TCREUR_Public/130121.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, January 21, 2013, Vol. 14, No. 14

                            Headlines



G E R M A N Y

KFW IPEX: Moody's Cuts Bank Financial Strength Rating to 'D+
UNITYMEDIA HESSEN: Moody's Rates EUR500MM Sr. Sec. Notes '(P)Ba3'


I R E L A N D

ANGLO IRISH: High Court Extends Probe Into 2008 Collapse
BRIAN MCCARTHY: Ceases Trading; Faces Receivership


G R E E C E

FREESEAS INC: New York Court OKs Settlement with Hanover
FREESEAS INC: Hanover Holdings Discloses 8.4% Equity Stake


L U X E M B O U R G

MINERVA LUXEMBOURG: Increases Notes Maximum Tender Amount
SIFCO CAPITAL: Fitch Withdraws 'B-' Rating on Sr. Secured Notes
TRINSEO MATERIALS: Moody's Affirms 'B1' CFR; Rates New Notes 'B1'


N E T H E R L A N D S

E-MAC NL 2004-II: Fitch Confirms 'B' Rating on Class E Notes
KONINKLIJKE AHOLD: S&P Affirms 'BB' Rating on Preferred Shares


R U S S I A

SIBUR HOLDING: Moody's Assigns '(P)Ba1' Rating to US$1-Bil. Notes
SIBUR HOLDING: Fitch Affirms 'BB+/B' LT Issuer Default Ratings


S L O V E N I A

NOVA KREDITNA: Fitch Affirms Hybrid Capital Instrument at 'CC'


S P A I N

* SPAIN: Fitch Cuts Rating on 26 Tranches of SF Transactions


T U R K E Y

YUKSEL INSAAT: Moody's Cuts CFR to 'Caa1' on Liquidity Problems


U K R A I N E

AEROSVIT: Economic Court of Ukraine Imposes Fine of US$5.25 Mil.


U N I T E D   K I N G D O M

ANTIC: Goes Into Administration
BLOCKBUSTER UK: To Shut 129 Stores; 760 Jobs Affected
HMV GROUP: Attracts 50 Potential Buyers; Game Eyes 45 Stores
LOMOND HOMES: In Administration; Owes More Than GBP25 Million


X X X X X X X X

* Moody's Says Technical Factors Drive EU Corp. High-Yield Market
* BOND PRICING: For the Week January 14 to January 18, 2013


                            *********


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G E R M A N Y
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KFW IPEX: Moody's Cuts Bank Financial Strength Rating to 'D+
------------------------------------------------------------
Moody's Investors Service has affirmed KfW IPEX Bank GmbH's Aa3
long-term deposit ratings and at the same time, downgraded the
bank's standalone bank financial strength rating (BFSR) to D+,
equivalent to a standalone credit assessment of baa3, from C-
/baa1. The outlook on the standalone BFSR is stable, and the
outlook on the deposit ratings remains negative. Additionally,
Moody's affirmed KfW IPEX's Prime-1 short-term ratings.

The downgrade of the standalone BFSR follows Moody's assessment
that KfW IPEX's resilience to the challenging conditions in the
shipping sector may weaken as the tough trading conditions for
ocean carriers and other maritime segments exert growing pressure
on the bank's asset quality. Moody's assessment is based on its
stress tests of the bank's earnings, assets and capital, which
take account of the risks posed in adverse scenarios in the
context of the bank's sector concentration to ship finance.

The affirmation of KfW IPEX's Aa3/Prime-1 short and long-term
deposit ratings reflects Moody's view that Kreditanstalt fuer
Wiederaufbau (KfW, rated Aaa negative) will continue to provide
support to the bank -- as its 100% shareholder -- in particular
through the existing funding arrangement that allows KfW IPEX to
fully fund its business intra-group.

RATINGS RATIONALE

--- STANDALONE CREDIT ASSESSMENT

The lowering of KfW IPEX's standalone financial strength rating
to D+/baa3 reflects a combination of external and bank-specific
factors, including (1) highly challenging market conditions and
rising bankruptcies in the shipping sector, implying prospects of
rising risk charges on the bank's EUR6 billion exposure to the
maritime industry; (2) earnings pressure in the context of low
growth and strong competition in several of KfW IPEX's key areas
of operation; and (3) the bank's susceptibility to market shocks
or macroeconomic stress, as its sound capitalization only partly
mitigates the risk to capital in Moody's adverse scenario.

The bank's current capitalization, based on its Tier 1 ratio of
13.9% as per unaudited September 2012 financials and available
reserves is satisfactory albeit of low quality, given its roughly
30% hybrid content. Although Moody's fully recognizes hybrid
capital in its scenario analysis, it considers that KfW IPEX's
current capital levels provide only a modest buffer to absorb
potential losses under Moody's adverse scenario. This is partly
due to KfW IPEX having more sizeable higher-risk exposures --
compared with those of its major peers -- to leveraged funds that
finance ships but do not allow for recourse to shipping
companies. As such, because financing structures rely on existing
capital from (mostly retail) investors with no strategic interest
and limited additional risk appetite, ship financiers lending to
such funds are experiencing above-average asset-quality
deterioration. In addition, KfW IPEX's dependence on market
funds, albeit securely provided through KfW at market rates, and
its modest risk-adjusted earnings power are more in line with the
D+ BFSR category.

--- DEPOSIT RATINGS

The affirmation of KfW IPEX's Aa3 deposit ratings reflects the
offsetting effect of Moody's very high assumptions of parental
support from KfW, resulting in six notches of rating uplift from
the baa3 standalone credit assessment (instead of four notches
previously).

This captures Moody's view that (1) KfW will continue to meet all
funding requirements of its subsidiary under the existing
service-level agreement; (2) KfW will support KfW IPEX with
capital, as and when required; (3) the subsidiary's commercial
lending business will remain important for the group (KfW
generates considerable additional earnings on its respective
intra-group lending activities); and (4) there is a high
likelihood that KfW IPEX will remain a member of the KfW group,
in the longer term. The latter reflects Moody's view that the KfW
group would find it difficult to divest KfW IPEX's franchise in
the persistently adverse conditions for bank asset sales, in the
unlikely event that political pressure should arise to divest of
the subsidiary.

Moody's support assessment reflects KfW IPEX's 100% ownership by
KfW, its name identity with the parent as well as the ample
financial resources of KfW group.

RATIONALE FOR (MULTIPLE) OUTLOOKS

The stable outlook on the D+/baa3 standalone credit assessment
reflects Moody's assessment that KfW IPEX's loss-absorption
capacity includes a buffer -- as represented by its recurring
earnings power and capital -- large enough to warrant an
investment-grade standalone rating level at this point in the
cycle. This buffer allows KfW IPEX to occasionally absorb
elevated losses that may well exceed the loss-absorption power of
its income statement, without unduly compromising its stability.

The negative outlook on the Aa3 deposit rating reflects the
negative outlook on the Aaa long-term debt rating of KfW which in
turn reflects the negative outlook on Germany (Aaa, negative).
KfW's ratings are based on an unconditional, irrevocable
guarantee by the German government.

WHAT COULD MOVE THE RATINGS UP/DOWN

An upgrade of the BFSR would be subject to (1) KfW IPEX de-
risking its balance sheet and reducing its concentration on ship
finance; and (2) a sustainable recovery of the shipping sector.

An upgrade of the Aa3 long-term ratings would be subject to
Moody's raising the standalone credit assessment by several
notches at unchanged assumptions for support, which is not
expected in the foreseeable future.

A downgrade of the BFSR, albeit unlikely, could be triggered by
(1) a materially weakening operating environment and an erosion
of KfW IPEX's revenues and earnings; combined with (2) credit
losses materially above current expectations and a resulting
weakening of its capital levels.

A downgrade of the Aa3 long-term deposit ratings could be
triggered by (1) a downgrade of the D+ BFSR, (2) weakening
prospects of future support; or (3) a downgrade of KfW's Aaa debt
ratings.

Principal Methodology

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


UNITYMEDIA HESSEN: Moody's Rates EUR500MM Sr. Sec. Notes '(P)Ba3'
-----------------------------------------------------------------
Moody's Investors Service assigned a (P)Ba3 rating to the EUR500
million senior secured notes due 2023 being issued by Unitymedia
Hessen GmbH & Co. KG and Unitymedia NRW GmbH, subsidiaries of
Unitymedia KabelBW GmbH ('UM-KBW').

Proceeds of the issuance will be used to redeem a portion of the
principal amount of the outstanding under the 2017 senior secured
notes at Unitymedia Hessen and Unitymedia NRW (EUR 906 million as
of September 30, 2012 pro forma for the November 2012
refinancing), including any related redemption premium.

This transaction leads to a marginal increase in UM KBW's gross
reported debt, but also extends the average life of the debt. The
(P)Ba3 rating on the proposed notes reflects the fact that they
will be effectively pari-passu with the existing senior secured
notes (rated Ba3) at Unitymedia Hessen and Unitymedia NRW. The
rating for the senior secured notes is one notch higher than the
group CFR due to the presence of unsecured debt in the capital
structure which is rated at B3.

UM-KBW is an indirect subsidiary of Liberty Global, Inc. ('LGI';
rated Ba3/ Stable).

Ratings Rationale

No later than March 31, 2013, the new Notes will be secured by
the same collateral that secures the UM-KBW's existing senior
secured notes, and with the same ranking. Prior to the collateral
grant date, the Notes will remain unsecured.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final documentation as well as once the final
security is put in place, Moody's will endeavor to assign a
definitive rating to the Senior Secured Notes being issued by UM-
KBW. A definitive rating may differ from a provisional rating.

The EUR906 million senior secured notes (due 2017) are callable
at a redemption price of 108.125%. The net proceeds from the EUR
500 million senior secured notes issuance will be used to
refinance a portion of the notes including the redemption
premium. Pro-forma the transaction, UM-KBW estimates that its
reported total covenant debt to 'adjusted' annualized EBITDA will
be 4.75x.

The B1 CFR for UM-KBW incorporates (i) the scale benefits and the
future growth potential of the combined group; and (ii) Moody's
expectation of moderate cost synergies combined with the
potential negative impact of concessions (leading to increased
competition for delivery of basic cable TV services to multi-
dwelling units) imposed by the Federal Cartel Office at the time
of KBW's acquisition by LGI.

The rating also factors in the (i) still significant Moody's
adjusted leverage of UM-KBW; and (ii) the relatively high capex
requirements (27% of 2011 sales on a combined basis) and interest
costs which significantly limit the company's free cash flow
generation.

UM-KBW's B1 CFR is strongly positioned in the rating category.
The stable outlook is based on Moody's expectation that the solid
operating momentum will be maintained.

What Could Change the Rating - Up

UM-KBW's CFR could come under upward pressure with a visible
improvement in its free cash flow generation with its leverage on
a Gross Debt to EBITDA basis (as adjusted by Moody's) trending
towards 5.0x on a sustained basis.

What Could Change the Rating - Down

Negative pressure is likely in case of an increase in leverage
towards 6.0x Gross Debt to EBITDA (as adjusted by Moody's) and/or
material negative free cash flow on a sustained basis.

The principal methodology used in this rating was the Global
Cable Television Industry published in July 2009. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

UM KBW is the second largest cable operator in Germany by
subscribers. The company generated revenues and 'adjusted'
reported EBITDA of EUR1.6 billion and EUR964 million respectively
in 2011 on a pro-forma basis.



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ANGLO IRISH: High Court Extends Probe Into 2008 Collapse
--------------------------------------------------------
Mary Carolan at The Irish Times reports that the High Court has
extended for another year the investigation by the Director of
Corporate Enforcement into the 2008 collapse of Anglo Irish Bank.

Criminal trials arising from the inquiry to date also appear
unlikely to open until late this year and may not start until
next year, the Irish Times discloses.

The director had sought a three-year extension of orders allowing
retention of documents seized from the bank for the
investigation, which began four years ago, the Irish Times
recounts.

The extension was sought to complete the probe and facilitate
what the Director of Public Prosecutions anticipates will be
lengthy criminal trials arising from some of the matters being
investigated, the Irish Times notes.

According to the Irish Times, the court also heard the Office of
the Director of Corporate Enforcement (ODCE) believed the
investigations had disclosed matters that would warrant other
decisions by the DPP.

The Irish Times relates that Mr. Justice Peter Kelly on Thursday
said he would extend the orders for one year only to January 17,
2014, as he was anxious to ensure a three-year extension would
not result in any reduction in the "intensity" of the probe.

The judge noted investigations had concluded into two of five
issues being investigated, the Irish Times discloses.  The judge,
as cited by the Irish Times, said that if investigations had
concluded into all five issues and decisions were taken in regard
to all issues whether to prosecute or not, he would have granted
the three-year extension as a lengthy trial process would be
anticipated.

The judge was told the DPP had brought charges against former
Anglo executives in relation to the two issues concerning which
the ODCE investigation has concluded, the Irish Times notes.

Anglo Irish Bank was an Irish bank headquartered in Dublin from
1964 to 2011.  It went into wind-down mode after nationalization
in 2009.  In July 2011, Anglo Irish merged with the Irish
Nationwide Building Society, with the new company being named the
Irish Bank Resolution Corporation.


BRIAN MCCARTHY: Ceases Trading; Faces Receivership
--------------------------------------------------
Gordon Deegan at Irish Examiner reports that Brian McCarthy
Contractors Ltd. on Friday became the latest high-profile victim
of the building crash after confirming that it has ceased
trading.

According to Irish Examiner, during the building boom, the firm
recorded revenues in excess of EUR70 million and completed
substantial projects including the 17-storey Clarion Hotel in
Limerick and the Irish Chamber Orchestra building at the
University of Limerick.

The award-winning firm -- in place for the past 36 years --
employed over 220 during the boom and the decision to cease
trading will result in the loss of the 20 direct jobs that
remained at the firm, Irish Examiner discloses.

Irish Examiner relates that a spokesman for the company on
Thursday confirmed a receiver will be appointed.  Accounts
confirm it continued to record profits throughout the recession,
right up to 2010, with pre-tax profits of EUR130,344 on revenues
of EUR14.6 million, Irish Examiner discloses.  However, losses
were recorded in 2011 and 2012, Irish Examiner states.

The spokesman, as cited by Irish Examiner, said that the company
decided to close "due to the unavailability of profitable work".

"It was not viable to continue and there was insufficient
workload to cover overheads.  It was an extremely difficult
decision to cease trading, but it was also a prudent commercial
decision as it was not feasible to continue," Irish Examiner
quotes the spokesman as saying.

Irish Examiner notes that the spokesman said that the Government
awarding contracts to below-cost tenders for public works "made
it very difficult to continue".

Brian McCarthy Contractors Ltd. is an Ennis-based contractor.



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FREESEAS INC: New York Court OKs Settlement with Hanover
--------------------------------------------------------
The Supreme Court of the State of New York, County of New York,
on Jan. 14, 2013, entered an order approving, among other things,
the fairness of the terms and conditions of an exchange pursuant
to Section 3(a)(10) of the Securities Act of 1933, as amended, in
accordance with a stipulation of settlement between FreeSeas
Inc.,  and Hanover Holdings I, LLC, in the matter entitled
Hanover Holdings I, LLC v. FreeSeas Inc., Case No. 654474/2012.

On Dec. 21, 2012, Hanover commenced the Action against the
Company to recover an aggregate of $305,485 of past-due accounts
payable of the Company, which Hanover had purchased from certain
vendors of the Company pursuant to the terms of separate claim
purchase agreements between Hanover and each of those vendors,
plus fees and costs.  The Assigned Accounts relate to certain
maritime services provided by certain vendors of the Company and
certain investor relations and financial communications services
provided by a vendor of the Company.  The Order provides for the
full and final settlement of the Claim and the Action.  The
Settlement Agreement became effective and binding upon the
Company and Hanover upon execution of the Order by the Court on
Jan. 14, 2013.

Pursuant to the terms of the Settlement Agreement approved by the
Order, the Company issued and delivered to Hanover 1,375,000
shares of the Company's common stock, US$0.001 par value.  Giving
effect to that issuance, the Settlement Shares represent
approximately 8.37% of the total number of shares of Common Stock
presently outstanding.  The Settlement Agreement provides that
the Settlement Shares will be subject to adjustment on the 36th
trading day following the date on which the Settlement Shares
were initially issued to reflect the intention of the parties
that the total number of shares of Common Stock to be issued to
Hanover pursuant to the Settlement Agreement be based upon a
specified discount to the trading volume weighted average price
of the Common Stock for a specified period of time subsequent to
the Court's entry of the Order.

A copy of the Court's Order is available for free at:

                        http://is.gd/9IxO2P

                         About FreeSeas Inc.

Headquartered in Athens, Greece, FreeSeas Inc., formerly known as
Adventure Holdings S.A., was incorporated in the Marshall Islands
on April 23, 2004, for the purpose of being the ultimate holding
company of ship-owning companies.  The management of FreeSeas'
vessels is performed by Free Bulkers S.A., a Marshall Islands
company that is controlled by Ion G. Varouxakis, the Company's
Chairman, President and CEO, and one of the Company's principal
shareholders.

The Company's fleet consists of six Handysize vessels and one
Handymax vessel that carry a variety of drybulk commodities,
including iron ore, grain and coal, which are referred to as
"major bulks," as well as bauxite, phosphate, fertilizers, steel
products, cement, sugar and rice, or "minor bulks."  As of Oct.
12, 2012, the aggregate dwt of the Company's operational fleet is
approximately 197,200 dwt and the average age of its fleet is 15
years.

As reported in the Troubled Company Reporter on July 18, 2012,
Ernst & Young (Hellas) Certified Auditors Accountants S.A., in
Athens, Greece, expressed substantial doubt about FreeSeas'
ability to continue as a going concern, following its audit of
the Company's financial statements for the fiscal year ended
Dec. 31, 2011.  The independent auditors noted that the Company
has incurred recurring operating losses and has a working capital
deficiency.  "In addition, the Company has failed to meet
scheduled payment obligations under its loan facilities and has
not complied with certain covenants included in its loan
agreements with banks."

The Company's balance sheet at June 30, 2012, showed
US$120.8 million in total assets, US$104.1 million in total
current liabilities, and shareholders' equity of US$16.7 million.


FREESEAS INC: Hanover Holdings Discloses 8.4% Equity Stake
----------------------------------------------------------
In a Schedule 13G filing with the U.S. Securities and Exchange
Commission, Hanover Holdings I, LLC, and Joshua Sason disclosed
that, as of Jan. 14, 2013, they beneficially own 1,375,000 shares
of common stock of FreeSeas, Inc., representing 8.37% of the
shares outstanding.

The 1,375,000 shares of common stock owned directly by Hanover
were acquired by Hanover pursuant to an order entered by the
Supreme Court of the State of New York, County of New York,
approving, among other things, the fairness of the terms and
conditions of an exchange pursuant to Section 3(a)(10) of the
Securities Act of 1933, as amended, in accordance with a
stipulation of settlement between the Issuer and Hanover in the
matter entitled Hanover Holdings I, LLC v. FreeSeas Inc., Case
No. 654474/2012.  Hanover commenced the Action against the
Company on Dec. 21, 2012, to recover an aggregate of $305,485 of
past-due accounts payable of the Company, which Hanover had
purchased from certain vendors of the Company pursuant to the
terms of separate claim purchase agreements between Hanover and
each of such vendors, plus fees and costs.

A copy of the regulatory filing is available for free at:

                        http://is.gd/26tWgO

                        About FreeSeas Inc.

Headquartered in Athens, Greece, FreeSeas Inc., formerly known as
Adventure Holdings S.A., was incorporated in the Marshall Islands
on April 23, 2004, for the purpose of being the ultimate holding
company of ship-owning companies.  The management of FreeSeas'
vessels is performed by Free Bulkers S.A., a Marshall Islands
company that is controlled by Ion G. Varouxakis, the Company's
Chairman, President and CEO, and one of the Company's principal
shareholders.

The Company's fleet consists of six Handysize vessels and one
Handymax vessel that carry a variety of drybulk commodities,
including iron ore, grain and coal, which are referred to as
"major bulks," as well as bauxite, phosphate, fertilizers, steel
products, cement, sugar and rice, or "minor bulks."  As of Oct.
12, 2012, the aggregate dwt of the Company's operational fleet is
approximately 197,200 dwt and the average age of its fleet is 15
years.

As reported in the Troubled Company Reporter on July 18, 2012,
Ernst & Young (Hellas) Certified Auditors Accountants S.A., in
Athens, Greece, expressed substantial doubt about FreeSeas'
ability to continue as a going concern, following its audit of
the Company's financial statements for the fiscal year ended Dec.
31, 2011.  The independent auditors noted that the Company has
incurred recurring operating losses and has a working capital
deficiency.  "In addition, the Company has failed to meet
scheduled payment obligations under its loan facilities and has
not complied with certain covenants included in its loan
agreements with banks."

The Company's balance sheet at June 30, 2012, showed
US$120.8 million in total assets, US$104.1 million in total
current liabilities, and shareholders' equity of US$16.7 million.



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L U X E M B O U R G
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MINERVA LUXEMBOURG: Increases Notes Maximum Tender Amount
---------------------------------------------------------
Minerva Luxembourg S.A., a wholly owned subsidiary of Minerva
S.A., previously announced that HSBC Securities (USA) Inc. (the
"Offeror") has commenced (i) an offer to purchase for cash (the
"2017 Notes Tender Offer") any and all of Minerva Luxembourg's
outstanding 9.50% Notes due 2017 (the "2017 Notes"), (ii) an
offer to purchase for cash (the "2019 Notes Tender Offer") any
and all of Minerva Luxembourg's outstanding 10.875% Notes due
2019 (the "2019 Notes") and (iii) an offer to purchase for cash
(the "2022 Notes Tender Offer" and, together with the 2017 Notes
Tender Offer and the 2019 Notes Tender Offer, the "Tender
Offers") Minerva Luxembourg's outstanding 12.250% Notes due 2022
(the "2022 Notes" and, together with the 2017 Notes and the 2019
Notes, the "Notes") in an aggregate principal amount such that
the amount of 2022 Notes Total Consideration and 2022 Notes
Tender Offer Consideration (each as defined in the Offer
Documents (as defined below)) paid by the Offeror does not exceed
(x) U.S.$500.0 million less (y) the aggregate 2017 Notes Total
Consideration and 2019 Notes Total Consideration (each as defined
in the Offer Documents) paid by the Offeror to the holders of
2017 Notes and 2019 Notes, respectively, whose Notes were validly
tendered and accepted for purchase on the applicable early
settlement date pursuant to the 2017 Notes Tender Offer and the
2019 Notes Tender Offer, respectively (the "2022 Notes Maximum
Tender Amount").

Minerva Luxembourg on Jan. 17 announced that the Offeror has
increased the 2022 Notes Maximum Tender Amount.  The Offeror will
now accept for purchase 2022 Notes up to an aggregate principal
amount such that the amount of 2022 Notes Total Consideration and
2022 Notes Tender Offer Consideration paid by the Offeror does
not exceed (x) U.S.$850.0 million less (y) the aggregate 2017
Notes Total Consideration and 2019 Notes Total Consideration paid
by the Offeror to the holders of 2017 Notes and 2019 Notes,
respectively, whose Notes were validly tendered and accepted for
purchase on the applicable early settlement date pursuant to the
2017 Notes Tender Offer and the 2019 Notes Tender Offer,
respectively.

Minerva Luxembourg on Jan. 17 also announced that, in connection
with the 2022 Notes Tender Offer, the Offeror is now soliciting
(the "2022 Notes Consent Solicitation") the consents of the
holders of the 2022 Notes to the adoption of amendments (the
"2022 Notes Proposed Amendments") to certain provisions,
including certain restrictive covenants and events of defaults,
of the indenture governing the 2022 Notes to conform such
provisions to the corresponding provisions negotiated in
connection with Minerva Luxembourg's proposed issuance of new
notes due 2023 (the "New Notes") and set forth in Minerva
Luxembourg's Offering Memorandum, dated January 17, 2013,
relating to the New Notes (the "Offering Memorandum").  The 2022
Notes Proposed Amendments will not modify, among other things,
the redemption provisions or the change of control definition, in
each case, contained in the 2022 Notes Indenture.  The 2022 Notes
Proposed Amendments require the consents (the "2022 Notes
Requisite Consents") of holders of a majority in aggregate
principal amount of the outstanding 2022 Notes (excluding any
2022 Notes held by Minerva Luxembourg or its affiliates).
Holders who tender their 2022 Notes pursuant to the 2022 Notes
Tender Offer will also be providing consents with respect to such
2022 Notes to the 2022 Notes Proposed Amendments; however, no
separate consent fee is being paid to such consenting 2022 Notes
Holders.

The 2022 Notes Consent Solicitation may be terminated if the 2022
Notes Requisite Consents are not obtained, and in such case, the
2022 Notes Proposed Amendments to the indenture governing the
2022 Notes will not become effective; however, the Offeror
reserves the right in its sole discretion to accept and purchase
2022 Notes tendered pursuant to the concurrent 2022 Notes Tender
Offer for an amount in cash equal to the 2022 Notes Total
Consideration or the 2022 Notes Tender Offer Consideration (each
as defined in the Offer Documents), as applicable.

In connection with the 2019 Notes Tender Offer, the Offeror
previously announced that it is also soliciting (the "2019 Notes
Consent Solicitation" and, together with the 2022 Note Consent
Solicitation, the "Consent Solicitations") the consents of the
holders of the 2019 Notes to the adoption of amendments (the
"2019 Notes Proposed Amendments" and, together with the 2022
Notes Proposed Amendments, the "Proposed Amendments") to the
indenture governing the 2019 Notes to eliminate substantially all
of the restrictive covenants, as well as various events of
default and related provisions contained in such indenture.

There are no other changes to the terms of the Tender Offers or
the Consent Solicitations.

The terms and conditions of the Tender Offers and Consent
Solicitations, as well as the Proposed Amendments, are described
in the Offeror's Offer to Purchase and Consent Solicitation
Statement, dated January 11, 2013, and the related Letter of
Transmittal and Consent, as modified by the terms of this press
release and the Supplement to the Offer to Purchase and Consent
Solicitation Statement, dated January 17, 2013 (together, the
"Offer Documents"). Copies of the Offer Documents are available
to holders of Notes from D.F. King & Co., Inc., the information
agent for the Tender Offers and Consent Solicitations (the
"Information Agent").  Requests for copies of the Offer Documents
should be directed to the Information Agent at +1 (800) 488-8035
(toll free), +1 (212) 269-5550 (collect) or Minerva@dfking.com

The Offeror reserves the right, in its sole discretion, not to
accept any tenders of Notes or deliveries of consents for any
reason.  The Offeror is making the Tender Offers and Consent
Solicitations only in those jurisdictions where it is legal to do
so.

Banco BTG Pactual - Cayman Branch ("BTG"), Credit Suisse
Securities (USA) LLC ("Credit Suisse") and HSBC Securities (USA)
Inc. ("HSBC") have been engaged to act as Dealer Managers and
Solicitation Agents in connection with the Tender Offers and
Consent Solicitations.  Questions regarding the Tender Offers and
Consent Solicitations may be directed to BTG, Credit Suisse or
HSBC at their telephone numbers set forth on the back cover of
each of the Offer Documents.


                          *     *     *

As reported by the Troubled Company Reporter-Europe on January
17, 2013, Fitch Ratings assigned an expected rating of 'B+/RR4'
rating to Minerva Luxembourg S.A.'s proposed US$500 million
senior unsecured notes due 2023.  These notes will be
unconditionally guaranteed by Minerva S.A. Proceeds are expected
to be used to refinance in part or in whole the outstanding notes
due 2017, 2019 and 2022, also issued by Minerva Luxemburg S.A.


SIFCO CAPITAL: Fitch Withdraws 'B-' Rating on Sr. Secured Notes
---------------------------------------------------------------
Fitch Ratings has withdrawn the 'B-/RR4' rating assigned to Sifco
Capital Luxembourg S.A.'s US$200 million proposed senior secured
notes issuance. Sifco Luxembourg is a fully owned subsidiary of
Sifco S.A.  The notes would be fully guaranteed by Sifco and its
subsidiaries.

The withdrawal of the rating follows unfavorable market
conditions to sell the bond. As there is no set time frame for
resuming the issuance process, no rating is required at this
time. Fitch will provide investors with further information on
the bond if and when the issuer resumes the sale process.

Fitch continues to rate Sifco as follows:

--Foreign and local currency Issuer Default Ratings (IDRs) 'B-';
--USD75 million senior unsecured notes due 2016 'B-/RR4';
--National scale long-term rating 'BB+(bra)'.

The Rating Outlook is Stable.


TRINSEO MATERIALS: Moody's Affirms 'B1' CFR; Rates New Notes 'B1'
-----------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Trinseo
Materials Operating S.C.A.'s (TMO) US$1.325 billion senior
secured notes due 2018. Moody's also affirmed the corporate
family rating (CFR) of Trinseo S.A. at B1. Proceeds from the
transaction are expected to be used to repay the company's
outstanding term loan and revolver balances. The outlook remains
negative.

"Trinseo's financial performance remains weak for the B1 rating,"
said John Rogers, Senior Vice President at Moody's. "The recent
completion of the SSBR expansion and modest improvements in its
other product lines should allow the company to improve earnings
and cash flow. However, if earning don't improve in the first
half of 2013, we could lower the rating."

Ratings assigned:

Trinseo Materials Operating S.C.A.

  US$1.325 billion 6-year senior secured notes -- B1 (LGD4, 55%)

Ratings affirmed:

Trinseo S.A.

  Corporate Family Rating -- B1

  Probability of Default Rating -- B1-PD

  US$1.4 billion senior secured term loan due 2017*

Outlook -- Negative

*: The term loan rating will be withdrawn upon completion of the
   refinancing

Ratings Rationale

Trinseo is weakly positioned in the B1 category due to weak
financial performance caused by margin volatility. The CFR
reflects Trinseo's narrow portfolio of commodity and quasi-
commodity products, weak credit metrics, exposure to volatile
feedstock prices and a limited amount of cash equity. Trinseo's
credit profile is supported by its size in terms of revenue,
leading market positions in three of its four product lines
(polycarbonates is the exception), relatively stable volume
demand in its emulsion polymers and rubber businesses, an
experienced management team and the success in lowering fixed
costs since the acquisition by Bain in 2010. While September 2012
LTM credit metrics are significantly depressed due to the weak
fourth quarter in 2011, Debt/EBITDA (including Moody's standard
adjustments) is still expected to be above 6x at year-end 2012.

The negative outlook reflects concerns over the potential for
continued volatility in financial performance that may cause
financial metrics to remain weaker than would be appropriate for
the B1 rating. To the extent that continued earnings volatility
causes Trinseo to report earnings of below US$50 million in more
than one quarter in any four quarter period prior to an
additional US$200-US$300 million of debt reduction from free cash
flow, Moody's could lower Trinseo's rating by a notch to B2. The
ratings have limited upside at this time, but could be raised if
Net Debt/EBITDA falls below 4.0x and is expected to remain at
that level for a sustained period.

Trinseo has good liquidity primarily supported by cash balances
expected to be roughly US$140 million at the close of the
transaction, its proposed US$300 million revolver and a US$160
million A/R securitization that is currently capped at roughly
US$100 million due to the availability of qualified receivables.

Trinseo S.A. is the world's largest producer of styrene butadiene
(SB) latex, the largest European producer of synthetic rubber
(solution styrene butadiene rubber -- SSBR), the third largest
global producer of polystyrene and a leading producer of
polycarbonate resins and blends. Trinseo had revenues of roughly
US$5.5 billion for the last four quarters ending September 30,
2012. Trinseo is owned by an affiliate of Bain Capital and was
acquired from The Dow Chemical Company in 2010

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



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


E-MAC NL 2004-II: Fitch Confirms 'B' Rating on Class E Notes
------------------------------------------------------------
Fitch Ratings has confirmed four E-MAC NL transactions' ratings:
E-MAC NL 2004-II B.V. (E-MAC NL 2004-II), E-MAC NL 2005-I B.V.
(E-MAC NL 2005-I), E-MAC NL 2005-III B.V. (E-MAC NL 2005-III) and
E-MAC Program II B.V. Compartment NL 2008-IV (E-MAC NL 2008-IV)
ahead of the put option date in January 2013.

The transactions' noteholders hold a put option to have their
notes redeemed upon exercising their rights on and after the
first put dates. The agency understands that the mortgage payment
transactions (MPT) provider (CMIS Nederland B.V.) for E-MAC NL
2004-II, E-MAC NL 2005-I, E-MAC NL 2005-III and servicing advance
optionholder (RBS plc, 'A'/Stable/'F1') for E-MAC NL 2008-IV will
not grant servicing advances to the issuers, which are required
in order to redeem the notes. Fitch also highlights that none of
the issuers have engaged any third party who would be willing to
purchase the mortgage portfolios. As a result, none of the notes
will be redeemed and the transactions will continue to operate as
before, with the addition of the extension margins, which rank
subordinate to the reserve fund in the priority of payments.

E-MAC NL 2005-III will reach its first put option date on the
25th January 2013. For the other three transactions, the excess
revenue generated by the mortgage portfolio remains insufficient
to cover the payments due on the extension margins leading to a
gradual build up in the interest deficiency ledgers. In Fitch's
opinion, failure to pay the extension margin would not constitute
an event of default.

E-MAC NL 2004-II's investor reports indicated a EUR95,000 non-
payment of the class E notes' senior interest, accumulated over
the last three interest payment dates (IPDs) since April 2012.
Fitch understands the issuer administrator (CMIS Nederland B.V.)
has decided to pay back this interest due by trapping excess
spread generated in the period leading up to the January 2013
IPD. Although Fitch's rating does not address the payment of the
extension margin, the agency notes that the class A noteholders
will receive a lower extension margin as all the excess spread is
presently used to pay the class A extension margin.

Fitch also understands that in the noteholder meetings held in
December 2012 the noteholders of E-MAC NL 2005-I adopted several
extraordinary resolutions, similar to those adopted in other E-
MAC NL transactions. These resolutions include: a decision not to
terminate the issuer services agreement, not to amend the
definition of an event of default and a reduction in the
frequency of the auctioning of the mortgage receivables and put
dates. However, the extraordinary resolution to initiate legal
proceeding against the MPT provider was not adopted by the E-MAC
NL 2005-I noteholders.

Fitch conducted a full performance review of all four
transactions in September 2012. Although the performance of E-MAC
NL 2005-I and E-MAC NL 2005-III has been better than that of E-
MAC NL 2008-IV, the agency found the level of credit support
available to the junior class D notes to be insufficient to
withstand 'BBBsf' stresses, and therefore downgraded the notes to
'BBB-sf' and 'BB+sf', respectively. Meanwhile, the performance of
E-MAC 2008-IV has consistently been the worst in the E-MAC NL
series. The combination of the reduced gross excess spread and
higher losses have caused reserve fund draws. Fitch is concerned
that further reserve fund draws may occur on upcoming payment
dates. The Negative Outlooks on the class B, C and D notes
reflect these concerns.

The rating actions are:

E-MAC NL 2004-II
* EUR584m Class A due 2037 (ISIN XS0207208165): confirmed at
   'AAAsf'; Outlook Stable

* EUR13m Class B due 2037 (ISIN XS0207209569): confirmed at
   'A+sf'; Outlook Stable

* EUR8.5m Class C due 2037 (ISIN XS0207210906): confirmed at
   'BBB+sf'; Outlook Stable

* EUR4.5m Class D due 2037 (ISIN XS0207211037): confirmed at
   'BBBsf'; Outlook Negative

* EUR3.05m Class E due 2037 (ISIN XS0207264077): confirmed at
   'Bsf'; Outlook Negative

E-MAC NL 2005-I
* EUR476.2m Class A due 2038 (ISIN XS0216513118): confirmed at
   'AAAsf'; Outlook Stable

* EUR10.5m Class B due 2038 (ISIN XS0216513548): confirmed at
   'Asf'; Outlook Stable

* EUR7.8m Class C due 2038 (ISIN XS0216513977): confirmed at
   'BBB+sf'; Outlook Stable

* EUR5.5m Class D due 2038 (ISIN XS0216514199): confirmed at
   'BBB-sf'; Outlook Negative

* EUR2.5m Class E due 2038 (ISIN XS0216707311): confirmed at
   'Bsf'; Outlook Negative


E-MAC NL 2005-III
* EUR856.2m Class A due 2038 (ISIN XS0236785431): confirmed at
   'AAAsf'; Outlook Stable

* EUR14.7m Class B due 2038 (ISIN XS0236785860): confirmed at
   'AA-sf'; Outlook Stable

* EUR10m Class C due 2038 (ISIN XS0236786082): confirmed at
   'A-sf'; Outlook Negative

* EUR9.1m Class D due 2038 (ISIN XS0236786595): confirmed at
   'BB+sf'; Outlook Negative

* EUR4.5m Class E due 2038 (ISIN XS0236787056): confirmed at
   'Bsf'; Outlook Negative

E-MAC NL 2008-IV
* EUR230.6m Class A due 2038 (ISIN XS0355816264): confirmed at
   'AAAsf'; Outlook Stable

* EUR11.3m Class B due 2038 (ISIN XS0355816421): confirmed at
   'AAsf'; Outlook Negative

* EUR2.8m Class C due 2038 (ISIN XS0355816694): confirmed at
   'Asf'; Outlook Negative

* EUR11.6m Class D due 2038 (ISIN XS0355816934): confirmed at
   'BBsf'; Outlook Negative


KONINKLIJKE AHOLD: S&P Affirms 'BB' Rating on Preferred Shares
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'BBB/A-2' long- and short-term corporate credit ratings on Dutch
food retailer Koninklijke Ahold N.V.  The 'BB' rating on Ahold's
cumulative financing preferred shares was also affirmed.  The
outlook remains stable.

"The ratings on Ahold reflect our assessment of the group's
business risk profile as "satisfactory" and its financial risk
profile as "intermediate."  Ahold's business risk profile is
underpinned by the resilience of the food retail industry, the
company's high profitability, and its strong market positions
both in The Netherlands and on the U.S. East Coast.  In our
opinion, weaknesses include the group's limited presence in
growing emerging markets and tough operating conditions in both
the Netherlands and the U.S.  Our assessment of Ahold's financial
risk profile takes into account its satisfactory credit ratios on
a net-debt basis, high free operating cash flow generation, and
strong liquidity.  On the negative side, we consider that
financial policy is becoming somewhat more aggressive, with a
growing focus on shareholder remuneration and bolt-on
acquisitions," S&P said.

The stable outlook reflects S&P's view that Ahold will face
limited operating pressure over the next 18 months, translating
into low- to mid-single digit reported revenue growth and a
limited decline of its adjusted EBITDA margin.  S&P believes that
the group will maintain credit ratios in line with its guidance
for the ratings, despite its intent to gradually reduce its cash
position.  S&P views an FFO-to-debt ratio of 30%-35% and a debt-
to-EBITDA ratio of about 3.0x as commensurate with the current
ratings.

"We could lower the ratings if Ahold's financial policy further
loosened, particularly in the event of a large acquisition or if
share buybacks are substantially larger than free operating cash
flow generation, leading to weaker credit ratios than our
thresholds for the rating.  Negative rating pressure would also
arise if profitability deteriorated much more than we expect,
because of adverse economic conditions or heightened competitive
Intensity," S&P noted.

An upgrade would depend on a commitment to durably restore credit
ratios to 2011 levels.  However, this appears remote at this
stage, considering the group's intent to gradually reduce its
surplus cash position.



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


SIBUR HOLDING: Moody's Assigns '(P)Ba1' Rating to US$1-Bil. Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba1
rating with a loss given default (LGD) assessment of LGD4/50% to
the proposed US$1 billion five-year debut notes to be issued by
SIBUR Securities Limited, a wholly owned subsidiary of OJSC SIBUR
Holding (SIBUR, the Company) incorporated in Ireland. The (P)Ba1
rating of the notes is based on an irrevocable and unconditional
guarantee from OJSC SIBUR Holding and is in line with the
Company's corporate family rating (CFR) of Ba1. The outlook is
stable.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings represent only the rating
agency's preliminary opinion. Upon a conclusive review of the
transaction and associated documentation, Moody's will assign
definitive ratings to the bonds. A final rating may differ from a
provisional rating.

Ratings Rationale

With OJSC SIBUR Holding guaranteeing the issue, the noteholders
rely solely on SIBUR's credit quality to service and repay the
debt. The notes will be general unsecured and unsubordinated
obligations of SIBUR ranking pari passu with all its other
unsecured and unsubordinated indebtedness. The investors will
benefit from certain covenants including limitation on
indebtedness, a negative pledge and restrictions on mergers and
disposals.

Moody's has rated the notes at the same level as SIBUR's CFR to
account for the fact that SIBUR predominantly uses unsecured
types of financing for its operating activities and capital
investment purposes. The Tobolsk-Polymer project finance loan
with the state owned Vnesheconombank (around US$0.65 billion
outstanding as of September 30, 2012) remains the only secured
loan in the Company's capital structure. However, Moody's treats
this loan pari passu with other unsecured creditors due to the
nature/terms of the loan and its security, with no recourse to
SIBUR's assets (other than Tobolsk-Polymer plant) and limited
recourse to its cash flows, particularly after the completion of
the plant (scheduled for 2013) when SIBUR's guarantee for
principal payments expires.

SIBUR will use the notes' proceeds for general corporate purposes
and the refinancing of its existing short-term debt. Therefore,
Moody's does not anticipate that the issuance will have a
material negative impact on SIBUR's leverage profile. At the same
time, Moody's believes that the issuance will support the
Company's liquidity position, taking into account the substantial
debt repayments the Company faces in the next 12 months. It will
also positively contribute to the Company's debt-portfolio
profile leading to its greater diversification and increasing the
average maturity.

SIBUR's Ba1 corporate family rating (CFR) remains constrained by
(1) SIBUR's exposure to the risks inherent in the petrochemical
industry, i.e., price volatility and cyclicality of demand; (2)
the Company's moderate size relative to its global peers; (3) the
Company's limited track record of operations after the change of
ownership that took place at the end of 2011; and (4) the
geographical concentration of the Company's operations in the
Russian Federation, where the political, business, legal and
regulatory risks exceed the global average.

However, more positively, the rating also reflects (1) the
Company's position as the largest petrochemical company in Russia
by volume of sales and market share; (2) its high profitability
through the cycle (with a five-year average adjusted EBITDA
margin of more than 30%), which is above that of many of its
European peers; (3) the Company's historically conservative
financial profile (with a five-year average adjusted debt/EBITDA
ratio of 1.4x) and adjusted retained cash flow (RCF)/debt of
above 50%), which is expected to remain strong despite the
challenging global economic conditions and large capex program
planned for 2012-13; (4) SIBUR's adequate liquidity position,
which, coupled with high profitability, provides the Company with
a degree of resilience to down cycles; (5) the fact that the
change in the Company's ownership did not lead to a deterioration
in its financial profile, despite an increase in debt; and (6)
the new shareholders' endorsement of, and support for, the
Company's strategy and conservative financial policies going
forward.

Rationale for the Stable Outlook

The stable outlook reflects Moody's expectation that SIBUR will
continue to adhere to its strategy of organic growth while
maintaining solid financial metrics in line with its stated
financial policy, and a strong liquidity position. The outlook
also assumes that SIBUR will continue to implement its investment
projects as scheduled and on budget. Moody's assumption does not
take into account the potential expansion of SIBUR's polymer
capacities in Tobolsk beyond the Tobolsk-Polymer plant, as SIBUR
has not yet made a decision in this regard.

WHAT COULD MOVE THE RATING UP/DOWN

Upwards rating pressure could develop if SIBUR were to build a
track record of operating under the new shareholding structure
while adhering to its stated financial policies, capital
structure and capital usage. A rating upgrade would also require
the Company to undertake further operational improvements and
capacity expansion, resulting in enhanced scale and product
diversification and/or a portfolio mix that is weighted towards
higher value-added output. In addition, an upgrade would require
that SIBUR generates positive free cash flow on a sustainable
basis.

Downwards pressure on the ratings would likely develop if weaker
than-anticipated conditions in SIBUR's key markets were to result
in (1) its leverage (measured of adjusted debt/EBITDA) increasing
to and remaining above 2.0x; (2) its adjusted EBITDA margins
declining to and remaining below the mid-20s in percentage terms;
and (3) deteriorating cash flow generation, with RCF/net debt
falling below 20%. Moody's says that downwards pressure on the
ratings would also likely develop if material debt-financed
expansion projects and/or acquisitions -- or debt-financed
dividend payouts to shareholders or other shareholder initiatives
-- were to lead to the company materially deviating from its
stated financial policies or financial thresholds.

Principal Methodology

The principal methodology used in rating SIBUR was the "Global
Chemical Industry" rating methodology, published December 2009.
Other methodologies used include "Loss Given Default for
Speculative Grade Issuers in the US, Canada, and EMEA", published
June 2009.

OJSC Sibur Holding ("SIBUR") is a gas processing and
petrochemicals company with operations in two core segments: (1)
feedstock and energy which comprises processing of associated
petroleum gas (APG) and natural gas liquids (NGLs) as well as
marketing and sales of energy products, such as natural gas,
liquefied petroleum gases (LPG), naphtha, raw NGL, methyl
tertiary butyl ether (MTBE) and other fuels and fuel additives;
and (2) petrochemicals including production of basic polymers,
synthetic rubbers, plastics and products of organic synthesis, as
well as intermediates and other chemicals. The Company is
ultimately controlled by Leonid Mikhelson and Gennady Timchenko
who own 94.5% of the company. The remaining 5.5% is held by the
Company's current and former management.


SIBUR HOLDING: Fitch Affirms 'BB+/B' LT Issuer Default Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed Russia-based JSC SIBUR Holding's (OAO
SIBUR Holding, SIBUR) Long-term Issuer Default Ratings (IDR) at
'BB+' and its Short-term IDR at 'B'. The Outlook on the Long-term
IDR is Stable. The agency has simultaneously assigned SIBUR
Securities Limited's proposed issue of guaranteed notes (the
Notes) an expected foreign currency senior unsecured rating of
'BB+(EXP)'.

The Notes' final rating is contingent on the receipt of final
documentation conforming to information already received and
further details regarding the amount and tenor of the Notes.

KEY DRIVERS:

- SIBUR Borrower/Guarantor of the Notes
SIBUR Securities Limited (the Issuer), the issuer of the bonds,
is an Ireland-based private limited liability company established
for this sole purpose. The notes will benefit from an
unconditional and irrevocable guarantee from OAO SIBUR Holding
(the Guarantor). The guarantee will be a senior unsecured
obligation of OAO SIBUR Holding and will rank equally in right of
payment with all its existing and future senior unsecured and
unsubordinated obligations.

- SIBUR's Senior Unsecured Notes
Proceeds will be used for short-term debt refinancing and general
corporate purposes. Covenants apply to the issuer, the Guarantor
and certain subsidiaries and include a negative pledge (with
permitted liens) and limitation on incurrence of indebtedness
with a total proforma debt-to-consolidated EBITDA ceiling of
3.5:1. Events of default include cross default or cross
acceleration to the debt of the Issuer, the Guarantor or any
material subsidiary with a US$50 million threshold.

- 2012 in Line With Base Case
SIBUR's results for 9M12 are roughly in line with Fitch's base
rating case with top line growth of 9.6%, reflecting single digit
volumes growth, softer demand growth across product portfolio and
the sale of the non-core businesses in late 2011. Profitability
was aided by the latter and margin erosion was limited with
EBITDA margin at 31.8% (Fitch calculation), from 35.8% in 9M11.
Under the base case, high capex and dividend levels translate
into negative free cash flow (FCF). The completion of the Tobolsk
Polymer project is expected in 2013. The 500,000 tonnes of
polypropylene capacity will add value to the group's existing
propane production.

- Adequate Liquidity
Liquidity was adequate at end-Q312 with cash balances of RUR9.2
billion and undrawn committed general corporate purpose
facilities of RUR24.2 billion against maturing short-term debt of
RUB37 billion. At end-Q312 gross debt was broadly flat at RUR81
billion (FYE11: RUR83 billion). Fitch expects net funds from
operations (FFO) leverage to peak in 2012 at 1.5x with a gradual
decrease from 2013 onwards.

- Peak Capex
Fitch's base rating case assumes peak capex spending in 2012 with
funds earmarked for the completion of the Tobolsk complex, the
transhipment facility at Ust-Luga, feedstock infrastructure
projects and the group's contribution towards various joint
ventures. 9M12 capex was RUB48 billion, up from RUB33 billion a
year ago. Other cash requirements in 2012 include dividend
distributions of RUR22 billion for FYE11 and RUR7 billion for
H112, in line with the group's policy (25% of net income). FCF is
expected to be negative in 2012 due to the high investment
levels. The ratings assume that OAO SIBUR Holding will continue
to access long-term funding to refinance upcoming maturities and
finance its expansion plans.

- Non-Core Assets Sold
Cash flow generation benefited from the disposal of the non-core
fertilizer and tyre businesses in December 2011 for RUB47 billion
in aggregate. These accounted for 28% and 13% of revenues and
EBITDA in 2011 (14% margin), respectively, and their sale should
translate into higher margins for SIBUR's continuing operations.

- Competitive Cost Advantage
SIBUR's ratings are supported by its leading position in the
Russian petrochemicals sector, diversified portfolio and access
to associated petroleum gas (APG) which ensures low costs versus
most international peers and underpins its strong operational
cash flow generation over the cycle.

- Industry and Country Risks
SIBUR is exposed to the inherent risks of the petrochemical
industry - price volatility and demand cyclicality. The ratings
are also constrained by the legal and regulatory risks associated
with Russia, where its key assets are located.

RATING SENSITIVITY GUIDANCE:

Positive: Future developments that could lead to positive rating
actions include:

- Further operational improvements and capacity expansion
   resulting in enhanced scale and product diversification and/or
   portfolio mix
- FFO net adjusted leverage at, or below 1.5x through the cycle
- Sustained positive FCF generation
- Established corporate governance track record from the new
   shareholders

Negative: Future developments that could lead to negative rating
action include:

- Material deterioration in the company's cost position or
   access to low-cost associated petroleum gas
- Sustained negative FCF generation
- Aggressive financial strategy resulting in an increased
   financial burden and FFO adjusted net leverage sustained
   above 2.0x



===============
S L O V E N I A
===============


NOVA KREDITNA: Fitch Affirms Hybrid Capital Instrument at 'CC'
--------------------------------------------------------------
Fitch Ratings has affirmed Nova Kreditna Banka Maribor d.d.'s
hybrid capital instrument (ISIN: XS0325446903) at 'CC'.  The
bank's other ratings are unaffected by this action.

RATING ACTION RATIONALE, DRIVERS AND SENSITIVITIES

The affirmation follows the bank's announcement on Jan. 11, 2013,
that it would defer the coupon on the instrument. The affirmation
reflects the cumulative nature of the coupon deferral, the fact
that deferral has only been announced for 2013 and the absence,
to Fitch's knowledge, of any plans to write down or convert into
equity the remaining outstanding securities.

The rating of the instrument could be downgraded if the bank's
Viability Rating ('b-') was downgraded or if the securities are
written down or converted. The instrument rating could be
upgraded if the instrument becomes performing again and the
bank's Viability Rating was upgraded.

The rating actions are:

NKBM
- Long-term foreign currency IDR: 'BBB-', Negative Outlook,
   Unaffected
- Short-term foreign currency IDR: 'F3 ', unaffected
- Support Rating: '2', unaffected
- Support Rating Floor: 'BBB-', unaffected
- Viability Rating: 'b-', unaffected
- Hybrid capital instrument: affirmed at 'CC'



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


* SPAIN: Fitch Cuts Rating on 26 Tranches of SF Transactions
------------------------------------------------------------
Fitch Ratings has affirmed 32 tranches, upgraded four tranches,
revised the Rating Watch on four tranches to Positive, placed
three additional tranches on Rating Watch Positive and downgraded
26 tranches of 52 Spanish structured finance (SF) transactions.
66 tranches of 31 Spanish RMBS transactions remain on RWN pending
a full review of the performance of their collateral portfolios,
given the deteriorating conditions in the housing market.

The rating actions follow a review of the transactions'
counterparty exposure. The tranches were placed or maintained on
RWN in July 2012 following counterparty downgrades and in the
absence of associated remedial actions as envisaged in the
transaction documentation and reflecting Fitch's SF counterparty
criteria. Fitch has taken rating actions as adequate time to
implement remedial actions has elapsed.

Fitch has discussed the counterparty positions with the
transaction parties over recent months and understands that
further modifications to transaction structures may still be
made. The agency will consider the effects of any further
remedial action that is completed and may adjust its ratings
accordingly. Fitch also acknowledges that appropriate remedial
actions have been completed for many transactions following the
downgrade of Spanish financial institutions in 2012.

The rating actions follow consideration by the agency of the
specific circumstances of the transactions concerned and reflect
Fitch's view of the ratings that can be supported given the
current exposures relating to the counterparty roles of issuer
account bank, servicer/collection account bank, and derivative
providers. The ratings were determined by categorizing the
exposures according to one or more of the approaches outlined
below.

ISSUER ACCOUNT BANK

The bank accounts of SF SPV issuers are held with the issuer
account bank. Transaction cash flows are deposited into the
issuer account when transferred from collection accounts. The
issuer account bank may also hold transaction-specific reserves,
used for credit enhancement or liquidity. The default of the
account bank could lead to the loss of transaction reserve
accounts, but could also lead to operational issues and payment
delays as bank accounts are replaced.

For transactions where Fitch expects the issuer account bank
counterparty to implement remedial action in the event of a
future account bank downgrade, the notes' ratings are higher than
the counterparty's rating and were determined by applying Figure
1 of Fitch's Counterparty Criteria for Structured Finance
Transactions. So long as future remedial actions are implemented
as per expectations, the notes' ratings will continue to be
determined referencing the counterparty criteria.

For transactions where Fitch expects that future remedial action
may not be implemented, the agency has analyzed the ratings
assuming the loss of all amounts held at the issuer account bank
(reserves plus periodic collections). For transactions with
sufficient credit enhancement to withstand a loss of such funds,
note ratings have been capped at a level of three notches above
the Long-Term Issuer Default Rating (IDR) of the bank due to the
residual operational exposure to the issuer account bank. Notes'
ratings exceed the IDR of the bank on the expectation that the
account operations of the bank will survive a default on a bank's
senior unsecured debt. The notes' ratings are likely to see
further rating action if there is a change in the IDR of the
account bank.

Where transactions do not have sufficient credit enhancement to
withstand the loss of the above funds then the agency has capped
the ratings of tranches at the rating of the account provider.
The ratings of these notes are likely to be affected if there is
a change in the IDR of the account bank.

SERVICER/COLLECTION ACCOUNT BANK

The servicer performs the administrative duties of depositing and
transferring transaction cash flows and in Spain is usually the
originating bank. The same party usually also operates as
collection account bank where borrowers deposit payments upon the
securitized obligations before they are transferred to the issuer
account. The default of the servicer or collection account bank
could result in an interruption to transaction payments and/or
the loss of any commingled funds.

Fitch analyzed the size and evolution of available cash reserves
to the transactions. Where transaction cash reserves are expected
to remain adequate to mitigate a disruption to collections
(generally six months of expenses, net swap payments and note
interest), Fitch did not apply any additional rating cap. These
transactions could be reviewed further if there are negative
performance developments which affect the future availability of
cash reserves to address this risk.

Where available cash reserves were seen as insufficient to
mitigate a disruption to collections, but the servicer is a bank,
then the notes' ratings have been capped at three notches above
the IDR of the bank servicer. This is on the expectation of
continued operations, even in the event of a bank defaulting on
its senior unsecured debt. The notes' ratings are likely to be
affected if there is a change in the IDR of the bank servicer.

Alternatively, if a payment disruption is only expected to incur
a limited deferral of note interest, Fitch considered ratings up
to 'Asf' as long as the interest deferral is not expected to
trigger other detrimental events such as a swap termination.
Spanish SF transactions often allow for two missed payments by
the issuer under the swap documentation before triggering an
early termination event. Fitch believes that payment interruption
as a result of a default of the servicer or collection account
bank is unlikely to cause two consecutive missed payments and
therefore applied a ratings cap of 'Asf'.

DERIVATIVE COUNTERPARTY

Where collateral posting arrangements are in place and Fitch
expects the counterparty to implement future remedial action
consistent with the criteria (e.g. replacement upon downgrade
below threshold levels), the maximum rating has been determined
by applying Figure 1 of the Fitch's Counterparty Criteria for
Structured Finance Transactions. As long as remedial actions are
implemented as expected, the ratings will remain delinked from
the counterparty rating.

Where implementation of future remedial action reflecting
counterparty criteria is in doubt, Fitch has considered the
materiality of the swap to the transaction cash flows. Where the
rating can be supported in the absence of the swap, then no
additional rating caps have been applied. However, where the swap
is too material to the transaction analysis, Fitch has capped the
ratings of the notes at a transaction-specific level taking into
account the role of the swap and the creditworthiness of the
counterparty.



===========
T U R K E Y
===========


YUKSEL INSAAT: Moody's Cuts CFR to 'Caa1' on Liquidity Problems
---------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B3 the
corporate family rating (CFR) of Yuksel Insaat S.A. and the
Probability of Default Rating to Caa1-PD. Concurrently, Moody's
has also downgraded to Caa1 from B3 the debt instrument rating on
the US$200 million of notes due 2015 issued by Yuksel. At the
same time Moody's has maintained all ratings on review for
downgrade.

Ratings Rationale

The primary driver for the downgrade to Caa1 is Moody's
assumption that Yuksel's liquidity profile will further
deteriorate over the course of 2013. Despite contemplated near-
term measures -- such as a moderate equity injection and a sale-
and-lease-back transaction, both totaling ca. US$44 million --
Yuksel's liquidity requirements for 2013 will not be covered.
These include an equity injection of US$58 million, of which
US$40 million will be paid in the first quarter of 2013, for the
Gebze-Izmir motorway project, debt repayments as well as capital
expenditures, complemented by working capital releases. Yuksel's
management expects the disposal of its HES assets within a short
period with disposal proceeds to be injected into the Gebze/Izmir
motorway project. Absent this disposal in a timely manner and if
proceeds fall short of the motorway equity contribution, Moody's
believes that Yuksel's scheduled payments and obligations are
unlikely to be covered by the planned one-off liquidity
injections and internally generated cash flow.

Moody's has maintained ratings on review for downgrade as
management and shareholders are still evaluating additional
options to shore up liquidity amongst which are further asset
disposals that could result in additional and material cash
injections. Moody's has not factored these potential liquidity-
enhancing options into the rating as the execution is subject to
risk and such the likelihood is more remote than the immediate
measures the company is taking.

WHAT COULD CHANGE THE RATING UP/DOWN

Ratings could be further downgraded if the deterioration of the
liquidity profile accelerates. A shortfall in operating cash
flow, higher, unplanned capital expenditure and

As ratings are on review for downgrade, an upgrade is highly
unlikely at this juncture. For the outlook to be stabilized
Moody's expects Yuksel to stop the cash leakage supported either
by (i) further asset disposals, (ii) termination of projects that
require equity contributions and that have limited/no recourse to
the group, (iii) or sizable shareholder injections.

Yuksel Insaat A.S., which has corporate headquarters in Ankara,
Turkey, is among the 10 largest construction companies in the
country. The company was established in 1963 by the Sazak and
Sert families and maintains a visible footprint in Turkey, where
more than half of its revenues are generated, but has expanded
into the Middle East and North Africa (MENA) region as well as
Central Asia over recent years to diversify its revenue streams.
The company generated revenues of TL1.3 billion (around US$697
million) in its financial year 2011.

The principal methodology used in this rating was the Global
Construction Methodology published in November 2010. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.



=============
U K R A I N E
=============


AEROSVIT: Economic Court of Ukraine Imposes Fine of US$5.25 Mil.
----------------------------------------------------------------
Itar-Tass, citing Prosecutor General office's press secretary
Margarita Velkova, reports that the Economic court of Ukraine's
Kiev region on Thursday answered a claim by the Prosecutor
General's Office and ruled to levy a fine of US$5.25 million from
the financially troubled airline AeroSvit in favor of the
Borispol airport near Kiev for the services rendered to the
airline.

"The court answered the lawsuit filed by the Office of the
Prosecutor General," Itar-Tass quotes Ms. Velkova as saying.

AeroSvit, which uses Borispol airport as the main hub, now has
the right to file an appeal now, Itar-Tass discloses.

As reported by the Troubled Company Reporter-Europe on January 7,
2013, Bloomberg News, citing the Web site of the national
registry for court decisions, related that the Kiev regional
economic court started bankruptcy procedures against Aerosvit on
Dec. 29.  The court's statement on the Web site said Aerosvit has
outstanding debt of UAH4.27 billion (US$520 million) as of
Dec. 27, which it does not dispute, Bloomberg disclosed.  The
court stated that the company's assets are worth UAH1.47 billion
as of Nov. 30, Bloomberg noted.

Aerosvit is a private Ukrainian airline.  It was founded in 1994
and by 2012, was operating 80 international routes in 34
countries.



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


ANTIC: Goes Into Administration
-------------------------------
James Stagg at Caterer and Hotelkeeper reports that Antic has
gone into administration.

Chantrey Vellacott is handling the administration, but said it
was too early to comment on the case, Caterer and Hotelkeeper
discloses.

The administration is not thought to affect Antic London, the
parent company, which continues to trade as usual, Caterer and
Hotelkeeper notes.

Antic is a London pub firm.  It runs properties across the
capital, including Balham Bowls Club and the White Hart in Stoke
Newington.


BLOCKBUSTER UK: To Shut 129 Stores; 760 Jobs Affected
-----------------------------------------------------
Andrea Felsted at The Financial Times reports that Blockbuster
UK, the entertainment retailer that plunged into administration
on Wednesday, is to shut 129 of its about 500 stores, with the
loss of 760 jobs, in the latest blow to Britain's battered high
street.

Deloitte, appointed administrator to the UK arm of Blockbuster on
Wednesday, said on Saturday that the stores would close in the
coming weeks, the FT relates.  They are in addition to 31 stores
already shut, the FT discloses.

The FT relates that Lee Manning -- leemanning@deloitte.co.uk --
joint administrator and partner at Deloitte, said the closures
were an "inevitable consequence of having to restructure the
Company to a profitable core which is capable of being sold".

According to the FT, Deloitte said stores would remain open for
business as usual and customers would be notified in advance of
closure so that they could return their outstanding rental items
beforehand.

However, it said it continued to review the profitability of the
store portfolio, and could not rule out further closures, the FT
notes.

Blockbuster, which has 528 stores across the UK employing 4,190
staff fell into administration after the failure to secure a sale
of the UK business following a plunge in profits, the FT
recounts.

Blockbuster has been suffering following the launch of rival
services such as Netflix and Lovefilm, which enable users to
stream films and TV shows on their televisions and other devices
such as tablets and PCs, the FT says.

                         Potential Buyers

According to the Telegraph's Graham Ruddick and James Quinn,
Deloitte, the administrator to Blockbuster, is in talks with
about "half a dozen" parties that want to keep the rental
business going.

It is understood that retailers such as Wm Morrison are also
circling Blockbuster as they eye sites for convenience stores,
one of the fastest growing sectors of the food industry, the
Telegraph discloses.

In total, Blockbuster has 528 shops in the UK, the Telegraph
notes.


HMV GROUP: Attracts 50 Potential Buyers; Game Eyes 45 Stores
------------------------------------------------------------
Graham Ruddick and James Quinn at The Telegraph report that HMV
Group's administrators say they are "hopeful" of rescuing the
92-year-old entertainment retailer as talks with potential buyers
accelerate.

The administrators have received "well over 50" expressions from
parties interested in buying HMV as a going concern, with
turnaround firm Hilco understood to be one of the front runners,
the Telegraph discloses.

According to the Telegraph, Nick Edwards --
nedwards@deloitte.co.uk -- joint administrator for Deloitte to
HMV, said there are "no plans" to close any of HMV's 223 UK
stores as talks with potential buyers continue.

No deadline has been set for formal bids for HMV, and property
agents are also testing the water for interest from retailers in
buying the leases to HMV's prime store locations, such as
London's Oxford Street and Piccadilly Circus, the Telegraph
notes.

The Scotsman's Kristy Dorsey reports that a spokeswoman said
Deloitte was "very hopeful of finding a buyer for some or all of
the business as a going concern".

"There has been a significant amount of interest -- some really
positive leads have come in," the Scotsman quotes the spokeswoman
as saying.

Game, which was bought out of administration last year by
OpCapita, confirmed that it has approached Deloitte about buying
some of HMV's 223 stores, the Scotsman relates

According to the Scotsman, other potential bidders are said to
include private equity firm Endless, the Leeds-based turnaround
house specializing in companies facing "challenging" situations.
Its retailing interests include Bathstore, Homebuy and discount
book chain The Works, the Scotsman says.

Restructuring specialist Hilco, Jon Moulton's Better Capital and
Oakley Capital have also been named as possible suitors, the
Scotsman notes.

According to the FT's Andrea Felsted, Game, the retailer bought
out of administration by investment firm OpCapita, is interested
in acquiring up to 45 HMV stores.

Martyn Gibbs, chief executive of Game, said the chain's
management had approached Deloitte, administrator to HMV, for
more information, but would not confirm the number of stores in
which the video game retailer could be interested, the FT
relates.

The FT notes that people familiar with the situation said there
were 40-45 UK locations where HMV was present, but Game was not.
"We will constantly review our property portfolio based on what
is available," the FT quotes Mr. Gibbs as saying.  "I would not
rule out any stores becoming available, be that through an
administration or normal property deals."

United Kingdom-based HMV Group plc is engaged in retailing of
pre-recorded music, video, electronic games and related
entertainment products under the HMV and Fopp brands, and the
retailing of books principally under the Waterstone's brand.  The
Company operates in four segments: HMV UK & Ireland, HMV
International, HMV Live, and Waterstone's.


LOMOND HOMES: In Administration; Owes More Than GBP25 Million
-------------------------------------------------------------
Erikka Askeland at The Scotsman reports that Lomond Homes fell
into administration on Thursday night after Fife Council demanded
GBP500,000 in outstanding payments.

According to the Scotsman, Graham Frost --
graham.d.frost@uk.pwc.com -- of accountancy firm PwC said Lomond
had no employees and had "almost no construction activity being
undertaken at present".  He will try to sell its landbanks in
Fife and Clackmannanshire "with a view to realising value for
creditors".

The Fife-based firm is understood to have outstanding debts of
more than GBP25 million, the Scotsman notes.

Earlier last week, Fife Council issued a demand for the
housebuilder to pay GBP494,000 on outstanding charges, the
Scotsman relates.

Lomond Homes is a UK housebuilder.



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


* Moody's Says Technical Factors Drive EU Corp. High-Yield Market
-----------------------------------------------------------------
Although 2012 was a record year for European high-yield bond
returns and issuance among non-financial corporates, the
exuberance in investor demand is becoming increasingly decoupled
from the realities of European economic and credit fundamentals,
says Moody's in the January edition of its "High Yield Interest -
- European Edition" publication.

"The European high-yield market is increasingly being driven by
technical factors, with ever-decreasing focus on credit risk.
This story always ends badly," says Chetan Modi, head of Moody's
European leveraged finance team. Rating downgrades of European
speculative-grade companies exceeded upgrades by 2.2x in 2012,
and the percentage of companies rated B3 negative and lower
continues to increase.

The January edition also comments on the growth of "fallen
angels" in the European speculative-grade universe, as well as
discussing the challenges of rating new weaker European
companies, as the usage of ratings increases.


* BOND PRICING: For the Week January 14 to January 18, 2013
-----------------------------------------------------------

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.


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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., Washington, D.C., 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 2013.  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$775 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 215-945-7000 or Nina Novak at
202-241-8200.


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