TCREUR_Public/121105.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, November 5, 2012, Vol. 13, No. 220



SEAFRANCE SA: EUR65MM Groupe Eurotunnel Ferry Purchase Probed


STAGE MEZZANINE: Moody's Cuts Rating on EUR20MM B Notes to 'Caa3'


TOUGHER'S OIL: Judge Appoints Interim Examiner


UPPER DECK: Nov. 20 Hearing Set for Chap. 15 Petition


TURKCELL ILETISIM: Moody's Raises Corp. Family Rating to 'Ba1'
* CITY OF ISTANBUL: S&P Affirms 'BB-' LT Issuer Credit Rating

U N I T E D   K I N G D O M

ALPHA TOPCO: S&P Cuts Corp. Credit Rating to 'B'; Outlook Stable
ASHFORD CASTLE: In Receivership, Assets for Sale At EUR25Million
COMET: Enters Administration; Deloitte Seeks Buyer
CONFIE SEGUROS: S&P Assigns 'B-' LT Counterparty Credit Rating
FRESHLINK FOODS: Faces Closure; 145 Jobs Affected

MF GLOBAL: 90% of Client Funds Recovered, Administrator Says
QUEEN STREET VII: S&P Gives B Issue Credit Rating to $75MM Notes
UK COAL: May Enter Administration if Restructuring Talks Fail
* UK: Moody's Says MMR Rules Credit Neg. for Non-Conforming RMBS


* BOND PRICING: For the Week October 29 to November 2, 2012



SEAFRANCE SA: EUR65MM Groupe Eurotunnel Ferry Purchase Probed
Brian Mahoney at Bankruptcy Law360 reports that the United
Kingdom's competition authority said Monday that it was
investigating Groupe Eurotunnel SA's EUR65 million
(US$84 million) acquisition of ferries from the now-liquidated
ferry operator SeaFrance SA, citing concerns that the merger
reduced competition among English Channel transport services
providers and may cause fare hikes.

The Office of Fair Trading said it had started the investigation
after learning that a second bidder had tried to acquire three
ferries, which Groupe Eurotunnel had purchased in June after
approval from the French Commercial Court.

SeaFrance is the operator of the undersea rail link between
Britain and continental Europe.

The Commercial Court in Paris has ordered the full liquidation of
SeaFrance on the Jan. 9, 2012.  As a result, the company is no
longer able to trade.


STAGE MEZZANINE: Moody's Cuts Rating on EUR20MM B Notes to 'Caa3'
Moody's Investors Service has downgraded the ratings of the
following notes issued by Stage Mezzanine CDO:

Issuer: StaGe Mezzanine 2006

    EUR132.8M A Notes, Downgraded to Ba1 (sf); previously on
    Apr 17, 2012 A3 (sf) Placed Under Review for Possible

    EUR20M B Notes, Downgraded to Caa3 (sf); previously on
    Aug 26, 2011 Downgraded to Caa1 (sf)

This transaction is a German SME collateralized loan obligation
("SME CLO") exposed to a static portfolio of subordinated loans
with bullet maturities in December 2012. As per the Investor
Report dated September 28, 2012, the outstanding portfolio totals
122.3M, representing exposure to 38 loans.

On April 17, 2012, Moody's placed the senior notes on watch for
possible downgrade because of the uncertainties associated with
the break-up of WestLB AG (now Portigon AG), which performed the
roles of servicer and transaction monitor. Since that time, the
interest rate swap in the transaction provided by Portigon AG has
been novated to Erste Abwicklungsanstalt, while Portfigon AG
continues to act as servicer and transaction monitor. Moody's
believes that the operational risk arising from Portigon's
ongoing servicing and administrative functions is not material
given (i) it preserves continuity and experience provided by the
same team working earlier for West LB and (ii) there is a maximum
four day window for funds received by Portigon AG to be
transferred to the issuer's account with Bank of New York Mellon.
The rating action concludes this review for downgrade.

Ratings Rationale

The rating actions are driven by continuing credit deterioration
in the underlying pool, as evidenced by an increase in the number
of defaults and a larger number and amount of assets with lower
credit quality as per the investor report dated September 28,
2012. This negatively impacts the overcollateralization levels of
the rated classes. The actions also reflect further anticipated
deterioration suggested by the most recent information available,
as the pool obligors are expected to refinance their debt in the
coming months, specifically by the scheduled maturity date, 28th
December 2012.

Defaults in the transaction increased to 13 obligors, totalling
EUR53.5 million (approximately 30.4% of the initial pool),
compared to 11 obligors, totalling EUR49.0 million (approximately
27.9% of the initial pool) at the last rating action in August
2011. Deterioration in the portfolio is also indicated by the
larger watchlist reported by the rating provider (Creditreform
AG) who monitor the lowly rated individual issuers in the
portfolio. 10 borrowers with a total balance of EUR30.5 million
are currently on this credit watch list, along with 1 borrower
with EUR3.5 million in default. Moody's reading of the commentary
on the 10 non-defaulted borrowers lead us to conclude that 3
borrowers (EUR13.5 million) are almost certain to default, 4
borrowers (EUR7 million) are likely to default, 2 borrowers (
EUR7 million) are highly risky and 1 borrower (EUR3 million) may
have limited potential to successfully restructure.

In the process of determining the final rating, Moody's
considered a number of scenarios. Assuming that all the 'almost
certain to default' assets do not repay at all, and the ones in
the 'likely to default and 'highly risky' categories as above
repay in full, the overcollateralization ratios for Class A and
Class B would reduce to 124% and 105% respectively, compared to
139% and 113% respectively calculated on the entire current pool
of EUR122.3 million. If further defaults of half the residual
amounts in the 'likely to default and 'highly risky' categories
with no recoveries are assumed, the overcollateralization ratios
for Class A and Class B would drop to 116% and 70% respectively.

The range of the overcollateralization ratios in the scenarios
above are in line with the rating actions.

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 uncertainties of credit
conditions in the general economy, especially as 100% of the
portfolio is exposed to obligors located in Germany.

Sources of additional performance uncertainties are described

1) Refinancing risk: In reaching its ratings decisions, Moody's
took into account the elevated potential for refinancing
difficulties likely to be faced by a substantial number of the
weaker obligors over the coming months to scheduled maturity.
This risk has been assessed primarily from qualitative
information on individual obligors provided in the latest
investor report by the rating provider.

2) Jump to default risk: The non granularity of the portfolio
exposes the transaction to higher jump to default risk,
especially as there are 10 borrowers of size EUR5 million or more
individually, with a combined value of EUR58 million representing
47.4% of the pool by value.

No cash flow analysis, sensitivity or stress scenarios have been
conducted as these rating actions are based on the observed
credit deterioration of the underlying pool and qualitative

These actions rely on financial data received periodically for
the obligors in the pool. This financial data was used in the
RiskCalc model, an econometric model developed by Moody's KMV in
order to assess the credit quality of obligors in the pool. The
results obtained from the RiskCalc model have been translated to
Moody's rating scale and adjusted in order to reflect reliance on
stale financial data, poor pool performance and lack of
granularity. Moody's also incorporated information provided by
the rating provider in the latest investor report to account for
more recent information on the performance of the underlying

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. Other factors used in this rating are
described in "Moody's Approach to Rating Structured Finance
Securities in Default" published in November 2009.

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.


TOUGHER'S OIL: Judge Appoints Interim Examiner
Leinster Leader reports that all 140 employees at Tougher's Oil
have been given temporary job assurance after an interim examiner
was appointed at Tougher's Oil Distributors Limited in Newhall,
Naas on Thursday.

The petition to enter examinership was made by Tommy Tougher on
behalf of the Board of Directors, Leinster Leader discloses.

Justice McGovern appointed Mr. Michael McAteer of Grant Thornton
as interim examiner to Tougher's Oil in the Highcourt on Thursday
pending a full hearing of the examinership application on
November, 9, 2012, Leinster Leader relates.

A company statement was released to the Leinster Leader, which
stated that the business will continue to operate as normal
during the examinership period.

"All 140 jobs within the company are secure during the
examinership period, which if granted is expected to last for a
period of up to 100 days," Leinster Leader quotes a company
statement as saying.

"It is anticipated that following the full hearing on November 9,
2012, the Examiner will aim to agree a scheme of arrangement with

Tougher's Oil consists of petrol stations, bulk oil distribution,
restaurants and property divisions


UPPER DECK: Nov. 20 Hearing Set for Chap. 15 Petition
The Bankruptcy Court in Manhattan will hold a hearing on Nov. 20
at 10:00 a.m. to consider the petition under Chapter 15 of the
U.S. Bankruptcy Code of Upper Deck International B.V.

Upper Deck International B.V., aka Upper Deck Europe B.V., the
European arm of the sports trading-card company, is in insolvency
proceedings in The Netherlands.  Loes A. van Kooten-Hendriks,
serves as Insolvency Administrator and putative foreign
representative of Upper Deck International B.V.

On Oct. 18, 2012, the foreign representative filed a petition
under Chapter 15 of the Bankruptcy Code for recognition of the
foreign proceeding.  The foreign representative is represented in
the U.S. case by David Farrington Yates, Esq., and Oscar N.
Pinkas, Esq., at SNR Denton US LLP.  Bankruptcy Judge Stuart M.
Bernstein oversees the case.

UDI was in the business of, inter alia, publishing, producing and
distributing, as well as wholesale trading in, sports and
amusement cards and stickers, in particular collectable trading
cards, and acquiring capitalizing upon patents, trade names and

The Debtor is estimated to have at least US$50 million in assets
and liabilities up to US$50,000.

Judge Stuart M. Bernstein presides over the Chapter 15 case.


TURKCELL ILETISIM: Moody's Raises Corp. Family Rating to 'Ba1'
Moody's Investors Service has upgraded to Ba1 from Ba2 the
corporate family ratings (CFR; domestic and foreign currency) and
probability of default rating (PDR) of Turkcell Iletisim
Hizmetleri A.S. The outlook on the ratings is now stable. This
concludes the review for upgrade initiated by Moody's on June 22,
2012 following the upgrade of the Turkish sovereign ratings to
Ba1 from Ba2.

Ratings Rationale

"The upgrade reflects Turkcell's improved operating performance
in the first nine months of 2012," says Martin Kohlhase, a
Moody's Vice President -- Senior Analyst and lead analyst on
Turkcell. "The resulting strengthened liquidity profile will
allow the company to face a number of potential cash calls, which
Moody's assumes to include potential dividend payments for fiscal
years 2010 and 2011 of US$1.1 billion line with the company's
general dividend policy to pay out minimum 50% of net
distributable income and potential Greenfield investments or
acquisitions of up to US$500 million," adds Mr. Kohlhase. "We
expect Turkcell's future performance, in combination with the
maintenance of a minimum cash balance of $1 billion, to withstand
any potential cash calls."

In the first nine months of 2012, Turkcell improved its financial
performance with debt/EBITDA decreasing to 1.4x from 1.6x as of
year-end 2011 and retained cash flow (RCF)/debt strengthening to
64.6% for the 12-month period ending September 2012 from 47.9% as
of year-end 2011. Additionally, as a consequence of Euroasia
default in March 2012, cross default clauses have been triggered
on four loan agreements. In July 2012, waivers were obtained from
the related banks, resulting in no imminent cash need.

Moody's has kept Turkcell's ratings on par with the sovereign
rating for Turkey, as, in the rating agency's view, the
shareholder conflict as well as the high contribution from the
domestic market do not warrant a delineation. Firstly, with more
than 80% of revenues and EBITDA generated in the domestic market,
the correlation between Turkcell and the macroeconomic
environment in Turkey remains high with little diversification
benefits from countries that also have weaker sovereign credit
profiles than that of Turkey. Secondly, although the shareholder
conflict has not had a negative impact on the company's day-to-
day operations, it has constrained decisions that Moody's
believes are of significance with regards to (1) sizeable
shareholder distributions, with no dividends for 2010 and 2011
having been dispersed despite a recommendation from the board for
2010; and (2) weaknesses in the governance structure, as
evidenced by a gridlock over a number of issues such as convening
shareholders' meetings. Therefore, the financials may in fact be
stronger, while the shareholder conflict is constraining action,
than it will ultimately be once the governance issues are

The stable outlook reflects Moody's assumption that Turkcell's
financial profile will remain strong with debt/EBITDA around 2.0x
and RCF/debt around 40%. The stable outlook also assumes that the
shareholder dispute will not have an impact on the company's day-
to-day operations.

What Could Change The Rating Up/Down

Turkcell's ratings could be upgraded if the current strong
financial profile is maintained with debt/EBITDA below 1.5x,
interest cover (FFO and EBITDA-Capex) of at least 7x and positive
free cash flow on a sustainable basis. Should Turkcell spend the
bulk of its cash, ratings could reach a higher debt level,
provided that the company at the same time establishes
sufficiently strong back-stop liquidity (e.g., in the form of a
multi-year revolving credit facility). The lack of a solid
governance structure, evidenced by the long-standing conflict
amongst major shareholders resulting in blockages of important
capital redistribution, currently constrains the rating at the
Ba1 level.

Were Turkcell to step up its investment and acquisition plans
(e.g. new licenses, privatization bids - or increase shareholder
returns with a subsequent weakening of RCF/debt below 35%, debt
to EBITDA above 2x and (EBITDA - Capex) to interest expense of
less than 5x this could exert pressure on both the rating and
outlook. Concurrently, Turkcell's rating could be downgraded in
the event that the Turkish sovereign were to be downgraded to

The principal methodology used in rating Turkcell was the Global
Telecommunications Industry Methodology published in December

Turkcell Iletisim Hizmetleri A.S., headquartered in Istanbul,
Turkey, and established in 1993, started operations as a mobile
telephony service provider in Turkey in 1994 and acquired a 25-
year GSM licence in 1998. Today, Turkcell shares its domestic
market with two other players and captures more than half of the
country's mobile subscriber base. Over the years, Turkcell has
expanded into Eastern Europe and Central Asia, where it is active
in eight countries, as well as northern Cyprus. Its mobile
virtual network operator (MVNO) business in Germany started in
the first quarter of 2011. Turkcell also has a growing business
in adjacent telephony services such as fiber broadband in Turkey.

For the 12 months ending September 2012, the company reported
revenues of US$5,629 million, adjusted EBITDA of US$2,208
million, total reported debt of US$1,758 million and cash & cash
equivalents of US$3,648 million. Major shareholders (directly and
indirectly) are TeliaSonera (37.1%), Cukurova Holdings (13.8%)
and Alfa Telecom (13.2%) with the remainder being the free float.

* CITY OF ISTANBUL: S&P Affirms 'BB-' LT Issuer Credit Rating
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
issuer credit rating on Turkish City of Istanbul. The ratings
were subsequently withdrawn at Istanbul's request. At the time of
withdrawal, the outlook was stable.


"The rating on Istanbul reflected our view that the city's
operating revenue flexibility is limited and that it lacks
predictability about future intergovernmental reforms in Turkey's
developing and unbalanced system of intergovernmental relations.
It also reflected the city's sizable capital needs and
management's adherence to aggressive spending policies, which
have resulted in mounting debt and debt service, and consequent
liquidity pressures," S&P said.

"However, Istanbul's role as the financial and commercial center
in the Republic of Turkey (foreign currency BB/Stable/B; local
currency BBB-/Stable/A-3; Turkey national scale trAA+/--/trA-1),
and strong growth prospects, supported the rating. The city also
has a very strong operating performance, a relatively gradual
debt repayment schedule, and a large asset base," S&P said.

"At the time of withdrawal, the outlook was stable, reflecting
our opinion that Istanbul would continue to post a very strong
operating performance, supported by economic growth. It also
reflected our view that the city would continue its ambitious
capital-spending program, and that this would lead to deficits
after capital accounts financed largely with long-term,
amortizing debts. Therefore, despite the increase in debt, we
considered that increased revenues and the smooth amortizing
schedule would likely prevent further increases in the city's
high debt service," S&P said.

Ratings List
Ratings Affirmed and Withdrawn

                                     To            From
Istanbul (City of)
Issuer Credit Rating                 NR            BB-/Stable/--

NR - Not rated.

U N I T E D   K I N G D O M

ALPHA TOPCO: S&P Cuts Corp. Credit Rating to 'B'; Outlook Stable
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating to 'B' from 'B+' on U.K.-based Alpha
Topco Ltd. (Formula One), the holding company of a group of
companies that organize the FIA Formula One World Championship
and own the sport's commercial rights. The outlook is stable.

"We also lowered our issue rating on Formula One's amended and
extended senior secured facilities to 'B+' from 'BB-'. We removed
all ratings from CreditWatch, where we placed them with negative
implications on Oct. 8, 2012," S&P said.


"The downgrade reflects our view that Formula One's leverage will
significantly and durably increase following its success in
raising US$1 billion of subordinated debt and amending and
extending its senior secured facilities. We expect gross adjusted
leverage to jump to about 14x (or about 6x excluding shareholder
loans) at year-end 2012, pro forma for the transaction, versus
our expectations of about 12x (or 4x) prior to the new debt
issuance," S&P said.

"We view the group's shareholder loans, which are stapled to
equity, as debt-like obligations," S&P said.

"In addition, the transaction will add about US$93 million of
additional interest burden annually, or an increase of about 64%
compared with the previous capital structure. This will
substantially reduce interest coverage -- excluding accruing
interest from shareholder loans -- and free cash flow generation
under the new capital structure, as well as somewhat slow debt
reduction through the cash flow sweep mechanism. We anticipate
adjusted EBITDA interest coverage -- excluding the noncash
interest element from the shareholder loans -- to be just under
2x in 2012 pro forma for the new subordinated debt and excluding
shareholder loans, compared with just over 3x prior to the
transaction," S&P said.

"We believe, however, that despite potentially significantly
weaker credit metrics post transaction, the group's high contract
backlog of over $7 billion should provide some visibility and
stability to the new capital structure," S&P said.

"Formula One's decision to releverage the group, which signals a
more aggressive financial policy than we expected, comes a few
months after it temporarily shelved its IPO plans in July 2012 in
the face of unfavorable and uncertain equity markets. The
subordinated debt issuance proceeds will be used for a
distribution to the group's shareholders before the end of the
year. The group also plans to distribute an additional US$332
million, although it has until the end of 2013 to do so, as part
of the previous amend and extend process, which had allowed for a
total US$1.060 billion dividend distribution under the current
capital structure, but of which only about US$728 million has
been distributed to date," S&P said.

"Formula One's success in amending its senior secured facilities
has allowed the group to extend its senior secured term loan B
and C facilities by two and one years, respectively, to 2019.
Formula One has also extended its US$70 million revolving credit
facility (RCF) by two years until 2019. As a result of the
amendments, the group increased its term loan B to about US$1,891
million, versus about US$1,383 million previously, and reduced
its term loan C facility to US$299 million, versus about US$818
million previously. However, the total amount of senior secured
facilities remains at the same level as prior to the amendments,"
S&P said.

"Under our base case, we anticipate that Formula One's backlog
will continue to provide high revenue and EBITDA visibility. We
forecast revenue growth in the low- to mid-single digits and an
EBITDA margin of about 27% from 2013 under the new Concorde
agreement for F1 racing teams, which sets F1 ground rules and
team financial incentives," S&P said.

"The current rating remains mainly constrained by our view of the
group's financial risk profile as 'highly leveraged,' primarily
owing to its high adjusted leverage," S&P said.

"This is partly mitigated by Formula One's business risk profile,
which we consider to be 'satisfactory,'" S&P said.


S&P views Formula One's liquidity as 'adequate,' as defined by
our criteria, under the new capital structure after amendment of
the senior secured facilities and issuance of the new
US$1 billion subordinated debt.

Supporting S&P's assessment of adequate liquidity, it believes
that liquidity sources should exceed by 1.2x all liquidity uses
over the next 24 months. In particular, the group's liquidity
should benefit from:

* Cash and cash equivalents that S&P estimates at about
   US$330 million just after the transaction. If the group
   distributes the remaining US$332 million at the same time as
   the US$1 billion dividend before the end of 2012, the ratio of
   sources to uses would still exceed 1.2x in 2012 and 1x in

* An undrawn US$70 million RCF with no clean down provision.

* About US$300 million of cumulative free cash flows in 2012 and
   2013, thanks to high cash conversion.

* About US$1.3 billion of dividend distributions between 2012
   and 2013.

* Unchanged modest mandatory debt amortizations of about US$22
   million in 2013 and thereafter until 2019.

* Adequate headroom under financial covenants under the amended
   facilities over the next few years.

The two-year extension for the amended facilities, while
positive, is not a material element of liquidity at this point.

                        Recovery Analysis

"Formula One has received 100% consent from its lenders to the
extension of the senior secured facilities and to the changes in
allocation between the two term loans," S&P said.

"The issue rating on the US$70 million senior secured RCF, the
amended US$1,891 million term loan B, both due in April 2019, and
amended US$299 million term loan C, due in September 2019, is
'B+'. The recovery rating on this debt is '2', indicating
Standard & Poor's expectation of substantial (70%-90%) recovery
for senior lenders in the event of a payment default," S&P said.

"Our recovery and issue ratings are underpinned by our valuation
of Formula One as a going concern, based on a combination of its
very high brand recognition, the contracted nature of its
revenues, its variable cost structure, and our view of the
relatively creditor friendly jurisdiction in the U.K. This is
tempered by Formula One's sensitivity to the global economy
during contract renewal periods and, specifically, the exclusion
of the 100-year agreement with the F‚d‚ration Internationale de
L'Automobile (FIA), under which Formula One has the exclusive
commercial rights to F1 and the other commercial contracts from
the security package," S&P said.

"We understand that if Formula One declared bankruptcy, the 100-
year agreement would cease and the rights would go back to the
FIA. Under a liquidation approach, the recovery prospects for the
various debtholders would be negligible," S&P said.

"In order to determine recoveries, we simulate a default
scenario. Our simulated default scenario contemplates a sharp
decline in EBITDA, which is unlikely to occur over the next few
years given our current view of Formula One's business and debt
structure. However, under our default scenario, a decline of this
magnitude would likely stem from a widespread loss of demand for
F1 motorsports racing and a prolonged economic downturn, leading
to substantially lower viewership and event attendance. This, in
turn, would likely result in unfavorable renewals of contracts in
TV broadcasting, race promotion, and advertising. This scenario
would lead to a default in 2017, with EBITDA declining to $325
million," S&P said.

"Formula One is headquartered and registered in the U.K, which we
see as the group's center of main interests. We consider the U.K.
to be a relatively creditor-friendly jurisdiction with regard to
insolvency proceedings," S&P said.

"Under these assumptions, we calculate an enterprise value of
US$2.1 billion, equivalent to 6.5x EBITDA, at the simulated point
of default," S&P said.

"To determine recovery prospects, we then deduct US$105 million
of priority liabilities, which mostly comprise enforcement costs.
This leaves a net enterprise value of about US$2.0 billion
available to debtholders. We expect the senior secured debt to
amount to US$2.3 billion (including six months of prepetition
interest), which in turn would leave sufficient value for the
senior secured debtholders to achieve debt coverage of 70%-90%,
translating into a recovery rating of '2'," S&P said.


"The stable outlook reflects our view that Formula One's gross
adjusted debt to EBITDA is unlikely to markedly decline over the
next two years in the sluggish global economic environment we
forecast under our base-case scenario," S&P said.

"The stable outlook also incorporates our expectation that
Formula One will maintain its position as a top global sports
promoter. We also anticipate that its covenant headroom under the
amended facilities will likely remain adequate over the next few
years. We could lower the ratings if adjusted gross debt to
EBITDA were to significantly exceed 17x -- or increase to
significantly over 7x excluding shareholder loans -- at year-end
2013, or if adjusted EBITDA interest cover were to fall toward
0.5x-1.5x when excluding the noncash interest element from the
shareholder loans. We could also lower the ratings if group
EBITDA margin were to contract to less than 27% during that
period, or if the group were to enter sizable acquisitions," S&P

"At this stage, a positive rating action over the next 12 months
is unlikely in our view, given our expectation of no debt
deleveraging during the period -- absent an IPO -- and the
revenue growth assumptions we have already factored into our base
case," S&P said.

ASHFORD CASTLE: In Receivership, Assets for Sale At EUR25Million
---------------------------------------------------------------- News reports that Ashford Castle placed into
receivership again and goes on sale.

Estate agents Savills are looking for offers in the region of
EUR25 million for the historical resort, according to

The report relates that the hotel was purchased in 2007 by
property developer Gerry Barrett for EUR50million.  Luke
Charleton and David Hughes of Ernst Young were appointed as joint
receivers in November 2011 by Bank of Scotland (Ireland).

It is expected that the estate will be bought by a group of
international investors rather than one of the big hotel chains,
the report notes.

The castle, which was founded over 800 years ago, has a total of
83 bedrooms including six suites.  It has been trading as a hotel
since 1939 and has welcomed a long line of celebrities including
Oscar Wilde, Princess Grace, Brad Pitt and Pierce Brosnan.

COMET: Enters Administration; Deloitte Seeks Buyer
Andrea Felsted at The Financial Times reports that Comet fell
into administration on Friday night, with Deloitte appointed to
the company.

The FT relates that the administrator, which had been expected to
be appointed next week, said it was "urgently" seeking a buyer
for the business, which employs 6,600 staff.  The administrator
added that all stores would continue to trade, the FT notes.

Some rivals may be interested in cherry-picking stores, but it is
unlikely that a buyer will be found for the whole group, leaving
it to be wound up, he FT says.  GA Europe, the retail
restructuring firm, is expected to be appointed to assist
Deloitte in managing Comet's stores, the FT discloses.

Comet is an electricals retailer.

CONFIE SEGUROS: S&P Assigns 'B-' LT Counterparty Credit Rating
Standard & Poor's Ratings Services assigned its 'B-' long-term
counterparty credit rating to Confie Seguros Holding II Co. "We
also rated the company's proposed US$252 million senior secured
first-lien term loan B facility maturing six years from the
facility closing date, and its committed US$75 million senior
secured first-lien revolving credit facility expected to mature
five years from the close of the facility 'B-'. In addition, we
rated the company's US$110 million senior secured second-lien
term loan facility maturing in six and one-half years from the
facility close 'CCC'," S&P said.

"We have assigned a recovery rating of '3', representing
meaningful (50%-70%) recovery expectations to the pending first-
lien secured credit facilities. A recovery rating of '3' does not
provide any support notching to the underlying issue rating. We
also assigned a recovery rating of '6' to the second-lien secured
term loan facility, which provides potential debt holders a
negligible (0%-10%) expectation of recovery in a default
scenario," S&P said.


"The corporate credit rating on Confie Seguros reflects its high
leverage and weak financial flexibility in respect to its fixed-
charge coverage requirements. The company's operating performance
-- specifically, its sustained profitability -- same-
store/organic policy growth rates, revenue composition, and
historically robust cash-flow generation capabilities from EBITDA
partially offset the weaknesses. Although the company has
diversified its commission-based revenues in recent years, we
view the high revenue concentration by a limited number of
insurance carriers as a weakness, despite Confie Seguros's
ability to retain advanced commissions on more than 90% of
policies written, and its current relationship with 50 carriers
that maintain nonstandard auto insurance risk portfolios," S&P

"The rating also considers the success Confie Seguros has
demonstrated in acquiring targeted competitor agencies and
growing its enterprise by attaining scale and operating
efficiencies. We believe historical EBITDA generation and
prospective earnings from recent acquisition initiatives will
allow the company to delever effectively its debt obligations
from its internal free cash-flow generation (excluding future
acquisitions)," S&P said.

"We believe that Confie Seguros maintains a compelling
competitive peer advantage. Although the company has an
undiversified insurance offering -- limiting itself to
nonstandard personal auto policies -- we view the niche expertise
that the company has created in regards to the dynamics of its
unique customer base as a clear positive for Confie Seguros. Its
dominance in the personal lines subsector (fifth-largest
independent personal lines agency) and its leading position in
the number of store fronts (the primary distribution channel for
nonstandard auto offerings) are also competitive advantages.
Finally, we view the company's ability to extract higher
commissions than competitors as a compelling strength to its
business profile," S&P said.


"The stable outlook reflects our view that Confie Seguros will
continue its growth strategy and opportunistically implant store
locations (via acquisitions or self-build agency stores) in
strategic locations. We view the continued expansion in Texas and
other underserved geographic locations in the U.S. as a
significant competitive advantage for the company," S&P said.

"We expect Confie Seguros's fiscal 2012 total revenues to benefit
from the incremental revenues from the 15 acquisitions in 2012,
and to a lesser degree the additional acquisitions that it
expects to close in the fourth quarter. We assume that the
company will continue to report fiscal 2013 revenue growth of at
least 15% compared to the 12 months ended July 31, 2012. This
would reflect recurring nonstandard policy sales on the 2012
acquisitions, a conservative 2.5% increase in annual same-store
policy sales on its existing store-fronts, higher brokerage fee
revenues from targeted 2012 acquisitions and further
implementation of discretionary services throughout the acquired
agency portfolio, and the opening of a conservative number of new
locations. Based on pending savings associated with the
reorganization of back-office processes to Mexico, we expect
adjusted EBITDA margins to remain more than 28% and free cash
flow (excluding acquisitions) available for debt repayment to be
40% of EBITDA generation," S&P said.

"We expect Confie Seguros to delever within the first year of the
new secured loan debt financing. This expectation is based on
projected adjusted EBITDA generated in 2013, and to a lesser
extent the projected mandatory debt repayments from the excess
cash-flow sweep upon free cash-flow generation. We expect the
company's pro-forma adjusted 2013 fixed-charge coverage ratio to
be 1.8x, which includes the 15% noncash preferred unit dividends
that accrue until the preferred units are redeemed and paid to
the investor. We believe that future unplanned acquisitions will
be financed with available cash at hand and supplemented with its
revolving credit facility until the company generates
consolidated accretive cash flow to reduce its revolver
utilization," S&P said.

"We could lower the ratings during the next 12 months if the
company does not meet our expectations, is not disciplined or
successful in its acquisition strategy, or incurs additional debt
that is not supported by prospective operating earnings.
Conversely, if the company's operating performance significantly
exceeds our expectations, resulting in lower leverage and higher
financial flexibility, we would consider raising the rating
within the next 12-24 months. This would be demonstrated by total
adjusted leverage (including the perpetual preferred units) of
6.0x or less and adjusted EBITDA fixed-charge coverage of 2.0x or
above," S&P said.

Ratings List

New Rating

Confie Seguros II Holding Co.

Counterparty Credit Rating                  B-/Stable/--

US$252 Mil. Sr. Sec. 1st-Lien Term-Loan     B

US$75 Mil. Sr. Sec. 1st-Lien Revolver       B-

Recovery rating                             3

US$110 Mil. Sr. Sec. 2nd-Lien Term Loan     CCC

Recovery Rating                             6

FRESHLINK FOODS: Faces Closure; 145 Jobs Affected
The Scotsman reports that Freshlink Foods will close despite a
battle by politicians and unions to keep it open.

A campaign was mounted to save the Freshlink Foods plant in the
Shettleston area of Glasgow, the Scotsman relates.  But
Freshlink, part of ABP Food Group, announced that with "great
regret" production will stop early next year, the Scotsman notes.

The work is expected to be transferred to Yorkshire over the next
few weeks and months, the Scotsman discloses.

"The 145 staff at Freshlink will now be facing an uncertain
future.  The company has still not clarified its time-scale for
closing the plant and this makes it more difficult for staff to
find other jobs," Glasgow Shettleston MSP John Mason as saying.

A stakeholder group involving the Scottish Government, Glasgow
City Council, Usdaw union and company representatives and others
was set up to try to save the site, the Scotsman says.  But
Freshlink Foods announced it was to close, according to the

Freshlink Foods is a Glasgow sausage factory.

MF GLOBAL: 90% of Client Funds Recovered, Administrator Says
Kit Chellel at Bloomberg News reports that administrators of MF
Global Holding Ltd.'s U.K. subsidiary said that one year after
the brokerage firm collapsed, they have recovered about 90% of
funds belonging to the unit's clients and 75% of assets due

According to Bloomberg, KPMG LLP partner Mike Pink said on
Wednesday that about GBP570 million (US$920 million) has been
recovered from client accounts, while GBP900 million was obtained
for creditors.

KPMG has agreed to pay 26 cents on the dollar to clients with
protected accounts, and hasn't yet made a distribution to
creditors, Bloomberg discloses.  U.S. trustees of the holding
company and its affiliates have sued KPMG seeking assets of about
US$1 billion, Bloomberg recounts.

The accounting firm, as cited by Bloomberg, said it won't be able
to return more until the legal disputes with MF Global's U.S.
entities are resolved.  If KPMG prevails, Pink said, it could
potentially return all of the money being claimed by the U.K.
unit's creditors and clients, and still have money left over,
Bloomberg states.

                          About MF Global

New York-based MF Global (NYSE: MF) --
-- is one of the world's leading brokers of commodities and
listed derivatives.  MF Global provides access to more than 70
exchanges around the world.  The firm is also one of 22 primary
dealers authorized to trade U.S. government securities with the
Federal Reserve Bank of New York.  MF Global's roots go back
nearly 230 years to a sugar brokerage on the banks of the Thames
River in London.

MF Global Holdings Ltd. and MF Global Finance USA Inc. filed
voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 11-
15059 and 11-5058) on Oct. 31, 2011, after a planned sale to
Interactive Brokers Group collapsed.  As of Sept. 30, 2011, MF
Global had $41,046,594,000 in total assets and $39,683,915,000 in
total liabilities.  It is easily the largest bankruptcy filing so
far this year.

Judge Honorable Martin Glenn presides over the Chapter 11 case.
J. Gregory Milmoe, Esq., Kenneth S. Ziman, Esq., and J. Eric
Ivester, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, serve
as bankruptcy counsel.  The Garden City Group, Inc., serves as
claims and noticing agent.  The petition was signed by Bradley I.
Abelow, Executive Vice President and Chief Executive Officer of
MF Global Finance USA Inc.

The Securities Investor Protection Corporation commenced
liquidation proceedings against MF Global Inc. to protect
customers.  James W. Giddens was appointed as trustee pursuant to
the Securities Investor Protection Act.  He is a partner at
Hughes Hubbard & Reed LLP in New York.

Jon Corzine, the former New Jersey governor and co-CEO of
Goldman Sachs Group Inc., stepped down as chairman and chief
executive officer of MF Global just days after the bankruptcy

U.S. regulators are investigating about $633 million missing from
MF Global customer accounts, a person briefed on the matter said
Nov. 3, according to Bloomberg News.

QUEEN STREET VII: S&P Gives B Issue Credit Rating to $75MM Notes
Standard & Poor's Ratings Services has assigned its 'B (sf)'
issue credit rating to the US$75 million principal-at-risk
variable-rate notes issued by Queen Street VII Re Ltd., sponsored
by Munich Reinsurance Co. (Munich Re; AA-/Stable/--).

"The notes are exposed to major U.S. hurricane risk in selected
states (see covered area below) within the U.S. between April 1,
2013, and March 31, 2016 (three full hurricane seasons) and major
European windstorms between Nov. 1, 2012, and March 31, 2016
(four full windstorm seasons), as modeled by AIR Worldwide Corp.
(AIR)," S&P said.

The ratings are based on the lower of the rating on the
catastrophe risk ('B'), the rating on the assets in the
collateral account ('AAAm'), and the risk of nonpayment by the
ceding insurer ('AA-').

                 Implied Rating on the Catastrophe Risk

"The 'B' implied rating on the catastrophe risk is derived from
the modeled (version 14.0 of the AIR hurricane model for the U.S.
and version 5.01 of its European Windstorm model, each as
implemented in CLASIC/2 and CATRADER 14.0.1, standard catalog for
hurricane) probability of attachment on the covered exposures.
The AIR industry exposure database is as of Dec. 31, 2011, and is
augmented by the PERILS industry exposure database as of Jan. 1,
2012," S&P said.

"When rating catastrophe bonds linked to hurricanes, we look at
the sensitivity analysis. This is the warm-sea surface
temperature-conditioned (WSST) catalogue, which incorporates the
impact on hurricane activity of elevated sea-surface temperatures
in the North Atlantic (sea-surface temperatures have generally
been elevated since 1995) to generate the stochastic event set
and compare it with the long-term base-case analysis. We would
likely use the more-conservative results," S&P said.

"To assign the ratings, we applied an adjustment to the WSST
results to reflect that the possibility of attachment may be
greater than what the model had anticipated. We then assigned the
rating by selecting the next rating category below this adjusted
probability of default that is greater than or equal to the
adjusted probability of default from our insurance-linked
securities default table. This adjustment results in varying
margins between the initial parameter values needed to trigger
the notes' default and the parameter values at the probability of
default commensurate with the assigned rating," S&P said.

            Strengths, Concerns and Mitigating Factors

In adjusting the modeled probability of loss, S&P considered
these strengths, concerns, and mitigating factors:


* The industry loss triggers imply a lower level of modeling
   risk -- relative to an indemnity trigger -- as the catastrophe
   model uses the same states/countries and payout factors for
   the risk analysis and to calculate the losses under the notes.
   This reduces the modeling error resulting from data quality
   and completeness.

* Models for U.S. hurricanes and European windstorms are well
   established in the insurance industry, as these are among the
   main natural catastrophe perils.

* Munich Re is a regular issuer of natural-peril, insurance-
   linked securities.


* Potential for modeling error is greater than it would be for a
   catastrophe bond using a parametric index, as the modeling for
   an industry loss trigger uses all modules within the
   catastrophe model, not just those associated with generating
   the hazard at each location.

* Nonmodeled risks, such as flood from dam failures or heavy
   rains, or a change in the industry exposure data since the
   last update, could increase the reported industry losses
   following a covered event.

* There is an investment risk related to the dedicated Treasury
   money-market fund held in the collateral account. The risk
   depends on the quality of the assets held by the fund from a
   credit and cash flow standpoint.

* There are differences, sometimes significant, in the modeled
   probabilities of attachment for European windstorms among the
   three main catastrophe modeling agencies -- AIR, EQECAT Inc.,
   and Risk Management Solutions Inc.

* PERILS's industry exposure data is at a lower resolution; it
   only goes down to CRESTA-zone level.

* PERILS was formed in 2009, and therefore has a limited track
   record in applying its methodology to actual events.

* PERILS has indicated that it would use professional judgment
   in extreme cases when it feels the data provided are not fully
   robust; however, it is not obliged to inform the market when
   in extreme cases when it feels the data provided are not fully

                        Mitigating factors

* AIR is a widely recognized firm that develops catastrophe risk
   assessment and management methodologies and techniques for the
   global insurance and reinsurance industry.

* AIR's U.S. hurricane and PERILS's European windstorm industry
   exposure databases include data to Dec. 31, 2011, and Jan.1,
   2012, respectively. They may be updated annually to reflect
   the providers' latest view on industry exposures.

* "We have stressed the loss 'exceedance' probability curves, in
   line with the strengths and weaknesses we identified when
   analyzing this transaction," S&P said.

* AIR used its industry exposure data to augment PERILS's data
   to derive a 1 km by 1 km resolution. However, this database
   will not be updated during the life of the transaction.

* Based on AIR's analysis, on a historical basis, there has been
   one recorded event since 1900 -- the NoName6 storm of 1926
   that made landfall in Florida and Alabama -- that generated a
   hurricane index value that would have reached the attachment
   level. The loss to noteholders would have been approximately
   37% of the notional balance of the notes.

Historical data indicate that there has not been a European
windstorm event that would have triggered a principal loss to the
note holders.

* PERILS has reconstructed five historic events using its
   methodology to extend its track record.

* PERILS receives the underlying exposure data directly from the
   insurance companies in each country and currently has a market
   penetration of between 40% and 60% in Europe.

* "PERILS continues to gain credibility in the market through
   greater coverage and we expect its credibility to grow as its
   coverage and track record develop," S&P said.

                         Collateral Account

"Queen Street VII deposited the proceeds from the sale of the
notes into a collateral account for each class, and the indenture
trustee transferred these amounts to a Treasury money-market fund
rated at least 'AAAm' by Standard & Poor's. The investment
guidelines require the money-market funds to be rated by Standard
& Poor's. After the initial purchase of 'AAAm' funds, there is no
requirement for the funds retain the 'AAAm' rating, though the
expectation is that the proceeds would remain in funds rated
'AAAm' to the extent available. If allowable money-market funds
are not available, the funds would remain uninvested and held in
cash," S&P said.

"Our principal stability fund rating, also known as a money-
market fund rating, is a forward-looking opinion about a fixed-
income fund's capacity to maintain principal stability and to
limit exposure to principal losses stemming from credit risk.
Although investors should be cognizant of the fee structure of a
money-market fund -- particularly its total expense ratio -- fees
are not part of the ratings assessment. Therefore, if fund fees
exceed the yield generated by the fund's investment holdings, we
do not consider that to be 'breaking the buck' (i.e., we do not
consider that the net asset value of the fund has fallen below
$1)," S&P said.

"Therefore, we would not take a rating action if this occurred in
a rated fund. However, if the related trust assets were to earn a
net negative yield, Queen Street VII Re Ltd. might not
necessarily redeem the notes in full at maturity, and we would
revise the rating to 'D'," S&P said.

"Noteholders bear the risk of any loss of principal on the
Treasury money-market funds, and there is no recourse to either
Queen Street VII or Munich Re," S&P said.

                         Ceding Insurer

Munich Re is the cedant to the retrocession contract. It is the
principal operating company and the ultimate holding company for
a group of affiliated companies (the Munich Re Group). Munich Re
transacts insurance and reinsurance business worldwide and is one
of the largest global reinsurers in terms of premiums written and


S&P uses surveillance data provided by the various transaction
parties to perform periodic reviews.  S&P's rating reflects its
opinion of the transaction's ongoing risk profile.  S&P
undertakes a number of steps to determine whether the assigned
rating continues to reflect its view of the transaction's
performance. These steps include:

* Reviewing the reports that detail the performance of the
   assets in the collateral account;

* Analyzing the annual reset report; and

* Keeping informed of peril model updates.

                        Transaction Structure

"Queen Street VII Re Ltd. is a Bermuda exempted company
registered under the Bermuda Insurance Act 1978 as a special
purpose insurer as of Sept. 28, 2012. All of the issuer's issued
and outstanding share capital is held under the terms of a
declaration of trust by Appleby Securities (Bermuda) Ltd., as
trustee of The Queen Street VII Re Limited Purpose Trust. Queen
Street VII's business consists solely of issuing the notes and
entering into and performing the retrocession contract and
related agreements and activities.

As security for its obligations under the notes, Queen Street VII
granted a security interest over its rights under the contracts,
the accounts, and the investments to the indenture trustee for
the benefit of the noteholders. This security is subordinated to
the security granted for the benefit of Munich Re as the ceding
reinsurer," S&P said.

                    Catastrophe Exposure

"The notes cover losses between the hurricane index value
attachment point of 84,000 and the hurricane index value
exhaustion point of 130,000, and losses between the windstorm
index value attachment point of 13,000 and the windstorm index
value exhaustion point of 17,500. Both index values are
calculated on a per-occurrence basis," S&P said.

Queen Street VII covers:

* Losses due to hurricanes in the following U.S. states:
   Alabama, Arkansas, Connecticut, Delaware, District of
   Columbia, Florida, Georgia, Illinois, Indiana, Kentucky,
   Louisiana, Maine, Maryland, Massachusetts, Mississippi,
   Missouri, New Hampshire, New Jersey, New York, North Carolina,
   Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina,
   Tennessee, Texas, Vermont, Virginia, and West Virginia.

* Losses due to windstorms in the following European countries:
   Belgium, Denmark, mainland Metropolitan France and Corsica,
   Germany, Luxembourg, The Netherlands, Norway, the Republic of
   Ireland, Sweden, Switzerland, and the U.K. AIR, as the event
   calculation agent, calculates an index value following a
   qualifying event. The index value for U.S. hurricane peril is
   based on industry losses reported by Property Claim Services
   (PCS) by state and line of business, which AIR disaggregates
   to county level using its modeled industry loss allocation and
   predetermined payout factors by county and line of business.

"The index value for the European windstorm peril is based on
industry losses reported by PERILS AG and predetermined payout
factors by CRESTA zone, including constant exchange rates for
Denmark, the U.K., Norway, Sweden, and Switzerland," S&P said.

"Each year, Munich Re can choose whether to reset the U.S.
hurricane payout factors, the Europe windstorm payout factors, or
the foreign exchange rates. It must reset the industry exposure
data for both perils. AIR would reset the attachment points and
exhaustion points so that the new attachment probability and
expected loss are equal to or less than the initial one-year
attachment probability and the initial one-year expected loss for
each peril, using its standard frequencies for hurricanes. As a
result, the combined attachment probability and expected loss may
vary slightly from reset to reset," S&P said.

"The transaction includes certain reset limitations. For U.S.
hurricane, the contribution to the expected loss for hurricanes
from Florida may not exceed 70%, and hurricanes from Florida,
Alabama, Mississippi, Louisiana, and Texas combined may not
exceed 80%. In addition, no updated U.S. hurricane payout factor
may be less than 10% or more than 290%. For European windstorms,
the contribution to expected loss for storms from France,
Germany, and the U.K. combined may not be less than 65% and no
individual country may exceed 65%. No updated windstorm payout
factor may be less than 10% or more than 250%. The initial models
and the AIR industry exposure data used to augment the PERILS
data is held in escrow. AIR will make no changes to the
scientific and probabilistic assumptions underlying the model
used in this transaction. It plans to add further lines of
business to the model in 2012 (e.g., builder's risk), but these
would have no impact on the modeled losses for the lines of
business already included in the model. AIR could update the
storm surge component of the U.S. hurricane model in 2013, but
continues to use the current version for this transaction. We
expect to receive notification of any resets to the notes and
would review the ratings accordingly if a reset takes place," S&P

Table 1
Monthly Distribution Of Expected Loss By Peril For The Notes*

Month        Hurricane       Europe windstorm
           contribution to   contribution to  Total contribution
          expected loss (%)  expected loss    to expected loss(%)
-----     -----------------  ---------------- ------------------
January           0.0              18.0               18.0
February          0.0              12.7               12.7
March             0.0               4.0                4.0
April             0.0               0.0                0.0
May               0.0               0.0                0.0
June              0.1               0.0                0.1
July              5.7               0.0                5.7
August           14.0               0.0               14.0
September        16.3               0.0               16.3
October           7.4               2.8               10.2
November          1.5               7.4                8.9
December          0.0              10.2               10.2
TOTAL            44.9              55.1              100.0

Totals may not add due to rounding. Figures were derived using
full precision. Data is based on an annual view of the risk.

Table 2
Breakdown Of Initial Hurricane One-Year Expected Loss By State
and Line Of Business*

State            Auto (%)   Commercial (%) Personal (%) Total (%)
-----            --------   -------------- ------------ ---------
Florida            3.1           30.3          19.1        52.5
Southeast Personal 0.0            0.0           6.3         6.3
West Personal      0.0            0.0           8.4         8.4
Other              3.1           30.3           4.4        37.7
Texas              0.4            5.0           5.4        10.8
Coastal Personal   0.0            0.0           0.8         0.8
Other              0.4            5.0           4.5        10.0
South Carolina     0.3            3.9           5.0         9.2
New York           0.1            2.6           2.3         4.9
New Jersey         0.1            1.8           2.4         4.3
North Carolina     0.2            1.4           2.7         4.2
Louisiana          0.2            1.8           1.6         3.6
Coastal Personal   0.0            0.0           0.7         0.7
Other              0.2            1.8           0.9         2.9
Connecticut        0.0            1.0           1.3         2.3
Georgia            0.1            0.7           1.3         2.1
Massachusetts      0.0            0.7           0.9         1.7
Virginia           0.0            0.4           0.6         1.0
Mississippi        0.0            0.4           0.5         1.0
Pennsylvania       0.0            0.4           0.6         1.0
Rhode Island       0.0            0.1           0.1         0.2
Maryland           0.0            0.1           0.1         0.2
Alabama            0.0            0.1           0.1         0.2
Delaware           0.0            0.1           0.1         0.2
New Hampshire      0.0            0.0           0.1         0.1
Tennessee          0.0            0.0           0.1         0.1
Maine              0.0            0.0           0.1         0.1
West Virginia      0.0            0.0           0.1         0.1
Other States       0.0            0.1           0.1         0.2
TOTAL              4.6           50.9          44.6      100.00

* Totals may not add due to rounding. Florida Southeast Personal
  includes the modeled losses from personal lines for the
  following counties: Broward, Miami-Dade, Monroe, and Palm
  Beach. Florida West Personal includes the modeled losses from
  personal lines for the following counties: Charlotte, Collier,
  Hernando, Hillsborough, Lee, Manatee, Pasco, Pinellas, and
  Sarasota. Other includes personal lines for all counties in the
  relevant state that are not explicitly listed in Table 2 as
  well as auto and commercial lines on a statewide level.

** Texas Coastal Personal includes the modeled losses from
  personal lines for the following counties: Aransas, Brazoria,
  Calhoun, Chambers, Galveston, Jefferson, Matagorda, Nueces, and
  San Patricio. Louisiana Coastal Personal includes the modeled
  losses from personal lines for the following parishes: Iberia,
  Jefferson, Lafourche, Orleans, Plaquemines, St. Bernard, St.
  Mary, Terrebonne, and Vermilion. Other States consists of the
  following States: Arkansas, District of Columbia, Illinois,
  Indiana, Kentucky, Missouri, Ohio, Oklahoma, and Vermont.

Table 3
Breakdown of Initial Europe Windstorm One-Year Expected Loss By
Country and Line of Business

Country      Commercial/Industrial/
             Agriculture (%)           Residential (%)  Total (%)
-------      ----------------------    ---------------  ---------
U.K.                19.0                    21.2           40.2
Germany              8.0                    14.0           21.9
Southwest            3.0                     5.2            8.2
West                 2.3                     4.7            7.1
Other                2.6                     4.1            6.7
Denmark              5.6                     6.8           12.4
France               4.1                     7.0           11.1
Northeast            1.7                     3.1            4.8
Other                2.4                     3.9            6.3
Switzerland          1.5                     2.3            3.8
Sweden               0.8                     3.0            3.8
Netherlands          0.8                     2.5            3.3
Norway               0.6                     0.9            1.5
Ireland              0.5                     0.7            1.2
Belgium              0.1                     0.3            0.5
Luxembourg           0.1                     0.3            0.3
TOTAL               41.0                    59.0          100.0

* Totals may not add due to rounding. Germany Southwest includes
  the modeled losses from the following CRESTA Zones: DE-34, DE-
  35, DE-36, DE-60, DE-61, DE-63, DE-64, DE-65, DE-68, DE-69, DE-
  70, DE-71, DE-72, DE-73, DE-74, DE-75, DE-76, DE-77, DE-78, DE-
  79, DE-88, and DE-89. Germany West includes the modeled losses
  from the following CRESTA Zones: DE-32, DE-33, DE-40, DE-41,
  DE-42, DE-44, DE-45, DE-46, DE-47, DE-48, DE-50, DE-51, DE-52,
  DE-53, DE-54, DE-55, DE-56, DE-57, DE-58, DE-59, DE-66, and DE-
  67. Other includes all CRESTA Zones in the relevant country
  that are not explicitly listed in Table 3.

** France Northeast includes the modeled losses from the
  following CRESTA Zones: FR-02, FR-08, FR-25, FR-51, FR-54, FR-
  55, FR-57, FR-59, FR-60, FR-62, FR-67, FR-68, FR-70, FR-80, FR-
  88, and FR-90.

                        Loss Calculation

"For U.S. hurricanes, and subject to an event notice, AIR obtains
the total industry loss for each state and line of business in
the covered area from PCS. AIR then disaggregates the losses to
county level using its calculated modeled industry loss
allocation to calculate the hurricane index value as described
below. For European windstorms, AIR obtains the industry loss
amounts for each country in the covered area from PERILS to
calculate the windstorm index value," S&P said.

AIR uses the calculated event index value to determine the event
payment amount. The reduction of the principal balance equals the
event insurance percentage times the (covered event index value
minus the event index attachment level).

            Principal and Interest Payments on the Notes

"The notes pay interest quarterly in arrears at a rate equal to
the investment yield on the U.S. money-market funds plus an
interest spread that is equal to the quarterly premium payment
from Munich Re. The coupon is paid on the outstanding balance of
the notes beginning on the first day of the accrual period, which
would reflect principal reductions, if any. The yield of the U.S.
money-market funds is posted monthly on Intralinks," S&P said.

"Investors are paid interest at the rate established at closing
on the original principal balance of the notes during the entire
first year of the notes, even if there is a partial or total
reduction of the outstanding balance of the notes," S&P said.

"Principal is redeemed on the later of the scheduled redemption
date (including any early redemption date) or any maturity
extension date," S&P said.

UK COAL: May Enter Administration if Restructuring Talks Fail
Emma Rowley at The Telegraph reports that UK Coal risks falling
into the hands of administrators within weeks if shareholders
fail to back a crucial restructuring plan.

According to the Telegraph, the company's management warned
investors that if at a shareholder meeting on Nov. 4 they do not
back its plan to separate its coal and property arms by the end
of December, it risks closing for good.

To ensure its survival, the board wants investors to agree to it
moving from a premium to a standard listing on the stock exchange
on Dec. 4, which would mean it would be able to make changes
without them having to be signed off by shareholders each time,
the Telegraph discloses.

This should speed up the process of restructuring and also make
it cheaper, according to management, who also plan to change the
company's name to Coalfield Resources to reflect its changing
focus, the Telegraph notes.

UK Coal plc -- is a United Kingdom-
based company engaged in surface and underground coal mining,
property regeneration and management, and power generation.  The
Company operates four deep mines, located in Central and Northern
England.  Its deep mines business consists of Daw Mill
(Warwickshire), Kellingley (Yorkshire) and Thoresby and Welbeck
(Nottinghamshire).  The Company had five active surface mines.
Total surface mining reserves and resources are estimated at
approximately 55 million tons.  The Company owns approximately
45,000 acres (18,200 hectares) of predominantly agricultural
land.  During the year ended December 31, 2008, it acquired 50%
of UK Strategic Partnership Limited as a joint venture company
with Strategic Sites Limited for the development of certain
investment properties.  In January 2009, it sold 50% share in
Coal4Energy Limited to Hargreaves Services PLC.

* UK: Moody's Says MMR Rules Credit Neg. for Non-Conforming RMBS
New rules on affordability announced by the UK Financial Services
Authority (FSA) following its Mortgage Market Review (MMR) will,
over the long term, be credit positive for UK prime RMBS and
credit negative for UK non-conforming RMBS, says Moody's
Investors Service in a report published on Nov. 1. The new rules,
which are broadly in line with the proposals announced on 19
December 2011, will also be credit neutral for UK RMBS in the
short term.

The new report is entitled "New FSA MMR rules will benefit UK
prime RMBS in long term".

"In the long term, the new rules will be credit positive for UK
prime RMBS as they introduce affordability rules, which cover
areas such as interest only and proof of income," says Sophia
Velissaratou, a Moody's Associate Analyst and a co-author of the
report. "However, the new rules will be credit negative for UK
non-conforming RMBS over the long term, as it will be more
difficult for these weaker borrowers to take advantage of
proposed waivers on affordability checks," adds Ms. Velissaratou.
As such, these borrowers will continue to have extremely limited
refinancing options.

"In our view, the new rules will have a limited impact on UK RMBS
in the short term," says Jonathan Livingstone, a Moody's Vice
President -- Senior Analyst and a co-author of the report. "The
subdued mortgage market and the FSA's longstanding mortgage
review mean that lenders have already tightened their
underwriting criteria significantly, which has reduced
refinancing options for interest-only borrowers," adds Mr.
Livingstone. The setting of a concrete implementation date for
the rules also removes further short-term uncertainty.


* BOND PRICING: For the Week October 29 to November 2, 2012

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

A-TEC INDUSTRIES        2.750      5/10/2014       EUR      29.00
IMMOFINANZ              4.250       3/8/2018       EUR       4.29
RAIFF CENTROBANK        5.097      1/23/2013       EUR      63.38
RAIFF CENTROBANK        7.646      1/23/2013       EUR      45.01
RAIFF CENTROBANK        7.965      1/23/2013       EUR      57.99
RAIFF CENTROBANK        7.873      1/23/2013       EUR      72.88
RAIFF CENTROBANK        8.417      1/22/2014       EUR      72.90
RAIFF CENTROBANK        7.122      1/22/2014       EUR      71.77
RAIFF CENTROBANK       11.134      7/24/2013       EUR      65.77
RAIFF CENTROBANK        9.200      7/24/2013       EUR      61.37
RAIFF CENTROBANK        8.907      7/24/2013       EUR      63.11
RAIFF CENTROBANK        9.876      1/23/2013       EUR      58.33
RAIFF CENTROBANK        9.558      1/23/2013       EUR      72.40
RAIFF CENTROBANK        8.588      1/23/2013       EUR      72.84
RAIFF CENTROBANK        8.920      1/23/2013       EUR      57.28
RAIFF CENTROBANK        9.304      1/23/2013       EUR      64.30

ECONOCOM GROUP          4.000       6/1/2016       EUR      23.26

AIR FRANCE-KLM          4.970       4/1/2015       EUR      12.29
ALCATEL-LUCENT          5.000       1/1/2015       EUR       2.53
ALTRAN TECHNOLOG        6.720       1/1/2015       EUR       5.78
ASSYSTEM                4.000       1/1/2017       EUR      22.76
ATOS ORIGIN SA          2.500       1/1/2016       EUR      58.41
CAP GEMINI SOGET        3.500       1/1/2014       EUR      39.24
CGG VERITAS             1.750       1/1/2016       EUR      32.48
CLUB MEDITERRANE        6.110      11/1/2015       EUR      17.71
EURAZEO                 6.250      6/10/2014       EUR      54.38
FAURECIA                4.500       1/1/2015       EUR      19.58
FAURECIA                3.250       1/1/2018       EUR      18.10
INGENICO                2.750       1/1/2017       EUR      49.21
MAUREL ET PROM          7.125      7/31/2014       EUR      18.09
MAUREL ET PROM          7.125      7/31/2015       EUR      17.10
NEXANS SA               2.500       1/1/2019       EUR      67.05
NEXANS SA               4.000       1/1/2016       EUR      56.35
ORPEA                   3.875       1/1/2016       EUR      47.82
PEUGEOT SA              4.450       1/1/2016       EUR      23.54
PIERRE VACANCES         4.000      10/1/2015       EUR      73.43
PUBLICIS GROUPE         1.000      1/18/2018       EUR      54.08
SOC AIR FRANCE          2.750       4/1/2020       EUR      21.17
SOITEC                  6.250       9/9/2014       EUR       7.27
TEM                     4.250       1/1/2015       EUR      54.60

BNP EMIS-U.HANDE        9.750     12/28/2012       EUR      60.73
BNP EMIS-U.HANDE        7.750     12/31/2012       EUR      51.67
BNP EMIS-U.HANDE        9.500     12/31/2012       EUR      66.75
BNP EMIS-U.HANDE       10.500     12/28/2012       EUR      54.07
COMMERZBANK AG          8.400     12/30/2013       EUR      13.90
COMMERZBANK AG         17.000     12/28/2012       EUR      71.54
COMMERZBANK AG         13.000     12/28/2012       EUR      50.41
COMMERZBANK AG         11.500     12/28/2012       EUR      70.52
COMMERZBANK AG          8.000     12/27/2012       EUR      42.91
COMMERZBANK AG          7.000     12/27/2012       EUR      64.20
COMMERZBANK AG         11.500      11/5/2012       EUR      66.72
COMMERZBANK AG         10.000      11/5/2012       EUR      52.39
COMMERZBANK AG          8.000      11/5/2012       EUR      50.00
DEUTSCHE BANK AG       15.000      2/20/2013       EUR      72.00
DEUTSCHE BANK AG       15.000     12/20/2012       EUR      67.00
DEUTSCHE BANK AG       12.000     12/20/2012       EUR      66.20
DEUTSCHE BANK AG       12.000     12/20/2012       EUR      45.50
DEUTSCHE BANK AG       12.000     12/20/2012       EUR      73.20
DEUTSCHE BANK AG       12.000     12/20/2012       EUR      70.90
DEUTSCHE BANK AG       10.000     12/20/2012       EUR      71.30
DEUTSCHE BANK AG        9.000     12/20/2012       EUR      70.50
DEUTSCHE BANK AG        9.000     12/20/2012       EUR      71.20
DEUTSCHE BANK AG        8.000     12/20/2012       EUR      66.00
DEUTSCHE BANK AG        8.000     12/20/2012       EUR      70.90
DEUTSCHE BANK AG        8.000     12/20/2012       EUR      39.80
DEUTSCHE BANK AG        7.000     12/20/2012       EUR      73.60
DEUTSCHE BANK AG       12.000     11/29/2012       EUR      67.30
DEUTSCHE BANK AG        9.000     11/29/2012       EUR      69.10
DEUTSCHE BANK AG        6.500      6/28/2013       EUR      55.70
DEUTSCHE BANK AG       15.000      2/20/2013       EUR      69.30
DEUTSCHE BANK AG       15.000      2/20/2013       EUR      70.80
DEUTSCHE BANK AG       15.000      2/20/2013       EUR      69.60
DEUTSCHE BANK AG       15.000      2/20/2013       EUR      74.40
DEUTSCHE BANK AG       15.000      2/20/2013       EUR      71.70
DEUTSCHE BANK AG       15.000      2/20/2013       EUR      73.20
DEUTSCHE BANK AG       15.000      2/20/2013       EUR      74.50
DEUTSCHE BANK AG       15.000      2/20/2013       EUR      67.00
DEUTSCHE BANK AG        8.000     11/29/2012       EUR      73.60
DZ BANK AG              6.500      6/28/2013       EUR      73.74
DZ BANK AG             16.750     11/23/2012       EUR      63.55
DZ BANK AG             20.000     11/23/2012       EUR      42.29
DZ BANK AG              5.000     12/14/2012       EUR      71.55
DZ BANK AG              9.500       1/2/2013       EUR      73.58
DZ BANK AG             12.000       1/2/2013       EUR      67.40
DZ BANK AG             16.250       1/2/2013       EUR      68.75
DZ BANK AG             10.500      1/11/2013       EUR      68.95
DZ BANK AG             14.000      1/11/2013       EUR      50.59
DZ BANK AG             15.500      1/11/2013       EUR      56.24
DZ BANK AG             12.500      1/25/2013       EUR      53.38
DZ BANK AG             18.000      1/25/2013       EUR      61.43
DZ BANK AG             19.000      1/25/2013       EUR      45.05
DZ BANK AG             10.250       2/8/2013       EUR      73.76
DZ BANK AG             10.250       2/8/2013       EUR      74.36
DZ BANK AG             13.750      2/22/2013       EUR      74.92
DZ BANK AG             14.000      2/22/2013       EUR      70.46
DZ BANK AG             15.000      2/22/2013       EUR      71.03
DZ BANK AG             15.000      2/22/2013       EUR      68.65
DZ BANK AG             15.000      2/22/2013       EUR      74.95
DZ BANK AG             15.000      2/22/2013       EUR      69.81
DZ BANK AG             15.000      2/22/2013       EUR      72.29
DZ BANK AG             15.000      2/22/2013       EUR      73.59
DZ BANK AG             10.000       3/8/2013       EUR      70.73
DZ BANK AG             13.750       3/8/2013       EUR      56.95
DZ BANK AG             13.000      3/22/2013       EUR      74.71
DZ BANK AG             14.500      4/26/2013       EUR      58.43
DZ BANK AG             15.750      4/26/2013       EUR      44.69
DZ BANK AG             16.500      4/26/2013       EUR      59.56
DZ BANK AG             17.000      4/26/2013       EUR      17.66
DZ BANK AG             18.500      4/26/2013       EUR      58.12
DZ BANK AG             19.500      4/26/2013       EUR      62.87
DZ BANK AG              6.000      6/28/2013       EUR      71.53
DZ BANK AG             14.000      6/28/2013       EUR      73.41
DZ BANK AG             18.000      6/28/2013       EUR      70.89
DZ BANK AG             22.000      6/28/2013       EUR      74.52
DZ BANK AG             15.000      7/26/2013       EUR      74.99
DZ BANK AG             15.750      7/26/2013       EUR      72.74
DZ BANK AG             15.500     10/25/2013       EUR      72.04
GOLDMAN SACHS CO       13.000     12/27/2013       EUR      74.70
GOLDMAN SACHS CO       14.000       1/2/2013       EUR      71.33
GOLDMAN SACHS CO       18.000      3/20/2013       EUR      71.40
HSBC TRINKAUS          17.500      6/28/2013       EUR      66.85
HSBC TRINKAUS          17.000      6/28/2013       EUR      58.88
HSBC TRINKAUS          13.000      3/22/2013       EUR      63.16
HSBC TRINKAUS          16.500      6/28/2013       EUR      58.39
HSBC TRINKAUS          12.000      3/22/2013       EUR      74.47
HSBC TRINKAUS          16.500      6/28/2013       EUR      72.72
HSBC TRINKAUS          16.500      6/28/2013       EUR      42.67
HSBC TRINKAUS          18.500      6/28/2013       EUR      59.59
HSBC TRINKAUS          16.000      3/22/2013       EUR      68.04
HSBC TRINKAUS          11.500      3/22/2013       EUR      73.69
HSBC TRINKAUS          16.500      6/28/2013       EUR      66.70
HSBC TRINKAUS          10.500      3/22/2013       EUR      65.24
HSBC TRINKAUS          16.500      6/28/2013       EUR      61.95
HSBC TRINKAUS          15.500      6/28/2013       EUR      69.77
HSBC TRINKAUS          10.500      3/22/2013       EUR      46.25
HSBC TRINKAUS          16.000      3/22/2013       EUR      68.96
HSBC TRINKAUS          17.500      3/22/2013       EUR      56.73
HSBC TRINKAUS          10.500      3/22/2013       EUR      74.99
HSBC TRINKAUS          18.500      6/28/2013       EUR      74.28
HSBC TRINKAUS          10.500      3/22/2013       EUR      73.49
HSBC TRINKAUS          14.500      6/28/2013       EUR      71.04
HSBC TRINKAUS           8.000      3/22/2013       EUR      69.42
HSBC TRINKAUS          19.000      6/28/2013       EUR      41.85
HSBC TRINKAUS          19.500      6/28/2013       EUR      56.01
HSBC TRINKAUS          19.500      6/28/2013       EUR      62.34
HSBC TRINKAUS          19.500      6/28/2013       EUR      72.82
HSBC TRINKAUS          21.000      6/28/2013       EUR      63.76
HSBC TRINKAUS          21.000      6/28/2013       EUR      56.00
HSBC TRINKAUS          21.500      6/28/2013       EUR      69.23
HSBC TRINKAUS          22.500      6/28/2013       EUR      64.32
HSBC TRINKAUS          23.500      6/28/2013       EUR      66.17
HSBC TRINKAUS          14.000      6/28/2013       EUR      64.58
HSBC TRINKAUS          14.000      6/28/2013       EUR      43.93
HSBC TRINKAUS          13.500      6/28/2013       EUR      62.78
HSBC TRINKAUS          12.500      6/28/2013       EUR      70.66
HSBC TRINKAUS          11.000      6/28/2013       EUR      66.06
HSBC TRINKAUS          10.500      6/28/2013       EUR      47.09
HSBC TRINKAUS          10.000      6/28/2013       EUR      74.75
HSBC TRINKAUS          10.000      6/28/2013       EUR      68.64
HSBC TRINKAUS          25.500      6/28/2013       EUR      61.69
HSBC TRINKAUS          26.000      6/28/2013       EUR      52.05
HSBC TRINKAUS          30.000      6/28/2013       EUR      50.01
HSBC TRINKAUS          17.500      3/22/2013       EUR      67.46
HSBC TRINKAUS          17.500      3/22/2013       EUR      60.77
HSBC TRINKAUS          18.000      3/22/2013       EUR      65.84
HSBC TRINKAUS          18.000      3/22/2013       EUR      71.63
HSBC TRINKAUS          18.500      3/22/2013       EUR      40.49
HSBC TRINKAUS          18.500      3/22/2013       EUR      57.06
HSBC TRINKAUS          18.500      3/22/2013       EUR      71.79
HSBC TRINKAUS          19.000      3/22/2013       EUR      57.19
HSBC TRINKAUS           8.000      6/28/2013       EUR      74.80
HSBC TRINKAUS           8.000      6/28/2013       EUR      50.11
HSBC TRINKAUS          14.000      6/28/2013       EUR      71.93
HSBC TRINKAUS           6.500      6/28/2013       EUR      71.30
HSBC TRINKAUS          19.500      3/22/2013       EUR      62.88
HSBC TRINKAUS          19.500      3/22/2013       EUR      74.18
HSBC TRINKAUS          27.500      3/22/2013       EUR      46.94
HSBC TRINKAUS          27.000      3/22/2013       EUR      57.46
HSBC TRINKAUS          20.000      3/22/2013       EUR      73.62
HSBC TRINKAUS           7.000      6/28/2013       EUR      71.80
HSBC TRINKAUS          24.000      3/22/2013       EUR      61.89
HSBC TRINKAUS          23.500      3/22/2013       EUR      66.64
HSBC TRINKAUS          23.000      3/22/2013       EUR      53.22
HSBC TRINKAUS          22.000      3/22/2013       EUR      39.24
HSBC TRINKAUS          22.000      3/22/2013       EUR      53.97
HSBC TRINKAUS          21.000      3/22/2013       EUR      71.50
HSBC TRINKAUS          26.500      3/22/2013       EUR      62.72
HSBC TRINKAUS          20.500      3/22/2013       EUR      59.39
HSBC TRINKAUS          18.000      6/28/2013       EUR      73.33
HSBC TRINKAUS          15.500      3/22/2013       EUR      42.39
HSBC TRINKAUS          15.000      3/22/2013       EUR      73.59
HSBC TRINKAUS          14.000      3/22/2013       EUR      68.73
HSBC TRINKAUS          13.500      3/22/2013       EUR      62.19
HSBC TRINKAUS          13.500      3/22/2013       EUR      62.80
HSBC TRINKAUS          21.000      3/22/2013       EUR      56.77
LB BADEN-WUERTT         7.500     11/23/2012       EUR      17.34
LB BADEN-WUERTT         5.000     11/23/2012       EUR      56.44
LB BADEN-WUERTT         5.000     11/23/2012       EUR      20.12
LB BADEN-WUERTT         5.000     11/23/2012       EUR      72.56
LB BADEN-WUERTT         5.000     11/23/2012       EUR      71.55
LB BADEN-WUERTT         5.000     11/23/2012       EUR      52.42
LB BADEN-WUERTT         7.500     11/23/2012       EUR      62.93
LB BADEN-WUERTT         7.500     11/23/2012       EUR      47.74
LB BADEN-WUERTT         7.500     11/23/2012       EUR      45.06
LB BADEN-WUERTT         7.500     11/23/2012       EUR      60.56
LB BADEN-WUERTT         7.500     11/23/2012       EUR      67.08
LB BADEN-WUERTT         7.500     11/23/2012       EUR      66.83
LB BADEN-WUERTT        10.000     11/23/2012       EUR      58.18
LB BADEN-WUERTT        10.000     11/23/2012       EUR      15.91
LB BADEN-WUERTT        10.000     11/23/2012       EUR      73.47
LB BADEN-WUERTT        10.000     11/23/2012       EUR      56.98
LB BADEN-WUERTT        10.000     11/23/2012       EUR      71.16
LB BADEN-WUERTT        10.000     11/23/2012       EUR      42.56
LB BADEN-WUERTT        10.000     11/23/2012       EUR      40.27
LB BADEN-WUERTT        10.000     11/23/2012       EUR      53.67
LB BADEN-WUERTT        10.000     11/23/2012       EUR      69.01
LB BADEN-WUERTT        10.000     11/23/2012       EUR      59.51
LB BADEN-WUERTT        10.000     11/23/2012       EUR      73.25
LB BADEN-WUERTT        15.000     11/23/2012       EUR      44.08
LB BADEN-WUERTT         5.000       1/4/2013       EUR      65.38
LB BADEN-WUERTT         5.000       1/4/2013       EUR      59.19
LB BADEN-WUERTT         5.000       1/4/2013       EUR      20.37
LB BADEN-WUERTT         5.000       1/4/2013       EUR      61.14
LB BADEN-WUERTT         5.000       1/4/2013       EUR      38.12
LB BADEN-WUERTT         5.000       1/4/2013       EUR      69.44
LB BADEN-WUERTT         7.500       1/4/2013       EUR      59.59
LB BADEN-WUERTT         7.500       1/4/2013       EUR      32.89
LB BADEN-WUERTT         7.500       1/4/2013       EUR      60.75
LB BADEN-WUERTT         7.500       1/4/2013       EUR      17.95
LB BADEN-WUERTT         7.500       1/4/2013       EUR      74.69
LB BADEN-WUERTT         7.500       1/4/2013       EUR      61.73
LB BADEN-WUERTT         7.500       1/4/2013       EUR      56.14
LB BADEN-WUERTT         7.500       1/4/2013       EUR      67.72
LB BADEN-WUERTT         7.500       1/4/2013       EUR      66.56
LB BADEN-WUERTT        10.000       1/4/2013       EUR      30.40
LB BADEN-WUERTT        10.000       1/4/2013       EUR      54.14
LB BADEN-WUERTT        10.000       1/4/2013       EUR      71.90
LB BADEN-WUERTT        10.000       1/4/2013       EUR      16.52
LB BADEN-WUERTT        10.000       1/4/2013       EUR      68.33
LB BADEN-WUERTT        10.000       1/4/2013       EUR      62.14
LB BADEN-WUERTT        10.000       1/4/2013       EUR      60.47
LB BADEN-WUERTT        10.000       1/4/2013       EUR      63.36
LB BADEN-WUERTT        10.000       1/4/2013       EUR      59.99
LB BADEN-WUERTT        10.000       1/4/2013       EUR      51.46
LB BADEN-WUERTT         5.000      1/25/2013       EUR      75.00
LB BADEN-WUERTT         5.000      1/25/2013       EUR      27.24
LB BADEN-WUERTT         7.500      1/25/2013       EUR      69.62
LB BADEN-WUERTT         7.500      1/25/2013       EUR      24.09
LB BADEN-WUERTT         7.500      1/25/2013       EUR      64.89
LB BADEN-WUERTT         7.500      1/25/2013       EUR      68.15
LB BADEN-WUERTT         7.500      1/25/2013       EUR      70.66
LB BADEN-WUERTT         7.500      1/25/2013       EUR      74.19
LB BADEN-WUERTT        10.000      1/25/2013       EUR      70.99
LB BADEN-WUERTT        10.000      1/25/2013       EUR      63.94
LB BADEN-WUERTT        10.000      1/25/2013       EUR      66.70
LB BADEN-WUERTT        10.000      1/25/2013       EUR      22.08
LB BADEN-WUERTT        10.000      1/25/2013       EUR      57.15
LB BADEN-WUERTT        10.000      1/25/2013       EUR      62.97
LB BADEN-WUERTT        10.000      1/25/2013       EUR      64.19
LB BADEN-WUERTT         5.000      2/22/2013       EUR      71.24
LB BADEN-WUERTT         7.500      2/22/2013       EUR      61.50
LB BADEN-WUERTT        10.000      2/22/2013       EUR      54.92
LB BADEN-WUERTT        12.000      2/22/2013       EUR      74.39
LB BADEN-WUERTT        15.000      2/22/2013       EUR      46.66
LB BADEN-WUERTT         8.000      3/22/2013       EUR      70.96
LB BADEN-WUERTT        10.000      3/22/2013       EUR      68.15
LB BADEN-WUERTT        12.000      3/22/2013       EUR      68.38
LB BADEN-WUERTT        15.000      3/22/2013       EUR      62.22
LB BADEN-WUERTT        15.000      3/22/2013       EUR      69.64
LB BADEN-WUERTT         5.000      6/28/2013       EUR      73.30
LB BADEN-WUERTT         7.500      6/28/2013       EUR      72.12
LB BADEN-WUERTT         9.000      6/28/2013       EUR      71.94
LB BADEN-WUERTT        10.000      6/28/2013       EUR      67.84
LB BADEN-WUERTT        10.000      6/28/2013       EUR      71.00
LB BADEN-WUERTT        11.000      6/28/2013       EUR      69.99
LB BADEN-WUERTT         5.000      8/23/2013       EUR      73.85
LB BADEN-WUERTT         7.000      8/23/2013       EUR      69.06
LB BADEN-WUERTT         9.000      8/23/2013       EUR      66.12
LB BADEN-WUERTT        10.000      8/23/2013       EUR      71.81
LB BADEN-WUERTT        10.000      8/23/2013       EUR      74.37
LB BADEN-WUERTT        12.000      8/23/2013       EUR      68.06
LB BADEN-WUERTT        12.000      8/23/2013       EUR      71.46
LB BADEN-WUERTT         9.000      9/27/2013       EUR      73.65
LB BADEN-WUERTT        11.000      9/27/2013       EUR      72.48
MACQUARIE STRUCT       13.250       1/2/2013       EUR      69.48
MACQUARIE STRUCT       18.000     12/14/2012       EUR      74.81
Q-CELLS                 6.750     10/21/2015       EUR       1.04
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       9.93
TUI AG                  2.750      3/24/2016       EUR      57.07
VONTOBEL FIN PRO       27.600     12/31/2012       EUR      44.10
VONTOBEL FIN PRO       28.250     12/31/2012       EUR      41.38
VONTOBEL FIN PRO       11.000       2/1/2013       EUR      55.30
VONTOBEL FIN PRO       13.650       3/1/2013       EUR      38.20
VONTOBEL FIN PRO        5.650      3/22/2013       EUR      70.82
VONTOBEL FIN PRO        8.550      3/22/2013       EUR      63.78
VONTOBEL FIN PRO        9.950      3/22/2013       EUR      72.42
VONTOBEL FIN PRO        9.200      3/22/2013       EUR      67.68
VONTOBEL FIN PRO       16.100     12/31/2012       EUR      71.68
VONTOBEL FIN PRO       15.250     12/31/2012       EUR      59.96
VONTOBEL FIN PRO       16.950     12/31/2012       EUR      58.74
VONTOBEL FIN PRO       14.600     12/31/2012       EUR      55.72
VONTOBEL FIN PRO       14.500     12/31/2012       EUR      65.82
VONTOBEL FIN PRO       14.500     12/31/2012       EUR      74.06
VONTOBEL FIN PRO       14.450     12/31/2012       EUR      53.18
VONTOBEL FIN PRO       14.350     12/31/2012       EUR      70.28
VONTOBEL FIN PRO       14.350     12/31/2012       EUR      74.14
VONTOBEL FIN PRO       14.300     12/31/2012       EUR      65.80
VONTOBEL FIN PRO       14.700     12/31/2012       EUR      72.80
VONTOBEL FIN PRO       14.000     12/31/2012       EUR      73.28
VONTOBEL FIN PRO       13.550     12/31/2012       EUR      53.44
VONTOBEL FIN PRO       13.500     12/31/2012       EUR      64.64
VONTOBEL FIN PRO       13.150     12/31/2012       EUR      73.76
VONTOBEL FIN PRO       13.050     12/31/2012       EUR      70.04
VONTOBEL FIN PRO       12.200      3/22/2013       EUR      47.48
VONTOBEL FIN PRO       12.200      3/22/2013       EUR      73.28
VONTOBEL FIN PRO       14.300     12/31/2012       EUR      50.20
VONTOBEL FIN PRO       16.550     12/31/2012       EUR      73.98
VONTOBEL FIN PRO       16.450     12/31/2012       EUR      68.04
VONTOBEL FIN PRO       13.700      3/22/2013       EUR      45.56
VONTOBEL FIN PRO       14.000      3/22/2013       EUR      65.86
VONTOBEL FIN PRO       14.500      3/22/2013       EUR      52.98
VONTOBEL FIN PRO       15.250      3/22/2013       EUR      43.82
VONTOBEL FIN PRO       16.850      3/22/2013       EUR      42.40
VONTOBEL FIN PRO       12.700      3/22/2013       EUR      74.04
VONTOBEL FIN PRO        4.000      6/28/2013       EUR      50.04
VONTOBEL FIN PRO        6.000      6/28/2013       EUR      64.80
VONTOBEL FIN PRO        7.389     11/25/2013       EUR      47.10
VONTOBEL FIN PRO        5.100      4/14/2014       EUR      36.80
VONTOBEL FIN PRO       16.350     12/31/2012       EUR      57.56
VONTOBEL FIN PRO       20.000     12/31/2012       EUR      70.16
VONTOBEL FIN PRO       20.850     12/31/2012       EUR      73.14
VONTOBEL FIN PRO       21.150     12/31/2012       EUR      68.36
VONTOBEL FIN PRO       21.200     12/31/2012       EUR      57.26
VONTOBEL FIN PRO       22.250     12/31/2012       EUR      66.66
VONTOBEL FIN PRO       22.700     12/31/2012       EUR      67.80
VONTOBEL FIN PRO       24.700     12/31/2012       EUR      47.06
VONTOBEL FIN PRO       24.900     12/31/2012       EUR      55.80
VONTOBEL FIN PRO       18.500      3/22/2013       EUR      41.34
VONTOBEL FIN PRO       16.700     12/31/2012       EUR      72.52
VONTOBEL FIN PRO       17.050     12/31/2012       EUR      56.64
VONTOBEL FIN PRO       17.100     12/31/2012       EUR      54.58
VONTOBEL FIN PRO       17.450     12/31/2012       EUR      59.30
VONTOBEL FIN PRO       18.050     12/31/2012       EUR      64.90
VONTOBEL FIN PRO       18.200     12/31/2012       EUR      71.46
VONTOBEL FIN PRO       18.850     12/31/2012       EUR      54.88
VONTOBEL FIN PRO       18.850     12/31/2012       EUR      63.30
VONTOBEL FIN PRO       18.900     12/31/2012       EUR      53.72
VONTOBEL FIN PRO       18.950     12/31/2012       EUR      69.00
VONTOBEL FIN PRO       19.300     12/31/2012       EUR      66.24
VONTOBEL FIN PRO       19.700     12/31/2012       EUR      62.78
VONTOBEL FIN PRO       16.150     12/31/2012       EUR      72.20
VONTOBEL FIN PRO       12.900     12/31/2012       EUR      52.64
VONTOBEL FIN PRO       12.800     12/31/2012       EUR      41.02
VONTOBEL FIN PRO       12.650     12/31/2012       EUR      73.94
VONTOBEL FIN PRO       12.650     12/31/2012       EUR      58.78
VONTOBEL FIN PRO       12.250     12/31/2012       EUR      70.58
VONTOBEL FIN PRO       12.050      3/22/2013       EUR      64.78
VONTOBEL FIN PRO       12.000     12/31/2012       EUR      60.98
VONTOBEL FIN PRO       11.950     12/31/2012       EUR      66.68
VONTOBEL FIN PRO       11.950     12/31/2012       EUR      50.02
VONTOBEL FIN PRO       11.950     12/31/2012       EUR      58.46
VONTOBEL FIN PRO       11.850     12/31/2012       EUR      70.66
VONTOBEL FIN PRO       11.750     12/31/2012       EUR      57.14
VONTOBEL FIN PRO       11.700     12/31/2012       EUR      57.20
VONTOBEL FIN PRO       11.450     12/31/2012       EUR      57.10
VONTOBEL FIN PRO       11.400     12/31/2012       EUR      58.26
VONTOBEL FIN PRO       11.150     12/31/2012       EUR      74.84
VONTOBEL FIN PRO       11.000     12/31/2012       EUR      65.34
VONTOBEL FIN PRO       11.000     12/31/2012       EUR      73.44
VONTOBEL FIN PRO       10.900     12/31/2012       EUR      68.42
VONTOBEL FIN PRO       10.550     12/31/2012       EUR      60.56
VONTOBEL FIN PRO       10.550     12/31/2012       EUR      63.94
VONTOBEL FIN PRO       10.500     12/31/2012       EUR      44.90
VONTOBEL FIN PRO       10.050     12/31/2012       EUR      65.42
VONTOBEL FIN PRO        9.950     12/31/2012       EUR      55.02
VONTOBEL FIN PRO        9.950     12/31/2012       EUR      61.96
VONTOBEL FIN PRO        9.650     12/31/2012       EUR      73.22
VONTOBEL FIN PRO        9.600     12/31/2012       EUR      73.80
VONTOBEL FIN PRO        9.600     12/31/2012       EUR      74.70
VONTOBEL FIN PRO        9.500     12/31/2012       EUR      61.66
VONTOBEL FIN PRO        9.400     12/31/2012       EUR      54.40
VONTOBEL FIN PRO        9.350     12/31/2012       EUR      74.94
VONTOBEL FIN PRO        9.250     12/31/2012       EUR      41.22
VONTOBEL FIN PRO        8.650     12/31/2012       EUR      66.34
VONTOBEL FIN PRO        8.400     12/31/2012       EUR      74.34
VONTOBEL FIN PRO        8.200     12/31/2012       EUR      67.90
VONTOBEL FIN PRO        7.950     12/31/2012       EUR      54.72
VONTOBEL FIN PRO        7.700     12/31/2012       EUR      70.00
VONTOBEL FIN PRO        7.400     12/31/2012       EUR      57.56
VONTOBEL FIN PRO        7.250     12/31/2012       EUR      55.80
VONTOBEL FIN PRO       12.000      3/22/2013       EUR      67.34
VONTOBEL FIN PRO       11.850      3/22/2013       EUR      57.80
VONTOBEL FIN PRO       11.150      3/22/2013       EUR      70.74
VONTOBEL FIN PRO       10.750      3/22/2013       EUR      50.08
VONTOBEL FIN PRO       10.300      3/22/2013       EUR      73.20
VONTOBEL FIN PRO       10.150      3/22/2013       EUR      62.40
VONTOBEL FIN PRO       16.850     12/31/2012       EUR      63.06
WGZ BANK                8.000     12/21/2012       EUR      67.77
WGZ BANK                7.000     12/21/2012       EUR      70.21
WGZ BANK                8.000     12/28/2012       EUR      60.75
WGZ BANK                7.000     12/28/2012       EUR      64.82
WGZ BANK                6.000     12/28/2012       EUR      69.56

BCV GUERNSEY            8.020       3/1/2013       EUR      52.83
BKB FINANCE             9.450       7/3/2013       CHF      73.38
BKB FINANCE            10.950      5/10/2013       CHF      68.82
BKB FINANCE            11.500      3/20/2013       CHF      65.02
BKB FINANCE            13.200      1/31/2013       CHF      53.34
BKB FINANCE             8.350      1/14/2013       CHF      55.34
BKB FINANCE            11.400      11/8/2012       CHF      45.97
EFG INTL FIN GUR       11.050      11/8/2012       USD      52.97
EFG INTL FIN GUR        6.000     11/12/2012       EUR      57.81
EFG INTL FIN GUR        6.000     11/12/2012       CHF      56.98
EFG INTL FIN GUR       10.500     11/13/2012       CHF      64.03
EFG INTL FIN GUR       10.500     11/13/2012       CHF      64.03
EFG INTL FIN GUR       12.750     11/13/2012       CHF      22.74
EFG INTL FIN GUR       12.750     11/13/2012       CHF      71.16
EFG INTL FIN GUR       13.000     11/13/2012       CHF      22.39
EFG INTL FIN GUR       13.000     11/13/2012       CHF      74.47
EFG INTL FIN GUR       14.000     11/13/2012       USD      22.89
EFG INTL FIN GUR       14.500     11/13/2012       EUR      74.39
EFG INTL FIN GUR       17.000     11/13/2012       EUR      63.89
EFG INTL FIN GUR       12.830     11/19/2012       CHF      71.30
EFG INTL FIN GUR        8.000     11/20/2012       CHF      62.79
EFG INTL FIN GUR        8.300     11/20/2012       CHF      66.26
EFG INTL FIN GUR       11.500     11/20/2012       EUR      54.15
EFG INTL FIN GUR       14.800     11/20/2012       EUR      67.23
EFG INTL FIN GUR        9.250     11/27/2012       CHF      72.56
EFG INTL FIN GUR       11.250     11/27/2012       CHF      65.98
EFG INTL FIN GUR       14.500     11/27/2012       CHF      32.72
EFG INTL FIN GUR       16.000     11/27/2012       EUR      62.23
EFG INTL FIN GUR        9.750      12/3/2012       CHF      74.31
EFG INTL FIN GUR       13.750      12/6/2012       CHF      40.89
EFG INTL FIN GUR        8.500     12/14/2012       CHF      60.11
EFG INTL FIN GUR       14.250     12/14/2012       EUR      67.48
EFG INTL FIN GUR       17.500     12/14/2012       EUR      65.95
EFG INTL FIN GUR        9.300     12/21/2012       CHF      65.93
EFG INTL FIN GUR       10.900     12/21/2012       CHF      66.19
EFG INTL FIN GUR       12.250     12/27/2012       GBP      69.11
EFG INTL FIN GUR        8.830     12/28/2012       USD      58.51
EFG INTL FIN GUR       10.000       1/9/2013       EUR      44.72
EFG INTL FIN GUR        9.000      1/15/2013       CHF      28.73
EFG INTL FIN GUR       10.250      1/15/2013       CHF      21.93
EFG INTL FIN GUR       12.500      1/15/2013       CHF      30.27
EFG INTL FIN GUR       16.500      1/18/2013       CHF      45.34
EFG INTL FIN GUR        5.800      1/23/2013       CHF      61.16
EFG INTL FIN GUR       11.400      1/25/2013       EUR      72.06
EFG INTL FIN GUR       15.000       3/1/2013       CHF      73.70
EFG INTL FIN GUR       10.000       3/6/2013       USD      73.40
EFG INTL FIN GUR       10.750      3/19/2013       USD      72.44
EFG INTL FIN GUR        8.000       4/2/2013       CHF      62.13
EFG INTL FIN GUR       16.000       4/4/2013       CHF      26.04
EFG INTL FIN GUR        7.530      4/16/2013       EUR      52.68
EFG INTL FIN GUR        7.000      4/19/2013       EUR      56.74
EFG INTL FIN GUR       12.000      4/26/2013       CHF      65.79
EFG INTL FIN GUR        9.500      4/30/2013       EUR      30.42
EFG INTL FIN GUR        6.500      8/27/2013       CHF      52.30
EFG INTL FIN GUR        8.400      9/30/2013       CHF      64.40
EFG INTL FIN GUR        8.160      4/25/2014       EUR      72.74
EFG INTL FIN GUR        5.850     10/14/2014       CHF      58.06
EFG INTL FIN GUR       12.600     12/21/2012       CHF      66.34
ZURCHER KANT FIN        5.330     11/30/2012       CHF      71.95
ZURCHER KANT FIN       12.670     12/28/2012       CHF      73.92
ZURCHER KANT FIN       10.200      8/23/2013       CHF      70.73
ZURCHER KANT FIN       10.128       3/7/2013       CHF      68.45
ZURCHER KANT FIN        7.340      4/16/2013       CHF      64.56
ZURCHER KANT FIN        9.250      11/9/2012       CHF      62.81
ZURCHER KANT FIN        9.250      11/9/2012       CHF      54.03
ZURCHER KANT FIN       12.500       7/5/2013       CHF      74.01
ZURCHER KANT FIN       11.500      1/24/2013       CHF      62.15
ZURCHER KANT FIN       17.000      2/22/2013       EUR      51.44

KAUPTHING               0.800      2/15/2011       EUR      26.50

ARCELORMITTAL           7.250       4/1/2014       EUR      21.68

BLT FINANCE BV         12.000      2/10/2015       USD      24.88
EM.TV FINANCE BV        5.250       5/8/2013       EUR       5.88
KPNQWEST NV            10.000      3/15/2012       EUR       0.13
LEHMAN BROS TSY         4.000     10/12/2010       USD      22.75
LEHMAN BROS TSY        10.500       8/9/2010       EUR      22.75
LEHMAN BROS TSY         6.000      7/28/2010       EUR      22.75
LEHMAN BROS TSY         6.000      7/28/2010       EUR      22.75
LEHMAN BROS TSY         4.000      5/30/2010       USD      22.75
LEHMAN BROS TSY        11.750       3/1/2010       EUR      22.75
LEHMAN BROS TSY         7.000      2/15/2010       CHF      22.75
LEHMAN BROS TSY         1.750       2/7/2010       EUR      22.75
LEHMAN BROS TSY         8.800     12/27/2009       EUR      22.75
LEHMAN BROS TSY         7.500      9/13/2009       CHF      22.75
LEHMAN BROS TSY         8.000     12/31/2010       USD      22.75
LEHMAN BROS TSY         8.000       8/3/2009       USD      22.75
LEHMAN BROS TSY         4.500       8/2/2009       USD      22.75
LEHMAN BROS TSY         8.500       7/6/2009       CHF      22.75
LEHMAN BROS TSY        11.000      6/29/2009       EUR      22.75
LEHMAN BROS TSY        10.000      6/17/2009       USD      22.75
LEHMAN BROS TSY         5.750      6/15/2009       CHF      22.75
LEHMAN BROS TSY         5.500      6/15/2009       CHF      22.75
LEHMAN BROS TSY         9.000      6/13/2009       USD      22.75
LEHMAN BROS TSY        15.000       6/4/2009       CHF      22.75
LEHMAN BROS TSY        17.000       6/2/2009       USD      22.75
LEHMAN BROS TSY        13.500       6/2/2009       USD      22.75
LEHMAN BROS TSY        10.000      5/22/2009       USD      22.75
LEHMAN BROS TSY         8.000      5/22/2009       USD      22.75
LEHMAN BROS TSY        16.800      8/21/2009       USD      22.75
LEHMAN BROS TSY        16.200      5/14/2009       USD      22.75
LEHMAN BROS TSY         4.000      4/24/2009       USD      22.75
LEHMAN BROS TSY         3.850      4/24/2009       USD      22.75
LEHMAN BROS TSY         7.000      4/14/2009       EUR      22.75
LEHMAN BROS TSY         9.000      3/17/2009       GBP      22.75
LEHMAN BROS TSY        13.000      2/16/2009       CHF      22.75
LEHMAN BROS TSY        11.000      2/16/2009       CHF      22.75
LEHMAN BROS TSY        10.000      2/16/2009       CHF      22.75
LEHMAN BROS TSY         0.500      2/16/2009       EUR      22.75
LEHMAN BROS TSY         7.750      1/30/2009       EUR      22.75
LEHMAN BROS TSY        13.432       1/8/2009       ILS      22.75
LEHMAN BROS TSY        16.000     12/26/2008       USD      22.75
LEHMAN BROS TSY         7.000     11/28/2008       CHF      22.75
LEHMAN BROS TSY         8.000      5/22/2009       USD      22.75
LEHMAN BROS TSY        14.100     11/12/2008       USD      22.75
LEHMAN BROS TSY        16.000      11/9/2008       USD      22.75
LEHMAN BROS TSY        13.150     10/30/2008       USD      22.75
LEHMAN BROS TSY        16.000     10/28/2008       USD      22.75
LEHMAN BROS TSY         7.500     10/24/2008       USD      22.75
LEHMAN BROS TSY         6.000     10/24/2008       EUR      22.75
LEHMAN BROS TSY         5.000     10/24/2008       CHF      22.75
LEHMAN BROS TSY         8.000     10/23/2008       USD      22.75
LEHMAN BROS TSY        10.000     10/22/2008       USD      22.75
LEHMAN BROS TSY        16.000      10/8/2008       CHF      22.75
LEHMAN BROS TSY         7.250      10/6/2008       EUR      22.75
LEHMAN BROS TSY        18.250      10/2/2008       USD      22.75
LEHMAN BROS TSY         7.375      9/20/2008       EUR      22.75
LEHMAN BROS TSY        10.442     11/22/2008       CHF      22.75
LEHMAN BROS TSY        14.900      9/15/2008       EUR      22.75
LEHMAN BROS TSY         9.300     12/21/2010       EUR      22.75
LEHMAN BROS TSY         6.000     10/30/2012       USD       5.50
LEHMAN BROS TSY         2.500      8/23/2012       GBP      22.75
LEHMAN BROS TSY        13.000      7/25/2012       EUR      22.75
LEHMAN BROS TSY         6.600      2/22/2012       EUR      22.75
LEHMAN BROS TSY         7.000      2/15/2012       EUR      22.75
LEHMAN BROS TSY         6.000      2/14/2012       EUR      22.75
LEHMAN BROS TSY         2.500     12/15/2011       GBP      22.75
LEHMAN BROS TSY        12.000       7/4/2011       EUR      22.75
LEHMAN BROS TSY        11.000       7/4/2011       CHF      22.75
LEHMAN BROS TSY        11.000       7/4/2011       USD      22.75
LEHMAN BROS TSY         4.000       1/4/2011       USD      22.75
LEHMAN BROS TSY         3.000      9/12/2036       JPY       5.50
LEHMAN BROS TSY         9.300     12/21/2010       EUR      22.75
LEHMAN BROS TSY        14.900     11/16/2010       EUR      22.75
LEHMAN BROS TSY        23.300      9/16/2008       USD      22.75
Q-CELLS INTERNAT        5.750      5/26/2014       EUR      25.26
Q-CELLS INTERNAT        1.375      4/30/2012       EUR      25.28
RENEWABLE CORP          6.500       6/4/2014       EUR      68.09
SACYR VALLEHERM         6.500       5/1/2016       EUR      50.74

Rorvik Timber           6.000      6/30/2016       SEK      67.00

BANK JULIUS BAER       10.750      3/13/2013       EUR      69.60
BANK JULIUS BAER       11.500      2/20/2013       CHF      50.05
BANK JULIUS BAER       13.000      5/31/2013       USD      74.35
BANK JULIUS BAER       12.200      12/5/2012       EUR      56.30
BANK JULIUS BAER        8.700       8/5/2013       CHF      62.75
BANK JULIUS BAER       15.000      5/31/2013       USD      72.95
BANK JULIUS BAER       12.000       4/9/2013       CHF      57.35
BANK JULIUS BAER       17.300       2/1/2013       EUR      57.50
CLARIDEN LEU NAS        6.500      4/26/2013       CHF      59.38
CLARIDEN LEU NAS        0.000      3/25/2013       CHF      60.77
CLARIDEN LEU NAS       12.500       3/1/2013       USD      74.35
CLARIDEN LEU NAS        9.000      2/14/2013       CHF      68.87
CLARIDEN LEU NAS       11.500      2/13/2013       EUR      60.55
CLARIDEN LEU NAS        0.000      1/24/2013       CHF      69.19
CLARIDEN LEU NAS        8.750      1/15/2013       CHF      71.59
CLARIDEN LEU NAS        8.250     12/17/2012       CHF      62.83
CLARIDEN LEU NAS        0.000     12/17/2012       EUR      71.87
CLARIDEN LEU NAS       12.500     12/14/2012       EUR      74.70
CLARIDEN LEU NAS        0.000     12/14/2012       CHF      36.87
CLARIDEN LEU NAS       12.000     11/23/2012       CHF      51.04
CLARIDEN LEU NAS        8.000     11/20/2012       CHF      74.41
CLARIDEN LEU NAS        7.125     11/19/2012       CHF      59.39
CLARIDEN LEU NAS        7.500     11/13/2012       CHF      59.29
CLARIDEN LEU NAS        7.250     11/13/2012       CHF      74.58
CLARIDEN LEU NAS       10.250     11/12/2012       CHF      73.29
CLARIDEN LEU NAS        0.000     10/15/2014       CHF      58.54
CLARIDEN LEU NAS        0.000      9/10/2014       CHF      52.16
CLARIDEN LEU NAS        0.000      8/27/2014       CHF      56.52
CLARIDEN LEU NAS        4.500      8/13/2014       CHF      49.72
CLARIDEN LEU NAS        5.250       8/6/2014       CHF      52.78
CLARIDEN LEU NAS        0.000      6/10/2014       CHF      60.09
CLARIDEN LEU NAS        0.000      6/10/2014       CHF      63.30
CLARIDEN LEU NAS        0.000      5/26/2014       CHF      66.59
CLARIDEN LEU NAS        0.000      5/13/2014       CHF      64.32
CLARIDEN LEU NAS        0.000      2/24/2014       CHF      56.45
CLARIDEN LEU NAS        0.000      2/11/2014       CHF      55.61
CLARIDEN LEU NAS        0.000     11/26/2013       CHF      65.45
CLARIDEN LEU NAS       16.500      9/23/2013       USD      58.52
CLARIDEN LEU NAS        0.000      9/23/2013       CHF      51.04
CLARIDEN LEU NAS        3.250      9/16/2013       CHF      50.01
CLARIDEN LEU NAS        7.000      7/22/2013       CHF      73.97
CLARIDEN LEU NAS       10.000      6/10/2013       CHF      73.09
CLARIDEN LEU NAS        0.000      5/31/2013       CHF      57.79
CLARIDEN LEU NAS        7.250     11/16/2012       CHF      60.38
CREDIT SUISSE LD        8.900      3/25/2013       EUR      59.21
S-AIR GROUP             0.125       7/7/2005       CHF      10.63
SARASIN CI LTD          8.000      4/27/2015       CHF      69.21
SARASIN/GUERNSEY       15.200     12/12/2012       EUR      74.72
UBS AG                 24.000       1/3/2014       EUR      74.56
UBS AG                 24.250       1/3/2014       EUR      72.07
UBS AG                 24.250       1/3/2014       EUR      70.11
UBS AG                  3.870      6/17/2014       USD      38.08
UBS AG                  6.040      8/29/2014       USD      35.22
UBS AG                 12.900      9/20/2013       EUR      59.92
UBS AG                  0.500      4/27/2015       CHF      53.60
UBS AG                  6.070     11/12/2012       EUR      65.82
UBS AG                  8.370     11/12/2012       EUR      59.26
UBS AG                  8.590     11/12/2012       EUR      53.53
UBS AG                  9.020     11/12/2012       EUR      43.76
UBS AG                  9.650     11/12/2012       EUR      37.64
UBS AG                 10.020     11/12/2012       EUR      71.72
UBS AG                 10.930     11/12/2012       EUR      64.23
UBS AG                 11.260     11/12/2012       EUR      47.13
UBS AG                 11.660     11/12/2012       EUR      34.35
UBS AG                 13.120     11/12/2012       EUR      68.36
UBS AG                 13.560     11/12/2012       EUR      36.51
UBS AG                 13.600     11/12/2012       EUR      56.96
UBS AG                 13.000     11/23/2012       USD      66.60
UBS AG                  8.150     12/21/2012       EUR      66.25
UBS AG                  9.000     12/21/2012       EUR      63.52
UBS AG                  9.150     12/21/2012       EUR      74.30
UBS AG                  9.730     12/21/2012       EUR      73.09
UBS AG                  9.890     12/21/2012       EUR      61.03
UBS AG                 10.060     12/21/2012       EUR      74.76
UBS AG                 10.060     12/21/2012       EUR      72.05
UBS AG                 10.490     12/21/2012       EUR      70.93
UBS AG                 10.690     12/21/2012       EUR      73.36
UBS AG                 10.810     12/21/2012       EUR      58.74
UBS AG                 11.000     12/21/2012       EUR      69.95
UBS AG                 11.260     12/21/2012       EUR      68.90
UBS AG                 11.270     12/21/2012       EUR      72.62
UBS AG                 11.330     12/21/2012       EUR      72.03
UBS AG                 11.770     12/21/2012       EUR      56.64
UBS AG                 11.970     12/21/2012       EUR      67.99
UBS AG                 11.980     12/21/2012       EUR      70.74
UBS AG                 12.020     12/21/2012       EUR      66.98
UBS AG                 12.200     12/21/2012       EUR      58.52
UBS AG                 12.400     12/21/2012       EUR      70.02
UBS AG                 12.760     12/21/2012       EUR      54.72
UBS AG                 12.800     12/21/2012       EUR      65.18
UBS AG                 12.970     12/21/2012       EUR      66.15
UBS AG                 13.320     12/21/2012       EUR      68.34
UBS AG                 13.560     12/21/2012       EUR      67.62
UBS AG                 13.570     12/21/2012       EUR      63.48
UBS AG                 13.770     12/21/2012       EUR      52.94
UBS AG                 13.980     12/21/2012       EUR      64.42
UBS AG                 14.350     12/21/2012       EUR      61.87
UBS AG                 14.690     12/21/2012       EUR      66.11
UBS AG                 14.740     12/21/2012       EUR      65.40
UBS AG                 14.810     12/21/2012       EUR      51.29
UBS AG                 15.000     12/21/2012       EUR      62.80
UBS AG                 15.130     12/21/2012       EUR      60.35
UBS AG                 15.860     12/21/2012       EUR      49.76
UBS AG                 15.920     12/21/2012       EUR      58.91
UBS AG                 15.930     12/21/2012       EUR      63.35
UBS AG                 16.030     12/21/2012       EUR      61.27
UBS AG                 16.600     12/21/2012       EUR      52.45
UBS AG                 16.710     12/21/2012       EUR      57.55
UBS AG                 16.930     12/21/2012       EUR      48.34
UBS AG                 17.070     12/21/2012       EUR      59.83
UBS AG                 17.500     12/21/2012       EUR      56.27
UBS AG                 18.000     12/21/2012       EUR      47.02
UBS AG                 19.090     12/21/2012       EUR      53.88
UBS AG                 10.770       1/2/2013       USD      38.33
UBS AG                 15.990       1/4/2013       EUR      74.38
UBS AG                 17.150       1/4/2013       EUR      71.34
UBS AG                 18.300       1/4/2013       EUR      68.56
UBS AG                 19.440       1/4/2013       EUR      66.02
UBS AG                 19.750       1/4/2013       EUR      72.34
UBS AG                 20.500       1/4/2013       EUR      72.69
UBS AG                 20.570       1/4/2013       EUR      63.69
UBS AG                 21.700       1/4/2013       EUR      61.55
UBS AG                 21.750       1/4/2013       EUR      72.23
UBS AG                 23.750       1/4/2013       EUR      68.94
UBS AG                 11.020      1/25/2013       EUR      69.64
UBS AG                 12.010      1/25/2013       EUR      67.92
UBS AG                 14.070      1/25/2013       EUR      64.78
UBS AG                  8.230      2/22/2013       EUR      71.25
UBS AG                 10.590      2/22/2013       EUR      64.48
UBS AG                 10.960      2/22/2013       EUR      69.79
UBS AG                 13.070      2/22/2013       EUR      59.11
UBS AG                 13.660      2/22/2013       EUR      63.65
UBS AG                  8.480       3/7/2013       CHF      61.55
UBS AG                 10.000       3/7/2013       USD      73.25
UBS AG                 12.250       3/7/2013       CHF      62.80
UBS AG                  9.000      3/22/2013       USD      11.16
UBS AG                  9.850      3/22/2013       USD      19.75
UBS AG                 16.500       4/2/2013       EUR      74.45
UBS AG                 17.250       4/2/2013       EUR      74.75
UBS AG                 19.750       4/2/2013       EUR      71.90
UBS AG                 21.250       4/2/2013       EUR      71.42
UBS AG                 22.250       4/2/2013       EUR      69.42
UBS AG                 22.250       4/2/2013       EUR      71.83
UBS AG                 24.250       4/2/2013       EUR      67.44
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      70.08
UBS AG                 10.970      4/26/2013       EUR      68.76
UBS AG                 12.610      4/26/2013       EUR      66.33
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      67.40
UBS AG                 11.670      5/31/2013       USD      35.12
UBS AG                 12.780       6/7/2013       CHF      66.25
UBS AG                 16.410       6/7/2013       CHF      68.40
UBS AG                  9.330      6/14/2013       USD      22.00
UBS AG                 11.060      6/14/2013       USD      28.17
UBS AG                  6.770      6/21/2013       USD      10.43
UBS AG                  7.120      6/26/2013       USD      29.83
UBS AG                 17.250      6/28/2013       EUR      74.77
UBS AG                 19.250      6/28/2013       EUR      72.68
UBS AG                 19.500      6/28/2013       EUR      72.61
UBS AG                 20.500      6/28/2013       EUR      73.26
UBS AG                 21.000      6/28/2013       EUR      70.73
UBS AG                 22.500      6/28/2013       EUR      68.89
UBS AG                 23.000      6/28/2013       EUR      69.21
UBS AG                 23.500      6/28/2013       EUR      73.59
UBS AG                 24.000      6/28/2013       EUR      71.24
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                 13.120       8/5/2013       USD       4.62
UBS AG                 11.870      8/13/2013       USD       4.68
UBS AG                  9.600      8/26/2013       USD      15.21
UBS AG                 10.200      9/20/2013       EUR      63.10
UBS AG                 15.900      9/20/2013       EUR      57.88
UBS AG                 18.500      9/27/2013       EUR      73.61
UBS AG                 20.000      9/27/2013       EUR      72.19
UBS AG                 20.500      9/27/2013       EUR      73.62
UBS AG                 21.750      9/27/2013       EUR      74.75
UBS AG                 22.500      9/27/2013       EUR      72.69
UBS AG                 22.750      9/27/2013       EUR      69.83
UBS AG                 23.000      9/27/2013       EUR      74.48
UBS AG                 23.250      9/27/2013       EUR      70.89
UBS AG                 23.250      9/27/2013       EUR      70.28
UBS AG                 24.000      9/27/2013       EUR      71.57
UBS AG                 24.750      9/27/2013       EUR      67.55
UBS AG                  8.060      10/3/2013       USD      19.75
UBS AG                 13.570     11/21/2013       USD      16.25
UBS AG                  9.260      12/5/2013       USD      22.46
UBS AG                 20.500       1/3/2014       EUR      73.16
UBS AG                 20.750       1/3/2014       EUR      73.45
UBS AG                 21.000       1/3/2014       EUR      74.45
UBS AG                 23.000       1/3/2014       EUR      73.50
UBS AG                 23.250       1/3/2014       EUR      72.37
UBS AG                  7.780      8/29/2014       USD      21.41

BARCLAYS BK PLC         6.000       1/2/2013       EUR      53.07
BARCLAYS BK PLC        10.000      3/22/2013       EUR      44.64
BARCLAYS BK PLC        10.750      3/22/2013       EUR      43.20
BARCLAYS BK PLC         8.000      6/28/2013       EUR      49.87
BARCLAYS BK PLC        11.000      6/28/2013       EUR      45.19
ESSAR ENERGY            4.250       2/1/2016       USD      72.29
MAX PETROLEUM           6.750       9/8/2013       USD      40.82


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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