/raid1/www/Hosts/bankrupt/TCREUR_Public/121015.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 15, 2012, Vol. 13, No. 205
Headlines
C Y P R U S
BANK OF CYPRUS: Moody's Lowers Rating on Covered Bonds to 'B2'
G E R M A N Y
CENTROTHERM PHOTOVOLTAICS: Submits Reorganization Plan to Court
KIRCHMEDIA GMBH: Bankruptcy Blamed on Failed Walt Disney Sale
PRIME 2006-1: Moody's Reviews B Notes' Caa1 Rating for Downgrade
* GERMANY: Corporate Bankruptcies Up in July, Destatis Says
G R E E C E
FAGE INTERNATIONAL: Moody's Assigns 'B3' CFR/PDR; Outlook Neg.
* GREECE: Resumes Talks with Creditors Over New Bailout Loans
P O L A N D
KATOWICKIE PRZEDSIEBIORSTWO: Files for Bankruptcy in Polish Court
POLIMEX-MOSTOSTAL: Eurometal Files Bankruptcy Petition
R O M A N I A
UZTEL: Romanian Court Okays Reorganization Plan
R U S S I A
ACRON JSC: Moody's Assigns '(P)B1' Rating to Domestic Bonds
GIVA INSURANCE: S&P Assigns 'B' Counterparty Credit Rating
* IVANOVO REGION: Fitch Affirms 'BB-/B' Currency Ratings
S P A I N
NCG BANCO: Fitch Places Cedulas Hipotecarias on Rating Watch Neg.
T U R K E Y
TURKIYE IS BANKASI: Moody's Assigns '(P)Ba2' Sub. Debt Rating
TURKIYE IS BANKASI: Fitch Assigns 'BB+(EXP)' Rating to Sub. Notes
U N I T E D K I N G D O M
LEHMAN BROTHERS: Settlement of Creditor Claims Show Progress
SCIENS CFO: Moody's Downgrades Rating on Class B Notes to 'Ca'
X X X X X X X X
* BOND PRICING: For the Week October 8 to October 12, 2012
*********
===========
C Y P R U S
===========
BANK OF CYPRUS: Moody's Lowers Rating on Covered Bonds to 'B2'
--------------------------------------------------------------
Moody's Investors Service has taken the following rating actions
on various Cypriot covered bond ratings following the downgrades
of the respective issuer ratings:
- Covered bonds issued by Bank of Cyprus Public Company Limited
(BoC), which are backed by Cypriot mortgage loans (BoC Cypriot
Pool CB): downgraded to B2 from Ba3 on review for downgrade;
- Covered bonds issued BoC, which are backed by Greek mortgage
loans (BoC Greek Pool CB): downgraded to B3 from B1 on review
for downgrade;
- Covered bonds issued by Cyprus Popular Bank (CPB), which are
backed by Cypriot mortgage loans (CPB Cypriot Pool CB):
downgraded to B2 from B1 on review for downgrade; and
- Covered bonds issued CPB which are backed by Greek mortgage
loans (CPB Greek Pool CB): downgraded to B3 from B2 on review
for downgrade.
The rating actions conclude Moody's review of the ratings
assigned to the above covered bonds initiated on 15 June 2012.
Ratings Rationale
The rating actions have been prompted by the downgrade of the
respective issuer ratings to Caa1, see press release "Moody's
downgrades three Cypriot Banks" published 9 October 2012.
The covered bond ratings continue to have the same rating uplift
over and above the issuer ratings that they had before the latest
rating action on the Cypriot banks. The covered bonds backed by
Greek assets continue to be rated one notch above the issuer
ratings, and the covered bonds backed by Cypriot assets continue
to be rated two notches above the issuer ratings. The more
limited rating uplift achieved by the bonds backed by Greek
assets takes into consideration the credit strength of the Greek
sovereign, rated C, and the sovereign ceiling for Greece, Caa2.
The uplift of the covered bonds backed by Cypriot assets is
limited by Moody's expected loss modelling.
The TPI assigned to the above transactions remains "Very
Improbable".
KEY RATING ASSUMPTIONS/FACTORS
Covered bond ratings are determined after applying a two-step
process: an expected loss analysis and a TPI framework analysis.
EXPECTED LOSS: Moody's determines a rating based on the expected
loss on the bond. The primary model used is Moody's Covered Bond
Model (COBOL), which determines expected loss as (1) a function
of the issuer's probability of default (measured by the issuer's
rating); and (2) the stressed losses on the cover pool assets
following issuer default.
COVER POOL LOSSES AND OVER-COLLATERALISATION
For each covered bond program below, cover pool losses are the
losses that Moody's currently models if the relevant issuer
defaults (based on data as of 30 June 2012). Additionally, market
risk measures losses as a result of refinancing risk and risks
related to interest-rate and currency mismatches (these losses
may also include certain legal risks). Collateral risk measures
losses resulting directly from the credit quality of the assets
in the cover pool.
--- BoC CYPRIOT POOL CB
The cover pool losses for BoC Cypriot Pool CB are 49.9%. Cover
pool losses can be split between market risk of 36.7% and
collateral risk of 13.2%. Collateral risk is derived from the
collateral score, which for this program is currently 19.7%.
The over-collateralization (OC) in the cover pool is 15.9 %, of
which 11.1% is provided on a "committed" basis. The minimum OC
level that is consistent with the B2 rating target is 0%.
Therefore, Moody's is not relying on "uncommitted" OC in its
expected loss analysis.
--- BoC GREEK POOL CB
The cover pool losses for BoC Greek Pool CB are 46.3%. Cover pool
losses can be split between market risk of 39.6% and collateral
risk of 6.7%. Collateral risk is derived from the collateral
score, which for this program is currently 10.0%.
The OC in the cover pool is 19.3%, of which 17.6% is provided on
a "committed" basis. The minimum OC level that is consistent with
the B3 rating target is 0%. Therefore, Moody's is not relying on
"uncommitted" OC in its expected loss analysis.
--- CPB CYPRIOT POOL CB
The cover pool losses for CPB Cypriot Pool CB are 55.6%. Cover
pool losses can be split between market risk of 39.7% and
collateral risk of 15.9%. Collateral risk is derived from the
collateral score, which for this program is currently 23.8%.
The OC in the cover pool is 15.7 %, of which 5.0% is provided on
a "committed" basis. The minimum OC level that is consistent with
the B2 rating target is 0%. Therefore, Moody's is not relying on
"uncommitted" OC in its expected loss analysis.
--- CPB GREEK POOL CB
The cover pool losses for CPB Greek Pool CB are 46.3%. Cover pool
losses can be split between market risk of 39.6% and collateral
risk of 6.7%.Collateral risk is derived from the collateral
score, which for this program is currently 10.0%.
The OC in the cover pool is 7.3%, of which 5.0% is provided on a
"committed" basis. The minimum OC level that is consistent with
the B3 rating target is 0%. Therefore, Moody's is not relying on
"uncommitted" OC in its expected loss analysis.
For further details on cover pool losses, collateral risk, market
risk, collateral score and TPI Leeway across covered bond
programs rated by Moody's please refer to "Moody's EMEA Covered
Bonds Monitoring Overview", published quarterly. All numbers in
this section are based on the most recent Performance Overview.
TPI FRAMEWORK: Moody's assigns a "timely payment indicator"
(TPI), which indicates the likelihood that timely payment will be
made to covered bondholders following issuer default. The effect
of the TPI framework is to limit the covered bond rating to a
certain number of notches above the issuer's rating.
SENSITIVITY ANALYSIS
The robustness of a covered bond rating largely depends on the
issuer's credit strength.
The TPI Leeway measures the number of notches by which the
issuer's rating may be downgraded before the covered bonds are
downgraded under the TPI framework.
The TPI assigned to all above covered bonds is Very Improbable.
The TPI Leeway for the covered bonds is limited, and thus any
downgrade of any issuer rating may lead to a downgrade of the
relevant covered bonds.
A multiple-notch downgrade of the covered bonds might occur in
certain limited circumstances, such as (1) a sovereign downgrade
negatively affecting both the issuer's senior unsecured rating
and the TPI; (2) a multiple-notch downgrade of the issuer; or (3)
a material reduction of the value of the cover pool.
On 21 August 2012, Moody's released a Request for Comment seeking
market feedback on proposed adjustments to its modelling
assumptions. These adjustments are designed to account for the
impact of rapid and significant country credit deterioration on
structured finance transactions. If the adjusted approach is
implemented as proposed, the rating of the notes affected by the
rating action may be negatively affected.
Rating Methodology
The principal methodology used in these ratings was "Moody's
Approach to Rating Covered Bonds" published in July 2012.
=============
G E R M A N Y
=============
CENTROTHERM PHOTOVOLTAICS: Submits Reorganization Plan to Court
---------------------------------------------------------------
centrotherm photovoltaics AG on Friday submitted its
reorganization and future concept as planned to the District
Court of Ulm. The concept is decisive for the future of the
Group. After being examined by the court, the insolvency plan
will be presented to creditors in the next step, who will then
decide on whether to accept it in a separate discussion and
voting meeting.
"Our aim is maintain centrotherm as an independent company based
on this plan and to guide it towards a successful future.
Ultimately this would benefit everyone involved in the process,"
says the company's own administrator Tobias Hoefer.
If the plan, which aims for the highest possible satisfaction of
creditors, is then accepted by the creditors and confirmed by the
court, the proceedings can be terminated in line with the
regulations of the German Act Relating to the Further
Simplification of the Reorganization of Companies (ESUG), and the
German Insolvency Directive (InsO). centrotherm photovoltaics AG
could then operate again on a solid basis on the market as a
reorganized company and on a fully independent basis.
The same applies for the subsidiaries centrotherm thermal
solutions GmbH & Co. KG and centrotherm SiTec GmbH, which are
currently engaged in their own proceedings and for whom
insolvency plans have also been submitted to the court on time.
Insolvency creditors of the named companies are able to register
their receivables to the court-appointed administrator by
November 5 in order that they participate in the continued
process and are able to decide on the approval of the insolvency
plans. The court has appointed the lawyer Prof. Dr. Martin
Hormann from the anchor Rechtsanwalte legal firm, Ulm, as
centrotherm photovoltaics AG's administrator. The lawyer
Alexander Reus, also from anchor Rechtsanwalte, has been
appointed administrator for the subsidiaries centrotherm thermal
solutions GmbH & Co. KG and centrotherm SiTec GmbH.
About centrotherm photovoltaics AG
centrotherm photovoltaics AG, which is based at Blaubeuren,
Germany, is a a technology and equipment provider for the
photovoltaics sector.
KIRCHMEDIA GMBH: Bankruptcy Blamed on Failed Walt Disney Sale
-------------------------------------------------------------
Karin Matussek at Bloomberg News reports that KirchMedia GmbH,
Leo Kirch's media group, plunged into bankruptcy because time ran
out on a unit's possible sale to The Walt Disney Co.
Bloomberg relates that Dieter Hahn, who worked with Kirch for
almost 20 years, testified on Friday in a EUR2 billion
(US$2.6 billion) case against Deutsche Bank AG that he negotiated
with Disney managers over the 2002 Easter weekend to sell them a
70% stake in ProSiebenSat.1 Media AG for EUR1.3 billion. Mr.
Hanh, as cited by Bloomberg, said that KirchMedia GmbH had to
file for bankruptcy because there wasn't enough time to get
approval from Disney's board.
"We were under enormous time pressure," Bloomberg quotes Mr.
Hahn, 51, as saying at Munich's Higher Regional Court. "Our pre-
insolvency advisors had make it pretty clear we needed a signed
term sheet within a few days or file for bankruptcy."
The case is one of several Kirch lawsuits continuing after his
July 2011 death, Bloomberg discloses. They claim Deutsche Bank
secretly plotted the company's demise, Bloomberg notes.
The court has scheduled another hearing for Nov. 16 when Deutsche
Bank co-chief Juergen Fitschen is set to appear, Bloomberg
relates.
About KirchMedia
Headquartered in Ismaning, Germany, KirchMedia GmbH --
http://www.kirchmedia.de/-- was the country's second largest
media company prior to its insolvency filing in June 2002. The
firm's collapse, caused by a US$5.7 billion debt incurred during
an expansion drive, was Germany's biggest since World War II.
Taurus Holding is the former holding company for the Kirch
group. The case is docketed under Case No. 14 HK O 1877/07 at
the Regional Court of Munich.
PRIME 2006-1: Moody's Reviews B Notes' Caa1 Rating for Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed under review for downgrade
the ratings of the following notes issued by Prime 2006-1 Funding
Limited Partnership:
Issuer: HSH LBBW Prime 2006-1 Funding Limited Partnership
EUR119.6M A Notes, Ba1 (sf) Placed Under Review for Possible
Downgrade; previously on Nov 29, 2011 Downgraded to Ba1 (sf)
EUR15M B Notes, Caa1 (sf) Placed Under Review for Possible
Downgrade; previously on Nov 29, 2011 Downgraded to Caa1 (sf)
Prime 2006-1 Funding Limited Partnership is a German SME CLO
backed by profit participation agreements ("Genussrechte") with
or without loss participations which are all subordinated bullet
loans issued by German small and medium-sized companies.
Ratings Rationale
The rating actions are driven by the recent credit deterioration
observed in the underlying pool. This deterioration is evidenced
by increased defaults and the consequential reduction of the
overcollateralization ("OC") levels. Moody's also notes that the
transaction is exposed to high jump to default risk, due to
portfolio non granularity. The four largest obligors, each with
EUR 15M exposure, comprise 48% of the performing par. Moody's
calculates the performing par of the current portfolio as EUR
124M, excluding issuers that have defaulted, insolvent or are
close to default.
Moody's expects to conclude this review when the new manager 2012
annual report is received and analyzed by the end of the calendar
year.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by uncertainties of
credit conditions in the general economy, especially as all
obligors are concentrated in Germany.
The methodologies used in this rating were "Moody's Approach to
Rating CDOs of SMEs in Europe" published in February 2007, and
"Moody's Approach to Rating Collateralized Loan Obligations"
published in June 2011.
No cash flow analysis, sensitivity or stress scenarios have been
conducted as the decision to place these ratings under review for
possible downgrade was derived from the observed credit
deterioration of the underlying pool.
In addition to the quantitative factors, qualitative factors are
part of the rating committee considerations. These qualitative
factors include the structural protections in each transaction,
the recent deal performance in the current market environment,
the legal environment, specific documentation features, and the
potential for selection bias in the portfolio. All information
available to rating committees, including macroeconomic
forecasts, input from other Moody's analytical groups, market
factors, and judgments regarding the nature and severity of
credit stress on the transactions, may influence the final rating
decision.
On August 21, 2012, Moody's released a Request for Comment
seeking market feedback on proposed adjustments to its modelling
assumptions. These adjustments are designed to account for the
impact of rapid and significant country credit deterioration on
structured finance transactions. If the adjusted approach is
implemented as proposed, the rating of the notes affected by the
rating action may be negatively affected.
* GERMANY: Corporate Bankruptcies Up in July, Destatis Says
-----------------------------------------------------------
Christopher Lawton at The Wall Street Journal reports that
official data released Friday showed German corporate
bankruptcies jumped in July from a year ago, a lagging indicator
that growth in the euro zone's largest economy is slowing amid a
financial crisis in the region.
According to the Journal, the number of companies that declared
themselves insolvent, and therefore unable to discharge
liabilities, increased 1.9% in July to 2,580, not including the
German state of Saarland.
Destatis, the German Federal Statistics Office, said that before
the start of this year, company bankruptcies decreased in annual
terms every month from September 2010, the Journal discloses.
===========
G R E E C E
===========
FAGE INTERNATIONAL: Moody's Assigns 'B3' CFR/PDR; Outlook Neg.
--------------------------------------------------------------
Moody's Investors Service assigned a B3 corporate family rating
(CFR) and a B3 probability of default rating (PDR) to the new
parent company of Fage, FAGE International S.A. Moody's has also
assigned a B3 rating (LGD4) to Fage's existing unsecured bonds
(due 2015 and 2020, respectively). Concurrently, the rating
agency has withdrawn the CFR, PDR and instrument ratings for Fage
Dairy Industry S.A., the previous parent company, due to
reorganization. The outlook on all ratings is negative.
The announcement follows a multi-step corporate restructuring by
Fage largely completed on October 1, 2012. The first step, which
completed on September 25, 2012, transferred all of Fage's non-
Greek subsidiaries to a newly formed Luxembourg subsidiary, FAGE
Luxembourg S.a.r.l, from Fage Dairy Industry S.A. ('Fage
Greece'), the Greek subsidiary and former parent company of Fage
(B3 negative immediately prior to the restructuring). The second
step was the formation, on October 1, 2012, of a new Luxembourg
corporation, FAGE International S.A., which became the parent of
FAGE Luxembourg S.a.r.l and Fage Dairy Industry S.A. At the same
time, FAGE International S.A. replaced Fage Dairy Industry S.A.
as sole issuer of the 2015 bond and co-issuer of the 2020 bond.
Fage Dairy Industry S.A. is now a guarantor of both bonds and
also becomes a material subsidiary under both indentures. Moody's
notes that the final step in the restructuring will occur on or
around November 1, 2012, when FAGE Luxembourg S.a.r.l (the
current intermediate holding company of the non-Greek
subsidiaries) is merged into FAGE International S.A. Moody's
understands that going forward the company's accounts will be
published at FAGE International S.A. level and that the reporting
currency will henceforth be USD.
Moody's notes that the corporate reorganization is yet to be
fully completed but assumes that it will proceed as planned with
the absence of material credit-negative consequences (e.g.,
security and guarantor network perfected as envisaged and with
the absence of cash leakage either through a dividend to
shareholders or through materially increased tax payments, as a
result of the new group structure).
Ratings Rationale
"Moody's assignment of a B3 CFR to Fage reflects its small size
as well as its exposure to the Greek economy, which has led to
the company's Greek sales, as a percentage of overall sales,
falling to 31.6% as of the first half of financial year 2012 from
43.3% in the first half of financial year 2011," says Andreas
Rands, a Moody's Vice President - Senior Analyst and lead analyst
for Fage.
More positively, the rating is supported by Fage's strong growth
in international sales, primarily in the US, which is currently
offsetting the revenue decline in Greece. In the financial year
(FY) 2011, Fage's overall sales grew by 13.8%, reflecting growth
of 41.4% in international sales and exports, despite a decline of
9.4% in Greece. The first six months of FY 2012 demonstrated
similar trends, with overall sales up by 10.9% versus the same
period last year. Fage's exports and international sales rose by
39.3%, while its Greek sales fell 23.1%. Moody's expects that the
key driver of international sales growth, Fage's US business,
will continue to deliver solid results as volumes with national
supermarkets increase.
Moody's notes a continued deterioration in Fage's Greek business
in light of the worsening macro-economic environment in that
country. This is due to a combination of customers migrating to
cheaper private-label products, resulting in loss of market
share, as well as increased liquidity issues at retailers causing
the company to cease trading with some partners. Given the
continuation of austerity measures in Greece, Moody's expects
these negative performance trends to worsen during the coming
quarters, thereby increasing the company's reliance on its
international sales.
The outstanding EUR101.5 million unsecured notes issued by Fage
and the US$150 million unsecured notes issued jointly by Fage and
Fage USA Dairy Industry Inc. (Fage USA), a subsidiary of Fage,
are rated at B3. The notes are rated at the same level as the CFR
given the absence of secured debt in Fage's capital structure.
Following the corporate restructuring on October 1, 2012, the
credit risk of the bonds transferred to Fage from the previous
parent, Fage Greece. Moody's considers that the credit risk of
the bonds will remain largely the same post-restructuring, as the
same operating subsidiaries are responsible for servicing Fage's
rated debt obligations. Nevertheless, by removing the Greek
subsidiary as issuer and co-issuer under the bonds, Moody's
believes that the risk of redenomination of its rated debt
instruments in the event of a Greek euro area exit should be all
but eliminated.
In any case, prior to the restructuring, Moody's considered that
there was limited risk of a redenomination of Fage's rated debt
should Greece exit the euro area, as detailed in the Issuer
Comment published July 10, 2012. In that comment, Moody's noted
that both of Fage's rated bonds (namely its EUR101.5 million of
senior unsecured notes due 2015 and the US$150 million of senior
unsecured notes due 2020, which make up all of the debt rated by
Moody's) were governed by the laws of the State of New York, and
that remains the case after the corporate restructuring.
Therefore, Moody's believes that these bonds have an even further
reduced risk of redenomination and, in turn, of immediate default
in the event of a Greek euro exit. Nevertheless, Moody's notes
that Fage has access to EUR12 million of local credit lines that
are currently drawn and are governed by Greek law, where the
rating agency believes that the risk of redenomination is higher,
but these facilities are small relative to Fage's total debt.
A redenomination of euro-denominated credit facilities may
trigger a default under Moody's definition. It may also induce
credit-risk affecting events that could lead to a default of the
credit facilities and the bonds. While Moody's acknowledges that
the risk of a currency redenomination in Greece is significant,
this is not currently the rating agency's central scenario, as
detailed in its Special Comment published on June 1, 2012. In
summary, Moody's considers that the exposure of Fage's bond
investors to a redenomination remains limited overall, and
further reduced by the corporate restructuring.
Fage's cash on the balance sheet amounted to around EUR33.2
million as of June 30, 2012. Moody's considers the company's
liquidity profile to be adequate at this point. However, Moody's
cautions that Fage has a degree of exposure to Greek banks and
cash collection in Greece, even though the rating agency
understands that the company's banking relationships are
primarily with international banks. In addition, Fage's liquidity
and free cash flow are constrained by the company's large capital
expenditure program for the expansion of its American factory and
potential negative swings in working capital. Furthermore,
Moody's stresses that access to new financing may prove to be
challenging in the current economic context.
Moody's expects that Fage will continue to use its cash flow to
deleverage and improve its credit metrics. The negative outlook
on the ratings reflects the rating agency's expectation that the
negative operating performance trend in the company's Greek
operations will continue for the foreseeable future. However,
Moody's continues to believe that Fage's US operations will
offset these negative performance trends and that the company
will maintain an adequate liquidity profile, which the rating
agency will closely monitor. The increased likelihood of a
further, disorderly, default by Greece, and possibly even of the
country exiting the euro area, could exert further pressure on
Fage's operating performance and debt-servicing capacity. For the
outlook to be stabilized, Fage would need to maintain an adjusted
gross debt/EBITDA ratio below 4.5x on a sustainable basis. In
addition, Moody's would require evidence of a reduction in the
risk of (1) a further deterioration in Fage's results in Greece;
and (2) Greece's exit from the euro area.
What Could Move The Rating Down/Up
Downward pressure on Fage's ratings could develop in the event of
a weakening in its competitive position in Greece or slower
growth in international sales, such that the company exhibits (1)
low-single-digit EBITDA margins; (2) negative free cash flow
generation; (3) a debt/EBITDA ratio above 4.5x on a sustainable
basis; and/or (4) tighter liquidity. Although Greece's exit from
the euro area is not Moody's central scenario, should it occur,
additional negative pressure could be exerted on Fage's ratings
to the extent that its Greek operations and debt-servicing
capacity were significantly impaired.
Conversely, although unlikely in the near term, positive pressure
on the ratings would require evidence of continued growth in the
company's export markets, which would offset margin pressure in
Greece and lead to EBITDA margins above 10%, positive free cash
flow generation and debt/EBITDA trending to below 3.5x on a
sustainable basis. To consider a rating upgrade, Moody's would
also require evidence of a material reduction in the risk of (1)
a further deterioration in Fage's results in Greece; and (2)
Greece's exit from the euro area. Moody's will also consider the
company's liquidity position as a key driver of a positive
action.
PRINCIPAL METHODOLOGY
The principal methodology used in rating FAGE International S.A.
was the Global Packaged Goods Industry Methodology published in
July 2009. Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.
FAGE International S.A. is the parent company of Fage, which
manufactures and markets dairy products in Greece, North America,
UK, Italy and Germany. While the business was founded in Greece
in 1926, it has significantly diversified its revenues into other
geographies (notably the US) over the past 10 years. In Greece,
Fage is the market leader for branded yoghurts, the third-ranked
player in packaged cheese, the fourth-ranked player in high-
temperature pasteurized white milk (ESL milk) and dairy desserts,
and the fifth-ranked player in UHT milk and milk cream. In the
US, Fage is a niche player and focuses on branded yoghurts. The
Filippou family, which founded the company, still retains full
control. Fage reported EUR385.2 million in revenues for the year
ended December 2011.
* GREECE: Resumes Talks with Creditors Over New Bailout Loans
-------------------------------------------------------------
Xinhua reports that debt-crippled Greece resumed a fresh round of
talks with representatives of international creditors in Athens
on Wednesday evening over the conditions for the release of new
bailout loans in November and the two-year extension of the harsh
fiscal adjustment program.
According to Xinhua, Greek Finance Minister Yannis Stournaras
held a new meeting with auditors of European Union and the
International Monetary Fund lenders as he sought to finalize a
new EUR13.5-billion (about US$17.4 billion) austerity package for
2013-2014 demanded before the disbursement of a EUR31.5 billion
tranche of rescue loans.
Following a Eurogroup meeting in Luxembourg and the visit this
week by German Chancellor Angela Merkel who acknowledged the
"substantial progress" made from Athens recently and urged more
efforts to meet pledges before it receives further financial and
political support, Mr. Stournaras appeared confident that the
funds could be unlocked in November, Xinhua notes.
Athens, Xinhua says, hopes to finalize the new austerity measures
and push ahead with the bulk of 89 structural reforms outlined
during today's Eurogroup meeting as "prior actions" before the
October 18 EU summit or a subsequent emergency Eurogroup meeting
in order to secure the vital loans.
Without the fresh aid, Greece could run out of cash in January,
according to the latest estimates in Athens, and sink into a
disorderly default which could lead to the country's exit from
euro, Xinhua states.
A two-year extension, according to Mr. Stournaras, would cost
some 12-15 billion euros, which could be covered without relying
on more financial help from European counterparts, Xinhua notes.
Athens argues that the funding gap could be resolved through the
issuance of more Greek treasury bills, the use of already
approved loans from IMF and a reduction on the interest rates of
loans of the first bailout deal, Xinhua discloses.
===========
P O L A N D
===========
KATOWICKIE PRZEDSIEBIORSTWO: Files for Bankruptcy in Polish Court
-----------------------------------------------------------------
Helen Wright at Construction Europe reports that Katowickie
Przedsiebiorstwo Budownictwa Przemyslowego (Budus) has filed for
bankruptcy in the District Court of Katowice.
The company gave no reason for its change of fortunes in its
bankruptcy petition, Construction Europe notes.
In its bankruptcy petition, Budus is seeking to reduce claims
against it by 40% and pay its debtors in 20 installments,
Construction Europe discloses. According to Construction Europe,
the company reported a second quarter net loss of PLN80,000
(EUR44,000) on revenues of PLN104.8 million (EUR25.7 million),
compared to a net profit of PLN2.5 million (EUR600,000) and
revenues of PLN93.4 million (EUR22.9 million) for the same period
last year.
Katowickie Przedsiebiorstwo Budownictwa Przemyslowego is a Polish
contractor.
POLIMEX-MOSTOSTAL: Eurometal Files Bankruptcy Petition
------------------------------------------------------
Polska Agencja Prasowa reports that Polimex-Mostostal said in a
market filing that Eurometal, one of its creditors, filed a
petition for the district court in Warsaw to declare Polimex
bankrupt and order its liquidation.
According to PAP, the filing said that to Polimex's knowledge,
the motion is presently not being processed due to formal
deficiencies but the company has nevertheless taken legal steps
to torpedo the motion.
Polimex-Mostostal is a Polish builder.
=============
R O M A N I A
=============
UZTEL: Romanian Court Okays Reorganization Plan
-----------------------------------------------
SeeNews reports that a Romanian court has endorsed the
reorganization plan of insolvent Uztel.
According to SeeNews, Ploiesti-based Euro Insol Consulting, the
company's court-appointed administrator, said in a statement on
Wednesday that the reorganization plan approved by the court of
the Romanian southwestern county of Dolj provides for the
repayment of all outstanding debt of Uztel worth RON70.1 million
(US$19.8 million/EUR15.3 million ) based on a three-year
quarterly schedule.
Uztel was declared insolvent in September 2010, SeeNews recounts.
Data from the Bucharest Stock Exchange indicated that the company
posted a net profit of 763,500 lei in the first six months of
2012, compared to a net loss of 3.2 million lei a year earlier,
SeeNews discloses.
Uztel is a local oilfield equipment producer.
===========
R U S S I A
===========
ACRON JSC: Moody's Assigns '(P)B1' Rating to Domestic Bonds
-----------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B1 rating
with a loss given default (LGD) assessment of LGD4/52% to the
proposed issuance of three-year domestic bonds totalling RUB5
billion (US$160 million) by JSC Acron, one of the world's leading
producers of nitrogen fertilizers. Acron will use the proceeds
from the bonds placement to refinance its existing short-term
debt. The outlook on the rating is stable.
Ratings Rationale
"The bond rating -- at the same level as Acron's corporate family
rating -- assumes that the instrument will rank pari passu to
other senior unsecured debt instruments in the group's capital
structure," says Sergei Grishunin, a Moody's Associate Vice
President - Analyst and lead analyst for Acron. The group
predominantly uses unsecured and pre-export types of financing
for its operating activities and capital investment purposes.
Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings represent only the rating
agency's preliminary opinion. Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the bonds. A definitive rating
may differ from a provisional rating.
Acron's B1 corporate family rating (CFR) reflects (1) the modest
size and limited diversification of the group compared with its
global peers, which is nevertheless sufficient for realising
economies of scale and effective regional competition; (2) the
ongoing capacity expansion and development of the group's own
mineral base and the associated investment commitments, all of
which suggest negative free cash flow in the next 12-18 months;
(3) the seasonality and cyclicality of the fertilizer industry,
which is typical for the global peer group; (4) risks associated
with Acron's concentrated ownership structure, which is mitigated
to an extent by the presence of independent directors and the
group's compliance with the London Stock Exchange listing rules;
and (5) the potential for government regulation (through price
caps or export quotas), which is typical for this segment.
Conversely, Acron's rating is supported by (1) its competitive
global cost position, driven by lower raw material costs in
Russia, the scale of its key production facilities and its low
fixed component costs, which are typical for nitrogen fertilizer
producers; (2) the group's broad range of products, albeit it is
focused on, and has a market leadership position in, more value-
added complex nitrogen fertilizers; (3) the limited degree of
competition in the group's key markets, with high barriers to
entry to the Russian market (dominated by domestic low-cost
producers) and the Chinese market (open to domestic producers
only), which is supported by Acron's established own distribution
and marketing network in Russia and China; (4) the expected
strengthening of Acron's business profile through vertical
integration in phosphates following the launch of its greenfield
phosphate mine in July 2012, which will boost the group's
profitability and improve its revenue quality; (5) the group's
conservative management and prudent financial policy; and (6)
Moody's positive view of the long-term business fundamentals of
the agrichemicals sector.
The stable outlook on the rating reflects Moody's positive view
of the current dynamics of mineral fertilizer markets, which
should continue to support Acron's operating performance over the
next 12-18 months. The outlook also reflects Moody's expectation
that (1) Acron's business profile will become stronger as a
result of the group's vertical integration in phosphates
following the launch of its phosphate mine in July 2012; and (2)
the group will continue to maintain its solid liquidity profile
and proactively manage its debt portfolio.
What Could Change The Rating Up/Down
Upward pressure will be exerted on the rating if Acron is able to
demonstrate a robust operating performance and execute its
ongoing expansion program, such that its profitability and cash
flow generation improve to the extent that the group exhibits a
retained cash flow (RCF)/debt ratio in the mid-20s in percentage
terms on a sustainable basis and positive free cash flow.
Moody's would consider downgrading Acron's ratings as a result of
(1) a change in business or financial policies; (2) the group
experiencing difficulties in executing its expansion program that
lead to a sustained deterioration in operating cash flow
generation and/or an increase in leverage, with RCF/debt in the
high teens in percentage terms on a sustained basis; and/or (3) a
deterioration in the group's liquidity position.
Principal Methodology
The principal methodology used in rating JSC Acron was the Global
Chemical Industry Methodology published in December 2009. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.
Based in Russia, Acron is the sixth-largest fertilizer producer
by revenue in Europe. The group's key business segments include
ammonia, nitrogen and complex mineral fertilizers, as well as
organic and non-organic compounds. Acron operates three major
production facilities and has its own logistics infrastructure
and international trading network. In 2011, Acron generated
revenues of RUB65.4 billion (US$2.2 billion) and adjusted EBITDA
of RUB21.8 billion (US$744 million).
GIVA INSURANCE: S&P Assigns 'B' Counterparty Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
financial strength and counterparty credit ratings and 'ruA-'
Russia national scale rating to Giva Insurance Company LLC
(Giva). The outlook is stable.
Standard & Poor's considers Giva to be a core company to Pomosch
Insurance Company Ltd. (IC Pomosch; B/Stable/--; Russia national
scale 'ruA-'), owing to its operational, strategic, and financial
integration. Giva and IC Pomosch are controlled by the Loktaev
family.
"In our opinion, Pomosch and Giva are highly integrated. The
companies share the same management team, operational functions,
and risk controls. We note that Giva operates more as a
department of IC Pomosch by providing insurance and reinsurance
products for corporate clients of IC Pomosch. We also note that
reciprocal reinsurance treaties are in place between the two
companies," S&P said.
"The shareholders have a history of commitment to Giva. They
increased its share capital to Russian ruble (RUB) 621 million
(about US$20 million) in 2011 from RUB121 million in 2010 due to
new regulatory capital requirements that took effect on Jan. 1,
2012. Giva constitutes a significant proportion (62%) of the IC
Pomosch's share capital. Based on our capital model, Giva's
capital adequacy ratio is calibrated somewhat above the rating on
IC Pomosch," S&P said.
"We expect that Giva will be sufficiently capitalized relative to
its risk profile and shareholders will remain committed to the
development of the company in the future," S&P said.
"Giva was bought in 2009. Giva's gross premiums written (GPW) in
2011 amounted to about US$0.6 million, which is less than 1.5% of
GPW generated by IC Pomosch. However, we expect premiums to
continue to grow by about 30% in 2012-2013," S&P said.
The stable outlook reflects that on IC Pomosch. As such, any
change to the ratings on IC Pomosch could trigger a similar
rating action on Giva.
"If we were to revise Giva's status from 'core', we could lower
the ratings. A status revision could result from Giva's ceasing
to operate as a department within IC Pomosch, or if Giva's
business profile changed significantly, or if Giva were to
substantially reduce capital levels, experience ongoing
deterioration in earnings, or if the reciprocal reinsurance
treaties ceased to exist," S&P said.
* IVANOVO REGION: Fitch Affirms 'BB-/B' Currency Ratings
--------------------------------------------------------
Fitch Ratings has revised Russia's Ivanovo Region's Outlook to
Negative from Stable. Fitch has also affirmed the region's Long-
term foreign and local currency rating at 'BB-', its Short-term
foreign currency rating at 'B' and National Long-term rating at
'A+(rus)'.
The Outlook revision reflects the agency concern over the
region's weak operating performance, poor debt coverage and the
local economy's small size with wealth indicators well below
average. The ratings also take into account the still moderate,
albeit growing, direct debt, and moderate refinancing risk as a
result of improving debt management and sound liquidity.
Fitch notes that the region's inability to cover its debt
servicing needs from its own sources (operating balance and cash
reserves) and/or a significant increase in short-term direct debt
leading to high refinancing pressure would lead to a downgrade.
Fitch forecasts the region's budgetary performance will remain
weak in 2012 with a negative operating balance equal to 0.5% of
operating revenue. This is due to operating expenditure pressure
driven by promises made during the elections of 2011-2012 which
were not compensated by tax revenue and current transfers from
the federal budget growth. Additional responsibilities on
medical care also fuelled an increase in expenditure. Operating
balance will gradually improve in 2013-2014 but remain weak.
Weak self-financing capacity for capital outlays makes Ivanovo
highly dependent on federal capital grants for capex financing.
Capital revenue, comprised of capital transfers from the federal
budget, covered about 75% of capex in 2011. Current transfers
also play an important role and accounted for 47% of operating
revenue in 2011. However, the transfers stabilize the region's
budgetary performance and smooth out the effects of negative
economic cycles.
Ivanovo has weak debt coverage due to its negative operating
balance, so the region relies significantly on external financing
for capital expenditure. The region recorded a high rate of debt
increase in the past two years albeit from a low level and the
debt burden remains moderate. Fitch forecasts direct risk to
increase to about RUB7.5bn or 29% of current revenue in 2012 and
gradually increase to 35%-40% of current revenue in 2013-2014.
The region improved its debt management in 2012 and began to rely
on medium term borrowing instead of short-term one-year bank
loans as in 2011. Fitch estimates the refinancing needs of the
region as low in 2012 and 2013. The region has already made all
repayments for 2012 and refinancing needs in 2013 are about 15%
of expected full-year direct risk. The peak of refinancing falls
in 2014 when the region needs to repay about RUB3.6bn.
The region accumulated a significant RUB2.35bn cash balance at 1
January 2012. Fitch expects that this accumulated cash will
cover up to 60% of its budget deficit in 2012, which will limit
any direct risk increase.
The Ivanovo Region is located in the central part of European
Russia. Its capital, the City of Ivanovo, is 275km north-east of
Moscow. The region's socio-economic profile is weaker than the
average Russian region. With a population of 1.1 million (0.7%
of the national population) it contributed 0.3% of Russia's gross
regional product.
=========
S P A I N
=========
NCG BANCO: Fitch Places Cedulas Hipotecarias on Rating Watch Neg.
-----------------------------------------------------------------
Fitch Ratings has placed NCG Banco's (NCG Banco, 'BB+'/RWN/'B')
Cedulas Hipotecarias (CH; mortgage covered bonds) on Rating Watch
Negative (RWN).
The rating action follows the placement of NCG Banco's Long-term
Issuer Default Rating (IDR) on RWN. The resolution of the RWN on
the covered bond ratings will depend on NCG's recapitalization
plan and the resolution of the RWN on NCG Banco's IDR.
The CH rating is mainly based on NCG Banco's Long-term IDR of
'BB+'/RWN, the Discontinuity Cap (D-Cap) assessment of 1 (very
high risk) and the overcollateralization (OC) ratio of 72% that
Fitch takes into account within its analysis.
As of August 2012, NCG Banco's total CH amounted to EUR11.96bn
and were secured over the bank's total mortgage cover pool of
EUR26.27bn, resulting in a total OC of 120%. According to
Fitch's covered bond criteria, for Spanish issuers rated below
'F2' and in the absence of contractual minimum levels of OC, the
agency applied a 30% haircut on the lowest OC observed of the
last 12 months (103%) to derive a total OC credited level of 72%
within its analysis, assuming a static mortgage pool composition.
The 'BBB+' rating on NCG's CH would be vulnerable to a downgrade
if the issuer's IDR was downgraded, or the program OC dropped
below Fitch's breakeven OC ratio of 68%. In Fitch's view,
sizeable reductions in the amount of mortgage loans securing CH
are likely to occur for Spanish issuers that transfer mortgages
to the Asset Management Company when it is established. This
would cause a drop in OC ratios, but could partly be offset by
the lower risk of the remaining cover pool. The agency will
investigate the resulting effect upon clarification of the
profile of the assets to be transferred.
The Fitch breakeven OC for a given covered bonds rating will be
affected, among others, by the profile of the cover assets
relative to outstanding covered bonds, which can change over
time, even in the absence of new issuances. Therefore it cannot
be assumed to remain stable.
===========
T U R K E Y
===========
TURKIYE IS BANKASI: Moody's Assigns '(P)Ba2' Sub. Debt Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a first-time provisional
(P)Ba2 foreign-currency subordinated debt rating to the proposed
senior subordinated debt issuance by Turkiye Is Bankasi AS
(Isbank). The proposed debt instrument is expected to be eligible
for Tier 2 capital treatment under Turkish law. The outlook is
stable.
Ratings Rationale
Isbank's provisional subordinated debt rating is positioned one
notch below the bank's adjusted standalone credit assessment, and
does not incorporate any rating uplift from systemic (government)
support.
Moody's believes that at present, there is a strong prudential
bank-supervisory framework in Turkey. The regulator has extensive
intervention tools available to preserve a bank's solvency and
financial stability within the banking system, although within
Turkey, imposing losses on bank creditors outside of a
liquidation scenario is untested. However, if future regulatory
intervention is required to support Turkish banks, Moody's
believes that the Turkish frameworks for bank resolution could
develop further, similar to the policy initiatives in numerous
banking systems, particularly in Europe.
These frameworks provide for burden sharing of bank bailouts with
bank creditors, in particular affecting junior classes of bank
securities. As a result, Isbank's subordinated debt rating does
not incorporate any uplift from systemic support (For more
detail, please refer to Moody's special comment entitled
"Supported Bank Debt Ratings at Risk of Downgrade Due to New
Approaches to Bank Resolution", 14 February 2011).
What Could Move The Rating Up/Down
The subordinated debt rating is notched off the standalone credit
assessment. Therefore, any upwards or downwards pressure on the
bank's standalone credit profile will result in a similar rating
action on the bank's subordinated debt.
Principal Methodolgies
The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.
TURKIYE IS BANKASI: Fitch Assigns 'BB+(EXP)' Rating to Sub. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Turkiye Is Bankasi A.S.'s (Isbank)
upcoming USD issue of subordinated notes an expected 'BB+(EXP)'
rating.
Isbank has a Long-term foreign and local currency Issuer Default
Rating (IDR) of 'BBB-'/Stable, a Short-term foreign and local
currency IDR of 'F3', Viability Rating of 'bbb-', Support Rating
of '3', Support Rating Floor of 'BB' and a National Long-term
rating of 'AAA(tur)'/Stable.
Isbank is the largest bank in Turkey with a 14% share in assets
and a broad and diversified franchise. Isbank Group is a
financial conglomerate, where Isbank is the main financial body.
The bank is 40.73% owned by the Isbank Pension Fund and 31.18% is
broadly held at end-H112. A 28.09% stake (commonly known as the
Ataturk shares) is held by the Republican People's Party.
===========================
U N I T E D K I N G D O M
===========================
LEHMAN BROTHERS: Settlement of Creditor Claims Show Progress
------------------------------------------------------------
Lehman Brothers Europe's UK administrators have issued their
eighth updated report to creditors of LBIE, the largest and most
complex of the failed Lehman group companies operating in the UK.
On the 4th anniversary of the collapse, the administrators report
that considerable progress has been made recently towards
settlement of huge claims that had been made by other Lehman
companies. There remains billions of pounds worth of other
claims that the administrators continue to work on.
The announcement of an agreement in principle was made on
October 5, settling US$38 billion of claims between LBIE and LBI,
its fellow broker/dealer in New York. On the same day, the
Administrators also announced that they had signed an agreement
with the liquidators of LB Luxembourg, settling GBP11.8 billion
of claims. The Administrators plan their first distribution to
unsecured creditors at the end of November and will announce the
exact size of the distribution nearer the time.
Tony Lomas, lead administrator and partner at PwC, said: "While
we have already successfully returned more than GBP13.5 billion
of securities and cash to LBIE clients from segregated accounts
over the past four years, there have been huge obstacles
preventing us from making a first distribution from the general
estate to unsecured creditors. Through the combined efforts of
the remaining 500 Lehman employees and a team of PwC specialists,
we have reached a point where we can begin to return the general
estate funds to unsecured creditors.
"While there remains a vast amount of work still to be done
collecting in Lehman's assets, agreeing complex creditor claims
and recovering segregated securities and cash for clients, this
next step represents a major milestone in the winding down of
Lehman's affairs in the UK. We expect the next significant
milestone to be the payment of a first distribution from the
separate Client Money Pool in the first half of 2013, followed by
the recovery of circa US$8 billion of segregated securities and
cash from LBI, for repatriation to clients."
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States. For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history. Several other affiliates followed
thereafter.
Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.
On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.
The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion. Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees. Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.
Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history. Lehman is set to make its first payment to creditors
under its $65 billion payout plan on April 17, 2012.
SCIENS CFO: Moody's Downgrades Rating on Class B Notes to 'Ca'
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of two notes
issued by Sciens CFO I Limited. The notes affected by the rating
action are as follows:
Issuer: Sciens CFO I Limited
EUR121.2M (currently EUR6.9M outstanding) Class A Floating
Rate Notes due 2014, Downgraded to B1 (sf); previously on
May 19, 2011 Downgraded to Ba1 (sf)
EUR21M Class B Floating Rate Notes due 2014, Downgraded to
Ca(sf); previously on May 19, 2011 Downgraded to Caa2 (sf)
Sciens CFO I Limited, a Jersey based SPV, issued five classes of
notes in December 2006. The net proceeds, after deduction of any
costs payable, were invested in shares of the "Sciens CFO I
Feeder Fund Limited" and ultimately exposed to the performance of
the underlying hedge-funds in which the Sciens CFO I Feeder Fund
Limited is invested.
Ratings Rationale
The rating actions result primarily from the evolution of the net
asset value (NAV) and its volatility, and the uncertainty of the
future liquidity profile.
Since the last rating action in May 2011, the net asset value
(NAV) decreased by roughly EUR30 million to EUR22.6 million as of
August 2012. Over the same period Class A has amortized only by
EUR14 million to EUR6.9 million. The large shortfall between the
reduction in NAV and Class A amortization during this period
highlights the constraints faced by the manager in monetizing the
investments in the fund to repay the outstanding notes. Moreover,
observing the evolution of the liquidity tests, which are a main
indicator of the likelihood of obtaining timely future repayments
on the notes, Moody's observes a material worsening of the
liquidity profile with only 21% of assets reported with a
liquidity of less than six month compared to 50% in May 2011. The
unpredictability of the NAV evolution and the worsening of the
liquidity profile affect the credit quality of Class A even
though it appears to have a robust and improving
overcollateralization based purely on the reported NAV.
Moody's looked at additional sensitivity, such as giving full
credit to the current NAV. However even in this optimistic
scenario it seems unavoidable that the Class B noteholders would
suffer a loss. Moody's observed additionally that any delay in
the liquidation of the collateral will further negatively affect
the notes due to the ongoing administrative costs which are
slowly reducing available proceeds to repay the noteholders.
The principal methodology used in this rating was Moody's
Approach to Rating Collateralized Funds of Hedge Fund Obligations
published in July 2003. Other factors used in this rating are
described in Moody's Approach to Rating Structured Finance
Securities in Default published in November 2009.
No additional cash flow analysis or stress scenarios have been
conducted as the current ratings are driven by the change in OC
levels and the projected and realized liquidity profiles. This
approach deviates from the model used at the inception of the
transaction which simulates the net asset value evolution based
on the covenanted characteristics of the portfolio.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by continued uncertainties in
the NAV and liquidity profile.
In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record,
and the potential for selection bias in the portfolio. All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week October 8 to October 12, 2012
----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
A-TEC INDUSTRIES 8.750 10/27/2014 EUR 25.00
A-TEC INDUSTRIES 2.750 5/10/2014 EUR 25.00
IMMOFINANZ 4.250 3/8/2018 EUR 4.19
RAIFF CENTROBANK 5.097 1/23/2013 EUR 70.84
RAIFF CENTROBANK 8.920 1/23/2013 EUR 64.16
RAIFF CENTROBANK 7.965 1/23/2013 EUR 55.44
RAIFF CENTROBANK 9.304 1/23/2013 EUR 59.38
RAIFF CENTROBANK 7.646 1/23/2013 EUR 46.84
RAIFF CENTROBANK 9.558 1/23/2013 EUR 69.27
RAIFF CENTROBANK 9.876 1/23/2013 EUR 55.30
RAIFF CENTROBANK 8.907 7/24/2013 EUR 70.19
RAIFF CENTROBANK 11.134 7/24/2013 EUR 67.97
RAIFF CENTROBANK 10.000 7/24/2013 EUR 73.84
RAIFF CENTROBANK 9.200 7/24/2013 EUR 68.25
BELGIUM
-------
ECONOCOM GROUP 4.000 6/1/2016 EUR 22.83
FRANCE
------
AIR FRANCE-KLM 4.970 4/1/2015 EUR 11.95
ALCATEL-LUCENT 5.000 1/1/2015 EUR 2.54
ALTRAN TECHNOLOG 6.720 1/1/2015 EUR 5.59
ASSYSTEM 4.000 1/1/2017 EUR 22.53
ATOS ORIGIN SA 2.500 1/1/2016 EUR 57.75
CAP GEMINI SOGET 3.500 1/1/2014 EUR 38.95
CGG VERITAS 1.750 1/1/2016 EUR 32.20
CLUB MEDITERRANE 6.110 11/1/2015 EUR 18.07
EURAZEO 6.250 6/10/2014 EUR 54.03
FAURECIA 3.250 1/1/2018 EUR 18.29
FAURECIA 4.500 1/1/2015 EUR 19.75
INGENICO 2.750 1/1/2017 EUR 47.17
MAUREL ET PROM 7.125 7/31/2015 EUR 16.35
MAUREL ET PROM 7.125 7/31/2014 EUR 17.65
NEXANS SA 2.500 1/1/2019 EUR 68.14
NEXANS SA 4.000 1/1/2016 EUR 56.84
ORPEA 3.875 1/1/2016 EUR 47.58
PEUGEOT SA 4.450 1/1/2016 EUR 23.13
PIERRE VACANCES 4.000 10/1/2015 EUR 73.20
PUBLICIS GROUPE 1.000 1/18/2018 EUR 54.44
SOC AIR FRANCE 2.750 4/1/2020 EUR 21.05
SOITEC 6.250 9/9/2014 EUR 7.64
TEM 4.250 1/1/2015 EUR 54.32
GERMANY
-------
BNP EMIS-U.HANDE 7.750 12/31/2012 EUR 48.22
BNP EMIS-U.HANDE 10.500 12/28/2012 EUR 53.24
BNP EMIS-U.HANDE 9.750 12/28/2012 EUR 65.96
BNP EMIS-U.HANDE 8.500 12/28/2012 EUR 74.58
BNP EMIS-U.HANDE 9.500 12/31/2012 EUR 66.15
COMMERZBANK AG 9.000 10/29/2012 EUR 5.59
COMMERZBANK AG 8.000 11/5/2012 EUR 63.45
COMMERZBANK AG 10.000 11/5/2012 EUR 51.28
COMMERZBANK AG 11.500 11/5/2012 EUR 74.79
COMMERZBANK AG 18.750 11/22/2012 EUR 70.03
COMMERZBANK AG 7.000 12/27/2012 EUR 63.34
COMMERZBANK AG 8.000 12/27/2012 EUR 42.84
COMMERZBANK AG 11.500 12/28/2012 EUR 72.70
COMMERZBANK AG 13.000 12/28/2012 EUR 61.77
COMMERZBANK AG 17.000 12/28/2012 EUR 72.20
COMMERZBANK AG 15.500 12/31/2012 EUR 71.25
COMMERZBANK AG 15.750 12/31/2012 EUR 71.73
COMMERZBANK AG 16.750 1/3/2013 EUR 70.75
COMMERZBANK AG 10.750 3/21/2013 EUR 66.40
COMMERZBANK AG 13.500 3/21/2013 EUR 74.09
COMMERZBANK AG 14.500 3/21/2013 EUR 72.98
COMMERZBANK AG 16.250 3/21/2013 EUR 74.61
COMMERZBANK AG 18.500 3/21/2013 EUR 57.92
COMMERZBANK AG 8.400 12/30/2013 EUR 14.47
COMMERZBANK AG 14.500 3/21/2013 EUR 61.68
DEUTSCHE BANK AG 12.000 4/2/2013 EUR 71.20
DEUTSCHE BANK AG 11.000 4/2/2013 EUR 70.40
DEUTSCHE BANK AG 10.000 4/2/2013 EUR 72.20
DEUTSCHE BANK AG 10.000 4/2/2013 EUR 72.80
DEUTSCHE BANK AG 9.000 4/2/2013 EUR 73.90
DEUTSCHE BANK AG 8.000 4/2/2013 EUR 74.70
DEUTSCHE BANK AG 12.000 2/28/2013 EUR 74.30
DEUTSCHE BANK AG 12.000 2/28/2013 EUR 71.70
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 71.80
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 74.20
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 73.40
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 74.70
DEUTSCHE BANK AG 11.000 1/18/2013 EUR 70.20
DEUTSCHE BANK AG 11.000 1/18/2013 EUR 74.60
DEUTSCHE BANK AG 10.000 1/18/2013 EUR 72.70
DEUTSCHE BANK AG 10.000 1/18/2013 EUR 75.00
DEUTSCHE BANK AG 8.000 1/18/2013 EUR 74.10
DEUTSCHE BANK AG 15.000 12/20/2012 EUR 67.30
DEUTSCHE BANK AG 12.000 12/20/2012 EUR 74.20
DEUTSCHE BANK AG 12.000 12/20/2012 EUR 46.00
DEUTSCHE BANK AG 12.000 12/20/2012 EUR 72.90
DEUTSCHE BANK AG 12.000 12/20/2012 EUR 71.40
DEUTSCHE BANK AG 10.000 12/20/2012 EUR 71.80
DEUTSCHE BANK AG 10.000 12/20/2012 EUR 70.50
DEUTSCHE BANK AG 10.000 12/20/2012 EUR 74.00
DEUTSCHE BANK AG 9.000 12/20/2012 EUR 70.80
DEUTSCHE BANK AG 9.000 12/20/2012 EUR 70.30
DEUTSCHE BANK AG 8.000 12/20/2012 EUR 37.20
DEUTSCHE BANK AG 8.000 12/20/2012 EUR 65.90
DEUTSCHE BANK AG 6.500 6/28/2013 EUR 54.80
DEUTSCHE BANK AG 8.000 10/31/2012 EUR 68.90
DEUTSCHE BANK AG 10.000 10/31/2012 EUR 65.80
DEUTSCHE BANK AG 12.000 10/31/2012 EUR 62.70
DEUTSCHE BANK AG 8.000 11/29/2012 EUR 68.40
DEUTSCHE BANK AG 9.000 11/29/2012 EUR 64.30
DEUTSCHE BANK AG 12.000 11/29/2012 EUR 62.80
DEUTSCHE BANK AG 7.000 12/20/2012 EUR 73.80
DZ BANK AG 19.000 1/25/2013 EUR 72.88
DZ BANK AG 7.000 10/12/2012 EUR 49.99
DZ BANK AG 7.000 10/12/2012 EUR 74.46
DZ BANK AG 8.000 10/12/2012 EUR 46.05
DZ BANK AG 9.500 10/12/2012 EUR 63.73
DZ BANK AG 12.500 10/26/2012 EUR 66.88
DZ BANK AG 15.000 10/26/2012 EUR 66.67
DZ BANK AG 16.000 10/26/2012 EUR 60.91
DZ BANK AG 18.000 10/26/2012 EUR 67.75
DZ BANK AG 18.250 10/26/2012 EUR 69.06
DZ BANK AG 19.500 10/26/2012 EUR 73.82
DZ BANK AG 22.000 10/26/2012 EUR 74.58
DZ BANK AG 23.000 10/26/2012 EUR 73.92
DZ BANK AG 25.000 10/26/2012 EUR 71.31
DZ BANK AG 16.750 11/23/2012 EUR 71.70
DZ BANK AG 17.250 11/23/2012 EUR 59.27
DZ BANK AG 20.000 11/23/2012 EUR 71.02
DZ BANK AG 5.000 12/14/2012 EUR 71.40
DZ BANK AG 9.750 12/14/2012 EUR 73.39
DZ BANK AG 9.500 1/2/2013 EUR 68.54
DZ BANK AG 11.500 1/2/2013 EUR 73.69
DZ BANK AG 12.000 1/2/2013 EUR 63.02
DZ BANK AG 14.000 1/11/2013 EUR 46.11
DZ BANK AG 15.500 1/11/2013 EUR 51.20
DZ BANK AG 7.750 1/25/2013 EUR 68.41
DZ BANK AG 12.500 1/25/2013 EUR 48.47
DZ BANK AG 14.000 1/25/2013 EUR 74.35
DZ BANK AG 18.000 1/25/2013 EUR 69.15
DZ BANK AG 10.250 2/8/2013 EUR 67.95
DZ BANK AG 10.250 2/8/2013 EUR 69.38
DZ BANK AG 13.750 2/22/2013 EUR 72.43
DZ BANK AG 14.000 2/22/2013 EUR 72.04
DZ BANK AG 15.000 2/22/2013 EUR 73.43
DZ BANK AG 15.000 2/22/2013 EUR 74.69
DZ BANK AG 15.000 2/22/2013 EUR 72.21
DZ BANK AG 10.000 3/8/2013 EUR 63.60
DZ BANK AG 13.750 3/8/2013 EUR 51.79
DZ BANK AG 6.000 3/22/2013 EUR 72.14
DZ BANK AG 12.250 3/22/2013 EUR 71.97
DZ BANK AG 12.250 3/22/2013 EUR 71.71
DZ BANK AG 12.500 3/22/2013 EUR 69.68
DZ BANK AG 13.000 3/22/2013 EUR 74.47
DZ BANK AG 13.000 3/22/2013 EUR 70.86
DZ BANK AG 19.000 3/22/2013 EUR 62.71
DZ BANK AG 6.000 4/26/2013 EUR 72.15
DZ BANK AG 14.500 4/26/2013 EUR 64.79
DZ BANK AG 15.750 4/26/2013 EUR 49.92
DZ BANK AG 16.500 4/26/2013 EUR 66.00
DZ BANK AG 17.000 4/26/2013 EUR 27.20
GOLDMAN SACHS CO 7.000 12/28/2012 EUR 74.80
GOLDMAN SACHS CO 14.000 12/28/2012 EUR 69.60
GOLDMAN SACHS CO 13.000 12/27/2013 EUR 70.40
GOLDMAN SACHS CO 16.000 12/28/2012 EUR 75.00
GOLDMAN SACHS CO 13.000 6/26/2013 EUR 72.70
GOLDMAN SACHS CO 18.000 3/20/2013 EUR 66.80
GOLDMAN SACHS CO 17.000 3/20/2013 EUR 71.30
GOLDMAN SACHS CO 13.000 3/20/2013 EUR 72.60
GOLDMAN SACHS CO 14.000 1/2/2013 EUR 65.36
GOLDMAN SACHS CO 18.000 12/28/2012 EUR 74.40
GOLDMAN SACHS CO 16.000 12/28/2012 EUR 73.30
HSBC TRINKAUS 18.000 3/22/2013 EUR 73.55
HSBC TRINKAUS 18.500 3/22/2013 EUR 63.56
HSBC TRINKAUS 18.500 3/22/2013 EUR 74.72
HSBC TRINKAUS 18.500 3/22/2013 EUR 67.94
HSBC TRINKAUS 19.000 3/22/2013 EUR 60.22
HSBC TRINKAUS 19.500 3/22/2013 EUR 64.71
HSBC TRINKAUS 20.500 3/22/2013 EUR 72.46
HSBC TRINKAUS 21.000 3/22/2013 EUR 53.19
HSBC TRINKAUS 22.000 3/22/2013 EUR 60.93
HSBC TRINKAUS 22.000 3/22/2013 EUR 60.47
HSBC TRINKAUS 24.000 3/22/2013 EUR 69.31
HSBC TRINKAUS 24.000 3/22/2013 EUR 74.78
HSBC TRINKAUS 26.500 3/22/2013 EUR 73.76
HSBC TRINKAUS 27.000 3/22/2013 EUR 58.26
HSBC TRINKAUS 27.500 3/22/2013 EUR 48.02
HSBC TRINKAUS 10.000 6/28/2013 EUR 74.05
HSBC TRINKAUS 10.500 6/28/2013 EUR 73.49
HSBC TRINKAUS 12.500 6/28/2013 EUR 70.29
HSBC TRINKAUS 14.000 6/28/2013 EUR 68.21
HSBC TRINKAUS 14.000 6/28/2013 EUR 72.36
HSBC TRINKAUS 16.500 6/28/2013 EUR 65.54
HSBC TRINKAUS 16.500 6/28/2013 EUR 64.97
HSBC TRINKAUS 16.500 6/28/2013 EUR 74.13
HSBC TRINKAUS 17.500 6/28/2013 EUR 68.52
HSBC TRINKAUS 18.000 6/28/2013 EUR 69.36
HSBC TRINKAUS 18.500 6/28/2013 EUR 62.32
HSBC TRINKAUS 19.000 6/28/2013 EUR 63.41
HSBC TRINKAUS 19.500 6/28/2013 EUR 62.27
HSBC TRINKAUS 21.000 6/28/2013 EUR 70.88
HSBC TRINKAUS 22.500 6/28/2013 EUR 65.46
HSBC TRINKAUS 25.500 6/28/2013 EUR 63.04
HSBC TRINKAUS 26.000 6/28/2013 EUR 53.47
HSBC TRINKAUS 30.000 6/28/2013 EUR 51.71
HSBC TRINKAUS 14.000 3/22/2013 EUR 68.47
HSBC TRINKAUS 13.500 3/22/2013 EUR 73.65
HSBC TRINKAUS 13.000 3/22/2013 EUR 57.84
HSBC TRINKAUS 12.000 3/22/2013 EUR 74.92
HSBC TRINKAUS 10.500 3/22/2013 EUR 72.87
HSBC TRINKAUS 10.500 3/22/2013 EUR 73.40
HSBC TRINKAUS 8.000 3/22/2013 EUR 62.68
HSBC TRINKAUS 15.000 3/22/2013 EUR 73.76
HSBC TRINKAUS 15.000 3/22/2013 EUR 68.48
HSBC TRINKAUS 15.500 3/22/2013 EUR 67.05
HSBC TRINKAUS 16.000 3/22/2013 EUR 69.84
HSBC TRINKAUS 17.500 3/22/2013 EUR 74.68
HSBC TRINKAUS 17.500 3/22/2013 EUR 63.45
HSBC TRINKAUS 17.500 3/22/2013 EUR 63.54
HSBC TRINKAUS 18.000 3/22/2013 EUR 74.85
HSBC TRINKAUS 16.500 6/28/2013 EUR 64.66
LB BADEN-WUERTT 10.000 11/23/2012 EUR 60.72
LB BADEN-WUERTT 5.000 10/26/2012 EUR 72.97
LB BADEN-WUERTT 5.000 10/26/2012 EUR 3.62
LB BADEN-WUERTT 5.000 10/26/2012 EUR 19.95
LB BADEN-WUERTT 5.000 10/26/2012 EUR 53.65
LB BADEN-WUERTT 5.000 10/26/2012 EUR 49.85
LB BADEN-WUERTT 5.000 10/26/2012 EUR 63.47
LB BADEN-WUERTT 7.500 10/26/2012 EUR 3.20
LB BADEN-WUERTT 7.500 10/26/2012 EUR 74.99
LB BADEN-WUERTT 7.500 10/26/2012 EUR 42.49
LB BADEN-WUERTT 7.500 10/26/2012 EUR 17.20
LB BADEN-WUERTT 7.500 10/26/2012 EUR 52.64
LB BADEN-WUERTT 7.500 10/26/2012 EUR 46.96
LB BADEN-WUERTT 7.500 10/26/2012 EUR 63.94
LB BADEN-WUERTT 10.000 10/26/2012 EUR 57.81
LB BADEN-WUERTT 10.000 10/26/2012 EUR 2.74
LB BADEN-WUERTT 10.000 10/26/2012 EUR 46.13
LB BADEN-WUERTT 10.000 10/26/2012 EUR 38.39
LB BADEN-WUERTT 10.000 10/26/2012 EUR 42.69
LB BADEN-WUERTT 10.000 10/26/2012 EUR 74.93
LB BADEN-WUERTT 10.000 10/26/2012 EUR 15.72
LB BADEN-WUERTT 10.000 10/26/2012 EUR 68.29
LB BADEN-WUERTT 5.000 11/23/2012 EUR 55.02
LB BADEN-WUERTT 5.000 11/23/2012 EUR 46.80
LB BADEN-WUERTT 5.000 11/23/2012 EUR 72.40
LB BADEN-WUERTT 5.000 11/23/2012 EUR 20.38
LB BADEN-WUERTT 5.000 11/23/2012 EUR 67.37
LB BADEN-WUERTT 7.500 11/23/2012 EUR 46.73
LB BADEN-WUERTT 7.500 11/23/2012 EUR 70.52
LB BADEN-WUERTT 7.500 11/23/2012 EUR 63.12
LB BADEN-WUERTT 7.500 11/23/2012 EUR 68.31
LB BADEN-WUERTT 7.500 11/23/2012 EUR 17.84
LB BADEN-WUERTT 7.500 11/23/2012 EUR 65.02
LB BADEN-WUERTT 7.500 11/23/2012 EUR 40.42
LB BADEN-WUERTT 7.500 11/23/2012 EUR 59.68
LB BADEN-WUERTT 10.000 11/23/2012 EUR 72.64
LB BADEN-WUERTT 10.000 11/23/2012 EUR 63.70
LB BADEN-WUERTT 10.000 11/23/2012 EUR 41.87
LB BADEN-WUERTT 10.000 11/23/2012 EUR 70.08
LB BADEN-WUERTT 10.000 11/23/2012 EUR 16.47
LB BADEN-WUERTT 10.000 11/23/2012 EUR 57.30
LB BADEN-WUERTT 10.000 11/23/2012 EUR 73.24
LB BADEN-WUERTT 15.000 3/22/2013 EUR 70.20
LB BADEN-WUERTT 10.000 11/23/2012 EUR 56.57
LB BADEN-WUERTT 10.000 11/23/2012 EUR 36.33
LB BADEN-WUERTT 10.000 11/23/2012 EUR 67.96
LB BADEN-WUERTT 10.000 11/23/2012 EUR 53.44
LB BADEN-WUERTT 15.000 11/23/2012 EUR 50.14
LB BADEN-WUERTT 5.000 1/4/2013 EUR 69.45
LB BADEN-WUERTT 5.000 1/4/2013 EUR 20.67
LB BADEN-WUERTT 5.000 1/4/2013 EUR 54.88
LB BADEN-WUERTT 5.000 1/4/2013 EUR 60.51
LB BADEN-WUERTT 5.000 1/4/2013 EUR 57.71
LB BADEN-WUERTT 5.000 1/4/2013 EUR 42.53
LB BADEN-WUERTT 7.500 1/4/2013 EUR 52.15
LB BADEN-WUERTT 7.500 1/4/2013 EUR 64.56
LB BADEN-WUERTT 7.500 1/4/2013 EUR 73.01
LB BADEN-WUERTT 7.500 1/4/2013 EUR 36.71
LB BADEN-WUERTT 7.500 1/4/2013 EUR 60.91
LB BADEN-WUERTT 7.500 1/4/2013 EUR 70.91
LB BADEN-WUERTT 7.500 1/4/2013 EUR 18.39
LB BADEN-WUERTT 7.500 1/4/2013 EUR 55.50
LB BADEN-WUERTT 7.500 1/4/2013 EUR 58.25
LB BADEN-WUERTT 10.000 1/4/2013 EUR 34.05
LB BADEN-WUERTT 10.000 1/4/2013 EUR 54.48
LB BADEN-WUERTT 10.000 1/4/2013 EUR 64.52
LB BADEN-WUERTT 10.000 1/4/2013 EUR 17.22
LB BADEN-WUERTT 10.000 1/4/2013 EUR 71.84
LB BADEN-WUERTT 10.000 1/4/2013 EUR 56.04
LB BADEN-WUERTT 10.000 1/4/2013 EUR 58.82
LB BADEN-WUERTT 10.000 1/4/2013 EUR 48.07
LB BADEN-WUERTT 10.000 1/4/2013 EUR 58.80
LB BADEN-WUERTT 10.000 1/4/2013 EUR 68.46
LB BADEN-WUERTT 5.000 1/25/2013 EUR 27.60
LB BADEN-WUERTT 5.000 1/25/2013 EUR 74.64
LB BADEN-WUERTT 7.500 1/25/2013 EUR 73.04
LB BADEN-WUERTT 7.500 1/25/2013 EUR 62.94
LB BADEN-WUERTT 7.500 1/25/2013 EUR 73.43
LB BADEN-WUERTT 7.500 1/25/2013 EUR 68.69
LB BADEN-WUERTT 7.500 1/25/2013 EUR 24.58
LB BADEN-WUERTT 10.000 1/25/2013 EUR 67.49
LB BADEN-WUERTT 10.000 1/25/2013 EUR 69.03
LB BADEN-WUERTT 10.000 1/25/2013 EUR 74.43
LB BADEN-WUERTT 10.000 1/25/2013 EUR 22.78
LB BADEN-WUERTT 10.000 1/25/2013 EUR 55.67
LB BADEN-WUERTT 10.000 1/25/2013 EUR 61.60
LB BADEN-WUERTT 10.000 1/25/2013 EUR 68.52
LB BADEN-WUERTT 10.000 1/25/2013 EUR 71.50
LB BADEN-WUERTT 7.500 2/22/2013 EUR 68.13
LB BADEN-WUERTT 10.000 2/22/2013 EUR 60.95
LB BADEN-WUERTT 11.000 2/22/2013 EUR 74.90
LB BADEN-WUERTT 15.000 2/22/2013 EUR 51.96
LB BADEN-WUERTT 8.000 3/22/2013 EUR 74.03
LB BADEN-WUERTT 8.000 3/22/2013 EUR 63.77
LB BADEN-WUERTT 9.000 3/22/2013 EUR 74.10
LB BADEN-WUERTT 10.000 3/22/2013 EUR 61.50
LB BADEN-WUERTT 12.000 3/22/2013 EUR 63.90
LB BADEN-WUERTT 12.000 3/22/2013 EUR 72.50
LB BADEN-WUERTT 15.000 3/22/2013 EUR 56.86
LB BADEN-WUERTT 5.000 6/28/2013 EUR 72.91
LB BADEN-WUERTT 7.000 6/28/2013 EUR 68.03
LB BADEN-WUERTT 7.500 6/28/2013 EUR 68.38
LB BADEN-WUERTT 7.500 6/28/2013 EUR 72.02
LB BADEN-WUERTT 7.500 6/28/2013 EUR 69.88
LB BADEN-WUERTT 9.000 6/28/2013 EUR 64.76
LB BADEN-WUERTT 10.000 6/28/2013 EUR 64.06
LB BADEN-WUERTT 10.000 6/28/2013 EUR 63.32
LB BADEN-WUERTT 11.000 6/28/2013 EUR 63.30
LB BADEN-WUERTT 7.000 7/26/2013 EUR 72.72
LB BADEN-WUERTT 8.000 7/26/2013 EUR 70.15
LB BADEN-WUERTT 9.000 7/26/2013 EUR 69.33
LB BADEN-WUERTT 8.000 8/23/2013 EUR 69.94
LB BADEN-WUERTT 9.000 8/23/2013 EUR 72.39
LB BADEN-WUERTT 10.000 8/23/2013 EUR 67.18
LB BADEN-WUERTT 12.000 8/23/2013 EUR 74.08
LB BADEN-WUERTT 12.000 8/23/2013 EUR 64.87
LB BADEN-WUERTT 7.000 9/27/2013 EUR 68.78
LB BADEN-WUERTT 9.000 9/27/2013 EUR 66.40
LB BADEN-WUERTT 11.000 9/27/2013 EUR 65.64
MACQUARIE STRUCT 18.000 12/14/2012 EUR 73.74
MACQUARIE STRUCT 13.250 1/2/2013 EUR 65.01
Q-CELLS 6.750 10/21/2015 EUR 1.03
QIMONDA FINANCE 6.750 3/22/2013 USD 4.50
SOLON AG SOLAR 1.375 12/6/2012 EUR 0.58
TAG IMMO AG 6.500 12/10/2015 EUR 9.21
TUI AG 2.750 3/24/2016 EUR 56.39
VONTOBEL FIN PRO 9.950 12/31/2012 EUR 68.16
VONTOBEL FIN PRO 9.900 12/31/2012 EUR 69.24
VONTOBEL FIN PRO 9.650 12/31/2012 EUR 67.26
VONTOBEL FIN PRO 9.600 12/31/2012 EUR 69.58
VONTOBEL FIN PRO 9.400 12/31/2012 EUR 60.72
VONTOBEL FIN PRO 9.400 12/31/2012 EUR 71.26
VONTOBEL FIN PRO 9.350 12/31/2012 EUR 68.98
VONTOBEL FIN PRO 9.250 12/31/2012 EUR 45.72
VONTOBEL FIN PRO 9.200 12/31/2012 EUR 74.48
VONTOBEL FIN PRO 9.150 12/31/2012 EUR 70.84
VONTOBEL FIN PRO 9.050 12/31/2012 EUR 70.94
VONTOBEL FIN PRO 8.650 12/31/2012 EUR 73.80
VONTOBEL FIN PRO 8.400 12/31/2012 EUR 71.72
VONTOBEL FIN PRO 7.950 12/31/2012 EUR 67.74
VONTOBEL FIN PRO 7.900 12/31/2012 EUR 69.16
VONTOBEL FIN PRO 7.400 12/31/2012 EUR 53.22
VONTOBEL FIN PRO 7.250 12/31/2012 EUR 69.06
VONTOBEL FIN PRO 13.650 3/1/2013 EUR 48.00
VONTOBEL FIN PRO 11.400 12/31/2012 EUR 65.02
VONTOBEL FIN PRO 11.400 12/31/2012 EUR 74.72
VONTOBEL FIN PRO 11.450 12/31/2012 EUR 52.96
VONTOBEL FIN PRO 11.150 12/31/2012 EUR 69.78
VONTOBEL FIN PRO 11.600 12/31/2012 EUR 73.28
VONTOBEL FIN PRO 11.700 12/31/2012 EUR 58.30
VONTOBEL FIN PRO 11.750 12/31/2012 EUR 58.12
VONTOBEL FIN PRO 11.450 12/31/2012 EUR 74.74
VONTOBEL FIN PRO 11.850 12/31/2012 EUR 71.04
VONTOBEL FIN PRO 10.100 3/8/2013 EUR 72.90
VONTOBEL FIN PRO 8.550 3/22/2013 EUR 58.92
VONTOBEL FIN PRO 11.800 12/31/2012 EUR 69.84
VONTOBEL FIN PRO 11.900 12/31/2012 EUR 69.52
VONTOBEL FIN PRO 11.950 12/31/2012 EUR 72.46
VONTOBEL FIN PRO 11.950 12/31/2012 EUR 55.80
VONTOBEL FIN PRO 8.850 3/22/2013 EUR 72.06
VONTOBEL FIN PRO 9.300 3/22/2013 EUR 72.78
VONTOBEL FIN PRO 9.950 3/22/2013 EUR 67.70
VONTOBEL FIN PRO 12.000 12/31/2012 EUR 59.52
VONTOBEL FIN PRO 11.950 12/31/2012 EUR 67.64
VONTOBEL FIN PRO 12.650 12/31/2012 EUR 54.54
VONTOBEL FIN PRO 12.650 12/31/2012 EUR 74.94
VONTOBEL FIN PRO 12.650 12/31/2012 EUR 74.98
VONTOBEL FIN PRO 12.250 12/31/2012 EUR 67.14
VONTOBEL FIN PRO 12.900 12/31/2012 EUR 65.28
VONTOBEL FIN PRO 13.050 12/31/2012 EUR 74.74
VONTOBEL FIN PRO 13.050 12/31/2012 EUR 66.72
VONTOBEL FIN PRO 12.800 12/31/2012 EUR 41.36
VONTOBEL FIN PRO 13.500 12/31/2012 EUR 59.16
VONTOBEL FIN PRO 13.550 12/31/2012 EUR 54.52
VONTOBEL FIN PRO 13.600 12/31/2012 EUR 70.40
VONTOBEL FIN PRO 13.150 12/31/2012 EUR 67.98
VONTOBEL FIN PRO 10.350 3/22/2013 EUR 70.10
VONTOBEL FIN PRO 10.750 3/22/2013 EUR 62.50
VONTOBEL FIN PRO 11.150 3/22/2013 EUR 67.26
VONTOBEL FIN PRO 10.300 3/22/2013 EUR 67.44
VONTOBEL FIN PRO 14.100 12/31/2012 EUR 73.02
VONTOBEL FIN PRO 14.300 12/31/2012 EUR 46.90
VONTOBEL FIN PRO 14.300 12/31/2012 EUR 66.82
VONTOBEL FIN PRO 14.000 12/31/2012 EUR 69.82
VONTOBEL FIN PRO 12.000 3/22/2013 EUR 63.18
VONTOBEL FIN PRO 11.850 3/22/2013 EUR 54.00
VONTOBEL FIN PRO 14.600 12/31/2012 EUR 69.12
VONTOBEL FIN PRO 12.200 3/22/2013 EUR 59.28
VONTOBEL FIN PRO 14.500 12/31/2012 EUR 67.00
VONTOBEL FIN PRO 28.250 12/31/2012 EUR 43.02
VONTOBEL FIN PRO 5.100 4/14/2014 EUR 41.30
VONTOBEL FIN PRO 7.389 11/25/2013 EUR 49.40
VONTOBEL FIN PRO 6.000 6/28/2013 EUR 64.78
VONTOBEL FIN PRO 14.600 12/31/2012 EUR 70.60
VONTOBEL FIN PRO 14.450 12/31/2012 EUR 59.38
VONTOBEL FIN PRO 14.950 12/31/2012 EUR 68.12
VONTOBEL FIN PRO 15.250 12/31/2012 EUR 55.84
VONTOBEL FIN PRO 15.900 12/31/2012 EUR 70.58
VONTOBEL FIN PRO 16.150 12/31/2012 EUR 70.66
VONTOBEL FIN PRO 16.350 12/31/2012 EUR 71.16
VONTOBEL FIN PRO 16.450 12/31/2012 EUR 69.30
VONTOBEL FIN PRO 16.700 12/31/2012 EUR 65.86
VONTOBEL FIN PRO 14.700 12/31/2012 EUR 71.12
VONTOBEL FIN PRO 16.950 12/31/2012 EUR 54.80
VONTOBEL FIN PRO 17.050 12/31/2012 EUR 52.94
VONTOBEL FIN PRO 17.100 12/31/2012 EUR 55.36
VONTOBEL FIN PRO 17.300 12/31/2012 EUR 72.88
VONTOBEL FIN PRO 17.450 12/31/2012 EUR 73.60
VONTOBEL FIN PRO 17.550 12/31/2012 EUR 74.08
VONTOBEL FIN PRO 17.650 12/31/2012 EUR 71.22
VONTOBEL FIN PRO 16.850 12/31/2012 EUR 62.82
VONTOBEL FIN PRO 18.200 12/31/2012 EUR 70.08
VONTOBEL FIN PRO 18.850 12/31/2012 EUR 55.76
VONTOBEL FIN PRO 18.850 12/31/2012 EUR 70.86
VONTOBEL FIN PRO 18.900 12/31/2012 EUR 50.42
VONTOBEL FIN PRO 19.300 12/31/2012 EUR 74.12
VONTOBEL FIN PRO 19.700 12/31/2012 EUR 70.22
VONTOBEL FIN PRO 21.200 12/31/2012 EUR 53.80
VONTOBEL FIN PRO 18.050 12/31/2012 EUR 72.64
VONTOBEL FIN PRO 24.700 12/31/2012 EUR 48.46
VONTOBEL FIN PRO 11.000 12/31/2012 EUR 67.52
VONTOBEL FIN PRO 24.900 12/31/2012 EUR 57.04
VONTOBEL FIN PRO 27.600 12/31/2012 EUR 45.68
VONTOBEL FIN PRO 4.000 6/28/2013 EUR 48.62
VONTOBEL FIN PRO 20.900 3/22/2013 EUR 74.96
VONTOBEL FIN PRO 18.500 3/22/2013 EUR 51.34
VONTOBEL FIN PRO 22.250 12/31/2012 EUR 74.66
VONTOBEL FIN PRO 15.250 3/22/2013 EUR 54.60
VONTOBEL FIN PRO 14.500 3/22/2013 EUR 49.96
VONTOBEL FIN PRO 14.300 3/22/2013 EUR 72.04
VONTOBEL FIN PRO 14.000 3/22/2013 EUR 61.26
VONTOBEL FIN PRO 13.700 3/22/2013 EUR 56.82
VONTOBEL FIN PRO 11.000 12/31/2012 EUR 66.16
VONTOBEL FIN PRO 10.900 12/31/2012 EUR 69.60
VONTOBEL FIN PRO 10.700 12/31/2012 EUR 74.58
VONTOBEL FIN PRO 10.500 12/31/2012 EUR 45.48
VONTOBEL FIN PRO 10.050 12/31/2012 EUR 65.60
VONTOBEL FIN PRO 9.950 12/31/2012 EUR 69.02
VONTOBEL FIN PRO 16.850 3/22/2013 EUR 52.78
WGZ BANK 8.000 12/28/2012 EUR 60.91
WGZ BANK 7.000 12/21/2012 EUR 73.76
WGZ BANK 8.000 12/21/2012 EUR 71.26
WGZ BANK 5.000 12/28/2012 EUR 74.89
WGZ BANK 6.000 12/28/2012 EUR 69.54
WGZ BANK 7.000 12/28/2012 EUR 64.92
GUERNSEY
--------
BCV GUERNSEY 8.020 3/1/2013 EUR 53.11
BKB FINANCE 11.400 11/8/2012 CHF 58.84
BKB FINANCE 8.350 1/14/2013 CHF 53.44
EFG FINANCIAL PR 12.000 4/26/2013 CHF 66.71
EFG FINANCIAL PR 7.000 4/19/2013 EUR 60.27
EFG FINANCIAL PR 7.530 4/16/2013 EUR 73.41
EFG FINANCIAL PR 16.000 4/4/2013 CHF 27.38
EFG FINANCIAL PR 8.000 4/2/2013 CHF 63.93
EFG FINANCIAL PR 15.000 3/1/2013 CHF 70.51
EFG FINANCIAL PR 6.250 10/25/2012 CHF 50.27
EFG FINANCIAL PR 11.000 10/26/2012 USD 74.90
EFG FINANCIAL PR 11.250 10/26/2012 CHF 59.99
EFG FINANCIAL PR 12.000 10/26/2012 CHF 68.52
EFG FINANCIAL PR 13.250 10/26/2012 CHF 60.74
EFG FINANCIAL PR 13.250 10/26/2012 EUR 61.52
EFG FINANCIAL PR 16.750 10/26/2012 CHF 24.47
EFG FINANCIAL PR 17.000 10/26/2012 EUR 60.81
EFG FINANCIAL PR 20.000 10/26/2012 CHF 18.67
EFG FINANCIAL PR 20.500 10/26/2012 EUR 18.96
EFG FINANCIAL PR 21.000 10/26/2012 USD 19.20
EFG FINANCIAL PR 9.330 10/29/2012 USD 37.95
EFG FINANCIAL PR 11.050 11/8/2012 USD 56.07
EFG FINANCIAL PR 6.000 11/12/2012 EUR 57.83
EFG FINANCIAL PR 6.000 11/12/2012 CHF 56.76
EFG FINANCIAL PR 10.500 11/13/2012 CHF 61.41
EFG FINANCIAL PR 10.500 11/13/2012 CHF 61.41
EFG FINANCIAL PR 12.750 11/13/2012 CHF 22.56
EFG FINANCIAL PR 12.750 11/13/2012 CHF 68.51
EFG FINANCIAL PR 13.000 11/13/2012 CHF 22.11
EFG FINANCIAL PR 13.000 11/13/2012 CHF 71.66
EFG FINANCIAL PR 14.000 11/13/2012 USD 22.58
EFG FINANCIAL PR 14.500 11/13/2012 EUR 72.45
EFG FINANCIAL PR 17.000 11/13/2012 EUR 60.80
EFG FINANCIAL PR 12.830 11/19/2012 CHF 68.65
EFG FINANCIAL PR 7.000 11/20/2012 CHF 73.93
EFG FINANCIAL PR 8.000 11/20/2012 CHF 60.09
EFG FINANCIAL PR 8.300 11/20/2012 CHF 63.74
EFG FINANCIAL PR 11.500 11/20/2012 EUR 52.53
EFG FINANCIAL PR 14.800 11/20/2012 EUR 64.01
EFG FINANCIAL PR 9.250 11/27/2012 CHF 70.86
EFG FINANCIAL PR 11.250 11/27/2012 CHF 63.28
EFG FINANCIAL PR 13.250 11/27/2012 CHF 74.41
EFG FINANCIAL PR 14.500 11/27/2012 CHF 33.88
EFG FINANCIAL PR 16.000 11/27/2012 EUR 62.53
EFG FINANCIAL PR 9.750 12/3/2012 CHF 71.40
EFG FINANCIAL PR 13.750 12/6/2012 CHF 51.84
EFG FINANCIAL PR 8.500 12/14/2012 CHF 64.41
EFG FINANCIAL PR 12.750 12/14/2012 CHF 74.95
EFG FINANCIAL PR 14.250 12/14/2012 EUR 65.13
EFG FINANCIAL PR 17.500 12/14/2012 EUR 65.31
EFG FINANCIAL PR 9.300 12/21/2012 CHF 63.55
EFG FINANCIAL PR 10.900 12/21/2012 CHF 63.83
EFG FINANCIAL PR 12.600 12/21/2012 CHF 64.18
EFG FINANCIAL PR 12.250 12/27/2012 GBP 66.68
EFG FINANCIAL PR 8.830 12/28/2012 USD 58.30
EFG FINANCIAL PR 10.000 1/9/2013 EUR 45.28
EFG FINANCIAL PR 9.000 1/15/2013 CHF 35.97
EFG FINANCIAL PR 10.250 1/15/2013 CHF 21.46
EFG FINANCIAL PR 11.250 1/15/2013 GBP 71.30
EFG FINANCIAL PR 12.500 1/15/2013 CHF 37.52
EFG FINANCIAL PR 13.000 1/15/2013 CHF 72.42
EFG FINANCIAL PR 16.500 1/18/2013 CHF 56.42
EFG FINANCIAL PR 5.800 1/23/2013 CHF 51.76
EFG FINANCIAL PR 8.400 9/30/2013 CHF 62.40
EFG FINANCIAL PR 6.500 8/27/2013 CHF 50.24
EFG FINANCIAL PR 9.500 4/30/2013 EUR 56.09
EFG FINANCIAL PR 12.000 10/19/2012 USD 59.90
EFG FINANCIAL PR 17.250 10/12/2012 CHF 55.63
EFG FINANCIAL PR 10.000 10/17/2012 EUR 58.80
EFG FINANCIAL PR 11.400 1/25/2013 EUR 73.17
EFG FINANCIAL PR 13.750 10/24/2012 USD 69.34
EFG FINANCIAL PR 5.850 10/14/2014 CHF 55.87
EFG FINANCIAL PR 8.160 4/25/2014 EUR 72.33
ZURCHER KANT FIN 9.250 11/9/2012 CHF 60.53
ZURCHER KANT FIN 5.330 11/30/2012 CHF 73.25
ZURCHER KANT FIN 7.340 4/16/2013 CHF 68.55
ZURCHER KANT FIN 17.000 2/22/2013 EUR 51.63
ZURCHER KANT FIN 9.250 11/9/2012 CHF 67.64
ICELAND
-------
KAUPTHING 0.800 2/15/2011 EUR 26.50
LUXEMBOURG
----------
ARCELORMITTAL 7.250 4/1/2014 EUR 21.45
NETHERLANDS
-----------
BLT FINANCE BV 12.000 2/10/2015 USD 24.88
KPNQWEST NV 10.000 3/15/2012 EUR 0.25
LEHMAN BROS TSY 12.000 7/4/2011 EUR 20.38
LEHMAN BROS TSY 2.500 12/15/2011 GBP 20.38
LEHMAN BROS TSY 6.000 2/14/2012 EUR 20.38
LEHMAN BROS TSY 7.000 2/15/2012 EUR 20.38
LEHMAN BROS TSY 6.600 2/22/2012 EUR 20.38
LEHMAN BROS TSY 13.000 7/25/2012 EUR 20.38
LEHMAN BROS TSY 2.500 8/23/2012 GBP 20.38
LEHMAN BROS TSY 6.000 10/30/2012 USD 5.75
LEHMAN BROS TSY 3.000 9/12/2036 JPY 5.75
LEHMAN BROS TSY 14.900 11/16/2010 EUR 20.38
LEHMAN BROS TSY 4.000 10/12/2010 USD 20.38
LEHMAN BROS TSY 10.500 8/9/2010 EUR 20.38
LEHMAN BROS TSY 6.000 7/28/2010 EUR 20.38
LEHMAN BROS TSY 6.000 7/28/2010 EUR 20.38
LEHMAN BROS TSY 11.750 3/1/2010 EUR 20.38
LEHMAN BROS TSY 7.000 2/15/2010 CHF 20.38
LEHMAN BROS TSY 4.000 5/30/2010 USD 20.38
LEHMAN BROS TSY 8.800 12/27/2009 EUR 20.38
LEHMAN BROS TSY 7.500 9/13/2009 CHF 20.38
LEHMAN BROS TSY 1.750 2/7/2010 EUR 20.38
LEHMAN BROS TSY 8.000 8/3/2009 USD 20.38
LEHMAN BROS TSY 4.500 8/2/2009 USD 20.38
LEHMAN BROS TSY 8.500 7/6/2009 CHF 20.38
LEHMAN BROS TSY 11.000 6/29/2009 EUR 20.38
LEHMAN BROS TSY 10.000 6/17/2009 USD 20.38
LEHMAN BROS TSY 16.800 8/21/2009 USD 20.38
LEHMAN BROS TSY 5.500 6/15/2009 CHF 20.38
LEHMAN BROS TSY 9.000 6/13/2009 USD 20.38
LEHMAN BROS TSY 15.000 6/4/2009 CHF 20.38
LEHMAN BROS TSY 17.000 6/2/2009 USD 20.38
LEHMAN BROS TSY 13.500 6/2/2009 USD 20.38
LEHMAN BROS TSY 10.000 5/22/2009 USD 20.38
LEHMAN BROS TSY 8.000 5/22/2009 USD 20.38
LEHMAN BROS TSY 8.000 5/22/2009 USD 20.38
LEHMAN BROS TSY 16.200 5/14/2009 USD 20.38
LEHMAN BROS TSY 4.000 4/24/2009 USD 20.38
LEHMAN BROS TSY 5.750 6/15/2009 CHF 20.38
LEHMAN BROS TSY 7.000 4/14/2009 EUR 20.38
LEHMAN BROS TSY 9.000 3/17/2009 GBP 20.38
LEHMAN BROS TSY 13.000 2/16/2009 CHF 20.38
LEHMAN BROS TSY 11.000 2/16/2009 CHF 20.38
LEHMAN BROS TSY 10.000 2/16/2009 CHF 20.38
LEHMAN BROS TSY 0.500 2/16/2009 EUR 20.38
LEHMAN BROS TSY 7.750 1/30/2009 EUR 20.38
LEHMAN BROS TSY 13.432 1/8/2009 ILS 20.38
LEHMAN BROS TSY 16.000 12/26/2008 USD 20.38
LEHMAN BROS TSY 7.000 11/28/2008 CHF 20.38
LEHMAN BROS TSY 10.442 11/22/2008 CHF 20.38
LEHMAN BROS TSY 3.850 4/24/2009 USD 20.38
LEHMAN BROS TSY 16.000 11/9/2008 USD 20.38
LEHMAN BROS TSY 13.150 10/30/2008 USD 20.38
LEHMAN BROS TSY 16.000 10/28/2008 USD 20.38
LEHMAN BROS TSY 7.500 10/24/2008 USD 20.38
LEHMAN BROS TSY 6.000 10/24/2008 EUR 20.38
LEHMAN BROS TSY 5.000 10/24/2008 CHF 20.38
LEHMAN BROS TSY 8.000 10/23/2008 USD 20.38
LEHMAN BROS TSY 10.000 10/22/2008 USD 20.38
LEHMAN BROS TSY 16.000 10/8/2008 CHF 20.38
LEHMAN BROS TSY 7.250 10/6/2008 EUR 20.38
LEHMAN BROS TSY 18.250 10/2/2008 USD 20.38
LEHMAN BROS TSY 14.100 11/12/2008 USD 20.38
LEHMAN BROS TSY 23.300 9/16/2008 USD 20.38
LEHMAN BROS TSY 14.900 9/15/2008 EUR 20.38
LEHMAN BROS TSY 7.375 9/20/2008 EUR 20.38
LEHMAN BROS TSY 9.300 12/21/2010 EUR 20.38
LEHMAN BROS TSY 9.300 12/21/2010 EUR 20.38
LEHMAN BROS TSY 8.000 12/31/2010 USD 20.38
LEHMAN BROS TSY 4.000 1/4/2011 USD 20.38
LEHMAN BROS TSY 11.000 7/4/2011 USD 20.38
LEHMAN BROS TSY 11.000 7/4/2011 CHF 20.38
Q-CELLS INTERNAT 1.375 4/30/2012 EUR 24.50
Q-CELLS INTERNAT 5.750 5/26/2014 EUR 24.39
RENEWABLE CORP 6.500 6/4/2014 EUR 74.92
SPAIN
-----
SACYR VALLEHERM 6.500 5/1/2016 EUR 49.30
SWEDEN
------
Rorvik Timber 6.000 6/30/2016 SEK 68.00
SWITZERLAND
-----------
BANK JULIUS BAER 13.000 5/31/2013 USD 69.30
BANK JULIUS BAER 15.000 5/31/2013 USD 69.00
BANK JULIUS BAER 17.300 2/1/2013 EUR 52.65
BANK JULIUS BAER 11.500 2/20/2013 CHF 68.10
BANK JULIUS BAER 10.800 2/28/2013 USD 74.95
BANK JULIUS BAER 12.000 4/9/2013 CHF 54.40
BANK JULIUS BAER 8.700 8/5/2013 CHF 66.70
CLARIDEN LEU NAS 0.000 3/25/2013 CHF 58.23
CLARIDEN LEU NAS 9.000 2/14/2013 CHF 65.87
CLARIDEN LEU NAS 11.500 2/13/2013 EUR 54.49
CLARIDEN LEU NAS 0.000 1/24/2013 CHF 66.39
CLARIDEN LEU NAS 10.000 6/10/2013 CHF 68.58
CLARIDEN LEU NAS 8.250 12/17/2012 CHF 62.37
CLARIDEN LEU NAS 0.000 12/17/2012 EUR 70.65
CLARIDEN LEU NAS 12.500 12/14/2012 EUR 74.00
CLARIDEN LEU NAS 0.000 12/14/2012 CHF 46.26
CLARIDEN LEU NAS 12.000 11/23/2012 CHF 67.69
CLARIDEN LEU NAS 7.125 11/19/2012 CHF 56.98
CLARIDEN LEU NAS 7.250 11/16/2012 CHF 57.75
CLARIDEN LEU NAS 8.750 1/15/2013 CHF 68.36
CLARIDEN LEU NAS 10.000 10/15/2012 CHF 50.28
CLARIDEN LEU NAS 9.500 10/15/2012 CHF 51.26
CLARIDEN LEU NAS 8.500 10/15/2012 CHF 50.04
CLARIDEN LEU NAS 8.000 10/15/2012 CHF 65.11
CLARIDEN LEU NAS 0.000 10/15/2014 CHF 55.52
CLARIDEN LEU NAS 0.000 9/10/2014 CHF 49.88
CLARIDEN LEU NAS 0.000 8/27/2014 CHF 54.03
CLARIDEN LEU NAS 4.500 8/13/2014 CHF 47.40
CLARIDEN LEU NAS 5.250 8/6/2014 CHF 50.42
CLARIDEN LEU NAS 0.000 6/10/2014 CHF 63.16
CLARIDEN LEU NAS 0.000 6/10/2014 CHF 60.73
CLARIDEN LEU NAS 0.000 5/26/2014 CHF 65.43
CLARIDEN LEU NAS 0.000 5/13/2014 CHF 63.42
CLARIDEN LEU NAS 0.000 2/24/2014 CHF 54.06
CLARIDEN LEU NAS 0.000 2/11/2014 CHF 53.26
CLARIDEN LEU NAS 0.000 11/26/2013 CHF 62.68
CLARIDEN LEU NAS 0.000 9/23/2013 CHF 49.18
CLARIDEN LEU NAS 3.250 9/16/2013 CHF 48.02
CLARIDEN LEU NAS 7.000 7/22/2013 CHF 70.59
CLARIDEN LEU NAS 0.000 5/31/2013 CHF 60.47
CLARIDEN LEU NAS 6.500 4/26/2013 CHF 57.06
CLARIDEN LEU NAS 7.500 11/13/2012 CHF 56.92
CREDIT SUISSE LD 8.900 3/25/2013 EUR 59.46
S-AIR GROUP 0.125 7/7/2005 CHF 10.63
SARASIN CI LTD 8.000 4/27/2015 CHF 67.82
SARASIN/GUERNSEY 13.000 10/16/2012 EUR 69.16
SARASIN/GUERNSEY 17.000 10/12/2012 EUR 61.51
UBS AG 6.770 6/21/2013 USD 10.43
UBS AG 7.120 6/26/2013 USD 29.83
UBS AG 10.070 6/27/2013 USD 62.58
UBS AG 13.500 6/28/2013 EUR 74.84
UBS AG 14.500 6/28/2013 EUR 74.32
UBS AG 15.250 6/28/2013 EUR 72.26
UBS AG 17.000 6/28/2013 EUR 72.21
UBS AG 17.250 6/28/2013 EUR 70.21
UBS AG 19.250 6/28/2013 EUR 68.49
UBS AG 19.500 6/28/2013 EUR 68.90
UBS AG 20.500 6/28/2013 EUR 69.60
UBS AG 21.000 6/28/2013 EUR 66.88
UBS AG 22.500 6/28/2013 EUR 65.37
UBS AG 23.000 6/28/2013 EUR 65.72
UBS AG 24.000 6/28/2013 EUR 68.18
UBS AG 11.450 7/1/2013 USD 27.96
UBS AG 6.100 7/24/2013 USD 30.07
UBS AG 8.640 8/1/2013 USD 27.87
UBS AG 8.720 8/2/2013 USD 35.34
UBS AG 13.120 8/5/2013 USD 4.46
UBS AG 11.870 8/13/2013 USD 4.68
UBS AG 10.200 9/20/2013 EUR 57.37
UBS AG 12.900 9/20/2013 EUR 55.12
UBS AG 15.900 9/20/2013 EUR 53.92
UBS AG 13.250 9/27/2013 EUR 73.85
UBS AG 14.000 9/27/2013 EUR 74.57
UBS AG 15.000 9/27/2013 EUR 74.33
UBS AG 15.500 9/27/2013 EUR 72.64
UBS AG 17.000 9/27/2013 EUR 71.01
UBS AG 17.750 9/27/2013 EUR 71.98
UBS AG 18.500 9/27/2013 EUR 69.66
UBS AG 20.000 9/27/2013 EUR 68.55
UBS AG 20.500 9/27/2013 EUR 70.35
UBS AG 21.750 9/27/2013 EUR 71.55
UBS AG 22.500 9/27/2013 EUR 69.76
UBS AG 22.750 9/27/2013 EUR 66.76
UBS AG 23.250 9/27/2013 EUR 67.23
UBS AG 23.250 9/27/2013 EUR 68.20
UBS AG 24.000 9/27/2013 EUR 68.92
UBS AG 24.750 9/27/2013 EUR 64.95
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 15.750 1/3/2014 EUR 73.65
UBS AG 17.000 1/3/2014 EUR 72.48
UBS AG 17.500 1/3/2014 EUR 72.10
UBS AG 18.250 1/3/2014 EUR 73.02
UBS AG 18.250 1/3/2014 EUR 71.55
UBS AG 19.500 1/3/2014 EUR 72.07
UBS AG 20.500 1/3/2014 EUR 69.98
UBS AG 20.750 1/3/2014 EUR 70.28
UBS AG 21.000 1/3/2014 EUR 71.65
UBS AG 23.000 1/3/2014 EUR 71.08
UBS AG 23.250 1/3/2014 EUR 69.69
UBS AG 24.250 1/3/2014 EUR 69.95
UBS AG 24.250 1/3/2014 EUR 67.80
UBS AG 5.340 1/29/2014 USD 45.55
UBS AG 3.870 6/17/2014 USD 38.08
UBS AG 6.040 8/29/2014 USD 34.26
UBS AG 0.500 4/27/2015 CHF 51.30
UBS AG 15.930 12/21/2012 EUR 63.96
UBS AG 15.920 12/21/2012 EUR 54.38
UBS AG 15.130 12/21/2012 EUR 55.61
UBS AG 15.860 12/21/2012 EUR 51.05
UBS AG 14.810 12/21/2012 EUR 52.53
UBS AG 15.000 12/21/2012 EUR 58.96
UBS AG 14.690 12/21/2012 EUR 69.84
UBS AG 14.740 12/21/2012 EUR 65.93
UBS AG 13.980 12/21/2012 EUR 60.38
UBS AG 14.350 12/21/2012 EUR 56.92
UBS AG 13.570 12/21/2012 EUR 58.30
UBS AG 13.770 12/21/2012 EUR 54.13
UBS AG 13.320 12/21/2012 EUR 72.09
UBS AG 13.560 12/21/2012 EUR 68.05
UBS AG 12.800 12/21/2012 EUR 59.76
UBS AG 12.970 12/21/2012 EUR 61.91
UBS AG 12.400 12/21/2012 EUR 70.36
UBS AG 12.760 12/21/2012 EUR 55.86
UBS AG 12.020 12/21/2012 EUR 61.31
UBS AG 12.200 12/21/2012 EUR 53.77
UBS AG 11.970 12/21/2012 EUR 63.53
UBS AG 11.980 12/21/2012 EUR 74.53
UBS AG 11.270 12/21/2012 EUR 72.85
UBS AG 11.770 12/21/2012 EUR 57.75
UBS AG 11.000 12/21/2012 EUR 65.28
UBS AG 11.260 12/21/2012 EUR 62.94
UBS AG 10.490 12/21/2012 EUR 64.67
UBS AG 10.810 12/21/2012 EUR 59.80
UBS AG 9.890 12/21/2012 EUR 62.05
UBS AG 10.060 12/21/2012 EUR 67.15
UBS AG 9.150 12/21/2012 EUR 69.17
UBS AG 9.730 12/21/2012 EUR 66.50
UBS AG 8.990 12/21/2012 EUR 68.43
UBS AG 9.000 12/21/2012 EUR 64.51
UBS AG 8.250 12/21/2012 EUR 70.45
UBS AG 8.270 12/21/2012 EUR 71.33
UBS AG 13.000 11/23/2012 USD 61.75
UBS AG 8.150 12/21/2012 EUR 67.21
UBS AG 13.600 11/12/2012 EUR 55.34
UBS AG 13.120 11/12/2012 EUR 63.88
UBS AG 13.560 11/12/2012 EUR 33.59
UBS AG 11.260 11/12/2012 EUR 46.51
UBS AG 11.660 11/12/2012 EUR 35.25
UBS AG 10.020 11/12/2012 EUR 72.68
UBS AG 10.930 11/12/2012 EUR 62.15
UBS AG 9.020 11/12/2012 EUR 39.85
UBS AG 9.650 11/12/2012 EUR 38.46
UBS AG 8.370 11/12/2012 EUR 59.64
UBS AG 8.590 11/12/2012 EUR 52.59
UBS AG 19.700 10/26/2012 EUR 68.50
UBS AG 6.070 11/12/2012 EUR 66.05
UBS AG 13.570 10/26/2012 EUR 59.92
UBS AG 16.390 10/26/2012 EUR 56.60
UBS AG 18.000 12/21/2012 EUR 48.42
UBS AG 19.090 12/21/2012 EUR 50.07
UBS AG 10.380 1/2/2013 USD 31.76
UBS AG 10.770 1/2/2013 USD 38.33
UBS AG 15.990 1/4/2013 EUR 73.03
UBS AG 16.500 1/4/2013 EUR 71.24
UBS AG 17.000 1/4/2013 EUR 71.02
UBS AG 17.150 1/4/2013 EUR 70.22
UBS AG 18.000 1/4/2013 EUR 71.57
UBS AG 18.300 1/4/2013 EUR 67.65
UBS AG 19.440 1/4/2013 EUR 65.29
UBS AG 19.750 1/4/2013 EUR 67.45
UBS AG 20.500 1/4/2013 EUR 67.92
UBS AG 20.570 1/4/2013 EUR 63.12
UBS AG 21.700 1/4/2013 EUR 61.14
UBS AG 21.750 1/4/2013 EUR 68.20
UBS AG 23.750 1/4/2013 EUR 64.64
UBS AG 10.390 1/18/2013 USD 36.31
UBS AG 11.020 1/25/2013 EUR 63.62
UBS AG 12.010 1/25/2013 EUR 62.20
UBS AG 14.070 1/25/2013 EUR 59.61
UBS AG 16.200 1/25/2013 EUR 70.71
UBS AG 8.230 2/22/2013 EUR 72.18
UBS AG 8.980 2/22/2013 EUR 68.42
UBS AG 10.590 2/22/2013 EUR 65.54
UBS AG 10.960 2/22/2013 EUR 63.82
UBS AG 13.070 2/22/2013 EUR 60.28
UBS AG 13.660 2/22/2013 EUR 58.67
UBS AG 13.710 2/22/2013 EUR 74.22
UBS AG 15.800 2/22/2013 EUR 74.58
UBS AG 9.000 3/22/2013 USD 11.00
UBS AG 9.850 3/22/2013 USD 19.75
UBS AG 15.000 4/2/2013 EUR 74.37
UBS AG 15.000 4/2/2013 EUR 72.72
UBS AG 16.500 4/2/2013 EUR 69.44
UBS AG 17.250 4/2/2013 EUR 69.79
UBS AG 18.000 4/2/2013 EUR 71.64
UBS AG 19.750 4/2/2013 EUR 67.38
UBS AG 21.250 4/2/2013 EUR 67.79
UBS AG 22.250 4/2/2013 EUR 65.35
UBS AG 22.250 4/2/2013 EUR 68.25
UBS AG 24.250 4/2/2013 EUR 63.79
UBS AG 10.860 4/4/2013 USD 37.21
UBS AG 9.650 4/11/2013 USD 27.17
UBS AG 9.930 4/11/2013 USD 24.77
UBS AG 11.250 4/11/2013 USD 24.39
UBS AG 10.170 4/26/2013 EUR 64.02
UBS AG 10.600 4/26/2013 EUR 74.41
UBS AG 10.970 4/26/2013 EUR 62.96
UBS AG 12.610 4/26/2013 EUR 61.03
UBS AG 14.100 4/26/2013 EUR 71.04
UBS AG 7.900 4/30/2013 USD 33.75
UBS AG 9.830 5/13/2013 USD 30.07
UBS AG 8.000 5/24/2013 USD 62.75
UBS AG 11.670 5/31/2013 USD 35.12
UBS AG 9.330 6/14/2013 USD 22.00
UBS AG 11.060 6/14/2013 USD 28.17
UBS AG 12.240 10/26/2012 EUR 61.74
UBS AG 16.030 12/21/2012 EUR 57.62
UBS AG 16.600 12/21/2012 EUR 48.62
UBS AG 16.710 12/21/2012 EUR 53.21
UBS AG 16.930 12/21/2012 EUR 49.69
UBS AG 17.070 12/21/2012 EUR 56.36
UBS AG 17.500 12/21/2012 EUR 52.11
UNITED KINGDOM
--------------
BARCLAYS BK PLC 8.000 6/28/2013 EUR 44.95
BARCLAYS BK PLC 10.000 3/22/2013 EUR 40.69
BARCLAYS BK PLC 6.000 1/2/2013 EUR 47.62
BARCLAYS BK PLC 7.500 10/30/2012 EUR 62.00
BARCLAYS BK PLC 11.000 6/28/2013 EUR 41.37
BARCLAYS BK PLC 10.750 3/22/2013 EUR 39.54
ESSAR ENERGY 4.250 2/1/2016 USD 63.54
MAX PETROLEUM 6.750 9/8/2013 USD 40.64
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland
USA. Valerie U. Pascual, Marites O. Claro, Rousel Elaine T.
Fernandez, Joy A. Agravante, Ivy B. Magdadaro, Frauline S.
Abangan and Peter A. Chapman, Editors.
Copyright 2012. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 240/629-3300.
* * * End of Transmission * * *