TCREUR_Public/120109.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 9, 2012, Vol. 13, No. 6

                            Headlines


C R O A T I A

HERBOS: Faces Liquidation; Owes More Than EUR21 Million


F R A N C E

PHOTOWATT FRANCE: French Government Comes to Rescue


G E R M A N Y

SOLAR MILLENNIUM: Administrator Seeks Buyers for Project Units


I R E L A N D

D.C KAVANAGH: Appoints Liam Dowdall as Receiver
SEAN DUNN: NAMA Begins Enforcement Proceedings
TABERNA EUROPE: Fitch Affirms 'C' Ratings on Four Note Classes
TABERNA EUROPE: Fitch Affirms 'CCsf' Rating on Class A2 Notes


K A Z A K H S T A N

BTA BANK: Misses US$150 Million Coupon Payments


S E R B I A   &   M O N T E N E G R O

ZELJEZARA NIKSIC: On Sale With EUR30 Million Asking Price


S L O V E N I A

* SLOVENIA: Number of Receiverships in 2011 Up by a Third Y/Y


N E T H E R L A N D S

GROSVENOR PLACE: S&P Raises Rating on Class E Notes to 'CCC+'


U N I T E D   K I N G D O M

APROPOS TECTONIC: Goes Into Administration, Cuts 17 Jobs
BLACKS LEISURE: JD Sports Acquires Firm Out of Administration
JEWELS SOLICITORS: In Administration on Cuts in Legal Funding Aid
TOBAR GROUP: Goes Into Administration, Cuts 35 Jobs
* UK: Football Giants Face Threat of Administration


X X X X X X X X

* BOND PRICING: For the Week January 2, 2012 to January 6, 2012


                            *********


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


HERBOS: Faces Liquidation; Owes More Than EUR21 Million
-------------------------------------------------------
Aggregates Business Europe reports that Herbos has been
liquidated after running up debts of more than EUR21 million.

According to Aggregates Business Europe, the Sisak Court in
Croatia agreed to the liquidation after hearing how the firm owed
a total of HRK160 million (EUR21.22 million) to its trustees.
The sum included HRK40 million (EUR5.3 million) owed to the
Croatian government.

Herbos is a Croatian construction materials company.  It also
produces herb protection chemicals.


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


PHOTOWATT FRANCE: French Government Comes to Rescue
---------------------------------------------------
PV-Tech reports that the French government is set to offer
Photowatt France an 11th-hour reprieve by investing in the
company.

Two months ago, Photowatt was on the verge of filing for
bankruptcy after falling demand and increased competition led to
escalating losses, PV-Tech recounts.

According to PV-Tech, Environment Minister Nathalie Kosciusko-
Morizet said that Photowatt was being hurt by lower-priced
competitors and that the government "would like to invest" in the
company.   No further details on the level or type of investment
were provided in the interview, although a Photowatt spokesperson
told PV-Tech that there would be a tender for new ownership in
January.  The deadline for this tender is January 17, with
Photowatt expected to be under new ownership in early spring, PV-
Tech discloses.

Photowatt France is a PV manufacturer.  It is a subsidiary of
Canada's ATS Automation Tooling Systems.


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


SOLAR MILLENNIUM: Administrator Seeks Buyers for Project Units
--------------------------------------------------------------
Stefan Nicola at Bloomberg News reports that Solar Millennium
AG's insolvency administrator is seeking to sell parts or all of
the company.

According to Bloomberg, Volker Boehm of Schulze & Braun said on
Thursday in a statement that it's seeking buyers for the
company's 60 or so project units and stakes, including Oakland,
California-based Solar Trust of America LLC, which is planning
the world's biggest solar plant.

Bloomberg relates that Mr. Boehm said potential buyers have
already approached Solar Millennium and initial talks have
started.  Mr. Boehm, as cited by Bloomberg, said he's "very
optimistic" that projects can be divested.

On Dec. 27, 2011, the Troubled Company Reporter-Europe, citing
Bloomberg News, disclosed that Solarhybrid AG remains "very
interested" in buying the U.S. projects of Solar Millennium.

As reported by the Troubled Company Reporter-Europe on Dec. 23,
2011, Bloomberg News related that Solar Millennium filed for
insolvency, citing slow progress in selling U.S. projects and a
failure to reach an agreement to bring in investors to the
Ibersol project in Spain.

Solar Millennium AG is an Erlangen-based solar company.  It had
focused on developing solar-thermal plants in Europe and the U.S.


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


D.C KAVANAGH: Appoints Liam Dowdall as Receiver
-----------------------------------------------
Irish Examiner reports that D.C Kavanagh has gone into
receivership.

Liam Dowdall of Smith Williamson and Freaney chartered
accountants has been appointed as the company's receiver and
manager, Irish Examiner relates.

The jobs are not thought to be under threat by the announcement,
Irish Examiner notes.

D.C Kavanagh is a Ballymount, West Dublin-based printing company.
It employs 26 people.


SEAN DUNN: NAMA Begins Enforcement Proceedings
----------------------------------------------
RTE News reports that National Asset Management Agency (NAMA)
has begun enforcement proceedings against developer Sean Dunne.

"We served papers on Sean Dunne over the Christmas holidays as
part of enforcement proceedings to recover debts for the Irish
taxpayer," the report quoted an unnamed NAMA spokesman as saying.

RTE News notes that NAMA intends to take the action to pursue
personal guarantees given by Mr. Dunne.

Last year, the report recalls, NAMA appointed a statutory
receiver to a number of properties owned by Mr. Dunne.  Grant
Thornton was been appointed to act as receiver.

One of the properties included in the receivership was Hume House
in Ballsbridge, which the developer bought in 2005 for
EUR130 million, RTE News says.

The report notes that in 2010, NAMA acquired land and development
loans extended to Mr. Dunne by Irish lenders.

The former Jury's Doyle Hotel in Ballsbridge was not included in
the receivership as it was financed by British-owned Ulster Bank.


TABERNA EUROPE: Fitch Affirms 'C' Ratings on Four Note Classes
--------------------------------------------------------------
Fitch Ratings has affirmed eight classes of notes issued by
Taberna Europe CDO I, P.L.C.

Taberna I:

  -- EUR305,339,769 class A1 notes at 'BBsf'; Outlook Negative;
  -- EUR90,500,000 class A2 notes at 'CCCsf';
  -- EUR48,563,321 class B notes at 'Csf';
  -- EUR30,060,118 class C notes at 'Csf';
  -- EUR31,735,384 class D notes at 'Csf';
  -- EUR21,722,894 class E notes at 'Csf'.

This review was conducted primarily under the framework described
in 'Global Rating Criteria for Structured Finance CDOs' and
'Global Rating Criteria for Corporate CDOs' using the Portfolio
Credit Model (PCM) for projecting future default levels for the
underlying portfolio, as well as the 'Global Surveillance

Criteria for Trust Preferred CDOs'.  The default levels were then
compared to the breakeven levels generated by Fitch's cash flow
model of the CDO under various default timing and interest rate
stress scenarios, as described in the report 'Global Criteria for
Cash Flow Analysis in CDOs'.  Fitch also considered additional
qualitative factors into its analysis to conclude the rating
actions for the rated notes.  The following commentary summarizes
the key rating factors of Fitch's rating actions.  All references
to underlying credit quality in the commentary are based on a
combination of publicly available ratings and Fitch's
credit opinions.

Of the total EUR544 million portfolio, 52% of the portfolio is
publicly rated by Fitch or other rating agencies, while Fitch's
corporate analysts provide a credit opinion on 47.6%.  Since
Fitch's last rating action in December 2010, the credit
quality of the portfolio collateral has experienced modest
deterioration, with approximately 20.7% of the portfolio
downgraded a weighted average of 1.8 notches, which is mostly
offset with approximately 15.3% of the portfolio upgraded a
weighted average 1.2 notches.  Currently, 65.7% of the portfolio
has a Fitch derived rating below investment grade with 42.1% of
the portfolio rated in the 'CCC' category or below, compared to
69.1% and 37.9%, respectively, at the last review.

The cash flow model produces a range of breakeven results that
are consistent with the current ratings.  The rating affirmations
are due to the continued portfolio amortization and paydowns
offsetting modest negative migration.

The remaining portfolio is fairly concentrated with 41 assets
from 35 obligors, which indicate the notes are susceptible to
potential future negative migration in the portfolio.  As a
result, available excess spread currently available to
support the notes will likely diminish.

The Rating Outlook remains Negative on the class A1 notes due to
portfolio concentration and the risk that currently available
excess spread supporting these notes will no longer be
sustainable.  Outlooks on the notes are assigned to classes rated
above 'CCCsf' to reflect Fitch's expectation of the direction the
ratings of the notes is likely to move within a one- to two-year
period.

The class A2 notes are timely classes currently receiving its
periodic interest; however, there is heightened risk for missed
interest payments these classes may experience due to potential
future negative migration.

The class B, C, D and E notes currently are capitalizing its
interest payments, however the notes are supported by distressed
collateral. Given the expectation of low-to-minimal recovery
prospects for the currently defaulted securities in the
portfolio, which represent 20.1% of the portfolio, there is an
exceptionally high level of credit risk to these notes and
noteholders may experience a principal loss at maturity.

Taberna I is a real estate collateralized debt obligation (CDO)
that closed on Jan. 31, 2007.  The portfolio is currently managed
by TP Management LLC, an affiliate of Fortress Investment Group
LLC.  As of the latest trustee report from November 2011, the
portfolio is comprised of real estate investment trusts
(79.4%), banking & finance (9.2%), commercial mortgage-backed
securities (5.2%), real estate (3.7%) and commercial real-estate
loans (2.6%) primarily from European and United States real
estate companies.


TABERNA EUROPE: Fitch Affirms 'CCsf' Rating on Class A2 Notes
--------------------------------------------------------------
Fitch Ratings has affirmed two classes of notes issued by Taberna
Europe CDO II, P.L.C. as follows:

  -- EUR455,172,400 class A1 notes at 'CCCsf';
  -- EUR95,000,000 class A2 notes affirmed at 'CCsf'.

This review was conducted primarily under the framework described
in 'Global Rating Criteria for Structured Finance CDOs' and
'Global Rating Criteria for Corporate CDOs' using the Portfolio
Credit Model (PCM) for projecting future default levels for the
underlying portfolio, as well as the 'Global Surveillance
Criteria for Trust Preferred CDOs'.  The default levels were then
compared to the breakeven levels generated by Fitch's cash flow
model of the CDO under various default timing and interest rate
stress scenarios, as described in the report 'Global Criteria for
Cash Flow Analysis in CDOs'.  Fitch also considered additional
qualitative factors into its analysis to conclude the rating
actions for the rated notes.  The following commentary summarizes
the key rating factors of Fitch's rating actions.  All references
to underlying credit quality in the commentary are based on a
combination of publicly available ratings and Fitch's
credit opinions.

Of the total EUR726 million portfolio, 53.3% of the total
portfolio is publicly rated by Fitch or other rating agencies,
while Fitch's corporate analysts provide a credit opinion on
46.7%.  Since Fitch's last rating action in December 2010,
the credit quality of the portfolio collateral has improved
modestly, with approximately 14.2% of the portfolio downgraded a
weighted average of 2.4 notches, with approximately 15.8% of the
portfolio upgraded a weighted average 1.9 notches.  Currently,
69.3% of the portfolio has a Fitch derived rating below
investment grade with 32.3% of the portfolio rated in the 'CCC'
category or below, compared to 66.8% and 34.9%, respectively, at
the last review.

The rating affirmations are based upon portfolio amortization,
combined with relatively stable portfolio performance over the
last year.  Additionally, the cash flow model produces a range of
breakeven results that are consistent with the current ratings.

The remaining portfolio is fairly concentrated with 37 assets
from 37 obligors, which indicate the notes are susceptible to
potential future negative migration in the portfolio.  As a
result, available excess spread currently available to
support the notes will likely diminish.

The class A1 and A2 notes are timely classes currently receiving
its periodic interest payments.  The class A1 notes additionally
benefit from paydowns from portfolio amortization due to their
seniority in the capital structure. Outlooks are not typically
assigned to notes rated in the 'CCCsf' categories or below.

Taberna II is a real estate collateralized debt obligation (CDO)
that closed on Sept. 13, 2007.  The portfolio is currently
managed by TP Management LLC, an affiliate of Fortress Investment
Group LLC.  As of the latest trustee report from November 2011,
the portfolio is comprised of real estate investment trusts
(68.9%), banking & finance (18.4%), real estate (4.8%),
commercial mortgage-backed securities (4.4%), and retail (3.4%)
primarily from European and North American real estate companies.


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


BTA BANK: Misses US$150 Million Coupon Payments
-----------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Kazakhstan's BTA
Bank JSC appeared to move closer to a second debt restructuring
as it missed $150 million in coupon payments on its bonds due
Jan. 1, market participants said.

                       About BTA Bank

Headquartered in Almaty, Kazakhstan, BTA reported total assets
and total equity deficit of US$12.2 billion and US$1.48 billion,
respectively, at end-H1 2011, according to the bank's IFRS
financial statements. BTA's net loss for H1 2011 amounted to
US$701 million.

                       *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2011,
Moody's Investors Service has downgraded BTA Bank's (BTA) long-
term local and foreign-currency deposit ratings to Caa2 from B3,
the long-term foreign-currency senior unsecured debt rating to Ca
from Caa2 and the long-term foreign-currency subordinated debt
rating to C from Caa3.


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


ZELJEZARA NIKSIC: On Sale With EUR30 Million Asking Price
---------------------------------------------------------
Misha Savic at Bloomberg News reports that Zeljezara AD Niksic
was offered for sale by its receivership administrator with an
asking price of EUR30 million (US$38.4 million).

The court-appointed administration invited offers in an
advertisement in the Pobjeda newspaper, asking potential buyers
to submit bids by Feb. 5, and make a mandatory deposit of 10% of
the starting price first, according to Bloomberg.

Bloomberg notes that the steelworks was put into bankruptcy on
April 15 by a workers union that demanded overdue monthly wages.

This is the fourth time that Zeljezara is being offered to buyers
since Montenegro began asset sales almost two decades ago,
Bloomberg relates.

In August, Zeljezara's main creditors, including Netherlands-
based MNSS BV, secured a U.K. court judgment backing their
efforts to recover claims of estimated EUR60 million, Bloomberg
discloses.

Zeljezara AD Niksic is a Montenegrin steel mill.


===============
S L O V E N I A
===============


* SLOVENIA: Number of Receiverships in 2011 Up by a Third Y/Y
-------------------------------------------------------------
STA News reports that a total of 675 receivership proceedings
were launched in Slovenia in 2011, which is almost a third more
than in the year before.

The Agency for Public Legal Records and Related Services (AJPES)
said that the number of court-mandated debt restructuring and
liquidation proceedings rose by 17% to 42, according to STA News.


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


GROSVENOR PLACE: S&P Raises Rating on Class E Notes to 'CCC+'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Grosvenor Place CLO III B.V.'s outstanding EUR445.43 million
notes. "At the same time, we removed the class A-3, B, C, D,
and E notes from CreditWatch positive," S&P said.

"The rating actions follow our assessment of the transaction's
performance since our last review in March 2010," S&P said.

"We have observed, since our last review, a positive rating
migration of the performing assets in the portfolio. Our analysis
shows that the proportion of assets rated in the 'CCC' category
(i.e., 'CCC+', 'CCC', or 'CCC-') has decreased to 2.99% from
8.32%," S&P said.

S&P also noted that the credit enhancement available for each of
the rated notes has increased, as a result of these developments:

    The manager has raised the total collateral balance through
    par-building trades to EUR430.25 million (equivalent) from
    EUR424.76 million (equivalent).

    "Currently, in our opinion, the portfolio does not include
    any defaulted assets, compared with EUR4.00 million at the
    time of our last review," S&P said.

"Consequently, we did not apply any haircut to the total
collateral balance in our current analysis," S&P said.

"On the cash flow side, we noted an increase in the performing
portfolio weighted-average spread to 3.33%, from 2.84% in March
2010," S&P said.

"We subjected the capital structure to various cash flow
scenarios incorporating different default patterns, as well as
exchange rate and interest rate curves, to determine each
tranche's break-even default rate at each rating level. In our
analysis, we used a total collateral balance of EUR430.25 million
(equivalent), a weighted-average spread of 3.33%, and the
weighted-average recovery rates that we considered appropriate.
In line with the transaction documents, we believe that the
manager will take steps to mitigate any arising mismatch between
the non-euro assets and the non-euro liabilities," S&P said.

"In view of the above developments, and as a result of our credit
and cash flow analysis, we consider that the credit enhancement
available to the class A-1, A-2, A-3, B, C, D, and E notes is now
commensurate with higher ratings. We have therefore raised our
ratings on these classes," S&P said.

"The class D and E tranche ratings were constrained by the
application of the largest obligor default test, a supplemental
stress test we introduced as part of our criteria update. None
of the ratings was affected by the largest industry default test,
another of our supplemental stress tests," S&P said.

"The London branch of Deutsche Bank AG (A+/Watch Neg/A-1)
currently acts as account bank and custodian. We have applied our
2010 counterparty criteria and, in our view, Deutsche Bank is
appropriately rated to support our ratings on the notes," S&P
said.

Grosvenor Place CLO III is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms.

             Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

Ratings List

Class              Rating
            To               From

Grosvenor Place CLO III B.V.
EUR450 Million Senior Secured Floating-Rate Notes

Ratings Raised

A-1         AA+ (sf)         AA- (sf)
A-2         AA+ (sf)         AA- (sf)

Ratings Raised and Removed From CreditWatch Positive

A-3         A+ (sf)          BBB+ (sf)/Watch Pos
B           A- (sf)          BBB- (sf)/Watch Pos
C           BBB- (sf)        BB+ (sf)/Watch Pos
D           B+ (sf)          B (sf)/Watch Pos
E           CCC+ (sf)        CCC (sf)/Watch Pos


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


APROPOS TECTONIC: Goes Into Administration, Cuts 17 Jobs
--------------------------------------------------------
Men Media Business reports that Apropos Tectonic has gone into
administration cutting 17 jobs in the process, including three
directors.

David Whitehouse and Steven Muncaster of Duff & Phelps were
appointed joint administrators to the company.

Sixty-three employees have been retained across the business as a
buyer is sought, according to Men Media Business.

"The company had been loss-making in recent months and was faced
with increasing creditor pressure.  We have been advised by
management that the company had invested a significant amount of
capital into an associated company, Atelier Modular, which itself
has been placed into liquidation in December 2011. . . . Despite
some cost-cutting exercises implemented by the management,
trading continued to suffer in light of the ongoing economic
decline and the resulting impact this has had on the disposable
income of the company's customer base.  As a result, the company
has been struggling to fulfill existing orders and was unable to
pay its debts as they fall due," the report quoted Mr. Whitehouse
as saying.

The administrators are currently negotiating with several
potential buyers and hope to secure a sale in the coming days.

The administrators can be reached at:

        David Whitehouse
        Steven Muncaster
        DUFF & PHELPS
        The Chancery, 58 Spring Gardens Manchester
        Tel: 0161 827 9002
        E-mail: david.whitehouse@duffandphelps.com
                steve.muncaster@duffandphelps.com

Apropos Tectonic is a glass buildings manufacturer in Tameside.


BLACKS LEISURE: JD Sports Acquires Firm Out of Administration
-------------------------------------------------------------
Charles Walford at Daily Mail reports that sportswear firm JD
Sports Fashion has bought Blacks Leisure's stores shortly after
the company went into administration.

Sky News reported that JD Sports paid GBP20 million for the
stores, but it is unclear if the deal includes the company's
brands such as Peter Storm and Eurohike, according to Daily Mail.

Daily Mail relates that JD Sports is understood to have beaten
rival Sports Direct, which is owned by Newcastle United owner
Mike Ashley, and outdoor retailer Trespass to land the stores.

The Independent reports that Blacks Leisure confirmed will go
into administration but said it still hopes most of the business
will be salvaged by buyers.

The company admitted it has failed to find an outright buyer
after putting itself up for sale following dire trading,
according to The Independent.  The report relates that the
company also said its shares will be suspended because the deal
will attribute no value to its stock.

The Independent notes that job losses are widely expected,
particularly at its head office and warehouse in Northampton,
which costs the company around GBP26 million a year, including
rent and wages.

The Inverness Courier relates that Blacks Leisure in Inverness
remains business as usual despite the impending administration.
"There's nothing happening here at all just now," the manager of
the Academy Street outlet told The Inverness Courier in an
interview.

As reported in the Troubled Company Reporter-Europe on Jan. 4,
2012, The Financial Times said that Blacks Leisure could receive
a lifeline this week with four bidders vying for the majority of
the firm's assets.  According to the FT, a number of parties have
submitted preliminary offers to buy all or part of Blacks Leisure
assets, raising hopes that much of the business and the jobs of
many of its 3,500 employees could be saved.  It is understood
that four bidders are interested in the bulk of the business.
KPMG, which is handling the sale, has continued to hold talks
with interested parties and provide them with further
information, the FT disclosed.  The deal could still be done by
way of a pre-pack administration, whereby a company goes into a
formal insolvency process but emerges rapidly under new ownership
following a pre-arranged sale, the FT said.

                       About Blacks Leisure

Blacks Leisure is an outdoor clothing and equipment retailer.
The company operates about 300 shops under the Blacks and Millets
brands.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 28,
2011, the FT related that Blacks said its net debt had risen to
GBP36 million.  It made a GBP16 million pre-tax loss in the six
months to August 27, the FT noted.


JEWELS SOLICITORS: In Administration on Cuts in Legal Funding Aid
-----------------------------------------------------------------
Staffordshire Newsletter reports that Jewels Solicitors has gone
into administration after 30 years in service.

Administrator Begbies Traynor is now handling the firm, which was
dealing with more than 1,000 cases, according to Staffordshire
Newsletter.

The report notes that Jewels Solicitors' principal is now
liaising with Begbies Traynor to ensure the cases are transferred
appropriately to other firms, in accordance with clients' wishes,
Steve Currie from Begbies Traynor said.

"The reason for administration is primarily because of the cuts
in public sector funding for legal aid. . . .  It was adversely
impacted -- 80% of Jewels Solicitors' work was legal aid work,"
the report quoted Mr. Currie as saying.

The administrator can be reached at:

        Steve Currie
        BEGBIES TRAYNOR GROUP
        Stoke-On-Trent, United Kingdom
        Tel: +44 (0)1782 394 500
        E-mail: steve.currie@begbies-traynor.com

Jewels Solicitors is a Stafford law firm.  Legal areas covered by
Jewels were family law, conveyancing, wills and probate.


TOBAR GROUP: Goes Into Administration, Cuts 35 Jobs
----------------------------------------------------
This is Hampshire News reports that The Tobar Group, which owns
the Hawkin's Bazaar chain that has a store in Festival Place,
went into administration after feeling the squeeze on consumer
spending.

Administrators Zolfo Cooper disclosed the closure of 40 Hawkin's
Bazaar stores and six concession stalls, with the loss of 302
jobs nationwide; and a further 35 jobs will also go at Tobar
Group's head office in Suffolk, according to This is Hampshire
News.

The report notes that stores that have closed include ones in
Portsmouth, Reading and Winchester, but the Basingstoke store, in
Queen Anne's Walk, is among 25 that will be kept open in the hope
they can be sold.

"It is clear from our analysis that a significant portion of the
Hawkin's Bazaar estate is not viable in today's exceptionally
challenging retail environment . . . .  In order to preserve
value in the remainder of The Tobar Group, we have regrettably
had to take today's decision regarding store closures. . . .  Our
focus now is on the remaining 25 permanent stores as well as the
group's internet, wholesale and direct selling operations . . . .
We consider that there remains a saleable core underlying
business within the group and we have received a number of
expressions of interest which support this view," the report
quoted Peter Saville as saying.

This is Hampshire News says that the administrators were unable
to say how many staff work in the Basingstoke store, although on
average, each branch closure resulted in eight job losses.

The administrator can be reached at:

         Peter Saville
         ZOLFO COOPER LLP
         10 Fleet Place, London
         EC4M 7RB
         Tel: +44 (0) 20 7332 5299
         Fax: +44 (0) 20 7332 5001
         E-mail: psaville@zolfocooper.eu

Tobar Group is the owner of a toy and novelty gift store.


* UK: Football Giants Face Threat of Administration
---------------------------------------------------
Geoff Ho at Express.co.uk reports that insolvency experts said
that three English football clubs, as well as Scottish champions
Rangers, are in danger of falling into administration this season
due to the perilous state of their finances.

Aside from Portsmouth, football insolvency experts said that one
other team in the Championship, English football's second tier,
is in danger of going into administration, as well as two other
lower league teams, according to Express.co.uk.

The report notes that Rangers is under threat due to the
GBP49 million in unpaid taxes that Her Majesty's Revenue &
Customs (HMRC) claims it is owed by the Glasgow club.

HMRC will face Rangers in court on January 16 and if it wins, the
club's owner Craig Whyte has admitted that going into
administration is an option for the club.

One leading football insolvency expert said: "There are three
clubs from the Championship downwards that are at risk.  However,
Rangers in Scotland is the big concern."

Another football insolvency expert, Brendan Guilfoyle of The P&A
Group, warned that it may no longer be financially viable to save
some clubs due to the economic climate, the report discloses.

Express.co.uk discloses that Mr. Guilfoyle, who handled the
insolvencies of Crystal Palace, Leeds United, Luton Town and
Plymouth Argyle, said: "The market has changed and is getting
worse. We can no longer assume we can find buyers for football
clubs."


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


* BOND PRICING: For the Week January 2, 2012 to January 6, 2012
---------------------------------------------------------------

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

AUSTRIA
-------
BA CREDITANSTALT        5.470     8/28/2013      EUR     57.13
BAWAG                   5.310     2/12/2023      EUR     54.76
BAWAG                   5.400     2/12/2023      EUR     55.26
BAWAG                   5.430     2/26/2024      EUR     50.38
HAA-BANK INTL AG        5.270      4/7/2028      EUR     44.36
HYPO-WOHNBAUBANK        3.625      8/8/2023      EUR     66.79
IMMOFINANZ              4.250      3/8/2018      EUR      3.43
KOMMUNALKREDIT          6.080    12/13/2018      EUR     69.88
KOMMUNALKREDIT          5.430     2/13/2024      EUR     56.38
KOMMUNALKREDIT          4.900     6/23/2031      EUR     44.63
KOMMUNALKREDIT          4.440    12/20/2030      EUR     41.88
OESTER VOLKSBK          4.750     4/30/2021      EUR     68.83
OESTER VOLKSBK          4.160     5/20/2025      EUR     71.39
OESTER VOLKSBK          4.810     7/29/2025      EUR     63.13
OESTER VOLKSBK          5.270      2/8/2027      EUR     40.61
OESTER VOLKSBK          4.170     7/29/2015      EUR     62.75
RAIFF ZENTRALBK         5.470     2/28/2028      EUR     49.77
RAIFF ZENTRALBK         4.500     9/28/2035      EUR     38.54
RAIFF ZENTRALBK         5.730    12/11/2023      EUR     57.15
RAIFF ZENTRALBK         5.500    12/29/2023      EUR     55.52
RAIFFEISEN BK IN        6.625     5/18/2021      EUR     70.23

BELGIUM
-------
ECONOCOM GROUP          4.000      6/1/2016      EUR     19.84
IDEAL STANDARD I       11.750      5/1/2018      EUR     60.75
IDEAL STANDARD I       11.750      5/1/2018      EUR     60.13
ONTEX IV                9.000     4/15/2019      EUR     70.75
ONTEX IV                9.000     4/15/2019      EUR     70.97
ZAGREBACKI HOLD         5.500     7/10/2017      EUR     70.38

CYPRUS
------
AVANGARDCO INVES       10.000    10/29/2015      USD     75.50
CYPRUS GOVT BOND        4.500      6/2/2016      EUR     66.38
CYPRUS GOVT BOND        4.500     3/30/2016      EUR     66.91
CYPRUS GOVT BOND        4.500      1/2/2016      EUR     67.74
CYPRUS GOVT BOND        4.750     12/2/2015      EUR     66.87
CYPRUS GOVT BOND        3.750     11/1/2015      EUR     66.05
CYPRUS GOVT BOND        4.750     9/30/2015      EUR     67.49
CYPRUS GOVT BOND        5.250      6/9/2015      EUR     69.97
CYPRUS GOVT BOND        6.000     4/20/2015      EUR     72.32
CYPRUS GOVT BOND        6.000     2/28/2015      EUR     74.77
CYPRUS GOVT BOND        6.000     1/20/2015      EUR     75.24
CYPRUS GOVT BOND        6.000      1/4/2015      EUR     74.01
CYPRUS GOVT BOND        6.000      1/3/2015      EUR     75.47
CYPRUS GOVT BOND        6.500     8/25/2021      EUR     68.31
CYPRUS GOVT BOND        6.000      6/9/2021      EUR     66.92
CYPRUS GOVT BOND        5.350      6/9/2020      EUR     64.87
CYPRUS GOVT BOND        6.100     4/20/2020      EUR     68.57
CYPRUS GOVT BOND        4.625      2/3/2020      EUR     61.39
CYPRUS GOVT BOND        6.100     6/24/2019      EUR     70.12
CYPRUS GOVT BOND        4.600     2/26/2019      EUR     63.56
CYPRUS GOVT BOND        4.600    10/23/2018      EUR     63.60
CYPRUS GOVT BOND        4.600     4/23/2018      EUR     63.73
CYPRUS GOVT BOND        5.100     1/29/2018      EUR     65.76
CYPRUS GOVT BOND        4.500     9/28/2017      EUR     63.80
CYPRUS GOVT BOND        5.600     4/15/2017      EUR     68.20
CYPRUS GOVT BOND        4.500      4/2/2017      EUR     64.46
CYPRUS GOVT BOND        4.500     2/15/2017      EUR     64.68
CYPRUS GOVT BOND        6.600    10/26/2016      EUR     72.09
CYPRUS GOVT BOND        4.500      1/4/2017      EUR     64.93
CYPRUS GOVT BOND        5.000      6/9/2016      EUR     66.82
CYPRUS GOVT BOND        4.500     7/11/2016      EUR     66.09
CYPRUS GOVT BOND        4.500     10/9/2016      EUR     65.43
MARFIN POPULAR          4.350    11/20/2014      EUR     39.00
REP OF CYPRUS           4.750     2/25/2016      EUR     67.36
REP OF CYPRUS           4.375     7/15/2014      EUR     68.13

DENMARK
-------
FIN-DANISH IND          4.910      7/6/2021      EUR     56.38
KOMMUNEKREDIT           0.500    12/14/2020      ZAR     46.20
KOMMUNEKREDIT           0.500      2/3/2016      TRY     70.23

FINLAND
-------
MUNI FINANCE PLC        0.500    11/16/2017      TRY     59.48
MUNI FINANCE PLC        0.500    10/27/2016      ZAR     73.91
MUNI FINANCE PLC        0.500    10/27/2016      TRY     66.96
MUNI FINANCE PLC        0.500    11/17/2016      ZAR     74.55
MUNI FINANCE PLC        0.500     12/6/2016      TRY     66.66
MUNI FINANCE PLC        0.500    12/21/2016      TRY     66.38
MUNI FINANCE PLC        1.000     6/30/2017      ZAR     71.84
MUNI FINANCE PLC        0.500    11/21/2018      ZAR     65.85
MUNI FINANCE PLC        0.500     4/27/2018      ZAR     66.25
MUNI FINANCE PLC        0.500    11/21/2018      TRY     60.15
MUNI FINANCE PLC        0.500    11/25/2020      ZAR     48.81
MUNI FINANCE PLC        0.500    12/20/2018      ZAR     68.83
MUNI FINANCE PLC        0.500     9/24/2020      CAD     70.66
MUNI FINANCE PLC        0.500    12/21/2021      NZD     66.68
MUNI FINANCE PLC        0.500    11/10/2021      NZD     64.29
MUNI FINANCE PLC        0.250     6/28/2040      CAD     20.83
MUNI FINANCE PLC        0.500     3/17/2025      CAD     52.94
TALVIVAARA              4.000    12/16/2015      EUR     70.80

FRANCE
------
AIR FRANCE-KLM          4.970      4/1/2015      EUR     10.41
ALCATEL-LUCENT          5.000      1/1/2015      EUR      2.36
ALTRAN TECHNOLOG        6.720      1/1/2015      EUR      4.24
ASSYSTEM                4.000      1/1/2017      EUR     19.44
ATOS ORIGIN SA          2.500      1/1/2016      EUR     49.37
AXA SA                  5.250     4/16/2040      EUR     74.50
BNP PARIBAS             2.890     5/16/2036      JPY     56.47
BPCE                    3.455     9/16/2025      EUR     72.73
CALYON                  6.000     6/18/2047      EUR      9.60
CALYON                  5.800    10/29/2029      USD     70.23
CAP GEMINI SOGET        3.500      1/1/2014      EUR     36.15
CEGEDIM SA              7.000     7/27/2015      EUR     68.70
CGG VERITAS             1.750      1/1/2016      EUR     27.32
CLUB MEDITERRANE        5.000      6/8/2012      EUR     13.73
CLUB MEDITERRANE        6.110     11/1/2015      EUR     17.90
CMA CGM                 8.500     4/15/2017      USD     43.00
CMA CGM                 8.500     4/15/2017      USD     44.00
CMA CGM                 8.875     4/15/2019      EUR     43.94
CMA CGM                 8.875     4/15/2019      EUR     43.13
CNP ASSURANCES          6.000     9/14/2040      EUR     63.01
CNP ASSURANCES          5.250     5/16/2023      EUR     74.48
CNP ASSURANCES          7.375     9/30/2041      GBP     72.03
CNP ASSURANCES          6.875     9/30/2041      EUR     64.32
CRED AGRICOLE SA        3.900     4/19/2021      EUR     70.85
CRED AGRICOLE SA        4.000     9/30/2022      EUR     67.62
CREDIT AGRI CIB         5.830     6/30/2031      USD     68.36
CREDIT AGRI CIB         6.150     2/11/2031      USD     70.41
CREDIT AGRI CIB         5.610     6/15/2031      USD     66.31
CREDIT AGRI CIB         5.850     6/30/2031      USD     68.55
CREDIT AGRI CIB         5.400     12/9/2030      USD     65.19
CREDIT AGRI CIB         5.690    11/26/2030      USD     68.03
CREDIT AGRI CIB         5.080    11/23/2030      USD     62.34
CREDIT AGRI CIB         5.450     11/9/2030      USD     65.82
CREDIT AGRI CIB         4.910     11/3/2030      USD     61.88
CREDIT AGRI CIB         5.350    10/29/2030      USD     64.95
CREDIT AGRI CIB         5.300    10/22/2030      USD     64.67
CREDIT AGRI CIB         5.250    10/18/2030      USD     64.17
CREDIT AGRI CIB         5.300    10/12/2030      USD     64.75
CREDIT AGRI CIB         5.300     10/7/2030      USD     64.58
CREDIT AGRI CIB         4.850     9/17/2030      USD     60.41
CREDIT AGRI CIB         5.270      8/5/2030      USD     64.70
CREDIT AGRI CIB         5.650     6/10/2031      USD     66.72
CREDIT AGRI CIB         5.850     5/27/2031      USD     68.61
CREDIT AGRI CIB         5.880      4/8/2031      USD     70.52
CREDIT AGRI CIB         6.220     3/17/2031      USD     72.43
CREDIT AGRI CIB         5.950     1/19/2031      USD     70.21
CREDIT AGRI CIB         6.050     1/14/2031      USD     71.14
CREDIT AGRI CIB         6.000    12/23/2030      USD     70.66
CREDIT AGRICOLE         3.750    10/20/2020      EUR     71.65
CREDIT AGRICOLE         4.050    12/22/2020      EUR     72.78
CREDIT LOCAL FRA        3.750     5/26/2020      EUR     53.26
DEXIA CRED LOCAL        4.020     3/13/2017      EUR     72.80
DEXIA CRED LOCAL        4.110     9/18/2018      EUR     62.13
DEXIA CRED LOCAL        4.500     2/25/2020      EUR     57.52
DEXIA CRED LOCAL        4.550      4/2/2020      EUR     57.65
DEXIA CRED LOCAL        5.037      8/4/2020      EUR     58.71
DEXIA MUNI AGNCY        2.875     4/23/2030      CHF     73.44
DEXIA MUNI AGNCY        1.000    12/23/2024      EUR     59.45
EURAZEO                 6.250     6/10/2014      EUR     55.82
EUROPCAR GROUPE         9.375     4/15/2018      EUR     53.88
EUROPCAR GROUPE         9.375     4/15/2018      EUR     53.95
FAURECIA                4.500      1/1/2015      EUR     20.23
FONCIERE REGIONS        3.340      1/1/2017      EUR     69.65
GIE PSA TRESORER        6.000     9/19/2033      EUR     66.81
GROUPAMA SA             7.875    10/27/2039      EUR     50.79
INGENICO                2.750      1/1/2017      EUR     41.07
ITALCEMENTI FIN         5.375     3/19/2020      EUR     71.63
IXIS CIB                5.400      1/9/2033      EUR     69.00
MAUREL ET PROM          7.125     7/31/2014      EUR     17.47
MAUREL ET PROM          7.125     7/31/2015      EUR     16.55
NEXANS SA               4.000      1/1/2016      EUR     56.29
ORPEA                   3.875      1/1/2016      EUR     42.02
PAGESJAUNES FINA        8.875      6/1/2018      EUR     67.07
PAGESJAUNES FINA        8.875      6/1/2018      EUR     67.00
PEUGEOT SA              4.450      1/1/2016      EUR     22.84
PIERRE VACANCES         4.000     10/1/2015      EUR     69.89
PUBLICIS GROUPE         3.125     7/30/2014      EUR     37.64
PUBLICIS GROUPE         1.000     1/18/2018      EUR     49.37
SOC AIR FRANCE          2.750      4/1/2020      EUR     20.85
SOCIETE GENERALE        5.860     4/26/2031      USD     63.35
SOCIETE GENERALE        5.920     3/17/2031      USD     63.68
SOCIETE GENERALE        5.910     3/16/2031      USD     63.59
SOCIETE GENERALE        6.010     3/15/2031      USD     64.50
SOCIETE GENERALE        5.940     3/14/2031      USD     63.87
SOCIETE GENERALE        5.860     3/11/2031      USD     63.17
SOCIETE GENERALE        5.900     3/10/2031      USD     63.53
SOITEC                  6.250      9/9/2014      EUR      7.74
TEM                     4.250      1/1/2015      EUR     50.94
THEOLIA                 2.700      1/1/2041      EUR      7.56
ZLOMREX INT FIN         8.500      2/1/2014      EUR     73.38
ZLOMREX INT FIN         8.500      2/1/2014      EUR     73.38

GERMANY
-------
BAYERISCHE HYPO         5.000    12/21/2029      EUR     57.25
BAYERISCHE LNDBK        3.125    10/12/2016      CHF     69.58
BAYERISCHE LNDBK        4.500      2/7/2019      EUR     65.07
BHW BAUSPARKASSE        5.640     1/30/2024      EUR     57.75
BHW BAUSPARKASSE        5.600     4/14/2023      EUR     58.75
BHW BAUSPARKASSE        5.450     2/20/2023      EUR     58.13
BHW BAUSPARKASSE        4.270     1/15/2019      EUR     61.63
COMMERZBANK AG          5.000    10/30/2017      EUR     70.12
COMMERZBANK AG          5.625    11/29/2017      EUR     66.72
COMMERZBANK AG          4.000    11/30/2017      EUR     16.58
COMMERZBANK AG          5.000     3/30/2018      EUR     15.78
COMMERZBANK AG          5.000     4/20/2018      EUR     15.77
COMMERZBANK AG          6.375     3/22/2019      EUR     71.02
COMMERZBANK AG          6.625     8/30/2019      GBP     69.93
COMMERZBANK AG          7.750     3/16/2021      EUR     72.28
COMMERZBANK AG          6.300     3/15/2022      EUR     60.75
COMMERZBANK AG          6.360     3/15/2022      EUR     60.90
COMMERZBANK AG          6.460     6/24/2022      EUR     60.50
DEUT GENOS-HYPBK        6.610     3/21/2022      EUR     74.10
DEUTSCHE HYP HAN        5.300    11/20/2023      EUR     56.00
DEUTSCHE HYP HAN        6.050     9/27/2022      EUR     62.25
DRESDNER BANK AG        6.180     2/28/2023      EUR     55.83
DRESDNER BANK AG        6.000     2/25/2020      EUR     65.22
DRESDNER BANK AG        5.290     5/31/2021      EUR     57.36
DRESDNER BANK AG        5.700     7/31/2023      EUR     53.28
DRESDNER BANK AG        6.375      5/8/2018      EUR     71.11
DRESDNER BANK AG        6.635     6/18/2018      EUR     71.98
DRESDNER BANK AG        7.350     6/13/2028      EUR     55.70
DRESDNER BANK AG        6.550     4/14/2020      EUR     67.36
DRESDNER BANK AG        6.210     6/20/2022      EUR     59.30
DRESDNER BANK AG        7.160     8/14/2024      EUR     57.84
EUROHYPO AG             3.830     9/21/2020      EUR     50.13
EUROHYPO AG             5.110      8/6/2018      EUR     61.38
EUROHYPO AG             5.560     8/18/2023      EUR     52.50
EUROHYPO AG             6.490     7/17/2017      EUR     69.50
GOTHAER ALLG VER        5.527     9/29/2026      EUR     70.13
HAPAG-LLOYD             9.750    10/15/2017      USD     71.50
HAPAG-LLOYD             9.750    10/15/2017      USD     71.13
HECKLER & KOCH          9.500     5/15/2018      EUR     64.00
HECKLER & KOCH          9.500     5/15/2018      EUR     63.75
HEIDELBERG DRUCK        9.250     4/15/2018      EUR     60.88
HEIDELBERG DRUCK        9.250     4/15/2018      EUR     61.01
HSH NORDBANK AG         4.375     2/14/2017      EUR     51.14
HVB REAL ESTATE         6.570     3/18/2022      EUR     70.76
L-BANK FOERDERBK        0.500     5/10/2027      CAD     52.41
LB BADEN-WUERTT         5.250    10/20/2015      EUR     26.99
LB BADEN-WUERTT         2.800     2/23/2037      JPY     39.32
PRAKTIKER BAU-UN        5.875     2/10/2016      EUR     50.00
Q-CELLS                 6.750    10/21/2015      EUR      0.69
RHEINISCHE HYPBK        6.600     5/29/2022      EUR     59.63
SOLARWORLD AG           6.125     1/21/2017      EUR     54.14
SOLARWORLD AG           6.375     7/13/2016      EUR     53.24
SOLON AG SOLAR          1.375     12/6/2012      EUR      1.82
STYROLUTION GRP         7.625     5/15/2016      EUR     73.43
STYROLUTION GRP         7.625     5/15/2016      EUR     73.50
TUI AG                  2.750     3/24/2016      EUR     36.99
TUI AG                  5.500    11/17/2014      EUR     58.30
VOLKSWAGEN BANK         5.400     9/26/2023      EUR     55.11
VOLKSWAGEN BANK         5.500      6/7/2024      EUR     52.31

GREECE
------
ATHENS URBAN TRN        4.301     8/12/2014      EUR     21.28
ATHENS URBAN TRN        4.057     3/26/2013      EUR     39.41
ATHENS URBAN TRN        5.008     7/18/2017      EUR     21.49
ATHENS URBAN TRN        4.851     9/19/2016      EUR     19.55
FAGE DAIRY IND          7.500     1/15/2015      EUR     76.88
HELLENIC REP I/L        2.300     7/25/2030      EUR     21.00
HELLENIC REP I/L        2.900     7/25/2025      EUR     18.75
HELLENIC REPUB          6.140     4/14/2028      EUR     14.75
HELLENIC REPUB          5.000     3/11/2019      EUR     30.25
HELLENIC REPUB          4.590      4/8/2016      EUR     17.88
HELLENIC REPUB          2.125      7/5/2013      CHF     39.13
HELLENIC REPUB          4.625     6/25/2013      USD     33.13
HELLENIC REPUB          5.200     7/17/2034      EUR     19.38
HELLENIC REPUBLI        5.959      3/4/2019      EUR     22.84
HELLENIC REPUBLI        5.014     2/27/2019      EUR     21.76
HELLENIC REPUBLI        4.600     7/20/2018      EUR     20.55
HELLENIC REPUBLI        4.590      4/3/2018      EUR     21.04
HELLENIC REPUBLI        4.675     10/9/2017      EUR     21.16
HELLENIC REPUBLI        4.300     7/20/2017      EUR     19.46
HELLENIC REPUBLI        5.900     4/20/2017      EUR     19.38
HELLENIC REPUBLI        4.225      3/1/2017      EUR     20.37
HELLENIC REPUBLI        4.020     9/13/2016      EUR     20.27
HELLENIC REPUBLI        3.600     7/20/2016      EUR     19.62
HELLENIC REPUBLI        3.700    11/10/2015      EUR     22.00
HELLENIC REPUBLI        3.702     9/30/2015      EUR     20.39
HELLENIC REPUBLI        6.100     8/20/2015      EUR     22.50
HELLENIC REPUBLI        3.700     7/20/2015      EUR     20.24
HELLENIC REPUBLI        4.113     9/30/2014      EUR     22.28
HELLENIC REPUBLI        5.500     8/20/2014      EUR     21.31
HELLENIC REPUBLI        3.985     7/25/2014      EUR     21.82
HELLENIC REPUBLI        4.500      7/1/2014      EUR     19.63
HELLENIC REPUBLI        4.500     5/20/2014      EUR     21.46
HELLENIC REPUBLI        6.500     1/11/2014      EUR     21.37
HELLENIC REPUBLI        4.520     9/30/2013      EUR     24.38
HELLENIC REPUBLI        4.000     8/20/2013      EUR     27.64
HELLENIC REPUBLI        4.427     7/31/2013      EUR     31.56
HELLENIC REPUBLI        3.900      7/3/2013      EUR     29.13
HELLENIC REPUBLI        7.500     5/20/2013      EUR     33.11
HELLENIC REPUBLI        4.600     5/20/2013      EUR     26.90
HELLENIC REPUBLI        4.506     3/31/2013      EUR     37.51
HELLENIC REPUBLI        4.100     8/20/2012      EUR     30.50
HELLENIC REPUBLI        1.000     6/30/2012      EUR     60.38
HELLENIC REPUBLI        5.250     6/20/2012      EUR     62.13
HELLENIC REPUBLI        5.250     5/18/2012      EUR     35.40
HELLENIC REPUBLI        4.300     3/20/2012      EUR     42.37
HELLENIC REPUBLI        4.600     9/20/2040      EUR     18.36
HELLENIC REPUBLI        4.500     9/20/2037      EUR     18.33
HELLENIC REPUBLI        5.300     3/20/2026      EUR     20.12
HELLENIC REPUBLI        4.700     3/20/2024      EUR     19.69
HELLENIC REPUBLI        5.900    10/22/2022      EUR     19.87
HELLENIC REPUBLI        6.250     6/19/2020      EUR     20.28
HELLENIC REPUBLI        6.500    10/22/2019      EUR     20.43
HELLENIC REPUBLI        6.000     7/19/2019      EUR     19.89
NATL BK G-TENDER        3.875     10/7/2016      EUR     56.64
YIOULA GLASSWORK        9.000     12/1/2015      EUR     44.00
YIOULA GLASSWORK        9.000     12/1/2015      EUR     44.00

GUERNSEY
--------
CALYON FIN GUER         6.000      9/4/2029      USD     72.37
CREDIT AGRICOLE         5.600     2/25/2030      USD     67.63

HUNGARY
-------
FHB MORTGAGE BAN        4.500     3/22/2022      EUR     56.00
HUNGARY GOVT            6.750    10/22/2028      HUF     73.44
HUNGARY GOVT            6.000    11/24/2023      HUF     72.93
OTP BANK                5.270     9/19/2016      EUR     72.56
REP OF HUNGARY          3.875     2/24/2020      EUR     68.03

IRELAND
-------
AIB MORTGAGE BNK        5.580     4/28/2028      EUR     50.53
AIB MORTGAGE BNK        5.000     2/12/2030      EUR     45.22
AIB MORTGAGE BNK        5.000      3/1/2030      EUR     45.18
ALLIED IRISH BKS        4.000     3/19/2015      EUR     72.68
ALLIED IRISH BKS       12.500     6/25/2035      GBP     41.00
ALLIED IRISH BKS        5.625    11/12/2014      EUR     73.18
ANGLO IRISH BANK        4.000     4/15/2015      EUR     70.38
BANESTO FINANC          5.000     3/23/2030      EUR     71.67
BANK OF IRELAND         5.600     9/18/2023      EUR     39.50
BANK OF IRELAND        10.000     2/12/2020      GBP     44.00
BANK OF IRELAND         4.473    11/30/2016      EUR     58.88
BANK OF IRELAND        10.000     7/30/2016      EUR     71.63
BANK OF IRELAND         3.585     4/21/2015      EUR     72.63
BANK OF IRELAND        10.000     2/12/2020      EUR     60.13
BANK OF IRELAND         3.780      4/1/2015      EUR     73.75
BANK OF IRELAND         4.000     1/28/2015      EUR     74.15
BK IRELAND MTGE         5.760      9/7/2029      EUR     48.10
BK IRELAND MTGE         5.450      3/1/2030      EUR     45.54
BK IRELAND MTGE         5.400     11/6/2029      EUR     45.60
BK IRELAND MTGE         5.360    10/12/2029      EUR     45.37
DEPFA ACS BANK          0.500      3/3/2025      CAD     51.34
DEPFA ACS BANK          3.250     7/31/2031      CHF     71.58
DEPFA ACS BANK          5.125     3/16/2037      USD     68.30
DEPFA ACS BANK          4.900     8/24/2035      CAD     70.02
DEPFA ACS BANK          5.125     3/16/2037      USD     69.87
DEPFA BANK PLC          3.150      4/3/2018      EUR     73.52
EBS BLDG SOCIETY        4.000     2/25/2015      EUR     72.30
IRISH LIFE PERM         4.000     3/10/2015      EUR     70.13
UT2 FUNDING PLC         5.321     6/30/2016      EUR     54.02
XL GROUP PLC            6.250     5/15/2027      USD     98.87

ITALY
-----
BANCA MARCHE            5.500     9/16/2030      EUR     51.94
BANCA MARCHE            3.700      9/1/2020      EUR     60.43
BANCA MARCHE            5.400     9/16/2020      EUR     68.17
BANCA MARCHE            3.600    11/12/2020      EUR     59.01
BANCA MARCHE            4.000     1/10/2021      EUR     60.26
BANCA MARCHE            4.000     5/26/2021      EUR     58.83
BANCA MARCHE            4.700     8/16/2021      EUR     62.94
BANCA MARCHE            4.360      1/4/2022      ITL     59.84
BANCA MARCHE            5.125     5/14/2024      ITL     57.83
BANCA MARCHE            3.200     5/10/2017      EUR     71.81
BANCA MARCHE            3.200     6/21/2017      EUR     71.08
BANCA MARCHE            3.200     9/27/2017      EUR     69.56
BANCA MARCHE            4.500      3/4/2018      EUR     73.48
BANCA MARCHE            4.300      1/4/2020      EUR     65.95
BANCA MARCHE            4.000      7/9/2020      EUR     62.52
BANCA MARCHE            3.900     8/17/2020      EUR     61.57
BANCA POP BERGAM        5.320    11/27/2022      EUR     67.44
BANCA POP EMILIA        4.000     4/12/2020      EUR     75.05
BANCA POP ETRURI        5.000     3/31/2021      EUR     58.25
BANCA POP ETRURI        6.900      1/3/2017      EUR     70.40
BANCA POP ETRURI        4.000    12/31/2017      EUR     64.88
BANCA POP ETRURI        4.150     2/16/2018      EUR     65.25
BANCA POP LODI          5.250      4/3/2029      EUR     59.89
BANCA POP MILANO        4.500     4/18/2018      EUR     66.38
BANCA POP MILANO        7.125      3/1/2021      EUR     73.16
BANCA POP MILANO        4.000     4/23/2020      EUR     69.71
BANCA POP MILANO        3.500     6/30/2018      EUR     73.58
BANCA POP MILANO        3.250     6/30/2017      EUR     74.00
BANCA POP VICENT        5.000     3/31/2021      EUR     68.49
BANCA POP VICENT        5.000     6/30/2021      EUR     67.26
BANCA POP VICENT        5.000     3/25/2021      EUR     68.51
BANCA POP VICENT        4.970     4/20/2027      EUR     54.88
BANCA POP VICENT        5.000     5/30/2021      EUR     67.91
BANCO POPOLARE          6.375     5/31/2021      EUR     70.43
BANCO POPOLARE          6.000     11/5/2020      EUR     73.50
BP CIVIDALE             3.180     5/19/2020      EUR     72.03
BTPS                    4.000      2/1/2037      EUR     67.77
BTPS I/L                2.550     9/15/2041      EUR     64.91
BTPS I/L                2.350     9/15/2035      EUR     64.65
BTPS I/L                2.100     9/15/2021      EUR     73.69
CASSA RISP FERRA        4.000     11/2/2016      EUR     73.00
CASSA RISP FERRA        4.500     11/2/2020      EUR     56.75
CASSA RISP FERRA        3.400     9/17/2017      EUR     64.38
CASSA RISP FERRA        4.575      2/2/2017      EUR     74.00
CIR SPA                 5.750    12/16/2024      EUR     65.84
FINMECCANICA SPA        4.875     3/24/2025      EUR     65.19
INTESA SANPAOLO         2.882     4/20/2020      EUR     71.76
MONTE DEI PASCHI        5.750     9/30/2016      GBP     65.54
REP OF ITALY            1.850     9/15/2057      EUR     46.18
REP OF ITALY            4.490      4/5/2027      EUR     68.71
REP OF ITALY            5.200     7/31/2034      EUR     70.02
REP OF ITALY            5.250     12/7/2034      GBP     71.79
REP OF ITALY            2.870     5/19/2036      JPY     53.49
REP OF ITALY            2.200     9/15/2058      EUR     53.42
REP OF ITALY            4.850     6/11/2060      EUR     63.08
REP OF ITALY            2.000     9/15/2062      EUR     48.50
SANPAOLO IMI            3.750      3/2/2020      EUR     71.51
SEAT PAGINE            10.500     1/31/2017      EUR     55.60
SEAT PAGINE            10.500     1/31/2017      EUR     55.75
SEAT PAGINE            10.500     1/31/2017      EUR     54.50
SEAT PAGINE            10.500     1/31/2017      EUR     55.38
TELECOM ITALIA          5.250     3/17/2055      EUR     64.20
UBI BANCA SPCA          6.250    11/18/2018      EUR     47.18
UNICREDIT SPA           4.350     8/25/2022      EUR     74.07
UNICREDIT SPA           5.050     4/25/2022      EUR     63.04
UNICREDIT SPA           6.040      3/3/2023      EUR     67.54
UNICREDIT SPA           5.160     6/14/2020      EUR     67.35
UNICREDIT SPA           5.000     4/21/2021      EUR     64.80
UNICREDIT SPA           6.700      6/5/2018      EUR     73.85
UNICREDIT SPA           4.500     9/22/2019      EUR     72.95
UNICREDIT SPA           4.750     4/26/2020      EUR     65.52
UNICREDITO ITALI        6.375    10/16/2018      GBP     69.00
UNICREDITO ITALI        3.950      2/1/2016      EUR     73.68
UNICREDITO ITALI        5.000      2/1/2016      GBP     63.04
UNICREDITO ITALI        4.750     4/12/2027      EUR     67.68
UNIPOL ASSICURAZ        5.660     7/28/2023      EUR     53.95
VENETO BANCA            3.500     5/16/2016      EUR     74.30

LUXEMBOURG
----------
ARCELORMITTAL           7.250      4/1/2014      EUR     23.80
CONTROLINVESTE          3.000     1/28/2015      EUR     63.91
ESFG INTERNATION        6.875    10/21/2019      EUR     53.39
FINMECCANICA FIN        5.250     1/21/2022      EUR     69.50
TELECOM IT CAP          6.000     9/30/2034      USD     75.00
TELECOM IT CAP          6.375    11/15/2033      USD     77.35
UBI BANCA INT           8.750    10/29/2012      EUR     67.46
AI FINANCE B.V.        10.875     7/15/2012      USD     74.50
APP INTL FINANCE       11.750     10/1/2005      USD      0.00
ASTANA FINANCE          7.875      6/8/2010      EUR      7.00
ASTANA FINANCE          9.000    11/16/2011      USD      6.49
BK NED GEMEENTEN        0.500     3/29/2021      USD     73.18
BK NED GEMEENTEN        0.500     5/12/2021      ZAR     43.68
BK NED GEMEENTEN        0.500     6/22/2021      ZAR     43.23
BK NED GEMEENTEN        0.500     2/24/2025      CAD     64.04
BK NED GEMEENTEN        0.500     3/17/2016      TRY     69.40
BK NED GEMEENTEN        0.500     4/27/2016      TRY     68.86
BK NED GEMEENTEN        0.500     5/25/2016      TRY     68.50
BK NED GEMEENTEN        0.500     6/22/2016      TRY     68.13
BK NED GEMEENTEN        0.500     9/15/2016      TRY     67.08
BK NED GEMEENTEN        0.500      3/3/2021      NZD     66.94
BK NED GEMEENTEN        0.500     3/29/2021      NZD     66.68
BLT FINANCE BV          7.500     5/15/2014      USD     41.38
BLT FINANCE BV          7.500     5/15/2014      USD     41.50
BRIT INSURANCE          6.625     12/9/2030      GBP     51.99
CLONDALKIN BV           8.000     3/15/2014      EUR     71.67
CLONDALKIN BV           8.000     3/15/2014      EUR     71.75
DEXIA FUNDING           5.875      2/9/2017      GBP     56.72
FINANCE & CREDIT       10.500     1/25/2014      USD     55.00
FRIESLAND BANK          4.210    12/29/2025      EUR     61.53
FRIESLAND BANK          5.320     2/26/2024      EUR     74.01
INDAH KIAT INTL        12.500     6/15/2006      USD      0.01
ING BANK NV             5.380    10/28/2031      USD     72.19
ING BANK NV             4.200    12/19/2035      EUR     60.33
ING BANK NV             5.230     9/30/2031      USD     70.75
MAGYAR TELECOM          9.500    12/15/2016      EUR     68.13
MAGYAR TELECOM          9.500    12/15/2016      EUR     67.82
MARFRIG HLDG EUR        8.375      5/9/2018      USD     76.88
NATL INVESTER BK       25.983      5/7/2029      EUR      8.68
NED WATERSCHAPBK        0.500     3/11/2025      CAD     61.46
NIB CAPITAL BANK        4.510    12/16/2035      EUR     48.00
PORTUGAL TEL FIN        5.000     11/4/2019      EUR     69.85
PORTUGAL TEL FIN        4.500     6/16/2025      EUR     60.09
PORTUGAL TEL FIN        4.375     3/24/2017      EUR     74.05
Q-CELLS INTERNAT        5.750     5/26/2014      EUR     18.99
Q-CELLS INTERNAT        1.375     2/28/2012      EUR     40.30
RABOBANK                0.500    11/26/2021      ZAR     42.01
RABOBANK                0.500    10/27/2016      ZAR     71.36
RBS NV                  5.208    11/16/2030      USD     71.00
RBS NV                  2.000    10/29/2020      USD     74.50
RBS NV                  5.000     9/28/2018      USD     77.13
RBS NV EX-ABN NV        2.910     6/21/2036      JPY     62.20
RBS NV EX-ABN NV        5.000     2/27/2037      EUR     69.49
SNS BANK                4.580     3/20/2026      EUR     53.14
SNS BANK                5.250     4/11/2023      EUR     64.26
SNS BANK                5.300     1/27/2023      EUR     65.37
SNS BANK                4.650    10/19/2021      EUR     64.90
SNS BANK                6.250    10/26/2020      EUR     65.18
SNS BANK                6.625     5/14/2018      EUR     74.54
SNS BANK                5.215     12/3/2027      EUR     56.26
SRLEV NV                9.000     4/15/2041      EUR     67.32
TJIWI KIMIA FIN        13.250      8/1/2001      USD      0.01

NORWAY
------
EKSPORTFINANS           0.720     7/28/2016      JPY     74.90
EKSPORTFINANS           3.330     1/22/2021      CHF     71.88
EKSPORTFINANS           1.570     2/14/2018      JPY     72.32
EKSPORTFINANS           2.250     2/11/2021      CHF     67.92
EKSPORTFINANS           2.500     4/29/2019      CHF     71.38
KOMMUNALBANKEN          0.500     5/25/2016      ZAR     72.72
KOMMUNALBANKEN          0.500     1/27/2016      ZAR     74.83
KOMMUNALBANKEN          0.500     7/29/2016      TRY     67.32
KOMMUNALBANKEN          0.500     7/29/2016      ZAR     71.57
KOMMUNALBANKEN          0.500     5/25/2018      ZAR     60.24
KOMMUNALBANKEN          0.500      3/1/2016      ZAR     74.23
KOMMUNALBANKEN          0.500     7/26/2016      ZAR     71.69
KOMMUNALBANKEN          0.500     3/24/2016      ZAR     73.82
NORSKE SKOGIND          6.125    10/15/2015      USD     56.63
NORSKE SKOGIND          6.125    10/15/2015      USD     56.63
NORSKE SKOGIND         11.750     6/15/2016      EUR     63.19
NORSKE SKOGIND         11.750     6/15/2016      EUR     63.38
NORSKE SKOGIND          7.125    10/15/2033      USD     43.38
NORSKE SKOGIND          7.125    10/15/2033      USD     43.38
NORSKE SKOGIND          7.000     6/26/2017      EUR     52.28
RENEWABLE CORP          6.500      6/4/2014      EUR     49.64

POLAND
------
POLAND GOVT BOND        5.000     4/25/2037      PLN     96.12
REP OF POLAND           4.250     7/20/2055      EUR     74.91

PORTUGAL
--------
BANCO COM PORTUG        3.750     10/8/2016      EUR     66.43
BANCO COM PORTUG        4.750     6/22/2017      EUR     66.25
BANCO ESPIRITO          4.600     1/26/2017      EUR     67.04
BANCO ESPIRITO         10.000     12/6/2021      EUR     84.75
BANCO ESPIRITO          6.875     7/15/2016      EUR     69.85
BANCO ESPIRITO          4.600     9/15/2016      EUR     69.06
BANCO ESPIRITO          3.875     1/21/2015      EUR     73.84
BANCO ESPIRITO          6.160     7/23/2015      EUR     74.75
BRISA                   4.500     12/5/2016      EUR     65.39
CAIXA GERAL DEPO        4.570     8/12/2016      EUR     73.00
CAIXA GERAL DEPO        5.165      7/8/2016      EUR     75.88
CAIXA GERAL DEPO        5.090      6/8/2016      EUR     76.25
CAIXA GERAL DEPO        3.875     12/6/2016      EUR     71.05
CAIXA GERAL DEPO        4.900    10/13/2016      EUR     74.75
CAIXA GERAL DEPO        4.455     8/20/2017      EUR     66.63
CAIXA GERAL DEPO        5.500    11/13/2017      EUR     70.13
CAIXA GERAL DEPO        4.400     10/8/2019      EUR     57.00
CAIXA GERAL DEPO        5.980      3/3/2028      EUR     54.88
CAIXA GERAL DEPO        4.850     9/14/2016      EUR     74.38
CAIXA GERAL DEPO        5.380     10/1/2038      EUR     49.88
CAIXA GERAL DEPO        4.250     1/27/2020      EUR     66.42
CAIXA GERAL DEPO        5.320      8/5/2021      EUR     56.38
CAIXA GERAL DEPO        5.120     11/3/2016      EUR     74.25
METRO DE LISBOA         4.061     12/4/2026      EUR     44.46
METRO DE LISBOA         4.799     12/7/2027      EUR     47.16
METRO DE LISBOA         7.300    12/23/2025      EUR     59.47
METRO DE LISBOA         5.750      2/4/2019      EUR     49.58
MONTEPIO GERAL          5.000      2/8/2017      EUR     61.00
PARPUBLICA              5.250     9/28/2017      EUR     71.37
PARPUBLICA              3.567     9/22/2020      EUR     40.13
PARPUBLICA              4.191    10/15/2014      EUR     63.13
PARPUBLICA              4.200    11/16/2026      EUR     30.00
PARPUBLICA              3.500      7/8/2013      EUR     70.38
PORTUGAL (REP)          3.500     3/25/2015      USD     70.93
PORTUGAL (REP)          3.500     3/25/2015      USD     70.93
PORTUGUESE OT'S         4.100     4/15/2037      EUR     46.52
PORTUGUESE OT'S         4.950    10/25/2023      EUR     49.00
PORTUGUESE OT'S         3.850     4/15/2021      EUR     51.00
PORTUGUESE OT'S         4.800     6/15/2020      EUR     52.09
PORTUGUESE OT'S         4.750     6/14/2019      EUR     53.50
PORTUGUESE OT'S         4.450     6/15/2018      EUR     55.19
PORTUGUESE OT'S         4.350    10/16/2017      EUR     57.00
PORTUGUESE OT'S         4.200    10/15/2016      EUR     62.88
PORTUGUESE OT'S         6.400     2/15/2016      EUR     71.35
PORTUGUESE OT'S         3.350    10/15/2015      EUR     69.99
PORTUGUESE OT'S         3.600    10/15/2014      EUR     72.77
REFER                   5.875     2/18/2019      EUR     47.00
REFER                   4.250    12/13/2021      EUR     29.25
REFER                   4.675    10/16/2024      EUR     37.50
REFER                   4.047    11/16/2026      EUR     41.35
REFER                   4.000     3/16/2015      EUR     36.63

RUSSIA
------
ARIZK                   3.000    12/20/2030      RUB     49.34
DVTG-FINANS             7.750     7/18/2013      RUB     20.29
DVTG-FINANS            17.000     8/29/2013      RUB     55.55
NOK                    12.500     8/26/2014      RUB      5.00
PROTON-FINANCE          9.000     6/12/2012      RUB     65.00
RBC OJSC                3.270     4/19/2018      RUB     37.33
RBC OJSC                7.000     4/23/2015      RUB     62.00
RBC OJSC                7.000     4/23/2015      RUB     62.51

SPAIN
-----
AYT CEDULAS CAJA        4.000     3/24/2021      EUR     71.07
AYT CEDULAS CAJA        4.000     3/31/2020      EUR     74.28
AYT CEDULAS CAJA        3.750    12/14/2022      EUR     63.01
AYT CEDULAS CAJA        4.250    10/25/2023      EUR     65.53
AYT CEDULAS CAJA        3.750     6/30/2025      EUR     55.18
AYT CEDULAS CAJA        4.750     5/25/2027      EUR     62.62
AYUNTAM DE MADRD        4.550     6/16/2036      EUR     60.28
BANCAJA                 1.500     5/22/2018      EUR     60.70
BANCAJA EMI SA          2.755     5/11/2037      JPY     74.20
BANCO BILBAO VIZ        4.375    10/20/2019      EUR     72.80
BANCO BILBAO VIZ        6.025      3/3/2033      EUR     56.81
BANCO BILBAO VIZ        6.200      7/4/2023      EUR     74.66
BANCO BILBAO VIZ        4.500     2/16/2022      EUR     67.92
BANCO CASTILLA          1.500     6/23/2021      EUR     61.40
BANCO POP ESPAN         5.702    12/22/2019      EUR     66.76
BBVA SUB CAP UNI        2.750    10/22/2035      JPY     42.95
CAIXA TERRASSA          4.700      8/9/2021      EUR     41.81
CAJA MADRID             5.020     2/26/2038      EUR     72.92
CAJA MADRID             4.125     3/24/2036      EUR     65.57
CAJA MADRID             4.000      2/3/2025      EUR     73.47
CEDULAS TDA 5           4.125    11/29/2019      EUR     74.71
CEDULAS TDA 6 FO        4.250     4/10/2031      EUR     50.45
CEDULAS TDA 6 FO        3.875     5/23/2025      EUR     57.35
CEDULAS TDA A-4         4.125     4/10/2021      EUR     71.97
CEDULAS TDA A-5         4.250     3/28/2027      EUR     56.28
CEMEX ESPANA LUX        8.875     5/12/2017      EUR     74.83
CEMEX ESPANA LUX        8.875     5/12/2017      EUR     74.88
COMUN AUTO CANAR        3.900    11/30/2035      EUR     67.64
COMUN AUTO CANAR        4.200    10/25/2036      EUR     71.44
COMUNIDAD ARAGON        4.646     7/11/2036      EUR     60.17
COMUNIDAD ARAGON        4.470     7/12/2021      EUR     75.37
COMUNIDAD ARAGON        4.815    10/10/2022      EUR     75.01
COMUNIDAD BALEAR        3.869    11/23/2020      EUR     72.72
COMUNIDAD BALEAR        4.063    11/23/2035      EUR     55.92
GEN DE CATALUNYA        6.350    11/30/2041      EUR     65.46
GEN DE CATALUNYA        4.220     4/26/2035      EUR     48.25
GEN DE CATALUNYA        4.690    10/28/2034      EUR     52.63
GEN DE CATALUNYA        5.950     10/1/2030      EUR     63.67
GEN DE CATALUNYA        5.900     5/28/2030      EUR     64.15
GEN DE CATALUNYA        5.400     5/13/2030      EUR     59.71
GEN DE CATALUNYA        5.219     9/10/2029      EUR     58.74
GEN DE CATALUNYA        5.325     10/5/2028      EUR     60.80
GEN DE CATALUNYA        5.900     5/20/2024      EUR     69.12
GEN DE CATALUNYA        4.900     9/15/2021      EUR     68.64
GEN DE CATALUNYA        4.801     7/31/2020      EUR     70.08
GEN DE CATALUNYA        4.950     2/11/2020      EUR     73.30
GEN DE CATALUNYA        2.750     3/24/2016      CHF     64.62
GEN DE CATALUNYA        2.355    11/10/2015      CHF     74.13
GEN DE CATALUNYA        2.315     9/10/2015      CHF     74.84
GEN DE CATALUNYA        2.125     10/1/2014      CHF     70.37
GEN DE CATALUNYA        5.250     10/5/2023      EUR     65.87
GENERAL DE ALQUI        2.750     8/20/2012      EUR     71.11
GENERAL VALENCIA        4.000     11/2/2016      EUR     81.88
GENERAL VALENCIA        5.900    11/30/2032      EUR     67.75
IM CEDULAS 10           4.500     2/21/2022      EUR     72.79
IM CEDULAS 5            3.500     6/15/2020      EUR     70.11
IM CEDULAS 7            4.000     3/31/2021      EUR     71.14
INSTIT CRDT OFCL        2.100     2/23/2021      JPY     68.31
INSTIT CRDT OFCL        2.570    10/22/2021      CHF     64.32
INSTIT CRDT OFCL        3.250     6/28/2024      CHF     60.55
INSTITUT CATALA         4.250     6/15/2024      EUR     71.30
JUNTA ANDALUCIA         4.250    10/31/2036      EUR     74.48
JUNTA ANDALUCIA         5.000     7/13/2022      EUR     72.35
JUNTA ANDALUCIA         3.050    12/10/2020      JPY     76.33
JUNTA LA MANCHA         3.875     1/31/2036      EUR     50.75
JUNTA LA MANCHA         2.810    10/14/2022      JPY    106.38
JUNTA LA MANCHA         5.950      9/9/2030      EUR     71.64
JUNTA LA MANCHA         4.625    11/30/2022      EUR     74.13
MAPFRE SA               5.921     7/24/2037      EUR     64.97
PITCH1                  5.125     7/20/2022      EUR     74.57
SACYR VALLEHERM         6.500      5/1/2016      EUR     70.90
SANTANDER ISSUAN        4.750     5/29/2019      EUR     74.36
SANTANDER ISSUAN        6.533    10/24/2017      GBP     74.02
SANTANDER ISSUAN        5.750     1/31/2018      GBP     73.03
SPANISH GOV'T           4.200     1/31/2037      EUR     72.79
XUNTA DE GALICIA        4.025    11/28/2035      EUR     45.85
XUNTA DE GALICIA        5.350    11/22/2028      EUR     70.94

SWEDEN
------
SAS AB                  7.500      4/1/2015      SEK     74.51
SWEDISH EXP CRED        0.500     8/26/2021      AUD     63.25
SWEDISH EXP CRED        8.000     1/27/2012      USD      2.97
SWEDISH EXP CRED        0.500     8/25/2021      ZAR     43.88
SWEDISH EXP CRED        0.500     9/30/2016      ZAR     70.37
SWEDISH EXP CRED        0.500     9/20/2016      ZAR     70.51
SWEDISH EXP CRED        0.500     8/26/2016      ZAR     71.00
SWEDISH EXP CRED        0.500     8/25/2016      ZAR     70.98
SWEDISH EXP CRED        0.500     6/29/2016      TRY     67.65
SWEDISH EXP CRED        0.500     6/14/2016      ZAR     72.28
SWEDISH EXP CRED        0.500      3/3/2016      ZAR     74.13
SWEDISH EXP CRED        0.500    11/27/2015      TRY     70.64
SWEDISH EXP CRED        0.500     9/29/2015      TRY     71.47
SWEDISH EXP CRED        7.500     6/12/2012      USD      7.49
SWEDISH EXP CRED        9.250     4/27/2012      USD      7.67
SWEDISH EXP CRED        9.750     3/23/2012      USD      7.88
SWEDISH EXP CRED        7.500     2/28/2012      USD      8.48
SWEDISH EXP CRED        7.000      3/9/2012      USD     10.67
SWEDISH EXP CRED        7.000      3/9/2012      USD     10.33
SWEDISH EXP CRED        0.500    12/17/2027      USD     54.89
SWEDISH EXP CRED        0.500     1/25/2028      USD     54.62
SWEDISH EXP CRED        6.500     1/27/2012      USD      7.52
SWEDISH EXP CRED        2.130     1/10/2012      USD     10.01

SWITZERLAND
-----------
UBS AG                 10.530     1/23/2012      USD     38.21
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                 13.300     5/23/2012      USD      3.26
UBS AG                 10.070     3/23/2012      USD     31.69
UBS AG                  9.400     8/23/2013      USD     54.92
UBS AG                 11.020    10/21/2013      USD     57.00
UBS AG                 10.960     7/20/2012      USD     22.14
UBS AG                 12.040     7/31/2012      USD     23.44
UBS AG                  9.500     8/10/2012      USD     28.42
UBS AG JERSEY           3.220     7/31/2012      EUR     39.06

UNITED KINGDOM
--------------
ABBEY NATL TREAS        5.000     8/26/2030      USD     56.83
ALPHA CREDIT GRP        5.500     6/20/2013      EUR     73.38
ALPHA CREDIT GRP        3.250     2/25/2013      EUR     73.88
ALPHA CREDIT GRP        4.500     6/21/2013      EUR     70.38
ALPHA CREDIT GRP        6.000     6/20/2014      EUR     66.13
BAKKAVOR FIN 2          8.250     2/15/2018      GBP     68.63
BAKKAVOR FIN 2          8.250     2/15/2018      GBP     68.72
BANK OF SCOTLAND        2.340    12/28/2026      JPY     63.96
BANK OF SCOTLAND        2.860    12/13/2021      CHF     72.64
BANK OF SCOTLAND        2.359     3/27/2029      JPY     58.01
BANK OF SCOTLAND        2.408      2/9/2027      JPY     63.00
BARCLAYS BK PLC         8.500    10/16/2012      USD      9.89
BARCLAYS BK PLC        14.000     10/1/2012      USD      9.45
BARCLAYS BK PLC         9.000     10/1/2012      USD      9.65
BARCLAYS BK PLC         8.000     9/28/2012      USD     10.18
BARCLAYS BK PLC         8.000     9/11/2012      USD      9.36
BARCLAYS BK PLC         9.500     8/31/2012      USD     22.35
BARCLAYS BK PLC         9.250     8/31/2012      USD     31.55
BARCLAYS BK PLC         9.000     8/28/2012      USD     10.00
BARCLAYS BK PLC        10.800     7/31/2012      USD     24.71
BARCLAYS BK PLC        11.500     7/27/2012      USD      8.19
BARCLAYS BK PLC         7.000     7/27/2012      USD      9.88
BARCLAYS BK PLC        10.000     7/20/2012      USD      8.76
BARCLAYS BK PLC         8.000     6/29/2012      USD      8.50
BARCLAYS BK PLC         9.250     1/31/2012      USD      7.32
BARCLAYS BK PLC         8.550     1/23/2012      USD     11.33
BARCLAYS BK PLC         5.000      6/3/2041      USD     73.96
BARCLAYS BK PLC         5.250     8/29/2031      USD     74.80
BARCLAYS BK PLC         4.320    11/29/2030      USD     68.00
BARCLAYS BK PLC         9.000    10/16/2012      USD     10.37
BRADFORD&BIN BLD        4.910      2/1/2047      EUR     57.01
CEVA GROUP PLC         10.000     6/30/2018      EUR     55.75
CEVA GROUP PLC          8.500     6/30/2018      EUR     46.13
CO-OPERATIVE BNK        5.875     3/28/2033      GBP     67.39
CO-OPERATIVE BNK        5.625    11/16/2021      GBP     70.47
CO-OPERATIVE BNK        5.750     12/2/2024      GBP     68.59
EFG HELLAS PLC          6.010      1/9/2036      EUR     26.75
EFG HELLAS PLC          4.375     2/11/2013      EUR     63.75
EFG HELLAS PLC          5.400     11/2/2047      EUR     10.25
EMPORIKI GRP FIN        5.100     12/9/2021      EUR     33.50
EMPORIKI GRP FIN        5.000     12/2/2021      EUR     33.13
EMPORIKI GRP FIN        4.350     7/22/2014      EUR     43.75
EMPORIKI GRP FIN        4.000     2/28/2013      EUR     64.63
ENTERPRISE INNS         6.875      5/9/2025      GBP     59.20
ENTERPRISE INNS         6.375     9/26/2031      GBP     56.84
ENTERPRISE INNS         6.500     12/6/2018      GBP     67.45
ENTERPRISE INNS         6.875     2/15/2021      GBP     64.20
ESSAR ENERGY            4.250      2/1/2016      USD     58.87
EX-IM BK OF UKRA        5.793      2/9/2016      USD     70.14
F&C ASSET MNGMT         6.750    12/20/2026      GBP     60.35
GALA ELECTRIC CA       11.500      6/1/2019      GBP     55.13
GALA ELECTRIC CA       11.500      6/1/2019      GBP     54.80
GALA GROUP FIN          8.875      9/1/2018      GBP     74.88
HBOS PLC                6.000     11/1/2033      USD     69.90
HBOS PLC                6.000     11/1/2033      USD     69.90
HBOS PLC                4.500     3/18/2030      EUR     54.23
HBOS PLC                7.070      4/8/2023      EUR     67.87
HBOS PLC                5.374     6/30/2021      EUR     60.75
HBOS PLC                4.375    10/30/2019      EUR     65.68
HSBC BANK PLC           4.750     3/24/2046      GBP     70.48
INEOS GRP HLDG          7.875     2/15/2016      EUR     75.86
LBG CAPITAL NO.1        7.869     8/25/2020      GBP     73.77
LBG CAPITAL NO.1        6.439     5/23/2020      EUR     69.12
LBG CAPITAL NO.1        7.588     5/12/2020      GBP     73.26
LBG CAPITAL NO.1        7.625    10/14/2020      EUR     70.14
LBG CAPITAL NO.1        7.375     3/12/2020      EUR     70.15
LBG CAPITAL NO.1        7.975     9/15/2024      GBP     66.56
LBG CAPITAL NO.2        9.000     7/15/2029      GBP     69.41
LBG CAPITAL NO.2        6.385     5/12/2020      EUR     69.15
LBG CAPITAL NO.2        7.625     12/9/2019      GBP     71.90
LBG CAPITAL NO.2        8.500      6/7/2032      GBP     64.18
LLOYDS TSB BANK         5.750      7/9/2025      GBP     73.09
LOUIS NO1 PLC           8.500     12/1/2014      EUR     64.50
LOUIS NO1 PLC          10.000     12/1/2016      EUR     60.50
LOUIS NO1 PLC          10.000     12/1/2016      EUR     60.50
MATALAN                 8.875     4/29/2016      GBP     68.50
MATALAN                 9.625     3/31/2017      GBP     44.50
MATALAN                 8.875     4/29/2016      GBP     68.27
MATALAN                 9.625     3/31/2017      GBP     45.13
MAX PETROLEUM           6.750      9/8/2013      USD     44.02
NATIONWIDE BLDG         5.600     8/19/2030      USD     70.29
NEW HOSPITALS ST        1.777     2/26/2047      GBP     60.64
NOMURA BANK INTL        0.800    12/21/2020      EUR     66.16
OTE PLC                 4.625     5/20/2016      EUR     59.41
OTE PLC                 7.250      4/8/2014      EUR     68.08
OTE PLC                 5.000      8/5/2013      EUR     73.54
PIRAEUS GRP FIN         4.000     9/17/2012      EUR     72.00
PRIVATBANK              5.799      2/9/2016      USD     57.99
ROYAL BK SCOTLND        2.375     11/2/2015      CHF     74.40
ROYAL BK SCOTLND        4.350     1/23/2017      EUR     74.23
ROYAL BK SCOTLND        4.700      7/3/2018      USD     66.00
ROYAL BK SCOTLND        2.300    11/26/2024      JPY     71.82
ROYAL BK SCOTLND        4.625     9/22/2021      EUR     63.16
SPIRIT ISSUER           5.472    12/28/2028      GBP     66.63
THOMAS COOK GR          7.750     6/22/2017      GBP     44.83
THOMAS COOK GR          6.750     6/22/2015      EUR     45.81
UNIQUE PUB FIN          5.659     6/30/2027      GBP     62.03
UNIQUE PUB FIN          7.395     3/28/2024      GBP     45.59
WESSEX WATER FIN        1.369     7/31/2057      GBP     34.73


                            *********

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.


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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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 240/629-3300.


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