TCREUR_Public/120130.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 30, 2012, Vol. 13, No. 21

                            Headlines



F R A N C E

PETROPLUS HOLDINGS: Refutes Allegations of Fraudulent Bankruptcy


G E R M A N Y

ADAM OPEL: GM Faces Pressure to Speed Up Turnaround
PETROPLUS HOLDINGS: Ingolstadt Administrators In Crude Talks


I R E L A N D

EIRCOM GROUP: March 12 Deadline Set for Takeover Bids
HARVEST CLO II: S&P Affirms Ratings on Two Note Classes at 'B+'
PULS CDO 2006-1: S&P Cuts Ratings on Three Note Classes to 'CC'


L U X E M B O U R G

CODERE FINANCE: S&P Assigns 'B' Rating to US$250-Mil. Sr. Notes


N E T H E R L A N D S

DUCHESS V: S&P Raises Rating on Class E Notes to 'CCC+'
HALCYON 2006-I: S&P Raises Rating on Class E Notes to 'BB-'
NIELSEN HOLDINGS: Moody's Maintains 'Ba3' Corp. Family Ratings


R O M A N I A

BRC BUSINESS: Files for Insolvency


R U S S I A

LANTA-TUR VOYAGE: Halts Operations Due to Lack of Funds
OSAO RESO: S&P Affirms 'BB+' Counterparty Credit Rating


S P A I N

NARA CABLE: Fitch Assigns 'BB-(exp)' Rating to Notes Due 2018
NARA CABLE: S&P Assigns 'B' Rating to Proposed US$400-Mil. Notes
SPANAIR SA: Halts Operations After Takeover Talks End


S W E D E N

SAAB AUTOMOBILE: Youngman Expected to Make Takeover Bid This Week


S W I T Z E R L A N D

NEUCHATEL XAMAX: Financial Woes Prompt Bankruptcy Filing
PETROPLUS HOLDINGS: S&P Lowers Corporate Credit Rating to 'D'


U N I T E D   K I N G D O M

BONMARCHE LTD: Sun Capital Unit Buys UK Retailer
GEMINI: Moody's Cuts Rating on Class A Notes to 'Caa3'
THAMESTEEL: Enters Administration After Failing to Find Investor
TURBO FINANCE: Fitch Affirms Rating on Class C Notes at 'BB+sf'


X X X X X X X X

* BOND PRICING: For the Week January 23 to January 27, 2012


                            *********

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


PETROPLUS HOLDINGS: Refutes Allegations of Fraudulent Bankruptcy
----------------------------------------------------------------
Petroplus Holdings AG refuted all allegations of fraudulent
bankruptcy in France.  At the opening of business on January 23,
2012, the total balances on bank accounts held by Petroplus'
French subsidiary, Petroplus Marketing France SAS, at Deutsche
Bank were EUR124 million and $59 million.  During that day
Deutsche Bank, one of the lenders under the Revolving Credit
Facility, transferred EUR122 million and $59 million of this cash
that was held on accounts pledged under the RCF out of these
accounts.  No Petroplus legal entity provided any instructions or
took any actions to transfer these funds from these French
accounts.  A formal investigation has been opened by the public
prosecutor in France.

                             Default

As reported by the Troubled Company Reporter-Europe on Jan. 25,
2012, Petroplus Holdings AG disclosed that the company and its
subsidiaries received notices of acceleration on Jan. 23 from the
lenders under its Revolving Credit Facility.  During the past
several weeks, Petroplus has been negotiating with these lenders
to reopen credit lines needed to maintain operations and meet
financial obligations.  In addition, the Company has been
seeking to arrange alternative financing and liquidity
facilities, as well as other strategic options.  The negotiations
with the lenders under the Revolving Credit Facility have not
been successful (despite the Company having reached an agreement
for crude oil supply) and they have served notices of
acceleration, commenced enforcement actions and appointed a
receiver in respect of Petroplus Marketing AG's assets in the UK.
Such acceleration constitutes an event of default under the
U$1.75 billion aggregate principal amount of outstanding senior
notes and convertible bonds of PetroplusFinance Limited.  The
primary goal of Petroplus' Board of Directors is to ensure that
operations are safely shut down and to preserve value for all
stakeholders.

Based in Zug, Switzerland, Petroplus Holdings AG is Europe's
largest independent oil refiner.

                         *     *     *

As reported by the Troubled Company Reporter-Europe on Jan. 20,
2012, Standard & Poor's Ratings Services lowered its long-term
issuer credit ratings on Switzerland-based refiner Petroplus
Holding AG to 'CC' from 'CCC+'.  "At the same time, we lowered
our long-term issue ratings on senior unsecured notes totaling
US$1.6 billion and a US$150 million convertible bond issued by
finance subsidiary Petroplus Finance Ltd. (Bermuda) to 'C' from
'CCC'.  The recovery ratings of '5' on all rated instruments
remain unchanged," S&P said.


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


ADAM OPEL: GM Faces Pressure to Speed Up Turnaround
---------------------------------------------------
Tim Higgins and Alex Webb at Bloomberg News reports that the
financial crisis in Europe is adding new urgency to General
Motors Co.'s attempt to turn around its money-burning Opel unit.

GM, which has already trimmed its European work force by 5,800,
is considering a variety of additional steps to stem the losses,
Bloomberg discloses.

Tim Lee, president of GM's international operations, told
reporters this month at the Detroit auto show that the company is
looking to find greater cost savings between Opel and Chevrolet
operations in Europe, Bloomberg recounts.

According to Bloomberg, three people familiar with the matter
said that GM may move some work from Korea to Europe to boost
revenue and use assets there.  In addition, Stefan Bauknecht, a
Frankfurt-based fund manager for Deutsche Bank AG investment
vehicle DWS, said this is the time for GM to work more
aggressively with unions to lower costs, Bloomberg notes.

"The negative swing in the European automotive market increases
the pressure for both the management and trade unions to find a
compromise," Bloomberg quotes Mr. Bauknecht as saying.  DWS holds
US$5 million GM shares, according to Bloomberg figures, while
Deutsche Bank as a whole holds US$316 million of GM stock.

Chief Executive Officer Dan Akerson has lost more than
US$2.34 billion on GM's European operations since pushing to call
off the sale of the Opel brand in late 2009, Bloomberg states.
Plans to reach break-even on an operating basis were scrapped in
November as the continent's economy teetered, Bloomberg recounts.

Adam Opel GmbH -- http://www.opel.com/-- is General Motors
Corp.'s German wholly owned subsidiary.  Opel started making cars
in 1899.  Opel makes passenger cars (including the Astra, Corsa,
and Vectra) and light commercial vehicles (Combo and Movano).
Its high-performance VXR range includes souped-up versions of
Opel models like the Meriva minivan, the Corsa hatchback, and the
Astra sports compact.  Opel is GM's largest subsidiary outside
North America.


PETROPLUS HOLDINGS: Ingolstadt Administrators In Crude Talks
------------------------------------------------------------
Nidaa Bakhsh at Bloomberg News reports that administrators for
Petroplus Holdings AG's Ingolstadt refinery in Germany are
negotiating to secure crude supplies for the plant following the
company's insolvency filing.

"We are in negotiations to secure financing in order to get
additional crude supplies within the next days," Bloomberg quotes
Sebastian Brunner, a spokesman at the Jaffe Rechtsanwaelte
Insolvenzverwalter, as saying on Friday.

Mr. Brunner, as cited by Bloomberg, said that Ingolstadt is
continuing to deliver fuel to customers and the plant is running
"slightly below" 55% of capacity.  The refinery has the capacity
to process 110,000 barrels of crude a day, Bloomberg discloses.

Ingolstadt and Petroplus's Coryton refinery in the U.K. were
operating at reduced capacity while plants in France, Belgium and
Switzerland were closed after lenders froze credit lines at the
end of last year, Bloomberg notes.

                        Coryton Refinery

Meanwhile, Amanda Jordan at Bloomberg News reports that U.K.
Energy Minister Charles Hendry said a meeting to discuss the
future of Petroplus's Coryton refinery concluded that it was
important to maintain current operations and to find a buyer as
quickly as possible.

A meeting took place on Thursday at the Department of Energy and
Climate Change in London, Bloomberg recounts.

In a separate report, Bloomberg News' Ms. Bakhsh relates that
Member of Parliament Stephen Metcalfe said talks on the future of
Petroplus's U.K. operations on Thursday must focus on getting
crude supply.

"What we need to do is secure the long-term supply line to
secure the crude and then look at ownership options," Mr.
Metcalfe, as cited by Bloomberg, said on arrival at the talks at
the Department of Energy and Climate Change in London.

                             Default

As reported by the Troubled Company Reporter-Europe on Jan. 25,
2012, Petroplus Holdings AG disclosed that the company and its
subsidiaries received notices of acceleration on Jan. 23 from the
lenders under its Revolving Credit Facility.  During the past
several weeks, Petroplus has been negotiating with these lenders
to reopen credit lines needed to maintain operations and meet
financial obligations.  In addition, the Company has been
seeking to arrange alternative financing and liquidity
facilities, as well as other strategic options.  The negotiations
with the lenders under the Revolving Credit Facility have not
been successful (despite the Company having reached an agreement
for crude oil supply) and they have served notices of
acceleration, commenced enforcement actions and appointed a
receiver in respect of Petroplus Marketing AG's assets in the UK.
Such acceleration constitutes an event of default under the
U$1.75 billion aggregate principal amount of outstanding senior
notes and convertible bonds of PetroplusFinance Limited.  The
primary goal of Petroplus' Board of Directors is to ensure that
operations are safely shut down and to preserve value for all
stakeholders.

Based in Zug, Switzerland, Petroplus Holdings AG is Europe's
largest independent oil refiner.

                         *     *     *

As reported by the Troubled Company Reporter-Europe on Jan. 20,
2012, Standard & Poor's Ratings Services lowered its long-term
issuer credit ratings on Switzerland-based refiner Petroplus
Holding AG to 'CC' from 'CCC+'.  "At the same time, we lowered
our long-term issue ratings on senior unsecured notes totaling
US$1.6 billion and a US$150 million convertible bond issued by
finance subsidiary Petroplus Finance Ltd. (Bermuda) to 'C' from
'CCC'.  The recovery ratings of '5' on all rated instruments
remain unchanged," S&P said.


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


EIRCOM GROUP: March 12 Deadline Set for Takeover Bids
-----------------------------------------------------
Joe Brennan at Bloomberg News reports that Eircom Group Ltd.,
which is seeking to restructure its EUR3.75 billion
(US$4.92 billion) debt, is planning a final attempt to find a
buyer, with a March 12 bid deadline.

The company said in documents to its senior lenders that adviser
Morgan Stanley is preparing for the sale process, Bloomberg
relates.

According to Bloomberg, one of two people with knowledge of the
matter said that Eircom's board will make a final decision on its
sale plan after the first-lien lenders vote this week on a
covenant waiver extension being sought by the company, one of the
people said.

The company sought the extension after it entered talks last
month with the lenders on a debt restructuring plan, Bloomberg
recounts.  Two people said on Nov. 30 that the lenders envisage
writing off about 8% of their EUR2.36 billion of loans and taking
full control of the company, Bloomberg recounts.

Three people familiar with the matter said that should Eircom
fail to draw bids, the company may file for examinership, an
Irish variant of a U.S. Chapter 11 creditor protection petition,
to facilitate a debt restructuring, Bloomberg notes.

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


HARVEST CLO II: S&P Affirms Ratings on Two Note Classes at 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on Harvest CLO II S.A.'s outstanding EUR542.07 million
notes (excluding combination notes).

Specifically, S&P:

    Lowered its ratings on the class A-1B and A-2 notes;

    Withdrew its rating on the class W combination notes; and

    Affirmed its ratings on the class A-1A, B, C-1, C-2, D-1,
    D-2, E-1, and E-2 notes, and on the class P, U, and X
    combination notes.

Ratings Details
                                Notional
                        Current    as of             CE as of
       Rating   Rating notional Jan.2010     Current Jan.2010
Class      to     from    (mil.    (mil. DEF  CE (%)      (%)
                           EUR)     EUR)
A-1A   AA+(sf)  AA+(sf)   96.96    98.43   N   39.65    39.94
A-1B   AA(sf)   AA+(sf)   11.00    11.00   N   32.80    33.23
A-2    AA(sf)   AA+(sf)  242.61   245.91   N   32.80    33.23
B      A-(sf)   A-(sf)    66.15    66.15   N   20.12    20.80
C-1    BB+(sf)  BB+(sf)   32.10    32.10   Y   13.39    14.21
C-2    BB+(sf)  BB+(sf)    3.00     3.00   Y   13.39    14.21
D-1    BB(sf)   BB(sf)    17.25    17.25   Y    9.51    10.40
D-2    BB(sf)   BB(sf)     3.00     3.00   Y    9.51    10.40
E-1    B+(sf)   B+(sf)    11.50    11.50   Y    6.92     7.87
E-2    B+(sf)   B+(sf)     2.00     2.00   Y    6.92     7.87
F      NR       NR        56.50    56.50  NA    0.00     0.00

NR - Not rated.
DEF - Deferrable interest.
NA - Not applicable.
CE - Credit enhancement = (performing assets balance + cash
     balance + recovery on defaulted assets - tranche balance
     [including tranche balance of all senior tranches]) /
     (performing assets balance + cash balance + recovery on
     defaulted obligations).

"We note that since our review in January 2010, the credit
enhancement available to each of the rated notes has decreased.
This was mainly due to asset defaults and trading losses. Despite
an increase in the portfolio weighted-average spread, this had a
negative effect on the break-even default rates for each
tranche," S&P said.

"In our opinion, the credit quality of the performing assets has
remained stable since January 2010. However, the transaction
benefited from a shorter time-to-maturity, which had a positive
effect on our scenario default rates at every rating level," S&P
said.

Key Model Assumptions
                                     Current           As of
                                                   Jan. 2010
Modeled collateral balance (mil.EUR)  521.69          532.20
Weighted-average spread (bps)           3.32            2.98
AAA WARR (%)                              37              37
AA WARR (%)                               41              42
A WARR (%)                                45              45
BBB WARR (%)                              49              49
BB WARR (%)                               57              57
B/CCC WARR (%)                            61              60
Performing portfolio WAR                   B               B
Modeled WAL (years)                     4.23            5.55

Modeled collateral balance = performing assets balance + cash
balance + recovery on defaulted assets.
Bps--Basis points.
WARR--Weighted-average recovery rate.
WAR--Weighted-average rating.
WAL--Weighted-average life.

"The Bank of New York Mellon (AA-/Negative/A-1+) acts as account
bank, and the London branch of Deutsche Bank AG (A+/Negative/A-1)
acts as custodian. We have applied our 2010 counterparty criteria
and, in our view, these entities are appropriately rated to
support our ratings on the notes. Credit Suisse International
(A+/Negative/A-1), JP Morgan Chase Bank N.A. (A+/Stable/A-1), and
Citibank N.A. (A/Negative/A-1) currently provide currency hedges
on an aggregate EUR112.43 million of non-euro-denominated assets.
We have reviewed each counterparty's downgrade provisions, and in
our opinion, they do not comply with our 2010 counterparty
criteria. Therefore, for the class A-1A, A-1B, and A-2 notes, we
conducted our cash flow analysis assuming non-performance of one
or more counterparty," S&P said.

"As a result of the decrease in credit enhancement and due to the
stress applied to the currency hedge counterparties, we consider
that the credit enhancement available to the class A-1B and A-2
notes is no longer commensurate with a 'AA+ (sf)' rating.
Therefore, we have lowered our ratings on these notes to 'AA
(sf)'," S&P said.

"In our opinion, the credit enhancement available to each of the
class A-1A, B, C-1, C-2, D-1, D-2, E-1, and E-2 notes is still
commensurate with the current ratings. Therefore, we have
affirmed our ratings on these notes," S&P said.

"None of the tranche ratings were constrained by the application
of the largest obligor default test or largest industry default
test, two supplemental stress tests we introduced as part of our
2009 criteria update for corporate collateralized debt
obligations (CDOs)," S&P said.

The rated combination notes initially comprised:

    Class P: EUR2.20 million of French "obligations assimilable
    du tresor" (OATs) and EUR0.95 million of class F notes;

    Class U: EUR3.00 million of French OATs and EUR0.90 million
    of class F notes;

    Class W: EUR11.00 million of class A-1B notes and EUR2.50
    million of class F notes; and

    Class X: EUR3.30 million of French OATs and EUR1.00 million
    of class F notes.

Combination Notes
                       Current rated   Rated balance
        Rating   Rating      balance  as of Jan.2010
Class       to     from        (mil.          (mil.  Interest
                                EUR)           EUR)
P      AA+(sf)  AA+(sf)         0.02           0.65       NA
U      AA+(sf)  AA+(sf)         3.00           3.00       NA
W      NR       AA+(sf)           NA           9.90       NA
X      AA+(sf)  AA+(Sf)         2.46           2.63       NA
NR--Not rated.
NA--Not applicable.

"The ratings on the class P, U, and X combination notes are
linked to our rating on the Republic of France (AA+/Negative/A-
1+). Therefore, we have affirmed our ratings on these notes," S&P
said.

"We have received confirmation from the trustee that the class W
combination notes were decoupled in July 2011. Therefore, we have
withdrawn our rating on these notes," S&P said.

Harvest CLO II is a cash flow collateralized loan obligation
(CLO) transaction that closed in April 2005. The portfolio of
loans to primarily speculative-grade corporate firms is managed
by 3i Debt Management Investments Ltd.

             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

Harvest CLO II S.A.
EUR573.95 Million Fixed- and Floating-Rate Notes

Ratings Lowered

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

Ratings Affirmed

A-1A           AA+ (sf)
B              A- (sf)
C-1            BB+ (sf)
C-2            BB+ (sf)
D-1            BB (sf)
D-2            BB (sf)
E-1            B+ (sf)
E-2            B+ (sf)
P (combo)      AA+ (sf)
U (combo)      AA+ (sf)
X (combo)      AA+ (sf)

Rating Withdrawn

W (combo)      NR                   AA+ (sf)

NR--Not rated.


PULS CDO 2006-1: S&P Cuts Ratings on Three Note Classes to 'CC'
---------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on PULS CDO 2006-1 PLC (PULS 2006) and PULS CDO 2007-1
Ltd. (PULS 2007).

Specifically:

    S&P has lowered its ratings on PULS 2006's class A-1, A-2A,
    A-2B, C-1, C-2, D, and class R combination notes. At the same
    time, S&P has affirmed its ratings on the class B, E-1, E-2,
    and class Q combination notes; and

    S&P lowered its ratings on PULS 2007's class A-1, A-2A, A-2B,
    B, and D notes.  At the same time, the ratings agency has
    affirmed its ratings on the class C and E notes.

"The rating actions follow a further deterioration in the credit
quality of the portfolios underlying the transactions," S&P said.

PULS CDO 2006-1 and 2007-1 are collateralized debt obligation
(CDO) transactions backed by a static portfolio of senior
unsecured and subordinated bonds issued by German, Austrian, and
Swiss small and midsize enterprises (SMEs).

                            PULS 2006

"Since our last rating action on Aug. 4, 2011, PULS 2006 has
experienced an additional obligor default, with a principal
balance of EUR10 million (4.5% of the current outstanding total
note balance). This brings the total number of defaulted obligors
to 16, totaling EUR95.78 million and representing about 37% of
the target par amount. Including this additional default, we
estimate the current balance of the principal deficiency ledger
(PDL) -- which represents the aggregate notional amount of
principal deficiencies incurred on the assets minus all amounts
used to redeem the notes -- to be approximately EUR84 million. As
a consequence, according to the transaction documents, on each
payment date the issuer continues to repay the class A notes
according to their order of priority, after payment of interest
on the class A, B, and C notes; while interest on the class D and
E notes is deferred until the PDL balance is cured," S&P said.

"According to the portfolio manager's October 2011 report, we see
that no significant amounts have been recovered on defaulted
assets to date. Total recoveries have been received in relation
to only four obligors, and amount to about 0.7% of the defaulted
notional," S&P said.

"We also note that a total of EUR34.7 million of asset notional
pertaining to seven obligors is on the manager's watch list, as
of the October 2011 manager's report. For a limited number of
these obligors, the issuer has either waived or accepted
postponement of interest payments, thus further reducing the
excess spread. As the available excess spread is limited, it is
highly likely in our view that the issuer will not be able to
substantially cure the PDL balance," S&P said.

"In addition, in our view, the underlying portfolio shows
significant obligor concentration, which has further increased as
a result of the defaults. According to our analysis, the top 10
obligors account for about 62% of the performing balance," S&P
said.

"Moreover, the underlying assets in PULS 2006 will largely mature
at the same time, in July 2013. In our view, this may create
challenges, particularly for weaker borrowers to refinance their
debt at maturity, which we believe introduces the risk of further
defaults," S&P said.

"As a result of these developments, the credit enhancement
available to the class A-1, A-2A, and A-2B notes is no longer
commensurate with the existing ratings, in our view. We have
therefore lowered our ratings on these notes. According to our
analysis, the available credit enhancement for the class B notes
has further reduced, and remains insufficient to cover the
default of the largest obligor in the portfolio. We have
therefore affirmed our ratings on these notes at 'CCC-'," S&P
said.

"Due to the extent of undercollateralization for the class C-1,
C-2, D, E-1, E-2, and class Q combination notes, we have lowered
our ratings on the class C-1, C-2, and D notes to 'CC (sf)', and
affirmed our ratings on the class E-1, E-2, and class Q
combination notes at 'CC', reflecting our view that these
notes are highly vulnerable to nonpayment," S&P said.

"The class R combination notes consist of a class A-1 and a class
F component. Our rating addresses the ultimate payment of
principal only. The principal amount outstanding amortizes using
all proportional interest, principal, and excess spread receipts
on the entire class A-1 notes. In our view, however, this
amortization is not fast enough for the remaining principal to
pay down prior to maturity of the notes in 2014. As such, we
believe the payment due on the class R combination notes depends
on class A-1 receiving the principal at maturity. We have
therefore lowered our rating on the class R combination notes to
'CCC (sf)'," S&P said.

                           PULS 2007

"PULS 2007 has experienced one additional default since our last
rating action on Aug. 4, 2011, with a total principal balance of
EUR7 million (2.7% of the outstanding note balance). This brings
the total number of defaulted obligors to 19, totaling EUR96.8
million and representing approximately 32% of the target par
amount. We also note that as of the October 2011 manager's
report, EUR29 million of assets (six obligors) are on the
manager's watch list, while an additional EUR16 million of assets
pertaining to three obligors are reported as credit-impaired,
indicating that default is likely," S&P said.

"According to the October 2011 collateral administration report,
the extent of the failure of the class D and E
overcollateralization test ratios has worsened, and both ratios
are well below 100%. As a consequence, according to the
transaction documents, the issuer continues to repay the class A
notes according to the priority of payments, using available
proceeds after payment of the class D interest, while interest on
the class E notes continues to be deferred. In our view, it is
unlikely that the issuer will be able to cure the
overcollateralization ratios, as the available excess spread is
limited," S&P said.

"According to the portfolio manager's October 2011 report, we see
that no significant amounts have been recovered on defaulted
assets to date. Total recoveries have been received for three
obligors only, and amount to about 1% of the defaulted notional,"
S&P said.

"In addition, in our view, the underlying portfolio shows
significant obligor concentration. According to our analysis, the
top 10 obligors account for about 46% of the performing balance -
- making PULS 2007 slightly less concentrated than PULS 2006. The
additional defaults have further increased the portfolio
concentration for both transactions," S&P said.

"Moreover, the underlying assets in PULS 2007 will largely mature
at the same time, in July 2014. In our view, this may create
challenges, particularly for weaker borrowers to refinance their
debt at maturity, which we believe introduces the risk of further
defaults," S&P said.

"Although in PULS 2007, single obligor concentration is slightly
less pronounced than in PULS 2006, in our view the effects of
additional defaults are similar with regard to the class A-1, A-
2A, and A-2B notes. These classes can no longer withstand
defaults among the top obligors to a level commensurate with
their current rating levels, in our opinion. We have therefore
lowered our ratings on these notes," S&P said.

"The class B and C notes, in our view, cannot sustain any further
defaults of the largest obligors in the portfolio, we have
lowered our rating on the class B notes to 'CCC-' and affirmed
our rating on the class C notes at 'CCC-'," S&P said.

"As a result of the extent of undercollateralization for the
class D and E notes, we have lowered our ratings on the class D
notes to 'CC (sf)' and affirmed our ratings on the class E notes.
In our view, these classes are highly vulnerable to nonpayment,"
S&P said.

              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 Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

Ratings List

PULS CDO 2006-1 PLC
EUR266.95 Million Senior and Subordinated Deferrable Fixed-
and Floating-Rate Notes Series 2006-1

Class             Rating
            To             From

Ratings Lowered

A-1         CCC (sf)       B (sf)
A-2A        B (sf)         BB (sf)
A-2B        CCC (sf)       B (sf)
C-1         CC (sf)        CCC- (sf)
C-2         CC (sf)        CCC- (sf)
D           CC (sf)        CCC- (sf)
R[1]        CCC (sf)       B (sf)

Ratings Affirmed

B           CCC- (sf)
E-1         CC (sf)
E-2         CC (sf)
Q[2]        CC (sf)

[1] Combination note comprising EUR1.8 million class A-1 notes
    and EUR150,000 class F notes.

[2] Combination note comprising EUR2.854 million class E-2 notes
    and EUR2.15 million class F notes.

The ratings on the class A-1, A-2A, A-2B, B, and C notes address
timely payment of interest and ultimate payment of principal.
The ratings on the class D, E-1, and E-2 notes address ultimate
interest and ultimate principal payment. The ratings on the class
Q and R combination notes address ultimate payment of principal.

PULS CDO 2007-1 Ltd.
EUR300 Million Senior and Subordinated Deferrable
Floating-Rate Notes Series 2007-1

Class             Rating
            To             From

Ratings Lowered

A-1         B (sf)         BB (sf)
A-2A        BB (sf)        BBB (sf)
A-2B        B (sf)         BB (sf)
B           CCC- (sf)      CCC (sf)
D           CC (sf)        CCC- (sf)

Ratings Affirmed

C           CCC- (sf)
E           CC (sf)

The ratings on the class A-1, A-2A, A-2B, B, C-1, and C-2 notes
address timely payment of interest and ultimate payment of
principal. The ratings on the class D and E notes address
ultimate payment of interest and principal.


===================
L U X E M B O U R G
===================


CODERE FINANCE: S&P Assigns 'B' Rating to US$250-Mil. Sr. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' issue rating
to the proposed US$250 million senior notes (the proposed or U.S.
dollar notes) to be issued by Codere Finance (Luxembourg) S.A.
Codere Finance is a fully-owned finance subsidiary of Spanish
gaming company Codere S.A. (B/Stable--). The 'B' issue rating is
in line with the corporate credit rating on parent company
Codere. "We also assigned a recovery rating of '3' to the
proposed notes, indicating our expectation of meaningful (50%-
70%) recovery in the event of a payment default," S&P said.

The issue and recovery ratings on the existing EUR760 million
senior notes due 2015 (the euro notes), issued by Codere Finance,
remain unchanged at 'B' and '3'.

"We understand that about US$200 million of the proceeds of the
proposed notes will be used to finance the purchase of an
additional 35.8% stake in ICELA, a 49%-owned Mexican partner.
This will increase Codere's overall stake to 84.8%. This
transaction will allow Codere to fully consolidate ICELA's
results. We understand that the remaining proceeds will be used
for general corporate purposes and transaction fees," S&P said.

"As part of our revised recovery analysis, we have moved the
hypothetical default year to 2015, when the euro notes mature,
from 2013 previously. This is because we now project that the
company will be able to refinance its EUR120 million credit
facilities due in 2013. We have also increased our estimation
of the stressed enterprise value at the point of default to
EUR920 million, from EUR780 million previously, to reflect the
additional value from the increased stake in ICELA," S&P said.

                       Recovery Analysis

"Our issue and recovery ratings on the existing and proposed
senior notes are supported by our valuation of Codere as a going
concern, underpinned by its leading market positions and strong
barriers to entry in the highly regulated gaming sector. At the
same time, the issue and recovery ratings are limited by our view
of the security package and noteholder protection as weak. The
ratings also reflect the uncertainties related to Codere's
operations in Latin American jurisdictions, and the company's
exposure to the Spanish insolvency regime, which we view as
unfavorable for creditors," S&P said.

"The guarantee and security package for the proposed US$250
million notes is in line with that of the euro notes. According
to the documentation, the euro and U.S. dollar notes rank pari
passu and are subordinated to the EUR120 million senior credit
facilities due 2013. The proposed notes are guaranteed on a
senior basis by Codere and Codere Internatiocional Dos, S.A.U.
Codere Internatiocional Dos is a holding company that will be put
in place for the purpose of guaranteeing the proposed notes
issuance, and will be 100% owned by Codere International S.L.U.
(a 100%-owned subsidiary of Codere). The proposed notes are also
guaranteed on a second-ranking basis by most of Codere's
operating companies. In addition, the proposed notes benefit from
a first-priority lien over a funding loan from Codere Finance to
Codere Internatiocional Dos, and from second-priority liens over
the shares of Codere's subsidiaries Codere Espana, Codere
Internacional, Codere America, Colonder, and Nididem," S&P said.

"The documentation for the proposed notes allows Codere to incur
additional debt if the fixed charge coverage ratio is above
2.25x. In addition, the company can, without any limitations,
raise up to $400 million of senior bank debt that would rank
ahead of the notes (compared with EUR200 million of senior bank
debt permitted in the euro notes' documentation)," S&P said.

"The proposed notes' documentation also includes a portability
feature that allows Codere to automatically push down the US$250
million notes to a Latin American holding entity if Codere
pursues an IPO or sells more than 20% of its Latin American
business. According to the documentation, if the push down were
to occur, holders of the U.S. dollar notes would no longer
benefit from the guarantee and security provided by non-Latin
American subsidiaries," S&P said.

"In order to determine recoveries, we simulate a default
scenario. Our hypothetical default scenario assumes some decline
in revenues and margins, primarily arising from potential
regulatory actions in Europe or Latin America. In addition, we
forecast that the difficult economic conditions in Spain will
accelerate margin decline in Codere's European business," S&P
said.

"Under this scenario, we project a default in 2015, at which
point we forecast that EBITDA will have declined to about EUR165
million. We calculate a stressed enterprise value of about EUR920
million at our simulated point of default, which translates into
an enterprise value-to-EBITDA multiple of 5.5x," S&P said.

"From the stressed enterprise value, we deduct priority
liabilities of about EUR135 million, comprising enforcement costs
and finance leases. We also deduct EUR225 million of debt ranking
ahead of the euro and U.S. dollar senior notes, including the
debt of Codere's various subsidiaries and the EUR120 million
senior credit facilities that we assume would be fully drawn by
the point of default," S&P said.

"The residual value is sufficient for meaningful recovery in the
50%-70% range for senior noteholders, although we see some
volatility in the recovery prospects. First, according to the
proposed notes' documentation, the company can increase the
amount of debt ranking above the notes, which would reduce
recovery prospects for noteholders. Second, we believe that if
the company were to push down the proposed U.S. dollar notes to a
Latin American holding entity, recovery prospects for both the
euro and U.S. dollar notes could be affected by potential changes
in the overall capital structure and in our valuation
assumptions. Third, we consider that depreciation of the
currencies in Argentina or Mexico could lower recovery prospects
for the senior noteholders, given that the debt is denominated in
euros and U.S. dollars. Nonetheless, the diversification of the
debt profile through the proposed U.S. dollar notes will
partially mitigate this foreign exchange exposure, given that we
see the U.S. dollar as more closely correlated to the Latin
American currencies than the euro," S&P said.

Ratings List

New Rating

Codere Finance (Luxembourg) S.A.
Senior Unsecured
  US$250 mil nts*                       B
   Recovery Rating                      3

*Guaranteed by Codere S.A.


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


DUCHESS V: S&P Raises Rating on Class E Notes to 'CCC+'
-------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Duchess V CLO B.V.'s class B, C, and E notes. At the same time,
S&P affirmed its ratings on the class A-1, D, and combination M
notes.

"The rating actions follow our assessment of the transaction's
performance using data from the latest available trustee report
(dated November 2011), in addition to our cash flow analysis. We
have taken into account recent developments in the transaction
and reviewed it under our 2010 counterparty criteria," S&P said.

"We note from the trustee report that the overcollateralization
test results for all classes of notes have improved significantly
since our last rating review in April 2010, and are currently
passing at their required levels. At the same time, the weighted-
average spread earned on the collateral pool has also increased,"
S&P said.

"In addition, our analysis indicates that the weighted-average
maturity of the portfolio has decreased since our April 2010
review. We have also observed a general improvement in the credit
quality of the portfolio, such as a decrease in defaulted assets,
and in assets rated 'CCC'. From our analysis, 'CCC' rated assets
currently account for 5.47% of the portfolio's performing asset
balance, versus 13.41% at our previous review. As a direct
consequence, there has been a reduction in our scenario default
rates (SDRs) for all rating categories," S&P said.

"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated class, which
we then compared against its SDR to determine the rating level
for each class of notes. In our analysis, we used the reported
portfolio balance that we consider to be performing, the
weighted-average spread, and the weighted-average recovery rates
that we considered appropriate. We incorporated various cash flow
stress scenarios using our standard default patterns, levels, and
timings for each rating category that we assume for all classes
of notes, in conjunction with different interest rate stress
scenarios," S&P said.

"At closing, Duchess V CLO entered into several derivative
obligations in order to purchase assets in non-euro currencies,
and also to mitigate against losses from the devaluation in the
currencies of those assets," S&P said.

"We believe that the documentation for these derivatives does not
fully reflect our 2010 counterparty criteria. Therefore, we
conducted our cash flow analysis assuming that the transaction
does not benefit from support from the derivatives. After
conducting these cash flow analyses, we have affirmed our
rating on the class A-1 notes, at a level equivalent to the
rating on the counterparty/counterparties providing these
derivative obligations, plus one notch. We have therefore
affirmed our rating on the class A-1 notes at 'A+ (sf)'," S&P
said.

"For the class B and C notes, in our view the reduction in our
SDRs, together with our cash flow analysis, indicates that the
credit enhancement available to these notes is commensurate with
higher rating levels than previously assigned. We have therefore
raised our ratings on the class B notes to 'A+ (sf)' and on the
class C notes to 'BBB' (sf)," S&P said.

"We have affirmed our 'B+ (sf)' rating on the class D notes, as
this rating remains constrained by the application of the largest
obligor default test, a supplemental stress test we introduced in
our 2009 criteria update for corporate collateralized debt
obligations (CDOs)," S&P said.

"In our opinion, the improvements we have seen in the
transaction's performance since our last transaction update have
benefited the class E notes to the extent that these notes can be
upgraded. However, as for the class D notes, our analysis shows
that the rating on the class E notes is constrained by the
largest obligor default test, as they were in our previous
analysis. We have therefore raised our rating on the class E
notes to 'CCC+ (sf)'," S&P said.

"The class M combination notes comprise Duchess V CLO's class C
and D notes. Our affirmation of the rating on the class M combo
notes reflects the effect the transaction's performance has had
on the class C and D notes," S&P said.

Duchess V CLO is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans to primarily speculative-grade
corporate firms. The transaction closed in December 2005 and its
reinvestment period ended in February 2009. The transaction is
managed by Babson Capital Europe Ltd.

           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

Duchess V CLO B.V.
EUR505.6 Million Secured Floating-Rate Notes

Ratings Raised

B                 A+ (sf)           BBB+ (sf)
C                 BBB (sf)          BBB- (sf)
E                 CCC+ (sf)         CCC (sf)

Ratings Affirmed

A-1               A+ (sf)
D                 B+ (sf)
M combo           B+ (sf)


HALCYON 2006-I: S&P Raises Rating on Class E Notes to 'BB-'
-----------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on Halcyon Structured Asset Management European CLO 2006-
I B.V.'s outstanding EUR339.72 million notes.

Specifically, S&P:

    Raised and removed from CreditWatch positive its ratings on
    the class C and D notes,

    Raised its rating on the class E notes, and

    Affirmed its ratings on the class A-1, A-1R, and B notes.

"These rating actions follow our assessment of the transaction's
performance, as well as the application of our 2010 counterparty
criteria and our criteria for rating corporate collateralized
debt obligations (CDOs)," S&P said.

"In our opinion, the credit quality of the portfolio has
improved, and at the same time, the assets in the portfolio are
earning higher spreads than we observed in 2010. We have also
observed an increase in credit enhancement. These factors, in our
view, support higher ratings on the class C, D, and E notes," S&P
said.

"We have subjected the capital structure to a cash flow analysis
to determine the break-even default rate for each rated tranche.
In our analysis, we have used the reported portfolio balance and
weighted-average spread, and the weighted-average recovery rates
that we consider to be appropriate. We have incorporated various
cash flow stress scenarios, using alternative default patterns,
levels, and timings for each liability rating category (i.e.,
'AAA', 'AA', and 'BBB' ratings), in conjunction with different
interest rate stress scenarios," S&P said.

"We have applied our 2010 counterparty criteria and, in our view,
the hedge agreement does not entirely reflect these criteria.
Considering this, we have assessed our ratings on the tranches in
this transaction -- taking into account the transaction's
exposure to counterparties and the potential impact if they did
not perform. However, none of the ratings on any class of notes,
except the class A-1 and A-1R notes are above our long-term
issuer credit rating on the option counterparty plus one notch.
Moreover, under our criteria, our credit and cash flow analysis
suggests that our ratings on the class A-1 and A-1R notes are not
affected by the option counterparty in the transaction (Barclays
Bank PLC; A+/Stable/A-1)," S&P said.

"We have also applied the largest obligor default test, a
supplemental stress test that we introduced as part of our
criteria update. The test aims to measure the effect on ratings
of defaults of a specified number of largest obligors in the
portfolio with particular ratings, assuming 5% recoveries. In
addition, we applied the largest industry default test, another
of our supplemental stress tests. Our cash flow stresses support
a higher rating on the class E notes. However, the supplemental
stress tests constrain our rating on the class E notes at its
current rating level," S&P said.

"Considering all of these factors, we have raised and removed
from CreditWatch positive our ratings on the class C and D notes,
and raised our rating on the class E notes because our analysis
indicates that the credit enhancement available to each tranche
is commensurate with higher ratings than previously assigned,"
S&P said.

"We also affirmed our ratings on the class A-1, A-1R and B notes,
to reflect our view that these tranches have adequate credit
support to maintain their current rating levels. The affirmations
of the ratings on these notes are commensurate with our cash flow
stresses," S&P said.

Halcyon Structured Asset Management European CLO 2006-I 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

Halcyon Structured Asset Management European CLO 2006-I B.V.
EUR400 Million Secured Floating-Rate Notes

Ratings Raised and Removed From CreditWatch Positive

C          A- (sf)       BBB (sf)/Watch Pos
D          BBB (sf)      BB+ (sf)/Watch Pos

Rating Raised

E          BB- (sf)      B+ (sf)

Ratings Affirmed

A-1        AA+ (sf)
A-1R       AA+ (sf)
B          A+ (sf)


NIELSEN HOLDINGS: Moody's Maintains 'Ba3' Corp. Family Ratings
--------------------------------------------------------------
Moody's Investors Service said that it had assigned a Ba2 rating
to Nielsen Finance LLC's new US$1.25 billion senior secured term
loan due January 2017. The proceeds will be used to repay term
loans due in 2013. Existing ratings including the Corporate
Family Rating (CFR) and all other debt ratings remain unchanged.
The outlook is stable.

Assignments:

   Issuer: Nielsen Finance LLC

   -- Senior Secured Bank Credit Facility, Assigned Ba2, 36
      - LGD3

Moody's maintains these ratings on Nielsen Holdings N.V. and its
following affiliates:

Long-Term Corporate Family Ratings (domestic and foreign
currency) of Ba3

Probability of Default rating of Ba3

Nielsen Company B.V. (The)

Senior Unsecured (domestic currency) B2, 96 - LGD 6

Senior Unsecured MTN (domestic currency) (P)B2, 96 -- LGD 6

Other Short Term (domestic currency) ratings of (P)NP

Nielsen Finance LLC

Senior Secured Bank Credit Facility (domestic and foreign
currency) Ba2, 36 - LGD3

BACKED Senior Unsecured (domestic currency) B2, 88 - LGD5

Ratings Rationale

Nielsen's Ba3 CFR reflects Moody's view that the company enjoys
strong international business positions with high barriers to
entry. In addition, it is based on Moody's expectation that the
company can build on its track record to deliver continued solid
revenue growth and can thus leverage its cost base, optimized
over the last few years, to produce steady profit growth. In
addition, Moody's expects that the company will utilize free cash
flow generation mainly to reduce debt further. However, the
ratings also reflect the company's still considerable leverage,
the price challenges in Nielsen's 'Buy' division as well as
exposure, particularly in the' Watch' division to a fast moving
technological environment and a more competitive landscape in
faster growing markets (eg online).

The company has delivered consistent revenue growth over recent
years, evidencing the importance of Nielsen's services to clients
through the economic cycle, notwithstanding some cycle-
sensitivity in the company's 'Exposition' and 'Insights'
businesses. In line with company guidance, Moody's expects 2011
full year revenue growth at a similar rate to that of the first
nine months (6% at constant currency) as continued strong growth
in developing markets offsets a more sluggish environment in some
European markets. Growth trends should broadly continue into
2012, with a harsher macro-environment partly offset by the
impact of new product launches (Online Campaign Ratings) and the
revenue impact from the Walmart US co-operation agreement.

The debt reduction from the company's IPO in early 2011 and
continued Ebitda growth has resulted in improved free cash flow
generation (as measured by Moody's -- post capex and dividends),
which has to a significant extent been used for debt reduction.
As a result, Moody's expects Debt/Ebitda leverage for the full
year 2011 to fall to 5x or somewhat below, in line with Moody's
expectation for the Ba3 CFR. Moody's also assumes that the
company will apply its discretionary free cash flows in 2012 and
beyond so that it can achieve its stated deleveraging objective
(annual reduction by 0.5x Net Debt/Ebitda as measured by Nielsen)
with any residual cash flows potentially to be used for smaller
add-on acquisitions.

Rating Outlook

The stable outlook is based on Moody's expectation that Nielsen
will maintain its positive operating momentum and continue to
grow revenues in the mid single digits in 2012 and beyond. It
also reflects Moody's expectation that the company will apply
discretionary cash flows mainly to debt reduction in line with
its stated objective to reduce leverage and to achieve ratings
improvements over time.

What Could Change the Rating - Down

A ratio of Debt/Ebitda (as adjusted by Moody's, without run-rate
cost savings) higher than 5.0x and/or the absence of visible free
cash flow generation would result in downward ratings pressure.

What Could Change the Rating - Up

Steady operational performance paired with de-leveraging such
that Debt /Ebitda (as adjusted by Moody's) is moving towards 4.0x
together with sustained meaningful free cash flow generation
would likely result in positive rating pressure.

Nielsen's ratings were assigned by evaluating factors that
Moody's considers relevant to the credit profile of the issuer,
such as the company's (i) business risk and competitive position
compared with others within the industry; (ii) capital structure
and financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside Nielsen's core industry and
believes Nielsen's ratings are comparable to those of other
issuers with similar credit risk. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.


=============
R O M A N I A
=============


BRC BUSINESS: Files for Insolvency
----------------------------------
SeeNews, citing data posted on a Bucharest court Web site,
reports that BRC Business Group filed for insolvency on Jan. 24.

According to SeeNews, data from Romania's finance ministry Web
site show that BRC Business Group posted a net loss of
RON2.7 million (US$816,000/EUR622,400) in 2010.

BRC Business Group was established in 2006 by a group of
investors from the United Kingdom, the Netherlands and Israel.
It developed the Citadella Titan residential project in Romania's
capital Bucharest.


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


LANTA-TUR VOYAGE: Halts Operations Due to Lack of Funds
-------------------------------------------------------
According to Bloomberg News' Ilya Khrennikov, RIA Novosti, citing
Oleg Moseyev, spokesman for Russia's Tourism Agency, reported
that more than 8,000 Russian tourists may be affected by the
suspension of sales at Lanta-Tur Voyage.

Lanta-Tur, which sold foreign tours to about 100,000 Russians
last year, as cited by RIA Novosti, said Friday on its Web site
that it halted operations because of a lack of funds to pay for
the services it booked, Bloomberg notes.

Lanta-Tur Voyage is one of Russia's largest tour operators.


OSAO RESO: S&P Affirms 'BB+' Counterparty Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Russia-
based OSAO RESO Garantia to stable from negative. "At the same
time, we affirmed our 'BB+' long-term counterparty credit and
financial strength ratings and our 'ruAA+' Russia National Scale
ratings on the company," S&P said.

"The outlook revision reflects our view that RESO Garantia's
capitalization is now less vulnerable to the expected acquisition
of a stake of 25% plus one share in Russia-based VSK Insurance.
In the first nine months of 2011, RESO Garantia had gross premium
written of Russian ruble (RUB) 36.7 billion, while VSK had gross
premium written of RUB21.7 billion. We now understand that the
acquisition is not likely to be solely funded at the expense of
RESO Garantia; part of the transaction is funded by a convertible
US$110 million 5-year loan from the European Bank for
Reconstruction and Development," S&P said.

"We also understand management intends to more actively maintain
capital adequacy by retaining profits. Previous high dividend pay
outs (RUB2.8 billion for 2010) are not expected in 2012," S&P
said.

"Though there is limited information about the VSK acquisition in
the public domain, we expect that the process will be lengthy, as
consequent plans may include taking full control of VSK. However
the first stage (the acquisition of 25% plus one share) is likely
to be completed by year-end 2012. The acquisition is subject to
approval from the anti-monopoly and insurance regulators," S&P
said.

"The ratings on RESO Garantia continue to reflect our view of its
marginal capitalization and investments and the high industry
risk it faces in Russia," S&P said.

The company's good competitive position, good operating
performance, and adequate financial flexibility somewhat offset
these weaknesses. The current ratings do not reflect any synergy
benefits RESO Garantia might receive from the VSK acquisition.

"Our overall view of RESO Garantia's capitalization is
constrained by what we regard as the company's currently marginal
capital adequacy, but supported by adequate reserving and
reinsurance protection. Capital adequacy continues to be
pressured by increased asset risk due to existing financial
leverage. Despite our marginal assessment of capitalization, we
note that that capital levels are safely above regulatory
requirements," S&P said.

"The stable outlook incorporates our view that RESO Garantia's
capitalization will not be significantly affected in the medium
term by the transaction with VSK," S&P said.


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


NARA CABLE: Fitch Assigns 'BB-(exp)' Rating to Notes Due 2018
-------------------------------------------------------------
Fitch Ratings has assigned Nara Cable Funding's proposed 2018
senior secured US dollar issue, an expected rating of 'BB-(exp)'
and an expected Recovery Rating of 'RR2'.  Nara Cable is a
finance vehicle for Cableuropa S.A.

The final rating of the notes is subject to completion of the
transaction and final terms conforming to information received
and reviewed by Fitch.

The purpose of the issuance is to refinance part of Cableuropa's
secured bank debt, the majority of which currently matures in
2013.  Subject to a marginal increase in ongoing interest costs,
the transaction will be leverage neutral and improve the group's
overall maturity profile.  In this respect, Fitch views the
transaction positively in terms of the company's ongoing progress
in addressing the overall profile of its borrowings.  The
transaction further diversifies the company's funding sources and
replaces near-term maturities with funding maturing in 2018.

Cableuropa's Long term IDR of 'B'/Positive takes into account the
company's revenue and cash flow resilience, despite a difficult
economy and communications market; with Spain's overall telecoms
revenues down 4.8% yoy in Q311, according to market regulator,
CMT.  The company is reporting good service bundle metrics across
the subscriber base, which itself remains stable, while the
business is achieving ARPU growth despite the economy and
austerity measures.

Leverage (net debt EBITDA) of 4.6x and free cash flow margin
approaching double digits are potentially already in line with a
'B+' rating.  Resilience and visibility of cash flows, even in
the event of renewed austerity driven top-line pressure suggest
these metrics will be sustained.

Concerns over the economy and the risk of renewed pressure on the
consumer -- the company's primary source of revenues are
constraining factors.  Net FFO leverage below 5.0x (correlating
to around 4.5x net debt EBITDA) and FCF margin sustained at
current levels in 2012 should justify an upgrade of the rating.
Further progress in addressing the 2013 bank refinancing will
also be a key consideration.  Financial metrics trending wider
than current levels and an absence of a successful bank
refinancing are likely to be negative for the rating or Outlook.


NARA CABLE: S&P Assigns 'B' Rating to Proposed US$400-Mil. Notes
----------------------------------------------------------------
Standard & Poor's Rating Services assigned its 'B' issue rating
to the proposed US$400 million senior secured notes, due 2018, to
be issued by the special-purpose vehicle (SPV) Nara Cable Funding
Ltd. Nara Cable Funding is borrowing on behalf of the Spanish
cable operator Cableuropa S.A.U. (B/Stable/--). The proposed
issuance is an addition to the EUR700 million and EUR300 million
senior secured notes issued in October 2010 and July 2011. "We
have not assigned a recovery rating to the proposed or existing
notes," S&P said.

"We understand that Nara Cable Funding will lend the proceeds of
the proposed notes, if issued successfully, to Cableuropa through
a new loan facility. The proceeds will be used to pay down
Cableuropa's existing senior secured debt facilities maturing in
2012 and 2013. We have assigned an issue rating of 'B' to the
proposed loan facility, in line with the corporate credit rating
on Cableuropa. We also assigned a recovery rating of '3' to the
proposed loan facility, reflecting our expectation of meaningful
(50%-70%) recovery for the lenders in the event of a payment
default," S&P said.

"We anticipate that any additional amounts raised as part of the
proposed issuance will be used to pay down Cableuropa's existing
senior secured credit facilities," S&P said.

"The ratings on the proposed notes and the proposed SPV Tranche 3
facility are based on preliminary information and are subject to
our review of the final documentation. In the event of any
changes to the amount, terms, or conditions of the proposed
issuance, the issue and recovery ratings might be subject to
further review," S&P said.

The issue and recovery ratings on Cableuropa's other debt
instruments are unchanged.

                         Recovery Analysis

"In order to determine recoveries, we simulate a hypothetical
default scenario. In particular, we believe that a default would
most likely result from excessive leverage and Cableuropa's
inability to refinance its senior secured credit facilities
maturing in 2013 (about EUR1.7 billion), as a result of operating
underperformance," S&P said.

"We value the group on a going-concern basis, given Cableuropa's
solid market positions and the cable sector's significant
barriers to entry that result from the industry's high capital
intensiveness. At the hypothetical point of default in 2013, we
value the group at about EUR3.08 billion," S&P said.

"We assume a total of EUR3.4 billion of debt outstanding at the
point of default, including a fully drawn revolving credit
facility (RCF). We assume the RCF would be drawn on the path to
default to support operations in the event of an insolvency
filing," S&P said.

"The issue and recovery ratings on the existing secured SPV
Tranche 1 and 2 facilities and the proposed SPV Tranche 3
facility reflect the estimated value available and accessible to
the respective creditors, the likelihood of insolvency
proceedings being adversely influenced by Cableuropa's Spanish
domicile, and the high proportion of senior secured debt
instruments in the capital structure. The ratings also reflect
the weak security package, including a first-ranking share pledge
over Cableuropa and any material subsidiaries (no assets are
pledged)," S&P said.

"With regard to the pass-through transaction, although we have
not assigned a recovery rating to the proposed senior secured
notes, we believe that recovery prospects for these notes are
intrinsically linked to the recovery prospects on the senior
secured SPV Tranche facilities. We base this view on the
assignment of rights granted to noteholders under the SPV tranche
facilities. We consider that potential recovery for noteholders
would rely entirely on the effective operation of the pass-
through structure between the corporate entity (Cableuropa) and
the issuer (Nara Cable Funding)," S&P said.

Ratings List
New Ratings

Nara Cable Funding Ltd.
Senior Secured Debt                    B

Cableuropa S.A.U.
Senior Secured                         B
US$400 mil. 8.875% bank ln
due 12/01/2018
  Recovery Rating                       3


SPANAIR SA: Halts Operations After Takeover Talks End
-----------------------------------------------------
Manuel Baigorri at Bloomberg News reports that Spanair SA, the
Spanish airline involved in a crash that killed 154 people in
2008, ceased operations after Qatar Airways Ltd. halted takeover
talks and the regional government refused to provide further
funding.

According to Bloomberg, the carrier said in an e-mailed statement
that the final flight landed at about 10:00 p.m. on Friday,
citing "a lack of financial visibility for the coming months."

"We were in a very advanced process of finding a financial
partner, but we were notified by the regional government that it
couldn't finance our operations anymore and that Qatar wouldn't
invest," Bloomberg quotes Chairman Ferran Soriano as saying on
state-owned TVE.   Closing operations was "the most prudent and
safe" decision.

Closely held Spanair wouldn't confirm a statement made by former
owner SAS AB that it had filed for bankruptcy, Bloomberg notes.

According to Bloomberg, the country's development ministry said
on Friday that Spanair is legally obliged to take care of
estimated 23,000 travelers affected by the closure and must
produce a plan to help them.

Spain's development ministry said in an e-mailed statement on
Saturday that it has started the procedure of fining Spanair for
two infringements of the nation's Air Security Law, Bloomberg
notes.  The ministry, as cited by Bloomberg, said that those
fines could each be of as much as EUR4.5 million (US$5.9
million), and the airline could lose its operating license.

The Spanish airline, which has more than 2,000 employees, is
looking at options "including seeking protection from creditors
or filing for bankruptcy," though no decision has yet been made,
Bloomberg quotes spokeswoman Sandra Melendez as saying on
Saturday.

"The airline industry has become a game of big players and
Spanair was tremendously weak," Francisco Salvador, a Madrid-
based strategist at FGA/MG Valores, as cited by Bloomberg, said
on Saturday.  "Tough competition from carriers such as Vueling
Airlines or Ryanair and the Spanish economic crisis didn't help
either."

Bloomberg relates that SAS, which sold 80% of the airline in
March 2009 and now holds 11%, said in a statement it will write
down the value of its remaining stake by SEK1.7 billion (US$252
million).

Spanair SA is the fifth-largest airline by passengers in Spain.
Founded in 1986, operated from 15 Spanish airports and had routes
to Europe, Africa and the Middle East.  The airline carried 12.56
million passengers in 2011


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


SAAB AUTOMOBILE: Youngman Expected to Make Takeover Bid This Week
-----------------------------------------------------------------
Radio Sweden reports that a bid on the bankruptcy estate of Saab
Automobile may come in as early as this week.

According to Radio Sweden, news agency TT reported that big
delegation from the Chinese car manufacturer, Youngman, is coming
to Sweden today to hold discussions with Saab's bankruptcy
administrator.  Swedish Radio P4 Vast reported it is possible
Youngman will make a bid for the estate, Radio Sweden notes.

On Friday, it was announced that the Swedish National Debt
Office, a Saab guarantor, had paid back the car company's loan to
the European Investment Bank, Radio Sweden relates.  This means
the Debt Office now holds a claim of up to US$325 million on
Saab's bankruptcy estate, Radio Sweden says.

Communications director of the Debt Office, Unni Jerndal, told
Swedish Radio p4 Vast that the Office will continue to recommend
that Saab be sold in its entirety, rather than piecemeal,
according to Radio Sweden.

The Debt Office can now claim the biggest share of Saab's
bankruptcy estate, Radio Sweden discloses.  As security for its
claim, the Debt Office can be entitled to shares of Saab's spare
parts and tools subsidiaries, Saab Parts and Saab Tools,
respectively, Radio Sweden states.

                            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), 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
=====================


NEUCHATEL XAMAX: Financial Woes Prompt Bankruptcy Filing
--------------------------------------------------------
Football.co.uk reports that Neuchatel Xamax, owned by Chechen
businessman Bulat Chagaev, said Thursday it has filed for
bankruptcy.

According to football.co.uk, the club's board said in a statement
it made the decision due to the withdrawal of the club's license
and its financial situation.

"The board also decided to immediately release the players from
their obligations," football.co.uk quotes the board as saying.

The Swiss Football League said on Xamax was left out of last
week's Swiss Super League's championship race due to
Mr. Chagaev's actions, football.co.uk notes.

Mr. Chagaev bought Xamax in May 2011 from its former president
Sylvio Bernasconi, for an estimated CHF1.2 million
(EUR1 million), football.co.uk recounts.

Among the accusations he faces are failing to pay his players for
several months and not paying payroll taxes, football.co.uk
notes.

The disciplinary committee of the SFL also cited a probe into
allegations Mr. Chagaev submitted a falsified bank document to
prove his solvency during a bankruptcy trial, football.co.uk
discloses.

Neuchatel Xamax is a Swiss football club.


PETROPLUS HOLDINGS: S&P Lowers Corporate Credit Rating to 'D'
-------------------------------------------------------------
Standard and Poor's Ratings Services lowered its long-term
corporate credit rating on Switzerland-based refiner Petroplus
Holdings AG to 'D' (Default) from 'CC'.

"At the same time, we lowered to 'D' from 'C' our senior
unsecured debt ratings on notes totaling US$1.6 billion and a
US$150 million convertible bond issued by Petroplus Finance Ltd.
(Bermuda). At the time of default, the recovery rating on these
instruments was unchanged at '5', indicating our expectation of
modest (10%-30%) recovery prospects," S&P said.

"In addition, all ratings were removed from CreditWatch, where
they were placed with negative implications on Dec. 29, 2011,"
S&P said.

"The downgrades reflect our understanding that Petroplus has
received notices of acceleration from its banks under its US$2.1
billion committed and uncommitted revolving credit facilities.
Such acceleration constitutes an event of default under the
US$1.75 billion aggregate principal amount of outstanding senior
notes and convertible bonds of Petroplus Finance," S&P said.

"As Petroplus is unable to reopen its working capital lines, it
has started to close down operations at its refineries. In
addition, we understand that the board of directors plans to file
for insolvency," S&P said.


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


BONMARCHE LTD: Sun Capital Unit Buys UK Retailer
------------------------------------------------
Eric Hornbeck at Bankruptcy Law360 reports that an affiliate of
private equity firm Sun Capital Partners Inc. has bought
Bonmarche Ltd. for an undisclosed sum, the clothing chain's
insolvency administrator said.

Law360 relates that Sun European Partners LLP acquired the
chain's 389 stores after KPMG LLP was tapped as Bonmarche's
administrator.  The sale excludes a handful of the chain's stores
and a few employees.

Based in Wakefield, the United Kingdom, Bonmarche, Ltd. retails
women's wear in a range of sizes.  Bonmarche, Ltd. operates as a
subsidiary of The Peacock Group plc.


GEMINI: Moody's Cuts Rating on Class A Notes to 'Caa3'
------------------------------------------------------
Moody's Investors Service has downgraded the Class A Notes issued
by Gemini (Eclipse 2006-3) plc (amounts reflect initial
outstandings):

   -- GBP615M Class A Notes, Downgraded to Caa3 (sf); previously
      on Aug 11, 2010 Downgraded to Caa1 (sf)

Moody's does not rate the Class E, Class F, Class G and the Class
X Notes.

Ratings Rationale

The downgrade of the Class A Notes reflects the continuing
weakness of the secondary quality assets securing the single loan
in the transaction, combined with increased senior ranking
hedging claims that will reduce the recovery amounts available to
repay the Class A Notes. Moody's value of the portfolio is
GBP405 million, based on current net cash flows of roughly
GBP38 million that Moody's expects to deteriorate further. Taking
into account the reported mark-to-market of the hedging
instruments of GBP229.19 million as of October 2011, this
increases the note to value ratio ("NTV") of the Class A Notes to
197%. This compares to a NTV of 136% in Moody's last review,
mainly increased due to an increased senior hedging claim and a
further decline in property values. Despite the possible
reduction of the senior ranking claim over time, a full recovery
of the principal of the Class A Notes is unlikely. The rating
action also takes into account the uncertainty regarding the
senior ranking position of the liquidity facility to payments of
interest and principal under the Notes as described in Moody's
press release of June 8, 2011.

The key parameters in Moody's analysis are the default
probability of the securitized loans (both during the term and at
maturity) as well as Moody's value assessment for the properties
securing these loans. Moody's derives from those parameters a
loss expectation for the securitized pool.

Moody's rating of the Class A Notes is sensitive to (i) the
interest rate swap development that influences the large senior
ranking claim of the hedge counterparty, (ii) the ongoing
performance and market value of the secondary real estate backing
the loan.

In general, Moody's analysis reflects a forward-looking view of
the likely range of commercial real estate collateral performance
over the medium term. From time to time, Moody's may, if
warranted, change these expectations. Performance that falls
outside an acceptable range of the key parameters such as
property value or loan refinancing probability for instance, may
indicate that the collateral's credit quality is stronger or
weaker than Moody's had anticipated when the related securities
ratings were issued. Even so, a deviation from the expected range
will not necessarily result in a rating action nor does
performance within expectations preclude such actions. There may
be mitigating or offsetting factors to an improvement or decline
in collateral performance, such as increased subordination levels
due to amortization and loan re- prepayments or a decline in
subordination due to realized losses.

Primary sources of assumption uncertainty are the current
stressed macro-economic environment and continued weakness in the
occupational and lending markets. Moody's anticipates (i) delayed
recovery in the lending market persisting through 2013, while
remaining subject to strict underwriting criteria and heavily
dependent on the underlying property quality, (ii) strong
differentiation between prime and secondary properties, with
further value declines expected for non-prime properties, and
(iii) occupational markets will remain under pressure in the
short term and will only slowly recover in the medium term in
line with anticipated economic recovery. Overall, Moody's central
global macroeconomic scenario is for a material slowdown in
growth in 2012 for most of the world's largest economies fueled
by fiscal consolidation efforts, household and banking sector
deleveraging and persistently high unemployment levels.

As noted in Moody's comment 'Rising Severity of Euro Area
Sovereign Crisis Threatens Credit Standing of All EU Sovereigns'
(November 28, 2011), the risk of sovereign defaults or the exit
of countries from the Euro area is rising. As a result, Moody's
could lower the maximum achievable rating for structured finance
transactions in some countries, which could result in rating
downgrades.

Moody's Portfolio Analysis

Gemini (Eclipse 2006-3) plc closed in November 2006 and
represents the true-sale securitization of an initially GBP 918.9
million senior loan (the "Senior Loan") secured by a portfolio of
initially 36 commercial properties throughout the UK. The
predominant property types were retail (59%) and office (21%).
The GBP105.8 million junior loan (the "Junior Loan") has not been
securitized in this transaction but is secured by the same
properties. The relationship between the Senior Loan lenders and
Junior Loan lenders is governed by an intercreditor agreement.
The Senior Loan and the Junior Loan combined are the initially
GBP1,041.4 million whole loan ("Whole Loan"), which matures in
July 2016. Following a property disposal, the Senior Loan
currently amounts to GBP850.4 million and the Junior Loan to
GBP105.2 million. The predominant property types are still retail
(55%) and office (21%).

Portfolio performance. The vacancy level of the portfolio has
increased to 18.61% in the last year up to Q4 2011, in part due
to the administration of a gym operator that still occupies 2
properties of the portfolio. The portfolio still has a relatively
healthy WA lease term of 9 years to break, but Moody's
nevertheless expects that the vacancy rate will continue to be
under pressure and net rents to decline further. The current
level of net rents is volatile given numerous one-off effects on
the cash flow in the last quarters, but Moody's assumes a net
cash flow of currently GBP38 million annually to be available to
service the debt. This net cash flow is expected to decrease
further.

The special servicer commissioned a new valuation dated September
2011. According to the valuation, the portfolio has a combined
value of GBP469.6 million as of this date. Moody's uses a value
of GBP405 million in its analysis, based on the secondary nature
of the properties and the expectation of further falls in net
cash flows.

The Borrower Level Interest Rate Hedging. The borrower has
entered into an interest rate swap and a collar that matures in
2026. Upon termination of the hedges due to a default of the
borrower or refinancing of the loan, the swap counterparty ranks
senior to the Senior Loan in terms of swap breakage costs. Given
the current low interest rate environment, the hedging
instruments are in the money for the counterparty. As of October
2011, the exposure to the hedging agreements amounted to
GBP229.19 million. At the same time, even assuming constant
interest rates, the negative swap exposure would decline over
time as the remaining tenor of the swap shortens. Moody's
continues to assume that the existence of the swap and the
currently significant potential termination costs will impact the
Special Servicer's enforcement strategy and make an outright sale
of a large portion of the property portfolio unlikely. Since
Moody's assumes that swap termination costs are also payable upon
a partial prepayment of the loan, the swap structure continues to
complicate selected property disposals for the foreseeable
future.

Portfolio Loss Exposure: Moody's expects very large amount of
losses on the securitized portfolio, stemming from the secondary
nature of the portfolio, the continuing pressure on net rents
from high vacancies and limited tenant demand, and the limited
investment appetite for secondary property that Moody's does not
expect to change over the coming years. Moody's anticipates that
the Special Servicer will have to start recovering some amounts
towards the maturity of the loan in 2016 at latest, at which
point the losses will start crystallizing.

Rating Methodology

The methodologies used in this rating were Moody's Approach to
Real Estate Analysis for CMBS in EMEA: Portfolio Analysis (MoRE
Portfolio) published in April 2006, and Update on Moody's Real
Estate Analysis for CMBS Transactions in EMEA published in June
2005.

Other factors used in this rating are described in EMEA CMBS:
2011 Central Scenarios published in February 2011.

The updated assessment is a result of Moody's on-going
surveillance of commercial mortgage backed securities (CMBS)
transactions. Moody's prior assessment is summarized in a press
release dated 11 August 2010. The last Performance Overview for
this transaction was published on 10 January 2012.

In rating this transaction, Moody's used both MoRE Portfolio and
MoRE Cash Flow to model the cash-flows and determine the loss for
each tranche. MoRE Portfolio evaluates a loss distribution by
simulating the defaults and recoveries of the underlying
portfolio of loans using a Monte Carlo simulation. This portfolio
loss distribution, in conjunction with the loss timing calculated
in MoRE Portfolio is then used in MoRE Cash Flow, where for each
loss scenario on the assets, the corresponding loss for each
class of notes is calculated taking into account the structural
features of the notes.

As such, Moody's analysis encompasses the assessment of stressed
scenarios.


THAMESTEEL: Enters Administration After Failing to Find Investor
----------------------------------------------------------------
Dow Jones' DBR Small Cap reports that Thamesteel has entered into
administration after failing to secure an investor to rescue it
from financial difficulties, members of the Community Union said.

Thamesteel is a U.K. steel producer, which is owned by Saudi-
based Al-Tuwairqi Group.


TURBO FINANCE: Fitch Affirms Rating on Class C Notes at 'BB+sf'
---------------------------------------------------------------
Fitch Ratings has upgraded Turbo Finance Plc's class B notes,
affirmed the class A and C notes and revised class C's Outlook to
Positive, as follows:

  -- Class A notes affirmed at 'AAAsf'; Outlook Stable,
  -- Class B notes upgraded to 'AAsf' from 'Asf'; Outlook Stable,
  -- Class C notes affirmed at 'BB+sf'; Outlook revised to
     Positive from Stable.

The rating actions reflect the transaction's robust performance
as demonstrated by the low delinquency rates and the cumulative
default ratios to date remaining below Fitch's base case
assumptions set at closing.  Although the underlying contracts do
not feature any direct residual value risk, Fitch notes that
91.5% of the underlying receivables are regulated by the Consumer
Credit Act and are therefore exposed to losses resulting from
borrowers exercising their voluntary termination (VT) right.
However, given used car prices were quite stable since
transaction closing, the number of VT cases remained at a low
level (0.2% by initial portfolio amount).

The fast amortization together with the solid performance has led
to significantly increased credit enhancement levels.  Fitch
believes that Turbo Finance Plc could therefore withstand
increased stress levels and has thus upgraded the class B and
assigned the class C a Positive Outlook.

The transaction is a securitization of UK auto loan receivables
originated by FirstRand Bank Limited, London Branch (FRB;
'BBB+'/Stable/'F2') under the trading name of Carlyle Finance.
Carlyle Finance was acquired by FRB in 2006 and is the fourth
largest independent provider of point-of-sale (POS) car finance
in the UK.

The portfolio, as of December 2011, comprised 45,174 loans with
an average current balance of GBP4,119.  The portfolio consists
primarily of used car loans (89% by balance), with weighted
average seasoning of 22 months and a weighted average remaining
term of 29.5 months.  The portfolio is diverse with respect to
regional and manufacturer distribution.


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


* BOND PRICING: For the Week January 23 to January 27, 2012
-----------------------------------------------------------

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

AUSTRIA
-------
BA CREDITANSTALT       5.470   8/28/2013      EUR     63.25
BAWAG                  5.400   2/12/2023      EUR     68.01
BAWAG                  5.430   2/26/2024      EUR     65.20
BAWAG                  5.310   2/12/2023      EUR     67.48
BUNDES IMMOBIL         4.070   1/19/2032      EUR     98.79
HAA-BANK INTL AG       5.270    4/7/2028      EUR     62.74
HYPO NOE GRUPPE        4.000   1/24/2029      EUR     97.46
IMMOFINANZ             4.250    3/8/2018      EUR      3.51
KOMMUNALKREDIT         5.430   2/13/2024      EUR     63.50
KOMMUNALKREDIT         4.440  12/20/2030      EUR     48.38
KOMMUNALKREDIT         4.900   6/23/2031      EUR     51.50
OEBB INFRASTRUKT       4.000   12/9/2031      EUR    103.06
OESTER VOLKSBK         5.270    2/8/2027      EUR     58.65
OESTER VOLKSBK         4.170   7/29/2015      EUR     62.00
OESTER VOLKSBK         4.750   4/30/2021      EUR     68.10
OESTER VOLKSBK         4.160   5/20/2025      EUR     69.29
OESTER VOLKSBK         4.810   7/29/2025      EUR     63.75
RAIFF ZENTRALBK        5.500  12/29/2023      EUR     69.87
RAIFF ZENTRALBK        5.730  12/11/2023      EUR     71.74
RAIFF ZENTRALBK        5.470   2/28/2028      EUR     64.10
RAIFF ZENTRALBK        4.500   9/28/2035      EUR     50.84

BELGIUM
-------
ECONOCOM GROUP         4.000    6/1/2016      EUR     20.11
IDEAL STANDARD I      11.750    5/1/2018      EUR     64.75
IDEAL STANDARD I      11.750    5/1/2018      EUR     64.75
ONTEX IV               9.000   4/15/2019      EUR     72.63

BULGARIA
--------
BULGARIA GOVT          4.500   1/18/2019      EUR    100.81
PETROL AD-SOFIA        8.375   1/26/2017      EUR     79.75
AVANGARDCO INVES      10.000  10/29/2015      USD     77.00

CYPRUS
------
CYPRUS GOVT BOND       5.100   1/29/2018      EUR     63.25
CYPRUS GOVT BOND       5.600   4/15/2017      EUR     71.45
CYPRUS GOVT BOND       4.500   9/28/2017      EUR     62.00
CYPRUS GOVT BOND       6.000    1/4/2015      EUR     77.29
CYPRUS GOVT BOND       5.350    6/9/2020      EUR     59.68
CYPRUS GOVT BOND       4.500    4/2/2017      EUR     63.75
CYPRUS GOVT BOND       4.600   2/26/2019      EUR     58.13
CYPRUS GOVT BOND       6.100   6/24/2019      EUR     63.63
CYPRUS GOVT BOND       4.500   2/15/2017      EUR     64.13
CYPRUS GOVT BOND       4.625    2/3/2020      EUR     61.32
CYPRUS GOVT BOND       6.100   4/20/2020      EUR     63.68
CYPRUS GOVT BOND       4.500    1/4/2017      EUR     64.63
CYPRUS GOVT BOND       6.000    6/9/2021      EUR     59.63
CYPRUS GOVT BOND       6.500   8/25/2021      EUR     60.61
CYPRUS GOVT BOND       5.000    6/9/2016      EUR     69.18
CYPRUS GOVT BOND       4.500    6/2/2016      EUR     66.88
CYPRUS GOVT BOND       4.500   3/30/2016      EUR     67.63
CYPRUS GOVT BOND       4.500    1/2/2016      EUR     68.63
CYPRUS GOVT BOND       4.750   12/2/2015      EUR     71.89
CYPRUS GOVT BOND       6.600  10/26/2016      EUR     72.00
CYPRUS GOVT BOND       4.500   7/11/2016      EUR     66.50
CYPRUS GOVT BOND       3.750   11/1/2015      EUR     65.13
CYPRUS GOVT BOND       4.500   10/9/2016      EUR     65.50
CYPRUS GOVT BOND       5.250    6/9/2015      EUR     75.05
CYPRUS GOVT BOND       4.750   9/30/2015      EUR     72.53
CYPRUS GOVT BOND       4.600   4/23/2018      EUR     60.50
CYPRUS GOVT BOND       4.600  10/23/2018      EUR     59.00
MARFIN POPULAR         4.350  11/20/2014      EUR     53.13
REP OF CYPRUS          4.750   2/25/2016      EUR     62.44
REP OF CYPRUS          4.375   7/15/2014      EUR     72.81

DENMARK
-------
DONG A/S               4.875   1/12/2032      GBP    100.02
FIN-DANISH IND         4.910    7/6/2021      EUR     63.63
KOMMUNEKREDIT          0.500    2/3/2016      TRY     75.32
KOMMUNEKREDIT          0.500  12/14/2020      ZAR     58.95
NYKREDIT               3.500   10/1/2044      DKK     96.57
REALKREDIT DNMRK       2.000    1/1/2020      EUR     91.79
REALKREDIT DNMRK       2.000    4/1/2023      DKK     92.68
REALKREDIT DNMRK       2.000    1/1/2023      EUR     89.19
REALKREDIT DNMRK       2.000    1/1/2022      EUR     88.13
REALKREDIT DNMRK       2.000    4/1/2014      EUR    100.62
WELLTEC A/S            8.000    2/1/2019      USD     96.25

FINLAND
-------
MUNI FINANCE PLC       0.500  10/27/2016      TRY     75.28
MUNI FINANCE PLC       0.500  10/27/2016      ZAR     73.33
MUNI FINANCE PLC       0.500  11/17/2016      ZAR     73.57
MUNI FINANCE PLC       0.250   6/28/2040      CAD     20.89
MUNI FINANCE PLC       0.500  11/10/2021      NZD     64.39
MUNI FINANCE PLC       0.500  11/25/2020      ZAR     50.22
MUNI FINANCE PLC       0.500   3/17/2025      CAD     53.91
MUNI FINANCE PLC       0.500  12/21/2016      TRY     74.64
MUNI FINANCE PLC       0.500  11/21/2018      ZAR     64.62
MUNI FINANCE PLC       0.500   9/24/2020      CAD     70.79
MUNI FINANCE PLC       0.500  11/16/2017      TRY     63.50
MUNI FINANCE PLC       1.000   6/30/2017      ZAR     71.52
MUNI FINANCE PLC       9.750    1/2/2013      TRY    101.32
MUNI FINANCE PLC       5.500   3/25/2014      MXN    102.51
MUNI FINANCE PLC       0.500   4/27/2018      ZAR     65.78

FRANCE
------
AGENCE FRANCAISE       3.125    1/4/2024      EUR     93.59
AIR FRANCE-KLM         4.970    4/1/2015      EUR     11.01
ALCATEL-LUCENT         5.000    1/1/2015      EUR      2.67
ALTRAN TECHNOLOG       6.720    1/1/2015      EUR      4.70
ASSYSTEM               4.000    1/1/2017      EUR     20.55
ATOS ORIGIN SA         2.500    1/1/2016      EUR     51.28
BANQ FED CRD MUT       5.300   12/6/2018      EUR     95.36
BANQUE PSA FIN         6.000   7/16/2014      EUR    103.17
BNP PARIBAS           10.050   7/24/2012      USD     33.63
BNP PARIBAS            2.890   5/16/2036      JPY     56.74
BPCE                   3.455   9/16/2025      EUR     71.18
BPCE SFH               4.000   3/23/2022      EUR     99.90
CAISSE AMORT DET       5.120   12/1/2025      NOK    110.55
CAISSE AMORT DET       2.625   1/15/2015      EUR    101.59
CAISSE AMORT DET       4.125   4/25/2023      EUR    102.69
CAISSE AMORT DET       4.000  12/15/2025      EUR    100.30
CALYON                 6.000   6/18/2047      EUR     16.12
CAP GEMINI SOGET       3.500    1/1/2014      EUR     37.52
CGG VERITAS            1.750    1/1/2016      EUR     29.00
CLUB MEDITERRANE       5.000    6/8/2012      EUR     15.66
CLUB MEDITERRANE       6.110   11/1/2015      EUR     19.03
CMA CGM                8.500   4/15/2017      USD     45.50
CMA CGM                8.875   4/15/2019      EUR     44.38
CMA CGM                8.875   4/15/2019      EUR     44.40
CMA CGM                8.500   4/15/2017      USD     44.63
CNP ASSURANCES         6.875   9/30/2041      EUR     74.01
CNP ASSURANCES         6.000   9/14/2040      EUR     72.67
CRED AGRICOLE SA       4.000   9/30/2022      EUR     76.46
CRED MUT ARK HL        4.650  12/13/2041      EUR    101.68
CREDIT FONCIER         4.250   2/24/2018      EUR     97.83
CREDIT LOCAL FRA       3.750   5/26/2020      EUR     56.42
DEXIA CRED LOCAL       4.110   9/18/2018      EUR     65.47
DEXIA CRED LOCAL       5.037    8/4/2020      EUR     62.07
DEXIA CRED LOCAL       4.500   2/25/2020      EUR     60.83
DEXIA CRED LOCAL       4.550    4/2/2020      EUR     60.96
DEXIA MUNI AGNCY       4.680    3/9/2029      CAD     73.48
DEXIA MUNI AGNCY       1.000  12/23/2024      EUR     59.57
DEXIA MUNI AGNCY       2.875   4/23/2030      CHF     72.39
ELEC DE FRANCE         3.875   1/18/2022      EUR    100.97
EURAZEO                6.250   6/10/2014      EUR     55.27
EUROPCAR GROUPE        9.375   4/15/2018      EUR     57.64
EUROPCAR GROUPE        9.375   4/15/2018      EUR     58.13
FAURECIA               4.500    1/1/2015      EUR     22.34
FONCIERE REGIONS       3.340    1/1/2017      EUR     73.65
GROUPAMA SA            7.875  10/27/2039      EUR     55.40
HOPITAUX DE PARI       4.100    1/5/2032      EUR     98.52
INGENICO               2.750    1/1/2017      EUR     43.08
IXIS CIB               5.400    1/9/2033      EUR     71.92
MAUREL ET PROM         7.125   7/31/2014      EUR     18.08
MAUREL ET PROM         7.125   7/31/2015      EUR     16.79
NEXANS SA              4.000    1/1/2016      EUR     59.73
ORPEA                  3.875    1/1/2016      EUR     42.39
PAGESJAUNES FINA       8.875    6/1/2018      EUR     64.13
PAGESJAUNES FINA       8.875    6/1/2018      EUR     63.75
PEUGEOT SA             4.450    1/1/2016      EUR     24.68
PIERRE VACANCES        4.000   10/1/2015      EUR     69.87
PUBLICIS GROUPE        1.000   1/18/2018      EUR     50.16
PUBLICIS GROUPE        3.125   7/30/2014      EUR     38.99
RCI BANQUE             5.625   3/13/2015      EUR    104.10
RESEAU FERRE FRA       4.250   10/7/2026      EUR    102.52
SOC AIR FRANCE         2.750    4/1/2020      EUR     20.92
SOITEC                 6.250    9/9/2014      EUR      8.37
TEM                    4.250    1/1/2015      EUR     52.86
THEOLIA                2.700    1/1/2041      EUR      9.06
VIVENDI SA             4.125   7/18/2017      EUR    102.29
ZLOMREX INT FIN        8.500    2/1/2014      EUR     74.50
ZLOMREX INT FIN        8.500    2/1/2014      EUR     74.50

GERMANY
-------
AAREAL BANK AG         2.000   6/15/2015      EUR    100.40
AAREAL BANK AG         2.250   1/30/2013      EUR     98.79
AAREAL BANK AG         2.850   6/10/2016      EUR     94.50
AAREAL BANK AG         2.000    2/1/2016      EUR    100.32
BAYERISCHE HYPO        5.000  12/21/2029      EUR     63.89
BAYERISCHE LNDBK       2.000   12/9/2014      EUR    101.52
BAYERISCHE LNDBK       3.375    5/3/2021      EUR     99.10
BAYERISCHE LNDBK       4.500    2/7/2019      EUR     68.93
BAYERNLABO             1.150   1/15/2013      EUR     99.89
BHW BAUSPARKASSE       5.600   4/14/2023      EUR     65.88
BHW BAUSPARKASSE       5.640   1/30/2024      EUR     64.88
BHW BAUSPARKASSE       4.270   1/15/2019      EUR     68.13
BHW BAUSPARKASSE       5.450   2/20/2023      EUR     65.13
BREMER LANDESBK        3.250   1/10/2022      EUR     83.66
BREMER LANDESBK        2.020  11/25/2014      EUR    101.11
BREMER LANDESBK        2.000   1/30/2015      EUR     94.69
BREMER LANDESBK        2.875   6/21/2017      EUR     92.17
COMMERZBANK AG         5.625  11/29/2017      EUR     71.16
COMMERZBANK AG         5.000   4/20/2018      EUR     28.01
COMMERZBANK AG         5.000   3/30/2018      EUR     28.02
COMMERZBANK AG         6.625   8/30/2019      GBP     74.77
COREALCREDIT           1.000  12/20/2013      EUR     98.08
DEUTSCHE HYP HAN       2.000    1/9/2014      EUR     99.59
DEUTSCHE HYP HAN       6.050   9/27/2022      EUR     69.50
DEUTSCHE HYP HAN       5.300  11/20/2023      EUR     63.00
DRESDNER BANK AG       6.000   2/25/2020      EUR     74.02
DRESDNER BANK AG       5.290   5/31/2021      EUR     65.87
DRESDNER BANK AG       5.700   7/31/2023      EUR     61.90
DRESDNER BANK AG       6.210   6/20/2022      EUR     68.24
DT PFANDBRIEFBAN       2.250   1/18/2016      EUR    100.29
DZ BANK AG             1.460   9/15/2014      EUR     99.50
DZ BANK AG             2.820   12/9/2020      EUR     97.94
ERSTE ABWICKLUNG       1.660   1/20/2016      EUR     99.87
ERSTE ABWICKLUNG       1.200   12/6/2012      EUR    100.09
ESCADA AG              7.500    4/1/2012      EUR      8.13
EUROHYPO AG            6.490   7/17/2017      EUR     68.63
EUROHYPO AG            5.110    8/6/2018      EUR     60.75
EUROHYPO AG            3.830   9/21/2020      EUR     50.38
EUROHYPO AG            5.560   8/18/2023      EUR     53.13
FMS WERTMANAGE         1.695   1/25/2017      EUR     99.26
FRANKFURT SPARKA       2.700    6/1/2015      EUR     96.03
FRANKFURT SPARKA       2.900    6/1/2016      EUR     94.73
GEM DT LAENDER         1.625   1/26/2017      EUR     99.54
GOTHAER ALLG VER       5.527   9/29/2026      EUR     74.51
HAMBURG FREIE HA       1.670   1/25/2017      EUR     98.43
HAMBURGER SPARKA       2.500  11/11/2019      EUR     96.71
HAMBURGER SPARKA       1.710  10/31/2017      EUR     95.68
HAPAG-LLOYD            9.750  10/15/2017      USD     82.38
HECKLER & KOCH         9.500   5/15/2018      EUR     68.50
HECKLER & KOCH         9.500   5/15/2018      EUR     68.50
HEIDELBERG DRUCK       9.250   4/15/2018      EUR     61.99
HEIDELBERG DRUCK       9.250   4/15/2018      EUR     62.25
HSH NORDBANK AG        2.000   7/18/2014      EUR     95.94
HSH NORDBANK AG        2.375   4/15/2016      EUR     93.04
HSH NORDBANK AG        4.375   2/14/2017      EUR     60.66
KREISSPK KOELN         1.660   9/29/2017      EUR     97.37
L-BANK FOERDERBK       0.500   5/10/2027      CAD     50.90
LAND HESSEN            1.750   2/10/2017      EUR    100.18
LANDBK HESSEN-TH       2.750  12/15/2017      EUR    101.83
LANDESBK BERLIN        2.500   1/16/2018      EUR     88.86
LANDESBK BERLIN        2.330  12/16/2016      EUR     90.99
LB BADEN-WUERTT        1.375  11/14/2012      EUR    100.16
LB BADEN-WUERTT        1.750  11/28/2012      EUR    100.13
LB BADEN-WUERTT        1.320    1/4/2013      EUR     99.75
LB BADEN-WUERTT        1.250   1/21/2013      EUR     99.66
LB BADEN-WUERTT        5.250  10/20/2015      EUR     26.68
LB BADEN-WUERTT        2.500  12/16/2016      EUR     97.68
LB BADEN-WUERTT        4.070   12/9/2019      EUR    110.54
LB BADEN-WUERTT        2.800   2/23/2037      JPY     46.46
LFA FOERDERBK BY       1.500  12/15/2015      EUR     99.69
METRO AG               3.000    2/1/2016      EUR     99.29
MUNCHEN HYPOBANK       1.280   1/31/2013      EUR     97.85
NORDDEUTSCHE L/B       2.125  11/25/2013      EUR    100.69
NORDDEUTSCHE L/B       2.250   12/8/2014      EUR    100.43
NORDRHEIN-WEST         0.875  12/19/2012      EUR     99.89
Q-CELLS                6.750  10/21/2015      EUR      0.60
QIMONDA FINANCE        6.750   3/22/2013      USD      1.00
RHEINISCHE HYPBK       6.600   5/29/2022      EUR     59.25
SACHSEN - ANHALT       1.000   1/23/2014      EUR     99.85
SOLARWORLD AG          6.375   7/13/2016      EUR     62.49
SOLARWORLD AG          6.125   1/21/2017      EUR     58.99
SOLON AG SOLAR         1.375   12/6/2012      EUR      1.67
THUERINGEN LAND        2.250   1/13/2020      EUR     97.60
TUI AG                 5.500  11/17/2014      EUR     66.06
TUI AG                 2.750   3/24/2016      EUR     43.58
UNICREDIT BANK A       2.700  12/14/2018      EUR     96.42
VOLKSWAGEN BANK        5.500    6/7/2024      EUR     67.61
VOLKSWAGEN BANK        5.400   9/26/2023      EUR     69.08
WESTLB AG              2.490   1/11/2016      EUR     94.09
WESTLB AG              3.230   12/9/2016      EUR     98.34
WESTLB AG              2.500  12/29/2014      EUR     96.24
WGZ BANK               2.125   11/7/2016      EUR     96.65
WL BANK                1.250    1/6/2014      EUR    100.15
WL BANK                1.710   1/23/2017      EUR     96.78

GREECE
------
ATHENS URBAN TRN       4.851   9/19/2016      EUR     16.06
FAGE DAIRY IND         7.500   1/15/2015      EUR     79.25
HELLENIC REP I/L       2.300   7/25/2030      EUR     18.50
HELLENIC REP I/L       2.900   7/25/2025      EUR     19.00
HELLENIC REPUB         5.200   7/17/2034      EUR     24.75
HELLENIC REPUB         4.625   6/25/2013      USD     35.50
HELLENIC REPUB         2.125    7/5/2013      CHF     39.00
HELLENIC REPUB         4.590    4/8/2016      EUR     21.13
HELLENIC REPUB         5.000   3/11/2019      EUR     23.13
HELLENIC REPUB         6.140   4/14/2028      EUR     11.25
HELLENIC REPUBLI       4.020   9/13/2016      EUR     19.66
HELLENIC REPUBLI       4.225    3/1/2017      EUR     19.65
HELLENIC REPUBLI       5.900   4/20/2017      EUR     20.09
HELLENIC REPUBLI       4.300   7/20/2017      EUR     20.35
HELLENIC REPUBLI       4.675   10/9/2017      EUR     20.53
HELLENIC REPUBLI       4.590    4/3/2018      EUR     20.34
HELLENIC REPUBLI       4.600   7/20/2018      EUR     21.31
HELLENIC REPUBLI       5.014   2/27/2019      EUR     21.06
HELLENIC REPUBLI       5.959    3/4/2019      EUR     22.11
HELLENIC REPUBLI       6.000   7/19/2019      EUR     20.29
HELLENIC REPUBLI       6.500  10/22/2019      EUR     21.02
HELLENIC REPUBLI       6.250   6/19/2020      EUR     22.54
HELLENIC REPUBLI       5.900  10/22/2022      EUR     20.79
HELLENIC REPUBLI       4.700   3/20/2024      EUR     19.55
HELLENIC REPUBLI       4.300   3/20/2012      EUR     37.74
HELLENIC REPUBLI       5.300   3/20/2026      EUR     20.51
HELLENIC REPUBLI       4.500    7/1/2014      EUR     26.13
HELLENIC REPUBLI       4.500   9/20/2037      EUR     22.19
HELLENIC REPUBLI       4.600   9/20/2040      EUR     22.58
HELLENIC REPUBLI       4.500   5/20/2014      EUR     20.51
HELLENIC REPUBLI       6.500   1/11/2014      EUR     23.41
HELLENIC REPUBLI       4.520   9/30/2013      EUR     25.38
HELLENIC REPUBLI       4.113   9/30/2014      EUR     21.89
HELLENIC REPUBLI       3.700   7/20/2015      EUR     20.91
HELLENIC REPUBLI       6.100   8/20/2015      EUR     21.00
HELLENIC REPUBLI       3.702   9/30/2015      EUR     19.76
HELLENIC REPUBLI       3.700  11/10/2015      EUR     23.50
HELLENIC REPUBLI       3.600   7/20/2016      EUR     21.54
HELLENIC REPUBLI       4.000   8/20/2013      EUR     22.67
HELLENIC REPUBLI       5.250   6/20/2012      EUR     65.25
HELLENIC REPUBLI       5.250   5/18/2012      EUR     31.66
HELLENIC REPUBLI       5.500   8/20/2014      EUR     20.50
HELLENIC REPUBLI       4.427   7/31/2013      EUR     32.47
HELLENIC REPUBLI       3.900    7/3/2013      EUR     32.63
HELLENIC REPUBLI       7.500   5/20/2013      EUR     28.84
HELLENIC REPUBLI       4.600   5/20/2013      EUR     22.08
HELLENIC REPUBLI       4.506   3/31/2013      EUR     38.31
HELLENIC REPUBLI       4.100   8/20/2012      EUR     29.36
HELLENIC REPUBLI       1.000   6/30/2012      EUR     63.38
NATL BK GREECE         3.875   10/7/2016      EUR     67.99
YIOULA GLASSWORK       9.000   12/1/2015      EUR     44.50
YIOULA GLASSWORK       9.000   12/1/2015      EUR     44.50

GUERNSEY
--------
CREDIT AGRICOLE        4.050   6/27/2021      EUR     93.33
FHB MORTGAGE BAN       4.500   3/22/2022      EUR     59.00

HUNGARY
-------
HUNGARY INT BILL       6.500  12/12/2012      HUF     99.26
HUNGARY INT BILL       6.000  11/28/2012      HUF     98.90
HUNGARY INT BILL       6.750    1/2/2013      HUF     99.43
OTP BANK               2.750   9/22/2012      EUR     99.32
OTP BANK               2.750  11/17/2012      EUR     95.00
REP OF HUNGARY         2.110  10/26/2017      JPY     65.82

IRELAND
-------
AIB MORTGAGE BNK       5.000    3/1/2030      EUR     44.93
AIB MORTGAGE BNK       5.000   2/12/2030      EUR     44.97
AIB MORTGAGE BNK       5.580   4/28/2028      EUR     50.23
ALLIED IRISH BKS      12.500   6/25/2035      GBP     75.00
ALLIED IRISH BKS      10.000   7/28/2016      EUR     81.13
BANESTO FINANC         5.000   3/23/2030      EUR     72.10
BANK OF IRELAND        5.600   9/18/2023      EUR     41.25
BANK OF IRELAND       10.000   7/30/2016      EUR     74.38
BANK OF IRELAND        4.473  11/30/2016      EUR     63.63
BANK OF IRELAND       10.000   2/12/2020      EUR     60.25
BANK OF IRELAND       10.000   2/12/2020      GBP     71.25
BK IRELAND MTGE        5.400   11/6/2029      EUR     46.72
BK IRELAND MTGE        5.760    9/7/2029      EUR     49.29
BK IRELAND MTGE        5.450    3/1/2030      EUR     46.59
BK IRELAND MTGE        5.360  10/12/2029      EUR     46.49
DEPFA ACS BANK         3.250   7/31/2031      CHF     74.45
DEPFA ACS BANK         5.125   3/16/2037      USD     69.60
DEPFA ACS BANK         4.900   8/24/2035      CAD     70.13
DEPFA ACS BANK         0.500    3/3/2025      CAD     52.49
DEPFA ACS BANK         5.125   3/16/2037      USD     69.00
IRISH GOVT             4.500   2/18/2015      EUR     97.29
UT2 FUNDING PLC        5.321   6/30/2016      EUR     66.00
BANCA MARCHE           4.000   5/26/2021      EUR     69.64
BANCA MARCHE           4.700   8/16/2021      EUR     74.09
BANCA MARCHE           4.360    1/4/2022      ITL     71.29
BANCA MARCHE           5.125   5/14/2024      ITL     70.19
BANCA MARCHE           5.500   9/16/2030      EUR     64.21
BANCA MARCHE           3.600  11/12/2020      EUR     69.46
BANCA MARCHE           3.700    9/1/2020      EUR     70.95
BANCA MARCHE           3.900   8/17/2020      EUR     72.17
BANCA MARCHE           4.000   1/10/2021      EUR     71.03
BANCA MARCHE           4.000    7/9/2020      EUR     73.15
BANCA POP BERGAM       2.550  11/22/2014      EUR     90.00
BANCA POP BERGAM       5.320  11/27/2022      EUR     73.14
BANCA POP LODI         5.250    4/3/2029      EUR     65.48
BANCA POP MILANO       4.000   4/23/2020      EUR     75.24
BANCA POP MILANO       4.500   4/18/2018      EUR     74.38
BANCA POP VICENT       3.250   8/26/2014      EUR     91.90
BANCA POP VICENT       4.000  10/28/2014      EUR     93.45
BANCA POP VICENT       4.970   4/20/2027      EUR     63.87
BTPS                   4.000    2/1/2037      EUR     73.15
BTPS I/L               2.350   9/15/2035      EUR     64.65
BTPS I/L               2.550   9/15/2041      EUR     65.52
CASS RISP PARMA        2.500    3/6/2014      EUR     97.74
CASSA RISP FERRA       3.400   9/17/2017      EUR     69.75
CASSA RISP FERRA       4.500   11/2/2020      EUR     63.75
CITY OF ROME           5.345   1/27/2048      EUR     70.85
CITY OF VENICE         4.265   3/26/2026      EUR     66.30
CITY OF VENICE         4.265   3/26/2026      EUR     66.69
CO BRAONE              4.567   6/30/2037      EUR     65.73
CO CASTELMASSA         3.960   3/31/2026      EUR     64.08
CO MANERBA GARDA       4.640   6/30/2024      EUR     72.15
COMUNE DI MILANO       4.019   6/29/2035      EUR     59.25
FINMECCANICA SPA       4.875   3/24/2025      EUR     72.87
MONTE DEI PASCHI       5.750   9/30/2016      GBP     71.51
REGION OF CAMPAN       4.849   6/29/2026      EUR     67.41
REGION OF LAZIO        5.695   6/23/2028      EUR     73.67
REGION OF LAZIO        5.695   6/23/2028      EUR     74.30
REGION OF LIGURI       4.795  11/22/2034      EUR     67.54
REGION OF LOMBAR       5.804  10/25/2032      USD     68.68
REGION OF MARCHE       4.648   6/27/2023      EUR     74.43
REGION OF UMBRIA       5.087   6/15/2037      EUR     70.40
REP OF ITALY           2.200   9/15/2058      EUR     52.94
REP OF ITALY           2.000   9/15/2062      EUR     48.05
REP OF ITALY           5.250   12/7/2034      GBP     71.64
REP OF ITALY           4.490    4/5/2027      EUR     73.69
REP OF ITALY           5.200   7/31/2034      EUR     73.12
REP OF ITALY           2.870   5/19/2036      JPY     43.19
REP OF ITALY           1.850   9/15/2057      EUR     45.75
REP OF ITALY           4.850   6/11/2060      EUR     67.36
SEAT PAGINE           10.500   1/31/2017      EUR     50.13
SEAT PAGINE           10.500   1/31/2017      EUR     50.70
SEAT PAGINE           10.500   1/31/2017      EUR     49.88
SEAT PAGINE           10.500   1/31/2017      EUR     50.30
TELECOM ITALIA         5.250   3/17/2055      EUR     69.37
UBI BANCA SPCA         6.250  11/18/2018      EUR     50.28
UNICREDIT SPA          5.050   4/25/2022      EUR     73.77
UNICREDIT SPA          4.730   1/31/2014      EUR    100.88
UNICREDITO ITALI       4.750   4/12/2027      EUR     75.19
UNIPOL ASSICURAZ       5.660   7/28/2023      EUR     55.00

LITHUANIA
---------
LITHUANIA              6.625    2/1/2022      USD    100.92

LUXEMBOURG
----------
ARCELORMITTAL          7.250    4/1/2014      EUR     24.38
CONTROLINVESTE         3.000   1/28/2015      EUR     69.24
ESFG INTERNATION       6.875  10/21/2019      EUR     61.83
FMC FINANCE VIII       5.250   7/31/2019      EUR    104.47
INTRALOT LUX SA        2.250  12/20/2013      EUR     71.54
UBI BANCA INT          8.750  10/29/2012      EUR     72.91
UNICREDITO LUXEM       6.000  10/31/2017      USD     81.32

NETHERLANDS
-----------
ABN AMRO BANK NV       4.750   1/11/2019      EUR    104.25
AI FINANCE B.V.       10.875   7/15/2012      USD     74.63
APP INTL FINANCE      11.750   10/1/2005      USD      0.01
BK NED GEMEENTEN       0.500   5/25/2016      TRY     72.94
BK NED GEMEENTEN       0.500   4/27/2016      TRY     73.34
BK NED GEMEENTEN       0.500   3/17/2016      TRY     73.96
BK NED GEMEENTEN       0.500   6/22/2021      ZAR     45.53
BK NED GEMEENTEN       0.500   5/12/2021      ZAR     46.00
BK NED GEMEENTEN       0.500   3/29/2021      NZD     67.13
BK NED GEMEENTEN       0.500   3/29/2021      USD     75.36
BK NED GEMEENTEN       0.500    3/3/2021      NZD     67.39
BK NED GEMEENTEN       0.500   9/15/2016      TRY     71.29
BK NED GEMEENTEN       0.500   6/22/2016      TRY     72.52
BK NED GEMEENTEN       0.500   2/24/2025      CAD     64.46
BLT FINANCE BV         7.500   5/15/2014      USD     27.25
BLT FINANCE BV         7.500   5/15/2014      USD     28.50
BMW FINANCE NV         2.125   1/13/2015      EUR    101.02
BMW FINANCE NV         3.500   7/17/2015      NOK    100.83
BMW FINANCE NV         3.250   1/14/2019      EUR    101.44
BRIT INSURANCE         6.625   12/9/2030      GBP     54.97
DEXIA FUNDING          5.875    2/9/2017      GBP     94.95
ENEXIS HOLDING         3.375   1/26/2022      EUR     98.92
FINANCE & CREDIT      10.500   1/25/2014      USD     55.00
FRIESLAND BANK         4.210  12/29/2025      EUR     72.63
ING BANK NV            4.200  12/19/2035      EUR     68.30
ING BANK NV            5.400    2/1/2032      USD     99.18
LEHMAN BROS TSY        4.870   10/8/2013      USD     34.50
MAGYAR TELECOM         9.500  12/15/2016      EUR     69.88
MAGYAR TELECOM         9.500  12/15/2016      EUR     69.88
NATL INVESTER BK      25.983    5/7/2029      EUR     13.04
NED WATERSCHAPBK       0.500   3/11/2025      CAD     60.37
NED WATERSCHAPBK       3.875    8/3/2016      NOK    104.13
NEDER FINANCIER        1.390   1/25/2017      EUR     96.27
NETHERLANDS GOVT       0.750   4/15/2015      EUR    100.06
NIB CAPITAL BANK       4.510  12/16/2035      EUR     54.94
PORTUGAL TEL FIN       5.000   11/4/2019      EUR     69.14
PORTUGAL TEL FIN       4.500   6/16/2025      EUR     60.00
Q-CELLS INTERNAT       5.750   5/26/2014      EUR     16.27
Q-CELLS INTERNAT       1.375   2/28/2012      EUR     44.67
RABOBANK               2.125   2/10/2014      CAD     99.69
RABOBANK               2.000    2/6/2019      CHF    100.30
RABOBANK               0.500   1/30/2017      AUD     76.92
RABOBANK               0.500  10/27/2016      ZAR     71.54
RABOBANK               3.000   2/16/2015      EUR    102.07
RABOBANK               3.000   1/20/2015      NOK     99.23
RABOBANK               4.030  12/29/2014      AUD     96.55
RBS NV                 5.208  11/16/2030      USD     71.00
RBS NV                 2.000  10/29/2020      USD     74.50
RBS NV EX-ABN NV       2.910   6/21/2036      JPY     62.24
REPSOL INTL FIN        4.875   2/19/2019      EUR    103.35
SNS BANK               5.215   12/3/2027      EUR     60.43
SNS BANK               5.250   4/11/2023      EUR     68.05
SNS BANK               5.300   1/27/2023      EUR     69.10
SNS BANK               4.650  10/19/2021      EUR     68.42
SNS BANK               6.625   5/14/2018      EUR     69.75
SNS BANK               4.580   3/20/2026      EUR     57.36
SRLEV NV               9.000   4/15/2041      EUR     69.97
TJIWI KIMIA FIN       13.250    8/1/2001      USD      0.01
VOLKSWAGEN FIN         3.500    2/2/2016      NOK     99.39
VOLKSWAGEN FIN         4.625  11/24/2014      NZD    101.10
VOLKSWAGEN INTFN       3.250   1/21/2019      EUR    101.60
VOLKSWAGEN INTFN       2.125   1/19/2015      EUR    100.89

NORWAY
------
BUSKERUD FYLKES        2.502   4/17/2012      NOK    100.03
DNB BANK               4.250   1/18/2022      EUR    100.90
KOMMUNALBANKEN         0.500   3/24/2016      ZAR     75.02
KOMMUNALBANKEN         0.500   7/29/2016      ZAR     72.91
KOMMUNALBANKEN         0.500   7/29/2016      TRY     75.31
KOMMUNALBANKEN         0.500   5/25/2016      ZAR     73.99
KOMMUNALBANKEN         0.500   7/26/2016      ZAR     73.00
KOMMUNALBANKEN         0.500   5/25/2018      ZAR     62.25
NORSKE SKOGIND        11.750   6/15/2016      EUR     69.88
NORSKE SKOGIND        11.750   6/15/2016      EUR     70.38
NORSKE SKOGIND         6.125  10/15/2015      USD     63.25
NORSKE SKOGIND         6.125  10/15/2015      USD     63.25
NORSKE SKOGIND         7.000   6/26/2017      EUR     60.51
NORSKE SKOGIND         7.125  10/15/2033      USD     46.50
NORSKE SKOGIND         7.125  10/15/2033      USD     46.50
RENEWABLE CORP         6.500    6/4/2014      EUR     58.27
RENEWABLE CORP         9.750    5/3/2018      NOK     69.41
SANDNES KOMMUNE        2.537   4/20/2012      NOK     99.99
TERRA BOLIGKR          2.250   1/25/2017      EUR     99.35
TROMSO KOMMUNE         2.527   4/20/2012      NOK     99.99

POLAND
------
REP OF POLAND          2.648   3/29/2034      JPY     74.47
REP OF POLAND          5.125  10/15/2024      EUR     97.39

PORTUGAL
--------
BANCO COM PORTUG       3.750   10/8/2016      EUR     69.27
BANCO COM PORTUG       4.750   6/22/2017      EUR     69.19
BANCO ESPIRITO         4.600   9/15/2016      EUR     71.29
BANCO ESPIRITO         4.600   1/26/2017      EUR     69.23
BRISA                  4.500   12/5/2016      EUR     65.29
CAIXA GERAL DEPO       5.320    8/5/2021      EUR     62.75
CAIXA GERAL DEPO       5.380   10/1/2038      EUR     50.71
CAIXA GERAL DEPO       4.455   8/20/2017      EUR     71.13
CAIXA GERAL DEPO       5.980    3/3/2028      EUR     62.63
CAIXA GERAL DEPO       3.875   12/6/2016      EUR     73.48
CAIXA GERAL DEPO       4.250   1/27/2020      EUR     68.10
CAIXA GERAL DEPO       4.400   10/8/2019      EUR     62.63
COMBOIOS DE PORT       4.170  10/16/2019      EUR     48.48
METRO DE LISBOA        4.061   12/4/2026      EUR     41.63
METRO DE LISBOA        4.799   12/7/2027      EUR     45.88
METRO DE LISBOA        5.750    2/4/2019      EUR     47.63
METRO DE LISBOA        7.300  12/23/2025      EUR     56.50
MONTEPIO GERAL         5.000    2/8/2017      EUR     61.63
PARPUBLICA             4.191  10/15/2014      EUR     68.00
PARPUBLICA             3.500    7/8/2013      EUR     74.88
PARPUBLICA             4.200  11/16/2026      EUR     30.00
PARPUBLICA             5.250   9/28/2017      EUR     70.34
PARPUBLICA             3.567   9/22/2020      EUR     46.13
PORTUGAL (REP)         3.500   3/25/2015      USD     70.54
PORTUGAL (REP)         3.500   3/25/2015      USD     70.54
PORTUGUESE OT'S        4.950  10/25/2023      EUR     44.48
PORTUGUESE OT'S        3.850   4/15/2021      EUR     45.54
PORTUGUESE OT'S        4.800   6/15/2020      EUR     46.23
PORTUGUESE OT'S        4.750   6/14/2019      EUR     46.68
PORTUGUESE OT'S        4.450   6/15/2018      EUR     48.07
PORTUGUESE OT'S        4.350  10/16/2017      EUR     49.20
PORTUGUESE OT'S        4.200  10/15/2016      EUR     54.79
PORTUGUESE OT'S        6.400   2/15/2016      EUR     63.93
PORTUGUESE OT'S        3.350  10/15/2015      EUR     61.00
PORTUGUESE OT'S        3.600  10/15/2014      EUR     66.42
PORTUGUESE OT'S        4.375   6/16/2014      EUR     71.62
PORTUGUESE OT'S        4.100   4/15/2037      EUR     40.59
REFER                  4.047  11/16/2026      EUR     38.00
REFER                  4.675  10/16/2024      EUR     37.75
REFER                  4.250  12/13/2021      EUR     30.25
REFER                  5.875   2/18/2019      EUR     47.25
REFER                  4.000   3/16/2015      EUR     39.38

RUSSIA
------
ARIZK                  3.000  12/20/2030      RUB     49.76
DVTG-FINANS           17.000   8/29/2013      RUB     55.55
DVTG-FINANS            7.750   7/18/2013      RUB     20.29
GAZPROMBANK OJSC       8.500  12/20/2014      RUB    100.54
KAZAN                  8.000  12/21/2016      RUB    100.00
MIRAX                 17.000   9/17/2012      RUB     21.20
MOSMART FINANS         0.010   4/12/2012      RUB      2.00
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               7.000   4/23/2015      RUB     70.00
RBC OJSC               7.000   4/23/2015      RUB     68.53
RBC OJSC               3.270   4/19/2018      RUB     39.00
RUSSIAN STANDARD      11.000   11/7/2014      RUB    101.28

SPAIN
-----
AYT CEDULAS CAJA       4.250  10/25/2023      EUR     65.36
AYT CEDULAS CAJA       4.000   3/24/2021      EUR     72.00
AYT CEDULAS CAJA       3.750  12/14/2022      EUR     63.71
AYT CEDULAS CAJA       3.750   6/30/2025      EUR     56.27
AYT CEDULAS CAJA       4.750   5/25/2027      EUR     62.73
AYUNTAM DE MADRD       4.550   6/16/2036      EUR     63.60
BANCAJA                1.500   5/22/2018      EUR     62.67
BANCAJA EMI SA         2.755   5/11/2037      JPY     73.88
BANCO BILBAO VIZ       6.025    3/3/2033      EUR     58.18
BANCO BILBAO VIZ       4.500   2/16/2022      EUR     70.88
BANCO CASTILLA         1.500   6/23/2021      EUR     62.54
BANCO POP ESPAN        5.702  12/22/2019      EUR     70.43
BANKINTER SA           4.625  12/29/2014      EUR    101.83
BANKINTER SA           6.000  12/18/2028      EUR     73.21
BANKINTER SA           4.675   1/24/2016      EUR     98.59
BBVA SUB CAP UNI       2.750  10/22/2035      JPY     50.47
BBVA SUB CAP UNI       5.750   3/11/2018      GBP     75.03
CAIXA TERRASSA         4.700    8/9/2021      EUR     46.00
CAIXABANK              4.250   1/26/2017      EUR     97.40
CAJA ESPANA            5.500   4/17/2017      EUR     96.48
CAJA MADRID            5.020   2/26/2038      EUR     74.48
CAJA MADRID            4.125   3/24/2036      EUR     66.80
CEDULAS TDA 6 FO       3.875   5/23/2025      EUR     59.28
CEDULAS TDA 6 FO       4.250   4/10/2031      EUR     53.90
CEDULAS TDA A-4        4.125   4/10/2021      EUR     73.79
CEDULAS TDA A-5        4.250   3/28/2027      EUR     58.57
COMUN AUTO CANAR       4.200  10/25/2036      EUR     53.73
COMUN AUTO CANAR       3.900  11/30/2035      EUR     51.27
COMUNIDAD ARAGON       4.646   7/11/2036      EUR     53.99
COMUNIDAD BALEAR       3.869  11/23/2020      EUR     71.63
COMUNIDAD BALEAR       4.063  11/23/2035      EUR     52.76
COMUNIDAD MADRID       4.300   9/15/2026      EUR     72.81
DIPUTACION FOR         4.323  12/29/2023      EUR     71.70
GEN DE CATALUNYA       5.250   10/5/2023      EUR     66.82
GEN DE CATALUNYA       5.325   10/5/2028      EUR     61.97
GEN DE CATALUNYA       5.219   9/10/2029      EUR     60.19
GEN DE CATALUNYA       5.900   5/28/2030      EUR     65.15
GEN DE CATALUNYA       5.400   5/13/2030      EUR     60.75
GEN DE CATALUNYA       5.900   5/20/2024      EUR     70.24
GEN DE CATALUNYA       5.950   10/1/2030      EUR     64.48
GEN DE CATALUNYA       4.690  10/28/2034      EUR     54.06
GEN DE CATALUNYA       4.220   4/26/2035      EUR     49.61
GEN DE CATALUNYA       6.350  11/30/2041      EUR     66.46
GEN DE CATALUNYA       2.965    9/8/2039      JPY     42.45
GEN DE CATALUNYA       4.900   9/15/2021      EUR     70.09
GEN DE CATALUNYA       4.801   7/31/2020      EUR     71.88
GEN DE CATALUNYA       4.950   2/11/2020      EUR     75.41
GEN DE CATALUNYA       2.750   3/24/2016      CHF     69.28
GEN DE CATALUNYA       2.355  11/10/2015      CHF     69.92
GEN DE CATALUNYA       2.315   9/10/2015      CHF     70.86
GENERAL DE ALQUI       2.750   8/20/2012      EUR     67.39
GENERAL VALENCIA       3.250    7/6/2015      EUR     82.50
GENERAL VALENCIA       4.000   11/2/2016      EUR     78.75
GENERAL VALENCIA       4.900   3/17/2020      EUR     72.88
GENERAL VALENCIA       5.900  11/30/2032      EUR     61.63
GRP BANCA CIVICA       6.750   1/25/2018      EUR     99.84
IBERDROLA FIN SA       4.750   1/25/2016      EUR    103.07
IM CEDULAS 10          4.500   2/21/2022      EUR     74.11
IM CEDULAS 5           3.500   6/15/2020      EUR     72.62
IM CEDULAS 7           4.000   3/31/2021      EUR     75.23
INSTIT CRDT OFCL       3.250   2/10/2015      EUR     98.68
INSTIT CRDT OFCL       3.875  10/31/2014      EUR    101.23
INSTIT CRDT OFCL       3.250   6/28/2024      CHF     69.56
INSTIT CRDT OFCL       2.570  10/22/2021      CHF     70.36
INSTIT CRDT OFCL       4.875    2/1/2018      EUR     99.59
INSTIT CRDT OFCL       4.625   1/31/2017      EUR    101.46
INSTIT CRDT OFCL       2.100   2/23/2021      JPY     68.54
INSTITUT CATALA        4.250   6/15/2024      EUR     66.82
JUNTA ANDALUCIA        4.250  10/31/2036      EUR     45.53
JUNTA ANDALUCIA        3.170   7/29/2039      JPY     46.68
JUNTA ANDALUCIA        3.065   7/29/2039      JPY     45.46
JUNTA ANDALUCIA        5.150   5/24/2034      EUR     53.88
JUNTA ANDALUCIA        7.500  11/30/2030      EUR     74.45
JUNTA ANDALUCIA        6.600  11/29/2030      EUR     67.09
JUNTA ANDALUCIA        5.700   7/20/2028      EUR     61.95
JUNTA ANDALUCIA        5.000   7/13/2022      EUR     68.19
JUNTA ANDALUCIA        3.050  12/10/2020      JPY     74.60
JUNTA ANDALUCIA        4.850   3/17/2020      EUR     74.77
JUNTA ANDALUCIA        4.125   1/20/2020      EUR     71.90
JUNTA CASTILLA         4.650   11/8/2022      EUR     72.94
JUNTA LA MANCHA        6.000   1/31/2021      EUR     72.21
JUNTA LA MANCHA        2.810  10/14/2022      JPY     60.63
JUNTA LA MANCHA        4.625  11/30/2022      EUR     56.63
JUNTA LA MANCHA        3.875   1/31/2036      EUR     32.38
JUNTA LA MANCHA        7.705   2/15/2033      EUR     61.38
JUNTA LA MANCHA        5.950    9/9/2030      EUR     50.69
JUNTA LA MANCHA        4.875   3/18/2020      EUR     68.25
JUNTA LA MANCHA        6.000   1/15/2021      EUR     74.00
JUNTA LA MANCHA        5.800   1/30/2021      EUR     70.88
MAPFRE SA              5.921   7/24/2037      EUR     67.15
SACYR VALLEHERM        6.500    5/1/2016      EUR     69.73
SANTANDER ISSUAN       5.750   1/31/2018      GBP     71.99
SANTANDER ISSUAN       6.533  10/24/2017      GBP     75.26
XUNTA DE GALICIA       4.025  11/28/2035      EUR     46.69
XUNTA DE GALICIA       5.350  11/22/2028      EUR     62.00

SWEDEN
------
EILEME 2 AB           11.750   1/31/2020      EUR     98.15
EILEME 2 AB           11.625   1/31/2020      USD    103.00
LANSFORSAKRINGAR       4.500   6/21/2017      SEK    106.40
NORDEA BANK AB         3.350   7/11/2014      SEK    100.18
NORDEA BANK AB         3.200   1/10/2014      SEK    100.11
SKANDINAV ENSKIL       3.875   4/12/2017      EUR    102.49
SVENSKA HNDLSBKN       3.375   7/17/2017      EUR    101.69
SWEDISH EXP CRED       9.250   4/27/2012      USD      8.54
SWEDISH EXP CRED       7.500   6/12/2012      USD      7.89
SWEDISH EXP CRED       6.800   1/27/2015      TRY     94.82
SWEDISH EXP CRED       0.500  11/27/2015      TRY     74.14
SWEDISH EXP CRED       0.500   6/14/2016      ZAR     73.99
SWEDISH EXP CRED       0.500   9/29/2015      TRY     74.98
SWEDISH EXP CRED       0.500   8/25/2016      ZAR     72.85
SWEDISH EXP CRED       0.500   8/26/2016      ZAR     72.87
SWEDISH EXP CRED       0.500   6/29/2016      TRY     70.86
SWEDISH EXP CRED       0.500   9/30/2016      ZAR     72.32
SWEDISH EXP CRED       0.500   8/25/2021      ZAR     49.90
SWEDISH EXP CRED       0.500   9/20/2016      ZAR     72.43
SWEDISH EXP CRED       0.500  12/17/2027      USD     56.57
SWEDISH EXP CRED       0.500   1/25/2028      USD     56.06
SWEDISH EXP CRED       7.000    3/9/2012      USD     10.50
SWEDISH EXP CRED       7.500   2/28/2012      USD      9.17
SWEDISH EXP CRED       8.000   1/27/2012      USD      3.36
SWEDISH EXP CRED       6.500   1/27/2012      USD     10.01
SWEDISH EXP CRED       0.500   8/26/2021      AUD     62.45
SWEDISH EXP CRED       9.750   3/23/2012      USD      8.62
SWEDISH EXP CRED       7.000    3/9/2012      USD     10.78

SWITZERLAND
-----------
ABB LTD                1.500  11/23/2018      CHF     99.99
ADECCO SA              2.125    2/8/2016      CHF    100.30
BALOISE HOLDING        2.250    3/1/2019      CHF    100.52
BANQ CANTON FRIB       1.125    2/1/2022      CHF     99.55
CREDIT SUIS GUER       2.125   1/18/2017      EUR     99.35
PFAND SCHWZ HYPO       0.625   1/23/2017      CHF    100.44
PFAND SCHWZ HYPO       1.500   1/21/2028      CHF    100.01
PFANDBRIEFZENT         1.250    2/3/2022      CHF    100.50
SWISS REINS CO L       2.125   9/22/2017      CHF    102.99
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     31.70
UBS AG                 9.250   3/20/2012      USD     11.41
UBS AG                10.070   3/23/2012      USD     35.17
UBS AG                 9.400   8/23/2013      USD     54.92
UBS AG                 9.430   8/31/2012      USD     33.26
UBS AG                 8.650   8/29/2012      USD     33.23
UBS AG                 9.500   8/10/2012      USD     28.25
UBS AG                12.040   7/31/2012      USD     22.69
UBS AG                11.760   7/31/2012      USD     27.80
UBS AG                10.960   7/20/2012      USD     22.14
UBS AG                13.300   5/23/2012      USD      3.42
UBS AG JERSEY          1.650   8/13/2013      USD     98.40
UBS AG JERSEY          3.220   7/31/2012      EUR     42.15
UBS AG JERSEY          1.650   7/24/2013      USD     98.37
UBS AG JERSEY          2.700   1/20/2014      CAD    100.01
UBS AG LONDON          1.875   1/23/2015      USD    100.21
ZUERCHER KBK           1.250   1/31/2022      CHF    100.89

UNITED KINGDOM
--------------
ABBEY NATL TREAS       4.250   4/12/2021      EUR    100.45
ALPHA CREDIT GRP       6.000   6/20/2014      EUR     69.38
ALPHA CREDIT GRP       4.500   6/21/2013      EUR     74.75
BAKKAVOR FIN 2         8.250   2/15/2018      GBP     72.11
BAKKAVOR FIN 2         8.250   2/15/2018      GBP     72.00
BANK OF SCOTLAND       2.340  12/28/2026      JPY     63.24
BANK OF SCOTLAND       2.408    2/9/2027      JPY     62.50
BANK OF SCOTLAND       2.359   3/27/2029      JPY     57.08
BARCLAYS BK PLC        8.500  10/16/2012      USD     10.39
BARCLAYS BK PLC        5.000  12/22/2031      USD    100.00
BARCLAYS BK PLC        4.000  11/10/2023      USD     91.07
BARCLAYS BK PLC        4.250    3/2/2022      EUR    104.98
BARCLAYS BK PLC        4.000   1/26/2022      USD     99.45
BARCLAYS BK PLC        4.500  12/22/2021      USD     99.45
BARCLAYS BK PLC        4.125   1/12/2020      USD     98.95
BARCLAYS BK PLC        5.000  12/23/2018      USD     98.85
BARCLAYS BK PLC        3.250   1/26/2018      USD     99.60
BARCLAYS BK PLC        3.250    2/2/2017      USD    100.00
BARCLAYS BK PLC        3.000   1/26/2016      USD     99.73
BARCLAYS BK PLC        3.125   1/12/2016      USD    100.00
BARCLAYS BK PLC        3.000   1/30/2015      USD     99.45
BARCLAYS BK PLC        1.000   1/13/2015      JPY     96.32
BARCLAYS BK PLC        3.250  12/30/2014      USD     99.95
BARCLAYS BK PLC        2.125    9/8/2014      EUR    100.37
BARCLAYS BK PLC        9.000  10/16/2012      USD     10.55
BARCLAYS BK PLC       14.000   10/1/2012      USD     10.27
BARCLAYS BK PLC        9.000   10/1/2012      USD     10.16
BARCLAYS BK PLC        8.000   9/28/2012      USD     10.36
BARCLAYS BK PLC        8.000   9/11/2012      USD     10.46
BARCLAYS BK PLC        8.000   9/11/2012      USD     10.38
BARCLAYS BK PLC        9.000   8/28/2012      USD     10.41
BARCLAYS BK PLC       10.800   7/31/2012      USD     24.71
BARCLAYS BK PLC       11.500   7/27/2012      USD      8.88
BARCLAYS BK PLC        7.000   7/27/2012      USD      9.87
BARCLAYS BK PLC       10.000   7/20/2012      USD      8.01
BARCLAYS BK PLC        8.000   6/29/2012      USD      9.80
BARCLAYS BK PLC       10.650   1/31/2012      USD     19.78
BARCLAYS BK PLC        9.250   1/31/2012      USD      7.32
BRADFORD&BIN BLD       4.910    2/1/2047      EUR     64.72
CO-OPERATIVE BNK       5.875   3/28/2033      GBP     69.13
CO-OPERATIVE BNK       5.625  11/16/2021      GBP     70.74
CO-OPERATIVE BNK       5.750   12/2/2024      GBP     68.09
CO-OPERATIVE BNK       4.750  11/11/2021      GBP    100.36
EFG HELLAS PLC         6.010    1/9/2036      EUR     20.75
EFG HELLAS PLC         4.375   2/11/2013      EUR     65.14
EFG HELLAS PLC         5.400   11/2/2047      EUR     13.38
EMPORIKI GRP FIN       4.000   2/28/2013      EUR     76.00
EMPORIKI GRP FIN       4.350   7/22/2014      EUR     58.50
EMPORIKI GRP FIN       5.000   12/2/2021      EUR     35.25
EMPORIKI GRP FIN       5.100   12/9/2021      EUR     35.63
ENTERPRISE INNS        6.875   2/15/2021      GBP     65.74
ENTERPRISE INNS        6.500   12/6/2018      GBP     70.65
ENTERPRISE INNS        6.375   9/26/2031      GBP     58.12
ENTERPRISE INNS        6.875    5/9/2025      GBP     60.75
ESSAR ENERGY           4.250    2/1/2016      USD     47.61
GALA ELECTRIC CA      11.500    6/1/2019      GBP     64.25
GALA ELECTRIC CA      11.500    6/1/2019      GBP     63.88
HBOS PLC               4.500   3/18/2030      EUR     61.31
HBOS PLC               6.305  10/18/2017      GBP     74.96
HBOS PLC               4.375  10/30/2019      EUR     73.77
HBOS PLC               5.374   6/30/2021      EUR     67.63
HBOS PLC               6.000   11/1/2033      USD     73.70
HBOS PLC               6.000   11/1/2033      USD     73.70
LBG CAPITAL NO.2       8.500    6/7/2032      GBP     73.38
LLOYDS TSB BANK        3.500   1/11/2017      EUR    101.49
LLOYDS TSB BANK        5.125    3/7/2025      GBP    101.95
LLOYDS TSB BANK       11.875  12/16/2021      EUR    108.66
LLOYDS TSB BANK       10.750  12/16/2021      GBP    104.35
LLOYDS TSB BANK        4.500    2/2/2017      USD    100.00
MATALAN                9.625   3/31/2017      GBP     56.38
MATALAN                9.625   3/31/2017      GBP     56.73
MAX PETROLEUM          6.750    9/8/2013      USD     43.70
MORRISON(WM) SUP       4.625   12/8/2023      GBP    105.93
NOMURA BANK INTL       0.800  12/21/2020      EUR     65.94
OTE PLC                4.625   5/20/2016      EUR     63.92
OTE PLC                7.250    4/8/2014      EUR     70.09
PUNCH TAVERNS          8.374   7/15/2029      GBP     58.29
ROYAL BK SCOTLND       4.692    6/9/2025      EUR     58.66
ROYAL BK SCOTLND       2.300  11/26/2024      JPY     73.22
ROYAL BK SCOTLND       4.625   9/22/2021      EUR     73.11
ROYAL BK SCOTLND       4.700    7/3/2018      USD     76.12
ROYAL BK SCOTLND       3.375  11/23/2016      EUR    100.86
ROYAL BK SCOTLND       4.250   2/15/2015      USD    100.00
ROYAL BK SCOTLND       4.750  12/15/2014      USD    100.13
ROYAL BK SCOTLND       6.000   12/7/2014      AUD     95.30
ROYAL BK SCOTLND       5.125   1/13/2024      GBP    102.35
SPIRIT ISSUER          5.472  12/28/2028      GBP     68.93
THOMAS COOK GR         6.750   6/22/2015      EUR     40.50
THOMAS COOK GR         7.750   6/22/2017      GBP     38.30
UK TSY I/L GILT        0.125   3/22/2029      GBP    103.71
UNIQUE PUB FIN         5.659   6/30/2027      GBP     64.38
WELLINGTON PUB         7.335   1/15/2029      GBP     64.86
WESSEX WATER FIN       1.499  11/29/2058      GBP     74.11
WESSEX WATER FIN       1.369   7/31/2057      GBP     73.81


                            *********

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
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.


                 * * * End of Transmission * * *