/raid1/www/Hosts/bankrupt/TCREUR_Public/120709.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, July 9, 2012, Vol. 13, No. 135
Headlines
C Y P R U S
* CYPRUS: Russia Remains Candidate to Provide Bailout
F R A N C E
DOUX SA: Sofiproteol-Led Group Makes Bid for Assets
PSA PEUGEOT: Denies State Aid Rumors After Sales Slumped
G E R M A N Y
COMMERZBANK AG: Moody's Says Downgrade Won't Hit CB Mezzcap Rtngs
MOTOR AUTHORITY: Files for Bankruptcy After Failed Sale
PROMISE XXS: Fitch Affirms Rating on Class E Notes at 'CCCsf'
SOLAR MILLENNIUM: Ferrostaal Acquires 74.9% Stake in Flagsol
STABILITY CMBS: Fitch Affirms Rating on Class E Notes at 'CCsf'
WESTLB: Moody's Extends Ratings Review After Name Change
I R E L A N D
DOUGLAS COURT: In Receivership; Trading Continues as Normal
I T A L Y
CELL THERAPEUTICS: Estimates US$7.2 Million Net Loss in May
L I T H U A N I A
BANKAS SNORAS: Former Owners Arrested in London
N O R W A Y
JJ SIETAS: To Sell Neuenfelder Maschinenfabrik Division to TTS
P O L A N D
PBG SA: Poland Government Mulls Nationalization
SKY CLUB: Declared Bankruptcy on Lack of Funds
R U S S I A
DELANCE LIMITED: Moody's Upgrades National Scale Rating From Ba1
DELANCE LIMITED: Moody's Upgrades CFR to 'B2'; Outlook Stable
INT'L FINANCIAL: Moody's Assigns 'E+' BFSR; Outlook Positive
SOVCOMFLOT OAO: Fitch Downgrades Issuer Default Rating to 'BB+'
TATNEFT OAO: Moody's Upgrades CFR to 'Ba1'; Outlook Stable
TATNEFT OAO: Moody's Upgrades National Scale Rating
S P A I N
IM TERRASSA: Fitch Lowers Rating on Class C Notes to 'Bsf'
T U R K E Y
TRUCAS PETROL: Fitch Assigns 'B' Long-Term Issuer Default Ratings
TURKIYE HALK: Fitch Issues Expected 'BB+' Rating to Eurobond
U K R A I N E
* CRIMEA: S&P Raises Long-Term Issuer Credit Rating to 'B'
U N I T E D K I N G D O M
ALPHA TOPCO: S&P Affirms 'B+' Long-Term Corporate Credit Rating
AMERICAN BABY: Parent to Cover Product-Liability Claims
CANARY WHARF: Fitch Affirms Rating on Class D2 Notes at 'BBsf'
CLARIS LTD: S&P Raises Credit Rating to 'CCC+ (sf)'
DECO 6: S&P Downgrades Rating on Class D Notes to 'CCC-(sf)'
EPIC: S&P Withdraws Class A Notes Rating, 'B-' Rating Unaffected
GKN HOLDINGS: Moody's Affirms 'Ba1' CFR; Outlook Positive
NETWORK TRADING: Owner Adrian Nicholl Declared Bankrupt
TITAN EUROPE: S&P Downgrades Rating on Class B Notes to 'D (sf)'
UBC: Owed GBP11 Million at Time of Collapse
WINDERMERE XI: Fitch Affirms 'Dsf' Rating on Class D Notes
X X X X X X X X
* EUROPE: EU Summit Measures to Reduce Shock But Carry High Cost
* S&P Takes Rating Actions on 10 European Synthetic CDO Tranches
* BOND PRICING: For the Week July 2 to July 6, 2012
*********
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C Y P R U S
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* CYPRUS: Russia Remains Candidate to Provide Bailout
-----------------------------------------------------
James Kanter at The New York Times reports that the Cypriot
president, Demetris Christofias, said Friday that Russia remained
a candidate to step in and bail out his country, amid signs of a
widening rift with the international authorities about where the
aid should come from, and under what terms.
At a news conference, Mr. Christofias, who is the only communist
leader in the European Union, scorned those who were critical of
his friendliness with Moscow and insisted that his country could
take aid from whatever country it chose, the New York Times
relates.
According to the New York Times, Russian finance minister
Anton Siluanov, as cited by Bloomberg News, said Friday, Cyprus
has asked to borrow EUR5 billion, or US$6.1 billion, from Russia,
the Russian finance minister. He said the request was being
considered, the New York Times notes.
Jose Manuel Barroso, the head of the European Commission
suggested that nations in the same position as Cyprus should
accept full European bailout programs, including conditions,
rather than rely on aid from other countries with fewer strings
attached, the New York Times discloses.
According to the New York Times, Mr. Barroso called on Cypriots
to accept the reforms often demanded by the international
financial authorities as "the only way in the medium and longer
term to have sustainable growth."
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F R A N C E
===========
DOUX SA: Sofiproteol-Led Group Makes Bid for Assets
---------------------------------------------------
Rudy Ruitenberg at Bloomberg News reports that Sofiproteol SA,
France's largest oilseed crusher, is leading a group of French
companies seeking to buy the assets of Doux SA.
According to Bloomberg, Philippe Tillous-Borde, adviser to
Sofiproteol's chairman, said that partners include agricultural
cooperatives Terrena and Triskalia, closely held companies Duc
and Glon Sanders, as well as poultry processors Tilly-Sabco and
LDC SA. He declined to give the value of the offer or say how
the bid will be structured, Bloomberg notes.
"It's really a coordinated offer, it's not a consortium with a
holding that will take over everything together," Bloomberg
quotes Mr. Tillous-Borde as saying. The board adviser said that
the offer was made to Doux's court-appointed administrator on
Thursday, Bloomberg relates.
Doux was placed under court administration on June 1 by the court
of Quimper in Brittany, Bloomberg recounts.
Bloomberg notes that Mr. Tillous-Borde said the offer seeks to
bring all of Doux's businesses under management of the companies
making the offer. The adviser said that the group is seeking to
buy assets, and doesn't plan to renegotiate Doux's debt with
creditors including Barclays Plc, according to Bloomberg.
Mr. Tillous-Borde, as cited by Bloomberg, said that Doux's assets
in Brazil are not part of the offer.
France-based Doux S.A. produces, sells, and exports poultry and
poultry-based processed products for retail, food service and
catering, and food processing industries.
PSA PEUGEOT: Denies State Aid Rumors After Sales Slumped
--------------------------------------------------------
Gabriele Parussini and David Pearson at The Wall Street Journal
report that PSA Peugeot-Citroen on Friday said its sales slumped
due to shrinking demand in its main markets and denied it had
asked for state aid.
According to the Journal, in the first half of the year, PSA's
sales plunged as demand fell in its main markets of France, Spain
and Italy, where the euro-zone crisis has taken a heavy toll on
business activity and consumer demand.
In the first half of the year, PSA's sales plunged as demand fell
in its main markets of France, Spain and Italy, where the euro-
zone crisis has taken a heavy toll on business activity and
consumer demand, the Journal relates.
PSA, France's largest automaker, denied a report that it is
asking for a government loan to help ease its financial woes
after its sales plunged, the Journal notes.
The company denied a report on the web site of French financial
weekly La Tribune that said Chief Executive Philippe Varin had
asked the government for a loan, the Journal discloses.
According to the Journal, the report quoted a Socialist
politician saying that the government "is ready to come to its
assistance, and is even contemplating the state taking a stake in
its capital."
"Neither PSA nor . . . Mr. Varin have asked for a loan," the
Journal quotes spokesman Pierre-Olivier Salmon as saying.
Later, French Finance Minister Pierre Moscovici also denied the
report, the Journal notes.
PSA Peugeot Citroen S.A. -- http://www.psa-peugeot-citroen.com/
-- is a France-based manufacturer of passenger cars and light
commercial vehicles. It produces vehicles under the Peugeot and
Citroen brands. In addition to its automobile division, the
Company includes Banque PSA Finance, which supports the sale of
Peugeot and Citroen vehicles by financing new vehicle and
replacement parts inventory for dealers and offering financing
and related services to car buyers; Faurecia, an automotive
equipment manufacturer focused on four component families: seats,
vehicle interior, front end and exhaust systems; Gefco, which
offers logistics services covering the entire supply chain,
including overland, sea and air transport, industrial logistics,
container management, vehicle preparation and distribution, and
customs and value added tax (VAT) representation, and Peugeot
Motocycles, which manufactures scooters and motorcycles. In
2008, PSA Peugeot Citroen S.A. sold more than 3.2 million
vehicles in 150 countries worldwide.
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G E R M A N Y
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COMMERZBANK AG: Moody's Says Downgrade Won't Hit CB Mezzcap Rtngs
-----------------------------------------------------------------
Moody's Investors Service has reviewed the proposal of
Commerzbank AG, the interest rate swap counterparty and tax
liquidity facility provider of CB MezzCap Limited Partnership
(the "Issuer"), taking no remedial action following Moody's
rating downgrade of its ratings on June 6, 2012 (the "Proposal").
Moody's has determined that the Proposal will not in and of
itself and at this time cause the current Moody's ratings of the
notes of the Issuer to be reduced or withdrawn. Moody's believes
that Commerzbank AG's taking no further remedial action in
accordance with the transaction documentation does not have an
adverse effect on the credit quality of the securities such that
the Moody's ratings are impacted. Moody's does not express an
opinion as to whether Commerzbank AG's action could have other,
non credit-related effects.
Moody's rating analysis in this case is based primarily on its
opinion that Commerzbank AG is still a highly-rated entity
relative to the highest outstanding rating of the notes which is
B3.
The methodologies used in this rating were "Moody's Approach to
Rating Collateralized Loan Obligations" published in June 2011
and "Moody's Approach to Rating CDOs of SMEs in Europe" published
in February 2007.
Other methodologies and factors that may have been considered in
the process of this rating can also be found in the Ratings
Methodologies subdirectory.
Moody's will continue monitoring these ratings. Any change in the
ratings will be publicly disseminated by Moody's through
appropriate media.
MOTOR AUTHORITY: Files for Bankruptcy After Failed Sale
-------------------------------------------------------
Viknesh Vijayenthiran at Motor Authority reports that Artega has
filed for bankruptcy.
According to Motor Authority, the company stated that it has
become insolvent and that it is seeking to find new roles for its
34 employees.
Artega also claims that part of the decision to file for
bankruptcy was due to a proposed sale of the firm to an Asian
investor failing at the last minute, Motor Authority discloses.
Court-approved administrators are currently examining Artega's
remaining assets while management looks for new investment
possibilities, Motor Authority says.
Artega is the manufacturer of the Henrik Fisker-designed GT
sports car. It is based in Delbrueck.
PROMISE XXS: Fitch Affirms Rating on Class E Notes at 'CCCsf'
-------------------------------------------------------------
Fitch Ratings has affirmed Promise XXS-2006-1 GmbH's notes, due
2024, as follows:
-- EUR51,740 Class A+ (ISIN XS0277600663): affirmed at 'AAsf';
Outlook Stable;
-- EUR102,694,535 Class A (ISIN XS0277602016): affirmed at
'Asf'; Outlook Stable;
-- EUR61,788,355 Class B (ISIN XS0277606272): affirmed at
'BBBsf'; Outlook Stable; EUR44,910,980 Class C (ISIN
XS0277606512): affirmed at 'BBsf'; Outlook Stable;
-- EUR32,324,464 Class D (ISIN XS0277606942): affirmed at
'Bsf'; Outlook Stable;
-- EUR59,731,043 Class E (ISIN XS0277607320): affirmed at
'CCCsf'; assigned Recovery Estimate (RE) of 'RE50%'
The affirmation of the ratings and the Stable Outlook reflect the
stable pool performance and pool composition since the last
review in July 2011 and the increased credit protection to the
rated notes as a result of pool amortization. In particular, the
available credit protection is, in the agency's view, sufficient
to provide for the expected losses in the respective rating
scenarios.
The transaction is amortizing with a current portfolio share of
26% of the initial pool volume of EUR4.4 billion compared with
40% at the last review. Through pool amortization and sequential
allocation of the amortized funds to the notes, the credit
protection for the rated classes has increased from the last
rating action. Despite the amortization, the pool composition
remains largely unchanged. The 10 largest obligor groups make up
14.5% of the pool compared to 12.2% and the 20 largest obligors
make up 21.4%, compared to 19% at the last review. In Fitch's
view, the pool remains granular despite the quick amortization.
The portfolio's performance has not significantly changed from
the last review. As of the April 2012 reporting date, defaulted
assets in the portfolio are 0.9% of the initial pool balance
compared to 1.4% at the last review. In particular, the current
defaults came down as a result of the work-out process being
completed for almost EUR24 million of defaulted assets since the
last review. While the current defaults came down, the
liquidation of the aforementioned defaulted assets resulted in
realized losses of EUR18.3 million which have been only partially
covered by the synthetic excess spread available in the amount of
EUR8.7 million. Therefore, uncovered losses of EUR9.5 million
were written against the non-rated class G and class H notes,
thus reducing the available credit protection to the rated notes.
Fitch notes that the synthetic excess spread of 80bps p.a.
provides only limited credit protection to the notes since it is
going down with the performing asset balance over time and
because unused synthetic excess spread is not kept in the
transaction. The agency acknowledged that whether or not the
synthetic excess spread will be sufficient to cover realized
losses, depends on the amount of liquidated defaulted assets in a
particular period. In the event of liquidations in an amount
exceeding the available synthetic excess spread, the difference
will be allocated as a loss against the notes starting with the
unrated notes.
Fitch applied its portfolio credit model (PCM) to credit-assess
the portfolio. For this reason, the agency mapped the
originator's internal ratings to Fitch's one year probability of
defaults (PDs) by using the originator's rating migration tables.
Additionally, the agency applied additional stress to obligor
groups larger than 0.50% which make up 22% of the outstanding
pool balance. In the agency's view, the available credit
enhancement is sufficient to provide for the expected loss rates
in the rating scenarios applicable to the respective notes.
While the available credit protection is expected to increase as
a result of sequential amortization of the notes, the agency
notes that it may also go down in the event realized losses are
not covered by the synthetic excess spread.
Fitch assigned a Recovery Estimate (RE) to the 'CCCsf'-rated
class E note. REs are forward-looking, taking into account
Fitch's expectations for principal repayments on distressed
structured finance securities rated 'CCCsf' or below.
The transaction is a partially-funded synthetic CDO
securitization with exposures to small- and medium-sized
enterprises, primarily in Germany and Austria. Originators are
UniCredit Bank AG ('A+'/Stable/'F1+') and UniCredit Bank Austria
AG ('A'/Stable/'F1').
SOLAR MILLENNIUM: Ferrostaal Acquires 74.9% Stake in Flagsol
------------------------------------------------------------
Marc Roca at Bloomberg News reports that Ferrostaal GmbH
purchased Solar Millennium AG's 74.9% stake in Flagsol GmbH,
giving it full ownership of the solar-thermal venture.
Terms of the sale weren't provided in a statement on Friday from
the administrator that's handling Solar Millennium's affairs
after the solar-thermal project developer filed for insolvency in
December.
According to Bloomberg, the statement said that Ferrostaal will
retain all 80 employees of the Cologne-based company.
A reported by the Troubled Company Reporter-Europe on March 1,
2012, the Local Court of Fuerth initiated the insolvency
proceedings for Solar Millennium AG on Tuesday. The court
appointed Volker Boehm as insolvency administrator.
Solar Millennium AG is an Erlangen-based solar company. It had
focused on developing solar-thermal plants in Europe and the U.S.
STABILITY CMBS: Fitch Affirms Rating on Class E Notes at 'CCsf'
---------------------------------------------------------------
Fitch Ratings has affirmed STABILITY CMBS 2007-1 GmbH's senior
swap and commercial mortgage-backed floating-rate note ratings
and revised the Outlook to Negative for Class C and D notes, as
follows:
-- EUR220,554,011.34 senior swap affirmed at 'AAAsf'; Outlook
Stable
-- EUR151,734 Class A+ (DE000A0N30Z7) affirmed at 'AAAsf';
Outlook Stable
-- EUR31,800,000 Class A (DE000A0N3005) affirmed at 'Asf';
Outlook Stable
-- EUR46,400,000 Class B (DE000A0N3013) affirmed at 'BBBsf';
Outlook Stable
-- EUR30,500,000 Class C (DE000A0N3021) affirmed at 'BBsf';
Outlook revised to Negative from Stable
-- EUR30,400,000 Class D (DE000A0N3039) affirmed at 'Bsf';
Outlook revised to Negative from Stable
-- EUR28,200,000 Class E (DE000A0N3047) affirmed at 'CCsf';
Recovery Estimate 'RE0%'
The affirmation is driven by strong amortization of the portfolio
and the resulting increase in credit protection, given fully
sequential principal pay down rules. The pool balance has
reduced to EUR402.6 million from EUR909.2 million at closing.
The Negative Outlook on the Class C and D notes reflects
deterioration in the overall credit quality of the underlying
loan pool as well as refinancing concerns over some of the larger
positions. While this is largely offset by the increase in
credit enhancement, this is less apparent for junior bonds.
Collateral performance over the last 12 months has been stable to
negative. Loans affected by credit events have increased to
EUR10.2 million from none a year ago, with the first loss
allocation expected on the next payment date. The interest
coverage and debt service ratios have both decreased, the former
to 2.58x from 2.91x, and the latter to 1.41x from 1.48x.
As a result of amortization, loan concentration in the portfolio
has naturally increased. The 10 largest exposures now make up
almost 70% of the pool balance, an increase of approximately 12%
from a year ago. The largest exposure in the transaction,
accounting for a quarter of the principal balance, is secured by
18 office properties let to the State of Hessen on long leases.
While its debt yield is low, even lower German government bond
yields improve the prospects of refinancing in December 2013,
despite the size of the loan, (EUR101.7m syndication portion of a
EUR745.8m loan) and the strains in the German commercial real
estate lending market.
STABILITY is a synthetic securitization of commercial mortgage
loans originated by IKB Deutsche Industriebank AG (not rated),
with the notes collateralised by debt instruments issued by
Kreditanstalt fur Wiederaufbau (rated 'AAA'/F1+). As per the
April 2012 investor report, STABILITY provided credit protection
for a portfolio of 84 commercial mortgage loans to 51 debtor
groups. While 24 large claims granted to special-purpose vehicle
(SPV) borrowers represent approximately 67% of the current pool
balance, the remainder consists of generally small secured loans
with recourse to non-SPV borrowers.
WESTLB: Moody's Extends Ratings Review After Name Change
--------------------------------------------------------
Moody's Investors Service has extended the ongoing review for
upgrade of WestLB's A3/Prime-2 senior unsecured debt ratings and
the review for downgrade of WestLB's A3/Prime-2 deposit ratings.
This follows the announcement that WestLB has discontinued its
banking business and changed its legal name to Portigon AG.
Moody's has extended the reviews because the conclusion of the
reviews remains subject to either (i) the effective transfer to
another entity of affected senior bonds; or (ii), in terms of
deposits, the receipt of more information than is currently
available on the future profile and outlook of Portigon AG.
Moody's extended reviews will focus on (i) the selection of bonds
and deposits that will be subject to transfers out of Portigon to
either EAA Erste Abwicklungsanstalt (EAA, Aa1 stable/Prime-1) or
Landesbank Hessen-Thueringen (Helaba; A2 stable; D+/baa3 stable,
Prime-1); (ii) the outlook for and likely protection of
Portigon's depositors; and (iii) operational risk, including
legal obstacles, that could hamper or delay current plans.
Ratings Rationale
According to the "Law on the Restructuring of WestLB", which was
first published on June 1, 2012 and passed into law by the state
parliament of North-Rhine Westphalia (Aa1 stable) on June 21,
2012, as well as a press release published by Helaba on July 2,
2012, Portigon AG will be broken up into three parts over the
next few weeks:
-- A part that will be transferred to EAA, the existing wind-
down vehicle of former WestLB;
-- A EUR40 billion portfolio that will be transferred to and
merged with Helaba; and
-- The remaining assets that do not constitute banking business
and remain within Portigon AG.
Portigon is expected to maintain its full banking license at
least until the process is concluded. Over time, Moody's expects
EAA to be the main (or even sole) lender to Portigon, meeting all
of its future funding requirements.
Following Portigon's break-up into three parts, Moody's says that
the outstanding senior unsecured bonds may be upgraded by up to
five notches from the current A3 level, reflecting the current
Aa1 rating level of EAA. The A3 deposit ratings could be
downgraded by up to three notches, implying that these ratings
will likely remain investment grade, reflecting Portigon AG's
status as a non-bank financial institution that has critical
responsibilities in the unwinding process and is ultimately 100%-
owned by the State of North-Rhine Westphalia. Moody's expects
that these circumstances offer a degree of support for
depositors.
Moody's does not expect to rate Portigon AG in the medium term --
which over the next few months will transform into a non-bank
service provider -- but to withdraw all ratings (except for
grandfathered ratings) as and when the breakup of the former
WestLB is finalised.
The E standalone BFSR, the Ca(hyb) hybrid ratings and the Aa1
ratings for grandfathered debt were not affected by the rating
actions.
WHAT COULD CHANGE THE RATINGS UP / DOWN
Moody's says that the following factors continue to underpin the
upgrade potential of between one and five notches for Portigon's
outstanding senior unsecured debt:
-- Holders of senior unsecured bonds and notes issued by the
former WestLB will continue to depend on ongoing support from the
State of North-Rhine Westphalia, which Moody's acknowledges has
been forthcoming thus far.
-- Given the recent decisions by the former and current owners
as well as the Sparkassen Finanzgruppe (Aa2 stable; C+/a2 stable)
to provide additional capital totalling EUR2.0 billion (as
outlined in the "Law on the Restructuring of WestLB"), support
appears sufficient to facilitate the break-up and to absorb a
large portion of the expected loss that Portigon is expected to
incur in the course of its start-up phase as a service provider.
-- In addition, the supporting parties appear to offer suitable
capital funds (or guarantees) to accompany the portfolios marked
for transference.
-- The strongest positive rating pressure will be prompted by a
transfer of liabilities to EAA, and milder upward pressure by a
transfer to Helaba.
At the same time, Moody's points to the risk of negative rating
pressure for the A3 ratings of deposits in Portigon AG, as
captured by the review for downgrade. Moody's expects that some
deposits will be transferred out during the break-up. However,
Portigon's deposit ratings -- until discontinued and withdrawn --
will continue to reflect the combination of the financial
strength of Portigon and the support available to it, which faces
considerable uncertainties given the level of opacity surrounding
Portigon's future.
The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.
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I R E L A N D
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DOUGLAS COURT: In Receivership; Trading Continues as Normal
-----------------------------------------------------------
Louise Roseingrave at The Irish Times reports that the Douglas
Court shopping center in Cork entered receivership under KPMG on
Friday.
Joint receivers Kieran Wallace and David Swinburne of KPMG were
appointed to the company on Friday by Bank of Scotland plc,
following a request from the directors of owner Douglas
Developments Ltd., the Irish Times relates.
According to the Irish Times, a spokesman for the center
confirmed that stores will continue to trade as normal during the
process.
KMPG will examine the income and assets of the shopping center in
a bid to clear associated debts, the Irish Times discloses.
The Douglas Court shopping center accommodates 59 units including
flagship store Dunnes Stores.
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I T A L Y
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CELL THERAPEUTICS: Estimates US$7.2 Million Net Loss in May
-----------------------------------------------------------
Cell Therapeutics, Inc., provided information pursuant to a
request from the Italian securities regulatory authority, CONSOB,
pursuant to Article 114, Section 5 of the Unified Financial Act,
that the Company issue at the end of each month a press release
providing a monthly update of certain information relating to the
Company's management and financial situation.
The Company estimated a net loss attributable to common
shareholders of US$7.23 million on US$0 of net revenue for the
month ended May 31, 2012, compared with a net loss attributable
to common shareholders of US$5.15 million on US$0 of net revenue
during the prior month.
Estimated research and development expenses were US$2.3 million
for the month of April 2012 and US$2.5 million for the month of
May 2012.
NASDAQ Noncompliance Notice
On June 29, 2012, the Company received a notice from The NASDAQ
Stock Market indicating that for 30 consecutive business days the
closing bid price of the Company's common stock was below the
minimum US$1.00 per share requirement for continued listing of
the Company's common stock on The NASDAQ Capital Market under
NASDAQ Listing Rule 5550(a)(2). This notification has no
immediate effect on the listing of or the ability to trade the
Company's common stock on The NASDAQ Capital Market.
NASDAQ Listing Rule 5810(c)(3)(A) provides the Company with a
grace period of 180 calendar days, or until Dec. 26, 2012, to
regain compliance. The Company will achieve compliance if the
closing bid price of the Company's common stock is $1.00 per
share or more for a minimum of 10 consecutive business days
before Dec. 26, 2012.
About Cell Therapeutics
Headquartered in Seattle, Washington, Cell Therapeutics, Inc.
(NASDAQ and MTA: CTIC) -- http://www.CellTherapeutics.com/-- is
a biopharmaceutical company committed to developing an integrated
portfolio of oncology products aimed at making cancer more
treatable.
Cell Therapeutics reported a net loss attributable to CTI of
US$62.36 million in 2011, compared with a net loss attributable
to CTI of US$82.64 million in 2010.
The Company's balance sheet at March 31, 2012, showed US$44.15
million in total assets, US$18.50 million in total liabilities
US$13.46 million in common stock purchase warrants, and US$12.18
million in total shareholders' equity.
Going Concern Doubt Raised
The report of Marcum LLP, in San Francisco, Calif., dated
March 8, 2012, expressed an unqualified opinion, with an
explanatory paragraph as to the uncertainty regarding the
Company's ability to continue as a going concern.
The Company's available cash and cash equivalents are US$47.1
million as of Dec. 31, 2011. The Company's total current
liabilities were US$17.8 million as of Dec. 31, 2011. The
Company does not expect that it will have sufficient cash to fund
its planned operations beyond the second quarter of 2012, which
raises substantial doubt about the Company's ability to continue
as a going concern.
Bankruptcy Warning
The Form 10-K for the year ended Dec. 31, 2011, noted that if the
Company receives approval of Pixuvri by the EMA or the FDA, it
would anticipate significant additional commercial expenses
associated with Pixuvri operations. Accordingly, the Company
will need to raise additional funds and are currently exploring
alternative sources of equity or debt financing. The Company may
seek to raise that capital through public or private equity
financings, partnerships, joint ventures, disposition of assets,
debt financings or restructurings, bank borrowings or other
sources of financing. However, the Company has a limited number
of authorized shares of common stock available for issuance and
additional funding may not be available on favorable terms or at
all. If additional funds are raised by issuing equity
securities, substantial dilution to existing shareholders may
result. If the Company fails to obtain additional capital when
needed, it may be required to delay, scale back, or eliminate
some or all of its research and development programs and may be
forced to cease operations, liquidate its assets and possibly
seek bankruptcy protection.
=================
L I T H U A N I A
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BANKAS SNORAS: Former Owners Arrested in London
-----------------------------------------------
Erik Larson at Bloomberg News reports that Bankas Snoras AB's
former owners were arrested again in London on Friday on expanded
claims they siphoned at least LTL1.7 billion (US$609.5 million)
from the failed Lithuanian lender to finance luxurious
lifestyles.
According to Bloomberg, John Hardy, a lawyer for the prosecution,
said at a scheduled hearing on Friday in London's Westminster
Magistrates Court, that Russian banker Vladimir Antonov and his
business partner Raimondas Baranauskas, who were detained in
November and are fighting extradition to Lithuania, were arrested
a second time after authorities probing the bank's collapse in
the Baltic country issued another European arrest warrant
containing new allegations.
Judge John Zani ruled on Friday that the case will be limited to
the claims in the previous warrant and the new one, even if
additional information is found by Lithuanian investigators,
Bloomberg relates. Both men deny the claims and declined to
comment outside court, Bloomberg notes.
The judge freed the men on their existing bail conditions and
scheduled another hearing for July 27, Bloomberg discloses.
Mr. Antonov, 37, and Mr. Baranauskas, 54, are wanted in Lithuania
for allegedly forging documents and fixing accounts in a scheme
Copy that caused the collapse of the country's third biggest bank
by Send deposits and financed purchases of luxury homes, cars and
a U.K. Repo 100) soccer team, Bloomberg notes.
According to Bloomberg, the men are fighting the fraud charges in
Lithuania, where prosecutors issued arrest warrants in May
doubling the size of the claims against them.
Mr. Hardy said after Friday's hearing that the new claims
increase the amount of money that was taken by the men, but he
wasn't able to determine by how much, Bloomberg relates.
Bankas Snoras AB is Lithuania's fifth biggest lender. Snoras
held LTL6.05 billion in deposits and had assets of LTL8.14
billion at the end of September. It competes with Scandinavian
lenders including SEB AB, Swedbank AB (SWEDA), and Nordea AB. It
also controls investment bank Finasta and Latvian lender Latvijas
Krajbanka AS.
===========
N O R W A Y
===========
JJ SIETAS: To Sell Neuenfelder Maschinenfabrik Division to TTS
--------------------------------------------------------------
Niklas Magnusson at Bloomberg News, citing Hamburger Abendblatt,
reports that Berthold Brinkmann, insolvency administrator for
J.J. Sietas KG, will sell its Neuenfelder Maschinenfabrik
division to TTS Group ASA of Norway.
J.J. Sietas KG is a Norwegian shipyard company.
===========
P O L A N D
===========
PBG SA: Poland Government Mulls Nationalization
-----------------------------------------------
Maciej Martewicz at Bloomberg News, citing the PAP newswire,
reports that Poland is considering a plan to nationalize some
construction companies to save them from potential bankruptcy,
including PBG SA.
According to Bloomberg, Deputy Prime Minister Waldemar Pawlak
told PAP that the Finance Ministry is preparing an analysis of
financial impact of such aid. Mr. Pawlak, as cited by the
newswire, said that the government may discuss the document at
this week's meeting.
As reported by the Troubled Company Reporter-Europe on June 15,
2012, Bloomberg News related that a Poznan, western Poland-based
court agreed to declare bankruptcy of PBG SA aimed at arrangement
with creditors.
PBG SA is Poland's third largest builder.
SKY CLUB: Declared Bankruptcy on Lack of Funds
----------------------------------------------
Remi Adekoya at Warsaw Business Journal reports that Sky Club, a
travel agency, has declared bankruptcy, taking some 4,000 of its
clients who currently on vacation abroad, by surprise.
According to Warsaw Business Journal, Sky Club spokeswoman Kalina
Paluch told Tok FM on Wednesday morning that "a guarantee fund of
PLN25 million is available to cover the costs of customer returns
and payment for those who have already paid for holidays but who
will now not be going on vacation as planned."
Warsaw Business Journal relates that Sky Club, which also
operates under the name Triada, said in a statement released on
Tuesday evening that it had requested the courts to begin a
bankruptcy process, citing "lack of funds" to continue to operate
and consequently "has suspended operations and sales."
"All tourist trips from July 4, 2012 are canceled. Customers who
have tourist trips starting tomorrow will be informed not to turn
up at airports," the statement reads.
Sky Club is a travel agency based in Poland.
===========
R U S S I A
===========
DELANCE LIMITED: Moody's Upgrades National Scale Rating From Ba1
----------------------------------------------------------------
Moody's Interfax Rating Agency has upgraded to Baa1.ru from
Ba1.ru the national scale rating (NSR) of Delance Limited, which
is a holding company of ROLF Group, a Russian importer and
retailer of foreign-brand cars. The outlook on the rating is
stable.
Ratings Rationale
The upgrade of ROLF's NSR to Baa1.ru reflects substantial
improvement in the company's operating performance and financial
profile on the back of (1) the sustainable recovery of the
Russian car market through 2010-11, and (2) a set of performance
optimization measures introduced by management.
As of end 2011, ROLF's revenues rose by 60%, while its adjusted
EBITDA reached RUR9.2 billion (US$287 million), double that of
2010. As a result, the company's adjusted EBITDA margin improved
to 7.7% from 5.8% in 2010 and negative in 2009. Solid revenues
and profitability growth allowed the company to generate positive
free cash flow for the second consecutive year, as well as
further reduce its adjusted leverage (measured in terms of
debt/EBITDA) to a healthy 2.8x in 2011 from 5.4x in 2010 and -
8.5x in 2009. In addition, Moody's notes that ROLF has
successfully addressed refinancing risks related to substantial
maturities due in the third quarter of 2012 by securing well in
advance a number of new long-term bank loans.
The rating action also takes into account a new conservative
financial policy adopted by ROLF in 2011 that is focused on
gradual deleveraging, with the target debt/EBITDA ratio set at
2.0x. Moreover, the company has been building up additional
financial flexibility through (1) exercising tight cost control;
(2) focusing on the development of its retail business as its
core division; (3) increasing its presence in the more profitable
premium cars segment as well as taking advantage of its well-
developed spare parts and service business, which tends to be
less cyclical and thus more resilient to economic downturns; and
(4) introducing hedging contracts, which have substantially
reduced the company's historically high foreign exchange risk.
Moody's expects that in the next 12-18 months, ROLF will continue
to improve its financial profile within its prudent financial
policy. This improvement is likely to be supported by the ongoing
growth of the Russian car market, although this will be at a
slower pace than recent years, at slightly below 10% compared
with 30% and nearly 40% growth in 2010 and 2011, respectively
(according to the Association of European Business (AEB)).
However, Moody's notes that the rating remains constrained by
uncertainties over consumer confidence and car demand in Russia,
which may be negatively affected by the current volatility in the
global financial markets. The ratings also consider ROLF's
dependence on Mitsubishi for the supply of competitively priced
vehicles, as well as the fact that the company is exposed solely
to the Russian market, which has a less developed regulatory,
political and legal framework than some other European countries.
Another constraint on the ratings is ROLF's lack of geographical
diversification across Russian regions, particularly in view of
the threat of increasing competition in the attractive foreign-
brands car market. However, this factor is to some extent
mitigated by the company's leading position in the Russian
market.
The stable outlook reflects Moody's view that in the short to
medium term, ROLF will be able to maintain its sound financial
and operating performance while operating within its prudent
financial policy. The outlook also incorporates the rating
agency's expectation that the company will continue to
proactively manage its liquidity, addressing upcoming refinancing
issues in a timely manner.
WHAT COULD CHANGE THE RATING UP/DOWN
Moody's does not envisage positive pressure being exerted on
ROLF's rating in the next 12-18 months. However, in the longer
term, positive pressure could develop if the company builds a
track record of operations while adhering to its prudent strategy
and financial policy and maintaining a solid liquidity profile.
Moody's could downgrade the rating in the event of weaker-than-
anticipated conditions in the Russian automotive market or if
ROLF experiences challenges in executing its strategy that lead
to (1) adjusted leverage, i.e., debt/EBITDA, increasing above
4.0x on a sustainable basis; and (2) a deterioration in operating
cash flow generation, with retained cash flow (RCF)/debt
sustainably in low teens or below; (3) a materially deteriorating
liquidity position.
Principal Methodology
The principal methodology used in rating ROLF was the Global
Automotive Retailer Industry Methodology published in December
2009.
Moody's Interfax Rating Agency's National Scale Ratings (NSRs)
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs differ from Moody's
global scale ratings in that they are not globally comparable
with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".ru" for Russia.
About Moody's and Moody's Interfax
Moody's Interfax Rating Agency (MIRA) specializes in credit risk
analysis in Russia. MIRA is a joint-venture between Moody's
Investors Service, a leading provider of credit ratings, research
and analysis covering debt instruments and securities in the
global capital markets, and the Interfax Information Services
Group. Moody's Investors Service is a subsidiary of Moody's
Corporation (NYSE: MCO).
Delance Limited is the holding company of ROLF Group, the leading
importer and retailer of foreign-brand cars in Russia. ROLF has
been the exclusive distributor of Mitsubishi cars in Russia since
1998, with the renewed distribution agreement valid until March
2014. ROLF also has dealer agreements with Ford, Mazda, Audi,
Hyundai, Mercedes, Renault, Land Rover, Skoda, Toyota and Lexus.
DELANCE LIMITED: Moody's Upgrades CFR to 'B2'; Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has upgraded to B2 from Caa1 the
corporate family rating (CFR) and probability of default rating
(PDR) of Delance Limited, which is a holding company of ROLF
Group, a Russian importer and retailer of foreign-brand cars.
Concurrently, Moody's has changed the outlook on the ratings to
stable from positive.
Ratings Rationale
"The two-notch upgrade of ROLF's ratings to B2 reflects
substantial improvement in the company's operating performance
and financial profile on the back of (1) the sustainable recovery
of the Russian car market through 2010-11, and (2) a set of
performance optimization measures introduced by management," says
Sergei Grishunin, an Associate Vice President in Moody's
Corporate Finance Group and lead analyst for ROLF.
As of end 2011, ROLF's revenues rose by 60%, while its adjusted
EBITDA reached RUR9.2 billion (US$287 million), double that of
2010. As a result, the company's adjusted EBITDA margin improved
to 7.7% from 5.8% in 2010 and negative in 2009. Solid revenues
and profitability growth allowed the company to generate positive
free cash flow for the second consecutive year, as well as
further reduce its adjusted leverage (measured in terms of
debt/EBITDA) to a healthy 2.8x in 2011 from 5.4x in 2010 and -
8.5x in 2009. In addition, Moody's notes that ROLF has
successfully addressed refinancing risks related to substantial
maturities due in the third quarter of 2012 by securing well in
advance a number of new long-term bank loans.
The rating action also takes into account a new conservative
financial policy adopted by ROLF in 2011 that is focused on
gradual deleveraging, with the target debt/EBITDA ratio set at
2.0x. Moreover, the company has been building up additional
financial flexibility through (1) exercising tight cost control;
(2) focusing on the development of its retail business as its
core division; (3) increasing its presence in the more profitable
premium cars segment as well as taking advantage of its well-
developed spare parts and service business, which tends to be
less cyclical and thus more resilient to economic downturns; and
(4) introducing hedging contracts, which have substantially
reduced the company's historically high foreign exchange risk.
Moody's expects that in the next 12-18 months, ROLF will continue
to improve its financial profile within its prudent financial
policy. This improvement is likely to be supported by the ongoing
growth of the Russian car market, although this will be at a
slower pace than recent years, at slightly below 10% compared
with 30% and nearly 40% growth in 2010 and 2011, respectively
(according to the Association of European Business (AEB)).
However, Moody's notes that the ratings remain constrained by
uncertainties over consumer confidence and car demand in Russia,
which may be negatively affected by the current volatility in the
global financial markets. The ratings also consider ROLF's
dependence on Mitsubishi for the supply of competitively priced
vehicles, as well as the fact that the company is exposed solely
to the Russian market, which has a less developed regulatory,
political and legal framework than some other European countries.
Another constraint on the ratings is ROLF's lack of geographical
diversification across Russian regions, particularly in view of
the threat of increasing competition in the attractive foreign-
brands car market. However, this factor is to some extent
mitigated by the company's leading position in the Russian
market.
The change of outlook to stable from positive reflects Moody's
view that in the short to medium term, ROLF will be able to
maintain its sound financial and operating performance while
operating within its prudent financial policy. The outlook also
incorporates the rating agency's expectation that the company
will continue to proactively manage its liquidity, addressing
upcoming refinancing issues in a timely manner.
What Could Change The Rating Up/Down
Moody's does not envisage positive pressure being exerted on
ROLF's ratings in the next 12-18 months. However, in the longer
term, positive pressure could develop if the company builds a
track record of operations while adhering to its prudent strategy
and financial policy and maintaining a solid liquidity profile.
Moody's could downgrade the ratings in the event of weaker-than-
anticipated conditions in the Russian automotive market or if
ROLF experiences challenges in executing its strategy that lead
to (1) adjusted leverage, i.e., debt/EBITDA, increasing above
4.0x on a sustainable basis; and (2) a deterioration in operating
cash flow generation, with retained cash flow (RCF)/debt
sustainably in low teens or below; (3) a materially deteriorating
liquidity position.
Principal Methodology
The principal methodology used in rating ROLF was the Global
Automotive Retailer Industry Methodology published in December
2009.
Delance Limited is the holding company of ROLF Group, the leading
importer and retailer of foreign-brand cars in Russia. ROLF has
been the exclusive distributor of Mitsubishi cars in Russia since
1998, with the renewed distribution agreement valid until March
2014. ROLF also has dealer agreements with Ford, Mazda, Audi,
Hyundai, Mercedes, Renault, Land Rover, Skoda, Toyota and Lexus.
INT'L FINANCIAL: Moody's Assigns 'E+' BFSR; Outlook Positive
------------------------------------------------------------
Moody's Investors Service has assigned the following ratings to
International Financial Club: E+ standalone bank financial
strength rating (BFSR) mapping to a standalone credit assessment
of b3, B3 long-term local and foreign currency deposit ratings,
and 'Not Prime' short-term local and foreign currency deposit
ratings. All the bank's long-term deposit ratings carry a
positive outlook while the standalone BFSR carries a stable
outlook.
Ratings Rationale
According to Moody's, International Financial Club's ratings are
constrained by (i) the limited track record of the bank's
operations; (ii) high single-name concentrations in the loan book
and customer funding, rendering the bank's capital and liquidity
potential vulnerable; (iii) the untested nature and rapid growth
of the loan book in the challenging and highly competitive
operating environment; and (iv) modest capital adequacy. At the
same time, the bank's currently good asset quality, compared to
peers, and its improving operating efficiency and recurring
earnings generation capacity underpin positive outlook on the
bank's long-term deposit ratings.
Moody's notes International Financial Club's high customer
concentrations, as the 20 largest credit exposures exceed 300% of
the bank's Tier 1 capital, while the 20 largest depositors
accounted for 58% of non-equity funding at YE2011. Moody's
cautions that these concentration risks render the bank's
capital, liquidity and business profile potentially vulnerable to
the performance and/or behavior of the largest groups of clients.
These concentration risks are additionally amplified by
International Financial Club's modest equity-to-assets ratio of
10.6% at YE2011, according to audited IFRS, and a moderate
liquidity cushion (liquid assets covered 14% of total liabilities
at YE2011).
Moody's notes, that International Financial Club had
substantially increased its interest-earning assets in 2010-2011,
thereby improving its operating efficiency and profitability. The
cost-to-income ratio improved to 92% in 2011 (2010: 115%; 2009:
176%, according to audited IFRS), while the return on average
assets improved to 0.3% in 2011 (2010: -1.6%; 2009: -3.7%). In Q1
2012, income further increased, with return on average assets
amounting to 2%, in accordance with Russian Accounting Standards.
The ongoing improvement of the bank's profitability, in Moody's
view, is exerting upward pressure on the bank's standalone b3
credit assessment warranting a positive outlook on the bank's
long-term deposit ratings. However, Moody's also notes that the
current performance track record is still limited, the level of
loan loss reserves is low and the loan book is still unseasoned.
International Financial Club's loan portfolio exhibits a lower
level of problem loans compared to its Russian peers, as loans
overdue by more than 90 days accounted for 1% of the bank's gross
loan book at YE2011. However, Moody's notes that the reported low
level of non-performing loans (NPL) is likely to increase going
forward, given: (i) the unseasoned nature of the loan portfolio;
and (ii) the rapid growth of the loan book in recent years (2011:
67%; 2010: 230%).
WHAT COULD MOVE THE RATINGS UP / DOWN
Upward pressure on the bank's long-term ratings could be a
consequence of a sustainable track record of strong financial
results over a longer-term period along with maintaining the
currently benign asset quality metrics.
The ratings could be downgraded (i) if the bank's asset quality
deteriorates, (ii) the bank's financials fundaments -- in
particular its capital profile - were to weaken or (iii) if the
bank's appetite for market or related party risk were to
increase.
Principal Methodologies
The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.
Headquartered in, Moscow, Russia, International Financial Club
reported total assets of RUB42 billion (US$1.3 billion) and net
income of RUB124 million (US$4 million) -- under audited IFRS --
as at YE2011.
SOVCOMFLOT OAO: Fitch Downgrades Issuer Default Rating to 'BB+'
---------------------------------------------------------------
Fitch Ratings has downgraded Russia-based OAO Sovcomflot's (SCF)
Long-term Issuer Default Rating (IDR) to 'BB+' from 'BBB-'. The
Outlook is Negative. Fitch has also downgraded SCF Capital
Limited's (SCF Capital) senior unsecured notes, which are
guaranteed by SCF, to 'BB+' from 'BBB-'.
The 'BB+' IDR and senior unsecured rating reflect SCF's
standalone rating of 'BB' and incorporate a one-notch uplift for
support from the Russian Federation ('BBB'/Stable). SCF is 100%
directly owned by the Russian state and strategic and operational
ties are considered to be relatively strong. The ratings assume
that the Russian state will maintain majority control over the
medium term.
The downgrade reflects a further deterioration in SCF's
forecasted financial metrics including the expectation that FFO
net adjusted leverage will no longer decrease to around 4.0x by
FY13 as previously anticipated by Fitch. This is due to capex
commitments, which are again higher than levels previously
forecasted by Fitch and will further hinder free cash flow
generation. Fitch previously stated that it considered
deleveraging to this level by 2013 as essential to prevent a
downgrade of SCF's ratings. Leverage is only expected to be
around 4.0x in FY14, which is considered too far in the rating
horizon, particularly given current economic uncertainties.
In addition, there is still limited certainty regarding the
timing of SCF's recapitalization, which is fundamental to its
ability to decrease leverage in the short term. Fitch expected
more clarity over the past few months, and despite recent
statements issued by the Russian government, the agency believes
that privatization and a reinvestment of proceeds are less likely
to happen in late Q412 or in early 2013 as initially incorporated
within Fitch's rating case. While SCF is considered a top
priority in terms of the Russian Government's privatization plan,
the challenging industry fundamentals may result in a delay of
the IPO until the latter half of 2013 when markets are forecast
to recover.
The Negative Outlook signals the continued uncertainty regarding
the timing of SCF's recapitalization, the proceeds to be
reinvested and the company's ability to de-leverage. Leverage of
6.2x and FFO interest cover of 3.6x in FY11 are not commensurate
with the 'BB' standalone rating. If it appears the IPO may be
delayed much later into FY13 or postponed to FY14, there would be
increased rating pressure. The agency highlights there is the
potential for a downgrade of more than one notch given the number
of risks to which SCF is exposed and the current limited headroom
in financial metrics.
Fitch calculates that at least US$800 million would need to be
reinvested into SCF in order for metrics to improve to levels
commensurate with the current rating. Fitch would expect the
company's net leverage metrics to strengthen to less than 4.5x by
FY13 and interest cover to improve to around 4.0x in order to
prevent further negative rating action.
The agency also highlights the company's intensive capex plans
and the continued expansion of its fleet, which have been at the
expense of its leverage metrics. SCF's revised contracted capex
figures signal a reduced commitment to deleverage. Fitch
estimates capex will total around US$2.1 billion over the next
four years, but further increases in capex, if not met by further
improvements in freight rates, are likely to be negative for the
rating. Fitch recognizes SCF's opportune acquisition of vessels
in an environment of declining asset values and its intention to
develop a more specialized fleet. This should enable the company
to focus on more profitable segments, namely LNG and Offshore,
with longer contract terms. However, the benefits of this
strategy will not be immediate and in the short term, the company
will be subject to challenging freight rates, despite the
favorable, albeit seasonal, rates witnessed in Q112. Meaningful
improvements in freight rates are not anticipated until 2013 and
this is assuming no double-dip recession.
The ratings continue to be supported by the company's dominance
in the Russian tanker market and its integral role in Russia's
energy strategy. SCF's strategic ties with the Russian state
ensure SCF has a growing market for its business and is also able
to benefit from financial support. SCF's exposure to the spot
market can be beneficial in stronger markets, but negative when
markets are depressed. So far, the decline in current freight
rates has had no material effect on the company's balanced
chartering strategy. A large proportion of SCF's contracts
remain long term. The average age of SCF's fleet is around seven
years and below the market sector average.
The senior unsecured notes are aligned to SCF's IDR given the
adequate level of unencumbered assets. However, the agency would
consider a decoupling of the ratings should the amount of
unencumbered assets be below 2.0x unsecured debt. As at March
2012 this was calculated by Fitch to be only marginally above
this level. The company's capex plans and likelihood that it may
draw down on its secured credit facilities may lead to a
deterioration in this ratio, albeit with increases in asset
values, which should increase the value of unencumbered assets.
SCF's policy is to maintain an amount of unencumbered assets of
around USD1bn and above.
As at March 2012 SCF had total liquidity of US$656 million
(FY11:US$814 million) comprising US$319 million (US$340 million)
of cash and cash equivalents and US$337 million (US$474 million)
of available undrawn credit lines. This was more than sufficient
to cover current bank loans and finance leases of US$280 million.
However, over the next two to three years Fitch believes that
headroom is likely to be used to finance a portion of committed
capex. The company has significant capex commitments in FY12.
Of these commitments, around US$279 million will still need to be
financed in FY12 and US$276 million in FY13.
TATNEFT OAO: Moody's Upgrades CFR to 'Ba1'; Outlook Stable
----------------------------------------------------------
Moody's Investors Service has upgraded to Ba1 from Ba2 the
corporate family (CFR) and probability of default (PDR) ratings
of Tatneft OAO, a Russian oil & gas company. The outlook on the
ratings is stable.
Ratings Rationale
"The rating action was prompted by the shift in Tatneft's
operating profile towards an integrated business model comprising
sizeable downstream operations, as well as its robust operating
and financial performance," says Julia Pribytkova, a Moody's Vice
President -- Senior Analyst and lead analyst for Tatneft.
Specifically, the upgrade to Ba1 reflects Tatneft's (1)
substantial proved oil reserves and reserve life; (2) low level
of finding and development (F&D) costs and robust historical
reserve replacement rate; (3) modern refining capacity; and (4)
strong financial metrics.
However, Moody's notes that Tatneft's operations remain
predominantly upstream, with high geographic and customer
concentration. Tatneft's new Taneco refinery currently processes
533 thousand tonnes per month, which accounts for approximately
24% of total crude produced by the company, and has a refining
depth of 71%. At this stage, light products constitute only 45%
of the refining output. The second stage of investment in the
refinery is expected to be completed in 2013 and mainly involves
the construction of hydrocracking facilities, which will allow
the company to produce Euro-5 diesel oil, hydrotreated vacuum
gasoil, jet fuel and lube oils, and increase the refinery's
economic efficiency under the current tax regime in Russia.
Tatneft's rating of Ba1 is on par with its baseline credit
assessment (BCA) and the sub-sovereign rating of the Republic of
Tatarstan. This reflects Moody's view that given the size of the
republic's budget (around US$4.0 billion for 2012), the potential
ability of the government to support the company's liquidity or
provide funding on the required scale is limited. At the same
time, Moody's notes that Tatarstan's budget is highly dependent
on oil and oil-related industries, which makes Tatneft
susceptible to government interference.
The stable outlook reflects Moody's expectation that Tatneft will
continue to demonstrate robust operating and financial
performance going forward.
What Could Change The Rating Up/Down
Given the recent upgrade, upward pressure on the ratings is
limited and would only arise as a result of (1) upgrades of the
sovereign (Russia) and sub-sovereign (Tatarstan) ratings; and (2)
transformational changes in Tatneft's business profile.
Conversely, a downgrade of the ratings could result from any
developments that weaken Tatneft's operational or financial
profile, including (1) decline in production; and (2) a
deterioration in its liquidity and financial profile. In
addition, negative developments in the rating positioning of
Tatneft's support provider (Republic of Tatarstan) could exert
pressure on the company's ratings.
The principal methodology used in rating Tatneft was "Global
Integrated Oil & Gas Industry" rating methodology, published in
November 2009. Other methodologies used include the Government-
Related Issuers methodology published in July 2010.
Tatneft is Russia's sixth largest oil & gas company operating in
the Republic of Tatarstan (Ba1 stable). The Tatarstan government
holds 36% of the company's voting stock plus a "golden share". At
year-end 2011, Tatneft's proved crude oil and condensate reserves
amounted to 6193 million barrels (Mbbl), according to Petroleum
Resources Management System (PRMS) classification, and its crude
oil production stood at 511.2 thousand barrels (mbbl) per day. In
2011, Tatneft generated total sales of US$21 billion and adjusted
EBITDA of nearly US$3.54 billion. The company employs
approximately 70,000 people.
TATNEFT OAO: Moody's Upgrades National Scale Rating
---------------------------------------------------
Moody's Interfax Rating Agency has upgraded to Aa1.ru from Aa2.ru
the national scale rating of Tatneft OAO, a Russian oil & gas
company. The outlook on the ratings is stable.
Ratings Rationale
"The rating action was prompted by the shift in Tatneft's
operating profile towards an integrated business model comprising
sizeable downstream operations, as well as its robust operating
and financial performance," says Julia Pribytkova, a Moody's Vice
President -- Senior Analyst and lead analyst for Tatneft.
Specifically, the upgrade to Ba1 reflects Tatneft's (1)
substantial proved oil reserves and reserve life; (2) low level
of finding and development (F&D) costs and robust historical
reserve replacement rate; (3) modern refining capacity; and (4)
strong financial metrics.
However, Moody's notes that Tatneft's operations remain
predominantly upstream, with high geographic and customer
concentration. Tatneft's new Taneco refinery currently processes
533 thousand tonnes per month, which accounts for approximately
24% of total crude produced by the company, and has a refining
depth of 71%. At this stage, light products constitute only 45%
of the refining output. The second stage of investment in the
refinery is expected to be completed in 2013 and mainly involves
the construction of hydrocracking facilities, which will allow
the company to produce Euro-5 diesel oil, hydrotreated vacuum
gasoil, jet fuel and lube oils, and increase the refinery's
economic efficiency under the current tax regime in Russia.
Tatneft's rating of Ba1 is on par with its baseline credit
assessment (BCA) and the sub-sovereign rating of the Republic of
Tatarstan. This reflects Moody's view that given the size of the
republic's budget (around US$4.0 billion for 2012), the potential
ability of the government to support the company's liquidity or
provide funding on the required scale is limited. At the same
time, Moody's notes that Tatarstan's budget is highly dependent
on oil and oil-related industries, which makes Tatneft
susceptible to government interference.
The stable outlook reflects Moody's expectation that Tatneft will
continue to demonstrate robust operating and financial
performance going forward.
What Could Change the Rating Up/Down
Given the recent upgrade, upward pressure on the ratings is
limited and would only arise as a result of (1) upgrades of the
sovereign (Russia) and sub-sovereign (Tatarstan) ratings; and (2)
transformational changes in Tatneft's business profile.
Conversely, a downgrade of the ratings could result from any
developments that weaken Tatneft's operational or financial
profile, including (1) decline in production; and (2) a
deterioration in its liquidity and financial profile. In
addition, negative developments in the rating positioning of
Tatneft's support provider (Republic of Tatarstan) could exert
pressure on the company's ratings.
The principal methodology used in rating Tatneft was the Global
Integrated Oil & Gas Industry Methodology published in November
2009. Other methodologies used include the Government-Related
Issuers methodology published in July 2010.
Tatneft is Russia's sixth-largest oil & gas company operating in
the Republic of Tatarstan (Ba1 stable). The Tatarstan government
holds 36% of the company's voting stock plus a "golden share". At
year-end 2011, Tatneft's proved crude oil and condensate reserves
amounted to 6193 million barrels (Mbbl), according to Petroleum
Resources Management System (PRMS) classification, and its crude
oil production stood at 511.2 thousand barrels (mbbl) per day. In
2011, Tatneft generated total sales of US$21 billion and adjusted
EBITDA of nearly US$3.54 billion. The company employs
approximately 70,000 people.
Moody's Interfax Rating Agency's National Scale Ratings (NSRs)
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs differ from Moody's
global scale ratings in that they are not globally comparable
with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".ru" for Russia.
About Moody's and Moody's Interfax
Moody's Interfax Rating Agency (MIRA) specializes in credit risk
analysis in Russia. MIRA is a joint-venture between Moody's
Investors Service, a leading provider of credit ratings, research
and analysis covering debt instruments and securities in the
global capital markets, and the Interfax Information Services
Group. Moody's Investors Service is a subsidiary of Moody's
Corporation (NYSE: MCO).
=========
S P A I N
=========
IM TERRASSA: Fitch Lowers Rating on Class C Notes to 'Bsf'
----------------------------------------------------------
Fitch Ratings has affirmed one and downgraded two tranches of IM
Terrassa MBS 1, a Spanish RMBS transaction. The downgrades of
the mezzanine and junior notes are mainly due to the large rise
in arrears observed over the last 12 months, as well as Fitch's
negative outlook on the Spanish mortgage market.
The rating actions are as follows:
-- Class A (ISIN ES0347855001) affirmed at 'AA-sf'; Outlook
Negative
-- Class B (ISIN ES0347855019) downgraded to 'BBsf' from 'Asf';
Outlook Negative
-- Class C (ISIN ES0347855027) downgraded to 'Bsf' from 'BBsf';
Outlook Negative;
Spain's mortgage market remains in difficulty as the adverse
macroeconomic environment continues to impact borrower
affordability. In addition, the significant overhang of unsold
properties exerts a downward pressure on property prices.
The IM Terrassa MBS 1 transaction has performed poorly when
compared to other Fitch-rated Spanish prime RMBS deals, with the
level of arrears rising sharply over the last 12 months. As of
May 2012, the amount of loans in arrears by more than three
months (3m+ arrears) as a percentage of the current collateral
balance stood at 4.42% compared to 1.50% in June 2011.
Due to the weaker performance of the assets, the gross excess
spread levels generated by the transaction have been insufficient
to cover period provisions of defaulted loans (defined as loans
in arrears by more than 12 months). As a result, the transaction
has had to draw on its reserve fund in the past three interest
payment dates (IPD). As of May 2012, the reserve fund stood at
73% of its target level compared to 100% in July 2011.
Although the transaction will benefit from the future recoveries
of defaulted properties; the lengthy foreclosure process in Spain
makes the timing and amount of these recoveries uncertain. The
data would indicate that in the past the originator, Unnim, has
supported the transaction, by purchasing repossessed properties.
Whilst Unnim has not confirmed any form of support, if this did
occur, there is the possibility that future support might wane,
given the challenging economic environment.
With the current pipeline of potential defaults now higher than
the previous year and timing of recoveries uncertain, Fitch
expects further reserve fund draws to occur in upcoming IPDs,
negatively impacting the credit enhancement available to the
notes. The class B and C notes are most vulnerable to any future
deterioration and therefore remain on Negative Outlook.
Following the downgrade of Banco Espanol de Credito S.A. to
'BBB+/F2', the entity is no longer deemed eligible to perform the
role of treasury account bank where the commingling deposit is
held, without implementing remedial actions.
As the downgrade occurred on 11 June 2012, the entity is still
within its remedial period, and for this reason Fitch has not
taken into account the increased counterparty risk to which the
transaction is now exposed. The agency will be providing further
commentary as and when further information is made available. As
a result, Fitch may take further rating actions in the upcoming
weeks.
===========
T U R K E Y
===========
TRUCAS PETROL: Fitch Assigns 'B' Long-Term Issuer Default Ratings
-----------------------------------------------------------------
Fitch Ratings has assigned initial Long-term local and foreign
currency Issuer Default Ratings (IDRs) of 'B' and a National
Long-term rating of 'BBB-(tur)' to Turcas Petrol A.S. (Turcas).
The Outlooks on the Long-term ratings are Stable.
The ratings reflect Turcas' profile as a holding company
investing in energy-related sectors (fuel distribution, power
generation, refining, renewable energy and energy trading), the
company's positive free cash flow after dividends (before
investments in the projects) and sufficient liquidity.
Its main cash-generating investment is a 30% stake in leading
Turkish fuel distributor Shell & Turcas Petrol A.S. (STAS), a
30%:70% joint venture with Royal Dutch Shell plc ('AA'/Stable)
established in 2006. Fitch positively views Turcas' strategy of
investing in oil- and power-related projects in Turkey in
partnership with large foreign industry players having expertise
in their respective sectors.
Turcas' ratings are negatively affected by the company's very
ambitious investment plan for the next several years. Fitch
expects that cash outflows related to two large investment
projects in power generation and oil refining will substantially
increase Turcas' funds from operations (FFO) adjusted net
leverage in the next few years -- to above 5x in 2012-2013 from a
relatively high 2.3x in 2011. This projected leverage level is
consistent with a weak 'B' rating given Turcas' business profile.
Historically, Turcas had very little debt and a net cash position
until end-2010.
In 2011, the company increased leverage in order to fund its 30%
share in a 30%:70% joint venture with RWE AG ('A'/Negative)
established to build and operate a 775 megawatt (MW) gas-fired
power plant in south-western Turkey. Total project cost is
EUR550 million-EUR600 million. Debt will continue to rise in
2012 as the company makes progress in the construction of the
power plant, which is due to be operational in Q412. Fitch
believes the gas-power plant project has attractive economics
versus competitive plants due to its location, high efficiency
and relatively low funding costs. However, the project's
profitability is dependent on gas and power prices which tend to
be volatile.
Fitch expects Turcas to increase its debt further in 2013-2015 as
the company plans to fund its 18.5% equity share in the large
Star refinery project with State Oil Company of the Azerbaijan
Republic (SOCAR, 'BBB-'/Stable). SOCAR owns an 81.5% stake in
the refinery project, which plans to build the 10 million tonnes
refinery on the Turkish coast of the Aegean sea. The refinery is
slated to be operational in 2016. This around USD5bn project is
planned to be funded on a project-finance basis with a targeted
75%:25% debt to equity split. The SOCAR/Turcas jv plans to
obtain long-term external funding for the project by end-2012.
Turcas expects to fund its US$231 million share in the refinery's
equity from a combination of free cash flow in 2012-2015 and
external funding. Depending on the ongoing discussion with the
refinery project's lending banks, Turcas will be making equity
contributions to the refinery either gradually in 2012-2015 in
line with the progress with refinery construction or up-front
once the project funding is finalized probably by end-2012.
While the planned refinery investment will lead to a material
increase in Turcas' debt, it should also enhance the company's
business profile due to vertical integration of its existing
operations in fuel distribution through STAS with refining
through the jv with SOCAR. Nevertheless, Fitch views oil
refining as a difficult and cyclical industry that reported weak
margins in Europe in the past several years.
However, there are some risk mitigants for the refining project,
including the presence of SOCAR as the majority-owner and an oil
supplier to the refinery. In addition, the Star refinery's
products will target the undersupplied domestic market with a
large deficit of diesel and naphta rather than the oversupplied
European market.
Turcas' main cash flow item is dividends from its 30%-owned
associate STAS. This dividend accounted for 91% of 2011 FFO.
Turcas benefits from a recurring dividend stream from STAS, which
paid dividends each year in the past five years. Dividends and
royalty payments received from STAS amounted to TRY258 million
(US$143 million at the current FX rate) in 2007-2011, while
Turcas paid dividends to its shareholders of TRY112 million in
this period. This means that Turcas reinvests more than 50% of
the dividends received from STAS. However, Turcas does not have
full control over dividend flows from this associate as dividends
have to be agreed by both shareholders of STAS.
Asset sales are a secondary source of cash flows for Turcas and
may support the company's cash flows if needed. For example, in
December 2011 the company sold its 25% stake in SOCAR & Turcas
Enerji A.S., the petrochemicals jv with SOCAR for US$44 million
(TRY83.8 million) as it decided to exit the investment in the
petrochemicals business.
Turcas' liquidity is adequate with TRY118m of cash and no current
financial liabilities as of 31 December 2011. Total debt
consisted of TRY212 million of long-term bank loans, and with
limited refinancing risk as its debt maturity extends to between
10 to 13 years. Turcas' potential liquidity includes undrawn
uncommitted short-term credit lines amounting to US$209.5 million
at end-2011. The company had cash of TRY133 million at end-March
2012.
Fitch positively assesses Turcas' policy to funds its long-term
projects with long-term funding. The company's two main
investment projects, the gas-fired power plant and the refinery
project, are expected to provide sufficient cash flows for their
debt service.
Negative pressure on Turcas' ratings would arise if FFO-adjusted
net leverage approaches or exceeds 6.0x on a sustained basis. A
requirement for Turcas to make equity contributions to the Star
refinery up-front when the funding agreement with banks in closed
(rather than gradual equity injections in 2012-2015) could also
put pressure on the rating as it would result in a steep increase
in Turcas' leverage in a short period of time. Cash on Turcas'
balance sheet and funds already injected to the project somewhat
mitigate this risk.
Positive rating pressure is likely in case of a reduced
investment plan for the next several years.
Turcas has been listed on the Istanbul Stock Exchange since 1992
and is controlled by Aksoy Holding, a family-owned conglomerate
that also has stakes in the hotel and construction businesses.
TURKIYE HALK: Fitch Issues Expected 'BB+' Rating to Eurobond
------------------------------------------------------------
Fitch Ratings has assigned Turkiye Halk Bankasi A.S.'s (Halkbank)
forthcoming Eurobond issue an expected rating of 'BB+(EXP)'. The
notes are senior unsecured and will rank equally with all of
Halkbank's other senior unsecured obligations. The total amount
and final maturity of the issue are yet to be determined.
The final rating is contingent upon receipt of final documents
conforming to information already received by Fitch.
Halkbank is the seventh-largest bank in Turkey (ranking by total
assets as at end-Q112). It controls a 10.1% share of banking
sector deposits. Halkbank is a majority state-owned bank, with
75% of its shares held by the State Privatisation Fund. The
remaining 25% of the shares are publicly traded. Halkbank's
Issuer Default Ratings (IDR) are equalised with those of the
Turkish sovereign.
Halkbank's ratings are as follows:
-- Long-term foreign currency IDR 'BB+'; Outlook Stable
-- Long-term local currency IDR 'BB+'; Outlook Stable
-- Short-term foreign currency IDR 'B'
-- Short-term local currency IDR 'B'
-- National Long-term rating 'AA+(tur)'; Outlook Stable
-- Viability Rating 'bb+'
-- Support Rating '3'
-- Support Rating Floor 'BB+'
=============
U K R A I N E
=============
* CRIMEA: S&P Raises Long-Term Issuer Credit Rating to 'B'
----------------------------------------------------------
Standard & Poor's Ratings Services had raised its long-term
issuer credit rating on Ukraine's Autonomous Republic of Crimea
to 'B' from 'B-'. The outlook is stable.
"At the same time, we raised the Ukraine national scale rating to
'uaA-' from uaBBB. The rating action reflects Crimea's
conservative debt policies, whereby the republic raised less debt
in 2011 than we previously expected. Moreover, Crimea has no
plans to borrow in 2012-2013," S&P said.
"Negatively, the ratings on Crimea reflect our view that the
republic lacks revenue predictability and has very low budgetary
flexibility in terms of revenue and expenditure. Crimea relies
heavily on subsidies and excise revenue and has high expenditure
needs due to the volatile and underfunded Ukrainian system of
interbudgetary relations. The ratings also reflect Crimea's low
wealth levels. These weaknesses are mitigated by our
expectations that Crimea's debt and debt service will remain low
over the next few years. As the result, Crimea is likely to
maintain relatively sound financial performance and
liquidity. Under the volatile and underfunded Ukrainian system of
interbudgetary relations, Crimea's budgetary flexibility is
constrained," S&P said.
Due to a sharp increase in state subsidies in 2010-2011, the
republic managed to increase its capital spending, but will cut
it again in 2012 following a subsequent decrease in subsidies.
Reliance on alcohol excise further constrains revenue
flexibility. In 2009-2011, Crimea achieved a strong operating
surplus due to additional revenues from excises and subsidies.
"However, we expect its operating balance to weaken in 2012-2014.
In our base-case scenario, we expect the republic to report
nearly balanced operating margins in 2012-2014 with surpluses of
just 1%-2% because of spending pressures. Crimea's debt policy is
conservative and the republic has no plans to increase its debt
burden. In our base-case scenario, Crimea's tax-supported debt
will remain below a modest 10% of revenues until 2014. The
republic issued a Ukrainian hryvnia 133 million bond in 2011 to
finance waste-recycling projects, but has no plans to borrow in
2012-2013," S&P said.
"Consequently, we expect its debt service to remain very modest
at less than 1% in that period. In our base-case scenario,
Crimea's deficit after capital accounts will average only 2%-3%
of revenues. We expect Crimea to use the proceeds from its 2011
bond issue in 2012 and report a 3%-4% deficit after capital
accounts for the year. The stable outlook reflects our
expectation that Crimea's budget revenue will grow and that the
region will adhere to its conservative debt policy, leading to
sound budgetary performance," S&P said.
===========================
U N I T E D K I N G D O M
===========================
ALPHA TOPCO: S&P Affirms 'B+' Long-Term Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'B+' long-
term corporate credit rating on U.K.-based Alpha Topco Ltd., the
Formula One World Championship (F1) organizer and owner of the
sport's commercial rights. The outlook is stable.
"We also affirmed our 'BB-' issue rating on Formula One's
existing senior secured facilities. We removed the long-term
corporate credit and issue ratings from CreditWatch, where we
placed them with positive implications on May 18, 2012. At the
same time, following the cancellation of the facilities owing to
the IPO's postponement, we withdrew our 'BB' issue rating on the
following proposed senior secured loans: US$1,300 million
amortizing term loan B due in June 2018; US$450 million
amortizing term loan C maturing in June 2017; and US$50 million
revolving credit facility (RCF) maturing in June 2017," S&P
said.
"We also withdrew the '2' recovery rating on these proposed
senior debt issues. The rating actions reflect our view that,
following Formula One's postponement of its IPO and the
cancellation of the proposed credit facilities, the group will
not significantly and durably lower its leverage contrary to our
previous expectations," S&P said.
Formula One's capital structure will therefore remain unchanged,
with existing senior secured facilities of US$2.2 billion. We
understand that the group could revive its IPO plans if market
conditions improve over the next few months. The long-term
corporate credit rating on Formula One remains constrained mainly
by our view of the group's financial risk profile as "highly
leveraged."
"This is in part because we consider the US$4 billion of
shareholder loans held at Formula One's holding company, Delta
Topco Ltd. (not rated), to be debt-like obligations, under our
criteria. We also believe the group is unlikely to deleverage
substantially over the next two to three years, absent a
successful IPO and despite having a cash flow sweep mechanism. We
therefore estimate that the Standard & Poor's-adjusted gross
debt-to-EBITDA ratio for Formula One should reach about 12x at
year-end 2012, under the existing capital structure, and about
4.2x excluding the shareholder loans. Further rating weaknesses
include Formula One's continuous need to maintain its high
audience share, the existence of substitute entertainment events
to F1 races that compete for similar audiences, and some
exposure to economic downturns, mostly at contract renewal times.
We also think the group could face CEO succession risks, given
the dominant role the founder and CEO has played in designing and
implementing the F1 business model.
"These factors are partly mitigated by Formula One's business
risk profile, which we consider to be "satisfactory."
Underpinning our assessment is the group's high contract backlog
of over US$7 billion, which provides some visibility and
stability to the capital structure, as we estimate that over 80%
of this year's revenues and 70% of 2013 revenues are already
contracted. In the event Formula One faces CEO succession risk,
this high visibility should also offset any negative effects on
the group's earnings over the next two years. In addition, we
understand that management has taken necessary steps to address
succession, should it materialize," S&P said.
Other positive factors include interest coverage that is in line
with the ratings and good free cash flow generation.
"We anticipate that adjusted EBITDA interest coverage will be
about 0.9x, or more than 3x excluding shareholder loans, over the
next two to three years. The stable outlook reflects our view
that Formula One's gross adjusted debt to EBITDA is unlikely to
markedly reduce over the next two to three years in the sluggish
global economic environment we forecast under our base-case
scenario. In our base case, we anticipate that Formula One's
backlog will continue to provide high revenue and EBITDA
visibility," S&P said.
"We forecast revenue growth in the low- to mid-single digits and
an EBITDA margin of about 27% from 2013 under the new Concorde
agreement for F1 racing teams. The stable outlook also
incorporates our expectation that Formula One will maintain its
position as a top global sports promoter. We also anticipate that
its covenant headroom will likely remain adequate over the next
few years. We could lower the ratings if, over the next few
years, adjusted gross debt to EBITDA were to significantly exceed
15x--or increase to about 5x excluding shareholder loans--, or if
adjusted EBITDA interest cover were to fall below 0.9x--about
2.5x when excluding the noncash interest element from the
shareholder loans," S&P said.
"We could also lower the ratings if group EBITDA margin were to
contract to less than 27% during that period, or if the group
were to enter sizable acquisitions. At this stage, a positive
rating action over the next 12 to 24 months is unlikely in our
view, given our expectation of Formula One's limited debt
deleveraging during the period--absent an IPO--and the revenue
growth assumptions we have already factored into our base case,"
S&P said.
AMERICAN BABY: Parent to Cover Product-Liability Claims
-------------------------------------------------------
Stephanie Gleason at Bankruptcy Beat reports that U.K.
manufacturer Maclaren will cover product-liability claims against
American Baby Products, Inc., doing business as Maclaren USA.
Maclaren said in a news release "In a cooperative effort with the
bankruptcy trustee and American Baby Products' insurers, Maclaren
is making arrangements to cover any money owed by American Baby
Products on all product liability claims pending against the
Company as of May 1, 2012, the bankruptcy claim cut-off date."
According to the news release, Maclaren will cover the insurance
deductibles for the product liability claims as well as "any
uninsured claims where appropriate."
Maclaren has also decided to start distributing its products
directly, Ms. Gleason relates.
Court documents show that since Maclaren ended its distribution
agreement with Maclaren USA/American Baby Products, it had
started distributing its products in the U.S. through a company
called Maclaren NA Inc.
About American Baby Products
American Baby Products, Inc., doing business as Maclaren USA,
filed for Chapter 7 bankruptcy (Bankr. D. Conn. Case No. 11-
52541) on Dec. 29, 2011, listing under US$50,000 in assets and
between US$10 million to US$50 million in debts. American Baby
Products is the U.S. unit of the high-end stroller manufacturer
Maclaren. The bankruptcy filing halted seven pending lawsuits
against it.
The Debtor listed the parents of nine children as top unsecured
creditors with unknown claim amounts. The Debtor listed its
largest unsecured creditor, owed US$13.1 million of the company's
total US$15.9 million in liabilities, as Maclaren (HK) Limited,
Maclaren's Chinese subsidiary.
CANARY WHARF: Fitch Affirms Rating on Class D2 Notes at 'BBsf'
--------------------------------------------------------------
Fitch Ratings has affirmed Canary Wharf Finance II plc, as
follows:
-- GBP1,063.1m class A1 due October 2037 (XS0112279616):
affirmed at 'AAAsf'; Outlook Stable
-- GBP400m class A3 due October 2037 (XS0130681512): affirmed
at 'AAAsf'; Outlook Stable
-- GBP222m class A7 due October 2037 (XS0295171341): affirmed
at 'AAAsf'; Outlook Stable
-- GBP186.6m class B due October 2037 (XS0112281190): affirmed
at 'AAsf'; Outlook Stable
-- GBP104m class B3 due October 2037 (XS0295172075): affirmed
at 'AAsf'; Outlook Stable
-- GBP275m class C2 due October 2037 (XS0295172406): affirmed
at 'Asf'; Outlook Stable
-- GBP125m class D2 due October 2037 (XS0295172745): affirmed
at 'BBsf'; Outlook Stable
The affirmations reflect the stability offered to bondholders by
a number of long leases to strong institutions. However, with
global financial services increasingly under strain, Fitch will
monitor developments closely in the months ahead.
The stress in the sector over the crisis since the last tap
issuance (in 2007), exemplified by the downfall of Lehman
Brothers (which occupied an office mortgaged to the issuer), has
seen income coverage fluctuate between 1.6x and 1.05x. The
latest reported figure of 1.25x is above the 1.17x reported as at
the last rating action in July 2011. The collateral was re-
valued at GBP3.205 billion in December 2011, revealing a market
value decline of 28% from the peak in June 2007. The latest
valuation, in conjunction with scheduled amortization, results in
a loan to value ratio of 72.3% (net of cash reserves).
Although the notes continue to benefit from high quality
mortgaged assets let on long leases to strong tenants, the recent
downgrades of the kind of global financial sector institutions
regionally headquartered in Canary Wharf has lessened the overall
credit strength of the rental income, contracted or potential,
that ultimately serves as collateral. Further negative rating
action may begin to apply downwards pressure to the notes'
ratings.
The transaction is secured by seven prime office buildings on
London's Canary Wharf estate. The majority of rental income is
derived from tenants in the financial services industry, with a
WA term to the earlier of lease break or expiry of 14 years. The
vacancy rate currently stands at 4.1% of total floor area.
CLARIS LTD: S&P Raises Credit Rating to 'CCC+ (sf)'
---------------------------------------------------
Standard & Poor's Ratings Services raised to 'CCC+ (sf)' from 'D
(sf)' its credit rating on Claris Ltd.'s series 43/2005 Voltaire.
Claris's series 43/2005 Voltaire is a single tranche European
synthetic collateralized debt obligation (CDO) squared
transaction.
"The rating action follows our discovery of an error leading to
our June 28, 2012 rating action on this transaction, when we
lowered the rating to 'D (sf)' from 'CCC+ (sf)'. Based on a
credit event notice, we in error had assumed that losses from
credit events had breached the threshold and the tranche
notional amounts," S&P said.
"However, this was not the case and we have raised to 'CCC+ (sf)'
from 'D (sf)' our rating on Claris' series 43/2005 Voltaire. This
rating action is to correct this error. In our June 28 rating
action media release, we stated that the ratings being lowered
to 'D' will remain at 'D' for a period of 30 days before the
withdrawals of the ratings become effective," S&P said.
As the rating on this tranche is no longer rated 'D (sf)', this
withdrawal will not occur.
DECO 6: S&P Downgrades Rating on Class D Notes to 'CCC-(sf)'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
DECO 6 - UK Large Loan 2 PLC's class A2, B, and D notes. At the
same time, we affirmed our rating on the class C notes.
The transaction closed in December 2005 and was initially secured
by four loans (Canary Wharf, St Enoch, Brunel, and Mapeley). Two
of the loans, Canary Wharf and St Enoch, have prepaid, and were
both secured by prime, well-let assets in their respective office
and retail sectors. In contrast, the two remaining loans in the
transaction, Brunel and Mapeley, are secured by secondary
properties in regional areas of the U.K., which are currently
experiencing declines in market rent and capital value.
"As a result of tenant lease breaks, tenant insolvencies, and a
weakened rental market, cash flows have declined at a greater
rate than we expected. In our opinion, the secondary nature of
the properties and the continued deterioration of the regional
office and retail sectors are likely to result in increased
susceptibility to vacancies, which would further depress property
values," S&P said.
The Brunel Loan
The Brunel loan was scheduled to mature in April 2012 and is
secured against the Brunel Shopping Centre in Swindon. The loan
has been in special servicing since June 2011, and failed to
repay at loan maturity in April 2012. The issuer has instructed
LPA (Law of Property Act) receivers to take control of the rental
income during the ongoing loan restructuring talks.
A new valuation of the property, dated Oct. 25, 2011, reports a
revised figure of GBP87.2 million, which reflects a 33% decline
from the valuation of GBP130.2 million at closing, and a current
senior loan-to-value (LTV) ratio of 116%.
The new valuation has triggered an appraisal-reduction mechanism
in the transaction, which limits the amount available to be drawn
from the liquidity facility. On the April 2012 interest payment
date (IPD), there was an interest shortfall on the class B, C,
and D notes as a result of the Brunel loan being unable to pay
loan interest.
"However, due to the maturity of the interest rate swap, we do
not believe that there will be further interest shortfalls. The
expiration of the swap means that the loan reverts to a floating
rate upon maturity, thereby increasing cash flow available to
meet note interest payments. In our opinion, this excess cash
flow will be enough to repay accrued interest, liquidity facility
draws, and interest payments for the July IPD," S&P said.
The loan has a senior LTV ratio of 116%, the asset income is
currently insufficient to cover interest payments, and the
secondary real estate market is suffering declines in rental and
capital value.
"As such, we believe the current restrictive lending conditions
will compound the difficulties the borrower faces in refinancing
this loan. In view of these factors, even if the loan is
restructured as a result of the ongoing discussions, we consider
that principal losses are likely," S&P said.
THE MAPELEY LOAN
The Mapeley loan matures in July 2015 and is secured against a
portfolio of 20 secondary office properties located throughout
the U.K. The loan defaulted in October 2011, due to a breach of
the interest coverage ratio (ICR) covenant of 1.15x (the current
ICR is 0.75x), and the servicer subsequently transferred the loan
into special servicing. As per the transaction documents, excess
cash has been held in a reserve account, and the current balance
stands at GBP11.7 million.
"We believe this is available to top up any future loan interest
shortfalls, or any potential shortfalls arising from special
servicing fees. In September 2011, British Telecommunications
PLC (BT), which was the sole tenant in Delta Point Croydon
(252,000 sq ft), vacated the property upon expiry of its lease,
causing the occupancy rate to fall to 72%, from 98% at closing.
BT represented 27% of the portfolio's gross income, and its
departure has caused the net operating income to fall
substantially to GBP9.7 million at present, from GBP15.9 million
at closing," S&P said.
In February 2012, the special servicer (Hatfield Philips
International Ltd.) provided information on an external
valuation for the Mapeley loan. This new figure of GBP74.7
million gives an LTV ratio of 228%, and represents a 70% market
value decline from the Day 1 valuation figure of GBP244.8
million.
"We believe this figure to be particularly low, compared with our
view on the value of the portfolio. While our view of that value
is higher than the most recent valuation figure, we have taken
into consideration that the new external valuation figure may
constrain potential recoveries," S&P said.
If the Mapeley loan is enforced, material swap break costs would
be crystallized. These would rank senior to payments to the
noteholders.
"We understand from the special servicer, Hatfield Philips
International, that the presentation of the workout strategy has
been postponed to the end of June, after which a decision is
expected on available workout options," S&P said.
Although there are three years left to develop and implement a
sustainable strategy for the portfolio, we view the prospects of
full recovery at or before note maturity as limited, given the
factors discussed above.
Rating Actions
"We have lowered our ratings on the class A2, B, and D notes and
affirmed our rating on the class C notes, to reflect our view of
principal recovery expectations. This is a result of credit
deterioration in the Mapeley loan, highlighted by an updated
valuation showing a 66% market value decline from the Day 1
value. We have lowered our rating on the class D notes to 'D
(sf)', to reflect the recent interest shortfall and our opinion
that this class is likely to experience significant principal
losses," S&P said.
DECO 6 - U.K. Large Loan 2 is a U.K. commercial mortgage-backed
securities (CMBS) transaction, which closed in December 2005 with
notes totaling GBP555.2 million. The current outstanding balance
is GBP272.2 million, as of the April 2012 interest payment date.
The notes have a final legal maturity in July 2017.
Ratings List
Class Rating
To From
DECO 6 - U.K. Large Loan 2 PLC
GBP555.119 Million Commercial Mortgage-Backed Fixed-Rate Notes
Ratings Lowered
A2 BB (sf) A (sf)
B B (sf) BB+ (sf)
D D (sf) CCC- (sf)
Rating Affirmed
C B- (sf)
EPIC: S&P Withdraws Class A Notes Rating, 'B-' Rating Unaffected
----------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its credit
rating on Epic (Culzean) PLC's class A notes, following their
redemption. The other rated notes in this transaction are
unaffected by the rating action.
The class A notes were scheduled to mature in October 2019. The
cash manager's report produced by the servicer, Royal Bank of
Scotland PLC confirms that the class A notes repaid in full on
the April 2012 interest payment date.
The collateral backing the remaining loans in the transaction
comprises a mixture of retail and office properties in the
U.K. Epic (Culzean) is a commercial mortgage-backed securities
(CMBS) transaction that closed in February 2007, with a scheduled
note maturity in October 2019. At closing, the transaction had
notes totaling GBP548.65 million. The current outstanding balance
of the notes is GBP94.46 million.
Ratings List
Class Rating
To From
Epic (Culzean) PLC
GBP548.65 Million Commercial Mortgage-Backed Floating-Rate Notes
Rating Withdrawn
A NR AA- (sf)/Watch Neg
Ratings Unaffected
B A+ (sf)
C BBB+ (sf)
D BBB- (sf)
E BB (sf)
F B- (sf)
NR-Not rated.
GKN HOLDINGS: Moody's Affirms 'Ba1' CFR; Outlook Positive
---------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating (CFR) and Ba1 debt ratings of GKN Holdings Plc. The
outlook on the ratings remains positive.
Ratings Rationale
"We see the acquisition of Volvo Aero as positive for GKN's
business profile. However, overall implications on GKN's credit
profile are negative in our view as the acquisition will increase
the group's financial leverage," says Rainer Neidnig, a Moody's
Vice President -- Senior Analyst and lead analyst for GKN. "We
maintain the positive outlook because GKN plans to fund the
acquisition at least in part with equity which evidences its
commitment to an investment grade rating. In addition, the
outlook reflects Moody's expectation that GKN should be able to
achieve investment grade metrics over the next 18 months absent a
material worsening of the macroeconomic environment."
Moody's considers the acquisition of Volvo Aero, which engineers
and manufactures components and systems for aircraft engines, as
positive for GKN's business profile as it will further diversify
the group's exposure to different end customer industries.
Although demand in both of GKN's most important business
segments, automotive and aerospace components, is cyclical, these
segments have followed different cycles historically, which
should overall contribute to a more stable operating
profitability of GKN. Pro forma the acquisition GKN's aerospace
business would have recorded sales of more than GBP2.0 billion in
2011 (actual GBP1.5 billion), of which two thirds would have come
from the civil aerospace market. On the same pro forma basis, the
aerospace business would have accounted for approximately 31% of
total group revenues which compares to an actual share of 24% in
2011. Moody's also considers Volvo Aero's product portfolio to be
fairly complementary to GKN's existing aerospace activities which
should improve the competitive position of its aerospace
activities.
The acquisition enterprise value is GBP633 million according to
GKN comprising GBP513 million of equity value, an anticipated
Volvo Aero pension settlement of GBP50 million and working
capital refinancing of GBP70 million. The acquisition is expected
to be completed during the third quarter, subject to regulatory
approvals. GKN plans to fund the acquisition by new debt and a
GBP140 million equity increase. GKN expects Volvo Aero's sales to
be around GBP670 million in 2012 with EBITDA anticipated to be
approximately GBP100 million. This results in an enterprise
value/EBITDA multiple of 6.3x and an implied leverage of 4.9x
debt/EBITDA before transaction costs. Concerning the debt
financing GKN agreed on a GBP500 million debt bridge facility
with a maturity of 18 months which it intends to refinance near-
term in the bond market.
Moody's expects leverage to increase in 2012 from 2.9x
debt/EBITDA in 2011 (pro forma the full year contribution of
Stromag and Getrag Driveline which were acquired in late 2011)
given the implied 4.9x leverage of the transaction. However,
Moody's expects leverage to remain below the level of 3.5x
debt/EBITDA pro forma the full year EBITDA contribution of Volvo
Aero which Moody's views as commensurate with a Ba1 CFR.
The positive outlook reflects Moody's expectation that GKN will
be able to gradually reduce its leverage over 2013, if GKN's
existing businesses continue to perform solidly and Volvo Aero
can be successfully integrated. Moreover, the positive outlook
reflects Moody's expectation that GKN can successfully place the
GBP140 million of additional equity. A failure in this respect,
also if caused by an adverse macroeconomic environment, or
further M&A would most likely result in an outlook change.
WHAT COULD CHANGE THE RATING UP/DOWN
Moody's would consider upgrading the ratings if there is clear
visibility that GKN is able to achieve credit metrics in line
with an investment-grade rating on a sustainable basis. This
would require (i) EBIT margins to remain at levels of 6% or
above; (ii) debt/EBITDA to decrease to notably below 3.0x through
the cycle; and (iii) RCF/net debt to remain markedly above 20% on
a sustainable basis. Moreover, an upgrade would require the
generation of positive free cash flow on a sustainable basis.
Downward rating pressure could arise upon a deterioration in
GKN's earnings and cash flow, which would be contrary to current
expectations. Such a development would be exemplified by negative
free cash flow or a failure to maintain leverage at levels of
debt/EBITDA below 3.5x and RCF/net debt falling markedly below
20%.
The Ba1 (LGD4-63%) rating of the GBP350 million notes issued by
GKN Holdings Plc recognizes that pension obligations and trade
claims at the level of operating subsidiaries are substantial in
size and have higher structural seniority in the debt structure
of GKN group. The assigned expected loss given default rate for
the notes at 63% is higher than the average rate for all
obligations of the entire GKN group (50% in line with Moody's
standard assumption for corporates with bank and bond debt).The
notes are not notched as a reflection of (i) the investment-grade
debt structure, (ii) the strong positioning in the Ba1 category
and (iii) the potential of an upgrade back to investment-grade.
However, a notching might be considered in future, if the above
factors are not viewed as sufficient anymore to mitigate the
sizeable pension obligations and trade payables.
PRINCIPAL METHODOLOGY
The principal methodology used in rating GKN Holdings plc was the
Global Automotive Supplier Industry Methodology published in
January 2009. Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.
Headquartered in Redditch, UK, GKN Holdings Plc acts as a
finance, investment and holding company of the GKN Group ("GKN").
GKN Holdings plc is a wholly owned subsidiary of GKN plc, the
ultimate holding company of GKN. GKN is an international
engineering group with operations in more than 35 countries and
more than 44,000 employees. The group operates through four main
divisions: Driveline (46% of 2011 revenues), Powder Metallurgy
(14%), Aerospace (24%) and Land Systems (15%). The Driveline and
Powder Metallurgy divisions primarily serve the automotive
industry. Aerospace supplies both the civil and military aircraft
market and Land Systems primarily serves the agriculture,
construction & mining and industrial equipment sectors.
In 2011, GKN recorded revenues of GBP5.7 billion. Including GKN's
pro-rata share in joint ventures, the group's revenues amounted
to GBP6.1 billion. GKN plc is listed on the London Stock
Exchange.
NETWORK TRADING: Owner Adrian Nicholl Declared Bankrupt
-------------------------------------------------------
Dromore Leader reports that property developer Adrian Nicholl,
the owner Network Trading Group, was declared bankrupt earlier
this month.
Mr. Nicholl controlled the group which was based at Bridge Street
in Banbridge and owed the sum to Bank of Scotland (Ireland),
Dromore Leader discloses.
The group, which owned properties in Portadown, Larne, Lisburn,
Dunmurry, Belfast and Culcavy, went into administration in
October 2010, Dromore Leader relates.
Network Trading Group was based at Bridge Street in Banbridge.
TITAN EUROPE: S&P Downgrades Rating on Class B Notes to 'D (sf)'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Titan Europe 2007-3 Ltd.'s class A2 and B notes. The ratings on
the other classes are unaffected by today's rating actions.
"The downgrades follow the interest shortfall that occurred on
the class B notes on the April 2012 payment date, and our
assessment of the issuer's ability to pay interest on all of the
notes," S&P said.
"As reflected in the April 2012 cash manager report, the class B,
C, D, and E notes have deferred unpaid interest. The class C, D,
E, F, and G notes are already rated 'D (sf)'. The class B notes,
which in our view are highly exposed to principal losses, failed
to receive full interest payment on the April 2012 payment date,"
S&P said.
"Although the existing interest shortfall may be repaid given the
relatively senior position of the class B notes in the issuer's
waterfall, we believe that the risk of additional interest
shortfalls on this class has increased, given the deteriorating
performance of the underlying pool of loans. Therefore, we have
today lowered our rating on the class B notes to 'D (sf)' from
'B- (sf)'," S&P said.
"We also believe that the deteriorating performance of the
underlying pool of loans could have a near-term impact on income
that would exacerbate the size of existing interest shortfalls.
As a consequence, our analysis indicates that the class A2 notes
may be at risk of suffering interest shortfalls (absent other
mitigating factors). We have therefore lowered our rating on the
class A2 notes to 'B (sf)' from 'BB- (sf)'," S&P said.
"We understand that the excess spread, which is distributed to
the class X notes, is not available in this transaction to
mitigate interest shortfalls under the rest of the notes. In this
transaction, the issuer relies on servicer advances to address
timely payment of interest on the notes," S&P said.
However, the transaction documents indicate to us that the back-
up advancer is not allowed to make servicing advances to cover
interest shortfalls under the notes, if such shortfalls have
resulted from: Extraordinary expenses payable to the transaction
parties (e.g., special servicing fees or special servicing
expenses); or The reduction of servicing advances, if required to
meet interest shortfalls under any of the loans, following the
determination of an appraisal-reduction amount (the appraisal-
reduction mechanism was structured to prevent drawings on the
portion of the securitized loans that represents more than 90%
of the securitized loan).
The rating actions have not resulted from a change in our opinion
of the recovery prospects for the assets backing the remaining
loans in the transaction.
"However, the class B notes experienced an interest shortfall and
we believe that the class A2 notes have become more vulnerable to
interest shortfalls. Our ratings in this transaction address
timely payment of interest, payable quarterly in arrears, and
payment of principal not later than the legal final maturity
date (in October 2016) ," S&P said.
Titan Europe 2007-3 is a true-sale transaction that closed in
August 2007. Its legal maturity date occurs in October 2016. The
notes were initially backed by a pool of 19 loans secured against
35 commercial properties in the U.K. The notes are now backed by
a pool of 14 loans secured against 22 commercial properties in
the U.K.
Potential Effects of Proposed Criteria Changes
"We have taken today's rating actions based on our criteria for
rating European CMBS. However, these criteria are under review
(see "Advance Notice of Proposed Criteria Change: Methodology And
Assumptions For Rating European Commercial Mortgage-Backed
Securities," published on Nov. 8, 2011)," S&P said.
"As highlighted in the Nov. 8 Advance Notice Of Proposed Criteria
Change, 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. On June 4, we published a request for comment
(RFC) outlining our proposed criteria changes for CMBS Global
Property Evaluation Methodology. The proposed criteria do not
significantly change Standard & Poor's longstanding approach to
deriving property net cash flow (S&P NCF) and value (S&P Value).
We therefore anticipate limited impact for European outstanding
ratings when the updated CMBS Global Property Evaluation
Methodology criteria are finalized," S&P said.
However, because of its global scope, the proposed CMBS Global
Property Evaluation Methodology does not include certain market-
specific adjustments.
"An application of these criteria to European Transactions will
therefore be published when we release our updated rating
criteria. Until such time that we adopt new criteria for rating
European CMBS, we will continue to rate and monitor these
transactions using our existing criteria," S&P said.
Ratings List
Class Rating
To From
Titan Europe 2007-3 Ltd.
GBP778.822 Million Commercial Mortgage-Backed Floating-Rate Notes
Ratings Lowered
A2 B (sf) BB- (sf)
B D (sf) B- (sf)
Ratings Unaffected
A1 A (sf)
C D (sf)
D D (sf)
E D (sf)
F D (sf)
G D (sf)
UBC: Owed GBP11 Million at Time of Collapse
-------------------------------------------
The Press and Journal reports that UBC, which collapsed with the
loss of 240 jobs, had debts of more than GBP11 million.
UBC called in the administrators in May 8 and blamed its
predicament on the downturn in the building sector, the Press and
Journal relates. It also said other companies had been unable to
pay for work it had carried out, the Press and Journal notes.
On Saturday, Glasgow-based administrators Zolfo Cooper issued a
notice of statement of affairs for the group, giving details of
its creditors and the amount owned to each, the Press and Journal
discloses. However, the firm was unable to say how much
unsecured creditors would get back, if anything, according to the
Press and Journal.
UBC is a construction group based in Inverness and Hebrides.
WINDERMERE XI: Fitch Affirms 'Dsf' Rating on Class D Notes
----------------------------------------------------------
Fitch Ratings has affirmed Windermere XI plc's commercial
mortgage-backed notes due April 2017 as follows:
-- GBP449.8m Class A: affirmed at 'Bsf''; Outlook Stable
-- GBP53.5m Class B: affirmed at 'CCCsf'; Recovery Estimate
(RE) 80%
-- GBP41.8m Class C: affirmed at 'Csf'; RE0%
-- GBP17.6m Class D: affirmed at 'Dsf'; RE0%
-- GBP0m Class E: Rating of 'Dsf' Withdrawn
The affirmations reflect the lack of material change in the
performance of the loans since Fitch's last rating action in July
2011. The CAA House loan (GBP91.8 million securitized balance)
is expected to repay in full by the July IPD (contracts were
exchanged in April for the sale of the property securing the
loan). These proceeds will be paid down solely to Class A
noteholders, now that the transaction is fully sequential. Given
the size of the class A note balance, full repayment of a loan
that posed some credit risk is insufficient to improve the
rating.
The prospects for the class A and B notes hinge on the Government
Income Portfolio (GIP) loan, which accounts for approximately 20%
of the portfolio and will shortly fall due (October 2012). While
the weighted average (WA) lease length of just over eight years,
the almost 90% occupancy and the dominance of public sector
tenants are all credit positive, the property portfolio's
secondary and tertiary locations and quality pose a real risk.
If leases are not renewed, the appeal of space to other tenants
is questionable. Sentiment concerning residual value will be key
in whether the loan is refinanced. A strength of this loan is
the lack of additional subordinated debt, which is a feature of
the other four left in the pool (and which complicate
refinancing). Full repayment would be credit positive for the
class A notes, although at this stage Fitch considers a loan
extension more likely.
The largest loan, the GBP191m Devonshire House loan making up 34%
of the pool, is in a period of transition. Vacancy has increased
by 30% over the last 12 months, reaching 42% as a result of lease
breaks and expiries. The loan, which was originated with very
low interest coverage, is now dependent for periodic interest on
contributions by the sponsor (by topping up a dedicated reserve
account, currently standing at GBP6.3 million). This suggests
strong commitment by the sponsor to a very high quality property
in a prime Mayfair location. The servicer has authorized the
borrower to drawdown GBP11.3m from a pre-funded capital
expenditure facility to facilitate refurbishment work in vacated
space. There should be sufficient time to complete the works by
loan maturity, in April 2014, which should enable the space to be
re-let. Refinancing prospects will hinge on the success of this
turnaround.
Another central London office acting as collateral in this CMBS
secures the 20% Long Acre loan. It is located in the mid-town
district and let to a number of well-known tenants. However,
with the WA lease to expiry only three years, whether the two
larger leases (providing 30% of rent) renew at the end of 2013
will have a major bearing on refinancing risk. Fitch's estimate
of market value suggests that the whole loan LTV is close to
100%, indicating that an equity injection will be needed if the
loan is to repay in 2014.
The weakest loan is the 9% Westville loan, which was transferred
to special servicing in July 2009 as a result of payment default.
The collateral is in being liquidated, with seven properties sold
over the last 12 months, at a total sales price 20% higher than
their values reported in a 2009 valuation. Six properties remain
in the portfolio. The loan remains significantly impaired, with
income well below the level required to pay interest (the
reported forward-looking ICR is 0.4x). Given the poor quality
and weak locations of the collateral, and the build-up of
interest arrears (compounded by the 1% additional default
interest being incurred), the loan will suffer significant
losses, adding to those already realized on other loans, and
reflected in the highly distressed ratings of note classes C and
D. The class E note rating of 'Dsf' has been withdrawn because
its balance has been written down to zero.
===============
X X X X X X X X
===============
* EUROPE: EU Summit Measures to Reduce Shock But Carry High Cost
----------------------------------------------------------------
The measures contained in the June 29 statement by euro area
leaders will reduce near-term risks of deposit runs or credit
market shutdowns, says Moody's Investors Service in a report
assessing the outcome of the summit.
Moody's believes that the statement confirms that policymakers
are inclined to take the necessary steps to avoid the severe and
profoundly credit-negative downside scenario of a gradual
unraveling of the euro area through additional defaults and/or
exit.
However, Moody's also notes that the path of gradual policy
developments towards closer fiscal integration carries a high
cost, as those euro area countries that are effectively
supporting the others will continue to face an increase in their
contingent liabilities -- which will in turn weaken their
creditworthiness.
Moreover, given the continued reactive nature of policy
decisions, Moody's believes that the normalization of sovereign
debt markets could take a number of years, with the risk of
policy accidents and rising sovereign defaults the longer the
crisis persists.
The new report is entitled "European Sovereigns: Post-Summit
Measures Reduce Near-Term Likelihood of Shocks, But Integration
Comes at a Cost".
* S&P Takes Rating Actions on 10 European Synthetic CDO Tranches
----------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on 10 European collateralized debt obligation (CDO)
tranches. Specifically, S&P lowered and kept on CreditWatch
negative its ratings on nine tranches; and removed from
CreditWatch negative its rating on one tranche.
For the full list of the rating actions, see http://is.gd/4puVYn
"The rating actions on these 10 tranches follow our recent rating
actions on the underlying collateral, swap counterparty, bank
account provider, or guarantor. Under our criteria applicable to
transactions such as these, we would generally reflect changes to
the rating on the collateral, swap counterparty, bank account
provider, or guarantor in our rating on the tranche," S&P said.
* BOND PRICING: For the Week July 2 to July 6, 2012
---------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
A-TEC INDUSTRIES 5.750 11/2/2010 EUR 29.50
A-TEC INDUSTRIES 2.750 5/10/2014 EUR 29.50
A-TEC INDUSTRIES 8.750 10/27/2014 EUR 28.13
ERSTE BANK 6.000 2/1/2014 EUR 63.38
ERSTE BANK 6.000 7/31/2014 EUR 57.50
ERSTE BANK 5.500 1/23/2015 EUR 57.38
ERSTE BANK 7.710 2/17/2015 EUR 56.13
ERSTE BANK 4.500 6/24/2015 EUR 50.50
IMMOFINANZ 4.250 3/8/2018 EUR 3.82
KOMMUNALKREDIT 4.440 12/20/2030 EUR 64.25
KOMMUNALKREDIT 4.900 6/23/2031 EUR 68.25
OESTER VOLKSBK 4.170 7/29/2015 EUR 54.13
OESTER VOLKSBK 4.350 11/16/2018 EUR 55.63
OESTER VOLKSBK 4.160 5/20/2025 EUR 71.80
OESTER VOLKSBK 4.810 7/29/2025 EUR 61.50
OESTER VOLKSBK 4.900 8/18/2025 EUR 61.25
OESTER VOLKSBK 5.270 2/8/2027 EUR 75.00
RAIFF CENTROBANK 7.161 7/20/2012 EUR 65.48
RAIFF CENTROBANK 7.812 7/20/2012 EUR 57.06
RAIFF CENTROBANK 10.416 7/20/2012 EUR 42.99
RAIFF CENTROBANK 6.835 7/20/2012 EUR 70.04
RAIFF CENTROBANK 5.208 7/25/2012 EUR 69.06
RAIFF CENTROBANK 5.208 7/25/2012 EUR 68.65
RAIFF CENTROBANK 7.161 7/25/2012 EUR 63.81
RAIFF CENTROBANK 7.812 7/25/2012 EUR 67.58
RAIFF CENTROBANK 8.463 7/25/2012 EUR 70.72
RAIFF CENTROBANK 9.114 7/25/2012 EUR 39.72
RAIFF CENTROBANK 7.812 7/25/2012 EUR 48.58
RAIFF CENTROBANK 9.114 7/25/2012 EUR 73.05
RAIFF CENTROBANK 10.090 7/25/2012 EUR 58.39
RAIFF CENTROBANK 10.090 7/25/2012 EUR 61.29
RAIFF CENTROBANK 11.718 7/25/2012 EUR 20.43
RAIFF CENTROBANK 11.718 7/25/2012 EUR 60.78
RAIFF CENTROBANK 7.646 1/23/2013 EUR 60.34
RAIFF CENTROBANK 9.876 1/23/2013 EUR 46.60
RAIFF CENTROBANK 7.965 1/23/2013 EUR 60.89
RAIFF CENTROBANK 9.304 1/23/2013 EUR 63.61
RAIFF CENTROBANK 9.558 1/23/2013 EUR 62.94
RAIFF ZENTRALBK 4.500 9/28/2035 EUR 64.35
BELGIUM
-------
ECONOCOM GROUP 4.000 6/1/2016 EUR 21.53
IDEAL STANDARD I 11.750 5/1/2018 EUR 66.75
IDEAL STANDARD I 11.750 5/1/2018 EUR 67.08
CYPRUS
------
CYPRUS GOVT BOND 4.500 7/11/2016 EUR 74.63
CYPRUS GOVT BOND 4.500 10/9/2016 EUR 72.75
CYPRUS GOVT BOND 4.500 1/4/2017 EUR 71.25
CYPRUS GOVT BOND 4.500 2/15/2017 EUR 70.50
CYPRUS GOVT BOND 4.500 4/2/2017 EUR 69.63
CYPRUS GOVT BOND 5.600 4/15/2017 EUR 73.25
CYPRUS GOVT BOND 4.500 9/28/2017 EUR 66.63
CYPRUS GOVT BOND 5.100 1/29/2018 EUR 66.88
CYPRUS GOVT BOND 4.600 4/23/2018 EUR 63.63
CYPRUS GOVT BOND 4.600 10/23/2018 EUR 61.13
CYPRUS GOVT BOND 4.600 2/26/2019 EUR 59.63
CYPRUS GOVT BOND 6.100 6/24/2019 EUR 64.75
CYPRUS GOVT BOND 6.100 4/20/2020 EUR 62.25
CYPRUS GOVT BOND 5.350 6/9/2020 EUR 58.25
CYPRUS GOVT BOND 6.000 6/9/2021 EUR 58.25
CYPRUS GOVT BOND 6.500 8/25/2021 EUR 59.00
REP OF CYPRUS 3.750 11/1/2015 EUR 65.96
REP OF CYPRUS 4.625 2/3/2020 EUR 54.24
CZECH REPUBLIC
--------------
SAZKA 9.000 7/12/2021 EUR 35.00
JYSKE BANK A/S 7.000 5/29/2024 EUR 68.75
KALMAR STRUCTRD 7.500 9/30/2013 EUR 0.01
KOMMUNEKREDIT 0.500 12/14/2020 ZAR 57.43
KOMMUNEKREDIT 0.500 5/11/2029 CAD 53.08
VESTAS WIND SYST 4.625 3/23/2015 EUR 67.25
FINLAND
-------
MUNI FINANCE PLC 0.500 4/26/2016 ZAR 79.06
MUNI FINANCE PLC 0.500 10/27/2016 BRL 74.21
MUNI FINANCE PLC 0.500 11/17/2016 BRL 74.31
MUNI FINANCE PLC 0.500 11/30/2016 BRL 74.11
MUNI FINANCE PLC 0.500 2/17/2017 BRL 72.95
MUNI FINANCE PLC 0.500 3/16/2017 BRL 72.52
MUNI FINANCE PLC 0.500 4/26/2017 ZAR 74.84
MUNI FINANCE PLC 1.000 6/30/2017 ZAR 74.92
MUNI FINANCE PLC 0.500 11/16/2017 TRY 72.04
MUNI FINANCE PLC 0.500 3/28/2018 BRL 66.78
MUNI FINANCE PLC 0.500 4/27/2018 ZAR 70.08
MUNI FINANCE PLC 0.500 11/21/2018 ZAR 67.50
MUNI FINANCE PLC 0.500 11/21/2018 TRY 67.60
MUNI FINANCE PLC 0.500 12/14/2018 TRY 67.32
MUNI FINANCE PLC 0.500 12/20/2018 ZAR 67.07
MUNI FINANCE PLC 0.500 9/24/2020 CAD 72.87
MUNI FINANCE PLC 0.500 11/25/2020 ZAR 59.56
MUNI FINANCE PLC 0.500 11/10/2021 NZD 68.31
MUNI FINANCE PLC 0.500 12/21/2021 NZD 67.94
MUNI FINANCE PLC 0.500 4/26/2022 ZAR 56.97
MUNI FINANCE PLC 0.500 5/31/2022 ZAR 55.04
MUNI FINANCE PLC 0.500 6/19/2024 ZAR 50.53
MUNI FINANCE PLC 0.500 3/17/2025 CAD 56.62
MUNI FINANCE PLC 0.250 6/28/2040 CAD 21.29
FRANCE
------
AIR FRANCE-KLM 4.970 4/1/2015 EUR 10.82
ALCATEL-LUCENT 5.000 1/1/2015 EUR 2.72
ALTRAN TECHNOLOG 6.720 1/1/2015 EUR 4.89
ASSYSTEM 4.000 1/1/2017 EUR 22.35
ATOS ORIGIN SA 2.500 1/1/2016 EUR 56.02
BNP PARIBAS 2.890 5/16/2036 JPY 72.80
CAISSE CENT IMMO 7.000 5/16/2014 EUR 27.02
CAISSE CENT IMMO 7.000 5/18/2015 EUR 5.93
CAISSE CENT IMMO 7.000 9/10/2015 EUR 13.58
CALYON 6.000 6/18/2047 EUR 26.52
CAP GEMINI SOGET 3.500 1/1/2014 EUR 37.70
CGG VERITAS 1.750 1/1/2016 EUR 30.01
CLUB MEDITERRANE 6.110 11/1/2015 EUR 17.98
CMA CGM 8.500 4/15/2017 USD 51.50
CMA CGM 8.500 4/15/2017 USD 57.63
CMA CGM 8.875 4/15/2019 EUR 57.50
CMA CGM 8.875 4/15/2019 EUR 57.79
CNP ASSURANCES 6.000 9/14/2040 EUR 72.07
CNP ASSURANCES 7.375 9/30/2041 GBP 73.68
CNP ASSURANCES 6.875 9/30/2041 EUR 73.29
CREDIT LOCAL FRA 3.750 5/26/2020 EUR 52.96
DEXIA CRED LOCAL 4.020 3/13/2017 EUR 70.01
DEXIA CRED LOCAL 4.110 9/18/2018 EUR 61.38
DEXIA CRED LOCAL 4.375 2/12/2019 EUR 39.00
DEXIA CRED LOCAL 4.500 2/25/2020 EUR 57.14
DEXIA CRED LOCAL 4.550 4/2/2020 EUR 57.18
DEXIA CRED LOCAL 5.037 8/4/2020 EUR 58.39
DEXIA MUNI AGNCY 1.000 12/23/2024 EUR 72.09
DEXIA MUNI AGNCY 4.680 3/9/2029 CAD 69.14
EURAZEO 6.250 6/10/2014 EUR 54.85
EUROPCAR GROUPE 9.375 4/15/2018 EUR 71.38
EUROPCAR GROUPE 9.375 4/15/2018 EUR 71.47
FAURECIA 4.500 1/1/2015 EUR 19.86
GROUPAMA SA 7.875 10/27/2039 EUR 56.40
GROUPE VIAL 2.500 1/1/2014 EUR 2.16
INGENICO 2.750 1/1/2017 EUR 49.11
MAUREL ET PROM 7.125 7/31/2014 EUR 18.72
MAUREL ET PROM 7.125 7/31/2015 EUR 16.90
NEXANS SA 4.000 1/1/2016 EUR 54.61
NEXANS SA 2.500 1/1/2019 EUR 64.79
NOVASEP HLDG 9.750 12/15/2016 USD 49.50
NOVASEP HLDG 9.750 12/15/2016 USD 49.50
ORPEA 3.875 1/1/2016 EUR 45.46
PEUGEOT SA 4.450 1/1/2016 EUR 23.43
PIERRE VACANCES 4.000 10/1/2015 EUR 74.44
PUBLICIS GROUPE 3.125 7/30/2014 EUR 37.25
PUBLICIS GROUPE 1.000 1/18/2018 EUR 51.77
SOC AIR FRANCE 2.750 4/1/2020 EUR 20.87
SOCIETE GENERALE 0.500 9/7/2021 AUD 52.03
SOCIETE GENERALE 0.500 12/6/2021 AUD 51.10
SOCIETE GENERALE 0.500 4/27/2022 USD 58.50
SOCIETE GENERALE 0.500 4/27/2022 AUD 49.38
SOCIETE GENERALE 0.500 7/11/2022 AUD 57.16
SOCIETE GENERALE 0.500 7/11/2022 USD 68.96
SOITEC 6.250 9/9/2014 EUR 8.37
TEM 4.250 1/1/2015 EUR 53.82
GERMANY
-------
BAYERISCHE LNDBK 5.800 7/13/2012 EUR 54.55
BAYERISCHE LNDBK 4.200 8/24/2012 EUR 66.79
BAYERISCHE LNDBK 3.200 10/1/2012 EUR 24.37
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 73.04
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 30.28
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 47.95
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 32.77
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 32.74
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 72.97
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 63.93
BNP EMIS-U.HANDE 6.500 7/26/2012 EUR 68.29
BNP EMIS-U.HANDE 6.500 7/26/2012 EUR 49.78
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 22.64
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 53.21
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 18.76
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 41.33
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 59.45
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 30.20
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 68.57
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 45.02
BNP EMIS-U.HANDE 8.500 7/26/2012 EUR 63.98
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 65.01
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 68.75
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 43.37
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 74.87
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 26.42
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 44.44
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 73.30
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 28.77
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 74.09
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 42.18
BNP EMIS-U.HANDE 10.000 7/26/2012 EUR 46.84
BNP EMIS-U.HANDE 10.000 7/26/2012 EUR 37.55
BNP EMIS-U.HANDE 10.000 7/26/2012 EUR 44.64
BNP EMIS-U.HANDE 8.500 12/28/2012 EUR 66.93
BNP EMIS-U.HANDE 10.500 12/28/2012 EUR 48.48
BNP EMIS-U.HANDE 9.750 12/28/2012 EUR 71.46
BNP EMIS-U.HANDE 7.750 12/31/2012 EUR 53.82
BNP EMIS-U.HANDE 9.500 12/31/2012 EUR 72.43
BNP EMIS-U.HANDE 9.500 12/31/2012 EUR 65.01
COMMERZBANK AG 10.500 7/6/2012 EUR 54.34
COMMERZBANK AG 11.500 7/6/2012 EUR 3.66
COMMERZBANK AG 23.000 7/26/2012 EUR 67.94
COMMERZBANK AG 29.250 7/26/2012 EUR 74.79
COMMERZBANK AG 24.250 7/26/2012 EUR 70.96
COMMERZBANK AG 9.000 8/3/2012 EUR 67.50
COMMERZBANK AG 8.500 8/3/2012 EUR 53.90
COMMERZBANK AG 11.250 9/27/2012 EUR 74.37
COMMERZBANK AG 18.250 9/27/2012 EUR 68.85
COMMERZBANK AG 19.500 9/27/2012 EUR 71.59
COMMERZBANK AG 19.750 9/27/2012 EUR 74.14
COMMERZBANK AG 28.750 9/27/2012 EUR 70.20
COMMERZBANK AG 19.750 9/27/2012 EUR 73.73
COMMERZBANK AG 17.250 9/27/2012 EUR 71.63
COMMERZBANK AG 7.700 9/28/2012 EUR 43.94
COMMERZBANK AG 9.000 10/1/2012 EUR 55.24
COMMERZBANK AG 10.000 10/1/2012 EUR 72.35
COMMERZBANK AG 8.250 10/1/2012 EUR 72.92
COMMERZBANK AG 9.000 10/29/2012 EUR 8.60
COMMERZBANK AG 11.500 11/5/2012 EUR 65.42
COMMERZBANK AG 8.000 11/5/2012 EUR 55.75
COMMERZBANK AG 10.000 11/5/2012 EUR 56.15
COMMERZBANK AG 8.500 12/17/2012 EUR 61.82
COMMERZBANK AG 8.750 12/17/2012 EUR 73.59
COMMERZBANK AG 8.000 12/27/2012 EUR 47.21
COMMERZBANK AG 7.000 12/27/2012 EUR 65.64
COMMERZBANK AG 13.000 12/28/2012 EUR 71.23
COMMERZBANK AG 29.750 12/31/2012 EUR 69.24
COMMERZBANK AG 16.750 12/31/2012 EUR 72.72
COMMERZBANK AG 23.000 12/31/2012 EUR 69.62
COMMERZBANK AG 16.500 1/3/2013 EUR 74.61
COMMERZBANK AG 24.500 3/21/2013 EUR 71.09
COMMERZBANK AG 14.500 3/21/2013 EUR 53.38
COMMERZBANK AG 10.750 3/21/2013 EUR 55.64
COMMERZBANK AG 18.500 3/21/2013 EUR 52.10
COMMERZBANK AG 19.750 3/21/2013 EUR 71.12
COMMERZBANK AG 15.250 3/21/2013 EUR 73.55
COMMERZBANK AG 8.400 12/30/2013 EUR 17.11
DEUTSCHE BANK AG 13.000 7/31/2012 EUR 67.60
DEUTSCHE BANK AG 13.000 7/31/2012 EUR 66.00
DEUTSCHE BANK AG 13.000 7/31/2012 EUR 56.40
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 43.00
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 57.00
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 47.00
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 74.10
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 48.10
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 72.00
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 67.30
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 66.10
DEUTSCHE BANK AG 9.000 7/31/2012 EUR 69.40
DEUTSCHE BANK AG 9.000 7/31/2012 EUR 69.30
DEUTSCHE BANK AG 9.000 7/31/2012 EUR 59.10
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 68.70
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 52.00
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 45.10
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 58.60
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 69.60
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 73.10
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 73.40
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 61.50
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 61.80
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 72.80
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 54.20
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 71.50
DEUTSCHE BANK AG 8.000 8/6/2012 EUR 59.00
DEUTSCHE BANK AG 8.000 8/27/2012 EUR 71.50
DEUTSCHE BANK AG 12.000 8/31/2012 EUR 60.10
DEUTSCHE BANK AG 9.000 8/31/2012 EUR 74.00
DEUTSCHE BANK AG 8.000 8/31/2012 EUR 65.80
DEUTSCHE BANK AG 9.000 8/31/2012 EUR 62.00
DEUTSCHE BANK AG 12.000 8/31/2012 EUR 66.90
DEUTSCHE BANK AG 13.000 9/28/2012 EUR 71.20
DEUTSCHE BANK AG 11.000 9/28/2012 EUR 74.40
DEUTSCHE BANK AG 13.000 9/28/2012 EUR 72.00
DEUTSCHE BANK AG 10.000 10/31/2012 EUR 73.20
DEUTSCHE BANK AG 12.000 10/31/2012 EUR 74.40
DEUTSCHE BANK AG 12.000 10/31/2012 EUR 70.40
DEUTSCHE BANK AG 9.000 11/29/2012 EUR 71.20
DEUTSCHE BANK AG 12.000 11/29/2012 EUR 70.40
DEUTSCHE BANK AG 8.000 12/20/2012 EUR 72.10
DEUTSCHE BANK AG 8.000 12/20/2012 EUR 59.50
DEUTSCHE BANK AG 10.000 12/20/2012 EUR 68.30
DEUTSCHE BANK AG 12.000 12/20/2012 EUR 43.40
DEUTSCHE BANK AG 12.000 12/20/2012 EUR 67.10
DEUTSCHE BANK AG 15.000 12/20/2012 EUR 62.80
DEUTSCHE BANK AG 8.000 12/20/2012 EUR 42.00
DEUTSCHE BANK AG 11.000 1/18/2013 EUR 65.30
DEUTSCHE BANK AG 9.000 1/18/2013 EUR 69.90
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 70.80
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 73.00
DEUTSCHE BANK AG 12.000 2/28/2013 EUR 71.30
DEUTSCHE BANK AG 10.000 2/28/2013 EUR 74.70
DEUTSCHE BANK AG 10.000 4/2/2013 EUR 74.10
DEUTSCHE HYP HAN 5.300 11/20/2023 EUR 73.76
DRESDNER BANK AG 5.700 7/31/2023 EUR 72.81
DZ BANK AG 7.100 7/6/2012 EUR 73.29
DZ BANK AG 5.100 7/6/2012 EUR 73.27
DZ BANK AG 6.200 7/6/2012 EUR 70.46
DZ BANK AG 8.800 7/6/2012 EUR 70.49
DZ BANK AG 9.500 7/6/2012 EUR 74.57
DZ BANK AG 10.500 7/6/2012 EUR 74.52
DZ BANK AG 7.000 7/11/2012 EUR 54.99
DZ BANK AG 12.300 7/11/2012 EUR 71.62
DZ BANK AG 7.000 7/11/2012 EUR 70.24
DZ BANK AG 6.750 7/13/2012 EUR 69.79
DZ BANK AG 6.200 7/13/2012 EUR 73.99
DZ BANK AG 12.500 7/13/2012 EUR 45.95
DZ BANK AG 6.000 7/13/2012 EUR 66.91
DZ BANK AG 10.000 7/13/2012 EUR 71.71
DZ BANK AG 10.250 7/13/2012 EUR 57.35
DZ BANK AG 7.250 7/13/2012 EUR 70.85
DZ BANK AG 8.500 7/13/2012 EUR 40.02
DZ BANK AG 5.000 7/13/2012 EUR 69.03
DZ BANK AG 8.500 7/13/2012 EUR 42.69
DZ BANK AG 5.000 7/13/2012 EUR 72.70
DZ BANK AG 9.500 7/13/2012 EUR 65.97
DZ BANK AG 9.250 7/13/2012 EUR 60.23
DZ BANK AG 9.750 7/13/2012 EUR 72.59
DZ BANK AG 7.250 7/13/2012 EUR 61.43
DZ BANK AG 7.500 7/13/2012 EUR 73.81
DZ BANK AG 8.500 7/13/2012 EUR 71.69
DZ BANK AG 7.750 7/13/2012 EUR 73.88
DZ BANK AG 8.250 7/13/2012 EUR 65.10
DZ BANK AG 7.250 7/13/2012 EUR 70.85
DZ BANK AG 7.000 7/13/2012 EUR 73.81
DZ BANK AG 7.000 7/13/2012 EUR 67.06
DZ BANK AG 7.500 7/13/2012 EUR 38.67
DZ BANK AG 8.750 7/27/2012 EUR 73.66
DZ BANK AG 15.500 7/27/2012 EUR 73.84
DZ BANK AG 15.250 7/27/2012 EUR 42.45
DZ BANK AG 15.000 7/27/2012 EUR 35.93
DZ BANK AG 14.750 7/27/2012 EUR 66.80
DZ BANK AG 13.100 7/27/2012 EUR 67.76
DZ BANK AG 13.000 7/27/2012 EUR 66.70
DZ BANK AG 12.700 7/27/2012 EUR 69.02
DZ BANK AG 12.500 7/27/2012 EUR 62.80
DZ BANK AG 12.250 7/27/2012 EUR 72.58
DZ BANK AG 12.000 7/27/2012 EUR 61.84
DZ BANK AG 12.000 7/27/2012 EUR 72.45
DZ BANK AG 11.750 7/27/2012 EUR 36.89
DZ BANK AG 11.500 7/27/2012 EUR 39.67
DZ BANK AG 11.250 7/27/2012 EUR 46.91
DZ BANK AG 11.250 7/27/2012 EUR 67.76
DZ BANK AG 11.250 7/27/2012 EUR 74.63
DZ BANK AG 10.750 7/27/2012 EUR 46.34
DZ BANK AG 10.500 7/27/2012 EUR 45.05
DZ BANK AG 10.000 7/27/2012 EUR 55.05
DZ BANK AG 9.800 7/27/2012 EUR 65.81
DZ BANK AG 9.300 7/27/2012 EUR 74.66
DZ BANK AG 9.250 7/27/2012 EUR 70.13
DZ BANK AG 9.250 7/27/2012 EUR 70.62
DZ BANK AG 9.000 7/27/2012 EUR 73.87
DZ BANK AG 9.000 7/27/2012 EUR 69.14
DZ BANK AG 8.000 7/27/2012 EUR 50.59
DZ BANK AG 8.000 7/27/2012 EUR 48.88
DZ BANK AG 7.500 7/27/2012 EUR 66.72
DZ BANK AG 6.500 7/27/2012 EUR 61.45
DZ BANK AG 6.000 7/27/2012 EUR 72.91
DZ BANK AG 12.750 7/31/2012 EUR 67.48
DZ BANK AG 12.700 8/3/2012 EUR 67.11
DZ BANK AG 21.250 8/10/2012 EUR 38.13
DZ BANK AG 7.000 8/10/2012 EUR 71.35
DZ BANK AG 5.000 8/10/2012 EUR 52.82
DZ BANK AG 9.500 8/10/2012 EUR 64.07
DZ BANK AG 10.500 8/10/2012 EUR 62.53
DZ BANK AG 14.500 8/10/2012 EUR 61.30
DZ BANK AG 16.500 8/10/2012 EUR 64.09
DZ BANK AG 15.500 8/24/2012 EUR 72.66
DZ BANK AG 12.750 8/24/2012 EUR 66.74
DZ BANK AG 21.000 8/24/2012 EUR 57.18
DZ BANK AG 14.000 8/24/2012 EUR 59.36
DZ BANK AG 12.000 8/24/2012 EUR 73.49
DZ BANK AG 21.250 8/24/2012 EUR 71.07
DZ BANK AG 18.000 8/24/2012 EUR 67.48
DZ BANK AG 26.000 8/24/2012 EUR 71.90
DZ BANK AG 18.000 8/24/2012 EUR 54.60
DZ BANK AG 17.500 8/24/2012 EUR 62.85
DZ BANK AG 17.000 8/24/2012 EUR 61.04
DZ BANK AG 16.500 8/24/2012 EUR 67.49
DZ BANK AG 13.400 8/31/2012 EUR 74.98
DZ BANK AG 7.500 9/14/2012 EUR 62.39
DZ BANK AG 8.500 9/14/2012 EUR 45.83
DZ BANK AG 6.250 9/14/2012 EUR 44.18
DZ BANK AG 9.500 9/14/2012 EUR 73.36
DZ BANK AG 9.500 9/14/2012 EUR 66.85
DZ BANK AG 10.000 9/14/2012 EUR 47.19
DZ BANK AG 10.000 9/14/2012 EUR 46.45
DZ BANK AG 10.250 9/14/2012 EUR 72.11
DZ BANK AG 10.500 9/14/2012 EUR 41.42
DZ BANK AG 12.500 9/14/2012 EUR 70.21
DZ BANK AG 9.000 9/14/2012 EUR 73.66
DZ BANK AG 19.500 9/14/2012 EUR 43.64
DZ BANK AG 7.250 9/14/2012 EUR 67.66
DZ BANK AG 8.250 9/14/2012 EUR 63.91
DZ BANK AG 8.000 9/14/2012 EUR 40.57
DZ BANK AG 7.750 9/14/2012 EUR 74.39
DZ BANK AG 7.500 9/14/2012 EUR 74.35
DZ BANK AG 5.000 9/14/2012 EUR 55.48
DZ BANK AG 5.850 9/14/2012 EUR 46.93
DZ BANK AG 6.000 9/14/2012 EUR 72.59
DZ BANK AG 17.000 9/28/2012 EUR 72.84
DZ BANK AG 16.000 9/28/2012 EUR 71.87
DZ BANK AG 22.000 9/28/2012 EUR 62.63
DZ BANK AG 17.500 9/28/2012 EUR 68.02
DZ BANK AG 20.000 9/28/2012 EUR 69.49
DZ BANK AG 23.000 9/28/2012 EUR 69.54
DZ BANK AG 5.700 10/5/2012 EUR 66.43
DZ BANK AG 8.300 10/5/2012 EUR 61.81
DZ BANK AG 4.500 10/5/2012 EUR 69.05
DZ BANK AG 8.000 10/12/2012 EUR 69.86
DZ BANK AG 8.000 10/12/2012 EUR 42.18
DZ BANK AG 7.000 10/12/2012 EUR 39.61
DZ BANK AG 7.000 10/12/2012 EUR 65.60
DZ BANK AG 7.000 10/12/2012 EUR 74.78
DZ BANK AG 9.500 10/12/2012 EUR 57.82
DZ BANK AG 11.000 10/26/2012 EUR 74.03
DZ BANK AG 13.750 10/26/2012 EUR 53.90
DZ BANK AG 15.000 10/26/2012 EUR 73.47
DZ BANK AG 16.000 10/26/2012 EUR 70.14
DZ BANK AG 18.000 10/26/2012 EUR 73.37
DZ BANK AG 19.000 10/26/2012 EUR 71.94
DZ BANK AG 22.000 10/26/2012 EUR 69.34
DZ BANK AG 18.000 10/26/2012 EUR 74.81
DZ BANK AG 11.900 11/1/2012 EUR 69.88
DZ BANK AG 14.500 11/9/2012 EUR 72.85
DZ BANK AG 20.000 11/23/2012 EUR 71.59
DZ BANK AG 9.750 12/14/2012 EUR 65.26
DZ BANK AG 5.000 12/14/2012 EUR 54.52
DZ BANK AG 5.000 12/21/2012 EUR 67.23
DZ BANK AG 12.000 1/2/2013 EUR 71.09
DZ BANK AG 6.000 1/2/2013 EUR 60.86
DZ BANK AG 14.000 1/11/2013 EUR 40.89
DZ BANK AG 10.750 1/11/2013 EUR 70.46
DZ BANK AG 15.500 1/11/2013 EUR 45.30
DZ BANK AG 14.000 1/25/2013 EUR 71.96
DZ BANK AG 12.500 1/25/2013 EUR 42.32
DZ BANK AG 19.000 1/25/2013 EUR 73.13
DZ BANK AG 10.250 2/8/2013 EUR 73.18
DZ BANK AG 11.250 2/8/2013 EUR 64.71
DZ BANK AG 9.000 2/8/2013 EUR 73.54
DZ BANK AG 10.750 2/22/2013 EUR 62.30
DZ BANK AG 11.000 2/22/2013 EUR 65.29
DZ BANK AG 15.000 2/22/2013 EUR 74.04
DZ BANK AG 12.000 3/7/2013 EUR 73.70
DZ BANK AG 11.140 3/8/2013 EUR 74.77
DZ BANK AG 11.000 3/8/2013 EUR 74.28
DZ BANK AG 10.750 3/8/2013 EUR 73.85
DZ BANK AG 10.500 3/8/2013 EUR 73.47
DZ BANK AG 10.000 3/8/2013 EUR 53.11
DZ BANK AG 13.750 3/8/2013 EUR 45.62
DZ BANK AG 20.000 3/22/2013 EUR 73.63
DZ BANK AG 14.000 3/22/2013 EUR 70.76
DZ BANK AG 14.000 3/22/2013 EUR 71.98
DZ BANK AG 11.250 3/22/2013 EUR 46.52
DZ BANK AG 11.000 3/22/2013 EUR 74.62
DZ BANK AG 8.500 3/22/2013 EUR 73.50
DZ BANK AG 14.000 4/2/2013 EUR 71.50
DZ BANK AG 12.000 4/2/2013 EUR 73.07
DZ BANK AG 13.250 4/2/2013 EUR 73.40
DZ BANK AG 16.000 4/12/2013 EUR 64.06
DZ BANK AG 15.750 4/26/2013 EUR 73.43
DZ BANK AG 17.000 4/26/2013 EUR 37.66
DZ BANK AG 8.500 4/26/2013 EUR 71.37
DZ BANK AG 15.500 5/24/2013 EUR 65.37
DZ BANK AG 5.000 6/22/2018 EUR 61.09
ESCADA AG 7.500 4/1/2012 EUR 8.64
ESCADA AG 7.500 4/1/2012 EUR 8.38
EUROHYPO AG 3.830 9/21/2020 EUR 69.88
GOLDMAN SACHS CO 16.000 9/26/2012 EUR 73.00
GOLDMAN SACHS CO 10.000 9/26/2012 EUR 74.40
GOLDMAN SACHS CO 17.000 9/26/2012 EUR 73.40
GOLDMAN SACHS CO 11.000 9/26/2012 EUR 73.70
GOLDMAN SACHS CO 12.000 9/26/2012 EUR 67.80
GOLDMAN SACHS CO 13.000 9/26/2012 EUR 74.30
GOLDMAN SACHS CO 16.000 9/26/2012 EUR 74.80
GOLDMAN SACHS CO 15.000 12/28/2012 EUR 74.40
GOLDMAN SACHS CO 15.000 12/28/2012 EUR 72.50
GOLDMAN SACHS CO 10.000 12/28/2012 EUR 72.10
GOLDMAN SACHS CO 16.000 1/2/2013 EUR 74.90
GOLDMAN SACHS CO 18.000 3/20/2013 EUR 73.60
GOLDMAN SACHS CO 18.000 3/20/2013 EUR 73.30
GOLDMAN SACHS CO 15.000 3/20/2013 EUR 71.00
GOLDMAN SACHS CO 15.000 6/26/2013 EUR 70.50
GOLDMAN SACHS CO 11.000 6/26/2013 EUR 73.60
GOLDMAN SACHS CO 16.000 12/27/2013 EUR 73.70
GOLDMAN SACHS CO 10.000 12/27/2013 EUR 73.30
GOLDMAN SACHS CO 13.000 12/27/2013 EUR 74.40
HECKLER & KOCH 9.500 5/15/2018 EUR 74.88
HECKLER & KOCH 9.500 5/15/2018 EUR 75.02
HEIDELBERG DRUCK 9.250 4/15/2018 EUR 73.13
HEIDELBERG DRUCK 9.250 4/15/2018 EUR 73.14
HSBC TRINKAUS 12.000 9/28/2012 EUR 72.59
HSBC TRINKAUS 29.500 9/28/2012 EUR 65.10
HSBC TRINKAUS 27.500 9/28/2012 EUR 74.35
HSBC TRINKAUS 25.000 9/28/2012 EUR 66.70
HSBC TRINKAUS 25.000 9/28/2012 EUR 68.91
HSBC TRINKAUS 24.000 9/28/2012 EUR 68.09
HSBC TRINKAUS 21.000 9/28/2012 EUR 72.62
HSBC TRINKAUS 20.000 9/28/2012 EUR 69.49
HSBC TRINKAUS 15.500 9/28/2012 EUR 45.38
HSBC TRINKAUS 29.500 9/28/2012 EUR 66.41
HSBC TRINKAUS 29.000 9/28/2012 EUR 74.98
HSBC TRINKAUS 13.000 9/28/2012 EUR 73.84
HSBC TRINKAUS 20.000 9/28/2012 EUR 62.48
HSBC TRINKAUS 19.000 9/28/2012 EUR 67.78
HSBC TRINKAUS 19.500 9/28/2012 EUR 70.20
HSBC TRINKAUS 27.500 9/28/2012 EUR 68.31
HSBC TRINKAUS 10.000 10/26/2012 EUR 72.21
HSBC TRINKAUS 17.500 10/26/2012 EUR 73.69
HSBC TRINKAUS 12.500 10/26/2012 EUR 69.55
HSBC TRINKAUS 11.500 11/23/2012 EUR 70.08
HSBC TRINKAUS 16.000 11/23/2012 EUR 74.42
HSBC TRINKAUS 9.500 11/23/2012 EUR 72.68
HSBC TRINKAUS 10.500 3/22/2013 EUR 71.88
HSBC TRINKAUS 8.000 3/22/2013 EUR 52.19
HSBC TRINKAUS 15.000 3/22/2013 EUR 74.84
HSBC TRINKAUS 15.000 3/22/2013 EUR 71.07
HSBC TRINKAUS 15.500 3/22/2013 EUR 67.76
HSBC TRINKAUS 17.500 3/22/2013 EUR 74.30
HSBC TRINKAUS 17.500 3/22/2013 EUR 74.02
HSBC TRINKAUS 18.000 3/22/2013 EUR 71.49
HSBC TRINKAUS 18.500 3/22/2013 EUR 65.52
HSBC TRINKAUS 19.500 3/22/2013 EUR 72.02
HSBC TRINKAUS 20.000 3/22/2013 EUR 70.88
HSBC TRINKAUS 20.000 3/22/2013 EUR 73.43
HSBC TRINKAUS 21.000 3/22/2013 EUR 69.63
HSBC TRINKAUS 21.000 3/22/2013 EUR 49.44
HSBC TRINKAUS 21.000 3/22/2013 EUR 72.96
HSBC TRINKAUS 22.000 3/22/2013 EUR 71.94
HSBC TRINKAUS 22.000 3/22/2013 EUR 64.16
HSBC TRINKAUS 12.000 3/22/2013 EUR 74.80
HSBC TRINKAUS 23.500 3/22/2013 EUR 66.96
HSBC TRINKAUS 24.000 3/22/2013 EUR 71.98
HSBC TRINKAUS 26.500 3/22/2013 EUR 65.12
HSBC TRINKAUS 27.000 3/22/2013 EUR 63.96
HSBC TRINKAUS 27.500 3/22/2013 EUR 54.37
HSBC TRINKAUS 13.000 3/22/2013 EUR 50.19
HSBC TRINKAUS 19.000 6/28/2013 EUR 66.15
HSBC TRINKAUS 19.500 6/28/2013 EUR 71.92
HSBC TRINKAUS 19.500 6/28/2013 EUR 72.12
HSBC TRINKAUS 21.500 6/28/2013 EUR 69.84
HSBC TRINKAUS 22.500 6/28/2013 EUR 65.03
HSBC TRINKAUS 23.500 6/28/2013 EUR 68.15
HSBC TRINKAUS 25.500 6/28/2013 EUR 64.04
HSBC TRINKAUS 26.000 6/28/2013 EUR 55.98
HSBC TRINKAUS 30.000 6/28/2013 EUR 55.89
HSBC TRINKAUS 18.500 6/28/2013 EUR 72.69
HSBC TRINKAUS 17.500 6/28/2013 EUR 73.55
HSBC TRINKAUS 17.500 6/28/2013 EUR 73.27
HSBC TRINKAUS 16.500 6/28/2013 EUR 67.33
HSBC TRINKAUS 16.500 6/28/2013 EUR 74.24
HSBC TRINKAUS 14.000 6/28/2013 EUR 68.97
HSBC TRINKAUS 13.000 6/28/2013 EUR 73.17
HSBC TRINKAUS 10.500 6/28/2013 EUR 72.66
HSBC TRINKAUS 11.500 12/30/2013 EUR 74.33
KFW 0.250 10/6/2036 CAD 32.47
L-BANK FOERDERBK 0.500 5/10/2027 CAD 56.48
L-BANK FOERDERBK 0.250 10/13/2037 CAD 28.27
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LB BADEN-WUERTT 10.000 7/27/2012 EUR 60.67
LB BADEN-WUERTT 10.000 7/27/2012 EUR 63.27
LB BADEN-WUERTT 10.000 7/27/2012 EUR 72.43
LB BADEN-WUERTT 10.000 7/27/2012 EUR 50.57
LB BADEN-WUERTT 10.000 7/27/2012 EUR 47.66
LB BADEN-WUERTT 10.000 7/27/2012 EUR 24.01
LB BADEN-WUERTT 10.000 7/27/2012 EUR 71.82
LB BADEN-WUERTT 10.000 7/27/2012 EUR 61.13
LB BADEN-WUERTT 10.000 7/27/2012 EUR 58.33
LB BADEN-WUERTT 10.000 7/27/2012 EUR 59.66
LB BADEN-WUERTT 10.000 7/27/2012 EUR 16.28
LB BADEN-WUERTT 10.000 7/27/2012 EUR 72.56
LB BADEN-WUERTT 10.000 7/27/2012 EUR 41.87
LB BADEN-WUERTT 10.000 7/27/2012 EUR 14.65
LB BADEN-WUERTT 10.000 7/27/2012 EUR 55.97
LB BADEN-WUERTT 8.000 7/27/2012 EUR 72.03
LB BADEN-WUERTT 8.000 7/27/2012 EUR 67.32
LB BADEN-WUERTT 8.000 7/27/2012 EUR 56.63
LB BADEN-WUERTT 8.000 7/27/2012 EUR 72.43
LB BADEN-WUERTT 8.000 7/27/2012 EUR 33.31
LB BADEN-WUERTT 8.000 7/27/2012 EUR 23.97
LB BADEN-WUERTT 8.000 7/27/2012 EUR 64.77
LB BADEN-WUERTT 8.000 7/27/2012 EUR 49.99
LB BADEN-WUERTT 7.500 7/27/2012 EUR 56.23
LB BADEN-WUERTT 7.500 7/27/2012 EUR 50.95
LB BADEN-WUERTT 7.500 7/27/2012 EUR 61.34
LB BADEN-WUERTT 7.500 7/27/2012 EUR 46.38
LB BADEN-WUERTT 7.500 7/27/2012 EUR 66.98
LB BADEN-WUERTT 7.500 7/27/2012 EUR 42.88
LB BADEN-WUERTT 7.500 7/27/2012 EUR 73.24
LB BADEN-WUERTT 7.500 7/27/2012 EUR 41.82
LB BADEN-WUERTT 7.500 7/27/2012 EUR 68.64
LB BADEN-WUERTT 7.500 7/27/2012 EUR 70.54
LB BADEN-WUERTT 7.500 7/27/2012 EUR 65.23
LB BADEN-WUERTT 7.500 7/27/2012 EUR 72.67
LB BADEN-WUERTT 7.500 7/27/2012 EUR 47.76
LB BADEN-WUERTT 7.500 7/27/2012 EUR 17.47
LB BADEN-WUERTT 7.500 7/27/2012 EUR 44.32
LB BADEN-WUERTT 7.500 7/27/2012 EUR 49.65
LB BADEN-WUERTT 7.500 7/27/2012 EUR 63.64
LB BADEN-WUERTT 7.500 7/27/2012 EUR 66.54
LB BADEN-WUERTT 7.500 7/27/2012 EUR 26.31
LB BADEN-WUERTT 7.500 7/27/2012 EUR 14.54
LB BADEN-WUERTT 6.000 7/27/2012 EUR 26.51
LB BADEN-WUERTT 6.000 7/27/2012 EUR 62.05
LB BADEN-WUERTT 6.000 7/27/2012 EUR 69.75
LB BADEN-WUERTT 6.000 7/27/2012 EUR 37.16
LB BADEN-WUERTT 6.000 7/27/2012 EUR 55.44
LB BADEN-WUERTT 6.000 7/27/2012 EUR 24.25
LB BADEN-WUERTT 5.000 7/27/2012 EUR 70.66
LB BADEN-WUERTT 5.000 7/27/2012 EUR 29.17
LB BADEN-WUERTT 5.000 7/27/2012 EUR 54.53
LB BADEN-WUERTT 5.000 7/27/2012 EUR 69.61
LB BADEN-WUERTT 5.000 7/27/2012 EUR 56.06
LB BADEN-WUERTT 5.000 7/27/2012 EUR 52.05
LB BADEN-WUERTT 4.000 7/27/2012 EUR 44.49
LB BADEN-WUERTT 4.000 7/27/2012 EUR 70.18
LB BADEN-WUERTT 4.000 7/27/2012 EUR 64.30
LB BADEN-WUERTT 4.000 7/27/2012 EUR 30.32
LB BADEN-WUERTT 5.000 7/27/2012 EUR 18.95
LB BADEN-WUERTT 5.000 7/27/2012 EUR 51.71
LB BADEN-WUERTT 5.000 7/27/2012 EUR 48.14
LB BADEN-WUERTT 5.000 7/27/2012 EUR 74.37
LB BADEN-WUERTT 5.000 7/27/2012 EUR 54.18
LB BADEN-WUERTT 5.000 7/27/2012 EUR 69.42
LB BADEN-WUERTT 5.000 7/27/2012 EUR 14.21
LB BADEN-WUERTT 5.000 7/27/2012 EUR 64.67
LB BADEN-WUERTT 5.000 7/27/2012 EUR 47.08
LB BADEN-WUERTT 5.000 7/27/2012 EUR 49.54
LB BADEN-WUERTT 10.000 7/27/2012 EUR 68.08
LB BADEN-WUERTT 10.000 7/27/2012 EUR 38.68
LB BADEN-WUERTT 10.000 7/27/2012 EUR 41.13
LB BADEN-WUERTT 10.000 7/27/2012 EUR 38.94
LB BADEN-WUERTT 10.000 7/27/2012 EUR 71.74
LB BADEN-WUERTT 10.000 7/27/2012 EUR 45.81
LB BADEN-WUERTT 10.000 7/27/2012 EUR 67.05
LB BADEN-WUERTT 10.000 7/27/2012 EUR 43.23
LB BADEN-WUERTT 10.000 7/27/2012 EUR 67.91
LB BADEN-WUERTT 10.000 7/27/2012 EUR 73.70
LB BADEN-WUERTT 10.000 7/27/2012 EUR 65.20
LB BADEN-WUERTT 10.000 8/24/2012 EUR 56.47
LB BADEN-WUERTT 10.000 8/24/2012 EUR 65.49
LB BADEN-WUERTT 10.000 8/24/2012 EUR 67.65
LB BADEN-WUERTT 10.000 8/24/2012 EUR 74.50
LB BADEN-WUERTT 10.000 8/24/2012 EUR 74.89
LB BADEN-WUERTT 10.000 8/24/2012 EUR 47.33
LB BADEN-WUERTT 10.000 8/24/2012 EUR 63.81
LB BADEN-WUERTT 10.000 8/24/2012 EUR 67.35
LB BADEN-WUERTT 10.000 8/24/2012 EUR 66.28
LB BADEN-WUERTT 10.000 8/24/2012 EUR 60.74
LB BADEN-WUERTT 10.000 8/24/2012 EUR 67.99
LB BADEN-WUERTT 10.000 8/24/2012 EUR 71.06
LB BADEN-WUERTT 10.000 8/24/2012 EUR 19.35
LB BADEN-WUERTT 10.000 8/24/2012 EUR 43.33
LB BADEN-WUERTT 10.000 8/24/2012 EUR 73.93
LB BADEN-WUERTT 10.000 8/24/2012 EUR 37.67
LB BADEN-WUERTT 10.000 8/24/2012 EUR 74.89
LB BADEN-WUERTT 10.000 8/24/2012 EUR 66.86
LB BADEN-WUERTT 10.000 8/24/2012 EUR 39.30
LB BADEN-WUERTT 10.000 8/24/2012 EUR 55.53
LB BADEN-WUERTT 10.000 8/24/2012 EUR 74.69
LB BADEN-WUERTT 6.000 8/24/2012 EUR 31.19
LB BADEN-WUERTT 6.000 8/24/2012 EUR 31.48
LB BADEN-WUERTT 6.000 8/24/2012 EUR 62.73
LB BADEN-WUERTT 6.000 8/24/2012 EUR 69.84
LB BADEN-WUERTT 6.000 8/24/2012 EUR 63.57
LB BADEN-WUERTT 6.000 8/24/2012 EUR 73.69
LB BADEN-WUERTT 7.500 8/24/2012 EUR 74.08
LB BADEN-WUERTT 7.500 8/24/2012 EUR 43.68
LB BADEN-WUERTT 7.500 8/24/2012 EUR 42.58
LB BADEN-WUERTT 7.500 8/24/2012 EUR 46.88
LB BADEN-WUERTT 7.500 8/24/2012 EUR 65.52
LB BADEN-WUERTT 7.500 8/24/2012 EUR 20.76
LB BADEN-WUERTT 7.500 8/24/2012 EUR 72.47
LB BADEN-WUERTT 7.500 8/24/2012 EUR 69.95
LB BADEN-WUERTT 4.000 8/24/2012 EUR 36.63
LB BADEN-WUERTT 4.000 8/24/2012 EUR 74.60
LB BADEN-WUERTT 7.500 8/24/2012 EUR 52.81
LB BADEN-WUERTT 4.000 8/24/2012 EUR 58.22
LB BADEN-WUERTT 5.000 8/24/2012 EUR 23.49
LB BADEN-WUERTT 5.000 8/24/2012 EUR 73.01
LB BADEN-WUERTT 5.000 8/24/2012 EUR 47.41
LB BADEN-WUERTT 5.000 8/24/2012 EUR 52.56
LB BADEN-WUERTT 7.500 8/24/2012 EUR 72.64
LB BADEN-WUERTT 5.000 8/24/2012 EUR 67.36
LB BADEN-WUERTT 7.500 8/24/2012 EUR 60.72
LB BADEN-WUERTT 5.000 8/24/2012 EUR 59.93
LB BADEN-WUERTT 4.000 8/24/2012 EUR 35.38
LB BADEN-WUERTT 5.000 8/24/2012 EUR 70.68
LB BADEN-WUERTT 5.000 8/24/2012 EUR 51.81
LB BADEN-WUERTT 5.000 8/24/2012 EUR 71.11
LB BADEN-WUERTT 5.000 8/24/2012 EUR 48.32
LB BADEN-WUERTT 6.000 8/24/2012 EUR 50.51
LB BADEN-WUERTT 6.000 8/24/2012 EUR 73.04
LB BADEN-WUERTT 6.000 8/24/2012 EUR 73.05
LB BADEN-WUERTT 7.500 8/24/2012 EUR 61.65
LB BADEN-WUERTT 7.500 8/24/2012 EUR 46.20
LB BADEN-WUERTT 7.500 8/24/2012 EUR 73.51
LB BADEN-WUERTT 7.500 8/24/2012 EUR 61.85
LB BADEN-WUERTT 7.500 8/24/2012 EUR 69.09
LB BADEN-WUERTT 7.500 8/24/2012 EUR 74.02
LB BADEN-WUERTT 8.000 8/24/2012 EUR 65.31
LB BADEN-WUERTT 8.000 8/24/2012 EUR 55.59
LB BADEN-WUERTT 8.000 8/24/2012 EUR 70.01
LB BADEN-WUERTT 8.000 8/24/2012 EUR 46.10
LB BADEN-WUERTT 8.000 8/24/2012 EUR 68.53
LB BADEN-WUERTT 8.000 8/24/2012 EUR 65.28
LB BADEN-WUERTT 8.000 8/24/2012 EUR 71.96
LB BADEN-WUERTT 8.000 8/24/2012 EUR 28.84
LB BADEN-WUERTT 8.000 8/24/2012 EUR 66.11
LB BADEN-WUERTT 8.000 8/24/2012 EUR 73.44
LB BADEN-WUERTT 8.000 8/24/2012 EUR 55.00
LB BADEN-WUERTT 8.000 8/24/2012 EUR 71.05
LB BADEN-WUERTT 8.000 8/24/2012 EUR 28.22
LB BADEN-WUERTT 10.000 8/24/2012 EUR 41.74
LB BADEN-WUERTT 10.000 8/24/2012 EUR 73.36
LB BADEN-WUERTT 10.000 8/24/2012 EUR 56.34
LB BADEN-WUERTT 4.000 9/28/2012 EUR 63.09
LB BADEN-WUERTT 4.000 9/28/2012 EUR 62.77
LB BADEN-WUERTT 4.000 9/28/2012 EUR 43.57
LB BADEN-WUERTT 4.000 9/28/2012 EUR 67.44
LB BADEN-WUERTT 5.000 9/28/2012 EUR 74.54
LB BADEN-WUERTT 4.000 9/28/2012 EUR 40.75
LB BADEN-WUERTT 5.000 9/28/2012 EUR 59.26
LB BADEN-WUERTT 6.000 9/28/2012 EUR 73.02
LB BADEN-WUERTT 6.000 9/28/2012 EUR 54.44
LB BADEN-WUERTT 6.000 9/28/2012 EUR 37.94
LB BADEN-WUERTT 6.000 9/28/2012 EUR 35.10
LB BADEN-WUERTT 6.000 9/28/2012 EUR 53.35
LB BADEN-WUERTT 6.000 9/28/2012 EUR 21.62
LB BADEN-WUERTT 7.500 9/28/2012 EUR 54.22
LB BADEN-WUERTT 6.000 9/28/2012 EUR 58.57
LB BADEN-WUERTT 7.000 9/28/2012 EUR 69.76
LB BADEN-WUERTT 8.000 9/28/2012 EUR 19.35
LB BADEN-WUERTT 8.000 9/28/2012 EUR 47.19
LB BADEN-WUERTT 8.000 9/28/2012 EUR 52.96
LB BADEN-WUERTT 8.000 9/28/2012 EUR 32.21
LB BADEN-WUERTT 8.000 9/28/2012 EUR 63.24
LB BADEN-WUERTT 8.000 9/28/2012 EUR 49.51
LB BADEN-WUERTT 8.000 9/28/2012 EUR 34.48
LB BADEN-WUERTT 10.000 9/28/2012 EUR 50.06
LB BADEN-WUERTT 4.000 9/28/2012 EUR 25.87
LB BADEN-WUERTT 10.000 10/26/2012 EUR 33.09
LB BADEN-WUERTT 10.000 10/26/2012 EUR 7.77
LB BADEN-WUERTT 10.000 10/26/2012 EUR 45.35
LB BADEN-WUERTT 10.000 10/26/2012 EUR 69.23
LB BADEN-WUERTT 10.000 10/26/2012 EUR 41.80
LB BADEN-WUERTT 10.000 10/26/2012 EUR 48.69
LB BADEN-WUERTT 10.000 10/26/2012 EUR 71.99
LB BADEN-WUERTT 10.000 10/26/2012 EUR 16.18
LB BADEN-WUERTT 10.000 10/26/2012 EUR 67.23
LB BADEN-WUERTT 7.500 10/26/2012 EUR 52.62
LB BADEN-WUERTT 7.500 10/26/2012 EUR 46.63
LB BADEN-WUERTT 7.500 10/26/2012 EUR 49.19
LB BADEN-WUERTT 7.500 10/26/2012 EUR 17.00
LB BADEN-WUERTT 7.500 10/26/2012 EUR 35.62
LB BADEN-WUERTT 7.500 10/26/2012 EUR 73.41
LB BADEN-WUERTT 7.500 10/26/2012 EUR 7.99
LB BADEN-WUERTT 5.000 10/26/2012 EUR 59.25
LB BADEN-WUERTT 5.000 10/26/2012 EUR 18.69
LB BADEN-WUERTT 5.000 10/26/2012 EUR 8.11
LB BADEN-WUERTT 5.000 10/26/2012 EUR 40.82
LB BADEN-WUERTT 5.000 10/26/2012 EUR 55.20
LB BADEN-WUERTT 10.000 10/26/2012 EUR 70.78
LB BADEN-WUERTT 5.000 10/26/2012 EUR 55.08
LB BADEN-WUERTT 7.500 11/23/2012 EUR 34.11
LB BADEN-WUERTT 7.500 11/23/2012 EUR 69.87
LB BADEN-WUERTT 7.500 11/23/2012 EUR 41.69
LB BADEN-WUERTT 7.500 11/23/2012 EUR 17.65
LB BADEN-WUERTT 7.500 11/23/2012 EUR 69.97
LB BADEN-WUERTT 7.500 11/23/2012 EUR 48.72
LB BADEN-WUERTT 10.000 11/23/2012 EUR 61.88
LB BADEN-WUERTT 10.000 11/23/2012 EUR 63.55
LB BADEN-WUERTT 10.000 11/23/2012 EUR 16.98
LB BADEN-WUERTT 10.000 11/23/2012 EUR 72.53
LB BADEN-WUERTT 10.000 11/23/2012 EUR 54.10
LB BADEN-WUERTT 10.000 11/23/2012 EUR 73.49
LB BADEN-WUERTT 10.000 11/23/2012 EUR 66.22
LB BADEN-WUERTT 7.500 11/23/2012 EUR 60.65
LB BADEN-WUERTT 10.000 11/23/2012 EUR 45.16
LB BADEN-WUERTT 10.000 11/23/2012 EUR 61.05
LB BADEN-WUERTT 10.000 11/23/2012 EUR 38.28
LB BADEN-WUERTT 10.000 11/23/2012 EUR 31.63
LB BADEN-WUERTT 10.000 11/23/2012 EUR 73.67
LB BADEN-WUERTT 10.000 11/23/2012 EUR 44.94
LB BADEN-WUERTT 15.000 11/23/2012 EUR 54.26
LB BADEN-WUERTT 10.000 11/23/2012 EUR 65.82
LB BADEN-WUERTT 5.000 11/23/2012 EUR 54.92
LB BADEN-WUERTT 5.000 11/23/2012 EUR 70.81
LB BADEN-WUERTT 5.000 11/23/2012 EUR 38.33
LB BADEN-WUERTT 5.000 11/23/2012 EUR 47.98
LB BADEN-WUERTT 5.000 11/23/2012 EUR 18.95
LB BADEN-WUERTT 5.000 11/23/2012 EUR 53.52
LB BADEN-WUERTT 7.500 11/23/2012 EUR 71.32
LB BADEN-WUERTT 7.500 11/23/2012 EUR 72.19
LB BADEN-WUERTT 7.500 11/23/2012 EUR 48.76
LB BADEN-WUERTT 7.500 11/23/2012 EUR 67.22
LB BADEN-WUERTT 5.000 1/4/2013 EUR 66.41
LB BADEN-WUERTT 5.000 1/4/2013 EUR 50.25
LB BADEN-WUERTT 7.500 1/4/2013 EUR 18.17
LB BADEN-WUERTT 7.500 1/4/2013 EUR 45.63
LB BADEN-WUERTT 10.000 1/4/2013 EUR 46.84
LB BADEN-WUERTT 7.500 1/4/2013 EUR 47.29
LB BADEN-WUERTT 10.000 1/4/2013 EUR 18.01
LB BADEN-WUERTT 10.000 1/4/2013 EUR 63.94
LB BADEN-WUERTT 10.000 1/4/2013 EUR 72.63
LB BADEN-WUERTT 10.000 1/4/2013 EUR 66.93
LB BADEN-WUERTT 10.000 1/4/2013 EUR 54.32
LB BADEN-WUERTT 10.000 1/4/2013 EUR 43.35
LB BADEN-WUERTT 10.000 1/4/2013 EUR 39.86
LB BADEN-WUERTT 10.000 1/4/2013 EUR 74.07
LB BADEN-WUERTT 10.000 1/4/2013 EUR 52.67
LB BADEN-WUERTT 10.000 1/4/2013 EUR 74.61
LB BADEN-WUERTT 7.500 1/4/2013 EUR 72.44
LB BADEN-WUERTT 7.500 1/4/2013 EUR 51.46
LB BADEN-WUERTT 5.000 1/4/2013 EUR 48.00
LB BADEN-WUERTT 5.000 1/4/2013 EUR 52.80
LB BADEN-WUERTT 7.500 1/4/2013 EUR 42.17
LB BADEN-WUERTT 5.000 1/4/2013 EUR 19.42
LB BADEN-WUERTT 7.500 1/4/2013 EUR 69.01
LB BADEN-WUERTT 7.500 1/4/2013 EUR 58.06
LB BADEN-WUERTT 5.000 1/4/2013 EUR 44.42
LB BADEN-WUERTT 10.000 1/25/2013 EUR 68.42
LB BADEN-WUERTT 10.000 1/25/2013 EUR 55.06
LB BADEN-WUERTT 10.000 1/25/2013 EUR 60.64
LB BADEN-WUERTT 5.000 1/25/2013 EUR 71.06
LB BADEN-WUERTT 5.000 1/25/2013 EUR 70.21
LB BADEN-WUERTT 5.000 1/25/2013 EUR 25.64
LB BADEN-WUERTT 10.000 1/25/2013 EUR 74.53
LB BADEN-WUERTT 7.500 1/25/2013 EUR 72.42
LB BADEN-WUERTT 10.000 1/25/2013 EUR 73.83
LB BADEN-WUERTT 10.000 1/25/2013 EUR 68.29
LB BADEN-WUERTT 10.000 1/25/2013 EUR 22.95
LB BADEN-WUERTT 10.000 1/25/2013 EUR 74.56
LB BADEN-WUERTT 7.500 1/25/2013 EUR 67.28
LB BADEN-WUERTT 7.500 1/25/2013 EUR 73.04
LB BADEN-WUERTT 7.500 1/25/2013 EUR 73.93
LB BADEN-WUERTT 7.500 1/25/2013 EUR 60.26
LB BADEN-WUERTT 7.500 1/25/2013 EUR 23.75
LB BADEN-WUERTT 11.000 2/22/2013 EUR 73.74
LB BADEN-WUERTT 15.000 2/22/2013 EUR 67.43
LB BADEN-WUERTT 15.000 2/22/2013 EUR 60.81
LB BADEN-WUERTT 10.000 2/22/2013 EUR 69.41
LB BADEN-WUERTT 8.000 3/22/2013 EUR 52.60
LB BADEN-WUERTT 10.000 3/22/2013 EUR 51.55
LB BADEN-WUERTT 12.000 3/22/2013 EUR 74.01
LB BADEN-WUERTT 15.000 3/22/2013 EUR 49.80
LB BADEN-WUERTT 12.000 3/22/2013 EUR 71.39
LB BADEN-WUERTT 7.500 6/28/2013 EUR 56.24
LB BADEN-WUERTT 9.000 6/28/2013 EUR 53.73
LB BADEN-WUERTT 10.000 6/28/2013 EUR 73.32
LB BADEN-WUERTT 10.000 6/28/2013 EUR 53.51
LB BADEN-WUERTT 10.000 6/28/2013 EUR 69.36
LB BADEN-WUERTT 11.000 6/28/2013 EUR 53.31
LB BADEN-WUERTT 7.500 6/28/2013 EUR 68.34
LB BADEN-WUERTT 7.000 6/28/2013 EUR 55.75
LB BADEN-WUERTT 5.000 6/28/2013 EUR 61.86
LB BADEN-WUERTT 5.000 6/28/2013 EUR 68.46
LB BADEN-WUERTT 8.000 7/26/2013 EUR 58.46
LB BADEN-WUERTT 7.000 7/26/2013 EUR 60.49
LB BADEN-WUERTT 9.000 7/26/2013 EUR 58.07
LB BADEN-WUERTT 7.000 8/23/2013 EUR 74.84
LB BADEN-WUERTT 12.000 8/23/2013 EUR 55.68
LB BADEN-WUERTT 8.000 8/23/2013 EUR 58.76
LB BADEN-WUERTT 9.000 8/23/2013 EUR 72.86
LB BADEN-WUERTT 10.000 8/23/2013 EUR 56.96
LB BADEN-WUERTT 11.000 9/27/2013 EUR 56.45
LB BADEN-WUERTT 7.000 9/27/2013 EUR 57.93
LB BADEN-WUERTT 9.000 9/27/2013 EUR 56.39
LB BADEN-WUERTT 8.000 11/22/2013 EUR 73.74
LB BADEN-WUERTT 10.000 11/22/2013 EUR 72.68
LB BADEN-WUERTT 5.250 10/20/2015 EUR 25.46
LB BADEN-WUERTT 2.800 2/23/2037 JPY 57.78
MACQUARIE STRUCT 8.500 7/6/2012 EUR 69.22
MACQUARIE STRUCT 9.000 9/28/2012 EUR 50.41
MACQUARIE STRUCT 9.250 9/28/2012 EUR 69.18
MACQUARIE STRUCT 9.750 9/28/2012 EUR 41.29
MACQUARIE STRUCT 10.750 9/28/2012 EUR 70.86
MACQUARIE STRUCT 11.500 9/28/2012 EUR 41.01
MACQUARIE STRUCT 12.750 9/28/2012 EUR 69.38
MACQUARIE STRUCT 16.000 9/28/2012 EUR 67.56
MACQUARIE STRUCT 10.000 9/28/2012 EUR 67.98
MACQUARIE STRUCT 18.000 12/14/2012 EUR 60.13
MACQUARIE STRUCT 13.250 1/2/2013 EUR 73.25
MACQUARIE STRUCT 16.500 1/2/2013 EUR 74.29
PRAKTIKER BAU-UN 5.875 2/10/2016 EUR 35.00
Q-CELLS 6.750 10/21/2015 EUR 0.51
RENTENBANK 0.500 3/15/2017 TRY 70.90
RENTENBANK 0.500 4/19/2017 TRY 70.61
SOLARWORLD AG 6.375 7/13/2016 EUR 33.01
SOLARWORLD AG 6.125 1/21/2017 EUR 29.02
SOLON AG SOLAR 1.375 12/6/2012 EUR 0.84
TAG IMMO AG 6.500 12/10/2015 EUR 8.61
TUI AG 5.500 11/17/2014 EUR 60.34
TUI AG 2.750 3/24/2016 EUR 48.46
VONTOBEL FIN PRO 11.514 7/6/2012 EUR 51.80
VONTOBEL FIN PRO 10.860 7/6/2012 EUR 67.00
VONTOBEL FIN PRO 10.860 7/13/2012 EUR 69.60
VONTOBEL FIN PRO 11.061 7/13/2012 EUR 61.60
VONTOBEL FIN PRO 10.860 7/20/2012 EUR 40.80
VONTOBEL FIN PRO 11.665 7/20/2012 EUR 66.70
VONTOBEL FIN PRO 11.061 7/20/2012 EUR 62.40
VONTOBEL FIN PRO 11.073 7/27/2012 EUR 73.60
VONTOBEL FIN PRO 10.559 7/27/2012 EUR 71.90
VONTOBEL FIN PRO 11.564 7/27/2012 EUR 60.20
VONTOBEL FIN PRO 11.850 8/3/2012 EUR 70.20
VONTOBEL FIN PRO 11.564 8/10/2012 EUR 68.90
VONTOBEL FIN PRO 26.950 8/24/2012 EUR 65.48
VONTOBEL FIN PRO 12.200 8/24/2012 EUR 61.14
VONTOBEL FIN PRO 10.900 8/24/2012 EUR 64.38
VONTOBEL FIN PRO 8.700 8/24/2012 EUR 69.84
VONTOBEL FIN PRO 8.550 8/24/2012 EUR 60.80
VONTOBEL FIN PRO 11.250 9/28/2012 EUR 66.12
VONTOBEL FIN PRO 16.850 9/28/2012 EUR 62.02
VONTOBEL FIN PRO 16.900 9/28/2012 EUR 64.96
VONTOBEL FIN PRO 11.200 9/28/2012 EUR 74.88
VONTOBEL FIN PRO 11.100 9/28/2012 EUR 63.74
VONTOBEL FIN PRO 11.050 9/28/2012 EUR 69.72
VONTOBEL FIN PRO 10.900 9/28/2012 EUR 74.38
VONTOBEL FIN PRO 10.850 9/28/2012 EUR 54.02
VONTOBEL FIN PRO 10.650 9/28/2012 EUR 53.84
VONTOBEL FIN PRO 17.100 9/28/2012 EUR 45.06
VONTOBEL FIN PRO 10.600 9/28/2012 EUR 61.68
VONTOBEL FIN PRO 10.600 9/28/2012 EUR 49.38
VONTOBEL FIN PRO 10.400 9/28/2012 EUR 73.02
VONTOBEL FIN PRO 9.950 9/28/2012 EUR 74.72
VONTOBEL FIN PRO 9.900 9/28/2012 EUR 70.32
VONTOBEL FIN PRO 9.700 9/28/2012 EUR 69.70
VONTOBEL FIN PRO 9.400 9/28/2012 EUR 54.81
VONTOBEL FIN PRO 9.350 9/28/2012 EUR 66.58
VONTOBEL FIN PRO 16.850 9/28/2012 EUR 65.84
VONTOBEL FIN PRO 17.150 9/28/2012 EUR 66.22
VONTOBEL FIN PRO 17.450 9/28/2012 EUR 74.24
VONTOBEL FIN PRO 17.600 9/28/2012 EUR 72.88
VONTOBEL FIN PRO 17.750 9/28/2012 EUR 74.90
VONTOBEL FIN PRO 18.100 9/28/2012 EUR 44.66
VONTOBEL FIN PRO 18.800 9/28/2012 EUR 62.22
VONTOBEL FIN PRO 18.900 9/28/2012 EUR 66.26
VONTOBEL FIN PRO 19.000 9/28/2012 EUR 36.74
VONTOBEL FIN PRO 19.250 9/28/2012 EUR 42.92
VONTOBEL FIN PRO 19.600 9/28/2012 EUR 69.88
VONTOBEL FIN PRO 19.900 9/28/2012 EUR 73.36
VONTOBEL FIN PRO 20.000 9/28/2012 EUR 67.26
VONTOBEL FIN PRO 20.400 9/28/2012 EUR 58.66
VONTOBEL FIN PRO 9.300 9/28/2012 EUR 63.14
VONTOBEL FIN PRO 9.030 9/28/2012 EUR 73.78
VONTOBEL FIN PRO 8.250 9/28/2012 EUR 61.48
VONTOBEL FIN PRO 8.200 9/28/2012 EUR 73.46
VONTOBEL FIN PRO 20.750 9/28/2012 EUR 66.24
VONTOBEL FIN PRO 20.950 9/28/2012 EUR 54.32
VONTOBEL FIN PRO 21.200 9/28/2012 EUR 70.22
VONTOBEL FIN PRO 8.200 9/28/2012 EUR 42.52
VONTOBEL FIN PRO 7.950 9/28/2012 EUR 72.06
VONTOBEL FIN PRO 7.900 9/28/2012 EUR 71.16
VONTOBEL FIN PRO 7.350 9/28/2012 EUR 61.96
VONTOBEL FIN PRO 6.300 9/28/2012 EUR 67.04
VONTOBEL FIN PRO 21.350 9/28/2012 EUR 48.90
VONTOBEL FIN PRO 21.500 9/28/2012 EUR 54.50
VONTOBEL FIN PRO 21.550 9/28/2012 EUR 41.14
VONTOBEL FIN PRO 21.550 9/28/2012 EUR 64.32
VONTOBEL FIN PRO 21.900 9/28/2012 EUR 73.84
VONTOBEL FIN PRO 23.300 9/28/2012 EUR 62.10
VONTOBEL FIN PRO 23.450 9/28/2012 EUR 73.02
VONTOBEL FIN PRO 25.700 9/28/2012 EUR 40.00
VONTOBEL FIN PRO 27.550 9/28/2012 EUR 47.46
VONTOBEL FIN PRO 28.700 9/28/2012 EUR 56.06
VONTOBEL FIN PRO 28.900 9/28/2012 EUR 47.78
VONTOBEL FIN PRO 25.050 9/28/2012 EUR 67.72
VONTOBEL FIN PRO 16.800 9/28/2012 EUR 72.20
VONTOBEL FIN PRO 16.400 9/28/2012 EUR 66.72
VONTOBEL FIN PRO 16.350 9/28/2012 EUR 74.20
VONTOBEL FIN PRO 16.200 9/28/2012 EUR 59.22
VONTOBEL FIN PRO 16.000 9/28/2012 EUR 61.60
VONTOBEL FIN PRO 15.700 9/28/2012 EUR 56.68
VONTOBEL FIN PRO 15.650 9/28/2012 EUR 69.04
VONTOBEL FIN PRO 15.550 9/28/2012 EUR 72.44
VONTOBEL FIN PRO 15.250 9/28/2012 EUR 74.14
VONTOBEL FIN PRO 15.150 9/28/2012 EUR 70.10
VONTOBEL FIN PRO 15.000 9/28/2012 EUR 67.78
VONTOBEL FIN PRO 14.900 9/28/2012 EUR 54.74
VONTOBEL FIN PRO 14.600 9/28/2012 EUR 52.46
VONTOBEL FIN PRO 14.550 9/28/2012 EUR 43.96
VONTOBEL FIN PRO 14.500 9/28/2012 EUR 59.70
VONTOBEL FIN PRO 14.450 9/28/2012 EUR 70.74
VONTOBEL FIN PRO 14.200 9/28/2012 EUR 66.48
VONTOBEL FIN PRO 14.150 9/28/2012 EUR 71.22
VONTOBEL FIN PRO 14.150 9/28/2012 EUR 49.56
VONTOBEL FIN PRO 13.950 9/28/2012 EUR 50.28
VONTOBEL FIN PRO 13.100 9/28/2012 EUR 73.38
VONTOBEL FIN PRO 12.800 9/28/2012 EUR 62.96
VONTOBEL FIN PRO 12.600 9/28/2012 EUR 70.82
VONTOBEL FIN PRO 12.350 9/28/2012 EUR 51.54
VONTOBEL FIN PRO 11.900 9/28/2012 EUR 72.00
VONTOBEL FIN PRO 11.900 9/28/2012 EUR 70.26
VONTOBEL FIN PRO 11.550 9/28/2012 EUR 42.18
VONTOBEL FIN PRO 5.006 12/28/2012 EUR 51.46
VONTOBEL FIN PRO 15.250 12/31/2012 EUR 70.82
VONTOBEL FIN PRO 28.250 12/31/2012 EUR 47.38
VONTOBEL FIN PRO 27.600 12/31/2012 EUR 49.58
VONTOBEL FIN PRO 26.050 12/31/2012 EUR 73.88
VONTOBEL FIN PRO 24.900 12/31/2012 EUR 59.52
VONTOBEL FIN PRO 24.700 12/31/2012 EUR 51.42
VONTOBEL FIN PRO 21.200 12/31/2012 EUR 48.28
VONTOBEL FIN PRO 19.850 12/31/2012 EUR 66.34
VONTOBEL FIN PRO 18.900 12/31/2012 EUR 45.00
VONTOBEL FIN PRO 18.850 12/31/2012 EUR 56.58
VONTOBEL FIN PRO 18.450 12/31/2012 EUR 68.24
VONTOBEL FIN PRO 17.100 12/31/2012 EUR 55.64
VONTOBEL FIN PRO 17.050 12/31/2012 EUR 46.30
VONTOBEL FIN PRO 16.950 12/31/2012 EUR 47.54
VONTOBEL FIN PRO 16.850 12/31/2012 EUR 55.00
VONTOBEL FIN PRO 16.700 12/31/2012 EUR 70.04
VONTOBEL FIN PRO 16.350 12/31/2012 EUR 61.58
VONTOBEL FIN PRO 16.150 12/31/2012 EUR 64.36
VONTOBEL FIN PRO 15.650 12/31/2012 EUR 72.74
VONTOBEL FIN PRO 15.250 12/31/2012 EUR 47.88
VONTOBEL FIN PRO 14.950 12/31/2012 EUR 71.76
VONTOBEL FIN PRO 14.750 12/31/2012 EUR 65.20
VONTOBEL FIN PRO 14.550 12/31/2012 EUR 68.02
VONTOBEL FIN PRO 14.550 12/31/2012 EUR 74.70
VONTOBEL FIN PRO 14.450 12/31/2012 EUR 68.72
VONTOBEL FIN PRO 14.300 12/31/2012 EUR 72.62
VONTOBEL FIN PRO 14.300 12/31/2012 EUR 40.88
VONTOBEL FIN PRO 14.100 12/31/2012 EUR 64.94
VONTOBEL FIN PRO 14.000 12/31/2012 EUR 62.26
VONTOBEL FIN PRO 13.600 12/31/2012 EUR 71.76
VONTOBEL FIN PRO 13.550 12/31/2012 EUR 60.94
VONTOBEL FIN PRO 13.500 12/31/2012 EUR 49.78
VONTOBEL FIN PRO 13.250 12/31/2012 EUR 69.50
VONTOBEL FIN PRO 13.150 12/31/2012 EUR 56.12
VONTOBEL FIN PRO 13.050 12/31/2012 EUR 59.40
VONTOBEL FIN PRO 12.900 12/31/2012 EUR 65.50
VONTOBEL FIN PRO 12.800 12/31/2012 EUR 67.36
VONTOBEL FIN PRO 12.650 12/31/2012 EUR 46.12
VONTOBEL FIN PRO 12.650 12/31/2012 EUR 52.28
VONTOBEL FIN PRO 12.550 12/31/2012 EUR 69.12
VONTOBEL FIN PRO 12.550 12/31/2012 EUR 60.54
VONTOBEL FIN PRO 12.250 12/31/2012 EUR 59.32
VONTOBEL FIN PRO 12.000 12/31/2012 EUR 64.98
VONTOBEL FIN PRO 11.950 12/31/2012 EUR 64.12
VONTOBEL FIN PRO 11.900 12/31/2012 EUR 74.28
VONTOBEL FIN PRO 11.850 12/31/2012 EUR 56.66
VONTOBEL FIN PRO 11.800 12/31/2012 EUR 72.44
VONTOBEL FIN PRO 11.750 12/31/2012 EUR 67.22
VONTOBEL FIN PRO 11.700 12/31/2012 EUR 64.16
VONTOBEL FIN PRO 11.450 12/31/2012 EUR 44.44
VONTOBEL FIN PRO 11.400 12/31/2012 EUR 64.30
VONTOBEL FIN PRO 11.400 12/31/2012 EUR 72.64
VONTOBEL FIN PRO 11.000 12/31/2012 EUR 73.92
VONTOBEL FIN PRO 11.000 12/31/2012 EUR 55.12
VONTOBEL FIN PRO 10.500 12/31/2012 EUR 44.54
VONTOBEL FIN PRO 10.350 12/31/2012 EUR 70.26
VONTOBEL FIN PRO 10.200 12/31/2012 EUR 75.00
VONTOBEL FIN PRO 10.050 12/31/2012 EUR 51.46
VONTOBEL FIN PRO 9.900 12/31/2012 EUR 73.60
VONTOBEL FIN PRO 9.850 12/31/2012 EUR 65.82
VONTOBEL FIN PRO 9.800 12/31/2012 EUR 65.80
VONTOBEL FIN PRO 9.650 12/31/2012 EUR 54.46
VONTOBEL FIN PRO 9.400 12/31/2012 EUR 70.00
VONTOBEL FIN PRO 9.400 12/31/2012 EUR 73.30
VONTOBEL FIN PRO 9.350 12/31/2012 EUR 73.08
VONTOBEL FIN PRO 9.250 12/31/2012 EUR 52.54
VONTOBEL FIN PRO 8.950 12/31/2012 EUR 63.62
VONTOBEL FIN PRO 8.800 12/31/2012 EUR 62.38
VONTOBEL FIN PRO 8.650 12/31/2012 EUR 74.28
VONTOBEL FIN PRO 8.050 12/31/2012 EUR 73.40
VONTOBEL FIN PRO 7.850 12/31/2012 EUR 63.26
VONTOBEL FIN PRO 7.400 12/31/2012 EUR 43.34
VONTOBEL FIN PRO 7.100 12/31/2012 EUR 69.40
VONTOBEL FIN PRO 6.150 12/31/2012 EUR 68.14
VONTOBEL FIN PRO 13.650 3/1/2013 EUR 66.00
VONTOBEL FIN PRO 10.100 3/8/2013 EUR 62.60
VONTOBEL FIN PRO 10.750 3/22/2013 EUR 72.40
VONTOBEL FIN PRO 10.700 3/22/2013 EUR 72.60
VONTOBEL FIN PRO 10.350 3/22/2013 EUR 74.00
VONTOBEL FIN PRO 16.850 3/22/2013 EUR 64.34
VONTOBEL FIN PRO 10.300 3/22/2013 EUR 55.98
VONTOBEL FIN PRO 9.950 3/22/2013 EUR 74.56
VONTOBEL FIN PRO 14.000 3/22/2013 EUR 52.42
VONTOBEL FIN PRO 12.200 3/22/2013 EUR 69.78
VONTOBEL FIN PRO 13.150 3/22/2013 EUR 68.14
VONTOBEL FIN PRO 13.700 3/22/2013 EUR 67.78
VONTOBEL FIN PRO 20.900 3/22/2013 EUR 65.62
VONTOBEL FIN PRO 8.600 3/22/2013 EUR 69.86
VONTOBEL FIN PRO 11.150 3/22/2013 EUR 59.16
VONTOBEL FIN PRO 9.350 3/22/2013 EUR 71.68
VONTOBEL FIN PRO 18.350 3/22/2013 EUR 70.80
VONTOBEL FIN PRO 12.000 3/22/2013 EUR 70.40
VONTOBEL FIN PRO 10.750 3/22/2013 EUR 69.48
VONTOBEL FIN PRO 18.500 3/22/2013 EUR 63.16
VONTOBEL FIN PRO 6.750 3/22/2013 EUR 66.68
VONTOBEL FIN PRO 8.850 3/22/2013 EUR 62.40
VONTOBEL FIN PRO 14.050 3/22/2013 EUR 73.16
VONTOBEL FIN PRO 11.850 3/22/2013 EUR 45.98
VONTOBEL FIN PRO 8.550 3/22/2013 EUR 48.62
VONTOBEL FIN PRO 14.500 3/22/2013 EUR 43.84
VONTOBEL FIN PRO 14.550 3/22/2013 EUR 73.50
VONTOBEL FIN PRO 15.250 3/22/2013 EUR 65.88
VONTOBEL FIN PRO 16.300 3/22/2013 EUR 74.72
VONTOBEL FIN PRO 16.850 3/22/2013 EUR 69.58
VONTOBEL FIN PRO 4.000 6/28/2013 EUR 42.26
VONTOBEL FIN PRO 8.000 6/28/2013 EUR 73.62
VONTOBEL FIN PRO 6.000 6/28/2013 EUR 49.78
VONTOBEL FIN PRO 7.389 11/25/2013 EUR 33.40
VONTOBEL FIN PRO 5.474 3/17/2014 EUR 71.80
VONTOBEL FIN PRO 5.100 4/14/2014 EUR 35.90
WESTLB AG 6.750 7/30/2012 EUR 48.42
WESTLB AG 0.100 9/27/2012 EUR 43.97
WESTLB AG 0.100 9/27/2012 EUR 57.02
WESTLB AG 12.000 9/27/2012 EUR 64.75
WESTLB AG 0.065 9/27/2012 EUR 68.83
WESTLB AG 0.075 9/27/2012 EUR 72.06
WESTLB AG 0.075 9/27/2012 EUR 61.84
WESTLB AG 0.075 9/27/2012 EUR 71.13
WESTLB AG 0.075 9/27/2012 EUR 48.21
WESTLB AG 0.075 9/27/2012 EUR 72.81
WESTLB AG 0.100 9/27/2012 EUR 58.79
WESTLB AG 10.000 2/21/2013 EUR 73.89
WESTLB AG 9.500 2/21/2013 EUR 72.01
WGZ BANK 6.250 7/6/2012 EUR 66.17
WGZ BANK 6.000 12/20/2012 EUR 73.94
WGZ BANK 7.000 12/20/2012 EUR 69.43
WGZ BANK 8.000 12/20/2012 EUR 67.63
WGZ BANK 8.000 12/21/2012 EUR 71.66
WGZ BANK 7.000 12/21/2012 EUR 73.77
WGZ BANK 5.000 12/28/2012 EUR 56.89
WGZ BANK 7.000 12/28/2012 EUR 50.06
WGZ BANK 6.000 12/28/2012 EUR 53.18
WGZ BANK 4.000 12/28/2012 EUR 61.31
WGZ BANK 8.000 12/28/2012 EUR 47.42
WGZ BANK 7.000 2/26/2013 EUR 70.75
ICELAND
-------
EFG EUROBANK 6.010 1/9/2036 EUR 34.25
HELLENIC REPUB 4.625 6/25/2013 USD 28.50
HELLENIC REPUB 4.625 6/25/2013 EUR 24.00
HELLENIC REPUB 2.125 7/5/2013 CHF 37.63
HELLENIC REPUB 5.800 7/14/2015 JPY 19.38
HELLENIC REPUB 5.800 7/14/2015 JPY 24.00
HELLENIC REPUB 5.250 2/1/2016 JPY 19.88
HELLENIC REPUB 5.250 2/1/2016 JPY 24.00
HELLENIC REPUB 5.000 8/22/2016 JPY 24.00
HELLENIC REPUB 5.000 8/22/2016 JPY 21.25
HELLENIC REPUB 4.500 11/8/2016 JPY 30.38
HELLENIC REPUB 4.500 7/3/2017 JPY 28.50
HELLENIC REPUB 3.800 8/8/2017 JPY 28.25
HELLENIC REPUB 5.000 3/11/2019 EUR 24.00
HELLENIC REPUB 5.000 3/11/2019 EUR 24.00
HELLENIC REPUB 6.140 4/14/2028 EUR 24.00
HELLENIC REPUB 5.200 7/17/2034 EUR 24.00
NATL BK GREECE 3.875 10/7/2016 EUR 66.05
YIOULA GLASSWORK 9.000 12/1/2015 EUR 45.75
YIOULA GLASSWORK 9.000 12/1/2015 EUR 45.31
GUERNSEY
--------
AMDOCS LIMITED 0.500 3/15/2024 USD 75.00
BCV GUERNSEY 9.030 7/13/2012 EUR 67.85
BCV GUERNSEY 8.020 3/1/2013 EUR 53.19
BKB FINANCE 6.520 7/6/2012 EUR 69.39
BKB FINANCE 6.250 7/12/2012 CHF 71.98
BKB FINANCE 6.300 7/12/2012 CHF 64.61
BKB FINANCE 9.050 8/9/2012 CHF 50.13
BKB FINANCE 8.900 9/27/2012 CHF 55.42
BKB FINANCE 11.400 11/8/2012 CHF 70.13
BKB FINANCE 8.350 1/14/2013 CHF 46.26
EFG FINANCIAL PR 9.300 7/6/2012 CHF 53.99
EFG FINANCIAL PR 12.750 7/12/2012 EUR 73.03
EFG FINANCIAL PR 6.000 7/13/2012 EUR 71.22
EFG FINANCIAL PR 10.830 7/20/2012 CHF 69.96
EFG FINANCIAL PR 9.770 7/23/2012 EUR 57.76
EFG FINANCIAL PR 8.500 7/25/2012 CHF 73.13
EFG FINANCIAL PR 10.000 7/25/2012 CHF 56.75
EFG FINANCIAL PR 11.000 7/25/2012 CHF 60.01
EFG FINANCIAL PR 11.000 7/25/2012 CHF 12.45
EFG FINANCIAL PR 11.000 7/25/2012 EUR 66.70
EFG FINANCIAL PR 11.300 7/25/2012 CHF 59.14
EFG FINANCIAL PR 11.750 7/25/2012 EUR 66.66
EFG FINANCIAL PR 12.000 7/25/2012 GBP 60.41
EFG FINANCIAL PR 10.250 7/25/2012 CHF 39.18
EFG FINANCIAL PR 9.500 7/31/2012 CHF 74.46
EFG FINANCIAL PR 10.000 7/31/2012 CHF 44.92
EFG FINANCIAL PR 10.000 7/31/2012 CHF 74.75
EFG FINANCIAL PR 16.000 7/31/2012 EUR 72.23
EFG FINANCIAL PR 15.500 7/31/2012 GBP 66.61
EFG FINANCIAL PR 15.000 7/31/2012 CHF 66.08
EFG FINANCIAL PR 11.750 7/31/2012 CHF 45.40
EFG FINANCIAL PR 11.750 7/31/2012 CHF 45.55
EFG FINANCIAL PR 11.500 7/31/2012 EUR 58.92
EFG FINANCIAL PR 9.000 8/3/2012 CHF 70.12
EFG FINANCIAL PR 9.000 8/3/2012 CHF 52.36
EFG FINANCIAL PR 9.000 8/3/2012 CHF 56.74
EFG FINANCIAL PR 10.000 8/7/2012 CHF 45.18
EFG FINANCIAL PR 7.250 8/7/2012 CHF 73.07
EFG FINANCIAL PR 11.000 8/7/2012 CHF 25.20
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EFG FINANCIAL PR 19.000 8/8/2012 USD 41.21
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EFG FINANCIAL PR 13.000 8/9/2012 EUR 63.93
EFG FINANCIAL PR 12.600 8/9/2012 USD 64.10
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EFG FINANCIAL PR 10.000 8/10/2012 CHF 66.59
EFG FINANCIAL PR 12.000 8/10/2012 EUR 72.49
EFG FINANCIAL PR 11.700 8/10/2012 USD 28.06
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EFG FINANCIAL PR 3.850 8/13/2012 EUR 43.69
EFG FINANCIAL PR 15.000 8/14/2012 EUR 72.83
EFG FINANCIAL PR 8.500 8/14/2012 CHF 65.91
EFG FINANCIAL PR 11.000 8/14/2012 CHF 58.20
EFG FINANCIAL PR 12.500 8/14/2012 CHF 64.51
EFG FINANCIAL PR 12.750 8/14/2012 CHF 45.70
EFG FINANCIAL PR 13.000 8/14/2012 EUR 64.80
EFG FINANCIAL PR 13.250 8/14/2012 GBP 65.01
EFG FINANCIAL PR 13.750 8/14/2012 EUR 72.26
EFG FINANCIAL PR 14.000 8/14/2012 EUR 66.76
EFG FINANCIAL PR 19.600 8/16/2012 EUR 58.29
EFG FINANCIAL PR 12.000 8/16/2012 EUR 23.14
EFG FINANCIAL PR 11.600 8/17/2012 EUR 62.34
EFG FINANCIAL PR 11.800 8/17/2012 CHF 47.27
EFG FINANCIAL PR 14.750 8/24/2012 EUR 74.21
EFG FINANCIAL PR 14.000 8/24/2012 CHF 26.95
EFG FINANCIAL PR 12.500 8/24/2012 CHF 64.25
EFG FINANCIAL PR 12.250 8/24/2012 EUR 63.75
EFG FINANCIAL PR 13.000 8/24/2012 EUR 64.08
EFG FINANCIAL PR 22.000 8/24/2012 USD 19.61
EFG FINANCIAL PR 9.000 8/24/2012 CHF 73.30
EFG FINANCIAL PR 10.250 8/24/2012 CHF 72.01
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EFG FINANCIAL PR 11.750 8/24/2012 CHF 56.43
EFG FINANCIAL PR 10.000 8/30/2012 EUR 56.47
EFG FINANCIAL PR 12.250 8/30/2012 USD 71.67
EFG FINANCIAL PR 10.260 8/31/2012 EUR 67.05
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EFG FINANCIAL PR 10.500 9/3/2012 CHF 45.09
EFG FINANCIAL PR 12.250 9/3/2012 CHF 64.75
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EFG FINANCIAL PR 9.600 9/4/2012 USD 52.25
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EFG FINANCIAL PR 8.500 9/7/2012 USD 26.65
EFG FINANCIAL PR 7.000 9/7/2012 EUR 55.15
EFG FINANCIAL PR 7.250 9/7/2012 EUR 63.04
EFG FINANCIAL PR 7.500 9/10/2012 CHF 73.27
EFG FINANCIAL PR 11.000 9/10/2012 EUR 64.67
EFG FINANCIAL PR 9.800 9/10/2012 AUD 66.14
EFG FINANCIAL PR 9.000 9/10/2012 CHF 45.41
EFG FINANCIAL PR 10.000 9/10/2012 EUR 65.10
EFG FINANCIAL PR 11.000 9/17/2012 USD 64.04
EFG FINANCIAL PR 10.000 9/21/2012 USD 52.12
EFG FINANCIAL PR 10.250 9/25/2012 CHF 65.89
EFG FINANCIAL PR 10.750 9/25/2012 CHF 53.57
EFG FINANCIAL PR 11.000 9/25/2012 USD 66.11
EFG FINANCIAL PR 11.250 9/25/2012 CHF 49.12
EFG FINANCIAL PR 11.250 9/25/2012 EUR 66.31
EFG FINANCIAL PR 12.000 9/25/2012 EUR 69.75
EFG FINANCIAL PR 10.000 10/1/2012 CHF 49.66
EFG FINANCIAL PR 10.620 10/3/2012 USD 27.44
EFG FINANCIAL PR 9.930 10/3/2012 EUR 27.26
EFG FINANCIAL PR 12.250 10/11/2012 EUR 72.93
EFG FINANCIAL PR 12.250 10/11/2012 EUR 61.44
EFG FINANCIAL PR 12.500 10/11/2012 CHF 49.85
EFG FINANCIAL PR 12.500 10/11/2012 GBP 61.42
EFG FINANCIAL PR 13.000 10/11/2012 EUR 74.22
EFG FINANCIAL PR 11.500 10/11/2012 CHF 60.93
EFG FINANCIAL PR 18.000 10/11/2012 EUR 55.28
EFG FINANCIAL PR 20.000 10/11/2012 CHF 18.54
EFG FINANCIAL PR 9.750 10/11/2012 CHF 73.23
EFG FINANCIAL PR 12.000 10/11/2012 USD 62.17
EFG FINANCIAL PR 17.250 10/12/2012 CHF 64.22
EFG FINANCIAL PR 12.000 10/19/2012 USD 51.25
EFG FINANCIAL PR 13.750 10/24/2012 USD 60.45
EFG FINANCIAL PR 6.250 10/25/2012 CHF 59.72
EFG FINANCIAL PR 12.000 10/26/2012 CHF 58.59
EFG FINANCIAL PR 13.250 10/26/2012 CHF 50.82
EFG FINANCIAL PR 13.250 10/26/2012 EUR 61.31
EFG FINANCIAL PR 15.000 10/26/2012 CHF 72.28
EFG FINANCIAL PR 16.750 10/26/2012 CHF 23.68
EFG FINANCIAL PR 21.000 10/26/2012 USD 20.04
EFG FINANCIAL PR 20.000 10/26/2012 CHF 19.69
EFG FINANCIAL PR 20.500 10/26/2012 EUR 19.98
EFG FINANCIAL PR 17.000 10/26/2012 EUR 39.10
EFG FINANCIAL PR 10.500 10/26/2012 CHF 73.19
EFG FINANCIAL PR 11.250 10/26/2012 CHF 50.16
EFG FINANCIAL PR 9.330 10/29/2012 USD 51.25
EFG FINANCIAL PR 13.080 11/5/2012 CHF 70.12
EFG FINANCIAL PR 11.050 11/8/2012 USD 59.70
EFG FINANCIAL PR 6.000 11/12/2012 EUR 48.28
EFG FINANCIAL PR 6.000 11/12/2012 CHF 46.79
EFG FINANCIAL PR 13.000 11/13/2012 CHF 18.07
EFG FINANCIAL PR 17.000 11/13/2012 EUR 46.51
EFG FINANCIAL PR 14.750 11/13/2012 CHF 73.93
EFG FINANCIAL PR 14.500 11/13/2012 EUR 61.55
EFG FINANCIAL PR 14.000 11/13/2012 USD 18.33
EFG FINANCIAL PR 10.500 11/13/2012 CHF 51.32
EFG FINANCIAL PR 10.500 11/13/2012 CHF 51.29
EFG FINANCIAL PR 12.000 11/13/2012 CHF 71.69
EFG FINANCIAL PR 12.250 11/13/2012 CHF 74.39
EFG FINANCIAL PR 12.500 11/13/2012 EUR 68.77
EFG FINANCIAL PR 12.750 11/13/2012 CHF 18.34
EFG FINANCIAL PR 12.750 11/13/2012 CHF 60.31
EFG FINANCIAL PR 13.000 11/13/2012 CHF 63.00
EFG FINANCIAL PR 11.600 11/19/2012 CHF 71.30
EFG FINANCIAL PR 12.830 11/19/2012 CHF 60.41
EFG FINANCIAL PR 7.000 11/20/2012 CHF 67.71
EFG FINANCIAL PR 11.500 11/20/2012 EUR 55.10
EFG FINANCIAL PR 9.500 11/20/2012 EUR 73.63
EFG FINANCIAL PR 9.400 11/20/2012 EUR 68.99
EFG FINANCIAL PR 8.400 11/20/2012 CHF 71.37
EFG FINANCIAL PR 14.800 11/20/2012 EUR 48.97
EFG FINANCIAL PR 8.300 11/20/2012 CHF 70.57
EFG FINANCIAL PR 8.000 11/20/2012 CHF 49.93
EFG FINANCIAL PR 14.500 11/27/2012 EUR 66.02
EFG FINANCIAL PR 16.000 11/27/2012 EUR 39.49
EFG FINANCIAL PR 11.250 11/27/2012 CHF 52.82
EFG FINANCIAL PR 14.500 11/27/2012 CHF 74.89
EFG FINANCIAL PR 12.250 11/27/2012 EUR 70.59
EFG FINANCIAL PR 9.250 11/27/2012 CHF 70.34
EFG FINANCIAL PR 13.250 11/27/2012 CHF 65.56
EFG FINANCIAL PR 14.500 11/27/2012 CHF 31.54
EFG FINANCIAL PR 10.000 11/27/2012 CHF 74.51
EFG FINANCIAL PR 10.500 11/27/2012 CHF 72.28
EFG FINANCIAL PR 9.750 12/3/2012 CHF 62.57
EFG FINANCIAL PR 14.000 12/14/2012 EUR 74.96
EFG FINANCIAL PR 17.500 12/14/2012 EUR 41.95
EFG FINANCIAL PR 14.250 12/14/2012 GBP 66.69
EFG FINANCIAL PR 14.250 12/14/2012 EUR 65.38
EFG FINANCIAL PR 12.750 12/14/2012 CHF 66.16
EFG FINANCIAL PR 11.000 12/14/2012 CHF 72.65
EFG FINANCIAL PR 10.250 12/14/2012 CHF 72.24
EFG FINANCIAL PR 8.500 12/14/2012 CHF 67.15
EFG FINANCIAL PR 8.000 12/14/2012 CHF 75.00
EFG FINANCIAL PR 9.300 12/21/2012 CHF 54.64
EFG FINANCIAL PR 12.600 12/21/2012 CHF 56.15
EFG FINANCIAL PR 10.900 12/21/2012 CHF 55.37
EFG FINANCIAL PR 8.830 12/28/2012 USD 52.43
EFG FINANCIAL PR 13.000 1/15/2013 CHF 72.27
EFG FINANCIAL PR 12.500 1/15/2013 CHF 48.78
EFG FINANCIAL PR 11.250 1/15/2013 GBP 70.11
EFG FINANCIAL PR 9.000 1/15/2013 CHF 45.51
EFG FINANCIAL PR 10.250 1/15/2013 CHF 21.69
EFG FINANCIAL PR 5.800 1/23/2013 CHF 58.24
EFG FINANCIAL PR 11.400 1/25/2013 EUR 74.90
EFG FINANCIAL PR 10.000 3/6/2013 USD 68.04
EFG FINANCIAL PR 6.750 3/11/2013 EUR 70.74
EFG FINANCIAL PR 7.500 3/18/2013 CHF 72.93
EFG FINANCIAL PR 10.750 3/19/2013 USD 69.60
EFG FINANCIAL PR 16.000 3/28/2013 CHF 74.95
EFG FINANCIAL PR 15.370 4/2/2013 USD 71.87
EFG FINANCIAL PR 14.500 4/2/2013 CHF 74.96
EFG FINANCIAL PR 10.500 4/4/2013 CHF 74.54
EFG FINANCIAL PR 16.000 4/4/2013 CHF 50.50
EFG FINANCIAL PR 7.000 4/19/2013 EUR 59.82
EFG FINANCIAL PR 12.000 4/26/2013 CHF 67.56
EFG FINANCIAL PR 10.000 5/16/2013 EUR 73.36
EFG FINANCIAL PR 6.500 8/27/2013 CHF 44.01
EFG FINANCIAL PR 8.400 9/30/2013 CHF 53.27
EFG FINANCIAL PR 19.000 10/3/2013 GBP 58.41
EFG FINANCIAL PR 8.160 4/25/2014 EUR 63.95
EFG FINANCIAL PR 5.850 10/14/2014 CHF 49.02
MARE BALTIC PCC 3.000 11/17/2014 DKK 1.00
MARE BALTIC PCC 3.000 11/17/2014 DKK 21.00
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 65.68
ZURCHER KANT FIN 8.548 7/6/2012 EUR 71.49
ZURCHER KANT FIN 9.754 7/13/2012 EUR 72.17
ZURCHER KANT FIN 8.000 7/13/2012 CHF 61.41
ZURCHER KANT FIN 12.067 7/13/2012 CHF 66.71
ZURCHER KANT FIN 14.078 7/13/2012 EUR 74.24
ZURCHER KANT FIN 11.000 7/13/2012 CHF 63.63
ZURCHER KANT FIN 10.250 7/19/2012 CHF 64.27
ZURCHER KANT FIN 9.250 11/9/2012 CHF 51.38
ZURCHER KANT FIN 7.340 4/16/2013 CHF 60.01
HUNGARY
-------
FHB MORTGAGE BAN 4.500 3/22/2022 EUR 64.00
ICELAND
-------
KAUPTHING 7.000 7/24/2009 ISK 26.75
KAUPTHING 6.500 10/8/2010 ISK 26.75
KAUPTHING 0.800 2/15/2011 EUR 26.75
KAUPTHING 5.800 9/7/2012 EUR 26.75
KAUPTHING 7.500 12/5/2014 ISK 26.75
KAUPTHING 6.400 12/15/2015 EUR 26.75
KAUPTHING BANK 5.500 2/2/2009 USD 26.75
KAUPTHING BANK 4.950 5/6/2009 EUR 26.75
KAUPTHING BANK 0.200 7/12/2009 JPY 26.75
KAUPTHING BANK 1.800 10/20/2009 JPY 26.75
KAUPTHING BANK 3.000 2/12/2010 CHF 26.75
KAUPTHING BANK 4.700 2/15/2010 CAD 26.75
KAUPTHING BANK 1.650 7/5/2010 JPY 26.75
KAUPTHING BANK 7.500 10/2/2010 EUR 26.75
KAUPTHING BANK 0.945 10/20/2010 JPY 26.75
KAUPTHING BANK 4.470 10/27/2010 EUR 26.75
KAUPTHING BANK 7.000 1/3/2011 EUR 26.75
KAUPTHING BANK 4.500 1/17/2011 EUR 26.75
KAUPTHING BANK 7.500 4/2/2011 EUR 26.75
KAUPTHING BANK 0.690 5/21/2011 JPY 26.75
KAUPTHING BANK 7.700 10/2/2011 EUR 26.75
KAUPTHING BANK 5.750 10/4/2011 USD 26.75
KAUPTHING BANK 5.750 10/4/2011 USD 26.75
KAUPTHING BANK 4.530 4/24/2012 EUR 26.75
KAUPTHING BANK 1.990 7/5/2012 JPY 26.75
KAUPTHING BANK 4.650 2/19/2013 EUR 26.75
KAUPTHING BANK 5.000 11/8/2013 EUR 26.75
KAUPTHING BANK 7.625 2/28/2015 USD 26.75
KAUPTHING BANK 7.625 2/28/2015 USD 26.75
KAUPTHING BANK 9.750 9/10/2015 USD 26.75
KAUPTHING BANK 1.750 6/7/2016 EUR 26.75
KAUPTHING BANK 6.125 10/4/2016 USD 26.75
KAUPTHING BANK 6.125 10/4/2016 USD 26.75
KAUPTHING BANK 4.900 5/29/2017 EUR 26.75
KAUPTHING BANK 5.250 7/18/2017 BGN 26.75
KAUPTHING BANK 3.750 2/15/2024 ISK 26.75
KAUPTHING BANK 5.000 1/4/2027 SKK 26.75
KAUPTHING HF 7.900 2/1/2016 EUR 26.75
KAUPTHING HF 7.900 4/28/2016 EUR 26.75
LANDSBANKI ISLAN 4.375 10/20/2008 EUR 5.75
LANDSBANKI ISLAN 4.400 1/18/2010 CAD 5.75
LANDSBANKI ISLAN 4.320 1/31/2010 EUR 5.75
LANDSBANKI ISLAN 7.000 4/2/2010 EUR 5.75
LANDSBANKI ISLAN 4.280 11/19/2010 EUR 5.75
LANDSBANKI ISLAN 3.000 12/7/2010 CHF 5.75
LANDSBANKI ISLAN 4.340 3/1/2011 EUR 5.75
LANDSBANKI ISLAN 2.750 3/16/2011 EUR 5.75
LANDSBANKI ISLAN 7.250 4/2/2011 EUR 5.75
LANDSBANKI ISLAN 6.100 8/25/2011 USD 5.75
LANDSBANKI ISLAN 6.100 8/25/2011 USD 5.75
LANDSBANKI ISLAN 4.530 4/24/2012 EUR 5.75
LANDSBANKI ISLAN 3.340 5/11/2012 EUR 5.75
LANDSBANKI ISLAN 4.750 5/31/2013 EUR 5.75
LANDSBANKI ISLAN 6.750 2/18/2015 EUR 5.75
LANDSBANKI ISLAN 6.750 8/18/2015 EUR 5.75
LANDSBANKI ISLAN 3.000 10/22/2015 EUR 5.75
LANDSBANKI ISLAN 7.750 2/22/2016 USD 5.75
LANDSBANKI ISLAN 6.000 6/6/2017 EUR 5.75
LANDSBANKI ISLAN 5.250 6/5/2023 EUR 5.75
LANDSBANKI ISLND 3.110 11/10/2008 EUR 5.75
LANDSBANKI ISLND 4.400 11/3/2009 CZK 5.75
LANDSBANKI ISLND 3.200 5/10/2010 SKK 5.75
LANDSBANKI ISLND 2.250 2/14/2011 CHF 5.75
LANDSBANKI ISLND 8.650 5/1/2011 ISK 5.75
LANDSBANKI ISLND 3.360 8/17/2012 EUR 5.75
LANDSBANKI ISLND 5.080 3/1/2013 ISK 5.75
LANDSBANKI ISLND 1.683 12/22/2014 JPY 5.75
LANDSBANKI ISLND 4.075 3/16/2015 EUR 5.75
LANDSBANKI ISLND 4.000 9/23/2015 EUR 5.75
LANDSBANKI ISLND 2.220 10/15/2019 JPY 5.75
LANDSBANKI ISLND 2.140 2/3/2020 JPY 5.75
LANDSBANKI ISLND 4.340 12/22/2025 EUR 5.75
IRELAND
-------
AIB MORTGAGE BNK 5.580 4/28/2028 EUR 64.12
AIB MORTGAGE BNK 5.000 2/12/2030 EUR 56.74
AIB MORTGAGE BNK 5.000 3/1/2030 EUR 56.67
BANESTO FINANC 5.000 3/23/2030 EUR 69.01
BANK OF IRELAND 5.600 9/18/2023 EUR 60.00
BK IRELAND MTGE 5.760 9/7/2029 EUR 73.56
BK IRELAND MTGE 5.360 10/12/2029 EUR 69.94
BK IRELAND MTGE 5.400 11/6/2029 EUR 70.24
BK IRELAND MTGE 5.450 3/1/2030 EUR 70.30
DEPFA ACS BANK 0.500 3/3/2025 CAD 40.76
DEPFA ACS BANK 3.250 7/31/2031 CHF 68.77
DEPFA ACS BANK 4.900 8/24/2035 CAD 73.12
DEPFA ACS BANK 5.125 3/16/2037 USD 69.04
DEPFA ACS BANK 5.125 3/16/2037 USD 69.09
KALVEBOD PLC 2.000 5/1/2106 DKK 35.00
ITALY
-----
BANCA POP VICENT 4.970 4/20/2027 EUR 72.69
BANCO POPOLARE 9.000 3/29/2049 EUR 53.38
BP CIVIDALE 3.180 5/19/2020 EUR 74.76
BTPS I/L 2.350 9/15/2035 EUR 62.72
BTPS I/L 2.550 9/15/2041 EUR 63.94
CIR SPA 5.750 12/16/2024 EUR 74.63
CIRIO SPA 8.000 12/21/2005 EUR 0.50
CITY OF VENICE 4.265 3/26/2026 EUR 73.68
CITY OF VENICE 4.265 3/26/2026 EUR 73.24
CO BRAONE 4.567 6/30/2037 EUR 74.36
CO CASTELMASSA 3.960 3/31/2026 EUR 70.63
COMUNE DI MILANO 4.019 6/29/2035 EUR 65.78
DEXIA CREDIOP 4.250 10/22/2018 EUR 67.00
ENEL (ENTNZENEL) 5.750 6/22/2037 GBP 74.65
ICCREA BANCAIMPR 5.220 4/11/2017 EUR 47.38
INTESA SANPAOLO 3.750 3/2/2020 EUR 74.23
INTESA SANPAOLO 2.882 4/20/2020 EUR 73.96
MONTE DEI PASCHI 5.750 9/30/2016 GBP 73.60
REGION OF LIGURI 4.795 11/22/2034 EUR 74.28
REGION OF LOMBAR 5.804 10/25/2032 USD 72.36
REP OF ITALY 5.250 12/7/2034 GBP 73.68
REP OF ITALY 2.870 5/19/2036 JPY 49.42
REP OF ITALY 1.850 9/15/2057 EUR 40.85
REP OF ITALY 2.200 9/15/2058 EUR 46.57
REP OF ITALY 4.850 6/11/2060 EUR 68.82
REP OF ITALY 2.000 9/15/2062 EUR 42.00
SANPAOLO IMI 5.625 3/18/2024 GBP 75.29
TELECOM ITALIA 5.250 3/17/2055 EUR 69.66
UNIONE DI BANCHE 6.250 11/18/2018 EUR 33.13
UNIPOL ASSICURAZ 5.660 7/28/2023 EUR 60.08
LUXEMBOURG
----------
ARCELORMITTAL 7.250 4/1/2014 EUR 22.30
CERRUTI FINANCE 6.500 7/26/2004 EUR 1.50
CIRIO FINANCE 7.500 11/3/2002 EUR 1.13
CIRIO HOLDING 6.250 2/16/2004 EUR 0.13
CODERE FIN LUX 8.250 6/15/2015 EUR 74.85
CODERE FIN LUX 8.250 6/15/2015 EUR 75.00
CODERE FIN LUX 9.250 2/15/2019 USD 70.25
CODERE FIN LUX 9.250 2/15/2019 USD 69.00
DEL MONTE FIN SA 6.625 5/24/2006 EUR 12.13
ESFG INTERNATION 6.875 10/21/2019 EUR 63.53
ESPIRITO SANTO F 9.750 12/19/2025 EUR 65.90
HELLAS III 8.500 10/15/2013 EUR 0.25
HELLAS III 8.500 10/15/2013 EUR 0.25
INTL INDUST BANK 9.000 7/6/2011 EUR 1.06
IT HOLDING FIN 9.875 11/15/2012 EUR 0.25
IT HOLDING FIN 9.875 11/15/2012 EUR 0.25
LA VEGGIA FIN 7.125 11/14/2004 EUR 0.63
LIGHTHOUSE INTL 8.000 4/30/2014 EUR 11.00
LIGHTHOUSE INTL 8.000 4/30/2014 EUR 11.00
ORCO PROPERTY GR 1.000 4/30/2020 EUR 46.28
TEKSID ALUMI LUX 11.375 7/15/2011 EUR 0.42
VIVALDIS 0.500 6/13/2013 EUR 59.49
VIVALDIS 0.500 6/13/2028 EUR 59.49
VIVALDIS 0.500 8/8/2028 EUR 63.87
NETHERLANDS
-----------
APP INTL FINANCE 11.750 10/1/2005 USD 0.01
ASTANA FINANCE 7.875 6/8/2010 EUR 9.71
ASTANA FINANCE 9.000 11/16/2011 USD 3.33
ASTANA FINANCE 14.500 7/2/2013 USD 3.00
ATRADIUS FIN BV 5.875 9/3/2024 EUR 69.46
BK NED GEMEENTEN 0.500 5/10/2017 TRY 73.92
BK NED GEMEENTEN 0.500 5/22/2017 ZAR 74.18
BK NED GEMEENTEN 0.500 6/12/2017 TRY 73.92
BK NED GEMEENTEN 0.500 7/12/2017 TRY 74.44
BK NED GEMEENTEN 0.500 3/3/2021 NZD 67.88
BK NED GEMEENTEN 0.500 3/29/2021 NZD 69.07
BK NED GEMEENTEN 0.500 5/12/2021 ZAR 55.18
BK NED GEMEENTEN 0.500 6/22/2021 ZAR 54.73
BK NED GEMEENTEN 0.500 6/7/2022 ZAR 51.57
BK NED GEMEENTEN 0.500 7/12/2022 ZAR 53.73
BK NED GEMEENTEN 0.500 2/24/2025 CAD 67.83
BLT FINANCE BV 7.500 5/15/2014 USD 19.38
BLT FINANCE BV 7.500 5/15/2014 USD 20.00
BLT FINANCE BV 12.000 2/10/2015 USD 24.88
BRIT INSURANCE 6.625 12/9/2030 GBP 54.97
BULGARIA STEEL 12.000 5/4/2013 EUR 5.38
BULGARIA STEEL 12.000 5/4/2013 EUR 5.38
CIRIO DEL MONTE 7.750 3/14/2005 EUR 2.13
ENEL FIN INTL NV 5.750 9/14/2040 GBP 73.59
GREENWICH AVENUE 10.000 6/30/2013 USD 0.25
ING BANK NV 4.200 12/19/2035 EUR 68.28
KPNQWEST BV 8.875 2/1/2008 EUR 0.13
KPNQWEST BV 8.875 2/1/2008 EUR 0.13
KPNQWEST BV 8.875 2/1/2008 EUR 0.13
KPNQWEST BV 7.125 6/1/2009 EUR 0.13
KPNQWEST BV 7.125 6/1/2009 EUR 0.13
KPNQWEST BV 8.125 6/1/2009 USD 0.13
KPNQWEST BV 7.125 6/1/2009 EUR 0.13
KPNQWEST NV 10.000 3/15/2012 EUR 0.13
LEHMAN BROS TR B 3.500 9/29/2017 EUR 3.25
LEHMAN BROS TSY 23.300 9/16/2008 USD 17.25
LEHMAN BROS TSY 4.050 9/16/2008 EUR 3.25
LEHMAN BROS TSY 7.375 9/20/2008 EUR 17.25
LEHMAN BROS TSY 18.250 10/2/2008 USD 17.25
LEHMAN BROS TSY 7.250 10/6/2008 EUR 17.25
LEHMAN BROS TSY 16.000 10/8/2008 CHF 17.25
LEHMAN BROS TSY 10.000 10/22/2008 USD 17.25
LEHMAN BROS TSY 8.000 10/23/2008 USD 17.25
LEHMAN BROS TSY 5.000 10/24/2008 CHF 17.25
LEHMAN BROS TSY 6.000 10/24/2008 EUR 17.25
LEHMAN BROS TSY 7.500 10/24/2008 USD 17.25
LEHMAN BROS TSY 16.000 10/28/2008 USD 17.25
LEHMAN BROS TSY 13.150 10/30/2008 USD 17.25
LEHMAN BROS TSY 16.000 11/9/2008 USD 17.25
LEHMAN BROS TSY 14.100 11/12/2008 USD 17.25
LEHMAN BROS TSY 10.442 11/22/2008 CHF 17.25
LEHMAN BROS TSY 7.000 11/28/2008 CHF 17.25
LEHMAN BROS TSY 16.000 12/26/2008 USD 17.25
LEHMAN BROS TSY 6.720 12/29/2008 EUR 3.25
LEHMAN BROS TSY 13.432 1/8/2009 ILS 17.25
LEHMAN BROS TSY 7.750 1/30/2009 EUR 17.25
LEHMAN BROS TSY 6.600 2/9/2009 EUR 3.25
LEHMAN BROS TSY 10.000 2/16/2009 CHF 17.25
LEHMAN BROS TSY 11.000 2/16/2009 CHF 17.25
LEHMAN BROS TSY 13.000 2/16/2009 CHF 17.25
LEHMAN BROS TSY 0.500 2/16/2009 EUR 17.25
LEHMAN BROS TSY 5.000 3/13/2009 EUR 3.25
LEHMAN BROS TSY 9.000 3/17/2009 GBP 17.25
LEHMAN BROS TSY 10.000 3/27/2009 USD 3.25
LEHMAN BROS TSY 7.000 4/14/2009 EUR 17.25
LEHMAN BROS TSY 8.000 4/20/2009 EUR 3.25
LEHMAN BROS TSY 4.000 4/24/2009 USD 17.25
LEHMAN BROS TSY 3.850 4/24/2009 USD 17.25
LEHMAN BROS TSY 2.250 5/12/2009 USD 3.25
LEHMAN BROS TSY 2.480 5/12/2009 USD 3.25
LEHMAN BROS TSY 16.200 5/14/2009 USD 17.25
LEHMAN BROS TSY 4.100 5/20/2009 USD 17.25
LEHMAN BROS TSY 10.000 5/22/2009 USD 17.25
LEHMAN BROS TSY 8.000 5/22/2009 USD 17.25
LEHMAN BROS TSY 8.000 5/22/2009 USD 17.25
LEHMAN BROS TSY 13.500 6/2/2009 USD 17.25
LEHMAN BROS TSY 17.000 6/2/2009 USD 17.25
LEHMAN BROS TSY 15.000 6/4/2009 CHF 17.25
LEHMAN BROS TSY 3.700 6/6/2009 EUR 3.25
LEHMAN BROS TSY 9.000 6/13/2009 USD 17.25
LEHMAN BROS TSY 5.500 6/15/2009 CHF 17.25
LEHMAN BROS TSY 5.750 6/15/2009 CHF 17.25
LEHMAN BROS TSY 10.000 6/17/2009 USD 17.25
LEHMAN BROS TSY 3.000 6/23/2009 EUR 3.25
LEHMAN BROS TSY 11.000 6/29/2009 EUR 17.25
LEHMAN BROS TSY 8.500 7/6/2009 CHF 17.25
LEHMAN BROS TSY 4.500 8/2/2009 USD 17.25
LEHMAN BROS TSY 8.000 8/3/2009 USD 17.25
LEHMAN BROS TSY 16.800 8/21/2009 USD 17.25
LEHMAN BROS TSY 7.500 9/13/2009 CHF 17.25
LEHMAN BROS TSY 3.400 9/21/2009 HKD 17.25
LEHMAN BROS TSY 3.820 10/20/2009 USD 17.25
LEHMAN BROS TSY 2.750 10/28/2009 EUR 3.25
LEHMAN BROS TSY 2.000 11/16/2009 EUR 3.25
LEHMAN BROS TSY 5.250 11/21/2009 USD 3.25
LEHMAN BROS TSY 7.585 11/22/2009 MXN 17.25
LEHMAN BROS TSY 8.800 12/27/2009 EUR 17.25
LEHMAN BROS TSY 10.000 1/4/2010 USD 3.25
LEHMAN BROS TSY 1.750 2/7/2010 EUR 17.25
LEHMAN BROS TSY 7.500 2/14/2010 AUD 17.25
LEHMAN BROS TSY 7.000 2/15/2010 CHF 17.25
LEHMAN BROS TSY 4.100 2/19/2010 EUR 3.25
LEHMAN BROS TSY 6.450 2/20/2010 AUD 17.25
LEHMAN BROS TSY 1.000 2/26/2010 USD 3.25
LEHMAN BROS TSY 4.000 2/28/2010 EUR 17.25
LEHMAN BROS TSY 11.750 3/1/2010 EUR 17.25
LEHMAN BROS TSY 7.600 3/4/2010 NZD 17.25
LEHMAN BROS TSY 4.250 5/15/2010 EUR 3.25
LEHMAN BROS TSY 4.000 5/17/2010 USD 3.25
LEHMAN BROS TSY 2.000 5/17/2010 EUR 17.25
LEHMAN BROS TSY 7.500 5/30/2010 AUD 17.25
LEHMAN BROS TSY 4.000 5/30/2010 USD 17.25
LEHMAN BROS TSY 3.000 6/3/2010 EUR 3.25
LEHMAN BROS TSY 3.100 6/4/2010 USD 17.25
LEHMAN BROS TSY 7.250 6/20/2010 USD 3.25
LEHMAN BROS TSY 1.600 6/21/2010 JPY 3.25
LEHMAN BROS TSY 5.500 6/22/2010 USD 3.25
LEHMAN BROS TSY 7.000 7/11/2010 EUR 3.25
LEHMAN BROS TSY 6.000 7/28/2010 EUR 17.25
LEHMAN BROS TSY 6.000 7/28/2010 EUR 17.25
LEHMAN BROS TSY 10.500 8/9/2010 EUR 17.25
LEHMAN BROS TSY 4.000 8/11/2010 USD 3.25
LEHMAN BROS TSY 4.100 8/23/2010 USD 17.25
LEHMAN BROS TSY 3.000 9/13/2010 JPY 17.25
LEHMAN BROS TSY 4.000 10/12/2010 USD 17.25
LEHMAN BROS TSY 1.500 10/12/2010 EUR 3.25
LEHMAN BROS TSY 7.000 10/22/2010 EUR 3.25
LEHMAN BROS TSY 1.280 11/6/2010 JPY 17.25
LEHMAN BROS TSY 14.900 11/16/2010 EUR 17.25
LEHMAN BROS TSY 8.050 12/20/2010 HKD 17.25
LEHMAN BROS TSY 6.000 12/21/2010 USD 17.25
LEHMAN BROS TSY 9.300 12/21/2010 EUR 17.25
LEHMAN BROS TSY 9.300 12/21/2010 EUR 17.25
LEHMAN BROS TSY 4.500 12/30/2010 USD 17.25
LEHMAN BROS TSY 8.000 12/31/2010 USD 17.25
LEHMAN BROS TSY 4.000 1/4/2011 USD 17.25
LEHMAN BROS TSY 8.875 1/28/2011 HKD 17.25
LEHMAN BROS TSY 4.000 3/10/2011 EUR 3.25
LEHMAN BROS TSY 6.000 3/14/2011 EUR 3.25
LEHMAN BROS TSY 6.000 3/17/2011 EUR 3.25
LEHMAN BROS TSY 15.000 3/30/2011 EUR 3.25
LEHMAN BROS TSY 4.000 4/13/2011 CHF 3.25
LEHMAN BROS TSY 6.700 4/21/2011 USD 3.25
LEHMAN BROS TSY 5.000 5/12/2011 CHF 3.25
LEHMAN BROS TSY 4.000 6/5/2011 USD 17.25
LEHMAN BROS TSY 2.400 6/20/2011 JPY 3.25
LEHMAN BROS TSY 3.500 6/20/2011 EUR 3.25
LEHMAN BROS TSY 6.000 6/21/2011 EUR 3.25
LEHMAN BROS TSY 2.000 6/21/2011 EUR 3.25
LEHMAN BROS TSY 2.000 6/28/2011 EUR 3.25
LEHMAN BROS TSY 12.000 7/4/2011 EUR 17.25
LEHMAN BROS TSY 11.000 7/4/2011 CHF 17.25
LEHMAN BROS TSY 11.000 7/4/2011 USD 17.25
LEHMAN BROS TSY 7.625 7/22/2011 HKD 17.25
LEHMAN BROS TSY 4.000 7/27/2011 EUR 3.25
LEHMAN BROS TSY 3.000 8/13/2011 EUR 3.25
LEHMAN BROS TSY 6.650 8/24/2011 AUD 17.25
LEHMAN BROS TSY 5.000 9/1/2011 EUR 3.25
LEHMAN BROS TSY 6.250 9/5/2011 EUR 3.25
LEHMAN BROS TSY 7.000 9/20/2011 USD 3.25
LEHMAN BROS TSY 6.000 9/20/2011 EUR 3.25
LEHMAN BROS TSY 0.010 9/20/2011 USD 3.25
LEHMAN BROS TSY 3.860 9/21/2011 SGD 17.25
LEHMAN BROS TSY 3.500 10/24/2011 USD 3.25
LEHMAN BROS TSY 1.500 10/25/2011 EUR 3.25
LEHMAN BROS TSY 3.500 10/31/2011 USD 3.25
LEHMAN BROS TSY 4.600 11/9/2011 EUR 3.25
LEHMAN BROS TSY 2.500 11/9/2011 CHF 3.25
LEHMAN BROS TSY 5.000 12/6/2011 EUR 3.25
LEHMAN BROS TSY 2.500 12/15/2011 GBP 17.25
LEHMAN BROS TSY 11.000 12/19/2011 USD 3.25
LEHMAN BROS TSY 7.750 1/3/2012 AUD 17.25
LEHMAN BROS TSY 10.000 1/3/2012 BRL 3.25
LEHMAN BROS TSY 1.500 2/8/2012 CHF 3.25
LEHMAN BROS TSY 6.000 2/14/2012 EUR 17.25
LEHMAN BROS TSY 7.000 2/15/2012 EUR 17.25
LEHMAN BROS TSY 1.460 2/19/2012 JPY 17.25
LEHMAN BROS TSY 6.600 2/22/2012 EUR 17.25
LEHMAN BROS TSY 3.630 3/2/2012 EUR 17.25
LEHMAN BROS TSY 8.000 3/19/2012 USD 3.25
LEHMAN BROS TSY 0.750 3/29/2012 EUR 3.25
LEHMAN BROS TSY 6.750 4/5/2012 EUR 3.25
LEHMAN BROS TSY 1.000 5/9/2012 EUR 3.25
LEHMAN BROS TSY 6.600 5/23/2012 AUD 17.25
LEHMAN BROS TSY 4.300 6/4/2012 USD 17.25
LEHMAN BROS TSY 9.250 6/20/2012 USD 3.25
LEHMAN BROS TSY 4.000 7/20/2012 EUR 3.25
LEHMAN BROS TSY 13.000 7/25/2012 EUR 17.25
LEHMAN BROS TSY 2.500 8/15/2012 CHF 3.25
LEHMAN BROS TSY 2.500 8/23/2012 GBP 17.25
LEHMAN BROS TSY 0.250 10/19/2012 CHF 3.25
LEHMAN BROS TSY 4.000 10/24/2012 EUR 3.25
LEHMAN BROS TSY 6.000 10/30/2012 EUR 3.25
LEHMAN BROS TSY 6.000 10/30/2012 USD 3.25
LEHMAN BROS TSY 5.000 11/22/2012 EUR 3.25
LEHMAN BROS TSY 5.500 11/30/2012 CZK 3.25
LEHMAN BROS TSY 6.250 11/30/2012 EUR 3.25
LEHMAN BROS TSY 4.000 12/2/2012 EUR 3.25
LEHMAN BROS TSY 3.000 12/3/2012 EUR 3.25
LEHMAN BROS TSY 13.000 12/14/2012 USD 3.25
LEHMAN BROS TSY 7.600 1/31/2013 AUD 17.25
LEHMAN BROS TSY 4.500 3/6/2013 CHF 3.25
LEHMAN BROS TSY 2.875 3/14/2013 CHF 17.25
LEHMAN BROS TSY 7.150 3/21/2013 USD 3.25
LEHMAN BROS TSY 7.600 5/21/2013 USD 3.25
LEHMAN BROS TSY 3.450 5/23/2013 USD 3.25
LEHMAN BROS TSY 2.300 6/6/2013 USD 17.25
LEHMAN BROS TSY 2.300 6/27/2013 USD 17.25
LEHMAN BROS TSY 2.370 7/15/2013 USD 3.25
LEHMAN BROS TSY 7.500 7/31/2013 GBP 3.25
LEHMAN BROS TSY 7.320 7/31/2013 GBP 3.25
LEHMAN BROS TSY 8.600 7/31/2013 GBP 3.25
LEHMAN BROS TSY 8.280 7/31/2013 GBP 3.25
LEHMAN BROS TSY 4.600 8/1/2013 EUR 3.25
LEHMAN BROS TSY 6.000 8/7/2013 EUR 3.25
LEHMAN BROS TSY 4.870 10/8/2013 USD 17.25
LEHMAN BROS TSY 1.950 11/4/2013 EUR 17.25
LEHMAN BROS TSY 7.000 11/26/2013 EUR 3.25
LEHMAN BROS TSY 5.375 2/4/2014 USD 3.25
LEHMAN BROS TSY 5.000 2/27/2014 EUR 3.25
LEHMAN BROS TSY 10.600 4/22/2014 MXN 3.25
LEHMAN BROS TSY 5.300 4/23/2014 EUR 3.25
LEHMAN BROS TSY 2.300 4/28/2014 JPY 3.25
LEHMAN BROS TSY 4.100 6/10/2014 SGD 17.25
LEHMAN BROS TSY 5.250 7/8/2014 EUR 17.25
LEHMAN BROS TSY 0.250 7/21/2014 EUR 3.25
LEHMAN BROS TSY 4.500 7/24/2014 EUR 3.25
LEHMAN BROS TSY 5.000 9/22/2014 EUR 3.25
LEHMAN BROS TSY 8.000 10/17/2014 EUR 3.25
LEHMAN BROS TSY 3.025 1/31/2015 EUR 3.25
LEHMAN BROS TSY 5.000 2/16/2015 EUR 3.38
LEHMAN BROS TSY 5.000 2/25/2015 EUR 3.25
LEHMAN BROS TSY 5.400 3/4/2015 USD 3.25
LEHMAN BROS TSY 1.680 3/5/2015 EUR 3.25
LEHMAN BROS TSY 4.500 3/7/2015 EUR 3.25
LEHMAN BROS TSY 5.550 3/12/2015 EUR 17.25
LEHMAN BROS TSY 5.400 3/18/2015 USD 3.25
LEHMAN BROS TSY 5.000 3/18/2015 EUR 3.75
LEHMAN BROS TSY 7.050 4/8/2015 USD 3.25
LEHMAN BROS TSY 6.500 5/16/2015 EUR 3.25
LEHMAN BROS TSY 8.250 12/3/2015 EUR 3.25
LEHMAN BROS TSY 8.250 2/3/2016 EUR 3.25
LEHMAN BROS TSY 8.000 2/16/2016 EUR 3.25
LEHMAN BROS TSY 7.750 2/21/2016 EUR 3.25
LEHMAN BROS TSY 4.700 3/23/2016 EUR 3.25
LEHMAN BROS TSY 4.700 3/23/2016 EUR 3.25
LEHMAN BROS TSY 8.500 7/5/2016 EUR 3.25
LEHMAN BROS TSY 4.600 7/6/2016 EUR 3.25
LEHMAN BROS TSY 4.350 8/8/2016 SGD 17.25
LEHMAN BROS TSY 3.350 10/13/2016 EUR 3.25
LEHMAN BROS TSY 4.000 11/24/2016 EUR 3.25
LEHMAN BROS TSY 6.000 12/6/2016 USD 3.25
LEHMAN BROS TSY 0.800 12/30/2016 EUR 3.25
LEHMAN BROS TSY 4.000 2/16/2017 EUR 3.25
LEHMAN BROS TSY 4.690 2/19/2017 EUR 17.25
LEHMAN BROS TSY 5.000 4/24/2017 EUR 3.25
LEHMAN BROS TSY 4.500 5/2/2017 EUR 3.25
LEHMAN BROS TSY 7.500 5/2/2017 EUR 3.25
LEHMAN BROS TSY 7.390 5/4/2017 USD 3.25
LEHMAN BROS TSY 5.100 5/8/2017 HKD 17.25
LEHMAN BROS TSY 6.000 5/12/2017 EUR 3.25
LEHMAN BROS TSY 7.000 6/6/2017 EUR 3.25
LEHMAN BROS TSY 7.500 6/15/2017 USD 3.25
LEHMAN BROS TSY 3.000 8/8/2017 EUR 3.25
LEHMAN BROS TSY 3.000 8/15/2017 EUR 3.25
LEHMAN BROS TSY 5.000 8/16/2017 EUR 3.25
LEHMAN BROS TSY 4.600 10/11/2017 ILS 17.25
LEHMAN BROS TSY 12.220 11/21/2017 USD 3.25
LEHMAN BROS TSY 9.000 12/20/2017 AUD 3.25
LEHMAN BROS TSY 0.500 12/20/2017 USD 3.25
LEHMAN BROS TSY 0.500 12/20/2017 AUD 3.25
LEHMAN BROS TSY 9.000 12/20/2017 AUD 3.25
LEHMAN BROS TSY 9.000 12/20/2017 AUD 3.25
LEHMAN BROS TSY 0.500 12/20/2017 AUD 3.25
LEHMAN BROS TSY 0.500 12/20/2017 AUD 3.25
LEHMAN BROS TSY 0.500 12/20/2017 AUD 3.25
LEHMAN BROS TSY 0.500 12/20/2017 AUD 3.25
LEHMAN BROS TSY 0.500 12/20/2017 USD 3.25
LEHMAN BROS TSY 0.500 12/20/2017 USD 3.25
LEHMAN BROS TSY 0.500 12/20/2017 USD 3.25
LEHMAN BROS TSY 6.000 12/30/2017 EUR 3.25
LEHMAN BROS TSY 5.000 2/15/2018 EUR 3.25
LEHMAN BROS TSY 2.600 3/19/2018 JPY 17.25
LEHMAN BROS TSY 5.200 3/19/2018 EUR 17.25
LEHMAN BROS TSY 8.000 3/21/2018 USD 3.25
LEHMAN BROS TSY 7.800 3/31/2018 USD 3.25
LEHMAN BROS TSY 9.500 4/1/2018 USD 3.25
LEHMAN BROS TSY 6.000 5/23/2018 CZK 3.25
LEHMAN BROS TSY 9.750 6/22/2018 USD 3.25
LEHMAN BROS TSY 6.300 12/21/2018 USD 3.25
LEHMAN BROS TSY 11.000 5/9/2020 USD 3.25
LEHMAN BROS TSY 0.500 6/2/2020 EUR 17.25
LEHMAN BROS TSY 0.500 7/2/2020 EUR 17.25
LEHMAN BROS TSY 4.900 7/28/2020 EUR 3.25
LEHMAN BROS TSY 0.500 8/1/2020 EUR 17.25
LEHMAN BROS TSY 4.150 8/25/2020 EUR 17.25
LEHMAN BROS TSY 4.250 3/13/2021 EUR 17.25
LEHMAN BROS TSY 5.000 5/2/2022 EUR 17.25
LEHMAN BROS TSY 9.000 5/15/2022 USD 3.25
LEHMAN BROS TSY 6.000 2/19/2023 USD 3.25
LEHMAN BROS TSY 5.250 4/1/2023 EUR 17.25
LEHMAN BROS TSY 5.220 3/1/2024 EUR 17.25
LEHMAN BROS TSY 5.000 8/1/2025 EUR 3.25
LEHMAN BROS TSY 5.250 5/26/2026 EUR 3.25
LEHMAN BROS TSY 6.500 7/24/2026 EUR 3.25
LEHMAN BROS TSY 5.120 4/30/2027 EUR 17.25
LEHMAN BROS TSY 3.500 12/20/2027 USD 3.25
LEHMAN BROS TSY 5.000 2/28/2032 EUR 3.25
LEHMAN BROS TSY 6.000 2/15/2035 EUR 3.25
LEHMAN BROS TSY 8.250 3/16/2035 EUR 3.38
LEHMAN BROS TSY 7.000 5/17/2035 EUR 3.25
LEHMAN BROS TSY 7.500 8/1/2035 EUR 3.25
LEHMAN BROS TSY 7.250 10/5/2035 EUR 3.25
LEHMAN BROS TSY 6.000 11/2/2035 EUR 3.25
LEHMAN BROS TSY 3.000 9/12/2036 JPY 3.25
LEHMAN BROS TSY 4.950 10/25/2036 EUR 3.25
LEHMAN BROS TSY 4.820 12/18/2036 EUR 17.25
LEHMAN BROS TSY 10.000 8/2/2037 JPY 3.25
LEHMAN BROS TSY 4.680 12/12/2045 EUR 17.25
LEHMAN BROS TSY 5.103 6/22/2046 EUR 17.25
MAGYAR TELECOM 9.500 12/15/2016 EUR 76.09
NATL INVESTER BK 25.983 5/7/2029 EUR 32.77
NED WATERSCHAPBK 0.500 3/11/2025 CAD 66.69
PORTUGAL TEL FIN 4.500 6/16/2025 EUR 72.93
Q-CELLS INTERNAT 1.375 4/30/2012 EUR 13.83
Q-CELLS INTERNAT 5.750 5/26/2014 EUR 13.43
RABOBANK 0.500 11/26/2021 ZAR 48.78
RBS NV EX-ABN NV 2.910 6/21/2036 JPY 60.74
SNS BANK 6.250 10/26/2020 EUR 71.25
SNS BANK 4.580 3/20/2026 EUR 73.51
SRLEV NV 9.000 4/15/2041 EUR 75.16
NORWAY
------
EKSPORTFINANS 2.250 2/11/2021 CHF 78.42
KOMMUNALBANKEN 0.500 8/16/2016 BRL 74.93
KOMMUNALBANKEN 0.500 3/7/2017 BRL 72.33
KOMMUNALBANKEN 0.500 3/28/2017 BRL 72.03
KOMMUNALBANKEN 0.500 3/29/2017 BRL 71.58
KOMMUNALBANKEN 0.500 5/10/2017 BRL 71.42
KOMMUNALBANKEN 0.500 6/1/2017 BRL 73.96
KOMMUNALBANKEN 0.500 3/2/2018 BRL 67.34
KOMMUNALBANKEN 0.500 5/25/2018 ZAR 69.09
KOMMUNALBANKEN 0.500 5/27/2022 ZAR 72.12
NORSKE SKOGIND 6.125 10/15/2015 USD 69.63
NORSKE SKOGIND 6.125 10/15/2015 USD 69.63
NORSKE SKOGIND 7.000 6/26/2017 EUR 60.48
NORSKE SKOGIND 7.125 10/15/2033 USD 51.50
NORSKE SKOGIND 7.125 10/15/2033 USD 51.50
PETROMENA 10.850 11/19/2010 USD 8.00
PETROMENA 9.750 5/24/2013 NOK 8.00
RENEWABLE CORP 6.500 6/4/2014 EUR 72.71
PORTUGAL
--------
BANCO ESPIRITO 6.900 6/28/2024 EUR 71.50
CAIXA GERAL DEPO 4.000 5/13/2019 EUR 74.00
CAIXA GERAL DEPO 5.380 10/1/2038 EUR 64.64
COMBOIOS DE PORT 4.170 10/16/2019 EUR 54.00
METRO DE LISBOA 5.750 2/4/2019 EUR 57.50
METRO DE LISBOA 7.300 12/23/2025 EUR 53.00
METRO DE LISBOA 4.061 12/4/2026 EUR 50.13
METRO DE LISBOA 4.799 12/7/2027 EUR 47.88
MONTEPIO GERAL 5.000 2/8/2017 EUR 63.38
PARPUBLICA 3.567 9/22/2020 EUR 58.68
PARPUBLICA 4.200 11/16/2026 EUR 51.25
PORTUGUESE OT'S 4.450 6/15/2018 EUR 74.21
PORTUGUESE OT'S 4.750 6/14/2019 EUR 71.47
PORTUGUESE OT'S 4.800 6/15/2020 EUR 69.45
PORTUGUESE OT'S 3.850 4/15/2021 EUR 64.25
PORTUGUESE OT'S 4.950 10/25/2023 EUR 64.34
PORTUGUESE OT'S 4.100 4/15/2037 EUR 49.42
REFER 4.000 3/16/2015 EUR 62.01
REFER 5.875 2/18/2019 EUR 63.71
REFER 4.250 12/13/2021 EUR 43.00
REFER 4.675 10/16/2024 EUR 54.66
REFER 4.047 11/16/2026 EUR 52.41
RUSSIA
------
ARIZK 3.000 12/20/2030 RUB 51.09
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 12.00
NOK 12.500 8/26/2014 RUB 5.00
PROMPEREOSNASTKA 1.000 12/17/2012 RUB 0.01
RBC OJSC 7.000 4/23/2015 RUB 75.00
RBC OJSC 3.270 4/19/2018 RUB 51.10
SATURN 8.000 6/6/2014 RUB 2.00
SPAIN
-----
AYT CEDULAS CAJA 4.000 3/31/2020 EUR 71.40
AYT CEDULAS CAJA 4.000 3/24/2021 EUR 68.80
AYT CEDULAS CAJA 3.750 12/14/2022 EUR 62.63
AYT CEDULAS CAJA 4.250 10/25/2023 EUR 61.74
AYT CEDULAS CAJA 3.750 6/30/2025 EUR 54.94
AYT CEDULAS CAJA 4.750 5/25/2027 EUR 57.39
AYUNTAM DE MADRD 4.650 1/10/2017 EUR 67.68
AYUNTAM DE MADRD 5.078 12/2/2018 EUR 62.81
AYUNTAM DE MADRD 4.350 6/16/2021 EUR 58.18
AYUNTAM DE MADRD 4.550 6/16/2036 EUR 44.42
BANCAJA 4.375 2/14/2017 EUR 71.90
BANCAJA 1.500 5/22/2018 EUR 58.75
BANCO BILBAO VIZ 4.375 10/20/2019 EUR 68.00
BANCO BILBAO VIZ 4.500 2/16/2022 EUR 60.05
BANCO BILBAO VIZ 6.025 3/3/2033 EUR 39.12
BANCO CASTILLA 1.500 6/23/2021 EUR 67.25
BANCO POP ESPAN 5.702 12/22/2019 EUR 62.25
BANCO POP ESPAN 8.000 7/29/2021 EUR 67.25
BANCO POP ESPAN 8.250 10/19/2021 EUR 68.13
BANCO SABADELL 6.250 4/26/2020 EUR 69.46
BANKINTER SA 6.000 12/18/2028 EUR 62.50
BASQUE GOV'T 4.150 10/28/2019 EUR 72.29
BASQUE GOV'T 4.600 1/7/2025 EUR 64.64
BBVA SUB CAP UNI 5.750 3/11/2018 GBP 75.00
BBVA SUB CAP UNI 2.750 10/22/2035 JPY 59.70
BPE FINANCIACION 6.873 10/22/2020 EUR 63.96
CAIXA TERRASSA 4.700 8/9/2021 EUR 68.00
CAIXA TERRASSA 1.700 3/12/2022 EUR 65.13
CAJA ESPANA 4.150 2/23/2020 EUR 69.13
CAJA ESPANA 3.500 6/29/2020 EUR 66.50
CAJA MADRID 5.116 7/15/2015 EUR 44.63
CAJA MADRID 4.000 2/3/2025 EUR 66.47
CAJA MADRID 4.125 3/24/2036 EUR 60.69
CAJA MADRID 5.020 2/26/2038 EUR 73.72
CEDULAS TDA 6 FO 3.875 5/23/2025 EUR 56.48
CEDULAS TDA 6 FO 4.250 4/10/2031 EUR 52.38
CEDULAS TDA A-4 4.125 4/10/2021 EUR 69.82
CEDULAS TDA A-5 4.250 3/28/2027 EUR 53.84
COMUN AUTO CANAR 4.450 11/17/2019 EUR 68.88
COMUN AUTO CANAR 4.929 3/9/2020 EUR 74.92
COMUN AUTO CANAR 5.750 10/15/2029 EUR 71.26
COMUN AUTO CANAR 3.900 11/30/2035 EUR 48.27
COMUN AUTO CANAR 4.200 10/25/2036 EUR 49.27
COMUN NAVARRA 4.000 11/23/2021 EUR 72.19
COMUNIDAD ARAGON 5.000 10/4/2020 EUR 55.81
COMUNIDAD ARAGON 5.100 10/4/2020 EUR 55.81
COMUNIDAD ARAGON 5.100 11/15/2020 EUR 55.81
COMUNIDAD ARAGON 4.470 7/12/2021 EUR 62.09
COMUNIDAD ARAGON 4.815 10/10/2022 EUR 61.46
COMUNIDAD ARAGON 6.625 2/21/2023 EUR 71.18
COMUNIDAD ARAGON 7.500 3/1/2027 EUR 73.89
COMUNIDAD ARAGON 4.646 7/11/2036 EUR 45.66
COMUNIDAD BALEAR 4.796 3/4/2020 EUR 66.22
COMUNIDAD BALEAR 3.869 11/23/2020 EUR 59.09
COMUNIDAD BALEAR 4.063 11/23/2035 EUR 43.54
COMUNIDAD MADRID 7.550 7/21/2026 EUR 73.68
COMUNIDAD MADRID 4.300 9/15/2026 EUR 64.58
COMUNIDAD MURCIA 4.725 11/5/2018 EUR 73.68
COMUNIDAD MURCIA 4.695 3/30/2020 EUR 72.70
DIPUTACION FOR 4.323 12/29/2023 EUR 55.70
FERIA VALENCIA 6.040 6/10/2027 EUR 49.94
GEN DE CATALUNYA 2.315 9/10/2015 CHF 73.66
GEN DE CATALUNYA 3.875 9/15/2015 EUR 74.14
GEN DE CATALUNYA 2.355 11/10/2015 CHF 72.58
GEN DE CATALUNYA 10.900 11/16/2015 EUR 74.25
GEN DE CATALUNYA 2.750 3/24/2016 CHF 71.19
GEN DE CATALUNYA 4.300 11/15/2016 EUR 69.13
GEN DE CATALUNYA 4.750 6/4/2018 EUR 65.13
GEN DE CATALUNYA 4.950 2/11/2020 EUR 57.97
GEN DE CATALUNYA 4.801 7/31/2020 EUR 55.38
GEN DE CATALUNYA 4.900 9/15/2021 EUR 57.00
GEN DE CATALUNYA 5.250 10/5/2023 EUR 57.38
GEN DE CATALUNYA 5.900 5/20/2024 EUR 55.13
GEN DE CATALUNYA 5.325 10/5/2028 EUR 46.50
GEN DE CATALUNYA 5.219 9/10/2029 EUR 44.75
GEN DE CATALUNYA 5.400 5/13/2030 EUR 45.63
GEN DE CATALUNYA 5.900 5/28/2030 EUR 48.88
GEN DE CATALUNYA 5.950 10/1/2030 EUR 49.00
GEN DE CATALUNYA 4.690 10/28/2034 EUR 41.75
GEN DE CATALUNYA 4.220 4/26/2035 EUR 35.38
GEN DE CATALUNYA 2.965 9/8/2039 JPY 39.22
GEN DE CATALUNYA 6.350 11/30/2041 EUR 49.50
GENERAL VALENCIA 3.250 7/6/2015 EUR 70.99
GENERAL VALENCIA 4.375 7/16/2015 EUR 73.09
GENERAL VALENCIA 4.000 11/2/2016 EUR 64.34
GENERAL VALENCIA 4.900 3/17/2020 EUR 58.93
GENERAL VALENCIA 5.900 11/30/2032 EUR 45.88
IM CEDULAS 10 4.500 2/21/2022 EUR 69.72
IM CEDULAS 5 3.500 6/15/2020 EUR 68.04
INSTIT CRDT OFCL 5.000 3/31/2020 CAD 75.19
INSTIT CRDT OFCL 3.000 9/24/2020 USD 61.26
INSTIT CRDT OFCL 2.100 2/23/2021 JPY 62.29
INSTIT CRDT OFCL 2.570 10/22/2021 CHF 70.05
INSTIT CRDT OFCL 3.250 6/28/2024 CHF 69.79
INSTIT CRDT OFCL 5.700 12/30/2024 USD 70.63
INSTITUT CATALA 4.250 6/15/2024 EUR 53.87
JUNTA ANDALUCIA 3.500 2/15/2016 EUR 69.69
JUNTA ANDALUCIA 4.350 1/26/2017 EUR 69.72
JUNTA ANDALUCIA 4.750 1/24/2018 EUR 65.14
JUNTA ANDALUCIA 5.200 7/15/2019 EUR 62.99
JUNTA ANDALUCIA 4.125 1/20/2020 EUR 58.25
JUNTA ANDALUCIA 4.850 3/17/2020 EUR 58.19
JUNTA ANDALUCIA 3.050 12/10/2020 JPY 67.44
JUNTA ANDALUCIA 5.000 7/13/2022 EUR 57.51
JUNTA ANDALUCIA 5.700 7/20/2028 EUR 58.28
JUNTA ANDALUCIA 6.600 11/29/2030 EUR 58.27
JUNTA ANDALUCIA 7.500 11/30/2030 EUR 61.27
JUNTA ANDALUCIA 5.150 5/24/2034 EUR 48.25
JUNTA ANDALUCIA 4.250 10/31/2036 EUR 46.16
JUNTA ANDALUCIA 3.170 7/29/2039 JPY 42.30
JUNTA ANDALUCIA 3.065 7/29/2039 JPY 41.26
JUNTA CASTILLA 4.650 11/8/2022 EUR 64.82
JUNTA CASTILLA 7.200 11/11/2026 EUR 60.42
JUNTA LA MANCHA 4.588 9/24/2017 EUR 69.13
JUNTA LA MANCHA 4.875 3/18/2020 EUR 65.88
JUNTA LA MANCHA 6.000 1/15/2021 EUR 67.00
JUNTA LA MANCHA 5.800 1/30/2021 EUR 67.13
JUNTA LA MANCHA 6.000 1/31/2021 EUR 65.13
JUNTA LA MANCHA 2.810 10/14/2022 JPY 55.13
JUNTA LA MANCHA 4.625 11/30/2022 EUR 57.13
JUNTA LA MANCHA 5.950 9/9/2030 EUR 55.75
JUNTA LA MANCHA 7.705 2/15/2033 EUR 57.25
JUNTA LA MANCHA 3.875 1/31/2036 EUR 33.13
MAPFRE SA 5.921 7/24/2037 EUR 57.41
PITCH1 5.125 7/20/2022 EUR 73.36
SACYR VALLEHERM 6.500 5/1/2016 EUR 49.18
SANTANDER ISSUAN 6.533 10/24/2017 GBP 72.68
SANTANDER ISSUAN 5.435 10/24/2017 EUR 72.00
SANTANDER ISSUAN 5.750 1/31/2018 GBP 69.00
SANTANDER ISSUAN 4.250 5/30/2018 EUR 69.00
SANTANDER ISSUAN 4.750 5/29/2019 EUR 69.00
SANTANDER ISSUAN 4.500 9/30/2019 EUR 67.99
SPANISH GOV'T 4.200 1/31/2037 EUR 65.35
SPANISH GOV'T 4.900 7/30/2040 EUR 71.51
SPANISH GOV'T 4.700 7/30/2041 EUR 69.32
TELEFONICA EMIS 5.445 10/8/2029 GBP 74.66
XUNTA DE GALICIA 4.205 11/30/2019 EUR 63.79
XUNTA DE GALICIA 4.805 3/26/2020 EUR 71.67
XUNTA DE GALICIA 5.350 11/22/2028 EUR 60.69
XUNTA DE GALICIA 4.025 11/28/2035 EUR 45.99
SWEDEN
------
ASSA ABLOY AB 4.000 2/15/2027 EUR 74.56
Rorvik Timber 6.000 6/30/2016 SEK 67.00
SAS AB 7.500 4/1/2015 SEK 72.99
SWEDISH EXP CRED 0.500 6/29/2016 TRY 74.83
SWEDISH EXP CRED 0.500 12/14/2016 BRL 73.57
SWEDISH EXP CRED 0.500 12/21/2016 BRL 73.46
SWEDISH EXP CRED 0.500 12/22/2016 BRL 73.44
SWEDISH EXP CRED 0.500 1/26/2017 BRL 72.89
SWEDISH EXP CRED 0.500 2/3/2017 BRL 72.64
SWEDISH EXP CRED 0.500 3/10/2017 BRL 72.19
SWEDISH EXP CRED 0.500 6/21/2017 BRL 70.57
SWEDISH EXP CRED 0.500 6/30/2017 BRL 70.42
SWEDISH EXP CRED 0.500 7/21/2017 BRL 70.11
SWEDISH EXP CRED 0.500 8/25/2021 ZAR 51.94
SWEDISH EXP CRED 0.500 8/26/2021 AUD 66.65
SWEDISH EXP CRED 1.000 11/15/2021 AUD 71.85
SWEDISH EXP CRED 0.500 1/31/2022 ZAR 50.18
SWEDISH EXP CRED 0.500 2/22/2022 ZAR 49.84
SWEDISH EXP CRED 0.500 3/15/2022 ZAR 49.60
SWEDISH EXP CRED 0.500 6/28/2022 ZAR 48.41
SWEDISH EXP CRED 0.500 12/17/2027 USD 62.47
SWEDISH EXP CRED 0.500 1/25/2028 USD 62.16
SWITZERLAND
-----------
BANK JULIUS BAER 10.500 7/6/2012 USD 71.20
BANK JULIUS BAER 10.500 7/6/2012 CHF 69.60
BANK JULIUS BAER 11.300 7/6/2012 CHF 39.25
BANK JULIUS BAER 9.000 7/6/2012 EUR 73.55
BANK JULIUS BAER 12.000 7/6/2012 EUR 60.10
BANK JULIUS BAER 11.900 7/6/2012 CHF 61.05
BANK JULIUS BAER 14.800 7/6/2012 EUR 37.25
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BANK JULIUS BAER 14.300 7/13/2012 CHF 49.55
BANK JULIUS BAER 10.500 7/18/2012 CHF 60.30
BANK JULIUS BAER 5.500 7/20/2012 CHF 56.30
BANK JULIUS BAER 11.700 7/20/2012 EUR 70.60
BANK JULIUS BAER 8.750 7/26/2012 EUR 71.30
BANK JULIUS BAER 9.300 7/27/2012 EUR 70.90
BANK JULIUS BAER 12.000 7/27/2012 EUR 67.10
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BANK JULIUS BAER 22.800 8/3/2012 USD 51.41
BANK JULIUS BAER 11.300 8/3/2012 CHF 61.29
BANK JULIUS BAER 7.400 8/3/2012 EUR 74.80
BANK JULIUS BAER 9.000 9/17/2012 CHF 38.75
BANK JULIUS BAER 10.500 12/14/2012 USD 74.15
BANK JULIUS BAER 10.000 1/28/2013 CHF 71.95
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CLARIDEN LEU NAS 10.000 7/6/2012 CHF 71.53
CLARIDEN LEU NAS 10.000 7/6/2012 EUR 71.31
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CLARIDEN LEU NAS 12.500 7/11/2012 EUR 64.92
CLARIDEN LEU NAS 10.500 7/12/2012 CHF 52.32
CLARIDEN LEU NAS 11.750 7/12/2012 USD 57.35
CLARIDEN LEU NAS 9.500 7/13/2012 EUR 65.67
CLARIDEN LEU NAS 11.750 7/13/2012 EUR 66.39
CLARIDEN LEU NAS 11.000 7/18/2012 EUR 67.05
CLARIDEN LEU NAS 10.500 7/18/2012 CHF 54.82
CLARIDEN LEU NAS 7.900 7/18/2012 USD 72.57
CLARIDEN LEU NAS 10.750 7/19/2012 EUR 71.26
CLARIDEN LEU NAS 9.000 7/19/2012 CHF 53.71
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CLARIDEN LEU NAS 12.250 7/20/2012 USD 60.08
CLARIDEN LEU NAS 9.250 7/25/2012 CHF 63.17
CLARIDEN LEU NAS 10.250 7/25/2012 EUR 71.49
CLARIDEN LEU NAS 10.250 7/25/2012 USD 68.65
CLARIDEN LEU NAS 11.000 7/25/2012 NOK 66.46
CLARIDEN LEU NAS 10.500 7/26/2012 CHF 61.78
CLARIDEN LEU NAS 12.000 7/26/2012 EUR 71.84
CLARIDEN LEU NAS 8.750 7/26/2012 CHF 57.77
CLARIDEN LEU NAS 10.500 8/2/2012 EUR 42.28
CLARIDEN LEU NAS 13.000 8/2/2012 EUR 73.02
CLARIDEN LEU NAS 10.250 8/2/2012 CHF 57.03
CLARIDEN LEU NAS 11.000 8/2/2012 USD 61.61
CLARIDEN LEU NAS 10.000 8/3/2012 CHF 71.54
CLARIDEN LEU NAS 10.000 8/8/2012 USD 65.26
CLARIDEN LEU NAS 11.750 8/8/2012 EUR 66.23
CLARIDEN LEU NAS 9.250 8/8/2012 EUR 74.21
CLARIDEN LEU NAS 10.000 8/10/2012 EUR 65.40
CLARIDEN LEU NAS 12.000 8/15/2012 USD 67.20
CLARIDEN LEU NAS 14.000 8/16/2012 CHF 72.97
CLARIDEN LEU NAS 7.000 8/16/2012 CHF 52.37
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CLARIDEN LEU NAS 9.250 9/4/2012 CHF 41.59
CLARIDEN LEU NAS 12.000 9/4/2012 EUR 25.94
CLARIDEN LEU NAS 10.500 9/4/2012 USD 67.27
CLARIDEN LEU NAS 7.500 9/10/2012 CHF 60.05
CLARIDEN LEU NAS 11.000 9/10/2012 EUR 67.96
CLARIDEN LEU NAS 10.000 9/11/2012 CHF 44.06
CLARIDEN LEU NAS 10.250 9/17/2012 CHF 44.93
CLARIDEN LEU NAS 9.500 9/24/2012 CHF 67.51
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CLARIDEN LEU NAS 8.250 10/5/2012 CHF 74.84
CLARIDEN LEU NAS 10.500 10/8/2012 CHF 73.43
CLARIDEN LEU NAS 10.000 10/8/2012 EUR 56.98
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CLARIDEN LEU NAS 10.000 10/15/2012 CHF 44.98
CLARIDEN LEU NAS 9.500 10/15/2012 CHF 45.64
CLARIDEN LEU NAS 8.500 10/15/2012 CHF 44.42
CLARIDEN LEU NAS 8.000 10/15/2012 CHF 57.66
CLARIDEN LEU NAS 10.250 10/18/2012 EUR 72.16
CLARIDEN LEU NAS 20.750 11/2/2012 GBP 70.02
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CLARIDEN LEU NAS 7.500 11/13/2012 CHF 48.76
CLARIDEN LEU NAS 7.250 11/13/2012 CHF 70.06
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CLARIDEN LEU NAS 7.125 11/19/2012 CHF 48.66
CLARIDEN LEU NAS 8.000 11/20/2012 CHF 69.04
CLARIDEN LEU NAS 10.500 11/26/2012 EUR 63.75
CLARIDEN LEU NAS 0.000 12/14/2012 CHF 48.86
CLARIDEN LEU NAS 0.000 12/17/2012 EUR 68.28
CLARIDEN LEU NAS 8.250 12/17/2012 CHF 61.14
CLARIDEN LEU NAS 8.750 1/15/2013 CHF 62.55
CLARIDEN LEU NAS 0.000 1/24/2013 CHF 59.64
CLARIDEN LEU NAS 11.500 2/13/2013 EUR 46.88
CLARIDEN LEU NAS 9.000 2/14/2013 CHF 60.30
CLARIDEN LEU NAS 11.000 2/21/2013 USD 73.62
CLARIDEN LEU NAS 20.000 2/27/2013 USD 73.68
CLARIDEN LEU NAS 12.500 3/1/2013 USD 74.98
CLARIDEN LEU NAS 0.000 3/18/2013 CHF 74.81
CLARIDEN LEU NAS 0.000 3/25/2013 CHF 49.99
CLARIDEN LEU NAS 0.000 4/4/2013 CHF 68.39
CLARIDEN LEU NAS 10.000 4/10/2013 CHF 72.12
CLARIDEN LEU NAS 6.500 4/26/2013 CHF 49.01
CLARIDEN LEU NAS 0.000 5/31/2013 CHF 60.04
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CLARIDEN LEU NAS 13.000 7/15/2013 CHF 61.93
CLARIDEN LEU NAS 7.000 7/22/2013 CHF 61.25
CLARIDEN LEU NAS 3.250 9/16/2013 CHF 41.05
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CLARIDEN LEU NAS 0.000 9/23/2013 CHF 43.73
CLARIDEN LEU NAS 0.000 11/4/2013 USD 68.01
CLARIDEN LEU NAS 0.000 11/4/2013 CHF 67.93
CLARIDEN LEU NAS 0.000 11/26/2013 CHF 54.86
CLARIDEN LEU NAS 0.000 2/11/2014 CHF 46.76
CLARIDEN LEU NAS 0.000 2/24/2014 CHF 47.23
CLARIDEN LEU NAS 0.000 5/13/2014 CHF 58.44
CLARIDEN LEU NAS 0.000 5/26/2014 CHF 58.97
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CLARIDEN LEU NAS 0.000 6/10/2014 CHF 52.86
CLARIDEN LEU NAS 0.000 6/10/2014 CHF 58.88
CLARIDEN LEU NAS 4.500 8/6/2014 EUR 71.91
CLARIDEN LEU NAS 5.250 8/6/2014 CHF 44.65
CLARIDEN LEU NAS 4.500 8/13/2014 CHF 41.71
CLARIDEN LEU NAS 0.000 8/27/2014 CHF 48.10
CLARIDEN LEU NAS 0.000 9/10/2014 CHF 43.81
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CREDIT SUISSE LD 4.000 12/10/2012 EUR 42.80
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CREDIT SUISSE LD 1.640 6/1/2042 USD 44.91
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SARASIN CI LTD 8.000 4/27/2015 CHF 62.72
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SARASIN/GUERNSEY 15.400 7/12/2012 EUR 68.62
SARASIN/GUERNSEY 7.600 7/13/2012 EUR 63.33
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SARASIN/GUERNSEY 7.200 7/19/2012 CHF 71.93
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SWISSAIR 5.500 7/23/2003 CHF 9.88
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UBS AG 11.760 7/31/2012 USD 22.35
UBS AG 12.040 7/31/2012 USD 9.49
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UBS AG 10.500 8/2/2012 EUR 57.90
UBS AG 11.000 8/2/2012 EUR 59.35
UBS AG 11.500 8/2/2012 CHF 69.40
UBS AG 10.000 8/2/2012 CHF 54.70
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UBS AG 17.250 8/15/2012 EUR 40.50
UBS AG 14.000 8/27/2012 CHF 71.05
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UBS AG 11.650 8/31/2012 USD 15.65
UBS AG 12.570 8/31/2012 EUR 74.32
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UBS AG 17.730 9/3/2012 EUR 60.72
UBS AG 18.020 9/3/2012 EUR 68.54
UBS AG 19.660 9/3/2012 EUR 69.96
UBS AG 20.830 9/3/2012 EUR 62.70
UBS AG 10.500 9/3/2012 EUR 74.00
UBS AG 10.830 9/3/2012 EUR 54.66
UBS AG 11.600 9/3/2012 EUR 65.10
UBS AG 13.630 9/3/2012 EUR 50.22
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UBS AG 8.500 9/3/2012 EUR 72.54
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UBS AG 13.000 9/21/2012 EUR 43.16
UBS AG 22.700 9/21/2012 EUR 40.48
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UBS AG 8.670 9/28/2012 EUR 56.14
UBS AG 8.810 9/28/2012 EUR 70.34
UBS AG 9.540 9/28/2012 EUR 54.58
UBS AG 9.750 9/28/2012 EUR 59.12
UBS AG 9.830 9/28/2012 EUR 67.68
UBS AG 10.020 9/28/2012 EUR 74.84
UBS AG 10.440 9/28/2012 EUR 53.12
UBS AG 10.900 9/28/2012 EUR 65.22
UBS AG 11.040 9/28/2012 EUR 57.02
UBS AG 11.130 9/28/2012 EUR 72.74
UBS AG 11.360 9/28/2012 EUR 51.74
UBS AG 12.020 9/28/2012 EUR 62.98
UBS AG 12.300 9/28/2012 EUR 70.82
UBS AG 12.390 9/28/2012 EUR 55.12
UBS AG 12.860 9/28/2012 EUR 73.88
UBS AG 12.890 9/28/2012 EUR 74.54
UBS AG 13.180 9/28/2012 EUR 60.92
UBS AG 13.230 9/28/2012 EUR 49.28
UBS AG 13.500 9/28/2012 EUR 69.02
UBS AG 13.590 9/28/2012 EUR 72.16
UBS AG 13.700 9/28/2012 EUR 73.34
UBS AG 13.800 9/28/2012 EUR 53.42
UBS AG 14.180 9/28/2012 EUR 48.18
UBS AG 14.320 9/28/2012 EUR 70.52
UBS AG 14.390 9/28/2012 EUR 59.04
UBS AG 14.500 9/28/2012 EUR 72.30
UBS AG 14.740 9/28/2012 EUR 67.34
UBS AG 15.020 9/28/2012 EUR 74.68
UBS AG 15.050 9/28/2012 EUR 68.94
UBS AG 15.130 9/28/2012 EUR 47.14
UBS AG 15.240 9/28/2012 EUR 51.86
UBS AG 15.370 9/28/2012 EUR 71.10
UBS AG 15.640 9/28/2012 EUR 57.32
UBS AG 15.770 9/28/2012 EUR 67.46
UBS AG 16.000 9/28/2012 EUR 65.78
UBS AG 16.090 9/28/2012 EUR 46.16
UBS AG 16.490 9/28/2012 EUR 66.04
UBS AG 16.620 9/28/2012 EUR 72.40
UBS AG 16.720 9/28/2012 EUR 50.44
UBS AG 16.930 9/28/2012 EUR 55.74
UBS AG 17.050 9/28/2012 EUR 45.24
UBS AG 17.090 9/28/2012 EUR 69.04
UBS AG 17.280 9/28/2012 EUR 64.34
UBS AG 17.500 9/28/2012 EUR 73.70
UBS AG 17.500 9/28/2012 EUR 69.56
UBS AG 17.920 9/28/2012 EUR 63.40
UBS AG 18.020 9/28/2012 EUR 44.38
UBS AG 18.220 9/28/2012 EUR 49.16
UBS AG 18.240 9/28/2012 EUR 54.30
UBS AG 18.250 9/28/2012 EUR 70.30
UBS AG 18.580 9/28/2012 EUR 62.98
UBS AG 19.000 9/28/2012 EUR 43.58
UBS AG 19.250 9/28/2012 EUR 74.88
UBS AG 19.330 9/28/2012 EUR 61.02
UBS AG 19.490 9/28/2012 EUR 74.22
UBS AG 19.580 9/28/2012 EUR 52.96
UBS AG 19.610 9/28/2012 EUR 74.88
UBS AG 19.880 9/28/2012 EUR 61.70
UBS AG 19.910 9/28/2012 EUR 68.36
UBS AG 19.990 9/28/2012 EUR 42.84
UBS AG 20.500 9/28/2012 EUR 67.12
UBS AG 20.740 9/28/2012 EUR 58.88
UBS AG 20.920 9/28/2012 EUR 51.72
UBS AG 21.970 9/28/2012 EUR 41.46
UBS AG 22.150 9/28/2012 EUR 56.92
UBS AG 23.000 9/28/2012 EUR 71.36
UBS AG 23.560 9/28/2012 EUR 55.14
UBS AG 24.000 9/28/2012 EUR 71.60
UBS AG 24.960 9/28/2012 EUR 53.52
UBS AG 12.290 9/28/2012 EUR 50.48
UBS AG 7.900 10/1/2012 EUR 51.84
UBS AG 7.840 10/1/2012 EUR 26.04
UBS AG 7.810 10/1/2012 EUR 67.44
UBS AG 7.680 10/1/2012 EUR 51.80
UBS AG 7.660 10/1/2012 EUR 21.48
UBS AG 7.610 10/1/2012 EUR 66.34
UBS AG 8.310 10/1/2012 EUR 21.62
UBS AG 8.400 10/1/2012 EUR 51.96
UBS AG 8.420 10/1/2012 EUR 26.16
UBS AG 8.500 10/1/2012 EUR 66.54
UBS AG 7.140 10/1/2012 EUR 25.90
UBS AG 7.190 10/1/2012 EUR 51.70
UBS AG 7.240 10/1/2012 EUR 66.26
UBS AG 7.380 10/1/2012 EUR 67.34
UBS AG 7.380 10/1/2012 EUR 25.94
UBS AG 7.450 10/1/2012 EUR 51.74
UBS AG 7.460 10/1/2012 EUR 51.94
UBS AG 8.530 10/1/2012 EUR 51.98
UBS AG 8.540 10/1/2012 EUR 67.60
UBS AG 8.660 10/1/2012 EUR 52.20
UBS AG 8.720 10/1/2012 EUR 52.02
UBS AG 8.720 10/1/2012 EUR 66.58
UBS AG 8.730 10/1/2012 EUR 26.24
UBS AG 8.850 10/1/2012 EUR 67.66
UBS AG 8.910 10/1/2012 EUR 21.74
UBS AG 8.910 10/1/2012 EUR 66.62
UBS AG 9.060 10/1/2012 EUR 66.66
UBS AG 9.110 10/1/2012 EUR 67.72
UBS AG 9.160 10/1/2012 EUR 52.30
UBS AG 9.200 10/1/2012 EUR 26.34
UBS AG 9.340 10/1/2012 EUR 67.78
UBS AG 9.360 10/1/2012 EUR 26.38
UBS AG 9.440 10/1/2012 EUR 21.86
UBS AG 9.530 10/1/2012 EUR 67.82
UBS AG 9.540 10/1/2012 EUR 56.92
UBS AG 9.580 10/1/2012 EUR 52.40
UBS AG 9.690 10/1/2012 EUR 67.84
UBS AG 9.820 10/1/2012 EUR 67.88
UBS AG 9.860 10/1/2012 EUR 57.00
UBS AG 9.900 10/1/2012 EUR 26.50
UBS AG 9.910 10/1/2012 EUR 21.96
UBS AG 9.920 10/1/2012 EUR 67.90
UBS AG 9.930 10/1/2012 EUR 52.48
UBS AG 10.150 10/1/2012 EUR 57.06
UBS AG 10.220 10/1/2012 EUR 52.54
UBS AG 10.310 10/1/2012 EUR 22.04
UBS AG 10.410 10/1/2012 EUR 57.12
UBS AG 10.440 10/1/2012 EUR 52.58
UBS AG 10.620 10/1/2012 EUR 52.62
UBS AG 10.640 10/1/2012 EUR 57.16
UBS AG 10.650 10/1/2012 EUR 22.12
UBS AG 10.740 10/1/2012 EUR 52.66
UBS AG 10.840 10/1/2012 EUR 57.20
UBS AG 10.930 10/1/2012 EUR 22.18
UBS AG 11.010 10/1/2012 EUR 57.24
UBS AG 11.150 10/1/2012 EUR 22.22
UBS AG 11.160 10/1/2012 EUR 57.28
UBS AG 11.280 10/1/2012 EUR 57.30
UBS AG 11.330 10/1/2012 EUR 22.26
UBS AG 11.380 10/1/2012 EUR 57.32
UBS AG 11.460 10/1/2012 EUR 57.34
UBS AG 11.460 10/1/2012 EUR 22.30
UBS AG 11.530 10/1/2012 EUR 57.36
UBS AG 11.560 10/1/2012 EUR 22.32
UBS AG 11.580 10/1/2012 EUR 57.36
UBS AG 8.090 10/1/2012 EUR 51.88
UBS AG 8.200 10/1/2012 EUR 67.52
UBS AG 8.240 10/1/2012 EUR 66.48
UBS AG 7.620 10/1/2012 EUR 26.00
UBS AG 8.260 10/1/2012 EUR 51.92
UBS AG 8.050 10/1/2012 EUR 26.08
UBS AG 7.940 10/1/2012 EUR 66.42
UBS AG 8.090 10/1/2012 EUR 52.08
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UBS AG 13.820 10/3/2012 USD 13.36
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UBS AG 12.240 10/26/2012 EUR 51.26
UBS AG 13.100 10/26/2012 EUR 61.86
UBS AG 13.570 10/26/2012 EUR 50.30
UBS AG 19.700 10/26/2012 EUR 58.46
UBS AG 16.390 10/26/2012 EUR 48.64
UBS AG 12.000 11/12/2012 EUR 70.94
UBS AG 13.120 11/12/2012 EUR 70.02
UBS AG 13.560 11/12/2012 EUR 30.38
UBS AG 13.600 11/12/2012 EUR 44.32
UBS AG 8.280 11/12/2012 EUR 60.42
UBS AG 8.280 11/12/2012 EUR 60.42
UBS AG 9.470 11/12/2012 EUR 44.66
UBS AG 9.650 11/12/2012 EUR 42.86
UBS AG 9.840 11/12/2012 EUR 71.70
UBS AG 10.020 11/12/2012 EUR 72.78
UBS AG 6.700 11/12/2012 EUR 49.04
UBS AG 10.930 11/12/2012 EUR 48.52
UBS AG 11.260 11/12/2012 EUR 51.92
UBS AG 11.660 11/12/2012 EUR 40.06
UBS AG 6.070 11/12/2012 EUR 50.78
UBS AG 9.020 11/12/2012 EUR 33.96
UBS AG 8.780 11/12/2012 EUR 72.56
UBS AG 8.590 11/12/2012 EUR 57.58
UBS AG 8.370 11/12/2012 EUR 46.68
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UBS AG 12.800 12/21/2012 EUR 50.16
UBS AG 12.970 12/21/2012 EUR 69.84
UBS AG 13.320 12/21/2012 EUR 73.64
UBS AG 13.560 12/21/2012 EUR 54.58
UBS AG 13.570 12/21/2012 EUR 49.32
UBS AG 13.770 12/21/2012 EUR 60.00
UBS AG 13.980 12/21/2012 EUR 68.48
UBS AG 14.350 12/21/2012 EUR 48.56
UBS AG 14.690 12/21/2012 EUR 71.86
UBS AG 14.740 12/21/2012 EUR 53.38
UBS AG 14.810 12/21/2012 EUR 58.62
UBS AG 15.000 12/21/2012 EUR 67.22
UBS AG 15.130 12/21/2012 EUR 47.84
UBS AG 15.860 12/21/2012 EUR 57.38
UBS AG 15.900 12/21/2012 EUR 73.36
UBS AG 15.920 12/21/2012 EUR 47.18
UBS AG 15.930 12/21/2012 EUR 52.30
UBS AG 16.030 12/21/2012 EUR 66.06
UBS AG 16.600 12/21/2012 EUR 43.12
UBS AG 16.710 12/21/2012 EUR 46.56
UBS AG 16.930 12/21/2012 EUR 56.24
UBS AG 17.070 12/21/2012 EUR 64.98
UBS AG 17.500 12/21/2012 EUR 45.98
UBS AG 18.000 12/21/2012 EUR 55.20
UBS AG 19.090 12/21/2012 EUR 44.96
UBS AG 8.080 12/21/2012 EUR 63.10
UBS AG 8.150 12/21/2012 EUR 71.40
UBS AG 8.250 12/21/2012 EUR 56.56
UBS AG 8.990 12/21/2012 EUR 55.30
UBS AG 9.000 12/21/2012 EUR 69.10
UBS AG 9.100 12/21/2012 EUR 61.00
UBS AG 9.730 12/21/2012 EUR 54.12
UBS AG 9.890 12/21/2012 EUR 66.94
UBS AG 10.060 12/21/2012 EUR 74.62
UBS AG 10.160 12/21/2012 EUR 59.12
UBS AG 10.490 12/21/2012 EUR 53.02
UBS AG 10.810 12/21/2012 EUR 64.98
UBS AG 11.000 12/21/2012 EUR 72.90
UBS AG 11.260 12/21/2012 EUR 52.00
UBS AG 11.270 12/21/2012 EUR 57.44
UBS AG 11.770 12/21/2012 EUR 63.16
UBS AG 11.970 12/21/2012 EUR 71.32
UBS AG 12.020 12/21/2012 EUR 51.04
UBS AG 12.200 12/21/2012 EUR 45.58
UBS AG 12.400 12/21/2012 EUR 55.92
UBS AG 12.760 12/21/2012 EUR 61.50
UBS AG 17.200 12/21/2012 EUR 71.68
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UBS AG 12.420 1/4/2013 EUR 74.06
UBS AG 13.030 1/4/2013 EUR 72.72
UBS AG 13.630 1/4/2013 EUR 71.44
UBS AG 14.230 1/4/2013 EUR 70.20
UBS AG 14.820 1/4/2013 EUR 69.02
UBS AG 15.250 1/4/2013 EUR 72.88
UBS AG 15.990 1/4/2013 EUR 66.80
UBS AG 16.500 1/4/2013 EUR 73.42
UBS AG 17.150 1/4/2013 EUR 64.80
UBS AG 17.500 1/4/2013 EUR 71.00
UBS AG 18.300 1/4/2013 EUR 62.98
UBS AG 19.440 1/4/2013 EUR 61.34
UBS AG 20.000 1/4/2013 EUR 69.46
UBS AG 21.700 1/4/2013 EUR 58.50
UBS AG 22.000 1/4/2013 EUR 67.90
UBS AG 23.750 1/4/2013 EUR 74.02
UBS AG 24.750 1/4/2013 EUR 66.92
UBS AG 20.570 1/4/2013 EUR 59.84
UBS AG 10.390 1/18/2013 USD 32.76
UBS AG 12.010 1/25/2013 EUR 52.08
UBS AG 16.200 1/25/2013 EUR 60.28
UBS AG 14.070 1/25/2013 EUR 50.86
UBS AG 11.700 1/25/2013 EUR 62.68
UBS AG 11.020 1/25/2013 EUR 52.80
UBS AG 8.980 2/22/2013 EUR 56.12
UBS AG 15.800 2/22/2013 EUR 68.46
UBS AG 10.590 2/22/2013 EUR 70.32
UBS AG 13.940 2/22/2013 EUR 72.86
UBS AG 13.660 2/22/2013 EUR 50.26
UBS AG 13.070 2/22/2013 EUR 65.90
UBS AG 10.240 2/22/2013 EUR 68.20
UBS AG 12.680 2/22/2013 EUR 63.72
UBS AG 10.960 2/22/2013 EUR 53.24
UBS AG 10.540 3/7/2013 CHF 72.60
UBS AG 10.000 3/7/2013 USD 68.35
UBS AG 8.100 3/7/2013 CHF 71.00
UBS AG 9.650 3/22/2013 USD 18.81
UBS AG 9.000 3/22/2013 USD 11.45
UBS AG 19.500 4/2/2013 EUR 70.16
UBS AG 21.250 4/2/2013 EUR 69.20
UBS AG 22.250 4/2/2013 EUR 73.92
UBS AG 23.250 4/2/2013 EUR 68.56
UBS AG 24.250 4/2/2013 EUR 72.46
UBS AG 24.750 4/2/2013 EUR 73.02
UBS AG 14.250 4/2/2013 EUR 74.20
UBS AG 16.000 4/2/2013 EUR 72.66
UBS AG 17.750 4/2/2013 EUR 71.32
UBS AG 8.550 4/11/2013 USD 28.34
UBS AG 9.930 4/11/2013 USD 30.83
UBS AG 10.970 4/26/2013 EUR 53.38
UBS AG 10.600 4/26/2013 EUR 63.26
UBS AG 12.610 4/26/2013 EUR 52.46
UBS AG 14.100 4/26/2013 EUR 61.54
UBS AG 10.170 4/26/2013 EUR 53.94
UBS AG 11.000 4/30/2013 USD 39.25
UBS AG 24.000 6/28/2013 EUR 69.34
UBS AG 24.500 6/28/2013 EUR 73.14
UBS AG 23.000 6/28/2013 EUR 74.26
UBS AG 22.500 6/28/2013 EUR 73.78
UBS AG 21.000 6/28/2013 EUR 74.92
UBS AG 19.750 6/28/2013 EUR 70.58
UBS AG 18.250 6/28/2013 EUR 71.16
UBS AG 17.000 6/28/2013 EUR 72.16
UBS AG 15.500 6/28/2013 EUR 73.06
UBS AG 14.250 6/28/2013 EUR 74.36
UBS AG 8.690 7/2/2013 USD 30.24
UBS AG 10.200 9/20/2013 EUR 49.78
UBS AG 12.900 9/20/2013 EUR 49.12
UBS AG 15.900 9/20/2013 EUR 49.52
UBS AG 18.250 9/27/2013 EUR 73.16
UBS AG 15.250 9/27/2013 EUR 73.82
UBS AG 23.000 9/27/2013 EUR 70.96
UBS AG 24.750 9/27/2013 EUR 72.94
UBS AG 20.750 9/27/2013 EUR 71.18
UBS AG 16.250 9/27/2013 EUR 72.92
UBS AG 17.500 9/27/2013 EUR 72.46
UBS AG 14.000 9/27/2013 EUR 74.56
UBS AG 11.020 10/21/2013 USD 50.31
UBS AG 5.950 11/14/2013 USD 52.10
UBS AG 6.980 11/27/2013 USD 32.31
UBS AG 14.750 1/3/2014 EUR 74.52
UBS AG 15.750 1/3/2014 EUR 74.08
UBS AG 18.500 1/3/2014 EUR 73.08
UBS AG 20.250 1/3/2014 EUR 72.78
UBS AG 22.000 1/3/2014 EUR 72.80
UBS AG 24.500 1/3/2014 EUR 73.18
UBS AG 19.250 1/3/2014 EUR 73.94
UBS AG 0.500 4/27/2015 CHF 44.90
UBS AG JERSEY 3.220 7/31/2012 EUR 31.44
UNITED KINGDOM
--------------
ALLIANC&LEIC BLD 5.875 8/14/2031 GBP 69.85
ALPHA CREDIT GRP 6.000 6/20/2014 EUR 74.63
AVIVA PLC 6.875 5/20/2058 GBP 73.96
BARCLAYS BK PLC 8.000 7/9/2012 USD 9.92
BARCLAYS BK PLC 10.000 7/20/2012 USD 6.85
BARCLAYS BK PLC 11.500 7/27/2012 USD 7.70
BARCLAYS BK PLC 7.000 7/27/2012 USD 10.23
BARCLAYS BK PLC 10.800 7/31/2012 USD 26.24
BARCLAYS BK PLC 9.000 8/28/2012 USD 9.68
BARCLAYS BK PLC 11.070 8/31/2012 USD 30.29
BARCLAYS BK PLC 8.000 9/11/2012 USD 9.87
BARCLAYS BK PLC 8.000 9/11/2012 USD 10.77
BARCLAYS BK PLC 5.000 9/14/2012 EUR 70.25
BARCLAYS BK PLC 6.000 9/14/2012 EUR 64.70
BARCLAYS BK PLC 7.000 9/14/2012 EUR 62.28
BARCLAYS BK PLC 8.000 9/14/2012 EUR 74.40
BARCLAYS BK PLC 8.000 9/14/2012 EUR 67.72
BARCLAYS BK PLC 8.000 9/14/2012 EUR 53.70
BARCLAYS BK PLC 9.250 9/14/2012 EUR 37.50
BARCLAYS BK PLC 10.250 9/14/2012 EUR 66.80
BARCLAYS BK PLC 10.250 9/14/2012 EUR 68.80
BARCLAYS BK PLC 11.000 9/14/2012 EUR 60.49
BARCLAYS BK PLC 11.500 9/14/2012 EUR 73.32
BARCLAYS BK PLC 12.000 9/14/2012 EUR 34.05
BARCLAYS BK PLC 12.200 9/14/2012 EUR 71.16
BARCLAYS BK PLC 13.750 9/14/2012 EUR 44.05
BARCLAYS BK PLC 13.750 9/14/2012 EUR 69.71
BARCLAYS BK PLC 14.070 9/14/2012 EUR 48.35
BARCLAYS BK PLC 15.000 9/14/2012 EUR 71.71
BARCLAYS BK PLC 17.250 9/14/2012 EUR 67.65
BARCLAYS BK PLC 19.250 9/14/2012 EUR 64.11
BARCLAYS BK PLC 8.500 9/14/2012 EUR 74.66
BARCLAYS BK PLC 11.000 9/19/2012 EUR 71.72
BARCLAYS BK PLC 7.000 9/28/2012 EUR 40.88
BARCLAYS BK PLC 8.000 9/28/2012 EUR 37.63
BARCLAYS BK PLC 8.000 9/28/2012 USD 10.69
BARCLAYS BK PLC 8.000 9/28/2012 EUR 73.04
BARCLAYS BK PLC 8.500 9/28/2012 EUR 73.04
BARCLAYS BK PLC 9.500 9/28/2012 EUR 66.74
BARCLAYS BK PLC 10.000 9/28/2012 EUR 36.40
BARCLAYS BK PLC 10.500 9/28/2012 EUR 70.16
BARCLAYS BK PLC 10.500 9/28/2012 EUR 35.69
BARCLAYS BK PLC 10.500 9/28/2012 EUR 65.89
BARCLAYS BK PLC 11.000 9/28/2012 EUR 71.58
BARCLAYS BK PLC 11.750 9/28/2012 EUR 34.39
BARCLAYS BK PLC 12.000 9/28/2012 EUR 67.01
BARCLAYS BK PLC 12.000 9/28/2012 EUR 70.49
BARCLAYS BK PLC 12.500 9/28/2012 EUR 63.50
BARCLAYS BK PLC 13.000 9/28/2012 EUR 28.38
BARCLAYS BK PLC 13.500 9/28/2012 EUR 59.65
BARCLAYS BK PLC 6.000 9/28/2012 EUR 43.03
BARCLAYS BK PLC 17.000 9/28/2012 EUR 73.94
BARCLAYS BK PLC 14.000 10/1/2012 USD 10.16
BARCLAYS BK PLC 9.000 10/1/2012 USD 10.02
BARCLAYS BK PLC 9.000 10/16/2012 USD 10.70
BARCLAYS BK PLC 8.500 10/16/2012 USD 10.96
BARCLAYS BK PLC 7.000 12/14/2012 EUR 61.99
BARCLAYS BK PLC 8.000 12/14/2012 EUR 69.43
BARCLAYS BK PLC 8.000 12/14/2012 EUR 54.98
BARCLAYS BK PLC 8.750 12/14/2012 EUR 40.14
BARCLAYS BK PLC 9.500 12/14/2012 EUR 66.72
BARCLAYS BK PLC 10.500 12/14/2012 EUR 62.86
BARCLAYS BK PLC 11.000 12/14/2012 EUR 37.19
BARCLAYS BK PLC 10.930 12/14/2012 EUR 73.46
BARCLAYS BK PLC 12.500 12/14/2012 EUR 47.17
BARCLAYS BK PLC 12.250 12/14/2012 EUR 72.29
BARCLAYS BK PLC 13.000 12/14/2012 EUR 74.40
BARCLAYS BK PLC 12.730 12/14/2012 EUR 50.97
BARCLAYS BK PLC 16.000 12/14/2012 EUR 67.61
BARCLAYS BK PLC 5.000 12/14/2012 EUR 69.29
BARCLAYS BK PLC 6.000 12/14/2012 EUR 64.72
BARCLAYS BK PLC 14.750 12/14/2012 EUR 70.68
BARCLAYS BK PLC 12.500 1/2/2013 EUR 59.96
BARCLAYS BK PLC 12.000 1/2/2013 EUR 35.21
BARCLAYS BK PLC 12.000 1/2/2013 EUR 70.68
BARCLAYS BK PLC 11.500 1/2/2013 EUR 66.71
BARCLAYS BK PLC 11.000 1/2/2013 EUR 70.31
BARCLAYS BK PLC 11.000 1/2/2013 EUR 37.26
BARCLAYS BK PLC 11.000 1/2/2013 EUR 72.83
BARCLAYS BK PLC 10.250 1/2/2013 EUR 74.04
BARCLAYS BK PLC 10.000 1/2/2013 EUR 38.31
BARCLAYS BK PLC 10.000 1/2/2013 EUR 68.10
BARCLAYS BK PLC 9.500 1/2/2013 EUR 38.69
BARCLAYS BK PLC 8.750 1/2/2013 EUR 69.48
BARCLAYS BK PLC 8.500 1/2/2013 EUR 73.88
BARCLAYS BK PLC 8.000 1/2/2013 EUR 72.76
BARCLAYS BK PLC 8.000 1/2/2013 EUR 39.60
BARCLAYS BK PLC 7.000 1/2/2013 EUR 42.38
BARCLAYS BK PLC 6.000 1/2/2013 EUR 39.59
BARCLAYS BK PLC 6.000 3/8/2013 EUR 64.36
BARCLAYS BK PLC 12.000 3/8/2013 EUR 72.97
BARCLAYS BK PLC 14.000 3/8/2013 EUR 71.58
BARCLAYS BK PLC 15.000 3/8/2013 EUR 69.16
BARCLAYS BK PLC 8.000 3/22/2013 EUR 40.94
BARCLAYS BK PLC 10.000 3/22/2013 EUR 35.96
BARCLAYS BK PLC 10.500 3/22/2013 EUR 72.05
BARCLAYS BK PLC 11.500 3/22/2013 EUR 37.28
BARCLAYS BK PLC 11.000 3/22/2013 EUR 72.85
BARCLAYS BK PLC 10.750 3/22/2013 EUR 35.34
BARCLAYS BK PLC 16.000 5/23/2013 USD 10.06
BARCLAYS BK PLC 6.000 6/14/2013 EUR 64.79
BARCLAYS BK PLC 11.000 6/14/2013 EUR 74.51
BARCLAYS BK PLC 12.500 6/14/2013 EUR 73.22
BARCLAYS BK PLC 13.500 6/14/2013 EUR 72.72
BARCLAYS BK PLC 11.500 6/28/2013 EUR 39.27
BARCLAYS BK PLC 10.000 6/28/2013 EUR 41.50
BARCLAYS BK PLC 10.500 6/28/2013 EUR 72.45
BARCLAYS BK PLC 11.000 6/28/2013 EUR 36.80
BARCLAYS BK PLC 8.000 6/28/2013 EUR 38.32
BARCLAYS BK PLC 12.250 9/13/2013 EUR 73.13
BARCLAYS BK PLC 11.500 9/13/2013 EUR 74.76
BARCLAYS BK PLC 11.500 12/13/2013 EUR 74.54
BARCLAYS BK PLC 6.750 10/16/2015 GBP 1.07
BARCLAYS BK PLC 0.500 12/3/2017 AUD 74.03
BARCLAYS BK PLC 0.500 3/22/2019 NZD 73.61
BARCLAYS BK PLC 0.500 9/24/2019 AUD 66.00
BARCLAYS BK PLC 0.600 4/12/2027 JPY 70.14
CATTLES PLC 6.875 1/17/2014 GBP 1.88
CATTLES PLC 7.125 7/5/2017 GBP 1.88
CO-OPERATIVE BNK 5.625 11/16/2021 GBP 75.14
CO-OPERATIVE BNK 5.750 12/2/2024 GBP 74.51
CO-OPERATIVE BNK 5.875 3/28/2033 GBP 72.57
DUNFERMLINE BS 6.000 3/31/2015 GBP 1.00
EFG HELLAS PLC 5.400 11/2/2047 EUR 18.88
EMPORIKI GRP FIN 4.350 7/22/2014 EUR 67.38
EMPORIKI GRP FIN 5.000 12/2/2021 EUR 40.88
EMPORIKI GRP FIN 5.100 12/9/2021 EUR 41.38
EMPORIKI GRP FIN 5.000 2/24/2022 EUR 40.38
EMPORIKI GRP FIN 6.000 5/18/2022 EUR 44.25
ENTERPRISE INNS 6.875 2/15/2021 GBP 71.80
ENTERPRISE INNS 6.875 5/9/2025 GBP 67.07
ENTERPRISE INNS 6.375 9/26/2031 GBP 64.63
ESSAR ENERGY 4.250 2/1/2016 USD 60.39
F&C ASSET MNGMT 6.750 12/20/2026 GBP 63.03
GALA ELECTRIC CA 11.500 6/1/2019 GBP 70.92
GALA ELECTRIC CA 11.500 6/1/2019 GBP 70.50
GREENE KING FIN 5.702 12/15/2034 GBP 107.71
GS INTERNATIONAL 8.250 12/17/2012 EUR 69.95
HBOS PLC 6.305 10/18/2017 GBP 73.75
HBOS PLC 4.375 10/30/2019 EUR 74.56
HBOS PLC 4.500 3/18/2030 EUR 63.30
HSBC BANK PLC 0.500 11/16/2018 AUD 72.28
HSBC BANK PLC 0.500 6/30/2021 NZD 65.62
HSBC BANK PLC 0.500 11/22/2021 AUD 63.96
HSBC BANK PLC 0.500 11/30/2021 NZD 64.12
HSBC BANK PLC 0.500 12/2/2022 AUD 53.69
HSBC BANK PLC 0.500 12/29/2022 AUD 56.07
HSBC BANK PLC 0.500 2/2/2023 AUD 53.29
HSBC BANK PLC 0.500 2/24/2023 AUD 56.65
HSBC BANK PLC 0.500 4/3/2023 AUD 59.42
HSBC BANK PLC 0.500 10/30/2026 NZD 51.18
HSBC BANK PLC 0.500 12/8/2026 AUD 40.71
HSBC BANK PLC 0.500 12/29/2026 AUD 41.16
HSBC BANK PLC 0.500 1/29/2027 NZD 50.61
HSBC BANK PLC 0.500 2/24/2027 NZD 50.45
HSBC BANK PLC 0.500 4/27/2027 NZD 50.07
HSBC BANK PLC 0.500 7/30/2027 NZD 50.22
MATALAN 9.625 3/31/2017 GBP 68.17
MATALAN 9.625 3/31/2017 GBP 68.00
MAX PETROLEUM 6.750 9/8/2013 USD 35.82
NOMURA BANK INTL 0.800 12/21/2020 EUR 72.89
OTE PLC 7.250 4/8/2014 EUR 72.84
OTE PLC 4.625 5/20/2016 EUR 61.47
PRIVATBANK 5.799 2/9/2016 USD 69.69
PUNCH TAVERNS 5.883 10/15/2026 GBP 62.50
ROYAL BK SCOTLND 6.250 12/20/2012 EUR 51.87
ROYAL BK SCOTLND 4.625 9/22/2021 EUR 73.25
ROYAL BK SCOTLND 4.243 1/12/2046 EUR 51.00
ROYAL BK SCOTLND 5.646 6/30/2047 GBP 57.50
RSL COMM PLC 9.125 3/1/2008 USD 1.25
RSL COMM PLC 10.125 3/1/2008 USD 1.25
RSL COMM PLC 12.000 11/1/2008 USD 1.25
RSL COMM PLC 10.500 11/15/2008 USD 1.22
RSL COMM PLC 9.875 11/15/2009 USD 1.25
SKIPTON BUILDING 5.625 1/18/2018 GBP 66.88
SPIRIT ISSUER 5.472 12/28/2028 GBP 70.15
THOMAS COOK GR 6.750 6/22/2015 EUR 46.86
THOMAS COOK GR 7.750 6/22/2017 GBP 44.00
UNIQUE PUB FIN 7.395 3/28/2024 GBP 63.18
UNIQUE PUB FIN 5.659 6/30/2027 GBP 71.48
UNIQUE PUB FIN 6.464 3/30/2032 GBP 45.00
*********
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 * * *