/raid1/www/Hosts/bankrupt/TCREUR_Public/120102.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, January 2, 2012, Vol. 13, No. 1
Headlines
I R E L A N D
HI FI CORNER: Faces Liquidation; Closes Three Stores
FALLON & BYRNE: Is Insolvent; High Court Grants Court Protection
P ELLIOTT: Receiver Takes Control of Cavan Head Office
I T A L Y
BANCASAI SPA: S&P Lowers Counterparty Credit Ratings to 'B/C'
FONDIARIA-SAI: Fitch Puts 'BB-' IFS Rating on Watch Negative
FONDIARIA-SAI: S&P Lowers Counterparty Credit Rating to 'B'
SIAT-SOCIETA: S&P Lowers Counterparty Credit Rating to 'B'
K A Z A K H S T A N
KAZAKH MORTGAGE: Fitch Maintains 'B-' Rated Class C Notes on RWN
R U S S I A
BANK CENTERCREDIT: S&P Assigns 'B+/B' Counterparty Credit Ratings
S P A I N
FTA AYT GOYA: DBRS Assigns 'B' Rating to Series B Notes
GC FTPYME: DBRS Assigns 'CCC' Rating to EUR137.5MM Series B Notes
S W E D E N
SAAB AUTOMOBILE: Mahindra & Mahindra Eyes Parts of Business
S W I T Z E R L A N D
PETROPLUS HOLDINGS: Moody's Cuts Corp. Family Rating to 'Caa1'
PETROPLUS HOLDINGS: S&P Lowers Corporate Credit Rating to 'CCC+'
SAS AB: Moody's Keeps LT Corp. Family Rating at 'Caa1'
T U R K E Y
MERINOS HALI: Fitch Upgrades Issuer Default Rating to 'B+'
U N I T E D K I N G D O M
HAWKIN'S BAZAAR: Appoints Administrators; 400 Jobs Affected
U Z B E K I S T A N
AGROBANK: Moody's Cuts LT Currency Deposit Ratings to 'B3'
X X X X X X X X
* S&P Withdraws 'D' Ratings on European Synthetic CDO Tranches
* BOND PRICING: For the Week December 26 to December 30, 2011
*********
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I R E L A N D
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HI FI CORNER: Faces Liquidation; Closes Three Stores
----------------------------------------------------
Barry O'Halloran at The Irish Times reports that Hi Fi Corner, a
company controlled by Sony Europe, is facing liquidation after
shutting three of the electronic giant's Irish stores without
warning last week.
According to the Irish Times, Hi Fi Corner will ask shareholders
and creditors to wind up the company and appoint a liquidator
this month after conceding that it cannot continue trading in the
current climate.
The company has shut its three Sony stores, the Irish Times says.
The shops were in Dundrum Town Centre and the Blanchardstown
Centre in Dublin, and Scotch Hall retail mall in Drogheda, Co
Louth, the Irish discloses.
"Meetings of the shareholders and creditors have been called to
take place on January 16th with a view to winding up the company
and appointing a liquidator," the Irish Times quotes Hi Fi Corner
as saying in a statement issued on Friday. "The trading
environment in Ireland has been extremely challenging and,
although much has been done to reduce the cost base of the
company, progress has been hampered by a difficult retail climate
along with expensive and inflexible lease agreements."
The company did not comment on its debts or other liabilities,
but said "further details would be disclosed" once the liquidator
had been appointed, the Irish Times notes.
Sony Europe took over 76% of Hi Fi Corner in 2009 and pledged to
provide enough cash to allow it to continue to meet its
obligations, the Irish Times recounts.
Hi Fi Corner's figures show that it lost EUR2.25 million, the
Irish Times states. In 2010, its auditors pointed out that there
was a "material uncertainty" over its ability to continue as a
going concern, the Irish Times relates. The accounts make it
clear that it needed the support of Sony Europe to stay in
business, the Irish Times notes. The accounts show that it owed
creditors almost EUR4.3 million, while there was a deficit
between assets and liabilities of close to EUR3.3 million on
March 31, 2010, the Irish Times discloses.
FALLON & BYRNE: Is Insolvent; High Court Grants Court Protection
----------------------------------------------------------------
According to Irish Examiner, the High Court heard on Friday that
Fallon & Byrne is insolvent and unable to pay a EUR1.4 million
tax bill.
Mr. Justice George Birmingham granted the company, which still
has a sales turnover of more than EUR8 million, protection of the
court by appointing chartered accountant Neil Hughes as interim
examiner to run the business as a going concern, Irish Examiner
relates. Judge Birmingham appointed Neil Hughes, of Hughes
Blake, Chartered Accountants, as interim examiner and adjourned
the proceedings until January 12, Irish Examiner discloses.
Barrister Gary McCarthy, S.C., told the court that while the
company was still making a profit on an EUR8 million sales
turnover it had found itself, for a number of reasons, unable to
meet its historic and current tax liabilities, Irish Examiner
notes. He told Judge Birmingham that the company had suffered
due to the economic recession since 2008 and turnover had
decreased from EUR11 million over the last number of years but
had leveled off at just over EUR8 million, Irish Examiner
recounts.
Mr. McCarthy, as cited by Irish Examiner, said that the Revenue
Commissioners had served a petition to wind up the company but
the directors felt there still were strong prospects of its
survival under examinership.
Fallon & Byrne runs a restaurant and gourmet food hall in
Dublin's Exchequer Street.
P ELLIOTT: Receiver Takes Control of Cavan Head Office
------------------------------------------------------
Simon Carswell at The Irish Times reports that the lender
formerly known as Bank of Scotland (Ireland) has appointed a
receiver to
P Elliott, taking control of the firm's head office in Cavan over
debts of about EUR20 million.
According to the Irish Times, accountant Paul McCann of Grant
Thornton was appointed by the former Bank of Scotland (Ireland),
the business of which is now being wound down by Certus, a
company led by the bank's former management team.
Bank of Scotland plc is the second bank to install a receiver to
the Cavan company following the appointment of KPMG accountants
Kieran Wallace and Cormac O'Connor as receivers by Ulster Bank in
May, the Irish Times recounts. The receivers appointed by
different banks will take control over the various properties
against which the banks hold charges and they will collect rents
and appoint agents to sell the properties to recoup the debts,
the Irish Times discloses.
P Elliott is a building company.
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I T A L Y
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BANCASAI SPA: S&P Lowers Counterparty Credit Ratings to 'B/C'
-------------------------------------------------------------
Standard & Poor's Rating Services lowered to 'B/C' from 'BB/B'
its long- and short-term counterparty credit ratings on Italy-
based bank BancaSai SpA. "At the same time, we placed the ratings
on BancaSai on CreditWatch developing. The 'B/C' ratings were
subsequently withdrawn at BancaSai's request," S&P said.
"The downgrade and CreditWatch developing action on BancaSai
reflect those on its parent, Italian insurer Fondiaria-SAI SpA.
The actions incorporate our opinion that Fondiaria-SAI appears
less likely to be able to continue providing meaningful funding
and liquidity support to its subsidiary BancaSai, given our view
of Fondiaria-SAI's eroded financial profile. As a result, we
also lowered our assessment of BancaSai's liquidity to 'weak'
from 'adequate' and, in turn, its stand-alone credit profile
(SACP) to 'b' from 'bb-', according to our criteria," S&P said.
"At the time of withdrawal, the CreditWatch developing action
reflected the uncertainties surrounding the financial and the
business profiles of Fondiaria-SAI, particularly because it will
likely undertake restructuring after the severe losses it
announced on Dec. 23, 2011. At the same time, we understood that
Fondiaria-SAI intended to raise capital in the first six months
of 2012 to comply with solvency regulatory requirements," S&P
said.
"At the time of the withdrawal, we intended to resolve the
CreditWatch on BancaSai after resolving the CreditWatch on
Fondiaria-Sai. We aim to resolve the CreditWatch on Fondiaria-SAI
within the next three months, when we anticipate more information
on the likelihood of the successful execution of the capital
increase at Fondiaria-SAI will be available," S&P said.
"The CreditWatch resolution on Fondiaria-SAI also depends on its
organizational developments and the actions that it would likely
undertake to reduce the potential for capital erosion in the
future. We could lower the ratings on Fondiaria-SAI SpA should
the proposed capital increase not materialize, should we come to
the view that there is an increasing risk of regulatory
intervention, or should the group continue to struggle in the
current tough operating and financial environment. Conversely, we
could raise the ratings on Fondiaria-SAI to the 'BB' range if the
capital increase is successfully completed, therefore resulting
in a material improvement in capital adequacy and regulatory
solvency, and if we believe that group is unlikely to post
further unexpected material technical or financial losses," S&P
said.
The rating actions on Fondaria-SAI would have resulted in similar
rating actions on BancaSai.
FONDIARIA-SAI: Fitch Puts 'BB-' IFS Rating on Watch Negative
------------------------------------------------------------
Fitch Ratings has placed Italian insurance company Fondiaria-
SAI's (FonSAI) and its main subsidiary, Milano Assicurazioni's
'BB-' Insurer Financial Strength (IFS) ratings on Rating Watch
Negative.
The rating action follows FonSAI's announcement on December 23,
2011 that it is considering a range of initiatives, including a
planned capital raising of EUR750 million, in the short term to
improve the consolidated regulatory solvency margin. FonSAI's
preliminary estimates of the group solvency margin indicate it
has fallen to 90% currently from 111% at end-Q311. The objective
of the capital raising is to bring the solvency margin up to at
least 120%.
FonSAI estimates that it will post an after-tax loss of
approximately EUR925 million for 2011. This includes reserve
strengthening of EUR660 million and investment losses of EUR515m.
Given the announced 9M11 loss of EUR179 million, the scale of the
expected full year loss is significantly in excess of Fitch's
expectations.
The agency notes that this is the second planned capital increase
within a short period of time, after the completion of a EUR450m
capital injection in July 2011. In Fitch's view, capital remains
volatile and highly exposed to adverse investment market
volatility, particularly with reference to Italian sovereign debt
and equities. The quality of capital is also negatively affected
by the large proportion of unrealised gains on real estate and
goodwill, and the form of double leverage between Fondiaria and
Milano Assicurazioni.
Based on the information currently available, if the capital
raising is completed, the ratings are likely to be affirmed with
a Negative Outlook. However, if the capital raising is not
successful, the ratings will be likely to be downgraded by up to
two notches.
FonSAI is the parent company and main operating entity of the
second largest domestic insurance group in Italy, with
consolidated gross written premiums of EUR12.9 billion in 2010.
The group, created by the merger between Fondiaria and SAI in
2002, holds leading positions in the Italian non-life market
through FonSAI and its 60% ownership of the other main operating
entity, Milano. The group also has a presence in the life
sector.
FONDIARIA-SAI: S&P Lowers Counterparty Credit Rating to 'B'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit and insurer financial strength ratings on
Italian insurer Fondiaria-SAI SpA and its core subsidiary
Milano Assicurazioni SpA to 'B' from 'BB+'. "At the same time, we
placed those ratings on CreditWatch with developing
implications," S&P said.
"The multinotch downgrade reflects our view of the sharp
deterioration in Fondiaria-SAI's regulatory solvency and capital
adequacy at year-end 2011, because of substantial yearend 2011
losses. The deterioration is, in our view, substantially beyond
the previous negative trend, which had resulted in the downgrade
of Fondiaria-SAI SpA and Milano Assicurazioni SpA to 'BB+' from
'BBB-', and their placement on CreditWatch with negative
implications on Nov. 15, 2011," S&P said.
Fondiaria-SAI's solvency and financial profile deteriorated
according to its Dec. 23, 2011, announcement that it will likely
report a group net loss of EUR925 million at year-end 2011. The
group indicated that the loss stems from further reserve
strengthening and write-downs on equities, bonds, and property
and stated that it would likely result in a Solvency 1 margin at
around 90% at the same date.
"The CreditWatch placement reflects our view of the uncertainty
on Fondiaria-SAI's financial and business profiles, particularly
because it will likely undertake restructuring after the severe
losses. At the same time, we understand that Fondiaria-SAI
intends to raise capital within the next six months to comply
with solvency regulatory requirements," S&P said.
"The CreditWatch developing action reflects the possibility that
we could lower, affirm, or raise the ratings on Fondiaria-SAI SpA
and Milano Assicurazioni SpA, depending on whether the capital
increase is completed successfully and on our view of how
Fondiaria-SAI's financial profile evolves in a volatile
environment. We believe that there are significant uncertainties
regarding the successful completion of the capital increase of up
to EUR750 million, in light of Fondiaria-SAI's performances to
date, the capital increase it completed earlier this year, and
the currently difficult financial markets," S&P said.
"We expect to resolve or update the CreditWatch developing
placements on Fondiaria-SAI SpA and Milano Assicurazioni SpA
within the next three months, when we anticipate more information
on the likelihood of the successful execution of the capital
increase at Fondiaria-SAI will be available," S&P said.
"The CreditWatch resolutions also depend on the organizational
developments at Fondiaria-SAI and the actions which it would
likely undertake to reduce the potential for capital erosion in
the future. We could lower the ratings on Fondiaria-SAI SpA and
Milano Assicurazioni SpA should the proposed capital increase not
materialize, should we come to the view that there is an
increasing risk of regulatory intervention, or should the group
continue to struggle in the current tough operating and financial
environment," S&P said.
"Conversely, we could raise the ratings to the 'BB' range if the
capital increase is successfully completed, therefore resulting
in a material improvement in capital adequacy and regulatory
solvency, and if we believe that group is unlikely to post
further unexpected material technical or financial losses," S&P
said.
SIAT-SOCIETA: S&P Lowers Counterparty Credit Rating to 'B'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its financial strength
and long-term counterparty credit ratings on Italy-based marine
insurer SIAT-Societa Italiana Assicurazioni e Riassicurazioni pA
(SIAT) to 'B' from 'BB+' and placed them on CreditWatch with
developing implications. "At the same time we revised our
assessment of SIAT's stand-alone credit profile (SACP) SIAT to
'bb+' from 'bbb-'," S&P said.
"The multinotch downgrade and CreditWatch developing placement on
SIAT follow those of its parent, Italian insurer Fondiaria-SAI
SpA (Fondiaria-SAI). Because we consider SIAT as a non-
strategically important subsidiary to its parent under our
criteria, we cap the ratings on SIAT at the same level as those
on Fondiaria-SAI. SIAT's ratings do not benefit from any notch of
uplift for parent support," S&P said.
"The CreditWatch developing action reflects the possibility that
we could lower, affirm, or raise the ratings on SIAT, depending
on the resolution of the CreditWatch status of Fondiaria-SAI,"
S&P said.
"Our assessment of SIAT's SACP mainly reflects our perception of
SIAT's weakened business profile and financial flexibility in the
recent months. We believe that SIAT's competitive position is
likely to be impaired by further agency pruning at Fondiaria-SAI
group level, still high competition in the Italian marine market,
and our anticipation of likely declines in its broker-driven
business. We therefore expect SIAT's gross premiums written to
fall more than 5% in 2012, after a likely 3%-5% decrease in
2011," S&P said.
"SIAT's financial flexibility has also weakened lasting recent
months, in our view. Negatively weighing on our assessment is
SIAT's reduced earnings generation capacity, owing to the
volatile performance of its investment portfolio in the current
adverse market environment and likely asset write-downs at year-
end 2011. Adding to our concerns on SIAT is the prolonged strain
on Fondiaria-SAI's financial profile, which we believe is likely
to negatively affect SIAT's creditworthiness," S&P said.
"We intend to resolve or update the CreditWatch placement on SIAT
at the same time as that on Fondiaria-SAI. We will aim to resolve
the CreditWatch status of Fondiaria-SAI within the next three
months, when we anticipate more information on the likelihood of
the successful execution of the capital increase at Fondiaria-SAI
will be available. A change in the ratings on Fondiaria-SAI would
prompt a similar rating action on SIAT," S&P said.
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K A Z A K H S T A N
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KAZAKH MORTGAGE: Fitch Maintains 'B-' Rated Class C Notes on RWN
----------------------------------------------------------------
Fitch Ratings has maintained Kazakh Mortgage Backed Securities
2007-I B.V.'s notes on Rating Watch Negative (RWN), as follows:
-- Class A (ISIN XS0293196266): 'BB+sf'; maintained on RWN
-- Class B (ISIN XS0293196696): 'Bsf'; maintained on RWN
-- Class C (ISIN XS0293196779): 'B-sf'; maintained on RWN
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R U S S I A
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BANK CENTERCREDIT: S&P Assigns 'B+/B' Counterparty Credit Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
and 'B' short-term counterparty credit ratings to Kazakhstan-
based JSC Bank Centercredit (BCC). "We also assigned our 'kzBBB'
Kazakhstan national scale rating to the bank. The outlook is
stable," S&P said.
"The ratings on BCC reflect the bank's 'adequate' business
position, 'weak' capital and earnings, 'moderate' risk position,
'average' funding, and 'adequate' liquidity, as our criteria
define these terms. The ratings also take into account our view
of the bank as being of moderate systemic importance in a
supportive country. The stand-alone credit profile (SACP) is
'b'," S&P said.
"Under our bank criteria, we use our Banking Industry Country
Risk Assessment's economic risk and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating. Our anchor for a commercial bank operating
only in Kazakhstan is 'bb-'. Kazakhstan's economic risk score of
'8' reflects the economy's concentration in natural resources and
the high risk in economic imbalances that resulted in an
overheated credit and real estate boom in 2003-2007, which was
largely funded with cross-border borrowing. Extremely high credit
risk reflects Kazakh banks' aggressive lending practices and
underwriting standards and a weak payment culture and rule of
law. The industry risk score of '8' is based on our assessment of
weak governance and transparency, and high incidence of
corruption and fraud in Kazakhstan. It also reflects the weak and
unstable nature of the banking system and structural deficiencies
in systemwide funding. Reliance on foreign funding has fallen,
but state-influenced deposits remain critical for liquidity," S&P
said.
"We assess BCC's business position as 'adequate'. BCC has a
sizable market share of about 8% in total lending and about 14%
in retail deposits; a diversified business focusing on corporate
clients, small and midsize enterprises, and retail customers; and
an experienced management team. The bank is the fifth largest in
Kazakhstan by total assets (as of Sept. 30, 2011). As of June 30,
2011, corporate loans comprised 66% of BCC's total loans and
retail loans accounted for 34% of the loan portfolio. Mortgage
loans accounted for 51% of the retail lending portfolio, with the
rest being consumer loans and development loans for small
businesses. The bank aims to moderately expand its
uncollateralized consumer lending. The involvement of Kookmin
Bank (A/Stable/A-1) and International Finance Corp.
(AAA/Stable/A-1+), which respectively own 41.93% and 10% of BCC's
capital as of June 30, 2011, should help to strengthen BCC's
corporate governance, strategy, underwriting, and risk management
systems. Kookmin Bank has two experienced bankers serving on
BCC's supervisory board and four senior managers on the
management board, who help to train BCC's middle and senior
management and improve its internal systems and processes," S&P
said.
"Our assessment of BCC's capital and earnings as 'weak' reflects
our projected risk-adjusted capital (RAC) ratio before adjustment
for diversification for BCC of between 4.5% and 4.9% over the
next 24 months. Although currently the bank meets all regulatory
requirements regarding capital adequacy, we consider its capital
weak and unable to withstand a significant deterioration of loan
portfolio quality. Also, high credit losses and a high share of
low-income liquid assets have led to weak profitability in recent
years. In the first half of 2011, profitability improved
slightly, as shown by an increase in the net interest margin to a
still low 1.9% as of June 30, 2011, from 1.3% at year-end 2010.
As of Dec. 31, 2010, BCC reported a positive financial result of
only Kazakhstani tenge (KZT) 1,222 million (about $8.3 million)
compared with a net loss of KZT30,669 million (about $208
million). We expect profitability to increase slowly in the
medium term, in light of the bank's efforts to improve operating
efficiency and dispose of unprofitable liquid assets. At the
current level, the bank's profit is unlikely to provide
sufficient loss absorption capacity should the quality of the
loan portfolio deteriorate sharply," S&P said.
"In our view, BCC's risk position is 'moderate', mainly owing to
sizable lending concentrations in the corporate loan portfolio;
the top 20 borrowers account for 30% of the total loan portfolio
and a high 300% of total equity. Given that about one-quarter of
the top 20 exposures are problematic or restructured, and total
loan loss coverage for those exposures is rather low, significant
deterioration of loan portfolio quality could put pressure on
capitalization. About one-third of BCC's liabilities and about
36% of the loan portfolio are in foreign currency. This match
somewhat mitigates currency risk for the bank. However, we
consider a high share of foreign currency lending to be a
potential source of additional credit risk in the event of
significant adverse exchange rate fluctuations. The bank has
demonstrated a better loss experience than peers'. BCC's
nonperforming loans (NPLs) accounted for 8.7% of its total loan
portfolio and provisions 15.6%, compared with 29.5% and 32.9% on
average in the Kazakh banking sector as of Sept. 30, 2011.
However, we note an increase in reported NPLs to 9.2% as of June
30, 2011, from 8.7% at year-end 2010 and 3.2% at the end of 2009.
The quality of the portfolio has subsequently improved: As of
Sept. 30, 2011, NPLs accounted for 8.7% of total loans. However,
the development of portfolio quality raises concerns and may mean
that the bank is not yet on a steady course toward improving
asset quality," S&P said.
"BCC's funding is 'average' and its liquidity is 'adequate', in
our opinion. Customer deposits have been a strong funding source
in recent years and accounted for 70% of total funding on June
30, 2011. With the 20 largest depositors representing about 22%
of all deposits, funding is somewhat concentrated. Nevertheless,
the bank's reliance on wholesale funding is reasonable, with the
loan-to-deposit ratio at 100% as of June 30, 2011. The share of
liquid assets--including cash, short-term placements, and
securities eligible for sale and repurchase transactions--
accounted for about 28% of BCC's total assets, which compares
well with that of peer banks in Kazakhstan," S&P said.
"Given BCC's sizable market share in lending and retail deposits,
we consider BCC to have 'moderate' systemic importance in
Kazakhstan. We consider that there is a 'moderate' likelihood
that BCC would receive extraordinary support from the government
if needed, which provides a rating uplift of one notch above the
SACP," S&P said.
"The stable outlook reflects our expectation that BCC's financial
profile will remain stable over the next two years," S&P said.
"We anticipate that weak profitability will gradually improve,
reflecting the bank's efforts at enhancing operational
efficiency, developing more profitable lines of business, such as
consumer lending, increasing the loan portfolio by 5%-10% in the
near term, and further enhancing its internal systems and
processes with the close involvement of Kookmin Bank," S&P said.
"We could take a positive rating action if Kookmin Bank acquired
a controlling stake in BCC, consolidated BCC in its accounts, and
demonstrated an increased willingness to provide financial
support to BCC. We could also take a positive rating action if
BCC demonstrated stronger portfolio quality and shifted the focus
of its efforts from recovery to new business generation, which
could lead to a sustainable improvement of profitability that
would strengthen capitalization," S&P said.
"We could lower the ratings if asset quality deteriorated
sharply, causing us to revise our assessment of BCC's risk
position to 'weak', or if the bank's business position weakened
significantly, affecting its funding base and our assessment of
its 'moderate' systemic importance," S&P said.
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S P A I N
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FTA AYT GOYA: DBRS Assigns 'B' Rating to Series B Notes
-------------------------------------------------------
DBRS Ratings Limited has assigned the following ratings to notes
issued by FTA, AyT GOYA HIPOTECARIO V:
-- EUR1120 million Series A rated AAA (sf)
-- EUR280 million Series B rated B (sf)
The receivables securitized in the transaction consist of
obligations arising under mortgage loans to individuals secured
by residential properties in Spain.
The mortgages were originated by Barclays Bank S.A.
The ratings are based upon review by DBRS of the following
analytical considerations:
* The transaction's capital structure and the form and
sufficiency of available credit enhancement.
* Relevant credit enhancement in the form of subordination, a
reserve fund and excess spread. Credit enhancement levels
are sufficient to support DBRS projected expected
cumulative net loss (CNL) assumption under various stress
scenarios for each Series of notes issued by FTA, AyT GOYA
HIPOTECARIO V.
* Barclays' capabilities with respect to originations,
underwriting, servicing, and financial strength.
* The credit quality of the collateral and ability of the
Servicer to perform collection activities on the
collateral.
* The ability of the transaction to withstand stressed cash
flow assumptions and repay investors according to the terms
of the transaction documents.
* The legal structure and presence of legal opinions
addressing the assignment of the assets to the issuer and
the consistency with the DBRS Legal Criteria for European
Structured Finance Transactions.
GC FTPYME: DBRS Assigns 'CCC' Rating to EUR137.5MM Series B Notes
-----------------------------------------------------------------
DBRS Ratings Limited has assigned final ratings to the Notes
issued by GC FTPYME Unnim 1, F.T.A. (the "Issuer"), as follows:
* EUR110 million Series AG Notes: AAA (sf)
* EUR27.5 million Series AS Notes: AAA (sf)
* EUR137.5 million Series B Notes: CCC (sf)
The transaction is a cash flow securitization collateralized
primarily by a portfolio of bank loans originated by Unnim Banc
to small and medium enterprises ("SMEs") and self-employed
individuals domiciled in Spain. As of December 23, 2011, the
final portfolio included 5,571 loans granted to 4,953 borrowers
with a weighted average maturity of 9.5 years and a notional
amount of EUR 275.0 million.
These ratings are based upon DBRS's review of the following
analytical considerations:
* Transaction structure, the form and sufficiency of available
credit enhancement.
-- Credit enhancement is provided in the form of subordination,
through the Reserve Fund and excess spread. The current credit
enhancement of 60% is sufficient to support the AAA (sf) rating
on both the Series AG and Series AS Notes. The 10% credit
enhancement provided by the Reserve Fund is sufficient to
support the CCC (sf) rating on the Series B Notes.
-- The Reserve Fund has been initially set at 10% of the
aggregate balance of the Series A and Series B Notes, or EUR 27.5
million. The Reserve Fund is available to cover shortfalls in
the senior expenses and interest on the Series AG and Series AS
Notes, throughout the life of the Notes. The Reserve Fund will
also be available to cover interest on the Series B Notes once
the Series AG and Series AS Notes are fully amortized. On the
last payment date or on the early liquidation payment date (if it
occurs), the Reserve Fund can be used to pay interest and
principal on the Series AG, the Series AS and the Series B Notes.
-- The Reserve Fund can amortize after the first three years if
certain conditions -- relating to the performance of the
portfolio and deleveraging of the transaction -- are met.
-- The Commingling Reserve will allow interest and principal to
be paid on the Senior Notes for a limited time in the event that
a default of the Servicer causes an interruption of proceeds
available to the Fund.
* The ability of the transaction to withstand stressed cash
flow assumptions and repay investors according to the
approved terms. For this transaction, the ratings of the
Series AG and Series AS Notes address the timely payment of
interest and the payment of principal on or before the
Legal Final Maturity Date on December 17, 2053, as defined
in the transaction documents.
The rating of the Series B Notes addresses the ultimate
payment of interest and the payment of principal on or
before the Legal Final Maturity Date on December 17, 2053,
as defined in the transaction documents. The payments of
interest and principal on the Notes will be made quarterly,
generally on the 17th day of March, June, September and
December. The first Payment Date is scheduled for March
20, 2012.
* The transaction parties' financial strength and
capabilities to perform their respective duties and the
quality of origination, underwriting and servicing
practices.
* Soundness of the legal structure and presence of legal
opinions which address the true sale of the assets to the
trust and the non-consolidation of the special purpose
vehicle, as well as the consistency with the DBRS Legal
Criteria for European Structured Finance Transactions.
The principal methodology is Master European Granular Corporate
Securitisations (SME CLOs), which can be found on DBRS's Web site
under Methodologies.
DBRS determined key inputs used in its analysis based on
historical performance data provided for the originator and
servicer, as well as analysis of the current economic
environment. Further information on DBRS's analysis of this
transaction will be available in a rating report on
http://www.dbrs.com,or by contacting us at info@dbrs.com.
The sources of information used for these ratings include parties
involved in the rating, including but not limited to GC FTPYME
Unnim 1, F.T.A., GestiCaixa,
S.G.F.T., S.A. and Unnim Banc. DBRS considers the information
available to it for the purposes of providing this rating was of
satisfactory quality.
This is the first DBRS rating on this financial instrument.
===========
S W E D E N
===========
SAAB AUTOMOBILE: Mahindra & Mahindra Eyes Parts of Business
-----------------------------------------------------------
Ola Kinnander at Bloomberg News reports that Mahindra & Mahindra
Ltd., India's biggest sport-utility vehicle manufacturer, is
interested in buying at least parts of bankrupt Saab Automobile.
According to Bloomberg, two people familiar with the situation
said that Mahindra, based in Mumbai, is in the process of trying
to set up meetings with the two court-appointed administrators
who are overseeing Saab's bankruptcy to possibly buy parts of the
carmaker or the whole company. The people said that Mahindra has
yet to hold discussions with the administrators, Bloomberg
relates.
Bloomberg notes that one of the people said at least one Turkish
company is also interested in investing in Saab. The person, as
cited by Bloomberg, said that the Turkish government wants the
country to have a car brand of its own, and is trying to help a
manufacturer take over at least parts of Saab.
About Saab
Saab, or Svenska Aeroplan Aktiebolaget (Swedish Aircraft
Company), was founded in 1937 as an aircraft manufacturer and
revealed its first prototype passenger car 10 years later after
the formation of the Saab Car Division. In 1990, Saab
Automobile AB was created as a separate company, jointly owned by
the Saab Scania Group and General Motors, and became a wholly-
owned GM subsidiary in 2000. In February 2010, Spyker Cars N.V.
was renamed Swedish Automobile N.V. (Swan) on June 15, 2011.
Saab Automobile AB currently employs approximately 3,700 staff in
Sweden, where it operates production and technical development
facilities at its headquarters in Trollhattan, 70 km north of
Gothenburg. Saab Cars North America is located in Royal Oak,
Michigan, employing approximately 50 people responsible for
sales, marketing and administration duties for the North American
market.
On Dec. 19, 2011, Swedish Automobile N.V. disclosed that Saab
Automobile AB, Saab Automobile Tools AB and Saab Powertrain AB
filed for bankruptcy with the District Court in Vanersborg,
Sweden. After having received the recent position of GM on the
contemplated transaction with Saab Automobile, Youngman informed
Saab Automobile that the funding to continue and complete the
reorganization of Saab Automobile could not be concluded. The
Board of Saab Automobile subsequently decided that the company
without further funding will be insolvent and that filing
bankruptcy is in the best interests of its creditors. Swan does
not expect to realize any value from its shares in Saab
Automobile and will write off its interest in Saab Automobile
completely.
=====================
S W I T Z E R L A N D
=====================
PETROPLUS HOLDINGS: Moody's Cuts Corp. Family Rating to 'Caa1'
--------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B2 the
corporate family and probability of default ratings of Petroplus
Holdings AG and to Caa2/LGD 5 (77) from B3/LGD 5 (77) the ratings
assigned to the USD1.6 billion senior unsecured bonds issued by
Petroplus Finance Limited. Moody's placed all ratings under
review for possible downgrade.
Ratings
Petroplus Holdings AG
Corporate Family Rating - Caa1 / Under review for Downgrade
Probability of Default Rating - Caa1 / Under review for
Downgrade
Petroplus Finance Limited (Bermuda)
Senior unsecured / LGD senior unsecured ratings - Caa2 / LGD 5
(77) / Under review for Downgrade
Ratings Rationale
The rating action reflects a high degree of concern over near-
term liquidity position following the announcement made by the
company on December 27, 2011 that approximately US$1.045 billion
in uncommitted lines under its Revolving Credit Facility have
been frozen by its lenders. These lines are used to fund working
capital requirements of the business and are critical to allow
the company's operating units to meet their obligations when due.
Moody's notes that pending a solution for working capital
funding, the liquidity of Petroplus is supported by US$1.05
billion of committed credit facilities (expected to be fully
drawn at the end of 2011) and availability under GBP180 million
and GBP130 million receivables factoring and securitization
facilities, the latter put in place in 4Q 2011.
Moody's notes that, prior to the freezing of the uncommitted bank
lines, the banking syndicate have recently accepted to amend a
key financial covenant until the end of Q1 2012, which required
the group to maintain a clean group EBITDA to Net Interest
Expense ratio above 2.5x and replaced it with a more lenient
covenant. This was expected to give Petroplus time to negotiate
the extension of its revolving credit facility, which expires in
October 2012, and put in place alternative arrangements to fund
working capital needs. The failure to obtain continuing support
from its bank syndicate means that Petroplus needs to accelerate
its search for a sustainable operating model in the very
difficult European refining market.
The ongoing review of the ratings will focus on (a) the progress
with arranging a sustainable funding structure, including the
forthcoming refinancing of the committed USD facilities; (b) the
assessment of the level of business that may be sustained under
the remaining working capital arrangements, and (c) the ability
of the company to put in place sufficient alternative funding,
such as supplier credit, to operate the business, as well as the
effect on the financial profile and debt capacity of the company
that new funding arrangements would have. We expect to conclude
the review process over the next several weeks.
The principal methodology used in rating Petroplus Holdings AG
was the Global Refining and Marketing Rating Methodology
published in December 2009. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.
PETROPLUS HOLDINGS: S&P Lowers Corporate Credit Rating to 'CCC+'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Switzerland-based refiner Petroplus
Holdings AG to 'CCC+' from 'B'.
"At the same time, the issue ratings on the senior unsecured
notes totaling $1.6 billion and the $150 million convertible bond
issued by finance subsidiary Petroplus Finance Ltd. (Bermuda)
were lowered to 'CCC' from 'B-'. The recovery ratings on these
rated instruments remain unchanged at '5', indicating our
expectation of modest (10%-30%) recovery in the event of a
payment default," S&P said.
The downgrade follows an announcement by Petroplus on Dec. 27,
2011, that it no longer has access to its uncommitted $1.045
billion secured bank facility.
"The rating actions reflect Petroplus' reduced liquidity
resources and the potential consequences for its operations and
ability to meet payment obligations in a timely fashion. We now
assess Petroplus' liquidity position as 'weak.' We understand
that Petroplus cannot make further drawings under its $1.045
billion uncommitted bank facility. Petroplus has stated that this
facility is critical to allow its operating units to make
payments when due. We note that the company is seeking a prompt
restoration of the bank lines under the facility, but that this
is subject to agreement with its lenders," S&P said.
The lenders' decision to limit drawings follows the weak
operating performance of Petroplus in the first nine months of
2011, and a sustained weak outlook for European oil refiners.
"We will resolve or update the CreditWatch placement when we have
further information regarding the availability of existing or new
bank lines or other sources of liquidity. In any case, we aim to
affirm or take a further rating action within 90 days," S&P said.
"If Petroplus is not able to source alternative sufficient
funding in a timely fashion and is unable to fund its operations,
we see a risk that the company could seek court protection from
its creditors. We would likely see this as tantamount to a
default under our criteria. On the other hand, if Petroplus can
agree terms with its lenders or otherwise address the immediate
funding gap, we could affirm the ratings or adjust them to
reflect the revised liquidity and funding outlook," S&P said.
SAS AB: Moody's Keeps LT Corp. Family Rating at 'Caa1'
------------------------------------------------------
Moody's Investors Services maintains the following ratings on SAS
AB and its following affiliates:
Probability of Default ratings of Caa1
Long Term Corporate Family (foreign currency) ratings of Caa1
SAS Denmark-Norway-Sweden
Commercial Paper ratings of NP
BACKED Senior Unsecured MTN (foreign currency) ratings of
(P)Caa1
BACKED Subordinate (foreign currency) ratings of Caa3
BACKED Other Short Term (foreign currency) ratings of (P)NP
LGD BACKED Senior Unsecured MTN (foreign currency) ratings of 48
- LGD3
LGD BACKED Subordinate (foreign currency) ratings of 96 - LGD6
Ratings Rationale
SAS's Caa1 Corporate Family Rating (CFR) reflects its credit
metrics, which are now strong for the rating category and which
improved in 2010 in line with the industry trend, but also as a
result of the company's extensive restructuring in recent years.
The ratings also reflect the company's liquidity, which is deemed
satisfactory over a 12-month period. Finally, the ratings reflect
the application of Moody's Rating Methodology for Government-
Related Issuers ("GRIs").
The stable outlook reflects the gradual improvement in metrics,
and our expectation that liquidity will remain satisfactory over
the medium term. For upward pressure on the rating, we would
expect gross leverage (as adjusted by Moody's) to remain below
8x, while maintaining an adequate liquidity profile and adherence
to any financial covenants. Conversely, given the recent
strengthening in metrics, downward pressure on the ratings would
likely occur if industry conditions caused liquidity to come
under pressure.
The principal methodology used in these ratings was Global
Passenger Airlines published in March 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 and the Government-Related Issuers methodology
published in July 2010.
Headquartered in Stockholm, Sweden, SAS is one of Europe's
largest passenger airlines with total revenues of c.SEK42 billion
in the year to September 2011.
===========
T U R K E Y
===========
MERINOS HALI: Fitch Upgrades Issuer Default Rating to 'B+'
----------------------------------------------------------
Fitch Ratings has upgraded Turkey-based Merinos Hali Sanayi ve
Ticaret A.S.'s Long-term foreign and local currency Issuer
Default Ratings (IDRs) to 'B+' from B. Fitch has also upgraded
Merinos' National Long-term rating to 'A- (tur)' from 'BBB+
(tur)'. All three ratings have Stable Outlooks.
The upgrades reflect the continued improved sales environment and
pick-up in operating performance in 2010 and in the first nine
months of 2011, which Fitch believes is sustainable. The rating
action further captures Merinos' growing foreign exchange revenue
from its geographically diversified exports and its leading share
of the local branded machine-made carpet market which is slowly
increasing to 40%. Fitch views this diversified revenue base,
combined with Merinos' expansive sales and distribution network
through its own dealership network, as a positive rating factor.
Merinos' export revenue covers its interim FX-denominated
interest payments, easing Fitch's concerns about its already
reduced FX exposure. Fitch believes Merinos's ability to raise
additional debt will remain a function of its strong operating
profitability and cash generation ability.
Fitch expects the group's EBITDAR margin to decline somewhat to
approximately 17% in 2012 and 2013 from 18% in 2011 (in line with
9M11 figures) and 19.5% in 2010. Economies of scale realised in
2009 will be difficult to repeat, and should be offset by the
toughening operating environment.
Merinos has reported positive free cash flow (FCF) since 2007, on
the back of higher underlying EBITDA and significant working-
capital inflows, easing Fitch's liquidity concerns. Fitch
expects this trend to continue in the mid-term and support
Merinos' de-leveraging plans. Net debt to EBITDA ratio improved
to 1.6x at end Q311, from 1.9x at end-2010 and over 5x at FY09.
FFO interest coverage also doubled from a year ago boosting the
company's financial flexibility. Fitch believes the company will
achieve a net debt to EBITDA ratio below 1.5x at end-2012 through
the repayment of its TRY50m bond maturing in 2012.
Improvement in the business profile and diversification would be
considered as a prerequisite for a rating upgrade. Also, a
liquidity ratio above 1.2x would be considered positive for the
ratings. Re-leveraging to gross debt to EBITDA above 4x and net
debt to EBITDA above 3x, significantly lower cash flow generation
and a contraction of EBITDA margins below 17% would be considered
negative for the ratings.
Merinos is one of the top three machine-made carpet manufacturers
in the world in terms of installed capacity, commanding around
40% of the fragmented Turkish market. The company also produces
acyrilic and polypropylene yarn. Merinos is 60%-owned by
Erdemoglu Holding, with the rest held by Erdemoglu family
members. Erdemoglu Holding and the family also have interests in
another carpet manufacturer focusing mainly on wall-to-wall
carpets, Dinarsu, and a household furniture company within the
Erdemoglu group of companies.
===========================
U N I T E D K I N G D O M
===========================
HAWKIN'S BAZAAR: Appoints Administrators; 400 Jobs Affected
-----------------------------------------------------------
Andrew Trotman at The Telegraph reports that Hawkin's Bazaar has
appointed administrators.
Hawkin's Bazaar and its parent company, Tobar Group, filed an
"intention to appoint administrators" on Thursday, putting more
than 400 full-time jobs under threat, the Telegraph relates.
Zolfo Cooper has been appointed administrator, the Telegraph
discloses.
According to The Telegraph, Zolfo partner Peter Saville --
psaville@zolfocooper.eu -- said: "In common with many retailers,
the group has experienced exceptionally challenging trading
conditions."
Hawkin's Bazaar is one of the UK's biggest novelty gift
retailers. The company sells retro toys alongside "stocking
fillers".
===================
U Z B E K I S T A N
===================
AGROBANK: Moody's Cuts LT Currency Deposit Ratings to 'B3'
----------------------------------------------------------
Moody's Investors Service has downgraded the following ratings of
Uzbekistan's Agrobank: standalone bank financial strength rating
("BFSR") to E from E+, long-term global local currency (GLC)
deposit rating to B3 from Ba3 and long-term global foreign
currency deposit rating to B3 from B2. The bank's Not-Prime
short-term local and foreign currency deposit ratings remained
unchanged. The E BFSR carries a stable outlook, while the B3
long-term deposit ratings carry a negative outlook.
According to Moody's, the rating actions reflect (i) the
impairment of Agrobank's capital base due to misappropriation of
customer funds by the banks' employees, and (ii) the increasing
pressure on liquidity, as the bank has breached a number of debt
covenants, which could trigger earlier-than-expected debt
repayments.
Moody's rating action is largely based on review of audited 2010
annual results under IFRS and local GAAP financials for 3Q 2011.
Ratings Rationale
According to Moody's, the downgrade of Agrobank's BFSR to E,
which maps to Caa1 on a long-term scale, is driven by
identification in 2010 by the bank significant fraudulent
misappropriation of customer funds by former bank employees. The
amount of misappropriated funds is over 140% of the bank's
regulatory capital and 15% of its total assets as of January 1,
2011. The information about the fraud case was not disclosed to
Moody's until 22 December 2011. The bank has not recognized any
losses from the fraud case, and Moody's scenario analysis
considers the reported level of capital by the bank (9.6% of
Total capital adequacy ratio (CAR) at October 1, 2011) to be
insufficient to cover such losses.
Agrobank's low capitalization was further pressured by over 40%
growth of the loan portfolio in January-October 2011, which was
not backed by fresh capital injections, while the bank's business
was loss-making in 3Q 2011. As a result, Agrobank reported a
total CAR of 9.6% as of October 1, 2011, which is below the
regulatory minimum of 10%. The shortage of capital is aggravated
by currently low provisioning coverage which the bank has
reported to be 1.6% of the loan portfolio under local GAAP as of
October 1, 2011.
Whilst Agrobank's shareholders decided to inject UZS120 billion
(US$66 million) Tier 1 capital (US$66 million, 68% of regulatory
capital, 6% of total assets or less than 50% of problem non-core
assets as of 1 October 2011) in 1Q 2012, such injection, in
Moody's opinion, will not be sufficient to address asset quality
concerns and restore the bank's capital base.
In addition, on the back of low profitability indicators -- with
return on average assets (RoAA) of less than 1% in 2010 --
Agrobank has breached certain covenants under its loan agreements
with number of International Financial Institutions, which could
trigger early repayment of related bilateral facilities and exert
further pressure on the bank's liquidity profile. The bank's
liquidity risk is aggravated by low volume of liquid assets in
its balance sheet (8% as at 1 October 2011), rendering the bank's
liquidity position vulnerable to outflow of wholesale facilities.
In Moody's view, systemic support by the government in the form
of capital injections was neither timely nor sufficient to cover
losses related to the fraud case, which led to Moody's
reassessment of support probability from "very high" to
"moderate". Moody's assessment of a moderate probability of
systemic support to Agrobank in case of distress takes into
account the 67% state ownership of the bank, its material share
of the country's total banking system, which varies from 7% to
10% of corporate loans and deposits, as well as the bank's
special mandate in servicing the socially important agriculture
sector. As a result, in accordance with Moody's Join Default
Analysis (JDA) methodology for banks, Agrobank's deposit rating
of B3 benefits from a one-notch uplift from its own Caa1
standalone credit strength.
Previous Rating Actions and Principal Methodologies
The principal 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.
Domiciled in Tashkent, Uzbekistan, Agrobank reported total
unaudited local GAAP assets of UZS2 billion (US$1.1 billion) as
of July 1, 2011.
===============
X X X X X X X X
===============
* S&P Withdraws 'D' Ratings on European Synthetic CDO Tranches
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
32 European synthetic collateralized debt obligation (CDO)
tranches.
S&P has withdrawn its ratings on these tranches for different
reasons, including:
The issuer has fully repurchased the notes,
The notes have been redeemed earlier,
We have received a cancellation notice, and
There has been a termination or settlement agreement.
"We provide the rating withdrawal reason for each individual
tranche in the separate ratings list," S&P said.
"We have lowered to 'D (sf)' and subsequently withdrawn our
ratings on 10 tranches. The downgrades to 'D (sf)' follow
confirmation that losses from credit events in the underlying
portfolios exceeded the available credit enhancement levels. This
means that the noteholders did not receive full principal on the
early termination date for these tranches. The ratings lowered to
'D (sf)' will remain at 'D (sf)' for a period of 30 days before
the withdrawals becomes effective," S&P said.
* BOND PRICING: For the Week December 26 to December 30, 2011
-------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
BA CREDITANSTALT 5.470 8/28/2013 EUR 55.88
BAWAG 5.430 2/26/2024 EUR 48.34
BAWAG 5.400 2/12/2023 EUR 53.68
BAWAG 5.310 2/12/2023 EUR 53.18
HAA-BANK INTL AG 5.270 4/7/2028 EUR 41.59
HYPO-WOHNBAUBANK 3.625 8/8/2023 EUR 66.31
IMMOFINANZ 4.250 3/8/2018 EUR 3.48
KOMMUNALKREDIT 4.440 12/20/2030 EUR 41.00
KOMMUNALKREDIT 4.900 6/23/2031 EUR 43.75
KOMMUNALKREDIT 6.080 12/13/2018 EUR 69.25
KOMMUNALKREDIT 5.430 2/13/2024 EUR 55.38
OESTER VOLKSBK 4.170 7/29/2015 EUR 61.50
OESTER VOLKSBK 4.810 7/29/2025 EUR 62.88
OESTER VOLKSBK 4.160 5/20/2025 EUR 72.27
OESTER VOLKSBK 4.750 4/30/2021 EUR 69.25
OESTER VOLKSBK 5.270 2/8/2027 EUR 37.76
RAIFF ZENTRALBK 4.500 9/28/2035 EUR 37.67
RAIFF ZENTRALBK 5.730 12/11/2023 EUR 56.09
RAIFF ZENTRALBK 5.500 12/29/2023 EUR 54.48
RAIFF ZENTRALBK 5.470 2/28/2028 EUR 48.78
RAIFFEISEN BK IN 6.625 5/18/2021 EUR 69.67
BELGIUM
-------
ECONOCOM GROUP 4.000 6/1/2016 EUR 20.20
IDEAL STANDARD I 11.750 5/1/2018 EUR 60.38
IDEAL STANDARD I 11.750 5/1/2018 EUR 60.38
ONTEX IV 9.000 4/15/2019 EUR 67.88
ONTEX IV 9.000 4/15/2019 EUR 67.88
BULGARIA
--------
PETROL AD-SOFIA 8.375 1/26/2017 EUR 70.50
CYPRUS
------
AVANGARDCO INVES 10.000 10/29/2015 USD 75.50
CYPRUS GOVT BOND 6.000 6/9/2021 EUR 65.62
CYPRUS GOVT BOND 5.350 6/9/2020 EUR 63.69
CYPRUS GOVT BOND 6.100 4/20/2020 EUR 67.27
CYPRUS GOVT BOND 4.625 2/3/2020 EUR 61.64
CYPRUS GOVT BOND 6.100 6/24/2019 EUR 68.62
CYPRUS GOVT BOND 4.600 2/26/2019 EUR 62.14
CYPRUS GOVT BOND 4.600 4/23/2018 EUR 61.95
CYPRUS GOVT BOND 4.600 10/23/2018 EUR 62.07
CYPRUS GOVT BOND 5.000 1/20/2014 EUR 74.76
CYPRUS GOVT BOND 4.500 2/26/2014 EUR 74.76
CYPRUS GOVT BOND 6.000 11/18/2014 EUR 73.34
CYPRUS GOVT BOND 6.000 1/3/2015 EUR 72.81
CYPRUS GOVT BOND 6.000 1/4/2015 EUR 71.28
CYPRUS GOVT BOND 6.000 1/20/2015 EUR 72.58
CYPRUS GOVT BOND 6.000 2/28/2015 EUR 72.09
CYPRUS GOVT BOND 5.250 6/9/2015 EUR 67.31
CYPRUS GOVT BOND 4.750 9/30/2015 EUR 64.87
CYPRUS GOVT BOND 3.750 11/1/2015 EUR 63.15
CYPRUS GOVT BOND 4.750 12/2/2015 EUR 64.29
CYPRUS GOVT BOND 4.500 1/2/2016 EUR 65.20
CYPRUS GOVT BOND 4.500 3/30/2016 EUR 64.43
CYPRUS GOVT BOND 4.500 6/2/2016 EUR 63.92
CYPRUS GOVT BOND 6.000 4/20/2015 EUR 69.60
CYPRUS GOVT BOND 4.500 7/11/2016 EUR 63.65
CYPRUS GOVT BOND 4.500 10/9/2016 EUR 63.07
CYPRUS GOVT BOND 6.600 10/26/2016 EUR 69.56
CYPRUS GOVT BOND 4.500 1/4/2017 EUR 62.61
CYPRUS GOVT BOND 4.500 2/15/2017 EUR 62.42
CYPRUS GOVT BOND 4.500 4/2/2017 EUR 62.25
CYPRUS GOVT BOND 5.100 1/29/2018 EUR 63.82
CYPRUS GOVT BOND 5.000 6/9/2016 EUR 64.32
CYPRUS GOVT BOND 4.500 9/28/2017 EUR 61.75
CYPRUS GOVT BOND 6.500 8/25/2021 EUR 66.98
CYPRUS GOVT BOND 5.600 4/15/2017 EUR 65.91
MARFIN POPULAR 4.350 11/20/2014 EUR 35.13
MARFIN POPULAR 4.375 9/21/2012 EUR 72.38
REP OF CYPRUS 4.375 7/15/2014 EUR 66.19
REP OF CYPRUS 4.750 2/25/2016 EUR 64.82
DENMARK
-------
FIN-DANISH IND 4.910 7/6/2021 EUR 55.63
KOMMUNEKREDIT 0.500 2/3/2016 TRY 72.97
KOMMUNEKREDIT 0.500 12/14/2020 ZAR 46.35
FINLAND
-------
MUNI FINANCE PLC 0.500 4/26/2016 ZAR 73.76
MUNI FINANCE PLC 0.500 11/21/2018 ZAR 61.11
MUNI FINANCE PLC 0.500 4/27/2018 ZAR 61.93
MUNI FINANCE PLC 0.500 11/16/2017 TRY 62.72
MUNI FINANCE PLC 1.000 6/30/2017 ZAR 68.64
MUNI FINANCE PLC 0.500 12/21/2016 TRY 66.96
MUNI FINANCE PLC 0.500 11/21/2018 TRY 67.61
MUNI FINANCE PLC 0.500 11/17/2016 ZAR 72.39
MUNI FINANCE PLC 0.500 10/27/2016 TRY 74.10
MUNI FINANCE PLC 0.500 10/27/2016 ZAR 71.66
MUNI FINANCE PLC 0.500 12/6/2016 TRY 76.24
MUNI FINANCE PLC 0.500 12/20/2018 ZAR 65.68
MUNI FINANCE PLC 0.500 9/24/2020 CAD 70.77
MUNI FINANCE PLC 0.500 11/25/2020 ZAR 49.45
MUNI FINANCE PLC 0.500 11/10/2021 NZD 65.20
MUNI FINANCE PLC 0.500 12/21/2021 NZD 68.15
MUNI FINANCE PLC 0.500 3/17/2025 CAD 53.51
MUNI FINANCE PLC 0.250 6/28/2040 CAD 20.98
TALVIVAARA 4.000 12/16/2015 EUR 67.04
FRANCE
------
AIR FRANCE-KLM 4.970 4/1/2015 EUR 10.67
ALCATEL-LUCENT 5.000 1/1/2015 EUR 2.37
ALTRAN TECHNOLOG 6.720 1/1/2015 EUR 4.42
ASSYSTEM 4.000 1/1/2017 EUR 20.16
ATOS ORIGIN SA 2.500 1/1/2016 EUR 49.84
AXA SA 5.250 4/16/2040 EUR 73.16
BNP PARIBAS 5.350 2/18/2031 USD 74.31
BNP PARIBAS 5.380 2/18/2031 USD 74.62
BNP PARIBAS 5.405 2/18/2031 USD 74.88
BNP PARIBAS 5.325 2/22/2031 USD 74.04
BNP PARIBAS 5.303 2/23/2031 USD 73.81
BNP PARIBAS 5.260 2/25/2031 USD 73.36
BNP PARIBAS 5.290 2/25/2031 USD 73.66
BNP PARIBAS 5.245 3/2/2031 USD 73.21
BNP PARIBAS 5.210 3/3/2031 USD 72.84
BNP PARIBAS 5.400 5/18/2031 USD 73.93
BNP PARIBAS 2.890 5/16/2036 JPY 58.51
BNP PARIBAS 4.850 11/26/2030 USD 69.85
BPCE 3.455 9/16/2025 EUR 71.31
CALYON 5.800 10/29/2029 USD 65.10
CALYON 6.000 6/18/2047 EUR 8.44
CAP GEMINI SOGET 1.000 1/1/2012 EUR 42.22
CAP GEMINI SOGET 3.500 1/1/2014 EUR 36.93
CEGEDIM SA 7.000 7/27/2015 EUR 68.00
CGG VERITAS 1.750 1/1/2016 EUR 26.72
CLUB MEDITERRANE 5.000 6/8/2012 EUR 13.13
CLUB MEDITERRANE 6.110 11/1/2015 EUR 17.44
CMA CGM 8.500 4/15/2017 USD 44.00
CMA CGM 8.500 4/15/2017 USD 41.13
CMA CGM 8.875 4/15/2019 EUR 41.84
CMA CGM 8.875 4/15/2019 EUR 41.88
CNP ASSURANCES 5.250 5/16/2023 EUR 73.39
CNP ASSURANCES 7.375 9/30/2041 GBP 73.52
CNP ASSURANCES 6.875 9/30/2041 EUR 63.27
CNP ASSURANCES 6.000 9/14/2040 EUR 62.23
CRED AGRICOLE SA 3.900 4/19/2021 EUR 69.17
CRED AGRICOLE SA 4.000 9/30/2022 EUR 65.66
CREDIT AGRI CIB 4.850 9/17/2030 USD 55.66
CREDIT AGRI CIB 5.080 11/23/2030 USD 57.49
CREDIT AGRI CIB 5.610 6/15/2031 USD 61.24
CREDIT AGRI CIB 5.350 10/29/2030 USD 59.99
CREDIT AGRI CIB 5.850 5/27/2031 USD 63.43
CREDIT AGRI CIB 5.270 8/5/2030 USD 59.77
CREDIT AGRI CIB 4.910 11/3/2030 USD 57.14
CREDIT AGRI CIB 5.450 11/9/2030 USD 60.82
CREDIT AGRI CIB 6.000 12/23/2030 USD 65.46
CREDIT AGRI CIB 5.690 11/26/2030 USD 62.92
CREDIT AGRI CIB 5.400 12/9/2030 USD 60.21
CREDIT AGRI CIB 5.300 10/22/2030 USD 59.71
CREDIT AGRI CIB 5.650 6/10/2031 USD 61.63
CREDIT AGRI CIB 6.050 1/14/2031 USD 65.90
CREDIT AGRI CIB 6.150 2/11/2031 USD 65.19
CREDIT AGRI CIB 6.220 3/17/2031 USD 67.12
CREDIT AGRI CIB 5.830 6/30/2031 USD 63.19
CREDIT AGRI CIB 5.250 10/18/2030 USD 59.23
CREDIT AGRI CIB 5.950 1/19/2031 USD 65.00
CREDIT AGRI CIB 5.300 10/7/2030 USD 59.64
CREDIT AGRI CIB 5.300 10/12/2030 USD 59.78
CREDIT AGRI CIB 5.880 4/8/2031 USD 65.37
CREDIT AGRI CIB 5.850 6/30/2031 USD 63.37
CREDIT AGRICOLE 4.050 12/22/2020 EUR 71.21
CREDIT AGRICOLE 3.750 10/20/2020 EUR 70.11
CREDIT AGRICOLE 4.500 12/22/2019 EUR 68.62
CREDIT LOCAL FRA 3.750 5/26/2020 EUR 50.48
DEXIA CRED LOCAL 4.550 4/2/2020 EUR 54.96
DEXIA CRED LOCAL 4.500 2/25/2020 EUR 54.66
DEXIA CRED LOCAL 5.037 8/4/2020 EUR 55.95
DEXIA CRED LOCAL 4.020 3/13/2017 EUR 70.01
DEXIA CRED LOCAL 4.110 9/18/2018 EUR 59.33
DEXIA MUNI AGNCY 1.000 12/23/2024 EUR 59.93
DEXIA MUNI AGNCY 2.875 4/23/2030 CHF 71.46
EURAZEO 6.250 6/10/2014 EUR 55.53
EUROPCAR GROUPE 9.375 4/15/2018 EUR 51.50
EUROPCAR GROUPE 9.375 4/15/2018 EUR 51.01
FAURECIA 4.500 1/1/2015 EUR 20.01
FONCIERE REGIONS 3.340 1/1/2017 EUR 71.58
GIE PSA TRESORER 6.000 9/19/2033 EUR 66.03
GROUPAMA SA 7.875 10/27/2039 EUR 47.58
INGENICO 2.750 1/1/2017 EUR 41.78
ITALCEMENTI FIN 5.375 3/19/2020 EUR 71.22
IXIS CIB 5.400 1/9/2033 EUR 69.14
LABCO SAS 8.500 1/15/2018 EUR 74.13
MAUREL ET PROM 7.125 7/31/2014 EUR 17.29
MAUREL ET PROM 7.125 7/31/2015 EUR 15.88
NEXANS SA 4.000 1/1/2016 EUR 57.29
ORPEA 3.875 1/1/2016 EUR 43.39
PAGESJAUNES FINA 8.875 6/1/2018 EUR 66.88
PAGESJAUNES FINA 8.875 6/1/2018 EUR 66.88
PEUGEOT SA 4.450 1/1/2016 EUR 23.12
PIERRE VACANCES 4.000 10/1/2015 EUR 69.39
PUBLICIS GROUPE 3.125 7/30/2014 EUR 36.93
PUBLICIS GROUPE 1.000 1/18/2018 EUR 48.86
SOC AIR FRANCE 2.750 4/1/2020 EUR 20.85
SOCIETE GENERALE 5.900 3/10/2031 USD 62.70
SOCIETE GENERALE 5.940 3/14/2031 USD 63.04
SOCIETE GENERALE 6.010 3/15/2031 USD 63.66
SOCIETE GENERALE 5.860 3/11/2031 USD 62.34
SOCIETE GENERALE 5.920 3/17/2031 USD 62.84
SOCIETE GENERALE 5.860 4/26/2031 USD 62.49
SOCIETE GENERALE 5.910 3/16/2031 USD 62.76
SOITEC 6.250 9/9/2014 EUR 7.61
TEM 4.250 1/1/2015 EUR 51.13
THEOLIA 2.700 1/1/2041 EUR 8.03
GERMANY
-------
BAYERISCHE HYPO 5.000 12/21/2029 EUR 58.05
BAYERISCHE LNDBK 4.500 2/7/2019 EUR 64.46
BHW BAUSPARKASSE 5.450 2/20/2023 EUR 57.13
BHW BAUSPARKASSE 5.600 4/14/2023 EUR 57.75
BHW BAUSPARKASSE 5.640 1/30/2024 EUR 56.63
BHW BAUSPARKASSE 4.270 1/15/2019 EUR 61.13
COMMERZBANK AG 6.460 6/24/2022 EUR 60.92
COMMERZBANK AG 6.360 3/15/2022 EUR 61.09
COMMERZBANK AG 6.300 3/15/2022 EUR 60.94
COMMERZBANK AG 7.750 3/16/2021 EUR 72.43
COMMERZBANK AG 6.625 8/30/2019 GBP 70.52
COMMERZBANK AG 6.375 3/22/2019 EUR 71.13
COMMERZBANK AG 6.500 5/14/2018 EUR 73.27
COMMERZBANK AG 6.654 5/9/2018 EUR 74.32
COMMERZBANK AG 6.600 4/23/2018 EUR 74.08
COMMERZBANK AG 5.000 4/20/2018 EUR 12.98
COMMERZBANK AG 5.000 3/30/2018 EUR 12.99
COMMERZBANK AG 4.000 11/30/2017 EUR 13.71
COMMERZBANK AG 5.625 11/29/2017 EUR 68.00
COMMERZBANK AG 5.000 10/30/2017 EUR 69.90
DEUT GENOS-HYPBK 6.610 3/21/2022 EUR 72.78
DEUTSCHE HYP HAN 5.300 11/20/2023 EUR 55.00
DEUTSCHE HYP HAN 6.050 9/27/2022 EUR 61.25
DRESDNER BANK AG 5.290 5/31/2021 EUR 57.63
DRESDNER BANK AG 6.375 5/8/2018 EUR 70.97
DRESDNER BANK AG 6.210 6/20/2022 EUR 59.71
DRESDNER BANK AG 5.700 7/31/2023 EUR 53.79
DRESDNER BANK AG 7.350 6/13/2028 EUR 56.32
DRESDNER BANK AG 7.160 8/14/2024 EUR 58.45
DRESDNER BANK AG 6.550 4/14/2020 EUR 67.48
DRESDNER BANK AG 6.000 2/25/2020 EUR 65.32
DRESDNER BANK AG 7.250 6/24/2019 EUR 73.03
DRESDNER BANK AG 6.635 6/18/2018 EUR 71.86
DRESDNER BANK AG 6.180 2/28/2023 EUR 56.30
DZ BANK AG 4.500 10/28/2020 EUR 68.24
DZ BANK AG 5.200 6/29/2020 EUR 74.08
EUROHYPO AG 5.560 8/18/2023 EUR 51.63
EUROHYPO AG 3.830 9/21/2020 EUR 49.50
EUROHYPO AG 5.110 8/6/2018 EUR 61.13
EUROHYPO AG 6.490 7/17/2017 EUR 69.50
GOTHAER ALLG VER 5.527 9/29/2026 EUR 69.18
HAPAG-LLOYD 9.750 10/15/2017 USD 69.88
HAPAG-LLOYD 9.750 10/15/2017 USD 65.05
HECKLER & KOCH 9.500 5/15/2018 EUR 62.25
HECKLER & KOCH 9.500 5/15/2018 EUR 62.25
HEIDELBERG DRUCK 9.250 4/15/2018 EUR 58.75
HEIDELBERG DRUCK 9.250 4/15/2018 EUR 58.75
HSH NORDBANK AG 4.375 2/14/2017 EUR 50.16
HVB REAL ESTATE 6.570 3/18/2022 EUR 69.42
L-BANK FOERDERBK 0.500 5/10/2027 CAD 51.82
LB BADEN-WUERTT 5.250 10/20/2015 EUR 26.99
LB BADEN-WUERTT 2.800 2/23/2037 JPY 40.78
Q-CELLS 6.750 10/21/2015 EUR 0.68
RHEINISCHE HYPBK 6.600 5/29/2022 EUR 59.00
SOLARWORLD AG 6.125 1/21/2017 EUR 52.26
SOLARWORLD AG 6.375 7/13/2016 EUR 53.00
STYROLUTION GRP 7.625 5/15/2016 EUR 70.88
STYROLUTION GRP 7.625 5/15/2016 EUR 70.50
TUI AG 2.750 3/24/2016 EUR 36.42
TUI AG 5.500 11/17/2014 EUR 57.16
GREECE
------
ATHENS URBAN TRN 4.851 9/19/2016 EUR 19.26
ATHENS URBAN TRN 5.008 7/18/2017 EUR 20.84
ATHENS URBAN TRN 4.301 8/12/2014 EUR 21.54
ATHENS URBAN TRN 4.057 3/26/2013 EUR 39.58
FAGE DAIRY IND 7.500 1/15/2015 EUR 73.88
FAGE DAIRY IND 7.500 1/15/2015 EUR 73.88
HELLENIC REP I/L 2.900 7/25/2025 EUR 15.36
HELLENIC REP I/L 2.300 7/25/2030 EUR 16.00
HELLENIC REPUB 5.000 3/11/2019 EUR 32.75
HELLENIC REPUB 6.140 4/14/2028 EUR 17.13
HELLENIC REPUB 5.200 7/17/2034 EUR 19.63
HELLENIC REPUB 4.625 6/25/2013 USD 46.50
HELLENIC REPUB 2.125 7/5/2013 CHF 40.25
HELLENIC REPUB 4.590 4/8/2016 EUR 18.38
HELLENIC REPUBLI 4.113 9/30/2014 EUR 22.15
HELLENIC REPUBLI 5.500 8/20/2014 EUR 21.75
HELLENIC REPUBLI 4.700 3/20/2024 EUR 19.80
HELLENIC REPUBLI 3.985 7/25/2014 EUR 21.66
HELLENIC REPUBLI 4.500 7/1/2014 EUR 19.88
HELLENIC REPUBLI 4.500 5/20/2014 EUR 22.00
HELLENIC REPUBLI 6.500 1/11/2014 EUR 21.83
HELLENIC REPUBLI 5.900 10/22/2022 EUR 20.09
HELLENIC REPUBLI 4.520 9/30/2013 EUR 24.25
HELLENIC REPUBLI 6.250 6/19/2020 EUR 20.49
HELLENIC REPUBLI 6.500 10/22/2019 EUR 20.62
HELLENIC REPUBLI 4.000 8/20/2013 EUR 26.63
HELLENIC REPUBLI 4.427 7/31/2013 EUR 31.21
HELLENIC REPUBLI 3.900 7/3/2013 EUR 34.38
HELLENIC REPUBLI 7.500 5/20/2013 EUR 31.77
HELLENIC REPUBLI 4.600 5/20/2013 EUR 26.42
HELLENIC REPUBLI 4.506 3/31/2013 EUR 37.08
HELLENIC REPUBLI 4.100 8/20/2012 EUR 30.74
HELLENIC REPUBLI 1.000 6/30/2012 EUR 59.63
HELLENIC REPUBLI 5.250 6/20/2012 EUR 61.38
HELLENIC REPUBLI 5.250 5/18/2012 EUR 35.46
HELLENIC REPUBLI 4.300 3/20/2012 EUR 47.05
HELLENIC REPUBLI 5.300 3/20/2026 EUR 19.50
HELLENIC REPUBLI 6.000 7/19/2019 EUR 19.76
HELLENIC REPUBLI 4.500 9/20/2037 EUR 19.08
HELLENIC REPUBLI 4.600 9/20/2040 EUR 18.48
HELLENIC REPUBLI 5.959 3/4/2019 EUR 22.73
HELLENIC REPUBLI 4.020 9/13/2016 EUR 20.18
HELLENIC REPUBLI 4.225 3/1/2017 EUR 20.29
HELLENIC REPUBLI 5.900 4/20/2017 EUR 20.50
HELLENIC REPUBLI 3.700 11/10/2015 EUR 22.25
HELLENIC REPUBLI 5.014 2/27/2019 EUR 21.65
HELLENIC REPUBLI 4.300 7/20/2017 EUR 20.22
HELLENIC REPUBLI 4.600 7/20/2018 EUR 20.17
HELLENIC REPUBLI 4.590 4/3/2018 EUR 20.95
HELLENIC REPUBLI 4.675 10/9/2017 EUR 21.05
HELLENIC REPUBLI 3.600 7/20/2016 EUR 20.04
HELLENIC REPUBLI 3.700 7/20/2015 EUR 21.44
HELLENIC REPUBLI 3.702 9/30/2015 EUR 20.31
HELLENIC REPUBLI 6.100 8/20/2015 EUR 22.17
NATL BK GREECE 3.875 10/7/2016 EUR 56.51
GUERNSEY
--------
CALYON FIN GUER 6.000 9/4/2029 USD 67.16
CREDIT AGRICOLE 5.600 2/25/2030 USD 62.57
HUNGARY
-------
FHB MORTGAGE BAN 4.500 3/22/2022 EUR 57.13
HUNGARY GOVT 6.000 11/24/2023 HUF 73.18
OTP BANK 5.270 9/19/2016 EUR 72.99
REP OF HUNGARY 3.875 2/24/2020 EUR 71.47
IRELAND
-------
AIB MORTGAGE BNK 5.000 3/1/2030 EUR 46.28
AIB MORTGAGE BNK 5.580 4/28/2028 EUR 51.70
AIB MORTGAGE BNK 4.875 6/29/2017 EUR 74.97
AIB MORTGAGE BNK 5.000 2/12/2030 EUR 46.32
ALLIED IRISH BKS 12.500 6/25/2035 GBP 41.00
ALLIED IRISH BKS 4.000 3/19/2015 EUR 72.13
ALLIED IRISH BKS 5.625 11/12/2014 EUR 73.42
ANGLO IRISH BANK 4.000 4/15/2015 EUR 71.52
BANESTO FINANC 5.000 6/1/2024 EUR 74.28
BANESTO FINANC 5.000 3/23/2030 EUR 65.93
BANK OF IRELAND 3.585 4/21/2015 EUR 72.13
BANK OF IRELAND 10.000 2/12/2020 GBP 46.25
BANK OF IRELAND 4.473 11/30/2016 EUR 61.00
BANK OF IRELAND 10.000 2/12/2020 EUR 56.25
BANK OF IRELAND 5.600 9/18/2023 EUR 43.88
BANK OF IRELAND 3.780 4/1/2015 EUR 73.25
BK IRELAND MTGE 5.400 11/6/2029 EUR 46.36
BK IRELAND MTGE 5.760 9/7/2029 EUR 48.88
BK IRELAND MTGE 5.450 3/1/2030 EUR 46.30
BK IRELAND MTGE 5.360 10/12/2029 EUR 46.13
DEPFA ACS BANK 5.125 3/16/2037 USD 70.92
DEPFA ACS BANK 0.500 3/3/2025 CAD 50.51
DEPFA ACS BANK 4.900 8/24/2035 CAD 70.43
DEPFA ACS BANK 3.250 7/31/2031 CHF 69.44
DEPFA ACS BANK 5.125 3/16/2037 USD 68.69
DEPFA BANK PLC 3.150 4/3/2018 EUR 73.44
EBS BLDG SOCIETY 4.000 2/25/2015 EUR 73.88
IRISH LIFE PERM 4.000 3/10/2015 EUR 73.83
UT2 FUNDING PLC 5.321 6/30/2016 EUR 52.16
ITALY
-----
BANCA MARCHE 3.600 11/12/2020 EUR 55.86
BANCA MARCHE 5.500 9/16/2030 EUR 48.73
BANCA MARCHE 5.125 5/14/2024 ITL 54.40
BANCA MARCHE 4.360 1/4/2022 ITL 56.63
BANCA MARCHE 4.700 8/16/2021 EUR 59.57
BANCA MARCHE 4.000 5/26/2021 EUR 55.58
BANCA MARCHE 4.000 1/10/2021 EUR 57.00
BANCA MARCHE 4.500 3/4/2018 EUR 70.64
BANCA MARCHE 3.500 7/16/2016 EUR 74.19
BANCA MARCHE 4.000 9/16/2016 EUR 75.48
BANCA MARCHE 3.750 3/1/2017 EUR 72.31
BANCA MARCHE 3.200 5/10/2017 EUR 69.16
BANCA MARCHE 4.300 5/15/2017 EUR 73.48
BANCA MARCHE 3.200 6/21/2017 EUR 68.39
BANCA MARCHE 3.200 9/27/2017 EUR 66.82
BANCA MARCHE 5.250 1/1/2018 EUR 74.84
BANCA MARCHE 5.400 9/16/2020 EUR 64.94
BANCA MARCHE 4.300 1/4/2020 EUR 62.74
BANCA MARCHE 4.000 7/9/2020 EUR 59.31
BANCA MARCHE 3.900 8/17/2020 EUR 58.37
BANCA MARCHE 3.700 9/1/2020 EUR 57.25
BANCA NAZ LAVORO 4.652 2/3/2023 EUR 74.53
BANCA POP BERGAM 4.670 11/27/2018 EUR 71.18
BANCA POP BERGAM 4.680 11/27/2018 EUR 71.22
BANCA POP BERGAM 6.760 9/5/2021 EUR 73.65
BANCA POP BERGAM 6.500 9/13/2021 EUR 72.09
BANCA POP BERGAM 5.320 11/27/2022 EUR 61.85
BANCA POP BERGAM 1.500 3/1/2016 EUR 72.43
BANCA POP BERGAM 5.000 9/12/2018 EUR 73.63
BANCA POP EMILIA 4.000 4/12/2020 EUR 72.90
BANCA POP ETRURI 4.000 12/31/2017 EUR 64.13
BANCA POP ETRURI 4.150 2/16/2018 EUR 64.50
BANCA POP ETRURI 5.000 3/31/2021 EUR 57.63
BANCA POP ETRURI 4.250 8/1/2016 EUR 74.50
BANCA POP LODI 5.250 4/3/2029 EUR 54.77
BANCA POP LODI 3.625 3/31/2017 EUR 75.08
BANCA POP LODI 3.750 2/28/2018 EUR 71.42
BANCA POP MILANO 3.250 6/30/2017 EUR 65.33
BANCA POP MILANO 3.375 4/16/2017 EUR 68.51
BANCA POP MILANO 3.375 1/15/2017 EUR 69.78
BANCA POP MILANO 3.000 9/29/2016 EUR 69.98
BANCA POP MILANO 2.900 8/30/2016 EUR 70.31
BANCA POP MILANO 7.125 3/1/2021 EUR 71.33
BANCA POP MILANO 4.000 4/23/2020 EUR 58.75
BANCA POP MILANO 3.500 6/30/2018 EUR 63.65
BANCA POP MILANO 4.500 4/18/2018 EUR 65.25
BANCA POP MILANO 4.100 3/31/2018 EUR 67.45
BANCA POP MILANO 3.875 10/15/2017 EUR 68.57
BANCA POP MILANO 3.625 7/16/2017 EUR 68.29
BANCA POP MILANO 3.100 9/30/2017 EUR 65.23
BANCA POP MILANO 3.000 1/16/2016 EUR 73.97
BANCA POP MILANO 3.250 3/4/2016 EUR 74.78
BANCA POP MILANO 3.000 3/31/2016 EUR 72.79
BANCA POP VICENT 5.000 6/30/2021 EUR 58.81
BANCA POP VICENT 4.970 4/20/2027 EUR 46.30
BANCA POP VICENT 5.290 6/28/2017 EUR 74.76
BANCA POP VICENT 4.250 9/16/2016 EUR 74.94
BANCA POP VICENT 4.000 6/15/2016 EUR 74.68
BANCA POP VICENT 4.000 5/16/2016 EUR 75.06
BANCA POP VICENT 3.750 4/29/2016 EUR 74.67
BANCA POP VICENT 5.000 3/25/2021 EUR 60.04
BANCA POP VICENT 5.000 3/31/2021 EUR 60.01
BANCA POP VICENT 5.000 5/30/2021 EUR 59.41
BANCA SELLA 3.600 11/5/2019 EUR 73.64
BANCO POPOLARE 4.750 4/28/2017 EUR 74.64
BANCO POPOLARE 6.000 11/5/2020 EUR 73.41
BANCO POPOLARE 3.000 10/29/2016 EUR 75.10
BANCO POPOLARE 6.375 5/31/2021 EUR 70.17
BANCO POPOLARE 2.900 11/30/2016 EUR 74.23
BP CIVIDALE 3.180 5/19/2020 EUR 70.01
BTPS 4.000 2/1/2037 EUR 69.58
BTPS I/L 2.100 9/15/2021 EUR 73.60
BTPS I/L 2.550 9/15/2041 EUR 66.25
BTPS I/L 2.350 9/15/2035 EUR 66.18
BTPS I/L 2.600 9/15/2023 EUR 73.99
CASSA RISP FERRA 3.400 9/17/2017 EUR 63.50
CASSA RISP FERRA 3.500 3/5/2016 EUR 74.38
CASSA RISP FERRA 4.000 11/2/2016 EUR 71.88
CASSA RISP FERRA 4.575 2/2/2017 EUR 72.75
CASSA RISP FERRA 4.500 11/2/2020 EUR 56.13
CIR SPA 5.750 12/16/2024 EUR 66.75
FINMECCANICA SPA 4.875 3/24/2025 EUR 65.10
INTESA SANPAOLO 2.882 4/20/2020 EUR 70.90
INTESA SANPAOLO 4.000 9/2/2022 EUR 74.89
MEDIOBANCA 5.375 10/11/2018 GBP 79.56
MEDIOBANCA 2.200 12/7/2017 EUR 75.13
MONTE DEI PASCHI 3.750 8/30/2020 EUR 72.02
MONTE DEI PASCHI 5.750 9/30/2016 GBP 66.03
REP OF ITALY 5.250 12/7/2034 GBP 72.63
REP OF ITALY 2.870 5/19/2036 JPY 47.82
REP OF ITALY 4.490 4/5/2027 EUR 69.94
REP OF ITALY 5.200 7/31/2034 EUR 71.51
REP OF ITALY 2.000 9/15/2062 EUR 48.74
REP OF ITALY 1.850 9/15/2057 EUR 46.25
REP OF ITALY 2.200 9/15/2058 EUR 53.67
REP OF ITALY 4.850 6/11/2060 EUR 64.71
SANPAOLO IMI 5.625 3/18/2024 GBP 76.27
SANPAOLO IMI 3.750 3/2/2020 EUR 71.76
SEAT PAGINE 10.500 1/31/2017 EUR 55.25
SEAT PAGINE 10.500 1/31/2017 EUR 54.38
SEAT PAGINE 10.500 1/31/2017 EUR 54.38
SEAT PAGINE 10.500 1/31/2017 EUR 55.25
TELECOM ITALIA 5.250 3/17/2055 EUR 65.15
UBI BANCA SPCA 4.600 7/28/2018 EUR 73.20
UBI BANCA SPCA 6.250 11/18/2018 EUR 47.59
UNICREDIT SPA 5.000 4/21/2021 EUR 63.56
UNICREDIT SPA 6.125 4/19/2021 EUR 73.73
UNICREDIT SPA 5.160 6/14/2020 EUR 65.98
UNICREDIT SPA 5.050 4/25/2022 EUR 61.94
UNICREDIT SPA 4.350 8/25/2022 EUR 70.06
UNICREDIT SPA 6.040 3/3/2023 EUR 66.43
UNICREDIT SPA 4.750 4/26/2020 EUR 64.16
UNICREDIT SPA 4.500 9/22/2019 EUR 72.05
UNICREDIT SPA 5.370 6/19/2019 EUR 74.00
UNICREDIT SPA 6.700 6/5/2018 EUR 70.02
UNICREDITO ITALI 3.950 2/1/2016 EUR 71.89
UNICREDITO ITALI 5.000 2/1/2016 GBP 63.00
UNICREDITO ITALI 6.375 10/16/2018 GBP 70.39
UNICREDITO ITALI 5.750 9/26/2017 EUR 74.31
UNICREDITO ITALI 4.750 4/12/2027 EUR 63.57
UNIPOL ASSICURAZ 5.660 7/28/2023 EUR 53.07
VENETO BANCA 3.500 5/16/2016 EUR 74.21
LUXEMBOURG
----------
ARCELORMITTAL 7.250 4/1/2014 EUR 23.21
CONTROLINVESTE 3.000 1/28/2015 EUR 62.12
ESFG INTERNATION 6.875 10/21/2019 EUR 56.24
FINMECCANICA FIN 5.250 1/21/2022 EUR 67.72
KION FINANCE 7.875 4/15/2018 EUR 74.63
TELECOM IT CAP 6.000 9/30/2034 USD 78.49
TELECOM IT CAP 6.375 11/15/2033 USD 77.54
UBI BANCA INT 8.750 10/29/2012 EUR 67.41
APP INTL FINANCE 11.750 10/1/2005 USD 0.01
NETHERLANDS
-----------
ASTANA FINANCE 7.875 6/8/2010 EUR 8.79
BK NED GEMEENTEN 0.500 2/24/2025 CAD 63.40
BK NED GEMEENTEN 0.500 6/22/2021 ZAR 43.72
BK NED GEMEENTEN 0.500 5/12/2021 ZAR 44.16
BK NED GEMEENTEN 0.500 3/29/2021 NZD 66.99
BK NED GEMEENTEN 0.500 3/29/2021 USD 73.60
BK NED GEMEENTEN 0.500 3/3/2021 NZD 67.26
BK NED GEMEENTEN 0.500 9/15/2016 TRY 70.49
BK NED GEMEENTEN 0.500 6/22/2016 TRY 71.41
BK NED GEMEENTEN 0.500 5/25/2016 TRY 71.73
BK NED GEMEENTEN 0.500 4/27/2016 TRY 72.05
BK NED GEMEENTEN 0.500 3/17/2016 TRY 72.53
BLT FINANCE BV 7.500 5/15/2014 USD 39.38
BLT FINANCE BV 7.500 5/15/2014 USD 40.00
CLONDALKIN BV 8.000 3/15/2014 EUR 73.13
CLONDALKIN BV 8.000 3/15/2014 EUR 73.13
DEXIA FUNDING 5.875 2/9/2017 GBP 57.13
ELEC DE CARACAS 8.500 4/10/2018 USD 59.50
FRIESLAND BANK 5.320 2/26/2024 EUR 73.20
FRIESLAND BANK 4.210 12/29/2025 EUR 60.58
INDAH KIAT INTL 12.500 6/15/2006 USD 0.01
ING BANK NV 5.380 10/28/2031 USD 73.80
ING BANK NV 4.200 12/19/2035 EUR 65.30
ING BANK NV 5.230 9/30/2031 USD 72.36
KBC IFIMA NV 4.600 9/13/2021 EUR 75.94
KBC IFIMA NV 4.000 9/20/2020 EUR 74.45
MAGYAR TELECOM 9.500 12/15/2016 EUR 68.01
MAGYAR TELECOM 9.500 12/15/2016 EUR 67.00
MARFRIG HLDG EUR 8.375 5/9/2018 USD 73.49
MARFRIG HLDG EUR 8.375 5/9/2018 USD 75.40
NATL INVESTER BK 25.983 5/7/2029 EUR 9.07
NED WATERSCHAPBK 0.500 3/11/2025 CAD 61.30
NIB CAPITAL BANK 4.510 12/16/2035 EUR 48.40
POLYSINDO FIN 9.375 7/30/2007 USD 0.01
PORTUGAL TEL FIN 4.500 6/16/2025 EUR 59.56
PORTUGAL TEL FIN 4.375 3/24/2017 EUR 73.03
PORTUGAL TEL FIN 5.000 11/4/2019 EUR 69.05
Q-CELLS INTERNAT 5.750 5/26/2014 EUR 19.89
RABOBANK 0.500 10/27/2016 ZAR 71.58
RABOBANK 0.500 11/26/2021 ZAR 42.85
RBS NV 5.000 9/28/2018 USD 75.00
RBS NV 2.000 10/29/2020 USD 74.50
RBS NV 5.208 11/16/2030 USD 71.00
RBS NV EX-ABN NV 2.910 6/21/2036 JPY 63.60
RBS NV EX-ABN NV 5.000 2/27/2037 EUR 68.28
SNS BANK 6.625 5/14/2018 EUR 73.26
SNS BANK 5.300 1/27/2023 EUR 63.39
SNS BANK 5.250 4/11/2023 EUR 62.27
SNS BANK 4.580 3/20/2026 EUR 51.00
SNS BANK 5.215 12/3/2027 EUR 53.99
SNS BANK 6.250 10/26/2020 EUR 63.97
SNS BANK 5.000 3/15/2019 EUR 74.22
SNS BANK 4.650 10/19/2021 EUR 63.07
SNS BANK 5.000 1/30/2019 EUR 74.46
SRLEV NV 9.000 4/15/2041 EUR 64.22
TJIWI KIMIA FIN 13.250 8/1/2001 USD 0.01
NORWAY
------
EKSPORTFINANS 2.500 4/29/2019 CHF 72.14
EKSPORTFINANS 0.720 7/28/2016 JPY 74.38
EKSPORTFINANS 2.250 2/11/2021 CHF 69.59
EKSPORTFINANS 3.330 1/22/2021 CHF 73.00
KOMMUNALBANKEN 0.500 3/1/2016 ZAR 74.43
KOMMUNALBANKEN 0.500 3/24/2016 ZAR 74.03
KOMMUNALBANKEN 0.500 5/25/2016 ZAR 72.95
KOMMUNALBANKEN 0.500 7/26/2016 ZAR 71.94
KOMMUNALBANKEN 0.500 7/29/2016 TRY 70.00
KOMMUNALBANKEN 0.500 5/25/2018 ZAR 60.67
KOMMUNALBANKEN 0.500 7/29/2016 ZAR 71.81
NORSKE SKOGIND 11.750 6/15/2016 EUR 62.50
NORSKE SKOGIND 11.750 6/15/2016 EUR 62.50
NORSKE SKOGIND 7.000 6/26/2017 EUR 51.89
NORSKE SKOGIND 6.125 10/15/2015 USD 55.25
NORSKE SKOGIND 6.125 10/15/2015 USD 55.25
NORSKE SKOGIND 7.125 10/15/2033 USD 43.63
NORSKE SKOGIND 7.125 10/15/2033 USD 43.63
RENEWABLE CORP 6.500 6/4/2014 EUR 50.04
POLAND
------
POLAND GOVT BOND 5.000 4/25/2037 PLN 97.07
REP OF POLAND 4.250 7/20/2055 EUR 73.88
PORTUGAL
--------
BANCO COM PORTUG 3.750 10/8/2016 EUR 66.33
BANCO COM PORTUG 5.625 4/23/2014 EUR 71.36
BANCO COM PORTUG 4.750 6/22/2017 EUR 66.48
BANCO ESPIRITO 3.875 1/21/2015 EUR 70.63
BANCO ESPIRITO 6.160 7/23/2015 EUR 72.63
BANCO ESPIRITO 6.875 7/15/2016 EUR 67.75
BANCO ESPIRITO 4.600 9/15/2016 EUR 68.69
BANCO ESPIRITO 4.600 1/26/2017 EUR 66.64
BRISA 4.500 12/5/2016 EUR 64.38
CAIXA GERAL DEPO 4.900 10/13/2016 EUR 69.38
CAIXA GERAL DEPO 5.120 11/3/2016 EUR 68.50
CAIXA GERAL DEPO 3.875 12/6/2016 EUR 70.84
CAIXA GERAL DEPO 4.455 8/20/2017 EUR 61.00
CAIXA GERAL DEPO 5.500 11/13/2017 EUR 69.75
CAIXA GERAL DEPO 4.400 10/8/2019 EUR 52.00
CAIXA GERAL DEPO 4.250 1/27/2020 EUR 65.63
CAIXA GERAL DEPO 5.320 8/5/2021 EUR 51.13
CAIXA GERAL DEPO 5.980 3/3/2028 EUR 53.88
CAIXA GERAL DEPO 5.380 10/1/2038 EUR 50.93
CAIXA GERAL DEPO 5.165 7/8/2016 EUR 70.50
CAIXA GERAL DEPO 5.090 6/8/2016 EUR 71.00
CAIXA GERAL DEPO 4.750 3/14/2016 EUR 73.38
CAIXA GERAL DEPO 4.570 8/12/2016 EUR 67.63
CAIXA GERAL DEPO 4.850 9/14/2016 EUR 69.00
COMBOIOS DE PORT 4.170 10/16/2019 EUR 48.88
METRO DE LISBOA 5.750 2/4/2019 EUR 49.37
METRO DE LISBOA 4.799 12/7/2027 EUR 47.74
METRO DE LISBOA 4.061 12/4/2026 EUR 43.17
METRO DE LISBOA 7.300 12/23/2025 EUR 59.53
MONTEPIO GERAL 5.000 2/8/2017 EUR 60.75
PARPUBLICA 3.500 7/8/2013 EUR 69.13
PARPUBLICA 5.250 9/28/2017 EUR 69.06
PARPUBLICA 4.191 10/15/2014 EUR 62.50
PARPUBLICA 3.567 9/22/2020 EUR 40.38
PARPUBLICA 4.200 11/16/2026 EUR 30.00
PORTUGAL (REP) 3.500 3/25/2015 USD 70.69
PORTUGAL (REP) 3.500 3/25/2015 USD 70.69
PORTUGUESE OT'S 4.750 6/14/2019 EUR 53.37
PORTUGUESE OT'S 4.450 6/15/2018 EUR 55.11
PORTUGUESE OT'S 4.350 10/16/2017 EUR 56.98
PORTUGUESE OT'S 4.200 10/15/2016 EUR 62.74
PORTUGUESE OT'S 4.800 6/15/2020 EUR 51.89
PORTUGUESE OT'S 6.400 2/15/2016 EUR 70.97
PORTUGUESE OT'S 3.350 10/15/2015 EUR 68.85
PORTUGUESE OT'S 3.850 4/15/2021 EUR 50.77
PORTUGUESE OT'S 4.950 10/25/2023 EUR 49.05
PORTUGUESE OT'S 3.600 10/15/2014 EUR 71.48
PORTUGUESE OT'S 4.100 4/15/2037 EUR 46.30
REFER 4.000 3/16/2015 EUR 35.25
REFER 5.875 2/18/2019 EUR 46.75
REFER 4.250 12/13/2021 EUR 28.75
REFER 4.675 10/16/2024 EUR 37.25
REFER 4.047 11/16/2026 EUR 49.04
RUSSIA
------
ARIZK 3.000 12/20/2030 RUB 48.36
DVTG-FINANS 7.750 7/18/2013 RUB 20.29
DVTG-FINANS 17.000 8/29/2013 RUB 55.55
IART 8.500 8/4/2013 RUB 1.00
MIRAX 17.000 9/17/2012 RUB 90.00
MOSMART FINANS 0.010 4/12/2012 RUB 2.20
NOK 12.500 8/26/2014 RUB 5.00
PROMPEREOSNASTKA 1.000 12/17/2012 RUB 0.01
PROTON-FINANCE 9.000 6/12/2012 RUB 65.00
RBC OJSC 3.270 4/19/2018 RUB 37.40
RBC OJSC 7.000 4/23/2015 RUB 65.05
RBC OJSC 7.000 4/23/2015 RUB 63.30
SPAIN
-----
AYT CEDULAS CAJA 4.750 5/25/2027 EUR 62.49
AYT CEDULAS CAJA 4.250 10/25/2023 EUR 65.38
AYT CEDULAS CAJA 4.000 3/31/2020 EUR 74.11
AYT CEDULAS CAJA 3.750 12/14/2022 EUR 63.09
AYT CEDULAS CAJA 4.000 3/24/2021 EUR 71.10
AYT CEDULAS CAJA 3.750 6/30/2025 EUR 54.92
AYUNTAM DE MADRD 4.550 6/16/2036 EUR 63.71
BANCAJA 1.500 5/22/2018 EUR 60.07
BANCAJA EMI SA 2.755 5/11/2037 JPY 74.25
BANCO BILBAO VIZ 4.375 10/20/2019 EUR 72.13
BANCO BILBAO VIZ 6.200 7/4/2023 EUR 73.59
BANCO BILBAO VIZ 4.500 2/16/2022 EUR 68.09
BANCO BILBAO VIZ 6.025 3/3/2033 EUR 57.28
BANCO CASTILLA 1.500 6/23/2021 EUR 59.04
BANCO POP ESPAN 5.702 12/22/2019 EUR 66.91
BBVA SUB CAP UNI 2.750 10/22/2035 JPY 44.46
CAIXA TERRASSA 4.700 8/9/2021 EUR 41.61
CAJA MADRID 4.125 3/24/2036 EUR 65.70
CAJA MADRID 4.000 2/3/2025 EUR 73.88
CAJA MADRID 5.020 2/26/2038 EUR 73.10
CEDULAS TDA 5 4.125 11/29/2019 EUR 74.63
CEDULAS TDA 6 FO 4.250 4/10/2031 EUR 50.23
CEDULAS TDA 6 FO 3.875 5/23/2025 EUR 56.69
CEDULAS TDA A-4 4.125 4/10/2021 EUR 71.97
CEDULAS TDA A-5 4.250 3/28/2027 EUR 56.18
CEMEX ESPANA LUX 8.875 5/12/2017 EUR 70.88
CEMEX ESPANA LUX 9.250 5/12/2020 USD 75.63
CEMEX ESPANA LUX 8.875 5/12/2017 EUR 70.88
COMUN AUTO CANAR 3.900 11/30/2035 EUR 67.85
COMUN AUTO CANAR 4.200 10/25/2036 EUR 71.51
COMUNIDAD ARAGON 4.646 7/11/2036 EUR 55.78
COMUNIDAD ARAGON 4.815 10/10/2022 EUR 73.46
COMUNIDAD ARAGON 4.470 7/12/2021 EUR 74.19
COMUNIDAD BALEAR 3.869 11/23/2020 EUR 73.13
COMUNIDAD BALEAR 4.063 11/23/2035 EUR 56.97
COMUNIDAD MADRID 4.300 9/15/2026 EUR 71.44
GEN DE CATALUNYA 5.325 10/5/2028 EUR 61.61
GEN DE CATALUNYA 5.219 9/10/2029 EUR 59.39
GEN DE CATALUNYA 5.400 5/13/2030 EUR 60.61
GEN DE CATALUNYA 5.900 5/28/2030 EUR 65.15
GEN DE CATALUNYA 5.950 10/1/2030 EUR 64.68
GEN DE CATALUNYA 4.690 10/28/2034 EUR 53.10
GEN DE CATALUNYA 4.220 4/26/2035 EUR 48.77
GEN DE CATALUNYA 2.965 9/8/2039 JPY 44.88
GEN DE CATALUNYA 6.350 11/30/2041 EUR 66.88
GEN DE CATALUNYA 2.125 10/1/2014 CHF 69.65
GEN DE CATALUNYA 2.315 9/10/2015 CHF 73.91
GEN DE CATALUNYA 2.355 11/10/2015 CHF 73.17
GEN DE CATALUNYA 2.750 3/24/2016 CHF 63.89
GEN DE CATALUNYA 4.950 2/11/2020 EUR 73.81
GEN DE CATALUNYA 4.801 7/31/2020 EUR 71.35
GEN DE CATALUNYA 4.900 9/15/2021 EUR 69.99
GENERAL DE ALQUI 2.750 8/20/2012 EUR 71.00
GENERAL VALENCIA 4.000 11/2/2016 EUR 82.13
GENERAL VALENCIA 5.900 11/30/2032 EUR 69.75
IM CEDULAS 10 4.500 2/21/2022 EUR 73.55
IM CEDULAS 5 3.500 6/15/2020 EUR 71.05
IM CEDULAS 7 4.000 3/31/2021 EUR 71.29
INSTIT CRDT OFCL 2.100 2/23/2021 JPY 68.27
INSTIT CRDT OFCL 3.250 6/28/2024 CHF 62.46
INSTIT CRDT OFCL 2.570 10/22/2021 CHF 64.26
INSTITUT CATALA 4.250 6/15/2024 EUR 70.61
JUNTA ANDALUCIA 3.065 7/29/2039 JPY 47.92
JUNTA ANDALUCIA 3.170 7/29/2039 JPY 49.15
JUNTA ANDALUCIA 3.050 12/10/2020 JPY 73.48
JUNTA ANDALUCIA 5.200 7/15/2019 EUR 73.58
JUNTA ANDALUCIA 5.000 7/13/2022 EUR 72.93
JUNTA LA MANCHA 2.810 10/14/2022 JPY 59.15
JUNTA LA MANCHA 3.875 1/31/2036 EUR 53.00
MAPFRE SA 5.921 7/24/2037 EUR 63.00
PITCH1 5.125 7/20/2022 EUR 74.60
SACYR VALLEHERM 6.500 5/1/2016 EUR 72.52
SANTANDER ISSUAN 4.750 5/29/2019 EUR 74.05
SANTANDER ISSUAN 4.500 9/30/2019 EUR 74.45
SANTANDER ISSUAN 5.750 1/31/2018 GBP 74.64
SANTANDER ISSUAN 6.533 10/24/2017 GBP 73.77
XUNTA DE GALICIA 5.350 11/22/2028 EUR 71.64
XUNTA DE GALICIA 4.025 11/28/2035 EUR 46.92
SWEDEN
------
SAS AB 7.500 4/1/2015 SEK 73.24
SWEDISH EXP CRED 0.500 9/30/2016 ZAR 70.58
SWEDISH EXP CRED 0.500 1/25/2028 USD 55.64
SWEDISH EXP CRED 0.500 12/17/2027 USD 55.91
SWEDISH EXP CRED 0.500 8/26/2021 AUD 63.96
SWEDISH EXP CRED 0.500 8/25/2021 ZAR 44.24
SWEDISH EXP CRED 0.500 9/20/2016 ZAR 70.72
SWEDISH EXP CRED 0.500 8/26/2016 ZAR 71.21
SWEDISH EXP CRED 0.500 8/25/2016 ZAR 71.18
SWEDISH EXP CRED 0.500 6/29/2016 TRY 70.15
SWEDISH EXP CRED 0.500 6/14/2016 ZAR 72.48
SWEDISH EXP CRED 0.500 3/3/2016 ZAR 74.32
SWEDISH EXP CRED 0.500 11/27/2015 TRY 72.98
SWEDISH EXP CRED 0.500 9/29/2015 TRY 73.77
SWEDISH EXP CRED 7.500 6/12/2012 USD 7.12
SWEDISH EXP CRED 9.250 4/27/2012 USD 7.22
SWEDISH EXP CRED 9.750 3/23/2012 USD 7.48
SWEDISH EXP CRED 7.000 3/9/2012 USD 10.04
SWEDISH EXP CRED 7.000 3/9/2012 USD 10.61
SWEDISH EXP CRED 7.500 2/28/2012 USD 8.32
SWEDISH EXP CRED 8.000 1/27/2012 USD 2.84
SWEDISH EXP CRED 6.500 1/27/2012 USD 6.91
SWEDISH EXP CRED 2.130 1/10/2012 USD 10.01
SWITZERLAND
-----------
CRED SUIS NY 8.000 11/16/2012 USD 56.80
UBS AG 10.530 1/23/2012 USD 37.25
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 28.82
UBS AG 9.250 3/20/2012 USD 11.41
UBS AG 13.060 3/26/2012 EUR 68.29
UBS AG 13.450 3/26/2012 EUR 67.10
UBS AG 14.550 3/26/2012 EUR 27.27
UBS AG 15.310 3/26/2012 EUR 73.17
UBS AG 13.300 5/23/2012 USD 3.26
UBS AG 10.960 7/20/2012 USD 22.14
UBS AG 12.040 7/31/2012 USD 23.34
UBS AG 9.500 8/10/2012 USD 28.42
UBS AG 9.430 8/31/2012 USD 30.37
UBS AG 9.400 8/23/2013 USD 54.92
UBS AG 11.020 10/21/2013 USD 57.00
UBS AG JERSEY 10.140 12/30/2011 USD 14.46
UBS AG JERSEY 3.220 7/31/2012 EUR 40.08
PROCREDIT BANK 13.500 5/11/2015 UAH 49.38
UNITED KINGDOM
--------------
ABBEY NATL PLC 6.500 10/21/2030 GBP 80.71
ABBEY NATL TREAS 5.000 8/26/2030 USD 54.83
ALPHA CREDIT GRP 3.250 2/25/2013 EUR 66.38
ALPHA CREDIT GRP 4.400 2/12/2013 EUR 69.50
ALPHA CREDIT GRP 5.500 6/20/2013 EUR 65.88
ALPHA CREDIT GRP 4.500 6/21/2013 EUR 61.63
ALPHA CREDIT GRP 6.000 6/20/2014 EUR 55.38
ALPHA CREDIT GRP 4.000 11/16/2012 EUR 73.63
BAKKAVOR FIN 2 8.250 2/15/2018 GBP 66.88
BAKKAVOR FIN 2 8.250 2/15/2018 GBP 67.01
BANK OF SCOTLAND 2.340 12/28/2026 JPY 64.78
BANK OF SCOTLAND 2.860 12/13/2021 CHF 72.34
BANK OF SCOTLAND 2.359 3/27/2029 JPY 58.87
BANK OF SCOTLAND 2.408 2/9/2027 JPY 64.04
BARCLAYS BK PLC 9.000 10/1/2012 USD 9.47
BARCLAYS BK PLC 14.000 10/1/2012 USD 9.45
BARCLAYS BK PLC 8.500 10/16/2012 USD 9.73
BARCLAYS BK PLC 9.000 10/16/2012 USD 10.37
BARCLAYS BK PLC 4.320 11/29/2030 USD 74.00
BARCLAYS BK PLC 5.200 8/25/2031 USD 74.43
BARCLAYS BK PLC 5.230 8/26/2031 USD 74.49
BARCLAYS BK PLC 5.200 8/29/2031 USD 74.10
BARCLAYS BK PLC 5.250 8/29/2031 USD 72.82
BARCLAYS BK PLC 5.000 6/3/2041 USD 72.54
BARCLAYS BK PLC 8.550 1/23/2012 USD 11.33
BARCLAYS BK PLC 9.250 1/31/2012 USD 7.32
BARCLAYS BK PLC 8.000 6/29/2012 USD 9.12
BARCLAYS BK PLC 10.000 7/20/2012 USD 8.30
BARCLAYS BK PLC 7.000 7/27/2012 USD 9.21
BARCLAYS BK PLC 11.500 7/27/2012 USD 7.71
BARCLAYS BK PLC 10.800 7/31/2012 USD 24.71
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 10.02
BRADFORD&BIN BLD 4.910 2/1/2047 EUR 57.49
CEVA GROUP PLC 8.500 6/30/2018 EUR 47.63
CEVA GROUP PLC 10.000 6/30/2018 EUR 55.25
CO-OPERATIVE BNK 5.625 11/16/2021 GBP 71.09
CO-OPERATIVE BNK 5.875 3/28/2033 GBP 68.66
CO-OPERATIVE BNK 5.750 12/2/2024 GBP 69.10
CONSORT HEALTH 2.068 6/19/2042 GBP 75.40
EFG HELLAS PLC 5.400 11/2/2047 EUR 9.38
EFG HELLAS PLC 4.375 2/11/2013 EUR 60.97
EFG HELLAS PLC 6.010 1/9/2036 EUR 28.38
EMPORIKI GRP FIN 4.000 2/28/2013 EUR 60.63
EMPORIKI GRP FIN 4.350 7/22/2014 EUR 38.50
EMPORIKI GRP FIN 5.000 12/2/2021 EUR 19.50
EMPORIKI GRP FIN 5.100 12/9/2021 EUR 19.75
ENTERPRISE INNS 6.875 2/15/2021 GBP 63.00
ENTERPRISE INNS 6.875 5/9/2025 GBP 59.12
ENTERPRISE INNS 6.375 9/26/2031 GBP 56.38
ENTERPRISE INNS 6.500 12/6/2018 GBP 66.62
ESSAR ENERGY 4.250 2/1/2016 USD 58.36
EX-IM BK OF UKRA 5.793 2/9/2016 USD 70.52
GALA ELECTRIC CA 11.500 6/1/2019 GBP 52.50
GALA ELECTRIC CA 11.500 6/1/2019 GBP 52.75
GALA GROUP FIN 8.875 9/1/2018 GBP 71.00
GALA GROUP FIN 8.875 9/1/2018 GBP 71.00
HBOS PLC 6.000 11/1/2033 USD 73.46
HBOS PLC 6.000 11/1/2033 USD 73.46
HBOS PLC 4.500 3/18/2030 EUR 55.08
HBOS PLC 6.305 10/18/2017 GBP 75.01
HBOS PLC 7.070 4/8/2023 EUR 69.73
HBOS PLC 5.374 6/30/2021 EUR 59.63
HBOS PLC 4.375 10/30/2019 EUR 66.21
HSBC BANK PLC 4.750 3/24/2046 GBP 71.54
INEOS GRP HLDG 7.875 2/15/2016 EUR 74.25
INEOS GRP HLDG 7.875 2/15/2016 EUR 74.17
LBG CAPITAL NO.1 7.867 12/17/2019 GBP 73.33
LBG CAPITAL NO.1 6.439 5/23/2020 EUR 67.88
LBG CAPITAL NO.1 7.588 5/12/2020 GBP 72.85
LBG CAPITAL NO.1 7.375 3/12/2020 EUR 69.57
LBG CAPITAL NO.1 7.869 8/25/2020 GBP 72.93
LBG CAPITAL NO.1 7.625 10/14/2020 EUR 69.60
LBG CAPITAL NO.1 7.875 11/1/2020 USD 75.00
LBG CAPITAL NO.1 7.975 9/15/2024 GBP 64.79
LBG CAPITAL NO.2 9.125 7/15/2020 GBP 74.59
LBG CAPITAL NO.2 6.385 5/12/2020 EUR 67.92
LBG CAPITAL NO.2 9.000 7/15/2029 GBP 69.00
LBG CAPITAL NO.2 7.625 12/9/2019 GBP 68.46
LBG CAPITAL NO.2 8.500 6/7/2032 GBP 64.69
LLOYDS TSB BANK 5.750 7/9/2025 GBP 73.27
LOUIS NO1 PLC 10.000 12/1/2016 EUR 59.88
LOUIS NO1 PLC 8.500 12/1/2014 EUR 65.25
LOUIS NO1 PLC 10.000 12/1/2016 EUR 59.88
MATALAN 8.875 4/29/2016 GBP 66.27
MATALAN 8.875 4/29/2016 GBP 66.13
MATALAN 9.625 3/31/2017 GBP 44.63
MATALAN 9.625 3/31/2017 GBP 43.50
MAX PETROLEUM 6.750 9/8/2013 USD 45.81
NATIONWIDE BLDG 5.600 8/19/2030 USD 69.29
NEW HOSPITALS ST 1.777 2/26/2047 GBP 60.25
NOMURA BANK INTL 0.800 12/21/2020 EUR 66.14
OTE PLC 4.625 5/20/2016 EUR 57.65
OTE PLC 7.250 4/8/2014 EUR 66.16
OTE PLC 5.000 8/5/2013 EUR 71.20
PIRAEUS GRP FIN 4.000 9/17/2012 EUR 70.63
PRIVATBANK 5.799 2/9/2016 USD 56.47
ROYAL BK SCOTLND 4.350 1/23/2017 EUR 73.90
ROYAL BK SCOTLND 2.375 11/2/2015 CHF 74.04
ROYAL BK SCOTLND 2.300 11/26/2024 JPY 72.93
ROYAL BK SCOTLND 5.250 11/14/2033 EUR 73.99
ROYAL BK SCOTLND 4.625 9/22/2021 EUR 63.12
ROYAL BK SCOTLND 4.700 7/3/2018 USD 68.00
ROYAL BK SCOTLND 4.100 8/11/2023 EUR 74.53
SPIRIT ISSUER 5.472 12/28/2028 GBP 67.93
THOMAS COOK GR 7.750 6/22/2017 GBP 39.64
THOMAS COOK GR 6.750 6/22/2015 EUR 40.76
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, Ivy B. Magdadaro, Frauline S.
Abangan and Peter A. Chapman, Editors.
Copyright 2012. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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