/raid1/www/Hosts/bankrupt/TCREUR_Public/120723.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 23, 2012, Vol. 13, No. 145
Headlines
A U S T R I A
HYPO ALPE-ADRIA: Liquidation Most Expensive Scenario for Taxpayer
F R A N C E
CASION GUICHARD: Fitch Affirms 'BB' Rating on EUR600MM Securities
G E R M A N Y
ESSENTIAL PUBLIC: Fitch Lowers Rating on Class E Notes to 'B-'
NECKERMANN: Deutsche Post Mum on Insolvency EBIT Impact
H U N G A R Y
* CITY OF BUDAPEST: S&P Affirms 'BB+/B' Issuer Credit Ratings
I R E L A N D
FLY LEASING: Moody's Assigns 'B2' Corporate Family Rating
PEATS WORLD: Set to Exit Examinership; 25 Jobs Saved
PERMANENT TSB: S&P Lowers Counterparty Credit Rating to 'B+'
PILOT TRAINING: High Court Grants Examinership
K A Z A K H S T A N
BTA BANK: Chapter 15 Case Summary
L U X E M B O U R G
SLS CAPITAL: July 24 Hearing on Chapter 15 Recognition
N E T H E R L A N D S
ACCESS FINANCE: Fitch Assigns 'B' Issuer Default Ratings
R O M A N I A
BANCA TRANSILVANIA: Fitch Affirms 'BB-' Long-Foreign Currency IDR
R U S S I A
LSR GROUP: Fitch Affirms Long-Term Issuer Default Rating at 'B'
S P A I N
* SPAIN: Plan to Aid Ailing Regions Won't Hit Borrowing Plans
T U R K E Y
SEKERBANK TAS: Fitch Affirms LT Issuer Default Ratings at 'BB-'
TURKIYE HALK: Fitch Assigns BB+ Rating to US$750MM Eurobond Issue
U K R A I N E
FERREXPO PLC: S&P Affirms 'B+/B' Credit Ratings; Outlook Negative
UKRSIBBANK: Fitch Affirms Long-Term Issuer Default Rating at 'B'
* UKRAINE: Fitch Assigns 'B' Rating to US$2-Billion Eurobond
U N I T E D K I N G D O M
BRITISH AIRWAYS: S&P Raises Long-Term Corp. Credit Rating to 'BB'
DAWSON INT'L: May Face Administration After Pension Talks Fail
ELLI INVESTMENTS: Moody's Assigns Definitive Instrument Ratings
EQUINOX PLC: Fitch Downgrades Rating on Two Note Classes to 'Csf'
FULTONS FINE: Enters Into Administration
HERCULES PLC: Fitch Downgrades Rating on Class E Notes to 'CCsf'
PORTSMOUTH FOOTBALL: To Fight Penalties; Appeals to Creditors
* UK: Moody's Says RIIO-GD1 & RIIO-T1 Proposals Ratings Neutral
X X X X X X X X
* Moody's Says Debt Maturities Loom for EMEA Spec-Grade Companies
* BOND PRICING: For the Week July 16 to July 20, 2012
*********
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A U S T R I A
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HYPO ALPE-ADRIA: Liquidation Most Expensive Scenario for Taxpayer
-----------------------------------------------------------------
Boris Groendahl at Bloomberg News reports that Hypo Alpe-Adria-
Bank International AG, the nationalized Austrian lender loaded
with bad debt, said it will continue to sell and wind down assets
gradually because this will keep the burden for taxpayers as low
as possible.
According to Bloomberg, risks for taxpayers may materialize if
the bank is liquidated immediately, Hypo Alpe Chief Executive
Officer Gottwald Kranebitter said late on Thursday, when asked
about a report in Format magazine that the bank would need more
than EUR5 billion (US$6.1 billion) if it was dissolved.
Mr. Kranebitter, as cited by Bloomberg, said he rejects this
strategy and that Hypo Alpe only calculated the costs of
liquidation and of accelerated asset sales on request of the
European Commission's probe into state aid the lender received.
He declined to comment on specific numbers, Bloomberg notes.
Mr. Kranebitter declined to say precisely how much less his plan
for the bank would cost taxpayers, Bloomberg relates. Hypo Alpe
has received EUR1.35 billion in state capital and a EUR200
million guarantee so far, and the government wrote off EUR700
million of that in last year's budget, Bloomberg discloses.
About EUR17.5 billion of its funding is also guaranteed by
Austria and the Province of Carinthia, Hypo Alpe's former owner,
Bloomberg says.
"I always said, and I still say [Fri}day, that liquidation is the
most expensive scenario for the taxpayer," Bloomberg quotes
Mr. Kranebitter as saying. "The European Union, as in every
state aid probe, requires us to calculate a liquidation
scenario."
Hypo Alpe-Adria International AG is a subsidiary of BayernLB. It
is active in banking and leasing. In banking, HGAA serves both
corporate and retail customers and offers services ranging from
traditional lending through savings and deposits to complex
investment products and asset management services.
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F R A N C E
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CASION GUICHARD: Fitch Affirms 'BB' Rating on EUR600MM Securities
-----------------------------------------------------------------
Fitch Ratings has affirmed Casino Guichard-Perrachon SA's
(Casino) Long-term Issuer Default Rating (IDR) and senior
unsecured rating at 'BBB-' and Short-term IDR at 'F3'. Fitch has
also affirmed Casino's EUR600 million perpetual preferred
constant maturity swap securities at 'BB'. The Outlook on the
Long-term IDR is Stable.
The affirmation reflects Fitch's expectations that Casino will
maintain its financial flexibility by pursuing asset disposals to
compensate the potential acquisition of the 50% stake in Monoprix
(expected to be completed in 2013). Fitch also gets comfort from
the group's cleaner structure as a result of controlling its
Brazilian retail subsidiary Grupo Pao de Acucar (GPA). Fitch
expects Casino's credit metrics to slightly improve in 2012 but
remain steady in 2013 despite Fitch's expectations of modest free
cash flow generation.
"A successful execution of Casino's assets disposal plan in a
timely manner that would improve the group's credit metrics in
2012 is key to maintaining the investment grade rating and Stable
Outlook," says Johnny Da Silva, a Director in Fitch's European
Retail Leisure Consumer Products team. The ratings headroom is
low at 'BBB-' as its net debt/FFO ratio of 4.3x as at FYE11 (3.9x
based on EBITDAR) is weak for the rating when adjusted by
operating leases, hybrids, existing total returns swaps, put
options and proportional consolidation of GPA.
In addition to the EUR1.5 billion of planned asset disposals for
2012, Fitch believes that Casino will need to make further
divestments in France because of anti-trust issues associated
with the acquisition of the 50% stake on Monoprix from Galerie
Lafayette for EUR1.2 billion by October 2013 due to Casino's
strong market share in some cities in France.
Fitch expects Casino's overall trading performance to improve in
2012, driven by the good performance of its international
operations and effect from changes in consolidation scope
(including GPA). However, Fitch believes that Casino's operating
performance will remain under pressure in France, notably from
its non-food activities at Geant Casino. This is due to weak
consumer demand and tough competition from other food and non-
food retailers, specialist retail chains and the internet.
Currently there is low rating headroom. Fitch computes and
monitors Casino's leverage ratio encompassing all of its debt-
like obligations (hybrid, Total Return Swaps (TRS) on 3% of GPA's
capital, operating leases and various put options) on an FFO and
EBITDAR basis. Fitch also notes that Casino will fully
consolidate GPA in its 2012 accounts even though it will have an
economic exposure of 51.1% of GPA's capital (through all put
options and the TRS). However, Fitch will only include GPA's
accounts proportionally in its leverage ratios.
Casino's liquidity remains adequate. Fitch estimates that the
group had EUR2.2 billion of undrawn available committed bank
lines as of June 2012. Such available source of external
financing along with existing net cash balances of EUR3.3 billion
(net of overdrafts as at FYE11) are sufficient to cover about
EUR0.2 billion and EUR0.7 billion of bonds maturing in 2012 and
2013 respectively.
Casino's parent company, Rallye, presently also has got
sufficient liquidity. Despite the level of debt at its parent,
the agency does not expect Rallye to significantly constrain
Casino's de-leveraging financial policy in the near-term, for
example by demanding a higher dividend cash pay-out.
WHAT COULD TRIGGER A RATING ACTION
Positive: Future developments that may, individually or
collectively, lead to positive rating action include a
simplification of the group's structure derived from a successful
execution of the transactions recently agreed along with an
increase in like-for-like sales growth and sustained group's
operating margin of at least 4%, de-leveraging through an
adjusted net debt/FFO ratio (including GPA proportionally)
falling permanently below 3.5x and adjusted FFO fixed charge
above 2.7x.
Negative: Future developments that may, individually or
collectively, lead to negative rating action include evidence of
negative like-for-like sales growth for the group and significant
EBIT margin erosion combined with FFO adjusted net leverage
remaining above 4.2x (4x on EBITDAR based).
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G E R M A N Y
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ESSENTIAL PUBLIC: Fitch Lowers Rating on Class E Notes to 'B-'
--------------------------------------------------------------
Fitch Ratings has downgraded Essential Public Infrastructure
Capital II GmbH's (EPIC II's) notes, as follows:
-- EUR168,405 class A+: downgraded to 'A+sf' from 'AAsf';
Outlook Negative
-- EUR45,000,000 class A: downgraded to 'BBB-sf' from 'A+sf';
Outlook Negative
-- EUR9,000,000 class B: downgraded to 'BB+sf' from 'BBB+sf';
Outlook Negative
-- EUR9,000,000 class C: downgraded to 'BBsf' from 'BBBsf';
Outlook Negative
-- EUR9,000,000 class D: downgraded to 'B+sf' from 'BBsf';
Outlook Negative
-- EUR6,750,000 class E: downgraded to 'B-sf' from 'B+sf';
Outlook Negative
The downgrades reflect the reference portfolio's large exposure
to the peripheral eurozone countries and the significant obligor
concentration. As a result, the notes' credit enhancement (CE)
levels were deemed insufficient to withstand Fitch's stresses as
of the notes' previous ratings.
The Negative Outlook on all the notes further reflects Fitch's
view on the weak prospects of the periphery eurozone countries'
infrastructure sector, and specifically the EMEA transportation
and energy sectors (see 'Fitch: Prolonged Economic Stress Weakens
EMEA Infrastructure Outlook', dated July 2, 2012 at
www.fitchratings.com). As of the March 2012 investor report, the
reference portfolio's exposure to Italy, Spain, Ireland, Portugal
and Hungary stood at 33% of the pool.
The CE levels have increased for all notes since last year's
surveillance review as the balance of the super senior swap has
reduced to 67.4% of its initial size.
The current portfolio comprises 39 loans from 32 obligors with
only one loan in the construction phase rated 'BB+*'/Stable.
Fitch notes that the loan still in the construction phase has a
higher default risk and lower recovery rates compared to loans in
the operation phase. The largest obligor accounts for 10% whereas
the top five largest obligors account for 38% of the reference
pool. The weighted average rating of the portfolio is 'BBB-
*'/'BB+*', with 50% of the pool rated below investment grade. The
weighted average recovery rate has not changed significantly
since the last surveillance review. However, it has been tiered
according to Fitch's Global Rating Criteria for Project Finance
CDOs.
The notes' ratings are linked to the credit quality of the
certificates of indebtedness (Schuldscheine) issued by KfW
('AAA'/Stable/'F1+'). Therefore, if KfW was downgraded below
'AAA'/'F1+', any note rated higher would be downgraded
accordingly.
Fitch notes that as part of the stabilisation measures in
relation to Hypo Real Estate Holding AG, Depfa Bank plc has
transferred all but one assets of the reference portfolio to FMS
Wertmanagement. Depfa Bank plc still holds the role of servicer
of the reference obligations.
NECKERMANN: Deutsche Post Mum on Insolvency EBIT Impact
--------------------------------------------------------
Alex Webb at Bloomberg News reports that Deutsche Post AG
spokesman Sebastian Steffen said it's too early to comment on the
effect of the Neckermann bankruptcy on Deutsche Post's Ebit.
Mr. Steffen, as cited by Bloomberg, said it's "speculation" that
Neckermann insolvency will reduce Deutsche Post's EBIT.
As reported by the Troubled Company Reporter-Europe on July 20,
2012, The Associated Press related that Neckermann said it was
applying for bankruptcy protection from creditors after failing
to satisfy its owner that cost-cutting plans would produce a
viable business.
Neckermann is a German mail-order company.
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H U N G A R Y
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* CITY OF BUDAPEST: S&P Affirms 'BB+/B' Issuer Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+/B' issuer
credit ratings on the City of Budapest, capital of Hungary, and
withdrew the ratings at the city's request. The outlook was
negative at the time of withdrawal.
"At the time of withdrawal, the long-term rating on the City of
Budapest was capped at the sovereign level. Although our criteria
provide for some local and regional governments (LRGs) to be
rated above the sovereign, Budapest does not display all the
characteristics required under the criteria," S&P said.
"Our methodology, however, enables us to assign an indicative
credit level (ICL) to an LRG. An ICL is not a rating, it is a
means of assessing the intrinsic creditworthiness on an LRG
assuming that there is no sovereign rating cap. The ICL is
determined by combining our assessment of an LRG's individual
credit profile and the features of the institutional framework in
which it operates. At the time of the withdrawal, the city's ICL
was 'bbb'," S&P said.
"The ICL was supported by our base-case scenario, which assumed
that the city's strong, if contracting, economy and cautious
financial management would enable it to continue to demonstrate
solid budgetary performance and maintain a strong cash position.
Our view of its liquidity was therefore positive. The ICL was
constrained by the city's high indebtedness, especially its
exposure to interest and foreign currency exchange risk and the
weak financial performance of its transport company. Rising
uncertainty in the institutional framework under which Hungarian
local governments operate also constrain the city's flexibility,"
S&P said.
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I R E L A N D
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FLY LEASING: Moody's Assigns 'B2' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service assigned a first-time Corporate Family
Rating ("CFR") of B2 to FLY Leasing Limited and a rating of B1 to
the $395 million Senior Secured Term Loan issued by FLY's
Luxemburg wholly-owned subsidiary, Fly Funding II S.a.r.l. The
outlook for both ratings is stable.
FLY's CFR of B2 reflects the company's global operations, long
lived assets and experienced management team. The rating also
reflects FLY's weaker-than-average franchise positioning within
the aircraft leasing sector given its limited scale, focus on
mid-aged aircraft, significant percentage of "less in demand"
aircraft models, and notable lessee concentration. Furthermore,
FLY's high leverage, wholesale funding structure with significant
dependence on bank facilities, as well as exclusive reliance on
secured debt funding represent notable credit weaknesses.
The company's mid-aged aircraft portfolio includes a significant
percentage of "less in favor" aircraft such as A319s, which
increases FLY's vulnerability to demand fluctuations. This
exposes the firm to profitability declines, via both lower-than-
expected revenues and asset impairments. Moreover, FLY's asset
base is characterized by both low granularity and high lessee
concentration, each of which exacerbates the effects of potential
revenue and asset value pressures on the company.
FLY's pro forma Debt to Equity ratio of 4.8x is high and
represents a significant credit weakness for the company. FLY
intends to reduce its leverage, but pressures on profitability
and capital may prevent FLY from reaching its 18-24 month
deleveraging goals.
The company's strong dependence on bank facilities to fund its
operations is another notable credit weakness. The reliability of
bank funding has been called into question during the recent
capital retrenchment of many traditional aircraft lenders.
Furthermore, the prevalence of secured debt funding in the
company's capital structure and associated asset encumbrance
limit FLY's financial and operating flexibility in the event of
liquidity-related pressures.
BBAM L.P. manages the aircraft owned by FLY. FLY benefits from
BBAM's scale, long-standing lessee relationships, access to
capital markets and technical expertise. However, BBAM maintains
management relationships with other participants in aircraft
leasing, which Moody's believes could lead to potential conflicts
between client interests. With that said, Moody's notes that
FLY's status as a public company with significant independent
board representation and BBAM's own ownership stake in FLY
partially offset this concern. FLY's limited history of
operations as an independent public company is an additional
credit consideration.
The Senior Secured Term Loan rating of B1 is one notch higher
than the CFR due to better initial collateral coverage and loan
terms that enhance asset coverage protection for lenders compared
with FLY's other secured debt.
The principal methodology used in this rating was Finance Company
Global Rating Methodology published March 2012.
Fly Leasing Ltd is an aircraft lessor headquartered in Dublin,
Ireland, and had $2.8 billion in flight equipment held for lease
as of March 31, 2012.
PEATS WORLD: Set to Exit Examinership; 25 Jobs Saved
----------------------------------------------------
RTE News reports that Peats "World of Electronics" is set to
immediately exit examinership with up to 25 jobs saved.
Peats announced in April that they were closing their 11 stores
with immediate effect, RTE recounts.
It cited rising costs and rents and reduced spending power of
their customers, RTE notes.
Peats World of Electronics is a Dublin-based electronics
retailer.
PERMANENT TSB: S&P Lowers Counterparty Credit Rating to 'B+'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit rating on Permanent TSB PLC (PTSB) to 'B+'
from 'BB-'. "We affirmed the 'B' short-term rating. The long-term
rating was removed from CreditWatch, where it had been placed
with negative implications on March 6, 2012. The outlook is
negative," S&P said.
"The rating action follows our review of the bank's strategy and
future profile following the April 26, 2012, announcement by the
Irish government that a viable retail bank will be carved out of
PTSB's existing banking businesses. Following our review, we have
revised our assessment of PTSB's systemic importance to
'moderate', from 'high', as defined by our criteria. We have
left our assessment of PTSB's stand-alone credit profile (SACP)
unchanged at 'b'," S&P said.
"We recognize that PTSB has recently received significant
government support, and we expect that the Irish government will
remain very supportive. Our reassessment of PTSB's systemic
importance, consistent with our criteria and peer analysis, takes
a forward-looking view of PTSB's role in the Irish banking
system," S&P said.
"PTSB is the renamed Irish Life & Permanent PLC (IL&P) following
the sale of its subsidiary Irish Life to the Irish government on
June 29, 2012. This was the final element of the bank's
recapitalization, which the regulator had identified as part of
an industry-wide review in March 2011 (the Financial Measures
Programme)," S&P said.
"We define systemic importance as the degree to which a bank's
failure affects all, or parts of, the financial system and the
real economy of the country in which it operates. A bank
classified as having 'moderate' systemic importance is likely to
have a material or manageable effect--not the highly adverse
impact of a bank with "high" systemic importance," S&P said.
"We do not view PTSB as having a leading position in Irish
banking. Its strategy is to provide competition in retail banking
to the two largest banks in Ireland, Allied Irish Banks PLC (AIB;
BB/Negative/B) and Bank of Ireland (BOI; BB+/Negative/B).
However, with a core loan and deposit base of less than EUR15
billion, PTSB lags AIB and BOI's market positions. Both have
domestic loan books of more than EUR60 billion, leading market
shares in Ireland, the largest branch networks, and were named as
the two pillars of the Irish banking system by the government in
2011. We consider both AIB and BOI to be of 'high' systemic
importance and in both cases we add one notch of government
support to the long-term counterparty credit ratings on them.
PTSB is the only other Irish bank to which we add a notch of
support to reflect systemic importance," S&P said.
"We also note that, for a while, new lending by PTSB has been
very limited relative to AIB and BOI. We expect PTSB to continue
this approach until it has made progress in its planned
restructuring and deleveraging. We believe PTSB should eventually
prove an effective competitive alternative, leveraging off its
good position in the Irish mortgage market and useful share of
stock of retail deposits. Given its current relative absence from
the lending market, its planned deleveraging, and the scale of
changes to the Irish banking system over the past few years, we
now believe that another institution could assume PTSB's market
role, or acquire some of its assets and liabilities, in the
unlikely event that this became necessary," S&P said.
"Our 'moderate' assessment also reflects PTSB being one of the
main recipients of Irish government capital support. We do not
view PTSB as a government-related entity, even though it has been
more than 99% owned by the government since mid-2011, because the
government has said that it intends to eventually return the bank
to private ownership," S&P said.
"On April 26, the government announced that PTSB intends to carve
a viable retail bank out of its existing banking businesses. This
follows an extended review to determine the bank's best way
forward. It examined several strategic alternatives; winding down
the bank was one, but the government decided against this. Within
the existing PTSB legal entity, it has been reported that PTSB's
loan book will be split into three components," S&P said:
"The core bank to comprise a EUR14.2 billion loan book, which
we understand will be mainly Irish residential mortgages and
PTSB's existing EUR14.7 billion of customer deposits (as
reported at Dec. 31, 2011)," S&P said.
"A separately managed noncore, asset-management unit (AMU) to
have a loan book of EUR12.5 billion. We understand this will
mainly comprise Irish residential mortgages, in particular
low-yielding tracker mortgages, and PTSB's legacy commercial
investment property loans. For now, the AMU will remain with
PTSB, but the aim is to eventually remove it from the bank,"
S&P said.
Capital Home Loans (CHL) to be the third business unit and to
comprise PTSB's U.K. loan book of EUR7.1 billion, which is
mainly made up of buy-to-let mortgages. CHL has been closed
to new business since 2008.
"As part of the Financial Measures Programme, plans were outlined
to reduce the Irish banking system to a manageable size and to
stabilize its funding base. Like peers, the program requires PTSB
to achieve a target loan-to-deposit ratio of 122.5% by end-2013,
and its recapitalization plans have been sized to take account of
losses on deleveraging. This ratio was 227% at Dec. 31, 2011, and
we assume this will slightly improve during first-half 2012,
reflecting limited new lending and the completed acquisition of a
EUR500 million deposit book in January 2012," S&P said.
"We believe that considerable challenges still remain for PTSB's
new management team," S&P said.
"In the near term, PTSB is seeking to make new appointments to
its executive team and has yet to fully implement more-effective
collections and arrears management. In addition, the recently
submitted restructuring plan remains subject to European
Commission approval," S&P said.
"We believe deleveraging remains difficult given the nature of
the AMU assets. Other than curbing new lending, PTSB has made
less headway relative to AIB and BOI in deleveraging. An easy
exit from its AMU appears limited without broader industry
developments," S&P said.
The longer term challenge is to grow revenues, adjust the cost
base to better reflect the smaller business, and carve out a
distinct retail offering that can generate sustainable returns.
"Systemic importance aside, our ratings on PTSB continue to
reflect our view of its 'bb' anchor, 'moderate' business
position, 'moderate' capital and earnings, 'adequate' risk
position, 'below average' funding, and "weak" liquidity, as our
criteria define these terms," S&P said.
"The long-term counterparty credit rating is one notch higher
than the SACP, reflecting our view of PTSB's 'moderate' systemic
importance in Ireland, and our assessment of the Irish government
as 'supportive'," S&P said.
"The negative outlook reflects our opinion that the new
management team faces numerous challenges in deleveraging and
returning the core business to preprovision profitability. In
particular, we expect that net interest margins will remain low
and we assume that the cost base has to be adapted to reflect the
smaller size of the continuing business and low new business
volumes," S&P said.
"We could lower the ratings on PTSB if we observe significant
setbacks in its restructuring. We would reflect this in a
revision of the business position assessment to 'weak' from
'moderate'. Further, if loan impairment charges or losses on
deleveraging are greater than we currently expect, such that our
projected risk-adjusted capital (RAC) falls below the 5%
threshold for a 'moderate' capital and earnings assessment, we
could revise that assessment to 'weak'. However, there would need
to be a significant decline in the sovereign credit ratings on
Ireland for PTSB's ratings to be directly affected through the
loss of the one notch for sovereign support that we assign to the
bank's rating at present," S&P said.
A revision of the outlook to stable would require substantial
progress on restructuring and deleveraging, and confidence that
Irish mortgage loan impairment charges have both peaked and are
on a steadily declining trend.
PILOT TRAINING: High Court Grants Examinership
----------------------------------------------
Charlie Taylor at The Irish Times reports that Pilot Training
College was granted examinership by the High Court.
The appointment of Michael McAteer of Grant Thornton as examiner
is a first step in restructuring the firm, the Irish Times notes.
According to the Irish Times, the High Court was told by an
independent accountant that the company has a "reasonable
prospect of survival".
A number of parties have indicated an interest in investing in
the restructured enterprise and Mr. McAteer will meet with the
parties and with the Irish Aviation Authority to discuss the
restoration of the company's license, the Irish Times relates.
Mr. Justice Brian McGovern set a further hearing date for
Thursday, July 26, the Irish Times discloses.
Pilot Training College is based in Waterford.
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K A Z A K H S T A N
===================
BTA BANK: Chapter 15 Case Summary
---------------------------------
Foreign representative: Askhat Niyazbekovich Beisenbayev
Chapter 15 Debtor: BTA Bank JSC
fka Bank TuranAlem JSC
aka JSC BTA Bank
97 Zholdasbekov Street
"Samal 2" microdistrict
Almaty 050051
Republic of Kazakhstan
Chapter 15 Case No.: 12-13081
Chapter 15 Petition Date: July 16, 2012
Court: U.S. Bankruptcy Court
Southern District of New York (Manhattan)
Judge: James M. Peck
About the Debtor: As of May 1, 2012, BTA Bank was the third
largest bank in the Republic of Kazakhstan by
total assets with a market share of 10.9%,
serving approximately 710,218 retail customers,
73,200 small and middle business customers and
1,397 corporate customers, most of which reside
or are registered, or maintain their
operations, inside Kazakhstan. As of May 1,
2012 the Bank employed 5,290 people inside and
2 people outside Kazakhstan.
In October 2009, the Bank applied to the
Kazakhstan Financial Court for an order to
commence a restructuring. The foreign
representative filed a petition (Bankr.
S.D.N.Y. Case No. 10-10638) in Manhattan and
the judge granted a petition for recognition of
the Kazakhstan proceeding as "foreign main
proceeding. The Kazakhstan proceedings were
closed in August 2010 after all distributions
were made. The U.S. case was closed in January
2011.
Due to the bank's deteriorating financial
situation that began in 2011, the company was
forced to seek a second restructuring before
the Kazakhstan financial court. The Bank made
an application for restructuring under the
Banking Law, the Civil Procedural Code and the
Amending Law on May 2, 2012.
Debtor's Counsel: Evan C. Hollander, Esq.
WHITE & CASE LLP
1155 Avenue of the Americas
New York, NY 10036
Tel: (212) 819-8660
Fax: (212) 354-8113
E-mail: ehollander@whitecase.com
Estimated Assets: More than $1 billion
Estimated Debts: More than $1 billion
The Company did not file a list of creditors together with its
petition.
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L U X E M B O U R G
===================
SLS CAPITAL: July 24 Hearing on Chapter 15 Recognition
------------------------------------------------------
Judge Shelley C. Chapman will convene a hearing on July 24 at
10:00 a.m. at Courtroom 610 to consider the petition filed under
Chapter 15 of the U.S. Bankruptcy Code seeking recognition of the
Luxembourg liquidation proceedings commenced by SLS Capital S.A.
The liquidator of Luxembourg-based SLS Capital S.A. filed in
Manhattan a petition under Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 12-12707) on June 25, 2012, to seek
recognition of proceedings in Luxembourg as "foreign main
proceeding".
Maitre Yann Baden, the liquidator and foreign representative,
estimated SLS Capital to have assets and debts of US$100 million
to US$500 million. The liquidator is represented in the U.S.
case by Carollynn H.G. Callari, Esq., at Venable LLP as counsel.
SLS was a financial services company whose primary business was
the issuance of bonds to persons residing outside the United
States. In the operation of its business SLS had counterparties
and advisors in the United States and had significant assets held
in custodial asset and cash accounts in New York City. The assets
held in the United States were the primary collateral for the
bonds that SLS issued.
On June 4, 2009, the State Prosecutor in Luxembourg filed an
application in the District Court of and in Luxembourg (Case
Number L-6258/09), to wind up and order the liquidation of SLS, a
Luxembourg joint stock company, pursuant to Article 203 of the
law of 10 August 1915 of Luxembourg, as subsequently amended.
On Oct. 1, 2009, the Luxembourg Court ordered the dissolution of
SLS and placed SLS into liquidation "declar[ing] applicable those
legal provisions pertaining to the liquidation of a bankruptcy"
and "appoint[ing] as magistrate in bankruptcy [Supervising Judge]
Mrs. Carole BESCH, judge with the Luxembourg Court, and
designat[ing] as liquidator Maitre Yann BADEN, lawyer residing in
Luxembourg. . . ."
The liquidator says that there is need for U.S. recognition of
the Luxembourg proceeding. As part of the process of marshaling
SLS's assets and paying SLS's debts, the SLS Liquidator seeks to
investigate the disappearance of SLS's assets including assets
held in custodial accounts and to pursue such actions as are
appropriate in order to recover SLS's assets and/or seek damages
from culpable third parties.
=====================
N E T H E R L A N D S
=====================
ACCESS FINANCE: Fitch Assigns 'B' Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has assigned Netherlands-based Access Finance BV's
guaranteed unsecured unsubordinated notes a Long-term expected
rating of 'B(EXP)' and an expected Recovery Rating of 'RR4(EXP)'.
The Recovery Rating for the issue is in accordance with Fitch's
soft cap for Nigeria. The final rating is contingent on the
final documentation conforming to information already received.
The notes' expected rating is aligned with the Long-term Issuer
Default Rating (IDR) of its 100%-parent, Access Bank Plc (Access,
'B'/Stable) based on Fitch's belief that Access will support debt
issued by Access Finance BV, if required.
Access Finance BV was incorporated to raise funds in the
international capital markets for Access and its subsidiaries.
The notes are expressed to be unconditionally and irrevocably
guaranteed. The notes' ratings would be sensitive and directly-
linked to any change in Access's Long-term IDR. The bond will
have a term to maturity of five years.
Access is rated as follows:
-- Long-term foreign currency IDR: 'B'. Stable Outlook
-- Short-term foreign currency IDR: 'B'
-- National Long-term rating: 'A-(nga)'
-- National Short-term rating: 'F2(nga)'
-- Viability Rating: 'b-'
-- Support Rating: '4'
-- Support Rating Floor: 'B'
=============
R O M A N I A
=============
BANCA TRANSILVANIA: Fitch Affirms 'BB-' Long-Foreign Currency IDR
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings
(IDR) of three Romanian banks: UniCredit Tiriac Bank S.A. (UCTB)
at 'BBB+', Negative Outlook; Banca Transilvania S.A. (BT) at 'BB-
', Stable Outlook and ProCredit Bank Romania (PCBR) at 'BB+',
Stable Outlook.
RATING DRIVERS AND SENSITIVITIES: UCTB'S IDR AND SUPPORT RATING
The affirmation of UCTB's IDRs and Support Rating reflects
Fitch's continued view that the bank's ultimate parent, UniCredit
S.p.A. (UC; 'A-'/Negative), would be likely to have a strong
propensity to support UCTB through UC's fully owned subsidiary,
UniCredit Bank Austria AG ('A'/Stable). This view takes into
account the continued high strategic importance of the Central
and Eastern Europe region for UC. The Negative Outlook on UCTB's
Long-term IDR reflects that on the parent.
The IDRs could be downgraded if UC was downgraded, or if Romania
('BBB-'/Stable) was downgraded and hence the Romanian Country
Ceiling ('BBB+'). However, the latter is not currently expected,
as reflected by the Stable Outlook on the rating.
RATING DRIVERS AND SENSITIVITIES: UCTB'S VIABILITY RATING
UCTB's 'bb-' Viability Rating (VR) reflects the pressure on its
profitability from rising loan impairment charges (LICs), rising
NPL ratios, lending concentrations in fragile sectors including
real estate and construction, and reliance on its parent for
funding and its moderate capital levels. The rating also takes
into account UCTB's good efficiency, limited market risk and
comfortable liquidity.
An upgrade of the VR is unlikely in the short term. A downgrade
could result from continued deterioration in asset quality,
leading to further weakness in profitability and capitalization.
RATING DRIVERS AND SENSITIVITIES: BT'S IDR, VIABILITY RATING AND
SUPPORT RATING FLOOR
BT's Long-Term IDR is driven by its individual strength,
reflected in its VR of 'bb-'. The VR reflects the bank's strong
deposit funding base, improving profitability and lower share of
foreign-currency lending. Capitalization is adequate and
internal capital generation is sound.
BT's Support Rating of '3' and Support Rating Floor of 'BB-'
reflect the bank's systemic importance as the largest
domestically-owned private bank with a nationwide franchise in
Romania, as a result of which Fitch believes there to be a
moderate likelihood that the Romanian authorities would provide
support if necessary.
BT's VR and Long-term IDR could be upgraded if there were
sustained improvements in asset quality supported by a recovery
in the macroeconomic environment, and continued sound
performance. Downside risk to the VR could come primarily from a
major deterioration in asset quality, leading to a substantial
worsening of capitalization, which is not likely, in Fitch's
view.
The Long-term IDR would come under downward pressure only if
there was both a downgrade of the VR and a downward revision of
Fitch's expectation of sovereign support for the bank, for
example should timely support not be made available if required.
RATING DRIVERS AND SENSITIVITIES: PCBR's LONG-TERM IDRS AND
SUPPORT RATING
PCBR's Long-Term IDRs and Support Rating reflect Fitch's opinion
of potential support from its main shareholder, ProCredit Holding
AG & Co KGaA (PCH, 'BBB-'/Stable), given PCH's history of support
for its bank subsidiaries and PCBR's advanced integration into
the group. The ratings could be upgraded or downgraded if PCH's
ratings changed.
RATING DRIVERS AND SENSITIVITIES: PCBR's VR
PCBR's 'b' VR considers the bank's small market size in Romania
and increasing market competition, improving but weak
profitability mainly due to its low operating efficiency and only
acceptable capitalization given the low internal capital
generation. The bank's VR also reflects good asset quality (with
90 day overdue loans equaling 4.2% of gross loans at end-Q112, 3%
at end-2010) and conservative provisioning of impaired loans
which reflects the risk management culture of the group. Fitch
still expects some asset quality deterioration due to the modest
growth prospects for the Romanian economy and migration of
restructured loans (14.2% of gross loans at end-Q112, of which
69% were not included in the doubtful and loss regulatory
categories).
The VR could be downgraded if any negative performance was not
balanced by a material increase in capitalization. A significant
and sustainable improvement in core profitability and asset
quality in addition to improved franchise could lead to an
upgrade of the VR.
The Romanian banking system continues to suffer from weak
economic activity at home and in the region. Following two
consecutive years of sharp contraction, GDP grew by 2.5% in 2011
(2012 forecast for GDP growth: 1.3%). However loan demand,
especially from individuals, is still weak. Exposure to turmoil
in Greece and structural weaknesses remain potential risks.
Despite the loose monetary policy of the Central Bank, funding
costs are increasing because of still significant external
borrowings, although the sector loan to deposit ratio has fallen
to 118% at end-Q112 from 131% at end-2008, and increasing
competition for local customer deposits.
GDP contraction negatively affected asset quality and resulted in
a steep increase in NPLs (loans overdue by 90 days or more) which
are yet to peak. The NPL ratio was 15.9% at end-Q112 compared to
11.9% at end-2010, and the banking system reported net losses in
2011, mainly due to loan impairment. The high level of foreign
currency lending, often to un-hedged borrowers, coupled with long
maturities of retail loans, are sources of potential asset-
quality risk. However, the capitalization of the Romanian
banking sector is adequate and the liquidity position remained
sound even at the bottom of the economic cycle. In Fitch's view,
a stabilization of the banking system performance is likely in
2012-2013 as NPLs should start to plateau in a slightly more
benign operating environment, but a marked recovery is not
expected.
The rating actions are as follows:
UniCredit Tiriac Bank S.A.:
-- Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
Negative
-- Short-term foreign currency IDR: affirmed at 'F2'
-- Support Rating: affirmed at '2'
-- Viability Rating: affirmed at 'bb-'
Banca Transilvania S.A.:
-- Long-term foreign currency IDR: affirmed at 'BB-'; Outlook
Stable
-- Short-term foreign currency IDR: affirmed at 'B'
-- Support Rating: affirmed at '3'
-- Viability Rating: affirmed at 'bb-'
-- Support Rating Floor: affirmed at 'BB-'
ProCredit Bank (Romania):
-- Long-term foreign currency IDR: affirmed at 'BB+'; Outlook
Stable
-- Short-term foreign currency IDR: affirmed at 'B'
-- Long-term local currency IDR: affirmed at 'BB+'; Outlook
Stable
-- Short-term local currency IDR: affirmed at 'B'
-- Support Rating: affirmed at '3'
-- Viability Rating: affirmed at 'b'
===========
R U S S I A
===========
LSR GROUP: Fitch Affirms Long-Term Issuer Default Rating at 'B'
---------------------------------------------------------------
Fitch Ratings has affirmed OJSC LSR Group's (LSR) Long-term
foreign currency Issuer Default Rating (IDR) at 'B' with a Stable
Outlook and the senior unsecured rating of the outstanding bond
issues at 'B'.
The affirmations reflect LSR's sustainably strong position as a
developer and construction materials producer in its core region
of St. Petersburg and Leningrad region. LSR continues to
diversify geographically towards the highly concentrated Moscow
and Moscow region residential housing where it has become one of
the top-five developers. LSR is also expanding in Urals although
this represents less than 5% of its real estate portfolio. LSR's
real estate portfolio value is balanced with 45% accounting for
the mass-market segment, 30% for the elite and business class
segment, 16% held for future development and 9% for offices.
LSR's core business remains in St. Petersburg and the adjacent
Leningrad region, which account for 85% of its real estate
portfolio, 70%-80% of concrete and bricks capacities, and 100% of
cement capacities. Nevertheless, LSR's strategy to diversify
towards the Moscow region and Urals is on track with new contract
sales in the regions tripling in 2011. In July 2012, LSR signed
a new 350,000 sq. m. residential housing project in Moscow
resulting in increase of LSR's real estate portfolio in Moscow
beyond one million sq. m.
With the launch of sales of a new low-cost cement plant in H211,
the company has fully covered its cement needs for 2012 and
beyond, and become vertically integrated in all construction
materials. Following the completion of vertical integration,
LSR's investment program has refocused on optimization issues.
In 2011, LSR reorganized its construction materials business
units which led to lower administrative expenses, and is
developing its greenfield brick plant project which will replace
three outdated low-efficient brick plants. LSR also continues
growth through small-sized selective acquisitions of construction
materials businesses and land plots.
Fitch retains its positive medium-term outlook for construction
and building materials in Russia, supported by growing real
income and salaries and strong mortgage lending growth potential.
Large-scale nation-wide infrastructure projects and its financing
support from Federal Targeted Investment Programme also support
the positive outlook for building materials and aggregates.
Recent market dynamics are also positive and supported by the 7%
growth in residential housing in 2011 (3.3% growth in January-May
2012). However, the industry is inherently capital intensive and
is exposed to liquidity shocks.
New contract sales growth was 2.1x in 2011. This has not yet
translated in revenues growth, which was 7.4%, mostly stemming
from double-digit sales growth in construction materials. In
H112, new contract sales increased by 68% and Fitch expects this
to contribute to 2012 sales growth, which should exceed 20%. The
agency expects the 2012 EBITDA margin to improve to over 20% due
to the recognition of better-priced development projects launched
in 2010-2011 and the contribution of the new cement plant.
LSR's liquidity position is acceptable with cash and cash
equivalents as of FYE11 roughly twice the amount of short-term
outstanding debt. Nevertheless, Fitch will closely monitor LSR's
new funding requirements for 2012 expansion plans as well as bond
repayments totalling RUB5 billion in 2013. Fitch expects LSR to
deleverage from 2013 if free cash flow is positive following more
moderate cash outflows for working capital and capex needs.
WHAT COULD TRIGGER A RATING ACTION?
Positive: Future developments that may, individually or
collectively, lead to positive rating action include
-- Sustainable improvement in financial metrics leading to an
EBITDAR margin above 25%, or deleveraging with FFO adjusted
leverage below 3.0x
-- Positive free cash flow generation
Negative: Future developments that may, individually or
collectively, lead to negative rating action include
-- Market deterioration leading to an EBITDAR margin below 15%
and/or worsened liquidity position
-- Leverage with FFO adjusted leverage sustainably above 4.0x
=========
S P A I N
=========
* SPAIN: Plan to Aid Ailing Regions Won't Hit Borrowing Plans
-------------------------------------------------------------
Ben Sills and Emma Ross-Thomas at Bloomberg News report that
Spain's plan to offer cash-strapped regional administrations
emergency loans leaves the Treasury with EUR12 billion (US$15
billion) of additional funding needs that the government says
won't affect its borrowing plans.
The central government will tap the lottery for part of the EUR18
billion fund for regions, leaving EUR12 billion for the Treasury
to finance, Bloomberg discloses.
Bloomberg notes that while Economy Minister Luis de Guindos said
on Thursday that the plan won't affect the nation's borrowing
program, economists including Jose Carlos Diez at Intermoney SA
say it will be hard to sustain without selling more debt.
Spain's Cabinet approved the creation of the fund on July 13 to
help regions that have lost access to markets meet debt
redemptions and finance deficits, Bloomberg relates.
Mr. De Guindos, Bloomberg says, is already pushing for the
government to privatize publicly-owned real estate, and a July 11
austerity plan included measures to sell off air, rail and
maritime transport services.
According to Bloomberg, an official at the ministry, who asked
not to be named in line with policy, said the borrowing program
hadn't changed and the EUR12 billion would come from the
Treasury's cash.
===========
T U R K E Y
===========
SEKERBANK TAS: Fitch Affirms LT Issuer Default Ratings at 'BB-'
---------------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings
(IDRs) of Sekerbank T.A.S at 'BB-'; Anadolubank A.S. at 'BB',
Alternatifbank A.S. at 'BB' and Tekstil Bankasi A.S (Tekstilbank)
at 'B+'. The Outlooks are Stable. The agency also upgraded
Sekerbank and Tekstilbank's National Long-term Ratings to
'A+(tur)' from 'A(tur)' and to 'A(tur)' from 'A-(tur)',
respectively, both with Stable Outlooks.
The upgrade of Sekerbank and Tekstilbank's National Ratings
reflect the relative improvements in the banks' credit strength
within their Long-term IDR categories, highlighted by key sound
financial indicators. Sekerbank's upgrade also takes into
account the bank's ability to expand its franchise in its target
market segments, and improvements in underwriting practices
supported by automated credit approval systems. Tekstilbank's
upgrade also reflects its conservative approach to risk and
prudent overall policies contributing to preserve a sound credit
profile.
All four banks' IDRs and National Ratings are driven by their
Viability Ratings (VR), reflecting limited franchises and
sensitivities associated with the strength of the operating
environment against a backdrop of sluggish global economic
outlook and the sharp slowdown in domestic growth in 2012. The
VRs also reflect the banks' ability to adapt to market changes,
healthy funding and liquidity profiles with generally good (in
some cases holding up) asset quality.
The ratings could be upgraded if there were meaningful
improvements in the operating environment and in the banks'
franchises, supporting sustained future earnings capacity and
internal capital generation, coupled with sound risk profiles.
The ratings could be downgraded in case of a prolonged
deterioration in the operating environment (not Fitch's base
case) leading to much weaker asset quality putting downward
pressure on profitability and capital measures.
Customer deposits are the main source of funding for the banks,
representing in excess of 60% of non-equity liabilities.
Stressed liquidity scenarios imposed by the Turkish regulators
for the purpose of complying with prudential regulations are
tough. All four banks comfortably meet prudential liquidity
adequacy requirements and internal statistical data highlights
the stable nature of core deposits at the banks.
Sekerbank's credit profile benefits from the bank's continued
ability to carve out a niche for itself in the smaller end of the
SME segment, and to build strong customer relationships in the
region of Anatolia. The bank's customer base is potentially more
vulnerable to an economic slowdown but, to date, write offs have
been minimal and asset quality appears to be holding up. Key
financial indicators are sound and the bank continues to make
progress with automating credit approval systems. Fitch
considers capital (Fitch core capital (FCC) ratio of 12.39% at
end- March 2012) as only acceptable given the bank's risk profile
and growth plans. However, Basel II, being introduced in Turkey
as of July 2012, will be moderately positive for Sekerbank's
regulatory capital adequacy ratio, given the composition of the
loan book and well managed FX exposure.
Anadolubank's ratings benefit from its consistent track record of
strong asset quality and capitalization, with a FCC/weighted
risks ratio of 16.1% at end-March 2012, and good performance.
After declining in 2011, profitability is set to improve in 2012
supported by higher margins and securities income. The bank's
limited size, which has enabled it to remain highly responsive to
changes in the operating environment in the past, may become an
increasingly constraining factor for maintaining sustainable
profitability.
Alternatifbank's ratings reflect the bank's well-established
focus on SMEs and good track record in developing this franchise.
Its majority (96%) shareholder, the Anadolu Group, provides many
synergies and provides a large portion of stable deposits. This
relationship is beneficial to the VR and is viewed as a major
strength, supporting growth where required. However, the agency
considers the FCC ratio of 8.32% to be moderate.
Tekstilbank's key financial indicators are sound, with low
leverage, reasonable asset quality and an adequate funding
profile. Management is conservative, continuing to prioritize
liquidity and capital retention at the expense of growth. Sound
credit metrics support the upgrade of the National Rating,
although Tekstilbank's ability to develop its franchise in
Turkey's banking sector is limited. The bank's conservative
approach to risk and prudent overall policies will inevitably
limit profitability but help preserve a sound balance sheet.
Tekstilbank's FCC ratio of 17.4% underpins the bank's adequate
credit profile.
Anadolubank's '4' Support Rating reflects its 70% ownership by
Habas Sinai ve Tibbi Gazlar Istihsal Endustri A.S. (Habas,
'B+'/Stable). Fitch believes that Habas has a high propensity to
support the bank, but that its ability to do so would be limited,
given its 'B+' Long-Term foreign currency IDR.
The other three banks' Support Ratings of '5' and Support Rating
Floors of 'No Floor' reflect their limited market shares and
Fitch's view on the considerable uncertainty as to whether they
would be supported by the Turkish authorities or their
shareholders in case of need.
The Support Ratings could be upgraded if any of the banks were
sold to a strong, highly rated new owner, although Fitch views
this as relatively unlikely at present given the banks' limited
franchises. Alternatifbank, already part of a major Turkish
group, is somewhat differentiated from the other banks on this
front. Anadolubank's Support Rating could be downgraded if
Habas's rating was downgraded.
The rating actions are as follows:
Sekerbank:
-- Long-term foreign currency and local currency IDR: affirmed
at 'BB-'; Outlook Stable
-- Short-term foreign currency and local currency IDR: affirmed
at 'B'
-- Viability Rating: affirmed at 'bb-'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: upgraded to 'A+(tur)' from
'A(tur)'; Outlook Stable
Anadolubank:
-- Long-term foreign currency and local currency IDR: affirmed
at 'BB'; Outlook Stable
-- Short-term foreign currency and local currency IDR: affirmed
at 'B'
-- Viability Rating: affirmed at 'bb'
-- Support Rating: affirmed at '4'
-- National Long-term Rating: affirmed at 'AA(tur)'; Outlook
Stable
Alternatifbank:
-- Long-term foreign currency and local currency IDR: affirmed
at 'BB'; Outlook Stable
-- Short-term foreign currency and local currency IDRs:
affirmed
at 'B'
-- Viability Rating: affirmed at 'bb'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: affirmed at 'AA(tur)', Outlook
Stable
Tekstil Bank:
-- Long-term foreign currency and local currency IDR: affirmed
at 'B+'; Outlook Stable
-- Short-term foreign currency and local currency IDR: affirmed
at 'B'
-- Viability Rating: affirmed at 'b+'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: upgraded to 'A(tur)' from 'A-
(tur)'; Outlook Stable
TURKIYE HALK: Fitch Assigns BB+ Rating to US$750MM Eurobond Issue
-----------------------------------------------------------------
Fitch Ratings has assigned Turkiye Halk Bankasi A.S.'s (Halkbank)
five-year US$750 million Eurobond issue a final rating of 'BB+'.
The rating reflects the completion of the issuance and receipt of
documents conforming to the information previously received by
Fitch.
The issue will mature in July 2017 and the proceeds will be used
for general corporate purposes. The notes are senior unsecured
and will rank equally with all of Halkbank's other senior
unsecured obligations.
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 equalized with those of the
Turkish sovereign.
Halkbank 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
=============
FERREXPO PLC: S&P Affirms 'B+/B' Credit Ratings; Outlook Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Ukraine-based iron ore pellet producer Ferrexpo PLC to negative
from stable. "At the same time, we affirmed our 'B+/B' long- and
short-term corporate credit ratings on Ferrexpo and our 'B+'
issue rating on the senior unsecured notes. The recovery rating
on the notes remains unchanged at '3', indicating our expectation
of meaningful (50%-70%) recovery in the event of a payment
default," S&P said.
"The outlook revision reflects the negative outlook on, and our
perception of increasing country risk in Ukraine (B+/Negative/B).
These risks include value-added tax (VAT) refund arrears and
rampant inflation, notably in gas and electricity, which we think
could weigh on Ferrexpo's operating performance," S&P said.
"The ratings continue to reflect our assessment of the group's
'weak' business risk profile and 'aggressive' financial risk
profile, as our criteria define the terms," S&P said.
"We believe that the sovereign rating and transfer and
convertibility (T&C) assessment on Ukraine will remain a cap for
Ferrexpo's rating, because all its major assets are located in
Ukraine. We note these key risks of operating in Ukraine," S&P
said:
Restrictions that could be imposed on the transfer of funds
outside Ukraine, as shown by S&P's current T&C assessment of
'B+';
"Double-digit increases in electricity and gas tariffs, which
accounted for 26% and 13% of Ferrexpo's cash costs in 2011,
and are squeezing the group's margins. We note that some
relief from high inflation could come from local currency
devaluation and lower commodities prices, as happened in
2008, although the likelihood of this occurring is unclear,"
S&P said.
Delays to VAT refunds from the Ukrainian government that have
led to working capital outlays and additional debt; and
Weakening sovereign credit quality and political instability
in Ukraine that could constrain access to financial markets
for Ukrainian issuers.
"The negative outlook reflects the likelihood that we will lower
the rating on Ferrexpo if the sovereign rating or T&C assessment
on Ukraine are lowered, as the group remains exposed to Ukrainian
country risk," S&P said.
"We could also lower the rating if the group's liquidity weakened
or its leverage increased to the extent that its FFO to debt fell
below 30% as a result of aggressive investment in a weak market
environment. That said, we don't currently anticipate this
scenario," S&P said.
Iron ore prices falling below $120/ton for a prolonged period of
time would also be negative for the metrics and might lead to a
downgrade.
"We could revise the outlook to stable if the rating on the
sovereign stabilized and the company kept its moderate leverage,"
S&P said.
UKRSIBBANK: Fitch Affirms Long-Term Issuer Default Rating at 'B'
----------------------------------------------------------------
Fitch Ratings has affirmed the Long-term foreign currency Issuer
Default Ratings (IDRs) of Public Joint Stock Company UkrSibbank,
Ukrsotsbank (Ukrsots) and PJSC VTB Bank (Ukraine) (VTBU) at 'B'
with Stable Outlooks, and their Viability Ratings at 'ccc'.
The three banks' IDRs, Support and National Ratings are driven by
the likelihood of support they may receive from their majority
shareholders. UkrSibbank is 85%-owned by France's BNP Paribas
('A+'/Stable); Ukrsotsbank is 95%-owned by Italy-based UniCredit
S.p.A. ('A-'/Negative) through its Vienna subsidiary UniCredit
Bank Austria AG ('A'/Stable); and VTB Ukraine is more than 99%-
owned by Russia's JSC Bank VTB ('BBB'/Stable). The Country
Ceiling of Ukraine ('B'), which reflects Fitch's view of transfer
and convertibility risks, constrains the banks' Long-term foreign
currency IDRs as it limits the extent to which support from their
majority foreign shareholders of these banks can be factored into
the ratings. Their 'B+' Long-term local currency IDRs also take
into account Ukrainian country risks.
The banks' Long-term IDRs could be upgraded or downgraded if
Ukraine's sovereign ratings and Country Ceiling were upgraded or
downgraded. In addition, for each bank, Fitch will take into
account the propensity of the shareholders to continue operations
in Ukraine, which could affect the probability of support that is
factored into the ratings.
The VRs of all three banks continue to reflect their weak
standalone profiles and high dependence on timely capital support
and funding (Ukrsots and VTBU) from their respective parents.
While asset quality has stabilized for each of the banks, a large
volume of restructured exposures remain, whose recoverability is
likely to be a lengthy process, and will probably require
recognition of additional impairment charges. At the same time,
the potential for balance sheet growth and earnings generation is
constrained by the still weak macroeconomic picture and periodic
shortages of local currency liquidity.
Liquid assets are predominantly kept in foreign currencies and
government securities, while access to local currency could be
expensive or dependent on the propensity of the National Bank
of Ukraine (NBU) to provide secured refinancing. Currency
devaluation risks also constrain the standalone credit strength
of the banks in light of still significant proportion of foreign
currency lending (50%-70%) for all three banks, and to a varying
degree to short economic open currency positions.
The VRs could be upgraded if there were significant improvements
in asset quality, a return to sustainable profit generation and
building up of stronger capital buffers. The VRs could be
downgraded if there was additional loan impairment recognition
which further undermines capital positions.
Ukrsots' NPLs (loans overdue by 90 days or more) accounted for a
large 45% of the loan book at end-2011 and restructured exposures
for an additional 20%. The latter included a high portion of
loans from construction/real estate sector, while the bank's
total exposure to this segment was a high 72% of Fitch core
capital at end-2011, heightening the bank's risk profile.
Reserve coverage of NPLs remained low at only 40% at end-2011 and
only 24% for total NPLs and restructured exposures. The
regulatory capital adequacy ratio was 12.6% at end-Q112, meaning
that the bank could increase impairment reserves up to 25% only
of the loan portfolio before breaching the 10% required minimum
CAR. This is a modest degree of loss absorption given the extent
of loan impairment, while the quality of pre-impairment profit
(4% of average gross loans in 2011) and consequently the bank's
capital, was also undermined by the large share of unpaid
interest accruals (23% of interest income or 15% of Fitch core
capital in 2011). However, Ukrsots is currently in the process
of a capital increase which should have a minor positive effect
on its capital buffer.
UkrSibbank has progressed with its balance sheet clean-up during
the past year, including the sale of problem assets to third
parties and to parent-funded special purpose entities. Remaining
NPLs (around 18% of portfolio in local accounts) are prudently
covered by impairment reserves (by 90%). However, the
restructured loans (almost 30% of the portfolio) additionally
accounted for 1.3x-1.6x of its regulatory capital. The quality
of capital was also constrained by significant deferred tax
assets (40% and 55% of the bank's regulatory and Basel Tier 1
capital respectively), which could be partly or fully
derecognized if there were adverse changes in profitability
forecasts or regulatory treatment. Internal capital generation
was undermined by weak operating efficiency, with the bank's
cost/income ratio hovering above 90%. The open economic foreign
currency position was equal to almost 50% of UkrSibbank's equity,
exposing the bank to risks in case of UAH devaluation.
VTBU's regulatory capital adequacy ratio is tight (11.5% at end-
H112), although impairment reserves covered recognized NPLs by
1.8x. However, the reserves were still insufficient to cover
potential problems in the restructured portfolio, with the net
unreserved exposure accounting for 2.6x regulatory Tier 1
capital. The vulnerability of the capital position is
exacerbated by significant concentrations in VTBU's corporate
loan book, the majority of the top 20 exposures (equivalent of
4.5x equity) being in the restructured portfolio. Significant
risks also arise from VTBU's short economic open currency
position (equal to 1.1x its equity at end-H112), although the
bank plans to reduce this through available market instruments.
Reliance on parent funding remains significant, accounting for
about half of total liabilities.
The rating actions are as follows:
-- Public Joint Stock Company UkrSibbank:
-- Long-term foreign currency IDR: affirmed at 'B'; Outlook
Stable
-- Long-term local currency IDR: affirmed at 'B+'; Outlook
Stable
-- Short-term foreign currency IDR: affirmed at 'B'
-- Support Rating: affirmed at '4'
-- Viability Rating: affirmed at 'ccc'
-- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
Stable
-- Senior unsecured local currency debt: affirmed at
'B+'/'AAA(ukr); Recovery Rating 'RR4'
Ukrsotsbank:
-- Long-term foreign currency IDR: affirmed at 'B'; Outlook
Stable
-- Long-term local currency IDR: affirmed at 'B+'; Outlook
Stable
-- Short-term foreign currency IDR: affirmed at 'B'
-- Support Rating: affirmed at '4'
-- Viability Rating: affirmed at 'ccc'
-- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
Stable
PJSC VTB Bank (Ukraine):
-- Long-term foreign currency IDR: affirmed at 'B'; Outlook
Stable
-- Long-term local currency IDR: affirmed at 'B+'; Outlook
Stable
-- Short-term foreign currency IDR: affirmed at 'B'
-- Support Rating: affirmed at '4'
-- Viability Rating: affirmed at 'ccc'
-- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
Stable
-- Senior unsecured local currency debt: affirmed at
'B+'/'AAA(ukr); Recovery Rating 'RR4'
* UKRAINE: Fitch Assigns 'B' Rating to US$2-Billion Eurobond
------------------------------------------------------------
Fitch Ratings has assigned Ukraine's US$2 billion eurobond, due
24 July 2017, a 'B' rating. The eurobond has a coupon rate of
9.25%. The rating is in line with Ukraine's Long-term foreign
currency Issuer Default Rating (IDR), which has a Stable Outlook.
Fitch affirmed Ukraine's ratings on July 10, 2012.
===========================
U N I T E D K I N G D O M
===========================
BRITISH AIRWAYS: S&P Raises Long-Term Corp. Credit Rating to 'BB'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on U.K. airline British Airways PLC to 'BB' from
'BB-'. The outlook is stable.
"At the same time, we raised to 'BB' from 'BB-' our issue ratings
on the GBP250 million senior unsecured notes and GBP350 million
convertible notes issued by British Airways. The recovery rating
on these notes is unchanged at '3', indicating our expectation of
meaningful (50%-70%) recovery in the event of a payment default,"
S&P said.
"In addition, we raised to 'B' from 'B-' our issue rating on the
preferred stock issued by British Airways Finance (Jersey) L.P.
We also assigned a recovery rating of '6' to these notes,
indicating our expectation of negligible (0%-10%) recovery in the
event of a payment default," S&P said.
"The upgrades reflect British Airways' performance in the first
half of 2012, which was better than our forecast. This was mainly
due to higher growth of revenue passenger kilometers (RPKs) than
we anticipated, and higher average ticket prices. We now
anticipate that as long as there are no material events affecting
air travel or British Airways in the remainder of 2012, the
company will be able to maintain Standard & Poor's-adjusted funds
from operations (FFO) to debt of more than 20%. In our view, FFO
to debt of more than 20% is commensurate with a 'significant'
financial risk profile," S&P said.
"In our revised base-case operating scenario, we forecast that
British Airways' actual seat kilometers (excluding British
Midland [BMI]) will increase by about 4% in 2012. We forecast
that RPKs will increase by about 6%, which is slightly lower than
reported RPK growth of 7.4% in first six months of 2012. We
anticipate that yield will be up by about 0.3% in 2012, driven by
slightly lower demand for premium travel in the second half of
2012. Overall revenues increase by about 5% in 2012 in our base-
case scenario. Overall, using our forecast of West Texas
Intermediate oil of about $90 per barrel on average, British
Airways' fuel costs will increase by about 15% to 20% in 2012,"
S&P said.
"We continue to believe that the above factors will lead British
Airways to report lower operating profits for full-year 2012 than
in 2011. However, our base-case financial ratios for British
Airways are likely to remain commensurate with a 'significant'
financial risk profile because the company's performance in 2011
resulted in significant headroom under our guidelines for the
rating," S&P said.
"We could take a negative rating action if British Airways'
adjusted FFO to debt falls to less 20%. For this to be the case,
we believe that revenues would have to decline by as much as 10%,
and that the turnaround of BMI would cost more than we currently
anticipate. A dramatic increase in the oil price by more than 20%
or an increase in the pensions deficit could also lead FFO to
debt to drop to less than 20%," S&P said.
"We could take a positive rating action should British Airways
achieve and in our view be able to maintain adjusted FFO to debt
of more than 30%. We believe this is unlikely at present, as it
would in our view require revenues to increase by more than 20%,
with fuel prices remaining at current levels. We could also take
a positive rating action if we saw an improvement in British
Airway's business risk profile, for example due to higher
benefits than we anticipate from the incorporation of BMI into
British Airways," S&P said.
DAWSON INT'L: May Face Administration After Pension Talks Fail
--------------------------------------------------------------
Erikka Askeland at The Scotsman reports that Dawson International
has warned 200 jobs are at risk after long-running negotiations
with a government-backed pension rescue scheme have failed.
According to the Scotsman, the firm said it now has to negotiate
a deal with the company's estimated 4,000 pensioners, but warned
that if no agreement is reached it "would have no alternative but
to consider appointing administrators for all or part of the
group".
Investor Jan Holmstrom has left board of Dawson with immediate
effect following outcome of "disappointing" negotiations with the
Pension Protection Fund (PPF) and the Pensions Regulator over the
group's estimated GBP50 million pension fund shortfall, the
Scotsman discloses.
In May, the group's board applied to have the fund entered into
the PPF scheme in return for a cash payment, loan note and equity
stake in the company, the Scotsman recounts.
But the PPF and the regulator rejected the deal and told the
board that the compensation offered was "insufficient in
comparison to the size of the deficit", the Scotsman notes.
The Scotsman relates that the board claims the terms were
"significantly better" than would be the case if the company was
made insolvent, adding that Hawick-based Dawson "simply has no
more to offer".
Dawson International is a cashmere knitwear firm.
ELLI INVESTMENTS: Moody's Assigns Definitive Instrument Ratings
---------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to Elli
Investments' (Four Seasons Health Care) issuance of GBP350
million worth of senior secured notes (rated B1) due in 2019 and
GBP175 million worth of senior unsecured notes (rated Caa1) due
in 2020. In addition, the rating agency has assigned a definitive
Ba2 instrument rating to the company's GBP40 million secured
super senior revolving credit facility maturing in 2018. The
outlook on the ratings is stable.
Ratings Rationale
The B2 corporate family rating (CFR) reflects the high initial
proforma leverage of debt/EBITDA ratio of approximately 5.5x
(based on pro-forma EBITDA of GBP102 million as per March 2012,
and adjusted by capitalizing estimated annual operating leases of
approximately GBP52 million at 6x). "While the relatively weak
initial credit metrics and large share of leasehold properties in
the portfolio are a constraining factor on Elli's rating, Moody's
also notes the company's attractive business profile, with
market-leading positions and a stable and recurring revenue
base," says Alex Verbov, Vice President and Moody's lead analyst
for Elli's.
Following the acquisition of parts of Southern Cross's portfolio
in 2011, Elli has become the largest UK operator of elderly care,
with pro-forma revenues of around GBP685 million. Although the
Company also runs Specialist hospitals and care centers with some
1,200 beds, elderly care accounts for over 85% of both revenues
and EBITDA contribution.
Increased funding constraints on the public healthcare system and
regulatory compliance costs are likely to continue having a
negative impact both on the UK healthcare industry and Elli. In
the past, changing customer mix and the gap between fee increases
and cost inflation led to gradual EBITDA margin declines. Going
forward, Moody's expects Elli to at least maintain its absolute
profitability levels and benefit from longer-term growth
potential due to favorable demographics as well as a gradual
increase in occupancy following the integration of recent
portfolio additions via Southern Cross and the Care Principles
transactions.
Estimated pro-forma EBITDA margins of around 15% reflect a
significant share of leasehold properties (EBITDA margins
adjusted for leases are 7% higher at c. 22%), and highlight
Elli's higher operational leverage than seen for largely freehold
operators. This is being partly mitigated by the variable terms
agreed on a large portion of leases from the Southern Cross
acquisition, which reduces both the downside and the upside
impact for the company. Moody's expects a relatively slow
deleveraging profile going forward and the large leasehold
portfolio has a constraining impact on the leverage metric.
The stable outlook reflects Moody's expectation that no
significant changes in leverage are likely in the next 12-18
months, partly attributable to the stabilizing impact of lease
capitalization on the leverage metric volatility.
Negative pressure could be exerted on the rating in the event of
increasing margin pressure and gross leverage exceeding 5.75x
(pro forma per 12/2011: 5.5x) and/or EBITA/Interest Cover falling
below 1.4x (pro forma per 12/2011:1.4x). Aggressive acquisition,
development and dividend policies could also be triggers for a
downgrade.
An upgrade would require a sustained period of maintaining
profitability and cash flow generation at a high level, with a
subsequent reduction in leverage, with for example debt/EBITDA
improving materially below 5.0x and/or EBITA interest cover
increasing over 1.8x.
The principal methodology used in rating Elli was the Global
Healthcare Service Providers Industry Methodology published in
December 2011. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.
FSHC is the largest independent provider of elderly care in the
UK with estimated pro-forma revenues of around GBP685 million.
EQUINOX PLC: Fitch Downgrades Rating on Two Note Classes to 'Csf'
-----------------------------------------------------------------
Fitch Ratings has downgraded Equinox (Eclipse 2006-1) plc, as
follows:
-- GBP183.7m class A (XS0259279585) downgraded to 'Bsf from
'Asf'; Outlook Stable
-- GBP17.2m class B (XS0259280088) downgraded to 'CCsf' from
'BBBsf'; Recovery Estimate (RE) 20%
-- GBP18.1m class C (XS0259280161 downgraded to 'Csf' from
'BBsf'; RE0%
-- GBP20.9m class D (XS0259280591) affirmed at 'Csf'; RE0%
-- GBP7.7m class E (XS0259280674) affirmed at 'Dsf'; RE0%
The scale of the downgrade echoes the substantial fall in the
value of the office property securing the Royal Mint Court loan
(29% of the pool). This is compounded by continued
underperformance and uncertainty for the Ashbourne Portfolio
loan, which along with Royal Mint Court accounts for
approximately 60% of the pool. In addition, the loan secured on
the distressed Macallan portfolio will suffer losses estimated to
be in excess of GBP14 million once liquidation is complete.
Another two loans are expected to suffer limited losses, which in
total are expected to lead to notes up to and including the class
B being written down, leaving the class A notes with only a
limited margin of safety, as reflected in its rating.
The Royal Mint Court office, located on the fringe of London's
financial district (opposite the Tower of London), was recently
revalued for the first time since December 2005, revealing a
decline of approximately 70%. Besides the run-off of long, over-
rented occupational leases, which now have under two years left
on average, the principal driver of the precipitous value decline
appears to be the irrecoverable capital expenditure needed to
upgrade the office complex and make it attractive to prospective
tenants in the submarket. The tenure of the property, with the
freeholder absorbing 50% of net operating income, makes such an
outlay far less palatable for the leaseholder, since it stands to
lose half of any upside in income. Unless a benign settlement is
reached with the freeholder (Delancey, which also stands to lose
if new tenants cannot be found), the leasehold value, on which
loan recoveries depend, will be constrained.
The Ashbourne Portfolio loan remains in special servicing
following Southern Cross's administration in July 2011, exposing
the property portfolio's inherent operational risk. The
portfolio requires significant reinvestment to improve the
quality of the nursing homes, which will be challenging against
the backdrop of public sector cutbacks. The result is that
future rents agreed with the new operators will be tightly
constrained, a risk that is reflected in the steady declines in
value.
The GBP72.6 million securitized portion of the loan is 50% of a
senior piece of a much larger whole loan (GBP328.0 million).
Despite its subordination, the considerable additional leverage
has meant that equity has eroded quickly as value has fallen: a
September 2011 valuation (released December 2011) reports a 43%
decline in addition to the 21% fall revealed in November 2010 (on
a valuation dating back to 2008). The reported securitized loan-
to-value ratio (LTV) is 96%, compared to Fitch's estimate of
118%.
The borrower continues to discuss strategy with the operators
that took over following Southern Cross's bankruptcy, with the
intention of renegotiating loan terms (although the status of
this remains unclear to Fitch). Any new leases are likely to be
at a significant discount to the over-rented amounts owed (but
not paid) by Southern Cross. Irrespective of the terms of any
new proposal, Fitch expects this loan to make a loss.
FULTONS FINE: Enters Into Administration
----------------------------------------
John Campbell at BBC News reports that Fultons Fine Furnishings
has been placed into administration.
Administrators were appointed at the owners' request, BBC
relates. The company's shops are open and continuing to trade,
BBC notes.
Stephen Cave and Paul Rooney, from financial consultancy PwC, are
acting as administrators, BBC discloses.
Fultons Fine Furnishing Ltd., which holds the property interests,
last filed accounts for the year ending February 2010, BBC
recounts.
Those abbreviated accounts suggest it made a small profit that
year, BBC states.
At that time, it owed the bank about GBP7 million but had net
assets of more than GBP8 million, according to BBC.
Fultons Fine Furnishings is a furniture retailer based in Lurgan.
The various Fulton activities also include a number of commercial
and residential property interests and collectively employ a
total of 57 people.
HERCULES PLC: Fitch Downgrades Rating on Class E Notes to 'CCsf'
----------------------------------------------------------------
Fitch Ratings has downgraded Hercules (Eclipse 2006-4) plc's CMBS
notes due October 2018 as follows:
-- GBP636.3 million class A (XS0276410080) to 'BBBsf' from
'Asf'; Outlook Negative
-- GBP43.9 million class B (XS0276410833) to 'BBsf' from
'BBBsf'; Outlook Negative
-- GBP25.0 million class C (XS0276412375) to 'Bsf' from 'BBsf';
Outlook Negative
-- GBP50.9 million class D (XS0276413183) to 'CCCsf' from
'Bsf'; Recovery Estimate (RE) 'RE70%'
-- GBP29.0 million class E (XS0276413340) to 'CCsf' from
'CCCsf'; 'RE0%'
The downgrade is driven primarily by the continued uncertainty
surrounding the Ashbourne Portfolio loan. The loan remains in
special servicing following Southern Cross' administration in
July 2011, exposing the property portfolio's inherent operational
risk. The portfolio requires significant reinvestment to improve
the quality of the nursing homes, which will be challenging
against the backdrop of public sector cutbacks. The result is
that future rents agreed with the new operators will be tightly
constrained, a risk that is reflected in the steady declines in
value.
The GBP72.6 million securitized portion is 50% of a senior piece
of a much larger whole loan (GBP328.0 million). Despite its
subordination, the considerable additional leverage has meant
that equity has eroded quickly as value has slid: a September
2011 valuation (released Dec 2011) reports a 43% decline in
addition to the 21% fall revealed in November 2010 (on a
valuation dating back to 2008). The reported securitized loan-
to-value ratio (LTV) is 96%, compared to Fitch's estimate of
118%.
The borrower continues to discuss strategy with the operators
that took over following Southern Cross' bankruptcy, with the
intention of renegotiating loan terms (although the status of
this remains unclear to Fitch). Any new leases are likely to be
at a significant discount to the over-rented amounts owed (but
not paid) by Southern Cross. Irrespective of the terms of any
new proposal, Fitch expects this loan to make a loss.
All other loans are materially unchanged since the last rating
action in July 2011. The GBP180 million Cannonbridge whole loan
remains significantly over-leveraged, with a reported securitized
LTV of 134%. In spite of an unusually lengthy four-year
extension granted to the borrower in 2010, Cannonbridge is the
first of Hercules' seven loans to mature, falling due in January
2015. During this time whole loan leverage is likely to increase
further, owing to a payment-in-kind provision entered into the
loan in 2010. Therefore the chances of orderly repayment are
slim, despite an improvement in occupancy and scheduled increases
in passing rent as rent-free periods elapse. The last loan to
mature is due 21 months after Cannonbridge, and two years before
legal final maturity in October 2018.
PORTSMOUTH FOOTBALL: To Fight Penalties; Appeals to Creditors
-------------------------------------------------------------
BBC News reports that Portsmouth have issued an "urgent plea" for
creditors from the previous time they were in administration to
contact them as they try to fight penalties imposed on them by
the Football League.
The League have docked Pompey 10 points and imposed financial
restrictions, BBC discloses. This is because the way Pompey
wanted to exit their current administration via a Company
Voluntary Arrangement did not have the 2010 creditors' approval,
BBC notes.
The Pompey Supporters' Trust and Balram Chainrai both want to buy
the club, BBC says. According to BBC, former owner Mr. Chanrai
had looked set to regain ownership of the League One club.
Pompey's current creditors accepted a CVA offer from Mr. Chainrai
worth two pence in the pound on June 25 and he had 28 days to
make good on his proposal buy the club, BBC recounts.
However, administrator Trevor Birch revealed on July 13 that
Mr. Chainrai had been left "reeling" by the Football League
penalties imposed the previous day and that the former owner
could now pull out of the deal, BBC discloses.
On top of starting the new season on minus 10 points, whoever
buys Pompey must agree that only a limited proportion of the
secured debt can be carried forward into the new company, BBC
says.
They must also agree to pay all football creditors in full,
unless an alternative agreement is reached, BBC notes.
And they must agree to restrictions on playing budgets, future
borrowing and loan repayments for the next five seasons,
according to BBC.
Mr. Birch, as cited by BBC, said they would attempt to fight the
punishment and would meet with the Football League to try and
reverse the decision -- coming to an agreement with previous
creditors would be one way of trying to do this.
About Portsmouth Football
Portsmouth Football Club Ltd. -- http://www.portsmouthfc.co.uk/
-- operated Portsmouth FC, a professional soccer team that plays
in the English Premier League. Established in 1898, the club
boasted two FA Cups, its last in 2008, and two first division
championships. Portsmouth FC's home ground is at Fratton Park;
the football team is known to supporters as Pompey. Dubai
businessman Sulaiman Al-Fahim purchased the club from Alexandre
Gaydamak in 2009. A French businessman of Russian decent,
Gaydamak had controlled Portsmouth Football Club since 2006.
* UK: Moody's Says RIIO-GD1 & RIIO-T1 Proposals Ratings Neutral
---------------------------------------------------------------
Provisional analysis suggests that rated UK networks should be
able to absorb the changes in price limits under RIIO-GD1 and
RIIO-T1 at the current ratings level, albeit with less headroom,
says Moody's Investors Service in a Special Comment published on
July 19.
The new report is entitled "Initial Proposals for RIIO-GD1 and
RIIO-T1 likely to be ratings neutral".
On July 16, 2012, the UK energy regulator, Ofgem, released the
headlines of its initial proposals for the next gas distribution
price controls (RIIO-GD1) and the next transmission price
controls (RIIO-T1), including the allowed revenue for the eight-
year period from 2013-2021. Firm conclusions on the proposals may
only be drawn once the full details are available and some
aspects may be refined by Final Proposals. However, Moody's
provisional analysis suggests that the rated Gas Distribution
Networks as well as National Grid Electricity Transmission (NGET)
and National Grid Gas (NGG) should be able to absorb the changes
in price limits at the current ratings level, albeit with less
headroom.
Moody's does note that the reduction in allowed returns will
increase pressure on companies to efficiently manage their
treasury operations and it may be necessary for some -- including
NGET -- to increase the proportion of debt in index-linked form
if they are to meet the rating agency's adjusted interest cover
ratio guidance. Moody's also notes that it is common practice for
the owners of regulated networks to review their dividend policy
following the publication of the final regulatory settlement.
For those network companies owned by larger parent groups -- SSE
plc (A3 stable) and National Grid plc (Baa1 stable) -- a less
than desirable outcome from the price-control process would need
to be considered in the context of the performance of the overall
group.
===============
X X X X X X X X
===============
* Moody's Says Debt Maturities Loom for EMEA Spec-Grade Companies
-----------------------------------------------------------------
Debt maturing in 2013-14 for rated speculative-grade non-
financial companies in the Europe, Middle East & Africa (EMEA)
region remains substantial with half the debt concentrated in
just 27 companies, says Moody's Investors Service in a Special
Comment published on July 19.
The new report, entitled "European Non-Financial Speculative-
Grade Corporates - Substantial Debt Maturities In Weakening
Environment", is now available on www.moodys.com. Moody's
subscribers can access this report via the link provided at the
end of this press release.
"About US$180 billion of debt matures in 2013-14, which is
concerning against a backdrop of ongoing bank deleveraging and
weakening operating environment," says Douglas Crawford, a Vice
President - Senior Analyst in Moody's Corporate Finance Group and
author of the report.
The rating agency notes that speculative-grade companies'
refinancing needs for 2013 stand at US$84 billion, compared to
the US$66 billion of maturities in 2012 at the time of the
previous study in 2011. A total of US$96 billion also matures in
2014 with another similarly sized refinancing peak in 2016, when
USD 97 billion is due.
Although 2013 maturities remain dominated by Ba-rated companies,
maturities among companies rated below Ba increased to 39% from
30% in 2012. Such issuers represent a higher proportion of
maturities in the next four years - up to 58% from 52% in 2012.
Downgrades of several companies in the Eurozone periphery,
including government-related issuers (GRIs) have led to fallen
angels further dominating near-term maturities, with most new
names at the higher end of Ba-ratings range.
While higher ratings among speculative-grade companies normally
indicate a greater ability to refinance debt, Moody's cautions
that this premise may be tested by the fallen angels with
linkages to sovereign creditworthiness that remains under stress.
Portugal has seen the most significant increase, to 9% of the
refinancing requirements in the period 2013-16, driven by fallen
angels from the utilities sector.
In contrast to unrated LBOs that still face considerable
refinancing pressure in the coming years, rated LBOs have largely
pushed their aggregate maturities to 2016 onwards.
* BOND PRICING: For the Week July 16 to July 20, 2012
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
A-TEC INDUSTRIES 5.750 11/2/2010 EUR 29.38
A-TEC INDUSTRIES 2.750 5/10/2014 EUR 29.38
A-TEC INDUSTRIES 8.750 10/27/2014 EUR 29.38
ERSTE BANK 6.000 2/1/2014 EUR 63.38
ERSTE BANK 6.000 7/31/2014 EUR 58.38
ERSTE BANK 5.500 1/23/2015 EUR 57.38
ERSTE BANK 7.710 2/17/2015 EUR 56.38
ERSTE BANK 4.500 6/24/2015 EUR 50.75
IMMOFINANZ 4.250 3/8/2018 EUR 3.78
KOMMUNALKREDIT 4.440 12/20/2030 EUR 62.75
KOMMUNALKREDIT 4.900 6/23/2031 EUR 66.63
OESTER VOLKSBK 4.170 7/29/2015 EUR 54.13
OESTER VOLKSBK 4.350 11/16/2018 EUR 55.13
OESTER VOLKSBK 4.160 5/20/2025 EUR 71.02
OESTER VOLKSBK 4.810 7/29/2025 EUR 60.25
OESTER VOLKSBK 4.900 8/18/2025 EUR 60.25
OESTER VOLKSBK 5.270 2/8/2027 EUR 73.38
RAIFF CENTROBANK 6.835 7/20/2012 EUR 70.10
RAIFF CENTROBANK 10.416 7/20/2012 EUR 44.20
RAIFF CENTROBANK 7.812 7/20/2012 EUR 53.95
RAIFF CENTROBANK 7.161 7/20/2012 EUR 65.94
RAIFF CENTROBANK 7.812 7/25/2012 EUR 64.24
RAIFF CENTROBANK 7.161 7/25/2012 EUR 62.72
RAIFF CENTROBANK 11.718 7/25/2012 EUR 19.81
RAIFF CENTROBANK 8.463 7/25/2012 EUR 71.38
RAIFF CENTROBANK 9.114 7/25/2012 EUR 72.38
RAIFF CENTROBANK 5.208 7/25/2012 EUR 66.34
RAIFF CENTROBANK 5.208 7/25/2012 EUR 67.84
RAIFF CENTROBANK 5.208 7/25/2012 EUR 75.95
RAIFF CENTROBANK 9.114 7/25/2012 EUR 37.26
RAIFF CENTROBANK 10.090 7/25/2012 EUR 58.09
RAIFF CENTROBANK 10.090 7/25/2012 EUR 61.74
RAIFF CENTROBANK 11.718 7/25/2012 EUR 61.43
RAIFF CENTROBANK 7.812 7/25/2012 EUR 49.88
RAIFF CENTROBANK 9.876 1/23/2013 EUR 47.75
RAIFF CENTROBANK 9.558 1/23/2013 EUR 62.64
RAIFF CENTROBANK 9.304 1/23/2013 EUR 65.33
RAIFF CENTROBANK 7.965 1/23/2013 EUR 60.97
RAIFF CENTROBANK 7.965 1/23/2013 EUR 76.28
RAIFF CENTROBANK 7.646 1/23/2013 EUR 62.28
RAIFF CENTROBANK 8.283 1/23/2013 EUR 77.05
RAIFF CENTROBANK 10.000 7/24/2013 EUR 77.72
RAIFF ZENTRALBK 4.500 9/28/2035 EUR 62.49
BELGIUM
-------
ECONOCOM GROUP 4.000 6/1/2016 EUR 21.42
IDEAL STANDARD I 11.750 5/1/2018 EUR 67.38
IDEAL STANDARD I 11.750 5/1/2018 EUR 67.38
CYPRUS
------
CYPRUS GOVT BOND 5.250 6/9/2015 EUR 72.88
CYPRUS GOVT BOND 4.750 9/30/2015 EUR 69.38
CYPRUS GOVT BOND 3.750 11/1/2015 EUR 61.93
CYPRUS GOVT BOND 4.750 12/2/2015 EUR 68.25
CYPRUS GOVT BOND 4.500 1/2/2016 EUR 67.13
CYPRUS GOVT BOND 4.500 3/30/2016 EUR 65.50
CYPRUS GOVT BOND 4.500 6/2/2016 EUR 64.38
CYPRUS GOVT BOND 5.000 6/9/2016 EUR 67.38
CYPRUS GOVT BOND 4.500 7/11/2016 EUR 63.75
CYPRUS GOVT BOND 4.500 10/9/2016 EUR 62.50
CYPRUS GOVT BOND 6.600 10/26/2016 EUR 68.38
CYPRUS GOVT BOND 4.500 1/4/2017 EUR 61.38
CYPRUS GOVT BOND 4.500 2/15/2017 EUR 61.00
CYPRUS GOVT BOND 4.500 4/2/2017 EUR 60.38
CYPRUS GOVT BOND 5.600 4/15/2017 EUR 63.75
CYPRUS GOVT BOND 4.500 9/28/2017 EUR 58.50
CYPRUS GOVT BOND 5.100 1/29/2018 EUR 59.63
CYPRUS GOVT BOND 4.600 4/23/2018 EUR 57.25
CYPRUS GOVT BOND 4.600 10/23/2018 EUR 56.00
CYPRUS GOVT BOND 4.600 2/26/2019 EUR 55.25
CYPRUS GOVT BOND 6.100 6/24/2019 EUR 60.63
CYPRUS GOVT BOND 4.625 2/3/2020 EUR 51.72
CYPRUS GOVT BOND 6.100 4/20/2020 EUR 58.50
CYPRUS GOVT BOND 5.350 6/9/2020 EUR 54.88
CYPRUS GOVT BOND 6.000 6/9/2021 EUR 54.63
CYPRUS GOVT BOND 6.500 8/25/2021 EUR 55.13
REP OF CYPRUS 4.375 7/15/2014 EUR 73.06
REP OF CYPRUS 4.750 2/25/2016 EUR 68.00
CZECH REPUBLIC
--------------
SAZKA 9.000 7/12/2021 EUR 35.00
DENMARK
-------
JYSKE BANK A/S 7.000 5/29/2024 EUR 67.00
KALMAR STRUCTRD 7.500 9/30/2013 EUR 0.01
KOMMUNEKREDIT 0.500 12/14/2020 ZAR 57.09
KOMMUNEKREDIT 0.500 5/11/2029 CAD 52.62
VESTAS WIND SYST 4.625 3/23/2015 EUR 67.00
FINLAND
-------
MUNI FINANCE PLC 0.500 4/26/2016 ZAR 78.93
MUNI FINANCE PLC 0.500 10/27/2016 BRL 73.89
MUNI FINANCE PLC 0.500 11/17/2016 BRL 73.99
MUNI FINANCE PLC 0.500 11/30/2016 BRL 73.79
MUNI FINANCE PLC 0.500 12/21/2016 TRY 75.02
MUNI FINANCE PLC 0.500 2/16/2017 TRY 74.48
MUNI FINANCE PLC 0.500 2/17/2017 BRL 72.63
MUNI FINANCE PLC 0.500 3/16/2017 BRL 72.20
MUNI FINANCE PLC 0.500 4/26/2017 ZAR 74.56
MUNI FINANCE PLC 1.000 6/30/2017 ZAR 74.83
MUNI FINANCE PLC 0.500 11/16/2017 TRY 70.87
MUNI FINANCE PLC 0.500 3/28/2018 BRL 66.49
MUNI FINANCE PLC 0.500 4/27/2018 ZAR 69.89
MUNI FINANCE PLC 0.500 11/21/2018 TRY 66.17
MUNI FINANCE PLC 0.500 11/21/2018 ZAR 67.26
MUNI FINANCE PLC 0.500 12/14/2018 TRY 65.87
MUNI FINANCE PLC 0.500 12/20/2018 ZAR 66.89
MUNI FINANCE PLC 0.500 9/24/2020 CAD 72.48
MUNI FINANCE PLC 0.500 11/25/2020 ZAR 59.43
MUNI FINANCE PLC 0.500 11/10/2021 NZD 68.42
MUNI FINANCE PLC 0.500 12/21/2021 NZD 68.06
MUNI FINANCE PLC 0.500 4/26/2022 ZAR 57.20
MUNI FINANCE PLC 0.500 5/31/2022 ZAR 54.86
MUNI FINANCE PLC 0.500 6/19/2024 ZAR 50.21
MUNI FINANCE PLC 0.500 3/17/2025 CAD 56.27
MUNI FINANCE PLC 0.250 6/28/2040 CAD 21.43
FRANCE
------
AIR FRANCE-KLM 4.970 4/1/2015 EUR 10.78
ALCATEL-LUCENT 5.000 1/1/2015 EUR 2.76
ALTRAN TECHNOLOG 6.720 1/1/2015 EUR 4.74
ASSYSTEM 4.000 1/1/2017 EUR 21.86
ATOS ORIGIN SA 2.500 1/1/2016 EUR 56.12
BNP PARIBAS 2.890 5/16/2036 JPY 74.47
CAISSE CENT IMMO 7.000 5/16/2014 EUR 24.21
CAISSE CENT IMMO 7.000 5/18/2015 EUR 4.67
CAISSE CENT IMMO 7.000 9/10/2015 EUR 11.91
CALYON 6.000 6/18/2047 EUR 21.75
CAP GEMINI SOGET 3.500 1/1/2014 EUR 38.20
CGG VERITAS 1.750 1/1/2016 EUR 30.08
CLUB MEDITERRANE 6.110 11/1/2015 EUR 18.15
CMA CGM 8.500 4/15/2017 USD 51.50
CMA CGM 8.500 4/15/2017 USD 54.67
CMA CGM 8.875 4/15/2019 EUR 54.83
CMA CGM 8.875 4/15/2019 EUR 54.88
CNP ASSURANCES 6.000 9/14/2040 EUR 69.94
CNP ASSURANCES 7.375 9/30/2041 GBP 71.91
CNP ASSURANCES 6.875 9/30/2041 EUR 71.58
CREDIT LOCAL FRA 3.750 5/26/2020 EUR 50.89
DEXIA CRED LOCAL 3.400 3/26/2015 EUR 77.08
DEXIA CRED LOCAL 4.020 3/13/2017 EUR 68.88
DEXIA CRED LOCAL 4.110 9/18/2018 EUR 60.37
DEXIA CRED LOCAL 4.375 2/12/2019 EUR 38.00
DEXIA CRED LOCAL 4.500 2/25/2020 EUR 55.04
DEXIA CRED LOCAL 4.550 4/2/2020 EUR 56.11
DEXIA CRED LOCAL 5.037 8/4/2020 EUR 57.25
DEXIA MUNI AGNCY 1.000 12/23/2024 EUR 70.79
EURAZEO 6.250 6/10/2014 EUR 54.32
EUROPCAR GROUPE 9.375 4/15/2018 EUR 68.82
EUROPCAR GROUPE 9.375 4/15/2018 EUR 69.13
FAURECIA 4.500 1/1/2015 EUR 19.79
GROUPAMA SA 7.875 10/27/2039 EUR 54.00
GROUPE VIAL 2.500 1/1/2014 EUR 2.12
INGENICO 2.750 1/1/2017 EUR 47.91
MAUREL ET PROM 7.125 7/31/2014 EUR 18.68
MAUREL ET PROM 7.125 7/31/2015 EUR 16.77
NEXANS SA 4.000 1/1/2016 EUR 54.49
NEXANS SA 2.500 1/1/2019 EUR 64.38
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 45.08
PEUGEOT SA 4.450 1/1/2016 EUR 23.94
PIERRE VACANCES 4.000 10/1/2015 EUR 73.54
PUBLICIS GROUPE 3.125 7/30/2014 EUR 36.06
PUBLICIS GROUPE 1.000 1/18/2018 EUR 51.36
SOC AIR FRANCE 2.750 4/1/2020 EUR 20.84
SOCIETE GENERALE 0.500 9/7/2021 AUD 50.98
SOCIETE GENERALE 0.500 12/6/2021 AUD 50.01
SOCIETE GENERALE 0.500 4/27/2022 AUD 48.09
SOCIETE GENERALE 0.500 4/27/2022 USD 55.74
SOITEC 6.250 9/9/2014 EUR 8.33
TEM 4.250 1/1/2015 EUR 54.91
GERMANY
-------
BAYERISCHE LNDBK 5.100 6/29/2012 EUR 53.81
BAYERISCHE LNDBK 5.500 6/29/2012 EUR 55.44
BAYERISCHE LNDBK 5.800 7/13/2012 EUR 53.84
BAYERISCHE LNDBK 4.200 8/24/2012 EUR 65.30
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 74.76
BNP EMIS-U.HANDE 10.000 7/26/2012 EUR 46.40
BNP EMIS-U.HANDE 10.000 7/26/2012 EUR 41.29
BNP EMIS-U.HANDE 10.000 7/26/2012 EUR 40.12
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 46.89
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 30.76
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 63.42
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 71.75
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 42.40
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 28.25
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 74.92
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 45.02
BNP EMIS-U.HANDE 8.500 7/26/2012 EUR 67.05
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 44.37
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 67.50
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 74.34
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 60.99
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 31.87
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 19.83
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 44.09
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 52.62
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 23.91
BNP EMIS-U.HANDE 6.500 7/26/2012 EUR 49.83
BNP EMIS-U.HANDE 6.500 7/26/2012 EUR 71.53
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 65.53
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 46.80
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 34.96
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 71.85
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 32.31
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 71.11
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 34.50
BNP EMIS-U.HANDE 9.750 12/28/2012 EUR 72.49
BNP EMIS-U.HANDE 8.500 12/28/2012 EUR 65.55
BNP EMIS-U.HANDE 10.500 12/28/2012 EUR 51.41
BNP EMIS-U.HANDE 9.500 12/31/2012 EUR 75.24
BNP EMIS-U.HANDE 9.500 12/31/2012 EUR 68.04
BNP EMIS-U.HANDE 7.750 12/31/2012 EUR 56.53
COMMERZBANK AG 11.500 7/6/2012 EUR 3.66
COMMERZBANK AG 10.500 7/6/2012 EUR 54.34
COMMERZBANK AG 24.250 7/26/2012 EUR 72.37
COMMERZBANK AG 13.250 7/26/2012 EUR 73.61
COMMERZBANK AG 23.000 7/26/2012 EUR 66.82
COMMERZBANK AG 8.500 8/3/2012 EUR 55.28
COMMERZBANK AG 9.000 8/3/2012 EUR 70.06
COMMERZBANK AG 28.750 9/27/2012 EUR 74.89
COMMERZBANK AG 18.250 9/27/2012 EUR 67.67
COMMERZBANK AG 17.250 9/27/2012 EUR 70.37
COMMERZBANK AG 11.250 9/27/2012 EUR 72.93
COMMERZBANK AG 7.700 9/28/2012 EUR 47.04
COMMERZBANK AG 9.000 10/1/2012 EUR 55.03
COMMERZBANK AG 10.000 10/1/2012 EUR 75.68
COMMERZBANK AG 9.000 10/29/2012 EUR 6.31
COMMERZBANK AG 8.500 10/29/2012 EUR 75.96
COMMERZBANK AG 10.000 10/29/2012 EUR 76.14
COMMERZBANK AG 11.500 11/5/2012 EUR 65.41
COMMERZBANK AG 10.000 11/5/2012 EUR 55.92
COMMERZBANK AG 8.000 11/5/2012 EUR 55.85
COMMERZBANK AG 8.500 12/17/2012 EUR 64.21
COMMERZBANK AG 8.750 12/17/2012 EUR 76.23
COMMERZBANK AG 8.000 12/27/2012 EUR 47.02
COMMERZBANK AG 7.000 12/27/2012 EUR 68.96
COMMERZBANK AG 15.250 12/31/2012 EUR 74.63
COMMERZBANK AG 16.500 1/3/2013 EUR 73.41
COMMERZBANK AG 10.750 3/21/2013 EUR 57.86
COMMERZBANK AG 14.500 3/21/2013 EUR 55.63
COMMERZBANK AG 18.500 3/21/2013 EUR 54.36
COMMERZBANK AG 15.250 3/21/2013 EUR 74.86
COMMERZBANK AG 8.400 12/30/2013 EUR 15.44
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 73.60
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 38.40
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 60.50
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 52.20
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 63.50
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 73.20
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 62.50
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 71.90
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 57.40
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 68.90
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 71.00
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 36.80
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 48.40
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 60.80
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 66.00
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 59.90
DEUTSCHE BANK AG 9.000 6/29/2012 EUR 62.30
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 55.70
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 58.40
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 57.20
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 69.00
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 65.40
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 45.20
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 35.00
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 67.40
DEUTSCHE BANK AG 13.000 6/29/2012 EUR 72.50
DEUTSCHE BANK AG 13.000 6/29/2012 EUR 59.30
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 75.70
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 65.50
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 75.70
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 60.50
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 44.40
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 68.70
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 55.80
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 62.10
DEUTSCHE BANK AG 9.000 7/31/2012 EUR 74.40
DEUTSCHE BANK AG 9.000 7/31/2012 EUR 58.10
DEUTSCHE BANK AG 9.000 7/31/2012 EUR 73.50
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 66.40
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 60.50
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 65.10
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 51.70
DEUTSCHE BANK AG 13.000 7/31/2012 EUR 71.80
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 58.10
DEUTSCHE BANK AG 13.000 7/31/2012 EUR 70.90
DEUTSCHE BANK AG 13.000 7/31/2012 EUR 55.60
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 72.10
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 42.30
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 71.80
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 70.30
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 46.20
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 67.60
DEUTSCHE BANK AG 8.000 8/6/2012 EUR 63.10
DEUTSCHE BANK AG 8.000 8/27/2012 EUR 70.20
DEUTSCHE BANK AG 8.000 8/31/2012 EUR 64.60
DEUTSCHE BANK AG 12.000 8/31/2012 EUR 71.50
DEUTSCHE BANK AG 9.000 8/31/2012 EUR 61.00
DEUTSCHE BANK AG 12.000 8/31/2012 EUR 59.10
DEUTSCHE BANK AG 9.000 9/28/2012 EUR 76.60
DEUTSCHE BANK AG 11.000 9/28/2012 EUR 73.20
DEUTSCHE BANK AG 12.000 9/28/2012 EUR 75.00
DEUTSCHE BANK AG 13.000 9/28/2012 EUR 70.10
DEUTSCHE BANK AG 12.000 10/31/2012 EUR 74.50
DEUTSCHE BANK AG 12.000 10/31/2012 EUR 73.20
DEUTSCHE BANK AG 10.000 10/31/2012 EUR 76.30
DEUTSCHE BANK AG 9.000 11/29/2012 EUR 75.20
DEUTSCHE BANK AG 12.000 11/29/2012 EUR 74.30
DEUTSCHE BANK AG 10.000 12/20/2012 EUR 67.20
DEUTSCHE BANK AG 11.000 12/20/2012 EUR 75.90
DEUTSCHE BANK AG 12.000 12/20/2012 EUR 45.30
DEUTSCHE BANK AG 12.000 12/20/2012 EUR 69.00
DEUTSCHE BANK AG 15.000 12/20/2012 EUR 64.90
DEUTSCHE BANK AG 8.000 12/20/2012 EUR 71.00
DEUTSCHE BANK AG 8.000 12/20/2012 EUR 44.30
DEUTSCHE BANK AG 6.000 12/20/2012 EUR 75.30
DEUTSCHE BANK AG 8.000 12/20/2012 EUR 61.40
DEUTSCHE BANK AG 11.000 1/18/2013 EUR 64.30
DEUTSCHE BANK AG 7.000 1/18/2013 EUR 74.30
DEUTSCHE BANK AG 9.000 1/18/2013 EUR 68.90
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 74.50
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 72.20
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 75.80
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 74.70
DEUTSCHE BANK AG 12.000 2/28/2013 EUR 70.40
DEUTSCHE BANK AG 10.000 2/28/2013 EUR 73.70
DEUTSCHE BANK AG 8.000 2/28/2013 EUR 75.80
DEUTSCHE BANK AG 11.000 4/2/2013 EUR 76.10
DEUTSCHE BANK AG 10.000 4/2/2013 EUR 73.30
DEUTSCHE HYP HAN 5.300 11/20/2023 EUR 74.25
DRESDNER BANK AG 5.290 5/31/2021 EUR 74.03
DRESDNER BANK AG 6.180 2/28/2023 EUR 74.89
DRESDNER BANK AG 5.700 7/31/2023 EUR 70.74
DRESDNER BANK AG 7.350 6/13/2028 EUR 76.12
DRESDNER BANK AG 5.450 2/22/2029 EUR 18.75
DZ BANK AG 5.100 7/6/2012 EUR 73.27
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 7.100 7/6/2012 EUR 73.29
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 12.300 7/11/2012 EUR 68.28
DZ BANK AG 7.000 7/11/2012 EUR 67.40
DZ BANK AG 7.000 7/11/2012 EUR 52.41
DZ BANK AG 7.000 7/13/2012 EUR 72.44
DZ BANK AG 7.000 7/13/2012 EUR 67.35
DZ BANK AG 6.750 7/13/2012 EUR 68.13
DZ BANK AG 6.200 7/13/2012 EUR 72.75
DZ BANK AG 6.000 7/13/2012 EUR 65.35
DZ BANK AG 5.000 7/13/2012 EUR 71.01
DZ BANK AG 5.000 7/13/2012 EUR 68.98
DZ BANK AG 10.250 7/13/2012 EUR 59.50
DZ BANK AG 10.000 7/13/2012 EUR 71.14
DZ BANK AG 9.750 7/13/2012 EUR 70.56
DZ BANK AG 9.500 7/13/2012 EUR 74.08
DZ BANK AG 9.500 7/13/2012 EUR 65.45
DZ BANK AG 9.250 7/13/2012 EUR 59.76
DZ BANK AG 8.500 7/13/2012 EUR 38.26
DZ BANK AG 8.500 7/13/2012 EUR 71.10
DZ BANK AG 8.500 7/13/2012 EUR 40.80
DZ BANK AG 8.300 7/13/2012 EUR 74.85
DZ BANK AG 8.250 7/13/2012 EUR 64.08
DZ BANK AG 7.750 7/13/2012 EUR 72.46
DZ BANK AG 7.500 7/13/2012 EUR 36.96
DZ BANK AG 7.500 7/13/2012 EUR 72.46
DZ BANK AG 7.250 7/13/2012 EUR 60.45
DZ BANK AG 7.250 7/13/2012 EUR 70.88
DZ BANK AG 7.250 7/13/2012 EUR 70.88
DZ BANK AG 12.500 7/13/2012 EUR 47.40
DZ BANK AG 15.500 7/27/2012 EUR 73.68
DZ BANK AG 15.250 7/27/2012 EUR 45.50
DZ BANK AG 15.000 7/27/2012 EUR 38.55
DZ BANK AG 14.750 7/27/2012 EUR 69.67
DZ BANK AG 13.100 7/27/2012 EUR 67.75
DZ BANK AG 13.000 7/27/2012 EUR 67.54
DZ BANK AG 12.700 7/27/2012 EUR 72.08
DZ BANK AG 12.500 7/27/2012 EUR 61.26
DZ BANK AG 12.250 7/27/2012 EUR 71.21
DZ BANK AG 12.000 7/27/2012 EUR 60.32
DZ BANK AG 12.000 7/27/2012 EUR 72.40
DZ BANK AG 11.750 7/27/2012 EUR 39.18
DZ BANK AG 11.500 7/27/2012 EUR 42.48
DZ BANK AG 11.250 7/27/2012 EUR 66.79
DZ BANK AG 11.250 7/27/2012 EUR 50.19
DZ BANK AG 10.750 7/27/2012 EUR 48.86
DZ BANK AG 10.500 7/27/2012 EUR 43.98
DZ BANK AG 10.000 7/27/2012 EUR 58.00
DZ BANK AG 9.800 7/27/2012 EUR 65.31
DZ BANK AG 9.300 7/27/2012 EUR 74.55
DZ BANK AG 9.250 7/27/2012 EUR 71.29
DZ BANK AG 9.250 7/27/2012 EUR 70.07
DZ BANK AG 9.000 7/27/2012 EUR 74.69
DZ BANK AG 9.000 7/27/2012 EUR 67.35
DZ BANK AG 8.750 7/27/2012 EUR 73.05
DZ BANK AG 8.000 7/27/2012 EUR 53.27
DZ BANK AG 8.000 7/27/2012 EUR 47.64
DZ BANK AG 7.500 7/27/2012 EUR 66.16
DZ BANK AG 6.500 7/27/2012 EUR 64.66
DZ BANK AG 6.000 7/27/2012 EUR 72.25
DZ BANK AG 12.750 7/31/2012 EUR 70.44
DZ BANK AG 12.700 8/3/2012 EUR 68.72
DZ BANK AG 5.000 8/10/2012 EUR 51.41
DZ BANK AG 21.250 8/10/2012 EUR 40.41
DZ BANK AG 17.250 8/10/2012 EUR 75.65
DZ BANK AG 16.500 8/10/2012 EUR 62.61
DZ BANK AG 14.500 8/10/2012 EUR 59.86
DZ BANK AG 10.500 8/10/2012 EUR 66.80
DZ BANK AG 9.500 8/10/2012 EUR 64.23
DZ BANK AG 7.000 8/10/2012 EUR 73.28
DZ BANK AG 7.000 8/10/2012 EUR 69.46
DZ BANK AG 21.250 8/24/2012 EUR 73.39
DZ BANK AG 21.000 8/24/2012 EUR 61.19
DZ BANK AG 19.000 8/24/2012 EUR 74.76
DZ BANK AG 18.000 8/24/2012 EUR 70.33
DZ BANK AG 18.000 8/24/2012 EUR 53.44
DZ BANK AG 17.500 8/24/2012 EUR 67.19
DZ BANK AG 17.000 8/24/2012 EUR 59.68
DZ BANK AG 16.500 8/24/2012 EUR 71.11
DZ BANK AG 15.500 8/24/2012 EUR 73.59
DZ BANK AG 12.750 8/24/2012 EUR 69.29
DZ BANK AG 14.000 8/24/2012 EUR 57.98
DZ BANK AG 14.500 8/24/2012 EUR 73.33
DZ BANK AG 7.500 9/14/2012 EUR 73.72
DZ BANK AG 5.000 9/14/2012 EUR 58.33
DZ BANK AG 5.850 9/14/2012 EUR 45.73
DZ BANK AG 6.000 9/14/2012 EUR 70.65
DZ BANK AG 6.000 9/14/2012 EUR 74.61
DZ BANK AG 6.250 9/14/2012 EUR 43.06
DZ BANK AG 7.250 9/14/2012 EUR 67.09
DZ BANK AG 7.500 9/14/2012 EUR 60.82
DZ BANK AG 7.750 9/14/2012 EUR 73.77
DZ BANK AG 8.000 9/14/2012 EUR 39.60
DZ BANK AG 8.250 9/14/2012 EUR 66.80
DZ BANK AG 8.500 9/14/2012 EUR 48.92
DZ BANK AG 9.000 9/14/2012 EUR 71.77
DZ BANK AG 9.500 9/14/2012 EUR 72.10
DZ BANK AG 9.500 9/14/2012 EUR 69.88
DZ BANK AG 10.000 9/14/2012 EUR 49.67
DZ BANK AG 10.000 9/14/2012 EUR 48.90
DZ BANK AG 10.250 9/14/2012 EUR 72.29
DZ BANK AG 10.500 9/14/2012 EUR 44.13
DZ BANK AG 12.500 9/14/2012 EUR 73.41
DZ BANK AG 19.500 9/14/2012 EUR 46.04
DZ BANK AG 17.500 9/28/2012 EUR 66.52
DZ BANK AG 22.500 9/28/2012 EUR 75.51
DZ BANK AG 23.000 9/28/2012 EUR 74.15
DZ BANK AG 22.000 9/28/2012 EUR 69.89
DZ BANK AG 16.000 9/28/2012 EUR 74.73
DZ BANK AG 17.000 9/28/2012 EUR 73.79
DZ BANK AG 20.000 9/28/2012 EUR 74.09
DZ BANK AG 4.500 10/5/2012 EUR 69.38
DZ BANK AG 7.600 10/5/2012 EUR 76.66
DZ BANK AG 8.300 10/5/2012 EUR 62.22
DZ BANK AG 5.700 10/5/2012 EUR 66.80
DZ BANK AG 7.000 10/12/2012 EUR 74.15
DZ BANK AG 7.000 10/12/2012 EUR 38.66
DZ BANK AG 8.000 10/12/2012 EUR 72.93
DZ BANK AG 16.000 10/12/2012 EUR 75.22
DZ BANK AG 8.000 10/12/2012 EUR 44.89
DZ BANK AG 9.500 10/12/2012 EUR 61.62
DZ BANK AG 8.000 10/12/2012 EUR 75.84
DZ BANK AG 5.900 10/12/2012 EUR 75.47
DZ BANK AG 7.000 10/12/2012 EUR 63.96
DZ BANK AG 11.000 10/26/2012 EUR 74.73
DZ BANK AG 22.000 10/26/2012 EUR 73.67
DZ BANK AG 19.000 10/26/2012 EUR 76.39
DZ BANK AG 18.000 10/26/2012 EUR 71.77
DZ BANK AG 16.250 10/26/2012 EUR 73.73
DZ BANK AG 16.000 10/26/2012 EUR 73.70
DZ BANK AG 15.000 10/26/2012 EUR 74.35
DZ BANK AG 13.750 10/26/2012 EUR 56.45
DZ BANK AG 11.900 11/1/2012 EUR 71.57
DZ BANK AG 14.500 11/9/2012 EUR 71.19
DZ BANK AG 13.000 11/23/2012 EUR 74.01
DZ BANK AG 20.000 11/23/2012 EUR 74.08
DZ BANK AG 9.750 12/14/2012 EUR 68.96
DZ BANK AG 7.250 12/14/2012 EUR 74.66
DZ BANK AG 5.000 12/14/2012 EUR 53.12
DZ BANK AG 5.000 12/21/2012 EUR 70.06
DZ BANK AG 6.000 1/2/2013 EUR 67.18
DZ BANK AG 12.000 1/2/2013 EUR 74.52
DZ BANK AG 14.000 1/11/2013 EUR 42.88
DZ BANK AG 15.500 1/11/2013 EUR 47.48
DZ BANK AG 10.750 1/11/2013 EUR 68.60
DZ BANK AG 12.500 1/25/2013 EUR 44.37
DZ BANK AG 14.000 1/25/2013 EUR 77.97
DZ BANK AG 12.750 1/25/2013 EUR 73.72
DZ BANK AG 11.250 2/8/2013 EUR 63.15
DZ BANK AG 9.000 2/8/2013 EUR 71.74
DZ BANK AG 9.000 2/8/2013 EUR 76.14
DZ BANK AG 10.250 2/8/2013 EUR 73.72
DZ BANK AG 11.000 2/22/2013 EUR 63.81
DZ BANK AG 15.000 2/22/2013 EUR 75.94
DZ BANK AG 15.000 2/22/2013 EUR 73.61
DZ BANK AG 15.000 2/22/2013 EUR 74.76
DZ BANK AG 10.750 2/22/2013 EUR 60.88
DZ BANK AG 10.000 3/7/2013 EUR 75.16
DZ BANK AG 12.000 3/7/2013 EUR 72.06
DZ BANK AG 11.140 3/8/2013 EUR 72.99
DZ BANK AG 13.750 3/8/2013 EUR 47.79
DZ BANK AG 10.750 3/8/2013 EUR 72.20
DZ BANK AG 10.500 3/8/2013 EUR 72.04
DZ BANK AG 10.000 3/8/2013 EUR 55.59
DZ BANK AG 14.000 3/22/2013 EUR 69.29
DZ BANK AG 14.000 3/22/2013 EUR 70.48
DZ BANK AG 17.000 3/22/2013 EUR 50.60
DZ BANK AG 8.500 3/22/2013 EUR 74.70
DZ BANK AG 11.250 3/22/2013 EUR 48.77
DZ BANK AG 11.000 3/22/2013 EUR 72.96
DZ BANK AG 10.500 3/22/2013 EUR 73.72
DZ BANK AG 12.000 4/2/2013 EUR 71.49
DZ BANK AG 16.000 4/12/2013 EUR 66.98
DZ BANK AG 8.500 4/26/2013 EUR 71.86
DZ BANK AG 17.000 4/26/2013 EUR 39.15
DZ BANK AG 15.750 4/26/2013 EUR 63.41
DZ BANK AG 15.500 5/24/2013 EUR 69.66
DZ BANK AG 5.000 6/22/2018 EUR 60.17
ESCADA AG 7.500 4/1/2012 EUR 8.38
ESCADA AG 7.500 4/1/2012 EUR 8.38
EUROHYPO AG 3.830 9/21/2020 EUR 68.63
GOLDMAN SACHS CO 11.000 9/26/2012 EUR 74.70
GOLDMAN SACHS CO 12.000 9/26/2012 EUR 67.80
GOLDMAN SACHS CO 10.000 9/26/2012 EUR 75.40
GOLDMAN SACHS CO 17.000 9/26/2012 EUR 74.00
GOLDMAN SACHS CO 16.000 9/26/2012 EUR 73.00
GOLDMAN SACHS CO 13.000 9/26/2012 EUR 72.60
GOLDMAN SACHS CO 14.000 12/28/2012 EUR 76.60
GOLDMAN SACHS CO 10.000 12/28/2012 EUR 72.10
GOLDMAN SACHS CO 7.000 12/28/2012 EUR 75.50
GOLDMAN SACHS CO 15.000 12/28/2012 EUR 76.40
GOLDMAN SACHS CO 16.000 1/2/2013 EUR 74.90
GOLDMAN SACHS CO 18.000 3/20/2013 EUR 72.00
GOLDMAN SACHS CO 15.000 3/20/2013 EUR 71.00
GOLDMAN SACHS CO 12.000 3/20/2013 EUR 74.70
GOLDMAN SACHS CO 18.000 3/20/2013 EUR 74.60
GOLDMAN SACHS CO 15.000 6/26/2013 EUR 69.10
GOLDMAN SACHS CO 11.000 6/26/2013 EUR 71.60
GOLDMAN SACHS CO 16.000 12/27/2013 EUR 72.50
GOLDMAN SACHS CO 13.000 12/27/2013 EUR 74.80
GOLDMAN SACHS CO 12.000 12/27/2013 EUR 75.00
GOLDMAN SACHS CO 10.000 12/27/2013 EUR 73.30
GOLDMAN SACHS CO 10.000 12/27/2013 EUR 76.00
GOTHAER ALLG VER 5.527 9/29/2026 EUR 76.53
HECKLER & KOCH 9.500 5/15/2018 EUR 73.25
HECKLER & KOCH 9.500 5/15/2018 EUR 73.93
HEIDELBERG DRUCK 9.250 4/15/2018 EUR 70.01
HEIDELBERG DRUCK 9.250 4/15/2018 EUR 69.50
HSBC TRINKAUS 29.500 9/28/2012 EUR 73.43
HSBC TRINKAUS 29.000 9/28/2012 EUR 75.56
HSBC TRINKAUS 27.500 9/28/2012 EUR 71.41
HSBC TRINKAUS 19.500 9/28/2012 EUR 71.15
HSBC TRINKAUS 25.000 9/28/2012 EUR 75.97
HSBC TRINKAUS 20.000 9/28/2012 EUR 65.22
HSBC TRINKAUS 19.000 9/28/2012 EUR 68.32
HSBC TRINKAUS 15.500 9/28/2012 EUR 47.76
HSBC TRINKAUS 29.500 9/28/2012 EUR 69.01
HSBC TRINKAUS 25.000 9/28/2012 EUR 66.55
HSBC TRINKAUS 12.000 9/28/2012 EUR 72.99
HSBC TRINKAUS 20.000 9/28/2012 EUR 72.37
HSBC TRINKAUS 24.000 9/28/2012 EUR 71.92
HSBC TRINKAUS 10.000 10/26/2012 EUR 70.38
HSBC TRINKAUS 12.500 10/26/2012 EUR 67.87
HSBC TRINKAUS 9.000 10/26/2012 EUR 73.65
HSBC TRINKAUS 11.000 11/16/2012 EUR 72.29
HSBC TRINKAUS 11.500 11/23/2012 EUR 68.36
HSBC TRINKAUS 9.500 11/23/2012 EUR 70.82
HSBC TRINKAUS 9.000 11/23/2012 EUR 74.13
HSBC TRINKAUS 8.000 3/22/2013 EUR 54.69
HSBC TRINKAUS 10.500 3/22/2013 EUR 74.13
HSBC TRINKAUS 21.000 3/22/2013 EUR 71.10
HSBC TRINKAUS 12.000 3/22/2013 EUR 74.98
HSBC TRINKAUS 13.000 3/22/2013 EUR 52.52
HSBC TRINKAUS 15.000 3/22/2013 EUR 71.41
HSBC TRINKAUS 15.500 3/22/2013 EUR 70.10
HSBC TRINKAUS 17.500 3/22/2013 EUR 73.35
HSBC TRINKAUS 16.000 3/22/2013 EUR 75.95
HSBC TRINKAUS 27.500 3/22/2013 EUR 56.80
HSBC TRINKAUS 18.000 3/22/2013 EUR 71.53
HSBC TRINKAUS 27.000 3/22/2013 EUR 66.74
HSBC TRINKAUS 26.500 3/22/2013 EUR 65.21
HSBC TRINKAUS 24.000 3/22/2013 EUR 75.14
HSBC TRINKAUS 23.500 3/22/2013 EUR 67.01
HSBC TRINKAUS 22.000 3/22/2013 EUR 66.47
HSBC TRINKAUS 18.500 3/22/2013 EUR 67.85
HSBC TRINKAUS 22.000 3/22/2013 EUR 72.28
HSBC TRINKAUS 21.000 3/22/2013 EUR 69.70
HSBC TRINKAUS 21.000 3/22/2013 EUR 51.60
HSBC TRINKAUS 20.000 3/22/2013 EUR 70.91
HSBC TRINKAUS 18.000 6/28/2013 EUR 73.34
HSBC TRINKAUS 17.500 6/28/2013 EUR 73.79
HSBC TRINKAUS 16.500 6/28/2013 EUR 69.59
HSBC TRINKAUS 15.500 6/28/2013 EUR 75.38
HSBC TRINKAUS 14.000 6/28/2013 EUR 71.24
HSBC TRINKAUS 13.000 6/28/2013 EUR 73.41
HSBC TRINKAUS 30.000 6/28/2013 EUR 58.03
HSBC TRINKAUS 19.500 6/28/2013 EUR 72.09
HSBC TRINKAUS 19.000 6/28/2013 EUR 68.40
HSBC TRINKAUS 18.500 6/28/2013 EUR 72.89
HSBC TRINKAUS 26.000 6/28/2013 EUR 58.28
HSBC TRINKAUS 25.500 6/28/2013 EUR 66.66
HSBC TRINKAUS 23.500 6/28/2013 EUR 68.25
HSBC TRINKAUS 22.500 6/28/2013 EUR 67.71
HSBC TRINKAUS 21.500 6/28/2013 EUR 69.92
HSBC TRINKAUS 11.500 12/30/2013 EUR 72.88
HSBC TRINKAUS 9.500 12/30/2013 EUR 74.56
KFW 0.250 10/6/2036 CAD 32.57
L-BANK FOERDERBK 0.500 5/10/2027 CAD 56.01
L-BANK FOERDERBK 0.250 10/13/2037 CAD 28.37
LANDBK HESSEN-TH 5.000 6/28/2012 EUR 74.80
LANDBK HESSEN-TH 5.750 7/13/2012 EUR 73.20
LANDESBK BERLIN 5.500 12/23/2013 EUR 75.35
LB BADEN-WUERTT 4.000 7/27/2012 EUR 63.01
LB BADEN-WUERTT 4.000 7/27/2012 EUR 72.70
LB BADEN-WUERTT 4.000 7/27/2012 EUR 31.83
LB BADEN-WUERTT 4.000 7/27/2012 EUR 47.60
LB BADEN-WUERTT 5.000 7/27/2012 EUR 51.71
LB BADEN-WUERTT 5.000 7/27/2012 EUR 13.89
LB BADEN-WUERTT 5.000 7/27/2012 EUR 19.98
LB BADEN-WUERTT 5.000 7/27/2012 EUR 55.72
LB BADEN-WUERTT 5.000 7/27/2012 EUR 59.13
LB BADEN-WUERTT 5.000 7/27/2012 EUR 53.79
LB BADEN-WUERTT 5.000 7/27/2012 EUR 50.55
LB BADEN-WUERTT 5.000 7/27/2012 EUR 77.09
LB BADEN-WUERTT 5.000 7/27/2012 EUR 46.64
LB BADEN-WUERTT 5.000 7/27/2012 EUR 67.86
LB BADEN-WUERTT 5.000 7/27/2012 EUR 69.61
LB BADEN-WUERTT 5.000 7/27/2012 EUR 30.72
LB BADEN-WUERTT 5.000 7/27/2012 EUR 48.57
LB BADEN-WUERTT 5.000 7/27/2012 EUR 70.02
LB BADEN-WUERTT 5.000 7/27/2012 EUR 58.07
LB BADEN-WUERTT 5.000 7/27/2012 EUR 65.48
LB BADEN-WUERTT 6.000 7/27/2012 EUR 26.02
LB BADEN-WUERTT 6.000 7/27/2012 EUR 74.37
LB BADEN-WUERTT 6.000 7/27/2012 EUR 68.44
LB BADEN-WUERTT 6.000 7/27/2012 EUR 39.80
LB BADEN-WUERTT 6.000 7/27/2012 EUR 54.38
LB BADEN-WUERTT 6.000 7/27/2012 EUR 27.90
LB BADEN-WUERTT 6.000 7/27/2012 EUR 64.32
LB BADEN-WUERTT 7.500 7/27/2012 EUR 67.67
LB BADEN-WUERTT 7.500 7/27/2012 EUR 63.07
LB BADEN-WUERTT 7.500 7/27/2012 EUR 59.00
LB BADEN-WUERTT 7.500 7/27/2012 EUR 27.76
LB BADEN-WUERTT 7.500 7/27/2012 EUR 41.50
LB BADEN-WUERTT 7.500 7/27/2012 EUR 72.05
LB BADEN-WUERTT 7.500 7/27/2012 EUR 45.09
LB BADEN-WUERTT 7.500 7/27/2012 EUR 71.61
LB BADEN-WUERTT 7.500 7/27/2012 EUR 66.79
LB BADEN-WUERTT 7.500 7/27/2012 EUR 49.71
LB BADEN-WUERTT 7.500 7/27/2012 EUR 48.99
LB BADEN-WUERTT 7.500 7/27/2012 EUR 43.52
LB BADEN-WUERTT 7.500 7/27/2012 EUR 73.53
LB BADEN-WUERTT 7.500 7/27/2012 EUR 51.23
LB BADEN-WUERTT 7.500 7/27/2012 EUR 18.48
LB BADEN-WUERTT 7.500 7/27/2012 EUR 57.92
LB BADEN-WUERTT 7.500 7/27/2012 EUR 53.80
LB BADEN-WUERTT 7.500 7/27/2012 EUR 65.21
LB BADEN-WUERTT 7.500 7/27/2012 EUR 73.34
LB BADEN-WUERTT 7.500 7/27/2012 EUR 14.28
LB BADEN-WUERTT 8.000 7/27/2012 EUR 63.55
LB BADEN-WUERTT 8.000 7/27/2012 EUR 76.04
LB BADEN-WUERTT 8.000 7/27/2012 EUR 74.91
LB BADEN-WUERTT 8.000 7/27/2012 EUR 58.80
LB BADEN-WUERTT 8.000 7/27/2012 EUR 49.04
LB BADEN-WUERTT 8.000 7/27/2012 EUR 66.44
LB BADEN-WUERTT 8.000 7/27/2012 EUR 25.25
LB BADEN-WUERTT 8.000 7/27/2012 EUR 73.06
LB BADEN-WUERTT 8.000 7/27/2012 EUR 35.72
LB BADEN-WUERTT 10.000 7/27/2012 EUR 67.65
LB BADEN-WUERTT 10.000 7/27/2012 EUR 60.61
LB BADEN-WUERTT 10.000 7/27/2012 EUR 38.44
LB BADEN-WUERTT 10.000 7/27/2012 EUR 40.41
LB BADEN-WUERTT 10.000 7/27/2012 EUR 40.96
LB BADEN-WUERTT 10.000 7/27/2012 EUR 74.66
LB BADEN-WUERTT 10.000 7/27/2012 EUR 45.26
LB BADEN-WUERTT 10.000 7/27/2012 EUR 17.28
LB BADEN-WUERTT 10.000 7/27/2012 EUR 57.91
LB BADEN-WUERTT 10.000 7/27/2012 EUR 59.97
LB BADEN-WUERTT 10.000 7/27/2012 EUR 75.45
LB BADEN-WUERTT 10.000 7/27/2012 EUR 25.38
LB BADEN-WUERTT 10.000 7/27/2012 EUR 67.76
LB BADEN-WUERTT 10.000 7/27/2012 EUR 66.16
LB BADEN-WUERTT 10.000 7/27/2012 EUR 46.41
LB BADEN-WUERTT 10.000 7/27/2012 EUR 70.72
LB BADEN-WUERTT 10.000 7/27/2012 EUR 53.09
LB BADEN-WUERTT 10.000 7/27/2012 EUR 50.32
LB BADEN-WUERTT 10.000 7/27/2012 EUR 75.33
LB BADEN-WUERTT 10.000 7/27/2012 EUR 67.09
LB BADEN-WUERTT 10.000 7/27/2012 EUR 44.89
LB BADEN-WUERTT 5.000 7/27/2012 EUR 73.51
LB BADEN-WUERTT 10.000 7/27/2012 EUR 52.92
LB BADEN-WUERTT 10.000 7/27/2012 EUR 73.92
LB BADEN-WUERTT 10.000 7/27/2012 EUR 61.94
LB BADEN-WUERTT 10.000 7/27/2012 EUR 14.65
LB BADEN-WUERTT 4.000 8/24/2012 EUR 57.01
LB BADEN-WUERTT 4.000 8/24/2012 EUR 37.14
LB BADEN-WUERTT 4.000 8/24/2012 EUR 76.34
LB BADEN-WUERTT 4.000 8/24/2012 EUR 39.14
LB BADEN-WUERTT 4.000 8/24/2012 EUR 75.89
LB BADEN-WUERTT 5.000 8/24/2012 EUR 24.74
LB BADEN-WUERTT 5.000 8/24/2012 EUR 64.03
LB BADEN-WUERTT 5.000 8/24/2012 EUR 71.00
LB BADEN-WUERTT 5.000 8/24/2012 EUR 50.80
LB BADEN-WUERTT 5.000 8/24/2012 EUR 77.47
LB BADEN-WUERTT 5.000 8/24/2012 EUR 54.29
LB BADEN-WUERTT 5.000 8/24/2012 EUR 74.31
LB BADEN-WUERTT 5.000 8/24/2012 EUR 70.46
LB BADEN-WUERTT 5.000 8/24/2012 EUR 51.54
LB BADEN-WUERTT 5.000 8/24/2012 EUR 47.19
LB BADEN-WUERTT 6.000 8/24/2012 EUR 33.06
LB BADEN-WUERTT 6.000 8/24/2012 EUR 64.35
LB BADEN-WUERTT 6.000 8/24/2012 EUR 74.60
LB BADEN-WUERTT 6.000 8/24/2012 EUR 75.04
LB BADEN-WUERTT 6.000 8/24/2012 EUR 71.13
LB BADEN-WUERTT 6.000 8/24/2012 EUR 63.37
LB BADEN-WUERTT 6.000 8/24/2012 EUR 33.35
LB BADEN-WUERTT 6.000 8/24/2012 EUR 71.98
LB BADEN-WUERTT 6.000 8/24/2012 EUR 49.55
LB BADEN-WUERTT 6.000 8/24/2012 EUR 72.30
LB BADEN-WUERTT 6.500 8/24/2012 EUR 74.28
LB BADEN-WUERTT 7.500 8/24/2012 EUR 48.46
LB BADEN-WUERTT 7.500 8/24/2012 EUR 64.60
LB BADEN-WUERTT 7.500 8/24/2012 EUR 74.49
LB BADEN-WUERTT 7.500 8/24/2012 EUR 76.70
LB BADEN-WUERTT 7.500 8/24/2012 EUR 76.98
LB BADEN-WUERTT 7.500 8/24/2012 EUR 64.00
LB BADEN-WUERTT 7.500 8/24/2012 EUR 61.67
LB BADEN-WUERTT 7.500 8/24/2012 EUR 42.40
LB BADEN-WUERTT 7.500 8/24/2012 EUR 45.97
LB BADEN-WUERTT 7.500 8/24/2012 EUR 69.32
LB BADEN-WUERTT 7.500 8/24/2012 EUR 68.30
LB BADEN-WUERTT 7.500 8/24/2012 EUR 46.00
LB BADEN-WUERTT 7.500 8/24/2012 EUR 67.91
LB BADEN-WUERTT 7.500 8/24/2012 EUR 21.89
LB BADEN-WUERTT 7.500 8/24/2012 EUR 71.35
LB BADEN-WUERTT 7.500 8/24/2012 EUR 69.02
LB BADEN-WUERTT 7.500 8/24/2012 EUR 56.48
LB BADEN-WUERTT 8.000 8/24/2012 EUR 30.34
LB BADEN-WUERTT 8.000 8/24/2012 EUR 74.08
LB BADEN-WUERTT 8.000 8/24/2012 EUR 45.29
LB BADEN-WUERTT 8.000 8/24/2012 EUR 56.42
LB BADEN-WUERTT 8.000 8/24/2012 EUR 67.89
LB BADEN-WUERTT 8.000 8/24/2012 EUR 71.66
LB BADEN-WUERTT 8.000 8/24/2012 EUR 69.39
LB BADEN-WUERTT 8.000 8/24/2012 EUR 68.88
LB BADEN-WUERTT 8.000 8/24/2012 EUR 30.20
LB BADEN-WUERTT 8.000 8/24/2012 EUR 66.50
LB BADEN-WUERTT 8.000 8/24/2012 EUR 67.29
LB BADEN-WUERTT 8.000 8/24/2012 EUR 55.47
LB BADEN-WUERTT 8.000 8/24/2012 EUR 65.26
LB BADEN-WUERTT 10.000 8/24/2012 EUR 68.60
LB BADEN-WUERTT 10.000 8/24/2012 EUR 73.09
LB BADEN-WUERTT 10.000 8/24/2012 EUR 73.61
LB BADEN-WUERTT 10.000 8/24/2012 EUR 63.01
LB BADEN-WUERTT 10.000 8/24/2012 EUR 39.70
LB BADEN-WUERTT 10.000 8/24/2012 EUR 62.62
LB BADEN-WUERTT 10.000 8/24/2012 EUR 58.25
LB BADEN-WUERTT 10.000 8/24/2012 EUR 56.25
LB BADEN-WUERTT 10.000 8/24/2012 EUR 75.12
LB BADEN-WUERTT 10.000 8/24/2012 EUR 69.86
LB BADEN-WUERTT 10.000 8/24/2012 EUR 63.11
LB BADEN-WUERTT 10.000 8/24/2012 EUR 50.70
LB BADEN-WUERTT 10.000 8/24/2012 EUR 39.17
LB BADEN-WUERTT 10.000 8/24/2012 EUR 76.34
LB BADEN-WUERTT 10.000 8/24/2012 EUR 76.27
LB BADEN-WUERTT 10.000 8/24/2012 EUR 70.42
LB BADEN-WUERTT 10.000 8/24/2012 EUR 42.59
LB BADEN-WUERTT 10.000 8/24/2012 EUR 20.46
LB BADEN-WUERTT 10.000 8/24/2012 EUR 64.63
LB BADEN-WUERTT 10.000 8/24/2012 EUR 59.55
LB BADEN-WUERTT 10.000 8/24/2012 EUR 43.84
LB BADEN-WUERTT 10.000 8/24/2012 EUR 66.94
LB BADEN-WUERTT 10.000 8/24/2012 EUR 73.26
LB BADEN-WUERTT 8.000 9/28/2012 EUR 20.39
LB BADEN-WUERTT 10.000 9/28/2012 EUR 52.40
LB BADEN-WUERTT 8.000 9/28/2012 EUR 50.52
LB BADEN-WUERTT 8.000 9/28/2012 EUR 52.21
LB BADEN-WUERTT 8.000 9/28/2012 EUR 63.13
LB BADEN-WUERTT 8.000 9/28/2012 EUR 51.97
LB BADEN-WUERTT 8.000 9/28/2012 EUR 36.22
LB BADEN-WUERTT 8.000 9/28/2012 EUR 34.47
LB BADEN-WUERTT 7.500 9/28/2012 EUR 56.66
LB BADEN-WUERTT 7.250 9/28/2012 EUR 73.73
LB BADEN-WUERTT 7.000 9/28/2012 EUR 73.54
LB BADEN-WUERTT 6.000 9/28/2012 EUR 57.46
LB BADEN-WUERTT 6.000 9/28/2012 EUR 37.55
LB BADEN-WUERTT 6.000 9/28/2012 EUR 39.82
LB BADEN-WUERTT 6.000 9/28/2012 EUR 57.10
LB BADEN-WUERTT 6.000 9/28/2012 EUR 22.77
LB BADEN-WUERTT 6.000 9/28/2012 EUR 57.38
LB BADEN-WUERTT 6.000 9/28/2012 EUR 72.73
LB BADEN-WUERTT 5.000 9/28/2012 EUR 61.79
LB BADEN-WUERTT 4.000 9/28/2012 EUR 45.66
LB BADEN-WUERTT 4.000 9/28/2012 EUR 27.23
LB BADEN-WUERTT 4.000 9/28/2012 EUR 66.04
LB BADEN-WUERTT 4.000 9/28/2012 EUR 66.08
LB BADEN-WUERTT 4.000 9/28/2012 EUR 43.58
LB BADEN-WUERTT 4.000 9/28/2012 EUR 67.39
LB BADEN-WUERTT 5.000 10/26/2012 EUR 62.41
LB BADEN-WUERTT 5.000 10/26/2012 EUR 19.65
LB BADEN-WUERTT 5.000 10/26/2012 EUR 58.73
LB BADEN-WUERTT 5.000 10/26/2012 EUR 8.08
LB BADEN-WUERTT 5.000 10/26/2012 EUR 54.15
LB BADEN-WUERTT 7.500 10/26/2012 EUR 72.43
LB BADEN-WUERTT 7.500 10/26/2012 EUR 8.03
LB BADEN-WUERTT 7.500 10/26/2012 EUR 55.43
LB BADEN-WUERTT 7.500 10/26/2012 EUR 48.28
LB BADEN-WUERTT 7.500 10/26/2012 EUR 37.33
LB BADEN-WUERTT 10.000 10/26/2012 EUR 75.26
LB BADEN-WUERTT 5.000 10/26/2012 EUR 42.78
LB BADEN-WUERTT 10.000 10/26/2012 EUR 17.06
LB BADEN-WUERTT 10.000 10/26/2012 EUR 7.88
LB BADEN-WUERTT 10.000 10/26/2012 EUR 73.47
LB BADEN-WUERTT 10.000 10/26/2012 EUR 68.18
LB BADEN-WUERTT 10.000 10/26/2012 EUR 74.95
LB BADEN-WUERTT 10.000 10/26/2012 EUR 44.59
LB BADEN-WUERTT 10.000 10/26/2012 EUR 66.42
LB BADEN-WUERTT 10.000 10/26/2012 EUR 34.69
LB BADEN-WUERTT 10.000 10/26/2012 EUR 44.64
LB BADEN-WUERTT 10.000 10/26/2012 EUR 71.74
LB BADEN-WUERTT 10.000 10/26/2012 EUR 51.26
LB BADEN-WUERTT 7.500 10/26/2012 EUR 49.78
LB BADEN-WUERTT 7.500 10/26/2012 EUR 73.82
LB BADEN-WUERTT 7.500 10/26/2012 EUR 17.88
LB BADEN-WUERTT 10.000 11/23/2012 EUR 64.96
LB BADEN-WUERTT 10.000 11/23/2012 EUR 63.26
LB BADEN-WUERTT 10.000 11/23/2012 EUR 56.68
LB BADEN-WUERTT 10.000 11/23/2012 EUR 47.08
LB BADEN-WUERTT 15.000 11/23/2012 EUR 51.65
LB BADEN-WUERTT 7.500 11/23/2012 EUR 63.39
LB BADEN-WUERTT 5.000 11/23/2012 EUR 51.20
LB BADEN-WUERTT 5.000 11/23/2012 EUR 74.97
LB BADEN-WUERTT 5.000 11/23/2012 EUR 40.13
LB BADEN-WUERTT 5.000 11/23/2012 EUR 53.88
LB BADEN-WUERTT 5.000 11/23/2012 EUR 19.93
LB BADEN-WUERTT 5.000 11/23/2012 EUR 73.47
LB BADEN-WUERTT 5.000 11/23/2012 EUR 55.92
LB BADEN-WUERTT 7.500 11/23/2012 EUR 44.51
LB BADEN-WUERTT 7.500 11/23/2012 EUR 69.61
LB BADEN-WUERTT 7.500 11/23/2012 EUR 35.73
LB BADEN-WUERTT 7.500 11/23/2012 EUR 66.27
LB BADEN-WUERTT 7.500 11/23/2012 EUR 69.57
LB BADEN-WUERTT 7.500 11/23/2012 EUR 70.36
LB BADEN-WUERTT 7.500 11/23/2012 EUR 74.67
LB BADEN-WUERTT 7.500 11/23/2012 EUR 47.91
LB BADEN-WUERTT 7.500 11/23/2012 EUR 50.96
LB BADEN-WUERTT 10.000 11/23/2012 EUR 60.24
LB BADEN-WUERTT 10.000 11/23/2012 EUR 61.73
LB BADEN-WUERTT 10.000 11/23/2012 EUR 74.88
LB BADEN-WUERTT 10.000 11/23/2012 EUR 44.42
LB BADEN-WUERTT 10.000 11/23/2012 EUR 68.72
LB BADEN-WUERTT 10.000 11/23/2012 EUR 72.37
LB BADEN-WUERTT 10.000 11/23/2012 EUR 40.85
LB BADEN-WUERTT 10.000 11/23/2012 EUR 17.86
LB BADEN-WUERTT 10.000 11/23/2012 EUR 33.13
LB BADEN-WUERTT 7.500 11/23/2012 EUR 18.54
LB BADEN-WUERTT 5.000 1/4/2013 EUR 69.77
LB BADEN-WUERTT 5.000 1/4/2013 EUR 48.85
LB BADEN-WUERTT 5.000 1/4/2013 EUR 51.81
LB BADEN-WUERTT 5.000 1/4/2013 EUR 53.54
LB BADEN-WUERTT 5.000 1/4/2013 EUR 20.40
LB BADEN-WUERTT 5.000 1/4/2013 EUR 46.52
LB BADEN-WUERTT 7.500 1/4/2013 EUR 42.94
LB BADEN-WUERTT 7.500 1/4/2013 EUR 46.45
LB BADEN-WUERTT 7.500 1/4/2013 EUR 74.75
LB BADEN-WUERTT 7.500 1/4/2013 EUR 19.07
LB BADEN-WUERTT 7.500 1/4/2013 EUR 47.74
LB BADEN-WUERTT 7.500 1/4/2013 EUR 61.02
LB BADEN-WUERTT 7.500 1/4/2013 EUR 54.79
LB BADEN-WUERTT 7.500 1/4/2013 EUR 68.77
LB BADEN-WUERTT 10.000 1/4/2013 EUR 56.05
LB BADEN-WUERTT 10.000 1/4/2013 EUR 75.38
LB BADEN-WUERTT 10.000 1/4/2013 EUR 57.12
LB BADEN-WUERTT 10.000 1/4/2013 EUR 40.60
LB BADEN-WUERTT 10.000 1/4/2013 EUR 63.78
LB BADEN-WUERTT 10.000 1/4/2013 EUR 48.99
LB BADEN-WUERTT 10.000 1/4/2013 EUR 42.67
LB BADEN-WUERTT 10.000 1/4/2013 EUR 69.38
LB BADEN-WUERTT 10.000 1/4/2013 EUR 71.49
LB BADEN-WUERTT 10.000 1/4/2013 EUR 18.87
LB BADEN-WUERTT 10.000 1/25/2013 EUR 24.04
LB BADEN-WUERTT 10.000 1/25/2013 EUR 67.47
LB BADEN-WUERTT 10.000 1/25/2013 EUR 71.89
LB BADEN-WUERTT 7.500 1/25/2013 EUR 71.83
LB BADEN-WUERTT 10.000 1/25/2013 EUR 60.50
LB BADEN-WUERTT 7.500 1/25/2013 EUR 74.32
LB BADEN-WUERTT 10.000 1/25/2013 EUR 67.38
LB BADEN-WUERTT 7.500 1/25/2013 EUR 63.82
LB BADEN-WUERTT 10.000 1/25/2013 EUR 58.48
LB BADEN-WUERTT 7.500 1/25/2013 EUR 24.93
LB BADEN-WUERTT 10.000 1/25/2013 EUR 75.19
LB BADEN-WUERTT 5.000 1/25/2013 EUR 73.64
LB BADEN-WUERTT 7.500 1/25/2013 EUR 72.93
LB BADEN-WUERTT 5.000 1/25/2013 EUR 26.94
LB BADEN-WUERTT 7.500 1/25/2013 EUR 66.97
LB BADEN-WUERTT 5.000 1/25/2013 EUR 72.92
LB BADEN-WUERTT 7.500 1/25/2013 EUR 77.20
LB BADEN-WUERTT 10.000 1/25/2013 EUR 75.86
LB BADEN-WUERTT 10.000 1/25/2013 EUR 76.42
LB BADEN-WUERTT 15.000 2/22/2013 EUR 66.42
LB BADEN-WUERTT 15.000 2/22/2013 EUR 61.87
LB BADEN-WUERTT 11.000 2/22/2013 EUR 72.49
LB BADEN-WUERTT 10.000 2/22/2013 EUR 73.80
LB BADEN-WUERTT 10.000 2/22/2013 EUR 76.52
LB BADEN-WUERTT 8.000 2/22/2013 EUR 75.18
LB BADEN-WUERTT 10.000 2/22/2013 EUR 70.30
LB BADEN-WUERTT 15.000 3/22/2013 EUR 52.03
LB BADEN-WUERTT 12.000 3/22/2013 EUR 72.77
LB BADEN-WUERTT 12.000 3/22/2013 EUR 74.73
LB BADEN-WUERTT 8.000 3/22/2013 EUR 55.03
LB BADEN-WUERTT 10.000 3/22/2013 EUR 53.90
LB BADEN-WUERTT 5.000 6/28/2013 EUR 64.74
LB BADEN-WUERTT 11.000 6/28/2013 EUR 55.71
LB BADEN-WUERTT 10.000 6/28/2013 EUR 55.99
LB BADEN-WUERTT 10.000 6/28/2013 EUR 72.66
LB BADEN-WUERTT 9.000 6/28/2013 EUR 56.20
LB BADEN-WUERTT 7.500 6/28/2013 EUR 70.67
LB BADEN-WUERTT 7.500 6/28/2013 EUR 58.88
LB BADEN-WUERTT 7.000 6/28/2013 EUR 58.38
LB BADEN-WUERTT 5.000 6/28/2013 EUR 70.67
LB BADEN-WUERTT 9.000 7/26/2013 EUR 60.75
LB BADEN-WUERTT 7.000 7/26/2013 EUR 63.38
LB BADEN-WUERTT 8.000 7/26/2013 EUR 61.18
LB BADEN-WUERTT 5.000 8/23/2013 EUR 75.31
LB BADEN-WUERTT 9.000 8/23/2013 EUR 69.94
LB BADEN-WUERTT 9.000 8/23/2013 EUR 73.97
LB BADEN-WUERTT 12.000 8/23/2013 EUR 58.18
LB BADEN-WUERTT 8.000 8/23/2013 EUR 61.50
LB BADEN-WUERTT 7.000 8/23/2013 EUR 71.81
LB BADEN-WUERTT 10.000 8/23/2013 EUR 59.55
LB BADEN-WUERTT 11.000 9/27/2013 EUR 58.96
LB BADEN-WUERTT 7.000 9/27/2013 EUR 60.67
LB BADEN-WUERTT 9.000 9/27/2013 EUR 58.98
LB BADEN-WUERTT 5.250 10/20/2015 EUR 25.46
LB BADEN-WUERTT 2.800 2/23/2037 JPY 55.89
MACQUARIE STRUCT 8.500 7/6/2012 EUR 69.22
MACQUARIE STRUCT 10.000 9/28/2012 EUR 75.61
MACQUARIE STRUCT 9.000 9/28/2012 EUR 53.07
MACQUARIE STRUCT 9.250 9/28/2012 EUR 68.13
MACQUARIE STRUCT 9.750 9/28/2012 EUR 40.37
MACQUARIE STRUCT 10.000 9/28/2012 EUR 66.35
MACQUARIE STRUCT 10.750 9/28/2012 EUR 73.87
MACQUARIE STRUCT 11.500 9/28/2012 EUR 43.73
MACQUARIE STRUCT 12.750 9/28/2012 EUR 70.37
MACQUARIE STRUCT 16.000 9/28/2012 EUR 66.07
MACQUARIE STRUCT 13.000 11/13/2012 EUR 75.76
MACQUARIE STRUCT 18.000 12/14/2012 EUR 63.90
MACQUARIE STRUCT 16.500 1/2/2013 EUR 72.71
Q-CELLS 6.750 10/21/2015 EUR 0.45
RENTENBANK 0.500 3/15/2017 TRY 69.78
RENTENBANK 0.500 4/19/2017 TRY 69.45
SOLARWORLD AG 6.375 7/13/2016 EUR 33.01
SOLON AG SOLAR 1.375 12/6/2012 EUR 1.25
TAG IMMO AG 6.500 12/10/2015 EUR 8.32
TUI AG 5.500 11/17/2014 EUR 60.57
TUI AG 2.750 3/24/2016 EUR 48.19
UNICREDIT BANK A 7.000 7/2/2012 EUR 65.81
UNICREDIT BANK A 7.500 7/5/2012 EUR 65.76
VONTOBEL FIN PRO 12.067 6/29/2012 EUR 58.90
VONTOBEL FIN PRO 12.067 6/29/2012 EUR 36.40
VONTOBEL FIN PRO 10.559 6/29/2012 EUR 72.30
VONTOBEL FIN PRO 10.860 7/6/2012 EUR 67.00
VONTOBEL FIN PRO 11.514 7/6/2012 EUR 51.80
VONTOBEL FIN PRO 10.860 7/13/2012 EUR 68.60
VONTOBEL FIN PRO 11.061 7/13/2012 EUR 60.10
VONTOBEL FIN PRO 11.061 7/20/2012 EUR 62.60
VONTOBEL FIN PRO 10.860 7/20/2012 EUR 39.90
VONTOBEL FIN PRO 11.665 7/20/2012 EUR 69.40
VONTOBEL FIN PRO 11.073 7/27/2012 EUR 73.20
VONTOBEL FIN PRO 10.559 7/27/2012 EUR 71.50
VONTOBEL FIN PRO 11.564 7/27/2012 EUR 62.70
VONTOBEL FIN PRO 11.850 8/3/2012 EUR 70.40
VONTOBEL FIN PRO 11.564 8/10/2012 EUR 68.50
VONTOBEL FIN PRO 12.200 8/24/2012 EUR 59.82
VONTOBEL FIN PRO 10.900 8/24/2012 EUR 68.58
VONTOBEL FIN PRO 8.550 8/24/2012 EUR 59.40
VONTOBEL FIN PRO 26.950 8/24/2012 EUR 70.46
VONTOBEL FIN PRO 8.700 8/24/2012 EUR 74.28
VONTOBEL FIN PRO 21.500 9/28/2012 EUR 56.64
VONTOBEL FIN PRO 21.550 9/28/2012 EUR 43.78
VONTOBEL FIN PRO 21.550 9/28/2012 EUR 63.18
VONTOBEL FIN PRO 23.300 9/28/2012 EUR 61.06
VONTOBEL FIN PRO 25.050 9/28/2012 EUR 72.56
VONTOBEL FIN PRO 25.700 9/28/2012 EUR 42.62
VONTOBEL FIN PRO 26.650 9/28/2012 EUR 75.30
VONTOBEL FIN PRO 27.550 9/28/2012 EUR 49.48
VONTOBEL FIN PRO 28.350 9/28/2012 EUR 75.68
VONTOBEL FIN PRO 28.700 9/28/2012 EUR 58.34
VONTOBEL FIN PRO 28.900 9/28/2012 EUR 49.86
VONTOBEL FIN PRO 7.350 9/28/2012 EUR 63.92
VONTOBEL FIN PRO 7.900 9/28/2012 EUR 72.42
VONTOBEL FIN PRO 7.950 9/28/2012 EUR 70.92
VONTOBEL FIN PRO 8.200 9/28/2012 EUR 45.14
VONTOBEL FIN PRO 8.250 9/28/2012 EUR 60.10
VONTOBEL FIN PRO 9.030 9/28/2012 EUR 75.04
VONTOBEL FIN PRO 9.300 9/28/2012 EUR 66.02
VONTOBEL FIN PRO 9.350 9/28/2012 EUR 68.68
VONTOBEL FIN PRO 9.400 9/28/2012 EUR 54.47
VONTOBEL FIN PRO 9.700 9/28/2012 EUR 69.28
VONTOBEL FIN PRO 9.900 9/28/2012 EUR 74.16
VONTOBEL FIN PRO 10.400 9/28/2012 EUR 75.82
VONTOBEL FIN PRO 10.600 9/28/2012 EUR 48.34
VONTOBEL FIN PRO 10.600 9/28/2012 EUR 60.32
VONTOBEL FIN PRO 10.650 9/28/2012 EUR 56.80
VONTOBEL FIN PRO 10.850 9/28/2012 EUR 53.78
VONTOBEL FIN PRO 10.900 9/28/2012 EUR 76.64
VONTOBEL FIN PRO 11.050 9/28/2012 EUR 72.44
VONTOBEL FIN PRO 11.100 9/28/2012 EUR 65.78
VONTOBEL FIN PRO 11.250 9/28/2012 EUR 65.76
VONTOBEL FIN PRO 11.550 9/28/2012 EUR 44.82
VONTOBEL FIN PRO 11.900 9/28/2012 EUR 73.02
VONTOBEL FIN PRO 11.900 9/28/2012 EUR 73.32
VONTOBEL FIN PRO 12.350 9/28/2012 EUR 51.32
VONTOBEL FIN PRO 12.450 9/28/2012 EUR 73.92
VONTOBEL FIN PRO 12.600 9/28/2012 EUR 73.08
VONTOBEL FIN PRO 12.800 9/28/2012 EUR 62.66
VONTOBEL FIN PRO 13.950 9/28/2012 EUR 50.12
VONTOBEL FIN PRO 14.150 9/28/2012 EUR 49.56
VONTOBEL FIN PRO 14.150 9/28/2012 EUR 75.16
VONTOBEL FIN PRO 14.200 9/28/2012 EUR 66.40
VONTOBEL FIN PRO 14.450 9/28/2012 EUR 70.40
VONTOBEL FIN PRO 14.500 9/28/2012 EUR 59.46
VONTOBEL FIN PRO 14.600 9/28/2012 EUR 55.86
VONTOBEL FIN PRO 14.900 9/28/2012 EUR 57.78
VONTOBEL FIN PRO 15.000 9/28/2012 EUR 70.00
VONTOBEL FIN PRO 15.150 9/28/2012 EUR 74.40
VONTOBEL FIN PRO 15.550 9/28/2012 EUR 77.30
VONTOBEL FIN PRO 15.650 9/28/2012 EUR 67.64
VONTOBEL FIN PRO 15.700 9/28/2012 EUR 58.60
VONTOBEL FIN PRO 16.000 9/28/2012 EUR 61.58
VONTOBEL FIN PRO 16.200 9/28/2012 EUR 61.22
VONTOBEL FIN PRO 16.350 9/28/2012 EUR 77.18
VONTOBEL FIN PRO 16.400 9/28/2012 EUR 66.48
VONTOBEL FIN PRO 16.850 9/28/2012 EUR 67.74
VONTOBEL FIN PRO 16.850 9/28/2012 EUR 64.10
VONTOBEL FIN PRO 16.900 9/28/2012 EUR 67.12
VONTOBEL FIN PRO 17.100 9/28/2012 EUR 47.86
VONTOBEL FIN PRO 17.150 9/28/2012 EUR 64.94
VONTOBEL FIN PRO 17.600 9/28/2012 EUR 71.44
VONTOBEL FIN PRO 18.100 9/28/2012 EUR 47.46
VONTOBEL FIN PRO 14.550 9/28/2012 EUR 46.70
VONTOBEL FIN PRO 18.800 9/28/2012 EUR 69.46
VONTOBEL FIN PRO 18.900 9/28/2012 EUR 70.98
VONTOBEL FIN PRO 19.000 9/28/2012 EUR 39.12
VONTOBEL FIN PRO 19.250 9/28/2012 EUR 45.66
VONTOBEL FIN PRO 19.600 9/28/2012 EUR 68.56
VONTOBEL FIN PRO 19.900 9/28/2012 EUR 71.96
VONTOBEL FIN PRO 20.000 9/28/2012 EUR 71.54
VONTOBEL FIN PRO 20.400 9/28/2012 EUR 65.60
VONTOBEL FIN PRO 20.750 9/28/2012 EUR 68.40
VONTOBEL FIN PRO 20.750 9/28/2012 EUR 75.84
VONTOBEL FIN PRO 20.950 9/28/2012 EUR 56.46
VONTOBEL FIN PRO 21.200 9/28/2012 EUR 68.92
VONTOBEL FIN PRO 21.350 9/28/2012 EUR 51.90
VONTOBEL FIN PRO 18.200 9/28/2012 EUR 75.26
VONTOBEL FIN PRO 6.300 9/28/2012 EUR 65.46
VONTOBEL FIN PRO 5.006 12/28/2012 EUR 52.50
VONTOBEL FIN PRO 6.150 12/31/2012 EUR 66.64
VONTOBEL FIN PRO 7.100 12/31/2012 EUR 67.82
VONTOBEL FIN PRO 7.400 12/31/2012 EUR 45.66
VONTOBEL FIN PRO 7.700 12/31/2012 EUR 74.02
VONTOBEL FIN PRO 7.850 12/31/2012 EUR 61.80
VONTOBEL FIN PRO 8.050 12/31/2012 EUR 76.04
VONTOBEL FIN PRO 8.650 12/31/2012 EUR 72.76
VONTOBEL FIN PRO 8.800 12/31/2012 EUR 64.58
VONTOBEL FIN PRO 8.950 12/31/2012 EUR 66.64
VONTOBEL FIN PRO 9.250 12/31/2012 EUR 49.78
VONTOBEL FIN PRO 9.350 12/31/2012 EUR 74.04
VONTOBEL FIN PRO 9.400 12/31/2012 EUR 75.76
VONTOBEL FIN PRO 9.400 12/31/2012 EUR 69.38
VONTOBEL FIN PRO 9.650 12/31/2012 EUR 56.70
VONTOBEL FIN PRO 9.800 12/31/2012 EUR 67.72
VONTOBEL FIN PRO 9.850 12/31/2012 EUR 67.74
VONTOBEL FIN PRO 9.900 12/31/2012 EUR 74.34
VONTOBEL FIN PRO 10.050 12/31/2012 EUR 50.36
VONTOBEL FIN PRO 10.200 12/31/2012 EUR 73.52
VONTOBEL FIN PRO 10.350 12/31/2012 EUR 68.72
VONTOBEL FIN PRO 10.500 12/31/2012 EUR 45.20
VONTOBEL FIN PRO 11.000 12/31/2012 EUR 57.36
VONTOBEL FIN PRO 11.400 12/31/2012 EUR 75.78
VONTOBEL FIN PRO 11.400 12/31/2012 EUR 62.92
VONTOBEL FIN PRO 11.450 12/31/2012 EUR 46.66
VONTOBEL FIN PRO 11.700 12/31/2012 EUR 67.96
VONTOBEL FIN PRO 11.750 12/31/2012 EUR 66.46
VONTOBEL FIN PRO 11.800 12/31/2012 EUR 74.92
VONTOBEL FIN PRO 11.850 12/31/2012 EUR 55.52
VONTOBEL FIN PRO 11.900 12/31/2012 EUR 75.30
VONTOBEL FIN PRO 11.950 12/31/2012 EUR 64.50
VONTOBEL FIN PRO 12.000 12/31/2012 EUR 64.72
VONTOBEL FIN PRO 12.250 12/31/2012 EUR 61.10
VONTOBEL FIN PRO 12.550 12/31/2012 EUR 59.28
VONTOBEL FIN PRO 12.550 12/31/2012 EUR 71.12
VONTOBEL FIN PRO 12.650 12/31/2012 EUR 48.34
VONTOBEL FIN PRO 12.650 12/31/2012 EUR 52.18
VONTOBEL FIN PRO 12.800 12/31/2012 EUR 68.78
VONTOBEL FIN PRO 12.900 12/31/2012 EUR 68.58
VONTOBEL FIN PRO 13.050 12/31/2012 EUR 61.18
VONTOBEL FIN PRO 13.050 12/31/2012 EUR 76.66
VONTOBEL FIN PRO 13.150 12/31/2012 EUR 58.42
VONTOBEL FIN PRO 13.250 12/31/2012 EUR 69.38
VONTOBEL FIN PRO 13.500 12/31/2012 EUR 52.08
VONTOBEL FIN PRO 13.550 12/31/2012 EUR 64.56
VONTOBEL FIN PRO 13.600 12/31/2012 EUR 70.28
VONTOBEL FIN PRO 14.000 12/31/2012 EUR 64.12
VONTOBEL FIN PRO 14.100 12/31/2012 EUR 66.88
VONTOBEL FIN PRO 14.300 12/31/2012 EUR 43.00
VONTOBEL FIN PRO 14.450 12/31/2012 EUR 69.18
VONTOBEL FIN PRO 14.550 12/31/2012 EUR 70.02
VONTOBEL FIN PRO 14.750 12/31/2012 EUR 65.14
VONTOBEL FIN PRO 14.950 12/31/2012 EUR 74.30
VONTOBEL FIN PRO 15.250 12/31/2012 EUR 50.18
VONTOBEL FIN PRO 15.250 12/31/2012 EUR 76.80
VONTOBEL FIN PRO 15.650 12/31/2012 EUR 71.30
VONTOBEL FIN PRO 16.150 12/31/2012 EUR 68.44
VONTOBEL FIN PRO 16.350 12/31/2012 EUR 61.54
VONTOBEL FIN PRO 16.700 12/31/2012 EUR 72.56
VONTOBEL FIN PRO 16.850 12/31/2012 EUR 60.78
VONTOBEL FIN PRO 16.950 12/31/2012 EUR 49.82
VONTOBEL FIN PRO 17.050 12/31/2012 EUR 48.60
VONTOBEL FIN PRO 17.250 12/31/2012 EUR 75.26
VONTOBEL FIN PRO 18.450 12/31/2012 EUR 66.98
VONTOBEL FIN PRO 18.850 12/31/2012 EUR 57.34
VONTOBEL FIN PRO 18.900 12/31/2012 EUR 47.26
VONTOBEL FIN PRO 19.850 12/31/2012 EUR 65.16
VONTOBEL FIN PRO 21.200 12/31/2012 EUR 50.64
VONTOBEL FIN PRO 24.700 12/31/2012 EUR 51.92
VONTOBEL FIN PRO 24.900 12/31/2012 EUR 60.40
VONTOBEL FIN PRO 27.600 12/31/2012 EUR 50.34
VONTOBEL FIN PRO 28.250 12/31/2012 EUR 47.98
VONTOBEL FIN PRO 17.100 12/31/2012 EUR 56.36
VONTOBEL FIN PRO 13.650 3/1/2013 EUR 73.50
VONTOBEL FIN PRO 10.100 3/8/2013 EUR 64.30
VONTOBEL FIN PRO 13.150 3/22/2013 EUR 70.06
VONTOBEL FIN PRO 13.700 3/22/2013 EUR 72.92
VONTOBEL FIN PRO 14.000 3/22/2013 EUR 54.64
VONTOBEL FIN PRO 11.850 3/22/2013 EUR 48.10
VONTOBEL FIN PRO 11.150 3/22/2013 EUR 60.84
VONTOBEL FIN PRO 10.950 3/22/2013 EUR 75.72
VONTOBEL FIN PRO 14.050 3/22/2013 EUR 71.74
VONTOBEL FIN PRO 14.500 3/22/2013 EUR 45.90
VONTOBEL FIN PRO 14.550 3/22/2013 EUR 72.06
VONTOBEL FIN PRO 16.300 3/22/2013 EUR 73.34
VONTOBEL FIN PRO 16.850 3/22/2013 EUR 68.32
VONTOBEL FIN PRO 15.250 3/22/2013 EUR 70.98
VONTOBEL FIN PRO 18.350 3/22/2013 EUR 76.44
VONTOBEL FIN PRO 18.500 3/22/2013 EUR 68.08
VONTOBEL FIN PRO 16.850 3/22/2013 EUR 69.34
VONTOBEL FIN PRO 10.350 3/22/2013 EUR 75.10
VONTOBEL FIN PRO 10.700 3/22/2013 EUR 74.48
VONTOBEL FIN PRO 12.400 3/22/2013 EUR 73.56
VONTOBEL FIN PRO 20.900 3/22/2013 EUR 71.32
VONTOBEL FIN PRO 12.000 3/22/2013 EUR 73.78
VONTOBEL FIN PRO 6.750 3/22/2013 EUR 68.46
VONTOBEL FIN PRO 8.550 3/22/2013 EUR 50.76
VONTOBEL FIN PRO 8.600 3/22/2013 EUR 68.32
VONTOBEL FIN PRO 8.850 3/22/2013 EUR 64.16
VONTOBEL FIN PRO 9.350 3/22/2013 EUR 73.54
VONTOBEL FIN PRO 10.300 3/22/2013 EUR 58.18
VONTOBEL FIN PRO 12.200 3/22/2013 EUR 74.94
VONTOBEL FIN PRO 10.750 3/22/2013 EUR 71.36
VONTOBEL FIN PRO 6.000 6/28/2013 EUR 48.68
VONTOBEL FIN PRO 8.000 6/28/2013 EUR 72.32
VONTOBEL FIN PRO 4.000 6/28/2013 EUR 44.72
VONTOBEL FIN PRO 7.389 11/25/2013 EUR 33.40
VONTOBEL FIN PRO 5.474 3/17/2014 EUR 71.50
VONTOBEL FIN PRO 5.100 4/14/2014 EUR 37.90
WESTLB AG 6.750 7/30/2012 EUR 47.60
WESTLB AG 6.500 8/27/2012 EUR 76.26
WESTLB AG 0.065 9/27/2012 EUR 69.26
WESTLB AG 0.075 9/27/2012 EUR 70.89
WESTLB AG 0.100 9/27/2012 EUR 42.69
WESTLB AG 0.075 9/27/2012 EUR 71.91
WESTLB AG 12.000 9/27/2012 EUR 63.91
WESTLB AG 0.075 9/27/2012 EUR 67.79
WESTLB AG 0.075 9/27/2012 EUR 65.49
WESTLB AG 0.075 9/27/2012 EUR 47.60
WESTLB AG 0.100 9/27/2012 EUR 54.01
WESTLB AG 0.100 9/27/2012 EUR 62.91
WESTLB AG 10.000 2/21/2013 EUR 72.68
WESTLB AG 9.500 2/21/2013 EUR 70.82
WGZ BANK 6.250 7/6/2012 EUR 66.17
WGZ BANK 6.000 12/20/2012 EUR 72.68
WGZ BANK 7.000 12/20/2012 EUR 68.33
WGZ BANK 8.000 12/20/2012 EUR 66.60
WGZ BANK 7.000 12/21/2012 EUR 72.30
WGZ BANK 8.000 12/21/2012 EUR 70.29
WGZ BANK 6.000 12/28/2012 EUR 52.26
WGZ BANK 8.000 12/28/2012 EUR 46.70
WGZ BANK 7.000 12/28/2012 EUR 49.23
WGZ BANK 5.000 12/28/2012 EUR 55.88
WGZ BANK 4.000 12/28/2012 EUR 60.13
WGZ BANK 7.000 2/26/2013 EUR 69.30
GREECE
------
EFG EUROBANK 6.010 1/9/2036 EUR 34.00
HELLENIC REPUB 4.625 6/25/2013 USD 25.13
HELLENIC REPUB 4.625 6/25/2013 EUR 24.88
HELLENIC REPUB 2.125 7/5/2013 CHF 26.88
HELLENIC REPUB 5.800 7/14/2015 JPY 24.75
HELLENIC REPUB 5.800 7/14/2015 JPY 24.88
HELLENIC REPUB 5.250 2/1/2016 JPY 24.88
HELLENIC REPUB 5.250 2/1/2016 JPY 22.25
HELLENIC REPUB 5.000 8/22/2016 JPY 24.88
HELLENIC REPUB 5.000 8/22/2016 JPY 24.88
HELLENIC REPUB 4.500 11/8/2016 JPY 28.50
HELLENIC REPUB 4.500 7/3/2017 JPY 25.13
HELLENIC REPUB 3.800 8/8/2017 JPY 27.38
HELLENIC REPUB 5.000 3/11/2019 EUR 24.88
HELLENIC REPUB 5.000 3/11/2019 EUR 25.00
HELLENIC REPUB 6.140 4/14/2028 EUR 24.88
HELLENIC REPUB 5.200 7/17/2034 EUR 24.88
NATL BK GREECE 3.875 10/7/2016 EUR 65.45
YIOULA GLASSWORK 9.000 12/1/2015 EUR 43.83
YIOULA GLASSWORK 9.000 12/1/2015 EUR 44.00
GUERNSEY
--------
AMDOCS LIMITED 0.500 3/15/2024 USD 75.00
BCV GUERNSEY 10.530 6/29/2012 CHF 65.15
BCV GUERNSEY 9.030 7/13/2012 EUR 67.32
BCV GUERNSEY 8.020 3/1/2013 EUR 53.11
BKB FINANCE 7.400 6/28/2012 CHF 52.90
BKB FINANCE 6.520 7/6/2012 EUR 69.39
BKB FINANCE 6.250 7/12/2012 CHF 69.72
BKB FINANCE 6.300 7/12/2012 CHF 62.38
BKB FINANCE 9.050 8/9/2012 CHF 53.80
BKB FINANCE 8.900 9/27/2012 CHF 59.24
BKB FINANCE 8.350 1/14/2013 CHF 46.00
EFG FINANCIAL PR 8.200 6/28/2012 GBP 67.68
EFG FINANCIAL PR 8.100 6/28/2012 USD 67.65
EFG FINANCIAL PR 8.200 6/28/2012 EUR 67.86
EFG FINANCIAL PR 12.000 6/28/2012 USD 63.94
EFG FINANCIAL PR 13.200 6/28/2012 EUR 57.91
EFG FINANCIAL PR 11.300 6/28/2012 EUR 58.53
EFG FINANCIAL PR 15.130 6/29/2012 EUR 72.21
EFG FINANCIAL PR 11.500 7/4/2012 EUR 68.04
EFG FINANCIAL PR 13.250 7/4/2012 EUR 67.10
EFG FINANCIAL PR 12.100 7/4/2012 CHF 66.90
EFG FINANCIAL PR 12.500 7/4/2012 USD 66.99
EFG FINANCIAL PR 8.250 7/4/2012 EUR 66.40
EFG FINANCIAL PR 6.600 7/4/2012 CHF 66.38
EFG FINANCIAL PR 10.500 7/5/2012 CHF 42.25
EFG FINANCIAL PR 8.250 7/5/2012 CHF 67.94
EFG FINANCIAL PR 19.570 7/5/2012 EUR 72.52
EFG FINANCIAL PR 9.300 7/6/2012 CHF 53.99
EFG FINANCIAL PR 12.750 7/12/2012 EUR 72.84
EFG FINANCIAL PR 6.000 7/13/2012 EUR 69.73
EFG FINANCIAL PR 10.830 7/20/2012 CHF 67.52
EFG FINANCIAL PR 9.770 7/23/2012 EUR 58.47
EFG FINANCIAL PR 11.000 7/25/2012 CHF 12.57
EFG FINANCIAL PR 12.000 7/25/2012 GBP 58.81
EFG FINANCIAL PR 8.500 7/25/2012 CHF 71.58
EFG FINANCIAL PR 10.000 7/25/2012 CHF 56.32
EFG FINANCIAL PR 11.000 7/25/2012 EUR 66.73
EFG FINANCIAL PR 11.750 7/25/2012 EUR 66.65
EFG FINANCIAL PR 11.000 7/25/2012 CHF 58.52
EFG FINANCIAL PR 11.300 7/25/2012 CHF 57.84
EFG FINANCIAL PR 10.250 7/25/2012 CHF 41.95
EFG FINANCIAL PR 15.000 7/31/2012 CHF 64.42
EFG FINANCIAL PR 15.500 7/31/2012 GBP 64.76
EFG FINANCIAL PR 16.000 7/31/2012 EUR 72.17
EFG FINANCIAL PR 11.750 7/31/2012 CHF 45.18
EFG FINANCIAL PR 11.750 7/31/2012 CHF 44.94
EFG FINANCIAL PR 11.500 7/31/2012 EUR 59.88
EFG FINANCIAL PR 10.000 7/31/2012 CHF 73.26
EFG FINANCIAL PR 10.000 7/31/2012 CHF 44.53
EFG FINANCIAL PR 9.500 7/31/2012 CHF 72.94
EFG FINANCIAL PR 9.000 8/3/2012 CHF 55.24
EFG FINANCIAL PR 9.000 8/3/2012 CHF 55.04
EFG FINANCIAL PR 9.000 8/3/2012 CHF 68.27
EFG FINANCIAL PR 12.000 8/7/2012 CHF 65.34
EFG FINANCIAL PR 11.000 8/7/2012 CHF 26.00
EFG FINANCIAL PR 7.250 8/7/2012 CHF 71.50
EFG FINANCIAL PR 10.000 8/7/2012 CHF 44.82
EFG FINANCIAL PR 19.000 8/8/2012 USD 43.38
EFG FINANCIAL PR 13.000 8/9/2012 EUR 63.29
EFG FINANCIAL PR 12.600 8/9/2012 USD 63.51
EFG FINANCIAL PR 12.800 8/9/2012 CHF 63.24
EFG FINANCIAL PR 9.200 8/10/2012 CHF 66.63
EFG FINANCIAL PR 12.800 8/10/2012 CHF 55.15
EFG FINANCIAL PR 12.000 8/10/2012 EUR 72.33
EFG FINANCIAL PR 10.000 8/10/2012 CHF 64.56
EFG FINANCIAL PR 11.700 8/10/2012 USD 28.29
EFG FINANCIAL PR 3.850 8/13/2012 EUR 43.76
EFG FINANCIAL PR 8.500 8/14/2012 CHF 67.04
EFG FINANCIAL PR 10.000 8/14/2012 CHF 73.33
EFG FINANCIAL PR 11.000 8/14/2012 CHF 56.24
EFG FINANCIAL PR 12.500 8/14/2012 CHF 62.71
EFG FINANCIAL PR 12.750 8/14/2012 CHF 45.22
EFG FINANCIAL PR 13.000 8/14/2012 EUR 63.00
EFG FINANCIAL PR 13.250 8/14/2012 GBP 63.31
EFG FINANCIAL PR 14.000 8/14/2012 EUR 67.85
EFG FINANCIAL PR 15.000 8/14/2012 EUR 74.46
EFG FINANCIAL PR 13.750 8/14/2012 EUR 72.03
EFG FINANCIAL PR 19.600 8/16/2012 EUR 61.64
EFG FINANCIAL PR 12.000 8/16/2012 EUR 22.56
EFG FINANCIAL PR 11.600 8/17/2012 EUR 63.81
EFG FINANCIAL PR 11.800 8/17/2012 CHF 46.75
EFG FINANCIAL PR 11.500 8/24/2012 CHF 43.77
EFG FINANCIAL PR 11.750 8/24/2012 CHF 54.07
EFG FINANCIAL PR 9.000 8/24/2012 CHF 71.94
EFG FINANCIAL PR 10.250 8/24/2012 CHF 70.65
EFG FINANCIAL PR 13.000 8/24/2012 EUR 62.43
EFG FINANCIAL PR 12.500 8/24/2012 CHF 62.47
EFG FINANCIAL PR 14.000 8/24/2012 CHF 27.17
EFG FINANCIAL PR 12.250 8/24/2012 EUR 64.93
EFG FINANCIAL PR 22.000 8/24/2012 USD 19.28
EFG FINANCIAL PR 14.750 8/24/2012 EUR 74.04
EFG FINANCIAL PR 10.000 8/30/2012 EUR 55.37
EFG FINANCIAL PR 12.250 8/30/2012 USD 71.48
EFG FINANCIAL PR 10.260 8/31/2012 EUR 67.57
EFG FINANCIAL PR 12.250 9/3/2012 CHF 62.94
EFG FINANCIAL PR 12.000 9/3/2012 EUR 66.30
EFG FINANCIAL PR 10.500 9/3/2012 CHF 44.65
EFG FINANCIAL PR 12.200 9/3/2012 CHF 72.08
EFG FINANCIAL PR 9.500 9/4/2012 USD 36.85
EFG FINANCIAL PR 9.600 9/4/2012 USD 51.54
EFG FINANCIAL PR 7.000 9/7/2012 EUR 54.02
EFG FINANCIAL PR 7.250 9/7/2012 EUR 64.14
EFG FINANCIAL PR 7.000 9/7/2012 CHF 40.28
EFG FINANCIAL PR 8.500 9/7/2012 USD 27.15
EFG FINANCIAL PR 10.000 9/10/2012 EUR 66.24
EFG FINANCIAL PR 11.000 9/10/2012 EUR 63.00
EFG FINANCIAL PR 9.800 9/10/2012 AUD 67.49
EFG FINANCIAL PR 7.500 9/10/2012 CHF 71.76
EFG FINANCIAL PR 9.000 9/10/2012 CHF 45.02
EFG FINANCIAL PR 11.000 9/17/2012 USD 62.37
EFG FINANCIAL PR 10.000 9/21/2012 USD 52.17
EFG FINANCIAL PR 10.250 9/25/2012 CHF 63.96
EFG FINANCIAL PR 10.750 9/25/2012 CHF 51.17
EFG FINANCIAL PR 11.250 9/25/2012 EUR 64.40
EFG FINANCIAL PR 11.250 9/25/2012 CHF 48.65
EFG FINANCIAL PR 11.750 9/25/2012 EUR 74.95
EFG FINANCIAL PR 12.000 9/25/2012 EUR 70.70
EFG FINANCIAL PR 11.000 9/25/2012 USD 64.20
EFG FINANCIAL PR 8.500 10/1/2012 CHF 74.95
EFG FINANCIAL PR 10.000 10/1/2012 CHF 49.19
EFG FINANCIAL PR 10.000 10/2/2012 EUR 75.32
EFG FINANCIAL PR 10.620 10/3/2012 USD 25.41
EFG FINANCIAL PR 9.930 10/3/2012 EUR 25.28
EFG FINANCIAL PR 13.000 10/11/2012 EUR 74.04
EFG FINANCIAL PR 18.000 10/11/2012 EUR 56.53
EFG FINANCIAL PR 20.000 10/11/2012 CHF 18.20
EFG FINANCIAL PR 11.500 10/11/2012 CHF 59.39
EFG FINANCIAL PR 9.750 10/11/2012 CHF 71.57
EFG FINANCIAL PR 12.000 10/11/2012 USD 59.45
EFG FINANCIAL PR 12.250 10/11/2012 EUR 71.98
EFG FINANCIAL PR 12.500 10/11/2012 CHF 49.35
EFG FINANCIAL PR 12.500 10/11/2012 GBP 59.69
EFG FINANCIAL PR 12.250 10/11/2012 EUR 59.71
EFG FINANCIAL PR 17.250 10/12/2012 CHF 67.59
EFG FINANCIAL PR 12.000 10/19/2012 USD 52.59
EFG FINANCIAL PR 13.750 10/24/2012 USD 58.89
EFG FINANCIAL PR 6.250 10/25/2012 CHF 63.61
EFG FINANCIAL PR 10.500 10/26/2012 CHF 71.96
EFG FINANCIAL PR 20.000 10/26/2012 CHF 19.46
EFG FINANCIAL PR 17.000 10/26/2012 EUR 38.76
EFG FINANCIAL PR 16.750 10/26/2012 CHF 22.70
EFG FINANCIAL PR 15.000 10/26/2012 CHF 74.74
EFG FINANCIAL PR 13.250 10/26/2012 CHF 50.43
EFG FINANCIAL PR 13.250 10/26/2012 EUR 59.60
EFG FINANCIAL PR 11.250 10/26/2012 CHF 49.61
EFG FINANCIAL PR 11.500 10/26/2012 CHF 75.02
EFG FINANCIAL PR 12.000 10/26/2012 CHF 55.97
EFG FINANCIAL PR 21.000 10/26/2012 USD 19.81
EFG FINANCIAL PR 20.500 10/26/2012 EUR 19.78
EFG FINANCIAL PR 9.330 10/29/2012 USD 52.75
EFG FINANCIAL PR 13.080 11/5/2012 CHF 70.05
EFG FINANCIAL PR 11.050 11/8/2012 USD 59.95
EFG FINANCIAL PR 6.000 11/12/2012 CHF 46.25
EFG FINANCIAL PR 6.000 11/12/2012 EUR 47.67
EFG FINANCIAL PR 17.000 11/13/2012 EUR 47.71
EFG FINANCIAL PR 14.750 11/13/2012 CHF 70.18
EFG FINANCIAL PR 14.500 11/13/2012 EUR 63.20
EFG FINANCIAL PR 14.000 11/13/2012 USD 18.31
EFG FINANCIAL PR 13.250 11/13/2012 CHF 74.58
EFG FINANCIAL PR 13.000 11/13/2012 CHF 61.23
EFG FINANCIAL PR 13.000 11/13/2012 CHF 17.95
EFG FINANCIAL PR 12.750 11/13/2012 CHF 18.27
EFG FINANCIAL PR 12.500 11/13/2012 EUR 68.75
EFG FINANCIAL PR 12.250 11/13/2012 CHF 72.68
EFG FINANCIAL PR 12.000 11/13/2012 CHF 70.14
EFG FINANCIAL PR 11.500 11/13/2012 USD 76.24
EFG FINANCIAL PR 10.750 11/13/2012 CHF 75.47
EFG FINANCIAL PR 10.500 11/13/2012 CHF 50.78
EFG FINANCIAL PR 10.500 11/13/2012 CHF 50.77
EFG FINANCIAL PR 12.750 11/13/2012 CHF 58.68
EFG FINANCIAL PR 12.830 11/19/2012 CHF 58.87
EFG FINANCIAL PR 11.600 11/19/2012 CHF 69.97
EFG FINANCIAL PR 11.500 11/20/2012 EUR 54.21
EFG FINANCIAL PR 14.800 11/20/2012 EUR 50.42
EFG FINANCIAL PR 8.000 11/20/2012 CHF 49.50
EFG FINANCIAL PR 9.500 11/20/2012 EUR 73.44
EFG FINANCIAL PR 8.300 11/20/2012 CHF 69.32
EFG FINANCIAL PR 7.000 11/20/2012 CHF 68.93
EFG FINANCIAL PR 8.400 11/20/2012 CHF 69.86
EFG FINANCIAL PR 9.300 11/20/2012 CHF 71.77
EFG FINANCIAL PR 9.400 11/20/2012 EUR 70.33
EFG FINANCIAL PR 14.500 11/27/2012 CHF 31.81
EFG FINANCIAL PR 14.500 11/27/2012 EUR 64.26
EFG FINANCIAL PR 14.500 11/27/2012 CHF 71.28
EFG FINANCIAL PR 16.000 11/27/2012 EUR 39.18
EFG FINANCIAL PR 10.000 11/27/2012 CHF 73.48
EFG FINANCIAL PR 10.500 11/27/2012 CHF 70.88
EFG FINANCIAL PR 9.250 11/27/2012 CHF 72.17
EFG FINANCIAL PR 13.250 11/27/2012 CHF 63.73
EFG FINANCIAL PR 11.250 11/27/2012 CHF 52.23
EFG FINANCIAL PR 12.250 11/27/2012 EUR 70.89
EFG FINANCIAL PR 9.750 12/3/2012 CHF 60.85
EFG FINANCIAL PR 13.000 12/14/2012 EUR 75.16
EFG FINANCIAL PR 14.250 12/14/2012 GBP 64.80
EFG FINANCIAL PR 14.250 12/14/2012 EUR 63.64
EFG FINANCIAL PR 17.500 12/14/2012 EUR 41.50
EFG FINANCIAL PR 12.750 12/14/2012 CHF 64.40
EFG FINANCIAL PR 8.000 12/14/2012 CHF 73.49
EFG FINANCIAL PR 8.500 12/14/2012 CHF 67.62
EFG FINANCIAL PR 10.250 12/14/2012 CHF 73.54
EFG FINANCIAL PR 10.250 12/14/2012 CHF 71.59
EFG FINANCIAL PR 11.000 12/14/2012 CHF 71.45
EFG FINANCIAL PR 7.000 12/19/2012 USD 76.50
EFG FINANCIAL PR 12.600 12/21/2012 CHF 55.79
EFG FINANCIAL PR 10.900 12/21/2012 CHF 55.04
EFG FINANCIAL PR 10.300 12/21/2012 CHF 74.88
EFG FINANCIAL PR 9.400 12/21/2012 CHF 73.67
EFG FINANCIAL PR 9.300 12/21/2012 CHF 54.27
EFG FINANCIAL PR 10.800 12/21/2012 CHF 75.18
EFG FINANCIAL PR 11.000 12/27/2012 CHF 72.41
EFG FINANCIAL PR 8.830 12/28/2012 USD 51.95
EFG FINANCIAL PR 12.500 1/15/2013 CHF 51.18
EFG FINANCIAL PR 9.000 1/15/2013 CHF 47.92
EFG FINANCIAL PR 10.250 1/15/2013 CHF 21.64
EFG FINANCIAL PR 11.250 1/15/2013 GBP 68.31
EFG FINANCIAL PR 13.000 1/15/2013 CHF 70.45
EFG FINANCIAL PR 16.500 1/18/2013 CHF 74.07
EFG FINANCIAL PR 5.800 1/23/2013 CHF 62.58
EFG FINANCIAL PR 11.400 1/25/2013 EUR 75.04
EFG FINANCIAL PR 9.500 2/15/2013 EUR 76.72
EFG FINANCIAL PR 13.100 2/18/2013 CHF 73.26
EFG FINANCIAL PR 10.750 2/19/2013 CHF 72.31
EFG FINANCIAL PR 20.000 3/5/2013 USD 72.93
EFG FINANCIAL PR 10.000 3/6/2013 USD 65.33
EFG FINANCIAL PR 6.750 3/11/2013 EUR 70.00
EFG FINANCIAL PR 7.500 3/18/2013 CHF 72.21
EFG FINANCIAL PR 10.750 3/19/2013 USD 66.83
EFG FINANCIAL PR 16.000 3/28/2013 CHF 74.00
EFG FINANCIAL PR 15.370 4/2/2013 USD 72.10
EFG FINANCIAL PR 10.500 4/4/2013 CHF 74.11
EFG FINANCIAL PR 16.000 4/4/2013 CHF 53.08
EFG FINANCIAL PR 7.000 4/19/2013 EUR 61.75
EFG FINANCIAL PR 12.000 4/26/2013 CHF 66.49
EFG FINANCIAL PR 6.500 8/27/2013 CHF 43.63
EFG FINANCIAL PR 8.400 9/30/2013 CHF 52.97
EFG FINANCIAL PR 19.000 10/3/2013 GBP 65.53
EFG FINANCIAL PR 8.160 4/25/2014 EUR 65.42
EFG FINANCIAL PR 5.850 10/14/2014 CHF 48.87
MARE BALTIC PCC 3.000 11/17/2014 DKK 1.00
MARE BALTIC PCC 3.000 11/17/2014 DKK 20.50
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 67.56
ZURCHER KANT FIN 9.050 6/29/2012 CHF 65.44
ZURCHER KANT FIN 8.548 7/6/2012 EUR 71.49
ZURCHER KANT FIN 9.754 7/13/2012 EUR 71.87
ZURCHER KANT FIN 12.067 7/13/2012 CHF 66.17
ZURCHER KANT FIN 11.000 7/13/2012 CHF 66.49
ZURCHER KANT FIN 8.000 7/13/2012 CHF 60.92
ZURCHER KANT FIN 14.078 7/13/2012 EUR 74.04
ZURCHER KANT FIN 10.250 7/19/2012 CHF 67.21
ZURCHER KANT FIN 9.250 11/9/2012 CHF 50.97
ZURCHER KANT FIN 7.340 4/16/2013 CHF 58.50
HUNGARY
-------
FHB MORTGAGE BAN 4.500 3/22/2022 EUR 62.13
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 63.43
AIB MORTGAGE BNK 5.000 2/12/2030 EUR 57.31
AIB MORTGAGE BNK 5.000 3/1/2030 EUR 57.28
BANESTO FINANC 5.000 3/23/2030 EUR 70.69
BANK OF IRELAND 4.473 11/30/2016 EUR 74.25
BANK OF IRELAND 5.600 9/18/2023 EUR 55.88
BK IRELAND MTGE 5.760 9/7/2029 EUR 72.32
BK IRELAND MTGE 5.360 10/12/2029 EUR 68.77
BK IRELAND MTGE 5.400 11/6/2029 EUR 69.06
BK IRELAND MTGE 5.450 3/1/2030 EUR 68.62
DEPFA ACS BANK 0.500 3/3/2025 CAD 40.49
DEPFA ACS BANK 3.250 7/31/2031 CHF 67.25
DEPFA ACS BANK 4.900 8/24/2035 CAD 72.79
DEPFA ACS BANK 5.125 3/16/2037 USD 68.53
DEPFA ACS BANK 5.125 3/16/2037 USD 68.53
KALVEBOD PLC 2.000 5/1/2106 DKK 35.00
ITALY
-----
BANCA POP MILANO 4.500 4/18/2018 EUR 75.00
BANCA POP VICENT 4.970 4/20/2027 EUR 69.26
BANCO POPOLARE 9.000 3/29/2049 EUR 51.38
BP CIVIDALE 3.180 5/19/2020 EUR 73.49
BTPS I/L 2.350 9/15/2035 EUR 65.26
BTPS I/L 2.550 9/15/2041 EUR 64.87
CIR SPA 5.750 12/16/2024 EUR 74.00
CIRIO SPA 8.000 12/21/2005 EUR 0.50
CITY OF ROME 5.345 1/27/2048 EUR 73.43
CITY OF VENICE 4.265 3/26/2026 EUR 73.21
CITY OF VENICE 4.265 3/26/2026 EUR 72.77
CO BRAONE 4.567 6/30/2037 EUR 73.65
CO CASTELMASSA 3.960 3/31/2026 EUR 70.22
COMUNE DI MILANO 4.019 6/29/2035 EUR 65.16
DEXIA CREDIOP 4.250 10/22/2018 EUR 72.95
ENEL (ENTNZENEL) 5.584 11/7/2033 GBP 73.78
ENEL (ENTNZENEL) 5.750 6/22/2037 GBP 72.99
ICCREA BANCAIMPR 5.220 4/11/2017 EUR 47.38
INTESA SANPAOLO 3.750 3/2/2020 EUR 74.01
INTESA SANPAOLO 2.882 4/20/2020 EUR 74.26
MONTE DEI PASCHI 5.750 9/30/2016 GBP 73.91
REGION OF LIGURI 4.795 11/22/2034 EUR 73.48
REGION OF LOMBAR 5.804 10/25/2032 USD 72.27
REP OF ITALY 5.250 12/7/2034 GBP 72.94
REP OF ITALY 2.870 5/19/2036 JPY 49.32
REP OF ITALY 1.850 9/15/2057 EUR 42.40
REP OF ITALY 2.200 9/15/2058 EUR 48.24
REP OF ITALY 4.850 6/11/2060 EUR 69.88
REP OF ITALY 2.000 9/15/2062 EUR 43.65
ROMULUS FINANCE 5.441 2/20/2023 GBP 66.49
SANPAOLO IMI 5.625 3/18/2024 GBP 71.89
SEAT PAGINE 10.500 1/31/2017 EUR 63.00
TELECOM ITALIA 5.250 3/17/2055 EUR 66.02
UNIONE DI BANCHE 6.250 11/18/2018 EUR 32.96
UNIPOL ASSICURAZ 5.660 7/28/2023 EUR 58.73
LUXEMBOURG
----------
ARCELORMITTAL 7.250 4/1/2014 EUR 22.21
CERRUTI FINANCE 6.500 7/26/2004 EUR 1.50
CIRIO FINANCE 7.500 11/3/2002 EUR 1.00
CIRIO HOLDING 6.250 2/16/2004 EUR 0.13
CODERE FIN LUX 8.250 6/15/2015 EUR 73.30
CODERE FIN LUX 8.250 6/15/2015 EUR 73.70
CODERE FIN LUX 8.250 6/15/2015 EUR 74.12
CODERE FIN LUX 8.250 6/15/2015 EUR 73.38
CODERE FIN LUX 9.250 2/15/2019 USD 70.00
CODERE FIN LUX 9.250 2/15/2019 USD 69.00
DEL MONTE FIN SA 6.625 5/24/2006 EUR 12.25
DEXIA BQ INT LUX 6.000 7/2/2018 EUR 74.10
ESFG INTERNATION 6.875 10/21/2019 EUR 64.25
ESPIRITO SANTO F 9.750 12/19/2025 EUR 63.98
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 1.63
IT HOLDING FIN 9.875 11/15/2012 EUR 0.38
IT HOLDING FIN 9.875 11/15/2012 EUR 0.38
LA VEGGIA FIN 7.125 11/14/2004 EUR 0.63
LIGHTHOUSE INTL 8.000 4/30/2014 EUR 11.13
LIGHTHOUSE INTL 8.000 4/30/2014 EUR 11.13
ORCO PROPERTY GR 1.000 4/30/2020 EUR 46.01
TEKSID ALUMI LUX 11.375 7/15/2011 EUR 0.38
VIVALDIS 0.500 6/13/2013 EUR 60.23
VIVALDIS 0.500 6/13/2028 EUR 60.23
VIVALDIS 0.500 8/8/2028 EUR 64.66
NETHERLANDS
-----------
APP INTL FINANCE 11.750 10/1/2005 USD 0.01
ASTANA FINANCE 7.875 6/8/2010 EUR 10.00
ASTANA FINANCE 9.000 11/16/2011 USD 5.88
ASTANA FINANCE 14.500 7/2/2013 USD 3.13
ATRADIUS FIN BV 5.875 9/3/2024 EUR 66.22
BK NED GEMEENTEN 0.500 5/10/2017 TRY 73.89
BK NED GEMEENTEN 0.500 5/22/2017 ZAR 74.06
BK NED GEMEENTEN 0.500 6/12/2017 TRY 73.89
BK NED GEMEENTEN 0.500 7/12/2017 TRY 74.49
BK NED GEMEENTEN 0.500 3/3/2021 NZD 67.79
BK NED GEMEENTEN 0.500 3/29/2021 NZD 69.08
BK NED GEMEENTEN 0.500 5/12/2021 ZAR 54.83
BK NED GEMEENTEN 0.500 6/22/2021 ZAR 54.37
BK NED GEMEENTEN 0.500 6/7/2022 ZAR 51.24
BK NED GEMEENTEN 0.500 7/12/2022 ZAR 53.73
BK NED GEMEENTEN 0.500 2/24/2025 CAD 67.30
BLT FINANCE BV 7.500 5/15/2014 USD 21.50
BLT FINANCE BV 7.500 5/15/2014 USD 21.75
BLT FINANCE BV 12.000 2/10/2015 USD 24.88
BNP PARIBAS ARB 5.000 12/3/2012 EUR 67.87
BULGARIA STEEL 12.000 5/4/2013 EUR 5.38
BULGARIA STEEL 12.000 5/4/2013 EUR 5.25
CIRIO DEL MONTE 7.750 3/14/2005 EUR 2.13
ENEL FIN INTL NV 5.750 9/14/2040 GBP 71.81
GREENWICH AVENUE 10.000 6/30/2013 USD 0.50
IBERDROLA INTL 4.100 4/4/2022 EUR 74.63
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 4.050 9/16/2008 EUR 3.25
LEHMAN BROS TSY 23.300 9/16/2008 USD 19.00
LEHMAN BROS TSY 7.375 9/20/2008 EUR 19.00
LEHMAN BROS TSY 18.250 10/2/2008 USD 19.00
LEHMAN BROS TSY 7.250 10/6/2008 EUR 19.00
LEHMAN BROS TSY 16.000 10/8/2008 CHF 19.00
LEHMAN BROS TSY 10.000 10/22/2008 USD 19.00
LEHMAN BROS TSY 8.000 10/23/2008 USD 19.00
LEHMAN BROS TSY 7.500 10/24/2008 USD 19.00
LEHMAN BROS TSY 5.000 10/24/2008 CHF 19.00
LEHMAN BROS TSY 6.000 10/24/2008 EUR 19.00
LEHMAN BROS TSY 16.000 10/28/2008 USD 19.00
LEHMAN BROS TSY 13.150 10/30/2008 USD 19.00
LEHMAN BROS TSY 16.000 11/9/2008 USD 19.00
LEHMAN BROS TSY 14.100 11/12/2008 USD 19.00
LEHMAN BROS TSY 10.442 11/22/2008 CHF 19.00
LEHMAN BROS TSY 7.000 11/28/2008 CHF 19.00
LEHMAN BROS TSY 16.000 12/26/2008 USD 19.00
LEHMAN BROS TSY 6.720 12/29/2008 EUR 3.25
LEHMAN BROS TSY 13.432 1/8/2009 ILS 19.00
LEHMAN BROS TSY 7.750 1/30/2009 EUR 19.00
LEHMAN BROS TSY 6.600 2/9/2009 EUR 3.25
LEHMAN BROS TSY 0.500 2/16/2009 EUR 19.00
LEHMAN BROS TSY 11.000 2/16/2009 CHF 19.00
LEHMAN BROS TSY 13.000 2/16/2009 CHF 19.00
LEHMAN BROS TSY 10.000 2/16/2009 CHF 19.00
LEHMAN BROS TSY 5.000 3/13/2009 EUR 3.25
LEHMAN BROS TSY 9.000 3/17/2009 GBP 19.00
LEHMAN BROS TSY 10.000 3/27/2009 USD 3.25
LEHMAN BROS TSY 7.000 4/14/2009 EUR 19.00
LEHMAN BROS TSY 8.000 4/20/2009 EUR 3.25
LEHMAN BROS TSY 3.850 4/24/2009 USD 19.00
LEHMAN BROS TSY 4.000 4/24/2009 USD 19.00
LEHMAN BROS TSY 2.480 5/12/2009 USD 3.25
LEHMAN BROS TSY 2.250 5/12/2009 USD 3.25
LEHMAN BROS TSY 16.200 5/14/2009 USD 19.00
LEHMAN BROS TSY 4.100 5/20/2009 USD 19.00
LEHMAN BROS TSY 10.000 5/22/2009 USD 19.00
LEHMAN BROS TSY 8.000 5/22/2009 USD 19.00
LEHMAN BROS TSY 8.000 5/22/2009 USD 19.00
LEHMAN BROS TSY 13.500 6/2/2009 USD 19.00
LEHMAN BROS TSY 17.000 6/2/2009 USD 19.00
LEHMAN BROS TSY 15.000 6/4/2009 CHF 19.00
LEHMAN BROS TSY 3.700 6/6/2009 EUR 3.25
LEHMAN BROS TSY 9.000 6/13/2009 USD 19.00
LEHMAN BROS TSY 5.500 6/15/2009 CHF 19.00
LEHMAN BROS TSY 5.750 6/15/2009 CHF 19.00
LEHMAN BROS TSY 10.000 6/17/2009 USD 19.00
LEHMAN BROS TSY 3.000 6/23/2009 EUR 3.25
LEHMAN BROS TSY 11.000 6/29/2009 EUR 19.00
LEHMAN BROS TSY 8.500 7/6/2009 CHF 19.00
LEHMAN BROS TSY 4.500 8/2/2009 USD 19.00
LEHMAN BROS TSY 8.000 8/3/2009 USD 19.00
LEHMAN BROS TSY 16.800 8/21/2009 USD 19.00
LEHMAN BROS TSY 7.500 9/13/2009 CHF 19.00
LEHMAN BROS TSY 3.400 9/21/2009 HKD 19.00
LEHMAN BROS TSY 3.820 10/20/2009 USD 19.00
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 19.00
LEHMAN BROS TSY 8.800 12/27/2009 EUR 19.00
LEHMAN BROS TSY 10.000 1/4/2010 USD 3.25
LEHMAN BROS TSY 1.750 2/7/2010 EUR 19.00
LEHMAN BROS TSY 7.500 2/14/2010 AUD 19.00
LEHMAN BROS TSY 7.000 2/15/2010 CHF 19.00
LEHMAN BROS TSY 4.100 2/19/2010 EUR 3.25
LEHMAN BROS TSY 6.450 2/20/2010 AUD 19.00
LEHMAN BROS TSY 1.000 2/26/2010 USD 3.25
LEHMAN BROS TSY 4.000 2/28/2010 EUR 19.00
LEHMAN BROS TSY 11.750 3/1/2010 EUR 19.00
LEHMAN BROS TSY 7.600 3/4/2010 NZD 19.00
LEHMAN BROS TSY 4.250 5/15/2010 EUR 3.25
LEHMAN BROS TSY 2.000 5/17/2010 EUR 19.00
LEHMAN BROS TSY 4.000 5/17/2010 USD 3.25
LEHMAN BROS TSY 4.000 5/30/2010 USD 19.00
LEHMAN BROS TSY 7.500 5/30/2010 AUD 19.00
LEHMAN BROS TSY 3.000 6/3/2010 EUR 3.25
LEHMAN BROS TSY 3.100 6/4/2010 USD 19.00
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 19.00
LEHMAN BROS TSY 6.000 7/28/2010 EUR 19.00
LEHMAN BROS TSY 10.500 8/9/2010 EUR 19.00
LEHMAN BROS TSY 4.000 8/11/2010 USD 3.25
LEHMAN BROS TSY 4.100 8/23/2010 USD 19.00
LEHMAN BROS TSY 3.000 9/13/2010 JPY 19.00
LEHMAN BROS TSY 4.000 10/12/2010 USD 19.00
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 19.00
LEHMAN BROS TSY 14.900 11/16/2010 EUR 19.00
LEHMAN BROS TSY 8.050 12/20/2010 HKD 19.00
LEHMAN BROS TSY 9.300 12/21/2010 EUR 19.00
LEHMAN BROS TSY 9.300 12/21/2010 EUR 19.00
LEHMAN BROS TSY 6.000 12/21/2010 USD 19.00
LEHMAN BROS TSY 4.500 12/30/2010 USD 19.00
LEHMAN BROS TSY 8.000 12/31/2010 USD 19.00
LEHMAN BROS TSY 4.000 1/4/2011 USD 19.00
LEHMAN BROS TSY 8.875 1/28/2011 HKD 19.00
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 19.00
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 2.000 6/21/2011 EUR 3.25
LEHMAN BROS TSY 6.000 6/21/2011 EUR 3.25
LEHMAN BROS TSY 2.000 6/28/2011 EUR 3.25
LEHMAN BROS TSY 11.000 7/4/2011 CHF 19.00
LEHMAN BROS TSY 12.000 7/4/2011 EUR 19.00
LEHMAN BROS TSY 11.000 7/4/2011 USD 19.00
LEHMAN BROS TSY 7.625 7/22/2011 HKD 19.00
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 19.25
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 0.010 9/20/2011 USD 3.25
LEHMAN BROS TSY 6.000 9/20/2011 EUR 3.25
LEHMAN BROS TSY 7.000 9/20/2011 USD 3.25
LEHMAN BROS TSY 3.860 9/21/2011 SGD 19.00
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 19.00
LEHMAN BROS TSY 11.000 12/19/2011 USD 3.25
LEHMAN BROS TSY 10.000 1/3/2012 BRL 3.25
LEHMAN BROS TSY 7.750 1/3/2012 AUD 19.00
LEHMAN BROS TSY 1.500 2/8/2012 CHF 3.25
LEHMAN BROS TSY 6.000 2/14/2012 EUR 19.00
LEHMAN BROS TSY 7.000 2/15/2012 EUR 19.00
LEHMAN BROS TSY 1.460 2/19/2012 JPY 19.00
LEHMAN BROS TSY 6.600 2/22/2012 EUR 19.00
LEHMAN BROS TSY 3.630 3/2/2012 EUR 19.00
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 19.00
LEHMAN BROS TSY 4.300 6/4/2012 USD 19.00
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 19.00
LEHMAN BROS TSY 2.500 8/15/2012 CHF 3.25
LEHMAN BROS TSY 2.500 8/23/2012 GBP 19.00
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 USD 3.25
LEHMAN BROS TSY 6.000 10/30/2012 EUR 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 19.00
LEHMAN BROS TSY 4.500 3/6/2013 CHF 3.25
LEHMAN BROS TSY 2.875 3/14/2013 CHF 18.25
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 19.00
LEHMAN BROS TSY 2.300 6/27/2013 USD 19.00
LEHMAN BROS TSY 2.370 7/15/2013 USD 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 7.320 7/31/2013 GBP 3.25
LEHMAN BROS TSY 7.500 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 19.00
LEHMAN BROS TSY 1.950 11/4/2013 EUR 19.00
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 19.00
LEHMAN BROS TSY 5.250 7/8/2014 EUR 19.00
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 3.25
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 19.00
LEHMAN BROS TSY 5.000 3/18/2015 EUR 3.63
LEHMAN BROS TSY 5.400 3/18/2015 USD 3.25
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 19.00
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 19.00
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 19.00
LEHMAN BROS TSY 6.000 5/12/2017 EUR 3.25
LEHMAN BROS TSY 7.000 6/6/2017 EUR 14.00
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 19.00
LEHMAN BROS TSY 12.220 11/21/2017 USD 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 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 0.500 12/20/2017 USD 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 9.000 12/20/2017 AUD 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 5.200 3/19/2018 EUR 19.00
LEHMAN BROS TSY 2.600 3/19/2018 JPY 19.00
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 19.00
LEHMAN BROS TSY 0.500 7/2/2020 EUR 19.00
LEHMAN BROS TSY 4.900 7/28/2020 EUR 3.25
LEHMAN BROS TSY 0.500 8/1/2020 EUR 19.00
LEHMAN BROS TSY 4.150 8/25/2020 EUR 19.00
LEHMAN BROS TSY 4.250 3/13/2021 EUR 19.00
LEHMAN BROS TSY 5.000 5/2/2022 EUR 19.00
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 19.00
LEHMAN BROS TSY 5.220 3/1/2024 EUR 19.00
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 19.00
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 19.00
LEHMAN BROS TSY 10.000 8/2/2037 JPY 3.25
LEHMAN BROS TSY 4.680 12/12/2045 EUR 19.00
LEHMAN BROS TSY 5.103 6/22/2046 EUR 19.00
MAGYAR TELECOM 9.500 12/15/2016 EUR 75.75
NATL INVESTER BK 25.983 5/7/2029 EUR 32.66
NED WATERSCHAPBK 0.500 3/11/2025 CAD 65.75
NIB CAPITAL BANK 4.510 12/16/2035 EUR 74.31
PORTUGAL TEL FIN 4.500 6/16/2025 EUR 70.47
Q-CELLS INTERNAT 1.375 4/30/2012 EUR 12.18
Q-CELLS INTERNAT 5.750 5/26/2014 EUR 12.62
RABOBANK 0.500 11/26/2021 ZAR 47.72
RBS NV EX-ABN NV 2.910 6/21/2036 JPY 59.90
SNS BANK 6.250 10/26/2020 EUR 70.54
SNS BANK 4.580 3/20/2026 EUR 70.89
SNS BANK 5.215 12/3/2027 EUR 73.14
SRLEV NV 9.000 4/15/2041 EUR 72.51
NORWAY
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KOMMUNALBANKEN 0.500 7/28/2016 BRL 75.06
KOMMUNALBANKEN 0.500 7/29/2016 TRY 74.68
KOMMUNALBANKEN 0.500 8/16/2016 BRL 74.79
KOMMUNALBANKEN 0.500 3/7/2017 BRL 72.22
KOMMUNALBANKEN 0.500 3/28/2017 BRL 71.92
KOMMUNALBANKEN 0.500 3/29/2017 BRL 71.47
KOMMUNALBANKEN 0.500 5/10/2017 BRL 71.31
KOMMUNALBANKEN 0.500 6/1/2017 BRL 74.39
KOMMUNALBANKEN 0.500 3/2/2018 BRL 67.25
KOMMUNALBANKEN 0.500 5/25/2018 ZAR 68.79
NORSKE SKOGIND 6.125 10/15/2015 USD 70.13
NORSKE SKOGIND 6.125 10/15/2015 USD 70.13
NORSKE SKOGIND 11.750 6/15/2016 EUR 75.00
NORSKE SKOGIND 11.750 6/15/2016 EUR 74.48
NORSKE SKOGIND 7.000 6/26/2017 EUR 60.39
NORSKE SKOGIND 7.125 10/15/2033 USD 51.38
NORSKE SKOGIND 7.125 10/15/2033 USD 51.38
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 72.60
POLAND
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POLAND GOVT BOND 5.000 4/25/2037 PLN 67.50
PORTUGAL
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ANAM 5.340 7/29/2014 EUR 70.17
CAIXA GERAL DEPO 4.000 5/13/2019 EUR 74.00
CAIXA GERAL DEPO 5.380 10/1/2038 EUR 62.48
COMBOIOS DE PORT 4.170 10/16/2019 EUR 53.68
METRO DE LISBOA 5.750 2/4/2019 EUR 57.13
METRO DE LISBOA 7.300 12/23/2025 EUR 52.88
METRO DE LISBOA 4.061 12/4/2026 EUR 47.50
METRO DE LISBOA 4.799 12/7/2027 EUR 49.63
MONTEPIO GERAL 5.000 2/8/2017 EUR 63.00
PARPUBLICA 3.567 9/22/2020 EUR 59.36
PARPUBLICA 4.200 11/16/2026 EUR 51.38
PORTUGUESE OT'S 4.450 6/15/2018 EUR 73.79
PORTUGUESE OT'S 4.750 6/14/2019 EUR 71.33
PORTUGUESE OT'S 4.800 6/15/2020 EUR 69.29
PORTUGUESE OT'S 3.850 4/15/2021 EUR 64.41
PORTUGUESE OT'S 4.950 10/25/2023 EUR 64.54
PORTUGUESE OT'S 4.100 4/15/2037 EUR 48.89
REFER 4.000 3/16/2015 EUR 61.06
REFER 5.875 2/18/2019 EUR 63.03
REFER 4.250 12/13/2021 EUR 41.44
REFER 4.675 10/16/2024 EUR 54.62
REFER 4.047 11/16/2026 EUR 51.93
RUSSIA
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ARIZK 3.000 12/20/2030 RUB 49.76
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 11.00
NOK 12.500 8/26/2014 RUB 5.00
PROMPEREOSNASTKA 1.000 12/17/2012 RUB 0.01
RBC OJSC 3.270 4/19/2018 RUB 51.00
SATURN 8.000 6/6/2014 RUB 2.00
SPAIN
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AYT CEDULAS CAJA 4.000 3/31/2020 EUR 69.97
AYT CEDULAS CAJA 4.000 3/24/2021 EUR 69.17
AYT CEDULAS CAJA 3.750 12/14/2022 EUR 60.17
AYT CEDULAS CAJA 4.250 10/25/2023 EUR 62.21
AYT CEDULAS CAJA 3.750 6/30/2025 EUR 53.80
AYT CEDULAS CAJA 4.750 5/25/2027 EUR 57.48
AYUNTAM DE MADRD 4.650 1/10/2017 EUR 65.42
AYUNTAM DE MADRD 5.078 12/2/2018 EUR 63.01
AYUNTAM DE MADRD 4.350 6/16/2021 EUR 58.38
AYUNTAM DE MADRD 4.550 6/16/2036 EUR 44.38
BANCAJA 4.375 2/14/2017 EUR 71.72
BANCAJA 1.500 5/22/2018 EUR 58.13
BANCO BILBAO VIZ 4.375 10/20/2019 EUR 67.52
BANCO BILBAO VIZ 4.500 2/16/2022 EUR 60.00
BANCO BILBAO VIZ 6.025 3/3/2033 EUR 39.11
BANCO CASTILLA 1.500 6/23/2021 EUR 68.38
BANCO POP ESPAN 5.702 12/22/2019 EUR 61.25
BANCO POP ESPAN 8.000 7/29/2021 EUR 67.63
BANCO POP ESPAN 8.250 10/19/2021 EUR 68.50
BANCO SABADELL 6.250 4/26/2020 EUR 67.67
BANKINTER SA 6.000 12/18/2028 EUR 70.50
BASQUE GOV'T 4.150 10/28/2019 EUR 71.35
BASQUE GOV'T 4.600 1/7/2025 EUR 61.28
BBVA SUB CAP UNI 5.750 3/11/2018 GBP 72.00
BBVA SUB CAP UNI 2.750 10/22/2035 JPY 57.83
BPE FINANCIACION 6.873 10/22/2020 EUR 65.00
CAIXA TERRASSA 4.700 8/9/2021 EUR 67.13
CAIXA TERRASSA 1.700 3/12/2022 EUR 60.53
CAIXABANK 4.000 2/9/2022 EUR 74.83
CAJA ESPANA 4.150 2/23/2020 EUR 68.63
CAJA ESPANA 3.500 6/29/2020 EUR 65.88
CAJA MADRID 5.116 7/15/2015 EUR 44.38
CAJA MADRID 4.000 2/3/2025 EUR 66.02
CAJA MADRID 4.125 3/24/2036 EUR 61.33
CAJA MADRID 5.020 2/26/2038 EUR 73.61
CEDULAS TDA 6 FO 3.875 5/23/2025 EUR 54.82
CEDULAS TDA 6 FO 4.250 4/10/2031 EUR 51.29
CEDULAS TDA A-4 4.125 4/10/2021 EUR 69.96
CEDULAS TDA A-5 4.250 3/28/2027 EUR 56.87
COMUN AUTO CANAR 4.450 11/17/2019 EUR 69.78
COMUN AUTO CANAR 4.929 3/9/2020 EUR 65.84
COMUN AUTO CANAR 5.750 10/15/2029 EUR 71.21
COMUN AUTO CANAR 3.900 11/30/2035 EUR 48.33
COMUN AUTO CANAR 4.200 10/25/2036 EUR 49.24
COMUN NAVARRA 4.000 11/23/2021 EUR 72.13
COMUNIDAD ARAGON 5.100 10/4/2020 EUR 55.73
COMUNIDAD ARAGON 5.000 10/4/2020 EUR 55.73
COMUNIDAD ARAGON 5.100 11/15/2020 EUR 55.73
COMUNIDAD ARAGON 4.470 7/12/2021 EUR 62.75
COMUNIDAD ARAGON 4.815 10/10/2022 EUR 62.40
COMUNIDAD ARAGON 6.625 2/21/2023 EUR 72.40
COMUNIDAD ARAGON 4.646 7/11/2036 EUR 47.46
COMUNIDAD BALEAR 4.796 3/4/2020 EUR 66.63
COMUNIDAD BALEAR 3.869 11/23/2020 EUR 58.88
COMUNIDAD BALEAR 4.063 11/23/2035 EUR 43.27
COMUNIDAD MADRID 7.550 7/21/2026 EUR 73.63
COMUNIDAD MADRID 4.300 9/15/2026 EUR 66.19
COMUNIDAD MURCIA 4.725 11/5/2018 EUR 73.64
COMUNIDAD MURCIA 4.695 3/30/2020 EUR 71.89
DIPUTACION FOR 4.323 12/29/2023 EUR 56.04
FADE 5.000 6/17/2026 EUR 75.60
FERIA VALENCIA 6.040 6/10/2027 EUR 49.97
GEN DE CATALUNYA 2.315 9/10/2015 CHF 71.16
GEN DE CATALUNYA 3.875 9/15/2015 EUR 73.75
GEN DE CATALUNYA 2.355 11/10/2015 CHF 70.01
GEN DE CATALUNYA 10.900 11/16/2015 EUR 74.13
GEN DE CATALUNYA 2.750 3/24/2016 CHF 68.36
GEN DE CATALUNYA 4.300 11/15/2016 EUR 71.75
GEN DE CATALUNYA 4.750 6/4/2018 EUR 64.88
GEN DE CATALUNYA 4.950 2/11/2020 EUR 59.07
GEN DE CATALUNYA 4.801 7/31/2020 EUR 55.38
GEN DE CATALUNYA 4.900 9/15/2021 EUR 57.38
GEN DE CATALUNYA 5.250 10/5/2023 EUR 57.38
GEN DE CATALUNYA 5.900 5/20/2024 EUR 55.38
GEN DE CATALUNYA 5.325 10/5/2028 EUR 45.25
GEN DE CATALUNYA 5.219 9/10/2029 EUR 43.00
GEN DE CATALUNYA 5.400 5/13/2030 EUR 43.38
GEN DE CATALUNYA 5.900 5/28/2030 EUR 47.00
GEN DE CATALUNYA 5.950 10/1/2030 EUR 46.38
GEN DE CATALUNYA 4.690 10/28/2034 EUR 35.38
GEN DE CATALUNYA 4.220 4/26/2035 EUR 32.13
GEN DE CATALUNYA 2.965 9/8/2039 JPY 38.54
GEN DE CATALUNYA 6.350 11/30/2041 EUR 46.00
GENERAL VALENCIA 3.250 7/6/2015 EUR 72.99
GENERAL VALENCIA 4.375 7/16/2015 EUR 72.83
GENERAL VALENCIA 4.000 11/2/2016 EUR 69.97
GENERAL VALENCIA 4.900 3/17/2020 EUR 59.09
GENERAL VALENCIA 5.900 11/30/2032 EUR 47.13
IM CEDULAS 10 4.500 2/21/2022 EUR 73.76
IM CEDULAS 5 3.500 6/15/2020 EUR 69.13
IM CEDULAS 7 4.000 3/31/2021 EUR 74.24
INSTIT CRDT OFCL 5.000 3/31/2020 CAD 73.55
INSTIT CRDT OFCL 3.000 9/24/2020 USD 62.08
INSTIT CRDT OFCL 2.100 2/23/2021 JPY 61.52
INSTIT CRDT OFCL 2.570 10/22/2021 CHF 68.05
INSTIT CRDT OFCL 3.250 6/28/2024 CHF 68.35
INSTIT CRDT OFCL 5.700 12/30/2024 USD 72.34
INSTITUT CATALA 4.250 6/15/2024 EUR 54.11
JUNTA ANDALUCIA 3.500 2/15/2016 EUR 69.59
JUNTA ANDALUCIA 4.350 1/26/2017 EUR 64.10
JUNTA ANDALUCIA 4.750 1/24/2018 EUR 65.64
JUNTA ANDALUCIA 5.200 7/15/2019 EUR 62.98
JUNTA ANDALUCIA 4.125 1/20/2020 EUR 58.21
JUNTA ANDALUCIA 4.850 3/17/2020 EUR 58.67
JUNTA ANDALUCIA 3.050 12/10/2020 JPY 66.66
JUNTA ANDALUCIA 5.000 7/13/2022 EUR 57.95
JUNTA ANDALUCIA 5.700 7/20/2028 EUR 58.02
JUNTA ANDALUCIA 6.600 11/29/2030 EUR 58.21
JUNTA ANDALUCIA 7.500 11/30/2030 EUR 61.21
JUNTA ANDALUCIA 5.150 5/24/2034 EUR 47.82
JUNTA ANDALUCIA 4.250 10/31/2036 EUR 39.10
JUNTA ANDALUCIA 3.065 7/29/2039 JPY 40.55
JUNTA ANDALUCIA 3.170 7/29/2039 JPY 41.57
JUNTA CASTILLA 4.650 11/8/2022 EUR 64.89
JUNTA CASTILLA 7.200 11/11/2026 EUR 60.36
JUNTA LA MANCHA 4.588 9/24/2017 EUR 69.13
JUNTA LA MANCHA 4.875 3/18/2020 EUR 66.38
JUNTA LA MANCHA 6.000 1/15/2021 EUR 66.88
JUNTA LA MANCHA 5.800 1/30/2021 EUR 67.13
JUNTA LA MANCHA 6.000 1/31/2021 EUR 69.13
JUNTA LA MANCHA 2.810 10/14/2022 JPY 54.38
JUNTA LA MANCHA 4.625 11/30/2022 EUR 57.13
JUNTA LA MANCHA 5.950 9/9/2030 EUR 55.13
JUNTA LA MANCHA 7.705 2/15/2033 EUR 57.13
JUNTA LA MANCHA 3.875 1/31/2036 EUR 31.88
MAPFRE SA 5.921 7/24/2037 EUR 57.14
PITCH1 5.125 7/20/2022 EUR 73.28
SACYR VALLEHERM 6.500 5/1/2016 EUR 50.25
SANTANDER ISSUAN 5.435 10/24/2017 EUR 69.00
SANTANDER ISSUAN 6.533 10/24/2017 GBP 71.23
SANTANDER ISSUAN 5.750 1/31/2018 GBP 66.00
SANTANDER ISSUAN 4.250 5/30/2018 EUR 67.52
SANTANDER ISSUAN 4.750 5/29/2019 EUR 67.01
SANTANDER ISSUAN 4.500 9/30/2019 EUR 67.01
SPANISH GOV'T 4.200 1/31/2037 EUR 69.08
SPANISH GOV'T 4.900 7/30/2040 EUR 75.63
SPANISH GOV'T 4.700 7/30/2041 EUR 73.46
TELEFONICA EMIS 5.445 10/8/2029 GBP 72.49
XUNTA DE GALICIA 4.205 11/30/2019 EUR 71.23
XUNTA DE GALICIA 4.805 3/26/2020 EUR 72.29
XUNTA DE GALICIA 5.350 11/22/2028 EUR 60.64
XUNTA DE GALICIA 4.025 11/28/2035 EUR 46.04
SWEDEN
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ASSA ABLOY AB 4.000 2/15/2027 EUR 73.52
RORVIK TIMBER 6.000 6/30/2016 SEK 70.50
SAS AB 7.500 4/1/2015 SEK 71.84
SWEDISH EXP CRED 0.500 6/29/2016 TRY 73.70
SWEDISH EXP CRED 0.500 9/14/2016 BRL 74.82
SWEDISH EXP CRED 0.500 12/14/2016 BRL 73.34
SWEDISH EXP CRED 0.500 12/21/2016 BRL 73.23
SWEDISH EXP CRED 0.500 12/22/2016 BRL 73.21
SWEDISH EXP CRED 0.500 1/26/2017 BRL 72.65
SWEDISH EXP CRED 0.500 2/3/2017 BRL 72.35
SWEDISH EXP CRED 0.500 3/10/2017 BRL 71.94
SWEDISH EXP CRED 0.500 6/21/2017 BRL 70.31
SWEDISH EXP CRED 0.500 6/30/2017 BRL 70.16
SWEDISH EXP CRED 0.500 7/21/2017 BRL 69.85
SWEDISH EXP CRED 0.500 8/25/2021 ZAR 51.47
SWEDISH EXP CRED 0.500 8/26/2021 AUD 66.03
SWEDISH EXP CRED 1.000 11/15/2021 AUD 70.95
SWEDISH EXP CRED 0.500 1/31/2022 ZAR 49.70
SWEDISH EXP CRED 0.500 2/22/2022 ZAR 49.33
SWEDISH EXP CRED 0.500 3/15/2022 ZAR 49.09
SWEDISH EXP CRED 0.500 6/28/2022 ZAR 47.87
SWEDISH EXP CRED 0.500 12/17/2027 USD 61.70
SWEDISH EXP CRED 0.500 1/25/2028 USD 61.38
SWITZERLAND
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BANK JULIUS BAER 14.000 6/28/2012 EUR 58.90
BANK JULIUS BAER 11.900 6/29/2012 EUR 60.80
BANK JULIUS BAER 11.500 6/29/2012 EUR 71.10
BANK JULIUS BAER 8.000 6/29/2012 EUR 70.25
BANK JULIUS BAER 9.000 7/6/2012 EUR 73.55
BANK JULIUS BAER 10.100 7/6/2012 CHF 38.90
BANK JULIUS BAER 10.500 7/6/2012 CHF 69.60
BANK JULIUS BAER 10.500 7/6/2012 USD 71.20
BANK JULIUS BAER 10.700 7/6/2012 CHF 75.60
BANK JULIUS BAER 11.300 7/6/2012 CHF 39.25
BANK JULIUS BAER 11.900 7/6/2012 CHF 61.05
BANK JULIUS BAER 12.000 7/6/2012 EUR 60.10
BANK JULIUS BAER 12.400 7/6/2012 CHF 53.65
BANK JULIUS BAER 14.800 7/6/2012 EUR 37.25
BANK JULIUS BAER 14.300 7/13/2012 CHF 48.10
BANK JULIUS BAER 10.500 7/18/2012 CHF 58.20
BANK JULIUS BAER 5.500 7/20/2012 CHF 56.10
BANK JULIUS BAER 11.700 7/20/2012 EUR 69.85
BANK JULIUS BAER 8.750 7/26/2012 EUR 70.50
BANK JULIUS BAER 12.000 7/27/2012 EUR 66.80
BANK JULIUS BAER 11.000 7/27/2012 CHF 66.75
BANK JULIUS BAER 9.300 7/27/2012 EUR 71.70
BANK JULIUS BAER 7.400 8/3/2012 EUR 73.90
BANK JULIUS BAER 22.800 8/3/2012 USD 50.77
BANK JULIUS BAER 11.300 8/3/2012 CHF 60.85
BANK JULIUS BAER 9.000 9/17/2012 CHF 38.50
BANK JULIUS BAER 10.500 12/14/2012 USD 71.15
BANK JULIUS BAER 10.000 1/28/2013 CHF 69.65
BANK JULIUS BAER 17.300 2/1/2013 EUR 48.65
BANK JULIUS BAER 10.500 3/28/2013 CHF 72.30
BANK JULIUS BAER 12.000 4/5/2013 USD 77.55
BANK JULIUS BAER 12.000 4/9/2013 CHF 43.40
BANK JULIUS BAER 8.700 8/5/2013 CHF 71.14
CLARIDEN LEU NAS 15.500 6/29/2012 EUR 41.62
CLARIDEN LEU NAS 14.000 6/29/2012 CHF 63.14
CLARIDEN LEU NAS 6.250 7/4/2012 CHF 71.81
CLARIDEN LEU NAS 8.750 7/4/2012 CHF 64.44
CLARIDEN LEU NAS 10.500 7/4/2012 EUR 60.31
CLARIDEN LEU NAS 10.250 7/4/2012 EUR 39.39
CLARIDEN LEU NAS 13.000 7/4/2012 EUR 74.40
CLARIDEN LEU NAS 10.000 7/4/2012 CHF 51.29
CLARIDEN LEU NAS 9.500 7/4/2012 CHF 62.19
CLARIDEN LEU NAS 9.250 7/4/2012 EUR 68.94
CLARIDEN LEU NAS 8.000 7/4/2012 CHF 73.23
CLARIDEN LEU NAS 11.000 7/5/2012 CHF 53.96
CLARIDEN LEU NAS 10.000 7/6/2012 CHF 70.33
CLARIDEN LEU NAS 10.000 7/6/2012 EUR 69.43
CLARIDEN LEU NAS 11.250 7/6/2012 GBP 64.78
CLARIDEN LEU NAS 12.500 7/11/2012 EUR 64.50
CLARIDEN LEU NAS 10.500 7/12/2012 CHF 52.02
CLARIDEN LEU NAS 11.750 7/12/2012 USD 55.00
CLARIDEN LEU NAS 11.750 7/13/2012 EUR 66.40
CLARIDEN LEU NAS 9.500 7/13/2012 EUR 60.32
CLARIDEN LEU NAS 7.900 7/18/2012 USD 75.04
CLARIDEN LEU NAS 10.500 7/18/2012 CHF 54.49
CLARIDEN LEU NAS 11.000 7/18/2012 EUR 66.50
CLARIDEN LEU NAS 9.000 7/19/2012 CHF 53.39
CLARIDEN LEU NAS 10.750 7/19/2012 EUR 74.15
CLARIDEN LEU NAS 9.500 7/20/2012 CHF 56.06
CLARIDEN LEU NAS 12.250 7/20/2012 USD 57.59
CLARIDEN LEU NAS 10.250 7/25/2012 USD 67.71
CLARIDEN LEU NAS 10.250 7/25/2012 EUR 70.69
CLARIDEN LEU NAS 11.000 7/25/2012 NOK 69.31
CLARIDEN LEU NAS 9.250 7/25/2012 CHF 66.37
CLARIDEN LEU NAS 8.750 7/26/2012 CHF 60.67
CLARIDEN LEU NAS 10.500 7/26/2012 CHF 60.26
CLARIDEN LEU NAS 12.000 7/26/2012 EUR 71.09
CLARIDEN LEU NAS 11.000 8/2/2012 USD 60.78
CLARIDEN LEU NAS 10.500 8/2/2012 EUR 41.36
CLARIDEN LEU NAS 10.250 8/2/2012 CHF 56.71
CLARIDEN LEU NAS 10.000 8/3/2012 CHF 70.72
CLARIDEN LEU NAS 10.000 8/8/2012 USD 65.68
CLARIDEN LEU NAS 9.250 8/8/2012 EUR 72.92
CLARIDEN LEU NAS 11.750 8/8/2012 EUR 65.18
CLARIDEN LEU NAS 10.000 8/10/2012 EUR 68.49
CLARIDEN LEU NAS 12.000 8/15/2012 USD 67.28
CLARIDEN LEU NAS 7.000 8/16/2012 CHF 50.97
CLARIDEN LEU NAS 11.250 8/22/2012 CHF 66.65
CLARIDEN LEU NAS 10.500 9/4/2012 USD 64.29
CLARIDEN LEU NAS 9.250 9/4/2012 CHF 41.33
CLARIDEN LEU NAS 12.000 9/4/2012 EUR 27.11
CLARIDEN LEU NAS 7.500 9/10/2012 CHF 61.09
CLARIDEN LEU NAS 11.000 9/10/2012 EUR 70.56
CLARIDEN LEU NAS 10.000 9/11/2012 CHF 43.79
CLARIDEN LEU NAS 10.250 9/17/2012 CHF 44.73
CLARIDEN LEU NAS 9.000 9/24/2012 CHF 62.01
CLARIDEN LEU NAS 9.500 9/24/2012 CHF 66.42
CLARIDEN LEU NAS 10.000 9/25/2012 CHF 75.12
CLARIDEN LEU NAS 7.000 10/4/2012 CHF 45.37
CLARIDEN LEU NAS 8.250 10/5/2012 CHF 72.25
CLARIDEN LEU NAS 10.000 10/8/2012 EUR 58.48
CLARIDEN LEU NAS 9.000 10/8/2012 CHF 71.65
CLARIDEN LEU NAS 10.500 10/8/2012 CHF 72.12
CLARIDEN LEU NAS 9.500 10/15/2012 CHF 45.40
CLARIDEN LEU NAS 8.500 10/15/2012 CHF 44.15
CLARIDEN LEU NAS 8.000 10/15/2012 CHF 56.18
CLARIDEN LEU NAS 10.000 10/15/2012 CHF 44.68
CLARIDEN LEU NAS 10.250 10/18/2012 EUR 71.44
CLARIDEN LEU NAS 20.750 11/2/2012 GBP 70.73
CLARIDEN LEU NAS 10.250 11/12/2012 CHF 72.38
CLARIDEN LEU NAS 7.500 11/13/2012 CHF 48.38
CLARIDEN LEU NAS 7.250 11/13/2012 CHF 68.85
CLARIDEN LEU NAS 7.250 11/16/2012 CHF 49.02
CLARIDEN LEU NAS 7.125 11/19/2012 CHF 48.37
CLARIDEN LEU NAS 8.000 11/20/2012 CHF 67.92
CLARIDEN LEU NAS 10.500 11/26/2012 EUR 65.56
CLARIDEN LEU NAS 0.000 12/14/2012 CHF 50.08
CLARIDEN LEU NAS 0.000 12/17/2012 EUR 66.86
CLARIDEN LEU NAS 8.250 12/17/2012 CHF 64.10
CLARIDEN LEU NAS 10.000 12/17/2012 EUR 75.52
CLARIDEN LEU NAS 18.000 12/28/2012 USD 76.93
CLARIDEN LEU NAS 8.750 1/15/2013 CHF 61.21
CLARIDEN LEU NAS 0.000 1/24/2013 CHF 58.23
CLARIDEN LEU NAS 11.500 2/13/2013 EUR 49.09
CLARIDEN LEU NAS 9.000 2/14/2013 CHF 58.97
CLARIDEN LEU NAS 13.500 2/15/2013 EUR 76.27
CLARIDEN LEU NAS 12.000 2/15/2013 EUR 75.97
CLARIDEN LEU NAS 11.000 2/21/2013 USD 70.22
CLARIDEN LEU NAS 20.000 2/27/2013 USD 70.98
CLARIDEN LEU NAS 12.500 3/1/2013 USD 74.31
CLARIDEN LEU NAS 12.000 3/8/2013 USD 71.77
CLARIDEN LEU NAS 0.000 3/18/2013 CHF 74.70
CLARIDEN LEU NAS 11.500 3/20/2013 CHF 74.59
CLARIDEN LEU NAS 0.000 3/25/2013 CHF 49.71
CLARIDEN LEU NAS 10.750 3/27/2013 USD 73.13
CLARIDEN LEU NAS 0.000 4/4/2013 CHF 65.34
CLARIDEN LEU NAS 10.000 4/10/2013 CHF 71.40
CLARIDEN LEU NAS 6.500 4/26/2013 CHF 48.62
CLARIDEN LEU NAS 0.000 5/31/2013 CHF 62.13
CLARIDEN LEU NAS 10.000 6/10/2013 CHF 46.36
CLARIDEN LEU NAS 13.000 7/15/2013 CHF 56.88
CLARIDEN LEU NAS 7.000 7/22/2013 CHF 60.94
CLARIDEN LEU NAS 0.000 9/16/2013 USD 68.00
CLARIDEN LEU NAS 3.250 9/16/2013 CHF 40.91
CLARIDEN LEU NAS 0.000 9/23/2013 CHF 43.53
CLARIDEN LEU NAS 0.000 11/4/2013 CHF 68.84
CLARIDEN LEU NAS 0.000 11/4/2013 USD 69.01
CLARIDEN LEU NAS 0.000 11/26/2013 CHF 54.66
CLARIDEN LEU NAS 0.000 2/11/2014 CHF 46.65
CLARIDEN LEU NAS 0.000 2/24/2014 CHF 47.03
CLARIDEN LEU NAS 0.000 5/13/2014 CHF 60.96
CLARIDEN LEU NAS 0.000 5/26/2014 CHF 61.31
CLARIDEN LEU NAS 0.000 6/3/2014 CHF 71.50
CLARIDEN LEU NAS 0.000 6/10/2014 CHF 52.64
CLARIDEN LEU NAS 0.000 6/10/2014 CHF 56.47
CLARIDEN LEU NAS 5.250 8/6/2014 CHF 44.63
CLARIDEN LEU NAS 4.500 8/6/2014 EUR 73.16
CLARIDEN LEU NAS 4.500 8/13/2014 CHF 41.71
CLARIDEN LEU NAS 0.000 8/27/2014 CHF 48.00
CLARIDEN LEU NAS 0.000 9/10/2014 CHF 43.75
CLARIDEN LEU NAS 0.000 10/15/2014 CHF 49.23
CRED SUIS NY 8.000 8/3/2012 USD 27.47
CREDIT SUISSE LD 8.250 8/30/2012 USD 76.22
CREDIT SUISSE LD 4.000 12/10/2012 EUR 42.80
CREDIT SUISSE LD 8.900 3/25/2013 EUR 60.31
CREDIT SUISSE LD 1.640 6/1/2042 USD 43.35
S-AIR GROUP 2.125 11/4/2004 CHF 10.00
S-AIR GROUP 0.125 7/7/2005 CHF 10.63
S-AIR GROUP 4.250 2/2/2007 CHF 10.75
SARASIN CI LTD 8.000 9/3/2012 CHF 57.63
SARASIN CI LTD 8.000 4/27/2015 CHF 61.81
SARASIN/GUERNSEY 15.400 7/12/2012 EUR 66.04
SARASIN/GUERNSEY 12.100 7/12/2012 CHF 51.49
SARASIN/GUERNSEY 7.600 7/13/2012 EUR 64.95
SARASIN/GUERNSEY 7.200 7/16/2012 CHF 52.34
SARASIN/GUERNSEY 7.200 7/19/2012 CHF 70.64
SARASIN/GUERNSEY 8.700 8/3/2012 CHF 68.01
SARASIN/GUERNSEY 10.000 8/10/2012 EUR 53.15
SARASIN/GUERNSEY 17.000 10/12/2012 EUR 74.98
SWISSAIR 6.250 10/27/2002 CHF 10.00
SWISSAIR 5.500 7/23/2003 CHF 10.00
SWISSAIR 2.750 7/30/2004 CHF 10.00
SWISSAIR 2.750 7/30/2004 CHF 10.25
SWISSAIR 6.250 4/12/2005 CHF 10.75
UBS AG 14.400 6/29/2012 CHF 46.80
UBS AG 13.700 6/29/2012 EUR 70.85
UBS AG 12.000 6/29/2012 EUR 60.10
UBS AG 12.100 6/29/2012 CHF 63.85
UBS AG 10.200 6/29/2012 CHF 73.80
UBS AG 8.000 7/18/2012 CHF 71.75
UBS AG 10.960 7/20/2012 USD 20.35
UBS AG 10.600 7/20/2012 CHF 56.15
UBS AG 12.000 7/25/2012 EUR 60.10
UBS AG 12.040 7/31/2012 USD 9.49
UBS AG 8.460 7/31/2012 USD 30.68
UBS AG 10.500 8/2/2012 EUR 59.75
UBS AG 10.200 8/2/2012 CHF 71.70
UBS AG 11.500 8/2/2012 CHF 68.90
UBS AG 10.000 8/2/2012 CHF 55.40
UBS AG 11.000 8/2/2012 EUR 61.25
UBS AG 9.500 8/10/2012 USD 28.14
UBS AG 17.250 8/15/2012 EUR 44.65
UBS AG 14.000 8/27/2012 CHF 69.65
UBS AG 12.570 8/31/2012 EUR 75.64
UBS AG 9.430 8/31/2012 USD 33.12
UBS AG 8.500 9/3/2012 EUR 70.84
UBS AG 17.730 9/3/2012 EUR 64.66
UBS AG 18.020 9/3/2012 EUR 73.12
UBS AG 19.660 9/3/2012 EUR 74.30
UBS AG 20.830 9/3/2012 EUR 66.98
UBS AG 9.070 9/3/2012 EUR 59.12
UBS AG 10.830 9/3/2012 EUR 57.36
UBS AG 11.600 9/3/2012 EUR 63.66
UBS AG 13.630 9/3/2012 EUR 52.88
UBS AG 13.980 9/3/2012 EUR 70.82
UBS AG 15.150 9/3/2012 EUR 58.08
UBS AG 17.640 9/3/2012 EUR 48.08
UBS AG 12.390 9/11/2012 USD 27.37
UBS AG 27.600 9/21/2012 EUR 75.56
UBS AG 22.700 9/21/2012 EUR 42.78
UBS AG 13.000 9/21/2012 EUR 45.50
UBS AG 18.220 9/28/2012 EUR 48.34
UBS AG 18.020 9/28/2012 EUR 46.84
UBS AG 17.920 9/28/2012 EUR 67.60
UBS AG 16.490 9/28/2012 EUR 70.34
UBS AG 17.500 9/28/2012 EUR 68.20
UBS AG 17.500 9/28/2012 EUR 74.88
UBS AG 17.280 9/28/2012 EUR 67.86
UBS AG 17.090 9/28/2012 EUR 68.24
UBS AG 17.050 9/28/2012 EUR 47.74
UBS AG 16.930 9/28/2012 EUR 59.30
UBS AG 16.620 9/28/2012 EUR 70.98
UBS AG 16.720 9/28/2012 EUR 49.54
UBS AG 22.150 9/28/2012 EUR 60.76
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UBS AG 19.000 9/28/2012 EUR 46.02
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UBS AG 16.930 12/21/2012 EUR 59.56
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UBS AG 18.000 12/21/2012 EUR 58.46
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UBS AG 21.700 1/4/2013 EUR 62.00
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UBS AG 24.750 1/4/2013 EUR 65.96
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UBS AG 14.820 1/4/2013 EUR 73.00
UBS AG 15.250 1/4/2013 EUR 71.48
UBS AG 11.500 1/4/2013 EUR 76.12
UBS AG 15.990 1/4/2013 EUR 70.72
UBS AG 13.500 1/4/2013 EUR 73.76
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UBS AG 10.960 2/22/2013 EUR 55.42
UBS AG 12.680 2/22/2013 EUR 62.48
UBS AG 13.070 2/22/2013 EUR 69.52
UBS AG 13.660 2/22/2013 EUR 52.42
UBS AG 15.800 2/22/2013 EUR 72.42
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UBS AG 12.750 4/2/2013 EUR 74.70
UBS AG 14.250 4/2/2013 EUR 72.86
UBS AG 17.750 4/2/2013 EUR 70.16
UBS AG 19.500 4/2/2013 EUR 69.08
UBS AG 21.250 4/2/2013 EUR 68.20
UBS AG 22.250 4/2/2013 EUR 75.06
UBS AG 23.250 4/2/2013 EUR 67.66
UBS AG 24.250 4/2/2013 EUR 73.62
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UBS AG 10.600 4/26/2013 EUR 65.86
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UBS AG 12.750 6/28/2013 EUR 74.26
UBS AG 11.500 6/28/2013 EUR 75.84
UBS AG 22.500 6/28/2013 EUR 74.82
UBS AG 19.750 6/28/2013 EUR 69.58
UBS AG 18.250 6/28/2013 EUR 70.10
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UBS AG 15.500 6/28/2013 EUR 71.86
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UBS AG 12.900 9/20/2013 EUR 50.74
UBS AG 15.900 9/20/2013 EUR 51.10
UBS AG 13.000 9/27/2013 EUR 74.48
UBS AG 12.000 9/27/2013 EUR 75.76
UBS AG 14.000 9/27/2013 EUR 73.36
UBS AG 15.250 9/27/2013 EUR 72.68
UBS AG 16.250 9/27/2013 EUR 71.84
UBS AG 17.500 9/27/2013 EUR 71.44
UBS AG 18.250 9/27/2013 EUR 72.16
UBS AG 20.750 9/27/2013 EUR 70.34
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UBS AG 12.000 1/3/2014 EUR 75.74
UBS AG 13.000 1/3/2014 EUR 74.98
UBS AG 14.000 1/3/2014 EUR 74.36
UBS AG 14.750 1/3/2014 EUR 73.48
UBS AG 15.750 1/3/2014 EUR 73.10
UBS AG 18.500 1/3/2014 EUR 72.24
UBS AG 19.250 1/3/2014 EUR 73.10
UBS AG 20.250 1/3/2014 EUR 72.02
UBS AG 24.500 1/3/2014 EUR 72.62
UBS AG 22.000 1/3/2014 EUR 72.14
UBS AG 0.500 4/27/2015 CHF 44.75
UBS AG JERSEY 3.220 7/31/2012 EUR 33.94
UKRAINE
-------
PROCREDIT BANK 13.500 5/11/2015 UAH 62.66
UNITED KINGDOM
--------------
ALLIANC&LEIC BLD 5.875 8/14/2031 GBP 69.65
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AVIVA PLC 6.875 5/20/2058 GBP 72.04
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BARCLAYS BK PLC 8.000 3/22/2013 EUR 40.94
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BARCLAYS BK PLC 6.000 6/14/2013 EUR 64.79
BARCLAYS BK PLC 12.500 6/14/2013 EUR 73.22
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BARCLAYS BK PLC 13.500 6/14/2013 EUR 71.06
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BARCLAYS BK PLC 11.000 6/28/2013 EUR 76.23
BARCLAYS BK PLC 11.000 6/28/2013 EUR 38.21
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BARCLAYS BK PLC 9.000 6/28/2013 EUR 78.11
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BARCLAYS BK PLC 12.250 9/13/2013 EUR 73.13
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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 73.45
BARCLAYS BK PLC 0.500 3/22/2019 NZD 73.59
BARCLAYS BK PLC 0.500 9/24/2019 AUD 65.28
BARCLAYS BK PLC 0.600 4/12/2027 JPY 68.81
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 74.88
CO-OPERATIVE BNK 5.750 12/2/2024 GBP 73.67
CO-OPERATIVE BNK 5.875 3/28/2033 GBP 72.20
DUNFERMLINE BS 6.000 3/31/2015 GBP 1.00
EFG HELLAS PLC 5.400 11/2/2047 EUR 10.75
EMPORIKI GRP FIN 4.350 7/22/2014 EUR 57.50
EMPORIKI GRP FIN 5.000 12/2/2021 EUR 34.88
EMPORIKI GRP FIN 5.100 12/9/2021 EUR 35.25
EMPORIKI GRP FIN 5.000 2/24/2022 EUR 34.38
EMPORIKI GRP FIN 6.000 5/18/2022 EUR 37.88
ENTERPRISE INNS 6.875 2/15/2021 GBP 72.08
ENTERPRISE INNS 6.875 5/9/2025 GBP 66.84
ENTERPRISE INNS 6.375 9/26/2031 GBP 64.33
ESSAR ENERGY 4.250 2/1/2016 USD 59.17
EX-IM BK OF UKRA 5.793 2/9/2016 USD 75.63
F&C ASSET MNGMT 6.750 12/20/2026 GBP 62.74
GALA ELECTRIC CA 11.500 6/1/2019 GBP 69.25
GALA ELECTRIC CA 11.500 6/1/2019 GBP 69.14
GREENE KING FIN 5.702 12/15/2034 GBP 106.40
GS INTERNATIONAL 13.000 6/28/2012 CHF 52.80
GS INTERNATIONAL 8.250 12/17/2012 EUR 75.85
HBOS PLC 6.305 10/18/2017 GBP 75.38
HBOS PLC 4.375 10/30/2019 EUR 73.63
HBOS PLC 4.500 3/18/2030 EUR 62.56
HBOS PLC 6.000 11/1/2033 USD 74.73
HBOS PLC 6.000 11/1/2033 USD 74.73
HSBC BANK PLC 0.500 9/28/2018 AUD 74.81
HSBC BANK PLC 0.500 11/16/2018 AUD 71.96
HSBC BANK PLC 0.500 6/30/2021 NZD 65.63
HSBC BANK PLC 0.500 11/22/2021 AUD 62.77
HSBC BANK PLC 0.500 11/30/2021 NZD 64.13
HSBC BANK PLC 0.500 12/2/2022 AUD 53.41
HSBC BANK PLC 0.500 12/29/2022 AUD 55.77
HSBC BANK PLC 0.500 2/2/2023 AUD 53.02
HSBC BANK PLC 0.500 2/24/2023 AUD 56.36
HSBC BANK PLC 0.500 4/3/2023 AUD 58.20
HSBC BANK PLC 0.500 10/30/2026 NZD 51.11
HSBC BANK PLC 0.500 12/8/2026 AUD 40.73
HSBC BANK PLC 0.500 12/29/2026 AUD 41.19
HSBC BANK PLC 0.500 1/29/2027 NZD 50.53
HSBC BANK PLC 0.500 2/24/2027 NZD 50.37
HSBC BANK PLC 0.500 4/27/2027 NZD 49.99
MATALAN 9.625 3/31/2017 GBP 65.25
MATALAN 9.625 3/31/2017 GBP 63.39
MAX PETROLEUM 6.750 9/8/2013 USD 35.47
NOMURA BANK INTL 0.800 12/21/2020 EUR 72.24
OTE PLC 7.250 4/8/2014 EUR 70.14
OTE PLC 4.625 5/20/2016 EUR 60.10
PRIVATBANK 5.799 2/9/2016 USD 67.80
PUNCH TAVERNS 5.883 10/15/2026 GBP 62.50
ROYAL BK SCOTLND 6.250 12/20/2012 EUR 51.95
ROYAL BK SCOTLND 4.625 9/22/2021 EUR 72.37
ROYAL BK SCOTLND 4.243 1/12/2046 EUR 48.88
ROYAL BK SCOTLND 5.646 6/30/2047 GBP 44.63
RSL COMM PLC 10.125 3/1/2008 USD 1.25
RSL COMM PLC 9.125 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 67.52
SPIRIT ISSUER 5.472 12/28/2028 GBP 70.13
THOMAS COOK GR 6.750 6/22/2015 EUR 47.55
THOMAS COOK GR 7.750 6/22/2017 GBP 43.75
UNIQUE PUB FIN 7.395 3/28/2024 GBP 61.54
UNIQUE PUB FIN 5.659 6/30/2027 GBP 72.26
UNIQUE PUB FIN 6.464 3/30/2032 GBP 43.20
*********
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 * * *