TCREUR_Public/121001.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, October 1, 2012, Vol. 13, No. 195



XALQ BANK: Moody's Changes Outlook on B3 Deposit Ratings to Pos.

B O S N I A   &   H E R Z E G O V I N A

SINERGIJAPLUS: Banka Luka Launches Bankruptcy Proceedings


BRITTANY FERRIES: Future Hangs in the Balance Amid Crew Strike
LAFARGE SA: Fitch Says US Asset Disposal Neutral for Rating
NEXANS SA: S&P Cuts Corp. Credit Rating to 'BB'; Outlook Stable


HSH NORDBANK: Moody's Cuts Standalone Credit Assessment to 'b3'
SEMPER FINANCE: Fitch Affirms Low-B Ratings on Three Note Classes


* GREECE: Moody's Says RMBS Performance Continues to Deteriorate


CARLTON HOTEL: In Receivership, Bank Moves Against Developers
FTC HOTEL: Put Up for Sale for EUR4.2 Million
HOUSE OF EUROPE: Fitch Affirms 'Csf' Ratings on Four Note Classes
PARKNASILLA RESORT: Put Up for Sale for EUR10 Million
QUINN GROUP: Victim Of 'Significant Sabotage'

WATERFORD PILOT: Hopelessly Insolvent After Investor Withdrawal


CHRYSLER LLC: Fiat Sues VEBA Trust Over Call Option
TECHNICOLOR: Moody's Affirms 'B3' CFR; Outlook Stable
UNIPOL GRUPPO: Moody's Corrects July 17 Rating Release


APERAM: Moody's Says Thyssenkrupp-Outokumpu Merger Impact Pos.


MARYLEBONE ROAD: Fitch Lowers Rating on Class A-3 Notes to 'Dsf'


BANCO POPULAR: Fitch Withdraws 'BB' Ratings After Downgrade


ALFA-BANK: Fitch Assigns 'BB+' Rating to US$750MM Sub. Notes
INTERNATIONAL BANK: S&P Raises LT Issuer Credit Ratings to 'B'


AYT COLATERALES: S&P Affirms 'BB' Rating on Class D Notes
* SPAIN: Has Capital Deficit of EUR59.3-Bil., Stress Tests Show
* SPAIN: Plans to Borrow EUR207.2 Billion Next Year


SCHMOLZ + BICKENBACH: Moody's Downgrades CFR/PDR to 'B2'


* Fitch Says Turkish State-Owned Bank Owner Changes Neutral

U N I T E D   K I N G D O M

ANDREW HARRIS: Forced Into Administration
HIBU PLC: Says Rescue Plan May Leave Little Value to Shares
JJB SPORTS: Set to Buy 60 Stores; At Least 1,000 Jobs Saved
NEWSFAX: Went Into Administration
RESIDENTIAL MORTGAGE: Fitch Assigns 'BBsf' Rating to Cl. B2 Notes

RESIDENTIAL MORTGAGE: S&P Assigns 'BB' Rating to Class B2 Notes
ULYSSES PLC: Fitch Lowers Rating on Class C Notes to 'B-(sf)'
* UK: Mergers Between Failing NHS Hospitals Won't Work


* BOND PRICING: For the Week September 24 to September 28, 2012



XALQ BANK: Moody's Changes Outlook on B3 Deposit Ratings to Pos.
Moody's Investors Service has changed the outlook on Xalq Bank's
B3 long-term local and foreign currency deposit ratings to
positive from stable. The standalone E+ bank financial strength
rating (BFSR) and Not Prime short-term bank deposit ratings were
affirmed. The outlook on the BFSR remains stable.

Moody's rating action is largely based on Xalq's audited
financial statements for 2011 prepared under IFRS.

Ratings Rationale

According to Moody's, the positive outlook reflects Xalq's
progress in reducing its credit concentration risk and
improvements in capitalization. At the same time, the ratings
remain constrained by the bank's evolving risk management
practices, low business diversification and funding base

Moody's notes that in 2011 Xalq materially reduced its credit
concentration risk following the repayment of some large loans
and a capital injection from its shareholders. As a result,
Xalq's exposure to the 20 largest borrowers decreased to 205% of
Tier 1 capital at mid-2012, from around 480% at YE2010. The
bank's industry concentration also decreased with loans granted
to the telecommunication and transportation sectors accounting
for 75% of the Tier 1 capital as at YE2011 (2010: 228%).

As a result of the large capital injection which almost doubled
the bank's capital base, Xalq's Tier 1 ratio increased to 33% at
YE2011, from 17% in 2010. This capital buffer is likely to be
sufficient to absorb expected credit losses under Moody's
scenario analysis.

In 2011, Xalq's profitability improved as its net income
increased by 81% to AZN24.4 million, from AZN13.5 million in
2010, translating into a return on average assets of 3.65% (2010:
2.41%). The improvement was mostly related to growing net
interest income and recovery of provisions for impaired loans.

Moody's observes that Xalq's funding base remains concentrated as
the eight largest depositors accounted for 56% of non-equity
funding at YE2011, with a large share provided by related
parties. However, Xalq's liquidity position is supported by its
stable funding base and a sufficient level of liquid assets that
typically account for around 30% of total assets.

What Could Move The Ratings Up/Down

According to Moody's, a further reduction and/or demonstrated
sustainability of Xalq's single borrower concentration along with
the bank's progress in diversification of assets and liabilities
may have positive rating implications over the next 12-18 months.

At the same time, Xalq's ratings could be negatively affected by
a deterioration of its risk profile, stemming, among other
factors, from a weaker asset quality, increase in concentration
metrics, or pressured liquidity.

Principal Methodologies

The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in
June 2012.

Headquartered in Baku, Azerbaijan, Xalq Bank reported total
assets of AZN704.0 million (US$895 million), total shareholders
equity of AZN171.1 million (US$217.5 million), and net income of
AZN24.4 million (US$31 million) at YE2011, according to audited

B O S N I A   &   H E R Z E G O V I N A

SINERGIJAPLUS: Banka Luka Launches Bankruptcy Proceedings
SeeNews reports that a Bosnian court said on Thursday it launched
bankruptcy proceedings against SINERGIJAplus over the company's
failure to repay its debts.

According to SeeNews, the regional court in Banja Luka said in a
statement to the Banja Luka Stock Exchange that SINERGIJAplus has
accumulated a loss of BAM5.886 million (US$3.9 million/EUR3.0
million) which lowered its capital and threatened its financial

The court appointed Milan Latincic as administrator of
SINERGIJAplus, SeeNews relates.

SINERGIJAplus is a local micro-credit firm.


BRITTANY FERRIES: Future Hangs in the Balance Amid Crew Strike
Euronews reports that the future of Brittany Ferries in France is
in the balance, says the company, amid a stand-off between
management and employees who went on strike over allowances and
working hours, but who now want to return to work.

The company says it will not allow French strikers back to work
while an agreement on competitiveness remains unsigned and with
the threat of bankruptcy hanging overhead, Euronews discloses.

Employees say they want to resume work, Euronews notes.

Brittany Ferries has cancelled all services until this week,
disrupting thousands of passengers, Euronews relates.

According to Euronews, the company said it agreed a deal with
unions only for ships' crews to reject it.

At the Transport Ministry management did not turn up for proposed
round-table talks, Euronews states.

Brittany Ferries operates passenger services between France and
Britain, Ireland and Spain.

LAFARGE SA: Fitch Says US Asset Disposal Neutral for Rating
Fitch Ratings says that Lafarge SA's ('BB+'/Stable) announced
disposal of some US assets is positive news, but neutral for its

Lafarge has announced the disposal to Eagle Materials Inc. of
some assets in the US for a total US$446 million.  The assets to
be sold include two cement plants, for a total 1.6m tons
capacity, with the associate cement terminals and the aggregates
and ready-mix concrete operations in Kansas City.  The
transaction is subject to regulatory approval.

Fitch considers the transaction as a positive step in the
realization of Lafarge's disposal plan, which targets EUR1.0
billion of assets sales in 2012.  Including the current deal,
Lafarge will have disposed of EUR420 million of assets during
this year.  The completion of this plan is crucial for Lafarge's
credit metrics to improve to a level in line with the current
rating level and with Fitch's expectations.  Thus, the agency
would consider any delay in this process as a negative rating

The outlook for the cement sector remains difficult, despite H112
results showed some signed of improvement.  Lafarge's EBITDA
margin benefited from higher prices in many regions (including
North America, Asia and Middle East) and by eased inflation for
energy costs.  However, demand remains weak in Europe, while in
North America, H112 volume growth was driven by very favorable
weather conditions and will not be repeated in H212.  In such a
challenging context, Lafarge needs to cut operating costs and
reduce capex to boost cash flows.  Fitch expects these measures,
together with asset disposal, to allow Lafarge's debt to reduce
significantly, with funds from operation net leverage improving
to below 4.0x in 2012 from 4.9x in 2011.

NEXANS SA: S&P Cuts Corp. Credit Rating to 'BB'; Outlook Stable
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on France-based cable manufacturer Nexans
S.A. to 'BB' from 'BB+'. The outlook is stable.

At the same time, S&P affirmed its 'B' short-term corporate
credit rating on Nexans.  The ratings agency aso lowered its
issue ratings on Nexans' following debt instruments to 'BB' from

-- The senior unsecured EUR350 million 5.75% notes due 2017,
-- The EUR212.6 million 4% convertible bonds due 2016, and
-- The EUR275 million 2.5% convertible bonds due 2019.

"The recovery rating of '3' on these instruments remains
unchanged, indicating our expectation of meaningful (50%-70%)
recovery in the event of a payment default," S&P said.

"The downgrade reflects pronounced weakening in Nexans' credit
metrics over the past 12-18 months, owing to the combined effects
of the group's cash funded acquisitions of Amercable and a 75%
stake in Shandong Yanggu, and the operational issues it has faced
in the High Voltage Transmission segment," S&P said.

"Operational issues in Nexans' Transmission activity in the first
half of this year resulted in disruptions in production and
dented group operating margins. Nexans reported a 150 basis-point
contraction in operating margins for the first six months of
2012. We expect a gradual recovery in the Transmission segment,
leading to an improvement in operating margins in the second half
of the year compared with first-half levels. However, the
operational issues will likely continue to negatively affect
margins during the second half, more so than is generally the
case, but to a lesser extent than in the first half. We also
anticipate a deterioration in margins in the Distribution &
Installers segment in the second half, based on the likely
slowdown in the construction market, particularly in Europe. We
anticipate that Nexans' adjusted EBITDA margin will be slightly
below 5% for full-year 2012. The production disruptions have also
negatively affected cash flow, notably working capital, by
delaying the delivery of contracts. Without the Transmission
operations disruptions, we estimate Nexans' operating cash flow
generation would have been about EUR120 million-EUR150 million
higher for full-year 2012," S&P said.

"Also weighing on Nexans' credit metrics are its cash-funded
acquisitions of Amercable in February 2012 and the 75% stake in
Shanddong Yanggu, closed in August 2012, for a cumulative cash
disbursement of EUR340 million. In addition, in 2011, the group
provisioned EUR200 million related to an antitrust enquiry in the
EU, which we include in our adjusted debt amount. As a result, we
estimate Nexans' adjusted debt at about EUR1.5 billion at year-
end 2012, versus EUR847 million at the end of 2010," S&P said.

"The stable outlook reflects our base-case assumption that Nexans
will gradually restore its operating performance in the High
Voltage Transmission segment over the next 12-18 months. It also
factors in the consolidation of the earnings of Amercable and
Shandong Yanggu on a full-year basis in 2013. We consider that
Nexans is well equipped to face a weaker economic environment,
because of its strong geographical and end-market diversity, and
the Power Transmission & Distribution business' low sensitivity
to macroeconomic cycles. This division represents close to half
of Nexans' business," S&P said.

"We view an adjusted FFO-to-debt ratio in the 15%-20% range and
positive FOCF generation over the cycle as commensurate with the
current rating. In addition, we expect the debt-to-capital ratio
to remain below 45% at all times," S&P said.

"Should Nexans fail to restore its operating performance in the
Transmission segment in the coming 12-18 months, we would likely
revise down our assessment of the business risk profile and lower
the ratings. Also, any markedly negative deviation from our
forecasts, leading to largely negative FOCF or any sizeable debt-
funded acquisition in the coming 12-18 months, would likely lead
us to downgrade Nexans," S&P said.

"We could consider a positive rating action on Nexans if it
restores its operating performance in the Transmission segment,
resulting in significant operating margin improvement. We might
also upgrade Nexans if we see a reduction in Nexans' adjusted
debt, through FOCF generation over the coming 18-24 months,
leading to an improvement in credit metrics to a level solidly
commensurate with our assessment of the financial risk profile as
significant, and with adjusted FFO to debt in the 20%-30% range,"
S&P said.


HSH NORDBANK: Moody's Cuts Standalone Credit Assessment to 'b3'
Moody's Investors Service has placed the Baa2 long-term senior
unsecured debt and deposit ratings and as a consequence the
Prime-2 short-term ratings of HSH Nordbank AG (HSH) on review for
downgrade. Moody's Prime-2 short term ratings are not
commensurate with lower long-term ratings than Baa2. At the same
time, Moody's lowered HSH's standalone credit assessment to b3
from b1 within the E+ bank financial strength rating (BFSR)
category and placed the E+ BFSR on review for downgrade.

Subsequently, the following ratings of HSH are on review for
downgrade: the Ba3 subordinated debt rating of HSH and the Caa1
(hyb) ratings of trust-preferred securities and its silent
participations (Stille Einlagen), issued by HSH N Funding I, HSH
N Funding II, RESPARCS Funding Limited Partnership I and RESPARCS
Funding II Limited Partnership.

The review was triggered by the recently reported H1 2012
results, which showed deterioration in HSH's operating
performance and the reaching of the minimum boundary of the
bank's Core Tier 1 capitalization of 10%, as required by the
European Commission (EC). Furthermore, Moody's says that the
gradual shortening of the bank's funding maturities in the
context of the long duration of most of the bank's asset base is
causing additional downwards ratings pressure.

In Moody's view, the current unfavorable market environment
implies that these developments introduce a degree of uncertainty
as to whether HSH will be able to successfully execute its
downsizing plan and restructure its business model by 2014, as
stipulated and approved by the EC. Accordingly, the rating
agency's review will assess the future viability of the bank's
business model.

During the review Moody's will also reassess the level of support
factored into the ratings which currently accounts for seven
notches of rating uplift. Given HSH's ownership structure and
membership in the public-sector's cross-sector support mechanism,
a downgrade of the bank's debt and deposit ratings to below
investment grade is unlikely in the context of this review.

The ratings of the bank's debt that are covered by the former
grandfathering rules remain unaffected by the rating action.

Ratings Rationale

The review on HSH's ratings reflects the bank's deteriorating
performance during 2012. In Moody's view -- and in the context of
the support already extended to HSH -- the weak performance could
lead to a situation whereby HSH might require additional external
assistance from its public owners.

The bank's operating performance weakened in H1 2012 and net
income turned negative in Q2 2012. This highlights the issue of
whether the bank might be unable to cope with the challenge of a
gradually decreasing asset base and the resulting pressure on
earnings, whilst facing a cost base that is difficult to adjust
from its current level.

Capital adequacy proved to be weaker than anticipated. HSH had to
resort to a debtor warrant from its owners to defer payment of
guarantee fees and in order to comply with the EC's requirements
to maintain a Core Tier 1 ratio of 10%. Capital adequacy suffered
from a sharp increase in risk-weighted assets as a result of
asset-quality deterioration (mostly of the bank's legacy
portfolios that are subject to an extensive risk shield). The
bank's Tier 1 ratio which includes hybrid capital is still at

Furthermore, the bank's asset-based lending model requires a
funding profile with a reasonable average duration that matches
the asset profile. Moody's considers that the gradual shortening
of the duration of HSH's liabilities will increase the bank's
vulnerability to market dislocation and confidence sensitivity as
it raises the prospect of a widening of the asset-liability
mismatch due to the primarily long-term nature of the assets.

At the same time, Moody's considers short term liquidity to be
adequate as the bank has access to a free collateral pool of
EUR14 billion as of June 2012. The rating agency continues to
acknowledge HSH's stable deposit base and improved access to
sector funding, primarily via German savings banks, and the
credit support that prevails and is principally available through
the bank's owners.

Overall, Moody's considers that the challenges HSH faces are more
consistent with a standalone credit assessment of b3, which was
lowered from b1 within the E+ BFSR category. The rationale for
the BFSR review is driven by the assumption of ongoing
operational challenges and structural weaknesses, as HSH
continues to rely on substantial government support.

The review on all of the bank's ratings will therefore focus on
the following key areas that are exerting downwards pressure on
the group's financial profile:

(1) HSH's ability to continue deleveraging its legacy portfolios,
whilst preserving and rebuilding a core business franchise
thereby overall generating adequate risk-adjusted profitability

(2) The impact of asset-quality performance and resilience of the
capital base during the bank's deleveraging process, thereby
assessing the potential need for additional capital measures

(3) The assessment of the medium-term funding plan in relation to
the bank's aggressive deleveraging target and the bank's ability
to raise long-term funding at tenors and at a cost that preserves
the economics and the viability of its overall franchise

What Could Move The Ratings Up/Down

The review placement means there is currently no upwards pressure
on HSH's rating.

However, Moody's says that downwards pressure on HSH's BFSR could
develop if the bank fails to improve its risk-adjusted
profitability, which would make HSH's operations unsustainable.
This might result from setbacks to the bank's restructuring plan,
such as a timely adjustment of its cost base to a downsized
business profile and a further weakening of the bank's franchise
if the bank fails to write new profitable business.

Downwards pressure could also develop (1) from further asset-
quality pressures potentially adversely impacting the bank's
capitalization; (2) if there is a rise in the asset-liability
mismatch within the funding structure due to prolonged run-off
periods for its restructuring portfolios; and/or (3) if the bank
loses access to its funding base, in particular the network of
German savings banks, although Moody's believes that the latter
is currently unlikely.

Pressure on HSH's debt and deposit ratings would result from
pressure on HSH's BFSR and/or a change in ownership, in
particular if this results in HSH losing its membership in the
public-sector's cross-sector support mechanism.

Moody's will reassess the seven notches of uplift factored into
HSH's senior unsecured ratings during the review, but is unlikely
to lower the bank's debt and deposit ratings to below investment

Methodology Used

The principal methodology used in these ratings was Moody's
Consolidated Global Bank Rating Methodology published in June

SEMPER FINANCE: Fitch Affirms Low-B Ratings on Three Note Classes
Fitch Ratings has placed Semper Finance 2006-1 Ltd.'s senior swap
and class A to C notes as well as Semper Finance 2007-1 Ltd.'s
class A1, A2 and B notes on Rating Watch Negative (RWN).

The action reflects the RWN on the note collateral, Lettres de
Gage Publiques' (LdGP, 'AAA'/RWN) issued by Hypothekenbank
Frankfurt International S.A. (Eurohypo)'s (HFI Lux, 'A-
'/Stable/'F1' following the publication of the agency's updated
Covered Bonds Rating Criteria.

The notes rated below the covered bond issuer (HFI Lux) Issuer
Default Rating (IDR) were not placed on RWN.  Due to the dual
recourse nature of LdGP, the IDR of the issuer constitutes a
floor for the covered bonds rating in the Covered Bonds Rating

Should LdGP be downgraded, it would no longer meet the
requirements set in Fitch's counterparty criteria for note
collateral and would not support ratings above the collateral
rating.  An exchange of the note collateral is possible under the
transaction documents, but is seen as unlikely by Fitch.

The impact on the note ratings can be assessed only following
possible rating action on the note collateral.

The rating actions are as follows:

Semper Finance 2006-1 Ltd.:

  -- EUR114,091,488 Senior Swap 'AAAsf'; Placed on RWN
  -- EUR41,945 Class A+ (ISIN: XS0274873941) 'AAAsf'; Placed on
  -- EUR138,000,000 Class A (ISIN: XS0274874246) 'AAAsf'; Placed
     on RWN
  -- EUR111,500,000 Class B (ISIN: XS0274874592) 'AAAsf' ; Placed
     on RWN
  -- EUR92,500,000 Class C (ISIN: XS0274874832) 'AAsf'; Placed on
  -- EUR83,000,000 Class D (ISIN: XS0274875052) affirmed at
     'BBB+sf'; Outlook Positive
  -- EUR32,700,000 Class E (ISIN: XS0274875565) affirmed at
     'BB+sf'; Outlook Positive
  -- EUR7,400,000 Class F (ISIN: XS0276247748): not rated
  -- EUR25,072,544 Threshold Amount: not rated

Semper Finance 2007-1 Ltd.:

  -- Class A1 (XS0305670308): Paid-in-Full (PIF)
  -- EUR80,690 A1+ (XS0305670647) 'AAAsf'; Placed on RWN
  -- EUR10,000,000 Class A2 (XS0305670993) 'AAAsf'; Placed on RWN
  -- EUR51,800,000 Class B (XS0305671298) 'AAsf'; Placed RWN
  -- EUR51,700,000 Class C (XS0305671454) affirmed at 'BBBsf';
     Outlook Stable
  -- EUR49,100,000 Class D (XS0305672262) affirmed at 'BBsf';
     Outlook Negative
  -- EUR20,300,000 Class E (XS0305672692) affirmed at 'Bsf';
     Outlook Negative
  -- EUR8,700,000 Class F (XS0305672858): not rated
  -- EUR11,400,000 Class G (XS0305673070): not rated
  -- EUR6,787,548 Threshold Amount: not rated


* GREECE: Moody's Says RMBS Performance Continues to Deteriorate
The performance of the Greek residential mortgage-backed
securities (RMBS) market continued to weaken in the three-month
period through August 2012, according to the latest indices
published by Moody's Investors Service.

Rising unemployment drove up delinquencies and defaults in the
Greek RMBS market. Moody's Greek RMBS index of cumulative
defaults increased to 1.32% of the original balance in August
2012, from 0.86% in August 2011. Cumulative defaults continued to
rise as more Greek mortgage borrowers became unemployed and fell
into delinquency. The 90+ day delinquency trend increased to
4.03% of the current balance in August 2012, up from 2.20% in
August 2012.

An increasing number of Greek RMBS transactions are showing
strain by having drawn on their reserve funds. The reserve funds
of four transactions are currently below their target levels. No
transactions however have fully drawn their reserve funds.

In total, 11 RMBS transactions launched and rated by Moody's
since 2004 have been included in the index. The number of
transactions has decreased over the time and currently only seven
transactions remain rated by Moody's.

In August 2012, the current outstanding pool balance of Greek
RMBS transactions was EUR2,902 million, compared with EUR3,627
million in August 2011, a 20% year-over-year decrease.

Moody's outlook for Greek RMBS collateral remains negative.
Moody's expects that the Greek economy will remain in recession
in 2012, with GDP contracting by a further 7.0% in 2012, which
will be the country's fifth consecutive year of economic
recession. Moody's expects that wages will fall further and
unemployment will rise to 22.8% in 2012 from 17.7% in 2011 as
previously detailed in Moody's Statistical Handbook - Country
Credit, May 2012 and Global Credit Research, 31 Jul 2012. Falling
wages and rising unemployment will deteriorate household finances
and increase delinquencies further.


CARLTON HOTEL: In Receivership, Bank Moves Against Developers
------------------------------------------------------------- reports that the Carlton Hotel in Kinsale, Co Cork, has
entered receivership after the bank moved against the developers
Gable Holdings.

Kieran Wallace of KPMG, who has been appointed as the receiver
over the hotel, said business would continue as normal, according

The report relates that Mr. Wallace said all 94 management and
staff will continue to be employed in the operation of the luxury
hotel to the same four-star standard.

FTC HOTEL: Put Up for Sale for EUR4.2 Million
Propery EU reports that property adviser Savills has been
instructed to sell Finnstown Country House Hotel by Ferris &
Associates, the receiver and manager of FTC Hotel.

According to Property EU, the three-star hotel, which is located
in Lucan, is on the market at a guide price of EUR4.2 million.

HOUSE OF EUROPE: Fitch Affirms 'Csf' Ratings on Four Note Classes
Fitch Ratings has downgraded House of Europe Funding IV plc's
notes, as follows:

  -- Class A1 (ISIN XS0228470588): affirmed at 'BBBsf'; Outlook
  -- Class A2 (ISIN XS0228472873): downgraded to 'CCsf' from
  -- Class B (ISIN XS0228474572): affirmed at 'Csf'
  -- Class C (ISIN XS0228475389): affirmed at 'Csf'
  -- Class D (ISIN XS0228476197): affirmed at 'Csf'
  -- Class E (ISIN XS0228477161): affirmed at 'Csf'

The affirmation of the class A1, B, C, D, and E notes reflects
their levels of credit enhancement relative to the portfolio
credit quality, which has remained stable since the last review
in November 2011.  Assets rated 'CCCsf' or below represent 1.9%
of the portfolio, up from 1.5% in November 2011.  Assets rated
'BBB-sf' or above account for 73.2% of the portfolio, down from
78.1% in November 2011.  The decline in investment-grade assets
was mainly driven by the amortization of portfolio assets.

The downgrade of the class A2 notes reflects the increasing
undercollateralization of the notes.  Fitch believes that a
default of some kind on the class A2 notes appears probable.
When calculating the credit enhancement available to the notes,
Fitch considered defaulted assets at their expected recovery

All overcollateralization (OC) tests have been failing since 2008
and OC test cushions have been declining since then.  The
interest coverage (IC) test has been in compliance since the last
review and the cushion has increased.  The IC test has been
breached several times during the life of the transaction,
causing principal proceeds to be redirected towards repayment of
interest on the class A1, A2, B, and C notes.

House of Europe Funding IV plc (the issuer) is a managed cash
arbitrage securitization of structured finance assets, primarily
RMBS and CMBS.  The portfolio is managed by Collineo Asset
Management GmbH.  The reinvestment period ended in December 2010.

The class A1, A2, B and C notes' ratings address the timely
payment of interest and the ultimate repayment of principal by
the stated maturity date as per the governing documents.  The
ratings on the class D and E notes address the ultimate return of
the rated principal balance by the stated maturity as per the
governing documents.  Currently, the class D rated notional
stands at EUR44.2 million and the class E rated notional is
EUR6.68 million.  The class E notes benefit from partial
protection from a zero-coupon 'AAA' French government bond (ISIN:
FR0010172205) maturing in 2055 with a par balance of EUR6.375

PARKNASILLA RESORT: Put Up for Sale for EUR10 Million
Property EU repots that property adviser Savills announced it had
been mandated to sell Parknasilla Resort and Spa in County Kerry
on behalf of insolvency specialist Grant Thornton.

According to Property EU, the guide price for the luxury spa is
EUR10 million.

QUINN GROUP: Victim Of 'Significant Sabotage'
Peter Flanagan at reports that the Quinn Group has
been the victim of "significant sabotage and intimidation" since
the company went into receivership last year.

Speaking at a conference in Dublin, group chief executive Paul
O'Brien said the company had been hit by at least 16 serious
incidents over the year, according to notes that since the Quinn family lost control of
the group in 2011, there has reportedly been a sustained campaign
of intimidation and sabotage against the company and its

The report relates that Mr. O'Brien himself has been a target by
the apparent campaign.  In August 2011, his car was burnt out at
his home in Meath, the report recalls.

The report discloses that a month earlier, a cement factory near
Derrylin was targeted and about EUR300,000 of damage caused, with
vans, a lorry and other construction vehicles destroyed.

The report relates that three electricity poles near Kinawley in
County Fermanagh were also cut down.

Mr. O'Brien said the group was now worth more than EUR500m and
was growing, the report adds.

WATERFORD PILOT: Hopelessly Insolvent After Investor Withdrawal
Ray Managh at reports that the High Court was told
on Friday a company whose investment was hoped would save the
future of Waterford Pilot Training College, had decided not to go
ahead with the investment.

Bernard Dunleavy, counsel for Michael McAteer who had been
appointed examiner in a bid to save the college as a going
concern, applied to Mr. Justice Paul Butler to lift the
protection of the court, discharge the examiner and order the
winding up of the company, relates.

He said the company was now hopelessly insolvent following the
withdrawal on Sept. 26 of the proposed investment,

According to, the development means that 350
students, who are owed a total of almost EUR5.5 million, will be
left with nothing as the company has no funds to return fees of
around EUR80,000 they each paid for a training course in the US.

Judge Butler appointed Mr. McAteer as liquidator of the company, discloses.

The High Court had already granted the company a 30-day extension
to the period of protection from its creditors in the hope that a
survival plan could be put together by Mr. McAteer, notes.


CHRYSLER LLC: Fiat Sues VEBA Trust Over Call Option
Giada Zampano and Christina Rogers, writing for Dow Jones
Newswires, report that Italy's Fiat SpA on Wednesday said it
asked a U.S. court to resolve a dispute over the price it must
pay a retiree health care trust for a 3.3% stake in Chrysler
Group LLC after the two sides differed on the terms of their

The report recounts Fiat said in July, it would exercise a call
option to raise its stake in Chrysler to 61.8% from 58.5%,
tightening its control of its U.S. partner.  A purchase would
reduce the stake held by the trust to 38.2% from 41.5%.

According to Dow Jones, in the lawsuit filed in Delaware Chancery
Court, Fiat said it calculated the purchase price for the shares
at $155 million and offered to acquire the shares for that price
on July 11.  The lawsuit claims the voluntary employee
beneficiary association has refused to turn over the shares, in
breach of the original agreement.

Dow Jones relates Fiat Chief Executive Sergio Marchionne said in
a statement the Delaware Chancery Court's assistance is needed
"in the application of a specific pricing formula which was
agreed in 2009 and as such unrelated to the value of Chrysler

According to Dow Jones, the UAW trust, in a statement, said:
"Brock Fiduciary Services LLC is the independent fiduciary that
handles all matters related to the VEBA's holdings within
Chrysler/Fiat. We respect the process and will be making no
public statement."

Chrysler declined to comment, referring questions to Fiat.

According to the report, Fiat is increasingly relying on Chrysler
as Fiat sales in Europe wilt while the U.S. auto maker continues
to rebound from its bankruptcy in 2009.

                          About Chrysler

Chrysler Group LLC, formed in 2009 from a global strategic
alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge, Ram
Truck, Mopar(R) and Global Electric Motorcars (GEM) brand
vehicles and products.  Headquartered in Auburn Hills, Michigan,
Chrysler Group LLC's product lineup features some of the world's
most recognizable vehicles, including the Chrysler 300, Jeep
Wrangler and Ram Truck.  Fiat will contribute world-class
technology, platforms and powertrains for small- and medium-sized
cars, allowing Chrysler Group to offer an expanded product line
including environmentally friendly vehicles.

Chrysler LLC and 24 affiliates on April 30, 2009, sought Chapter
11 protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead
Case No. 09-50002).  Chrysler hired Jones Day, as lead counsel;
Togut Segal & Segal LLP, as conflicts counsel; Capstone Advisory
Group LLC, and Greenhill & Co. LLC, for financial advisory
services; and Epiq Bankruptcy Solutions LLC, as its claims agent.

As of Dec. 31, 2008, Chrysler had $39,336,000,000 in assets and
$55,233,000,000 in debts.  Chrysler had $1.9 billion in cash at
that time.

In connection with the bankruptcy filing, Chrysler reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat.  Under the
terms approved by the Bankruptcy Court, the company formerly
known as Chrysler LLC on June 10, 2009, formally sold
substantially all of its assets, without certain debts and
liabilities, to a new company that will operate as Chrysler Group
LLC.  Fiat acquired a 20% equity interest in Chrysler Group as
part of the deal.

The U.S. and Canadian governments provided Chrysler with
$4.5 billion to finance its bankruptcy case.  Those loans were
repaid with the proceeds of the bankruptcy estate's liquidation.

The Debtor changed its corporate name to Old CarCo following the

TECHNICOLOR: Moody's Affirms 'B3' CFR; Outlook Stable
Moody's Investors Service revised the outlook on Technicolor's
rating to stable from previously negative, whilst affirming its
Corporate Family Rating (CFR) at B3.

Ratings Rationale

The change in outlook reflects Moody's expectation that the group
will generate positive and meaningful free cash flow over the
next two to three years, which Technicolor will use to reduce
gross debt whilst maintaining adequate headroom under the
covenants of its debt facilities. The change in outlook also
factors in a recent meaningful reduction in the company's debt
during the third quarter of 2012 through the proceeds from an
equity injection and the disposal of its broadcast business.

Despite strong leverage metrics -- relative to the rating
assigned, Technicolor's business profile is the main driver for
the B3 rating. It reflects the fact that the majority of
consolidated EBITDA is generated by the group's Technology
division which has high visibility, but at the same time is
vulnerable on a medium term horizon due to the loss of a
significant portion of its licensing revenues in 2016 . This
could potentially lead to a strong drop in profitability in 2017
if the initiatives being taken by the Group do not offset this
drop by then. The two other divisions of the group also face
challenges with Entertainment Services experiencing a secular,
but so far manageable, decline in demand in physical media and
Digital Delivery just returning to break even at the EBITDA level
in the 1st half 2012.

The stable outlook reflects the good visibility of Technicolor's
performance, mainly driven by stable revenues generated by its
technology licensing division until 2016, and Moody's expectation
that Technicolor will generate positive free cash flow in 2012
and a similar, if not higher amount, for 2013. Moody's also
expects the company to cover its upcoming debt amortizations in
2013 through its cash flows, and to maintain a minimum cash
balance of around EUR 200 million as well, its credit lines
undrawn and at least a 20% covenant headroom.

A rating upgrade is currently unlikely given the expected loss of
Technicolor's major licensing revenue source in 2016 which might
result in a significant weakening of the company's performance if
the company cannot generate new additional revenues by then.

Moody's would consider a rating upgrade based on tangible
evidence of the sustainability of the group's licensing revenues
beyond 2016-17 and if there is improved operating performance and
cash flow generation of its other two divisions. Conversely,
should the company's operating performance significantly
deteriorate, thus leading to a reduction in free cash flow below
Moody's expectations and subsequently to a tightening of the
covenant headroom to below 20%, the rating could come under
negative pressure.

Moody's expects Technicolor's licensing revenues to remain
broadly stable through 2015 yearend thanks to revenues that are
already contracted, including MPEG LA revenues. Currently just
over half of the company's technology revenues, or around EUR 250
million, come from the patents licensed through the MPEG LA pool.
These revenues will start declining in 2016 and should drop to
zero in 2017.

Technicolor's large DVD activities, including DVD replication as
well as logistics and distribution, which is captured in the
group's Entertainment Services division, experienced volume
declines in the 1st half 2012 and price erosion over the past
several years, albeit at a relatively slow pace, reflecting the
increasing penetration of digital technologies. Management
continues to reduce costs in these activities, which should
result in a still lower cost base and an improved cash flow
generation. Despite its significant market share in DVD
replication, including Blu-ray discs, the profitability of this
business is modest. Moody's expects the DVD replication
activities to remain a net contributor to group free cash flow
for the foreseeable future despite the expected decline of the

In the Digital Delivery division, adjusted EBITDA was a loss of
EUR29 million last year but improved to break-even level in the
first half of 2012. Ongoing cost saving measures are expected to
allow the division to reach EBITDA breakeven on a full year basis
in 2012.

After four years of negative free cash flows from operations, the
company generated cash for the first time in 2011. Despite a
relatively weak performance in the first half of the year due to
the costs associated with ongoing restructuring measures as well
as seasonality Moody's expects the company to continue to
generate positive free cash flow in 2012. Whilst operating
earnings should slightly improve and interest expenses decrease
thanks to the reduction in gross debt following the recent
capital increase, higher restructuring costs and investments in
new businesses are likely to prevent any significant improvement
in the company's free cash flow generation in 2012.

At the end of June 2012, Technicolor's gross debt was stable at
EUR1.5 billion, or EUR1.3 billion pro-forma for the recent debt
repayment. Both figures are based on reported debt measured at
nominal value. According to Moody's adjusted figures,
Technicolor's Debt to EBITDA was 4.9x on an LTM basis per end of
June, and 4.6x including the EUR164 million debt prepayment.

Technicolor's liquidity profile is currently adequate in Moody's
opinion. The company continues to generate positive free cash
flow and reported cash and short-term marketable securities of
EUR305 million at the end of June 2012. Moody's estimates that
EUR100 million are trapped or needed for operations and
unavailable for debt repayment, based on Moody's standard 3% of
revenues calculation. Additionally, the company has two undrawn
committed receivables-backed credit facilities of EUR100 million
and US$125 million maturing in April 2013 and April 2016,
respectively. The former credit line is excluded in Moody's
liquidity analysis due to its maturity in less than one year,
although Moody's expects it to be extended or replaced at similar
conditions. Approximately EUR40 million of additional cash was
raised through recent capital increases and not used for debt

These sources, together exceeding EUR500 million, more than
adequately cover the company's modest debt amortizations in 2013
of approximately EUR80 million, based on euro equivalents at
nominal value. The company's free cash flow should in fact cover
the upcoming debt maturities, thus leaving the company's cash
balance intact and its credit lines undrawn.

Technicolor's senior debt agreements contain maintenance
financial covenants. Also, Moody's notes that these covenants are
based on debt measured at fair value, which is likely to
gradually converge with the debt nominal value as the financial
standing of the company improves. At the end of June 2012, there
was sufficient covenant headroom, with a further slight
improvement following the recent capital increase and asset
disposal. Nevertheless, the tightening covenant requirements
remain challenging and the main source of risk to the company's

Technicolor'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 Technicolor's core industry
and believes Technicolor's ratings are comparable to those of
other issuers with similar credit risk.

Headquartered in Issy-les-Moulineaux, France, Technicolor is a
leading provider of solutions for the creation, management,
delivery and access of video for the Communication, Media &
Entertainment industries operating in three business segments:
Technicolor's Entertainment Services division offers its content
creator and distributor customer base services related to the
creation, preparation and distribution of video content. The
Digital Delivery division (formerly Technicolor Connect) supplies
satellite, cable and telecom operators with access and home
networking devices and software platforms. Technicolor conducts
extensive research activities to innovate and to support
solutions to its key customer industries. The Technology division
combines Technicolor's research and exploitation of its patent
portfolio through licensing programs. Group revenues from
continuing activities during 2011 amounted to EUR3.6 billion.

UNIPOL GRUPPO: Moody's Corrects July 17 Rating Release
Moody's Investors Service issued a correction to the July 17,
2012 rating release on three Italian insurance groups.

Moody's announced the following actions on three Italian
insurance groups and related entities:

- Assicurazioni Generali S.p.A. and subsidiaries (see debt list
   below): parent company insurance financial strength rating
   (IFSR) downgraded to Baa1 from A1 and senior debt to Baa2 from
   A2, negative outlook; French subsidiaries' IFSRs downgraded to
   Baa1 from A1; German subsidiaries' IFSRs downgraded to A3 from

- Allianz S.p.A.: IFSR downgraded to A3 from A1, negative

- Unipol Assicurazioni S.p.A.: IFSR downgraded to Baa2 from A3
   and remains on review for downgrade

The actions reflect the weakening of the Italian government's
creditworthiness, as indicated by Moody's downgrade of Italy's
government bond ratings to Baa2 from A3 on July 13, 2012. The
downgrades reflect Moody's view that these insurance groups' key
credit fundamentals (asset quality, capitalization, profitability
and financial flexibility) are correlated with -- and thus linked
to -- the economic and market conditions in Italy, where they are
domiciled and have significant operations.

However, Moody's notes that the IFSRs of both Assicurazioni
Generali S.p.A. and Allianz S.p.A. remain above the sovereign
rating, reflecting in the former the significant geographical
diversification of the Generali Group, and in the latter the
benefits of ownership from a strong parent (Allianz SE, Aa3 IFSR,

Ratings Rationale

-- ASSICURAZIONI GENERALI S.P.A: IFSR of Assicurazioni Generali
    downgraded to Baa1, negative outlook

Moody's has downgraded the IFSR of Assicurazioni Generali
(Generali) by three notches to Baa1, negative outlook, and all
associated debt ratings have similarly been downgraded by three
notches. Moody's says that the downgrade of Generali reflects the
insurer's direct exposure to Italian sovereign risk in terms of
both investment portfolio and business profile. As at year-end
2011, Italian government bonds represented 19% (EUR46 billion) of
Generali's total fixed-income portfolio, or 253% of shareholders'
equity (gross, before policyholders' participation), and 29% of
its gross written premiums (GWP) were sourced in Italy in 2011.

As part of this action, Moody's reduced the notching differential
between Generali's IFSR and the Italian sovereign rating to one
notch from two notches. The one notch differential continues to
reflect the insurer's broad diversification and flexible product
characteristics, which serve to reduce the impact to the group
from stress related to the Italian sovereign. In particular,
Generali group's non-Italian businesses accounted for over 70% of
GWP in 2011, and Moody's believes that the risk-sharing mechanism
of the insurer's Italian life insurance products somewhat
mitigates its exposure to Italian sovereign credit risk.

This mechanism offers a relatively high ability to share asset
losses with policyholders by reducing future credited returns,
given the current spread between investment returns and average
guarantees. However, the positioning of the rating at one notch,
rather than the prior two notches, above the sovereign, reflects
Moody's view that as the Italian economic environment
deteriorates 1) Generali's ability to share further asset losses
with policyholders diminishes with increasing investment losses
across the portfolio and reduced policy sales, and 2) Generali's
domestic life businesses become increasingly pressured by a
weakening domestic economic environment.

Generali's negative outlook mirrors the negative outlook on
Italy's government bond rating and reflects the uncertainties
around the economic and financial environment in Italy.

-- GENERALI FRANCE : IFSRs downgraded to Baa1, negative outlook

The IFSRs of Generali Vie and Generali IARD -- the main operating
companies of the Generali Group in France -- have been downgraded
by three notches to Baa1, negative outlook. The downgrade of
these operations mirrors the downgrade of the parent company,
Assicurazioni Generali S.p.A., even though Generali's French
operations have little direct exposure to Italian bonds or the
Italian economy. For these operations, Moody's believes that the
contagion risk stemming from a weakening of the Generali Group
overall, mainly through pressure on the Group's financial
flexibility and franchise, increases the risk of outflows and the
knock-on effects on their profitability and capitalization.

-- GENERALI DEUTSCHLAND : IFSRs downgraded to A3, negative

The IFSRs of Generali Deutschland's main operations have been
downgraded by two notches to A3, negative outlook. The downgrade
of these operations also reflects the downgrade of the parent
company. However, Moody's believes that the contagion risk
induced by a weakening of the Generali Group is lower for
Generali's German operations than for its French operations.
Notably, Moody's says the broader challenges within the Generali
Group are mitigated for the German franchise due to (i) Generali
Deutschland has a multi-brand strategy (with around 40% of the
business written under the AachenMuenchener brand and 15% of the
business written under the CosmosDirekt brand); and (ii) Generali
Deutschland exerts a higher control of its distribution networks,
relative to Generali in France.

Moody's assigned a negative outlook to all the ratings of
Generali's insurance subsidiaries, mirroring the negative outlook
on the parent company.

-- ALLIANZ S.P.A.: IFSR downgraded to A3, negative outlook

The IFSR of Allianz S.p.A. (Allianz Italy), which is fully owned
by Allianz SE, has been downgraded by two notches to A3, negative
outlook. Moody's says that the downgrade of Allianz Italy
reflects the insurer's direct exposure to Italian sovereign risk
in terms of both investment portfolio and business profile.
Italian government bonds represented around 60% of Allianz
Italy's total fixed-income portfolio, over 500% of shareholders'
equity, and 100% of its GWP were sourced in Italy in 2011.
Nonetheless, Moody's continues to rate Allianz Italy's IFSR two
notches above the Italian sovereign rating, reflecting the
benefit of potential parental support from Allianz SE. Allianz
Italy is the second-largest operation outside Germany for Allianz
SE, and is consistently one of the largest contributors in terms
of premiums and operating profit.

Allianz Italy's negative outlook mirrors both the negative
outlook of the parent company Allianz SE, as well that on Italy's
Baa2 government bond rating.

-- UNIPOL: IFSR downgraded to Baa2, on review for further
    possible downgrade

The IFSR of Unipol Assicurazioni S.p.A. (Unipol) has been
downgraded by two notches to Baa2 (on review for further
downgrade). Moody's says that the downgrade of Unipol reflects
the insurer's direct exposure to Italian sovereign risk in terms
of both investment portfolio and business profile. As of year-end
2011, Italian government bonds represented 47% (EUR7.1 billion)
of Unipol's total fixed-income portfolio and around 222% of
shareholders' equity, and 100% of its GWP were sourced in Italy
in 2011. As a result, Unipol's IFSR is constrained by Italy's
sovereign rating.

Unipol's IFSR remains on review for further downgrade to reflect
the risks inherent in the Group's proposed acquisition of
Fondiaria-SAI (unrated). The review will focus on the analysis of
(i) the capital strength of the new group; (ii) the quality of
the investment portfolio of the enlarged group; (iii) the
financial leverage of the enlarged group; (iv) the quality of the
reserves of Fondiaria Sai SpA; and (v) the execution risk of
integrating multiple large insurance operations. Additionally, a
further downgrade of Italy would likely prompt a downgrade of



Given the negative outlook on Generali's ratings, Moody's says
that upwards ratings pressure is currently limited.

Further downwards pressure on Generali's ratings could develop
following (i) a further downgrade of Italy's sovereign rating;
(ii) a material deterioration of the group's solvency and/or
operating performance; and/or (iii) material deterioration of the
group's financial flexibility.


Given the negative outlook on Allianz Italy's ratings, Moody's
says that upwards ratings pressure is currently limited.

Further downwards pressure on Allianz Italy's ratings could
develop following (i) a downgrade of Italy's sovereign rating;
(ii) a downgrade of Allianz SE, or a change in the status of the
company within the German group; and/or (iii) material
deterioration in the company's standalone solvency, earnings,
operating performance, or capitalization levels.


Unipol's ratings are under review for possible downgrade, and
further downwards pressure on the ratings could develop in the
event that Moody's concludes that the proposed acquisition of
Fondiaria-SAI leads to a weakening in the Group's capital
strength, investment quality, financial leverage or reserve
adequacy, as well as due to the integration risks of the
transaction. The rating could also be pressurized by a further
downgrade of Italy.

Summary Profiles of Affected Groups

Generali Assicurazioni S.p.A., headquartered in Trieste, Italy,
is a major international multi-line insurer. It reported gross
premiums written of EUR69.2 billion in 2011, total assets of
EUR453 billion and shareholders' equity including minorities of
EUR18.1 billion at 31 December 2011.

Allianz S.p.A., headquartered in Trieste, Italy, is a major
Italian multi-line insurer. It reported gross premiums written of
EUR7.7 billion, total assets of EUR58.6 billion in 2011 and
shareholders' equity including minorities of EUR3.7 billion at
December 31, 2011.

Unipol Gruppo Finanziario S.p.A., based in Bologna, Italy, is the
parent company of Unipol Assicurazioni S.p.A. and Unipol Banca.
Unipol Gruppo Finanziario S.p.A. reported a consolidated net loss
of EUR94 million in 2011, total assets of EUR39.6 billion and
shareholders' equity of EUR3.2 billion, as of December 30, 2011.

The following ratings were downgraded with a negative outlook:

Assicurazioni Generali S.p.A -- insurance financial strength
rating: to Baa1 from A1

Generali Deutschland Holding AG -- insurance financial strength
rating: to A3 from A1

AachenMuenchener Lebensversicherung AG -- insurance financial
strength rating: to A3 from A1

AachenMuenchener Versicherung AG -- insurance financial strength
rating: to A3 from A1

Generali Lebensversicherung AG -- insurance financial strength
rating: to A3 from A1

Generali Versicherung AG -- insurance financial strength rating:
to A3 from A1

Advocard Rechtschutzversicherung AG -- insurance financial
strength rating: to A3 from A1

Generali Deutschland Pensionskasse AG -- insurance financial
strength rating: to A3 from A1

Central Krankenversicherung AG -- insurance financial strength
rating: to A3 from A1

Cosmos Lebensversicherungs-AG -- insurance financial strength
rating: to A3 from A1

Cosmos Versicherung AG -- insurance financial strength rating:
to A3 from A1

Dialog Lebensversicherungs-AG -- insurance financial strength
rating: to A3 from A1

Envivas Krankenversicherung AG -- insurance financial strength
rating: to A3 from A1

Generali IARD -- insurance financial strength rating: to Baa1
from A1

Generali Vie -- insurance financial strength rating: to Baa1
from A1

Assicurazioni Generali S.p.A., -- Senior debt rating: to Baa2
from A2

Assicurazioni Generali S.p.A. -- Subordinated debt rating: to
Baa3 (hyb) from A3 (hyb)

Assicurazioni Generali S.p.A. -- Preferred stock debt rating: to
Ba1 (hyb) from Baa1 (hyb)

Generali Finance B.V. -- Senior debt rating: to Baa2 from A2

Generali Finance B.V. -- Subordinated debt rating: to (P) Baa3
from (P) A3

Generali Finance B.V. -- Preferred stock debt rating: to Ba1
(hyb) from Baa1 (hyb)

Allianz S.p.A -- insurance financial strength rating: to A3 from

The following ratings were downgraded and remain on review for
possible downgrade:

Unipol Assicurazioni S.p.A. -- insurance financial strength
rating to Baa2 from A3;

Unipol Assicurazioni S.p.A. -- subordinated debt rating to Ba1
(hyb) from Baa2 (hyb);

Unipol Gruppo Finanziario SpA -- senior rating to Ba2 from Baa3;

Unipol Gruppo Finanziario SpA -- senior MTN rating to (P)Ba2
from (P)Baa3;

Unipol Gruppo Finanziario SpA -- long term issuer rating to Ba2
from Baa3.

Methodology Used

The methodologies used in these ratings were Moody's Global
Rating Methodology for Life Insurers published in May 2010,
Moody's Global Rating Methodology for Property and Casualty
Insurers published in May 2010 and Moody's Guidelines for Rating
Insurance Hybrid Securities and Subordinated Debt published in
January 2010.


APERAM: Moody's Says Thyssenkrupp-Outokumpu Merger Impact Pos.
Moody's Investors Service disclosed that on September 20, 2012,
Outokumpu Oyj (not rated) announced a proposal to dispose of some
of its Swedish operations in an attempt to win EC approval for
its merger with Inoxum, ThyssenKrupp's stainless steel business.
Concomitantly, the EU Commission extended its review period for
the transaction by 20 days to November 16, 2012, the third
extension since the merger was announced in January 2012. The
remedy proposal, and possible additional remedial measures, will
delay and reduce -- at least to some degree -- the positive
impact expected from the merger for the major European players
(Aperam (Ba3 negative), Outokumpu, Inoxum, and Acerinox (not
rated)) as the separation of these assets will introduce a new
company into the already-oversupplied European market. For
ThyssenKrupp (Baa3 negative), this new development is a positive
as it brings to a nearer conclusion a process that started nine
months ago.

Following discussion with the EU Commission, Outokumpu proposed
to divest its Swedish melting and coil operations in Avesta, Nyby
and Kloster, as well as part of its European sales network.
Outokumpu also pledged to add cold rolling capacity in Avesta as
a step to improving the competitive profile of the Swedish assets
on a standalone basis. Moody's notes that, today, the Swedish
assets can produce approximately 200,000 tonnes of cold-rolled
stainless steel, which represents about 3.5% of the European
market. As a result of Outokumpu's remedy proposal, the EU
Commission has extended its review period to 16 November and is
expected to promptly commence market testing to form a view on
the suitability of the proposed remedy.

This news is an encouraging development as it signals fruitful
discussions between the European authorities and Outokumpu and
bodes well for the final approval of the merger by the EU
regulator. These measures, and potentially additional steps to
comply with EU antitrust regulations, will nevertheless reduce
the benefits that the merger was expected to have for the
European stainless steel industry as it will likely create a new
player in the European market.

For ThyssenKrupp, the news is positive. The lengthening of the
review process prolongs the time period during which ThyssenKrupp
has to finance the negative cash flow from Inoxum but this will
be compensated for by an equivalent increase in the loan to be
issued by Outokumpu at the closing of the merger. The conclusion
of the merger will mark a strategic success for ThyssenKrupp's
portfolio optimisation program, which is aimed at disposing non-
core assets representing 23% of FY2010/11 sales in order to focus
resources on the profitable and more attractive Technology

In the near-term, stainless steel producers are likely to further
suffer from the adverse economic environment as the US, Latin
American and Chinese economies join the malaise in Europe.
Stainless steel buyers have held back from the market because of
low prices for nickel, a primary ingredient in stainless steel,
and the uncertain development in key markets for stainless steel
such as automotive and capital goods. While nickel prices have
moved higher in the last month, there is little hope for a
significant improvement of the industry over the next six months.
Without hitting the lows of 2009, Moody's believes European
stainless steel producers will see their profitability and cash
flow generation in 2012 markedly lower than in 2011.


MARYLEBONE ROAD: Fitch Lowers Rating on Class A-3 Notes to 'Dsf'
Fitch Ratings has downgraded three synthetic CDOs and has
withdrawn 11 ratings as follows:

Marylebone Road CBO III B.V.:

  -- Class A-3: downgraded to 'Dsf' from 'Csf'; rating withdrawn

Palladium CDO II - Omega series 31:

  -- Class A-1E: downgraded to 'Dsf' from 'CCsf'; rating
  -- Class B-1A: rated 'Dsf'; rating withdrawn
  -- Class B-1U: rated 'Dsf'; rating withdrawn
  -- Class B-2J: rated 'Dsf'; rating withdrawn
  -- Class C-1U: rated 'Dsf'; rating withdrawn
  -- Class C-1J: rated 'Dsf'; rating withdrawn
  -- Class D-1U: rated 'Dsf'; rating withdrawn
  -- Class D-1J: rated 'Dsf'; rating withdrawn
  -- Class D-1E: rated 'Dsf'; rating withdrawn

Corsair (Jersey) No. 3 Limited:

  -- Series 1: downgraded to 'Dsf' from 'CCsf'; rating withdrawn

The downgrade reflects the settlement of credit events, non-
payment of principal or the repurchase of notes at a loss.
Outstanding ratings have been withdrawn for all of the
transactions above, as none have an outstanding rating above

Following the settlement of credit events, Palladium CDO II --
Omega series 31 Class A-1E has been partially written down.

The credit swap and repo agreements have been terminated for
Marylebone Road CBO III B.V. All monies held by the issuer have
been distributed.  However, these were insufficient to fully
repay class A-3.

Corsair (Jersey) No. 3 Limited has been called.  However, series
1 was not repaid in full due to credit events in the reference

The related transactions are synthetic CDOs referencing
portfolios of corporate debt and/or structured finance assets.


BANCO POPULAR: Fitch Withdraws 'BB' Ratings After Downgrade
Fitch Ratings has downgraded Banco Popular Portugal's (BPP;
'BB'/Negative/'B') Obrigacoes Hipotecarias (OH, mortgage covered
bonds) to 'BB'/Stable from 'BBB-'/ Rating Watch Negative (RWN)
and withdrawn the rating.

The downgrade is a result of the downgrade of Banco Popular
Portugal's Issuer Default Rating (IDR) to 'BB' from 'BB+' and the
lowering of BPP's public OC commitment to 10%, which falls short
of providing above average stressed recoveries from the cover
pool in the event of an issuer and covered bonds default.
Therefore the OH's rating is equalized with its floor, being the
issuer's Long-Term IDR.

Fitch has withdrawn the ratings as BPP has chosen to stop
participating in the rating process.  Fitch expects it will lack
sufficiently detailed information to form a complete credit view
under the covered bonds rating methodology.  Accordingly, Fitch
will no longer provide ratings or analytical coverage for BPP's


ALFA-BANK: Fitch Assigns 'BB+' Rating to US$750MM Sub. Notes
Fitch Ratings has assigned Alfa Bond Issuance plc's US$750
million 7.5% seven-year subordinated issue of limited recourse
loan participation notes, due September 26, 2019, a final 'BB+'

The proceeds from the issue are to be on-lent to OJSC Alfa-Bank
(Alfa), which has a Long-term Issuer Default Rating (IDR) of
'BBB-' with a Stable Outlook, a Short-term IDR of 'F3', a
Viability Rating of 'bbb-', a Support Rating of '4', a Support
Rating Floor of 'B' and a National Long-term rating of 'AA+(rus)'
with a Stable Outlook.

Alfa is the largest privately-owned banking group in Russia by
assets.  It is ultimately owned by six individuals, with the
largest stakes held by Mikhail Fridman (36.47%) and German Khan

INTERNATIONAL BANK: S&P Raises LT Issuer Credit Ratings to 'B'
Standard & Poor's Ratings Services raised its long-term issuer
credit ratings on (IBSP) to 'B' from 'B-' and affirmed its short-
term ratings at 'C'. "We also have raised our national scale
rating to 'ruBBB+' from 'ruBBB'. The outlook is stable," S&P

"The upgrade reflects Standard & Poor's view of a gradual
improvement in IBSP's risk profile. The 20 largest borrowers
represented about 4x adjusted total equity as of June 30, 2012,
down from 5x in 2011, but we still consider this a weakness to
the rating. In addition, related-party lending decreased to about
5% as of June 30, 2012, with IBSP's divestment of Interleasing in
February this year, from a high 20% as of year-end 2011. We have
therefore revised our risk position assessment to 'moderate' from
'weak', as defined in our criteria, since the bank's risk metrics
are gradually converging toward the system average," S&P said.

"In addition, we continue to believe that the bank's loan loss
experience is better than the system average, due to its
selective underwriting approach in targeting borrowers from the
less risky public sector. At the same time, IBSP's loan loss
provisions are at the higher end of the average for the banking
system at 8.95% of total loans as of June 30, 2012. Reserves
cover nonperforming loans by more than 4.5x, providing the bank
with a substantial cushion to absorb potential deterioration of
the quality of its loan book, which we do not expect, however,"
S&P said.

"Despite these positive developments, we acknowledge that the top
20 loans are very concentrated at 50% of total loans, which is
higher than peers'. The amount of restructured loans is also high
at about 20% of the loan portfolio," S&P said.

"In addition to a 'moderate' risk position, our ratings on IBSP
reflect the 'bb' anchor for a commercial bank operating only in
Russia and our view of the bank's 'moderate' business position,
'weak' capital and earnings, 'average' funding, and 'adequate'
liquidity. The stand-alone credit profile (SACP) is 'b'," S&P

"The stable outlook reflects the balance between our anticipation
of IBSP's limited appetite for lending growth and established
corporate banking franchise in the northwest region of Russia
against its persistently weak capitalization. This includes our
expectation of continued pressure on interest margins and stable
asset quality," S&P said.

"The probability of positive rating actions in the near future is
low. However, we could raise the ratings if IBSP's capital
adequacy improved significantly, notably because of higher
earnings generation or capital increases by the owners, which may
raise our projected risk-adjusted capital (RAC) ratio (before
adjustments for diversification) sustainably higher than 5%," S&P

"We would consider a negative rating if the improvements we have
observed in IBSP's risk position reversed, with rising
concentrations in the loan portfolio, significantly deteriorating
credit quality, or higher credit costs than the market average.
If the bank were unable to match retained earnings with the
growth in risk-weighted assets, the RAC ratio may fall below 3%
and this would likely lead to a downgrade. However considering
recent positive trends in capitalization, we see this scenario as
unlikely," S&P said.


AYT COLATERALES: S&P Affirms 'BB' Rating on Class D Notes
Standard & Poor's Ratings Services took various credit rating
actions in AyT Colaterales Global Hipotecario FTA Caixa
Manlleu I.

Specifically, S&P has:

-- affirmed and removed from CreditWatch negative its 'A- (sf)'
    rating on the class A notes;

-- lowered to 'BBB (sf)' from 'A- (sf)' and removed from
    CreditWatch negative its rating on the class B notes;
    Lowered to 'BBB- (sf)' from 'BBB (sf)' its rating on the
    class C notes; and

-- affirmed its 'BB (sf)' rating on the class D notes.

The rating actions follow amendments to the transaction account
and swap agreements, which now reflect our 2012 counterparty
criteria," S&P said.

"Based on the latest available trustee investor report (dated May
2012), the ratio of cumulative defaults (defined in this
transaction as loans delinquent for more than 18 months) over the
original loan balance was 0.28%, and thus well below the first
trigger level of 8.00% for the class D notes. Interest deferral
triggers in this transaction are set at a high level. Therefore,
the potential support that this feature gives to the senior notes
is minimal," S&P said.

Based on the May 2012 trustee investor report, 90+ days arrears
have increased to 2.65% of the outstanding pool balance (compared
with 1.01% in May 2011).

"Additionally, at the last payment date, the reserve fund is not
at its required level. The actual level (EUR9.053 million)
represents 8.25% of the outstanding balance of the notes and the
required amount (EUR9.375 million) is 8.29% of the outstanding
balance of the notes. The reserve fund can not be replenished and
can not be used for purposes other than curing defaults, as
defined in the priority of payments," S&P said.

"On Dec. 9, 2011, we lowered our ratings on the class A and B
notes to the same level as our then 'A-' long-term issuer credit
rating (ICR) on the swap counterparty, Confederacion Espanola de
Cajas de Ahorros (CECA; BBB-/Stable/A-3), which was also the
transaction account provider. The downgrades were due to the
breach of remedy action triggers in both the transaction account
and swap agreements. Although the remedy period was still in
force for the transaction account, it had elapsed for the swap.
Therefore, there was a direct link between our rating on the
notes and our rating on the swap counterparty," S&P said.

"On Dec. 23, 2011, we placed our ratings on Caixa Manlleu I's
class A and B notes on CreditWatch negative, as the remedy action
trigger relating to the transaction account provider, which was
CECA at the time, had been breached and the remedy period had
elapsed without remedy action taking place," S&P said.

"On April 30, 2012, we lowered to BBB-/Stable/A-3 from
BBB/Stable/A-2 our rating on CECA. Since then, Banco Bilbao
Vizcaya Argentaria S.A. (BBVA; BBB+/Negative/A-2) has replaced
CECA as transaction account provider. Although the issuer amended
the transaction documentation, under our 2012 counterparty
criteria the remedy actions available to the issuer support a
maximum rating of 'A- (sf)' in this transaction," S&P said.

"On Sept. 25, 2012, CECA as swap counterparty amended the
downgrade language in the swap agreement to reflect our 2012
counterparty criteria. However, given that CECA as the swap
counterparty has not posted collateral, under our 2012
counterparty criteria the maximum rating that notes in this
transaction could achieve is equal to our long-term issuer credit
rating (ICR) on CECA. As of, the maximum rating the notes in this
transaction can achieve is 'BBB- (sf)'. However, we have
conducted our cash flow analysis assuming that the transaction
does not benefit from any support under the swap agreement for
the class A and B notes," S&P said.

"The notes are currently supported by credit enhancement provided
by a cash reserve, and increasingly they are also supported by
subordinated tranches as the class A note balance reduces through
sequential amortization. We believe that the class A notes can
achieve a 'A- (sf)' rating--even without the benefit of the swap.
Therefore, we have affirmed and removed from CreditWatch negative
our 'A- (sf)' rating on the class A notes," S&P said.

"Our analysis indicates that without the benefit of the swap, the
credit enhancement available to the class B notes now supports a
lower rating on this tranche than currently assigned. We have
therefore lowered to 'BBB (sf)' from 'A- (sf)' and removed from
CreditWatch negative our rating on the class B notes. Our
analysis also indicates that credit enhancement available to the
class C notes now supports a higher rating. However, because the
swap provider is in breach of the swap agreement, this rating is
linked to the ICR on the swap counterparty. As a result, we have
lowered our rating on the class C notes to 'BBB- (sf)' from 'BBB
(sf)'. We have affirmed our 'BB (sf)'rating on the class D notes
as although the credit enhancement for this tranche has increased
since closing, the reserve fund has been drawn and not
replenished to its required level on the latest payment date,"
S&P said.

Caxia Manlleu I is a Spanish residential mortgage-backed
securities (RMBS) transaction, which closed in august 2009. Caixa
d'Estalvis Comarcal de Manlleu (Caxia Manlleu) originated and
currently services the loans backing this transaction.


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:


Class        Rating           Rating
             To               From

AyT Colaterales Global Hipotecario Fondo de Titulización de
Activos Caixa Manlleu I
EUR125 Million Mortgage-Backed Floating-Rate Notes

Rating Affirmed and Removed From CreditWatch Negative

A            A- (sf)          A- (sf)/Watch Neg

Rating Lowered and Removed From CreditWatch Negative

B            BBB (sf)         A- (sf)/Watch Neg

Rating lowered

C            BBB- (sf)        BBB (sf)

Rating Affirmed

D            BB (sf)

* SPAIN: Has Capital Deficit of EUR59.3-Bil., Stress Tests Show
Charles Penty and Sharon Smyth at Bloomberg News report that test
designed to lift doubts about the financial industry's ability to
absorb losses showed Spain's banks have a capital deficit of
EUR59.3 billion (US$76.3 billion), less than previously

The Bankia group, a nationalized lender, had a EUR24.7 billion
deficit and Banco Popular Espanol SA (POP) had a EUR3.22 billion
shortfall in stress tests conducted by management consultants
Oliver Wyman and released on Sept. 28, Bloomberg discloses.

Spain commissioned the stress test as part of terms to win a
European bailout of as much as EUR100 billion for its banking
system after more than EUR180 billion of losses linked to souring
real estate, Bloomberg notes.  Demonstrating how lenders would
bear an extreme scenario -- a three-year economic contraction --
is part of the government's drive to show it's fixing the economy
while debating whether to seek another rescue package, Bloomberg

According to Bloomberg, Deputy Economy Minister Fernando Jimenez
Latorre said in a news conference in Madrid that Spain may end up
needing about EUR40 billion of European funds for its banks, less
than the stress-test shortfall.  Mr. Jimenez Lattore, as cited by
Bloomberg, said that's because a so-called bad bank set up to
house soured assets will help lenders reduce their capital needs
as they also raise funds by selling businesses.  He said that
Spain, which will create such a vehicle under the terms of its
banking bailout, will describe the criteria for doing so this
week, Bloomberg notes.

Bloomberg relates that the statement said the seven banks with
capital deficits in the adverse scenario also include the
nationalized lenders Catalunyabank and NCG Banco, with a EUR10.8
billion and EUR7.2 billion shortfall, respectively.

* SPAIN: Plans to Borrow EUR207.2 Billion Next Year
Ben Sills at Bloomberg News reports that the Budget Ministry said
on Friday Spain plans to borrow EUR207.2 billion (US$266.5
billion) next year as pressure builds for Prime Minister Mariano
Rajoy to tap the European rescue fund instead of financial

Spain's debt will widen to 90.5% of gross domestic product in
2013 as the state absorbs the cost of bailing out its banks, the
power system and euro-region partners Greece, Ireland and
Portugal, Bloomberg discloses.  Budget Minister Cristobal Montoro
said at a press conference that this year's budget deficit will
be 7.4% of economic output, Bloomberg relates.  He said that
Spain's 6.3% target will be met because it can exclude the cost
of the bank rescue, Bloomberg notes.

Spain's borrowing plans may test investors' willingness to
continue financing the government with the European Central Bank
waiting to buy the country's debt should Mr. Rajoy agree to
conditions, Bloomberg states.


SCHMOLZ + BICKENBACH: Moody's Downgrades CFR/PDR to 'B2'
Moody's Investors Service has downgraded to B2 from B1 the
corporate family rating (CFR) and the probability of default
rating (PDR) of SCHMOLZ + BICKENBACH AG (S+B). At the same time,
the rating for the EUR258 million of senior secured notes due
2019 issued by SCHMOLZ + BICKENBACH Luxembourg S.A., a wholly-
owned subsidiary of S+B was lowered to B2 from B1. The rating
outlook is stable.

Ratings Rationale

The downgrade reflects a worsening outlook for the key end
markets S+B serves, on top of a weak performance in the first
half of 2012 which saw its European sales decline by 10.4% versus
1H11 and order backlog decline by 21% compared to December 2011,
as well as the potential for a breach of revolving credit
facility financial covenants. Since June, European and US
industrial production has declined as have steel prices, and
Moody's believes S+B's credit metrics will soon be outside of the
levels the rating agency said would trigger a downgrade.

Moody's believes the company's worsening performance will make it
necessary for it to seek a waiver or amendment of several
financial covenants in its revolving credit facility, perhaps
before the third quarter 2012 financial results are reported.
Moody's expects S+B will be successful in obtaining covenant
relief, hence Moody's stable rating outlook, but are nevertheless
concerned about reduced liquidity as profitability declines and
usage of the revolver may increase in order to fund operations.

S+B's rating could be lowered if adequate covenant headroom is
not established or if liquidity otherwise comes under pressure,
or if EBITDA as calculated by Moody's is less than EUR200 million
(Moody's adjustments for pension and operating leases add about
EUR40 million per year to EBITDA). The rating could be raised if
S+B addresses its covenant issues, operating margin recovers to
approx. 5%, and debt to EBITDA leverage is sustainably around

Factors that support S+B's ratings are its significant market
share in its key markets, its production, process and
technological expertise, and its integrated business model, all
of which make it an important supplier and partner to a
diversified customer base.

The methodologies used in these ratings were Global Steel
Industry published in January 2009, and Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

S+B is a leading global producer, processor and distributor of
specialty long steel operating in all three major sub-segments of
the specialty long steel market: tool steel, stainless long steel
and engineering steel. It operates nine production facilities in
Europe and North America, 11 processing plants in Europe and the
US, and 86 distribution branches in 35 countries around the
world. Over the 12 months ended June 30, 2012, S+B had revenues
of EUR3.8 billion.


* Fitch Says Turkish State-Owned Bank Owner Changes Neutral
Potential ownership changes at two state-owned Turkish banks will
be credit and rating neutral, Fitch Ratings says. Ali Babacan,
deputy prime minister of Turkey responsible for the economy,
indicated that the state is considering a second equity offering
for Turkiye Halk Bankasi and taking direct control of Turkiye
Vakiflar Bankasi.

As long as Vakif and Halk remain majority state owned, rating
changes are unlikely. Should state ownership drop below 50%, a
moderate downgrade of their 'BB+' Support Rating Floors may
occur. However, the Long-Term IDRs would not be downgraded
because the banks also have Viability Ratings of 'bb+'.

State ownership of Turkey's banking system, at around 30%, is
well below comparative figures for other prominent emerging-
market banking systems (India 75%, Russia 55%, Brazil 40%).
Turkey's state-owned banks are well managed and, unlike in some
other emerging markets, suffer no major political interference
through directed lending or preferential funding costs.

Turkey's banks, which are generally profitable, largely deposit
funded and adequately capitalized, continue to attract
international investors' interest. Spain's Banco Bilbao Vizcaya
and France's BNP Paribas have made investments over the past two
years, while Sberbank of Russia may conclude an investment in the
short term.

The level of international investor interest in Turkey's banks
means bank privatizations are once more on the agenda. The
transfer of Vakif ownership is ostensibly so that the foundation
that presently owns around 58% of the bank can realize some funds
to help it manage a portfolio of real estate assets with
significant historical and commercial value in light of reduced
income from bank dividends. However, the transfer of shares to
the government would also facilitate a share offering at a later

Vakif and Halk were both partially privatized (25%) in 2005 and
2007. Plans for secondary offerings failed to materialize,
stalled by the global financial crisis. Privatization of T.C.
Ziraat Bankasi, the country's largest bank, is not under

U N I T E D   K I N G D O M

ANDREW HARRIS: Forced Into Administration
This is Cheshire reports that a family-run furniture store Andrew
Harris closed earlier this month after being forced into

Both the shop in Warrington and the one in Altrincham have been
forced to close and owner Andrew Harris gave an impassioned plea
about the state of the British high street, according to This is

The report notes that the administrator can be reached at:

         Naseer Patel
         PHK (UK LLP)
         3, Hardman Street,
         Spinningfields, Manchester
         M3 3HF
         Tel: 0161 832 5481

The report discloses that Mr. Harris said if they cannot help,
leave details and attempts will be made for replacements to be
supplied from other, similar family businesses.

HIBU PLC: Says Rescue Plan May Leave Little Value to Shares
Bryce Elder at The Financial Times reports that debt-laden Hibu,
which in July changed its name from Yell, warned that demand was
deteriorating faster than expected and it would once again miss
earnings targets.

Hibu management also warned that a rescue plan may leave little
or no value to the shares, which have dropped 99.9% over the past
five years, the FT relates.

As reported by the Troubled Company Reporter-Europe on Sept. 4,
2012, the FT related that investors in the GBP2.2 billion of debt
in Hibu, the publisher of the Yellow Pages, began restructuring
talks for the second time in a year that could lead them to seize
control of the directories business.  Lenders to Hibu, which was
previously known as Yell, formed a committee to represent the
views of creditors and begun talks to restructure the company's
debt, the FT disclosed.  The FT noted that two people close to
the matter said the publisher has until March next year to agree
a debt restructuring, although a debt-for-equity swap giving
lenders control of the company was likely.

hibu plc, formerly Yell Group plc, --
-- is a United Kingdom-based company.  It is engaged in the
international directories business operating in the classified
advertising market in the United Kingdom, United States, Spain
and Latin America.  The Company's subsidiaries include Yell
Finance BV, Yell Limited, Yell Finance (UK) Limited, Yellow Book
USA, Inc., YB (USA) LLC, Yell Publicidad S.A.U. and Yell Finance
S.A.U. During the year ended March 31, 2009 (fiscal 2009), the
Company acquired 100% of the Adworks businesses in the United
Kingdom, the United States, Spain and India.  In May 2010, the
Company completed the acquisition of Trusted Places Limited. On
July 2011, the Company acquired Znode. In May 2012, the Company
acquired Moonfruit Limited.  In June 2012, the Company acquired
Moonfruit Limited.

JJB SPORTS: Set to Buy 60 Stores; At Least 1,000 Jobs Saved
Jennifer Thompson and Andrea Felsted at The Financial Times
report that Sports Direct is poised to buy up to 60 JJB Sports
stores, safeguarding at least 1,000 jobs at the struggling chain.

According to the FT, a person close to the situation said that
the retailer, controlled by Newcastle United football club owner
Mike Ashley, will buy the stores, amounting to one-third of JJB's
estate, for GBP30 million.  It will take control of 20 stores
straight away, with the acquisition of the remaining 40 subject
to approval from the UK competition authority, the FT says.

If agreed, the deal would save between 1,000 and 1,500 jobs at
JJB, the FT notes.  There could still be significant job losses
at the chain, which employs 4,000 staff across 180 outlets, the
FT states.

JJB said at the end of August that it had asked KPMG to explore a
sale of its assets after it failed to secure enough funding to
embark on a turnround -- and warned that its shares might be
worthless, the FT recounts.

As reported by the Troubled Company Reporter-Europe on Sept. 28,
2012, the FT said that any sale is likely to take the form of a
so-called pre-pack administration, which is the pre-negotiated
sale of an insolvent business.

JJB Sports plc -- 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.

NEWSFAX: Went Into Administration
Jo Francis at PrintWeek reports that newspaper publishers were
left scrambling to find new printing arrangements after Newsfax
went into administration.

The Financial Times immediately moved to secure its London print
capability by reviving its previously dormant subsidiary, St
Clement's Press, which has taken over as third-party operator of
the Newsfax plant in Stratford, according to PrintWeek.

The report notes that the he Stratford site, Newsfax (Bow), is in
administration with BDO.  The report relates that the
administration of Newsfax International in Rainham is being
handled by KPMG.

The report relays that a Financial Times spokeswoman said: "The
Financial Times is one of Newsfax's oldest and largest customers
and we are deeply concerned about the situation the business
finds itself in.  Newsfax has been working with its creditors but
has unfortunately been unable to agree a way forward.  The third
party agreement with our subsidiary, St Clement's Press, will
enable the Financial Times to ensure continuity of production for
itself and others."

Production at the larger Newsfax site in Rainham, Essex ceased
September 26, the report discloses.

The report adds that NatWest and Lloyds Banking Group were listed
as the company's bankers.

RESIDENTIAL MORTGAGE: Fitch Assigns 'BBsf' Rating to Cl. B2 Notes
Fitch Ratings has assigned Residential Mortgage Securities 26
plc's RMBS notes final ratings, as follows:

  -- GBP150,000,000 Class A: 'AAAsf', Outlook Stable
  -- GBP24,000,000 Class M1 : 'AAsf', Outlook Stable
  -- GBP14,000,000 Class M2: 'Asf', Outlook Stable
  -- GBP8,000,000 Class B1: 'BBBsf', Outlook Stable
  -- GBP4,000,000 Class B2: 'BBsf', Outlook Stable
  -- GBP4,000,000 Class R1: Not rated
  -- GBP3,000,000 Class R2: Not rated
  -- GBP500,000 Class R3: Not rated

The notes are backed by seasoned non-prime mortgages originated
pre-2008 by Kensington Mortgages Company Limited (KMC: 60%),
Money Partners Limited (8.1%) and GMAC-RFC (31.8%).

The final ratings are based on the quality of the underlying
collateral, available credit enhancement (CE), the servicing
capabilities of Homeloan Management Limited (HML), and the
financial and legal structure.

CE for the class A note totals 28.5% provided by the
subordination of the class M1, M2, B1 and B2 notes (25.0%), a
non-amortizing reserve fund (3.5%), fully funded at closing
(rising to 5% after closing), and excess spread.  The class A1
notes receive interest and principal payments while the class M1,
M2, B1 and B2 notes only receive principal payments. The R notes
are unrated and do not provide any CE.

Fitch was provided with a loan-by-loan data template and all
relevant fields were provided in the data tape with the exception
of prior mortgage arrears and builder deposits.  No adjustment
was applied for the absence of data on prior mortgage arrears as
data was provided for CCJs and prior bankruptcies/Individual
Voluntary Arrangements.  KMC was able to provide the year of
construction for properties in the portfolio.  Fitch assumed that
any properties built within two years of the date of origination
of the loan benefited from builders deposits and applied a 5%
downward adjustment to their valuations.

Extensive performance data was provided on KMC loans originated
pre-2005 (37.1%) that were previously held in the RMS16, 17 and
18 plc transactions, which were called in June and August of
2011.  Investec Bank plc (the arranger) was unable to provide
historical performance data for the GMAC originated loans, since
the collateral was only purchased by Investec in 2011.  As a
consequence, Fitch utilized performance information from similar
collateral originated by GMAC in other Fitch-rated securitization

Loan-level data on sold repossessions of KMC-originated loans,
consisting of 4,904 loans sold between 2008 and 2011, was
provided by KMC.  Sold repossession data provided for a previous
transaction using GMAC-originated loans was used as a proxy for
the GMAC-originated loans.

To analyze CE levels, Fitch evaluated the collateral using its
default model, details of which can be found in the reports
entitled "EMEA Residential Mortgage Loss Criteria" dated June 7,
2012, and 'EMEA Criteria Addendum -- United Kingdom -- Mortgage
Loss and Cash Flow Assumptions', dated August 9, 2012, and
available at

Fitch modelled the transaction cash flows using default and loss
severity assumptions indicated by the default model under various
recession timings, prepayment speeds, and interest rates.  The
cash flow tests showed that the rated class of notes could
withstand loan losses at a level corresponding to the related
stress scenario without incurring any principal loss or interest
shortfall and can retire principal by legal final maturity.

Details of model-implied ratings sensitivity to changes in
underlying defaults and loss severity are included in the new
issue report, which will shortly be available at

RESIDENTIAL MORTGAGE: S&P Assigns 'BB' Rating to Class B2 Notes
Standard & Poor's Ratings Services assigned its credit ratings to
Residential Mortgage Securities 26 PLC's (RMS 26) class A1, M1,
M2, B1, and B2 notes. At the same time, the issuer also issued
unrated class R1, R2, and R3 notes.

"The rated notes are collateralized by a pool of first-ranking
mortgage loans--comprising nonconforming residential and buy-to-
let residential--secured against property located in England,
Scotland, and Wales. Of the collateral pool, Kensington Mortgage
Co. Ltd. (KMC) originated 60.04%, Money Partners Ltd. 8.14%, and
Paratus AMC (formerly known as GMAC-RFC Ltd.) 31.81%. The Paratus
AMC originated portfolio was later purchased by Investec Bank PLC
(Investec), with legal title transferred to KMC. All loans were
originated during or before 2007, with 37.1% of the portfolio
previously included in Residential Mortgage Securities 16 PLC,
Residential Mortgage Securities 17 PLC, and Residential Mortgage
Securities 18 PLC," S&P said.

The collateral pool was originated during or before 2007. All the
loans are floating-rate and 57.4% are self-certified. The
portfolio has a weighted-average indexed current loan-to-value
ratio of 73.89%.

RMS 26 is the 25th transaction to carry the RMS banner. In
addition, KMC originated Kensington Mortgage Securities PLC's
series 2007-1 and four transactions under the Money Partners
Securities banner. Investec acted as seller in the Landmark
Mortgage Securities No.1 PLC, Landmark Mortgage Securities No.2
PLC, and Gemgarto 2012-1 PLC transactions.

"On the closing date, RMS 26 issued the rated class A1, M1, M2,
B1, and B2 notes. At the same time, the issuer also issued
unrated class R1, R2, and R3 notes. We understand that the issuer
used the class R1, R2, and R3 notes, among other things, to fund
the reserve fund to 3.5% of the collateralized note balance at
closing and redeemed them from residual interest income. The
reserve fund increased to 5% of the collateralized note balance
at closing and is non-amortizing," S&P said.

"KMC acts as mortgage administrator for all of the loans in the
transaction. However, it has delegated its functions to Homeloan
Management Ltd. (HML), which has been designated as back-up
administrator. KMC continues to act as special servicer for the
collateral pool. KMC is a wholly owned subsidiary of Investec
(not rated) and HML is a wholly owned subsidiary of Skipton
Building Society. We rank HML as ABOVE AVERAGE as a primary
mortgage servicer and we do not currently rank KMC's servicing
function," S&P said.


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

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


Residential Mortgage Securities 26 PLC
GBP200 Million Mortgage-Backed Floating-Rate Notes And GBP7.5
Million Non-Mortgage-Backed Notes

Class         Rating            Amount
                              (mil. GBP)

A1            AAA (sf)           150.0
M1            AA (sf)             24.0
M2            A (sf)              14.0
B1            BBB (sf)             8.0
B2            BB (sf)              4.0
R1            NR                   4.0
R2            NR                   3.0
R3            NR                   0.5

NR-Not rated.

ULYSSES PLC: Fitch Lowers Rating on Class C Notes to 'B-(sf)'
Fitch Ratings has downgraded Ulysses (European Loan Conduit No.
27) Plc's class A, B and C notes and affirmed the D and E notes,
as follows:

  -- GBP249m class A (XS0308745107) downgraded to 'BBBsf' from
     'Asf'; Outlook revised to Negative from Stable

  -- GBP76m class B (XS0308747657) downgraded to 'Bsf' from
     'BBsf'; Outlook revised to Negative from Stable

  -- GBP48m class C (XS0308748200) downgraded to 'B-sf' from
     'Bsf'; Outlook Negative

  -- GBP45m class D (XS0308748622) affirmed at 'CCCsf'; Recovery
     Estimate (RE) of RE30% assigned

  -- GBP11m class E (XS0308749356) affirmed at 'CCsf'; RE0%

The downgrades are driven primarily by the asset performance (as
evidenced by the fall in rental income since Fitch's last rating
action in September 2011), the contingent swap liability and the
continued strain of the global financial services, which limit
the occupational demand for the asset and leaves uncertainty over
the re-letting activity for the vacant space.

In January 2012, the fall in rental income in conjunction with
the full utilization of the rental guarantee, resulted in
interest coverage dropping below 1x at the whole loan and at the
securitized loan level.  As a result, the loan was transferred
into special servicing on 14 February 2012.  The income shortfall
has resulted in a total of GBP5.4 million being drawn under the
servicer advance facility (SAF) over the last three interest
payment dates.

In May 2012, the then ongoing restructuring proposals collapsed,
a result of the junior lenders opposing their subordination to
any equity injection.  Fitch understands that the special
servicer is considering alternative options to resolve the loan.

Given the large contingent swap liability, which was circa GBP100
million as of the latest mark-to-market calculation, Fitch does
not expect the special servicer to immediately look to sell the
asset, but rather to manage it in order to improve its
performance.  The swap is set to expire in 2017, and with the
swap breakage costs diminishing as its term shortens, a delay in
sale is considered the most likely scenario.  Fitch estimates
that the swap liability, assuming no significant change in
interest rates in the future, would be below GBP20 million by
2016, one year from the final maturity of the notes.

Vacancy across the asset is 7%, as much of the space vacated by
Macquarie Bank Limited was already sub-let.  This has led to a
whole loan interest-coverage-ratio (ICR) of 0.75x and a senior
loan ICR of 0.95x, down from 1.03x at the last rating action in
2011.  Fitch does not expect the income to decline further, as
none of the major tenants have break options before July
2014.Furthermore, the SAF will ensure that a note event of
default is avoided.

The property, an office space in the City of London, was revalued
at GBP429.3 million in November 2011, resulting in a 35% market
value decline from the closing valuation of GBP660 million in May
2007.  Excluding the contingent swap liability, the loan to value
ratio (LTV) increased to 99.9% on the securitized portion and
124.6% on the whole loan, from 65% and 81.1% respectively at
closing.  Considering swap liabilities, the LTV increases to 123%
and 150% for the senior and whole loans, respectively.

The swap liabilities are a function of the asset sale/enforcement
timing, and an unexpected early security enforcement may result
in higher losses, potentially writing off most of the class D

* UK: Mergers Between Failing NHS Hospitals Won't Work
Sarah Neville at The Financial Times reports that Paul Corrigan,
an ex-health adviser to former prime minister Tony Blair, said
that the policy of encouraging mergers between failing NHS
hospitals does not work and up to 30 should be taken over by the
private sector or be put in the hands of "elite NHS leaders".

According to the FT, Mr. Corrigan said in a pamphlet entitled
Takeover, published by pro-market think-tank Reform, that forcing
underperforming hospitals to merge with others in the same
category simply creates larger underperforming hospitals.

"It is possible to develop a better hospital from the core of a
failing one, but this will only be achieved by a profound and
systemic change to the structure of the hospital," the FT quotes
Mr. Corrigan as saying.  The surest way of achieving that "is not
a merger of equals but the process whereby a very successful
hospital takes over a failing one."

Mr. Corrigan, as cited by the FT, said that with the government
considering what to do about 30 financially underperforming
hospitals, ministers should drive the takeover of such

Mr. Corrigan said that for a takeover to work, the acquiring
organization must change the business model and the working
practices of staff, the FT notes.


* BOND PRICING: For the Week September 24 to September 28, 2012

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

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

ECONOCOM GROUP           4.000     6/1/2016      EUR     22.12

TALVIVAARA               4.000   12/16/2015      EUR     71.46

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

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

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

KAUPTHING                0.800    2/15/2011      EUR     26.50

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

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

Rorvik Timber            6.000    6/30/2016      SEK     68.50

SAS AB                   7.500     4/1/2015      SEK     72.19
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

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

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  Go to 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.

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