/raid1/www/Hosts/bankrupt/TCREUR_Public/120507.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, May 7, 2012, Vol. 13, No. 90
Headlines
C R O A T I A
ZAGREBACKA BANKA: Fitch Affirms Viability Rating at 'BB+'
D E N M A R K
CIMBER STERLING: Flybe in Talks to Take Over Domestic Routes
G E R M A N Y
UNITYMEDIA GMBH: Moody's Confirms 'B1' Corporate Family Rating
G R E E C E
* HELLENIC REPUBLIC: S&P Raises Sovereign Credit Ratings to 'CCC'
I R E L A N D
DA VINCI: Fitch Affirms Rating on EUR7.7-Mil. Notes at 'Dsf'
EIRCOM GROUP: Hutchison Whampoa Revises Takeover Bid
EUROMAX V: S&P Cuts Rating on Class A4 Notes to 'CCC-'; Off Watch
FLEET STREET: S&P Affirms 'CCC-' Rating on Class D Notes
I T A L Y
FONDIARIA-SAI: S&P Keeps 'B' Counterparty Rating on Watch Neg.
UNIPOL BANCA: S&P Keeps 'BB' Counterparty Rating on Watch Neg.
L A T V I A
* LATVIA: S&P Raises Sovereign Credit Ratings From 'BB+/B'
N E T H E R L A N D S
FAXTOR ABS 2005-1: S&P Cuts Rating on Class A-3 Notes to 'B-'
HALCYON 2006-II: S&P Raises Rating on Class D Notes to 'BB'
* NETHERLANDS: Construction Sector Bankruptcies Increase to 367
R U S S I A
RUSSIAN STANDARD: Fitch Affirms 'B+' LT Issuer Default Rating
TRANSCREDITBANK: Moody's Corrects April 27 Ratings Release
* VOLGOGRAD REGION: Fitch Assigns 'BB-' Local Currency Rating
* REPUBLIC OF KHAKASSIA: Fitch Affirms BB- Issuer Default Rating
S W I T Z E R L A N D
SCHMOLZ + BICKENBACH: S&P Assigns 'B+' Corporate Credit Rating
T U R K E Y
EXPORT CREDIT: S&P Affirms 'BB/B' Issuer Credit Ratings
U N I T E D K I N G D O M
ALTE LIEBE: S&P Reinstates 'B-' Rating on EUR102MM Senior Notes
BATTERSEA POWER: Chelsea Football Among 10 Bidders
THOMAS COOK: Agrees to New Financing Package
WORLDSPREADS GROUP: Clients May Not Recover 65% of Claims
X X X X X X X X
* BOND PRICING: For the Week April 30 to May 4, 2012
*********
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C R O A T I A
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ZAGREBACKA BANKA: Fitch Affirms Viability Rating at 'BB+'
---------------------------------------------------------
Fitch Ratings has affirmed Zagrebacka Banka d.d.'s (ZABA) Long-
term Issuer Default Rating (IDR) at 'BBB+' with a Negative
Outlook. Fitch has also affirmed Privredna Banka Zagreb d.d.'s
(PB), Erste and Steiermarkische Banka d.d's (ESB) and Societe
Generale - Splitska Banka d.d.'s (Splitska) Support Ratings at
'2'.
ZABA's IDRs are based on the still high probability of potential
support from its ultimate shareholder, UniCredit S.p.A. (UC; 'A-
'/Negative). In Fitch's view, if needed, support for ZABA would
primarily come from UC via UniCredit Bank Austria AG (Bank
Austria, 'A'/Stable, which owns 84.47% of ZABA).
ZABA's Long-term IDR shares the Negative Outlook on UC's Long-
term IDR, and could be downgraded if UC's Long-term IDR is
downgraded. A downgrade of Croatia's Long-Term IDRs ('BBB-
'/Negative) could also result in a downgrade of the 'BBB+'
Country Ceiling, potentially also driving a downgrade of ZABA's
Long-term IDR.
ZABA's 'bb+' Viability Rating (VR) is supported by its leading
franchise in Croatia, its adequate performance despite the
recessionary environment in Croatia -- which has resulted in high
loan loss provisions and low revenue growth -- and its sound
capitalisation. Its VR also reflects the ongoing deterioration
in asset quality that in Fitch's view is going to continue given
the weak outlook for Croatia's economy.
ZABA's performance metrics continued to improve in 2011 as cost
containment measures together with higher net interest income as
a result of increased lending resulted in moderate growth of
operating income. In Fitch's view, however, profitability will
be challenged by higher funding costs owing to limited access to
external funding, lower demand for loans because of the high
unemployment rate and reduced disposable income, and reduced
liquidity in the corporate sector in the recessionary
environment.
ZABA's asset quality further deteriorated in 2011, and impaired
loans reached 9.7% of total gross loans at end-2011. This was
less than the banking sector average of 12.4%. However, Fitch
expects the deterioration to continue due to the weak economy.
Similar to other banks in the domestic banking system, the loan
portfolio is 73% denominated in foreign currency or foreign
currency linked, exposing the bank to credit-related market risk
if HRK sharply depreciates.
While ZABA's liquidity is adequate, Fitch considers its
loan/deposit ratio at 125% to represent a significant dependence
on wholesale funding. However, ZABA has taken a decision to grow
its loan portfolio only to the extent that deposit growth allows.
Funding from the parent continued to be significant at 25% of
total liabilities at end-2011. Capitalization remained sound,
with a Fitch core capital ratio of 26% at end-2011.
PB's, ESB's and Splitska's Support Ratings are based on potential
support from the banks' shareholders, each of whom has a
strategic interest in the central and eastern European region
(CEE). ESB and Splitska's Support Ratings are constrained by
Croatia's Country Ceiling.
In Fitch's opinion, each of the parent banks remain committed to
the CEE region, although they are adopting a more prudent and
selective approach to growth and in some cases taking measures to
make subsidiaries more self-sufficient in terms of funding. PB
is 76.6% owned by Intesa Sanpaolo ('A-'/Negative), ESB is 100%
owned by Erste Group Bank AG ('A'/Stable) and SB is 100% owned by
Societe Generale ('A+'/Negative). The Croatian banking sector is
concentrated and PB, ESB and Splitska are the second, third and
sixth largest banks in the country by total assets with market
shares of 17%, 14% and 7% at end-2011, respectively.
The banks' Support Ratings could be downgraded in case of a
multi-notch downgrade of the parent banks' Long-term IDRs,
indicating a reduced ability to support the subsidiaries, which
Fitch does not expect. A multi-notch downgrade of Croatia's
sovereign ratings could also cause the Support Ratings to be
downgraded.
The Croatian economy expanded by only 0.2% in 2011 after
contracting for two consecutive years, following the global
economic downturn. For 2012, Fitch forecasts a GDP contraction
of 1% followed by 1.2% growth in 2013. The prolonged stagnation
of the economy has adversely affected the banking system.
Croatian banks' asset quality remained weak and impaired loans
reached 12.4% of total gross loans at end-2011. Fitch expects
the deterioration to continue in 2012 and negatively impact
profitability through higher loan loss provisions, coupled with
some pressure on margins as a result of higher funding costs.
The most negatively impacted sectors have been construction and
real estate, while mortgage loans and loans to the government
have performed better.
The high level of foreign currency lending (75%) represents a
significant risk, although the Croatian National Bank has been
able to limit exchange rate fluctuations through the crisis to
date. Croatian banks are funded through parent banks as well as
customer deposits, with a sector loans/deposits ratio of 137%.
Fitch expects funding to become more expensive in 2012 due to
limitations for additional funding from parent banks and the high
competition for customer deposits. The capitalization of
Croatian banks is sound, with a Tier 1 ratio capital adequacy for
the system of 17.5% at end-2011, although this partly reflects
the moderate coverage of impaired loans at 41%.
The rating actions for ZABA are as follows:
-- Long-term IDR: affirmed at 'BBB+', with Negative Outlook
-- Short-term IDR: affirmed at 'F2'
-- Viability Rating: affirmed at 'bb+'
-- Support Rating: affirmed at '2'
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D E N M A R K
=============
CIMBER STERLING: Flybe in Talks to Take Over Domestic Routes
------------------------------------------------------------
According to Bloomberg News' Peter Levring, Jyllands-Posten
reported on Saturday that British airline Flybe Group Plc is in
talks to take over a number of domestic routes from Cimber
Sterling A/S, which declared bankruptcy May 3.
The paper, citing Mike Rutter, director of FlyBe Nordic, a Nordic
subsidiary of Devon, U.K.-based FlyBe, said that the British
regional carrier is interested in operating all domestic Danish
routes as well as a number of Nordic ones previously managed by
Cimber Sterling, Bloomberg relates.
As reported by the Troubled Company Reporter-Europe on May 4,
2012, Deutsche Presse-Agentur related that Cimber Sterling filed
for bankruptcy, cancelling all its flights with immediate effect.
The company management, as cited by DPA, said in a statement that
the owners had "decided not to support the company financially
any longer."
Cimber Sterling is a Danish budget airline.
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G E R M A N Y
=============
UNITYMEDIA GMBH: Moody's Confirms 'B1' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service confirmed the B1 corporate family
rating (CFR) and probability-of-default rating (PDR) of
Unitymedia GmbH following the successful conclusion of the
'Unitymedia Exchange Transaction'. The rating outlook is stable.
The following debt instrument ratings have been upgraded:
- EUR735 million and US$459 million senior secured notes due
2019, and EUR396 million of senior secured floating rate notes
due 2018, now at Unitymedia NRW GmbH and Unitymedia Hessen GmbH &
Co KG (previously at Kabel BW GmbH): to Ba3 (from B1)
- EUR1.43 billion and US$845 million of senior secured notes due
2017 at Unitymedia NRW GmbH and Unitymedia Hessen GmbH & Co KG:
to Ba3 (from B1)
- EUR618 million of senior notes due 2021 now at Unitymedia GmbH
(previously at UPC Germany HoldCo 1 GmbH): to B3 (from Caa1)
Moody's has also confirmed the B3 rating for the EUR665 million
of senior notes due 2019 at Unitymedia GmbH.
Moody's will withdraw the B2 CFR and PDR at Kabel BW Musketeer
GmbH ('Musketeer'; originally the parent company of KBW) once the
notes that have been not exchanged as part of the Unitymedia
Exchange Transaction' are redeemed, which is expected on
May 4, 2012. Until then the existing ratings on the remaining
outstanding notes at Kabel BW GmbH and UPC Germany HoldCo 1 GmbH
will remain under review for upgrade for pure technical reasons.
Unitymedia is an indirect subsidiary of Liberty Global Inc.
('LGI'; rated Ba3/ Stable).
===========
G R E E C E
===========
* HELLENIC REPUBLIC: S&P Raises Sovereign Credit Ratings to 'CCC'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term local and
foreign currency sovereign credit ratings on the Hellenic
Republic (Greece) to 'CCC' from 'SD' (selective default).
Standard & Poor's also raised its short-term foreign and local
currency sovereign credit ratings on Greece to 'C' from 'SD'. The
outlook on the long-term rating is stable.
The rating action reflects the completion on April 25, 2012, of
Greece's distressed debt exchange in respect of its non-Greek-law
governed bonds.
"Standard & Poor's criteria defines emergence from a sovereign
default (short of resuming payment on the defaulted instrument)
as the successful completion of an exchange offer, even if
nonparticipating creditor debt remains unpaid. As a consequence,
we are withdrawing the issue ratings on the bonds tendered in the
exchange. Untendered bonds will remain with a 'D' rating until
the next principal payment debt of May 15, 2012, at which point
they will be raised to the sovereign rating, if paid, or left at
'D' if unpaid," S&P said.
"Under Standard & Poor's criteria, the 'D' credit ratings of a
sovereign government emerging from default are replaced by new
ratings reflecting our revised view of that sovereign's
creditworthiness," S&P said.
"While the exchange has, in our view, alleviated near-term
funding pressures, Greece's sovereign debt burden remains high.
To place its financial position on a sustainable footing, the
government has been implementing a significant deficit reduction
strategy in the context of the extended IMF Stand-By Arrangement,
with substantial financial support from members of the European
Economic and Monetary Union. Besides reducing the deficit, Greece
has undertaken commercial debt restructuring to reduce its
overall debt burden," S&P said.
"The fiscal consolidation underway is largely premised on tax
hikes and improved tax collection, an extensive privatization
program, and wholesale cuts in government spending. We believe
this adjustment has implementation risks given the likely further
contraction of the sovereign's GDP this year and next, which will
likely result in persistent social pressures. The adjustment in
our view will be particularly challenging after the upcoming May
6 parliamentary elections. Moreover, additional, albeit yet
unspecified, deficit-reducing measures are likely to further
exacerbate popular discontent with Greece's budgetary
consolidation strategy," S&P said.
"The 'CCC' rating on Greece reflects our view of the recent
reduction in government debt following the restructuring, the
reduction in debt servicing costs as a result of the exchange,
and the increased average maturity of the central government debt
stock," S&P said. It also reflects S&P's view of the significant
stresses on Greece's creditworthiness, including:
* "Uncertain economic growth prospects. Following a 6.9%
contraction in GDP in 2011 in real terms, we expect the
recession to continue in 2012 as GDP shrinks by around 5%,
reflecting contracting domestic demand and negative credit
growth. We expect the economic recovery to take place in the
medium term if the planned structural reforms are fully
implemented, while fiscal contraction eases and investment
appetite gradually recovers," S&P said.
* "Weakening political consensus for ambitious and largely
unpopular reforms. Greece faces sizable implementation risks
to the ambitious fiscal consolidation targets under its
second financial assistance program," S&P said.
* "Greece's large, albeit narrowing, external deficit. Despite
a severe and prolonged economic recession, Greece's current
account deficit (CAD) to GDP ratio has narrowed only
moderately to 9.8% of GDP in 2011 from its peak in 2008 of
14.9% of GDP, reflecting structural weaknesses in the Greek
economy. During the first two months of 2012, despite rising
oil prices, the CAD narrowed further on the back of a
substantial decline in the non-oil trade deficit, implying a
full-year 2012 CAD of below 6% of GDP. During 2012, the
deficit has largely been financed by net EU transfers to the
general government," S&P said.
* At an estimated 52% of GDP (EUR107.3 billion) as of end-
February 2012, the Bank of Greece Target2 balance with the
ECB remains at elevated levels, signifying the Greek
financial sector's continued dependency on official sector
funding.
* "A high government debt burden, even following completion of
the exchange resulting in the new bonds' increased average
maturity and the reduction in Greece's debt service costs. We
expect government debt to range between 160% and 170% of GDP
in the period 2012-2015, depending on Greece's compliance
with the EU/IMF financial program targets. These targets
depend on Greece's underlying GDP growth as well as its
ability to generate privatization revenues," S&P said.
The rating on Greece is supported by S&P's view of:
* A relatively high level of income per capita. At $26,700 at
the end of 2011, GDP per capita is high among its peers, even
though consecutive years of recession have resulted in a
significant decline from above $30,000 in 2008.
* The supportive financial sector policy, as reflected in
stability measures. Despite severe macrofinancial challenges
faced by domestic financial sector institutions, these
measures have limited the stress on domestic depositary
confidence including during the period of debt restructuring.
"Our recovery rating of '4' for Greece remains unchanged,
indicating an estimated 30%-50% recovery by bondholders," S&P
said.
"The stable outlook balances our view of the government's stated
commitment to improving its fiscal track record and effecting a
material fiscal adjustment, against the economic and political
challenges of doing so. We could raise our long-term rating on
Greece if the new government takes tangible steps to comply with
the EU/IMF program, thus restoring predictability in its
policymaking efforts, as well as contributing to a sustained
economic recovery," S&P said.
The ratings could be lowered if we believe that there is a
likelihood of a distressed exchange on Greece's remaining stock
of commercial debt.
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I R E L A N D
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DA VINCI: Fitch Affirms Rating on EUR7.7-Mil. Notes at 'Dsf'
------------------------------------------------------------
Fitch Ratings has maintained Da Vinci Synthetic plc's class A and
B notes Rating on Watch Negative (RWN) and affirmed the class C
notes, as follows:
-- EUR25.9m Class A floating-rate notes: 'B-sf'; maintained on
RWN
-- EUR20.8m Class B floating-rate notes: 'CCCsf'; maintained on
RWN
-- EUR7.7m Class C floating-rate notes: affirmed at 'Dsf';
Recovery Estimate 0%
The notes were originally placed on RWN following American
Airlines' announcement that it has filed for bankruptcy
protection under Chapter 11 of the US bankruptcy code in 2011.
As of the last servicer report in March 2012, no credit event has
been called on American Airlines and the transaction's exposure
to American Airlines was US$7.9 million (equivalent to EUR6.35
million at the transaction specific exchange rate). The
reference obligation amount related to American Airlines is
reduced from US$8.9 million as of September 2011. Should this
exposure further reduce, prior to any credit event being called,
this would likely result in the affirmation of the Class A notes.
The transaction is a synthetic securitization of a portfolio of
financial leases and loans secured on aircrafts and associated
aircraft collateral. Merrill Lynch International Bank (MLI)
entered into a credit default swap (CDS) with Intesa Sanpaolo
(IntesaSP) under which it sells protection on a reference
portfolio of up to US$650 million. All financial leases or loan
obligations (the reference portfolio) relate to the financing or
refinancing of aircrafts.
Under the terms and conditions of the CDS documentation,
bankruptcy of an airline constitutes a credit event if the
reference claims do not continue to be serviced by the relevant
airline or the reference obligations become accelerated. Under
the CDS, Intesa SP has a period of 180 days from when it becomes
aware that a credit event has occurred to issue a credit event
notice. Upon delivery of the credit event notice, IntesaSP has a
maximum of one year to deliver the required certifications to the
seller of the CDS counterparty to prove that the credit event is
eligible for payment. In such event, it would trigger the loss
determination mechanism, and the ultimate loss for the
transaction will depend on the value realised from the respective
aircrafts. American Airlines' reference claims related to two
MD-83 aircraft, which Fitch expects to have limited recovery
value. Hence if a credit event notice is served, Fitch expects
the class C notes to suffer a loss of approximately EUR7m.
The agency will continue to monitor this transaction, the airline
sector and the market value of aircrafts and take rating action
on the notes as appropriate. The agency will review the
transaction as soon as new information with regards to the course
of action taken by IntesaSP made available to the agency allows
for a detailed and differentiated reassessment of the
transaction's performance.
EIRCOM GROUP: Hutchison Whampoa Revises Takeover Bid
----------------------------------------------------
Joe Brennan at Bloomberg News reports that billionaire Li
Ka-shing's Hutchison Whampoa Ltd. (13) made a bid of about
EUR2 billion (US$2.6 billion) for Eircom Group, which is in
supervised credit protection.
According to Bloomberg, people with knowledge of the matter said
that the cash offer by Hutchison's Three Ireland unit was
rejected by the country's court-appointed examiner because there
were too many conditions attached. They said that Three Ireland
is working on a revised bid, Bloomberg notes.
Eircom filed for the Irish equivalent of bankruptcy protection on
March 30 with EUR3.8 billion of net debt, the biggest corporate
insolvency in the nation's history, Bloomberg recounts.
"Eircom is undergoing restructuring, so the company may be
purchased at a discounted price," Bloomberg quotes Lam Ka Kei,
who rates Hutchison buy at Redford Asset Management Ltd. in Hong
Kong, as saying. "For Hutchison, price is the all-important
thing in any deal. There are many companies in Europe that face
financial issues, so there are opportunities for Hutchison."
The two people said that Goldman Sachs Group Inc. is advising
Hutchison, Bloomberg notes. Morgan Stanley is Eircom's adviser,
Bloomberg discloses.
Eircom's examiner last month set an April 23 deadline for
indicative investment proposals, with a May 7 deadline for final
proposals, Bloomberg recounts.
Eircom said April 30 that the examiner, Michael McAteer of Grant
Thornton, rejected a conditional non-binding offer for the
company, Bloomberg relates.
McAteer didn't name the bidder, Bloomberg notes.
"No new offer has been received by the examiner," Bloomberg
quotes McAteer as saying by phone on Friday.
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.
EUROMAX V: S&P Cuts Rating on Class A4 Notes to 'CCC-'; Off Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on EUROMAX V ABS PLC's
class A1, A2, A3, and A4 notes. "At the same time, we have
affirmed and removed from CreditWatch negative our rating on the
class X notes," S&P said.
EUROMAX V ABS is a cash flow mezzanine structured finance
collateralized debt obligation (CDO) of a portfolio that
comprises predominantly mortgage-backed securities.
"On March 19, 2012, we placed on CreditWatch negative all of our
ratings in the transaction, following the implementation of our
updated criteria for CDOs of asset-backed securities (ABS)," S&P
said.
"The rating actions follow our assessment of the transaction's
performance. We used data from the trustee report (dated March
12, 2012), performed our credit and cash flow analysis, and took
into account recent transaction developments. We have applied our
2010 counterparty criteria and our cash flow CDO criteria," S&P
said.
"From our analysis, we have observed that all par value coverage
tests are currently below the trigger levels for all classes of
notes. Additionally, the portfolio credit quality has
deteriorated since our previous review of the transaction," S&P
said.
"We have also observed an increase in the proportion of assets
that we consider to be defaulted (rated 'CC', 'C', 'SD' [selected
default], or 'D') since our previous review," S&P said.
"We have subjected the capital structure to our cash flow
analysis, applying the methodology and assumptions in our updated
CDOs of ABS criteria to determine the break-even default rate
(BDR) for each rated class of notes at each rating level. We used
the reported portfolio balance that we considered to be
performing (rated 'CCC' or above), the principal cash balance,
the current weighted-average spread, and the weighted-average
recovery rates that we considered to be appropriate. We
incorporated various cash flow stress scenarios using various
default patterns, levels, and timings for each liability rating
category, in conjunction with different interest rate stress
scenarios," S&P said.
"At the same time, we conducted a credit analysis, applying our
updated CDOs of ABS criteria to determine the scenario default
rate (SDR) at each rating level, which we then compared with its
respective BDR," S&P said.
"Taking into account our credit and cash flow analysis, we
consider the credit enhancement available to the class A1, A2,
A3, and A4 notes in this transaction to be commensurate with
lower ratings than we previously assigned. As a result of these
developments, we have lowered and removed from CreditWatch
negative our ratings on these classes of notes. We have also
affirmed and removed from CreditWatch negative our rating on the
class X notes because this class of notes benefits from a fixed
amortization schedule that ranks pari passu with interest on the
class A1 notes, and hence is able to withstand stresses at its
current 'AAA' rating level," S&P said.
"We have analyzed the derivative counterparties' exposure to the
transaction, and concluded that the derivative exposure is
currently sufficiently limited, so as not to affect our ratings
in this transaction," 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
EUROMAX V ABS PLC
EUR320 Million Floating-Rate Notes
X AAA (sf) AAA (sf)/Watch Neg
A1 BB- (sf) A- (sf)/Watch Neg
A2 B+ (sf) BBB+ (sf)/Watch Neg
A3 B- (sf) BB+ (sf)/Watch Neg
A4 CCC- (sf) B (sf)/Watch Neg
FLEET STREET: S&P Affirms 'CCC-' Rating on Class D Notes
--------------------------------------------------------
Standard & Poor's Ratings Services raised its credit rating on
Fleet Street Finance Two PLC's class A notes. "At the same time,
we affirmed our ratings on the class B, C, and D notes," S&P
said.
"The rating actions follow our review of the underlying loan's
credit quality, and the application of our counterparty criteria.
Our review indicates that the risk of principal losses in the
transaction has decreased but that the class B, C, and D notes
remain exposed to potential interest shortfalls," S&P said.
"Fleet Street Finance Two is a European commercial mortgage-
backed securities (CMBS) true-sale transaction that closed in
October 2006. It is backed by a single loan secured against a
Karstadt sale-and-leaseback portfolio comprising mostly
department stores across Germany. The outstanding loan balance
has reduced to EUR660.2 million (from EUR1,192.0 million at
closing) as a result of prepayments following property sales, and
of quarterly scheduled amortizations. There is a subordinated
mezzanine loan outside the transaction. The rights between the
issuer and the junior lenders are regulated by an intercreditor
agreement," S&P said.
"The key tenant, Karstadt Warenhaus GmbH (Karstadt), filed for
insolvency in 2009. Following that, the borrower proposed a
restructuring of the transaction. In 2010, the noteholders and
mezzanine lenders agreed to this proposal. Key elements of the
restructuring plan included extending the loan's maturity date to
2014, and the notes' legal final maturity date to 2017--on the
condition that all the property income and sales proceeds are
used to service interest and principal on the securitized loan.
The restructured transaction includes liquidity support for the
class A notes during the extended period after 2014. However, it
does not include liquidity for the class B, C, or D notes in that
period," S&P said.
"Our ratings address timely payment of interest under the notes
until their legal maturity date (July 2017). They do not address
timely payment of the subordinated excess spread, if any, which
is now being paid to the noteholders," S&P said.
"Although we viewed the completion of Karstadt's restructuring as
a favorable credit factor, we consider that the transaction
continues to be significantly exposed to inherent risks within
single-tenanted portfolios. Absent any new information that could
lead us to reconsider our view on the key tenant's
creditworthiness, we continue to assume that Karstadt may again
experience financial difficulties. Our analysis of loan
creditworthiness therefore considers our view on the likely level
of recoveries that could be available to the issuer following
Karstadt's insolvency," S&P said.
THE SECURITIZED LOAN
Following the 2010 transaction restructuring, the mezzanine
lenders stopped receiving interest and principal on the mezzanine
loan. The entire property cash flow is now used to service and
amortize the securitized loan until full repayment.
The securitized loan pays floating-rate interest. However, the
borrower has entered into interest-rate cap arrangements to cover
100% of the securitized loan amount against interest-rate
fluctuations until loan maturity.
Given the loan deleveraging and current low interest rates, the
reported interest coverage ratio has significantly increased to
6.71x as of April 2012 from 2.39x at closing. The servicer
reports a loan-to-value ratio of 57.97% as of April 2012, based
on an October 2010 valuation.
THE LOAN COLLATERAL
The securitized loan is now backed by 52 properties, down from
109 at closing. Most of the remaining properties are department
stores across Germany, operated by Karstadt. The top 10
properties account for about 67% of the remaining portfolio by
market value.
Subsequent to the 2010 restructuring, the borrower sold 44
properties (in all, 57 properties have been sold since closing).
The sales proceeds were used to amortize the securitized loan.
"Most of the sold properties were not what we consider to be core
assets. Nonetheless, we note that since the restructuring, the
borrower has sold properties at an average price of 98% higher
than the 2009 valuation, which was based on the assumption that
the properties were fully vacant on sale," S&P said.
COUNTERPARTY RISK
"Under our counterparty criteria, the maximum rating achievable
for this transaction cannot exceed our long-term rating on the
issuer's liquidity facility provider, Lloyds TSB Bank PLC
(A/Stable/A-1)," S&P said.
RATING ACTIONS
"Given the loan's deleveraging, we consider that the risk of
principal losses has decreased. However, the structure does not
provide liquidity support for the class B, C, and D notes during
the extended period. Therefore, these classes of notes remain
exposed to interest shortfalls, in our view. As a consequence, we
have affirmed our ratings on these notes at speculative-grade
levels," S&P said.
"Although the class A notes benefit from liquidity support that
seeks to ensure timely payment of interest until 2017, our rating
on this class of notes remains constrained at 'A (sf)' by our
rating on the liquidity facility provider," S&P said.
Absent liquidity risks and counterparty constrains, all of the
notes could have achieved higher ratings.
POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES
"We have taken 's 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
Fleet Street Finance Two PLC
EUR1.192 Billion Commercial Mortgage-Backed Floating-Rate Notes
Rating Raised
A A (sf) BBB (sf)
Ratings Affirmed
B BB (sf)
C CCC (sf)
D CCC- (sf)
=========
I T A L Y
=========
FONDIARIA-SAI: S&P Keeps 'B' Counterparty Rating on Watch Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services maintained its CreditWatch
with developing implications on the 'B' long-term counterparty
credit and financial strength ratings on Italy-based composite
insurer Fondiaria-SAI Spa, its core subsidiary Milano
Assicurazioni Spa, and its 'nonstrategically important'
subsidiary SIAT-Societa Italiana Assicurazioni e Riassicurazioni
pa (SIAT). The ratings were initially placed on CreditWatch
developing on Dec. 29, 2011.
"We are maintaining the CreditWatch developing because the merger
is still subject to shareholder and regulatory approvals, and the
relevant capital issues have not yet been executed. In our
opinion, the suspension required by the Italian Antitrust
Authority further increases the risk of regulatory intervention
if the merger and integration plans do not go ahead," S&P said.
"We understand the merger and integration plan between Fondiaria-
SAI group and Unipol group contemplates three major steps: 1) a
capital issue of EUR400 million by Premafin HP dedicated to UGF;
2) two capital issues of EUR1.1 billion each by Fondiaria-SAI Spa
and UGF; and 3) the merger of Unipol Assicurazioni Spa
(BBB+/Watch Neg/--), Fondiaria-SAI Spa, Milano Assicurazioni Spa,
and Premafin HP (Fondiaria-SAI Spa's holding company)," S&P said.
"We think it would be very difficult for Fondiaria-SAI to raise
capital other than through this integration plan. The EUR1.1
billion capital issue alone would allow Fondiaria-SAI group to
restore its level of capital above the minimum regulatory
requirement. However, according to Standard & Poor's capital
model, even taking into account the EUR1.1 billion capital
increase, Fondiaria-SAI would continue to show a material capital
deficiency at the 'BBB' level, while its financial flexibility
would remain significantly impaired," S&P said.
"We believe the merger and integration plan would transform
Fondiaria-SAI group's current weak capital adequacy and financial
flexibility, which would be materially strengthened. However, in
our opinion there would be little capacity for the new group to
absorb potential extraordinary costs resulting from a sizable and
challenging integration in a difficult macroeconomic and
financial environment," S&P said.
Standard & Poor's aims to resolve or update the CreditWatch
placement within the next three months based on regulatory and
shareholder developments.
"We could raise the ratings up to the 'BBB' range if the merger
and integration plan is executed as planned," S&P said.
"Conversely, we could lower the ratings if the plan is not
executed as this would increase the risk of regulatory
intervention," S&P said.
UNIPOL BANCA: S&P Keeps 'BB' Counterparty Rating on Watch Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services maintained its CreditWatch
with negative implications on the 'BB' long-term counterparty
credit ratings on Italian bank Unipol Banca SpA, where they were
initially placed on Dec. 7, 2011. "In addition, we affirmed the
'B' short-term rating," S&P said.
"We are keeping the long-term rating on Unipol Banca on
CreditWatch negative following a similar action on its, parent
Italian insurance holding company Unipol Gruppo Finanziario SpA
(UGF; BBB-/Watch Neg/--), and core operating subsidiary Unipol
Assicurazioni SpA (Unipol; BBB+/Watch Neg/--), together
referred to as Unipol group," S&P said.
"Under our group rating methodology we consider Unipol Banca to
be a 'strategically important' subsidiary of its parent, Unipol
group. In our view, Unipol group is strongly committed to
financially supporting the bank, as demonstrated by its capital
injections and guarantee scheme for nonperforming loans (NPLs).
We consequently factor into the long-term rating on Unipol Banca
three notches of uplift above its stand-alone credit profile
(SACP), reflecting our view that the parent would provide
additional support if needed," S&P said.
"On April 26, 2012, the Italian Antitrust Authority suspended
Unipol group's merger with Fondiaria-SAI group (Fondiaria-SAI,
core operating entities rated B/Watch Dev/--) and Premafin HP
(Fondiaria SpA's holding company). This was in order to
investigate the potential damage to competition that could result
from the merger," S&P said.
"In our opinion, the Italian Antitrust Authority's suspension
makes the execution of the merger and integration plans even more
uncertain," S&P said.
"In our view, if the deal goes through it could materially weaken
Unipol group's financial profile and its capability to support
Unipol Banca. In our opinion there would be little capacity for
the new group to absorb potential extraordinary costs resulting
from a sizable and challenging integration in a difficult
macroeconomic and financial environment," S&P said.
Standard & Poor's intends to resolve the CreditWatch on Unipol
Banca after resolving the CreditWatch placements on Unipol group.
The CreditWatch status reflects the possibility that we could
lower the ratings on Unipol Banca following a potential similar
action on Unipol Group.
"We might lower the ratings on Unipol Banca if we saw
deterioration in Unipol group's financial strength and ability to
support its subsidiary. As a result, we could reduce the number
of notches we factor into Unipol Banca's long-term rating for
parental support," S&P said.
"If the deal between Unipol group and Fondiaria-SAI did not go
through, or if we were to conclude that the deal would not prompt
significant deterioration in Unipol group's financial profile, we
might affirm the ratings on Unipol Banca," S&P said.
===========
L A T V I A
===========
* LATVIA: S&P Raises Sovereign Credit Ratings From 'BB+/B'
----------------------------------------------------------
Standard & Poor's Ratings Services raised its long- and short-
term local and foreign currency sovereign credit ratings on the
Republic of Latvia to 'BBB-/A-3' from 'BB+/B'. "At the same time,
we withdrew the recovery rating of '3' because under our criteria
we do not assign recovery ratings to investment-grade sovereign
debt. We have revised Latvia's transfer and convertibility (T&C)
assessment to 'A-' from 'BBB+'. The outlook on the long-term
ratings is stable," S&P said.
"The ratings on Latvia balance our view of the government's
proven political commitment to fiscal discipline, the economy's
considerable flexibility, and the material increase in exports as
a share of GDP, against the constraints of large (albeit
decreasing) external debt, relatively moderate GDP per capita,
and a lack of monetary policy flexibility," S&P said.
"Latvia's government cut the general government deficit to 3.5%
of GDP in 2011, from 9.8% in 2009. Over the same period, the
economy has deleveraged. External debt net of liquid assets
declined to 85% of current account receipts (CARs) from 143%
because the current account shifted into surplus and Scandinavian
parent banks poured large capital injections into their Latvian
subsidiaries. We believe recent electoral reforms--to make voting
procedures in parliament more transparent, to limit political
advertising, and to introduce state funding of political parties-
-will strengthen political accountability and improve the policy
environment. We also believe that the government's proposed
fiscal discipline legislation will improve fiscal policy over the
medium term and reduce the risk of fiscal slippages," S&P said.
"Extraordinary parliamentary elections were called last September
as a result of a referendum initiated by former president, Valdis
Zatlers. Before these elections, the government implemented
fiscal consolidation measures including increasing value-added
tax to 22% from 21% and maintaining its freeze on public sector
wages. Aided by a domestic economic recovery, these measures
helped to reduce the general government deficit to 3.5% of GDP in
2011 from 8.2% in 2010 (the EU-IMF had set an initial target of
6%). The government's planned fiscal discipline law will include
requirements to balance the budget over the economic cycle and
establish ceilings on nominal spending. The law will likely be
implemented by mid-2012 and we believe it will anchor spending
growth. We expect the government will meet its deficit target of
below 3% of GDP for 2012 and continue to reduce budget deficits
over the medium term," S&P said.
"We anticipate that net general government debt will peak at 37%
of GDP in 2012 before declining in 2013-2014. The Latvian
government has accumulated significant fiscal reserves of around
Latvian lats (LVL) 1 billion (7% of GDP) as a buffer to potential
financing problems. We expect the government to increase its
holding of liquid assets and to prefund its IMF-EU repayments due
in 2014-2015," S&P said.
"The economy grew by 5.5% in 2011, the third-highest rate in
Europe after Estonia (7.6%) and Lithuania (5.9%). That said, our
estimate of average per capita GDP remains lower than in other
European peers at about $12,000 in 2012, half the EU average. We
expect investments and domestic consumption, supported by
increasing export revenues, to remain the main driver of 3%-4%
growth in the medium term. We project moderate current account
deficits averaging slightly more than 3% of GDP between 2012 and
2014 due to both exports and investments relying heavily on
imported goods. We anticipate that these current account deficits
will be funded by foreign direct investment and EU capital
transfers," S&P said.
"We also anticipate that private sector deleveraging will reduce
Latvia's external debt net of liquid assets to 81% of CARs, which
is still relatively high under our criteria. About 50% of banking
sector external debt is short term, which partly explains our
forecast for gross external financing requirements of a high 170%
of CARs plus usable reserves on average between 2011 and 2014.
That said, most of the short-term debt is obligations due to
parent banks, which we expect will continue supporting their
Latvian subsidiaries (notwithstanding possible required capital
increases at their head offices). Nonresident deposits not due to
parent banks are matched by liquid external assets," S&P said.
"As a result of the lats' peg to the euro, Latvian monetary
policy is determined by external factors. Entry to the European
Economic and Monetary Union (eurozone) would eliminate the
devaluation risk, but balance-of-payment risks would remain. We
do not assume that eurozone entry would necessarily occur within
the two-year outlook horizon. Our view is that inflationary risks
are significant, not so much because of how they might distort
the economy but how they may thwart Latvia's ambition to join the
eurozone by 2014," S&P said.
"We expect Latvia's domestic wage levels will continue to
converge with those of its key trading partners. Current monthly
labor costs remain 17% of those in Sweden," S&P said.
"The stable outlook balances our view of ongoing private sector
deleveraging and improved fiscal and inflationary performance
against the risk that the government may relax its fiscal
consolidation commitment and the (albeit remote) possibility that
parent banks may reduce their exposure to Latvia," S&P said.
"We could raise the ratings if the private sector continues to
deleverage externally and fiscal and inflationary performance are
consistent with eurozone acceptance criteria. We believe that
eurozone entry and consequent access to the European Central Bank
(ECB) as a lender of last resort, and to other lending
facilities, would reduce Latvia's external financing risks and
improve its monetary flexibility," S&P said.
"Conversely, we could lower the ratings if the Latvian government
were to relax its fiscal stance or if external financing became
more difficult to access, perhaps due to parent banks rapidly
reducing their exposure to Latvia," S&P said.
=====================
N E T H E R L A N D S
=====================
FAXTOR ABS 2005-1: S&P Cuts Rating on Class A-3 Notes to 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on FAXTOR ABS 2005-1
B.V.'s class A-1, A-2E, A-2F, and A-3 notes.
FAXTOR ABS 2005-1 is a mezzanine cash flow collateralized debt
obligation (CDO) of asset-backed securities (ABS) transaction.
"The rating actions follow the application of our updated
criteria for CDOs of pooled structured finance assets," S&P said.
"None of the ratings was affected by either the largest obligor
default test or the largest industry default test -- two
supplemental stress tests in our criteria for CDOs of pooled
structured finance assets," S&P said.
"We subjected the capital structure to a cash flow analysis based
on the updated methodology and assumptions as outlined by our
2012 criteria, to determine the break-even default rate (BDR) for
each rated class at each rating level. At the same time, we
conducted an updated credit analysis based on our new assumptions
to determine the scenario default rate (SDR) at each rating
level," S&P said.
"In our view, the reduction in BDRs together with the rise in
SDRs indicates that the current credit enhancement levels
available to the class A-1, A-2E, A-2F, and A-3 notes are no
longer commensurate with their current rating levels," S&P said.
"As a result of these developments, we have lowered and removed
from CreditWatch negative our ratings on the class A-1, A-2E, A-
2F, and A-3 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 Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
FAXTOR ABS 2005-1 B.V.
EUR308.4 Million Asset-Backed Floating- And Fixed-Rate Notes
Ratings Lowered and Removed From CreditWatch Negative
A-1 BBB+ (sf) AAA (sf)/Watch Neg
A-2E BB+ (sf) AA- (sf)/Watch Neg
A-2F BB+ (sf) AA- (sf)/Watch Neg
A-3 B- (sf) A (sf)/Watch Neg
HALCYON 2006-II: S&P Raises Rating on Class D Notes to 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Halcyon Structured Asset Management European CLO 2006-II B.V.'s
class B, C, and D notes. "At the same time, we have affirmed our
ratings on the class A-1, A-1D, A-1R, and E notes," S&P said.
"The rating actions follow our assessment of the transaction's
performance and take into account recent developments in the
transaction," S&P said.
"For our review of the transaction's performance, we used data
from the trustee report (dated March 26, 2012), in addition to
our cash flow analysis. We have taken into account recent
developments in the transaction and have applied our 2010
counterparty criteria, as well as our cash flow criteria," S&P
said.
"From our analysis, we have observed that the credit quality of
the portfolio has improved since we last reviewed the
transaction. For example, we have observed a decrease in the
proportion of assets that we consider to be rated in the 'CCC'
category ('CCC+', 'CCC', and 'CCC-') to 9.31% from 15.21%. We
have also observed a decrease in the proportion of defaulted
assets (those rated 'CC', 'SD' [selective default], and 'D', in
the collateral pool," S&P said.
"Our analysis indicates that credit enhancement for all classes
of notes has marginally changed since we last reviewed the
transaction. However, the weighted-average spread earned on the
collateral pool has increased, and our analysis also indicates
that the weighted-average maturity of the portfolio has decreased
since our last review. This has led to a reduction in our
scenario default rates (SDRs) for all rating categories," S&P
said.
"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated tranche. In
our analysis, we have used the reported portfolio balance,
weighted-average spread, and weighted-average recovery rates that
we consider to be appropriate. We have incorporated various cash
flow stress scenarios, using alternative default patterns,
levels, and timings for each liability rating category (i.e.,
'AAA', 'AA', and 'BBB' ratings), in conjunction with different
interest rate stress scenarios," S&P said.
At closing, Halcyon Structured Asset Management European CLO
2006-II entered into derivative obligations to mitigate currency
risks in the transaction.
"We consider that the documentation for these derivatives does
not fully reflect our 2010 counterparty criteria. We conducted
our cash flow analysis assuming that the transaction does not
benefit from the support of derivatives. After conducting our
cash flow analysis, we have concluded that the ratings on the
class A-1, A-1D, and A-1R notes can be maintained at their
current rating levels. We have therefore affirmed our ratings on
these classes of notes," S&P said.
"We have also applied the largest obligor default test, a
supplemental stress test that we introduced as part of our 2009
criteria update for corporate collateralized debt obligations
(CDOs). The test aims to measure the effect on ratings of
defaults of a specified number of the largest obligors in the
portfolio with particular ratings, assuming 5% recoveries. In
addition, we applied the largest industry default test, another
of our supplemental stress tests. Our cash flow stresses support
a higher rating on the class E notes. However, the supplemental
stress tests constrain our rating on the class E notes at its
current level. We have therefore affirmed our rating on the class
E notes," S&P said.
"Considering all of these factors, our analysis indicates that
the credit enhancement available to the class B, C, and D notes
is commensurate with higher ratings than previously assigned. We
have therefore raised our ratings on the class B notes to 'AA-
(sf)' from 'A (sf)', on the class C notes to 'BBB+ (sf)' from
'BB+ (sf)', and on the class D notes to 'BB (sf)' from 'BB-
(sf)'," S&P said.
Halcyon Structured Asset Management European CLO 2006-II is a
cash flow CLO transaction that closed in January 2007 and
securitizes loans to primarily speculative-grade corporate firms.
The reinvestment period for this transaction ends in January
2013. The transaction currently has an outstanding note balance
of EUR348.17 million (converted at the Day 1 exchange rate).
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Halcyon Structured Asset Management European CLO 2006-II B.V.
EUR407.8 Million Secured Floating-Rate Notes
Ratings Raised
B AA- (sf) A (sf)
C BBB+ (sf) BB+ (sf)
D BB (sf) BB- (sf)
Ratings Affirmed
A-1 AA (sf)
A-1D AA (sf)
A-1R AA (sf)
E B+ (sf)
* NETHERLANDS: Construction Sector Bankruptcies Increase to 367
---------------------------------------------------------------
SeeNews reports that Statistics Netherlands said Thursday the
bankruptcy filings in the Netherlands' construction sector
increased to 367 in the first quarter of 2012 from 289 a year
earlier.
===========
R U S S I A
===========
RUSSIAN STANDARD: Fitch Affirms 'B+' LT Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed JSC Russian Standard Bank's (RSB)
Long-term Issuer Default Rating (IDR) at 'B+', and revised the
Outlook to Stable from Positive.
The Outlook revision reflects RSB's weakening capitalization due
to further dividend withdrawals by the shareholder and material
loan growth. It also considers contingent risks, including of
further capital erosion, stemming from the shareholder's
financial commitments related to his attempted takeover of
Central European Distribution Corporation (CEDC), a large
alcoholic beverage production and distribution company with
primary operations in Poland and Russia.
On the positive side, Fitch regards other key aspects of RSB's
credit profile, including its franchise, sound credit risk
management, strong profitability and liquidity as consistent with
a higher rating level. However, the bank's Long-term IDR is
likely to be constrained at 'B+' until its capital position is
materially strengthened and concerns surrounding the CEDC deal
are resolved.
RSB successfully grew its retail loan book by 40% in 2011, and
improved profitability with ROAE and ROAA up to 18% and 3%,
respectively, in 2011 from 6% and 1% in 2010. However, over 90%
of 2011 net income was distributed to the shareholder, which
given the loan growth resulted in the Basel I tier 1 ratio
falling to 14% at end-2011 from 19% at end-2010. At the same
time, Fitch's core capital/risk weighted assets ratio declined to
a tight 8% from 12%. The difference between the Fitch and Basel
ratios is mainly due to the deduction of an investment by RSB in
the equity of its parent company.
Credit risks remain well under control, in line with Fitch's
expectations. The credit loss rate for the retail portfolio in
2011 only amounted to about 5%, while reserve coverage of non-
performing loans improved to a conservative 254% compared to 227%
at end-2010. However, the agency expects RSB's loss rates to
increase moderately as delivering planned growth (25%-30% in
2012) amid accelerating competition is likely to require some
relaxing of underwriting criteria.
The bank maintains an adequate liquidity buffer, consisting of
cash and unpledged securities eligible for repo with the Central
Bank, which covers over 30% of total deposits. RSB's liquidity
position is further enhanced by a cash generative loan book and
moderate upcoming wholesale debt repayments (RUB7 billion in 2012
and RUB16 billion in 2013).
Solid growth in retail lending was supported by the continued
inflow of retail deposits that accounted for a high 63% of the
bank's non-equity funding at end-2011. The high share of retail
deposits could limit recoveries for RSB's other senior creditors
in a hypothetical default scenario, as under Russian law the
claims of retail depositors rank above those of other senior
unsecured creditors. In Fitch's view, while the degree of
subordination is not presently sufficient to warrant a Recovery
Rating of below 'RR4' for RSB's senior unsecured debt, any
significant further increase in the proportion of retail funding
in the bank's liabilities could lead to a downward revision of
the Recovery Rating and, according to Fitch's methodology, a
notching down of the Long-term rating of the notes from the
bank's Long-term IDR.
Fitch regards the attempted acquisition by Roustam Tariko, RSB's
sole ultimate shareholder, of CEDC as a material contingent risk
for RSB, because the bank is Mr. Tariko's main cash generative
asset and therefore may be used, at least partially, to fund the
acquisition, as well as to refinance some of CEDC's high US$1.3
billion debt, of which US$382 million matures in 2012-2013. In
late 2011, through its 100% owned subsidiary Russian Standard-
Invest LLC, RSB acquired a minority stake in CEDC for RUB0.4
billion which was later sold to the shareholder and holds RUB2.3
billion worth of CEDC's bonds (15% of Fitch's core capital at
end-2011); Fitch also understands that Mr. Tariko has recently
committed to make further investments in CEDC amounting to over
US$200 million (RUB5.9 billion).
If the shareholder's ongoing investments in CEDC result in a
further material weakening of RSB's capital position, then Fitch
may take negative rating action on the bank. However, if
concerns surrounding the CEDC acquisition are resolved, and RSB's
capitalization is strengthened, the bank could be upgraded.
RSB is one of the leading retail lenders in Russia, with a 17%
market share in credit cards and 12% in POS-loans at end-2011.
The bank is 100% controlled by Russian businessman Roustam Tariko
who also owns a Russian vodka production and alcohol distribution
business.
The rating actions are as follows:
-- Long-Term foreign and local currency IDRs: affirmed at 'B+';
Outlook revised to Stable from Positive
-- Short-Term Issuer Default Rating: affirmed at 'B'
-- Senior unsecured debt: affirmed at 'B+'; Recovery Rating
'RR4'
-- Viability Rating: affirmed at 'b+'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
TRANSCREDITBANK: Moody's Corrects April 27 Ratings Release
----------------------------------------------------------
Moody's Investors Service issued a correction to
TransCreditBank's April 27, 2012 ratings release.
Moody's has upgraded the following ratings of TransCreditBank:
long-term local and foreign currency debt and deposit ratings to
Baa3 from Ba1, short-term local and foreign currency deposit
ratings to Prime-3 from Not-Prime, short-term local and foreign
currency debt ratings to (P)Prime-3 from (P)Not-Prime, and local
and foreign currency subordinated debt ratings to (P)Ba1 from
(P)Ba2. The bank's D- standalone bank financial strength rating
(BFSR; mapping to ba3 on the long-term scale) remains unchanged.
All ratings carry a stable outlook.
Moody's assessment is primarily based on (i) the official press
releases of TransCreditBank and its majority shareholder Bank
VTB, (ii) TransCreditBank's audited financial statements for 2011
prepared under IFRS, and (iii) the information the rating agency
received from senior management of VTB and TransCreditBank.
Ratings Rationale
According to Moody's, the ratings upgrade reflects
TransCreditBank's closer integration into VTB group, and greater
evidence of VTB's increased commitment to support its new
subsidiary.
Moody's notes that TransCreditBank now operates under VTB group's
standards, including for risk management. TransCreditBank's
business focus will be gradually moving away from corporate
banking towards the retail and SME segment, in preparation for
the planned merger with VTB24 in 2014 (VTB24 is VTB's retail and
SME subsidiary).
VTB's commitment to support TransCreditBank was demonstrated
through new capital and funding. In February 2012,
TransCreditBank received RUB7.6 billion of Tier 1 capital from
VTB, which increased the majority shareholder's stake to 78%
(year-end 2011: 74%). In the course of 2011, VTB provided RUB8.5
billion of subordinated capital to TransCreditBank, thereby
improving its total capital ratio to 15% at year-end 2011, from
11% at year-end 2010. VTB has also provided funding to
TransCreditBank in order to refinance its wholesale borrowings;
parental funding accounted for 10% of non-equity funding at year-
end 2011. In H2-2012, VTB expects to repurchase an additional
stake from the state railroad monopoly Russian Railways (a former
parent of TransCreditBank) and accumulate a 100% shareholding in
TransCreditBank.
According to Moody's, the planned transfer of corporate business
(if fulfilled according to current VTB plans) is unlikely to have
negative rating implications for TransCreditBank's standalone
credit profile. While the planned transfer of the majority of the
corporate loans (which formed 74% of gross loans at YE2011) to
VTB during 2013 will be negative for TransCreditBank's franchise
value, Moody's expects that this will be balanced by a larger
share of retail and SME clients. As a result, Moody's expects
that the bank's revenue streams will become more granular, and,
together with the remaining treasury business, will be sufficient
to generate satisfactory earnings in order to ensure adequate
performance.
TransCreditBank's Baa3 Global Local Currency (GLC) deposit rating
incorporates the following elements: (i) the bank's ba3
standalone credit assessment, and (ii) Moody's assessment of a
very high probability of support from VTB in the event of need
given the majority shareholder's 78% stake in TransCreditBank.
Moody's also notes that TransCreditBank's strategic and
operational management functions are becoming integrated with
those of VTB, and operational management has almost reached an
integration level consistent with other VTB subsidiaries.
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: Global Methodology published in March 2012.
Headquartered in Moscow, Russia, TransCreditBank had total assets
of approximately RUB506 billion (approximately US$16 billion) and
equity of RUB36 billion (approximately USD1 billion), according
to the bank's audited IFRS financial report at year-end 2011.
TransCreditBank's main focus is on servicing the needs of Russian
Railways and its subsidiaries, and the location of the bank's
branch network enables it to better provide services to its
former parent's regional entities and their employees
* VOLGOGRAD REGION: Fitch Assigns 'BB-' Local Currency Rating
-------------------------------------------------------------
Fitch Ratings has assigned Russia's Volgograd Region's upcoming
RUB5 billion domestic bond issue, due May 28, 2017, an expected
Long-term local currency rating of 'BB-(exp)' and an expected
National Long-term rating of 'A+(rus)(exp)'.
The region has Long-term local and foreign currency ratings of
'BB-' and a National Long-term rating of 'A+(rus)'. The Long-
term ratings have Stable Outlooks. The region's Short-term
foreign currency rating is 'B'.
The final rating is contingent upon the receipt of final
documents conforming to information already received.
The bond has an amortization structure and a fixed step-down
coupon to be determined on May 4, 2012, the day of placement.
The proceeds from the new bond will be used to finance the
region's budget deficit and the repayment of maturing debt.
The Volgograd region is a part of the South Federal District, and
lies in the south-eastern part of European Russia.
* REPUBLIC OF KHAKASSIA: Fitch Affirms BB- Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed the Republic of Khakassia's Long-term
foreign and local currency ratings at 'BB-', with Stable
Outlooks, and its Short-term foreign currency rating at 'B'. The
agency also affirmed the region's National Long-term rating at
'A+(rus)' with Stable Outlook.
The affirmation reflects the republic's satisfactory budget
performance, supported by swift economic growth and moderate
direct risk. The ratings also factor in the high taxpayer
concentration and contingent liabilities stemming from its public
sector.
Improved budgetary performance with an operating margin at about
10%, the narrowing of the budget deficit and strengthening debt
coverage would be rating positive. Conversely an increase in
direct risk above 40% of current revenue coupled with weak
budgetary performance would be negative for the ratings.
Khakassia's tax base is strong, but highly concentrated in
resource development industries. Taxes stood for 73% of the
region's operating revenue while the top 10 taxpayers contributed
54.5% to the republic's tax revenue in 2011 (2010: 51.3%). Fitch
notes that the prime companies represent mining, aluminium and
hydro power generation industries, thus mitigating sudden tax
revenue shocks in a particular industry or company.
The region posted a satisfactory budgetary performance in 2011;
its operating margin increased to 6.2% (2010: 5.4%). However due
to the capex program's funding needs the republic's deficit
before debt variation widened to 16.3% of total revenue by end-
2011 from 4.3% in 2010. Fitch expects the region's operating
margin will be at about 9%-10% in 2012-2014, while the deficit
will scale back to below 5% of total revenue in 2012-2014,
supported by a prudent fiscal policy and expenditure control.
Khakassia's direct risk increased up to RUB3.9 billion in 2011
(2010: RUB2.2 billion), or up to 34% of current revenue. The
region debt-funded its large 2011 capex program and Fitch expects
the republic to stabilize debt at below 35% of current revenue in
the medium term. The debt portfolio is composed of bank loans
(49.7% of the total debt), domestic bonds (30.5%) and federal
budget loans (19.8%). The debt maturity is stretched up to 2016,
smoothing the region's refinancing risk.
The region's broader public sector is compact, while certain
contingent risk stems from the mortgage agency. Fitch will
review the final details of the settlement of the agency's RUB375
million debt expected to be agreed with the lenders in 2012 and
be largely repaid with the company's assets (apartments for
sale).
Khakassia, located in resource rich south-west Siberia,
demonstrated economic growth rate of 10.6% in 2011. The
administration expects GRP growth at about 6%-7% in 2012-2014.
However the republic's per capita gross regional product (GRP)
equal to 67% of the national median in 2010. Its GRP accounts
for 0.3% of national GDP, and the republic's population is 0.4%
of the national population.
=====================
S W I T Z E R L A N D
=====================
SCHMOLZ + BICKENBACH: S&P Assigns 'B+' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Swiss specialty long steel producer
Schmolz + Bickenbach AG. The outlook is stable.
"In addition, we assigned our 'B+' issue rating to the company's
proposed EUR300 million bond. The recovery rating on the bond is
'3', indicating our expectation of meaningful (50%-70%) recovery
in the event of a payment default," S&P said.
"The 'B+' corporate credit rating reflects our view of the
company's 'fair' business risk profile and 'aggressive' financial
risk profile, as our criteria define the terms," S&P said.
"Our assessment of Schmolz + Bickenbach's business risk profile
as fair is based on the company's favorable market position in
the specialty long steel industry. The segment has moderate
barriers to entry because of its very specific technical
requirements, switching costs for customers, and long testing
periods. We also view this segment of the steel industry as
somewhat stronger than the stainless flat segment where European
producer Aperam S.A. operates (BB/Negative/--), and where there
is overcapacity in Europe," S&P said.
"Schmolz + Bickenbach is one of Europe's top two tool steel and
top three engineering and long stainless steel producers. Like
its peers, it is able to pass on the cost of raw materials--scrap
and alloys--to customers through the industrywide surcharge
mechanism. Schmolz + Bickenbach's other strengths are its broad
product portfolio, diversified customer base, and concentration
of sales and assets in Germany (49% of sales), Italy (10%),
France (6%), and the U.S. (8%), which in our view carry low
country risk," S&P said.
"These strengths are partly offset by the high cyclicality of the
specialty long steel industry, demonstrated by a 40% drop in
Schmolz + Bickenbach's sales in 2009 during the global economic
downturn, with substantial destocking along the supply chain.
This, coupled with high operating leverage, led to negative
EBITDA in 2009. We expect the company's financial performance to
remain volatile and sensitive to cycles in the automotive and
capital goods industries, which are its main customers. Moreover,
the company still has some exposure to large swings in raw
material prices, notably nickel and steel scrap, despite the
surcharge mechanism, because of the inventory it has to
maintain," S&P said.
"Under our baseline scenario for Europe of a mild recession in
the first half of 2012, and barely positive GDP growth for the
full year, we expect the company's sales volumes to drop by about
5%, resulting in EBITDA of about EUR270 million in 2012, compared
with about EUR298 million in 2011. We currently do not expect a
more substantial drop in volumes because of the company's
backlog, relatively low inventories in the automotive industry
compared with 2008 and 2009, and the ramp up of the Finkl plant
in the U.S. We further assume a likely moderate recovery in
volumes and profits in 2013 and 2014 as economic growth picks
up," S&P said.
"The stable outlook balances our expectation of weaker
performance and credit ratios in 2012 with Schmolz + Bickenbach's
medium-term debt maturity profile and likely bank support in case
of a potential covenant breach. In the weak 2012 environment, we
would see a Standard & Poor's-adjusted FFO-to-debt ratio in the
lower part of the 15%-25% range as commensurate with the current
rating. We factor into the rating the possibility that the ratio
could improve in 2013-2014 in line with the more supportive
macroeconomic environment," S&P said.
"We might lower the rating if the company's performance
deteriorated substantially with FFO to debt falling to well below
15%, without near-term prospects of recovery and depending on
management actions. This could be triggered by a weaker
environment in the automotive and capital goods industries and a
consequent sales volume decline of more than 10% below our
current expectations. A covenant breach might also lead us to
consider a negative rating action, if not waived by the banks in
advance," S&P said.
"We might consider a positive rating action if the macroeconomic
environment improved and the company's profitability was more
resilient to a potential downturn than we currently anticipate.
We might also consider raising the rating if the company
substantially reduced its debt through positive FOCF generation,"
S&P said.
===========
T U R K E Y
===========
EXPORT CREDIT: S&P Affirms 'BB/B' Issuer Credit Ratings
-------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on Export
Credit Bank of Turkey (Turk Eximbank) to stable from positive.
"At the same time, we affirmed the long- and short-term foreign
currency issuer credit ratings at 'BB/B' and the local currency
ratings at 'BBB-/A-3'," S&P said.
"The ratings on Turk Eximbank are equalized with those on its
sole owner, Turkey. They reflect our opinion that there is an
'almost certain' likelihood that the Turkish government would
provide timely and sufficient extraordinary support to Turk
Eximbank in case of financial distress," S&P said.
"In accordance with our criteria for government-related entities
(GREs), our rating approach for Turk Eximbank is based on our
view of the bank's," S&P said:
* "Critical" role in supporting Turkish exports, which is a key
factor for national economic development and rebalancing the
economy; and
* "Integral" link to the Turkish government through sole
sovereign ownership, government control of the board of
directors, and a guarantee on the ultimate recovery of losses
on the bank's sovereign lending.
"Turk Eximbank is the official state export credit agency. It has
been mandated to support foreign trade and Turkish contractors
and investors operating abroad, through credit, guarantee, and
insurance programs. The bank does not compete with commercial
banks, but works closely with them--encouraging them to increase
their support for the export sector. It is Turk Eximbank's
intention to increase medium- and long-term loans, while leaving
short-term export financing to the commercial banks. As well as
offering direct lending, the bank also provides insurance and
guarantees to Turkish commercial banks. This is in order to
encourage them to finance export transactions backed by sales
made on deferred payment terms," S&P said.
"Various bodies govern Turk Eximbank. The highest-ranked is the
Supreme Advisory and Credit Guidance Committee, which is chaired
by the state minister in charge of the bank's activities
(currently the deputy prime minister). The committee is the main
decision-making authority for developing the bank's strategy, and
sets limits for credit, guarantees, and insurance transactions.
The state minister in charge of the bank's activities selects the
board of directors. The bank's general manager is named by a
decree signed by the same state minister in charge of the bank's
activities, the prime minister, and the Turkish president," S&P
said.
"In our opinion, strong government support for Turk Eximbank is
also evident from repeated capital contributions to the bank's
equity base. These have been either in the form of directly paid-
in capital or specific funds that are managed by the bank and
incorporated into its total shareholder funds. By end-2010, paid-
in capital from the government totaled Turkish lira (TRY) 2.0
billion, up from TRY1.3 billion at end-2008. Further to the
contributions to paid-in capital, the Turkish treasury gives the
bank additional money from designated funds. If requested, the
treasury would support Turk Eximbank's funding efforts by
guaranteeing the bank's borrowings abroad," S&P said.
"As a 100% state-owned wholesale bank, Turk Eximbank does not
accept deposits but is subject to the oversight of the Banking
Regulatory and Supervision Agency. However, in recent years it
has diversified funding particularly by absorbing more capital
from global financial markets and borrowing from international
financial organizations such as the World Bank and European
Investment Bank. Turk Eximbank borrows only in foreign currency.
Its capital adequacy ratio, calculated using the bank's internal
methodology, increased to 143% in 2010, from 100% in 2007," S&P
said.
"The stable outlook on the long-term ratings on Turk Eximbank
mirrors that on the long-term ratings on the Republic of Turkey.
For as long as the government continues to provide support, any
change in the ratings on Turkey will likely result in a similar
rating action on Turk Eximbank. Conversely, any change in our
assessment of Turk Eximbank's critical role for and integral link
with the government could lead to downward pressure on the
rating," S&P said.
===========================
U N I T E D K I N G D O M
===========================
ALTE LIEBE: S&P Reinstates 'B-' Rating on EUR102MM Senior Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services reinstated its debt rating on
the EUR102 million senior secured amortizing notes due 2025 --
issued by Jersey-based special-purpose vehicle Alte Liebe 1 Ltd.
-- at 'B-'. "We suspended the ratings on Feb. 2, 2011," S&P
said.
"We also assigned a recovery rating of '6' to the notes,
indicating our expectations of negligible (0%-10%) recovery of
outstanding principal (in the absence of an insurance guarantee)
at the time of default," S&P said.
"The reinstatement follows our receipt of what we consider to be
sufficient information from the project's relevant parties, which
allows us to analyze its long-term performance. We expect to
continue receiving adequate and timely information," S&P said.
The 'B-' issue rating on the EUR102 million senior secured notes
issued by Alte Liebe 1 reflects the underlying credit quality of
these notes.
"In our view, the operating and financial performances of some of
Alte Liebe 1's six wind farm companies have continued to
deteriorate during 2011. This was mainly driven by the lower-
than-expected wind power production in 2010 and 2011, following
similar underperformances in previous years," S&P said.
"As a result, we understand that the debt service reserve
accounts (DSCRs) calculated on Dec. 31, 2011 (latest official
data available) at three out of Alte Liebe 1's six wind farms
were below the minimum levels stipulated in their respective loan
agreements, which we understand constituted a breach of covenant
and resulting technical event of default (EOD). Under the loan
agreements, Ambac, as controlling creditor, may accelerate loans
on the occurrence of an EOD, although it cannot cross-accelerate
the notes," S&P said.
"However, we understand that Ambac has waived its right to
accelerate the individual wind farm loans. We believe that Ambac
has little incentive to accelerate any loan at this time, because
the troubled wind farms have neither enough liquidity to fully
repay the outstanding debt nor are they likely to refinance under
similar conditions. Therefore, we believe the acceleration of
the loans would likely trigger Ambac's obligation to make good
any possible shortfall in the servicing of the notes under its
guarantee," S&P said.
"We consider that a payment default on the notes is highly
unlikely over the medium term, given the current available
liquidity and the notes' flexible repayment profile--with timely
payment of interest, but ultimate payment of principal in 2025.
However, at the final maturity date, based on current wind farm
performances, we believe that the project may not be able to meet
the outstanding debt liabilities in full," S&P said.
"The stable outlook reflects our expectation of recurrent DSCRs
below 1x for the weakest wind farms under their loan agreements,
and the partial use of their DSRAs over the life of the project,
unless wind conditions considerably improve," S&P said.
"We could raise the rating if the recent underperformance of the
most vulnerable wind farms is reversed and stabilizes.
Conversely, we could take a negative rating action if wind
performance continues to deteriorate, resulting in further draws
on the project's liquidity," S&P said.
BATTERSEA POWER: Chelsea Football Among 10 Bidders
--------------------------------------------------
Neil Callanan and Tariq Panja at Bloomberg News report that
Chelsea Football Club Ltd. submitted one of more than 10 offers
to buy the London landmark Battersea Power Station.
According to Bloomberg, a person with knowledge of the bidding
said that the southwest London site drew interest from U.K.,
Irish, U.S. and Asian bidders. Some of the offers are
unconditional, Bloomberg notes.
The power station was put up for sale after its owners failed to
pay lenders owed more than GBP500 million (US$809 million). It's
no longer in use, Bloomberg says.
Creditors Lloyds Banking Group Plc and Ireland's National Asset
Management Agency had Ernst & Young LLP hired as administrators
of the property, Bloomberg recounts.
Bloomberg notes that controlling shareholder Real Estate
Opportunities Plc said in October the 38-acre (15-hectare) site
was valued at GBP500 million.
The site is being sold through brokers Knight Frank LLP and Ernst
& Young's real estate corporate finance team, Bloomberg says.
THOMAS COOK: Agrees to New Financing Package
--------------------------------------------
Ambereen Choudhury at Bloomberg News reports that Thomas Cook
Group Plc, which secured an emergency loan to survive, agreed to
a new financing package with lenders and said it's in talks to
sell aircraft as part of a recovery plan.
According to Bloomberg, Thomas Cook said in a statement on
Saturday that the GBP1.4 billion (US$2.3 billion) refinancing
extends the maturity of borrowings until May 31, 2015 and
provides "further stability" to the business.
Thomas Cook also said a strategic review has been completed,
Bloomberg notes.
Bloomberg relates that Mr. Meysman said the search for a
permanent chief executive officer to replace interim leader Sam
Weihagen is "progressing well."
The company is also selling assets, including an Indian unit,
after posting an annual loss of GBP521 million and suffering a
drop in bookings in the U.K. and elsewhere in northern Europe,
Bloomberg discloses.
Three months after former CEO Manny Fontenla-Novoa stepped down,
banks agreed in November to provide a GBP200 million loan to the
tour operator, Bloomberg recounts. The company, as cited by
Bloomberg, said that the latest financial package has revised
financial covenants offering greater flexibility.
The GBP1.4 billion package comprises of a GBP150 million
amortizing term loan, an GBP850 million revolving credit, the
GBP200 million liquidity facility agreed in November, and a
GBP200 million bonding and guarantee credit line, Bloomberg says.
Thomas Cook Group plc is a United Kingdom-based company. The
Company, together with its subsidiaries, is engaged in the
provision of leisure travel services. Its main brands include
Airtours, Aspro, Club 18-30, Cresta, Manos, Neilson, Sunset,
Sunworld Holidays, Swiss Travel Service, Thomas Cook, Thomas Cook
Style Collection, Thomas Cook Signature and Thomas Cook Tours.
It has six geographic operating divisions: United Kingdom,
Central Europe, West and East Europe, Northern Europe, North
America and Airlines Germany.
WORLDSPREADS GROUP: Clients May Not Recover 65% of Claims
---------------------------------------------------------
Jesse Westbrook at Bloomberg News reports that the collapse of
WorldSpreads Group Plc, the U.K. brokerage and spread-betting
firm that collapsed in March, may result in losses of as much as
65% for former customers.
According to Bloomberg, administrator KPMG LLP said in a
creditors' report published on Saturday that the return to
customers from WorldSpreads may be between 30 pence and 35 pence
per pound. KPMG said it based its estimate on the amount of
money recovered thus far and funds that are owed, Bloomberg
notes.
WorldSpreads suspended trading in its shares on March 16 because
of "financial irregularities", Bloomberg recounts. Three days
later, the company said it had a shortfall of GBP13 million
(US$21 million) of client money, Bloomberg relates.
KPMG, as cited by Bloomberg, said that WorldSpreads customers
have made claims seeking GBP30 million. The statement said that
the administrator has located GBP5 million in segregated accounts
and found another GBP11 million in house accounts, according to
Bloomberg.
WorldSpreads had about 15,000 clients, Bloomberg discloses. KPMG
said that all but about 90 of them had less than GBP50,000 in
their accounts with the firm, Bloomberg notes.
KPMG, which was appointed administrator in March, said it has
received fees of about GBP900,000 for work on the WorldSpreads
failure, Bloomberg relates.
Worldspreads Group Plc is a U.K. brokerage and spread-betting
firm.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week April 30 to May 4, 2012
----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
A-TEC INDUSTRIES 2.750 5/10/2014 EUR 30.88
A-TEC INDUSTRIES 5.750 11/2/2010 EUR 30.88
A-TEC INDUSTRIES 8.750 10/27/2014 EUR 30.63
BA CREDITANSTALT 5.470 8/28/2013 EUR 71.75
IMMOFINANZ 4.250 3/8/2018 EUR 3.81
KOMMUNALKREDIT 4.900 6/23/2031 EUR 69.75
KOMMUNALKREDIT 4.440 12/20/2030 EUR 65.75
OESTER VOLKSBK 4.810 7/29/2025 EUR 59.13
OESTER VOLKSBK 4.160 5/20/2025 EUR 71.01
OESTER VOLKSBK 4.170 7/29/2015 EUR 66.25
OESTER VOLKSBK 4.750 4/30/2021 EUR 73.11
RAIFF CENTROBANK 10.416 7/20/2012 EUR 51.55
RAIFF CENTROBANK 7.812 7/20/2012 EUR 61.99
RAIFF CENTROBANK 7.161 7/20/2012 EUR 68.46
RAIFF CENTROBANK 11.000 5/24/2012 EUR 65.57
RAIFF CENTROBANK 7.812 7/25/2012 EUR 70.98
RAIFF CENTROBANK 8.463 7/25/2012 EUR 65.84
RAIFF CENTROBANK 9.114 7/25/2012 EUR 50.31
RAIFF CENTROBANK 10.090 7/25/2012 EUR 65.03
RAIFF CENTROBANK 10.090 7/25/2012 EUR 67.91
RAIFF CENTROBANK 11.718 7/25/2012 EUR 28.14
RAIFF CENTROBANK 11.718 7/25/2012 EUR 57.40
RAIFF CENTROBANK 7.646 1/23/2013 EUR 67.93
RAIFF CENTROBANK 7.965 1/23/2013 EUR 69.64
RAIFF CENTROBANK 8.283 1/23/2013 EUR 71.85
RAIFF CENTROBANK 9.558 1/23/2013 EUR 72.07
RAIFF CENTROBANK 9.876 1/23/2013 EUR 54.70
RAIFF CENTROBANK 7.812 7/25/2012 EUR 57.59
RAIFF CENTROBANK 7.161 7/25/2012 EUR 69.42
RAIFF CENTROBANK 5.208 7/25/2012 EUR 74.70
RAIFF CENTROBANK 5.208 7/25/2012 EUR 70.63
RAIFF CENTROBANK 11.000 5/24/2012 EUR 73.08
RAIFF ZENTRALBK 4.500 9/28/2035 EUR 67.56
BELGIUM
-------
ECONOCOM GROUP 4.000 6/1/2016 EUR 21.59
IDEAL STANDARD I 11.750 5/1/2018 EUR 53.00
IDEAL STANDARD I 11.750 5/1/2018 EUR 52.67
CYPRUS
------
CYPRUS GOVT BOND 4.750 9/30/2015 EUR 72.50
CYPRUS GOVT BOND 3.750 11/1/2015 EUR 69.20
CYPRUS GOVT BOND 4.750 12/2/2015 EUR 71.63
CYPRUS GOVT BOND 4.500 1/2/2016 EUR 70.50
CYPRUS GOVT BOND 4.500 3/30/2016 EUR 69.38
CYPRUS GOVT BOND 4.500 6/2/2016 EUR 68.63
CYPRUS GOVT BOND 5.000 6/9/2016 EUR 70.25
CYPRUS GOVT BOND 4.500 7/11/2016 EUR 68.25
CYPRUS GOVT BOND 4.500 10/9/2016 EUR 67.38
CYPRUS GOVT BOND 6.600 10/26/2016 EUR 73.75
CYPRUS GOVT BOND 4.500 1/4/2017 EUR 66.50
CYPRUS GOVT BOND 4.500 2/15/2017 EUR 66.25
CYPRUS GOVT BOND 4.500 4/2/2017 EUR 65.88
CYPRUS GOVT BOND 5.600 4/15/2017 EUR 71.86
CYPRUS GOVT BOND 4.500 9/28/2017 EUR 64.63
CYPRUS GOVT BOND 5.100 1/29/2018 EUR 66.13
CYPRUS GOVT BOND 4.600 4/23/2018 EUR 63.88
CYPRUS GOVT BOND 4.600 10/23/2018 EUR 63.13
CYPRUS GOVT BOND 4.600 2/26/2019 EUR 62.75
CYPRUS GOVT BOND 6.100 6/24/2019 EUR 68.88
CYPRUS GOVT BOND 4.625 2/3/2020 EUR 61.98
CYPRUS GOVT BOND 6.100 4/20/2020 EUR 68.25
CYPRUS GOVT BOND 5.350 6/9/2020 EUR 64.50
CYPRUS GOVT BOND 6.000 6/9/2021 EUR 65.75
CYPRUS GOVT BOND 6.500 8/25/2021 EUR 67.00
MARFIN POPULAR 4.350 11/20/2014 EUR 67.88
REP OF CYPRUS 4.750 2/25/2016 EUR 67.32
CZECH REPUBLIC
--------------
SAZKA 9.000 7/12/2021 EUR 50.00
DENMARK
-------
KALMAR STRUCTRD 7.500 9/30/2013 EUR 0.01
KOMMUNEKREDIT 0.500 2/23/2017 ZAR 71.65
KOMMUNEKREDIT 0.500 1/25/2017 ZAR 72.10
KOMMUNEKREDIT 0.500 12/14/2020 ZAR 52.19
FINLAND
-------
MUNI FINANCE PLC 0.500 12/14/2018 TRY 64.69
MUNI FINANCE PLC 0.500 3/17/2025 CAD 54.13
MUNI FINANCE PLC 0.500 11/16/2017 TRY 68.85
MUNI FINANCE PLC 0.500 4/27/2018 ZAR 63.76
MUNI FINANCE PLC 0.500 11/21/2018 ZAR 63.27
MUNI FINANCE PLC 0.250 6/28/2040 CAD 23.73
MUNI FINANCE PLC 0.500 11/21/2018 TRY 64.92
MUNI FINANCE PLC 0.500 9/24/2020 CAD 74.84
MUNI FINANCE PLC 0.500 12/20/2018 ZAR 60.31
MUNI FINANCE PLC 0.500 11/25/2020 ZAR 54.67
MUNI FINANCE PLC 0.500 11/10/2021 NZD 65.02
MUNI FINANCE PLC 0.500 12/21/2021 NZD 64.74
MUNI FINANCE PLC 0.500 4/26/2022 ZAR 54.99
MUNI FINANCE PLC 0.500 11/17/2016 ZAR 73.76
MUNI FINANCE PLC 0.500 12/6/2016 TRY 73.05
MUNI FINANCE PLC 0.500 12/21/2016 TRY 72.75
MUNI FINANCE PLC 0.500 2/16/2017 TRY 72.66
MUNI FINANCE PLC 0.500 4/26/2017 ZAR 71.32
MUNI FINANCE PLC 1.000 6/30/2017 ZAR 70.60
MUNI FINANCE PLC 0.500 10/27/2016 ZAR 74.08
MUNI FINANCE PLC 0.500 10/27/2016 TRY 73.41
FRANCE
------
AIR FRANCE-KLM 4.970 4/1/2015 EUR 10.63
ALCATEL-LUCENT 5.000 1/1/2015 EUR 2.78
ALTRAN TECHNOLOG 6.720 1/1/2015 EUR 5.05
ASSYSTEM 4.000 1/1/2017 EUR 23.00
ATOS ORIGIN SA 2.500 1/1/2016 EUR 55.60
CAISSE CENT IMMO 7.000 5/16/2014 EUR 35.07
CAISSE CENT IMMO 7.000 5/18/2015 EUR 11.01
CAISSE CENT IMMO 7.000 9/10/2015 EUR 13.67
CALYON 6.000 6/18/2047 EUR 31.46
CAP GEMINI SOGET 3.500 1/1/2014 EUR 38.09
CGG VERITAS 1.750 1/1/2016 EUR 28.90
CLUB MEDITERRANE 5.000 6/8/2012 EUR 14.57
CLUB MEDITERRANE 6.110 11/1/2015 EUR 18.54
CMA CGM 8.500 4/15/2017 USD 67.00
CMA CGM 8.875 4/15/2019 EUR 66.16
CMA CGM 8.875 4/15/2019 EUR 66.00
CMA CGM 8.500 4/15/2017 USD 66.25
CNP ASSURANCES 6.000 9/14/2040 EUR 74.28
CREDIT LOCAL FRA 3.750 5/26/2020 EUR 51.81
DEXIA CRED LOCAL 4.020 3/13/2017 EUR 69.37
DEXIA CRED LOCAL 4.375 2/12/2019 EUR 54.00
DEXIA CRED LOCAL 4.500 2/25/2020 EUR 56.28
DEXIA CRED LOCAL 4.550 4/2/2020 EUR 56.24
DEXIA CRED LOCAL 5.037 8/4/2020 EUR 57.30
DEXIA CRED LOCAL 4.110 9/18/2018 EUR 60.87
DEXIA MUNI AGNCY 1.000 12/23/2024 EUR 69.71
EURAZEO 6.250 6/10/2014 EUR 59.21
EUROPCAR GROUPE 9.375 4/15/2018 EUR 76.31
EXANE FINANCE 18.150 5/17/2012 CHF 42.65
FAURECIA 4.500 1/1/2015 EUR 20.43
GROUPAMA SA 7.875 10/27/2039 EUR 57.81
GROUPE VIAL 2.500 1/1/2014 EUR 2.68
INGENICO 2.750 1/1/2017 EUR 46.89
MAUREL ET PROM 7.125 7/31/2014 EUR 18.16
MAUREL ET PROM 7.125 7/31/2015 EUR 16.61
NEXANS SA 2.500 1/1/2019 EUR 64.60
NEXANS SA 4.000 1/1/2016 EUR 55.31
NOVASEP HLDG 9.750 12/15/2016 USD 48.25
NOVASEP HLDG 9.625 12/15/2016 EUR 49.50
NOVASEP HLDG 9.750 12/15/2016 USD 48.25
NOVASEP HLDG 9.625 12/15/2016 EUR 49.50
ORPEA 3.875 1/1/2016 EUR 44.44
PEUGEOT SA 4.450 1/1/2016 EUR 24.27
PIERRE VACANCES 4.000 10/1/2015 EUR 74.17
PUBLICIS GROUPE 3.125 7/30/2014 EUR 37.90
PUBLICIS GROUPE 1.000 1/18/2018 EUR 51.46
SOC AIR FRANCE 2.750 4/1/2020 EUR 20.84
SOCIETE GENERALE 0.500 12/6/2021 AUD 48.47
SOCIETE GENERALE 0.500 9/7/2021 AUD 49.45
SOITEC 6.250 9/9/2014 EUR 8.14
TEM 4.250 1/1/2015 EUR 53.22
GERMANY
-------
BAYERISCHE LNDBK 5.500 6/29/2012 EUR 55.51
BAYERISCHE LNDBK 5.800 7/13/2012 EUR 51.44
BAYERISCHE LNDBK 6.100 6/15/2012 EUR 36.42
BAYERISCHE LNDBK 5.100 6/29/2012 EUR 50.38
BAYERISCHE LNDBK 3.200 10/1/2012 EUR 30.49
BHF-BANK AG 7.250 6/15/2012 EUR 59.85
BHF-BANK AG 13.200 6/8/2012 EUR 42.35
BNP EMIS-U.HANDE 11.000 6/21/2012 EUR 59.01
BNP EMIS-U.HANDE 11.500 6/21/2012 EUR 44.70
BNP EMIS-U.HANDE 11.750 6/21/2012 EUR 37.71
BNP EMIS-U.HANDE 11.750 6/21/2012 EUR 63.94
BNP EMIS-U.HANDE 13.500 6/21/2012 EUR 42.31
BNP EMIS-U.HANDE 13.750 6/21/2012 EUR 46.44
BNP EMIS-U.HANDE 12.000 6/21/2012 EUR 68.44
BNP EMIS-U.HANDE 15.000 6/21/2012 EUR 54.89
BNP EMIS-U.HANDE 15.500 6/21/2012 EUR 18.14
BNP EMIS-U.HANDE 16.000 6/21/2012 EUR 16.46
BNP EMIS-U.HANDE 18.250 6/21/2012 EUR 7.66
BNP EMIS-U.HANDE 19.250 6/21/2012 EUR 10.00
BNP EMIS-U.HANDE 14.250 6/21/2012 EUR 38.98
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 62.47
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 40.78
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 37.22
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 73.60
BNP EMIS-U.HANDE 6.500 7/26/2012 EUR 53.23
BNP EMIS-U.HANDE 6.500 7/26/2012 EUR 70.46
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 60.39
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 51.33
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 26.22
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 21.93
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 70.62
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 71.21
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 47.31
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 34.75
BNP EMIS-U.HANDE 8.500 7/26/2012 EUR 66.42
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 57.09
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 52.65
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 45.78
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 36.40
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 66.25
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 33.54
BNP EMIS-U.HANDE 10.000 7/26/2012 EUR 44.81
BNP EMIS-U.HANDE 10.000 7/26/2012 EUR 53.88
BNP EMIS-U.HANDE 10.000 7/26/2012 EUR 47.24
BNP EMIS-U.HANDE 8.500 12/28/2012 EUR 68.15
BNP EMIS-U.HANDE 9.750 12/28/2012 EUR 69.01
BNP EMIS-U.HANDE 10.500 12/28/2012 EUR 59.06
BNP EMIS-U.HANDE 7.750 12/31/2012 EUR 54.89
BNP EMIS-U.HANDE 9.500 12/31/2012 EUR 66.73
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 37.75
BNP EMIS-U.HANDE 5.250 5/24/2012 EUR 60.87
BNP EMIS-U.HANDE 7.000 5/24/2012 EUR 43.79
BNP EMIS-U.HANDE 6.500 6/21/2012 EUR 74.17
BNP EMIS-U.HANDE 6.750 6/21/2012 EUR 63.26
BNP EMIS-U.HANDE 7.000 6/21/2012 EUR 74.41
BNP EMIS-U.HANDE 7.000 6/21/2012 EUR 64.17
BNP EMIS-U.HANDE 7.250 6/21/2012 EUR 64.97
BNP EMIS-U.HANDE 7.500 6/21/2012 EUR 59.04
BNP EMIS-U.HANDE 7.500 6/21/2012 EUR 71.54
BNP EMIS-U.HANDE 7.750 6/21/2012 EUR 70.58
BNP EMIS-U.HANDE 7.750 6/21/2012 EUR 72.22
BNP EMIS-U.HANDE 7.750 6/21/2012 EUR 52.16
BNP EMIS-U.HANDE 8.250 6/21/2012 EUR 63.63
BNP EMIS-U.HANDE 8.250 6/21/2012 EUR 69.87
BNP EMIS-U.HANDE 8.250 6/21/2012 EUR 72.09
BNP EMIS-U.HANDE 8.250 6/21/2012 EUR 60.35
BNP EMIS-U.HANDE 8.500 6/21/2012 EUR 64.39
BNP EMIS-U.HANDE 8.500 6/21/2012 EUR 67.58
BNP EMIS-U.HANDE 8.500 6/21/2012 EUR 64.94
BNP EMIS-U.HANDE 8.500 6/21/2012 EUR 65.74
BNP EMIS-U.HANDE 9.000 6/21/2012 EUR 64.40
BNP EMIS-U.HANDE 9.250 6/21/2012 EUR 51.17
BNP EMIS-U.HANDE 9.250 6/21/2012 EUR 41.04
BNP EMIS-U.HANDE 9.250 6/21/2012 EUR 69.99
BNP EMIS-U.HANDE 9.500 6/21/2012 EUR 53.09
BNP EMIS-U.HANDE 9.500 6/21/2012 EUR 72.52
BNP EMIS-U.HANDE 10.000 6/21/2012 EUR 55.69
BNP EMIS-U.HANDE 10.000 6/21/2012 EUR 73.20
BNP EMIS-U.HANDE 10.250 6/21/2012 EUR 58.01
BNP EMIS-U.HANDE 10.250 6/21/2012 EUR 50.03
BNP EMIS-U.HANDE 10.500 6/21/2012 EUR 65.91
BNP EMIS-U.HANDE 10.500 6/21/2012 EUR 44.59
BNP EMIS-U.HANDE 10.500 6/21/2012 EUR 54.67
BNP EMIS-U.HANDE 11.000 6/21/2012 EUR 33.24
COMMERZBANK AG 7.250 5/7/2012 EUR 41.77
COMMERZBANK AG 7.250 5/7/2012 EUR 63.98
COMMERZBANK AG 8.750 12/17/2012 EUR 73.61
COMMERZBANK AG 8.000 11/5/2012 EUR 48.21
COMMERZBANK AG 6.000 12/27/2012 EUR 73.52
COMMERZBANK AG 8.000 12/27/2012 EUR 48.68
COMMERZBANK AG 7.000 12/27/2012 EUR 63.44
COMMERZBANK AG 14.000 8/5/2013 EUR 71.69
COMMERZBANK AG 18.500 3/21/2013 EUR 74.98
COMMERZBANK AG 8.000 5/7/2012 EUR 45.32
COMMERZBANK AG 8.400 12/30/2013 EUR 17.82
COMMERZBANK AG 9.000 6/4/2012 EUR 71.11
COMMERZBANK AG 5.000 3/30/2018 EUR 35.13
COMMERZBANK AG 8.000 6/4/2012 EUR 62.12
COMMERZBANK AG 21.000 6/22/2012 EUR 72.46
COMMERZBANK AG 16.000 6/22/2012 EUR 47.04
COMMERZBANK AG 10.000 10/29/2012 EUR 68.13
COMMERZBANK AG 9.000 10/29/2012 EUR 9.20
COMMERZBANK AG 8.500 12/17/2012 EUR 60.31
COMMERZBANK AG 10.000 11/5/2012 EUR 57.78
COMMERZBANK AG 9.000 10/1/2012 EUR 57.17
COMMERZBANK AG 11.500 11/5/2012 EUR 56.98
COMMERZBANK AG 8.750 6/21/2012 EUR 58.92
COMMERZBANK AG 11.500 6/22/2012 EUR 51.72
COMMERZBANK AG 8.250 10/1/2012 EUR 70.63
COMMERZBANK AG 8.500 10/29/2012 EUR 68.65
COMMERZBANK AG 8.250 7/6/2012 EUR 72.92
COMMERZBANK AG 10.500 7/6/2012 EUR 56.33
COMMERZBANK AG 8.000 6/22/2012 EUR 51.55
COMMERZBANK AG 8.000 6/22/2012 EUR 67.11
COMMERZBANK AG 18.000 6/21/2012 EUR 71.40
COMMERZBANK AG 10.000 10/1/2012 EUR 73.99
COMMERZBANK AG 11.500 7/6/2012 EUR 7.09
COMMERZBANK AG 12.000 7/6/2012 EUR 74.90
COMMERZBANK AG 8.500 8/3/2012 EUR 51.10
COMMERZBANK AG 9.000 8/3/2012 EUR 65.26
COMMERZBANK AG 7.700 9/28/2012 EUR 54.95
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 59.30
DEUTSCHE BANK AG 7.000 5/31/2012 EUR 54.70
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 74.60
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 71.10
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 50.70
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 54.10
DEUTSCHE BANK AG 12.000 12/20/2012 EUR 73.20
DEUTSCHE BANK AG 15.000 12/20/2012 EUR 69.80
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 66.10
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 68.10
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 74.80
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 67.70
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 72.40
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 70.20
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 62.40
DEUTSCHE BANK AG 14.000 6/20/2012 EUR 59.30
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 58.50
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 50.00
DEUTSCHE BANK AG 11.000 5/31/2012 EUR 74.10
DEUTSCHE BANK AG 10.000 6/20/2012 EUR 69.20
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 64.80
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 60.20
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 71.30
DEUTSCHE BANK AG 9.000 7/31/2012 EUR 71.10
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 60.50
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 65.30
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 69.30
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 56.70
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 59.00
DEUTSCHE BANK AG 11.000 7/31/2012 EUR 73.80
DEUTSCHE BANK AG 13.000 7/31/2012 EUR 70.10
DEUTSCHE BANK AG 13.000 7/31/2012 EUR 74.30
DEUTSCHE BANK AG 8.000 8/6/2012 EUR 74.20
DEUTSCHE BANK AG 13.000 9/28/2012 EUR 74.30
DEUTSCHE BANK AG 10.000 10/31/2012 EUR 74.90
DEUTSCHE BANK AG 12.000 10/31/2012 EUR 72.60
DEUTSCHE BANK AG 9.000 11/29/2012 EUR 72.80
DEUTSCHE BANK AG 12.000 11/29/2012 EUR 72.50
DEUTSCHE BANK AG 8.000 12/20/2012 EUR 44.10
DEUTSCHE BANK AG 8.000 12/20/2012 EUR 65.40
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 68.30
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 55.30
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 55.60
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 51.90
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 72.50
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 54.30
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 52.00
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 65.90
DEUTSCHE BANK AG 7.000 5/31/2012 EUR 71.60
DEUTSCHE BANK AG 7.000 5/31/2012 EUR 75.00
DEUTSCHE BANK AG 7.000 5/31/2012 EUR 54.20
DEUTSCHE BANK AG 7.000 5/31/2012 EUR 58.80
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 49.80
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 65.00
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 61.40
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 74.20
DEUTSCHE BANK AG 11.000 6/29/2012 EUR 74.20
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 54.90
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 51.40
DEUTSCHE BANK AG 12.000 12/20/2012 EUR 49.80
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 51.50
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 68.70
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 52.40
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 67.60
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 71.00
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 63.30
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 70.00
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 67.20
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 74.70
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 59.20
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 67.40
DRESDNER BANK AG 5.700 7/31/2023 EUR 72.25
DZ BANK AG 5.900 10/12/2012 EUR 74.68
DZ BANK AG 8.300 10/5/2012 EUR 58.30
DZ BANK AG 5.700 10/5/2012 EUR 62.04
DZ BANK AG 4.500 10/5/2012 EUR 64.27
DZ BANK AG 22.000 9/28/2012 EUR 66.84
DZ BANK AG 14.750 9/28/2012 EUR 62.80
DZ BANK AG 11.000 9/28/2012 EUR 72.33
DZ BANK AG 19.500 9/14/2012 EUR 67.53
DZ BANK AG 10.500 9/14/2012 EUR 51.73
DZ BANK AG 10.250 9/14/2012 EUR 72.24
DZ BANK AG 9.250 5/11/2012 EUR 61.10
DZ BANK AG 17.000 5/25/2012 EUR 67.52
DZ BANK AG 18.000 5/25/2012 EUR 72.27
DZ BANK AG 8.000 6/7/2012 EUR 68.68
DZ BANK AG 12.000 6/7/2012 EUR 74.62
DZ BANK AG 16.000 6/7/2012 EUR 68.46
DZ BANK AG 5.000 6/8/2012 EUR 69.77
DZ BANK AG 6.000 6/8/2012 EUR 59.75
DZ BANK AG 6.750 6/8/2012 EUR 50.87
DZ BANK AG 7.500 6/8/2012 EUR 61.48
DZ BANK AG 7.750 6/8/2012 EUR 67.90
DZ BANK AG 8.000 6/8/2012 EUR 68.59
DZ BANK AG 8.000 6/8/2012 EUR 67.40
DZ BANK AG 8.250 6/8/2012 EUR 69.76
DZ BANK AG 8.250 6/8/2012 EUR 74.63
DZ BANK AG 8.750 6/8/2012 EUR 67.94
DZ BANK AG 9.000 6/8/2012 EUR 54.65
DZ BANK AG 9.250 6/8/2012 EUR 52.68
DZ BANK AG 9.500 6/8/2012 EUR 70.30
DZ BANK AG 9.750 6/8/2012 EUR 71.88
DZ BANK AG 9.750 6/8/2012 EUR 68.12
DZ BANK AG 10.000 6/8/2012 EUR 74.79
DZ BANK AG 10.500 6/8/2012 EUR 45.56
DZ BANK AG 10.750 6/8/2012 EUR 70.36
DZ BANK AG 11.250 6/8/2012 EUR 49.18
DZ BANK AG 12.250 6/8/2012 EUR 69.71
DZ BANK AG 8.000 6/11/2012 EUR 63.95
DZ BANK AG 4.000 6/20/2012 EUR 63.05
DZ BANK AG 10.900 6/21/2012 EUR 74.00
DZ BANK AG 5.250 6/22/2012 EUR 63.09
DZ BANK AG 5.500 6/22/2012 EUR 71.18
DZ BANK AG 5.500 6/22/2012 EUR 71.75
DZ BANK AG 6.250 6/22/2012 EUR 70.45
DZ BANK AG 6.250 6/22/2012 EUR 60.06
DZ BANK AG 6.250 6/22/2012 EUR 74.69
DZ BANK AG 6.750 6/22/2012 EUR 68.85
DZ BANK AG 7.000 6/22/2012 EUR 70.06
DZ BANK AG 7.000 6/22/2012 EUR 74.78
DZ BANK AG 7.250 6/22/2012 EUR 66.78
DZ BANK AG 7.250 6/22/2012 EUR 68.93
DZ BANK AG 7.500 6/22/2012 EUR 66.38
DZ BANK AG 7.750 6/22/2012 EUR 68.15
DZ BANK AG 8.000 6/22/2012 EUR 38.07
DZ BANK AG 8.250 6/22/2012 EUR 69.28
DZ BANK AG 8.250 6/22/2012 EUR 70.51
DZ BANK AG 8.500 6/22/2012 EUR 74.70
DZ BANK AG 8.500 6/22/2012 EUR 68.20
DZ BANK AG 8.750 6/22/2012 EUR 64.03
DZ BANK AG 8.750 6/22/2012 EUR 68.27
DZ BANK AG 9.000 6/22/2012 EUR 26.76
DZ BANK AG 9.000 6/22/2012 EUR 49.23
DZ BANK AG 9.000 6/22/2012 EUR 72.16
DZ BANK AG 9.750 6/22/2012 EUR 70.89
DZ BANK AG 9.750 6/22/2012 EUR 65.15
DZ BANK AG 9.750 6/22/2012 EUR 66.00
DZ BANK AG 9.750 6/22/2012 EUR 50.98
DZ BANK AG 9.750 6/22/2012 EUR 73.23
DZ BANK AG 10.000 6/22/2012 EUR 64.68
DZ BANK AG 10.000 6/22/2012 EUR 59.62
DZ BANK AG 10.000 6/22/2012 EUR 62.10
DZ BANK AG 10.500 6/22/2012 EUR 34.60
DZ BANK AG 10.500 6/22/2012 EUR 68.06
DZ BANK AG 10.750 6/22/2012 EUR 69.34
DZ BANK AG 10.750 6/22/2012 EUR 49.29
DZ BANK AG 11.000 6/22/2012 EUR 34.44
DZ BANK AG 11.000 6/22/2012 EUR 47.75
DZ BANK AG 11.250 6/22/2012 EUR 41.09
DZ BANK AG 11.750 6/22/2012 EUR 67.76
DZ BANK AG 11.750 6/22/2012 EUR 74.82
DZ BANK AG 11.750 6/22/2012 EUR 42.30
DZ BANK AG 11.750 6/22/2012 EUR 44.01
DZ BANK AG 12.000 6/22/2012 EUR 45.25
DZ BANK AG 13.000 6/22/2012 EUR 37.70
DZ BANK AG 13.750 6/22/2012 EUR 69.75
DZ BANK AG 13.750 6/22/2012 EUR 55.86
DZ BANK AG 16.000 6/22/2012 EUR 8.81
DZ BANK AG 21.000 6/22/2012 EUR 74.04
DZ BANK AG 7.000 7/11/2012 EUR 68.80
DZ BANK AG 7.000 7/11/2012 EUR 70.41
DZ BANK AG 5.000 7/13/2012 EUR 65.64
DZ BANK AG 6.000 7/13/2012 EUR 70.09
DZ BANK AG 6.200 7/13/2012 EUR 72.64
DZ BANK AG 6.750 7/13/2012 EUR 67.93
DZ BANK AG 7.000 7/13/2012 EUR 64.42
DZ BANK AG 7.250 7/13/2012 EUR 63.07
DZ BANK AG 7.250 7/13/2012 EUR 72.35
DZ BANK AG 7.250 7/13/2012 EUR 72.35
DZ BANK AG 7.500 7/13/2012 EUR 49.88
DZ BANK AG 8.250 7/13/2012 EUR 66.93
DZ BANK AG 8.500 7/13/2012 EUR 51.74
DZ BANK AG 8.500 7/13/2012 EUR 55.09
DZ BANK AG 9.250 7/13/2012 EUR 64.69
DZ BANK AG 9.500 7/13/2012 EUR 70.71
DZ BANK AG 10.250 7/13/2012 EUR 68.92
DZ BANK AG 12.500 7/13/2012 EUR 56.04
DZ BANK AG 6.000 7/27/2012 EUR 71.61
DZ BANK AG 6.500 7/27/2012 EUR 63.25
DZ BANK AG 7.500 7/27/2012 EUR 68.81
DZ BANK AG 8.000 7/27/2012 EUR 52.74
DZ BANK AG 8.000 7/27/2012 EUR 65.14
DZ BANK AG 9.000 7/27/2012 EUR 70.10
DZ BANK AG 9.250 7/27/2012 EUR 70.01
DZ BANK AG 9.250 7/27/2012 EUR 73.05
DZ BANK AG 9.800 7/27/2012 EUR 65.42
DZ BANK AG 10.000 7/27/2012 EUR 57.51
DZ BANK AG 10.500 7/27/2012 EUR 60.64
DZ BANK AG 10.750 7/27/2012 EUR 48.99
DZ BANK AG 11.250 7/27/2012 EUR 74.38
DZ BANK AG 11.250 7/27/2012 EUR 58.69
DZ BANK AG 11.500 7/27/2012 EUR 49.98
DZ BANK AG 11.750 7/27/2012 EUR 62.09
DZ BANK AG 12.000 7/27/2012 EUR 72.81
DZ BANK AG 12.000 7/27/2012 EUR 63.40
DZ BANK AG 12.250 7/27/2012 EUR 73.43
DZ BANK AG 12.500 7/27/2012 EUR 64.43
DZ BANK AG 14.750 7/27/2012 EUR 67.39
DZ BANK AG 15.000 7/27/2012 EUR 46.02
DZ BANK AG 15.250 7/27/2012 EUR 53.95
DZ BANK AG 5.000 8/10/2012 EUR 68.48
DZ BANK AG 9.500 8/10/2012 EUR 72.36
DZ BANK AG 21.250 8/10/2012 EUR 60.50
DZ BANK AG 10.750 8/24/2012 EUR 58.85
DZ BANK AG 12.000 8/24/2012 EUR 74.80
DZ BANK AG 16.500 8/24/2012 EUR 69.75
DZ BANK AG 18.000 8/24/2012 EUR 72.45
DZ BANK AG 21.000 8/24/2012 EUR 71.82
DZ BANK AG 21.250 8/24/2012 EUR 74.44
DZ BANK AG 5.000 9/14/2012 EUR 56.36
DZ BANK AG 6.000 9/14/2012 EUR 72.91
DZ BANK AG 6.250 9/14/2012 EUR 57.41
DZ BANK AG 7.250 9/14/2012 EUR 69.72
DZ BANK AG 7.500 9/14/2012 EUR 63.44
DZ BANK AG 8.000 9/14/2012 EUR 53.01
DZ BANK AG 8.250 9/14/2012 EUR 71.66
DZ BANK AG 8.500 9/14/2012 EUR 56.57
DZ BANK AG 9.500 9/14/2012 EUR 73.81
DZ BANK AG 9.500 9/14/2012 EUR 74.90
DZ BANK AG 10.000 9/14/2012 EUR 71.52
DZ BANK AG 5.000 6/22/2018 EUR 58.65
DZ BANK AG 5.270 6/24/2013 EUR 18.00
DZ BANK AG 5.000 6/24/2013 EUR 18.00
DZ BANK AG 11.500 4/26/2013 EUR 66.45
DZ BANK AG 11.250 3/22/2013 EUR 72.87
DZ BANK AG 5.410 3/22/2013 EUR 17.90
DZ BANK AG 5.000 3/22/2013 EUR 74.50
DZ BANK AG 5.000 3/22/2013 EUR 18.00
DZ BANK AG 5.000 3/22/2013 EUR 17.90
DZ BANK AG 13.750 3/8/2013 EUR 66.92
DZ BANK AG 15.000 2/22/2013 EUR 74.41
DZ BANK AG 14.000 2/22/2013 EUR 69.16
DZ BANK AG 15.500 2/8/2013 EUR 68.78
DZ BANK AG 14.000 1/25/2013 EUR 73.36
DZ BANK AG 7.000 10/12/2012 EUR 51.50
DZ BANK AG 7.000 10/12/2012 EUR 66.50
DZ BANK AG 10.000 9/14/2012 EUR 71.93
DZ BANK AG 12.500 1/25/2013 EUR 65.16
DZ BANK AG 15.500 1/11/2013 EUR 66.34
DZ BANK AG 14.250 1/11/2013 EUR 65.72
DZ BANK AG 14.000 1/11/2013 EUR 60.26
DZ BANK AG 12.000 1/2/2013 EUR 72.38
DZ BANK AG 6.000 1/2/2013 EUR 61.86
DZ BANK AG 5.000 12/21/2012 EUR 73.70
DZ BANK AG 5.850 9/14/2012 EUR 61.86
DZ BANK AG 3.850 12/21/2012 EUR 17.80
DZ BANK AG 5.000 12/14/2012 EUR 69.70
DZ BANK AG 10.000 11/23/2012 EUR 64.92
DZ BANK AG 16.000 10/26/2012 EUR 72.20
DZ BANK AG 11.000 10/12/2012 EUR 63.42
DZ BANK AG 9.500 10/12/2012 EUR 69.93
DZ BANK AG 8.000 10/12/2012 EUR 52.14
ESCADA AG 7.500 4/1/2012 EUR 8.57
EUROHYPO AG 3.830 9/21/2020 EUR 71.75
GOTHAER ALLG VER 5.527 9/29/2026 EUR 73.52
HECKLER & KOCH 9.500 5/15/2018 EUR 67.38
HECKLER & KOCH 9.500 5/15/2018 EUR 68.39
HSBC TRINKAUS 25.500 6/28/2013 EUR 72.54
HSBC TRINKAUS 22.500 6/28/2013 EUR 73.00
HSBC TRINKAUS 12.000 6/22/2012 EUR 53.60
HSBC TRINKAUS 26.000 6/28/2013 EUR 63.60
HSBC TRINKAUS 27.500 3/22/2013 EUR 62.85
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LB BADEN-WUERTT 10.000 6/22/2012 EUR 17.63
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LB BADEN-WUERTT 10.000 6/22/2012 EUR 8.27
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LB BADEN-WUERTT 10.000 6/22/2012 EUR 45.27
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LB BADEN-WUERTT 5.000 7/27/2012 EUR 74.54
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LB BADEN-WUERTT 5.000 7/27/2012 EUR 15.27
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LB BADEN-WUERTT 7.500 7/27/2012 EUR 15.97
LB BADEN-WUERTT 7.500 7/27/2012 EUR 61.68
LB BADEN-WUERTT 7.500 7/27/2012 EUR 51.95
LB BADEN-WUERTT 7.500 7/27/2012 EUR 74.15
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LB BADEN-WUERTT 7.500 7/27/2012 EUR 56.92
LB BADEN-WUERTT 7.500 7/27/2012 EUR 63.18
LB BADEN-WUERTT 7.500 7/27/2012 EUR 29.51
LB BADEN-WUERTT 7.500 7/27/2012 EUR 67.58
LB BADEN-WUERTT 7.500 7/27/2012 EUR 57.00
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LB BADEN-WUERTT 7.500 7/27/2012 EUR 67.94
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LB BADEN-WUERTT 7.500 7/27/2012 EUR 71.59
LB BADEN-WUERTT 7.500 7/27/2012 EUR 45.10
LB BADEN-WUERTT 7.500 7/27/2012 EUR 19.98
LB BADEN-WUERTT 7.500 7/27/2012 EUR 60.26
LB BADEN-WUERTT 8.000 7/27/2012 EUR 68.16
LB BADEN-WUERTT 8.000 7/27/2012 EUR 65.54
LB BADEN-WUERTT 8.000 7/27/2012 EUR 38.28
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LB BADEN-WUERTT 8.000 7/27/2012 EUR 42.55
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LB BADEN-WUERTT 10.000 7/27/2012 EUR 16.51
LB BADEN-WUERTT 10.000 7/27/2012 EUR 19.18
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LB BADEN-WUERTT 10.000 7/27/2012 EUR 56.89
LB BADEN-WUERTT 10.000 7/27/2012 EUR 61.42
LB BADEN-WUERTT 10.000 7/27/2012 EUR 54.50
LB BADEN-WUERTT 10.000 7/27/2012 EUR 67.11
LB BADEN-WUERTT 10.000 7/27/2012 EUR 42.02
LB BADEN-WUERTT 10.000 7/27/2012 EUR 62.75
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LB BADEN-WUERTT 10.000 7/27/2012 EUR 73.56
LB BADEN-WUERTT 10.000 7/27/2012 EUR 53.35
LB BADEN-WUERTT 10.000 7/27/2012 EUR 27.46
LB BADEN-WUERTT 10.000 7/27/2012 EUR 74.62
LB BADEN-WUERTT 10.000 7/27/2012 EUR 51.81
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LB BADEN-WUERTT 10.000 7/27/2012 EUR 48.97
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LB BADEN-WUERTT 4.000 8/24/2012 EUR 73.73
LB BADEN-WUERTT 4.000 8/24/2012 EUR 55.10
LB BADEN-WUERTT 5.000 8/24/2012 EUR 68.31
LB BADEN-WUERTT 5.000 8/24/2012 EUR 73.43
LB BADEN-WUERTT 5.000 8/24/2012 EUR 67.64
LB BADEN-WUERTT 5.000 8/24/2012 EUR 50.67
LB BADEN-WUERTT 5.000 8/24/2012 EUR 26.03
LB BADEN-WUERTT 5.000 8/24/2012 EUR 70.09
LB BADEN-WUERTT 5.000 8/24/2012 EUR 71.02
LB BADEN-WUERTT 5.000 8/24/2012 EUR 52.47
LB BADEN-WUERTT 6.000 8/24/2012 EUR 73.76
LB BADEN-WUERTT 6.000 8/24/2012 EUR 65.85
LB BADEN-WUERTT 6.000 8/24/2012 EUR 49.25
LB BADEN-WUERTT 6.000 8/24/2012 EUR 64.29
LB BADEN-WUERTT 6.000 8/24/2012 EUR 74.21
LB BADEN-WUERTT 6.000 8/24/2012 EUR 74.39
LB BADEN-WUERTT 6.000 8/24/2012 EUR 39.40
LB BADEN-WUERTT 6.000 8/24/2012 EUR 73.94
LB BADEN-WUERTT 6.000 8/24/2012 EUR 73.71
LB BADEN-WUERTT 6.000 8/24/2012 EUR 66.99
LB BADEN-WUERTT 7.500 8/24/2012 EUR 62.06
LB BADEN-WUERTT 7.500 8/24/2012 EUR 71.37
LB BADEN-WUERTT 7.500 8/24/2012 EUR 74.48
LB BADEN-WUERTT 7.500 8/24/2012 EUR 61.47
LB BADEN-WUERTT 7.500 8/24/2012 EUR 62.87
LB BADEN-WUERTT 7.500 8/24/2012 EUR 72.45
LB BADEN-WUERTT 7.500 8/24/2012 EUR 70.82
LB BADEN-WUERTT 7.500 8/24/2012 EUR 45.87
LB BADEN-WUERTT 7.500 8/24/2012 EUR 65.82
LB BADEN-WUERTT 7.500 8/24/2012 EUR 70.83
LB BADEN-WUERTT 7.500 8/24/2012 EUR 23.60
LB BADEN-WUERTT 7.500 8/24/2012 EUR 61.32
LB BADEN-WUERTT 7.500 8/24/2012 EUR 48.04
LB BADEN-WUERTT 8.000 8/24/2012 EUR 73.80
LB BADEN-WUERTT 8.000 8/24/2012 EUR 35.91
LB BADEN-WUERTT 8.000 8/24/2012 EUR 67.83
LB BADEN-WUERTT 8.000 8/24/2012 EUR 62.95
LB BADEN-WUERTT 8.000 8/24/2012 EUR 68.45
LB BADEN-WUERTT 8.000 8/24/2012 EUR 74.49
LB BADEN-WUERTT 8.000 8/24/2012 EUR 60.53
LB BADEN-WUERTT 8.000 8/24/2012 EUR 65.48
LB BADEN-WUERTT 8.000 8/24/2012 EUR 69.01
LB BADEN-WUERTT 8.000 8/24/2012 EUR 70.91
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MACQUARIE STRUCT 10.000 6/22/2012 EUR 74.65
MACQUARIE STRUCT 10.750 6/22/2012 EUR 35.23
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MACQUARIE STRUCT 10.250 6/22/2012 EUR 72.81
MACQUARIE STRUCT 11.000 6/22/2012 EUR 65.22
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MACQUARIE STRUCT 11.000 6/22/2012 EUR 71.40
MACQUARIE STRUCT 11.500 6/22/2012 EUR 61.86
MACQUARIE STRUCT 11.500 6/22/2012 EUR 34.08
MACQUARIE STRUCT 11.500 6/22/2012 EUR 54.26
MACQUARIE STRUCT 11.750 6/22/2012 EUR 74.77
MACQUARIE STRUCT 11.750 6/22/2012 EUR 64.78
MACQUARIE STRUCT 12.000 6/22/2012 EUR 70.95
MACQUARIE STRUCT 12.500 6/22/2012 EUR 40.63
MACQUARIE STRUCT 12.500 6/22/2012 EUR 44.53
MACQUARIE STRUCT 13.000 6/22/2012 EUR 62.92
MACQUARIE STRUCT 13.500 6/22/2012 EUR 35.09
MACQUARIE STRUCT 18.000 12/14/2012 EUR 71.71
MACQUARIE STRUCT 11.500 9/28/2012 EUR 51.34
MACQUARIE STRUCT 10.000 9/28/2012 EUR 69.43
MACQUARIE STRUCT 9.750 9/28/2012 EUR 54.18
MACQUARIE STRUCT 9.250 9/28/2012 EUR 68.39
MACQUARIE STRUCT 9.000 9/28/2012 EUR 52.00
MACQUARIE STRUCT 23.250 6/22/2012 EUR 4.07
MACQUARIE STRUCT 21.000 6/22/2012 EUR 72.73
MACQUARIE STRUCT 18.500 6/22/2012 EUR 45.79
MACQUARIE STRUCT 17.000 6/22/2012 EUR 38.02
MACQUARIE STRUCT 16.000 6/22/2012 EUR 15.67
MACQUARIE STRUCT 15.750 6/22/2012 EUR 55.72
MACQUARIE STRUCT 15.750 6/22/2012 EUR 13.56
MACQUARIE STRUCT 7.000 5/11/2012 EUR 62.10
MACQUARIE STRUCT 7.750 6/22/2012 EUR 72.15
MACQUARIE STRUCT 9.750 6/22/2012 EUR 64.94
MACQUARIE STRUCT 9.250 6/22/2012 EUR 30.51
MACQUARIE STRUCT 9.750 6/22/2012 EUR 70.20
MACQUARIE STRUCT 10.000 6/22/2012 EUR 72.85
MACQUARIE STRUCT 10.000 6/22/2012 EUR 45.29
NORDDEUTSCHE L/B 7.000 6/8/2012 EUR 54.84
PRAKTIKER BAU-UN 5.875 2/10/2016 EUR 40.01
Q-CELLS 6.750 10/21/2015 EUR 0.65
QIMONDA FINANCE 6.750 3/22/2013 USD 5.88
RENTENBANK 0.500 3/15/2017 TRY 71.23
RENTENBANK 0.500 4/19/2017 ZAR 73.36
RENTENBANK 0.500 4/19/2017 TRY 71.53
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SOLON AG SOLAR 1.375 12/6/2012 EUR 1.22
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TUI AG 5.500 11/17/2014 EUR 66.35
TUI AG 2.750 3/24/2016 EUR 49.40
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UNICREDIT BANK A 6.800 5/17/2012 EUR 58.97
UNICREDIT BANK A 7.000 6/21/2012 EUR 46.70
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VONTOBEL FIN PRO 10.246 6/22/2012 EUR 70.26
VONTOBEL FIN PRO 10.244 6/22/2012 EUR 66.52
VONTOBEL FIN PRO 10.241 6/22/2012 EUR 71.52
VONTOBEL FIN PRO 10.222 6/22/2012 EUR 58.90
VONTOBEL FIN PRO 10.222 6/22/2012 EUR 72.80
VONTOBEL FIN PRO 10.207 6/22/2012 EUR 56.42
VONTOBEL FIN PRO 10.204 6/22/2012 EUR 73.42
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VONTOBEL FIN PRO 10.186 6/22/2012 EUR 62.18
VONTOBEL FIN PRO 10.185 6/22/2012 EUR 71.70
VONTOBEL FIN PRO 10.167 6/22/2012 EUR 45.48
VONTOBEL FIN PRO 10.167 6/22/2012 EUR 73.70
VONTOBEL FIN PRO 10.146 6/22/2012 EUR 74.68
VONTOBEL FIN PRO 10.142 6/22/2012 EUR 64.86
VONTOBEL FIN PRO 10.135 6/22/2012 EUR 74.76
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VONTOBEL FIN PRO 9.918 6/22/2012 EUR 55.66
VONTOBEL FIN PRO 9.898 6/22/2012 EUR 74.80
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VONTOBEL FIN PRO 9.623 6/22/2012 EUR 35.58
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VONTOBEL FIN PRO 9.606 6/22/2012 EUR 63.04
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VONTOBEL FIN PRO 9.550 6/22/2012 EUR 72.88
VONTOBEL FIN PRO 9.547 6/22/2012 EUR 56.48
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VONTOBEL FIN PRO 9.524 6/22/2012 EUR 64.20
VONTOBEL FIN PRO 9.511 6/22/2012 EUR 59.22
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VONTOBEL FIN PRO 9.472 6/22/2012 EUR 61.46
VONTOBEL FIN PRO 9.472 6/22/2012 EUR 31.67
VONTOBEL FIN PRO 9.466 6/22/2012 EUR 53.14
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VONTOBEL FIN PRO 9.454 6/22/2012 EUR 38.52
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VONTOBEL FIN PRO 9.414 6/22/2012 EUR 52.82
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VONTOBEL FIN PRO 9.316 6/22/2012 EUR 55.08
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VONTOBEL FIN PRO 9.208 6/22/2012 EUR 45.08
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VONTOBEL FIN PRO 9.072 6/22/2012 EUR 49.90
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VONTOBEL FIN PRO 8.891 6/22/2012 EUR 61.84
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VONTOBEL FIN PRO 8.845 6/22/2012 EUR 68.90
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VONTOBEL FIN PRO 8.720 6/22/2012 EUR 68.62
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VONTOBEL FIN PRO 8.690 6/22/2012 EUR 52.66
VONTOBEL FIN PRO 8.681 6/22/2012 EUR 61.82
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VONTOBEL FIN PRO 8.679 6/22/2012 EUR 65.96
VONTOBEL FIN PRO 8.676 6/22/2012 EUR 64.80
VONTOBEL FIN PRO 8.667 6/22/2012 EUR 72.56
VONTOBEL FIN PRO 8.667 6/22/2012 EUR 61.62
VONTOBEL FIN PRO 8.642 6/22/2012 EUR 51.07
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VONTOBEL FIN PRO 8.581 6/22/2012 EUR 58.88
VONTOBEL FIN PRO 8.566 6/22/2012 EUR 60.74
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VONTOBEL FIN PRO 8.528 6/22/2012 EUR 66.50
VONTOBEL FIN PRO 8.525 6/22/2012 EUR 54.98
VONTOBEL FIN PRO 8.500 6/22/2012 EUR 74.46
VONTOBEL FIN PRO 8.496 6/22/2012 EUR 72.48
VONTOBEL FIN PRO 8.495 6/22/2012 EUR 72.16
VONTOBEL FIN PRO 8.491 6/22/2012 EUR 56.38
VONTOBEL FIN PRO 8.491 6/22/2012 EUR 48.54
VONTOBEL FIN PRO 8.487 6/22/2012 EUR 62.92
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VONTOBEL FIN PRO 8.466 6/22/2012 EUR 36.52
VONTOBEL FIN PRO 8.460 6/22/2012 EUR 47.96
VONTOBEL FIN PRO 8.433 6/22/2012 EUR 64.26
VONTOBEL FIN PRO 8.408 6/22/2012 EUR 74.62
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VONTOBEL FIN PRO 8.404 6/22/2012 EUR 68.30
VONTOBEL FIN PRO 8.377 6/22/2012 EUR 43.10
VONTOBEL FIN PRO 8.347 6/22/2012 EUR 63.82
VONTOBEL FIN PRO 8.347 6/22/2012 EUR 48.46
VONTOBEL FIN PRO 8.347 6/22/2012 EUR 69.58
VONTOBEL FIN PRO 8.340 6/22/2012 EUR 16.46
VONTOBEL FIN PRO 8.340 6/22/2012 EUR 56.86
VONTOBEL FIN PRO 8.327 6/22/2012 EUR 61.32
VONTOBEL FIN PRO 8.302 6/22/2012 EUR 56.94
VONTOBEL FIN PRO 8.284 6/22/2012 EUR 46.06
VONTOBEL FIN PRO 8.278 6/22/2012 EUR 61.00
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VONTOBEL FIN PRO 8.264 6/22/2012 EUR 59.06
VONTOBEL FIN PRO 8.229 6/22/2012 EUR 65.50
VONTOBEL FIN PRO 8.189 6/22/2012 EUR 61.56
VONTOBEL FIN PRO 8.189 6/22/2012 EUR 35.42
VONTOBEL FIN PRO 8.185 6/22/2012 EUR 44.36
VONTOBEL FIN PRO 8.152 6/22/2012 EUR 60.22
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VONTOBEL FIN PRO 8.113 6/22/2012 EUR 62.00
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VONTOBEL FIN PRO 8.092 6/22/2012 EUR 74.40
VONTOBEL FIN PRO 8.068 6/22/2012 EUR 55.46
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VONTOBEL FIN PRO 8.038 6/22/2012 EUR 66.11
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VONTOBEL FIN PRO 7.974 6/22/2012 EUR 48.12
VONTOBEL FIN PRO 7.956 6/22/2012 EUR 67.54
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VONTOBEL FIN PRO 10.056 5/11/2012 EUR 53.80
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VONTOBEL FIN PRO 11.615 6/15/2012 EUR 64.20
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VONTOBEL FIN PRO 6.948 6/22/2012 EUR 67.62
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VONTOBEL FIN PRO 7.150 6/22/2012 EUR 71.92
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VONTOBEL FIN PRO 7.299 6/22/2012 EUR 69.92
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VONTOBEL FIN PRO 7.500 6/22/2012 EUR 51.54
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VONTOBEL FIN PRO 8.050 12/31/2012 EUR 68.78
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VONTOBEL FIN PRO 7.950 12/31/2012 EUR 73.76
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VONTOBEL FIN PRO 11.500 12/14/2012 EUR 4.25
VONTOBEL FIN PRO 28.900 9/28/2012 EUR 53.40
VONTOBEL FIN PRO 28.700 9/28/2012 EUR 61.64
VONTOBEL FIN PRO 27.550 9/28/2012 EUR 52.80
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VONTOBEL FIN PRO 21.550 9/28/2012 EUR 64.56
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VONTOBEL FIN PRO 20.750 9/28/2012 EUR 70.08
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VONTOBEL FIN PRO 19.000 9/28/2012 EUR 57.92
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VONTOBEL FIN PRO 14.200 9/28/2012 EUR 71.08
VONTOBEL FIN PRO 14.191 9/28/2012 EUR 45.64
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VONTOBEL FIN PRO 12.623 6/22/2012 EUR 31.38
VONTOBEL FIN PRO 12.600 6/22/2012 EUR 63.40
VONTOBEL FIN PRO 12.595 6/22/2012 EUR 50.10
VONTOBEL FIN PRO 12.578 6/22/2012 EUR 42.46
VONTOBEL FIN PRO 12.578 6/22/2012 EUR 62.16
VONTOBEL FIN PRO 12.550 6/22/2012 EUR 70.00
VONTOBEL FIN PRO 12.547 6/22/2012 EUR 63.46
VONTOBEL FIN PRO 12.544 6/22/2012 EUR 42.26
VONTOBEL FIN PRO 12.537 6/22/2012 EUR 51.16
VONTOBEL FIN PRO 12.536 6/22/2012 EUR 55.88
VONTOBEL FIN PRO 12.532 6/22/2012 EUR 59.28
VONTOBEL FIN PRO 12.520 6/22/2012 EUR 49.71
VONTOBEL FIN PRO 12.512 6/22/2012 EUR 48.90
VONTOBEL FIN PRO 12.500 6/22/2012 EUR 74.16
VONTOBEL FIN PRO 12.500 6/22/2012 EUR 67.10
VONTOBEL FIN PRO 12.472 6/22/2012 EUR 72.02
VONTOBEL FIN PRO 12.462 6/22/2012 EUR 63.52
VONTOBEL FIN PRO 12.456 6/22/2012 EUR 53.48
VONTOBEL FIN PRO 12.451 6/22/2012 EUR 49.64
VONTOBEL FIN PRO 12.420 6/22/2012 EUR 21.90
VONTOBEL FIN PRO 12.403 6/22/2012 EUR 67.86
VONTOBEL FIN PRO 12.398 6/22/2012 EUR 61.04
VONTOBEL FIN PRO 12.393 6/22/2012 EUR 58.42
VONTOBEL FIN PRO 12.389 6/22/2012 EUR 42.84
VONTOBEL FIN PRO 12.382 6/22/2012 EUR 51.94
VONTOBEL FIN PRO 12.370 6/22/2012 EUR 73.62
VONTOBEL FIN PRO 12.352 6/22/2012 EUR 54.14
VONTOBEL FIN PRO 12.348 6/22/2012 EUR 61.72
VONTOBEL FIN PRO 12.343 6/22/2012 EUR 40.08
VONTOBEL FIN PRO 12.340 6/22/2012 EUR 45.46
VONTOBEL FIN PRO 12.340 6/22/2012 EUR 58.23
VONTOBEL FIN PRO 12.334 6/22/2012 EUR 72.62
VONTOBEL FIN PRO 12.323 6/22/2012 EUR 33.56
VONTOBEL FIN PRO 12.311 6/22/2012 EUR 63.20
VONTOBEL FIN PRO 12.306 6/22/2012 EUR 72.46
VONTOBEL FIN PRO 12.303 6/22/2012 EUR 73.20
VONTOBEL FIN PRO 12.300 6/22/2012 EUR 49.40
VONTOBEL FIN PRO 12.298 6/22/2012 EUR 51.46
VONTOBEL FIN PRO 12.276 6/22/2012 EUR 45.64
VONTOBEL FIN PRO 12.264 6/22/2012 EUR 72.00
VONTOBEL FIN PRO 12.260 6/22/2012 EUR 52.16
VONTOBEL FIN PRO 12.247 6/22/2012 EUR 48.28
VONTOBEL FIN PRO 12.226 6/22/2012 EUR 16.92
VONTOBEL FIN PRO 12.216 6/22/2012 EUR 55.72
VONTOBEL FIN PRO 12.204 6/22/2012 EUR 42.74
VONTOBEL FIN PRO 12.168 6/22/2012 EUR 52.62
VONTOBEL FIN PRO 12.164 6/22/2012 EUR 63.20
VONTOBEL FIN PRO 12.162 6/22/2012 EUR 67.52
VONTOBEL FIN PRO 12.148 6/22/2012 EUR 69.10
VONTOBEL FIN PRO 12.144 6/22/2012 EUR 61.22
VONTOBEL FIN PRO 12.123 6/22/2012 EUR 48.08
VONTOBEL FIN PRO 12.118 6/22/2012 EUR 64.70
VONTOBEL FIN PRO 12.117 6/22/2012 EUR 37.82
VONTOBEL FIN PRO 12.111 6/22/2012 EUR 64.52
VONTOBEL FIN PRO 12.103 6/22/2012 EUR 52.65
VONTOBEL FIN PRO 12.091 6/22/2012 EUR 71.98
VONTOBEL FIN PRO 12.038 6/22/2012 EUR 66.61
VONTOBEL FIN PRO 12.025 6/22/2012 EUR 70.82
VONTOBEL FIN PRO 12.017 6/22/2012 EUR 57.10
VONTOBEL FIN PRO 12.013 6/22/2012 EUR 45.96
VONTOBEL FIN PRO 12.000 6/22/2012 EUR 61.74
VONTOBEL FIN PRO 12.000 6/22/2012 EUR 55.14
VONTOBEL FIN PRO 12.000 6/22/2012 EUR 66.74
VONTOBEL FIN PRO 11.983 6/22/2012 EUR 69.04
VONTOBEL FIN PRO 11.967 6/22/2012 EUR 53.30
VONTOBEL FIN PRO 11.959 6/22/2012 EUR 74.80
VONTOBEL FIN PRO 11.955 6/22/2012 EUR 35.62
VONTOBEL FIN PRO 11.952 6/22/2012 EUR 50.66
VONTOBEL FIN PRO 11.944 6/22/2012 EUR 56.50
VONTOBEL FIN PRO 11.917 6/22/2012 EUR 63.74
VONTOBEL FIN PRO 11.910 6/22/2012 EUR 52.68
VONTOBEL FIN PRO 11.900 6/22/2012 EUR 66.32
VONTOBEL FIN PRO 11.888 6/22/2012 EUR 71.58
VONTOBEL FIN PRO 11.877 6/22/2012 EUR 72.57
VONTOBEL FIN PRO 11.867 6/22/2012 EUR 69.70
VONTOBEL FIN PRO 11.844 6/22/2012 EUR 55.52
VONTOBEL FIN PRO 11.819 6/22/2012 EUR 61.90
VONTOBEL FIN PRO 11.811 6/22/2012 EUR 38.88
VONTOBEL FIN PRO 11.808 6/22/2012 EUR 57.18
VONTOBEL FIN PRO 11.807 6/22/2012 EUR 49.90
VONTOBEL FIN PRO 11.807 6/22/2012 EUR 54.74
VONTOBEL FIN PRO 11.800 6/22/2012 EUR 64.16
VONTOBEL FIN PRO 11.791 6/22/2012 EUR 61.86
VONTOBEL FIN PRO 11.778 6/22/2012 EUR 43.34
VONTOBEL FIN PRO 11.776 6/22/2012 EUR 73.64
VONTOBEL FIN PRO 11.774 6/22/2012 EUR 43.88
VONTOBEL FIN PRO 11.755 6/22/2012 EUR 74.14
VONTOBEL FIN PRO 11.750 6/22/2012 EUR 49.16
VONTOBEL FIN PRO 11.736 6/22/2012 EUR 36.02
VONTOBEL FIN PRO 11.713 6/22/2012 EUR 71.58
VONTOBEL FIN PRO 11.705 6/22/2012 EUR 43.01
VONTOBEL FIN PRO 11.693 6/22/2012 EUR 42.48
VONTOBEL FIN PRO 11.622 6/22/2012 EUR 59.02
VONTOBEL FIN PRO 11.614 6/22/2012 EUR 46.58
VONTOBEL FIN PRO 11.600 6/22/2012 EUR 52.02
VONTOBEL FIN PRO 11.591 6/22/2012 EUR 60.86
VONTOBEL FIN PRO 11.586 6/22/2012 EUR 54.41
VONTOBEL FIN PRO 11.585 6/22/2012 EUR 67.32
VONTOBEL FIN PRO 11.582 6/22/2012 EUR 59.68
VONTOBEL FIN PRO 11.581 6/22/2012 EUR 48.90
VONTOBEL FIN PRO 11.566 6/22/2012 EUR 50.20
VONTOBEL FIN PRO 11.560 6/22/2012 EUR 36.56
VONTOBEL FIN PRO 11.556 6/22/2012 EUR 73.28
VONTOBEL FIN PRO 11.554 6/22/2012 EUR 69.14
VONTOBEL FIN PRO 11.554 6/22/2012 EUR 59.88
VONTOBEL FIN PRO 11.550 6/22/2012 EUR 68.96
VONTOBEL FIN PRO 11.546 6/22/2012 EUR 71.14
VONTOBEL FIN PRO 11.545 6/22/2012 EUR 73.24
VONTOBEL FIN PRO 11.534 6/22/2012 EUR 56.20
VONTOBEL FIN PRO 11.534 6/22/2012 EUR 72.88
VONTOBEL FIN PRO 11.533 6/22/2012 EUR 70.32
VONTOBEL FIN PRO 11.514 6/22/2012 EUR 69.16
VONTOBEL FIN PRO 11.484 6/22/2012 EUR 57.58
VONTOBEL FIN PRO 11.463 6/22/2012 EUR 73.36
VONTOBEL FIN PRO 11.455 6/22/2012 EUR 52.66
VONTOBEL FIN PRO 11.443 6/22/2012 EUR 65.46
VONTOBEL FIN PRO 11.430 6/22/2012 EUR 71.34
VONTOBEL FIN PRO 11.425 6/22/2012 EUR 47.52
VONTOBEL FIN PRO 11.425 6/22/2012 EUR 63.14
VONTOBEL FIN PRO 11.422 6/22/2012 EUR 43.28
VONTOBEL FIN PRO 11.409 6/22/2012 EUR 57.58
VONTOBEL FIN PRO 11.405 6/22/2012 EUR 68.60
VONTOBEL FIN PRO 11.405 6/22/2012 EUR 70.24
VONTOBEL FIN PRO 11.396 6/22/2012 EUR 51.11
VONTOBEL FIN PRO 11.394 6/22/2012 EUR 70.40
VONTOBEL FIN PRO 11.389 6/22/2012 EUR 68.64
VONTOBEL FIN PRO 11.389 6/22/2012 EUR 65.90
VONTOBEL FIN PRO 11.388 6/22/2012 EUR 72.80
VONTOBEL FIN PRO 11.377 6/22/2012 EUR 43.60
VONTOBEL FIN PRO 11.366 6/22/2012 EUR 57.46
VONTOBEL FIN PRO 11.361 6/22/2012 EUR 46.34
VONTOBEL FIN PRO 11.356 6/22/2012 EUR 68.08
VONTOBEL FIN PRO 11.342 6/22/2012 EUR 71.98
VONTOBEL FIN PRO 11.333 6/22/2012 EUR 70.40
VONTOBEL FIN PRO 11.328 6/22/2012 EUR 63.94
VONTOBEL FIN PRO 11.319 6/22/2012 EUR 44.22
VONTOBEL FIN PRO 11.314 6/22/2012 EUR 74.72
VONTOBEL FIN PRO 11.305 6/22/2012 EUR 71.90
VONTOBEL FIN PRO 11.304 6/22/2012 EUR 51.78
VONTOBEL FIN PRO 11.296 6/22/2012 EUR 61.30
VONTOBEL FIN PRO 11.287 6/22/2012 EUR 64.54
VONTOBEL FIN PRO 11.283 6/22/2012 EUR 45.30
VONTOBEL FIN PRO 11.238 6/22/2012 EUR 43.56
VONTOBEL FIN PRO 11.237 6/22/2012 EUR 70.22
VONTOBEL FIN PRO 11.227 6/22/2012 EUR 73.56
VONTOBEL FIN PRO 11.219 6/22/2012 EUR 63.67
VONTOBEL FIN PRO 11.219 6/22/2012 EUR 73.52
VONTOBEL FIN PRO 11.219 6/22/2012 EUR 53.00
VONTOBEL FIN PRO 11.194 6/22/2012 EUR 71.98
VONTOBEL FIN PRO 11.194 6/22/2012 EUR 63.74
VONTOBEL FIN PRO 11.138 6/22/2012 EUR 70.20
VONTOBEL FIN PRO 11.135 6/22/2012 EUR 66.98
VONTOBEL FIN PRO 11.130 6/22/2012 EUR 72.45
VONTOBEL FIN PRO 11.129 6/22/2012 EUR 63.34
VONTOBEL FIN PRO 11.123 6/22/2012 EUR 73.06
VONTOBEL FIN PRO 11.117 6/22/2012 EUR 68.96
VONTOBEL FIN PRO 11.103 6/22/2012 EUR 63.86
VONTOBEL FIN PRO 11.098 6/22/2012 EUR 65.42
VONTOBEL FIN PRO 11.080 6/22/2012 EUR 67.90
VONTOBEL FIN PRO 11.080 6/22/2012 EUR 63.88
VONTOBEL FIN PRO 11.056 6/22/2012 EUR 63.60
VONTOBEL FIN PRO 11.052 6/22/2012 EUR 45.84
VONTOBEL FIN PRO 11.032 6/22/2012 EUR 73.30
VONTOBEL FIN PRO 11.029 6/22/2012 EUR 60.20
VONTOBEL FIN PRO 11.019 6/22/2012 EUR 56.92
VONTOBEL FIN PRO 11.014 6/22/2012 EUR 73.47
VONTOBEL FIN PRO 10.980 6/22/2012 EUR 66.56
VONTOBEL FIN PRO 10.970 6/22/2012 EUR 68.22
VONTOBEL FIN PRO 10.955 6/22/2012 EUR 65.42
VONTOBEL FIN PRO 10.925 6/22/2012 EUR 49.28
VONTOBEL FIN PRO 10.925 6/22/2012 EUR 70.70
VONTOBEL FIN PRO 10.925 6/22/2012 EUR 47.46
VONTOBEL FIN PRO 10.920 6/22/2012 EUR 36.04
VONTOBEL FIN PRO 10.918 6/22/2012 EUR 73.98
VONTOBEL FIN PRO 10.909 6/22/2012 EUR 35.42
VONTOBEL FIN PRO 10.890 6/22/2012 EUR 74.66
VONTOBEL FIN PRO 10.878 6/22/2012 EUR 57.22
VONTOBEL FIN PRO 10.865 6/22/2012 EUR 73.50
VONTOBEL FIN PRO 10.850 6/22/2012 EUR 69.14
VONTOBEL FIN PRO 10.847 6/22/2012 EUR 56.78
VONTOBEL FIN PRO 10.843 6/22/2012 EUR 63.16
VONTOBEL FIN PRO 10.833 6/22/2012 EUR 70.60
VONTOBEL FIN PRO 10.833 6/22/2012 EUR 44.16
VONTOBEL FIN PRO 10.818 6/22/2012 EUR 72.52
VONTOBEL FIN PRO 10.800 6/22/2012 EUR 36.54
VONTOBEL FIN PRO 10.791 6/22/2012 EUR 69.24
VONTOBEL FIN PRO 10.789 6/22/2012 EUR 73.60
VONTOBEL FIN PRO 10.781 6/22/2012 EUR 70.14
VONTOBEL FIN PRO 10.779 6/22/2012 EUR 56.76
VONTOBEL FIN PRO 10.761 6/22/2012 EUR 63.76
VONTOBEL FIN PRO 10.760 6/22/2012 EUR 64.54
VONTOBEL FIN PRO 10.759 6/22/2012 EUR 65.13
VONTOBEL FIN PRO 10.757 6/22/2012 EUR 72.34
VONTOBEL FIN PRO 10.757 6/22/2012 EUR 53.36
VONTOBEL FIN PRO 10.726 6/22/2012 EUR 44.44
VONTOBEL FIN PRO 10.724 6/22/2012 EUR 49.44
VONTOBEL FIN PRO 10.703 6/22/2012 EUR 70.62
VONTOBEL FIN PRO 10.697 6/22/2012 EUR 73.68
VONTOBEL FIN PRO 10.668 6/22/2012 EUR 66.70
VONTOBEL FIN PRO 10.668 6/22/2012 EUR 69.62
VONTOBEL FIN PRO 10.660 6/22/2012 EUR 41.16
VONTOBEL FIN PRO 10.642 6/22/2012 EUR 54.31
VONTOBEL FIN PRO 10.620 6/22/2012 EUR 58.16
VONTOBEL FIN PRO 10.612 6/22/2012 EUR 65.78
VONTOBEL FIN PRO 10.607 6/22/2012 EUR 45.08
VONTOBEL FIN PRO 10.577 6/22/2012 EUR 55.24
VONTOBEL FIN PRO 10.571 6/22/2012 EUR 73.18
VONTOBEL FIN PRO 10.567 6/22/2012 EUR 54.66
VONTOBEL FIN PRO 10.556 6/22/2012 EUR 69.38
VONTOBEL FIN PRO 10.548 6/22/2012 EUR 48.86
VONTOBEL FIN PRO 10.528 6/22/2012 EUR 58.01
VONTOBEL FIN PRO 10.520 6/22/2012 EUR 33.26
VONTOBEL FIN PRO 10.500 6/22/2012 EUR 49.28
VONTOBEL FIN PRO 10.490 6/22/2012 EUR 44.04
VONTOBEL FIN PRO 10.486 6/22/2012 EUR 37.50
VONTOBEL FIN PRO 10.479 6/22/2012 EUR 72.40
VONTOBEL FIN PRO 10.478 6/22/2012 EUR 66.92
VONTOBEL FIN PRO 10.476 6/22/2012 EUR 23.34
VONTOBEL FIN PRO 10.458 6/22/2012 EUR 60.80
VONTOBEL FIN PRO 10.440 6/22/2012 EUR 61.74
VONTOBEL FIN PRO 10.439 6/22/2012 EUR 40.68
VONTOBEL FIN PRO 10.438 6/22/2012 EUR 63.02
VONTOBEL FIN PRO 10.415 6/22/2012 EUR 66.41
VONTOBEL FIN PRO 10.402 6/22/2012 EUR 54.02
VONTOBEL FIN PRO 10.389 6/22/2012 EUR 68.72
VONTOBEL FIN PRO 10.371 6/22/2012 EUR 55.24
VONTOBEL FIN PRO 10.364 6/22/2012 EUR 67.72
VONTOBEL FIN PRO 10.364 6/22/2012 EUR 67.72
VONTOBEL FIN PRO 10.333 6/22/2012 EUR 70.28
VONTOBEL FIN PRO 10.325 6/22/2012 EUR 64.46
VONTOBEL FIN PRO 10.311 6/22/2012 EUR 74.78
VONTOBEL FIN PRO 10.293 6/22/2012 EUR 74.00
VONTOBEL FIN PRO 10.286 6/22/2012 EUR 64.78
VONTOBEL FIN PRO 10.278 6/22/2012 EUR 44.72
VONTOBEL FIN PRO 10.274 6/22/2012 EUR 68.02
VONTOBEL FIN PRO 10.273 6/22/2012 EUR 54.00
VONTOBEL FIN PRO 10.272 6/22/2012 EUR 72.82
VONTOBEL FIN PRO 10.264 6/22/2012 EUR 51.27
VONTOBEL FIN PRO 10.260 6/22/2012 EUR 44.54
VONTOBEL FIN PRO 10.257 6/22/2012 EUR 48.38
VONTOBEL FIN PRO 5.100 4/14/2014 EUR 41.90
VONTOBEL FIN PRO 5.474 3/17/2014 EUR 71.70
VONTOBEL FIN PRO 7.389 11/25/2013 EUR 35.30
VONTOBEL FIN PRO 8.000 6/28/2013 EUR 73.54
VONTOBEL FIN PRO 6.000 6/28/2013 EUR 63.82
VONTOBEL FIN PRO 4.000 6/28/2013 EUR 51.26
VONTOBEL FIN PRO 20.900 3/22/2013 EUR 68.98
VONTOBEL FIN PRO 18.500 3/22/2013 EUR 74.92
VONTOBEL FIN PRO 18.350 3/22/2013 EUR 73.10
VONTOBEL FIN PRO 17.950 3/22/2013 EUR 72.58
VONTOBEL FIN PRO 17.400 3/22/2013 EUR 62.00
VONTOBEL FIN PRO 14.950 3/22/2013 EUR 74.56
VONTOBEL FIN PRO 14.500 3/22/2013 EUR 64.18
VONTOBEL FIN PRO 13.150 3/22/2013 EUR 73.40
VONTOBEL FIN PRO 12.000 3/22/2013 EUR 71.68
VONTOBEL FIN PRO 11.850 3/22/2013 EUR 67.46
VONTOBEL FIN PRO 11.150 3/22/2013 EUR 64.08
VONTOBEL FIN PRO 10.750 3/22/2013 EUR 74.26
VONTOBEL FIN PRO 9.500 3/22/2013 EUR 70.78
VONTOBEL FIN PRO 8.850 3/22/2013 EUR 66.98
VONTOBEL FIN PRO 8.550 3/22/2013 EUR 71.06
VONTOBEL FIN PRO 6.800 3/22/2013 EUR 72.12
VONTOBEL FIN PRO 6.750 3/22/2013 EUR 70.78
VONTOBEL FIN PRO 10.100 3/8/2013 EUR 66.30
VONTOBEL FIN PRO 10.930 1/2/2013 EUR 43.40
VONTOBEL FIN PRO 10.093 1/2/2013 EUR 70.65
VONTOBEL FIN PRO 8.987 1/2/2013 EUR 35.69
VONTOBEL FIN PRO 8.069 1/2/2013 EUR 69.13
VONTOBEL FIN PRO 8.042 1/2/2013 EUR 65.80
VONTOBEL FIN PRO 28.250 12/31/2012 EUR 51.20
VONTOBEL FIN PRO 27.600 12/31/2012 EUR 53.42
VONTOBEL FIN PRO 24.900 12/31/2012 EUR 63.26
VONTOBEL FIN PRO 24.700 12/31/2012 EUR 54.50
VONTOBEL FIN PRO 22.600 12/31/2012 EUR 52.80
VONTOBEL FIN PRO 21.800 12/31/2012 EUR 57.00
VONTOBEL FIN PRO 21.200 12/31/2012 EUR 71.60
VONTOBEL FIN PRO 18.900 12/31/2012 EUR 66.98
VONTOBEL FIN PRO 18.850 12/31/2012 EUR 59.22
VONTOBEL FIN PRO 18.750 12/31/2012 EUR 70.00
VONTOBEL FIN PRO 17.100 12/31/2012 EUR 57.92
VONTOBEL FIN PRO 17.050 12/31/2012 EUR 68.90
VONTOBEL FIN PRO 16.950 12/31/2012 EUR 70.54
VONTOBEL FIN PRO 16.850 12/31/2012 EUR 56.68
VONTOBEL FIN PRO 16.350 12/31/2012 EUR 66.46
VONTOBEL FIN PRO 15.250 12/31/2012 EUR 73.76
VONTOBEL FIN PRO 15.250 12/31/2012 EUR 71.14
VONTOBEL FIN PRO 14.850 12/31/2012 EUR 71.82
VONTOBEL FIN PRO 14.750 12/31/2012 EUR 69.64
VONTOBEL FIN PRO 14.550 12/31/2012 EUR 73.94
VONTOBEL FIN PRO 14.505 12/31/2012 EUR 70.24
VONTOBEL FIN PRO 14.500 12/31/2012 EUR 69.58
VONTOBEL FIN PRO 14.450 12/31/2012 EUR 73.98
VONTOBEL FIN PRO 14.300 12/31/2012 EUR 61.24
VONTOBEL FIN PRO 14.211 12/31/2012 EUR 50.18
VONTOBEL FIN PRO 14.150 12/31/2012 EUR 42.50
VONTOBEL FIN PRO 14.100 12/31/2012 EUR 70.78
VONTOBEL FIN PRO 14.000 12/31/2012 EUR 68.06
VONTOBEL FIN PRO 13.860 12/31/2012 EUR 68.60
VONTOBEL FIN PRO 13.579 12/31/2012 EUR 66.50
VONTOBEL FIN PRO 13.518 12/31/2012 EUR 71.08
VONTOBEL FIN PRO 7.601 6/22/2012 EUR 69.14
VONTOBEL FIN PRO 13.500 12/31/2012 EUR 73.68
VONTOBEL FIN PRO 13.474 12/31/2012 EUR 72.52
VONTOBEL FIN PRO 13.411 12/31/2012 EUR 67.44
VONTOBEL FIN PRO 13.250 12/31/2012 EUR 73.28
VONTOBEL FIN PRO 13.200 12/31/2012 EUR 67.56
VONTOBEL FIN PRO 13.123 12/31/2012 EUR 22.94
VONTOBEL FIN PRO 13.050 12/31/2012 EUR 64.96
VONTOBEL FIN PRO 12.912 12/31/2012 EUR 51.74
VONTOBEL FIN PRO 12.900 12/31/2012 EUR 73.50
VONTOBEL FIN PRO 12.900 12/31/2012 EUR 64.26
VONTOBEL FIN PRO 12.850 12/31/2012 EUR 71.58
VONTOBEL FIN PRO 12.800 12/31/2012 EUR 62.10
VONTOBEL FIN PRO 12.650 12/31/2012 EUR 54.90
VONTOBEL FIN PRO 12.650 12/31/2012 EUR 68.66
VONTOBEL FIN PRO 12.593 12/31/2012 EUR 57.30
VONTOBEL FIN PRO 12.550 12/31/2012 EUR 73.86
VONTOBEL FIN PRO 12.501 12/31/2012 EUR 54.47
VONTOBEL FIN PRO 12.451 12/31/2012 EUR 73.70
VONTOBEL FIN PRO 12.433 12/31/2012 EUR 68.16
VONTOBEL FIN PRO 12.250 12/31/2012 EUR 64.66
VONTOBEL FIN PRO 12.246 12/31/2012 EUR 71.54
VONTOBEL FIN PRO 12.211 12/31/2012 EUR 67.80
VONTOBEL FIN PRO 12.023 12/31/2012 EUR 74.46
VONTOBEL FIN PRO 12.000 12/31/2012 EUR 66.72
VONTOBEL FIN PRO 11.950 12/31/2012 EUR 68.88
VONTOBEL FIN PRO 11.895 12/31/2012 EUR 67.20
VONTOBEL FIN PRO 11.850 12/31/2012 EUR 72.98
VONTOBEL FIN PRO 11.790 12/31/2012 EUR 57.76
VONTOBEL FIN PRO 11.784 12/31/2012 EUR 60.83
VONTOBEL FIN PRO 11.750 12/31/2012 EUR 73.80
VONTOBEL FIN PRO 11.684 12/31/2012 EUR 70.32
VONTOBEL FIN PRO 11.668 12/31/2012 EUR 70.02
VONTOBEL FIN PRO 11.649 12/31/2012 EUR 53.64
VONTOBEL FIN PRO 11.476 12/31/2012 EUR 53.81
VONTOBEL FIN PRO 11.450 12/31/2012 EUR 71.06
VONTOBEL FIN PRO 11.445 12/31/2012 EUR 65.00
VONTOBEL FIN PRO 11.404 12/31/2012 EUR 68.10
VONTOBEL FIN PRO 11.400 12/31/2012 EUR 72.04
VONTOBEL FIN PRO 11.193 12/31/2012 EUR 69.08
VONTOBEL FIN PRO 11.170 12/31/2012 EUR 59.78
WESTLB AG 0.075 9/27/2012 EUR 62.94
WESTLB AG 6.000 6/21/2012 EUR 60.61
WESTLB AG 7.000 6/21/2012 EUR 57.57
WESTLB AG 7.000 6/21/2012 EUR 72.42
WESTLB AG 8.500 6/21/2012 EUR 55.86
WESTLB AG 8.500 6/21/2012 EUR 72.55
WESTLB AG 8.500 6/21/2012 EUR 53.68
WESTLB AG 6.750 7/30/2012 EUR 63.63
WESTLB AG 0.075 9/27/2012 EUR 63.24
WESTLB AG 0.075 9/27/2012 EUR 70.28
WESTLB AG 0.075 9/27/2012 EUR 74.44
WESTLB AG 0.100 9/27/2012 EUR 67.59
WESTLB AG 0.100 9/27/2012 EUR 72.69
WESTLB AG 0.100 9/27/2012 EUR 51.18
WESTLB AG 5.000 4/12/2016 EUR 29.01
WESTLB AG 6.000 6/21/2012 EUR 65.54
WESTLB AG 5.250 5/21/2012 EUR 59.40
WGZ BANK 7.000 12/20/2012 EUR 70.59
WGZ BANK 4.000 6/13/2012 EUR 45.33
WGZ BANK 6.000 12/28/2012 EUR 68.14
WGZ BANK 7.000 12/21/2012 EUR 71.63
WGZ BANK 8.000 12/28/2012 EUR 61.23
WGZ BANK 5.000 6/13/2012 EUR 40.71
WGZ BANK 8.000 12/21/2012 EUR 69.87
WGZ BANK 7.000 12/28/2012 EUR 64.45
WGZ BANK 6.000 6/13/2012 EUR 38.81
WGZ BANK 7.000 6/13/2012 EUR 37.10
WGZ BANK 8.000 6/13/2012 EUR 35.55
WGZ BANK 5.000 6/21/2012 EUR 72.21
WGZ BANK 6.000 6/21/2012 EUR 69.45
WGZ BANK 8.000 12/20/2012 EUR 69.03
WGZ BANK 7.000 6/21/2012 EUR 66.91
WGZ BANK 5.000 12/28/2012 EUR 72.34
WGZ BANK 8.000 6/21/2012 EUR 64.56
WGZ BANK 6.000 12/20/2012 EUR 74.68
GREECE
------
HELLENIC REPUB 5.200 7/17/2034 EUR 15.75
HELLENIC REPUB 6.140 4/14/2028 EUR 18.00
HELLENIC REPUB 5.000 3/11/2019 EUR 27.50
HELLENIC REPUB 2.125 7/5/2013 CHF 31.13
HELLENIC REPUB 4.625 6/25/2013 USD 29.13
NATL BK GREECE 3.875 10/7/2016 EUR 70.34
YIOULA GLASSWORK 9.000 12/1/2015 EUR 51.13
YIOULA GLASSWORK 9.000 12/1/2015 EUR 51.63
AMDOCS LIMITED 0.500 3/15/2024 USD 75.00
GUERNSEY
--------
BCV GUERNSEY 18.150 5/17/2012 CHF 41.37
BCV GUERNSEY 10.130 5/11/2012 EUR 71.43
BCV GUERNSEY 10.100 5/23/2012 EUR 71.32
BCV GUERNSEY 13.000 5/18/2012 CHF 58.67
BCV GUERNSEY 14.000 5/22/2012 USD 74.15
BCV GUERNSEY 10.530 6/29/2012 CHF 73.85
BCV GUERNSEY 18.600 5/17/2012 USD 41.79
BCV GUERNSEY 8.500 5/25/2012 EUR 54.79
BCV GUERNSEY 19.200 5/17/2012 EUR 42.40
BCV GUERNSEY 8.120 5/11/2012 CHF 72.42
BCV GUERNSEY 9.100 5/25/2012 CHF 60.67
BCV GUERNSEY 8.020 3/1/2013 EUR 66.01
BCV GUERNSEY 9.030 7/13/2012 EUR 70.47
BCV GUERNSEY 10.030 5/11/2012 CHF 64.09
BCV GUERNSEY 10.000 5/18/2012 CHF 52.43
BCV GUERNSEY 7.850 5/18/2012 CHF 67.63
BKB FINANCE 9.300 5/31/2012 CHF 73.70
BKB FINANCE 7.750 6/7/2012 CHF 38.70
BKB FINANCE 7.750 5/31/2012 CHF 66.71
BKB FINANCE 6.850 5/31/2012 CHF 71.93
BKB FINANCE 6.250 5/23/2012 CHF 70.96
BKB FINANCE 8.300 6/7/2012 CHF 73.34
BKB FINANCE 6.850 6/14/2012 CHF 66.98
BKB FINANCE 7.150 5/10/2012 CHF 66.94
BKB FINANCE 8.350 1/14/2013 CHF 53.51
BKB FINANCE 7.400 6/28/2012 CHF 59.40
BKB FINANCE 6.520 7/6/2012 EUR 72.22
BKB FINANCE 6.250 7/12/2012 CHF 74.77
BKB FINANCE 6.300 7/12/2012 CHF 63.89
BKB FINANCE 9.050 8/9/2012 CHF 55.79
BKB FINANCE 6.400 5/10/2012 CHF 55.14
BKB FINANCE 8.900 9/27/2012 CHF 61.20
BKB FINANCE 9.200 6/21/2012 CHF 63.85
EFG FINANCIAL PR 11.500 10/11/2012 CHF 74.47
EFG FINANCIAL PR 10.620 10/3/2012 USD 28.93
EFG FINANCIAL PR 9.930 10/3/2012 EUR 28.74
EFG FINANCIAL PR 10.000 10/1/2012 CHF 55.74
EFG FINANCIAL PR 12.000 9/25/2012 EUR 69.92
EFG FINANCIAL PR 11.250 9/25/2012 CHF 55.09
EFG FINANCIAL PR 10.750 9/25/2012 CHF 60.46
EFG FINANCIAL PR 10.000 9/21/2012 USD 61.18
EFG FINANCIAL PR 10.000 9/10/2012 EUR 70.72
EFG FINANCIAL PR 9.000 9/10/2012 CHF 51.25
EFG FINANCIAL PR 8.500 9/7/2012 USD 40.07
EFG FINANCIAL PR 7.250 9/7/2012 EUR 70.46
EFG FINANCIAL PR 7.000 9/7/2012 EUR 56.80
EFG FINANCIAL PR 7.000 9/7/2012 CHF 47.89
EFG FINANCIAL PR 9.600 9/4/2012 USD 59.40
EFG FINANCIAL PR 9.500 9/4/2012 USD 37.70
EFG FINANCIAL PR 6.100 5/25/2012 EUR 69.27
EFG FINANCIAL PR 20.000 10/26/2012 CHF 21.73
EFG FINANCIAL PR 18.600 5/4/2012 CHF 63.38
EFG FINANCIAL PR 7.440 5/25/2012 EUR 55.82
EFG FINANCIAL PR 10.570 5/25/2012 EUR 61.56
EFG FINANCIAL PR 12.000 9/3/2012 EUR 69.19
EFG FINANCIAL PR 10.500 9/3/2012 CHF 50.45
EFG FINANCIAL PR 22.000 8/24/2012 USD 20.76
EFG FINANCIAL PR 10.500 7/5/2012 CHF 43.83
EFG FINANCIAL PR 14.000 8/24/2012 CHF 30.45
EFG FINANCIAL PR 12.250 8/24/2012 EUR 68.85
EFG FINANCIAL PR 11.750 8/24/2012 CHF 61.41
EFG FINANCIAL PR 11.500 8/24/2012 CHF 49.67
EFG FINANCIAL PR 10.250 8/24/2012 CHF 72.54
EFG FINANCIAL PR 11.800 8/17/2012 CHF 52.78
EFG FINANCIAL PR 11.600 8/17/2012 EUR 57.59
EFG FINANCIAL PR 19.600 8/16/2012 EUR 72.11
EFG FINANCIAL PR 12.000 8/16/2012 EUR 29.95
EFG FINANCIAL PR 11.200 5/25/2012 CHF 69.36
EFG FINANCIAL PR 10.910 5/29/2012 EUR 39.20
EFG FINANCIAL PR 8.400 5/30/2012 EUR 68.72
EFG FINANCIAL PR 10.000 5/30/2012 CHF 61.42
EFG FINANCIAL PR 15.000 8/14/2012 EUR 71.25
EFG FINANCIAL PR 14.000 8/14/2012 EUR 71.04
EFG FINANCIAL PR 10.000 5/30/2012 EUR 63.06
EFG FINANCIAL PR 12.500 5/30/2012 EUR 54.32
EFG FINANCIAL PR 8.320 6/5/2012 CHF 74.28
EFG FINANCIAL PR 8.000 6/6/2012 CHF 70.50
EFG FINANCIAL PR 13.750 8/14/2012 EUR 69.93
EFG FINANCIAL PR 12.750 8/14/2012 CHF 51.15
EFG FINANCIAL PR 11.000 8/14/2012 CHF 59.84
EFG FINANCIAL PR 8.500 8/14/2012 CHF 68.93
EFG FINANCIAL PR 3.850 8/13/2012 EUR 54.93
EFG FINANCIAL PR 12.800 8/10/2012 CHF 59.01
EFG FINANCIAL PR 12.750 6/6/2012 CHF 58.01
EFG FINANCIAL PR 12.750 6/6/2012 EUR 62.85
EFG FINANCIAL PR 10.000 6/8/2012 CHF 30.21
EFG FINANCIAL PR 11.700 8/10/2012 USD 35.26
EFG FINANCIAL PR 14.750 5/4/2012 EUR 33.23
EFG FINANCIAL PR 12.250 6/8/2012 EUR 54.91
EFG FINANCIAL PR 5.200 6/14/2012 CHF 54.68
EFG FINANCIAL PR 11.500 6/15/2012 EUR 72.49
EFG FINANCIAL PR 12.250 6/15/2012 EUR 9.61
EFG FINANCIAL PR 13.110 6/18/2012 USD 50.25
EFG FINANCIAL PR 9.650 6/20/2012 USD 42.65
EFG FINANCIAL PR 7.000 6/21/2012 CHF 59.37
EFG FINANCIAL PR 11.000 8/7/2012 CHF 35.82
EFG FINANCIAL PR 10.250 8/7/2012 CHF 70.41
EFG FINANCIAL PR 10.000 8/7/2012 CHF 50.80
EFG FINANCIAL PR 9.000 8/3/2012 CHF 11.00
EFG FINANCIAL PR 9.000 8/3/2012 CHF 57.22
EFG FINANCIAL PR 9.000 8/3/2012 CHF 55.82
EFG FINANCIAL PR 11.750 7/31/2012 CHF 50.94
EFG FINANCIAL PR 11.750 7/31/2012 CHF 51.09
EFG FINANCIAL PR 10.000 6/22/2012 CHF 42.49
EFG FINANCIAL PR 11.500 7/31/2012 EUR 54.75
EFG FINANCIAL PR 10.000 7/31/2012 EUR 73.80
EFG FINANCIAL PR 10.000 7/31/2012 CHF 50.48
EFG FINANCIAL PR 12.000 7/25/2012 GBP 73.86
EFG FINANCIAL PR 11.750 7/25/2012 EUR 70.77
EFG FINANCIAL PR 11.300 7/25/2012 CHF 66.87
EFG FINANCIAL PR 11.000 7/25/2012 CHF 16.08
EFG FINANCIAL PR 11.000 7/25/2012 CHF 73.80
EFG FINANCIAL PR 10.250 7/25/2012 CHF 44.02
EFG FINANCIAL PR 10.000 7/25/2012 CHF 65.98
EFG FINANCIAL PR 9.770 7/23/2012 EUR 69.23
EFG FINANCIAL PR 6.000 7/13/2012 EUR 71.23
EFG FINANCIAL PR 12.750 7/12/2012 EUR 70.98
EFG FINANCIAL PR 9.300 7/6/2012 CHF 63.05
EFG FINANCIAL PR 9.500 5/4/2012 CHF 59.77
EFG FINANCIAL PR 8.250 7/5/2012 CHF 68.86
EFG FINANCIAL PR 7.500 5/4/2012 CHF 70.27
EFG FINANCIAL PR 7.000 5/7/2012 CHF 68.66
EFG FINANCIAL PR 9.000 5/7/2012 USD 40.55
EFG FINANCIAL PR 9.290 5/7/2012 CHF 65.06
EFG FINANCIAL PR 10.600 5/9/2012 CHF 20.94
EFG FINANCIAL PR 20.920 5/9/2012 EUR 73.85
EFG FINANCIAL PR 10.000 5/11/2012 CHF 20.04
EFG FINANCIAL PR 10.050 5/11/2012 CHF 72.50
EFG FINANCIAL PR 11.000 5/11/2012 EUR 20.06
EFG FINANCIAL PR 8.950 5/14/2012 CHF 56.13
EFG FINANCIAL PR 11.500 5/15/2012 EUR 73.47
EFG FINANCIAL PR 9.000 5/16/2012 CHF 72.35
EFG FINANCIAL PR 10.100 5/16/2012 USD 71.37
EFG FINANCIAL PR 10.830 5/18/2012 CHF 1.94
EFG FINANCIAL PR 12.500 5/18/2012 EUR 71.48
EFG FINANCIAL PR 12.960 5/21/2012 EUR 18.58
EFG FINANCIAL PR 10.750 5/22/2012 CHF 62.07
EFG FINANCIAL PR 11.250 5/22/2012 CHF 50.12
EFG FINANCIAL PR 12.750 5/22/2012 EUR 58.43
EFG FINANCIAL PR 14.000 5/22/2012 EUR 66.24
EFG FINANCIAL PR 8.000 5/24/2012 USD 42.31
EFG FINANCIAL PR 9.000 5/24/2012 CHF 70.59
EFG FINANCIAL PR 5.850 10/14/2014 CHF 68.43
EFG FINANCIAL PR 8.160 4/25/2014 EUR 63.62
EFG FINANCIAL PR 8.400 9/30/2013 CHF 60.18
EFG FINANCIAL PR 6.500 8/27/2013 CHF 50.35
EFG FINANCIAL PR 12.000 4/26/2013 CHF 68.59
EFG FINANCIAL PR 7.000 4/19/2013 EUR 58.58
EFG FINANCIAL PR 7.500 3/18/2013 CHF 74.88
EFG FINANCIAL PR 6.750 3/11/2013 EUR 71.13
EFG FINANCIAL PR 5.800 1/23/2013 CHF 63.34
EFG FINANCIAL PR 12.500 1/15/2013 CHF 51.71
EFG FINANCIAL PR 10.250 1/15/2013 CHF 23.70
EFG FINANCIAL PR 9.000 1/15/2013 CHF 48.45
EFG FINANCIAL PR 8.830 12/28/2012 USD 58.49
EFG FINANCIAL PR 12.000 12/27/2012 CHF 13.50
EFG FINANCIAL PR 12.600 12/21/2012 CHF 65.06
EFG FINANCIAL PR 10.900 12/21/2012 CHF 64.04
EFG FINANCIAL PR 9.300 12/21/2012 CHF 62.68
EFG FINANCIAL PR 7.000 12/19/2012 USD 74.49
EFG FINANCIAL PR 17.500 12/14/2012 EUR 51.29
EFG FINANCIAL PR 8.500 12/14/2012 CHF 68.03
EFG FINANCIAL PR 13.750 12/6/2012 CHF 67.37
EFG FINANCIAL PR 16.000 11/27/2012 EUR 48.93
EFG FINANCIAL PR 14.500 11/27/2012 CHF 43.14
EFG FINANCIAL PR 11.250 11/27/2012 CHF 64.74
EFG FINANCIAL PR 9.250 11/27/2012 CHF 70.62
EFG FINANCIAL PR 14.800 11/20/2012 EUR 55.65
EFG FINANCIAL PR 11.500 11/20/2012 EUR 60.32
EFG FINANCIAL PR 8.000 11/20/2012 CHF 60.34
EFG FINANCIAL PR 7.000 11/20/2012 CHF 74.15
EFG FINANCIAL PR 17.000 11/13/2012 EUR 53.37
EFG FINANCIAL PR 14.500 11/13/2012 EUR 64.09
EFG FINANCIAL PR 14.000 11/13/2012 USD 27.51
EFG FINANCIAL PR 13.000 11/13/2012 CHF 26.89
EFG FINANCIAL PR 12.750 11/13/2012 CHF 25.31
EFG FINANCIAL PR 12.500 11/13/2012 EUR 74.72
EFG FINANCIAL PR 10.500 11/13/2012 CHF 62.84
EFG FINANCIAL PR 10.500 11/13/2012 CHF 62.90
EFG FINANCIAL PR 6.000 11/12/2012 CHF 67.73
EFG FINANCIAL PR 6.000 11/12/2012 EUR 69.06
EFG FINANCIAL PR 11.050 11/8/2012 USD 57.00
EFG FINANCIAL PR 13.080 11/5/2012 CHF 70.85
EFG FINANCIAL PR 9.330 10/29/2012 USD 57.93
EFG FINANCIAL PR 21.000 10/26/2012 USD 22.07
EFG FINANCIAL PR 20.500 10/26/2012 EUR 22.01
EFG FINANCIAL PR 14.000 2/19/2013 CHF 20.33
EFG FINANCIAL PR 17.000 10/26/2012 EUR 39.77
EFG FINANCIAL PR 16.750 10/26/2012 CHF 31.74
EFG FINANCIAL PR 15.000 10/26/2012 CHF 69.75
EFG FINANCIAL PR 13.250 10/26/2012 EUR 70.17
EFG FINANCIAL PR 13.250 10/26/2012 CHF 57.04
EFG FINANCIAL PR 12.000 10/26/2012 CHF 65.93
EFG FINANCIAL PR 11.250 10/26/2012 CHF 56.05
EFG FINANCIAL PR 10.500 10/26/2012 CHF 74.73
EFG FINANCIAL PR 6.250 10/25/2012 CHF 64.74
EFG FINANCIAL PR 13.750 10/24/2012 USD 73.52
EFG FINANCIAL PR 12.000 10/19/2012 USD 48.98
EFG FINANCIAL PR 17.250 10/12/2012 CHF 70.78
EFG FINANCIAL PR 20.000 10/11/2012 CHF 20.25
EFG FINANCIAL PR 18.000 10/11/2012 EUR 53.06
EFG FINANCIAL PR 12.500 10/11/2012 CHF 55.70
EFG FINANCIAL PR 12.500 10/11/2012 GBP 74.53
EFG FINANCIAL PR 12.250 10/11/2012 EUR 74.79
EFG FINANCIAL PR 12.250 10/11/2012 EUR 73.30
EFG FINANCIAL PR 12.000 10/11/2012 USD 74.60
EFG FINANCIAL PR 19.000 8/8/2012 USD 46.52
EFG FINANCIAL PR 10.500 5/4/2012 CHF 72.45
EFG FINANCIAL PR 12.000 6/28/2012 USD 71.47
EFG FINANCIAL PR 13.200 6/28/2012 EUR 64.88
EFG FINANCIAL PR 6.600 7/4/2012 CHF 68.26
EFG FINANCIAL PR 19.570 7/5/2012 EUR 63.48
EFG FINANCIAL PR 8.250 7/4/2012 EUR 68.47
EFG FINANCIAL PR 6.750 6/27/2012 EUR 69.74
EFG FINANCIAL PR 16.500 6/27/2012 GBP 72.02
EFG FINANCIAL PR 11.000 5/4/2012 USD 67.51
EFG FINANCIAL PR 11.300 6/28/2012 EUR 57.09
MARE BALTIC PCC 3.000 11/17/2014 DKK 20.50
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 61.30
SARASIN CI LTD 10.250 5/25/2012 EUR 72.46
ZURCHER KANT FIN 7.340 4/16/2013 CHF 59.27
ZURCHER KANT FIN 9.250 11/9/2012 CHF 57.24
ZURCHER KANT FIN 10.250 7/19/2012 CHF 72.69
ZURCHER KANT FIN 12.067 7/13/2012 CHF 73.91
ZURCHER KANT FIN 11.000 7/13/2012 CHF 71.82
ZURCHER KANT FIN 8.000 7/13/2012 CHF 68.65
ZURCHER KANT FIN 9.050 6/29/2012 CHF 70.83
ZURCHER KANT FIN 7.721 6/22/2012 CHF 65.81
ZURCHER KANT FIN 9.000 6/18/2012 CHF 52.77
ZURCHER KANT FIN 11.263 6/15/2012 CHF 68.60
ZURCHER KANT FIN 9.700 6/15/2012 EUR 70.30
ZURCHER KANT FIN 8.000 6/15/2012 CHF 65.51
ZURCHER KANT FIN 7.844 5/18/2012 CHF 63.24
ZURCHER KANT FIN 11.765 5/11/2012 CHF 66.43
ZURCHER KANT FIN 8.548 7/6/2012 EUR 70.25
HUNGARY
-------
FHB MORTGAGE BAN 4.500 3/22/2022 EUR 65.38
IRELAND
-------
AIB MORTGAGE BNK 5.000 3/1/2030 EUR 58.77
AIB MORTGAGE BNK 5.580 4/28/2028 EUR 65.13
AIB MORTGAGE BNK 5.000 2/12/2030 EUR 58.79
BANK OF IRELAND 5.600 9/18/2023 EUR 62.50
BK IRELAND MTGE 5.360 10/12/2029 EUR 66.30
BK IRELAND MTGE 5.400 11/6/2029 EUR 66.58
BK IRELAND MTGE 5.760 9/7/2029 EUR 69.83
BK IRELAND MTGE 5.450 3/1/2030 EUR 66.72
DEPFA ACS BANK 5.125 3/16/2037 USD 70.71
DEPFA ACS BANK 4.900 8/24/2035 CAD 71.56
DEPFA ACS BANK 5.125 3/16/2037 USD 69.50
DEPFA ACS BANK 3.250 7/31/2031 CHF 66.07
DEPFA ACS BANK 3.278 7/17/2026 CHF 74.34
DEPFA ACS BANK 0.500 3/3/2025 CAD 39.55
KALVEBOD PLC 2.000 5/1/2106 DKK 30.00
BANCA POP VICENT 4.970 4/20/2027 EUR 71.23
BTPS I/L 2.350 9/15/2035 EUR 70.98
BTPS I/L 2.550 9/15/2041 EUR 71.16
ICCREA BANCAIMPR 5.220 4/11/2017 EUR 60.25
ITALY
-----
REP OF ITALY 4.850 6/11/2060 EUR 73.11
REP OF ITALY 5.250 12/7/2034 GBP 74.92
REP OF ITALY 2.870 5/19/2036 JPY 53.74
REP OF ITALY 1.850 9/15/2057 EUR 50.91
REP OF ITALY 2.200 9/15/2058 EUR 57.54
REP OF ITALY 2.000 9/15/2062 EUR 52.40
SEAT PAGINE 10.500 1/31/2017 EUR 66.00
SEAT PAGINE 10.500 1/31/2017 EUR 67.97
SEAT PAGINE 10.500 1/31/2017 EUR 66.25
SEAT PAGINE 10.500 1/31/2017 EUR 67.96
TELECOM ITALIA 5.250 3/17/2055 EUR 71.95
UBI BANCA SPCA 6.250 11/18/2018 EUR 51.06
UNIPOL ASSICURAZ 5.660 7/28/2023 EUR 64.01
LUXEMBOURG
----------
ARCELORMITTAL 7.250 4/1/2014 EUR 22.15
CONTROLINVESTE 3.000 1/28/2015 EUR 73.74
ESFG INTERNATION 6.875 10/21/2019 EUR 67.41
ESPIRITO SANTO F 9.750 12/19/2025 EUR 65.24
HELLAS III 8.500 10/15/2013 EUR 0.25
HELLAS III 8.500 10/15/2013 EUR 0.25
INTRALOT LUX SA 2.250 12/20/2013 EUR 74.90
IT HOLDING FIN 9.875 11/15/2012 EUR 0.38
IT HOLDING FIN 9.875 11/15/2012 EUR 0.38
LIGHTHOUSE INTL 8.000 4/30/2014 EUR 12.50
LIGHTHOUSE INTL 8.000 4/30/2014 EUR 12.50
ORCO PROPERTY GR 1.000 4/30/2020 EUR 41.86
VIVALDIS 0.500 8/8/2028 EUR 62.96
VIVALDIS 0.500 6/13/2028 EUR 58.85
VIVALDIS 0.500 6/13/2013 EUR 58.83
KAZAKHSTAN
----------
APP INTL FINANCE 11.750 10/1/2005 USD 8.75
ASTANA FINANCE 9.000 11/16/2011 USD 3.00
ASTANA FINANCE 14.500 7/2/2013 USD 3.00
BK NED GEMEENTEN 0.500 6/22/2016 TRY 74.43
BK NED GEMEENTEN 0.500 9/15/2016 TRY 73.48
BK NED GEMEENTEN 0.500 5/25/2016 TRY 74.75
BK NED GEMEENTEN 0.500 5/10/2017 TRY 73.25
BK NED GEMEENTEN 0.500 5/22/2017 ZAR 73.89
BK NED GEMEENTEN 0.500 3/3/2021 NZD 71.55
BK NED GEMEENTEN 0.500 3/29/2021 NZD 71.30
BK NED GEMEENTEN 0.500 5/12/2021 ZAR 50.69
BK NED GEMEENTEN 0.500 6/22/2021 ZAR 50.18
BK NED GEMEENTEN 0.500 2/24/2025 CAD 64.48
BLT FINANCE BV 7.500 5/15/2014 USD 23.00
BLT FINANCE BV 7.500 5/15/2014 USD 21.50
BLT FINANCE BV 12.000 2/10/2015 USD 24.25
BRIT INSURANCE 6.625 12/9/2030 GBP 60.97
BULGARIA STEEL 12.000 5/4/2013 EUR 5.88
BULGARIA STEEL 12.000 5/4/2013 EUR 5.88
GREENWICH AVENUE 10.000 6/30/2013 USD 1.38
ING BANK NV 4.200 12/19/2035 EUR 66.24
LEHMAN BROS TR B 3.500 9/29/2017 EUR 5.63
LEHMAN BROS TSY 4.050 9/16/2008 EUR 5.63
LEHMAN BROS TSY 23.300 9/16/2008 USD 14.75
LEHMAN BROS TSY 7.375 9/20/2008 EUR 14.75
LEHMAN BROS TSY 18.250 10/2/2008 USD 14.75
LEHMAN BROS TSY 7.250 10/6/2008 EUR 14.75
LEHMAN BROS TSY 16.000 10/8/2008 CHF 14.75
LEHMAN BROS TSY 10.000 10/22/2008 USD 14.75
LEHMAN BROS TSY 8.000 10/23/2008 USD 14.75
LEHMAN BROS TSY 5.000 10/24/2008 CHF 14.75
LEHMAN BROS TSY 6.000 10/24/2008 EUR 14.75
LEHMAN BROS TSY 7.500 10/24/2008 USD 14.75
LEHMAN BROS TSY 16.000 10/28/2008 USD 14.75
LEHMAN BROS TSY 13.150 10/30/2008 USD 14.75
LEHMAN BROS TSY 16.000 11/9/2008 USD 14.75
LEHMAN BROS TSY 14.100 11/12/2008 USD 14.75
LEHMAN BROS TSY 10.442 11/22/2008 CHF 14.75
LEHMAN BROS TSY 7.000 11/28/2008 CHF 14.75
LEHMAN BROS TSY 16.000 12/26/2008 USD 14.75
LEHMAN BROS TSY 6.720 12/29/2008 EUR 5.63
LEHMAN BROS TSY 13.432 1/8/2009 ILS 14.75
LEHMAN BROS TSY 7.750 1/30/2009 EUR 14.75
LEHMAN BROS TSY 6.600 2/9/2009 EUR 5.63
LEHMAN BROS TSY 0.500 2/16/2009 EUR 14.75
LEHMAN BROS TSY 10.000 2/16/2009 CHF 14.75
LEHMAN BROS TSY 11.000 2/16/2009 CHF 14.75
LEHMAN BROS TSY 13.000 2/16/2009 CHF 14.75
LEHMAN BROS TSY 5.000 3/13/2009 EUR 5.63
LEHMAN BROS TSY 9.000 3/17/2009 GBP 14.75
LEHMAN BROS TSY 10.000 3/27/2009 USD 5.63
LEHMAN BROS TSY 7.000 4/14/2009 EUR 14.75
LEHMAN BROS TSY 8.000 4/20/2009 EUR 5.63
LEHMAN BROS TSY 3.850 4/24/2009 USD 14.75
LEHMAN BROS TSY 4.000 4/24/2009 USD 14.75
LEHMAN BROS TSY 2.250 5/12/2009 USD 5.63
LEHMAN BROS TSY 2.480 5/12/2009 USD 5.63
LEHMAN BROS TSY 16.200 5/14/2009 USD 14.75
LEHMAN BROS TSY 4.100 5/20/2009 USD 14.75
LEHMAN BROS TSY 8.000 5/22/2009 USD 14.75
LEHMAN BROS TSY 8.000 5/22/2009 USD 14.75
LEHMAN BROS TSY 10.000 5/22/2009 USD 14.75
LEHMAN BROS TSY 13.500 6/2/2009 USD 14.75
LEHMAN BROS TSY 17.000 6/2/2009 USD 14.75
LEHMAN BROS TSY 15.000 6/4/2009 CHF 14.75
LEHMAN BROS TSY 3.700 6/6/2009 EUR 5.63
LEHMAN BROS TSY 9.000 6/13/2009 USD 14.75
LEHMAN BROS TSY 5.500 6/15/2009 CHF 14.75
LEHMAN BROS TSY 5.750 6/15/2009 CHF 14.75
LEHMAN BROS TSY 10.000 6/17/2009 USD 14.75
LEHMAN BROS TSY 3.000 6/23/2009 EUR 5.63
LEHMAN BROS TSY 11.000 6/29/2009 EUR 14.75
LEHMAN BROS TSY 8.500 7/6/2009 CHF 14.75
LEHMAN BROS TSY 4.500 8/2/2009 USD 14.75
LEHMAN BROS TSY 8.000 8/3/2009 USD 14.75
LEHMAN BROS TSY 16.800 8/21/2009 USD 14.75
LEHMAN BROS TSY 7.500 9/13/2009 CHF 14.75
LEHMAN BROS TSY 3.400 9/21/2009 HKD 14.75
LEHMAN BROS TSY 3.820 10/20/2009 USD 14.75
LEHMAN BROS TSY 2.750 10/28/2009 EUR 14.75
LEHMAN BROS TSY 2.000 11/16/2009 EUR 5.63
LEHMAN BROS TSY 7.585 11/22/2009 MXN 14.75
LEHMAN BROS TSY 8.800 12/27/2009 EUR 14.75
LEHMAN BROS TSY 10.000 1/4/2010 USD 5.63
LEHMAN BROS TSY 1.750 2/7/2010 EUR 14.75
LEHMAN BROS TSY 7.500 2/14/2010 AUD 14.75
LEHMAN BROS TSY 7.000 2/15/2010 CHF 14.75
LEHMAN BROS TSY 4.100 2/19/2010 EUR 5.63
LEHMAN BROS TSY 6.450 2/20/2010 AUD 14.75
LEHMAN BROS TSY 1.000 2/26/2010 USD 5.63
LEHMAN BROS TSY 4.000 2/28/2010 EUR 14.75
LEHMAN BROS TSY 11.750 3/1/2010 EUR 14.75
LEHMAN BROS TSY 7.600 3/4/2010 NZD 14.75
LEHMAN BROS TSY 4.250 5/15/2010 EUR 5.63
LEHMAN BROS TSY 2.000 5/17/2010 EUR 14.75
LEHMAN BROS TSY 4.000 5/17/2010 USD 5.63
LEHMAN BROS TSY 4.000 5/30/2010 USD 14.75
LEHMAN BROS TSY 7.500 5/30/2010 AUD 14.75
LEHMAN BROS TSY 3.000 6/3/2010 EUR 5.63
LEHMAN BROS TSY 3.100 6/4/2010 USD 14.75
LEHMAN BROS TSY 7.250 6/20/2010 USD 5.63
LEHMAN BROS TSY 1.600 6/21/2010 JPY 5.63
LEHMAN BROS TSY 5.500 6/22/2010 USD 5.63
LEHMAN BROS TSY 7.000 7/11/2010 EUR 5.63
LEHMAN BROS TSY 6.000 7/28/2010 EUR 14.75
LEHMAN BROS TSY 6.000 7/28/2010 EUR 14.75
LEHMAN BROS TSY 10.500 8/9/2010 EUR 14.75
LEHMAN BROS TSY 4.000 8/11/2010 USD 5.63
LEHMAN BROS TSY 4.100 8/23/2010 USD 14.75
LEHMAN BROS TSY 1.500 10/12/2010 EUR 5.63
LEHMAN BROS TSY 4.000 10/12/2010 USD 14.75
LEHMAN BROS TSY 7.000 10/22/2010 EUR 5.63
LEHMAN BROS TSY 1.280 11/6/2010 JPY 14.75
LEHMAN BROS TSY 14.900 11/16/2010 EUR 14.75
LEHMAN BROS TSY 8.050 12/20/2010 HKD 14.75
LEHMAN BROS TSY 6.000 12/21/2010 USD 14.75
LEHMAN BROS TSY 9.300 12/21/2010 EUR 14.75
LEHMAN BROS TSY 9.300 12/21/2010 EUR 14.75
LEHMAN BROS TSY 4.500 12/30/2010 USD 14.75
LEHMAN BROS TSY 8.000 12/31/2010 USD 14.75
LEHMAN BROS TSY 4.000 1/4/2011 USD 14.75
LEHMAN BROS TSY 8.875 1/28/2011 HKD 14.75
LEHMAN BROS TSY 4.000 3/10/2011 EUR 5.63
LEHMAN BROS TSY 6.000 3/14/2011 EUR 5.63
LEHMAN BROS TSY 6.000 3/17/2011 EUR 5.63
LEHMAN BROS TSY 15.000 3/30/2011 EUR 5.63
LEHMAN BROS TSY 4.000 4/13/2011 CHF 5.63
LEHMAN BROS TSY 6.700 4/21/2011 USD 5.63
LEHMAN BROS TSY 5.000 5/12/2011 CHF 5.63
LEHMAN BROS TSY 4.000 6/5/2011 USD 14.75
LEHMAN BROS TSY 2.400 6/20/2011 JPY 5.63
LEHMAN BROS TSY 3.500 6/20/2011 EUR 5.63
LEHMAN BROS TSY 2.000 6/21/2011 EUR 5.63
LEHMAN BROS TSY 6.000 6/21/2011 EUR 5.63
LEHMAN BROS TSY 2.000 6/28/2011 EUR 5.63
LEHMAN BROS TSY 11.000 7/4/2011 CHF 14.75
LEHMAN BROS TSY 11.000 7/4/2011 USD 14.75
LEHMAN BROS TSY 12.000 7/4/2011 EUR 14.75
LEHMAN BROS TSY 7.625 7/22/2011 HKD 14.75
LEHMAN BROS TSY 4.000 7/27/2011 EUR 5.63
LEHMAN BROS TSY 3.000 8/13/2011 EUR 5.63
LEHMAN BROS TSY 6.650 8/24/2011 AUD 14.75
LEHMAN BROS TSY 5.000 9/1/2011 EUR 5.63
LEHMAN BROS TSY 6.250 9/5/2011 EUR 5.63
LEHMAN BROS TSY 6.000 9/20/2011 EUR 5.63
LEHMAN BROS TSY 7.000 9/20/2011 USD 5.63
LEHMAN BROS TSY 3.860 9/21/2011 SGD 14.75
LEHMAN BROS TSY 3.500 10/24/2011 USD 5.63
LEHMAN BROS TSY 1.500 10/25/2011 EUR 5.63
LEHMAN BROS TSY 3.500 10/31/2011 USD 5.63
LEHMAN BROS TSY 2.500 11/9/2011 CHF 5.63
LEHMAN BROS TSY 4.600 11/9/2011 EUR 5.63
LEHMAN BROS TSY 5.000 12/6/2011 EUR 5.63
LEHMAN BROS TSY 2.500 12/15/2011 GBP 14.75
LEHMAN BROS TSY 11.000 12/19/2011 USD 5.63
LEHMAN BROS TSY 7.750 1/3/2012 AUD 14.75
LEHMAN BROS TSY 10.000 1/3/2012 BRL 5.63
LEHMAN BROS TSY 1.500 2/8/2012 CHF 5.63
LEHMAN BROS TSY 6.000 2/14/2012 EUR 14.75
LEHMAN BROS TSY 7.000 2/15/2012 EUR 14.75
LEHMAN BROS TSY 1.460 2/19/2012 JPY 14.75
LEHMAN BROS TSY 6.600 2/22/2012 EUR 14.75
LEHMAN BROS TSY 3.630 3/2/2012 EUR 14.75
LEHMAN BROS TSY 8.000 3/19/2012 USD 5.63
LEHMAN BROS TSY 0.750 3/29/2012 EUR 5.63
LEHMAN BROS TSY 6.750 4/5/2012 EUR 5.63
LEHMAN BROS TSY 1.000 5/9/2012 EUR 5.63
LEHMAN BROS TSY 6.600 5/23/2012 AUD 14.75
LEHMAN BROS TSY 4.300 6/4/2012 USD 14.75
LEHMAN BROS TSY 9.250 6/20/2012 USD 5.63
LEHMAN BROS TSY 4.000 7/20/2012 EUR 5.63
LEHMAN BROS TSY 13.000 7/25/2012 EUR 14.75
LEHMAN BROS TSY 2.500 8/15/2012 CHF 5.63
LEHMAN BROS TSY 2.500 8/23/2012 GBP 14.75
LEHMAN BROS TSY 0.250 10/19/2012 CHF 5.63
LEHMAN BROS TSY 4.000 10/24/2012 EUR 5.63
LEHMAN BROS TSY 6.000 10/30/2012 USD 5.63
LEHMAN BROS TSY 6.000 10/30/2012 EUR 5.63
LEHMAN BROS TSY 5.000 11/22/2012 EUR 5.63
LEHMAN BROS TSY 5.500 11/30/2012 CZK 5.63
LEHMAN BROS TSY 6.250 11/30/2012 EUR 5.63
LEHMAN BROS TSY 3.000 12/3/2012 EUR 5.63
LEHMAN BROS TSY 13.000 12/14/2012 USD 5.63
LEHMAN BROS TSY 7.600 1/31/2013 AUD 14.75
LEHMAN BROS TSY 4.500 3/6/2013 CHF 5.63
LEHMAN BROS TSY 2.875 3/14/2013 CHF 16.25
LEHMAN BROS TSY 7.150 3/21/2013 USD 5.63
LEHMAN BROS TSY 6.700 5/21/2013 USD 5.63
LEHMAN BROS TSY 3.450 5/23/2013 USD 5.63
LEHMAN BROS TSY 2.300 6/6/2013 USD 14.75
LEHMAN BROS TSY 2.300 6/27/2013 USD 14.75
LEHMAN BROS TSY 2.370 7/15/2013 USD 5.63
LEHMAN BROS TSY 4.600 8/1/2013 EUR 5.63
LEHMAN BROS TSY 6.000 8/7/2013 EUR 5.63
LEHMAN BROS TSY 4.870 10/8/2013 USD 14.75
LEHMAN BROS TSY 1.950 11/4/2013 EUR 14.75
LEHMAN BROS TSY 7.000 11/26/2013 EUR 5.63
LEHMAN BROS TSY 5.375 2/4/2014 USD 5.63
LEHMAN BROS TSY 5.000 2/27/2014 EUR 5.63
LEHMAN BROS TSY 10.600 4/22/2014 MXN 5.63
LEHMAN BROS TSY 5.300 4/23/2014 EUR 5.63
LEHMAN BROS TSY 2.300 4/28/2014 JPY 5.63
LEHMAN BROS TSY 4.100 6/10/2014 SGD 14.75
LEHMAN BROS TSY 0.250 7/21/2014 EUR 5.63
LEHMAN BROS TSY 4.500 7/24/2014 EUR 5.63
LEHMAN BROS TSY 5.000 9/22/2014 EUR 5.63
LEHMAN BROS TSY 8.000 10/17/2014 EUR 5.63
LEHMAN BROS TSY 3.025 1/31/2015 EUR 5.63
LEHMAN BROS TSY 5.000 2/16/2015 EUR 5.63
LEHMAN BROS TSY 5.000 2/25/2015 EUR 5.63
LEHMAN BROS TSY 5.400 3/4/2015 USD 5.63
LEHMAN BROS TSY 1.680 3/5/2015 EUR 5.63
LEHMAN BROS TSY 4.500 3/7/2015 EUR 5.63
LEHMAN BROS TSY 5.550 3/12/2015 EUR 14.75
LEHMAN BROS TSY 5.000 3/18/2015 EUR 5.88
LEHMAN BROS TSY 5.400 3/18/2015 USD 5.63
LEHMAN BROS TSY 7.050 4/8/2015 USD 5.63
LEHMAN BROS TSY 6.500 5/16/2015 EUR 5.63
LEHMAN BROS TSY 8.250 12/3/2015 EUR 5.63
LEHMAN BROS TSY 8.250 2/3/2016 EUR 5.63
LEHMAN BROS TSY 8.000 2/16/2016 EUR 5.63
LEHMAN BROS TSY 4.700 3/23/2016 EUR 5.63
LEHMAN BROS TSY 4.700 3/23/2016 EUR 5.63
LEHMAN BROS TSY 8.500 7/5/2016 EUR 5.63
LEHMAN BROS TSY 4.600 7/6/2016 EUR 5.63
LEHMAN BROS TSY 4.350 8/8/2016 SGD 14.75
LEHMAN BROS TSY 3.350 10/13/2016 EUR 5.63
LEHMAN BROS TSY 4.000 11/24/2016 EUR 5.63
LEHMAN BROS TSY 6.000 12/6/2016 USD 14.75
LEHMAN BROS TSY 0.800 12/30/2016 EUR 5.63
LEHMAN BROS TSY 4.000 2/16/2017 EUR 5.63
LEHMAN BROS TSY 4.690 2/19/2017 EUR 14.75
LEHMAN BROS TSY 5.000 4/24/2017 EUR 5.63
LEHMAN BROS TSY 4.500 5/2/2017 EUR 5.63
LEHMAN BROS TSY 7.500 5/2/2017 EUR 5.63
LEHMAN BROS TSY 7.390 5/4/2017 USD 5.63
LEHMAN BROS TSY 5.100 5/8/2017 HKD 14.75
LEHMAN BROS TSY 6.000 5/12/2017 EUR 5.63
LEHMAN BROS TSY 7.000 6/6/2017 EUR 5.63
LEHMAN BROS TSY 7.500 6/15/2017 USD 5.63
LEHMAN BROS TSY 3.000 8/8/2017 EUR 5.63
LEHMAN BROS TSY 3.000 8/15/2017 EUR 5.63
LEHMAN BROS TSY 5.000 8/16/2017 EUR 5.63
LEHMAN BROS TSY 4.600 10/11/2017 ILS 14.75
LEHMAN BROS TSY 12.220 11/21/2017 USD 5.63
LEHMAN BROS TSY 0.500 12/20/2017 USD 5.63
LEHMAN BROS TSY 0.500 12/20/2017 USD 5.63
LEHMAN BROS TSY 0.500 12/20/2017 USD 5.63
LEHMAN BROS TSY 0.500 12/20/2017 USD 5.63
LEHMAN BROS TSY 0.500 12/20/2017 AUD 5.63
LEHMAN BROS TSY 0.500 12/20/2017 AUD 5.63
LEHMAN BROS TSY 0.500 12/20/2017 AUD 5.63
LEHMAN BROS TSY 0.500 12/20/2017 AUD 5.63
LEHMAN BROS TSY 0.500 12/20/2017 AUD 5.63
LEHMAN BROS TSY 4.500 12/20/2017 AUD 5.63
LEHMAN BROS TSY 4.500 12/20/2017 AUD 5.63
LEHMAN BROS TSY 4.500 12/20/2017 AUD 5.63
LEHMAN BROS TSY 6.000 12/30/2017 EUR 5.63
LEHMAN BROS TSY 5.000 2/15/2018 EUR 5.63
LEHMAN BROS TSY 2.600 3/19/2018 JPY 14.75
LEHMAN BROS TSY 5.200 3/19/2018 EUR 14.75
LEHMAN BROS TSY 8.000 3/21/2018 USD 5.63
LEHMAN BROS TSY 7.800 3/31/2018 USD 5.63
LEHMAN BROS TSY 9.500 4/1/2018 USD 5.63
LEHMAN BROS TSY 6.000 5/23/2018 CZK 5.63
LEHMAN BROS TSY 9.750 6/22/2018 USD 5.63
LEHMAN BROS TSY 6.300 12/21/2018 USD 5.63
LEHMAN BROS TSY 11.000 5/9/2020 USD 5.63
LEHMAN BROS TSY 0.500 6/2/2020 EUR 14.75
LEHMAN BROS TSY 0.500 7/2/2020 EUR 14.75
LEHMAN BROS TSY 4.900 7/28/2020 EUR 5.63
LEHMAN BROS TSY 0.500 8/1/2020 EUR 14.75
LEHMAN BROS TSY 4.150 8/25/2020 EUR 14.75
LEHMAN BROS TSY 4.250 3/13/2021 EUR 14.75
LEHMAN BROS TSY 5.000 5/2/2022 EUR 14.75
LEHMAN BROS TSY 9.000 5/15/2022 USD 5.63
LEHMAN BROS TSY 6.000 2/19/2023 USD 5.63
LEHMAN BROS TSY 5.250 4/1/2023 EUR 14.75
LEHMAN BROS TSY 5.220 3/1/2024 EUR 14.75
LEHMAN BROS TSY 5.000 8/1/2025 EUR 5.63
LEHMAN BROS TSY 5.250 5/26/2026 EUR 5.63
LEHMAN BROS TSY 6.500 7/24/2026 EUR 5.63
LEHMAN BROS TSY 5.120 4/30/2027 EUR 14.75
LEHMAN BROS TSY 3.500 12/20/2027 USD 5.63
LEHMAN BROS TSY 5.000 2/28/2032 EUR 5.63
LEHMAN BROS TSY 6.000 2/15/2035 EUR 5.75
LEHMAN BROS TSY 8.250 3/16/2035 EUR 5.75
LEHMAN BROS TSY 7.000 5/17/2035 EUR 5.38
LEHMAN BROS TSY 7.500 8/1/2035 EUR 5.63
LEHMAN BROS TSY 7.250 10/5/2035 EUR 5.50
LEHMAN BROS TSY 6.000 11/2/2035 EUR 5.00
LEHMAN BROS TSY 3.000 9/12/2036 JPY 5.63
LEHMAN BROS TSY 4.950 10/25/2036 EUR 5.63
LEHMAN BROS TSY 4.820 12/18/2036 EUR 14.75
LEHMAN BROS TSY 10.000 8/2/2037 JPY 5.63
LEHMAN BROS TSY 4.680 12/12/2045 EUR 14.75
LEHMAN BROS TSY 5.103 6/22/2046 EUR 14.75
LEHMAN BROS TSY 5.250 7/8/2014 EUR 14.75
NATL INVESTER BK 25.983 5/7/2029 EUR 28.19
NED WATERSCHAPBK 0.500 3/11/2025 CAD 63.36
NIB CAPITAL BANK 4.510 12/16/2035 EUR 71.94
PORTUGAL TEL FIN 4.500 6/16/2025 EUR 74.21
Q-CELLS INTERNAT 1.375 4/30/2012 EUR 14.00
Q-CELLS INTERNAT 5.750 5/26/2014 EUR 15.09
RABOBANK 0.500 10/27/2016 ZAR 73.28
RABOBANK 0.500 11/26/2021 ZAR 45.38
RBS NV EX-ABN NV 2.910 6/21/2036 JPY 71.62
SNS BANK 6.250 10/26/2020 EUR 74.65
SNS BANK 4.580 3/20/2026 EUR 67.77
SNS BANK 5.215 12/3/2027 EUR 70.92
TJIWI KIMIA FIN 13.250 8/1/2001 USD 0.01
NORWAY
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KOMMUNALBANKEN 0.500 5/25/2018 ZAR 63.26
KOMMUNALBANKEN 0.500 7/26/2016 ZAR 74.07
KOMMUNALBANKEN 0.500 7/29/2016 ZAR 74.01
NORSKE SKOGIND 6.125 10/15/2015 USD 70.63
NORSKE SKOGIND 6.125 10/15/2015 USD 70.63
NORSKE SKOGIND 7.000 6/26/2017 EUR 63.76
NORSKE SKOGIND 7.125 10/15/2033 USD 53.38
NORSKE SKOGIND 7.125 10/15/2033 USD 53.38
RENEWABLE CORP 6.500 6/4/2014 EUR 61.48
PORTUGAL
--------
CAIXA GERAL DEPO 4.250 1/27/2020 EUR 75.91
CAIXA GERAL DEPO 5.380 10/1/2038 EUR 61.70
COMBOIOS DE PORT 5.700 2/5/2030 EUR 59.98
COMBOIOS DE PORT 4.170 10/16/2019 EUR 50.58
METRO DE LISBOA 5.750 2/4/2019 EUR 58.06
METRO DE LISBOA 7.300 12/23/2025 EUR 53.75
METRO DE LISBOA 4.061 12/4/2026 EUR 46.13
METRO DE LISBOA 4.799 12/7/2027 EUR 48.13
MONTEPIO GERAL 5.000 2/8/2017 EUR 61.38
MONTEPIO GERAL 4.000 2/8/2015 EUR 74.63
PARPUBLICA 4.200 11/16/2026 EUR 50.48
PARPUBLICA 5.250 9/28/2017 EUR 74.89
PARPUBLICA 4.191 10/15/2014 EUR 77.17
PARPUBLICA 3.567 9/22/2020 EUR 55.64
PORTUGUESE OT'S 4.200 10/15/2016 EUR 73.09
PORTUGUESE OT'S 4.750 6/14/2019 EUR 63.56
PORTUGUESE OT'S 4.800 6/15/2020 EUR 62.02
PORTUGUESE OT'S 3.850 4/15/2021 EUR 60.18
PORTUGUESE OT'S 4.350 10/16/2017 EUR 67.75
PORTUGUESE OT'S 4.950 10/25/2023 EUR 61.44
PORTUGUESE OT'S 4.100 4/15/2037 EUR 48.69
PORTUGUESE OT'S 4.450 6/15/2018 EUR 65.55
REFER 4.000 3/16/2015 EUR 62.07
REFER 5.875 2/18/2019 EUR 61.24
REFER 4.047 11/16/2026 EUR 49.89
REFER 4.250 12/13/2021 EUR 47.13
REFER 4.675 10/16/2024 EUR 49.21
RUSSIA
------
ARIZK 3.000 12/20/2030 RUB 46.12
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 32.21
NOK 12.500 8/26/2014 RUB 5.00
PROTON-FINANCE 9.000 6/12/2012 RUB 55.50
RBC OJSC 3.270 4/19/2018 RUB 46.01
SATURN 8.000 6/6/2014 RUB 1.02
SPAIN
-----
AYT CEDULAS CAJA 4.250 10/25/2023 EUR 70.96
AYT CEDULAS CAJA 3.750 6/30/2025 EUR 60.27
AYT CEDULAS CAJA 4.750 5/25/2027 EUR 66.44
AYT CEDULAS CAJA 3.750 12/14/2022 EUR 68.24
AYUNTAM DE MADRD 4.350 6/16/2021 EUR 70.87
AYUNTAM DE MADRD 4.550 6/16/2036 EUR 50.66
BANCAJA 1.500 5/22/2018 EUR 67.25
BANCO BILBAO VIZ 6.025 3/3/2033 EUR 64.66
BANCO BILBAO VIZ 4.500 2/16/2022 EUR 75.30
BANCO CASTILLA 1.500 6/23/2021 EUR 65.63
BANKINTER SA 6.000 12/18/2028 EUR 72.20
BASQUE GOV'T 4.600 1/7/2025 EUR 71.41
BBVA SUB CAP UNI 2.750 10/22/2035 JPY 61.34
CAIXA TERRASSA 4.700 8/9/2021 EUR 72.43
CAIXA TERRASSA 1.700 3/12/2022 EUR 67.35
CAJA MADRID 5.116 7/15/2015 EUR 73.75
CAJA MADRID 4.125 3/24/2036 EUR 68.93
CEDULAS TDA 6 FO 4.250 4/10/2031 EUR 57.75
CEDULAS TDA 6 FO 3.875 5/23/2025 EUR 61.88
CEDULAS TDA A-5 4.250 3/28/2027 EUR 61.81
COMUN AUTO CANAR 3.900 11/30/2035 EUR 47.82
COMUN AUTO CANAR 5.750 10/15/2029 EUR 71.99
COMUN AUTO CANAR 4.200 10/25/2036 EUR 48.61
COMUNIDAD ARAGON 4.646 7/11/2036 EUR 57.75
COMUNIDAD ARAGON 4.815 10/10/2022 EUR 74.02
COMUNIDAD ARAGON 4.470 7/12/2021 EUR 74.60
COMUNIDAD BALEAR 4.796 3/4/2020 EUR 74.25
COMUNIDAD BALEAR 3.869 11/23/2020 EUR 66.29
COMUNIDAD BALEAR 4.063 11/23/2035 EUR 44.80
COMUNIDAD MADRID 4.300 9/15/2026 EUR 67.41
DIPUTACION FOR 4.323 12/29/2023 EUR 66.31
GEN DE CATALUNYA 4.801 7/31/2020 EUR 70.66
GEN DE CATALUNYA 4.900 9/15/2021 EUR 68.13
GEN DE CATALUNYA 5.250 10/5/2023 EUR 65.75
GEN DE CATALUNYA 5.325 10/5/2028 EUR 62.55
GEN DE CATALUNYA 5.219 9/10/2029 EUR 60.00
GEN DE CATALUNYA 5.900 5/20/2024 EUR 70.14
GEN DE CATALUNYA 6.350 11/30/2041 EUR 60.59
GEN DE CATALUNYA 2.965 9/8/2039 JPY 49.22
GEN DE CATALUNYA 4.220 4/26/2035 EUR 43.64
GEN DE CATALUNYA 5.400 5/13/2030 EUR 60.44
GEN DE CATALUNYA 5.950 10/1/2030 EUR 63.97
GEN DE CATALUNYA 5.900 5/28/2030 EUR 64.88
GEN DE CATALUNYA 4.950 2/11/2020 EUR 72.83
GEN DE CATALUNYA 4.690 10/28/2034 EUR 47.98
GENERAL VALENCIA 4.900 3/17/2020 EUR 65.50
GENERAL VALENCIA 5.900 11/30/2032 EUR 51.38
GENERAL VALENCIA 4.000 11/2/2016 EUR 75.38
IM CEDULAS 5 3.500 6/15/2020 EUR 74.33
INSTIT CRDT OFCL 2.570 10/22/2021 CHF 70.72
INSTIT CRDT OFCL 3.250 6/28/2024 CHF 70.33
INSTIT CRDT OFCL 2.100 2/23/2021 JPY 74.05
INSTITUT CATALA 4.250 6/15/2024 EUR 64.04
JUNTA ANDALUCIA 4.850 3/17/2020 EUR 72.59
JUNTA ANDALUCIA 3.170 7/29/2039 JPY 54.21
JUNTA ANDALUCIA 4.125 1/20/2020 EUR 71.37
JUNTA ANDALUCIA 3.065 7/29/2039 JPY 52.90
JUNTA ANDALUCIA 5.150 5/24/2034 EUR 58.06
JUNTA ANDALUCIA 6.600 11/29/2030 EUR 73.26
JUNTA ANDALUCIA 5.000 7/13/2022 EUR 71.60
JUNTA ANDALUCIA 4.250 10/31/2036 EUR 46.73
JUNTA ANDALUCIA 5.700 7/20/2028 EUR 68.55
JUNTA CASTILLA 4.650 11/8/2022 EUR 70.04
JUNTA LA MANCHA 3.875 1/31/2036 EUR 37.38
JUNTA LA MANCHA 5.950 9/9/2030 EUR 59.55
JUNTA LA MANCHA 4.625 11/30/2022 EUR 64.50
JUNTA LA MANCHA 2.810 10/14/2022 JPY 67.38
JUNTA LA MANCHA 7.705 2/15/2033 EUR 71.13
MAPFRE SA 5.921 7/24/2037 EUR 67.23
SACYR VALLEHERM 6.500 5/1/2016 EUR 59.90
SANTANDER ISSUAN 5.750 1/31/2018 GBP 74.96
XUNTA DE GALICIA 5.350 11/22/2028 EUR 64.97
XUNTA DE GALICIA 4.025 11/28/2035 EUR 47.55
SWEDEN
------
ASSA ABLOY AB 4.000 2/15/2027 EUR 74.87
SWEDISH EXP CRED 0.500 11/27/2015 TRY 74.77
SWEDISH EXP CRED 0.500 9/20/2016 ZAR 72.40
SWEDISH EXP CRED 0.500 9/30/2016 ZAR 72.27
SWEDISH EXP CRED 0.500 8/26/2021 AUD 67.74
SWEDISH EXP CRED 0.500 8/26/2016 ZAR 72.83
SWEDISH EXP CRED 0.500 12/17/2027 USD 58.59
SWEDISH EXP CRED 0.500 8/25/2016 ZAR 72.83
SWEDISH EXP CRED 0.500 1/25/2028 USD 58.21
SWEDISH EXP CRED 0.500 6/29/2016 TRY 71.56
SWEDISH EXP CRED 0.500 1/31/2022 ZAR 45.70
SWEDISH EXP CRED 0.500 6/14/2016 ZAR 73.99
SWEDISH EXP CRED 0.500 3/15/2022 ZAR 44.86
SWEDISH EXP CRED 0.500 8/25/2021 ZAR 47.13
SWEDISH EXP CRED 7.500 6/12/2012 USD 7.00
SWEDISH EXP CRED 0.500 2/22/2022 ZAR 45.09
SWITZERLAND
-----------
BANK JULIUS BAER 11.500 5/7/2012 CHF 71.20
BANK JULIUS BAER 7.100 5/9/2012 CHF 69.30
BANK JULIUS BAER 10.500 5/9/2012 EUR 52.30
BANK JULIUS BAER 10.500 5/9/2012 EUR 58.05
BANK JULIUS BAER 7.100 5/10/2012 CHF 67.05
BANK JULIUS BAER 6.200 5/11/2012 USD 58.90
BANK JULIUS BAER 10.000 5/11/2012 CHF 54.55
BANK JULIUS BAER 13.500 5/11/2012 EUR 70.00
BANK JULIUS BAER 8.200 5/18/2012 EUR 66.90
BANK JULIUS BAER 8.400 5/23/2012 CHF 53.50
BANK JULIUS BAER 10.000 5/23/2012 CHF 70.25
BANK JULIUS BAER 8.500 5/25/2012 CHF 70.20
BANK JULIUS BAER 8.600 5/25/2012 EUR 73.65
BANK JULIUS BAER 9.200 5/25/2012 EUR 52.05
BANK JULIUS BAER 10.000 5/25/2012 CHF 69.35
BANK JULIUS BAER 9.000 5/30/2012 CHF 56.40
BANK JULIUS BAER 10.000 6/1/2012 CHF 54.00
BANK JULIUS BAER 10.300 6/1/2012 EUR 74.60
BANK JULIUS BAER 11.200 6/1/2012 CHF 67.60
BANK JULIUS BAER 13.000 6/1/2012 USD 56.40
BANK JULIUS BAER 8.200 6/8/2012 CHF 72.85
BANK JULIUS BAER 14.000 6/28/2012 EUR 60.45
BANK JULIUS BAER 8.000 6/29/2012 EUR 73.35
BANK JULIUS BAER 11.900 6/29/2012 EUR 61.50
BANK JULIUS BAER 8.600 7/6/2012 CHF 74.15
BANK JULIUS BAER 9.000 7/6/2012 EUR 68.25
BANK JULIUS BAER 10.100 7/6/2012 CHF 40.45
BANK JULIUS BAER 10.500 7/6/2012 CHF 74.80
BANK JULIUS BAER 10.500 7/6/2012 USD 70.40
BANK JULIUS BAER 11.300 7/6/2012 CHF 41.05
BANK JULIUS BAER 11.900 7/6/2012 CHF 66.95
BANK JULIUS BAER 12.000 7/6/2012 EUR 60.75
BANK JULIUS BAER 12.400 7/6/2012 CHF 49.20
BANK JULIUS BAER 14.800 7/6/2012 EUR 56.45
BANK JULIUS BAER 14.300 7/13/2012 CHF 52.30
BANK JULIUS BAER 10.500 7/18/2012 CHF 66.50
BANK JULIUS BAER 11.700 7/20/2012 EUR 72.35
BANK JULIUS BAER 8.750 7/26/2012 EUR 73.50
BANK JULIUS BAER 9.300 7/27/2012 EUR 68.30
BANK JULIUS BAER 11.300 8/3/2012 CHF 71.40
BANK JULIUS BAER 22.800 8/3/2012 USD 68.14
BANK JULIUS BAER 9.000 9/17/2012 CHF 45.40
BANK JULIUS BAER 17.300 2/1/2013 EUR 68.75
BANK JULIUS BAER 12.000 4/9/2013 CHF 52.55
BANK JULIUS BAER 8.700 8/5/2013 CHF 66.77
BANK JULIUS BAER 7.400 6/14/2012 CAD 54.50
CLARIDEN LEU NAS 12.750 5/24/2012 EUR 51.66
CLARIDEN LEU NAS 11.250 6/22/2012 CHF 47.99
CLARIDEN LEU NAS 10.000 6/22/2012 CHF 58.73
CLARIDEN LEU NAS 10.500 6/21/2012 EUR 55.58
CLARIDEN LEU NAS 10.000 6/21/2012 EUR 64.31
CLARIDEN LEU NAS 9.000 6/21/2012 CHF 58.17
CLARIDEN LEU NAS 12.000 6/20/2012 USD 67.07
CLARIDEN LEU NAS 10.250 6/20/2012 SEK 70.03
CLARIDEN LEU NAS 3.550 6/20/2012 CHF 49.74
CLARIDEN LEU NAS 10.500 6/15/2012 CHF 66.54
CLARIDEN LEU NAS 9.000 6/15/2012 CHF 70.80
CLARIDEN LEU NAS 12.000 6/14/2012 CHF 34.75
CLARIDEN LEU NAS 11.750 6/14/2012 EUR 73.26
CLARIDEN LEU NAS 9.250 6/14/2012 CHF 70.98
CLARIDEN LEU NAS 12.000 5/18/2012 EUR 52.33
CLARIDEN LEU NAS 9.000 6/14/2012 CHF 55.83
CLARIDEN LEU NAS 10.600 5/18/2012 CHF 53.49
CLARIDEN LEU NAS 10.000 5/18/2012 EUR 63.92
CLARIDEN LEU NAS 11.750 5/16/2012 EUR 71.00
CLARIDEN LEU NAS 10.550 5/16/2012 EUR 52.22
CLARIDEN LEU NAS 10.000 5/16/2012 EUR 70.19
CLARIDEN LEU NAS 10.000 5/16/2012 EUR 56.62
CLARIDEN LEU NAS 12.000 5/11/2012 EUR 40.75
CLARIDEN LEU NAS 10.750 5/11/2012 CHF 54.07
CLARIDEN LEU NAS 10.750 5/9/2012 EUR 69.81
CLARIDEN LEU NAS 10.750 5/9/2012 CHF 65.87
CLARIDEN LEU NAS 9.000 5/9/2012 EUR 61.36
CLARIDEN LEU NAS 7.300 5/9/2012 CHF 53.25
CLARIDEN LEU NAS 8.000 5/4/2012 CHF 72.09
CLARIDEN LEU NAS 11.500 6/1/2012 EUR 73.12
CLARIDEN LEU NAS 12.500 6/1/2012 CHF 14.42
CLARIDEN LEU NAS 13.250 6/1/2012 USD 14.45
CLARIDEN LEU NAS 10.000 6/6/2012 CHF 72.86
CLARIDEN LEU NAS 10.000 6/6/2012 NOK 62.57
CLARIDEN LEU NAS 7.500 6/1/2012 EUR 66.37
CLARIDEN LEU NAS 12.250 5/31/2012 EUR 42.17
CLARIDEN LEU NAS 10.750 5/30/2012 CHF 55.29
CLARIDEN LEU NAS 10.500 5/30/2012 EUR 67.18
CLARIDEN LEU NAS 10.500 5/25/2012 CHF 70.87
CLARIDEN LEU NAS 13.500 6/8/2012 EUR 53.86
CLARIDEN LEU NAS 10.500 5/24/2012 EUR 73.20
CLARIDEN LEU NAS 14.000 5/23/2012 EUR 12.98
CLARIDEN LEU NAS 13.000 5/23/2012 CHF 12.95
CLARIDEN LEU NAS 11.500 5/23/2012 USD 67.18
CLARIDEN LEU NAS 10.000 5/23/2012 NOK 60.53
CLARIDEN LEU NAS 11.000 6/6/2012 CAD 71.42
CLARIDEN LEU NAS 0.000 6/8/2012 CHF 61.16
CLARIDEN LEU NAS 8.500 6/8/2012 CHF 65.02
CLARIDEN LEU NAS 0.000 5/13/2014 CHF 59.97
CLARIDEN LEU NAS 0.000 10/15/2014 CHF 61.01
CLARIDEN LEU NAS 0.000 9/10/2014 CHF 57.44
CLARIDEN LEU NAS 0.000 8/27/2014 CHF 62.00
CLARIDEN LEU NAS 4.500 8/13/2014 CHF 48.23
CLARIDEN LEU NAS 5.250 8/6/2014 CHF 62.00
CLARIDEN LEU NAS 0.000 6/10/2014 CHF 66.77
CLARIDEN LEU NAS 0.000 6/10/2014 CHF 60.81
CLARIDEN LEU NAS 0.000 5/26/2014 CHF 61.03
CLARIDEN LEU NAS 10.000 6/10/2013 CHF 62.20
CLARIDEN LEU NAS 0.000 2/24/2014 CHF 52.80
CLARIDEN LEU NAS 0.000 2/11/2014 CHF 52.38
CLARIDEN LEU NAS 18.400 12/20/2013 EUR 73.80
CLARIDEN LEU NAS 0.000 11/26/2013 CHF 61.15
CLARIDEN LEU NAS 0.000 9/23/2013 CHF 53.18
CLARIDEN LEU NAS 3.250 9/16/2013 CHF 52.50
CLARIDEN LEU NAS 7.000 7/22/2013 CHF 70.56
CLARIDEN LEU NAS 13.000 7/15/2013 CHF 74.95
CLARIDEN LEU NAS 8.250 12/17/2012 CHF 64.80
CLARIDEN LEU NAS 0.000 5/31/2013 CHF 63.99
CLARIDEN LEU NAS 6.500 4/26/2013 CHF 56.11
CLARIDEN LEU NAS 0.000 3/25/2013 CHF 57.36
CLARIDEN LEU NAS 9.000 2/14/2013 CHF 71.60
CLARIDEN LEU NAS 11.500 2/13/2013 EUR 74.35
CLARIDEN LEU NAS 0.000 1/24/2013 CHF 73.60
CLARIDEN LEU NAS 8.750 1/15/2013 CHF 73.24
CLARIDEN LEU NAS 18.000 12/28/2012 USD 73.55
CLARIDEN LEU NAS 10.250 10/18/2012 EUR 74.25
CLARIDEN LEU NAS 0.000 12/17/2012 EUR 67.01
CLARIDEN LEU NAS 0.000 12/14/2012 CHF 48.86
CLARIDEN LEU NAS 10.500 11/26/2012 EUR 64.67
CLARIDEN LEU NAS 8.000 11/20/2012 CHF 71.78
CLARIDEN LEU NAS 7.125 11/19/2012 CHF 56.27
CLARIDEN LEU NAS 7.250 11/16/2012 CHF 56.91
CLARIDEN LEU NAS 7.500 11/13/2012 CHF 56.38
CLARIDEN LEU NAS 7.250 11/13/2012 CHF 73.79
CLARIDEN LEU NAS 10.000 9/11/2012 CHF 51.52
CLARIDEN LEU NAS 10.000 10/15/2012 CHF 52.47
CLARIDEN LEU NAS 9.500 10/15/2012 CHF 53.14
CLARIDEN LEU NAS 8.500 10/15/2012 CHF 51.61
CLARIDEN LEU NAS 8.000 10/15/2012 CHF 72.09
CLARIDEN LEU NAS 10.000 10/8/2012 EUR 55.88
CLARIDEN LEU NAS 7.000 10/4/2012 CHF 52.89
CLARIDEN LEU NAS 9.000 9/24/2012 CHF 64.34
CLARIDEN LEU NAS 10.250 9/17/2012 CHF 52.61
CLARIDEN LEU NAS 11.750 8/8/2012 EUR 66.30
CLARIDEN LEU NAS 11.000 9/10/2012 EUR 67.02
CLARIDEN LEU NAS 7.500 9/10/2012 CHF 63.29
CLARIDEN LEU NAS 12.000 9/4/2012 EUR 41.05
CLARIDEN LEU NAS 10.500 9/4/2012 USD 71.47
CLARIDEN LEU NAS 9.250 9/4/2012 CHF 48.72
CLARIDEN LEU NAS 7.000 8/16/2012 CHF 54.77
CLARIDEN LEU NAS 12.000 8/15/2012 USD 74.88
CLARIDEN LEU NAS 10.000 8/10/2012 EUR 72.33
CLARIDEN LEU NAS 11.000 7/25/2012 NOK 69.54
CLARIDEN LEU NAS 10.000 8/8/2012 USD 72.38
CLARIDEN LEU NAS 10.000 8/3/2012 CHF 73.88
CLARIDEN LEU NAS 13.000 8/2/2012 EUR 72.39
CLARIDEN LEU NAS 11.000 8/2/2012 USD 67.10
CLARIDEN LEU NAS 10.500 8/2/2012 EUR 55.78
CLARIDEN LEU NAS 10.250 8/2/2012 CHF 66.43
CLARIDEN LEU NAS 12.000 7/26/2012 EUR 74.54
CLARIDEN LEU NAS 8.750 7/26/2012 CHF 59.00
CLARIDEN LEU NAS 10.500 7/18/2012 CHF 63.99
CLARIDEN LEU NAS 10.250 7/25/2012 EUR 73.81
CLARIDEN LEU NAS 10.250 7/25/2012 USD 68.15
CLARIDEN LEU NAS 9.250 7/25/2012 CHF 67.67
CLARIDEN LEU NAS 12.250 7/20/2012 USD 67.93
CLARIDEN LEU NAS 9.500 7/20/2012 CHF 65.67
CLARIDEN LEU NAS 10.750 7/19/2012 EUR 68.36
CLARIDEN LEU NAS 9.000 7/19/2012 CHF 62.44
CLARIDEN LEU NAS 11.000 7/18/2012 EUR 73.49
CLARIDEN LEU NAS 11.000 7/5/2012 CHF 63.58
CLARIDEN LEU NAS 7.900 7/18/2012 USD 69.06
CLARIDEN LEU NAS 11.750 7/13/2012 EUR 70.82
CLARIDEN LEU NAS 9.500 7/13/2012 EUR 58.71
CLARIDEN LEU NAS 11.750 7/12/2012 USD 67.32
CLARIDEN LEU NAS 10.500 7/12/2012 CHF 61.27
CLARIDEN LEU NAS 12.500 7/11/2012 EUR 66.45
CLARIDEN LEU NAS 10.000 7/6/2012 CHF 73.23
CLARIDEN LEU NAS 10.000 7/6/2012 EUR 70.89
CLARIDEN LEU NAS 10.500 7/4/2012 EUR 64.44
CLARIDEN LEU NAS 10.250 7/4/2012 EUR 57.40
CLARIDEN LEU NAS 10.000 7/4/2012 CHF 63.18
CLARIDEN LEU NAS 8.750 7/4/2012 CHF 68.93
CLARIDEN LEU NAS 8.500 7/4/2012 EUR 72.06
CLARIDEN LEU NAS 15.500 6/29/2012 EUR 44.88
CLARIDEN LEU NAS 10.000 6/27/2012 CHF 74.63
CLARIDEN LEU NAS 12.500 6/22/2012 EUR 73.69
CREDIT SUISSE LD 4.000 12/10/2012 EUR 43.60
CREDIT SUISSE LD 8.900 3/25/2013 EUR 59.70
SARASIN CI LTD 12.500 5/11/2012 CHF 58.99
SARASIN CI LTD 11.000 5/9/2012 CHF 53.85
SARASIN CI LTD 10.080 5/4/2012 CHF 54.70
SARASIN CI LTD 12.000 6/27/2012 CHF 43.79
SARASIN CI LTD 5.538 6/18/2012 CHF 53.37
SARASIN CI LTD 4.154 6/11/2012 CHF 71.59
SARASIN CI LTD 7.743 6/8/2012 CHF 71.60
SARASIN CI LTD 8.000 4/27/2015 CHF 67.16
SARASIN CI LTD 8.000 9/3/2012 CHF 52.99
SARASIN CI LTD 8.400 5/30/2012 CHF 70.42
SARASIN CI LTD 8.600 5/16/2012 CHF 70.09
SARASIN/GUERNSEY 15.400 7/12/2012 EUR 70.91
SARASIN/GUERNSEY 17.000 10/12/2012 EUR 68.48
SARASIN/GUERNSEY 12.100 7/12/2012 CHF 60.73
SARASIN/GUERNSEY 10.000 8/10/2012 EUR 58.20
SARASIN/GUERNSEY 7.200 7/16/2012 CHF 53.98
SARASIN/GUERNSEY 7.600 7/13/2012 EUR 69.56
SARASIN/GUERNSEY 10.000 7/20/2012 EUR 73.93
UBS AG 0.500 4/27/2015 CHF 52.20
UBS AG 11.000 3/4/2014 USD 19.73
UBS AG 11.020 10/21/2013 USD 58.10
UBS AG 15.900 9/20/2013 EUR 68.40
UBS AG 12.900 9/20/2013 EUR 69.10
UBS AG 10.200 9/20/2013 EUR 70.82
UBS AG 10.770 9/6/2013 USD 17.40
UBS AG 9.650 8/23/2013 USD 32.42
UBS AG 11.250 4/11/2013 USD 26.20
UBS AG 9.650 4/11/2013 USD 34.27
UBS AG 9.850 3/22/2013 USD 20.47
UBS AG 7.990 3/19/2013 USD 20.90
UBS AG 6.500 3/14/2013 USD 19.04
UBS AG 5.760 3/14/2013 USD 31.66
UBS AG 5.540 3/14/2013 USD 30.13
UBS AG 16.640 3/12/2013 USD 25.80
UBS AG 11.920 3/12/2013 USD 16.25
UBS AG 8.670 3/12/2013 USD 2.43
UBS AG 8.000 3/12/2013 USD 60.78
UBS AG 6.420 3/12/2013 USD 18.77
UBS AG 6.400 3/12/2013 USD 18.77
UBS AG 6.280 3/12/2013 USD 45.80
UBS AG 4.280 3/12/2013 USD 12.96
UBS AG 3.900 3/12/2013 USD 12.10
UBS AG 8.100 3/8/2013 USD 21.33
UBS AG 13.760 3/6/2013 USD 6.38
UBS AG 14.850 2/22/2013 EUR 74.74
UBS AG 13.660 2/22/2013 EUR 73.78
UBS AG 14.070 1/25/2013 EUR 74.98
UBS AG 10.390 1/18/2013 USD 38.04
UBS AG 21.700 1/4/2013 EUR 71.66
UBS AG 20.570 1/4/2013 EUR 72.98
UBS AG 19.440 1/4/2013 EUR 74.40
UBS AG 19.090 12/21/2012 EUR 67.32
UBS AG 18.000 12/21/2012 EUR 69.16
UBS AG 17.500 12/21/2012 EUR 68.80
UBS AG 17.200 12/21/2012 EUR 74.36
UBS AG 17.070 12/21/2012 EUR 67.66
UBS AG 16.930 12/21/2012 EUR 70.28
UBS AG 16.710 12/21/2012 EUR 69.62
UBS AG 16.600 12/21/2012 EUR 64.74
UBS AG 16.030 12/21/2012 EUR 68.52
UBS AG 15.930 12/21/2012 EUR 67.70
UBS AG 15.920 12/21/2012 EUR 70.48
UBS AG 15.860 12/21/2012 EUR 71.50
UBS AG 15.130 12/21/2012 EUR 71.40
UBS AG 15.000 12/21/2012 EUR 69.48
UBS AG 14.810 12/21/2012 EUR 72.82
UBS AG 14.740 12/21/2012 EUR 68.94
UBS AG 14.690 12/21/2012 EUR 71.98
UBS AG 14.350 12/21/2012 EUR 72.36
UBS AG 13.980 12/21/2012 EUR 70.52
UBS AG 13.770 12/21/2012 EUR 74.26
UBS AG 13.570 12/21/2012 EUR 73.38
UBS AG 13.560 12/21/2012 EUR 70.32
UBS AG 13.320 12/21/2012 EUR 73.40
UBS AG 12.970 12/21/2012 EUR 71.64
UBS AG 12.800 12/21/2012 EUR 74.46
UBS AG 12.400 12/21/2012 EUR 71.84
UBS AG 12.200 12/21/2012 EUR 68.46
UBS AG 11.980 12/21/2012 EUR 74.98
UBS AG 11.970 12/21/2012 EUR 72.88
UBS AG 11.270 12/21/2012 EUR 73.52
UBS AG 11.000 12/21/2012 EUR 74.22
UBS AG 13.600 11/12/2012 EUR 45.94
UBS AG 13.560 11/12/2012 EUR 46.60
UBS AG 12.000 11/12/2012 EUR 70.74
UBS AG 11.660 11/12/2012 EUR 50.46
UBS AG 11.260 11/12/2012 EUR 54.02
UBS AG 10.930 11/12/2012 EUR 49.58
UBS AG 9.650 11/12/2012 EUR 53.70
UBS AG 9.470 11/12/2012 EUR 52.80
UBS AG 9.020 11/12/2012 EUR 51.96
UBS AG 8.780 11/12/2012 EUR 74.64
UBS AG 8.590 11/12/2012 EUR 59.20
UBS AG 8.370 11/12/2012 EUR 60.36
UBS AG 8.280 11/12/2012 EUR 70.68
UBS AG 8.280 11/12/2012 EUR 70.68
UBS AG 6.700 11/12/2012 EUR 57.50
UBS AG 6.070 11/12/2012 EUR 65.28
UBS AG 12.500 11/1/2012 EUR 71.80
UBS AG 16.390 10/26/2012 EUR 73.86
UBS AG 12.760 10/18/2012 USD 13.46
UBS AG 10.320 10/4/2012 CHF 66.05
UBS AG 9.920 10/4/2012 CHF 66.00
UBS AG 13.820 10/3/2012 USD 13.36
UBS AG 11.580 10/1/2012 EUR 68.18
UBS AG 11.560 10/1/2012 EUR 35.00
UBS AG 11.530 10/1/2012 EUR 68.16
UBS AG 11.460 10/1/2012 EUR 34.96
UBS AG 11.460 10/1/2012 EUR 68.14
UBS AG 11.380 10/1/2012 EUR 68.10
UBS AG 11.330 10/1/2012 EUR 34.90
UBS AG 11.280 10/1/2012 EUR 68.08
UBS AG 11.160 10/1/2012 EUR 68.02
UBS AG 11.150 10/1/2012 EUR 34.84
UBS AG 11.010 10/1/2012 EUR 67.96
UBS AG 10.930 10/1/2012 EUR 34.76
UBS AG 10.840 10/1/2012 EUR 67.90
UBS AG 10.740 10/1/2012 EUR 66.08
UBS AG 10.650 10/1/2012 EUR 34.64
UBS AG 10.640 10/1/2012 EUR 67.82
UBS AG 10.620 10/1/2012 EUR 66.08
UBS AG 10.440 10/1/2012 EUR 65.96
UBS AG 10.410 10/1/2012 EUR 67.74
UBS AG 10.310 10/1/2012 EUR 34.50
UBS AG 10.220 10/1/2012 EUR 65.88
UBS AG 10.150 10/1/2012 EUR 67.64
UBS AG 9.930 10/1/2012 EUR 65.76
UBS AG 9.910 10/1/2012 EUR 34.36
UBS AG 9.900 10/1/2012 EUR 33.34
UBS AG 9.860 10/1/2012 EUR 67.56
UBS AG 9.580 10/1/2012 EUR 65.62
UBS AG 9.540 10/1/2012 EUR 67.40
UBS AG 9.440 10/1/2012 EUR 34.18
UBS AG 9.360 10/1/2012 EUR 33.10
UBS AG 9.200 10/1/2012 EUR 33.02
UBS AG 9.160 10/1/2012 EUR 65.46
UBS AG 9.060 10/1/2012 EUR 66.88
UBS AG 8.950 10/1/2012 EUR 74.96
UBS AG 8.910 10/1/2012 EUR 66.78
UBS AG 8.910 10/1/2012 EUR 33.96
UBS AG 8.740 10/1/2012 EUR 74.84
UBS AG 8.730 10/1/2012 EUR 32.84
UBS AG 8.720 10/1/2012 EUR 67.46
UBS AG 8.720 10/1/2012 EUR 66.70
UBS AG 8.660 10/1/2012 EUR 65.26
UBS AG 8.530 10/1/2012 EUR 67.38
UBS AG 8.500 10/1/2012 EUR 66.62
UBS AG 8.490 10/1/2012 EUR 74.74
UBS AG 8.420 10/1/2012 EUR 32.72
UBS AG 8.400 10/1/2012 EUR 67.34
UBS AG 8.310 10/1/2012 EUR 33.74
UBS AG 8.260 10/1/2012 EUR 67.28
UBS AG 8.240 10/1/2012 EUR 66.54
UBS AG 8.200 10/1/2012 EUR 74.64
UBS AG 8.090 10/1/2012 EUR 67.22
UBS AG 8.090 10/1/2012 EUR 65.04
UBS AG 8.050 10/1/2012 EUR 32.58
UBS AG 7.940 10/1/2012 EUR 66.40
UBS AG 7.900 10/1/2012 EUR 67.14
UBS AG 7.850 10/1/2012 EUR 74.50
UBS AG 7.840 10/1/2012 EUR 32.50
UBS AG 7.680 10/1/2012 EUR 67.06
UBS AG 7.660 10/1/2012 EUR 33.48
UBS AG 7.620 10/1/2012 EUR 32.42
UBS AG 7.610 10/1/2012 EUR 66.28
UBS AG 7.470 10/1/2012 EUR 74.34
UBS AG 7.450 10/1/2012 EUR 66.96
UBS AG 7.380 10/1/2012 EUR 74.14
UBS AG 7.380 10/1/2012 EUR 32.32
UBS AG 7.240 10/1/2012 EUR 66.14
UBS AG 7.210 10/1/2012 EUR 74.08
UBS AG 7.190 10/1/2012 EUR 68.32
UBS AG 7.140 10/1/2012 EUR 32.22
UBS AG 7.040 10/1/2012 EUR 74.18
UBS AG 7.030 10/1/2012 EUR 74.00
UBS AG 24.960 9/28/2012 EUR 67.84
UBS AG 23.560 9/28/2012 EUR 69.50
UBS AG 22.150 9/28/2012 EUR 71.30
UBS AG 21.970 9/28/2012 EUR 64.76
UBS AG 20.920 9/28/2012 EUR 66.46
UBS AG 20.740 9/28/2012 EUR 73.24
UBS AG 19.990 9/28/2012 EUR 66.60
UBS AG 19.910 9/28/2012 EUR 71.64
UBS AG 19.880 9/28/2012 EUR 64.98
UBS AG 19.580 9/28/2012 EUR 67.78
UBS AG 19.000 9/28/2012 EUR 67.60
UBS AG 18.580 9/28/2012 EUR 66.00
UBS AG 18.250 9/28/2012 EUR 73.24
UBS AG 18.240 9/28/2012 EUR 69.20
UBS AG 18.220 9/28/2012 EUR 65.16
UBS AG 18.020 9/28/2012 EUR 68.68
UBS AG 17.990 9/28/2012 EUR 74.48
UBS AG 17.280 9/28/2012 EUR 67.12
UBS AG 17.090 9/28/2012 EUR 69.72
UBS AG 17.050 9/28/2012 EUR 69.80
UBS AG 16.930 9/28/2012 EUR 70.78
UBS AG 16.720 9/28/2012 EUR 66.62
UBS AG 16.090 9/28/2012 EUR 71.00
UBS AG 16.000 9/28/2012 EUR 68.32
UBS AG 15.640 9/28/2012 EUR 72.46
UBS AG 15.370 9/28/2012 EUR 71.36
UBS AG 15.240 9/28/2012 EUR 68.22
UBS AG 15.130 9/28/2012 EUR 72.26
UBS AG 14.740 9/28/2012 EUR 69.62
UBS AG 14.390 9/28/2012 EUR 74.28
UBS AG 14.180 9/28/2012 EUR 73.58
UBS AG 13.800 9/28/2012 EUR 69.98
UBS AG 13.700 9/28/2012 EUR 73.18
UBS AG 13.500 9/28/2012 EUR 71.04
UBS AG 13.230 9/28/2012 EUR 74.96
UBS AG 12.890 9/28/2012 EUR 74.16
UBS AG 12.390 9/28/2012 EUR 71.92
UBS AG 12.300 9/28/2012 EUR 72.56
UBS AG 11.130 9/28/2012 EUR 74.22
UBS AG 11.040 9/28/2012 EUR 74.04
UBS AG 22.700 9/21/2012 EUR 63.58
UBS AG 13.000 9/21/2012 EUR 66.62
UBS AG 10.740 9/17/2012 USD 33.58
UBS AG 19.660 9/3/2012 EUR 71.84
UBS AG 17.640 9/3/2012 EUR 70.86
UBS AG 9.070 9/3/2012 EUR 67.70
UBS AG 9.430 8/31/2012 USD 33.27
UBS AG 14.000 8/27/2012 CHF 73.85
UBS AG 17.250 8/15/2012 EUR 50.30
UBS AG 9.500 8/10/2012 USD 28.61
UBS AG 11.500 8/2/2012 CHF 71.15
UBS AG 11.000 8/2/2012 EUR 59.70
UBS AG 10.500 8/2/2012 EUR 54.90
UBS AG 10.000 8/2/2012 CHF 66.35
UBS AG 12.040 7/31/2012 USD 17.53
UBS AG 11.760 7/31/2012 USD 28.35
UBS AG 8.460 7/31/2012 USD 35.27
UBS AG 12.000 7/25/2012 EUR 58.45
UBS AG 10.960 7/20/2012 USD 24.73
UBS AG 10.600 7/20/2012 CHF 68.90
UBS AG 10.020 7/20/2012 USD 10.92
UBS AG 14.400 6/29/2012 CHF 46.70
UBS AG 12.000 6/29/2012 EUR 59.20
UBS AG 12.750 6/25/2012 EUR 32.14
UBS AG 12.610 6/25/2012 EUR 32.10
UBS AG 12.510 6/25/2012 EUR 65.66
UBS AG 12.450 6/25/2012 EUR 65.64
UBS AG 12.410 6/25/2012 EUR 32.08
UBS AG 12.370 6/25/2012 EUR 65.64
UBS AG 12.270 6/25/2012 EUR 65.62
UBS AG 12.170 6/25/2012 EUR 32.04
UBS AG 12.140 6/25/2012 EUR 65.62
UBS AG 11.990 6/25/2012 EUR 65.60
UBS AG 11.860 6/25/2012 EUR 32.02
UBS AG 11.810 6/25/2012 EUR 65.58
UBS AG 11.600 6/25/2012 EUR 65.56
UBS AG 11.480 6/25/2012 EUR 31.96
UBS AG 11.380 6/25/2012 EUR 63.46
UBS AG 11.360 6/25/2012 EUR 65.52
UBS AG 11.180 6/25/2012 EUR 63.44
UBS AG 11.080 6/25/2012 EUR 65.48
UBS AG 11.030 6/25/2012 EUR 31.92
UBS AG 10.920 6/25/2012 EUR 63.40
UBS AG 10.770 6/25/2012 EUR 65.44
UBS AG 10.650 6/25/2012 EUR 74.04
UBS AG 10.590 6/25/2012 EUR 63.36
UBS AG 10.510 6/25/2012 EUR 74.02
UBS AG 10.500 6/25/2012 EUR 31.84
UBS AG 10.420 6/25/2012 EUR 65.40
UBS AG 10.330 6/25/2012 EUR 74.00
UBS AG 10.190 6/25/2012 EUR 63.32
UBS AG 10.120 6/25/2012 EUR 73.98
UBS AG 10.040 6/25/2012 EUR 65.36
UBS AG 9.920 6/25/2012 EUR 30.70
UBS AG 9.900 6/25/2012 EUR 31.78
UBS AG 9.890 6/25/2012 EUR 64.52
UBS AG 9.860 6/25/2012 EUR 73.94
UBS AG 9.710 6/25/2012 EUR 30.68
UBS AG 9.700 6/25/2012 EUR 63.26
UBS AG 9.610 6/25/2012 EUR 72.68
UBS AG 9.550 6/25/2012 EUR 73.90
UBS AG 9.430 6/25/2012 EUR 30.64
UBS AG 9.390 6/25/2012 EUR 64.48
UBS AG 9.330 6/25/2012 EUR 65.40
UBS AG 9.310 6/25/2012 EUR 72.64
UBS AG 9.220 6/25/2012 EUR 31.70
UBS AG 9.200 6/25/2012 EUR 73.86
UBS AG 9.130 6/25/2012 EUR 63.18
UBS AG 9.090 6/25/2012 EUR 30.60
UBS AG 9.080 6/25/2012 EUR 65.38
UBS AG 9.080 6/25/2012 EUR 64.44
UBS AG 8.950 6/25/2012 EUR 72.60
UBS AG 9.660 6/25/2012 EUR 64.52
UBS AG 8.810 6/25/2012 EUR 73.80
UBS AG 8.720 6/25/2012 EUR 64.40
UBS AG 8.720 6/25/2012 EUR 65.34
UBS AG 8.690 6/25/2012 EUR 30.56
UBS AG 8.540 6/25/2012 EUR 72.56
UBS AG 8.510 6/25/2012 EUR 65.30
UBS AG 8.490 6/25/2012 EUR 31.60
UBS AG 8.490 6/25/2012 EUR 63.12
UBS AG 8.360 6/25/2012 EUR 73.74
UBS AG 8.320 6/25/2012 EUR 64.34
UBS AG 8.270 6/25/2012 EUR 65.28
UBS AG 8.220 6/25/2012 EUR 30.50
UBS AG 8.070 6/25/2012 EUR 72.48
UBS AG 8.910 6/25/2012 EUR 65.36
UBS AG 7.960 6/25/2012 EUR 30.46
UBS AG 7.890 6/25/2012 EUR 64.30
UBS AG 7.870 6/25/2012 EUR 72.42
UBS AG 7.870 6/25/2012 EUR 73.70
UBS AG 7.770 6/25/2012 EUR 63.04
UBS AG 7.720 6/25/2012 EUR 65.20
UBS AG 7.710 6/25/2012 EUR 31.52
UBS AG 7.690 6/25/2012 EUR 30.44
UBS AG 7.670 6/25/2012 EUR 72.40
UBS AG 7.560 6/25/2012 EUR 72.42
UBS AG 7.420 6/25/2012 EUR 64.22
UBS AG 7.420 6/25/2012 EUR 72.38
UBS AG 7.410 6/25/2012 EUR 30.40
UBS AG 8.000 6/25/2012 EUR 65.24
UBS AG 7.350 6/25/2012 EUR 73.64
UBS AG 7.150 6/25/2012 EUR 72.34
UBS AG 7.110 6/25/2012 EUR 30.36
UBS AG 7.070 6/25/2012 EUR 73.84
UBS AG 7.010 6/25/2012 EUR 72.36
UBS AG 28.770 6/22/2012 EUR 64.36
UBS AG 27.030 6/22/2012 EUR 60.18
UBS AG 26.850 6/22/2012 EUR 66.64
UBS AG 26.100 6/22/2012 EUR 61.58
UBS AG 24.950 6/22/2012 EUR 69.12
UBS AG 24.900 6/22/2012 EUR 60.28
UBS AG 24.690 6/22/2012 EUR 66.98
UBS AG 24.310 6/22/2012 EUR 62.64
UBS AG 7.400 6/25/2012 EUR 68.74
UBS AG 23.100 6/22/2012 EUR 61.60
UBS AG 23.060 6/22/2012 EUR 71.84
UBS AG 22.970 6/22/2012 EUR 63.98
UBS AG 22.490 6/22/2012 EUR 70.26
UBS AG 22.440 6/22/2012 EUR 65.02
UBS AG 22.360 6/22/2012 EUR 68.96
UBS AG 22.200 6/22/2012 EUR 60.84
UBS AG 21.630 6/22/2012 EUR 65.40
UBS AG 21.370 6/22/2012 EUR 65.72
UBS AG 21.300 6/22/2012 EUR 63.02
UBS AG 21.180 6/22/2012 EUR 74.78
UBS AG 20.650 6/22/2012 EUR 66.94
UBS AG 20.320 6/22/2012 EUR 66.90
UBS AG 24.260 6/22/2012 EUR 63.24
UBS AG 20.060 6/22/2012 EUR 71.12
UBS AG 19.530 6/22/2012 EUR 64.52
UBS AG 19.440 6/22/2012 EUR 72.94
UBS AG 19.020 6/22/2012 EUR 68.48
UBS AG 19.000 6/22/2012 EUR 67.76
UBS AG 18.910 6/22/2012 EUR 69.00
UBS AG 18.080 6/22/2012 EUR 64.62
UBS AG 17.830 6/22/2012 EUR 73.48
UBS AG 17.790 6/22/2012 EUR 66.14
UBS AG 17.730 6/22/2012 EUR 70.18
UBS AG 17.230 6/22/2012 EUR 71.26
UBS AG 16.710 6/22/2012 EUR 69.98
UBS AG 16.460 6/22/2012 EUR 71.96
UBS AG 20.120 6/22/2012 EUR 62.66
UBS AG 16.100 6/22/2012 EUR 67.86
UBS AG 15.620 6/22/2012 EUR 73.70
UBS AG 15.610 6/22/2012 EUR 71.18
UBS AG 15.190 6/22/2012 EUR 73.84
UBS AG 14.540 6/22/2012 EUR 72.44
UBS AG 14.470 6/22/2012 EUR 69.72
UBS AG 14.210 6/22/2012 EUR 69.14
UBS AG 13.500 6/22/2012 EUR 73.74
UBS AG 12.910 6/22/2012 EUR 71.72
UBS AG 12.400 6/22/2012 EUR 71.72
UBS AG 11.430 6/22/2012 EUR 73.86
UBS AG 10.710 6/22/2012 EUR 74.54
UBS AG 8.000 6/14/2012 CHF 74.05
UBS AG 16.110 6/22/2012 EUR 66.78
UBS AG 10.000 6/6/2012 CHF 72.95
UBS AG 17.720 6/4/2012 EUR 41.04
UBS AG 15.860 6/4/2012 EUR 65.74
UBS AG 13.680 6/4/2012 EUR 71.48
UBS AG 10.470 6/4/2012 EUR 48.50
UBS AG 9.820 6/4/2012 EUR 72.86
UBS AG 14.620 6/1/2012 EUR 73.24
UBS AG 14.000 5/23/2012 USD 8.96
UBS AG 13.700 5/23/2012 USD 13.94
UBS AG 13.300 5/23/2012 USD 3.84
UBS AG 9.000 5/18/2012 EUR 69.75
UBS AG 15.150 5/11/2012 EUR 41.02
UBS AG 13.150 5/11/2012 EUR 51.38
UBS AG 15.000 6/6/2012 CHF 69.95
UBS AG 11.240 5/11/2012 EUR 46.28
UBS AG 10.940 5/11/2012 EUR 48.80
UBS AG 10.750 5/11/2012 EUR 71.92
UBS AG 10.060 5/11/2012 EUR 58.46
UBS AG 9.880 5/11/2012 EUR 52.54
UBS AG 9.170 5/11/2012 EUR 69.44
UBS AG 9.170 5/11/2012 EUR 69.44
UBS AG 9.110 5/11/2012 EUR 58.38
UBS AG 6.870 5/11/2012 EUR 55.10
UBS AG 6.600 5/11/2012 USD 54.75
UBS AG 6.550 5/11/2012 EUR 64.96
UBS AG 8.000 5/9/2012 CHF 69.85
UBS AG 12.900 5/11/2012 EUR 47.94
UBS AG JERSEY 3.220 7/31/2012 EUR 31.11
UNITED KINGDOM
--------------
ALLIANC&LEIC BLD 5.875 8/14/2031 GBP 74.42
BAKKAVOR FIN 2 8.250 2/15/2018 GBP 82.63
BANK NADRA 8.000 6/22/2017 USD 55.34
BARCLAYS BK PLC 11.500 3/22/2013 EUR 49.24
BARCLAYS BK PLC 11.000 12/14/2012 EUR 50.10
BARCLAYS BK PLC 10.930 12/14/2012 EUR 68.65
BARCLAYS BK PLC 10.500 12/14/2012 EUR 59.15
BARCLAYS BK PLC 9.500 12/14/2012 EUR 64.87
BARCLAYS BK PLC 8.750 12/14/2012 EUR 53.98
BARCLAYS BK PLC 8.000 12/14/2012 EUR 64.50
BARCLAYS BK PLC 8.000 12/14/2012 EUR 72.61
BARCLAYS BK PLC 9.000 10/16/2012 USD 10.60
BARCLAYS BK PLC 8.500 10/16/2012 USD 10.83
BARCLAYS BK PLC 14.000 10/1/2012 USD 10.35
BARCLAYS BK PLC 9.000 10/1/2012 USD 10.08
BARCLAYS BK PLC 13.500 9/28/2012 EUR 56.65
BARCLAYS BK PLC 13.000 9/28/2012 EUR 74.82
BARCLAYS BK PLC 15.000 6/22/2012 EUR 53.10
BARCLAYS BK PLC 12.500 9/28/2012 EUR 59.96
BARCLAYS BK PLC 11.750 9/28/2012 EUR 47.47
BARCLAYS BK PLC 10.500 9/28/2012 EUR 49.14
BARCLAYS BK PLC 10.500 9/28/2012 EUR 61.75
BARCLAYS BK PLC 10.000 9/28/2012 EUR 50.06
BARCLAYS BK PLC 9.500 9/28/2012 EUR 62.34
BARCLAYS BK PLC 8.500 9/28/2012 EUR 67.73
BARCLAYS BK PLC 8.000 9/28/2012 USD 10.62
BARCLAYS BK PLC 8.000 9/28/2012 EUR 51.58
BARCLAYS BK PLC 7.000 9/28/2012 EUR 55.80
BARCLAYS BK PLC 7.000 9/28/2012 EUR 69.29
BARCLAYS BK PLC 6.000 9/28/2012 EUR 58.54
BARCLAYS BK PLC 6.000 9/28/2012 EUR 73.14
BARCLAYS BK PLC 11.000 9/19/2012 EUR 74.57
BARCLAYS BK PLC 14.070 9/14/2012 EUR 66.13
BARCLAYS BK PLC 13.750 9/14/2012 EUR 60.56
BARCLAYS BK PLC 12.200 9/14/2012 EUR 66.68
BARCLAYS BK PLC 12.000 9/14/2012 EUR 47.15
BARCLAYS BK PLC 11.000 9/14/2012 EUR 56.88
BARCLAYS BK PLC 10.250 9/14/2012 EUR 62.48
BARCLAYS BK PLC 9.250 9/14/2012 EUR 51.58
BARCLAYS BK PLC 8.000 9/14/2012 EUR 72.16
BARCLAYS BK PLC 8.000 9/14/2012 EUR 62.89
BARCLAYS BK PLC 8.000 9/11/2012 USD 10.63
BARCLAYS BK PLC 8.000 9/11/2012 USD 10.74
BARCLAYS BK PLC 9.000 8/28/2012 USD 9.53
BARCLAYS BK PLC 10.800 7/31/2012 USD 26.51
BARCLAYS BK PLC 11.500 7/27/2012 USD 8.49
BARCLAYS BK PLC 7.000 7/27/2012 USD 10.10
BARCLAYS BK PLC 10.000 7/20/2012 USD 6.68
BARCLAYS BK PLC 8.000 6/29/2012 USD 9.36
BARCLAYS BK PLC 16.750 6/22/2012 EUR 58.10
BARCLAYS BK PLC 8.000 6/22/2012 EUR 66.38
BARCLAYS BK PLC 15.000 6/22/2012 EUR 71.24
BARCLAYS BK PLC 14.500 6/22/2012 EUR 40.94
BARCLAYS BK PLC 14.500 6/22/2012 EUR 56.15
BARCLAYS BK PLC 13.750 6/22/2012 EUR 49.27
BARCLAYS BK PLC 13.750 6/22/2012 EUR 56.63
BARCLAYS BK PLC 13.500 6/22/2012 EUR 72.52
BARCLAYS BK PLC 13.500 6/22/2012 EUR 68.31
BARCLAYS BK PLC 13.000 6/22/2012 EUR 62.55
BARCLAYS BK PLC 12.750 6/22/2012 EUR 44.38
BARCLAYS BK PLC 12.000 6/22/2012 EUR 72.21
BARCLAYS BK PLC 12.000 6/22/2012 EUR 63.67
BARCLAYS BK PLC 12.000 6/22/2012 EUR 52.17
BARCLAYS BK PLC 11.750 6/22/2012 EUR 51.25
BARCLAYS BK PLC 11.500 6/22/2012 EUR 58.61
BARCLAYS BK PLC 11.500 6/22/2012 EUR 45.98
BARCLAYS BK PLC 11.000 6/22/2012 EUR 47.65
BARCLAYS BK PLC 10.750 6/22/2012 EUR 64.88
BARCLAYS BK PLC 10.750 6/22/2012 EUR 47.44
BARCLAYS BK PLC 10.500 6/22/2012 EUR 48.32
BARCLAYS BK PLC 10.500 6/22/2012 EUR 55.80
BARCLAYS BK PLC 10.500 6/22/2012 EUR 54.57
BARCLAYS BK PLC 10.000 6/22/2012 EUR 74.88
BARCLAYS BK PLC 10.000 6/22/2012 EUR 60.17
BARCLAYS BK PLC 9.750 6/22/2012 EUR 51.35
BARCLAYS BK PLC 9.500 6/22/2012 EUR 68.11
BARCLAYS BK PLC 8.750 6/22/2012 EUR 69.30
BARCLAYS BK PLC 8.500 6/22/2012 EUR 59.01
BARCLAYS BK PLC 8.250 6/22/2012 EUR 59.76
BARCLAYS BK PLC 8.000 6/22/2012 EUR 69.60
BARCLAYS BK PLC 8.000 6/22/2012 EUR 49.63
BARCLAYS BK PLC 8.000 6/22/2012 EUR 56.53
BARCLAYS BK PLC 8.000 6/22/2012 EUR 56.89
BARCLAYS BK PLC 7.250 6/22/2012 EUR 54.00
BARCLAYS BK PLC 7.000 6/22/2012 EUR 54.17
BARCLAYS BK PLC 7.000 6/22/2012 EUR 67.87
BARCLAYS BK PLC 7.000 6/22/2012 EUR 62.63
BARCLAYS BK PLC 7.000 6/22/2012 EUR 74.00
BARCLAYS BK PLC 6.000 6/22/2012 EUR 60.79
BARCLAYS BK PLC 6.000 6/22/2012 EUR 65.02
BARCLAYS BK PLC 6.000 6/22/2012 EUR 56.79
BARCLAYS BK PLC 6.000 6/22/2012 EUR 71.84
BARCLAYS BK PLC 6.000 6/22/2012 EUR 61.73
BARCLAYS BK PLC 16.080 6/8/2012 EUR 63.42
BARCLAYS BK PLC 15.750 6/8/2012 EUR 57.30
BARCLAYS BK PLC 14.220 6/8/2012 EUR 63.73
BARCLAYS BK PLC 13.000 6/8/2012 EUR 44.09
BARCLAYS BK PLC 12.500 6/8/2012 EUR 53.59
BARCLAYS BK PLC 12.000 6/8/2012 EUR 59.59
BARCLAYS BK PLC 11.750 6/8/2012 EUR 44.55
BARCLAYS BK PLC 11.090 6/8/2012 EUR 56.92
BARCLAYS BK PLC 11.000 6/8/2012 EUR 74.42
BARCLAYS BK PLC 11.000 6/8/2012 EUR 72.18
BARCLAYS BK PLC 11.000 6/8/2012 EUR 59.84
BARCLAYS BK PLC 11.000 6/8/2012 EUR 64.55
BARCLAYS BK PLC 11.000 6/8/2012 EUR 58.61
BARCLAYS BK PLC 10.780 6/8/2012 EUR 67.78
BARCLAYS BK PLC 10.520 6/8/2012 EUR 59.14
BARCLAYS BK PLC 10.500 6/8/2012 EUR 51.24
BARCLAYS BK PLC 10.250 6/8/2012 EUR 56.99
BARCLAYS BK PLC 9.750 6/8/2012 EUR 48.92
BARCLAYS BK PLC 9.750 6/8/2012 EUR 71.23
BARCLAYS BK PLC 9.500 6/8/2012 EUR 66.75
BARCLAYS BK PLC 9.250 6/8/2012 EUR 66.64
BARCLAYS BK PLC 9.000 6/8/2012 EUR 74.74
BARCLAYS BK PLC 8.500 6/8/2012 EUR 48.32
BARCLAYS BK PLC 8.250 6/8/2012 EUR 65.32
BARCLAYS BK PLC 8.250 6/8/2012 EUR 50.63
BARCLAYS BK PLC 8.000 6/8/2012 EUR 58.77
BARCLAYS BK PLC 8.000 6/8/2012 EUR 61.59
BARCLAYS BK PLC 8.000 6/8/2012 EUR 69.83
BARCLAYS BK PLC 8.000 6/8/2012 EUR 54.96
BARCLAYS BK PLC 8.000 6/8/2012 EUR 72.23
BARCLAYS BK PLC 7.000 6/8/2012 EUR 74.92
BARCLAYS BK PLC 7.000 6/8/2012 EUR 63.63
BARCLAYS BK PLC 7.000 6/8/2012 EUR 64.82
BARCLAYS BK PLC 6.000 6/8/2012 EUR 62.97
BARCLAYS BK PLC 5.000 6/8/2012 EUR 70.04
BARCLAYS BK PLC 5.000 6/8/2012 EUR 69.14
BARCLAYS BK PLC 0.500 9/24/2019 AUD 64.66
BARCLAYS BK PLC 0.500 12/3/2017 AUD 72.98
BARCLAYS BK PLC 11.500 6/28/2013 EUR 51.30
BARCLAYS BK PLC 11.000 6/28/2013 EUR 53.06
BARCLAYS BK PLC 10.000 6/28/2013 EUR 54.62
BARCLAYS BK PLC 8.000 6/28/2013 EUR 56.30
BARCLAYS BK PLC 13.000 9/28/2012 EUR 44.30
BARCLAYS BK PLC 10.750 3/22/2013 EUR 51.66
BARCLAYS BK PLC 10.000 3/22/2013 EUR 52.71
BARCLAYS BK PLC 8.000 3/22/2013 EUR 54.46
BARCLAYS BK PLC 12.500 1/2/2013 EUR 59.27
BARCLAYS BK PLC 12.000 1/2/2013 EUR 47.25
BARCLAYS BK PLC 11.500 1/2/2013 EUR 62.89
BARCLAYS BK PLC 11.000 1/2/2013 EUR 50.00
BARCLAYS BK PLC 10.000 1/2/2013 EUR 63.81
BARCLAYS BK PLC 10.000 1/2/2013 EUR 51.39
BARCLAYS BK PLC 9.500 1/2/2013 EUR 51.90
BARCLAYS BK PLC 8.750 1/2/2013 EUR 64.77
BARCLAYS BK PLC 8.500 1/2/2013 EUR 68.59
BARCLAYS BK PLC 8.000 1/2/2013 EUR 53.12
BARCLAYS BK PLC 7.000 1/2/2013 EUR 56.73
BARCLAYS BK PLC 7.000 1/2/2013 EUR 69.74
BARCLAYS BK PLC 6.000 1/2/2013 EUR 73.39
BARCLAYS BK PLC 6.000 1/2/2013 EUR 59.50
BARCLAYS BK PLC 12.730 12/14/2012 EUR 67.94
BARCLAYS BK PLC 12.500 12/14/2012 EUR 63.14
CO-OPERATIVE BNK 5.875 3/28/2033 GBP 71.80
CO-OPERATIVE BNK 5.750 12/2/2024 GBP 73.14
DUNFERMLINE BS 6.000 3/31/2015 GBP 0.75
EFG HELLAS PLC 6.010 1/9/2036 EUR 34.13
EFG HELLAS PLC 5.400 11/2/2047 EUR 37.13
EMPORIKI GRP FIN 5.000 12/2/2021 EUR 50.50
EMPORIKI GRP FIN 5.100 12/9/2021 EUR 50.88
EMPORIKI GRP FIN 5.000 2/24/2022 EUR 49.88
EMPORIKI GRP FIN 6.000 5/18/2022 EUR 54.50
ENTERPRISE INNS 6.875 5/9/2025 GBP 67.00
ENTERPRISE INNS 6.875 2/15/2021 GBP 72.59
ENTERPRISE INNS 6.375 9/26/2031 GBP 66.12
ESSAR ENERGY 4.250 2/1/2016 USD 65.19
F&C ASSET MNGMT 6.750 12/20/2026 GBP 65.04
GALA ELECTRIC CA 11.500 6/1/2019 GBP 69.85
GALA ELECTRIC CA 11.500 6/1/2019 GBP 70.16
GS INTERNATIONAL 9.750 5/22/2012 CHF 49.80
GS INTERNATIONAL 13.000 6/28/2012 CHF 56.60
GS INTERNATIONAL 8.250 12/17/2012 EUR 70.05
HBOS PLC 6.305 10/18/2017 GBP 75.31
HBOS PLC 5.374 6/30/2021 EUR 72.50
HBOS PLC 4.500 3/18/2030 EUR 63.04
HBOS PLC 4.375 10/30/2019 EUR 76.79
HSBC BANK PLC 0.500 9/28/2018 AUD 74.22
HSBC BANK PLC 0.500 4/3/2023 AUD 57.92
HSBC BANK PLC 0.500 12/29/2026 AUD 46.88
HSBC BANK PLC 0.500 12/8/2026 AUD 47.03
HSBC BANK PLC 0.500 11/16/2018 AUD 71.07
HSBC BANK PLC 0.500 11/22/2021 AUD 62.42
HSBC BANK PLC 0.500 12/2/2022 AUD 58.97
HSBC BANK PLC 0.500 12/29/2022 AUD 54.44
HSBC BANK PLC 0.500 2/2/2023 AUD 52.83
HSBC BANK PLC 0.500 2/24/2023 AUD 55.48
MARSTONS ISSUER 5.641 7/15/2035 GBP 73.96
MATALAN 9.625 3/31/2017 GBP 73.06
MATALAN 9.625 3/31/2017 GBP 73.38
MAX PETROLEUM 6.750 9/8/2013 USD 50.68
NOMURA BANK INTL 0.800 12/21/2020 EUR 67.57
OTE PLC 4.625 5/20/2016 EUR 67.58
PRIVATBANK 5.799 2/9/2016 USD 71.99
PUNCH TAVERNS 5.883 10/15/2026 GBP 62.61
PUNCH TAVERNS 7.567 4/15/2026 GBP 53.26
PUNCH TAVERNS 8.374 7/15/2029 GBP 55.00
ROYAL BK SCOTLND 6.250 12/20/2012 EUR 52.95
SPIRIT ISSUER 5.472 12/28/2028 GBP 72.53
THOMAS COOK GR 6.750 6/22/2015 EUR 62.79
THOMAS COOK GR 7.750 6/22/2017 GBP 53.78
UNIQUE PUB FIN 6.464 3/30/2032 GBP 42.31
UNIQUE PUB FIN 5.659 6/30/2027 GBP 72.87
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland
USA. Valerie U. Pascual, Marites O. Claro, Rousel Elaine T.
Fernandez, Joy A. Agravante, Ivy B. Magdadaro, Frauline S.
Abangan and Peter A. Chapman, Editors.
Copyright 2012. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 240/629-3300.
* * * End of Transmission * * *