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        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, September 3, 2012, Vol. 13, No. 175

                            Headlines




F R A N C E

CREDIT IMMOBILIER: France Agrees to Provide State Guarantee
DEXIA SA: France Agrees to Provide Temporary Guarantees


G E R M A N Y

LANDESBANK SAAR: Fitch Affirms 'bb+' Viability Rating
MOINER GROUP: Moody's Cuts Corp. Family Rating to 'Caa1'


G R E E C E

HELLENIC POSTBANK: Suspends Share Trading on Viability Concerns


H U N G A R Y

MAGYAR BANK: S&P Affirms 'BB/B' Counterparty Credit Ratings


I R E L A N D

BURHOTEL TRADING: Puts Burlington Hotel Up for Sale
HARVEST CLO III: S&P Raises Ratings on Two Note Classes to 'B-'


L A T V I A

KRAJBANKA AS: Lawmakers Criticized Over Bankruptcy


P O L A N D

HYDROBUDOWA POLSKA: Posts PLN787MM Net Loss in First Half 2012
POLSKI KONCERN: Fitch Affirms 'BB+' Issuer Default Rating


R U S S I A

* SAMARA CITY: Fitch Assigns 'BB' Long-Term Currency Ratings


S P A I N

BANKIA SA: Gets Capital Injection After First-Half Loss
BEFESA ZINC: Moody's Affirms 'B2' CFR/PDR; Outlook Negative
* SPAIN: Moody's Says Rating Remains on Review for Downgrade
* SPAIN: Cabinet Approves Bad Bank Mechanism
* CATALONIA: Seeks EUR5-Billion Bailout; Faces Huge Repayments


U N I T E D   K I N G D O M

CARE UK: Moody's Reviews 'B1' CFR for Possible Downgrade
EXPRO AX-S: In Administration; 39 Jobs Affected
GLASTONBURY 2007-1: S&P Cuts Ratings on Two Note Classes to CCC-
JJB SPORTS: Jon Moulton Mulls Rescue Bid


X X X X X X X X

* Moody's Says Global Macro Outlook Exposed to Euro Area Crisis
* BOND PRICING: For the Week August 27 to August 31, 2012


                            *********


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F R A N C E
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CREDIT IMMOBILIER: France Agrees to Provide State Guarantee
-----------------------------------------------------------
Reuters reports that the French government said on Saturday it
agrees to rescue Credit Immobilier de France after a fruitless
search for a buyer for the lender, which faced a liquidity
crisis.

CIF had been up for sale since at least May after its future was
thrown into doubt by the evaporation of once-cheap funding from
credit markets, on which it depends to finance its operations,
Reuters recounts.

"To allow the CIF group to respect its overall commitments, the
state decided to respond favorably to its request to grant it a
guarantee," Reuters quotes Finance Minister Pierre Moscovici as
saying in a statement.

Mr. Moscovici, as cited by Reuters, said that the state guarantee
to CIF, facing the expiration of a EUR1.75 billion covered bond
in early October, was subject to approval by the European
Commission.

The government, which said CIF's business model had been weakened
by incoming tougher bank capital ratios, did not say whether it
would still seek a buyer or try to wind down the group, Reuters
notes.

According to The Wall Street Journal's Sam Schechner and David
Gauthier-Villars, a government official said the government will
underwrite nearly EUR5 billion (US$6.3 billion) in immediate
financing for the bank.  The bank needs the cash to pay down
bonds falling due on Monday, but was effectively unable to raise
the funds on its own after Moody's Investors Service downgraded
its debt rating, the Journal notes.

The bank has about EUR30 billion in outstanding loans, the
Journal discloses.

Recent efforts by the bank to link up with a bigger partner have
failed, the Journal says.

Credit Immobilier de France is a mortgage provider.  It has 300
branches in France and about 2,500 employees.


DEXIA SA: France Agrees to Provide Temporary Guarantees
-------------------------------------------------------
Sam Schechner and David Gauthier-Villars at the Wall Street
Journal report that France remains on the hook to help bail out
and break up Franco-Belgian lender Dexia SA following its
collapse last year.

Over the weekend, France's Finance Ministry said it would
guarantee the debt of Caisse Centrale du Credit Immobilier de
France, or CCCIF, after the bank, which specializes in loans to
housing programs, sought emergency assistance, the Journal
relates.  According to the Journal, as part of that deal, the
government has provided temporary guarantees on more than one-
third of the EUR55 billion that Dexia needs to refinance itself,
the Journal discloses.

Splashing out billions of euros on financial guarantees -- even
if they aren't spent -- could ramp up the pressure on an already
tight budgetary situation, the Journal notes.

French Prime Minister Jean-Marc Ayrault said in an interview
broadcast on French radio Sunday evening that France's financial
sector remains largely strong, but that both Dexia and CCCIF were
focused on areas so important -- local governments and housing --
that the government was obligated to act, the Journal recounts.

"The state is fulfilling its responsibilities," the Journal
quotes Mr. Ayrault as saying, adding with regard to the problems
at each lender that the search is still on to "find a solution."

Dexia SA is a Belgium-based banking group with activities
principally in Belgium, Luxembourg, France and Turkey in the
fields of retail and commercial banking, public and wholesale
banking, asset management and investor services.  In France,
Dexia Bank focuses on funding public sector bodies and providing
financial services to local government.  In Luxembourg, Dexia
operates in two main areas: commercial banking (for personal and
professional customers) and private banking (for international
investors).  In Turkey, Dexia is involved in retail and
commercial banking and offers services to ordinary account
holders, business and local public sector customers and
institutional clients. The Company operates through its
subsidiaries, such as Dexia Credit Local, DenizBank, Dexia
Credicop, Dexia Sabadell, Dexia Kommunalbank Deutschland, Dexia
Asset Management, among others.



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


LANDESBANK SAAR: Fitch Affirms 'bb+' Viability Rating
-----------------------------------------------------
Fitch Ratings has affirmed Landesbank Saar's (SaarLB) Long-term
Issuer Default Ratings (IDR) at 'A' and Short-term IDR at 'F1'.
The Outlook for the Long-term IDRs is Stable.  Fitch has also
affirmed SaarLB's Viability Rating (VR) at 'bb+'.

RATING DRIVERS AND SENSITIVITIES - IDRs, SUPPORT RATINGS AND
SUPPORT RATING FLOOR

The affirmation of SaarLB's IDRs is based on Fitch's view that
there continues to be an extremely high probability of support
from its owners, specifically the State of Saarland, the 35.2%
owner, if required.  The high level of support is based on
Fitch's view of SaarLB's strategic importance for the state and
the economy in its home region.  Fitch expects that Bayerische
Landesbank (BayernLB; 'A+'/Stable) will also continue to be a
committed financial owner in the medium term, because of its
economic links with SaarLB, including its equity stake,
investments in silent participations and funding.

Saarland has call options for BayernLB's 49.9% stake in SaarLB
which can be exercised until December 2015.  However, Fitch does
not expect that Saarland will increase its stake in SaarLB in the
near term unless there is a reason to do so.

The IDRs, the SRF and the rating of the grandfathered debt are
sensitive to any change in Fitch's view of the creditworthiness
of the State of Saarland, underpinned by the stability of the
German solidarity system linking its creditworthiness to that of
the Federal Republic of Germany ('AAA'/Stable).  They are also
sensitive to any change in Fitch's view of the currently high
propensity of Saarland to support its Landesbank.

RATING DRIVERS AND SENSITIVITIES - VR

The affirmation of SaarLB's VR at 'bb+' takes into account the
bank's moderate profitability and capitalization.  In Fitch's
view, SaarLB's profitability is constrained by both a high amount
of low margin loans or equivalent to German and other western
European financial institutions as well as strong competition for
its targeted corporate customer base.  Fitch expects that loan
impairment charges will increase from their currently low levels
if the slowdown in the European economy continues.  Further
earnings pressure will come from the tailing-off of legacy cheap
state-guaranteed funding.

SaarLB's capitalization is also only moderate with a Fitch core
capital ratio of 5.4% at end-June 2012.  At H112, the Tier 1
capital ratio stood at 10.8%, which also included the bank's
silent participations of EUR379 million.  Fitch understands that
the bank plans to convert some of these capital instruments, with
a focus on those held by its owners, into common equity in
accordance with CRD IV proposals.

Fitch considers SaarLB's weak capitalization and low recurring
earnings to be especially concerning in light of its fast growing
exposure to the untested industry of renewable energies.
Downward pressure on the VR would result from a failure to
demonstrate improvement in earnings and capital.  The VR would
also be downgraded if there was a deterioration in the bank's
asset quality driven by large single credit events or a
significant stress in the commercial real estate (CRE) or
renewable energy sector in Germany and France, but Fitch does not
expect notable deterioration in the short to medium term.

The VR benefits from SaarLB's solid liquidity position.  The
dependence on wholesale funding is significant, but Fitch notes
that this is mitigated by access to the German savings banks'
excess liquidity and by managing debt issuance to ensure that
maturities are predominantly medium- rather than short-term.

SaarLB's asset quality has benefited from the strong economic
environment in its core regions during the past two years and a
more conservative lending approach than some of its peers.
SaarLB's exposure to southern European sovereigns is negligible.
Fitch has some concerns about the bank's growing exposure CRE and
to the renewable energy sector, although this risk is somewhat
mitigated by granularity within the portfolio and the bank's
long-standing experience in CRE in its region and in the energy
sector.

Upside potential for SaarLB's VR would arise if the bank
substantially improved its loss absorption capacity either by
strengthening core earnings or by raising core capital.

The rating actions are as follows:

Landesbank Saar

  -- Long-term IDR: affirmed at 'A'; Outlook Stable
  -- Short-term IDR: affirmed at 'F1'
  -- Support Rating: affirmed at '1'
  -- Support Rating Floor: affirmed at 'A'
  -- Viability Rating: affirmed at 'bb+'
  -- Short-term debt: affirmed at 'F1'
  -- State-guaranteed/grandfathered debt: affirmed at 'AAA'


MOINER GROUP: Moody's Cuts Corp. Family Rating to 'Caa1'
--------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family
Rating of Monier to Caa1 and the Probability of Default Rating to
Caa1. The ratings on the group's EUR150 million super senior
revolver and EUR693 million of senior secured bank debt were
downgraded to B1 and B3 respectively. The outlook on all ratings
is stable.

Ratings Rationale

The downgrade was prompted by the weak operating performance of
the group over the first six months of fiscal year 2012 as a
result of very challenging market conditions across most of the
group's markets including the historically more resilient
countries such as France and Germany, which were also hit hard
(high single digit volumes declines for concrete tiles in both
markets). Monier posted a 4.7% decline in revenues YTD June 2012
mainly impacted by negative volume trends whilst sales prices
were positively oriented (EUR12.3 million positive contribution
to revenue growth). Reported EBITDA was down 31% year-on-year as
a result of lower fixed costs absorption. Consequently debt and
cash flow metrics have deteriorated further from year-end 2011
levels where Debt/EBITDA already stood at a very elevated level
of 10.5x. Moody's expects market conditions to remain very
challenging in H2 2012 across most of the group's markets and
therefore does not expect to see any material improvement in
operating performance at Monier in H2 2012.

Furthermore the downgrade reflects both Moody's concern (i) that
the liquidity position of Monier, while currently strong, might
slowly erode over the next 12 to 18 months if market conditions
do not improve and Monier needs to continue restructuring its
business, and (ii) that although Monier faces no short term
pressure from upcoming debt maturities (senior bank debt matures
in June 2014 and April 2015) the group might prove unable to
materially deleverage its stretched capital structure until 2014
and 2015.

On a more positive note, Monier has swiftly adjusted to rapidly
deteriorating market conditions in May and June 2012 by focusing
on cash preservation. The group has reduced production, cut fixed
costs and capex. Monier's broad set of measures has enabled the
group to sustain its strong liquidity profile with EUR143 million
of cash on balance sheet and an undrawn revolver at 30th June
2012 notwithstanding that the group is expected to generate
negative free cash flow for the full year 2012 (including one-off
cash restructuring costs and excluding the impact of the group's
sale and leaseback transaction expected to close in H2 2012).

The stable outlook assigned to the ratings reflects Moody's
expectation that Monier should be able through its focus on cash
generation to limit the negative free cash flow generation of the
group and to maintain a solid liquidity position over the next 6
to 12 months.

The 1-notch differential between the B3 ratings on the EUR693
million Senior Secured Bank debt and the Caa1 CFR reflects the
cushion provided by the more junior EUR332 million PIK notes and
certain non-financial liabilities. The 3-notch differential
between the B1 rating on the EUR150 million Super Senior Revolver
and the Caa1 CFR reflects the cushion provided by the more junior
EUR693 million Senior Secured Bank Debt, the EUR332 million PIK
notes and certain non-financial liabilities.

The likelihood of a rating upgrade over the short term is
relatively low. Moody's would consider upgrading Monier to B3 if
RCF/Net debt would increase sustainably well above 5%, if
Debt/EBITDA would be trending towards 7.5x and EBIT/Interest
would increase to above 1.0x .

Negative pressure on the rating would arise if Monier would
sustainably generate negative free cash flow leading to a
deterioration in the liquidity profile of the group. Tightening
headroom under the group's financial covenants could also exert
negative pressure on the ratings.

Monier's short term liquidity position is strong, supported by a
high cash balance of EUR143 million as of June 30, 2012 and the
full availability of the EUR150 million super senior revolving
credit facility (of which EUR45 million will mature in October
2012). The absence of refinancing has no impact on the short term
liquidity profile of the group as the existing bank debt of the
group matures in 2015, which leaves the company some time to
address its upcoming maturities. Monier has to comply with a set
of financial covenants under its bank debt indenture but
currently enjoys comfortable headroom under its covenants.

The principal methodology used in rating Monier Group Sarl. was
the Global Building Materials Industry Methodology published in
July 2009. Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.

The Monier Group is a leading global supplier of building
materials for pitched roofs with operations in 40 countries. The
company offers a wide range of products including roof, chimney,
ventilation and residential energy systems. Monier mainly
competes with Wienerberger (Ba2, Stable), Etex, Imerys (Baa2,
Stable) and Terreal. The group reported consolidated revenues of
EUR1.392 billion and an operating EBITDA of EUR168 million for
the fiscal year ended December 31, 2011.



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G R E E C E
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HELLENIC POSTBANK: Suspends Share Trading on Viability Concerns
---------------------------------------------------------------
Kerin Hope at The Financial Times reports that the Athens stock
market watchdog suspended trading in shares of Hellenic Postbank
on Thursday after the finance minister said the state-controlled
lender was "no longer viable" and demanded the publication by
Friday of its 2011 balance sheet.

According to the FT, union members claiming the government
planned to close Postbank occupied its central Athens
headquarters on Thursday, forcing the postponement of a board
meeting called to approve last year's results.

"Because of these extreme circumstances, we are unable to comply
with the government's request," the FT quotes the board as saying
in a statement.  The capital markets commission -- the watchdog
-- has already granted four postponements of Postbank's results
announcement since March, the FT notes.

The FT relates that analysts said Postbank is understood to have
made losses of about EUR1 billion in 2011.

The lender took a hit of about EUR3 billion on its Greek bond
portfolio in the first quarter this year when the country's
sovereign debt was partially restructured, the FT recounts.

According to the FT, a finance ministry official said that a
report prepared by the Greek central bank and the Hellenic
Financial Stability Fund, which is backed by the EU and IMF,
concluded that Postbank was headed for collapse.

The finance ministry official said Postbank was likely to be
split into "good" and "bad" banks, with the "good" bank being
recapitalized and offered for sale, the FT relates.

Possible buyers include National Bank of Greece, the country's
largest commercial lender, and Eurobank EFG, a Greek family-
controlled bank, the FT discloses.  Both lenders already have
stakes of about 6% in Postbank, the FT states.

Hellenic Postbank is a commercial bank based in Athens, in
Greece.



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H U N G A R Y
=============


MAGYAR BANK: S&P Affirms 'BB/B' Counterparty Credit Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
and 'B' short-term counterparty credit ratings on Hungary-based
Magyar Takarekszovetkezeti Bank ZRt. The outlook is negative.

"The affirmation reflects our view that Takarekbank remains a
'strategically important' subsidiary of the Integrated Savings
Cooperatives. For this reason we incorporate three notches of
uplift into the long-term rating. We expect that the cooperatives
would financially support the bank in the event of need. This
expectation offsets, from a rating perspective, increasing risk
to the bank's financial profile, notably its capitalization. We
have revised our assessment of Takarekbank's capital and earnings
to 'weak' from 'moderate' and our assessment of its liquidity to
'adequate' from 'strong', as our criteria define those terms. We
have also revised our assessment of Takarekbank's stand-alone
credit profile (SACP) to 'b' from 'b+'. We now include three
notches of ownership support compared with two previously, as we
generally cap the ratings on a strategically important subsidiary
at one notch below the rating on the parent," S&P said.

"We expect Takarekbank's risk-adjusted capital (RAC) ratio,
before adjustments for diversification, to remain below 4% over
the next 18 months. In our view, this level of capitalization
provides the bank with a limited cushion to absorb potential
future losses and heightens its vulnerability to a challenging
operating environment and high single-name concentrations. The
bank's RAC ratio before adjustments for diversification weakened
to 3.6% at year-end 2011 from 4.7% at year-end 2010 due to rapid
loan growth unsupported by capital increases and depletion of
retained earnings due to negative value adjustments. In our base-
case scenario we assume that the bank's capitalization will be
supported mainly by internal capital generation complemented by a
small capital injection of EUR3.5 million in 2012. We also assume
an annual dividend payout of about 50%. Takarekbank's earnings
capacity remains low. We expect the bank to have a small positive
net income under International Financial Reporting Standards in
2012 following a loss in 2011," S&P said.

"We revised our assessment of liquidity to 'adequate' from
'strong' to reflect increased risk attached to Hungarian
government bonds, which dominate Takarekbank's fixed-income
portfolio," S&P said.

"There have been no changes to the other factors that we take
into account when assessing Takarekbank's SACP. We assess its
business position as 'weak', its risk position as 'adequate', and
its funding as 'average', as our criteria define these terms,"
S&P said.

"The negative outlook on Takarekbank reflects that on Hungary as
well as our belief that the financial profiles of Takarekbank and
the Integrated Savings Cooperatives could deteriorate in line
with weakening domestic economic prospects. We do not expect the
link between Takarekbank and the cooperatives to change," S&P
said.



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I R E L A N D
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BURHOTEL TRADING: Puts Burlington Hotel Up for Sale
---------------------------------------------------
Neil Callanan at Bloomberg News reports that the Burlington Hotel
in Dublin was put up for sale with an asking price of as much as
EUR75 million (US$94 million), about a quarter of what Irish
developer Bernard McNamara paid for the property five years ago.

The 501-bedroom hotel is being sold on behalf of Grant Thornton
Ltd., the receiver for Burhotel Trading Co., Bloomberg says
citing a statement by the broker managing the sale, CBRE Group
Inc.

Mr. McNamara, who paid EUR288 million for the 3.8 acre site, won
planning approval in 2009 to demolish the hotel and develop more
than 33,300 square meters (360,000 square feet) of office space,
about 180 homes, restaurants, shops and a gym through a company
called Glasbay Ltd., Bloomberg discloses.  The country's property
market had by then collapsed, with Irish commercial real estate
values falling 66% from September 2007 through June, according to
Investment Property Databank Ltd., Bloomberg recounts.

Mr. McNamara never developed the site and Lloyds Banking Group
Plc's Bank of Scotland (Ireland) unit appointed a receiver to
Glasbay in February, Bloomberg says, citing a filing with the
Companies Registration Office.  Bloomberg notes that a separate
filing showed Grant Thornton was also named to oversee Burhotel
that month.

The Burlington Hotel, known locally as the Burlo, is the city's
second largest after the Citywest Hotel.


HARVEST CLO III: S&P Raises Ratings on Two Note Classes to 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on all classes of notes in Harvest CLO III PLC.

Specifically, S&P has:

-- raised its ratings on the class A, B, D-1, D-2, E-1, and E-2
    notes;

-- affirmed its ratings on the class C-1, C-2, Q combination, R
    combination, S combination, U combination, and N combination
    notes; and

-- withdrawn its ratings on the class M combination, P
    combination, T combination, W combination, and X combination
    notes.

Harvest CLO III is a cash flow collateralized debt obligation
(CDO) transaction that securitizes loans to primarily
speculative-grade corporate firms. The transaction closed in
April 2006 and is managed by 3i Debt Management Investments Ltd.

"The rating actions follow our assessment of the transaction's
performance. We used data from the trustee report (dated June 29,
2012), performed our credit and cash flow analysis, and took into
account recent transaction developments. We have also applied our
2012 counterparty criteria and our September 2009 cash flow
criteria," S&P said.

"From our analysis, we have observed a decline in the proportion
of assets that we consider to be rated in the 'CCC' category
('CCC+', 'CCC', and 'CCC-') and defaulted assets (rated 'CC',
'C', 'SD' [selective default], or 'D') in the collateral pool,
since we previously performed a full review of this transaction
in June 2010. The weighted-average spread earned on the
collateral pool has increased since our previous review. All par
coverage tests now comply with the required triggers as set out
in the transaction documents. The par value tests of the class C,
D, and E notes were failing in our last review. There has since
been a small degree of positive rating migration in the pool,"
S&P said.

"We factored in the above observations and subjected the capital
structure to our cash flow analysis, based on the methodology and
assumptions outlined in our September 2009 cash flow 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.

"At the same time, we conducted our credit analysis to determine
the scenario default rate (SDR), which used Standard & Poor's CDO
Evaluator to determine the default rate expected on a defined
portfolio at each rating level, and which we then compared with
its respective BDR," S&P said.

"Taking into account our credit and cash flow analysis, we
consider the level of credit enhancement available to the class
A, B, D-1, D-2, E-1, and E-2 notes in this transaction to be
commensurate with higher ratings then we previously assigned. We
have therefore raised our ratings on these classes of notes," S&P
said.

"We consider the credit enhancement available to the class C-1,
C-2, Q combination, R combination, S combination, U combination,
and N combination notes in this transaction to be commensurate
with the current ratings. We have therefore affirmed our ratings
on these classes of notes," S&P said.

"We have withdrawn our ratings on the class M combination, P
combination, T combination, W combination, and X combination
notes following these combination notes being decoupled into
their respective components," S&P said.

"The application of the largest obligor default test did not
constrain any of our ratings. This is a supplemental stress test
that we introduced in our September 2009 criteria update that is
intended to address both event risk and model risk that may be
present in the transaction," 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 asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

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

    http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class            Rating
            To             From

Harvest CLO III PLC
EUR722.515 Million Senior and Subordinated Deferrable Fixed- and
Floating-Rate Notes

Ratings Raised

A           AA- (sf)       A+ (sf)
B           A- (sf)        BBB (sf)
D-1         BB- (sf)       B+ (sf)
D-2         BB- (sf)       B+ (sf)
E-1         B- (sf)        CCC (sf)
E-2         B- (sf)        CCC (sf)

Ratings Affirmed

C-1        BB+ (sf)
C-2        BB+ (sf)
N Combo    BB+ (sf)
Q Combo    AA+ (sf)
R Combo    AA+ (sf)
S Combo    AA+ (sf)
U Combo    AA+ (sf)

Ratings Withdrawn

M Combo    NR              BB+(sf)
P Combo    NR              AA+(sf)
T Combo    NR              AA+(sf)
W Combo    NR              BB+(sf)
X Combo    NR              B+(sf)

Combo-Combination.
NR-Not rated.



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L A T V I A
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KRAJBANKA AS: Lawmakers Criticized Over Bankruptcy
--------------------------------------------------
Aaron Eglitis at Bloomberg News reports that Latvian lawmakers
criticized regulators over the bankruptcy of Krajbanka AS, the
Baltic nation's sixth largest lender before it collapsed in 2011.

A decision not to evaluate the lender's majority owner because
he'd been cleared in Lithuania, home of Krajbanka's parent,
Bankas Snoras AB, "had serious negative consequences," Bloomberg
quotes a parliamentary committee report released on Wednesday.

According to Bloomberg, the report said that the committee of 11
lawmakers "expressed concern that the bank regulator's attitude
toward Krajbanka's insufficient capital for a long period of time
was too tolerant."

Latvian regulators halted Krajbanka's operations on Nov. 21 after
discovering LVL167 million (US$301 million) was missing,
Bloomberg recounts.  Snoras was seized five days earlier by the
Lithuanian government over similar claims, triggering civil and
criminal suits in London against the banks' former owners,
Vladimir Antonov and Raimondas Baranauskas, Bloomberg relates.

Headquartered in Riga, Latvia, AS Latvijas Krajbanka provides
commercial banking services to businesses and private individuals
in Latvia and the markets of the Commonwealth of Independent
States.  As of Dec. 31, 2009, AS Latvijas Krajbanka had 115
customer service centers and 190 automated teller machines.  AS
Latvijas Krajbanka is a subsidiary of AS banka Snoras.



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P O L A N D
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HYDROBUDOWA POLSKA: Posts PLN787MM Net Loss in First Half 2012
--------------------------------------------------------------
WSEInfoSpace, citing biznes.pap.pl, reports that Hydrobudowa
posted an attributable net loss of PLN787 million in the first
half of 2012 as its business collapsed in the second quarter.

According to WSEInfoSpace, the management said first-half
revenues collapsed on an avalanche of contract cancellations that
followed work stoppages once the firm fell into its liquidity
crunch in second quarter.  The newly reported first half revenue
sum is notably below levels listed already just for the first
quarter, WSEInfoSpace notes.

Hydrobudowa ended H1 with negative equity and with PLN1.28
billion in short-term liabilities, including PLN 538 million in
short-term debt, WSEInfoSpace discloses.

Hydrobudowa Polska is a unit of PBG SA, Poland's third largest
builder.


POLSKI KONCERN: Fitch Affirms 'BB+' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has revised the Outlook on Polish oil refining and
marketing company Polski Koncern Naftowy ORLEN S.A.'s (PKN) Long-
term foreign and local currency Issuer Default Ratings (IDRs) to
Positive from Stable and affirmed the Long-term IDRs at 'BB+'.
PKN's foreign and local currency senior unsecured ratings have
also been affirmed at 'BB+' and its Short-term foreign and local
currency IDRs have been affirmed at 'B'.  The agency has also
assigned PKN a National Long-term rating of 'BBB+(pol)' with a
Positive Outlook.

The Outlook revision reflects Fitch's view that PKN's Long-term
IDRs may be upgraded to 'BBB-' in the next 12-24 months should
the company consistently maintain credit ratios at a moderate
level, including funds from operations (FFO)-adjusted net
leverage of about 2x (excluding inventory holding gains/losses).
This ratio stood at 2.2x at end-December 2011.  The future
leverage level will partly depend on the planned strategy update,
and the macroeconomic conditions for refining and petrochemicals
operations in the medium term.

The rating affirmation reflects PKN's improved financial profile
thanks to several measures taken by management to reduce
leverage, including the disposal of Polkomtel S.A., its modest
capex in 2011-2012 following a capex-intensive period until 2010
and no dividends paid in 2011-2012.  This supports PKN's
creditworthiness in the still difficult conditions for the
European oil refining sector due to the overcapacity and weak
demand.  While there has been an improvement in refining margins
since April 2012, the agency expects refining margins to weaken
in the remainder of 2012 and to remain below the long-term
average in 2013.

The PLN3.2 billion (US$1 billion) after tax proceeds from the
disposal of its 24.39% stake in Polish mobile operator Polkomtel
were kept in the company and were not distributed as dividends to
shareholders.  The proceeds were partly used to replace some
temporary measures aimed at a reduction of the company's working
capital needs.

Fitch believes that PKN has much greater financial flexibility to
reduce its capex in case of weaker cash flows now than in 2008-
2010 when it was conducting some major investment projects.  The
agency positively views PKN's proven ability to manage its
working capital changes in line with changes in its financial
position and FFO.  This could provide additional flexibility for
the company should industry conditions weaken in the future
resulting in a deterioration of reported credit ratios
potentially close to the covenant level defined in the main bank
loan agreements.

Most of PKN's EBITDA is derived from refining (on average 47% of
EBITDA (excluding inventory holding gains/losses) in the period
2008-2011) and petrochemicals sectors (29%), which are highly
cyclical.  The remaining 24% of EBITDA is generated in a more
stable fuel retail business.  Fitch views PKN as a refining
company with high business diversification in light of its
substantial petrochemical operations and a strong position in
fuel retail sales.  Diversification may help mitigate cash flow
cyclicality, as seen in 2011 results, where solid performance in
the petrochemicals segment supported PKN's cash flow at a time of
weaker refining profits.

PKN has solid liquidity. At end-June 2012 short-term debt of
PLN1.7 billion was covered by unrestricted cash of PLN3.6
billion, and unused committed bank facilities of PLN8.4 billion,
which are mostly due in 2016.  PKN's debt maturity profile is
beneficial with no major repayments until 2016.

What Could Trigger A Rating Action?

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

  -- The company's ability to consistently maintain credit ratios
     at moderate levels, including FFO-adjusted net leverage of
     about 2x (excluding inventory holding gains/losses) and FFO
     fixed charge cover of about 5x (excluding inventory holding
     gains/losses).

  -- Positive free cash flow across the cycle

  -- Reduced working capital burden for compulsory stock in case
     of changed Polish regulations increasing the role of
     government in the storage of compulsory stock

  -- Reduced volatility of PKN's profit margins

Negative: The current Outlook is Positive.  As a result, Fitch's
sensitivities do not currently anticipate developments with a
material likelihood, individually or collectively, of leading to
a rating downgrade.  Nonetheless, factors that may potentially
lead to a stabilization of the Outlook or even negative rating
action include:

  -- A marked deterioration in cash flows and credit metrics due,
     for example, to substantially weaker than expected
     conditions for refining and petrochemicals operations

  -- Substantial increase in the capex plan resulting in negative
     free cash flow in the medium term

  -- Aggressive dividend policy.



===========
R U S S I A
===========


* SAMARA CITY: Fitch Assigns 'BB' Long-Term Currency Ratings
------------------------------------------------------------
Fitch Ratings has assigned Russia's Samara City Long-term foreign
and local currency ratings of 'BB', a Short-term foreign currency
rating of 'B' and a National Long-term rating of 'AA-(rus)'.  The
Outlooks on the Long-term ratings are Stable.

The ratings reflect Samara's strong local economy, sound
budgetary performance, high capital expenditure and potential
support from Samara region.  They also factor in increased direct
risk and its short-term profile.

Fitch notes that an improvement in budgetary performance with
margins above 15% in the medium term and easing of refinancing
pressure would lead to an upgrade.  Conversely, increasing
refinancing pressure from the short-term debt profile along with
significant deterioration of budgetary performance due to
inability to control operating expenditure would be negative for
the ratings.

Samara's well-developed and diversified economy supports its
strong fiscal capacity, with taxes averaging 80% of operating
revenue in 2007-2011.  According to the city's administration,
the local economy is expected to expand by about 6%-7% yoy in
2012-2014 positively affecting the city's budgetary performance.

Fitch expects Samara to record an operating margin of about 12%-
13% in 2012-2014.  The city's budgetary performance was sound in
2007-2011, with operating margin averaging 12%.  Samara's deficit
before debt variation widened to 9.7% of total revenue due to
increased capex.  Fitch expects stabilization of the city's 2012
deficit before debt variation at about RUB1.7bn (2011: RUB1.6bn),
or 8% of total revenue.

The city's capital budget increased significantly, with capex
amounting to 30% of total spending by end-2011 (2010: 24%) as
several development projects were funded.  Despite increased
capex, the city's self-financing capacity remained sound with
capital revenue and current balance covering 70% of 2011 capex.
Fitch expects the city to maintain capex at about 25%-27% of
total spending in 2012-2014.

Fitch expects the city's direct risk to increase up to RUB5.3
billion by end-2012 (2011: RUB3.6 billion), or 30%-33% of current
revenue.  Fitch notes that despite the projected increase in
debt, coverage should remain safe, at about three years in 2012-
2014.  The city's contingent risk is limited to RUB408 million
debt of Samara's municipal public companies, mostly in transport
sector.

Samara's direct risk has a short-term maturity profile. The debt
stock of the city by end-2011 was on 82% composed of bank loans
with about 12 months to maturity.  In H212, the city needs to
refinance maturing bank loans up to RUB1.5 billion.  Samara has
unused committed credit lines up to this amount at Bank VTB
('BBB'/Stable/'F3') as of end-August 2012, which in Fitch's view
mitigates the immediate refinancing risk.  Overall, the city's
reliance on short-term debt creates exposure to refinancing risk
in the medium term.

Samara City is located in the mid-Volga River and is the capital
of Samara Region.  The city's population accounted for 0.9% of
the country's total.



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


BANKIA SA: Gets Capital Injection After First-Half Loss
-------------------------------------------------------
Charles Penty at Bloomberg News reports that Spain will inject
capital into the Bankia group after the nationalized lender
posted a EUR4.45 billion (US$5.6 billion) first-half loss.

According to Bloomberg, a person familiar with the situation who
asked not to be identified because those details aren't public
said that the nation's bank rescue fund, known as FROB, will pump
from EUR4 billion to EUR5 billion into Bankia, Spain's third-
biggest lender, in the next two weeks.

Bloomberg relates that FROB said in a statement on Friday the
capital is an advance on money Bankia is due to receive once a
reorganization plan is completed in October and approved by
European authorities in November.  Bankia's May request for EUR19
billion in state aid followed a EUR4.5 billion bailout in 2010
and came two weeks after Economy Minister Luis de Guindos said
EUR15 billion would be enough for the whole industry, Bloomberg
recounts.

The Bankia group said it set aside EUR6.8 billion in the first
half to provision for bad loans and real estate, and a further
EUR6.9 billion of charges are expected this year, Bloomberg
discloses.  The group, as cited by Bloomberg, said it lost
EUR12.8 billion of deposits in the first six months of the year,
a 10% decline.

The person familiar with the matter said that the FROB will first
pass funds to the Bankia group parent Banco Financiero y de
Ahorros, which will then in turn recapitalize the listed Bankia
SA unit, Bloomberg notes.

Bankia's woes piled pressure on other Spanish banks because it
stress-tested residential mortgages and company loans, as well as
real estate, to calculate the size of its bailout request to the
government, Bloomberg states.  Spain nationalized the group in
June after experts appointed by the country's bank rescue fund
said its parent company had a negative value of EUR13.6 billion,
Bloomberg recounts.

Bankia SA (Bankia) is a Spain-based financial institution
principally engaged in the banking sector.  The Bank represents a
universal banking business model based on multi-brand and multi-
channel management, offering its products and services to various
customer segments, such as individuals, small and medium
enterprises, large corporations, as well as public and private
institutions.  The Company's business is structured into seven
areas: Retail Banking, Business Banking, Private Banking, Asset
Management and Bancassurance, Capital Markets and Holdings.


BEFESA ZINC: Moody's Affirms 'B2' CFR/PDR; Outlook Negative
-----------------------------------------------------------
Moody's Investors Service has affirmed Befesa Zinc S.A.U.'s B2
Corporate family rating (CFR) and Probability of default rating
(PDR) as well as the B2 rating on the EUR300 million senior
secured notes due 2018 issued by Zinc Capital S.A., a finance
vehicle of Befesa Zinc. At the same time, Moody's changed the
outlook on the ratings to negative from stable.

Ratings Rationale

The change in the rating outlook to negative reflects Moody's
increased concern that the resilience of Befesa Zinc's credit
profile might be tested in a persistent weak zinc price
environment which would impede the company from rolling-over its
hedging agreements, which expire at the end of Q1 2014, at
favourable zinc prices. Zinc is a quoted metal at the London
Metal Exchange (LME) with a quoted cash settlement price of
US$1847.5/tonne as per 29 August 2012 (approximately
EUR1,478/tonne) which compares to a price of around
EUR1,700/tonne which Befesa has hedged until end of 2013.

Moody's estimates that at a hedged price of around EUR1,400/tonne
Befesa Zinc's EBITDA margin could fall below 30% which would lead
to a rise in debt/EBITDA significantly above 5.0x and would put
pressure on free cash flow generation. These credit metrics would
be more consistent with a B3 rating if maintained for a prolonged
period of time.

Befesa Zinc has not yet secured new hedges for Q2 2014. The
negative outlook also incorporates the risk that Befesa Zinc's
management might deviate from its policy to continuously roll-
over its zinc hedges well in advance of their maturity.

The affirmation of the B2 rating reflects that Befesa Zinc has
currently hedging agreements in place for approximately 70% of
its expected zinc equivalent volumes until end of Q1 2014 (at a
hedged price of around EUR1,700/tonne for 2012 and 2013 and of
EUR1,550/tonne for Q1 2014). These hedges combined with the fact
that the sale of the company's Waelz Oxide production for 2012
and 2013 is to a large extent already secured by existing
contracts with zinc smelters provides good visibility on earnings
and cash flow generation.

Consequently, Befesa Zinc's credit metrics should remain
consistent with the B2 rating and the levels achieved in 2011
over the next 12 to 18 months (debt/EBITDA 4.3x in 2011, EBITDA
margin 35.9%) despite a potential lower zinc price (average LME
zinc price of EUR1,523/tonne in H1 2012) affecting any unhedged
volumes (around 30% of expected volumes) and weakening outlook
for Western European crude steel production.

In addition, the B2 rating assumes that management will scale
back expansionary capital expenditures if needed in order to
preserve an adequate liquidity cushion and financial flexibility.

At June 30, 2012, Befesa Zinc had cash on balance sheet of
EUR28.5 million and access to around EUR39.6 million in cash
located at its direct parent company Befesa Medio Ambiente. These
cash sources combined with expected stable operating cash flow
generation compared to 2011 should be fully sufficient to cover
expected capital expenditures for 2012 of around EUR30 million
and for 2013 of up to EUR66 million, day-to-day needs (estimated
at 3% of sales) and limited swings in working capital. Given the
lack of external sources Befesa Zinc relies on its internal cash
flow generation, which Moody's expects to be relatively stable
over the next 12-18 months compared to 2011. If -- for any reason
-- existing hedging contracts were to be terminated early, or if
Befesa Zinc proved unable to enter into new hedging contracts,
liquidity could become an important factor.

Other factors considered in the B2 rating are the company's
leading market position in its niche in Europe benefiting from
high barriers to entry due to a favorable regulatory environment
as well as high investment needs and technological expertise
required to enter the market. The company's relatively small
scale and concentrated customer base leave it, however, exposed
to a potential future loss of a key customer or a shift of steel
and zinc production to emerging markets which could result in
significant operating volatility. This is mitigated by the
group's long standing customer relationships and its demonstrated
ability to reach out to different customers in Asia during the
downturn in 2009. In addition, Befesa Zinc's current rating
incorporates neither any future financial support or material
dividend payments to Befesa Medio Ambiente or Abengoa nor any
financial assistance by its parent company to Befesa Zinc.

What Could Change The Ratings Up/Down

Negative rating pressure could arise if the company's EBITDA
margin weakened below 30% for a prolonged period of time as a
result of depleted zinc prices or deterioration in demand,
leading to leverage above 5.0x debt/EBITDA. Failure to maintain
adequate liquidity cushion or deviate from its policy to hedge
its Zinc exposure could also result in a downgrade of the
ratings.

In order to consider an upgrade to B1, Moody's would expect to
see a debt/EBITDA of around 3.0x, a return to positive free cash
flow generation as well as a solid liquidity cushion as reflected
by a cash/debt level of around 25% or committed external sources
of liquidity at a similar size. In addition, Moody's would also
expect to have mid-term visibility for the next 24 months with
regard to the availability of favorable hedging contracts.

Zinc Capital S.A's ratings were assigned by evaluating factors
that Moody's considers relevant to the credit profile of the
issuer, such as the company's (i) business risk and competitive
position compared with others within the industry; (ii) capital
structure and financial risk; (iii) projected performance over
the near to intermediate term; and (iv) management's track record
and tolerance for risk. Moody's compared these attributes against
other issuers both within and outside Zinc Capital S.A's core
industry and believes Zinc Capital S.A's ratings are comparable
to those of other issuers with similar credit risk. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Befesa Zinc, S.A.U. ("Befesa Zinc", rated B2/stable), is a
leading steel dust recycler in Europe. The company generates
revenues by: (1) charging steel manufacturers a fee for taking
their generated crude steel dust; (2) selling the Waelz Oxide
(WOX) produced in the recycling process to zinc smelters in
Europe at a price reflecting the prevailing market price of zinc
and (3) processing stainless steel dust and returning recovered
metals to customers, for which the company charges a tolling fee.
In 2011, Befesa Zinc had revenues of EUR223 million.

Befesa Zinc is a wholly owned indirect subsidiary of Befesa Medio
Ambiente S.A., an industrial group involved in the industrial
waste recycling and water sectors. Befesa Medio Ambiente is 100%
owned by Abengoa S.A., a vertically integrated environment and
energy group (rated B1/stable).


* SPAIN: Moody's Says Rating Remains on Review for Downgrade
------------------------------------------------------------
The Baa3 long term debt rating of the Spanish government remains
on review for possible downgrade. The review commenced on 13 June
2012 and will likely continue through the end of September
because of pending information on:

(1) the scope of the bank recapitalization needs;

(2) the nature and size of support mechanisms available under the
    European Stability Mechanism (ESM) in light the upcoming
    German Constitutional court ruling; and

(3) potential changes and additions to the existing crisis-
    management framework as policymakers reconvene in the next
    few weeks to discuss policy options in a number of areas,
    including the further advancement of a banking union.

At the same time, Moody's cannot exclude the need for more
immediate action if Spain's ability to refinance maturing debt
was to deteriorate sharply, prompting the country to seek
external support beyond the recapitalization program. While full
support under these market conditions would alleviate the risk of
a default in the short term, Moody's believes that medium-term
risks to bondholders would increase in such a scenario.

RATIONALE FOR CONTINUING THE REVIEW

-- SCOPE OF BANK RECAPITALISATION NEEDS --

As noted in the June 13 rating announcement, the first key driver
of the review is the size and terms of the banking support
package, including the potential size of the government's
liability following the results of the independent valuations and
audits of all the Spanish banks. Those audits were originally
expected on 31 July, but are now expected to be published only by
the second half of September. By then, Moody's also expects to
have more details on the external Asset Management Company to
which impaired real-estate assets of those banks that need to
access public funds will have to be transferred.

-- UPCOMING GERMAN COURT RULING ON ESM --

Additionally, the German Federal Constitutional Court indicated
in July that it would take until mid-September before ruling on a
temporary injunction preventing Germany (Aaa negative) from
participating in the ESM. While Moody's expects the court to
ultimately rule in favor of Germany's participation, the delay
prevented the ESM from being introduced in July as originally
planned and has introduced a further element of uncertainty.

-- POTENTIAL CHANGES AND ADDITIONS TO THE EXISTING CRISIS
    - MANAGEMENT FRAMEWORK --

A critical part of the review is focused on assessing the
probability that Spain may require more comprehensive external
support should the banking recapitalization not succeed in
restoring some degree of confidence in the banking sector and, in
consequence, in the sovereign's credit standing. In that regard,
new developments on, or changes to, the crisis-management
framework can provide insight on this specific issue.

Moody's notes that external support can vary in scope and in
form. Limited targeted official interventions supporting market
funding can be of benefit to bondholders if those measures,
combined with credible policy action by the government, prove
effective in ultimately securing market access at sustainable
prices.

At the same time, Moody's believes that while reducing default
risk in the near term, the conditional nature of the kind of
support programs implemented to-date to support euro area
countries following market-access loss ultimately entails
additional risks to bondholders over the medium-term horizon.
Unless fiscal consolidation efforts and structural reforms were
to prove successful, return to the sovereign debt market at the
end of such a program could prove very difficult, raising the
prospect of debt relief by private sector creditors as a pre-
condition to an extension of further support by official
creditors. Such risks in Moody's view are not compatible with an
investment grade rating.

Moody's also notes that official support beyond banking
recapitalization but short of a full package may also pressure
the rating below investment-grade if (1) the combined measures
were unlikely to succeed in maintaining ample market access; or
(2) if these measures were effectively providing the bulk of the
Spanish government's funding needs through crisis-management
tools such as the European Financial Stability Facility and ESM,
and European Central Bank actions that provide liquidity to
government debt markets. Once again, short of the accompanying
fiscal and structural reforms being successful, full return to
market access at the end of these initiatives may prove very
difficult, raising the risk of private sector participation in a
debt relief effort before more official support is provided.

Principal Methodology

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


* SPAIN: Cabinet Approves Bad Bank Mechanism
--------------------------------------------
Charles Penty and Angeline Benoit at Bloomberg News report that
the so-called bad bank Spain's government will set up to take
soured real estate from the lenders it has bailed out will seek
private investors and try to sell the assets over 10 to 15 years.

"The asset-management company should be viable and not generate
losses and in the end not have any impact on the taxpayer,"
Bloomberg quotes Economy Minister Luis de Guindos as saying at a
news conference in Madrid on Friday.  Mr. de Guindos, as cited by
Bloomberg, said that the aim is for private investors to take a
majority stake in the bad bank that would take on real estate
assets.

The bad bank was among the mechanisms approved on Friday by
Spain's cabinet as it set out a new framework for restructuring a
banking industry mauled by losses from the country's property
crash, Bloomberg notes.  The terms of the European bailout of as
much as EUR100 billion (US$126 billion) that Spain sought for its
banking system in June require the government to spell out
procedures for dealing with failed lenders that limit costs to
taxpayers, Bloomberg discloses.

Spain is tightening bank regulation against a backdrop of doubts
about the nation's finances that has spurred the government to
call on the European Central Bank to buy its bonds to rein in
financing costs, Bloomberg relates.  Spanish lenders have about
EUR180 billion of troubled real estate assets, Bloomberg says,
citing according the Bank of Spain.

In its third reform of the financial system this year, the
government also bolstered the powers of its bank rescue fund,
known as FROB, to restructure troubled banks, Bloomberg
discloses.  According to Bloomberg, the economy ministry said in
a statement that FROB will be able to take on debt to a limit of
EUR120 billion in 2012.

The ministry, as cited by Bloomberg, said that in cases where a
bank proves to be not viable, the authorities can force the sale
of its business or transfer its assets and liabilities to a
"bridge bank" before an eventual sale.

The government also toughened rules for sales of subordinated
debt such as preference shares to retail investors, Bloomberg
notes.

The government also adjusted its solvency rules to make all banks
achieve a so-called principal capital ratio, a measure of
financial strength, of 9% by 2013, Bloomberg discloses.


* CATALONIA: Seeks EUR5-Billion Bailout; Faces Huge Repayments
--------------------------------------------------------------
Katell Abiven at Agence France-Presse reports that Spain's debt-
struck Catalonia region reached out on Aug. 28 for a EUR5 billion
(US$6.3 billion) central government rescue.

According to AFP, the northeastern region's government, facing
huge repayments on its EUR40-billion debt, said it would tap an
EUR18-billion liquidity fund set up by Madrid to finance troubled
regions.

"The government has decided to request participation in the
liquidity fund," AFP quotes Catalan government spokesman Francesc
Homs as saying.  Mr. Homs, as cited by AFP, said the region,
responsible for one-fifth of Spanish economic output and in open
conflict with Madrid over its deficit-cutting demands, would do
so "without accepting political conditions."

AFP relates that Spanish Prime Minister Mariano Rajoy said the
central government would help Catalonia, "as we help the rest of
the regions."

Catalonia's debt, the highest of the 17 regional governments, is
emblematic of Spain's financial woes, though Valencia and Murcia
have already said they, too, will need central government help,
AFP notes.

Regional government figures show that this year, Catalonia's debt
repayments amount to EUR13.5 billion, with EUR5.8 billion to be
paid in the second half of 2012, AFP discloses.



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


CARE UK: Moody's Reviews 'B1' CFR for Possible Downgrade
--------------------------------------------------------
Moody's Investors Service has placed Care UK Health & Social Care
Investments Limited B1 corporate family and B2 senior secured
ratings on review for downgrade. The rating review follows the
announcement of Care UK's results for the third quarter of the
financial year ending September 2012 and the acquisition of
Whitwood Care.

Ratings Rationale

Whereas the reported Group results have remained broadly
comparable to 2011 levels, acquisitions (Whitwood as well as
previously parts of Southern Cross portfolio) and development
spending in 2012 have continued to strain the cash flows and
weakened historically strong liquidity position. The cash
balances are expected to further decline in Q4, reflecting the
timing of coupon payments on the bonds and the above mentioned
debt-funded acquisition.

On a trailing twelve months basis (ending June 2012) RCF/Net debt
is estimated at slightly below 5% and EBITA/Interest Cover 0.9x
or both materially below the threshold for the downgrade at 10%
and 1.3x respectively. However, Care UK's point in time metrics
are likely distorted positively and negatively. The positive
distortion results from historically higher results of the
Healthcare division which, going forward, will be lower due to
the lower pricing on some of Care UK's contracts with the NHS,
and due to temporarily lower lease payments on the acquired
Southern Cross portfolio. Results are negatively distorted by
significant discretionary investments without respective
contribution and the phase-out period typical for new
developments or refurbishment spending.

The rating review will focus on i) better understanding the
contribution from the above mentioned investments and their
impact on the sustainable operating performance; ii) ongoing
shift towards higher share of leasehold properties in the
portfolio driven both by Southern Cross acquisition and longer-
term new developments funded inter alia via related ring-fenced
Silver Sea entity; iii) ability to mitigate pricing/cost
inflation pressure and iv) prospect of further debt funded
investments.

At this stage, Moody's expects that a possible downgrade would be
limited to one notch of the long term rating.

The methodologies used in these ratings were Global Healthcare
Service Providers published in December 2011 and Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

Care UK is a leading independent provider of health and social
care services in the UK. The company generated revenues of GBP483
million (trailing 12 months to June 2012)


EXPRO AX-S: In Administration; 39 Jobs Affected
-----------------------------------------------
The Press and Journal reports that Expro AX-S Technology nearly
40 jobs were axed at the company after it slid into
administration.

According to the Press and Journal, joint administrator Blair
Nimmo of Business advisor KPMG said Expro AX-S Technology, part
of international oilfield services company Expro, was unable to
access the funding it needed to support ongoing costs.  The wider
Expro group is not in administration and is operating as normal,
the Press and Journal notes.

The Press and Journal relates that a spokesman for KPMG said
"Unfortunately, 39 of Expro AX-S Technology's 44-strong workforce
-- all based in Aberdeen -- have been made redundant.

"The administration are taking all steps to identify parties that
may have an interest in the assets and or the business."

Expro AX-S Technology is an Aberdeen-based oil and gas technology
company.


GLASTONBURY 2007-1: S&P Cuts Ratings on Two Note Classes to CCC-
----------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on all of the notes issued by Glastonbury Finance 2007-1
PLC.

Specifically, S&P has:

-- affirmed and removed from CreditWatch negative its rating on
    the class X notes;

-- lowered and removed from CreditWatch negative its ratings on
    the class A-1, A-2, B, C, and D notes; and

-- affirmed its ratings on the class E and F notes.

"The rating actions follow our analysis of Glastonbury Finance
2007-1's performance under our 2012 criteria for CDOs of pooled
structured finance (SF) assets, and the application of our 2012
counterparty criteria. We have based our analysis on the latest
available trustee report (Aug. 6, 2012, Note Valuation Report)
and our cash flow analysis, taking into account recent
developments," S&P said.

"We initially placed all of our ratings in this transaction on
CreditWatch negative on March 19, 2012, as a result of our update
to the criteria and assumptions that we use to rate CDO
transactions backed by SF securities, which became effective on
March 19, 2012," S&P said.

"Our analysis indicates that the overall credit quality of the
underlying assets in the portfolio has deteriorated since our
previous review on May 11, 2011," S&P said.

"We have subjected the capital structure to a cash flow analysis
based on the updated methodology and assumptions outlined in our
criteria, to determine the break-even default rate (BDR) for each
rated class of notes. We have also conducted a credit analysis
based on our updated assumptions, to determine the scenario
default rate (SDR) at each rating level, which we then compared
with its respective BDR. In our analysis, we used the portfolio
balance that we considered to be performing, the weighted-average
spread, and the weighted-average recovery rates that we
considered to be appropriate. We incorporated various cash flow
stress scenarios using our standard and additional default
patterns, levels, and timings for each rating category assumed
for each class of notes, in conjunction with different interest
rate stress scenarios," S&P said.

"We have also considered the impact of our updated methodology
and assumptions for pools of SF assets. Based on these
assumptions, our analysis shows that all classes of notes in
Glastonbury Finance 2007-1 now face higher assumed losses and
liquidity constraints, which caused the BDR to fall for each
class of notes. For example, our analysis shows that the
weighted-average recovery rate at the 'AA' rating level falls to
6.12%, from 37.18% at our previous review. Moreover, our updated
methodology caused us to consider a significantly increased
probability of default at each rating level, resulting in higher
SDR levels than at our previous review. For instance, our
analysis indicates that the SDR at the 'AAA' rating level has
increased to 88.97%, from 52.59% at our previous review," S&P
said.

"We have affirmed and removed from CreditWatch negative our
rating on the class X notes because the credit enhancement
available to this class of notes remains sufficient to maintain
the current rating," S&P said.

"In our view, the credit deterioration observed in the underlying
portfolio, combined with our updated assumptions, means that the
class A-1, A-2, B, C, and D notes issued by Glastonbury Finance
2007-1 can no longer maintain their previous rating levels.
Therefore, we have lowered and removed from CreditWatch negative
our ratings on these notes to levels that we consider to be
commensurate with current credit enhancement levels," S&P said.

"At the same time, as part of our analysis, we tested Glastonbury
Finance 2007-1's capital structure against our largest obligor
and industry default test--two supplemental stress tests we
introduced in our 2012 criteria for CDOs of pooled SF assets. Our
evaluation of the results indicates that the class C notes are
constrained by the largest obligor test at the 'CCC-' rating
level," S&P said.

"We have affirmed our ratings on the class E and F notes because
our analysis indicates that these classes of notes are unable to
withstand our credit and cash flow stresses at any level higher
than our current ratings," S&P said.

"Glastonbury Finance 2007-1 is a collateralized debt obligation
(CDO) transaction comprising primarily European commercial
mortgage-backed securities (CMBS), managed by Palatium Investment
Management," S&P said.

              STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class                Rating
            To                 From

Glastonbury Finance 2007-1 PLC
GBP354 Million Floating-Rate Notes

Rating Affirmed and Removed From CreditWatch Negative

X           AAA (sf)           AAA (sf)/Watch Neg

Ratings Lowered and Removed From CreditWatch Negative

A-1         BBB+ (sf)          AA+ (sf)/Watch Neg
A-2         BBB+ (sf)          A+ (sf)/Watch Neg
B           BB+ (sf)           BBB (sf)/Watch Neg
C           CCC- (sf)          BB- (sf)/Watch Neg
D           CCC- (sf)          CCC+ (sf)/Watch Neg

Ratings Affirmed

E           CCC- (sf)
F           CC (sf)


JJB SPORTS: Jon Moulton Mulls Rescue Bid
----------------------------------------
Graham Ruddick at The Telegraph reports that Jon Moulton is
examining a rescue of JJB Sports.

According to the Telegraph, Mr. Moulton's company Better Capital
has been granted access to the data room of JJB Sports, after
rescuing fashion chain Jaeger earlier this year.

Better Capital is thought to be one of a number of parties
considering a bid for JJB, including turnaround firm OpCapita and
the company's largest shareholder, Invesco Asset Management, the
Telegraph notes.

JJB was put up for sale on Thursday in a last-gasp attempt to
fill a funding gap, the Telegraph recounts.

In a final blow to long-suffering shareholders, management warned
that shares in the company were effectively worthless, meaning
blue-chip shareholders, such as the Bill & Melinda Gates
Foundation, face having their investment wiped out, the Telegraph
discloses.

JJB now needs funds to control its debts of more than GBP36
million and fund a modernization of its 180 stores, the Telegraph
says.  Any takeover is likely to be completed through a pre-pack
administration so that the new owner can shed under-performing
sites, the Telegraph states.

According to the Telegraph, KPMG is running the sale process for
JJB and says it has had "good interest".  Interested parties
signed non-disclosure agreements on Friday and are thought to
include domestic and international sports retailers, as well as
private equity groups, the Telegraph relates.  Former owner
Mr. Whelan is thought to be interested in buying a handful of
stores, the Telegraph notes.

Sources close to Mr. Moulton said last weekend that he is not
confident of striking a deal given the number of parties
involved, the Telegraph recounts.

JJB Sports plc -- http://www.jjbcorporate.co.uk/-- is a sports
retailer.  JJB Sports is a multi-channel sports retailer
supplying branded sports and leisure clothing, footwear and
accessories.  It operates out of over 185 stores across the
United Kingdom and Ireland with e-commerce offering.



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


* Moody's Says Global Macro Outlook Exposed to Euro Area Crisis
---------------------------------------------------------------
Downside risks to the global recovery in 2012-13 have risen and
growth in emerging market economies will slow more than
previously expected, says Moody's Investors Service in its latest
macro-risk report. Growth in 2012 will be materially lower than
in 2011 and 2010.

The new report is entitled "Update to the Global Macro-Risk
Outlook 2012-2013: Euro Area Debt Crisis Continues to Pose the
Greatest Risk". The report is an update to Moody's April Global
Macro Risk Scenarios report. It updates the rating agency's
baseline forecasts for 2012-13 and discusses the downside risks
to the forecasts, focusing on euro area recession risks and the
risk of a hard landing in major emerging markets.

Moody's says that risks to the global forecast remain to the
downside and have risen relative to the risks perceived earlier
in the year. The main risks to the global macro outlook stem from
(i) a deeper than currently expected recession in the euro area,
for example caused by deeper credit contraction; (ii) the risk of
a hard landing in major emerging market economies, including
China, India and Brazil; (iii) an oil-price supply-side shock
resulting from resurfacing geopolitical risks; and (iv) the risk
of sudden and sharp fiscal tightening in the US in 2013, given
recent political gridlock.

"We are revising downwards our forecast for these large emerging
market economies, where the weaker external environment and
decelerating domestic demand are causing a slowdown in growth
momentum," says Elena Duggar, Moody's Group Credit Officer for
Sovereign Risk. "We continue to expect that the slowdown in
advanced economies and volatile capital flows will suppress
growth in emerging markets."

Moody's says that only a modest recovery is likely in the G-20
advanced economies. The rating agency maintains its forecasts for
relatively robust growth in the US, whilst the euro area as a
whole will very likely experience a mild recession in 2012. For
the G-20 economies overall, Moody's expects real growth of around
2.8% in 2012 and 3.4% in 2013, compared to the 3.2% growth in
2011 and 4.6% in 2010.

"In our view, fiscal consolidation efforts, weak consumer and
business confidence, banking and household sector deleveraging,
persistently high unemployment levels, and real-estate market
weakness will continue to constrain growth in advanced
economies," explains Ms. Duggar.


* BOND PRICING: For the Week August 27 to August 31, 2012
---------------------------------------------------------

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

AUSTRIA
-------
A-TEC INDUSTRIES         2.750    5/10/2014      EUR     24.88
A-TEC INDUSTRIES         8.750   10/27/2014      EUR     24.88
IMMOFINANZ               4.250     3/8/2018      EUR      4.02
RAIFF CENTROBANK         7.646    1/23/2013      EUR     50.38
RAIFF CENTROBANK         9.876    1/23/2013      EUR     49.48
RAIFF CENTROBANK         9.558    1/23/2013      EUR     67.95
RAIFF CENTROBANK         9.304    1/23/2013      EUR     70.46
RAIFF CENTROBANK         8.920    1/23/2013      EUR     74.39
RAIFF CENTROBANK         7.965    1/23/2013      EUR     53.49
RAIFF CENTROBANK         9.200    7/24/2013      EUR     74.71
RAIFF CENTROBANK        11.134    7/24/2013      EUR     71.52

BELGIUM
-------
ECONOCOM GROUP           4.000     6/1/2016      EUR     22.12
TALVIVAARA               4.000   12/16/2015      EUR     71.46

FRANCE
------
AIR FRANCE-KLM           4.970     4/1/2015      EUR     11.67
ALCATEL-LUCENT           5.000     1/1/2015      EUR      2.56
ALTRAN TECHNOLOG         6.720     1/1/2015      EUR      5.36
ASSYSTEM                 4.000     1/1/2017      EUR     23.02
ATOS ORIGIN SA           2.500     1/1/2016      EUR     56.48
CAP GEMINI SOGET         3.500     1/1/2014      EUR     38.44
CGG VERITAS              1.750     1/1/2016      EUR     32.21
CLUB MEDITERRANE         6.110    11/1/2015      EUR     18.55
EURAZEO                  6.250    6/10/2014      EUR     55.11
FAURECIA                 4.500     1/1/2015      EUR     20.96
INGENICO                 2.750     1/1/2017      EUR     50.60
MAUREL ET PROM           7.125    7/31/2014      EUR     18.32
MAUREL ET PROM           7.125    7/31/2015      EUR     17.26
NEXANS SA                4.000     1/1/2016      EUR     57.67
NEXANS SA                2.500     1/1/2019      EUR     69.64
ORPEA                    3.875     1/1/2016      EUR     47.26
PEUGEOT SA               4.450     1/1/2016      EUR     23.48
PIERRE VACANCES          4.000    10/1/2015      EUR     74.62
PUBLICIS GROUPE          1.000    1/18/2018      EUR     53.38
SOC AIR FRANCE           2.750     4/1/2020      EUR     20.96
SOITEC                   6.250     9/9/2014      EUR      8.21
TEM                      4.250     1/1/2015      EUR     54.01

GERMANY
-------
BAYERISCHE LNDBK         3.200    10/1/2012      EUR     24.41
BNP EMIS-U.HANDE         8.500   12/28/2012      EUR     69.14
BNP EMIS-U.HANDE        10.500   12/28/2012      EUR     47.06
BNP EMIS-U.HANDE         9.500   12/31/2012      EUR     73.03
BNP EMIS-U.HANDE         9.500   12/31/2012      EUR     66.69
BNP EMIS-U.HANDE         7.750   12/31/2012      EUR     57.44
COMMERZBANK AG          19.500    9/27/2012      EUR     69.13
COMMERZBANK AG          19.750    9/27/2012      EUR     72.54
COMMERZBANK AG          19.500    9/27/2012      EUR     74.95
COMMERZBANK AG          28.750    9/27/2012      EUR     66.22
COMMERZBANK AG          21.500    9/27/2012      EUR     73.13
COMMERZBANK AG           7.700    9/28/2012      EUR     43.34
COMMERZBANK AG           9.000    10/1/2012      EUR     52.94
COMMERZBANK AG           9.000   10/29/2012      EUR      6.93
COMMERZBANK AG           8.000    11/5/2012      EUR     56.32
COMMERZBANK AG          11.500    11/5/2012      EUR     66.46
COMMERZBANK AG          10.000    11/5/2012      EUR     53.85
COMMERZBANK AG           8.500   12/17/2012      EUR     73.02
COMMERZBANK AG           8.000   12/27/2012      EUR     45.25
COMMERZBANK AG           7.000   12/27/2012      EUR     70.37
COMMERZBANK AG          13.000   12/28/2012      EUR     62.60
COMMERZBANK AG          21.250   12/31/2012      EUR     72.47
COMMERZBANK AG          10.750    3/21/2013      EUR     72.30
COMMERZBANK AG          14.500    3/21/2013      EUR     68.70
COMMERZBANK AG          18.750    3/21/2013      EUR     74.96
COMMERZBANK AG          18.500    3/21/2013      EUR     65.40
COMMERZBANK AG          14.000     8/5/2013      EUR     73.46
COMMERZBANK AG           8.400   12/30/2013      EUR     15.65
DEUTSCHE BANK AG        12.000    8/31/2012      EUR     66.10
DEUTSCHE BANK AG        12.000    8/31/2012      EUR     73.30
DEUTSCHE BANK AG         9.000    8/31/2012      EUR     74.00
DEUTSCHE BANK AG        20.000    9/28/2012      EUR     74.20
DEUTSCHE BANK AG        10.000   12/20/2012      EUR     73.50
DEUTSCHE BANK AG        10.000   12/20/2012      EUR     63.10
DEUTSCHE BANK AG        10.000   12/20/2012      EUR     75.00
DEUTSCHE BANK AG         9.000   12/20/2012      EUR     62.80
DEUTSCHE BANK AG         8.000   12/20/2012      EUR     51.20
DEUTSCHE BANK AG         8.000   12/20/2012      EUR     69.00
DEUTSCHE BANK AG         8.000   12/20/2012      EUR     44.50
DEUTSCHE BANK AG         7.000   12/20/2012      EUR     68.70
DEUTSCHE BANK AG         9.000   12/20/2012      EUR     72.00
DEUTSCHE BANK AG        15.000   12/20/2012      EUR     53.40
DEUTSCHE BANK AG        12.000   12/20/2012      EUR     57.50
DEUTSCHE BANK AG        12.000   12/20/2012      EUR     72.90
DEUTSCHE BANK AG        12.000   12/20/2012      EUR     36.60
DEUTSCHE BANK AG        10.000   12/20/2012      EUR     73.10
DEUTSCHE BANK AG         7.000   12/20/2012      EUR     74.70
DEUTSCHE BANK AG        12.000     4/2/2013      EUR     74.20
DZ BANK AG              19.500    9/14/2012      EUR     58.67
DZ BANK AG              12.500    9/14/2012      EUR     69.80
DZ BANK AG              10.750    9/14/2012      EUR     72.92
DZ BANK AG              10.500    9/14/2012      EUR     39.77
DZ BANK AG               5.000    9/14/2012      EUR     59.49
DZ BANK AG               8.000    9/14/2012      EUR     47.17
DZ BANK AG               8.250    9/14/2012      EUR     64.13
DZ BANK AG               8.500    9/14/2012      EUR     44.54
DZ BANK AG               9.500    9/14/2012      EUR     66.93
DZ BANK AG               9.500    9/14/2012      EUR     72.94
DZ BANK AG              10.000    9/14/2012      EUR     65.62
DZ BANK AG               7.250    9/14/2012      EUR     74.54
DZ BANK AG               6.250    9/14/2012      EUR     51.82
DZ BANK AG              10.000    9/14/2012      EUR     66.74
DZ BANK AG               5.850    9/14/2012      EUR     55.28
DZ BANK AG               7.500    9/14/2012      EUR     64.27
DZ BANK AG              23.000    9/28/2012      EUR     66.47
DZ BANK AG              22.000    9/28/2012      EUR     69.27
DZ BANK AG              17.000    9/28/2012      EUR     73.34
DZ BANK AG              15.500    9/28/2012      EUR     71.40
DZ BANK AG              16.500    9/28/2012      EUR     72.89
DZ BANK AG               4.500    10/5/2012      EUR     67.59
DZ BANK AG               5.700    10/5/2012      EUR     64.65
DZ BANK AG               7.600    10/5/2012      EUR     73.61
DZ BANK AG               8.300    10/5/2012      EUR     59.52
DZ BANK AG               7.000   10/12/2012      EUR     46.10
DZ BANK AG               7.000   10/12/2012      EUR     67.70
DZ BANK AG               8.000   10/12/2012      EUR     70.27
DZ BANK AG               9.500   10/12/2012      EUR     56.39
DZ BANK AG               8.000   10/12/2012      EUR     40.91
DZ BANK AG              15.000   10/26/2012      EUR     74.34
DZ BANK AG              15.000   10/26/2012      EUR     74.95
DZ BANK AG              16.000   10/26/2012      EUR     73.48
DZ BANK AG              18.000   10/26/2012      EUR     72.89
DZ BANK AG              19.000   10/26/2012      EUR     69.60
DZ BANK AG              22.000   10/26/2012      EUR     66.50
DZ BANK AG              20.000   11/23/2012      EUR     66.60
DZ BANK AG               5.000   12/14/2012      EUR     64.31
DZ BANK AG               9.750   12/14/2012      EUR     63.88
DZ BANK AG               5.000   12/21/2012      EUR     68.07
DZ BANK AG               6.000     1/2/2013      EUR     70.01
DZ BANK AG              15.500    1/11/2013      EUR     59.09
DZ BANK AG              14.000    1/11/2013      EUR     53.61
DZ BANK AG              12.500    1/25/2013      EUR     55.77
DZ BANK AG              19.000    1/25/2013      EUR     68.57
DZ BANK AG              10.250     2/8/2013      EUR     74.25
DZ BANK AG              14.000    2/22/2013      EUR     72.71
DZ BANK AG              10.750    2/22/2013      EUR     72.00
DZ BANK AG              11.000    2/22/2013      EUR     74.88
DZ BANK AG              11.000     3/8/2013      EUR     74.57
DZ BANK AG              13.500     3/8/2013      EUR     74.67
DZ BANK AG              13.750     3/8/2013      EUR     58.84
DZ BANK AG              10.000     3/8/2013      EUR     70.18
DZ BANK AG              18.500    3/22/2013      EUR     74.07
DZ BANK AG              11.250    3/22/2013      EUR     70.63
DZ BANK AG              20.000    3/22/2013      EUR     70.79
DZ BANK AG               9.750     4/2/2013      EUR     74.63
DZ BANK AG              17.000    4/26/2013      EUR     24.60
DZ BANK AG              15.750    4/26/2013      EUR     58.28
DZ BANK AG              14.500    4/26/2013      EUR     74.08
GOLDMAN SACHS CO        15.000    9/26/2012      EUR     74.60
GOLDMAN SACHS CO        16.000   12/28/2012      EUR     74.80
GOLDMAN SACHS CO        15.000   12/28/2012      EUR     69.90
GOLDMAN SACHS CO        18.000    3/20/2013      EUR     73.50
GOLDMAN SACHS CO        18.000    6/26/2013      EUR     73.50
HSBC TRINKAUS           25.500    9/28/2012      EUR     63.19
HSBC TRINKAUS           25.500    9/28/2012      EUR     71.57
HSBC TRINKAUS           27.500    9/28/2012      EUR     65.73
HSBC TRINKAUS           29.000    9/28/2012      EUR     66.42
HSBC TRINKAUS           29.500    9/28/2012      EUR     57.38
HSBC TRINKAUS            8.000    9/28/2012      EUR     62.94
HSBC TRINKAUS           11.000    9/28/2012      EUR     60.03
HSBC TRINKAUS           13.000    9/28/2012      EUR     67.64
HSBC TRINKAUS           15.500    9/28/2012      EUR     61.98
HSBC TRINKAUS           18.000    9/28/2012      EUR     55.12
HSBC TRINKAUS           18.500    9/28/2012      EUR     74.90
HSBC TRINKAUS           19.000    9/28/2012      EUR     70.22
HSBC TRINKAUS           19.500    9/28/2012      EUR     70.13
HSBC TRINKAUS           20.000    9/28/2012      EUR     62.56
HSBC TRINKAUS           20.000    9/28/2012      EUR     57.43
HSBC TRINKAUS           24.000    9/28/2012      EUR     70.37
HSBC TRINKAUS           24.000    9/28/2012      EUR     64.06
HSBC TRINKAUS           25.000    9/28/2012      EUR     65.72
HSBC TRINKAUS           29.500    9/28/2012      EUR     72.08
HSBC TRINKAUS           17.500   10/26/2012      EUR     72.82
HSBC TRINKAUS           16.000   11/23/2012      EUR     73.82
HSBC TRINKAUS           18.000    3/22/2013      EUR     72.51
HSBC TRINKAUS           18.500    3/22/2013      EUR     61.07
HSBC TRINKAUS           19.000    3/22/2013      EUR     67.82
HSBC TRINKAUS           19.500    3/22/2013      EUR     66.22
HSBC TRINKAUS           20.000    3/22/2013      EUR     71.32
HSBC TRINKAUS           22.500    3/22/2013      EUR     72.99
HSBC TRINKAUS           17.500    3/22/2013      EUR     71.32
HSBC TRINKAUS           17.500    3/22/2013      EUR     67.72
HSBC TRINKAUS           15.500    3/22/2013      EUR     63.80
HSBC TRINKAUS           15.000    3/22/2013      EUR     74.24
HSBC TRINKAUS           14.000    3/22/2013      EUR     61.99
HSBC TRINKAUS           13.000    3/22/2013      EUR     65.16
HSBC TRINKAUS           10.500    3/22/2013      EUR     65.35
HSBC TRINKAUS           22.000    3/22/2013      EUR     59.19
HSBC TRINKAUS           22.000    3/22/2013      EUR     65.12
HSBC TRINKAUS           10.500    3/22/2013      EUR     68.93
HSBC TRINKAUS            8.500    3/22/2013      EUR     67.22
HSBC TRINKAUS            8.000    3/22/2013      EUR     69.04
HSBC TRINKAUS            7.500    3/22/2013      EUR     73.26
HSBC TRINKAUS           23.500    3/22/2013      EUR     66.11
HSBC TRINKAUS           24.000    3/22/2013      EUR     68.01
HSBC TRINKAUS           21.000    3/22/2013      EUR     61.34
HSBC TRINKAUS           24.000    3/22/2013      EUR     74.42
HSBC TRINKAUS           26.500    3/22/2013      EUR     63.41
HSBC TRINKAUS           27.000    3/22/2013      EUR     51.73
HSBC TRINKAUS           21.000    3/22/2013      EUR     69.66
HSBC TRINKAUS           17.500    3/22/2013      EUR     74.85
HSBC TRINKAUS           17.500    3/22/2013      EUR     73.36
HSBC TRINKAUS           27.500    3/22/2013      EUR     43.79
HSBC TRINKAUS           16.500    6/28/2013      EUR     72.23
HSBC TRINKAUS           30.000    6/28/2013      EUR     47.92
HSBC TRINKAUS           26.000    6/28/2013      EUR     48.12
HSBC TRINKAUS           25.500    6/28/2013      EUR     55.26
HSBC TRINKAUS           23.500    6/28/2013      EUR     66.74
HSBC TRINKAUS           22.500    6/28/2013      EUR     56.28
HSBC TRINKAUS           21.500    6/28/2013      EUR     69.11
HSBC TRINKAUS           21.000    6/28/2013      EUR     74.21
HSBC TRINKAUS           19.500    6/28/2013      EUR     71.92
HSBC TRINKAUS           19.500    6/28/2013      EUR     65.45
HSBC TRINKAUS           19.000    6/28/2013      EUR     61.51
HSBC TRINKAUS           18.500    6/28/2013      EUR     69.81
HSBC TRINKAUS           18.500    6/28/2013      EUR     73.09
HSBC TRINKAUS           17.500    6/28/2013      EUR     74.31
HSBC TRINKAUS           17.500    6/28/2013      EUR     69.79
HSBC TRINKAUS           16.500    6/28/2013      EUR     67.81
HSBC TRINKAUS           16.500    6/28/2013      EUR     63.04
HSBC TRINKAUS           16.000    6/28/2013      EUR     74.06
HSBC TRINKAUS           14.000    6/28/2013      EUR     65.10
HSBC TRINKAUS           12.500    6/28/2013      EUR     64.64
HSBC TRINKAUS           11.000    6/28/2013      EUR     74.91
HSBC TRINKAUS           10.500    6/28/2013      EUR     69.50
HSBC TRINKAUS           10.000    6/28/2013      EUR     67.63
HSBC TRINKAUS            8.500    6/28/2013      EUR     69.19
HSBC TRINKAUS            8.000    6/28/2013      EUR     73.09
HSBC TRINKAUS            6.000    6/28/2013      EUR     73.19
LB BADEN-WUERTT          4.000    9/28/2012      EUR     40.37
LB BADEN-WUERTT         10.000    9/28/2012      EUR     70.89
LB BADEN-WUERTT         10.000    9/28/2012      EUR     66.27
LB BADEN-WUERTT          8.000    9/28/2012      EUR     52.88
LB BADEN-WUERTT          8.000    9/28/2012      EUR     15.69
LB BADEN-WUERTT          8.000    9/28/2012      EUR     43.83
LB BADEN-WUERTT          8.000    9/28/2012      EUR     48.21
LB BADEN-WUERTT          8.000    9/28/2012      EUR     61.23
LB BADEN-WUERTT          8.000    9/28/2012      EUR     31.15
LB BADEN-WUERTT          8.000    9/28/2012      EUR     62.44
LB BADEN-WUERTT          7.500    9/28/2012      EUR     66.30
LB BADEN-WUERTT          7.000    9/28/2012      EUR     70.35
LB BADEN-WUERTT          6.000    9/28/2012      EUR     34.37
LB BADEN-WUERTT          6.000    9/28/2012      EUR     58.65
LB BADEN-WUERTT          6.000    9/28/2012      EUR     18.13
LB BADEN-WUERTT          6.000    9/28/2012      EUR     69.52
LB BADEN-WUERTT          6.000    9/28/2012      EUR     71.30
LB BADEN-WUERTT          6.000    9/28/2012      EUR     50.02
LB BADEN-WUERTT          6.000    9/28/2012      EUR     53.80
LB BADEN-WUERTT          5.000    9/28/2012      EUR     65.94
LB BADEN-WUERTT          4.000    9/28/2012      EUR     68.25
LB BADEN-WUERTT          4.000    9/28/2012      EUR     22.11
LB BADEN-WUERTT          4.000    9/28/2012      EUR     59.87
LB BADEN-WUERTT          4.000    9/28/2012      EUR     62.61
LB BADEN-WUERTT         10.000   10/26/2012      EUR     40.56
LB BADEN-WUERTT         10.000   10/26/2012      EUR     69.36
LB BADEN-WUERTT         10.000   10/26/2012      EUR     45.52
LB BADEN-WUERTT         10.000   10/26/2012      EUR     51.67
LB BADEN-WUERTT         10.000   10/26/2012      EUR     71.65
LB BADEN-WUERTT         10.000   10/26/2012      EUR      5.08
LB BADEN-WUERTT         10.000   10/26/2012      EUR     52.69
LB BADEN-WUERTT         10.000   10/26/2012      EUR     12.95
LB BADEN-WUERTT         10.000   10/26/2012      EUR     71.72
LB BADEN-WUERTT          7.500   10/26/2012      EUR     45.83
LB BADEN-WUERTT          7.500   10/26/2012      EUR     56.39
LB BADEN-WUERTT          7.500   10/26/2012      EUR     49.94
LB BADEN-WUERTT          7.500   10/26/2012      EUR     57.86
LB BADEN-WUERTT          7.500   10/26/2012      EUR     13.73
LB BADEN-WUERTT          7.500   10/26/2012      EUR      5.49
LB BADEN-WUERTT          5.000   10/26/2012      EUR     58.00
LB BADEN-WUERTT          5.000   10/26/2012      EUR     65.63
LB BADEN-WUERTT          5.000   10/26/2012      EUR     64.14
LB BADEN-WUERTT          5.000   10/26/2012      EUR     54.77
LB BADEN-WUERTT          5.000   10/26/2012      EUR     15.49
LB BADEN-WUERTT          5.000   10/26/2012      EUR      5.83
LB BADEN-WUERTT         10.000   11/23/2012      EUR     59.75
LB BADEN-WUERTT         10.000   11/23/2012      EUR     67.88
LB BADEN-WUERTT         10.000   11/23/2012      EUR     37.08
LB BADEN-WUERTT         10.000   11/23/2012      EUR     74.77
LB BADEN-WUERTT         10.000   11/23/2012      EUR     62.60
LB BADEN-WUERTT         10.000   11/23/2012      EUR     13.72
LB BADEN-WUERTT         10.000   11/23/2012      EUR     62.30
LB BADEN-WUERTT         10.000   11/23/2012      EUR     43.04
LB BADEN-WUERTT         10.000   11/23/2012      EUR     61.13
LB BADEN-WUERTT         10.000   11/23/2012      EUR     70.15
LB BADEN-WUERTT         10.000   11/23/2012      EUR     52.32
LB BADEN-WUERTT          7.500   11/23/2012      EUR     67.76
LB BADEN-WUERTT          7.500   11/23/2012      EUR     68.27
LB BADEN-WUERTT          7.500   11/23/2012      EUR     40.90
LB BADEN-WUERTT          7.500   11/23/2012      EUR     47.45
LB BADEN-WUERTT          7.500   11/23/2012      EUR     74.17
LB BADEN-WUERTT          7.500   11/23/2012      EUR     69.55
LB BADEN-WUERTT          7.500   11/23/2012      EUR     70.84
LB BADEN-WUERTT          7.500   11/23/2012      EUR     14.47
LB BADEN-WUERTT          7.500   11/23/2012      EUR     57.25
LB BADEN-WUERTT          7.500   11/23/2012      EUR     67.17
LB BADEN-WUERTT          5.000   11/23/2012      EUR     54.28
LB BADEN-WUERTT          5.000   11/23/2012      EUR     47.65
LB BADEN-WUERTT          5.000   11/23/2012      EUR     65.18
LB BADEN-WUERTT          5.000   11/23/2012      EUR     74.32
LB BADEN-WUERTT          5.000   11/23/2012      EUR     15.96
LB BADEN-WUERTT         15.000   11/23/2012      EUR     52.12
LB BADEN-WUERTT         10.000   11/23/2012      EUR     61.99
LB BADEN-WUERTT         10.000     1/4/2013      EUR     51.71
LB BADEN-WUERTT         10.000     1/4/2013      EUR     49.92
LB BADEN-WUERTT         10.000     1/4/2013      EUR     36.72
LB BADEN-WUERTT         10.000     1/4/2013      EUR     14.71
LB BADEN-WUERTT         10.000     1/4/2013      EUR     63.97
LB BADEN-WUERTT          5.000     1/4/2013      EUR     62.36
LB BADEN-WUERTT          5.000     1/4/2013      EUR     16.38
LB BADEN-WUERTT          5.000     1/4/2013      EUR     62.63
LB BADEN-WUERTT          5.000     1/4/2013      EUR     45.18
LB BADEN-WUERTT          7.500     1/4/2013      EUR     55.31
LB BADEN-WUERTT          7.500     1/4/2013      EUR     39.25
LB BADEN-WUERTT          7.500     1/4/2013      EUR     67.63
LB BADEN-WUERTT          7.500     1/4/2013      EUR     15.08
LB BADEN-WUERTT          7.500     1/4/2013      EUR     63.14
LB BADEN-WUERTT          7.500     1/4/2013      EUR     67.56
LB BADEN-WUERTT          7.500     1/4/2013      EUR     62.33
LB BADEN-WUERTT          5.000     1/4/2013      EUR     72.03
LB BADEN-WUERTT          7.500     1/4/2013      EUR     50.86
LB BADEN-WUERTT         10.000     1/4/2013      EUR     61.96
LB BADEN-WUERTT         10.000     1/4/2013      EUR     61.89
LB BADEN-WUERTT          5.000     1/4/2013      EUR     50.03
LB BADEN-WUERTT         10.000     1/4/2013      EUR     57.77
LB BADEN-WUERTT         10.000    1/25/2013      EUR     58.61
LB BADEN-WUERTT          5.000    1/25/2013      EUR     70.89
LB BADEN-WUERTT          5.000    1/25/2013      EUR     21.73
LB BADEN-WUERTT          5.000    1/25/2013      EUR     62.91
LB BADEN-WUERTT          7.500    1/25/2013      EUR     63.88
LB BADEN-WUERTT          7.500    1/25/2013      EUR     59.90
LB BADEN-WUERTT          7.500    1/25/2013      EUR     65.77
LB BADEN-WUERTT          7.500    1/25/2013      EUR     19.90
LB BADEN-WUERTT         10.000    1/25/2013      EUR     70.52
LB BADEN-WUERTT         10.000    1/25/2013      EUR     19.00
LB BADEN-WUERTT         10.000    1/25/2013      EUR     64.86
LB BADEN-WUERTT         10.000    1/25/2013      EUR     54.15
LB BADEN-WUERTT         10.000    1/25/2013      EUR     70.72
LB BADEN-WUERTT         10.000    1/25/2013      EUR     71.23
LB BADEN-WUERTT         15.000    2/22/2013      EUR     55.53
LB BADEN-WUERTT         20.000    2/22/2013      EUR     74.51
LB BADEN-WUERTT          7.500    2/22/2013      EUR     71.21
LB BADEN-WUERTT         10.000    2/22/2013      EUR     64.36
LB BADEN-WUERTT          8.000    3/22/2013      EUR     69.58
LB BADEN-WUERTT         10.000    3/22/2013      EUR     67.88
LB BADEN-WUERTT         15.000    3/22/2013      EUR     72.08
LB BADEN-WUERTT         15.000    3/22/2013      EUR     64.25
LB BADEN-WUERTT         11.000    6/28/2013      EUR     68.64
LB BADEN-WUERTT          7.000    6/28/2013      EUR     72.05
LB BADEN-WUERTT          5.000    6/28/2013      EUR     59.72
LB BADEN-WUERTT          7.500    6/28/2013      EUR     72.46
LB BADEN-WUERTT          9.000    6/28/2013      EUR     69.59
LB BADEN-WUERTT         10.000    6/28/2013      EUR     63.78
LB BADEN-WUERTT         10.000    6/28/2013      EUR     69.17
LB BADEN-WUERTT         10.000    6/28/2013      EUR     74.25
LB BADEN-WUERTT          7.500    6/28/2013      EUR     59.15
LB BADEN-WUERTT          8.000    7/26/2013      EUR     73.84
LB BADEN-WUERTT          9.000    7/26/2013      EUR     73.35
LB BADEN-WUERTT          8.000    8/23/2013      EUR     73.44
LB BADEN-WUERTT          9.000    8/23/2013      EUR     73.57
LB BADEN-WUERTT         10.000    8/23/2013      EUR     71.42
LB BADEN-WUERTT         12.000    8/23/2013      EUR     69.73
LB BADEN-WUERTT         11.000    9/27/2013      EUR     69.96
LB BADEN-WUERTT          9.000    9/27/2013      EUR     70.25
LB BADEN-WUERTT          7.000    9/27/2013      EUR     71.96
MACQUARIE STRUCT         9.750    9/28/2012      EUR     48.50
MACQUARIE STRUCT        12.750    9/28/2012      EUR     71.15
MACQUARIE STRUCT         9.250    9/28/2012      EUR     72.22
MACQUARIE STRUCT        11.500    9/28/2012      EUR     39.89
MACQUARIE STRUCT        10.750    9/28/2012      EUR     70.77
MACQUARIE STRUCT        10.000    9/28/2012      EUR     70.62
MACQUARIE STRUCT         9.000    9/28/2012      EUR     53.64
MACQUARIE STRUCT        18.000   12/14/2012      EUR     50.28
Q-CELLS                  6.750   10/21/2015      EUR      0.73
QIMONDA FINANCE          6.750    3/22/2013      USD      4.50
SOLON AG SOLAR           1.375    12/6/2012      EUR      0.53
TAG IMMO AG              6.500   12/10/2015      EUR      8.61
TUI AG                   5.500   11/17/2014      EUR     72.24
TUI AG                   2.750    3/24/2016      EUR     54.16
VONTOBEL FIN PRO        17.100    9/28/2012      EUR     61.06
VONTOBEL FIN PRO        17.450    9/28/2012      EUR     72.94
VONTOBEL FIN PRO        18.100    9/28/2012      EUR     60.24
VONTOBEL FIN PRO        18.800    9/28/2012      EUR     69.34
VONTOBEL FIN PRO        18.900    9/28/2012      EUR     63.98
VONTOBEL FIN PRO        19.000    9/28/2012      EUR     48.60
VONTOBEL FIN PRO        19.250    9/28/2012      EUR     57.46
VONTOBEL FIN PRO        20.000    9/28/2012      EUR     60.52
VONTOBEL FIN PRO        20.400    9/28/2012      EUR     64.88
VONTOBEL FIN PRO        20.750    9/28/2012      EUR     54.56
VONTOBEL FIN PRO        20.950    9/28/2012      EUR     43.92
VONTOBEL FIN PRO        21.350    9/28/2012      EUR     65.52
VONTOBEL FIN PRO        21.500    9/28/2012      EUR     43.98
VONTOBEL FIN PRO        21.550    9/28/2012      EUR     54.20
VONTOBEL FIN PRO        21.550    9/28/2012      EUR     74.22
VONTOBEL FIN PRO        21.900    9/28/2012      EUR     71.34
VONTOBEL FIN PRO        23.100    9/28/2012      EUR     72.44
VONTOBEL FIN PRO        23.300    9/28/2012      EUR     71.18
VONTOBEL FIN PRO        25.050    9/28/2012      EUR     64.34
VONTOBEL FIN PRO        25.700    9/28/2012      EUR     51.54
VONTOBEL FIN PRO        26.050    9/28/2012      EUR     72.68
VONTOBEL FIN PRO        27.550    9/28/2012      EUR     37.24
VONTOBEL FIN PRO        28.700    9/28/2012      EUR     44.44
VONTOBEL FIN PRO         8.200    9/28/2012      EUR     64.36
VONTOBEL FIN PRO         8.200    9/28/2012      EUR     59.60
VONTOBEL FIN PRO         8.250    9/28/2012      EUR     73.38
VONTOBEL FIN PRO         9.050    9/28/2012      EUR     69.44
VONTOBEL FIN PRO         9.400    9/28/2012      EUR     51.54
VONTOBEL FIN PRO         9.700    9/28/2012      EUR     66.50
VONTOBEL FIN PRO         9.700    9/28/2012      EUR     62.42
VONTOBEL FIN PRO         9.950    9/28/2012      EUR     63.58
VONTOBEL FIN PRO        10.400    9/28/2012      EUR     67.76
VONTOBEL FIN PRO        10.600    9/28/2012      EUR     58.24
VONTOBEL FIN PRO        10.600    9/28/2012      EUR     73.26
VONTOBEL FIN PRO        10.850    9/28/2012      EUR     51.34
VONTOBEL FIN PRO        11.050    9/28/2012      EUR     64.64
VONTOBEL FIN PRO        11.100    9/28/2012      EUR     73.46
VONTOBEL FIN PRO        11.200    9/28/2012      EUR     73.20
VONTOBEL FIN PRO        11.250    9/28/2012      EUR     62.84
VONTOBEL FIN PRO        11.550    9/28/2012      EUR     58.20
VONTOBEL FIN PRO        11.900    9/28/2012      EUR     64.92
VONTOBEL FIN PRO        12.100    9/28/2012      EUR     74.58
VONTOBEL FIN PRO        12.350    9/28/2012      EUR     49.22
VONTOBEL FIN PRO        12.800    9/28/2012      EUR     59.60
VONTOBEL FIN PRO        13.100    9/28/2012      EUR     53.76
VONTOBEL FIN PRO        13.350    9/28/2012      EUR     74.68
VONTOBEL FIN PRO        13.950    9/28/2012      EUR     46.30
VONTOBEL FIN PRO        14.150    9/28/2012      EUR     60.18
VONTOBEL FIN PRO        14.450    9/28/2012      EUR     66.84
VONTOBEL FIN PRO        14.500    9/28/2012      EUR     54.72
VONTOBEL FIN PRO        14.550    9/28/2012      EUR     60.14
VONTOBEL FIN PRO        14.600    9/28/2012      EUR     47.26
VONTOBEL FIN PRO        14.650    9/28/2012      EUR     72.04
VONTOBEL FIN PRO        15.000    9/28/2012      EUR     73.48
VONTOBEL FIN PRO        15.150    9/28/2012      EUR     63.90
VONTOBEL FIN PRO        15.250    9/28/2012      EUR     72.72
VONTOBEL FIN PRO        15.550    9/28/2012      EUR     70.96
VONTOBEL FIN PRO        15.700    9/28/2012      EUR     64.42
VONTOBEL FIN PRO        16.200    9/28/2012      EUR     67.40
VONTOBEL FIN PRO        16.400    9/28/2012      EUR     61.68
VONTOBEL FIN PRO        16.800    9/28/2012      EUR     65.70
VONTOBEL FIN PRO        16.850    9/28/2012      EUR     47.38
VONTOBEL FIN PRO        16.850    9/28/2012      EUR     70.62
VONTOBEL FIN PRO        16.900    9/28/2012      EUR     74.08
VONTOBEL FIN PRO        28.900    9/28/2012      EUR     37.34
VONTOBEL FIN PRO         7.350    9/28/2012      EUR     72.30
VONTOBEL FIN PRO         7.900    9/28/2012      EUR     74.86
VONTOBEL FIN PRO         5.006   12/28/2012      EUR     67.96
VONTOBEL FIN PRO        21.200   12/31/2012      EUR     61.90
VONTOBEL FIN PRO        21.200   12/31/2012      EUR     73.78
VONTOBEL FIN PRO        24.700   12/31/2012      EUR     40.82
VONTOBEL FIN PRO         7.900   12/31/2012      EUR     66.32
VONTOBEL FIN PRO         7.850   12/31/2012      EUR     74.94
VONTOBEL FIN PRO        24.900   12/31/2012      EUR     47.50
VONTOBEL FIN PRO        26.050   12/31/2012      EUR     70.72
VONTOBEL FIN PRO         7.400   12/31/2012      EUR     59.46
VONTOBEL FIN PRO        27.600   12/31/2012      EUR     39.12
VONTOBEL FIN PRO        28.250   12/31/2012      EUR     37.22
VONTOBEL FIN PRO         8.400   12/31/2012      EUR     74.58
VONTOBEL FIN PRO        10.500   12/31/2012      EUR     36.14
VONTOBEL FIN PRO        11.000   12/31/2012      EUR     73.40
VONTOBEL FIN PRO        11.000   12/31/2012      EUR     66.16
VONTOBEL FIN PRO         8.950   12/31/2012      EUR     71.64
VONTOBEL FIN PRO        10.150   12/31/2012      EUR     73.42
VONTOBEL FIN PRO        10.050   12/31/2012      EUR     60.42
VONTOBEL FIN PRO         9.650   12/31/2012      EUR     72.92
VONTOBEL FIN PRO         9.400   12/31/2012      EUR     66.34
VONTOBEL FIN PRO         9.400   12/31/2012      EUR     68.56
VONTOBEL FIN PRO         9.250   12/31/2012      EUR     49.78
VONTOBEL FIN PRO        18.900   12/31/2012      EUR     58.12
VONTOBEL FIN PRO        18.850   12/31/2012      EUR     45.50
VONTOBEL FIN PRO        18.200   12/31/2012      EUR     74.64
VONTOBEL FIN PRO        17.300   12/31/2012      EUR     71.12
VONTOBEL FIN PRO        17.100   12/31/2012      EUR     44.88
VONTOBEL FIN PRO        17.050   12/31/2012      EUR     60.50
VONTOBEL FIN PRO        16.950   12/31/2012      EUR     62.36
VONTOBEL FIN PRO        16.850   12/31/2012      EUR     59.22
VONTOBEL FIN PRO        16.700   12/31/2012      EUR     64.40
VONTOBEL FIN PRO        16.450   12/31/2012      EUR     70.20
VONTOBEL FIN PRO        16.150   12/31/2012      EUR     62.56
VONTOBEL FIN PRO        15.250   12/31/2012      EUR     63.20
VONTOBEL FIN PRO        14.950   12/31/2012      EUR     66.28
VONTOBEL FIN PRO        14.450   12/31/2012      EUR     65.38
VONTOBEL FIN PRO        14.300   12/31/2012      EUR     67.20
VONTOBEL FIN PRO        14.300   12/31/2012      EUR     53.94
VONTOBEL FIN PRO        14.100   12/31/2012      EUR     73.38
VONTOBEL FIN PRO        14.000   12/31/2012      EUR     70.38
VONTOBEL FIN PRO        13.550   12/31/2012      EUR     55.22
VONTOBEL FIN PRO        13.500   12/31/2012      EUR     66.20
VONTOBEL FIN PRO        13.150   12/31/2012      EUR     74.02
VONTOBEL FIN PRO        13.050   12/31/2012      EUR     67.26
VONTOBEL FIN PRO        12.900   12/31/2012      EUR     72.86
VONTOBEL FIN PRO        12.800   12/31/2012      EUR     50.20
VONTOBEL FIN PRO        12.650   12/31/2012      EUR     61.66
VONTOBEL FIN PRO        12.650   12/31/2012      EUR     63.08
VONTOBEL FIN PRO        12.550   12/31/2012      EUR     70.64
VONTOBEL FIN PRO        12.250   12/31/2012      EUR     67.48
VONTOBEL FIN PRO        12.150   12/31/2012      EUR     74.04
VONTOBEL FIN PRO        12.000   12/31/2012      EUR     63.14
VONTOBEL FIN PRO        11.950   12/31/2012      EUR     68.62
VONTOBEL FIN PRO        11.950   12/31/2012      EUR     61.26
VONTOBEL FIN PRO        11.850   12/31/2012      EUR     65.90
VONTOBEL FIN PRO        11.800   12/31/2012      EUR     67.48
VONTOBEL FIN PRO        11.750   12/31/2012      EUR     68.78
VONTOBEL FIN PRO        11.700   12/31/2012      EUR     58.80
VONTOBEL FIN PRO        11.600   12/31/2012      EUR     70.76
VONTOBEL FIN PRO        11.450   12/31/2012      EUR     59.86
VONTOBEL FIN PRO        11.400   12/31/2012      EUR     71.18
VONTOBEL FIN PRO         9.200   12/31/2012      EUR     70.70
VONTOBEL FIN PRO        13.650     3/1/2013      EUR     48.90
VONTOBEL FIN PRO        10.100     3/8/2013      EUR     72.20
VONTOBEL FIN PRO        11.650    3/22/2013      EUR     74.36
VONTOBEL FIN PRO        13.700    3/22/2013      EUR     58.86
VONTOBEL FIN PRO        14.000    3/22/2013      EUR     67.64
VONTOBEL FIN PRO        14.500    3/22/2013      EUR     56.34
VONTOBEL FIN PRO        15.250    3/22/2013      EUR     56.82
VONTOBEL FIN PRO        16.850    3/22/2013      EUR     55.20
VONTOBEL FIN PRO        18.500    3/22/2013      EUR     53.96
VONTOBEL FIN PRO        20.900    3/22/2013      EUR     71.42
VONTOBEL FIN PRO        21.750    3/22/2013      EUR     73.66
VONTOBEL FIN PRO        12.200    3/22/2013      EUR     61.08
VONTOBEL FIN PRO        11.850    3/22/2013      EUR     60.14
VONTOBEL FIN PRO        11.150    3/22/2013      EUR     67.18
VONTOBEL FIN PRO        10.750    3/22/2013      EUR     63.98
VONTOBEL FIN PRO        10.300    3/22/2013      EUR     72.58
VONTOBEL FIN PRO         8.850    3/22/2013      EUR     71.26
VONTOBEL FIN PRO         8.550    3/22/2013      EUR     64.48
VONTOBEL FIN PRO         6.000    6/28/2013      EUR     58.50
VONTOBEL FIN PRO         8.000    6/28/2013      EUR     73.64
VONTOBEL FIN PRO         4.000    6/28/2013      EUR     42.22
VONTOBEL FIN PRO         7.389   11/25/2013      EUR     43.60
VONTOBEL FIN PRO         5.100    4/14/2014      EUR     36.90
WGZ BANK                 8.000   12/20/2012      EUR     69.91
WGZ BANK                 7.000   12/20/2012      EUR     71.99
WGZ BANK                 8.000   12/21/2012      EUR     74.38
WGZ BANK                 5.000   12/28/2012      EUR     67.47
WGZ BANK                 4.000   12/28/2012      EUR     72.90
WGZ BANK                 6.000   12/28/2012      EUR     62.80
WGZ BANK                 7.000   12/28/2012      EUR     58.81
WGZ BANK                 8.000   12/28/2012      EUR     55.36

GUERNSEY
--------
BCV GUERNSEY             8.020     3/1/2013      EUR     60.58
BKB FINANCE              8.900    9/27/2012      CHF     55.31
BKB FINANCE             11.400    11/8/2012      CHF     70.42
BKB FINANCE              8.350    1/14/2013      CHF     47.79
EFG FINANCIAL PR        10.260    8/31/2012      EUR     74.37
EFG FINANCIAL PR        12.000     9/3/2012      EUR     65.32
EFG FINANCIAL PR        12.250     9/3/2012      CHF     71.34
EFG FINANCIAL PR        10.500     9/3/2012      CHF     46.91
EFG FINANCIAL PR         9.500     9/4/2012      USD     44.41
EFG FINANCIAL PR         9.600     9/4/2012      USD     55.10
EFG FINANCIAL PR         7.000     9/7/2012      EUR     62.35
EFG FINANCIAL PR         7.250     9/7/2012      EUR     64.62
EFG FINANCIAL PR         8.500     9/7/2012      USD     35.91
EFG FINANCIAL PR         7.000     9/7/2012      CHF     43.33
EFG FINANCIAL PR         9.000    9/10/2012      CHF     48.09
EFG FINANCIAL PR        11.000    9/10/2012      EUR     72.92
EFG FINANCIAL PR        10.000    9/10/2012      EUR     66.56
EFG FINANCIAL PR        11.000    9/10/2012      EUR     70.07
EFG FINANCIAL PR        11.000    9/17/2012      USD     70.64
EFG FINANCIAL PR        10.000    9/21/2012      USD     47.90
EFG FINANCIAL PR        10.750    9/25/2012      CHF     58.35
EFG FINANCIAL PR        11.000    9/25/2012      USD     73.61
EFG FINANCIAL PR        11.250    9/25/2012      CHF     51.85
EFG FINANCIAL PR        12.000    9/25/2012      EUR     71.89
EFG FINANCIAL PR        11.250    9/25/2012      EUR     73.80
EFG FINANCIAL PR        10.250    9/25/2012      CHF     73.37
EFG FINANCIAL PR        10.000    10/1/2012      CHF     52.56
EFG FINANCIAL PR         9.930    10/3/2012      EUR     23.97
EFG FINANCIAL PR        10.620    10/3/2012      USD     24.23
EFG FINANCIAL PR        12.500   10/11/2012      CHF     52.66
EFG FINANCIAL PR        20.000   10/11/2012      CHF     20.40
EFG FINANCIAL PR        18.000   10/11/2012      EUR     67.03
EFG FINANCIAL PR        12.500   10/11/2012      GBP     67.47
EFG FINANCIAL PR        12.250   10/11/2012      EUR     67.44
EFG FINANCIAL PR        12.000   10/11/2012      USD     68.41
EFG FINANCIAL PR        11.500   10/11/2012      CHF     67.03
EFG FINANCIAL PR        17.250   10/12/2012      CHF     63.60
EFG FINANCIAL PR        10.000   10/17/2012      EUR     73.53
EFG FINANCIAL PR        12.000   10/19/2012      USD     60.16
EFG FINANCIAL PR        13.750   10/24/2012      USD     61.00
EFG FINANCIAL PR         6.250   10/25/2012      CHF     59.88
EFG FINANCIAL PR        13.250   10/26/2012      CHF     53.70
EFG FINANCIAL PR        12.000   10/26/2012      CHF     63.99
EFG FINANCIAL PR        11.250   10/26/2012      CHF     53.03
EFG FINANCIAL PR        21.000   10/26/2012      USD     21.61
EFG FINANCIAL PR        20.500   10/26/2012      EUR     21.35
EFG FINANCIAL PR        20.000   10/26/2012      CHF     21.04
EFG FINANCIAL PR        17.000   10/26/2012      EUR     48.83
EFG FINANCIAL PR        16.750   10/26/2012      CHF     22.33
EFG FINANCIAL PR        13.250   10/26/2012      EUR     56.25
EFG FINANCIAL PR         9.330   10/29/2012      USD     45.20
EFG FINANCIAL PR        13.080    11/5/2012      CHF     71.40
EFG FINANCIAL PR        11.050    11/8/2012      USD     46.00
EFG FINANCIAL PR         6.000   11/12/2012      EUR     50.98
EFG FINANCIAL PR         6.000   11/12/2012      CHF     49.81
EFG FINANCIAL PR        14.500   11/13/2012      EUR     70.71
EFG FINANCIAL PR        12.500   11/13/2012      EUR     71.83
EFG FINANCIAL PR        14.750   11/13/2012      CHF     72.09
EFG FINANCIAL PR        17.000   11/13/2012      EUR     54.08
EFG FINANCIAL PR        12.750   11/13/2012      CHF     22.11
EFG FINANCIAL PR        13.000   11/13/2012      CHF     69.91
EFG FINANCIAL PR        10.500   11/13/2012      CHF     54.33
EFG FINANCIAL PR        13.000   11/13/2012      CHF     21.65
EFG FINANCIAL PR        14.000   11/13/2012      USD     22.08
EFG FINANCIAL PR        10.500   11/13/2012      CHF     54.23
EFG FINANCIAL PR        12.750   11/13/2012      CHF     66.91
EFG FINANCIAL PR        12.830   11/19/2012      CHF     67.06
EFG FINANCIAL PR        14.800   11/20/2012      EUR     56.78
EFG FINANCIAL PR         9.400   11/20/2012      EUR     70.53
EFG FINANCIAL PR         8.300   11/20/2012      CHF     58.13
EFG FINANCIAL PR         8.000   11/20/2012      CHF     52.85
EFG FINANCIAL PR         8.000   11/20/2012      CHF     70.52
EFG FINANCIAL PR         7.000   11/20/2012      CHF     67.05
EFG FINANCIAL PR        11.500   11/20/2012      EUR     53.90
EFG FINANCIAL PR        11.250   11/27/2012      CHF     55.93
EFG FINANCIAL PR        12.000   11/27/2012      USD     74.42
EFG FINANCIAL PR        12.250   11/27/2012      EUR     73.91
EFG FINANCIAL PR        13.250   11/27/2012      CHF     71.65
EFG FINANCIAL PR        14.500   11/27/2012      CHF     72.22
EFG FINANCIAL PR        14.500   11/27/2012      CHF     29.91
EFG FINANCIAL PR        14.500   11/27/2012      EUR     72.37
EFG FINANCIAL PR        16.000   11/27/2012      EUR     49.75
EFG FINANCIAL PR         9.750    12/3/2012      CHF     71.09
EFG FINANCIAL PR        13.750    12/6/2012      CHF     71.46
EFG FINANCIAL PR         8.500   12/14/2012      CHF     71.66
EFG FINANCIAL PR        10.250   12/14/2012      CHF     73.92
EFG FINANCIAL PR        12.750   12/14/2012      CHF     70.78
EFG FINANCIAL PR        14.250   12/14/2012      EUR     59.60
EFG FINANCIAL PR        14.250   12/14/2012      GBP     71.29
EFG FINANCIAL PR        17.500   12/14/2012      EUR     52.43
EFG FINANCIAL PR         9.300   12/21/2012      CHF     56.58
EFG FINANCIAL PR        10.900   12/21/2012      CHF     57.12
EFG FINANCIAL PR        12.600   12/21/2012      CHF     57.70
EFG FINANCIAL PR        12.250   12/27/2012      GBP     60.79
EFG FINANCIAL PR         8.830   12/28/2012      USD     54.97
EFG FINANCIAL PR        10.000     1/9/2013      EUR     54.40
EFG FINANCIAL PR         9.000    1/15/2013      CHF     41.75
EFG FINANCIAL PR        11.250    1/15/2013      GBP     65.82
EFG FINANCIAL PR        10.250    1/15/2013      CHF     20.74
EFG FINANCIAL PR        13.000    1/15/2013      CHF     67.00
EFG FINANCIAL PR        12.500    1/15/2013      CHF     43.28
EFG FINANCIAL PR        16.500    1/18/2013      CHF     74.45
EFG FINANCIAL PR         5.800    1/23/2013      CHF     43.99
EFG FINANCIAL PR        15.000     3/1/2013      CHF     67.39
EFG FINANCIAL PR        10.000     3/6/2013      USD     73.51
EFG FINANCIAL PR        10.750    3/19/2013      USD     73.30
EFG FINANCIAL PR        10.500    3/21/2013      EUR     73.27
EFG FINANCIAL PR         8.000     4/2/2013      CHF     71.57
EFG FINANCIAL PR        16.000     4/4/2013      CHF     33.04
EFG FINANCIAL PR         7.530    4/16/2013      EUR     71.74
EFG FINANCIAL PR         7.000    4/19/2013      EUR     60.74
EFG FINANCIAL PR        12.000    4/26/2013      CHF     66.73
EFG FINANCIAL PR         6.500    8/27/2013      CHF     44.56
EFG FINANCIAL PR         8.400    9/30/2013      CHF     55.82
EFG FINANCIAL PR        19.000    10/3/2013      GBP     70.37
EFG FINANCIAL PR         8.160    4/25/2014      EUR     71.60
EFG FINANCIAL PR         5.850   10/14/2014      CHF     50.37
SARASIN CI LTD           6.000     6/9/2014      EUR     70.74
ZURCHER KANT FIN         9.250    11/9/2012      CHF     54.09
ZURCHER KANT FIN        17.000    2/22/2013      EUR     59.10
ZURCHER KANT FIN         7.340    4/16/2013      CHF     59.68

ICELAND
-------
KAUPTHING                0.800    2/15/2011      EUR     26.50

LUXEMBOURG
----------
ARCELORMITTAL            7.250     4/1/2014      EUR     22.18
ESPIRITO SANTO F         9.750   12/19/2025      EUR     67.20

NETHERLANDS
-----------
BLT FINANCE BV          12.000    2/10/2015      USD     24.88
KPNQWEST NV             10.000    3/15/2012      EUR      0.13
LEHMAN BROS TSY         14.900    9/15/2008      EUR     17.88
LEHMAN BROS TSY         23.300    9/16/2008      USD     17.88
LEHMAN BROS TSY          7.375    9/20/2008      EUR     17.88
LEHMAN BROS TSY         18.250    10/2/2008      USD     17.88
LEHMAN BROS TSY          7.250    10/6/2008      EUR     17.88
LEHMAN BROS TSY         16.000    10/8/2008      CHF     17.88
LEHMAN BROS TSY         10.000   10/22/2008      USD     17.88
LEHMAN BROS TSY          8.000   10/23/2008      USD     17.88
LEHMAN BROS TSY          5.000   10/24/2008      CHF     17.88
LEHMAN BROS TSY          6.000   10/24/2008      EUR     17.88
LEHMAN BROS TSY          7.500   10/24/2008      USD     17.88
LEHMAN BROS TSY         16.000   10/28/2008      USD     17.88
LEHMAN BROS TSY         13.150   10/30/2008      USD     17.88
LEHMAN BROS TSY         16.000    11/9/2008      USD     17.88
LEHMAN BROS TSY         14.100   11/12/2008      USD     17.88
LEHMAN BROS TSY         10.442   11/22/2008      CHF     17.88
LEHMAN BROS TSY          7.000   11/28/2008      CHF     17.88
LEHMAN BROS TSY         16.000   12/26/2008      USD     17.88
LEHMAN BROS TSY         13.432     1/8/2009      ILS     17.88
LEHMAN BROS TSY          7.750    1/30/2009      EUR     17.88
LEHMAN BROS TSY         11.000    2/16/2009      CHF     17.88
LEHMAN BROS TSY         13.000    2/16/2009      CHF     17.88
LEHMAN BROS TSY         10.000    2/16/2009      CHF     17.88
LEHMAN BROS TSY          0.500    2/16/2009      EUR     17.88
LEHMAN BROS TSY          9.000    3/17/2009      GBP     17.88
LEHMAN BROS TSY          7.000    4/14/2009      EUR     17.88
LEHMAN BROS TSY          3.850    4/24/2009      USD     17.88
LEHMAN BROS TSY          4.000    4/24/2009      USD     17.88
LEHMAN BROS TSY         16.200    5/14/2009      USD     17.88
LEHMAN BROS TSY          8.000    5/22/2009      USD     17.88
LEHMAN BROS TSY         10.000    5/22/2009      USD     17.88
LEHMAN BROS TSY          8.000    5/22/2009      USD     17.88
LEHMAN BROS TSY         13.500     6/2/2009      USD     17.88
LEHMAN BROS TSY         17.000     6/2/2009      USD     17.88
LEHMAN BROS TSY         15.000     6/4/2009      CHF     17.88
LEHMAN BROS TSY          9.000    6/13/2009      USD     17.88
LEHMAN BROS TSY          5.500    6/15/2009      CHF     17.88
LEHMAN BROS TSY          5.750    6/15/2009      CHF     17.88
LEHMAN BROS TSY         10.000    6/17/2009      USD     17.88
LEHMAN BROS TSY         11.000    6/29/2009      EUR     17.88
LEHMAN BROS TSY          8.500     7/6/2009      CHF     17.88
LEHMAN BROS TSY          4.500     8/2/2009      USD     17.88
LEHMAN BROS TSY          8.000     8/3/2009      USD     17.88
LEHMAN BROS TSY         16.800    8/21/2009      USD     17.88
LEHMAN BROS TSY          7.500    9/13/2009      CHF     17.88
LEHMAN BROS TSY          8.800   12/27/2009      EUR     17.88
LEHMAN BROS TSY          1.750     2/7/2010      EUR     17.88
LEHMAN BROS TSY          7.000    2/15/2010      CHF     17.88
LEHMAN BROS TSY         11.750     3/1/2010      EUR     17.88
LEHMAN BROS TSY          4.000    5/30/2010      USD     17.88
LEHMAN BROS TSY          6.000    7/28/2010      EUR     17.88
LEHMAN BROS TSY          6.000    7/28/2010      EUR     17.88
LEHMAN BROS TSY         10.500     8/9/2010      EUR     17.88
LEHMAN BROS TSY          4.000   10/12/2010      USD     17.88
LEHMAN BROS TSY         14.900   11/16/2010      EUR     17.88
LEHMAN BROS TSY          9.300   12/21/2010      EUR     17.88
LEHMAN BROS TSY          9.300   12/21/2010      EUR     17.88
LEHMAN BROS TSY          8.000   12/31/2010      USD     17.88
LEHMAN BROS TSY          4.000     1/4/2011      USD     17.88
LEHMAN BROS TSY         11.000     7/4/2011      CHF     17.88
LEHMAN BROS TSY         11.000     7/4/2011      USD     17.88
LEHMAN BROS TSY         12.000     7/4/2011      EUR     17.88
LEHMAN BROS TSY          2.500   12/15/2011      GBP     17.88
LEHMAN BROS TSY          6.000    2/14/2012      EUR     17.88
LEHMAN BROS TSY          7.000    2/15/2012      EUR     17.88
LEHMAN BROS TSY          6.600    2/22/2012      EUR     17.88
LEHMAN BROS TSY         13.000    7/25/2012      EUR     17.88
LEHMAN BROS TSY          2.500    8/23/2012      GBP     17.88
LEHMAN BROS TSY          6.000   10/30/2012      USD      6.38
LEHMAN BROS TSY          3.000    9/12/2036      JPY      6.38
Q-CELLS INTERNAT         1.375    4/30/2012      EUR     20.53
Q-CELLS INTERNAT         5.750    5/26/2014      EUR     20.42
RENEWABLE CORP           6.500     6/4/2014      EUR     74.17
SACYR VALLEHERM          6.500     5/1/2016      EUR     49.18

SWEDEN
------
Rorvik Timber            6.000    6/30/2016      SEK     68.50
SAS AB                   7.500     4/1/2015      SEK     72.19

SWITZERLAND
-----------
BANK JULIUS BAER         9.000    9/17/2012      CHF     40.00
BANK JULIUS BAER        17.300     2/1/2013      EUR     60.20
BANK JULIUS BAER        12.000     4/9/2013      CHF     46.45
BANK JULIUS BAER        15.000    5/31/2013      USD     68.15
BANK JULIUS BAER        13.000    5/31/2013      USD     68.85
BANK JULIUS BAER         8.700     8/5/2013      CHF     74.00
CLARIDEN LEU NAS         9.250     9/4/2012      CHF     42.05
CLARIDEN LEU NAS        10.500     9/4/2012      USD     68.02
CLARIDEN LEU NAS         7.500    9/10/2012      CHF     58.47
CLARIDEN LEU NAS        10.000    9/11/2012      CHF     45.25
CLARIDEN LEU NAS        10.250    9/17/2012      CHF     46.21
CLARIDEN LEU NAS         9.000    9/24/2012      CHF     58.21
CLARIDEN LEU NAS         9.500    9/24/2012      CHF     54.45
CLARIDEN LEU NAS         7.000    10/4/2012      CHF     47.47
CLARIDEN LEU NAS        10.000    10/8/2012      EUR     66.40
CLARIDEN LEU NAS         8.000   10/15/2012      CHF     62.18
CLARIDEN LEU NAS         8.500   10/15/2012      CHF     45.86
CLARIDEN LEU NAS         9.500   10/15/2012      CHF     47.01
CLARIDEN LEU NAS        10.000   10/15/2012      CHF     46.20
CLARIDEN LEU NAS         7.500   11/13/2012      CHF     50.58
CLARIDEN LEU NAS         7.250   11/13/2012      CHF     73.10
CLARIDEN LEU NAS         7.250   11/16/2012      CHF     51.33
CLARIDEN LEU NAS         7.125   11/19/2012      CHF     50.64
CLARIDEN LEU NAS         8.000   11/20/2012      CHF     72.69
CLARIDEN LEU NAS        10.500   11/26/2012      EUR     73.82
CLARIDEN LEU NAS         0.000   12/14/2012      CHF     44.80
CLARIDEN LEU NAS        12.500   12/14/2012      EUR     74.88
CLARIDEN LEU NAS         8.250   12/17/2012      CHF     63.12
CLARIDEN LEU NAS         0.000   12/17/2012      EUR     68.73
CLARIDEN LEU NAS         8.750    1/15/2013      CHF     63.19
CLARIDEN LEU NAS         0.000    1/24/2013      CHF     63.17
CLARIDEN LEU NAS        11.500    2/13/2013      EUR     61.41
CLARIDEN LEU NAS         9.000    2/14/2013      CHF     61.68
CLARIDEN LEU NAS        13.500    2/15/2013      EUR     74.82
CLARIDEN LEU NAS         0.000    3/25/2013      CHF     51.80
CLARIDEN LEU NAS         6.500    4/26/2013      CHF     50.95
CLARIDEN LEU NAS         0.000    5/31/2013      CHF     63.21
CLARIDEN LEU NAS        10.000    6/10/2013      CHF     51.51
CLARIDEN LEU NAS        13.000    7/15/2013      CHF     64.42
CLARIDEN LEU NAS         7.000    7/22/2013      CHF     62.85
CLARIDEN LEU NAS         3.250    9/16/2013      CHF     42.38
CLARIDEN LEU NAS         0.000    9/23/2013      CHF     43.94
CLARIDEN LEU NAS         0.000   11/26/2013      CHF     55.92
CLARIDEN LEU NAS         0.000    2/11/2014      CHF     47.52
CLARIDEN LEU NAS         0.000    2/24/2014      CHF     48.19
CLARIDEN LEU NAS         0.000    5/13/2014      CHF     63.03
CLARIDEN LEU NAS         0.000    5/26/2014      CHF     64.55
CLARIDEN LEU NAS         0.000    6/10/2014      CHF     53.79
CLARIDEN LEU NAS         0.000    6/10/2014      CHF     61.47
CLARIDEN LEU NAS         4.500     8/6/2014      EUR     74.48
CLARIDEN LEU NAS         5.250     8/6/2014      CHF     44.94
CLARIDEN LEU NAS         4.500    8/13/2014      CHF     42.04
CLARIDEN LEU NAS         0.000    8/27/2014      CHF     48.29
CLARIDEN LEU NAS         0.000    9/10/2014      CHF     44.33
CLARIDEN LEU NAS         0.000   10/15/2014      CHF     49.92
CREDIT SUIS NAS         13.000    4/24/2013      CHF     73.18
CREDIT SUISSE LD         8.900    3/25/2013      EUR     59.31
S-AIR GROUP              0.125     7/7/2005      CHF     10.63
SARASIN CI LTD           8.000     9/3/2012      CHF     50.81
SARASIN CI LTD           8.000    4/27/2015      CHF     62.46
SARASIN/GUERNSEY        17.000   10/12/2012      EUR     70.03
UBS AG                   9.430    8/31/2012      USD     33.40
UBS AG                  11.650    8/31/2012      USD     15.81
UBS AG                  10.500     9/3/2012      EUR     74.24
UBS AG                  13.630     9/3/2012      EUR     72.20
UBS AG                  13.980     9/3/2012      EUR     66.07
UBS AG                  17.640     9/3/2012      EUR     64.28
UBS AG                  15.150     9/3/2012      EUR     72.10
UBS AG                  18.020     9/3/2012      EUR     67.13
UBS AG                  17.730     9/3/2012      EUR     59.56
UBS AG                  20.830     9/3/2012      EUR     60.82
UBS AG                  15.270     9/3/2012      EUR     74.94
UBS AG                  22.700    9/21/2012      EUR     53.60
UBS AG                  13.000    9/21/2012      EUR     60.05
UBS AG                   8.530    9/28/2012      EUR     72.40
UBS AG                   8.810    9/28/2012      EUR     66.07
UBS AG                   9.750    9/28/2012      EUR     69.35
UBS AG                   9.830    9/28/2012      EUR     63.29
UBS AG                  10.900    9/28/2012      EUR     60.74
UBS AG                  11.040    9/28/2012      EUR     66.57
UBS AG                  11.360    9/28/2012      EUR     73.15
UBS AG                  12.020    9/28/2012      EUR     58.41
UBS AG                  12.130    9/28/2012      EUR     74.60
UBS AG                  12.290    9/28/2012      EUR     71.05
UBS AG                  12.390    9/28/2012      EUR     64.02
UBS AG                  12.860    9/28/2012      EUR     72.55
UBS AG                  13.180    9/28/2012      EUR     56.26
UBS AG                  13.230    9/28/2012      EUR     69.06
UBS AG                  13.500    9/28/2012      EUR     73.29
UBS AG                  13.590    9/28/2012      EUR     70.61
UBS AG                  13.800    9/28/2012      EUR     61.68
UBS AG                  14.180    9/28/2012      EUR     67.17
UBS AG                  14.320    9/28/2012      EUR     68.78
UBS AG                  14.390    9/28/2012      EUR     54.29
UBS AG                  14.740    9/28/2012      EUR     71.24
UBS AG                  15.050    9/28/2012      EUR     67.04
UBS AG                  15.130    9/28/2012      EUR     65.37
UBS AG                  15.240    9/28/2012      EUR     59.51
UBS AG                  15.370    9/28/2012      EUR     72.70
UBS AG                  15.640    9/28/2012      EUR     52.46
UBS AG                  15.770    9/28/2012      EUR     65.39
UBS AG                  16.000    9/28/2012      EUR     69.31
UBS AG                  16.090    9/28/2012      EUR     63.68
UBS AG                  16.490    9/28/2012      EUR     63.83
UBS AG                  16.620    9/28/2012      EUR     73.66
UBS AG                  16.720    9/28/2012      EUR     57.52
UBS AG                  16.930    9/28/2012      EUR     50.76
UBS AG                  17.050    9/28/2012      EUR     62.06
UBS AG                  17.090    9/28/2012      EUR     70.25
UBS AG                  17.280    9/28/2012      EUR     67.49
UBS AG                  17.500    9/28/2012      EUR     74.43
UBS AG                  17.920    9/28/2012      EUR     60.93
UBS AG                  18.020    9/28/2012      EUR     60.54
UBS AG                  18.220    9/28/2012      EUR     55.66
UBS AG                  18.240    9/28/2012      EUR     49.19
UBS AG                  18.250    9/28/2012      EUR     71.17
UBS AG                  18.580    9/28/2012      EUR     65.78
UBS AG                  19.000    9/28/2012      EUR     59.09
UBS AG                  19.330    9/28/2012      EUR     58.30
UBS AG                  19.490    9/28/2012      EUR     73.28
UBS AG                  19.580    9/28/2012      EUR     47.72
UBS AG                  24.960    9/28/2012      EUR     49.87
UBS AG                  24.000    9/28/2012      EUR     71.02
UBS AG                  23.560    9/28/2012      EUR     51.72
UBS AG                  23.000    9/28/2012      EUR     70.95
UBS AG                  22.150    9/28/2012      EUR     53.72
UBS AG                  21.970    9/28/2012      EUR     55.16
UBS AG                  20.920    9/28/2012      EUR     46.36
UBS AG                  20.740    9/28/2012      EUR     55.91
UBS AG                  19.910    9/28/2012      EUR     68.86
UBS AG                  19.880    9/28/2012      EUR     64.16
UBS AG                  19.990    9/28/2012      EUR     57.71
UBS AG                   7.660    10/1/2012      EUR     29.35
UBS AG                   7.680    10/1/2012      EUR     60.76
UBS AG                   7.810    10/1/2012      EUR     67.98
UBS AG                   7.840    10/1/2012      EUR     24.86
UBS AG                   7.900    10/1/2012      EUR     60.78
UBS AG                   7.940    10/1/2012      EUR     66.16
UBS AG                   8.050    10/1/2012      EUR     24.87
UBS AG                   8.090    10/1/2012      EUR     48.40
UBS AG                   8.090    10/1/2012      EUR     60.79
UBS AG                   8.200    10/1/2012      EUR     68.01
UBS AG                   8.240    10/1/2012      EUR     66.18
UBS AG                   8.260    10/1/2012      EUR     60.80
UBS AG                   8.310    10/1/2012      EUR     29.39
UBS AG                   8.400    10/1/2012      EUR     60.81
UBS AG                   8.420    10/1/2012      EUR     24.90
UBS AG                   8.500    10/1/2012      EUR     66.20
UBS AG                   8.530    10/1/2012      EUR     60.82
UBS AG                   8.540    10/1/2012      EUR     68.03
UBS AG                   8.660    10/1/2012      EUR     48.43
UBS AG                   8.720    10/1/2012      EUR     60.83
UBS AG                   8.720    10/1/2012      EUR     66.21
UBS AG                   8.730    10/1/2012      EUR     24.91
UBS AG                   8.850    10/1/2012      EUR     68.04
UBS AG                   8.910    10/1/2012      EUR     29.43
UBS AG                   8.910    10/1/2012      EUR     66.22
UBS AG                   9.060    10/1/2012      EUR     66.23
UBS AG                   9.110    10/1/2012      EUR     68.06
UBS AG                   9.160    10/1/2012      EUR     48.46
UBS AG                   9.200    10/1/2012      EUR     24.94
UBS AG                   9.340    10/1/2012      EUR     68.07
UBS AG                   9.360    10/1/2012      EUR     24.95
UBS AG                   9.440    10/1/2012      EUR     29.46
UBS AG                   9.530    10/1/2012      EUR     68.09
UBS AG                   9.540    10/1/2012      EUR     74.26
UBS AG                   9.580    10/1/2012      EUR     48.49
UBS AG                   9.690    10/1/2012      EUR     68.09
UBS AG                   9.820    10/1/2012      EUR     68.10
UBS AG                   9.860    10/1/2012      EUR     74.28
UBS AG                   9.900    10/1/2012      EUR     24.99
UBS AG                   9.910    10/1/2012      EUR     29.49
UBS AG                   9.920    10/1/2012      EUR     68.11
UBS AG                   9.930    10/1/2012      EUR     48.51
UBS AG                  10.150    10/1/2012      EUR     74.30
UBS AG                  10.220    10/1/2012      EUR     48.53
UBS AG                  10.310    10/1/2012      EUR     29.51
UBS AG                  10.410    10/1/2012      EUR     74.31
UBS AG                  10.440    10/1/2012      EUR     48.54
UBS AG                  10.620    10/1/2012      EUR     48.55
UBS AG                  10.640    10/1/2012      EUR     74.33
UBS AG                  10.650    10/1/2012      EUR     29.53
UBS AG                  10.740    10/1/2012      EUR     48.56
UBS AG                  10.840    10/1/2012      EUR     74.34
UBS AG                  10.930    10/1/2012      EUR     29.55
UBS AG                  11.010    10/1/2012      EUR     74.35
UBS AG                  11.150    10/1/2012      EUR     29.56
UBS AG                  11.160    10/1/2012      EUR     74.36
UBS AG                  11.280    10/1/2012      EUR     74.36
UBS AG                  11.330    10/1/2012      EUR     29.57
UBS AG                  11.380    10/1/2012      EUR     74.37
UBS AG                  11.460    10/1/2012      EUR     29.58
UBS AG                  11.460    10/1/2012      EUR     74.38
UBS AG                  11.530    10/1/2012      EUR     74.38
UBS AG                  11.560    10/1/2012      EUR     29.59
UBS AG                  11.580    10/1/2012      EUR     74.38
UBS AG                   7.460    10/1/2012      EUR     48.36
UBS AG                   7.450    10/1/2012      EUR     60.75
UBS AG                   7.380    10/1/2012      EUR     67.96
UBS AG                   7.380    10/1/2012      EUR     24.83
UBS AG                   7.240    10/1/2012      EUR     66.12
UBS AG                   7.190    10/1/2012      EUR     60.73
UBS AG                   7.140    10/1/2012      EUR     24.82
UBS AG                   7.610    10/1/2012      EUR     66.14
UBS AG                   7.620    10/1/2012      EUR     24.85
UBS AG                   9.310    10/3/2012      USD     16.50
UBS AG                  10.320    10/4/2012      CHF     58.85
UBS AG                   9.920    10/4/2012      CHF     58.90
UBS AG                  12.240   10/26/2012      EUR     70.79
UBS AG                  13.570   10/26/2012      EUR     69.16
UBS AG                  16.390   10/26/2012      EUR     66.13
UBS AG                  22.220   10/26/2012      EUR     72.97
UBS AG                  11.660   11/12/2012      EUR     36.54
UBS AG                  13.120   11/12/2012      EUR     71.11
UBS AG                  13.560   11/12/2012      EUR     40.12
UBS AG                  13.600   11/12/2012      EUR     50.10
UBS AG                   6.070   11/12/2012      EUR     59.74
UBS AG                   8.370   11/12/2012      EUR     54.30
UBS AG                   8.590   11/12/2012      EUR     55.24
UBS AG                   9.020   11/12/2012      EUR     46.77
UBS AG                   9.840   11/12/2012      EUR     72.14
UBS AG                  10.930   11/12/2012      EUR     55.72
UBS AG                  11.260   11/12/2012      EUR     49.28
UBS AG                   9.650   11/12/2012      EUR     39.50
UBS AG                  13.000   11/23/2012      USD     58.25
UBS AG                   9.440    12/5/2012      USD     13.20
UBS AG                  23.020   12/17/2012      USD      8.87
UBS AG                  12.970   12/21/2012      EUR     74.09
UBS AG                  19.090   12/21/2012      EUR     58.75
UBS AG                  18.000   12/21/2012      EUR     50.37
UBS AG                  17.500   12/21/2012      EUR     60.72
UBS AG                  17.200   12/21/2012      EUR     72.69
UBS AG                  17.070   12/21/2012      EUR     67.95
UBS AG                  16.930   12/21/2012      EUR     51.51
UBS AG                  16.710   12/21/2012      EUR     61.78
UBS AG                  16.600   12/21/2012      EUR     56.94
UBS AG                  16.030   12/21/2012      EUR     69.33
UBS AG                  15.930   12/21/2012      EUR     59.23
UBS AG                  15.920   12/21/2012      EUR     62.89
UBS AG                  15.900   12/21/2012      EUR     74.71
UBS AG                  15.860   12/21/2012      EUR     52.74
UBS AG                  15.130   12/21/2012      EUR     64.05
UBS AG                  15.000   12/21/2012      EUR     70.82
UBS AG                  14.810   12/21/2012      EUR     54.09
UBS AG                  14.740   12/21/2012      EUR     60.82
UBS AG                  14.690   12/21/2012      EUR     73.53
UBS AG                  14.350   12/21/2012      EUR     65.26
UBS AG                  13.980   12/21/2012      EUR     72.40
UBS AG                  13.770   12/21/2012      EUR     55.55
UBS AG                  13.570   12/21/2012      EUR     66.51
UBS AG                  13.560   12/21/2012      EUR     62.56
UBS AG                  12.800   12/21/2012      EUR     67.83
UBS AG                  12.760   12/21/2012      EUR     57.16
UBS AG                  12.400   12/21/2012      EUR     64.46
UBS AG                  12.200   12/21/2012      EUR     61.86
UBS AG                  12.020   12/21/2012      EUR     69.18
UBS AG                  11.770   12/21/2012      EUR     58.91
UBS AG                  11.270   12/21/2012      EUR     66.53
UBS AG                  11.260   12/21/2012      EUR     70.59
UBS AG                  10.810   12/21/2012      EUR     60.83
UBS AG                  10.490   12/21/2012      EUR     72.04
UBS AG                  10.160   12/21/2012      EUR     68.81
UBS AG                   9.890   12/21/2012      EUR     62.94
UBS AG                   9.730   12/21/2012      EUR     73.52
UBS AG                   9.100   12/21/2012      EUR     71.29
UBS AG                   9.000   12/21/2012      EUR     65.25
UBS AG                   8.150   12/21/2012      EUR     67.78
UBS AG                   8.080   12/21/2012      EUR     73.99
UBS AG                  10.380     1/2/2013      USD     31.76
UBS AG                  10.740     1/3/2013      USD     32.24
UBS AG                  23.750     1/4/2013      EUR     73.43
UBS AG                  24.750     1/4/2013      EUR     74.29
UBS AG                  18.300     1/4/2013      EUR     60.53
UBS AG                  19.440     1/4/2013      EUR     58.67
UBS AG                  20.570     1/4/2013      EUR     56.99
UBS AG                  21.700     1/4/2013      EUR     55.46
UBS AG                  13.630     1/4/2013      EUR     70.07
UBS AG                  11.810     1/4/2013      EUR     74.71
UBS AG                  13.030     1/4/2013      EUR     71.54
UBS AG                  12.420     1/4/2013      EUR     73.09
UBS AG                  14.230     1/4/2013      EUR     68.66
UBS AG                  14.820     1/4/2013      EUR     67.32
UBS AG                  15.990     1/4/2013      EUR     64.83
UBS AG                  17.150     1/4/2013      EUR     62.57
UBS AG                  10.390    1/18/2013      USD     36.31
UBS AG                  12.010    1/25/2013      EUR     69.63
UBS AG                  14.070    1/25/2013      EUR     67.47
UBS AG                  11.020    1/25/2013      EUR     70.78
UBS AG                  10.590    2/22/2013      EUR     66.38
UBS AG                  15.800    2/22/2013      EUR     66.72
UBS AG                  13.940    2/22/2013      EUR     71.69
UBS AG                  13.660    2/22/2013      EUR     66.15
UBS AG                  12.680    2/22/2013      EUR     73.30
UBS AG                  10.960    2/22/2013      EUR     70.55
UBS AG                  13.070    2/22/2013      EUR     61.55
UBS AG                   8.980    2/22/2013      EUR     74.23
UBS AG                   8.230    2/22/2013      EUR     72.43
UBS AG                  10.000     3/7/2013      USD     68.30
UBS AG                   8.100     3/7/2013      CHF     74.30
UBS AG                   9.850    3/22/2013      USD     19.75
UBS AG                  22.250     4/2/2013      EUR     73.43
UBS AG                  24.750     4/2/2013      EUR     69.88
UBS AG                  24.250     4/2/2013      EUR     71.52
UBS AG                  21.500     4/2/2013      EUR     74.45
UBS AG                   9.930    4/11/2013      USD     24.36
UBS AG                  10.970    4/26/2013      EUR     69.26
UBS AG                  10.170    4/26/2013      EUR     70.09
UBS AG                  12.610    4/26/2013      EUR     67.72
UBS AG                  11.000    4/30/2013      USD     39.25
UBS AG                   8.000    5/24/2013      USD     58.95
UBS AG                   7.120    6/26/2013      USD     29.80
UBS AG                  10.070    6/27/2013      USD     62.58
UBS AG                  21.000    6/28/2013      EUR     74.57
UBS AG                  22.000    6/28/2013      EUR     73.04
UBS AG                  22.500    6/28/2013      EUR     73.06
UBS AG                  24.500    6/28/2013      EUR     69.94
UBS AG                  23.000    6/28/2013      EUR     73.48
UBS AG                   8.690     7/2/2013      USD     30.24
UBS AG                   8.720     8/2/2013      USD     35.34
UBS AG                  12.900    9/20/2013      EUR     61.22
UBS AG                  10.200    9/20/2013      EUR     63.04
UBS AG                  12.050    9/20/2013      USD     13.56
UBS AG                  15.900    9/20/2013      EUR     60.34
UBS AG                  22.750    9/27/2013      EUR     74.15
UBS AG                  22.000    9/27/2013      EUR     73.09
UBS AG                  23.250    9/27/2013      EUR     74.70
UBS AG                  24.750    9/27/2013      EUR     71.58
UBS AG                  11.020   10/21/2013      USD     54.18
UBS AG                   9.260    12/5/2013      USD     22.46
UBS AG                   4.580   12/12/2013      USD     29.49
UBS AG                  23.250     1/3/2014      EUR     72.75
UBS AG                  24.250     1/3/2014      EUR     74.16
UBS AG                   5.340    1/29/2014      USD     45.55
UBS AG                   6.040    8/29/2014      USD     33.24
UBS AG                   0.500    4/27/2015      CHF     45.35

UNITED KINGOM
-------------
BARCLAYS BK PLC         13.000    9/28/2012      EUR     37.94
BARCLAYS BK PLC         12.000    9/28/2012      EUR     67.01
BARCLAYS BK PLC          7.500   10/30/2012      EUR     53.00
BARCLAYS BK PLC          6.000     1/2/2013      EUR     54.80
BARCLAYS BK PLC         12.500     1/2/2013      EUR     67.71
BARCLAYS BK PLC         10.750    3/22/2013      EUR     45.91
BARCLAYS BK PLC         10.000    3/22/2013      EUR     47.12
BARCLAYS BK PLC         10.500    6/28/2013      EUR     72.74
BARCLAYS BK PLC         11.000    6/28/2013      EUR     47.55
BARCLAYS BK PLC          8.000    6/28/2013      EUR     51.19
ESSAR ENERGY             4.250     2/1/2016      USD     58.16
MAX PETROLEUM            6.750     9/8/2013      USD     40.17


                            *********

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 * * *