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



BANK OF CYPRUS: Moody's Lowers Rating on Covered Bonds to 'B2'


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


FAGE INTERNATIONAL: Moody's Assigns 'B3' CFR/PDR; Outlook Neg.
* GREECE: Resumes Talks with Creditors Over New Bailout Loans


KATOWICKIE PRZEDSIEBIORSTWO: Files for Bankruptcy in Polish Court
POLIMEX-MOSTOSTAL: Eurometal Files Bankruptcy Petition


UZTEL: Romanian Court Okays Reorganization Plan


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


NCG BANCO: Fitch Places Cedulas Hipotecarias on Rating Watch Neg.


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'


* BOND PRICING: For the Week October 8 to October 12, 2012



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


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.


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.


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.


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.


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.


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.


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.


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

                         About KirchMedia

Headquartered in Ismaning, Germany, KirchMedia GmbH -- 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

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

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.


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


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.


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

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.


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.


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

"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

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.


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.


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

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)

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

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)'

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. -- 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

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.


* BOND PRICING: For the Week October 8 to October 12, 2012

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

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

ECONOCOM GROUP            4.000    6/1/2016       EUR     22.83

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

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

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

KAUPTHING                 0.800   2/15/2011       EUR     26.50

ARCELORMITTAL             7.250    4/1/2014       EUR     21.45

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

SACYR VALLEHERM           6.500    5/1/2016       EUR     49.30

Rorvik Timber             6.000   6/30/2016       SEK     68.00

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

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

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through  Go to order any title today.


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland
USA.  Valerie U. Pascual, Marites O. Claro, Rousel Elaine T.
Fernandez, Joy A. Agravante, Ivy B. Magdadaro, Frauline S.
Abangan and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 240/629-3300.

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