -1817222591 941624235.3
SERVICO DE SAUDE 3790200Z PL -171447869.9 656234458.2
SOCIEDADE DE REN 3776676Z PL -16609193.89 127876798.7
SOCIEDADE DE TRA 1253Z PL -366661049.9 152577542.7
SPORTING CLUBE D SCP1 PZ -65884328.13 251276323.4
SPORTING CLUBE D SCPX PX -65884328.13 251276323.4
SPORTING CLUBE D SCG GR -65884328.13 251276323.4
SPORTING CLUBE D SCP PL -65884328.13 251276323.4
SPORTING CLUBE D SCDF EO -65884328.13 251276323.4
SPORTING CLUBE D SCDF EU -65884328.13 251276323.4
SPORTING-SOC DES SCDF PL -65884328.13 251276323.4
SPORTING-SOC DES SCPL IX -65884328.13 251276323.4
SPORTING-SOC-RTS SCPVS PL -65884328.13 251276323.4
SPORTING-SOC-RTS SCPDS PL -65884328.13 251276323.4
TAP SGPS TAP PL -353957017.4 2789331398
VALE DO LOBO - R 4764257Z PL -19458755.77 553819869.1
VISTA ALEGRE ATL 4281717Z PL -11415079.06 119980938.8
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -89344240.83 511515508.8
OLTCHIM SA RM VA OLTEUR EO -89344240.83 511515508.8
OLTCHIM SA RM VA OLT PZ -89344240.83 511515508.8
OLTCHIM SA RM VA OLTEUR EU -89344240.83 511515508.8
OLTCHIM SA RM VA OLT RO -89344240.83 511515508.8
OLTCHIM SA RM VA OLT EU -89344240.83 511515508.8
OLTCHIM SA RM VA OLT EO -89344240.83 511515508.8
RAFO SA RAF RO -457922310.7 356796459.3
DUVANSKA DIVR SG -46938765.41 107525048.4
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -85016196.39 320054180.8
ALLIANCE RUSSIAN ALRT RU -13189410.9 138268688.3
AMO ZIL ZILL RM -204894835.3 401284636
AMO ZIL-CLS ZILL* RU -204894835.3 401284636
AMO ZIL-CLS ZILLG RU -204894835.3 401284636
AMO ZIL-CLS ZILL RU -204894835.3 401284636
BALTIYSKY-$BRD BALZ RU -880437.5619 345435790.7
BALTIYSKY-$BRD BALZ* RU -880437.5619 345435790.7
BALTIYSKY-BRD BALZ$ RU -880437.5619 345435790.7
CRYOGENMASH-BRD KRGM RU -22826263.97 214573431.2
CRYOGENMASH-BRD KRGM* RU -22826263.97 214573431.2
CRYOGENMASH-PFD KRGMP RU -22826263.97 214573431.2
CRYOGENMASH-PFD KRGMP* RU -22826263.97 214573431.2
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN 137282Z RU -166377933.6 282903505.9
FINANCIAL LEASIN FLKO RM -166377933.6 282903505.9
FINANCIAL LEASIN FLKO* RU -166377933.6 282903505.9
FINANCIAL LEASIN FLKO RU -166377933.6 282903505.9
GAZ GAZA$ RU -584751226.4 1478925024
GAZ GZAPF US -584751226.4 1478925024
GAZ-CLS GAZA RU -584751226.4 1478925024
GAZ-CLS GAZA* RU -584751226.4 1478925024
GAZ-CLS GAZAG RU -584751226.4 1478925024
GAZ-CLS GAZA RM -584751226.4 1478925024
GAZ-FINANS GAZF RU -56134.51262 232319905.4
GAZ-PFD GAZAP RU -584751226.4 1478925024
GAZ-PFD GAZAP* RU -584751226.4 1478925024
GAZ-PFD GAZAPG$ RU -584751226.4 1478925024
GAZ-PFD GAZAP RM -584751226.4 1478925024
GAZ-PFD GAZAPG RU -584751226.4 1478925024
GAZ-PREF GAZAP$ RU -584751226.4 1478925024
GAZ-US$ GTS GAZAG$ RU -584751226.4 1478925024
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RM -588515964.6 1446111954
HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
HALS-DEVELOPMENT SYR GR -588515964.6 1446111954
HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KAMSKAYA GORNAYA 2806239Z RU -527803788.8 1311868884
KOMPANIYA GL-BRD GMST RU -1933849.288 1120076905
KOMPANIYA GL-BRD GMST* RU -1933849.288 1120076905
KUZNETSOV-BRD MTSTP RU -15938417.51 331074749.5
KUZNETSOV-BRD MTSTP* RU -15938417.51 331074749.5
KUZNETSOV-BRD MTST RU -15938417.51 331074749.5
KUZNETSOV-BRD MTST* RU -15938417.51 331074749.5
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MURMANSKAYA-PFD MUGSP* RU -22867336.59 135442629.9
MURMANSKAYA-PFD MUGSPG RU -22867336.59 135442629.9
MURMANSKAYA-PFD MUGSP RU -22867336.59 135442629.9
MURMANSKAY-CLS MUGS RU -22867336.59 135442629.9
MURMANSKAY-CLS MUGS* RU -22867336.59 135442629.9
MURMANSKAY-CLS MUGSG RU -22867336.59 135442629.9
NIZHMASHZAVO-BRD NMSZ RU -24657843.58 316480680.1
NIZHMASHZAVO-BRD NMSZ* RU -24657843.58 316480680.1
NIZHMASHZAVOD-BD NMSZ$ RU -24657843.58 316480680.1
NIZHMASHZAVO-PFD NMSZP RU -24657843.58 316480680.1
NIZHMASHZAVO-PFD NMSZP* RU -24657843.58 316480680.1
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKKG RU -65334860.95 4000687446
PIK GROUP PIKK* RU -65334860.95 4000687446
PIK GROUP PIKK RM -65334860.95 4000687446
PIK GROUP PIKK RU -65334860.95 4000687446
PIK GROUP-GDR PIK1 EO -65334860.95 4000687446
PIK GROUP-GDR PIK TQ -65334860.95 4000687446
PIK GROUP-GDR PIQ2 GR -65334860.95 4000687446
PIK GROUP-GDR PIK EB -65334860.95 4000687446
PIK GROUP-GDR PIK1 QM -65334860.95 4000687446
PIK GROUP-GDR PKGPL US -65334860.95 4000687446
PIK GROUP-GDR PIK LI -65334860.95 4000687446
PIK GROUP-GDR PIK IX -65334860.95 4000687446
PIK GROUP-GDR PIK EU -65334860.95 4000687446
PROMTRACTOR-FINA PTRF RU -27519567.06 259128529.5
RUSSIAN TEXT-CLS ALRT* RU -13189410.9 138268688.3
RUSSIAN TEXT-CLS ALRTG RU -13189410.9 138268688.3
RYBINSKKABEL RBKZD RU -8532246.151 108539172.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SEVKABEL-FINANS SVKF RU -83036.46173 102680373.6
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
URAL PLANT OF PR UZPOA RU -53649612.07 191579960.2
URALMASHPLAN-BRD URAM* RU -18423442.83 687183030.3
URALMASHPLAN-BRD URAM RU -18423442.83 687183030.3
URALMASHPLAN-PFD URAMP* RU -18423442.83 687183030.3
URALMASHPLAN-PFD URAMP RU -18423442.83 687183030.3
URALSKIJ ZAVOD T URAM$ RU -18423442.83 687183030.3
URGALUGOL-BRD YRGL RU -21554314.6 139319389.8
URGALUGOL-BRD YRGL* RU -21554314.6 139319389.8
URGALUGOL-BRD-PF YRGLP RU -21554314.6 139319389.8
VIMPEL SHIP-BRD SOVP* RU -85016196.39 320054180.8
VIMPEL SHIP-BRD SOVP RU -85016196.39 320054180.8
VOLGOGRAD KHIM VHIM* RU -55617131.41 157514787.8
VOLGOGRAD KHIM VHIM RU -55617131.41 157514787.8
WILD ORCHID ZAO DOAAN RU -11716087.47 106082784.6
ZERNOVAYA KOMPAN ONAST RU -9609529.901 673952471.2
ZIL AUTO PLANT ZILL$ RU -204894835.3 401284636
ZIL AUTO PLANT-P ZILLP RU -204894835.3 401284636
ZIL AUTO PLANT-P ZILLP RM -204894835.3 401284636
ZIL AUTO PLANT-P ZILLP* RU -204894835.3 401284636
SLOVENIA
--------
ISTRABENZ ITBG PZ -3710053.919 1192276746
ISTRABENZ ITBG EO -3710053.919 1192276746
ISTRABENZ ITBG EU -3710053.919 1192276746
ISTRABENZ ITBG SV -3710053.919 1192276746
SLOVENSKE ENERGE SES EO -9037077.304 220365107.8
SLOVENSKE ENERGE SES SK -9037077.304 220365107.8
SLOVENSKE ENERGE 1SES01A PZ -9037077.304 220365107.8
SLOVENSKE ENERGE SES02 SK -9037077.304 220365107.8
SLOVENSKE ENERGE SES02 EO -9037077.304 220365107.8
SLOVENSKE ENERGE SES EU -9037077.304 220365107.8
SLOVENSKE ENERGE SES02 EU -9037077.304 220365107.8
SPAIN
-----
ACTUACIONES ACTI AGR SM -57871829.5 772519224.5
ADT ESPANA SERVI 3632899Z SM -26498520.4 149454497.1
AGRUPACIO - RT AGR/D SM -57871829.5 772519224.5
AMCI HABITAT SA AMC3 EO -17516668.77 159378294.6
AMCI HABITAT SA AMC SM -17516668.77 159378294.6
AMCI HABITAT SA AMC1 EU -17516668.77 159378294.6
ATLANTIC COPPER 4512291Z SM -15995873.26 1016941910
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -175550365.3 296395765.4
BIMBO SA 3632779Z SM -6894386.116 162399487.1
BOSCH SISTEMAS D 4505475Z SM -295419977.8 205556877.2
BOUYGUES INMOBIL 3636247Z SM -13608696.28 203210905.9
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CAJA DE AHORROS 929362Z SM -361326816.2 37311046644
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DTZ IBERICA ASES 1658Z SM -130770583.4 611187363
ELECTRODOMESTICO 1035184Z SM -89882980.98 104386627.5
EXPO-AN SA 569882Z SM -14692346.37 324154549.3
FABRICAS AGRUPAD 3638319Z SM -28683704.97 205880655
FACTORIA NAVAL D 3748456Z SM -91596638.83 155617881.8
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -57871829.5 772519224.5
FERGO AISA SA AISA EU -57871829.5 772519224.5
FERGO AISA SA AISA SM -57871829.5 772519224.5
FERGO AISA SA AISA EO -57871829.5 772519224.5
FERGO AISA SA AISA PZ -57871829.5 772519224.5
FIAT GROUP AUTOM 4511067Z SM -30064519.13 367730368.2
FMC FORET SA 3642299Z SM -28605523.78 225458069.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GE REAL ESTATE I 2814684Z SM -47072259.92 609515984.5
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -24493084.81 140668008
HIDROCANTABRICO 4456745Z SM -245397523.6 513745817
HUNE PLATAFORMAS 4284309Z SM -34729576.87 417379212.5
ISOFOTON SA 1039291Z SM -401482382 218392769.3
JAZZ TELECOM SA 3646927Z SM -739593798.9 803977667
LA SIRENA ALIMEN 4375737Z SM -60779557.1 206592562.2
LEVANTINA Y ASOC 993382Z SM -289550685.8 672488470.2
MAGNETI MARELLI 3643903Z SM -6218714.533 169480205.1
MARTINSA FADESA MTF EU -3783069373 5985477633
MARTINSA FADESA MTF EO -3783069373 5985477633
MARTINSA FADESA MTF1 LI -3783069373 5985477633
MARTINSA FADESA MTF SM -3783069373 5985477633
MARTINSA FADESA 4PU GR -3783069373 5985477633
MARTINSA FADESA MFAD PZ -3783069373 5985477633
MARTINSA-FADESA MTF NR -3783069373 5985477633
NYESA VALORES CO NYE EU -208568793.8 658498551.2
NYESA VALORES CO BES EU -208568793.8 658498551.2
NYESA VALORES CO 7NY GR -208568793.8 658498551.2
NYESA VALORES CO BES SM -208568793.8 658498551.2
NYESA VALORES CO BES TQ -208568793.8 658498551.2
NYESA VALORES CO BESS PZ -208568793.8 658498551.2
NYESA VALORES CO NYE EO -208568793.8 658498551.2
NYESA VALORES CO NYE TQ -208568793.8 658498551.2
NYESA VALORES CO BES EO -208568793.8 658498551.2
NYESA VALORES CO NYE SM -208568793.8 658498551.2
ORANGE CATALUNYA 4365565Z SM -25422547.72 113962331.9
PANRICO SL 1087Z SM -372238069.5 1219319614
PLANES E INVERSI 3795524Z SM -72863651.9 220131915.6
PULLMANTUR SA 301590Z SM -84915226.97 196732982.8
RANDSTAD EMPLEO 4285885Z SM -58273106.53 432173483.1
REAL ZARAGOZA SA 4285533Z SM -26642893.2 155342765.2
RENTA CORP REN1 EO -55365883.37 289916358.5
RENTA CORP REN1 EU -55365883.37 289916358.5
RENTA CORP RTACF US -55365883.37 289916358.5
RENTA CORP REN1USD EU -55365883.37 289916358.5
RENTA CORP REN1GBX EU -55365883.37 289916358.5
RENTA CORP REN1 TQ -55365883.37 289916358.5
RENTA CORP REN1GBX EO -55365883.37 289916358.5
RENTA CORP RENS PZ -55365883.37 289916358.5
RENTA CORP REN1GBP EO -55365883.37 289916358.5
RENTA CORP REN SM -55365883.37 289916358.5
RENTA CORP REN1USD EO -55365883.37 289916358.5
RENTA CORP REAL REN/D SM -55365883.37 289916358.5
REYAL URBIS SA REY1 EO -623464702.1 5520924982
REYAL URBIS SA REY1 EU -623464702.1 5520924982
REYAL URBIS SA REY SM -623464702.1 5520924982
REYAL URBIS SA REYU PZ -623464702.1 5520924982
SA DE SUPERMERCA 4373489Z SM -24370843.85 162576231.9
SIDERURGICA SEVI 3755616Z SM -6175305.125 255962721.9
SOGECABLE MEDIA 3638359Z SM -3018000.191 182987292.3
SPANAIR 1174Z SM -172531031.3 375809287.4
SUPERMERCADOS CH 3635999Z SM -49108101.19 430829438.2
SUPERMERCADOS CO 4285781Z SM -6271873.083 110251382.6
TELEVISION AUTON 3772924Z SM -148813632.8 119454851.8
TIP TRAILERS ESP 3804444Z SM -29242607.48 104149119.2
TROPICAL TURISTI 3639071Z SM -25374266.69 535701945
TYCO ELECTRONICS 2335265Z SM -143512076.6 258441853.6
UNITEC UNION TIE 3801344Z SM -23207409.48 131213302.5
VIA OPERADOR PET 4510507Z SM -22002322.05 129961207.4
VILLAVINAS SL 3790664Z SM -4071759.503 112727175.1
SWEDEN
------
ATTENDO AB 4452873Z SS -58148252.61 1244996834
CARLSBERG SVERIG 4008900Z SS -7398371.724 324772773.9
KAROLINEN FASTIG 4008644Z SS -906745.1282 122777361.3
PHADIA AB 842347Z SS -140406774.4 2127579095
SWEDISH MA-RE RT SWMASR SS -271007467.7 2011731785
SWEDISH MAT-ADR 3053566Q US -271007467.7 2011731785
SWEDISH MAT-ADR SWMA GR -271007467.7 2011731785
SWEDISH MATCH SWD LI -271007467.7 2011731785
SWEDISH MATCH AB SWMA LI -271007467.7 2011731785
SWEDISH MATCH AB SWMAF US -271007467.7 2011731785
SWEDISH MATCH AB SWM GR -271007467.7 2011731785
SWEDISH MATCH AB SWMA BY -271007467.7 2011731785
SWEDISH MATCH AB SWMA SS -271007467.7 2011731785
SWEDISH MATCH AB SWM TH -271007467.7 2011731785
SWEDISH MATCH AB SWMA S1 -271007467.7 2011731785
SWEDISH MATCH AB SWM VX -271007467.7 2011731785
SWEDISH MATCH AB SWMAGBX EU -271007467.7 2011731785
SWEDISH MATCH AB SWMA QM -271007467.7 2011731785
SWEDISH MATCH AB SWMAEUR EO -271007467.7 2011731785
SWEDISH MATCH AB SWMA NQ -271007467.7 2011731785
SWEDISH MATCH AB SWMAUSD EU -271007467.7 2011731785
SWEDISH MATCH AB SWMA PZ -271007467.7 2011731785
SWEDISH MATCH AB SWMA EO -271007467.7 2011731785
SWEDISH MATCH AB SWMA IX -271007467.7 2011731785
SWEDISH MATCH AB SWMAUSD EO -271007467.7 2011731785
SWEDISH MATCH AB SWMA GK -271007467.7 2011731785
SWEDISH MATCH AB SWMAGBX EO -271007467.7 2011731785
SWEDISH MATCH AB SWMDF US -271007467.7 2011731785
SWEDISH MATCH AB SWMA EB -271007467.7 2011731785
SWEDISH MATCH AB SWMA NR -271007467.7 2011731785
SWEDISH MATCH AB SWMA EU -271007467.7 2011731785
SWEDISH MATCH AB SWMA TQ -271007467.7 2011731785
SWEDISH MATCH AB SWMAEUR EU -271007467.7 2011731785
SWEDISH MATCH AB SWMAGBP EO -271007467.7 2011731785
SWEDISH MATCH- B SWMWF US -271007467.7 2011731785
SWEDISH MATCH-B 3033P US -271007467.7 2011731785
SWEDISH MAT-RTS SWMYR US -271007467.7 2011731785
SWEDISH M-UN ADR SWMAY US -271007467.7 2011731785
TURKEY
------
EGS EGE GIYIM VE EGDIS TI -7732135.103 147075077.7
EGS EGE GIYIM-RT EGDISR TI -7732135.103 147075077.7
GALATASARAY SPOR GSRAY TI -60853995.53 162318106.6
GALATASARAY SPOR GALA IX -60853995.53 162318106.6
GALATASARAY SPOR GATSF US -60853995.53 162318106.6
GALATASARAY SPOR GSY GR -60853995.53 162318106.6
GALATASARAY-NEW GSRAYY TI -60853995.53 162318106.6
IKTISAT FINAN-RT IKTFNR TI -46900666.64 108228233.6
IKTISAT FINANSAL IKTFN TI -46900666.64 108228233.6
KEREVITAS GIDA KVTGF US -4733324.134 126789352
KEREVITAS GIDA KERVT TI -4733324.134 126789352
MUDURNU TAVUKC-N MDRNUN TI -64935052.1 160420187.4
MUDURNU TAVUKCUL MDRNU TI -64935052.1 160420187.4
SIFAS SIFAS TI -15439194.7 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
ZORLU ENERJI ELE ZOREN TI -34869788.4 1701390881
ZORLU ENERJI ELE ZORENM TI -34869788.4 1701390881
ZORLU ENERJI ELE ZRLUF US -34869788.4 1701390881
ZORLU ENERJI-ADR ZRLUY US -34869788.4 1701390881
ZORLU ENERJI-RTS ZORENR TI -34869788.4 1701390881
UKRAINE
-------
AZOVZAGALMASH MA AZGM UZ -75129759.84 474776539.2
CHERNIGIVS MAN-M CHIM UZ -8728378.486 105244397.8
CHERNIGIVS M-GDR CKU GR -8728378.486 105244397.8
DONETSKOBLENERGO DOON UZ -213294468.1 341124537.1
LUGANSKGAS LYGZ UZ -25247035.77 123851487
LUGANSKOBLENERGO LOEN UZ -28469656.82 196711929.2
MARIUP-GDR REG S MZVM IX -11661586.28 260791838.5
MARIUP-GDR REG S M9X GR -11661586.28 260791838.5
MARIUPOL HEAVY M MZVM UZ -11661586.28 260791838.5
NAFTOKHIMIK PRIC NAFP UZ -13086749.74 365512618.1
NAFTOKHIMIK-GDR N3ZA GR -13086749.74 365512618.1
ODESSA OIL REFIN ONPZ UZ -178447037.2 314744675.5
RIVNEAZOT RAZT UZ -27233614.57 417932243
ZALK - PFTS ZALK UZ -78409529.93 130383564.8
UNITED KINGDOM
--------------
3I PLC 2346795Z LN -40072013.14 518266360.4
600 UK LTD 1282018Z LN -731250.5356 123671540.8
ABBOTT MEAD VICK 648824Q LN -1685854.552 168258996.3
ABF GRAIN PRODUC 1276922Z LN -80622502.15 405377719.8
ACCIDENT EXCHANG 1927374L LN -33094543.84 273916447.7
ACE INA SERVICES 1442282Z LN -56846654.06 155841457.8
ACIS GROUP LTD 4159557Z LN -29529317.19 122639068.7
ACORN CARE AND E 1238567Z LN -70886168.8 120665053.6
ACROMAS HOLDINGS 3109266Z LN -2744136431 11102400350
ADVANCE DISPLAY ADTP PZ -2983757364 2562677211
AEA TECHNOLO-FPR AATF PZ -178235284.9 194979073.8
AEA TECHNOLO-FPR AATF LN -178235284.9 194979073.8
AEA TECHNOLOGY AAT PO -178235284.9 194979073.8
AEA TECHNOLOGY AAT VX -178235284.9 194979073.8
AEA TECHNOLOGY AAT IX -178235284.9 194979073.8
AEA TECHNOLOGY EAETF US -178235284.9 194979073.8
AEA TECHNOLOGY G AEATF US -178235284.9 194979073.8
AEA TECHNOLOGY G AATGBP EO -178235284.9 194979073.8
AEA TECHNOLOGY G AAT EO -178235284.9 194979073.8
AEA TECHNOLOGY G AAT PZ -178235284.9 194979073.8
AEA TECHNOLOGY G AAT LN -178235284.9 194979073.8
AEA TECHNOLOGY G AAT EU -178235284.9 194979073.8
AEA TECHNOLOGY G 89A GR -178235284.9 194979073.8
AEA TECHNOLO-NPR AATN LN -178235284.9 194979073.8
AEA TECHNOLO-NPR AATN PZ -178235284.9 194979073.8
AFFINITI INTEGRA 1651064Z LN -743208854.7 241654750
AGA RANGEMASTER 4160101Z LN -135154885.9 370549810
AGORA SHOPPING C 214766Z LN -44716668.29 244995279.1
AIRTOURS PLC AIR LN -379721780.5 1817512774
AIRTOURS PLC AIR VX -379721780.5 1817512774
AIRTOURS PLC ATORF US -379721780.5 1817512774
ALCATEL-LUCENT T 2645055Z LN -8743499.127 423399404.1
ALIXPARTNERS LTD 2578482Z LN -20704239.37 115351021.9
ALLDAYS PLC 317056Q LN -120493900 252232072.9
ALLDAYS PLC ALDYF US -120493900 252232072.9
ALLIANCE & LEICE 1603082Z LN -362196734.3 3707298376
ALLIANZ MANAGEME 4160221Z LN -25811484.64 191970654.7
ALTON TOWERS RES 4496763Z LN -10652990.57 233239679.4
AMER BUS SYS ARB LN -497126976 121439000
AMEY PLC AMEYF US -48862569.33 931527720.5
AMEY PLC AMY LN -48862569.33 931527720.5
AMEY PLC AMY VX -48862569.33 931527720.5
AMEY PLC-ASSENT AMYA LN -48862569.33 931527720.5
AMEY PLC-NEW AMYN LN -48862569.33 931527720.5
ANGLESEY ALUMINI 1363682Z LN -92021199.08 162854170.3
ANGLESEY ALUMINI 3899138Z LN -31293037.69 162854170.3
ANKER PLC ANK LN -21861359.81 115463159
ANKER PLC DW14 GR -21861359.81 115463159
ANKER PLC ANK PO -21861359.81 115463159
ANKER PLC - ASSD ANKB LN -21861359.81 115463159
ANKER PLC - ASSD ANKC LN -21861359.81 115463159
ANKER PLC-ASSD ANKA LN -21861359.81 115463159
APPERLEY REALISA 3951420Z LN -32792784.91 184057205.1
ARGENTA UNDERWRI 2619614Z LN -1752171.43 135965410.7
ASHWELL PROPERTY 4165857Z LN -192048023.3 200163088.3
ASPIRE HOUSING L 1820890Z LN -76622621.06 145635258.6
ASTRIUM LTD 2568578Z LN -90555016.55 456797651.8
AT KEARNEY HOLDI 4168565Z LN -712649.2612 420870276.2
ATP OIL & GAS UK 1885966Z LN -60472161.29 263293265.1
AUDIT COMMISSION 3954964Z LN -117444297.5 140317611.7
AUTOMOBILE ASSOC 1479490Z LN -33757452.81 1402428072
AVAYA UK 1700688Z LN -28200251.54 331855473.3
AVIVA CENTRAL SE 4503755Z LN -118366561.9 856513593.7
AVIVA EMPLOYMENT 1749312Z LN -1672441720 168553324
BAE SYSTEMS INTE 2344987Z LN -77756535.83 440742839.3
BAE SYSTEMS LAND 1069210Z LN -74963208.91 373186409.6
BAE SYSTEMS LAND 1111359Z LN -200240896.5 438322592.3
BAE SYSTEMS PROP 1151751Z LN -87647151.12 896957185.8
BAE SYSTEMS SURF 1979118Z LN -459281987.9 278902868.6
BANK OF SCOTLAND 1419810Z LN -10880522.24 570678372.7
BARCHESTER HOLDC 4391889Z LN -29571912.71 1847591976
BARRACUDA GROUP 3636Z LN -395586366.9 328358578
BASINGHALL FINAN 1127799Z LN -9318896.893 1118303697
BAT CHINA LTD 1281226Z LN -242792796.6 103934859.5
BAT UK & EXPORT 4509491Z LN -349911284.7 2485988824
BCH GROUP PLC BCH LN -5728273.973 187993198.2
BDP HOLDINGS LTD 3796920Z LN -5521777.438 114452852
BENTLEY MOTORS L 1376666Z LN -161438838.6 949891659.2
BETFAIR LTD 83844Z LN -26079415.01 461076110.5
BGE UK LTD 1653368Z LN -34093758.69 497857124.3
BIFFA LTD BIFF LN -380391564.8 3021695633
BIFFA PLC 2758822Q EO -380391564.8 3021695633
BIFFA PLC 3567279Q GR -380391564.8 3021695633
BIFFA PLC 2758798Q EO -380391564.8 3021695633
BIFFA PLC BIFF IX -380391564.8 3021695633
BIFFA PLC 2758794Q EU -380391564.8 3021695633
BIFFA PLC BIFAF US -380391564.8 3021695633
BIFFA PLC 2758818Q EU -380391564.8 3021695633
BIFFA PLC 2758806Q EO -380391564.8 3021695633
BIFFA PLC 2758802Q EO -380391564.8 3021695633
BIFFA PLC BIFF PZ -380391564.8 3021695633
BIRMINGHAM MAILB 1781057Z LN -6608952.843 116466648.8
BIRSE CIVILS LTD 1333506Z LN -17529759.02 148612506.4
BLACK & EDGINGTO BLE LN -133034755.3 130464035.4
BLACK HORSE FINA 2603342Z LN -769429.5864 1628936017
BLACKWELL PUBLIS 80044Z LN -1289834.531 223671685.3
BMI 1113Z LN -216730247.2 520473243.2
BNB RECRUITMENT BNBRF US -10242625.55 103637705
BNB RECRUITMENT BQX GR -10242625.55 103637705
BNB RECRUITMENT BNB IX -10242625.55 103637705
BNB RECRUITMENT BNB LN -10242625.55 103637705
BNB RECRUITMENT BNB PO -10242625.55 103637705
BOLTON WANDERERS 1274042Z LN -109297588 124148929.4
BOOKER PLC 987188Q LN -59832893.13 1298182549
BOOKER PLC 1330Q GR -59832893.13 1298182549
BOOKER PLC BKERF US -59832893.13 1298182549
BOOKER PLC-ADR BOK$ LN -59832893.13 1298182549
BOOKER PLC-ADR BKRUY US -59832893.13 1298182549
BOSTON MAYFLOWER 1845650Z LN -38702577.78 104489726.5
BP EXPLORATION A 1085738Z LN -11474454.61 1521107023
BRADSTOCK GROUP BSKGF US -1855444.639 268563822.5
BRADSTOCK GROUP BDK LN -1855444.639 268563822.5
BRB RESIDUARY LT 2872503Z LN -300504689.6 399749459.7
BRENT WALKER GRP BWKGF US -1774306283 867084131.8
BRENT WALKER GRP 754087Q LN -1774306283 867084131.8
BRICKAGENT LTD 1194055Z LN -7097524.821 348579284.1
BRIT BROADCAST 1517Z LN -690133931.4 5734507056
BRIT ENERGY LTD 523362Q LN -5822867501 4921095750
BRIT ENERGY PLC BHEGF US -5822867501 4921095750
BRIT ENERGY PLC BGYEF US -5822867501 4921095750
BRIT ENERGY PLC 555140Q VX -5822867501 4921095750
BRIT ENERGY PLC BEN1 GR -5822867501 4921095750
BRIT ENERGY-A BENA GR -5822867501 4921095750
BRIT ENERGY-ADR BHEFF US -5822867501 4921095750
BRITISH ENER-$US BGYD AR -5822867501 4921095750
BRITISH ENER-$US BGYNYD AR -5822867501 4921095750
BRITISH ENER-ADR BGYNY US -5822867501 4921095750
BRITISH ENER-BLK BGYB AR -5822867501 4921095750
BRITISH ENER-BLK BGYNYB AR -5822867501 4921095750
BRITISH ENER-C/E BGYNYC AR -5822867501 4921095750
BRITISH ENER-C/E BGYC AR -5822867501 4921095750
BRITISH ENER-CED BGY AR -5822867501 4921095750
BRITISH ENER-CED BGYNY AR -5822867501 4921095750
BRITISH ENERGY-A BHEAF US -5822867501 4921095750
BRITISH ENERGY-A BGYA VX -5822867501 4921095750
BRITISH ENERGY-A 3012442Q LN -5822867501 4921095750
BRITISH ENERGY-A BGYGF US -5822867501 4921095750
BRITISH ENERGY-A BGYA PO -5822867501 4921095750
BRITISH TRANSPOR 4015740Z LN -363269422.4 158334015.9
BRIXTON GREAT WE 1242343Z LN -24193317.48 164120047.9
BTG INTERNATIONA 2815068Z LN -4253521.919 408338104.2
BUNZL VENDING SE 1626514Z LN -3627717.453 117295226
BURNDEN LEISURE BDL LN -92092299.62 136726201.7
CALSONIC KANSEI 2730264Z LN -112686897.5 233439821
CALSONIC KANSEI 1541442Z LN -38998494.18 298627314.6
CANARY WHARF FIN 1198063Z LN -133871013.2 4239121844
CAPITAL HOME LOA 3809804Z LN -15503258.05 16833730499
CARILLION SERVIC 1692592Z LN -6947459.591 181597321.7
CARISBROOKE ANGL 3815488Z LN -67887962.81 125396545.6
CARLISLE GROUP 506819Q LN -11904428.42 203548565
CATTLES PLC CTT EO -599615492.2 3880885246
CATTLES PLC CTTEUR EO -599615492.2 3880885246
CATTLES PLC CHOXF US -599615492.2 3880885246
CATTLES PLC CTT EB -599615492.2 3880885246
CATTLES PLC CTT PO -599615492.2 3880885246
CATTLES PLC CTT TQ -599615492.2 3880885246
CATTLES PLC CTTGBP EO -599615492.2 3880885246
CATTLES PLC CTT BQ -599615492.2 3880885246
CATTLES PLC CTT NR -599615492.2 3880885246
CATTLES PLC CTT QM -599615492.2 3880885246
CATTLES PLC CTT IX -599615492.2 3880885246
CATTLES PLC CTT EU -599615492.2 3880885246
CATTLES PLC CTTEUR EU -599615492.2 3880885246
CATTLES PLC CTTSEK EO -599615492.2 3880885246
CATTLES PLC CTT VX -599615492.2 3880885246
CATTLES PLC CTT LN -599615492.2 3880885246
CATTLES PLC CTT NQ -599615492.2 3880885246
CATTLES PLC CTTUSD EO -599615492.2 3880885246
CATTLES PLC CZS GR -599615492.2 3880885246
CATTLES PLC CTT PZ -599615492.2 3880885246
CATTLES PLC CTTUSD EU -599615492.2 3880885246
CATTLES PLC CTTSEK EU -599615492.2 3880885246
CATTLES PLC-ADR CHOXY US -599615492.2 3880885246
CATTLES PLC-FPR CTTF PZ -599615492.2 3880885246
CATTLES PLC-FPR CTTF LN -599615492.2 3880885246
CATTLES PLC-NPR CTTN LN -599615492.2 3880885246
CATTLES PLC-NPR 2843734Q EO -599615492.2 3880885246
CATTLES PLC-NPR CTTN PZ -599615492.2 3880885246
CATTLES PLC-NPR 2843726Q EO -599615492.2 3880885246
CATTLES PLC-NPR CTTN IX -599615492.2 3880885246
CATTLES PLC-NPR CCTN PZ -599615492.2 3880885246
CATTLES PLC-NPR 2843730Q EU -599615492.2 3880885246
CATTLES PLC-RFD CTTR IX -599615492.2 3880885246
CATTLES PLC-RFD CTTR LN -599615492.2 3880885246
CATTLES PLC-RFD CTTR PZ -599615492.2 3880885246
CHANNEL 5 TELEVI 93306Z LN -3955940.23 440416449.8
CHELSEA FOOTBALL 1508858Z LN -645325606.2 325028457.3
CHRYSALIS GROUP CHSGBP EO -16399845.81 124838262.3
CHRYSALIS GROUP CHS PZ -16399845.81 124838262.3
CHRYSALIS GROUP CYGUF US -16399845.81 124838262.3
CHRYSALIS GROUP CHS PO -16399845.81 124838262.3
CHRYSALIS GROUP CHS EO -16399845.81 124838262.3
CHRYSALIS GROUP CHS LN -16399845.81 124838262.3
CHRYSALIS GROUP CHS EU -16399845.81 124838262.3
CHRYSALIS GROUP HR4 GR -16399845.81 124838262.3
CHRYSALIS GROUP CHSEUR EO -16399845.81 124838262.3
CHRYSALIS GROUP CHSUSD EO -16399845.81 124838262.3
CHRYSALIS GROUP CHSUSD EU -16399845.81 124838262.3
CHRYSALIS GROUP CHSEUR EU -16399845.81 124838262.3
CHRYSALIS GROUP CLYSF US -16399845.81 124838262.3
CHRYSALIS GROUP 5CY GR -16399845.81 124838262.3
CHRYSALIS GROUP CHS VX -16399845.81 124838262.3
CHRYSALIS GROUP CHS IX -16399845.81 124838262.3
CHRYSALIS MUSIC 1082762Z LN -5036846.092 103320003.7
CLIPPER WINDPOWE CWP EU -168322000 436419008
CLIPPER WINDPOWE 3470635Q LN -168322000 436419008
CLIPPER WINDPOWE C2W GR -168322000 436419008
CLIPPER WINDPOWE CWP EO -168322000 436419008
CLIPPER WINDPOWE CRPWF US -168322000 436419008
CLIPPER WINDPOWE CWP PG -168322000 436419008
CLIPPER WINDPOWE CWP LN -168322000 436419008
CLIPPER WINDPOWE CWPA LN -168322000 436419008
CLIPPER WINDPOWE CWP PZ -168322000 436419008
CLIPPER WINDPOWE CWP IX -168322000 436419008
COMMERCIAL VEHIC 1575514Z LN -19637.28046 146760852
COMMUNITY HOUSIN 4448257Z LN -14511411.3 202470921.6
COMO HOLDINGS UK 3818576Z LN -23709992.86 122013803.9
COMPASS GROU-OLD 1259Q LN -668101173.9 2972459078
COMPASS GROUP QOP GR -668101173.9 2972459078
COMPASS GRP-ADR CMSGY US -668101173.9 2972459078
COMPASS GRP-ADR CMSJY US -668101173.9 2972459078
CONNECT M77/GSO 2028763Z LN -30886645.59 222325514.3
CONNECT UTILITIE 2112683Z LN -5647965.724 124871701.7
CONVENIENCE FOOD 1555794Z LN -76242510.77 781213617
COOLKEERAGH ESB 4471679Z LN -52669832.08 317763242.1
COTT BEVERAGES L 605912Z LN -16895546.47 184391857.8
COTT RETAIL BRAN 4499739Z LN -15275862.4 184176726.3
CPI MORTARS LTD 1751696Z LN -24785356.36 119460176.9
CPW NETWORK SERV 2118451Z LN -58330905.18 134962119.3
CROSBY GROUP PLC 237335Z LN -122188674.2 211009635.6
CROSS KEYS HOMES 2008711Z LN -123895266.7 168685502.5
CROWN BLUE LINE 1369234Z LN -5491244.659 143228058.8
CSC METROCENTRE 1203663Z LN -177523497.7 231888247
CUCINA LUX INVES 4503083Z LN -332083965.3 3040705457
DANE HOUSING GRO 1773129Z LN -34728487.36 131110255.8
DANKA BUS SYSTEM DNK LN -497126976 121439000
DANKA BUS SYSTEM DNK VX -497126976 121439000
DANKA BUS SYSTEM DNK IX -497126976 121439000
DANKA BUS SYSTEM 3205291Q EO -497126976 121439000
DANKA BUS SYSTEM DANKF US -497126976 121439000
DANKA BUS SYSTEM 3205287Q EU -497126976 121439000
DANKA BUS SYSTEM DNK PO -497126976 121439000
DANKA BUS SYSTEM 3205283Q EO -497126976 121439000
DANKA BUS SYSTEM DNK PZ -497126976 121439000
DANKA BUS-$US CE DANKD AR -497126976 121439000
DANKA BUS-ADR DB6 GR -497126976 121439000
DANKA BUS-ADR DANKY US -497126976 121439000
DANKA BUS-ADR DANKE US -497126976 121439000
DANKA BUS-ADR AP39 LI -497126976 121439000
DANKA BUS-BLK CE DANKB AR -497126976 121439000
DANKA BUS-C/E CE DANKC AR -497126976 121439000
DANKA BUS-CEDEAR DANK AR -497126976 121439000
DAVENHAM GROUP P DAV EU -57317833.22 114701147.6
DAVENHAM GROUP P DAH GR -57317833.22 114701147.6
DAVENHAM GROUP P DAV PG -57317833.22 114701147.6
DAVENHAM GROUP P DAH TH -57317833.22 114701147.6
DAVENHAM GROUP P DAVEUR EO -57317833.22 114701147.6
DAVENHAM GROUP P DAV PZ -57317833.22 114701147.6
DAVENHAM GROUP P DAV LN -57317833.22 114701147.6
DAVENHAM GROUP P DAV EO -57317833.22 114701147.6
DCK GROUP LTD 4006628Z LN -23972516.74 108515833.6
DE LA RUE PLC DLAR EO -16987630.01 637036125.4
DE LA RUE PLC DL1B GR -16987630.01 637036125.4
DE LA RUE PLC DLAR1 EO -16987630.01 637036125.4
DE LA RUE PLC DLARF US -16987630.01 637036125.4
DE LA RUE PLC DLARCHF EO -16987630.01 637036125.4
DE LA RUE PLC DLAR6 EO -16987630.01 637036125.4
DE LA RUE PLC DLAR7 EO -16987630.01 637036125.4
DE LA RUE PLC DLA EO -16987630.01 637036125.4
DE LA RUE PLC DL1 GR -16987630.01 637036125.4
DE LA RUE PLC DLAR PZ -16987630.01 637036125.4
DE LA RUE PLC DLAR EU -16987630.01 637036125.4
DE LA RUE PLC DLRUF US -16987630.01 637036125.4
DE LA RUE PLC DLAR3 EO -16987630.01 637036125.4
DE LA RUE PLC DL1C GR -16987630.01 637036125.4
DE LA RUE PLC DLAREUR EU -16987630.01 637036125.4
DE LA RUE PLC DLAR NQ -16987630.01 637036125.4
DE LA RUE PLC DL1C GK -16987630.01 637036125.4
DE LA RUE PLC DLAR S1 -16987630.01 637036125.4
DE LA RUE PLC DLAR4 EO -16987630.01 637036125.4
DE LA RUE PLC DLAR LN -16987630.01 637036125.4
DE LA RUE PLC DELRF US -16987630.01 637036125.4
DE LA RUE PLC DLAR5 EO -16987630.01 637036125.4
DE LA RUE PLC DLAR PO -16987630.01 637036125.4
DE LA RUE PLC DLARGBP EO -16987630.01 637036125.4
DE LA RUE PLC DLAR QM -16987630.01 637036125.4
DE LA RUE PLC DLAR VX -16987630.01 637036125.4
DE LA RUE PLC DLARUSD EU -16987630.01 637036125.4
DE LA RUE PLC DLARCHF EU -16987630.01 637036125.4
DE LA RUE PLC DLAR NR -16987630.01 637036125.4
DE LA RUE PLC DL1A GR -16987630.01 637036125.4
DE LA RUE PLC DLAREUR EO -16987630.01 637036125.4
DE LA RUE PLC DLAR2 EO -16987630.01 637036125.4
DE LA RUE PLC DLAR EB -16987630.01 637036125.4
DE LA RUE PLC DLARUSD EO -16987630.01 637036125.4
DE LA RUE PLC DLAR TQ -16987630.01 637036125.4
DE LA RUE PLC DLAR BQ -16987630.01 637036125.4
DE LA RUE PLC DLAR IX -16987630.01 637036125.4
DE LA RUE PLC DLAR8 EO -16987630.01 637036125.4
DE LA RUE PLC DLAR9 EO -16987630.01 637036125.4
DE LA RUE-ADR DERUY US -16987630.01 637036125.4
DE LA RUE-ADR DLUEY US -16987630.01 637036125.4
DE LA RUE-PREF 3115438Q EU -16987630.01 637036125.4
DE LA RUE-PREF DLAP LN -16987630.01 637036125.4
DE LA RUE-PREF DLAP PZ -16987630.01 637036125.4
DE STEFANO INVES 3814768Z LN -10968616.22 208612111
DELTA 3 UK LTD 4087083Z LN -2278970462 8024284919
DHL EXPRESS UK L 1564450Z LN -588968969.9 178269906.1
DIAMOND RESORT H 1710824Z LN -36346087.76 199633867
DIAMOND RESORTS 1578906Z LN -55241260.22 185000514.5
DISPOSABLE SOFT 1124335Z LN -25554763.54 154077028.1
DONCASTERS PLC 2248Z LN -317308195.4 1941958348
DONCASTERS-ADR 295664Q US -317308195.4 1941958348
DRIVE ASSIST HOL 3641135Z LN -129629293.2 804046536.3
DTZ DEBENHAM TIE 1637608Z LN -65367918.17 431959182
E ON RUHRGAS UK 1671208Z LN -205306824.5 401477872.3
E ON UK CHP LTD 2642428Z LN -475664052.2 262876104.5
EASYNET GROUP ESY PO -60380605.51 334049332.2
EASYNET GROUP ESY LN -60380605.51 334049332.2
EASYNET GROUP EAY GR -60380605.51 334049332.2
EASYNET GROUP EZNGF US -60380605.51 334049332.2
EASYNET GROUP ESY VX -60380605.51 334049332.2
EASYNET GROUP-CV 91009Z LN -60380605.51 334049332.2
ECONOMIST NEWSPA 6888Z LN -2941080.267 399071232.6
EDF ENERGY 1 LTD 1201287Z LN -185411355.3 354815290.3
EMI GROUP -ASSD EMIA LN -2265916257 2950021937
EMI GROUP LTD EMI LN -2265916257 2950021937
EMI GROUP PLC EMIPF US -2265916257 2950021937
EMI GROUP PLC 3020138Q GR -2265916257 2950021937
EMI GROUP PLC EMI IX -2265916257 2950021937
EMI GROUP PLC EMI PO -2265916257 2950021937
EMI GROUP PLC EMI VX -2265916257 2950021937
EMI GROUP PLC-B 1019425Q LN -2265916257 2950021937
EMI GROUP-ADR EMI$ LN -2265916257 2950021937
EMI GROUP-ADR EMIPY US -2265916257 2950021937
EMI GROUP-ADR 38IS LN -2265916257 2950021937
ENERGY POWER RES 510443Z LN -93963662.92 168611857.1
EQUINITI LTD 977621Z LN -93668087.43 951504738.1
EQUITY INSURANCE 1284698Z LN -17694968.8 178126828.2
ERM GROUP HOLDIN 3125976Z LN -163200611.7 627934170
ERM-EUROPE LTD 1539482Z LN -6211608.917 222158884.2
ESPORTA HEALTH & 1689624Z LN -15075296.84 156183034.4
EUROPEAN HOME EHREUR EO -14328735.16 110864081.4
EUROPEAN HOME EHR1 EO -14328735.16 110864081.4
EUROPEAN HOME EHR10 EO -14328735.16 110864081.4
EUROPEAN HOME EHR PO -14328735.16 110864081.4
EUROPEAN HOME EHR4 EO -14328735.16 110864081.4
EUROPEAN HOME EHR9 EO -14328735.16 110864081.4
EUROPEAN HOME FPAKF US -14328735.16 110864081.4
EUROPEAN HOME EHR LN -14328735.16 110864081.4
EUROPEAN HOME EHR PZ -14328735.16 110864081.4
EUROPEAN HOME EHR7 EO -14328735.16 110864081.4
EUROPEAN HOME EHR EU -14328735.16 110864081.4
EUROPEAN HOME EHREUR EU -14328735.16 110864081.4
EUROPEAN HOME EHR3 EO -14328735.16 110864081.4
EUROPEAN HOME EHR5 EO -14328735.16 110864081.4
EUROPEAN HOME EHR6 EO -14328735.16 110864081.4
EUROPEAN HOME KLZ PO -14328735.16 110864081.4
EUROPEAN HOME KLZ VX -14328735.16 110864081.4
EUROPEAN HOME EHR VX -14328735.16 110864081.4
EUROPEAN HOME EHR EO -14328735.16 110864081.4
EUROPEAN HOME EHR2 EO -14328735.16 110864081.4
EUROPEAN HOME EHRGBP EO -14328735.16 110864081.4
EUROPEAN HOME EHR8 EO -14328735.16 110864081.4
EUROSTAR INTERNA 4379945Z LN -2296294817 600452807.4
EXOVA PLC 4507835Z LN -23478618.65 727804846.1
EXXONMOBIL MARIN 1196527Z LN -11436778.26 350633878.1
FAIRLINE BOATS H 4498779Z LN -13944238.58 114504852.8
FAREPAK PLC FPK LN -14328735.16 110864081.4
FINANCIAL SERVIC 2630281Z LN -167558381.3 246856182.8
FIRST CHOICE HOL 1098394Z LN -599861682.6 608849393.2
FIRST MANCHESTER 1651368Z LN -1085204.011 152518055.1
FIRST SOUTH YORK 1575010Z LN -17765193.06 105951310.3
FITNESS FIRST CL 1734144Z LN -4542316.813 262997348.7
FITNESS FIRST GR 4501843Z LN -831355754.2 1655609515
FLECTAT LTD 1160967Z LN -53637033.56 103228447.6
FLUKE PRECISION 1429402Z LN -991319.9558 125904210.3
FLYBE LTD 6621Z LN -118366561.9 450450527.2
FOOTBALL FOUNDAT 3958180Z LN -1856870.101 108334858
FORD MOTOR CO LT 1291306Z LN -493779397.8 5534240380
FOUR SEASONS HEA 1865450Z LN -103869946 365540616
FUJIFILM IMAGING 2113899Z LN -9049513.414 101994398.3
FUNDING CORP LTD 4157637Z LN -28925795.68 201083535.3
FW FARNSWORTH LT 1293386Z LN -44420065.35 102695080.1
GALIFORM CORPORA 1478794Z LN -49876078.98 987241731.3
GAMESTEC LEISURE 1432626Z LN -22918299.36 107315419.3
GARTLAND WHALLEY GWB LN -10986768.6 145352034.5
GE CALEDONIAN LT 2178340Z LN -162433000.9 291389984
GE MONEY SECURED 1194559Z LN -86537323.69 719721515.9
GENERAL MOTORS 1062338Z LN -1083369252 1738332123
GETRONICS UK LTD 1446978Z LN -21428395.69 105267195.7
GGT GROUP PLC 500970Q LN -156372272 408211200.9
GGT GROUP-ADR GGTRY US -156372272 408211200.9
GLAXOSMITHKLINE 1426Z LN -9429285.587 13095256920
GLOBAL CROSSING 3629883Z LN -353965082.8 492328850.3
GLOBAL RADIO SER 4171741Z LN -58536057.18 145897320.9
GONDOLA GROUP LT 4499995Z LN -284524422.8 1496226646
GONDOLA HOLD 913024Q GR -284524422.8 1496226646
GONDOLA HOLD GND VX -284524422.8 1496226646
GONDOLA HOLDINGS GND LN -284524422.8 1496226646
GONDOLA HOLDINGS GND IX -284524422.8 1496226646
GONDOLA HOLD-NEW GNDA LN -284524422.8 1496226646
GONDOLA HOLD-NEW GNDB LN -284524422.8 1496226646
GOODRICH CONTROL 3631571Z LN -203464797 600544111.2
GRAINGER FINANCE 1850494Z LN -22474336.95 1950379725
GRANT THORNTON U 961842Z LN -87634636.95 389831122.7
HALDEX CONCENTRI 4160093Z LN -29953316.08 111499657.3
HARMSWORTH PRINT 1552314Z LN -17382531.76 325365175.8
HARMSWORTH PRINT 1719464Z LN -46809590.17 171744856.2
HARMSWORTH QUAYS 1552378Z LN -109747106.9 292508124.8
HAYMARKET GROUP 4158941Z LN -100498143 307693877.6
HEALTHCARE LOCUM HLO LN -21208439.25 262213430.8
HEALTHCARE LOCUM HECUF US -21208439.25 262213430.8
HEALTHCARE LOCUM HLO IX -21208439.25 262213430.8
HEALTHCARE LOCUM HLO EU -21208439.25 262213430.8
HEALTHCARE LOCUM HLO PZ -21208439.25 262213430.8
HEALTHCARE LOCUM H4U TH -21208439.25 262213430.8
HEALTHCARE LOCUM HLO PG -21208439.25 262213430.8
HEALTHCARE LOCUM HLOEUR EO -21208439.25 262213430.8
HEALTHCARE LOCUM HLOGBP EO -21208439.25 262213430.8
HEALTHCARE LOCUM H4U GR -21208439.25 262213430.8
HEALTHCARE LOCUM HLO EO -21208439.25 262213430.8
HEALTHCARE LOCUM HLOGBX EO -21208439.25 262213430.8
HEREFORDSHIRE HO 1945190Z LN -2634668.462 110312423
HESS INDONESIA P 1705776Z LN -56622019.25 582889084.6
HMV GROUP -GDR 276960Q GR -92987530.85 883465014.8
HMV GROUP -GDR 29362Z US -92987530.85 883465014.8
HMV GROUP PLC HMVUSD EU -92987530.85 883465014.8
HMV GROUP PLC HMV5 EO -92987530.85 883465014.8
HMV GROUP PLC HMV7 EO -92987530.85 883465014.8
HMV GROUP PLC HMVMF US -92987530.85 883465014.8
HMV GROUP PLC HMVGBP EO -92987530.85 883465014.8
HMV GROUP PLC HM4 GK -92987530.85 883465014.8
HMV GROUP PLC HMV3 EO -92987530.85 883465014.8
HMV GROUP PLC HMV NR -92987530.85 883465014.8
HMV GROUP PLC HMVEUR EU -92987530.85 883465014.8
HMV GROUP PLC HMV PO -92987530.85 883465014.8
HMV GROUP PLC HMV NQ -92987530.85 883465014.8
HMV GROUP PLC HMV EB -92987530.85 883465014.8
HMV GROUP PLC HMVUSD EO -92987530.85 883465014.8
HMV GROUP PLC HMV S1 -92987530.85 883465014.8
HMV GROUP PLC HMV6 EO -92987530.85 883465014.8
HMV GROUP PLC HMV8 EO -92987530.85 883465014.8
HMV GROUP PLC HMV IX -92987530.85 883465014.8
HMV GROUP PLC HMV EU -92987530.85 883465014.8
HMV GROUP PLC HMV BQ -92987530.85 883465014.8
HMV GROUP PLC HMV4 EO -92987530.85 883465014.8
HMV GROUP PLC HMV9 EO -92987530.85 883465014.8
HMV GROUP PLC HMV EO -92987530.85 883465014.8
HMV GROUP PLC HMV PZ -92987530.85 883465014.8
HMV GROUP PLC HMVEUR EO -92987530.85 883465014.8
HMV GROUP PLC HMV TQ -92987530.85 883465014.8
HMV GROUP PLC HMV1 EO -92987530.85 883465014.8
HMV GROUP PLC HMV2 EO -92987530.85 883465014.8
HMV GROUP PLC HMV10 EO -92987530.85 883465014.8
HMV GROUP PLC HMV QM -92987530.85 883465014.8
HMV GROUP PLC HMV LN -92987530.85 883465014.8
HMV GROUP PLC HM4 GR -92987530.85 883465014.8
HMV GROUP PLC HMV VX -92987530.85 883465014.8
HOLIDAY AUTOS IN 1155863Z LN -52099341.51 222704774.4
HOME RETAIL GROU 1897678Z LN -70921714.17 750699513.1
HOMEFIELD PVT UK 4501835Z LN -13668996.51 455224068.7
HOUSE FRASER-ADR HOFSY US -14410799.86 200149998.1
HOUSE FRASER-ADR HSFRY US -14410799.86 200149998.1
HOUSE OF FRASER HSFRF US -14410799.86 200149998.1
HOUSE OF FRASER HOF VX -14410799.86 200149998.1
HOUSE OF FRASER HOF IX -14410799.86 200149998.1
HOUSE OF FRASER HOF LN -14410799.86 200149998.1
HOUSE OF FRASER HOF PO -14410799.86 200149998.1
HOUSE OF FRASER HOF PZ -14410799.86 200149998.1
HUTCHISON 3G UK 1870250Z LN -10150197192 10089105316
HUTCHISON 3G UK 265923Z LN -2558478023 10215382954
HYDREX HOLDINGS 4156949Z LN -150849963.2 145584295.2
IG GROUP LTD 4502843Z LN -1681700671 208248450
IGLO FOODS GROUP 2332487Z LN -427711801.4 3363661535
IKANO FINANCIAL 2599182Z LN -11016514.34 150562302.2
INCOMMUNITIES GR 4508531Z LN -89005973.7 440297257.7
INEOS GROUP HLDG 6623Z LN -583710740.2 15449555292
INEOS MANUFACTUR 2170452Z LN -6726362.412 1831309315
INEOS VINYLS UK 1072618Z LN -236733123.8 260899630.2
INFORMA UK LTD 699186Z LN -267015729.6 1019729118
INN ON THE PARK 1111959Z LN -20164779.75 213273261.3
INSPIRED GAMING 1181783Z LN -87284373.38 396170831.1
INTELLIGENT FINA 1645352Z LN -18232958.48 154556014.8
INTELLIGENT PROC 1897878Z LN -16714344.93 183346516.4
INTERFLOOR GROUP 317371Z LN -6491968.079 102342688.7
INTERNATIONAL RE 1074242Z LN -43752001.08 114451373.2
INTERNATIONAL TR 1647720Z LN -2256724.849 114588447.6
INTEROUTE COMMUN 214906Z LN -100076490.6 843548864.4
IRANIAN OIL CO U 1380570Z LN -88170857.4 370135921.5
JARVIS PLC JRVS4 EO -64739862.73 130951086
JARVIS PLC JRVS9 EO -64739862.73 130951086
JARVIS PLC JRVS EU -64739862.73 130951086
JARVIS PLC JRVS3 EO -64739862.73 130951086
JARVIS PLC JRVS8 EO -64739862.73 130951086
JARVIS PLC JRV EO -64739862.73 130951086
JARVIS PLC JRVS VX -64739862.73 130951086
JARVIS PLC JRVS2 EO -64739862.73 130951086
JARVIS PLC JRVS5 EO -64739862.73 130951086
JARVIS PLC JRVS LN -64739862.73 130951086
JARVIS PLC JVR GR -64739862.73 130951086
JARVIS PLC JRVS PO -64739862.73 130951086
JARVIS PLC JRVSEUR EU -64739862.73 130951086
JARVIS PLC JRVS EO -64739862.73 130951086
JARVIS PLC JRVS6 EO -64739862.73 130951086
JARVIS PLC JRVSGBP EO -64739862.73 130951086
JARVIS PLC JRVS IX -64739862.73 130951086
JARVIS PLC JRVS1 EO -64739862.73 130951086
JARVIS PLC JRVS PZ -64739862.73 130951086
JARVIS PLC JVSPF US -64739862.73 130951086
JARVIS PLC JRVSEUR EO -64739862.73 130951086
JARVIS PLC JRVS7 EO -64739862.73 130951086
JDR ENTERPRISES 3947788Z LN -18283944.55 190661628.9
JESSOPS PLC JSP EU -42702018.35 112964060.4
JESSOPS PLC JSP IX -42702018.35 112964060.4
JESSOPS PLC JS4 GR -42702018.35 112964060.4
JESSOPS PLC JSPEUR EU -42702018.35 112964060.4
JESSOPS PLC JSPGBP EO -42702018.35 112964060.4
JESSOPS PLC JSP EO -42702018.35 112964060.4
JESSOPS PLC JSP LN -42702018.35 112964060.4
JESSOPS PLC JSP PO -42702018.35 112964060.4
JESSOPS PLC JSPEUR EO -42702018.35 112964060.4
JESSOPS PLC JSP PZ -42702018.35 112964060.4
JESSOPS PLC JSP VX -42702018.35 112964060.4
JS BLOOR SWINDON 1568906Z LN -5329885.206 110390972.1
JVC EUROPE LTD 2667041Z LN -2824766.239 131996942.9
KAZAKHGO-GDR KZGQ IX -88561000 241726000
KAZAKHGO-GDR KZGI LI -88561000 241726000
KAZAKHGO-GDR KZQGI IX -88561000 241726000
KAZAKHGO-GDR KZG LI -88561000 241726000
KAZAKHGOLD- 144A 768834Z LI -88561000 241726000
KAZAKHGOLD GP LT KGZ HK -88561000 241726000
KAZAKHGOLD-REG T KZGT LI -88561000 241726000
KAZAKHGOLD-REGS 3683241Q LI -88561000 241726000
KELLOGG MANAGEME 1739336Z LN -5288683.744 348135786.3
KESA ELECTRI-ADR KESAY US -14782918.31 2826187121
KESA ELECTRICALS KESAUSD EO -14782918.31 2826187121
KESA ELECTRICALS KESA VX -14782918.31 2826187121
KESA ELECTRICALS KE4 GK -14782918.31 2826187121
KESA ELECTRICALS KSA FP -14782918.31 2826187121
KESA ELECTRICALS KESAGBP EO -14782918.31 2826187121
KESA ELECTRICALS KESA2 EO -14782918.31 2826187121
KESA ELECTRICALS KESA3 EO -14782918.31 2826187121
KESA ELECTRICALS KESA6 EO -14782918.31 2826187121
KESA ELECTRICALS KESAUSD EU -14782918.31 2826187121
KESA ELECTRICALS KES EO -14782918.31 2826187121
KESA ELECTRICALS KESA LN -14782918.31 2826187121
KESA ELECTRICALS KESA BQ -14782918.31 2826187121
KESA ELECTRICALS KESA5 EO -14782918.31 2826187121
KESA ELECTRICALS KESA EU -14782918.31 2826187121
KESA ELECTRICALS KESAEUR EO -14782918.31 2826187121
KESA ELECTRICALS KESA TQ -14782918.31 2826187121
KESA ELECTRICALS KESA NQ -14782918.31 2826187121
KESA ELECTRICALS KESA EB -14782918.31 2826187121
KESA ELECTRICALS KESA QM -14782918.31 2826187121
KESA ELECTRICALS KESAI IX -14782918.31 2826187121
KESA ELECTRICALS KESA4 EO -14782918.31 2826187121
KESA ELECTRICALS KES1 EO -14782918.31 2826187121
KESA ELECTRICALS KESAF US -14782918.31 2826187121
KESA ELECTRICALS KESA PZ -14782918.31 2826187121
KESA ELECTRICALS KESA PO -14782918.31 2826187121
KESA ELECTRICALS KESA IX -14782918.31 2826187121
KESA ELECTRICALS KESA EO -14782918.31 2826187121
KESA ELECTRICALS KESA S1 -14782918.31 2826187121
KESA ELECTRICALS KE4 GR -14782918.31 2826187121
KESA ELECTRICALS KESA8 EO -14782918.31 2826187121
KESA ELECTRICALS KESA9 EO -14782918.31 2826187121
KESA ELECTRICALS KESA NR -14782918.31 2826187121
KESA ELECTRICALS KESAEUR EU -14782918.31 2826187121
KESA ELECTRICALS KESA7 EO -14782918.31 2826187121
KESTREL HOLDINGS 4499515Z LN -3577225.606 950172823.8
KEW GREEN HOTELS 1031803Z LN -16234267.92 219908068
KIA MOTORS UK LT 1985990Z LN -34025454.6 315596502.8
KIER DEVELOPMENT 86900Z LN -6527759.314 275699248.6
KILMARTIN HOLDIN 3589161Z LN -32467784.16 576731039.1
KILMARTIN PROPER 534862Z LN -37743228.9 444220212.7
KLEENEZE PLC KLZ LN -14328735.16 110864081.4
KODAK LTD 1275242Z LN -180673404.9 661044368.6
LAMBERT FENCHURC LMF LN -1453050.041 1826806853
LANCASTER INVEST 1575538Z LN -54823340.19 121302849.6
LAND SECURITIES 1371626Z LN -103330200.3 4796043425
LAPSENT LTD 203678Z LN -26875940.03 200397842.7
LAST MINUTE NETW 1180895Z LN -588292610.9 572322264.9
LATIMER GROUP LT 4089809Z LN -397652099.9 909970808.9
LAZARD & CO SERV 2575394Z LN -3197910.908 103653546.3
LEEDS SPORTING LEDPF US -73166148.8 143762193.7
LEEDS SPORTING LES LN -73166148.8 143762193.7
LEEDS UNITED PLC LUFC LN -73166148.8 143762193.7
LEEDS UNITED PLC 889687Q GR -73166148.8 143762193.7
LEEDS UNITED PLC LDSUF US -73166148.8 143762193.7
LEGAL & GENERAL 1575290Z LN -1113055.576 157485589.7
LGC LTD 161695Z LN -44759203.51 163172696.4
LINK FINANCIAL 3041Z LN -63296738.93 226722478.9
LIONCOVER INSURA 1120431Z LN -221632.1611 741441082.5
LLOYDS TSB CORPO 2045779Z LN -7210252.406 310036480.9
LLOYDS TSB EQUIP 1238423Z LN -1919544.165 270438080.8
LLOYDS TSB EQUIP 1214495Z LN -661481.4498 334557469.7
LOGICA INTERNATI 2562234Z LN -174392477.1 205240612.1
LOMBARD CORPORAT 1131527Z LN -8573468.83 205568221.6
LOMBARD CORPORAT 1162975Z LN -7309362.404 198951662.4
LONDON ORGANISIN 2707808Z LN -111194464.2 319902766.9
LONDON TOWN PLC LTWX LN -21897636.36 175672299.2
LONDON TOWN PLC LTW LN -21897636.36 175672299.2
LONDON TOWN PLC LTW PG -21897636.36 175672299.2
LONDON TOWN PLC LTW PO -21897636.36 175672299.2
LONDON TOWN PLC LTW EU -21897636.36 175672299.2
LONDON TOWN PLC LTW PZ -21897636.36 175672299.2
LONDON TOWN PLC LTWR LN -21897636.36 175672299.2
LONDON TOWN PLC LTW IX -21897636.36 175672299.2
LONDON TOWN PLC LTW EO -21897636.36 175672299.2
LONDON TOWN PLC LOU GR -21897636.36 175672299.2
L'OREAL UK LTD 1294866Z LN -38243907.35 469320156.2
LOTUS CARS LTD 1361858Z LN -35114342.56 198253618.4
LOTUS GROUP INTE 144299Z LN -36824866.02 207696437.1
LYNN WIND FARM L 3953012Z LN -12411782.18 259118026.8
M 2003 PLC MTWOF US -2203513803 7204891602
M 2003 PLC 203055Q LN -2203513803 7204891602
M 2003 PLC-ADR MTWOE US -2203513803 7204891602
M 2003 PLC-ADR MTWOY US -2203513803 7204891602
MAKRO SELF SERVI 1373618Z LN -164720222.7 400641220.4
MANCHESTER CITY 2348397Z LN -234766219.8 728747414.2
MANSFORD HOLDING 253659Z LN -4565898.062 650742111.3
MAPELEY STEPS CO 1914846Z LN -44982581.48 112862516.8
MARCONI PLC MNI LN -2203513803 7204891602
MARCONI PLC MNI BB -2203513803 7204891602
MARCONI PLC MRCQF US -2203513803 7204891602
MARCONI PLC 203083Q VX -2203513803 7204891602
MARCONI PLC MONI BB -2203513803 7204891602
MARCONI PLC MY2 GR -2203513803 7204891602
MARCONI PLC-ADR MONIE US -2203513803 7204891602
MARCONI PLC-ADR MONI US -2203513803 7204891602
MARCONI PLC-ADR MRCQY US -2203513803 7204891602
MARCONI PLC-ADR MCONY US -2203513803 7204891602
MARCONI PLC-ADR MONIY US -2203513803 7204891602
MARCONI PLC-ADR QUQMON AU -2203513803 7204891602
MARCONI PLC-ADR MCBA GR -2203513803 7204891602
MARCONI PLC-ADR MY2A GR -2203513803 7204891602
MARSH SERVICES L 1701416Z LN -523772036.4 121325725.9
MAYBOURNE HOTELS 1824362Z LN -7342720.585 243776690.2
MBDA UK LTD 1720864Z LN -24824098.4 1872164454
MCINERNEY GROUP 1967014Z LN -174737505.4 140489212.7
MEDIAEDGE CIA UK 1912470Z LN -30968632.67 193466296
MEDIMMUNE LTD 1596402Z LN -18333665.25 353092399.2
MENZIES HOTELS H 4496419Z LN -100398281.3 322775887.8
MENZIES HOTELS O 2527986Z LN -61896569.44 159951232
MIDDLESEX CABLE 1598242Z LN -170219219.9 108664527.9
MIDLAND EXPRESSW 583730Z LN -21453585.64 1190959618
MILK LINK PROCES 1970766Z LN -8969327.852 114318428.2
MILLENNIUM STADI 1727672Z LN -21509367.87 169250447.4
MILLER HOMES 2220892Z LN -31021993.81 983811413
MNAIP LTD 2018815Z LN -8594175.012 140270204.8
MONARCH HOLDINGS 4502027Z LN -69668058.94 698208587.3
MOTO HOSPITALITY 1344378Z LN -47350900.32 1078461202
MOUCHEL GROUP PL MCHL TQ -23499332.3 510247739.7
MOUCHEL GROUP PL MCHL S1 -23499332.3 510247739.7
MOUCHEL GROUP PL MCHL NQ -23499332.3 510247739.7
MOUCHEL GROUP PL MCHLEUR EU -23499332.3 510247739.7
MOUCHEL GROUP PL MCHL QM -23499332.3 510247739.7
MOUCHEL GROUP PL MCHL EU -23499332.3 510247739.7
MOUCHEL GROUP PL MCHL IX -23499332.3 510247739.7
MOUCHEL GROUP PL MCHLGBP EO -23499332.3 510247739.7
MOUCHEL GROUP PL MO6 GR -23499332.3 510247739.7
MOUCHEL GROUP PL MCHL EB -23499332.3 510247739.7
MOUCHEL GROUP PL MCHLEUR EO -23499332.3 510247739.7
MOUCHEL GROUP PL MCHL LN -23499332.3 510247739.7
MOUCHEL GROUP PL MCHL EO -23499332.3 510247739.7
MOUCHEL GROUP PL MCHL BQ -23499332.3 510247739.7
MOUCHEL GROUP PL MCHL NR -23499332.3 510247739.7
MOUCHEL GROUP PL MCHL VX -23499332.3 510247739.7
MOUCHEL GROUP PL MCHL PZ -23499332.3 510247739.7
MOUCHEL GROUP PL MOUCF US -23499332.3 510247739.7
MOUCHEL PARKMAN MCHL PO -23499332.3 510247739.7
MYTRAVEL GROUP MT/S VX -379721780.5 1817512774
MYTRAVEL GROUP MYTPF US -379721780.5 1817512774
MYTRAVEL GROUP MT/S LN -379721780.5 1817512774
MYTRAVEL GROUP 3544280Q IX -379721780.5 1817512774
MYTRAVEL GROUP ARO2 GR -379721780.5 1817512774
MYTRAVEL GROUP MT/S PO -379721780.5 1817512774
MYTRAVEL GROUP P MT/ LN -379721780.5 1817512774
MYTRAVEL GROUP P 1018144Q GR -379721780.5 1817512774
MYTRAVEL GROUP P MT/ VX -379721780.5 1817512774
MYTRAVEL GROUP P MYTGF US -379721780.5 1817512774
MYTRAVEL GROUP-A 2281919Q GR -379721780.5 1817512774
MYTRAVEL GROUP-A MYTVF US -379721780.5 1817512774
MYTRAVEL TOUR OP 1190295Z LN -1444587831 1560632416
NACCO MATERIALS 1141567Z LN -7118433.514 147004693.9
NATIONS HEALTHCA 623142Z LN -73694956.7 114365932.5
NCR LTD 3083521Z LN -316495672.6 356199007
NESTLE UK LTD 1274562Z LN -431385112.4 1655061910
NEW LINX HOUSING 1801057Z LN -12040509.71 233111422.6
NEW LOOK RETAIL 2711544Z LN -463020028.6 2346673230
NEW STAR ASSET 3226431Q EU -397718038 292972732.1
NEW STAR ASSET NSAA LN -397718038 292972732.1
NEW STAR ASSET NSAM PZ -397718038 292972732.1
NEW STAR ASSET NSAM LN -397718038 292972732.1
NEW STAR ASSET N6S GR -397718038 292972732.1
NEW STAR ASSET NSAM IX -397718038 292972732.1
NEW STAR ASSET 3226439Q EU -397718038 292972732.1
NEW STAR ASSET NSAM TQ -397718038 292972732.1
NEW STAR ASSET 3226435Q EO -397718038 292972732.1
NEW STAR ASSET NSAM PO -397718038 292972732.1
NEW STAR ASSET 3226447Q EO -397718038 292972732.1
NEW STAR ASSET NWSAF US -397718038 292972732.1
NEW STAR ASSET 3226443Q EO -397718038 292972732.1
NEWCASTLE UNITED 1060322Z LN -112290583.6 186651205.2
NEWCASTLE UNITED 4380361Z LN -102558583.4 184539911.8
NORBAIN GROUP LT 4007676Z LN -15436972.45 108956420.2
NORTHERN ELEC FI 28944Z US -1130359.983 408059954
NORTHERN ELECTRI 1160759Z LN -1130359.983 408059954
NORTHERN FO-ASSD NFDA LN -70166103.48 924672036.4
NORTHERN FOODS NFDSEUR EU -70166103.48 924672036.4
NORTHERN FOODS NFDS VX -70166103.48 924672036.4
NORTHERN FOODS NFDS PO -70166103.48 924672036.4
NORTHERN FOODS NFDS EB -70166103.48 924672036.4
NORTHERN FOODS NFDSUSD EU -70166103.48 924672036.4
NORTHERN FOODS NFDSUSD EO -70166103.48 924672036.4
NORTHERN FOODS NFDS QM -70166103.48 924672036.4
NORTHERN FOODS NFO GR -70166103.48 924672036.4
NORTHERN FOODS NFDS LN -70166103.48 924672036.4
NORTHERN FOODS NFDS IX -70166103.48 924672036.4
NORTHERN FOODS NFDSGBP EO -70166103.48 924672036.4
NORTHERN FOODS NFDSEUR EO -70166103.48 924672036.4
NORTHERN FOODS NTFOF US -70166103.48 924672036.4
NORTHERN FOODS NFDS PZ -70166103.48 924672036.4
NORTHERN FOODS NFDS TQ -70166103.48 924672036.4
NORTHERN FOODS NFDS EU -70166103.48 924672036.4
NORTHERN FOODS NFDS EO -70166103.48 924672036.4
NORTHERN FOODS NFO GK -70166103.48 924672036.4
NORTHERN FOODS NFDS S1 -70166103.48 924672036.4
NORTHERN FOODS NFDS NQ -70166103.48 924672036.4
NORTHERN FOODS NFDS BQ -70166103.48 924672036.4
NORTHERN FOODS NFDS NR -70166103.48 924672036.4
NORTHERN FOODS P NFDR LN -70166103.48 924672036.4
NORTHERN FOO-NEW NFDN LN -70166103.48 924672036.4
NORTHERN FOO-RFD 650060Q LN -70166103.48 924672036.4
NOVAR ED&S LTD 1286578Z LN -12362003.04 176723922
NOVELIS UK LTD 1295610Z LN -29354907.35 167393334.2
NPIL HOLDCO LTD 3641071Z LN -174437379.8 865144704.3
NPOWER GAS LTD 1689816Z LN -381274433.9 500408294.4
NPOWER LTD 1185599Z LN -399535772.9 3443512739
NPOWER NORTHERN 1779169Z LN -477727478 2222376018
NTL COMMUNICATIO 1773729Z LN -301208075.9 954738393.1
NTL MIDLANDS LTD 1579698Z LN -1174963.948 459374901.9
ODEON AND UCI CI 3489372Z LN -380122740 961975815.4
O-I MANUFACTURIN 1320610Z LN -7063615.875 126090273.5
OPTIMUM CARE LTD 3951796Z LN -23827846.5 131314548.6
ORANGE PLC 951641Q LN -593935104.1 2902299502
ORANGE PLC 1460Q GR -593935104.1 2902299502
ORANGE PLC ORNGF US -593935104.1 2902299502
ORANGE PLC-ADR ORNGY US -593935104.1 2902299502
ORANGE PLC-ADR ONG GR -593935104.1 2902299502
ORANGE PLC-ADR ORA$ LN -593935104.1 2902299502
ORBIS PLC RLP GR -4168493.8 127701679.5
ORBIS PLC OBS IX -4168493.8 127701679.5
ORBIS PLC OBG PO -4168493.8 127701679.5
ORBIS PLC OBS PO -4168493.8 127701679.5
ORBIS PLC OBS LN -4168493.8 127701679.5
ORBIS PLC OBS PZ -4168493.8 127701679.5
ORBIS PLC ORBSF US -4168493.8 127701679.5
OUTDOOR GROUP LT 1318338Z LN -34424941.75 127535038.5
PARK FOOD GROUP PKFD LN -41823480.77 252651267.4
PARK GROUP PLC PKG LN -41823480.77 252651267.4
PARK GROUP PLC PKG EU -41823480.77 252651267.4
PARK GROUP PLC PRKGF US -41823480.77 252651267.4
PARK GROUP PLC PKG EO -41823480.77 252651267.4
PARK GROUP PLC PKG VX -41823480.77 252651267.4
PARK GROUP PLC PKG PO -41823480.77 252651267.4
PARK GROUP PLC PKG PZ -41823480.77 252651267.4
PARK GROUP PLC PKGGBP EO -41823480.77 252651267.4
PARK GROUP PLC PRKG IX -41823480.77 252651267.4
PARSONS BRINCKER 4496363Z LN -4691186.744 159531362.7
PARTKESTREL LTD 1486546Z LN -90325648.32 1585961788
PATIENTLINE PLC 2928903Q EU -54677284.64 124948245.8
PATIENTLINE PLC PTL LN -54677284.64 124948245.8
PATIENTLINE PLC PTL PO -54677284.64 124948245.8
PATIENTLINE PLC PTL IX -54677284.64 124948245.8
PATIENTLINE PLC PTL VX -54677284.64 124948245.8
PATIENTLINE PLC 2928907Q EO -54677284.64 124948245.8
PATIENTLINE PLC 2928899Q EO -54677284.64 124948245.8
PATIENTLINE PLC PTL PZ -54677284.64 124948245.8
PD PORT SERVICES 1407442Z LN -10969629.43 162071623.9
PENDRAGON PREMIE 1858506Z LN -9740093.803 156352977.7
PENNINE HOUSING 1892438Z LN -173655254.2 138682867.1
PEUGEOT CITROEN 1974702Z LN -72708407.45 266912249
PHONOGRAPHIC PER 1296410Z LN -7333794.897 201686757.6
PHS GROUP HOLDIN 3173182Z LN -211011146 1915467185
PHS GROUP PLC 592449Z LN -211011146 1915467185
PIPEX UK LTD 3956092Z LN -118990464.5 384147753.3
PLACES FOR PEOPL 1914158Z LN -56178390.75 585147920
PLANNED MAINTENA 1344714Z LN -57648953.97 148147314.6
PLUS HOUSING GRO 4015788Z LN -10023120.58 371941616.5
POLYUS G-GDR PLGL LI -88561000 241726000
POLYUS G-GDR KZG TQ -88561000 241726000
POLYUS G-GDR KAZAY US -88561000 241726000
POLYUS G-GDR KXZ GR -88561000 241726000
POLYUS G-GDR POLG LI -88561000 241726000
POLYUS G-GDR POLG TQ -88561000 241726000
POLYUS G-GDR KXZ1 GR -88561000 241726000
POLYUS G-GDR PLGL TQ -88561000 241726000
POLYUS G-GDR PLZLY US -88561000 241726000
POLYUS GOLD INTE 653479Z KZ -88561000 241726000
PORTSMOUTH FOOTB 2253627Z LN -93977761.27 177073811.1
POST OFFICE LTD 1542650Z LN -810274769.8 1745713935
POWERCORP INTERN 2075155Z LN -9861916.228 120277629
PPG METRO 500 LT 2224564Z LN -28999808.24 139145845.8
PREMIER PROPERTY 4006740Z LN -154087010.7 766206481.6
PRESTBURY WENTWO 3814856Z LN -84753043.56 659529899
PRINOVIS LIVERPO 2074147Z LN -23730499.87 280965576.9
PRODUCTION SERVI 2278723Z LN -66744030.72 507657733.9
PROSTRAKAN GROUP PSKEUR EO -9666264.987 134080449.8
PROSTRAKAN GROUP PSK S1 -9666264.987 134080449.8
PROSTRAKAN GROUP PSK VX -9666264.987 134080449.8
PROSTRAKAN GROUP PKNGF US -9666264.987 134080449.8
PROSTRAKAN GROUP PSKEUR EU -9666264.987 134080449.8
PROSTRAKAN GROUP PSK LN -9666264.987 134080449.8
PROSTRAKAN GROUP PSK PO -9666264.987 134080449.8
PROSTRAKAN GROUP PSK IX -9666264.987 134080449.8
PROSTRAKAN GROUP PSK EU -9666264.987 134080449.8
PROSTRAKAN GROUP PSK EO -9666264.987 134080449.8
PROSTRAKAN GROUP PSK PZ -9666264.987 134080449.8
PROSTRAKAN GROUP PSKGBP EO -9666264.987 134080449.8
QHOTELS GROUP LT 759287Z LN -184737716 699448824.7
QUINN BUILDING P 3949900Z LN -85682901.55 1320302420
QUINN RADIATORS 1405898Z LN -84009968.77 297557563.9
R&R ICE CREAM LT 3624280Z LN -119415790.4 995648642.4
RAVEN HOUSING TR 4155997Z LN -1384128.565 165155995.7
RAYTHEON SYSTEMS 1068610Z LN -32601425.32 346298511
RBS MEZZANINE LT 2198564Z LN -31627066.42 866060198.2
RED BEE MEDIA LT 1953086Z LN -5917906.033 233315140.7
RED FOOTBALL JOI 3277951Z LN -101906192.3 1372452972
REDCASTLE 214 OX 1195151Z LN -203269.4356 262332395.9
REGARD HOLDINGS 4157517Z LN -2678709.275 159772566.2
REGUS LTD 273187Q LN -46111832.15 367181111
REGUS PLC 2296Z LN -46111832.15 367181111
REGUS PLC REGSF US -46111832.15 367181111
REGUS PLC RGU GR -46111832.15 367181111
REGUS PLC 273195Q VX -46111832.15 367181111
REGUS PLC-ADS REGSY US -46111832.15 367181111
REGUS PLC-ADS REGS US -46111832.15 367181111
REGUS PLC-ADS REGSV US -46111832.15 367181111
REGUS PLC-ADS RGUA GR -46111832.15 367181111
RENAULT RETAIL G 1569882Z LN -939316.5822 148920952.8
RENTOKIL INITIAL RTOUSD EU -142674955 3045660413
RENTOKIL INITIAL RTO NR -142674955 3045660413
RENTOKIL INITIAL RTO1 GK -142674955 3045660413
RENTOKIL INITIAL RTOPEN EO -142674955 3045660413
RENTOKIL INITIAL RTOEUR EO -142674955 3045660413
RENTOKIL INITIAL RTOPEN EU -142674955 3045660413
RENTOKIL INITIAL RTO EU -142674955 3045660413
RENTOKIL INITIAL RTOUSD EO -142674955 3045660413
RENTOKIL INITIAL RTO S1 -142674955 3045660413
RENTOKIL INITIAL RKLIF US -142674955 3045660413
RENTOKIL INITIAL RTOEUR EU -142674955 3045660413
RENTOKIL INITIAL RTO QM -142674955 3045660413
RENTOKIL INITIAL RTO VX -142674955 3045660413
RENTOKIL INITIAL RTO TQ -142674955 3045660413
RENTOKIL INITIAL RTO IX -142674955 3045660413
RENTOKIL INITIAL RTO1 EO -142674955 3045660413
RENTOKIL INITIAL RTO PO -142674955 3045660413
RENTOKIL INITIAL RTO EO -142674955 3045660413
RENTOKIL INITIAL RTO PZ -142674955 3045660413
RENTOKIL INITIAL RTOGBP EO -142674955 3045660413
RENTOKIL INITIAL RTO EB -142674955 3045660413
RENTOKIL INITIAL RTO LN -142674955 3045660413
RENTOKIL INITIAL RTO1 GR -142674955 3045660413
RENTOKIL INITIAL RTO GR -142674955 3045660413
RENTOKIL INITIAL RTOKF US -142674955 3045660413
RENTOKIL INITIAL RTO BQ -142674955 3045660413
RENTOKIL INITIAL RTOG IX -142674955 3045660413
RENTOKIL INITIAL RTO NQ -142674955 3045660413
RENTOKIL-SP ADR RTOKY US -142674955 3045660413
RENTOKIL-SP ADR AP76 LI -142674955 3045660413
RIO TINTO LONDON 1313074Z LN -11248111.34 837785373.2
ROBINS & DAY LTD 1280922Z LN -36729873.15 136233088.2
ROSEMONT HOLDING 4391905Z LN -34807182.85 158222622.5
ROSYTH ROYAL DOC 2184524Z LN -51250390.37 170932412.7
ROYAL BANK LEASI 2177244Z LN -96708288.01 12689075410
ROYAL MAIL HOLDI 3900202Z LN -4979588987 9290852179
SAFFRON HOUSING 4448377Z LN -3777866.1 124457507.9
SAMPFORD UNDERWR 1230791Z LN -18964953.58 150532675.1
SCOTTISH MEDIA SSM LN -36632758.71 143156965
SCOTTISH MEDIA 1442Q GR -36632758.71 143156965
SCOTTISH MEDIA SSMR LN -36632758.71 143156965
SCOTTISH TELEV SCTVF US -36632758.71 143156965
SCOTTISHPOWER EN 2211292Z LN -388472480.2 2874992270
SCOTTS CO UK LTD 1154459Z LN -31443592.79 119553562.6
SEGRO FINANCE PU 2320833Z LN -1254907.484 270979842.3
SELWOOD HOUSING 1933982Z LN -5609259.85 165098338.1
SETON HEALTHCARE 2290Z LN -10585183.94 156822902.8
SEVERN VALE HOUS 4287717Z LN -43910018.24 115584900.8
SFI GROUP PLC SUF LN -108067115.8 177647536.1
SFI GROUP PLC SUYFF US -108067115.8 177647536.1
SHEFFIELD UNITED 1275418Z LN -17712590.52 101590746.2
SIMON CARVES LTD 1209367Z LN -309426997.2 105356699.7
SKANDIA LIFE BUS 1451642Z LN -1945833.316 191394739.6
SKYEPHARMA PLC SKP EO -133034755.3 130464035.4
SKYEPHARMA PLC SKP PZ -133034755.3 130464035.4
SKYEPHARMA PLC SKP BQ -133034755.3 130464035.4
SKYEPHARMA PLC SKP7 EO -133034755.3 130464035.4
SKYEPHARMA PLC SKP PO -133034755.3 130464035.4
SKYEPHARMA PLC SKPGBP EO -133034755.3 130464035.4
SKYEPHARMA PLC SKP VX -133034755.3 130464035.4
SKYEPHARMA PLC SKP4 EO -133034755.3 130464035.4
SKYEPHARMA PLC SKP TQ -133034755.3 130464035.4
SKYEPHARMA PLC SKP IX -133034755.3 130464035.4
SKYEPHARMA PLC SKP1 EO -133034755.3 130464035.4
SKYEPHARMA PLC SKP2 EO -133034755.3 130464035.4
SKYEPHARMA PLC SKP6 EO -133034755.3 130464035.4
SKYEPHARMA PLC SK8C GR -133034755.3 130464035.4
SKYEPHARMA PLC SKP3 EO -133034755.3 130464035.4
SKYEPHARMA PLC SKP5 EO -133034755.3 130464035.4
SKYEPHARMA PLC SKP10 EO -133034755.3 130464035.4
SKYEPHARMA PLC SKP LN -133034755.3 130464035.4
SKYEPHARMA PLC SKYEF US -133034755.3 130464035.4
SKYEPHARMA PLC SK8A GR -133034755.3 130464035.4
SKYEPHARMA PLC SKP1 VX -133034755.3 130464035.4
SKYEPHARMA PLC SKP8 EO -133034755.3 130464035.4
SKYEPHARMA PLC SKPEUR EO -133034755.3 130464035.4
SKYEPHARMA PLC SKP EU -133034755.3 130464035.4
SKYEPHARMA PLC SKP9 EO -133034755.3 130464035.4
SKYEPHARMA PLC SKPEUR EU -133034755.3 130464035.4
SKYEPHARMA -SUB 2976665Z LN -133034755.3 130464035.4
SKYEPHARMA-ADR SKYPY US -133034755.3 130464035.4
SKYEPHARMA-ADR SKYEY US -133034755.3 130464035.4
SKYEPHARMA-ADR SK8 GR -133034755.3 130464035.4
SKYEPHARMA-ADR SKYE US -133034755.3 130464035.4
SKYEPHARMA-ADR AP80 LI -133034755.3 130464035.4
SKYEPHARMA-ADR SK8N GR -133034755.3 130464035.4
SKYEPHAR-RTS F/P SKPF VX -133034755.3 130464035.4
SKYEPHAR-RTS F/P SKPF LN -133034755.3 130464035.4
SKYEPHAR-RTS N/P SKPN VX -133034755.3 130464035.4
SKYEPHAR-RTS N/P SKPN LN -133034755.3 130464035.4
SLP ENGINEERING 1855186Z LN -32035150.2 111509874.7
SMG PLC SMG PO -36632758.71 143156965
SMG PLC SMG LN -36632758.71 143156965
SMG PLC-FUL PAID SMGF LN -36632758.71 143156965
SMG PLC-NIL PAID SMGN LN -36632758.71 143156965
SMITHS NEWS PLC NWS1 EU -97977003.31 345035294.1
SMITHS NEWS PLC NWS PZ -97977003.31 345035294.1
SMITHS NEWS PLC NWS1GBP EO -97977003.31 345035294.1
SMITHS NEWS PLC NWS9 EO -97977003.31 345035294.1
SMITHS NEWS PLC NWS2EUR EO -97977003.31 345035294.1
SMITHS NEWS PLC NWS12 EO -97977003.31 345035294.1
SMITHS NEWS PLC SMWPF US -97977003.31 345035294.1
SMITHS NEWS PLC NWS2 TQ -97977003.31 345035294.1
SMITHS NEWS PLC SMWPY US -97977003.31 345035294.1
SMITHS NEWS PLC NWS1 EO -97977003.31 345035294.1
SMITHS NEWS PLC NWS7 EO -97977003.31 345035294.1
SMITHS NEWS PLC NWS IX -97977003.31 345035294.1
SMITHS NEWS PLC NWS PO -97977003.31 345035294.1
SMITHS NEWS PLC NWS2 EO -97977003.31 345035294.1
SMITHS NEWS PLC NWS S1 -97977003.31 345035294.1
SMITHS NEWS PLC NWS13 EO -97977003.31 345035294.1
SMITHS NEWS PLC NWS4 EO -97977003.31 345035294.1
SMITHS NEWS PLC NWS2GBP EO -97977003.31 345035294.1
SMITHS NEWS PLC NWS8 EO -97977003.31 345035294.1
SMITHS NEWS PLC NWS VX -97977003.31 345035294.1
SMITHS NEWS PLC NWS1 BQ -97977003.31 345035294.1
SMITHS NEWS PLC NWS5 EO -97977003.31 345035294.1
SMITHS NEWS PLC NWS6 EO -97977003.31 345035294.1
SMITHS NEWS PLC NWS11 EO -97977003.31 345035294.1
SMITHS NEWS PLC NWS LN -97977003.31 345035294.1
SMITHS NEWS PLC NWS2EUR EU -97977003.31 345035294.1
SMITHS NEWS PLC NWS10 EO -97977003.31 345035294.1
SONY COMPUTER EN 3893902Z LN -527371383.9 1289099673
SONY DADC UK LTD 4007652Z LN -758038.3706 131666251.9
SONY UNITED KING 1591658Z LN -1219147829 2550391748
SOUTH STAFFORDSH 4049781Z LN -12127094.81 148602864.7
SOUTHERN CROSS SCHEUSD EO -456945463.9 226544692
SOUTHERN CROSS SCHE7 EO -456945463.9 226544692
SOUTHERN CROSS SCHE PO -456945463.9 226544692
SOUTHERN CROSS SCHE PZ -456945463.9 226544692
SOUTHERN CROSS SCHE EB -456945463.9 226544692
SOUTHERN CROSS SCHEEUR EU -456945463.9 226544692
SOUTHERN CROSS SCHE5 EO -456945463.9 226544692
SOUTHERN CROSS SCHE2 EO -456945463.9 226544692
SOUTHERN CROSS SOCHF US -456945463.9 226544692
SOUTHERN CROSS SCHE TQ -456945463.9 226544692
SOUTHERN CROSS SCHE3 EO -456945463.9 226544692
SOUTHERN CROSS SCHE BQ -456945463.9 226544692
SOUTHERN CROSS F2Z TH -456945463.9 226544692
SOUTHERN CROSS SCHE4 EO -456945463.9 226544692
SOUTHERN CROSS SCHE EO -456945463.9 226544692
SOUTHERN CROSS SCHEUSD EU -456945463.9 226544692
SOUTHERN CROSS SCHE6 EO -456945463.9 226544692
SOUTHERN CROSS F2Z GR -456945463.9 226544692
SOUTHERN CROSS SCHE IX -456945463.9 226544692
SOUTHERN CROSS SCHE NQ -456945463.9 226544692
SOUTHERN CROSS SCHE EU -456945463.9 226544692
SOUTHERN CROSS SCHEEUR EO -456945463.9 226544692
SOUTHERN CROSS SCH3 EO -456945463.9 226544692
SOUTHERN CROSS SCHE VX -456945463.9 226544692
SOUTHERN CROSS SCHE LN -456945463.9 226544692
SOUTHERN CROSS SCHEGBP EO -456945463.9 226544692
SOUTHERN CROSS SCH4 EO -456945463.9 226544692
SOUTHERN CROSS SCHE NR -456945463.9 226544692
SOUTHERN CROSS SCHE QM -456945463.9 226544692
SOUTHERN CROSS SCH5 EO -456945463.9 226544692
SOUTHERN CROSS SCHE S1 -456945463.9 226544692
SOUTHERN CROSS SCHE8 EO -456945463.9 226544692
SOUTHERN ELECTRI 2635379Z LN -259913242.1 1437660480
SPEAR GROUP HOLD 4470999Z LN -91133585.59 140447896.6
SPEEDY 1 LTD 3722238Z LN -464739433.2 1384529500
SPEEDY SUPPORT S 1601730Z LN -34304692.53 146096457.3
SQUARE ENIX LTD 1826770Z LN -223995033.8 278955082.2
SR TECHNICS UK L 2900250Z LN -87572452.23 179843123.8
STAGECOACH GROUP SGC1GBP EO -158544626.7 2695903851
STAGECOACH GROUP SHP GR -158544626.7 2695903851
STAGECOACH GROUP SGC1 QM -158544626.7 2695903851
STAGECOACH GROUP SGC1PEN EU -158544626.7 2695903851
STAGECOACH GROUP SGC S1 -158544626.7 2695903851
STAGECOACH GROUP SGC1USD EU -158544626.7 2695903851
STAGECOACH GROUP SGC IX -158544626.7 2695903851
STAGECOACH GROUP SGC1 EU -158544626.7 2695903851
STAGECOACH GROUP SGC1EUR EO -158544626.7 2695903851
STAGECOACH GROUP SGC1 BQ -158544626.7 2695903851
STAGECOACH GROUP SGC1 NR -158544626.7 2695903851
STAGECOACH GROUP SHP4 GK -158544626.7 2695903851
STAGECOACH GROUP SGC1 EB -158544626.7 2695903851
STAGECOACH GROUP SHP5 GR -158544626.7 2695903851
STAGECOACH GROUP SGC1 NQ -158544626.7 2695903851
STAGECOACH GROUP SGC LN -158544626.7 2695903851
STAGECOACH GROUP SGC2 VX -158544626.7 2695903851
STAGECOACH GROUP SGC1 TQ -158544626.7 2695903851
STAGECOACH GROUP SGC1 EO -158544626.7 2695903851
STAGECOACH GROUP SGC PO -158544626.7 2695903851
STAGECOACH GROUP SGC1AUD EO -158544626.7 2695903851
STAGECOACH GROUP SGC1AUD EU -158544626.7 2695903851
STAGECOACH GROUP SGCG PZ -158544626.7 2695903851
STAGECOACH GROUP SGC1USD EO -158544626.7 2695903851
STAGECOACH GROUP SGC1EUR EU -158544626.7 2695903851
STAGECOACH GROUP SAGKF US -158544626.7 2695903851
STAGECOACH GROUP SGC1PEN EO -158544626.7 2695903851
STAGECOACH GROUP SHP4 GR -158544626.7 2695903851
STAGECOACH GRP-B SGCB LN -158544626.7 2695903851
STAGECOACH SERVI 1584258Z LN -27470918.93 305042241.9
STAGECOACH-NEW SGCN LN -158544626.7 2695903851
STAGECOA-SPN ADR SAGKY US -158544626.7 2695903851
STV GROUP PLC SMG IX -36632758.71 143156965
STV GROUP PLC STVG EU -36632758.71 143156965
STV GROUP PLC STVGGBP EO -36632758.71 143156965
STV GROUP PLC SMG VX -36632758.71 143156965
STV GROUP PLC SMGPF US -36632758.71 143156965
STV GROUP PLC STVG VX -36632758.71 143156965
STV GROUP PLC STVG EO -36632758.71 143156965
STV GROUP PLC STVGEUR EU -36632758.71 143156965
STV GROUP PLC STVG LN -36632758.71 143156965
STV GROUP PLC STVGEUR EO -36632758.71 143156965
STV GROUP PLC SMG PZ -36632758.71 143156965
STV GROUP PLC STVG S1 -36632758.71 143156965
SUN CHEMICAL LTD 2569274Z LN -21504458.55 276424178.5
SUNDERLAND ASSOC 1274418Z LN -30559441.44 144949782.5
SUNSAIL LTD 1092666Z LN -37047891.81 193976501.7
SW NO 1 LTD 1266351Z LN -127509303.4 140986934.8
SWIFT TECHNICAL 4287133Z LN -34723772.77 138665319.9
TATA CMMNCTNS UK 2534722Z LN -32378969.15 118690215.5
TDL INFOMEDIA 3362Z LN -25723860.05 136762955.6
TELEWEST COM-ADR TWSTD US -3702234581 7581020925
TELEWEST COM-ADR 940767Q GR -3702234581 7581020925
TELEWEST COM-ADR TWT$ LN -3702234581 7581020925
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
TELEWEST COMM TWT VX -3702234581 7581020925
TELEWEST COMM 604296Q GR -3702234581 7581020925
TELEWEST COMM TWSTF US -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
TELEWEST COMMUNI 1608194Z LN -459786702.9 9163459022
TELEWEST COMMUNI 1646328Z LN -322407498.9 794173871.1
THALES CORPORATE 1083706Z LN -39356881.83 696177878.8
THAMES WATER FIN 1615Z LN -48749918.54 4474513723
THORN EMI PLC THNE FP -2265916257 2950021937
THORN EMI-ADR THN$ LN -2265916257 2950021937
THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TIGER ASPECT PRO 1819690Z LN -1811042.92 108420699.7
TIMES NEWSPAPERS 2343939Z LN -653746579.6 603467606.2
TOPPS TILES PLC TPT EO -39843958.08 122386142.5
TOPPS TILES PLC TPT7 EO -39843958.08 122386142.5
TOPPS TILES PLC TPT9 EO -39843958.08 122386142.5
TOPPS TILES PLC TPT EU -39843958.08 122386142.5
TOPPS TILES PLC TPTJY US -39843958.08 122386142.5
TOPPS TILES PLC TPT6 EO -39843958.08 122386142.5
TOPPS TILES PLC TPT8 EO -39843958.08 122386142.5
TOPPS TILES PLC TPT S1 -39843958.08 122386142.5
TOPPS TILES PLC TPTGBP EO -39843958.08 122386142.5
TOPPS TILES PLC TPT4 EO -39843958.08 122386142.5
TOPPS TILES PLC TPT LN -39843958.08 122386142.5
TOPPS TILES PLC TPT PZ -39843958.08 122386142.5
TOPPS TILES PLC TPT3 EO -39843958.08 122386142.5
TOPPS TILES PLC TPT5 EO -39843958.08 122386142.5
TOPPS TILES PLC TPTJF US -39843958.08 122386142.5
TOPPS TILES PLC TPT VX -39843958.08 122386142.5
TOPPS TILES PLC TPT TQ -39843958.08 122386142.5
TOPPS TILES PLC TPTEUR EO -39843958.08 122386142.5
TOPPS TILES PLC TPT BQ -39843958.08 122386142.5
TOPPS TILES PLC TPT1 EO -39843958.08 122386142.5
TOPPS TILES PLC TPT2 EO -39843958.08 122386142.5
TOPPS TILES PLC TPTEUR EU -39843958.08 122386142.5
TOPPS TILES PLC TPT PO -39843958.08 122386142.5
TOPPS TILES PLC TPT IX -39843958.08 122386142.5
TOPPS TILES PLC TPT10 EO -39843958.08 122386142.5
TOPPS TILES-NEW TPTN LN -39843958.08 122386142.5
TOTAL UK LTD 3897130Z LN -61225906.13 2907445594
TRAVELEX HOLDING 2917958Z LN -1298945101 2546701094
TRAVELODGE LTD 3471462Z LN -515411329.9 1254613472
TRINITY MIRROR C 1871386Z LN -53485246.17 204376308.9
TRINITY MIRROR M 1871370Z LN -140843056.8 448783505.1
TRINITY MIRROR P 1511258Z LN -123528659.2 920027091.7
TRINITY MIRROR S 1512242Z LN -3205761.051 531281737.1
TSE DEVELOPMENT 2087531Z LN -297696548.3 510522326.8
TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -913811298.8 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1928848885 6056871052
UNIQ PREPARED FO 1077122Z LN -120661558 355622471.3
UNITED BISCUITS 3193858Z LN -326896245.3 3316769414
UNIVERSAL LEASIN 2581586Z LN -28690420.23 155128729.2
UNIVERSAL PICTUR 1083202Z LN -66200436.83 242851864.9
UPS LTD 1503290Z LN -128358198.9 422072199.6
UTC GROUP UGR LN -11904428.42 203548565
VALE OF AYLESBUR 4006932Z LN -73416860.01 100856530.6
VANCO UK LTD 2784982Z LN -56556541 114635709.2
VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6
VIRGIN MOB-ASSD VMOA LN -392165409.3 166070003.7
VIRGIN MOB-ASSD VMOC LN -392165409.3 166070003.7
VIRGIN MOBILE UEM GR -392165409.3 166070003.7
VIRGIN MOBILE VGMHF US -392165409.3 166070003.7
VIRGIN MOBILE VMOB VX -392165409.3 166070003.7
VIRGIN MOBILE VMOB LN -392165409.3 166070003.7
VIRGIN MOBILE VMOB PO -392165409.3 166070003.7
VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566
VODAFONE UK CONT 1909662Z LN -36036445.35 241077469.5
VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
WALES & WEST UTI 3688061Z LN -784167196.7 2080276139
WARNER ESTATE WNEHF US -41311778.07 373214358.7
WARNER ESTATE WNER EO -41311778.07 373214358.7
WARNER ESTATE WNER LN -41311778.07 373214358.7
WARNER ESTATE WNER EU -41311778.07 373214358.7
WARNER ESTATE WRL GR -41311778.07 373214358.7
WARNER ESTATE WNER PZ -41311778.07 373214358.7
WARNER ESTATE WNER VX -41311778.07 373214358.7
WARNER ESTATE WNER PO -41311778.07 373214358.7
WARNER ESTATE WNER IX -41311778.07 373214358.7
WARNER ESTATE WNERGBP EO -41311778.07 373214358.7
WARNER MUSIC UK 1075906Z LN -30035535.27 103148268.1
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WEETABIX LTD-A WEEBF US -397652099.9 909970808.9
WEETABIX LTD-A WTB OF -397652099.9 909970808.9
WESCOT TOPCO LTD 4007020Z LN -28467510.91 115035189
WEST HAM UNITED 1275834Z LN -60233495.23 174701255.1
WESTBURY HOTEL L 1214607Z LN -541051.7845 357290768.3
WHELCO HOLDINGS 2741744Z LN -1295249.714 100781831
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
WINCANTON PL-ADR WNCNY US -290434318.5 1037176004
WINCANTON PLC WIN1 EB -290434318.5 1037176004
WINCANTON PLC WIN1 BQ -290434318.5 1037176004
WINCANTON PLC WIN7 EO -290434318.5 1037176004
WINCANTON PLC WIN1GBP EO -290434318.5 1037176004
WINCANTON PLC WIN5 EO -290434318.5 1037176004
WINCANTON PLC WIN8 EO -290434318.5 1037176004
WINCANTON PLC WIN9 EO -290434318.5 1037176004
WINCANTON PLC WIN1USD EU -290434318.5 1037176004
WINCANTON PLC WIN6 EO -290434318.5 1037176004
WINCANTON PLC WIN13 EO -290434318.5 1037176004
WINCANTON PLC WIN PZ -290434318.5 1037176004
WINCANTON PLC WIN IX -290434318.5 1037176004
WINCANTON PLC WIN1 S1 -290434318.5 1037176004
WINCANTON PLC WIN12 EO -290434318.5 1037176004
WINCANTON PLC WIN1 EO -290434318.5 1037176004
WINCANTON PLC WIN4 EO -290434318.5 1037176004
WINCANTON PLC WIN1 TQ -290434318.5 1037176004
WINCANTON PLC WIN1USD EO -290434318.5 1037176004
WINCANTON PLC WNCNF US -290434318.5 1037176004
WINCANTON PLC WIN VX -290434318.5 1037176004
WINCANTON PLC WIN1EUR EU -290434318.5 1037176004
WINCANTON PLC WIN1 EU -290434318.5 1037176004
WINCANTON PLC WIN PO -290434318.5 1037176004
WINCANTON PLC WIN10 EO -290434318.5 1037176004
WINCANTON PLC WIN LN -290434318.5 1037176004
WINCANTON PLC WIN1 NQ -290434318.5 1037176004
WINCANTON PLC WIN1EUR EO -290434318.5 1037176004
WINCANTON PLC WIN1 QM -290434318.5 1037176004
WINCANTON PLC WIN11 EO -290434318.5 1037176004
WINDSOR TELEVISI 1475394Z LN -232297665.7 340517582.8
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XAARJET LTD 2697648Z LN -3938911.173 102239864.3
XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -88056666.54 169405671
YANG MING UK LTD 1756777Z LN -39140424.52 296076088.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -46554226.38 279057376.4
ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6
*********
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, 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 * * *