/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/120813.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, August 13, 2012, Vol. 13, No. 160 Headlines B U L G A R I A VIVACOM AD: Creditors to Meet on Aug. 30 to Finalize Rescue Deal * BULGARIA: Moody's Says Banking System Outlook Remains Negative D E N M A R K * DENMARK: Regional Banks Face Repayment Deadline on Sub. Debt F I N L A N D NOKIA CORP: To Sell Remaining Qt Share; Unload Certain Patents F R A N C E CEGEDIM SA: S&P Cuts Long-Term Corporate Credit Rating to 'B' G E R M A N Y CLAUSIUS MARINE: Files for Insolvency in Hamburg Court CORNERSTONE TITAN 2007-1: S&P Cuts Rating on Cl. D Notes to CCC- SCHAEFFLER AG: S&P Raises Long-Term Corp. Credit Rating to 'B+' TALISMAN-3 FINANCE: S&P Cuts Ratings on 2 Note Classes to 'CCC-' I R E L A N D BLUE MOUNTAIN: Moody's Raises Rating on Class E Notes to 'Ba2' MCEVOY FOODS: High Court Appoints Interim Examiner VICO CAPITAL: In Administration, Owes EUR100 Million Debt I T A L Y UNIPOL BANCA: S&P Keeps 'BB' Counterparty Credit Rating on Watch UNIPOL GRUPPO: S&P Lowers Counterparty Credit Rating to 'BB+' WINDJET: On Brink of Bankruptcy; May Lose Operating License * ITALY: Euro Debt Crisis Fallout Prompts Corporate Insolvencies N E T H E R L A N D S FAB CBO 2003-1: S&P Cuts Ratings on Two Note Classes to 'CCC' P O L A N D CENTRAL EUROPEAN: Gets Consent to Delay Earnings to Avert Default PBG SA: Energomontaz-Poludnie Unit to File for Bankruptcy R U S S I A ZENIT BANK: Fitch Affirms 'B+' Long-Term IDR; Outlook Stable S L O V E N I A NOVA LJUBLJANSKA: Fitch Downgrades Viability Rating to 'b-' S P A I N FONDIARIA-SAI SPA: S&P Raises Counterparty Credit Rating to 'B+' U K R A I N E LEMMA INSURANCE: A.M. Best Cuts Financial Strength Rating to 'B' U N I T E D K I N G D O M BENTLEY-LEEK: Unlikely to Repay Client Claims, FSCS Says DAWSON INT'L: In the Brink of Administration, Suspends Shares DPP CONSULTING: In Administration, Cuts 9 Jobs GREAT CITY: Enters Administration, Seeks to Additional Income KITLEY HOUSE: In Administration Due to Economic Climate LEACH LEWIS: In Administration, May Sell Assets LIGHTNING AEROSPACE: a2e Venture Buys Firm Out of Administration PORTSMOUTH FOOTBALL: Striker Dave Kitson Leaves Pompy STEPHENSON CLARKE: Goes Into Liquidation X X X X X X X X * BOND PRICING: For the Week August 6 to August 10, 2012 ********* =============== B U L G A R I A =============== VIVACOM AD: Creditors to Meet on Aug. 30 to Finalize Rescue Deal ---------------------------------------------------------------- Novinite.com reports that creditors of Vivacom will meet in the English High Court on Aug. 30 to hammer out a restructuring deal for Russian and Bulgarian banks to take over the company. VTB Capital, a unit of Russia's second biggest lender VTB Bank and Bulgarian Corporate Commercial Bank agreed to buy Vivacom, the trade name of Bulgarian Telecommunication Company (BTC), early last week, Novinite.com relates. According to Novinite.com, Vivacom said that meetings with the creditors of the company, whose debts amount to EUR1.7 billion will take place on Aug. 30, and a hearing of the English court is expected on Sept. 6 to consider approval of the restructuring plans. "The Schemes of Arrangement (if approved) will give effect to a comprehensive restructuring of BTC and the rest of the Vivacom group that will see VTB/CCBank acquire a majority equity stake in the restructured group," Novinite.com quotes the company as saying. Under the plans for Vivacom, the two banks will invest EUR130 million which will be used to partially repay the company's debt in exchange for a 73% stake of the company, Novinite.com discloses. Senior creditors, which include RBS, Deutsche Bank, UBS, and Unicredit, will keep 21% of the company, according to Novinite.com. The remaining 6% is to be floated on the Bulgarian Stock Exchange, the report notes. The creditors will have to agree to a 65% cut in Vivacom's debt to EUR588 million, Novinite.com says. They can also choose to exit their loan positions in the company and if all creditors choose to do so the investors will pay them a total of EUR617 million, Novinite.com notes. The deal, subject to regulatory and competition approvals, is expected to be closed by the end of 2012, according to Novinite.com. Vivacom AD is a Bulgarian phone company. * BULGARIA: Moody's Says Banking System Outlook Remains Negative ---------------------------------------------------------------- The outlook on Bulgaria's banking system remains negative, says Moody's Investors Service in a Banking System Outlook published today. The negative outlook reflects: (i) sluggish domestic economic growth that remains constrained by the ongoing euro area crisis; (ii) the rising stock of non-performing loans (NPLs); and (iii) declining net profits, resulting from high provisioning needs. These negative considerations are only partly mitigated by the system's large capital cushion and improved liquidity, owing to an inflow of customer deposits into the system. The new report, entitled "Banking System Outlook: Bulgaria", 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. Moody's notes that the operating environment in Bulgaria remains challenging as real GDP growth is expected to decelerate and domestic consumption remains subdued. This weak economic environment will continue to suppress credit demand, which will keep nominal credit growth to between 0%-3% in 2012-13 and reduce banks' profitability. Moody's expects that Bulgarian banks' asset quality will weaken further over the outlook horizon (12-18 months). Although the formation of NPLs slowed in 2010-11, the system-wide ratio of NPLs to total loans has increased to 16.2% in March 2012, from 6.4% in 2009 (according to data published by the Bulgarian National Bank). The rating agency expects NPLs to reach 19%-21% by end-2013. The construction and real-estate sector is the primary source of credit risk, and Moody's expects delinquency rates to remain high as foreign investors have largely withdrawn from the market and the supply stock remains high. Nonetheless, Bulgarian banks have solid capital buffers that allow them to absorb shocks; under Moody's central scenario, which incorporates lower retained earnings and further asset quality deterioration, the system's Tier 1 ratio of 15.8% as of end-March 2012, (according to data published by Bulgarian National Bank), would decline to still high 14.2%. Over the past two years, Bulgarian banks have improved their funding structures by replacing volatile wholesale and parental funding with stable customer deposits. Over the next 12-18 months, Moody's expects the system's liquidity to continue to be supported by restricted credit growth and the increased propensity of households to save. The sector maintains sound liquidity buffers, with liquid assets amounting to 22% of assets at end-2011 (according to data published by Bulgarian National Bank). Moody's forecasts that banks' profitability will decline during 2012-13, owing to subdued loan growth and reduced interest-rate margins. The pressure on margins will stem from (i) a shift in asset mix towards lower-yielding assets (primarily investments, which are held as liquid assets); and (ii) increased competition for deposits, which will raise funding costs. The rating agency also expects that banks' provisioning needs will remain high and impair bottom-line profits. As at March 2012, Greek-owned banks in Bulgaria controlled around 23% of banking system assets and 20% of deposits through subsidiaries or branch operations (according to Bulgarian National Bank). This channel of risk could cause disruptions in the Bulgarian banking sector if operating conditions in Greece deteriorate, and particularly if Greece were to exit the euro area. According to the rating agency, however, this risk is partially mitigated by: (i) the high likelihood that any potential deposit withdrawals from the Greek-owned banks, resulting from declining confidence, would likely be re-deposited with other banks in the Bulgarian system; and (ii) by the prudential measures taken by the local regulator to constrain the up-streaming of capital and funding from the local subsidiaries to the Greek parents. ============= D E N M A R K ============= * DENMARK: Regional Banks Face Repayment Deadline on Sub. Debt -------------------------------------------------------------- Frances Schwartzkopff at Bloomberg News reports that Denmark's regional banks face a repayment deadline on subordinated debt sold before the financial crisis that now threatens to leave them insolvent unless they deleverage or divest. "The central bank can't give them capital," Bloomberg quotes Torben Jensen, chief dealer at debt capital markets at Nykredit A/S in Copenhagen, as saying in an interview. "They have three options: reduce their balance sheets, merge or make more money. But that's probably the hardest option." According to Bloomberg, banks need to refinance about NOK400 billion (US$66 billion), with maturities concentrated in 2012 and 2013, the financial regulator estimates. About 12% of that is subordinated debt, Bloomberg says. Kristian Vie Madsen, deputy director general at the Copenhagen-based Financial Supervisory Authority, said that refinancing is unlikely to be an option for a number of banks as capital markets roll over only the safest credit, Bloomberg relates. "The market is not very friendly to issuing new subordinated debt," Bloomberg quotes Ms. Vie Madsen as saying in an interview. "At the same time, it's also not the right way to go ahead, in light of new regulations." Denmark's regional banks are still struggling to emerge from a funding crisis spawned by Europe's toughest resolution laws, which require senior creditors to share losses in the event of insolvency, Bloomberg discloses. The central bank data show that the industry is also fighting to recover from a burst housing bubble and a recession that caused two thirds of the country's medium-sized banks to lose money last year, Bloomberg notes. ============= F I N L A N D ============= NOKIA CORP: To Sell Remaining Qt Share; Unload Certain Patents -------------------------------------------------------------- Gustav Sandstrom at Dow Jones Newswires reports that Nokia Corp. Thursday said it has agreed to sell its remaining share of software development kit Qt to information-technology firm Digia Oyj for an undisclosed sum and divest a number of patents to U.S.- based Vringo Inc., as the ailing company continues to divest assets in a bid to return to profitability. According to Dow Jones, company spokesman Mark Durrant said that as a result of its decision to focus on smartphones based on Microsoft Corp.'s Windows Phone software and more basic handsets built around its own Series 40 platform, Nokia will no longer use Qt as a development framework for its products. Once the world's largest handset maker, Nokia has long been losing market share as consumers have abandoned smartphones running its old Symbian operating system for newer devices such as Apple's Inc.'s iPhone and handsets based on Google Inc.'s open-source Android platform, Dow Jones notes. To raise cash, the company earlier this summer sold most of its luxury handset business Vertu to Swedish private-equity firm EQT for an undisclosed sum, Dow Jones relates. It has also announced massive restructuring plans, including 10,000 new job cuts to trim costs, and said it hopes to make Nokia Siemens Networks, its telecom gear joint venture with Siemens AG, more independent, Dow Jones recounts. Finland-based Digia, which acquired the Qt commercial licensing and services business from Nokia in March last year, said it expects by the third quarter to take over the remaining business, including technologies, copyright and trademarks, as well as up to 125 employees in Norway, Germany, Finland and the U.S, Dow Jones discloses. Nokia Oyj is a Finland-based company engaged in telecommunications sector. It has three operating segments: Devices & Services; Location & Commerce, and Nokia Siemens Networks. Devices & Services is responsible for developing and managing the Company's portfolio of mobile products, as well as designing and developing services, including applications and content. It is divided into two sub-segments: Smart Devices, focusing on smartphones, and Mobile Phones, focusing on mass market feature phones. Location & Commerce focuses on the development of location-based services and local commerce and providing such applications as mobile maps, car navigations systems, and public transport facilities, among others. Nokia Siemens Networks provides a portfolio of mobile fixed and converged network technology, as well as managed services, consultancy and systems integration, deployment and maintenance to operators and service providers. The Company operates a number of subsidiaries worldwide. * * * As reported by the Troubled Company Reporter on July 25, 2012 Moody's Investors Service downgraded the long-term senior unsecured ratings, the corporate family rating (CFR) and the probability of default rating (PDR) of Nokia Oyj to Ba3 from Ba1. The short-term senior unsecured ratings of Not-Prime were affirmed. The outlook on all ratings remains negative. "The rating action reflects our view that Nokia's transition in the smartphone business will cause deeper operating losses and consequently cash consumption in the coming quarters than we had previously assumed," says Wolfgang Draack, a Moody's Senior Vice President and lead analyst for Nokia. "A return to profitability in the Devices & Services (D&S) segment on the back of smartphones with the Windows Phone 8 mobile operating systems is by no means assured," Mr. Draack continues. =========== F R A N C E =========== CEGEDIM SA: S&P Cuts Long-Term Corporate Credit Rating to 'B' ------------------------------------------------------------- Standard & Poor's Ratings Services lowered to 'B' from 'B+' its long-term corporate rating on French healthcare software and services provider Cegedim S.A. "We also placed the rating on CreditWatch with negative implications," S&P said. "At the same time, we lowered the issue rating on Cegedim's EUR280 million unsecured notes due in 2015 to 'B' from 'B+', in line with the corporate credit rating. The recovery rating on the notes is '3', reflecting our expectation of meaningful (50%-70%) recovery for creditors in the event of a payment default," S&P said. "The downgrade and CreditWatch reflect our anticipation that a persistent difficult economic environment in 2012 could lead to further deterioration in Cegedim's profitability and cash flow generation. If not meaningfully addressed, this would put additional pressure on the group's liquidity position, given the current capital structure which notably includes a less than 3.0x leverage covenant, EUR40 million annual debt amortization, and bonds maturing in 2015," S&P said. "The downgrade also reflects our view that under current economic conditions and after its first-half 2012 performance, Cegedim is unlikely to restore covenant headroom to above 15% by the end of 2012. The downgrade also factors in our view that pharmaceutical groups are likely to continue cutting costs because of the persistent challenging conditions. According to our estimates, Cegedim's free operating cash flow (FOCF) will not be in line with the EUR40 million annual debt amortization by the end of 2012, and is likely to be lower than in 2011," S&P said. "The rating action also reflects our lowering of Cegedim's business risk score to 'weak' from 'fair.' Our assessment reflects that Cegedim has been more volatile and sensitive to the economic environment than we had anticipated, and we expect conditions to remain challenging in coming months. Cegedim's business score was already at the lower-end of the 'fair' category because of its large 80% fixed cost base, high capital intensity, modest organic growth prospects, exposure to execution risk, and declining profitability," S&P said. "We aim to resolve the CreditWatch within the next three months, after meeting with management and receiving more in-depth information, notably first half 2012 results and information on current trading," S&P said. "We might take a negative rating action if Cegedim failed to strengthen its liquidity position. As a consequence, we could lower the group's liquidity qualifier to 'weak' from 'less than adequate.' Under our criteria, a weak liquidity status would translate into a corporate credit rating of 'B-' or lower," S&P said. ============= G E R M A N Y ============= CLAUSIUS MARINE: Files for Insolvency in Hamburg Court ------------------------------------------------------ Niklas Magnusson at Bloomberg News, citing a statement on the Internet portal of the justice authorities of the federal and state governments of Germany, reports that Clausius Marine Versicherungsmakler GmbH has filed for insolvency at the district court in the city of Hamburg. Clausius Marine Versicherungsmakler GmbH is a German shipping insurer founded in 1969. CORNERSTONE TITAN 2007-1: S&P Cuts Rating on Cl. D Notes to CCC- ---------------------------------------------------------------- Standard & Poor's Ratings Services lowered to 'BB (sf)' from 'A+ (sf)' and removed from CreditWatch negative its credit rating on Cornerstone Titan 2007-1 PLC's class A2 notes, and lowered its ratings on the class B, C, and D notes. "At the same time, we have affirmed and removed from CreditWatch negative our 'A+ (sf)' rating on the class A1 notes and affirmed our 'D (sf)' rating on the class E notes," S&P said. "On Jan. 31, 2012, we placed on CreditWatch negative our ratings on the class A1 and A2 notes following rating actions we took on various banks on Nov. 29, 2011, due to the application of our revised bank criteria," S&P said. Cornerstone Titan 2007-1 is a European commercial mortgage-backed securities (CMBS) transaction that closed in March 2007, and is currently secured on 21 pan-European commercial real estate loans. "The rating actions follow our review of the credit quality of the 21 remaining underlying loans in the pool under various rating stress scenarios as well as our assessment of the issuer's counterparty risks," S&P said. "In light of the current market lending conditions and declines in the market value of commercial real estate, we consider that the refinancing risks and our expectation of principal losses associated with the remaining loans have increased. Our analysis indicates significant concentration of losses in three loans backing the transaction: Hugo, Xanadu, and German Retail Portfolio III," S&P said. "Although our overall loss expectation has increased, in our opinion the amount of credit enhancement available to the class A1 notes remains adequate to absorb the amount of losses that the underlying assets would suffer under highly stressed scenarios. However, our rating remains constrained at 'A+ (sf)' because of counterparty risks. Consequently, we have affirmed and removed from CreditWatch negative our 'A+ (sf)' rating on the class A1 notes," S&P said. "We believe that the credit enhancement available to the class A2, B, C, and D notes is no longer sufficient to cover asset credit risk at the current rating levels. As a consequence, we have lowered to 'BB (sf)' from 'A+ (sf)' and removed from CreditWatch negative our rating on the class A2 notes. We also lowered our ratings on the class B and C notes to 'B- (sf)', and our rating on the class D notes to 'CCC- (sf)'. The downgrades of the class A2, B, and C notes were mainly due to the deteriorating performance of the Hugo, Xanadu, and German Retail Portfolio III loans," S&P said. "We have also affirmed our 'D (sf)' rating on the class E notes. We believe that these notes are highly exposed to principal losses, and they failed to receive full interest payment on the July 2012 payment date," S&P said. "We do not rate the class F and G notes," S&P said. CREDIT REVIEW Cornerstone Titan 2007-1 closed in March 2007 with a note balance of EUR1,321.9 million. The underlying pool initially held 33 loans secured on real estate assets in Germany, the Netherlands, Switzerland, France, and Poland. On the most recent note interest payment date, in July 2012, 21 loans remained outstanding and the outstanding note balance was EUR929.7 million," S&P said. "Out of the 12 loans that repaid, four did it at a loss, determined at EUR38.9 million. In this transaction, losses materialize through net accrued interest (NAI) and are applied against the classes of notes reverse sequentially when they occur. However NAI remains due until the transaction is wound up," S&P said. "The 21 loans left in the transaction are secured by 108 assets in Germany (78% by loan amount), France (19%), Switzerland (2%), and Poland (1%). The sector breakdown shows a high concentration in mixed-use assets (54% by loan amount) followed by retail (22%), and office (20% by loan amount). Most of the 108 are assets of average quality, in our opinion," S&P said. "Twelve of the 21 loans left in the transaction are specially serviced loans. These 12 loans represent 75% of the aggregated loan amounts. Although the nine remaining loans are performing loans, we believe they are at risk of being transferred to special servicing, given their upcoming maturities and our view that difficulty in refinancing them has increased," S&P said. "Most of the assets backing the remaining loans have been revalued since closing. Twelve loans, which contribute 83% of the remaining loan pool, now feature reported securitized loan-to-value ratios equal to, or above, 90%. These loans are likely to experience losses, in our opinion. Additionally, we consider the overall properties' cash flow to be exposed to disruptions, in light of the overall lease profile. We understand that approximately 20% of the current rental income could fall away by the end of 2013 and 100% by the end of 2016. We generally believe that secondary assets exposed to cash flow disruptions will be more complicated to refinance in the foreseeable future, given the persistent difficulties in the lending industry, and could ultimately result in further losses," S&P said. "Taking into account our review of the deteriorating performance of the remaining 21 loans, we consider that the risk of losses has significantly increased. We believe that some of the reported property values may constrain the potential level of recoveries. Our analysis indicates that the class C notes and other junior classes are becoming more vulnerable to losses in 's difficult market lending conditions. Consequently, we consider that the notes' creditworthiness has deteriorated, with the exception of the class A1 notes, which, in our view, benefit from adequate levels of subordination, given the rating level," S&P said. The four largest loans together account for 66% of the total loan pool balance. THE XANADU LOAN (28% OF THE POOL BY LOAN BALANCE) The loan, which includes a B-note outside the transaction, is secured by a portfolio of seven German office properties. "The portfolio is fully let to an affiliate of one of the world's largest integrated telecommunications operators (rated BBB+/Positive/A-2) for at least seven years. The assets were revalued in August 2011 at EUR189.9 million (against EUR350.0 million at closing). This reflects a 46% decline in their market value against the original value. None of the assets are trophy assets, in our opinion," S&P said. "The loan matured in January 2012 and failed to refinance. As a result, the loan is now in special servicing. We understand that the borrower filed for insolvency proceedings and that the special servicer has held initial discussions with the insolvency administrator to outline its intention for an orderly sale of the underlying assets, rather than a forced auction process," S&P said. "The loan is no longer hedged against interest-rate variations and we understand that the special servicer is sweeping the excess cash to amortize the securitized loan," S&P said. "Taking into account our review of the loan, we consider that the loan is exposed to losses. In our view, the October 2011 valuation may affect the marketability of the properties in any potential disposal scenario," S&P said. THE HUGO LOAN (19% OF THE POOL BY LOAN BALANCE) The loan is secured by four office properties situated in Paris Ile de France (France). "The properties are currently fully occupied by eight tenants. However, we understand that one of the main tenants has decided to vacate the space it occupies. The assets are of average quality and capital expenditure would most likely be required should any of the assets fall vacant, in our opinion. It may be difficult to re-let the properties, in our view," S&P said. "The assets were revalued in January 2012 at EUR119.7 million (against EUR231.8 million at closing). This reflects a 48% decline in their market value against the original value. We believe that this decline has mainly been driven by an expected deterioration in future cash flows," S&P said. "The loan matured in January 2012 and failed to refinance. As a consequence, the loan is now in special servicing. Following the payment default, the special servicer entered into a standstill agreement to evaluate the options for maximizing loan recoveries," S&P said. "The loan is no longer hedged against interest rate variations and we understand that the special servicer is sweeping the excess cash to amortize the loan," S&P said. "Taking into account our review of the loan, we consider that the risk of principal losses has increased given the declining value of the portfolio and the portfolio's exposure to leases that are coming to an end. This may result in additional declines in the market value of the portfolio," S&P said. THE WOLFSBURG LOAN (10% OF THE POOL BY LOAN BALANCE) The loan is secured by three mixed-use properties (industrial assets with office space) in western Germany. Two of the properties are in Wolfsburg and one in Oberhausen. "Although the assets are multi-tenanted, the incomes are exposed to deterioration, given the high tenant concentration and short remaining lease term. The largest tenant accounts for more than 80% of the properties' income and this lease ends in less than two years. The assets were revalued in June 2011 at EUR100.7 million (against EUR138.5 million at closing). This reflects a 27% decline in market value against the original value. The assets are of average quality, in our opinion," S&P said. "The loan maturity is in July 2013. We believe the loan may fail to refinance, given the exposure of the portfolio to leases that are coming to an end, which may result in additional declines in market value," S&P said. THE GERMAN RETAIL PORTFOLIO III LOAN (9% of the pool by loan balance) The loan, which includes a B-note outside the securitization, is secured by a portfolio of 37 small German retail centers. "The portfolio is almost fully occupied and the income is granular. However, the leases have a weighted-average lease term (to break) of about four years, which is relatively short, in our view. The assets were revalued in July 2011 at EUR59.9 million (against EUR125.1 million at closing). This reflects a 52% decline in market value against the original value. The assets are of average quality, in our opinion," S&P said. "The loan matured in October 2011 and failed to refinance. It was transferred to special servicing in May 2011 because of a term payment default. Since then, the borrower has been declared bankrupt and a German court appointed a receiver in October 2011. We understand that the special servicer and the receiver agreed to sell properties through an open-market sales process rather than a forced auction process," S&P said. "The loan is no longer hedged against interest rate variations and we understand that the special servicer is sweeping the excess cash to amortize the securitized loan," S&P said. "Taking into account our review of the loan, we consider that the risk of principal losses has increased. In our view, the July 2011 valuation may affect the marketability of the properties in any potential disposal scenario," S&P said. CASH FLOW REVIEW "As reflected in the July 2012 cash manager report, the class E, F, and G notes have deferred unpaid interest. We understand that the excess spread, which is distributed to the class X notes, is not available in this transaction to mitigate interest shortfalls for the other classes of notes. In this transaction, the issuer relies on servicer advances to address timely payment of interest on the notes. However, under the transaction documents, the back- up advance provider is not allowed to make servicing advances to cover nterest shortfalls under the notes, if such shortfalls have resulted from extraordinary expenses payable to the transaction parties (e.g., special servicing fees) or the reduction of servicing advances (no drawings, if any required, are allowed on the portion of the securitized loans that represents more than 90% of the securitized loan)," S&P said. "Given that we believe it might be difficult to refinance individual loans, the number of loans in special servicing will likely increase within the next 18 months, in our view. This, combined with impending lease rollovers, may, in our view, exacerbate the size of existing interest shortfalls on future payment dates. Our analysis indicates that the class D notes (and potentially the class C notes to a lesser extent) may be at risk of interest shortfalls," S&P said. COUNTERPARTY RISK "The highest rating that the transaction can obtain, based on our 2012 counterparty criteria is 'A+ (sf)', as the ratings in this transaction cannot be higher than the rating on the back-up advance provider," S&P said. POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES "We have taken the rating actions based on our criteria for rating European CMBS. However, these criteria are under review," S&P said. "As highlighted in the Nov. 8 Advance Notice Of Proposed Criteria Change, our review may result in changes to the methodology and assumptions we use when rating European CMBS, and consequently, it may affect both new and outstanding ratings on European CMBS transactions," S&P said. "On June 4, we published a request for comment (RFC) outlining our proposed criteria changes for CMBS Global Property Evaluation Methodology. The proposed criteria do not significantly change Standard & Poor's longstanding approach to deriving property net cash flow and value. We therefore anticipate limited impact for European outstanding ratings when the updated CMBS Global Property Evaluation Methodology criteria are finalized," S&P said. "However, because of its global scope, the proposed CMBS Global Property Evaluation Methodology does not include certain market- specific adjustments. An application of these criteria to European Transactions will therefore be published when we release our updated rating criteria," S&P said. "Until such time that we adopt new criteria for rating European CMBS, we will continue to rate and monitor these transactions using our existing criteria," S&P said. STANDARD & POOR'S 17G-7 DISCLOSURE REPORT SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an property-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially rated (including preliminary ratings) on or after Sept. 26, 2011. If applicable, the Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available at: http://standardandpoorsdisclosure-17g7.com RATINGS LIST Class Rating Rating To From Cornerstone Titan 2007-1 PLC EUR1.322 Billion Commercial Mortgage-Backed Floating-Rate Notes Rating Lowered and Removed From CreditWatch Negative A2 BB (sf) A+ (sf) Watch Neg Ratings Lowered B B- (sf) A- (sf) C B- (sf) BBB+ (sf) D CCC- (sf) B- (sf) Rating Affirmed and Removed From CreditWatch Negative A1 A+ (sf) A+ (sf) Watch Neg Rating Affirmed E D (sf) SCHAEFFLER AG: S&P Raises Long-Term Corp. Credit Rating to 'B+' --------------------------------------------------------------- Standard & Poor's Ratings Services raised its long-term corporate credit rating on Germany-based automotive component and systems and industrial bearings manufacturer Schaeffler AG to 'B+' from 'B'. The outlook is stable. "We also raised our issue ratings on Schaeffler's senior secured debt instruments to 'B+' from 'B', in line with the corporate credit rating. The recovery ratings on these instruments remain unchanged at '3', indicating our expectation of meaningful (50%- 70%) recovery in the event of a payment default," S&P said. "The upgrade reflects the successful refinancing of Schaeffler's EUR7.7 billion senior bank loan in the first half of 2012. The refinancing transactions include the signing of a new bank facility in January 2012 to an extended group of banks, followed by a maiden EUR2 billion bond issuance, a EUR1.4 billion institutional loan issuance, and finally a EUR0.3 billion retail bond issuance in June 2012. These actions have significantly strengthened Schaeffler's liquidity profile, lengthened its debt maturity profile (the next upcoming debt maturity is January 2015), and diversified its funding sources," S&P said. "The upgrade also reflects our view that, despite a challenging macroeconomic outlook, Schaeffler's operating performance will continue to be robust, including an adjusted EBITDA margin of close to 20%, in line with pre-crisis levels. We also anticipate slightly positive free operating cash flow (FOCF) in 2012 and 2013, despite a low EBITDA cash conversion owing to continuing high capital expenditures (capex) and large cash interest payments. These remained high despite a slight decrease following the refinancing of the senior debt facilities and the restructuring of the interest rate hedge portfolio," S&P said. "The stable outlook reflects our opinion that Schaeffler will be able to maintain a strong operating performance in 2012-2013, including an adjusted EBITDA margin close to 20% and slightly positive FOCF. We view a ratio of FFO to adjusted debt of around 10% and a ratio of adjusted debt to EBITDA of around 6x as commensurate with the 'B+' rating," S&P said. "Schaeffler has limited headroom under the current 'B+' rating level in our view, given its very high level of debt and limited FOCF generation under its capital structure and therefore very limited deleveraging prospects in the foreseeable future. We would likely lower the rating if Schaeffler meaningfully underperforms our base-case expectations," S&P said. "We see limited upside at the current rating level, absent a change in the capital structure leading to a material deleveraging, which we don't currently assume in our base case," S&P said. TALISMAN-3 FINANCE: S&P Cuts Ratings on 2 Note Classes to 'CCC-' ---------------------------------------------------------------- Standard & Poor's Ratings Services lowered its credit ratings on Talisman-3 Finance PLC's class B, D, and E notes, and removed from CreditWatch negative its ratings on the class B notes. "At the same time, we affirmed our ratings on the class C and F notes," S&P said. "Talisman-3 Finance is a commercial mortgage-backed securities (CMBS) transaction that closed in 2006. It was initially secured against 13 loans, 10 of which have since repaid. The remaining loans in the pool are secured by two offices (the Berlin and Dresden loans) and multifamily housing (the Waterloo loan) in Germany. The outstanding note balance has reduced to EUR91.04 million from EUR689.9 million at the transaction's closing date. The class A notes have fully repaid since closing. The remaining notes mature in January 2015," S&P said. "We previously took rating actions in this transaction on July 2, 2010. At that time, we reported on increasing risks for certain loans, some of which have since repaid," S&P said. "In light of the current market lending conditions and declines in commercial real estate market values, our recovery expectations for all of the loans have further decreased. The downgrades reflect these expectations," S&P said. COUNTERPARTY RISK "On Jan. 31, 2012, we placed on CreditWatch negative for counterparty reasons our ratings on the class B notes following our Nov. 29, 2012 downgrade of The Royal Bank of Scotland PLC (A/Stable/A-1)--this transaction's liquidity facility provider. The rating actions resolve this CreditWatch negative placement," S&P said. "Under our 2012 counterparty criteria, our ratings in this transaction cannot be higher than our long-term rating on the liquidity facility provider. Therefore, the maximum potential rating in this transaction is 'A (sf)'," S&P said. BERLIN AND DRESDEN LOANS "The Berlin and Dresden loans (70.12% of the pool)--secured by two offices in Berlin and Dresden, Germany--have been in special servicing with Hatfield Philips International Ltd. since January 2012, when the loan extension period expired (the loans were extended at the original loan maturity date in 2010). Since they failed to repay at maturity the loans have been in standstill and a borrower-led sale has been executed. A potential purchaser has since been identified for both office buildings and is progressing to acquire at an agreed purchase price of EUR44 million. However this sale is not yet legally binding," S&P said. "The Berlin asset is an eight-story office building constructed in 2005. It is located in the Kreuzberg district of Berlin and is fully let to Verwaltungs-Berufsgenossenschaftv (VBG) on a long- term lease (expiring on Dec. 31, 2022). The Dresden office is a six-story office building that was constructed in 2004. It is located in the district of Seevorstadt Ost. At last reporting, there were six tenants in the property, the main tenant being VBG with a lease that expires in 2024," S&P said. "The most recent portfolio revaluation was in November 2009 by BNP Paribas Real Estate, for EUR47.2 million, down from EUR85.74 million at issuance, reflecting a securitized loan-to-value (LTV) ratio of 136%. This compares with an LTV ratio of 85% at closing. Taking into account our review of recoveries on these loans and the anticipated sale scenario, our loss expectations have increased," S&P said. WATERLOO LOAN The Waterloo loan (29.88% of the pool)--secured by 10 multifamily housing buildings in Mannheim and Muenster, Germany is due to mature in January 2013. "The loan has a current reported interest cover ratio of 1.44x and a LTV of 74.92%. The most recent portfolio revaluation was in December 2009 by Cushman and Wakefield for EUR36.3 million, marginally down from EUR36.7 million at issuance. Although we believe that a whole-loan refinancing by 2013 may be difficult to achieve if market conditions persist, we do not currently anticipate principal losses on the loan," S&P said. CASH FLOW REVIEW "As reflected in the July 2012 cash manager report, the class F notes have unpaid interests. The class E and F notes are subject to an available funds cap (AFC). Any shortfall in interest due to loan prepayment is not paid, does not accrue, and is effectively written off. In line with our practice and criteria, as the class F shortfalls are due to the loan prepayment since closing, we have not lowered our rating on those notes to 'D (sf)' because of the interest shortfalls. However, we have affirmed our rating on the class F notes at 'CCC- (sf)', as we anticipate principal losses," S&P said. "If the Berlin and Dresden loans were to repay, the anticipated mismatch between the loans and the note margins may exacerbate the size of the existing interest shortfalls on future payment dates. Our analysis indicates that the class D notes may be at risk of interest shortfall. The class D notes are not subject to an AFC and, therefore, in such a scenario we would lower our rating on those notes 'D (sf)'. As we believe this scenario could materialize shortly and we anticipate principal losses, we have lowered our rating on the class D notes to 'CCC- (sf)'," S&P said. RATING ACTIONS "Based on our view of potential losses on the Berlin and Dresden loans, coupled with the likelihood of future interest shortfalls as a result of prepaid loans, we have lowered our ratings on the class D and E notes to 'CCC- (sf)' and affirmed our rating on the class F notes at 'CCC-(sf)'," S&P said. "The class B and C notes, in our opinion, remain adequately protected from a credit perspective to support our previous ratings. However, our ratings are now constrained by counterparty risks. We have therefore lowered our rating on the class B notes to 'A (sf) and affirmed our rating on the class C notes at 'A (sf)', in line with our long-term rating on the liquidity facility Provider," S&P said. POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES "We have taken the rating actions based on our criteria for rating European CMBS. However, these criteria are under review," S&P said. "As highlighted in the Advance Notice Of Proposed Criteria Change, our review may result in changes to the methodology and assumptions we use when rating European CMBS, and consequently, it may affect both new and outstanding ratings on European CMBS transactions," S&P said. "On June 4, we published a Request For Comment outlining our proposed criteria changes for CMBS Global Property Evaluation Methodology. The proposed criteria do not significantly change our longstanding approach to deriving property net cash flow and value. We therefore anticipate limited impact for European outstanding ratings when the updated CMBS Global Property Evaluation Methodology criteria are finalized," S&P said. "However, because of its global scope, the proposed CMBS Global Property Evaluation Methodology does not include certain market- specific adjustments. An application of these criteria to European transactions will therefore be published when we release our updated rating criteria," S&P said. "Until such time that we adopt new criteria for rating European CMBS, we will continue to rate and monitor these transactions using our existing criteria," S&P said. STANDARD & POOR'S 17G-7 DISCLOSURE REPORT SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an property-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially rated (including preliminary ratings) on or after Sept. 26, 2011. If applicable, the Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available at: http://standardandpoorsdisclosure-17g7.com RATINGS LIST Class Rating To From Talisman-3 Finance PLC EUR689.9 Million Commercial Mortgage-Backed Floating-Rate Notes Ratings Lowered and Removed From CreditWatch Negative B A (sf) A+ (sf)/Watch Neg Ratings Lowered D CCC- (sf) BB+ (sf) E CCC- (sf) CCC (sf) Ratings Affirmed C A (sf) F CCC- (sf) ============= I R E L A N D ============= BLUE MOUNTAIN: Moody's Raises Rating on Class E Notes to 'Ba2' -------------------------------------------------------------- Moody's Investors Service has upgraded the ratings of the following notes issued by Blue Mountain CLO II Ltd.: US$215,000,000 Class A Senior Floating Rate Notes Due 2018 (current balance: $212,859,665), Upgraded to Aaa (sf); previously on August 23, 2011 Upgraded to Aa1 (sf); US$80,000,000 Class A-2 Senior Delayed Draw Floating Rate Notes Due 2018 (current balance: $79,203,596), Upgraded to Aaa (sf); previously on August 23, 2011 Upgraded to Aa1 (sf); US$23,000,000 Class B Senior Floating Rate Notes Due 2018 Upgraded to Aa1 (sf); previously on August 23, 2011 Upgraded to A1 (sf); US$24,000,000 Class C Deferrable Mezzanine Floating Rate Notes Due 2018 Upgraded to A3 (sf); previously on August 23, 2011 Upgraded to Baa2 (sf); US$11,500,000 Class E Deferrable Junior Floating Rate Notes Due 2018 Upgraded to Ba2 (sf); previously on August 23, 2011 Upgraded to Ba3 (sf). Rating Rationale According to Moody's, the rating actions taken on the notes reflect the benefit of the short period of time remaining before the end of the deal's reinvestment period in September 2012. In consideration of the reinvestment restrictions applicable during the amortization period, and therefore limited ability to effect significant changes to the current collateral pool, Moody's analyzed the deal assuming a higher likelihood that the collateral pool characteristics will continue to maintain a positive "cushion" relative to certain covenant requirements. In particular, the deal is assumed to benefit from lower WARF and higher spread and diversity levels compared to the levels assumed at the last rating action in August 2011. Moody's modeled a WARF of 2775 compared to 3000 at the time of the last rating action. Moody's also notes that the transaction's reported collateral quality and overcollateralization ratios are stable since the last rating action. Due to the impact of revised and updated key assumptions referenced in "Moody's Approach to Rating Collateralized Loan Obligations" published in June 2011, key model inputs used by Moody's in its analysis, such as par, weighted average rating factor, diversity score, and weighted average recovery rate, may be different from the trustee's reported numbers. In its base case, Moody's analyzed the underlying collateral pool to have a performing par and principal proceeds balance of US$384 million, defaulted par of US$10.0 million, a weighted average default probability of 20.16% (implying a WARF of 2775), a weighted average recovery rate upon default of 50.85%, and a diversity score of 59. The default and recovery properties of the collateral pool are incorporated in cash flow model analysis where they are subject to stresses as a function of the target rating of each CLO liability being reviewed. The default probability is derived from the credit quality of the collateral pool and Moody's expectation of the remaining life of the collateral pool. The average recovery rate to be realized on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance trends and collateral manager latitude for trading the collateral are also factors. Blue Mountain CLO II Ltd. issued in July 2006, is a collateralized loan obligation backed primarily by a portfolio of senior secured loans. The principal methodology used in this rating was "Moody's Approach to Rating Collateralized Loan Obligations" published in June 2011. Please see the Credit Policy page on www.moodys.com for a copy of this methodology. Moody's modeled the transaction using a cash flow model based on the Binomial Expansion Technique, as described in Section 2.3 of the "Moody's Approach to Rating Collateralized Loan Obligations" rating methodology published in June 2011. In addition to the base case analysis described above, Moody's also performed sensitivity analyses to test the impact on all rated notes of various default probabilities. Below is a summary of the impact of different default probabilities (expressed in terms of WARF levels) on all rated notes (shown in terms of the number of notches' difference versus the current model output, where a positive difference corresponds to lower expected loss), assuming that all other factors are held equal: Moody's Adjusted WARF -- 20% (2220) Class A: 0 Class A-2: 0 Class B: +1 Class C: +2 Class D: +1 Class E: +1 Moody's Adjusted WARF + 20% (3330) Class A: 0 Class A-2: 0 Class B: -2 Class C: -2 Class D: -1 Class E: 0 Moody's notes that this transaction is subject to a high level of macroeconomic uncertainty, as evidenced by 1) uncertainties of credit conditions in the general economy and 2) the large concentration of speculative-grade debt maturing between 2014 and 2016 which may create challenges for issuers to refinance. CLO notes' performance may also be impacted by 1) the manager's investment strategy and behavior and 2) divergence in legal interpretation of CLO documentation by different transactional parties due to embedded ambiguities. Sources of additional performance uncertainties are described below: 1) Deleveraging: The main source of uncertainty in this transaction is whether deleveraging from unscheduled principal proceeds will commence and at what pace. Deleveraging may accelerate due to high prepayment levels in the loan market and/or collateral sales by the manager, which may have significant impact on the notes' ratings. 2) Recovery of defaulted assets: Market value fluctuations in defaulted assets reported by the trustee and those assumed to be defaulted by Moody's may create volatility in the deal's overcollateralization levels. Further, the timing of recoveries and the manager's decision to work out versus sell defaulted assets create additional uncertainties. Moody's analyzed defaulted recoveries assuming the lower of the market price and the recovery rate in order to account for potential volatility in market prices. MCEVOY FOODS: High Court Appoints Interim Examiner -------------------------------------------------- InsolvencyJournal.ie reports that McEvoy Foods confirmed on Aug. 4 that an interim examiner would be appointed to the company. The company states it is in financial difficulties due to high start up costs, lack of bank funding and bad debts, InsolvencyJournal.ie discloses. Neil Hughes of Hughes Blake was appointed Interim Examiner after the court heard that the company is insolvent and unable to pay its debts as they fall due, InsolvencyJournal.ie relates. However, an independent accountants report showed that the company has a prospect of survival should a number of conditions, including securing investment, be met, according to InsolvencyJournal.ie. The company has already received interest from investors and they will return to court in early September, InsolvencyJournal.ie notes. McEvoy Foods is a food manufacturing firm. The company supplies produce to Supervalu and Lidl. It employs 18 people. VICO CAPITAL: In Administration, Owes EUR100 Million Debt --------------------------------------------------------- The Irish Times reports that Vico Capital was placed into receivership. The company was taken over by Morgan Stanley last April because a EUR100 million debt could not be repaid by the now-bankrupt O'Donnell, according to The Irish Times. The Irish Times notes that Vico bought 15 Westferry Circus for GBP134.75 million in 2006 near the height of the property boom. The report relates that it was part of a EUR1 billion property empire built up by Mr. O'Donnell in Ireland, Britain and elsewhere. The property was placed into so-called special servicing -- where loans in danger of going into default are given particular attention -- by Morgan Stanley in April, The Irish Times says. The report discloses that the receivers intend to revalue the building -- estimated to be worth GBP145 million by Savills in 2006 -- before putting it up for sale later this year. ========= I T A L Y ========= UNIPOL BANCA: S&P Keeps 'BB' Counterparty Credit Rating on Watch ---------------------------------------------------------------- Standard & Poor's Ratings Services kept its 'BB' long-term counterparty credit ratings on Unipol Banca SpA on CreditWatch with negative implications. "We originally placed Unipol Banca's ratings on CreditWatch negative on Dec. 7, 2011," S&P said. "We have affirmed our 'B' short-term counterparty credit rating on Unipol Banca," S&P said. "The CreditWatch negative status follows that on Unipol Banca's parent company Unipol Gruppo Finanziario SpA (UGF; BB+/Watch Neg/- -), and its 'core' operating subsidiary Unipol Assicurazioni SpA (BBB/Watch Neg/--). The downgrade of Unipol Assicurazioni and UGF by one notch reflected our view of the negative impact on the financial risk profile of its investment in Premafin, the holding company of Fondiaria-SAI SpA (B+/Watch Pos/--). At the same time, a downward revision of our assessment of the economic risks for banks in Italy has not affected Unipol Banca's rating," S&P said. Standard & Poor's intends to resolve the CreditWatch on Unipol Banca after resolving the CreditWatch placements on UGF and Unipol Assicurazioni. "We could lower our long-term rating on Unipol Banca if we were to take a similar action on UGF," S&P said. "We could also lower the ratings on Unipol Banca if we perceived deterioration of UGF's financial strength and its ability to support its subsidiary. As a result, we could reduce the number of notches we factor into Unipol Banca's long-term rating for parental support. A deterioration of Unipol Banca's capitalization, currently not expected, could also put negative pressure on the ratings," S&P said. "Conversely, if we were to conclude that the integration of Fondiaria-SAI does not significantly reduce the merged group's potential capacity to support Unipol Banca, we could affirm our ratings on the latter," S&P said. UNIPOL GRUPPO: S&P Lowers Counterparty Credit Rating to 'BB+' ------------------------------------------------------------- Standard & Poor's Ratings Services lowered to 'BBB' from 'BBB+' its long-term counterparty credit and financial strength ratings on Italy-based composite insurer Unipol Assicurazioni SpA. "We also lowered to 'BB+' from 'BBB-' the long-term counterparty credit rating on the Unipol group's holding company, Unipol Gruppo Finanziario SpA (UGF). All ratings remain on CreditWatch with negative implications where they were originally placed on Dec. 9, 2011. "The downgrade reflects our view of Unipol's weakening financial risk profile following its increased financial and management commitment to the Premafin group, inclusive of its EUR339.5 million investment in Premafin HP capital and potential EUR140 million investment in Fondiaria-SAI SpA (B+/Watch Pos/--) savings shares. In our opinion, the benefits of the EUR725.8 million received so far on the EUR1.1 billion capital increase are more than offset by its financial commitments and resulting weaker investment profile, weakened financial flexibility, and increasing weight of the Premafin group business and financial risk profiles on Unipol's financial strength. We have also revised our opinion of Unipol's management and corporate strategy to marginally negative from marginally positive to reflect the scale of the financial and operational challenge in embarking on such a transaction in very difficult market conditions," S&P said. "Under Standard & Poor's capital model, were the merger of Unipol Assicurazioni with Premafin HP, Fondiaria-SAI SpA, and Milano Assicurazioni SpA completed, we believe the merged group would have little excess of capital at the 'BBB' rating level. We also believe it would have a low quality of capital owing to the higher reliance on unrealized gains on properties and other soft capital elements. While the level of financial leverage would remain relatively high at 30%, it would still be within tolerances at its current rating level. Given the combined entities' capital adequacy and very constrained financial flexibility, the merged group would, in our view, have little flexibility to absorb potential nonrecurring costs resulting from a challenging integration in a difficult macroeconomic and financial environment," S&P said. S&P said that in its view, the merger involves significant execution risk. The ratings agency said the pro forma profitability of the merged group could be undermined by: -- Further loss reserves strengthening; -- Further asset impairments; and/or -- Other nonrecurring costs related to the integration, and to legal, claw-back, and compensatory actions from shareholders, listing authorities, and creditors. "The ratings on Unipol reflect our view of its leading position in the Italian insurance market, good and improving underlying earnings, and good liquidity. These positives are, in our view, offset by marginal financial flexibility, and our marginally negative management and corporate strategy assessment," S&P said. Standard & Poor's aims to resolve or update the CreditWatch placement within the next three months, when the merger with the Premafin group is effectively completed (or otherwise). "The CreditWatch status reflects the increasing probability of Unipol Assicurazioni's merger with Premafin, Fondiaria-SAI, and Milano Assicurazioni. We believe this merger could weaken Unipol group's currently good financial risk profile since the Fondiaria- SAI group's operating companies have a 'B+' credit profile," S&P said. "We could lower the ratings on Unipol Assicurazioni up to one notch on the completion of the merger, depending on the final group structure, level of capital, and potential materialization of nonrecurring costs at both the Fondiaria-SAI and Unipol group levels. We estimate that the pro forma capitalization for the group would be in the 'BBB' range. Were the actual capital position to be materially weaker than this assumption, the downside to the rating could be greater than one notch," S&P said. "Conversely, we could affirm the ratings if the merger is aborted or if Unipol group's financial risk profile remained good post- merger, if management established conservative financial targets, and capital was resilient to nonrecurring costs and was expected to remain in the 'BBB' range," S&P said. WINDJET: On Brink of Bankruptcy; May Lose Operating License ----------------------------------------------------------- Agence France-Presse reports that Italy's civil aviation authority on Saturday took emergency action to help passengers facing the prospect of being stranded by the feared bankruptcy of Windjet. According to AFP, aviation authority ENAC said that Windjet is threatened with the loss of its operating license as early as Monday, affecting at least 300,000 people who have booked flights with the company up to October. The authority said on Saturday, it had set up a crisis center to enable other airlines, including Alitalia, Meridiana and Blu Panorama, to take over Windjet's services, at a small extra cost for passengers, AFP relates. Since Friday, Windjet flights have suffered cancellations and delays as the company has struggled to keep afloat after takeover talks with flag-carrier Alitalia broke down, AFP notes. Alitalia walked out of the negotiations begun several months ago after Windjet boss Stefano Rantuccio accused it of trying to impose damaging conditions on his company, AFP recounts. Alitalia charged that Windjet clearly had no intention of respecting provisional agreements aimed at saving the budget operator, AFP discloses. Windjet is a Sicilian-based low-cost airline. * ITALY: Euro Debt Crisis Fallout Prompts Corporate Insolvencies ---------------------------------------------------------------- Andrew Davis at Bloomberg News reports that the European Central Bank said in its monthly report, fallout from the euro region's debt crisis has led to more corporate insolvencies in Italy than in countries in northern Europe. According to Bloomberg, the Frankfurt-based ECB said in an article on risk to private companies from the debt crisis published in Thursday's monthly bulletin that corporate defaults increased "substantially" in the second half of 2011 as the crisis intensified, compounding the effects of weakening economic growth. "Across the larger euro-area countries, this rise was particularly pronounced for Italian firms, while it was rather subdued for Dutch and German firms," Bloomberg quotes the report as saying. ===================== N E T H E R L A N D S ===================== FAB CBO 2003-1: S&P Cuts Ratings on Two Note Classes to 'CCC' ------------------------------------------------------------- Standard & Poor's Ratings Services lowered and removed from CreditWatch negative its credit ratings on all classes of notes issued by FAB CBO 2003-1 B.V. FAB CBO 2003-1 is a cash flow collateralized debt obligation (CDO) of asset-backed securities (ABS) transaction that closed in March 2003. "The rating actions follow our assessment of the transaction's performance since our previous review on Feb. 9, 2011, and the application of our CDO of structured finance securities (CDO of SF) criteria, which became effective on March 19, 2012. We performed a credit and cash flow analysis using data from the April 2012 trustee report. We have also applied our 2012 counterparty criteria," S&P said. "On March 19, 2012, we placed on CreditWatch negative our ratings on all classes of notes in this transaction following our update to the criteria and assumptions we use to rate CDOs of structured finance assets," S&P said. "From our analysis, we have observed that after the end of the reinvestment period in 2008, scheduled principal proceeds have been used to pay principal on the notes (in order of priority based on the transaction documents). This has resulted in an increase in credit enhancement compared with what we observed in our last analysis. The weighted-average spread earned on the pool is now at 188 basis points (higher than our last analysis). We have also observed a decrease in the proportion of assets (in notional terms) that we consider to be rated in the 'CCC' category ('CCC+', 'CCC', and 'CCC-') and an increase (both in notional and percentage terms) in the defaulted assets (rated 'CC', 'C', 'SD' [selective default], or 'D') in the collateral pool since our last review. The portfolio is now concentrated in four industries with assets in eight countries. We have also observed a small degree of negative rating migration in the collateral pool," S&P said. "We factored in the observations and subjected the capital structure to our cash flow analysis, based on the methodology and assumptions outlined by our CDO of ABS criteria, to determine the break-even default rate (BDR). We used the reported portfolio balance that we considered to be performing, the principal cash balance, the current weighted-average spread, and the weighted- average recovery rates that we considered to be appropriate. We incorporated various cash flow stress scenarios using various default patterns, levels, and timings for each liability rating category, in conjunction with different interest rate stress scenarios," S&P said. "We also determined the scenario default rate (SDR) for each rated class of notes, which uses our CDO Evaluator model (version 6.0) to determine the default rate expected on a defined portfolio at each rating level. This is based on reclassification of asset types (under our CDO of ABS criteria) to address the apparent lack of performance diversity in each structured finance asset type, amendments to asset-specific maturities, and updated asset correlation parameters, which have resulted in higher SDRs since our last analysis. We then compared these results with the respective BDRs," S&P said. "None of our ratings on the notes was constrained by the application of our largest obligor default test. This is a supplemental stress test we introduced in our CDO of ABS criteria, which assesses whether a CDO has sufficient credit enhancement to pass the applicable thresholds at each liability rating level. We have used the same obligor or structured finance asset ratings used in our CDO Evaluator model for the supplemental tests," S&P said. "Taking into account our credit and cash flow analysis, we consider the credit enhancement available to the class A-1E, A-1F, A-2aE, A-2bE, A-2F, A3E, and A-3F notes in this transaction to be commensurate with lower ratings then we previously assigned. We have therefore lowered and removed from CreditWatch negative our ratings on these classes of notes," S&P said. "We have analyzed the derivative counterparties' exposure to the transaction, and concluded that the counterparty exposure is currently sufficiently limited, so as not to affect the ratings that we have assigned," S&P said. STANDARD & POOR'S 17G-7 DISCLOSURE REPORT SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an property-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially rated (including preliminary ratings) on or after Sept. 26, 2011. If applicable, the Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available at: http://standardandpoorsdisclosure-17g7.com RATINGS LIST Class Rating To From FAB CBO 2003-1 B.V. EUR308.8 Million Asset-Backed Floating, Fixed and Zero Coupon Notes Ratings Lowered and Removed From CreditWatch Negative A-1E A- (sf) AA+ (sf)/Watch Neg A-1F A- (sf) AA+ (sf)/Watch Neg A-2aE BB+ (sf) A- (sf)/Watch Neg A-2bE BB+ (sf) A- (sf)/Watch Neg A-2F BB+ (sf) A- (sf)/Watch Neg A-3E CCC (sf) B+ (sf)/Watch Neg A-3F CCC (sf) B+ (sf)/Watch Neg =========== P O L A N D =========== CENTRAL EUROPEAN: Gets Consent to Delay Earnings to Avert Default ----------------------------------------------------------------- Dorota Bartyzel at Bloomberg News reports that Central European Distribution Corp. bondholders agreed late on Friday to the company's request to delay release of second-quarter earnings until as late as Nov. 12. The company had to secure consent from a majority of bondholders or publish the results in 30 days to avoid a default and early payment of EUR430 million (US$528 million) of debt due in 2016. Central European Distribution Corp. is Poland's second-biggest vodka producer. PBG SA: Energomontaz-Poludnie Unit to File for Bankruptcy --------------------------------------------------------- Bokszczanin Marcin at Polska Agencja Prasowa reports that PBG SA's Energomontaz-Poludnie unit will file for bankruptcy and seek a 39% haircut on debts of over PLN100,000. According to PAP, the firm said in a market filing it hopes to secure a deal with creditors leading to 100% payment of debt of up to PLN10,000, 80% of debt of up to PLN100,000 and only 61% of debt of over PLN100,000. Management blames the current situation of the company above all on "aggressive debt collection measures launched by financial institutions", referring to the cancellation of credit and leasing agreements by some financing institutions after its parent PBG went defunct, PAP relates. Moreover, Energomontaz-Poludnie's management claims in the filing that engineering giant Alstom, one of Energomontaz-Poludnie's main customers, has begun to take "hostile" actions to stop works on joint projects and shift blame and financial responsibility for the stoppages onto Energomontaz-Poludnie, PAP notes. Energomontaz-Poludnie, as cited by PAP, said the company has "launched the legal steps needed" to recover the amounts due, but those measures are "time-consuming and allow for hope for improving the firm's liquidity only in the long term." According to PAP, the filing said that Energomontaz-Poludnie management calls move to put the firm in bankruptcy as "actions aimed at restructuring the firm's financial debt, including the ability to sell non-core assets on market conditions." At the end of the first quarter, Energomontaz balance sheet showed PLN69 million in short-term financial debt, PLN145 million in other short-term debt, while long-term financial debt was null, and long-term leasing debt was at PLN44.2 million, PAP discloses. As reported by the Troubled Company Reporter-Europe on June 15, 2012, Bloomberg News related that a Poznan, western Poland-based court agreed to declare bankruptcy of PBG aimed at arrangement with creditors. PBG SA is Poland's third largest builder. =========== R U S S I A =========== ZENIT BANK: Fitch Affirms 'B+' Long-Term IDR; Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed Russia-based Zenit Bank's Long-term Issuer Default Rating (IDR) at 'B+' with a Stable Outlook. RATING ACTION RATIONALE AND DRIVERS: IDRS, NATIONAL RATING, VIABILITY RATING, DEBT RATING The affirmation reflects eased pressure on Zenit Bank's asset quality in the post-crisis environment and moderate benefits for funding stability, profitability and capital flexibility resulting from the bank's close connections with its minority shareholder, Tatneft ('BB+'/Stable). At the same time, the ratings continue to reflect the bank's limited franchise, still weak asset quality with significant, although slightly reduced, exposure to construction/real estate (13% of the loan portfolio), and moderate capitalization and profitability. Credit quality, judging by the top 20 exposures (31% of loans) at end-2011, is moderate. About half of these are borrowers of reasonable quality, although not particularly well known companies, while the other half is more risky, in Fitch's view. Specifically, eight are construction and real estate exposures, some of which are loans to greenfield projects or to borrowers with poor financials or that the agency believes may be related parties. Several of these exposures are also weakly collateralized. All of them are performing, although many have bullet repayments, and none is reserved by more than 12%. Overall, non-performing loans (90+ overdue, NPLs) were 4.1% of end-2011 loans, almost unchanged in absolute terms compared to last year, and with adequate reserve coverage of about 150%. Accrued interest decreased to 5% of total interest income in 2011 from 15% in 2010, suggesting some improvement in underlying loan performance. The absolute volume of restructured loans remained broadly flat at end-2011, but decreased to 10.3% from 12.6% of gross loans due to growth. Another area of concern for Fitch is foreclosed assets and property investments equaling RUB6.5 billion or 28% of Fitch core capital (FCC). Capitalization is tight. The FCC ratio was a moderate 9.5% at end-2011, and the bank could have created additional reserves equal to only about 6% of the loan book before the Basel I total capital ratio would have reached the 8% level. Regulatory capital flexibility is also limited, with a ratio of 12.9% at end-1H12, negatively affected by deductions of subsidiary investments from capital. Considering the volume of restructured loans and other high-risky exposures, fresh capital injections might be needed in adverse market conditions. However, none are planned until at least end-2012, after which they might be needed to support growth. The liquidity buffer was adequate at end-H112, with cash and interbank placements and unpledged securities eligible for Central Bank refinancing on Zenit's regulatory standalone balance sheet equal to 38% of customer deposits. However, RUB24bn of local bonds maturing or with put options by end-H113 are equal to 57% of the end-H112 liquidity cushion. RATING SENSITIVITIES: IDRS, NATIONAL RATING, VIABILITY RATING, DEBT RATING Upward pressure on the ratings would be possible if Fitch is able to gain greater comfort on the quality of Zenit's loan exposures and the extent of its related party business, and more clarity on the bank's ownership structure and the influence of different shareholders on governance and management. Downward pressure could result if there were greater signs of impairment in the loan book or a marked deterioration in the operating environment. RATING DRIVERS AND SENSITIVITIES: SUPPORT RATINGS AND SUPPORT RATING FLOORS The '5' Support Rating and 'No Floor' Support Rating Floor reflect Zenit's limited franchise, making government support uncertain. An upgrade of these ratings is unlikely in the foreseeable future, although acquisition by a stronger owner could lead to an upgrade of the Support Rating. The rating actions are as follows: -- Long-term foreign currency IDR: affirmed at 'B+', Outlook Stable -- Short-term IDR: affirmed at 'B' -- Long-term local currency IDR: affirmed at 'B+', Outlook Stable -- Viability Rating: affirmed at 'b+' -- Support Rating: affirmed at '5' -- Support Rating Floor: affirmed at 'No Floor' -- National Long-term rating: affirmed at 'A-(rus)' -- Senior unsecured local currency debt: affirmed at 'B+'/'A- (rus)'; Recovery Rating 'RR4' =============== S L O V E N I A =============== NOVA LJUBLJANSKA: Fitch Downgrades Viability Rating to 'b-' ----------------------------------------------------------- Fitch Ratings has downgraded the Long-term Issuer Default Ratings (IDRs) of Nova Ljubljanska Banka d.d. (NLB), Nova Kreditna Banka Maribor d.d. (NKBM), Abanka Vipa d.d., Gorenjska Banka (GB), Banka Celje d.d. (BC) and Probanka d.d.. The agency has also downgraded their Viability Ratings (VRs) and lowered the Support Rating Floors (SRFs). At the same time, the agency has affirmed Banka Koper's (BK) IDRs and downgraded its VR. The Outlooks on the Long-term IDRs of all the banks are Negative. RATING ACTION RATIONALE, DRIVERS AND SENSITIVITIES: NLB AND NKBM'S IDRS AND SRFS The downgrades of the Long-term IDRs of NLB and NKBM to 'BBB-' from 'BBB', and revisions of the SRFs, reflect the weakening of the Slovenian government's credit profile, and hence its ability to provide support to the banks. The three-notch difference between the sovereign's ratings and the state-owned banks' ratings reflects the current lack of an articulated and credible plan to strengthen NKBM and NLB's solvency, and previous delays with capital injections into both banks. At the same time, the ratings continue to be driven by the banks' majority state ownership, high systemic importance, the track record of capital support (albeit after significant delays) in H111 (NKBM and NLB) and in Q212 (NLB), the potential availability of EU support mechanisms for bank recapitalization, in case of need, and Fitch's base case expectation that the recapitalization needs of the two banks (about EUR1.5 billion under the base scenario) should be affordable for the sovereign. Fitch's view of probable support also takes into account the government's stated intention to maintain a blocking minority (25% stake plus one share) in both banks and potential reputational damage for the authorities should NKBM or NLB default. The Negative Outlooks on NKBM's and NLB's ratings reflect the Negative Outlook on the sovereign rating. The ratings could be downgraded again if there was a further sovereign downgrade, a prolonged failure to articulate and implement a bank recapitalization plan, or if the banks' recapitalization needs are substantially greater than currently anticipated. RATING ACTION RATIONALE, DRIVERS AND SENSITIVITIES: VRS; ABANKA, GB, BC AND PROBANKA'S LONG-TERM IDRS The downgrades of the seven banks' VRs reflect varying degrees of further deterioration in their standalone profiles, in light of growing impaired loans, tighter capitalization and the weaker than expected performance of the Slovenian economy, which Fitch now forecasts to contract by 1.1% in 2012. The VRs also continue to reflect high levels of credit risk in the banks' corporate loan portfolios, particularly exposures to the highly leveraged real estate/construction sector and holding companies, and low levels of reserve coverage of impaired loans. They also reflect the banks' generally weak pre-impairment performance, driven by moderate interest rate spreads and high levels of non-cash generating assets. However, the VRs also consider the present generally comfortable liquidity positions of the banks, which are sufficient to service market funding. Loan/deposit ratios remain high, but wholesale funding providers have to a large degree been shifted from international financial markets to the fully-state owned Slovene Export and Development Bank and the ECB. Fitch notes that deposits have generally been stable to date, which is also underpinned by material long-term deposits sourced from the central government. In total, Fitch estimates that a further EUR3.5 billion (about 10% of forecast 2012 GDP) of fresh capital will be needed to restore the sector's viability, assuming a rise in NPLs to 25% (end-May: about 18%, based on Fitch's estimations), prudent NPL provisioning at 80% and a system Tier 1 ratio of 10%. However, recapitalization needs may reach EUR5.5 billion (about 15.5% of GDP) should NPLs rise to 33%. The downgrades of Abanka, GB, BC and Probanka's VRs have also driven the downgrades of their Long-term IDRs. The revision of the SRFs also contributed to the downgrades of Abanka, BC and Probanka's Long-term IDRs. Each of the seven banks' VRs could be downgraded again if there is a further marked deterioration in asset quality, capitalization or liquidity (for example due to significant deposit outflows). If a downgrade of Abanka, GB, BC or Probanka's VR is not offset by provision of external support, the Long-term IDRs of these banks would also be likely downgraded. A stabilization of the inflow of bad debts, strengthening of capitalization (capital increases are currently planned at some banks) and improved performance of the Slovenian economy would reduce negative pressure on the ratings. RATING ACTION RATIONALE, DRIVERS AND SENSITIVITIES: SRFS OF ABANKA, GB, BC AND PROBANKA The downgrades of Abanka, GB, BC and Probanka's SRFs reflects Fitch's revised opinion on the potential for state support to be made available to domestic, privately-owned banks. In Fitch's view, support from the Slovenian authorities for these banks is uncertain and cannot be relied upon given their private ownership, the reluctance of the authorities to inject capital into state- owned banks, and the banks' smaller market shares, relative to NLB and NKBM. Abanka's SRF of 'B-' reflects its higher domestic systemic importance compared with other private banks in Slovenia. The SRFs of the privately-owned domestic banks could be upgraded if the authorities articulate and implement a plan to recapitalize the banking sector as a whole. RATING ACTION RATIONALE, DRIVERS AND SENSITIVITIES: BK's IDRS BK's IDRs are driven by potential support from its 97.56% owner, Intesa Sanpaolo ('A-'/Negative). The ratings could be downgraded if ISP's Long-term IDR, which currently has a Negative Outlook, was downgraded. The rating actions are as follows: NLB -- Long-term foreign currency IDR: downgraded to 'BBB-' from 'BBB', removed from Rating Watch Negative (RWN), assigned Negative Outlook -- Short-term foreign currency IDR: affirmed at 'F3 ', removed from RWN -- Support Rating: affirmed at '2', removed from RWN -- Support Rating Floor: revised to 'BBB-' from 'BBB', removed from RWN -- Viability Rating: downgraded to 'b-' from 'b' NKBM -- Long-term foreign currency IDR: downgraded to 'BBB-' from 'BBB', removed from RWN, assigned Negative Outlook -- Short-term foreign currency IDR: affirmed at 'F3 ', removed from RWN -- Support Rating: affirmed at '2', removed from RWN -- Support Rating Floor: revised to 'BBB-' from 'BBB', removed from RWN -- Viability Rating: downgraded to 'b-' from 'bb' -- Hybrid capital instrument: downgraded to 'CC' from 'B+' Abanka -- Long-term foreign currency IDR: downgraded to 'B-' from 'BB-', removed from RWN, assigned Negative Outlook -- Short-term foreign currency IDR: affirmed at 'B' -- Support Rating: downgraded to '5' from '3', removed from RWN -- Support Rating Floor: revised to 'B-' from 'BB-', removed from RWN -- Viability Rating: downgraded to 'b-' from 'b' -- Hybrid capital instrument: downgraded to 'CC' from 'CCC' -- Guaranteed notes: downgraded to 'A-' from 'A' Probanka -- Long-term foreign currency IDR: downgraded to ' CCC' from 'B', removed from RWN -- Short-term foreign currency IDR: downgraded to 'C' from 'B' -- Support Rating: downgraded to '5' from '4', removed from RWN -- Support Rating Floor: revised to 'NF' from 'B', removed from RWN -- Viability Rating: downgraded to 'ccc' from 'b-' Banka Celje -- Long-term foreign currency IDR: downgraded to 'B+' from 'BB', Negative Outlook -- Short-term foreign currency IDR: affirmed at 'B' -- Support Rating: downgraded to '5' from '3', removed from RWN -- Support Rating Floor: revised to 'NF' from 'BB-', removed from RWN -- Viability Rating: downgraded to 'b+' from 'BB' Gorenjska Banka -- Long-term foreign currency IDR: downgraded to 'BB- from 'BB', Negative Outlook -- Short-term foreign currency IDR: affirmed at 'B' -- Support Rating: downgraded to '5' from '3', removed from RWN -- Support Rating Floor: revised to 'NF' from 'BB-', removed from RWN -- Viability Rating: downgraded to 'bb-' from 'bb' Koper -- Long-term foreign currency IDR: affirmed at 'BBB+', Negative Outlook -- Short-term foreign currency IDR: affirmed at 'F2' -- Support Rating: affirmed at '2' -- Viability Rating: downgraded to 'bb' from 'bb+' ========= S P A I N ========= FONDIARIA-SAI SPA: S&P Raises Counterparty Credit Rating to 'B+' ---------------------------------------------------------------- Standard & Poor's Ratings Services raised to 'B+' from 'B' its long-term counterparty credit and financial strength ratings on Italy-based composite insurer Fondiaria-SAI SpA, its core subsidiary Milano Assicurazioni SpA, and its 'nonstrategically important' subsidiary SIAT-Societa Italiana Assicurazioni e Riassicurazioni SpA (SIAT). "At the same time, we revised the CreditWatch placement on the ratings to positive from developing, where they were originally placed on Dec. 29, 2011," S&P said. "The upgrade reflects our view of Fondiaria-SAI's improved capital position following the EUR666.3 million capital increase it concluded on Aug. 1, 2012. We estimate Fondiaria-SAI has restored its capital adequacy to a level close to its minimum regulatory requirements. We believe, however, that capital adequacy remains weak and volatile, while its already-weak financial flexibility has been further impaired as result of the rights issue. We also believe Fondiaria-SAI remains exposed to a significant, although reduced, risk of regulatory intervention over the next 12 months," S&P said. "At the closing of the EUR1.1 billion rights offer period on Aug. 1, 2012, there were exercised share option rights corresponding to 61.9% of the newly issued ordinary and saving shares offered by the company. The nonexercised share option rights will be offered on the market by Fondiaria-SAI at new dates that have not yet been communicated. The potential remaining ordinary shares will be subscribed by a pool of banks, which agreed on July 13, 2012, to jointly and severally guarantee the subscription of the remaining ordinary shares. Unipol Gruppo Finanziario SpA (UGF) had guaranteed the subscription of the savings shares," S&P said. "We note, however, that the contract signed by Fondiaria-SAI with the banks contains specific clauses which allow them to withdraw on the occurrence of a series of events. The negative consequences of the unsuccessful completion of the capital increase for Fondiaria-SAI would be exacerbated by the fact that it would also jeopardize Premafin's own debt restructuring plan," S&P said. "According to our estimates, Fondiaria-SAI's capital adequacy would exceed its consolidated regulatory solvency margin requirement by over 20%, when taking into consideration regulatory forbearance measures in Italy, the full execution of the capital increase, and yields on Italian government bonds at close to year- end 2011 levels. However, we believe this level of capital, although above the minimum levels required by the regulator, would still not be sufficient to significantly reduce the risk of regulatory intervention in the medium term. In our view, Fondiaria-SAI remains exposed to a significant risk of additional nonrecurring costs such as further reserve strengthening, asset write-downs, and other costs that could result from legal, claw- back, and compensatory actions from shareholders, listing authorities, and creditors. Under Standard & Poor's capital model, even when taking into account the proceeds of a fully subscribed EUR1.1 billion shareholders' rights issue, Fondiaria-SAI's capital would remain below requirements at the 'BBB' level," S&P said. "The ratings on Fondiaria-SAI remain supported by what we view as its good competitive position and good liquidity. In our view, relative weaknesses to Fondiaria-SAI's credit profile are its weak capital adequacy and financial flexibility. Our views on its weak enterprise risk management and negative management and corporate strategy are also rating constraints," S&P said. Standard & Poor's aims to resolve or update the CreditWatch placement within the next three months, when the merger with the Unipol group is effectively completed (or otherwise). "The positive CreditWatch status reflects the increasing likelihood that the merger of Unipol Assicurazioni (BBB/Watch Neg/--), Premafin, Fondiaria-SAI, and Milano Assicurazioni will be successfully completed. We believe this merger would strengthen Fondiaria-SAI's current weak capital adequacy and financial flexibility," S&P said. "We could raise the ratings, possibly by a maximum of five notches, if the merger is successfully completed, depending on the final group structure, level of capital, and actual and potential nonrecurring costs at both the Fondiaria-SAI and Unipol levels," S&P said. "Conversely, we could remove the ratings from CreditWatch positive if the capital increase is not successfully completed or the merger is not executed, as this would again increase the risk of regulatory intervention," S&P said. ============= U K R A I N E ============= LEMMA INSURANCE: A.M. Best Cuts Financial Strength Rating to 'B' ---------------------------------------------------------------- A.M. Best Europe - Rating Services Limited has downgraded the financial strength rating to B (Fair) from B+ (Good) and issuer credit rating to "bb+" from "bbb-" of Lemma Insurance Company (Lemma) (Ukraine). The outlook for both ratings has been revised to stable from negative. The rating actions reflect A.M. Best's concerns regarding the continuing deterioration of the Ukrainian economy as well as ongoing political uncertainty. A.M. Best also notes that Lemma's financial risk business has increased, which deepens the company's exposure to the domestic economy. Lemma's profile and investment portfolio remain concentrated within the Ukraine, which has suffered in recent years as a result of the global financial crisis and political instability. A.M. Best believes that the risks pertaining to operating within the Ukrainian market have increased and consequently could have a negative impact on the company's business profile and investments. Overall business continues to be volatile; in 2011, gross written premiums increased by 53% to UAH598 million (US$76 million) following two years of declining premiums. This increase included a 60% increase in financial risk business to UAH94 million (US$11 million), representing 7% of capital and surplus (2010: 5%). Although the performance of this business has improved since the financial crisis, it further exposes the company to the Ukrainian economy. During 2011, Lemma's profit before tax increased to UAH272 million (US$33 million); the result was driven by an improved technical performance as well as an increase in the retention ratio. A.M. Best expects that the combined effect of an increase in business and a reduction in reinsurance coverage will expose Lemma to higher underwriting risk going forward. In A.M. Best's view, Lemma's risk-adjusted capitalization is expected to slightly decline in 2012, as a result of increased net premium risk as the company expands its business. Although the impact of the loss of Zemelnyi Bank has been factored into A.M. Best's analysis, risk-adjusted capitalization for 2011 remains in line with Lemma's current ratings. Negative rating actions could result from a further deterioration in Ukraine's economy as well as a deterioration in underwriting performance and risk-adjusted capitalization. Positive rating actions could result from an improvement in Lemma's country risk profile as well as an improvement in risk- adjusted capitalization. =========================== U N I T E D K I N G D O M =========================== BENTLEY-LEEK: Unlikely to Repay Client Claims, FSCS Says -------------------------------------------------------- inAudit reports that the Financial Services Compensation Scheme said collapsed Bentley-Leek Financial Management Limited is likely unable to pay client claims. inAudit notes that Bentley-Leek was placed into creditor's voluntary liquidation in November 2011. Last March, inAudit recalls, the FSCS received claims from investors in the failed GBP47 million property vehicle, with help from Surrey-based IFA Harding Financial, which has taken on the majority of Bentley-Leek clients. According to inAudit, Bentley-Leek administrators said there is at least one eligible claim against the firm before it can declare it in default. inAudit relates that FSCS is considering whether there may be valid claims against Bentley-Leek for advice it gave in relation to various property-backed ventures, and whether the Scheme may be able to pay compensation in relation to those claims. DAWSON INT'L: In the Brink of Administration, Suspends Shares ------------------------------------------------------------- Hanna Sharpe at Sale Business Report News says that Dawson International could soon be placed into administration and has had its shares suspended. The firm's shares fell last month after it announced that the pensions regulator and Pension Protection Fund had rejected its efforts to place its pension plans into a protection fund, according to Sale Business Report News. The report relates that a large deficit in the pension funds had been building up. Sale Business Report News notes that administrators could be called in if an arrangement cannot be made to deal with the pensions situation. John Lamont, Ettrick, Roxburgh and Berwickshire MSP, told the BBC, "The priority in this situation must be to secure the 200 jobs that Dawson International provides to Hawick . . . . They are a key employer and it would be disastrous to see so many families lose their livelihoods. The pension deal offered by Dawson International was a better one than insolvency would provide and it seems ludicrous that this was rejected when administration is now a real possibility," Sale Business Report News notes. itv.com relates that 200 people employed are facing the uncertainty of their jobs' future. Dawson International is a Scottish cashmere manufacturer. DPP CONSULTING: In Administration, Cuts 9 Jobs ---------------------------------------------- Greg Pitcher at Architect Journal reports that DPP Consulting has gone into administration with the loss of nine jobs The firm transferred 36 employees into a new business that will trade as DPP, according to Architect Journal. The report relates that nine support staff were made redundant, while teams in London, Cardiff, Leeds, Manchester and Newcastle have moved to new offices in those cities Architect Journal notes that six employees have left to form a new consultancy. "The company trading as DPP Consulting Ltd has been put into administration . . . . The business and all its assets will now be trading as a new company retaining the title of DPP . . . . Moving forward, the directors and professional staff of the former business along with the existing income stream will move across to this new company," DPP said in a statement obtained by the news agency. The report notes that two senior members of staff from DPP's former Bedford office -- executive director Geoff Armstrong and planning director Lynsey Rigg -- have left to form Armstrong Rigg Planning. Three other chartered town planners and a member of support staff from DPP has moved to Armstrong Rigg, the report relates. Meanwhile, the report notes that former Belfast planning director Eammon Loughrey has also left DPP to start his own consultancy. DPP Consulting is a planning and design advisory firm. GREAT CITY: Enters Administration, Seeks to Additional Income ------------------------------------------------------------- Insider Media Limited reports that Great City Attractions Global Ltd has gone into administration. Jason Groocock from G2 Insolvency was appointed as administrator on July 20, 2012. The collapse comes just 18 months after Great City Attractions bought the assets of WTA Global Holdings, which traded as World Tourist Attractions, out of administration, according to Insider Media Limited. The report notes that G2 Insolvency said efforts were being made by the management of Great City Attractions to source additional investment in order to save the core business. However, the firm added that it had become "ultimately apparent" that these opportunities would not come to fruition in the limited time available without "substantial investment" to fund ongoing trading, the report relates. The report says that trading has therefore ceased and the administrator said he would now review the company's affairs in order to maximize the return to creditors. Insider Media Limited recalls that WTA Global Holdings entered administration in late 2010 and a pre-pack deal was struck with Great City Attractions in early 2011. In February 2011, Insider revealed that the company collapsed owing unsecured creditors GBP8.9 million, the report relates. That Great City Attractions Global Ltd operated several giant observation wheels across the UK, including one in York, Liverpool, Plymouth, Edinburgh, York and Brisbane. It previously operated wheels in Birmingham, Weston-super-Mare, Dublin and Manchester. KITLEY HOUSE: In Administration Due to Economic Climate ------------------------------------------------------- Janet Harmer at CatererandHotelkeeper reports that Kitley House hotel has gone into administration. Administrator Ian Walker of Begbies Traynor said the hotel, which had been a victim of the economic climate and increased competition in the area, is open for business and will continue to honor all bookings while a new owner is found, according to CatererandHotelkeeper. CatererandHotelkeeper notes that Property agent Christie + Co is handling the sale of Kitley House hotel. Kitley House hotel is a 19-bedroom situated in a Grade I listed property in Devon. LEACH LEWIS: In Administration, May Sell Assets ----------------------------------------------- The Construction Index reports that Leach Lewis has gone into administration. "On 7 August 2012, Leach Lewis Plant Limited entered administration and Angela Swarbrick and Maurice Moses from Ernst & Young were appointed as Joint Administrators. LLPL is continuing to trade with a view to selling the business as a going concern," administrators Ernst & Young said in statement obtained by the news agency. UK plant sales have certainly been running at a low level for the past few years, and Leach Lewis has gone through some changes in recent months, switched from Bomag to Ammann for compaction equipment this year and from Snorkel to Chinese manufacturer Dingli for access platforms, according to The Construction Index. Leading plant sales company Leach Lewis has dealerships for a wide range of equipment manufacturers. Leach Lewis Plant started as the plant department of Hubert C Leach, run by Hubert's brother, Peter. It was incorporated in 1967 as H.C Leach (Contractors Plant) Limited and floated off as an autonomous organisation. LIGHTNING AEROSPACE: a2e Venture Buys Firm Out of Administration ---------------------------------------------------------------- Duncan Gibbons at Coventry Telegraph reports that a2e Venture Catalysts Ltd acquired Lightning Aerospace Ltd out of bankruptcy for an undisclosed fee. Administrators said the deal secured the future for the "remaining employees" of the business, according to Coventry Telegraph. The report notes that the new business will be known as Lightning Precision Engineering Ltd and will continue to manufacture existing products while exploring growth opportunities. Coventry Telegraph says that the former business got into cash flow difficulties amid falling orders and rising costs, and was placed in administration on July 4. "I am delighted to be able to confirm the conclusion of this process, which secures the future for the remaining employees of the business . . . . We had a number of parties that expressed an interest in the business which is testament to the reputation that the company has in its industry. . . . I wish the new owners, together with the employees who have been so supportive over the last few weeks, every success," the report quoted Matt Ingram, of administrators Duff & Phelps, as saying. As reported in the Troubled Company Reporter-Europe on July 19, 2012, Cillian OBrien at Birmingham Post said that Lightning Aerospace has fallen into administration with the loss of 14 jobs. Matt Ingram and John Whitfield, partners at financial advisory firm Duff & Phelps, were appointed joint administrators of Coventry based Lightning Aerospace. The company continues to trade as a buyer is sought and 19 staff have been kept on, according to BBC News. Lightning Aerospace Ltd has three sites in Coventry and supplies specialist fabrication and harnesses to the Ministry of Defence. PORTSMOUTH FOOTBALL: Striker Dave Kitson Leaves Pompy ------------------------------------------------------ Daily Mail reports that Portsmouth Football Club has confirmed striker Dave Kitson has agreed to terminate his contract, leaving only midfielder Liam Lawrence and defender Tal Ben Haim as the only professionals left on the books as the club seek to avoid liquidation. Daily Mail relates that administrator Trevor Birch warned on July 24 that the npower League One club would go out of business on August 10 unless an agreement could be reached over the wages of their senior players. Three were left after Kanu effectively walked away at the end of last month, and the south-coast outfit announced Aug. 4 that Mr. Kitson was also on his way out. Mr. Kitson scored 12 goals in 72 appearances for Pompey after arriving from Stoke in August 2010. 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. In 2010, the club entered administration as a Premiership club with UHY Hacker Young partners Andrew Andronikou, Peter Kubik and Michael Kiely appointed administrators, Accountancy Age noted. In March 2011, Geoff Carton-Kelly and David Hudson, partners at Baker Tilly, were appointed liquidators, Accountancy Age related. STEPHENSON CLARKE: Goes Into Liquidation ---------------------------------------- Ruth Lognonne at The Journal reports that Stephenson Clarke Shipping Ltd has gone into liquidation with the loss of nine jobs. The company has gone into liquidation after seeing sales sink by more than GBP8 million despite the sale of its last vessel in July, the report says. According to the report, the bulk cargo ship operator said the economic downturn had a major effect on business and the market was one of the worst experienced for many years. Over the last two years, the company has tried to reduce its costs and sold its fleet of vessels in a desperate bid for much-needed revenue. But with no improvement in sight, a decision was made to wind up the firm and Tait Walker, of Newcastle, were appointed as liquidators. Newcastle-based Stephenson Clarke Shipping Ltd, which was founded in 1730, is Britain's oldest shipping company. =============== X X X X X X X X =============== * BOND PRICING: For the Week August 6 to August 10, 2012 -------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRIA ------- A-TEC INDUSTRIES 5.750 11/2/2010 EUR 26.38 A-TEC INDUSTRIES 2.750 5/10/2014 EUR 26.38 A-TEC INDUSTRIES 8.750 10/27/2014 EUR 26.38 ERSTE BANK 6.000 2/1/2014 EUR 63.00 ERSTE BANK 6.000 7/31/2014 EUR 58.00 ERSTE BANK 5.500 1/23/2015 EUR 57.63 ERSTE BANK 7.710 2/17/2015 EUR 55.25 ERSTE BANK 4.500 6/24/2015 EUR 50.13 IMMOFINANZ 4.250 3/8/2018 EUR 3.94 KOMMUNALKREDIT 4.440 12/20/2030 EUR 62.38 KOMMUNALKREDIT 4.900 6/23/2031 EUR 66.13 OESTER VOLKSBK 4.170 7/29/2015 EUR 52.00 OESTER VOLKSBK 4.350 11/16/2018 EUR 57.50 OESTER VOLKSBK 4.750 4/30/2021 EUR 74.05 OESTER VOLKSBK 4.160 5/20/2025 EUR 71.28 OESTER VOLKSBK 4.810 7/29/2025 EUR 57.88 OESTER VOLKSBK 4.900 8/18/2025 EUR 63.00 OESTER VOLKSBK 5.270 2/8/2027 EUR 73.00 RAIFF CENTROBANK 7.646 1/23/2013 EUR 55.39 RAIFF CENTROBANK 9.558 1/23/2013 EUR 65.97 RAIFF CENTROBANK 9.876 1/23/2013 EUR 47.25 RAIFF CENTROBANK 9.304 1/23/2013 EUR 64.08 RAIFF CENTROBANK 7.965 1/23/2013 EUR 52.11 RAIFF CENTROBANK 12.604 6/26/2013 EUR 73.45 RAIFF ZENTRALBK 4.500 9/28/2035 EUR 62.13 BELGIUM ------- ECONOCOM GROUP 4.000 6/1/2016 EUR 21.73 IDEAL STANDARD I 11.750 5/1/2018 EUR 70.25 IDEAL STANDARD I 11.750 5/1/2018 EUR 70.25 CYPRUS ------ CYPRUS GOVT BOND 4.500 10/9/2016 EUR 73.63 CYPRUS GOVT BOND 4.500 1/4/2017 EUR 71.88 CYPRUS GOVT BOND 4.500 2/15/2017 EUR 71.00 CYPRUS GOVT BOND 4.500 4/2/2017 EUR 70.00 CYPRUS GOVT BOND 5.600 4/15/2017 EUR 73.63 CYPRUS GOVT BOND 4.500 9/28/2017 EUR 66.38 CYPRUS GOVT BOND 5.100 1/29/2018 EUR 66.63 CYPRUS GOVT BOND 4.600 4/23/2018 EUR 63.13 CYPRUS GOVT BOND 4.600 10/23/2018 EUR 60.00 CYPRUS GOVT BOND 4.600 2/26/2019 EUR 58.00 CYPRUS GOVT BOND 6.100 6/24/2019 EUR 62.88 CYPRUS GOVT BOND 6.100 4/20/2020 EUR 59.38 CYPRUS GOVT BOND 5.350 6/9/2020 EUR 55.25 CYPRUS GOVT BOND 6.000 6/9/2021 EUR 55.00 CYPRUS GOVT BOND 6.500 8/25/2021 EUR 55.63 REP OF CYPRUS 4.375 7/15/2014 EUR 72.77 REP OF CYPRUS 3.750 11/1/2015 EUR 61.38 REP OF CYPRUS 4.625 2/3/2020 EUR 51.86 CZECH REPUBLIC -------------- SAZKA 9.000 7/12/2021 EUR 35.00 DENMARK ------- JYSKE BANK A/S 7.000 5/29/2024 EUR 69.50 KALMAR STRUCTRD 7.500 9/30/2013 EUR 0.01 KOMMUNEKREDIT 0.500 12/14/2020 ZAR 59.56 KOMMUNEKREDIT 0.500 7/30/2027 TRY 42.24 KOMMUNEKREDIT 0.500 5/11/2029 CAD 52.97 VESTAS WIND SYST 4.625 3/23/2015 EUR 70.96 FINLAND ------- MUNI FINANCE PLC 0.500 2/17/2017 BRL 73.89 MUNI FINANCE PLC 0.500 3/16/2017 BRL 73.46 MUNI FINANCE PLC 0.500 11/16/2017 TRY 72.83 MUNI FINANCE PLC 0.500 3/28/2018 BRL 67.71 MUNI FINANCE PLC 0.500 4/27/2018 ZAR 70.85 MUNI FINANCE PLC 0.500 11/21/2018 TRY 67.33 MUNI FINANCE PLC 0.500 11/21/2018 ZAR 67.73 MUNI FINANCE PLC 0.500 12/14/2018 TRY 66.95 MUNI FINANCE PLC 0.500 12/20/2018 ZAR 67.50 MUNI FINANCE PLC 0.500 9/24/2020 CAD 72.75 MUNI FINANCE PLC 0.500 11/25/2020 ZAR 58.44 MUNI FINANCE PLC 0.500 11/10/2021 NZD 69.69 MUNI FINANCE PLC 0.500 12/21/2021 NZD 69.30 MUNI FINANCE PLC 0.500 4/26/2022 ZAR 53.18 MUNI FINANCE PLC 0.500 5/31/2022 ZAR 52.10 MUNI FINANCE PLC 0.500 6/19/2024 ZAR 44.45 MUNI FINANCE PLC 0.500 3/17/2025 CAD 56.43 MUNI FINANCE PLC 0.250 6/28/2040 CAD 21.27 NOKIA CORP 6.625 5/15/2039 USD 73.13 TALVIVAARA 4.000 12/16/2015 EUR 74.55 FRANCE ------ AIR FRANCE-KLM 4.970 4/1/2015 EUR 10.95 ALCATEL-LUCENT 5.000 1/1/2015 EUR 2.43 ALTRAN TECHNOLOG 6.720 1/1/2015 EUR 4.99 ASSYSTEM 4.000 1/1/2017 EUR 22.59 ATOS ORIGIN SA 2.500 1/1/2016 EUR 55.74 BNP PARIBAS 2.890 5/16/2036 JPY 72.00 CAISSE CENT IMMO 7.000 5/16/2014 EUR 22.68 CAISSE CENT IMMO 7.000 5/18/2015 EUR 4.03 CAISSE CENT IMMO 7.000 9/10/2015 EUR 10.61 CALYON 6.000 6/18/2047 EUR 32.94 CAP GEMINI SOGET 3.500 1/1/2014 EUR 38.54 CGG VERITAS 1.750 1/1/2016 EUR 32.12 CLUB MEDITERRANE 6.110 11/1/2015 EUR 18.08 CMA CGM 8.500 4/15/2017 USD 58.75 CMA CGM 8.500 4/15/2017 USD 57.63 CMA CGM 8.875 4/15/2019 EUR 56.92 CMA CGM 8.875 4/15/2019 EUR 56.67 CNP ASSURANCES 6.000 9/14/2040 EUR 71.99 CNP ASSURANCES 6.875 9/30/2041 EUR 73.06 CNP ASSURANCES 7.375 9/30/2041 GBP 74.08 CREDIT LOCAL FRA 3.750 5/26/2020 EUR 51.11 DEXIA CRED LOCAL 4.020 3/13/2017 EUR 69.09 DEXIA CRED LOCAL 4.110 9/18/2018 EUR 60.27 DEXIA CRED LOCAL 4.375 2/12/2019 EUR 36.17 DEXIA CRED LOCAL 4.500 2/25/2020 EUR 55.42 DEXIA CRED LOCAL 4.550 4/2/2020 EUR 55.44 DEXIA CRED LOCAL 5.037 8/4/2020 EUR 56.36 DEXIA MUNI AGNCY 1.000 12/23/2024 EUR 72.17 DEXIA MUNI AGNCY 4.680 3/9/2029 CAD 71.08 EURAZEO 6.250 6/10/2014 EUR 54.93 EUROPCAR GROUPE 9.375 4/15/2018 EUR 70.38 EUROPCAR GROUPE 9.375 4/15/2018 EUR 69.90 FAURECIA 4.500 1/1/2015 EUR 19.79 GIE PSA TRESORER 6.000 9/19/2033 EUR 71.76 GROUPAMA SA 7.875 10/27/2039 EUR 56.39 GROUPE VIAL 2.500 1/1/2014 EUR 2.43 INGENICO 2.750 1/1/2017 EUR 51.26 MAUREL ET PROM 7.125 7/31/2014 EUR 19.24 MAUREL ET PROM 7.125 7/31/2015 EUR 17.95 NEXANS SA 4.000 1/1/2016 EUR 56.39 NEXANS SA 2.500 1/1/2019 EUR 67.08 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 46.74 PEUGEOT SA 4.450 1/1/2016 EUR 22.39 PIERRE VACANCES 4.000 10/1/2015 EUR 74.22 PUBLICIS GROUPE 3.125 7/30/2014 EUR 40.84 PUBLICIS GROUPE 1.000 1/18/2018 EUR 52.73 SG OPTION EUROPE 8.000 7/10/2015 USD 71.45 SOC AIR FRANCE 2.750 4/1/2020 EUR 20.90 SOCIETE GENERALE 0.500 9/7/2021 AUD 53.85 SOCIETE GENERALE 0.500 12/6/2021 AUD 52.91 SOCIETE GENERALE 0.500 4/27/2022 AUD 51.14 SOCIETE GENERALE 0.500 4/27/2022 USD 61.07 SOCIETE GENERALE 0.500 7/11/2022 AUD 55.40 SOCIETE GENERALE 0.500 7/11/2022 USD 60.20 SOITEC 6.250 9/9/2014 EUR 8.16 TEM 4.250 1/1/2015 EUR 53.65 GERMANY ------- BAYERISCHE HYPO 5.000 12/21/2029 EUR 74.44 BAYERISCHE LNDBK 5.200 8/17/2012 EUR 70.65 BAYERISCHE LNDBK 4.200 8/24/2012 EUR 74.97 BAYERISCHE LNDBK 4.900 8/31/2012 EUR 73.61 BAYERISCHE LNDBK 3.200 10/1/2012 EUR 23.82 BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 67.32 BNP EMIS-U.HANDE 6.500 7/26/2012 EUR 68.45 BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 39.88 BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 15.69 BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 18.97 BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 49.27 BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 43.44 BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 25.35 BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 62.54 BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 42.66 BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 40.66 BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 69.34 BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 49.39 BNP EMIS-U.HANDE 10.000 7/26/2012 EUR 36.14 BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 27.53 BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 66.26 BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 31.61 BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 70.64 BNP EMIS-U.HANDE 8.500 12/28/2012 EUR 71.79 BNP EMIS-U.HANDE 10.500 12/28/2012 EUR 47.47 BNP EMIS-U.HANDE 9.500 12/31/2012 EUR 65.91 BNP EMIS-U.HANDE 9.500 12/31/2012 EUR 62.79 BNP EMIS-U.HANDE 7.750 12/31/2012 EUR 51.70 COMMERZBANK AG 9.000 8/3/2012 EUR 66.44 COMMERZBANK AG 8.500 8/3/2012 EUR 50.48 COMMERZBANK AG 13.000 9/27/2012 EUR 71.83 COMMERZBANK AG 16.000 9/27/2012 EUR 68.58 COMMERZBANK AG 19.500 9/27/2012 EUR 69.78 COMMERZBANK AG 19.500 9/27/2012 EUR 68.13 COMMERZBANK AG 19.750 9/27/2012 EUR 70.82 COMMERZBANK AG 19.750 9/27/2012 EUR 66.04 COMMERZBANK AG 21.500 9/27/2012 EUR 73.75 COMMERZBANK AG 28.750 9/27/2012 EUR 67.90 COMMERZBANK AG 7.700 9/28/2012 EUR 43.10 COMMERZBANK AG 10.000 10/1/2012 EUR 73.23 COMMERZBANK AG 8.250 10/1/2012 EUR 71.49 COMMERZBANK AG 9.000 10/1/2012 EUR 56.31 COMMERZBANK AG 9.000 10/29/2012 EUR 8.40 COMMERZBANK AG 8.000 11/5/2012 EUR 53.80 COMMERZBANK AG 11.500 11/5/2012 EUR 63.28 COMMERZBANK AG 10.000 11/5/2012 EUR 57.29 COMMERZBANK AG 8.500 12/17/2012 EUR 63.00 COMMERZBANK AG 8.750 12/17/2012 EUR 74.72 COMMERZBANK AG 7.000 12/27/2012 EUR 64.55 COMMERZBANK AG 8.000 12/27/2012 EUR 48.15 COMMERZBANK AG 13.000 12/28/2012 EUR 62.37 COMMERZBANK AG 21.250 12/31/2012 EUR 73.02 COMMERZBANK AG 17.000 12/31/2012 EUR 72.57 COMMERZBANK AG 23.000 12/31/2012 EUR 73.80 COMMERZBANK AG 29.750 12/31/2012 EUR 73.24 COMMERZBANK AG 24.500 3/21/2013 EUR 74.50 COMMERZBANK AG 10.750 3/21/2013 EUR 59.60 COMMERZBANK AG 14.500 3/21/2013 EUR 56.82 COMMERZBANK AG 18.500 3/21/2013 EUR 54.81 COMMERZBANK AG 19.750 3/21/2013 EUR 74.87 COMMERZBANK AG 14.750 3/21/2013 EUR 74.76 COMMERZBANK AG 8.400 12/30/2013 EUR 16.88 DEUTSCHE BANK AG 8.000 7/31/2012 EUR 72.90 DEUTSCHE BANK AG 7.000 7/31/2012 EUR 48.70 DEUTSCHE BANK AG 7.000 7/31/2012 EUR 56.80 DEUTSCHE BANK AG 7.000 7/31/2012 EUR 49.20 DEUTSCHE BANK AG 7.000 7/31/2012 EUR 66.80 DEUTSCHE BANK AG 8.000 7/31/2012 EUR 47.30 DEUTSCHE BANK AG 8.000 7/31/2012 EUR 46.60 DEUTSCHE BANK AG 8.000 7/31/2012 EUR 53.80 DEUTSCHE BANK AG 8.000 7/31/2012 EUR 63.40 DEUTSCHE BANK AG 8.000 7/31/2012 EUR 64.60 DEUTSCHE BANK AG 8.000 7/31/2012 EUR 72.20 DEUTSCHE BANK AG 8.000 7/31/2012 EUR 67.30 DEUTSCHE BANK AG 8.000 7/31/2012 EUR 66.20 DEUTSCHE BANK AG 9.000 7/31/2012 EUR 62.00 DEUTSCHE BANK AG 9.000 7/31/2012 EUR 63.70 DEUTSCHE BANK AG 9.000 7/31/2012 EUR 62.50 DEUTSCHE BANK AG 10.000 7/31/2012 EUR 44.80 DEUTSCHE BANK AG 10.000 7/31/2012 EUR 69.40 DEUTSCHE BANK AG 13.000 7/31/2012 EUR 62.00 DEUTSCHE BANK AG 13.000 7/31/2012 EUR 59.20 DEUTSCHE BANK AG 13.000 7/31/2012 EUR 58.90 DEUTSCHE BANK AG 10.000 7/31/2012 EUR 70.30 DEUTSCHE BANK AG 10.000 7/31/2012 EUR 43.00 DEUTSCHE BANK AG 10.000 7/31/2012 EUR 52.30 DEUTSCHE BANK AG 10.000 7/31/2012 EUR 60.90 DEUTSCHE BANK AG 8.000 8/6/2012 EUR 53.40 DEUTSCHE BANK AG 8.000 8/31/2012 EUR 74.40 DEUTSCHE BANK AG 9.000 8/31/2012 EUR 72.70 DEUTSCHE BANK AG 12.000 8/31/2012 EUR 67.60 DEUTSCHE BANK AG 9.000 8/31/2012 EUR 70.10 DEUTSCHE BANK AG 12.000 8/31/2012 EUR 65.40 DEUTSCHE BANK AG 12.000 8/31/2012 EUR 72.70 DEUTSCHE BANK AG 11.000 9/28/2012 EUR 73.00 DEUTSCHE BANK AG 20.000 9/28/2012 EUR 74.80 DEUTSCHE BANK AG 13.000 9/28/2012 EUR 69.70 DEUTSCHE BANK AG 8.000 10/31/2012 EUR 73.80 DEUTSCHE BANK AG 10.000 10/31/2012 EUR 71.10 DEUTSCHE BANK AG 12.000 10/31/2012 EUR 68.30 DEUTSCHE BANK AG 8.000 11/29/2012 EUR 73.20 DEUTSCHE BANK AG 12.000 11/29/2012 EUR 68.30 DEUTSCHE BANK AG 9.000 11/29/2012 EUR 69.20 DEUTSCHE BANK AG 9.000 12/20/2012 EUR 70.10 DEUTSCHE BANK AG 9.000 12/20/2012 EUR 66.20 DEUTSCHE BANK AG 10.000 12/20/2012 EUR 74.30 DEUTSCHE BANK AG 10.000 12/20/2012 EUR 70.90 DEUTSCHE BANK AG 10.000 12/20/2012 EUR 66.60 DEUTSCHE BANK AG 12.000 12/20/2012 EUR 42.10 DEUTSCHE BANK AG 12.000 12/20/2012 EUR 71.20 DEUTSCHE BANK AG 12.000 12/20/2012 EUR 64.30 DEUTSCHE BANK AG 15.000 12/20/2012 EUR 60.30 DEUTSCHE BANK AG 7.000 12/20/2012 EUR 72.30 DEUTSCHE BANK AG 8.000 12/20/2012 EUR 57.50 DEUTSCHE BANK AG 8.000 12/20/2012 EUR 40.60 DEUTSCHE BANK AG 8.000 12/20/2012 EUR 72.30 DEUTSCHE BANK AG 7.000 12/20/2012 EUR 71.90 DEUTSCHE BANK AG 11.000 1/18/2013 EUR 72.70 DEUTSCHE BANK AG 10.000 1/18/2013 EUR 74.70 DEUTSCHE BANK AG 12.000 4/2/2013 EUR 73.60 DEUTSCHE BANK AG 10.000 4/2/2013 EUR 71.20 DEUTSCHE BANK AG 8.000 4/2/2013 EUR 75.00 DRESDNER BANK AG 5.290 5/31/2021 EUR 73.53 DRESDNER BANK AG 6.180 2/28/2023 EUR 74.28 DRESDNER BANK AG 5.700 7/31/2023 EUR 70.20 DRESDNER BANK AG 5.450 2/22/2029 EUR 20.49 DZ BANK AG 10.750 7/27/2012 EUR 45.23 DZ BANK AG 15.250 7/27/2012 EUR 41.09 DZ BANK AG 15.000 7/27/2012 EUR 34.71 DZ BANK AG 14.750 7/27/2012 EUR 66.95 DZ BANK AG 13.100 7/27/2012 EUR 72.29 DZ BANK AG 13.000 7/27/2012 EUR 71.63 DZ BANK AG 12.700 7/27/2012 EUR 64.12 DZ BANK AG 12.500 7/27/2012 EUR 66.08 DZ BANK AG 12.250 7/27/2012 EUR 74.33 DZ BANK AG 12.000 7/27/2012 EUR 65.08 DZ BANK AG 11.750 7/27/2012 EUR 34.85 DZ BANK AG 11.500 7/27/2012 EUR 38.49 DZ BANK AG 11.250 7/27/2012 EUR 71.12 DZ BANK AG 11.250 7/27/2012 EUR 74.99 DZ BANK AG 11.250 7/27/2012 EUR 45.60 DZ BANK AG 10.500 7/27/2012 EUR 51.35 DZ BANK AG 10.000 7/27/2012 EUR 53.82 DZ BANK AG 9.800 7/27/2012 EUR 71.53 DZ BANK AG 9.250 7/27/2012 EUR 72.05 DZ BANK AG 9.000 7/27/2012 EUR 72.93 DZ BANK AG 8.700 7/27/2012 EUR 71.70 DZ BANK AG 8.000 7/27/2012 EUR 55.85 DZ BANK AG 8.000 7/27/2012 EUR 49.50 DZ BANK AG 7.500 7/27/2012 EUR 69.22 DZ BANK AG 6.500 7/27/2012 EUR 60.23 DZ BANK AG 6.000 7/27/2012 EUR 72.09 DZ BANK AG 12.750 7/31/2012 EUR 62.76 DZ BANK AG 9.250 7/31/2012 EUR 70.36 DZ BANK AG 12.700 8/3/2012 EUR 67.72 DZ BANK AG 14.500 8/10/2012 EUR 68.22 DZ BANK AG 15.250 8/10/2012 EUR 71.68 DZ BANK AG 16.500 8/10/2012 EUR 71.23 DZ BANK AG 14.750 8/10/2012 EUR 71.35 DZ BANK AG 10.500 8/10/2012 EUR 61.22 DZ BANK AG 21.250 8/10/2012 EUR 40.77 DZ BANK AG 9.500 8/10/2012 EUR 70.84 DZ BANK AG 5.000 8/10/2012 EUR 59.52 DZ BANK AG 24.250 8/10/2012 EUR 66.37 DZ BANK AG 17.500 8/24/2012 EUR 61.16 DZ BANK AG 18.000 8/24/2012 EUR 60.56 DZ BANK AG 19.000 8/24/2012 EUR 72.75 DZ BANK AG 18.000 8/24/2012 EUR 63.39 DZ BANK AG 21.250 8/24/2012 EUR 72.00 DZ BANK AG 21.000 8/24/2012 EUR 55.36 DZ BANK AG 12.000 8/24/2012 EUR 70.17 DZ BANK AG 26.000 8/24/2012 EUR 69.65 DZ BANK AG 13.500 8/24/2012 EUR 69.63 DZ BANK AG 14.000 8/24/2012 EUR 66.25 DZ BANK AG 15.000 8/24/2012 EUR 72.82 DZ BANK AG 12.750 8/24/2012 EUR 62.73 DZ BANK AG 17.000 8/24/2012 EUR 67.93 DZ BANK AG 16.500 8/24/2012 EUR 64.15 DZ BANK AG 5.000 9/14/2012 EUR 53.20 DZ BANK AG 5.850 9/14/2012 EUR 52.71 DZ BANK AG 6.000 9/14/2012 EUR 73.85 DZ BANK AG 6.250 9/14/2012 EUR 49.42 DZ BANK AG 7.000 9/14/2012 EUR 74.67 DZ BANK AG 7.250 9/14/2012 EUR 67.93 DZ BANK AG 7.500 9/14/2012 EUR 66.50 DZ BANK AG 7.500 9/14/2012 EUR 74.67 DZ BANK AG 7.750 9/14/2012 EUR 74.70 DZ BANK AG 8.000 9/14/2012 EUR 45.21 DZ BANK AG 8.250 9/14/2012 EUR 57.58 DZ BANK AG 9.250 9/14/2012 EUR 74.95 DZ BANK AG 9.500 9/14/2012 EUR 60.13 DZ BANK AG 9.500 9/14/2012 EUR 71.10 DZ BANK AG 10.000 9/14/2012 EUR 50.95 DZ BANK AG 10.000 9/14/2012 EUR 51.80 DZ BANK AG 10.500 9/14/2012 EUR 40.29 DZ BANK AG 10.750 9/14/2012 EUR 65.63 DZ BANK AG 11.500 9/14/2012 EUR 72.33 DZ BANK AG 12.500 9/14/2012 EUR 62.96 DZ BANK AG 19.500 9/14/2012 EUR 46.77 DZ BANK AG 8.500 9/14/2012 EUR 44.85 DZ BANK AG 17.500 9/28/2012 EUR 72.17 DZ BANK AG 22.500 9/28/2012 EUR 71.30 DZ BANK AG 23.000 9/28/2012 EUR 67.49 DZ BANK AG 16.500 9/28/2012 EUR 73.22 DZ BANK AG 15.500 9/28/2012 EUR 73.99 DZ BANK AG 20.000 9/28/2012 EUR 66.41 DZ BANK AG 21.000 9/28/2012 EUR 74.85 DZ BANK AG 22.000 9/28/2012 EUR 62.46 DZ BANK AG 7.600 10/5/2012 EUR 74.97 DZ BANK AG 8.300 10/5/2012 EUR 65.20 DZ BANK AG 4.500 10/5/2012 EUR 73.35 DZ BANK AG 5.700 10/5/2012 EUR 70.40 DZ BANK AG 19.250 10/12/2012 EUR 74.98 DZ BANK AG 8.000 10/12/2012 EUR 41.18 DZ BANK AG 7.000 10/12/2012 EUR 44.13 DZ BANK AG 9.500 10/12/2012 EUR 56.65 DZ BANK AG 7.000 10/12/2012 EUR 69.94 DZ BANK AG 8.000 10/12/2012 EUR 63.00 DZ BANK AG 8.000 10/26/2012 EUR 70.94 DZ BANK AG 17.250 10/26/2012 EUR 70.97 DZ BANK AG 16.000 10/26/2012 EUR 66.86 DZ BANK AG 22.000 10/26/2012 EUR 67.43 DZ BANK AG 17.750 10/26/2012 EUR 73.31 DZ BANK AG 18.000 10/26/2012 EUR 73.16 DZ BANK AG 19.000 10/26/2012 EUR 70.17 DZ BANK AG 12.500 10/26/2012 EUR 72.31 DZ BANK AG 11.900 11/1/2012 EUR 70.76 DZ BANK AG 11.500 11/23/2012 EUR 72.32 DZ BANK AG 15.500 11/23/2012 EUR 74.14 DZ BANK AG 20.000 11/23/2012 EUR 71.69 DZ BANK AG 5.000 12/14/2012 EUR 61.21 DZ BANK AG 9.750 12/14/2012 EUR 63.96 DZ BANK AG 5.000 12/21/2012 EUR 60.94 DZ BANK AG 9.500 1/2/2013 EUR 73.24 DZ BANK AG 12.000 1/2/2013 EUR 68.08 DZ BANK AG 6.000 1/2/2013 EUR 61.52 DZ BANK AG 14.000 1/11/2013 EUR 43.51 DZ BANK AG 15.500 1/11/2013 EUR 48.08 DZ BANK AG 12.500 1/25/2013 EUR 45.09 DZ BANK AG 19.000 1/25/2013 EUR 73.38 DZ BANK AG 14.000 1/25/2013 EUR 71.89 DZ BANK AG 11.250 2/8/2013 EUR 72.66 DZ BANK AG 13.750 2/8/2013 EUR 73.51 DZ BANK AG 10.250 2/8/2013 EUR 73.77 DZ BANK AG 11.000 2/22/2013 EUR 72.02 DZ BANK AG 14.000 2/22/2013 EUR 69.44 DZ BANK AG 10.750 2/22/2013 EUR 69.19 DZ BANK AG 9.000 3/8/2013 EUR 69.31 DZ BANK AG 9.750 3/8/2013 EUR 74.85 DZ BANK AG 10.000 3/8/2013 EUR 56.95 DZ BANK AG 11.000 3/8/2013 EUR 72.58 DZ BANK AG 11.500 3/8/2013 EUR 70.42 DZ BANK AG 13.500 3/8/2013 EUR 74.32 DZ BANK AG 13.750 3/8/2013 EUR 48.21 DZ BANK AG 11.250 3/22/2013 EUR 49.31 DZ BANK AG 12.750 3/22/2013 EUR 72.34 DZ BANK AG 18.500 3/22/2013 EUR 74.51 DZ BANK AG 20.000 3/22/2013 EUR 71.67 DZ BANK AG 5.000 3/22/2013 EUR 74.74 DZ BANK AG 9.750 4/2/2013 EUR 68.02 DZ BANK AG 15.750 4/26/2013 EUR 67.28 DZ BANK AG 17.000 4/26/2013 EUR 22.91 DZ BANK AG 5.000 6/22/2018 EUR 60.83 ESCADA AG 7.500 4/1/2012 EUR 8.64 ESCADA AG 7.500 4/1/2012 EUR 8.25 EUROHYPO AG 3.830 9/21/2020 EUR 68.75 GOLDMAN SACHS CO 17.000 9/26/2012 EUR 72.20 GOLDMAN SACHS CO 16.000 9/26/2012 EUR 67.40 GOLDMAN SACHS CO 8.000 9/26/2012 EUR 52.90 GOLDMAN SACHS CO 16.000 12/28/2012 EUR 70.70 GOLDMAN SACHS CO 17.000 12/28/2012 EUR 74.40 GOLDMAN SACHS CO 15.000 12/28/2012 EUR 72.70 GOLDMAN SACHS CO 15.000 12/28/2012 EUR 70.60 GOLDMAN SACHS CO 16.000 12/28/2012 EUR 68.60 GOLDMAN SACHS CO 14.000 1/2/2013 EUR 70.50 GOLDMAN SACHS CO 15.000 3/20/2013 EUR 69.90 GOLDMAN SACHS CO 15.000 6/26/2013 EUR 72.70 GOLDMAN SACHS CO 18.000 6/26/2013 EUR 73.90 GOLDMAN SACHS CO 11.000 6/26/2013 EUR 71.40 GOLDMAN SACHS CO 9.000 6/26/2013 EUR 73.90 GOLDMAN SACHS CO 11.000 6/26/2013 EUR 73.50 GOLDMAN SACHS CO 14.000 12/27/2013 EUR 73.00 HECKLER & KOCH 9.500 5/15/2018 EUR 72.31 HSBC TRINKAUS 19.000 9/28/2012 EUR 71.89 HSBC TRINKAUS 18.500 9/28/2012 EUR 74.98 HSBC TRINKAUS 19.500 9/28/2012 EUR 72.64 HSBC TRINKAUS 20.000 9/28/2012 EUR 65.15 HSBC TRINKAUS 18.000 9/28/2012 EUR 59.66 HSBC TRINKAUS 17.500 9/28/2012 EUR 72.36 HSBC TRINKAUS 15.500 9/28/2012 EUR 49.00 HSBC TRINKAUS 13.000 9/28/2012 EUR 69.64 HSBC TRINKAUS 12.500 9/28/2012 EUR 73.08 HSBC TRINKAUS 11.000 9/28/2012 EUR 71.14 HSBC TRINKAUS 8.000 9/28/2012 EUR 66.94 HSBC TRINKAUS 11.000 9/28/2012 EUR 64.17 HSBC TRINKAUS 20.000 9/28/2012 EUR 61.87 HSBC TRINKAUS 21.000 9/28/2012 EUR 74.69 HSBC TRINKAUS 22.000 9/28/2012 EUR 74.44 HSBC TRINKAUS 24.000 9/28/2012 EUR 65.74 HSBC TRINKAUS 24.000 9/28/2012 EUR 71.28 HSBC TRINKAUS 24.000 9/28/2012 EUR 74.72 HSBC TRINKAUS 25.000 9/28/2012 EUR 69.47 HSBC TRINKAUS 25.000 9/28/2012 EUR 68.56 HSBC TRINKAUS 25.500 9/28/2012 EUR 65.21 HSBC TRINKAUS 27.500 9/28/2012 EUR 61.20 HSBC TRINKAUS 27.500 9/28/2012 EUR 73.25 HSBC TRINKAUS 29.000 9/28/2012 EUR 67.94 HSBC TRINKAUS 29.500 9/28/2012 EUR 65.77 HSBC TRINKAUS 29.500 9/28/2012 EUR 57.44 HSBC TRINKAUS 11.500 10/26/2012 EUR 72.12 HSBC TRINKAUS 17.500 10/26/2012 EUR 66.65 HSBC TRINKAUS 16.000 11/23/2012 EUR 67.54 HSBC TRINKAUS 11.000 11/23/2012 EUR 72.81 HSBC TRINKAUS 24.000 3/22/2013 EUR 69.77 HSBC TRINKAUS 23.500 3/22/2013 EUR 68.68 HSBC TRINKAUS 22.500 3/22/2013 EUR 72.98 HSBC TRINKAUS 22.000 3/22/2013 EUR 63.29 HSBC TRINKAUS 22.000 3/22/2013 EUR 70.25 HSBC TRINKAUS 21.000 3/22/2013 EUR 71.71 HSBC TRINKAUS 21.000 3/22/2013 EUR 51.60 HSBC TRINKAUS 20.000 3/22/2013 EUR 73.08 HSBC TRINKAUS 20.000 3/22/2013 EUR 72.92 HSBC TRINKAUS 8.500 3/22/2013 EUR 70.45 HSBC TRINKAUS 10.500 3/22/2013 EUR 72.00 HSBC TRINKAUS 10.500 3/22/2013 EUR 68.80 HSBC TRINKAUS 13.000 3/22/2013 EUR 53.19 HSBC TRINKAUS 8.000 3/22/2013 EUR 55.73 HSBC TRINKAUS 14.000 3/22/2013 EUR 65.75 HSBC TRINKAUS 15.500 3/22/2013 EUR 67.41 HSBC TRINKAUS 17.500 3/22/2013 EUR 67.97 HSBC TRINKAUS 17.500 3/22/2013 EUR 73.30 HSBC TRINKAUS 13.500 3/22/2013 EUR 70.94 HSBC TRINKAUS 17.500 3/22/2013 EUR 72.56 HSBC TRINKAUS 17.500 3/22/2013 EUR 72.46 HSBC TRINKAUS 18.000 3/22/2013 EUR 74.20 HSBC TRINKAUS 18.000 3/22/2013 EUR 74.61 HSBC TRINKAUS 19.500 3/22/2013 EUR 73.31 HSBC TRINKAUS 19.000 3/22/2013 EUR 69.12 HSBC TRINKAUS 18.500 3/22/2013 EUR 73.88 HSBC TRINKAUS 18.500 3/22/2013 EUR 64.91 HSBC TRINKAUS 19.500 3/22/2013 EUR 65.09 HSBC TRINKAUS 27.500 3/22/2013 EUR 51.62 HSBC TRINKAUS 27.000 3/22/2013 EUR 61.01 HSBC TRINKAUS 26.500 3/22/2013 EUR 66.45 HSBC TRINKAUS 18.000 3/22/2013 EUR 73.92 HSBC TRINKAUS 17.500 6/28/2013 EUR 66.87 HSBC TRINKAUS 21.500 6/28/2013 EUR 71.42 HSBC TRINKAUS 19.500 6/28/2013 EUR 73.85 HSBC TRINKAUS 19.500 6/28/2013 EUR 70.77 HSBC TRINKAUS 19.000 6/28/2013 EUR 65.40 HSBC TRINKAUS 18.500 6/28/2013 EUR 71.12 HSBC TRINKAUS 18.500 6/28/2013 EUR 74.73 HSBC TRINKAUS 18.500 6/28/2013 EUR 74.89 HSBC TRINKAUS 16.500 6/28/2013 EUR 73.33 HSBC TRINKAUS 16.500 6/28/2013 EUR 73.03 HSBC TRINKAUS 16.500 6/28/2013 EUR 66.77 HSBC TRINKAUS 16.000 6/28/2013 EUR 69.87 HSBC TRINKAUS 16.000 6/28/2013 EUR 74.25 HSBC TRINKAUS 15.500 6/28/2013 EUR 74.81 HSBC TRINKAUS 14.000 6/28/2013 EUR 68.62 HSBC TRINKAUS 12.500 6/28/2013 EUR 68.04 HSBC TRINKAUS 10.500 6/28/2013 EUR 72.66 HSBC TRINKAUS 10.000 6/28/2013 EUR 70.77 HSBC TRINKAUS 8.500 6/28/2013 EUR 72.15 HSBC TRINKAUS 30.000 6/28/2013 EUR 53.11 HSBC TRINKAUS 26.000 6/28/2013 EUR 53.25 HSBC TRINKAUS 25.500 6/28/2013 EUR 60.93 HSBC TRINKAUS 23.500 6/28/2013 EUR 69.47 HSBC TRINKAUS 22.500 6/28/2013 EUR 61.93 HSBC TRINKAUS 13.000 12/30/2013 EUR 73.43 IKB DEUT INDUSTR 4.080 12/20/2035 EUR 73.83 KFW 0.250 10/6/2036 CAD 32.59 L-BANK FOERDERBK 0.500 5/10/2027 CAD 56.06 L-BANK FOERDERBK 0.250 10/13/2037 CAD 28.21 LANDESBK BERLIN 7.250 8/27/2012 EUR 71.16 LB BADEN-WUERTT 10.000 7/27/2012 EUR 12.03 LB BADEN-WUERTT 4.000 7/27/2012 EUR 26.76 LB BADEN-WUERTT 4.000 7/27/2012 EUR 66.84 LB BADEN-WUERTT 4.000 7/27/2012 EUR 43.14 LB BADEN-WUERTT 4.000 7/27/2012 EUR 73.55 LB BADEN-WUERTT 5.000 7/27/2012 EUR 74.63 LB BADEN-WUERTT 5.000 7/27/2012 EUR 15.61 LB BADEN-WUERTT 5.000 7/27/2012 EUR 50.58 LB BADEN-WUERTT 5.000 7/27/2012 EUR 11.66 LB BADEN-WUERTT 5.000 7/27/2012 EUR 68.12 LB BADEN-WUERTT 5.000 7/27/2012 EUR 51.24 LB BADEN-WUERTT 5.000 7/27/2012 EUR 42.44 LB BADEN-WUERTT 5.000 7/27/2012 EUR 56.60 LB BADEN-WUERTT 5.000 7/27/2012 EUR 53.96 LB BADEN-WUERTT 5.000 7/27/2012 EUR 45.56 LB BADEN-WUERTT 5.000 7/27/2012 EUR 73.15 LB BADEN-WUERTT 5.000 7/27/2012 EUR 68.48 LB BADEN-WUERTT 5.000 7/27/2012 EUR 50.47 LB BADEN-WUERTT 5.000 7/27/2012 EUR 64.10 LB BADEN-WUERTT 5.000 7/27/2012 EUR 24.27 LB BADEN-WUERTT 6.000 7/27/2012 EUR 23.31 LB BADEN-WUERTT 6.000 7/27/2012 EUR 23.25 LB BADEN-WUERTT 6.000 7/27/2012 EUR 59.04 LB BADEN-WUERTT 6.000 7/27/2012 EUR 73.77 LB BADEN-WUERTT 6.000 7/27/2012 EUR 72.46 LB BADEN-WUERTT 6.000 7/27/2012 EUR 35.96 LB BADEN-WUERTT 6.000 7/27/2012 EUR 63.32 LB BADEN-WUERTT 7.500 7/27/2012 EUR 50.53 LB BADEN-WUERTT 7.500 7/27/2012 EUR 11.98 LB BADEN-WUERTT 7.500 7/27/2012 EUR 73.21 LB BADEN-WUERTT 7.500 7/27/2012 EUR 64.91 LB BADEN-WUERTT 7.500 7/27/2012 EUR 21.83 LB BADEN-WUERTT 7.500 7/27/2012 EUR 61.66 LB BADEN-WUERTT 7.500 7/27/2012 EUR 60.11 LB BADEN-WUERTT 7.500 7/27/2012 EUR 48.96 LB BADEN-WUERTT 7.500 7/27/2012 EUR 66.50 LB BADEN-WUERTT 7.500 7/27/2012 EUR 67.06 LB BADEN-WUERTT 7.500 7/27/2012 EUR 55.68 LB BADEN-WUERTT 7.500 7/27/2012 EUR 46.05 LB BADEN-WUERTT 7.500 7/27/2012 EUR 14.44 LB BADEN-WUERTT 7.500 7/27/2012 EUR 45.08 LB BADEN-WUERTT 7.500 7/27/2012 EUR 44.89 LB BADEN-WUERTT 7.500 7/27/2012 EUR 68.28 LB BADEN-WUERTT 7.500 7/27/2012 EUR 37.73 LB BADEN-WUERTT 7.500 7/27/2012 EUR 40.39 LB BADEN-WUERTT 8.000 7/27/2012 EUR 57.02 LB BADEN-WUERTT 8.000 7/27/2012 EUR 67.25 LB BADEN-WUERTT 8.000 7/27/2012 EUR 71.06 LB BADEN-WUERTT 8.000 7/27/2012 EUR 67.24 LB BADEN-WUERTT 8.000 7/27/2012 EUR 32.16 LB BADEN-WUERTT 8.000 7/27/2012 EUR 21.05 LB BADEN-WUERTT 8.000 7/27/2012 EUR 53.78 LB BADEN-WUERTT 10.000 7/27/2012 EUR 73.64 LB BADEN-WUERTT 10.000 7/27/2012 EUR 49.99 LB BADEN-WUERTT 10.000 7/27/2012 EUR 40.44 LB BADEN-WUERTT 10.000 7/27/2012 EUR 54.76 LB BADEN-WUERTT 10.000 7/27/2012 EUR 70.73 LB BADEN-WUERTT 10.000 7/27/2012 EUR 60.74 LB BADEN-WUERTT 10.000 7/27/2012 EUR 45.75 LB BADEN-WUERTT 10.000 7/27/2012 EUR 71.52 LB BADEN-WUERTT 10.000 7/27/2012 EUR 40.71 LB BADEN-WUERTT 10.000 7/27/2012 EUR 66.94 LB BADEN-WUERTT 10.000 7/27/2012 EUR 34.27 LB BADEN-WUERTT 10.000 7/27/2012 EUR 46.80 LB BADEN-WUERTT 10.000 7/27/2012 EUR 37.34 LB BADEN-WUERTT 10.000 7/27/2012 EUR 61.94 LB BADEN-WUERTT 10.000 7/27/2012 EUR 61.73 LB BADEN-WUERTT 10.000 7/27/2012 EUR 13.40 LB BADEN-WUERTT 10.000 7/27/2012 EUR 56.37 LB BADEN-WUERTT 10.000 7/27/2012 EUR 69.72 LB BADEN-WUERTT 10.000 7/27/2012 EUR 71.69 LB BADEN-WUERTT 10.000 7/27/2012 EUR 19.85 LB BADEN-WUERTT 10.000 7/27/2012 EUR 69.64 LB BADEN-WUERTT 10.000 7/27/2012 EUR 59.82 LB BADEN-WUERTT 10.000 7/27/2012 EUR 71.41 LB BADEN-WUERTT 10.000 7/27/2012 EUR 42.41 LB BADEN-WUERTT 8.000 8/24/2012 EUR 66.02 LB BADEN-WUERTT 8.000 8/24/2012 EUR 57.50 LB BADEN-WUERTT 8.000 8/24/2012 EUR 51.39 LB BADEN-WUERTT 8.000 8/24/2012 EUR 70.04 LB BADEN-WUERTT 5.000 8/24/2012 EUR 46.75 LB BADEN-WUERTT 5.000 8/24/2012 EUR 68.37 LB BADEN-WUERTT 5.000 8/24/2012 EUR 22.82 LB BADEN-WUERTT 5.000 8/24/2012 EUR 72.46 LB BADEN-WUERTT 5.000 8/24/2012 EUR 58.20 LB BADEN-WUERTT 5.000 8/24/2012 EUR 63.75 LB BADEN-WUERTT 5.000 8/24/2012 EUR 58.73 LB BADEN-WUERTT 5.000 8/24/2012 EUR 72.60 LB BADEN-WUERTT 5.000 8/24/2012 EUR 47.23 LB BADEN-WUERTT 5.000 8/24/2012 EUR 58.91 LB BADEN-WUERTT 5.000 8/24/2012 EUR 71.69 LB BADEN-WUERTT 6.000 8/24/2012 EUR 66.46 LB BADEN-WUERTT 6.000 8/24/2012 EUR 64.47 LB BADEN-WUERTT 6.000 8/24/2012 EUR 35.04 LB BADEN-WUERTT 6.000 8/24/2012 EUR 30.38 LB BADEN-WUERTT 6.000 8/24/2012 EUR 56.51 LB BADEN-WUERTT 6.000 8/24/2012 EUR 65.24 LB BADEN-WUERTT 6.000 8/24/2012 EUR 71.15 LB BADEN-WUERTT 4.000 8/24/2012 EUR 39.41 LB BADEN-WUERTT 4.000 8/24/2012 EUR 65.40 LB BADEN-WUERTT 4.000 8/24/2012 EUR 35.85 LB BADEN-WUERTT 5.000 8/24/2012 EUR 64.54 LB BADEN-WUERTT 6.500 8/24/2012 EUR 74.64 LB BADEN-WUERTT 7.500 8/24/2012 EUR 20.06 LB BADEN-WUERTT 7.500 8/24/2012 EUR 61.24 LB BADEN-WUERTT 7.500 8/24/2012 EUR 41.95 LB BADEN-WUERTT 10.000 8/24/2012 EUR 61.41 LB BADEN-WUERTT 10.000 8/24/2012 EUR 72.50 LB BADEN-WUERTT 10.000 8/24/2012 EUR 46.30 LB BADEN-WUERTT 10.000 8/24/2012 EUR 53.85 LB BADEN-WUERTT 7.500 8/24/2012 EUR 67.22 LB BADEN-WUERTT 7.500 8/24/2012 EUR 62.60 LB BADEN-WUERTT 7.500 8/24/2012 EUR 51.53 LB BADEN-WUERTT 7.500 8/24/2012 EUR 71.66 LB BADEN-WUERTT 10.000 8/24/2012 EUR 70.58 LB BADEN-WUERTT 10.000 8/24/2012 EUR 68.53 LB BADEN-WUERTT 10.000 8/24/2012 EUR 46.02 LB BADEN-WUERTT 10.000 8/24/2012 EUR 73.57 LB BADEN-WUERTT 10.000 8/24/2012 EUR 58.97 LB BADEN-WUERTT 10.000 8/24/2012 EUR 18.48 LB BADEN-WUERTT 10.000 8/24/2012 EUR 48.18 LB BADEN-WUERTT 10.000 8/24/2012 EUR 38.55 LB BADEN-WUERTT 10.000 8/24/2012 EUR 56.62 LB BADEN-WUERTT 7.500 8/24/2012 EUR 63.38 LB BADEN-WUERTT 10.000 8/24/2012 EUR 64.39 LB BADEN-WUERTT 10.000 8/24/2012 EUR 68.77 LB BADEN-WUERTT 7.500 8/24/2012 EUR 58.07 LB BADEN-WUERTT 10.000 8/24/2012 EUR 65.78 LB BADEN-WUERTT 7.500 8/24/2012 EUR 42.54 LB BADEN-WUERTT 7.500 8/24/2012 EUR 52.36 LB BADEN-WUERTT 7.500 8/24/2012 EUR 63.86 LB BADEN-WUERTT 7.500 8/24/2012 EUR 72.18 LB BADEN-WUERTT 7.500 8/24/2012 EUR 51.54 LB BADEN-WUERTT 8.000 8/24/2012 EUR 71.35 LB BADEN-WUERTT 10.000 8/24/2012 EUR 57.53 LB BADEN-WUERTT 10.000 8/24/2012 EUR 56.19 LB BADEN-WUERTT 10.000 8/24/2012 EUR 72.80 LB BADEN-WUERTT 10.000 8/24/2012 EUR 71.01 LB BADEN-WUERTT 10.000 8/24/2012 EUR 72.89 LB BADEN-WUERTT 8.000 8/24/2012 EUR 27.35 LB BADEN-WUERTT 8.000 8/24/2012 EUR 58.43 LB BADEN-WUERTT 8.000 8/24/2012 EUR 56.89 LB BADEN-WUERTT 8.000 8/24/2012 EUR 71.51 LB BADEN-WUERTT 8.000 8/24/2012 EUR 31.75 LB BADEN-WUERTT 8.000 8/24/2012 EUR 74.80 LB BADEN-WUERTT 10.000 8/24/2012 EUR 36.50 LB BADEN-WUERTT 6.000 9/28/2012 EUR 20.90 LB BADEN-WUERTT 6.000 9/28/2012 EUR 42.10 LB BADEN-WUERTT 6.000 9/28/2012 EUR 65.51 LB BADEN-WUERTT 6.000 9/28/2012 EUR 52.05 LB BADEN-WUERTT 6.000 9/28/2012 EUR 47.68 LB BADEN-WUERTT 6.000 9/28/2012 EUR 75.00 LB BADEN-WUERTT 6.000 9/28/2012 EUR 34.17 LB BADEN-WUERTT 5.000 9/28/2012 EUR 71.60 LB BADEN-WUERTT 5.000 9/28/2012 EUR 66.93 LB BADEN-WUERTT 4.000 9/28/2012 EUR 60.21 LB BADEN-WUERTT 4.000 9/28/2012 EUR 48.67 LB BADEN-WUERTT 4.000 9/28/2012 EUR 25.19 LB BADEN-WUERTT 4.000 9/28/2012 EUR 39.84 LB BADEN-WUERTT 4.000 9/28/2012 EUR 56.71 LB BADEN-WUERTT 10.000 9/28/2012 EUR 72.40 LB BADEN-WUERTT 10.000 9/28/2012 EUR 73.90 LB BADEN-WUERTT 10.000 9/28/2012 EUR 55.77 LB BADEN-WUERTT 8.000 9/28/2012 EUR 18.35 LB BADEN-WUERTT 8.000 9/28/2012 EUR 64.71 LB BADEN-WUERTT 8.000 9/28/2012 EUR 31.22 LB BADEN-WUERTT 8.000 9/28/2012 EUR 38.00 LB BADEN-WUERTT 8.000 9/28/2012 EUR 47.19 LB BADEN-WUERTT 8.000 9/28/2012 EUR 42.05 LB BADEN-WUERTT 8.000 9/28/2012 EUR 71.35 LB BADEN-WUERTT 8.000 9/28/2012 EUR 59.05 LB BADEN-WUERTT 7.500 9/28/2012 EUR 72.20 LB BADEN-WUERTT 7.500 9/28/2012 EUR 60.83 LB BADEN-WUERTT 7.250 9/28/2012 EUR 72.56 LB BADEN-WUERTT 7.000 9/28/2012 EUR 58.69 LB BADEN-WUERTT 5.000 10/26/2012 EUR 17.97 LB BADEN-WUERTT 5.000 10/26/2012 EUR 61.81 LB BADEN-WUERTT 5.000 10/26/2012 EUR 6.31 LB BADEN-WUERTT 5.000 10/26/2012 EUR 56.82 LB BADEN-WUERTT 5.000 10/26/2012 EUR 53.99 LB BADEN-WUERTT 5.000 10/26/2012 EUR 45.43 LB BADEN-WUERTT 10.000 10/26/2012 EUR 62.60 LB BADEN-WUERTT 10.000 10/26/2012 EUR 72.32 LB BADEN-WUERTT 10.000 10/26/2012 EUR 73.68 LB BADEN-WUERTT 10.000 10/26/2012 EUR 50.22 LB BADEN-WUERTT 10.000 10/26/2012 EUR 36.33 LB BADEN-WUERTT 10.000 10/26/2012 EUR 40.64 LB BADEN-WUERTT 10.000 10/26/2012 EUR 46.41 LB BADEN-WUERTT 10.000 10/26/2012 EUR 74.17 LB BADEN-WUERTT 10.000 10/26/2012 EUR 15.36 LB BADEN-WUERTT 10.000 10/26/2012 EUR 73.55 LB BADEN-WUERTT 10.000 10/26/2012 EUR 71.47 LB BADEN-WUERTT 10.000 10/26/2012 EUR 6.05 LB BADEN-WUERTT 7.500 10/26/2012 EUR 50.31 LB BADEN-WUERTT 7.500 10/26/2012 EUR 45.53 LB BADEN-WUERTT 7.500 10/26/2012 EUR 39.41 LB BADEN-WUERTT 7.500 10/26/2012 EUR 54.78 LB BADEN-WUERTT 7.500 10/26/2012 EUR 6.22 LB BADEN-WUERTT 7.500 10/26/2012 EUR 69.53 LB BADEN-WUERTT 7.500 10/26/2012 EUR 16.19 LB BADEN-WUERTT 5.000 11/23/2012 EUR 18.33 LB BADEN-WUERTT 5.000 11/23/2012 EUR 61.49 LB BADEN-WUERTT 5.000 11/23/2012 EUR 47.04 LB BADEN-WUERTT 5.000 11/23/2012 EUR 72.03 LB BADEN-WUERTT 7.500 11/23/2012 EUR 37.63 LB BADEN-WUERTT 15.000 11/23/2012 EUR 52.42 LB BADEN-WUERTT 10.000 11/23/2012 EUR 72.49 LB BADEN-WUERTT 10.000 11/23/2012 EUR 49.51 LB BADEN-WUERTT 10.000 11/23/2012 EUR 65.39 LB BADEN-WUERTT 10.000 11/23/2012 EUR 34.59 LB BADEN-WUERTT 10.000 11/23/2012 EUR 70.70 LB BADEN-WUERTT 10.000 11/23/2012 EUR 16.15 LB BADEN-WUERTT 10.000 11/23/2012 EUR 61.91 LB BADEN-WUERTT 10.000 11/23/2012 EUR 63.20 LB BADEN-WUERTT 10.000 11/23/2012 EUR 73.47 LB BADEN-WUERTT 10.000 11/23/2012 EUR 37.23 LB BADEN-WUERTT 10.000 11/23/2012 EUR 49.92 LB BADEN-WUERTT 10.000 11/23/2012 EUR 62.17 LB BADEN-WUERTT 10.000 11/23/2012 EUR 54.71 LB BADEN-WUERTT 10.000 11/23/2012 EUR 61.98 LB BADEN-WUERTT 7.500 11/23/2012 EUR 53.86 LB BADEN-WUERTT 7.500 11/23/2012 EUR 68.62 LB BADEN-WUERTT 7.500 11/23/2012 EUR 16.91 LB BADEN-WUERTT 7.500 11/23/2012 EUR 61.50 LB BADEN-WUERTT 7.500 11/23/2012 EUR 54.29 LB BADEN-WUERTT 7.500 11/23/2012 EUR 67.71 LB BADEN-WUERTT 7.500 11/23/2012 EUR 71.97 LB BADEN-WUERTT 7.500 11/23/2012 EUR 71.74 LB BADEN-WUERTT 7.500 11/23/2012 EUR 68.70 LB BADEN-WUERTT 7.500 11/23/2012 EUR 40.72 LB BADEN-WUERTT 5.000 11/23/2012 EUR 59.30 LB BADEN-WUERTT 5.000 11/23/2012 EUR 42.61 LB BADEN-WUERTT 7.500 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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 ISLAN 7.200 4/27/2026 EUR 0.25 LANDSBANKI ISLAN 4.400 11/30/2035 EUR 0.25 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 5.440 9/3/2018 EUR 0.25 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 LANDSBANKI ISLND 3.450 12/18/2033 JPY 0.25 IRELAND ------- AIB MORTGAGE BNK 5.580 4/28/2028 EUR 61.04 AIB MORTGAGE BNK 5.000 2/12/2030 EUR 54.11 AIB MORTGAGE BNK 5.000 3/1/2030 EUR 54.05 BANESTO FINANC 5.000 6/1/2024 EUR 67.75 BANESTO FINANC 6.050 7/2/2025 EUR 72.57 BANESTO FINANC 5.000 3/23/2030 EUR 58.87 BANK OF IRELAND 5.600 9/18/2023 EUR 59.00 BK IRELAND MTGE 5.760 9/7/2029 EUR 73.67 BK IRELAND MTGE 5.360 10/12/2029 EUR 69.94 BK IRELAND MTGE 5.400 11/6/2029 EUR 70.19 BK IRELAND MTGE 5.450 3/1/2030 EUR 69.87 DEPFA ACS BANK 0.500 3/3/2025 CAD 40.19 DEPFA ACS BANK 3.250 7/31/2031 CHF 69.02 DEPFA ACS BANK 4.900 8/24/2035 CAD 72.63 DEPFA ACS BANK 5.125 3/16/2037 USD 68.66 DEPFA ACS BANK 5.125 3/16/2037 USD 69.01 KALVEBOD PLC 2.000 5/1/2106 DKK 35.00 ONO FINANCE II 11.125 7/15/2019 EUR 75.17 ONO FINANCE II 10.875 7/15/2019 USD 75.25 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5.250 4/3/2029 EUR 71.41 CIR SPA 5.750 12/16/2024 EUR 74.38 CIRIO SPA 8.000 12/21/2005 EUR 0.50 CITY OF NAPLES 4.783 12/31/2037 EUR 68.10 CITY OF TURIN 5.270 6/26/2038 EUR 71.22 CITY OF VENICE 4.265 3/26/2026 EUR 54.72 CITY OF VENICE 4.265 3/26/2026 EUR 54.42 CO ACERRA 3.490 9/30/2025 EUR 72.09 CO ACQUAFREDDA 3.749 12/31/2025 EUR 51.80 CO AIROLA 3.780 9/30/2025 EUR 73.03 CO ALBA ADRIATIC 4.469 6/30/2026 EUR 56.39 CO ALBERONA 3.810 6/27/2025 EUR 73.59 CO ALBINO 3.630 6/27/2025 EUR 71.00 CO ANDRANO 3.921 12/31/2035 EUR 54.84 CO ARIANO IRPINO 3.588 9/30/2025 EUR 72.17 CO AVIGLIANO 3.675 12/31/2025 EUR 51.24 CO BATTIPAGLIA 3.612 12/31/2025 EUR 72.19 CO BEINASCO 3.760 12/31/2025 EUR 57.80 CO BELLA 3.675 12/31/2025 EUR 51.24 CO BERLINGO 4.297 12/31/2036 EUR 57.59 CO BOSSICO 4.219 12/31/2026 EUR 73.11 CO BOVALINO 3.990 12/31/2025 EUR 74.14 CO BRAONE 4.620 6/30/2036 EUR 60.56 CO BRAONE 4.567 6/30/2037 EUR 70.70 CO CALCINATO 3.997 12/31/2025 EUR 53.63 CO CALVI RISORTA 4.520 9/30/2026 EUR 74.97 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12/31/2036 EUR 60.54 CO CORTE DE FRAT 4.372 12/31/2036 EUR 58.58 CO DALMINE 3.690 3/31/2026 EUR 72.30 CO DELICETO 3.810 9/30/2025 EUR 73.41 CO ESINE 3.749 12/31/2025 EUR 51.80 CO FORLI 4.086 12/31/2028 EUR 70.10 CO FORLI 4.874 12/31/2028 EUR 73.93 CO FORLI 3.755 6/30/2029 EUR 68.16 CO FRANCOLISE 4.060 12/31/2025 EUR 74.09 CO GALATONE 3.657 12/31/2025 EUR 51.10 CO GAVARDO 4.767 6/30/2037 EUR 61.66 CO GIANICO 4.225 12/31/2026 EUR 53.47 CO GIULIANOVA 3.534 7/13/2025 EUR 72.32 CO GRONTARDO 4.097 12/31/2035 EUR 56.29 CO IMPRUNETA 4.650 9/30/2036 EUR 71.94 CO LASTRA A SIGN 3.980 3/31/2026 EUR 73.49 CO LOCRI 3.910 9/30/2025 EUR 73.88 CO LUMEZZANE 4.357 6/30/2026 EUR 55.53 CO LUMEZZANE 4.116 12/31/2026 EUR 52.94 CO LUMEZZANE 4.527 12/31/2026 EUR 55.94 CO MADDALONI 3.710 9/30/2025 EUR 73.02 CO MANERBA GARDA 4.640 6/30/2024 EUR 61.36 CO MARGHERITA SA 3.690 3/31/2026 EUR 72.19 CO MELENDUGNO 3.675 12/31/2025 EUR 51.24 CO MERCATO SAN S 3.973 12/31/2035 EUR 55.30 CO MONFALCONE 3.700 12/31/2024 EUR 73.86 CO MONTALTO UFFU 3.880 12/31/2025 EUR 72.96 CO MONTALTO UFFU 4.400 12/31/2026 EUR 74.10 CO MONTE PORZIO 4.369 12/31/2026 EUR 54.27 CO MONTECORVINO 1.855 9/1/2025 EUR 63.42 CO MONTORIO AL V 3.760 9/30/2025 EUR 72.90 CO MORBEGNO 3.710 12/31/2025 EUR 72.23 CO OLMENETA 4.555 12/31/2036 EUR 60.03 CO ORSARA PUGLIA 3.800 9/30/2025 EUR 73.17 CO PAOLISI 3.810 9/30/2025 EUR 73.27 CO PIANICO 4.425 6/30/2026 EUR 55.81 CO PIETRAMELARA 3.810 9/30/2025 EUR 73.42 CO PIGNOLA 3.675 12/31/2025 EUR 51.24 CO POGGIARDO 3.675 12/31/2025 EUR 51.24 CO POLIGNANO A M 3.720 9/30/2025 EUR 72.71 CO PONTASSIEVE 3.720 3/31/2026 EUR 72.42 CO PORLEZZA 4.630 6/30/2036 EUR 71.84 CO POTENZA 3.710 9/30/2025 EUR 73.32 CO PRIVERNO 3.760 9/30/2025 EUR 72.96 CO PROVAGLIO DI 4.687 6/30/2036 EUR 61.10 CO PROVAGLIO DI 4.572 6/30/2037 EUR 68.48 CO QUALIANO 4.490 12/26/2026 EUR 74.50 CO RECALE 4.040 12/31/2025 EUR 61.22 CO RIARDO 3.810 9/30/2025 EUR 73.53 CO ROCCA PAPA 4.320 12/20/2026 EUR 74.05 CO ROSSANO 3.710 6/30/2025 EUR 73.45 CO RUVO PUGLIA 3.830 12/31/2025 EUR 72.63 CO SAMMICHELE BA 3.750 9/30/2025 EUR 72.99 CO SANTA MARIA C 4.164 12/30/2024 EUR 74.79 CO SANTAGATA PU 3.810 9/30/2025 EUR 73.20 CO SAVOIA LUCANI 3.675 12/31/2025 EUR 51.24 CO SERRA SAN BRU 3.800 9/30/2025 EUR 72.74 CO SOMMARIVA BOS 3.800 12/31/2025 EUR 72.61 CO STORNARA 3.840 12/31/2025 EUR 73.17 CO TARVISIO 3.820 12/31/2025 EUR 72.78 CO TAURIANOVA 3.830 9/30/2025 EUR 73.41 CO TEMU 4.416 12/31/2026 EUR 55.27 CO TERRACINA 3.760 12/31/2025 EUR 72.62 CO TORCHIAROLO 3.800 9/30/2025 EUR 68.61 CO TREPUZZI 3.675 12/31/2025 EUR 51.24 CO TROIA 3.810 9/30/2025 EUR 73.58 CO TROIA 3.870 9/30/2025 EUR 73.62 CO UGENTO 3.675 12/31/2025 EUR 51.24 CO VALDOBBIADENE 3.717 12/31/2024 EUR 65.87 CO VASTO 3.775 12/31/2025 EUR 72.37 CO VEZZA DOGLIO 4.555 12/31/2036 EUR 60.08 CO VILLASANTA 3.680 12/31/2025 EUR 72.10 CO VOBARNO 4.572 6/30/2037 EUR 68.68 COM QUARTO S'EL 3.840 12/31/2025 EUR 73.09 COMU MONT LEOGRA 3.685 1/15/2026 EUR 51.20 COMU MONT LEOGRA 4.518 7/31/2026 EUR 56.56 COMU MONT LEOGRA 4.362 1/13/2037 EUR 58.54 COMUNE ARGENTA 4.056 6/30/2029 EUR 69.53 COMUNE BAGNOLO 4.196 6/30/2028 EUR 71.65 COMUNE BAISO 4.931 6/30/2033 EUR 74.96 COMUNE BAISO 3.920 12/31/2034 EUR 61.21 COMUNE CAPUA 4.280 3/31/2027 EUR 74.06 COMUNE CARPINETI 5.151 6/30/2033 EUR 69.82 COMUNE CARPINETI 4.246 6/30/2034 EUR 70.70 COMUNE CASTELNOV 4.601 6/30/2028 EUR 73.67 COMUNE CASTELNOV 3.806 6/30/2029 EUR 68.00 COMUNE CASTELNOV 3.916 12/31/2029 EUR 67.87 COMUNE CATTOLICA 3.871 12/31/2029 EUR 67.61 COMUNE CERVIA 3.956 12/31/2028 EUR 69.77 COMUNE COMACCHIO 4.805 6/30/2028 EUR 58.74 COMUNE COMACCHIO 4.131 12/31/2028 EUR 70.27 COMUNE COMACCHIO 3.886 6/30/2029 EUR 68.41 COMUNE COMACCHIO 3.778 12/31/2029 EUR 67.09 COMUNE COMACCHIO 3.758 12/31/2029 EUR 67.03 COMUNE COMACCHIO 3.751 12/31/2029 EUR 67.08 COMUNE COMACCHIO 3.941 12/31/2029 EUR 67.76 COMUNE DI BIELLA 3.641 6/30/2025 EUR 72.38 COMUNE DI GENOVA 3.728 12/2/2030 EUR 71.27 COMUNE DI GENOVA 3.744 1/30/2031 EUR 70.17 COMUNE DI GENOVA 4.270 1/26/2032 EUR 74.71 COMUNE DI MARANO 4.914 6/30/2028 EUR 59.79 COMUNE DI MILANO 4.019 6/29/2035 EUR 60.64 COMUNE DI PARMA 4.861 12/31/2028 EUR 74.19 COMUNE DI PARMA 3.956 12/31/2028 EUR 69.65 COMUNE DI RIMINI 3.966 12/12/2028 EUR 69.12 COMUNE DI RIMINI 4.645 10/24/2038 EUR 62.07 COMUNE DI RIMINI 4.096 10/20/2039 EUR 58.63 COMUNE DI RIMINI 4.034 12/28/2039 EUR 57.83 COMUNE DI RIVOLI 3.740 12/31/2025 EUR 72.47 COMUNE DI SAREGO 4.307 12/31/2031 EUR 67.73 COMUNE DI TERNI 3.529 6/30/2030 EUR 70.38 COMUNE DI VENOSE 4.190 12/22/2035 EUR 69.39 COMUNE DRIZZONA 4.615 6/30/2036 EUR 69.66 COMUNE FUCECCHIO 3.750 12/31/2025 EUR 72.40 COMUNE GRUGLIASC 3.530 9/30/2025 EUR 71.91 COMUNE GRUGLIASC 3.720 3/31/2026 EUR 72.13 COMUNE LANGHIRAN 3.833 6/30/2029 EUR 68.61 COMUNE MARSCIANO 4.025 12/31/2035 EUR 55.29 COMUNE MARSCIANO 4.123 12/15/2038 EUR 63.02 COMUNE MARSCIANO 5.197 11/19/2039 EUR 69.29 COMUNE MESSINA 4.321 12/29/2036 EUR 69.46 COMUNE NOVELLARA 3.801 12/31/2029 EUR 67.23 COMUNE PAVULLO 4.106 12/31/2028 EUR 70.16 COMUNE PAVULLO 4.076 6/30/2029 EUR 69.58 COMUNE PIADENA 4.047 12/31/2035 EUR 55.76 COMUNE PIADENA 4.675 6/30/2041 EUR 65.01 COMUNE SCANDIANO 3.976 12/31/2028 EUR 69.60 COMUNE SCANDICCI 3.714 7/15/2025 EUR 73.34 COMUNE SESTOLA 4.501 12/31/2028 EUR 72.08 COMUNE SESTOLA 4.076 6/30/2029 EUR 69.72 COMUNE SGVN 3.774 6/30/2029 EUR 67.49 COMUNE SGVN 3.938 12/31/2029 EUR 67.70 COMUNE SOVERE 3.932 12/31/2030 EUR 66.71 COMUNE TERRE CAS 4.066 12/31/2038 EUR 57.87 COMUNE VALDAGNO 4.273 12/31/2026 EUR 73.49 COMUNE VIAREGGIO 4.702 10/24/2028 EUR 74.41 COMUNE VIAREGGIO 3.956 12/29/2028 EUR 70.12 COMUNE VIAREGGIO 4.920 12/30/2029 EUR 73.13 CROTONE 3.700 9/30/2025 EUR 73.12 CROTONE 3.590 9/30/2025 EUR 72.22 DEXIA CREDIOP 4.250 10/22/2018 EUR 65.01 ENEL (ENTNZENEL) 5.750 6/22/2037 GBP 74.52 GARDONE RIVIERA 4.552 6/30/2037 EUR 68.58 ICCREA BANCAIMPR 5.220 4/11/2017 EUR 48.00 INTESA SANPAOLO 2.250 1/22/2020 EUR 74.71 INTESA SANPAOLO 2.882 4/20/2020 EUR 70.85 MALEGNO 4.495 6/30/2036 EUR 66.66 MONTE DEI PASCHI 5.750 9/30/2016 GBP 71.84 MONTE DEI PASCHI 3.750 8/30/2020 EUR 69.69 PERUGIA 3.695 12/28/2025 EUR 72.86 PESCARA 3.741 12/21/2030 EUR 68.53 POTENZA 4.175 11/22/2024 EUR 74.88 PRALBOINO 4.567 6/30/2037 EUR 60.13 PROV DI VARESE 5.146 12/18/2039 EUR 70.35 PROV DI VARESE 4.913 11/30/2047 EUR 58.18 PROV OF LECCE 4.174 12/31/2026 EUR 72.97 PROV PESAR URBIN 3.735 6/30/2038 EUR 56.47 PROVI DI COSENZA 5.290 3/28/2033 EUR 71.49 PROVINC RAVENNA 3.670 3/31/2026 EUR 72.40 PROVINCE TARANTO 3.680 12/31/2025 EUR 72.15 PROVINCIA FORLI' 4.350 12/31/2028 EUR 71.64 PROVINCIA GENOA 5.070 3/31/2028 EUR 74.80 PROVINCIA MODENA 3.941 12/31/2028 EUR 69.43 PROVINCIA PADOVA 4.156 11/24/2028 EUR 74.30 PROVINCIA PADOVA 3.730 12/31/2028 EUR 68.13 PROVINCIA SALERN 4.500 12/10/2034 EUR 71.73 PROVINCIA SALERN 4.310 1/18/2035 EUR 70.09 PROVINCIA SALERN 3.930 12/22/2035 EUR 67.45 PROVINCIA SALERN 4.330 12/22/2036 EUR 68.66 PROVINCIA VERONA 3.674 12/22/2025 EUR 74.76 PRVASCOLI PICENO 4.077 3/15/2026 EUR 53.13 REGGIO EMILIA 4.426 12/31/2028 EUR 71.70 REGION OF CAMPAN 4.849 6/29/2026 EUR 59.10 REGION OF LAZIO 5.695 6/23/2028 EUR 58.40 REGION OF LAZIO 5.695 6/23/2028 EUR 59.37 REGION OF LIGURI 4.795 11/22/2034 EUR 66.34 REGION OF LOMBAR 5.804 10/25/2032 USD 74.90 REGION OF MARCHE 4.710 12/31/2018 EUR 61.85 REGION OF MARCHE 4.648 6/27/2023 EUR 63.59 REGION OF UMBRIA 5.087 6/15/2037 EUR 59.07 REP OF ITALY 5.250 12/7/2034 GBP 74.34 REP OF ITALY 2.870 5/19/2036 JPY 51.47 REP OF ITALY 1.850 9/15/2057 EUR 42.86 REP OF ITALY 2.200 9/15/2058 EUR 48.74 REP OF ITALY 4.850 6/11/2060 EUR 66.74 REP OF ITALY 2.000 9/15/2062 EUR 44.11 ROMANO LOMBARDIA 4.313 12/31/2026 EUR 73.41 ROMULUS FINANCE 5.441 2/20/2023 GBP 72.98 SARDINIA REGION 4.383 12/20/2034 EUR 68.78 SARDINIA REGION 4.022 11/28/2035 EUR 66.06 SEAT PAGINE 10.500 1/31/2017 EUR 61.50 SEAT PAGINE 10.500 1/31/2017 EUR 62.97 SEAT PAGINE 10.500 1/31/2017 EUR 60.75 SEAT PAGINE 10.500 1/31/2017 EUR 63.00 TELECOM ITALIA 5.250 3/17/2055 EUR 68.44 UNIONE DI BANCHE 6.250 11/18/2018 EUR 33.22 UNIPOL ASSICURAZ 5.660 7/28/2023 EUR 57.69 VALLE D'AOSTA 4.197 12/31/2026 EUR 74.28 VIBO VALENTIA 3.794 6/15/2026 EUR 52.12 LUXEMBOURG ---------- ARCELORMITTAL 7.250 4/1/2014 EUR 22.44 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 9.250 2/15/2019 USD 74.25 CODERE FIN LUX 9.250 2/15/2019 USD 75.33 DEL MONTE FIN SA 6.625 5/24/2006 EUR 12.13 ESFG INTERNATION 6.875 10/21/2019 EUR 64.47 ESPIRITO SANTO F 9.750 12/19/2025 EUR 64.83 FINMEK INTL 7.000 12/3/2004 EUR 0.13 GLOBAL BOND VIII 3.700 9/18/2017 EUR 74.63 HELLAS III 8.500 10/15/2013 EUR 0.25 HELLAS III 8.500 10/15/2013 EUR 0.25 IIB LUXEMBOURG 11.000 2/19/2013 USD 1.38 INTL INDUST BANK 9.000 7/6/2011 EUR 1.09 IT HOLDING FIN 9.875 11/15/2012 EUR 0.13 IT HOLDING FIN 9.875 11/15/2012 EUR 0.13 LA VEGGIA FIN 7.125 11/14/2004 EUR 1.38 LIGHTHOUSE INTL 8.000 4/30/2014 EUR 10.75 LIGHTHOUSE INTL 8.000 4/30/2014 EUR 10.75 TEKSID ALUMI LUX 11.375 7/15/2011 EUR 1.38 VIVALDIS 0.500 6/13/2013 EUR 61.45 VIVALDIS 0.500 6/13/2028 EUR 61.45 VIVALDIS 0.500 8/8/2028 EUR 66.04 NETHERLANDS ----------- APP INTL FINANCE 11.750 10/1/2005 USD 0.00 ASTANA FINANCE 7.875 6/8/2010 EUR 9.79 ASTANA FINANCE 9.000 11/16/2011 USD 4.38 ASTANA FINANCE 14.500 7/2/2013 USD 3.00 ATRADIUS FIN BV 5.875 9/3/2024 EUR 69.22 BK NED GEMEENTEN 0.500 3/3/2021 NZD 68.89 BK NED GEMEENTEN 0.500 3/29/2021 NZD 70.44 BK NED GEMEENTEN 0.500 5/12/2021 ZAR 57.54 BK NED GEMEENTEN 0.500 6/22/2021 ZAR 57.09 BK NED GEMEENTEN 0.500 6/7/2022 ZAR 53.56 BK NED GEMEENTEN 0.500 7/12/2022 ZAR 54.59 BK NED GEMEENTEN 0.500 8/15/2022 ZAR 56.89 BK NED GEMEENTEN 0.500 2/24/2025 CAD 67.84 BLT FINANCE BV 7.500 5/15/2014 USD 13.90 BLT FINANCE BV 7.500 5/15/2014 USD 14.00 BLT FINANCE BV 12.000 2/10/2015 USD 24.88 BRIT INSURANCE 6.625 12/9/2030 GBP 54.96 BULGARIA STEEL 12.000 5/4/2013 EUR 5.38 BULGARIA STEEL 12.000 5/4/2013 EUR 5.38 CIRIO DEL MONTE 7.750 3/14/2005 EUR 2.13 ENEL FIN INTL NV 5.750 9/14/2040 GBP 73.65 GREENWICH AVENUE 10.000 6/30/2013 USD 0.75 ING BANK NV 4.200 12/19/2035 EUR 66.23 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 8.125 6/1/2009 USD 0.13 KPNQWEST BV 7.125 6/1/2009 EUR 0.13 KPNQWEST BV 7.125 6/1/2009 EUR 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 3.88 LEHMAN BROS TSY 23.300 9/16/2008 USD 17.13 LEHMAN BROS TSY 4.050 9/16/2008 EUR 3.88 LEHMAN BROS TSY 7.375 9/20/2008 EUR 17.13 LEHMAN BROS TSY 18.250 10/2/2008 USD 17.13 LEHMAN BROS TSY 7.250 10/6/2008 EUR 17.13 LEHMAN BROS TSY 16.000 10/8/2008 CHF 17.13 LEHMAN BROS TSY 10.000 10/22/2008 USD 17.13 LEHMAN BROS TSY 8.000 10/23/2008 USD 17.13 LEHMAN BROS TSY 6.000 10/24/2008 EUR 17.13 LEHMAN BROS TSY 7.500 10/24/2008 USD 17.13 LEHMAN BROS TSY 5.000 10/24/2008 CHF 17.13 LEHMAN BROS TSY 16.000 10/28/2008 USD 17.13 LEHMAN BROS TSY 13.150 10/30/2008 USD 17.13 LEHMAN BROS TSY 16.000 11/9/2008 USD 17.13 LEHMAN BROS TSY 14.100 11/12/2008 USD 17.13 LEHMAN BROS TSY 10.442 11/22/2008 CHF 17.13 LEHMAN BROS TSY 7.000 11/28/2008 CHF 17.13 LEHMAN BROS TSY 16.000 12/26/2008 USD 17.13 LEHMAN BROS TSY 6.720 12/29/2008 EUR 3.88 LEHMAN BROS TSY 13.432 1/8/2009 ILS 17.13 LEHMAN BROS TSY 7.750 1/30/2009 EUR 17.13 LEHMAN BROS TSY 6.600 2/9/2009 EUR 3.88 LEHMAN BROS TSY 13.000 2/16/2009 CHF 17.13 LEHMAN BROS TSY 11.000 2/16/2009 CHF 17.13 LEHMAN BROS TSY 0.500 2/16/2009 EUR 17.13 LEHMAN BROS TSY 10.000 2/16/2009 CHF 17.13 LEHMAN BROS TSY 5.000 3/13/2009 EUR 3.88 LEHMAN BROS TSY 9.000 3/17/2009 GBP 17.13 LEHMAN BROS TSY 10.000 3/27/2009 USD 3.88 LEHMAN BROS TSY 7.000 4/14/2009 EUR 17.13 LEHMAN BROS TSY 8.000 4/20/2009 EUR 3.88 LEHMAN BROS TSY 4.000 4/24/2009 USD 17.13 LEHMAN BROS TSY 3.850 4/24/2009 USD 17.13 LEHMAN BROS TSY 2.480 5/12/2009 USD 3.88 LEHMAN BROS TSY 2.250 5/12/2009 USD 3.88 LEHMAN BROS TSY 16.200 5/14/2009 USD 17.13 LEHMAN BROS TSY 4.100 5/20/2009 USD 17.13 LEHMAN BROS TSY 8.000 5/22/2009 USD 17.13 LEHMAN BROS TSY 8.000 5/22/2009 USD 17.13 LEHMAN BROS TSY 10.000 5/22/2009 USD 17.13 LEHMAN BROS TSY 17.000 6/2/2009 USD 17.13 LEHMAN BROS TSY 13.500 6/2/2009 USD 17.13 LEHMAN BROS TSY 15.000 6/4/2009 CHF 17.13 LEHMAN BROS TSY 3.700 6/6/2009 EUR 3.88 LEHMAN BROS TSY 9.000 6/13/2009 USD 17.13 LEHMAN BROS TSY 5.750 6/15/2009 CHF 17.13 LEHMAN BROS TSY 5.500 6/15/2009 CHF 17.13 LEHMAN BROS TSY 10.000 6/17/2009 USD 17.13 LEHMAN BROS TSY 3.000 6/23/2009 EUR 3.88 LEHMAN BROS TSY 11.000 6/29/2009 EUR 17.13 LEHMAN BROS TSY 8.500 7/6/2009 CHF 17.13 LEHMAN BROS TSY 4.500 8/2/2009 USD 17.13 LEHMAN BROS TSY 8.000 8/3/2009 USD 17.13 LEHMAN BROS TSY 16.800 8/21/2009 USD 17.13 LEHMAN BROS TSY 7.500 9/13/2009 CHF 17.13 LEHMAN BROS TSY 3.400 9/21/2009 HKD 17.13 LEHMAN BROS TSY 3.820 10/20/2009 USD 17.13 LEHMAN BROS TSY 2.750 10/28/2009 EUR 3.88 LEHMAN BROS TSY 2.000 11/16/2009 EUR 3.88 LEHMAN BROS TSY 5.250 11/21/2009 USD 3.88 LEHMAN BROS TSY 7.585 11/22/2009 MXN 17.13 LEHMAN BROS TSY 8.800 12/27/2009 EUR 17.13 LEHMAN BROS TSY 10.000 1/4/2010 USD 3.88 LEHMAN BROS TSY 1.750 2/7/2010 EUR 17.13 LEHMAN BROS TSY 7.500 2/14/2010 AUD 17.13 LEHMAN BROS TSY 7.000 2/15/2010 CHF 17.13 LEHMAN BROS TSY 4.100 2/19/2010 EUR 3.88 LEHMAN BROS TSY 6.450 2/20/2010 AUD 17.13 LEHMAN BROS TSY 1.000 2/26/2010 USD 3.88 LEHMAN BROS TSY 4.000 2/28/2010 EUR 17.13 LEHMAN BROS TSY 11.750 3/1/2010 EUR 17.13 LEHMAN BROS TSY 7.600 3/4/2010 NZD 17.13 LEHMAN BROS TSY 4.250 5/15/2010 EUR 3.88 LEHMAN BROS TSY 2.000 5/17/2010 EUR 17.13 LEHMAN BROS TSY 4.000 5/17/2010 USD 3.88 LEHMAN BROS TSY 7.500 5/30/2010 AUD 17.13 LEHMAN BROS TSY 4.000 5/30/2010 USD 17.13 LEHMAN BROS TSY 3.000 6/3/2010 EUR 3.88 LEHMAN BROS TSY 3.100 6/4/2010 USD 17.13 LEHMAN BROS TSY 7.250 6/20/2010 USD 3.88 LEHMAN BROS TSY 1.600 6/21/2010 JPY 3.88 LEHMAN BROS TSY 5.500 6/22/2010 USD 3.88 LEHMAN BROS TSY 7.000 7/11/2010 EUR 3.88 LEHMAN BROS TSY 6.000 7/28/2010 EUR 17.13 LEHMAN BROS TSY 6.000 7/28/2010 EUR 17.13 LEHMAN BROS TSY 10.500 8/9/2010 EUR 17.13 LEHMAN BROS TSY 4.000 8/11/2010 USD 3.88 LEHMAN BROS TSY 4.100 8/23/2010 USD 17.13 LEHMAN BROS TSY 3.000 9/13/2010 JPY 17.13 LEHMAN BROS TSY 4.000 10/12/2010 USD 17.13 LEHMAN BROS TSY 1.500 10/12/2010 EUR 3.88 LEHMAN BROS TSY 7.000 10/22/2010 EUR 3.88 LEHMAN BROS TSY 1.280 11/6/2010 JPY 17.13 LEHMAN BROS TSY 14.900 11/16/2010 EUR 17.13 LEHMAN BROS TSY 8.050 12/20/2010 HKD 17.13 LEHMAN BROS TSY 6.000 12/21/2010 USD 17.13 LEHMAN BROS TSY 9.300 12/21/2010 EUR 17.13 LEHMAN BROS TSY 9.300 12/21/2010 EUR 17.13 LEHMAN BROS TSY 4.500 12/30/2010 USD 17.13 LEHMAN BROS TSY 8.000 12/31/2010 USD 17.13 LEHMAN BROS TSY 4.000 1/4/2011 USD 17.13 LEHMAN BROS TSY 8.875 1/28/2011 HKD 17.13 LEHMAN BROS TSY 4.000 3/10/2011 EUR 3.88 LEHMAN BROS TSY 6.000 3/14/2011 EUR 3.88 LEHMAN BROS TSY 6.000 3/17/2011 EUR 3.88 LEHMAN BROS TSY 15.000 3/30/2011 EUR 3.88 LEHMAN BROS TSY 4.000 4/13/2011 CHF 3.88 LEHMAN BROS TSY 6.700 4/21/2011 USD 3.88 LEHMAN BROS TSY 5.000 5/12/2011 CHF 3.88 LEHMAN BROS TSY 4.000 6/5/2011 USD 17.13 LEHMAN BROS TSY 2.400 6/20/2011 JPY 3.88 LEHMAN BROS TSY 3.500 6/20/2011 EUR 3.88 LEHMAN BROS TSY 2.000 6/21/2011 EUR 3.88 LEHMAN BROS TSY 6.000 6/21/2011 EUR 3.88 LEHMAN BROS TSY 2.000 6/28/2011 EUR 3.88 LEHMAN BROS TSY 11.000 7/4/2011 CHF 17.13 LEHMAN BROS TSY 11.000 7/4/2011 USD 17.13 LEHMAN BROS TSY 12.000 7/4/2011 EUR 17.13 LEHMAN BROS TSY 7.625 7/22/2011 HKD 17.13 LEHMAN BROS TSY 4.000 7/27/2011 EUR 3.88 LEHMAN BROS TSY 3.000 8/13/2011 EUR 3.88 LEHMAN BROS TSY 6.650 8/24/2011 AUD 17.13 LEHMAN BROS TSY 5.000 9/1/2011 EUR 3.88 LEHMAN BROS TSY 6.250 9/5/2011 EUR 3.88 LEHMAN BROS TSY 0.010 9/20/2011 USD 3.88 LEHMAN BROS TSY 7.000 9/20/2011 USD 3.88 LEHMAN BROS TSY 6.000 9/20/2011 EUR 3.88 LEHMAN BROS TSY 3.860 9/21/2011 SGD 17.13 LEHMAN BROS TSY 3.500 10/24/2011 USD 3.88 LEHMAN BROS TSY 1.500 10/25/2011 EUR 3.88 LEHMAN BROS TSY 3.500 10/31/2011 USD 3.88 LEHMAN BROS TSY 2.500 11/9/2011 CHF 3.88 LEHMAN BROS TSY 4.600 11/9/2011 EUR 3.88 LEHMAN BROS TSY 5.000 12/6/2011 EUR 3.88 LEHMAN BROS TSY 2.500 12/15/2011 GBP 17.13 LEHMAN BROS TSY 11.000 12/19/2011 USD 3.88 LEHMAN BROS TSY 7.750 1/3/2012 AUD 17.13 LEHMAN BROS TSY 10.000 1/3/2012 BRL 3.88 LEHMAN BROS TSY 1.500 2/8/2012 CHF 3.88 LEHMAN BROS TSY 6.000 2/14/2012 EUR 17.13 LEHMAN BROS TSY 7.000 2/15/2012 EUR 17.13 LEHMAN BROS TSY 1.460 2/19/2012 JPY 17.13 LEHMAN BROS TSY 6.600 2/22/2012 EUR 17.13 LEHMAN BROS TSY 3.630 3/2/2012 EUR 17.13 LEHMAN BROS TSY 8.000 3/19/2012 USD 3.88 LEHMAN BROS TSY 0.750 3/29/2012 EUR 3.88 LEHMAN BROS TSY 6.750 4/5/2012 EUR 3.88 LEHMAN BROS TSY 1.000 5/9/2012 EUR 3.88 LEHMAN BROS TSY 6.600 5/23/2012 AUD 17.13 LEHMAN BROS TSY 4.300 6/4/2012 USD 17.13 LEHMAN BROS TSY 9.250 6/20/2012 USD 3.88 LEHMAN BROS TSY 4.000 7/20/2012 EUR 3.88 LEHMAN BROS TSY 13.000 7/25/2012 EUR 17.13 LEHMAN BROS TSY 2.500 8/15/2012 CHF 3.88 LEHMAN BROS TSY 2.500 8/23/2012 GBP 17.13 LEHMAN BROS TSY 0.250 10/19/2012 CHF 3.88 LEHMAN BROS TSY 4.000 10/24/2012 EUR 3.88 LEHMAN BROS TSY 6.000 10/30/2012 EUR 3.88 LEHMAN BROS TSY 6.000 10/30/2012 USD 3.88 LEHMAN BROS TSY 5.000 11/22/2012 EUR 3.88 LEHMAN BROS TSY 6.250 11/30/2012 EUR 3.88 LEHMAN BROS TSY 5.500 11/30/2012 CZK 3.88 LEHMAN BROS TSY 4.000 12/2/2012 EUR 3.88 LEHMAN BROS TSY 3.000 12/3/2012 EUR 3.88 LEHMAN BROS TSY 13.000 12/14/2012 USD 3.88 LEHMAN BROS TSY 7.600 1/31/2013 AUD 17.13 LEHMAN BROS TSY 4.500 3/6/2013 CHF 3.88 LEHMAN BROS TSY 2.875 3/14/2013 CHF 17.13 LEHMAN BROS TSY 7.150 3/21/2013 USD 3.88 LEHMAN BROS TSY 7.600 5/21/2013 USD 3.88 LEHMAN BROS TSY 3.450 5/23/2013 USD 3.88 LEHMAN BROS TSY 2.300 6/6/2013 USD 17.13 LEHMAN BROS TSY 2.300 6/27/2013 USD 17.13 LEHMAN BROS TSY 2.370 7/15/2013 USD 3.88 LEHMAN BROS TSY 8.600 7/31/2013 GBP 3.88 LEHMAN BROS TSY 8.280 7/31/2013 GBP 3.88 LEHMAN BROS TSY 7.320 7/31/2013 GBP 3.88 LEHMAN BROS TSY 7.500 7/31/2013 GBP 3.88 LEHMAN BROS TSY 4.600 8/1/2013 EUR 3.88 LEHMAN BROS TSY 6.000 8/7/2013 EUR 3.88 LEHMAN BROS TSY 4.870 10/8/2013 USD 17.13 LEHMAN BROS TSY 1.950 11/4/2013 EUR 17.13 LEHMAN BROS TSY 7.000 11/26/2013 EUR 3.88 LEHMAN BROS TSY 5.375 2/4/2014 USD 3.88 LEHMAN BROS TSY 5.000 2/27/2014 EUR 3.88 LEHMAN BROS TSY 10.600 4/22/2014 MXN 3.88 LEHMAN BROS TSY 5.300 4/23/2014 EUR 3.88 LEHMAN BROS TSY 2.300 4/28/2014 JPY 3.88 LEHMAN BROS TSY 4.100 6/10/2014 SGD 17.13 LEHMAN BROS TSY 5.250 7/8/2014 EUR 17.13 LEHMAN BROS TSY 0.250 7/21/2014 EUR 3.88 LEHMAN BROS TSY 4.500 7/24/2014 EUR 3.88 LEHMAN BROS TSY 5.000 9/22/2014 EUR 3.88 LEHMAN BROS TSY 8.000 10/17/2014 EUR 3.88 LEHMAN BROS TSY 3.025 1/31/2015 EUR 3.88 LEHMAN BROS TSY 5.000 2/16/2015 EUR 3.63 LEHMAN BROS TSY 5.000 2/25/2015 EUR 3.88 LEHMAN BROS TSY 5.400 3/4/2015 USD 3.88 LEHMAN BROS TSY 1.680 3/5/2015 EUR 3.88 LEHMAN BROS TSY 4.500 3/7/2015 EUR 3.88 LEHMAN BROS TSY 5.550 3/12/2015 EUR 17.13 LEHMAN BROS TSY 5.400 3/18/2015 USD 3.88 LEHMAN BROS TSY 5.000 3/18/2015 EUR 4.50 LEHMAN BROS TSY 7.050 4/8/2015 USD 3.88 LEHMAN BROS TSY 6.500 5/16/2015 EUR 3.88 LEHMAN BROS TSY 8.250 12/3/2015 EUR 3.88 LEHMAN BROS TSY 8.250 2/3/2016 EUR 3.88 LEHMAN BROS TSY 8.000 2/16/2016 EUR 3.88 LEHMAN BROS TSY 7.750 2/21/2016 EUR 3.88 LEHMAN BROS TSY 4.700 3/23/2016 EUR 3.88 LEHMAN BROS TSY 4.700 3/23/2016 EUR 3.88 LEHMAN BROS TSY 8.500 7/5/2016 EUR 3.88 LEHMAN BROS TSY 4.600 7/6/2016 EUR 3.88 LEHMAN BROS TSY 4.350 8/8/2016 SGD 17.13 LEHMAN BROS TSY 3.350 10/13/2016 EUR 3.88 LEHMAN BROS TSY 4.000 11/24/2016 EUR 3.88 LEHMAN BROS TSY 6.000 12/6/2016 USD 3.88 LEHMAN BROS TSY 0.800 12/30/2016 EUR 3.88 LEHMAN BROS TSY 4.000 2/16/2017 EUR 3.88 LEHMAN BROS TSY 4.690 2/19/2017 EUR 17.13 LEHMAN BROS TSY 5.000 4/24/2017 EUR 3.88 LEHMAN BROS TSY 7.500 5/2/2017 EUR 3.88 LEHMAN BROS TSY 4.500 5/2/2017 EUR 3.88 LEHMAN BROS TSY 7.390 5/4/2017 USD 3.88 LEHMAN BROS TSY 5.100 5/8/2017 HKD 17.13 LEHMAN BROS TSY 6.000 5/12/2017 EUR 3.88 LEHMAN BROS TSY 7.000 6/6/2017 EUR 3.88 LEHMAN BROS TSY 7.500 6/15/2017 USD 3.88 LEHMAN BROS TSY 3.000 8/8/2017 EUR 3.88 LEHMAN BROS TSY 3.000 8/15/2017 EUR 3.88 LEHMAN BROS TSY 5.000 8/16/2017 EUR 3.88 LEHMAN BROS TSY 4.600 10/11/2017 ILS 17.13 LEHMAN BROS TSY 12.220 11/21/2017 USD 3.88 LEHMAN BROS TSY 0.500 12/20/2017 USD 3.88 LEHMAN BROS TSY 9.000 12/20/2017 AUD 3.88 LEHMAN BROS TSY 0.500 12/20/2017 AUD 3.88 LEHMAN BROS TSY 9.000 12/20/2017 AUD 3.88 LEHMAN BROS TSY 9.000 12/20/2017 AUD 3.88 LEHMAN BROS TSY 0.500 12/20/2017 AUD 3.88 LEHMAN BROS TSY 0.500 12/20/2017 AUD 3.88 LEHMAN BROS TSY 0.500 12/20/2017 USD 3.88 LEHMAN BROS TSY 0.500 12/20/2017 USD 3.88 LEHMAN BROS TSY 0.500 12/20/2017 USD 3.88 LEHMAN BROS TSY 0.500 12/20/2017 AUD 3.88 LEHMAN BROS TSY 0.500 12/20/2017 AUD 3.88 LEHMAN BROS TSY 6.000 12/30/2017 EUR 3.88 LEHMAN BROS TSY 5.000 2/15/2018 EUR 3.88 LEHMAN BROS TSY 5.200 3/19/2018 EUR 17.13 LEHMAN BROS TSY 2.600 3/19/2018 JPY 17.13 LEHMAN BROS TSY 8.000 3/21/2018 USD 3.88 LEHMAN BROS TSY 7.800 3/31/2018 USD 3.88 LEHMAN BROS TSY 9.500 4/1/2018 USD 3.88 LEHMAN BROS TSY 6.000 5/23/2018 CZK 3.88 LEHMAN BROS TSY 9.750 6/22/2018 USD 3.88 LEHMAN BROS TSY 6.300 12/21/2018 USD 3.88 LEHMAN BROS TSY 11.000 5/9/2020 USD 3.88 LEHMAN BROS TSY 0.500 6/2/2020 EUR 17.13 LEHMAN BROS TSY 0.500 7/2/2020 EUR 17.13 LEHMAN BROS TSY 4.900 7/28/2020 EUR 3.88 LEHMAN BROS TSY 0.500 8/1/2020 EUR 17.13 LEHMAN BROS TSY 4.150 8/25/2020 EUR 17.13 LEHMAN BROS TSY 4.250 3/13/2021 EUR 17.13 LEHMAN BROS TSY 5.000 5/2/2022 EUR 17.13 LEHMAN BROS TSY 9.000 5/15/2022 USD 3.88 LEHMAN BROS TSY 6.000 2/19/2023 USD 3.88 LEHMAN BROS TSY 5.250 4/1/2023 EUR 17.13 LEHMAN BROS TSY 5.220 3/1/2024 EUR 17.13 LEHMAN BROS TSY 5.000 8/1/2025 EUR 3.88 LEHMAN BROS TSY 5.250 5/26/2026 EUR 3.88 LEHMAN BROS TSY 6.500 7/24/2026 EUR 3.88 LEHMAN BROS TSY 5.120 4/30/2027 EUR 17.13 LEHMAN BROS TSY 3.500 12/20/2027 USD 3.88 LEHMAN BROS TSY 5.000 2/28/2032 EUR 3.88 LEHMAN BROS TSY 6.000 2/15/2035 EUR 3.88 LEHMAN BROS TSY 8.250 3/16/2035 EUR 3.88 LEHMAN BROS TSY 7.000 5/17/2035 EUR 3.88 LEHMAN BROS TSY 7.500 8/1/2035 EUR 3.88 LEHMAN BROS TSY 7.250 10/5/2035 EUR 3.88 LEHMAN BROS TSY 6.000 11/2/2035 EUR 3.88 LEHMAN BROS TSY 3.000 9/12/2036 JPY 3.88 LEHMAN BROS TSY 4.950 10/25/2036 EUR 3.88 LEHMAN BROS TSY 4.820 12/18/2036 EUR 17.13 LEHMAN BROS TSY 10.000 8/2/2037 JPY 3.88 LEHMAN BROS TSY 4.680 12/12/2045 EUR 17.13 LEHMAN BROS TSY 5.103 6/22/2046 EUR 17.13 MAGYAR TELECOM 9.500 12/15/2016 EUR 69.00 MAGYAR TELECOM 9.500 12/15/2016 EUR 68.33 MARFRIG HLDG EUR 8.375 5/9/2018 USD 77.00 NATL INVESTER BK 25.983 5/7/2029 EUR 27.91 NED WATERSCHAPBK 0.500 3/11/2025 CAD 65.79 NIB CAPITAL BANK 4.510 12/16/2035 EUR 69.86 PORTUGAL TEL FIN 4.500 6/16/2025 EUR 73.52 Q-CELLS INTERNAT 1.375 4/30/2012 EUR 13.38 Q-CELLS INTERNAT 5.750 5/26/2014 EUR 13.30 RABOBANK 0.500 11/26/2021 ZAR 51.89 RBS NV EX-ABN NV 2.910 6/21/2036 JPY 61.13 SNS BANK 6.250 10/26/2020 EUR 69.04 SNS BANK 4.650 10/19/2021 EUR 68.58 SNS BANK 5.300 1/27/2023 EUR 69.15 SNS BANK 5.250 4/11/2023 EUR 68.00 SNS BANK 4.580 3/20/2026 EUR 58.16 SNS BANK 5.215 12/3/2027 EUR 60.40 SRLEV NV 9.000 4/15/2041 EUR 73.22 NORWAY ------ KOMMUNALBANKEN 0.500 3/7/2017 BRL 73.41 KOMMUNALBANKEN 0.500 3/28/2017 BRL 73.12 KOMMUNALBANKEN 0.500 3/29/2017 BRL 72.70 KOMMUNALBANKEN 0.500 5/10/2017 BRL 72.52 KOMMUNALBANKEN 0.500 6/1/2017 BRL 74.00 KOMMUNALBANKEN 0.500 3/2/2018 BRL 68.52 KOMMUNALBANKEN 0.500 5/25/2018 ZAR 70.93 KOMMUNALBANKEN 0.500 5/27/2022 ZAR 64.60 NORSKE SKOGIND 6.125 10/15/2015 USD 70.00 NORSKE SKOGIND 6.125 10/15/2015 USD 70.00 NORSKE SKOGIND 7.000 6/26/2017 EUR 59.08 NORSKE SKOGIND 7.125 10/15/2033 USD 51.50 NORSKE SKOGIND 7.125 10/15/2033 USD 51.50 PETROMENA 10.850 11/19/2010 USD 8.00 PETROMENA 9.750 5/24/2013 NOK 8.00 RENEWABLE CORP 6.500 6/4/2014 EUR 71.05 PORTUGAL -------- CAIXA GERAL DEPO 4.000 5/13/2019 EUR 75.00 CAIXA GERAL DEPO 5.380 10/1/2038 EUR 60.91 COMBOIOS DE PORT 4.170 10/16/2019 EUR 54.87 METRO DE LISBOA 5.750 2/4/2019 EUR 61.13 METRO DE LISBOA 7.300 12/23/2025 EUR 55.13 METRO DE LISBOA 4.061 12/4/2026 EUR 49.58 METRO DE LISBOA 4.799 12/7/2027 EUR 51.50 MONTEPIO GERAL 5.000 2/8/2017 EUR 63.63 PARPUBLICA 3.567 9/22/2020 EUR 60.00 PARPUBLICA 4.200 11/16/2026 EUR 50.88 PORTUGUESE OT'S 4.350 10/16/2017 EUR 74.92 PORTUGUESE OT'S 4.450 6/15/2018 EUR 71.23 PORTUGUESE OT'S 4.750 6/14/2019 EUR 68.71 PORTUGUESE OT'S 4.800 6/15/2020 EUR 66.65 PORTUGUESE OT'S 3.850 4/15/2021 EUR 60.62 PORTUGUESE OT'S 4.950 10/25/2023 EUR 60.59 PORTUGUESE OT'S 4.100 4/15/2037 EUR 48.38 REFER 4.000 3/16/2015 EUR 62.69 REFER 5.875 2/18/2019 EUR 65.77 REFER 4.250 12/13/2021 EUR 44.68 REFER 4.675 10/16/2024 EUR 54.84 REFER 4.047 11/16/2026 EUR 53.48 RUSSIA ------ ARIZK 3.000 12/20/2030 RUB 40.63 DVTG-FINANS 7.750 7/18/2013 RUB 20.29 DVTG-FINANS 17.000 8/29/2013 RUB 55.55 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 51.20 SATURN 8.000 6/6/2014 RUB 2.02 SPAIN ----- AUVISA 4.790 12/15/2027 EUR 59.00 AYT CEDULAS CAJA 4.250 11/18/2019 EUR 73.95 AYT CEDULAS CAJA 4.500 12/2/2019 EUR 73.72 AYT CEDULAS CAJA 4.000 3/31/2020 EUR 70.66 AYT CEDULAS CAJA 4.000 3/24/2021 EUR 68.50 AYT CEDULAS CAJA 3.750 12/14/2022 EUR 58.79 AYT CEDULAS CAJA 4.250 10/25/2023 EUR 59.83 AYT CEDULAS CAJA 3.750 6/30/2025 EUR 51.93 AYT CEDULAS CAJA 4.750 5/25/2027 EUR 57.15 AYUNTAM DE MADRD 4.650 1/10/2017 EUR 74.05 AYUNTAM DE MADRD 5.078 12/2/2018 EUR 63.51 AYUNTAM DE MADRD 4.350 6/16/2021 EUR 59.09 AYUNTAM DE MADRD 4.550 6/16/2036 EUR 40.62 BANCAJA 3.940 9/18/2015 EUR 66.63 BANCAJA 4.375 2/14/2017 EUR 63.88 BANCAJA 1.500 5/22/2018 EUR 46.50 BANCO BILBAO VIZ 4.375 10/20/2019 EUR 69.00 BANCO BILBAO VIZ 4.500 2/16/2022 EUR 59.48 BANCO BILBAO VIZ 6.025 3/3/2033 EUR 39.59 BANCO CASTILLA 1.500 6/23/2021 EUR 62.00 BANCO POP ESPAN 5.702 12/22/2019 EUR 54.67 BANCO POP ESPAN 8.000 7/29/2021 EUR 57.63 BANCO POP ESPAN 8.250 10/19/2021 EUR 58.38 BANCO SABADELL 6.250 4/26/2020 EUR 65.66 BANKINTER SA 4.270 7/22/2016 EUR 73.75 BANKINTER SA 6.375 9/11/2019 EUR 72.50 BANKINTER SA 6.750 12/7/2020 EUR 72.25 BANKINTER SA 6.000 12/18/2028 EUR 63.00 BASQUE GOV'T 4.150 10/28/2019 EUR 72.86 BASQUE GOV'T 4.600 1/7/2025 EUR 61.20 BBVA SUB CAP UNI 5.750 3/11/2018 GBP 74.00 BPE FINANCIACION 6.873 10/22/2020 EUR 57.25 CAIXA TERRASSA 4.700 8/9/2021 EUR 65.38 CAIXA TERRASSA 1.700 3/12/2022 EUR 56.56 CAIXABANK 4.000 2/9/2022 EUR 74.20 CAJA ESPANA 7.500 8/28/2018 EUR 74.50 CAJA ESPANA 4.150 2/23/2020 EUR 65.13 CAJA ESPANA 3.500 6/29/2020 EUR 62.88 CAJA MADRID 5.116 7/15/2015 EUR 74.00 CAJA MADRID 4.500 4/26/2022 EUR 74.59 CAJA MADRID 4.000 2/3/2025 EUR 63.12 CAJA MADRID 4.125 3/24/2036 EUR 58.22 CAJA MADRID 5.020 2/26/2038 EUR 73.73 CEDULAS TDA 5 4.125 11/29/2019 EUR 74.77 CEDULAS TDA 6 FO 3.875 5/23/2025 EUR 58.01 CEDULAS TDA 6 FO 4.250 4/10/2031 EUR 51.09 CEDULAS TDA A-4 4.125 4/10/2021 EUR 66.44 CEDULAS TDA A-5 4.250 3/28/2027 EUR 53.65 COMUN AUTO CANAR 2.000 11/10/2016 EUR 71.86 COMUN AUTO CANAR 4.450 11/17/2019 EUR 65.87 COMUN AUTO CANAR 4.929 3/9/2020 EUR 74.65 COMUN AUTO CANAR 5.750 10/15/2029 EUR 69.52 COMUN AUTO CANAR 3.900 11/30/2035 EUR 43.81 COMUN AUTO CANAR 4.200 10/25/2036 EUR 44.91 COMUN NAVARRA 4.200 9/30/2019 EUR 74.51 COMUN NAVARRA 4.300 2/17/2020 EUR 73.63 COMUN NAVARRA 4.000 11/23/2021 EUR 67.51 COMUNIDAD ARAGON 5.000 10/4/2020 EUR 58.92 COMUNIDAD ARAGON 5.100 10/4/2020 EUR 58.98 COMUNIDAD ARAGON 5.100 11/15/2020 EUR 58.96 COMUNIDAD ARAGON 4.470 7/12/2021 EUR 55.59 COMUNIDAD ARAGON 4.815 10/10/2022 EUR 54.00 COMUNIDAD ARAGON 6.625 2/21/2023 EUR 62.88 COMUNIDAD ARAGON 7.500 3/1/2027 EUR 62.58 COMUNIDAD ARAGON 4.646 7/11/2036 EUR 37.77 COMUNIDAD BALEAR 4.650 1/26/2017 EUR 74.26 COMUNIDAD BALEAR 4.796 3/4/2020 EUR 61.65 COMUNIDAD BALEAR 3.869 11/23/2020 EUR 55.78 COMUNIDAD BALEAR 4.063 11/23/2035 EUR 38.78 COMUNIDAD MADRID 4.688 3/12/2020 EUR 73.71 COMUNIDAD MADRID 7.550 7/21/2026 EUR 70.93 COMUNIDAD MADRID 4.300 9/15/2026 EUR 56.55 COMUNIDAD MURCIA 4.725 11/5/2018 EUR 63.45 COMUNIDAD MURCIA 4.695 3/30/2020 EUR 55.31 DIPUTACION FOR 4.323 12/29/2023 EUR 53.83 FERIA VALENCIA 6.040 6/10/2027 EUR 49.99 GEN DE CATALUNYA 3.875 4/7/2015 EUR 77.93 GEN DE CATALUNYA 2.315 9/10/2015 CHF 69.53 GEN DE CATALUNYA 3.875 9/15/2015 EUR 74.12 GEN DE CATALUNYA 2.355 11/10/2015 CHF 68.54 GEN DE CATALUNYA 10.900 11/16/2015 EUR 73.50 GEN DE CATALUNYA 2.750 3/24/2016 CHF 67.87 GEN DE CATALUNYA 4.300 11/15/2016 EUR 70.50 GEN DE CATALUNYA 4.750 6/4/2018 EUR 67.27 GEN DE CATALUNYA 4.950 2/11/2020 EUR 60.47 GEN DE CATALUNYA 4.801 7/31/2020 EUR 57.13 GEN DE CATALUNYA 4.900 9/15/2021 EUR 58.00 GEN DE CATALUNYA 5.250 10/5/2023 EUR 58.38 GEN DE CATALUNYA 5.900 5/20/2024 EUR 56.38 GEN DE CATALUNYA 5.325 10/5/2028 EUR 49.00 GEN DE CATALUNYA 5.219 9/10/2029 EUR 47.38 GEN DE CATALUNYA 5.400 5/13/2030 EUR 48.25 GEN DE CATALUNYA 5.900 5/28/2030 EUR 52.25 GEN DE CATALUNYA 5.950 10/1/2030 EUR 51.50 GEN DE CATALUNYA 4.690 10/28/2034 EUR 41.75 GEN DE CATALUNYA 4.220 4/26/2035 EUR 41.72 GEN DE CATALUNYA 2.965 9/8/2039 JPY 38.12 GEN DE CATALUNYA 6.350 11/30/2041 EUR 53.88 GENERAL VALENCIA 3.250 7/6/2015 EUR 71.40 GENERAL VALENCIA 4.375 7/16/2015 EUR 73.08 GENERAL VALENCIA 4.000 11/2/2016 EUR 66.09 GENERAL VALENCIA 4.900 3/17/2020 EUR 57.75 GENERAL VALENCIA 5.900 11/30/2032 EUR 42.25 IM CEDULAS 10 4.500 2/21/2022 EUR 66.11 IM CEDULAS 5 3.500 6/15/2020 EUR 65.47 INSTIT CRDT OFCL 3.000 9/24/2020 USD 59.32 INSTIT CRDT OFCL 2.100 2/23/2021 JPY 62.04 INSTIT CRDT OFCL 2.570 10/22/2021 CHF 68.27 INSTIT CRDT OFCL 3.250 6/28/2024 CHF 68.51 INSTIT CRDT OFCL 5.700 12/30/2024 USD 68.58 INSTITUT CATALA 4.250 6/15/2024 EUR 52.04 JUNTA ANDALUCIA 3.500 2/15/2016 EUR 71.03 JUNTA ANDALUCIA 4.350 1/26/2017 EUR 68.80 JUNTA ANDALUCIA 6.900 6/16/2017 EUR 74.32 JUNTA ANDALUCIA 4.750 1/24/2018 EUR 64.88 JUNTA ANDALUCIA 5.200 7/15/2019 EUR 60.94 JUNTA ANDALUCIA 4.125 1/20/2020 EUR 57.58 JUNTA ANDALUCIA 4.850 3/17/2020 EUR 56.13 JUNTA ANDALUCIA 3.050 12/10/2020 JPY 67.03 JUNTA ANDALUCIA 5.000 7/13/2022 EUR 56.24 JUNTA ANDALUCIA 5.700 7/20/2028 EUR 55.14 JUNTA ANDALUCIA 6.600 11/29/2030 EUR 58.04 JUNTA ANDALUCIA 7.500 11/30/2030 EUR 61.54 JUNTA ANDALUCIA 5.150 5/24/2034 EUR 45.81 JUNTA ANDALUCIA 4.250 10/31/2036 EUR 41.05 JUNTA ANDALUCIA 3.065 7/29/2039 JPY 40.21 JUNTA ANDALUCIA 3.170 7/29/2039 JPY 41.24 JUNTA CASTILLA 5.150 12/5/2017 EUR 74.30 JUNTA CASTILLA 4.650 11/8/2022 EUR 60.81 JUNTA CASTILLA 6.600 2/24/2023 EUR 73.68 JUNTA CASTILLA 7.200 11/11/2026 EUR 61.48 JUNTA LA MANCHA 4.588 9/24/2017 EUR 67.38 JUNTA LA MANCHA 4.875 3/18/2020 EUR 62.88 JUNTA LA MANCHA 6.000 1/15/2021 EUR 63.63 JUNTA LA MANCHA 5.800 1/30/2021 EUR 64.88 JUNTA LA MANCHA 6.000 1/31/2021 EUR 65.00 JUNTA LA MANCHA 2.810 10/14/2022 JPY 54.88 JUNTA LA MANCHA 4.625 11/30/2022 EUR 54.38 JUNTA LA MANCHA 5.950 9/9/2030 EUR 52.13 JUNTA LA MANCHA 7.705 2/15/2033 EUR 55.38 JUNTA LA MANCHA 3.875 1/31/2036 EUR 32.13 MAPFRE SA 5.921 7/24/2037 EUR 56.33 PITCH1 5.125 7/20/2022 EUR 71.46 SACYR VALLEHERM 6.500 5/1/2016 EUR 48.16 SANTANDER ISSUAN 5.435 10/24/2017 EUR 71.50 SANTANDER ISSUAN 6.533 10/24/2017 GBP 71.53 SANTANDER ISSUAN 5.750 1/31/2018 GBP 67.29 SANTANDER ISSUAN 4.250 5/30/2018 EUR 68.01 SANTANDER ISSUAN 4.750 5/29/2019 EUR 68.27 SANTANDER ISSUAN 4.500 9/30/2019 EUR 68.01 SPANISH GOV'T 4.200 1/31/2037 EUR 68.37 SPANISH GOV'T 4.900 7/30/2040 EUR 74.63 SPANISH GOV'T 4.700 7/30/2041 EUR 72.47 TELEFONICA EMIS 5.445 10/8/2029 GBP 74.03 UNIV DE ALICANTE 6.500 12/15/2017 EUR 73.25 UNIV DE VALENCIA 6.600 12/15/2022 EUR 59.00 UNIV JAUME I CAS 6.500 12/15/2017 EUR 73.25 UNIV POLI VALENC 6.600 12/15/2022 EUR 59.00 XUNTA DE GALICIA 5.400 7/20/2018 EUR 73.80 XUNTA DE GALICIA 4.205 11/30/2019 EUR 66.63 XUNTA DE GALICIA 4.805 3/26/2020 EUR 67.97 XUNTA DE GALICIA 5.350 11/22/2028 EUR 58.73 XUNTA DE GALICIA 4.025 11/28/2035 EUR 42.48 SWEDEN ------ ASSA ABLOY AB 4.000 2/15/2027 EUR 73.82 PA RESOURCES AB 12.250 4/5/2016 NOK 72.61 Rorvik Timber 6.000 6/30/2016 SEK 69.00 SAS AB 7.500 4/1/2015 SEK 72.91 SWEDISH EXP CRED 0.500 12/14/2016 BRL 74.56 SWEDISH EXP CRED 0.500 12/21/2016 BRL 74.45 SWEDISH EXP CRED 0.500 12/22/2016 BRL 74.43 SWEDISH EXP CRED 0.500 1/26/2017 BRL 73.90 SWEDISH EXP CRED 0.500 2/3/2017 BRL 73.55 SWEDISH EXP CRED 0.500 3/10/2017 BRL 73.21 SWEDISH EXP CRED 0.500 6/21/2017 BRL 71.64 SWEDISH EXP CRED 0.500 6/30/2017 BRL 71.50 SWEDISH EXP CRED 0.500 7/21/2017 BRL 71.18 SWEDISH EXP CRED 0.500 8/25/2021 ZAR 53.55 SWEDISH EXP CRED 0.500 8/26/2021 AUD 67.08 SWEDISH EXP CRED 1.000 11/15/2021 AUD 72.75 SWEDISH EXP CRED 0.500 1/31/2022 ZAR 51.63 SWEDISH EXP CRED 0.500 2/22/2022 ZAR 51.29 SWEDISH EXP CRED 0.500 3/15/2022 ZAR 51.04 SWEDISH EXP CRED 0.500 6/28/2022 ZAR 49.74 SWEDISH EXP CRED 0.500 12/17/2027 USD 63.16 SWEDISH EXP CRED 0.500 1/25/2028 USD 62.63 SWITZERLAND ----------- BANK JULIUS BAER 8.750 7/26/2012 EUR 75.00 BANK JULIUS BAER 12.000 7/27/2012 EUR 71.05 BANK JULIUS BAER 11.000 7/27/2012 CHF 71.10 BANK JULIUS BAER 9.300 7/27/2012 EUR 74.00 BANK JULIUS BAER 11.300 8/3/2012 CHF 58.82 BANK JULIUS BAER 22.800 8/3/2012 USD 45.09 BANK JULIUS BAER 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14.070 1/25/2013 EUR 55.00 UBS AG 11.700 1/25/2013 EUR 67.42 UBS AG 11.020 1/25/2013 EUR 57.49 UBS AG 13.070 2/22/2013 EUR 60.05 UBS AG 10.590 2/22/2013 EUR 64.27 UBS AG 13.940 2/22/2013 EUR 71.77 UBS AG 8.230 2/22/2013 EUR 69.64 UBS AG 8.980 2/22/2013 EUR 60.91 UBS AG 10.960 2/22/2013 EUR 57.72 UBS AG 12.680 2/22/2013 EUR 70.94 UBS AG 15.800 2/22/2013 EUR 67.28 UBS AG 13.660 2/22/2013 EUR 54.28 UBS AG 10.540 3/7/2013 CHF 69.85 UBS AG 10.000 3/7/2013 USD 57.35 UBS AG 8.100 3/7/2013 CHF 68.40 UBS AG 9.650 3/22/2013 USD 18.81 UBS AG 9.000 3/22/2013 USD 11.45 UBS AG 9.850 3/22/2013 USD 19.50 UBS AG 21.250 4/2/2013 EUR 74.93 UBS AG 23.250 4/2/2013 EUR 74.62 UBS AG 24.750 4/2/2013 EUR 72.00 UBS AG 24.250 4/2/2013 EUR 74.63 UBS AG 24.750 4/2/2013 EUR 71.33 UBS AG 9.930 4/11/2013 USD 30.83 UBS AG 8.550 4/11/2013 USD 28.34 UBS AG 10.170 4/26/2013 EUR 57.91 UBS AG 10.600 4/26/2013 EUR 66.94 UBS AG 10.970 4/26/2013 EUR 57.34 UBS AG 12.610 4/26/2013 EUR 56.16 UBS AG 14.100 4/26/2013 EUR 65.05 UBS AG 11.000 4/30/2013 USD 39.25 UBS AG 8.000 5/24/2013 USD 70.70 UBS AG 24.500 6/28/2013 EUR 71.28 UBS AG 24.500 6/28/2013 EUR 72.99 UBS AG 22.000 6/28/2013 EUR 73.87 UBS AG 24.000 6/28/2013 EUR 74.61 UBS AG 8.690 7/2/2013 USD 30.24 UBS AG 12.900 9/20/2013 EUR 51.60 UBS AG 10.200 9/20/2013 EUR 52.51 UBS AG 15.900 9/20/2013 EUR 51.70 UBS AG 22.000 9/27/2013 EUR 74.10 UBS AG 24.750 9/27/2013 EUR 74.51 UBS AG 11.020 10/21/2013 USD 50.31 UBS AG 5.950 11/14/2013 USD 52.10 UBS AG 6.980 11/27/2013 USD 32.31 UBS AG 23.250 1/3/2014 EUR 74.15 UBS AG 0.500 4/27/2015 CHF 40.85 UBS AG JERSEY 3.220 7/31/2012 EUR 31.30 UNITED KINGDOM -------------- ALLIANC&LEIC BLD 5.875 8/14/2031 GBP 69.41 BARCLAYS BK PLC 7.000 7/27/2012 USD 10.56 BARCLAYS BK PLC 11.500 7/27/2012 USD 7.48 BARCLAYS BK PLC 10.800 7/31/2012 USD 26.24 BARCLAYS BK PLC 9.000 8/28/2012 USD 8.60 BARCLAYS BK PLC 11.070 8/31/2012 USD 30.29 BARCLAYS BK PLC 8.000 9/11/2012 USD 10.87 BARCLAYS BK PLC 8.000 9/11/2012 USD 10.11 BARCLAYS BK PLC 13.000 9/28/2012 EUR 30.53 BARCLAYS BK PLC 12.000 9/28/2012 EUR 60.41 BARCLAYS BK PLC 8.000 9/28/2012 USD 10.73 BARCLAYS BK PLC 8.000 9/28/2012 EUR 71.07 BARCLAYS BK PLC 14.000 10/1/2012 USD 10.10 BARCLAYS BK PLC 9.000 10/1/2012 USD 9.67 BARCLAYS BK PLC 9.000 10/16/2012 USD 10.82 BARCLAYS BK PLC 8.500 10/16/2012 USD 10.86 BARCLAYS BK PLC 7.500 10/30/2012 EUR 53.00 BARCLAYS BK PLC 8.250 12/14/2012 EUR 71.03 BARCLAYS BK PLC 9.500 12/14/2012 EUR 68.87 BARCLAYS BK PLC 12.500 1/2/2013 EUR 61.58 BARCLAYS BK PLC 11.000 1/2/2013 EUR 73.14 BARCLAYS BK PLC 6.000 1/2/2013 EUR 43.18 BARCLAYS BK PLC 11.000 3/22/2013 EUR 73.13 BARCLAYS BK PLC 10.750 3/22/2013 EUR 37.61 BARCLAYS BK PLC 8.000 3/22/2013 EUR 72.99 BARCLAYS BK PLC 10.000 3/22/2013 EUR 38.37 BARCLAYS BK PLC 16.000 5/23/2013 USD 10.06 BARCLAYS BK PLC 10.500 6/28/2013 EUR 66.57 BARCLAYS BK PLC 8.000 6/28/2013 EUR 73.61 BARCLAYS BK PLC 8.000 6/28/2013 EUR 41.65 BARCLAYS BK PLC 9.000 6/28/2013 EUR 69.82 BARCLAYS BK PLC 11.000 6/28/2013 EUR 39.52 BARCLAYS BK PLC 8.250 1/26/2015 USD 1.09 BARCLAYS BK PLC 6.750 10/16/2015 GBP 1.08 BARCLAYS BK PLC 9.050 6/20/2016 EUR 60.38 BARCLAYS BK PLC 0.500 12/3/2017 AUD 74.22 BARCLAYS BK PLC 0.500 3/22/2019 NZD 74.94 BARCLAYS BK PLC 0.500 9/24/2019 AUD 66.37 BARCLAYS BK PLC 1.262 6/2/2031 USD 74.47 BARCLAYS BK PLC 1.988 12/1/2040 USD 71.01 BARCLAYS BK PLC 2.325 1/2/2041 USD 69.35 BARCLAYS BK PLC 1.645 6/3/2041 USD 63.15 CATTLES PLC 6.875 1/17/2014 GBP 1.88 CATTLES PLC 7.125 7/5/2017 GBP 1.88 CO-OPERATIVE BNK 5.875 3/28/2033 GBP 76.51 DUNFERMLINE BS 6.000 3/31/2015 GBP 1.13 EFG HELLAS PLC 5.400 11/2/2047 EUR 19.13 EMPORIKI GRP FIN 4.350 7/22/2014 EUR 66.00 EMPORIKI GRP FIN 5.000 12/2/2021 EUR 41.25 EMPORIKI GRP FIN 5.100 12/9/2021 EUR 41.63 EMPORIKI GRP FIN 5.000 2/24/2022 EUR 40.75 EMPORIKI GRP FIN 6.000 5/18/2022 EUR 44.63 ENTERPRISE INNS 6.875 2/15/2021 GBP 72.58 ENTERPRISE INNS 6.875 5/9/2025 GBP 66.88 ENTERPRISE INNS 6.375 9/26/2031 GBP 63.92 ESSAR ENERGY 4.250 2/1/2016 USD 58.16 F&C ASSET MNGMT 6.750 12/20/2026 GBP 69.00 GALA ELECTRIC CA 11.500 6/1/2019 GBP 71.46 GALA ELECTRIC CA 11.500 6/1/2019 GBP 71.09 GREENE KING FIN 5.702 12/15/2034 GBP 109.84 GS INTERNATIONAL 8.250 12/17/2012 EUR 55.70 HBOS PLC 6.305 10/18/2017 GBP 73.00 HBOS PLC 4.500 3/18/2030 EUR 63.92 HSBC BANK PLC 0.500 11/16/2018 AUD 72.78 HSBC BANK PLC 0.500 6/30/2021 NZD 67.27 HSBC BANK PLC 0.500 11/22/2021 AUD 64.55 HSBC BANK PLC 0.500 11/30/2021 NZD 65.79 HSBC BANK PLC 0.500 12/2/2022 AUD 54.00 HSBC BANK PLC 0.500 12/29/2022 AUD 56.13 HSBC BANK PLC 0.500 2/2/2023 AUD 54.06 HSBC BANK PLC 0.500 2/24/2023 AUD 56.73 HSBC BANK PLC 0.500 4/3/2023 AUD 60.03 HSBC BANK PLC 0.500 10/30/2026 NZD 52.68 HSBC BANK PLC 0.500 12/8/2026 AUD 40.91 HSBC BANK PLC 0.500 12/29/2026 AUD 41.35 HSBC BANK PLC 0.500 1/29/2027 NZD 52.10 HSBC BANK PLC 0.500 2/24/2027 NZD 51.94 HSBC BANK PLC 0.500 4/27/2027 NZD 51.55 HSBC BANK PLC 0.500 7/30/2027 NZD 50.96 MARSTONS ISSUER 5.641 7/15/2035 GBP 70.83 MATALAN 9.625 3/31/2017 GBP 71.17 MATALAN 9.625 3/31/2017 GBP 71.00 MAX PETROLEUM 6.750 9/8/2013 USD 39.20 NOMURA BANK INTL 0.800 12/21/2020 EUR 68.23 OTE PLC 7.250 4/8/2014 EUR 66.96 OTE PLC 4.625 5/20/2016 EUR 58.09 PRIVATBANK 5.799 2/9/2016 USD 69.98 PUNCH TAVERNS 5.883 10/15/2026 GBP 61.75 ROYAL BK SCOTLND 6.250 12/20/2012 EUR 51.70 ROYAL BK SCOTLND 4.625 9/22/2021 EUR 74.56 ROYAL BK SCOTLND 4.243 1/12/2046 EUR 49.50 RSL COMM PLC 9.125 3/1/2008 USD 1.25 RSL COMM PLC 10.125 3/1/2008 USD 1.25 RSL COMM PLC 12.000 11/1/2008 USD 1.25 RSL COMM PLC 10.500 11/15/2008 USD 1.22 RSL COMM PLC 9.875 11/15/2009 USD 1.25 SKIPTON BUILDING 5.625 1/18/2018 GBP 67.27 SPIRIT ISSUER 5.472 12/28/2028 GBP 70.50 THOMAS COOK GR 6.750 6/22/2015 EUR 45.56 THOMAS COOK GR 7.750 6/22/2017 GBP 42.93 UNIQUE PUB FIN 7.395 3/28/2024 GBP 63.40 UNIQUE PUB FIN 6.464 3/30/2032 GBP 45.00 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Ivy B. Magdadaro, Frauline S. Abangan and Peter A. Chapman, Editors. Copyright 2012. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 240/629-3300. * * * End of Transmission * * *