/raid1/www/Hosts/bankrupt/TCREUR_Public/120305.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, March 5, 2012, Vol. 13, No. 46
Headlines
B E L G I U M
PETROPLUS HOLDINGS: Has Potential Buyer for Antwerp Refinery
B U L G A R I A
FIRST INVESTMENT: Fitch Affirms Issuer Default Rating at 'BB-'
G E R M A N Y
KIRCH GROUP: Deutsche Bank Board Balks at US$1-Bil. Settlement
Q-CELLS: To Defer Bond While Pursuing Debt-to-Equity Swap
RALOS NEW ENERGIES: Files for Bankruptcy in Darmstadt
SOLON SE: Microsol International Makes Binding Takeover Offer
TAURUS CMBS: Fitch Upgrades Rating on Class F Notes to 'Csf'
TAURUS CMBS: DBRS Downgrades Rating on Class C Notes to 'BB'
G R E E C E
* GREECE: Ex-PM to Appear in Court Today Over 2008 Banking Crisis
H U N G A R Y
* HUNGARY: Mandatory Company Liquidations Up 18.5% in February
I R E L A N D
ELAN CORPORATION: Moody's Raises CFR to 'B1'; Outlook Stable
GATE SME: Fitch Affirms Ratings on Two Note Classes at 'CCCsf'
HARVEST CLO: Fitch Affirms Ratings on Two Note Classes at 'Bsf'
I T A L Y
BANCA UBAE: Fitch Affirms Issuer Default Rating at 'BB'
SEAT PAGINE: Controlling Investors Back Debt Restructuring Plan
N E T H E R L A N D S
E-MAC DE 2006: Fitch Cuts Rating on Class E Notes to 'CCsf'
SCHEUTEN SOLAR: Files Notice for Suspension of Payments
WOOD STREET: Fitch Lowers Rating on Class E Notes to 'B-(sf)'
N O R W A Y
STOREBRAND LIVFORSIKRING: Fitch Affirms 'BB+' Sub. Debt Rating
P O R T U G A L
SAGRES-SOCIEDADE: DBRS Lowers Rating on Class B Notes to 'BB'
R U S S I A
MARI EL: Fitch Assigns 'BB' Foreign & Local Currency Ratings
S W I T Z E R L A N D
SERVETTE: Owner Opts to Put Club Into Bankruptcy
U K R A I N E
INNOVATSIYNO PROMYSLOVYI: Central Bank to Commence Liquidation
U N I T E D K I N G D O M
ECO-BAT FINANCE: Moody's Rates EUR300-Mil. Notes at '(P)B1'
INDUS ECLIPSE: DBRS Cuts Ratings on Note Classes D & E to 'D'
ITV PLC: Fitch Says Financial Results Ahead of Expectations
RANGERS FOOTBALL: Delays Decision to Reduce Costs
TRITON: Fitch Affirms Ratings on Three Note Classes at 'CCsf'
VEDANTA RESOURCES: Fitch Affirms Issuer Default Rating at 'BB+'
X X X X X X X X
* Terra Firma Chief Says Private Equity Can Assist European Firms
* BOND PRICING: For the Week February 27 to March 2, 2012
*********
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B E L G I U M
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PETROPLUS HOLDINGS: Has Potential Buyer for Antwerp Refinery
------------------------------------------------------------
John Martens at Bloomberg News, citing De Tijd, reports that an
unidentified potential buyer for Petroplus Holdings AG's refinery
in the Belgian port of Antwerp has emerged.
According to Bloomberg, the newspaper said that the court-
appointed trustee for the refinery declined to disclose the
identity of the possible buyer.
As reported by the Troubled Company Reporter-Europe on that the
company was forced to shut three of its five refineries in
Belgium and France last month because of a lack of crude oil.
Based in Zug, Switzerland, Petroplus Holdings AG is Europe's
largest independent oil refiner.
===============
B U L G A R I A
===============
FIRST INVESTMENT: Fitch Affirms Issuer Default Rating at 'BB-'
--------------------------------------------------------------
Fitch Ratings has affirmed First Investment Bank AD's (FIBank)
Long-term Issuer Default Rating (IDR) at 'BB-' with a Stable
Outlook, and removed it from Rating Watch Negative (RWN). At the
same time, FIBank's Viability Rating has been downgraded to 'b'
from 'b+'.
The affirmation of FIBank's Long-term IDR, its Support Rating of
'3' and Support Rating Floor of 'BB-', reflects Fitch's view that
there remains a moderate probability of support from the
Bulgarian authorities in case of need. The ratings were placed
on RWN in December 2011, pending a review of the authorities'
willingness to support the bank. This review was undertaken
because of concerns that weaknesses in FIBank's corporate
governance could undermine the propensity of the authorities to
provide support.
Following discussions with the Bulgarian National Bank, Fitch
understands that the propensity of the authorities to support
FIBank, as a systemically important bank, remains strong. FIBank
is the fifth-largest bank in Bulgaria, with an 8% market share in
assets and loans, and the second-largest retail deposit taker
with a 14% market share.
In assessing the probability of support, Fitch also views
favorably the country's low government debt (Fitch forecasts to
be under 17% of GDP at end-2011), significant available fiscal
reserves (7% of GDP at end-October 2011) and the relatively small
size of FIBank's balance sheet (total assets equal to 7% of GDP).
Fitch also notes that the bank's uninsured liabilities, in
respect to which the authorities would take the decision on
support, comprised a low proportion of non-equity funding at end-
2011. Furthermore, a majority of the uninsured liabilities are
customer deposits, which Fitch understands have primarily been
placed by domestic clients.
The downgrade of the VR reflects increasing signs of weakness in
the bank's asset quality. Renegotiated loans, where the original
terms of the loans were changed, not necessarily because of a
delay in repayment, increased significantly as of end-2011
compared to end-2010, and Fitch understands that loans to the
majority of the largest 20 borrowers have now been rolled over or
renegotiated. The loan book remains highly concentrated (with
the largest 20 exposures equal to more than 3x equity) and
illiquid, with limited amortization of the largest loans in 2011.
Loans extended in H111 to finance a metals plant acquisition
still comprised about 0.7x bank-only equity at end-2011.
Exposures overdue by more than 90 days were a moderate 5.8% of
total gross loans on an unconsolidated basis at end-2011
(reflecting Fitch's view of widespread loan renegotiating), while
watch loans (overdue between 30 and 90 days) stood at 9.5%.
Weak corporate governance and moderate capitalization also
continue to weigh on the VR. In Fitch's view, the risk of
related-party or relationship lending is high, due to the
incomplete disclosure of the shareholder structure, the majority
shareholders' other interests in capital-intensive businesses (in
particular, tourist infrastructure) and the quite high-risk
nature of some loan exposures. The bank-only Fitch core capital
ratio was 10.3% at end-2011, but unreserved loans overdue by 30
days or more slightly exceeded core capital.
At the same time, the VR is supported by the strong retail
deposit franchise, the virtual absence of refinancing risk and
the bank's currently comfortable liquidity.
FIBank is majority owned by two Bulgarian businessmen, who each
directly control a 29% stake. A further 27% is held by three
offshore companies, and the remaining shares are widely held on
the Sofia stock exchange.
The rating actions are as follows:
-- Long-term IDR: affirmed at 'BB-', removed from RWN, Outlook
Stable
-- Short-term IDR: affirmed at 'B'
-- Viability Rating: downgraded to 'b' from 'b+'
-- Support Rating: affirmed at '3', removed from RWN
-- Support Rating Floor: affirmed at 'BB-', removed from RWN
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G E R M A N Y
=============
KIRCH GROUP: Deutsche Bank Board Balks at US$1-Bil. Settlement
--------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Deutsche Bank
AG's executive board is resisting a proposed EUR800 million
(US$1.08 billion) agreement to settle claims that a former chief
executive helped drive German media company Kirch Group into
bankruptcy, according to people familiar with the negotiations.
As reported in the Troubled Company Reporter on Feb. 16, 2012,
Dow Jones' Daily Bankruptcy Review reports that Deutsche Bank AG
is closing in on an agreement to pay about EUR800 million
(US$1 billion) to settle decade-old claims that a former chief
executive helped drive German media company Kirch Group into
bankruptcy, according to people familiar with the negotiations.
Q-CELLS: To Defer Bond While Pursuing Debt-to-Equity Swap
---------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Q-Cells SE said
it is resuming its previous plan to defer repayment of a
convertible bond that matures at the end of this month, after a
legal dispute by some bond holders that had initially opposed the
undertaking was settled out of court.
Q-Cells SE is a German solar cell and module maker.
RALOS NEW ENERGIES: Files for Bankruptcy in Darmstadt
-----------------------------------------------------
Mark Osborne at PV-Tech reports that Ralos New Energies has
succumbed to bankruptcy as the solar industry battles
overcapacity and plunging prices, squeezing margins.
Subsidiaries of the holding company, Ralos Projects and Ralos
Solar are included in insolvency proceedings at the district
court in Darmstadt, Germany, PV-Tech discloses.
According to PV-Tech, the management said in a statement that
efforts to restructure and reduce financial problems were
insufficient, especially in light of recent planned changes to
the German feed-in tariff and an effective cap of installations
around 75% less than was installed in the country in 2011.
In mid-2011, Ralos had strengthened its balance sheet by up to
EUR20 million, having been struggling since 2010 and had been
reorganizing its business to push for greater sales outside
Germany, PV-Tech relates. Sales in the first half of 2011
totalled EUR36.4 million with an EBIT of EUR0.65 million, PV-Tech
notes.
Ralos New Energies is a German solar firm.
SOLON SE: Microsol International Makes Binding Takeover Offer
-------------------------------------------------------------
Stefan Nicola at Bloomberg News reports that Microsol
International has made a binding offer to buy Solon SE, which is
in bankruptcy proceedings.
According to Bloomberg, insolvency administrator Ruediger
Wienberg said in an e-mailed statement on Thursday that Microsol,
a solar-cell maker based in Fujairah, United Arab Emirates,
agreed to keep 433 of Solon's 471 employees and its Berlin site.
No price was given, Bloomberg notes.
Solon said in a statement that a Berlin court on Thursday
instituted insolvency proceedings against Solon, Bloomberg
relates. Solon filed for insolvency in December after talks
failed with lenders and investors to extend repayment of a
EUR275 million (US$367 million) loan to German banks including
Deutsche Bank AG, Bloomberg discloses. Solon has a market value
of EUR4.7 million, Bloomberg says.
Microsol plans to take over the Berlin site with its solar- panel
manufacturing plant and research, procurement and sales
divisions, according to Bloomberg. Mr. Wienberg, as cited by
Bloomberg, said that it also seeks to buy Solon units in Italy
and the U.S. He is still looking for a buyer for Solon's French
unit, Bloomberg states.
Solon SE is a German solar-panel maker.
TAURUS CMBS: Fitch Upgrades Rating on Class F Notes to 'Csf'
------------------------------------------------------------
Fitch Ratings has upgraded Taurus CMBS (Pan-Europe) 2007-1
Limited's class F notes and affirmed all other note classes as
follows:
-- EUR291.3m class A1 (XS0305732181): affirmed at 'AAsf';
Outlook Stable
-- EUR15.6m class A2 (XS0309194248): affirmed at 'Asf'; Outlook
Stable
-- EUR23.0m class B (XS0305744608): affirmed at 'BBBsf';
Outlook Stable
-- EUR33.5m class C (XS0305745597): affirmed at 'Bsf'; Outlook
Stable
-- EUR26.5m class D (XS0305746215): affirmed at 'CCCsf';
assigned Recovery Estimate (RE) 50%
-- EUR3.7m class E (XS0309195567): affirmed at 'CCsf'; assigned
RE0%
-- EUR2.1m class F (XS0309195997): upgraded from 'Csf' to
'CCsf'; assigned RE0%
The affirmation of the class A1 to E notes reflects the stable
performance of the underlying loans over the past twelve months.
The upgrade of the class F notes is based on renewed prospects of
an eventual full repayment of the WPC loan (due 2017), which had
previously been highly distressed. Nevertheless, the classes E
and F notes are still likely to suffer losses, which are also a
possibility for the class D notes.
The WPC loan (1% of the loan pool balance) was originally secured
by two industrial properties located in the west of Germany. The
smaller of the two properties has been sold, leaving the loan
secured by a single asset. Reported market value is EUR2.8
million versus a loan balance of EUR5.8 million, implying a 213%
securitized loan to value ratio (LTV). However since being re-
valued the previously fully vacant property has been fully let on
a 12 year lease, bringing interest coverage up to 1.24x. As a
result, asset liquidation is no longer the most likely outcome.
Two loans (Barana and Polo) repaid in the past twelve months.
Both were secured by Swiss assets, which have generally
outperformed those in other markets. Fitch had expected both
loans to repay in full, although with proceeds allocated 100%
pro-rata there has been no discernible reduction in risk for more
senior bondholders as a consequence.
The Galeries Lafayette (GL) Portfolio is secured by one of
Berlin's landmark department stores. The property is anchored by
GL on a lease expiring in December 2025. Although the loan was
extended by three months to April 2012, given moderate leverage
and the quality of the asset, Fitch expects the loan to be
redeemed in full.
The largest loan in the portfolio (Fishman JEC) is secured by 18
industrial office and retail properties (originally 20) located
across France. Although performance has been stable and the
reported LTV is 83%, Fitch will monitor the loan closely given
the recent evidence of French SPVs being granted safeguard
protection (Windermere XII). Should the risk of safeguard
proceedings commencing increase, there would likely be negative
rating action on the senior bonds.
Taurus CMBS (Pan-Europe) 2007-1 Limited is an August 2007
securitization of nine (originally 13) commercial mortgage loans
originated by Merrill Lynch. Scheduled amortization and four loan
repayments have decreased the note balance to EUR396.2 million
from EUR545.0 million at closing. The portfolio is secured by
real estate located in Switzerland (27% by market value, MV),
Germany (31%) and France (41%). The collateral consists of
office assets (30% by MV), retail (30%), industrial (29%), and
other/mixed-use asset types (11%).
TAURUS CMBS: DBRS Downgrades Rating on Class C Notes to 'BB'
------------------------------------------------------------
DBRS has downgraded the following ratings of Taurus CMBS (Pan-
Europe) 2007-1 Limited (Taurus):
-- Class A1 to AA (sf) from AAA (sf)
-- Class A2 to A (sf) from AAA (sf)
-- Class B to BBB (sf) from AA (sf)
-- Class C to BB (sf) from A (sf)
Classes B and C have been removed from Under Review with Negative
Implications, where they were placed on November 18, 2009. In
addition, DBRS has confirmed the ratings of the following five
classes of Taurus:
-- Class X1 at AAA (sf)
-- Class X2 at AAA (sf)
-- Class D at CCC (sf)
-- Class E at C (sf)
-- Class F at C (sf)
The trends on Classes A1, A2, B, C, X1 and X2 are Stable. No
trends are assigned to Classes D, E and F.
This transaction originally consisted of one fixed-rate loan and
12 floating-rate loans secured by 57 residential and commercial
properties located in Switzerland, Germany and France. The
original securitized balance of the pool was EUR549,891,408.
According to the most recent servicer report, the current
securitized balance of the pool is EUR395,632,973. The pool now
consists of nine loans backed by 48 properties.
There are no loans in special servicing; however, four loans have
been placed on the servicer's watchlist because of their upcoming
maturity dates.
The largest loan on the servicer's watchlist is the Galeries
Lafayette loan (17.1% of the current pool balance), which is
secured by a landmark department store in Berlin, Germany. The
property is anchored by the French retailer, Galeries Lafayette.
This loan was scheduled to mature in January 2012 and, at
that time, the borrower and the servicer agreed upon a three-
month extension of the maturity date to give the borrower
additional time to sell the asset and repay the loan in full.
The loan's extended maturity date is April 30, 2012.
According to the servicer, the borrower has submitted evidence
that a full repayment of the loan is likely at the April 30,
2012, maturity date. However, the DBRS capacity of debt analysis
assumes a loan-to-value (LTV) ratio that would imply a 36.7%
decline to the most recent appraised value.
The next largest loan on the servicer's watchlist is Saturn, and
is secured by a single property located approximately one
kilometer from the center of Frankfurt, Germany. This loan
represents 7.1% of the current pool balance. As of the most
recent servicer report, the property is approximately 90%
occupied and used primarily for retail purposes. The main
retailer's lease runs through December 2013. The loan was added
to the servicer's watchlist to be monitored as its maturity date
approaches in April 2012. According to the servicer, they
are currently in discussions with the borrower regarding the loan
repayment. A January 2011 valuation report implied a securitized
LTV of 74.8%. The most recent DBRS analysis is based on the LTV
as implied by the January 2012 valuation report.
In general, the collateral securing the loans in this transaction
have been subject to the overall deflation in property values in
the greater European commercial real estate market. When taking
the market decline into account, the capacity of debt, on a loan-
by-loan basis, in the DBRS analysis, has decreased substantially
since issuance. As a result, DBRS has downgraded certain classes
as listed above.
===========
G R E E C E
===========
* GREECE: Ex-PM to Appear in Court Today Over 2008 Banking Crisis
-----------------------------------------------------------------
Deutsche Press-Agentur reports that Geir Haarde, Iceland's former
prime minister, is due to appear before a special court today,
where he will be asked to respond to accusations that he put the
interests of the state at risk by failing to prevent the
country's devastating banking crisis of 2008.
The former leader of the conservative Independence Party resigned
in January 2009 in the wake of the collapse of the Atlantic
island nation's three main banks, DPA recounts.
According to the indictment, Mr. Haarde faces charges of
negligence for failing to take action when Kaupthing, Landsbanki
and Glitnir failed, DPA discloses. If convicted, the 60-year-old
risks a two-year jail term, DPA notes.
The case has generated controversy as Haarde is the only member
of the former government to face trial, DPA says.
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H U N G A R Y
=============
* HUNGARY: Mandatory Company Liquidations Up 18.5% in February
--------------------------------------------------------------
MTI-Econews reports that company information provider Opten said
on Friday the number of mandatory liquidation procedures
initiated against Hungarian companies came to 1,878 in February,
up 18.5% from a year earlier.
According to MTI, Opten said that the number of voluntary
liquidations jumped 47% to 3,321 in February.
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I R E L A N D
=============
ELAN CORPORATION: Moody's Raises CFR to 'B1'; Outlook Stable
------------------------------------------------------------
Moody's Investors Service upgraded the ratings of Elan
Corporation, plc, including the Corporate Family Rating to B1
from B2. Moody's upgraded the company's senior unsecured notes
due in 2016 to B1 (LGD 4, 66%) from B2 (LGD 4, 66%) and the
Probability of Default rating to Ba3 from B1. In addition,
Moody's affirmed the SGL-1 Speculative Grade Liquidity rating.
Following these rating actions, the rating outlook is stable.
Ratings upgraded:
Elan Corporation plc:
Corporate Family Rating to B1 from B2
Probability of Default Rating to Ba3 from B1
Elan Finance plc:
Senior unsecured notes due 2016, guaranteed by Elan Corporation
plc and subsidiaries to B1 (LGD 4, 66%) from B2 (LGD 4, 66%);
Ratings affirmed:
Elan Corporation plc:
Speculative Grade Liquidity Rating at SGL-1
Ratings Rationale
"The upgrade reflects Elan's significant deleveraging in 2011 and
the expectation for improving EBITDA driven by rising Tysabri
sales," stated Michael Levesque, Moody's Senior Vice President.
Elan's B1 Corporate Family Rating reflects the company's limited
scale, high product concentration risk and modest albeit
improving free cash flow generation. Following the 2011
separation of the Elan Drug Technology business,
Elan's revenues are now comprised 100% of Tysabri sales. Although
Tysabri utilization trends should be positive, competition and
safety factors will reduce its rate of growth compared to recent
results. Elan will remain highly reliant on Tysabri until its
pipeline of new drugs shows success. Importantly, Phase III data
for bapineuzumab, an experimental Alzheimer's drug, is pending in
the second half of 2012. The product could have substantial
commercial potential given unmet medical need, but this area of
pharmaceutical research remains high-risk. Elan's balance sheet
could further improve in 2012, especially if Elan monetizes
shares of Alkermes plc and uses the proceeds for further debt
reduction.
The FDA recently approved a label change for Tysabri to include
Anti-JC virus antibody status as a PML risk factor. Patients who
carry the JC virus antibody are more vulnerable to PML, a rare
brain disease. Clarity around the low risk for patients known to
be Anti-JCV antibody negative is an important growth driver for
Tysabri going forward.
The rating outlook is stable. Although Tysabri sales should rise
in 2012, resulting in improving credit metrics, Elan's product
concentration precludes upward rating pressure over the near
term. Over time, an upgrade could occur with improved revenue
diversity and further strengthening of credit metrics. If
bapineuzumab appears highly likely to be approved and Elan's
debt/EBITDA can be sustained below 3.0 times, the rating could be
upgraded. Conversely, the rating could be downgraded if
debt/EBITDA is sustained above 4.0 times. While not currently
expected, this could occur if Tysabri sales flatten or decline
and if the bapineuzumab program is unsuccessful.
The principal methodology used in rating Elan was the Global
Pharmaceuticals Industry Methodology published in October 2009.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.
GATE SME: Fitch Affirms Ratings on Two Note Classes at 'CCCsf'
--------------------------------------------------------------
Fitch Ratings has downgraded GATE SME CLO 2006-1 Ltd's (GATE)
class A notes and affirmed the class B to E notes, as follows:
-- EUR42m class A notes (ISIN: XS0271959388): downgraded to
'BBsf' from 'BBB-sf'; Negative Outlook
-- EUR26.5m class B notes (ISIN: XS0271960048): affirmed at
'B+sf'; Negative Outlook
-- EUR7.5m class C notes (ISIN: XS0271960550): affirmed at
'B+sf'; Negative Outlook
-- EUR20m class D notes (ISIN: XS0271961012): affirmed at
'CCCsf'; assigned Recovery Estimate (RE) of RE60%
-- EUR15.5m class E notes (ISIN: XS0271961103): affirmed at
'CCCsf'; assigned RE0%
The downgrade of the class A note reflects the increased risk if
a few large obligors default (event risk). In Fitch's view, this
risk is more material due to the expected economy cool-down. The
default of few large obligors can almost deplete the available
credit enhancement or result to losses to a note. Currently, the
available credit enhancement for the class A notes can only
provide for a default of the four largest obligors after
accounting for defaulted loans in the current portfolio and
expected recoveries.
Fitch also acknowledges the increased defaults in the transaction
since its last review in August 2011. In particular, the share of
defaulted assets that have not yet been liquidated has risen to
1.8% from 1.1%. The total cumulative defaults increased to 3.1%
from 2.4% of the initial pool balance for the same period.
Although no defaulted assets have been liquidated since the last
review, leaving the credit enhancement unchanged, Fitch expects
the increased defaults to result in additional losses to the
transaction once the defaulted assets have been worked out.
Once losses are realised, the available credit protection to the
rated notes will decrease. Fitch believes that the expected
decrease of available credit protection will make the class A
notes more vulnerable to heightened event risk. In Fitch's view,
a 'BBB-sf' rating is no longer sustainable given the increased
event risk.
The Negative Outlook on the class A, B and C notes reflects the
expected economy cool-down that is likely to result in higher
corporate insolvencies. Additionally, the agency takes into
account the low credit protection available to the rated notes,
which is by means of subordination only. Although the realised
losses have so far been absorbed by the non-rated class F notes,
the agency notes that no additional credit protection can be
built up (in absolute terms) as long as the transaction is
replenishing.
In order to analyze the credit quality of the current portfolio,
the agency used its Portfolio Credit Model (PCM), which derives
rating-dependent default and recovery rates. In Fitch's view,
the current credit enhancement of class A is insufficient to
provide for the expected losses in a 'BBB-sf' rating scenario.
Fitch assigns Recovery Estimates to all notes rated 'CCCsf' or
below. REs are forward-looking recovery estimates, taking into
account Fitch's expectations for principal repayments on a
distressed structured finance security.
The transaction is a partially-funded synthetic CDO referencing
portfolios of loans, revolving credit facilities and other
payment claims to SMEs and larger companies based predominantly
in Germany. The debt instruments were originated by Deutsche
Bank AG (rated 'A+'/Stable/'F1+'), which is also the CDS
counterparty.
HARVEST CLO: Fitch Affirms Ratings on Two Note Classes at 'Bsf'
---------------------------------------------------------------
Fitch Ratings has affirmed Harvest CLO IV PLC's notes, as
follows:
-- EUR440.4m Class A-1A (ISIN XS0254041493): affirmed at
'AAAsf'; Outlook Stable
-- EUR74.0m Class A-1B (ISIN XS0254042541): affirmed at 'AAsf';
Outlook Stable
-- EUR48.5m Class A-2 (ISIN XS0254042970): affirmed at 'AAsf';
Outlook Stable
-- EUR54.6m Class B-1 (ISIN XS0254043861): affirmed at 'Asf';
Outlook Stable
-- EUR4.4m Class B-2 (ISIN XS0254046963): affirmed at 'Asf';
Outlook Stable
-- EUR29.0m Class C (ISIN XS0254048746): affirmed at 'BBBsf';
Outlook Negative
-- EUR11.1m Class D-1 (ISIN XS0254050213): affirmed at 'BBsf';
Outlook Negative
-- EUR8.9m Class D-2 (ISIN XS0254052771): affirmed at 'BBsf';
Outlook Negative
-- EUR15.4m Class E-1 (ISIN XS0254054553): affirmed at 'Bsf';
Outlook Negative
-- EUR1.6m Class E-2 (ISIN XS0254055360): affirmed at 'Bsf';
Outlook Negative
-- EUR12.3m Class M (ISIN XS0254059784): affirmed at 'AAAsf';
Outlook Negative
The affirmation reflects the stable performance of the portfolio.
Assets rated 'CCC' or below currently represent 4.5% of
performing collateral and cash, up from 4.0% at the last review
in April 2011.
All over-collateralization (OC) tests as well as the reinvestment
test have been passing since March 2011. A breach of the
reinvestment test during the reinvestment period triggers the use
of up to 50% of available interest proceeds to purchase
additional collateral or redeem the notes in order of seniority
(choice at manager's discretion). The interest coverage (IC)
tests have never failed. However, IC test results have been
volatile.
The Negative Outlooks on the mezzanine and junior notes reflect
their vulnerability to a clustering of defaults and negative
rating migration in the European leveraged loan market due to the
approaching refinancing wall.
Harvest CLO IV PLC is a securitization of only senior secured
loans extended to mostly European obligors. At closing a total
note issuance of EUR752 million was used to invest in a target
portfolio of EUR750 million. The portfolio is actively managed
by 3i Debt Management Investments Ltd.
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I T A L Y
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BANCA UBAE: Fitch Affirms Issuer Default Rating at 'BB'
-------------------------------------------------------
Fitch Ratings has affirmed Banca UBAE's Long-term Issuer Default
Rating (IDR) at 'BB' and Viability Rating at 'bb' and removed
them from Rating Watch Negative (RWN). The Outlook is Stable.
The affirmations reflect Fitch's view that uncertainties around
the bank's operations have diminished following the lifting of
most sanctions against Libyan interests, and after the Bank of
Italy removed its special administration order on the bank on 29
February 2012. Although Libya, where Banca UBAE's majority
shareholder, the Libyan Foreign Bank (LFB), is domiciled, is
undergoing important structural changes, Fitch believes that
Banca UBAE's operations, which suffered from reduced volumes in
trade finance in 2011, given the turmoil in many countries it
operates in, should stabilize in 2012. On February 29, UBAE's
shareholders met for the first time since the bank was placed
under special administration by the Bank of Italy in March 2011,
and a board of directors was elected.
Banca UBAE did not suffer any significant withdrawals of funds
from its largest shareholder LFB after the recent lifting of
sanctions blocking these deposits. Nonetheless, funding
continues to be concentrated and in the form of interbank funding
with contractually short-term maturities.
Banca UBAE's ratings are based on its operations as a niche bank
concentrating on trade finance business with its good franchise
in the MENA region. The ratings also reflect the bank's
operations in potentially more volatile countries and the high
concentration to single counterparties in its investments
relative to the small absolute size of its equity. The bank's
Support Rating is based on potential support from the LFB. The
affirmation of the Support Rating reflects Fitch's view that
although support may be provided for the bank by LFB, it cannot
be relied upon given the current circumstances in Libya.
Banca UBAE's ratings could come under pressure if the situation
in Libya became more volatile again, if asset quality
deteriorated or if the bank's strategic importance to its
majority shareholders diminished. Fitch notes that the bank's
capital base, in the context of the high concentration of the
bank's exposures, would need to be materially strengthened before
the ratings could be upgraded.
Rome-based Banca UBAE is a niche provider of trade finance,
payment and treasury services, predominantly to customers in the
Middle East and North African markets. Banca UBAE is 67.5% owned
by LFB.
The rating actions are as follows:
Banca UBAE:
-- Long-term IDR: affirmed at 'BB'; RWN removed, Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Viability Rating: affirmed at 'bb'; RWN removed
-- Support Rating: affirmed at '5'
SEAT PAGINE: Controlling Investors Back Debt Restructuring Plan
---------------------------------------------------------------
Chiara Remondini at Bloomberg News reports that Seat Pagine
Gialle SpA said its debt restructuring plan was endorsed by
investors including CVC Capital Partners Ltd. and some creditors'
committees.
According to Bloomberg, Seat Pagine said a stock-exchange
statement on Friday that it received "full support" for the debt
proposal by controlling investors CVC, Permira Advisers Ltd. and
Investitori Associati SpA, the senior noteholders committee and
Lighthouse bondholder committee.
Seat Pagine is "close to safety," Bloomberg quotes Marco Greco,
an analyst at Mediobanca SpA, as saying. Mr. Greco, as cited by
Bloomberg, said in a note on Friday that "there are only a few
technical points to be solved and then a positive conclusion to
this never ending saga will be achieved. It's too early to
assume that the bankruptcy risk is totally over."
Seat Pagine is seeking backing from at least 75% of its creditors
on a final proposal for the company's debt reorganization,
Bloomberg discloses. The board is giving creditors until March 7
to accept the restructuring plan, Bloomberg notes. The proposal
has to be backed by senior bondholders as well as senior lenders
and junior note holders, Bloomberg states.
About Seat Pagine
Seat Pagine Gialle SpA (PG IM) -- http://www.seat.it/-- is an
Italy-based company that operates multimedia platform for
assisting in the development of business contacts between users
and advertisers. It is active in the sector of multimedia
profiled advertising, offering print-voice-online directories,
products for the Internet and for satellite and ortophotometric
navigation, and communication services such as one-to-one
marketing. Its products include EuroPages, PgineBianche,
Tuttocitta and EuroCompass, among others. Its activity is
divided into four divisions: Directories Italia, operating
through, Seat Pagine Gialle; Directories UK, through TDL
Infomedia Ltd. and its subsidiary Thomson Directories Ltd.;
Directory Assistance, through Telegate AG, Telegate Italia Srl,
11881 Nueva Informacion Telefonica SAU, Telegate 118 000 Sarl,
Telegate Media AG and Prontoseat Srl, and Other Activitites
division, through Consodata SpA, Cipi SpA, Europages SA, Wer
liefert was GmbH and Katalog Yayin ve Tanitim Hizmetleri AS.
* * *
As reported by the Troubled Company Reporter-Europe on Jan. 11,
2012, Standard & Poor's Ratings Services lowered its issue rating
on the senior secured bank debt of Italy-based international
publisher of classified directories SEAT PagineGialle SpA (SEAT)
to 'D' (Default) from 'CCC-'. "The recovery rating on this
instrument is unchanged at '2', indicating our expectation of
substantial (70%-90%) recovery in the event of a payment
default," S&P said. All our other ratings on SEAT, including the
long-term corporate credit rating of 'SD' (Selective Default),
are unchanged. The lowering of the rating on SEAT's senior
secured bank debt follows the company's failure to pay its
interest payment and debt amortization requirement beyond the
fifth business day after the scheduled due date at the end of
December 2011.
=====================
N E T H E R L A N D S
=====================
E-MAC DE 2006: Fitch Cuts Rating on Class E Notes to 'CCsf'
-----------------------------------------------------------
Fitch Ratings has taken rating actions on E-MAC DE 2006-I B.V.,
E-MAC DE 2005-I B.V. and E-MAC DE 2006-II B.V.
The transactions are securitizations of German residential
mortgage loans originated by GMAC-RFC Bank GmbH, which was
renamed Paratus AMC GmbH in 2011.
The downgrade of E-MAC DE 2006-I's class C, D and E notes reflect
the reduction of the reserve fund by more than 50% and the
expectation that the class E principal deficiency ledger (PDL)
balance will soon be debited. The reserve fund stands at 21 % of
its target level. The likelihood of the class D PDL balance
being debited has also increased significantly. The Outlook for
the class A and B notes has been revised to Negative from Stable
following the expected loss allocation to the junior notes.
The affirmation of E-MAC DE 2005-I and E-MAC DE 2006-II reflect
that the current performance of the transactions is in line with
Fitch's expectations. The supporting factors for the
affirmations were the lower levels of losses and lower reserve
fund draws compared to EMAC DE 2006-I.
Cumulative losses for E-MAC DE 2005-I are at 3.5%, for E-MAC DE
2006-I at 4.2% and for E-MAC DE 2006-II at 2.6%. Generally there
is a strong reliance on excess spread in these transactions
though for E-MAC DE 2006-I and II reserve fund draws were
necessary to cover losses. The reserve fund for E-MAC DE 2005-I
stands at its target level while the reserve fund for E-MAC DE
2006-II stands at 88% of its target level.
E-MAC DE 2005-I noteholders may exercise their put right to sell
their notes to the issuer in May 2012. Like the other E-MAC
transactions in the Netherlands Fitch does not believe that the
MPT provider (which is CMIS Investments B.V. for the German
transactions) will provide the necessary funds to the issuer. If
the issuer is not able to repurchase the notes, the note margins
will be reset to a higher level. However, as any excess over the
original margins ranks junior in the waterfall, Fitch does not
expect this to have an impact on existing ratings for this
transaction.
The ratings actions are as follows:
E-MAC DE 2005-I B.V:
-- Class A (ISIN XS0221900243): affirmed at 'AAsf'; Stable
Outlook
-- Class B (ISIN XS0221901050): affirmed at 'Asf'; Stable
Outlook
-- Class C (ISIN XS0221902538): affirmed at 'BBB-sf'; Stable
Outlook
-- Class D (ISIN XS0221903429): affirmed at 'B+sf'; Stable
Outlook
-- Class E (ISIN XS0221904237): affirmed at 'CCCsf'; Recovery
Estimate (RE) of 100%
-- Class F (ISIN XS0221922056): Paid in full
E-MAC DE 2006-I B.V.:
-- Class A (ISIN XS0257589860): affirmed at 'A+sf'; Outlook
revised to Negative from Stable
-- Class B (ISIN XS0257590876): affirmed at 'BBBsf'; Outlook
revised to Negative from Stable
-- Class C (ISIN XS0257591338): downgraded to 'Bsf'; Outlook
Stable
-- Class D (ISIN XS0257592062): downgraded to 'CCCsf'; RE 0%
-- Class E (ISIN XS0257592575): downgraded to 'CCsf'; RE 0%
-- Class F (ISIN XS0257704717): Paid in full
E-MAC DE 2006-II B.V.:
-- Class A1 (ISIN XS0276932539): affirmed at 'A+sf'; Stable
Outlook
-- Class A2 (ISIN XS0276933347): affirmed at 'A+sf'; Stable
Outlook
-- Class B (ISIN XS0276933859): affirmed at 'BBBsf'; Stable
Outlook
-- Class C (ISIN XS0276934667): affirmed at 'BBsf'; Stable
Outlook
-- Class D (ISIN XS0276935045): affirmed at 'Bsf'; Negative
Outlook
-- Class E (ISIN XS0276936019): affirmed at 'CCCsf'; RE 0%
-- Class F (ISIN XS0276936951): Paid in full
SCHEUTEN SOLAR: Files Notice for Suspension of Payments
-------------------------------------------------------
Mark Osborne at PV-Tech reports that Scheuten Solar has
officially filed notice that it is suspending payments as it is
unable to serve its creditors.
According to PV-Tech, Scheuten said in a statement on its Web
site that its margins had been under tremendous pressure over the
last 18-months due to the dramatic oversupply of standard PV
modules in the European market, putting the company into
financial difficulties.
Scheuten Solar said that it had undertaken continuous cost
reduction measures and efforts to secure a business partner
within the PV industry proved fruitless after negotiations with
an unidentified company failed, PV-Tech relates.
Scheuten Solar is a Netherlands-based module manufacturer and
BIPV specialist.
WOOD STREET: Fitch Lowers Rating on Class E Notes to 'B-(sf)'
-------------------------------------------------------------
Fitch Ratings has downgraded Wood Street CLO VI B.V.'s class C, D
and E notes, as follows:
-- EUR207.1m Class A-1 (ISIN XS0315358084): affirmed at
'AAAsf'; Outlook Stable
-- EUR15.0m Class A-2 (ISIN XS0315362433): affirmed at 'AAAsf';
Outlook Stable
-- EUR23.7m Class B (ISIN XS0315364991): affirmed at 'AAsf';
Outlook Stable
-- EUR18.4m Class C (ISIN XS0315365451): downgraded to 'BBB+sf'
from 'Asf'; Outlook Negative
-- EUR15.5m Class D (ISIN XS0315365618): downgraded to 'BB+sf'
from 'BBBsf'; Outlook Negative
-- EUR13.2m Class E (ISIN XS0315366186): downgraded to 'B-sf'
from 'Bsf'; Outlook Negative
The affirmation of the class A-1, A-2, and B notes reflects the
stable performance of the portfolio. Assets rated 'CCC' or below
currently represent 13.5% of performing collateral and cash, down
from 16.4% at the last review in April 2011.
Fitch has downgraded the class C, D, and E notes due to their
sensitivity to a back-loaded default timing scenario. In this
scenario, a cluster of defaults occurs towards the end of the
life of the transaction when minimal excess spread remains. The
weighted average maturity of the portfolio increased to
January 23, 2016 from July 23, 2015 in April 2011. The notes
have been unable to accumulate sufficient credit enhancement to
offset this risk due to a number of defaults in the portfolio.
All over-collateralization (OC) tests and the reinvestment test
have been passing since March 2011. A breach of the reinvestment
test triggers the use of up to 50% of available interest proceeds
to purchase additional collateral or redeem the notes in order of
seniority (choice at manager's discretion). The interest
coverage (IC) tests have never failed. However, results have
been volatile.
The Negative Outlooks on the mezzanine and junior notes reflect
their vulnerability to a clustering of defaults and negative
rating migration in the European leveraged loan market due to the
approaching refinancing wall.
Wood Street CLO VI B.V. is a securitization of mainly European
senior secured loans, senior unsecured loans, second-lien loans,
mezzanine obligations, high-yield bonds and structured finance
securities. At closing, a total note issuance of EUR325.8
million was used to invest in a target portfolio of EUR317.05
million. The portfolio is actively managed by Alcentra Ltd.
===========
N O R W A Y
===========
STOREBRAND LIVFORSIKRING: Fitch Affirms 'BB+' Sub. Debt Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Norwegian life insurer Storebrand
Livforsikring's (SL) Insurer Financial Strength (IFS) rating at
'BBB+' and Long-term Issuer Default Rating (IDR) at 'BBB'. Fitch
has also affirmed Storebrand ASA's (SA) Long-term IDR at 'BBB-'.
SA is SL's ultimate parent company. The Outlooks on the IFS
rating and IDRs are Stable. Fitch has also affirmed SL's
subordinated debt issues at 'BB+' and SA's senior unsecured debt
at 'BB+'.
The ratings actions reflect the Storebrand group's resilient
performance in 2011 despite difficult market conditions. Strong
capital adequacy (with healthy buffer reserves) and the soundness
of the Norwegian economy also support the ratings. Offsetting
factors are the group's exposure to a low interest rate
environment for both SL and SPP (SL's main subsidiary in Sweden;
not rated), volatile financial results and the expectation of
depressed earnings.
In line with Fitch's expectation, group earnings fell in 2011,
due to a combination of the low interest rate environment, a
significant fall in equity values and the group's continued
efforts to rebuild buffer capital. Despite these challenges, the
group reported positive net income for 2011 of NOK681 million
(2010: NOK1,480 million). Fitch believes that the group can, to
some extent, cope with downside risk related to a prolonged
period of low interest rates and increased market volatility.
The agency views negatively the ongoing uncertainty surrounding
the development of a new Solvency II-compliant regulatory
framework in Norway. Against market expectations, the group
decided not to pay a dividend in respect of 2011, awaiting
further clarification on the new capital requirements.
In addition, SL unexpectedly strengthened its longevity reserves
by NOK1.1 billion in 2011 and Fitch cautions that additional
material reserve adjustments may be required in the future given
the continuing rise in Norwegian life expectancy.
Other negative rating drivers include the group's relatively high
equity exposure as well as low fixed charge coverage as assessed
by Fitch. The portfolio allocation to equities was 12% in both
SL and SPP at end-2011 and although this is lower than 2010 (in
particular in SPP where the exposure was 27% at end-2010) the
agency still views the overall exposure unfavorably. The Fitch-
calculated fixed charge coverage ratio for the consolidated group
remains relatively weak at around 2.3x (based on 2011 results),
down from 3.5x in 2010.
Based on the consolidated regulatory solvency position (160% at
end-2011) and on Fitch's own risk-adjusted analysis, group
capital adequacy as at end-2011 was solid, with NOK5.4 billion of
additional statutory reserves (equal to approximately 90% of the
annual cost of minimum guarantees). This allows the group to
have higher risk appetite in seeking to achieve higher expected
returns in its profit-sharing portfolios. However, the quality
of capital is negatively affected by a significant amount of
goodwill.
SL's ratings could be upgraded if the company manages to
strengthen, on a sustainable basis, its buffer capital through
additional statutory reserves to maintain an amount sufficient to
cover one year of minimum guarantees (around NOK6 billion).
Other factors leading to a possible upgrade would include reduced
sensitivity of earnings to changes in interest rates through
better asset liability management (ALM), in particular in SPP.
Conversely, the ratings could be downgraded if the exposure to
equities at SPP results in material losses to the extent that
SL's consolidated regulatory solvency margin falls below 130% or
shareholders' funds declined by more than 15% from NOK18.8
billion at end- 2011. Also, failure to mitigate SPP's financial
volatility over time would exert negative pressure on the
ratings.
===============
P O R T U G A L
===============
SAGRES-SOCIEDADE: DBRS Lowers Rating on Class B Notes to 'BB'
-------------------------------------------------------------
DBRS Ratings Limited and DBRS, Inc. have confirmed and downgraded
eight ratings from the following seven Portuguese Issuers:
* GAMMA - Sociedade de Titularizacao de Creditos, S.A.
(ATLANTES No. 1)
* SAGRES SOCIEDADE DE TITULARIZACAO DE CREDITOS, S.A. (DOURO
SME No.2)
* Caravela SME No. 1 LTD
* TAGUS SOCIEDADE DE TITULARIZACAO DE CREDITOS, S.A.
(Caravela SME No.2)
* SAGRES SOCIEDADE DE TITULARIZACAO DE CREDITOS, S.A.
(Lusitano SME No.2)
* TAGUS - Sociedade de Titularizacao de Creditos, S.A. (BST
SME No. 1)
* Sagres Sociedade de Titularizacao de Creditos, S.A. (Pelican
SME No. 1)
The rating actions occurred between February 23, 2012 and
February 27, 2012, and reflect the January 30, 2012, DBRS
downgrade of the Republic of Portugal's Long Term Foreign
Currency and Long-Term Local Currency ratings from BBB to BBB
(low) with the Negative Trend maintained. The rating actions
above represent a summary of all rating actions taken by DBRS on
SME CLOs with public DBRS ratings affected by the January 30,
2012 DBRS downgrade of the Republic of Portugal. Increased
uncertainty surrounding the impact of macroeconomic variables on
collateral performance due to austerity measures taken by the
Republic of Portugal, as well as a heightened concern with
respect to the stress certain transaction parties may come under
to perform transaction obligations (servicers and collection
account banks domiciled in Portugal) were factored into the
rating actions.
For a more detailed discussion of sovereign risk impact on
Structured Finance ratings, please refer to DBRS commentary "The
Effect of Sovereign Risk on Securitisations in the Euro Area",
located at http://dbrs.com/research/239786
The principal methodology is the Master European Granular
Corporate Securitisations (SME CLOs), which can be found on
DBRS's Web site under Methodologies.
Ratings assigned by DBRS Ratings Limited are subject to EU
regulations only.
SAGRES SOCIEDADE DE TITULARIZACAO DE CREDITOS, S.A. (Lusitano SME
No.2) Class B
Downgraded BB (low) (sf) -- Principal Only Feb 23, 2012
===========
R U S S I A
===========
MARI EL: Fitch Assigns 'BB' Foreign & Local Currency Ratings
------------------------------------------------------------
Fitch Ratings has assigned Russia's Mari El Republic a Long-term
foreign and local currency rating of 'BB', a Short-term foreign
currency rating of 'B' and a National Long-term rating of 'AA-
(rus)'. The Outlooks for the Long-term ratings are Stable.
The ratings reflect the republic's track record of sound
budgetary performance, moderate direct risk and low contingent
risk. However, the ratings also factor in the small size of the
region's economy with wealth indicators below the national
average.
A consolidation of the region's budgetary performance with a
narrowing of the deficit before debt to below 5% of total revenue
coupled with the extension of the debt maturity profile would be
positive for the ratings. Conversely, the deterioration of its
budgetary performance along with the growth of direct risk to
above 40% of current revenue would be negative for the ratings.
Fitch expects Mari El's budget to consolidate its sound
performance in 2012-2014, with the operating balance averaging
13% of operating revenue. This will be supported by the stable
growth of tax revenue and current transfers and prudent fiscal
management. Fitch also expects the region's full-year deficit
before debt variation to be about 7% of total revenue in 2012,
which is in line with 2011.
Fitch expects the region's direct risk to increase up to RUB7
billion by end-2012, or 38% of current revenue and then stabilize
at 37%-38% in 2013-2014. Fitch expects the republic's payback
ratio to be at about three years in 2012-2014, matching the debt
portfolio's average maturity. The region's direct risk is 48.4%
composed of bank loans, followed by subsidized federal budget
loans (26.8%) and loans contracted from International Finance
Corporation (24.8%). The region's contingent risk is low,
comprised of outstanding guarantees (totalling RUB440 million by
end-2011) and minor public companies' debt.
The Mari El Republic is a part of the Privolzhsky Federal
District, which lies in the eastern part of European Russia. The
region contributed 0.2% of the Russian Federation's GDP in 2009
and accounted for 0.5% of the country's population. The local
economy, despite below national average wealth indicators, proved
resilient to the adverse macro-economic environment in 2008-2009.
Gross regional product according to the administration's
estimates increased by 3.9% yoy in 2011.
=====================
S W I T Z E R L A N D
=====================
SERVETTE: Owner Opts to Put Club Into Bankruptcy
------------------------------------------------
The Associated Press reports that Iranian businessman Majid
Pishyar, the owner of Servette, placed the Swiss football club
into bankruptcy on Thursday.
Mr. Pishyar, the AP says, directed blame at the city's government
and business community whose "support has, unfortunately, been
below my expectations."
Servette's debts have been reported at between CHF1.7 to CHF3
million (US$1.88-US$3.3 million), and the club has fended off
bankruptcy hearings from creditors including the company which
cleans the stadium, the AP discloses.
However, the club does not own the Stade de Geneve, which was
built by local authorities to be a venue for the 2008 European
Championship, the AP notes.
According to the AP, Mr. Pishyar, who took charge in 2008, said
that "we will continue to fight for Servette."
It was unclear if the club will complete its matches this season,
the AP states. It also fell into bankruptcy in 2005 and was
demoted midseason, the AP recounts.
The Swiss Football League issued a brief statement to say it was
in the process of seeking clarity for the league's future, the AP
relates.
=============
U K R A I N E
=============
INNOVATSIYNO PROMYSLOVYI: Central Bank to Commence Liquidation
--------------------------------------------------------------
Kateryna Choursina at Bloomberg News reports that Ukraine's
central bank will revoke the banking license held by PAT
Innovatsiyno Promyslovyi Bank, or Inprombank, and begin
liquidation proceedings.
According to Bloomberg, the central bank said in a statement on
its Web site on Friday that it appointed Oleksiy Halaburda, the
head of the bank supervision department, as the liquidator of the
institution.
The statement also said that Kiev-based central bank will replace
the official liquidator of lender AKB Yevropeyskyi and appoint
independent expert Vitaliy Kovalevskyi to replace Yuriy
Stulkivskyi, Bloomberg notes.
===========================
U N I T E D K I N G D O M
===========================
ECO-BAT FINANCE: Moody's Rates EUR300-Mil. Notes at '(P)B1'
-----------------------------------------------------------
Moody's Investors Service has assigned a (P)B1 rating to the new
EUR300 million senior unsecured notes maturing in March 2017 to
be issued by Eco-Bat Finance PLC. Concurrently, Moody's has
affirmed Eco-Bat Technologies Limited's Corporate Family Rating
at Ba3. The outlook on the ratings remains stable.
Ratings Rationale
Eco-Bat's Ba3 CFR is supported by the company's large scale as
the world's largest lead producer, as well as its solid operating
performance based on a prudent hedging strategy limiting
commodity risk. The rating is also supported by the company's
strong liquidity position, further enhanced by the new bond
issuance and availability under the company's borrowing base
facilities.
In the first nine months of 2011, Eco-Bat generated revenues of
GBP1.4 billion compared to GBP1.1 billion in the previous year
driven by higher average LME lead prices. During the same period,
the operating profit increased to GBP 170 million from GBP 116
million.
The majority shareholder of Eco-Bat is EB Holdings II, Inc. which
owns about 87% of the company. The overall group debt structure
is unusually top-heavy in combining relatively modest leverage at
the Eco-Bat level, with a much larger PIK instrument at EB
Holdings II (which is outside the Eco-Bat restricted group). The
PIK, which was initially EUR600 million at its inception in 2006,
has accrued (at 11%) to EUR 986 million. The instrument also
matures in March 2017, shortly after the maturity date of the
Notes.
Although the PIK is ring fenced from the Eco-Bat group, its
presence creates material uncertainty over future event risk. In
particular, there is ongoing lack of clarity regarding the
shareholders' intentions to refinance it with additional debt
that could be raised within the Eco-Bat restricted group. Moody's
recognizes that the Notes include an opening restricted payment
basket carried forward from its previous notes (GBP308 million at
end-December 2011) and a general basket of GBP50 million leading
to a total restricted payment capacity of approximately GBP358
million as of fiscal year end 2011, which will further grow over
time as the group generates additional net income. Debt
incurrence is also subject to a 2.25x and 2.5x fixed charge cover
ratio test in the bond indenture and bank credit facility,
respectively, which Moody's expects the company to be able to
meet with relative ease over the medium term.
In that context, although the company has indicated no plans for
dividends, Moody's analysis of Eco-Bat's debt considers the full
flexibility that the company may have to use its baskets to
distribute dividends. The Ba3 CFR and (P)B1 rating on the new
2017 notes incorporates this.
In that context, combined also with the cyclical nature of the
business and the exposure to volatile LME lead prices, Moody's
considers that the prospect for near-term upwards rating
migration is limited. This will likely only happen once there is
greater certainty that Eco-Bat's resources will not ultimately be
used to support the PIK note.
Downward pressure would occur if operating performance and credit
metrics deteriorated materially due to lower lead prices or a
weakening of demand. The ratings could also be downgraded as the
restricted payment basket grows over time due to increasing
consolidated net income, giving the company greater flexibility
to make distributions as outlined above. Further complexity added
to the capital structure could also lead to rating pressure, as
would a material debt-funded acquisition.
The Notes issued by Eco-Bat Finance PLC will benefit from
unsecured guarantees from Eco-Bat and certain of its
subsidiaries. The (P)B1 rating of the Notes, one level below the
CFR, reflects the subordination of the Notes to the borrowing
base facilities secured by assets.
Moody's issues provisional ratings in advance of the final sale
of securities and these reflect Moody's credit opinion regarding
the transaction only. Upon closing of the transaction and a
conclusive review of the final documentation, Moody's will
endeavor to assign definitive ratings to Eco-Bat's Notes. A
definitive rating may differ from a provisional rating.
Eco-Bat Finance plc'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 Eco-Bat Finance plc's core
industry and believes Eco-Bat Finance plc'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.
Headquartered in Matlock, UK, Eco-Bat Technologies Limited is the
world's largest producer of lead. The company produces around 85%
of its total lead output from secondary lead smelting, primarily
the recycling of spent automotive and industrial lead-acid
batteries. The company, which is privately held with a dominant
shareholder, generated revenue of around GBP1,575 million for the
full year ending December 31, 2010.
INDUS ECLIPSE: DBRS Cuts Ratings on Note Classes D & E to 'D'
-------------------------------------------------------------
DBRS has downgraded the ratings of INDUS (ECLIPSE 2007-1) plc
(Indus) as follows:
-- Class A to BBB (sf) from AAA (sf)
-- Class B to BB (sf) from AA (low) (sf)
-- Class C to CCC (sf) from BBB (low) (sf)
-- Class D to D (sf) from CCC (sf)
-- Class E to D (sf) from C (sf)
In addition, DBRS has confirmed Class X at AAA (sf).
The ratings have been removed from Under Review with Negative
Implications, where they were placed on December 3, 2009. The
trends on Class A and B are Stable. No trends are assigned to
Classes C, D and E.
This transaction originally consisted of 14 fixed-rate loan and
five floating-rate loans secured by 366 residential and
commercial properties located in England and Scotland. The
original securitized balance of the pool was GBP894,431,744.
According to the January 2012 cash management report, the current
securitized balance of the pool is œ695,343,701. Of the original
20 loans, 15 remain.
The Agora Max loan, originally secured by two anchored retail
properties and one mixed-use retail and office property, was
liquidated from the trust with the January 2012 cash management
report. The loan reached its scheduled maturity date in March
2011 and failed to refinance. A January 2012 RNS notice
indicated that after a lengthy marketing and sales process
conducted by the special servicer, the remaining collateral was
sold, resulting in a crystallized loss to the trust totalling
GBP12.2 million. This loss fully eroded Class E and a portion
of Class D. As such, DBRS has downgraded the ratings of both
classes to D (sf).
Of the remaining 15 loans, three have reached their maturity
dates and failed to refinance. The largest of these loans is
Adelphi House.
The Adelphi House loan is secured by an office building located
in London's West End, along the north bank of the River Thames.
The property comprises approximately 330,000 square feet (sf) on
13 floors. According to the most recent servicer report, the
property is currently 99.6% occupied. The largest tenant in the
building is the U.K. government's Secretary of State, occupying
48.6% of the net rentable area (NRA) with a lease expiring in
approximately 18 months.
The Adelphi House loan is the largest in the pool, currently
representing 30.6% of the pool balance. The loan reached its
scheduled maturity date in October 2011 and failed to refinance.
At that time, the borrower was in the process of selling the
asset; however, that sale fell through.
Further to the difficulties surrounding the refinance of such a
large loan, there is a long-dated interest rate swap associated
with the loan. The swap currently has a significant negative
mark-to-market value which ranks senior to the lenders in the
loan waterfall. With the mark-to-market value of the swap taken
into consideration, the DBRS assumed severity of loss in an
enforcement or liquidation scenario increases substantially.
In general, the collateral securing the loans in this transaction
have been subject to the overall deflation in property values in
the greater European commercial real estate market. When taking
the market decline into account, the capacity of debt, on a loan-
by-loan basis, in the DBRS analysis, has decreased substantially
since issuance. As a result, DBRS has downgraded Classes A to E
as listed above.
DBRS has confirmed the rating of Class X based on the definition
within the transaction documents that allow for it to receive the
greater of zero or any excess interest in pari passu priority
with Class A.
ITV PLC: Fitch Says Financial Results Ahead of Expectations
-----------------------------------------------------------
UK broadcaster ITV's results provide further proof that TV is the
most resilient form of traditional advertising media. Fitch
Ratings cautions against reading too much into them about the
broader UK economic picture, though the advertising market
remains volatile and short term.
Fitch said "ITV -- which we rate 'BB' with a Positive Outlook --
reported results that were ahead of our expectations. Rather
than a modest fall in advertising revenue for 2011, both ITV and
the market saw small increases - 1% and 0.7% respectively.
EBITDA was 9.2% ahead of our conservative forecasts."
"By comparison, print media continues to weaken. Daily Mail and
General Trust reported a 2% advertising fall in its Associated
Newspapers arm and a 6% fall in its regional operations in the
quarter to December 2011. These falls were offset by a
combination of cost-cutting, and growth in its business-to-
business operations.
"TV has maintained its popularity with audiences much more than
print media and has a greater ability to aggregate mass
audiences. TV's share of time spent has fallen far less than
print's, and ITV's programs continue to draw audiences well ahead
of any other UK commercial media.
"ITV's advertising expectations for Q1 are consistent with an
improvement in economic activity towards the end of Q1, but we
don't think they provide much of a leading indicator in this
instance. The pattern ITV has signalled -- advertising revenue
down 4% in January and February, up 2% in March and flat in April
-- is mostly driven by strong comparatives (including a rise of
over 20% in February 2011). Movements will increasingly be
driven by one-off events (the Euro 2012 football tournament and
the Olympics) as we move into the summer.
"The overall market remains volatile, and this can be seen from
the sources of advertising. Food and household stores both
reduced spend by over 15% in 2011. Finance, telecoms, and
airline, travel and holidays, were all up 10% or more. Retail --
the largest single category -- was down 3%, with increases by
electrical retailers and supermarkets offset by falls in
furniture and DIY.
"This volatility and the broadly stagnant market give us some
cause for caution, as does the continued fall in ITV1's share of
commercial impacts, upon which the regulated portion of the
company's revenue depends.
"We see a consistent stabilization of UK advertising revenue as a
prerequisite of any positive rating action on ITV, but are more
concerned with its ability to execute its five-year plan, which
-- among other things -- requires greater diversification away
from advertising revenue. The results showed solid progress in
improving its in-house production of content, with which comes
more options for monetization than bought-in content. ITV's move
into a net cash position is also positive for the credit
profile."
RANGERS FOOTBALL: Delays Decision to Reduce Costs
-------------------------------------------------
Bob Bensch at Bloomberg News reports that Rangers Football Club's
administrator Paul Clark said the club will delay any decision on
reducing costs until early this week.
According to Bloomberg, Mr. Clark said in a statement on the
Glasgow club's Web site that Mr. Rangers must fill an approximate
GBP4.5 million (US$7 million) shortfall by the end of the season
and it is "imperative" it finds find savings of approximately
GBP1 million per month to ensure its future.
As reported by the Troubled Company Reporter-Europe, BBC News
related that Rangers appointed administrators on Feb. 14, with
Her Majesty's Revenue and Customs pursuing an unpaid GBP9 million
tax bill accrued since Mr. Whyte assumed control at Ibrox last
May.
About Rangers Football Club
Rangers Football Club PLC -- http://www.rangers.premiumtv.co.uk/
-- is a United Kingdom-based company engaged in the operation of
a professional football club. The Company has launched its own
Internet television station, RANGERSTV.tv. The station combines
the use of Internet television programming alongside traditional
Web-based services. Services offered include the streaming of
home matches and on-demand streaming of domestic and European
games, which include dedicated pre-match, half-time and post-
match commentary. The Company will produce dedicated news
magazine and feature programs, while the fans can also access a
library of classic European, Old Firm and Scottish Premier League
(SPL) action. Its own dedicated television studio at Ibrox
provides onsite production, editing and encoding facilities to
produce content for distribution on all media platforms.
TRITON: Fitch Affirms Ratings on Three Note Classes at 'CCsf'
-------------------------------------------------------------
Fitch Ratings has affirmed Triton (European Loan Conduit No. 26)
Plc's notes, as follows:
-- GBP254.0m Class A1 (XS0294600514) affirmed at 'Asf'; Outlook
Stable
-- GBP75.2m Class A2 (XS0294602486) affirmed at 'Asf'; Outlook
Stable
-- USD87.3m Class B (XS0294620207) affirmed at 'BBBsf'; Outlook
Stable
-- GBP32.0m Class C (XS0294603294) affirmed at 'Bsf'; Outlook
Stable
-- GBP7.6m Class D (XS0294603708) affirmed at 'Bsf'; Outlook
Stable
-- GBP15.2m Class E (XS0294604185) affirmed at 'CCCsf'; RE90%
-- GBP8.0m Class F (XS0294604771) affirmed at 'CCsf'; RE0%
-- GBP16.4m Class G (XS0294607287) affirmed at 'CCsf'; RE0%
-- GBP18.3m Class H (XS0294608335) affirmed at 'CCsf'; RE0%
The affirmations reflect the transaction's stable performance
since the last rating action in March 2011. The transaction has
also benefited from the full repayment of the Sanctuary Buildings
loan in July 2011 following its maturity. The proceeds were
allocated against the notes on a modified pro rata basis with 82%
of the principal used to reduce the A1 and A2 classes, further
enhancing the credit quality of the most senior note tranches.
The Devonshire Square Estate loan (60.6% of the pool) was
scheduled to mature in October 2011. However, it was
restructured and the loan maturity date was extended to April
2013. The terms of the restructure included the implementation
of a business plan aimed at improving the tenant profile, via the
re-gearing of major leases, prior to either marketing the
property for sale or completing the refinancing of the loan. The
improvement in the tenant profile is already evident with passing
rent having increased by 4.5% since the last review and the
weighted average lease term increasing to 5.6 years from 4.7.
However, with AON (rated 'BBB+/Stable/F2'), which contributes 43%
of in place rent, likely to exercise the option to break their
lease in June 2014, the estate may face a sharp drop in rental
income unless replacement tenants are found. The ability to re-
let the space occupied by AON is assisted by the layout of the
estate, which could allow for a gradual re-let of the floor space
to multiple tenants without having to find a sole replacement.
In addition, the substantial amount of surplus rental income
being trapped by the servicer could be utilized for additional
capex and incentives to attract new tenants.
Fitch estimates the loan-to-value ratio (LTV) on the secured loan
to be 120.8%, reflecting the precarious position that this loan
is currently in. However, Fitch regards the restructure to be a
positive development, which pending a well administered business
plan, should increase the market value of the collateral and
therefore the chances of repayment or at least mitigate the
losses that this loan is facing.
The Access Self Storage loan (33.6% of the pool) is supported by
30 self storage centers located throughout the UK. Storage
centers generally rely on the housing market churn in order to
generate income, so an increase in net operating income of
approximately 25% since closing during a time of low housing
sales provides some confidence in the strength of the collateral
as an investment opportunity. The Fitch LTV for the whole loan
is 109.4% (94.4% on the secured loan), which indicates that
refinancing at maturity in 2013 could be difficult. However,
Fitch does not expect a loss to be made with final legal maturity
in 2019 providing a sufficient timeframe to successfully work out
the loan.
VEDANTA RESOURCES: Fitch Affirms Issuer Default Rating at 'BB+'
---------------------------------------------------------------
Fitch Ratings has affirmed Vedanta Resources Plc's (Vedanta)
Long-Term Issuer Default Rating (IDR) at 'BB+', following its
proposed reorganization The Outlook is Stable.
Fitch believes the reorganization will reduce the extent of debt
to be serviced to US$3.8 billion from the current US$9.7 billion
at the holding company and, in turn, reduce dividend leakages
from some of the operating entities (mainly Sesa Goa Ltd and
Sterlite Industries Limited) to Vedanta.
The agency notes that debt at Vedanta increased significantly
post the acquisition of Cairn India Ltd (CIL) to US$9.7 billion
at end-December 2011 and US$6.8 billion at end-September 2011
from US$5.1 billion at end-March 2011. The proposed
reorganization, to an extent, limits the higher debt burden
placed at the holdco level, besides simplifying the overall
corporate structure.
Post reorganization, Sesa Goa will be merged with Sterlite
Industries to form Sesa-Sterlite (SS). Total gross debt at SS
level will be US$13.5 billion, and consolidated EBITDA (including
CIL's full year financials) was US$5.3 billion for the full year
ended December 2011. The Sesa-Sterlite entity would include the
current businesses of Sterlite Industries ('Fitch AA+(ind)'),
Sesa Goa, Madras Aluminium Company Ltd, and Vedanta Aluminium
Ltd's (VAL, 'Fitch A-(ind)'/Stable) aluminium business.
Vedanta's 38.8% holding of CIL will also be transferred to SS,
along with its debt of US$5.9 billion.
The company estimates that the combined entity will receive cost
synergies of US$200 million annually, due to operational and tax-
related benefits. Fitch notes that most of the EBITDA and cash
balance will be at Hindustan Zinc Ltd, which is currently 64.9%
owned by Sterlite Industries, as well as at CIL, which is 20.1%-
owned by Sesa Goa. Post reorganization, Hindustan Zinc and CIL
will be held 64.9% and 58.9%, respectively, by the new proposed
SS.
The transaction will require regulatory and shareholder approvals
at various companies. The company estimates the reorganization
to be completed by end-2012. Until the reorganization has been
implemented, the US$9.7 billion debt at Vedanta would entail
interest servicing of around US$500 million. The debt is likely
to be serviced through dividend receipt and share buybacks
carried out at key subsidiaries.
The ratings reflect Vedanta's continued leadership in across
various metals such as zinc, iron ore and aluminium. The company
also has one of the lowest costs of production at its zinc and
iron ore operations. Fitch notes that profitability at the iron
ore operations has recently been impacted by regulatory sanctions
and increase in export duties. The ratings also reflect
significant cash generation at CIL, with its largest field in
Rajasthan consistently producing 125,000 barrels of oil per day
(bopd). CIL aims to achieve a total production of 175,000 bopd
by end-March 2012.
Any fresh capex/ investments andr major debt-led acquisition
impacting credit metrics and increasing operating risks could put
pressure on the ratings. A net adjusted debt/operating EBITDAR
above 2.75x on a sustained basis may be negative for the ratings.
A sustained de-leveraging of the company leading to a net
adjusted debt/operating EBITDAR below 2x on a sustained basis may
be positive for the ratings.
For 9MFY12, Vedanta had revenues of around US$10 billion (9MFY11:
US$7.6 billion), and EBITDA of US$2.6 billion (US$2.2 billion).
Its zinc operations were the strongest performer, which had
revenues of US$2.5 billion (US$1.5 billion) and EBITDA of US$1.2
billion (US$0.8 billion).
Vedanta Resources Plc, UK
-- USD1.25bn senior unsecured bonds: affirmed at 'BB'
-- USD1.65bn senior unsecured bonds: affirmed at 'BB'
-- USD180m senior unsecured loan facility: affirmed at 'BB'
Twinstar Holdings Ltd, Mauritius
-- USD150m unsecured loan facility backed by an unconditional,
irrevocable guarantee of Vedanta Resources Plc: affirmed at
'BB'
===============
X X X X X X X X
===============
* Terra Firma Chief Says Private Equity Can Assist European Firms
-----------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Terra Firma boss
Guy Hands said private equity was the ideal resource for European
companies that come to market as banks, governments and
corporates dispose assets and streamline businesses to preserve
capital in an era of austerity.
* BOND PRICING: For the Week February 27 to March 2, 2012
---------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
BA CREDITANSTALT 5.470 8/28/2013 EUR 72.25
BAWAG 5.430 2/26/2024 EUR 74.60
ERSTE BANK 6.000 2/1/2014 EUR 73.75
ERSTE BANK 6.000 7/31/2014 EUR 68.75
HAA-BANK INTL AG 5.270 4/7/2028 EUR 71.65
IMMOFINANZ 4.250 3/8/2018 EUR 3.84
KOMMUNALKREDIT 4.900 6/23/2031 EUR 71.25
KOMMUNALKREDIT 4.440 12/20/2030 EUR 67.25
OESTER VOLKSBK 4.750 4/30/2021 EUR 72.65
OESTER VOLKSBK 4.810 7/29/2025 EUR 65.00
OESTER VOLKSBK 5.270 2/8/2027 EUR 67.13
OESTER VOLKSBK 4.170 7/29/2015 EUR 66.38
OESTER VOLKSBK 4.160 5/20/2025 EUR 72.71
RAIFF CENTROBANK 9.876 1/23/2013 EUR 63.57
RAIFF CENTROBANK 7.965 1/23/2013 EUR 73.27
RAIFF CENTROBANK 11.718 7/25/2012 EUR 27.72
RAIFF CENTROBANK 10.090 7/25/2012 EUR 68.83
RAIFF CENTROBANK 9.114 7/25/2012 EUR 66.78
RAIFF CENTROBANK 7.812 7/25/2012 EUR 59.59
RAIFF CENTROBANK 7.812 7/25/2012 EUR 67.62
RAIFF CENTROBANK 10.416 7/20/2012 EUR 61.32
RAIFF CENTROBANK 7.812 7/20/2012 EUR 70.85
RAIFF CENTROBANK 7.161 7/20/2012 EUR 65.92
RAIFF CENTROBANK 11.718 7/25/2012 EUR 68.06
RAIFF ZENTRALBK 4.500 9/28/2035 EUR 59.48
RAIFF ZENTRALBK 5.470 2/28/2028 EUR 73.70
BELGIUM
-------
ECONOCOM GROUP 4.000 6/1/2016 EUR 20.27
IDEAL STANDARD I 11.750 5/1/2018 EUR 56.17
IDEAL STANDARD I 11.750 5/1/2018 EUR 56.38
CYPRUS
------
AVANGARDCO INVES 10.000 10/29/2015 USD 76.02
CYPRUS GOVT BOND 4.500 10/9/2016 EUR 65.50
CYPRUS GOVT BOND 4.500 7/11/2016 EUR 66.75
CYPRUS GOVT BOND 5.000 6/9/2016 EUR 69.83
CYPRUS GOVT BOND 4.500 6/2/2016 EUR 67.38
CYPRUS GOVT BOND 4.750 9/30/2015 EUR 74.23
CYPRUS GOVT BOND 3.750 11/1/2015 EUR 69.02
CYPRUS GOVT BOND 4.750 12/2/2015 EUR 73.18
CYPRUS GOVT BOND 4.500 1/2/2016 EUR 69.63
CYPRUS GOVT BOND 4.500 3/30/2016 EUR 68.25
CYPRUS GOVT BOND 6.500 8/25/2021 EUR 61.11
CYPRUS GOVT BOND 6.000 6/9/2021 EUR 59.97
CYPRUS GOVT BOND 5.350 6/9/2020 EUR 59.11
CYPRUS GOVT BOND 6.100 4/20/2020 EUR 63.00
CYPRUS GOVT BOND 4.625 2/3/2020 EUR 56.03
CYPRUS GOVT BOND 6.100 6/24/2019 EUR 62.50
CYPRUS GOVT BOND 4.600 2/26/2019 EUR 56.88
CYPRUS GOVT BOND 4.600 10/23/2018 EUR 57.88
CYPRUS GOVT BOND 4.600 4/23/2018 EUR 59.38
CYPRUS GOVT BOND 5.100 1/29/2018 EUR 62.13
CYPRUS GOVT BOND 4.500 9/28/2017 EUR 61.13
CYPRUS GOVT BOND 5.600 4/15/2017 EUR 69.26
CYPRUS GOVT BOND 4.500 4/2/2017 EUR 63.25
CYPRUS GOVT BOND 4.500 2/15/2017 EUR 63.75
CYPRUS GOVT BOND 4.500 1/4/2017 EUR 64.38
CYPRUS GOVT BOND 6.600 10/26/2016 EUR 72.00
MARFIN POPULAR 4.350 11/20/2014 EUR 69.25
REP OF CYPRUS 4.750 2/25/2016 EUR 66.66
DENMARK
-------
FIN-DANISH IND 4.910 7/6/2021 EUR 67.75
KALMAR STRUCTRD 7.500 9/30/2013 EUR 2.51
KOMMUNEKREDIT 0.500 2/23/2017 ZAR 69.56
KOMMUNEKREDIT 0.500 12/14/2020 ZAR 50.08
KOMMUNEKREDIT 0.500 1/25/2017 ZAR 70.03
FINLAND
-------
MUNI FINANCE PLC 0.500 10/27/2016 TRY 73.99
MUNI FINANCE PLC 1.000 6/30/2017 ZAR 67.85
MUNI FINANCE PLC 0.500 11/16/2017 TRY 64.75
MUNI FINANCE PLC 0.500 4/27/2018 ZAR 60.90
MUNI FINANCE PLC 0.500 11/21/2018 ZAR 58.10
MUNI FINANCE PLC 0.500 11/21/2018 TRY 66.16
MUNI FINANCE PLC 0.500 12/20/2018 ZAR 58.45
MUNI FINANCE PLC 0.500 12/14/2018 TRY 65.95
MUNI FINANCE PLC 0.500 11/25/2020 ZAR 50.16
MUNI FINANCE PLC 0.500 9/24/2020 CAD 70.52
MUNI FINANCE PLC 0.500 12/21/2021 NZD 63.57
MUNI FINANCE PLC 0.500 11/10/2021 NZD 63.27
MUNI FINANCE PLC 0.250 6/28/2040 CAD 20.43
MUNI FINANCE PLC 0.500 3/17/2025 CAD 52.75
MUNI FINANCE PLC 0.500 4/26/2016 ZAR 73.06
MUNI FINANCE PLC 0.500 10/27/2016 ZAR 70.35
MUNI FINANCE PLC 0.500 2/9/2016 ZAR 74.73
MUNI FINANCE PLC 0.500 11/17/2016 ZAR 70.21
MUNI FINANCE PLC 0.500 12/6/2016 TRY 74.09
MUNI FINANCE PLC 0.500 12/21/2016 TRY 73.35
FRANCE
------
AIR FRANCE-KLM 4.970 4/1/2015 EUR 11.73
ALCATEL-LUCENT 5.000 1/1/2015 EUR 3.06
ALTRAN TECHNOLOG 6.720 1/1/2015 EUR 5.10
ASSYSTEM 4.000 1/1/2017 EUR 21.09
ATOS ORIGIN SA 2.500 1/1/2016 EUR 53.76
BNP PARIBAS 10.050 7/24/2012 USD 33.63
BNP PARIBAS 2.890 5/16/2036 JPY 65.76
CAISSE CENT IMMO 7.000 5/18/2015 EUR 16.04
CAISSE CENT IMMO 7.000 5/16/2014 EUR 39.64
CAISSE CENT IMMO 7.000 9/10/2015 EUR 17.78
CALYON 6.000 6/18/2047 EUR 21.07
CAP GEMINI SOGET 3.500 1/1/2014 EUR 39.81
CGG VERITAS 1.750 1/1/2016 EUR 30.17
CLUB MEDITERRANE 6.110 11/1/2015 EUR 19.70
CLUB MEDITERRANE 5.000 6/8/2012 EUR 16.63
CMA CGM 8.500 4/15/2017 USD 59.52
CMA CGM 8.500 4/15/2017 USD 61.38
CMA CGM 8.875 4/15/2019 EUR 61.25
CMA CGM 8.875 4/15/2019 EUR 61.05
CREDIT LOCAL FRA 3.750 5/26/2020 EUR 63.16
DEXIA CRED LOCAL 4.110 9/18/2018 EUR 72.21
DEXIA CRED LOCAL 4.500 2/25/2020 EUR 68.15
DEXIA CRED LOCAL 4.550 4/2/2020 EUR 68.21
DEXIA CRED LOCAL 5.037 8/4/2020 EUR 69.64
DEXIA MUNI AGNCY 2.875 4/23/2030 CHF 69.50
DEXIA MUNI AGNCY 4.680 3/9/2029 CAD 74.82
DEXIA MUNI AGNCY 1.000 12/23/2024 EUR 65.82
EURAZEO 6.250 6/10/2014 EUR 57.53
EUROPCAR GROUPE 9.375 4/15/2018 EUR 73.32
EUROPCAR GROUPE 9.375 4/15/2018 EUR 73.13
EXANE FINANCE 18.150 5/17/2012 CHF 45.35
FAURECIA 4.500 1/1/2015 EUR 24.39
GROUPAMA SA 7.875 10/27/2039 EUR 60.95
GROUPE VIAL 2.500 1/1/2014 EUR 2.81
INGENICO 2.750 1/1/2017 EUR 47.44
MAUREL ET PROM 7.125 7/31/2014 EUR 19.44
MAUREL ET PROM 7.125 7/31/2015 EUR 18.47
NEXANS SA 2.500 1/1/2019 EUR 73.24
NEXANS SA 4.000 1/1/2016 EUR 62.64
ORPEA 3.875 1/1/2016 EUR 44.09
PAGESJAUNES FINA 8.875 6/1/2018 EUR 74.13
PEUGEOT SA 4.450 1/1/2016 EUR 25.54
PIERRE VACANCES 4.000 10/1/2015 EUR 70.80
PUBLICIS GROUPE 3.125 7/30/2014 EUR 41.37
PUBLICIS GROUPE 1.000 1/18/2018 EUR 52.15
SOC AIR FRANCE 2.750 4/1/2020 EUR 20.89
SOITEC 6.250 9/9/2014 EUR 8.92
TEM 4.250 1/1/2015 EUR 54.90
THEOLIA 2.700 1/1/2041 EUR 9.21
GERMANY
-------
BAYERISCHE LNDBK 6.100 6/15/2012 EUR 47.68
BAYERISCHE LNDBK 5.500 6/29/2012 EUR 74.57
BAYERISCHE LNDBK 5.800 7/13/2012 EUR 69.30
BAYERISCHE LNDBK 5.100 6/29/2012 EUR 63.73
BAYERISCHE LNDBK 3.200 10/1/2012 EUR 42.21
BHF-BANK AG 13.200 6/8/2012 EUR 67.28
BHW BAUSPARKASSE 4.270 1/15/2019 EUR 74.38
BNP EMIS-U.HANDE 7.750 6/21/2012 EUR 66.43
BNP EMIS-U.HANDE 8.500 3/22/2012 EUR 66.41
BNP EMIS-U.HANDE 8.500 3/22/2012 EUR 70.09
BNP EMIS-U.HANDE 9.500 3/22/2012 EUR 73.74
BNP EMIS-U.HANDE 10.250 3/22/2012 EUR 75.32
BNP EMIS-U.HANDE 10.500 3/22/2012 EUR 74.00
BNP EMIS-U.HANDE 10.750 3/22/2012 EUR 50.44
BNP EMIS-U.HANDE 10.750 3/22/2012 EUR 72.88
BNP EMIS-U.HANDE 11.250 3/22/2012 EUR 69.26
BNP EMIS-U.HANDE 13.000 3/22/2012 EUR 52.41
BNP EMIS-U.HANDE 14.250 3/22/2012 EUR 63.82
BNP EMIS-U.HANDE 15.500 3/22/2012 EUR 38.67
BNP EMIS-U.HANDE 19.000 3/22/2012 EUR 11.40
BNP EMIS-U.HANDE 5.000 4/26/2012 EUR 73.29
BNP EMIS-U.HANDE 6.000 4/26/2012 EUR 69.37
BNP EMIS-U.HANDE 6.000 4/26/2012 EUR 55.71
BNP EMIS-U.HANDE 9.000 4/26/2012 EUR 62.56
BNP EMIS-U.HANDE 5.250 5/24/2012 EUR 73.65
BNP EMIS-U.HANDE 7.000 5/24/2012 EUR 60.43
BNP EMIS-U.HANDE 7.500 6/21/2012 EUR 71.66
BNP EMIS-U.HANDE 7.500 6/21/2012 EUR 73.53
BNP EMIS-U.HANDE 8.250 6/21/2012 EUR 73.98
BNP EMIS-U.HANDE 8.500 6/21/2012 EUR 72.23
BNP EMIS-U.HANDE 9.250 6/21/2012 EUR 55.48
BNP EMIS-U.HANDE 9.250 6/21/2012 EUR 54.14
BNP EMIS-U.HANDE 9.500 6/21/2012 EUR 69.36
BNP EMIS-U.HANDE 10.000 6/21/2012 EUR 71.89
BNP EMIS-U.HANDE 10.250 6/21/2012 EUR 54.45
BNP EMIS-U.HANDE 10.500 6/21/2012 EUR 69.31
BNP EMIS-U.HANDE 10.500 6/21/2012 EUR 70.31
BNP EMIS-U.HANDE 11.000 6/21/2012 EUR 54.69
BNP EMIS-U.HANDE 11.500 6/21/2012 EUR 70.59
BNP EMIS-U.HANDE 11.750 6/21/2012 EUR 52.60
BNP EMIS-U.HANDE 13.500 6/21/2012 EUR 62.01
BNP EMIS-U.HANDE 13.750 6/21/2012 EUR 69.53
BNP EMIS-U.HANDE 14.250 6/21/2012 EUR 54.63
BNP EMIS-U.HANDE 15.500 6/21/2012 EUR 36.33
BNP EMIS-U.HANDE 16.000 6/21/2012 EUR 32.51
BNP EMIS-U.HANDE 18.250 6/21/2012 EUR 15.22
BNP EMIS-U.HANDE 19.250 6/21/2012 EUR 18.14
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 53.10
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 49.28
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 75.05
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 69.20
BNP EMIS-U.HANDE 6.500 7/26/2012 EUR 72.11
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 65.94
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 55.84
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 42.66
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 50.79
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 65.43
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 57.61
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 67.62
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 44.25
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 69.35
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 73.57
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 58.42
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 47.91
BNP EMIS-U.HANDE 10.000 7/26/2012 EUR 61.54
BNP EMIS-U.HANDE 10.000 7/26/2012 EUR 61.62
BNP EMIS-U.HANDE 10.000 7/26/2012 EUR 50.64
BNP EMIS-U.HANDE 8.500 12/28/2012 EUR 74.63
BNP EMIS-U.HANDE 10.500 12/28/2012 EUR 72.21
BNP EMIS-U.HANDE 7.750 12/31/2012 EUR 68.58
COMMERZBANK AG 11.500 6/22/2012 EUR 64.31
COMMERZBANK AG 10.500 7/6/2012 EUR 74.82
COMMERZBANK AG 11.500 7/6/2012 EUR 12.79
COMMERZBANK AG 8.000 11/5/2012 EUR 64.25
COMMERZBANK AG 8.500 8/3/2012 EUR 62.96
COMMERZBANK AG 16.000 7/9/2012 EUR 69.07
COMMERZBANK AG 7.700 9/28/2012 EUR 67.42
COMMERZBANK AG 9.000 8/3/2012 EUR 73.74
COMMERZBANK AG 8.400 12/30/2013 EUR 21.73
COMMERZBANK AG 8.000 12/27/2012 EUR 64.63
COMMERZBANK AG 7.000 12/27/2012 EUR 73.09
COMMERZBANK AG 9.000 10/29/2012 EUR 14.13
COMMERZBANK AG 10.000 11/5/2012 EUR 74.70
COMMERZBANK AG 9.500 3/5/2012 EUR 60.16
COMMERZBANK AG 12.100 4/27/2012 EUR 24.17
COMMERZBANK AG 7.250 5/7/2012 EUR 70.96
COMMERZBANK AG 8.000 5/7/2012 EUR 56.54
COMMERZBANK AG 10.800 3/30/2012 EUR 70.92
COMMERZBANK AG 7.250 5/7/2012 EUR 53.99
COMMERZBANK AG 11.500 11/5/2012 EUR 72.98
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 68.60
DEUTSCHE BANK AG 10.000 4/30/2012 EUR 68.10
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 64.60
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 66.60
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 64.50
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 70.90
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 65.20
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 70.40
DEUTSCHE BANK AG 7.000 5/31/2012 EUR 68.40
DEUTSCHE BANK AG 7.000 5/31/2012 EUR 67.00
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 61.90
DEUTSCHE BANK AG 10.000 4/30/2012 EUR 66.20
DEUTSCHE BANK AG 10.000 4/30/2012 EUR 68.50
DEUTSCHE BANK AG 8.000 4/30/2012 EUR 68.70
DEUTSCHE BANK AG 8.000 4/30/2012 EUR 71.30
DEUTSCHE BANK AG 8.000 4/30/2012 EUR 71.80
DEUTSCHE BANK AG 8.000 4/30/2012 EUR 60.50
DEUTSCHE BANK AG 7.000 5/31/2012 EUR 73.70
DEUTSCHE BANK AG 7.000 4/30/2012 EUR 74.60
DEUTSCHE BANK AG 7.000 4/30/2012 EUR 71.30
DEUTSCHE BANK AG 7.000 4/30/2012 EUR 74.20
DEUTSCHE BANK AG 10.000 3/29/2012 EUR 74.30
DEUTSCHE BANK AG 10.000 3/29/2012 EUR 61.10
DEUTSCHE BANK AG 10.000 3/29/2012 EUR 73.20
DEUTSCHE BANK AG 10.000 3/29/2012 EUR 73.70
DEUTSCHE BANK AG 9.500 3/29/2012 EUR 74.70
DEUTSCHE BANK AG 9.500 3/29/2012 EUR 69.20
DEUTSCHE BANK AG 9.500 3/29/2012 EUR 70.30
DEUTSCHE BANK AG 9.500 3/29/2012 EUR 58.60
DEUTSCHE BANK AG 9.500 3/29/2012 EUR 71.30
DEUTSCHE BANK AG 8.000 3/29/2012 EUR 62.10
DEUTSCHE BANK AG 7.500 3/29/2012 EUR 73.80
DEUTSCHE BANK AG 7.000 4/30/2012 EUR 63.40
DEUTSCHE BANK AG 7.500 3/29/2012 EUR 75.10
DEUTSCHE BANK AG 7.500 3/29/2012 EUR 59.60
DEUTSCHE BANK AG 7.000 3/29/2012 EUR 65.40
DEUTSCHE BANK AG 6.500 3/29/2012 EUR 75.00
DEUTSCHE BANK AG 6.500 3/29/2012 EUR 62.80
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 72.20
DEUTSCHE BANK AG 8.000 12/20/2012 EUR 55.70
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 69.50
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 74.30
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 67.80
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 72.10
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 69.50
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 71.90
DEUTSCHE BANK AG 10.000 4/30/2012 EUR 58.40
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 74.50
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 68.30
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 69.50
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 68.80
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 66.80
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 61.50
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 72.00
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 70.10
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 70.20
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 63.80
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 70.40
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 73.50
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 74.10
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 74.60
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 66.20
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 73.00
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 75.30
DEUTSCHE BANK AG 7.500 3/29/2012 EUR 72.00
DRESDNER BANK AG 5.700 7/31/2023 EUR 72.68
DRESDNER BANK AG 6.180 2/28/2023 EUR 73.38
DZ BANK AG 11.000 6/22/2012 EUR 48.19
DZ BANK AG 10.750 6/22/2012 EUR 59.95
DZ BANK AG 10.750 6/22/2012 EUR 65.61
DZ BANK AG 10.750 6/22/2012 EUR 71.88
DZ BANK AG 10.500 6/22/2012 EUR 46.30
DZ BANK AG 10.000 6/22/2012 EUR 64.72
DZ BANK AG 9.750 6/22/2012 EUR 68.55
DZ BANK AG 9.750 6/22/2012 EUR 69.34
DZ BANK AG 9.000 6/22/2012 EUR 41.30
DZ BANK AG 9.000 6/22/2012 EUR 63.10
DZ BANK AG 8.500 6/22/2012 EUR 73.30
DZ BANK AG 8.250 6/22/2012 EUR 74.46
DZ BANK AG 8.000 6/22/2012 EUR 50.44
DZ BANK AG 7.500 6/22/2012 EUR 73.78
DZ BANK AG 7.250 6/22/2012 EUR 75.34
DZ BANK AG 5.500 6/22/2012 EUR 73.17
DZ BANK AG 4.000 6/20/2012 EUR 64.97
DZ BANK AG 8.000 6/11/2012 EUR 65.82
DZ BANK AG 12.250 6/8/2012 EUR 73.55
DZ BANK AG 11.250 6/8/2012 EUR 64.08
DZ BANK AG 10.750 6/8/2012 EUR 73.96
DZ BANK AG 10.500 6/8/2012 EUR 59.57
DZ BANK AG 9.750 6/8/2012 EUR 70.77
DZ BANK AG 9.500 6/8/2012 EUR 74.45
DZ BANK AG 9.250 6/8/2012 EUR 64.85
DZ BANK AG 9.000 6/8/2012 EUR 71.08
DZ BANK AG 8.000 6/8/2012 EUR 69.29
DZ BANK AG 8.000 6/8/2012 EUR 72.42
DZ BANK AG 7.500 6/8/2012 EUR 68.49
DZ BANK AG 6.750 6/8/2012 EUR 64.92
DZ BANK AG 6.000 6/8/2012 EUR 72.55
DZ BANK AG 8.000 6/7/2012 EUR 70.78
DZ BANK AG 9.250 5/11/2012 EUR 63.43
DZ BANK AG 16.500 4/27/2012 EUR 3.56
DZ BANK AG 11.250 4/27/2012 EUR 64.63
DZ BANK AG 9.000 4/27/2012 EUR 50.10
DZ BANK AG 21.500 3/23/2012 EUR 12.10
DZ BANK AG 14.500 3/23/2012 EUR 62.07
DZ BANK AG 10.250 3/23/2012 EUR 74.85
DZ BANK AG 9.000 3/23/2012 EUR 62.48
DZ BANK AG 8.750 3/23/2012 EUR 51.97
DZ BANK AG 7.250 3/23/2012 EUR 73.20
DZ BANK AG 10.000 3/9/2012 EUR 69.38
DZ BANK AG 7.250 3/9/2012 EUR 67.01
DZ BANK AG 11.000 6/22/2012 EUR 62.13
DZ BANK AG 11.250 6/22/2012 EUR 53.99
DZ BANK AG 11.750 6/22/2012 EUR 62.91
DZ BANK AG 11.750 6/22/2012 EUR 57.69
DZ BANK AG 12.000 6/22/2012 EUR 58.52
DZ BANK AG 13.000 6/22/2012 EUR 49.96
DZ BANK AG 16.000 6/22/2012 EUR 16.80
DZ BANK AG 7.000 7/11/2012 EUR 71.30
DZ BANK AG 5.000 7/13/2012 EUR 68.86
DZ BANK AG 6.200 7/13/2012 EUR 74.36
DZ BANK AG 6.750 7/13/2012 EUR 69.58
DZ BANK AG 7.000 7/13/2012 EUR 67.92
DZ BANK AG 7.250 7/13/2012 EUR 70.10
DZ BANK AG 7.500 7/13/2012 EUR 61.08
DZ BANK AG 8.250 7/13/2012 EUR 74.40
DZ BANK AG 8.500 7/13/2012 EUR 67.41
DZ BANK AG 8.500 7/13/2012 EUR 63.43
DZ BANK AG 12.500 7/13/2012 EUR 71.38
DZ BANK AG 6.000 7/27/2012 EUR 73.28
DZ BANK AG 8.000 7/27/2012 EUR 66.99
DZ BANK AG 9.250 7/27/2012 EUR 72.27
DZ BANK AG 9.800 7/27/2012 EUR 67.79
DZ BANK AG 10.000 7/27/2012 EUR 73.18
DZ BANK AG 10.500 7/27/2012 EUR 73.73
DZ BANK AG 10.750 7/27/2012 EUR 62.61
DZ BANK AG 11.250 7/27/2012 EUR 74.83
DZ BANK AG 11.500 7/27/2012 EUR 65.19
DZ BANK AG 12.000 7/27/2012 EUR 71.20
DZ BANK AG 12.500 7/27/2012 EUR 72.38
DZ BANK AG 15.000 7/27/2012 EUR 60.92
DZ BANK AG 15.250 7/27/2012 EUR 70.22
DZ BANK AG 5.850 9/14/2012 EUR 74.15
DZ BANK AG 6.250 9/14/2012 EUR 69.45
DZ BANK AG 7.500 9/14/2012 EUR 70.35
DZ BANK AG 8.000 9/14/2012 EUR 64.52
DZ BANK AG 8.500 9/14/2012 EUR 71.15
DZ BANK AG 10.500 9/14/2012 EUR 65.31
DZ BANK AG 4.500 10/5/2012 EUR 71.44
DZ BANK AG 5.700 10/5/2012 EUR 69.34
DZ BANK AG 8.300 10/5/2012 EUR 65.69
DZ BANK AG 7.000 10/12/2012 EUR 62.52
DZ BANK AG 7.000 10/12/2012 EUR 73.42
DZ BANK AG 8.000 10/12/2012 EUR 65.03
DZ BANK AG 3.850 12/21/2012 EUR 33.00
DZ BANK AG 5.000 3/22/2013 EUR 22.02
DZ BANK AG 5.000 3/22/2013 EUR 38.50
DZ BANK AG 5.410 3/22/2013 EUR 22.02
DZ BANK AG 5.000 6/24/2013 EUR 26.18
DZ BANK AG 5.270 6/24/2013 EUR 35.00
DZ BANK AG 5.760 12/23/2013 EUR 71.11
DZ BANK AG 3.400 3/25/2015 EUR 67.17
DZ BANK AG 5.500 3/25/2015 EUR 23.50
DZ BANK AG 0.528 12/27/2016 EUR 20.98
DZ BANK AG 5.000 6/22/2018 EUR 51.41
DZ BANK AG 5.000 9/14/2012 EUR 71.13
EUROHYPO AG 3.830 9/21/2020 EUR 72.88
GOTHAER ALLG VER 5.527 9/29/2026 EUR 76.26
HECKLER & KOCH 9.500 5/15/2018 EUR 65.17
HECKLER & KOCH 9.500 5/15/2018 EUR 64.25
HEIDELBERG DRUCK 9.250 4/15/2018 EUR 72.75
HEIDELBERG DRUCK 9.250 4/15/2018 EUR 73.03
L-BANK FOERDERBK 0.500 5/10/2027 CAD 51.38
LANDESBK BERLIN 5.500 12/23/2013 EUR 74.30
LB BADEN-WUERTT 5.000 11/23/2012 EUR 70.61
LB BADEN-WUERTT 10.000 1/4/2013 EUR 35.94
LB BADEN-WUERTT 5.000 1/25/2013 EUR 50.31
LB BADEN-WUERTT 7.500 1/25/2013 EUR 72.96
LB BADEN-WUERTT 7.500 1/25/2013 EUR 46.91
LB BADEN-WUERTT 10.000 1/25/2013 EUR 69.71
LB BADEN-WUERTT 10.000 10/26/2012 EUR 70.52
LB BADEN-WUERTT 4.000 9/20/2014 EUR 20.00
LB BADEN-WUERTT 4.500 12/20/2014 EUR 20.00
LB BADEN-WUERTT 5.250 10/20/2015 EUR 26.50
LB BADEN-WUERTT 6.750 12/31/2020 EUR 70.00
LB BADEN-WUERTT 10.000 1/25/2013 EUR 45.08
LB BADEN-WUERTT 2.800 2/23/2037 JPY 47.54
LB BADEN-WUERTT 10.000 10/26/2012 EUR 71.63
LB BADEN-WUERTT 10.000 10/26/2012 EUR 33.64
LB BADEN-WUERTT 10.000 10/26/2012 EUR 65.33
LB BADEN-WUERTT 2.500 1/30/2034 EUR 69.53
LB BADEN-WUERTT 10.000 10/26/2012 EUR 13.07
LB BADEN-WUERTT 7.500 10/26/2012 EUR 35.15
LB BADEN-WUERTT 7.500 10/26/2012 EUR 12.64
LB BADEN-WUERTT 7.500 10/26/2012 EUR 70.53
LB BADEN-WUERTT 7.500 10/26/2012 EUR 67.18
LB BADEN-WUERTT 5.000 10/26/2012 EUR 38.40
LB BADEN-WUERTT 5.000 10/26/2012 EUR 12.05
LB BADEN-WUERTT 5.000 10/26/2012 EUR 74.23
LB BADEN-WUERTT 8.000 9/28/2012 EUR 52.01
LB BADEN-WUERTT 10.000 10/26/2012 EUR 63.07
LB BADEN-WUERTT 8.000 9/28/2012 EUR 40.28
LB BADEN-WUERTT 8.000 9/28/2012 EUR 72.28
LB BADEN-WUERTT 6.000 9/28/2012 EUR 69.20
LB BADEN-WUERTT 6.000 9/28/2012 EUR 55.71
LB BADEN-WUERTT 6.000 9/28/2012 EUR 44.46
LB BADEN-WUERTT 4.000 9/28/2012 EUR 62.94
LB BADEN-WUERTT 4.000 9/28/2012 EUR 52.00
LB BADEN-WUERTT 7.500 11/23/2012 EUR 36.15
LB BADEN-WUERTT 7.500 11/23/2012 EUR 75.27
LB BADEN-WUERTT 7.500 11/23/2012 EUR 64.09
LB BADEN-WUERTT 10.000 11/23/2012 EUR 60.18
LB BADEN-WUERTT 10.000 11/23/2012 EUR 72.09
LB BADEN-WUERTT 10.000 11/23/2012 EUR 74.78
LB BADEN-WUERTT 10.000 11/23/2012 EUR 70.87
LB BADEN-WUERTT 10.000 11/23/2012 EUR 74.37
LB BADEN-WUERTT 10.000 11/23/2012 EUR 34.74
LB BADEN-WUERTT 3.750 12/20/2012 EUR 20.00
LB BADEN-WUERTT 5.000 1/4/2013 EUR 72.11
LB BADEN-WUERTT 5.000 1/4/2013 EUR 39.49
LB BADEN-WUERTT 7.500 1/4/2013 EUR 36.69
LB BADEN-WUERTT 5.000 1/4/2013 EUR 61.36
LB BADEN-WUERTT 7.500 1/4/2013 EUR 72.72
LB BADEN-WUERTT 7.500 1/4/2013 EUR 55.13
LB BADEN-WUERTT 7.500 1/4/2013 EUR 74.16
LB BADEN-WUERTT 7.500 1/4/2013 EUR 73.13
LB BADEN-WUERTT 10.000 1/4/2013 EUR 67.58
LB BADEN-WUERTT 10.000 1/4/2013 EUR 52.85
LB BADEN-WUERTT 10.000 1/4/2013 EUR 69.40
LB BADEN-WUERTT 10.000 1/4/2013 EUR 73.60
LB BADEN-WUERTT 8.000 9/28/2012 EUR 63.79
LB BADEN-WUERTT 5.000 8/24/2012 EUR 48.09
LB BADEN-WUERTT 4.000 8/24/2012 EUR 57.85
LB BADEN-WUERTT 10.000 7/27/2012 EUR 73.60
LB BADEN-WUERTT 10.000 7/27/2012 EUR 50.78
LB BADEN-WUERTT 10.000 7/27/2012 EUR 21.47
LB BADEN-WUERTT 10.000 7/27/2012 EUR 35.64
LB BADEN-WUERTT 10.000 7/27/2012 EUR 69.67
LB BADEN-WUERTT 10.000 7/27/2012 EUR 50.51
LB BADEN-WUERTT 10.000 7/27/2012 EUR 62.55
LB BADEN-WUERTT 10.000 7/27/2012 EUR 49.75
LB BADEN-WUERTT 10.000 7/27/2012 EUR 69.14
LB BADEN-WUERTT 10.000 7/27/2012 EUR 67.78
LB BADEN-WUERTT 10.000 7/27/2012 EUR 67.03
LB BADEN-WUERTT 8.000 7/27/2012 EUR 73.89
LB BADEN-WUERTT 8.000 7/27/2012 EUR 67.34
LB BADEN-WUERTT 8.000 7/27/2012 EUR 54.83
LB BADEN-WUERTT 8.000 7/27/2012 EUR 59.67
LB BADEN-WUERTT 7.500 7/27/2012 EUR 54.35
LB BADEN-WUERTT 7.500 7/27/2012 EUR 53.78
LB BADEN-WUERTT 6.000 8/24/2012 EUR 50.45
LB BADEN-WUERTT 6.000 8/24/2012 EUR 74.70
LB BADEN-WUERTT 7.500 7/27/2012 EUR 73.69
LB BADEN-WUERTT 7.500 7/27/2012 EUR 72.78
LB BADEN-WUERTT 7.500 7/27/2012 EUR 52.73
LB BADEN-WUERTT 7.500 7/27/2012 EUR 65.94
LB BADEN-WUERTT 7.500 7/27/2012 EUR 37.25
LB BADEN-WUERTT 7.500 7/27/2012 EUR 74.46
LB BADEN-WUERTT 7.500 7/27/2012 EUR 20.50
LB BADEN-WUERTT 7.500 7/27/2012 EUR 71.22
LB BADEN-WUERTT 6.000 7/27/2012 EUR 65.52
LB BADEN-WUERTT 6.000 7/27/2012 EUR 43.77
LB BADEN-WUERTT 6.000 7/27/2012 EUR 59.86
LB BADEN-WUERTT 6.000 7/27/2012 EUR 71.72
LB BADEN-WUERTT 5.000 7/27/2012 EUR 58.71
LB BADEN-WUERTT 5.000 7/27/2012 EUR 39.87
LB BADEN-WUERTT 5.000 7/27/2012 EUR 56.89
LB BADEN-WUERTT 5.000 7/27/2012 EUR 59.25
LB BADEN-WUERTT 5.000 7/27/2012 EUR 71.36
LB BADEN-WUERTT 5.000 7/27/2012 EUR 19.53
LB BADEN-WUERTT 5.000 7/27/2012 EUR 61.85
LB BADEN-WUERTT 4.000 7/27/2012 EUR 69.27
LB BADEN-WUERTT 4.000 7/27/2012 EUR 72.71
LB BADEN-WUERTT 10.000 6/22/2012 EUR 72.14
LB BADEN-WUERTT 10.000 6/22/2012 EUR 70.88
LB BADEN-WUERTT 10.000 6/22/2012 EUR 12.40
LB BADEN-WUERTT 10.000 6/22/2012 EUR 50.15
LB BADEN-WUERTT 10.000 6/22/2012 EUR 66.55
LB BADEN-WUERTT 10.000 6/22/2012 EUR 66.38
LB BADEN-WUERTT 10.000 6/22/2012 EUR 74.30
LB BADEN-WUERTT 10.000 6/22/2012 EUR 72.62
LB BADEN-WUERTT 10.000 6/22/2012 EUR 70.04
LB BADEN-WUERTT 10.000 6/22/2012 EUR 33.45
LB BADEN-WUERTT 10.000 6/22/2012 EUR 59.68
LB BADEN-WUERTT 8.000 6/22/2012 EUR 52.20
LB BADEN-WUERTT 8.000 6/22/2012 EUR 62.68
LB BADEN-WUERTT 8.000 6/22/2012 EUR 69.95
LB BADEN-WUERTT 8.000 6/22/2012 EUR 51.85
LB BADEN-WUERTT 8.000 6/22/2012 EUR 56.69
LB BADEN-WUERTT 8.000 6/22/2012 EUR 72.99
LB BADEN-WUERTT 8.000 6/22/2012 EUR 74.68
LB BADEN-WUERTT 7.500 6/22/2012 EUR 13.31
LB BADEN-WUERTT 10.000 8/24/2012 EUR 72.28
LB BADEN-WUERTT 10.000 8/24/2012 EUR 69.86
LB BADEN-WUERTT 10.000 8/24/2012 EUR 66.75
LB BADEN-WUERTT 10.000 8/24/2012 EUR 73.80
LB BADEN-WUERTT 10.000 8/24/2012 EUR 75.00
LB BADEN-WUERTT 10.000 8/24/2012 EUR 73.09
LB BADEN-WUERTT 10.000 8/24/2012 EUR 69.41
LB BADEN-WUERTT 10.000 8/24/2012 EUR 41.20
LB BADEN-WUERTT 10.000 8/24/2012 EUR 51.41
LB BADEN-WUERTT 8.000 8/24/2012 EUR 74.74
LB BADEN-WUERTT 8.000 8/24/2012 EUR 73.40
LB BADEN-WUERTT 8.000 8/24/2012 EUR 72.35
LB BADEN-WUERTT 8.000 8/24/2012 EUR 73.87
LB BADEN-WUERTT 8.000 8/24/2012 EUR 70.63
LB BADEN-WUERTT 8.000 8/24/2012 EUR 70.47
LB BADEN-WUERTT 8.000 8/24/2012 EUR 46.50
LB BADEN-WUERTT 8.000 8/24/2012 EUR 75.03
LB BADEN-WUERTT 8.000 8/24/2012 EUR 69.87
LB BADEN-WUERTT 8.000 8/24/2012 EUR 71.07
LB BADEN-WUERTT 8.000 8/24/2012 EUR 74.01
LB BADEN-WUERTT 7.500 8/24/2012 EUR 72.80
LB BADEN-WUERTT 7.500 8/24/2012 EUR 70.38
LB BADEN-WUERTT 7.500 8/24/2012 EUR 74.29
LB BADEN-WUERTT 6.000 8/24/2012 EUR 74.54
LB BADEN-WUERTT 7.500 8/24/2012 EUR 43.53
LB BADEN-WUERTT 7.500 8/24/2012 EUR 54.61
LB BADEN-WUERTT 4.000 3/23/2012 EUR 71.54
LB BADEN-WUERTT 4.000 3/23/2012 EUR 57.72
LB BADEN-WUERTT 4.000 3/23/2012 EUR 61.02
LB BADEN-WUERTT 4.000 3/23/2012 EUR 52.26
LB BADEN-WUERTT 4.000 3/23/2012 EUR 64.69
LB BADEN-WUERTT 4.000 3/23/2012 EUR 13.00
LB BADEN-WUERTT 6.000 3/23/2012 EUR 52.14
LB BADEN-WUERTT 6.000 3/23/2012 EUR 46.44
LB BADEN-WUERTT 6.000 3/23/2012 EUR 74.21
LB BADEN-WUERTT 6.000 3/23/2012 EUR 52.33
LB BADEN-WUERTT 6.000 3/23/2012 EUR 13.09
LB BADEN-WUERTT 6.000 3/23/2012 EUR 67.19
LB BADEN-WUERTT 6.000 3/23/2012 EUR 52.54
LB BADEN-WUERTT 6.000 3/23/2012 EUR 64.65
LB BADEN-WUERTT 8.000 3/23/2012 EUR 12.25
LB BADEN-WUERTT 8.000 3/23/2012 EUR 43.28
LB BADEN-WUERTT 8.000 3/23/2012 EUR 71.58
LB BADEN-WUERTT 8.000 3/23/2012 EUR 73.88
LB BADEN-WUERTT 8.000 3/23/2012 EUR 48.14
LB BADEN-WUERTT 8.000 3/23/2012 EUR 69.85
LB BADEN-WUERTT 8.000 3/23/2012 EUR 45.66
LB BADEN-WUERTT 8.000 3/23/2012 EUR 60.25
LB BADEN-WUERTT 8.000 3/23/2012 EUR 60.97
LB BADEN-WUERTT 8.000 3/23/2012 EUR 47.12
LB BADEN-WUERTT 4.000 4/27/2012 EUR 72.34
LB BADEN-WUERTT 4.000 4/27/2012 EUR 61.59
LB BADEN-WUERTT 4.000 4/27/2012 EUR 59.40
LB BADEN-WUERTT 4.000 4/27/2012 EUR 15.22
LB BADEN-WUERTT 4.000 4/27/2012 EUR 56.26
LB BADEN-WUERTT 4.000 4/27/2012 EUR 71.89
LB BADEN-WUERTT 4.000 4/27/2012 EUR 40.73
LB BADEN-WUERTT 4.000 4/27/2012 EUR 14.47
LB BADEN-WUERTT 5.000 11/23/2012 EUR 38.84
LB BADEN-WUERTT 4.000 4/27/2012 EUR 72.01
LB BADEN-WUERTT 6.000 4/27/2012 EUR 65.95
LB BADEN-WUERTT 6.000 4/27/2012 EUR 15.51
LB BADEN-WUERTT 6.000 4/27/2012 EUR 37.43
LB BADEN-WUERTT 6.000 4/27/2012 EUR 63.42
LB BADEN-WUERTT 6.000 4/27/2012 EUR 13.28
LB BADEN-WUERTT 6.000 4/27/2012 EUR 51.92
LB BADEN-WUERTT 6.000 4/27/2012 EUR 74.03
LB BADEN-WUERTT 6.000 4/27/2012 EUR 53.65
LB BADEN-WUERTT 6.000 4/27/2012 EUR 63.42
LB BADEN-WUERTT 6.000 4/27/2012 EUR 50.73
LB BADEN-WUERTT 8.000 4/27/2012 EUR 34.71
LB BADEN-WUERTT 8.000 4/27/2012 EUR 68.30
LB BADEN-WUERTT 8.000 4/27/2012 EUR 58.16
LB BADEN-WUERTT 8.000 4/27/2012 EUR 57.99
LB BADEN-WUERTT 8.000 4/27/2012 EUR 73.82
LB BADEN-WUERTT 8.000 4/27/2012 EUR 44.79
LB BADEN-WUERTT 8.000 4/27/2012 EUR 49.60
LB BADEN-WUERTT 8.000 4/27/2012 EUR 13.56
LB BADEN-WUERTT 8.000 4/27/2012 EUR 48.70
LB BADEN-WUERTT 8.000 4/27/2012 EUR 12.36
LB BADEN-WUERTT 8.000 4/27/2012 EUR 62.09
LB BADEN-WUERTT 8.000 4/27/2012 EUR 71.39
LB BADEN-WUERTT 8.000 4/27/2012 EUR 72.97
LB BADEN-WUERTT 8.000 4/27/2012 EUR 73.58
LB BADEN-WUERTT 4.000 5/25/2012 EUR 68.32
LB BADEN-WUERTT 4.000 5/25/2012 EUR 64.83
LB BADEN-WUERTT 6.000 5/25/2012 EUR 53.29
LB BADEN-WUERTT 6.000 5/25/2012 EUR 73.99
LB BADEN-WUERTT 6.000 5/25/2012 EUR 60.70
LB BADEN-WUERTT 6.000 5/25/2012 EUR 72.57
LB BADEN-WUERTT 8.000 5/25/2012 EUR 67.40
LB BADEN-WUERTT 8.000 5/25/2012 EUR 48.77
LB BADEN-WUERTT 8.000 5/25/2012 EUR 55.69
LB BADEN-WUERTT 8.000 5/25/2012 EUR 75.01
LB BADEN-WUERTT 8.000 5/25/2012 EUR 74.12
LB BADEN-WUERTT 8.000 5/25/2012 EUR 64.97
LB BADEN-WUERTT 8.000 5/25/2012 EUR 71.61
LB BADEN-WUERTT 8.350 5/25/2012 EUR 57.34
LB BADEN-WUERTT 4.000 6/22/2012 EUR 69.66
LB BADEN-WUERTT 4.000 6/22/2012 EUR 64.19
LB BADEN-WUERTT 4.000 6/22/2012 EUR 70.53
LB BADEN-WUERTT 5.000 6/22/2012 EUR 58.41
LB BADEN-WUERTT 5.000 6/22/2012 EUR 14.21
LB BADEN-WUERTT 5.000 6/22/2012 EUR 68.29
LB BADEN-WUERTT 5.000 6/22/2012 EUR 39.00
LB BADEN-WUERTT 6.000 6/22/2012 EUR 61.91
LB BADEN-WUERTT 6.000 6/22/2012 EUR 69.70
LB BADEN-WUERTT 6.000 6/22/2012 EUR 58.36
LB BADEN-WUERTT 6.000 6/22/2012 EUR 57.35
LB BADEN-WUERTT 7.500 6/22/2012 EUR 53.40
LB BADEN-WUERTT 7.500 6/22/2012 EUR 74.40
LB BADEN-WUERTT 7.500 6/22/2012 EUR 73.90
LB BADEN-WUERTT 7.500 6/22/2012 EUR 70.46
LB BADEN-WUERTT 7.500 6/22/2012 EUR 35.44
LB BADEN-WUERTT 7.500 6/22/2012 EUR 63.03
LB BADEN-WUERTT 7.500 6/22/2012 EUR 72.43
LB BADEN-WUERTT 5.000 8/24/2012 EUR 59.69
MACQUARIE STRUCT 14.250 3/23/2012 EUR 61.03
MACQUARIE STRUCT 12.000 3/23/2012 EUR 67.71
MACQUARIE STRUCT 11.250 3/23/2012 EUR 72.75
MACQUARIE STRUCT 13.250 3/23/2012 EUR 52.97
MACQUARIE STRUCT 23.750 3/23/2012 EUR 10.33
MACQUARIE STRUCT 26.000 3/23/2012 EUR 66.34
MACQUARIE STRUCT 15.000 3/23/2012 EUR 35.35
MACQUARIE STRUCT 13.250 4/27/2012 EUR 64.12
MACQUARIE STRUCT 9.000 6/22/2012 EUR 73.54
MACQUARIE STRUCT 10.500 4/27/2012 EUR 62.15
MACQUARIE STRUCT 9.250 6/22/2012 EUR 46.60
MACQUARIE STRUCT 9.750 6/22/2012 EUR 67.26
MACQUARIE STRUCT 9.250 6/22/2012 EUR 73.49
MACQUARIE STRUCT 10.250 6/22/2012 EUR 58.64
MACQUARIE STRUCT 10.750 6/22/2012 EUR 43.73
MACQUARIE STRUCT 10.000 6/22/2012 EUR 61.73
MACQUARIE STRUCT 11.500 6/22/2012 EUR 45.82
MACQUARIE STRUCT 11.500 6/22/2012 EUR 66.89
MACQUARIE STRUCT 11.500 6/22/2012 EUR 71.17
MACQUARIE STRUCT 12.000 6/22/2012 EUR 74.59
MACQUARIE STRUCT 12.500 6/22/2012 EUR 57.16
MACQUARIE STRUCT 11.750 6/22/2012 EUR 72.87
MACQUARIE STRUCT 13.500 6/22/2012 EUR 40.23
MACQUARIE STRUCT 15.750 6/22/2012 EUR 72.82
MACQUARIE STRUCT 12.500 6/22/2012 EUR 45.41
MACQUARIE STRUCT 16.000 6/22/2012 EUR 37.84
MACQUARIE STRUCT 17.000 6/22/2012 EUR 57.02
MACQUARIE STRUCT 15.750 6/22/2012 EUR 26.77
MACQUARIE STRUCT 9.000 9/28/2012 EUR 65.48
MACQUARIE STRUCT 9.250 9/28/2012 EUR 70.47
MACQUARIE STRUCT 23.250 6/22/2012 EUR 12.14
MACQUARIE STRUCT 13.250 3/23/2012 EUR 38.82
MACQUARIE STRUCT 14.750 3/23/2012 EUR 37.99
MACQUARIE STRUCT 9.750 9/28/2012 EUR 65.89
MACQUARIE STRUCT 10.500 3/23/2012 EUR 52.34
MACQUARIE STRUCT 9.750 3/23/2012 EUR 52.22
MACQUARIE STRUCT 11.500 9/28/2012 EUR 65.43
MACQUARIE STRUCT 11.000 3/23/2012 EUR 50.67
MACQUARIE STRUCT 10.750 3/23/2012 EUR 73.65
MACQUARIE STRUCT 7.250 3/23/2012 EUR 67.75
MACQUARIE STRUCT 8.750 3/23/2012 EUR 66.14
NORDDEUTSCHE L/B 7.000 6/8/2012 EUR 71.43
Q-CELLS 6.750 10/21/2015 EUR 0.84
QIMONDA FINANCE 6.750 3/22/2013 USD 1.00
SOLARWORLD AG 6.125 1/21/2017 EUR 54.28
SOLON AG SOLAR 1.375 12/6/2012 EUR 3.14
TUI AG 5.500 11/17/2014 EUR 70.22
TUI AG 2.750 3/24/2016 EUR 50.57
UNICREDIT BANK A 7.000 6/21/2012 EUR 56.18
VONTOBEL FIN PRO 13.275 3/23/2012 EUR 49.98
VONTOBEL FIN PRO 13.188 3/23/2012 EUR 65.62
VONTOBEL FIN PRO 13.124 3/23/2012 EUR 63.90
VONTOBEL FIN PRO 13.007 3/23/2012 EUR 53.40
VONTOBEL FIN PRO 12.973 3/23/2012 EUR 66.46
VONTOBEL FIN PRO 12.964 3/23/2012 EUR 45.04
VONTOBEL FIN PRO 12.947 3/23/2012 EUR 55.88
VONTOBEL FIN PRO 12.824 3/23/2012 EUR 71.94
VONTOBEL FIN PRO 12.818 3/23/2012 EUR 51.80
VONTOBEL FIN PRO 12.812 3/23/2012 EUR 72.76
VONTOBEL FIN PRO 12.782 3/23/2012 EUR 43.34
VONTOBEL FIN PRO 12.779 3/23/2012 EUR 71.74
VONTOBEL FIN PRO 12.761 3/23/2012 EUR 44.64
VONTOBEL FIN PRO 12.701 3/23/2012 EUR 60.30
VONTOBEL FIN PRO 12.680 3/23/2012 EUR 64.20
VONTOBEL FIN PRO 12.632 3/23/2012 EUR 65.74
VONTOBEL FIN PRO 12.605 3/23/2012 EUR 72.26
VONTOBEL FIN PRO 12.589 3/23/2012 EUR 61.54
VONTOBEL FIN PRO 12.335 3/23/2012 EUR 55.58
VONTOBEL FIN PRO 12.332 3/23/2012 EUR 44.90
VONTOBEL FIN PRO 12.197 3/23/2012 EUR 54.76
VONTOBEL FIN PRO 12.168 3/23/2012 EUR 72.90
VONTOBEL FIN PRO 12.146 3/23/2012 EUR 53.22
VONTOBEL FIN PRO 12.135 3/23/2012 EUR 55.58
VONTOBEL FIN PRO 12.134 3/23/2012 EUR 71.86
VONTOBEL FIN PRO 12.083 3/23/2012 EUR 60.04
VONTOBEL FIN PRO 12.045 3/23/2012 EUR 50.70
VONTOBEL FIN PRO 12.045 3/23/2012 EUR 67.68
VONTOBEL FIN PRO 12.045 3/23/2012 EUR 67.76
VONTOBEL FIN PRO 12.000 3/23/2012 EUR 74.98
VONTOBEL FIN PRO 11.986 3/23/2012 EUR 60.92
VONTOBEL FIN PRO 11.910 3/23/2012 EUR 71.86
VONTOBEL FIN PRO 11.910 3/23/2012 EUR 75.20
VONTOBEL FIN PRO 11.904 3/23/2012 EUR 48.34
VONTOBEL FIN PRO 11.869 3/23/2012 EUR 55.84
VONTOBEL FIN PRO 11.865 3/23/2012 EUR 62.26
VONTOBEL FIN PRO 11.863 3/23/2012 EUR 35.08
VONTOBEL FIN PRO 11.846 3/23/2012 EUR 64.94
VONTOBEL FIN PRO 11.825 3/23/2012 EUR 73.54
VONTOBEL FIN PRO 11.777 3/23/2012 EUR 54.40
VONTOBEL FIN PRO 11.774 3/23/2012 EUR 59.82
VONTOBEL FIN PRO 11.750 3/23/2012 EUR 69.82
VONTOBEL FIN PRO 11.732 3/23/2012 EUR 72.98
VONTOBEL FIN PRO 11.674 3/23/2012 EUR 50.04
VONTOBEL FIN PRO 11.639 3/23/2012 EUR 62.66
VONTOBEL FIN PRO 11.599 3/23/2012 EUR 67.24
VONTOBEL FIN PRO 11.594 3/23/2012 EUR 64.10
VONTOBEL FIN PRO 11.518 3/23/2012 EUR 74.94
VONTOBEL FIN PRO 11.508 3/23/2012 EUR 73.04
VONTOBEL FIN PRO 11.489 3/23/2012 EUR 72.98
VONTOBEL FIN PRO 11.464 3/23/2012 EUR 45.96
VONTOBEL FIN PRO 11.455 3/23/2012 EUR 53.22
VONTOBEL FIN PRO 11.437 3/23/2012 EUR 53.22
VONTOBEL FIN PRO 11.434 3/23/2012 EUR 66.58
VONTOBEL FIN PRO 11.387 3/23/2012 EUR 69.54
VONTOBEL FIN PRO 11.368 3/23/2012 EUR 69.10
VONTOBEL FIN PRO 11.310 3/23/2012 EUR 71.86
VONTOBEL FIN PRO 11.298 3/23/2012 EUR 71.88
VONTOBEL FIN PRO 11.256 3/23/2012 EUR 65.76
VONTOBEL FIN PRO 11.244 3/23/2012 EUR 62.52
VONTOBEL FIN PRO 11.238 3/23/2012 EUR 35.02
VONTOBEL FIN PRO 11.115 3/23/2012 EUR 72.46
VONTOBEL FIN PRO 11.099 3/23/2012 EUR 70.68
VONTOBEL FIN PRO 11.084 3/23/2012 EUR 63.60
VONTOBEL FIN PRO 11.080 3/23/2012 EUR 46.46
VONTOBEL FIN PRO 11.071 3/23/2012 EUR 60.28
VONTOBEL FIN PRO 11.038 3/23/2012 EUR 52.16
VONTOBEL FIN PRO 10.985 3/23/2012 EUR 54.82
VONTOBEL FIN PRO 10.879 3/23/2012 EUR 64.92
VONTOBEL FIN PRO 10.861 3/23/2012 EUR 56.44
VONTOBEL FIN PRO 10.812 3/23/2012 EUR 71.72
VONTOBEL FIN PRO 10.812 3/23/2012 EUR 61.26
VONTOBEL FIN PRO 10.800 3/23/2012 EUR 44.84
VONTOBEL FIN PRO 10.787 3/23/2012 EUR 68.50
VONTOBEL FIN PRO 10.781 3/23/2012 EUR 55.40
VONTOBEL FIN PRO 10.753 3/23/2012 EUR 68.26
VONTOBEL FIN PRO 10.733 3/23/2012 EUR 70.42
VONTOBEL FIN PRO 10.693 3/23/2012 EUR 68.32
VONTOBEL FIN PRO 10.686 3/23/2012 EUR 63.26
VONTOBEL FIN PRO 10.686 3/23/2012 EUR 48.36
VONTOBEL FIN PRO 10.641 3/23/2012 EUR 54.36
VONTOBEL FIN PRO 10.582 3/23/2012 EUR 72.36
VONTOBEL FIN PRO 10.574 3/23/2012 EUR 72.20
VONTOBEL FIN PRO 10.556 3/23/2012 EUR 69.94
VONTOBEL FIN PRO 10.515 3/23/2012 EUR 66.04
VONTOBEL FIN PRO 10.485 3/23/2012 EUR 69.06
VONTOBEL FIN PRO 10.475 3/23/2012 EUR 58.74
VONTOBEL FIN PRO 10.470 3/23/2012 EUR 64.02
VONTOBEL FIN PRO 10.467 3/23/2012 EUR 74.90
VONTOBEL FIN PRO 10.442 3/23/2012 EUR 62.56
VONTOBEL FIN PRO 10.436 3/23/2012 EUR 70.74
VONTOBEL FIN PRO 10.324 3/23/2012 EUR 58.74
VONTOBEL FIN PRO 10.279 3/23/2012 EUR 74.54
VONTOBEL FIN PRO 10.219 3/23/2012 EUR 47.38
VONTOBEL FIN PRO 10.212 3/23/2012 EUR 48.94
VONTOBEL FIN PRO 10.128 3/23/2012 EUR 72.96
VONTOBEL FIN PRO 10.117 3/23/2012 EUR 66.82
VONTOBEL FIN PRO 10.005 3/23/2012 EUR 72.32
VONTOBEL FIN PRO 9.908 3/23/2012 EUR 69.82
VONTOBEL FIN PRO 9.891 3/23/2012 EUR 71.08
VONTOBEL FIN PRO 9.810 3/23/2012 EUR 71.86
VONTOBEL FIN PRO 9.744 3/23/2012 EUR 69.04
VONTOBEL FIN PRO 9.743 3/23/2012 EUR 52.34
VONTOBEL FIN PRO 9.728 3/23/2012 EUR 74.08
VONTOBEL FIN PRO 9.718 3/23/2012 EUR 75.48
VONTOBEL FIN PRO 9.666 3/23/2012 EUR 68.76
VONTOBEL FIN PRO 9.624 3/23/2012 EUR 73.06
VONTOBEL FIN PRO 9.595 3/23/2012 EUR 68.64
VONTOBEL FIN PRO 9.587 3/23/2012 EUR 66.08
VONTOBEL FIN PRO 9.546 3/23/2012 EUR 73.12
VONTOBEL FIN PRO 9.506 3/23/2012 EUR 71.58
VONTOBEL FIN PRO 9.460 3/23/2012 EUR 61.04
VONTOBEL FIN PRO 9.372 3/23/2012 EUR 66.56
VONTOBEL FIN PRO 9.335 3/23/2012 EUR 67.34
VONTOBEL FIN PRO 9.193 3/23/2012 EUR 70.34
VONTOBEL FIN PRO 9.177 3/23/2012 EUR 71.84
VONTOBEL FIN PRO 9.175 3/23/2012 EUR 67.34
VONTOBEL FIN PRO 9.165 3/23/2012 EUR 70.02
VONTOBEL FIN PRO 9.064 3/23/2012 EUR 56.86
VONTOBEL FIN PRO 9.107 3/23/2012 EUR 73.10
VONTOBEL FIN PRO 8.934 3/23/2012 EUR 50.20
VONTOBEL FIN PRO 9.000 3/23/2012 EUR 58.60
VONTOBEL FIN PRO 8.901 3/23/2012 EUR 65.32
VONTOBEL FIN PRO 8.929 3/23/2012 EUR 63.34
VONTOBEL FIN PRO 8.835 3/23/2012 EUR 73.02
VONTOBEL FIN PRO 8.842 3/23/2012 EUR 73.38
VONTOBEL FIN PRO 8.758 3/23/2012 EUR 61.52
VONTOBEL FIN PRO 8.759 3/23/2012 EUR 67.12
VONTOBEL FIN PRO 8.626 3/23/2012 EUR 52.36
VONTOBEL FIN PRO 8.662 3/23/2012 EUR 70.44
VONTOBEL FIN PRO 8.584 3/23/2012 EUR 52.26
VONTOBEL FIN PRO 8.584 3/23/2012 EUR 61.02
VONTOBEL FIN PRO 8.463 3/23/2012 EUR 68.98
VONTOBEL FIN PRO 8.476 3/23/2012 EUR 57.50
VONTOBEL FIN PRO 8.186 3/23/2012 EUR 44.84
VONTOBEL FIN PRO 8.333 3/23/2012 EUR 49.16
VONTOBEL FIN PRO 8.051 3/23/2012 EUR 55.28
VONTOBEL FIN PRO 8.061 3/23/2012 EUR 70.28
VONTOBEL FIN PRO 7.897 3/23/2012 EUR 62.44
VONTOBEL FIN PRO 7.928 3/23/2012 EUR 70.40
VONTOBEL FIN PRO 7.679 3/23/2012 EUR 72.86
VONTOBEL FIN PRO 7.733 3/23/2012 EUR 61.16
VONTOBEL FIN PRO 7.340 3/23/2012 EUR 59.82
VONTOBEL FIN PRO 7.638 3/23/2012 EUR 70.24
VONTOBEL FIN PRO 6.613 3/23/2012 EUR 66.44
VONTOBEL FIN PRO 7.226 3/23/2012 EUR 67.32
VONTOBEL FIN PRO 11.564 3/2/2012 EUR 39.40
VONTOBEL FIN PRO 11.564 3/16/2012 EUR 54.30
VONTOBEL FIN PRO 11.112 3/2/2012 EUR 66.10
VONTOBEL FIN PRO 13.366 3/23/2012 EUR 44.86
VONTOBEL FIN PRO 13.358 3/23/2012 EUR 43.26
VONTOBEL FIN PRO 13.314 3/23/2012 EUR 52.54
VONTOBEL FIN PRO 13.314 3/23/2012 EUR 45.60
VONTOBEL FIN PRO 11.413 3/2/2012 EUR 70.50
VONTOBEL FIN PRO 8.487 6/22/2012 EUR 70.20
VONTOBEL FIN PRO 8.466 6/22/2012 EUR 43.78
VONTOBEL FIN PRO 8.466 6/22/2012 EUR 68.14
VONTOBEL FIN PRO 8.460 6/22/2012 EUR 56.96
VONTOBEL FIN PRO 8.407 6/22/2012 EUR 60.24
VONTOBEL FIN PRO 8.377 6/22/2012 EUR 51.42
VONTOBEL FIN PRO 8.347 6/22/2012 EUR 62.44
VONTOBEL FIN PRO 8.340 6/22/2012 EUR 30.30
VONTOBEL FIN PRO 8.340 6/22/2012 EUR 69.16
VONTOBEL FIN PRO 8.327 6/22/2012 EUR 74.80
VONTOBEL FIN PRO 8.302 6/22/2012 EUR 69.62
VONTOBEL FIN PRO 8.284 6/22/2012 EUR 54.76
VONTOBEL FIN PRO 8.267 6/22/2012 EUR 74.56
VONTOBEL FIN PRO 8.189 6/22/2012 EUR 52.88
VONTOBEL FIN PRO 8.185 6/22/2012 EUR 57.22
VONTOBEL FIN PRO 8.152 6/22/2012 EUR 74.46
VONTOBEL FIN PRO 8.068 6/22/2012 EUR 70.66
VONTOBEL FIN PRO 8.031 6/22/2012 EUR 69.68
VONTOBEL FIN PRO 8.015 6/22/2012 EUR 54.78
VONTOBEL FIN PRO 8.014 6/22/2012 EUR 70.48
VONTOBEL FIN PRO 8.008 6/22/2012 EUR 72.58
VONTOBEL FIN PRO 7.996 6/22/2012 EUR 70.18
VONTOBEL FIN PRO 7.974 6/22/2012 EUR 46.34
VONTOBEL FIN PRO 7.974 6/22/2012 EUR 61.96
VONTOBEL FIN PRO 7.956 6/22/2012 EUR 73.94
VONTOBEL FIN PRO 7.754 6/22/2012 EUR 63.22
VONTOBEL FIN PRO 7.562 6/22/2012 EUR 68.28
VONTOBEL FIN PRO 7.509 6/22/2012 EUR 59.32
VONTOBEL FIN PRO 7.500 6/22/2012 EUR 60.92
VONTOBEL FIN PRO 7.236 6/22/2012 EUR 68.82
VONTOBEL FIN PRO 7.228 6/22/2012 EUR 70.74
VONTOBEL FIN PRO 7.150 6/22/2012 EUR 65.38
VONTOBEL FIN PRO 7.101 6/22/2012 EUR 55.78
VONTOBEL FIN PRO 7.094 6/22/2012 EUR 70.34
VONTOBEL FIN PRO 6.876 6/22/2012 EUR 61.26
VONTOBEL FIN PRO 6.697 6/22/2012 EUR 73.30
VONTOBEL FIN PRO 10.458 6/15/2012 EUR 61.90
VONTOBEL FIN PRO 10.358 6/15/2012 EUR 64.10
VONTOBEL FIN PRO 7.889 6/6/2012 EUR 62.10
VONTOBEL FIN PRO 12.369 6/1/2012 EUR 49.60
VONTOBEL FIN PRO 10.358 6/1/2012 EUR 74.40
VONTOBEL FIN PRO 11.564 5/25/2012 EUR 61.70
VONTOBEL FIN PRO 12.168 5/18/2012 EUR 48.80
VONTOBEL FIN PRO 10.961 5/18/2012 EUR 65.70
VONTOBEL FIN PRO 10.056 5/11/2012 EUR 68.80
VONTOBEL FIN PRO 13.173 5/4/2012 EUR 60.40
VONTOBEL FIN PRO 12.067 5/4/2012 EUR 70.80
VONTOBEL FIN PRO 10.659 4/27/2012 EUR 71.90
VONTOBEL FIN PRO 11.031 4/20/2012 EUR 69.20
VONTOBEL FIN PRO 10.028 4/20/2012 EUR 56.10
VONTOBEL FIN PRO 12.469 4/13/2012 EUR 50.20
VONTOBEL FIN PRO 16.639 4/5/2012 EUR 20.65
VONTOBEL FIN PRO 10.740 4/5/2012 EUR 68.80
VONTOBEL FIN PRO 10.028 3/30/2012 EUR 40.50
VONTOBEL FIN PRO 25.577 3/23/2012 EUR 59.24
VONTOBEL FIN PRO 21.110 3/23/2012 EUR 64.32
VONTOBEL FIN PRO 20.386 3/23/2012 EUR 27.92
VONTOBEL FIN PRO 19.805 3/23/2012 EUR 36.02
VONTOBEL FIN PRO 19.599 3/23/2012 EUR 29.12
VONTOBEL FIN PRO 19.591 3/23/2012 EUR 66.76
VONTOBEL FIN PRO 18.316 3/23/2012 EUR 67.18
VONTOBEL FIN PRO 18.131 3/23/2012 EUR 38.10
VONTOBEL FIN PRO 18.045 3/23/2012 EUR 35.36
VONTOBEL FIN PRO 17.921 3/23/2012 EUR 73.28
VONTOBEL FIN PRO 17.902 3/23/2012 EUR 37.40
VONTOBEL FIN PRO 17.825 3/23/2012 EUR 39.68
VONTOBEL FIN PRO 17.587 3/23/2012 EUR 30.40
VONTOBEL FIN PRO 17.300 3/23/2012 EUR 64.04
VONTOBEL FIN PRO 17.053 3/23/2012 EUR 69.46
VONTOBEL FIN PRO 16.800 3/23/2012 EUR 71.52
VONTOBEL FIN PRO 16.686 3/23/2012 EUR 70.66
VONTOBEL FIN PRO 16.683 3/23/2012 EUR 45.96
VONTOBEL FIN PRO 16.672 3/23/2012 EUR 73.40
VONTOBEL FIN PRO 16.667 3/23/2012 EUR 48.54
VONTOBEL FIN PRO 16.466 3/23/2012 EUR 47.84
VONTOBEL FIN PRO 16.404 3/23/2012 EUR 58.50
VONTOBEL FIN PRO 16.358 3/23/2012 EUR 63.32
VONTOBEL FIN PRO 16.248 3/23/2012 EUR 68.76
VONTOBEL FIN PRO 16.015 3/23/2012 EUR 38.24
VONTOBEL FIN PRO 15.723 3/23/2012 EUR 40.44
VONTOBEL FIN PRO 15.699 3/23/2012 EUR 37.30
VONTOBEL FIN PRO 15.682 3/23/2012 EUR 58.82
VONTOBEL FIN PRO 15.663 3/23/2012 EUR 72.58
VONTOBEL FIN PRO 15.614 3/23/2012 EUR 69.14
VONTOBEL FIN PRO 15.576 3/23/2012 EUR 31.78
VONTOBEL FIN PRO 15.372 3/23/2012 EUR 42.18
VONTOBEL FIN PRO 15.303 3/23/2012 EUR 53.68
VONTOBEL FIN PRO 15.215 3/23/2012 EUR 54.76
VONTOBEL FIN PRO 15.203 3/23/2012 EUR 54.96
VONTOBEL FIN PRO 15.158 3/23/2012 EUR 33.40
VONTOBEL FIN PRO 14.978 3/23/2012 EUR 41.30
VONTOBEL FIN PRO 14.895 3/23/2012 EUR 61.20
VONTOBEL FIN PRO 14.805 3/23/2012 EUR 50.06
VONTOBEL FIN PRO 14.754 3/23/2012 EUR 58.46
VONTOBEL FIN PRO 14.669 3/23/2012 EUR 45.66
VONTOBEL FIN PRO 14.636 3/23/2012 EUR 50.04
VONTOBEL FIN PRO 14.625 3/23/2012 EUR 52.78
VONTOBEL FIN PRO 14.614 3/23/2012 EUR 70.96
VONTOBEL FIN PRO 14.400 3/23/2012 EUR 66.80
VONTOBEL FIN PRO 14.391 3/23/2012 EUR 51.34
VONTOBEL FIN PRO 14.346 3/23/2012 EUR 41.90
VONTOBEL FIN PRO 14.228 3/23/2012 EUR 61.66
VONTOBEL FIN PRO 14.211 3/23/2012 EUR 64.86
VONTOBEL FIN PRO 14.208 3/23/2012 EUR 53.46
VONTOBEL FIN PRO 14.170 3/23/2012 EUR 63.50
VONTOBEL FIN PRO 14.016 3/23/2012 EUR 49.10
VONTOBEL FIN PRO 13.909 3/23/2012 EUR 60.46
VONTOBEL FIN PRO 13.869 3/23/2012 EUR 66.58
VONTOBEL FIN PRO 13.802 3/23/2012 EUR 46.58
VONTOBEL FIN PRO 13.790 3/23/2012 EUR 57.10
VONTOBEL FIN PRO 13.737 3/23/2012 EUR 71.40
VONTOBEL FIN PRO 13.735 3/23/2012 EUR 48.58
VONTOBEL FIN PRO 13.733 3/23/2012 EUR 73.64
VONTOBEL FIN PRO 13.719 3/23/2012 EUR 61.50
VONTOBEL FIN PRO 13.714 3/23/2012 EUR 51.50
VONTOBEL FIN PRO 13.669 3/23/2012 EUR 62.40
VONTOBEL FIN PRO 13.648 3/23/2012 EUR 62.54
VONTOBEL FIN PRO 13.620 3/23/2012 EUR 71.38
VONTOBEL FIN PRO 13.579 3/23/2012 EUR 72.26
VONTOBEL FIN PRO 13.534 3/23/2012 EUR 47.08
VONTOBEL FIN PRO 13.457 3/23/2012 EUR 55.90
VONTOBEL FIN PRO 13.426 3/23/2012 EUR 62.26
VONTOBEL FIN PRO 13.426 3/23/2012 EUR 69.42
VONTOBEL FIN PRO 5.100 4/14/2014 EUR 48.30
VONTOBEL FIN PRO 5.474 3/17/2014 EUR 73.50
VONTOBEL FIN PRO 7.389 11/25/2013 EUR 47.00
VONTOBEL FIN PRO 10.930 1/2/2013 EUR 64.86
VONTOBEL FIN PRO 8.987 1/2/2013 EUR 45.05
VONTOBEL FIN PRO 8.042 1/2/2013 EUR 67.90
VONTOBEL FIN PRO 14.211 12/31/2012 EUR 67.30
VONTOBEL FIN PRO 14.150 12/31/2012 EUR 66.16
VONTOBEL FIN PRO 13.518 12/31/2012 EUR 66.26
VONTOBEL FIN PRO 13.123 12/31/2012 EUR 35.20
VONTOBEL FIN PRO 12.912 12/31/2012 EUR 69.36
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VONTOBEL FIN PRO 8.690 6/22/2012 EUR 67.54
VONTOBEL FIN PRO 8.681 6/22/2012 EUR 67.92
VONTOBEL FIN PRO 8.679 6/22/2012 EUR 70.02
VONTOBEL FIN PRO 8.642 6/22/2012 EUR 68.65
VONTOBEL FIN PRO 8.640 6/22/2012 EUR 45.62
VONTOBEL FIN PRO 8.566 6/22/2012 EUR 66.68
VONTOBEL FIN PRO 8.528 6/22/2012 EUR 70.58
VONTOBEL FIN PRO 8.525 6/22/2012 EUR 73.50
VONTOBEL FIN PRO 8.491 6/22/2012 EUR 62.66
VONTOBEL FIN PRO 8.491 6/22/2012 EUR 63.36
WESTLB AG 8.500 6/21/2012 EUR 71.71
WESTLB AG 8.500 6/21/2012 EUR 66.23
WESTLB AG 7.000 6/21/2012 EUR 73.61
WESTLB AG 5.250 5/21/2012 EUR 73.04
WESTLB AG 6.000 3/26/2012 EUR 50.65
WESTLB AG 8.000 3/22/2012 EUR 59.52
WESTLB AG 8.000 3/22/2012 EUR 67.96
WESTLB AG 4.500 3/22/2012 EUR 71.19
WESTLB AG 7.500 3/22/2012 EUR 61.74
WESTLB AG 7.500 3/22/2012 EUR 64.88
WESTLB AG 7.000 3/22/2012 EUR 51.49
WESTLB AG 6.500 3/22/2012 EUR 74.31
WESTLB AG 5.000 3/22/2012 EUR 67.83
WESTLB AG 5.000 3/22/2012 EUR 72.46
WESTLB AG 4.500 3/22/2012 EUR 51.38
WESTLB AG 5.000 4/12/2016 EUR 29.01
WESTLB AG 0.100 9/27/2012 EUR 59.67
WESTLB AG 0.075 9/27/2012 EUR 73.05
WGZ BANK 8.000 12/28/2012 EUR 73.55
WGZ BANK 8.000 12/21/2012 EUR 72.78
WGZ BANK 8.000 6/13/2012 EUR 46.23
WGZ BANK 7.000 12/21/2012 EUR 74.19
WGZ BANK 6.000 6/13/2012 EUR 50.01
WGZ BANK 7.000 6/13/2012 EUR 48.02
WGZ BANK 4.000 6/13/2012 EUR 57.71
WGZ BANK 5.000 6/13/2012 EUR 52.22
WGZ BANK 7.000 3/29/2012 EUR 73.11
WGZ BANK 8.000 3/29/2012 EUR 71.78
WGZ BANK 9.000 3/27/2012 EUR 73.08
WGZ BANK 6.000 3/29/2012 EUR 74.49
WGZ BANK 7.000 3/27/2012 EUR 75.53
WGZ BANK 8.000 3/27/2012 EUR 74.28
GREECE
------
HELLENIC REP I/L 2.300 7/25/2030 EUR 17.18
HELLENIC REP I/L 2.900 7/25/2025 EUR 16.68
HELLENIC REPUB 4.625 6/25/2013 USD 38.25
HELLENIC REPUB 5.200 7/17/2034 EUR 20.13
HELLENIC REPUB 6.140 4/14/2028 EUR 28.50
HELLENIC REPUB 5.000 3/11/2019 EUR 26.00
HELLENIC REPUB 5.000 8/22/2016 JPY 26.47
HELLENIC REPUB 4.590 4/8/2016 EUR 15.75
HELLENIC REPUB 2.125 7/5/2013 CHF 42.25
HELLENIC REPUB 3.187 7/7/2024 EUR 10.75
HELLENIC REPUBLI 4.300 3/20/2012 EUR 22.09
HELLENIC REPUBLI 5.250 5/18/2012 EUR 17.00
HELLENIC REPUBLI 5.250 6/20/2012 EUR 70.38
HELLENIC REPUBLI 1.000 6/30/2012 EUR 68.38
HELLENIC REPUBLI 4.100 8/20/2012 EUR 18.09
HELLENIC REPUBLI 4.506 3/31/2013 EUR 37.86
HELLENIC REPUBLI 4.600 5/20/2013 EUR 18.75
HELLENIC REPUBLI 7.500 5/20/2013 EUR 19.50
HELLENIC REPUBLI 3.900 7/3/2013 EUR 25.00
HELLENIC REPUBLI 4.427 7/31/2013 EUR 30.83
HELLENIC REPUBLI 4.000 8/20/2013 EUR 18.47
HELLENIC REPUBLI 4.520 9/30/2013 EUR 26.25
HELLENIC REPUBLI 6.500 1/11/2014 EUR 18.51
HELLENIC REPUBLI 4.500 5/20/2014 EUR 19.51
HELLENIC REPUBLI 4.500 7/1/2014 EUR 20.13
HELLENIC REPUBLI 5.500 8/20/2014 EUR 18.00
HELLENIC REPUBLI 4.113 9/30/2014 EUR 20.54
HELLENIC REPUBLI 3.700 7/20/2015 EUR 18.38
HELLENIC REPUBLI 6.100 8/20/2015 EUR 18.51
HELLENIC REPUBLI 3.702 9/30/2015 EUR 18.42
HELLENIC REPUBLI 3.700 11/10/2015 EUR 19.63
HELLENIC REPUBLI 3.600 7/20/2016 EUR 17.88
HELLENIC REPUBLI 4.020 9/13/2016 EUR 17.96
HELLENIC REPUBLI 4.225 3/1/2017 EUR 18.14
HELLENIC REPUBLI 5.900 4/20/2017 EUR 17.75
HELLENIC REPUBLI 4.300 7/20/2017 EUR 17.00
HELLENIC REPUBLI 4.675 10/9/2017 EUR 18.68
HELLENIC REPUBLI 4.590 4/3/2018 EUR 18.37
HELLENIC REPUBLI 4.600 7/20/2018 EUR 19.51
HELLENIC REPUBLI 5.959 3/4/2019 EUR 20.32
HELLENIC REPUBLI 6.000 7/19/2019 EUR 18.51
HELLENIC REPUBLI 6.500 10/22/2019 EUR 18.88
HELLENIC REPUBLI 6.250 6/19/2020 EUR 19.63
HELLENIC REPUBLI 5.900 10/22/2022 EUR 18.63
HELLENIC REPUBLI 4.700 3/20/2024 EUR 18.13
HELLENIC REPUBLI 5.300 3/20/2026 EUR 17.46
HELLENIC REPUBLI 4.500 9/20/2037 EUR 17.28
HELLENIC REPUBLI 4.600 9/20/2040 EUR 17.75
HELLENIC REPUBLI 5.014 2/27/2019 EUR 19.28
NATL BK GREECE 3.875 10/7/2016 EUR 69.18
YIOULA GLASSWORK 9.000 12/1/2015 EUR 50.67
YIOULA GLASSWORK 9.000 12/1/2015 EUR 51.25
GUERNSEY
--------
BCV GUERNSEY 13.000 5/18/2012 CHF 61.30
BCV GUERNSEY 10.000 5/18/2012 CHF 53.66
BCV GUERNSEY 19.200 5/17/2012 EUR 44.96
BCV GUERNSEY 18.150 5/17/2012 CHF 43.70
BCV GUERNSEY 10.030 5/11/2012 CHF 75.22
BCV GUERNSEY 18.600 5/17/2012 USD 43.75
BCV GUERNSEY 9.500 4/13/2012 EUR 34.95
BCV GUERNSEY 7.200 4/13/2012 CHF 67.49
BCV GUERNSEY 7.500 3/8/2012 USD 65.88
BCV GUERNSEY 8.500 3/1/2012 CHF 73.03
BCV GUERNSEY 8.500 3/30/2012 CHF 71.25
BCV GUERNSEY 8.500 5/25/2012 EUR 58.08
BCV GUERNSEY 10.030 4/20/2012 CHF 70.47
BKB FINANCE 7.000 3/1/2012 CHF 63.72
BKB FINANCE 7.250 3/1/2012 CHF 57.92
BKB FINANCE 7.650 6/14/2012 CHF 75.20
BKB FINANCE 9.200 6/21/2012 CHF 63.82
BKB FINANCE 6.850 6/14/2012 CHF 64.92
BKB FINANCE 7.750 6/7/2012 CHF 41.96
BKB FINANCE 6.400 5/10/2012 CHF 66.49
BKB FINANCE 8.050 5/3/2012 CHF 69.25
BKB FINANCE 7.800 5/3/2012 CHF 64.68
BKB FINANCE 9.850 4/26/2012 CHF 55.93
BKB FINANCE 8.500 3/29/2012 CHF 63.84
BKB FINANCE 7.000 3/29/2012 CHF 71.21
BKB FINANCE 7.400 6/28/2012 CHF 73.06
BKB FINANCE 6.300 7/12/2012 CHF 73.15
BKB FINANCE 9.050 8/9/2012 CHF 59.78
BKB FINANCE 8.900 9/27/2012 CHF 65.02
BKB FINANCE 8.350 1/14/2013 CHF 65.16
BKB FINANCE 10.000 3/1/2012 CHF 5.01
BKB FINANCE 5.300 3/8/2012 CHF 72.04
EFG FINANCIAL PR 11.500 3/9/2012 EUR 68.40
EFG FINANCIAL PR 15.000 3/14/2012 USD 66.93
EFG FINANCIAL PR 17.500 3/14/2012 EUR 67.58
EFG FINANCIAL PR 8.000 3/15/2012 CHF 63.47
EFG FINANCIAL PR 10.850 3/16/2012 USD 58.54
EFG FINANCIAL PR 16.250 3/16/2012 USD 63.47
EFG FINANCIAL PR 19.400 3/16/2012 USD 29.08
EFG FINANCIAL PR 8.000 3/19/2012 CHF 61.91
EFG FINANCIAL PR 10.000 3/19/2012 CHF 48.10
EFG FINANCIAL PR 11.550 3/19/2012 CHF 43.83
EFG FINANCIAL PR 10.000 3/20/2012 CHF 58.66
EFG FINANCIAL PR 10.000 3/22/2012 CHF 62.00
EFG FINANCIAL PR 17.700 3/23/2012 USD 38.51
EFG FINANCIAL PR 9.040 3/26/2012 USD 63.10
EFG FINANCIAL PR 10.750 3/28/2012 EUR 55.80
EFG FINANCIAL PR 11.000 3/28/2012 EUR 57.29
EFG FINANCIAL PR 8.500 3/29/2012 CHF 64.35
EFG FINANCIAL PR 18.000 4/4/2012 CHF 21.59
EFG FINANCIAL PR 7.200 4/5/2012 USD 61.40
EFG FINANCIAL PR 8.500 4/5/2012 USD 61.87
EFG FINANCIAL PR 8.550 4/5/2012 USD 53.00
EFG FINANCIAL PR 9.500 4/5/2012 EUR 53.19
EFG FINANCIAL PR 9.500 4/5/2012 USD 53.23
EFG FINANCIAL PR 10.400 4/5/2012 USD 62.16
EFG FINANCIAL PR 12.100 4/5/2012 USD 62.58
EFG FINANCIAL PR 9.000 4/11/2012 USD 71.11
EFG FINANCIAL PR 9.300 4/11/2012 USD 52.96
EFG FINANCIAL PR 9.600 4/11/2012 USD 61.87
EFG FINANCIAL PR 10.000 4/19/2012 CHF 63.06
EFG FINANCIAL PR 10.500 4/19/2012 CHF 63.42
EFG FINANCIAL PR 13.050 4/19/2012 USD 52.01
EFG FINANCIAL PR 14.150 4/19/2012 EUR 52.06
EFG FINANCIAL PR 16.500 4/19/2012 EUR 67.22
EFG FINANCIAL PR 18.110 4/19/2012 EUR 67.48
EFG FINANCIAL PR 9.450 4/20/2012 CHF 61.74
EFG FINANCIAL PR 10.000 4/20/2012 USD 55.07
EFG FINANCIAL PR 10.500 4/20/2012 USD 55.19
EFG FINANCIAL PR 11.000 4/20/2012 USD 71.21
EFG FINANCIAL PR 8.650 4/23/2012 USD 75.02
EFG FINANCIAL PR 10.250 4/26/2012 EUR 52.76
EFG FINANCIAL PR 11.300 4/27/2012 EUR 69.47
EFG FINANCIAL PR 10.800 5/2/2012 CHF 69.75
EFG FINANCIAL PR 6.500 5/3/2012 USD 65.78
EFG FINANCIAL PR 9.500 5/4/2012 CHF 64.96
EFG FINANCIAL PR 11.000 5/4/2012 USD 66.10
EFG FINANCIAL PR 14.750 5/4/2012 EUR 47.93
EFG FINANCIAL PR 18.600 5/4/2012 CHF 71.05
EFG FINANCIAL PR 7.000 5/7/2012 CHF 74.68
EFG FINANCIAL PR 9.000 5/7/2012 USD 52.66
EFG FINANCIAL PR 9.290 5/7/2012 CHF 70.58
EFG FINANCIAL PR 10.600 5/9/2012 CHF 32.20
EFG FINANCIAL PR 10.000 5/11/2012 CHF 27.93
EFG FINANCIAL PR 10.050 5/11/2012 CHF 66.62
EFG FINANCIAL PR 11.000 5/11/2012 EUR 27.94
EFG FINANCIAL PR 8.950 5/14/2012 CHF 64.76
EFG FINANCIAL PR 9.000 5/16/2012 CHF 75.45
EFG FINANCIAL PR 10.830 5/18/2012 CHF 6.64
EFG FINANCIAL PR 12.960 5/21/2012 EUR 28.71
EFG FINANCIAL PR 10.750 5/22/2012 CHF 71.58
EFG FINANCIAL PR 11.250 5/22/2012 CHF 60.43
EFG FINANCIAL PR 12.750 5/22/2012 EUR 66.66
EFG FINANCIAL PR 14.000 5/22/2012 EUR 73.37
EFG FINANCIAL PR 8.000 5/24/2012 USD 62.21
EFG FINANCIAL PR 7.440 5/25/2012 EUR 62.28
EFG FINANCIAL PR 10.910 5/29/2012 EUR 47.45
EFG FINANCIAL PR 10.000 5/30/2012 CHF 60.11
EFG FINANCIAL PR 12.750 6/6/2012 EUR 74.09
EFG FINANCIAL PR 12.750 6/6/2012 CHF 69.10
EFG FINANCIAL PR 10.000 6/8/2012 CHF 36.80
EFG FINANCIAL PR 12.250 6/8/2012 EUR 68.47
EFG FINANCIAL PR 5.200 6/14/2012 CHF 66.57
EFG FINANCIAL PR 12.250 6/15/2012 EUR 17.99
EFG FINANCIAL PR 13.110 6/18/2012 USD 59.43
EFG FINANCIAL PR 9.650 6/20/2012 USD 59.53
EFG FINANCIAL PR 7.000 6/21/2012 CHF 66.23
EFG FINANCIAL PR 10.000 6/22/2012 CHF 46.08
EFG FINANCIAL PR 11.300 6/28/2012 EUR 62.74
EFG FINANCIAL PR 10.500 7/5/2012 CHF 48.05
EFG FINANCIAL PR 10.250 7/25/2012 CHF 48.10
EFG FINANCIAL PR 11.000 7/25/2012 CHF 28.50
EFG FINANCIAL PR 10.000 7/31/2012 CHF 59.69
EFG FINANCIAL PR 11.500 7/31/2012 EUR 64.49
EFG FINANCIAL PR 11.750 7/31/2012 CHF 60.41
EFG FINANCIAL PR 11.750 7/31/2012 CHF 60.63
EFG FINANCIAL PR 9.000 8/3/2012 CHF 14.57
EFG FINANCIAL PR 9.000 8/3/2012 CHF 58.46
EFG FINANCIAL PR 9.000 8/3/2012 CHF 70.40
EFG FINANCIAL PR 10.000 8/7/2012 CHF 60.55
EFG FINANCIAL PR 11.000 8/7/2012 CHF 52.78
EFG FINANCIAL PR 19.000 8/8/2012 USD 66.45
EFG FINANCIAL PR 11.700 8/10/2012 USD 51.27
EFG FINANCIAL PR 12.800 8/10/2012 CHF 61.91
EFG FINANCIAL PR 3.850 8/13/2012 EUR 53.69
EFG FINANCIAL PR 11.000 8/14/2012 CHF 59.33
EFG FINANCIAL PR 12.750 8/14/2012 CHF 60.64
EFG FINANCIAL PR 13.750 8/14/2012 EUR 72.82
EFG FINANCIAL PR 12.000 8/16/2012 EUR 40.32
EFG FINANCIAL PR 11.600 8/17/2012 EUR 67.25
EFG FINANCIAL PR 11.800 8/17/2012 CHF 62.30
EFG FINANCIAL PR 11.500 8/24/2012 CHF 58.61
EFG FINANCIAL PR 11.750 8/24/2012 CHF 74.15
EFG FINANCIAL PR 14.000 8/24/2012 CHF 43.60
EFG FINANCIAL PR 22.000 8/24/2012 USD 28.34
EFG FINANCIAL PR 10.500 9/3/2012 CHF 60.06
EFG FINANCIAL PR 9.500 9/4/2012 USD 51.89
EFG FINANCIAL PR 9.600 9/4/2012 USD 64.17
EFG FINANCIAL PR 7.000 9/7/2012 CHF 58.97
EFG FINANCIAL PR 7.000 9/7/2012 EUR 71.93
EFG FINANCIAL PR 9.000 9/10/2012 CHF 65.54
EFG FINANCIAL PR 11.250 9/25/2012 CHF 71.08
EFG FINANCIAL PR 10.000 10/1/2012 CHF 71.46
EFG FINANCIAL PR 9.930 10/3/2012 EUR 51.82
EFG FINANCIAL PR 10.620 10/3/2012 USD 51.68
EFG FINANCIAL PR 12.500 10/11/2012 CHF 72.05
EFG FINANCIAL PR 20.000 10/11/2012 CHF 38.17
EFG FINANCIAL PR 12.000 10/19/2012 USD 65.69
EFG FINANCIAL PR 6.250 10/25/2012 CHF 68.80
EFG FINANCIAL PR 11.250 10/26/2012 CHF 71.75
EFG FINANCIAL PR 13.250 10/26/2012 CHF 73.52
EFG FINANCIAL PR 16.750 10/26/2012 CHF 43.26
EFG FINANCIAL PR 17.000 10/26/2012 EUR 60.00
EFG FINANCIAL PR 20.000 10/26/2012 CHF 40.36
EFG FINANCIAL PR 20.500 10/26/2012 EUR 40.86
EFG FINANCIAL PR 21.000 10/26/2012 USD 40.92
EFG FINANCIAL PR 9.330 10/29/2012 USD 61.08
EFG FINANCIAL PR 10.500 11/13/2012 CHF 73.80
EFG FINANCIAL PR 10.500 11/13/2012 CHF 72.91
EFG FINANCIAL PR 12.750 11/13/2012 CHF 33.13
EFG FINANCIAL PR 13.000 11/13/2012 CHF 35.80
EFG FINANCIAL PR 14.000 11/13/2012 USD 36.20
EFG FINANCIAL PR 17.000 11/13/2012 EUR 68.87
EFG FINANCIAL PR 8.000 11/20/2012 CHF 71.35
EFG FINANCIAL PR 11.500 11/20/2012 EUR 74.40
EFG FINANCIAL PR 14.800 11/20/2012 EUR 73.92
EFG FINANCIAL PR 11.250 11/27/2012 CHF 74.73
EFG FINANCIAL PR 14.500 11/27/2012 CHF 59.44
EFG FINANCIAL PR 16.000 11/27/2012 EUR 60.72
EFG FINANCIAL PR 13.750 12/6/2012 CHF 54.85
EFG FINANCIAL PR 17.500 12/14/2012 EUR 64.11
EFG FINANCIAL PR 9.300 12/21/2012 CHF 74.19
EFG FINANCIAL PR 12.000 12/27/2012 CHF 17.61
EFG FINANCIAL PR 8.830 12/28/2012 USD 66.51
EFG FINANCIAL PR 9.000 1/15/2013 CHF 50.65
EFG FINANCIAL PR 10.250 1/15/2013 CHF 33.42
EFG FINANCIAL PR 12.500 1/15/2013 CHF 53.90
EFG FINANCIAL PR 16.500 1/18/2013 CHF 72.34
EFG FINANCIAL PR 5.800 1/23/2013 CHF 73.45
EFG FINANCIAL PR 14.000 2/19/2013 CHF 24.54
EFG FINANCIAL PR 7.000 4/19/2013 EUR 75.54
EFG FINANCIAL PR 6.500 8/27/2013 CHF 59.08
EFG FINANCIAL PR 8.400 9/30/2013 CHF 70.07
EFG FINANCIAL PR 7.250 3/9/2012 EUR 36.96
EFG FINANCIAL PR 15.000 3/8/2012 CHF 38.75
EFG FINANCIAL PR 15.000 3/8/2012 EUR 59.49
EFG FINANCIAL PR 12.000 3/8/2012 CHF 49.07
EFG FINANCIAL PR 4.200 3/9/2012 CHF 68.26
EFG FINANCIAL PR 7.400 3/9/2012 EUR 74.87
EFG FINANCIAL PR 9.400 3/7/2012 USD 48.79
MARE BALTIC PCC 2.000 11/1/2015 DKK 0.01
MARE BALTIC PCC 3.000 11/17/2014 DKK 1.00
MARE BALTIC PCC 2.000 11/1/2015 DKK 0.01
MARE BALTIC PCC 3.000 11/1/2012 DKK 25.00
MARE BALTIC PCC 3.000 11/17/2014 DKK 20.00
ZURCHER KANT FIN 11.783 4/27/2012 CHF 75.25
ZURCHER KANT FIN 11.000 4/20/2012 CHF 54.60
ZURCHER KANT FIN 11.765 5/11/2012 CHF 75.36
ZURCHER KANT FIN 7.844 5/18/2012 CHF 67.16
ZURCHER KANT FIN 8.000 6/15/2012 CHF 69.45
ZURCHER KANT FIN 13.575 6/15/2012 CHF 71.40
ZURCHER KANT FIN 9.000 6/18/2012 CHF 62.25
ZURCHER KANT FIN 8.548 7/6/2012 EUR 71.44
ZURCHER KANT FIN 11.000 7/13/2012 CHF 70.29
ZURCHER KANT FIN 11.000 3/16/2012 CHF 72.62
ZURCHER KANT FIN 10.250 7/19/2012 CHF 71.05
ZURCHER KANT FIN 7.340 4/16/2013 CHF 68.24
ZURCHER KANT FIN 9.250 11/9/2012 CHF 67.15
ZURCHER KANT FIN 7.721 3/30/2012 CHF 70.92
ZURCHER KANT FIN 13.000 4/19/2012 CHF 74.49
ZURCHER KANT FIN 12.334 3/15/2012 CHF 73.96
FHB MORTGAGE BAN 4.500 3/22/2022 EUR 53.50
IRELAND
-------
AIB MORTGAGE BNK 5.580 4/28/2028 EUR 57.53
AIB MORTGAGE BNK 5.000 3/1/2030 EUR 51.70
AIB MORTGAGE BNK 5.000 2/12/2030 EUR 51.72
BANK OF IRELAND 5.600 9/18/2023 EUR 56.63
BANK OF IRELAND 10.000 2/12/2020 EUR 78.25
BK IRELAND MTGE 5.450 3/1/2030 EUR 56.39
BK IRELAND MTGE 5.360 10/12/2029 EUR 55.96
BK IRELAND MTGE 5.760 9/7/2029 EUR 59.14
BK IRELAND MTGE 5.400 11/6/2029 EUR 56.22
DEPFA ACS BANK 0.500 3/3/2025 CAD 39.59
DEPFA ACS BANK 5.125 3/16/2037 USD 70.00
DEPFA ACS BANK 4.900 8/24/2035 CAD 70.17
DEPFA ACS BANK 5.125 3/16/2037 USD 70.65
KALVEBOD PLC 2.000 5/1/2106 DKK 32.05
ITALY
-----
BANCA POP VICENT 4.970 4/20/2027 EUR 71.97
CITY OF VENICE 4.265 3/26/2026 EUR 76.27
CITY OF VENICE 4.265 3/26/2026 EUR 76.74
CO CASTELMASSA 3.960 3/31/2026 EUR 73.76
ICCREA BANCAIMPR 5.220 4/11/2017 EUR 62.50
MONTE DEI PASCHI 29.540 10/31/2018 EUR 40.00
REGION OF LOMBAR 5.804 10/25/2032 USD 76.54
REP OF ITALY 2.870 5/19/2036 JPY 52.74
REP OF ITALY 5.250 12/7/2034 GBP 72.41
REP OF ITALY 1.850 9/15/2057 EUR 58.79
REP OF ITALY 2.200 9/15/2058 EUR 66.14
REP OF ITALY 4.850 6/11/2060 EUR 73.95
REP OF ITALY 2.000 9/15/2062 EUR 60.61
SEAT PAGINE 10.500 1/31/2017 EUR 60.04
SEAT PAGINE 10.500 1/31/2017 EUR 60.02
UBI BANCA SPCA 6.250 11/18/2018 EUR 50.94
UNIPOL ASSICURAZ 5.660 7/28/2023 EUR 69.02
LUXEMBOURG
----------
ARCELORMITTAL 7.250 4/1/2014 EUR 24.41
CONTROLINVESTE 3.000 1/28/2015 EUR 72.29
DEXIA BQ INT LUX 6.000 7/2/2018 EUR 71.11
ESFG INTERNATION 6.875 10/21/2019 EUR 61.12
ESPIRITO SANTO F 9.750 12/19/2025 EUR 65.78
FORTIS LUX FIN 3.420 6/29/2021 EUR 56.00
FORTIS LUX FINAN 6.500 10/22/2012 EUR 66.04
INTRALOT LUX SA 2.250 12/20/2013 EUR 68.49
VIVALDIS 0.500 6/13/2028 EUR 66.29
VIVALDIS 0.500 8/8/2028 EUR 70.89
VIVALDIS 0.500 6/13/2013 EUR 66.29
NETHERLANDS
-----------
APP INTL FINANCE 11.750 10/1/2005 USD 0.00
BK NED GEMEENTEN 0.500 6/22/2021 ZAR 47.38
BK NED GEMEENTEN 0.500 3/17/2016 TRY 74.10
BK NED GEMEENTEN 0.500 4/27/2016 TRY 73.54
BK NED GEMEENTEN 0.500 5/25/2016 TRY 73.16
BK NED GEMEENTEN 0.500 6/22/2016 TRY 72.79
BK NED GEMEENTEN 0.500 9/15/2016 TRY 71.67
BK NED GEMEENTEN 0.500 3/3/2021 NZD 69.63
BK NED GEMEENTEN 0.500 2/24/2025 CAD 64.31
BK NED GEMEENTEN 0.500 3/29/2021 NZD 69.38
BK NED GEMEENTEN 0.500 5/12/2021 ZAR 47.85
BLT FINANCE BV 7.500 5/15/2014 USD 26.00
BRIT INSURANCE 6.625 12/9/2030 GBP 60.00
FRIESLAND BANK 4.210 12/29/2025 EUR 71.96
INDAH KIAT INTL 11.875 6/15/2002 USD 0.01
INDAH KIAT INTL 12.500 6/15/2006 USD 0.01
ING BANK NV 4.200 12/19/2035 EUR 64.12
KBC IFIMA NV 7.500 4/30/2012 EUR 57.76
LEHMAN BROS TSY 6.000 11/2/2035 EUR 6.50
LEHMAN BROS TSY 7.250 10/5/2035 EUR 7.00
LEHMAN BROS TSY 7.000 5/17/2035 EUR 7.00
LEHMAN BROS TSY 8.250 3/16/2035 EUR 6.00
LEHMAN BROS TSY 6.000 2/15/2035 EUR 6.00
LEHMAN BROS TSY 4.870 10/8/2013 USD 34.50
NATL INVESTER BK 25.983 5/7/2029 EUR 18.72
NED WATERSCHAPBK 0.500 3/11/2025 CAD 61.59
NIB CAPITAL BANK 4.510 12/16/2035 EUR 60.00
PORTUGAL TEL FIN 4.500 6/16/2025 EUR 67.84
Q-CELLS INTERNAT 5.750 5/26/2014 EUR 19.87
RABOBANK 0.500 11/26/2021 ZAR 47.12
RABOBANK 0.500 10/27/2016 ZAR 72.14
RBS NV 9.000 12/13/2028 USD 72.22
RBS NV EX-ABN NV 6.500 5/17/2018 AUD 73.07
RBS NV EX-ABN NV 2.910 6/21/2036 JPY 64.89
SNS BANK 4.650 10/19/2021 EUR 73.29
SNS BANK 4.580 3/20/2026 EUR 61.97
SNS BANK 5.215 12/3/2027 EUR 65.10
SNS BANK 4.996 1/26/2035 EUR 65.00
SNS BANK 6.625 5/14/2018 EUR 88.85
SNS BANK 5.300 1/27/2023 EUR 73.87
SNS BANK 5.250 4/11/2023 EUR 72.74
TJIWI KIMIA FIN 13.250 8/1/2001 USD 0.01
NORWAY
------
KOMMUNALBANKEN 0.500 5/25/2016 ZAR 73.31
KOMMUNALBANKEN 0.500 3/24/2016 ZAR 74.38
KOMMUNALBANKEN 0.500 3/1/2016 ZAR 74.77
KOMMUNALBANKEN 0.500 5/25/2018 ZAR 61.34
KOMMUNALBANKEN 0.500 7/26/2016 ZAR 72.27
KOMMUNALBANKEN 0.500 7/29/2016 ZAR 72.21
NORSKE SKOGIND 6.125 10/15/2015 USD 70.00
NORSKE SKOGIND 6.125 10/15/2015 USD 70.00
NORSKE SKOGIND 7.000 6/26/2017 EUR 63.79
NORSKE SKOGIND 7.125 10/15/2033 USD 53.50
NORSKE SKOGIND 7.125 10/15/2033 USD 53.50
RENEWABLE CORP 6.500 6/4/2014 EUR 63.26
POLAND
------
POLAND-REGD-RSTA 2.810 11/16/2037 JPY 74.56
REP OF POLAND 2.648 3/29/2034 JPY 73.43
PORTUGAL
--------
BANCO COM PORTUG 4.750 6/22/2017 EUR 73.84
BANCO COM PORTUG 3.750 10/8/2016 EUR 73.45
BANCO ESPIRITO 4.600 1/26/2017 EUR 74.34
CAIXA GERAL DEPO 4.250 1/27/2020 EUR 72.78
CAIXA GERAL DEPO 4.455 8/20/2017 EUR 74.25
CAIXA GERAL DEPO 5.380 10/1/2038 EUR 56.58
CAIXA GERAL DEPO 5.320 8/5/2021 EUR 66.63
CAIXA GERAL DEPO 4.400 10/8/2019 EUR 66.13
COMBOIOS DE PORT 4.170 10/16/2019 EUR 50.88
METRO DE LISBOA 4.799 12/7/2027 EUR 44.00
METRO DE LISBOA 4.061 12/4/2026 EUR 44.13
METRO DE LISBOA 7.300 12/23/2025 EUR 48.38
METRO DE LISBOA 5.750 2/4/2019 EUR 54.50
MONTEPIO GERAL 5.000 2/8/2017 EUR 61.75
PARPUBLICA 4.200 11/16/2026 EUR 45.00
PARPUBLICA 3.567 9/22/2020 EUR 49.63
PORTUGAL (REP) 3.500 3/25/2015 USD 71.92
PORTUGAL (REP) 3.500 3/25/2015 USD 71.92
PORTUGUESE OT'S 4.450 6/15/2018 EUR 54.55
PORTUGUESE OT'S 3.600 10/15/2014 EUR 74.24
PORTUGUESE OT'S 3.350 10/15/2015 EUR 66.68
PORTUGUESE OT'S 6.400 2/15/2016 EUR 70.47
PORTUGUESE OT'S 4.200 10/15/2016 EUR 61.88
PORTUGUESE OT'S 4.350 10/16/2017 EUR 56.69
PORTUGUESE OT'S 4.750 6/14/2019 EUR 53.28
PORTUGUESE OT'S 4.800 6/15/2020 EUR 51.96
PORTUGUESE OT'S 3.850 4/15/2021 EUR 50.07
PORTUGUESE OT'S 4.950 10/25/2023 EUR 49.02
PORTUGUESE OT'S 4.100 4/15/2037 EUR 42.52
REFER 4.250 12/13/2021 EUR 36.88
REFER 4.047 11/16/2026 EUR 45.64
REFER 4.675 10/16/2024 EUR 39.38
REFER 5.875 2/18/2019 EUR 50.50
REFER 4.000 3/16/2015 EUR 50.03
RUSSIA
------
ARIZK 3.000 12/20/2030 RUB 49.63
DVTG-FINANS 7.750 7/18/2013 RUB 20.29
DVTG-FINANS 17.000 8/29/2013 RUB 55.55
MIRAX 17.000 9/17/2012 RUB 20.11
MOSMART FINANS 0.010 4/12/2012 RUB 1.81
NOK 12.500 8/26/2014 RUB 5.00
PROMPEREOSNASTKA 1.000 12/17/2012 RUB 0.02
PROTON-FINANCE 9.000 6/12/2012 RUB 65.00
RBC OJSC 7.000 4/23/2015 RUB 71.51
RBC OJSC 7.000 4/23/2015 RUB 69.02
RBC OJSC 3.270 4/19/2018 RUB 41.00
SAHO 10.000 5/21/2012 RUB 50.00
SATURN 8.000 6/6/2014 RUB 2.00
SPAIN
-----
AYT CEDULAS CAJA 3.750 12/14/2022 EUR 66.10
AYT CEDULAS CAJA 4.750 5/25/2027 EUR 65.58
AYT CEDULAS CAJA 3.750 6/30/2025 EUR 58.36
AYT CEDULAS CAJA 4.250 10/25/2023 EUR 68.28
AYUNTAM DE MADRD 4.550 6/16/2036 EUR 64.44
BANCAJA 1.500 5/22/2018 EUR 67.42
BANCAJA EMI SA 2.755 5/11/2037 JPY 72.39
BANCO BILBAO VIZ 6.025 3/3/2033 EUR 59.84
BANCO BILBAO VIZ 4.500 2/16/2022 EUR 73.85
BANCO CASTILLA 1.500 6/23/2021 EUR 69.72
BANCO POP ESPAN 5.702 12/22/2019 EUR 76.22
BASQUE GOV'T 4.600 1/7/2025 EUR 67.65
BBVA SUB CAP UNI 2.750 10/22/2035 JPY 50.74
CAIXA TERRASSA 4.700 8/9/2021 EUR 55.92
CAJA MADRID 5.116 7/15/2015 EUR 85.63
CAJA MADRID 4.125 3/24/2036 EUR 70.38
CEDULAS TDA 6 FO 3.875 5/23/2025 EUR 60.98
CEDULAS TDA 6 FO 4.250 4/10/2031 EUR 56.56
CEDULAS TDA A-4 4.125 4/10/2021 EUR 74.41
CEDULAS TDA A-5 4.250 3/28/2027 EUR 60.52
COMUN AUTO CANAR 4.200 10/25/2036 EUR 50.98
COMUN AUTO CANAR 3.900 11/30/2035 EUR 49.35
COMUN AUTO CANAR 5.750 10/15/2029 EUR 70.50
COMUNIDAD ARAGON 4.646 7/11/2036 EUR 69.41
COMUNIDAD BALEAR 4.063 11/23/2035 EUR 47.54
COMUNIDAD BALEAR 3.869 11/23/2020 EUR 69.62
COMUNIDAD MADRID 4.300 9/15/2026 EUR 71.50
DIPUTACION FOR 4.323 12/29/2023 EUR 66.55
GEN DE CATALUNYA 4.220 4/26/2035 EUR 50.32
GEN DE CATALUNYA 5.950 10/1/2030 EUR 66.93
GEN DE CATALUNYA 5.900 5/28/2030 EUR 67.54
GEN DE CATALUNYA 5.400 5/13/2030 EUR 62.92
GEN DE CATALUNYA 2.965 9/8/2039 JPY 50.98
GEN DE CATALUNYA 5.219 9/10/2029 EUR 61.95
GEN DE CATALUNYA 5.325 10/5/2028 EUR 64.31
GEN DE CATALUNYA 5.250 10/5/2023 EUR 69.12
GEN DE CATALUNYA 4.900 9/15/2021 EUR 72.30
GEN DE CATALUNYA 4.801 7/31/2020 EUR 73.30
GEN DE CATALUNYA 4.950 2/11/2020 EUR 76.44
GEN DE CATALUNYA 6.350 11/30/2041 EUR 67.73
GEN DE CATALUNYA 4.690 10/28/2034 EUR 54.65
GENERAL DE ALQUI 2.750 8/20/2012 EUR 71.14
GENERAL VALENCIA 5.900 11/30/2032 EUR 58.13
GENERAL VALENCIA 4.900 3/17/2020 EUR 58.13
GENERAL VALENCIA 4.000 11/2/2016 EUR 79.57
IM CEDULAS 5 3.500 6/15/2020 EUR 73.76
INSTIT CRDT OFCL 2.100 2/23/2021 JPY 74.99
INSTITUT CATALA 4.250 6/15/2024 EUR 64.19
JUNTA ANDALUCIA 5.000 7/13/2022 EUR 74.02
JUNTA ANDALUCIA 3.170 7/29/2039 JPY 54.66
JUNTA ANDALUCIA 4.250 10/31/2036 EUR 49.99
JUNTA ANDALUCIA 5.150 5/24/2034 EUR 59.45
JUNTA ANDALUCIA 6.600 11/29/2030 EUR 73.65
JUNTA ANDALUCIA 5.700 7/20/2028 EUR 68.46
JUNTA ANDALUCIA 3.065 7/29/2039 JPY 53.31
JUNTA ANDALUCIA 4.125 1/20/2020 EUR 73.33
JUNTA CASTILLA 4.650 11/8/2022 EUR 66.46
JUNTA LA MANCHA 2.810 10/14/2022 JPY 68.88
JUNTA LA MANCHA 7.705 2/15/2033 EUR 66.13
JUNTA LA MANCHA 4.625 11/30/2022 EUR 63.50
JUNTA LA MANCHA 3.875 1/31/2036 EUR 33.13
JUNTA LA MANCHA 5.950 9/9/2030 EUR 55.88
JUNTA LA MANCHA 4.875 3/18/2020 EUR 68.88
MAPFRE SA 5.921 7/24/2037 EUR 72.58
SACYR VALLEHERM 6.500 5/1/2016 EUR 65.23
XUNTA DE GALICIA 5.350 11/22/2028 EUR 64.41
XUNTA DE GALICIA 4.025 11/28/2035 EUR 47.84
SWEDEN
------
SWEDISH EXP CRED 0.500 8/25/2016 ZAR 72.21
SWEDISH EXP CRED 9.250 4/27/2012 USD 8.29
SWEDISH EXP CRED 0.500 6/14/2016 ZAR 73.43
SWEDISH EXP CRED 0.500 1/31/2022 ZAR 48.12
SWEDISH EXP CRED 0.500 2/22/2022 ZAR 46.46
SWEDISH EXP CRED 0.500 8/26/2016 ZAR 72.23
SWEDISH EXP CRED 9.750 3/23/2012 USD 8.96
SWEDISH EXP CRED 7.000 3/9/2012 USD 10.72
SWEDISH EXP CRED 7.000 3/9/2012 USD 10.89
SWEDISH EXP CRED 0.500 8/26/2021 AUD 63.69
SWEDISH EXP CRED 0.500 3/15/2022 ZAR 46.38
SWEDISH EXP CRED 0.500 12/17/2027 USD 53.85
SWEDISH EXP CRED 0.500 9/20/2016 ZAR 71.76
SWEDISH EXP CRED 0.500 1/25/2028 USD 53.39
SWEDISH EXP CRED 0.500 6/29/2016 TRY 71.70
SWEDISH EXP CRED 0.500 8/25/2021 ZAR 48.20
SWEDISH EXP CRED 0.500 11/27/2015 TRY 74.83
SWEDISH EXP CRED 7.500 6/12/2012 USD 7.92
SWEDISH EXP CRED 0.500 9/30/2016 ZAR 71.63
SWITZERLAND
-----------
BANK JULIUS BAER 9.500 4/5/2012 CHF 65.95
BANK JULIUS BAER 11.000 4/5/2012 CHF 68.25
BANK JULIUS BAER 7.200 4/12/2012 CHF 62.20
BANK JULIUS BAER 7.400 4/12/2012 CHF 38.20
BANK JULIUS BAER 9.200 4/12/2012 CHF 54.65
BANK JULIUS BAER 10.000 4/12/2012 CHF 58.30
BANK JULIUS BAER 12.200 4/12/2012 CHF 6.05
BANK JULIUS BAER 13.200 4/12/2012 CHF 61.50
BANK JULIUS BAER 13.400 4/12/2012 EUR 74.70
BANK JULIUS BAER 10.500 4/13/2012 EUR 70.35
BANK JULIUS BAER 12.000 4/16/2012 EUR 63.70
BANK JULIUS BAER 11.700 4/20/2012 EUR 71.85
BANK JULIUS BAER 12.100 4/20/2012 EUR 72.25
BANK JULIUS BAER 12.300 4/20/2012 CHF 62.85
BANK JULIUS BAER 13.600 3/30/2012 EUR 67.10
BANK JULIUS BAER 8.200 4/26/2012 EUR 72.95
BANK JULIUS BAER 10.500 4/26/2012 CHF 65.55
BANK JULIUS BAER 10.500 5/9/2012 EUR 73.00
BANK JULIUS BAER 10.500 5/9/2012 EUR 68.40
BANK JULIUS BAER 7.100 5/10/2012 CHF 64.15
BANK JULIUS BAER 6.200 5/11/2012 USD 62.95
BANK JULIUS BAER 8.300 5/11/2012 CHF 67.70
BANK JULIUS BAER 12.000 4/9/2013 CHF 67.15
BANK JULIUS BAER 9.000 9/17/2012 CHF 56.20
BANK JULIUS BAER 8.400 5/23/2012 CHF 66.30
BANK JULIUS BAER 9.200 5/25/2012 EUR 69.45
BANK JULIUS BAER 22.800 8/3/2012 USD 73.56
BANK JULIUS BAER 9.000 5/30/2012 CHF 62.15
BANK JULIUS BAER 10.000 6/1/2012 CHF 67.40
BANK JULIUS BAER 13.000 6/1/2012 USD 63.90
BANK JULIUS BAER 10.100 7/6/2012 CHF 44.90
BANK JULIUS BAER 7.600 3/2/2012 CHF 58.25
BANK JULIUS BAER 9.900 3/2/2012 USD 57.15
BANK JULIUS BAER 10.000 3/2/2012 EUR 71.35
BANK JULIUS BAER 10.000 5/11/2012 CHF 67.00
BANK JULIUS BAER 11.300 7/6/2012 CHF 45.75
BANK JULIUS BAER 7.000 3/9/2012 CHF 72.95
BANK JULIUS BAER 9.000 3/15/2012 EUR 72.70
BANK JULIUS BAER 12.500 3/23/2012 CHF 65.60
BANK JULIUS BAER 11.500 3/1/2012 EUR 68.25
BANK JULIUS BAER 14.300 7/13/2012 CHF 67.70
BANK JULIUS BAER 8.200 5/18/2012 EUR 74.55
BANK JULIUS BAER 13.000 3/23/2012 EUR 73.55
BANK JULIUS BAER 7.700 3/30/2012 EUR 68.20
BANK JULIUS BAER 8.300 3/30/2012 EUR 73.45
BANK JULIUS BAER 9.200 3/30/2012 EUR 72.10
BANK JULIUS BAER 9.200 3/30/2012 EUR 70.90
BANK JULIUS BAER 12.100 3/30/2012 EUR 72.90
BANK JULIUS BAER 11.900 7/6/2012 CHF 73.40
BANK JULIUS BAER 12.400 7/6/2012 CHF 54.75
BANK JULIUS BAER 6.600 4/5/2012 CHF 61.50
BANK JULIUS BAER 9.300 4/5/2012 CHF 63.45
BANK JULIUS BAER 15.600 4/20/2012 EUR 55.45
CLARIDEN LEU NAS 9.000 3/14/2012 EUR 70.66
CLARIDEN LEU NAS 6.500 4/26/2013 CHF 67.26
CLARIDEN LEU NAS 7.250 3/14/2012 CHF 68.61
CLARIDEN LEU NAS 7.000 3/14/2012 CHF 58.78
CLARIDEN LEU NAS 8.500 3/8/2012 CHF 69.97
CLARIDEN LEU NAS 13.100 3/7/2012 EUR 73.42
CLARIDEN LEU NAS 3.250 9/16/2013 CHF 72.79
CLARIDEN LEU NAS 0.000 9/23/2013 CHF 74.43
CLARIDEN LEU NAS 0.000 11/26/2013 CHF 70.82
CLARIDEN LEU NAS 0.000 2/11/2014 CHF 61.88
CLARIDEN LEU NAS 12.500 3/7/2012 EUR 48.88
CLARIDEN LEU NAS 12.050 3/7/2012 CHF 69.79
CLARIDEN LEU NAS 11.000 3/7/2012 CHF 68.95
CLARIDEN LEU NAS 11.000 3/7/2012 EUR 61.67
CLARIDEN LEU NAS 11.000 3/7/2012 USD 61.71
CLARIDEN LEU NAS 10.500 3/7/2012 EUR 68.17
CLARIDEN LEU NAS 10.000 3/7/2012 CHF 61.87
CLARIDEN LEU NAS 9.000 3/2/2012 CHF 55.85
CLARIDEN LEU NAS 9.500 3/1/2012 CHF 74.60
CLARIDEN LEU NAS 0.000 2/24/2014 CHF 62.26
CLARIDEN LEU NAS 0.000 5/13/2014 CHF 70.07
CLARIDEN LEU NAS 0.000 5/26/2014 CHF 71.43
CLARIDEN LEU NAS 0.000 6/10/2014 CHF 74.33
CLARIDEN LEU NAS 0.000 6/10/2014 CHF 70.94
CLARIDEN LEU NAS 5.250 8/6/2014 CHF 70.39
CLARIDEN LEU NAS 4.500 8/13/2014 CHF 65.72
CLARIDEN LEU NAS 0.000 9/10/2014 CHF 73.13
CLARIDEN LEU NAS 0.000 10/15/2014 CHF 74.71
CLARIDEN LEU NAS 9.000 6/14/2012 CHF 69.16
CLARIDEN LEU NAS 13.500 6/8/2012 EUR 71.74
CLARIDEN LEU NAS 8.500 6/8/2012 CHF 66.86
CLARIDEN LEU NAS 12.000 6/14/2012 CHF 41.20
CLARIDEN LEU NAS 13.250 6/1/2012 USD 26.73
CLARIDEN LEU NAS 12.500 6/1/2012 CHF 26.63
CLARIDEN LEU NAS 12.250 5/31/2012 EUR 61.53
CLARIDEN LEU NAS 10.750 5/30/2012 CHF 68.75
CLARIDEN LEU NAS 12.750 5/24/2012 EUR 66.03
CLARIDEN LEU NAS 14.000 5/23/2012 EUR 25.10
CLARIDEN LEU NAS 13.000 5/23/2012 CHF 24.94
CLARIDEN LEU NAS 3.550 6/20/2012 CHF 53.06
CLARIDEN LEU NAS 12.000 5/18/2012 EUR 67.19
CLARIDEN LEU NAS 10.250 6/20/2012 SEK 72.89
CLARIDEN LEU NAS 9.000 6/21/2012 CHF 71.96
CLARIDEN LEU NAS 10.000 6/21/2012 EUR 69.87
CLARIDEN LEU NAS 10.500 6/21/2012 EUR 72.37
CLARIDEN LEU NAS 10.600 5/18/2012 CHF 66.73
CLARIDEN LEU NAS 10.550 5/16/2012 EUR 67.61
CLARIDEN LEU NAS 12.000 5/11/2012 EUR 65.38
CLARIDEN LEU NAS 10.750 5/11/2012 CHF 67.35
CLARIDEN LEU NAS 10.750 5/9/2012 CHF 74.24
CLARIDEN LEU NAS 10.000 6/22/2012 CHF 72.94
CLARIDEN LEU NAS 11.250 6/22/2012 CHF 65.94
CLARIDEN LEU NAS 15.500 6/29/2012 EUR 66.01
CLARIDEN LEU NAS 10.500 7/4/2012 EUR 74.67
CLARIDEN LEU NAS 10.500 7/12/2012 CHF 75.19
CLARIDEN LEU NAS 9.000 7/19/2012 CHF 75.55
CLARIDEN LEU NAS 10.500 8/2/2012 EUR 68.49
CLARIDEN LEU NAS 11.750 8/8/2012 EUR 70.60
CLARIDEN LEU NAS 9.250 9/4/2012 CHF 60.17
CLARIDEN LEU NAS 12.000 9/4/2012 EUR 59.07
CLARIDEN LEU NAS 9.000 5/9/2012 EUR 68.81
CLARIDEN LEU NAS 7.300 5/9/2012 CHF 64.46
CLARIDEN LEU NAS 10.250 5/4/2012 CHF 57.83
CLARIDEN LEU NAS 9.500 5/3/2012 CHF 64.32
CLARIDEN LEU NAS 11.000 5/2/2012 CHF 65.77
CLARIDEN LEU NAS 10.500 5/2/2012 EUR 72.28
CLARIDEN LEU NAS 7.500 9/10/2012 CHF 71.59
CLARIDEN LEU NAS 10.000 9/11/2012 CHF 63.43
CLARIDEN LEU NAS 10.250 9/17/2012 CHF 64.81
CLARIDEN LEU NAS 7.000 10/4/2012 CHF 65.04
CLARIDEN LEU NAS 10.000 10/8/2012 EUR 67.26
CLARIDEN LEU NAS 8.500 10/15/2012 CHF 63.38
CLARIDEN LEU NAS 9.500 10/15/2012 CHF 64.83
CLARIDEN LEU NAS 10.000 10/15/2012 CHF 64.47
CLARIDEN LEU NAS 9.500 5/2/2012 EUR 71.47
CLARIDEN LEU NAS 7.500 11/13/2012 CHF 68.62
CLARIDEN LEU NAS 13.000 4/27/2012 CHF 23.43
CLARIDEN LEU NAS 9.000 4/27/2012 USD 22.39
CLARIDEN LEU NAS 7.250 11/16/2012 CHF 68.33
CLARIDEN LEU NAS 10.000 4/26/2012 CHF 71.22
CLARIDEN LEU NAS 8.250 4/20/2012 EUR 74.55
CLARIDEN LEU NAS 9.000 4/19/2012 CHF 67.52
CLARIDEN LEU NAS 9.650 4/13/2012 CHF 37.64
CLARIDEN LEU NAS 11.000 4/12/2012 EUR 56.35
CLARIDEN LEU NAS 9.500 4/12/2012 CHF 44.22
CLARIDEN LEU NAS 10.000 4/11/2012 USD 35.16
CLARIDEN LEU NAS 7.125 11/19/2012 CHF 68.54
CLARIDEN LEU NAS 0.000 12/14/2012 CHF 44.14
CLARIDEN LEU NAS 0.000 12/17/2012 EUR 69.79
CLARIDEN LEU NAS 9.500 4/11/2012 CHF 61.67
CLARIDEN LEU NAS 15.000 4/5/2012 USD 58.12
CLARIDEN LEU NAS 8.500 4/5/2012 CHF 56.05
CLARIDEN LEU NAS 7.700 4/5/2012 CHF 39.61
CLARIDEN LEU NAS 13.500 4/4/2012 CHF 20.84
CLARIDEN LEU NAS 8.250 4/4/2012 CHF 63.77
CLARIDEN LEU NAS 15.250 3/28/2012 EUR 56.12
CLARIDEN LEU NAS 12.000 3/28/2012 CHF 66.42
CLARIDEN LEU NAS 12.000 3/22/2012 EUR 71.47
CLARIDEN LEU NAS 9.250 3/22/2012 CHF 64.69
CLARIDEN LEU NAS 11.250 3/21/2012 EUR 66.81
CLARIDEN LEU NAS 6.500 3/21/2012 EUR 73.16
CLARIDEN LEU NAS 10.750 3/16/2012 EUR 58.88
CLARIDEN LEU NAS 10.000 3/16/2012 CHF 61.71
CLARIDEN LEU NAS 12.500 3/14/2012 USD 63.61
CLARIDEN LEU NAS 0.000 3/25/2013 CHF 69.09
CLARIDEN LEU NAS 10.250 3/14/2012 USD 74.85
CLARIDEN LEU NAS 8.750 3/14/2012 USD 73.91
CRED SUIS NY 8.000 1/25/2013 USD 48.69
CREDIT SUISSE LD 4.000 12/10/2012 EUR 45.20
SARASIN CI LTD 8.500 3/7/2012 CHF 5.52
SARASIN CI LTD 10.000 3/16/2012 CHF 59.05
SARASIN CI LTD 10.080 5/4/2012 CHF 47.16
SARASIN CI LTD 10.200 3/30/2012 CHF 58.53
SARASIN CI LTD 8.500 4/26/2012 CHF 54.62
SARASIN CI LTD 8.000 9/3/2012 CHF 47.76
SARASIN CI LTD 10.500 4/26/2012 CHF 64.59
SARASIN CI LTD 5.538 6/18/2012 CHF 65.67
SARASIN CI LTD 12.000 6/27/2012 CHF 48.35
SARASIN CI LTD 7.000 5/24/2012 CHF 68.56
SARASIN CI LTD 11.000 4/26/2012 CHF 64.36
SARASIN CI LTD 11.000 5/9/2012 CHF 64.71
SARASIN CI LTD 12.500 5/11/2012 CHF 59.50
SARASIN/GUERNSEY 7.200 7/16/2012 CHF 58.18
SARASIN/GUERNSEY 12.100 7/12/2012 CHF 75.25
SARASIN/GUERNSEY 10.000 8/10/2012 EUR 68.11
UBS AG 10.010 3/6/2012 CHF 59.19
UBS AG 8.000 3/8/2012 EUR 60.25
UBS AG 9.040 3/9/2012 EUR 69.87
UBS AG 9.160 3/9/2012 EUR 64.70
UBS AG 10.240 3/9/2012 EUR 66.57
UBS AG 11.480 3/9/2012 EUR 41.13
UBS AG 12.070 3/9/2012 EUR 51.70
UBS AG 12.730 3/9/2012 EUR 57.20
UBS AG 13.370 3/9/2012 EUR 59.34
UBS AG 13.860 3/9/2012 EUR 51.11
UBS AG 14.050 3/9/2012 EUR 57.60
UBS AG 6.610 3/12/2012 CHF 72.74
UBS AG 7.620 3/12/2012 CHF 72.05
UBS AG 8.400 3/12/2012 CHF 73.39
UBS AG 9.750 3/12/2012 CHF 71.91
UBS AG 8.720 3/20/2012 USD 32.08
UBS AG 9.250 3/20/2012 USD 14.04
UBS AG 8.500 3/21/2012 CHF 62.30
UBS AG 10.070 3/23/2012 USD 35.55
UBS AG 16.850 3/23/2012 EUR 73.30
UBS AG 18.350 3/23/2012 EUR 71.98
UBS AG 21.530 3/23/2012 EUR 69.50
UBS AG 24.890 3/23/2012 EUR 67.22
UBS AG 26.070 3/23/2012 EUR 73.57
UBS AG 28.140 3/23/2012 EUR 73.50
UBS AG 29.120 3/23/2012 EUR 71.23
UBS AG 7.020 3/26/2012 EUR 38.57
UBS AG 7.190 3/26/2012 EUR 68.77
UBS AG 7.380 3/26/2012 EUR 38.58
UBS AG 7.590 3/26/2012 EUR 50.49
UBS AG 7.610 3/26/2012 EUR 68.79
UBS AG 7.730 3/26/2012 EUR 38.60
UBS AG 8.000 3/26/2012 EUR 68.81
UBS AG 8.060 3/26/2012 EUR 38.62
UBS AG 8.240 3/26/2012 EUR 55.98
UBS AG 8.270 3/26/2012 EUR 68.51
UBS AG 8.340 3/26/2012 EUR 68.82
UBS AG 8.380 3/26/2012 EUR 38.63
UBS AG 8.380 3/26/2012 EUR 50.52
UBS AG 8.640 3/26/2012 EUR 68.84
UBS AG 8.710 3/26/2012 EUR 67.21
UBS AG 8.720 3/26/2012 EUR 53.58
UBS AG 8.900 3/26/2012 EUR 68.85
UBS AG 8.960 3/26/2012 EUR 38.67
UBS AG 9.120 3/26/2012 EUR 50.56
UBS AG 9.220 3/26/2012 EUR 72.83
UBS AG 9.230 3/26/2012 EUR 51.39
UBS AG 9.480 3/26/2012 EUR 38.69
UBS AG 9.630 3/26/2012 EUR 64.77
UBS AG 9.750 3/26/2012 EUR 49.37
UBS AG 9.800 3/26/2012 EUR 50.59
UBS AG 9.810 3/26/2012 EUR 70.28
UBS AG 9.920 3/26/2012 EUR 38.70
UBS AG 10.010 3/26/2012 EUR 71.37
UBS AG 10.280 3/26/2012 EUR 38.73
UBS AG 10.290 3/26/2012 EUR 47.51
UBS AG 10.410 3/26/2012 EUR 67.90
UBS AG 10.410 3/26/2012 EUR 50.62
UBS AG 10.530 3/26/2012 EUR 71.39
UBS AG 10.580 3/26/2012 EUR 38.74
UBS AG 10.600 3/26/2012 EUR 62.52
UBS AG 10.850 3/26/2012 EUR 45.79
UBS AG 10.940 3/26/2012 EUR 50.65
UBS AG 11.000 3/26/2012 EUR 71.41
UBS AG 11.010 3/26/2012 EUR 65.68
UBS AG 11.400 3/26/2012 EUR 50.67
UBS AG 11.430 3/26/2012 EUR 71.43
UBS AG 11.430 3/26/2012 EUR 44.20
UBS AG 11.610 3/26/2012 EUR 60.40
UBS AG 11.620 3/26/2012 EUR 63.60
UBS AG 11.670 3/26/2012 EUR 73.23
UBS AG 11.790 3/26/2012 EUR 50.68
UBS AG 11.820 3/26/2012 EUR 71.45
UBS AG 12.030 3/26/2012 EUR 42.71
UBS AG 12.100 3/26/2012 EUR 50.70
UBS AG 12.160 3/26/2012 EUR 71.47
UBS AG 12.230 3/26/2012 EUR 61.66
UBS AG 12.350 3/26/2012 EUR 50.71
UBS AG 12.460 3/26/2012 EUR 71.48
UBS AG 12.540 3/26/2012 EUR 50.72
UBS AG 12.640 3/26/2012 EUR 41.33
UBS AG 12.660 3/26/2012 EUR 58.45
UBS AG 12.720 3/26/2012 EUR 71.49
UBS AG 12.850 3/26/2012 EUR 59.83
UBS AG 12.910 3/26/2012 EUR 70.37
UBS AG 12.940 3/26/2012 EUR 71.51
UBS AG 13.130 3/26/2012 EUR 71.51
UBS AG 13.270 3/26/2012 EUR 40.05
UBS AG 13.280 3/26/2012 EUR 71.52
UBS AG 13.400 3/26/2012 EUR 71.53
UBS AG 13.470 3/26/2012 EUR 58.11
UBS AG 13.490 3/26/2012 EUR 71.53
UBS AG 13.730 3/26/2012 EUR 56.63
UBS AG 13.910 3/26/2012 EUR 38.84
UBS AG 14.100 3/26/2012 EUR 56.49
UBS AG 14.130 3/26/2012 EUR 72.79
UBS AG 14.180 3/26/2012 EUR 67.73
UBS AG 14.550 3/26/2012 EUR 37.71
UBS AG 14.720 3/26/2012 EUR 54.96
UBS AG 14.810 3/26/2012 EUR 54.91
UBS AG 15.050 3/26/2012 EUR 72.99
UBS AG 15.210 3/26/2012 EUR 36.65
UBS AG 15.350 3/26/2012 EUR 53.51
UBS AG 15.460 3/26/2012 EUR 65.29
UBS AG 15.600 3/26/2012 EUR 70.73
UBS AG 15.870 3/26/2012 EUR 70.43
UBS AG 15.880 3/26/2012 EUR 35.65
UBS AG 15.980 3/26/2012 EUR 52.14
UBS AG 16.550 3/26/2012 EUR 34.71
UBS AG 16.610 3/26/2012 EUR 50.85
UBS AG 16.960 3/26/2012 EUR 73.27
UBS AG 17.220 3/26/2012 EUR 33.82
UBS AG 17.240 3/26/2012 EUR 49.62
UBS AG 18.020 3/26/2012 EUR 63.45
UBS AG 18.370 3/26/2012 EUR 69.41
UBS AG 18.790 3/26/2012 EUR 46.80
UBS AG 8.020 4/16/2012 CHF 70.62
UBS AG 9.050 4/16/2012 CHF 59.07
UBS AG 10.290 4/16/2012 CHF 68.45
UBS AG 7.810 4/19/2012 CHF 59.75
UBS AG 7.910 4/19/2012 CHF 67.87
UBS AG 10.100 4/19/2012 CHF 68.14
UBS AG 10.780 4/19/2012 CHF 55.65
UBS AG 8.000 4/20/2012 CHF 61.85
UBS AG 11.930 4/20/2012 CHF 42.70
UBS AG 7.500 5/3/2012 EUR 74.65
UBS AG 8.500 5/3/2012 CHF 63.65
UBS AG 15.000 5/3/2012 EUR 59.00
UBS AG 6.600 5/11/2012 USD 66.80
UBS AG 6.870 5/11/2012 EUR 64.34
UBS AG 9.110 5/11/2012 EUR 73.37
UBS AG 9.880 5/11/2012 EUR 62.17
UBS AG 10.060 5/11/2012 EUR 69.15
UBS AG 10.940 5/11/2012 EUR 57.82
UBS AG 11.240 5/11/2012 EUR 66.62
UBS AG 12.900 5/11/2012 EUR 57.40
UBS AG 13.150 5/11/2012 EUR 65.47
UBS AG 15.150 5/11/2012 EUR 59.95
UBS AG 13.300 5/23/2012 USD 3.68
UBS AG 13.700 5/23/2012 USD 13.57
UBS AG 17.720 6/4/2012 EUR 66.16
UBS AG 16.710 6/22/2012 EUR 73.62
UBS AG 19.000 6/22/2012 EUR 71.78
UBS AG 21.370 6/22/2012 EUR 70.14
UBS AG 7.110 6/25/2012 EUR 40.30
UBS AG 7.150 6/25/2012 EUR 74.26
UBS AG 7.410 6/25/2012 EUR 40.39
UBS AG 7.420 6/25/2012 EUR 66.93
UBS AG 7.420 6/25/2012 EUR 74.34
UBS AG 7.670 6/25/2012 EUR 74.41
UBS AG 7.690 6/25/2012 EUR 40.47
UBS AG 7.710 6/25/2012 EUR 49.90
UBS AG 7.870 6/25/2012 EUR 74.47
UBS AG 7.890 6/25/2012 EUR 67.10
UBS AG 7.960 6/25/2012 EUR 40.55
UBS AG 8.220 6/25/2012 EUR 40.63
UBS AG 8.320 6/25/2012 EUR 67.20
UBS AG 8.490 6/25/2012 EUR 50.10
UBS AG 8.690 6/25/2012 EUR 40.76
UBS AG 8.720 6/25/2012 EUR 67.34
UBS AG 9.080 6/25/2012 EUR 67.45
UBS AG 9.090 6/25/2012 EUR 40.88
UBS AG 9.220 6/25/2012 EUR 50.31
UBS AG 9.390 6/25/2012 EUR 67.54
UBS AG 9.430 6/25/2012 EUR 40.98
UBS AG 9.660 6/25/2012 EUR 67.62
UBS AG 9.710 6/25/2012 EUR 41.07
UBS AG 9.890 6/25/2012 EUR 67.66
UBS AG 9.900 6/25/2012 EUR 50.51
UBS AG 9.920 6/25/2012 EUR 41.13
UBS AG 10.040 6/25/2012 EUR 73.35
UBS AG 10.420 6/25/2012 EUR 73.46
UBS AG 10.500 6/25/2012 EUR 50.69
UBS AG 10.770 6/25/2012 EUR 73.56
UBS AG 11.030 6/25/2012 EUR 50.89
UBS AG 11.080 6/25/2012 EUR 73.65
UBS AG 11.360 6/25/2012 EUR 73.74
UBS AG 11.480 6/25/2012 EUR 50.98
UBS AG 11.600 6/25/2012 EUR 73.85
UBS AG 11.810 6/25/2012 EUR 73.87
UBS AG 11.860 6/25/2012 EUR 51.09
UBS AG 11.990 6/25/2012 EUR 73.92
UBS AG 12.140 6/25/2012 EUR 73.97
UBS AG 12.170 6/25/2012 EUR 51.18
UBS AG 12.270 6/25/2012 EUR 74.01
UBS AG 12.370 6/25/2012 EUR 74.04
UBS AG 12.410 6/25/2012 EUR 51.25
UBS AG 12.450 6/25/2012 EUR 74.06
UBS AG 12.510 6/25/2012 EUR 74.08
UBS AG 12.610 6/25/2012 EUR 51.31
UBS AG 12.750 6/25/2012 EUR 51.40
UBS AG 14.400 6/29/2012 CHF 70.05
UBS AG 11.760 7/31/2012 USD 28.35
UBS AG 12.040 7/31/2012 USD 22.37
UBS AG 10.500 8/2/2012 EUR 73.95
UBS AG 11.000 8/2/2012 EUR 69.80
UBS AG 9.500 8/10/2012 USD 28.50
UBS AG 17.250 8/15/2012 EUR 74.30
UBS AG 8.650 8/29/2012 USD 33.17
UBS AG 9.430 8/31/2012 USD 33.68
UBS AG 17.090 9/28/2012 EUR 73.28
UBS AG 7.140 10/1/2012 EUR 42.11
UBS AG 7.240 10/1/2012 EUR 68.71
UBS AG 7.380 10/1/2012 EUR 42.24
UBS AG 7.610 10/1/2012 EUR 68.92
UBS AG 7.620 10/1/2012 EUR 42.38
UBS AG 7.660 10/1/2012 EUR 51.79
UBS AG 7.840 10/1/2012 EUR 42.50
UBS AG 7.940 10/1/2012 EUR 69.10
UBS AG 8.050 10/1/2012 EUR 42.62
UBS AG 8.240 10/1/2012 EUR 69.30
UBS AG 8.310 10/1/2012 EUR 52.15
UBS AG 8.420 10/1/2012 EUR 42.83
UBS AG 8.500 10/1/2012 EUR 69.42
UBS AG 8.720 10/1/2012 EUR 69.54
UBS AG 8.730 10/1/2012 EUR 43.00
UBS AG 8.910 10/1/2012 EUR 69.64
UBS AG 8.910 10/1/2012 EUR 52.49
UBS AG 9.060 10/1/2012 EUR 69.78
UBS AG 9.200 10/1/2012 EUR 43.26
UBS AG 9.360 10/1/2012 EUR 43.35
UBS AG 9.440 10/1/2012 EUR 52.79
UBS AG 9.540 10/1/2012 EUR 74.53
UBS AG 9.860 10/1/2012 EUR 74.77
UBS AG 9.900 10/1/2012 EUR 43.65
UBS AG 9.910 10/1/2012 EUR 53.05
UBS AG 10.150 10/1/2012 EUR 74.87
UBS AG 10.310 10/1/2012 EUR 53.27
UBS AG 10.650 10/1/2012 EUR 53.46
UBS AG 10.930 10/1/2012 EUR 53.62
UBS AG 11.150 10/1/2012 EUR 53.74
UBS AG 11.330 10/1/2012 EUR 53.85
UBS AG 11.460 10/1/2012 EUR 53.92
UBS AG 11.560 10/1/2012 EUR 53.97
UBS AG 13.340 10/24/2012 USD 46.27
UBS AG 6.700 11/12/2012 EUR 67.18
UBS AG 8.370 11/12/2012 EUR 72.25
UBS AG 9.470 11/12/2012 EUR 62.18
UBS AG 9.650 11/12/2012 EUR 65.74
UBS AG 10.930 11/12/2012 EUR 71.34
UBS AG 11.260 11/12/2012 EUR 69.61
UBS AG 11.660 11/12/2012 EUR 62.21
UBS AG 13.560 11/12/2012 EUR 70.15
UBS AG 13.600 11/12/2012 EUR 66.34
UBS AG 9.580 2/28/2013 USD 35.76
UBS AG 9.590 2/28/2013 USD 35.76
UBS AG 10.080 2/28/2013 USD 16.50
UBS AG 13.830 12/17/2013 USD 20.11
UBS AG 11.000 3/4/2014 USD 19.73
UBS AG 9.650 8/23/2013 USD 33.90
UBS AG JERSEY 3.220 7/31/2012 EUR 41.61
UNITED KINGDOM
--------------
ABBEY NATL PLC 6.500 10/21/2030 GBP 75.47
ALLIANC&LEIC BLD 5.875 8/14/2031 GBP 74.88
BANK OF SCOTLAND 2.650 6/21/2026 JPY 69.91
BANK OF SCOTLAND 2.650 8/10/2026 JPY 69.60
BANK OF SCOTLAND 2.340 12/28/2026 JPY 66.38
BANK OF SCOTLAND 2.408 2/9/2027 JPY 65.99
BANK OF SCOTLAND 2.550 4/23/2037 JPY 54.16
BANK OF SCOTLAND 2.595 5/8/2037 JPY 54.27
BANK OF SCOTLAND 2.359 3/27/2029 JPY 61.17
BARCLAYS BK PLC 11.500 6/28/2013 EUR 71.96
BARCLAYS BK PLC 11.000 6/28/2013 EUR 74.29
BARCLAYS BK PLC 11.500 3/22/2013 EUR 71.08
BARCLAYS BK PLC 10.750 3/22/2013 EUR 74.28
BARCLAYS BK PLC 12.000 1/2/2013 EUR 69.95
BARCLAYS BK PLC 11.000 1/2/2013 EUR 73.72
BARCLAYS BK PLC 11.000 12/14/2012 EUR 74.17
BARCLAYS BK PLC 9.000 10/16/2012 USD 10.97
BARCLAYS BK PLC 8.500 10/16/2012 USD 10.92
BARCLAYS BK PLC 14.000 10/1/2012 USD 10.63
BARCLAYS BK PLC 9.000 10/1/2012 USD 10.03
BARCLAYS BK PLC 13.000 9/28/2012 EUR 67.95
BARCLAYS BK PLC 11.750 9/28/2012 EUR 72.39
BARCLAYS BK PLC 10.500 9/28/2012 EUR 74.60
BARCLAYS BK PLC 8.000 9/28/2012 USD 10.51
BARCLAYS BK PLC 12.000 9/14/2012 EUR 72.19
BARCLAYS BK PLC 8.000 9/11/2012 USD 10.92
BARCLAYS BK PLC 8.000 9/11/2012 USD 10.94
BARCLAYS BK PLC 9.000 8/28/2012 USD 10.41
BARCLAYS BK PLC 10.800 7/31/2012 USD 26.64
BARCLAYS BK PLC 11.500 7/27/2012 USD 9.27
BARCLAYS BK PLC 7.000 7/27/2012 USD 9.76
BARCLAYS BK PLC 10.000 7/20/2012 USD 7.95
BARCLAYS BK PLC 8.000 6/29/2012 USD 9.67
BARCLAYS BK PLC 15.000 6/22/2012 EUR 72.31
BARCLAYS BK PLC 14.500 6/22/2012 EUR 65.28
BARCLAYS BK PLC 12.750 6/22/2012 EUR 70.25
BARCLAYS BK PLC 12.000 6/22/2012 EUR 71.02
BARCLAYS BK PLC 12.000 6/22/2012 EUR 64.50
BARCLAYS BK PLC 11.750 6/22/2012 EUR 66.34
BARCLAYS BK PLC 11.500 6/22/2012 EUR 72.46
BARCLAYS BK PLC 11.000 6/22/2012 EUR 61.74
BARCLAYS BK PLC 10.750 6/22/2012 EUR 74.47
BARCLAYS BK PLC 10.750 6/22/2012 EUR 72.12
BARCLAYS BK PLC 10.500 6/22/2012 EUR 62.48
BARCLAYS BK PLC 10.500 6/22/2012 EUR 68.59
BARCLAYS BK PLC 9.750 6/22/2012 EUR 66.19
BARCLAYS BK PLC 8.500 6/22/2012 EUR 72.04
BARCLAYS BK PLC 8.250 6/22/2012 EUR 72.89
BARCLAYS BK PLC 8.000 6/22/2012 EUR 72.40
BARCLAYS BK PLC 8.000 6/22/2012 EUR 69.51
BARCLAYS BK PLC 7.250 6/22/2012 EUR 69.16
BARCLAYS BK PLC 13.000 6/8/2012 EUR 70.21
BARCLAYS BK PLC 12.500 6/8/2012 EUR 72.75
BARCLAYS BK PLC 11.750 6/8/2012 EUR 70.11
BARCLAYS BK PLC 11.090 6/8/2012 EUR 70.06
BARCLAYS BK PLC 11.000 6/8/2012 EUR 71.83
BARCLAYS BK PLC 10.500 6/8/2012 EUR 63.21
BARCLAYS BK PLC 9.250 6/8/2012 EUR 69.69
BARCLAYS BK PLC 8.250 6/8/2012 EUR 65.19
BARCLAYS BK PLC 8.000 6/8/2012 EUR 67.26
BARCLAYS BK PLC 12.950 4/20/2012 USD 23.40
BARCLAYS BK PLC 15.000 3/23/2012 EUR 70.48
BARCLAYS BK PLC 14.500 3/23/2012 EUR 74.57
BARCLAYS BK PLC 14.000 3/23/2012 EUR 65.34
BARCLAYS BK PLC 13.500 3/23/2012 EUR 61.73
BARCLAYS BK PLC 12.500 3/23/2012 EUR 69.26
BARCLAYS BK PLC 12.250 3/23/2012 EUR 70.27
BARCLAYS BK PLC 11.750 3/23/2012 EUR 65.71
BARCLAYS BK PLC 11.500 3/23/2012 EUR 66.12
BARCLAYS BK PLC 11.000 3/23/2012 EUR 61.44
BARCLAYS BK PLC 10.500 3/23/2012 EUR 71.54
BARCLAYS BK PLC 10.500 3/23/2012 EUR 62.08
BARCLAYS BK PLC 10.000 3/23/2012 EUR 74.73
BARCLAYS BK PLC 9.500 3/23/2012 EUR 66.04
BARCLAYS BK PLC 9.000 3/23/2012 EUR 69.83
BARCLAYS BK PLC 8.750 3/23/2012 EUR 71.49
BARCLAYS BK PLC 8.000 3/23/2012 EUR 71.33
BARCLAYS BK PLC 8.000 3/23/2012 EUR 68.52
BARCLAYS BK PLC 6.750 3/23/2012 EUR 69.83
BARCLAYS BK PLC 6.000 3/23/2012 EUR 73.30
BARCLAYS BK PLC 12.720 3/9/2012 EUR 67.91
BARCLAYS BK PLC 12.500 3/9/2012 EUR 69.74
BARCLAYS BK PLC 12.250 3/9/2012 EUR 60.62
BARCLAYS BK PLC 12.250 3/9/2012 EUR 70.41
BARCLAYS BK PLC 10.750 3/9/2012 EUR 69.79
BARCLAYS BK PLC 10.500 3/9/2012 EUR 71.86
BARCLAYS BK PLC 8.000 3/9/2012 EUR 66.61
BARCLAYS BK PLC 8.000 3/9/2012 EUR 69.97
BRADFORD&BIN BLD 4.910 2/1/2047 EUR 69.73
CO-OPERATIVE BNK 5.750 12/2/2024 GBP 72.52
CO-OPERATIVE BNK 5.625 11/16/2021 GBP 73.49
CO-OPERATIVE BNK 5.875 3/28/2033 GBP 72.77
EFG HELLAS PLC 6.010 1/9/2036 EUR 38.50
EFG HELLAS PLC 5.400 11/2/2047 EUR 22.75
EMPORIKI GRP FIN 5.100 12/9/2021 EUR 40.38
EMPORIKI GRP FIN 4.350 7/22/2014 EUR 66.63
EMPORIKI GRP FIN 5.000 12/2/2021 EUR 39.88
ENTERPRISE INNS 6.875 2/15/2021 GBP 71.17
ENTERPRISE INNS 6.875 5/9/2025 GBP 67.25
ENTERPRISE INNS 6.375 9/26/2031 GBP 65.50
ESSAR ENERGY 4.250 2/1/2016 USD 53.48
F&C ASSET MNGMT 6.750 12/20/2026 GBP 66.72
GALA ELECTRIC CA 11.500 6/1/2019 GBP 72.63
GALA ELECTRIC CA 11.500 6/1/2019 GBP 72.36
GS INTERNATIONAL 9.750 5/22/2012 CHF 58.40
GS INTERNATIONAL 13.000 6/28/2012 CHF 66.20
GS INTERNATIONAL 9.500 4/20/2012 CHF 53.20
HBOS PLC 6.000 11/1/2033 USD 72.29
HBOS PLC 4.500 3/18/2030 EUR 65.84
HBOS PLC 6.000 11/1/2033 USD 72.29
HBOS PLC 5.374 6/30/2021 EUR 72.63
MATALAN 9.625 3/31/2017 GBP 67.17
MATALAN 9.625 3/31/2017 GBP 66.81
MAX PETROLEUM 6.750 9/8/2013 USD 58.89
NOMURA BANK INTL 0.800 12/21/2020 EUR 66.87
OTE PLC 7.250 4/8/2014 EUR 73.50
OTE PLC 4.625 5/20/2016 EUR 66.06
PRIVATBANK 5.799 2/9/2016 USD 71.99
ROYAL BK SCOTLND 5.168 6/29/2030 EUR 63.56
ROYAL BK SCOTLND 4.692 6/9/2025 EUR 55.00
ROYAL BK SCOTLND 6.132 4/4/2025 USD 55.05
ROYAL BK SCOTLND 20.000 2/23/2017 SEK 65.00
ROYAL BK SCOTLND 6.250 12/20/2012 EUR 52.00
SPIRIT ISSUER 5.472 12/28/2028 GBP 72.99
THOMAS COOK GR 7.750 6/22/2017 GBP 49.11
THOMAS COOK GR 6.750 6/22/2015 EUR 52.58
UNIQUE PUB FIN 5.659 6/30/2027 GBP 74.92
UNIQUE PUB FIN 6.464 3/30/2032 GBP 43.17
WESSEX WATER FIN 1.499 11/29/2058 GBP 69.28
WESSEX WATER FIN 1.369 7/31/2057 GBP 68.92
*********
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 * * *