TCREUR_Public/130318.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, March 18, 2013, Vol. 14, No. 54



DIOKI: Enters Into Pre-Bankruptcy Settlement Procedure


* CYPRUS: Euro-Area Finance Ministers Unveil EUR10BB Rescue Plan


* DENMARK: Biggest Banks Need to Hold 5% Additional Capital


HESS AG: Completes Internal Special Investigation
STABILITY CMBS 2007-1: S&P Lowers Rating on Class E Notes to 'B-'


MUCKROSS PARK: Goes Into Receivership
* IRELAND: Euro-Area Finance Ministers Agree to Extend Maturities


RMF EURO: Fitch Affirms 'CCCsf' Rating on Class C Notes


* PORTUGAL: Euro-Area Finance Ministers Ease Rescue Loan Terms
* PORTUGAL: Creditors Ease Fiscal Goals Under Bailout


MECHEL TARGOVISTE: To Cut 152 Jobs Under Reorganization Plan


FINPROMBANK: Moody's Assigns 'E+' BFSR; Outlook Stable
INTER RAO: Fitch Affirms 'BB+' Long-Term Issuer Default Rating
TAGANROG AUTOMOBILE: Put Under Bankruptcy Administration


AYT DEUDA: Fitch Cuts Ratings on Three Note Classes to 'CC'
CAMPOFRIO FOOD: Poor Performance Cues Moody's to Lower CFR to B1
SANTANDER EMPRESAS 4: Fitch Cuts Ratings on 2 Note Classes to 'D'
PESCANOVA SA: Two Shareholders Won't Support Restructuring Plan


XAMAX: Owes CHF24 Million to 364 Creditors


ARCELIK AS: S&P Assigns 'BB+' Corp. Credit Rating; Outlook Stable


DTEK FINANCE: Moody's Assigns (P)B3 Rating to New Notes Issue

U N I T E D   K I N G D O M

THE FORTIES: In Administration, Shuts Down Operations
SPIRIT: In Administration, Cuts 20 Jobs


* EUROPE: Moody's Notes Weakening Credit Quality in EMEA
* BOND PRICING: For the Week March 11 to March 15, 2013



DIOKI: Enters Into Pre-Bankruptcy Settlement Procedure
SeeNews reports that Croatian financial mediator Fina said on
Friday Dioki has entered a pre-bankruptcy settlement procedure.

According to SeeNews, Fina said in a filing to the Zagreb bourse
that Dioki's creditors are invited to submit within 30 days their
claims against the company.  The first hearing on the claims is
scheduled for April 23, SeeNews discloses.

Dioki's consolidated net loss narrowed by 24% to HRK310.4 million
(US$53.6 million/EUR40.9 million) in 2012 while its total
revenues sank to HRK72.2 million from HRK1.2 billion in 2011,
SeeNews relates.

Meanwhile, the company is on the lookout for a strategic partner
to provide working capital needed to resume production, SeeNews
says.  The operation of all production facilities was suspended
in 2012, SeeNews recounts.

Dioki said on March 11 that Croatian privately-held gas Crodux
Plin submitted a formal offer to acquire majority stakes in Dioki
and its affiliate, DINA-Petrokemija, in exchange for taking part
in the financial and operational restructuring of the two
troubled companies, SeeNews relates.  According to the report,
Dioki said that Crodux Plin has offered to provide the resources
needed to restructure the two companies, resume production, and
develop new projects.

Dioki is a Croatian polymer and petrochemicals producer.


* CYPRUS: Euro-Area Finance Ministers Unveil EUR10BB Rescue Plan
Rebecca Christie and Corina Ruhe at Bloomberg News report that
euro-area finance ministers agreed to an unprecedented tax on
Cypriot bank deposits as officials unveiled a EUR10 billion
(US$13 billion) rescue plan for the country, the fifth since
Europe's debt crisis broke out in 2009.

According to Bloomberg, Dutch Finance Minister Jeroen
Dijsselbloem, who leads the group of euro-area ministers, on
Saturday said that Cyprus will impose a levy of 6.75% on deposits
of less than EUR100,000 -- the ceiling for European Union account
insurance -- and 9.9% above that, Bloomberg discloses.  The
measures will raise EUR5.8 billion, Bloomberg says.  The euro
region's bailout kitty and, possibly, the International Monetary
Fund will look to make up the shortfall, Bloomberg notes.  A
partial "bail-in" of junior bondholders is also possible,
Bloomberg states.

Finance Minister Michael Sarris said the plan was the "least
onerous" of the options Cyprus faced to stay afloat, Bloomberg

According to Bloomberg, the European Central Bank will use its
existing facilities to make funds available to Cypriot banks as
needed to counter potential bank runs.  Depositors will receive
bank equity as compensation, Bloomberg says.

Bloomberg notes that ECB Executive Board Member Joerg Asmussen
said funds to pay the levy were frozen in accounts immediately.
The levy will be assessed before Cypriot banks reopen on March 19
after a March 18 national holiday.  Mr. Sarris said electronic
transfers will also be limited until then, Bloomberg relates.

IMF Managing Director Christine Lagarde said the IMF will
consider contributing money to the rescue, Bloomberg discloses.
Ms. Lagarde, as cited by Bloomberg, said that euro ministers
expect the region's bailout fund, the European Stability
Mechanism, will approve a bailout proposal "by the second half of
April 2013 and subject to completion of national procedures."

Cyprus pledged to step up asset sales and enact budget cuts
amounting to 4.5% of gross domestic product, Bloomberg says.  The
aid program, which should be completed by the second half of
April, calls for its debt to be 100% of GDP by 2020, Bloomberg
notes.  The EU forecasts it at 93% this year, Bloomberg states.
The deal calls for the banking sector to shrink substantially by
2018, Bloomberg says.

According to Bloomberg, ECB Executive Board Member Joerg Asmussen
said that Cypriot banks are on track to regain access to ECB
emergency lending facilities once they have been successfully
recapitalized.  Mr. Asmussen, as cited by Bloomberg, said that
Cyprus is "systemically relevant" and needs assistance to ensure
stability of the euro.

Mr. Asmussen said that the ECB also will be available to euro-
area banks that may need extra liquidity, Bloomberg relates.  He
said that authorities plan to ringfence Cypriot bank branches in
Greece, through transactions with Greek banks that won't require
money from Greece's rescue funds, Bloomberg notes.


* DENMARK: Biggest Banks Need to Hold 5% Additional Capital
Peter Levring and Frances Schwartzkopff at Bloomberg News report
that Denmark's biggest banks will need to hold as much as 5%
additional capital as the Nordic nation looks for ways to protect
its economy from financial industry losses.

Danske Bank A/S, Nordea Bank AB's Danish unit, Jyske Bank A/S,
Sydbank A/S and mortgage lenders Nykredit A/S and BRFkredit A/S
were all designated as systemically important financial
institutions in a report published on Thursday by a government-
appointed committee, Bloomberg discloses.  The banks face 2.5
percentage points to 5 percentage points in additional capital
requirements, Bloomberg says, citing the committee report.

"The larger we set the capital requirement, the lower the risk of
government having to provide a bail-out," Bloomberg quotes
Michael Moeller, chairman of the Sifi committee, as saying at a
press briefing in Copenhagen on Thursday.  The requirement for
more share capital "is an incentive for shareholders to be on top
of banks," Mr. Moeller, as cited by Bloomberg, said.

Lawmakers now need to negotiate the recommendations, with the
opposition Conservative Party already signaling it will fight to
reduce the additional capital buffer, Bloomberg notes.  The
nation is imposing stricter standards on its biggest banks after
a property crisis wiped out more than 12 regional lenders since
2008, plunging the economy into a recession, Bloomberg states.

"The capital requirements laid out in the report will lead to
interest rates increasing and banks cutting lending, so they'll
have to change," Bloomberg quotes Brian Mikkelsen, a Conservative
parliamentary committee member, as saying.  "Our concern is that
banks won't be able to facilitate the lending needed for the
economy to grow and that Danish banks won't operate on a level
playing field with foreign peers."

According to the committee report, Denmark's Sifi capital
requirements will be added to minimum standards set by the Basel
Committee on Banking Supervision and would equal those demanded
by Sweden, Bloomberg notes.

The committee also recommended creating a so-called stability
fund, financed by the Sifis, to enable bailouts of troubled
lenders in future and giving the Financial Supervisory Authority
more powers, Bloomberg says.  According to the report, the agency
would intervene earlier, when a capital threshold of 10.125%is
breached, rather than the current 8% limit, Bloomberg discloses.

"It's difficult to find any alternative to a state rescue if one
of the really big financial institutions should get into
trouble," Bloomberg quotes central bank Governor Lars Rohde as
saying in a statement on Thursday.  "That's an issue that the
report addresses."

Bloomberg notes that the committee said in its report Denmark's
bail-in legislation, the first of its kind in Europe and the
model for European laws still being discussed, is inadequate and
risks hurting the economy if a Sifi is wound down under the

"To protect the economy, it will be necessary to allow systemic
functions of a Sifi in distress to keep operating, rather than
winding up the entire institution," Bloomberg quotes the
committee as saying.  The alternative of finding a buyer is "very


HESS AG: Completes Internal Special Investigation
The Management Board of Hess AG on March 14 disclosed that after
seven weeks of in-depth analysis, the supervisory board of Hess
AG extensively discussed and talked about the suspicious facts of
the special investigation that lead to the dismissal of the
previous Managing Board on January 21, 2013, in the company's
meeting on March 14 and unanimously took notice of the final

The special investigation report, commissioned by the supervisory
board, comes to the conclusion that the sales revenue for the
financial year 2011 was overstated by about EUR9 million and the
annual surplus by about EUR6 million.  Considerable adjustments
are also to be made for the financial year 2012.  According to
the special investigation report, the sales revenue for 2012 is
overstated by about EUR15 million as well as the annual surplus
by about EUR9 million.  Due to these results, the company expects
a loss of at least EUR15 million for the financial year 2012 on
the basis of the annual surplus.

       Postponement of Publications of Financial Statements

The result of the special investigation leads to an adjustment or
rather a reissue of the annual financial statement for the
financial year 2012.  The audit and preparation of the annual
financial statement 2012 can only begin after presentation of the
annual financial statement 2011.  This means that Hess will be
incapable of preparing and publishing the annual financial
statement as well as the annual report for the financial year
2012 within the statutory period.  The report for the first
quarter of the financial year 2013 will be postponed
indefinitely, too.

            Restructuring Concept in the Implementation

The consequences of the proceedings referring to the figures of
the financial years 2011 and 2012 became clear because of the now
available results of the special investigation.  On this basis,
the already started and proceeding implementation of the
restructuring concept will be adjusted and completed. The finale
restructuring concept is expected during the month of April.

Hess AG is a German street light maker.

STABILITY CMBS 2007-1: S&P Lowers Rating on Class E Notes to 'B-'
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on STABILITY CMBS 2007-1
GmbH's class A+, A, B, C, D, and E notes.

On Dec. 6, 2012, S&P placed on CreditWatch negative all of its
ratings in STABILITY CMBS 2007-1, following an update to S&P's
criteria for rating European commercial mortgage-backed
securities (CMBS) transactions.

The rating actions follow the application of S&P's updated
European CMBS criteria.

The reference portfolio currently has 74 loans (down from 218 at
closing), backed by 51 properties (down from 119 at closing).
The majority of these loans amortize during the loan term.

Commercial mortgages secure the reference pool.  For eight of the
loans in the pool, commercial mortgages secure additional debt
for which the originator's share ranks pari passu with other
syndicate banks.  The amount of additional debt reported in the
February 2013 investor report was EUR1,036,630,562.

According to the February 2013 investor report, there have been
four credit events -- three of which are still outstanding, with
a total balance of EUR16 million.  The issuer has already
allocated cumulative realized losses of EUR743,500 to the class F
notes for the worked-out credit event.  Six claims are in
arrears, equal to 9.5% of the total outstanding balance.

The main property types securing the loans by balance are office
(67%), retail (16%), and mixed use (8%).  The properties are
mainly located in Germany (80%), with the remainder located in
the Netherlands (6%), Austria (5%), Luxembourg (5%), and the U.K.

Under S&P's updated European CMBS criteria, it has assigned an
S&P Value to each loan, which reflects S&P's assessment of
recoveries following a default of all loans in the portfolio.

S&P's analysis indicates that the amount of available credit
enhancement for all classes of notes is insufficient to cover
S&P's expectations of property value losses under the current
respective rating level scenarios.  Therefore, S&P has lowered
and removed from CreditWatch negative its ratings on the class
A+, A, B, C, D, and E notes.

STABILITY CMBS 2007-1 is a synthetic, partially funded CMBS
transaction, which transferred credit risk associated with an
initial portfolio of 218 mortgage loans secured on commercial
properties, located mainly in Germany.


SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an property-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:



Class       To            From

EUR182.4 Million Floating-Rate Credit-Linked Notes

Ratings Lowered and Removed From CreditWatch Negative

A+           AA (sf)        AAA (sf)/Watch Neg
A            A+ (sf)        AAA (sf)/Watch Neg
B            BBB+ (sf)      AAA (sf)/Watch Neg
C            BB+ (sf)       A (sf)/Watch Neg
D            B+ (sf)        BBB (sf)/Watch Neg
E            B-(sf)         BB (sf)/Watch Neg


MUCKROSS PARK: Goes Into Receivership
Donal Hickey at Irish Examiner reports that the five-star
Muckross Park Hotel, in Killarney, Co Kerry has gone into

According to Irish Examiner, Declan Taite, of RSM Farrell Grant
Sparks, has been appointed receiver and manager to Muckross Park
Hotel Ltd. Boisdale Holdings Ltd., Silvermire Properties Ltd. and
certain assets of William Cullen.

Bill Cullen and his partner Jackie Lavin, the co-owners of the
hotel, said they were very shocked by the "aggressive actions" of
ACC who had moved against the business with no prior warning,
Irish Examiner relates.

"Only six weeks ago, they [ACC] were congratulating us on an
amazing turning around of the business into profitability and
said we were an example of how to turn around a business into a
major success," Irish Examiner quotes the Mr. Cullen and
Ms. Lavin as saying.

The couple also said they would do everything in their power to
maintain the 105 jobs in the hotel, Irish Examiner notes.

In a statement, meanwhile, the receiver's team and Muckross Park
Hotel management, as cited by Irish Examiner, said the
receivership would not have any impact on current or future

Accounts filed in Aug 2012 showed that Mr. Cullen, who fronted
TV3's The Apprentice, has ploughed almost EUR10 million into the
hotel, including EUR349,061 in 2011, Irish Examiner discloses.

* IRELAND: Euro-Area Finance Ministers Agree to Extend Maturities
Patrick Donahue at Bloomberg News reports that euro-area finance
ministers agreed to extend maturities on rescue loans to Ireland
and Portugal, easing the terms on two recipients of European
bailout aid in a show of support for their commitment to

The ministers gave no details on the extension, Bloomberg notes.
The finance chiefs said on Friday that those will be worked out
by the so-called troika that oversees euro-area bailouts and the
European Financial Stability Facility, the currency bloc's
temporary rescue fund, Bloomberg relates.  The details will be
presented to euro ministers at the same time as the memorandum of
understanding underlying a rescue program for Cyprus, Bloomberg


RMF EURO: Fitch Affirms 'CCCsf' Rating on Class C Notes
Fitch Ratings has affirmed RMF Euro CDO S.A.'s notes, as follows:

  Class A (XS0156515982): affirmed at 'AAsf'; Outlook revised to
  Stable from Negative

  Class B-1 (XS0156519117): affirmed at 'Bsf'; Outlook Negative

  Class B-2 (XS0156520719): affirmed at 'Bsf'; Outlook Negative

  Class C (XS0156524034): affirmed at 'CCCsf'; Recovery Estimate
  is RE5%


The affirmation of all the rated notes reflects the transaction's
stable performance since the last surveillance review in March
2012 compared to the level of credit enhancement commensurate
with the notes' current ratings. The revised Stable Outlook on
the senior class A notes reflects their increased credit
enhancement levels due to their amortization. The class A notes
have amortized to 19% of their initial balance from 67% in the
last review.

The Negative Outlook on the class B-1 and B-2 notes reflects the
notes exposure to market value volatility of the portfolio's
long-dated assets, i.e. assets maturing after the transaction's
legal maturity in February 2015. The transaction's long-dated
bucket stands at EUR12.3 million, decreased from EUR21.6 million
as of the last review and currently stands at 13.2% of the
performing portfolio (compared to 11.9% in the last review).

As of the February 2013 investor report the Fitch weighted
average rating factor has improved to 56.8 from 61.2 as of the
last review, however it still fails the threshold of 52. Assets
rated 'CCC' or below account for 4.26%, down from 6.50% as of the
last review. However, the portfolio includes 4 defaulted issuers,
which account for EUR8.8 million and 8.8% of the portfolio,
compared to one defaulted issuer and 1.4% of the portfolio as of
the last review. Class A and B overcollateralization (OC) tests
are passing, while class C OC test is under-collateralized.

Class C benefits from a turbo redemption structural feature where
some excess spread is diverted to redeem class C if the class C
redemption test is breached. Due to breaches in the class C
redemption test, the class C notes have been paid down to 84% of
their original balance. However the class C notes have not been
paid down since the last surveillance review. Class C has a high
fixed coupon of 7.76% relative to the portfolio yield given the
low interest rate environment. This could result in a low
interest coverage that could be further eroded as the transaction

The reinvestment period ended in February 2008. However, the
manager is allowed to reinvest unscheduled principal proceeds and
sale proceeds from credit impaired and credit improved assets.
Fitch has considered the sensitivity of the notes' ratings to the
transaction's 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 Spain, Ireland,
Portugal and Greece, but may include additional countries if
there is sovereign rating migration. Fitch believes that exposure
of up to 10% of the total investment amount to these countries,
under the same average portfolio profile and assuming the current
ratings on the UK and eurozone countries are stable, would not
have a material negative impact on the notes' ratings. The
transaction currently includes only one asset from these
countries in the defaulted bucket, which accounts for 3.2% of the
total portfolio (performing and defaulted assets).


Fitch ran additional sensitivities stresses on the transaction to
outline the impact on the notes' ratings if the key risk drivers
- default rates and recovery rates- were stressed. Lowering the
rating of all assets in the portfolio by one notch (i.e.
increasing the default rate) would likely result in a downgrade
of two notches for class B1, B2 notes. Applying a recovery rate
haircut of 25% to all assets would likely lead to the same
results as when increasing the default rate. In both sensitivity
analyses, the senior class A notes can withstand their current
'AAsf' rating stress scenario.

RMF Euro CDO S.A. is a securitization of primarily senior secured
loans, mezzanine loans and high yield bonds. The issuer, RMF Euro
CDO, is a public limited liability company incorporated under the
laws of Luxembourg. At closing, the proceeds of the issued notes
were used to purchase a target portfolio of EUR300 million. The
portfolio is actively managed by Pemba Credit Advisers.


* PORTUGAL: Euro-Area Finance Ministers Ease Rescue Loan Terms
Patrick Donahue at Bloomberg News reports that euro-area finance
ministers agreed to extend maturities on rescue loans to Ireland
and Portugal, easing the terms on two recipients of European
bailout aid in a show of support for their commitment to

The ministers gave no details on the extension, Bloomberg notes.
The finance chiefs said on Friday that those will be worked out
by the so-called troika that oversees euro-area bailouts and the
European Financial Stability Facility, the currency bloc's
temporary rescue fund, Bloomberg relates.  The details will be
presented to euro ministers at the same time as the memorandum of
understanding underlying a rescue program for Cyprus, Bloomberg

* PORTUGAL: Creditors Ease Fiscal Goals Under Bailout
Rebecca Clancy at The Telegraph reports that Finance Minister
Vitor Gaspar said Portugal's creditors have eased fiscal goals
and allowed more time for deeply unpopular spending cuts under a
bailout after the economy's outlook worsened further.

According to the Telegraph, Mr. Gaspar told a news conference on
Friday that the country had passed the seventh bailout review by
inspectors from the "troika" -- the European Commission, IMF and
European Central Bank -- which would qualify it for the next
tranche of rescue loans worth EUR2 billion.

As resistance to further austerity has grown in Portugal in
recent weeks, the lenders have granted an extra year for Lisbon
to make permanent spending cuts worth 2.5% of gross domestic
product, or roughly EUR4 billion, the Telegraph discloses.  These
now have to be carried out incrementally until 2015 and not 2014,
the Telegraph notes.

Portugal's president Anibal Cavaco Silva ordered a legal inquiry
into the country's austerity policies and threatened a showdown
with creditors over the draconian terms of its EU-IMF bail-out at
the start of the year, the Telegraph recounts.  He called for
urgent action to halt the "recessionary spiral", warning Europe's
leaders that the current course had become "socially
unsustainable", the Telegraph relates.

Mr. Silva, as cited by the Telegraph, said Portugal would "honor
its international obligations", but in the same breath called for
a tough line with the troika over the pace of fiscal tightening
under Portugal's EUR78 billion (GBP63 billion) loan package.

At the end of last year Portugal's center-right government
unveiled its harshest budget yet under its 2011 EUR78 billion
bailout, the Telegraph notes.  The tough measures included tax
increases which the country's finance minister Vitor Gaspar
called "enormous", the Telegraph states.


MECHEL TARGOVISTE: To Cut 152 Jobs Under Reorganization Plan
Ioana Tudor at Ziarul Financiar reports that Mechel Targoviste,
which has recently entered insolvency, on Friday said it has
approved a new organizational chart and will lay off 512

As reported by the Troubled Company Reporter-Europe on Feb. 26,
2013,, citing Ziarul Financiar, related that
Invest Nikarom, the company which recently took over Mechel's
four factories in Romania for the symbolic amount of US$70, has
asked for the reorganization of Mechel Targoviste.  According to, should the four factories be eventually
closed down, around 5,000 people will lose their jobs.  The
company had a turnover of EUR350,000 in 2011 and a loss of
EUR28,000, disclosed.  Meanwhile, the four
factories posted a turnover of EUR874 million in 2011, and a
cumulative loss of EUR121.6 million, noted.
The factories also have a debt of some EUR570 million, mostly to
companies in the group, stated.  The four
factories, Ductil Steel S.A., Campia Turzii S.A., Mechel
Targoviste S.A., and Laminorul S.A were temporarily closed down
in fall 2012, because of the unfavorable prices on European
markets, with the growing price of scrap metal and the low demand
for final products, recounted.

Mechel Targoviste is a Romanian steel maker.  The company filed
for insolvency on Feb. 20.


FINPROMBANK: Moody's Assigns 'E+' BFSR; Outlook Stable
Moody's Investors Service assigned first-time ratings to
Finprombank: E+ standalone bank financial strength rating,
equivalent to a baseline credit assessment of b3; B3 long-term
local and foreign currency deposit ratings; and 'Not Prime'
short-term local and foreign-currency deposit ratings. The bank's
standalone BFSR and long-term deposit ratings carry a stable

The rating action is based on Finprombank's audited IFRS accounts
for 2011, 2010 and 2009, statutory accounts as at end-December
2012, and information provided by the bank's management.

Ratings Rationale:

According to Moody's, Finprombank's ratings are constrained by
(1) the limited track record of the bank's operations under the
new business model; (2) high single-name concentrations in the
loan book and in customer deposits, rendering the bank's capital
and liquidity potentially vulnerable; (3) the untested nature and
rapid growth of the loan book in the challenging and highly
competitive operating environment; and (4) the presence of
related-party transactions. At the same time, the bank's
currently good reported asset quality and improving operating
efficiency underpin its long-term deposit ratings.

Limited Track Record and the Unseasoned Nature of the Loan Book

Finprombank -- formerly a captive bank -- has undergone very
rapid business expansion after its new strategy was introduced by
the controlling shareholders (Russian private individuals) in
late 2011. The new strategy targets rapid business growth, with
particular focus on a number of business segments. The launch of
the private banking segment enabled the bank to materially grow
its funding base. Over a period of less than two years,
Finprombank attracted approximately RUB7 billion of new customer
funding. This new customer funding, amounting to RUB7 billion,
and an additional RUB1.9 billion capital injection enabled the
bank to increase its loan book to RUB9.8 billion at end-December
2012, from RUB3.8 billion at end-May 2011. In 2012, the bank also
materially increased the size of its credit guarantee insurance
business that exceeded RUB5 billion in 2012. Although the bank
has recently restored its positive operating efficiency, Moody's
notes the risks associated with the sustainability of the new
business model, as the rapidly growing loan book is still
unseasoned while the sustainability of the customer deposit base,
which remains highly concentrated, is not yet tested by potential
external and internal adverse scenarios.

High Single-Name Concentrations in the Loan Book and In Customer

Specialization in private banking and corporate lending renders
Finprombank's business potentially vulnerable to the performance
and sentiment of a limited number of clients, as their loyalty is
often based on personal rather than institutional relations. As
at YE2012, the 20 largest groups of customers, mainly high-net-
worth individuals, represented one-third of the bank's total
liabilities while the 20 largest credit exposures accounted for
more than 200% of Tier 1 capital, rendering the bank's capital
vulnerable to the impairment of its largest credit exposures.

Related-Party Lending Undermines the Bank's Capital Profile

The volume of operations with related parties, in Moody's view,
remains notable. As of YE2012, Finprombank had granted at about
RUB900 million of loans to companies that were controlled by its
shareholders while the bank's total shareholders' equity amounted
to RUB3.4 billion. These loans were mainly granted in order to
finance the acquisition of securities. As at YE2012, investments
into closed-end mutual funds that predominantly invested in land
and real estate amounted to about RUB1.5 billion. Some of these
mutual funds were affiliated with the bank's shareholders.

Currently Good Reported Asset Quality

Currently, Finprombank's loan portfolio has a low level of non-
performing loans (NPL). Loans overdue by more than 90 days
accounted for less than 2% of gross loans as at YE2012.
Nonetheless, the rating agency continues to note the risks
associated with the bank's asset quality, given the rapid growth
and unseasoned nature of the loan book.

Operating Efficiency Is Improving

The rapid growth of Finprombank's interest-earning assets and
credit guarantee insurance business in the period 2011-12 enabled
the bank to restore its operating efficiency as its revenues were
growing faster than operating expenses. The bank's management
expects operating efficiency to further improve in 2013 due to
ongoing rapid business growth supported by the RUB1.9 billion
capital injection at YE2012. Meanwhile, the bank was break-even
on a pre-provision basis in the last quarter of 2012 (under local

What Could Move the Ratings Up/Down?

Finprombank's long-term deposit ratings could be upgraded if the
bank is able to report a sustainable track record of strong
financial results, along with maintaining the currently benign
asset quality and capital adequacy metrics.

The ratings could be downgraded if (1) any deterioration in
Finprombank's asset quality deterioration leads to erosion of its
capital profile; or (2) the bank's risk appetite were to
increase, particularly in terms of market or related-party risk.

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

Headquartered in Moscow, Russia, Finprombank reported (audited
IFRS) total assets of RUB10.8 billion and shareholder's equity of
RUB1.5 billion as at YE2011. The bank's net income for 2011
totaled RUB40 million.

INTER RAO: Fitch Affirms 'BB+' Long-Term Issuer Default Rating
Fitch Ratings has affirmed JSC Inter RAO UES' Long-term foreign
currency Issuer Default Rating (IDR) at 'BB+' with a Stable

Inter RAO's ratings benefit from state support and are notched
down by two notches from the ratings of the Russian Federation
('BBB'/Stable), its ultimate majority shareholder. The company's
standalone creditworthiness reflects its strong market position
in the Russian power generation, its near-monopoly position in
cross border power trading and sound credit metrics. Fitch also
takes into account Russia's developing and at times unpredictable
regulatory framework for its assessment of Inter RAO's standalone
business profile.


- State-Support Driven Ratings

The ratings are driven by support from, and linkage with Inter
RAO's indirect majority shareholder, the Russian Federation, in
accordance with Fitch's parent and subsidiary rating linkage
methodology. Fitch assesses Inter RAO's creditworthiness at two
notches below the sovereign's due to its strategic importance to
the Russian economy, majority state ownership and large in-kind
and cash equity contributions during the last several years.

Fitch views the company's standalone business and financial
profile to be commensurate with the 'BB' rating category.

- Strong Market Position

Inter RAO became the third-largest power generation company in
Russia by installed electric capacity, after
GazpromEnergoholding, part of OAO Gazprom ('BBB'/Stable), and JSC
RusHydro ('BB+'/Stable), and the largest domestic power retail
company with a 15% market share. Inter RAO's total installed
electricity capacity reached 33.5GW in 2012. Additionally, Inter
RAO benefits from a near-monopoly position in cross-border power
trading between Russia and several neighboring countries.

- Evolving Business Profile

In contrast to some other Russian utilities, Inter RAO's business
profile is quite dynamic as it has been evolving over the past
couple of years through equity contributions by the state, asset
swaps and acquisitions. Fitch views this aspect of Inter RAO's
relationship with the state as part of the state support
assessment. Given the company's prudent acquisition policy for
international assets and that the integration of the previously
acquired Russian assets is well underway, Fitch does not assess
the execution risk as high. The company does not exclude the
possibility of future acquisitions, if attractive targets are
determined, but plans to use a portfolio of equity stakes valued
at USD2.1bn as of February 2013 as one of the funding options.
The sale of equity stakes can also be used as capex funding.

- Unpredictable Regulatory Framework

As the regulatory framework for the Russian utilities sector is
at the development stage with a limited track record of its
consistent implementation, it is less transparent and more
unpredictable than the regulatory regimes of the Western European
utility companies. Fitch views the lower transparency and
supportiveness of the Russian regulatory regime as a constraining
factor in its assessment of Inter RAO's business profile.

- Adequate Credit Metrics

Fitch expects Inter RAO's credit profile for 2012 to have been
weaker than 2011 due to the moderation of growth of the regulated
capacity and electricity prices and introduction of more punitive
regulation for the supply business in 2012. The agency forecasts
the company's net FFO adjusted leverage to increase to above 2x
in 2012 and remain above 2x over 2013-2015. The agency expects
FFO interest coverage ratio to fluctuate at around 5x-6x over


- Satisfactory Liquidity

Inter RAO's gross unadjusted debt stood at RUB47.3 billion at
end-H112, of which RUB9.3 billion was short-term. It compared
well with cash and cash equivalents of RUB64.6 billion. Fitch
expects the company to become free cash flow (FCF) negative in
2012 and continue generating negative FCF over 2013-2015 due to
its intensive investment program.

The company also owns a portfolio of held-for-sale assets with
the largest ones being a 40% stake in Irkutskenergo and 42% stake
in Volzhksaya TGK estimated at US$1 billion and US$684 million,
respectively. Fitch does not view these assets as immediate
liquidity given the illiquid markets for these assets and
arguably limited demand, which may make their prompt disposal
challenging. However, the agency believes that they can serve as
a longer-term cushion for capex funding or potential acquisitions
and/or swaps.


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

- Upgrade of the sovereign rating and/or evidence of stronger
   state support (eg state guarantees for Inter RAO's debt)

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

- Sovereign rating downgrade and/or evidence of weaker state


-- Long-term foreign currency IDR: affirmed at 'BB+', Stable

-- Long-term local currency IDR: affirmed at 'BB+', Stable

-- Short-term foreign currency IDR: affirmed at 'B'

-- Short-term local currency IDR: affirmed at 'B'

-- National Long-term Rating: affirmed at 'AA(rus)', Stable

TAGANROG AUTOMOBILE: Put Under Bankruptcy Administration
According to RBC Daily, a Rostov-on-Don Arbitration Court
representative said the court has placed Taganrog Automobile
Plant (TagAZ) under bankruptcy administration.

Earlier reports disclosed that the company's filed for bankruptcy
in April 2012 seeking relief from creditors with its debt valued
at RUB21 billion (approximately US$683.59 million), RBC Daily
relates.  Its output plunged 28% year-on-year in 2012 to just
1,300 vehicles, and the carmaker assembled only 28 cars in
December, RBC Daily discloses.

TagAZ assembles house-branded vehicles, as well as several models
licensed by South Korea's Hyundai and China's BYD Auto.


AYT DEUDA: Fitch Cuts Ratings on Three Note Classes to 'CC'
Fitch Ratings has downgraded all AyT Deuda Subordinada I FTA's
notes and placed them on Rating Watch Negative (RWN) as follows:

Class A notes (ES0312284005): downgraded to 'CC' from 'B'; placed
on RWN

Class B notes (ES0312284013): downgraded to 'CC' from 'B-';
placed on RWN

Class C notes (ES0312284021): downgraded to 'CC' from 'B-';
placed on RWN


The downgrades reflect the transaction's high exposure to Banco
Mare Nostrum, S.A.'s (BMN, 'BB+'/Rating Watch Negative/'B')
subordinated debt, currently rated 'CC'. BMN's subordinated debt
is the largest asset in the pool concentrating 48.7% in volume
terms, thus driving the transaction's credit assessment.

Fitch believes the class A rating is linked to BMN's subordinated
debt rating of 'CC' as the available structural protection for
these notes is 46.4% and therefore would not be sufficient to
withstand the potential default on this single asset.

The RWN reflects the risk of burden sharing by the transaction as
subordinated debt holder in the case of a subordinated liability
exercise to be executed by BMN following the conditions in the
Memorandum of Understanding signed between Spain and the
Eurogroup on July 2012 after the approval of the recapitalization
plan for the bank.


Fitch has conducted a sensitivity analysis to estimate the impact
of potential losses to the noteholders derived from a
subordinated liability exercise, using different hypothetical
haircuts to the value of the assets in the portfolio.

A worst case scenario has been contemplated assuming all BMN's
subordinated debt in the pool defaulted with minimal recoveries,
in which case the class A noteholders could suffer partial

AyT Deuda Subordinada I, FTA is a cash flow securitization of a
static portfolio of subordinated bonds issued by six Spanish
financial institutions (were nine at closing). The transaction
has an expected bullet maturity in November 2016 and a legal
maturity date in November 2019.

CAMPOFRIO FOOD: Poor Performance Cues Moody's to Lower CFR to B1
Moody's Investors Service downgraded to B1 from Ba3 the Corporate
Family Rating of Campofrio Food Group S.A and the rating of
EUR500 million senior unsecured notes due 2016. The Probability
of Default (PDR) was downgraded to B1-PD from Ba3-PD. The rating
outlook is stable.

Ratings Rationale:

"The rating action follows the underperformance of the company's
profitability against expectations, as price increases, product
mix and cost savings were not sufficient to offset the slowdown
in consumer demand and cost pressure", says Tanya Savkin, a
Moody's Vice President -- Senior Analyst and lead analyst for

Sales growth continued in 2012, at 5% year-on year (or 1.8%
excluding contribution from Fiorucci). However the company's
Normalized EBITDA declined to EUR150 million from EUR169 million
in FY2011. Moody's notes that Campofrio's financial performance
in 2011 was also weaker than expected leading to the negative
outlook being assigned in June 2012.

Campofrio has been negatively affected by the two-year-long climb
in pork prices to a 20-year high, driven primarily by grain
supply and demand for pork from China in Europe. Moody's is also
concerned about the increasingly unpredictable and more recurrent
nature of this price trend that led to pressure on the company's
profitability both in 2011 and 2012. Moody's is also concerned
that in the current macroeconomic environment, the ongoing
ability to pass through any meat cost increases to customers may
be more challenging, particularly given the company's exposure to
Southern Europe (approximately 58% of 2012 sales).

The company continues to implement a range of initiatives, such
as price increases, product mix and innovation and meat sourcing
rationalization to offset the raw material price intake. Despite
these measures, the company's Normalized EBITDA margin declined
to 9.3% in 2011 from 10.6% in 2010, and further to 7.6% in 2012.
The company's profitability also suffered from inflationary
environment due to rising energy costs and government related
austerity measures, as well as weak performance in Italy
(Fiorucci), Portugal and France. Spain continues positive
performance despite challenging economic conditions.

As a result of the decline in EBITDA, Moody's adjusted gross
leverage at the end of 2012 increased to 5.8x from 5.2x as of the
end of 2011.

The company's liquidity consists of EUR170 million cash on
balance sheet and EUR170 million undrawn committed lines as of
the end of December 2012. This appears to be adequate for near-
term requirements, taking into account scheduled amortization of
the outstanding EUR90 million loan to support the Fiorucci
acquisition. Free cash flow generation will be weakened by a
large investment program announced by Campofrio in 2012 focused
on improving efficiency and productivity over the next 3 years.
Covenant headroom as of the end of December 2012 remains
sufficient although reduced during the year and may tighten
further if profitability does not improve.

Stable outlook is based on the expectation that the company will
achieve de-leveraging to 5.0x by the end of 2013, EBIT margin in
excess of 5% as well as an ongoing free cash flow generation (all
ratios as adjusted by Moody's).

The ratings could be upgraded if there is an improvement in the
company's profitability leading to Moody's adjusted EBIT margins
around 7%; and gross Debt/EBITDA around 4.0x. The ratings could
be downgraded if EBIT margin falls below 5%; or gross Debt/EBITDA
stays around 6.0x. Any concerns about liquidity or covenant
headroom or deeper recessionary trends in the key markets of
operation of Campofrio are also likely to result into negative

The principal methodology used in this rating was the Global
Packaged Goods published in December 2012. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009.

Headquartered in Madrid, Campofrio is the largest producer of
processed meat products in Europe. The company produces cooked
ham, hot dogs, dry sausages, dry ham - together, accounting for
three quarters of the company's volumes -- as well as poultry,
cold cuts, ready meals and pates. In 2012, Campofrio generated
approximately EUR1.8 billion revenue and EUR150 million company's
Normalized EBITDA.

SANTANDER EMPRESAS 4: Fitch Cuts Ratings on 2 Note Classes to 'D'
Fitch Ratings has downgraded FTA Santander Empresas 4's classes E
and F to 'Dsf' from 'Csf' and subsequently withdrawn the ratings.
The remaining notes have paid in full (PIF).


FTA Santander Empresas 4, a Spanish SME CLO, was liquidated early
on January 21, 2013 using proceeds from the sale of the entire
portfolio of SME loans. As a result of the portfolio sale the A,
B, C and D notes have been PIF, as these classes received all
interest and principal that was owed to them upon the redemption.
Conversely, the class E notes have not received the complete
principal owed absorbing a partial loss, while the class F notes
did not receive any payment at all thus have absorbed a loss of
100% of their outstanding balance.

Fitch notes the deterioration of the pool and the increased
Principal Deficiency Ledger balance to 12.23% of the portfolio
outstanding balance in October 2012 from 8.38% at the time of
last review in July 2012. Class F was not backed by SME loans as
it was issued to fund the creation of the reserve fund at the
closing date in November 2007.

The rating actions are:

Class A1 notes (ES0337944005): rated 'BBBsf', Outlook Negative;
redeemed on Jan. 21, 2013

Class A2 notes (ES0337944013): rated 'BBBsf', Outlook Negative;
redeemed on Jan. 21, 2013

Class A3 notes (ES0337944021): rated 'BBBsf', Outlook Negative;
redeemed on Jan. 21, 2013

Class B notes (ES0337944039): rated 'BBsf', Outlook Negative;
redeemed on Jan. 21, 2013

Class C notes (ES0337944047): rated 'CCCsf'; redeemed on
Jan. 21, 2013

Class D notes (ES0337944054): rated 'Csf'; redeemed on Jan. 21,

Class E notes (ES0337944062): downgraded to 'Dsf' from 'Csf';
rating withdrawn

Class F notes (ES0337944070): downgraded to 'Dsf' from 'Csf';
rating withdrawn

PESCANOVA SA: Two Shareholders Won't Support Restructuring Plan
Manuel Baigorri at Bloomberg News reports that Pescanova SA is
facing a hurdle from two shareholders as it tries to continue
with a debt restructuring policy amid an investigation by

According to Bloomberg, board directors Jose Carceller, the
brother of the chairman of Spanish brewer Damm, and Francois
Tesch, who represents Luxempart SA, said in a statement on Friday
that they didn't back the company's plan to restructure debt.

Pontevedra, northern Spain-based Pescanova said the board
unanimously agreed on Thursday to continue debt talks, Bloomberg

Damm and Luxempart hold 6.18% and 5.84% of Pescanova,
respectively, Bloomberg says, citing regulatory filings.
Pescanova Chairman Manuel Fernandez de Sousa-Faro holds about
14%, Bloomberg discloses.

"We don't question Pescanova's chairman, but we feel the strategy
of the company isn't the most appropriate in order to solve the
company's problems, and Damm isn't guilty of that situation,"
Bloomberg quotes Izaskun Martinez, a Barcelona-based spokeswoman
for Damm, as saying in a telephone interview on Friday.

Pescanova's board approved a plan on Thursday for "restructuring
of its financial policy," and said it analyzed with auditors some
discrepancies involving debt, Bloomberg relates.  According to
Bloomberg, the company said production is operating normally in
Spain and abroad.

"We requested an extraordinary board meeting along with other
board members because we needed information that shed some light
on what was really going on," Damm spokeswoman Martinez said.
"We are both surprised and concerned that the company isn't
transparent and it communicates with board members and investors
only through regulatory statements."

Pescanova shares remain suspended by stock market regulator CNMV,
Bloomberg discloses.  The stock lost 58% this year before trading
was halted March 12, Bloomberg recounts.

The regulator said March 11 it will investigate Pescanova to
determine whether there are signs of improper trading by the
company, its management or third parties, Bloomberg discloses.
CNMV said it has requested that the company submit earnings for
the second half of 2012 as soon as possible as well as additional
information including on assets and debt, Bloomberg notes.

Pescanova SA is a Galicia-based fishing company.  It catches,
processes and packages fish on factory ships.

Pescanova on Feb. 1 filed for insolvency having failed to sell
part of its salmon farming business.  The company, which had debt
worth EUR1.52 billion (US$1.99 billion) at the end of September
last year, struggled in the last months to make its investments
into farmed crustaceans and fishes profitable.


XAMAX: Owes CHF24 Million to 364 Creditors
The Associated Press reports that Swiss football club Neuchatel
Xamax, which collapsed into bankruptcy last year, owed CHF24
million (US$25.5 million) to 364 creditors.

The bankruptcy office of Neuchatel canton (state) says almost
CHF6 million (US$6.38 million) is owed in unpaid wages, the AP

The office has collated the individual debts left by the Chechen-
owned club, which dropped out of the Swiss league in January
2012, the AP relates.  Creditors have been invited to contest the
list within three weeks, the AP says.

Prosecutors in Neuchatel are investigating Chechen businessman
Bulat Chagaev over alleged fraud and financial mismanagement, the
AP notes.

According to the AP, Mr. Chagaev allegedly provided fake American
bank letters purporting to show he had access to US$35 million.


ARCELIK AS: S&P Assigns 'BB+' Corp. Credit Rating; Outlook Stable
Standard & Poor's Ratings Services assigned its 'BB+' long-term
corporate credit rating to Turkey-based Arcelik A.S.  The outlook
is stable.  At the same time, S&P assigned an issue rating of
'BB+' to the proposed unsecured notes to be issued by Arcelik.
The recovery rating on the notes is '4', indicating S&P's
expectation of average (30%-50%) recovery prospects for unsecured
noteholders in an event of default.

The rating on Arcelik reflects S&P's assessment of the company's
business risk profile as "satisfactory" and its financial risk
profile as "significant."  Arcelik is a large Turkey-based home
appliances and consumer electronics manufacturer that sells most
of its products in Turkey and Western Europe.  It is also
starting to expand into other emerging markets, such as South

The "satisfactory" business risk profile is supported by the
company's leading market position in its home market of Turkey.
Its position is supported by a wide distribution network and
strong local brands.  S&P considers Arcelik well-equipped to
continue growing profitably in Europe, Africa, and the Middle
East, which together accounted for 56% of revenues in 2012.  As a
result, S&P thinks that Arcelik's credit quality benefits from
geographical diversification.  S&P also recognizes its relatively
large product range, mid-to-low price positioning, and portfolio
of global and local brands.  These offer the company the
flexibility to address a variety of demographic profiles and
customer preferences internationally.  Arcelik's large industrial
size enables it to benefit from economies of scale.  Its
manufacturing plants are located in countries like Turkey,
Romania, or South Africa -- countries that have relatively low
labor costs and are close to the final consumer markets.  This
should help reduce the cost of distribution, compared with Asia-
based manufacturers competing in the same price segment.

However, Arcelik operates in a cyclical and very competitive
industry that is highly sensitive to raw material prices (70% of
operating costs).  Its strategy is to expand in Western Europe,
but in S&P's view the near-term success of this strategy is
uncertain.  Prospects for growth in demand appear weak and
competition is increasingly price-based.  S&P sees the less
brand-differentiated consumer electronics division (18% of sales)
as having lower profitability than Arcelik's white goods (65%
sales). Research and development and marketing spending are lower
than those of industry peers in the consumer electronic division,
but comparable in the white goods division.

The stable outlook reflects S&P's view that Arcelik's strong
market position in Turkey and its geographical diversification
into higher-growth regions like Eastern Europe and Africa should
offset weak growth in demand for white goods in Western Europe
and margin pressure in the consumer electronics division.  S&P's
base-case scenario for 2013-2014 envisages Arcelik posting
revenue growth of between 10%-15% and EBITDA margin of about 9%-

Over the next 12-24 months, S&P anticipates that Arcelik is
likely to maintain adjusted FFO to debt of 20%-25% and debt to
EBITDA of about 3.0-3.5x, levels that S&P deems commensurate with
a "significant" financial risk profile and the current rating.

S&P could lower the rating if FFO to debt were to fall to less
than 20% and debt to EBITDA were to reach 4x on a sustained
basis. S&P thinks this could occur if the consumer electronics
division suffered a strong decline in gross margins as a result
of continued high levels of promotional activity and aggressive
pricing by competitors.  S&P would also view as a weakness any
large swings in working capital, which would lead to negative
free operating cash flow in 2013.

S&P could raise the rating if the liquidity position improved to
"adequate" and the short-term debt maturities were fully
refinanced or extended.  A higher rating would also be contingent
on lower debt leverage, stemming from further strengthening in
the profit base and, possibly, a lower debt burden.  S&P sees
adjusted FFO to debt of over 30% and debt to EBITDA of about 2.25
to 2.75x on a sustained basis as compatible with a rating


DTEK FINANCE: Moody's Assigns (P)B3 Rating to New Notes Issue
Moody's Investors Service assigned a provisional (P)B3 rating
with a negative outlook to the proposed USD-denominated notes to
be issued by DTEK Finance plc, a fully owned finance subsidiary
of DTEK Holdings B.V., in line with DTEK's corporate family
rating. The amount is subject to the prevailing market conditions
during the placement.

The proposed notes are being issued to refinance DTEK's existing
debt, in particular to finance the purchase of at least a part of
the existing 9.50% US$500 million Notes due 2015 under the
respective Tender Offer and Consent Solicitation, and to finance
DTEK's investment program, working capital, new acquisitions and
certain financial commitments.

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

Ratings Rationale:

The (P)B3 rating assigned to the proposed notes is in line with
DTEK's corporate family rating (CFR), reflecting the assumption
that its ranking in DTEK's capital structure will be similar to
that of the company's largely senior unsecured debt.

DTEK's B3 CFR remains constrained by the high-risk operating
environment in Ukraine, where DTEK's integrated electric utility
business operates, in particular by the Ukrainian foreign-
currency bond country ceiling of B3. DTEK's exposure to foreign-
currency risk stemming from its majority foreign-currency-
denominated debt is significant. The company's capacity to
service its foreign currency debt could be exposed to actions
taken by the Ukrainian government to preserve the country's
foreign-exchange reserves. Although DTEK's Ukraine-based business
generates foreign currency in the amount somewhat exceeding its
debt-servicing needs, the company's revenues and cash flows
generated in the country would be exposed to foreign-currency
transfer and convertibility risks, which are reflected in the B3
ceiling. Though DTEK has trading operations and cash balances
outside of Ukraine, they are not sufficient to warrant a rating
higher than the ceiling. DTEK's rating is also pressured by its
active involvement in the ongoing privatization of Ukraine's
electricity sector, which requires significant financing and may
potentially weaken the company's currently strong financial
profile and constrain its liquidity position. Aside from the
ceiling constraints, Moody's regards DTEK as strongly positioned
in the B3 rating category, given the company's solid business
fundamentals, reasonable performance and moderate leverage.

Structural Considerations:

The assigned provisional (P)B3 rating and a provisional Loss
Given Default assessment of LGD4 reflects the assumption that the
proposed notes will rank pari passu with the other senior
unsecured debt of the DTEK group, in particular with DTEK's
existing notes due 2015. The proposed notes are guaranteed by
DTEK's international holding entities and its Ukrainian operating
subsidiaries, which are expected to represent the majority of the
DTEK group's assets and EBITDA. The provisional rating is based
on Moody's expectation that, during the implementation of the
transaction and following its completion, the company would
ensure reasonable headroom under its covenants both under its
notes indenture and bank agreements. In line with the loss-given-
default methodology, the ratings and LGD assessment will be
finalized upon receipt of final transaction documentation, the
confirmation of the issue amount and the final capital structure
following the purchase of the existing notes. The proposed notes
are subject to various restrictions and financial covenants,
including limitations on incurrence of indebtedness, limitations
on creation and incurrence of certain liens, limitation on
certain mergers, asset sales and certain payments.


The negative outlook on the (P)B3 rating of the proposed notes
reflects the negative outlook on DTEK's CFR and existing notes,
which in turn reflects the negative outlook on Ukraine's
sovereign rating and the consequent risk of a further downgrade
of the foreign-currency bond country ceiling.

What Could Move the Rating Up/Down

An upgrade of the rating of the proposed notes, similar to that
of the existing notes, would require an upgrade of DTEK's CFR,
which Moody's considers to be unlikely at this stage given the
negative outlook. However, Moody's could upgrade the ratings if
(1) it raises the Ukrainian foreign-currency bond country
ceiling; and (2) DTEK continues to deliver strong operating
performance, increases export revenues and maintains a good
liquidity position and long-term debt maturity profile. As DTEK's
integrated electric utility business is focused on Ukraine, the
ratings will be ultimately dependent on further developments at
the sovereign level.

Downward pressure on the ratings of DTEK's notes, both proposed
and existing, would arise from negative pressure on DTEK's CFR,
which could be exerted as a result of a further downgrade of the
sovereign rating and further lowering of the foreign-currency
bond country ceiling. The CFR and hence the notes' ratings could
also face downward pressure if DTEK's financial profile
deteriorates significantly and its liquidity position weakens.

The principal methodology used in these ratings was Unregulated
Utilities and Power Companies published in August 2009. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009

Headquartered in Donetsk and Kyiv, Ukraine, DTEK is the first
privately owned, vertically integrated electricity utility in
Ukraine. One of the major players in the Ukrainian energy market,
DTEK generated total revenue of UAH82.6 billion (US$10.3
billion), including heat tariff compensation of UAH 4.2 billion
(US$0.5 billion) received from the government, in 2012.

U N I T E D   K I N G D O M

THE FORTIES: In Administration, Shuts Down Operations
Jack Griffith at Uxbridge Gazette reports that The Forties tea
room, in the Mall Pavilions, has been forced to close after
negotiations over a new lease broke down.

The firm, last January, it moved to a bigger unit in the mall and
opened the tea room, but the following month the council
rescinded its discretionary rate relief, for charities and not-
for-profit organisations, and their business rates increased more
than five-fold as a consequence, according to Uxbridge Gazette.

The report relates that more than 8,000 people signed a petition
in support of the shop as it fought to stay afloat.

Sammy Morgan, managing director, said that last-minute efforts
were made in vain to secure charity status and a new lease, the
report discloses.

The Forties tea room is a popular cafe and gift store which
pledged cash to war veteran charities.

SPIRIT: In Administration, Cuts 20 Jobs
Wiltshire Business Online reports that award-winning independent
fashion chain Spirit has gone into administration, with the loss
of around 20 jobs

The Frome outlet has continued as a clothing boutique under new
ownership, while the leases on the Marlborough shop has been
taken by a gifts supplier, according to Wiltshire Business

The firm appointed Bristol-based Mazars as liquidators.

"People look at Marlborough, they see the grand High Street and
the College and they assume there are millions of shoppers.
There aren't; and the economic downturn since 2008 had a serious
knock on profits," the report quoted proprietor Rose Webster.

Sprit opened its first boutique in 1999.


* EUROPE: Moody's Notes Weakening Credit Quality in EMEA
While there was record high-yield bond issuance of over $17
billion in February by speculative-grade rated non-financial
companies in EMEA, credit quality in the region continues to
weaken, says Moody's in the March edition of its "High Yield
Interest -- European Edition" publication.

"With capital markets appearing so bullish, we continue to
reinforce the message that aggregate credit quality in Europe
continues to deteriorate, as evidenced by our downgrade/upgrade
ratio," says Chetan Modi, head of Moody's European leveraged
finance team. "Causes of the weakening corporate credit quality
in Europe remain weak economic growth, high unemployment rates,
continued private sector deleveraging, constrained credit growth,
fiscal drag and weak consumer and business confidence."

The March edition also discusses the attractions of the English
scheme of arrangement as a restructuring tool, as well as the
arrival on the market of the much-anticipated Cairn CLO III,
which represents the first "proper" primary European arbitrage
collateralized loan obligation (CLO) since the global financial
crisis hit.

* BOND PRICING: For the Week March 11 to March 15, 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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at

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