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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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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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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written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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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 * * *