TCREUR_Public/121112.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 12, 2012, Vol. 13, No. 225

                            Headlines



D E N M A R K

TOENDER BANK: FSA Defends Failure to Prevent Accounting Fraud


G E R M A N Y

ALBA GROUP: Moody's Affirms 'B1' CFR/PDR; Outlook Negative
POWERWIND: Sells Assets to Global Energy Services & RK Wind


I R E L A N D

CAPPOQUIN POULTRY: Examiner Rejects Potential Offer
DUNCANNON CRE I: Fitch Affirms 'Csf' Ratings on 7 Note Classes
EURO ATLANTIS: S&P Affirms 'BB+' Rating on Class D Notes
TOUGHER'S OIL: NAMA Opposes Petition for Court Protection


K A Z A K H S T A N

GRAIN INSURANCE: S&P Assigns 'B' Counterparty Credit Rating


L U X E M B O U R G

APERAM SA: Moody's Lowers CFR/PDR to 'B1'; Outlook Negative


N E T H E R L A N D S

HARBOURMASTER CLO 6: S&P Says 'CCC'-Rated Assets Increased
HARBOURMASTER CLO 7: S&P Says 'CCC'-Rated Assets Increased
JUBILEE CDO: Moody's Confirms 'B3' Rating on Class E Sr. Notes


R U S S I A

CEB CAPITAL: Fitch Rates New Loan Participation Notes 'B+(EXP)'
STAVROPOL KRAI: S&P Affirms 'B+' Long-Term Issuer Credit Rating


S P A I N

IBERIA: In "Fight for Survival"; Mulls 4,500 Job Cuts


U N I T E D   K I N G D O M

AEA TECHNOLOGY: Ricardo to Buy Company Out of Administration
CARE UK: S&P Puts 'B+' Corp. Credit Rating on Watch Negative
COMET: Cuts More Than 300 Jobs After Administration
SYNCORA UK: Moody's Withdraws 'Ca' IFSR, Developing Outlook


X X X X X X X X

* Moody's Says New EU Rules May Affect Freight Businesses
* S&P Takes Various Rating Actions on 28 European CDO Tranches
* S&P Withdraws Ratings on Seven European Synthetic CDO Tranches
* BOND PRICING: For the Week November 5 to November 9, 2012


                            *********


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D E N M A R K
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TOENDER BANK: FSA Defends Failure to Prevent Accounting Fraud
-------------------------------------------------------------
Frances Schwartzkopff at Bloomberg News reports that Denmark's
financial watchdog defended its failure to prevent alleged
accounting fraud at the nation's latest bank insolvency after
lawmakers called for a probe into the regulator's practices.

Bloomberg relates that FSA Director General Ulrik Noedgaard said
Toender Bank A/S, which declared bankruptcy on Nov. 2 after an
inspection by the Financial Supervisory Authority revealed
impairments big enough to wipe out the regional lender's equity,
was guilty of a "massive misrepresentation" of its financial
health that more rigorous scrutiny wouldn't have uncovered
earlier.

"It's massive non-compliance with the laws and regulations, and
we can never be 100 percent sure that this won't happen again,"
Bloomberg quotes Mr. Noedgaard as saying in an interview on
Nov. 6.  After going over the accounts of 90 of Denmark's roughly
105 banks, "we haven't seen anything like this before".

Toender Bank, which less than two months ago raised US$5 million
in new hybrid capital, was declared insolvent after the FSA's
inspection revealed DKK319 million (US$55 million) in bad loans,
Bloomberg recounts.

Benny Engelbrecht, a business affairs spokesman in Prime Minister
Helle Thorning-Schmidt's Social Democrat party, told Borsen that
the bank's failure should prompt an investigation into the FSA's
oversight practices, Bloomberg notes.

According to Bloomberg, she told the newspaper that Business
Minister Annette Vilhelmsen will seek an investigation into
Toender Bank's sudden failure to see whether criminal charges are
warranted.  She said that the collapse should also lead to
tougher rules for bank auditors, Bloomberg relates.

Toender Bank's auditor, BDO, said it's halting in internal
investigation and will instead work with the Business Ministry to
determine whether its employees complied with regulations,
Bloomberg notes.

Mr. Noedgaard, as cited by Bloomberg, said that Toender Bank
wasn't on the FSA's list of lenders risking insolvency because
there were no signs it faced bankruptcy.

"Taking into account the massive misrepresentation, it raises a
question of" incompetence at the auditor level, Bloomberg quotes
Mr. Noedgaard as saying.  "Clearly, what we found was that the
second-quarter report from Toender Bank was not in any way
compliant with the accounting rules."

Mr. Noedgaard, as cited by Bloomberg, said that the FSA is now
reviewing the lender's 2011 accounts to determine whether the
bank also misstated writedowns for that year.

"It's hard to imagine all losses came within six months,"
Bloomberg quotes Mr. Noedgaard as saying.  "The numbers here are
of an order of magnitude -- the distance between the accounting
of the bank and what we deem to be the real picture -- are beyond
anything we have seen over the last three years."

Bloomberg relates that the Danish Shareholders Association said
on Tuesday it is considering legal action after its members about
DKK260 million.

Toender Bank A/S is a regional bank based in southwest Denmark.



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G E R M A N Y
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ALBA GROUP: Moody's Affirms 'B1' CFR/PDR; Outlook Negative
----------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating (CFR) and probability of default rating (PDR) as well as
the B3 rating on the EUR203 million senior unsecured notes due
2018 of ALBA Group plc & Co. KG, a holding company for a group
focused on waste management, recycling and environmental
services. Concurrently, Moody's has changed the outlook on all
the ratings to negative from stable.

Ratings Rationale

The affirmation of the ALBA Group's ratings follows the company's
announcement that it has completed the refinancing of its senior
secured bank loan facilities due in December 2013. The new EUR400
million of bank loan facilities, which have a final maturity in
October 2017, benefit from a similar security package as the
previous loans and as such do not alter the capital structure of
the group. Indeed, the loans improve the group's liquidity
profile and reduce refinancing risk in the medium term.

The change in rating outlook to negative reflects ALBA Group's
still high debt levels in the more challenging economic
environment and the low visibility with regard to the timing of
any future recovery in the commodity markets. While Moody's
acknowledges the measures ALBA Group has taken to improve the
efficiency of its operations, the rating agency believes there is
a risk that demand for collection and processing of waste is
likely to remain weak over the medium term and that the commodity
markets will remain subdued. Consequently, ALBA Group has not
been able to deleverage to the extent previously envisaged and
may be challenged to do so in the future to the extent that the
group's financial profile may remain at a level inconsistent with
guidance for the B1 CFR, including de-leveraging to below 4.5x on
a debt/EBITDA (Moody's adjusted) basis in the short term.

In H1 2012, ALBA Group reported EBITDA of EUR87 million, which
represented a decline of 7% on a consolidated basis compared with
the same period of the previous year. The deterioration in the
group's earnings was driven by weak demand and declining prices
as a result of the more challenging economic environment. ALBA
Group's waste operations and trading activities reported a
decline in EBITDA of 11% as markets became more competitive and
margins came under pressure, whilst at the same time the group's
operating costs were up as a result of higher fuel prices. A
similar reduction in EBITDA was reported by the group's scrap and
metals division on the back of the subdued commodity markets and
increased pressure on margins. The only division of ALBA Group to
report growth in EBITDA was services, owing to the closing of a
major unprofitable contract.

Looking ahead, Moody's cautions that demand from industrial
customers is likely to remain weak and ALBA Group's margins could
be squeezed. At the same time, ALBA Group's trading activities
will continue to be exposed to significant volatility in the
commodity markets for paper, ferrous and non-ferrous scrap, with
both volumes and prices coming under pressure. Consequently,
Moody's estimates that ALBA Group's EBITDA for full year 2012
will decline compared with the previous year, thus impeding the
process of de-leveraging.

The B1 CFR primarily reflects the competitive nature of the
markets in which ALBA Group operates, its limited scale and high
financial leverage. ALBA Group's credit quality is further
constrained by a structurally low margin, particularly in the
case of the group's low-value-added steel and metals trading
business, as well as the cyclicality of its key markets. More
positively, the rating continues to recognize ALBA Group's long
track record of operations and well-established position as a
leading regional waste and recycling operator in Germany. The
rating also reflects the group's diverse operations across the
whole value chain of waste management and recycling activities,
which limits its reliance on any particular market or business
line.

ALBA Group's current ratings are based on Moody's expectation
that the group will maintain adequate liquidity to support its
business operations and fund any working capital fluctuations in
the volatile commodity markets. Following refinancing of bank
debt in October 2012, the group's liquidity is supported by cash
on the balance sheet of EUR49 million and a EUR200 million
revolving credit facility (of which EUR111 million currently
undrawn) with a final maturity in 2017. Amortization of the term
loans is limited, although the rating agency notes that covenant
headroom may tighten over time.

What Could Change The Rating Up/Down

Given the current negative outlook, Moody's does not expect
upward rating pressure in the intermediate term. However, the
rating agency could change the outlook back to stable if ALBA
Group evidences a reduction in debt/ EBITDA in a way that is
consistent with the current ratings.

However, downward rating pressure could develop if the group's
leverage on a debt/EBITDA basis were above 4.5x for a prolonged
time and/or liquidity concerns arise.

Principal Methodologies

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

ALBA Group plc & Co. KG, headquartered in Berlin, is a holding
company for a group focused on waste management, recycling and
environmental services. ALBA Group currently owns a 85.324% share
in the capital stock of ALBA SE (previously Interseroh SE), a
Cologne-based recycling and raw materials trading company, with
the remaining 14.676% being publicly held. Axel and Eric
Schweitzer, the sons of ALBA Group's founder, each indirectly own
50% of the capital of ALBA Group. The group reported consolidated
revenues of EUR3.2 billion for FYE December 31, 2011.


POWERWIND: Sells Assets to Global Energy Services & RK Wind
-----------------------------------------------------------
Recharge News reports that PowerWind continues to wind down its
business, selling its operation and maintenance unit to Spain-
based Global Energy Services, and much of its existing inventory
and intellectual property rights to India's RK Wind.

PowerWind, which was backed by US investment firm Warburg Pincus,
filed for insolvency in April, Recharge News recounts.

Among various bidders for PowerWind's service business, GES's
German subsidiary "was able to submit the most convincing overall
concept", Recharge News quotes PowerWind chief executive Dieter
Dehlke as saying.

PowerWind is a German wind turbine maker.  The Hamburg-based
company supplied and maintained turbines between 500kW and 2.5MW
of output, with a particular focus on small, community-owned wind
farms.



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I R E L A N D
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CAPPOQUIN POULTRY: Examiner Rejects Potential Offer
---------------------------------------------------
Colm Kelpie and Paul Melia at The Irish Independent.ie report
that an offer for Cappoquin Poultry was dismissed by the examiner
but an announcement on the company's future is believed to be
imminent.

Although there are no specific details on the nature of the
offer, it is believed it was not deemed to have been significant
or compliant with the rules required under the examinership
process, Irish Independent notes.

The Irish Independent understands that negotiations are ongoing
with one interested party, with an announcement expected last
week.

An interim examiner was appointed by the High Court to the
poultry firm employing 130 people in August, Irish Independent
relates.

More than 10 expressions-of-interest emerged for the company, the
report cites, but it is understood that this number had been
whittled down to two.

Mr. Justice George Birmingham appointed Michael McAteer of Grant
Thornton to both Cappoquin Poultry Ltd (CPL) and to a related
company, Cappoquin Poultry Holdings Ltd., in August after being
informed the business has debts of EUR6 million, Irish
Independent discloses.

Cappoquin Poultry's largest unsecured creditor, Henry Good Ltd.,
which was owed EUR3.9 million at the time of the court
appointment for supplying chicken feed to the company, petitioned
the court for Mr. McAteer's appointment on grounds that CPL is
insolvent and that the chicken processor's assets need to be
protected from being stripped, Irish Independent recounts.

Cappoquin Poultry is a Co Waterford chicken processing company.


DUNCANNON CRE I: Fitch Affirms 'Csf' Ratings on 7 Note Classes
--------------------------------------------------------------
Fitch Ratings has affirmed Duncannon CRE CDO I p.l.c. notes, as
follows:

  -- Class X (XS0311199367): affirmed at 'BBsf', Outlook Stable
  -- Class A (XS0311199524): affirmed at 'Bsf', Outlook Stable
  -- Class B (XS0311200710): affirmed at 'CCsf'
  -- Class C-1 (XS0311202500): affirmed at 'Csf'
  -- Class C-2 (XS0311203813): affirmed at 'Csf'
  -- Class D-1 (XS0311204464): affirmed at 'Csf'
  -- Class D-2 (XS0311204621): affirmed at 'Csf'
  -- Class D-3 (XS0311204977): affirmed at 'Csf'
  -- Class E-1 (XS0311206329): affirmed at 'Csf'
  -- Class E-2 (XS0311206592): affirmed at 'Csf'

The affirmation follows the agency's annual review of the
transaction and reflects the increased credit enhancement
available for classes A and B, which mitigates the deterioration
in the performance of the underlying assets.  Since December 2011
EUR82.2 million of class A notes have been bought back and
EUR99.9 million of new class A notes have been issued to repay
the revolving credit facility in full.

The class X notes rank pari passu with the class A notes and are
paid senior subject to a scheduled amortization, with 16.7% of
the balance outstanding at the time of review.

For the junior notes (classes C, D and E) the levels of credit
protection have decreased due to the deterioration in the
performance but still allow the notes to withstand the current
level of rating stress.

There has been a notable increase in defaults since the last
review, totaling EUR251 million in September 2012, with low
recovery expectations as the majority of the portfolio is non-
senior or has a recovery expectation lower than 50%.

Duncannon CRE CDO I is a managed cash securitization of
commercial real estate assets, consisting primarily of CMBS,
commercial mortgage B notes and mezzanine mortgage loans.  The
transaction is still in its replenishment period, ending in June
2013.

As per September 2012 manager's report, the pool comprised 69.4%
CMBS notes, 16.2% B notes, 10.5% commercial ABS and roughly 4%
commercial real estate senior unsecured debt.  By country, the
main exposure is to Germany, representing 39% of the portfolio,
followed by UK with 20% of the pool.  The transaction is also
exposed to peripheral countries as Italy accounts for 16% of the
assets.


EURO ATLANTIS: S&P Affirms 'BB+' Rating on Class D Notes
--------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Euro Atlantis CLO Ltd.'s class B and C notes. "At the same time,
we have affirmed our ratings on the class A and D notes," S&P
said.

"The rating actions follow our credit and cash flow analysis, to
assess the transaction's performance since our previous review on
April 13, 2011," S&P said.

CAPITAL STRUCTURE
                              Amount
                               as of             OC
                     Current   April          as of
        Rtg      Rtg  amount    2011 Current  April
Class    to     from  (mil.   (mil.       OC   2011  Interest
                        EUR)    EUR)     (%)    (%)       (%)
A   AA-(sf)  AA-(sf)   88.13  134.43   39.72  32.15  6mE+1.70
B    A+(sf)    A(sf)   11.40   11.40   31.93  26.40  6mE+3.25
C  BBB+(sf)  BBB(sf)    7.32    8.45   26.92  22.14  6mE+4.50
D   BB+(sf)  BB+(sf)    9.25   11.48   20.59  16.34  6mE+6.50
Sub.     NR       NR   42.40   42.40    0.00   0.00       N/A

OC - Overcollateralization = (aggregate performing assets balance
     + principal cash balance - tranche balance [including
     tranche balance of all senior tranches]) / (aggregate
     performing assets balance + principal cash balance).
6mE - Six-month EURIBOR (Euro Interbank Offered Rate).
Sub. - Subordinated.
NR - Not rated.
N/A - Not applicable.

"Since our previous review in April 2011, we have observed that
the class A notes have amortized to 51% of their original size.
We have also observed that deferred interest on the class C and D
notes has been fully repaid. As a result of these developments,
the overcollateralization levels have increased for all of the
rated classes of notes," S&P said.

At the same time, in S&P's opinion, the transaction has benefited
from:

-- A reduction in the portfolio's weighted-average maturity to
    3.35 years from 4.46 years; and

-- An increase in the portfolio's weighted-average spread to
    3.17% from 2.55%.

"This positive performance was somewhat mitigated by a higher
concentration of the performing portfolio toward lower ratings.
Assets rated 'B-' and below increased to 50% from 41% of the
performing portfolio," S&P said.

"We subjected the notes to various cash flow scenarios
incorporating different default patterns and interest rate
curves, to determine each tranche's break-even default rate at
each rating level," S&P said.

                      KEY MODEL ASSUMPTIONS
                                             As of
                               Current  April 2011
Collateral balance (mil. EUR)   146.21      198.14
Number of obligors                  39          43
Weighted-average spread (%)       3.17        2.55
Asset swap counterparty rating      A+         AA-
AAA WARR (%)                     42.00       42.50
AA WARR (%)                      46.50       47.00
A WARR (%)                       50.50       51.00
BBB WARR (%)                     54.50       55.00
BB WARR (%)                      64.50       65.25
B/CCC WARR (%)                   68.00       69.00
Portfolio WAM (years)             3.35        4.46

WARR - Weighted-average recovery rate.
WAM - Weighted-average maturity.

"JP Morgan Chase Bank N.A. (A+/Negative/A-1) currently provides
currency hedging on 31% of the collateral balance. In our
opinion, the downgrade provisions in this counterparty agreement
do not fully comply with our 2012 counterparty criteria.
Therefore, in rating scenarios above 'AA-', we have given no
benefit to this hedge," S&P said.

"Our ratings on the class B and C notes were constrained by the
application of the largest obligor default test, a supplemental
stress test we introduced as part of our 2009 criteria update for
corporate collateralized debt obligations (CDOs). None of the
ratings was affected by the largest industry default test,
another of our supplemental stress tests," S&P said.

"As a result of these developments, and following our credit and
cash flow analysis, we have raised our ratings on the class B and
C notes by one notch, and affirmed our ratings on the class A and
D notes," S&P said.

Euro Atlantis CLO is a cash flow CDO transaction backed by loans
to speculative-grade corporate firms, which closed in June 2008.
Pramerica Investment Management Inc.'s management of the
portfolio is limited to the sale of defaulted or credit impaired
assets.

           STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class              Rating
            To                From

Euro Atlantis CLO Ltd.
EUR241.5 Million Floating-Rate and Subordinated Notes

Ratings Raised

B           A+ (sf)           A (sf)
C           BBB+ (sf)         BBB (sf)

Ratings Affirmed

A           AA- (sf)
D           BB+ (sf)


TOUGHER'S OIL: NAMA Opposes Petition for Court Protection
---------------------------------------------------------
Tim Healy at Independent.ie reports that the National Asset
Management Agency is opposing continued High Court protection for
Tougher's Oil Distributors Ltd., which owes it around
EUR53 million.

According to Independent.ie, the court heard that the agency is
concerned about a number of matters including the "moral
integrity" of the company's petition for protection.

NAMA is the largest creditor of Tougher, Independent.ie notes.

Lyndon MacCann SC, for NAMA company, the National Asset Loan
Management Ltd. (NALM), told Mr. Justice Brian McGovern on Friday
that he was opposing a petition to confirm Michael McAteer of
accountancy firm Grant Thornton as examiner, Independent.ie
discloses.

He was appointed interim examiner late last month when the
company secured court protection, Independent.ie recounts.

Aidan Redmond SC, for the company, said it had just received a
detailed report from accountancy firm Hughes Blake on behalf of
NALM which his side needed time to respond to, Independent.ie
relates.  He might seek to cross-examine in relation to that and,
in all those circumstances, wanted an adjournment of the hearing,
Independent.ie notes.

According to Independent.ie, Mr. MacCann said the matter was
"extremely urgent" as NALM had concerns about the moral integrity
of the petition and how it had proceeded and also had concerns
about potential diversion of monies by the company prior to
examinership.

He said that NALM was concerned about possible prioritizing of
payments to other creditors ahead of it, Independent.ie relates.

The counsel added he believed no order should have been made
appointing the interim examiner last month without his client
having been heard, Independent.ie notes.

Mr. Justice McGovern, as cited by Independent.ie said, as the
very appointment of the interim examiner was being questioned, he
would order payments which would have the effect of prioritizing
other creditors ahead of NALM should not be made.  The matter was
urgent and he would list it for hearing on Thursday,
Independent.ie discloses.

Tougher's Oil Distributors Ltd. is a wholesale oil distributor
operating fuel stations in Counties Carlow, Kildare, Offaly and
Wicklow and employs 140.



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K A Z A K H S T A N
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GRAIN INSURANCE: S&P Assigns 'B' Counterparty Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
counterparty credit and insurer financial strength ratings and
'kzBB+' Kazakhstan national scale rating to Kazakhstan-based
Grain Insurance Co. JSC. The outlook is stable.

"The ratings on Grain Insurance Co. reflect Standard & Poor's
view of the company's weak competitive position in international
terms, weak credit quality of investments, and weak financial
flexibility. These factors are offset by the company's adequate
capitalization and marginal operating performance," S&P said.

"Since its inception in 2003, Grain Insurance Co. has specialized
in insuring risks of agricultural companies in Kazakhstan,
including in descending order of magnitude, property, crop,
cargo, and motor third party liability insurance. For the first
seven months of 2012, 91% of all risks were insured with domestic
agricultural companies compared with 76% in 2011," S&P said.

"Despite an established market position in agricultural
insurance, Grain Insurance Co.'s market share of all Kazakh
insurance business remains very low (0.2% for the first eight
months of 2012). With gross premium written of Kazakhstani tenge
820 million (about US$5.5 million) in 2011, Grain Insurance Co.
is small in absolute terms, which negatively compares with the
companies we rate in the Commonwealth of Independent States.
Given the stability of Grain Insurance Co.'s client base, it is
unlikely that the company's premium growth in 2012 will be
significant. According to our base-case scenario, the premium
will likely to be comparable with that of 2011 or slightly above.
In our view, the company's growth will largely depend on the
development of the
Kazakhstan government's approved Agricultural Business
Development Program for 2013-2020. Focused on the development of
the agricultural sector, this program will foster subsidies for
insuring agricultural risks and loan insurance for agricultural
producers," S&P said.

Grain Insurance Co.'s investment portfolio is weak, reflecting
the credit quality of financial instruments it has placed--
primarily in the Kazakh banking sector.

The company's financial flexibility is weak, owing to its few
sources of financing, the key ones being retained earnings and
funds provided by the shareholders.

"In our view, Grain Insurance Co.'s adequate capitalization
remains a positive factor for the rating, reflecting extremely
strong risk-based capital adequacy. However, this is offset by
risks associated with the sufficiency of reserving, the small
size of the company's capital in absolute terms, and its not
using reinsurance," S&P said.

"In our view, the operating results are marginal due to high
volatility. According to our base case, the operating results
will remain volatile in 2012-2013 because, as an agricultural
insurer, Grain Insurance Co. is not immune to large losses. We
also note that, with no use of reinsurance, the company's
underwriting results are likely to be unpredictable," S&P said.

"Nevertheless, we believe that investment results will remain
stable over the next two years and continue to support positive
bottom-line results, since fixed-income instruments comprise the
bulk of its investment portfolio. The company has generally
posted strong returns on equity and revenue in recent years," S&P
said.

"The stable outlook reflects our expectation that Grain Insurance
Co. will be able to maintain adequate capitalization while
preserving at least marginal operating results," S&P said.

"We could consider negative rating actions if Grain Insurance
Co.'s operating performance meaningfully deteriorated, reflected
in significant losses that started to pressure its adequate
capitalization," S&P said.

"The likelihood of positive rating actions is limited in the near
future, in our view, due to the continuing weak competitive
position and weak investment portfolio," S&P said.



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L U X E M B O U R G
===================


APERAM SA: Moody's Lowers CFR/PDR to 'B1'; Outlook Negative
-----------------------------------------------------------
Moody's Investors Service lowered its ratings for Aperam S.A.,
lowering its corporate family and probability of default ratings
to B1 from Ba3 and dropping to B3 (LGD6, 90%) from B2 the rating
for Aperam's senior unsecured notes. The outlook remains
negative.

Ratings Rationale

The downgrades reflect Aperam's poor operating and financial
performance stemming from weak demand for stainless steel, low
nickel and stainless prices, and few prospects for near-term
improvement due to the languid state of the European, Brazilian
and Chinese economies. The downgrade also acknowledges Aperam's
high leverage, which was at 6.3x adjusted debt to EBITDA for the
12 months ended September 30, 2012. In addition, the downgrade
reflects the heightened possibility, in Moody's opinion, of
Aperam moving into a negative free cash flow position, which it
has avoided over the last three years. The company's US$60
million per year dividend may be an obstacle to generating free
cash flow.

Over the 12 months ended September 30, 2012, Aperam had an
operating loss of US$55 million and retained cash flow (RCF) of
US$71 million (these are Moody's adjusted figures). This compares
to operating income and RCF of US$89 million and US$140 million,
respectively, in fiscal 2011. "While the company has relatively
low costs, a good market position in Europe, a strong position in
Latin America, and may modestly benefit longer term from capacity
rationalization related to the merger of Outokumpu and Inoxum,
which was approved by the EU Commission [Wednes]day, these
positives are not likely to overcome the impact of the limping
economy in Europe and slowing growth in China," said Steven Oman,
senior vice president and lead analyst for the EMEA steel
industry at Moody's. "And macroeconomic issues pose more risk to
the downside than the upside."

Outlook

Moody's expects stainless steel market conditions to be
challenging for at least the next two quarters and Aperam's
profitability and cash flow could be weak for a B1 rating.
Therefore, Moody's is maintaining a negative rating outlook for
Aperam. A continuation of positive free cash flow and leverage
sustainably below 4.5x EBITDA would lead us to stabilize the
outlook.

What Could Change The Ratings Up/Down

A sustained improvement in stainless steel demand, capacity
utilization, stainless steel base prices, and Aperam's retained
cash flow could lead to an upgrade. A downgrade is likely if, as
Moody's moves into mid-2013, RCF (which deducts dividends)
remains less than US$100 million, debt to EBITDA stays above
5.5x, or liquidity becomes tight.

The principal methodology used in rating Aperam was the Global
Steel Industry Methodology published in October 2012. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Aperam is one of the world's largest producers of stainless steel
as well as electrical and specialty steels, having a capacity of
2.5 million tonnes. It produces steel in six plants in Belgium,
France and Brazil and has an extensive distribution network. In
the twelve months ended September 30, 2012, Aperam had sales of
US$5.4 billion.



=====================
N E T H E R L A N D S
=====================


HARBOURMASTER CLO 6: S&P Says 'CCC'-Rated Assets Increased
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'AA+ (sf)' credit
rating on Harbourmaster CLO 6 B.V.'s class A1 notes.

"The rating action follows our assessment of the transaction's
performance and takes into account recent developments in the
transaction," S&P said.

"For our review of the transaction's performance, we used data
from the trustee report dated Sept. 28, 2012, in addition to our
cash flow analysis. We have considered recent developments in the
transaction and have applied our 2012 counterparty criteria, as
well as our cash flow criteria," S&P said.

"From our analysis, we have observed a negative rating migration
in the credit quality of the portfolio since we last reviewed the
transaction. For example, we have observed an increase in the
proportion of assets that we consider to be rated in the 'CCC'
category ('CCC+', 'CCC', and 'CCC-') to 12.52% from 11.84%. At
the same time, we have observed a decrease in the proportion of
defaulted assets (those rated 'CC', 'SD' [selective default], and
'D') to 0.43% from 3.12%," S&P said.

"Our analysis indicates that credit enhancement for the class A1
notes and the weighted-average spread earned on the collateral
pool have increased since we last reviewed the transaction," S&P
said.

"Our analysis also indicates that the weighted-average maturity
of the portfolio since our last transaction update has slightly
decreased, which has led to a small reduction in our scenario
default rates (SDR) for all rating categories," S&P said.

"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated tranche. In
our analysis, we have used the reported portfolio balance,
weighted-average spread, and weighted-average recovery rates that
we consider to be appropriate. We have incorporated various cash
flow stress scenarios, using alternative default patterns,
levels, and timings for each liability rating category ('AAA',
'AA', and 'BBB' ratings), in conjunction with different interest
rate stress scenarios," S&P said.

"At closing, Harbourmaster CLO 6 entered into derivative
transactions (swap and option) to mitigate currency risks in the
transaction," S&P said.

"We consider that the documentation for these derivatives does
not fully reflect our counterparty criteria. We conducted our
cash flow analysis assuming that the transaction does not benefit
from the support of swap and option," S&P said.

"In addition, about 20.39% of the assets are located in European
Economic and Monetary Union (EMU or eurozone) countries that we
rate 'BBB+' or lower: the Republic of Italy (BBB+/Negative/A-2;
unsolicited), the Kingdom of Spain(BBB-/Negative/A-3), and the
Republic of Ireland (BBB+/Negative/A-2). In line with our
criteria for nonsovereign ratings that exceed EMU sovereign
ratings, we only give benefit of up to 10% of the aggregate
collateral balance to the assets located in countries rated
'BBB+' or lower," S&P said.

"We have determined that, under this scenario, the class A1 notes
would not be able to achieve a 'AAA (sf)' rating. However, the
cash flow results are commensurate with the current rating," S&P
said.

"We have also applied the largest obligor default test, a
supplemental stress test that we introduced as part of our
criteria update. The test aims to measure the effect on ratings
of defaults of a specified number of largest obligors in the
portfolio with particular ratings, assuming 5% recoveries. In
addition, we applied the largest industry default test, another
of our supplemental stress tests. The rating on the class A1
notes is not constrained by the supplemental stress test result,"
S&P said.

                 STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

           http://standardandpoorsdisclosure-17g7.com


HARBOURMASTER CLO 7: S&P Says 'CCC'-Rated Assets Increased
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'AA+ (sf)' credit
rating on Harbourmaster CLO 7 B.V.'s class A1 notes.

"The rating action follows our assessment of the transaction's
performance and takes into account recent developments in the
transaction," S&P said.

"For our review of the transaction's performance, we used data
from the trustee report dated Sept. 28, 2012, in addition to our
cash flow analysis. We considered recent developments in the
transaction and have applied our 2012 counterparty criteria, as
well as our cash flow criteria," S&P said.

"From our analysis, we have observed a minor change in the credit
quality of the portfolio since we last reviewed the transaction.
For example, we have observed an increase in the proportion of
assets that we consider to be rated in the 'CCC' category
('CCC+', 'CCC', and 'CCC-') from 9.60% to 10.19%. At the same
time, we have observed a decrease in the proportion of defaulted
assets (those rated 'CC', 'SD' [selective default], and 'D') to
0.00% from 4.51%," S&P said.

"Our analysis indicates that credit enhancement for the class A1
notes and the weighted-average spread earned on the collateral
pool have increased since we last reviewed the transaction," S&P
said.

"Our analysis also indicates that the weighted-average maturity
of the portfolio since our last transaction update has slightly
decreased, which has led to a general reduction in our scenario
default rates (SDR) for all rating categories," S&P said.

"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated tranche. In
our analysis, we have used the reported portfolio balance,
weighted-average spread, and weighted-average recovery rates that
we consider to be appropriate. We have incorporated various cash
flow stress scenarios, using alternative default patterns,
levels, and timings for each liability rating category ('AAA',
'AA', and 'BBB' ratings), in conjunction with different interest
rate stress scenarios," S&P said.

"At closing, Harbourmaster CLO 7 entered into swap transactions
to mitigate currency risks in the transaction," S&P said.

"We consider that the documentation for these swaps does not
fully reflect our counterparty criteria. We conducted our cash
flow analysis assuming that the transaction does not benefit from
the support of swaps," S&P said.

"In addition, about 17.36% of the assets are located in European
Economic and Monetary Union (EMU or eurozone) countries that we
rate 'BBB+' or lower: the Republic of Italy (BBB+/Negative/A-2;
unsolicited), the Kingdom of Spain(BBB-/Negative/A-3;
unsolicited), and the Republic of Ireland (BBB+/Negative/A-2;
unsolicited). In line with our criteria for nonsovereign ratings
that exceed EMU sovereign ratings, we only give benefit of up to
10% of the aggregate collateral balance to the assets located in
countries rated 'BBB+' or lower," S&P said.

"We have determined that, under this scenario, the class A1 notes
would not be able to achieve a 'AAA (sf)' rating," S&P said.

"We have also applied the largest obligor default test, a
supplemental stress test that we introduced as part of our
criteria update. The test aims to measure the effect on ratings
of defaults of a specified number of largest obligors in the
portfolio with particular ratings, assuming 5% recoveries. In
addition, we applied the largest industry default test, another
of our supplemental stress tests. The rating on the class A1
notes is not constrained by the supplemental stress test result,"
S&P said.

             STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

          http://standardandpoorsdisclosure-17g7.com


JUBILEE CDO: Moody's Confirms 'B3' Rating on Class E Sr. Notes
--------------------------------------------------------------
Moody's Investors Service has taken rating actions on the
following notes issued by Jubilee CDO I-R B.V.:

    EUR594M Class A Senior Secured Floating Rate Notes due 2024,
    Confirmed at Aa1 (sf); previously on Jul 10, 2012 Aa1 (sf)
    Placed Under Review for Possible Upgrade

    EUR74.25M Class B Senior Secured Floating Rate Notes due
    2024, Upgraded to A2 (sf); previously on Jul 10, 2012 A3 (sf)
    Placed Under Review for Possible Upgrade

    EUR72M Class C Senior Secured Deferrable Floating Rate Notes
    due 2024, Upgraded to Baa3 (sf); previously on Jul 10, 2012
    Ba1 (sf) Placed Under Review for Possible Upgrade

    EUR43.2M Class D Senior Secured Deferrable Floating Rate
    Notes due 2024, Confirmed at Ba3 (sf); previously on Jul 10,
    2012 Ba3 (sf) Placed Under Review for Possible Upgrade

    EUR33.75M Class E Senior Secured Deferrable Floating Rate
    Notes due 2024, Confirmed at B3 (sf); previously on Jul 10,
    2012 B3 (sf) Placed Under Review for Possible Upgrade

    EUR8M Class Q Combination Notes due 2024, Upgraded to Baa2
    (sf); previously on Aug 9, 2011 Upgraded to Baa3 (sf)

The ratings of the Combination Notes address the repayment of the
Rated Balance on or before the legal final maturity. For Class Q
which does not accrue interest, the 'Rated Balance' is equal at
any time to the principal amount of the Combination Note on the
Issue Date minus the aggregate of all payments made from the
Issue Date to such date, either through interest or principal
payments. The Rated Balance may not necessarily correspond to the
outstanding notional amount reported by the trustee.

Jubilee CDO I-R B.V., issued in May 2007, is a Collateralised
Loan Obligation ("CLO") backed by a portfolio composed of a
majority of senior secured European loans and approximately 20%
of non senior secured loans. The portfolio is managed by Alcentra
Limited. This transaction will be in reinvestment period until
July 30, 2014.

Ratings Rationale

According to Moody's, the rating actions taken on the notes are a
result of resilient performance since the last rating action in
August 2011 in conjunction with a correction to the rating model
Moody's used for this transaction. Moody's corrected the rating
model and put the ratings of above tranches on review for upgrade
on July 10, 2012.

The weighted average spread increased from 3.42% to 4.11%, and
the reported WARF has deteriorated from 2954 to 3111 between
August 2011 and September 2012. In addition, securities rated Caa
or lower increased slightly from approximately 9.22% of the
underlying portfolio versus 10.82% between August 2011 and
September 2012 .

Moody's notes that the reported overcollateralization ("OC")
ratios of the rated notes have slightly decreased since the
rating action in August 2011. The Class A/B, Class C, Class D and
Class E overcollateralization ratios are reported at 126.22%,
113.94%, 107.66% and 103.21% respectively, versus August 2011
levels of 128.38%, 115.89%, 109.50% and 104.98% respectively. All
coverage tests are currently in compliance. Moody's computed OC
levels have also decreased due to the increased in Moody's
defaulted par from no defaults in Aug 2011 to EUR33.09M
currently.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR844 million,
defaulted par of EUR33.09 million, a weighted average default
probability of 25.08% (consistent with a WARF of 3187), a
weighted average recovery rate upon default of 42% for a Aaa
liability target rating, a diversity score of 31 and a weighted
average spread of 3.36%. The default probability is derived from
the credit quality of the collateral pool and Moody's expectation
of the remaining life of the collateral pool. The average
recovery rate to be realized on future defaults is based
primarily on the seniority of the assets in the collateral pool.
For a Aaa liability target rating, Moody's assumed that 80% of
the portfolio exposed to senior secured corporate assets would
recover 50% upon default, while the remainder non first-lien loan
corporate assets would recover 10%. In each case, historical and
market performance trends and collateral manager latitude for
trading the collateral are also relevant factors. These default
and recovery properties of the collateral pool are incorporated
in cash flow model analysis where they are subject to stresses as
a function of the target rating of each CLO liability being
reviewed.

In the process of determining the final ratings, Moody's took
into account the results of a number of sensitivity analyses:

(1) Deterioration of assets credit quality to address the loan
refinancing and sovereign risks specific to some assets in the
portfolio-- 24% of the obligors in the portfolio have a credit
quality consistent with B3 rating or below with their loan
maturing between 2014 and 2016, which may create challenges for
those obligors to refinance. 8% of the portfolio is also exposed
to obligors located in Greece, Portugal, Ireland, Spain and
Italy. Moody's considered a scenario where the WARF was increased
to 3683 by forcing the credit quality on 25% of such exposures to
Ca. This scenario generated model outputs that were one to two
notches lower than the base case results.

(2) Higher weighted average life -- Because there is more than
1.5 years remaining until the end of the reinvestment period,
Moody's modelled an extension by 1 year to the amortization
profile modelled in its base case. This run generated model
outputs that were within one notch off the base case results.

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 1) uncertainties of credit
conditions in the general economy and 2) the large concentration
of speculative-grade debt maturing between 2014 and 2016 which
may create challenges for issuers to refinance. CLO notes'
performance may also be impacted either positively or negatively
by 1) the manager's investment strategy and behavior and 2)
divergence in legal interpretation of CDO documentation by
different transactional parties due to embedded ambiguities.

Sources of additional performance uncertainties are described
below:

1) Recovery on defaulted assets: Market value fluctuations in
defaulted assets reported by the trustee and those assumed to be
defaulted by Moody's may create volatility in the deal's
overcollateralization levels. Further, the timing of recoveries
and the manager's decision to work out versus sell defaulted
assets create additional volatilities. Moody's analyzed
recoveries on defaulted assets assuming the lower of the market
price and the Moody's recovery rate assumptions in order to
account for potential volatility in recoveries on defaulted
assets.

2) Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which may be
extended due to the manager's decision to reinvest into new issue
loans or other loans with longer maturities and/or participate in
amend-to-extend offerings. Moody's tested for a possible
extension of the actual weighted average life in its analysis.

3) Other collateral quality metrics: The deal is allowed to
reinvest and the manager has the ability to deteriorate the
collateral quality metrics' existing cushions against the
covenant levels. Moody's analyzed the impact of assuming lower of
reported and covenanted values for weighted average rating
factor, weighted average spread, and diversity score. However, as
part of the base case, Moody's considered spread and coupon
levels higher than the covenant levels due to the large
difference between the reported and covenant levels.

The principal methodology used in this rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011.

Moody's modeled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's
Approach to Rating Collateralized Loan Obligations" rating
methodology published in June 2011.

The cash flow model used for this transaction, whose description
can be found in the methodology listed above, is Moody's CDOEdge
model.

This model was used to represent the cash flows and determine the
loss for each tranche. The cash flow model evaluates all default
scenarios that are then weighted considering the probabilities of
the binomial distribution assumed for the portfolio default rate.
In each default scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders. Therefore, the expected loss or EL for each tranche
is the sum product of (i) the probability of occurrence of each
default scenario; and (ii) the loss derived from the cash flow
model in each default scenario for each tranche. As such, Moody's
analysis encompasses the assessment of stressed scenarios.

In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record,
and the potential for selection bias in the portfolio. All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.

On 21 August 2012, Moody's released a Request for Comment seeking
market feedback on proposed adjustments to its modelling
assumptions. These adjustments are designed to account for the
impact of rapid and significant country credit deterioration on
structured finance transactions. If the adjusted approach is
implemented as proposed, the rating of the notes affected by the
rating action may be negatively affected.



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


CEB CAPITAL: Fitch Rates New Loan Participation Notes 'B+(EXP)'
---------------------------------------------------------------
Fitch Ratings has assigned CEB Capital S.A.'s upcoming USD
subordinated issue of limited recourse loan participation notes
an expected rating of 'B+(EXP)'.

The bonds' final ratings will be contingent on the receipt of
final documentation conforming to information already received.

The proceeds from the issue will be on-lent to Credit Europe Bank
Ltd. (CEB), which has a Long-term Issuer Default Rating (IDR) of
'BB-'/Stable, a Short-term IDR of 'B', a Viability Rating of 'bb-
', a Support Rating of '3' and a National Rating of
'A+(rus)/Stable'.  CEB is the sole borrower under the
subordinated loan agreement and its obligations.

CEB (formerly Finansbank (Russia) Ltd) is a mid-sized commercial
bank (ranked 47th by assets at end-H112) with a focus on retail
lending.  It is controlled by Credit Europe Bank N.V., which is
part of the larger FIBA Holding A.S., a Turkish conglomerate
owned by businessman Husnu Ozyegin.


STAVROPOL KRAI: S&P Affirms 'B+' Long-Term Issuer Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
issuer credit and 'ruA+' Russia national sale ratings on
Stavropol Krai, located in the Russian Federation (foreign
currency BBB/Stable/A-2; local currency BBB+/Stable/A-2; Russia
national scale 'ruAAA'). The outlook is stable.

"The ratings on Stavropol Krai reflect our view of its low
financial flexibility and predictability because of its reliance
on federal decisions and uncertainties related to
intergovernmental fiscal relations, as well as the lack of
reliable medium-term financial planning. The ratings are also
constrained by the krai's weak liquidity owing to relatively high
refinancing needs," S&P said.

"The ratings are supported by the krai's modest contingent
liabilities and our expectation that the gradually growing debt
burden will remain low over the next three years," S&P said.

"The stable outlook reflects our view that, in 2013-2014,
Stavropol Krai will continue to be exposed to refinancing due to
modest accumulation of direct debt, but the its current liquidity
position will not deteriorate thanks to a gradual shift to
medium-term borrowings and improvement of the debt maturity
profile. Our base-case scenario also assumes that the efforts of
the krai's new management to limit expenditure growth rates will
lead to an improvement in the currently weak budgetary
performance over the medium term," S&P said.

"Negative rating actions could follow in the next 12 months if
increased exposure to short-term debt with debt service reaching
15% of operating revenues or cash depletion lead to a very
negative liquidity position in line with our downside scenario.
The management's inability to constrain expenditure growth could
also pressure the ratings if it led to higher borrowing needs
compared with our base-case scenario," S&P said.

"We would consider a positive rating action if additional tax
revenues and tight fiscal discipline lead to a structural
improvement of the krai's budgetary performance and strengthening
of liquidity position compared with our base-case scenario.
Decreased refinancing risks thanks to extension of debt
maturities and lower borrowing needs would also be positive for
the ratings. However, we view positive rating actions in the next
12 months as unlikely," S&P said.



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


IBERIA: In "Fight for Survival"; Mulls 4,500 Job Cuts
-----------------------------------------------------
Andrew Parker and Rose Jacobs at The Financial Times report that
International Airlines Group warned on Friday that Iberia, its
lossmaking Spanish subsidiary, was in a "fight for survival" and
revealed sweeping plans to cut 4,500 jobs at the Madrid-based
carrier.

The reduction amounts to more than 20% of Iberia's workforce, but
IAG said there could be deeper cuts if the company did not reach
agreement with trade unions by the end of January, the FT notes.

According to the FT, Sepla, the Spanish pilots' union, denounced
Iberia's turnround plan, saying: "We are completely aghast at a
plan that wants to destroy Iberia."

Iberia made a loss of EUR262 million in the first three quarters
of this year, the FT relates.

As well as the Spanish recession, Iberia's short-haul operations
are struggling with aggressive competition from low-cost airlines
led by Ryanair, while its long-haul network to Latin America is
up against stronger rivals such as Latam Airline Group, the new
carrier formed from a merger of Brazilian and Chilean airlines,
the FT discloses.

Iberia is burning up cash at a rate of EUR1.7 million each day,
the FT says.  The turnround plan aims to halt the cash bleed by
the middle of next year and return the carrier to profit by 2014,
the FT states.

The 4,500 job losses would affect pilots, cabin crew and other
staff, and the remaining 15,500 staff face salary reductions,
according to the FT.  Iberia is also cutting capacity by 15% by
scrapping lossmaking routes and removing 25 aircraft from its
110-strong fleet, the FT notes.



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


AEA TECHNOLOGY: Ricardo to Buy Company Out of Administration
------------------------------------------------------------
Express & Star reports that engineering and consulting company
Ricardo has agreed an GBP18 million deal to buy the main
operating business of AEA Technology from administration.

AEA finally threw in the towel after crumbling under a
GBP34.3 million debt pile and GBP165.5 million in pension
liabilities, which were largely built up during its time as part
of the AEA UK Atomic Energy Authority, Express & Star relates.

The company said Deloitte and KPMG were lined up as
administrators, although its US businesses Eastern Research Group
and Project Performance Corporation (PCC) continue to trade as
normal, Express & Star notes.

Ricardo will retain all 400 staff and five offices of AEA Europe
as part of its proposed acquisition, Express & Star states.

AEA Technology is an Oxfordshire-based climate change
consultancy.


CARE UK: S&P Puts 'B+' Corp. Credit Rating on Watch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its 'B+' long-term corporate credit rating
on U.K.-based health care group Care UK Health & Social Care
Investments Ltd. (Care UK).

"In addition, we placed our 'B+' issue rating on the group's
GBP250 million senior secured notes on CreditWatch with negative
implications. The recovery rating on the notes is '3', indicating
our expectation of meaningful (50%-70%) recovery prospects for
noteholders in the event of a default," S&P said.

"The CreditWatch placements follow Care UK's acquisition of
Harmoni, a provider of out-of-hours health care services to the
National Health Service (NHS) in England, for GBP48 million,
excluding associated transaction costs. We understand that Care
UK will fund the acquisition with a combination of cash and debt.
Consequently, we calculate that Care UK's pro forma Standard &
Poor's-adjusted leverage after the acquisition could increase to
more than 5x in the financial year ending Sept. 30, 2013, which
is above the level we consider commensurate with the 'B+'
rating," S&P said.

"We are currently evaluating the impact of the acquisition on the
group's business and financial risk profiles, specifically on the
group's profitability, market position, diversification, and cash
flow generation," S&P said.

"The ratings on Care UK continue to reflect our current
assessment of the group's business risk profile as 'weak.' This
indicates our view of the group's relatively small size, focus on
the U.K. market, and a certain degree of reliance on public
funds, which are exposed to the vagaries of the U.K.'s political
climate and changes in reimbursement policies. We take a negative
view of the risks associated with independent sector treatment
centers (ISTCs), including a lack of guaranteed procedure volumes
priced at NHS tariffs," S&P said.

"These negative factors are partly offset by Care UK's good
revenue predictability due to a high proportion of forward
contracts, especially in its residential care business. This is
supported by the group's position as a leading operator of ISTCs
and its entrenched position in the for-profit elderly and
specialist care markets," S&P said.

"The CreditWatch placement reflects the possibility of a
downgrade following Care UK's debt-funded acquisition of Harmoni,
to reflect our view that the group's adjusted leverage will rise
above the level we consider commensurate with the current
rating," S&P said.

"We aim to resolve the CreditWatch this month, subject to further
progress on the transaction and following our discussions with
management. In these discussions, we aim to determine the effect
the transaction will have on the group's business and financial
risk profiles, specifically on the group's profitability, market
position, diversification, and cash flow generation. We will also
discuss the group's financial policy, which we consider to be
aggressive, particularly regarding mergers and acquisitions. We
consider that a potential downgrade is likely to be limited to
one notch," S&P said.

"We will also review the effect of the acquisition financing on
the recovery prospects for Care UK's senior secured notes. The
mix of financing that Care UK raises for the acquisition could
potentially have a negative bearing on the issue and recovery
ratings on the notes," S&P said.


COMET: Cuts More Than 300 Jobs After Administration
---------------------------------------------------
Andrea Felsted at The Financial Times reports that more than 300
people were made redundant at Comet on Friday, a week after the
company went into administration.

According to the FT, administrator Deloitte said it had made 330
roles at the retailer redundant, the majority at the head office
and in central functions, such as finance and marketing.  The
jobs were based in Rickmansworth, Hull and Clevedon, the FT
discloses.

Deloitte said that no redundancies have been made at Comet stores
or distribution centers, and stores continue to trade normally,
the FT relates.

The administrator also said it was talking to people interested
in acquiring some of the chain's outlets, but indicated that no
buyer had been found for the whole of Comet, the FT notes.

Comet collapsed into administration a week ago after suppliers
became increasingly nervous about its financial position, the FT
recounts.  It was trading without credit insurance and did not
have the resources to stock up for the peak trading season,
according to the FT.

Comet is an electricals chain.


SYNCORA UK: Moody's Withdraws 'Ca' IFSR, Developing Outlook
-----------------------------------------------------------
Moody's Investors Service has withdrawn the ratings on the
following:

  Syncora Holdings Ltd. -- C (hyb) (Pref. Stock Non-cumulative
  (Foreign) Shares)

  Syncora Guarantee Inc. -- Ca (IFSR), Under Review for Upgrade

  Syncora Guarantee (U.K.) Ltd. -- Ca (IFSR), Developing Outlook

  Twin Reefs Pass-Through Trust -- C (hyb) (Contingent Capital
  Securities)

Ratings Rationale

Moody's has withdrawn the rating because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating.

Company Overview

Syncora Holdings Ltd. based in Hamilton, Bermuda, is a holding
company whose primary operating subsidiary, Syncora Guarantee
Inc, provides credit enhancement and protection products to the
public finance and structured finance markets. Syncora Guarantee
has not written new business since 2008.



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


* Moody's Says New EU Rules May Affect Freight Businesses
---------------------------------------------------------
The new EU Rail Recast Directive (RRD) is likely to boost
international rail passenger and freight services by enhancing
the competitive landscape, says Moody's Investors Service in a
Special Comment published on Nov. 8. Moody's views the RRD, due
to be formally approved by EU governments before the end of 2012,
as a credit positive for rail operators over the long term.

The new report is entitled "European Rail Companies: New EU Rules
Likely to Boost International Rail Passenger Services".

"We expect providers of international passenger services to
benefit the most from the RRD, which is likely to accelerate
competition by enabling operators to fully exploit the potential
of the Trans-European high-speed rail network," says Marco
Vetulli, a Moody's vice President - Senior Credit Officer in
Moody's Corporate Finance Group and author of the report.

Germany's Deutsche Bahn AG (DB, Aa1 negative), France's Societe
Nationale des Chemins de Fer Fran‡ais (SNCF, Aa1 negative) and
Italy's Ferrovie dello Stato Italiane (FS, unrated) are the most
strongly positioned to take advantage of these opportunities
because they have built up expertise and customer bases from
running national high-speed passenger services.

Although the rail freight market is suffering from a secular
decline as it is less competitive than road transportation, the
new charging rules in the RRD could lead to lower track access
charges and stimulate private investment in safer and more
environmentally friendly trains. However, an increase in
competition among rail freight operators may pressure the margins
of already loss-making incumbents' freight businesses, such as
SNCF's and Belgium's SNCB Logistics, or adversely affect the
already moderate profits at others.

Moody's expects the positive effect of the RRD to be limited for
national rail passenger services. Provisions within the RRD,
especially on strengthening the role of national regulators and
improving network access, are only likely to enhance the
competitive landscape in EU countries, such as Germany, the UK,
Italy, Sweden, which have taken steps to liberalise these
services by passing national laws. However, as domestic rail
passenger markets have high natural barriers to entry and
relatively unattractive returns compared with other market
segments, Moody's does not expect the RRD to dramatically
increase the competitive pressure on the incumbent players in
these markets.


* S&P Takes Various Rating Actions on 28 European CDO Tranches
--------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on XX European collateralized debt obligation (CDO)
tranches.

Specifically, S&P:

-- removed from CreditWatch negative its rating on one tranche;

-- placed on CreditWatch negative its ratings on six tranches;

-- lowered its ratings on 20 tranches; and

-- raised its rating on one tranche.

For the full list of the rating actions, see "List Of European
Synthetic CDO Rating Actions At Nov. 8, 2012 Following Dependent
Rating Actions."

"The rating actions on these 28 tranches follow our recent rating
actions on the underlying collateral or reference obligation.
Under our criteria applicable to transactions such as these, we
would generally reflect changes to the rating on the collateral
or reference obligation in our rating on the tranche," S&P said.

            STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

       http://standardandpoorsdisclosure-17g7.com


* S&P Withdraws Ratings on Seven European Synthetic CDO Tranches
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
seven European synthetic collateralized debt obligation (CDO)
tranches.

A list of the affected tranches is accessible at:

                        http://is.gd/ud1MVX

S&P has withdrawn its ratings on these tranches for different
reasons, including:

  -- the issuer has fully repurchased and cancelled the notes;
  -- the notes have been terminated early;
  -- the rating on the underlying collateral was withdrawn at
     issuers request; and
  -- the principal amount of the notes has been reduced due to
     losses.

"We provide the rating withdrawal reason for each individual
tranche in the separate ratings list," S&P said.

"We have lowered to 'D (sf)' and subsequently withdrawn our
ratings on two tranches. The downgrades to 'D (sf)' follow
confirmation that losses from credit events in the underlying
portfolios exceeded the available credit enhancement levels. This
means that the noteholders did not receive full principal on the
early termination date for these tranches. The ratings lowered to
'D (sf)' will remain at 'D (sf)' for a period of 30 days before
the withdrawals becomes effective," S&P said.

           STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

        http://standardandpoorsdisclosure-17g7.com


* BOND PRICING: For the Week November 5 to November 9, 2012
-----------------------------------------------------------

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

AUSTRIA
-------
A-TEC INDUSTRIES          8.750  10/27/2014      EUR      27.75
A-TEC INDUSTRIES          2.750   5/10/2014      EUR      29.13
IMMOFINANZ                4.250    3/8/2018      EUR       4.29
RAIFF CENTROBANK          8.907   7/24/2013      EUR      58.30
RAIFF CENTROBANK          8.588   1/23/2013      EUR      73.37
RAIFF CENTROBANK          7.965   1/23/2013      EUR      55.53
RAIFF CENTROBANK          7.873   1/23/2013      EUR      66.96
RAIFF CENTROBANK          7.646   1/23/2013      EUR      45.43
RAIFF CENTROBANK          5.097   1/23/2013      EUR      58.24
RAIFF CENTROBANK          8.417   1/22/2014      EUR      67.62
RAIFF CENTROBANK          7.122   1/22/2014      EUR      66.49
RAIFF CENTROBANK         11.134   7/24/2013      EUR      66.13
RAIFF CENTROBANK          9.200   7/24/2013      EUR      56.71
RAIFF CENTROBANK          9.304   1/23/2013      EUR      62.19
RAIFF CENTROBANK          9.876   1/23/2013      EUR      60.11
RAIFF CENTROBANK          9.558   1/23/2013      EUR      67.69
RAIFF CENTROBANK          8.920   1/23/2013      EUR      52.62

BELGIUM
-------
ECONOCOM GROUP            4.000    6/1/2016      EUR      22.94
TALVIVAARA                4.000  12/16/2015      EUR      72.61

FRANCE
------
AIR FRANCE-KLM            4.970    4/1/2015      EUR      12.38
ALCATEL-LUCENT            5.000    1/1/2015      EUR       2.62
ALTRAN TECHNOLOG          6.720    1/1/2015      EUR       5.62
ASSYSTEM                  4.000    1/1/2017      EUR      23.27
ATOS ORIGIN SA            2.500    1/1/2016      EUR      58.17
CAP GEMINI SOGET          3.500    1/1/2014      EUR      38.69
CGG VERITAS               1.750    1/1/2016      EUR      31.64
CLUB MEDITERRANE          6.110   11/1/2015      EUR      17.80
EURAZEO                   6.250   6/10/2014      EUR      55.33
FAURECIA                  3.250    1/1/2018      EUR      17.91
FAURECIA                  4.500    1/1/2015      EUR      19.45
INGENICO                  2.750    1/1/2017      EUR      48.14
MAUREL ET PROM            7.125   7/31/2015      EUR      17.13
MAUREL ET PROM            7.125   7/31/2014      EUR      18.15
NEXANS SA                 2.500    1/1/2019      EUR      66.69
NEXANS SA                 4.000    1/1/2016      EUR      56.09
ORPEA                     3.875    1/1/2016      EUR      47.89
PEUGEOT SA                4.450    1/1/2016      EUR      23.56
PIERRE VACANCES           4.000   10/1/2015      EUR      73.63
PUBLICIS GROUPE           1.000   1/18/2018      EUR      54.06
SOC AIR FRANCE            2.750    4/1/2020      EUR      21.24
SOITEC                    6.250    9/9/2014      EUR       7.25
TEM                       4.250    1/1/2015      EUR      54.36

GERMANY
-------
BNP EMIS-U.HANDE          9.750  12/28/2012      EUR      58.32
BNP EMIS-U.HANDE         10.500  12/28/2012      EUR      47.62
BNP EMIS-U.HANDE          9.500  12/31/2012      EUR      64.67
BNP EMIS-U.HANDE          7.750  12/31/2012      EUR      49.92
COMMERZBANK AG            6.000  12/27/2012      EUR      73.49
COMMERZBANK AG            7.000  12/27/2012      EUR      60.71
COMMERZBANK AG           13.000  12/28/2012      EUR      47.48
COMMERZBANK AG           16.750    1/3/2013      EUR      73.77
COMMERZBANK AG            8.400  12/30/2013      EUR      13.74
COMMERZBANK AG            8.000  12/27/2012      EUR      43.32
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      69.20
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      64.90
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      67.10
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      72.90
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      71.60
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      74.20
DEUTSCHE BANK AG         12.000   2/28/2013      EUR      75.00
DEUTSCHE BANK AG         11.000    4/2/2013      EUR      73.80
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      69.50
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      72.10
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      70.30
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      68.00
DEUTSCHE BANK AG         11.000   1/18/2013      EUR      73.10
DEUTSCHE BANK AG         15.000  12/20/2012      EUR      62.10
DEUTSCHE BANK AG         12.000  12/20/2012      EUR      66.50
DEUTSCHE BANK AG         12.000  12/20/2012      EUR      41.90
DEUTSCHE BANK AG         12.000  12/20/2012      EUR      68.10
DEUTSCHE BANK AG         10.000  12/20/2012      EUR      74.90
DEUTSCHE BANK AG         10.000  12/20/2012      EUR      72.10
DEUTSCHE BANK AG         10.000  12/20/2012      EUR      63.00
DEUTSCHE BANK AG          9.000  12/20/2012      EUR      62.90
DEUTSCHE BANK AG          9.000  12/20/2012      EUR      73.40
DEUTSCHE BANK AG          8.000  12/20/2012      EUR      61.20
DEUTSCHE BANK AG          8.000  12/20/2012      EUR      70.40
DEUTSCHE BANK AG          8.000  12/20/2012      EUR      69.50
DEUTSCHE BANK AG          8.000  12/20/2012      EUR      38.60
DEUTSCHE BANK AG          7.000  12/20/2012      EUR      69.40
DEUTSCHE BANK AG         12.000  11/29/2012      EUR      65.20
DEUTSCHE BANK AG          9.000  11/29/2012      EUR      67.10
DEUTSCHE BANK AG          6.500   6/28/2013      EUR      53.50
DEUTSCHE BANK AG         12.000    4/2/2013      EUR      74.50
DEUTSCHE BANK AG          8.000  11/29/2012      EUR      71.50
DZ BANK AG               15.500  10/25/2013      EUR      71.05
DZ BANK AG               15.750   9/27/2013      EUR      74.86
DZ BANK AG               15.750   7/26/2013      EUR      71.21
DZ BANK AG               15.000   7/26/2013      EUR      75.00
DZ BANK AG                6.000   7/26/2013      EUR      69.50
DZ BANK AG               22.000   6/28/2013      EUR      73.36
DZ BANK AG               18.000   6/28/2013      EUR      69.28
DZ BANK AG               14.000   6/28/2013      EUR      73.43
DZ BANK AG                6.500   6/28/2013      EUR      67.14
DZ BANK AG                6.000   6/28/2013      EUR      65.07
DZ BANK AG               19.500   4/26/2013      EUR      61.83
DZ BANK AG               18.500   4/26/2013      EUR      57.11
DZ BANK AG               17.000   4/26/2013      EUR      15.42
DZ BANK AG               16.500   4/26/2013      EUR      59.63
DZ BANK AG               15.750   4/26/2013      EUR      43.33
DZ BANK AG               14.500   4/26/2013      EUR      56.77
DZ BANK AG               20.000   3/22/2013      EUR      70.81
DZ BANK AG               18.500   3/22/2013      EUR      74.74
DZ BANK AG               13.000   3/22/2013      EUR      74.16
DZ BANK AG               13.000   3/22/2013      EUR      73.95
DZ BANK AG               12.500   3/22/2013      EUR      72.97
DZ BANK AG               12.250   3/22/2013      EUR      74.07
DZ BANK AG               13.750    3/8/2013      EUR      54.29
DZ BANK AG               10.000    3/8/2013      EUR      68.17
DZ BANK AG                9.750    3/8/2013      EUR      73.96
DZ BANK AG               15.000   2/22/2013      EUR      74.66
DZ BANK AG               10.000  11/23/2012      EUR      72.63
DZ BANK AG               18.000   1/25/2013      EUR      61.25
DZ BANK AG               19.000   1/25/2013      EUR      44.10
DZ BANK AG               10.250    2/8/2013      EUR      71.38
DZ BANK AG               10.250    2/8/2013      EUR      71.88
DZ BANK AG               15.000   2/22/2013      EUR      70.66
DZ BANK AG               15.000   2/22/2013      EUR      71.94
DZ BANK AG               15.000   2/22/2013      EUR      69.43
DZ BANK AG               15.000   2/22/2013      EUR      73.27
DZ BANK AG               15.000   2/22/2013      EUR      68.24
DZ BANK AG               15.000   2/22/2013      EUR      67.09
DZ BANK AG               11.500  11/23/2012      EUR      74.94
DZ BANK AG               16.750  11/23/2012      EUR      63.46
DZ BANK AG               20.000  11/23/2012      EUR      41.34
DZ BANK AG                5.000  12/14/2012      EUR      69.68
DZ BANK AG                9.750  12/14/2012      EUR      66.05
DZ BANK AG                6.000    1/2/2013      EUR      74.23
DZ BANK AG                9.500    1/2/2013      EUR      71.10
DZ BANK AG               12.000    1/2/2013      EUR      65.09
DZ BANK AG               16.250    1/2/2013      EUR      68.65
DZ BANK AG               10.500   1/11/2013      EUR      66.00
DZ BANK AG               14.000   1/11/2013      EUR      48.04
DZ BANK AG               15.500   1/11/2013      EUR      53.41
DZ BANK AG               12.500   1/25/2013      EUR      50.73
GOLDMAN SACHS CO         13.000   3/20/2013      EUR      74.90
GOLDMAN SACHS CO         17.000   3/20/2013      EUR      73.30
GOLDMAN SACHS CO         16.000   6/26/2013      EUR      74.30
GOLDMAN SACHS CO         18.000   3/20/2013      EUR      69.10
GOLDMAN SACHS CO         14.000  12/28/2012      EUR      72.60
GOLDMAN SACHS CO         15.000  12/28/2012      EUR      71.70
GOLDMAN SACHS CO         13.000  12/27/2013      EUR      72.70
HSBC TRINKAUS            25.500   6/28/2013      EUR      57.61
HSBC TRINKAUS            30.000   6/28/2013      EUR      46.90
HSBC TRINKAUS            26.000   6/28/2013      EUR      48.63
HSBC TRINKAUS             7.500   3/22/2013      EUR      74.76
HSBC TRINKAUS             7.500   3/22/2013      EUR      74.06
HSBC TRINKAUS             8.000   3/22/2013      EUR      67.07
HSBC TRINKAUS             8.500   3/22/2013      EUR      67.98
HSBC TRINKAUS            10.500   3/22/2013      EUR      72.84
HSBC TRINKAUS            10.500   3/22/2013      EUR      62.42
HSBC TRINKAUS            10.500   3/22/2013      EUR      45.38
HSBC TRINKAUS            10.500   3/22/2013      EUR      65.52
HSBC TRINKAUS            12.000   3/22/2013      EUR      72.94
HSBC TRINKAUS            13.000   3/22/2013      EUR      60.74
HSBC TRINKAUS            13.500   3/22/2013      EUR      60.07
HSBC TRINKAUS            13.500   3/22/2013      EUR      61.08
HSBC TRINKAUS            14.000   3/22/2013      EUR      74.53
HSBC TRINKAUS            14.000   3/22/2013      EUR      61.21
HSBC TRINKAUS            15.000   3/22/2013      EUR      71.40
HSBC TRINKAUS            15.500   3/22/2013      EUR      41.52
HSBC TRINKAUS            16.000   3/22/2013      EUR      72.28
HSBC TRINKAUS            16.000   3/22/2013      EUR      67.45
HSBC TRINKAUS            16.500   3/22/2013      EUR      74.88
HSBC TRINKAUS            17.500   3/22/2013      EUR      58.58
HSBC TRINKAUS            17.500   3/22/2013      EUR      65.46
HSBC TRINKAUS            17.500   3/22/2013      EUR      56.90
HSBC TRINKAUS            18.000   3/22/2013      EUR      74.29
HSBC TRINKAUS            18.000   3/22/2013      EUR      69.93
HSBC TRINKAUS            18.000   3/22/2013      EUR      66.09
HSBC TRINKAUS            18.500   3/22/2013      EUR      55.92
HSBC TRINKAUS            18.500   3/22/2013      EUR      73.85
HSBC TRINKAUS            18.500   3/22/2013      EUR      69.38
HSBC TRINKAUS            18.500   3/22/2013      EUR      39.60
HSBC TRINKAUS            19.000   3/22/2013      EUR      55.12
HSBC TRINKAUS            19.500   3/22/2013      EUR      71.17
HSBC TRINKAUS            19.500   3/22/2013      EUR      67.58
HSBC TRINKAUS            20.000   3/22/2013      EUR      72.33
HSBC TRINKAUS            20.500   3/22/2013      EUR      56.78
HSBC TRINKAUS            21.000   3/22/2013      EUR      70.74
HSBC TRINKAUS            21.000   3/22/2013      EUR      54.43
HSBC TRINKAUS            21.000   3/22/2013      EUR      70.19
HSBC TRINKAUS            22.000   3/22/2013      EUR      38.33
HSBC TRINKAUS            22.000   3/22/2013      EUR      54.00
HSBC TRINKAUS            22.500   3/22/2013      EUR      67.68
HSBC TRINKAUS            23.000   3/22/2013      EUR      52.08
HSBC TRINKAUS            23.500   3/22/2013      EUR      65.24
HSBC TRINKAUS            24.000   3/22/2013      EUR      61.96
HSBC TRINKAUS            24.000   3/22/2013      EUR      67.46
HSBC TRINKAUS            24.000   3/22/2013      EUR      73.10
HSBC TRINKAUS            26.500   3/22/2013      EUR      61.24
HSBC TRINKAUS            27.000   3/22/2013      EUR      53.26
HSBC TRINKAUS            27.500   3/22/2013      EUR      43.48
HSBC TRINKAUS             6.000   6/28/2013      EUR      74.16
HSBC TRINKAUS             6.500   6/28/2013      EUR      68.24
HSBC TRINKAUS             7.000   6/28/2013      EUR      73.22
HSBC TRINKAUS             8.000   6/28/2013      EUR      49.20
HSBC TRINKAUS             8.000   6/28/2013      EUR      72.27
HSBC TRINKAUS             8.500   6/28/2013      EUR      69.16
HSBC TRINKAUS            10.000   6/28/2013      EUR      73.12
HSBC TRINKAUS            10.000   6/28/2013      EUR      67.56
HSBC TRINKAUS            10.000   6/28/2013      EUR      67.11
HSBC TRINKAUS            10.500   6/28/2013      EUR      46.20
HSBC TRINKAUS            11.000   6/28/2013      EUR      63.23
HSBC TRINKAUS            12.500   6/28/2013      EUR      63.33
HSBC TRINKAUS            13.500   6/28/2013      EUR      61.67
HSBC TRINKAUS            14.000   6/28/2013      EUR      70.50
HSBC TRINKAUS            14.000   6/28/2013      EUR      43.06
HSBC TRINKAUS            14.000   6/28/2013      EUR      61.82
HSBC TRINKAUS            15.500   6/28/2013      EUR      67.79
HSBC TRINKAUS            16.500   6/28/2013      EUR      59.22
HSBC TRINKAUS            16.500   6/28/2013      EUR      41.80
HSBC TRINKAUS            16.500   6/28/2013      EUR      71.08
HSBC TRINKAUS            16.500   6/28/2013      EUR      59.77
HSBC TRINKAUS            16.500   6/28/2013      EUR      67.72
HSBC TRINKAUS            17.000   6/28/2013      EUR      57.46
HSBC TRINKAUS            17.500   6/28/2013      EUR      74.75
HSBC TRINKAUS            17.500   6/28/2013      EUR      71.43
HSBC TRINKAUS            18.000   6/28/2013      EUR      70.95
HSBC TRINKAUS            18.500   6/28/2013      EUR      73.14
HSBC TRINKAUS            18.500   6/28/2013      EUR      57.51
HSBC TRINKAUS            19.000   6/28/2013      EUR      40.97
HSBC TRINKAUS            19.000   6/28/2013      EUR      74.92
HSBC TRINKAUS            19.500   6/28/2013      EUR      71.78
HSBC TRINKAUS            19.500   6/28/2013      EUR      59.74
HSBC TRINKAUS            19.500   6/28/2013      EUR      56.67
HSBC TRINKAUS            19.500   6/28/2013      EUR      71.65
HSBC TRINKAUS            21.000   6/28/2013      EUR      54.87
HSBC TRINKAUS            21.000   6/28/2013      EUR      64.56
HSBC TRINKAUS            21.500   6/28/2013      EUR      68.02
HSBC TRINKAUS            22.500   6/28/2013      EUR      60.02
HSBC TRINKAUS            23.500   6/28/2013      EUR      64.88
LANDESBK BERLIN           5.500  12/23/2013      EUR      72.60
LB BADEN-WUERTT           9.000   7/26/2013      EUR      74.42
LB BADEN-WUERTT           6.000   8/23/2013      EUR      74.40
LB BADEN-WUERTT           7.000   8/23/2013      EUR      72.18
LB BADEN-WUERTT           9.000   8/23/2013      EUR      69.10
LB BADEN-WUERTT          10.000   8/23/2013      EUR      73.11
LB BADEN-WUERTT          10.000   8/23/2013      EUR      71.91
LB BADEN-WUERTT          12.000   8/23/2013      EUR      68.83
LB BADEN-WUERTT          12.000   8/23/2013      EUR      69.40
LB BADEN-WUERTT           7.000   9/27/2013      EUR      74.38
LB BADEN-WUERTT           9.000   9/27/2013      EUR      71.33
LB BADEN-WUERTT          11.000   6/28/2013      EUR      67.25
LB BADEN-WUERTT          11.000   9/27/2013      EUR      70.06
LB BADEN-WUERTT           7.000   6/28/2013      EUR      73.23
LB BADEN-WUERTT           7.500   6/28/2013      EUR      67.52
LB BADEN-WUERTT           7.500   6/28/2013      EUR      72.98
LB BADEN-WUERTT           7.500   6/28/2013      EUR      73.55
LB BADEN-WUERTT           9.000   6/28/2013      EUR      69.23
LB BADEN-WUERTT          10.000   6/28/2013      EUR      71.99
LB BADEN-WUERTT          10.000   6/28/2013      EUR      68.21
LB BADEN-WUERTT          10.000   6/28/2013      EUR      65.70
LB BADEN-WUERTT           5.000  11/23/2012      EUR      49.15
LB BADEN-WUERTT           5.000  11/23/2012      EUR      18.44
LB BADEN-WUERTT           5.000  11/23/2012      EUR      49.68
LB BADEN-WUERTT           5.000  11/23/2012      EUR      70.65
LB BADEN-WUERTT           5.000  11/23/2012      EUR      71.98
LB BADEN-WUERTT           7.500  11/23/2012      EUR      73.69
LB BADEN-WUERTT           7.500  11/23/2012      EUR      41.51
LB BADEN-WUERTT           7.500  11/23/2012      EUR      67.76
LB BADEN-WUERTT           7.500  11/23/2012      EUR      42.64
LB BADEN-WUERTT           7.500  11/23/2012      EUR      64.20
LB BADEN-WUERTT           7.500  11/23/2012      EUR      15.76
LB BADEN-WUERTT           7.500  11/23/2012      EUR      61.12
LB BADEN-WUERTT           7.500  11/23/2012      EUR      63.31
LB BADEN-WUERTT          10.000  11/23/2012      EUR      36.96
LB BADEN-WUERTT          10.000  11/23/2012      EUR      14.49
LB BADEN-WUERTT          10.000  11/23/2012      EUR      58.79
LB BADEN-WUERTT          10.000  11/23/2012      EUR      55.36
LB BADEN-WUERTT          10.000  11/23/2012      EUR      71.19
LB BADEN-WUERTT          10.000  11/23/2012      EUR      69.90
LB BADEN-WUERTT          10.000  11/23/2012      EUR      67.15
LB BADEN-WUERTT          10.000  11/23/2012      EUR      38.06
LB BADEN-WUERTT          10.000  11/23/2012      EUR      56.82
LB BADEN-WUERTT          10.000  11/23/2012      EUR      70.92
LB BADEN-WUERTT          10.000  11/23/2012      EUR      74.57
LB BADEN-WUERTT          10.000  11/23/2012      EUR      56.18
LB BADEN-WUERTT          15.000  11/23/2012      EUR      46.61
LB BADEN-WUERTT           5.000    1/4/2013      EUR      51.63
LB BADEN-WUERTT           5.000    1/4/2013      EUR      38.27
LB BADEN-WUERTT           5.000    1/4/2013      EUR      67.54
LB BADEN-WUERTT           5.000    1/4/2013      EUR      18.70
LB BADEN-WUERTT           5.000    1/4/2013      EUR      57.92
LB BADEN-WUERTT           5.000    1/4/2013      EUR      63.31
LB BADEN-WUERTT           7.500    1/4/2013      EUR      54.39
LB BADEN-WUERTT           7.500    1/4/2013      EUR      65.07
LB BADEN-WUERTT           7.500    1/4/2013      EUR      51.99
LB BADEN-WUERTT           7.500    1/4/2013      EUR      32.90
LB BADEN-WUERTT           7.500    1/4/2013      EUR      58.58
LB BADEN-WUERTT           7.500    1/4/2013      EUR      72.77
LB BADEN-WUERTT           7.500    1/4/2013      EUR      16.46
LB BADEN-WUERTT           7.500    1/4/2013      EUR      59.10
LB BADEN-WUERTT           7.500    1/4/2013      EUR      67.25
LB BADEN-WUERTT          10.000    1/4/2013      EUR      66.61
LB BADEN-WUERTT          10.000    1/4/2013      EUR      30.35
LB BADEN-WUERTT          10.000    1/4/2013      EUR      52.62
LB BADEN-WUERTT          10.000    1/4/2013      EUR      70.66
LB BADEN-WUERTT          10.000    1/4/2013      EUR      15.06
LB BADEN-WUERTT          10.000    1/4/2013      EUR      52.34
LB BADEN-WUERTT          10.000    1/4/2013      EUR      60.85
LB BADEN-WUERTT          10.000    1/4/2013      EUR      49.73
LB BADEN-WUERTT          10.000    1/4/2013      EUR      61.11
LB BADEN-WUERTT          10.000    1/4/2013      EUR      58.93
LB BADEN-WUERTT           5.000   1/25/2013      EUR      74.47
LB BADEN-WUERTT           5.000   1/25/2013      EUR      72.12
LB BADEN-WUERTT           5.000   1/25/2013      EUR      25.04
LB BADEN-WUERTT           7.500   1/25/2013      EUR      22.14
LB BADEN-WUERTT           7.500   1/25/2013      EUR      65.50
LB BADEN-WUERTT           7.500   1/25/2013      EUR      61.75
LB BADEN-WUERTT           7.500   1/25/2013      EUR      67.92
LB BADEN-WUERTT           7.500   1/25/2013      EUR      65.65
LB BADEN-WUERTT          10.000   1/25/2013      EUR      73.79
LB BADEN-WUERTT          10.000   1/25/2013      EUR      57.74
LB BADEN-WUERTT          10.000   1/25/2013      EUR      70.62
LB BADEN-WUERTT          10.000   1/25/2013      EUR      61.42
LB BADEN-WUERTT          10.000   1/25/2013      EUR      55.00
LB BADEN-WUERTT          10.000   1/25/2013      EUR      62.58
LB BADEN-WUERTT          10.000   1/25/2013      EUR      72.60
LB BADEN-WUERTT          10.000   1/25/2013      EUR      20.18
LB BADEN-WUERTT          10.000   1/25/2013      EUR      74.43
LB BADEN-WUERTT           5.000   2/22/2013      EUR      72.06
LB BADEN-WUERTT           7.500   2/22/2013      EUR      62.21
LB BADEN-WUERTT          10.000   2/22/2013      EUR      55.52
LB BADEN-WUERTT          15.000   2/22/2013      EUR      47.17
LB BADEN-WUERTT           8.000   3/22/2013      EUR      68.03
LB BADEN-WUERTT          10.000   3/22/2013      EUR      65.16
LB BADEN-WUERTT          12.000   3/22/2013      EUR      66.23
LB BADEN-WUERTT          15.000   3/22/2013      EUR      74.79
LB BADEN-WUERTT          15.000   3/22/2013      EUR      59.20
LB BADEN-WUERTT           5.000   6/28/2013      EUR      68.83
MACQUARIE STRUCT         13.250    1/2/2013      EUR      67.09
MACQUARIE STRUCT         18.000  12/14/2012      EUR      63.38
Q-CELLS                   6.750  10/21/2015      EUR       1.08
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       9.73
TUI AG                    2.750   3/24/2016      EUR      56.50
VONTOBEL FIN PRO         11.150   3/22/2013      EUR      68.40
VONTOBEL FIN PRO         11.850   3/22/2013      EUR      55.54
VONTOBEL FIN PRO         12.000   3/22/2013      EUR      65.10
VONTOBEL FIN PRO         12.050   3/22/2013      EUR      62.30
VONTOBEL FIN PRO         12.200   3/22/2013      EUR      43.92
VONTOBEL FIN PRO         12.200   3/22/2013      EUR      70.66
VONTOBEL FIN PRO         12.700   3/22/2013      EUR      71.00
VONTOBEL FIN PRO         13.700   3/22/2013      EUR      42.16
VONTOBEL FIN PRO         14.000   3/22/2013      EUR      63.30
VONTOBEL FIN PRO         14.500   3/22/2013      EUR      50.88
VONTOBEL FIN PRO         15.250   3/22/2013      EUR      40.58
VONTOBEL FIN PRO         16.850   3/22/2013      EUR      39.28
VONTOBEL FIN PRO         17.450  12/31/2012      EUR      56.96
VONTOBEL FIN PRO         17.100  12/31/2012      EUR      50.44
VONTOBEL FIN PRO         17.050  12/31/2012      EUR      54.28
VONTOBEL FIN PRO         16.950  12/31/2012      EUR      56.32
VONTOBEL FIN PRO         16.850  12/31/2012      EUR      60.40
VONTOBEL FIN PRO         16.700  12/31/2012      EUR      71.48
VONTOBEL FIN PRO         16.550  12/31/2012      EUR      73.86
VONTOBEL FIN PRO         16.450  12/31/2012      EUR      73.60
VONTOBEL FIN PRO         16.350  12/31/2012      EUR      57.44
VONTOBEL FIN PRO         16.150  12/31/2012      EUR      63.18
VONTOBEL FIN PRO         16.100  12/31/2012      EUR      71.56
VONTOBEL FIN PRO         16.050  12/31/2012      EUR      72.06
VONTOBEL FIN PRO         15.900  12/31/2012      EUR      73.46
VONTOBEL FIN PRO         15.750  12/31/2012      EUR      74.18
VONTOBEL FIN PRO         15.250  12/31/2012      EUR      57.52
VONTOBEL FIN PRO         14.950  12/31/2012      EUR      74.14
VONTOBEL FIN PRO         14.700  12/31/2012      EUR      73.84
VONTOBEL FIN PRO         14.600  12/31/2012      EUR      72.78
VONTOBEL FIN PRO         14.600  12/31/2012      EUR      53.42
VONTOBEL FIN PRO         14.550  12/31/2012      EUR      73.38
VONTOBEL FIN PRO         14.500  12/31/2012      EUR      63.86
VONTOBEL FIN PRO         14.450  12/31/2012      EUR      53.02
VONTOBEL FIN PRO         14.350  12/31/2012      EUR      70.94
VONTOBEL FIN PRO         14.350  12/31/2012      EUR      71.90
VONTOBEL FIN PRO         14.300  12/31/2012      EUR      71.30
VONTOBEL FIN PRO         14.300  12/31/2012      EUR      48.14
VONTOBEL FIN PRO         14.100  12/31/2012      EUR      74.06
VONTOBEL FIN PRO         14.000  12/31/2012      EUR      70.76
VONTOBEL FIN PRO         13.600  12/31/2012      EUR      72.66
VONTOBEL FIN PRO         13.550  12/31/2012      EUR      57.82
VONTOBEL FIN PRO         13.500  12/31/2012      EUR      61.24
VONTOBEL FIN PRO         13.150  12/31/2012      EUR      70.92
VONTOBEL FIN PRO         13.050  12/31/2012      EUR      67.64
VONTOBEL FIN PRO         12.900  12/31/2012      EUR      50.58
VONTOBEL FIN PRO         12.800  12/31/2012      EUR      46.66
VONTOBEL FIN PRO         12.650  12/31/2012      EUR      56.42
VONTOBEL FIN PRO         12.650  12/31/2012      EUR      73.70
VONTOBEL FIN PRO         12.550  12/31/2012      EUR      73.98
VONTOBEL FIN PRO         12.250  12/31/2012      EUR      68.20
VONTOBEL FIN PRO         12.000  12/31/2012      EUR      61.78
VONTOBEL FIN PRO         11.950  12/31/2012      EUR      72.42
VONTOBEL FIN PRO         11.950  12/31/2012      EUR      56.12
VONTOBEL FIN PRO         11.950  12/31/2012      EUR      49.92
VONTOBEL FIN PRO         11.900  12/31/2012      EUR      72.76
VONTOBEL FIN PRO         11.850  12/31/2012      EUR      68.54
VONTOBEL FIN PRO         11.750  12/31/2012      EUR      55.44
VONTOBEL FIN PRO         11.700  12/31/2012      EUR      61.98
VONTOBEL FIN PRO         11.600  12/31/2012      EUR      74.12
VONTOBEL FIN PRO         11.450  12/31/2012      EUR      54.80
VONTOBEL FIN PRO         11.400  12/31/2012      EUR      58.20
VONTOBEL FIN PRO         11.150  12/31/2012      EUR      72.30
VONTOBEL FIN PRO         11.000  12/31/2012      EUR      70.90
VONTOBEL FIN PRO         11.000  12/31/2012      EUR      70.64
VONTOBEL FIN PRO         10.900  12/31/2012      EUR      66.40
VONTOBEL FIN PRO         10.550  12/31/2012      EUR      58.50
VONTOBEL FIN PRO         10.550  12/31/2012      EUR      58.28
VONTOBEL FIN PRO         10.500  12/31/2012      EUR      41.50
VONTOBEL FIN PRO         10.050  12/31/2012      EUR      63.46
VONTOBEL FIN PRO          9.950  12/31/2012      EUR      52.92
VONTOBEL FIN PRO          9.950  12/31/2012      EUR      61.94
VONTOBEL FIN PRO          9.900  12/31/2012      EUR      72.76
VONTOBEL FIN PRO          9.650  12/31/2012      EUR      70.46
VONTOBEL FIN PRO          9.600  12/31/2012      EUR      72.14
VONTOBEL FIN PRO          9.600  12/31/2012      EUR      71.92
VONTOBEL FIN PRO          9.500  12/31/2012      EUR      59.22
VONTOBEL FIN PRO          9.400  12/31/2012      EUR      73.08
VONTOBEL FIN PRO          9.400  12/31/2012      EUR      54.40
VONTOBEL FIN PRO          9.350  12/31/2012      EUR      72.40
VONTOBEL FIN PRO          9.250  12/31/2012      EUR      41.18
VONTOBEL FIN PRO          9.150  12/31/2012      EUR      73.58
VONTOBEL FIN PRO          9.050  12/31/2012      EUR      73.74
VONTOBEL FIN PRO          8.650  12/31/2012      EUR      66.36
VONTOBEL FIN PRO         18.500   3/22/2013      EUR      38.32
VONTOBEL FIN PRO         20.900   3/22/2013      EUR      72.12
VONTOBEL FIN PRO         21.750   3/22/2013      EUR      73.52
VONTOBEL FIN PRO          8.200  12/31/2012      EUR      65.04
VONTOBEL FIN PRO          7.950  12/31/2012      EUR      52.66
VONTOBEL FIN PRO         19.700  12/31/2012      EUR      62.56
VONTOBEL FIN PRO         23.600   3/22/2013      EUR      70.72
VONTOBEL FIN PRO          4.000   6/28/2013      EUR      44.06
VONTOBEL FIN PRO          6.000   6/28/2013      EUR      63.20
VONTOBEL FIN PRO          8.000   6/28/2013      EUR      71.76
VONTOBEL FIN PRO          7.700  12/31/2012      EUR      67.42
VONTOBEL FIN PRO          7.400  12/31/2012      EUR      55.46
VONTOBEL FIN PRO          9.550   6/28/2013      EUR      74.90
VONTOBEL FIN PRO          7.250  12/31/2012      EUR      53.62
VONTOBEL FIN PRO         13.050   6/28/2013      EUR      72.48
VONTOBEL FIN PRO          7.389  11/25/2013      EUR      44.60
VONTOBEL FIN PRO          5.100   4/14/2014      EUR      32.80
VONTOBEL FIN PRO         18.200  12/31/2012      EUR      72.38
VONTOBEL FIN PRO         18.200  12/31/2012      EUR      73.86
VONTOBEL FIN PRO         18.850  12/31/2012      EUR      50.70
VONTOBEL FIN PRO         18.850  12/31/2012      EUR      63.10
VONTOBEL FIN PRO         18.900  12/31/2012      EUR      51.46
VONTOBEL FIN PRO         18.950  12/31/2012      EUR      68.80
VONTOBEL FIN PRO         19.300  12/31/2012      EUR      66.04
VONTOBEL FIN PRO         20.000  12/31/2012      EUR      69.94
VONTOBEL FIN PRO         20.850  12/31/2012      EUR      72.94
VONTOBEL FIN PRO         21.150  12/31/2012      EUR      68.12
VONTOBEL FIN PRO         21.200  12/31/2012      EUR      54.82
VONTOBEL FIN PRO         21.200  12/31/2012      EUR      74.18
VONTOBEL FIN PRO         22.250  12/31/2012      EUR      66.40
VONTOBEL FIN PRO         22.700  12/31/2012      EUR      66.06
VONTOBEL FIN PRO         24.700  12/31/2012      EUR      43.38
VONTOBEL FIN PRO         24.900  12/31/2012      EUR      51.50
VONTOBEL FIN PRO         26.050  12/31/2012      EUR      69.82
VONTOBEL FIN PRO         27.600  12/31/2012      EUR      40.62
VONTOBEL FIN PRO         28.250  12/31/2012      EUR      38.08
VONTOBEL FIN PRO         11.000    2/1/2013      EUR      55.10
VONTOBEL FIN PRO         13.650    3/1/2013      EUR      35.30
VONTOBEL FIN PRO         10.100    3/8/2013      EUR      74.60
VONTOBEL FIN PRO          5.650   3/22/2013      EUR      68.18
VONTOBEL FIN PRO          7.500   3/22/2013      EUR      73.88
VONTOBEL FIN PRO          8.550   3/22/2013      EUR      61.34
VONTOBEL FIN PRO          8.850   3/22/2013      EUR      73.64
VONTOBEL FIN PRO          9.200   3/22/2013      EUR      65.12
VONTOBEL FIN PRO          9.950   3/22/2013      EUR      70.06
VONTOBEL FIN PRO         10.150   3/22/2013      EUR      59.84
VONTOBEL FIN PRO         18.050  12/31/2012      EUR      64.74
VONTOBEL FIN PRO         17.650  12/31/2012      EUR      73.18
VONTOBEL FIN PRO         10.300   3/22/2013      EUR      70.72
VONTOBEL FIN PRO         10.350   3/22/2013      EUR      73.54
VONTOBEL FIN PRO         10.750   3/22/2013      EUR      46.30
WGZ BANK                  8.000  12/28/2012      EUR      59.08
WGZ BANK                  8.000  12/21/2012      EUR      66.08
WGZ BANK                  5.000  12/28/2012      EUR      73.18
WGZ BANK                  6.000  12/28/2012      EUR      67.75
WGZ BANK                  7.000  12/28/2012      EUR      63.10
WGZ BANK                  6.000  12/21/2012      EUR      74.00
WGZ BANK                  7.000  12/21/2012      EUR      68.47

GUERNSEY
--------
BCV GUERNSEY              8.020    3/1/2013      EUR      56.54
BKB FINANCE              10.950   5/10/2013      CHF      62.57
BKB FINANCE              10.150   9/11/2013      CHF      73.89
BKB FINANCE              13.200   1/31/2013      CHF      50.08
BKB FINANCE               9.450    7/3/2013      CHF      68.52
BKB FINANCE              11.500   3/20/2013      CHF      59.30
BKB FINANCE               8.350   1/14/2013      CHF      54.15
EFG INTL FIN GUR         14.500  11/13/2012      EUR      73.04
EFG INTL FIN GUR         17.000  11/13/2012      EUR      64.12
EFG INTL FIN GUR         12.830  11/19/2012      CHF      70.07
EFG INTL FIN GUR          8.000  11/20/2012      CHF      62.03
EFG INTL FIN GUR          8.300  11/20/2012      CHF      64.99
EFG INTL FIN GUR         11.500  11/20/2012      EUR      55.05
EFG INTL FIN GUR         14.800  11/20/2012      EUR      65.84
EFG INTL FIN GUR          9.250  11/27/2012      CHF      68.70
EFG INTL FIN GUR         11.250  11/27/2012      CHF      64.89
EFG INTL FIN GUR         14.500  11/27/2012      CHF      31.64
EFG INTL FIN GUR         16.000  11/27/2012      EUR      59.21
EFG INTL FIN GUR          9.750   12/3/2012      CHF      72.96
EFG INTL FIN GUR         13.750   12/6/2012      CHF      35.12
EFG INTL FIN GUR          8.500  12/14/2012      CHF      58.17
EFG INTL FIN GUR         14.250  12/14/2012      EUR      66.29
EFG INTL FIN GUR         17.500  12/14/2012      EUR      62.97
EFG INTL FIN GUR          9.300  12/21/2012      CHF      64.50
EFG INTL FIN GUR         10.900  12/21/2012      CHF      64.73
EFG INTL FIN GUR         12.600  12/21/2012      CHF      64.81
EFG INTL FIN GUR          8.830  12/28/2012      USD      57.56
EFG INTL FIN GUR         10.000    1/9/2013      EUR      52.73
EFG INTL FIN GUR          9.000   1/15/2013      CHF      27.36
EFG INTL FIN GUR         10.250   1/15/2013      CHF      23.41
EFG INTL FIN GUR         11.250   1/15/2013      GBP      73.41
EFG INTL FIN GUR         12.500   1/15/2013      CHF      28.91
EFG INTL FIN GUR         13.000   1/15/2013      CHF      74.41
EFG INTL FIN GUR         16.500   1/18/2013      CHF      50.63
EFG INTL FIN GUR          5.800   1/23/2013      CHF      69.35
EFG INTL FIN GUR         19.050   2/20/2013      USD      74.67
EFG INTL FIN GUR         15.000    3/1/2013      CHF      71.34
EFG INTL FIN GUR         10.000    3/6/2013      USD      71.83
EFG INTL FIN GUR         12.250  12/27/2012      GBP      67.82
EFG INTL FIN GUR          8.000    4/2/2013      CHF      63.34
EFG INTL FIN GUR         16.000    4/4/2013      CHF      23.40
EFG INTL FIN GUR          7.530   4/16/2013      EUR      49.58
EFG INTL FIN GUR          7.000   4/19/2013      EUR      55.27
EFG INTL FIN GUR         12.000   4/26/2013      CHF      66.95
EFG INTL FIN GUR          9.500   4/30/2013      EUR      28.64
EFG INTL FIN GUR         14.200    6/7/2013      EUR      71.88
EFG INTL FIN GUR          6.500   8/27/2013      CHF      51.39
EFG INTL FIN GUR          8.400   9/30/2013      CHF      63.25
EFG INTL FIN GUR         19.000   10/3/2013      GBP      74.39
EFG INTL FIN GUR          8.160   4/25/2014      EUR      71.56
EFG INTL FIN GUR          5.850  10/14/2014      CHF      57.06
EFG INTL FIN GUR          6.000  11/12/2012      CHF      56.98
EFG INTL FIN GUR          6.000  11/12/2012      EUR      57.81
EFG INTL FIN GUR         10.500  11/13/2012      CHF      65.60
EFG INTL FIN GUR         10.500  11/13/2012      CHF      65.60
EFG INTL FIN GUR         12.750  11/13/2012      CHF      22.70
EFG INTL FIN GUR         12.750  11/13/2012      CHF      71.49
EFG INTL FIN GUR         13.000  11/13/2012      CHF      22.91
EFG INTL FIN GUR         13.000  11/13/2012      CHF      74.82
EFG INTL FIN GUR         14.000  11/13/2012      USD      23.41
EFG INTL FIN GUR         10.750   3/19/2013      USD      71.27
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         12.670  12/28/2012      CHF      70.24
ZURCHER KANT FIN         11.500   1/24/2013      CHF      59.11
ZURCHER KANT FIN         17.000   2/22/2013      EUR      59.39
ZURCHER KANT FIN         10.128    3/7/2013      CHF      64.97
ZURCHER KANT FIN         13.575   4/10/2013      CHF      74.72
ZURCHER KANT FIN          7.340   4/16/2013      CHF      70.68
ZURCHER KANT FIN         12.500    7/5/2013      CHF      70.56
ZURCHER KANT FIN         10.200   8/23/2013      CHF      67.39
ZURCHER KANT FIN          9.000   9/11/2013      CHF      69.23

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

LUXEMBOURG
----------
ARCELORMITTAL             7.250    4/1/2014      EUR      21.66

NETHERLANDS
-----------
BLT FINANCE BV           12.000   2/10/2015      USD      24.88
EM.TV FINANCE BV          5.250    5/8/2013      EUR       5.89
KPNQWEST NV              10.000   3/15/2012      EUR       0.13
LEHMAN BROS TSY           7.500   9/13/2009      CHF      22.63
LEHMAN BROS TSY           6.600   2/22/2012      EUR      22.63
LEHMAN BROS TSY           7.000   2/15/2012      EUR      22.63
LEHMAN BROS TSY           6.000   2/14/2012      EUR      22.63
LEHMAN BROS TSY           2.500  12/15/2011      GBP      22.63
LEHMAN BROS TSY          12.000    7/4/2011      EUR      22.63
LEHMAN BROS TSY          11.000    7/4/2011      CHF      22.63
LEHMAN BROS TSY          11.000    7/4/2011      USD      22.63
LEHMAN BROS TSY           4.000    1/4/2011      USD      22.63
LEHMAN BROS TSY           8.000  12/31/2010      USD      22.63
LEHMAN BROS TSY           9.300  12/21/2010      EUR      22.63
LEHMAN BROS TSY           9.300  12/21/2010      EUR      22.63
LEHMAN BROS TSY          14.900  11/16/2010      EUR      22.63
LEHMAN BROS TSY           4.000  10/12/2010      USD      22.63
LEHMAN BROS TSY          10.500    8/9/2010      EUR      22.63
LEHMAN BROS TSY           6.000   7/28/2010      EUR      22.63
LEHMAN BROS TSY           6.000   7/28/2010      EUR      22.63
LEHMAN BROS TSY           4.000   5/30/2010      USD      22.63
LEHMAN BROS TSY          11.750    3/1/2010      EUR      22.63
LEHMAN BROS TSY           7.000   2/15/2010      CHF      22.63
LEHMAN BROS TSY           1.750    2/7/2010      EUR      22.63
LEHMAN BROS TSY           8.800  12/27/2009      EUR      22.63
LEHMAN BROS TSY          16.800   8/21/2009      USD      22.63
LEHMAN BROS TSY           8.000    8/3/2009      USD      22.63
LEHMAN BROS TSY           4.500    8/2/2009      USD      22.63
LEHMAN BROS TSY           8.500    7/6/2009      CHF      22.63
LEHMAN BROS TSY          11.000   6/29/2009      EUR      22.63
LEHMAN BROS TSY          10.000   6/17/2009      USD      22.63
LEHMAN BROS TSY           5.750   6/15/2009      CHF      22.63
LEHMAN BROS TSY           5.500   6/15/2009      CHF      22.63
LEHMAN BROS TSY           9.000   6/13/2009      USD      22.63
LEHMAN BROS TSY          15.000    6/4/2009      CHF      22.63
LEHMAN BROS TSY          17.000    6/2/2009      USD      22.63
LEHMAN BROS TSY          13.500    6/2/2009      USD      22.63
LEHMAN BROS TSY          10.000   5/22/2009      USD      22.63
LEHMAN BROS TSY           8.000   5/22/2009      USD      22.63
LEHMAN BROS TSY           8.000   5/22/2009      USD      22.63
LEHMAN BROS TSY          16.200   5/14/2009      USD      22.63
LEHMAN BROS TSY           4.000   4/24/2009      USD      22.63
LEHMAN BROS TSY           3.850   4/24/2009      USD      22.63
LEHMAN BROS TSY           7.000   4/14/2009      EUR      22.63
LEHMAN BROS TSY           9.000   3/17/2009      GBP      22.63
LEHMAN BROS TSY          13.000   2/16/2009      CHF      22.63
LEHMAN BROS TSY          11.000   2/16/2009      CHF      22.63
LEHMAN BROS TSY          10.000   2/16/2009      CHF      22.63
LEHMAN BROS TSY           0.500   2/16/2009      EUR      22.63
LEHMAN BROS TSY           7.750   1/30/2009      EUR      22.63
LEHMAN BROS TSY          13.432    1/8/2009      ILS      22.63
LEHMAN BROS TSY          16.000  12/26/2008      USD      22.63
LEHMAN BROS TSY           7.000  11/28/2008      CHF      22.63
LEHMAN BROS TSY          10.442  11/22/2008      CHF      22.63
LEHMAN BROS TSY          14.100  11/12/2008      USD      22.63
LEHMAN BROS TSY          16.000   11/9/2008      USD      22.63
LEHMAN BROS TSY          13.150  10/30/2008      USD      22.63
LEHMAN BROS TSY          16.000  10/28/2008      USD      22.63
LEHMAN BROS TSY           7.500  10/24/2008      USD      22.63
LEHMAN BROS TSY           6.000  10/24/2008      EUR      22.63
LEHMAN BROS TSY           5.000  10/24/2008      CHF      22.63
LEHMAN BROS TSY           8.000  10/23/2008      USD      22.63
LEHMAN BROS TSY          10.000  10/22/2008      USD      22.63
LEHMAN BROS TSY          16.000   10/8/2008      CHF      22.63
LEHMAN BROS TSY           7.250   10/6/2008      EUR      22.63
LEHMAN BROS TSY          18.250   10/2/2008      USD      22.63
LEHMAN BROS TSY           7.375   9/20/2008      EUR      22.63
LEHMAN BROS TSY          23.300   9/16/2008      USD      22.63
LEHMAN BROS TSY          14.900   9/15/2008      EUR      22.63
LEHMAN BROS TSY           3.000   9/12/2036      JPY       5.50
LEHMAN BROS TSY           6.000  10/30/2012      USD       5.50
LEHMAN BROS TSY           2.500   8/23/2012      GBP      22.63
LEHMAN BROS TSY          13.000   7/25/2012      EUR      22.63
Q-CELLS INTERNAT          1.375   4/30/2012      EUR      26.88
Q-CELLS INTERNAT          5.750   5/26/2014      EUR      26.88
RENEWABLE CORP            6.500    6/4/2014      EUR      61.31
SACYR VALLEHERM           6.500    5/1/2016      EUR      51.72

SWEDEN
------
Rorvik Timber             6.000   6/30/2016      SEK      66.00

SWITZERLAND
-----------
BANK JULIUS BAER          8.700    8/5/2013      CHF      60.55
BANK JULIUS BAER         15.000   5/31/2013      USD      69.05
BANK JULIUS BAER         13.000   5/31/2013      USD      70.65
BANK JULIUS BAER         12.000    4/9/2013      CHF      56.05
BANK JULIUS BAER         10.750   3/13/2013      EUR      66.60
BANK JULIUS BAER         17.300    2/1/2013      EUR      54.65
BANK JULIUS BAER          9.700  12/20/2012      CHF      75.00
BANK JULIUS BAER         11.500   2/20/2013      CHF      47.15
BANK JULIUS BAER         12.200   12/5/2012      EUR      54.40
CLARIDEN LEU NAS          0.000   6/10/2014      CHF      62.19
CLARIDEN LEU NAS          0.000   6/10/2014      CHF      62.13
CLARIDEN LEU NAS          0.000   5/26/2014      CHF      65.30
CLARIDEN LEU NAS          0.000   5/13/2014      CHF      63.03
CLARIDEN LEU NAS          0.000   2/24/2014      CHF      55.39
CLARIDEN LEU NAS          0.000   2/11/2014      CHF      54.50
CLARIDEN LEU NAS         18.400  12/20/2013      EUR      74.64
CLARIDEN LEU NAS          0.000  11/26/2013      CHF      64.17
CLARIDEN LEU NAS          4.500   8/13/2014      CHF      48.74
CLARIDEN LEU NAS         16.500   9/23/2013      USD      57.03
CLARIDEN LEU NAS          0.000   9/23/2013      CHF      50.04
CLARIDEN LEU NAS          3.250   9/16/2013      CHF      49.05
CLARIDEN LEU NAS          7.500  11/13/2012      CHF      58.71
CLARIDEN LEU NAS          7.250  11/13/2012      CHF      74.60
CLARIDEN LEU NAS         10.250  11/12/2012      CHF      73.60
CLARIDEN LEU NAS          0.000   8/27/2014      CHF      55.45
CLARIDEN LEU NAS          0.000   9/10/2014      CHF      51.16
CLARIDEN LEU NAS          0.000  10/15/2014      CHF      57.48
CLARIDEN LEU NAS          5.250    8/6/2014      CHF      51.70
CLARIDEN LEU NAS          7.000   7/22/2013      CHF      72.18
CLARIDEN LEU NAS         10.000   6/10/2013      CHF      70.08
CLARIDEN LEU NAS          0.000   5/31/2013      CHF      55.87
CLARIDEN LEU NAS          6.500   4/26/2013      CHF      58.21
CLARIDEN LEU NAS          0.000   3/25/2013      CHF      59.57
CLARIDEN LEU NAS          0.000   3/18/2013      CHF      74.71
CLARIDEN LEU NAS         12.500    3/1/2013      USD      74.21
CLARIDEN LEU NAS          9.000   2/14/2013      CHF      66.37
CLARIDEN LEU NAS         11.500   2/13/2013      EUR      57.40
CLARIDEN LEU NAS          0.000   1/24/2013      CHF      66.96
CLARIDEN LEU NAS          8.750   1/15/2013      CHF      68.73
CLARIDEN LEU NAS          8.250  12/17/2012      CHF      61.30
CLARIDEN LEU NAS          0.000  12/17/2012      EUR      67.37
CLARIDEN LEU NAS         12.500  12/14/2012      EUR      72.83
CLARIDEN LEU NAS          0.000  12/14/2012      CHF      36.53
CLARIDEN LEU NAS         12.000  11/23/2012      CHF      47.83
CLARIDEN LEU NAS          8.000  11/20/2012      CHF      74.87
CLARIDEN LEU NAS          7.125  11/19/2012      CHF      58.17
CLARIDEN LEU NAS          7.250  11/16/2012      CHF      58.79
CREDIT SUISSE LD          8.900   3/25/2013      EUR      57.79
CREDIT SUISSE LD         10.500    9/9/2013      CHF      66.05
S-AIR GROUP               0.125    7/7/2005      CHF      10.63
SARASIN CI LTD            8.000   4/27/2015      CHF      68.67
SARASIN/GUERNSEY         13.600   2/17/2014      CHF      71.51
SARASIN/GUERNSEY         13.200   1/23/2013      EUR      72.52
SARASIN/GUERNSEY         15.200  12/12/2012      EUR      73.12
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      61.15
UBS AG                   12.900   9/20/2013      EUR      57.98
UBS AG                   15.900   9/20/2013      EUR      55.99
UBS AG                   17.000   9/27/2013      EUR      73.19
UBS AG                   17.750   9/27/2013      EUR      73.50
UBS AG                   18.500   9/27/2013      EUR      71.56
UBS AG                   19.750   9/27/2013      EUR      74.84
UBS AG                   20.000   9/27/2013      EUR      70.19
UBS AG                   20.500   9/27/2013      EUR      74.87
UBS AG                   20.500   9/27/2013      EUR      71.43
UBS AG                   21.750   9/27/2013      EUR      72.53
UBS AG                   22.000   9/27/2013      EUR      71.57
UBS AG                   22.500   9/27/2013      EUR      70.55
UBS AG                   22.750   9/27/2013      EUR      67.91
UBS AG                   23.000   9/27/2013      EUR      72.72
UBS AG                   23.250   9/27/2013      EUR      68.81
UBS AG                   23.250   9/27/2013      EUR      68.35
UBS AG                   24.000   9/27/2013      EUR      69.47
UBS AG                   24.750   9/27/2013      EUR      65.71
UBS AG                    8.060   10/3/2013      USD      19.75
UBS AG                   13.570  11/21/2013      USD      16.25
UBS AG                    6.980  11/27/2013      USD      34.85
UBS AG                   17.000    1/3/2014      EUR      74.48
UBS AG                   17.500    1/3/2014      EUR      73.41
UBS AG                   18.250    1/3/2014      EUR      73.31
UBS AG                   18.250    1/3/2014      EUR      74.28
UBS AG                   19.500    1/3/2014      EUR      73.10
UBS AG                   20.000    1/3/2014      EUR      74.53
UBS AG                   20.500    1/3/2014      EUR      71.30
UBS AG                   20.750    1/3/2014      EUR      71.59
UBS AG                   21.000    1/3/2014      EUR      72.44
UBS AG                   22.250    1/3/2014      EUR      74.19
UBS AG                   23.000    1/3/2014      EUR      71.55
UBS AG                   23.250    1/3/2014      EUR      70.29
UBS AG                   23.250    1/3/2014      EUR      70.57
UBS AG                   24.000    1/3/2014      EUR      72.95
UBS AG                   24.250    1/3/2014      EUR      68.40
UBS AG                   24.250    1/3/2014      EUR      70.18
UBS AG                    6.440   5/28/2014      USD      51.67
UBS AG                    3.870   6/17/2014      USD      38.08
UBS AG                    6.040   8/29/2014      USD      35.22
UBS AG                    7.780   8/29/2014      USD      20.85
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      62.55
UBS AG                    8.150  12/21/2012      EUR      72.14
UBS AG                    8.250  12/21/2012      EUR      74.88
UBS AG                    8.270  12/21/2012      EUR      74.19
UBS AG                    8.990  12/21/2012      EUR      72.49
UBS AG                    9.000  12/21/2012      EUR      69.13
UBS AG                    9.150  12/21/2012      EUR      71.84
UBS AG                    9.450  12/21/2012      EUR      74.42
UBS AG                    9.730  12/21/2012      EUR      70.24
UBS AG                    9.890  12/21/2012      EUR      66.37
UBS AG                   10.060  12/21/2012      EUR      72.98
UBS AG                   10.060  12/21/2012      EUR      69.64
UBS AG                   10.160  12/21/2012      EUR      73.41
UBS AG                   10.490  12/21/2012      EUR      68.12
UBS AG                   10.690  12/21/2012      EUR      71.60
UBS AG                   10.810  12/21/2012      EUR      63.85
UBS AG                   11.000  12/21/2012      EUR      67.59
UBS AG                   11.260  12/21/2012      EUR      66.14
UBS AG                   11.270  12/21/2012      EUR      70.63
UBS AG                   11.330  12/21/2012      EUR      70.28
UBS AG                   11.770  12/21/2012      EUR      61.53
UBS AG                   11.970  12/21/2012      EUR      65.67
UBS AG                   11.980  12/21/2012      EUR      69.02
UBS AG                   12.020  12/21/2012      EUR      64.27
UBS AG                   12.200  12/21/2012      EUR      56.09
UBS AG                   12.400  12/21/2012      EUR      68.07
UBS AG                   12.760  12/21/2012      EUR      59.39
UBS AG                   12.800  12/21/2012      EUR      62.51
UBS AG                   12.970  12/21/2012      EUR      63.87
UBS AG                   13.320  12/21/2012      EUR      66.64
UBS AG                   13.560  12/21/2012      EUR      65.71
UBS AG                   13.570  12/21/2012      EUR      60.85
UBS AG                   13.770  12/21/2012      EUR      57.41
UBS AG                   13.980  12/21/2012      EUR      62.18
UBS AG                   14.350  12/21/2012      EUR      59.29
UBS AG                   14.690  12/21/2012      EUR      64.44
UBS AG                   14.740  12/21/2012      EUR      63.53
UBS AG                   14.810  12/21/2012      EUR      55.58
UBS AG                   15.000  12/21/2012      EUR      60.59
UBS AG                   15.130  12/21/2012      EUR      57.81
UBS AG                   15.860  12/21/2012      EUR      53.88
UBS AG                   15.920  12/21/2012      EUR      56.41
UBS AG                   15.930  12/21/2012      EUR      61.51
UBS AG                   16.030  12/21/2012      EUR      59.10
UBS AG                   16.600  12/21/2012      EUR      50.18
UBS AG                   16.710  12/21/2012      EUR      55.09
UBS AG                   16.930  12/21/2012      EUR      52.30
UBS AG                   17.070  12/21/2012      EUR      57.69
UBS AG                   17.500  12/21/2012      EUR      53.84
UBS AG                   18.000  12/21/2012      EUR      50.83
UBS AG                   19.090  12/21/2012      EUR      51.52
UBS AG                   10.770    1/2/2013      USD      38.33
UBS AG                   13.030    1/4/2013      EUR      73.40
UBS AG                   13.630    1/4/2013      EUR      71.63
UBS AG                   14.230    1/4/2013      EUR      69.95
UBS AG                   14.820    1/4/2013      EUR      68.36
UBS AG                   15.460    1/4/2013      EUR      74.82
UBS AG                   15.990    1/4/2013      EUR      65.39
UBS AG                   16.500    1/4/2013      EUR      73.32
UBS AG                   17.000    1/4/2013      EUR      73.98
UBS AG                   17.150    1/4/2013      EUR      62.69
UBS AG                   17.180    1/4/2013      EUR      74.58
UBS AG                   18.000    1/4/2013      EUR      73.54
UBS AG                   18.300    1/4/2013      EUR      60.23
UBS AG                   19.440    1/4/2013      EUR      57.99
UBS AG                   19.750    1/4/2013      EUR      69.92
UBS AG                   20.500    1/4/2013      EUR      70.21
UBS AG                   20.570    1/4/2013      EUR      55.94
UBS AG                   21.700    1/4/2013      EUR      54.05
UBS AG                   21.750    1/4/2013      EUR      69.65
UBS AG                   23.750    1/4/2013      EUR      66.55
UBS AG                   11.020   1/25/2013      EUR      67.05
UBS AG                   12.010   1/25/2013      EUR      65.34
UBS AG                   14.070   1/25/2013      EUR      62.22
UBS AG                   16.200   1/25/2013      EUR      74.54
UBS AG                    8.620    2/1/2013      USD      14.04
UBS AG                    8.980   2/22/2013      EUR      72.86
UBS AG                   10.590   2/22/2013      EUR      69.90
UBS AG                   10.960   2/22/2013      EUR      67.35
UBS AG                   13.070   2/22/2013      EUR      63.96
UBS AG                   13.660   2/22/2013      EUR      61.23
UBS AG                   13.940   2/22/2013      EUR      73.02
UBS AG                   15.800   2/22/2013      EUR      67.24
UBS AG                    8.480    3/7/2013      CHF      58.00
UBS AG                   10.000    3/7/2013      USD      72.30
UBS AG                   12.250    3/7/2013      CHF      59.20
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      72.16
UBS AG                   17.250    4/2/2013      EUR      72.45
UBS AG                   18.000    4/2/2013      EUR      73.44
UBS AG                   19.750    4/2/2013      EUR      69.63
UBS AG                   21.250    4/2/2013      EUR      69.05
UBS AG                   21.500    4/2/2013      EUR      73.98
UBS AG                   21.500    4/2/2013      EUR      73.88
UBS AG                   22.250    4/2/2013      EUR      67.19
UBS AG                   22.250    4/2/2013      EUR      69.43
UBS AG                   24.250    4/2/2013      EUR      65.24
UBS AG                   24.750    4/2/2013      EUR      68.24
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      67.84
UBS AG                   10.970   4/26/2013      EUR      66.50
UBS AG                   12.610   4/26/2013      EUR      64.06
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      63.90
UBS AG                   11.670   5/31/2013      USD      35.12
UBS AG                   12.780    6/7/2013      CHF      62.60
UBS AG                   16.410    6/7/2013      CHF      64.70
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                   15.250   6/28/2013      EUR      74.98
UBS AG                   17.000   6/28/2013      EUR      74.05
UBS AG                   17.250   6/28/2013      EUR      72.59
UBS AG                   19.250   6/28/2013      EUR      70.54
UBS AG                   19.500   6/28/2013      EUR      70.28
UBS AG                   20.250   6/28/2013      EUR      74.82
UBS AG                   20.500   6/28/2013      EUR      70.91
UBS AG                   21.000   6/28/2013      EUR      68.62
UBS AG                   22.000   6/28/2013      EUR      71.86
UBS AG                   22.500   6/28/2013      EUR      66.83
UBS AG                   23.000   6/28/2013      EUR      67.15
UBS AG                   23.500   6/28/2013      EUR      71.72
UBS AG                   24.000   6/28/2013      EUR      68.94
UBS AG                   24.500   6/28/2013      EUR      67.97
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                    0.500   4/27/2015      CHF      52.50
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
BARCLAYS BK PLC          11.000   6/28/2013      EUR      43.13
BARCLAYS BK PLC          11.000   6/28/2013      EUR      74.83
BARCLAYS BK PLC          10.750   3/22/2013      EUR      41.06
BARCLAYS BK PLC          10.000   3/22/2013      EUR      42.44
BARCLAYS BK PLC           6.000    1/2/2013      EUR      50.37
BARCLAYS BK PLC           8.000   6/28/2013      EUR      47.66
ESSAR ENERGY              4.250    2/1/2016      USD      72.62
MAX PETROLEUM             6.750    9/8/2013      USD      40.36


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *