TCREUR_Public/111219.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, December 19, 2011, Vol. 12, No. 250

                            Headlines



A Z E R B A I J A N

INT'L BANK: Fitch Maintains Watch Neg. on 'E' Individual Rating


B U L G A R I A

SOCIETE GENERALE: Fitch Affirms Individual Rating at 'D'


C R O A T I A

CREDO BANK: Central Bank Wants Bankruptcy Proceedings Launched


F I N L A N D

M-REAL OYJ: Moody's Changes Outlook on 'B3' CFR to Stable


F R A N C E

FCC MINOTAURE: Fitch Affirms Rating on Class C Notes at 'BBsf'


G E O R G I A

* GEORGIA: Fitch Raises Long-Term Issuer Default Rating to 'BB-'


G E R M A N Y

SOLON SE: Non-German Units Not Affected by Insolvency
TFL HOLDING: Creditors Plan to Seek Bids Early Next Year


G R E E C E

IRIDA: Moody's Withdraws 'B2' Rating on EUR261.1-Mil. A Notes


I R E L A N D

ECLIPSE 2007-2: Fitch Lowers Rating on Two Note Classes to 'Dsf'
EIRCOM GROUP: STT to Seek EUR1.75-Billion Debt Writedown
TITAN EUROPE: Fitch Affirms 'CC' Ratings on Five Note Classes


I T A L Y

SEAT PAGINE: Likely to Extend Restructuring Vote Deadline
SESANTE FINANCE: Fitch Affirms 'CC' Ratings on Five Note Classes


K A Z A K H S T A N

BTA BANK: To Seek Approval of Debt Restructuring Before Year-End


N E T H E R L A N D S

ENDEMOL NV: Reaches Debt Extension Until February


N O R W A Y

AKER SOLUTIONS: Fitch Cuts Senior Unsecured Rating to 'BB+'


R U S S I A

ATOMIC ENERGY: S&P Assesses Stand-alone Credit Profile at 'bb'


S P A I N

BANCO CAM SA: Fitch Keeps 'BB+' Long-Term IDR on Watch Positive
FTYPYME TDA: Fitch Affirms Rating on EUR7.7MM Notes at 'BB-'
IM TERRASSA: Fitch Affirms Rating on Class C Notes at 'BBsf'
SAAB AUTOMOBILE: Names New Administrator


T U R K E Y

ALBARAKA TURK: S&P Keeps 'BB' Counterparty Credit Rating
TURKIYE FINANS: Fitch Assigns 'bb-' Viability Rating


U K R A I N E

UKRSIBBANK: Moody's Reviews 'Ba2' Deposit Rating for Downgrade


U N I T E D   K I N G D O M

* Asset Manager Invesco Shopping Portfolio of European CLOs


U Z B E K I S T A N

AGROBANK OJSC: Fitch Maintains Watch Negative on 'B-' IDR


X X X X X X X X

* BOND PRICING: For the Week November 28 to December 2, 2011


                            *********


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A Z E R B A I J A N
===================


INT'L BANK: Fitch Maintains Watch Neg. on 'E' Individual Rating
---------------------------------------------------------------
Fitch Ratings has downgraded International Bank of Azerbaijan's
(IBA) Long-term Issuer Default Rating (IDR) to 'BB+' from 'BBB-'
and Support Rating to '3' from '2'. The Support Rating Floor has
been revised to 'BB+' from 'BBB-'. All ratings have been
maintained on Rating Watch Negative (RWN).

The downgrades reflect further delays with IBA's
recapitalization, and that continued non-compliance with
regulatory capital ratios has forced the bank to seek waivers
from creditors in respect of covenant breaches.  In Fitch's view,
the absence of timely capital support over a prolonged period of
time means that it is no longer appropriate for the bank's
ratings to be at investment grade level.

At the same time, Fitch's base case expectation remains that the
Azerbaijan authorities will ultimately provide necessary support
to IBA, and the 'BB+' Long-term IDR continues to reflect a
relatively high likelihood of assistance from the Azerbaijan
sovereign ('BBB-'/Positive).  However, the RWN on the ratings
reflects the significant risk of a another downgrade if there is
a further delay with the recapitalization, particularly if this
extends beyond the current waiver period granted by creditors and
results in an acceleration of the bank's debt.

IBA has been in breach of minimum capital adequacy requirements
since the beginning of 2010, but the Azerbaijan authorities have
only recently formulated plans to recapitalize the bank.
Furthermore, Fitch understands that capital will be replenished
in the first instance only by subordinated debt, which will be
classified as Tier 1 capital for regulatory purposes, but
provides less financial flexibility and loss-absorption capacity
than equity.  Fitch has been informed that the authorities also
plan to inject equity into the bank, but this will be an
incremental process and will depend on minority shareholders
being able to contribute on a pro rata basis.

Fitch has also been informed that the Central Bank of Azerbaijan
(CBA) has now committed to provide subordinated debt to IBA by
end-2011, although previously this was scheduled to take place by
end-October 2011.  If the facility is not provided by 15 January
2012, then Fitch understands that the waiver granted by creditors
will lose force and lenders would once more be able to accelerate
funding equal to about 8% of the bank's liabilities.  Even if the
facility is provided, by itself it is unlikely to be sufficient
to bring the bank's Basel capital ratios into line with
covenanted levels; meaning a further covenant breach is likely
when the bank's end-2011 IFRS accounts are published.

IBA's support-driven ratings continue to factor in the bank's
dominant market shares and systemic importance, its part policy
role, and its relatively small size compared to the sovereign's
available resources.  However, the recapitalization delays, the
large (49.8%) minority non-government ownership of IBA -- which,
in Fitch's view, could be a factor contributing to delays with
equity injections -- and the potential privatization of the bank
limit the extent to which support is factored into the ratings.

Fitch will likely affirm the bank's IDRs if the Azerbaijan
authorities complete the planned recapitalization of the bank.
However, IBA could be downgraded further if there are further
delays with implementation of these plans, in particular if they
result in debt acceleration.

The rating actions are as follows:

  -- Long-term foreign currency IDR: downgraded to 'BB+' from
     'BBB-'; maintained on RWN

  -- Short-term foreign currency IDR: downgraded to 'B' from F3';
     maintained on RWN

  -- Support Rating: downgraded to '3' from '2'; maintained on
     RWN

  -- Support Rating Floor: revised to 'BB+' from 'BBB-';
     maintained on RWN

  -- Viability Rating: 'cc' maintained on RWN

  -- Individual Rating: 'E'; maintained on RWN


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


SOCIETE GENERALE: Fitch Affirms Individual Rating at 'D'
--------------------------------------------------------
Fitch Ratings has revised the Outlook on Societe Generale Express
Bank AD's (SGE) and Bulgarian Development Bank's (BDB) Long-term
Issuer Default Ratings (IDRs) to Stable from Positive.  Fitch has
also affirmed the two banks' Long-term IDRs.  This follows a
similar action taken on Bulgaria's Long-term IDR.

SGE's IDRs and Support Rating are driven by the high probability
of support that it could expect from Societe Generale
('A+'/Stable/'F1+'; 99.72% stake in SGE).  SGE's Long-Term IDR is
also capped by Bulgaria's Country Ceiling of 'BBB+', itself
linked to Bulgaria's Long-Term IDR, and shares the Outlook on the
sovereign's Long-Term IDR which was revised to Stable from
Positive.

BDB's Long-Term IDR and Outlook are aligned with those of the
Bulgarian sovereign, reflecting that BDB is a state-owned bank
with a core development mandate and a function as a governmental
policy instrument.

The ratings actions are as follows:

BDB

  -- Long-term (LT) IDR: affirmed at 'BBB-'; Outlook revised to
     Stable from Positive

  -- Short-term (ST) IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

  -- Support Rating Floor: affirmed at 'BBB-'

  -- Individual Rating: unaffected, 'D'

SGE

  -- LT IDR: affirmed at 'BBB+'; Outlook revised to Stable from
     Positive

  -- ST IDR: affirmed at 'F2'

  -- Support Rating: affirmed at '2'

  -- Viability Rating: unaffected, 'bb'

  -- Individual Rating: unaffected, 'D'


=============
C R O A T I A
=============


CREDO BANK: Central Bank Wants Bankruptcy Proceedings Launched
--------------------------------------------------------------
SeeNews reports that Croatia's central bank said it has decided
to propose to a local court to initiate bankruptcy proceedings
for the delicensed Credo Banka.

According to SeeNews, the Croatian National Bank (CNB) said in a
statement on its Web site last week that Credo Banka, which is
undergoing compulsory winding-up proceedings, has been in default
for over 21 days in regards to the payment of matured deposits
covered by deposit insurance legislation and that fact has
provided the grounds for initiating bankruptcy proceedings as set
forth in the Credit Institutions Act.

In late November, the CNB said it had decided to revoke Credo
Banka's license over serious irregularities in its operations and
to start compulsory winding-up proceedings, SeeNews recounts.


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


M-REAL OYJ: Moody's Changes Outlook on 'B3' CFR to Stable
---------------------------------------------------------
Moody's Investors Service changed the outlook on M-real Oyj's
ratings to stable from positive. All ratings, including the
group's B3 corporate family rating (CFR) and the B3 senior
unsecured notes rating remain unchanged.

Ratings Rationale

The rating action reflects the company's profit warning that was
published on December 8, now stating that operating profit in the
last quarter of 2011 will be clearly below the operating profit
level of Q3 2011. This compares to prior guidance of Q4 operating
profit roughly at the same level as in Q3 2011. Based on the
latest forecasts, Moody's believes that it will become
increasingly unlikely that M-real achieves metrics sufficient for
a higher rating in the short term, such as RCF/Debt in the high
single digits and Debt/EBITDA dropping to below 5.5x on a
sustainable basis. This assessment also takes into account the
weakening industry conditions over the past months, which will in
Moody's view continue to exert negative pressure on paper volumes
in 2012 as well. In addition, lower input prices are expected to
result in pressure on selling prices depressing the outlook for
operating profit generation.

Key drivers for the lower than expected operating profitability
triggering the profit warning are lower volumes in the group's
paper and pulp division and a negative impact from lower pulp
prices. In addition, also volumes for the group's consumer
packaging board products declined as a result of inventory
reduction across the supply chain, considering the weakening
macroeconomic environment. M-real guided towards additional
restructuring measures to be implemented in 2012, which will
likely trigger upfront charges before benefits can be realized.
Over the past few months, M-real already announced several
measures to eliminate financial losses in its paper operations.
Moody's notes that related restructuring costs will weigh on
operating profitability and cash generation in the short term.
However, Moody's believes that these steps, if successfully
implemented with no significant additional cash cost or delay
compared to M-real's indications, are inevitable for M-real to
return to sustainable profit levels given the unfavorable cost
structure of these assets as well as the challenging market
environment for these products.

Moody's cautions that the group remains exposed to considerable
refinancing risk with debt maturities of EUR160 million in 2012
and EUR600 million in 2013. This compares to EUR345 million of
cash and equivalents reported per September 2011 and no
alternative back up liquidity arrangements in place currently.
The stable outlook on the B3 rating assumes a proactive approach
to refinance a major part of debt maturities over the next few
months with pressure on the rating to increase absent
considerable progress in addressing upcoming maturities in the
next few months.

More fundamentally, the group's B3 rating remains supported by
(i) the strong market position, being among the leading producers
in Europe in consumer packaging, (ii) its good vertical
integration into fibre through its parent company Metsaliitto and
its valuable minority shareholding in pulp company Metsa-Botnia
providing a partial hedge to high and volatile input costs, and
(iii) management's demonstrated commitment towards restructuring
the company.

The rating however remains constrained by (i) the weak operating
profitability on a group level with a history of considerable
cash consumption, (ii) the historical reliance on asset disposals
to pay maturing debt and (iii) still elevated leverage of the
company with adjusted net Debt/EBITDA above 7 times, although
Moody's notes that financial debt was materially reduced over the
past years on the back of various asset disposals.

The rating could be upgraded if the company proactively addresses
its refinancing challenges and continues to record improving
financial metrics for its underlying operations (i.e. when
excluding the negative impact of the announced restructuring
measures), as reflected in positive free cash flows, an RCF/Debt
ratio rising towards high single-digit percentages and a
reduction in its Debt/EBITDA (excluding restructuring costs)
ratio towards 5.5x.

The rating could come under negative pressure if the company
would be unable to timely refinance upcoming debt maturities over
the next months, if Debt/EBITDA exceeds 7x, based on a
consideration of continuing operations, or if material negative
free cash flow generation weakens its liquidity position.

Outlook Actions:

   Issuer: M-real Oyj

   -- Outlook, Changed To Stable From Positive

   Issuer:Metsa Group Financial Services Oy

   -- Outlook, Changed To Stable From Positive

The principal methodology used in rating M-real Oyj was the
Global Paper and Forest Products Industry Methodology published
in September 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.

M-real, headquartered in Espoo, Finland, is among Europe's
largest integrated board and paper companies with sales of EUR2.6
billion in the last twelve months ending September 2011. Core
activities relate to the production of paper based consumer
packaging products. M-real is also a producer of office papers
and specialty papers, however, the company recently announced
measures to close large parts of its paper making activities.


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


FCC MINOTAURE: Fitch Affirms Rating on Class C Notes at 'BBsf'
--------------------------------------------------------------
Fitch Ratings has affirmed four French RMBS transactions
originated by Electricite de France (EDF; 'A+'/'F1'), Gaz de
France (GDF) and their subsidiaries. The rating actions are as
follows:

Electra 1:

  -- Class A4 (ISIN FR0000504227): affirmed at 'AAAsf'; Outlook
     Stable

Loggias 2001-1:

  -- Class A (ISIN FR0000488462): affirmed at 'AAAsf'; Outlook
     Stable

  -- Class B (ISIN FR0000488470): affirmed at 'Asf'; Outlook
     Stable

Loggias 2003-1:

  -- Class A (ISIN FR0010029231): affirmed at 'AAAsf'; Outlook
     Stable

  -- Class B (ISIN FR0010029256): affirmed at 'Asf'; Outlook
     Stable

FCC Minotaure Compartment 2004-1:

  -- Class A (ISIN FR0010302687): affirmed at 'AAAsf'; Outlook
     Stable

  -- Class B (ISIN FR0010302794): affirmed at 'Asf'; Outlook
     Stable

  -- Class C (ISIN FR0010302802): affirmed at 'BBsf'; Outlook
     Stable

The affirmations reflect the sufficient credit support available
to the notes, as well as the sound performance of the underlying
pools.  In each transaction, the level of cumulative defaults to
date has been considerably lower than the originally assumed
levels.

The methodology applied to these four transactions differs to
that of a typical RMBS transaction. For all transactions, the
issuers (Fonds Commun de Creances) purchased the underlying pool
at a discount price, and diverted excess principal to interest
payments.  This was necessary so that the yield on the subsidized
loans is sufficient to cover the interest due on the notes.  The
majority of the loans do not benefit from collateral acting as
security but loan instalments are deducted from the salaries of
employees.  Defaults are recorded in case of death, temporary or
permanent disability of a borrower, and when over-indebtedness,
bereavement and/or change in family status can cause an early
termination.

Compared with the other three transactions, Electra has shown
higher cumulative defaults throughout its life, presently
standing at 1.4% of its initial collateral balance, although it
does benefit from a higher discount, and therefore the level of
excess spread is still sufficient to absorb the period losses.

Loggias 2001-1 has paid pro-rata since inception and therefore
the credit enhancement of both classes is constant at 4.7% and
1.4% for the class A and B, respectively.  The overall
performance of the pool is further stabilizing toward recent
period due to deleveraging.

On the last interest payment date (IPD), Loggias 2003-1 recorded
a negative solvency margin due to an unusual high amount of
period gross defaults that has subsequently triggered the
accelerated note amortization.  This will mean the transaction
will start paying down the note holders on a monthly and
sequential basis, and the transaction will now trap any net
excess spread, which will be used to further pay down the notes.
This will likely cause faster amortization of the class A notes
and a consequential increase in credit enhancement for both the
class A and class B note and in Fitch's view is deemed to be
beneficial for the transaction.

FCC Minotaure 2004-1's performance is in line with initial
expectations, with cumulative gross defaults standing at 0.48% of
initial pool balance.  The credit enhancement on the class A, B
and C notes has increased to 8.3%, 3.5%, 3.3% from 7.1%, 2.2% and
2.0% respectively, due to the reserve fund capturing 20% of gross
excess spread each payment date.


=============
G E O R G I A
=============


* GEORGIA: Fitch Raises Long-Term Issuer Default Rating to 'BB-'
----------------------------------------------------------------
Fitch Ratings has upgraded Georgia's Long-term foreign and local
currency Issuer Default Ratings (IDR) to 'BB-' from 'B+'.  The
Outlooks on the ratings are Stable.  The agency has also upgraded
the Country Ceiling to 'BB' and affirmed the Short-term foreign
currency IDR at 'B'.  The rating on senior unsecured debt has
been upgraded to 'BB-' from 'B+'.

"The upgrade reflects Georgia's strong growth performance, the
government's progress in reining in the fiscal deficit, a
reduction in inflation and a rise in foreign exchange reserves,"
says Charles Seville, Director in Fitch's Sovereign team.

Georgia has reduced its budget deficit to an estimated 3.7% of
GDP in 2011, from 6.6% of GDP in 2010.  The recently-passed 2012
budget targets a deficit of 3.6% of GDP and the high share of
capital spending and the government's current surplus gives it
further flexibility if needed.

General government debt is set to decline in 2012-13 from the
peak of 37% of GDP reached in 2010.  While 79% of debt is in
foreign currency, higher than most sovereigns, Georgia can still
borrow from multilateral and bilateral sources, drawing on a
pipeline of funds pledged in 2008.  Concessional terms bring down
debt servicing costs relative to peers.  Georgia has smoothed its
maturity profile following a successful Eurobond issue in April
2011, whose proceeds were used to buy back the majority of a
Eurobond maturing in 2013.

Real GDP is set to grow by an average of 5.5% in 2012-13, faster
than the 'BB' median, as Georgia reaps the benefits of past
structural reforms.  Georgia is investing in infrastructure that
will enable it to take full advantage of its role as a transit
country for the region.  Growth areas include hydroelectric power
and tourism.  Exports are diversified by product and by market,
affording some resilience to slower global growth.

Inflation has fallen sharply to within the National Bank of
Georgia's (NBG) target range, following a food price-driven spike
in H111, and the currency has appreciated.  The NBG has allowed a
two-way free float, intervening to accumulate reserves (which
stand at US$2.8 billion, or four months of current account
payments.) High dollarization limits the effectiveness of
monetary policy, but it is improving.

A current account deficit (CAD) estimated at 11% of GDP in 2011
is a weakness, and Fitch does not expect significant narrowing.
Equity foreign direct investment will finance around half of the
CAD in 2012-2013.  The rest is financed by a mixture of public
and private sector borrowing. As a result, net external debt is
amongst the highest among 'BB'-rated sovereigns at 47% of GDP.

Despite its solid macroeconomic performance and the turnaround in
its public finances in 2009-2011, Georgia remains a relatively
low-income, highly dollarized country with a wide CAD,
institutional weaknesses and political risk.  A favorable
business and investment climate is an offsetting asset.

Political risk weighs on the ratings. Georgia is located in a
geopolitically unstable part of the world and the regions of
Abkhazia and South Ossetia are a potential flashpoint between
Russia and Georgia.  A resumption of hostilities is a low risk,
but would have negative rating implications.

Georgia's institutions will be tested as it holds the third round
of elections since the Rose Revolution in 2003, with the current
president Mikheil Saakashvili due to step down after two terms in
office.  An increase in domestic political risk could be a driver
of negative rating action, not least because it might interrupt
capital flows -- which include donor funds and multilateral
lending.

In the absence of an adjustment in the CAD, an interruption to
capital flows could complicate the financing picture, leading to
a loss of reserves, currency depreciation, and potential negative
rating action.

Sustained, broad-based growth and an improvement in macroeconomic
stability, or a reduction in external vulnerabilities, could lead
to a ratings upgrade.


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


SOLON SE: Non-German Units Not Affected by Insolvency
-----------------------------------------------------
Stefan Nicola at Bloomberg News reports that Solon SE's
insolvency, the first of a publicly traded solar company in
Germany, won't affect its units in Italy, France, and the U.S.

Bloomberg relates that Moeller PR, which represents the
administrator Ruediger Wienberg of law firm HWW Wienberg Wilhelm,
said the insolvency is, for now, confined to the holding company
and its German units with 532 of a total 800 employees.  It said
that Mr. Wienberg will contact customers and suppliers to
maintain production and order processing, Bloomberg notes.  Wages
are secured through February, Bloomberg discloses.

Talks between Solon, lenders and investors on extending a year-
end deadline to repay a EUR275 million (US$358 million) loan to
Deutsche Bank AG and other German banks failed Dec. 13, prompting
the company to file for insolvency, Bloomberg recounts.

Berlin, Germany-based Solon SE is a publicly traded solar
company.  The company employs more than 800 people at
subsidiaries in Germany, Italy, France and the U.S.


TFL HOLDING: Creditors Plan to Seek Bids Early Next Year
--------------------------------------------------------
Sheenagh Matthews at Bloomberg News reports that TFL Holding
GmbH's creditors plan to begin seeking bids for the company from
early next year.

According to Bloomberg, lawyer Andreas Ziegenhagen, the trustee
overseeing the sale, creditors of the company and adviser
Leonardo & Co. will begin the auction in January.

BASF SE abandoned the sale of its leather and textile unit in
March after offers fell short of the company's valuation,
Bloomberg relates.  Competition from low-cost producers in Asia
is coinciding with a slowdown in demand in some markets for
leather bags and shoes, Bloomberg says.

Bloomberg notes that a person familiar with the transaction said
TFL has attracted interest from financial sponsors and difficulty
in raising debt may lead to bids of less than EUR200 million
(US$260 million) if markets don't improve.

Leonardo already sent out a memo detailing the forthcoming
auction of TFL, which stands for Together For Leather, Bloomberg
discloses.  The company is being sold on behalf of creditors
seeking debt repayments taken on under the ownership of private
equity firm Odewald & Cie, according to Bloomberg.

Two people familiar with the matter said that in September, TFL
is suffering after Odewald saddled it with EUR65 million in debt,
leading the company to break covenants in 2008, Bloomberg
recounts.

Based in Weil am Rhei, TFL Holding GmbH is a supplier of
chemicals for car leather and handbags.


===========
G R E E C E
===========


IRIDA: Moody's Withdraws 'B2' Rating on EUR261.1-Mil. A Notes
-------------------------------------------------------------
Moody's Investors Service has withdrawn the credit rating of
Irida and Katanalotika, two Greek ABS securitization of assets
originated and serviced by Alpha Bank (Caa2, Not on Watch).
Immediately prior to the rating withdrawal, the transactions were
rated B2, on review for downgrade.

Issuer: IRIDA PLC

   -- EUR261.1M A Notes, Withdrawn (sf); previously on Nov 11,
      2011 B2 (sf) Placed Under Review for Possible Downgrade

Issuer: KATANALOTIKA PLC

   -- EUR1109.6M A Notes, Withdrawn (sf); previously on Nov 11,
      2011 B2 (sf) Placed Under Review for Possible Downgrade

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

To Moody's knowledge, the ratings are no longer of use to market
participants.

The principal methodology used in rating Katanalotika PLC was
Moody's Approach to Rating Consumer Loan ABS Transactions
published in July 2011. The principal methodology used in rating
Irida PLC was Moody's Approach to Rating CDOs of SMEs in Europe
published in February 2007.


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


ECLIPSE 2007-2: Fitch Lowers Rating on Two Note Classes to 'Dsf'
----------------------------------------------------------------
Fitch Ratings has downgraded Eclipse 2007-2 (Juno) Limited's
class D and E notes, due 2022 as follows:

  -- EUR16.8m class D (XS0299977057): downgraded to 'Dsf' from
     'Csf'; Recovery Estimate 0%

  -- EUR0.0m class E (XS0299977131): downgraded to 'Dsf' from
     'Csf'; Recovery Estimate 0%

The downgrades reflect the allocation of losses from the SCI
Clichy loan at the November 2011 interest payment date.

The asset securing the EUR112.7 million SCI Clichy collateral was
sold in May 2011. Partial recoveries of EUR83.4 million were used
to repay the notes on a fully sequential basis. A principal loss
of EUR29.3 million has resulted in a full writedown of the class
E and a 58.3% writedown to the class D. Consequently, the class E
and D notes have been downgraded to 'Dsf'.

Fitch is also aware of the ongoing work out of the Neumarkt and
Keops loans. A loss is expected on the securitized portion of the
former loan after the deduction of relevant costs and expenses
which will further write down the class D notes. The Keops loan
is at the end of a successful portfolio sell down and while gross
proceeds are largely known, final recoveries will not be
determined for some time.

A full transaction review will be carried out on receipt of the
February 2012 investor report.


EIRCOM GROUP: STT to Seek EUR1.75-Billion Debt Writedown
--------------------------------------------------------
Joe Brennan at Bloomberg News reports that Eircom Group Ltd.
owner Singapore Technologies Telemedia Pte. asked lenders to
cancel EUR1.75 billion (US$2.3 billion) of the company's
EUR3.75 billion of debt.

According to Bloomberg, two people with direct knowledge of the
plan said that under a restructuring plan presented last week,
the Singaporean state-owned firm will seek a writedown of 13%
from first-lien lenders, or EUR307 million of their EUR2.36
billion of loans.

The people, as cited by Bloomberg, said that junior lenders and
noteholders would recover almost none of the EUR1.3 billion they
are owed.

The company is restructuring its obligations after five owners in
the past 12 years loaded it with debt to pay for their takeovers,
Bloomberg notes.

Bloomberg relates that the two people said STT plans to invest
EUR200 million in Eircom in two stages, said.  STT said Dec. 12
it is in talks with an Eircom employee trust, which owns a
further 35% of the company, to co-invest, Bloomberg relates.

The people said that STT would also pay back EUR250 million of
additional first-lien debt using cash from Eircom's reserves,
according to Bloomberg.  The people said that senior lenders
would also get a 25% equity stake in the company, though it would
be diluted as Eircom management and staff are being offered as
much as 10% of the company, Bloomberg notes.

Headquartered in Dublin, Ireland, Eircom Group --
http://www.eircom.ie/-- is an Irish telecommunications company,
and former state-owned incumbent.  It is currently the largest
telecommunications operator in the Republic of Ireland and
operates primarily on the island of Ireland, with a point of
presence in Great Britain.


TITAN EUROPE: Fitch Affirms 'CC' Ratings on Five Note Classes
-------------------------------------------------------------
Fitch Ratings has affirmed Titan Europe 2006-2 plc's notes as
follows:

  -- EUR373.5m class A (XS0254356990) affirmed at 'BBB-sf';
     Outlook Negative

  -- EUR61.7m class B (XS0254357378) affirmed at 'Bsf'; Outlook
     Negative

  -- EUR44.1m class C (XS0254357881) affirmed at 'CCCsf';
     Recovery Estimate (RE) 20%

  -- EUR23.1m class D (XS0254357964) affirmed at 'CCCsf'; RE5%

  -- EUR57.5m class E (XS0254358004) affirmed at 'CCsf'; RE5%

  -- EUR37.4m class F (XS0254358699) affirmed at 'CCsf'; RE5%

  -- EUR29.3m class G (XS0254648263) affirmed at 'CCsf'; RE5%

  -- EUR28.2m class H (XS0254647612) affirmed at 'CCsf'; RE5%

  -- EUR11.5m class J (XS0254653180) affirmed at 'CCsf'; RE0%

The affirmation reflects the agency's unchanged view about the
quality of the remaining assets/loans and the likelihood of
defaults and loss allocations.  The four outstanding loans have
Fitch loan-to-value (LTV) ratios in excess of 100%, reflecting
the expectation that an orderly repayment is unlikely and
significant losses may be incurred upon eventual sale of the
underlying assets.

Three of the four remaining loans have had their loan maturities
extended as part of restructurings. The extended maturities are
now in April 2012 (EUR208 million Petrus), July 2012 (EUR273.4
million Margaux) and January 2013 (EUR142.6 million Velvet, in
special servicing).  The servicer (Hatfield Philips International
Limited, rated 'CPS2') was unable to provide an update with
regards to the upcoming maturities of Margaux and Petrus at this
stage.  Fitch would expect discussions with the borrower to be
well underway, especially with regards to Petrus which is
scheduled to mature in four months.

The mutual sponsor has supported the loans in the past with
equity injections where required, e.g. to repay capex or opex
backlogs.  However, in Fitch's view, the exit positions of the
loans have not seen tangible improvements during the extension
period.  Both loans suffer from uncharacteristically high
delinquency rates, between 18% and 20%. Margaux also has a high
vacancy rate at 19.5%, compared to only 6% in Petrus.

The borrower of the EUR43.8 million Labrador loan failed to repay
the debt in full at its maturity date in April 2011.  A
standstill agreement is in place until the end of December 2011
to allow the borrower time to sell the underlying portfolio.
While there has been considerable refinancing activity in multi-
family housing portfolios, in Fitch's view, the underlying
collateral securing the small-ticket loan has a higher vacancy
rate (approximately 20%) and less stable cash flows than others
that have traded.

The special servicer rejected a discounted pay-off offer by the
Velvet borrower in November 2011.  The offer was to repay the
loan for EUR129.4 million, resulting in a write-off of EUR12.2
million (8.6%) of the A-note and the entire EUR17.3 million B-
note.  The offer was rejected due to the improved performance of
the loan since replacement of the asset manager (reflected in
improved occupancy and contracted rent), which has resulted in
increased recovery expectations.  The current exit strategy is a
gradual asset sale by or before extended loan maturity.

Legal final maturity in 2016 provides the servicer with some time
and flexibility to work out defaulted loans.


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


SEAT PAGINE: Likely to Extend Restructuring Vote Deadline
---------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Seat Pagine
Gialle SpA looks unlikely to get unanimous consensus from all its
lenders on the restructuring of its debt by Wednesday night and
will have to extend the restructuring deadline, a person familiar
with the matter said.

                        About Seat Pagine

Seat Pagine Gialle SpA (PG IM) -- http://www.seat.it/-- is an
Italy-based company that operates multimedia platform for
assisting in the development of business contacts between users
and advertisers.  It is active in the sector of multimedia
profiled advertising, offering print-voice-online directories,
products for the Internet and for satellite and ortophotometric
navigation, and communication services such as one-to-one
marketing.  Its products include EuroPages, PgineBianche,
Tuttocitta and EuroCompass, among others.  Its activity is
divided into four divisions: Directories Italia, operating
through, Seat Pagine Gialle; Directories UK, through TDL
Infomedia Ltd. and its subsidiary Thomson Directories Ltd.;
Directory Assistance, through Telegate AG, Telegate Italia Srl,
11881 Nueva Informacion Telefonica SAU, Telegate 118 000 Sarl,
Telegate Media AG and Prontoseat Srl, and Other Activitites
division, through Consodata SpA, Cipi SpA, Europages SA, Wer
liefert was GmbH and Katalog Yayin ve Tanitim Hizmetleri AS.

                         *     *     *

As reported by the Troubled Company Reporter-Europe on Nov. 4,
2011, Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Italy-based international publisher of
classified directories SEAT Pagine Gialle SpA to 'CC' from
'CCC+'.  S&P said that the outlook is negative.


SESANTE FINANCE: Fitch Affirms 'CC' Ratings on Five Note Classes
----------------------------------------------------------------
Fitch has affirmed four Sestante transactions, a series of
Italian RMBS transactions originated by Meliorbanca and serviced
by Italfondiario S.p.A. (Italfondiario, 'RPS2'/'RSS1-').  The
Outlook remains Negative on eight tranches.

The affirmations reflect Fitch's analysis of the credit support
available to the rated notes, which remains sufficient to
maintain the current ratings.

The credit enhancement (CE) available to the class A notes of
Sestante 1, Sestante 2 and Sestante 3, net of the outstanding
principal deficiency ledger (PDL), has continued to build up over
the past 12 months due to the sequential amortisation of the
notes.  A slight decline in the CE available to the class A notes
of Sestante 4 was caused by a further increase in the outstanding
PDL balance over the past four quarters.

As of May 2011, Italfondiario S.p.A. took over the servicer role
from Meliorbanca in the four transactions.  Italfondiario is an
Italian residential and commercial mortgage servicer,
specialising in the management of prime and non-performing loans
in Italy. Its senior management is highly experienced and has
historically shown robust governance in the management of
defaulted loans.  Fitch understands that Italfondiario's primary
focus will be the administration of defaulted borrowers, which
would improve the cash flows in the four transactions.  Fitch
believes that the effects of the new strategy will only be
noticeable in a few quarters time, and has therefore remained
conservative in its assumption of future recoveries in the next
18 months.

The analysis of the loan-by-loan level data provided by
Italfondiario indicates that between May and September 2011,
recoveries on closed defaulted positions ranged between 80% and
100% of the outstanding defaulted amount.  The sample of
completed foreclosures is limited to 16 loans across all four
transactions, which is why such recoveries cannot be used as a
precedent for loans that are awaiting foreclosure, the number of
which ranges between 153 for Sestante 1 and 436 for Sestante 4.
In Fitch's view, the introduction of a more experienced servicer
should lead to shorter foreclosure timing and an increase in
recoveries that can be expected to flow through in future payment
dates.  For this reason, in its analysis Fitch has given credit
to future recoveries on defaulted loans, resulting in the
affirmation of the ratings.

All four structures include a PDL mechanism used to provision for
defaulted loans using available excess revenue.  To date Sestante
2, 3 and 4 report outstanding PDLs in the range of EUR4.6 million
for Sestante 2 and EUR24.3 million for Sestante 4.  The PDLs were
caused by the high volume of loans recognized as defaulted from
2008 to mid-2010 and insufficient excess revenue generated by the
structures to provision for future losses on such loans.  Despite
the reported decrease in defaults over the past four interest
payment dates (IPDs), the gross excess spread generated by the
pools was still not sufficient to fully provision for new and
existing defaults.

The reserve fund in Sestante 1 continues to be utilized albeit at
a slower pace compared to a year ago.  On the September 2011 IPD,
it stood at 66% of its target amount of EUR21 million.  Given the
current level of arrears and the rate of roll-through to default,
Fitch believes that cash flows in all four transactions will
remain strained over the next 18-36 months.  The agency also
considers that all four transactions are highly dependent on the
level and timing of recoveries, which will be a key driver in
restoring the credit support available to the rated tranches.
Given the continued uncertainty over the timing and future levels
of recoveries, as well as the ongoing concerns over the
macroeconomic environment in Italy, Fitch has maintained Negative
Outlooks on eight of the 11 tranches.

Defaults are defined as loans which have either 12 or more unpaid
instalments, or those that have been classified as such (credito
in sofferenza) by the servicer, as per guidelines set by the Bank
of Italy.

Fitch believes that the poor performance of the underlying loans
in these pools can be attributed to the more aggressive
underwriting criteria.  At the closing of the transactions the
weighted average original loan-to-value ratio was higher (average
of 70% across all four deals) than typical for the Italian market
(average of 60% seen in other Italian RMBS transactions).  Unlike
other pools, the underlying assets comprise a high portion of
loans with increasing instalments, where borrowers pay lower
instalments at the start of the loan, but which progressively
increase throughout the lifetime of the loan.  Fitch has applied
more conservative assumptions to these loans as the risk of
default may increase over their terms.

Fitch notes that Sestante 2 and 4 include a contingency liquidity
deposited with Bank of New York ('AA-'/Stable/'F1+'), which is
available to cover liquidity shortfalls. Sestante 3 includes two
guarantees provided by Unicredit ('A'/RWN/'F1'), which are
designed to mitigate the risk arising from payment interruption.
Should Unicredit's Long- or Short-term Issuer Default Rating be
downgraded below 'A'/'F1' or withdrawn, Fitch would expect
remedial actions to be implemented in line with its counterparty
criteria for structured finance transaction, in order to maintain
the 'AAAsf' rating assigned to the senior notes in Sestante 3.

The rating actions are as follows:

Sestante Finance S.r.l (Sestante 1):

  -- Class A1 (ISIN IT0003604789): affirmed at 'AAAsf'; Outlook
     Stable

  -- Class A2 (ISIN IT0003604813): affirmed at 'AAAsf'; Outlook
     Stable

  -- Class B (ISIN IT0003604839): affirmed at 'A+sf'; Outlook
     Stable

  -- Class C (ISIN IT0003604854): affirmed at 'BBB+sf'; Outlook
     Negative

Sestante Finance 2 S.r.l (Sestante 2):

  -- Class A (ISIN IT0003760136): affirmed at 'AAAsf'; Outlook
     Negative

  -- Class B (ISIN IT0003760193): affirmed at 'BBB-sf'; Outlook
     Negative

  -- Class C1 (ISIN IT0003760227): affirmed at 'CCCsf'; Recovery
     Estimate (RE) of 55%

  -- Class C2 (ISIN IT0003760243): affirmed at 'CCsf'; RE of 30%

Sestante Finance S.r.l - 3 (Sestante 3):

  -- Class A (ISIN IT0003937452): affirmed at 'AAAsf'; Outlook
     Negative

  -- Class B (ISIN IT0003937486): affirmed at 'BB+sf'; Outlook
     Negative

  -- Class C1 (ISIN IT0003937510): affirmed at 'CCsf'; RE of 30%

  -- Class C2 (ISIN IT0003937569): affirmed at 'CCsf'; RE of 0%

Sestante Finance S.r.l - 4 (Sestante 4):

  -- Class A1 (ISIN IT0004158124): affirmed at 'AAsf'; Outlook
     Negative

  -- Class A2 (ISIN IT0004158157): affirmed at 'AAsf'; Outlook
     Negative

  -- Class B (ISIN IT0004158165): affirmed at 'Bsf'; Outlook
     Negative

  -- Class C1 (ISIN IT0004158249): affirmed at 'CCsf'; RE of 0%

  -- Class C2 (ISIN IT0004158264): affirmed at 'CCsf'; RE of 0%


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


BTA BANK: To Seek Approval of Debt Restructuring Before Year-End
----------------------------------------------------------------
Nariman Gizitdinov at Bloomberg News reports that Kazakhstan's
BTA Bank may ask shareholders and creditors to consider its
second debt restructuring before year-end.

According to Bloomberg, the two people with direct knowledge of
the matter didn't give details of the plan and declined to be
identified because the information isn't public.

Bloomberg notes that the two people said Lazard Freres & Co.,
which acted as an adviser to BTA during its debt  reorganization
in 2009, assessed the cost of another restructuring last month.

Kazakh sovereign-wealth fund Samruk-Kazyna took over BTA in
February 2009, two months before the nation's largest lender at
the time defaulted on US$12 billion of debt, Bloomberg recounts.
The state holds an 81.5% stake in BTA, which won 92% creditor
approval for a restructuring plan in May 2010, Bloomberg
discloses.  The bank said in September it has a US$150 million
coupon payment due in January, Bloomberg notes.

The lender faced a capital shortage of KZT162 billion (US$1.1
billion) under international accounting standards as of Nov. 1
after it set aside more money to cover souring loans, Bloomberg
says, citing a statement e-mailed Nov. 28.  The bank has a total
of US$5.2 billion of debt, according to data compiled by
Bloomberg.

According to Bloomberg, Yuriy Cherkasov, an Astana-based
spokesman for the fund, on Friday said that Samruk-Kazyna will
make a decision on how to assist the lender based on a business
plan it expects to get from BTA.  He declined to comment on a
possible debt restructuring, Bloomberg notes.

                          About BTA Bank

BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO --
http://bta.kz/-- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients.

The BTA Group is one of the leading banking groups in the
Commonwealth of Independent States and has affiliated banks in
Russia, Ukraine, Belarus, Georgia, Armenia, Kyrgyzstan and
Turkey.  In addition, the Bank maintains representative offices
in Russia, Ukraine, China, the United Arab Emirates and the
United Kingdom.  The Bank has no branch or agency in the United
States, and its primary assets in the United States consist of
balances in accounts with correspondent banks in New York City.

As of November 30, 2009, the Bank employed 5,043 people inside
and 4 people outside Kazakhstan.  It has no employees in the
United States.  Most of the Bank's assets, and nearly all its
tangible assets, are located in Kazakhstan.


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


ENDEMOL NV: Reaches Debt Extension Until February
------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Endemol NV has
agreed with its lenders to waive the terms of its debt pile,
totaling more than EUR2 billion (US$2.6 billion), until early
February, a person familiar with the matter said.

The Netherlands-based Endemol -- http://www.endemol.com/-- is
one of the world's leading producers of TV programs best known
for its output of hit reality-based programming and game shows
such as Deal or No Deal, Big Brother, and Extreme Makeover: Home
Edition.  The production company also creates scripted dramas and
soap operas, and develops digital content for online
distribution.  It has more than 2,000 programming formats in its
library and exports shows to more than 25 countries around the
world.  Formed in 1994, Endemol is owned by a consortium led by
private equity firm Goldman Sachs and Italian television company
Mediaset.


===========
N O R W A Y
===========


AKER SOLUTIONS: Fitch Cuts Senior Unsecured Rating to 'BB+'
-----------------------------------------------------------
Fitch Ratings has downgraded Aker Solutions ASA's Long-term
Issuer Default Rating (IDR) and senior unsecured rating to 'BB+ '
from 'BBB-'.  The Outlook is Stable.

The downgrade reflects Fitch's view that Aker Solutions will not
achieve an expected improvement in credit metrics sufficiently
rapidly in 2011-13, to warrant an investment grade rating.
According to Fitch's projections, leverage, measured as funds
from operations (FFO) lease adjusted net leverage will remain
above threshold levels of 2.5x until 2014-15, despite the
company's focus on higher growth and higher margin businesses.
Fitch expects that the company's ambitious target revenue and
margin growth through to 2015 may be more difficult to achieve
against the backdrop of potentially vulnerable market conditions.
While the ratings have not factored in any further debt-funded
acquisitions in 2011-13, the company would have some headroom for
this at the current rating level.

The Stable Outlook for the company's Long-term IDR reflects
Fitch's view that Aker Solutions' credit rating fully accounts
for the company's business and financial risk and is not likely
to deteriorate further over the next 12-18 months.

Aker Solutions' ratings reflect its leading position in niche
segments within the oilfield services sector, its strong
technological expertise and track record of delivering on large,
complex projects in harsh environments, which the company has
successfully leveraged to expand globally.  The ratings are
constrained by earnings volatility from operating in the oil and
gas (O&G) industries and a reliance on cyclical O&G spending
plans.

Fitch views Aker Solutions' liquidity as adequate for its rating
level. Debt falling due within one year, as at end Q311 was
NOK446m against cash and cash equivalents of NOK1.4bn.  Aker
Solutions refinanced its revolving credit facilities (RCF) in
June 2011, signing a new, five-year NOK6bn RCF, which remains
undrawn.


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


ATOMIC ENERGY: S&P Assesses Stand-alone Credit Profile at 'bb'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit rating on Russian state-owned Atomic Energy Power Corp.
(JSC) (AtomEnergoProm) to 'BBB' from 'BBB-'. The 'A-3' short-term
rating and the 'ruAAA' Russia national scale rating were
affirmed. The outlook is stable. "The rating action reflects our
view that AtomEnergoProm's issuance of a first set of audited
financial statements under International Financial Reporting
Standards (IFRS) has improved the company's transparency and
reduced information risk. Nevertheless, we still view the
company's transparency as only modest, given its size, short
track record as a separate entity, and still evolving corporate
structure," S&P said.

"We now assess AtomEnergoProm's stand-alone credit profile (SACP)
as 'bb' based on our view of its 'satisfactory' business risk
profile and 'significant' financial risk profile. The rating
reflects our expectations of a 'very high' likelihood of timely
and sufficient extraordinary support from the Russian government
in the event of financial distress," S&P related.

"In addition, we consider that the company benefits from a
vertically integrated business model and a secure monopoly over
the civil nuclear segment in the Russian Federation (foreign
currency BBB/Stable/A-3; local currency BBB+/Stable/A-2; Russia
national scale 'ruAAA'). AtomEnergoProm is a holding company and
100% subsidiary of State Atomic Energy Corporation Rosatom
(Rosatom; not rated)," S&P related.

"The stable outlook on AtomEnergoProm reflects the outlook on the
Russian Federation as well as our expectations that the Russian
government will continue to provide substantial ongoing support
to AtomEnergoProm. Furthermore, we do not expect to see any
changes in policy or the regulatory framework that would alter
our expectations of a 'very high' probability of government
support, either presently or over the medium term," S&P said.

"We could raise the rating following a positive rating action on
the sovereign, and if AtomEnergoProm also implemented moderate
financial policies in over longer run, achieving adjusted debt to
EBITDA below 2.0x, and provided that maturity and liquidity
profiles remain adequate," S&P said.

"If AtomEnergoProm's liquidity position deteriorates to below
'adequate', according to our criteria, or if it accumulates debt
more aggressively than we currently expect, we could lower the
SACP, which in turn could lead us to lower the rating. A change
in our view of the expectations of extraordinary government
support for AtomEnergoProm--including but not limited to
decisions that diminish the company's importance and role for the
government -- could also put downward pressure on the ratings. A
negative rating action on the sovereign would likely result in a
similar action on AtomEnergoProm, provided that our assessment of
SACP is unchanged," S&P said.


=========
S P A I N
=========


BANCO CAM SA: Fitch Keeps 'BB+' Long-Term IDR on Watch Positive
---------------------------------------------------------------
Fitch Ratings has placed Banco de Sabadell's (Sabadell) Long-term
Issuer Default Rating (IDR) of 'BBB+' on Rating Watch Negative
(RWN) and has maintained Banco CAM SA's (Banco CAM) Long-term IDR
of 'BB+'on Rating Watch Positive (RWP) , following the
announcement by the state's Fund for Orderly Bank Restructuring
(FROB) that it has drawn up a restructuring plan for Banco CAM to
be integrated into Sabadell.  Banco CAM was the subject of
intervention by the FROB in July 2011.

The RWN on Sabadell's Long-term IDR reflects the challenge of
integrating an institution that has high risk exposure to the
construction and real estate sectors (with a large proportion in
land) and has undergone funding and liquidity difficulties.  The
integration will also take place in a difficult operating
environment, characterized by Spain's muted economic growth
prospects and Spanish issuers continued difficulties in accessing
the wholesale funding markets.  While Fitch notes that Sabadell
has a proven track record in integrating institutions, Banco CAM
is a large institution whose franchise and performance has
deteriorated significantly, particularly in 2011.

Conversely, the acquisition enables Sabadell to significantly
increase its retail banking franchise in Spain, particularly with
individuals and in the regions of Valencia and Murcia and place
it among Spain's large institutions.  Also there are revenue and
costs synergies to be extracted and potential asset quality
problems are significantly covered through an asset protection
scheme.  The RWP on Sabadell's Support Rating and Support Rating
Floor reflects its much larger size following the integration,
achieving a market share of around 6% in Spain and thus Fitch's
view that the propensity for state support for Sabadell should
increase if the transaction were to be completed.

The RWP on Banco CAM's Long-term IDR, Viability Rating and debt
ratings highlights the upward rating potential based on support
from Sabadell.  Fitch believes that Sabadell has the necessary
management capacity and the financial strength which, with the
aid of the funds injected by the Spanish banks' Deposit Guarantee
Fund (DGF) and the asset protection scheme (APS), should help it
to cope with the challenges associated with the acquisition.

The transaction is still subject to approval by Spain's Finance
and Economy Ministry and by the European Commission.  It is
expected to be completed by the first quarter of 2012 which is
when Fitch expects to resolve the rating watches.

As part of the restructuring plan, the DGF for Spanish banks will
acquire 100% of Banco CAM's share capital for EUR5,249 million,
which it will subsequently sell to Sabadell for one euro.  This
amount includes the EUR2,800 million capital injection into Banco
CAM by the FROB in 2011 to comply with the stricter 10% core
capital requirement imposed by the Bank of Spain.  Moreover, the
DGF will grant an APS for EUR24,644 million of CAM's assets,
mainly real estate related assets such as loan and real estate
holdings.  The DGF will cover 80% of the losses derived from the
earmarked portfolio, net of provisions, under the APS for a 10-
year period.  Sabadell has also been given liquidity support by
the FROB of around EUR12.5 billion.

The rating actions are as follows:

Sabadell:

  -- Long-term IDR: 'BBB+ ' placed on RWN

  -- Short-term IDR: 'F2' placed on RWN

  -- Viability Rating: 'bbb+' placed on RWN

  -- Individual Rating: 'C' placed on RWN

  -- Support Rating: '3' placed on RWP

  -- Support Rating Floor: 'BB+' placed on RWP

  -- Senior Unsecured Debt: 'BBB+' placed on RWN

  -- Commercial paper and Senior Unsecured Short-term Debt: 'F2'
     placed on RWN

  -- Subordinated debt: 'BBB' placed on RWN

  -- Preferred Stock: 'BB+' placed on RWN

Sabadell International Equity Ltd.

  -- Preferred Stock: 'BB+' placed on RWN

Banco Guipuzcoano:

  -- Long-term IDR: 'BBB+' placed on RWN

  -- Short-term IDR: 'F2' placed on RWN

  -- Support Rating: affirmed at '2'

  -- Subordinated debt: 'BBB' placed on RWN

  -- State-guaranteed debt: 'AA-' unaffected by the actions

Rating action on the covered bonds issued by Banco Guipuzcoano,
if any, will be covered in a separate comment.

Banco CAM

  -- Long-term IDR: 'BB+' maintained on RWP

  -- Short-term IDR: 'B' maintained on RWP

  -- Viability Rating : 'f' placed on RWP

  -- Support Rating: '3' maintained on RWP

  -- Support Rating Floor: 'BB+' maintained on RWP

  -- Senior Unsecured Long-term Debt: 'BB+' maintained on RWP

  -- Commercial Paper and Senior Unsecured Short-term Debt: 'B'
     maintained on RWP

  -- Subordinated debt: 'BB' maintained on Rating Watch Evolving
     (RWE)

  -- Upper Tier 2 subordinated debt: removed from RWE and
     affirmed at 'CC'

  -- Preferrred Stock: removed from RWP and affirmed at 'C'

  -- State-guaranteed notes: 'AA-' unaffected by today's actions


FTYPYME TDA: Fitch Affirms Rating on EUR7.7MM Notes at 'BB-'
------------------------------------------------------------
Fitch Ratings has affirmed FTPYME TDA CAM 2 FTA's notes, as
follows:

  -- EUR73,458,855 Series 1CA(G) (ISIN ES0339758015): affirmed at
     'AAAsf'; Outlook Stable

  -- EUR27,473,385 Series 2SA (ISIN ES0339758023): affirmed at
     'Asf'; Outlook Stable

  -- EUR7,726,889 Series 3SA (ISIN ES0339758031): affirmed at
     'BB- sf'; Outlook revised to Stable from Negative

The affirmation reflects the increased credit enhancement (CE)
levels on all notes due to structural deleveraging as well as the
transaction's ability to withstand Fitch's assumptions on default
probability, recovery and correlation.

Since the transaction's last surveillance review in August 2011,
current default levels in the collateral portfolio have slightly
increased to EUR5.99 million from EUR5.89 million and account for
5.5% of the outstanding balance.  Loans delinquent by more than
90 days have almost doubled to EUR1.56 million from EUR0.8
million as of the last review.  The 90+ delinquency rate, as of
the October 2011 investor reports, stands at 2% of the
outstanding balance.  Loans more than 180 days in arrears have
slightly increased to EUR0.6 million from EUR0.5 million since
the last surveillance review and remain at 0.6% of the
outstanding balance.

The class 1CA(G) notes are guaranteed by the Kingdom of Spain
('AA-'/Negative/'F1+').  However, CE for the 1CA(G) notes is
sufficient to withstand Fitch's 'AAAsf' default probability and
recovery assumptions with high security coverage.

The class 3SA notes' Outlook has been revised to Stable from
Negative, as the increased levels of credit enhancement allow the
note to withstand Fitch's 'BB-sf' rating stress scenario with
sufficient cushion.  In revising the Outlook of the junior notes,
Fitch has also drawn comfort from the transaction's stable
performance and the low default and delinquency levels in the
underlying portfolio.

Caja de Ahorros Del Mediterraneo (Banco CAM; 'BB+'/Rating Watch
Positive/'B'), which has recently been acquired by Banco de
Sabadell ('BBB+'/Rating Watch Negative/'F2'), continues to
service the transaction.  Due to the Banco CAM's below investment
grade rating and class 1CA(G)'s high investment grade rating,
Fitch has assessed the impact of a servicer disruption event on
the notes' rating.  In its analysis, the agency considers that
the reserve fund held at Confederazion Espanola de Caja de
Ahorros (CECA:'A'/Negative/'F1') has sufficient liquidity to
cover two interest payments of class 1CA(G) notes due to servicer
disruption.

The transaction is a securitization of a static pool of
originally EUR750 million of loans to small and medium-sized
enterprises granted by Banco CAM.  The issuer, FTPYME TDA CAM 2,
is legally represented and managed by TDA, a special-purpose
management company with limited liability incorporated under the
laws of Spain.


IM TERRASSA: Fitch Affirms Rating on Class C Notes at 'BBsf'
------------------------------------------------------------
Fitch Ratings has affirmed IM Terrassa MBS 1 and removed the
class A and B notes from Rating Watch Negative (RWN), as follows:

  -- Class A (ISIN ES0347855001) affirmed at 'AAAsf'; Off RWN;
     Outlook Stable
  -- Class B (ISIN ES0347855019) affirmed at 'Asf'; Off RWN;
     Outlook Negative
  -- Class C (ISIN ES0347855027) affirmed at 'BBsf'; Outlook
     Negative

The affirmation and removal of the RWN follow Fitch's analysis of
the structural mitigants implemented to address the potential
servicer disruption risk following the downgrade of the servicer.
The notes were placed on RWN on July 13, 2011, following the
downgrade of Caixa d'Estalvis Unio de Caixes Manlleu, Sabadell I
Terrassa's IDR to below investment grade (UNNIM, now Unnim Banc,
S.A. 'BB+'/Stable/'B'). The downgrade of the bank, which is the
originator and servicer of the underlying assets in the pool,
raised concerns over the negative effects that a potential
servicer disruption event would produce in particular for the
senior noteholders. In its analysis of structural features that
could be used to mitigate any loss of liquidity that would occur,
Fitch did not take into account the reserve fund, which is
currently being used to provision for defaulted loans.

The transaction management company (InterMoney Titulizacion SGFT
SA) informed Fitch that as of 1 December 2011 a purpose specific
cash reserve (the commingling reserve) has been created and
funded by UNNIM to mitigate servicer disruption. This commingling
reserve is funded every three months for an amount equivalent to
six weeks of scheduled principal payments, interest proceeds and
principal prepayments assuming a 10% prepayment rate. It will be
used as an assurance mechanism against possible losses that may
occur when the issuer does not receive from the servicer,
payments made by the mortgage assets. From a liquidity stress
perspective, Fitch believes that the commingling reserve is
sufficient to cover senior costs and non-deferrable interest due
on the notes for at least six months. Fitch has conducted an
assessment of the potential commingling and payment interruption
risks should the servicer default, and the agency considers that
they have been sufficiently mitigated in light of this new
structural feature. This assessment is reflected in the
affirmation of the ratings.

Fitch acknowledges that collateral collections are being swept
from the UNNIM collection account into the SPV treasury account
held with Banesto (rated 'AA-'/Stable/'F1+') on a daily basis.
The agency also recognizes that the transaction documentation
includes borrower notification language, which it would expect to
be exercised when the management company considers it to be
necessary, and always in the event of insolvency of the servicer.
Consequently, Fitch believes that in the event of a default of
UNNIM, the current level of credit support available to the notes
would be sufficient to cover potential principal credit losses.

IM Terrassa MBS 1 is a Spanish RMBS transaction comprising of
Spanish residential mortgages and commercial mortgages. The
transaction has performed in line with Fitch's expectations ( see
'Fitch Takes Rating Actions on IM Terrassa MBS 1' dated 13 July
2011 at www.fitchratings.com), with the reserve fund being
further utilized towards provisioning for defaulted loans. As a
result, there has been limited build up in credit enhancement on
the notes especially for the junior and the mezzanine tranches.

With the pipeline of arrears still high (three month plus arrears
bucket at 2.48% of current collateral balance), Fitch remains
concerned that this transaction will continue to see reserve fund
draws and thus limited credit enhancement build up or even
potential credit enhancement deterioration. This is reflected by
the Negative Outlooks on the Class B and C notes.


===========
S W E D E N
===========


SAAB AUTOMOBILE: Names New Administrator
----------------------------------------
Mia Shanley and Patrick Lannin at Reuters report that Saab
Automobile was forced to name a new administrator a day after
identifying another lawyer to take the key role, himself a
replacement for a previous administrator who had quit.

According to Reuters, Sweden's Vanersborg District Court said
Saab had put forward Lars Soderqvist of law firm Hokerberg &
Soderqvist as its new administrator, having said on Wednesday
another lawyer called Lars-Henrik Andersson would take the
position.

It admitted on Thursday Mr. Andersson had subsequently turned the
post down, Reuters recounts.

The company had said that previous administrator Guy Lofalk had
decided to quit, though media reports said Victor Muller, chief
executive of Saab's parent Swedish Automobile, had wanted Lofalk
to go, Reuters relates.

The Vanersborg court is due to decide today whether to keep Saab
in a scheme which grants it protection from creditors while it
secures itself a stable future, Reuters discloses.

The company's administrator called on the court to end a period
of creditor protection because Saab, owned by Dutch-listed
Swedish Automobile, was out of money, according to Reuters.

Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.


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


ALBARAKA TURK: S&P Keeps 'BB' Counterparty Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services reviewed its ratings on 25
Gulf banks and two subsidiaries by applying its new ratings
criteria and updated group methodology for banks.

"We will publish individual research updates on the banks,
including a list of ratings on affiliated rated entities, as well
as the ratings by debt type -- senior, subordinated, and junior
subordinated. 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.

Ratings List

The ratings listed below are issuer credit ratings unless
otherwise stated.

BAHRAINI BANKS
                               To                 From
Ahli United Bank B.S.C.        BBB/Stable/A-3     BBB/Stable/A-3

Al Baraka Banking Group B.S.C. BBB-/Negative/A-3  BBB-/Negative/
                                                  A-3

Albaraka Turk Katilim Bankasi AS
  Counterparty credit rating   BB/Negative/B
BB/Negative/B
  Turkey national scale rating trAA-/--/trA-1     trAA-/--/trA-1

Jordan Islamic Bank           BB/Negative/B      BB/Negative/B

Arab Banking Corp. B.S.C.      BBB-/Watch Neg/A-3 BBB-/Watch Neg
                                                  /A-3

BMI Bank B.S.C.                BB+/Negative/B     BB+/Negative/B

Gulf International Bank B.S.C. BBB+/Stable/A-2    BBB+/Stable/A-2

KUWAITI BANKS
Burgan Bank                    BBB+/Negative/A-2  BBB+
                                                  /Negative/A-2

Gulf Bank                      BBB/Positive/A-2   BBB-/Stable/A-3

Kuwait Finance House           A-/Negative/A-2    A-/Negative/A-2

National Bank of Kuwait S.A.K. A+/Stable/A-1      A+/Stable/A-1

OMANI BANK
BankMuscat S.A.O.G.            A-/Stable/A-2      BBB+/Stable/A-2

QATARI BANKS
The Commercial Bank of Qatar   A-/Stable/A-2      A-/Stable/A-2

Doha Bank                      A-/Stable/A-2      A-/Stable/A-2

Qatar National Bank            A+/Stable/A-1      A+/Stable/A-1

SAUDI BANKS
Al Rajhi Bank                  A+/Stable/A-1      A+/Stable/A-1

Arab National Bank             A/Stable/A-1       A/Stable/A-1

Banque Saudi Fransi            A/Stable/A-1       A/Stable/A-1

Riyad Bank                     A+/Stable/A-1      A+/Stable/A-1

Samba Financial Group          A+/Stable/A-1      A+/Stable/A-1

The Saudi British Bank         A/Stable/A-1       A/Stable/A-1

The Saudi Investment Bank      A-/Stable/A-2      A-/Stable/A-2

The National Commercial Bank   A+/Stable/A-1      A+/Stable/A-1

UNITED ARAB EMIRATES BANKS
Abu Dhabi Commercial Bank      A/Stable/A-1       A/Stable/A-1

Mashreqbank                    BBB+/Stable/A-2    BBB+/Stable/A-2

National Bank of Abu Dhabi     A+/Stable/A-1      A+/Stable/A-1

Sharjah Islamic Bank           BBB+/Stable/A-2    BBB+/Stable/A-2


TURKIYE FINANS: Fitch Assigns 'bb-' Viability Rating
----------------------------------------------------
Fitch Ratings has assigned Turkey-based Turkiye Finans Katilim
Bankasi A.S. a Long-term foreign currency Issuer Default Rating
(IDR) of 'BBB-' and a Viability Rating of 'bb-'.

Turkiye Finans IDRs, Support and National Long-Term Ratings
reflect potential support from its majority shareholder, Saudi
Arabia's National Commercial Bank (NCB, 'A+'/Stable, Viability
Rating 'a').  The Long-term foreign currency IDR is constrained
by Turkey's 'BBB-' Country Ceiling, and the 'BBB' Long-term local
currency IDR is capped two notches above Turkey's sovereign
rating.

The Viability Rating reflects Turkiye Finans' currently good
asset quality, stable and diversified funding and good
profitability.  The bank's relatively small size, rapid recent
and planned growth and potential funding diversification
challenges as the bank expands are credit negatives.

Operating ROE has been consistently good at around 18%-20% and is
a notable strength in a competitive environment.  The bank's net
financing margin has been decreasing in 2011, in line with the
rest of the market and peers, which partly limits core revenues.
However, the margin was still sound at 5.5% in 9M11.  Asset
quality has been robust, with the cost of risk the lowest in its
peer group at 0.4% in 9M11.  Non-performing loans (NPLs) were a
reasonable 2.3% at end-9M11, and reserve coverage was well above
100%.

The bank is mainly funded by well-diversified customer deposits.
Remaining funding is raised from bilateral borrowings and
murabaha syndications.  Funding from the parent and related
institutions, in the form of deposits and bilateral borrowings,
was low and accounted for only 6% of non-equity funding at end-
9M11.  Turkiye Finans's liquidity is currently comfortable, with
liquid assets covering 26% of deposits at end-9M11. The bank
ultimately relies on its core deposit base, which has been stable
to date, as well as on the liquidity support it could expect to
receive from its parent.  The Fitch core capital ratio of 14.9%
at end-9M11 was the highest in the peer group.

Turkiye Finans engages in participation banking which is similar
to Islamic banking under interest-free principles.  It is a small
bank, with a 1.1% market share in consolidated assets and 1.3% in
deposits in the Turkish banking system at end-H111.

The rating actions are as follows:
Turkiye Finans

  -- LT FC IDR: assigned 'BBB-'; Outlook Stable
  -- LT LC IDR: assigned 'BBB'; Outlook Stable
  -- ST FC IDR: assigned 'F3'
  -- ST LC IDR: assigned 'F3'
  -- National Long-term rating: assigned 'AAA(tur)';
      Outlook Stable
  -- Viability Rating: assigned 'bb-'
  -- Support Rating: assigned '2'


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


UKRSIBBANK: Moody's Reviews 'Ba2' Deposit Rating for Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade
UkrSibbank's Ba2 long-term local deposit rating and its Aa1.ua
national scale rating. The bank is headquartered in Kiev,
Ukraine.

The bank's E+ standalone bank financial strength rating (BFSR) --
which maps to B2 on the long-term scale -- its B3 foreign-
currency deposit rating and its B1 foreign-currency senior
unsecured debt rating are unaffected and continue to carry stable
outlooks.

The review follows the recent downgrade of UkrSibbank's parent,
BNP Paribas (BNPP), to C/Aa3 from B-/Aa2 (BFSR and long-term
issuer ratings).

Ratings Rationale

The primary driver for the review of UkrSibbank's deposit ratings
is BNPP's diminished flexibility to support its foreign
subsidiaries, as indicated by the two-notch downgrade of BNPP's
BFSR to C from B-. In the course of its rating review, Moody's
will consider (i) the strategic fit of the Ukrainian operation to
the French parent, including any potential need of the parent to
refocus on their core domestic franchises; (ii) the group's
branding policy; and (iii) the financial flows between the parent
and its subsidiary.

The operating environment for Eurozone banking groups, driven by
the sovereign debt crisis and restricted access to unsecured
wholesale funding, has deteriorated significantly in recent
months. Against this backdrop, many Western European banks,
including BNPP, will face difficult choices in how to deploy
scarce capital and funding resources. Compared to the past, this
may result in lower willingness and/or capacity to provide
financial and managerial support to foreign subsidiaries.

Methodologies Used

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

UkrSibbank reported total consolidated assets and total capital
of UAH42.5 billion (US$5.3 billion) and UAH2.0 billion (US$256
million) respectively, in accordance with IFRS, at year-end 2010.

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


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


* Asset Manager Invesco Shopping Portfolio of European CLOs
-----------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Invesco Ltd., one
of the world's largest asset managers, has put a chuck of
European collateralized loan obligations on the block, according
to a person familiar with the matter, enamored by prices fetched
in similar sales earlier this year.


===================
U Z B E K I S T A N
===================


AGROBANK OJSC: Fitch Maintains Watch Negative on 'B-' IDR
---------------------------------------------------------
Fitch Ratings has revised the Support Rating Floors (SRFs) of
four Uzbekistan-based state-owned banks - OJSC Agrobank, Asaka
Bank, Microcreditbank and Uzpromstroybank, to 'B-' from 'No
Floor'.  At the same time, the agency has maintained Agrobank's
ratings on Rating Watch Negative (RWN) and affirmed the Issuer
Default Ratings (IDRs) of the other banks.

The revision of the SRFs follows the improved availability of
macroeconomic and financial data, which has enabled the agency to
assess the credit profile of the Uzbekistan sovereign. In Fitch's
view, the sovereign's ability to provide assistance is supported
by its strong external finances, stable budget surplus and low
levels of government debt.  The sovereign's resources are
considerable relative to the size of the national banking sector,
whose liabilities were equal to an estimated 32% of GDP at end-
9M11 and consisted mainly of deposits of domestic customers and
placements by government bodies.  According to the IMF,
Uzbekistan's sovereign foreign currency reserves are forecast to
reach USD19.8bn by end-2011, which exceeds external banking
liabilities by an estimated 10x.

At the same time, Fitch's assessment of the sovereign's ability
to support the banks also takes into account Uzbekistan's
structural weaknesses, low diversification of the economy and
high political risks.

Fitch believes that in most instances, the authorities would have
a high propensity to provide assistance to the state-controlled
banks if required.  This view is based on the close integration
of the banks with the state, which is reflected by the direct and
indirect control of majority stakes in the banks by the
authorities, significant volumes of state-directed and policy
lending, and the high proportion of funding provided by state
agencies or state-controlled companies.  At the same time, the
agency considers that support in foreign currency may be provided
in a less timely manner in light of existing convertibility
regulations, which constrains the SRFs at 'B-'.  The 'B' Long-
term local currency IDRs of the banks are underpinned by the
greater reliability of support in local currency.

The RWN on Agrobank's ratings continues to reflect Fitch's
concerns about the bank's financial position, which may be
negatively affected by a potential contingent liability resulting
from an ongoing litigation process.  Fitch has been informed that
a potential UZS300 billion-UZS350 billion equity injection for
the bank is being discussed at the government level, and expects
to resolve the RWN after receiving more information about the
contingent liability and following the formal announcement of the
recapitalization plans.

The rating actions are as follows:

Asaka Bank and Uzpromstroybank

  -- Long-term foreign currency IDR: affirmed at 'B-' with Stable
     Outlook

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Long-term local currency IDR: affirmed at 'B' with Stable
     Outlook

  -- Short-term local currency IDR: affirmed at 'B'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: revised to 'B-' from 'No Floor'

  -- Individual Rating: 'D/E' unaffected

  -- Viability Rating: 'b-' unaffected

Microcreditbank

  -- Long-term foreign currency IDR: affirmed at 'B-' with Stable
     Outlook

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Long-term local currency IDR: affirmed at 'B' with Stable
     Outlook

  -- Short-term local currency IDR: affirmed at 'B'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: revised to 'B-' from 'No Floor'

  -- Individual Rating: 'D/E' unaffected

OJSC Agrobank

  -- Long-term foreign currency IDR: 'B-' maintained on RWN

  -- Short-term foreign currency IDR: 'B' maintained on RWN

  -- Long-term local currency IDR: 'B' maintained on RWN

  -- Short-term local currency IDR: 'B' maintained on RWN

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: revised to 'B-' from 'No Floor';
     placed on RWN

  -- Individual Rating: 'D/E' RWN unaffected

  -- Viability Rating: 'b-' RWN unaffected


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


* BOND PRICING: For the Week November 28 to December 2, 2011
------------------------------------------------------------


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

AUSTRIA
-------
BA CREDITANSTALT         5.470   8/28/2013     EUR      55.63
BAWAG                    5.310   2/12/2023     EUR      52.44
BAWAG                    5.400   2/12/2023     EUR      52.94
BAWAG                    5.430   2/26/2024     EUR      47.50
HAA-BANK INTL AG         5.270    4/7/2028     EUR      42.19
HYPO-WOHNBAUBANK         3.625    8/8/2023     EUR      66.07
IMMOFINANZ               4.250    3/8/2018     EUR       3.35
KOMMUNALKREDIT           6.080  12/13/2018     EUR      69.00
KOMMUNALKREDIT           4.440  12/20/2030     EUR      40.50
KOMMUNALKREDIT           4.900   6/23/2031     EUR      43.50
KOMMUNALKREDIT           5.430   2/13/2024     EUR      55.13
OESTER VOLKSBK           4.810   7/29/2025     EUR      62.50
OESTER VOLKSBK           4.750   4/30/2021     EUR      71.01
OESTER VOLKSBK           5.270    2/8/2027     EUR      38.52
OESTER VOLKSBK           4.160   5/20/2025     EUR      72.93
OESTER VOLKSBK           4.170   7/29/2015     EUR      61.00
RAIFF ZENTRALBK          4.500   9/28/2035     EUR      38.67
RAIFF ZENTRALBK          5.730  12/11/2023     EUR      56.07
RAIFF ZENTRALBK          5.500  12/29/2023     EUR      54.46
RAIFF ZENTRALBK          5.470   2/28/2028     EUR      49.95
RAIFFEISEN BK IN         6.625   5/18/2021     EUR      69.97

BELGIUM
-------
ECONOCOM GROUP           4.000    6/1/2016     EUR      19.51
IDEAL STANDARD I        11.750    5/1/2018     EUR      60.56
IDEAL STANDARD I        11.750    5/1/2018     EUR      59.38
ONTEX IV                 9.000   4/15/2019     EUR      68.66
ONTEX IV                 9.000   4/15/2019     EUR      68.75

BULGARIA
--------
PETROL AD-SOFIA          8.375   1/26/2012     EUR      70.13

CYPRUS
------
AVANGARDCO INVES        10.000  10/29/2015     USD      75.50
CYPRUS GOVT BOND         3.750    6/3/2013     EUR      76.73
CYPRUS GOVT BOND         5.250    6/9/2015     EUR      72.13
CYPRUS GOVT BOND         4.750   9/30/2015     EUR      69.49
CYPRUS GOVT BOND         4.600  10/23/2018     EUR      66.59
CYPRUS GOVT BOND         4.600   4/23/2018     EUR      66.27
CYPRUS GOVT BOND         5.100   1/29/2018     EUR      68.17
CYPRUS GOVT BOND         4.500   9/28/2017     EUR      65.90
CYPRUS GOVT BOND         3.750   11/1/2015     EUR      60.25
CYPRUS GOVT BOND         5.600   4/15/2017     EUR      70.25
CYPRUS GOVT BOND         6.500   8/25/2021     EUR      71.57
CYPRUS GOVT BOND         6.000    6/9/2021     EUR      70.05
CYPRUS GOVT BOND         5.350    6/9/2020     EUR      68.55
CYPRUS GOVT BOND         6.100   4/20/2020     EUR      72.46
CYPRUS GOVT BOND         4.625    2/3/2020     EUR      65.08
CYPRUS GOVT BOND         6.100   6/24/2019     EUR      73.85
CYPRUS GOVT BOND         4.600   2/26/2019     EUR      66.73
CYPRUS GOVT BOND         4.500    1/4/2017     EUR      66.66
CYPRUS GOVT BOND         5.000    6/9/2016     EUR      67.70
CYPRUS GOVT BOND         4.500   10/9/2016     EUR      67.20
CYPRUS GOVT BOND         4.500   7/11/2016     EUR      67.91
CYPRUS GOVT BOND         4.500    1/2/2016     EUR      69.61
CYPRUS GOVT BOND         4.750   12/2/2015     EUR      68.79
CYPRUS GOVT BOND         4.500    6/2/2016     EUR      68.24
CYPRUS GOVT BOND         4.500   3/30/2016     EUR      68.79
CYPRUS GOVT BOND         4.500    4/2/2017     EUR      66.34
CYPRUS GOVT BOND         4.500   2/15/2017     EUR      66.51
MARFIN POPULAR           4.375   9/21/2012     EUR      73.82
MARFIN POPULAR           4.350  11/20/2014     EUR      36.88
REP OF CYPRUS            4.750   2/25/2016     EUR      69.33
REP OF CYPRUS            4.375   7/15/2014     EUR      62.13

DENMARK
-------
FIN-DANISH IND           4.910    7/6/2021     EUR      55.88
KOMMUNEKREDIT            0.500  12/14/2020     ZAR      44.82
KOMMUNEKREDIT            0.500    2/3/2016     TRY      72.06

FINLAND
-------
MUNI FINANCE PLC         0.500  11/25/2020     ZAR      49.04
MUNI FINANCE PLC         0.500  10/27/2016     TRY      73.76
MUNI FINANCE PLC         0.500   4/26/2016     ZAR      73.21
MUNI FINANCE PLC         0.500   3/17/2025     CAD      54.00
MUNI FINANCE PLC         0.500  12/21/2021     NZD      71.91
MUNI FINANCE PLC         0.250   6/28/2040     CAD      21.51
MUNI FINANCE PLC         0.500    2/9/2016     ZAR      74.52
MUNI FINANCE PLC         0.500   9/24/2020     CAD      71.57
MUNI FINANCE PLC         0.500  12/20/2018     ZAR      66.15
MUNI FINANCE PLC         0.500  11/21/2018     TRY      66.85
MUNI FINANCE PLC         0.500  11/21/2018     ZAR      60.98
MUNI FINANCE PLC         0.500   4/27/2018     ZAR      60.96
MUNI FINANCE PLC         0.500  11/10/2021     NZD      65.95
MUNI FINANCE PLC         0.500  11/16/2017     TRY      61.69
MUNI FINANCE PLC         1.000   6/30/2017     ZAR      68.22
MUNI FINANCE PLC         0.500  11/17/2016     ZAR      72.53
MUNI FINANCE PLC         0.500  10/27/2016     ZAR      71.39
TALVIVAARA               4.000  12/16/2015     EUR      67.19

FRANCE
------
AIR FRANCE-KLM           4.970    4/1/2015     EUR      10.66
ALCATEL-LUCENT           5.000    1/1/2015     EUR       2.31
ALTRAN TECHNOLOG         6.720    1/1/2015     EUR       4.35
ASSYSTEM                 4.000    1/1/2017     EUR      19.59
ATOS ORIGIN SA           2.500    1/1/2016     EUR      49.79
AXA SA                   5.250   4/16/2040     EUR      72.02
BNP PARIBAS              2.890   5/16/2036     JPY      58.01
BNP PARIBAS              5.400   5/18/2031     USD      74.24
BNP PARIBAS              5.210    3/3/2031     USD      73.14
BNP PARIBAS              5.245    3/2/2031     USD      73.50
BNP PARIBAS              5.290   2/25/2031     USD      73.96
BNP PARIBAS              5.260   2/25/2031     USD      73.65
BNP PARIBAS              5.303   2/23/2031     USD      74.10
BNP PARIBAS              5.405   2/18/2031     USD      75.18
BNP PARIBAS              5.380   2/18/2031     USD      74.92
BNP PARIBAS              5.350   2/18/2031     USD      74.61
BNP PARIBAS              4.850  11/26/2030     USD      70.15
BNP PARIBAS              5.325   2/22/2031     USD      74.34
BPCE                     3.455   9/16/2025     EUR      70.46
CALYON                   5.800  10/29/2029     USD      65.72
CALYON                   6.000   6/18/2047     EUR       8.98
CAP GEMINI SOGET         1.000    1/1/2012     EUR      42.16
CAP GEMINI SOGET         3.500    1/1/2014     EUR      37.09
CEGEDIM SA               7.000   7/27/2015     EUR      68.70
CGG VERITAS              1.750    1/1/2016     EUR      26.14
CLUB MEDITERRANE         6.110   11/1/2015     EUR      17.75
CLUB MEDITERRANE         5.000    6/8/2012     EUR      12.77
CMA CGM                  8.875   4/15/2019     EUR      40.25
CMA CGM                  8.875   4/15/2019     EUR      40.61
CMA CGM                  8.500   4/15/2017     USD      39.17
CMA CGM                  8.500   4/15/2017     USD      41.50
CNP ASSURANCES           7.375   9/30/2041     GBP      70.83
CNP ASSURANCES           5.250   5/16/2023     EUR      73.80
CNP ASSURANCES           6.000   9/14/2040     EUR      62.40
CNP ASSURANCES           6.875   9/30/2041     EUR      62.98
CRED AGRICOLE SA         3.900   4/19/2021     EUR      69.37
CRED AGRICOLE SA         4.000   9/30/2022     EUR      65.52
CREDIT AGRI CIB          5.650   6/10/2031     USD      61.18
CREDIT AGRI CIB          5.850   6/30/2031     USD      62.91
CREDIT AGRI CIB          5.830   6/30/2031     USD      62.73
CREDIT AGRI CIB          5.610   6/15/2031     USD      60.79
CREDIT AGRI CIB          5.300  10/22/2030     USD      59.20
CREDIT AGRI CIB          5.850   5/27/2031     USD      62.96
CREDIT AGRI CIB          5.880    4/8/2031     USD      64.89
CREDIT AGRI CIB          6.220   3/17/2031     USD      66.62
CREDIT AGRI CIB          6.150   2/11/2031     USD      64.69
CREDIT AGRI CIB          5.950   1/19/2031     USD      64.48
CREDIT AGRI CIB          6.050   1/14/2031     USD      65.38
CREDIT AGRI CIB          6.000  12/23/2030     USD      64.72
CREDIT AGRI CIB          5.400   12/9/2030     USD      59.71
CREDIT AGRI CIB          5.690  11/26/2030     USD      62.41
CREDIT AGRI CIB          5.080  11/23/2030     USD      57.00
CREDIT AGRI CIB          5.450   11/9/2030     USD      60.31
CREDIT AGRI CIB          4.910   11/3/2030     USD      56.65
CREDIT AGRI CIB          5.350  10/29/2030     USD      59.48
CREDIT AGRI CIB          5.250  10/18/2030     USD      58.72
CREDIT AGRI CIB          5.300  10/12/2030     USD      59.07
CREDIT AGRI CIB          5.300   10/7/2030     USD      59.13
CREDIT AGRI CIB          4.850   9/17/2030     USD      55.17
CREDIT AGRI CIB          5.270    8/5/2030     USD      59.24
CREDIT AGRI CIB          5.680   3/22/2026     USD      73.58
CREDIT AGRICOLE          3.750  10/20/2020     EUR      69.80
CREDIT AGRICOLE          4.500  12/22/2019     EUR      68.06
CREDIT AGRICOLE          4.050  12/22/2020     EUR      70.93
CREDIT LOCAL FRA         3.750   5/26/2020     EUR      48.99
DEXIA CRED LOCAL         4.110   9/18/2018     EUR      57.81
DEXIA CRED LOCAL         4.500   2/25/2020     EUR      53.20
DEXIA CRED LOCAL         4.550    4/2/2020     EUR      53.31
DEXIA CRED LOCAL         5.037    8/4/2020     EUR      54.39
DEXIA CRED LOCAL         4.020   3/13/2017     EUR      68.36
DEXIA MUNI AGNCY         2.875   4/23/2030     CHF      71.11
DEXIA MUNI AGNCY         1.000  12/23/2024     EUR      60.43
EURAZEO                  6.250   6/10/2014     EUR      53.87
EUROPCAR GROUPE          9.375   4/15/2018     EUR      50.88
EUROPCAR GROUPE          9.375   4/15/2018     EUR      51.50
FAURECIA                 4.500    1/1/2015     EUR      19.23
FONCIERE REGIONS         3.340    1/1/2017     EUR      70.46
GIE PSA TRESORER         6.000   9/19/2033     EUR      63.81
GROUPAMA SA              7.875  10/27/2039     EUR      44.42
INGENICO                 2.750    1/1/2017     EUR      41.39
ITALCEMENTI FIN          5.375   3/19/2020     EUR      70.85
IXIS CIB                 5.400    1/9/2033     EUR      70.49
MAUREL ET PROM           7.125   7/31/2014     EUR      17.00
MAUREL ET PROM           7.125   7/31/2015     EUR      15.72
NEXANS SA                4.000    1/1/2016     EUR      56.29
NOVASEP HLDG             9.750  12/15/2016     USD      48.50
ORPEA                    3.875    1/1/2016     EUR      43.13
PAGESJAUNES FINA         8.875    6/1/2018     EUR      67.50
PAGESJAUNES FINA         8.875    6/1/2018     EUR      67.25
PEUGEOT SA               4.450    1/1/2016     EUR      23.00
PIERRE VACANCES          4.000   10/1/2015     EUR      68.91
PUBLICIS GROUPE          3.125   7/30/2014     EUR      35.57
PUBLICIS GROUPE          1.000   1/18/2018     EUR      48.46
SOC AIR FRANCE           2.750    4/1/2020     EUR      20.82
SOCIETE GENERALE         5.900   3/10/2031     USD      62.52
SOCIETE GENERALE         5.940   3/14/2031     USD      62.85
SOCIETE GENERALE         6.010   3/15/2031     USD      63.47
SOCIETE GENERALE         5.910   3/16/2031     USD      62.58
SOCIETE GENERALE         5.920   3/17/2031     USD      62.66
SOCIETE GENERALE         5.860   4/26/2031     USD      62.33
SOCIETE GENERALE         5.860   3/11/2031     USD      62.16
SOITEC                   6.250    9/9/2014     EUR       7.49
TEM                      4.250    1/1/2015     EUR      50.56
THEOLIA                  2.700    1/1/2041     EUR       7.94
BAYERISCHE HYPO          5.000  12/21/2029     EUR      62.28
BAYERISCHE LNDBK         4.500    2/7/2019     EUR      63.88
BHW BAUSPARKASSE         5.640   1/30/2024     EUR      56.38
BHW BAUSPARKASSE         5.600   4/14/2023     EUR      57.50
BHW BAUSPARKASSE         4.270   1/15/2019     EUR      61.00
BHW BAUSPARKASSE         5.450   2/20/2023     EUR      56.88
COMMERZBANK AG           6.460   6/24/2022     EUR      58.55
COMMERZBANK AG           6.360   3/15/2022     EUR      58.62
COMMERZBANK AG           6.300   3/15/2022     EUR      58.47
COMMERZBANK AG           6.625   8/30/2019     GBP      71.39
COMMERZBANK AG           6.375   3/22/2019     EUR      67.81
COMMERZBANK AG           6.500   5/14/2018     EUR      70.49
COMMERZBANK AG           6.654    5/9/2018     EUR      71.52
COMMERZBANK AG           6.600   4/23/2018     EUR      71.30
COMMERZBANK AG           5.000   4/20/2018     EUR      21.38
COMMERZBANK AG           5.000   3/30/2018     EUR      21.37
COMMERZBANK AG           4.000  11/30/2017     EUR      22.26
COMMERZBANK AG           5.625  11/29/2017     EUR      66.77
COMMERZBANK AG           5.000  10/30/2017     EUR      67.24
COMMERZBANK AG           7.750   3/16/2021     EUR      70.60
DEUT GENOS-HYPBK         6.610   3/21/2022     EUR      72.10
DEUTSCHE HYP HAN         5.300  11/20/2023     EUR      54.75
DEUTSCHE HYP HAN         6.050   9/27/2022     EUR      61.00
DRESDNER BANK AG         7.350   6/13/2028     EUR      55.46
DRESDNER BANK AG         6.375    5/8/2018     EUR      68.15
DRESDNER BANK AG         6.635   6/18/2018     EUR      69.05
DRESDNER BANK AG         7.250   6/24/2019     EUR      70.30
DRESDNER BANK AG         6.000   2/25/2020     EUR      62.83
DRESDNER BANK AG         6.550   4/14/2020     EUR      64.95
DRESDNER BANK AG         5.290   5/31/2021     EUR      55.42
DRESDNER BANK AG         6.210   6/20/2022     EUR      57.36
DRESDNER BANK AG         6.180   2/28/2023     EUR      54.15
DRESDNER BANK AG         5.700   7/31/2023     EUR      51.62
DRESDNER BANK AG         7.160   8/14/2024     EUR      56.27
DRESDNER BANK AG         6.400   4/23/2018     EUR      75.71
EUROHYPO AG              5.110    8/6/2018     EUR      61.63
EUROHYPO AG              5.560   8/18/2023     EUR      52.25
EUROHYPO AG              3.830   9/21/2020     EUR      49.88
EUROHYPO AG              6.490   7/17/2017     EUR      68.88
GOTHAER ALLG VER         5.527   9/29/2026     EUR      68.58
HAPAG-LLOYD              9.750  10/15/2017     USD      71.08
HAPAG-LLOYD              9.750  10/15/2017     USD      69.13
HECKLER & KOCH           9.500   5/15/2018     EUR      63.00
HECKLER & KOCH           9.500   5/15/2018     EUR      62.25
HEIDELBERG DRUCK         9.250   4/15/2018     EUR      58.41
HEIDELBERG DRUCK         9.250   4/15/2018     EUR      59.25
HSH NORDBANK AG          4.375   2/14/2017     EUR      49.82
HVB REAL ESTATE          6.570   3/18/2022     EUR      68.78
L-BANK FOERDERBK         0.500   5/10/2027     CAD      52.21
LB BADEN-WUERTT          5.250  10/20/2015     EUR      27.16
LB BADEN-WUERTT          2.800   2/23/2037     JPY      40.53
PRAKTIKER BAU-UN         5.875   2/10/2016     EUR      37.00
Q-CELLS                  6.750  10/21/2015     EUR       0.79
RHEINISCHE HYPBK         6.600   5/29/2022     EUR      59.63
SOLARWORLD AG            6.375   7/13/2016     EUR      52.43
STYROLUTION GRP          7.625   5/15/2016     EUR      69.75
STYROLUTION GRP          7.625   5/15/2016     EUR      69.88
TAG IMMO AG              6.500  12/10/2015     EUR       7.54
TUI AG                   2.750   3/24/2016     EUR      35.87
TUI AG                   5.500  11/17/2014     EUR      55.69

GREECE
------
ATHENS URBAN TRN         4.301   8/12/2014     EUR      19.70
ATHENS URBAN TRN         4.057   3/26/2013     EUR      34.02
ATHENS URBAN TRN         4.851   9/19/2016     EUR      17.96
ATHENS URBAN TRN         5.008   7/18/2017     EUR      19.32
FAGE DAIRY IND           7.500   1/15/2015     EUR      72.63
FAGE DAIRY IND           7.500   1/15/2015     EUR      72.63
HELLENIC REP I/L         2.900   7/25/2025     EUR      15.30
HELLENIC REP I/L         2.300   7/25/2030     EUR      21.00
HELLENIC REPUB           4.590    4/8/2016     EUR      18.50
HELLENIC REPUB           5.000   3/11/2019     EUR      27.88
HELLENIC REPUB           4.625   6/25/2013     USD      38.00
HELLENIC REPUB           5.200   7/17/2034     EUR      22.63
HELLENIC REPUB           6.140   4/14/2028     EUR      16.25
HELLENIC REPUB           2.125    7/5/2013     CHF      44.75
HELLENIC REPUBLI         4.600   9/20/2040     EUR      18.86
HELLENIC REPUBLI         4.500   9/20/2037     EUR      18.60
HELLENIC REPUBLI         5.300   3/20/2026     EUR      19.54
HELLENIC REPUBLI         4.700   3/20/2024     EUR      19.31
HELLENIC REPUBLI         5.900  10/22/2022     EUR      20.24
HELLENIC REPUBLI         6.250   6/19/2020     EUR      20.17
HELLENIC REPUBLI         6.500  10/22/2019     EUR      20.52
HELLENIC REPUBLI         6.000   7/19/2019     EUR      19.64
HELLENIC REPUBLI         5.959    3/4/2019     EUR      22.97
HELLENIC REPUBLI         5.014   2/27/2019     EUR      21.87
HELLENIC REPUBLI         4.600   7/20/2018     EUR      20.27
HELLENIC REPUBLI         4.590    4/3/2018     EUR      21.23
HELLENIC REPUBLI         4.675   10/9/2017     EUR      21.27
HELLENIC REPUBLI         4.300   7/20/2017     EUR      19.97
HELLENIC REPUBLI         5.900   4/20/2017     EUR      19.95
HELLENIC REPUBLI         4.225    3/1/2017     EUR      20.51
HELLENIC REPUBLI         4.020   9/13/2016     EUR      20.36
HELLENIC REPUBLI         3.600   7/20/2016     EUR      19.47
HELLENIC REPUBLI         3.700  11/10/2015     EUR      23.25
HELLENIC REPUBLI         3.702   9/30/2015     EUR      20.50
HELLENIC REPUBLI         6.100   8/20/2015     EUR      22.00
HELLENIC REPUBLI         3.700   7/20/2015     EUR      19.53
HELLENIC REPUBLI         4.113   9/30/2014     EUR      22.26
HELLENIC REPUBLI         5.500   8/20/2014     EUR      21.66
HELLENIC REPUBLI         3.985   7/25/2014     EUR      21.71
HELLENIC REPUBLI         4.500    7/1/2014     EUR      24.75
HELLENIC REPUBLI         4.500   5/20/2014     EUR      21.69
HELLENIC REPUBLI         6.500   1/11/2014     EUR      21.94
HELLENIC REPUBLI         4.520   9/30/2013     EUR      23.63
HELLENIC REPUBLI         4.000   8/20/2013     EUR      23.98
HELLENIC REPUBLI         3.900    7/3/2013     EUR      28.38
HELLENIC REPUBLI         7.500   5/20/2013     EUR      31.84
HELLENIC REPUBLI         4.600   5/20/2013     EUR      25.57
HELLENIC REPUBLI         4.506   3/31/2013     EUR      36.44
HELLENIC REPUBLI         4.100   8/20/2012     EUR      31.34
HELLENIC REPUBLI         1.000   6/30/2012     EUR      57.88
HELLENIC REPUBLI         5.250   6/20/2012     EUR      59.63
HELLENIC REPUBLI         5.250   5/18/2012     EUR      34.03
HELLENIC REPUBLI         4.300   3/20/2012     EUR      47.07
HELLENIC REPUBLI         4.427   7/31/2013     EUR      30.78
NATL BK GREECE           3.875   10/7/2016     EUR      56.13

GUERNSEY
--------
CALYON FIN GUER          6.000    9/4/2029     USD      66.57
CREDIT AGRICOLE          5.600   2/25/2030     USD      62.02

HUNGARY
-------
OTP BANK                 5.270   9/19/2016     EUR      73.81
REP OF HUNGARY           3.875   2/24/2020     EUR      73.53
REP OF HUNGARY           4.000   5/20/2016     CHF      71.08
REP OF HUNGARY           2.110  10/26/2017     JPY      70.63

IRELAND
-------
AIB MORTGAGE BNK         5.000   2/12/2030     EUR      47.39
AIB MORTGAGE BNK         5.000    3/1/2030     EUR      47.35
AIB MORTGAGE BNK         4.875   6/29/2017     EUR      74.43
AIB MORTGAGE BNK         5.580   4/28/2028     EUR      52.83
ALLIED IRISH BKS        12.500   6/25/2035     GBP      49.38
ALLIED IRISH BKS         5.625  11/12/2014     EUR      71.88
ALLIED IRISH BKS         4.000   3/19/2015     EUR      74.81
ANGLO IRISH BANK         4.000   4/15/2015     EUR      73.31
BANESTO FINANC           5.000   3/23/2030     EUR      65.17
BANESTO FINANC           5.000    6/1/2024     EUR      74.22
BANK OF IRELAND         10.000   2/12/2020     EUR      52.25
BANK OF IRELAND          3.585   4/21/2015     EUR      71.50
BANK OF IRELAND          3.780    4/1/2015     EUR      72.65
BANK OF IRELAND          4.473  11/30/2016     EUR      59.25
BANK OF IRELAND          5.600   9/18/2023     EUR      41.88
BANK OF IRELAND         10.000   2/12/2020     GBP      49.50
BK IRELAND MTGE          5.760    9/7/2029     EUR      50.59
BK IRELAND MTGE          5.360  10/12/2029     EUR      47.80
BK IRELAND MTGE          5.450    3/1/2030     EUR      47.72
BK IRELAND MTGE          5.400   11/6/2029     EUR      48.03
DEPFA ACS BANK           5.125   3/16/2037     USD      71.59
DEPFA ACS BANK           4.900   8/24/2035     CAD      70.85
DEPFA ACS BANK           3.250   7/31/2031     CHF      68.66
DEPFA ACS BANK           3.278   7/17/2026     CHF      74.92
DEPFA ACS BANK           0.500    3/3/2025     CAD      51.77
DEPFA ACS BANK           3.000  12/17/2024     CHF      74.94
DEPFA ACS BANK           5.125   3/16/2037     USD      69.17
EBS BLDG SOCIETY         4.000   2/25/2015     EUR      73.05
IRISH LIFE PERM          4.000   3/10/2015     EUR      73.18
UT2 FUNDING PLC          5.321   6/30/2016     EUR      52.05

ITALY
-----
BANCA MARCHE             5.500   9/16/2030     EUR      44.89
BANCA MARCHE             5.125   5/14/2024     ITL      49.26
BANCA MARCHE             4.360    1/4/2022     ITL      51.87
BANCA MARCHE             4.700   8/16/2021     EUR      54.89
BANCA MARCHE             4.000   5/26/2021     EUR      51.06
BANCA MARCHE             4.000   1/10/2021     EUR      52.64
BANCA MARCHE             3.600  11/12/2020     EUR      51.72
BANCA MARCHE             5.400   9/16/2020     EUR      60.21
BANCA MARCHE             3.700    9/1/2020     EUR      53.11
BANCA MARCHE             3.900   8/17/2020     EUR      54.20
BANCA MARCHE             4.000    7/9/2020     EUR      55.15
BANCA MARCHE             4.300    1/4/2020     EUR      57.98
BANCA MARCHE             4.500    3/4/2018     EUR      66.63
BANCA MARCHE             5.250    1/1/2018     EUR      70.77
BANCA MARCHE             3.200   9/27/2017     EUR      63.04
BANCA MARCHE             3.200   6/21/2017     EUR      64.62
BANCA MARCHE             4.300   5/15/2017     EUR      69.62
BANCA MARCHE             3.200   5/10/2017     EUR      65.46
BANCA MARCHE             5.300   1/19/2017     EUR      74.84
BANCA MARCHE             4.000   9/16/2016     EUR      71.91
BANCA MARCHE             3.500   7/16/2016     EUR      70.68
BANCA MARCHE             4.000   7/15/2016     EUR      72.86
BANCA MARCHE             4.500   5/26/2016     EUR      74.79
BANCA MARCHE             4.500    4/1/2016     EUR      75.62
BANCA MARCHE             4.000    4/1/2016     EUR      74.07
BANCA MARCHE             3.500  11/23/2015     EUR      74.76
BANCA MARCHE             3.300   7/28/2015     EUR      75.78
BANCA MARCHE             2.050   7/28/2015     EUR      72.48
BANCA MARCHE             3.000   3/29/2015     EUR      74.08
BANCA MARCHE             3.750    3/1/2017     EUR      68.62
BANCA NAZ LAVORO         4.652    2/3/2023     EUR      72.52
BANCA POP BERGAM         2.250  11/22/2015     EUR      74.64
BANCA POP BERGAM         5.460   7/31/2018     EUR      73.62
BANCA POP BERGAM         4.670  11/27/2018     EUR      68.78
BANCA POP BERGAM         4.680  11/27/2018     EUR      68.83
BANCA POP BERGAM         6.760    9/5/2021     EUR      70.74
BANCA POP BERGAM         6.500   9/13/2021     EUR      69.23
BANCA POP BERGAM         5.320  11/27/2022     EUR      59.03
BANCA POP BERGAM         5.000   9/12/2018     EUR      71.12
BANCA POP BERGAM         1.500    3/1/2016     EUR      71.30
BANCA POP EMILIA         4.000   4/12/2020     EUR      71.48
BANCA POP ETRURI         4.250    8/1/2016     EUR      74.25
BANCA POP ETRURI         4.250   5/16/2016     EUR      75.25
BANCA POP ETRURI         4.150   2/16/2018     EUR      64.50
BANCA POP ETRURI         4.000  12/31/2017     EUR      64.63
BANCA POP ETRURI         5.000   3/31/2021     EUR      57.88
BANCA POP LODI           3.750   2/28/2018     EUR      69.24
BANCA POP LODI           5.250    4/3/2029     EUR      53.81
BANCA POP LODI           3.625   3/31/2017     EUR      73.03
BANCA POP MILANO         7.125    3/1/2021     EUR      69.54
BANCA POP MILANO         3.375   1/15/2017     EUR      69.34
BANCA POP MILANO         3.625   7/16/2017     EUR      67.86
BANCA POP MILANO         3.375   4/16/2017     EUR      68.06
BANCA POP MILANO         4.000   4/23/2020     EUR      57.79
BANCA POP MILANO         3.500   6/30/2018     EUR      62.59
BANCA POP MILANO         3.000   3/31/2016     EUR      72.26
BANCA POP MILANO         3.250   6/30/2017     EUR      63.76
BANCA POP MILANO         2.900   8/30/2016     EUR      69.31
BANCA POP MILANO         3.000   9/29/2016     EUR      69.53
BANCA POP MILANO         4.500   4/18/2018     EUR      64.13
BANCA POP MILANO         4.100   3/31/2018     EUR      66.07
BANCA POP MILANO         3.250    3/4/2016     EUR      73.51
BANCA POP MILANO         3.875  10/15/2017     EUR      67.73
BANCA POP MILANO         3.100   9/30/2017     EUR      64.33
BANCA POP MILANO         3.000   1/16/2016     EUR      73.39
BANCA POP MILANO         3.000  10/14/2015     EUR      74.91
BANCA POP VICENT         4.250   9/16/2016     EUR      74.73
BANCA POP VICENT         5.000   5/30/2021     EUR      59.54
BANCA POP VICENT         5.000   3/31/2021     EUR      60.12
BANCA POP VICENT         5.000   3/25/2021     EUR      60.15
BANCA POP VICENT         5.290   6/28/2017     EUR      74.54
BANCA POP VICENT         4.000   5/16/2016     EUR      74.83
BANCA POP VICENT         3.750   4/29/2016     EUR      74.43
BANCA POP VICENT         4.000   4/18/2016     EUR      75.42
BANCA POP VICENT         4.000   6/15/2016     EUR      74.45
BANCA POP VICENT         5.000   6/30/2021     EUR      58.93
BANCA POP VICENT         4.970   4/20/2027     EUR      47.04
BANCA SELLA              3.600   11/5/2019     EUR      72.18
BANCO POPOLARE           6.375   5/31/2021     EUR      65.77
BANCO POPOLARE           6.000   11/5/2020     EUR      67.96
BANCO POPOLARE           3.500   1/31/2016     EUR      73.85
BANCO POPOLARE           4.750   4/28/2017     EUR      73.81
BANCO POPOLARE           3.000  10/29/2016     EUR      73.08
BANCO POPOLARE           2.900  11/30/2016     EUR      72.20
BP CIVIDALE              3.180   5/19/2020     EUR      68.52
BTPS                     4.000    2/1/2037     EUR      67.93
BTPS I/L                 2.600   9/15/2023     EUR      73.25
BTPS I/L                 2.100   9/15/2021     EUR      72.34
BTPS I/L                 2.550   9/15/2041     EUR      66.29
BTPS I/L                 2.350   9/15/2035     EUR      66.93
BTPS I/L                 3.100   9/15/2026     EUR      73.68
CASSA RISP CESEN         3.400    9/7/2017     EUR      74.43
CASSA RISP FERRA         3.500    3/5/2016     EUR      73.88
CASSA RISP FERRA         4.575    2/2/2017     EUR      72.50
CASSA RISP FERRA         4.000   11/2/2016     EUR      71.63
CASSA RISP FERRA         3.400   9/17/2017     EUR      63.38
CASSA RISP FERRA         4.500   11/2/2020     EUR      56.38
CIR SPA                  5.750  12/16/2024     EUR      65.06
FINMECCANICA SPA         4.875   3/24/2025     EUR      64.79
INTESA SANPAOLO          2.882   4/20/2020     EUR      70.19
INTESA SANPAOLO          4.000    9/2/2022     EUR      74.13
MEDIOBANCA               2.200   12/7/2017     EUR      74.06
MONTE DEI PASCHI         3.750   8/30/2020     EUR      68.76
MONTE DEI PASCHI         5.000   4/21/2020     EUR      74.10
MONTE DEI PASCHI         5.750   9/30/2016     GBP      66.03
REGION OF LOMBAR         5.804  10/25/2032     USD      84.54
REP OF ITALY             2.200   9/15/2058     EUR      55.59
REP OF ITALY             4.850   6/11/2060     EUR      67.77
REP OF ITALY             2.000   9/15/2062     EUR      50.55
REP OF ITALY             4.490    4/5/2027     EUR      70.34
REP OF ITALY             5.200   7/31/2034     EUR      69.29
REP OF ITALY             2.870   5/19/2036     JPY      45.52
REP OF ITALY             1.850   9/15/2057     EUR      48.14
SANPAOLO IMI             4.375   6/26/2018     EUR      73.00
SANPAOLO IMI             3.750    3/2/2020     EUR      71.08
SEAT PAGINE             10.500   1/31/2017     EUR      55.02
SEAT PAGINE             10.500   1/31/2017     EUR      56.00
SEAT PAGINE             10.500   1/31/2017     EUR      55.02
SEAT PAGINE             10.500   1/31/2017     EUR      55.88
TELECOM ITALIA           5.250   3/17/2055     EUR      66.23
UBI BANCA SPCA           4.600   7/28/2018     EUR      69.81
UBI BANCA SPCA           6.250  11/18/2018     EUR      48.46
UNICREDIT SPA            6.040    3/3/2023     EUR      66.47
UNICREDIT SPA            4.350   8/25/2022     EUR      68.82
UNICREDIT SPA            5.050   4/25/2022     EUR      62.26
UNICREDIT SPA            5.000   4/21/2021     EUR      64.28
UNICREDIT SPA            6.125   4/19/2021     EUR      73.09
UNICREDIT SPA            5.160   6/14/2020     EUR      67.04
UNICREDIT SPA            6.700    6/5/2018     EUR      69.84
UNICREDIT SPA            5.370   6/19/2019     EUR      72.39
UNICREDIT SPA            4.500   9/22/2019     EUR      72.01
UNICREDIT SPA            4.750   4/26/2020     EUR      66.92
UNICREDITO ITALI         3.950    2/1/2016     EUR      70.71
UNICREDITO ITALI         5.000    2/1/2016     GBP      63.00
UNICREDITO ITALI         6.375  10/16/2018     GBP      70.98
UNICREDITO ITALI         4.750   4/12/2027     EUR      63.22
UNIPOL ASSICURAZ         5.660   7/28/2023     EUR      51.76

LUXEMBOURG
----------
ARCELORMITTAL            7.250    4/1/2014     EUR      22.72
CONTROLINVESTE           3.000   1/28/2015     EUR      64.22
ESFG INTERNATION         6.875  10/21/2019     EUR      52.04
FINMECCANICA FIN         5.250   1/21/2022     EUR      66.25
INTRALOT LUX SA          2.250  12/20/2013     EUR      74.91
KION FINANCE             7.875   4/15/2018     EUR      73.38
TELECOM IT CAP           6.000   9/30/2034     USD      76.01
TELECOM IT CAP           6.375  11/15/2033     USD      78.53
UBI BANCA INT            8.750  10/29/2012     EUR      64.68
ZINC CAPITAL             8.875   5/15/2018     EUR      74.63

NETHERLANDS
-----------
AI FINANCE B.V.         10.875   7/15/2012     USD      74.25
APP INTL FINANCE        11.750   10/1/2005     USD       0.01
ASTANA FINANCE           9.000  11/16/2011     USD       8.33
ASTANA FINANCE           7.875    6/8/2010     EUR       8.38
BK NED GEMEENTEN         0.500   3/29/2021     NZD      66.90
BK NED GEMEENTEN         0.500   5/12/2021     ZAR      42.55
BK NED GEMEENTEN         0.500   6/22/2021     ZAR      42.11
BK NED GEMEENTEN         0.500   6/22/2016     TRY      70.78
BK NED GEMEENTEN         0.500   3/29/2021     USD      73.99
BK NED GEMEENTEN         0.500    3/3/2021     NZD      67.16
BK NED GEMEENTEN         0.500   3/17/2016     TRY      71.91
BK NED GEMEENTEN         0.500   9/15/2016     TRY      69.84
BK NED GEMEENTEN         0.500   2/24/2025     CAD      61.15
BK NED GEMEENTEN         0.500   4/27/2016     TRY      71.42
BK NED GEMEENTEN         0.500   5/25/2016     TRY      71.11
BLT FINANCE BV           7.500   5/15/2014     USD      39.00
BLT FINANCE BV           7.500   5/15/2014     USD      40.00
CEMEX FIN EUROPE         4.750    3/5/2014     EUR      74.39
DEXIA FUNDING            5.875    2/9/2017     GBP      56.99
EDP FINANCE BV           4.125   6/29/2020     EUR      74.08
ELEC DE CAR FIN          8.500   4/10/2018     USD      58.90
FINANCE & CREDIT        10.500   1/25/2014     USD      55.00
FRIESLAND BANK           4.210  12/29/2025     EUR      59.93
FRIESLAND BANK           5.320   2/26/2024     EUR      72.23
INDAH KIAT INTL         12.500   6/15/2006     USD       0.01
ING BANK NV              4.200  12/19/2035     EUR      67.67
ING BANK NV              5.230   9/30/2031     USD      73.39
KBC IFIMA NV             4.000   9/20/2020     EUR      73.83
LEHMAN BROS TSY          4.870   10/8/2013     USD      33.00
MAGYAR TELECOM           9.500  12/15/2016     EUR      67.43
MAGYAR TELECOM           9.500  12/15/2016     EUR      68.00
MARFRIG HLDG EUR         8.375    5/9/2018     USD      71.50
NATL INVESTER BK        25.983    5/7/2029     EUR      20.28
NED WATERSCHAPBK         0.500   3/11/2025     CAD      61.33
NIB CAPITAL BANK         4.510  12/16/2035     EUR      63.35
POLYSINDO FIN            9.375   7/30/2007     USD       0.01
PORTUGAL TEL FIN         4.375   3/24/2017     EUR      73.58
PORTUGAL TEL FIN         4.500   6/16/2025     EUR      60.43
PORTUGAL TEL FIN         5.000   11/4/2019     EUR      70.24
Q-CELLS INTERNAT         5.750   5/26/2014     EUR      21.67
Q-CELLS INTERNAT         1.375   2/28/2012     EUR      38.25
RABOBANK                 0.500  11/26/2021     ZAR      50.10
RABOBANK                 0.500  10/27/2016     ZAR      70.14
RBS NV EX-ABN NV         5.000   2/27/2037     EUR      69.66
RBS NV EX-ABN NV         2.910   6/21/2036     JPY      62.65
SIDETUR FINANCE         10.000   4/20/2016     USD      75.00
SNS BANK                 6.625   5/14/2018     EUR      72.65
SNS BANK                 6.250  10/26/2020     EUR      62.75
SNS BANK                 4.650  10/19/2021     EUR      65.09
SNS BANK                 5.300   1/27/2023     EUR      65.11
SNS BANK                 4.580   3/20/2026     EUR      52.75
SNS BANK                 5.215   12/3/2027     EUR      56.48
SNS BANK                 5.250   4/11/2023     EUR      63.95
SRLEV NV                 9.000   4/15/2041     EUR      63.30
TJIWI KIMIA FIN         13.250    8/1/2001     USD       0.01

NORWAY
------
EKSPORTFINANS            2.250   2/11/2021     CHF      72.18
KOMMUNALBANKEN           0.500   7/26/2016     ZAR      71.44
KOMMUNALBANKEN           0.500   1/27/2016     ZAR      74.57
KOMMUNALBANKEN           0.500    3/1/2016     ZAR      73.96
KOMMUNALBANKEN           0.500   3/24/2016     ZAR      73.55
KOMMUNALBANKEN           0.500   5/25/2016     ZAR      72.45
KOMMUNALBANKEN           0.500   7/29/2016     ZAR      71.29
KOMMUNALBANKEN           0.500   7/29/2016     TRY      69.08
KOMMUNALBANKEN           0.500   5/25/2018     ZAR      59.86
NORSKE SKOGIND           7.125  10/15/2033     USD      43.13
NORSKE SKOGIND           6.125  10/15/2015     USD      55.25
NORSKE SKOGIND           7.000   6/26/2017     EUR      52.20
NORSKE SKOGIND           6.125  10/15/2015     USD      57.70
NORSKE SKOGIND          11.750   6/15/2016     EUR      63.13
NORSKE SKOGIND          11.750   6/15/2016     EUR      62.07
NORSKE SKOGIND           7.125  10/15/2033     USD      43.13
RENEWABLE CORP           6.500    6/4/2014     EUR      52.05

POLAND
------
POLAND GOVT BOND         5.000   4/25/2037     PLN      57.77
REP OF POLAND            4.250   7/20/2055     EUR      71.99
REP OF POLAND            2.648   3/29/2034     JPY      75.30

PORTUGAL
--------
BANCO COM PORTUG         4.750   6/22/2017     EUR      66.25
BANCO COM PORTUG         5.625   4/23/2014     EUR      69.38
BANCO COM PORTUG         3.750   10/8/2016     EUR      65.90
BANCO ESPIRITO           3.375   2/17/2015     EUR      76.28
BANCO ESPIRITO           4.600   1/26/2017     EUR      66.57
BANCO ESPIRITO           3.875   1/21/2015     EUR      70.61
BANCO ESPIRITO           6.875   7/15/2016     EUR      68.75
BANCO ESPIRITO           6.160   7/23/2015     EUR      72.00
BANCO ESPIRITO           4.600   9/15/2016     EUR      68.59
BRISA                    4.500   12/5/2016     EUR      65.55
CAIXA GERAL DEPO         4.570   8/12/2016     EUR      68.75
CAIXA GERAL DEPO         4.455   8/20/2017     EUR      63.00
CAIXA GERAL DEPO         3.875   12/6/2016     EUR      69.63
CAIXA GERAL DEPO         5.165    7/8/2016     EUR      71.50
CAIXA GERAL DEPO         5.500  11/13/2017     EUR      69.75
CAIXA GERAL DEPO         4.750   3/14/2016     EUR      74.00
CAIXA GERAL DEPO         5.090    6/8/2016     EUR      71.88
CAIXA GERAL DEPO         4.400   10/8/2019     EUR      54.75
CAIXA GERAL DEPO         4.250   1/27/2020     EUR      65.98
CAIXA GERAL DEPO         5.320    8/5/2021     EUR      54.00
CAIXA GERAL DEPO         5.980    3/3/2028     EUR      53.63
CAIXA GERAL DEPO         5.380   10/1/2038     EUR      52.69
CAIXA GERAL DEPO         4.850   9/14/2016     EUR      70.00
CAIXA GERAL DEPO         4.900  10/13/2016     EUR      70.50
CAIXA GERAL DEPO         5.120   11/3/2016     EUR      69.25
METRO DE LISBOA          4.799   12/7/2027     EUR      66.72
METRO DE LISBOA          4.061   12/4/2026     EUR      56.78
METRO DE LISBOA          7.300  12/23/2025     EUR      73.64
MONTEPIO GERAL           5.000    2/8/2017     EUR      62.25
PARPUBLICA               4.191  10/15/2014     EUR      63.50
PARPUBLICA               5.250   9/28/2017     EUR      68.71
PARPUBLICA               3.567   9/22/2020     EUR      39.50
PARPUBLICA               4.200  11/16/2026     EUR      36.88
PARPUBLICA               3.500    7/8/2013     EUR      68.25
PORTUGAL (REP)           3.500   3/25/2015     USD      70.49
PORTUGAL (REP)           3.500   3/25/2015     USD      70.49
PORTUGUESE OT'S          3.850   4/15/2021     EUR      51.98
PORTUGUESE OT'S          4.750   6/14/2019     EUR      54.51
PORTUGUESE OT'S          4.450   6/15/2018     EUR      55.63
PORTUGUESE OT'S          4.100   4/15/2037     EUR      48.42
PORTUGUESE OT'S          4.950  10/25/2023     EUR      50.38
PORTUGUESE OT'S          4.350  10/16/2017     EUR      57.44
PORTUGUESE OT'S          4.800   6/15/2020     EUR      52.96
PORTUGUESE OT'S          3.600  10/15/2014     EUR      71.91
PORTUGUESE OT'S          4.200  10/15/2016     EUR      63.02
PORTUGUESE OT'S          6.400   2/15/2016     EUR      71.85
PORTUGUESE OT'S          3.350  10/15/2015     EUR      69.73
REFER                    4.047  11/16/2026     EUR      49.71
REFER                    4.675  10/16/2024     EUR      54.38
REFER                    4.250  12/13/2021     EUR      42.75
REFER                    4.000   3/16/2015     EUR      36.25
REFER                    5.875   2/18/2019     EUR      52.63
ARIZK                    3.000  12/20/2030     RUB      49.95
DVTG-FINANS             17.000   8/29/2013     RUB      55.55
DVTG-FINANS              7.750   7/18/2013     RUB      20.29
IART                     8.500    8/4/2013     RUB       1.00
MIRAX                   17.000   9/17/2012     RUB      30.00
MOSMART FINANS           0.010   4/12/2012     RUB       1.81
NOK                     12.500   8/26/2014     RUB       5.00
PROTON-FINANCE           9.000   6/12/2012     RUB      65.00
RBC OJSC                 7.000   4/23/2015     RUB      65.50
RBC OJSC                 3.270   4/19/2018     RUB      37.50
RBC OJSC                 7.000   4/23/2015     RUB      63.01

SPAIN
-----
AYT CEDULAS CAJA         3.750  12/14/2022     EUR      62.78
AYT CEDULAS CAJA         3.750   6/30/2025     EUR      55.15
AYT CEDULAS CAJA         4.750   5/25/2027     EUR      62.26
AYT CEDULAS CAJA         4.250  10/25/2023     EUR      65.25
AYT CEDULAS CAJA         4.000   3/31/2020     EUR      73.45
AYT CEDULAS CAJA         4.000   3/24/2021     EUR      70.44
AYUNTAM DE MADRD         4.550   6/16/2036     EUR      62.21
BANCAJA                  1.500   5/22/2018     EUR      61.68
BANCAJA EMI SA           2.755   5/11/2037     JPY      73.43
BANCO BILBAO VIZ         4.500   2/16/2022     EUR      69.02
BANCO BILBAO VIZ         4.375  10/20/2019     EUR      72.83
BANCO BILBAO VIZ         6.025    3/3/2033     EUR      59.32
BANCO BILBAO VIZ         6.200    7/4/2023     EUR      70.37
BANCO POP ESPAN          5.702  12/22/2019     EUR      69.25
BBVA SUB CAP UNI         2.750  10/22/2035     JPY      44.18
CAIXA TERRASSA           4.700    8/9/2021     EUR      40.81
CAJA CASTIL-MAN          1.500   6/23/2021     EUR      58.62
CAJA MADRID              4.000    2/3/2025     EUR      73.45
CAJA MADRID              5.020   2/26/2038     EUR      73.69
CAJA MADRID              4.125   3/24/2036     EUR      66.05
CEDULAS TDA 5            4.125  11/29/2019     EUR      74.12
CEDULAS TDA 6 FO         3.875   5/23/2025     EUR      57.28
CEDULAS TDA 6 FO         4.250   4/10/2031     EUR      50.85
CEDULAS TDA A-4          4.125   4/10/2021     EUR      71.49
CEDULAS TDA A-5          4.250   3/28/2027     EUR      56.60
CEMEX ESPANA LUX         9.250   5/12/2020     USD      73.40
CEMEX ESPANA LUX         9.250   5/12/2020     USD      74.00
CEMEX ESPANA LUX         8.875   5/12/2017     EUR      74.62
CEMEX ESPANA LUX         8.875   5/12/2017     EUR      71.25
COMUN AUTO CANAR         4.200  10/25/2036     EUR      80.77
COMUN AUTO CANAR         3.900  11/30/2035     EUR      74.47
COMUNIDAD ARAGON         4.646   7/11/2036     EUR      59.20
COMUNIDAD BALEAR         4.063  11/23/2035     EUR      68.33
COMUNIDAD MADRID         4.300   9/15/2026     EUR      74.23
GEN DE CATALUNYA         6.350  11/30/2041     EUR      67.99
GEN DE CATALUNYA         2.965    9/8/2039     JPY      39.04
GEN DE CATALUNYA         4.220   4/26/2035     EUR      49.68
GEN DE CATALUNYA         4.690  10/28/2034     EUR      53.86
GEN DE CATALUNYA         5.950   10/1/2030     EUR      64.44
GEN DE CATALUNYA         5.900   5/28/2030     EUR      64.91
GEN DE CATALUNYA         5.400   5/13/2030     EUR      60.36
GEN DE CATALUNYA         5.219   9/10/2029     EUR      59.47
GEN DE CATALUNYA         5.325   10/5/2028     EUR      61.78
GEN DE CATALUNYA         5.250   10/5/2023     EUR      67.83
GEN DE CATALUNYA         4.900   9/15/2021     EUR      71.50
GEN DE CATALUNYA         4.801   7/31/2020     EUR      73.36
GEN DE CATALUNYA         2.750   3/24/2016     CHF      60.42
GEN DE CATALUNYA         2.355  11/10/2015     CHF      72.17
GEN DE CATALUNYA         2.315   9/10/2015     CHF      72.91
GEN DE CATALUNYA         2.125   10/1/2014     CHF      69.06
GEN DE CATALUNYA         5.900   5/20/2024     EUR      71.15
GENERAL DE ALQUI         2.750   8/20/2012     EUR      71.17
GENERAL VALENCIA         5.900  11/30/2032     EUR      66.77
IM CEDULAS 10            4.500   2/21/2022     EUR      72.71
IM CEDULAS 5             3.500   6/15/2020     EUR      69.61
IM CEDULAS 7             4.000   3/31/2021     EUR      70.89
INSTIT CRDT OFCL         3.250   6/28/2024     CHF      60.89
INSTIT CRDT OFCL         2.570  10/22/2021     CHF      63.45
INSTIT CRDT OFCL         2.100   2/23/2021     JPY      64.72
INSTITUT CATALA          4.250   6/15/2024     EUR      74.20
JUNTA ANDALUCIA          3.170   7/29/2039     JPY      42.91
JUNTA ANDALUCIA          3.050  12/10/2020     JPY      69.75
JUNTA ANDALUCIA          3.065   7/29/2039     JPY      41.79
JUNTA LA MANCHA          2.810  10/14/2022     JPY      54.89
JUNTA LA MANCHA          3.875   1/31/2036     EUR      61.00
MAPFRE SA                5.921   7/24/2037     EUR      66.13
SACYR VALLEHERM          6.500    5/1/2016     EUR      72.88
SANTANDER ISSUAN         4.500   9/30/2019     EUR      74.71
SANTANDER ISSUAN         4.750   5/29/2019     EUR      73.91
SANTANDER ISSUAN         6.533  10/24/2017     GBP      74.26
SPANISH GOV'T            4.200   1/31/2037     EUR      75.47
XUNTA DE GALICIA         5.350  11/22/2028     EUR      72.20
XUNTA DE GALICIA         4.025  11/28/2035     EUR      50.91

SWEDEN
------
SAS AB                   7.500    4/1/2015     SEK      72.89
SWEDISH EXP CRED         2.130   1/10/2012     USD      10.01
SWEDISH EXP CRED         0.500    3/3/2016     ZAR      73.82
SWEDISH EXP CRED         8.000   1/27/2012     USD       2.77
SWEDISH EXP CRED         7.500   2/28/2012     USD       8.20
SWEDISH EXP CRED         7.000    3/9/2012     USD      10.19
SWEDISH EXP CRED         7.000    3/9/2012     USD      10.00
SWEDISH EXP CRED         9.750   3/23/2012     USD       7.42
SWEDISH EXP CRED         9.250   4/27/2012     USD       7.02
SWEDISH EXP CRED         7.500   6/12/2012     USD       7.20
SWEDISH EXP CRED         0.500   9/29/2015     TRY      72.95
SWEDISH EXP CRED         0.500  11/27/2015     TRY      72.10
SWEDISH EXP CRED         0.500  12/17/2027     USD      56.50
SWEDISH EXP CRED         0.500   1/25/2028     USD      56.22
SWEDISH EXP CRED         0.500   8/25/2021     ZAR      43.15
SWEDISH EXP CRED         0.500   8/26/2021     AUD      64.18
SWEDISH EXP CRED         0.500   9/20/2016     ZAR      70.15
SWEDISH EXP CRED         0.500   9/30/2016     ZAR      70.01
SWEDISH EXP CRED         0.500   8/25/2016     ZAR      70.63
SWEDISH EXP CRED         0.500   8/26/2016     ZAR      70.65
SWEDISH EXP CRED         0.500   6/14/2016     ZAR      71.94
SWEDISH EXP CRED         6.500   1/27/2012     USD       6.97
SWEDISH EXP CRED         0.500   6/29/2016     TRY      69.16

SWITZERLAND
-----------
CRED SUIS NY             8.000  11/16/2012     USD      56.80
CYTOS BIOTECH            2.875   2/20/2012     CHF      74.40
UBS AG                  11.020  10/21/2013     USD      57.00
UBS AG                  10.530   1/23/2012     USD      37.92
UBS AG                  12.400   3/14/2012     USD      11.51
UBS AG                   8.380   3/20/2012     USD      26.93
UBS AG                   8.720   3/20/2012     USD      25.33
UBS AG                   9.250   3/20/2012     USD      11.21
UBS AG                  12.350   3/27/2012     USD      23.65
UBS AG                  13.300   5/23/2012     USD       3.26
UBS AG                  13.700   5/23/2012     USD      11.14
UBS AG                  10.960   7/20/2012     USD      20.20
UBS AG                  12.040   7/31/2012     USD      23.33
UBS AG                   9.500   8/10/2012     USD      28.42
UBS AG                   9.430   8/31/2012     USD      30.37
UBS AG                  10.500  10/15/2012     USD      67.33
UBS AG JERSEY            3.220   7/31/2012     EUR      37.59
UBS AG JERSEY           10.140  12/30/2011     USD      14.46

UNITED KINGDOM
--------------
ABBEY NATL TREAS         5.000   8/26/2030     USD      54.14
ALPHA CREDIT GRP         3.250   2/25/2013     EUR      65.50
ALPHA CREDIT GRP         5.500   6/20/2013     EUR      65.25
ALPHA CREDIT GRP         4.500   6/21/2013     EUR      61.00
ALPHA CREDIT GRP         6.000   6/20/2014     EUR      55.25
ALPHA CREDIT GRP         4.000  11/16/2012     EUR      72.63
ALPHA CREDIT GRP         4.400   2/12/2013     EUR      68.50
BAKKAVOR FIN 2           8.250   2/15/2018     GBP      67.04
BAKKAVOR FIN 2           8.250   2/15/2018     GBP      67.00
BANK OF SCOTLAND         2.860  12/13/2021     CHF      72.47
BANK OF SCOTLAND         2.359   3/27/2029     JPY      58.85
BANK OF SCOTLAND         2.408    2/9/2027     JPY      63.90
BANK OF SCOTLAND         2.340  12/28/2026     JPY      64.71
BARCLAYS BK PLC          8.000   6/29/2012     USD       8.37
BARCLAYS BK PLC         10.000   7/20/2012     USD       8.09
BARCLAYS BK PLC          7.000   7/27/2012     USD       8.97
BARCLAYS BK PLC         11.500   7/27/2012     USD       7.16
BARCLAYS BK PLC         10.800   7/31/2012     USD      23.21
BARCLAYS BK PLC          9.000   8/28/2012     USD      10.00
BARCLAYS BK PLC          9.250   8/31/2012     USD      31.55
BARCLAYS BK PLC          9.500   8/31/2012     USD      22.35
BARCLAYS BK PLC          8.000   9/11/2012     USD       9.36
BARCLAYS BK PLC          8.000   9/28/2012     USD       9.85
BARCLAYS BK PLC          9.000   10/1/2012     USD       9.47
BARCLAYS BK PLC         14.000   10/1/2012     USD       9.93
BARCLAYS BK PLC          8.500  10/16/2012     USD       9.60
BARCLAYS BK PLC          9.000  10/16/2012     USD      10.37
BARCLAYS BK PLC          9.250   1/31/2012     USD       7.38
BARCLAYS BK PLC         10.350   1/23/2012     USD      26.18
BARCLAYS BK PLC          8.550   1/23/2012     USD      11.33
BARCLAYS BK PLC          5.420    5/5/2031     USD      75.03
BARCLAYS BK PLC          5.100   5/26/2031     USD      74.45
BARCLAYS BK PLC          5.200   8/25/2031     USD      73.51
BARCLAYS BK PLC          5.230   8/26/2031     USD      73.57
BARCLAYS BK PLC          5.200   8/29/2031     USD      73.18
BARCLAYS BK PLC          5.250   8/29/2031     USD      72.10
BARCLAYS BK PLC          5.000    6/3/2041     USD      71.89
BRADFORD&BIN BLD         4.910    2/1/2047     EUR      74.61
CEVA GROUP PLC           8.500   6/30/2018     EUR      49.25
CEVA GROUP PLC          10.000   6/30/2018     EUR      56.38
CO-OPERATIVE BNK         5.875   3/28/2033     GBP      66.51
CO-OPERATIVE BNK         5.750   12/2/2024     GBP      68.58
CO-OPERATIVE BNK         5.625  11/16/2021     GBP      77.22
CONSORT HEALTH           2.068   6/19/2042     GBP      73.88
EFG HELLAS PLC           5.400   11/2/2047     EUR       9.25
EFG HELLAS PLC           6.010    1/9/2036     EUR      33.50
EFG HELLAS PLC           4.375   2/11/2013     EUR      56.72
EMPORIKI GRP FIN         4.000   2/28/2013     EUR      58.38
EMPORIKI GRP FIN         4.350   7/22/2014     EUR      36.63
EMPORIKI GRP FIN         5.000   12/2/2021     EUR      18.13
EMPORIKI GRP FIN         5.100   12/9/2021     EUR      18.38
ENTERPRISE INNS          6.375   9/26/2031     GBP      56.00
ENTERPRISE INNS          6.500   12/6/2018     GBP      67.04
ENTERPRISE INNS          6.875   2/15/2021     GBP      62.81
ENTERPRISE INNS          6.875    5/9/2025     GBP      58.87
ESSAR ENERGY             4.250    2/1/2016     USD      59.62
EX-IM BK OF UKRA         5.793    2/9/2016     USD      70.01
GALA ELECTRIC CA        11.500    6/1/2019     GBP      54.29
GALA ELECTRIC CA        11.500    6/1/2019     GBP      53.63
GALA GROUP FIN           8.875    9/1/2018     GBP      71.00
GALA GROUP FIN           8.875    9/1/2018     GBP      71.79
HBOS PLC                 6.000   11/1/2033     USD      73.98
HBOS PLC                 7.070    4/8/2023     EUR      69.98
HBOS PLC                 5.374   6/30/2021     EUR      59.38
HBOS PLC                 4.375  10/30/2019     EUR      66.10
HBOS PLC                 4.500   3/18/2030     EUR      55.22
HBOS PLC                 6.000   11/1/2033     USD      73.98
HSBC BANK PLC            4.750   3/24/2046     GBP      70.70
INEOS GRP HLDG           7.875   2/15/2016     EUR      70.83
INEOS GRP HLDG           7.875   2/15/2016     EUR      71.28
LBG CAPITAL NO.1         7.975   9/15/2024     GBP      65.83
LBG CAPITAL NO.1         7.625  10/14/2020     EUR      70.33
LBG CAPITAL NO.1         7.869   8/25/2020     GBP      73.58
LBG CAPITAL NO.1         6.439   5/23/2020     EUR      67.83
LBG CAPITAL NO.1         7.588   5/12/2020     GBP      73.23
LBG CAPITAL NO.1         7.375   3/12/2020     EUR      70.83
LBG CAPITAL NO.1         7.867  12/17/2019     GBP      74.21
LBG CAPITAL NO.1         7.875   11/1/2020     USD      75.00
LBG CAPITAL NO.2         9.000   7/15/2029     GBP      71.34
LBG CAPITAL NO.2         8.500    6/7/2032     GBP      66.52
LBG CAPITAL NO.2         6.385   5/12/2020     EUR      67.68
LBG CAPITAL NO.2         7.625   12/9/2019     GBP      68.26
LLOYDS TSB BANK          4.500  12/13/2024     EUR      75.23
LLOYDS TSB BANK          5.750    7/9/2025     GBP      73.51
LOUIS NO1 PLC            8.500   12/1/2014     EUR      65.13
LOUIS NO1 PLC           10.000   12/1/2016     EUR      60.25
LOUIS NO1 PLC           10.000   12/1/2016     EUR      60.25
MATALAN                  8.875   4/29/2016     GBP      65.54
MATALAN                  8.875   4/29/2016     GBP      65.63
MATALAN                  9.625   3/31/2017     GBP      44.46
MATALAN                  9.625   3/31/2017     GBP      44.13
MAX PETROLEUM            6.750    9/8/2013     USD      46.76
NEW HOSPITALS ST         1.777   2/26/2047     GBP      58.92
NOMURA BANK INTL         0.800  12/21/2020     EUR      71.91
NORTHERN ROCK            5.750   2/28/2017     GBP      70.83
OTE PLC                  7.250    4/8/2014     EUR      65.67
OTE PLC                  5.000    8/5/2013     EUR      70.01
OTE PLC                  4.625   5/20/2016     EUR      56.16
PIRAEUS GRP FIN          4.000   9/17/2012     EUR      64.47
PRIVATBANK               5.799    2/9/2016     USD      58.93
PUNCH TAVERNS            8.374   7/15/2029     GBP      58.36
PUNCH TAVERNS            6.468   4/15/2033     GBP      38.51
ROYAL BK SCOTLND         2.375   11/2/2015     CHF      73.93
ROYAL BK SCOTLND         4.350   1/23/2017     EUR      73.08
ROYAL BK SCOTLND         4.700    7/3/2018     USD      65.75
ROYAL BK SCOTLND         4.625   9/22/2021     EUR      63.18
ROYAL BK SCOTLND         4.100   8/11/2023     EUR      73.91
ROYAL BK SCOTLND         2.300  11/26/2024     JPY      72.16
ROYAL BK SCOTLND         5.250  11/14/2033     EUR      74.69
SPIRIT ISSUER            5.472  12/28/2028     GBP      67.58
THOMAS COOK GR           7.750   6/22/2017     GBP      39.78
THOMAS COOK GR           6.750   6/22/2015     EUR      40.50
UNIQUE PUB FIN           6.542   3/30/2021     GBP      70.74
UNIQUE PUB FIN           7.395   3/28/2024     GBP      45.14
UNIQUE PUB FIN           5.659   6/30/2027     GBP      61.46


                            *********

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 * * *