TCREUR_Public/130211.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, February 11, 2013, Vol. 14, No. 29



DEXIA SA: Court Asks Seine-Saint-Denis to Pay Loan Interest


BSR HOLDING: Freight Services Privatization Likely to Fail
LIAM: Shareholders to Vote on Liquidation on March 11

C Z E C H   R E P U B L I C

ECM REAL ESTATE: Declared Bankrupt Reorganization Plan Withdrawn


CB MEZZCAP: S&P Lowers Ratings on Four Note Classes to 'D'
PHOTON EUROPE: Insolvency Process Officially Opens in Germany
SMP DEUTSCHLAND: Fitch Puts 'B' IDRs on Rating Watch Negative


KAUPTHING BANK: Winding-Up Board Settles Claims Against Sheikh


* IRELAND: Agrees New Debt Payment Schedule with ECB


BANCA MONTE: Says Not In Talks to Renegotiate Derivative Deals
SEAT PAGINE: Moody's Cuts CFR to 'Ca' Following Payment Default
SEAG PAGINE: S&P Downgrades Corporate Credit Rating to 'D'


LIEPAJAS METALURGS: May Face Bankruptcy Due to High Energy Costs


CHEYNE CREDIT: Fitch Upgrades Rating on Class V Notes to 'BB'
EUROCREDIT CDO IV: Moody's Cuts Ratings on 2 Note Classes to 'B2'
SNS BANK: Sub. Debt Bail-in Not Yet the Benchmark, Fitch Says


RUSSIAN STANDARD: Fitch Assigns 'B+' Rating to CNY500MM Notes
SITRONICS JSC: Weak Finances Prompt Moody's to Cut CFR to Caa1


SILIKEN SA: Spanish Subsidiaries File for Insolvency


PETROPLUS HOLDINGS: France Backs Egyptian Bid for Petit-Couronne

U N I T E D   K I N G D O M

BYRE THEATRE: Officially Enters Liquidation
COSALT PLC: Likely to Enter Insolvency End February
FARAD ENTERPRISES: Ulster Bank Appoints Receivers to Properties
HMV GROUP: Closes 66 Lossmaking Stores; 930 Jobs Affected
MORTGAGES NO.7: Fitch Lowers Rating on Class E Notes to 'B'

NEPTUNE RENEWABLE: Product Failure Prompts Liquidation
QUINTON HAZELL: In Administration, Cuts 100 Staff
SEYMOUR PIERCE: Enters Into "Pre-Pack" Administration with Cantor
SR TECHNICS: Britain's Pension Insurance Takes Over Liabilities
TAMWORTH GOLF: 30 Staff Lose Jobs as Club Goes Into Liquidation

* UK: Liquidation Hits Lowest Level in Last Quarter of 2012


* EU Investors Show Growing Faith in Banks, Fitch Survey Shows
* Moody's Reports Stable Outlook for Bond Funds in 2013
* BOND PRICING: For the Week February 4 to February 8, 2013



DEXIA SA: Court Asks Seine-Saint-Denis to Pay Loan Interest
Fabio Benedetti-Valentini at Bloomberg News reports that Dexia SA
in a statement said the Nanterre court asked Seine-Saint-Denis to
pay legal interest rate on loans as final contracts signings
missed reference to global interest rate.

According to Bloomberg, Dexia said the Nanterre court's decision
shows three contracts were loans.

Bloomberg relates that Dexia said in the statement that the
company didn't fail to its "information duty" with Seine-Saint-

Dexia said it is studying the Nanterre court's decision,
Bloomberg discloses.

Separately, Bloomberg's Mr. Benedetti-Valentini disclosed that
French Parliament's lower-house President Claude Bartolone
commented in an e-mailed statement that the Nanterre court
canceled interest clauses on three Dexia's contracts with Seine-
Saint-Denis local government.

As reported by the Troubled Company Reporter-Europe on Feb. 4,
2013, The Financial Times related that Dexia is trying to borrow
EUR40 billion from global investment banks as the thrice bailed-
out Franco-Belgian lender seeks to cut its dependency on the
European Central Bank's financial support.  Dexia Chief Executive
Karel De Boeck, as cited by the FT, said in an interview with a
Belgian newspaper on Jan. 31 that the stricken lender wanted to
return to the market and gradually stop receiving "Eurosystem"
financing.  Dexia, once the world's largest municipal lender, has
been one of the European banks worst affected by the US subprime
mortgages meltdown and the eurozone sovereign debt crisis, the FT
disclosed.  France and Belgium agreed in November to bail out
Dexia for the third time in four years, injecting EUR5.5 billion
of fresh capital into the bank, the FT recounted.

Dexia SA is a Belgium-based banking group with activities
principally in Belgium, Luxembourg, France and Turkey in the
fields of retail and commercial banking, public and wholesale
banking, asset management and investor services.  In France,
Dexia Bank focuses on funding public sector bodies and providing
financial services to local government.  In Luxembourg, Dexia
operates in two main areas: commercial banking (for personal and
professional customers) and private banking (for international
investors).  In Turkey, Dexia is involved in retail and
commercial banking and offers services to ordinary account
holders, business and local public sector customers and
institutional clients. The Company operates through its
subsidiaries, such as Dexia Credit Local, DenizBank, Dexia
Credicop, Dexia Sabadell, Dexia Kommunalbank Deutschland, Dexia
Asset Management, among others.


BSR HOLDING: Freight Services Privatization Likely to Fail
FOCUS News Agency reports that the privatization procedure for
Bulgarian State Railways (BSR) Freight Services might fail, even
though it has entered its final stage.

It transpired that several banks requested the insolvency of the
BSR Holding, FOCUS News relates.  French BNP Paribas and Societe
Generale, Austrian Creditanstalt, and Belgian Dexia lodged the
claim at the London Court of International Arbitration, FOCUS
News recounts.  The reason behind the claim is the considerable
liabilities the national railway company accumulated with its
second bond loan of EUR120 million, FOCUS News discloses.

FOCUS News notes that Stroitel weekly said Fibank is part of the
crediting syndicate, but is also one of the four candidates for
the privatization of BSR Freight Services.

According to FOCUS News, the Capital daily learned that slightly
after the announcement of the claim, the major bondholder on the
holding's first bond loan -- Depfa Bank, levied a distraint on
the shares of the BSR at its subsidiary company.  Postbank is
also among the bondholders, FOCUS News discloses.  BSR's
remaining liabilities on its first bond loan amount to BGN6.3
million, FOCUS News says.

Established in 1885, The Bulgarian State Railways, commonly known
as BDZ, is Bulgaria's state railway company and the largest
railway carrier in the country.  The company's headquarters are
located in the capital Sofia.

LIAM: Shareholders to Vote on Liquidation on March 11
SeeNews reports that Liam said on Friday it plans to launch a
procedure for its liquidation.

According to SeeNews, Liam said in a bourse filing that the
company shareholders will vote on the liquidation proposal at a
general meeting scheduled for March 11.

Liam is a Bulgarian special purpose vehicle.

C Z E C H   R E P U B L I C

ECM REAL ESTATE: Declared Bankrupt Reorganization Plan Withdrawn
CTK reports that the City Court in Prague on Friday declared
debt-ridden developer ECM Real Estate Investments bankrupt after
the biggest group of its creditors had asked for the withdrawal
of a reorganization plan.

The bankruptcy was initiated by creditors who consider the move
as "the only possible and suitable solution of the debtor's
insolvency" with regard to the state of the company, CTK says,
citing a document in the insolvency register.

ECM has been tackling debts reaching billions of crowns for a
long time, CTK notes.

The reorganization proposal was submitted in August last year by
creditor company Astin Capital Management Limited that represents
holders of ECM's eurobonds worth around CZK3 billion, CTK
recounts.  However, the company withdrew the proposal on Feb. 7,
CTK relates.

The value of ECM's assets was put at CZK1.2 billion in an expert
assessment report in spring last year, CTK notes.  The insolvency
administrator earlier acknowledged creditors' claims worth
CZK2.2 billion, CTK states.  However, the total volume of claims
registered in the insolvency proceedings against ECM reached
CZK9.5 billion, CTK says.

According to CTK, after the transformation of reorganization into
bankruptcy, the right to handle the company's assets is passing
on to insolvency administrator and lawyer Ivo Hala.  According to
Hala, the declaration of bankruptcy is not changing the situation
of ECM very much, CTK notes.

"The process of converting assets into money will continue . . .
For creditors, [Fri]day's court decision is a way of getting
their money back relatively fast," CTK quotes Mr. Hala as saying.

The insolvency administrator's team is now completing the sale of
ECM's Chinese assets, namely a stake in the ECMall shopping
center in Peking which ECM owns via its subsidiary based in Hong
Kong, CTK discloses.

The second major unsold asset is a building lot in Prague's
Pankrac district, CTK says.

"After that (the sale) nothing will prevent me from starting to
gradually pay out money to creditors," Mr. Hala, as cited by CTK,

According to information available to CTK, creditors will receive
about 20 up to 30% of their claims.  Mr. Hala, however, refused
to confirm this information, CTK notes.

ECM Real Estate Investments AG is known mainly as the builder of
high-rise buildings in Prague's Pankrac district.


CB MEZZCAP: S&P Lowers Ratings on Four Note Classes to 'D'
Standard & Poor's Ratings Services lowered its credit ratings on
all classes of notes in CB MezzCAP Limited Partnership.

The rating actions follow S&P's review of the transaction,
including the latest available investor report dated Jan. 25,
2013, and the servicer's loan-level data.  The transaction
reached its scheduled maturity on Jan. 25, 2013.  All but three
profit participation agreements (PPAs) remaining in the portfolio
have had a principal deficiency event (PDE).

On the January 2013 interest payment date (IPD), in line with the
transaction's priority of payments, the issuer used all available
funds to pay the class A notes' interest and principal, after
paying senior fees and expenses.  The available funds amounted to
about EUR93.09 million, including EUR87 million redemption
proceeds received from the full repayment of 16 underlying PPAs
(scheduled to mature in January 2013).  Under the transaction
documents, any payments to the class B, C, D, and E notes either
on, or after, the scheduled maturity date are subordinated to the
full repayment of the class A notes.

Due to insufficient funds, the class B, C, D and E notes
experienced interest shortfalls on the January 2013 IPD.  S&P has
therefore lowered to 'D (sf)' its ratings on the class B, C, D,
and E notes.

The class A notes received their full scheduled interest payment
on the January 2013 IPD.  In addition, a repayment of about
EUR91.37 million has reduced the outstanding principal due on the
class A notes to EUR14.9 million--equal to about 10.8% of its
issuance amount at closing.

The remaining portfolio comprises 13 obligors with a total
balance of EUR71 million, of which EUR57.5 million (due from 10
obligors) is defaulted, EUR8.5 million (due from two obligors) is
subject to restructuring negotiations, and EUR5 million (under
one PPA) is due for repayment in February 2013.  In S&P's
opinion, the full repayment of the class A notes therefore
partially relies on recoveries received on defaulted PPAs.

To date, 15 PPAs with a combined amount of EUR96 million have
defaulted--equal to 48% of the original pool volume.  Of those,
five PPAs with an original amount of EUR43.5 million have
recovered EUR7.8 million, almost exclusively through substantial
debt waivers.  In addition, the servicer has repurchased a
defaulted PPA, with an original amount of EUR10 million, at 85%
of its original value.  According to the January 2013 investor
report, the issuer is expected to receive EUR3.48 million from
one PPA (with an original amount of EUR4 million) in February
2013.  As of the January 2013 investor report, the servicer's
recovery expectations for the remaining defaulted PPAs are mostly
zero.  Therefore, following the maturity of the last performing
PPA this month, in S&P's view, there is a risk that the issuer
may not have sufficient income to pay the interest amounts due on
the class A notes after the April 2013 IPD.

As a result of these developments, the class A notes are highly
vulnerable to non-payment.  S&P has therefore lowered to 'CC
(sf)' from 'CCC (sf)' its rating on this  class notes.

CB MezzCAP is a German small and midsize enterprise (SME)
collateralized loan obligation (CLO) transaction that closed in
April 2006.  The underlying collateral comprises the issuer's
payment claims against German SMEs under the PPAs.  Under the
PPAs, if the company is liquidated or becomes insolvent, the
issuer's claims are subordinated to the claims of all other
creditors of the company, but rank ahead of equity holders.


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

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



CB MezzCAP Limited Partnership
EUR199.5 Million Floating-Rate Notes

Class             Rating
            To              From

Ratings Lowered

A           CC (sf)         CCC (sf)
B           D (sf)          CC(sf)
C           D (sf)          CC (sf)
D           D (sf)          CC (sf)
E           D (sf)          CC (sf)

PHOTON EUROPE: Insolvency Process Officially Opens in Germany
Michael Fuhs and Sandra Enkhardt at report that
insolvency proceedings against Photon Europe have been officially
opened in Aachen, Germany.  A spokesperson for the liquidator
said intensive discussions are underway with a potential
investor. How much money the creditors will receive back is
unclear, says

According to the report, the District Court of Aachen officially
opened insolvency proceedings against Photon Europe GmbH on
February 1.  A spokesperson for the court confirmed to pv
magazine's sister publication, photovoltaik that this was done at
the request of the company, which filed an insolvency application
last December.

The up to now preliminary liquidator Andre Seckler of the law
firm Kebekus & Zimmermann will remain on in his position, pv- reports.

Meanwhile, talks are said to be underway with interested parties
regarding a transferred reorganization. They are expected to be
completed shortly, adds.

Photon Europe GmbH is a publisher of leading PV publications such
as Photon International.

SMP DEUTSCHLAND: Fitch Puts 'B' IDRs on Rating Watch Negative
Fitch Ratings has placed SMP Deutschland GmbH's (SMP, formerly
known as Peguform GmbH) Long-term Issuer Default Rating (IDR) and
Short-Term IDR of 'B' on Rating Watch Negative (RWN).

The RWN reflects increased parent credit risk. SMP's IDR benefits
from a one-notch uplift to 'B' from 'B-', representing potential
support from the stronger credit profile of its parents,
Motherson Sumi Systems Limited and Samvardhana Motherson
International Limited, which indirectly own a combined 83.72% of
SMP. A deterioration of the parents' creditworthiness would
jeopardise their ability to support SMP and the one-notch ratings
uplift to SMP's stand-alone ratings.

"EUR93 million out of the EUR190 million debt taken to fund the
acquisition of SMP is subject to an abridgement option from mid-
2013. An IPO of SMIL, whose proceeds were intended to repay part
of the acquisition facility, was planned in 2012, but did not go
through. We are concerned about the impact that a potential
exercise of the abridgement option would have on the parents'
financial profile, liquidity and ability to meet their covenants,
if they were to debt-refinance the whole amount," Fitch says.

Fitch expects to resolve the RWN in the near term, following a
meeting with management, further review of SMP's performance and
plans and an evaluation of the consequences that a potential
exercise of the abridgement option would have on SMP.


- Fairly Weak Business Profile:

SMP is a leading manufacturer of plastic car bumpers in Germany
and Spain. It benefits from a long-standing relationship with
Volkswagen Group ('A-'/Positive). However, it is exposed to
material concentration risks. Specifically, more than 75% of
sales are derived from Volkswagen, which gives SMP poor price
negotiation power, and geographic diversification is low. In
addition, its products are fairly homogenous, with few
differentiating revenue drivers from peers.

- Support from Parent:

The ratings benefit from a one-notch uplift from the stronger
credit profile of its Indian parent, MSSL. Fitch believes that
MSSL is likely to provide support to SMP should the latter
experience difficulties because MSSL has a strategic interest in
SMP's strong relationship with Volkswagen and SMP's facility
agreement contains a cross-default clause that in case of default
would also affect the EUR190m SMP acquisition debt partially
guaranteed by MSSL.

- Ring-Fencing from Parent:

SMP's cash reserves and cash generating ability are contractually
ring-fenced from the parent. The debt of EUR190m extended to the
parent, Samvardhana Motherson Peguform GmbH (formerly Forgu
GmbH), to acquire SMP is not an obligation of the latter and is
fully guaranteed and serviced by the ultimate parents SMFL and
MSSL. This EUR190m is therefore not included in Fitch's
computation of SMP's leverage.

- Strong Pricing Pressures:

SMP does not expect EBIT margins on any of its products to
increase to above 4% in Europe. Margins could come under further
pressure due to volatility in automotive demand and raw material
input prices.

- Barely Sufficient Cash Flow:

Fitch expects that, in the absence of a market downturn, cash
flow from operations (CFO) should be sufficient to cover debt
repayment and investment requirements. Fitch forecasts that the
funds from operations (FFO)-adjusted leverage of close to 4.0x at
end-2012 will gradually decline towards 3x at end-2014, assuming
the economic climate does not deteriorate below Fitch's


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

The ratings could be affirmed with a Stable Outlook, following a
resolution of the RWN, if the risks associated with the potential
exercise of the abridgement option are addressed and support to
SMP is unimpaired. In addition, the ratings could be affirmed, if
SMP's EBIT margin is above 2%, free cash flow (FCF) margin is
positive and FFO adjusted leverage is below 4.0x.

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

Conversely, a deterioration of MSSL's or SMIL's credit profile,
of their ability to support SMP and potential ripple effects on
SMP, could lead to a downgrade. Equally, negative ratings
pressure could materialize, if SMP's EBIT margin remains below
2%, FCF remains negative or FFO adjusted leverage remains above


KAUPTHING BANK: Winding-Up Board Settles Claims Against Sheikh
Richard Milne at The Financial Times reports that Kaupthing's
winding-up board has settled the failed Icelandic bank's claims
against Sheikh Mohammed Bin Khalifa Bin Hamad Al Thani of Qatar,
in a case that has parallels with Barclays' troubled dealings
with the Middle East country.

On Friday, the board announced in a short statement that it was
dropping its claims against Sheikh Mohammed, after agreeing a
confidential settlement with him, the FT relates.

He bought a 5% stake in the Icelandic bank in September 2008,
shortly before it collapsed, but it was later revealed that
Kaupthing had lent the Sheikh the money to buy the stake, the FT

Three former Kaupthing executives and one of its largest
shareholders were charged last year by Iceland's special
prosecutor, the FT discloses.  Olafur Hauksson, the special
prosecutor, told the FT that the Sheikh had assisted the inquiry
by answering questions.

According to the charges from the prosecutor and a parliamentary
report, Kaupthing issued several loans to companies owned by the
Sheikh, the FT notes.  Kaupthing's court case against him came
about because the loans were not repaid, the FT discloses.

                       About Kaupthing Bank

Headquartered in Reykjavik, Iceland Kaupthing Bank -- is Iceland's largest bank and among
the Nordic region's 10 largest banking groups.  With operations
in more than a dozen countries, the bank offers a range of
services including retail banking, corporate finance, asset
management, brokerage, private banking, treasury, and private
wealth management.  Kaupthing was created by the 2003 merger of
Bunadarbanki and Kaupthing Bank.  In October 2008, the Icelandic
government assumed control of Kaupthing Bank after taking similar
measures with rivals Landsbanki and Glitnir.

As reported by the Troubled Company Reporter-Europe, on Nov. 30,
2008, Olafur Gardasson, assistant for Kaupthing Bank hf, filed a
petition under Chapter 15 of title 11 of the United States Code
in the United States Bankruptcy Court for the Southern District
of New York commencing the Debtor's Chapter 15 case ancillary to
the Icelandic Proceeding and seeking recognition for the
Icelandic Proceeding as a "foreign main proceeding" under the
Bankruptcy Code and relief in aid of the Icelandic Proceeding.


* IRELAND: Agrees New Debt Payment Schedule with ECB
Paul Hannon and Eamon Quinn at Dow Jones Newswires report that
Irish Prime Minister Enda Kenny said on Thursday that a new
schedule for repaying debts incurred in support of the country's
stricken banks will reduce his government's borrowing needs over
the next decade and cut its budget deficit by EUR1 billion
(US$1.35 billion) a year.

According to Dow Jones, he told lawmakers that under a plan that
had been discussed with the European Central Bank, the government
will exchange new bonds with maturities of as long as 40 years
for existing promissory notes with an average duration of between
seven and eight years.

He said the first payment of principal on the new bonds will take
place in 2038, and the last in 2053, giving an average duration
of 34 years, Dow Jones relates.  He said the interest rate on the
bonds will be a little over 3%, compared with the 8% rate charged
on the promissory notes, Dow Jones notes.

"In effect, we have replaced a short-term, high-interest-rate
overdraft that had to be paid down quickly through more-expensive
borrowings, with long-term, cheap, interest-only loans," Dow
Jones quotes Mr. Kenny as saying.

For more than a year, the government had sought to persuade the
euro zone's authorities to let it lengthen the payments schedule
on EUR31 billion of promissory notes it pledged in support of
now-defunct lenders Anglo Irish and Irish Nationwide, Dow Jones
recounts.  The ECB was concerned that such refinancing could
break its taboo against direct funding of troubled European
governments, Dow Jones says.

The ECB's consent to a change in those terms was needed because
the government's payments go toward reducing the support given to
the banks by the Central Bank of Ireland, Dow Jones states.

The central bank will each year sell some of those bonds to
private investors, beginning with EUR500 million to the end of
2014, and rising in steps to EUR2 billion a year from 2024, as
long as those sales don't threaten financial stability, Dow Jones

Those sales will have the effect of gradually reducing the amount
of government debt that has been issued directly to it, even
before the bonds start to mature, Dow Jones notes.


BANCA MONTE: Says Not In Talks to Renegotiate Derivative Deals
Sonia Sirletti at Bloomberg News reports that Banca Monte dei
Paschi di Siena SpA isn't in talks to renegotiate derivative
deals, dubbed Santorini and Alexandria, which contributed to a
EUR730 million (US$975 million) hit to its assets.

"We are not in talks with the counter-parties to restructure
Alexandria and Santorini," Bloomberg quotes Chief Executive
Officer Fabrizio Viola as saying on Saturday.  "So far we haven't
taken any decision; we will evaluate what to do."

Mr. Viola and Chairman Alessandro Profumo are seeking to revive
profitability and restore investors' confidence amid allegations
former management hid losses related to three derivative
transactions, labeled Alexandria, Santorini and Nota Italia,
Bloomberg discloses.  The lender said Feb. 7 that the impact of
Santorini will be EUR305.2 million, while Alexandria will bring
losses of EUR272.5 million and Nota Italia of EUR151.7 million,
Bloomberg relates.

Monte Paschi has restructured only the Nota Italia deal so far,
removing risk related to Italian government bonds, Bloomberg
notes.  The bank paid EUR139 million to restructure the
transaction on Jan. 23, Bloomberg recounts.

As for Santorini and Alexandria, "the cost of closing would
probably be prohibitive for the bank," Bloomberg quotes
Alessandro Frigerio, a fund manager at RMJ Sgr in Milan, as
saying.  "Considering that those transactions are under probe,
Monte Paschi may have some incentive to wait for the results of
the investigation so it may have more bargaining power."

Banca Monte dei Paschi di Siena SpA -- is
an Italy-based company engaged in the banking sector.  It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts.  In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services.  The Company comprises more than 3,000
branches, and a structure of channels of distribution.  Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa.  It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Feb. 04,
2013, Standard & Poor's Ratings Services said that it lowered its
long-term counterparty credit rating on Italy-based Banca Monte
dei Paschi di Siena SpA (MPS) to 'BB' from 'BB+'. S&P also
lowered its rating on MPS' Lower Tier 2 subordinated notes to
'CCC+' from 'B-'.  These ratings remain on CreditWatch,
where S&P originally placed them with negative implications on
Dec. 5, 2012.  S&P lowered the ratings on MPS' junior
subordinated debt to 'CCC' from 'CCC+' and on its preferred stock
to 'CCC-' from 'CCC'.  S&P also placed these ratings on
CreditWatch with negative implications.  S&P affirmed its 'B'
short-term counterparty credit rating on the bank.  The downgrade
follows MPS' recent announcement related to the investigation of
potential losses on three structured transactions.

SEAT PAGINE: Moody's Cuts CFR to 'Ca' Following Payment Default
Moody's Investors Service downgraded the corporate family rating
of Seat Pagine Gialle SpA to Ca, and the probability of default
rating to Ca-PD/LD.

Concurrently, Moody's has downgraded Seat's EUR750 million senior
secured bonds due 2017 and EUR65 million senior secured stub
bonds due 2017 to Ca. The outlook on the ratings is negative.

Ratings Rationale

The rating actions and the "/LD" indicator applied to the PDR
follow the non-payment of interest due on the Senior Bank Loan on
February 6, 2013. Seat's Board of Directors completed its
business review which concluded that the current debt burden is
not sustainable and the company will not be in a position to meet
its interest and principal obligations in 2013.

This non-payment follows the company's non-payment of EUR42.2
million interest due on January 31, 2013 on the Senior Secured
Bonds, which has a 30-day grace period. Moody's expects to remove
the "/LD" indicator after approximately three business days.

Seat has applied for admission to the composition with creditors
procedure with the Turin Court with an expectation to submit a
proposal to lenders. The negative outlook reflects the residual
uncertainty regarding the group recovery in a scenario of debt

The principal methodology used in this rating was the Global
Publishing Industry published in December 2011. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Headquartered in Turin, Italy, Seat publishes and provides
directory services in Italy and, through its wholly-owned
subsidiary, TDL, is the number three directories publisher in the
UK. Seat also has a presence in Germany through Telegate, the
second-largest player in the German directory-assistance market.

SEAG PAGINE: S&P Downgrades Corporate Credit Rating to 'D'
Standard & Poor's Ratings Services said that it lowered to 'D'
(default) from 'SD' (selective default) its long-term corporate
credit rating on Italy-based classified directories SEAT
PagineGialle SpA (SEAT).

At the same time, S&P lowered to 'D' from 'CC' its issue rating
on SEAT's EUR686 million new senior secured facilities (including
a new EUR90 million revolving credit facility).  The recovery
rating on these instruments remains unchanged at '3', reflecting
S&P's expectation of meaningful (50%-70%) recovery in the event
of a payment default.

The issue rating on SEAT's EUR750 million senior secured notes
and EUR65 million new senior secured notes remains unchanged at
'D'. The recovery rating on these notes also remains unchanged,
at '3', reflecting S&P's expectation of meaningful (50%-70%)
recovery in the event of a payment default.

The downgrades reflect SEAT's failure to pay the interest on its
EUR686 million senior secured facilities on the due date of
Feb. 6, 2013.  S&P do not believe that the company will make the
interest payment within the following five business days.  This
is because SEAT is contemplating a second round of financial
restructuring, since recent adverse macroeconomic and market
developments make its existing capital structure unsustainable.

The downgrade of SEAT reflects S&P's understanding that SEAT has
now failed to pay all, or substantially all, of its obligations
when they were due.  SEAT already delayed the interest payments
on its EUR750 million and EUR65 million senior secured bonds in
late January 2013.  In addition, SEAT has applied for a "blank
option procedure," which enables the company to immediately
benefit from all applicable statutory protections of its assets,
in order to protect the interests of all stakeholders.  SEAT is
also looking to file a pre-insolvency procedure called
"composition with creditors," which is a formal, court-
supervised, reorganization that allows the company to seek an
alternative repayment plan with creditors.

Under S&P's criteria, it considers the extension of a due payment
of interest or principal as tantamount to a default if the
payment falls later than five business days after the scheduled
due date. This is irrespective of any grace period stipulated in
the debt documentation.

S&P will monitor the progress of SEAT's pending debt
restructuring over the coming months.  The restructuring aims to
reduce leverage in a way that is agreeable to all the main
stakeholders.  If and when SEAT emerges from any form of
reorganization, S&P will reassess the ratings, taking into
account the factors that precipitated the default, as well as any
gains from the reorganization process.


LIEPAJAS METALURGS: May Face Bankruptcy Due to High Energy Costs
Baltic Business News, citing news2biz LATVIA, reports that
Liepajas Metalurgs says its energy prices are going through the
roof because of the obligation to pay Mandatory Procurement
Component for the electricity it receives.

According to BBN, the company says that high energy costs are
threatening to bankrupt it, and that it will stop paying MPC in
order to be able to pay its suppliers and avoid bankruptcy.

The company says MPC has been growing too fast and that in the
last four years, it has paid LVL10.9 million for MPC, BBN
discloses.  In 2013 alone, it estimates that it will have to pay
more than LVL9 million, BBN notes.

The company now has to repay a EUR100 million loan which it took
for the renovation of its steel production line, which are also
more electricity-intensive, BBN states.

Liepajas Metalurgs is also facing a falling demand for steel --
among with lower prices -- in its main export markets, BBN
relates.  All things considered, the company claims that it will
go bankrupt within two months if it has to continue paying the
MPC, BBN says.

Liepajas Metalurgs employs 2,300 people, its 2012 turnover
reached LVL300 million, and it is vital for the economy of its
hometown Liepaja.


CHEYNE CREDIT: Fitch Upgrades Rating on Class V Notes to 'BB'
Fitch Ratings has upgraded Cheyne Credit Opportunity CDO I B.V.'s
class IV and V notes as:

  Class IA F (ISIN US167059AG90): affirmed at 'AAAsf'; Outlook

  Class IB (ISIN XS0243224911): affirmed at 'AAAsf'; Outlook

  Class II (ISIN XS0243225215): affirmed at 'AAsf'; Outlook

  Class III (ISIN XS0243225488): affirmed at 'Asf'; Outlook

  Class IV (ISIN XS0243225728): upgraded to 'BBBsf' from 'BBsf';
  Outlook Stable

  Class V (ISIN XS0243226296): upgraded to 'BBsf' from 'Bsf';
  Outlook Stable

The upgrade reflects the improvement in the transaction's
performance, allowing the notes to pass higher stresses
commensurate with 'BBBsf' and 'BBsf' ratings. The Stable Outlook
reflects the favorable maturity profile of the portfolio with a
low fraction of the assets maturing in 2013 and 2014.

Overall, the credit quality of the performing portfolio has
improved since the last review, facing a positive rating
migration to the 'Bsf' category while the 'CCC+ and below' bucket
has further reduced. Fitch's weighted average rating improved to
34.2 from 36.5 last year, as did the weighted average recovery
rate to 66.8% from 64.5%.

There have been five new defaulted assets in the transaction
corresponding to two issuers and currently there are eight
defaulted assets totaling EUR51.2 million. For the calculation of
the coverage test, these defaulted assets are valued at zero not
accounting for expected recoveries, being more effective in
diverting proceeds to redeem the senior notes than the standard
calculation in the CLO securitization sector, where the defaults
are included at the lower of the recovery rate and the market

All the coverage tests are currently in compliance, with cushions
from their trigger levels increased since last year.

Since the reinvestment period finished in February 2011, all
scheduled principal proceeds from the collateral have been used
to redeem the notes sequentially. The class IA F notes have
amortized to 46% of their initial balance while the other notes
remain at their original balances. After the end of the
replenishment period the manager is allowed as per the
documentation to reinvest unscheduled principal proceeds. Since
the last review the manager has not purchased any new assets.

In its analysis, the agency considered the sensitivity of the
notes' ratings to the exposure to countries where Fitch has
imposed a country rating cap lower than the ratings on any notes
in the transaction. These countries are currently Greece, Italy,
Portugal and Spain, but may include additional countries in case
of sovereign rating migration. As per the result of this
analysis, Fitch believes that the current notes' ratings will not
face a material negative impact for exposure of up to 15%, under
the same average portfolio profile and assuming that the current
ratings on the UK and eurozone are stable.

EUROCREDIT CDO IV: Moody's Cuts Ratings on 2 Note Classes to 'B2'
Moody's Investors Service has taken the following rating actions
on the notes issued by Eurocredit CDO IV B.V.

Issuer: Eurocredit CDO IV B.V.

  EUR8.5M Class B-1 Senior Secured Deferrable Floating Rate Notes
  due 2020, Downgraded to Ba1 (sf); previously on Aug 19, 2011
  Upgraded to Baa2 (sf)

  EUR12.5M Class B-2 Senior Secured Deferrable Fixed Rate Notes
  due 2020, Downgraded to Ba1 (sf); previously on Aug 19, 2011
  Upgraded to Baa2 (sf)

  EUR0.75M Class C-1 Senior Secured Deferrable Floating Rate
  Notes due 2020, Downgraded to B2 (sf); previously on Aug 19,
  2011 Upgraded to Ba3 (sf)

  EUR17.75M Class C-2 Senior Secured Deferrable Fixed Rate Notes
  due 2020, Downgraded to B2 (sf); previously on Aug 19, 2011
  Upgraded to Ba3 (sf)

Moody's also affirmed the rating of the Class A1 and A2 notes
issued by Eurocredit CDO IV B.V.

  EUR252M (Current Outstanding Balance EUR105.02M) Class A-1
  Senior Secured Floating Rate Notes due 2019, Affirmed Aaa (sf);
  previously on Aug 19, 2011 Upgraded to Aaa (sf)

  EUR23M Class A-2 Senior Secured Floating Rate Notes due 2019,
  Affirmed Aa3 (sf); previously on Aug 19, 2011 Upgraded to Aa3

Eurocredit CDO IV B.V, issued in November 2004, is a
Collateralized Loan Obligation backed by a portfolio of mostly
senior secured European loans. The portfolio is managed
Intermediate Capital Managers. The reinvestment period of this
transaction ended in February 2010.

Ratings Rationale

According to Moody's, the rating actions taken on the notes
result primarily from a credit deterioration in the underlying
collateral pool, primarily reflected in an increase in defaults
and a higher concentration in obligors rated Caa1 and below.

Amortization of the Class A1 Note has improved the
overcollateralization ratios for the Class A and Class B Notes.
However, the increase in defaults and in the proportion of
obligors rated Caa1 and below eroded the OC ratios for the Class
C notes. As of the latest trustee report dated December 2012, the
Class A, Class B and Class C overcollateralization ratios are
reported at 136.85%, 117.56% and 104.58%, respectively, versus
July 2011 levels of 127.16%, 116.23% and 108.06% respectively.

In its base case, Moody's analyzed the underlying collateral pool
to have a performing par and principal proceeds balance of EUR
175.84 million, a defaulted par of EUR 15.23 million, a weighted
average default probability of 25.73% (consistent with a WARF of
3,945), a weighted average recovery rate upon default of 40.99%
for a Aaa liability target rating, a diversity score of 25 and a
weighted average spread of 3.61%. The default probability is
derived from the credit quality of the collateral pool and
Moody's expectation of the remaining life of the collateral pool.
The average recovery rate to be realized on future defaults is
based primarily on the seniority of the assets in the collateral
pool. For a Aaa liability target rating, Moody's assumed that
77.48% of the portfolio exposed to senior secured corporate
assets would recover 50% upon default, while the remainder non
first-lien loan corporate assets would recover 10%. In each case,
historical and market performance trends and collateral manager
latitude for trading the collateral are also relevant factors.
These default and recovery properties of the collateral pool are
incorporated in cash flow model analysis where they are subject
to stresses as a function of the target rating of each CLO
liability being reviewed.

In addition to the base case analysis described above, Moody's
also performed sensitivity analyses on key parameters for the
rated notes:

(1) Deterioration of credit quality to address the refinancing
and sovereign risks -- Approximately 32.35% of the portfolio are
rated B3 and below and maturing between 2014 and 2016, which may
create challenges for issuers to refinance. Approximately 8.18%
of the portfolio are exposed to obligor located in Ireland, Italy
and Spain. Moody's considered the scenario where the WARF of the
portfolio was increased to 4,442 by forcing to Ca the credit
quality of 25% of such exposures subject to refinancing or
sovereign risks. This scenario generated model outputs that were
within one notch from the base case results.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy and 2) the large concentration
of speculative-grade debt maturing between 2014 and 2016 which
may create challenges for issuers to refinance. CLO notes'
performance may also be impacted either positively or negatively
by 1) the collateral manager's behavior and 2) divergence in
legal interpretation of CDO documentation by different
transactional parties due to embedded ambiguities.

Sources of additional performance uncertainties are described

1) Portfolio Amortization: The main source of uncertainty in this
transaction is whether delevering from unscheduled principal
proceeds will continue and at what pace. Delevering may
accelerate due to high prepayment levels in the loan market
and/or collateral sales by the liquidation agent, which may have
significant impact on the notes' ratings.

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

3) Moody's also notes that around 67% of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates. Large single exposures
to obligors bearing a credit estimate have been subject to a
stress applicable to concentrated pools as per the report titled
"Updated Approach to the Usage of Credit Estimates in Rated
Transactions" published in October 2009.

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

Under this methodology, Moody's used its Binomial Expansion
Technique, whereby the pool is represented by independent
identical assets, the number of which is being determined by the
diversity score of the portfolio. The default and recovery
properties of the collateral pool are incorporated in a cash flow
model where the default probabilities are subject to stresses as
a function of the target rating of each CLO liability being
reviewed. The default probability range is derived from the
credit quality of the collateral pool, and Moody's expectation of
the remaining life of the collateral pool. The average recovery
rate to be realized on future defaults is based primarily on the
seniority and jurisdiction of the assets in the collateral pool.

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

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

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

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

SNS BANK: Sub. Debt Bail-in Not Yet the Benchmark, Fitch Says
The expropriation and apparent full loss of value of SNS Bank
dated subordinated debt in the nationalization of SNS REAAL by
the Dutch state is the harshest burden-sharing on this asset
class at a rated bank since the onset of the eurozone crisis,
Fitch Ratings says. This high loss rate is not consistent with
our "base case" loss severity notching for subordinated debt. But
it is too early to conclude that such loss rates will become the
norm over the longer term.

"The SNS bail-in highlighted the role of subordinated debt as
gone-concern capital. It was consistent with our view that
sovereign support cannot be sufficiently relied upon to flow
through to most bank hybrids and subordinated securities. Our
starting assumption is therefore to notch these securities down
from a bank's Viability Rating, which does not incorporate the
potential for extraordinary sovereign support," Fitch says.

"Our base case when assessing loss severity for junior debt is
one notch down for subordinated debt and two notches for more
junior hybrids. Notching subordinated debt down once already
assumes relatively poor recoveries (10%-30%).

"The expropriation and apparent full loss of value of SNS Bank
subordinated debt would be consistent with loss severity notching
of two notches, not one. Although the subordinated bondholders
are entitled to claim for compensation, in practice recoveries
could remain nil, if statements made by Dutch finance minister,
Jeroen Dijsselbloem, that their claims entirely lose their value,
hold. "In jurisdictions (or even for individual banks) where we
consider such high loss rates to be the new norm or base case, we
would notch subordinated debt twice for loss severity instead of

"The SNS case illustrated the sweeping powers authorities are
likely to have as the bank resolution agenda develops in the EU.
Even so, we think the way in which SNS was resolved, particularly
the injection of considerable taxpayer funds and the full bail-
out of all senior creditors, is not the blueprint the Dutch or
other EU authorities ultimately have in mind for bank resolution.
It also illustrated the inherent tension in bank resolution
between the desire to push losses onto senior creditors, rather
than taxpayers, if necessary, and the practicality of so doing
without triggering unacceptable contagion risk.

"If progress with resolution regimes is ultimately successful in
overwhelmingly passing the cost of bank resolution onto
shareholders and creditors rather than taxpayers, expropriation
risk, including of subordinated creditors, should be less likely.

"Instead, bank resolution may end up looking more like
restructuring in the corporate sector, with subordinated
creditors suffering write-down or equity conversion, but not
necessarily full write-off or loss of value. Although loss rates
ought always to be a function of the size of the problem at an
individual bank, the larger the slice of junior debt that can be
bailed in (whether non-equity Tier 1 capital, contingent
convertibles or vanilla subordinated debt), the lower the risk of
such high subordinated debt loss rates as seem probable with

Fitch rates some hybrid Tier 1 debt of SNS Bank at the lowest
debt rating of 'C', reflecting poor recovery prospects, but does
not rate its subordinated debt.


RUSSIAN STANDARD: Fitch Assigns 'B+' Rating to CNY500MM Notes
Fitch Ratings has assigned Russian Standard Finance S.A.'s
CNY500 million issue of limited recourse loan participation notes
a Long-term expected rating of 'B+(EXP)'.

The bonds' final ratings will be assigned after the placement has
been completed.

The bonds bear an 8% coupon rate and are due in February 2015.
The notes are issued under to JSC Russian Standard Bank USD2.5
billion loan participation notes program, rated 'B+'/'B'/'RR4'.

The proceeds are to be used solely for financing a loan to RSB,
which has a Long-term Issuer Default Rating (IDR) of 'B+' with a
Stable Outlook, a Short-term IDR of 'B', a Support Rating of '5',
a Viability Rating of 'b+' and a Support Rating Floor of 'No

At end-H112, RSB was among 30 largest banks in Russia by assets
and according to management's estimates held 17.2% market share
in credit cards and 11.7% in point-of-sale loans. Roustam Tariko
indirectly owns 99.9% of RSB's shares.

SITRONICS JSC: Weak Finances Prompt Moody's to Cut CFR to Caa1
Moody's Investors Service downgraded Sitronics JSC's corporate
family rating to Caa1 from B3 and probability of default rating
to Caa1-PD from B3-PD. The outlook on the ratings is developing.
This concludes the review for downgrade initiated by Moody's on
February 21, 2011.

"We have downgraded Sitronics' rating primarily because of its
weak standalone credit profile, inadequate liquidity and
increased refinancing risk due to the approaching maturity of its
two domestic bond issues," says Artem Frolov, a Moody's Assistant
Vice President - Analyst and Moody's lead analyst for Sitronics.

Ratings Rationale

Sitronics' Caa1 CFR reflects (1) its weak standalone credit
profile and inadequate liquidity, resulting in an ongoing
reliance on external funding to meet its debt obligations; (2)
the company's increased refinancing risk due to the approaching
maturity (in June and October 2013) of its two domestic bond
issues totaling approximately US$160 million; (3) uncertainty
surrounding (a) the timing of completion of Sitronics' ongoing
reorganization, and (b) the company's operating and financial
performance following the reorganization; and (4) the possibility
of further changes to Sistema's plans regarding the
reorganization and the target pool of Sitronics' assets -- i.e.,
in addition to those changes evidenced over the past two years --
which impedes visibility with regard to the latter's standalone
performance and credit standing.

The rating continues to benefit from the implied support from
Sitronics' ultimate parent company, Sistema JSFC (Ba3 stable),
which Moody's expects to remain in place as long as Sitronics
remains a contractor for a number of government programs.

The developing outlook on Sitronics' ratings reflects the
uncertainty regarding the company's future credit standing, which
will depend on (1) the successful completion of its
reorganization and its final business and financial profile; (2)
the role of Sitronics within the Sistema group and the scope of
Sistema's support for Sitronics going forward.

What could change the rating up/down

Moody's could consider an upgrade of Sitronics's ratings if, as a
result of its planned reorganization, the company were to (1)
form a strong pool of assets; (2) build a track record of
improved operating and financial performance on a standalone
basis; (3) materially reduce its leverage; and (4) strengthen its
liquidity on a sustainable basis.

Conversely, Moody's could downgrade the rating if there were any
evidence of Sistema reducing its support to Sitronics, which
would increase the risk of it failing to meet its debt

Principal Methodology

Sitronics JSC 's ratings were assigned by evaluating factors that
Moody's considers relevant to the credit profile of the issuer,
such as the company's (i) business risk and competitive position
compared with others within the industry; (ii) capital structure
and financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside Sitronics JSC's core
industry and believes Sitronics JSC's ratings are comparable to
those of other issuers with similar credit risk.

Sitronics JSC is one of the largest technology companies
operating in Russia. In August 2012, Sitronics was delisted from
the London and Moscow stock exchanges, and is currently 100%
owned by OJSC RTI (not rated), a consolidated subsidiary of
Sistema JSFC (Ba3 stable). Sitronics reported US$1.48 billion in
revenues on a consolidated basis in 2011.


SILIKEN SA: Spanish Subsidiaries File for Insolvency
SolarServer reports that Siliken SA and three subsidiaries have
filed for insolvency in Spain, as revealed by the nation's
Official Bulletin of State on January 28, 2013.

Spanish subsidiaries Siliken Energy SL, Siliken Manufacturing SL
and Siliken Chemicals SL have joined the parent company in filing
for insolvency, SolarServer relates.  This follows Siliken's USA
Inc.'s (Carlsbad, California, US) filing for bankruptcy on
Jan. 8, 2013.

SolarServer says Siliken has been struggling for some time, and
closed factories as part of a restructuring in Mexico and Canada,
as well as reducing working hours at its facility in Spain.

                     About The Siliken Companies

Siliken Manufacturing USA, Inc. is a wholly-owned subsidiary of
Siliken, S.A., Valencia, Spain, which has itself sought relief
from creditors and is pursuing restructuring alternatives under
the laws of Spain.  The Siliken Companies are part of the Siliken
Group, which develops solutions for the renewable energy
industry, especially in the area of photovoltaic solar energy.
It manufactures and distributes photovoltaic modules and
components.  The Siliken Group has module production plants in
Spain and Romania, next to its own purification plant for solar-
grade silicon in Spain

Siliken Manufacturing USA, Inc., and affiliate Siliken USA, Inc.
filed for Chapter 11 on Jan. 7, 2013, (Bankr. S. D. California
Case No. 13-00119).  Ali M.M. Mojdehi, Esq., at Cooley LLP
represents the Debtor.  Judge Christopher B. Latham presides over
the case. The Debtor's assets range from $1 million to $10
million and its debts from $10 million to $50 million.


PETROPLUS HOLDINGS: France Backs Egyptian Bid for Petit-Couronne
Gerard Bon and Marion Douet at Reuters report that French
Industry Minister Arnaud Montebourg said the government supports
an Egyptian takeover offer for the threatened Petit-Couronne oil
refinery in Normandy, raising hopes the plant will outlive a mid-
April deadline for closure.

The refinery owned by insolvent Swiss company Petroplus is due to
shut on April 16 if administrators decide that five bids
submitted so far, including the Egyptian one and others by Swiss,
Libyan and French firms, do not constitute valid offers, Reuters

State backing for an offer by the Egyptian investment company
Arabiyya Lel Istithmaraat may factor into the administrators'
ruling, as the government says it could if necessary take a
minority stake in the refinery to support a takeover, Reuters

According to Reuters, Industry Minister Arnaud Montebourg told
LCP Public Senat TV that "The state has decided to stand behind
an offer -- there was another interesting one (by Swiss firm
Terrae International) -- to ensure the refinery is taken over."

"We have had the pleasure of welcoming a slightly unexpected
offer, which seems to us to be of good quality, which comes from
an Egyptian group of good standing."

                         About Petroplus

Based in Zug, Switzerland, Petroplus Holdings AG is one of
Europe's largest independent oil refiners.

Petroplus was forced to file for insolvency in January 2012 after
struggling for months with weak demand due to the economic
slowdown in Europe and overcapacity amid tighter credit
conditions, high crude prices and competition from Asia and the
Middle East, MarketWatch said in a March 28 report.

According to MarketWatch, Petroplus said in March a local court
granted "ordinary composition proceedings" for a period of six
months. As part of the court process, Petroplus intends to sell
its assets to repay its creditors.

Some of Petroplus' units in countries other than Switzerland have
filed for "different types of proceedings" and are currently
controlled by court-appointed administrators or liquidators,
which started the process to sell assets, including the company's

U N I T E D   K I N G D O M

BYRE THEATRE: Officially Enters Liquidation
Michael Alexander at reports that the Byre
Theatre of St Andrews Ltd is now officially in liquidation with
Graeme Smith -- -- insolvency
partner with accountants Henderson Loggie, appointed as

According to the report, the Byre Theatre hosted its final
performance on January 31 and its board had announced five days
prior to that date that they had no alternative but to cease
trading given the organisation's financial position.

Fife Council has expressed optimism that the theatre could re-
open by the end of summer under a new management structure
between Fife Council and the Fife Cultural Trust, reports.

Byre Theatre has played host to drama productions since the

COSALT PLC: Likely to Enter Insolvency End February
--------------------------------------------------- reports that Cosalt plc has warned it is
likely to enter insolvency proceedings on or before the end of
the month.

According to the report, the group said it continues to have
extensive discussions with existing and potential funders but no
alternative source of funding is currently available. says the company is in talks with potential
buyers of its two main operating businesses -- Cosalt Workwear
and Cosalt Offshore.

But the group said that the directors continue to believe that
the disposals would not result in any value being attributable to
shareholders due to the level of the group's net indebtedness and
pension scheme liabilities, relates. adds Cosalt said in the event that the banks'
conditions cannot be met and in the absence of the banks agreeing
an alternative course of action to enforcing their security, the
directors consider that the company would be likely to enter
insolvency proceedings on or before February 28.

Shares in Cosalt have fallen more than 90% since October, when
the company warned that a delay in the sale of its marine
division would hurt its full-year revenues, The Financial Times
reported.  The management has been battling to deal with debt
incurred during an aggressive acquisition drive in the years
before the 2008 credit crisis, the FT related.

Cosalt plc -- is engaged in the
provision of safety products and services for marine industry and
offshore oil and gas industry.

FARAD ENTERPRISES: Ulster Bank Appoints Receivers to Properties
BBC News relates that Ulster Bank has appointed receivers to more
properties which were owned by a County Tyrone developer.

The bank has moved against Farad Enterprises and Kinler
Properties which are both associated with Dungannon-based John
Curran, BBC relates.

The receivers have been appointed to sites in counties Armagh and
Fermanagh, BBC discloses.

According to BBC, Mr. Curran has told his local paper that the
bank's actions were "hasty and premature."  BBC notes that in an
interview with newspaper, the Tyrone Courier, he said he believed
he had been close to reaching an agreement with the bank which
would have given a "better long term result" for the bank and his

The Farad Enterprises properties in receivership are mainly on
the Killycomain Road in Portadown where another of Mr. Curran's
companies, Tiffen Developments, has been building houses, BBC

The last filed accounts for Farad Enterprises show it owed its
creditors around GBP19 million, which is believed to be mainly
bank debt, BBC discloses.  The firm's assets were valued at
around GBP10 million, BBC notes.

The Kinler Properties asset in receivership is listed as several
folios of land in County Fermanagh, BBC says.  According to BBC,
its last set of accounts show it owed creditors GBP15 million and
that its liabilities exceeded its assets by at least GBP5

Farad Enterprises is a County Tyrone developer.

HMV GROUP: Closes 66 Lossmaking Stores; 930 Jobs Affected
Robert Budden at The Financial Times reports that HMV Group is
closing 66 lossmaking stores in a move that will see the
struggling company survive with a footprint of more than 150
outlets nationwide.

According to the FT, the closures, announced on Thursday by
Deloitte, administrator to HMV, will result in the loss of 930
jobs, taking the company's headcount nationwide to about 3,000.
The company said it expected that the affected stores would shut
down over the next couple of months, the FT relates.

Some store closures have been made in areas where the retailer
had several outlets in close proximity to each other, the FT
notes.  Deloitte announced that five stores are being closed in
the Edinburgh area and three in Glasgow, the FT discloses.

"As part of our ongoing review of HMV's financial position, we
have now completed a review of the store portfolio and have
identified 66 loss-making stores for closure.  This step has been
taken in order to enhance the prospects of securing the
business's future as a going concern," the FT quotes
Nick Edwards, joint administrator, as saying.

As reported by the Troubled Company Reporter on Jan. 17, 2013,
the Financial Times related that HMV Group went into
administration after suppliers refused a request for a GBP300
million lifeline for the struggling retailer.  Deloitte, which
has been advising HMV's lending banks, was appointed as
administrator to the chain on Jan. 14, the FT disclosed.

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.

MORTGAGES NO.7: Fitch Lowers Rating on Class E Notes to 'B'
Fitch Ratings has downgraded Mortgages No.7 Plc's class C, D, and
E notes, as:

Class A2 (ISIN XS0225922110): affirmed at 'AAAsf'; Outlook Stable

Class B (ISIN XS0225922383): affirmed at 'AA+sf'; Outlook Stable

Class C (ISIN XS0225922466): downgraded to 'Asf' from 'A+sf';
Outlook Stable

Class D (ISIN XS0225922623): downgraded to 'BBBsf' from 'BBB+sf';
Outlook Stable

Class E (ISIN XS0225922896): downgraded to 'Bsf' from 'BBsf';
Outlook Stable

The downgrades follow the recent downward adjustment of the
transaction's reserve fund. As of the January 2013 interest
payment date, the required amount of the reserve fund was revised
downwards to an amount equivalent to the balance of the reserve
fund at the point when amortization was no longer permitted
(October 2008). Following the revised interpretation of the
transaction documents, the fully funded cash reserve was reduced
to GBP5.3 million from GBP7.5 million, representing a difference
of 1.2% of the outstanding note balance.

This decrease in the reserve fund has led to a decline in credit
enhancement levels, which has most affected the junior end of the
capital structure. In particular, Fitch considers that the lower
credit support available to the class C, D and E notes was no
longer commensurate with their ratings and has consequently
downgraded them.

The transaction's performance has remained stable over the past
year, but loans in arrears by three months or more (currently
23.3%) are relatively high compared with peer transactions.
Additionally, Fitch notes that Mortgages 7 has slightly more
adverse pool characteristics and is less seasoned than Mortgages
6. Thus, the lower ratings on the class C, D and E notes of
Mortgages 7 relative to Mortgages 6 reflect Fitch's expectations
of a higher default probability and lower recovery rates for the
more recent transaction.

NEPTUNE RENEWABLE: Product Failure Prompts Liquidation
Sally Bakewell at Bloomberg News reports that Neptune Renewable
Energy Ltd. will be liquidated after its products failed to
generate enough electricity to be profitable.

"The chosen approach is technically flawed and therefore not
suitable for the development of commercial arrays," Bloomberg
quotes the company as saying on Friday in a statement on its
Web site.  "There is no commercial value in pursuing the project
any further."

Neptune, which deployed its demonstration Proteus turbine in the
River Humber in January 2012, found late last year that it
produced less power than expected, Bloomberg relates.  The
company's collapse is a blow to Britain's wave and tidal-energy
industry as developers seek funding to turn pilot ventures into
marketable businesses, Bloomberg notes.  No commercial-scale
projects are currently in operation, Bloomberg discloses.

Neptune Renewable Energy Ltd. is a U.K. maker of tidal-power

QUINTON HAZELL: In Administration, Cuts 100 Staff
Lancaster Guardian reports that Quinton Hazell Automotive Limited
and its parent company Klarius Group went into administration,
cutting 117 jobs at the company's Nicholsons Plant in Glasson
Dock in the process.

Joint administrators KPMG said that the site, and another site in
Colwyn Bay, has ceased to operate, according to Lancaster

Paul Flint -- -- Joint Administrator and
Restructuring Partner at KPMG, commented: "Despite extensively
marketing the Glasson Dock and Colwyn Bay sites to potential
buyers, we were unable to find a buyer and have taken the
difficult decision to wind them down. . . . Prolonged challenging
trading conditions in the automotive parts sector impacted QH's
performance. . . . This created cashflow pressures and affected
QH's ability to trade as a going concern."

Representatives from KPMG are at the site to provide support and
further information to employees in claiming redundancy payments
and will be assisting the Redundancy Payments Office, the report

A small number of employees have been retained across these sites
to assist the Administrators in the winding down process, the
report relates.

Quinton Hazell Automotive Limited is a car parts manufacturer in
Glasson Dock near Lancaster.

SEYMOUR PIERCE: Enters Into "Pre-Pack" Administration with Cantor
Vanessa Kortekaas and Kate Burgess at The Financial Times report
that Seymour Pierce has been rescued by Cantor Fitzgerald in a
last-minute deal just hours after it was placed in

Seymour Pierce on Friday evening signed a "pre-pack" agreement
with Cantor, after being locked in talks with its fellow broker
since Wednesday, the FT relates.

The purchase, for an undisclosed sum, saves the 130-year-old name
Seymour Pierce from disappearing, the FT says.  However, the deal
is likely to leave creditors and debtors of Seymour Pierce unable
to recoup their money, the FT notes.

Under the pre-pack administration arrangement, Seymour Pierce
went into formal insolvency for a few hours on Friday, having
pre-arranged for most of its assets to be sold to Cantor, the FT

"Seymour Pierce has struggled financially in recent years with
problems reflective of the mid-market stockbroking sector, with
corporate finance mandates difficult to execute and falling
secondary commission in its target markets," the FT quotes David
Dunckley of Grant Thornton, the administrators appointed to
oversee the sale, as saying.  "Continued adverse market
conditions have made stabilizing the business difficult."

Seymour Pierce made a pre-tax loss of GBP587,000 in 2011 against
a profit of GBP617,000 in 2010, the FT says, citing its latest
available accounts.

The broker's search for funding was sparked by UK regulators'
recent refusal to allow Ukrainian businessman Denis Gorbunenko
from injecting cash into the broker, the FT recounts.  He had
already lent Seymour Pierce about 3m when the Financial Services
Authority blocked his proposed additional investment, the FT

Seymour Pierce is a London-based investment bank and stockbroker
focused on advising companies and raising finance for them.  It
is one of the city's oldest stockbrokers.

SR TECHNICS: Britain's Pension Insurance Takes Over Liabilities
Reuters reports that Britain's Pension Insurance Corp is taking
over the pension liabilities of the insolvent UK pension fund of
Swiss aircraft services firm SR Technics, providing improved
retirement benefits for the scheme's 2,500 members.

A growing number of so-called "final salary" pension schemes are
running into trouble amid rising longevity and low UK government
bond yields, Reuters notes.

According to Reuters, Pension Insurance Corp said it would assume
responsibility for managing the GBP200 million (US$315 million)
of pension liabilities held by the Trustees of the SR Technics UK
Limited Pension Scheme.

Unable to pay its deficits on the final salary-linked pensions of
its members, the UK arm of SR Technics relinquished its debt to
the British pension lifeboat, the Pension Protection Fund (PPF),
in 2010, Reuters recalls.

Reuters notes that the PPF was launched in 2005 to take over the
assets and liabilities of UK-based defined benefit pension
schemes if an employer goes bust. It currently has around GBP12
billion of assets under management, which it expects to rise to
GBP17 billion by 2015, the news agency discloses.

"The current economic climate, combined with ultra-low gilt
yields, means that some pension schemes are falling into the PPF
due to the additional strain on their sponsor," Reuters quotes
Jay Shah, co-head of business origination at Pension Insurance
Corp, as saying.

"This is a very welcome transaction for our members who will see
some uplift in their benefits," Colin Marsh of HR Trustees,
chairman of the Trustees of the SR Technics UK Limited Pension

But members still won't receive the full pension they would have
received if SR Technics had not compromised its pension debt,
Mr. Marsh told Reuters.

SR Technics -- provided technical
solutions for airlines worldwide.  It services are provided
either directly to the airline or through other parties such as
aircraft leasing companies, OEMs (Original Equipment
Manufacturers) or component trading companies.  SR Technics is
part of Mubadala Aerospace.

TAMWORTH GOLF: 30 Staff Lose Jobs as Club Goes Into Liquidation
Jon Griffin at reports that Tamworth Golf
Course has gone into liquidation with 30 staff given five
minutes' notice before being told to collect their belongings.

Workers and members were notified by bosses that Tamworth Golf
Course and adjacent buildings were being closed with immediate
effect, the report relates.

"The staff were given five minutes' notice before the liquidators
walked in. The centre manager told the staff and then the
liquidators turned up," the report quotes Club secretary Elaine
Pugh as saying. "We have contacted all our members to let them
know what is happening. The staff are very upset. One has worked
there for 33 years and she is in bits."

The report notes that season ticket holders, who forked out
GBP700 a year for course fees, appeared set to lose out in the
wake of the liquidation.

According to, the club has been on the
course since 1975 but Ms. Pugh said its entire future was now in

The land is owned by Tamworth Borough Council but the club was
run by a firm called Tamworth Golf Centre, the report discloses.

* UK: Liquidation Hits Lowest Level in Last Quarter of 2012
Reuters reports that the number of companies that went into
liquidation in England and Wales in the last three months of 2012
fell to its lowest level since the second quarter of 2008,
government data showed on Feb. 1.

Some 3,834 firms suffered either compulsory or voluntary
liquidation, a figure that was also more than 10% down on a year
earlier, Reuters discloses.

Individual insolvencies -- which include bankruptcy, debt relief
orders and other agreements with creditors, and are not
seasonally adjusted -- were down by almost 13% on the year at
25,302, their lowest since the first three months of 2008, the
news agency relays.


* EU Investors Show Growing Faith in Banks, Fitch Survey Shows
European investors are feeling more optimistic about the outlook
for the region's banks in 2013 than any time in the last two
years, according to a Fitch Ratings investor survey conducted in

Investors expressed more confidence in a positive outlook trend
for financial institution credit fundamentals than for any other
sector. A majority 64% said conditions would improve, up sharply
on the 42% in the October survey and the strongest reading since
early 2011.

This optimism was also evident in survey participants' views on
the voluntary early repayment of the European Central Bank's
EUR1 trillion three-year long-term refinancing operations (LTRO)
this year. 42% said banks will prepay up to half the total, as
healthy firms do their utmost to wean themselves off the ECB.
Another 44% expect the amount to be between 10% and 33%, with
banks appreciating the economic sense of cheap money and the de
facto insurance policy of the LTRO.

Fitch says, "The first repayment window early this month saw 278
banks repay 28% of the EUR489 billion initially made available;
this has been modestly topped up last week. This was within our
expectation range -- we believe if market conditions remain
relatively benign, up to a third of the LTRO funds could be
repaid this year.

"Although repayments were made by some of the stronger southern
European banks (notably EUR24 billion by Banco Santander) many of
the LTRO takers in southern Europe are using the relatively cheap
source of funds to boost revenue from carry trades of higher-
yielding sovereign bonds and buy time to deleverage their loan
books. There is still a lot of work to be done in terms of
restructuring balance sheets and stabilizing funding structures
for the medium term. As the uncertain economic outlook could
delay this recovery, it makes sense for these banks to hold onto
their cheaper LTRO funds.

"In the survey, banks were also the second most favored
investment choice, chosen by 24% or respondents, placing them as
runners-up behind high yield which was voted top choice by 29% of

"The positive attitude to the banking sector is mirrored in
survey participants' views on sovereigns, underscoring the close
links between the two sectors in Europe. Banks typically hold
substantial amounts of domestic government bonds and are highly
exposed to domestic counterparties, meaning profitability and
asset quality are vulnerable to adverse macroeconomic and market

"The Q113 survey was conducted between January 4 and January 31
and represents the views of managers of an estimated US$7.6
trillion of fixed-income assets. We will publish the full survey
results in mid-February."

* Moody's Reports Stable Outlook for Bond Funds in 2013
The 2013 outlook for bond funds is stable although credit quality
will vary amongst regions, says Moody's Investors Service in a
new report, entitled "Industry Outlook: Bond Funds: 2013 Outlook
& 2012 Review".

Moody's says that although global economic uncertainty will
continue to present challenges for fixed income markets in 2013,
it does not expect that the average credit quality of bond funds
will weaken materially, particularly given the investment
flexibility that most bond fund managers have within their
investment guidelines. However, in a low growth, low interest-
rate environment, fund managers will have to maintain optimum
credit selection, operate within the limits of their risk
guidelines and manage the return expectations of their investors.

"Despite the continued positive inflows into bond funds and our
overall stable outlook, credit quality across regions and sectors
will vary," says Marina Cremonese, a Moody's Assistant Vice
President -- Analyst and co-author of the report. "Notably,
western Europe is expected to face continued weak economic growth
and fundamental credit deterioration in the high-yield bond
sector, whilst the US investment-grade and high-yield bond
sectors are expected to benefit from continued economic recovery
and a more benign credit outlook," explains Ms. Cremonese.

Moody's says that globally, low growth and low interest rates
pose two main challenges for bond fund managers:

(1) maintaining optimum credit selection, given the widening
fundamental and price divergence amongst sectors and issuers;

(2) keeping their portfolios within their risk guidelines.
Because of these factors, fund managers will have to undertake
thorough credit analysis to assess relative value accurately to
avoid mispricing of risk premia.

"We also note that exceptional returns and historically low
spreads achieved in 2012 have created a riskier backdrop for bond
funds; a sudden spread-widening could lead to unanticipated,
higher borrowing costs for issuers reducing their financial
flexibility, which, in turn, could result in negative pressures
on the credit quality of bond funds," adds Ms. Cremonese.

Moody's expects current strong issuance levels to be maintained
globally into the first half of 2013, but with historically low
interest rates and tight spreads, the potential returns will be
modest for bonds and bond funds. Investor demand for bonds should
also remain relatively strong, supported by interest-rate
stability from continued loose monetary policies and shifts
toward greater institutional bond investment, prompted by
regulatory changes. In addition, the corporate bond sector will
likely benefit from the revised liquidity standards for banks
that expand the definition of high-quality liquid assets in its
calculation of the Basel III liquidity coverage ratio to include
corporate bonds with a minimum Baa3 rating.

* BOND PRICING: For the Week February 4 to February 8, 2013

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

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

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

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

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

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

KAUPTHING                 0.800   2/15/2011      EUR      26.50

ARCELORMITTAL             7.250    4/1/2014      EUR      21.66

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

Rorvik Timber             6.000   6/30/2016      SEK      66.00

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

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


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

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., 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
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Information contained herein is obtained from sources believed to
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