TCREUR_Public/120326.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 26, 2012, Vol. 13, No. 61

                            Headlines



A Z E R B A I J A N

* AZERBAIJAN: Moody's Issues Summary Credit Opinion


B E L A R U S

* Fitch Keeps B-/CCC Issuer Default Ratings on 7 Belarusian Banks


G E R M A N Y

BAYERNLB: German Savings Banks Pull Out of Restructuring Deal
SCHLECKER: Germany's 16 States Discuss Plans to Rescue Jobs


I R E L A N D

CHESS II: S&P Raises Rating on Series 37 Notes to 'CCC+'
KINTYRE CLO: S&P Affirms 'CCC-' Rating on Class E Def Notes
TREASURY HOLDINGS: Can Appeal NAMA's Receivership Bid


K A Z A K H S T A N

BTA BANK: Creditors Select Directors to Represent Interests


L U X E M B O U R G

MINERVA LUXEMBOURG: Fitch Rates US$350-Mil. Senior Notes 'B+'
MINERVA SA: Moody's Assigns 'B2' Rating to US$100MM Add-On Bonds


N E T H E R L A N D S

HARBOURMASTER CLO 6: Fitch Cuts Ratings on 4 Note classes to 'B-'
QUEEN STREET I: S&P Raises Rating on Class E Notes to 'B+'
QUEEN STREET II: S&P Affirms 'B+' Rating on Class E Notes


R U S S I A

AEROLOFT OJSC: Fitch Affirms 'BB+' Issuer Default Rating
GAZPROMBANK: Moody's Issues Summary Credit Opinion
METALLOINVEST JSC: Fitch Affirms 'BB-' Senior Unsecured Rating
TINKOFF CREDIT: Fitch Affirms 'B' Issuer Default Rating


S P A I N

SANTANDER EMPRESAS: DBRS Assigns 'B' Rating on Series B Notes


T U R K E Y

* TOPLU KONUT: Moody's Issues Annual Credit Report


U N I T E D   K I N G D O M

ALBA GROUP: Moody's Issues Summary Credit Opinion
CLAVIS SECURITIES: S&P Lowers Rating on Class B2a Notes to 'B-'
GAME GROUP: Set to Go Into Administration Today
IMMEO RESIDENTIAL: S&P Withdraws 'BB+' Rating on Class D Notes
JAGUAR LAND: Moody's Rates GBP500-Mil. Senior Notes 'B1'

JAGUAR LAND: Fitch Rates New Senior Unsecured Notes at 'BB-'
KEMBLE WATER: Fitch Affirms Issuer Default Rating at 'BB-'
RMAC 2005-NS3: S&P Lowers Ratings on Two Note Classes to 'B-'
YELL GROUP: Set to Appoint Financial Restructuring Advisers


X X X X X X X X

* EUROPE: Moody's Says Insurers' Capital More Resilient to Losses
* BOND PRICING: For the Week March 19 to March 23, 2012


                            *********


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A Z E R B A I J A N
===================


* AZERBAIJAN: Moody's Issues Summary Credit Opinion
---------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Azerbaijan and includes certain regulatory disclosures regarding
its ratings.  The release does not constitute any change in
Moody's ratings or rating rationale for Government of Azerbaijan.

Moody's current ratings on Government of Azerbaijan are:

LT Issuer Rating domestic currency ratings of Ba1

LT Issuer Rating foreign currency ratings of Ba1

Ratings Rationale

In line with Moody's sovereign rating methodology, the country's
modest per capita GDP and a still-evolving institutional
framework translate into a low level of economic resiliency.
However, given the country's large oil and gas reserves,
Azerbaijan's medium-term economic growth potential is strong
although a lack of economic diversification could hinder growth
in the long term if not addressed.

Financial robustness is ranked high, with government debt ratios
expected to remain low in the medium term. Azerbaijan runs a
large current account surplus, which is estimated at 27.2% in
2011, slightly below its 2010 level of 29% as a result of a
temporary disruption in oil production. The government's State
Budget usually targets a modest deficit in the government's
financial balance (1.5% of GDP in the 2012 State Budget) as part
of an active policy to develop the country's domestic capital
market. The consolidated budget however, (which includes the
State Oil Fund's - SOFAZ's - revenues) usually registers sizeable
surpluses which for 2011 is estimated at 9.8%. Azerbaijan's
susceptibility to event risk is considered to be moderate,
largely due to political risks reflecting geopolitical tensions
with the autonomous region of Nagorno-Karabakh and its supporter,
Armenia. Economic and financial event risks, on the other hand,
are both ranked very low.

The outlook on the government's bond ratings is positive which
reflects Moody's expectations of further improvements in
Azerbaijan's already strong government finances as well as the
country's institutional capacity supporting the prudent
management of its oil windfall.

WHAT COULD MOVE THE RATING UP/DOWN

The ratings could come under upward pressure if the government's
economic plan increases diversification and the country continues
to accumulate foreign currency reserves. The ratings could also
be positively influenced if there is tangible progress towards
resolving the conflict in the Nagorno-Karabakh region.

Downward rating pressure might occur if there were to be a
significant deterioration in the domestic or regional political
environment or a prolonged period of fiscal deterioration as a
result of a sustained drop in global oil prices.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.


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B E L A R U S
=============


* Fitch Keeps B-/CCC Issuer Default Ratings on 7 Belarusian Banks
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings
(IDRs) of seven Belarusian banks.  Belarusbank (BBK),
Belinvestbank (BIB), BPS-Sberbank (BPS), Belgazprombank (BGPB),
Belvnesheconombank (BVEB) and VTB Bank (Belarus) CJSC (VTBB) have
been affirmed at 'B-' with a Negative Outlook, and CJSC BTA Bank
(Belarus) at 'CCC'.

The ratings and Outlooks reflect the weaknesses in the banks'
stand-alone profiles, the Belarusian operating environment and
the credit profile of the Belarus sovereign.  The latter limits
the extent to which Fitch incorporates potential sovereign
support into the ratings of state-owned BBK and BIB.  It also
raises the risk of transfer and convertibility restrictions which
could constrain the ability of all banks, including those with
relatively strong foreign (Russian) shareholders, to service
their obligations.

In Fitch's view, asset quality in the Belarusian banking system
is likely to continue to deteriorate in the near to medium term
as a result of the severe economic and currency crisis of 2011,
portfolio seasoning and currently high interest rates.
Furthermore, capitalization of many banks is now tight as a
result of inflation of risk-weighted assets and delays with
equity injections, limiting their ability to absorb losses.

At the same time, Fitch expects the increase in reported loan
impairment ratios to be gradual due to the large proportion of
long-term loans, government subsidies on interest payments for
many borrowers, and banks' readiness in many cases to restructure
loans to troubled debtors.  High inflation is also reducing the
real value of corporate and household local currency debt, which
should support loan servicing as interest rates moderate.  System
liquidity also remains comfortable as deposit runs have largely
been avoided, government funding remains available and third
party foreign debt is limited.

The Belarusian economy has demonstrated some signs of
stabilization in early 2012.  The currency market has stabilized
since the October 2011 devaluation, and the gross foreign
currency reserves of the National Bank (NBRB) increased to US$8.0
billion at end-11 from US$3.6 billion at end-June 2011 as a
result of privatization receipts and external borrowing, mainly
from Russia.  The current account deficit has reduced to 10.6% of
GDP in 2011 (from 15% in 2010) following devaluation.

However, GDP growth slowed to 5% in 2011 and Fitch expects low
positive growth in 2012. Inflation has risen to 110% YoY as at
end-January 2012 (1.9% MoM), and the NBRB's refinancing rate
increased to 45% from 10.5% during 2011, albeit having since been
reduced to 38% in February 2012 reflecting some success in
curbing inflation.

Following a substantial BYR13 trillion recapitalization in
December 2011, BBK reports much higher capital ratios than other
Belarusian banks, with a regulatory total capital ratio of 35% at
end-11.  The bank's Basel ratios based on IFRS accounts may be
somewhat lower depending on the fair value of currency swaps
entered into with the NBRB, but Fitch still believes the bank's
loss absorption capacity to be significantly higher than at other
banks.  The Long-term IDRs of BBK and BIB incorporate Fitch's
view of a high propensity of the Belarusian authorities to
support the banks.  However, the ability of the sovereign to
provide support is limited, in the agency's view, and the agency
notes that BIB has yet to benefit from a significant capital
injection since the onset of the crisis, meaning that its loss
absorption capacity is moderate.

The credit profiles of BPS (owned by Sberbank of Russia; 'BBB'),
BGPB (OAO Gazprom; 'BBB'), BVEB (Vnesheconombank; 'BBB') and VTBB
(Bank VTB 'BBB') benefit from what Fitch views as a high
propensity of their Russian owners to provide support if needed.
However, the ratings of the banks are constrained by heightened
Belarusian transfer and convertibility risks.  BVEB and BGPB have
already received parental support in the form of capital
injections in 2011 and additional injections are expected or
received in 2012.  This provides BVEB and BGPB with somewhat
greater cushion to absorb losses, while equity contributions to
BPS and VTBB are currently pending.

BTAB's 'CCC' Long-term IDR is driven by its weak stand alone
profile. BTAB is currently not compliant with minimum regulatory
capital requirements (EUR11 million against EUR25 million
required), but like other non-compliant Belarusian banks,
benefits from a waiver from NBRB until end-2012.  The bank's
franchise is narrow and asset quality potentially vulnerable,
however capital ratios are currently relatively high.

Belarusian banks' ratings could be downgraded if the sovereign's
credit profile deteriorates further, reducing its ability to
support BBK and BIB, and increasing further the risk of
restrictions which would impede the ability of all banks to
service their obligations.  However, the Outlooks could be
revised to Stable if the sovereign credit profile improves and
the economy continues to stabilize.

The rating actions are as follows:

BBK

  -- Long-term IDR: affirmed at 'B-'; Outlook Negative
  -- Short-term IDR: affirmed at 'B'
  -- Viability Rating: affirmed at 'b-'
  -- Support Rating: affirmed at '5'
  -- Support Rating Floor: affirmed at 'B-'

BIB

  -- Long-term IDR: affirmed at 'B-'; Outlook Negative
  -- Short-term IDR: affirmed at 'B'
  -- Viability Rating: affirmed at 'b-'
  -- Support Rating: affirmed at '5'
  -- Support Rating Floor: affirmed at 'B-'

BPS-Sberbank

  -- Long-term IDR: affirmed at 'B-'; Outlook Negative
  -- Short-term IDR: affirmed at 'B'
  -- Viability Rating: affirmed at 'b-'
  -- Support Rating: affirmed at '5'

BGPB

  -- Long-term IDR: affirmed at 'B-'; Outlook Negative
  -- Short-term IDR: affirmed at 'B'
  -- Viability Rating: affirmed at 'b-'
  -- Support Rating: affirmed at '5'

BVEB

  -- Long-term IDR: affirmed at 'B-'; Outlook Negative
  -- Short-term IDR: affirmed at 'B'
  -- Viability Rating: affirmed at 'b-'
  -- Support Rating: affirmed at '5'

VTBB

  -- Long-term IDR: affirmed at 'B-'; Outlook Negative
  -- Short-term IDR: affirmed at 'B'
  -- Viability Rating: affirmed at 'b-'
  -- Support Rating: affirmed at '5'

CJSC BTA Bank (Belarus)

  -- Long-term IDR: affirmed at 'CCC'; Outlook Negative
  -- Short-term IDR: affirmed at 'C'
  -- Viability Rating: affirmed at 'ccc'
  -- Support Rating: affirmed at '5'


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


BAYERNLB: German Savings Banks Pull Out of Restructuring Deal
-------------------------------------------------------------
Aoife White and Jim Brunsden at Bloomberg News report that German
savings banks have pulled out of a deal on restructuring
Bayerische Landesbank (BLGZ) which may endanger European Union
approval of the lender's state bail-out.

According to Bloomberg, a person familiar with the talks said
that the banks have backtracked on an agreement on their level of
contributions toward a restructuring plan that would have
included the sale of its LBS Bayern mortgage lending unit.

Their withdrawal may endanger a deal with EU Competition
Commissioner Joaquin Almunia, who earlier told the Sueddeutsche
Zeitung that EU officials were close to an agreement with the
bank's owners, which include the German state of Bavaria, on the
terms for EU approval of BayernLB's bailout, Bloomberg says.

The European Commission, the EU's executive arm in Brussels, is
examining the restructuring measures of lenders that needed state
aid during the financial crisis, Bloomberg discloses.  While
regulators approved Germany's bailout packages for HSH Nordbank
AG and WestLB AG last year, they are still holding discussions
with Munich-based BayernLB, Bloomberg notes.

The bank is Germany's second biggest state-owned lender, and the
last of the nation's so-called Landesbanken to await the EU's
verdict on its bailout conditions, according to Bloomberg.

                         About BayernLB

Bayerische Landesbank a.k.a BayernLB -- http://www.bayernlb.de/
-- acts as the principal bank to the state of Bavaria and as the
central clearing house for the 75 Bavarian sparkassen (savings
banks).  Also serving corporations, national and local
governments, financial institutions, and real estate firms, the
bank offers a variety of services, including financing, security
underwriting and trading, and risk management.  It provides
retail and private banking services for individuals through its
Internet bank, Deutsche Kreditbank, and through banking
subsidiaries in central and southeastern Europe.  BayernLB's
Landesbank Saar subsidiary (75% owned) provides financing to
small and midsized businesses in the German state of Saarland and
in France.


SCHLECKER: Germany's 16 States Discuss Plans to Rescue Jobs
-----------------------------------------------------------
Reuters reports that Germany's 16 states are discussing ways to
help the staff of Schlecker who face redundancy as the company is
due to close more than 2,000 stores.

According to Reuters, representatives from the German states met
on Thursday to discuss providing guarantees for a loan of
EUR71 million (US$93.7 million) that would finance a temporary
employment company for the more than 10,000 Schlecker employees
threatened with redundancy.

Under the model being discussed, employees would receive a large
part of their income for a year plus training for new jobs,
Reuters discloses.

As reported by the Troubled Company Reporter-Europe on March 20,
2102, Reuters related that Schlecker aims to find an investor by
the end of May.  Unlisted Schlecker, which competes with
privately held peers Rossmann and dm, filed for insolvency in
January after struggling to secure funds against a gloomy
economic backdrop, Reuters recounted.  Mr. Geiwitz said about two
dozen potential investors had expressed interest in Schlecker,
and that negotiations will begin once he makes a shortlist in the
coming days, Reuters disclosed.  The company, which owes
suppliers including Unilever and Procter & Gamble several hundred
million euros, plans to cut about 12,000 jobs and shut more than
2,000 of its 5,400 stores, Reuters said.

Schlecker is a German drugstore chain.


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


CHESS II: S&P Raises Rating on Series 37 Notes to 'CCC+'
--------------------------------------------------------
Standard & Poor's Ratings Services raised to 'CCC+ (sf)' from
'CCC- (sf)' its credit rating on Chess II Ltd.'s series 37 notes.

"We have raised the rating following our review of the current
credit quality of the reference portfolio. The upgrade
predominately reflects the reduced time to maturity, which has
led to a lower probability that losses will breach the loss
triggers and the portfolio attachment point," S&P said.

"Our ratings on loss-based transactions factor in the credit risk
associated with the reference portfolio. Losses on the underlying
reference portfolio may lead to a breach of the loss trigger,
which may cause the transaction to unwind. When reviewing a loss-
based transaction, we assess the likelihood of breaching the
attachment point, as well as the probability of breaching a loss
trigger," S&P said.

Chess II's series 37 is a European loss-trigger leveraged super
senior (LSS) collateralized debt obligation (CDO) transaction,
which closed in April 2007 and references primarily corporate
obligors.

             STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

          http://standardandpoorsdisclosure-17g7.com


KINTYRE CLO: S&P Affirms 'CCC-' Rating on Class E Def Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
KINTYRE CLO I PLC's class A, B def, and C def notes. "At the same
time, we have affirmed our ratings on the class D def and E def
notes," S&P said.

"The rating actions follow our assessment of the transaction's
performance, taking into account recent developments in the
transaction," S&P said.

"For our review of the transaction's performance, we used data
from the trustee report dated Jan. 31, 2012, in addition to our
cash flow analysis. We have taken into account recent
developments in the transaction and have applied our 2010
counterparty criteria, as well as our cash flow criteria," S&P
said.

"From our analysis, we have observed that the credit quality of
the portfolio has improved since we last reviewed the
transaction. We have observed a significant decrease in the
proportion of assets in the performing portfolio that we consider
to be rated in the 'CCC' category ('CCC+', 'CCC', and 'CCC-') to
7.26% from 11.08%, and in the proportion of defaulted assets to
0.77% from 4.84% (rated 'CC', 'SD' [selective default], and
'D')," S&P said.

"The credit enhancement for all classes of notes and weighted-
average spread earned on the collateral pool have increased,
which in our view supports higher ratings on the class A, B def,
and C def notes," S&P said.

"In addition, our analysis indicates that the weighted-average
maturity of the portfolio since our last transaction update has
decreased to 4.4 years from 5.78 years. This decrease, combined
with the decrease in 'CCC' rated assets, has led to a reduction
in our scenario default rates for all rating categories," S&P
said.

"We subjected the capital structure to a cash flow analysis to
determine the break-even default rates. In our analysis, we used
the reported portfolio balance that we consider to be performing,
the principal cash balance, the current weighted-average spread,
and the weighted-average recovery rates that we considered to be
appropriate. We incorporated various cash flow stress scenarios
using various default patterns, levels, and timings for each
liability rating category, in conjunction with different interest
rate stress scenarios," S&P said.

"Taking into account our credit and cash flow analyses and our
2010 counterparty criteria, we consider the credit enhancement
available to the class A, B def, and C def notes to be
commensurate with higher rating levels. We have therefore raised
our ratings on these classes of notes," S&P said.

"The rating on the class C notes is constrained by the
application of the largest obligor default test, a supplemental
stress test we introduced in our 2009 criteria update for
corporate collateralized debt obligations (CDOs)," S&P said.

"The class D def and E def have deferred interest and the class E
def overcollateralization test is currently failing. Therefore,
we have affirmed our 'CCC+ (sf)' rating on the class D def notes
and our 'CCC- (sf)' rating on the class E def notes," S&P said.

KINTYRE CLO I is a cash flow collateralized loan obligation (CLO)
transaction that closed in March 2007, and securitizes loans to
primarily speculative-grade corporate firms. Since December 2011,
BNP Paribas is the new portfolio manager.

             STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

          http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class               Rating
             To               From

KINTYRE CLO I PLC
EUR350 Million Secured Floating-Rate Notes

Ratings Raised

A            AA+ (sf)         A+ (sf)
B def        A+ (sf)          BBB+ (sf)
C def        BBB+ (sf)        BB+ (sf)

Ratings Affirmed

D def        CCC+ (sf)
E def        CCC- (sf)


TREASURY HOLDINGS: Can Appeal NAMA's Receivership Bid
-----------------------------------------------------
Neil Callanan at Bloomberg News reports that Justice Mary Finlay
Geoghegan of the High Court in Dublin ruled on Thursday that
Treasury Holdings Ltd. can appeal a decision by Ireland's
National Asset Management Agency to appoint receivers for some of
the company's units.

According to Bloomberg, Justice Geoghegan wrote in the judgment
that Treasury Holdings showed grounds for its claims that NAMA
should have notified the developer it was calling in receivers
and that the agency didn't take into account potential purchasers
of the company's debts.

NAMA had set a Jan. 25 deadline for Dublin-based Treasury
Holdings to pay back part of EUR1.7 billion (US$2.2 billion) in
loans that the government agency held, Bloomberg discloses.

Treasury Holdings said it's open to proposals to secure its
future and that of its 400 staff, while satisfying the public
organizations that have supported the company during the past two
years, Bloomberg relates.

Hines Real Estate Holdings LP and Macquarie Group Ltd. made an
offer for the loans and "show continued interest and are willing
to improve their offers," Bloomberg quotes Rory Williams, a
Treasury Holdings director, as saying in a telephone interview on
Thursday.

NAMA appointed the receivers because it was "most likely to
deliver the best financial return for the taxpayer," the agency,
as cited by Bloomberg, said in a statement on Thursday.  "The
receivers will remain in place pending the outcome of the
judicial review."

Treasury Holdings is an Irish property developer.  The company
owns the Westin Hotel in Dublin and the Irish headquarters of
accounting firm PricewaterhouseCoopers.


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


BTA BANK: Creditors Select Directors to Represent Interests
-----------------------------------------------------------
Nariman Gizitdinov at Bloomberg News reports that BTA Bank said
in a statement released on Thursday that Sergey Babayan and Jacek
Brzezinski were selected as directors representing the interests
of creditors on the Kazakh lender's board.

According to Bloomberg, BTA said in the statement that the bank's
shareholders will vote on the nominees at an extraordinary
general meeting to be held on April 11.

                         About BTA Bank

BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO --
http://bta.kz/-- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients.

The BTA Group is one of the leading banking groups in the
Commonwealth of Independent States and has affiliated banks in
Russia, Ukraine, Belarus, Georgia, Armenia, Kyrgyzstan and
Turkey.  In addition, the Bank maintains representative offices
in Russia, Ukraine, China, the United Arab Emirates and the
United Kingdom.  The Bank has no branch or agency in the United
States, and its primary assets in the United States consist of
balances in accounts with correspondent banks in New York City.

As of November 30, 2009, the Bank employed 5,043 people inside
and 4 people outside Kazakhstan.  It has no employees in the
United States.  Most of the Bank's assets, and nearly all its
tangible assets, are located in Kazakhstan.

JSC BTA Bank, also known as BTA Bank of Kazakhstan, commenced
insolvency proceedings in the Specialized Financial Court of
Almaty City, Republic of Kazakhstan.  Anvar Galimullaevich
Saidenov, the Chairman of the Management Board of BTA Bank, then
filed a Chapter 15 petition (Bankr. S.D.N.Y. Case No. 10-10638)
on Feb. 4, 2010, estimating more than US$1 billion in assets and
debts.

On March 9, 2010, the Troubled Company Reporter-Europe reported
that JSC BTA Bank was granted relief in the U.S. under Chapter 15
when the bankruptcy judge in New York recognized the Kazakh
proceeding as the "foreign main proceeding."  Consequently,
creditor actions in the U.S. were permanently halted, forcing
creditors to prosecute their claims and receive distributions
in Kazakhstan.

In the U.S., the Foreign Representative is represented by Evan C.
Hollander, Esq., Douglas P. Baumstein, Esq., and Richard A.
Graham, Esq. at White & Case LLP in New York City.

The Specialized Financial Court of Almaty approved BTA Bank's
debt restructuring on Aug. 31, 2010, trimming its obligations
from US$16.7 billion to US$4.2 billion, and extending its longest
maturity dates to 20 year from eight.  Creditors who hold 92% of
BTA's debt approved the restructuring plan in May.  BTA
reportedly distributed US$945 million in cash to creditors
and new debt securities including US$5.2 billion of recovery
units (representing an 18.5% equity stake) and US$2.3 billion of
senior notes on Sept. 1, 2010.  BTA forecasts profit of slightly
more than US$100 million in 2011, Chief Executive Officer Anvar
Saidenov told reporters in Almaty.


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


MINERVA LUXEMBOURG: Fitch Rates US$350-Mil. Senior Notes 'B+'
-------------------------------------------------------------
Fitch Ratings rates Minerva Luxembourg S.A.'s proposed reopening
of its US$350 million, 12.25% senior notes 'B+/RR4'.  The notes
are unconditionally and irrevocably guaranteed by Minerva S.A.
(Minerva).  Proceeds from this transaction will be used to repay
existing debt.

Fitch currently rates Minerva as follows:

Minerva:

  -- Local currency Issuer Default Rating (IDR) 'B+';
  -- Foreign currency IDR 'B+';
  -- National scale rating 'BBB(bra)';
  -- BRL200 million outstanding debentures due 2015 'BBB(bra)'.

Minerva Luxembourg:

  -- Senior unsecured notes due in 2017, 2019 and 2022'B+/RR4'

Minerva's ratings are supported by the company's strong business
position as the second largest Brazilian exporter of fresh and
frozen beef.  It has a low-cost structure and diversified and
flexible export revenue base.  The successful execution of its
strategic plan, including an equity issuance during the
challenging operating environment of the last two years, further
supports Minerva's ratings.

The ratings incorporate risks associated with product
concentration in beef protein, the potential for disease
outbreaks, and the negative effect of foreign exchange
fluctuations.  Minerva is still more exposed to these risks than
the top competitors even though exports now represent 58% of its
revenue, down from 66% in 2010.

As of Dec. 2011, Minerva's net leverage was high at 4.1 times
(x).  The company's credit profile should continue to improve
from gains in market share, the growth of cash flow from
significant high-margin greenfield investments made over the past
few years, as well as an improving cattle cycle in Brazil.

Fitch expects further improvement in leverage stemming from
continued positive trends in revenue and margins, and possible
further additions to Minerva's production base.  Fitch notes that
a temporary increase in leverage due to asset purchases or
acquisitions is possible in the upcoming years, as the company
strives to sustain growth.  Fitch observes, however, that Minerva
has maintained a relatively disciplined approach to investing in
fairly priced long-term assets.

Minerva's liquidity relies primarily on cash on hand of BRL746
million at the end of December 2011.  This compares with BRL542
million of short-term debt.  Liquidity was further enhanced by
convertible debentures.  Fitch expects Minerva to continue
improving its liquidity and debt maturity schedule over the next
12 months.  The current note issuance should benefit the
company's debt profile as the proceeds are for repayment of
existing shorter term debts.

The operations of the company have been a significant drain on
cash primarily due to high capital expenditures.  Free cash flow
(FCF), consisting of cash from operations minus capital
expenditures, was negative BRL231 million during the 2011, mainly
due to large capital expenses of BRL161 million.  Fitch expects
that lower capex and working capital requirements going forward
will allow Minerva to start generating positive FCF in 2012.

A negative rating action could occur if Fitch's expectations of
positive cash flow generation fail to materialize; if net
leverage increases to more than 4.0x on a consistent basis as a
result of a large debt-financed acquisition or asset purchase; or
as a result of operational deterioration.  A positive rating
action could be triggered by a significant leverage decrease from
current levels and is unlikely to be achieved solely by improving
operations in the short-to medium-term.


MINERVA SA: Moody's Assigns 'B2' Rating to US$100MM Add-On Bonds
----------------------------------------------------------------
Moody's Investors Service assigned a B2 foreign currency rating
to Minerva S.A.'s reopening of its 2022 senior unsecured notes in
order to issue an additional US$100 million. The ratings outlook
is stable. The proposed notes, issued by its subsidiary Minerva
Luxembourg S.A, will be unconditionally and irrevocably
guaranteed by Minerva S.A. Proceeds from the proposed notes will
be used to refinance existing debt.

Ratings Rationale

"The B2 rating reflects the company's track record of stable
operating margins, despite the difficult environment for the
sector in 2011, with higher cattle prices and FX volatility,
factors that negatively impacted the overall meat processing
sector in Brazil", said Moody's local market analyst Marianna
Waltz. In addition, it also considers the significant improvement
in debt profile after the US$350 million issuance in February.

Moody's has also incorporated in Moody's assumptions that Minerva
will (i) focus on deleveraging; (ii) only make modest
acquisitions over the near term; (iii) continue to successfully
execute the strategies of its beef trading operations that has
delivered above average margins; and (iv) turn free cash flow
positive in 2012 and beyond. Moody's is also considering the
improvement in Minerva's liquidity levels, as evidenced by the
company's unwritten policy of keeping a minimum BRL500 million in
cash (BRL740 million as of December 2011).

Offsetting some of the positive attributes is Minerva's
relatively small size compared to local and global peers, based
on consolidated net revenues, its still high leverage, as well as
the sales concentration in live cattle, beef and beef related
products and the volatile nature of the protein business.

The stable outlook reflects Moody's view that the company will be
able to sustain its operating margins, make further progress in
reducing its financial leverage, and maintain liquidity at
current levels.

The ratings could suffer a downgrade if Minerva's liquidity
deteriorated, if market conditions cause operating margins to
decline sharply or if total adjusted debt to EBITDA is sustained
above 5.0x. The company's inability to keep CFO/Net Debt above
10% or deliver positive free cash flow in 2012 could add to
negative ratings pressure.

Minerva's ratings could be upgraded if Minerva makes additional
progress in deleveraging its balance sheet and is able to deliver
greater diversification of revenue and cash flow streams. Upwards
pressure would depend on the company's ability to reduce adjusted
total debt to EBITDA ratio to below 4.5x and increase EBITA to
Interest Expense to above 1.5x and CFO to Net Debt to above 15%.

The principal methodology used in rating Minerva was the Global
Food - Protein and Agriculture Industry Methodology published on
September 2009.

Minerva, headquartered in Barretos, Sao Paulo, is one of Brazil's
leaders in the production and sale of fresh beef and live cattle.
With net revenues of BRL3.98 billion (approximately US$2.27
billion) at FY2011 and installed slaughtering capacity of 10.480
heads of cattle per day, Minerva is the second largest Brazilian
exporter of beef and beef byproducts and has ten own beef
production facilities in Brazil as well as presence in Paraguay
and Uruguay.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated
by a ".nn" country modifier signifying the relevant country, as
in ".mx" for Mexico.


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


HARBOURMASTER CLO 6: Fitch Cuts Ratings on 4 Note classes to 'B-'
-----------------------------------------------------------------
Fitch Ratings has downgraded ten classes and affirmed one class
of Harbourmaster CLO 6 B.V.'s notes, as follows:

  -- Class A1 (XS0233868107): affirmed at 'AAAsf'; Outlook Stable
  -- Class A2 (XS0233873875): downgraded to 'Asf' from 'AA+sf';
     Negative Outlook
  -- Class A3 (XS0233875227): downgraded to 'BBBsf' from 'A-sf';
     Outlook Negative
  -- Class A4E (XS0233876209): downgraded to 'BBsf' from
     'BBB- sf'; Outlook Negative
  -- Class A4F (XS0233876381): downgraded to 'BBsf' from
     'BBB-sf'; Outlook Negative
  -- Class B1 (XS0233876621): downgraded to 'B-sf' from 'BBsf';
     Outlook Negative
  -- Class B2 (XS0233877603): downgraded to 'B-sf' from 'Bsf';
     Outlook Negative
  -- Class S1 Combo (XS0234258076): downgraded to 'B-sf' from
     'Bsf'; Outlook Negative
  -- Class S3 Combo (XS0234260643): downgraded to 'Asf' from
     'AAAsf'; Negative Outlook
  -- Class S4 Combo (XS0234648375): downgraded to 'B-sf' from
     'B+sf'; Outlook Negative
  -- Class S6 Combo (XS0234649852): downgraded to 'B-sf' from
     'Bsf'; Outlook Negative

The rating actions reflect levels of credit enhancement (CE)
commensurate with their respective ratings.  The ratings of the
classes S1, S3, S4 and S6 combination notes have been downgraded
in line with the rating actions of their respective rated
component notes.

The portfolio's credit quality has deteriorated since the last
review in April 2011.  There are currently two defaulted assets
in the portfolio, making up 5% of the portfolio.  The reported
'CCC' and below bucket including defaults has increased to 16% of
the portfolio from 10%.

Since the last review, the transaction has delevered further with
the class A1 notes being paid down to 80.2% from 96.9% of their
original balance.  This has mitigated the deterioration in the
portfolio credit quality for the senior notes and contributed to
an increase in their CE levels.  However, the agency believes
this was insufficient to maintain classes A2 to B2 at their
previous ratings, and hence has downgraded these notes.

Despite the relatively high level of 'CCC' and below assets in
the portfolio, the class B2 over-collateralization (OC) test and
the additional coverage test have only started to fail recently.
This is largely because the OC tests, other than the class A2 OC
test, mark all 'CCC' assets at par.  The agency believes that the
marking at par of all 'CCC' assets makes the OC tests (other than
the class A2 OC test) less efficient in diverting excess spread
to mitigate the recent portfolio deterioration, compared to if
there was a haircut on 'CCC' assets for the purpose of
calculating the OC tests.

There has been limited trading of assets since the last review.
The reinvestment period ended in January 2011 but unscheduled
proceeds can be reinvested until January 2013 subject to certain
conditions.

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.


QUEEN STREET I: S&P Raises Rating on Class E Notes to 'B+'
----------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
seven classes of notes in Queen Street CLO I B.V. "At the same
time, we affirmed our rating on the class A1 notes," S&P said.

"The rating actions follow our credit and cash flow analysis of
the transaction using data from the latest available trustee
report, dated Feb. 20, 2012. We have taken into account recent
developments in the transaction and reviewed the transaction
under our December 2010 counterparty criteria," S&P said.

"The trustee report shows that all overcollateralization tests
are currently passing, and that the reported weighted-average
spread earned on the collateral pool has increased to 3.1% from
2.7% since our last transaction update. It also shows that the
percentage of portfolio assets that we consider in our analysis
as defaulted (i.e., debt obligations of obligors rated 'CC', 'SD'
[selective default], or 'D') has decreased since our previous
review, to 2.7% from 3.8%. The credit enhancement available to
all classes of notes has remained stable since our last review,"
S&P said.

"From our analysis, we have observed a decrease in the
portfolio's weighted-average maturity to 4.3 years from 5.5
years, and improved credit quality of the portfolio. Both
developments have resulted in lower scenario default rates across
all rating levels calculated by our CDO Evaluator 5.1," S&P said.

"We have subjected the transaction's capital structure to a cash
flow analysis to determine the break-even default rate for each
rated class. In our analysis, we used the EUR442.9 million
portfolio balance that we consider to be performing (i.e., of
assets rated 'CCC-' or above), the reported weighted-average
spread of 3.1%, and the weighted-average recovery rates that we
considered to be appropriate. We incorporated various cash flow
stress scenarios using our standard default patterns, levels, and
timings for each rating category assumed for each class of notes,
in conjunction with different interest rate stress scenarios,"
S&P said.

"We have observed from our analysis that the credit support
available to seven classes of notes is now commensurate with
higher ratings, and we have therefore raised our ratings on the
class A2, B, C1, C2, D1, D2, and E notes. We have also affirmed
our 'AAA (sf)' rating on the class A1 notes," S&P said.

"Approximately 19.1% of the assets in the transaction's portfolio
are non-euro denominated. To mitigate the risk of foreign
Exchange-related losses, the issuer has entered into asset swap
agreements throughout the life of the transaction," S&P said.

"Under our 2010 counterparty criteria, our analysis of the swap
counterparty and the associated documentation indicates that the
counterparty cannot support a rating higher than 'AA-'. To assess
the potential impact of this on our ratings, we have assumed that
the transaction does not benefit from the swap transactions. We
concluded that, in this scenario, the class A1 notes would still
be able to achieve a 'AAA (sf)' rating, and that the class A2
notes would still be able to achieve a 'AA+ (sf)' rating. Thus,
we have raised our ratings on these classes of notes. Under our
2010 counterparty criteria, our ratings on the class B, C1, C2,
D1, D2, and E notes are supported by our rating on the swap
counterparty. Hence, we have applied no additional foreign-
exchange-related stresses to the class B to E notes," S&P said.

Queen Street CLO I is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. The transaction closed in
January 2007 and is managed by Indicus Advisors LLP.

             STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

          http://standardandpoorsdisclosure-17g7.com

RATING LIST

Class                  Rating
               To                  From

Queen Street CLO I B.V.
EUR550.14 Million Senior Secured Fixed- And Floating-Rate Notes
And Subordinated
Notes

Ratings Raised

A2             AA+ (sf)            AA (sf)
B              A+ (sf)             A- (sf)
C1             BBB+ (sf)           BB+ (sf)
C2             BBB+ (sf)           BB+ (sf)
D1             BB+ (sf)            BB- (sf)
D2             BB+ (sf)            BB- (sf)
E              B+ (sf)             B- (sf)

Rating Affirmed

A1             AAA (sf)


QUEEN STREET II: S&P Affirms 'B+' Rating on Class E Notes
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
all classes of notes in Queen Street CLO II B.V.

"The rating actions follow our credit and cash flow analysis of
the transaction using data from the latest available trustee
report, dated Feb. 3, 2012. We have taken into account recent
developments in the transaction and reviewed it under our
December 2010 counterparty criteria," S&P said.

"We last reviewed the transaction in September 2010 and raised
our ratings on all notes to their current levels. This was due to
an increase in the aggregate collateral balance, a reduction in
the level of defaulted assets, and an increase in the proportion
of assets rated 'BB-' or higher," S&P said.

"The February 2012 trustee report shows that all
overcollateralization tests are currently passing, and that the
reported weighted-average spread earned on the collateral pool
has increased to 3.2% from 2.8% since our last transaction
update. It also shows that the percentage of portfolio assets
that we consider in our analysis as defaulted (i.e., debt
obligations of obligors rated 'CC', 'SD' [selective default], or
'D') has decreased since our previous review, to 1.3% from 2.3%.
The credit enhancement available to all classes of notes has
remained stable since our last review," S&P said.

"From our analysis, we have observed a decrease in the
portfolio's weighted-average maturity to 4.4 years from 4.6
years, which has resulted in lower scenario default rates across
all rating levels calculated by our CDO Evaluator 5.1," S&P said.

"We have subjected the transaction's capital structure to a cash
flow analysis to determine the break-even default rate for each
rated class. In our analysis, we used the EUR409.2 million
portfolio balance that we consider to be performing (i.e., of
assets rated 'CCC-' or above), the reported weighted-average
spread of 3.2%, and the weighted-average recovery rates that we
considered to be appropriate. We incorporated various cash flow
stress scenarios using our standard default patterns, levels, and
timings for each rating category assumed for each class of notes,
in conjunction with different interest rate stress scenarios,"
S&P said.

"We have observed from our analysis that the credit support
available to all classes of notes remains commensurate with the
current ratings assigned, and we have therefore affirmed our
ratings on all classes of notes," S&P said.

"Approximately 19.4% of the assets in the transaction's portfolio
are non-euro-denominated. To mitigate the risk of foreign-
exchange-related losses, the issuer has entered into asset-swap
agreements throughout the life of the transaction," S&P said.

"Under our 2010 counterparty criteria, our analysis of the swap
counterparty and the associated documentation indicates that the
counterparty cannot support a rating higher than 'AA-'. To assess
the potential impact of this on our ratings, we have assumed that
the transaction does not benefit from the swap transactions. We
concluded that, in this scenario, the class A-1 notes would still
be able to achieve a 'AAA (sf)' rating, and that the class A-2
notes would be able to achieve a 'AA' (sf) rating. Thus, we have
affirmed our ratings on these classes of notes. Under our 2010
counterparty criteria, our ratings on the class B, C1, C2, D1,
D2, and E notes are supported by our rating on the swap
counterparty. Hence, we have applied no additional foreign-
exchange-related stresses to these notes," S&P said.

Queen Street CLO II is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. The transaction closed in June
2007 and is managed by Indicus Advisors LLP.

             STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

          http://standardandpoorsdisclosure-17g7.com

RATING LIST

Class           Rating

Queen Street CLO II B.V.
EUR464 Million Senior Secured Floating-Rate And Subordinated
Notes

Ratings Affirmed

A-1             AAA (sf)
A-2             AA (sf)
B               A+ (sf)
C               BBB (sf)
D               BB+ (sf)
E               B+ (sf)


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


AEROLOFT OJSC: Fitch Affirms 'BB+' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has affirmed OJSC Aeroflot's Long-term foreign
currency Issuer Default Rating (IDR) at 'BB+', with a Stable
Outlook.

Fitch continues to assess Aeroflot's standalone credit profile as
commensurate with a 'BB' rating but emphasizes that there is
considerable pressure on the rating given the company's newly
proposed finance and operating lease plan.  The agency views this
as a material shift in the company's fleet expansion program.
Fitch now forecasts gross adjusted debt/EBITDAR will approach
5.0x, levels considered high for the current standalone rating
level and close to Fitch's negative rating action guidance.
Gross leverage is unlikely to fall below 4.0x as previously
anticipated.  There is little to no headroom in expected leverage
metrics to sustain even a moderate downturn in performance.
However, the company has some flexibility to reduce both its
capex plans and operating leases, and Fitch would expect the
company to moderate its expenditure plans in order to remain
below 5.0x gross lease-adjusted debt/EBITDAR.

Leverage is further exacerbated by the addition of c.USD827m debt
owing to the consolidation of the Rostechnologii stakes, which
was taken into consideration in Fitch's previous forecasts.  The
deconsolidation of Terminal D in Q411 will enable a decrease in
reported debt.  However, this debt had been historically treated
as non-recourse debt by Fitch and therefore also has no material
impact on Fitch's forecasted ratios.

The 'BB' standalone rating continues to reflect the group's
dominant position as Russia's national flag carrier, in a highly
fragmented market.  In the past, Aeroflot has experienced strong
growth driven by organic expansion but also acquisitions.  This
is expected to continue given forecasted Russian GDP growth,
increased mobility of Russian citizens, favorable government
legislation and the integration of the Rostechnologii airline
stakes.  In the short-term these assets will be significant in
terms of further strengthening its dominant position in Russia's
airline sector but also extending Aeroflot's network and
segmentation in order to broaden the company's customer base.

Although Fitch expects Aeroflot's margins to remain strong
compared to European peers, given its relatively flexible cost
base in terms of staff costs and operating lease strategy,
EBITDAR margins are forecasted by the agency to fall to below
previous levels of 20% in the medium-term.  This is expected to
be driven, among other things, by increased exposure to the
Russian airline market and continually high fuel costs.

Whilst a potential downturn in Europe continues to be the most
significant risk to Aeroflot's earnings, integration of the
Rostechnologii airlines will increase Aeroflot's exposure to
Russian domestic flights, which are generally loss-making, or
break-even, on an operating level at best.  Cost-savings from the
centralization of business activities at the parent level will
have some offsetting impact, but the effects are not expected to
have a noteworthy impact in the immediate term.  Management
targets synergy prospects of US$160 million-US$240 million by
2015 and given its limited experience of integrating assets on
such a large scale, execution risks for the expected synergies
remain high.  Fuel costs are also expected to continue to depress
margins as evidenced in 9M11.  The company has begun to develop
its fuel hedging program but these measures remain less
comprehensive when compared with international peers.

In accordance with Fitch's Parent and Subsidiary Rating Linkage
Criteria, Aeroflot's IDR continues to benefit from a one-notch
uplift due to parental support.  The Russian Federation
('BBB'/Stable/'F3') owns a 51.2% direct stake in addition to a
9.48% indirect stake and strategic and operational ties are
considered by the agency to be relatively strong.  On 15 November
2011, the transfer of five stakes in regional airlines,
previously owned by the state-owned organization, Rostechnologii,
was yet further evidence of the strong relationship between the
group and its parent.  The transaction emphasizes the importance
of Aeroflot in facilitating the state's strategy to consolidate
the Russian airline industry with an increased focus on safety
and financial stability.  Fitch acknowledges the potential
negative implications of state links, for example an aggressive
consolidation and acquisition plans at the expense of Aeroflot's
credit profile, but highlights that the Rostechnologii
transaction, whilst proposed by the state, was to some extent at
Aeroflot's discretion and following due diligence process.

Cash and unused committed short-term facilities amounted to
US$723 million and more than sufficiently cover short-term debt
of US$368 million as at FY11.  However, in FY13, further
maturities of US$377 million are also due.  These are expected to
be repaid from current liquidity, but this will be dependent on
the company's ability to meet its capital commitments of US$2.7
billion (as at 9M11) through future finance leases.  Assuming
planned finance leasing of aircraft, free cash flow generation is
expected to be positive over the medium-term, although net debt
will increase given these finance leases.

The rating actions are as follows:

  -- Foreign currency Long-term IDR affirmed at 'BB+'; Stable
     Outlook

  -- Foreign currency Short-term IDR affirmed at 'B'

  -- Foreign currency senior unsecured rating affirmed at 'BB+'

  -- Local currency Long-term IDR affirmed at 'BB+'; Stable
     Outlook

  -- Local currency Short-term IDR affirmed at 'B'

  -- Local currency senior unsecured rating affirmed at 'BB+'

  -- National Long-term rating affirmed at 'AA(rus)'; Stable
     Outlook

  -- National Short-term rating affirmed at 'F1+(rus)'

  -- National senior unsecured rating affirmed at 'AA(rus)'


GAZPROMBANK: Moody's Issues Summary Credit Opinion
--------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Gazprombank and includes certain regulatory disclosures regarding
its ratings. The release does not constitute any change in
Moody's ratings or rating rationale for Gazprombank.

Moody's current ratings on Gazprombank are:

Senior Unsecured (domestic and foreign currency) ratings of Baa3

Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa3

Long Term Bank Deposits (domestic and foreign currency) ratings
of Baa3

Bank Financial Strength ratings of E+

Short Term Bank Deposits (foreign currency) ratings of P-3

BACKED Senior Unsecured (foreign currency) ratings of Baa3

Rating Rationale

Moody's assigns a standalone bank financial strength rating
(BFSR) of E+ (positive outlook) to Gazprombank (GPB), which maps
to B1 on the long-term scale. GPB is Russia's third largest bank
and was originally set up to facilitate financial operations of
its strategic shareholder - state-controlled OJSC Gazprom
("Gazprom", Baa1 foreign currency issuer rating), the world's
largest integrated gas company and the most strategic company of
the Russian Federation. However, Moody's notes positive as well
as negative rating implications as regards (i) GPB's position as
one of the country's largest banks, (ii) its strong involvement
in servicing strategic industries for the Russian Federation and
(iii) its strong links with both Gazprom and the Russian State.

The E+ BFSR is constrained by potential corporate governance
weaknesses which may result in GPB fulfilling economic objectives
for Gazprom, the state authorities and certain business groups.
GPB has been involved in (i) financing projects and undertaking
acquisitions for Gazprom (especially in the past), (ii)
supporting the banking sector and the real economy in times of
crisis, (iii) bailing out troubled strategic companies, (iv)
supporting the interbank market, and (v) providing finance for
acquisitions, among other things.

Furthermore, the bank is quite active in private equity projects
to facilitate restructuring of ownership in the real economy and
provision of financing to such entities in order to support their
activities. Several deals are concluded based on GPB's appetite
for these risks; however, in Moody's view, GPB's policy role and
its niche in servicing interests of certain business groups is
also a relevant component. GPB's decision-making process can
potentially be overridden by either the shareholder or the state,
due to the current shareholder structure, the level of corporate
governance in the bank and the extent of institutional
developments in Russia, thus also exposing the bank to political
risk.

GPB's credit risk in fulfilling its policy role is partially
mitigated by (i) state backing for state-related transactions
(through state guarantees or state funding), (ii) the strategic
nature of these projects, which eventually will continue to
operate as going concerns; and/or (iii) collateral. However,
occasionally, market risk from these operations can be
significant and could erode GPB's capital base, even if these
private equity projects are substituted by acquisition finance
(e.g. negative valuation). In addition, these investments lock in
capital, exert pressure on stable income generation and result in
an inability to reach full stable earnings capacity - albeit to a
lesser extent than in the past given a conversion of significant
portion of these investments into acquisition loans as well as
disposal of a portion of such investments.

In general, GPB's market-risk appetite is higher than average -
albeit lower than the previously high levels - which has resulted
in significant one-off losses from its derivatives positions. In
addition, similar to other Commonwealth of Independent States
(CIS) banks, GPB has high single-name and sectoral concentrations
on both sides of its balance sheet. Although it has achieved
significant scale to capitalize on its own brand, in Moody's
view, GPB's franchise distribution remains partly dependent on
links with the shareholder and the state, both of which
facilitate access to the country's major franchises.

GPB's capitalization is adequate, although Tier 1 capitalization
remains moderate (albeit improved) after incurring significant
market losses from securities and derivatives positions in H2
2008, when it had to increase leverage to hedge against further
losses. However, the pressure on capitalization is mitigated by
the sound credit quality of its largest borrowers. GPB's
capitalization is improving, but its recovery depends
significantly on the crystallization of credit risks from the
financing of disposals of some investments. If this occurs, GPB
would have to increase its exposure to market risk, which could
lead to further volatility of the capital base. The increase in
Tier 1 as a proportion of total capital (including from possible
conversion of subordinated loans into Tier 1 capital) could be
beneficial for capital quality.

At the same time, GPB's status as a Gazprom and state-related
institution confers strong franchise value (one of the best in
Russia) - servicing the country's leading companies, (i.e., those
in the cash-rich natural resources sector, including its largest
shareholder). GPB's importance to the shareholder and state,
combined with its strong brand name, confers better-than-average
access to relatively prolific liquidity and funding through
customer funds and direct financing from other state banks and/or
the Central Bank of Russia (CBR), in case of need.

The nature of GPB's franchise, together with its historically
low-risk appetite in the construction and small and medium-sized
enterprise (SME) sectors, ensures better-than-average asset
quality in its loan book compared with asset quality across the
banking system. At the same time, plans to increase the share of
investment loans to over 35% of the corporate loan book by 2015
(from 28% at end-H1 2011) could increase risks (e.g., greater
sensitivity to business cycles), although these loans are usually
of a strategic nature. Access to cheaper-than-average funding,
with relatively good pricing power, enables GPB to attain stable
net interest margins, while servicing leading companies enables
it to achieve strong and stable fee and commission income, as
well as economies of scale.

The bank's Baa3 global local currency (GLC) deposit rating
incorporates (i) the B1 standalone credit strength, mapped from
the E+ BFSR; (ii) Moody's assessment of a moderate probability of
support from Gazprom in the event of need, based on GPB's
importance to Gazprom's operations; and (iii) the very high
probability of support from Russian authorities, given its
importance to the economy and the banking system as a whole (as
the third-largest bank in Russia servicing the country's leading
companies) and GPB's effective ultimate control by the Russian
authorities.

At the same time, although capitalization is currently adequate,
future capitalization sources are unclear because Gazprom
requires resources to accomplish its own investment programs and
lacks willingness to capitalize its non-core asset (like GPB).
The uncertainty over future capitalization sources from Gazprom
could potentially jeopardize parental support assumptions. State
support is more likely to be the first layer of support, in case
of need. The bank's Aaa.ru National Scale Rating reflects its
credit standing relative to Russian peers.

Rating Outlook

The outlook on the bank's E+ BFSR is positive, while long-term
global scale ratings carry a stable outlook.

What Could Change the Rating - Up

Moody's notes a high probability of an upgrade of the bank's
BFSR's over the medium term as reflected in the positive outlook
on E+ BFSR, and could be driven by improvements in Gazprombank's
total capitalization. Quality of capital should improve on a
consistent basis, as a result of: (i) continuing strong income
generation and (ii) improvement in asset quality as reflected in
decrease in provisions. The positive outlook also incorporates
Moody's expectations of an improved track record of capital
management and the bank's ability to maintain adequate capital
positions against unexpected losses from credit and market risks.
Sustainability of reduced market risk appetite - with no
significant rise in credit risks and evidence of improvement in
asset quality - is also likely to lead to an upgrade of
Gazprombank's BFSR to the D- level. The long-term rating could be
upgraded as a result of increased strategic importance to the
state.

What Could Change the Rating - Down

The BFSR is unlikely to be downgraded. However, the standalone
credit strength could be negatively affected by deterioration in
GPB's asset quality or losses from its strategic investments (or
acquisition finance loans) which significantly impair Tier 1
capital. In addition, the standalone credit strength could be
negatively affected by an increased appetite to the acquisition
of higher-risk assets, which could impair GPB's flexibility of
capital and liquidity, and by increased activity in acquisition
and project finance.

Given the strong dependence of GPB's deposit ratings on implicit
support from Gazprom and the government, any material change in
the bank's control or its importance to the group/the economy,
resulting in a reduction of Moody's support assessment, would be
likely to have negative rating implications. Moody's notes
concerns about the diminishing capability and willingness of the
major shareholder to capitalize the bank, and this could
potentially lead to reassessment of parental support assumptions.

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007.


METALLOINVEST JSC: Fitch Affirms 'BB-' Senior Unsecured Rating
--------------------------------------------------------------
Fitch Ratings has affirmed JSC Holding Company Metalloinvest's
foreign and local currency Long-Term Issuer Default Ratings (IDR)
and foreign currency senior unsecured rating at 'BB-'and National
Long-Term Rating at 'A+'(rus).  The Outlooks on the Long-term
ratings are Stable.

The affirmations follow the launch of Metalloinvest's
RUB50 billion bond issue program in Q112.

Metalloinvest has already placed RUB15 billion of its RUB50
billion ten-year bond issue program on March 19, 2012, with
RUB10bn to be placed on March 22, 2012.  The ruble bond issues
have three-year put option and unlike the US$750 million
Eurobonds issued in 2011, have no corporate guarantees from the
Metalloinvest's operating companies, which could imply weaker
comfort for ruble bondholders.  Most of the ruble bonds proceeds
will be used to refinance Metalloinvest's existing debt.

Metalloinvest is one of the largest metals and mining company in
Russia, primarily engaged in iron ore mining and processing and
focused on further increase of high value added products
contribution.  The company has a strong position on the global
production cost curve, which results in strong operating margins
and cash flows throughout the cycle.  Fitch expects Metalloinvest
to maintain the ability to generate sufficient operational cash
flow and positive free cash flow given adequate cost control and
capex.


TINKOFF CREDIT: Fitch Affirms 'B' Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has affirmed Tinkoff Credit Systems' (TCS) Long-
term foreign currency Issuer Default Rating (IDR) at 'B' and
revised the Outlook to Positive from Stable.  At the same time,
TCS's National Long-Term Rating has been upgraded to 'BBB+(rus)'
from 'BBB(rus)' with a Positive Outlook.

The revision of the Outlook to Positive reflects Fitch's opinion
about the consistent development of TCS's business, its greater
track record of attracting wholesale funding and managing
liquidity, strong profitability and slightly improved
capitalization.

TCS's credit card receivables almost doubled from a low base in
2011. However, the franchise is still relatively small and
concentrated by sales channels mainly represented by internet and
direct mailing, while the retail book is characterized by a
rather high attrition rate.  Fitch believes that the next big
challenge for TCS will be to materially expand the franchise,
which may require finding alternative distribution channels,
while maintaining reasonable customer acquisition costs.  If
successful and other risks remain manageable, the bank's ratings
could be upgraded to 'B+'.  However, if the business stagnates
and/or liquidity or asset quality risks intensify, the Outlook
may be revised back to Stable.

TCS's currently high profitability (return on average assets of
10.1% in 2011) may come under pressure, because customer
acquisition costs may grow, and TCS may lower interest rates to
retain better-quality clients.  Offsetting this to an extent is
the company's capacity to realise some economies of scale.
Anyway TCS's ultimate performance will depend on its ability to
solicit underbanked customers in a way that allows it to avoid
direct competition with mainstream banks.  There is a remote risk
that any strengthening of the legal framework nationally aimed at
giving retail borrowers greater protection, could have an impact
on TCS's yields and business.

TCS's credit risk is high due to its focus on the low mass market
segment, albeit well managed on a risk-return basis.  The credit
quality worsened somewhat in 2011, with annual loss rate of about
10%, although this is well covered by the wide margin (42% in
2011) and low fixed costs.

Retail deposits accounted for 44% funding at end-2011 and are
primarily collected online.  These are expensive, price-sensitive
and could become flighty in a stressed environment, although the
bank has significant room to increase the rates if necessary to
retain clients.  As a mitigant, 70% of deposits are covered by
the Deposit Insurance Agency.

Refinancing risk is moderate with only RUB1.5bn bonds (6% of end-
2011 liabilities) coming due in August 2012.  Repayments are
concentrated towards September-December 2013 with RUB4.8bn (18%
of liabilities) needing to be refinanced.  To limit potential
refinancing risk TCS has to issue debt regularly and hence is
sensitive to investor sentiment, especially for Russian consumer
lenders.

As market liquidity tensed since September 2011, TCS accumulated
a significant liquidity cushion equal to 18% of total assets at
end-2011. However, as liquidity concerns eased somewhat, this may
gradually be used to fund new loan issuance. Positively, the cash
generation capacity of receivables, at least in a short
timeframe, is relatively strong.  Consequently, the bank received
about RUB3bn repayments a month (11% of outstanding receivables)
in January-February 2012.  However, the ability to deleverage at
this pace for a prolonged period of time is less certain.

The Basel I capital ratio improved to 15.6% at end-2011 on the
back of strong internal capital generation which outpaced the
rapid growth.  Capitalization remains rather modest given the
high credit risk and potential changes in performance and
leverage.

TCS is the first and currently only credit card monoline company
in Russia, established in 2006 by Russian businessman Oleg
Tinkov.  A 29% stake was subsequently sold to Goldman Sachs and
Scandinavian private equity fund Vostok-Nafta.  Following rapid
growth in 2011, the bank had a market share of approximately 6%
of credit card receivables at year end.

The rating actions are as follows:

  -- Long-term foreign currency IDR: affirmed at 'B'; Outlook
     revised to Positive from Stable
  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     revised to Positive from Stable
  -- Short-term IDR: affirmed at 'B'
  -- Viability Rating: affirmed at 'b'
  -- Support Rating: affirmed at '5'
  -- Support Rating Floor: affirmed at 'No Floor'
  -- Senior Unsecured Debt: affirmed at 'B'; Recovery Rating
     'RR4'
  -- National Long-term Rating: upgraded to 'BBB+(rus)' from
     'BBB(rus)'; Outlook Positive


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


SANTANDER EMPRESAS: DBRS Assigns 'B' Rating on Series B Notes
-------------------------------------------------------------
DBRS Ratings Limited has assigned final ratings to the notes
issued by F.T.A. SANTANDER EMPRESAS 11, as follows:

* EUR2,120 million Series A Notes: AA (sf)
* EUR530 million Series B Notes: B (sf)
* EUR742 million Series C Notes: C (sf)

The transaction is a cash flow securitization collateralized by a
portfolio of bank loans and credit lines originated by Banco
Santander, S.A. to Spanish corporates and small-and medium-sized
enterprises ("SMEs"). As of March 13, 2012, the transaction's
final portfolio included 8,608 loans granted to 8,041 borrowers
with a notional amount of EUR2,650 million.

These ratings are based upon DBRS's review of the following
analytical considerations:

- Transaction structure, the form and sufficiency of available
credit enhancement.

- Credit enhancement is in the form of subordination, through
the Reserve Fund and excess spread. The current credit
enhancement level of 48% is sufficient to support the AA (sf)
rating for the Series A Notes, and the current credit enhancement
level of 28% is sufficient to support the B (sf) rating for the
Series B Notes.

- The Series C Notes have been issued for the purpose of funding
the Cash Reserve Fund. The Reserve Fund has been initially set at
28% of the aggregate balance of the Series A and Series B Notes,
or EUR742 million. The Reserve Fund is available to cover
shortfalls in the senior expenses, interest and principal
throughout the life of the Notes.

- The Reserve Fund can amortize after the first two years if
certain Conditions -- relating to the performance of the
portfolio and deleveraging of the transaction -- are met.

- The portfolio is composed of mainly unsecured credit lines and
term loans. The credit lines represent 67.3% of the final
portfolio's outstanding balance. The total exposure to the credit
lines could increase by a further EUR729 million if the borrowers
draw on the credit lines to their maximum limits. This could
potentially result in an increase of the portfolio to a maximum
of EUR3,379 million and result in a dilution of the credit
enhancement available to support the Series A and Series B.
This risk was taken into consideration in the DBRS analysis.

- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the approved terms.
For this transaction, the rating of the Series A Notes addresses
the timely payments of interest, as defined in the transaction
documents, and the timely payments of principal on each Payment
Date during the transaction, and, in any case, at their Legal
Final Maturities on February 16, 2045. The rating of the Series B
Notes addresses the ultimate payment of interest, as defined in
the transaction documents, and the ultimate payment of principal
on each Payment Date during the transaction, and, in any case, at
their Legal Final Maturities on February 16, 2045. Interest
and principal payments on the Notes will be made quarterly,
generally on the 16th day of February, May, August and November,
with the first payment date on May 16, 2012.

- The transaction parties' financial strength and capabilities
to perform their respective duties, and the quality of
origination, underwriting and servicing practices.

- Soundness of the legal structure and presence of legal
opinions which address the true sale of the assets to the trust
and the non-consolidation of the special purpose vehicle, as well
as the consistency with the DBRS Legal Criteria for European
Structured Finance Transactions.

- The rating of the Series C Notes is based upon DBRS's review
of the following considerations:

   * The Series C Notes are in the first loss position.

   * As such, the Series C Notes are highly likely to default.

   * Under the transaction documents the payments on the Series C
notes can be deferred during the life of the transaction.
Therefore, the default most likely would occur at the
maturity of the transaction.

DBRS determined key inputs used in its analysis based on
historical performance data provided for the originator and
servicer as well as analysis of the current economic environment.

The principal methodology is Master European Granular Corporate
Securitisations (SME CLOs), which can be found on www.dbrs.com.

The sources of information used for this rating include F.T.A.
SANTANDER EMPRESAS 11, Santander de Titulizacion, S.G.F.T., S.A.
and Banco Santander, S.A. DBRS considers the information
available to it for the purposes of providing this rating was of
satisfactory quality.


===========
T U R K E Y
===========


* TOPLU KONUT: Moody's Issues Annual Credit Report
--------------------------------------------------
In its annual report on the Turkish housing administration, TOKI,
Moody's Investors Service says the Ba2 (global scale, local and
foreign currency) and A3.tr (Turkey national scale) issuer
ratings reflect the company's close linkages with the Turkish
government, given its role in executing its housing and
urbanisation policies. The outlook on TOKI's Ba2 rating is
positive, in line with the outlook on Turkey's sovereign rating.

Moody's notes that TOKI's ratings are also supported by its solid
sales performance, its positive financial results, which have
benefitted from substantial asset expansion, and its limited
financial debt, which reflects its robust self-financing
capacity. Going forward, Moody's is confident that TOKI will
effectively manage the execution of its large investment program
without significantly stressing its finances, given a stable
legal framework and continued support and oversight by the
central government.Greater sales in both its social housing (85%
of TOKI's revenue) and commercial activities (15%) largely
reflect a higher number of land plots allocated to TOKI by the
government for new social housing development. This sales growth
has supported an increase in revenue to around TL6.2 billion in
FY 2010 from TL1.1 billion in 2005, which combined with more
limited growth in operating costs has led to a operating surplus
of 46% of revenue.

Moody's notes that at FYE 2010, TOKI's financial debt was TL1.5
billion, which is equivalent to 0.2x revenues and 5% of assets.
This is low when compared with its international peers and
reflects TOKI's good self-financing capacity to date. Moreover,
according to management's forecasts, financial debt is expected
to remain stable despite TOKI's ambitious development plans.

TOKI is a not-for-profit public sector entity that operates under
a mandate from the central government and the direction of the
prime minister's office. TOKI's ratings are underpinned by its
public sector status and its strategic role in executing the
government's housing policies. Its management practices are
oriented towards improving operational efficiency, albeit within
limits and principles embedded in its social role, and has thus
far adequately managed operational risks associated with its
development-for-sale model.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated
by a ".nn" country modifier signifying the relevant country, as
in ".tr" for Turkey.


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


ALBA GROUP: Moody's Issues Summary Credit Opinion
-------------------------------------------------
Moody's Investors Service issued a summary credit opinion on ALBA
Group plc & Co. KG and includes certain regulatory disclosures
regarding its ratings. The release does not constitute any change
in Moody's ratings or rating rationale for ALBA Group.

Moody's current ratings on ALBA Group are:

LT Corporate Family Rating (domestic currency) of B1

Senior Unsecured (domestic currency) rating of B3

LGD Senior Unsecured (domestic currency) rating of LGD5-84%

Probability of Default rating of B1

Ratings Rationale

The B1 corporate family rating (CFR) recognizes ALBA Group's long
track record of operations and well-established position as one
of the leading waste and recycling operators in Eastern Germany
but also its increasing presence in other parts of Europe. The
rating also reflects the group's diverse operations across the
whole value chain of waste management and recycling activities,
which limits its reliance on any particular market or business
line.

At the same time, the rating reflects the competitive nature of
the markets in which ALBA Group operates, its limited scale and
the group's high financial leverage (initially calculated by
Moody's at around 4.6x on a debt/EBITDA basis, although expected
to decrease as required by bank covenants). The group's credit
quality is further constrained by the ALBA Group's structurally
low margin, in particular in the case of the low value added
steel and metals trading business, as well as the cyclicality of
its key markets.

The B3 rating assigned to the notes reflects the fact that they
rank pari passu with the senior secured bank facilities (term
loans and RCF) but they do not benefit from the same security
package.

The current stable outlook reflects Moody's view that (i) ALBA
Group's capital structure is reasonably resilient to downside
sensitivities, (ii) the group should generate sufficient free
cash flow to support its debt service, and (iii) the group will
maintain an adequate liquidity profile.

Upward pressure on the rating would require ALBA Group to (i)
achieve solid cash flow generation on a sustainable basis so that
leverage trends consistently below 3.0x and (ii) maintain a
record of managing the working capital needs of the consolidated
ALBA Group.

Downward rating pressure could develop if the group was not able
to demonstrate a trajectory of deleveraging below 4.5x on a net
debt to EBITDA basis in the short term and/or liquidity concerns
arise.

ALBA Group'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 ALBA Group's core industry
and believes ALBA Group's ratings are comparable to those of
other issuers with similar credit risk. Other methodologies used
include Loss Given Default for Speculative Grade Issuers in the
US, Canada, and EMEA published June 2009.


CLAVIS SECURITIES: S&P Lowers Rating on Class B2a Notes to 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Clavis Securities
PLC's series 2006-01 class M1a, M1b, M2a, B1a, B1b, and B2a
notes, and series 2007-01 class AZa, M1a, M1b, M2a, M2b, B1a,
B1b, and B2a notes. "At the same time, we have affirmed and
removed from CreditWatch negative our ratings on the class A3a
and A3b notes in both series," S&P said.

"The rating actions follow our credit and cash flow analysis of
the most recent transaction information that we have received
(November 2011). Our analysis reflects our recently published
U.K. residential mortgage-backed securities (RMBS) criteria, and
other relevant criteria," S&P said.

                        SERIES 2006-01

Credit enhancement is increasing only at a marginal rate, as the
transaction is paying pro rata and the reserve fund has amortized
to its floor.

"If 90+ day arrears increase above 17% or the current note
balance is less than 10% of the initial note balance, then the
transaction will pay sequentially. Current 90+ day arrears only
increased by 0.08% over the past 12 months to 12.15% so we do not
expect 90+ day arrears to increase above 17% over the next couple
of years. The percentage of interest-only loans has increased to
86.96%. Therefore we would expect the pool to amortize at a slow
rate, which, together with our expectation of continued low
prepayments, in our opinion will result in a slowdown in the
deleveraging of the transaction. As a result of this, although
the current note balance is 16% of the initial note balance, we
do not expect the note balance to reduce below 10% over the next
year. Therefore, we do not expect the deal to pay sequentially in
the near future and our cash flow analysis takes account of
this," S&P said.

There have been no draws on the liquidity facility over the life
of the transaction and it is currently amortizing.

                         SERIES 2007-01

The reserve fund is fully funded and cannot amortize as
cumulative foreclosures are greater than 2.35% (currently 3.43%).
There have been no draws on the liquidity facility over the life
of the transaction and it is currently amortizing.

"Credit enhancement is increasing at a marginal rate, as the
transaction is paying pro rata. However, if 90+ day arrears
increase above 17%, the deal will pay sequentially, which will
increase credit enhancement for the senior notes. Over the past
12 months, 90+ day arrears increased by 1.91%, to 15.67%.
Therefore, we have considered the likelihood of the transaction
paying sequentially in our cash flow analysis. This, combined
with higher arrears, means the impact of our cash flow stresses
on the junior notes is more significant in this series than for
series 2006-01," S&P said.

          APPLICATION OF OUR UPDATED U.K. RMBS CRITERIA

"After applying our updated U.K. RMBS criteria to series 2006-01,
our credit analysis results show an increase in the weighted-
average foreclosure frequency (WAFF) for all rating levels (with
the exception of 'AAA') and an increase in the weighted-average
loss severity (WALS) for each rating level. For series 2007-01,
the results of our credit analysis show a decrease in the WAFF
for all rating levels above 'BB' and an increase in the WALS for
each rating level. The change in the WALS is mainly due to the
application of our market value decline assumptions. The combined
result is an increase in the required credit coverage for each
rating level for both series," S&P said.

"Under our updated U.K. RMBS criteria, we model varying recession
timings, with the furthest recession timing starting at the end
of the third year. Our scenario with the recession starting in
month 37 is the most stressful scenario in our analysis, as the
liquidity facility amortizes to its floor before defaults are
applied. This means that there is insufficient liquidity in the
transaction for all classes of notes (with the exception of the
class A3a and A3b notes) to maintain their current ratings,
according to our cash flow analysis. The results from this
scenario are the main factor in our rating decision," S&P said.

"The application of our updated U.K. RMBS criteria has therefore
led us to lower and remove from CreditWatch negative our ratings
on the series 2006-01 class M1a, M1b, M2a, B1a, B1b, and B2a
notes, and series 2007-01 class AZa, M1a, M1b, M2a, M2b, B1a,
B1b, and B2a notes," S&P said.

"The class A3a and A3b notes in both series pass our cash flow
scenarios at a higher rating level after the application of our
updated U.K. RMBS criteria. However, we do not consider the
guaranteed investment contract (GIC) documentation and liquidity
facility documentation to be in line with our 2010 counterparty
criteria. Under our 2010 counterparty criteria, the highest
potential rating on the notes is the long-term issuer credit
rating on the GIC and liquidity facility provider, Danske Bank
A/S (A/Negative/A-1). We have therefore affirmed and removed from
CreditWatch negative our ratings on the class A3a and A3b notes,"
S&P said.

"In addition to our standard cash flow runs, we also consider
credit stability in our analysis, to determine whether or not an
issuer or security has a high likelihood of experiencing adverse
changes in the credit quality of its pool when moderate stresses
are applied," S&P said.

"For these transactions, we adjusted the WAFF assumptions by
projecting the arrears level for two scenarios based on the
transaction's historical performance. Our results from this
analysis show that the maximum projected deterioration--under
moderate stress conditions that we associate with each rating
level for time horizons of one year and three years--comply with
our credit stability," S&P said.

Clavis Securities' series 2006-01 and series 2007-01 are U.K.
RMBS transactions backed by residential mortgages originated by
GMAC Residential Funding Co. LLC.

             STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

          http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class                Rating
            To                  From

Clavis Securities PLC
EUR333.25 Million and GBP371.35 Million Mortgage-Backed Floating-
Rate Notes Series 2006-01

Ratings Affirmed and Removed From CreditWatch Negative

A3a         A (sf)              A (sf)/Watch Neg
A3b         A (sf)              A (sf)/Watch Neg

Ratings Lowered and Removed From CreditWatch Negative

M1a         BBB- (sf)           A (sf)/Watch Neg
M1b         BBB- (sf)           A (sf)/Watch Neg
M2a         BB (sf)             A (sf)/Watch Neg
B1a         B+ (sf)             BBB+ (sf)/Watch Neg
B1b         B+ (sf)             BBB+ (sf)/Watch Neg
B2a         B- (sf)             BB+ (sf)/Watch Neg

Clavis Securities PLC
EUR314.6 Million and GBP338.9 Million Mortgage-Backed Floating-
Rate Notes Series 2007-01

Ratings Affirmed and Removed From CreditWatch Negative

A3a         A (sf)              A (sf)/Watch Neg
A3b         A (sf)              A (sf)/Watch Neg

Ratings Lowered and Removed From CreditWatch Negative

AZa         BBB+ (sf)           A (sf)/Watch Neg
M1a         BBB- (sf)           A (sf)/Watch Neg
M1b         BBB- (sf)           A (sf)/Watch Neg
M2a         BB- (sf)            A (sf)/Watch Neg
M2b         BB- (sf)            A (sf)/Watch Neg
B1a         B (sf)              BBB (sf)/Watch Neg
B1b         B (sf)              BBB (sf)/Watch Neg
B2a         B- (sf)             BB (sf)/Watch Neg


GAME GROUP: Set to Go Into Administration Today
-----------------------------------------------
Graham Ruddick and James Quinn at The Telegraph report that Game
Group is to be placed into administration today as talks between
suppliers and lenders continue about the future of the
beleaguered company.

Accountancy giant PricewaterhouseCoopers is to be formally
appointed as administrator, the Telegraph discloses.  The
company's six lenders, led by Royal Bank of Scotland, are
understood to remain hopeful that some form of a rescue deal may
be reached for the 600-shop chain, the Telegraph notes.

It is understood that talks are currently focused on a slimmed-
down version of Game Group being sold to either OpCapita or
GameStop, with the rest of the shops being placed into a company
voluntary arrangement, the Telegraph states.

Another option is that Game Group will be broken up, with a fire
sale of shops to the highest bidders, according to the Telegraph.
Hilco, the restructuring specialist, is thought to be interested
in some of Game Group's international assets, the Telegraph says.

According to BreakingNews.ie, the Sunday Times said that the
consortium of existing banks led by state-backed Royal Bank of
Scotland is among three potential bidders.

PwC, BreakingNews.ie says, is likely to announce the closure of
loss-making stores within the 600-strong store estate, triggering
job losses among the 6,000-strong UK workforce, before selling a
profitable "phoenix" company.

The RBS-led consortium is expected to roll the existing debt of
about GBP85 million (EUR101.76 million) into the new company,
BreakingNews.ie discloses.

Game Group has a GBP12 million (EUR14.37 million) wage bill due
this weekend, although PwC is expected to honor any wages owed,
BreakingNews.ie notes.

There is also GBP10 million (EUR11.97 million) in VAT and
GBP40 million (EUR47.88 million) owed to suppliers,
BreakingNews.ie states.

As reported by the Troubled Company Reporter-Europe on March 23,
2012, The Financial Times related that after requesting a
suspension of trading in its shares before the London Stock
Exchange opened on Wednesday, Game Group later said it had filed
a notice of intention to appoint an administrator.  "Further to
the announcement of the suspension of trading in shares of GAME
Group plc, the board has concluded that its discussions with all
stakeholders and other parties have not made sufficient progress
in the time available to offer a realistic prospect for a solvent
solution for the business.  The board has therefore filed a
notice of intention to appoint an administrator.  In the short
term, the Board's intention is that the business will continue to
trade and discussions with lenders and third parties will
continue under the protection of the interim moratorium," Game
said.

Game Group is a video games retailer.


IMMEO RESIDENTIAL: S&P Withdraws 'BB+' Rating on Class D Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its credit
ratings on Immeo Residential Finance No.2 Ltd.'s class A, B, C,
and D notes, due to the redemption of the notes. At the time of
withdrawal, the class A and B notes were on CreditWatch negative.

"The scheduled maturity date of the class A, B, C, and D notes
was in December 2016. However, we have received confirmation from
Wells Fargo Trust Corporation Ltd. (the calculation and reporting
agent in this transaction), that all of the notes have been fully
repaid from the principal received under the loan. We have taken
's rating actions in this context. We had placed the ratings on
the class A and B notes on CreditWatch negative in January, in
connection with counterparty downgrades," S&P said.

The transaction closed in August 2007. The loan backing the
transaction was secured on 39,180 residential units, 153
commercial units, 7,659 car spaces, and 999 other properties in
Germany, with the highest concentration in Duisburg.


             STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

          http://standardandpoorsdisclosure-17g7.com

Class             Ratings
            To                From

Immeo Residential Finance No.2 Ltd.
GBP550 Million Commercial Mortgage-Backed Floating-Rate Notes

Ratings Withdrawn

A           NR                AA- (sf)/Watch Neg
B           NR                A+ (sf)/Watch Neg
C           NR                A- (sf)
D           NR                BB+ (sf)

NR - Not rated.


JAGUAR LAND: Moody's Rates GBP500-Mil. Senior Notes 'B1'
--------------------------------------------------------
Moody's Investors Service has assigned a B1/loss-given default
(LGD) 3 rating to Jaguar Land Rover PLC's GBP500 million worth of
senior unsecured notes due 2020. The notes are guaranteed on a
senior unsecured basis by JLR's key operating subsidiaries Jaguar
Cars Limited, Land Rover, Jaguar Land Rover North America, LLC,
Land Rover Exports Limited and Jaguar Cars Exports Limited.

Moody's current ratings on Jaguar Land Rover Plc and its
affiliates are:

Long-Term Corporate Family Ratings (domestic and foreign
currency) of B1

Probability of Default ratings of B1

Senior Unsecured (domestic and foreign currency) ratings of B1;
47 - LGD3

Tata Motors Limited

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

Ratings Rationale

JLR's B1 corporate family rating reflects: (i) its small scale as
a niche player with a currently limited product range and
materially less financial strengths than other premium car
manufacturers; (ii) the strong focus on the mature markets of
Europe and North America (together 67% of unit sales) and to some
extent offset by its exposure to the growing Chinese market (17%
of unit sales); (iii) challenges to meet the required emission
and fuel consumption levels in Europe and the US for its model
range; (iv) the expectation of a sizeable increase in capex and
research & development expenditure for the envisaged model
expansion, which will burden free cash flow generation in the
short to medium term, hence the current bond issue will support
the funding requirements of JLR ; (v) the cyclical industry with
high fixed costs; (vi) a high foreign exchange rate exposure; and
(vii) the limited track record of growth and profitability.

However, JLR's B1 corporate family rating also reflects certain
positives: (i) the company's strong brand names and design teams,
which JLR can lever for the launch of new products; (ii) a
moderate leverage of 1.6x adjusted debt/ EBITDA in FYE 2010/11
and (iii) the commitment of its sole shareholder Tata Motors to
support Jaguar Land Rover.

The rating benefits from Moody's understanding that JLR's
ultimate parent Tata Motors Limited ("TML") will continue to
support the business plan and financial standing of JLR in line
with previous practice. Although, there is no legal obligation to
back the debt of JLR, Moody's nonetheless gains some comfort from
the past when TML converted GBP1.0 billion of preference shares
(treated as debt by Moody's) in JLR into equity (ordinary
shares). The strategic importance and size of JLR relative to TML
are strong arguments in Moody's view for TML also to support JLR
in the future should such need become necessary. Moody's notes
that for the nine month period April to December 2011, JLR
generated around 70% of consolidated revenues and about 80% of
consolidated reported EBITDA and thus is of considerable
strategic importance to the group.

For the first nine month April-December 2011, JLR sold approx.
216,000 units, an increase of 22% compared to the same period in
the previous year and generated revenues of nearly GBP9.4 billion
(+31% yoy). Reported profit before tax increased by 20% to GBP976
million over the nine month period 2011 compared with the same
period 2010.

The stable outlook incorporates Moody's expectation that (i) JLR
will be able to successfully execute its product and geographic
expansion plan and; (ii) JLR receives the respective consumer's
acceptance of its products; (iii) negative free cash flow will be
less than GBP500 million p.a. for the next two years (which is
more negative than JLR's expectation) and resulting in a only
moderate increase in debt levels and financial leverage compared
to FY2011 with adjusted Debt/EBITDA anticipated to remain below
2.5x.

What Could Change the Rating UP/Down

The rating could come under pressure if JLR's negative free cash
flow exceeded GBP500 million p.a. for the next two years with a
deterioration of leverage to above 2.5x gross adjusted debt/
EBITDA on a sustainable basis.

Upward pressure could result if JLR was able to maintain a gross
adjusted debt/ EBITDA ratio below 2.0x and was able to generate
positive free cash flows on a sustainable basis.

JLR has a good liquidity profile over the next 12 months. As of
December 31, 2011 the company reported available cash and cash
equivalents of around GBP1.7 billion. Together with its undrawn
committed revolving credit facilities of GBP610 million and the
anticipated funds generated from operations this should be
sufficient to cover the next 12 months expected cash uses
including capex, debt maturities, cash for day-to-day operations
and working capital needs.

The principal methodology used in rating Jaguar Land Rover Plc
was the Global Automobile Manufacture Industry Methodology,
published June 2011. Other methodologies used include Loss Given
Default for Speculative Grade Issuers in the US, Canada, and
EMEA, published June 2009.

Jaguar Land Rover, domiciled in Coventry, UK is a manufacturer of
passenger cars under the Jaguar and Land Rover brands. JLR
operates five sites in the UK, thereof three major production
facilities and two advanced design and engineering facilities. In
financial year ending (FYE) March 2011, JLR sold 243,621 units
with the large majority attributable to Land Rover and generated
revenues of approx. GBP9.9 billion. In terms of geographic
diversification in the first nine months ended December 31, 2011,
the company generates the majority of volumes in Europe (42% of
unit sales), North America (19%) and China (17%).


JAGUAR LAND: Fitch Rates New Senior Unsecured Notes at 'BB-'
--------------------------------------------------------------
Fitch Ratings has assigned Jaguar Land Rover PLC's (JLR) proposed
senior unsecured notes issue a 'BB-(exp)' expected rating.  The
final rating is contingent upon the receipt of final documents
conforming to information already received.  The notes are
expected to rank equally with JLR's outstanding US$820 million
and GBP500 million senior unsecured notes, which have also been
affirmed at 'BB-' Fitch has also affirmed JLR's and its India-
based parent's -- Tata Motors Ltd (TML) -- Foreign Currency
Issuer Default Ratings (IDRs) at 'BB' and 'BB-', respectively,
both with a Stable Outlook.

Using the top-down approach under its "Parent and Subsidiary
Rating Linkage Criteria", Fitch continues to rate JLR at a notch
below TML's rating to reflect strong linkages between the two
entities and JLR's strategic importance to TML, as reflected by
its large contribution to TML's consolidated revenues and EBITDA
(around 70% and 80%, respectively, in 9MFY12), and the
direct/indirect support provided by TML since the acquisition in
FY09.

JLR's ratings factor in strong revenue growth of 31% yoy to
GBP9,386.9 million and high operating profitability of 16.8%
(9MFY11: 16.5%) in the nine months ended December 31, 2011
(9MFY12), driven by the high volumes of Land Rover vehicles and
increased contribution from emerging markets.  TML (standalone)
registered 15.7% yoy revenue growth to INR379,158 million in this
period, although EBITDA margins declined to 7.5% from 10.8% due
to higher input costs and pricing pressures.

On a consolidated basis, despite a significant increase in debt
in FY12 (partly attributed to JLR's notes issuances), Fitch
expects TML's leverage (net adjusted debt/operating EBITDA) to
remain below 1.6x at FYE12.  This is due to JLR's large cash
balances from internal accruals and the unused portion of its
notes issuances.  Despite higher interest costs in the year,
Fitch expects TML's FY12 coverage metrics to remain comfortable
at over 7.5x in line with its 9MFY12 performance.

TML's rating factors in a one-notch uplift for potential support
from the Tata Group.  Any weakening of linkages between the group
and TML would be negative for the rating.  Similarly, any
weakening of linkage between TML and JLR would be negative for
JLR's ratings.

Also, consolidated financial leverage (excluding TML's financial
subsidiary - Tata Motor Finance Limited) exceeding 2.0x on a
sustained basis due to reduced sales or profitability, or higher-
than-expected debt levels would be negative for TML's unsupported
rating.

Positive rating action could result from a substantial
improvement in JLR's geographic and product diversification,
together with successful product development plans.  A
significant improvement in market share in the smaller luxury
cars and SUVs segment and higher-than-expected growth in
traditional markets on a sustained basis while maintaining low
leverage would also be positive rating guidelines.

For FY11, on a consolidated basis, TML reported revenues of
INR1,231.3 billion (FY10: INR925.2 billion), an EBITDA of
INR177.8 billion (INR86.1 billion), EBITDA gross interest
coverage of 8.69x (3.85x) and a net adjusted debt/EBITDA of 1.39x
(3.37x). During the same period, JLR reported revenues of
GBP9,870.7 million (GBP6,527.2 million), an EBITDA of GBP1,465.3
million (GBP321.5 million), EBITDA gross interest coverage of
44.27x (6.07x) and a net adjusted debt/EBITDA of 0.35x (2.13x).


KEMBLE WATER: Fitch Affirms Issuer Default Rating at 'BB-'
----------------------------------------------------------
Fitch Ratings has affirmed Kemble Water Finance Limited's Issuer
Default Rating (IDR) at 'BB-' with a Stable Outlook and senior
secured rating at 'BB'.  The agency has also affirmed Thames
Water (Kemble) Finance PLC's (TWKF) GBP400 million senior secured
bond issue at 'BB', which is guaranteed by Kemble Water.
Kemble Water is a holding company of Thames Water Utilities
Limited (Thames Water), the regulated monopoly provider for water
and wastewater services in London and surrounding areas.

The ratings reflect the regulatory environment in which Thames
Water operates, its first/second quartile positions in the water
industry in terms of operational and regulatory performance, the
subordinated nature of financial obligations at the holding
company level, as well as structural enhancements included in the
documentation through covenants and security.

The bond documentation provides Kemble Water with scope to
increase consolidated leverage in terms of net debt/regulatory
asset value (RAV) up to 92.5% (dividend lock-up level).
Covenants ensure that the group's business risk does not
materially change through a limitation on acquisitions and the
requirement to retain ownership of Thames Water.  Additionally,
Kemble Water provides security over substantially all its assets,
including ownership of the corporate group above Thames Water.

Fitch expects Kemble Water to maintain gearing slightly above 90%
pension-adjusted net debt/RAV and dividend cover of around 2.5x
(both calculations under Fitch methodology).  Forecast financial
metrics are somewhat stronger than expected previously, due to
higher than assumed outturn inflation, sound cost control in
terms of operating expenditure and part of the holding company
debt being drawn on a floating rate basis (i.e. cheaper than a
longer-term fixed rate).  These metrics are comfortably within
the range that Fitch deems commensurate with Kemble Water's 'BB-'
IDR.  The senior secured ratings benefit from a one-notch uplift
for above-average recovery prospects in case of a default, in
line with Fitch's approach to rating debt instruments issued by
regulated utilities (operating and holding companies).

The rated bonds represent holding company debt, which is
structurally and contractually subordinated to debt at the
operating company level.  This risk is partially mitigated by the
stable cash flow characteristics of Thames Water and covenants
included in the TWKF bond documentation.  However, such features
cannot fully mitigate the level of subordination that is embedded
into the financing structure which is reflected in the rating.

Kemble Water has access to a committed GBP75 million revolving
credit facility that can be used to bridge short-term liquidity
needs.  However, if Thames Water faced restrictions on paying
dividends, Kemble Water's management would have to decide whether
it is appropriate to draw down this facility.

Thames Water met leakage targets and maintained stable asset
serviceability through FY10 and FY11, while many other companies
reported rather mediocre results in terms of operational and
regulatory performance due to severe winter weather.  The only
issue that was revealed by the regulator's summary of performance
for FY11 for Thames Water related to the information kept by the
company on the properties at risk of sewer flooding in its
service area.  Management is assisting with ongoing
investigations and endeavors to address the regulator's concerns.
Overall, it appears that Thames Water continues to move towards a
market leading position in the sector.


RMAC 2005-NS3: S&P Lowers Ratings on Two Note Classes to 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on RMAC 2005-NS3 PLC and RMAC 2005-NS4 PLC's notes.

"The rating actions follow our credit and cash flow analysis of
the most recent transaction information that we have received for
RMAC 2005-NS3 and RMAC 2005-NS4 (December 2011). Our analysis
reflects our recently published U.K. residential mortgage-backed
securities (RMBS) criteria, among others," S&P said.

"In these transactions, our updated credit adjustments give rise
to a lower weighted-average foreclosure frequency, but a higher
weighted-average loss severity--leading to an overall increase in
our required credit enhancement at each rating level, as per our
updated U.K. RMBS criteria," S&P said.

Rating Action on RMAC 2005 NS3:

Specifically, S&P:

-- lowered and removed from CreditWatch negative its ratings on
    the class M2 and B1 notes; and

-- said its ratings on the class A2 and M1 notes are no longer
    on CreditWatch negative for credit and cash flow reasons, but
    they remain on CreditWatch negative for counterparty
    reasons.

"The performance of the transaction has improved since the peak
in delinquencies in March 2009. Credit enhancement has increased
for all classes of notes due to the deleveraging of the
transaction. The reserve fund remains fully funded, there is
excess spread in the transaction, and total arrears, while high,
are stable," S&P said.

"Our 'AA- (sf)' ratings on the class A2a, A2c, M1a, and M1c notes
are no longer on CreditWatch negative for credit and cash flow
reasons, but we have kept them on CreditWatch negative for
counterparty reasons following the expiry of their remedy
period," S&P said.

"We have lowered and removed from CreditWatch negative our
ratings on the class M2a and M2c notes to 'BBB (sf)' following
our updated cash flow analysis," S&P said.

"Based on our credit and cash flow analysis, along with the
recent performance of the transaction, we have lowered to 'B-
(sf)' and removed from CreditWatch negative our ratings on the
class B1a and B1c notes. These tranches do not pass our 'B' cash
flow stress; however, in our view there is a low risk of default
in the near term," S&P said.

Rating Actions on RMAC 2005 NS4:

Specifically, S&P:

  -- has lowered and removed from CreditWatch negative its
     ratings on the class M2 and B1 notes; and

  -- said its ratings on the class A3 and M1 notes are no longer
     on CreditWatch negative for credit and cash flow reasons,
     but they remain on CreditWatch negative for counterparty
     reasons.

"The performance of the transaction has improved since the peak
in delinquencies in March 2009. Credit enhancement has increased
for all classes of notes due to the deleveraging of the
transaction. The reserve fund remains fully funded, excess spread
continues to build up, and 90+ day arrears, while high, are
stable," S&P said.

"Our 'AA- (sf)' ratings on the class A3 and M1 notes are no
longer on CreditWatch negative for credit and cash flow reasons,
but we have kept them on CreditWatch negative for counterparty
reasons following the expiry of their remedy period," S&P said.

"We have lowered to 'A (sf)' and removed from CreditWatch
negative our rating on the class M2 notes, following our updated
cash flow analysis," S&P said.

"We have lowered to 'B- (sf)' and removed from CreditWatch
negative our rating on the class B1 notes, based on the credit
and cash flow analysis in line with our updated U.K. RMBS
criteria. Again, this tranche does not pass our 'B' cash flow
stress, but we do not believe that there is a high risk of
default on the class B1 notes in the near term due to the fully
funded reserve fund," S&P said.

                        CREDIT STABILITY

"We also consider credit stability in our analysis, to determine
whether or not an issuer or security has a high likelihood of
experiencing adverse changes in the credit quality of its pool
when moderate stresses are applied. However, the scenarios that
we have considered under moderate stress conditions did not
result in the ratings deteriorating below the maximum projected
deterioration that we would associate with each relevant rating
level, as outlined in our credit stability criteria," S&P said.

"We expect severe arrears to remain at their current levels, as
there are a number of downside risks for nonconforming borrowers.
These include inflation, weak economic growth, high unemployment,
and fiscal tightening. On the positive side, we expect interest
rates to remain low for the foreseeable future," S&P said.

             STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

          http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class                Rating
           To                       From

RMAC 2005-NS3 PLC
GBP397.5 Million and EUR448.2 Million
Mortgage-Backed Floating-Rate Notes

Ratings Lowered and Removed From CreditWatch Negative

M2a        BBB (sf)                 A (sf)/Watch Neg
M2c        BBB (sf)                 A (sf)/Watch Neg
B1a        B- (sf)                  BB (sf)/Watch Neg
B1c        B- (sf)                  BB (sf)/Watch Neg

Ratings No Longer on CreditWatch Negative for Credit and
Cash Flow Reasons, But Remaining on CreditWatch Negative
for Counterparty Reasons

A2a        AA- (sf)/Watch Neg
A2c        AA- (sf)/Watch Neg
M1a        AA- (sf)/Watch Neg
M1c        AA- (sf)/Watch Neg

RMAC 2005-NS4 PLC
GBP280 Million, US$206 Million Mortgage-Backed
Floating-Rate Notes

Ratings Lowered and Removed From CreditWatch Negative

M2         A (sf)                   A+ (sf)/Watch Neg
B1         B- (sf)                  BB+ (sf)/Watch Neg

Ratings No Longer on CreditWatch Negative for Credit and
Cash Flow Reasons, But Remaining on CreditWatch Negative
for Counterparty Reasons

A3         AA- (sf)/Watch Neg
M1         AA- (sf)/Watch Neg


YELL GROUP: Set to Appoint Financial Restructuring Advisers
-----------------------------------------------------------
Ben Harrington at The Telegraph reports that Yell Group is poised
to appoint heavyweight banking advisers ahead of another
financial restructuring of its multi-billion pound debts.

London-listed Yell has been talking to investment banks prior to
further negotiations with lenders about relaxing banking
covenants for 2014, the Telegraph notes.

According to the Telegraph, although no formal appointment has
been made by Yell, well-placed sources said bankers from Goldman
Sachs and Greenhill are the "favorites" to advise the company on
any further restructuring.

The potential appointment of fresh advisers comes after Yell
reached a compromise agreement with lenders in December over some
of the terms of its GBP2.5 billion debt pile, the Telegraph
relates.

That agreement gave Yell more headroom within its banking
covenants until 2013, which gives the embattled company extra
time to implement a relatively new turnaround strategy, the
Telegraph state.

However, people familiar with the matter said the company is
concerned that the operation may need more headroom within its
banking covenants after 2013 and is keen to start considering new
terms earlier than expected, according to the Telegraph.

When Yell restructured the terms of some of its debt in December,
the company had to pay GBP22 million in fees to the banks in
return for the extra flexibility on its loan covenants, the
Telegraph recounts.

Yell's lenders include Royal Bank of Scotland, HSBC and Deutsche
Bank while an estimated 300 hedge funds own the rest of the
company's debt, the Telegraph discloses.

Bankers and analysts have speculated that another financial
restructuring may eventually lead to a debt-for-equity swap, the
Telegraph says.

                        About Yell Group

Headquartered in Reading, England, Yell Group plc --
http://www.yellgroup.com/-- is an international directories
business operating in the classified advertising market through
printed, online, and phone media in the U.K. and the US.  Yell
also owns 100% of TPI (renamed "Yell Publicidad"), the largest
publisher of yellow and white pages in Spain, with operations in
certain countries in Latin America.

                        *     *     *

As reported by the Troubled Company Reporter-Europe on Jan. 27,
2012, Standard & Poor's Ratings Services raised its long-term
corporate credit rating on U.K.-based classified directories
publisher Yell Group PLC to 'B-' from 'SD' (Selective Default).
The outlook is negative.  "The upgrade reflects our reassessment
of Yell's credit profile after the completion of its first subpar
debt repurchase on Jan. 19, 2012."


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


* EUROPE: Moody's Says Insurers' Capital More Resilient to Losses
-----------------------------------------------------------------
Credit insurers' capital would be more resilient to losses than
in the 2008 crisis, according to stress-test scenarios, although
there would be a diminished ability to rebound, says Moody's
Investors Service in a new Industry Outlook published on
March 22.

"While we do not know how the next credit crisis will develop,
all macro-economic indicators suggest that the probability of an
imminent severe credit crisis is increasing, especially in
Europe," explains Benjamin Serra, a Moody's analyst and author of
the report.

Credit insurers took drastic underwriting measures to cope with
the 2008-09 credit crisis, but Moody's reports that underwriting
discipline has relaxed in the industry in the past two years. The
amount of insured risks has increased and prices have gone down,
with credit insurers' resultant vulnerability to any new crisis
increasing.

"Nonetheless, the current level of risk borne by credit insurers
remains lower than pre-2008 crisis levels and our stress testing
suggests that if a crisis with the same level of default rates as
in the 2008-09 crisis were to re-occur in the near future, credit
insurers' losses would be smaller than in the previous crisis.
However, a more severe scenario, with for example a similar
increase in default rates to the one observed between 2008-09,
would still lead to a material amount of underwriting losses",
says Mr. Serra.

In addition, although capital resilience is now stronger Moody's
believes that credit insurers' ability to rebound after a crisis
has weakened since 2009. This is mainly because credit insurers'
earnings are already constrained and would be even more
constrained in the wake of a new crisis. This rebound capacity is
an important component of Moody's assessment of credit insurers'
financial strength, as a reduced ability to rebound makes credit
insurers more vulnerable to subsequent shocks.

Moody's new Industry Outlook, entitled "European Credit Insurers:
Stronger Capital Positions Offset by Reduced Ability to Rebound",
is available on http://www.moodys.com/


* BOND PRICING: For the Week March 19 to March 23, 2012
-------------------------------------------------------

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

AUSTRIA
-------
BA CREDITANSTALT        5.470    8/28/2013     EUR     73.63
ERSTE BANK              6.000     2/1/2014     EUR     72.50
ERSTE BANK              6.000    7/31/2014     EUR     68.88
IMMOFINANZ              4.250     3/8/2018     EUR      3.87
KOMMUNALKREDIT          4.440   12/20/2030     EUR     68.50
KOMMUNALKREDIT          4.900    6/23/2031     EUR     72.63
OESTER VOLKSBK          4.810    7/29/2025     EUR     57.25
OESTER VOLKSBK          4.170    7/29/2015     EUR     66.25
RAIFF CENTROBANK        8.463    7/25/2012     EUR     73.95
RAIFF CENTROBANK        9.114    7/25/2012     EUR     55.05
RAIFF CENTROBANK       11.000    5/24/2012     EUR     71.54
RAIFF CENTROBANK        9.876    1/23/2013     EUR     60.02
RAIFF CENTROBANK        7.161    7/20/2012     EUR     66.91
RAIFF CENTROBANK       10.090    7/25/2012     EUR     73.28
RAIFF CENTROBANK       10.090    7/25/2012     EUR     63.10
RAIFF CENTROBANK       11.718    7/25/2012     EUR     32.64
RAIFF CENTROBANK       11.718    7/25/2012     EUR     65.40
RAIFF CENTROBANK        7.646    1/23/2013     EUR     73.06
RAIFF CENTROBANK        7.812    7/20/2012     EUR     67.26
RAIFF CENTROBANK       10.416    7/20/2012     EUR     57.36
RAIFF CENTROBANK        5.208    7/25/2012     EUR     74.83
RAIFF CENTROBANK        7.812    7/25/2012     EUR     63.69
RAIFF CENTROBANK        7.812    7/25/2012     EUR     57.82
RAIFF ZENTRALBK         4.500    9/28/2035     EUR     67.10

BELGIUM
-------
ECONOCOM GROUP          4.000     6/1/2016     EUR     21.38
IDEAL STANDARD I       11.750     5/1/2018     EUR     60.13
IDEAL STANDARD I       11.750     5/1/2018     EUR     60.00

CYPRUS
------
CYPRUS GOVT BOND        4.750    9/30/2015     EUR     72.88
CYPRUS GOVT BOND        4.500     6/2/2016     EUR     68.25
CYPRUS GOVT BOND        5.000     6/9/2016     EUR     69.63
CYPRUS GOVT BOND        4.500    7/11/2016     EUR     67.75
CYPRUS GOVT BOND        4.500    10/9/2016     EUR     66.63
CYPRUS GOVT BOND        6.600   10/26/2016     EUR     73.25
CYPRUS GOVT BOND        4.500     1/4/2017     EUR     65.75
CYPRUS GOVT BOND        4.500    2/15/2017     EUR     65.25
CYPRUS GOVT BOND        4.500     4/2/2017     EUR     64.75
CYPRUS GOVT BOND        5.600    4/15/2017     EUR     70.97
CYPRUS GOVT BOND        4.500    9/28/2017     EUR     63.25
CYPRUS GOVT BOND        5.100    1/29/2018     EUR     64.75
CYPRUS GOVT BOND        4.750    12/2/2015     EUR     71.75
CYPRUS GOVT BOND        4.600    4/23/2018     EUR     62.25
CYPRUS GOVT BOND        4.600   10/23/2018     EUR     61.25
CYPRUS GOVT BOND        4.600    2/26/2019     EUR     60.75
CYPRUS GOVT BOND        6.100    6/24/2019     EUR     66.88
CYPRUS GOVT BOND        4.625     2/3/2020     EUR     59.90
CYPRUS GOVT BOND        6.100    4/20/2020     EUR     66.00
CYPRUS GOVT BOND        5.350     6/9/2020     EUR     62.13
CYPRUS GOVT BOND        6.500    8/25/2021     EUR     64.88
CYPRUS GOVT BOND        3.750    11/1/2015     EUR     68.16
CYPRUS GOVT BOND        6.000     6/9/2021     EUR     63.63
CYPRUS GOVT BOND        4.500     1/2/2016     EUR     70.50
CYPRUS GOVT BOND        4.500    3/30/2016     EUR     69.00
REP OF CYPRUS           4.750    2/25/2016     EUR     67.92

DENMARK
-------
FIN-DANISH IND          4.910     7/6/2021     EUR     69.25
KALMAR STRUCTRD         7.500    9/30/2013     EUR      0.01
KOMMUNEKREDIT           0.500   12/14/2020     ZAR     51.18
KOMMUNEKREDIT           0.500    2/23/2017     ZAR     69.62
KOMMUNEKREDIT           0.500    1/25/2017     ZAR     70.11

FINLAND
-------
MUNI FINANCE PLC        0.500   11/10/2021     NZD     61.73
MUNI FINANCE PLC        0.500    4/27/2018     ZAR     62.33
MUNI FINANCE PLC        0.500   12/20/2018     ZAR     59.69
MUNI FINANCE PLC        0.500   11/17/2016     ZAR     69.32
MUNI FINANCE PLC        0.500   11/25/2020     ZAR     47.88
MUNI FINANCE PLC        0.500   10/27/2016     ZAR     69.71
MUNI FINANCE PLC        0.500    4/26/2016     ZAR     73.05
MUNI FINANCE PLC        0.500    9/24/2020     CAD     69.08
MUNI FINANCE PLC        0.250    6/28/2040     CAD     20.35
MUNI FINANCE PLC        1.000    6/30/2017     ZAR     68.82
MUNI FINANCE PLC        0.500    4/26/2017     ZAR     67.85
MUNI FINANCE PLC        0.500    2/16/2017     TRY     73.36
MUNI FINANCE PLC        0.500   12/21/2016     TRY     72.46
MUNI FINANCE PLC        0.500    12/6/2016     TRY     72.97
MUNI FINANCE PLC        0.500    3/17/2025     CAD     51.30
MUNI FINANCE PLC        0.500   11/21/2018     TRY     64.80
MUNI FINANCE PLC        0.500   11/21/2018     ZAR     57.24
MUNI FINANCE PLC        0.500   12/14/2018     TRY     64.58
MUNI FINANCE PLC        0.500   12/21/2021     NZD     61.72
MUNI FINANCE PLC        0.500   10/27/2016     TRY     73.11
MUNI FINANCE PLC        0.500     2/9/2016     ZAR     74.54
MUNI FINANCE PLC        0.500   11/16/2017     TRY     68.58

FRANCE
------
AIR FRANCE-KLM          4.970     4/1/2015     EUR     11.58
ALCATEL-LUCENT          5.000     1/1/2015     EUR      3.06
ALTRAN TECHNOLOG        6.720     1/1/2015     EUR      5.43
ASSYSTEM                4.000     1/1/2017     EUR     22.17
ATOS ORIGIN SA          2.500     1/1/2016     EUR     53.83
BNP PARIBAS             2.890    5/16/2036     JPY     72.48
CAISSE CENT IMMO        7.000    5/18/2015     EUR     16.14
CAISSE CENT IMMO        7.000    5/16/2014     EUR     41.10
CAISSE CENT IMMO        7.000    9/10/2015     EUR     18.72
CALYON                  6.000    6/18/2047     EUR     33.48
CAP GEMINI SOGET        3.500     1/1/2014     EUR     39.36
CGG VERITAS             1.750     1/1/2016     EUR     29.79
CLUB MEDITERRANE        5.000     6/8/2012     EUR     16.40
CLUB MEDITERRANE        6.110    11/1/2015     EUR     19.57
CMA CGM                 8.500    4/15/2017     USD     59.00
CMA CGM                 8.500    4/15/2017     USD     64.83
CMA CGM                 8.875    4/15/2019     EUR     64.83
CMA CGM                 8.875    4/15/2019     EUR     64.43
CREDIT LOCAL FRA        3.750    5/26/2020     EUR     64.16
DEXIA CRED LOCAL        5.037     8/4/2020     EUR     70.64
DEXIA CRED LOCAL        4.500    2/25/2020     EUR     69.07
DEXIA CRED LOCAL        4.110    9/18/2018     EUR     72.82
DEXIA CRED LOCAL        4.550     4/2/2020     EUR     69.15
DEXIA MUNI AGNCY        1.000   12/23/2024     EUR     68.20
DEXIA MUNI AGNCY        4.680     3/9/2029     CAD     71.47
EURAZEO                 6.250    6/10/2014     EUR     56.76
EUROPCAR GROUPE         9.375    4/15/2018     EUR     71.72
EUROPCAR GROUPE         9.375    4/15/2018     EUR     71.88
EXANE FINANCE          18.150    5/17/2012     CHF     45.80
FAURECIA                4.500     1/1/2015     EUR     23.39
GROUPAMA SA             7.875   10/27/2039     EUR     62.25
GROUPE VIAL             2.500     1/1/2014     EUR      2.54
INGENICO                2.750     1/1/2017     EUR     45.89
MAUREL ET PROM          7.125    7/31/2015     EUR     17.74
MAUREL ET PROM          7.125    7/31/2014     EUR     18.90
NEXANS SA               4.000     1/1/2016     EUR     61.53
NEXANS SA               2.500     1/1/2019     EUR     71.30
ORPEA                   3.875     1/1/2016     EUR     44.54
PEUGEOT SA              4.450     1/1/2016     EUR     25.72
PIERRE VACANCES         4.000    10/1/2015     EUR     70.32
PUBLICIS GROUPE         3.125    7/30/2014     EUR     40.71
PUBLICIS GROUPE         1.000    1/18/2018     EUR     51.87
SOC AIR FRANCE          2.750     4/1/2020     EUR     21.02
SOCIETE GENERALE        0.500    12/6/2021     AUD     45.57
SOCIETE GENERALE        0.500     9/7/2021     AUD     46.48
SOITEC                  6.250     9/9/2014     EUR      8.80
TEM                     4.250     1/1/2015     EUR     55.06
THEOLIA                 2.700     1/1/2041     EUR      9.82

GERMANY
-------
BAYERISCHE LNDBK        5.800    7/13/2012     EUR     65.16
BAYERISCHE LNDBK        3.200    10/1/2012     EUR     40.25
BAYERISCHE LNDBK        5.500    6/29/2012     EUR     70.21
BAYERISCHE LNDBK        5.100    6/29/2012     EUR     67.26
BAYERISCHE LNDBK        6.100    6/15/2012     EUR     46.88
BHF-BANK AG             7.250    6/15/2012     EUR     75.71
BHF-BANK AG            13.200     6/8/2012     EUR     67.57
BNP EMIS-U.HANDE       10.500    3/22/2012     EUR     72.23
BNP EMIS-U.HANDE       10.250    3/22/2012     EUR     73.95
BNP EMIS-U.HANDE        8.500    3/22/2012     EUR     65.73
BNP EMIS-U.HANDE       11.500    6/21/2012     EUR     70.94
BNP EMIS-U.HANDE       11.000    6/21/2012     EUR     51.70
BNP EMIS-U.HANDE       10.500    6/21/2012     EUR     61.38
BNP EMIS-U.HANDE       10.500    6/21/2012     EUR     70.71
BNP EMIS-U.HANDE        9.250    6/21/2012     EUR     52.87
BNP EMIS-U.HANDE       10.250    6/21/2012     EUR     70.99
BNP EMIS-U.HANDE       10.000    6/21/2012     EUR     74.82
BNP EMIS-U.HANDE       10.000    6/21/2012     EUR     71.23
BNP EMIS-U.HANDE        9.500    6/21/2012     EUR     65.01
BNP EMIS-U.HANDE        9.250    6/21/2012     EUR     60.99
BNP EMIS-U.HANDE        8.500    6/21/2012     EUR     71.14
BNP EMIS-U.HANDE        8.250    6/21/2012     EUR     67.46
BNP EMIS-U.HANDE        7.750    6/21/2012     EUR     69.43
BNP EMIS-U.HANDE        7.500    6/21/2012     EUR     68.75
BNP EMIS-U.HANDE        7.250    6/21/2012     EUR     72.48
BNP EMIS-U.HANDE        6.750    6/21/2012     EUR     73.45
BNP EMIS-U.HANDE        7.000    5/24/2012     EUR     60.76
BNP EMIS-U.HANDE        5.250    5/24/2012     EUR     70.78
BNP EMIS-U.HANDE        9.000    4/26/2012     EUR     61.03
BNP EMIS-U.HANDE        6.000    4/26/2012     EUR     54.68
BNP EMIS-U.HANDE        6.000    4/26/2012     EUR     72.92
BNP EMIS-U.HANDE        5.000    4/26/2012     EUR     72.17
BNP EMIS-U.HANDE       19.000    3/22/2012     EUR      9.83
BNP EMIS-U.HANDE       15.500    3/22/2012     EUR     36.55
BNP EMIS-U.HANDE       14.250    3/22/2012     EUR     62.01
BNP EMIS-U.HANDE       13.000    3/22/2012     EUR     52.72
BNP EMIS-U.HANDE       11.250    3/22/2012     EUR     69.20
BNP EMIS-U.HANDE       10.750    3/22/2012     EUR     54.56
BNP EMIS-U.HANDE       10.750    3/22/2012     EUR     74.12
BNP EMIS-U.HANDE        9.500    3/22/2012     EUR     73.78
BNP EMIS-U.HANDE        8.500    3/22/2012     EUR     67.75
BNP EMIS-U.HANDE       10.000    7/26/2012     EUR     61.79
BNP EMIS-U.HANDE        7.750   12/31/2012     EUR     71.39
BNP EMIS-U.HANDE       10.500   12/28/2012     EUR     73.03
BNP EMIS-U.HANDE        8.500   12/28/2012     EUR     73.73
BNP EMIS-U.HANDE       10.000    7/26/2012     EUR     56.70
BNP EMIS-U.HANDE       10.000    7/26/2012     EUR     60.50
BNP EMIS-U.HANDE        9.000    7/26/2012     EUR     66.49
BNP EMIS-U.HANDE        9.000    7/26/2012     EUR     46.73
BNP EMIS-U.HANDE        9.000    7/26/2012     EUR     43.10
BNP EMIS-U.HANDE        9.000    7/26/2012     EUR     67.10
BNP EMIS-U.HANDE        9.000    7/26/2012     EUR     72.49
BNP EMIS-U.HANDE        9.000    7/26/2012     EUR     60.88
BNP EMIS-U.HANDE        7.000    7/26/2012     EUR     40.91
BNP EMIS-U.HANDE        8.000    7/26/2012     EUR     56.38
BNP EMIS-U.HANDE        8.000    7/26/2012     EUR     63.68
BNP EMIS-U.HANDE        7.000    7/26/2012     EUR     48.88
BNP EMIS-U.HANDE        7.000    7/26/2012     EUR     63.04
BNP EMIS-U.HANDE        7.000    7/26/2012     EUR     65.41
BNP EMIS-U.HANDE       19.250    6/21/2012     EUR     16.84
BNP EMIS-U.HANDE        6.500    7/26/2012     EUR     72.79
BNP EMIS-U.HANDE        6.000    7/26/2012     EUR     67.70
BNP EMIS-U.HANDE        6.000    7/26/2012     EUR     48.28
BNP EMIS-U.HANDE        6.000    7/26/2012     EUR     72.29
BNP EMIS-U.HANDE        6.000    7/26/2012     EUR     52.11
BNP EMIS-U.HANDE       13.500    6/21/2012     EUR     61.58
BNP EMIS-U.HANDE       18.250    6/21/2012     EUR     13.96
BNP EMIS-U.HANDE       16.000    6/21/2012     EUR     30.66
BNP EMIS-U.HANDE       15.500    6/21/2012     EUR     34.34
BNP EMIS-U.HANDE       14.250    6/21/2012     EUR     54.44
BNP EMIS-U.HANDE       13.750    6/21/2012     EUR     65.23
BNP EMIS-U.HANDE       10.250    6/21/2012     EUR     59.75
BNP EMIS-U.HANDE       11.750    6/21/2012     EUR     52.54
COMMERZBANK AG          7.700    9/28/2012     EUR     68.38
COMMERZBANK AG          9.000     8/3/2012     EUR     73.08
COMMERZBANK AG          8.500   10/29/2012     EUR     72.67
COMMERZBANK AG          8.000    6/22/2012     EUR     72.06
COMMERZBANK AG          8.000     6/4/2012     EUR     75.48
COMMERZBANK AG          9.000   10/29/2012     EUR     13.98
COMMERZBANK AG          9.000    10/1/2012     EUR     71.48
COMMERZBANK AG         10.000    11/5/2012     EUR     70.43
COMMERZBANK AG          7.000   12/27/2012     EUR     72.16
COMMERZBANK AG          8.000   12/27/2012     EUR     60.34
COMMERZBANK AG          8.400   12/30/2013     EUR     21.78
COMMERZBANK AG          8.000    11/5/2012     EUR     68.20
COMMERZBANK AG          8.000     5/7/2012     EUR     52.59
COMMERZBANK AG         10.800    3/30/2012     EUR     73.82
COMMERZBANK AG         10.500     7/6/2012     EUR     69.95
COMMERZBANK AG         11.500    6/22/2012     EUR     64.71
COMMERZBANK AG          8.500     8/3/2012     EUR     57.37
COMMERZBANK AG         11.500     7/6/2012     EUR     12.44
COMMERZBANK AG          5.000    3/30/2018     EUR     65.38
COMMERZBANK AG          7.250     5/7/2012     EUR     70.32
COMMERZBANK AG         12.100    4/27/2012     EUR     23.98
COMMERZBANK AG          7.250     5/7/2012     EUR     57.01
DEUTSCHE BANK AG        7.000    4/30/2012     EUR     73.40
DEUTSCHE BANK AG        6.500    3/29/2012     EUR     71.20
DEUTSCHE BANK AG        6.500    3/29/2012     EUR     66.00
DEUTSCHE BANK AG        7.000    3/29/2012     EUR     68.70
DEUTSCHE BANK AG        7.500    3/29/2012     EUR     68.20
DEUTSCHE BANK AG        7.500    3/29/2012     EUR     73.80
DEUTSCHE BANK AG        7.500    3/29/2012     EUR     62.60
DEUTSCHE BANK AG        8.000    3/29/2012     EUR     72.80
DEUTSCHE BANK AG        8.000    3/29/2012     EUR     65.10
DEUTSCHE BANK AG        9.500    3/29/2012     EUR     61.30
DEUTSCHE BANK AG        9.500    3/29/2012     EUR     65.50
DEUTSCHE BANK AG        9.500    3/29/2012     EUR     69.90
DEUTSCHE BANK AG        9.500    3/29/2012     EUR     74.30
DEUTSCHE BANK AG       10.000    3/29/2012     EUR     72.80
DEUTSCHE BANK AG       10.000    3/29/2012     EUR     63.90
DEUTSCHE BANK AG       10.000    3/29/2012     EUR     69.20
DEUTSCHE BANK AG        7.000    4/30/2012     EUR     67.60
DEUTSCHE BANK AG        7.000    4/30/2012     EUR     66.60
DEUTSCHE BANK AG        8.000    4/30/2012     EUR     65.00
DEUTSCHE BANK AG        8.000    4/30/2012     EUR     75.50
DEUTSCHE BANK AG        8.000    4/30/2012     EUR     63.40
DEUTSCHE BANK AG        8.000    4/30/2012     EUR     70.50
DEUTSCHE BANK AG       10.000    4/30/2012     EUR     61.10
DEUTSCHE BANK AG       10.000    4/30/2012     EUR     72.00
DEUTSCHE BANK AG       10.000    4/30/2012     EUR     62.60
DEUTSCHE BANK AG       10.000    4/30/2012     EUR     67.10
DEUTSCHE BANK AG        7.000    5/31/2012     EUR     63.60
DEUTSCHE BANK AG        7.000    5/31/2012     EUR     74.80
DEUTSCHE BANK AG        7.000    5/31/2012     EUR     71.90
DEUTSCHE BANK AG        8.000    5/31/2012     EUR     70.20
DEUTSCHE BANK AG        8.000    5/31/2012     EUR     61.10
DEUTSCHE BANK AG        8.000    5/31/2012     EUR     75.20
DEUTSCHE BANK AG        8.000    5/31/2012     EUR     68.50
DEUTSCHE BANK AG       10.000    5/31/2012     EUR     74.30
DEUTSCHE BANK AG       10.000    5/31/2012     EUR     58.50
DEUTSCHE BANK AG       10.000    5/31/2012     EUR     67.60
DEUTSCHE BANK AG       10.000    5/31/2012     EUR     66.10
DEUTSCHE BANK AG       10.000    5/31/2012     EUR     72.50
DEUTSCHE BANK AG        7.000    6/29/2012     EUR     62.80
DEUTSCHE BANK AG        7.000    6/29/2012     EUR     74.70
DEUTSCHE BANK AG        7.000    6/29/2012     EUR     73.80
DEUTSCHE BANK AG        8.000    6/29/2012     EUR     74.60
DEUTSCHE BANK AG        8.000    6/29/2012     EUR     60.50
DEUTSCHE BANK AG        8.000    6/29/2012     EUR     73.50
DEUTSCHE BANK AG        8.000    6/29/2012     EUR     71.10
DEUTSCHE BANK AG        8.000    6/29/2012     EUR     70.20
DEUTSCHE BANK AG       10.000    6/29/2012     EUR     72.00
DEUTSCHE BANK AG       10.000    6/29/2012     EUR     58.20
DEUTSCHE BANK AG       10.000    6/29/2012     EUR     66.40
DEUTSCHE BANK AG       10.000    6/29/2012     EUR     72.20
DEUTSCHE BANK AG       10.000    6/29/2012     EUR     68.50
DEUTSCHE BANK AG        7.000    7/31/2012     EUR     71.00
DEUTSCHE BANK AG        8.000    7/31/2012     EUR     68.60
DEUTSCHE BANK AG        8.000    7/31/2012     EUR     73.60
DEUTSCHE BANK AG       10.000    7/31/2012     EUR     66.00
DEUTSCHE BANK AG       10.000    7/31/2012     EUR     71.60
DEUTSCHE BANK AG        8.000   12/20/2012     EUR     57.80
DEUTSCHE BANK AG       15.000    2/20/2013     EUR     74.40
DEUTSCHE BK LOND        2.100    3/23/2017     EUR     44.60
DRESDNER BANK AG        5.700    7/31/2023     EUR     73.13
DZ BANK AG              6.250    9/14/2012     EUR     66.43
DZ BANK AG              5.850    9/14/2012     EUR     71.45
DZ BANK AG              5.000    9/14/2012     EUR     74.39
DZ BANK AG             15.250    7/27/2012     EUR     69.17
DZ BANK AG             15.000    7/27/2012     EUR     59.33
DZ BANK AG             12.500    7/27/2012     EUR     71.25
DZ BANK AG             12.000    7/27/2012     EUR     70.11
DZ BANK AG             11.500    7/27/2012     EUR     64.07
DZ BANK AG             11.250    7/27/2012     EUR     74.63
DZ BANK AG             10.750    7/27/2012     EUR     65.03
DZ BANK AG             10.500    7/27/2012     EUR     70.65
DZ BANK AG              9.800    7/27/2012     EUR     71.97
DZ BANK AG              8.000    7/27/2012     EUR     69.85
DZ BANK AG              8.000    7/27/2012     EUR     75.49
DZ BANK AG             12.500    7/13/2012     EUR     71.19
DZ BANK AG              8.500    7/13/2012     EUR     64.25
DZ BANK AG              8.500    7/13/2012     EUR     60.41
DZ BANK AG              8.250    7/13/2012     EUR     73.08
DZ BANK AG              7.500    7/13/2012     EUR     58.19
DZ BANK AG              7.250    7/13/2012     EUR     68.84
DZ BANK AG              7.000    7/13/2012     EUR     69.75
DZ BANK AG              5.000    7/13/2012     EUR     70.86
DZ BANK AG              7.000    7/11/2012     EUR     73.65
DZ BANK AG              6.750    7/13/2012     EUR     73.83
DZ BANK AG              3.850   12/21/2012     EUR     21.50
DZ BANK AG              5.000    3/22/2013     EUR     21.50
DZ BANK AG              8.000   10/12/2012     EUR     65.25
DZ BANK AG              5.410    3/22/2013     EUR     10.00
DZ BANK AG              5.000    6/24/2013     EUR     21.50
DZ BANK AG              5.000    3/22/2013     EUR     25.00
DZ BANK AG              5.760   12/23/2013     EUR     73.14
DZ BANK AG              3.400    3/25/2015     EUR     66.09
DZ BANK AG              5.270    6/24/2013     EUR     21.50
DZ BANK AG              0.525   12/27/2016     EUR     21.50
DZ BANK AG              5.000    6/22/2018     EUR     50.00
DZ BANK AG              5.500    3/25/2015     EUR     21.50
DZ BANK AG             13.000    6/22/2012     EUR     48.72
DZ BANK AG             12.000    6/22/2012     EUR     60.73
DZ BANK AG             16.000    6/22/2012     EUR     15.22
DZ BANK AG              7.000   10/12/2012     EUR     59.70
DZ BANK AG             11.750    6/22/2012     EUR     59.12
DZ BANK AG             11.750    6/22/2012     EUR     74.90
DZ BANK AG             11.750    6/22/2012     EUR     56.58
DZ BANK AG             11.000    6/22/2012     EUR     61.21
DZ BANK AG             11.000    6/22/2012     EUR     48.10
DZ BANK AG             10.750    6/22/2012     EUR     58.97
DZ BANK AG             11.250    6/22/2012     EUR     52.87
DZ BANK AG             10.500    6/22/2012     EUR     44.91
DZ BANK AG             10.000    6/22/2012     EUR     66.66
DZ BANK AG             16.500    4/27/2012     EUR      1.90
DZ BANK AG              7.000   10/12/2012     EUR     72.24
DZ BANK AG              8.300    10/5/2012     EUR     63.00
DZ BANK AG              5.700    10/5/2012     EUR     66.70
DZ BANK AG              4.500    10/5/2012     EUR     68.88
DZ BANK AG             10.500    9/14/2012     EUR     65.16
DZ BANK AG              8.500    9/14/2012     EUR     71.29
DZ BANK AG              8.000    9/14/2012     EUR     61.57
DZ BANK AG              7.500    9/14/2012     EUR     69.11
DZ BANK AG             10.750    6/22/2012     EUR     61.35
DZ BANK AG              7.250    6/22/2012     EUR     72.16
DZ BANK AG              6.250    6/22/2012     EUR     76.32
DZ BANK AG              5.250    6/22/2012     EUR     73.94
DZ BANK AG              4.000    6/20/2012     EUR     67.27
DZ BANK AG              8.000    6/11/2012     EUR     69.74
DZ BANK AG             11.250     6/8/2012     EUR     63.18
DZ BANK AG             10.500     6/8/2012     EUR     58.56
DZ BANK AG              9.750     6/8/2012     EUR     73.02
DZ BANK AG              9.250     6/8/2012     EUR     61.70
DZ BANK AG              9.000     6/8/2012     EUR     70.26
DZ BANK AG              8.000     6/8/2012     EUR     74.37
DZ BANK AG              8.000     6/8/2012     EUR     73.47
DZ BANK AG              7.750     6/8/2012     EUR     74.68
DZ BANK AG              7.500     6/8/2012     EUR     67.22
DZ BANK AG              6.750     6/8/2012     EUR     67.85
DZ BANK AG              6.000     6/8/2012     EUR     69.56
DZ BANK AG              8.000     6/7/2012     EUR     75.32
DZ BANK AG              9.250    5/11/2012     EUR     65.45
DZ BANK AG              8.750    3/23/2012     EUR     49.99
DZ BANK AG              9.000    3/23/2012     EUR     62.48
DZ BANK AG             14.500    3/23/2012     EUR     61.66
DZ BANK AG             21.500    3/23/2012     EUR     11.14
DZ BANK AG              7.250    4/27/2012     EUR     73.59
DZ BANK AG              9.000    4/27/2012     EUR     50.96
DZ BANK AG             10.000    4/27/2012     EUR     73.49
DZ BANK AG             11.250    4/27/2012     EUR     60.34
DZ BANK AG             15.500    4/27/2012     EUR     69.38
DZ BANK AG              9.750    6/22/2012     EUR     66.49
DZ BANK AG              9.750    6/22/2012     EUR     72.41
DZ BANK AG              9.000    6/22/2012     EUR     65.77
DZ BANK AG              9.000    6/22/2012     EUR     39.38
DZ BANK AG              8.750    6/22/2012     EUR     74.60
DZ BANK AG              8.000    6/22/2012     EUR     49.13
DZ BANK AG              7.500    6/22/2012     EUR     72.46
ESCADA AG               7.500     4/1/2012     EUR      8.57
EUROHYPO AG             3.830    9/21/2020     EUR     73.63
GOTHAER ALLG VER        5.527    9/29/2026     EUR     74.85
HECKLER & KOCH          9.500    5/15/2018     EUR     65.44
HECKLER & KOCH          9.500    5/15/2018     EUR     64.63
HEIDELBERG DRUCK        9.250    4/15/2018     EUR     73.70
HEIDELBERG DRUCK        9.250    4/15/2018     EUR     73.75
L-BANK FOERDERBK        0.500    5/10/2027     CAD     48.26
LB BADEN-WUERTT         8.000    9/28/2012     EUR     38.51
LB BADEN-WUERTT         8.000    9/28/2012     EUR     51.44
LB BADEN-WUERTT         5.000   10/26/2012     EUR     11.79
LB BADEN-WUERTT         8.000    9/28/2012     EUR     66.90
LB BADEN-WUERTT         7.500   10/26/2012     EUR     71.40
LB BADEN-WUERTT         5.000   10/26/2012     EUR     36.81
LB BADEN-WUERTT         7.500   10/26/2012     EUR     72.99
LB BADEN-WUERTT         7.500   10/26/2012     EUR     33.55
LB BADEN-WUERTT         7.500   10/26/2012     EUR     12.22
LB BADEN-WUERTT         7.500   10/26/2012     EUR     70.49
LB BADEN-WUERTT        10.000   10/26/2012     EUR     65.89
LB BADEN-WUERTT        10.000   10/26/2012     EUR     12.49
LB BADEN-WUERTT        10.000   10/26/2012     EUR     31.97
LB BADEN-WUERTT        10.000   10/26/2012     EUR     65.32
LB BADEN-WUERTT        10.000   10/26/2012     EUR     74.41
LB BADEN-WUERTT        10.000   10/26/2012     EUR     68.16
LB BADEN-WUERTT         5.000   11/23/2012     EUR     37.24
LB BADEN-WUERTT        10.000   10/26/2012     EUR     75.19
LB BADEN-WUERTT         7.500   11/23/2012     EUR     72.10
LB BADEN-WUERTT         5.000   11/23/2012     EUR     71.88
LB BADEN-WUERTT         7.500   11/23/2012     EUR     34.53
LB BADEN-WUERTT         7.500   11/23/2012     EUR     64.33
LB BADEN-WUERTT        10.000   11/23/2012     EUR     73.65
LB BADEN-WUERTT        10.000   11/23/2012     EUR     76.19
LB BADEN-WUERTT        10.000   11/23/2012     EUR     72.94
LB BADEN-WUERTT        10.000   11/23/2012     EUR     67.48
LB BADEN-WUERTT        10.000   11/23/2012     EUR     33.04
LB BADEN-WUERTT        10.000   11/23/2012     EUR     73.54
LB BADEN-WUERTT        10.000   11/23/2012     EUR     59.87
LB BADEN-WUERTT         5.000     1/4/2013     EUR     74.14
LB BADEN-WUERTT         5.000     1/4/2013     EUR     61.78
LB BADEN-WUERTT         7.500     1/4/2013     EUR     76.07
LB BADEN-WUERTT         5.000     1/4/2013     EUR     37.91
LB BADEN-WUERTT         7.500     1/4/2013     EUR     54.94
LB BADEN-WUERTT         7.500     1/4/2013     EUR     69.57
LB BADEN-WUERTT        10.000     1/4/2013     EUR     34.25
LB BADEN-WUERTT         7.500     1/4/2013     EUR     35.04
LB BADEN-WUERTT        10.000     1/4/2013     EUR     72.48
LB BADEN-WUERTT        10.000     1/4/2013     EUR     64.34
LB BADEN-WUERTT         5.000    1/25/2013     EUR     48.80
LB BADEN-WUERTT         7.500    1/25/2013     EUR     45.17
LB BADEN-WUERTT        10.000     1/4/2013     EUR     52.43
LB BADEN-WUERTT        10.000    1/25/2013     EUR     73.36
LB BADEN-WUERTT        10.000    1/25/2013     EUR     74.44
LB BADEN-WUERTT        10.000    1/25/2013     EUR     43.24
LB BADEN-WUERTT         5.250   10/20/2015     EUR     26.36
LB BADEN-WUERTT         8.000    5/25/2012     EUR     71.70
LB BADEN-WUERTT         5.000    6/22/2012     EUR     65.36
LB BADEN-WUERTT         6.000    6/22/2012     EUR     55.34
LB BADEN-WUERTT         6.000    6/22/2012     EUR     65.13
LB BADEN-WUERTT         6.000    6/22/2012     EUR     70.70
LB BADEN-WUERTT         6.000    6/22/2012     EUR     57.60
LB BADEN-WUERTT         7.500    6/22/2012     EUR     66.82
LB BADEN-WUERTT         7.500    6/22/2012     EUR     33.84
LB BADEN-WUERTT         7.500    6/22/2012     EUR     66.20
LB BADEN-WUERTT         7.500    6/22/2012     EUR     73.74
LB BADEN-WUERTT         7.500    6/22/2012     EUR     13.05
LB BADEN-WUERTT         7.500    6/22/2012     EUR     72.57
LB BADEN-WUERTT         7.500    6/22/2012     EUR     59.45
LB BADEN-WUERTT         7.500    6/22/2012     EUR     74.95
LB BADEN-WUERTT         8.000    6/22/2012     EUR     74.24
LB BADEN-WUERTT         8.000    6/22/2012     EUR     74.34
LB BADEN-WUERTT         8.000    6/22/2012     EUR     63.40
LB BADEN-WUERTT         8.000    6/22/2012     EUR     71.63
LB BADEN-WUERTT         8.000    6/22/2012     EUR     51.33
LB BADEN-WUERTT         8.000    6/22/2012     EUR     59.46
LB BADEN-WUERTT         8.000    6/22/2012     EUR     49.72
LB BADEN-WUERTT         8.000    6/22/2012     EUR     74.81
LB BADEN-WUERTT        10.000    6/22/2012     EUR     71.67
LB BADEN-WUERTT        10.000    6/22/2012     EUR     31.80
LB BADEN-WUERTT        10.000    6/22/2012     EUR     11.93
LB BADEN-WUERTT        10.000    6/22/2012     EUR     71.13
LB BADEN-WUERTT        10.000    6/22/2012     EUR     74.30
LB BADEN-WUERTT        10.000    6/22/2012     EUR     65.94
LB BADEN-WUERTT        10.000    6/22/2012     EUR     62.76
LB BADEN-WUERTT        10.000    6/22/2012     EUR     55.55
LB BADEN-WUERTT        10.000    6/22/2012     EUR     69.64
LB BADEN-WUERTT        10.000    6/22/2012     EUR     74.15
LB BADEN-WUERTT        10.000    6/22/2012     EUR     67.43
LB BADEN-WUERTT        10.000    6/22/2012     EUR     62.46
LB BADEN-WUERTT         4.000    7/27/2012     EUR     69.79
LB BADEN-WUERTT         4.000    7/27/2012     EUR     74.00
LB BADEN-WUERTT         5.000    7/27/2012     EUR     19.95
LB BADEN-WUERTT         5.000    7/27/2012     EUR     63.11
LB BADEN-WUERTT         5.000    7/27/2012     EUR     59.19
LB BADEN-WUERTT         5.000    7/27/2012     EUR     74.45
LB BADEN-WUERTT         5.000    7/27/2012     EUR     38.26
LB BADEN-WUERTT         5.000    7/27/2012     EUR     63.68
LB BADEN-WUERTT         5.000    7/27/2012     EUR     75.24
LB BADEN-WUERTT         5.000    7/27/2012     EUR     56.95
LB BADEN-WUERTT         6.000    7/27/2012     EUR     40.91
LB BADEN-WUERTT         6.000    7/27/2012     EUR     74.08
LB BADEN-WUERTT         6.000    7/27/2012     EUR     66.50
LB BADEN-WUERTT         6.000    7/27/2012     EUR     59.51
LB BADEN-WUERTT         7.500    7/27/2012     EUR     20.78
LB BADEN-WUERTT         7.500    7/27/2012     EUR     69.33
LB BADEN-WUERTT         7.500    7/27/2012     EUR     53.49
LB BADEN-WUERTT         7.500    7/27/2012     EUR     58.65
LB BADEN-WUERTT         7.500    7/27/2012     EUR     73.38
LB BADEN-WUERTT         7.500    7/27/2012     EUR     67.71
LB BADEN-WUERTT         7.500    7/27/2012     EUR     35.61
LB BADEN-WUERTT         7.500    7/27/2012     EUR     73.43
LB BADEN-WUERTT         7.500    7/27/2012     EUR     52.37
LB BADEN-WUERTT         8.000    7/27/2012     EUR     75.65
LB BADEN-WUERTT         8.000    7/27/2012     EUR     69.31
LB BADEN-WUERTT         8.000    7/27/2012     EUR     54.17
LB BADEN-WUERTT         8.000    7/27/2012     EUR     60.36
LB BADEN-WUERTT        10.000    7/27/2012     EUR     21.59
LB BADEN-WUERTT        10.000    7/27/2012     EUR     67.55
LB BADEN-WUERTT        10.000    7/27/2012     EUR     71.20
LB BADEN-WUERTT        10.000    7/27/2012     EUR     49.94
LB BADEN-WUERTT         8.000    3/23/2012     EUR     42.29
LB BADEN-WUERTT         8.000    3/23/2012     EUR     50.15
LB BADEN-WUERTT         8.000    3/23/2012     EUR     74.45
LB BADEN-WUERTT         8.000    3/23/2012     EUR     10.91
LB BADEN-WUERTT         8.000    3/23/2012     EUR     71.57
LB BADEN-WUERTT         8.000    3/23/2012     EUR     45.86
LB BADEN-WUERTT         8.000    3/23/2012     EUR     70.95
LB BADEN-WUERTT        10.000    7/27/2012     EUR     55.01
LB BADEN-WUERTT        10.000    7/27/2012     EUR     33.91
LB BADEN-WUERTT        10.000    7/27/2012     EUR     65.48
LB BADEN-WUERTT         8.000    3/23/2012     EUR     63.01
LB BADEN-WUERTT         8.000    3/23/2012     EUR     44.61
LB BADEN-WUERTT         6.000    3/23/2012     EUR     67.70
LB BADEN-WUERTT         6.000    3/23/2012     EUR     64.79
LB BADEN-WUERTT        10.000    7/27/2012     EUR     76.48
LB BADEN-WUERTT        10.000    7/27/2012     EUR     63.49
LB BADEN-WUERTT        10.000    7/27/2012     EUR     67.72
LB BADEN-WUERTT         6.000    3/23/2012     EUR     11.71
LB BADEN-WUERTT         6.000    3/23/2012     EUR     45.44
LB BADEN-WUERTT         6.000    3/23/2012     EUR     51.20
LB BADEN-WUERTT         6.000    3/23/2012     EUR     54.39
LB BADEN-WUERTT         6.000    3/23/2012     EUR     51.23
LB BADEN-WUERTT         6.000    3/23/2012     EUR     73.02
LB BADEN-WUERTT         4.000    3/23/2012     EUR     51.21
LB BADEN-WUERTT         4.000    3/23/2012     EUR     75.00
LB BADEN-WUERTT         4.000    3/23/2012     EUR     11.67
LB BADEN-WUERTT         4.000    3/23/2012     EUR     63.42
LB BADEN-WUERTT         4.000    3/23/2012     EUR     59.55
LB BADEN-WUERTT         4.000    3/23/2012     EUR     60.28
LB BADEN-WUERTT        10.000    7/27/2012     EUR     48.67
LB BADEN-WUERTT        10.000    7/27/2012     EUR     73.78
LB BADEN-WUERTT         4.000    8/24/2012     EUR     57.51
LB BADEN-WUERTT        10.000    7/27/2012     EUR     73.89
LB BADEN-WUERTT         5.000    8/24/2012     EUR     46.30
LB BADEN-WUERTT         5.000    8/24/2012     EUR     59.67
LB BADEN-WUERTT         6.000    8/24/2012     EUR     75.52
LB BADEN-WUERTT         6.000    8/24/2012     EUR     75.96
LB BADEN-WUERTT         6.000    8/24/2012     EUR     73.43
LB BADEN-WUERTT         6.000    8/24/2012     EUR     49.91
LB BADEN-WUERTT         7.500    8/24/2012     EUR     54.19
LB BADEN-WUERTT         7.500    8/24/2012     EUR     76.53
LB BADEN-WUERTT         7.500    8/24/2012     EUR     41.71
LB BADEN-WUERTT         7.500    8/24/2012     EUR     70.77
LB BADEN-WUERTT         8.000    8/24/2012     EUR     74.88
LB BADEN-WUERTT         8.000    8/24/2012     EUR     70.59
LB BADEN-WUERTT         8.000    8/24/2012     EUR     69.61
LB BADEN-WUERTT         8.000    8/24/2012     EUR     45.64
LB BADEN-WUERTT         8.000    8/24/2012     EUR     73.87
LB BADEN-WUERTT         8.000    8/24/2012     EUR     65.62
LB BADEN-WUERTT         8.000    8/24/2012     EUR     73.25
LB BADEN-WUERTT         8.000    8/24/2012     EUR     69.91
LB BADEN-WUERTT        10.000    8/24/2012     EUR     50.82
LB BADEN-WUERTT         8.000    8/24/2012     EUR     70.83
LB BADEN-WUERTT        10.000    8/24/2012     EUR     74.44
LB BADEN-WUERTT        10.000    8/24/2012     EUR     70.99
LB BADEN-WUERTT        10.000    8/24/2012     EUR     73.39
LB BADEN-WUERTT        10.000    8/24/2012     EUR     73.66
LB BADEN-WUERTT        10.000    8/24/2012     EUR     74.02
LB BADEN-WUERTT        10.000    8/24/2012     EUR     39.29
LB BADEN-WUERTT        10.000    8/24/2012     EUR     66.28
LB BADEN-WUERTT        10.000    8/24/2012     EUR     71.00
LB BADEN-WUERTT         4.000    9/28/2012     EUR     50.36
LB BADEN-WUERTT         4.000    9/28/2012     EUR     63.19
LB BADEN-WUERTT         6.000    9/28/2012     EUR     72.77
LB BADEN-WUERTT         6.000    9/28/2012     EUR     55.41
LB BADEN-WUERTT         8.000    9/28/2012     EUR     71.29
LB BADEN-WUERTT         6.000    9/28/2012     EUR     42.67
LB BADEN-WUERTT         2.800    2/23/2037     JPY     49.43
LB BADEN-WUERTT         8.000    5/25/2012     EUR     73.15
LB BADEN-WUERTT         8.000    5/25/2012     EUR     58.31
LB BADEN-WUERTT         8.000    5/25/2012     EUR     47.88
LB BADEN-WUERTT         6.000    5/25/2012     EUR     52.50
LB BADEN-WUERTT         6.000    5/25/2012     EUR     63.73
LB BADEN-WUERTT         6.000    5/25/2012     EUR     72.69
LB BADEN-WUERTT         4.000    5/25/2012     EUR     71.95
LB BADEN-WUERTT         4.000    5/25/2012     EUR     64.40
LB BADEN-WUERTT         8.000    4/27/2012     EUR     71.12
LB BADEN-WUERTT         8.000    4/27/2012     EUR     76.20
LB BADEN-WUERTT         8.000    4/27/2012     EUR     43.91
LB BADEN-WUERTT         8.000    4/27/2012     EUR     70.38
LB BADEN-WUERTT         8.000    4/27/2012     EUR     73.13
LB BADEN-WUERTT         8.000    4/27/2012     EUR     13.13
LB BADEN-WUERTT         8.000    4/27/2012     EUR     55.09
LB BADEN-WUERTT         8.000    4/27/2012     EUR     33.26
LB BADEN-WUERTT         8.000    4/27/2012     EUR     65.07
LB BADEN-WUERTT         8.000    4/27/2012     EUR     11.92
LB BADEN-WUERTT         8.000    4/27/2012     EUR     68.29
LB BADEN-WUERTT         8.000    4/27/2012     EUR     47.73
LB BADEN-WUERTT         8.000    4/27/2012     EUR     71.49
LB BADEN-WUERTT         8.000    4/27/2012     EUR     58.81
LB BADEN-WUERTT         8.000    4/27/2012     EUR     69.91
LB BADEN-WUERTT         8.000    4/27/2012     EUR     56.94
LB BADEN-WUERTT         6.000    4/27/2012     EUR     62.66
LB BADEN-WUERTT         6.000    4/27/2012     EUR     74.49
LB BADEN-WUERTT         6.000    4/27/2012     EUR     36.01
LB BADEN-WUERTT         6.000    4/27/2012     EUR     69.33
LB BADEN-WUERTT         6.000    4/27/2012     EUR     15.18
LB BADEN-WUERTT         6.000    4/27/2012     EUR     64.30
LB BADEN-WUERTT         6.000    4/27/2012     EUR     49.94
LB BADEN-WUERTT         6.000    4/27/2012     EUR     59.78
LB BADEN-WUERTT         6.000    4/27/2012     EUR     12.96
LB BADEN-WUERTT         6.000    4/27/2012     EUR     73.59
LB BADEN-WUERTT         6.000    4/27/2012     EUR     50.93
LB BADEN-WUERTT         4.000    4/27/2012     EUR     71.60
LB BADEN-WUERTT         4.000    4/27/2012     EUR     55.42
LB BADEN-WUERTT         4.000    4/27/2012     EUR     75.76
LB BADEN-WUERTT         4.000    4/27/2012     EUR     14.28
LB BADEN-WUERTT         4.000    4/27/2012     EUR     39.32
LB BADEN-WUERTT         4.000    4/27/2012     EUR     60.92
LB BADEN-WUERTT         4.000    4/27/2012     EUR     73.61
LB BADEN-WUERTT         4.000    4/27/2012     EUR     15.01
LB BADEN-WUERTT         4.000    4/27/2012     EUR     66.41
LB BADEN-WUERTT         8.000    3/23/2012     EUR     58.73
LB BADEN-WUERTT         8.000    3/23/2012     EUR     68.66
LB BADEN-WUERTT         8.000    3/23/2012     EUR     73.79
LB BADEN-WUERTT         8.000    5/25/2012     EUR     72.63
LB BADEN-WUERTT         8.000    5/25/2012     EUR     66.07
LB BADEN-WUERTT         8.350    5/25/2012     EUR     56.12
LB BADEN-WUERTT         4.000    6/22/2012     EUR     74.42
LB BADEN-WUERTT         4.000    6/22/2012     EUR     69.85
LB BADEN-WUERTT         4.000    6/22/2012     EUR     62.43
LB BADEN-WUERTT         5.000    6/22/2012     EUR     37.35
LB BADEN-WUERTT         5.000    6/22/2012     EUR     73.37
LB BADEN-WUERTT         5.000    6/22/2012     EUR     14.15
LB BADEN-WUERTT         5.000    6/22/2012     EUR     71.97
MACQUARIE STRUCT       14.250    3/23/2012     EUR     63.03
MACQUARIE STRUCT       13.500    3/23/2012     EUR     72.80
MACQUARIE STRUCT       13.250    3/23/2012     EUR     52.07
MACQUARIE STRUCT       13.250    3/23/2012     EUR     37.64
MACQUARIE STRUCT       12.000    3/23/2012     EUR     67.21
MACQUARIE STRUCT       11.250    3/23/2012     EUR     74.03
MACQUARIE STRUCT       11.000    3/23/2012     EUR     65.74
MACQUARIE STRUCT       10.750    3/23/2012     EUR     74.73
MACQUARIE STRUCT       10.500    3/23/2012     EUR     49.61
MACQUARIE STRUCT        9.750    3/23/2012     EUR     55.21
MACQUARIE STRUCT        8.750    3/23/2012     EUR     69.23
MACQUARIE STRUCT       15.000    3/23/2012     EUR     34.66
MACQUARIE STRUCT       14.750    3/23/2012     EUR     45.38
MACQUARIE STRUCT        7.250    3/23/2012     EUR     71.32
MACQUARIE STRUCT        9.250    9/28/2012     EUR     74.58
MACQUARIE STRUCT        9.000    9/28/2012     EUR     68.50
MACQUARIE STRUCT       23.250    6/22/2012     EUR      8.18
MACQUARIE STRUCT       17.000    6/22/2012     EUR     56.08
MACQUARIE STRUCT       16.000    6/22/2012     EUR     27.98
MACQUARIE STRUCT       15.750    6/22/2012     EUR     71.85
MACQUARIE STRUCT       15.750    6/22/2012     EUR     25.37
MACQUARIE STRUCT       13.500    6/22/2012     EUR     40.45
MACQUARIE STRUCT       13.000    6/22/2012     EUR     73.21
MACQUARIE STRUCT       12.500    6/22/2012     EUR     45.11
MACQUARIE STRUCT       12.500    6/22/2012     EUR     55.47
MACQUARIE STRUCT       11.750    6/22/2012     EUR     71.38
MACQUARIE STRUCT       11.500    6/22/2012     EUR     63.90
MACQUARIE STRUCT       11.500    6/22/2012     EUR     71.47
MACQUARIE STRUCT       11.500    6/22/2012     EUR     44.41
MACQUARIE STRUCT       11.000    6/22/2012     EUR     74.24
MACQUARIE STRUCT       10.750    6/22/2012     EUR     42.65
MACQUARIE STRUCT       10.250    6/22/2012     EUR     61.30
MACQUARIE STRUCT       10.000    6/22/2012     EUR     59.71
MACQUARIE STRUCT        9.750    6/22/2012     EUR     71.28
MACQUARIE STRUCT        9.250    6/22/2012     EUR     72.11
MACQUARIE STRUCT        9.250    6/22/2012     EUR     46.90
MACQUARIE STRUCT        9.000    6/22/2012     EUR     72.21
MACQUARIE STRUCT       13.250    4/27/2012     EUR     62.37
MACQUARIE STRUCT       10.500    4/27/2012     EUR     59.31
MACQUARIE STRUCT       26.000    3/23/2012     EUR     70.90
MACQUARIE STRUCT       23.750    3/23/2012     EUR      9.10
MACQUARIE STRUCT       11.500    9/28/2012     EUR     64.95
MACQUARIE STRUCT        9.750    9/28/2012     EUR     63.20
NORDDEUTSCHE L/B        7.000     6/8/2012     EUR     69.72
PRAKTIKER BAU-UN        5.875    2/10/2016     EUR     38.00
Q-CELLS                 6.750   10/21/2015     EUR      0.86
QIMONDA FINANCE         6.750    3/22/2013     USD      7.00
RENTENBANK              0.500    3/15/2017     TRY     73.77
SOLARWORLD AG           6.125    1/21/2017     EUR     40.05
SOLON AG SOLAR          1.375    12/6/2012     EUR      1.33
TAG IMMO AG             6.500   12/10/2015     EUR      7.57
TUI AG                  2.750    3/24/2016     EUR     49.69
TUI AG                  5.500   11/17/2014     EUR     65.85
UNICREDIT BANK A        7.000    6/21/2012     EUR     55.79
VONTOBEL FIN PRO        9.165    3/23/2012     EUR     72.72
VONTOBEL FIN PRO        6.613    3/23/2012     EUR     63.10
VONTOBEL FIN PRO        6.702    3/23/2012     EUR     74.60
VONTOBEL FIN PRO        7.226    3/23/2012     EUR     63.94
VONTOBEL FIN PRO        7.340    3/23/2012     EUR     62.16
VONTOBEL FIN PRO        7.638    3/23/2012     EUR     69.24
VONTOBEL FIN PRO        7.708    3/23/2012     EUR     73.40
VONTOBEL FIN PRO        7.733    3/23/2012     EUR     58.48
VONTOBEL FIN PRO        7.839    3/23/2012     EUR     70.14
VONTOBEL FIN PRO        7.897    3/23/2012     EUR     64.86
VONTOBEL FIN PRO        7.928    3/23/2012     EUR     70.26
VONTOBEL FIN PRO        8.051    3/23/2012     EUR     57.38
VONTOBEL FIN PRO        8.061    3/23/2012     EUR     69.38
VONTOBEL FIN PRO        8.186    3/23/2012     EUR     44.04
VONTOBEL FIN PRO        8.321    3/23/2012     EUR     74.82
VONTOBEL FIN PRO        8.333    3/23/2012     EUR     48.44
VONTOBEL FIN PRO        8.463    3/23/2012     EUR     69.56
VONTOBEL FIN PRO        8.476    3/23/2012     EUR     59.68
VONTOBEL FIN PRO        8.584    3/23/2012     EUR     50.16
VONTOBEL FIN PRO        8.584    3/23/2012     EUR     57.86
VONTOBEL FIN PRO        8.626    3/23/2012     EUR     54.16
VONTOBEL FIN PRO        8.662    3/23/2012     EUR     70.28
VONTOBEL FIN PRO        8.758    3/23/2012     EUR     60.52
VONTOBEL FIN PRO        8.759    3/23/2012     EUR     67.48
VONTOBEL FIN PRO        8.835    3/23/2012     EUR     70.14
VONTOBEL FIN PRO        8.842    3/23/2012     EUR     68.80
VONTOBEL FIN PRO        8.901    3/23/2012     EUR     67.82
VONTOBEL FIN PRO        8.929    3/23/2012     EUR     65.56
VONTOBEL FIN PRO        8.934    3/23/2012     EUR     51.90
VONTOBEL FIN PRO        9.000    3/23/2012     EUR     55.56
VONTOBEL FIN PRO        9.064    3/23/2012     EUR     54.32
VONTOBEL FIN PRO        9.108    3/23/2012     EUR     74.40
VONTOBEL FIN PRO       10.879    3/23/2012     EUR     67.34
VONTOBEL FIN PRO        9.168    3/23/2012     EUR     75.00
VONTOBEL FIN PRO        9.175    3/23/2012     EUR     69.90
VONTOBEL FIN PRO        9.177    3/23/2012     EUR     74.60
VONTOBEL FIN PRO        9.193    3/23/2012     EUR     71.62
VONTOBEL FIN PRO        9.312    3/23/2012     EUR     74.84
VONTOBEL FIN PRO        9.335    3/23/2012     EUR     65.54
VONTOBEL FIN PRO        9.372    3/23/2012     EUR     65.56
VONTOBEL FIN PRO        9.460    3/23/2012     EUR     57.90
VONTOBEL FIN PRO        9.506    3/23/2012     EUR     71.96
VONTOBEL FIN PRO        9.546    3/23/2012     EUR     70.18
VONTOBEL FIN PRO        9.587    3/23/2012     EUR     65.90
VONTOBEL FIN PRO        9.595    3/23/2012     EUR     65.14
VONTOBEL FIN PRO        9.624    3/23/2012     EUR     71.98
VONTOBEL FIN PRO        9.661    3/23/2012     EUR     74.76
VONTOBEL FIN PRO        9.666    3/23/2012     EUR     67.52
VONTOBEL FIN PRO        9.728    3/23/2012     EUR     67.20
VONTOBEL FIN PRO        9.743    3/23/2012     EUR     54.26
VONTOBEL FIN PRO        9.744    3/23/2012     EUR     69.58
VONTOBEL FIN PRO        9.810    3/23/2012     EUR     71.00
VONTOBEL FIN PRO        9.891    3/23/2012     EUR     69.18
VONTOBEL FIN PRO        9.908    3/23/2012     EUR     63.46
VONTOBEL FIN PRO       10.005    3/23/2012     EUR     69.14
VONTOBEL FIN PRO       10.029    3/23/2012     EUR     71.10
VONTOBEL FIN PRO       10.034    3/23/2012     EUR     73.24
VONTOBEL FIN PRO       10.117    3/23/2012     EUR     62.36
VONTOBEL FIN PRO       10.212    3/23/2012     EUR     46.30
VONTOBEL FIN PRO       10.219    3/23/2012     EUR     44.80
VONTOBEL FIN PRO       10.279    3/23/2012     EUR     73.42
VONTOBEL FIN PRO       10.324    3/23/2012     EUR     59.78
VONTOBEL FIN PRO       10.436    3/23/2012     EUR     66.04
VONTOBEL FIN PRO       10.442    3/23/2012     EUR     64.88
VONTOBEL FIN PRO       10.470    3/23/2012     EUR     62.26
VONTOBEL FIN PRO       10.475    3/23/2012     EUR     60.92
VONTOBEL FIN PRO       10.485    3/23/2012     EUR     67.98
VONTOBEL FIN PRO       10.515    3/23/2012     EUR     63.34
VONTOBEL FIN PRO       10.556    3/23/2012     EUR     65.58
VONTOBEL FIN PRO       10.574    3/23/2012     EUR     72.74
VONTOBEL FIN PRO       10.582    3/23/2012     EUR     69.14
VONTOBEL FIN PRO       10.641    3/23/2012     EUR     51.46
VONTOBEL FIN PRO       10.686    3/23/2012     EUR     46.32
VONTOBEL FIN PRO       10.686    3/23/2012     EUR     63.20
VONTOBEL FIN PRO       10.693    3/23/2012     EUR     65.56
VONTOBEL FIN PRO       10.733    3/23/2012     EUR     71.98
VONTOBEL FIN PRO       10.753    3/23/2012     EUR     68.02
VONTOBEL FIN PRO       10.781    3/23/2012     EUR     57.40
VONTOBEL FIN PRO       10.787    3/23/2012     EUR     71.08
VONTOBEL FIN PRO       10.800    3/23/2012     EUR     44.08
VONTOBEL FIN PRO       10.812    3/23/2012     EUR     70.62
VONTOBEL FIN PRO       10.812    3/23/2012     EUR     63.50
VONTOBEL FIN PRO       10.861    3/23/2012     EUR     53.44
VONTOBEL FIN PRO       10.985    3/23/2012     EUR     56.64
VONTOBEL FIN PRO       11.038    3/23/2012     EUR     53.36
VONTOBEL FIN PRO       11.071    3/23/2012     EUR     62.30
VONTOBEL FIN PRO       11.080    3/23/2012     EUR     47.94
VONTOBEL FIN PRO       11.084    3/23/2012     EUR     63.70
VONTOBEL FIN PRO       11.099    3/23/2012     EUR     67.78
VONTOBEL FIN PRO       11.115    3/23/2012     EUR     74.78
VONTOBEL FIN PRO       11.115    3/23/2012     EUR     70.66
VONTOBEL FIN PRO       11.238    3/23/2012     EUR     33.44
VONTOBEL FIN PRO       11.244    3/23/2012     EUR     60.76
VONTOBEL FIN PRO       11.256    3/23/2012     EUR     66.86
VONTOBEL FIN PRO       11.298    3/23/2012     EUR     70.64
VONTOBEL FIN PRO       11.310    3/23/2012     EUR     71.02
VONTOBEL FIN PRO       11.368    3/23/2012     EUR     68.00
VONTOBEL FIN PRO       11.387    3/23/2012     EUR     70.16
VONTOBEL FIN PRO       11.434    3/23/2012     EUR     67.76
VONTOBEL FIN PRO       11.437    3/23/2012     EUR     50.34
VONTOBEL FIN PRO       11.455    3/23/2012     EUR     50.34
VONTOBEL FIN PRO       11.464    3/23/2012     EUR     43.42
VONTOBEL FIN PRO       11.489    3/23/2012     EUR     72.72
VONTOBEL FIN PRO       11.508    3/23/2012     EUR     74.62
VONTOBEL FIN PRO       11.594    3/23/2012     EUR     61.46
VONTOBEL FIN PRO       11.599    3/23/2012     EUR     67.50
VONTOBEL FIN PRO       11.639    3/23/2012     EUR     64.96
VONTOBEL FIN PRO       11.674    3/23/2012     EUR     50.84
VONTOBEL FIN PRO       11.732    3/23/2012     EUR     72.72
VONTOBEL FIN PRO       11.750    3/23/2012     EUR     66.16
VONTOBEL FIN PRO       11.774    3/23/2012     EUR     60.02
VONTOBEL FIN PRO       11.777    3/23/2012     EUR     51.48
VONTOBEL FIN PRO       11.825    3/23/2012     EUR     74.20
VONTOBEL FIN PRO       11.846    3/23/2012     EUR     61.54
VONTOBEL FIN PRO       11.863    3/23/2012     EUR     33.48
VONTOBEL FIN PRO       11.865    3/23/2012     EUR     61.20
VONTOBEL FIN PRO       11.869    3/23/2012     EUR     52.86
VONTOBEL FIN PRO       11.904    3/23/2012     EUR     49.86
VONTOBEL FIN PRO       11.910    3/23/2012     EUR     72.80
VONTOBEL FIN PRO       11.986    3/23/2012     EUR     59.32
VONTOBEL FIN PRO       12.045    3/23/2012     EUR     66.52
VONTOBEL FIN PRO       12.045    3/23/2012     EUR     70.22
VONTOBEL FIN PRO       12.045    3/23/2012     EUR     47.92
VONTOBEL FIN PRO       12.083    3/23/2012     EUR     62.20
VONTOBEL FIN PRO       12.134    3/23/2012     EUR     72.78
VONTOBEL FIN PRO       12.135    3/23/2012     EUR     56.48
VONTOBEL FIN PRO       12.146    3/23/2012     EUR     50.74
VONTOBEL FIN PRO       12.168    3/23/2012     EUR     69.60
VONTOBEL FIN PRO       12.197    3/23/2012     EUR     53.86
VONTOBEL FIN PRO       12.332    3/23/2012     EUR     44.08
VONTOBEL FIN PRO       12.335    3/23/2012     EUR     56.48
VONTOBEL FIN PRO       12.589    3/23/2012     EUR     60.56
VONTOBEL FIN PRO       12.605    3/23/2012     EUR     70.94
VONTOBEL FIN PRO       12.632    3/23/2012     EUR     64.48
VONTOBEL FIN PRO       12.680    3/23/2012     EUR     60.82
VONTOBEL FIN PRO       12.701    3/23/2012     EUR     56.16
VONTOBEL FIN PRO       12.745    3/23/2012     EUR     72.40
VONTOBEL FIN PRO       12.761    3/23/2012     EUR     42.12
VONTOBEL FIN PRO       12.765    3/23/2012     EUR     72.82
VONTOBEL FIN PRO       12.779    3/23/2012     EUR     72.00
VONTOBEL FIN PRO       12.782    3/23/2012     EUR     40.88
VONTOBEL FIN PRO       12.812    3/23/2012     EUR     70.32
VONTOBEL FIN PRO       12.818    3/23/2012     EUR     48.94
VONTOBEL FIN PRO       12.824    3/23/2012     EUR     70.64
VONTOBEL FIN PRO       12.947    3/23/2012     EUR     52.86
VONTOBEL FIN PRO       12.964    3/23/2012     EUR     43.04
VONTOBEL FIN PRO       12.973    3/23/2012     EUR     63.42
VONTOBEL FIN PRO       13.007    3/23/2012     EUR     51.92
VONTOBEL FIN PRO       13.124    3/23/2012     EUR     62.52
VONTOBEL FIN PRO       13.188    3/23/2012     EUR     64.58
VONTOBEL FIN PRO       13.275    3/23/2012     EUR     47.34
VONTOBEL FIN PRO       13.314    3/23/2012     EUR     46.24
VONTOBEL FIN PRO       13.314    3/23/2012     EUR     49.64
VONTOBEL FIN PRO       13.358    3/23/2012     EUR     44.54
VONTOBEL FIN PRO       13.366    3/23/2012     EUR     46.18
VONTOBEL FIN PRO       13.426    3/23/2012     EUR     59.60
VONTOBEL FIN PRO       13.426    3/23/2012     EUR     67.96
VONTOBEL FIN PRO       13.457    3/23/2012     EUR     52.86
VONTOBEL FIN PRO       13.534    3/23/2012     EUR     44.56
VONTOBEL FIN PRO       13.612    3/23/2012     EUR     70.20
VONTOBEL FIN PRO       13.620    3/23/2012     EUR     69.18
VONTOBEL FIN PRO       13.648    3/23/2012     EUR     63.56
VONTOBEL FIN PRO       13.669    3/23/2012     EUR     62.06
VONTOBEL FIN PRO       13.714    3/23/2012     EUR     48.66
VONTOBEL FIN PRO       13.719    3/23/2012     EUR     60.12
VONTOBEL FIN PRO       13.733    3/23/2012     EUR     74.22
VONTOBEL FIN PRO       13.735    3/23/2012     EUR     49.82
VONTOBEL FIN PRO       13.737    3/23/2012     EUR     72.62
VONTOBEL FIN PRO       13.790    3/23/2012     EUR     55.40
VONTOBEL FIN PRO       13.802    3/23/2012     EUR     47.96
VONTOBEL FIN PRO       13.869    3/23/2012     EUR     65.12
VONTOBEL FIN PRO       13.909    3/23/2012     EUR     57.84
VONTOBEL FIN PRO       13.911    3/23/2012     EUR     74.68
VONTOBEL FIN PRO       14.016    3/23/2012     EUR     46.34
VONTOBEL FIN PRO       14.132    3/23/2012     EUR     73.88
VONTOBEL FIN PRO       14.170    3/23/2012     EUR     59.12
VONTOBEL FIN PRO       14.208    3/23/2012     EUR     51.94
VONTOBEL FIN PRO       14.211    3/23/2012     EUR     63.60
VONTOBEL FIN PRO       14.228    3/23/2012     EUR     58.34
VONTOBEL FIN PRO       14.346    3/23/2012     EUR     42.40
VONTOBEL FIN PRO       14.391    3/23/2012     EUR     74.08
VONTOBEL FIN PRO       14.391    3/23/2012     EUR     49.86
VONTOBEL FIN PRO       14.400    3/23/2012     EUR     63.18
VONTOBEL FIN PRO       14.614    3/23/2012     EUR     71.48
VONTOBEL FIN PRO       14.625    3/23/2012     EUR     53.54
VONTOBEL FIN PRO       14.636    3/23/2012     EUR     47.36
VONTOBEL FIN PRO       14.669    3/23/2012     EUR     46.24
VONTOBEL FIN PRO       14.754    3/23/2012     EUR     55.28
VONTOBEL FIN PRO       14.805    3/23/2012     EUR     50.88
VONTOBEL FIN PRO       14.895    3/23/2012     EUR     59.34
VONTOBEL FIN PRO       14.978    3/23/2012     EUR     40.42
VONTOBEL FIN PRO       15.158    3/23/2012     EUR     31.76
VONTOBEL FIN PRO       15.203    3/23/2012     EUR     51.08
VONTOBEL FIN PRO       15.215    3/23/2012     EUR     53.04
VONTOBEL FIN PRO       15.303    3/23/2012     EUR     50.70
VONTOBEL FIN PRO       15.372    3/23/2012     EUR     40.20
VONTOBEL FIN PRO       15.421    3/23/2012     EUR     73.28
VONTOBEL FIN PRO       15.576    3/23/2012     EUR     30.18
VONTOBEL FIN PRO       15.614    3/23/2012     EUR     69.90
VONTOBEL FIN PRO       15.663    3/23/2012     EUR     68.86
VONTOBEL FIN PRO       15.682    3/23/2012     EUR     56.22
VONTOBEL FIN PRO       15.699    3/23/2012     EUR     35.48
VONTOBEL FIN PRO       15.723    3/23/2012     EUR     41.52
VONTOBEL FIN PRO       15.792    3/23/2012     EUR     72.44
VONTOBEL FIN PRO       16.015    3/23/2012     EUR     37.36
VONTOBEL FIN PRO       16.248    3/23/2012     EUR     65.22
VONTOBEL FIN PRO       16.263    3/23/2012     EUR     71.48
VONTOBEL FIN PRO       16.358    3/23/2012     EUR     57.20
VONTOBEL FIN PRO       16.404    3/23/2012     EUR     56.68
VONTOBEL FIN PRO       16.466    3/23/2012     EUR     45.10
VONTOBEL FIN PRO       16.667    3/23/2012     EUR     49.90
VONTOBEL FIN PRO       16.672    3/23/2012     EUR     71.24
VONTOBEL FIN PRO       16.683    3/23/2012     EUR     46.76
VONTOBEL FIN PRO       16.686    3/23/2012     EUR     70.54
VONTOBEL FIN PRO       16.800    3/23/2012     EUR     69.22
VONTOBEL FIN PRO       17.053    3/23/2012     EUR     70.62
VONTOBEL FIN PRO       17.300    3/23/2012     EUR     60.48
VONTOBEL FIN PRO       17.587    3/23/2012     EUR     28.76
VONTOBEL FIN PRO       17.825    3/23/2012     EUR     37.72
VONTOBEL FIN PRO       17.902    3/23/2012     EUR     35.52
VONTOBEL FIN PRO       17.921    3/23/2012     EUR     69.30
VONTOBEL FIN PRO       18.045    3/23/2012     EUR     33.54
VONTOBEL FIN PRO       18.131    3/23/2012     EUR     38.98
VONTOBEL FIN PRO       18.316    3/23/2012     EUR     69.24
VONTOBEL FIN PRO       19.591    3/23/2012     EUR     63.18
VONTOBEL FIN PRO       19.599    3/23/2012     EUR     27.48
VONTOBEL FIN PRO       19.805    3/23/2012     EUR     36.76
VONTOBEL FIN PRO       20.386    3/23/2012     EUR     26.30
VONTOBEL FIN PRO       21.110    3/23/2012     EUR     64.16
VONTOBEL FIN PRO       25.577    3/23/2012     EUR     58.88
VONTOBEL FIN PRO       10.028    3/30/2012     EUR     41.40
VONTOBEL FIN PRO       10.740     4/5/2012     EUR     68.90
VONTOBEL FIN PRO       16.639     4/5/2012     EUR     21.63
VONTOBEL FIN PRO       10.307    4/13/2012     EUR     72.00
VONTOBEL FIN PRO       12.469    4/13/2012     EUR     54.80
VONTOBEL FIN PRO       10.028    4/20/2012     EUR     52.60
VONTOBEL FIN PRO       11.031    4/20/2012     EUR     73.70
VONTOBEL FIN PRO       10.659    4/27/2012     EUR     70.80
VONTOBEL FIN PRO       12.067     5/4/2012     EUR     69.60
VONTOBEL FIN PRO       13.173     5/4/2012     EUR     58.80
VONTOBEL FIN PRO       10.056    5/11/2012     EUR     66.70
VONTOBEL FIN PRO       10.961    5/18/2012     EUR     64.60
VONTOBEL FIN PRO       12.168    5/18/2012     EUR     48.40
VONTOBEL FIN PRO       11.564    5/25/2012     EUR     58.20
VONTOBEL FIN PRO       12.369     6/1/2012     EUR     49.40
VONTOBEL FIN PRO        7.889     6/6/2012     EUR     63.70
VONTOBEL FIN PRO       10.358    6/15/2012     EUR     60.30
VONTOBEL FIN PRO       10.458    6/15/2012     EUR     62.70
VONTOBEL FIN PRO       11.615    6/15/2012     EUR     74.80
VONTOBEL FIN PRO        6.876    6/22/2012     EUR     60.80
VONTOBEL FIN PRO        7.094    6/22/2012     EUR     70.38
VONTOBEL FIN PRO        7.101    6/22/2012     EUR     55.12
VONTOBEL FIN PRO        7.150    6/22/2012     EUR     73.82
VONTOBEL FIN PRO        7.228    6/22/2012     EUR     72.70
VONTOBEL FIN PRO        7.236    6/22/2012     EUR     67.42
VONTOBEL FIN PRO        7.370    6/22/2012     EUR     74.26
VONTOBEL FIN PRO        7.488    6/22/2012     EUR     68.70
VONTOBEL FIN PRO        7.500    6/22/2012     EUR     61.36
VONTOBEL FIN PRO        7.509    6/22/2012     EUR     61.80
VONTOBEL FIN PRO        7.562    6/22/2012     EUR     67.76
VONTOBEL FIN PRO        7.754    6/22/2012     EUR     65.86
VONTOBEL FIN PRO        7.812    6/22/2012     EUR     74.78
VONTOBEL FIN PRO        7.942    6/22/2012     EUR     74.96
VONTOBEL FIN PRO        7.956    6/22/2012     EUR     71.04
VONTOBEL FIN PRO        7.974    6/22/2012     EUR     64.52
VONTOBEL FIN PRO        7.974    6/22/2012     EUR     45.58
VONTOBEL FIN PRO        7.996    6/22/2012     EUR     68.88
VONTOBEL FIN PRO        8.008    6/22/2012     EUR     70.50
VONTOBEL FIN PRO        8.014    6/22/2012     EUR     70.56
VONTOBEL FIN PRO        8.015    6/22/2012     EUR     61.48
VONTOBEL FIN PRO        8.031    6/22/2012     EUR     73.94
VONTOBEL FIN PRO        8.068    6/22/2012     EUR     70.64
VONTOBEL FIN PRO        8.113    6/22/2012     EUR     71.04
VONTOBEL FIN PRO        8.152    6/22/2012     EUR     69.02
VONTOBEL FIN PRO        8.185    6/22/2012     EUR     59.54
VONTOBEL FIN PRO        8.189    6/22/2012     EUR     49.62
VONTOBEL FIN PRO        8.189    6/22/2012     EUR     75.52
VONTOBEL FIN PRO        8.278    6/22/2012     EUR     71.96
VONTOBEL FIN PRO        8.284    6/22/2012     EUR     54.10
VONTOBEL FIN PRO        8.302    6/22/2012     EUR     66.42
VONTOBEL FIN PRO        8.327    6/22/2012     EUR     71.42
VONTOBEL FIN PRO        8.340    6/22/2012     EUR     67.74
VONTOBEL FIN PRO        8.340    6/22/2012     EUR     29.44
VONTOBEL FIN PRO        8.347    6/22/2012     EUR     65.04
VONTOBEL FIN PRO        8.377    6/22/2012     EUR     50.76
VONTOBEL FIN PRO        8.407    6/22/2012     EUR     60.06
VONTOBEL FIN PRO        8.460    6/22/2012     EUR     56.30
VONTOBEL FIN PRO        8.466    6/22/2012     EUR     43.14
VONTOBEL FIN PRO        8.466    6/22/2012     EUR     65.42
VONTOBEL FIN PRO        8.487    6/22/2012     EUR     68.94
VONTOBEL FIN PRO        8.491    6/22/2012     EUR     56.84
VONTOBEL FIN PRO        8.491    6/22/2012     EUR     62.08
VONTOBEL FIN PRO        8.525    6/22/2012     EUR     71.36
VONTOBEL FIN PRO        8.528    6/22/2012     EUR     69.30
VONTOBEL FIN PRO        8.566    6/22/2012     EUR     64.02
VONTOBEL FIN PRO        8.640    6/22/2012     EUR     44.48
VONTOBEL FIN PRO        8.642    6/22/2012     EUR     67.43
VONTOBEL FIN PRO        8.667    6/22/2012     EUR     75.64
VONTOBEL FIN PRO        8.679    6/22/2012     EUR     74.38
VONTOBEL FIN PRO        8.679    6/22/2012     EUR     71.68
VONTOBEL FIN PRO        8.681    6/22/2012     EUR     65.16
VONTOBEL FIN PRO        8.690    6/22/2012     EUR     67.24
VONTOBEL FIN PRO        8.701    6/22/2012     EUR     50.42
VONTOBEL FIN PRO        8.753    6/22/2012     EUR     73.48
VONTOBEL FIN PRO        8.755    6/22/2012     EUR     66.58
VONTOBEL FIN PRO        8.755    6/22/2012     EUR     54.86
VONTOBEL FIN PRO        8.755    6/22/2012     EUR     69.36
VONTOBEL FIN PRO        8.757    6/22/2012     EUR     69.81
VONTOBEL FIN PRO        8.793    6/22/2012     EUR     67.34
VONTOBEL FIN PRO        8.795    6/22/2012     EUR     61.26
VONTOBEL FIN PRO        8.795    6/22/2012     EUR     76.02
VONTOBEL FIN PRO        8.795    6/22/2012     EUR     69.26
VONTOBEL FIN PRO        8.806    6/22/2012     EUR     72.78
VONTOBEL FIN PRO        8.806    6/22/2012     EUR     66.94
VONTOBEL FIN PRO        8.830    6/22/2012     EUR     71.20
VONTOBEL FIN PRO        8.835    6/22/2012     EUR     64.22
VONTOBEL FIN PRO        8.875    6/22/2012     EUR     68.70
VONTOBEL FIN PRO        8.889    6/22/2012     EUR     68.92
VONTOBEL FIN PRO        8.892    6/22/2012     EUR     67.12
VONTOBEL FIN PRO        8.900    6/22/2012     EUR     67.60
VONTOBEL FIN PRO        8.906    6/22/2012     EUR     60.70
VONTOBEL FIN PRO        9.019    6/22/2012     EUR     52.80
VONTOBEL FIN PRO        9.026    6/22/2012     EUR     70.72
VONTOBEL FIN PRO        9.071    6/22/2012     EUR     71.58
VONTOBEL FIN PRO        9.072    6/22/2012     EUR     61.64
VONTOBEL FIN PRO        9.142    6/22/2012     EUR     69.48
VONTOBEL FIN PRO        9.162    6/22/2012     EUR     70.30
VONTOBEL FIN PRO        9.180    6/22/2012     EUR     71.48
VONTOBEL FIN PRO        9.208    6/22/2012     EUR     55.74
VONTOBEL FIN PRO        9.274    6/22/2012     EUR     74.22
VONTOBEL FIN PRO        9.283    6/22/2012     EUR     60.34
VONTOBEL FIN PRO        9.292    6/22/2012     EUR     59.80
VONTOBEL FIN PRO        9.316    6/22/2012     EUR     67.86
VONTOBEL FIN PRO        9.332    6/22/2012     EUR     69.20
VONTOBEL FIN PRO        9.373    6/22/2012     EUR     59.91
VONTOBEL FIN PRO        9.389    6/22/2012     EUR     52.68
VONTOBEL FIN PRO        9.414    6/22/2012     EUR     65.20
VONTOBEL FIN PRO        9.454    6/22/2012     EUR     44.40
VONTOBEL FIN PRO        9.461    6/22/2012     EUR     73.96
VONTOBEL FIN PRO        9.466    6/22/2012     EUR     71.34
VONTOBEL FIN PRO        9.472    6/22/2012     EUR     64.88
VONTOBEL FIN PRO        9.472    6/22/2012     EUR     40.89
VONTOBEL FIN PRO        9.511    6/22/2012     EUR     65.04
VONTOBEL FIN PRO        9.534    6/22/2012     EUR     73.64
VONTOBEL FIN PRO        9.547    6/22/2012     EUR     74.50
VONTOBEL FIN PRO        9.553    6/22/2012     EUR     66.28
VONTOBEL FIN PRO        9.556    6/22/2012     EUR     38.78
VONTOBEL FIN PRO        9.557    6/22/2012     EUR     74.30
VONTOBEL FIN PRO        9.576    6/22/2012     EUR     61.80
VONTOBEL FIN PRO        9.606    6/22/2012     EUR     69.18
VONTOBEL FIN PRO        9.623    6/22/2012     EUR     49.94
VONTOBEL FIN PRO        9.623    6/22/2012     EUR     45.62
VONTOBEL FIN PRO        9.627    6/22/2012     EUR     72.56
VONTOBEL FIN PRO        9.658    6/22/2012     EUR     74.09
VONTOBEL FIN PRO        9.673    6/22/2012     EUR     64.86
VONTOBEL FIN PRO        9.689    6/22/2012     EUR     72.48
VONTOBEL FIN PRO        9.698    6/22/2012     EUR     65.40
VONTOBEL FIN PRO        9.699    6/22/2012     EUR     65.28
VONTOBEL FIN PRO        9.709    6/22/2012     EUR     56.62
VONTOBEL FIN PRO        9.709    6/22/2012     EUR     56.20
VONTOBEL FIN PRO        9.724    6/22/2012     EUR     67.62
VONTOBEL FIN PRO        9.781    6/22/2012     EUR     61.48
VONTOBEL FIN PRO        9.797    6/22/2012     EUR     61.82
VONTOBEL FIN PRO        9.832    6/22/2012     EUR     74.10
VONTOBEL FIN PRO        9.887    6/22/2012     EUR     68.02
VONTOBEL FIN PRO        9.918    6/22/2012     EUR     65.10
VONTOBEL FIN PRO        9.921    6/22/2012     EUR     67.84
VONTOBEL FIN PRO        9.957    6/22/2012     EUR     66.44
VONTOBEL FIN PRO        9.969    6/22/2012     EUR     57.82
VONTOBEL FIN PRO        9.991    6/22/2012     EUR     67.36
VONTOBEL FIN PRO       10.026    6/22/2012     EUR     71.82
VONTOBEL FIN PRO       10.028    6/22/2012     EUR     73.48
VONTOBEL FIN PRO       10.028    6/22/2012     EUR     67.22
VONTOBEL FIN PRO       10.038    6/22/2012     EUR     60.98
VONTOBEL FIN PRO       10.100    6/22/2012     EUR     67.70
VONTOBEL FIN PRO       10.110    6/22/2012     EUR     45.46
VONTOBEL FIN PRO       10.116    6/22/2012     EUR     56.98
VONTOBEL FIN PRO       10.142    6/22/2012     EUR     65.42
VONTOBEL FIN PRO       10.167    6/22/2012     EUR     74.82
VONTOBEL FIN PRO       10.167    6/22/2012     EUR     61.18
VONTOBEL FIN PRO       10.186    6/22/2012     EUR     69.72
VONTOBEL FIN PRO       10.207    6/22/2012     EUR     69.46
VONTOBEL FIN PRO       10.222    6/22/2012     EUR     72.58
VONTOBEL FIN PRO       10.254    6/22/2012     EUR     69.50
VONTOBEL FIN PRO       10.257    6/22/2012     EUR     65.06
VONTOBEL FIN PRO       10.260    6/22/2012     EUR     52.52
VONTOBEL FIN PRO       10.264    6/22/2012     EUR     67.81
VONTOBEL FIN PRO       10.273    6/22/2012     EUR     63.22
VONTOBEL FIN PRO       10.278    6/22/2012     EUR     51.76
VONTOBEL FIN PRO       10.286    6/22/2012     EUR     68.42
VONTOBEL FIN PRO       10.325    6/22/2012     EUR     72.26
VONTOBEL FIN PRO       10.402    6/22/2012     EUR     63.26
VONTOBEL FIN PRO       10.438    6/22/2012     EUR     71.14
VONTOBEL FIN PRO       10.439    6/22/2012     EUR     54.80
VONTOBEL FIN PRO       10.440    6/22/2012     EUR     69.68
VONTOBEL FIN PRO       10.476    6/22/2012     EUR     41.64
VONTOBEL FIN PRO       10.486    6/22/2012     EUR     43.32
VONTOBEL FIN PRO       10.490    6/22/2012     EUR     50.90
VONTOBEL FIN PRO       10.500    6/22/2012     EUR     57.82
VONTOBEL FIN PRO       10.520    6/22/2012     EUR     51.56
VONTOBEL FIN PRO       10.528    6/22/2012     EUR     71.85
VONTOBEL FIN PRO       10.548    6/22/2012     EUR     63.64
VONTOBEL FIN PRO       10.567    6/22/2012     EUR     57.14
VONTOBEL FIN PRO       10.577    6/22/2012     EUR     71.82
VONTOBEL FIN PRO       10.607    6/22/2012     EUR     70.96
VONTOBEL FIN PRO       10.612    6/22/2012     EUR     74.24
VONTOBEL FIN PRO       10.620    6/22/2012     EUR     65.32
VONTOBEL FIN PRO       10.642    6/22/2012     EUR     68.55
VONTOBEL FIN PRO       10.660    6/22/2012     EUR     47.56
VONTOBEL FIN PRO       10.668    6/22/2012     EUR     71.12
VONTOBEL FIN PRO       10.668    6/22/2012     EUR     73.24
VONTOBEL FIN PRO       10.724    6/22/2012     EUR     63.42
VONTOBEL FIN PRO       10.726    6/22/2012     EUR     62.40
VONTOBEL FIN PRO       10.757    6/22/2012     EUR     73.94
VONTOBEL FIN PRO       10.757    6/22/2012     EUR     74.66
VONTOBEL FIN PRO       10.761    6/22/2012     EUR     74.56
VONTOBEL FIN PRO       10.779    6/22/2012     EUR     74.98
VONTOBEL FIN PRO       10.800    6/22/2012     EUR     43.42
VONTOBEL FIN PRO       10.833    6/22/2012     EUR     51.14
VONTOBEL FIN PRO       10.843    6/22/2012     EUR     64.60
VONTOBEL FIN PRO       10.847    6/22/2012     EUR     72.42
VONTOBEL FIN PRO       10.878    6/22/2012     EUR     60.60
VONTOBEL FIN PRO       10.909    6/22/2012     EUR     42.04
VONTOBEL FIN PRO       10.920    6/22/2012     EUR     46.50
VONTOBEL FIN PRO       10.925    6/22/2012     EUR     63.88
VONTOBEL FIN PRO       10.925    6/22/2012     EUR     69.06
VONTOBEL FIN PRO       10.955    6/22/2012     EUR     71.90
VONTOBEL FIN PRO       11.019    6/22/2012     EUR     57.66
VONTOBEL FIN PRO       11.029    6/22/2012     EUR     66.24
VONTOBEL FIN PRO       11.052    6/22/2012     EUR     56.88
VONTOBEL FIN PRO       11.080    6/22/2012     EUR     71.76
VONTOBEL FIN PRO       11.080    6/22/2012     EUR     74.58
VONTOBEL FIN PRO       11.098    6/22/2012     EUR     71.94
VONTOBEL FIN PRO       11.103    6/22/2012     EUR     74.62
VONTOBEL FIN PRO       11.117    6/22/2012     EUR     69.54
VONTOBEL FIN PRO       11.219    6/22/2012     EUR     71.26
VONTOBEL FIN PRO       11.219    6/22/2012     EUR     74.45
VONTOBEL FIN PRO       11.238    6/22/2012     EUR     67.84
VONTOBEL FIN PRO       11.283    6/22/2012     EUR     56.18
VONTOBEL FIN PRO       11.296    6/22/2012     EUR     67.50
VONTOBEL FIN PRO       11.304    6/22/2012     EUR     68.54
VONTOBEL FIN PRO       11.319    6/22/2012     EUR     61.54
VONTOBEL FIN PRO       11.361    6/22/2012     EUR     60.44
VONTOBEL FIN PRO       11.377    6/22/2012     EUR     56.10
VONTOBEL FIN PRO       11.396    6/22/2012     EUR     67.69
VONTOBEL FIN PRO       11.405    6/22/2012     EUR     73.66
VONTOBEL FIN PRO       11.409    6/22/2012     EUR     68.88
VONTOBEL FIN PRO       11.422    6/22/2012     EUR     50.18
VONTOBEL FIN PRO       11.425    6/22/2012     EUR     69.46
VONTOBEL FIN PRO       11.425    6/22/2012     EUR     58.92
VONTOBEL FIN PRO       11.443    6/22/2012     EUR     71.98
VONTOBEL FIN PRO       11.455    6/22/2012     EUR     65.30
VONTOBEL FIN PRO       11.534    6/22/2012     EUR     58.66
VONTOBEL FIN PRO       11.560    6/22/2012     EUR     42.32
VONTOBEL FIN PRO       11.566    6/22/2012     EUR     62.24
VONTOBEL FIN PRO       11.581    6/22/2012     EUR     62.88
VONTOBEL FIN PRO       11.582    6/22/2012     EUR     69.96
VONTOBEL FIN PRO       11.586    6/22/2012     EUR     71.99
VONTOBEL FIN PRO       11.591    6/22/2012     EUR     72.82
VONTOBEL FIN PRO       11.600    6/22/2012     EUR     63.30
VONTOBEL FIN PRO       11.614    6/22/2012     EUR     62.76
VONTOBEL FIN PRO       11.693    6/22/2012     EUR     59.70
VONTOBEL FIN PRO       11.705    6/22/2012     EUR     60.43
VONTOBEL FIN PRO       11.736    6/22/2012     EUR     50.70
VONTOBEL FIN PRO       11.750    6/22/2012     EUR     68.18
VONTOBEL FIN PRO       11.774    6/22/2012     EUR     46.12
VONTOBEL FIN PRO       11.778    6/22/2012     EUR     50.32
VONTOBEL FIN PRO       11.807    6/22/2012     EUR     72.48
VONTOBEL FIN PRO       11.807    6/22/2012     EUR     61.86
VONTOBEL FIN PRO       11.808    6/22/2012     EUR     70.96
VONTOBEL FIN PRO       11.811    6/22/2012     EUR     61.54
VONTOBEL FIN PRO       11.819    6/22/2012     EUR     70.00
VONTOBEL FIN PRO       11.844    6/22/2012     EUR     56.36
VONTOBEL FIN PRO       11.910    6/22/2012     EUR     55.28
VONTOBEL FIN PRO       11.944    6/22/2012     EUR     69.84
VONTOBEL FIN PRO       11.952    6/22/2012     EUR     53.08
VONTOBEL FIN PRO       11.955    6/22/2012     EUR     41.28
VONTOBEL FIN PRO       11.967    6/22/2012     EUR     65.96
VONTOBEL FIN PRO       12.000    6/22/2012     EUR     65.04
VONTOBEL FIN PRO       12.013    6/22/2012     EUR     57.12
VONTOBEL FIN PRO       12.017    6/22/2012     EUR     59.62
VONTOBEL FIN PRO       12.103    6/22/2012     EUR     67.55
VONTOBEL FIN PRO       12.117    6/22/2012     EUR     52.76
VONTOBEL FIN PRO       12.123    6/22/2012     EUR     59.68
VONTOBEL FIN PRO       12.144    6/22/2012     EUR     65.92
VONTOBEL FIN PRO       12.168    6/22/2012     EUR     61.82
VONTOBEL FIN PRO       12.204    6/22/2012     EUR     49.54
VONTOBEL FIN PRO       12.216    6/22/2012     EUR     74.92
VONTOBEL FIN PRO       12.226    6/22/2012     EUR     30.32
VONTOBEL FIN PRO       12.247    6/22/2012     EUR     59.62
VONTOBEL FIN PRO       12.260    6/22/2012     EUR     66.90
VONTOBEL FIN PRO       12.276    6/22/2012     EUR     71.34
VONTOBEL FIN PRO       12.298    6/22/2012     EUR     63.74
VONTOBEL FIN PRO       12.323    6/22/2012     EUR     53.20
VONTOBEL FIN PRO       12.340    6/22/2012     EUR     56.46
VONTOBEL FIN PRO       12.340    6/22/2012     EUR     72.27
VONTOBEL FIN PRO       12.343    6/22/2012     EUR     46.48
VONTOBEL FIN PRO       12.352    6/22/2012     EUR     67.06
VONTOBEL FIN PRO       12.382    6/22/2012     EUR     64.38
VONTOBEL FIN PRO       12.389    6/22/2012     EUR     49.78
VONTOBEL FIN PRO       12.393    6/22/2012     EUR     66.18
VONTOBEL FIN PRO       12.420    6/22/2012     EUR     39.28
VONTOBEL FIN PRO       12.451    6/22/2012     EUR     52.10
VONTOBEL FIN PRO       12.456    6/22/2012     EUR     67.66
VONTOBEL FIN PRO       12.462    6/22/2012     EUR     69.92
VONTOBEL FIN PRO       12.472    6/22/2012     EUR     74.46
VONTOBEL FIN PRO       12.512    6/22/2012     EUR     51.44
VONTOBEL FIN PRO       12.520    6/22/2012     EUR     63.95
VONTOBEL FIN PRO       12.536    6/22/2012     EUR     74.06
VONTOBEL FIN PRO       12.537    6/22/2012     EUR     60.16
VONTOBEL FIN PRO       12.544    6/22/2012     EUR     49.10
VONTOBEL FIN PRO       12.547    6/22/2012     EUR     69.94
VONTOBEL FIN PRO       12.578    6/22/2012     EUR     52.88
VONTOBEL FIN PRO       12.595    6/22/2012     EUR     69.72
VONTOBEL FIN PRO       12.623    6/22/2012     EUR     48.78
VONTOBEL FIN PRO       12.627    6/22/2012     EUR     57.36
VONTOBEL FIN PRO       12.652    6/22/2012     EUR     68.60
VONTOBEL FIN PRO       12.672    6/22/2012     EUR     52.76
VONTOBEL FIN PRO       12.679    6/22/2012     EUR     68.77
VONTOBEL FIN PRO       12.685    6/22/2012     EUR     57.36
VONTOBEL FIN PRO       12.689    6/22/2012     EUR     62.08
VONTOBEL FIN PRO       12.716    6/22/2012     EUR     52.98
VONTOBEL FIN PRO       12.799    6/22/2012     EUR     63.82
VONTOBEL FIN PRO       12.830    6/22/2012     EUR     50.96
VONTOBEL FIN PRO       12.870    6/22/2012     EUR     68.36
VONTOBEL FIN PRO       12.878    6/22/2012     EUR     73.56
VONTOBEL FIN PRO       12.880    6/22/2012     EUR     73.12
VONTOBEL FIN PRO       13.000    6/22/2012     EUR     37.14
VONTOBEL FIN PRO       13.032    6/22/2012     EUR     48.42
VONTOBEL FIN PRO       13.084    6/22/2012     EUR     59.48
VONTOBEL FIN PRO       13.111    6/22/2012     EUR     65.72
VONTOBEL FIN PRO       13.150    6/22/2012     EUR     75.22
VONTOBEL FIN PRO       13.150    6/22/2012     EUR     60.64
VONTOBEL FIN PRO       13.208    6/22/2012     EUR     46.68
VONTOBEL FIN PRO       13.224    6/22/2012     EUR     72.82
VONTOBEL FIN PRO       13.253    6/22/2012     EUR     59.88
VONTOBEL FIN PRO       13.283    6/22/2012     EUR     61.88
VONTOBEL FIN PRO       13.288    6/22/2012     EUR     58.76
VONTOBEL FIN PRO       13.293    6/22/2012     EUR     62.60
VONTOBEL FIN PRO       13.343    6/22/2012     EUR     53.60
VONTOBEL FIN PRO       13.355    6/22/2012     EUR     66.00
VONTOBEL FIN PRO       13.463    6/22/2012     EUR     47.52
VONTOBEL FIN PRO       13.500    6/22/2012     EUR     50.32
VONTOBEL FIN PRO       13.521    6/22/2012     EUR     56.38
VONTOBEL FIN PRO       13.522    6/22/2012     EUR     70.34
VONTOBEL FIN PRO       13.536    6/22/2012     EUR     43.44
VONTOBEL FIN PRO       13.615    6/22/2012     EUR     58.78
VONTOBEL FIN PRO       13.648    6/22/2012     EUR     62.42
VONTOBEL FIN PRO       13.748    6/22/2012     EUR     72.50
VONTOBEL FIN PRO       13.748    6/22/2012     EUR     55.22
VONTOBEL FIN PRO       13.758    6/22/2012     EUR     44.80
VONTOBEL FIN PRO       13.792    6/22/2012     EUR     59.22
VONTOBEL FIN PRO       13.803    6/22/2012     EUR     60.96
VONTOBEL FIN PRO       13.812    6/22/2012     EUR     63.08
VONTOBEL FIN PRO       13.829    6/22/2012     EUR     50.10
VONTOBEL FIN PRO       13.832    6/22/2012     EUR     62.80
VONTOBEL FIN PRO       13.832    6/22/2012     EUR     51.08
VONTOBEL FIN PRO       13.846    6/22/2012     EUR     71.64
VONTOBEL FIN PRO       13.860    6/22/2012     EUR     50.04
VONTOBEL FIN PRO       13.886    6/22/2012     EUR     67.48
VONTOBEL FIN PRO       13.980    6/22/2012     EUR     51.96
VONTOBEL FIN PRO       14.000    6/22/2012     EUR     46.86
VONTOBEL FIN PRO       14.000    6/22/2012     EUR     63.00
VONTOBEL FIN PRO       14.061    6/22/2012     EUR     62.26
VONTOBEL FIN PRO       14.160    6/22/2012     EUR     30.08
VONTOBEL FIN PRO       14.172    6/22/2012     EUR     59.26
VONTOBEL FIN PRO       14.201    6/22/2012     EUR     40.28
VONTOBEL FIN PRO       14.211    6/22/2012     EUR     73.80
VONTOBEL FIN PRO       14.229    6/22/2012     EUR     53.18
VONTOBEL FIN PRO       14.276    6/22/2012     EUR     71.48
VONTOBEL FIN PRO       14.278    6/22/2012     EUR     47.62
VONTOBEL FIN PRO       14.302    6/22/2012     EUR     30.88
VONTOBEL FIN PRO       14.345    6/22/2012     EUR     60.58
VONTOBEL FIN PRO       14.436    6/22/2012     EUR     37.30
VONTOBEL FIN PRO       14.450    6/22/2012     EUR     55.42
VONTOBEL FIN PRO       14.561    6/22/2012     EUR     71.92
VONTOBEL FIN PRO       14.580    6/22/2012     EUR     64.76
VONTOBEL FIN PRO       14.640    6/22/2012     EUR     72.04
VONTOBEL FIN PRO       14.652    6/22/2012     EUR     69.66
VONTOBEL FIN PRO       14.680    6/22/2012     EUR     59.12
VONTOBEL FIN PRO       14.712    6/22/2012     EUR     54.38
VONTOBEL FIN PRO       14.717    6/22/2012     EUR     49.60
VONTOBEL FIN PRO       14.791    6/22/2012     EUR     33.36
VONTOBEL FIN PRO       14.821    6/22/2012     EUR     46.40
VONTOBEL FIN PRO       15.091    6/22/2012     EUR     68.28
VONTOBEL FIN PRO       15.167    6/22/2012     EUR     62.50
VONTOBEL FIN PRO       15.308    6/22/2012     EUR     56.26
VONTOBEL FIN PRO       15.370    6/22/2012     EUR     46.12
VONTOBEL FIN PRO       15.448    6/22/2012     EUR     60.66
VONTOBEL FIN PRO       15.526    6/22/2012     EUR     72.08
VONTOBEL FIN PRO       15.840    6/22/2012     EUR     47.36
VONTOBEL FIN PRO       15.920    6/22/2012     EUR     29.14
VONTOBEL FIN PRO       15.940    6/22/2012     EUR     49.16
VONTOBEL FIN PRO       15.950    6/22/2012     EUR     73.90
VONTOBEL FIN PRO       16.110    6/22/2012     EUR     27.98
VONTOBEL FIN PRO       16.150    6/22/2012     EUR     60.90
VONTOBEL FIN PRO       16.156    6/22/2012     EUR     70.60
VONTOBEL FIN PRO       16.293    6/22/2012     EUR     68.98
VONTOBEL FIN PRO       16.488    6/22/2012     EUR     35.64
VONTOBEL FIN PRO       16.497    6/22/2012     EUR     33.80
VONTOBEL FIN PRO       16.595    6/22/2012     EUR     72.32
VONTOBEL FIN PRO       16.667    6/22/2012     EUR     35.86
VONTOBEL FIN PRO       16.746    6/22/2012     EUR     32.14
VONTOBEL FIN PRO       16.864    6/22/2012     EUR     74.84
VONTOBEL FIN PRO       17.189    6/22/2012     EUR     66.16
VONTOBEL FIN PRO       17.260    6/22/2012     EUR     26.38
VONTOBEL FIN PRO       17.333    6/22/2012     EUR     59.72
VONTOBEL FIN PRO       17.712    6/22/2012     EUR     27.24
VONTOBEL FIN PRO       17.784    6/22/2012     EUR     45.08
VONTOBEL FIN PRO       18.036    6/22/2012     EUR     64.42
VONTOBEL FIN PRO       18.164    6/22/2012     EUR     26.74
VONTOBEL FIN PRO       18.289    6/22/2012     EUR     26.36
VONTOBEL FIN PRO       18.295    6/22/2012     EUR     42.78
VONTOBEL FIN PRO       21.456    6/22/2012     EUR     60.18
VONTOBEL FIN PRO       22.800    6/22/2012     EUR     73.86
VONTOBEL FIN PRO       12.067    6/29/2012     EUR     73.10
VONTOBEL FIN PRO       12.067    6/29/2012     EUR     60.10
VONTOBEL FIN PRO       11.514     7/6/2012     EUR     60.70
VONTOBEL FIN PRO       11.061    7/13/2012     EUR     69.30
VONTOBEL FIN PRO       10.860    7/20/2012     EUR     62.90
VONTOBEL FIN PRO       11.061    7/20/2012     EUR     74.40
VONTOBEL FIN PRO       11.564    7/27/2012     EUR     73.90
VONTOBEL FIN PRO       12.864    7/27/2012     EUR     75.10
VONTOBEL FIN PRO        7.432    9/28/2012     EUR     72.54
VONTOBEL FIN PRO        8.174    9/28/2012     EUR     70.74
VONTOBEL FIN PRO        8.440    9/28/2012     EUR     71.02
VONTOBEL FIN PRO        8.581    9/28/2012     EUR     69.60
VONTOBEL FIN PRO        8.786    9/28/2012     EUR     70.70
VONTOBEL FIN PRO        8.878    9/28/2012     EUR     75.42
VONTOBEL FIN PRO        9.037    9/28/2012     EUR     69.02
VONTOBEL FIN PRO        9.284    9/28/2012     EUR     73.28
VONTOBEL FIN PRO        9.400    9/28/2012     EUR     68.06
VONTOBEL FIN PRO        9.405    9/28/2012     EUR     68.64
VONTOBEL FIN PRO        9.492    9/28/2012     EUR     63.08
VONTOBEL FIN PRO        9.523    9/28/2012     EUR     50.34
VONTOBEL FIN PRO        9.634    9/28/2012     EUR     70.82
VONTOBEL FIN PRO        9.672    9/28/2012     EUR     68.70
VONTOBEL FIN PRO        9.860    9/28/2012     EUR     75.00
VONTOBEL FIN PRO        9.877    9/28/2012     EUR     67.08
VONTOBEL FIN PRO        9.950    9/28/2012     EUR     67.46
VONTOBEL FIN PRO       10.000    9/28/2012     EUR     63.82
VONTOBEL FIN PRO       10.014    9/28/2012     EUR     60.02
VONTOBEL FIN PRO       10.046    9/28/2012     EUR     74.08
VONTOBEL FIN PRO       10.046    9/28/2012     EUR     59.04
VONTOBEL FIN PRO       10.083    9/28/2012     EUR     73.40
VONTOBEL FIN PRO       10.336    9/28/2012     EUR     63.90
VONTOBEL FIN PRO       10.344    9/28/2012     EUR     74.36
VONTOBEL FIN PRO       10.366    9/28/2012     EUR     73.90
VONTOBEL FIN PRO       10.494    9/28/2012     EUR     49.24
VONTOBEL FIN PRO       10.556    9/28/2012     EUR     64.06
VONTOBEL FIN PRO       10.600    9/28/2012     EUR     74.32
VONTOBEL FIN PRO       10.830    9/28/2012     EUR     65.96
VONTOBEL FIN PRO       10.830    9/28/2012     EUR     67.68
VONTOBEL FIN PRO       10.850    9/28/2012     EUR     66.40
VONTOBEL FIN PRO       11.017    9/28/2012     EUR     72.28
VONTOBEL FIN PRO       11.027    9/28/2012     EUR     74.70
VONTOBEL FIN PRO       11.077    9/28/2012     EUR     72.21
VONTOBEL FIN PRO       11.145    9/28/2012     EUR     62.58
VONTOBEL FIN PRO       11.187    9/28/2012     EUR     74.58
VONTOBEL FIN PRO       11.357    9/28/2012     EUR     71.72
VONTOBEL FIN PRO       11.497    9/28/2012     EUR     72.54
VONTOBEL FIN PRO       11.502    9/28/2012     EUR     73.12
VONTOBEL FIN PRO       11.502    9/28/2012     EUR     48.26
VONTOBEL FIN PRO       11.577    9/28/2012     EUR     71.58
VONTOBEL FIN PRO       11.676    9/28/2012     EUR     65.44
VONTOBEL FIN PRO       11.764    9/28/2012     EUR     71.94
VONTOBEL FIN PRO       11.790    9/28/2012     EUR     72.22
VONTOBEL FIN PRO       11.797    9/28/2012     EUR     69.83
VONTOBEL FIN PRO       11.895    9/28/2012     EUR     61.50
VONTOBEL FIN PRO       11.900    9/28/2012     EUR     71.68
VONTOBEL FIN PRO       12.067    9/28/2012     EUR     61.42
VONTOBEL FIN PRO       12.350    9/28/2012     EUR     64.42
VONTOBEL FIN PRO       12.350    9/28/2012     EUR     75.06
VONTOBEL FIN PRO       12.398    9/28/2012     EUR     56.12
VONTOBEL FIN PRO       12.761    9/28/2012     EUR     69.88
VONTOBEL FIN PRO       12.847    9/28/2012     EUR     68.98
VONTOBEL FIN PRO       12.857    9/28/2012     EUR     58.34
VONTOBEL FIN PRO       13.257    9/28/2012     EUR     63.36
VONTOBEL FIN PRO       13.259    9/28/2012     EUR     69.06
VONTOBEL FIN PRO       13.352    9/28/2012     EUR     59.30
VONTOBEL FIN PRO       13.469    9/28/2012     EUR     73.49
VONTOBEL FIN PRO       13.950    9/28/2012     EUR     62.70
VONTOBEL FIN PRO       14.150    9/28/2012     EUR     71.42
VONTOBEL FIN PRO       14.154    9/28/2012     EUR     66.64
VONTOBEL FIN PRO       14.191    9/28/2012     EUR     69.22
VONTOBEL FIN PRO       14.500    9/28/2012     EUR     75.52
VONTOBEL FIN PRO       14.853    9/28/2012     EUR     74.98
VONTOBEL FIN PRO       14.895    9/28/2012     EUR     68.36
VONTOBEL FIN PRO       16.183    9/28/2012     EUR     61.92
VONTOBEL FIN PRO       17.000    9/28/2012     EUR     68.96
VONTOBEL FIN PRO       11.500   12/14/2012     EUR      4.44
VONTOBEL FIN PRO        5.006   12/28/2012     EUR     60.12
VONTOBEL FIN PRO        7.050   12/31/2012     EUR     72.26
VONTOBEL FIN PRO        8.230   12/31/2012     EUR     72.24
VONTOBEL FIN PRO        8.246   12/31/2012     EUR     54.18
VONTOBEL FIN PRO        8.300   12/31/2012     EUR     65.44
VONTOBEL FIN PRO        8.526   12/31/2012     EUR     34.84
VONTOBEL FIN PRO        8.877   12/31/2012     EUR     72.90
VONTOBEL FIN PRO        9.123   12/31/2012     EUR     73.82
VONTOBEL FIN PRO        9.193   12/31/2012     EUR     53.12
VONTOBEL FIN PRO        9.250   12/31/2012     EUR     62.40
VONTOBEL FIN PRO        9.700   12/31/2012     EUR     72.80
VONTOBEL FIN PRO        9.754   12/31/2012     EUR     52.52
VONTOBEL FIN PRO        9.754   12/31/2012     EUR     74.72
VONTOBEL FIN PRO        9.841   12/31/2012     EUR     67.36
VONTOBEL FIN PRO       10.050   12/31/2012     EUR     75.42
VONTOBEL FIN PRO       10.175   12/31/2012     EUR     52.20
VONTOBEL FIN PRO       10.421   12/31/2012     EUR     71.50
VONTOBEL FIN PRO       10.500   12/31/2012     EUR     71.50
VONTOBEL FIN PRO       10.807   12/31/2012     EUR     34.68
VONTOBEL FIN PRO       10.807   12/31/2012     EUR     72.82
VONTOBEL FIN PRO       11.476   12/31/2012     EUR     71.91
VONTOBEL FIN PRO       11.649   12/31/2012     EUR     71.76
VONTOBEL FIN PRO       11.784   12/31/2012     EUR     74.53
VONTOBEL FIN PRO       11.790   12/31/2012     EUR     69.50
VONTOBEL FIN PRO       12.501   12/31/2012     EUR     72.69
VONTOBEL FIN PRO       12.593   12/31/2012     EUR     76.22
VONTOBEL FIN PRO       12.650   12/31/2012     EUR     72.86
VONTOBEL FIN PRO       12.912   12/31/2012     EUR     69.26
VONTOBEL FIN PRO       13.123   12/31/2012     EUR     34.76
VONTOBEL FIN PRO       13.518   12/31/2012     EUR     73.64
VONTOBEL FIN PRO       14.150   12/31/2012     EUR     66.32
VONTOBEL FIN PRO       14.211   12/31/2012     EUR     67.06
VONTOBEL FIN PRO        8.042     1/2/2013     EUR     69.88
VONTOBEL FIN PRO        8.987     1/2/2013     EUR     44.65
VONTOBEL FIN PRO       10.930     1/2/2013     EUR     64.88
VONTOBEL FIN PRO        7.389   11/25/2013     EUR     47.30
VONTOBEL FIN PRO        5.100    4/14/2014     EUR     49.90
WESTLB AG               5.000    3/22/2012     EUR     70.85
WESTLB AG               5.000    3/22/2012     EUR     72.68
WESTLB AG               4.500    3/22/2012     EUR     50.19
WESTLB AG               5.000    4/12/2016     EUR     29.01
WESTLB AG               0.100    9/27/2012     EUR     57.88
WESTLB AG               0.075    9/27/2012     EUR     73.07
WESTLB AG               6.750    7/30/2012     EUR     73.74
WESTLB AG               8.500    6/21/2012     EUR     62.75
WESTLB AG               8.500    6/21/2012     EUR     71.20
WESTLB AG               5.250    5/21/2012     EUR     69.32
WESTLB AG               6.000    3/26/2012     EUR     49.79
WESTLB AG               8.000    3/22/2012     EUR     72.74
WESTLB AG               8.000    3/22/2012     EUR     63.63
WESTLB AG               7.500    3/22/2012     EUR     60.25
WESTLB AG               7.500    3/22/2012     EUR     69.43
WESTLB AG               7.000    3/22/2012     EUR     50.21
WGZ BANK                8.000    6/13/2012     EUR     45.15
WGZ BANK                8.000    6/21/2012     EUR     75.14
WGZ BANK                8.000   12/20/2012     EUR     74.87
WGZ BANK                7.000   12/28/2012     EUR     73.74
WGZ BANK                8.000   12/28/2012     EUR     70.36
WGZ BANK                7.000    3/27/2012     EUR     74.60
WGZ BANK                8.000    3/27/2012     EUR     73.33
WGZ BANK                9.000    3/27/2012     EUR     72.10
WGZ BANK                4.000    6/13/2012     EUR     56.99
WGZ BANK                5.000    6/13/2012     EUR     51.33
WGZ BANK                6.000    6/13/2012     EUR     49.05
WGZ BANK                7.000    6/13/2012     EUR     47.00

GREECE
------
HELLENIC REPUB          5.000    3/11/2019     EUR     21.63
HELLENIC REPUB          3.187     7/7/2024     EUR     10.75
HELLENIC REPUB          6.140    4/14/2028     EUR     14.63
HELLENIC REPUB          5.200    7/17/2034     EUR     21.13
HELLENIC REPUB          4.625    6/25/2013     USD     37.38
HELLENIC REPUB          2.125     7/5/2013     CHF     36.00
HELLENIC REPUB          4.590     4/8/2016     EUR     25.25
NATL BK GREECE          3.875    10/7/2016     EUR     68.86
YIOULA GLASSWORK        9.000    12/1/2015     EUR     57.25
YIOULA GLASSWORK        9.000    12/1/2015     EUR     57.25

GUERNSEY
--------
BCV GUERNSEY            7.250    5/25/2012     CHF     68.27
BCV GUERNSEY            8.500    5/25/2012     EUR     65.11
BCV GUERNSEY            8.020     3/1/2013     EUR     73.32
BCV GUERNSEY            8.500    3/30/2012     CHF     74.88
BCV GUERNSEY            8.120    5/11/2012     CHF     75.68
BCV GUERNSEY            9.500    4/13/2012     EUR     33.30
BCV GUERNSEY            7.200    4/13/2012     CHF     70.93
BCV GUERNSEY           18.600    5/17/2012     USD     44.25
BCV GUERNSEY           19.200    5/17/2012     EUR     45.44
BCV GUERNSEY           10.000    5/18/2012     CHF     52.79
BCV GUERNSEY           13.000    5/18/2012     CHF     66.57
BCV GUERNSEY           18.150    5/17/2012     CHF     44.11
BKB FINANCE             8.900    9/27/2012     CHF     63.24
BKB FINANCE             9.050     8/9/2012     CHF     58.06
BKB FINANCE             9.200    6/21/2012     CHF     65.88
BKB FINANCE             7.650    6/14/2012     CHF     67.50
BKB FINANCE             6.850    6/14/2012     CHF     66.76
BKB FINANCE             7.750     6/7/2012     CHF     40.57
BKB FINANCE             7.750    5/31/2012     CHF     71.22
BKB FINANCE             6.400    5/10/2012     CHF     69.86
BKB FINANCE             8.050     5/3/2012     CHF     68.66
BKB FINANCE             8.500    3/29/2012     CHF     66.54
BKB FINANCE             7.800     5/3/2012     CHF     57.35
BKB FINANCE             7.000    3/29/2012     CHF     73.58
BKB FINANCE             8.350    1/14/2013     CHF     68.09
BKB FINANCE             9.850    4/26/2012     CHF     57.69
EFG FINANCIAL PR        8.250     7/4/2012     EUR     73.88
EFG FINANCIAL PR       10.500     7/5/2012     CHF     46.19
EFG FINANCIAL PR       10.250    7/25/2012     CHF     46.22
EFG FINANCIAL PR       17.700    3/23/2012     USD     36.02
EFG FINANCIAL PR       11.000    3/28/2012     EUR     56.54
EFG FINANCIAL PR        8.500    3/29/2012     CHF     60.15
EFG FINANCIAL PR       18.000     4/4/2012     CHF     17.72
EFG FINANCIAL PR        7.200     4/5/2012     USD     74.03
EFG FINANCIAL PR        8.500     4/5/2012     USD     74.58
EFG FINANCIAL PR        8.550     4/5/2012     USD     51.22
EFG FINANCIAL PR        9.500     4/5/2012     USD     51.42
EFG FINANCIAL PR        9.500     4/5/2012     EUR     51.38
EFG FINANCIAL PR       10.400     4/5/2012     USD     75.25
EFG FINANCIAL PR       12.100     4/5/2012     USD     74.43
EFG FINANCIAL PR        9.000    4/11/2012     USD     71.90
EFG FINANCIAL PR        9.300    4/11/2012     USD     51.21
EFG FINANCIAL PR       10.750    3/28/2012     EUR     52.29
EFG FINANCIAL PR        9.600    4/11/2012     USD     74.42
EFG FINANCIAL PR       10.000    4/19/2012     CHF     66.43
EFG FINANCIAL PR       10.500    4/19/2012     CHF     66.78
EFG FINANCIAL PR       13.050    4/19/2012     USD     51.56
EFG FINANCIAL PR       14.150    4/19/2012     EUR     51.53
EFG FINANCIAL PR       16.500    4/19/2012     EUR     64.06
EFG FINANCIAL PR       18.110    4/19/2012     EUR     64.21
EFG FINANCIAL PR        9.450    4/20/2012     CHF     64.87
EFG FINANCIAL PR       10.000    4/20/2012     USD     52.61
EFG FINANCIAL PR       10.500    4/20/2012     USD     52.74
EFG FINANCIAL PR       11.000    4/20/2012     USD     70.52
EFG FINANCIAL PR        8.650    4/23/2012     USD     63.50
EFG FINANCIAL PR       10.250    4/26/2012     EUR     51.16
EFG FINANCIAL PR       11.300    4/27/2012     EUR     68.63
EFG FINANCIAL PR       10.800     5/2/2012     CHF     72.31
EFG FINANCIAL PR        6.500     5/3/2012     USD     65.12
EFG FINANCIAL PR        9.500     5/4/2012     CHF     68.25
EFG FINANCIAL PR       10.500     5/4/2012     CHF     71.93
EFG FINANCIAL PR       11.000     5/4/2012     USD     71.68
EFG FINANCIAL PR       14.750     5/4/2012     EUR     47.28
EFG FINANCIAL PR       18.600     5/4/2012     CHF     69.56
EFG FINANCIAL PR        7.000     5/7/2012     CHF     72.10
EFG FINANCIAL PR        9.000     5/7/2012     USD     49.04
EFG FINANCIAL PR       10.600     5/9/2012     CHF     30.79
EFG FINANCIAL PR       10.000    5/11/2012     CHF     26.36
EFG FINANCIAL PR       10.050    5/11/2012     CHF     59.23
EFG FINANCIAL PR       11.000    5/11/2012     EUR     26.43
EFG FINANCIAL PR        8.950    5/14/2012     CHF     70.36
EFG FINANCIAL PR        8.400    9/30/2013     CHF     73.03
EFG FINANCIAL PR        6.500    8/27/2013     CHF     62.37
EFG FINANCIAL PR       14.000    2/19/2013     CHF     23.95
EFG FINANCIAL PR        5.800    1/23/2013     CHF     60.92
EFG FINANCIAL PR       16.500    1/18/2013     CHF     56.35
EFG FINANCIAL PR       12.500    1/15/2013     CHF     52.59
EFG FINANCIAL PR       10.250    1/15/2013     CHF     30.43
EFG FINANCIAL PR        9.000    1/15/2013     CHF     49.27
EFG FINANCIAL PR        8.830   12/28/2012     USD     68.15
EFG FINANCIAL PR       12.000   12/27/2012     CHF     17.36
EFG FINANCIAL PR       17.500   12/14/2012     EUR     64.16
EFG FINANCIAL PR       13.750    12/6/2012     CHF     60.50
EFG FINANCIAL PR       16.000   11/27/2012     EUR     60.93
EFG FINANCIAL PR       14.500   11/27/2012     CHF     53.48
EFG FINANCIAL PR       14.800   11/20/2012     EUR     70.61
EFG FINANCIAL PR       11.500   11/20/2012     EUR     70.60
EFG FINANCIAL PR        8.000   11/20/2012     CHF     75.04
EFG FINANCIAL PR       17.000   11/13/2012     EUR     66.75
EFG FINANCIAL PR       14.000   11/13/2012     USD     34.06
EFG FINANCIAL PR       13.000   11/13/2012     CHF     33.65
EFG FINANCIAL PR       12.750   11/13/2012     CHF     31.41
EFG FINANCIAL PR        9.330   10/29/2012     USD     60.41
EFG FINANCIAL PR       21.000   10/26/2012     USD     38.68
EFG FINANCIAL PR       20.500   10/26/2012     EUR     38.58
EFG FINANCIAL PR       20.000   10/26/2012     CHF     38.16
EFG FINANCIAL PR       17.000   10/26/2012     EUR     59.89
EFG FINANCIAL PR       16.750   10/26/2012     CHF     43.54
EFG FINANCIAL PR       11.250   10/26/2012     CHF     75.32
EFG FINANCIAL PR        6.250   10/25/2012     CHF     66.57
EFG FINANCIAL PR       12.000   10/19/2012     USD     65.57
EFG FINANCIAL PR       17.250   10/12/2012     CHF     74.24
EFG FINANCIAL PR       20.000   10/11/2012     CHF     35.93
EFG FINANCIAL PR       12.500   10/11/2012     CHF     75.45
EFG FINANCIAL PR       10.620    10/3/2012     USD     46.09
EFG FINANCIAL PR        9.930    10/3/2012     EUR     46.02
EFG FINANCIAL PR       10.000    10/1/2012     CHF     75.33
EFG FINANCIAL PR       11.250    9/25/2012     CHF     74.75
EFG FINANCIAL PR        9.000    9/10/2012     CHF     64.57
EFG FINANCIAL PR        9.040    3/26/2012     USD     58.10
EFG FINANCIAL PR       11.000    7/25/2012     CHF     24.47
EFG FINANCIAL PR        7.000     9/7/2012     CHF     60.42
EFG FINANCIAL PR        7.000     9/7/2012     EUR     65.14
EFG FINANCIAL PR        9.600     9/4/2012     USD     63.61
EFG FINANCIAL PR        9.500     9/4/2012     USD     50.69
EFG FINANCIAL PR       10.500     9/3/2012     CHF     63.48
EFG FINANCIAL PR       22.000    8/24/2012     USD     26.01
EFG FINANCIAL PR       14.000    8/24/2012     CHF     38.84
EFG FINANCIAL PR       11.750    8/24/2012     CHF     68.41
EFG FINANCIAL PR       11.500    8/24/2012     CHF     62.00
EFG FINANCIAL PR       11.800    8/17/2012     CHF     65.80
EFG FINANCIAL PR       11.600    8/17/2012     EUR     65.07
EFG FINANCIAL PR       12.000    8/16/2012     EUR     39.10
EFG FINANCIAL PR       13.750    8/14/2012     EUR     74.65
EFG FINANCIAL PR       12.750    8/14/2012     CHF     63.90
EFG FINANCIAL PR       11.000    8/14/2012     CHF     59.17
EFG FINANCIAL PR        3.850    8/13/2012     EUR     55.33
EFG FINANCIAL PR       12.800    8/10/2012     CHF     60.09
EFG FINANCIAL PR       11.700    8/10/2012     USD     45.29
EFG FINANCIAL PR       19.000     8/8/2012     USD     65.02
EFG FINANCIAL PR       11.000     8/7/2012     CHF     53.68
EFG FINANCIAL PR       10.000     8/7/2012     CHF     63.91
EFG FINANCIAL PR        9.000     8/3/2012     CHF     56.85
EFG FINANCIAL PR        9.000     8/3/2012     CHF     65.34
EFG FINANCIAL PR        9.000     8/3/2012     CHF     14.35
EFG FINANCIAL PR       11.750    7/31/2012     CHF     63.87
EFG FINANCIAL PR       11.750    7/31/2012     CHF     63.94
EFG FINANCIAL PR       11.500    7/31/2012     EUR     59.72
EFG FINANCIAL PR       10.000    7/31/2012     CHF     63.12
EFG FINANCIAL PR        9.000    5/16/2012     CHF     73.53
EFG FINANCIAL PR       10.830    5/18/2012     CHF      6.67
EFG FINANCIAL PR       12.960    5/21/2012     EUR     25.54
EFG FINANCIAL PR       10.750    5/22/2012     CHF     69.88
EFG FINANCIAL PR       11.250    5/22/2012     CHF     63.80
EFG FINANCIAL PR       12.750    5/22/2012     EUR     68.07
EFG FINANCIAL PR       14.000    5/22/2012     EUR     72.88
EFG FINANCIAL PR        8.000    5/24/2012     USD     58.43
EFG FINANCIAL PR        7.440    5/25/2012     EUR     61.23
EFG FINANCIAL PR       10.570    5/25/2012     EUR     74.28
EFG FINANCIAL PR       11.200    5/25/2012     CHF     70.29
EFG FINANCIAL PR       10.910    5/29/2012     EUR     48.94
EFG FINANCIAL PR       10.000    5/30/2012     CHF     62.42
EFG FINANCIAL PR       12.750     6/6/2012     CHF     72.77
EFG FINANCIAL PR       12.750     6/6/2012     EUR     74.60
EFG FINANCIAL PR       10.000     6/8/2012     CHF     34.76
EFG FINANCIAL PR       12.250     6/8/2012     EUR     68.11
EFG FINANCIAL PR        5.200    6/14/2012     CHF     69.95
EFG FINANCIAL PR       12.250    6/15/2012     EUR     16.15
EFG FINANCIAL PR       13.110    6/18/2012     USD     56.74
EFG FINANCIAL PR        9.650    6/20/2012     USD     56.58
EFG FINANCIAL PR        7.000    6/21/2012     CHF     65.21
EFG FINANCIAL PR       10.000    6/22/2012     CHF     44.54
EFG FINANCIAL PR       11.300    6/28/2012     EUR     68.81
EFG FINANCIAL PR        6.600     7/4/2012     CHF     73.69
MARE BALTIC PCC         3.000   11/17/2014     DKK     22.00
MARE BALTIC PCC         2.000    11/1/2015     DKK      0.01
MARE BALTIC PCC         2.000    11/1/2015     DKK      0.01
MARE BALTIC PCC         3.000    11/1/2012     DKK     30.05
MARE BALTIC PCC         3.000   11/17/2014     DKK      1.00
ZURCHER KANT FIN        7.844    5/18/2012     CHF     66.89
ZURCHER KANT FIN        7.340    4/16/2013     CHF     64.71
ZURCHER KANT FIN        5.330   11/30/2012     CHF     72.68
ZURCHER KANT FIN        9.250    11/9/2012     CHF     70.54
ZURCHER KANT FIN       10.250    7/19/2012     CHF     73.66
ZURCHER KANT FIN       11.000    7/13/2012     CHF     72.82
ZURCHER KANT FIN        9.000    6/18/2012     CHF     65.41
ZURCHER KANT FIN       13.575    6/15/2012     CHF     74.45
ZURCHER KANT FIN        7.721    3/30/2012     CHF     74.73
ZURCHER KANT FIN       11.000    4/20/2012     CHF     57.11
ZURCHER KANT FIN        8.000    6/15/2012     CHF     69.26
FHB MORTGAGE BAN        4.500    3/22/2022     EUR     54.75

IRELAND
-------
AIB MORTGAGE BNK        5.580    4/28/2028     EUR     64.93
AIB MORTGAGE BNK        5.000    2/12/2030     EUR     58.49
AIB MORTGAGE BNK        5.000     3/1/2030     EUR     58.46
BANK OF IRELAND         5.600    9/18/2023     EUR     57.88
BK IRELAND MTGE         5.400    11/6/2029     EUR     64.09
BK IRELAND MTGE         5.450     3/1/2030     EUR     64.31
BK IRELAND MTGE         5.760     9/7/2029     EUR     67.29
BK IRELAND MTGE         5.360   10/12/2029     EUR     63.81
DEPFA ACS BANK          4.900    8/24/2035     CAD     68.65
DEPFA ACS BANK          5.125    3/16/2037     USD     74.43
DEPFA ACS BANK          5.125    3/16/2037     USD     74.00
DEPFA ACS BANK          0.500     3/3/2025     CAD     41.20
FIRST ACTIVE PLC        6.375     4/4/2018     GBP     73.38
KALVEBOD PLC            2.000     5/1/2106     DKK     31.50

ITALY
-----
BTPS I/L                2.550    9/15/2041     EUR     75.08
BTPS I/L                2.350    9/15/2035     EUR     75.11
ICCREA BANCAIMPR        5.220    4/11/2017     EUR     63.50
REP OF ITALY            2.870    5/19/2036     JPY     55.30
REP OF ITALY            2.000    9/15/2062     EUR     56.82
REP OF ITALY            5.250    12/7/2034     GBP     72.17
REP OF ITALY            4.850    6/11/2060     EUR     72.59
REP OF ITALY            2.200    9/15/2058     EUR     62.19
REP OF ITALY            1.850    9/15/2057     EUR     55.17
SEAT PAGINE            10.500    1/31/2017     EUR     66.16
SEAT PAGINE            10.500    1/31/2017     EUR     64.92
UBI BANCA SPCA          6.250   11/18/2018     EUR     52.08
UNICREDITO ITALI        4.748    2/15/2035     EUR     95.00
UNIPOL ASSICURAZ        5.660    7/28/2023     EUR     69.05

LUXEMBOURG
----------
ARCELORMITTAL           7.250     4/1/2014     EUR     23.78
CONTROLINVESTE          3.000    1/28/2015     EUR     73.96
DEXIA BQ INT LUX        6.000     7/2/2018     EUR     72.02
ESFG INTERNATION        6.875   10/21/2019     EUR     68.30
ESPIRITO SANTO F        9.750   12/19/2025     EUR     66.03
FORTIS LUX FIN          3.420    6/29/2021     EUR     65.00
FORTIS LUX FINAN        6.500   10/22/2012     EUR     75.00
INTRALOT LUX SA         2.250   12/20/2013     EUR     68.73
VIVALDIS                0.500     8/8/2028     EUR     70.50
VIVALDIS                0.500    6/13/2028     EUR     65.85
VIVALDIS                0.500    6/13/2013     EUR     65.85

KAZAKHSTAN
----------
APP INTL FINANCE       11.750    10/1/2005     USD      1.00
BK NED GEMEENTEN        0.500    6/22/2016     TRY     72.23
BK NED GEMEENTEN        0.500    3/17/2016     TRY     73.56
BK NED GEMEENTEN        0.500    4/27/2016     TRY     72.99
BK NED GEMEENTEN        0.500    5/25/2016     TRY     72.61
BK NED GEMEENTEN        0.500    9/15/2016     TRY     71.10
BK NED GEMEENTEN        0.500     3/3/2021     NZD     69.91
BK NED GEMEENTEN        0.500    3/29/2021     NZD     69.67
BK NED GEMEENTEN        0.500    5/12/2021     ZAR     48.75
BK NED GEMEENTEN        0.500    6/22/2021     ZAR     48.24
BK NED GEMEENTEN        0.500    2/24/2025     CAD     62.62
BLT FINANCE BV          7.500    5/15/2014     USD     29.50
BRIT INSURANCE          6.625    12/9/2030     GBP     62.04
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     68.93
KBC IFIMA NV            7.500    4/30/2012     EUR     57.04
LEHMAN BROS TSY         6.000    2/15/2035     EUR      8.00
LEHMAN BROS TSY         4.870    10/8/2013     USD     34.50
LEHMAN BROS TSY         8.250    3/16/2035     EUR      8.00
LEHMAN BROS TSY         7.000    5/17/2035     EUR      8.00
LEHMAN BROS TSY         7.250    10/5/2035     EUR      7.10
LEHMAN BROS TSY         6.000    11/2/2035     EUR      6.55
NATL INVESTER BK       25.983     5/7/2029     EUR     25.36
NED WATERSCHAPBK        0.500    3/11/2025     CAD     60.05
NIB CAPITAL BANK        4.510   12/16/2035     EUR     67.94
PORTUGAL TEL FIN        4.500    6/16/2025     EUR     69.69
Q-CELLS INTERNAT        5.750    5/26/2014     EUR     19.02
RABOBANK                0.500   11/26/2021     ZAR     47.87
RABOBANK                0.500   10/27/2016     ZAR     72.06
RBS NV EX-ABN NV        2.910    6/21/2036     JPY     62.72
SNS BANK                4.996    1/26/2035     EUR     65.55
SNS BANK                4.580    3/20/2026     EUR     67.08
SNS BANK                5.215    12/3/2027     EUR     70.25

NORWAY
------
KOMMUNALBANKEN          0.500    5/25/2016     ZAR     73.35
KOMMUNALBANKEN          0.500    7/29/2016     ZAR     72.22
KOMMUNALBANKEN          0.500    5/25/2018     ZAR     61.59
KOMMUNALBANKEN          0.500    3/24/2016     ZAR     74.44
KOMMUNALBANKEN          0.500     3/1/2016     ZAR     74.95
KOMMUNALBANKEN          0.500    7/26/2016     ZAR     72.28
NORSKE SKOGIND          7.125   10/15/2033     USD     55.88
NORSKE SKOGIND          7.125   10/15/2033     USD     55.88
NORSKE SKOGIND          6.125   10/15/2015     USD     71.50
NORSKE SKOGIND          7.000    6/26/2017     EUR     65.22
NORSKE SKOGIND          6.125   10/15/2015     USD     71.50
RENEWABLE CORP          6.500     6/4/2014     EUR     64.13

POLAND
------
POLAND-REGD-RSTA        2.810   11/16/2037     JPY     73.88
REP OF POLAND           2.648    3/29/2034     JPY     73.14

PORTUGAL
--------
CAIXA GERAL DEPO        4.400    10/8/2019     EUR     68.00
CAIXA GERAL DEPO        5.380    10/1/2038     EUR     58.80
CAIXA GERAL DEPO        5.320     8/5/2021     EUR     68.75
CAIXA GERAL DEPO        4.250    1/27/2020     EUR     74.06
COMBOIOS DE PORT        4.170   10/16/2019     EUR     48.24
METRO DE LISBOA         4.061    12/4/2026     EUR     46.63
METRO DE LISBOA         4.799    12/7/2027     EUR     44.00
METRO DE LISBOA         7.300   12/23/2025     EUR     51.88
METRO DE LISBOA         5.750     2/4/2019     EUR     54.63
MONTEPIO GERAL          5.000     2/8/2017     EUR     61.25
PARPUBLICA              4.200   11/16/2026     EUR     47.25
PARPUBLICA              3.567    9/22/2020     EUR     54.67
PORTUGAL (REP)          3.500    3/25/2015     USD     70.67
PORTUGAL (REP)          3.500    3/25/2015     USD     70.67
PORTUGUESE OT'S         3.850    4/15/2021     EUR     54.33
PORTUGUESE OT'S         4.450    6/15/2018     EUR     58.57
PORTUGUESE OT'S         4.350   10/16/2017     EUR     61.32
PORTUGUESE OT'S         4.750    6/14/2019     EUR     57.26
PORTUGUESE OT'S         6.400    2/15/2016     EUR     73.20
PORTUGUESE OT'S         3.350   10/15/2015     EUR     69.50
PORTUGUESE OT'S         4.100    4/15/2037     EUR     44.03
PORTUGUESE OT'S         4.950   10/25/2023     EUR     53.10
PORTUGUESE OT'S         4.200   10/15/2016     EUR     64.76
PORTUGUESE OT'S         4.800    6/15/2020     EUR     56.07
REFER                   4.675   10/16/2024     EUR     44.39
REFER                   5.875    2/18/2019     EUR     52.91
REFER                   4.250   12/13/2021     EUR     44.88
REFER                   4.000    3/16/2015     EUR     55.01
REFER                   4.047   11/16/2026     EUR     43.66

RUSSIA
------
ARIZK                   3.000   12/20/2030     RUB     47.74
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     15.00
MOSMART FINANS          0.010    4/12/2012     RUB      6.50
NOK                    12.500    8/26/2014     RUB      5.00
PROMPEREOSNASTKA        1.000   12/17/2012     RUB      0.01
PROTON-FINANCE          9.000    6/12/2012     RUB     65.00
RBC OJSC                3.270    4/19/2018     RUB     46.00
SATURN                  8.000     6/6/2014     RUB      3.00
SERBIA T-BONDS          5.850    2/16/2026     EUR     73.88

SPAIN
-----
AYT CEDULAS CAJA        3.750   12/14/2022     EUR     67.69
AYT CEDULAS CAJA        4.750    5/25/2027     EUR     66.68
AYT CEDULAS CAJA        4.250   10/25/2023     EUR     69.24
AYT CEDULAS CAJA        3.750    6/30/2025     EUR     60.86
AYUNTAM DE MADRD        4.550    6/16/2036     EUR     63.75
BANCAJA                 1.500    5/22/2018     EUR     69.90
BANCAJA EMI SA          2.755    5/11/2037     JPY     71.94
BANCO BILBAO VIZ        6.025     3/3/2033     EUR     61.43
BANCO BILBAO VIZ        4.500    2/16/2022     EUR     74.90
BANCO CASTILLA          1.500    6/23/2021     EUR     69.64
BASQUE GOV'T            4.600     1/7/2025     EUR     74.80
BBVA SUB CAP UNI        2.750   10/22/2035     JPY     52.71
CAIXA TERRASSA          4.700     8/9/2021     EUR     73.20
CAJA MADRID             5.116    7/15/2015     EUR     73.88
CAJA MADRID             5.405    7/21/2038     EUR     74.92
CAJA MADRID             4.125    3/24/2036     EUR     69.31
CEDULAS TDA 6 FO        4.250    4/10/2031     EUR     56.41
CEDULAS TDA 6 FO        3.875    5/23/2025     EUR     61.85
CEDULAS TDA A-5         4.250    3/28/2027     EUR     61.80
COMUN AUTO CANAR        4.200   10/25/2036     EUR     49.41
COMUN AUTO CANAR        3.900   11/30/2035     EUR     48.77
COMUN AUTO CANAR        5.750   10/15/2029     EUR     71.58
COMUN NAVARRA           4.000   11/23/2021     EUR     70.97
COMUNIDAD ARAGON        4.646    7/11/2036     EUR     53.93
COMUNIDAD ARAGON        4.815   10/10/2022     EUR     74.05
COMUNIDAD BALEAR        4.063   11/23/2035     EUR     46.75
COMUNIDAD BALEAR        3.869   11/23/2020     EUR     69.34
COMUNIDAD MADRID        4.300    9/15/2026     EUR     69.29
DIPUTACION FOR          4.323   12/29/2023     EUR     66.94
GEN DE CATALUNYA        4.220    4/26/2035     EUR     49.56
GEN DE CATALUNYA        2.965     9/8/2039     JPY     51.01
GEN DE CATALUNYA        6.350   11/30/2041     EUR     66.54
GEN DE CATALUNYA        4.950    2/11/2020     EUR     75.03
GEN DE CATALUNYA        4.690   10/28/2034     EUR     53.99
GEN DE CATALUNYA        4.801    7/31/2020     EUR     73.06
GEN DE CATALUNYA        4.900    9/15/2021     EUR     71.36
GEN DE CATALUNYA        5.250    10/5/2023     EUR     70.11
GEN DE CATALUNYA        5.325    10/5/2028     EUR     64.48
GEN DE CATALUNYA        5.219    9/10/2029     EUR     62.36
GEN DE CATALUNYA        5.400    5/13/2030     EUR     63.04
GEN DE CATALUNYA        5.900    5/28/2030     EUR     67.68
GEN DE CATALUNYA        5.950    10/1/2030     EUR     66.94
GENERAL DE ALQUI        2.750    8/20/2012     EUR     73.35
GENERAL VALENCIA        4.900    3/17/2020     EUR     61.50
GENERAL VALENCIA        5.900   11/30/2032     EUR     47.63
GENERAL VALENCIA        4.000    11/2/2016     EUR     79.64
IM CEDULAS 5            3.500    6/15/2020     EUR     73.41
INSTIT CRDT OFCL        3.250    6/28/2024     CHF     74.70
INSTITUT CATALA         4.250    6/15/2024     EUR     64.52
JUNTA ANDALUCIA         4.850    3/17/2020     EUR     71.87
JUNTA ANDALUCIA         5.000    7/13/2022     EUR     71.65
JUNTA ANDALUCIA         5.700    7/20/2028     EUR     67.51
JUNTA ANDALUCIA         6.600   11/29/2030     EUR     72.19
JUNTA ANDALUCIA         5.150    5/24/2034     EUR     57.87
JUNTA ANDALUCIA         4.250   10/31/2036     EUR     48.48
JUNTA ANDALUCIA         3.065    7/29/2039     JPY     54.81
JUNTA ANDALUCIA         4.125    1/20/2020     EUR     71.80
JUNTA ANDALUCIA         3.170    7/29/2039     JPY     56.18
JUNTA CASTILLA          4.650    11/8/2022     EUR     68.10
JUNTA LA MANCHA         7.705    2/15/2033     EUR     68.63
JUNTA LA MANCHA         5.950     9/9/2030     EUR     57.46
JUNTA LA MANCHA         4.875    3/18/2020     EUR     75.88
JUNTA LA MANCHA         3.875    1/31/2036     EUR     36.00
JUNTA LA MANCHA         2.810   10/14/2022     JPY     69.75
JUNTA LA MANCHA         4.625   11/30/2022     EUR     63.25
MAPFRE SA               5.921    7/24/2037     EUR     71.95
SACYR VALLEHERM         6.500     5/1/2016     EUR     64.18
XUNTA DE GALICIA        4.025   11/28/2035     EUR     46.52
XUNTA DE GALICIA        5.350   11/22/2028     EUR     63.31

SWEDEN
------
SWEDISH EXP CRED        0.500    8/25/2021     ZAR     48.28
SWEDISH EXP CRED        0.500    9/30/2016     ZAR     71.37
SWEDISH EXP CRED        0.500    9/20/2016     ZAR     71.51
SWEDISH EXP CRED        0.500    8/26/2016     ZAR     71.97
SWEDISH EXP CRED        0.500    8/25/2016     ZAR     71.96
SWEDISH EXP CRED        0.500    6/29/2016     TRY     71.43
SWEDISH EXP CRED        0.500    6/14/2016     ZAR     73.21
SWEDISH EXP CRED        0.500   11/27/2015     TRY     74.50
SWEDISH EXP CRED        7.500    6/12/2012     USD      7.06
SWEDISH EXP CRED        9.250    4/27/2012     USD      8.45
SWEDISH EXP CRED        0.500    1/25/2028     USD     54.77
SWEDISH EXP CRED        0.500   12/17/2027     USD     55.19
SWEDISH EXP CRED        0.500    3/15/2022     ZAR     46.11
SWEDISH EXP CRED        0.500    2/22/2022     ZAR     46.33
SWEDISH EXP CRED        0.500    1/31/2022     ZAR     47.52
SWEDISH EXP CRED        0.500    8/26/2021     AUD     63.32
SWEDISH EXP CRED        9.750    3/23/2012     USD      8.96

SWITZERLAND
-----------
BANK JULIUS BAER       13.600    3/30/2012     EUR     67.65
BANK JULIUS BAER        7.200    4/12/2012     CHF     64.00
BANK JULIUS BAER       12.000    4/16/2012     EUR     64.80
BANK JULIUS BAER       11.700    4/20/2012     EUR     70.15
BANK JULIUS BAER       11.000     4/5/2012     CHF     69.75
BANK JULIUS BAER       12.300    4/20/2012     CHF     65.70
BANK JULIUS BAER       15.600    4/20/2012     EUR     51.55
BANK JULIUS BAER       12.500    3/23/2012     CHF     71.35
BANK JULIUS BAER       13.000    3/23/2012     EUR     74.95
BANK JULIUS BAER        7.700    3/30/2012     EUR     61.95
BANK JULIUS BAER        8.300    3/30/2012     EUR     73.70
BANK JULIUS BAER        9.200    3/30/2012     EUR     70.50
BANK JULIUS BAER        9.200    3/30/2012     EUR     68.40
BANK JULIUS BAER        8.200    4/26/2012     EUR     71.70
BANK JULIUS BAER       10.500    4/26/2012     CHF     68.65
BANK JULIUS BAER       12.100    3/30/2012     EUR     70.95
BANK JULIUS BAER        7.100     5/9/2012     CHF     75.05
BANK JULIUS BAER       10.500     5/9/2012     EUR     68.40
BANK JULIUS BAER       10.500     5/9/2012     EUR     68.95
BANK JULIUS BAER       13.200    4/12/2012     CHF     63.75
BANK JULIUS BAER       12.200    4/12/2012     CHF      5.15
BANK JULIUS BAER       10.000    4/12/2012     CHF     51.35
BANK JULIUS BAER        9.200    4/12/2012     CHF     56.35
BANK JULIUS BAER        7.400    4/12/2012     CHF     36.75
BANK JULIUS BAER        7.100    5/10/2012     CHF     66.10
BANK JULIUS BAER        6.200    5/11/2012     USD     57.55
BANK JULIUS BAER        8.300    5/11/2012     CHF     60.15
BANK JULIUS BAER       10.000    5/11/2012     CHF     70.25
BANK JULIUS BAER        8.200    5/18/2012     EUR     74.80
BANK JULIUS BAER        8.400    5/23/2012     CHF     69.60
BANK JULIUS BAER        9.200    5/25/2012     EUR     64.40
BANK JULIUS BAER        9.000    5/30/2012     CHF     61.35
BANK JULIUS BAER       10.000     6/1/2012     CHF     70.70
BANK JULIUS BAER       13.000     6/1/2012     USD     62.90
BANK JULIUS BAER       10.100     7/6/2012     CHF     42.20
BANK JULIUS BAER       11.300     7/6/2012     CHF     42.95
BANK JULIUS BAER       11.900     7/6/2012     CHF     65.10
BANK JULIUS BAER       11.900     7/6/2012     CHF     72.00
BANK JULIUS BAER       12.400     7/6/2012     CHF     52.85
BANK JULIUS BAER       14.300    7/13/2012     CHF     61.90
BANK JULIUS BAER       10.500    7/18/2012     CHF     74.95
BANK JULIUS BAER        9.000    9/17/2012     CHF     58.75
BANK JULIUS BAER       12.000     4/9/2013     CHF     72.35
BANK JULIUS BAER       10.500    4/13/2012     EUR     68.55
BANK JULIUS BAER        6.600     4/5/2012     CHF     60.80
BANK JULIUS BAER        9.300     4/5/2012     CHF     66.50
BANK JULIUS BAER        9.500     4/5/2012     CHF     65.10
BANK JULIUS BAER       12.100    4/20/2012     EUR     71.05
CLARIDEN LEU NAS        7.500    9/10/2012     CHF     71.54
CLARIDEN LEU NAS       10.000    9/11/2012     CHF     66.43
CLARIDEN LEU NAS       10.250    9/17/2012     CHF     67.80
CLARIDEN LEU NAS        7.000    10/4/2012     CHF     68.26
CLARIDEN LEU NAS       10.000    10/8/2012     EUR     65.07
CLARIDEN LEU NAS        8.000   10/15/2012     CHF     72.61
CLARIDEN LEU NAS        8.500   10/15/2012     CHF     66.30
CLARIDEN LEU NAS        9.500   10/15/2012     CHF     67.83
CLARIDEN LEU NAS       10.000   10/15/2012     CHF     67.54
CLARIDEN LEU NAS        7.250   11/16/2012     CHF     70.92
CLARIDEN LEU NAS        7.125   11/19/2012     CHF     71.80
CLARIDEN LEU NAS        0.000   12/14/2012     CHF    104.75
CLARIDEN LEU NAS        0.000   12/17/2012     EUR     71.82
CLARIDEN LEU NAS        8.750    1/15/2013     CHF     74.70
CLARIDEN LEU NAS        0.000    1/24/2013     CHF     74.24
CLARIDEN LEU NAS        9.000    2/14/2013     CHF     72.84
CLARIDEN LEU NAS        0.000    3/25/2013     CHF     72.41
CLARIDEN LEU NAS        6.500    4/26/2013     CHF     70.42
CLARIDEN LEU NAS        0.000   11/26/2013     CHF     73.96
CLARIDEN LEU NAS        0.000    2/11/2014     CHF     64.84
CLARIDEN LEU NAS        0.000    2/24/2014     CHF     65.23
CLARIDEN LEU NAS        0.000    5/13/2014     CHF     70.95
CLARIDEN LEU NAS        0.000    6/10/2014     CHF     68.01
CLARIDEN LEU NAS        5.250     8/6/2014     CHF    111.20
CLARIDEN LEU NAS        4.500    8/13/2014     CHF     70.39
CLARIDEN LEU NAS        9.250    3/22/2012     CHF     70.60
CLARIDEN LEU NAS       12.000    3/22/2012     EUR     72.80
CLARIDEN LEU NAS       12.000    3/28/2012     CHF     66.19
CLARIDEN LEU NAS       15.250    3/28/2012     EUR     51.19
CLARIDEN LEU NAS        8.250     4/4/2012     CHF     66.92
CLARIDEN LEU NAS       13.500     4/4/2012     CHF     17.54
CLARIDEN LEU NAS        7.700     4/5/2012     CHF     38.18
CLARIDEN LEU NAS        8.500     4/5/2012     CHF     99.50
CLARIDEN LEU NAS       15.000     4/5/2012     USD     57.53
CLARIDEN LEU NAS        9.500    4/11/2012     CHF     60.73
CLARIDEN LEU NAS       10.000    4/11/2012     USD     32.06
CLARIDEN LEU NAS       11.000    4/11/2012     GBP     75.73
CLARIDEN LEU NAS        9.500    4/12/2012     CHF     42.46
CLARIDEN LEU NAS       11.000    4/12/2012     EUR     52.29
CLARIDEN LEU NAS        9.650    4/13/2012     CHF     36.99
CLARIDEN LEU NAS        9.000    4/19/2012     CHF     69.91
CLARIDEN LEU NAS       10.000    4/26/2012     CHF     72.41
CLARIDEN LEU NAS       11.250    4/26/2012     USD     69.84
CLARIDEN LEU NAS        8.500    4/27/2012     USD     71.51
CLARIDEN LEU NAS        9.000    4/27/2012     USD     99.72
CLARIDEN LEU NAS        9.000    4/27/2012     USD     69.16
CLARIDEN LEU NAS       12.400    4/27/2012     EUR     74.33
CLARIDEN LEU NAS       13.000    4/27/2012     CHF     20.04
CLARIDEN LEU NAS        9.500     5/2/2012     EUR     67.02
CLARIDEN LEU NAS       10.500     5/2/2012     EUR     70.29
CLARIDEN LEU NAS       11.000     5/2/2012     CHF     68.81
CLARIDEN LEU NAS        8.000     5/3/2012     GBP     74.83
CLARIDEN LEU NAS        8.250     5/3/2012     GBP     70.75
CLARIDEN LEU NAS        9.500     5/3/2012     CHF     67.42
CLARIDEN LEU NAS       10.250     5/4/2012     CHF    100.12
CLARIDEN LEU NAS        7.300     5/9/2012     CHF     67.67
CLARIDEN LEU NAS        9.000     5/9/2012     EUR     68.49
CLARIDEN LEU NAS        9.600     5/9/2012     CHF     72.44
CLARIDEN LEU NAS       10.750     5/9/2012     CHF     74.83
CLARIDEN LEU NAS       10.750    5/11/2012     CHF     70.51
CLARIDEN LEU NAS       12.000    5/11/2012     EUR     65.87
CLARIDEN LEU NAS       12.850    5/15/2012     CHF     75.52
CLARIDEN LEU NAS       10.000    5/16/2012     EUR     74.15
CLARIDEN LEU NAS       10.550    5/16/2012     EUR     64.82
CLARIDEN LEU NAS       10.600    5/18/2012     CHF     70.06
CLARIDEN LEU NAS       12.000    5/18/2012     EUR     65.36
CLARIDEN LEU NAS       10.000    5/23/2012     NOK     71.47
CLARIDEN LEU NAS       13.000    5/23/2012     CHF     21.43
CLARIDEN LEU NAS       14.000    5/23/2012     EUR     21.60
CLARIDEN LEU NAS       12.750    5/24/2012     EUR     62.32
CLARIDEN LEU NAS       10.750    5/30/2012     CHF     72.07
CLARIDEN LEU NAS       12.250    5/31/2012     EUR     58.08
CLARIDEN LEU NAS        7.500     6/1/2012     EUR     74.37
CLARIDEN LEU NAS       12.500     6/1/2012     CHF    101.12
CLARIDEN LEU NAS       13.250     6/1/2012     USD    101.25
CLARIDEN LEU NAS       10.000     6/6/2012     NOK     73.65
CLARIDEN LEU NAS        7.500     6/8/2012     GBP     75.01
CLARIDEN LEU NAS        8.500     6/8/2012     CHF     66.79
CLARIDEN LEU NAS       13.500     6/8/2012     EUR     66.22
CLARIDEN LEU NAS        9.000    6/14/2012     CHF     72.30
CLARIDEN LEU NAS       12.000    6/14/2012     CHF     41.24
CLARIDEN LEU NAS        3.550    6/20/2012     CHF     58.51
CLARIDEN LEU NAS       10.250    6/20/2012     SEK     73.46
CLARIDEN LEU NAS       12.000    6/20/2012     USD     75.62
CLARIDEN LEU NAS       10.000    6/21/2012     EUR     68.16
CLARIDEN LEU NAS       10.500    6/21/2012     EUR     69.64
CLARIDEN LEU NAS       11.250    6/22/2012     CHF     63.29
CLARIDEN LEU NAS       15.500    6/29/2012     EUR     61.84
CLARIDEN LEU NAS       10.000    7/11/2012     CHF     74.35
CLARIDEN LEU NAS       12.500    7/11/2012     EUR     73.24
CLARIDEN LEU NAS       10.500     8/2/2012     EUR     64.44
CLARIDEN LEU NAS       11.000     8/2/2012     USD     71.80
CLARIDEN LEU NAS       11.750     8/8/2012     EUR     72.30
CLARIDEN LEU NAS        7.000    8/16/2012     CHF     71.84
CLARIDEN LEU NAS        9.250     9/4/2012     CHF     62.98
CLARIDEN LEU NAS       12.000     9/4/2012     EUR     59.01
CLARIDEN LEU NAS        7.500   11/13/2012     CHF     71.86
CREDIT SUISSE LD        4.000   12/10/2012     EUR     45.40
SARASIN CI LTD         12.500    5/11/2012     CHF     60.96
SARASIN CI LTD          7.000    5/24/2012     CHF     60.93
SARASIN CI LTD          5.538    6/18/2012     CHF     69.12
SARASIN CI LTD         12.000    6/27/2012     CHF     46.33
SARASIN CI LTD         10.200    3/30/2012     CHF     60.11
SARASIN CI LTD          8.500    4/26/2012     CHF     56.58
SARASIN CI LTD         10.500    4/26/2012     CHF     63.73
SARASIN CI LTD         11.000    4/26/2012     CHF     67.33
SARASIN CI LTD         10.080     5/4/2012     CHF     41.53
SARASIN CI LTD         11.000     5/9/2012     CHF     67.66
SARASIN CI LTD          8.000     9/3/2012     CHF     42.58
SARASIN/GUERNSEY        7.200    7/16/2012     CHF     56.22
SARASIN/GUERNSEY       10.000    8/10/2012     EUR     70.80
UBS AG                 10.070    3/23/2012     USD     35.65
UBS AG                 21.530    3/23/2012     EUR     72.63
UBS AG                 24.890    3/23/2012     EUR     70.08
UBS AG                 25.660    3/23/2012     EUR     73.87
UBS AG                 26.070    3/23/2012     EUR     73.54
UBS AG                 28.140    3/23/2012     EUR     72.89
UBS AG                 28.180    3/23/2012     EUR     71.54
UBS AG                 29.120    3/23/2012     EUR     71.05
UBS AG                  7.020    3/26/2012     EUR     37.35
UBS AG                  7.190    3/26/2012     EUR     72.00
UBS AG                  7.380    3/26/2012     EUR     37.36
UBS AG                  7.590    3/26/2012     EUR     50.99
UBS AG                  7.610    3/26/2012     EUR     72.01
UBS AG                  7.730    3/26/2012     EUR     37.36
UBS AG                  8.000    3/26/2012     EUR     72.01
UBS AG                  8.060    3/26/2012     EUR     37.36
UBS AG                  8.240    3/26/2012     EUR     54.28
UBS AG                  8.270    3/26/2012     EUR     71.69
UBS AG                  8.340    3/26/2012     EUR     72.01
UBS AG                  8.380    3/26/2012     EUR     51.00
UBS AG                  8.380    3/26/2012     EUR     37.37
UBS AG                  8.640    3/26/2012     EUR     72.02
UBS AG                  8.710    3/26/2012     EUR     70.31
UBS AG                  8.720    3/26/2012     EUR     51.93
UBS AG                  8.900    3/26/2012     EUR     72.02
UBS AG                  8.960    3/26/2012     EUR     37.37
UBS AG                  9.120    3/26/2012     EUR     51.00
UBS AG                  9.220    3/26/2012     EUR     73.67
UBS AG                  9.230    3/26/2012     EUR     49.77
UBS AG                  9.480    3/26/2012     EUR     37.38
UBS AG                  9.630    3/26/2012     EUR     67.71
UBS AG                  9.750    3/26/2012     EUR     47.79
UBS AG                  9.800    3/26/2012     EUR     51.01
UBS AG                  9.810    3/26/2012     EUR     71.04
UBS AG                  9.920    3/26/2012     EUR     37.38
UBS AG                 10.010    3/26/2012     EUR     68.36
UBS AG                 10.280    3/26/2012     EUR     37.39
UBS AG                 10.290    3/26/2012     EUR     45.95
UBS AG                 10.410    3/26/2012     EUR     68.60
UBS AG                 10.410    3/26/2012     EUR     51.02
UBS AG                 10.530    3/26/2012     EUR     68.37
UBS AG                 10.580    3/26/2012     EUR     37.39
UBS AG                 10.600    3/26/2012     EUR     65.31
UBS AG                 10.850    3/26/2012     EUR     44.26
UBS AG                 10.940    3/26/2012     EUR     51.03
UBS AG                 11.000    3/26/2012     EUR     68.37
UBS AG                 11.010    3/26/2012     EUR     66.31
UBS AG                 11.400    3/26/2012     EUR     51.03
UBS AG                 11.430    3/26/2012     EUR     42.68
UBS AG                 11.430    3/26/2012     EUR     68.38
UBS AG                 11.610    3/26/2012     EUR     63.05
UBS AG                 11.620    3/26/2012     EUR     64.17
UBS AG                 11.790    3/26/2012     EUR     51.03
UBS AG                 11.820    3/26/2012     EUR     68.38
UBS AG                 12.030    3/26/2012     EUR     41.22
UBS AG                 12.100    3/26/2012     EUR     51.04
UBS AG                 12.160    3/26/2012     EUR     68.39
UBS AG                 12.230    3/26/2012     EUR     62.17
UBS AG                 12.350    3/26/2012     EUR     51.04
UBS AG                 12.460    3/26/2012     EUR     68.39
UBS AG                 12.540    3/26/2012     EUR     51.04
UBS AG                 12.640    3/26/2012     EUR     39.85
UBS AG                 12.660    3/26/2012     EUR     60.95
UBS AG                 12.720    3/26/2012     EUR     68.39
UBS AG                 12.850    3/26/2012     EUR     60.29
UBS AG                 12.910    3/26/2012     EUR     73.82
UBS AG                 12.940    3/26/2012     EUR     68.40
UBS AG                 13.130    3/26/2012     EUR     68.40
UBS AG                 13.270    3/26/2012     EUR     38.57
UBS AG                 13.280    3/26/2012     EUR     68.40
UBS AG                 13.400    3/26/2012     EUR     68.40
UBS AG                 13.470    3/26/2012     EUR     58.52
UBS AG                 13.490    3/26/2012     EUR     68.40
UBS AG                 13.730    3/26/2012     EUR     59.00
UBS AG                 13.910    3/26/2012     EUR     37.38
UBS AG                 13.980    3/26/2012     EUR     73.62
UBS AG                 14.100    3/26/2012     EUR     56.85
UBS AG                 14.130    3/26/2012     EUR     73.53
UBS AG                 14.180    3/26/2012     EUR     70.99
UBS AG                 14.550    3/26/2012     EUR     36.25
UBS AG                 14.720    3/26/2012     EUR     55.27
UBS AG                 14.810    3/26/2012     EUR     57.15
UBS AG                 15.210    3/26/2012     EUR     35.19
UBS AG                 15.350    3/26/2012     EUR     53.78
UBS AG                 15.460    3/26/2012     EUR     68.36
UBS AG                 15.600    3/26/2012     EUR     67.56
UBS AG                 15.880    3/26/2012     EUR     34.19
UBS AG                 15.980    3/26/2012     EUR     52.37
UBS AG                 16.550    3/26/2012     EUR     33.25
UBS AG                 16.610    3/26/2012     EUR     51.03
UBS AG                 16.960    3/26/2012     EUR     72.17
UBS AG                 17.220    3/26/2012     EUR     32.36
UBS AG                 17.240    3/26/2012     EUR     49.65
UBS AG                 18.020    3/26/2012     EUR     60.46
UBS AG                 18.370    3/26/2012     EUR     68.31
UBS AG                 18.790    3/26/2012     EUR     46.84
UBS AG                  8.020    4/16/2012     CHF     73.59
UBS AG                  9.050    4/16/2012     CHF     52.27
UBS AG                 10.290    4/16/2012     CHF     70.00
UBS AG                  7.810    4/19/2012     CHF     59.05
UBS AG                  7.910    4/19/2012     CHF     67.22
UBS AG                 10.100    4/19/2012     CHF     67.36
UBS AG                 10.780    4/19/2012     CHF     57.35
UBS AG                  8.000    4/20/2012     CHF     65.15
UBS AG                 11.930    4/20/2012     CHF     41.00
UBS AG                  8.500     5/3/2012     CHF     66.80
UBS AG                 15.000     5/3/2012     EUR     55.00
UBS AG                  6.550    5/11/2012     EUR     72.64
UBS AG                  6.600    5/11/2012     USD     70.25
UBS AG                  6.870    5/11/2012     EUR     59.98
UBS AG                  9.110    5/11/2012     EUR     68.62
UBS AG                  9.170    5/11/2012     EUR     67.99
UBS AG                  9.170    5/11/2012     EUR     67.99
UBS AG                  9.880    5/11/2012     EUR     60.55
UBS AG                 10.060    5/11/2012     EUR     65.86
UBS AG                 10.940    5/11/2012     EUR     53.67
UBS AG                 11.240    5/11/2012     EUR     62.62
UBS AG                 12.900    5/11/2012     EUR     55.68
UBS AG                 13.150    5/11/2012     EUR     60.97
UBS AG                 15.150    5/11/2012     EUR     56.10
UBS AG                 13.300    5/23/2012     USD      3.76
UBS AG                 13.700    5/23/2012     USD     13.57
UBS AG                 14.000    5/23/2012     USD      8.96
UBS AG                 17.720     6/4/2012     EUR     65.99
UBS AG                 10.000     6/6/2012     CHF     75.15
UBS AG                 15.000     6/6/2012     CHF     70.95
UBS AG                 19.000    6/22/2012     EUR     75.31
UBS AG                 20.120    6/22/2012     EUR     74.13
UBS AG                 21.370    6/22/2012     EUR     73.36
UBS AG                 22.200    6/22/2012     EUR     72.28
UBS AG                  7.110    6/25/2012     EUR     39.26
UBS AG                  7.410    6/25/2012     EUR     39.33
UBS AG                  7.420    6/25/2012     EUR     68.81
UBS AG                  7.690    6/25/2012     EUR     39.40
UBS AG                  7.710    6/25/2012     EUR     50.09
UBS AG                  7.720    6/25/2012     EUR     75.72
UBS AG                  7.890    6/25/2012     EUR     68.94
UBS AG                  7.960    6/25/2012     EUR     39.46
UBS AG                  8.000    6/25/2012     EUR     75.79
UBS AG                  8.220    6/25/2012     EUR     39.52
UBS AG                  8.270    6/25/2012     EUR     75.85
UBS AG                  8.320    6/25/2012     EUR     69.02
UBS AG                  8.490    6/25/2012     EUR     50.25
UBS AG                  8.510    6/25/2012     EUR     75.91
UBS AG                  8.690    6/25/2012     EUR     39.64
UBS AG                  8.720    6/25/2012     EUR     69.14
UBS AG                  8.720    6/25/2012     EUR     75.96
UBS AG                  8.910    6/25/2012     EUR     76.00
UBS AG                  9.080    6/25/2012     EUR     76.04
UBS AG                  9.080    6/25/2012     EUR     69.22
UBS AG                  9.090    6/25/2012     EUR     39.73
UBS AG                  9.220    6/25/2012     EUR     50.43
UBS AG                  9.330    6/25/2012     EUR     76.10
UBS AG                  9.390    6/25/2012     EUR     69.30
UBS AG                  9.430    6/25/2012     EUR     39.81
UBS AG                  9.660    6/25/2012     EUR     69.36
UBS AG                  9.710    6/25/2012     EUR     39.88
UBS AG                  9.890    6/25/2012     EUR     69.39
UBS AG                  9.900    6/25/2012     EUR     50.59
UBS AG                  9.920    6/25/2012     EUR     39.93
UBS AG                 10.040    6/25/2012     EUR     66.04
UBS AG                 10.420    6/25/2012     EUR     66.13
UBS AG                 10.500    6/25/2012     EUR     50.73
UBS AG                 10.770    6/25/2012     EUR     66.21
UBS AG                 11.080    6/25/2012     EUR     66.29
UBS AG                 11.360    6/25/2012     EUR     66.35
UBS AG                 11.480    6/25/2012     EUR     50.96
UBS AG                 11.600    6/25/2012     EUR     66.44
UBS AG                 11.810    6/25/2012     EUR     66.46
UBS AG                 11.860    6/25/2012     EUR     51.05
UBS AG                 11.990    6/25/2012     EUR     66.50
UBS AG                 12.140    6/25/2012     EUR     66.54
UBS AG                 12.170    6/25/2012     EUR     51.12
UBS AG                 12.270    6/25/2012     EUR     66.57
UBS AG                 12.370    6/25/2012     EUR     66.59
UBS AG                 12.410    6/25/2012     EUR     51.18
UBS AG                 12.450    6/25/2012     EUR     66.61
UBS AG                 12.510    6/25/2012     EUR     66.63
UBS AG                 12.610    6/25/2012     EUR     51.23
UBS AG                 12.750    6/25/2012     EUR     51.30
UBS AG                 14.400    6/29/2012     CHF     65.90
UBS AG                  8.460    7/31/2012     USD     35.27
UBS AG                 11.760    7/31/2012     USD     28.35
UBS AG                 12.040    7/31/2012     USD     18.00
UBS AG                 10.500     8/2/2012     EUR     65.50
UBS AG                 11.000     8/2/2012     EUR     67.50
UBS AG                  9.500    8/10/2012     USD     28.40
UBS AG                 17.250    8/15/2012     EUR     74.60
UBS AG                  8.650    8/29/2012     USD     33.17
UBS AG                  9.430    8/31/2012     USD     34.09
UBS AG                  9.070     9/3/2012     EUR     74.37
UBS AG                 10.740    9/17/2012     USD     33.58
UBS AG                 18.220    9/28/2012     EUR     75.86
UBS AG                  7.140    10/1/2012     EUR     41.09
UBS AG                  7.240    10/1/2012     EUR     70.64
UBS AG                  7.380    10/1/2012     EUR     41.21
UBS AG                  7.610    10/1/2012     EUR     70.83
UBS AG                  7.620    10/1/2012     EUR     41.33
UBS AG                  7.660    10/1/2012     EUR     51.93
UBS AG                  7.840    10/1/2012     EUR     41.44
UBS AG                  7.940    10/1/2012     EUR     70.99
UBS AG                  8.050    10/1/2012     EUR     41.55
UBS AG                  8.240    10/1/2012     EUR     71.17
UBS AG                  8.310    10/1/2012     EUR     52.26
UBS AG                  8.420    10/1/2012     EUR     41.73
UBS AG                  8.500    10/1/2012     EUR     71.27
UBS AG                  8.720    10/1/2012     EUR     71.38
UBS AG                  8.730    10/1/2012     EUR     41.89
UBS AG                  8.910    10/1/2012     EUR     52.56
UBS AG                  8.910    10/1/2012     EUR     71.48
UBS AG                  9.060    10/1/2012     EUR     71.60
UBS AG                  9.200    10/1/2012     EUR     42.12
UBS AG                  9.360    10/1/2012     EUR     42.20
UBS AG                  9.440    10/1/2012     EUR     52.83
UBS AG                  9.540    10/1/2012     EUR     67.85
UBS AG                  9.860    10/1/2012     EUR     68.06
UBS AG                  9.900    10/1/2012     EUR     42.48
UBS AG                  9.910    10/1/2012     EUR     53.06
UBS AG                 10.150    10/1/2012     EUR     68.15
UBS AG                 10.310    10/1/2012     EUR     53.26
UBS AG                 10.410    10/1/2012     EUR     68.28
UBS AG                 10.640    10/1/2012     EUR     68.40
UBS AG                 10.650    10/1/2012     EUR     53.44
UBS AG                 10.840    10/1/2012     EUR     68.50
UBS AG                 10.930    10/1/2012     EUR     53.58
UBS AG                 11.010    10/1/2012     EUR     68.58
UBS AG                 11.150    10/1/2012     EUR     53.69
UBS AG                 11.160    10/1/2012     EUR     68.66
UBS AG                 11.280    10/1/2012     EUR     68.72
UBS AG                 11.330    10/1/2012     EUR     53.78
UBS AG                 11.380    10/1/2012     EUR     68.77
UBS AG                 11.460    10/1/2012     EUR     53.84
UBS AG                 11.460    10/1/2012     EUR     68.81
UBS AG                 11.530    10/1/2012     EUR     68.84
UBS AG                 11.560    10/1/2012     EUR     53.89
UBS AG                 11.580    10/1/2012     EUR     68.87
UBS AG                 13.340   10/24/2012     USD     46.27
UBS AG                  6.070   11/12/2012     EUR     74.50
UBS AG                  6.700   11/12/2012     EUR     63.11
UBS AG                  8.280   11/12/2012     EUR     70.67
UBS AG                  8.280   11/12/2012     EUR     70.67
UBS AG                  8.370   11/12/2012     EUR     69.42
UBS AG                  8.590   11/12/2012     EUR     71.41
UBS AG                  9.470   11/12/2012     EUR     58.22
UBS AG                  9.650   11/12/2012     EUR     64.66
UBS AG                 10.930   11/12/2012     EUR     67.63
UBS AG                 11.260   11/12/2012     EUR     65.45
UBS AG                 11.660   11/12/2012     EUR     60.96
UBS AG                 13.560   11/12/2012     EUR     70.19
UBS AG                 13.600   11/12/2012     EUR     62.64
UBS AG                 10.390    1/18/2013     USD     38.04
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                 13.760     3/6/2013     USD      6.38
UBS AG                  8.100     3/8/2013     USD     21.33
UBS AG                  3.900    3/12/2013     USD     12.10
UBS AG                  4.280    3/12/2013     USD     12.96
UBS AG                  6.280    3/12/2013     USD     45.80
UBS AG                  6.400    3/12/2013     USD     18.77
UBS AG                  6.420    3/12/2013     USD     18.77
UBS AG                  8.000    3/12/2013     USD     60.78
UBS AG                  8.670    3/12/2013     USD      2.43
UBS AG                 11.920    3/12/2013     USD     16.25
UBS AG                 16.640    3/12/2013     USD     25.80
UBS AG                  5.540    3/14/2013     USD     30.13
UBS AG                  5.760    3/14/2013     USD     31.66
UBS AG                  6.500    3/14/2013     USD     19.04
UBS AG                  7.990    3/19/2013     USD     20.90
UBS AG                  9.650    8/23/2013     USD     32.42
UBS AG                 10.770     9/6/2013     USD     17.40
UBS AG                 11.020   10/21/2013     USD     58.85
UBS AG                 13.830   12/17/2013     USD     20.11
UBS AG                 11.000     3/4/2014     USD     19.73
UBS AG                 11.030    6/25/2012     EUR     50.89
UBS AG JERSEY           3.220    7/31/2012     EUR     38.08

UNITED KINGDOM
--------------
BAKKAVOR FIN 2          8.250    2/15/2018     GBP     79.00
BANK OF SCOTLAND        2.650    6/21/2026     JPY     72.27
BANK OF SCOTLAND        2.550    4/23/2037     JPY     56.25
BANK OF SCOTLAND        2.359    3/27/2029     JPY     62.98
BANK OF SCOTLAND        2.408     2/9/2027     JPY     67.86
BANK OF SCOTLAND        2.340   12/28/2026     JPY     68.62
BANK OF SCOTLAND        2.650    8/10/2026     JPY     71.95
BANK OF SCOTLAND        2.595     5/8/2037     JPY     56.33
BARCLAYS BK PLC        12.250    3/23/2012     EUR     67.14
BARCLAYS BK PLC         8.500   10/16/2012     USD     10.94
BARCLAYS BK PLC        10.500    3/23/2012     EUR     72.14
BARCLAYS BK PLC        10.500    3/23/2012     EUR     64.64
BARCLAYS BK PLC        10.000    3/23/2012     EUR     71.53
BARCLAYS BK PLC         9.750    3/23/2012     EUR     73.04
BARCLAYS BK PLC         9.000    3/23/2012     EUR     67.52
BARCLAYS BK PLC         8.750    3/23/2012     EUR     69.15
BARCLAYS BK PLC        13.500    3/23/2012     EUR     59.54
BARCLAYS BK PLC        14.000    10/1/2012     USD     10.59
BARCLAYS BK PLC         9.000    10/1/2012     USD      9.97
BARCLAYS BK PLC        13.500    9/28/2012     EUR     73.86
BARCLAYS BK PLC        13.000    9/28/2012     EUR     68.17
BARCLAYS BK PLC        11.750    9/28/2012     EUR     72.83
BARCLAYS BK PLC        10.500    9/28/2012     EUR     75.20
BARCLAYS BK PLC         8.000    9/28/2012     USD     10.75
BARCLAYS BK PLC        12.000    9/14/2012     EUR     72.60
BARCLAYS BK PLC        11.000    9/14/2012     EUR     74.27
BARCLAYS BK PLC         8.000    9/11/2012     USD     10.60
BARCLAYS BK PLC         8.000    9/11/2012     USD     10.76
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      9.60
BARCLAYS BK PLC         7.000    7/27/2012     USD     10.12
BARCLAYS BK PLC        10.000    7/20/2012     USD      7.40
BARCLAYS BK PLC         8.000    6/29/2012     USD     10.17
BARCLAYS BK PLC        15.000    6/22/2012     EUR     70.58
BARCLAYS BK PLC        14.500    6/22/2012     EUR     65.20
BARCLAYS BK PLC        14.500    6/22/2012     EUR     74.50
BARCLAYS BK PLC        13.750    6/22/2012     EUR     75.06
BARCLAYS BK PLC        12.750    6/22/2012     EUR     70.38
BARCLAYS BK PLC        12.000    6/22/2012     EUR     70.05
BARCLAYS BK PLC        12.000    6/22/2012     EUR     61.58
BARCLAYS BK PLC        11.750    6/22/2012     EUR     68.59
BARCLAYS BK PLC        11.500    6/22/2012     EUR     72.74
BARCLAYS BK PLC        11.000    6/22/2012     EUR     63.82
BARCLAYS BK PLC        10.750    6/22/2012     EUR     74.87
BARCLAYS BK PLC        10.750    6/22/2012     EUR     71.22
BARCLAYS BK PLC        10.500    6/22/2012     EUR     65.62
BARCLAYS BK PLC        10.500    6/22/2012     EUR     64.63
BARCLAYS BK PLC         9.750    6/22/2012     EUR     68.57
BARCLAYS BK PLC         9.500    6/22/2012     EUR     74.56
BARCLAYS BK PLC         8.500    6/22/2012     EUR     69.10
BARCLAYS BK PLC         8.250    6/22/2012     EUR     69.95
BARCLAYS BK PLC         8.000    6/22/2012     EUR     75.22
BARCLAYS BK PLC         8.000    6/22/2012     EUR     66.64
BARCLAYS BK PLC         7.250    6/22/2012     EUR     71.86
BARCLAYS BK PLC         7.000    6/22/2012     EUR     73.07
BARCLAYS BK PLC         6.000    6/22/2012     EUR     75.65
BARCLAYS BK PLC         6.000    6/22/2012     EUR     71.95
BARCLAYS BK PLC        13.000     6/8/2012     EUR     70.33
BARCLAYS BK PLC        12.500     6/8/2012     EUR     71.18
BARCLAYS BK PLC        11.750     6/8/2012     EUR     70.27
BARCLAYS BK PLC        11.090     6/8/2012     EUR     67.03
BARCLAYS BK PLC        14.000    3/23/2012     EUR     62.34
BARCLAYS BK PLC        15.000    3/23/2012     EUR     71.12
BARCLAYS BK PLC         8.000    3/23/2012     EUR     74.40
BARCLAYS BK PLC        11.000     6/8/2012     EUR     70.93
BARCLAYS BK PLC        10.780     6/8/2012     EUR     74.38
BARCLAYS BK PLC        10.500     6/8/2012     EUR     60.41
BARCLAYS BK PLC        12.950    4/20/2012     USD     23.40
BARCLAYS BK PLC        10.250     6/8/2012     EUR     75.91
BARCLAYS BK PLC         9.250     6/8/2012     EUR     71.59
BARCLAYS BK PLC         8.000    3/23/2012     EUR     66.28
BARCLAYS BK PLC         6.750    3/23/2012     EUR     72.87
BARCLAYS BK PLC         7.000     6/8/2012     EUR     74.28
BARCLAYS BK PLC         8.000     6/8/2012     EUR     64.46
BARCLAYS BK PLC         8.250     6/8/2012     EUR     67.65
BARCLAYS BK PLC         6.000    3/23/2012     EUR     70.97
BARCLAYS BK PLC         0.500    9/24/2019     AUD     60.55
BARCLAYS BK PLC         0.500    12/3/2017     AUD     69.27
BARCLAYS BK PLC        11.500    6/28/2013     EUR     72.17
BARCLAYS BK PLC        11.000    6/28/2013     EUR     74.66
BARCLAYS BK PLC        11.500    3/22/2013     EUR     71.59
BARCLAYS BK PLC        10.750    3/22/2013     EUR     75.01
BARCLAYS BK PLC        12.000     1/2/2013     EUR     70.24
BARCLAYS BK PLC        11.000     1/2/2013     EUR     74.20
BARCLAYS BK PLC        11.000   12/14/2012     EUR     74.70
BARCLAYS BK PLC        12.500    3/23/2012     EUR     69.77
BARCLAYS BK PLC        11.750    3/23/2012     EUR     68.40
BARCLAYS BK PLC        11.500    3/23/2012     EUR     63.85
BARCLAYS BK PLC        11.000    3/23/2012     EUR     63.95
BARCLAYS BK PLC         9.000   10/16/2012     USD     11.03
BRADFORD&BIN BLD        4.910     2/1/2047     EUR     78.60
CO-OPERATIVE BNK        5.875    3/28/2033     GBP     72.45
CO-OPERATIVE BNK        5.750    12/2/2024     GBP     73.23
EFG HELLAS PLC          5.400    11/2/2047     EUR     29.38
EFG HELLAS PLC          6.010     1/9/2036     EUR     30.25
EMPORIKI GRP FIN        5.100    12/9/2021     EUR     47.88
EMPORIKI GRP FIN        4.350    7/22/2014     EUR     74.63
EMPORIKI GRP FIN        5.000    12/2/2021     EUR     47.38
ENTERPRISE INNS         6.375    9/26/2031     GBP     65.23
ENTERPRISE INNS         6.875     5/9/2025     GBP     68.25
ENTERPRISE INNS         6.875    2/15/2021     GBP     71.25
ESSAR ENERGY            4.250     2/1/2016     USD     64.33
F&C ASSET MNGMT         6.750   12/20/2026     GBP     67.04
GALA ELECTRIC CA       11.500     6/1/2019     GBP     70.07
GALA ELECTRIC CA       11.500     6/1/2019     GBP     70.25
GS INTERNATIONAL       13.000    6/28/2012     CHF     69.40
GS INTERNATIONAL        9.500    4/20/2012     CHF     56.20
GS INTERNATIONAL        9.750    5/22/2012     CHF     61.20
HBOS PLC                5.374    6/30/2021     EUR     72.25
HBOS PLC                4.500    3/18/2030     EUR     64.75
HBOS PLC                6.000    11/1/2033     USD     74.99
HBOS PLC                6.000    11/1/2033     USD     74.99
HSBC BANK PLC           0.500   11/29/2017     AUD     74.26
HSBC BANK PLC           0.500   11/30/2017     AUD     74.25
HSBC BANK PLC           0.500    9/28/2018     AUD     70.74
HSBC BANK PLC           0.500   11/16/2018     AUD     70.18
HSBC BANK PLC           0.500   12/29/2026     AUD     43.03
HSBC BANK PLC           0.500    2/24/2023     AUD     54.45
HSBC BANK PLC           0.500   11/22/2021     AUD     58.68
HSBC BANK PLC           0.500    12/2/2022     AUD     55.20
HSBC BANK PLC           0.500    12/8/2026     AUD     43.18
HSBC BANK PLC           0.500     2/2/2023     AUD     54.65
HSBC BANK PLC           0.500     4/3/2023     AUD     54.18
HSBC BANK PLC           0.500   12/29/2022     AUD     54.96
MARSTONS ISSUER         5.641    7/15/2035     GBP     74.18
MATALAN                 9.625    3/31/2017     GBP     66.00
MATALAN                 9.625    3/31/2017     GBP     66.07
MAX PETROLEUM           6.750     9/8/2013     USD     53.26
NOMURA BANK INTL        0.800   12/21/2020     EUR     67.95
OTE PLC                 4.625    5/20/2016     EUR     72.78
PRIVATBANK              5.799     2/9/2016     USD     74.97
PUNCH TAVERNS           5.883   10/15/2026     GBP     62.65
PUNCH TAVERNS           8.374    7/15/2029     GBP     56.01
ROYAL BK SCOTLND       20.000    2/23/2017     SEK     65.00
ROYAL BK SCOTLND        6.250   12/20/2012     EUR     53.00
ROYAL BK SCOTLND        5.168    6/29/2030     EUR     62.05
ROYAL BK SCOTLND        4.692     6/9/2025     EUR     67.68
ROYAL BK SCOTLND        2.300   11/26/2024     JPY     73.57
SPIRIT ISSUER           5.472   12/28/2028     GBP     73.02
THOMAS COOK GR          6.750    6/22/2015     EUR     65.00
THOMAS COOK GR          7.750    6/22/2017     GBP     56.54
UNIQUE PUB FIN          5.659    6/30/2027     GBP     74.50
WESSEX WATER FIN        1.499   11/29/2058     GBP     68.85
WESSEX WATER FIN        1.369    7/31/2057     GBP     68.56


                            *********

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 * * *