TCREUR_Public/120402.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, April 2, 2012, Vol. 13, No. 66

                            Headlines



A U S T R I A

EUROCONNECT 2007: S&P Affirms 'BB' Rating on Class C Notes


A Z E R B A I J A N

AGBANK: S&P Affirms 'B-/C' Counterparty Credit Ratings


B E L G I U M

DEXIA CREDIT: S&P Keeps 'B-' Sub. Debt Ratings on Watch Negative


B O S N I A   &   H E R Z E G O V I N A

* BOSNIA & HERZEGOVINA: S&P Affirms B/B Sovereign Credit Ratings


B U L G A R I A

UNITED BULGARIAN: S&P Keeps 'B-/C' Credit Ratings on Watch Neg.


C Y P R U S

* CYPRUS: Moody's Downgrades Ratings on Various Covered Bonds


G E R M A N Y

DEUTSCHE POSTBANK: Moody's Issues Summary Credit Opinion
INFINITY SOPRANO: S&P Cuts Ratings on Three Note Classes to 'B-'
Q-CELLS SE: Explores Alternative Restructuring Plan


I R E L A N D

EIRCOM GROUP: Enters Into Interim Examinership


I T A L Y

MANTEGNA FINANCE: S&P Lowers Rating on Class C Notes to 'BB'
UNIONFIDI PIEMONTE: Fitch Withdraws BB-/B Issuer Default Ratings


K A Z A K H S T A N

BTA BANK: Default Curbs Halyk Kazakh Trade Finance


L U X E M B O U R G

RMF EURO: Fitch Affirms Rating 'CCCsf' Rating on Class C Notes


M O L D O V A

* MOLDOVA: Moody's Issues Annual Credit Report


N E T H E R L A N D S

EMF-NL 2008-2: S&P Affirms Rating on Class C Notes at 'BB'
EUROLOAN CLO I: Moody's Withdraws 'Ca' Rating on Class E Notes


P O L A N D

BANK MILLENNIUM: Moody's Confirms 'D' BFSR; Outlook Negative
* P. Kalek Joins Chadbourne as Int'l Partner in Warsaw


S P A I N

AYT KUTXA III: S&P Lowers Rating on Class C Notes to 'CCC+'
SANTANDER FINANCIACION: Fitch Cuts Rating on 3 Note Classes to D


T U R K E Y

* TURKEY: Moody's Issues Summary Credit Opinion


U N I T E D   K I N G D O M

BRITISH MIDLAND: European Commission Approves IAG Takeover
GAME GROUP: OpCapita Submits Fresh Bid to Buy Parts of Business
IGLO FOODS: Fitch Affirms Issuer Default Rating at 'B+'
INT'L PERSONAL: Fitch Affirms Issuer Default Rating at 'BB+'
LADBROKES PLC: Fitch Affirms Senior Unsecured Rating at 'BB+'

MACQUARIE BANK: Fitch Rates US$250MM Jr. Subordinated Notes 'BB+'
MOUCHEL GROUP: Mulls Equity Raise to Restructure Balance Sheet
RANGERS FC: Paul Murray Says CVA Hinges on Ticketus Deal


X X X X X X X X

* EUROPE: Unveils Plan for Bondholder Losses in Failed Banks
* BOND PRICING: For the Week March 26 to March 30, 2012


                            *********


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A U S T R I A
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EUROCONNECT 2007: S&P Affirms 'BB' Rating on Class C Notes
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
EuroConnect Issuer SME 2007 Ltd.'s class A, B, and C notes. "At
the same time, we lowered our ratings on UniCredit Bank Austria
AG's class A2 and B2 floating-rate credit-linked notes (CLNs)
referencing EuroConnect Issuer SME 2007's BA-CA subpool, and
affirmed our ratings on UniCredit Bank AG's class A2 and B2
floating-rate notes referencing the HVB subpool," S&P said.

"EuroConnect Issuer SME 2007 is a partially funded synthetic
balance sheet collateralized loan obligation (CLO) of loans to
largely German and Austrian small and midsize enterprises (SMEs).
It was originated by Unicredit Bank AG (HVB subpool) and
UniCredit Bank Austria AG (BA-CA subpool). The joint portfolio
referenced is outstanding at EUR1.374 billion as of the latest
reporting date. Thereof, the HVB subpool composes 68.5% and the
BA-CA subpool the remaining 31.5% of EuroConnect Issuer SME 2007.
The BA-CA floating-rate CLNs reference only the BA-CA subpool,
and the HVB floating-rate CLNs reference only the HVB subpool,"
S&P said.

                  EUROCONNECT ISSUER SME 2007

"The affirmations in EuroConnect 2007 follow our review of the
performance of the portfolio underlying the EuroConnect 2007
transaction, which has been robust since closing," S&P said.

"Since EuroConnect 2007 closed in December 2007, the transaction
portfolio has amortized by more than 50%. We would expect the
portfolio amortization to continue in line with the transaction
documents, at a rate of 3.5% of the initial pool amount on each
interest payment date until May 2014," S&P said.

"Since closing, the transaction has experienced cumulative credit
events of 2.08% of the initial portfolio amount and 0.4% of the
combined initial and replenished amount -- indicating robust
performance against the latest recessions in Germany and Austria,
and economic challenges immediately after closing. Cumulative
losses in the transaction are 0.28% of the initial portfolio
amount. To date, excess spread has absorbed these losses.
Consequently, no losses have been allocated to the unrated class
D notes, which as of the latest interest payment date provided
7.3% of credit enhancement to the higher classes of notes," S&P
said.

"The transaction currently contains EUR18.9 million of defaulted
reference obligations. We expect these loans to complete their
workout procedure throughout 2012 and 2013--potentially causing a
reduction of the available excess spread ledger in those
instances where the quarterly available excess spread is not
sufficient to cure the quarterly realized losses," S&P said.

"We have updated our credit analysis of the reference pool--
estimating the expected defaults and recoveries at the various
rating levels, based on the latest performance and portfolio
data. In doing so, we applied our criteria for rating European
SME CLOs. Furthermore, we analyzed the obligor concentration risk
in the portfolio. In conclusion, we consider that the credit
enhancement available to the various classes of notes is
sufficient to maintain our current ratings on all of the notes in
EuroConnect 2007, and we have affirmed them accordingly," S&P
said.

UNICREDIT BANK AG'S HVB SUBPOOL AND UNICREDIT BANK AUSTRIA AG'S
BA-CA SUBPOOL

"The rating actions on the HVB and BA-CA CLNs reflect our
assessment of both subpools and their individual performance, and
result primarily from our current view on the concentration risk
in each of the portfolios. We have based our analysis on the
latest available portfolio report and loan-level information from
the servicer, as of January 2012," S&P said.

"In our opinion, the BA-CA subpool exhibits notable levels of
obligor concentration risk. According to our calculations, the
largest 20 obligor groups in the BA-CA portfolio account for
about 48% of the outstanding portfolio balance (excluding loans
under workout). Two of the largest loans in the BA-CA pool (about
5% of the BA-CA portfolio balance) are currently categorized on
the bank's second-lowest internal rating category of '9'--
implying that it is likely to default. Our analysis of the risk
posed by further defaults among the largest obligors indicates
that the credit enhancement available to the class A2 BA-CA CLNs
is sufficient to cover the default of the largest six obligor
groups, while the class B2 BA-CA CLNs' available credit
enhancement covers the default of about the largest four obligor
groups. In our opinion, these levels of coverage are not
consistent with our previous ratings assigned. As such, we have
lowered our ratings on these notes," S&P said.

"Compared with the BA-CA portfolio, the larger HVB portfolio
exhibits lower concentration levels. According to our analysis,
the largest 20 obligor groups account for about 16% of the HVB
portfolio (excluding loans under workout). Among the largest 20
obligors, the bank's internal rating scale currently places one
obligor in a 'nonperforming' rating category. Its exposure
composes 0.7% of the overall HVB subpool," S&P said.

"Taking these factors into account, we consider that the credit
enhancement level available to the class A2 and B2 HVB CLNs
remains commensurate with the current ratings. Accordingly, we
have affirmed our ratings on those classes of notes," S&P said.

        POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES

"We have taken rating actions based on our criteria for rating
European SME securitizations. However, these criteria are under
review," S&P said.

"As highlighted in the Jan. 17 Request For Comment, we are
soliciting feedback from market participants with regard to
proposed changes to our criteria for rating European SME
collateralized loan obligations (CLOs). We will evaluate the
market feedback, which may result in further changes to the
criteria. As a result of this review, our future criteria for
rating European SME CLOs may differ from our current criteria.
The criteria change may affect the ratings on all outstanding
notes in this transaction," S&P said.

"Until such time that we adopt new criteria for rating European
SME securitizations, we will continue to rate and surveil these
transactions using our existing criteria," 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

Ratings Affirmed

Class            Rating

            To            From

EuroConnect Issuer SME 2007 Ltd.
EUR216.3 Million Credit-Linked Floating-Rate Notes

A           A (sf)
B           BBB (sf)
C           BB (sf)

UniCredit Bank AG
EUR0.2 Million HVB Floating Rate Credit-Linked Notes (EuroConnect
Issuer SME 2007)

A2          AAA (sf)
B2          A (sf)

Ratings Lowered

UniCredit Bank Austria AG
EUR0.2 Million BA-CA Floating Rate Credit-Linked Notes
(EuroConnect Issuer SME
2007)

A2          BBB+ (sf)     AAA
B2          BB+ (sf)      A


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A Z E R B A I J A N
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AGBANK: S&P Affirms 'B-/C' Counterparty Credit Ratings
------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Azerbaijan-based AGBank to stable from negative. At the same
time, the long- and short-term counterparty credit ratings were
affirmed at 'B-/C'.

"We note that, overall, amid the easing economic environment,
AGBank has improved the credit quality of its loan portfolio,"
S&P said.

The bank has managed to achieve better funding diversification by
shifting toward a higher share of customer deposits in
liabilities, as well as increasing maturities of its wholesale
borrowings.

"Standard & Poor's bases its ratings on AGBank on the bank's
'moderate' business position, 'moderate' capital and earnings,
'moderate' risk position, 'average' funding, and 'adequate'
liquidity, as our criteria define these terms. The stand-alone
credit profile (SACP) is 'b-'," S&P said.

"Under our bank criteria, we use the Banking Industry Country
Risk Assessment (BICRA) economic and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating. The anchor for a commercial bank operating
only in Azerbaijan is 'b+'. Azerbaijan's economic risk score is
'8' and its industry risk score is '9'," S&P said.

"The stable outlook reflects our expectation that the bank will
reduce the amount of existing problem loans, with increasing
provisioning levels, and maintain current levels of
capitalization and profitability," S&P said.

"We could raise the ratings on AGBank if an improvement in the
bank's operating environment is significant and durable enough to
trigger a revision of our BICRA assessment on Azerbaijan. We
could also consider a positive rating action if we see
significant improvements in the bank's business position, or more
material reduction in the level of nonperforming loans than we
currently expect," S&P said.

"We may take a negative rating action if we see the switch toward
a more risky lending policy that resulted in rapid capital
erosion, or worsening of the funding and liquidity position," S&P
said.


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B E L G I U M
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DEXIA CREDIT: S&P Keeps 'B-' Sub. Debt Ratings on Watch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit rating on Dexia Credit Local (DCL) to 'BBB'
from 'BBB+'.

The long-term rating, the 'A-2' short-term rating, and the 'B-'
subordinated debt ratings remain on CreditWatch with negative
implications, where they were placed on Nov. 23, 2011.

"The downgrade reflects our view that DCL's future recourse to
short-term funding will remain significant relative to the
balance sheet. We base our opinion of DCL's future liquidity on
our view that both the amount of recourse to central bank funding
and the share of short-term debt at DCL's parent Dexia SA (not
rated), standing respectively at EUR51 billion and EUR88 billion
at year-end 2011, remain large compared to total funding. DCL has
also rapidly increased its use of the temporary government
guarantee debt agreement signed by the Belgian, French, and
Luxembourg governments in December 2011, to cover its refinancing
needs for 2012 and eliminate its unsecured debt with Dexia Bank
S.A. (A-/Watch Neg/A-2). As of March 26, 2012, DCL had issued
EUR41 billion in government-guaranteed debt, compared to the
EUR45 billion ceiling under the agreement. With estimated pro
forma assets of about EUR250 billion, we believe DCL will depend
on ECB funding in the coming years. The future permanent
government-guaranteed debt program, to which the three
governments committed up to EUR90 billion in October 2011, is
unlikely to fully cover DCL's funding needs," S&P said.

S&P expects to resolve the CreditWatch placement in the coming
months once it has greater visibility on the elements:

The size of the government guarantee funding package relative to
DCL'sfunding and liquidity needs in the foreseeable future;

The Belgian, French, and Luxembourg governments' commitment to
provide future support to DCL in case of need;

DCL's future profitability prospects, including government
guarantee costs, and capital adequacy; and

The potential for the European Commission's approval of Dexia
SA's restructuring plan.

"We could affirm the issuer and senior debt ratings if we
believed that the likelihood that the Belgian, French, and
Luxembourg governments would support DCL would be durable even if
the bank would no longer remain systemically important. In
addition, we would affirm the ratings if the restructuring plan
allowed DCL to maintain an adequate level of capital and include
government guaranteed funding in line with the EUR90 billion
legally enacted by the Belgian, French, and Luxembourg
governments, and if the restructuring plan were likely to receive
European Commission approval," S&P said.

"We could lower the ratings on DCL to speculative grade if we
perceived a risk that the future government-guaranteed funding
agreement would be materially lower than the EUR90 billion
already committed. This in turn would reduce the prospects of
marked improvement in DCL's future liquidity, versus our current
'weak' assessment," S&P said.

"We could also lower the ratings if we believed that the
likelihood of future support to DCL from the Belgian, French, and
Luxembourg governments would diminish, that DCL's future funding
costs would reduce future capital adequacy below levels we
consider adequate, or that the proceeds from asset sales would
not allow Dexia SA to materially reduce its debt to DCL, which
stood at EUR1.75 billion on June 30, 2011," S&P said.


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B O S N I A   &   H E R Z E G O V I N A
=======================================


* BOSNIA & HERZEGOVINA: S&P Affirms B/B Sovereign Credit Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B/B' long- and
short-term foreign and local currency sovereign credit ratings on
Bosnia and Herzegovina. "At the same time, we removed the ratings
from CreditWatch with negative implications, where they were
placed on Nov. 30, 2011. The outlook is stable," S&P said.

The transfer & convertibility (T&C) assessment for Bosnia and
Herzegovina remains at 'BB-'.

The affirmation of the ratings on Bosnia and Herzegovina and
removal of the ratings from CreditWatch negative reflect S&P's
opinion of a more stable political and fiscal outlook following:

* The formation of a central government;

* The adoption of a 2011 budget; and

* The adoption of a global fiscal framework that will likely
pave the way for renegotiating an IMF program, as well as
expected disbursements from other official creditors such as the
EU.

"In our opinion, however, short-term challenges remain. While the
government has made significant progress toward adopting a 2012
budget, it remains on temporary financing nearly 15 months after
the elections. This constrains the state's fiscal policy
flexibility. Political uncertainty remains a risk if the
government fails to resolve sensitive issues such as pension
payments for war veterans, who have recently started a hunger
strike," S&P said.

"Longer-term challenges, such as the resumption and
implementation of the reform agenda, EU candidacy, NATO
membership, and the reduction of public-sector spending, will
likely highlight tensions between the Federation of Bosnia and
Herzegovina and Republika Srpska (the entities) and state-level
institutions. Tensions may also arise between and within the
entities themselves. In our view, the economic environment could
compound these difficulties. We expect Bosnia and Herzegovina's
economy will stay flat in 2012 as external demand from key
European trading partners remains subdued and domestic demand
remains fragile. Given the large presence of Austrian and Italian
banks in Bosnia and Herzegovina, we expect that credit conditions
will remain tight. External debt will likely increase as domestic
companies seek credit from foreign sources," S&P said.

"Between October 2010 and February 2012, Bosnia and Herzegovina
was without a formal state government. Disputes over the role,
legitimacy, and funding of state institutions and ongoing inter-
entity disagreements over the appointment of a prime minister
contributed to what we view as significant and protracted
political uncertainty. Although a state government was not a
prerequisite for adopting a medium-term fiscal framework or an
annual budget for 2011 or 2012, the interim administration
implemented neither. As a result, the state has been relying on
temporary financing for nearly 15 months, the effects of which
will likely weigh on the economy during 2012. Moreover, because a
2011 budget was not adopted before the end of that calendar year,
political circumstances and ambiguity over the legality of
extending the temporary financing arrangement (based on the
previous year's budget) into 2012 saw some minor delays to
official creditor payments in January 2012. We note that these
are now fully paid," S&P said.

"Parliamentary approval of a new prime minister in January paved
the way for the formation of a coalition government, which has
since adopted a 2011 budget. This has ensured that temporary
financing can continue into 2012, based on the newly adopted 2011
budget, allowing for the servicing of all debt. The government
has also agreed on a 2012-2014 fiscal framework, a prerequisite
for adopting a 2012 budget. As a result, we do not expect the
political circumstances that led to January's delayed payments
will resurface, and so we view the short-term financing
environment as more stable," S&P said.

"Now that it has adopted a fiscal framework, the government has
formally approached the IMF. A previous stand-by agreement
stopped disbursing in November 2010 because of the inconclusive
general elections and there being no 2011 budget. In our opinion,
a renegotiated IMF program would likely add stability to economic
policies and management," S&P said.

"The new government has also shown signs of re-establishing EU
candidacy as a policy priority; it has adopted long-awaited
legislation on a state census and the law on state aid. We
understand that the government plans to apply for EU membership
by mid-year. However, implementation risks exist in the form of
longstanding inter-entity disagreements over state institutions
and their financing, including repeated calls from Republika
Srpska for devolved power as well as disagreements within the
Federation. We view these risks as a ratings weakness," S&P said.

"The stable outlook reflects our expectation that the political
environment will stabilize now that a state government is in
place, enabling more effective management of public finances
alongside the likely involvement of the IMF. However, we continue
to expect delays to the adoption and implementation of important
measures such as a 2012 budget and a planned 2013 census; such
delays may intermittently impair policy continuity and growth
prospects. We also expect that sensitive issues related to
government expenditure and the role of the international
community will continue to be divisive," S&P said.

"We could lower the ratings if it appears that the adoption of a
2012 budget will face substantial delays. If we see delays to the
timely servicing of debt, as happened in January this year, we
could lower the ratings by more than one notch. Additionally,
further deterioration in the external environment would weigh on
growth and could put pressure on the banking system, where
ownership is dominated by Austrian and Italian banks, and could
also lead us to lower the ratings," S&P said.

"If inter-entity tensions abate, and the entities' relationship
with state institutions improves -- enabling significant progress
toward EU accession -- we could raise the ratings. However, we
view this as unlikely over the next few years," S&P said.


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B U L G A R I A
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UNITED BULGARIAN: S&P Keeps 'B-/C' Credit Ratings on Watch Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it is keeping its
'B-/C' long- and short-term counterparty credit ratings on United
Bulgarian Bank AD (UBB) on CreditWatch with negative
implications, where they were placed on Dec. 3, 2010.

"The ratings on UBB reflect the bank's 'bb' anchor, 'adequate'
business position, 'adequate' capital and earnings, 'weak' risk
position, 'below-average' funding, and 'moderate' liquidity, as
our criteria define these terms. The stand-alone credit profile
(SACP) is 'b'. The bank's issuer credit rating (ICR) is lower
than its SACP to reflect the risks related to its parent,
National Bank of Greece (NBG; CCC/Negative/C). We do not usually
allow a higher-rated subsidiary to be rated more than two notches
above its parent and therefore adjust UBB's ICR down by one notch
from its SACP," S&P said.

"The CreditWatch status reflects our view of the potential
negative effects on UBB's funding base originating from the Greek
financial crisis. It also reflects our view of UBB's protracted
asset quality deterioration. We understand that UBB still relies
on funding from NBG to a limited extent, and in our opinion is
exposed to some contagion risk. This, in turn, could destabilize
UBB's deposit base and constrain its access to wholesale
funding," S&P said.

"We believe that UBB's asset quality has deteriorated
significantly since the onset of the Bulgarian economic crisis in
2008. Levels of nonperforming loans (more than 90 days overdue)
appear to have peaked at around 27% in mid-2011 and have remained
fairly stable since then at around 28% at year-end 2011. On a
positive note, UBB's relatively strong preprovisioning income,
with a net interest margin of around 5.0%, has enabled the bank
to absorb the elevated credit costs without reporting any losses
or damaging its capitalization," S&P said.

"We consider UBB to be a 'highly systemically important' bank in
Bulgaria and the government is 'supportive' of the domestic
banking system, as our criteria define these terms. Because
Bulgaria has made a significant economic adjustment by reducing
its deficit, we anticipate that the government would have the
capacity to support UBB if NBG could no longer do so," S&P said.

"The CreditWatch placement reflects our uncertainty about UBB's
future funding profile and asset quality metrics," S&P said.

"We will resolve the CreditWatch placement if we consider that
UBB is able to structurally replace funding from NBG with
autonomous funding. We will monitor the stability of this
alternative funding to assess any impact from market disruption
as a result of contagion risk. We currently consider that UBB
could replace funding from its parent, if such support were
withdrawn, without damaging its financial profile. We also
consider that support from NBG would be substituted with
extraordinary government support. The resolution of the
CreditWatch would also be subject to further evidence of an
improvement in the bank's asset quality deterioration over the
next three months," S&P said.

"Several changes could trigger a negative rating action. If
contagion risk were to threaten UBB's ability to fund itself and
parent or government support did not materialize, we would lower
the ratings. If asset quality pressures were to intensify and
gross nonperforming loans were to rise significantly from current
levels over the next six to 12 months, this could also trigger a
downgrade. Finally, a downgrade of NBG could in turn negatively
affect UBB, unless the government stepped in to provide timely
extraordinary liquidity support," S&P said.


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C Y P R U S
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* CYPRUS: Moody's Downgrades Ratings on Various Covered Bonds
-------------------------------------------------------------
Moody's Investors Service has downgraded the following Cypriot
covered bonds, prompted by the downgrades of the issuing banks on
March 14, 2012:

- Covered Bonds backed by Greek residential mortgage loans (BoC
   Greek CB), issued by Bank of Cyprus Public Company Limited
   (BoC): Downgraded to Ba3 from Baa3 (on review for downgrade)

- Covered Bonds backed by Cypriot residential mortgage loans
   (Marfin Cypriot CB), issued by Marfin Popular Bank Public
   Company Limited (Marfin): Downgraded to B1 from Ba3 (on review
   for downgrade)

- Covered Bonds backed by Greek residential mortgage loans
   (Marfin Greek CB), issued by Marfin: Downgraded to B1 from Ba3
   (on review for downgrade).

The rating actions conclude the reviews for downgrade of the
programs.

The Baa3 rating assigned to BoC's covered bonds backed by the
Cypriot Pool (BoC Cypriot CB) remains on review. This is because
Moody's is currently waiting for further information from BoC on
its plans for this program.

Ratings Rationale

The downgrades of the covered bonds follow the downgrades of the
issuing banks: (i) BoC downgraded by two notches to B1 (negative
outlook) from Ba2; and (ii) Marfin downgraded by one notch to B3
(developing outlook) from B2.

The downgrade of the issuers' ratings negatively affects the
covered bond ratings through their effect on both the expected
loss method and the timely payment indicator (TPI) framework.

As the issuer's credit strength is incorporated into Moody's
expected loss assessment, any downgrade of the issuer's rating
will increase the expected loss on the covered bonds. However,
the issuer may be able to offset any deterioration in the
expected loss analysis if sufficient collateral is held in the
cover pool. Following the downgrades of the Cypriot issuers,
Moody's has assessed whether the over-collateralization levels
were commensurate with the maximum rating achievable.

The downgrade of the issuers' ratings has changed the level at
which the TPI framework caps the ratings on the covered bonds.

The TPI assigned to all Cypriot covered bonds is currently "Very
Improbable", what indicates a rating cap at Ba3 for issuers rated
at the single B level.

- BoC Greek Pool CB: the 5% over-collateralization imposed by
   the Cypriot covered bond framework is commensurate with a
   expected loss of Ba3. The TPI has also limited the rating at
   Ba3.

- Marfin Greek CB: based on the 16% committed over-
   collateralisation in contractual form in this program, the
   expected loss is commensurate with a B1 rating. Therefore, the
   covered bonds have been downgraded below the TPI cap.

- Marfin Cypriot CB: this program does not benefit from any
   contractual over-collateralization over and above the 5%
   imposed by the Cypriot covered bond framework. Such over-
   collateralisation level limits the rating to B1 from an
   expected loss perspective. Therefore, the covered bonds have
   been downgraded below the TPI cap.

KEY RATING ASSUMPTIONS/FACTORS

Covered bond ratings are determined after applying a two-step
process: an expected loss analysis and a TPI framework analysis.

EXPECTED LOSS: Moody's determines a rating based on the expected
loss on the bond. The primary model used is Moody's Covered Bond
Model (COBOL), which determines expected loss as (i) a function
of the issuer's probability of default (measured by the issuer's
rating); and (ii) the stressed losses on the cover pool assets
following issuer default.

The cover pool losses are based on Moody's most recent modelling
and are an estimate of the losses Moody's currently models if the
relevant issuer defaults. Cover pool losses can be split between
market risk and collateral risk. Market risk measures losses as a
result of refinancing risk and risks related to interest-rate and
currency mismatches (these losses may also include certain legal
risks). Collateral risk measures losses resulting directly from
the credit quality of the assets in the cover pool. Collateral
risk is derived from the collateral score.

The cover pool losses of BoC Greek CB are 54.2%, with market risk
of 48.1% and collateral risk of 6.2%. The collateral score for
this program is currently 9.2%.

The cover pool losses of Marfin Cypriot CB are 54.0%, with market
risk of 38.8% and collateral risk of 15.2%. The collateral score
for this program is currently 22.7%.

The cover pool losses of Marfin Greek CB are 54.1%, with market
risk of 47.9% and collateral risk of 6.2%. The collateral score
for this program is currently 9.2%.

For further details on cover pool losses, collateral risk, market
risk, collateral score and TPI Leeway across covered bond
programs rated by Moody's please refer to "Moody's EMEA Covered
Bonds Monitoring Overview", published quarterly. These figures
are based on the latest data that has been analyzed by Moody's
and are subject to change over time. These numbers are typically
updated quarterly in Performance Overviews published by Moody's.

TPI FRAMEWORK: Moody's assigns a "timely payment indicator"
(TPI), which indicates the likelihood that timely payment will be
made to covered bondholders following issuer default. The effect
of the TPI framework is to limit the covered bond rating to a
certain number of notches above the issuer's rating. This level
is determined by the relationship between the TPI, which is
currently deemed by Moody's to be "Very Improbable" for all
Cypriot covered bonds and the senior debt ratings of the banks
supporting these covered bonds. However, Moody's highlights that
there are many factors that might influence the application of
TPIs, in particular for sub-investment-grade-rated issuers and
lower-rated countries.

SENSITIVITY ANALYSIS

The robustness of a covered bond rating largely depends on the
credit strength of the issuer.

The TPI Leeway measures the number of notches by which the
issuer's rating may be downgraded before the covered bonds are
downgraded under the TPI framework.

The TPI assigned to the programs is Very Improbable. The TPI
Leeway for these therefore is limited, and any downgrade of the
issuer ratings may lead to a downgrade of the covered bonds.

A multiple-notch downgrade of the covered bonds might occur in
certain limited circumstances. Some examples might be (i) a
sovereign downgrade negatively affecting both the issuer's senior
unsecured rating and the TPI; (ii) a multiple-notch downgrade of
the issuer; or (iii) a material reduction of the value of the
cover pool.

As the euro area crisis continues, the rating of covered bonds
remain exposed to the uncertainties of credit conditions in the
general economy. The deteriorating creditworthiness of euro area
sovereigns as well as the weakening credit profile of the global
banking sector could negatively impact the ratings of covered
bonds.

RATING METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating Covered Bonds" published in March 2010.


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


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

Moody's current ratings on Deutsche Postbank AG and its
affiliates are:

Senior Unsecured (domestic currency) ratings of A1, on review for
downgrade

Senior Unsecured MTN Program (domestic currency) ratings of
(P)A1, on review for downgrade

Long Term Bank Deposits (domestic and foreign currency) ratings
of A1, on review for downgrade

Bank Financial Strength ratings of D+, on review for downgrade

Subordinate (domestic and foreign currency) ratings of Baa2, on
review for downgrade

Subordinate MTN Program (domestic currency) ratings of (P)Baa2,
on review for downgrade

Junior Subordinate (domestic currency) ratings of B1(hyb), on
review for downgrade

Commercial Paper (domestic currency) ratings of P-1, on review
for downgrade

Short Term Bank Deposits (domestic and foreign currency) ratings
of P-1, on review for downgrade

Short Term Deposit Note/CD Program (domestic currency) ratings of
P-1, on review for downgrade

Other Short Term (domestic currency) ratings of (P)P-1, on review
for downgrade

Deutsche Siedlungs- und Landesrentenbank

Senior Unsecured (domestic and foreign currency) ratings of Aaa

Senior Unsecured MTN Program (domestic and foreign currency)
ratings of (P)Aaa

Subordinate (domestic currency) ratings of Aaa

Subordinate MTN Program (domestic and foreign currency) ratings
of (P)Aaa

Ratings Rationale

Moody's assigns a standalone bank financial strength rating
(BFSR) of D+, on review for downgrade, to Postbank, which maps to
Baa3 on the long-term scale. The rating reflects the bank's
strong core retail franchise with a large customer base,
resilient core earnings from retail and transaction banking in
Germany and good liquidity provided by a stable deposit base.

Moody's assessment also incorporates the bank's weak overall
profitability which continues to be impacted by non-core
activities, its need to further de-leverage and de-risk its
portfolio and the potential for further credit losses related to
higher risk assets arising from commercial real estate lending
and structured credit with a potential negative impact on its
still vulnerable capital position.

Postbank's long-term global local currency (GLC) deposit ratings
is A1, on review for downgrade, based on the bank's standalone
credit strength of Baa3 and Moody's assumption that the
probability of (i) parental support from its majority shareholder
Deutsche Bank is considered high, resulting in an Adjusted credit
strength of Baa1; and (ii) very high considerations of systemic
support given Postbank's role as one of the major deposit-taking
institutions and its key role in the banking sector's payments
system in Germany.

Under Moody's joint default analysis (JDA) methodology, Moody's
support assessment as highlighted gives Postbank's long-term GLC
deposit rating a five-notch uplift to A1 from its Baa3 standalone
credit strength.

Rating Outlook

Postbank's D+ BFSR and long-term ratings, including those for
subordinated debt and hybrid instruments, are on review for
downgrade.

What Could Change the Rating - Up

There is currently no upward pressure on the bank's BFSR and
long-term ratings, as reflected by the review for downgrade. A
higher standalone rating could be warranted if (i) Postbank's
earnings generation capacity is restored, which would support a
sustainable improvement in the bank's profitability and
capitalization levels and/or (ii) if the ongoing deleveraging let
to a better balanced funding profile commensurate with the bank's
core retail business franchise. However, some modest upward
pressure on the BFSR, is unlikely to immediately trigger an
upgrade of the long-term ratings in view of the very high support
assumptions already factored into the bank's senior debt and
deposit ratings.

What Could Change the Rating - Down

The BFSR is currently under pressure from the persistent
turbulence in European debt markets given Postbank's large
exposure to financial securities, including euro area sovereign
debt. Further pressure on Postbank's future earnings power and
capital generation capacity could develop from (i) asset quality
deterioration from its structured credit and commercial real
estate exposures; (ii) unexpected structural weakness in
residential real estate loans; and (iii) further unexpected
losses from its investment portfolio. Should Postbank's near-term
performance reveal that it cannot remain above its stated
financial goal of a Tier 1 ratio of 9.5% including market risk,
this would increase the downward ratings pressures.

Further rating implications could result from a negative change
in the creditworthiness of the parent Deutsche Bank AG or a
revision of Moody's very high overall support assumptions.

The methodologies used in these ratings were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007, Moody's
Guidelines for Rating Bank Hybrid Securities and Subordinated
Debt published in November 2009, and Short-Term Prime Ratings
published in June 2010.


INFINITY SOPRANO: S&P Cuts Ratings on Three Note Classes to 'B-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Infinity 2007-1 'Soprano' FCC's class A, B, C, D, E, F, and G
notes.

"The rating actions follow our review of the credit quality of
the 13 underlying loans left in the pool. Although the property
cash flows for these loans have remained fairly stable since
issuance, we consider that the level of loan recoveries may be
constrained by current market conditions. Our rating actions were
mostly driven by the deterioration we have seen in the
performance of the three German loans," S&P said.

The loans are scheduled to mature between 2012 and 2016, and the
note maturity date is in 2019.

                    EHE POOL 1A (45% OF THE POOL)

"The EHE Pool 1A loan is the largest in the pool. The balance of
the senior portion of the loan is EUR388.2 million, and the
whole-loan  balance is EUR443.0 million. The whole-loan maturity
date was initially scheduled for October 2011. However, the
servicer and the junior lenders have agreed to extend this to
October 2013. We understand that the borrower may extend it for a
further two one-year periods, subject to certain conditions," S&P
said.

"The whole-loan continues to pay fixed-rate interest and the
issuer has entered into new hedging arrangements to cover
interest-rate risks during the extended period," S&P said.

In connection with the extension of the whole-loan, the parties
have agreed:

* A consensual property disposal plan,

* The allocation of any excess cash flow (from rental income and
   property sales) toward the reduction of the securitized loan
   balance, and

* Diversion to the senior loan of amounts due to them until the
   securitized loan-to-value (LTV) ratio reduces below 75%.

"The borrower has also undertaken to ensure that the securitized
LTV ratio does not exceed 130% on any test date, and that the
securitized interest coverage ratio (ICR) will be at least
1.60x," S&P said.

In February 2012, the servicer reported a securitized LTV ratio
of 122.9%, and a securitized ICR of 2.27x.

"The whole-loan is secured against 42 mixed-use properties
located throughout Germany. Most of them are retail properties
that we consider to be of average quality. The portfolio is
almost fully occupied, with a reported weighted-average remaining
lease term to break of 4.1 years. Although the property cash flow
has remained broadly stable since closing, the portfolio market
value has declined to EUR315.8 million from EUR532.4 million at
closing, following a December 2010 portfolio revaluation. As a
consequence, the reported securitized LTV ratio has jumped to
122.9% in August 2011 from 74.8% in May 2011. The properties'
stable performance and occupancy suggest to us that the market-
value decline was mainly caused by yield shift," S&P said.

"In our view, the level of recoveries associated with this
portfolio may be constrained by the benchmark set by the most
recent valuation. Accordingly, notwithstanding the restructuring,
we consider that the securitized loan may suffer principal
losses," S&P said.

                  LEIPZIG (22% OF THE POOL)

"The Leipzig loan is the second-largest in the pool. The balance
of the senior portion of the loan is EUR186.7 million, and the
whole-loan balance is EUR207.4 million. The whole-loan maturity
date was initially scheduled for July 2011. However, we
understand that the borrower has exercised the one-year extension
option negotiated earlier with its lenders, in exchange for a
partial loan prepayment of about EUR39.0 million in January 2011.
We understand that the borrower has entered into an interest-rate
cap to hedge the whole-loan against interest-rate fluctuations,"
S&P said.

In February 2012, the servicer reported a securitized LTV ratio
of 80.4% and a securitized ICR of 3.61x.

"The whole-loan is secured by the Nova Eventis shopping center in
Leipzig, Germany. The property is almost fully occupied and, in
our opinion, provides a granular and stable cash flow. The
reported weighted-average lease term to break is 5.0 years.
Although the property cash flow has remained broadly stable since
closing, the portfolio market value has declined to EUR232.3
million from EUR309.0 million at closing, following a portfolio
revaluation undertaken in February 2010. We consider that the 25%
market-value decline has mainly been caused by yield shifts," S&P
said.

"Although we believe that a whole-loan refinancing by 2012 may be
difficult to achieve if current market conditions persist, we do
not currently anticipate principal losses on this loan, given the
reported senior LTV ratio," S&P said.

                   EHE POOL 1B (8% OF THE POOL)

"The EHE Pool 1B loan is the third-largest in the pool. The
balance of the senior portion of the loan is EUR68.7 million, and
the whole-loan balance is EUR77.9 million. The whole-loan
maturity date was initially scheduled for October 2011 but the
servicer and the junior lenders have agreed to extend this to
October 2013. However, we understand that the borrower may extend
it for a further two six-month periods, subject to certain
conditions," S&P said.

"The whole-loan continues to pay fixed-rate interest. The issuer
has entered into new hedging arrangements to cover interest-rate
risks during the extended period," S&P said.

In connection with the extension of the whole-loan, the parties
have agreed a restructuring arrangement similar to the one
described for the EHE Pool 1A loan, namely:

* A consensual property disposal plan,

* The allocation of any excess cash flow (from rental income and
   property sales) toward the reduction of the securitized loan,
   and

* Allocation to the securitized loan of amounts due to the
   junior lenders until full repayment of the securitized loan.

"The borrower has also undertaken to ensure that the securitized
LTV ratio does not exceed 102% until April 2012, 100% until
October 2012, 98% until July 2013, and 75% until April 2014.
Furthermore, the securitized ICR will be at least 2.55x," S&P
said.

"The whole-loan is secured against seven mixed-use properties
throughout Germany. Most of them are supermarket or retail
properties that we consider to be of average quality. The
portfolio is fully occupied, with a reported weighted-average
remaining lease term to break of 6.1 years," S&P said.

"In February 2012, the servicer reported a securitized ICR of
3.89x. However, although the property cash flow has remained
broadly stable since closing, the portfolio market value has
declined to EUR69.0 million from EUR91.7 million at closing,
following a September 2011 portfolio revaluation. As a
consequence, in February, the servicer reported a securitized LTV
ratio of 99.6% in November 2011--a jump from 75.0% in August
2011. We consider that the market-value decline was mainly caused
by yield shift," S&P said.

"Similar to our view on the EHE Pool 1A loan, we consider that
the level of recoveries associated with this portfolio may be
constrained by the benchmark set by the most recent valuation.
Accordingly, notwithstanding the restructuring, we consider that
the securitized loan may also suffer principal losses, albeit to
a lesser extent than the EHE Pool 1A loan," S&P said.

              ALTAREA LOANS (23% OF THE POOL)

"The nine Altarea loans were all advanced to various entities
belonging to the Altarea-Cogedim group (a French real-estate
investment trust) under various credit facility agreements. The
loans are neither cross-collateralized nor cross-defaulted. Each
loan benefits from financial covenants (stipulating maximum LTV
ratios of 75% and minimum ICRs of 1.10x), while an external party
revalues the properties every six months. Each of the borrowers
has entered into swap arrangements to hedge each of the loans
until their respective maturity dates. Given the similarity
between the individual loans and Altarea Cogedim's ultimate
ownership of all borrowers, we summarize all nine loans," S&P
said.

Loans   Outstanding  Maturity  Reported  Reported  Reported
            balance      date    LTV at    LTV in    ICR in
           (mil. EUR)             closing  Feb 2012  Feb 2012
                                    (%)       (%)       (x)
Bercy          23.2  Oct 2016      20.8      12.2     10.02
Massy          30.8  Oct 2016      49.1      66.5      2.11
Valdoly        12.6  Oct 2016      38.3      33.7      3.77
Sillon 2        3.7  Oct 2016      24.2      23.8      5.76
Les Tanneurs   35.0  Sep 2016      59.3      55.9      2.88
Grand Tour      8.9  Oct 2016      21.5      16.9      6.62
Collet Berger   0.0  Oct 2016      21.5       N/A       N/A
Paul Langevin  11.0  Oct 2016      23.7      24.9      4.96
Drouet d'Erlon  0.0  Oct 2016      24.2      N/A        N/A
Sillon          8.8  Oct 2016      28.3      34.6      2.85
San Cugat      69.9  Jul 2016      56.9      61.2      3.44

LTV - Loan-to-value ratio.

N/A - Not applicable.

"The properties backing the loans are shopping centers. In our
view, most of them are of reasonable-to-good quality in their
markets. The properties are all located in France, with the
exception of the San Cugat property, which is a Spanish shopping
center. Property income is fairly granular, in our view," S&P
said.

"The loans are relatively small and generally come with what we
consider to be conservative LTV ratios and healthy ICRs. We do
not anticipate any payment defaults under the loans either during
the term or at maturity," S&P said.

                        UFG (2% OF THE POOL)

"The fixed-rate interest UFG loan is the smallest in the pool. It
has an outstanding balance of EUR21.0 million, and matures in
October 2013. UFG is a bullet loan (i.e., it has no scheduled
amortization payable during its term) and features financial
covenants (stipulating a maximum LTV ratio of 60% and a minimum
ICR of 1.30x)," S&P said.

In February 2012, the servicer reported a 45.4% LTV ratio and a
1.93x ICR.

"The loan is secured against a portfolio of five residential
properties in the center of Paris. In our view, the performance
of these properties has improved since loan origination, despite
a decline in occupancy, which we consider to be temporary. The
occupancy level is 88.71% and rental income has benefited from
indexation. The borrower revalues the properties each year," S&P
said.

"This loan comes with what we consider to be a low LTV ratio and
a healthy ICR. We do not expect material drops in the level of
rental income, given the generally high levels of demand for such
premises. Nor do we anticipate any payment defaults during its
term or at maturity," S&P said.

                       COUNTERPARTY RISK

"On June 27, 2011, we lowered our ratings on the class A and B
notes for counterparty reasons, associated with the swap
arrangements," S&P said.

"Although the rating actions were driven by credit reasons, we
note that the maximum rating achievable for this transaction
under our counterparty criteria is one notch above our long-term
rating on the issuer's swap provider Natixis S.A. (A/Stable/A-
1)," S&P said.

                        RATING ACTIONS

"Considering the general credit deterioration associated with the
remaining pool of loans, we have lowered our ratings on all the
classes of notes in Infinity 2007-1 'Soprano' FCC, to reflect our
view of the associated credit impact on the notes. We now rate
the class E, F, and G notes at 'B- (sf)', to reflect our view on
the risk of principal losses. Our rating on the class D notes has
also joined the speculative-grade category at 'BB- (sf)', to
reflect our view of heightened refinancing risk and likelihood of
principal losses," S&P said.

"At closing in May 2007, Infinity 2007-1 'Soprano' included 15
loans secured by 70 properties in Germany, France, and Spain.
This is a fully funded synthetic commercial mortgage-backed
securities (CMBS) transaction. Since closing, one of the loans
has fully repaid and the outstanding note balance is EUR880.3
million (from EUR1,028.4 million at closing). The final maturity
date of the notes is in November 2019," S&P said.

        POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES

"We have taken the rating actions based on our criteria for
rating European commercial mortgage-backed securities (CMBS).
However, these criteria are under review," S&P said.

"As highlighted in the Nov. 8 Advance Notice of Proposed Criteria
Change, we expect to publish a request for comment (RFC)
outlining our proposed criteria changes for rating European CMBS
transactions. Subsequently, we will consider market feedback
before publishing our updated criteria. Our review may result in
changes to the methodology and assumptions we use when rating
European CMBS, and consequently, it may affect both new and
outstanding ratings on European CMBS transactions," S&P said.

"Until such time that we adopt new criteria for rating European
CMBS, we will continue to rate and surveil these transactions
using our existing criteria," 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

Infinity 2007-1 'Soprano' FCC
EUR1.028 Billion Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered

A           A+ (sf)         AA- (sf)
B           A- (sf)         AA- (sf)
C           BBB- (sf)       A+ (sf)
D           BB- (sf)        A- (sf)
E           B-              BB+ (sf)
F           B- (sf)         BB (sf)
G           B- (sf)         BB- (sf)


Q-CELLS SE: Explores Alternative Restructuring Plan
---------------------------------------------------
The Q-Cells Executive Board has analyzed the Ruling of the
Frankfurt Higher Regional Court of final Appeal in the Pleiderer
case.  The board has come to the conclusion that an
implementation of the restructuring of the bonds issued by Q-
Cells International Finance B.V. on the basis of the 2009 German
Bond Law has been revoked.

The company is convinced that the ruling of the Frankfurt Higher
Regional court is incorrect.  However, potential lawsuits against
Q-Cells' restructuring plan, which are to be expected, would be
handled by the same court.  There is no reason to assume that the
Court would change its view on this matter.  Against this
background the Executive Board currently sees no going concern
for the company.

Previously, the company had come to an agreement with main
bondholders on a restructuring plan of all bonds and
additionally, reached agreements with the involved authorities in
Germany and Malaysia.  Based on the latest developments, the
company is reviewing alternatives for the implementation of the
restructuring plan.

Q-Cells SE is a German solar cell and module maker.


=============
I R E L A N D
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EIRCOM GROUP: Enters Into Interim Examinership
----------------------------------------------
The Irish Times reports that the High Court has granted Eircom
Group an interim examinership.

Mr. Justice Peter Kelly said he was satisfied the company is
insolvent and that examinership would provide for a better
outcome than receivership or a winding up of the group, the Irish
Times relates.

Eircom's requested examinership is to protect the company from
its creditors for up to 100 days and to allow it time to
restructure its debt, the Irish Times notes.

Michael McAteer of Grant Thornton has been appointed interim
examiner and the examinership petition will be heard on April 18,
the Irish Times discloses.

Eircom told the High Court on Thursday it is seeking to reduce
its headcount by 1,000 over a five-year period up to mid-2017 as
part of a wide-ranging plan to put the heavily indebted company
on a sounder financial footing, the Irish Times recounts.

According to the Irish Times, as part of its petition for the
appointment of an interim examiner to co-ordinate a restructuring
of its gross EUR4.1 billion debt, Maurice Collins, for Eircom,
said a five-year business plan drawn up by management also
involved a EUR1.3 billion investment in its network.

Mr. Collins on Thursday outlined how the restructuring would
leave Eircom with debts of about EUR2.34 billion, the Irish Times
relates.  He said 80% of first lien lenders had agreed to a
haircut of EUR407 million on their EUR2.695 billion debts, the
Irish Times notes.

A majority of second lien lenders had also consented to their
EUR350 million debts being reduced to EUR35 million -- a 90% cut,
the Irish Times states.  About EUR1.05 billion is owed to two
categories of loan note holders who face being wiped out,
according to the Irish Times.

Mr. Collins, as cited by the Irish Times, said there were a
number of "unusual features" to the proposed examinership.  He
said the debts of the company were "too heavy for the group to
bear" and the situation had come to a head in June 2011 when it
breached its banking covenants, the Irish Times relates.

According to the Irish Times, Mr. Collins said Eircom was
"clearly insolvent" but added that the proposed restructuring
gave the company a chance of operating successfully into the
future.

Eircom chief executive Paul Donovan welcomed the decision and
advised customers that it was "business as usual" during the
examinership process, the Irish Times discloses.

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


=========
I T A L Y
=========


MANTEGNA FINANCE: S&P Lowers Rating on Class C Notes to 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Mantegna Finance II S.r.l.'s class B and C notes. "At the same
time, we have affirmed our rating on the class A2 notes," S&P
said.

"Although delinquencies have been decreasing in absolute value
since 2006, they have increased considerably in relative terms.
Mortgage loans in arrears for more than 90 days comprise 6.3% of
the performing pool, as of the last payment date in February
2012--a severe increase from 5.1% in February 2011. Cumulative
gross defaults (defined in this transaction as loans at least 12
months in arrears) are equal to 2.7% of the initial balance, up
from 2.6% in February 2011," S&P said.

The reserve is currently at 98.8% of its target balance, since it
has been frequently drawn during the life of the transaction.
Consequently, the transaction is not releasing any excess spread.

"Our credit analysis allows us to assume higher penalties on
loans currently in arrears. In addition, we adjusted the current
amount of arrears in order to account for the worsening economic
outlook for Italy. We assumed that the delinquencies for each
bucket in this transaction could increase by 15%-20% after
considering the potential 3% decrease in Italy's GDP. We
therefore derived default figures higher than those assumed at
closing. However, the loss severity we assume is lower than at
closing, due to the significant decrease of the portfolio's
weighted-average loan-to-value ratio," S&P said.

"The transaction features two interest-deferral triggers, which
change the priority of payments when breached. As of the February
2012 interest payment date, the trigger level is at 7.3%, up from
6.4% in February 2011. According to the transaction documents,
when the level of net defaults exceeds 15.5% of the outstanding
balance of the portfolio, the interest payments on the class C
notes become junior to the repayment of principal under the
notes. If the ratio exceeds 22.5%, in order to protect the most
senior noteholders the interest on class B notes becomes junior
to the principal repayment of the notes. This feature means that
performance improvement could result in the trigger level
reducing, as cumulative defaults are offset by recoveries," S&P
said.

"In our view, the triggers being hit are not enough, by
themselves, to suspend the interest payments on the class B and C
notes. In fact, given that the principal amount outstanding on
the notes is redeemed in an amount that cannot exceed the
difference between the amount outstanding of the notes and the
performing portfolio, it is possible that there will be available
funds for the payment of the interest after the redemption of the
principal has been satisfied," S&P said.

"The outcome of our cash flow analysis is that the class B and C
notes can attain 'BBB (sf)' and 'BB (sf)' ratings, respectively,
in the scenarios when the priority of payments is altered as
referenced above. We have lowered the ratings on the class B and
C notes accordingly, as 'BBB (sf)' and 'BB (sf)' are rating
scenarios where the class B and C notes satisfy the timely
payment of interest and ultimate payment of principal," S&P said.

"The review of the transaction carried out on July 4, 2011
indicated that the downgrade language relating to the
swap provider, Natixis S.A., is not consistent with our 2010
counterparty criteria. To account for this in our cash flow
analysis, we tested additional scenarios where we gave no benefit
to the swap. Specifically, we identified and sized the basis risk
that could arise from a mismatch between the index on which
interest is earned on the assets and the index on which interest
is calculated for the notes," S&P said.

"We have affirmed our 'AA+ (sf)' rating on the class A2 notes,
since the notes achieve that rating level when the swap
counterparty is not taken into account and the basis risk stress
is incorporated in our analysis," S&P said.

"In addition to the cash flows that we ran according to our
criteria, we tested the rating stability with respect to a
potential drop of 10% in the value of the collateral (in addition
to the 35% market value decline provisioned by the criteria). We
found the ratings on the class A2, B, and C notes to be resilient
to such stress. In addition to our stability analysis, we
observed that the rating on class A2 notes would not be affected
even if we incorporated the stress of assuming that one month of
collections in the servicer account is at risk of loss. This
stress would need to be included in our standard analysis only if
we did not give credit to the downgrade language under the
servicing agreement," S&P said.

Mantegna Finance II is an Italian residential mortgage-backed
securities (RMBS) transaction, which closed in March 2003 and
currently has a pool factor of 14%. Banca Agricola Mantovana SpA,
the originator, was a midsize Italian retail bank that operated
at a regional level. It was merged by incorporation into Banca
Monte dei Paschi di Siena SpA in 2008.

          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

Mantegna Finance II S.r.l.
EUR306.63 Million Mortgage-Backed Floating-Rate Notes

Ratings Lowered

B           BBB (sf)       A (sf)
C           BB (sf)        BBB (sf)

Rating Affirmed

A2          AA+ (sf)


UNIONFIDI PIEMONTE: Fitch Withdraws BB-/B Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn Unionfidi Piemonte's
(UP) ratings.

The ratings have been withdrawn as the agency will no longer have
sufficient information to maintain the ratings following the
company's decision to stop participating in the rating process.
Fitch will no longer provide ratings or analytical coverage for
UP.

The rating actions are:

  -- Long-term Issuer Default Rating (IDR): affirmed at 'BB-',
     Negative Outlook and withdrawn

  -- Short-term IDR: affirmed at 'B' and withdrawn


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


BTA BANK: Default Curbs Halyk Kazakh Trade Finance
--------------------------------------------------
Nariman Gizitdinov at Bloomberg News reports that Halyk Savings
Bank, Kazakhstan's largest lender by assets, said it can only
provide about a third of the money its clients are seeking
through trade financing as export-credit agencies are still
limiting funding in the aftermath of rival BTA Bank's default
three years ago.

BTA, which missed a January interest payment on its dollar bonds,
defaulted in April 2009 when it was the Central Asian nation's
biggest lender, Bloomberg recounts.  Halyk's Chief Executive
Officer Umut Shayakhmetova said the default closed the syndicate-
loan market for Kazakh banks, as well as constraining export
finance, Bloomberg notes.

"Because of BTA they don't open trade-financing credit lines for
us," Bloomberg quotes Mr. Shayakhmetova as saying on Friday in an
interview in Almaty.  "We could potentially borrow $600 million
via trade financing but we only have $200 million of credit
lines."

Halyk, which is controlled by President Nursultan Nazarbayev's
daughter and son-in-law, overtook Kazkommertsbank last month to
become the country's biggest lender by assets, Bloomberg
discloses.

BTA, which was taken over by sovereign-wealth fund Samruk-Kazyna
in February 2009, is negotiating its second debt restructuring
since 2010 after failing to make the interest payment on its
July 2018 dollar bonds, Bloomberg relates.  The central bank's
financial oversight committee said it accounted for 11% of Kazakh
banking assets with KZT1.48 trillion as of March 1, down from a
24% share in January 2009, according to Bloomberg.

                          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.


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


RMF EURO: Fitch Affirms Rating 'CCCsf' Rating on Class C Notes
--------------------------------------------------------------
Fitch Ratings has downgraded two classes and affirmed two classes
of RMF Euro CDO S.A.'s (RMF Euro CDO) notes, as follows.

  -- Class A (XS0156515982): affirmed at 'AAsf'; Outlook Negative
  -- Class B-1 (XS0156519117): downgraded to 'Bsf' from 'BBsf';
     Outlook Negative
  -- Class B-2 (XS0156520719): downgraded to 'Bsf' from 'BBsf';
     Outlook Negative
  -- Class C (XS0156524034): affirmed at 'CCCsf'; Recovery
     Estimate is RE5%

The rating actions reflect levels of credit enhancement
commensurate with the notes' respective ratings.  There is
currently one defaulted asset in the portfolio, making up 1.4% of
the portfolio.  'CCC' or lower Fitch-rated obligors have remained
stable at 16.7% of the portfolio compared to 16.4% at the last
review in April 2011.

Long-dated assets, i.e. assets maturing after the maturity of the
transaction in February 2015, make up 10.5% of the portfolio.
This presents a key risk to this older-vintage collateralized
loan obligation transaction because any assets remaining in the
portfolio have to be sold prior to the transaction's maturity,
thus exposing the notes to market value risk losses if the assets
trade below par.

The reinvestment period ended in February 2008.  However, there
continues to be trading in the transaction because unscheduled
proceeds and sale proceeds from credit impaired and credit
improved assets can continue to be reinvested subject to certain
conditions.

Since the last review, the transaction has delevered further with
the class A notes being paid down to 66.6% from 86.4% of their
original balance.  Class C benefits from a turbo redemption
structural feature where some excess spread is diverted to redeem
class C if the class C redemption test is breached.  Due to
breaches in the class C redemption test, the class C notes have
been paid down to 84% of their original balance from 89% at the
last review.

The Negative Outlooks on all notes reflect their vulnerability to
volatility in the market value of the long-dated assets.
Additionally, Fitch believes there is a material risk that
existing assets might be amended to extend their maturity in the
face of the approaching refinancing wall in the European
leveraged loan market.  This increase in the amount of long-dated
assets would likely be combined with negative rating migration
for assets with limited refinancing options.

Fitch has marked the Combination Notes (XS0156575374) as paid in
full following a reduction to zero of the notes' rated principal
balance on the February 2012 payment date.  The notes' rated
principal balance was reduced by total distributions to its
component notes.


=============
M O L D O V A
=============


* MOLDOVA: Moody's Issues Annual Credit Report
----------------------------------------------
In its annual credit report on Moldova, Moody's Investors Service
says that Moldova's B3 government bond rating and stable outlook
reflect Moldova's very low economic resilience and moderate level
of government financial robustness.

The rating agency's report is an annual update to the markets and
does not constitute a rating action.

Moody's determines a country's sovereign rating by assessing it
on the basis of four key factors -- economic strength,
institutional strength, government financial strength and
susceptibility to event risk -- as well as the interplay between
them.

Moody's assessment of Moldova's very low economic strength is
driven by (i) very low GDP per capita; (ii) the small scale of
the economy; (iii) high dependence on workers' remittances; and
(iv) limited future growth potential.

Moldova's low institutional strength reflects (i) weak government
effectiveness; (ii) corruption; (iii) lack of transparency; as
well as (iv) country-specific factors, in particular the
unresolved Transnistria conflict and weaknesses in the political
system.

Moldova's moderate level of government financial strength
reflects relatively sound fiscal metrics such as a low government
debt-to-GDP ratio, low debt servicing costs as well as the
positive momentum for financial reform. However, Moody's notes
that government financial strength is constrained by the
country's limited access to external liquidity.

Moody's assessment of susceptibility to event risk is moderate.
Moody's foresees political event risk related to the narrow
majority of the ruling coalition and the unresolved territorial
conflict over Transnistria. In addition, Moody's notes economic
event risk driven by the large current account deficit and gas
debt arrears accumulated in Transnistria. However, Moody's
considers risks stemming from the banking sector to the
sovereign's balance sheet as low.


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


EMF-NL 2008-2: S&P Affirms Rating on Class C Notes at 'BB'
----------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in two Dutch residential mortgage-backed securities
(RMBS) transactions. Specifically, S&P:

* Affirmed its ratings on EMF-NL 2008-1 B.V.'s class A2 and A3
   notes; and

* Affirmed its ratings on EMF-NL 2008-2 B.V.'s class A1, A2, B,
   and C notes and lowered its rating on the class D notes.

"The rating actions follow our credit and cash flow analysis of
the most recent transaction information that we have received
(January 2012)," S&P said.

Credit enhancement has continued to increase for both
transactions due to deleveraging of the transactions and a fully
funded reserve fund.

"Both pools comprise of mortgages made to self-certified
borrowers, self-employed borrowers, and borrowers with impaired
credit history. We have applied an arrears projection based on
the historical performance of arrears over the past year and our
expectation of a continued increase in arrears in Dutch
nonconforming pools due to weak economic growth, increasing
unemployment, and decreasing house prices," S&P said.

                        EMF-NL 2008-1

The transaction is generating what we consider to be a reasonable
amount of excess spread (currently 1.11%). However, it has fallen
over the past year from 1.80%. Severe arrears (90+ days) have
increased to 9.92% from 8.90% over the past year.

"We do not consider the swap agreements to be in line with our
2010 counterparty criteria.  Therefore, we carried out our credit
and cash flow analysis of the most recent transaction information
that we have received from the servicer to establish whether the
ratings on the notes can be maintained without credit given to
the swap," S&P said.

"Under our cash flow analysis, the class A2 and A3 notes can
maintain their current ratings with no credit given to the swap.
Therefore, we have affirmed our ratings on the class A2 and A3
notes," S&P said.

                        EMF-NL 2008-2

Annualized excess spread is low and has fallen to 0.18% from
0.39% over the past year. Severe arrears (90+ days) have
increased to 14.32% from 10.79% over the past year.

"Our cash flow analysis indicates that the current level of
credit enhancement available to the class D notes is not
sufficient to cover our calculated required credit coverage level
at its current rating. Therefore, we have lowered our rating on
the class D notes," S&P said.

"Our cash flow analysis indicates that our ratings on the class
A1, A2, B, and C notes can, however be maintained under our Dutch
RMBS criteria. Therefore, we have affirmed our ratings on the
class A1, A2, B, and C notes," S&P said.

"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. We adjusted our weighted-
average foreclosure frequency (WAFF) and weighted-average loss
severity (WALS) assumptions by assuming market value declines of
5% and 10%. The scenarios that we have considered under moderate
stress conditions did not result in our 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.

EMF-NL 2008-1 and EMF-NL 2008-2 are backed by nonconforming Dutch
residential mortgages originated by ELQ Hypotheken N.V.

           STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

          http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class                Rating
            To                  From

EMF-NL 2008-1 B.V.
EUR265.01 Million Mortgage-Backed Floating-Rate Notes

Ratings Affirmed

A2         AA+ (sf)
A3         AA (sf)

EMF-NL 2008-2 B.V.
EUR285.1 Million Mortgage-Backed Floating-Rate Notes

Ratings Affirmed

A1         A+ (sf)
A2         A+ (sf)
B          BBB (sf)
C          BB (sf)

Rating Lowered

D          B- (sf)              B (sf)


EUROLOAN CLO I: Moody's Withdraws 'Ca' Rating on Class E Notes
--------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of all notes
issued by Euroloan CLO I B.V. The ratings withdrawn by the rating
actions are as follows:

Issuer: Euroloan CLO I B.V.

    EUR195M Class A1 Notes, Withdrawn (sf); previously on May 26,
    2011 Upgraded to Aaa (sf)

    EUR65M Class A2 Notes, Withdrawn (sf); previously on Nov 1,
    2011 Upgraded to Aaa (sf)

    EUR30M Class B Notes, Withdrawn (sf); previously on Nov 1,
    2011 Upgraded to Aa1 (sf)

    EUR18M Class C Notes, Withdrawn (sf); previously on Nov 1,
    2011 Upgraded to Baa2 (sf)

    EUR21M Class D Notes, Withdrawn (sf); previously on Nov 1,
    2011 Upgraded to Caa1 (sf)

    EUR16.5M Class E Notes, Withdrawn (sf); previously on Jun 2,
    2009 Downgraded to Ca (sf)

RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.


===========
P O L A N D
===========


BANK MILLENNIUM: Moody's Confirms 'D' BFSR; Outlook Negative
------------------------------------------------------------
Moody's Investors Service has confirmed the Baa3 long-term local
and foreign-currency deposit ratings of Bank Millennium (BM),
with a negative outlook. BM is the Polish subsidiary of Banco
Comercial Portugues, S.A. (BCP; Ba3/NP/E+, outlook negative).

At the same time BM's D standalone bank financial strength rating
(BFSR) -- mapping to Ba2 on the long-term scale - was confirmed
with a negative outlook. The short-term rating of Prime-3 was
also confirmed.

The confirmation reflects BM's intrinsic risk profile and Moody's
view that BM has a sufficiently low degree of credit linkage with
its parent BCP, to have a stand-alone credit assessment three
notches above that of its parent. However, the negative outlook
on both BM's long-term deposit rating and BFSR reflect the
negative outlook on the parent's ratings and capture the risk
that any further downgrade of BCP would indicate levels of stress
within the Portuguese group that could present contagion risks
for BM.

The rating announcement on BM concludes the review initiated on
the February 21, 2012, when BM's long-term ratings were placed on
review for downgrade, following a similar rating action on the
parent. It also follows the wider rating actions on the CEE and
CIS subsidiaries of Western European banks on February 21, 2012,
taken in order to investigate increasing concerns regarding
whether ongoing pressures on parent groups affect subsidiaries'
standalone credit profiles through their close financial,
branding and managerial linkages.

Ratings Rationale

In its press release of February 21, 2012, Moody's noted that the
review of the CEE and CIS subsidiary's standalone credit
assessments relative to the Western European parental groups'
ratings would focus on the potential impact on the franchise of
subsidiaries, their funding dependence on the parent, regulatory
barriers to control the distribution of capital resources from
the subsidiary to the parent and idiosyncratic challenges in
local markets.

Assessing the criteria, Moody's has concluded that there is a
limited degree of direct credit linkage between BM and BCP,
reflected in the three-notch difference between the subsidiary's
and parent's standalone credit assessments. However, given the
fact that the parent's standalone rating was lowered to B2 with a
negative outlook, any further downgrade would indicate levels of
stress within the Portuguese group that could present contagion
risks for BM. These could ultimately weaken the strength of BM's
franchise, its funding base and liquidity position due to a
spill-over effect resulting in increasing difficulties to deal
with the bank's financial market counterparties and securing
corporate deposits compounding liquidity pressures for the Polish
subsidiary. Therefore, the outlook on BM's standalone rating and
the deposit ratings have been aligned with the negative outlook
on the parent's ratings.

FACTORS THAT PARTLY INSULATE BM FROM BCP's CREDIT RISKS

The following factors support Moody's view that the Polish
subsidiary is relatively well insulated from the weaknesses
currently affecting its Portuguese parent:

(i) Although BM is majority owned by BCP at 65.5%, the
consistency and transparency of the bank's strategy is supported
by active minority shareholders and quarterly public disclosures,
due to its presence on the Warsaw stock exchange. In light of
this, BM's strategy for the coming year -- as presented in the
latest results announcement -- sets financial targets that are in
line with the objectives of the past two years and involves
gradual de-risking of the balance sheet.

(ii) The relatively granular balance sheet of BM has remained
stable for the past three years since the inception of the
crisis, regardless of the pressures experienced by the parent
group.

(iii) Moody's also notes that, in compliance with the guidelines
set by the Polish regulatory authority (KNF) for dividend
distributions, the bank intends to fully maintain its 2011
profits, thus improving its Tier 1 ratio to 12.3%..

(iv) BM has limited exposure to the parent bank in terms of
funding dependence; BM has historically maintained an undrawn
stand-by facility of EUR200 million (1.7% of total assets as of
end-2011). Increasingly, since the beginning of 2011 BM has used
international market participants and multi-lateral financial
organisations as its principal counterparts in derivatives
transactions to minimise its FX mismatches due to the large
portion of Swiss-franc denominated lending (51.4%) in its loan
book.

What can change rating up/down

Given the recent rating action and negative outlooks on stand-
alone and supported ratings of BM an upgrade is unlikely in the
short-term. A downgrade in BM's ratings could be triggered by a
further downgrade of the parent's stand-alone credit assessment,
or a deterioration of its own intrinsic credit characteristics.

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.


* P. Kalek Joins Chadbourne as Int'l Partner in Warsaw
------------------------------------------------------
The international law firm Chadbourne & Parke LLP announced that
Przemyslaw Kalek has joined the firm as an international partner
in the Warsaw office project finance group.

Mr. Kalek focuses his practice on energy and infrastructure
projects.  In his many years working in Poland, Mr. Kalek has
advised both regionally-based and international energy companies
in relation to energy law, regulatory issues and antitrust
aspects of their activities, and has been involved in a number of
mergers & acquisitions, project financings and privatizations in
the Polish energy sector.

During his career, Mr. Kalek has represented energy companies
before the Polish regulatory authority, the common, anti-monopoly
and administrative courts and the Polish Supreme Court in energy
and antitrust legal proceedings, as well as in disputes relating
to the development and maintenance of electricity systems.  His
expertise also covers power generation project development and
financing, including renewables, drafting and negotiating the
full range of electricity and gas supply contracts, as well as
contracts on grid interconnection, distribution and transmission.

"We are proud to welcome Przemyslaw to the Firm," said Chadbourne
Managing Partner Andrew A. Giaccia.  "Przemyslaw's impressive
experience and intimate knowledge of the Polish and European
energy sectors make him a tremendous asset for our Polish and
international clients."

Mr. Kalek comes to Chadbourne after serving as counsel and co-
head of the energy practice at a leading Polish firm Soltysinski
Kawecki & Szlezak.  Prior to this, Mr. Kalek spent six years in-
house at the Polish division of one of the largest energy
companies in Europe, RWE Polska S.A. (German RWE AG subsidiary),
where he held a number of positions including head of both the
Legal Department and the Management Board Office.

"With Przemyslaw's arrival, Chadbourne continues to build its
formidable energy and project finance practice and strengthen our
capabilities in Central and Eastern Europe," said Igor Muszynski,
Warsaw office Executive Partner and Head of its Energy and
Project Finance Practice.  "We are seeing an increase of clients'
needs in the energy sector.  The breadth of Przemyslaw's unique
front and back-end energy experience in domestic and European
markets will be a valuable addition to our existing team and will
help us to satisfy this growth in demand."

Mr. Kalek earned his L.L.M. in Polish Law from Adam Mickiewicz
University in Poznan.  He also received a Masters in German Law
from the European University Viadrina in Frankfurt, Germany.

                     About Chadbourne & Parke

Chadbourne & Parke LLP -- http://www.chadbourne.com/ -- an
international law firm headquartered in New York City, provides a
full range of legal services, including mergers and acquisitions,
securities, project finance, private funds, corporate finance,
venture capital and emerging companies, energy/renewable energy,
communications and technology, commercial and products liability
litigation, arbitration/IDR, securities litigation and regulatory
enforcement, special investigations and litigation, intellectual
property, antitrust, domestic and international tax, insurance
and reinsurance, environmental, real estate, bankruptcy and
financial restructuring, executive compensation and employee
benefits, employment law, trusts and estates and government
contract matters.  Major geographical areas of concentration
include Russia, Central and Eastern Europe, Turkey, the Middle
East and Latin America, with a focus on emerging markets
generally. The Firm has offices in New York, Washington DC, Los
Angeles, Mexico City, Sao Paulo, London, Moscow, Warsaw, Kyiv,
Almaty, Istanbul, Dubai and Beijing.


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


AYT KUTXA III: S&P Lowers Rating on Class C Notes to 'CCC+'
-----------------------------------------------------------
Standard & Poor's Ratings Services has taken various rating
actions on four Spanish residential mortgage-backed securities
(RMBS) transactions: AyT Kutxa Hipotecario I, Fondo de
Titulizacion de Activos; AyT Kutxa Hipotecario II, Fondo de
Titulizacion de Activos; AyT Kutxa Hipotecario III, Fondo de
Titulizacion de Activos; and AyT Kutxa Hipotecario IV Fondo de
Titulizacion de Activos.

Specifically, S&P has:

* "In AyT Kutxa Hipotecario I, affirmed and removed from
   CreditWatch negative our ratings on the class A and B notes,
   and affirmed our rating on the class C notes," S&P said.

* "In AyT Kutxa Hipotecario II, lowered and kept on CreditWatch
   negative our rating on the class A notes, and lowered our
   ratings on the class B and C notes," S&P said.

* "In AyT Kutxa Hipotecario III, lowered and removed from
   CreditWatch negative our rating on the class A notes, and
   lowered our ratings on the class B and C notes," S&P said.

* "In AyT Kutxa Hipotecario IV, raised and removed from
   CreditWatch negative our ratings on the class A1, A2, and B
   notes, and affirmed our rating on the class C notes," S&P
   said.

"Kutxabank S.A. (BBB/Negative/A-2) is the entity created from the
merger of the banking assets and liabilities of three Basque
savings banks: BBK, Kutxa, and Vital. It issued the notes in May
2006, February 2007, May 2008, and May 2009 (for the issuances I,
II, III, and IV, respectively). A portfolio of residential
mortgage loans secured over properties in Spain backs each
transaction," S&P said.

"Although we had seen a stabilization in the performance of these
transactions during 2010 and 2011, the most recent data
corresponding to the latest payment dates show an increasing
trend in arrears (as of January 2012, in all cases)," S&P said.
S&P has taken these into consideration in its analysis:

* "AyT Kutxa Hipotecario I is performing strongly, in our view.
   Despite an increase in 90+ day delinquencies--to 0.44% of the
   outstanding balance of the assets in January 2012 from a 0.18%
   a year before--there are no defaults in the transaction, and
   the reserve fund is at the level required by the transaction
   documents," S&P said.

* "AyT Kutxa Hipotecario II's performance has deteriorated and
   defaults are still appearing--even though, with a weighted-
   average seasoning of 86.9 months, we would expect defaults to
   have stabilized. 90+ day delinquencies have increased to 1.10%
   of the outstanding balance of the assets in January 2012, from
   0.67% a year before. On the latest payment dates, the reserve
   fund has been partially replenished; however, it is still at
   only 48.11% of its required level. As a result, credit
   enhancement levels are not as strong as we would expect for a
   transaction that closed in February 2007," S&P said.

* "AyT Kutxa Hipotecario III's performance has been determined
   since the beginning by its weighted-average loan-to-value
   ratio, which at closing was 91.91% and as of  has decreased to
   84.66%. 90+ day delinquencies have increased to 3.69% of the
   outstanding balance of the assets in January 2012, from 3.03%
   a year before. On recent payment dates, the reserve fund had
   been partially replenished, but the issuer used it on the last
   payment date, and as of  it is still at only 22.02% of its
   required level. As a consequence, the structure's credit
   enhancement levels are lower than at closing: 13.38%, 3.96%,
   and 1.45% currently for the class A, B, and C notes--compared
   with 14.75%, 7.25%, and 5.25% at closing, respectively," S&P
   said.

* "AyT Kutxa Hipotecario IV's performance has deteriorated since
   the July 2011 payment date. 90+ day delinquencies have
   increased to 0.50% of the outstanding balance of the assets in
   January 2012, from 0.35% a year before. Although there was a
   small replenishment as of the last payment date, as of the
   reserve fund is at 93.77% of its required level. On Oct. 11,
   2011, we downgraded the supporting counterparties in these
   transactions, Caja de Ahorros y Monte de Piedad de Gipuzkoa y
   San Sebastian (now known as Kutxabank) and Confederación
   Espanola de Cajas de Ahorros (CECA). As a consequence, remedy-
   action triggers were breached in the four transactions. On
   Dec. 23, we placed our ratings on the affected classes of
   notes in these transactions on CreditWatch negative, as the
   remedy period had elapsed and no remedy actions had yet been
   taken. Kutxabank is rated BBB/Negative/A-2 following a
   downgrade on Feb. 13, 2012, and CECA is rated A-/Watch Neg/A-
   2," S&P said.

"Our understanding as to remedy actions following the downgrades
of the supporting counterparties," S&P said, is as follows:

* "In AyT Kutxa Hipotecario I and II, CECA was the guaranteed
   investment contract (GIC) provider, and it has been
   substituted by Barclays Bank S.A. in both transactions.
   Kutxabank is the swap counterparty in these two transactions,
   and is posting collateral, in line with our 2010 counterparty
   criteria. Nevertheless, we understand that given Kutxa's
   current rating, the transaction documents do not permit
   Kutxabank to remain as a counterparty in these transactions
   due to the 'BBB+' trigger established in the documents, and we
   understand that the trustee is evaluating potential remedy
   actions," S&P said.

* "In AyT Kutxa Hipotecario III, the transaction documents do
   not reflect our 2010 counterparty criteria, and Kutxabank is
   the GIC and swap provider. Given the performance this
   transaction has shown, and given that it is fully retained by
   Kutxabank, we understand that no remedy actions are going to
   be taken," S&P said.

* "In AyT Kutxa Hipotecario IV, Kutxabank is the GIC and swap
   provider, and, as it is also the only noteholder in this
   transaction, the transaction documents that already reflected
   our 2010 criteria have been recently amended so that Kutxabank
   can remain in both roles in the transaction," S&P said.

Thus, S&P has taken these rating actions:

* "AyT Kutxa Hipotecario I: We have affirmed and removed from
   CreditWatch negative our ratings on the class A and B notes at
   'AAA (sf)' and 'AA (sf)'. What we see as the strong
   performance of this transaction and its weighted-average
   seasoning of 97 months mean that these classes of notes can
   maintain their ratings even without the benefit of the swap.
   As such, we have removed these ratings from CreditWatch
   negative. We have also affirmed our 'BBB+ (sf)' rating on the
   class C notes," S&P said.

* "AyT Kutxa Hipotecario II: We have lowered our rating on the
   class A notes to 'A (sf)' due to the deterioration of the
   assets and the weakening of the structure we see. Also, we
   have kept it on CreditWatch negative because the transaction
   still relies on Kutxabank as swap counterparty, and after its
   downgrade on Feb. 13, 2012, Kutxabank cannot remain as a
   supporting party in the transaction, according to the swap
   documents. We have also lowered our ratings on the class B and
   C notes to 'BB (sf)' and 'B- (sf)'," S&P said.

* "AyT Kutxa Hipotecario III: We have lowered to 'BB+ (sf)' and
   removed from CreditWatch negative our rating on the class A
   notes, given the continuous deterioration of the assets, which
   is still affecting credit enhancement levels. In addition, no
   remedy actions have been taken, and there is a direct link
   between the rating on the notes and Kutxabank as the GIC and
   swap provider. Even if a potential improvement in the
   performance results in higher ratings in the future, there is
   a ratings ceiling at a 'BBB (sf)' level, due to counterparty
   exposure. We have also lowered our ratings on the class B and
   C notes to 'B+ (sf)' and 'CCC+ (sf)'," S&P said.

* AyT Kutxa Hipotecario IV: We have raised to 'A (sf)' and
   removed from CreditWatch negative our ratings on the class A1,
   A2, and B notes. The issuer has amended the transaction
   documents, which already incorporated our 2010 criteria, so
   that remedy actions will now have to be taken in order for the
   class A1 or A2 notes to maintain a 'A (sf)' rating. We
   understand that with these modifications, Kutxabank as GIC
   provider can remain as a party in the transaction, and as swap
   counterparty it has posted collateral so that the class A1 and
   A2 notes can attain a 'A (sf)' rating. Even if our cash flow
   results support higher ratings on these notes, there is a
   ratings ceiling at a 'A (sf)' level, due to counterparty
   exposure. We have also affirmed our 'BBB+ (sf)' rating on the
   class C notes," S&P said.

           STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

          http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class                Rating
           To                       From

AyT Kutxa Hipotecario I, Fondo de Titulizacion de Activos
EUR750 Million Mortgage-Backed Floating-Rate Notes

RATINGS AFFIRMED AND REMOVED FROM CREDITWATCH NEGATIVE

A          AAA (sf)                 AAA (sf)/Watch Neg
B          AA (sf)                  AA (sf)/Watch Neg

RATING AFFIRMED

C          BBB+ (sf)

AyT Kutxa Hipotecario II, Fondo de Titulizacion de Activos
EUR1.2 Billion Mortgage-Backed Floating-Rate Notes

RATING LOWERED AND REMAINING ON CREDITWATCH NEGATIVE

A          A (sf)/Watch Neg         AA (sf)/Watch Neg

RATINGS LOWERED

B          BB (sf)                  BBB- (sf)
C          B- (sf)                  B (sf)

AyT Kutxa Hipotecario III, Fondo de Titulización de Activos
EUR500 Million Floating-Rate Notes

RATING LOWERED AND REMOVED FROM CREDITWATCH NEGATIVE

A          BB+ (sf)                 A- (sf)/Watch Neg

RATINGS LOWERED

B          B+ (sf)                  BB (sf)
C          CCC+ (sf)                B- (sf)

AyT Kutxa Hipotecario IV, Fondo de Titulizacion de Activos
EUR2,000 Million Mortgage-Backed Floating-Rate Notes

RATINGS RAISED AND REMOVED FROM CREDITWATCH NEGATIVE

A1         A (sf)                   A- (sf)/Watch Neg
A2         A (sf)                   A- (sf)/Watch Neg
B          A (sf)                   A- (sf)/Watch Neg

RATING AFFIRMED

C          BBB (sf)


SANTANDER FINANCIACION: Fitch Cuts Rating on 3 Note Classes to D
----------------------------------------------------------------
Fitch Ratings has downgraded Santander Financiacion 2's class D,
E and F notes to 'D' (default) and subsequently withdrawn the
rating.  The remaining notes have paid in full (PIF).

Santander Financiacion 2 was called on 20 February 2012 using
proceeds from the sale of the portfolio.  The rating action
reflects the final distribution of the portfolio sale proceeds to
noteholders.

As a result of the portfolio sale, the B and C notes have been
PIF as these classes received all interest and principal that was
owed to them upon the redemption.  The class D notes were paid
off up to EUR27,806,201.07 (EUR1,193,798.93 loss).

At the time of the last review in February 2012, the agency
indicated that the classes D, E and F were likely to default
which was reflected in the ratings of those notes at the time.
The agency was particularly concerned by the high volume of
defaults seen since transaction close which according to Fitch
estimates had reached 9.6% of the original portfolio balance by
November 2011.  The transaction had a principal deficiency ledger
balance of EUR74.7m outstanding for the same point in seasoning.

The rating actions are as follows:

  -- EUR49.1m Class B notes: rated 'A+'/ Stable; redeemed on 20
     February 2012
  -- EUR44.9m Class C notes: rated 'BB'/ Stable; redeemed on 20
     February 2012
  -- EUR29.0m Class D notes: downgraded to 'D' from 'CC'
  -- EUR63.8m Class E notes: downgraded to 'D' from 'C'
  -- EUR21.8m Class F notes: downgraded to 'D' from 'C


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


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

Moody's current ratings on Turkey, Government of are:

Long Term Issuer (domestic and foreign currency) ratings of Ba2

Senior Unsecured (domestic and foreign currency) ratings of Ba2

Senior Unsecured Shelf (foreign currency) ratings of (P)Ba2

Ratings Rationale

The Turkish government's debt is rated Ba2, reflecting the
resilience of the public finances during the global crisis in
spite of a short but deep recession. Turkey's economic strength
is moderate to high in the sovereign rating spectrum, according
to Moody's sovereign bond rating methodology. The large scale of
the economy and its diversification, plus its underlying
dynamism, has pushed per capita incomes into levels well above
peers. Turkey's increased integration into the global economy is
likely to maintain such growth in coming years.

Key supports to the government's ratings include its
effectiveness, transparency and rule of law. The latter speaks in
part to a high willingness to pay, as demonstrated most recently
in the severe 2001 financial crisis. The government's financial
strength has been improving steadily over the past decade, and
this improvement can be seen across a wide range of financial
metrics, such as debt/revenue and debt affordability. The more
challenging international economic environment and the expected
slow-down in domestic growth are likely to test the durability of
these improvements.

Turkey's resilience to economic, financial and political
vulnerabilities has strengthened considerably in recent years, as
evidenced by the financial markets' ability to endure volatile
capital inflows and ongoing infighting between the society's
secular and religious elements. Moreover, there are some
noteworthy areas of political risk in Turkey, some of which stem
from secular-religious tensions, others from longstanding
regional and ethnic conflicts. Nonetheless, the current account
deficit is a key risk that has become increasingly pronounced
over the past 18 months. Due to the size of Turkey's external
imbalances, Moody's have raised Moody's assessment of Turkey's
susceptibility to event risk factor score to high.

Rating Outlook

The Turkish government's ratings carry a positive outlook,
reflecting improvements in the country's economic and fiscal
resilience, relative to when Moody's last upgraded Turkey's
rating in January 2010.

What Could Change the Rating -- Up

Moody's would consider upgrading Turkey's rating if the country
were to pursue fiscal and monetary policies that reverse the
growth in internal, and more importantly, external imbalances. In
addition, credit-positive pressure could also develop if the
government built up its buffers, such as foreign-exchange
reserves, that would improve the sovereign's resilience to
balance-of-payment shocks.

What Could Change the Rating -- Down

The longer that Turkey's internal and external imbalances remain
at a high level, the more downward pressure will build on the
positive outlook to the rating and, in extremis, also on the Ba2
rating itself. The international economic environment has become
increasingly challenging, and the margin for policy error has
become much smaller than it has been in recent years.

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


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


BRITISH MIDLAND: European Commission Approves IAG Takeover
----------------------------------------------------------
BBC News reports that IAG, the owner of British Airways, has
received approval for the takeover of BMI from current owners
Lufthansa.

European authorities cleared the deal after IAG agreed to give up
landing slots at Heathrow airport, BBC relates.

Together IAG, which also owns Iberia, and BMI would have
controlled 53% of landing slots at Britain's biggest airport, BBC
discloses.

IAG reached a deal worth GBP172.5 million (US$273 million) to buy
BMI late last year, BBC recounts.

According to BBC, the European Commission said its decision was
conditional on the release of 14 slots at London's Heathrow
airport in order to allow other airlines greater access.

It was also dependent on IAG committing to carry connecting
passengers to feed the long-haul flights of competing airlines
out of London Heathrow, BBC notes.

As reported by the Troubled Company Reporter-Europe on Jan. 12,
2012, the Financial Times related that auditors to BMI raised
doubts about its ability to continue as a going concern.
PricewaterhouseCoopers, as cited by the FT, said several
uncertainties surrounding BMI, including plans to sell the
airline to International Airlines Group, "may cast significant
doubt over the ability of the company to continue as a going
concern".

British Midland Airways, which does business as bmi, --
http://www.iflybritishmidland.com/-- carries passengers to some
30 countries, mainly in the UK but also in continental Europe,
the Middle East, Asia, and Africa.  It operates a fleet of about
50 jets, including Airbus and Embraer models.  Low-fare
subsidiary bmi baby serves about 30 destinations in Europe with a
fleet of about 20 Boeing 737s.  bmi is a member of the Star
Alliance global marketing group, which includes UAL's United
Airlines, Air Canada, and Singapore Airlines.  In mid-2009,
fellow Star Alliance member and global airline giant Lufthansa
acquired majority ownership of bmi.


GAME GROUP: OpCapita Submits Fresh Bid to Buy Parts of Business
---------------------------------------------------------------
Reuters reports that British private investment firm OpCapita has
submitted a renewed bid to acquire parts of video games retailer
Game out of administration.

According to Reuters, the source said on Thursday OpCapita, which
earlier this year acquired British electricals chain Comet from
Kesa, was interested on taking on the 333 Game stores in Britain
that remain trading.

OpCapita had an offer to buy Game's debt and pay suppliers but
rejected by lenders, led by Royal Bank of Scotland and including
Barclays and HSBC, Reuters discloses.  The lenders are working on
their own proposal, Reuters says.

Game collapsed into administration on March 26 after failing to
pay its second-quarter rent bill, Reuters recounts.
Administrator PwC immediately closed 277 of 609 stores in Britain
and Ireland, making 2,104 of 5,521 staff redundant, Reuters
notes.

Game Group is a video games retailer.


IGLO FOODS: Fitch Affirms Issuer Default Rating at 'B+'
-------------------------------------------------------
Fitch Ratings has affirmed Iglo Foods Midco Limited's (Iglo
Foods) Long-term Issuer Default Rating (IDR) at 'B+' and the
senior secured ratings at 'BB' which corresponds to a Recovery
Rating of 'RR2'.  The Outlook on the Long-term IDR is Stable.

As per Fitch's market comment "Taking Profit, Not Refi, Drives
Birds Eye Iglo Sale" on March 26, 2012, it had been widely
reported in the press that Iglo's owner, Permira, recently
appointed advisors to explore possible sale options.  Iglo Foods
is a UK-based frozen food manufacturer that has been majority-
owned by Permira since end 2006.  Fitch expects the financial
sponsor to pursue a dual-track exit strategy via a third-party
sale or IPO during 2012 following positive 2011 results and
amidst improving capital market conditions that may support
valuations.

The affirmation reflects Iglo Foods' leadership within the
branded frozen food segment of key Western European packaged food
markets like the UK, Italy and Germany.  During 2011 the company
successfully passed through inflation-driven cost increases and
even improved its profit margins despite strong competition from
private label producers.  Iglo's above-average margins compared
with peers, its adequate management of debt and sales/profits by
currency and the group's improved financial leverage and strong
liquidity support the current ratings.

Negative rating factors include low single-digit revenue growth
expectations, given Iglo's positioning predominantly in mature
Western European markets.  Iglo Foods will need to demonstrate
pricing and negotiation power towards the major supermarkets and
continue to increase marketing spending to be able to balance
stagnating volumes with product price increases.

Fitch expects that compared to 2011, EBITDA will at least be
maintained during 2012 while free cash flow (FCF) will inevitably
reduce.  During 2011 Iglo benefitted from a one-off inflow
related to the unwinding of working capital included in the 2010
acquisition of Unilever's frozen food division Findus Italy.
Notwithstanding, management remains focused on realising
projected cost savings related to the acquisition, that can be
reinvested in marketing spending.  Lease-adjusted net
debt/EBITDAR is expected to reduce to approximately 4x in 2012,
drawing nearer to Fitch's guidance for a 'BB-' rating.

Further positive rating action is contingent upon a consistent
positive free cash flow margin above 10% along with a
conservative financial policy resulting in lease-adjusted net
debt to EBITDAR permanently declining below 4.0x and funds from
operations interest coverage above 3.5x.  While Iglo could
already pass these thresholds in 2012, any upgrade to the IDR is
further constrained by the group's debt structure which includes
a substantial amount of 10-year shareholder loan notes maturing
at end-2016.  This junior debt component issued at the group's
HoldCo level is characterized by equity-like components including
a lack of security, cross default provisions and ability to
independently enforce on the restricted borrowing group,
effective subordination to the senior secured debt, and a longer
dated maturity than the more senior ranking debt of the group.
However it also includes a PIK interest toggle feature that could
change to cash-pay within the next two-three years when Iglo may
make payments outside the restricted borrowing group up to the
leverage covenant of 3x debt cover including the payment.

Conversely, evidence of eroding pricing power towards retailers
-- given its product portfolio focused around frozen foods --
leading to declining EBITDA margins and net lease-adjusted debt
to EBITDAR above 5.5x could cause a negative rating action,
including a downgrade or the revision of the Outlook to Negative.


INT'L PERSONAL: Fitch Affirms Issuer Default Rating at 'BB+'
------------------------------------------------------------
Fitch Ratings has affirmed International Personal Finance Plc's
(IPF) Long-term Issuer Default Rating (IDR) at 'BB+, Short-term
IDR at 'B' and senior unsecured debt at 'BB+'.  The Long-term IDR
has a Stable Outlook.

The ratings reflect the significant credit, operational,
regulatory and FX risks arising from unsecured home-collected
lending in emerging markets as well as its modest business scale
and diversification.  The company's funding is undiversified,
relying solely on wholesale funding and its business model faces
technological challenges.  These risks would normally cap the
ratings firmly below investment grade.  However, uplift to the
Long-term IDR has been provided by the company's strong cash flow
and capital generation, robust risk management, modest leverage
and demonstrated management ability to rapidly restructure
problem operations (Hungary in 2009).

The Stable Outlook takes into consideration IPF's indication that
it does not intend to increase its modest leverage in the near
future (debt/tangible equity was a low 0.9x at FYE11) given the
uncertain global economic outlook.  Nonetheless, material erosion
to leverage, or a significant deterioration in performance and
asset quality would place downward pressure on IPF's ratings.

An upgrade in the rating would be difficult to envisage given its
current business format, strategy and funding profile.

Credit risk is high at IPF, with a high level of arrears reported
(28% of gross receivables were over 90 days overdue at FYE11).
However, these, and the corresponding high impairment charges are
part of IPF's business model and IPF is well compensated for
these risks.  Arrears and loan performance are monitored
centrally on a weekly basis and underwriting is adjusted
accordingly.

IPF is also exposed to significant regulatory risks.  The EU
Consumer Credit Directive (CCD) has been implemented in each of
IPF's European markets.  Costs relating to early settlement
rebates (ESRs) which are netted off against revenue, increased by
GBP13.3 million in FY11; FY12 ESRs expected to be an additional
GBP10 million-GBP15 million.  The continuing regulatory scrutiny
of consumer credit presents further risks to IPF's business
model, though these are partially addressed by product
modification.

Fitch notes IPF's business model has traditionally benefited from
characteristics of a captive market. However, the increasing
penetration and affordability of the internet could potentially
increase customer access to alternative credit providers (such as
internet-based payday lenders), thus eroding IPF's pricing power.

In FY11, revenues rose by 6.7% benefiting from increased
marketing expenditure.  Impairment charges as percentage of
revenues reduced to 25.8% from 27.6%. Net profit increased by
29%.  Although macroeconomic conditions in IPF's markets remain
uncertain, the management aims to almost double the business and
profits in the next five years.

IPF does not have access to deposit funding and is reliant on
wholesale funding.  IPF mitigates the refinancing and liquidity
risks by careful budgeting of its funding needs.  Committed debt
facilities totalled GBP447.9 million at FYE11, including headroom
of GBP171.4 million.  Committed funding should be sufficient for
financing IPF's business plan until November 2013.

IPF was established as a separate company in July 2007 after de-
merging from Provident Financial Plc ('BBB'/Stable).  It is
listed in London and focuses on small, unsecured home-collected
loans in emerging markets.


LADBROKES PLC: Fitch Affirms Senior Unsecured Rating at 'BB+'
-------------------------------------------------------------
Fitch Ratings has affirmed Ladbrokes plc's Long-term Issuer
Default Rating (IDR) and senior unsecured rating at 'BB+' and its
Short-term IDR at 'B'.  The Outlook on the Long-term IDR has been
revised to Stable from Negative.

The Outlook revision reflects improvements in the competitive
profile of Ladbrokes' UK retail and online offering, the
resilience of its cash flow generation and track record in
retaining a conservative capital structure, as well as Fitch's
view that the risk of debt-funded M&A has somewhat abated for the
company.

Looking ahead in 2012 and 2013, challenges on the trading front
remain, particularly with respect to subdued consumer sentiment
and aggressive competition from online competitors that often
operate in unregulated regimes.  However, Fitch believes that
Ladbrokes should benefit from its enhanced machine estate, new
store openings, the Euro 2012 football tournament, as well as a
more appealing website accompanied with more aggressive
promotional activity.

Over time, Fitch expects increasingly stringent regulation to
cause smaller online gaming operators to gradually lose their
competitive advantages.  In parallel, in the UK retail arena,
Ladbrokes is likely to benefit from its better offering compared
to smaller operators.

Rating headroom remains tight but Fitch expects Ladbrokes to
continue to apply its free cash flow (FCF) to debt reduction.  As
a result of higher capex, which is expected to be in the region
of GBP95m and dividend payments in line with the company's policy
of a 50% pay-out of underlying earnings, FCF in 2012 will likely
be smaller than in the past but in positive territory.

Ladbrokes has not ruled out M&A to strengthen its online
offering.  However, after walking away from talks with both 888
Holdings and Sportingbet PLC, Fitch views that the prospects of
M&A have diminished.  In particular, Ladbrokes is investing
significant resources in terms of increased capex and marketing
efforts in order to enhance the competitive profile of its
digital division.  Also, the company's reluctance to take on
board legal risks associated with companies that may have been
operating illegally in some markets strongly reduces the spectrum
of take-over candidates.

Other drivers of a negative rating action would include FCF
turning negative, as well as softer than expected consumer
spending and/or loss of competitive strength leading to net lease
adjusted leverage exceeding 3.0x over a 12-18 month period.

Should the increased spending on digital and the improved
competitiveness of the retail division lead to operational
performance metrics in line with top industry performers and net
lease-adjusted leverage started trending towards 2.0x and
preferably lower, then this may warrant a positive rating action.


MACQUARIE BANK: Fitch Rates US$250MM Jr. Subordinated Notes 'BB+'
-----------------------------------------------------------------
Fitch Ratings has assigned Macquarie Bank Limited (MBL;
'A'/Stable), London branch's US$250 million junior subordinated
notes -- also known as exchangeable capital securities (ECS) -- a
final rating of 'BB+'. Fitch had previously assigned an expected
rating of 'BB+ (exp)' to the issue.

In line with Fitch's criteria for rating bank regulatory capital
securities the ECS are rated five notches below MBL's Viability
Rating (VR) of 'a' to reflect subordination and fully
discretionary coupon payments.

MBL expects the ECS to qualify as additional Tier 1 capital under
Basel III. ECS are mandatorily convertible instruments that rank
ahead of ordinary shareholders only.

Mandatory exchange of all ECS for ordinary shares of Macquarie
Group Limited (MGL; 'A-'/Stable), the listed parent of MBL,
occurs five years after issue (June 20, 2017), with the proceeds
of issuing the ordinary shares subsequently downstreamed to MBL.
Mandatory exchange is subject to a number of conditions.  If
these conditions are not met, the exchange is postponed until the
next semi-annual interest payment date upon which they are met.

Mandatory exchange of all ECS also occurs if MBL's core Tier 1
ratio (or the Basel III equivalent common equity Tier 1 ratio)
falls below 5.125%; the Australian Prudential Regulation
Authority (APRA; the Australian prudential regulator) determines
MBL would be unviable without exchange; public sector capital is
to be injected; or more than 50% of MBL is sold to another
entity.

Interest payment is at the absolute discretion of the Directors
of MBL.  APRA can also prevent the payment of interest.  Interest
is non-cumulative and non-payment does not constitute an event of
default.  However, if interest payments are not made, both MBL
and MGL are prevented from paying dividends on ordinary shares
until an interest payment is made on the ECS.


MOUCHEL GROUP: Mulls Equity Raise to Restructure Balance Sheet
--------------------------------------------------------------
Jonathan Russell at The Telegraph reports that shareholders in
Mouchel Group are to see the value of their holdings cut further
in a "significantly dilute equity raise".

The company warned it was to rebuild a balance sheet that has
been hit by debt problems, contract mistakes and accounting
errors, the Telegraph relates.

Although the company did not give details of the size of the
fundraising it had net debt of GBP104.1 million at January 31
against a market capitalization of GBP9.4 million, the Telegraph
notes.  The debt has risen GBP7.2 million in 12 months, the
Telegraph discloses.

"We are evaluating all options for restructuring our balance
sheet.  These options include a significantly dilutive equity
raise.  The restructure is expected to be completed by the end of
the 2012 financial year," the Telegraph quotes Mouchel chief
executive Grant Rumbles, as saying.

In interim results on Thursday the company posted a GBP11.6
million loss against a GBP1.5 million in the same period last
year, the Telegraph relates.

Given its recent problems Mr. Rumbles, as cited by the Telegraph,
said it was becoming increasingly difficult to win business from
new clients.

He would not give any details of how much money the company would
be looking to raise or whether the company would look to raise
the money from existing shareholders or new ones, the Telegraph
notes.  Mouchel, the Telegraph says, is working with Goldman
Sachs on the fundraising.

As reported by the Troubled Company Reporter-Europe on Oct. 24,
2011, The Financial Times related that Mouchel was forced to
knock GBP8.6 million (US$13.6 million) off profits estimates as a
result of "over-optimistic" accounting on local authority
contracts and a pensions error by a council client's auditors.

Mouchel Group plc -- http://www.mouchel.com/-- is a consulting
and business services company supporting clients in developing
and managing their infrastructure assets.  The Company operates
in three segments: Government Services, Regulated Industries and
Highways.


RANGERS FC: Paul Murray Says CVA Hinges on Ticketus Deal
--------------------------------------------------------
Alasdair Lamont at BBC Scotland reports that prospective Rangers
owner Paul Murray fears exiting administration via a company
voluntary arrangement may not be possible.

That is unless substantial steps towards a takeover are taken
within a couple of weeks, BBC Scotland notes.

And the former Ibrox director believes a lengthy legal battle
with Ticketus could be "disastrous" for the club, BBC Scotland
says.

Mr. Murray is continuing to negotiate with the finance firm as he
works towards making a final bid by Wednesday, BBC Scotland
discloses.

"We will be bidding and I sincerely hope the administrators
choose us," BBC Scotland quotes Mr. Murray as saying.

But Murray is not yet sure whether his Blue Knights consortium's
bid will have Ticketus onside or not, BBC Scotland notes.  He
remains convinced it is better to include the firm, whose money
financed Craig Whyte's takeover of Rangers, rather than have them
join the list of creditors, BBC states.  Yet he maintains that he
will only do business with Ticketus if it can restructure that
GBP24 million deal to suit the club, BBC Scotland discloses.

"I need to be in a position by Monday to firm up our bid so that
it can be submitted by Wednesday," Mr. Murray, as cited by BBC
Scotland, said.

"Without Ticketus, it makes a CVA solution more difficult
because, if the administrators terminate the contract, they'll
become the largest unsecured creditor and able to block a CVA.

"That would also lead to a very messy and complicated legal
process.  A six-month legal battle could be disastrous for the
club."

Mr. Murray remains hopeful an agreement will be reached, BBC
Scotland notes.

                         Ticketus Ruling

As reported by the Troubled Company Reporter-Europe, BBC News
related that a judge declined to rule on whether Rangers can rip
up its season-ticket deal with Ticketus, which it has emerged was
worth more than GBP30 million.  Administrators Duff and Phelps
wanted to tear up the agreement on the basis it could discourage
bidders who may want to take over the club, BBC noted.  Lord
Hodge said he did not have enough information about bids for
Rangers to make a ruling, BBC disclosed.  However, he declined to
give Ticketus preferential treatment as creditors, BBC recounted.
After a five-day hearing at the Court of Session, the judge, as
cited by BBC, said Ticketus had no security over the assets of
Rangers and was a simple creditor with the same rights as others
owed money by the club.  Rangers' joint administrator Paul Clark,
from Duff and Phelps, welcomed Lord Hodge's decision, saying it
meant that Ticketus only had contractual rights and did not have
a claim on assets, according to BBC.

                  About Rangers Football Club

Rangers Football Club PLC -- http://www.rangers.premiumtv.co.uk/
-- is a United Kingdom-based company engaged in the operation of
a professional football club.  The Company has launched its own
Internet television station, RANGERSTV.tv.  The station combines
the use of Internet television programming alongside traditional
Web-based services.  Services offered include the streaming of
home matches and on-demand streaming of domestic and European
games, which include dedicated pre-match, half-time and post-
match commentary.  The Company will produce dedicated news
magazine and feature programs, while the fans can also access a
library of classic European, Old Firm and Scottish Premier League
(SPL) action.  Its own dedicated television studio at Ibrox
provides onsite production, editing and encoding facilities to
produce content for distribution on all media platforms.


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


* EUROPE: Unveils Plan for Bondholder Losses in Failed Banks
------------------------------------------------------------
Jim Brunsden at Bloomberg News reports that the European Union
will seek views on what order unsecured senior bondholders and
other creditors at failing banks should be forced to take losses
as part of plans to end taxpayer bailouts of financial firms.

The measures would "in principle" cover all of a bank's
liabilities except those "whose inclusion could have a
detrimental effect on financial stability or those that are
essentially client related," Bloomberg quotes the European
Commission, the 27-nation EU's executive arm, as saying in a
consultation paper published on its Web site.  "No creditor
should be worse off than if the bank went into insolvency."

According to Bloomberg, Michel Barnier, the EU commissioner for
internal market and services, on Friday said that writing down a
bank's creditors "must be an option" for regulators.

Mr. Barnier, as cited by Bloomberg, said that "There's a big
international consensus on the principle".


* BOND PRICING: For the Week March 26 to March 30, 2012
-------------------------------------------------------

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

AUSTRIA
-------
BA CREDITANSTALT           5.470    8/28/2013      EUR     72.50
ERSTE BANK                 6.000    7/31/2014      EUR     50.00
IMMOFINANZ                 4.250     3/8/2018      EUR      3.87
KOMMUNALKREDIT             4.900    6/23/2031      EUR     71.88
KOMMUNALKREDIT             4.440   12/20/2030      EUR     67.75
OESTER VOLKSBK             4.160    5/20/2025      EUR     71.42
OESTER VOLKSBK             4.810    7/29/2025      EUR     57.63
OESTER VOLKSBK             4.750    4/30/2021      EUR     71.64
OESTER VOLKSBK             4.170    7/29/2015      EUR     65.88
RAIFF CENTROBANK           8.463    7/25/2012      EUR     72.27
RAIFF CENTROBANK           7.965    1/23/2013      EUR     74.65
RAIFF CENTROBANK          10.416    7/20/2012      EUR     53.56
RAIFF CENTROBANK           9.876    1/23/2013      EUR     56.50
RAIFF CENTROBANK           7.812    7/25/2012      EUR     60.92
RAIFF CENTROBANK           7.812    7/25/2012      EUR     59.55
RAIFF CENTROBANK           9.114    7/25/2012      EUR     52.67
RAIFF CENTROBANK          10.090    7/25/2012      EUR     71.92
RAIFF CENTROBANK          10.090    7/25/2012      EUR     66.77
RAIFF CENTROBANK          11.000    5/24/2012      EUR     70.00
RAIFF CENTROBANK           7.161    7/20/2012      EUR     67.68
RAIFF CENTROBANK           7.812    7/20/2012      EUR     66.19
RAIFF CENTROBANK           5.208    7/25/2012      EUR     73.19
RAIFF CENTROBANK          11.718    7/25/2012      EUR     30.75
RAIFF CENTROBANK          11.718    7/25/2012      EUR     63.69
RAIFF CENTROBANK           7.646    1/23/2013      EUR     71.82
RAIFF ZENTRALBK            4.500    9/28/2035      EUR     67.85

BELGIUM
-------
ECONOCOM GROUP             4.000     6/1/2016      EUR     21.38
IDEAL STANDARD I          11.750     5/1/2018      EUR     59.75
IDEAL STANDARD I          11.750     5/1/2018      EUR     57.34

CYPRUS
------
CYPRUS GOVT BOND           3.750    11/1/2015      EUR     69.51
CYPRUS GOVT BOND           4.750    12/2/2015      EUR     72.50
CYPRUS GOVT BOND           4.500     1/2/2016      EUR     71.25
CYPRUS GOVT BOND           4.500    3/30/2016      EUR     69.75
CYPRUS GOVT BOND           4.500     6/2/2016      EUR     68.88
CYPRUS GOVT BOND           5.000     6/9/2016      EUR     70.25
CYPRUS GOVT BOND           4.500    7/11/2016      EUR     68.38
CYPRUS GOVT BOND           4.500    10/9/2016      EUR     67.38
CYPRUS GOVT BOND           6.600   10/26/2016      EUR     74.00
CYPRUS GOVT BOND           4.500     1/4/2017      EUR     66.25
CYPRUS GOVT BOND           4.500    2/15/2017      EUR     65.88
CYPRUS GOVT BOND           4.500     4/2/2017      EUR     65.38
CYPRUS GOVT BOND           5.600    4/15/2017      EUR     71.49
CYPRUS GOVT BOND           4.500    9/28/2017      EUR     63.75
CYPRUS GOVT BOND           5.100    1/29/2018      EUR     65.13
CYPRUS GOVT BOND           4.600    4/23/2018      EUR     62.63
CYPRUS GOVT BOND           4.600   10/23/2018      EUR     61.63
CYPRUS GOVT BOND           4.600    2/26/2019      EUR     61.13
CYPRUS GOVT BOND           6.000     6/9/2021      EUR     63.88
CYPRUS GOVT BOND           6.100    6/24/2019      EUR     67.13
CYPRUS GOVT BOND           4.625     2/3/2020      EUR     59.68
CYPRUS GOVT BOND           6.100    4/20/2020      EUR     66.13
CYPRUS GOVT BOND           5.350     6/9/2020      EUR     62.25
CYPRUS GOVT BOND           6.500    8/25/2021      EUR     65.00
CYPRUS GOVT BOND           4.750    9/30/2015      EUR     73.63
REP OF CYPRUS              4.750    2/25/2016      EUR     68.01

DENMARK
-------
KALMAR STRUCTRD            7.500    9/30/2013      EUR      0.01
KOMMUNEKREDIT              0.500    2/23/2017      ZAR     70.25
KOMMUNEKREDIT              0.500   12/14/2020      ZAR     51.82
KOMMUNEKREDIT              0.500    1/25/2017      ZAR     70.73

FINLAND
-------
MUNI FINANCE PLC           0.500   11/21/2018      TRY     65.06
MUNI FINANCE PLC           0.500   12/14/2018      TRY     64.83
MUNI FINANCE PLC           0.500    4/27/2018      ZAR     62.64
MUNI FINANCE PLC           0.500   11/16/2017      TRY     68.95
MUNI FINANCE PLC           1.000    6/30/2017      ZAR     69.30
MUNI FINANCE PLC           0.500    4/26/2017      ZAR     67.73
MUNI FINANCE PLC           0.500    2/16/2017      TRY     73.53
MUNI FINANCE PLC           0.500   12/21/2016      TRY     72.90
MUNI FINANCE PLC           0.500    12/6/2016      TRY     73.37
MUNI FINANCE PLC           0.500   11/17/2016      ZAR     70.22
MUNI FINANCE PLC           0.500   10/27/2016      TRY     73.58
MUNI FINANCE PLC           0.500   10/27/2016      ZAR     70.61
MUNI FINANCE PLC           0.500    4/26/2016      ZAR     73.88
MUNI FINANCE PLC           0.500   11/10/2021      NZD     62.33
MUNI FINANCE PLC           0.500   12/21/2021      NZD     62.26
MUNI FINANCE PLC           0.500   12/20/2018      ZAR     59.75
MUNI FINANCE PLC           0.500   11/25/2020      ZAR     48.79
MUNI FINANCE PLC           0.500    9/24/2020      CAD     69.77
MUNI FINANCE PLC           0.250    6/28/2040      CAD     20.38
MUNI FINANCE PLC           0.500   11/21/2018      ZAR     58.20
MUNI FINANCE PLC           0.500    3/17/2025      CAD     52.02

FRANCE
------
AIR FRANCE-KLM             4.970     4/1/2015      EUR     11.44
ALCATEL-LUCENT             5.000     1/1/2015      EUR      3.08
ALTRAN TECHNOLOG           6.720     1/1/2015      EUR      5.41
ASSYSTEM                   4.000     1/1/2017      EUR     22.62
ATOS ORIGIN SA             2.500     1/1/2016      EUR     54.20
CAISSE CENT IMMO           7.000    5/18/2015      EUR     15.10
CAISSE CENT IMMO           7.000    5/16/2014      EUR     40.31
CAISSE CENT IMMO           7.000    9/10/2015      EUR     18.07
CALYON                     6.000    6/18/2047      EUR     34.19
CAP GEMINI SOGET           3.500     1/1/2014      EUR     39.59
CGG VERITAS                1.750     1/1/2016      EUR     29.54
CLUB MEDITERRANE           6.110    11/1/2015      EUR     19.23
CLUB MEDITERRANE           5.000     6/8/2012      EUR     15.91
CMA CGM                    8.500    4/15/2017      USD     65.50
CMA CGM                    8.500    4/15/2017      USD     62.63
CMA CGM                    8.875    4/15/2019      EUR     62.38
CMA CGM                    8.875    4/15/2019      EUR     62.41
CREDIT AGRICOLE            2.785    8/13/2040      JPY     72.80
CREDIT LOCAL FRA           3.750    5/26/2020      EUR     63.53
DEXIA CRED LOCAL           4.500    2/25/2020      EUR     68.42
DEXIA CRED LOCAL           4.550     4/2/2020      EUR     68.45
DEXIA CRED LOCAL           4.110    9/18/2018      EUR     72.27
DEXIA CRED LOCAL           5.037     8/4/2020      EUR     69.96
DEXIA MUNI AGNCY           1.000   12/23/2024      EUR     68.52
DEXIA MUNI AGNCY           4.680     3/9/2029      CAD     72.45
EURAZEO                    6.250    6/10/2014      EUR     57.46
EXANE FINANCE             18.150    5/17/2012      CHF     47.10
FAURECIA                   4.500     1/1/2015      EUR     23.02
GROUPAMA SA                7.875   10/27/2039      EUR     62.63
GROUPE VIAL                2.500     1/1/2014      EUR      2.52
INGENICO                   2.750     1/1/2017      EUR     46.26
MAUREL ET PROM             7.125    7/31/2014      EUR     18.81
MAUREL ET PROM             7.125    7/31/2015      EUR     17.63
NEXANS SA                  4.000     1/1/2016      EUR     61.26
NEXANS SA                  2.500     1/1/2019      EUR     71.12
ORPEA                      3.875     1/1/2016      EUR     44.68
PEUGEOT SA                 4.450     1/1/2016      EUR     25.54
PIERRE VACANCES            4.000    10/1/2015      EUR     74.34
PUBLICIS GROUPE            3.125    7/30/2014      EUR     40.79
PUBLICIS GROUPE            1.000    1/18/2018      EUR     52.21
SOC AIR FRANCE             2.750     4/1/2020      EUR     20.97
SOCIETE GENERALE           0.500    12/6/2021      AUD     48.17
SOCIETE GENERALE           0.500     9/7/2021      AUD     49.07
SOITEC                     6.250     9/9/2014      EUR      8.70
TEM                        4.250     1/1/2015      EUR     54.97
THEOLIA                    2.700     1/1/2041      EUR      9.20

GERMANY
-------
BAYERISCHE LNDBK           5.500    6/29/2012      EUR     64.09
BAYERISCHE LNDBK           5.800    7/13/2012      EUR     59.44
BAYERISCHE LNDBK           5.100    6/29/2012      EUR     64.85
BAYERISCHE LNDBK           3.200    10/1/2012      EUR     39.20
BAYERISCHE LNDBK           6.100    6/15/2012      EUR     45.67
BHF-BANK AG                7.250    6/15/2012      EUR     74.28
BHF-BANK AG               13.200     6/8/2012      EUR     69.14
BNP EMIS-U.HANDE           7.500    6/21/2012      EUR     65.95
BNP EMIS-U.HANDE           5.000    4/26/2012      EUR     70.60
BNP EMIS-U.HANDE           6.000    4/26/2012      EUR     70.31
BNP EMIS-U.HANDE           6.000    4/26/2012      EUR     50.69
BNP EMIS-U.HANDE           9.000    4/26/2012      EUR     59.61
BNP EMIS-U.HANDE           5.250    5/24/2012      EUR     67.89
BNP EMIS-U.HANDE           7.000    5/24/2012      EUR     56.64
BNP EMIS-U.HANDE           6.750    6/21/2012      EUR     70.51
BNP EMIS-U.HANDE           7.250    6/21/2012      EUR     68.79
BNP EMIS-U.HANDE           7.750    6/21/2012      EUR     66.86
BNP EMIS-U.HANDE           8.250    6/21/2012      EUR     73.67
BNP EMIS-U.HANDE           8.250    6/21/2012      EUR     64.02
BNP EMIS-U.HANDE           8.500    6/21/2012      EUR     72.84
BNP EMIS-U.HANDE           8.750    6/21/2012      EUR     74.90
BNP EMIS-U.HANDE           9.250    6/21/2012      EUR     51.64
BNP EMIS-U.HANDE           9.250    6/21/2012      EUR     61.82
BNP EMIS-U.HANDE           9.500    6/21/2012      EUR     62.45
BNP EMIS-U.HANDE          10.000    6/21/2012      EUR     69.67
BNP EMIS-U.HANDE          10.000    6/21/2012      EUR     73.14
BNP EMIS-U.HANDE          10.250    6/21/2012      EUR     68.21
BNP EMIS-U.HANDE          10.250    6/21/2012      EUR     60.54
BNP EMIS-U.HANDE          10.500    6/21/2012      EUR     60.62
BNP EMIS-U.HANDE          10.500    6/21/2012      EUR     72.50
BNP EMIS-U.HANDE          11.000    6/21/2012      EUR     50.86
BNP EMIS-U.HANDE          11.500    6/21/2012      EUR     72.71
BNP EMIS-U.HANDE          11.750    6/21/2012      EUR     48.98
BNP EMIS-U.HANDE          13.500    6/21/2012      EUR     62.51
BNP EMIS-U.HANDE          13.750    6/21/2012      EUR     59.99
BNP EMIS-U.HANDE          14.250    6/21/2012      EUR     50.75
BNP EMIS-U.HANDE          15.500    6/21/2012      EUR     28.01
BNP EMIS-U.HANDE          16.000    6/21/2012      EUR     25.18
BNP EMIS-U.HANDE          18.250    6/21/2012      EUR     11.63
BNP EMIS-U.HANDE          19.250    6/21/2012      EUR     13.85
BNP EMIS-U.HANDE           6.000    7/26/2012      EUR     47.20
BNP EMIS-U.HANDE           6.000    7/26/2012      EUR     50.96
BNP EMIS-U.HANDE           6.000    7/26/2012      EUR     69.46
BNP EMIS-U.HANDE           6.000    7/26/2012      EUR     55.89
BNP EMIS-U.HANDE           6.500    7/26/2012      EUR     68.16
BNP EMIS-U.HANDE           7.000    7/26/2012      EUR     39.67
BNP EMIS-U.HANDE           7.000    7/26/2012      EUR     33.20
BNP EMIS-U.HANDE           7.000    7/26/2012      EUR     61.01
BNP EMIS-U.HANDE           7.000    7/26/2012      EUR     63.99
BNP EMIS-U.HANDE           8.000    7/26/2012      EUR     52.31
BNP EMIS-U.HANDE           8.000    7/26/2012      EUR     52.27
BNP EMIS-U.HANDE           9.000    7/26/2012      EUR     74.18
BNP EMIS-U.HANDE           9.000    7/26/2012      EUR     45.66
BNP EMIS-U.HANDE           9.000    7/26/2012      EUR     42.10
BNP EMIS-U.HANDE           9.000    7/26/2012      EUR     63.80
BNP EMIS-U.HANDE           9.000    7/26/2012      EUR     65.64
BNP EMIS-U.HANDE           9.000    7/26/2012      EUR     58.62
BNP EMIS-U.HANDE          10.000    7/26/2012      EUR     59.13
BNP EMIS-U.HANDE          10.000    7/26/2012      EUR     54.81
BNP EMIS-U.HANDE          10.000    7/26/2012      EUR     57.70
BNP EMIS-U.HANDE           9.750   12/28/2012      EUR     74.11
BNP EMIS-U.HANDE          10.500   12/28/2012      EUR     71.82
BNP EMIS-U.HANDE           7.750   12/31/2012      EUR     69.08
COMMERZBANK AG             8.000    11/5/2012      EUR     65.04
COMMERZBANK AG            10.000    11/5/2012      EUR     67.92
COMMERZBANK AG             9.000    10/1/2012      EUR     68.58
COMMERZBANK AG             8.000   12/27/2012      EUR     57.92
COMMERZBANK AG             8.400   12/30/2013      EUR     20.85
COMMERZBANK AG             5.000    3/30/2018      EUR     65.50
COMMERZBANK AG             7.250     5/7/2012      EUR     69.56
COMMERZBANK AG             7.000   12/27/2012      EUR     71.20
COMMERZBANK AG             8.750    6/21/2012      EUR     73.89
COMMERZBANK AG            12.100    4/27/2012      EUR     23.82
COMMERZBANK AG             7.250     5/7/2012      EUR     54.17
COMMERZBANK AG            10.800    3/30/2012      EUR     73.82
COMMERZBANK AG             8.500   10/29/2012      EUR     72.30
COMMERZBANK AG             9.000   10/29/2012      EUR     13.11
COMMERZBANK AG             8.000     5/7/2012      EUR     50.42
COMMERZBANK AG             8.000    6/22/2012      EUR     64.17
COMMERZBANK AG             7.700    9/28/2012      EUR     67.19
COMMERZBANK AG             9.000     8/3/2012      EUR     72.28
COMMERZBANK AG             8.500     8/3/2012      EUR     54.30
COMMERZBANK AG            11.500     7/6/2012      EUR     11.56
COMMERZBANK AG            10.500     7/6/2012      EUR     67.16
COMMERZBANK AG            11.500    6/22/2012      EUR     61.48
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           9.500    3/29/2012      EUR     74.30
DEUTSCHE BANK AG           9.500    3/29/2012      EUR     69.90
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           8.000    3/29/2012      EUR     65.10
DEUTSCHE BANK AG           8.000    3/29/2012      EUR     72.80
DEUTSCHE BANK AG           7.500    3/29/2012      EUR     73.80
DEUTSCHE BANK AG           7.500    3/29/2012      EUR     68.20
DEUTSCHE BANK AG           7.500    3/29/2012      EUR     62.60
DEUTSCHE BANK AG           7.000    3/29/2012      EUR     68.70
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           8.000    6/29/2012      EUR     70.90
DEUTSCHE BANK AG          10.000    6/29/2012      EUR     69.80
DEUTSCHE BANK AG          10.000    6/29/2012      EUR     69.40
DEUTSCHE BANK AG          10.000    6/29/2012      EUR     55.90
DEUTSCHE BANK AG          10.000    6/29/2012      EUR     64.80
DEUTSCHE BANK AG          10.000    6/29/2012      EUR     71.60
DEUTSCHE BANK AG           7.000    7/31/2012      EUR     68.30
DEUTSCHE BANK AG           8.000    7/31/2012      EUR     66.00
DEUTSCHE BANK AG           8.000    7/31/2012      EUR     73.10
DEUTSCHE BANK AG          10.000    7/31/2012      EUR     63.40
DEUTSCHE BANK AG          10.000    7/31/2012      EUR     71.00
DEUTSCHE BANK AG           8.000   12/20/2012      EUR     55.80
DEUTSCHE BANK AG          12.000   12/20/2012      EUR     67.80
DEUTSCHE BANK AG           8.000    6/29/2012      EUR     72.60
DEUTSCHE BANK AG           8.000    6/29/2012      EUR     58.10
DEUTSCHE BANK AG           8.000    6/29/2012      EUR     74.10
DEUTSCHE BANK AG           8.000    6/29/2012      EUR     68.60
DEUTSCHE BANK AG           7.000    6/29/2012      EUR     73.20
DEUTSCHE BANK AG           7.000    6/29/2012      EUR     60.30
DEUTSCHE BANK AG           7.000    6/29/2012      EUR     74.40
DEUTSCHE BANK AG          10.000    5/31/2012      EUR     72.00
DEUTSCHE BANK AG          10.000    5/31/2012      EUR     56.20
DEUTSCHE BANK AG          10.000    5/31/2012      EUR     64.40
DEUTSCHE BANK AG          10.000    5/31/2012      EUR     65.10
DEUTSCHE BANK AG           8.000    5/31/2012      EUR     66.00
DEUTSCHE BANK AG           8.000    5/31/2012      EUR     74.60
DEUTSCHE BANK AG           8.000    5/31/2012      EUR     58.70
DEUTSCHE BANK AG           8.000    5/31/2012      EUR     68.50
DEUTSCHE BANK AG           7.000    5/31/2012      EUR     69.30
DEUTSCHE BANK AG           7.000    5/31/2012      EUR     61.10
DEUTSCHE BANK AG           7.000    5/31/2012      EUR     73.20
DEUTSCHE BANK AG          10.000    4/30/2012      EUR     60.00
DEUTSCHE BANK AG          10.000    4/30/2012      EUR     71.40
DEUTSCHE BANK AG          10.000    4/30/2012      EUR     58.90
DEUTSCHE BANK AG          10.000    4/30/2012      EUR     68.50
DEUTSCHE BANK AG           8.000    4/30/2012      EUR     72.00
DEUTSCHE BANK AG           8.000    4/30/2012      EUR     61.20
DEUTSCHE BANK AG           8.000    4/30/2012      EUR     62.40
DEUTSCHE BANK AG           7.000    4/30/2012      EUR     74.90
DEUTSCHE BANK AG           7.000    4/30/2012      EUR     64.30
DEUTSCHE BANK AG           7.000    4/30/2012      EUR     64.90
DEUTSCHE BANK AG          10.000    3/29/2012      EUR     72.80
DEUTSCHE BANK AG          15.000    2/20/2013      EUR     73.60
DRESDNER BANK AG           5.700    7/31/2023      EUR     70.63
DRESDNER BANK AG           6.180    2/28/2023      EUR     74.63
DRESDNER BANK AG           5.290    5/31/2021      EUR     72.88
DZ BANK AG                 5.000    3/22/2013      EUR     17.55
DZ BANK AG                 5.410    3/22/2013      EUR     18.25
DZ BANK AG                 5.000    6/24/2013      EUR     18.25
DZ BANK AG                 5.270    6/24/2013      EUR     21.00
DZ BANK AG                 5.760   12/23/2013      EUR     74.65
DZ BANK AG                 3.400    3/25/2015      EUR     68.06
DZ BANK AG                 5.500    3/25/2015      EUR     18.25
DZ BANK AG                 0.520   12/27/2016      EUR     18.25
DZ BANK AG                 5.000    6/22/2018      EUR     51.75
DZ BANK AG                 9.000    6/22/2012      EUR     37.26
DZ BANK AG                 9.000    6/22/2012      EUR     63.26
DZ BANK AG                 9.750    6/22/2012      EUR     74.72
DZ BANK AG                 9.750    6/22/2012      EUR     64.79
DZ BANK AG                 9.750    6/22/2012      EUR     71.61
DZ BANK AG                10.000    6/22/2012      EUR     66.26
DZ BANK AG                10.500    6/22/2012      EUR     43.85
DZ BANK AG                10.750    6/22/2012      EUR     58.76
DZ BANK AG                10.750    6/22/2012      EUR     57.62
DZ BANK AG                 8.000    7/27/2012      EUR     67.27
DZ BANK AG                12.500    7/13/2012      EUR     69.74
DZ BANK AG                 8.500    7/13/2012      EUR     61.77
DZ BANK AG                 8.500    7/13/2012      EUR     58.06
DZ BANK AG                 7.500    7/13/2012      EUR     55.93
DZ BANK AG                 7.250    7/13/2012      EUR     69.95
DZ BANK AG                 7.000    7/13/2012      EUR     69.30
DZ BANK AG                 6.750    7/13/2012      EUR     73.69
DZ BANK AG                 5.000    7/13/2012      EUR     70.45
DZ BANK AG                 7.000    7/11/2012      EUR     73.38
DZ BANK AG                16.000    6/22/2012      EUR     12.50
DZ BANK AG                13.000    6/22/2012      EUR     47.53
DZ BANK AG                12.000    6/22/2012      EUR     58.38
DZ BANK AG                11.750    6/22/2012      EUR     55.26
DZ BANK AG                11.750    6/22/2012      EUR     54.31
DZ BANK AG                11.250    6/22/2012      EUR     51.62
DZ BANK AG                11.000    6/22/2012      EUR     59.82
DZ BANK AG                11.000    6/22/2012      EUR     44.74
DZ BANK AG                 3.850   12/21/2012      EUR     18.25
DZ BANK AG                 8.000   10/12/2012      EUR     64.02
DZ BANK AG                 5.850    9/14/2012      EUR     68.71
DZ BANK AG                 6.250    9/14/2012      EUR     63.99
DZ BANK AG                 7.500    9/14/2012      EUR     70.19
DZ BANK AG                 8.000    9/14/2012      EUR     59.26
DZ BANK AG                 8.500    9/14/2012      EUR     70.00
DZ BANK AG                10.500    9/14/2012      EUR     63.86
DZ BANK AG                 4.500    10/5/2012      EUR     64.54
DZ BANK AG                 5.700    10/5/2012      EUR     62.48
DZ BANK AG                 7.250    6/22/2012      EUR     72.00
DZ BANK AG                 5.000    9/14/2012      EUR     71.69
DZ BANK AG                15.250    7/27/2012      EUR     67.69
DZ BANK AG                15.000    7/27/2012      EUR     57.95
DZ BANK AG                12.500    7/27/2012      EUR     72.79
DZ BANK AG                12.000    7/27/2012      EUR     71.63
DZ BANK AG                 8.300    10/5/2012      EUR     59.00
DZ BANK AG                 7.000   10/12/2012      EUR     73.37
DZ BANK AG                 7.000   10/12/2012      EUR     57.47
DZ BANK AG                11.500    7/27/2012      EUR     62.69
DZ BANK AG                11.250    7/27/2012      EUR     73.22
DZ BANK AG                10.750    7/27/2012      EUR     62.60
DZ BANK AG                10.500    7/27/2012      EUR     67.82
DZ BANK AG                10.000    7/27/2012      EUR     73.38
DZ BANK AG                 9.800    7/27/2012      EUR     71.21
DZ BANK AG                 5.500    6/22/2012      EUR     75.43
DZ BANK AG                 5.250    6/22/2012      EUR     71.44
DZ BANK AG                 4.000    6/20/2012      EUR     67.06
DZ BANK AG                 8.000    6/11/2012      EUR     69.57
DZ BANK AG                11.250     6/8/2012      EUR     61.73
DZ BANK AG                 7.500    6/22/2012      EUR     73.64
DZ BANK AG                10.500     6/8/2012      EUR     57.20
DZ BANK AG                 8.000    6/22/2012      EUR     48.02
DZ BANK AG                 8.250    6/22/2012      EUR     75.50
DZ BANK AG                 9.750     6/8/2012      EUR     72.60
DZ BANK AG                 9.250     6/8/2012      EUR     59.26
DZ BANK AG                 9.000     6/8/2012      EUR     68.70
DZ BANK AG                 8.000     6/8/2012      EUR     73.88
DZ BANK AG                 8.000     6/8/2012      EUR     73.29
DZ BANK AG                 7.500     6/8/2012      EUR     68.30
DZ BANK AG                 6.750     6/8/2012      EUR     65.29
DZ BANK AG                 6.000     6/8/2012      EUR     66.74
DZ BANK AG                 9.250    5/11/2012      EUR     65.06
DZ BANK AG                16.500    4/27/2012      EUR      1.37
DZ BANK AG                15.500    4/27/2012      EUR     73.79
DZ BANK AG                11.250    4/27/2012      EUR     57.72
DZ BANK AG                10.000    4/27/2012      EUR     68.93
DZ BANK AG                 9.000    4/27/2012      EUR     47.36
DZ BANK AG                 7.250    4/27/2012      EUR     70.29
DZ BANK AG                 8.000    7/27/2012      EUR     72.55
DZ BANK AG                 5.000    3/22/2013      EUR     18.25
DZ BANK AG                 8.750    6/22/2012      EUR     71.60
EUROHYPO AG                3.830    9/21/2020      EUR     73.13
GOTHAER ALLG VER           5.527    9/29/2026      EUR     74.92
HECKLER & KOCH             9.500    5/15/2018      EUR     63.73
HECKLER & KOCH             9.500    5/15/2018      EUR     63.38
HEIDELBERG DRUCK           9.250    4/15/2018      EUR     74.14
HEIDELBERG DRUCK           9.250    4/15/2018      EUR     74.00
IKB DEUT INDUSTR           6.500    3/31/2012      EUR     17.25
L-BANK FOERDERBK           0.500    5/10/2027      CAD     48.66
LB BADEN-WUERTT           10.000    7/27/2012      EUR     73.66
LB BADEN-WUERTT            4.000    4/27/2012      EUR     11.68
LB BADEN-WUERTT            4.000    4/27/2012      EUR     69.79
LB BADEN-WUERTT            4.000    4/27/2012      EUR     59.43
LB BADEN-WUERTT            4.000    4/27/2012      EUR     64.36
LB BADEN-WUERTT            4.000    4/27/2012      EUR     51.56
LB BADEN-WUERTT            4.000    4/27/2012      EUR     73.35
LB BADEN-WUERTT            4.000    4/27/2012      EUR     31.92
LB BADEN-WUERTT            4.000    4/27/2012      EUR     11.13
LB BADEN-WUERTT            5.000    4/27/2012      EUR     74.19
LB BADEN-WUERTT            6.000    4/27/2012      EUR     11.81
LB BADEN-WUERTT            6.000    4/27/2012      EUR     61.09
LB BADEN-WUERTT            6.000    4/27/2012      EUR     57.90
LB BADEN-WUERTT            6.000    4/27/2012      EUR     74.04
LB BADEN-WUERTT            6.000    4/27/2012      EUR     73.65
LB BADEN-WUERTT            6.000    4/27/2012      EUR     10.09
LB BADEN-WUERTT            6.000    4/27/2012      EUR     47.35
LB BADEN-WUERTT            6.000    4/27/2012      EUR     71.72
LB BADEN-WUERTT            6.000    4/27/2012      EUR     48.68
LB BADEN-WUERTT            6.000    4/27/2012      EUR     67.09
LB BADEN-WUERTT            6.000    4/27/2012      EUR     29.22
LB BADEN-WUERTT            6.000    4/27/2012      EUR     65.93
LB BADEN-WUERTT            8.000    4/27/2012      EUR     72.51
LB BADEN-WUERTT            8.000    4/27/2012      EUR     69.85
LB BADEN-WUERTT            8.000    4/27/2012      EUR     10.22
LB BADEN-WUERTT            8.000    4/27/2012      EUR     60.25
LB BADEN-WUERTT            8.000    4/27/2012      EUR     68.80
LB BADEN-WUERTT            8.000    4/27/2012      EUR     42.76
LB BADEN-WUERTT            8.000    4/27/2012      EUR     55.46
LB BADEN-WUERTT            8.000    4/27/2012      EUR     62.90
LB BADEN-WUERTT            8.000    4/27/2012      EUR     73.17
LB BADEN-WUERTT            8.000    4/27/2012      EUR     69.71
LB BADEN-WUERTT            8.000    4/27/2012      EUR     26.96
LB BADEN-WUERTT            8.000    4/27/2012      EUR     53.31
LB BADEN-WUERTT            8.000    4/27/2012      EUR     70.55
LB BADEN-WUERTT            8.000    4/27/2012      EUR     44.35
LB BADEN-WUERTT            8.000    4/27/2012      EUR      9.28
LB BADEN-WUERTT            8.000    4/27/2012      EUR     67.26
LB BADEN-WUERTT            4.000    5/25/2012      EUR     69.67
LB BADEN-WUERTT            4.000    5/25/2012      EUR     62.78
LB BADEN-WUERTT            6.000    5/25/2012      EUR     51.17
LB BADEN-WUERTT            6.000    5/25/2012      EUR     74.11
LB BADEN-WUERTT            6.000    5/25/2012      EUR     61.68
LB BADEN-WUERTT            6.000    5/25/2012      EUR     74.18
LB BADEN-WUERTT            8.000    5/25/2012      EUR     70.38
LB BADEN-WUERTT            8.000    5/25/2012      EUR     69.02
LB BADEN-WUERTT            8.000    5/25/2012      EUR     74.63
LB BADEN-WUERTT            8.000    5/25/2012      EUR     56.38
LB BADEN-WUERTT            8.000    5/25/2012      EUR     67.37
LB BADEN-WUERTT            8.000    5/25/2012      EUR     69.77
LB BADEN-WUERTT            8.000    5/25/2012      EUR     73.81
LB BADEN-WUERTT            8.000    5/25/2012      EUR     46.64
LB BADEN-WUERTT            8.350    5/25/2012      EUR     54.67
LB BADEN-WUERTT            4.000    6/22/2012      EUR     50.70
LB BADEN-WUERTT            4.000    6/22/2012      EUR     71.89
LB BADEN-WUERTT            4.000    6/22/2012      EUR     68.21
LB BADEN-WUERTT            5.000    6/22/2012      EUR     30.18
LB BADEN-WUERTT            5.000    6/22/2012      EUR     63.39
LB BADEN-WUERTT            5.000    6/22/2012      EUR     69.50
LB BADEN-WUERTT            5.000    6/22/2012      EUR     70.76
LB BADEN-WUERTT            5.000    6/22/2012      EUR     11.23
LB BADEN-WUERTT            6.000    6/22/2012      EUR     56.11
LB BADEN-WUERTT            6.000    6/22/2012      EUR     72.58
LB BADEN-WUERTT            6.000    6/22/2012      EUR     44.78
LB BADEN-WUERTT            6.000    6/22/2012      EUR     62.84
LB BADEN-WUERTT            7.500    6/22/2012      EUR     70.86
LB BADEN-WUERTT            7.500    6/22/2012      EUR     10.39
LB BADEN-WUERTT            7.500    6/22/2012      EUR     70.86
LB BADEN-WUERTT            7.500    6/22/2012      EUR     27.42
LB BADEN-WUERTT            7.500    6/22/2012      EUR     64.34
LB BADEN-WUERTT            7.500    6/22/2012      EUR     57.58
LB BADEN-WUERTT            7.500    6/22/2012      EUR     63.86
LB BADEN-WUERTT            8.000    6/22/2012      EUR     71.68
LB BADEN-WUERTT            8.000    6/22/2012      EUR     73.04
LB BADEN-WUERTT            8.000    6/22/2012      EUR     57.37
LB BADEN-WUERTT            8.000    6/22/2012      EUR     49.99
LB BADEN-WUERTT            8.000    6/22/2012      EUR     40.25
LB BADEN-WUERTT            8.000    6/22/2012      EUR     73.75
LB BADEN-WUERTT            8.000    6/22/2012      EUR     71.81
LB BADEN-WUERTT            8.000    6/22/2012      EUR     65.02
LB BADEN-WUERTT           10.000    6/22/2012      EUR     64.72
LB BADEN-WUERTT           10.000    6/22/2012      EUR     72.45
LB BADEN-WUERTT           10.000    6/22/2012      EUR     25.85
LB BADEN-WUERTT           10.000    6/22/2012      EUR     60.22
LB BADEN-WUERTT           10.000    6/22/2012      EUR     73.44
LB BADEN-WUERTT           10.000    6/22/2012      EUR     71.30
LB BADEN-WUERTT           10.000    6/22/2012      EUR     71.81
LB BADEN-WUERTT           10.000    6/22/2012      EUR      9.58
LB BADEN-WUERTT           10.000    6/22/2012      EUR     73.60
LB BADEN-WUERTT           10.000    6/22/2012      EUR     53.75
LB BADEN-WUERTT           10.000    6/22/2012      EUR     60.39
LB BADEN-WUERTT           10.000    6/22/2012      EUR     64.24
LB BADEN-WUERTT            4.000    7/27/2012      EUR     68.30
LB BADEN-WUERTT            5.000    7/27/2012      EUR     61.83
LB BADEN-WUERTT            5.000    7/27/2012      EUR     31.02
LB BADEN-WUERTT            5.000    7/27/2012      EUR     16.12
LB BADEN-WUERTT            5.000    7/27/2012      EUR     72.73
LB BADEN-WUERTT            5.000    7/27/2012      EUR     55.05
LB BADEN-WUERTT            5.000    7/27/2012      EUR     71.91
LB BADEN-WUERTT            5.000    7/27/2012      EUR     62.38
LB BADEN-WUERTT            5.000    7/27/2012      EUR     46.40
LB BADEN-WUERTT            6.000    7/27/2012      EUR     68.21
LB BADEN-WUERTT            6.000    7/27/2012      EUR     39.30
LB BADEN-WUERTT            6.000    7/27/2012      EUR     73.58
LB BADEN-WUERTT            6.000    7/27/2012      EUR     58.07
LB BADEN-WUERTT            7.500    7/27/2012      EUR     56.85
LB BADEN-WUERTT            7.500    7/27/2012      EUR     65.26
LB BADEN-WUERTT            7.500    7/27/2012      EUR     16.90
LB BADEN-WUERTT            7.500    7/27/2012      EUR     71.59
LB BADEN-WUERTT            7.500    7/27/2012      EUR     66.96
LB BADEN-WUERTT            7.500    7/27/2012      EUR     29.00
LB BADEN-WUERTT            7.500    7/27/2012      EUR     70.44
LB BADEN-WUERTT            7.500    7/27/2012      EUR     49.74
LB BADEN-WUERTT            7.500    7/27/2012      EUR     71.84
LB BADEN-WUERTT            7.500    7/27/2012      EUR     42.62
LB BADEN-WUERTT            7.500    7/27/2012      EUR     73.61
LB BADEN-WUERTT            8.000    7/27/2012      EUR     61.83
LB BADEN-WUERTT            8.000    7/27/2012      EUR     73.03
LB BADEN-WUERTT            8.000    7/27/2012      EUR     68.78
LB BADEN-WUERTT            8.000    7/27/2012      EUR     52.82
LB BADEN-WUERTT           10.000    7/27/2012      EUR     73.29
LB BADEN-WUERTT           10.000    7/27/2012      EUR     63.18
LB BADEN-WUERTT           10.000    7/27/2012      EUR     65.59
LB BADEN-WUERTT           10.000    7/27/2012      EUR     53.28
LB BADEN-WUERTT           10.000    7/27/2012      EUR     65.94
LB BADEN-WUERTT           10.000    7/27/2012      EUR     64.77
LB BADEN-WUERTT           10.000    7/27/2012      EUR     17.66
LB BADEN-WUERTT           10.000    7/27/2012      EUR     72.78
LB BADEN-WUERTT           10.000    7/27/2012      EUR     61.12
LB BADEN-WUERTT           10.000    7/27/2012      EUR     46.43
LB BADEN-WUERTT           10.000    7/27/2012      EUR     27.73
LB BADEN-WUERTT           10.000    7/27/2012      EUR     39.67
LB BADEN-WUERTT           10.000    7/27/2012      EUR     69.02
LB BADEN-WUERTT            4.000    8/24/2012      EUR     56.19
LB BADEN-WUERTT            5.000    8/24/2012      EUR     55.56
LB BADEN-WUERTT            5.000    8/24/2012      EUR     37.65
LB BADEN-WUERTT            5.000    8/24/2012      EUR     71.56
LB BADEN-WUERTT            6.000    8/24/2012      EUR     72.00
LB BADEN-WUERTT            6.000    8/24/2012      EUR     73.03
LB BADEN-WUERTT            6.000    8/24/2012      EUR     48.72
LB BADEN-WUERTT            7.500    8/24/2012      EUR     73.83
LB BADEN-WUERTT            7.500    8/24/2012      EUR     50.42
LB BADEN-WUERTT            7.500    8/24/2012      EUR     34.04
LB BADEN-WUERTT            7.500    8/24/2012      EUR     68.28
LB BADEN-WUERTT            7.500    8/24/2012      EUR     66.98
LB BADEN-WUERTT            8.000    8/24/2012      EUR     73.75
LB BADEN-WUERTT            8.000    8/24/2012      EUR     67.83
LB BADEN-WUERTT            8.000    8/24/2012      EUR     74.41
LB BADEN-WUERTT            8.000    8/24/2012      EUR     67.65
LB BADEN-WUERTT            8.000    8/24/2012      EUR     72.50
LB BADEN-WUERTT            8.000    8/24/2012      EUR     44.50
LB BADEN-WUERTT            8.000    8/24/2012      EUR     72.76
LB BADEN-WUERTT            8.000    8/24/2012      EUR     66.97
LB BADEN-WUERTT            8.000    8/24/2012      EUR     67.47
LB BADEN-WUERTT           10.000    8/24/2012      EUR     73.98
LB BADEN-WUERTT           10.000    8/24/2012      EUR     47.30
LB BADEN-WUERTT           10.000    8/24/2012      EUR     72.89
LB BADEN-WUERTT           10.000    8/24/2012      EUR     72.04
LB BADEN-WUERTT           10.000    8/24/2012      EUR     63.88
LB BADEN-WUERTT           10.000    8/24/2012      EUR     32.22
LB BADEN-WUERTT           10.000    8/24/2012      EUR     73.01
LB BADEN-WUERTT           10.000    8/24/2012      EUR     71.11
LB BADEN-WUERTT           10.000    8/24/2012      EUR     59.79
LB BADEN-WUERTT           10.000    8/24/2012      EUR     68.32
LB BADEN-WUERTT            4.000    9/28/2012      EUR     41.18
LB BADEN-WUERTT            4.000    9/28/2012      EUR     61.98
LB BADEN-WUERTT            6.000    9/28/2012      EUR     54.21
LB BADEN-WUERTT            6.000    9/28/2012      EUR     34.88
LB BADEN-WUERTT            6.000    9/28/2012      EUR     70.38
LB BADEN-WUERTT            8.000    9/28/2012      EUR     68.52
LB BADEN-WUERTT            8.000    9/28/2012      EUR     31.63
LB BADEN-WUERTT            8.000    9/28/2012      EUR     50.26
LB BADEN-WUERTT            8.000    9/28/2012      EUR     64.65
LB BADEN-WUERTT            5.000   10/26/2012      EUR     30.13
LB BADEN-WUERTT            5.000   10/26/2012      EUR      9.74
LB BADEN-WUERTT            7.500   10/26/2012      EUR     70.58
LB BADEN-WUERTT            7.500   10/26/2012      EUR     10.32
LB BADEN-WUERTT            7.500   10/26/2012      EUR     70.21
LB BADEN-WUERTT            7.500   10/26/2012      EUR     68.15
LB BADEN-WUERTT            7.500   10/26/2012      EUR     27.71
LB BADEN-WUERTT           10.000   10/26/2012      EUR     63.65
LB BADEN-WUERTT           10.000   10/26/2012      EUR     26.65
LB BADEN-WUERTT           10.000   10/26/2012      EUR     64.03
LB BADEN-WUERTT           10.000   10/26/2012      EUR     65.80
LB BADEN-WUERTT           10.000   10/26/2012      EUR     73.94
LB BADEN-WUERTT           10.000   10/26/2012      EUR     10.78
LB BADEN-WUERTT            5.000   11/23/2012      EUR     71.05
LB BADEN-WUERTT            5.000   11/23/2012      EUR     30.58
LB BADEN-WUERTT            7.500   11/23/2012      EUR     63.09
LB BADEN-WUERTT            7.500   11/23/2012      EUR     69.76
LB BADEN-WUERTT            7.500   11/23/2012      EUR     28.63
LB BADEN-WUERTT           10.000   11/23/2012      EUR     65.17
LB BADEN-WUERTT           10.000   11/23/2012      EUR     58.59
LB BADEN-WUERTT           10.000   11/23/2012      EUR     68.54
LB BADEN-WUERTT           10.000   11/23/2012      EUR     73.65
LB BADEN-WUERTT           10.000   11/23/2012      EUR     27.67
LB BADEN-WUERTT           10.000   11/23/2012      EUR     73.41
LB BADEN-WUERTT           10.000   11/23/2012      EUR     74.44
LB BADEN-WUERTT            5.000     1/4/2013      EUR     31.32
LB BADEN-WUERTT            5.000     1/4/2013      EUR     73.24
LB BADEN-WUERTT            5.000     1/4/2013      EUR     57.80
LB BADEN-WUERTT            5.000     1/4/2013      EUR     73.99
LB BADEN-WUERTT            7.500     1/4/2013      EUR     29.25
LB BADEN-WUERTT            7.500     1/4/2013      EUR     74.10
LB BADEN-WUERTT            7.500     1/4/2013      EUR     67.27
LB BADEN-WUERTT            7.500     1/4/2013      EUR     51.34
LB BADEN-WUERTT           10.000     1/4/2013      EUR     49.06
LB BADEN-WUERTT           10.000     1/4/2013      EUR     62.14
LB BADEN-WUERTT           10.000     1/4/2013      EUR     28.93
LB BADEN-WUERTT           10.000     1/4/2013      EUR     70.14
LB BADEN-WUERTT            5.000    1/25/2013      EUR     40.83
LB BADEN-WUERTT            7.500    1/25/2013      EUR     37.87
LB BADEN-WUERTT           10.000    1/25/2013      EUR     72.00
LB BADEN-WUERTT           10.000    1/25/2013      EUR     36.51
LB BADEN-WUERTT           10.000    1/25/2013      EUR     72.92
LB BADEN-WUERTT           15.000    2/22/2013      EUR     73.80
LB BADEN-WUERTT            5.250   10/20/2015      EUR     26.38
LB BADEN-WUERTT            2.500    1/30/2034      EUR     73.99
LB BADEN-WUERTT            2.800    2/23/2037      JPY     52.04
MACQUARIE STRUCT          10.500    4/27/2012      EUR     56.73
MACQUARIE STRUCT          11.500    9/28/2012      EUR     63.78
MACQUARIE STRUCT           9.750    9/28/2012      EUR     60.65
MACQUARIE STRUCT           9.250    9/28/2012      EUR     74.04
MACQUARIE STRUCT           9.000    9/28/2012      EUR     65.91
MACQUARIE STRUCT          23.250    6/22/2012      EUR      7.16
MACQUARIE STRUCT          18.500    6/22/2012      EUR     68.91
MACQUARIE STRUCT          17.000    6/22/2012      EUR     56.82
MACQUARIE STRUCT          16.000    6/22/2012      EUR     26.82
MACQUARIE STRUCT          15.750    6/22/2012      EUR     20.68
MACQUARIE STRUCT          15.750    6/22/2012      EUR     70.37
MACQUARIE STRUCT          13.500    6/22/2012      EUR     37.54
MACQUARIE STRUCT          13.000    6/22/2012      EUR     72.25
MACQUARIE STRUCT          12.500    6/22/2012      EUR     52.95
MACQUARIE STRUCT          12.500    6/22/2012      EUR     47.54
MACQUARIE STRUCT          11.750    6/22/2012      EUR     72.93
MACQUARIE STRUCT          11.500    6/22/2012      EUR     69.32
MACQUARIE STRUCT          11.500    6/22/2012      EUR     61.19
MACQUARIE STRUCT          11.500    6/22/2012      EUR     43.31
MACQUARIE STRUCT          10.750    6/22/2012      EUR     39.45
MACQUARIE STRUCT          10.250    6/22/2012      EUR     58.91
MACQUARIE STRUCT          10.000    6/22/2012      EUR     57.95
MACQUARIE STRUCT           9.750    6/22/2012      EUR     70.66
MACQUARIE STRUCT           9.250    6/22/2012      EUR     46.08
MACQUARIE STRUCT           9.250    6/22/2012      EUR     72.11
MACQUARIE STRUCT           9.000    6/22/2012      EUR     73.84
MACQUARIE STRUCT          13.250    4/27/2012      EUR     60.94
NORDDEUTSCHE L/B           7.000     6/8/2012      EUR     69.07
Q-CELLS                    6.750   10/21/2015      EUR      0.70
QIMONDA FINANCE            6.750    3/22/2013      USD      7.00
RENTENBANK                 0.500    3/15/2017      TRY     74.09
SOLARWORLD AG              6.375    7/13/2016      EUR     41.85
SOLON AG SOLAR             1.375    12/6/2012      EUR      1.75
TAG IMMO AG                6.500   12/10/2015      EUR      7.73
TUI AG                     5.500   11/17/2014      EUR     67.58
TUI AG                     2.750    3/24/2016      EUR     49.77
UNICREDIT BANK A           7.000    6/21/2012      EUR     51.61
UNICREDIT BANK A           6.900    5/17/2012      EUR     75.15
VONTOBEL FIN PRO          12.469    4/13/2012      EUR     55.90
VONTOBEL FIN PRO          10.307    4/13/2012      EUR     67.80
VONTOBEL FIN PRO          16.639     4/5/2012      EUR     19.47
VONTOBEL FIN PRO          10.740     4/5/2012      EUR     68.10
VONTOBEL FIN PRO          10.028    3/30/2012      EUR     41.40
VONTOBEL FIN PRO          16.150    6/22/2012      EUR     56.90
VONTOBEL FIN PRO          16.156    6/22/2012      EUR     68.78
VONTOBEL FIN PRO          16.293    6/22/2012      EUR     67.44
VONTOBEL FIN PRO          16.488    6/22/2012      EUR     29.26
VONTOBEL FIN PRO          16.497    6/22/2012      EUR     27.76
VONTOBEL FIN PRO          16.595    6/22/2012      EUR     66.50
VONTOBEL FIN PRO          16.667    6/22/2012      EUR     29.44
VONTOBEL FIN PRO          16.746    6/22/2012      EUR     26.44
VONTOBEL FIN PRO          16.864    6/22/2012      EUR     71.38
VONTOBEL FIN PRO          17.189    6/22/2012      EUR     64.24
VONTOBEL FIN PRO          17.260    6/22/2012      EUR     21.80
VONTOBEL FIN PRO          17.333    6/22/2012      EUR     55.72
VONTOBEL FIN PRO          17.712    6/22/2012      EUR     22.50
VONTOBEL FIN PRO          17.784    6/22/2012      EUR     43.64
VONTOBEL FIN PRO          17.950    6/22/2012      EUR     63.12
VONTOBEL FIN PRO          18.036    6/22/2012      EUR     60.74
VONTOBEL FIN PRO          18.164    6/22/2012      EUR     22.12
VONTOBEL FIN PRO          18.289    6/22/2012      EUR     21.80
VONTOBEL FIN PRO          18.295    6/22/2012      EUR     41.40
VONTOBEL FIN PRO          21.456    6/22/2012      EUR     56.72
VONTOBEL FIN PRO          22.800    6/22/2012      EUR     70.00
VONTOBEL FIN PRO          12.067    6/29/2012      EUR     58.40
VONTOBEL FIN PRO          12.067    6/29/2012      EUR     70.30
VONTOBEL FIN PRO          11.514     7/6/2012      EUR     61.30
VONTOBEL FIN PRO          11.061    7/13/2012      EUR     70.50
VONTOBEL FIN PRO          10.860    7/20/2012      EUR     60.30
VONTOBEL FIN PRO          11.061    7/20/2012      EUR     72.40
VONTOBEL FIN PRO          11.564    7/27/2012      EUR     70.70
VONTOBEL FIN PRO          12.864    7/27/2012      EUR     72.50
VONTOBEL FIN PRO           7.432    9/28/2012      EUR     69.74
VONTOBEL FIN PRO           8.174    9/28/2012      EUR     67.98
VONTOBEL FIN PRO           8.440    9/28/2012      EUR     68.34
VONTOBEL FIN PRO           8.581    9/28/2012      EUR     66.96
VONTOBEL FIN PRO           8.626    9/28/2012      EUR     73.16
VONTOBEL FIN PRO           8.786    9/28/2012      EUR     68.34
VONTOBEL FIN PRO           9.037    9/28/2012      EUR     66.30
VONTOBEL FIN PRO           9.284    9/28/2012      EUR     70.52
VONTOBEL FIN PRO           9.400    9/28/2012      EUR     63.22
VONTOBEL FIN PRO           9.405    9/28/2012      EUR     66.92
VONTOBEL FIN PRO           9.492    9/28/2012      EUR     61.46
VONTOBEL FIN PRO           9.523    9/28/2012      EUR     47.70
VONTOBEL FIN PRO           9.523    9/28/2012      EUR     74.26
VONTOBEL FIN PRO           9.634    9/28/2012      EUR     67.90
VONTOBEL FIN PRO           9.672    9/28/2012      EUR     66.10
VONTOBEL FIN PRO           9.860    9/28/2012      EUR     73.22
VONTOBEL FIN PRO           9.877    9/28/2012      EUR     64.54
VONTOBEL FIN PRO           9.950    9/28/2012      EUR     64.76
VONTOBEL FIN PRO          10.000    9/28/2012      EUR     60.38
VONTOBEL FIN PRO          10.014    9/28/2012      EUR     57.60
VONTOBEL FIN PRO          10.046    9/28/2012      EUR     57.46
VONTOBEL FIN PRO          10.083    9/28/2012      EUR     70.64
VONTOBEL FIN PRO          10.123    9/28/2012      EUR     72.50
VONTOBEL FIN PRO          10.336    9/28/2012      EUR     61.34
VONTOBEL FIN PRO          10.344    9/28/2012      EUR     69.02
VONTOBEL FIN PRO          10.366    9/28/2012      EUR     72.46
VONTOBEL FIN PRO          10.494    9/28/2012      EUR     46.72
VONTOBEL FIN PRO          10.556    9/28/2012      EUR     60.06
VONTOBEL FIN PRO          10.600    9/28/2012      EUR     71.50
VONTOBEL FIN PRO          10.722    9/28/2012      EUR     73.66
VONTOBEL FIN PRO          10.830    9/28/2012      EUR     64.78
VONTOBEL FIN PRO          10.830    9/28/2012      EUR     63.32
VONTOBEL FIN PRO          10.850    9/28/2012      EUR     62.64
VONTOBEL FIN PRO          10.909    9/28/2012      EUR     74.26
VONTOBEL FIN PRO          11.017    9/28/2012      EUR     73.62
VONTOBEL FIN PRO          11.027    9/28/2012      EUR     74.20
VONTOBEL FIN PRO          11.077    9/28/2012      EUR     66.93
VONTOBEL FIN PRO          11.145    9/28/2012      EUR     60.06
VONTOBEL FIN PRO          11.187    9/28/2012      EUR     71.96
VONTOBEL FIN PRO          11.357    9/28/2012      EUR     69.12
VONTOBEL FIN PRO          11.497    9/28/2012      EUR     70.78
VONTOBEL FIN PRO          11.502    9/28/2012      EUR     74.86
VONTOBEL FIN PRO          11.502    9/28/2012      EUR     45.82
VONTOBEL FIN PRO          11.577    9/28/2012      EUR     66.28
VONTOBEL FIN PRO          11.676    9/28/2012      EUR     62.62
VONTOBEL FIN PRO          11.764    9/28/2012      EUR     69.34
VONTOBEL FIN PRO          11.790    9/28/2012      EUR     67.88
VONTOBEL FIN PRO          11.797    9/28/2012      EUR     68.39
VONTOBEL FIN PRO          11.895    9/28/2012      EUR     57.66
VONTOBEL FIN PRO          11.900    9/28/2012      EUR     67.82
VONTOBEL FIN PRO          12.056    9/28/2012      EUR     72.18
VONTOBEL FIN PRO          12.067    9/28/2012      EUR     58.94
VONTOBEL FIN PRO          12.131    9/28/2012      EUR     74.46
VONTOBEL FIN PRO          12.350    9/28/2012      EUR     60.80
VONTOBEL FIN PRO          12.350    9/28/2012      EUR     65.48
VONTOBEL FIN PRO          12.398    9/28/2012      EUR     54.60
VONTOBEL FIN PRO          12.761    9/28/2012      EUR     68.40
VONTOBEL FIN PRO          12.800    9/28/2012      EUR     72.90
VONTOBEL FIN PRO          12.847    9/28/2012      EUR     63.84
VONTOBEL FIN PRO          12.857    9/28/2012      EUR     56.78
VONTOBEL FIN PRO          13.135    9/28/2012      EUR     72.68
VONTOBEL FIN PRO          13.257    9/28/2012      EUR     60.60
VONTOBEL FIN PRO          13.259    9/28/2012      EUR     64.82
VONTOBEL FIN PRO          13.352    9/28/2012      EUR     55.62
VONTOBEL FIN PRO          13.469    9/28/2012      EUR     68.17
VONTOBEL FIN PRO          13.950    9/28/2012      EUR     59.24
VONTOBEL FIN PRO          14.150    9/28/2012      EUR     67.14
VONTOBEL FIN PRO          14.154    9/28/2012      EUR     61.64
VONTOBEL FIN PRO          14.191    9/28/2012      EUR     70.84
VONTOBEL FIN PRO          14.303    9/28/2012      EUR     75.36
VONTOBEL FIN PRO          14.500    9/28/2012      EUR     70.36
VONTOBEL FIN PRO          14.853    9/28/2012      EUR     69.58
VONTOBEL FIN PRO          14.895    9/28/2012      EUR     66.62
VONTOBEL FIN PRO          14.906    9/28/2012      EUR     74.10
VONTOBEL FIN PRO          16.183    9/28/2012      EUR     59.24
VONTOBEL FIN PRO          17.000    9/28/2012      EUR     59.60
VONTOBEL FIN PRO          27.550    9/28/2012      EUR     72.96
VONTOBEL FIN PRO          11.500   12/14/2012      EUR      5.00
VONTOBEL FIN PRO           5.006   12/28/2012      EUR     62.32
VONTOBEL FIN PRO           7.050   12/31/2012      EUR     70.82
VONTOBEL FIN PRO           8.163   12/31/2012      EUR     73.52
VONTOBEL FIN PRO           8.230   12/31/2012      EUR     69.48
VONTOBEL FIN PRO           8.246   12/31/2012      EUR     52.40
VONTOBEL FIN PRO           8.300   12/31/2012      EUR     62.94
VONTOBEL FIN PRO           8.526   12/31/2012      EUR     30.30
VONTOBEL FIN PRO           8.877   12/31/2012      EUR     70.58
VONTOBEL FIN PRO           9.123   12/31/2012      EUR     70.94
VONTOBEL FIN PRO           9.193   12/31/2012      EUR     51.40
VONTOBEL FIN PRO           9.250   12/31/2012      EUR     60.32
VONTOBEL FIN PRO           9.700   12/31/2012      EUR     71.82
VONTOBEL FIN PRO           9.754   12/31/2012      EUR     72.28
VONTOBEL FIN PRO           9.754   12/31/2012      EUR     50.88
VONTOBEL FIN PRO           9.841   12/31/2012      EUR     64.82
VONTOBEL FIN PRO          10.050   12/31/2012      EUR     72.76
VONTOBEL FIN PRO          10.175   12/31/2012      EUR     50.56
VONTOBEL FIN PRO          10.421   12/31/2012      EUR     68.66
VONTOBEL FIN PRO          10.500   12/31/2012      EUR     63.00
VONTOBEL FIN PRO          10.807   12/31/2012      EUR     30.38
VONTOBEL FIN PRO          10.807   12/31/2012      EUR     70.36
VONTOBEL FIN PRO          11.476   12/31/2012      EUR     67.05
VONTOBEL FIN PRO          11.649   12/31/2012      EUR     67.60
VONTOBEL FIN PRO          11.750   12/31/2012      EUR     74.26
VONTOBEL FIN PRO          11.784   12/31/2012      EUR     73.51
VONTOBEL FIN PRO          11.790   12/31/2012      EUR     66.70
VONTOBEL FIN PRO          12.501   12/31/2012      EUR     67.81
VONTOBEL FIN PRO          12.593   12/31/2012      EUR     71.96
VONTOBEL FIN PRO          12.650   12/31/2012      EUR     68.80
VONTOBEL FIN PRO          12.912   12/31/2012      EUR     65.22
VONTOBEL FIN PRO          13.123   12/31/2012      EUR     30.68
VONTOBEL FIN PRO          13.518   12/31/2012      EUR     71.98
VONTOBEL FIN PRO          14.150   12/31/2012      EUR     58.24
VONTOBEL FIN PRO          14.211   12/31/2012      EUR     63.16
VONTOBEL FIN PRO          22.600   12/31/2012      EUR     70.92
VONTOBEL FIN PRO          24.700   12/31/2012      EUR     73.02
VONTOBEL FIN PRO          27.600   12/31/2012      EUR     71.22
VONTOBEL FIN PRO          28.250   12/31/2012      EUR     68.10
VONTOBEL FIN PRO           8.042     1/2/2013      EUR     69.62
VONTOBEL FIN PRO           8.987     1/2/2013      EUR     43.77
VONTOBEL FIN PRO          10.930     1/2/2013      EUR     66.42
VONTOBEL FIN PRO           7.389   11/25/2013      EUR     44.70
VONTOBEL FIN PRO           5.100    4/14/2014      EUR     49.30
VONTOBEL FIN PRO          12.578    6/22/2012      EUR     50.36
VONTOBEL FIN PRO          12.547    6/22/2012      EUR     71.22
VONTOBEL FIN PRO          12.544    6/22/2012      EUR     46.08
VONTOBEL FIN PRO          12.537    6/22/2012      EUR     57.56
VONTOBEL FIN PRO          12.536    6/22/2012      EUR     70.22
VONTOBEL FIN PRO          12.532    6/22/2012      EUR     74.36
VONTOBEL FIN PRO          12.520    6/22/2012      EUR     62.53
VONTOBEL FIN PRO          12.512    6/22/2012      EUR     49.90
VONTOBEL FIN PRO          12.472    6/22/2012      EUR     71.62
VONTOBEL FIN PRO          12.462    6/22/2012      EUR     71.20
VONTOBEL FIN PRO          12.456    6/22/2012      EUR     64.94
VONTOBEL FIN PRO          12.451    6/22/2012      EUR     50.54
VONTOBEL FIN PRO          12.420    6/22/2012      EUR     32.08
VONTOBEL FIN PRO          12.403    6/22/2012      EUR     72.82
VONTOBEL FIN PRO          12.393    6/22/2012      EUR     63.74
VONTOBEL FIN PRO          12.389    6/22/2012      EUR     46.70
VONTOBEL FIN PRO          12.382    6/22/2012      EUR     61.78
VONTOBEL FIN PRO          12.352    6/22/2012      EUR     64.38
VONTOBEL FIN PRO          12.343    6/22/2012      EUR     43.68
VONTOBEL FIN PRO          12.340    6/22/2012      EUR     53.76
VONTOBEL FIN PRO          12.340    6/22/2012      EUR     69.03
VONTOBEL FIN PRO          12.323    6/22/2012      EUR     54.72
VONTOBEL FIN PRO          12.300    6/22/2012      EUR     71.32
VONTOBEL FIN PRO          12.298    6/22/2012      EUR     60.72
VONTOBEL FIN PRO          12.276    6/22/2012      EUR     73.28
VONTOBEL FIN PRO          12.260    6/22/2012      EUR     65.44
VONTOBEL FIN PRO          12.247    6/22/2012      EUR     57.50
VONTOBEL FIN PRO          12.226    6/22/2012      EUR     24.84
VONTOBEL FIN PRO          12.216    6/22/2012      EUR     71.92
VONTOBEL FIN PRO          12.204    6/22/2012      EUR     46.50
VONTOBEL FIN PRO          12.168    6/22/2012      EUR     59.14
VONTOBEL FIN PRO          12.144    6/22/2012      EUR     65.52
VONTOBEL FIN PRO          12.123    6/22/2012      EUR     57.26
VONTOBEL FIN PRO          12.117    6/22/2012      EUR     49.24
VONTOBEL FIN PRO          12.103    6/22/2012      EUR     66.11
VONTOBEL FIN PRO          12.017    6/22/2012      EUR     57.90
VONTOBEL FIN PRO          12.013    6/22/2012      EUR     54.38
VONTOBEL FIN PRO          12.000    6/22/2012      EUR     74.70
VONTOBEL FIN PRO          12.000    6/22/2012      EUR     59.72
VONTOBEL FIN PRO          11.967    6/22/2012      EUR     62.84
VONTOBEL FIN PRO          11.955    6/22/2012      EUR     38.90
VONTOBEL FIN PRO          11.952    6/22/2012      EUR     51.52
VONTOBEL FIN PRO          11.944    6/22/2012      EUR     67.06
VONTOBEL FIN PRO          11.910    6/22/2012      EUR     53.64
VONTOBEL FIN PRO          11.844    6/22/2012      EUR     58.28
VONTOBEL FIN PRO          11.819    6/22/2012      EUR     67.46
VONTOBEL FIN PRO          11.811    6/22/2012      EUR     63.28
VONTOBEL FIN PRO          11.808    6/22/2012      EUR     67.76
VONTOBEL FIN PRO          11.807    6/22/2012      EUR     59.36
VONTOBEL FIN PRO          11.807    6/22/2012      EUR     68.72
VONTOBEL FIN PRO          11.778    6/22/2012      EUR     47.18
VONTOBEL FIN PRO          11.774    6/22/2012      EUR     44.74
VONTOBEL FIN PRO          11.750    6/22/2012      EUR     63.68
VONTOBEL FIN PRO          11.736    6/22/2012      EUR     46.58
VONTOBEL FIN PRO          11.705    6/22/2012      EUR     55.49
VONTOBEL FIN PRO          11.693    6/22/2012      EUR     54.84
VONTOBEL FIN PRO          11.614    6/22/2012      EUR     60.22
VONTOBEL FIN PRO          11.600    6/22/2012      EUR     59.32
VONTOBEL FIN PRO          11.591    6/22/2012      EUR     70.46
VONTOBEL FIN PRO          11.586    6/22/2012      EUR     68.27
VONTOBEL FIN PRO          11.582    6/22/2012      EUR     67.54
VONTOBEL FIN PRO          11.581    6/22/2012      EUR     61.46
VONTOBEL FIN PRO          11.566    6/22/2012      EUR     59.28
VONTOBEL FIN PRO          11.560    6/22/2012      EUR     39.86
VONTOBEL FIN PRO          11.554    6/22/2012      EUR     72.44
VONTOBEL FIN PRO          11.534    6/22/2012      EUR     56.96
VONTOBEL FIN PRO          11.484    6/22/2012      EUR     71.94
VONTOBEL FIN PRO          11.455    6/22/2012      EUR     62.20
VONTOBEL FIN PRO          11.443    6/22/2012      EUR     73.34
VONTOBEL FIN PRO          11.425    6/22/2012      EUR     56.54
VONTOBEL FIN PRO          11.425    6/22/2012      EUR     70.78
VONTOBEL FIN PRO          11.422    6/22/2012      EUR     47.08
VONTOBEL FIN PRO          11.409    6/22/2012      EUR     66.64
VONTOBEL FIN PRO          11.405    6/22/2012      EUR     73.26
VONTOBEL FIN PRO          11.396    6/22/2012      EUR     64.17
VONTOBEL FIN PRO          11.377    6/22/2012      EUR     54.82
VONTOBEL FIN PRO          11.366    6/22/2012      EUR     74.24
VONTOBEL FIN PRO          11.361    6/22/2012      EUR     58.98
VONTOBEL FIN PRO          11.328    6/22/2012      EUR     71.82
VONTOBEL FIN PRO          11.319    6/22/2012      EUR     57.44
VONTOBEL FIN PRO          11.304    6/22/2012      EUR     64.98
VONTOBEL FIN PRO          11.296    6/22/2012      EUR     68.74
VONTOBEL FIN PRO          11.283    6/22/2012      EUR     53.50
VONTOBEL FIN PRO          11.238    6/22/2012      EUR     69.74
VONTOBEL FIN PRO          11.219    6/22/2012      EUR     71.91
VONTOBEL FIN PRO          11.219    6/22/2012      EUR     68.40
VONTOBEL FIN PRO          11.117    6/22/2012      EUR     71.98
VONTOBEL FIN PRO          11.103    6/22/2012      EUR     71.68
VONTOBEL FIN PRO          11.098    6/22/2012      EUR     73.28
VONTOBEL FIN PRO          11.080    6/22/2012      EUR     71.42
VONTOBEL FIN PRO          11.080    6/22/2012      EUR     71.38
VONTOBEL FIN PRO          11.052    6/22/2012      EUR     54.16
VONTOBEL FIN PRO          11.029    6/22/2012      EUR     65.68
VONTOBEL FIN PRO          11.019    6/22/2012      EUR     59.68
VONTOBEL FIN PRO          10.980    6/22/2012      EUR     74.56
VONTOBEL FIN PRO          10.955    6/22/2012      EUR     73.24
VONTOBEL FIN PRO          10.925    6/22/2012      EUR     63.46
VONTOBEL FIN PRO          10.925    6/22/2012      EUR     61.30
VONTOBEL FIN PRO          10.920    6/22/2012      EUR     45.42
VONTOBEL FIN PRO          10.909    6/22/2012      EUR     38.60
VONTOBEL FIN PRO          10.878    6/22/2012      EUR     60.28
VONTOBEL FIN PRO          10.847    6/22/2012      EUR     70.96
VONTOBEL FIN PRO          10.843    6/22/2012      EUR     63.20
VONTOBEL FIN PRO          10.833    6/22/2012      EUR     47.94
VONTOBEL FIN PRO          10.800    6/22/2012      EUR     40.86
VONTOBEL FIN PRO          10.779    6/22/2012      EUR     71.12
VONTOBEL FIN PRO          10.761    6/22/2012      EUR     72.02
VONTOBEL FIN PRO          10.760    6/22/2012      EUR     74.54
VONTOBEL FIN PRO          10.757    6/22/2012      EUR     72.68
VONTOBEL FIN PRO          10.757    6/22/2012      EUR     69.12
VONTOBEL FIN PRO          10.726    6/22/2012      EUR     57.30
VONTOBEL FIN PRO          10.724    6/22/2012      EUR     62.04
VONTOBEL FIN PRO          10.668    6/22/2012      EUR     72.64
VONTOBEL FIN PRO          10.668    6/22/2012      EUR     69.58
VONTOBEL FIN PRO          10.660    6/22/2012      EUR     44.68
VONTOBEL FIN PRO          10.642    6/22/2012      EUR     65.81
VONTOBEL FIN PRO          10.620    6/22/2012      EUR     64.66
VONTOBEL FIN PRO          10.612    6/22/2012      EUR     71.52
VONTOBEL FIN PRO          10.607    6/22/2012      EUR     72.94
VONTOBEL FIN PRO          10.577    6/22/2012      EUR     70.12
VONTOBEL FIN PRO          10.567    6/22/2012      EUR     55.48
VONTOBEL FIN PRO          10.548    6/22/2012      EUR     62.10
VONTOBEL FIN PRO          10.528    6/22/2012      EUR     68.63
VONTOBEL FIN PRO          10.520    6/22/2012      EUR     50.72
VONTOBEL FIN PRO          10.500    6/22/2012      EUR     55.32
VONTOBEL FIN PRO          10.490    6/22/2012      EUR     47.74
VONTOBEL FIN PRO          10.486    6/22/2012      EUR     40.78
VONTOBEL FIN PRO          10.478    6/22/2012      EUR     74.26
VONTOBEL FIN PRO          10.476    6/22/2012      EUR     33.92
VONTOBEL FIN PRO          10.440    6/22/2012      EUR     67.14
VONTOBEL FIN PRO          10.439    6/22/2012      EUR     52.60
VONTOBEL FIN PRO          10.438    6/22/2012      EUR     68.54
VONTOBEL FIN PRO          10.402    6/22/2012      EUR     60.52
VONTOBEL FIN PRO          10.371    6/22/2012      EUR     70.90
VONTOBEL FIN PRO          10.325    6/22/2012      EUR     71.54
VONTOBEL FIN PRO          10.286    6/22/2012      EUR     68.08
VONTOBEL FIN PRO          10.278    6/22/2012      EUR     48.50
VONTOBEL FIN PRO          10.273    6/22/2012      EUR     60.50
VONTOBEL FIN PRO          10.264    6/22/2012      EUR     64.29
VONTOBEL FIN PRO          10.260    6/22/2012      EUR     48.24
VONTOBEL FIN PRO          10.257    6/22/2012      EUR     62.46
VONTOBEL FIN PRO          10.254    6/22/2012      EUR     66.52
VONTOBEL FIN PRO          10.222    6/22/2012      EUR     69.76
VONTOBEL FIN PRO          10.207    6/22/2012      EUR     66.68
VONTOBEL FIN PRO          10.186    6/22/2012      EUR     69.04
VONTOBEL FIN PRO          10.167    6/22/2012      EUR     58.74
VONTOBEL FIN PRO          10.167    6/22/2012      EUR     73.22
VONTOBEL FIN PRO          10.142    6/22/2012      EUR     67.74
VONTOBEL FIN PRO          10.116    6/22/2012      EUR     55.30
VONTOBEL FIN PRO          10.110    6/22/2012      EUR     42.94
VONTOBEL FIN PRO          10.100    6/22/2012      EUR     62.16
VONTOBEL FIN PRO          10.038    6/22/2012      EUR     59.52
VONTOBEL FIN PRO          10.030    6/22/2012      EUR     74.46
VONTOBEL FIN PRO          10.028    6/22/2012      EUR     72.94
VONTOBEL FIN PRO          10.028    6/22/2012      EUR     64.34
VONTOBEL FIN PRO          10.026    6/22/2012      EUR     68.76
VONTOBEL FIN PRO          10.000    6/22/2012      EUR     74.38
VONTOBEL FIN PRO           9.991    6/22/2012      EUR     65.76
VONTOBEL FIN PRO           9.969    6/22/2012      EUR     53.98
VONTOBEL FIN PRO           9.957    6/22/2012      EUR     63.78
VONTOBEL FIN PRO           9.921    6/22/2012      EUR     67.46
VONTOBEL FIN PRO           9.918    6/22/2012      EUR     62.32
VONTOBEL FIN PRO           9.887    6/22/2012      EUR     65.84
VONTOBEL FIN PRO           9.880    6/22/2012      EUR     73.80
VONTOBEL FIN PRO           9.797    6/22/2012      EUR     58.90
VONTOBEL FIN PRO           9.781    6/22/2012      EUR     59.02
VONTOBEL FIN PRO           9.724    6/22/2012      EUR     65.72
VONTOBEL FIN PRO           9.709    6/22/2012      EUR     54.36
VONTOBEL FIN PRO           9.709    6/22/2012      EUR     57.86
VONTOBEL FIN PRO           9.699    6/22/2012      EUR     59.98
VONTOBEL FIN PRO           9.698    6/22/2012      EUR     65.08
VONTOBEL FIN PRO           9.689    6/22/2012      EUR     69.66
VONTOBEL FIN PRO           9.673    6/22/2012      EUR     60.54
VONTOBEL FIN PRO           9.658    6/22/2012      EUR     71.59
VONTOBEL FIN PRO           9.627    6/22/2012      EUR     66.76
VONTOBEL FIN PRO           9.623    6/22/2012      EUR     44.28
VONTOBEL FIN PRO           9.623    6/22/2012      EUR     45.88
VONTOBEL FIN PRO           9.606    6/22/2012      EUR     70.52
VONTOBEL FIN PRO           9.576    6/22/2012      EUR     64.00
VONTOBEL FIN PRO           9.557    6/22/2012      EUR     73.72
VONTOBEL FIN PRO           9.556    6/22/2012      EUR     31.60
VONTOBEL FIN PRO           9.553    6/22/2012      EUR     64.62
VONTOBEL FIN PRO           9.547    6/22/2012      EUR     70.36
VONTOBEL FIN PRO           9.534    6/22/2012      EUR     73.08
VONTOBEL FIN PRO           9.511    6/22/2012      EUR     66.28
VONTOBEL FIN PRO           9.472    6/22/2012      EUR     64.56
VONTOBEL FIN PRO           9.472    6/22/2012      EUR     39.95
VONTOBEL FIN PRO           9.466    6/22/2012      EUR     68.50
VONTOBEL FIN PRO           9.461    6/22/2012      EUR     71.28
VONTOBEL FIN PRO           9.454    6/22/2012      EUR     41.78
VONTOBEL FIN PRO           9.414    6/22/2012      EUR     62.62
VONTOBEL FIN PRO           9.396    6/22/2012      EUR     74.26
VONTOBEL FIN PRO           9.389    6/22/2012      EUR     49.36
VONTOBEL FIN PRO           9.373    6/22/2012      EUR     55.01
VONTOBEL FIN PRO           9.332    6/22/2012      EUR     68.66
VONTOBEL FIN PRO           9.316    6/22/2012      EUR     64.70
VONTOBEL FIN PRO           9.292    6/22/2012      EUR     57.40
VONTOBEL FIN PRO           9.283    6/22/2012      EUR     62.10
VONTOBEL FIN PRO           9.274    6/22/2012      EUR     71.28
VONTOBEL FIN PRO           9.250    6/22/2012      EUR     73.68
VONTOBEL FIN PRO           9.208    6/22/2012      EUR     53.10
VONTOBEL FIN PRO           9.180    6/22/2012      EUR     69.74
VONTOBEL FIN PRO           9.162    6/22/2012      EUR     69.94
VONTOBEL FIN PRO           9.142    6/22/2012      EUR     68.80
VONTOBEL FIN PRO           9.072    6/22/2012      EUR     58.72
VONTOBEL FIN PRO           9.071    6/22/2012      EUR     71.02
VONTOBEL FIN PRO           9.026    6/22/2012      EUR     68.76
VONTOBEL FIN PRO           9.019    6/22/2012      EUR     49.68
VONTOBEL FIN PRO           8.906    6/22/2012      EUR     59.26
VONTOBEL FIN PRO           8.900    6/22/2012      EUR     64.90
VONTOBEL FIN PRO           8.892    6/22/2012      EUR     65.52
VONTOBEL FIN PRO           8.889    6/22/2012      EUR     65.72
VONTOBEL FIN PRO           8.875    6/22/2012      EUR     66.40
VONTOBEL FIN PRO           8.845    6/22/2012      EUR     74.78
VONTOBEL FIN PRO           8.835    6/22/2012      EUR     62.08
VONTOBEL FIN PRO           8.830    6/22/2012      EUR     69.46
VONTOBEL FIN PRO           8.806    6/22/2012      EUR     72.24
VONTOBEL FIN PRO           8.806    6/22/2012      EUR     64.08
VONTOBEL FIN PRO           8.795    6/22/2012      EUR     58.82
VONTOBEL FIN PRO           8.795    6/22/2012      EUR     66.34
VONTOBEL FIN PRO           8.793    6/22/2012      EUR     66.70
VONTOBEL FIN PRO           8.757    6/22/2012      EUR     67.49
VONTOBEL FIN PRO           8.755    6/22/2012      EUR     52.66
VONTOBEL FIN PRO           8.755    6/22/2012      EUR     68.84
VONTOBEL FIN PRO           8.755    6/22/2012      EUR     66.24
VONTOBEL FIN PRO           8.753    6/22/2012      EUR     72.92
VONTOBEL FIN PRO           8.701    6/22/2012      EUR     49.28
VONTOBEL FIN PRO           8.690    6/22/2012      EUR     65.84
VONTOBEL FIN PRO           8.681    6/22/2012      EUR     64.86
VONTOBEL FIN PRO           8.679    6/22/2012      EUR     70.24
VONTOBEL FIN PRO           8.679    6/22/2012      EUR     71.20
VONTOBEL FIN PRO           8.667    6/22/2012      EUR     72.74
VONTOBEL FIN PRO           8.642    6/22/2012      EUR     63.93
VONTOBEL FIN PRO           8.640    6/22/2012      EUR     36.18
VONTOBEL FIN PRO           8.581    6/22/2012      EUR     74.54
VONTOBEL FIN PRO           8.566    6/22/2012      EUR     63.72
VONTOBEL FIN PRO           8.528    6/22/2012      EUR     70.66
VONTOBEL FIN PRO           8.528    6/22/2012      EUR     74.06
VONTOBEL FIN PRO           8.525    6/22/2012      EUR     69.68
VONTOBEL FIN PRO           8.491    6/22/2012      EUR     60.74
VONTOBEL FIN PRO           8.491    6/22/2012      EUR     58.88
VONTOBEL FIN PRO           8.487    6/22/2012      EUR     70.28
VONTOBEL FIN PRO           8.466    6/22/2012      EUR     65.14
VONTOBEL FIN PRO           8.466    6/22/2012      EUR     40.54
VONTOBEL FIN PRO           8.460    6/22/2012      EUR     51.70
VONTOBEL FIN PRO           8.433    6/22/2012      EUR     74.04
VONTOBEL FIN PRO           8.407    6/22/2012      EUR     61.82
VONTOBEL FIN PRO           8.377    6/22/2012      EUR     47.54
VONTOBEL FIN PRO           8.347    6/22/2012      EUR     62.46
VONTOBEL FIN PRO           8.340    6/22/2012      EUR     24.04
VONTOBEL FIN PRO           8.340    6/22/2012      EUR     65.58
VONTOBEL FIN PRO           8.327    6/22/2012      EUR     68.40
VONTOBEL FIN PRO           8.302    6/22/2012      EUR     63.60
VONTOBEL FIN PRO           8.284    6/22/2012      EUR     49.68
VONTOBEL FIN PRO           8.278    6/22/2012      EUR     69.58
VONTOBEL FIN PRO           8.189    6/22/2012      EUR     72.64
VONTOBEL FIN PRO           8.189    6/22/2012      EUR     45.58
VONTOBEL FIN PRO           8.185    6/22/2012      EUR     57.16
VONTOBEL FIN PRO           8.152    6/22/2012      EUR     67.34
VONTOBEL FIN PRO           8.113    6/22/2012      EUR     69.30
VONTOBEL FIN PRO           8.068    6/22/2012      EUR     69.20
VONTOBEL FIN PRO           8.031    6/22/2012      EUR     73.40
VONTOBEL FIN PRO           8.015    6/22/2012      EUR     59.74
VONTOBEL FIN PRO           8.014    6/22/2012      EUR     68.02
VONTOBEL FIN PRO           8.008    6/22/2012      EUR     69.02
VONTOBEL FIN PRO           7.996    6/22/2012      EUR     70.24
VONTOBEL FIN PRO           7.974    6/22/2012      EUR     44.56
VONTOBEL FIN PRO           7.974    6/22/2012      EUR     61.96
VONTOBEL FIN PRO           7.956    6/22/2012      EUR     70.72
VONTOBEL FIN PRO           7.942    6/22/2012      EUR     71.62
VONTOBEL FIN PRO           7.855    6/22/2012      EUR     73.36
VONTOBEL FIN PRO           7.812    6/22/2012      EUR     72.98
VONTOBEL FIN PRO           7.754    6/22/2012      EUR     63.26
VONTOBEL FIN PRO           7.562    6/22/2012      EUR     67.12
VONTOBEL FIN PRO           7.509    6/22/2012      EUR     59.34
VONTOBEL FIN PRO           7.500    6/22/2012      EUR     56.46
VONTOBEL FIN PRO           7.488    6/22/2012      EUR     71.20
VONTOBEL FIN PRO           7.370    6/22/2012      EUR     73.58
VONTOBEL FIN PRO           7.236    6/22/2012      EUR     64.28
VONTOBEL FIN PRO           7.228    6/22/2012      EUR     72.36
VONTOBEL FIN PRO           7.150    6/22/2012      EUR     71.92
VONTOBEL FIN PRO           7.101    6/22/2012      EUR     53.90
VONTOBEL FIN PRO           7.094    6/22/2012      EUR     68.98
VONTOBEL FIN PRO           7.010    6/22/2012      EUR     74.20
VONTOBEL FIN PRO           6.876    6/22/2012      EUR     55.86
VONTOBEL FIN PRO           6.444    6/22/2012      EUR     73.70
VONTOBEL FIN PRO          11.615    6/15/2012      EUR     72.40
VONTOBEL FIN PRO          10.458    6/15/2012      EUR     60.80
VONTOBEL FIN PRO          10.358    6/15/2012      EUR     56.00
VONTOBEL FIN PRO           7.889     6/6/2012      EUR     63.30
VONTOBEL FIN PRO          12.369     6/1/2012      EUR     46.10
VONTOBEL FIN PRO          10.358     6/1/2012      EUR     72.50
VONTOBEL FIN PRO          11.564    5/25/2012      EUR     53.70
VONTOBEL FIN PRO          12.168    5/18/2012      EUR     45.30
VONTOBEL FIN PRO          10.961    5/18/2012      EUR     63.20
VONTOBEL FIN PRO          10.056    5/11/2012      EUR     65.00
VONTOBEL FIN PRO          13.173     5/4/2012      EUR     57.10
VONTOBEL FIN PRO          12.067     5/4/2012      EUR     66.00
VONTOBEL FIN PRO          10.659    4/27/2012      EUR     70.10
VONTOBEL FIN PRO          11.031    4/20/2012      EUR     73.50
VONTOBEL FIN PRO          10.028    4/20/2012      EUR     48.50
VONTOBEL FIN PRO          14.211    6/22/2012      EUR     72.16
VONTOBEL FIN PRO          14.201    6/22/2012      EUR     39.30
VONTOBEL FIN PRO          14.172    6/22/2012      EUR     57.52
VONTOBEL FIN PRO          14.160    6/22/2012      EUR     24.70
VONTOBEL FIN PRO          14.061    6/22/2012      EUR     60.12
VONTOBEL FIN PRO          14.000    6/22/2012      EUR     58.84
VONTOBEL FIN PRO          14.000    6/22/2012      EUR     45.44
VONTOBEL FIN PRO          13.980    6/22/2012      EUR     53.68
VONTOBEL FIN PRO          13.974    6/22/2012      EUR     72.06
VONTOBEL FIN PRO          13.886    6/22/2012      EUR     66.00
VONTOBEL FIN PRO          13.860    6/22/2012      EUR     48.50
VONTOBEL FIN PRO          13.846    6/22/2012      EUR     67.92
VONTOBEL FIN PRO          13.832    6/22/2012      EUR     60.72
VONTOBEL FIN PRO          13.832    6/22/2012      EUR     46.92
VONTOBEL FIN PRO          13.829    6/22/2012      EUR     48.56
VONTOBEL FIN PRO          13.812    6/22/2012      EUR     60.08
VONTOBEL FIN PRO          13.803    6/22/2012      EUR     58.06
VONTOBEL FIN PRO          13.792    6/22/2012      EUR     57.18
VONTOBEL FIN PRO          13.758    6/22/2012      EUR     41.80
VONTOBEL FIN PRO          13.748    6/22/2012      EUR     50.72
VONTOBEL FIN PRO          13.748    6/22/2012      EUR     69.56
VONTOBEL FIN PRO          13.700    6/22/2012      EUR     70.98
VONTOBEL FIN PRO          13.650    6/22/2012      EUR     71.76
VONTOBEL FIN PRO          13.648    6/22/2012      EUR     61.02
VONTOBEL FIN PRO          13.615    6/22/2012      EUR     56.22
VONTOBEL FIN PRO          13.536    6/22/2012      EUR     42.40
VONTOBEL FIN PRO          13.522    6/22/2012      EUR     66.66
VONTOBEL FIN PRO          13.521    6/22/2012      EUR     51.78
VONTOBEL FIN PRO          13.500    6/22/2012      EUR     51.72
VONTOBEL FIN PRO          13.463    6/22/2012      EUR     48.84
VONTOBEL FIN PRO          13.355    6/22/2012      EUR     67.78
VONTOBEL FIN PRO          13.343    6/22/2012      EUR     51.98
VONTOBEL FIN PRO          13.293    6/22/2012      EUR     60.78
VONTOBEL FIN PRO          13.288    6/22/2012      EUR     54.84
VONTOBEL FIN PRO          13.283    6/22/2012      EUR     63.60
VONTOBEL FIN PRO          13.253    6/22/2012      EUR     57.02
VONTOBEL FIN PRO          13.224    6/22/2012      EUR     69.02
VONTOBEL FIN PRO          13.208    6/22/2012      EUR     45.28
VONTOBEL FIN PRO          13.150    6/22/2012      EUR     57.74
VONTOBEL FIN PRO          13.150    6/22/2012      EUR     73.20
VONTOBEL FIN PRO          13.111    6/22/2012      EUR     61.32
VONTOBEL FIN PRO          13.084    6/22/2012      EUR     61.50
VONTOBEL FIN PRO          13.032    6/22/2012      EUR     45.20
VONTOBEL FIN PRO          13.024    6/22/2012      EUR     72.84
VONTOBEL FIN PRO          13.000    6/22/2012      EUR     30.36
VONTOBEL FIN PRO          12.964    6/22/2012      EUR     73.08
VONTOBEL FIN PRO          12.880    6/22/2012      EUR     70.74
VONTOBEL FIN PRO          12.870    6/22/2012      EUR     65.64
VONTOBEL FIN PRO          12.830    6/22/2012      EUR     46.82
VONTOBEL FIN PRO          12.799    6/22/2012      EUR     63.42
VONTOBEL FIN PRO          12.716    6/22/2012      EUR     49.44
VONTOBEL FIN PRO          12.689    6/22/2012      EUR     63.18
VONTOBEL FIN PRO          12.685    6/22/2012      EUR     52.68
VONTOBEL FIN PRO          12.679    6/22/2012      EUR     66.01
VONTOBEL FIN PRO          12.672    6/22/2012      EUR     48.46
VONTOBEL FIN PRO          12.652    6/22/2012      EUR     68.04
VONTOBEL FIN PRO          12.627    6/22/2012      EUR     54.60
VONTOBEL FIN PRO          12.623    6/22/2012      EUR     47.94
VONTOBEL FIN PRO          12.595    6/22/2012      EUR     65.10
VONTOBEL FIN PRO          14.229    6/22/2012      EUR     48.84
VONTOBEL FIN PRO          14.276    6/22/2012      EUR     68.26
VONTOBEL FIN PRO          14.278    6/22/2012      EUR     44.74
VONTOBEL FIN PRO          14.302    6/22/2012      EUR     25.36
VONTOBEL FIN PRO          14.345    6/22/2012      EUR     57.96
VONTOBEL FIN PRO          14.436    6/22/2012      EUR     30.54
VONTOBEL FIN PRO          14.447    6/22/2012      EUR     73.14
VONTOBEL FIN PRO          14.450    6/22/2012      EUR     52.76
VONTOBEL FIN PRO          14.561    6/22/2012      EUR     69.02
VONTOBEL FIN PRO          14.580    6/22/2012      EUR     61.82
VONTOBEL FIN PRO          14.640    6/22/2012      EUR     70.44
VONTOBEL FIN PRO          14.652    6/22/2012      EUR     65.72
VONTOBEL FIN PRO          14.680    6/22/2012      EUR     54.30
VONTOBEL FIN PRO          14.712    6/22/2012      EUR     49.94
VONTOBEL FIN PRO          14.717    6/22/2012      EUR     47.24
VONTOBEL FIN PRO          14.791    6/22/2012      EUR     27.38
VONTOBEL FIN PRO          14.821    6/22/2012      EUR     45.58
VONTOBEL FIN PRO          15.091    6/22/2012      EUR     65.52
VONTOBEL FIN PRO          15.167    6/22/2012      EUR     58.32
VONTOBEL FIN PRO          15.250    6/22/2012      EUR     73.06
VONTOBEL FIN PRO          15.308    6/22/2012      EUR     52.50
VONTOBEL FIN PRO          15.370    6/22/2012      EUR     44.70
VONTOBEL FIN PRO          15.448    6/22/2012      EUR     55.72
VONTOBEL FIN PRO          15.526    6/22/2012      EUR     73.98
VONTOBEL FIN PRO          15.840    6/22/2012      EUR     45.88
VONTOBEL FIN PRO          15.856    6/22/2012      EUR     72.66
VONTOBEL FIN PRO          15.920    6/22/2012      EUR     23.98
VONTOBEL FIN PRO          15.940    6/22/2012      EUR     45.88
VONTOBEL FIN PRO          15.950    6/22/2012      EUR     67.96
VONTOBEL FIN PRO          16.110    6/22/2012      EUR     23.04
WESTLB AG                  6.750    7/30/2012      EUR     70.96
WESTLB AG                  0.075    9/27/2012      EUR     70.43
WESTLB AG                  0.100    9/27/2012      EUR     53.58
WESTLB AG                  5.000    4/12/2016      EUR     29.01
WESTLB AG                  6.000    6/21/2012      EUR     73.16
WESTLB AG                  7.000    6/21/2012      EUR     74.40
WESTLB AG                  8.500    6/21/2012      EUR     60.23
WESTLB AG                  8.500    6/21/2012      EUR     69.23
WESTLB AG                  5.250    5/21/2012      EUR     66.55
WGZ BANK                   8.000    6/13/2012      EUR     43.95
WGZ BANK                   7.000    6/13/2012      EUR     45.73
WGZ BANK                   8.000   12/28/2012      EUR     67.84
WGZ BANK                   7.000   12/28/2012      EUR     71.16
WGZ BANK                   8.000    6/21/2012      EUR     72.16
WGZ BANK                   4.000    6/13/2012      EUR     55.58
WGZ BANK                   5.000    6/13/2012      EUR     49.86
WGZ BANK                   6.000    6/13/2012      EUR     47.69

GREECE
------
HELLENIC REPUB             4.625    6/25/2013      USD     37.50
HELLENIC REPUB             2.125     7/5/2013      CHF     38.88
HELLENIC REPUB             4.590     4/8/2016      EUR     28.50
HELLENIC REPUB             5.000    3/11/2019      EUR     21.50
HELLENIC REPUB             3.187     7/7/2024      EUR     10.75
HELLENIC REPUB             6.140    4/14/2028      EUR     15.25
HELLENIC REPUB             5.200    7/17/2034      EUR     21.38
NATL BK GREECE             3.875    10/7/2016      EUR     69.07
YIOULA GLASSWORK           9.000    12/1/2015      EUR     56.38
YIOULA GLASSWORK           9.000    12/1/2015      EUR     56.85

GUERNSEY
--------
BCV GUERNSEY               7.200    4/13/2012      CHF     69.17
BCV GUERNSEY               7.250    5/25/2012      CHF     69.35
BCV GUERNSEY              18.600    5/17/2012      USD     45.32
BCV GUERNSEY               8.500    3/30/2012      CHF     74.88
BCV GUERNSEY               8.120    5/11/2012      CHF     75.46
BCV GUERNSEY              13.000    5/18/2012      CHF     67.24
BCV GUERNSEY              10.000    5/18/2012      CHF     50.59
BCV GUERNSEY              18.150    5/17/2012      CHF     45.12
BCV GUERNSEY              19.200    5/17/2012      EUR     46.49
BCV GUERNSEY               8.500    5/25/2012      EUR     65.62
BCV GUERNSEY               8.020     3/1/2013      EUR     72.90
BCV GUERNSEY               9.500    4/13/2012      EUR     28.28
BKB FINANCE                9.050     8/9/2012      CHF     57.22
BKB FINANCE                6.300    7/12/2012      CHF     73.36
BKB FINANCE                9.200    6/21/2012      CHF     66.98
BKB FINANCE                7.650    6/14/2012      CHF     68.51
BKB FINANCE                6.850    6/14/2012      CHF     67.23
BKB FINANCE                7.750     6/7/2012      CHF     39.91
BKB FINANCE                7.750    5/31/2012      CHF     70.94
BKB FINANCE                6.400    5/10/2012      CHF     67.88
BKB FINANCE                7.150    5/10/2012      CHF     74.23
BKB FINANCE                7.800     5/3/2012      CHF     58.15
BKB FINANCE                8.050     5/3/2012      CHF     65.50
BKB FINANCE                8.500    3/29/2012      CHF     66.54
BKB FINANCE                7.000    3/29/2012      CHF     73.58
BKB FINANCE                8.350    1/14/2013      CHF     66.36
BKB FINANCE                8.900    9/27/2012      CHF     62.45
BKB FINANCE                9.850    4/26/2012      CHF     58.65
EFG FINANCIAL PR           9.500     9/4/2012      USD     46.74
EFG FINANCIAL PR           9.600     9/4/2012      USD     62.98
EFG FINANCIAL PR           7.000     9/7/2012      EUR     63.52
EFG FINANCIAL PR           7.000     9/7/2012      CHF     58.74
EFG FINANCIAL PR           9.000    9/10/2012      CHF     62.72
EFG FINANCIAL PR          10.000    9/21/2012      USD     72.55
EFG FINANCIAL PR          10.750    9/25/2012      CHF     70.53
EFG FINANCIAL PR          11.250    9/25/2012      CHF     67.32
EFG FINANCIAL PR          10.000    10/1/2012      CHF     73.39
EFG FINANCIAL PR           9.930    10/3/2012      EUR     37.57
EFG FINANCIAL PR          10.620    10/3/2012      USD     37.44
EFG FINANCIAL PR          12.500   10/11/2012      CHF     73.81
EFG FINANCIAL PR          18.000   10/11/2012      EUR     73.39
EFG FINANCIAL PR          20.000   10/11/2012      CHF     34.98
EFG FINANCIAL PR          17.250   10/12/2012      CHF     73.48
EFG FINANCIAL PR          12.000   10/19/2012      USD     63.57
EFG FINANCIAL PR           6.250   10/25/2012      CHF     65.79
EFG FINANCIAL PR          11.250   10/26/2012      CHF     73.70
EFG FINANCIAL PR          16.750   10/26/2012      CHF     44.53
EFG FINANCIAL PR          17.000   10/26/2012      EUR     56.96
EFG FINANCIAL PR          20.000   10/26/2012      CHF     37.09
EFG FINANCIAL PR          20.500   10/26/2012      EUR     37.46
EFG FINANCIAL PR          21.000   10/26/2012      USD     37.76
EFG FINANCIAL PR           9.330   10/29/2012      USD     60.47
EFG FINANCIAL PR          12.750   11/13/2012      CHF     30.21
EFG FINANCIAL PR          13.000   11/13/2012      CHF     32.33
EFG FINANCIAL PR          14.000   11/13/2012      USD     32.91
EFG FINANCIAL PR          14.500   11/13/2012      EUR     73.99
EFG FINANCIAL PR          17.000   11/13/2012      EUR     63.09
EFG FINANCIAL PR           8.000   11/20/2012      CHF     73.36
EFG FINANCIAL PR          11.500   11/20/2012      EUR     68.35
EFG FINANCIAL PR          14.800   11/20/2012      EUR     65.94
EFG FINANCIAL PR          14.500   11/27/2012      CHF     49.87
EFG FINANCIAL PR          16.000   11/27/2012      EUR     57.85
EFG FINANCIAL PR          13.750    12/6/2012      CHF     66.69
EFG FINANCIAL PR          17.500   12/14/2012      EUR     60.72
EFG FINANCIAL PR          12.000   12/27/2012      CHF     13.14
EFG FINANCIAL PR           8.830   12/28/2012      USD     66.99
EFG FINANCIAL PR           9.000    1/15/2013      CHF     48.76
EFG FINANCIAL PR          10.250    1/15/2013      CHF     29.44
EFG FINANCIAL PR          12.500    1/15/2013      CHF     52.08
EFG FINANCIAL PR          16.500    1/18/2013      CHF     58.93
EFG FINANCIAL PR           5.800    1/23/2013      CHF     57.84
EFG FINANCIAL PR          14.000    2/19/2013      CHF     18.68
EFG FINANCIAL PR           7.000    4/19/2013      EUR     73.73
EFG FINANCIAL PR           6.500    8/27/2013      CHF     60.74
EFG FINANCIAL PR           8.400    9/30/2013      CHF     71.63
EFG FINANCIAL PR           6.500     5/3/2012      USD     64.19
EFG FINANCIAL PR           9.500     5/4/2012      CHF     66.19
EFG FINANCIAL PR          10.500     5/4/2012      CHF     69.53
EFG FINANCIAL PR          11.000     5/4/2012      USD     70.79
EFG FINANCIAL PR          14.750     5/4/2012      EUR     43.82
EFG FINANCIAL PR          18.600     5/4/2012      CHF     66.48
EFG FINANCIAL PR           7.000     5/7/2012      CHF     70.06
EFG FINANCIAL PR           9.000     5/7/2012      USD     44.18
EFG FINANCIAL PR          10.600     5/9/2012      CHF     28.16
EFG FINANCIAL PR          10.000    5/11/2012      CHF     23.88
EFG FINANCIAL PR          10.050    5/11/2012      CHF     60.02
EFG FINANCIAL PR          11.000    5/11/2012      EUR     23.79
EFG FINANCIAL PR           8.950    5/14/2012      CHF     68.39
EFG FINANCIAL PR           9.000    5/16/2012      CHF     71.40
EFG FINANCIAL PR          10.830    5/18/2012      CHF      1.47
EFG FINANCIAL PR          12.960    5/21/2012      EUR     24.76
EFG FINANCIAL PR          10.750    5/22/2012      CHF     68.27
EFG FINANCIAL PR          11.250    5/22/2012      CHF     62.16
EFG FINANCIAL PR          12.750    5/22/2012      EUR     65.76
EFG FINANCIAL PR          14.000    5/22/2012      EUR     72.23
EFG FINANCIAL PR           8.000    5/24/2012      USD     53.53
EFG FINANCIAL PR           7.440    5/25/2012      EUR     60.39
EFG FINANCIAL PR          10.570    5/25/2012      EUR     71.35
EFG FINANCIAL PR          11.200    5/25/2012      CHF     70.77
EFG FINANCIAL PR          10.910    5/29/2012      EUR     46.94
EFG FINANCIAL PR          10.000    5/30/2012      CHF     63.70
EFG FINANCIAL PR          12.750     6/6/2012      EUR     72.95
EFG FINANCIAL PR          12.750     6/6/2012      CHF     70.94
EFG FINANCIAL PR          10.000     6/8/2012      CHF     35.43
EFG FINANCIAL PR          12.250     6/8/2012      EUR     65.56
EFG FINANCIAL PR           5.200    6/14/2012      CHF     68.38
EFG FINANCIAL PR          12.250    6/15/2012      EUR     12.83
EFG FINANCIAL PR          13.110    6/18/2012      USD     56.28
EFG FINANCIAL PR           9.650    6/20/2012      USD     56.02
EFG FINANCIAL PR           7.000    6/21/2012      CHF     64.27
EFG FINANCIAL PR          10.000    6/22/2012      CHF     43.83
EFG FINANCIAL PR          11.300    6/28/2012      EUR     66.62
EFG FINANCIAL PR          12.000    6/28/2012      USD     72.60
EFG FINANCIAL PR           6.600     7/4/2012      CHF     71.66
EFG FINANCIAL PR           8.250     7/4/2012      EUR     71.97
EFG FINANCIAL PR          10.500     7/5/2012      CHF     45.31
EFG FINANCIAL PR          10.250    7/25/2012      CHF     45.37
EFG FINANCIAL PR          11.000    7/25/2012      CHF     23.36
EFG FINANCIAL PR          10.000    7/31/2012      CHF     61.55
EFG FINANCIAL PR          11.500    7/31/2012      EUR     56.83
EFG FINANCIAL PR          11.750    7/31/2012      CHF     62.37
EFG FINANCIAL PR          11.750    7/31/2012      CHF     62.23
EFG FINANCIAL PR           9.000     8/3/2012      CHF     63.04
EFG FINANCIAL PR           9.000     8/3/2012      CHF      9.99
EFG FINANCIAL PR           9.000     8/3/2012      CHF     56.24
EFG FINANCIAL PR          10.000     8/7/2012      CHF     62.35
EFG FINANCIAL PR          11.000     8/7/2012      CHF     54.58
EFG FINANCIAL PR          19.000     8/8/2012      USD     61.04
EFG FINANCIAL PR          11.700    8/10/2012      USD     42.15
EFG FINANCIAL PR          12.800    8/10/2012      CHF     59.42
EFG FINANCIAL PR           3.850    8/13/2012      EUR     62.17
EFG FINANCIAL PR          11.000    8/14/2012      CHF     57.62
EFG FINANCIAL PR          12.750    8/14/2012      CHF     62.38
EFG FINANCIAL PR          13.750    8/14/2012      EUR     73.99
EFG FINANCIAL PR          12.000    8/16/2012      EUR     35.81
EFG FINANCIAL PR          11.600    8/17/2012      EUR     63.45
EFG FINANCIAL PR          11.800    8/17/2012      CHF     63.97
EFG FINANCIAL PR          11.500    8/24/2012      CHF     60.38
EFG FINANCIAL PR          11.750    8/24/2012      CHF     67.92
EFG FINANCIAL PR          14.000    8/24/2012      CHF     36.16
EFG FINANCIAL PR          22.000    8/24/2012      USD     25.12
EFG FINANCIAL PR          10.500     9/3/2012      CHF     61.80
EFG FINANCIAL PR          10.800     5/2/2012      CHF     69.48
EFG FINANCIAL PR          11.300    4/27/2012      EUR     66.39
EFG FINANCIAL PR          10.250    4/26/2012      EUR     49.67
EFG FINANCIAL PR           8.650    4/23/2012      USD     60.48
EFG FINANCIAL PR          11.000    4/20/2012      USD     67.59
EFG FINANCIAL PR          10.500    4/20/2012      USD     48.66
EFG FINANCIAL PR          10.000    4/20/2012      USD     48.54
EFG FINANCIAL PR           9.450    4/20/2012      CHF     62.79
EFG FINANCIAL PR          18.110    4/19/2012      EUR     57.50
EFG FINANCIAL PR          16.500    4/19/2012      EUR     59.16
EFG FINANCIAL PR          14.150    4/19/2012      EUR     50.29
EFG FINANCIAL PR          13.050    4/19/2012      USD     50.22
EFG FINANCIAL PR          10.500    4/19/2012      CHF     65.10
EFG FINANCIAL PR          10.000    4/19/2012      CHF     64.84
EFG FINANCIAL PR           9.600    4/11/2012      USD     74.73
EFG FINANCIAL PR           9.300    4/11/2012      USD     49.45
EFG FINANCIAL PR           9.000    4/11/2012      USD     69.34
EFG FINANCIAL PR           9.500     4/5/2012      EUR     51.62
EFG FINANCIAL PR           9.500     4/5/2012      USD     51.62
EFG FINANCIAL PR           8.550     4/5/2012      USD     51.39
EFG FINANCIAL PR          18.000     4/4/2012      CHF     17.72
EFG FINANCIAL PR           8.500    3/29/2012      CHF     60.15
MARE BALTIC PCC            3.000   11/17/2014      DKK     22.00
MARE BALTIC PCC            3.000   11/17/2014      DKK      1.00
MARE BALTIC PCC            2.000    11/1/2015      DKK      0.01
MARE BALTIC PCC            2.000    11/1/2015      DKK      0.01
SARASIN CI LTD             6.000     6/9/2014      EUR     71.16
ZURCHER KANT FIN           9.000    6/18/2012      CHF     63.83
ZURCHER KANT FIN           7.721    3/30/2012      CHF     74.73
ZURCHER KANT FIN          11.000    4/20/2012      CHF     55.86
ZURCHER KANT FIN           7.340    4/16/2013      CHF     64.13
ZURCHER KANT FIN           5.330   11/30/2012      CHF     73.17
ZURCHER KANT FIN           9.250    11/9/2012      CHF     68.93
ZURCHER KANT FIN          11.000    7/13/2012      CHF     74.06
ZURCHER KANT FIN           8.000    6/15/2012      CHF     68.28
ZURCHER KANT FIN           7.844    5/18/2012      CHF     65.95
FHB MORTGAGE BAN           4.500    3/22/2022      EUR     62.00

IRELAND
-------
AIB MORTGAGE BNK           5.000    2/12/2030      EUR     58.91
AIB MORTGAGE BNK           5.580    4/28/2028      EUR     65.36
AIB MORTGAGE BNK           5.000     3/1/2030      EUR     58.89
BANK OF IRELAND            5.600    9/18/2023      EUR     58.13
BK IRELAND MTGE            5.360   10/12/2029      EUR     64.33
BK IRELAND MTGE            5.400    11/6/2029      EUR     64.61
BK IRELAND MTGE            5.450     3/1/2030      EUR     64.77
BK IRELAND MTGE            5.760     9/7/2029      EUR     67.81
DEPFA ACS BANK             0.500     3/3/2025      CAD     38.59
DEPFA ACS BANK             3.250    7/31/2031      CHF     71.60
DEPFA ACS BANK             4.900    8/24/2035      CAD     69.06
DEPFA ACS BANK             5.125    3/16/2037      USD     71.27
DEPFA ACS BANK             5.125    3/16/2037      USD     72.10
FIRST ACTIVE PLC           6.375     4/4/2018      GBP     73.07
KALVEBOD PLC               2.000     5/1/2106      DKK     32.00

ITALY
-----
BTPS I/L                   2.550    9/15/2041      EUR     74.77
BTPS I/L                   2.350    9/15/2035      EUR     74.59
COMUNE DI MILANO           4.019    6/29/2035      EUR     74.61
ICCREA BANCAIMPR           5.220    4/11/2017      EUR     59.50
MONTE DEI PASCHI          29.540   10/31/2018      EUR     40.42
REGION OF LOMBAR           5.804   10/25/2032      USD     75.22
REP OF ITALY               5.250    12/7/2034      GBP     75.09
REP OF ITALY               1.850    9/15/2057      EUR     54.79
REP OF ITALY               2.200    9/15/2058      EUR     61.77
REP OF ITALY               4.850    6/11/2060      EUR     70.55
REP OF ITALY               2.870    5/19/2036      JPY     54.58
REP OF ITALY               2.000    9/15/2062      EUR     56.42
SEAT PAGINE               10.500    1/31/2017      EUR     66.01
SEAT PAGINE               10.500    1/31/2017      EUR     65.90
UBI BANCA SPCA             6.250   11/18/2018      EUR     52.62
UNICREDITO ITALI           4.748    2/15/2035      EUR     95.00
UNIPOL ASSICURAZ           5.660    7/28/2023      EUR     69.04

LUXEMBOURG
----------
ARCELORMITTAL              7.250     4/1/2014      EUR     23.47
CONTROLINVESTE             3.000    1/28/2015      EUR     73.38
DEXIA BQ INT LUX           6.000     7/2/2018      EUR     73.06
ESFG INTERNATION           6.875   10/21/2019      EUR     69.17
ESPIRITO SANTO F           9.750   12/19/2025      EUR     63.95
FORTIS LUX FIN             3.234    6/29/2021      EUR     65.00
INTRALOT LUX SA            2.250   12/20/2013      EUR     69.88
VIVALDIS                   0.500    6/13/2013      EUR     64.51
VIVALDIS                   0.500    6/13/2028      EUR     64.51
VIVALDIS                   0.500     8/8/2028      EUR     69.07

KAZAKHSTAN
----------
APP INTL FINANCE          11.750    10/1/2005      USD      0.01
ASTANA FINANCE             7.875     6/8/2010      EUR      3.74
BK NED GEMEENTEN           0.500    9/15/2016      TRY     71.64
BK NED GEMEENTEN           0.500    5/25/2016      TRY     73.22
BK NED GEMEENTEN           0.500    3/29/2021      NZD     70.69
BK NED GEMEENTEN           0.500     3/3/2021      NZD     70.92
BK NED GEMEENTEN           0.500    6/22/2021      ZAR     49.14
BK NED GEMEENTEN           0.500    6/22/2016      TRY     72.83
BK NED GEMEENTEN           0.500    5/12/2021      ZAR     49.66
BK NED GEMEENTEN           0.500    2/24/2025      CAD     62.76
BK NED GEMEENTEN           0.500    3/17/2016      TRY     74.21
BK NED GEMEENTEN           0.500    4/27/2016      TRY     73.62
BLT FINANCE BV             7.500    5/15/2014      USD     29.13
BRIT INSURANCE             6.625    12/9/2030      GBP     61.97
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     70.20
KBC IFIMA NV               7.500    4/30/2012      EUR     56.61
LEHMAN BROS TSY            6.000    11/2/2035      EUR      6.55
LEHMAN BROS TSY            7.000    5/17/2035      EUR      8.00
LEHMAN BROS TSY            8.250    3/16/2035      EUR      8.00
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            7.250    10/5/2035      EUR      7.10
NATL INVESTER BK          25.983     5/7/2029      EUR     27.89
NED WATERSCHAPBK           0.500    3/11/2025      CAD     60.64
NIB CAPITAL BANK           4.510   12/16/2035      EUR     71.40
PORTUGAL TEL FIN           4.500    6/16/2025      EUR     69.35
Q-CELLS INTERNAT           5.750    5/26/2014      EUR     17.32
RABOBANK                   0.500   11/26/2021      ZAR     47.16
RABOBANK                   0.500   10/27/2016      ZAR     72.57
RBS NV EX-ABN NV           2.910    6/21/2036      JPY     66.30
SNS BANK                   4.580    3/20/2026      EUR     69.17
SNS BANK                   4.996    1/26/2035      EUR     65.55
SNS BANK                   5.215    12/3/2027      EUR     72.51
TJIWI KIMIA FIN           13.250     8/1/2001      USD      0.01

NORWAY
------
KOMMUNALBANKEN             0.500    3/24/2016      ZAR     74.89
KOMMUNALBANKEN             0.500    5/25/2016      ZAR     73.82
KOMMUNALBANKEN             0.500    7/26/2016      ZAR     72.75
KOMMUNALBANKEN             0.500    7/29/2016      ZAR     72.69
KOMMUNALBANKEN             0.500    5/25/2018      ZAR     61.85
NORSKE SKOGIND             6.125   10/15/2015      USD     74.38
NORSKE SKOGIND             6.125   10/15/2015      USD     74.38
NORSKE SKOGIND             7.000    6/26/2017      EUR     62.44
NORSKE SKOGIND             7.125   10/15/2033      USD     54.88
NORSKE SKOGIND             7.125   10/15/2033      USD     54.88
RENEWABLE CORP             6.500     6/4/2014      EUR     63.51

POLAND
------
POLAND-REGD-RSTA           2.810   11/16/2037      JPY     75.49
REP OF POLAND              2.648    3/29/2034      JPY     73.51

PORTUGAL
--------
CAIXA GERAL DEPO           4.400    10/8/2019      EUR     73.88
CAIXA GERAL DEPO           4.250    1/27/2020      EUR     74.17
CAIXA GERAL DEPO           5.380    10/1/2038      EUR     60.59
COMBOIOS DE PORT           4.170   10/16/2019      EUR     51.25
METRO DE LISBOA            4.061    12/4/2026      EUR     46.88
METRO DE LISBOA            4.799    12/7/2027      EUR     46.63
METRO DE LISBOA            5.750     2/4/2019      EUR     56.00
METRO DE LISBOA            7.300   12/23/2025      EUR     49.13
MONTEPIO GERAL             5.000     2/8/2017      EUR     61.63
PARPUBLICA                 4.200   11/16/2026      EUR     49.50
PARPUBLICA                 3.567    9/22/2020      EUR     56.07
PORTUG-BEARER BD           9.000    5/20/2016      GBP     61.75
PORTUGAL (REP)             3.500    3/25/2015      USD     74.24
PORTUGAL (REP)             3.500    3/25/2015      USD     74.24
PORTUGUESE OT'S            4.100    4/15/2037      EUR     46.57
PORTUGUESE OT'S            4.950   10/25/2023      EUR     58.36
PORTUGUESE OT'S            3.850    4/15/2021      EUR     58.26
PORTUGUESE OT'S            4.800    6/15/2020      EUR     59.80
PORTUGUESE OT'S            4.750    6/14/2019      EUR     60.74
PORTUGUESE OT'S            4.450    6/15/2018      EUR     62.27
PORTUGUESE OT'S            4.350   10/16/2017      EUR     65.26
PORTUGUESE OT'S            4.200   10/15/2016      EUR     69.06
PORTUGUESE OT'S            3.350   10/15/2015      EUR     72.93
REFER                      4.250   12/13/2021      EUR     47.75
REFER                      4.000    3/16/2015      EUR     58.77
REFER                      5.875    2/18/2019      EUR     56.03
REFER                      4.047   11/16/2026      EUR     45.03
REFER                      4.675   10/16/2024      EUR     47.00

RUSSIA
------
ARIZK                      3.000   12/20/2030      RUB     49.10
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     15.01
MOSMART FINANS             0.010    4/12/2012      RUB      5.51
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     47.01
SATURN                     8.000     6/6/2014      RUB      2.02
SERBIA T-BONDS             5.850    2/16/2026      EUR     73.50

SPAIN
-----
AYT CEDULAS CAJA           4.750    5/25/2027      EUR     67.22
AYT CEDULAS CAJA           4.250   10/25/2023      EUR     69.95
AYT CEDULAS CAJA           3.750    6/30/2025      EUR     61.27
AYT CEDULAS CAJA           3.750   12/14/2022      EUR     67.99
AYUNTAM DE MADRD           4.550    6/16/2036      EUR     63.92
BANCAJA                    1.500    5/22/2018      EUR     69.14
BANCAJA EMI SA             2.755    5/11/2037      JPY     70.61
BANCO BILBAO VIZ           6.025     3/3/2033      EUR     63.17
BANCO CASTILLA             1.500    6/23/2021      EUR     68.41
BASQUE GOV'T               4.600     1/7/2025      EUR     74.57
BBVA SUB CAP UNI           2.750   10/22/2035      JPY     55.35
CAIXA TERRASSA             4.700     8/9/2021      EUR     73.60
CAJA MADRID                5.116    7/15/2015      EUR     73.88
CAJA MADRID                4.125    3/24/2036      EUR     68.93
CEDULAS TDA 6 FO           3.875    5/23/2025      EUR     61.95
CEDULAS TDA 6 FO           4.250    4/10/2031      EUR     58.40
CEDULAS TDA A-5            4.250    3/28/2027      EUR     61.97
COMUN AUTO CANAR           5.750   10/15/2029      EUR     72.97
COMUN AUTO CANAR           3.900   11/30/2035      EUR     48.60
COMUN AUTO CANAR           4.200   10/25/2036      EUR     49.27
COMUN NAVARRA              4.000   11/23/2021      EUR     71.22
COMUNIDAD ARAGON           4.646    7/11/2036      EUR     53.30
COMUNIDAD ARAGON           4.815   10/10/2022      EUR     74.51
COMUNIDAD BALEAR           3.869   11/23/2020      EUR     69.06
COMUNIDAD BALEAR           4.063   11/23/2035      EUR     47.02
COMUNIDAD MADRID           4.300    9/15/2026      EUR     69.62
DIPUTACION FOR             4.323   12/29/2023      EUR     67.56
GEN DE CATALUNYA           4.801    7/31/2020      EUR     73.33
GEN DE CATALUNYA           4.900    9/15/2021      EUR     71.47
GEN DE CATALUNYA           5.250    10/5/2023      EUR     70.32
GEN DE CATALUNYA           5.325    10/5/2028      EUR     64.87
GEN DE CATALUNYA           5.400    5/13/2030      EUR     63.40
GEN DE CATALUNYA           5.900    5/28/2030      EUR     68.06
GEN DE CATALUNYA           5.950    10/1/2030      EUR     67.31
GEN DE CATALUNYA           4.690   10/28/2034      EUR     54.22
GEN DE CATALUNYA           4.220    4/26/2035      EUR     49.77
GEN DE CATALUNYA           2.965     9/8/2039      JPY     54.22
GEN DE CATALUNYA           6.350   11/30/2041      EUR     66.86
GEN DE CATALUNYA           5.219    9/10/2029      EUR     62.72
GENERAL VALENCIA           5.900   11/30/2032      EUR     49.63
GENERAL VALENCIA           4.900    3/17/2020      EUR     65.38
GENERAL VALENCIA           4.000    11/2/2016      EUR     79.96
IM CEDULAS 5               3.500    6/15/2020      EUR     74.37
INSTIT CRDT OFCL           3.250    6/28/2024      CHF     74.38
INSTITUT CATALA            4.250    6/15/2024      EUR     65.11
JUNTA ANDALUCIA            5.700    7/20/2028      EUR     68.01
JUNTA ANDALUCIA            4.125    1/20/2020      EUR     71.94
JUNTA ANDALUCIA            3.170    7/29/2039      JPY     59.58
JUNTA ANDALUCIA            3.065    7/29/2039      JPY     58.15
JUNTA ANDALUCIA            4.850    3/17/2020      EUR     71.79
JUNTA ANDALUCIA            5.000    7/13/2022      EUR     73.63
JUNTA ANDALUCIA            6.600   11/29/2030      EUR     72.62
JUNTA ANDALUCIA            5.150    5/24/2034      EUR     58.04
JUNTA ANDALUCIA            4.250   10/31/2036      EUR     48.65
JUNTA CASTILLA             4.650    11/8/2022      EUR     68.31
JUNTA LA MANCHA            3.875    1/31/2036      EUR     36.38
JUNTA LA MANCHA            2.810   10/14/2022      JPY     72.50
JUNTA LA MANCHA            7.705    2/15/2033      EUR     69.13
JUNTA LA MANCHA            5.950     9/9/2030      EUR     57.61
JUNTA LA MANCHA            4.625   11/30/2022      EUR     64.25
MAPFRE SA                  5.921    7/24/2037      EUR     71.04
SACYR VALLEHERM            6.500     5/1/2016      EUR     64.86
XUNTA DE GALICIA           4.025   11/28/2035      EUR     46.92
XUNTA DE GALICIA           5.350   11/22/2028      EUR     63.94

SWEDEN
------
SWEDISH EXP CRED           0.500    8/25/2021      ZAR     49.66
SWEDISH EXP CRED           0.500    9/30/2016      ZAR     71.97
SWEDISH EXP CRED           0.500    9/20/2016      ZAR     72.08
SWEDISH EXP CRED           0.500    8/26/2016      ZAR     72.55
SWEDISH EXP CRED           0.500    8/25/2016      ZAR     72.52
SWEDISH EXP CRED           0.500    6/29/2016      TRY     71.11
SWEDISH EXP CRED           0.500    6/14/2016      ZAR     73.72
SWEDISH EXP CRED           0.500   11/27/2015      TRY     74.64
SWEDISH EXP CRED           7.500    6/12/2012      USD      7.05
SWEDISH EXP CRED           9.250    4/27/2012      USD      8.33
SWEDISH EXP CRED           0.500    1/31/2022      ZAR     48.63
SWEDISH EXP CRED           0.500    3/15/2022      ZAR     47.47
SWEDISH EXP CRED           0.500    2/22/2022      ZAR     47.69
SWEDISH EXP CRED           0.500    1/25/2028      USD     55.30
SWEDISH EXP CRED           0.500    8/26/2021      AUD     64.50
SWEDISH EXP CRED           0.500   12/17/2027      USD     55.72

SWITZERLAND
-----------
BANK JULIUS BAER           8.200    5/18/2012      EUR     71.80
BANK JULIUS BAER          10.000    5/11/2012      CHF     68.15
BANK JULIUS BAER           6.200    5/11/2012      USD     58.40
BANK JULIUS BAER           7.100    5/10/2012      CHF     66.50
BANK JULIUS BAER          10.500     5/9/2012      EUR     64.80
BANK JULIUS BAER          10.500     5/9/2012      EUR     66.80
BANK JULIUS BAER           7.100     5/9/2012      CHF     74.85
BANK JULIUS BAER          10.000    4/27/2012      CHF     75.10
BANK JULIUS BAER          10.500    4/26/2012      CHF     66.65
BANK JULIUS BAER           8.200    4/26/2012      EUR     71.00
BANK JULIUS BAER          15.600    4/20/2012      EUR     46.80
BANK JULIUS BAER          12.300    4/20/2012      CHF     63.65
BANK JULIUS BAER          12.100    4/20/2012      EUR     70.20
BANK JULIUS BAER          11.700    4/20/2012      EUR     66.25
BANK JULIUS BAER          12.000    4/16/2012      EUR     64.10
BANK JULIUS BAER          10.500    4/13/2012      EUR     64.80
BANK JULIUS BAER           7.200    4/13/2012      CHF     74.00
BANK JULIUS BAER          13.200    4/12/2012      CHF     61.80
BANK JULIUS BAER           8.300    5/11/2012      CHF     61.10
BANK JULIUS BAER          10.000    4/12/2012      CHF     52.15
BANK JULIUS BAER           9.200    4/12/2012      CHF     57.30
BANK JULIUS BAER           7.400    4/12/2012      CHF     36.20
BANK JULIUS BAER           7.200    4/12/2012      CHF     64.40
BANK JULIUS BAER          11.000     4/5/2012      CHF     67.00
BANK JULIUS BAER           9.500     4/5/2012      CHF     62.10
BANK JULIUS BAER           9.300     4/5/2012      CHF     64.60
BANK JULIUS BAER           6.600     4/5/2012      CHF     59.85
BANK JULIUS BAER          13.600    3/30/2012      EUR     67.65
BANK JULIUS BAER          12.100    3/30/2012      EUR     70.95
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           8.300    3/30/2012      EUR     73.70
BANK JULIUS BAER           7.700    3/30/2012      EUR     61.95
BANK JULIUS BAER          12.200    4/12/2012      CHF      1.45
BANK JULIUS BAER          12.000     4/9/2013      CHF     69.70
BANK JULIUS BAER          12.400     7/6/2012      CHF     50.40
BANK JULIUS BAER          11.300     7/6/2012      CHF     42.30
BANK JULIUS BAER          14.300    7/13/2012      CHF     59.40
BANK JULIUS BAER          12.000     7/6/2012      EUR     75.05
BANK JULIUS BAER          11.900     7/6/2012      CHF     73.05
BANK JULIUS BAER          10.500    7/18/2012      CHF     73.20
BANK JULIUS BAER          11.900     7/6/2012      CHF     69.15
BANK JULIUS BAER           9.300    7/27/2012      EUR     73.95
BANK JULIUS BAER           9.000    9/17/2012      CHF     57.00
BANK JULIUS BAER          10.100     7/6/2012      CHF     41.55
BANK JULIUS BAER          14.000    6/28/2012      EUR     74.70
BANK JULIUS BAER           7.400    6/14/2012      CAD     70.80
BANK JULIUS BAER          13.000     6/1/2012      USD     61.90
BANK JULIUS BAER          10.000     6/1/2012      CHF     68.55
BANK JULIUS BAER           9.000    5/30/2012      CHF     60.30
BANK JULIUS BAER           9.200    5/25/2012      EUR     61.90
BANK JULIUS BAER           8.400    5/23/2012      CHF     67.65
CLARIDEN LEU NAS           9.000     5/9/2012      EUR     67.92
CLARIDEN LEU NAS           9.600     5/9/2012      CHF     70.12
CLARIDEN LEU NAS          10.750     5/9/2012      CHF     73.38
CLARIDEN LEU NAS          10.750    5/11/2012      CHF     68.49
CLARIDEN LEU NAS          12.000    5/11/2012      EUR     67.33
CLARIDEN LEU NAS          12.850    5/15/2012      CHF     73.77
CLARIDEN LEU NAS          10.000    5/16/2012      EUR     70.35
CLARIDEN LEU NAS          10.550    5/16/2012      EUR     63.50
CLARIDEN LEU NAS          10.600    5/18/2012      CHF     68.03
CLARIDEN LEU NAS          12.000    5/18/2012      EUR     64.29
CLARIDEN LEU NAS          10.000    5/23/2012      NOK     71.28
CLARIDEN LEU NAS          13.000    5/23/2012      CHF     20.34
CLARIDEN LEU NAS          14.000    5/23/2012      EUR     20.45
CLARIDEN LEU NAS          12.750    5/24/2012      EUR     60.90
CLARIDEN LEU NAS          10.750    5/30/2012      CHF     70.14
CLARIDEN LEU NAS          12.250    5/31/2012      EUR     53.97
CLARIDEN LEU NAS           7.500     6/1/2012      EUR     73.70
CLARIDEN LEU NAS          12.500     6/1/2012      CHF     21.98
CLARIDEN LEU NAS          13.250     6/1/2012      USD     22.09
CLARIDEN LEU NAS          10.000     6/6/2012      NOK     73.42
CLARIDEN LEU NAS           7.500     6/8/2012      GBP     72.87
CLARIDEN LEU NAS           8.500     6/8/2012      CHF     65.80
CLARIDEN LEU NAS          13.500     6/8/2012      EUR     64.27
CLARIDEN LEU NAS           9.000    6/14/2012      CHF     70.53
CLARIDEN LEU NAS          12.000    6/14/2012      CHF     42.16
CLARIDEN LEU NAS           3.550    6/20/2012      CHF     59.59
CLARIDEN LEU NAS           9.000    6/21/2012      CHF     73.55
CLARIDEN LEU NAS          10.000    6/21/2012      EUR     67.93
CLARIDEN LEU NAS          10.500    6/21/2012      EUR     68.28
CLARIDEN LEU NAS          10.000    6/22/2012      CHF     74.40
CLARIDEN LEU NAS          11.250    6/22/2012      CHF     61.81
CLARIDEN LEU NAS          15.500    6/29/2012      EUR     57.38
CLARIDEN LEU NAS          10.500     7/4/2012      EUR     72.79
CLARIDEN LEU NAS          12.500    7/11/2012      EUR     72.04
CLARIDEN LEU NAS          10.500     8/2/2012      EUR     62.42
CLARIDEN LEU NAS          11.000     8/2/2012      USD     72.41
CLARIDEN LEU NAS          11.750     8/8/2012      EUR     73.14
CLARIDEN LEU NAS           7.000    8/16/2012      CHF     67.39
CLARIDEN LEU NAS           9.250     9/4/2012      CHF     61.21
CLARIDEN LEU NAS          12.000     9/4/2012      EUR     59.62
CLARIDEN LEU NAS           7.500    9/10/2012      CHF     70.52
CLARIDEN LEU NAS          10.000    9/11/2012      CHF     64.61
CLARIDEN LEU NAS          10.250    9/17/2012      CHF     65.93
CLARIDEN LEU NAS           9.000    9/24/2012      CHF     74.90
CLARIDEN LEU NAS           7.000    10/4/2012      CHF     66.37
CLARIDEN LEU NAS          10.000    10/8/2012      EUR     63.68
CLARIDEN LEU NAS           8.000   10/15/2012      CHF     72.10
CLARIDEN LEU NAS           8.500   10/15/2012      CHF     64.74
CLARIDEN LEU NAS           9.500   10/15/2012      CHF     66.19
CLARIDEN LEU NAS          10.000   10/15/2012      CHF     65.70
CLARIDEN LEU NAS           7.500   11/13/2012      CHF     70.05
CLARIDEN LEU NAS           7.250   11/16/2012      CHF     69.63
CLARIDEN LEU NAS           7.125   11/19/2012      CHF     69.95
CLARIDEN LEU NAS           0.000   12/14/2012      CHF     40.05
CLARIDEN LEU NAS           0.000   12/17/2012      EUR     71.50
CLARIDEN LEU NAS           8.750    1/15/2013      CHF     74.91
CLARIDEN LEU NAS           0.000    1/24/2013      CHF     73.79
CLARIDEN LEU NAS           9.000    2/14/2013      CHF     72.73
CLARIDEN LEU NAS          11.650    4/18/2012      EUR     75.21
CLARIDEN LEU NAS           0.000    3/25/2013      CHF     70.73
CLARIDEN LEU NAS           6.500    4/26/2013      CHF     68.84
CLARIDEN LEU NAS           0.000    5/31/2013      CHF     74.89
CLARIDEN LEU NAS           0.000   11/26/2013      CHF     72.53
CLARIDEN LEU NAS           9.650    4/13/2012      CHF     36.21
CLARIDEN LEU NAS          11.000    4/12/2012      EUR     47.93
CLARIDEN LEU NAS          15.000     4/5/2012      USD     57.01
CLARIDEN LEU NAS           8.500     4/5/2012      CHF     58.03
CLARIDEN LEU NAS           7.700     4/5/2012      CHF     37.24
CLARIDEN LEU NAS          13.500     4/4/2012      CHF     15.92
CLARIDEN LEU NAS           8.250     4/4/2012      CHF     64.99
CLARIDEN LEU NAS           9.000    4/27/2012      USD     70.03
CLARIDEN LEU NAS           9.000    4/27/2012      USD     18.00
CLARIDEN LEU NAS          12.400    4/27/2012      EUR     73.88
CLARIDEN LEU NAS           8.500    4/27/2012      USD     69.74
CLARIDEN LEU NAS          11.250    4/26/2012      USD     69.58
CLARIDEN LEU NAS          10.000    4/26/2012      CHF     70.16
CLARIDEN LEU NAS          11.000    4/19/2012      USD     71.67
CLARIDEN LEU NAS           9.250    4/19/2012      EUR     74.88
CLARIDEN LEU NAS           9.000    4/19/2012      CHF     67.55
CLARIDEN LEU NAS          13.000    4/27/2012      CHF     18.98
CLARIDEN LEU NAS           9.500     5/2/2012      EUR     64.86
CLARIDEN LEU NAS          10.500     5/2/2012      EUR     67.81
CLARIDEN LEU NAS          11.000     5/2/2012      CHF     66.87
CLARIDEN LEU NAS           8.250     5/3/2012      GBP     68.51
CLARIDEN LEU NAS           9.500     5/3/2012      CHF     65.59
CLARIDEN LEU NAS          11.250     5/3/2012      GBP     73.61
CLARIDEN LEU NAS          10.250     5/4/2012      CHF     60.63
CLARIDEN LEU NAS           7.300     5/9/2012      CHF     65.76
CLARIDEN LEU NAS           0.000    2/11/2014      CHF     63.33
CLARIDEN LEU NAS           0.000    2/24/2014      CHF     63.73
CLARIDEN LEU NAS           0.000    5/13/2014      CHF     69.02
CLARIDEN LEU NAS           0.000    6/10/2014      CHF     68.65
CLARIDEN LEU NAS           9.500    4/12/2012      CHF     40.57
CLARIDEN LEU NAS          10.000    4/11/2012      USD     31.70
CLARIDEN LEU NAS           5.250     8/6/2014      CHF     71.95
CLARIDEN LEU NAS           4.500    8/13/2014      CHF     67.12
CLARIDEN LEU NAS           9.500    4/11/2012      CHF     60.54
CREDIT SUISSE LD           4.000   12/10/2012      EUR     45.40
SARASIN CI LTD            10.500    4/26/2012      CHF     62.47
SARASIN CI LTD             8.500    4/26/2012      CHF     57.62
SARASIN CI LTD            11.000    4/26/2012      CHF     65.32
SARASIN CI LTD            10.080     5/4/2012      CHF     42.11
SARASIN CI LTD            11.000     5/9/2012      CHF     65.66
SARASIN CI LTD            12.500    5/11/2012      CHF     61.74
SARASIN CI LTD             7.000    5/24/2012      CHF     61.90
SARASIN CI LTD             5.538    6/18/2012      CHF     67.13
SARASIN CI LTD            12.000    6/27/2012      CHF     45.54
SARASIN CI LTD             8.000     9/3/2012      CHF     43.16
SARASIN CI LTD            10.200    3/30/2012      CHF     60.11
SARASIN/GUERNSEY          10.000    8/10/2012      EUR     69.34
SARASIN/GUERNSEY           7.200    7/16/2012      CHF     55.39
SARASIN/GUERNSEY           7.600    7/13/2012      EUR     74.19
UBS AG                     9.470   11/12/2012      EUR     54.54
UBS AG                     9.650   11/12/2012      EUR     62.31
UBS AG                    10.930   11/12/2012      EUR     62.54
UBS AG                    11.260   11/12/2012      EUR     63.17
UBS AG                    11.660   11/12/2012      EUR     58.68
UBS AG                    13.560   11/12/2012      EUR     71.71
UBS AG                    13.600   11/12/2012      EUR     57.91
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     58.10
UBS AG                    13.830   12/17/2013      USD     20.11
UBS AG                    11.000     3/4/2014      USD     19.73
UBS AG                     8.590   11/12/2012      EUR     69.01
UBS AG                     8.280   11/12/2012      EUR     72.65
UBS AG                     8.280   11/12/2012      EUR     72.65
UBS AG                     6.700   11/12/2012      EUR     59.12
UBS AG                     6.070   11/12/2012      EUR     71.90
UBS AG                    13.340   10/24/2012      USD     46.27
UBS AG                    11.580    10/1/2012      EUR     70.77
UBS AG                     8.370   11/12/2012      EUR     66.85
UBS AG                    11.530    10/1/2012      EUR     70.74
UBS AG                    11.460    10/1/2012      EUR     70.71
UBS AG                    11.460    10/1/2012      EUR     55.16
UBS AG                    11.380    10/1/2012      EUR     70.67
UBS AG                    11.330    10/1/2012      EUR     55.09
UBS AG                    11.280    10/1/2012      EUR     70.62
UBS AG                    11.160    10/1/2012      EUR     70.57
UBS AG                    11.150    10/1/2012      EUR     55.01
UBS AG                    11.010    10/1/2012      EUR     70.49
UBS AG                    10.930    10/1/2012      EUR     54.90
UBS AG                    10.840    10/1/2012      EUR     70.41
UBS AG                    10.650    10/1/2012      EUR     54.76
UBS AG                    10.640    10/1/2012      EUR     70.31
UBS AG                    11.560    10/1/2012      EUR     55.20
UBS AG                    10.310    10/1/2012      EUR     54.60
UBS AG                    10.150    10/1/2012      EUR     70.08
UBS AG                     9.910    10/1/2012      EUR     54.41
UBS AG                     9.900    10/1/2012      EUR     41.55
UBS AG                     9.860    10/1/2012      EUR     69.99
UBS AG                     9.540    10/1/2012      EUR     69.78
UBS AG                     9.440    10/1/2012      EUR     54.18
UBS AG                     9.360    10/1/2012      EUR     41.24
UBS AG                     9.200    10/1/2012      EUR     41.16
UBS AG                     9.060    10/1/2012      EUR     71.28
UBS AG                     8.910    10/1/2012      EUR     53.92
UBS AG                     8.910    10/1/2012      EUR     71.16
UBS AG                     8.730    10/1/2012      EUR     40.93
UBS AG                    10.410    10/1/2012      EUR     70.20
UBS AG                     8.500    10/1/2012      EUR     70.96
UBS AG                     8.420    10/1/2012      EUR     40.82
UBS AG                     8.310    10/1/2012      EUR     53.67
UBS AG                     8.240    10/1/2012      EUR     70.86
UBS AG                     8.050    10/1/2012      EUR     40.60
UBS AG                     7.940    10/1/2012      EUR     70.73
UBS AG                     7.840    10/1/2012      EUR     40.50
UBS AG                     7.680    10/1/2012      EUR     74.23
UBS AG                     7.660    10/1/2012      EUR     53.32
UBS AG                     7.620    10/1/2012      EUR     40.39
UBS AG                     7.610    10/1/2012      EUR     70.57
UBS AG                     7.450    10/1/2012      EUR     74.12
UBS AG                     7.380    10/1/2012      EUR     40.28
UBS AG                     8.720    10/1/2012      EUR     71.07
UBS AG                     7.140    10/1/2012      EUR     40.16
UBS AG                    18.220    9/28/2012      EUR     72.99
UBS AG                    16.720    9/28/2012      EUR     74.45
UBS AG                    10.740    9/17/2012      USD     33.58
UBS AG                     9.070     9/3/2012      EUR     69.72
UBS AG                     9.430    8/31/2012      USD     34.11
UBS AG                     8.650    8/29/2012      USD     33.17
UBS AG                    17.250    8/15/2012      EUR     70.45
UBS AG                     9.500    8/10/2012      USD     28.40
UBS AG                    11.000     8/2/2012      EUR     68.65
UBS AG                    10.500     8/2/2012      EUR     63.10
UBS AG                    12.040    7/31/2012      USD     16.85
UBS AG                    11.760    7/31/2012      USD     28.35
UBS AG                     7.240    10/1/2012      EUR     70.39
UBS AG                    10.020    7/20/2012      USD     10.92
UBS AG                    14.400    6/29/2012      CHF     60.15
UBS AG                    12.750    6/25/2012      EUR     52.58
UBS AG                    12.610    6/25/2012      EUR     52.52
UBS AG                    12.510    6/25/2012      EUR     68.52
UBS AG                    12.450    6/25/2012      EUR     68.51
UBS AG                    12.410    6/25/2012      EUR     52.47
UBS AG                    12.370    6/25/2012      EUR     68.49
UBS AG                    12.270    6/25/2012      EUR     68.47
UBS AG                    12.170    6/25/2012      EUR     52.42
UBS AG                    12.140    6/25/2012      EUR     68.44
UBS AG                    11.990    6/25/2012      EUR     68.41
UBS AG                    11.860    6/25/2012      EUR     52.35
UBS AG                     8.460    7/31/2012      USD     35.27
UBS AG                    11.600    6/25/2012      EUR     68.35
UBS AG                    11.480    6/25/2012      EUR     52.27
UBS AG                    11.360    6/25/2012      EUR     68.27
UBS AG                    11.080    6/25/2012      EUR     68.21
UBS AG                    11.030    6/25/2012      EUR     52.20
UBS AG                    10.770    6/25/2012      EUR     68.14
UBS AG                    10.590    6/25/2012      EUR     74.40
UBS AG                    10.500    6/25/2012      EUR     52.06
UBS AG                    10.420    6/25/2012      EUR     68.07
UBS AG                    10.190    6/25/2012      EUR     74.32
UBS AG                    10.040    6/25/2012      EUR     67.98
UBS AG                     9.920    6/25/2012      EUR     38.94
UBS AG                     9.900    6/25/2012      EUR     51.93
UBS AG                     9.890    6/25/2012      EUR     69.04
UBS AG                    11.810    6/25/2012      EUR     68.37
UBS AG                     9.700    6/25/2012      EUR     74.21
UBS AG                     9.660    6/25/2012      EUR     69.02
UBS AG                     9.430    6/25/2012      EUR     38.83
UBS AG                     9.390    6/25/2012      EUR     68.96
UBS AG                     9.330    6/25/2012      EUR     73.09
UBS AG                     9.220    6/25/2012      EUR     51.78
UBS AG                     9.130    6/25/2012      EUR     74.09
UBS AG                     9.090    6/25/2012      EUR     38.76
UBS AG                     9.080    6/25/2012      EUR     68.89
UBS AG                     9.080    6/25/2012      EUR     73.04
UBS AG                     8.910    6/25/2012      EUR     73.00
UBS AG                     8.720    6/25/2012      EUR     68.81
UBS AG                     8.720    6/25/2012      EUR     72.96
UBS AG                     8.690    6/25/2012      EUR     38.67
UBS AG                     9.710    6/25/2012      EUR     38.89
UBS AG                     8.490    6/25/2012      EUR     51.62
UBS AG                     8.490    6/25/2012      EUR     73.95
UBS AG                     8.320    6/25/2012      EUR     68.70
UBS AG                     8.270    6/25/2012      EUR     72.86
UBS AG                     8.220    6/25/2012      EUR     38.57
UBS AG                     8.000    6/25/2012      EUR     72.81
UBS AG                     7.960    6/25/2012      EUR     38.51
UBS AG                     7.890    6/25/2012      EUR     68.63
UBS AG                     7.770    6/25/2012      EUR     73.81
UBS AG                     7.720    6/25/2012      EUR     72.74
UBS AG                     7.710    6/25/2012      EUR     51.47
UBS AG                     7.690    6/25/2012      EUR     38.45
UBS AG                     7.420    6/25/2012      EUR     68.52
UBS AG                     7.410    6/25/2012      EUR     38.43
UBS AG                     8.510    6/25/2012      EUR     72.92
UBS AG                    26.100    6/22/2012      EUR     73.67
UBS AG                    22.200    6/22/2012      EUR     69.21
UBS AG                    21.370    6/22/2012      EUR     72.51
UBS AG                    20.120    6/22/2012      EUR     71.03
UBS AG                    19.000    6/22/2012      EUR     74.49
UBS AG                    18.080    6/22/2012      EUR     73.01
UBS AG                    15.000     6/6/2012      CHF     68.20
UBS AG                    10.600     6/6/2012      CHF     74.10
UBS AG                    10.000     6/6/2012      CHF     72.50
UBS AG                     8.000     6/6/2012      CHF     73.65
UBS AG                    17.720     6/4/2012      EUR     67.66
UBS AG                    14.000    5/23/2012      USD      8.96
UBS AG                    13.700    5/23/2012      USD     13.57
UBS AG                    13.300    5/23/2012      USD      3.87
UBS AG                     7.110    6/25/2012      EUR     38.34
UBS AG                    13.150    5/11/2012      EUR     58.60
UBS AG                    12.900    5/11/2012      EUR     53.06
UBS AG                    11.240    5/11/2012      EUR     57.29
UBS AG                    10.940    5/11/2012      EUR     49.92
UBS AG                    10.060    5/11/2012      EUR     63.10
UBS AG                     9.880    5/11/2012      EUR     57.76
UBS AG                     9.170    5/11/2012      EUR     70.11
UBS AG                     9.170    5/11/2012      EUR     70.11
UBS AG                     9.110    5/11/2012      EUR     66.05
UBS AG                     6.870    5/11/2012      EUR     55.85
UBS AG                     6.600    5/11/2012      USD     68.25
UBS AG                     6.550    5/11/2012      EUR     69.67
UBS AG                     8.000     5/9/2012      CHF     75.25
UBS AG                    15.000     5/3/2012      EUR     49.80
UBS AG                    15.150    5/11/2012      EUR     51.26
UBS AG                    12.800    4/20/2012      CHF     72.13
UBS AG                    11.930    4/20/2012      CHF     38.95
UBS AG                     8.000    4/20/2012      CHF     63.50
UBS AG                     7.820    4/20/2012      CHF     74.52
UBS AG                    10.780    4/19/2012      CHF     58.20
UBS AG                    10.100    4/19/2012      CHF     64.12
UBS AG                     7.910    4/19/2012      CHF     64.02
UBS AG                     7.810    4/19/2012      CHF     58.00
UBS AG                    10.290    4/16/2012      CHF     67.25
UBS AG                     9.050    4/16/2012      CHF     52.98
UBS AG                     8.020    4/16/2012      CHF     70.70
UBS AG                     8.500     5/3/2012      CHF     64.80
UBS AG JERSEY              3.220    7/31/2012      EUR     36.55

UNITED KINGDOM
--------------
ALLIANC&LEIC BLD           5.875    8/14/2031      GBP     74.90
BAKKAVOR FIN 2             8.250    2/15/2018      GBP     79.13
BANK NADRA                 8.000    6/22/2017      USD     49.50
BANK OF SCOTLAND           2.359    3/27/2029      JPY     67.23
BANK OF SCOTLAND           2.550    4/23/2037      JPY     60.53
BANK OF SCOTLAND           2.595     5/8/2037      JPY     60.67
BANK OF SCOTLAND           2.408     2/9/2027      JPY     72.27
BANK OF SCOTLAND           2.340   12/28/2026      JPY     72.54
BARCLAYS BK PLC           11.500    6/28/2013      EUR     73.60
BARCLAYS BK PLC            0.500    12/3/2017      AUD     70.19
BARCLAYS BK PLC           11.000    9/14/2012      EUR     70.72
BARCLAYS BK PLC            8.000    9/11/2012      USD     10.72
BARCLAYS BK PLC            8.000    9/11/2012      USD     10.60
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            8.000     6/8/2012      EUR     61.78
BARCLAYS BK PLC           12.950    4/20/2012      USD     23.40
BARCLAYS BK PLC            9.000   10/16/2012      USD     11.03
BARCLAYS BK PLC            8.500   10/16/2012      USD     11.44
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     70.34
BARCLAYS BK PLC           13.000    9/28/2012      EUR     69.66
BARCLAYS BK PLC           12.500    9/28/2012      EUR     74.29
BARCLAYS BK PLC           11.750    9/28/2012      EUR     74.38
BARCLAYS BK PLC            8.000    9/28/2012      USD     10.58
BARCLAYS BK PLC           12.000    9/14/2012      EUR     74.20
BARCLAYS BK PLC           10.500   12/14/2012      EUR     72.59
BARCLAYS BK PLC           12.000     1/2/2013      EUR     71.65
BARCLAYS BK PLC           12.500     1/2/2013      EUR     72.54
BARCLAYS BK PLC           11.500    3/22/2013      EUR     72.93
BARCLAYS BK PLC            7.000    7/27/2012      USD     10.05
BARCLAYS BK PLC           11.000    6/22/2012      EUR     61.33
BARCLAYS BK PLC           10.750    6/22/2012      EUR     72.82
BARCLAYS BK PLC           10.500    6/22/2012      EUR     62.89
BARCLAYS BK PLC           10.500    6/22/2012      EUR     62.12
BARCLAYS BK PLC           10.000    6/22/2012      EUR     75.34
BARCLAYS BK PLC            9.750    6/22/2012      EUR     65.91
BARCLAYS BK PLC            8.500    6/22/2012      EUR     66.27
BARCLAYS BK PLC            8.250    6/22/2012      EUR     67.09
BARCLAYS BK PLC            8.000    6/22/2012      EUR     72.35
BARCLAYS BK PLC            8.000    6/22/2012      EUR     63.90
BARCLAYS BK PLC            7.000    6/22/2012      EUR     70.13
BARCLAYS BK PLC            6.000    6/22/2012      EUR     69.05
BARCLAYS BK PLC            6.000    6/22/2012      EUR     72.66
BARCLAYS BK PLC           13.000     6/8/2012      EUR     72.18
BARCLAYS BK PLC           12.500     6/8/2012      EUR     67.51
BARCLAYS BK PLC           12.000     6/8/2012      EUR     75.41
BARCLAYS BK PLC           11.750     6/8/2012      EUR     72.10
BARCLAYS BK PLC           11.090     6/8/2012      EUR     64.22
BARCLAYS BK PLC           11.000     6/8/2012      EUR     73.66
BARCLAYS BK PLC           11.000     6/8/2012      EUR     75.21
BARCLAYS BK PLC           11.000     6/8/2012      EUR     72.53
BARCLAYS BK PLC           10.500     6/8/2012      EUR     57.87
BARCLAYS BK PLC           10.250     6/8/2012      EUR     72.06
BARCLAYS BK PLC            9.250     6/8/2012      EUR     71.46
BARCLAYS BK PLC            8.250     6/8/2012      EUR     65.03
BARCLAYS BK PLC            7.000     6/8/2012      EUR     71.28
BARCLAYS BK PLC            7.250    6/22/2012      EUR     69.12
BARCLAYS BK PLC           10.000    7/20/2012      USD      7.12
BARCLAYS BK PLC            8.000    6/29/2012      USD     10.13
BARCLAYS BK PLC            0.500    9/24/2019      AUD     61.59
BARCLAYS BK PLC           15.000    6/22/2012      EUR     66.95
BARCLAYS BK PLC           14.500    6/22/2012      EUR     66.85
BARCLAYS BK PLC           14.500    6/22/2012      EUR     70.70
BARCLAYS BK PLC           13.750    6/22/2012      EUR     71.24
BARCLAYS BK PLC           12.750    6/22/2012      EUR     72.23
BARCLAYS BK PLC           12.000    6/22/2012      EUR     58.99
BARCLAYS BK PLC           12.000    6/22/2012      EUR     71.59
BARCLAYS BK PLC           11.750    6/22/2012      EUR     65.91
BARCLAYS BK PLC           11.500    6/22/2012      EUR     73.54
BARCLAYS BK PLC           11.500    6/22/2012      EUR     74.68
CO-OPERATIVE BNK           5.875    3/28/2033      GBP     72.50
CO-OPERATIVE BNK           5.750    12/2/2024      GBP     73.91
EFG HELLAS PLC             6.010     1/9/2036      EUR     32.75
EFG HELLAS PLC             5.400    11/2/2047      EUR     36.63
EMPORIKI GRP FIN           5.100    12/9/2021      EUR     51.75
EMPORIKI GRP FIN           5.000    2/24/2022      EUR     50.75
EMPORIKI GRP FIN           5.000    12/2/2021      EUR     51.25
ENTERPRISE INNS            6.375    9/26/2031      GBP     65.92
ENTERPRISE INNS            6.875    2/15/2021      GBP     71.94
ENTERPRISE INNS            6.875     5/9/2025      GBP     67.75
ESSAR ENERGY               4.250     2/1/2016      USD     65.80
F&C ASSET MNGMT            6.750   12/20/2026      GBP     67.01
GALA ELECTRIC CA          11.500     6/1/2019      GBP     65.79
GALA ELECTRIC CA          11.500     6/1/2019      GBP     65.58
GS INTERNATIONAL           9.750    5/22/2012      CHF     59.80
GS INTERNATIONAL          13.000    6/28/2012      CHF     67.80
GS INTERNATIONAL           9.500    4/20/2012      CHF     55.20
HBOS PLC                   5.374    6/30/2021      EUR     71.25
HBOS PLC                   4.500    3/18/2030      EUR     64.12
HSBC BANK PLC              0.500     4/3/2023      AUD     55.33
HSBC BANK PLC              0.500   12/29/2026      AUD     44.28
HSBC BANK PLC              0.500   11/22/2021      AUD     59.83
HSBC BANK PLC              0.500    12/2/2022      AUD     56.39
HSBC BANK PLC              0.500    2/24/2023      AUD     55.65
HSBC BANK PLC              0.500    12/8/2026      AUD     44.43
HSBC BANK PLC              0.500   11/16/2018      AUD     71.17
HSBC BANK PLC              0.500     2/2/2023      AUD     55.84
HSBC BANK PLC              0.500   12/29/2022      AUD     56.15
HSBC BANK PLC              0.500    9/28/2018      AUD     71.72
MARSTONS ISSUER            5.641    7/15/2035      GBP     74.08
MATALAN                    9.625    3/31/2017      GBP     66.28
MATALAN                    9.625    3/31/2017      GBP     66.28
MAX PETROLEUM              6.750     9/8/2013      USD     52.73
NOMURA BANK INTL           0.800   12/21/2020      EUR     67.06
OTE PLC                    4.625    5/20/2016      EUR     71.54
PRIVATBANK                 5.799     2/9/2016      USD     73.00
PUNCH TAVERNS              7.567    4/15/2026      GBP     55.52
PUNCH TAVERNS              5.883   10/15/2026      GBP     62.85
ROYAL BK SCOTLND           6.250   12/20/2012      EUR     53.82
ROYAL BK SCOTLND          20.000    2/23/2017      SEK     65.00
ROYAL BK SCOTLND           4.692     6/9/2025      EUR     68.00
ROYAL BK SCOTLND           5.168    6/29/2030      EUR     63.11
SKIPTON BUILDING           5.625    1/18/2018      GBP     68.89
SPIRIT ISSUER              5.472   12/28/2028      GBP     73.09
THOMAS COOK GR             6.750    6/22/2015      EUR     64.22
THOMAS COOK GR             7.750    6/22/2017      GBP     55.50
UNIQUE PUB FIN             5.659    6/30/2027      GBP     74.38
UNIQUE PUB FIN             6.464    3/30/2032      GBP     45.75
WESSEX WATER FIN           1.499   11/29/2058      GBP     65.75
WESSEX WATER FIN           1.369    7/31/2057      GBP     65.32


                            *********

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.


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