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        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, April 29, 2013, Vol. 14, No. 83

                            Headlines



A L B A N I A

BANKA KOMBETARE: Moody's Withdraws B1/B2 Deposit Ratings, E+ BFSR


B E L G I U M

FORTIS BANK: Credit Suisse, Lone Star to Acquire Bad Bank


D E N M A R K

TELLER AS: Fitch Affirms 'BB+' Long-Term Issuer Default Ratings


F R A N C E

PEUGEOT CITROEN: Can Proceed with Restructuring Plan, Court Rules


G E R M A N Y

HYPOTHEKENBANK FRANKFURT: Moody's Lowers Ratings on Covered Bonds
SERVICA BAU: Commences Bankruptcy Process; Owes EUR8.7MM


H U N G A R Y

NITROGENMUVEK ZRT: Fitch Assigns 'B+' LT Issuer Default Rating


I R E L A N D

IRISH BANK: Liquidation May Hit County Council Bonds
INDEPENDENT NEWS: Banks Agree to Write Off EUR138-Mil. Debt
SUNDAY BUSINESS: Crosbies Drop Out of Bidding Race


I T A L Y

BANCA MONTE: Nomura Asset Seizure Ordered in Derivatives Probe


K A Z A K H S T A N

EURASIAN NATURAL: Board Feud Prompts Moody's to Lower CFR to B1


R U S S I A

RUSSIAN HELICOPTERS: Moody's Changes Outlook on 'Ba2' CFR to Neg.
* RUSSIA: Five Poultry Farms Enter Bankruptcy Proceedings
* VORONEZH REGION: Fitch Assigns 'BB' Rating to RUB5BB Bond Issue


S P A I N

PESCANOVA SA: Pontevedra Court Accepts Insolvency Petition
RURAL HIPOTECARIO X: Moody's Cuts Rating on Class C Notes to Caa1


U N I T E D   K I N G D O M

AGS HOME: Appoints MB Insolvency as Administrator
BRITISH AIRWAYS: Moody's Affirms 'B1' Corporate Family Rating
HAYES HOTEL: In Receivership Over Debts to AIB
NEW LOOK: Launches GBP800MM Bond Offering to Repay Part of Loan
NORTHSHORE YACHTS: In Financial Trouble; Talks With Creditors

PRICEY MEDIA: TV Production Firms Placed Into Liquidation
RESTOVER LODGE: Moorfields Appointed as Administrators


X X X X X X X X

* BOND PRICING: For the Week April 22 to April 26, 2013


                            *********


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A L B A N I A
==============


BANKA KOMBETARE: Moody's Withdraws B1/B2 Deposit Ratings, E+ BFSR
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the following ratings of
Banka Kombetare Tregtare Sh.a.: the B1/Not-Prime long- and short-
term local-currency deposit ratings, the B2/Not-Prime long- and
short-term foreign-currency deposit ratings, and the E+
standalone bank financial strength rating (BFSR), which is
equivalent to a b1 baseline credit assessment. At the time of the
withdrawal all the ratings carried a stable outlook.

Ratings Rationale:

Moody's has withdrawn the rating for its own business reasons.

Ratings Withdrawn

Standalone Bank Financial Strength Rating of E+

The long- and short-term local-currency deposit ratings of B1/Not
Prime

The long- and short-term foreign-currency deposit ratings of
B2/Not Prime

Headquartered in Tirana, Albania, Banka Kombetare Tregtare Sh.a.
reported -- as of December 31, 2012 -- total consolidated audited
IFRS assets of US$2.3 billion.



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B E L G I U M
=============


FORTIS BANK: Credit Suisse, Lone Star to Acquire Bad Bank
---------------------------------------------------------
Maud van Gaal at Bloomberg News reports that Credit Suisse Group
AG and Texas-based Lone Star Funds will pay EUR6.7 billion
(US$8.7 billion) for the assets of Royal Park Investments SA, a
vehicle set up to manage toxic assets of failed Belgian bank
Fortis.

According to Bloomberg, Finance Minister Koen Geens said in an
e-mailed statement from Brussels on Friday that Belgium, one of
the vehicle's shareholders, will get EUR1 billion in cash from
the sale, reducing government debt by more than 0.2% of gross
domestic product.  Ageas, the insurer formerly known as Fortis,
said in a separate statement that it will receive EUR1.04
billion, Bloomberg discloses.

Royal Park Investments was set up in May 2009 by Fortis, the
Belgian government and French bank BNP Paribas SA (BNP) as a
special purpose vehicle to manage a pool of distressed debt
securities, Bloomberg recounts.  The shareholders contributed
EUR1.7 billion in equity at the time, Bloomberg recounts.
According to Bloomberg, Royal Park Investments said on Saturday
that amount had increased to a net asset value of EUR2.3 billion.

Fortis, once Belgium's biggest financial services company, became
a casualty of the 2008 financial turmoil after pouring EUR24.2
billion into purchasing the assets of ABN Amro Holding NV a year
earlier, just as the U.S. subprime-mortgage market collapsed and
lending dried up, Bloomberg recounts.

Most Fortis assets ended up in the hands of the Dutch and Belgian
governments, while BNP Paribas agreed to buy the main banking
unit in Belgium as well as a stake in its insurer, Bloomberg
relates.  Fortis was given a call option on the BNP Paribas
shares that the Belgian government received to win over investors
for its state-organized break-up, Bloomberg discloses.

Ageas agreed to sell that option to Belgium for 144 million
euros, Bloomberg says, citing Saturday's statements.  Mr. Geens
said that the country is now free to sell its BNP stake, although
it currently has no plans to do so, Bloomberg notes.

                        About Fortis Bank

Headquartered in Brussels, Belgium, Fortis Banque SA/NV (also
known as Fortis Bank) -- http://www.fortis.com/--  provides
retail services as well as merchant banking, private banking, and
asset management services.  It operates more than 1,400 branches
in Belgium, Luxembourg, Germany, Poland, and Turkey.



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D E N M A R K
=============


TELLER AS: Fitch Affirms 'BB+' Long-Term Issuer Default Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed Teller A/S and Teller AS'
(Collectively Teller) Long-term Issuer Default Ratings (IDR) at
'BB+' with a Stable Outlook, Short-term IDRs at 'B' and Support
Ratings at '3'.

Rating Action Rationale

The affirmations reflect Teller's potentially large exposure to
operational risk, which is mitigated by their strong liquidity
management. The ratings also reflect their strong franchise in
Nordic merchant acquiring of international payment cards and
their low historic credit losses. Despite somewhat different
performance and capital levels for the two entities, Fitch rates
both at the same level. This is primarily driven by significant
operation overlap between the entities, supported by joint
marketing under the Teller name.

Key Rating Drivers and Sensitivities - IDRs

The Stable Outlooks are driven by Fitch's expectation that Teller
will retain a significant liquidity buffer to mitigate the
effects of severe operational failures. Downside risk is most
likely to stem from less prudent liquidity management, or
deteriorating asset quality beyond Fitch's base case stress
scenario. Upside potential is limited given the relatively small
size of Teller's equity bases.

Operational risk is substantial and could manifest itself both
via credit losses, for example if fraud was not identified, or if
there were system-wide clearing infrastructure failures. For the
latter, if payments to Teller were delayed and Teller remains
liable to honor payments, it would be likely to lead to a
stressed liquidity situation. However, in Fitch's opinion, on-
balance sheet and contingent liquidity facilities are adequate to
sustain a short-term system disruption.

Key Rating Drivers and Sensitivities - SUPPORT RATINGS

Teller's Support Ratings reflect Fitch's expectation that there
would be a moderate probability that support would be forthcoming
from their ultimate owners; the largest being Danmarks
Nationalbank, Danske Bank ('A'), DNB Bank ('A+') and Nordea Bank
Danmark ('AA-'). This is driven by Teller's important role in the
Nordic payments system, and is supported by the relatively small
sizes of Teller compared to the combined balance sheets of their
owners.

The Support Ratings are sensitive to any potential change in
Fitch's assumptions about the propensity or ability of Teller's
owners to provide timely support to Teller.



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F R A N C E
===========


PEUGEOT CITROEN: Can Proceed with Restructuring Plan, Court Rules
-----------------------------------------------------------------
Mathieu Rosemain at Bloomberg News reports that PSA Peugeot
Citroen, Europe's second largest automaker, can move forward with
the elimination of 11,200 jobs and a factory closing after a
French court threw out a legal challenge from two unions to the
plan.

"The plaintiffs don't formulate any precise criticism of the
planned measures and thus don't prove there is any lacking
element," Bloomberg quotes Judge Anne Lacquemant as saying in her
ruling on Friday in Paris rejecting the suits.

Peugeot, which reported a EUR576 million (US$750 million)
operating loss last year, said last week that first-quarter
revenue fell 6.5% to EUR13 billion, Bloomberg relates.

Peugeot aims to shrink its French automotive workforce by 17%
over the next two years in response to the downward spiral in
European auto sales, which are set to decline in 2013 for the
sixth straight year, Bloomberg discloses.  The automaker is also
closing a factory on the outskirts of Paris, selling assets and
building a strategic alliance with General Motors Co., Bloomberg
notes.

The CGT and SUD unions sought to block the carmaker's
restructuring plan on the basis that the severance packages
accompanying the job cuts were insufficient for employees and
that the legal framework for such measures hadn't been respected
by the carmaker, Bloomberg recounts.

"The court decided to only take into account the arguments of
Peugeot," Bloomberg quotes Marie-Laure Dufresne-Castets, a lawyer
for the CGT, as saying.  "But we will appeal."

"This decision will allow the pursuit of the project of
industrial reorganization of the group and its implementation
after the next meeting of the works council," Pierre-Olivier
Salmon, a Peugeot spokesman, as cited by Bloomberg, said by
telephone.

A meeting to set the financial terms for the reductions is set
for today, April 29, Bloomberg discloses.  Five other unions
representing about 75% of employees have signed off on the
reorganization, Bloomberg notes.

Bloomberg relates that Chief Financial Officer Jean-Baptiste de
Chatillon said last week that the Aulnay site, scheduled to be
shut next year, may be closed as early as 2013 as strikes disrupt
production.

According to Bloomberg, Mr. de Chatillon said that a further
contraction in Europe's automotive market in 2014 may also make
new savings measures necessary.



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G E R M A N Y
=============


HYPOTHEKENBANK FRANKFURT: Moody's Lowers Ratings on Covered Bonds
-----------------------------------------------------------------
Moody's Investors Service downgraded to Aa3 from Aa2 the ratings
of the mortgage covered bonds (or Hypothekenpfandbriefe) issued
by Hypothekenbank Frankfurt AG (deposits Baa3 stable, bank
financial strength rating E/baseline credit assessment caa2, no
outlook assigned) and to Aa2 from Aa1 its public-sector covered
bonds (Oeffentliche Pfandbriefe).

Ratings Rationale:

The downgrade of the covered bonds follows the downgrade of the
issuer ratings by one notch to Baa3 from Baa2.

The Timely Payment Indicator (TPI) remains "High" for both
programs. This TPI, combined with the Baa3 issuer rating, caps
the ratings assigned to the public-sector covered bonds at Aa2.

However, Moody's expected loss analysis restricts the ratings of
the mortgage covered bonds, rather than the TPI. With the
committed OC of 2% as required by the German covered bond act,
the maximum achievable rating on the mortgage covered bonds is
Aa3.

The ratings assigned by Moody's address the expected loss posed
to investors. Moody's ratings address only the credit risks
associated with the transaction. Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors.

Key Rating Assumptions/Factors

Covered bond ratings are determined after applying a two-step
process: an expected loss analysis and a TPI framework analysis.

EXPECTED LOSS: Moody's determines a rating based on the expected
loss on the bond. The primary model used is Moody's Covered Bond
Model (COBOL), which determines expected loss as (1) a function
of the issuer's probability of default (measured by the issuer's
rating); and (2) the stressed losses on the cover pool assets
following issuer default.

The cover pool losses are an estimate of the losses Moody's
currently models if the relevant issuer defaults. Cover pool
losses can be split between market risk and collateral risk.
Market risk measures losses as a result of refinancing risk and
risks related to interest-rate and currency mismatches (these
losses may also include certain legal risks). Collateral risk
measures losses resulting directly from the credit quality of the
assets in the cover pool. Collateral risk is derived from the
collateral score.

Mortgage Covered Bonds

The cover pool losses are 18.8%, with market risk of 10.1% and
collateral risk of 8.7%. The collateral score for this program is
currently 13.0% and the OC in this cover pool is 14.0%, of which
Hypothekenbank Frankfurt provides 2% on a "committed" basis. The
minimum OC level that is consistent with the Aa3 rating target is
9.0%, of which 0% should be provided in a "committed" form
(numbers in present value terms). These numbers show that Moody's
is relying on "uncommitted" OC in its expected loss analysis.

Public-Sector Covered Bonds

The cover pool losses are 8.7%, with market risk of 7.1% and
collateral risk of 1.6%. The collateral score for this program is
currently 3.2% and the OC in this cover pool is 11.3%, of which
Hypothekenbank Frankfurt provides 2% on a "committed" basis. The
minimum OC level that is consistent with the Aa2 rating target is
10.0%, of which 0% should be provided in a "committed" form
(numbers in present value terms). These numbers show that Moody's
is relying on "uncommitted" OC in its expected loss analysis.

TPI Framework: Moody's assigns a "timely payment indicator"
(TPI), which indicates the likelihood that timely payment will be
made to covered bondholders following issuer default. The effect
of the TPI framework is to limit the covered bond rating to a
certain number of notches above the issuer's rating.

For both the mortgage and public sector covered bonds, Moody's
has assigned a TPI of High.

Sensitivity Analysis

The robustness of a covered bond rating largely depends on the
issuer's credit strength.

The TPI Leeway measures the number of notches by which the
issuer's rating may be downgraded before the covered bonds are
downgraded under the TPI framework.

Based on the current TPIs of "High", the TPI Leeway for the
mortgage covered bonds program is 0-1 notches. This implies that
the covered bonds might be downgraded as a result of a TPI cap if
the issuer rating is downgraded below Baa3 or Ba1, all other
variables being equal. The TPI leeway for the public-sector
covered bond is 0 notches, implying the covered bonds might be
downgraded as a result of a TPI cap if the issuer rating is
downgraded further.

A multiple-notch downgrade of the covered bonds might occur in
certain limited circumstances, such as (1) a sovereign downgrade
negatively affecting both the issuer's senior unsecured rating
and the TPI; (2) a multiple-notch downgrade of the issuer; or (3)
a material reduction of the value of the cover pool.

Rating Methodology

The principal methodology used in these ratings was "Moody's
Approach to Rating Covered Bonds" published in July 2012.


SERVICA BAU: Commences Bankruptcy Process; Owes EUR8.7MM
--------------------------------------------------------
The Austrian Times reports that another bankruptcy proceeding of
the "Servica Bau - und Handelsges.m.b.H" in Wiener Neustadt,
Lower Austria was initiated.  The liabilities are EUR8.7 million;
around 100 creditors and 18 employees are affected, the report
says.

The Austrian Times says the restructuring aid under self-
administration for the sole shareholder "RIRI Management GmbH"
was started.

According to the report, the liabilities of the RIRI are
estimated to be EUR1.4 million.  The application for the
restructuring aid plans that the creditors will receive a rate of
30 percent within two years.  The registration deadline for
Servica was fixed for June 19, adds the Austrian Times.

The report notes that the general examination hearing will be
on July 4 and the first creditor's meeting will take place on
May 23.

The main cause for the insolvency of the Servica is said to be
the high loss of claims in 2012 (EUR4.4 million), the Austrian
Times discloses.



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H U N G A R Y
=============


NITROGENMUVEK ZRT: Fitch Assigns 'B+' LT Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has assigned Hungary-based Nitrogenmuvek Zrt. a
Long-term Issuer Default Rating (IDR) of 'B+' with a Stable
Outlook. The agency has simultaneously assigned Nitrogenmuvek's
proposed issue of notes (the Notes) an expected foreign currency
senior unsecured rating of 'BB-(EXP)'.

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

Nitrogenmuvek's rating is supported by its share of the Hungarian
market and by the protection offered by high ground
transportation costs for potential competing importers. The
rating also reflects the group's conservative financial profile
and policies and its strong liquidity. Constraints include low
product diversification and high exposure to nitrogen fertilizer
price cyclicality, limited geographical diversification and
single site operations.

Key Rating Drivers:

Domestic Market Share: Nitrogenmuvek is the only producer of
nitrogen fertilizers in Hungary and has a 74% share of the
market. Barriers to entry include capital investment vs. return
on investment for the small regional market size, lead time of
four-five years for a new plant, high ground transportation costs
for importers (landlocked country) and import tariffs for non-EU
producers.

Single Site Operations: As evidenced by the breakdown and
suspension of production in early 2013, single site operations
present a higher operating risk than a multi-site asset base.
Force majeure events, a common theme in the chemicals sector,
could result in severe disruptions with a resulting negative
impact on cash flow generation and debt servicing capacity. Fitch
notes that the recent event that affected Nitrogenmuvek has been
resolved and is not expected to have material impact on its
operations.

Long-term Demand Fundamentals: The global fertilizer sector's
long-term demand outlook is strong and supported by reducing
arable land, growing population and meat consumption, and biofuel
production. Nitrogenmuvek is also expected to benefit from the
higher growth potential of Hungary and neighboring central
European countries where nitrogen fertilizer use per hectare
remains below that of mature agricultural markets.

High Exposure to Price Volatility: Nitrogenmuvek lacks the
diversification of its international peers, which leaves it
substantially exposed to nitrogen prices volatility. The group is
also exposed to volatility in natural gas prices, its main raw
material (59.4% of cost of operating costs and 85.5% of RM costs
in 2012). The latter is partly mitigated by its access to spot
and short-term purchases on the Central European Gas Hub (CEGH)
in Vienna under the framework of a transportation capacity
agreement for the HAG (Hungarian Austria Gas) pipeline and
contracts linking prices to the TTF (title transfer facility)
market in Amsterdam.

High Profitability: The 2012 EBITDA margin was 28.9% (Fitch
calculations) and the rating base case assumes margins above 20%
through the cycle. This is underpinned by the EUR100 million
investment program initiated in 2005, access to local dolomite
source for calcium ammomium nitrate (CAN) production, access to a
regional natural gas pipeline and purchases on the CEGH,
extensive local distribution network with associated market
intelligence, strong recognition for the Petiso brand, production
flexibility, and domestic demand exceeding its production
capacity.

FX risk: Nitrogenmuvek has no USD-denominated revenues which
exposes them to convertibility and translation risk on the Notes.
A strong depreciation of the HUF could result in deterioration in
the group's credit metrics due to the mismatch between operating
cash flows and the HUF-equivalent of USD-denominated debt at the
end of the reporting period. Fitch understands that the group
intends to hedge this risk exposure post-closing of the
transaction.

Conservative Financial Profile: Under Fitch's rating base case,
Nitrogenmuvek maintains a conservative credit profile with net
cash positions and funds from operations (FFO) adjusted gross
leverage peaking at 2.2x at end-2013 and declining gradually
thereafter. The agency assumes low single digit growth in
revenues in 2013 on the back of favorable prices and stable
demand. The base case projects slight margin erosion reflecting
the suspension of production in 2013.

Structure of the Notes: The Notes constitute a direct, unsecured
and unsubordinated obligation of Nitrogenmuvek and will rank pari
passu with all other present and future unsecured and
unsubordinated obligations. Covenants include negative pledge
(with permitted liens), restrictions on payments, limitations on
restrictions of distributions from subsidiaries, on sales of
assets, and on incurrence of indebtedness with an incurrence pro-
forma net debt to EBITDA ratio of 3:1. The Notes will be
redeemable in full at Nitrogenmuvek's option after May 2016.
Events of default include cross default to any Nitrogenmuvek or
subsidiary debt with a USD20m threshold. The Notes are also
subject to a change of control clause. Proceeds will be used to
repay certain revolving credit facilities, finance the company's
investment strategy and for general corporate purposes.

Banks' Priority Access not a Concern: Nitrogenmuvek's existing
borrowings consist of bank facilities subject to a clause which
grants lenders access to any of the bank accounts should the
group fail to service their loans. The Notes' senior unsecured
rating of 'BB-' with a recovery of 'RR3' reflect Fitch's opinion
that this feature does not prejudice recovery prospects in the
event of a default, and that the existing bank debt would
represent a relatively minor portion of the proposed capital
structure post issuance. We understand that under Hungarian law
the banks do not have preferential claims in a liquidation
procedure. Nonetheless, these creditors may be allowed access to
cash before a liquidation scenario is approached and we therefore
classify these facilities as prior ranking debt for the purposes
of our recovery analysis.

Rating Sensitivities

Negative: Shareholder distributions or shareholder-friendly
actions detrimental to debt creditors or resulting in sustained
increase in gross FFO leverage above 2.5x.  A sharp deterioration
in fertilizer prices, demand or in Nitrogenmuvek's cost position
with a sustained drop in EBITDA margin below 20%

Positive: An upgrade is considered unlikely at this time due to
the limited scale and diversification of the company.



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I R E L A N D
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IRISH BANK: Liquidation May Hit County Council Bonds
----------------------------------------------------
Ruaidhri Giblin at Independent.ie reports that county councils
could lose millions of euro worth of bonds burned in the late
night liquidation of the Irish Bank Resolution Corporation.

The bonds were provided by developers as security that works
would be completed in accordance with planning permission
conditions set down by local authorities, Independent.ie
discloses.

According to Independent.ie, Finance Minister Michael Noonan has
stated it was an "unfortunate consequence" of the decision to
liquidate IBRC that "any liabilities arising under these
agreements will most likely rank as unsecured claims".

Independent TD Catherine Murphy said there were no expectations
that the bonds would be paid, Independent.ie notes.

Cork County Council holds 355 bonds worth more than EUR28 million
in a number of companies, the council's planning director
recently told councilor Seamus McGrath, Independent.ie discloses.

A spokeswoman for Clare County Council said EUR2.5 million worth
of bonds due to the authority were tied up in the liquidation of
IBRC, Independent.ie relates.

Kerry County Council had several bonds with IBRC and has written
to the bank's special liquidator, Kieran Wallace of KPMG,
Independent.ie states.

According to Independent.ie, IBRC bonds were in place for county
councils in Roscommon (2), Wicklow (1), Mayo (1), South Dublin
(5) and Dun Laoghaire-Rathdown (1), but there had been no issues
with them to date or they would not be required to finish
developments.

Galway County Council is involved in legal proceedings with a
developer and homeowners over a EUR60,000 IBRC bond,
Independent.ie discloses.  According to Independent.ie, a
spokesman said "it remains to be seen how bonds in IBRC would be
treated in the liquidation process".

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

Standard & Poor's Ratings Services said that it lowered its long-
and short-term counterparty credit ratings on Irish Bank
Resolution Corp. Ltd. (IBRC) to 'D/D' from 'B-/C'.   S&P also
lowered the senior unsecured ratings to 'D' from 'B-'.  S&P then
withdrew the counterparty credit ratings, the senior unsecured
ratings, and the preferred stock ratings on IBRC.  At the same
time, S&P affirmed its 'BBB+' issue rating on three government-
guaranteed debt issues.

The rating actions follow the Feb. 6, 2013, announcement that the
Irish government has liquidated IBRC.


INDEPENDENT NEWS: Banks Agree to Write Off EUR138-Mil. Debt
-----------------------------------------------------------
Jamie Smyth at The Financial Times reports that a consortium of
banks has agreed to write off EUR138 million of debt owed by
Independent News & Media in a financial restructuring that would
give the lenders a sizeable stake in the struggling Irish media
group.

INM is selling its South African operation and proposing a
radical overhaul of its defined benefit pension scheme as part of
the arrangement, which includes plans for a EUR40 million rights
issue before the end of the year, the FT discloses.

According to the FT, Vincent Crowley, INM's chief executive, said
the restructuring would put the group on a secure financial
footing with a sustainable debt level and an ability to implement
a restructuring of its business.

INM management has been locked in talks with its eight lenders
for months aimed at reducing its EUR422 million net debt, which
was amassed during a decade long acquisition spree, the FT
relates.

The company plans to use EUR167 million raised from the recent
sale of its South African operation to repay some debt as the
first part in a three-stage restructuring process, the FT says.
It aims to agree a deal with trustees of the company's defined
benefit pension to reduce a EUR162 million deficit in the scheme,
the FT notes.

INM's lenders would then write off EUR138 million of debt in
return for an equity stake in the company, which is expected to
be between 11% and 16% following a rights issue planned before
the end of the year, the FT states.  The banks' final
shareholding in the group will depend on INM's share price on the
day and take up of the rights issue, according to the FT.

Mr. Crowley, as cited by the FT, said the rights issue would
probably be underwritten by a third party.  Assuming the
restructuring and rights issue were successful, he said INM's net
debt would fall to EUR118 million or about three-times earnings.

However, if the rights issue or pension restructuring was not
successful, INM's lenders would end up with 70% of the company's
equity in return for writing off EUR106 million of debt, the FT
says.

                  About Independent News & Media

Headquartered in Dublin, Ireland, Independent News & Media PLC
(ISE:IPD) -- http://www.inmplc.com/-- is engaged in printing and
publishing of metropolitan, national, provincial and regional
newspapers in Australia, India, Ireland, New Zealand, South
Africa and the United Kingdom.  It also has radio operations in
Australia and New Zealand, and outdoor advertising operations in
Australia, New Zealand, South-East Asia and across Africa.  The
Company also has online operations across each of its principal
markets.  The Company has three business segments: printing,
publishing, online and distribution of newspapers and magazines
and commercial printing; radio, and outdoor advertising.  INM
publishes over 200 newspaper and magazine titles, delivering a
combined weekly circulation of over 32 million copies with a
weekly audience of over 100 million consumers.  In March 2008, it
acquired The Sligo Champion.  During the year ended December 31,
2007, the Company acquired the remaining 50% interest in
Toowoomba Newspapers Pty Ltd.


SUNDAY BUSINESS: Crosbies Drop Out of Bidding Race
--------------------------------------------------
Tom Lyons at Independent.ie reports that Cork media tycoons Ted
and Tom Crosbie have pulled out of the running to buy The Sunday
Business Post newspaper out of examinership.

The father-and-son duo's new firm Landmark Media Investments had
been seen as the frontrunner to acquire the paper, which their
family previously owned, Independent.ie discloses.

At least two other potential bidders remain in pursuit of the
paper but the departure of the Crosbies could lead to other
parties reigniting their interest, Independent.ie notes.

According to Independent.ie, a consortium led by Frank Cronin,
the former chief executive of Newstalk and The Sunday Tribune,
has met with the management of The Sunday Business Post, as have
members of Key Capital, a Dublin corporate finance house.

Paul Cooke, a former managing director of the Irish Daily Star,
has been linked with the Key Capital bid, but he has not
commented, Independent.ie notes.  Who is financing either Key
Capital or Cronin's bid has remained closely guarded information,
Independent.ie notes.

The Irish Times had held talks with the Crosbies about a joint
venture to print and publish The Sunday Business Post but no
formal agreement was ever signed, Independent.ie discloses.  The
newspaper company is understood to be interested in working with
whoever emerges as the new owner of the Post, Independent.ie
notes.

The Sunday Business Post is an Irish national Sunday newspaper.
Accountant Michael McAteer of Grant Thornton was appointed as
interim examiner of Post Publishing Ltd., which owns the Sunday
Business Post' newspaper, at the High Court in Dublin by Mr.
Justice Peter Kelly, in March 2013.



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I T A L Y
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BANCA MONTE: Nomura Asset Seizure Ordered in Derivatives Probe
--------------------------------------------------------------
Sergio Di Pasquale, Elisa Martinuzzi and Sonia Sirletti at
Bloomberg News report that an Italian judge rejected a request by
prosecutors to seize as much as EUR1.95 billion (US$2.5 billion)
of assets held by Nomura Holdings Inc. (8604) as they probe how
Banca Monte dei Paschi di Siena SpA used derivatives to conceal
losses.

According to Bloomberg, prosecutor Nicola Marini said that the
judge in Siena took the decision late on Friday.  Ms. Marini, as
cited by Bloomberg, said he didn't have details of the reasoning
behind the ruling.

Italian prosecutors are probing claims that Nomura executives
colluded with Monte Paschi's former managers to design one of two
derivatives in 2008 and 2009 that hid as much as 557 million
euros of losses at the Italian bank, Bloomberg discloses.  Tokyo-
based Nomura, which isn't under investigation, previously said
that it will "vigorously" contest any suggestion of wrongdoing,
Bloomberg recounts.

Most of the assets sought from the Japanese broker consist of
assets pledged by Monte Paschi to Nomura as security for the
derivatives contracts and deposited in Germany, Bloomberg notes.

According to Bloomberg, a person with knowledge of the situation
said at the German central bank previously rejected Italy's
request to seize the assets because it hadn't received a request
valid under German law.  The person, as cited by Bloomberg, said
that prosecutors may seek an international court order.

Monte Paschi sought a EUR4.1 billion bailout from the Italian
government in February, its second in four years, as its capital
shortfall widened, Bloomberg recounts.  As part of the
transaction arranged by Nomura and dubbed Alexandria, Monte
Paschi bought Italian government bonds using a loan from Nomura,
Bloomberg discloses.  It swapped the fixed-rate interest payments
on the bonds with a floating rate and guaranteed the credit risk,
effectively making a bet on the future value of Italian
government debt, Bloomberg says.  Monte Paschi was forced to post
more margin, or security against the derivatives, with Nomura as
the securities tumbled during Europe's fiscal crisis, Bloomberg
recounts.

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

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Feb. 4,
2013, Standard & Poor's Ratings Services said that it lowered its
long-term counterparty credit rating on Italy-based Banca Monte
dei Paschi di Siena SpA (MPS) to 'BB' from 'BB+'. S&P also
lowered its rating on MPS' Lower Tier 2 subordinated notes to
'CCC+' from 'B-'.  These ratings remain on CreditWatch, where S&P
originally placed them with negative implications on Dec. 5,
2012.  S&P lowered the ratings on MPS' junior subordinated debt
to 'CCC' from 'CCC+' and on its preferred stock to 'CCC-' from
'CCC'.  S&P also placed these ratings on CreditWatch with
negative implications.  S&P affirmed its 'B' short-term
counterparty credit rating on the bank.  The downgrade follows
MPS' recent announcement related to the investigation of
potential losses on three structured transactions.



===================
K A Z A K H S T A N
===================


EURASIAN NATURAL: Board Feud Prompts Moody's to Lower CFR to B1
---------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of Eurasian Natural Resources Corporation plc to B1 from Ba3 and
the company's probability of default rating to B1-PD from Ba3-PD.
Concurrently, Moody's has downgraded the provisional rating on
ENRC's $3 billion euro medium-term note (EMTN) program to (P)B1
(LGD4, 54%). In addition, Moody's has placed all ratings on
review for further downgrade.

"We have downgraded ENRC's CFR to B1 and placed its ratings on
review for further downgrade because the turmoil at the Board and
senior management level, culminating with the recent resignation
of the Chairman, in conjunction with ongoing investigations
overseen by the UK Serious Fraud Office (SFO) and a possible bid
by the founding shareholders to take the company private, are
leading to new degrees of uncertainty and unpredictability over
the future direction of the company, its financial policies and
governance which are no longer in line with the previous Ba3
rating," says Gianmarco Migliavacca, a Moody's Vice President -
Senior Analyst and lead analyst for ENRC.

Ratings Rationale:

The downgrade of ENRC's ratings to B1 and their placement on
review for further downgrade reflect Moody's concerns that the
recent corporate governance related developments, and the further
uncertainty created by a possible takeover bid sponsored by the
founding shareholders, exposes ENRC to risks which were not
incorporated in the previous rating, including greater difficulty
accessing the credit and capital markets, more aggressive
financial policies, loss of key personnel and a lessened
commitment to the higher standards of corporate governance and
transparency that were a key priority of the former Chairman.

The rating downgrade also reflects Moody's' assessment that the
company's credit metrics and liquidity are no longer commensurate
with its previous Ba rating category, and are unlikely to
sustainably improve in the next 12 to 18 months. This is despite
potential mitigating actions taken by management, on expectations
that the company will continue to generate negative free cash
flows owing to persisting weak commodity prices and the high
capital spend anticipated over the next 12-18 months. Moody's
notes that as of December 2012, ENRC's adjusted gross debt/EBITDA
ratio had increased well above the 2.5x level noted by the rating
agency as guidance in terms of what could trigger a downgrade.
Moreover, Moody's considers it highly unlikely that ENRC will be
able to deleverage over the next two years, given that the
company maintains ambitious growth projects for which it will
likely need to raise additional debt, and which will provide
meaningful positive contributions only in 2014 at the earliest.

The rating action also reflects the material execution risks
related to ENRC's expansion in the Democratic Republic of Congo
(DRC, unrated). ENRC is to invest nearly 50% of its planned
expansionary capex for 2013 in key projects in the DRC, having
already invested capex of nearly $500 million in the country in
2012, and paid more than $1.4 billion that year to secure
majority control of mining assets and licenses in the country.
Moody's is concerned that an ongoing internal investigation in
the DRC to verify allegations of fraud committed by the company
in the country, the results of which will need to be submitted to
the SFO, may distract management from the execution of these
projects, with any major delay and cost overrun likely to have a
negative impact on the overall liquidity and future growth
prospects of the company.

Moody's rating review will particularly focus on the assessment
of the following main factors:

(a) Any progress on the internal investigations regarding
allegations of fraud committed by ENRC in Kazakhstan and the DRC,
including any possible decision by the SFO based on the outcomes.

(b) Any further material developments regarding ENRC's corporate
governance, following the changes at the board level and in the
future composition of the company's various governance
committees. The rating agency will assess the commitments, if
any, that the new Chairman and any new independent director
joining the Board will make towards the goal of strengthening the
transparency and corporate governance of ENRC, which had been a
key priority of the departing Chairman.

(c) The terms of the possible tender offer that founding
shareholders may launch in the coming weeks, and the main
implications of this for the company and its investors.

(d) Any material deterioration in ENRC's liquidity profile, which
may result from (1) cost overruns on the company's main projects;
(2) greater-than-anticipated difficulty in accessing capital and
credit markets to secure new debt or equity funding, if needed;
and/or (3) a lack of progress in executing the disposal of non-
core assets, which management had previously indicated would
represent an important source of the company's liquidity in 2013.

(e) Any further material corporate development, which may signal
a financial policy or growth strategy more aggressive than
currently assumed by Moody's.

The principal methodology used in this rating was the Global
Mining Industry published in May 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.

Eurasian Natural Resources Corporation PLC (ENRC) is a vertically
integrated global mining company. In addition to assets in
Kazakhstan, the company has a number of early-stage development
assets in Brazil and Africa. The company is primarily focused on
the production of ferroalloys (41% of revenue), iron ore (29% of
revenue), and aluminum products (14% of revenue). ENRC is the
world's-largest ferrochrome producer (by chrome content) and one
of the leading global exporters of iron ore. In 2012, ENRC
generated revenue of US$6.3 billion and an adjusted EBITDA of
US$1.89 billion.



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


RUSSIAN HELICOPTERS: Moody's Changes Outlook on 'Ba2' CFR to Neg.
-----------------------------------------------------------------
Moody's Investors Service changed to negative from stable the
outlook on the Ba2 corporate family rating and Ba2-PD probability
of default rating of Russian Helicopters JSC. In addition,
Moody's has affirmed these ratings.

Ratings Rationale:

The change of outlook on the ratings to negative was triggered by
a deterioration in Russian Helicopters' financial metrics
including leverage, measured by adjusted debt/EBITDA, which stood
at 8.4x (calculated including state-guaranteed loans) and 4.8x
(excluding state-guaranteed loans) as of year-end 2012, compared
with 5.1x and 3.3x as of year-end 2011. Both year-end 2012
metrics are weaker than Moody's anticipated and higher than the
thresholds that the rating agency set for the company's current
Ba2 rating, of 8.0x and 4.0x, respectively. Moody's expects that
Russian Helicopters' leverage will remain above these thresholds
as of year-end 2013 and gradually recover thereafter.

The negative outlook on Russian Helicopters' CFR reflects the
company's weak credit metrics for its current CFR and baseline
credit assessment (BCA). The outlook also reflects the
uncertainty over the company's ability to demonstrate a clear and
sustainable improvement trend with regard to its financial
metrics over the next 12 months, and leverage in particular, with
debt/EBITDA trending below 8.0x (calculated including state-
guaranteed loans) and 4.0x (excluding state-guaranteed loans).

As Russian Helicopters is fully owned by the state-controlled
Corporation Oboronprom, Moody's applies its rating methodology
for government-related issuers (GRIs) in determining the
company's CFR. According to this methodology, the rating is
driven by a combination of (1) Russian Helicopters' BCA of b2;
(2) the Baa1 local currency rating of the Russian government; (3)
the very high default dependence between the company and the
government; and (4) the strong probability of state support in
the event of financial distress.

In addition to high leverage, the b2 BCA factors in (1) Russian
Helicopters' weak liquidity, with internal sources being
insufficient to cover the company's significant working capital
needs and debt repayments (as of year-end 2012), leading to
strong reliance on continuing external funding; (2) significant
customer concentration, with nearly a half of the company's 2012
revenues derived from state orders, which, however, provides for
some revenue stability; (3) a weaker global service network and
aftermarket business segment compared with that of competitors;
(4) uncertainty related to potential changes in the shareholder
structure, as the company may conduct an IPO over the next few
years; and (5) the company's overall exposure to an emerging
market operating environment with a less developed regulatory,
political and legal framework.

At the same time, the BCA reflects Russian Helicopters' (1)
leading competitive position in its core Russian market and
strong positions in India and China, based on the company's
offerings in the medium-lift segment (Mi-8/17) and attack segment
(Mi-24/35, Mi-28, Ka-52); (2) wide product range and solid order
book, based on long-term contracts with the Russian Ministry of
Defence along with commercial and military export orders; and (3)
potential for growth due to the development of new and upgraded
helicopter models on the back of increasing global demand.

What Could Change the Rating Up/Down

Moody's does not envisage any positive pressure being exerted on
Russian Helicopters' ratings over the next 12-18 months. However,
the rating agency could raise Russian Helicopters' BCA by one
notch if the company's debt/EBITDA declines below 6.0x
(calculated including state-guaranteed loans) and 2.5x (excluding
state-guaranteed loans) on a sustainable basis, while at the same
time the company improves its liquidity profile.

Moody's could downgrade the ratings if Russian Helicopters fails
to demonstrate a clear improvement trend with regard to its
leverage over the next 12 months, with debt/EBITDA trending below
8.0x (calculated including state-guaranteed loans) and 4.0x
(excluding state-guaranteed loans). In addition, negative
pressure could be exerted on the ratings in the event of a
material deterioration in the company's liquidity. A one-notch
downgrade of the sovereign rating would not in itself trigger a
downgrade of Russian Helicopters' rating, provided that all the
other GRI inputs remain unchanged.

The principal methodology used in this rating was the Global
Aerospace and Defense published in June 2010. Other methodologies
used include the Government-Related Issuers: Methodology Update
published in July 2010.

Russian Helicopters JSC is the sole Russian designer and
manufacturer of helicopters and one of the few companies
worldwide with the capability to design, manufacture, service and
test modern civilian and military helicopters. Russian
Helicopters is a vertically integrated holding company comprising
five helicopter assembly plants, two design bureaus, two
components production plants, one overhaul plant and one
helicopter service company providing aftermarket services in
Russia and abroad. In 2012, Russian Helicopters generated
revenues of RUR126 billion ($4 billion).


* RUSSIA: Five Poultry Farms Enter Bankruptcy Proceedings
---------------------------------------------------------
World Poultry reports that five poultry farms in the Krasnodar
region in southern Russia have entered bankruptcy proceedings
over the last six months.  Among them is Krasnodar Poultry which
held a 15% share of the egg market in the region, World Poultry
discloses.

The company has already been forced to sell 80% of its livestock
and completely stopped the production process, World Poultry
notes.

In addition, bankruptcy proceedings have also been entered by the
following producers Vityazevskaya Poultry (Anapa), Rus Breeding
Poultry Plant (Korenovsk), Raevskaya Poultry (Novorossiysk),
World Poultry relates.  All of them were specialized in the
production of eggs, World Poultry states.

Last week, the arbitration court of Krasnodar region also
registered the declaration of insolvency from the Poultry farm
Tikhoretskaya, World Poultry recounts.

According to World Poultry, representatives of the poultry farms
say that the problem appeared mostly due to the rising prices of
feed, which over the past two years went up by 100%.  As a
result, the profitability of egg production in the south of
Russia is now equal to zero, World Poultry says.


* VORONEZH REGION: Fitch Assigns 'BB' Rating to RUB5BB Bond Issue
-----------------------------------------------------------------
Fitch Ratings has assigned Russia's Voronezh Region RUB5 billion
domestic bond issue (ISIN RU000A0JTG34), due Dec. 17, 2017, Long-
term local currency rating of 'BB' and National Long-term rating
of 'AA-(rus)'.

Key Rating Drivers

The bond represents a senior and unsecured obligation of the
Russian Voronezh Region. The region has Long-term local and
foreign currency ratings of 'BB' and a National Long-term rating
of 'AA-(rus)'. The Long-term ratings have Positive Outlooks. The
region's Short-term foreign currency rating is 'B'.

Fitch forecasts consolidation of the region's sound budgetary
performance in 2013-2014, with the margin at about 13%-15%. The
agency expects direct risk at about 20% of current revenue in
2013-2014. The direct risk/current balance ratio is likely to
remain at about two years.

Voronezh Region lies in the southern part of European Russia. The
region contributed 0.9% of the Russian Federation's GDP in 2010
and accounted for 1.6% of the country's population.

The bond has a variable coupon rate of 5.85% to 9.85% per annum.
The principal will be amortized by 25% of the initial bond issue
value on 16 September 2014 and 17 March 2015, by 15% on 15
September 2015 and 15 March 2016, and by 10% on 16 March 2017 and
the final 10% will be repaid will be repaid on 17 December 2017.
The proceeds from the new bond will be used to finance the
region's budget deficit and fund capital expenditure.

Rating Sensitivities

The issue's rating would be sensitive to any movement in Voronezh
Region's Long-term local currency rating.



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


PESCANOVA SA: Pontevedra Court Accepts Insolvency Petition
----------------------------------------------------------
Carlos Ruano at Reuters reports that the Pontevedra mercantile
court in northwestern Galicia accepted Spanish fishing company
Pescanova's insolvency petition on Thursday and said it would
name independent administrators to replace the board of
directors.

"We declare Pescanova in insolvency," Reuters quotes the court as
saying in a ruling published on Thursday.

                       Accounting Failings

As reported by the Troubled Company Reporter-Europe on April 18,
2013, Reuters related that Pescanova filed for insolvency on
April 15 on at least EUR1.5 billion (US$2 billion) of debt run up
to fuel expansion before economic crisis hit its earnings.
Spain's stock market regulator said in a statement on April 16
that 2012 financial results documents it has received from the
fish-finger maker did not comply with required accounting
standards, possibly opening the door to sanctions, Reuters
disclosed.  The documents, submitted on April 15, had not been
signed off by Pescanova board members or auditors, and the firm
was already more than a month beyond an official deadline to
present audited accounts, Reuters noted.

                            Stake Sale

On April 15, the firm revealed that Chairman Manuel Fernandez de
Sousa had sold half of his 14.4% stake in the firm between
December and February, shortly before starting work on the
insolvency process last month, Reuters disclosed.  In a stock
market filing on April 16, Pescanova said Mr. Sousa lent EUR9.3
million to the company following the stake sale, at a 5% annual
coupon, Reuters related.  His stake sale has further stoked the
fury of shareholders, who have been trapped in the stock since
trading was suspended on March 1 when the company failed to meet
the deadline to present its 2012 results, Reuters said.
According to Reuters, the stock, much of it held by retail
investors, lost 58% of its value between Jan. 1 and the March 1
suspension following a 41% decline in 2012.  Reuters noted that
sources with direct knowledge of the situation said at least
three of the main shareholders have hired attorneys for advice
over the matter.

Pescanova is a Galicia-based fishing company.  The company
catches, processes, and packages fish on factory ships.  It is
one of the world's largest fishing groups.


RURAL HIPOTECARIO X: Moody's Cuts Rating on Class C Notes to Caa1
-----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of three senior
and six junior notes in three Spanish residential mortgage-backed
securities (RMBS) transactions: Rural Hipotecario VI, X and XII,
FTA. Insufficiency of credit enhancement to address sovereign
risk and deterioration in collateral performance prompted these
downgrades.

The rating action concludes the review of three notes placed on
review on July 2, 2012, following Moody's downgrade of Spanish
government bond ratings to Baa3 from A3 on June 13, 2012. This
rating action also concludes the review of six note placed on
review on November 23, 2012, following Moody's revision of key
collateral assumptions for the entire Spanish RMBS market.

Ratings Rationale:

These downgrades reflect primarily the insufficiency of credit
enhancement to address sovereign risk. Furthermore, Moody's
revised some of its collateral assumptions for Rural Hipotecario
XII, FTA due to recent deterioration in collateral performance.

The determination of the applicable credit enhancement that
drives these rating actions reflects the introduction of
additional factors in Moody's analysis to better measure the
impact of sovereign risk on structured finance transactions.

Additional Factors Better Reflect Increased Sovereign Risk

Moody's has supplemented its analysis to determine the loss
distribution of securitized portfolios with two additional
factors, the maximum achievable rating in a given country (the
Local Currency Country Risk Ceiling) and the applicable portfolio
credit enhancement for this rating. With the introduction of
these additional factors, Moody's intends to better reflect
increased sovereign risk in its quantitative analysis, in
particular for mezzanine and junior tranches.

The Spanish country ceiling, and therefore the maximum rating
that Moody's will assign to a domestic Spanish issuer including
structured finance transactions backed by Spanish receivables, is
A3. Moody's Individual Loan Analysis Credit Enhancement (MILAN
CE) represents the required credit enhancement under the senior
tranche for it to achieve the country ceiling. By lowering the
maximum achievable rating for a given MILAN, the revised
methodology alters the loss distribution curve and implies an
increased probability of high loss scenarios.

- Revision of Key Collateral Assumptions

During its review Moody's increased its lifetime expected loss
(EL) assumption in Rural Hipoteacario XII, FTA to 3.00% from
2.37% due to worse-than-expected collateral performance. The
deterioration in performance is reflected by the rise of loans
more than 90 days in arrears as of current portfolio balance to
3.55% as of March 2013 from 1.95% as of June 2012. In the same
period cumulative defaults (defined as loans more than 18 months
in arrears) surged to 0.65% from 0.19% of original portfolio
balance. As a consequence the reserve fund has been used in the
last payment dates and currently stands at 95% of its target
amount.

Moody's has not revised the expected loss assumptions in Rural
Hipotecario VI and X, FTA and maintained the values at 0.61% and
2.60% respectively.

Moody's has not revised the MILAN CE assumption in the
transactions and maintained the values at 10.00% in Rural
Hipoteacrio VI and 15% in Rural Hipotecario X and XII, FTA.

- Exposure to Counterparty

Moody's rating analysis took into consideration the exposure of
the senior notes in all transactions to Banco Cooperativo
Espanol, S.A. (Ba1 under review for downgrade/NP) acting as swap
counterparty. Moody's concluded that this risk did not have a
negative impact on the outstanding ratings.

- Other Developments May Negatively Affect the Notes

In consideration of Moody's new adjustments, any further
sovereign downgrade would negatively affect structured finance
ratings through the application of the country ceiling or maximum
achievable rating, as well as potentially increase portfolio
credit enhancement requirements for a given rating.

As the euro area crisis continues, the ratings of structured
finance notes remain exposed to the uncertainties of credit
conditions in the general economy. The deteriorating
creditworthiness of euro area sovereigns as well as the weakening
credit profile of the global banking sector could further
negatively affect the ratings of the notes.

Additional factors that may affect the ratings are described in
"Approach to Assessing Linkage to Swap Counterparties in
Structured Finance Cashflow Transactions: Request for Comment".

The methodologies used in these ratings were Moody's Approach to
Rating RMBS Using the MILAN Framework, published in March 2013
and The Temporary Use of Cash in Structured Finance Transactions:
Eligible Investment and Bank Guidelines published in March 2013.

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

As such, Moody's analysis encompasses the assessment of stressed
scenarios.

In the context of the rating review, the transactions have been
remodeled and some inputs have been adjusted to reflect the new
approach.

List of Affected Ratings

Issuer: RURAL HIPOTECARIO VI, FTA

EUR909.1M A Notes, Downgraded to Baa1 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade

EUR28.5M B Notes, Downgraded to Ba2 (sf); previously on Nov 23,
2012 Downgraded to Baa2 (sf) and Remained On Review for Possible
Downgrade

EUR12.4M C Notes, Downgraded to B2 (sf); previously on Jul 2,
2012 Baa3 (sf) Placed Under Review for Possible Downgrade

Issuer: RURAL HIPOTECARIO X, FTA

EUR1788.8M A Notes, Downgraded to Baa2 (sf); previously on Nov
23, 2012 Downgraded to Baa1 (sf) and Remained On Review for
Possible Downgrade

EUR37.6M B Notes, Downgraded to B1 (sf); previously on Nov 23,
2012 Downgraded to Baa2 (sf) and Remained On Review for Possible
Downgrade

EUR53.6M C Notes, Downgraded to Caa1 (sf); previously on Nov 23,
2012 Downgraded to B1 (sf) and Remained On Review for Possible
Downgrade

Issuer: RURAL HIPOTECARIO XII, FTA

EUR862.2M A Notes, Downgraded to Baa2 (sf); previously on Nov 23,
2012 Downgraded to Baa1 (sf) and Remained On Review for Possible
Downgrade

EUR20.5M B Notes, Downgraded to Ba2 (sf); previously on Nov 23,
2012 Downgraded to Baa1 (sf) and Remained On Review for Possible
Downgrade

EUR27.3M C Notes, Downgraded to B2 (sf); previously on Jul 2,
2012 Baa3 (sf) Placed Under Review for Possible Downgrade



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


AGS HOME: Appoints MB Insolvency as Administrator
--------------------------------------------------
thisissouthdevon reports that Newton Abbot's AGS Home Improvement
Ltd has gone into into administration with a loss of around 125
jobs.

The company have appointed MB Insolvency as the administrator.

Mark Bowen of MB Insolvency, said that he is now liaising with
national and local companies to buy component parts of the
business, according to thisissouthdevon.

"We're at advanced stages and businesses will come out of it. . .
. We had to make the employees redundant as we couldn't pay them
while in administration. Purchasers of the business will help
resecure the employment for a considerable amount of former
workers," the report quoted Mr. Bowen as saying.

Mr. Bowen added that buyers should be secured soon, the report
adds.

The company, based at Brunel industrial estate at Newton Abbot,
specialises in the supply and installation of aluminium and PVCu
windows, doors and conservatories across the south west.


BRITISH AIRWAYS: Moody's Affirms 'B1' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service affirmed the B1 corporate family rating
and B1-PD probability of default rating (PDR) of British Airways
Plc. The company's senior unsecured and subordinated ratings are
affirmed at B2 and B3, respectively. The outlook on all ratings
remains positive.

"The affirmation of BA's ratings, with a positive outlook,
reflects the fact that its credit metrics as of FYE2012 have
remained within our guidance for a potential positive rating
action. Although Moody's continues to assess BA on a stand-alone
basis, Moody's nevertheless takes into consideration the weaker
operating performance at its parent company, International
Airlines Group (IAG, not rated), which reflects the weaker
earnings trend at Iberia (not rated). While it recognizes the
legal separation of the two entities, Moody's will continue to
assess the ongoing restructuring initiatives at Iberia and the
extent to which these could, over time, impact BA's own financial
profile, if at all" says Richard Morawetz, a Moody's Vice
President - Senior Credit Officer and lead analyst for British
Airways.

Ratings Rationale:

This rating action reflects Moody's view that BA remains
strongly-positioned in the rating category, and could improve on
its FYE2012 metrics if it achieves its public target of an
operating profit of GBP1.1 billion by 2015. At the same time,
Moody's will continue to assess what impact the difficulties at
Iberia will have, if any, on BA's as well as IAG's financial
profile going forward.

For the fiscal year to December 2012, BA reported an operating
profit of GBP274 million, down from GBP518 million. The decline
was largely attributable to higher fuel costs, in common with the
industry trend. As of fiscal year ended December 31, 2012
(FYE2012), BA's Moody's-adjusted gross leverage was 5.8x, which
is within the parameters that Moody's had previously indicated
could result in positive rating pressure. Moody's notes that this
metric includes losses as well as integration costs for bmi of
GBP150 million, which the rating agency expects to decrease over
time. BA acquired bmi from Lufthansa (Ba1 stable) in April 2012.
Moody's believes that Brent fuel prices will remain fairly stable
over the medium term. This expectation coincides with IAG's own
guidance of a fairly stable fuel bill based on stable market
prices and a 60% fuel hedging position for the full year as of
FYE2012. Separately, Moody's also notes that BA's pension deficit
has been subject to significant volatility in the past, such that
a large shift in assets or obligations could potentially affect
the rating agency's rating assessment going forward.

BA's B1 CFR reflects its leading position at Heathrow and its
membership in the oneworld alliance membership, as well as its
integration into IAG, which is expected to remain a leading
European airline. The merger with Iberia to form IAG in 2011
combined BA's strength in the North Atlantic market with Iberia's
strong position in the Latin American market. The ratings for BA
further reflect its FYE2012 metrics, which are deemed strong for
the current rating. At the same time, however, Moody's notes that
the overall performance of IAG in 2012 was weaker than for BA on
a stand-alone basis, reflecting the operating losses at Iberia.
In addition, Iberia's liquidity profile has deteriorated in the
past two years on account of cash burn. Nevertheless, Moody's
notes that Iberia expects to fund its current restructuring
program entirely using internal resources. One key factor
underlying Moody's rating and outlook for BA is that there are
currently no cross guarantees or cross default provisions between
itself and Iberia, or its owner, IAG.

Moody's considers that BA has maintained solid liquidity, with a
balance of cash and equivalents as of FYE2012 of GBP1.6 billion,
and GBP1.7 billion of undrawn committed credit lines maturing
between 2013 and 2017, most of which are dedicated capex
facilities, with no financial covenants. Against this, in 2012
the company reported GBP466 million in short-term debt, most of
which is in the form of finance leases, and capex of GBP702
million. It further reported GBP3.9 billion in committed capital
spending for new aircraft between 2013 and 2017. Moody's notes a
recent step-up in aircraft orders by IAG to re-fleet both BA and
Iberia, and as such Moody's expects BA's own capital spending to
increase in coming years.

Rationale for the Positive Outlook

The positive outlook on the ratings reflects Moody's view that
BA's FYE2012 metrics remain strongly-positioned for the rating
category. In addition, Moody's expectation that fuel prices will
be fairly stable in the coming year should be supportive of BA's
earnings profile, while this may benefit as the losses associated
with bmi are reduced.

What Could Change the Rating Up/Down

Moody's continues to believe that there could be positive rating
pressure for BA if the company were to sustain gross adjusted
leverage below 6x, with strong liquidity. In light of the more
recent deterioration in Iberia's financial profile, however,
Moody's will continue to assess the extent to which the cash burn
and operating losses are remedied in coming months, and whether
these will require any financial support from BA. In Moody's
view, a turnaround at Iberia without financial support from BA
would be supportive of BA's own ratings. Although not expected,
if BA's earnings were to deteriorate, or if there were a material
increase in the pension deficit, with gross adjusted leverage
remaining significantly above 6 times, this would likely result
in negative pressure on the rating or outlook.

The principal methodology used in these ratings was the Global
Passenger Airlines published in May 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.

British Airways (BA), based in Harmondsworth, United Kingdom, is
one of Europe's largest airlines and flies to more than 400
destinations worldwide. For the fiscal year to December 2012, the
company reported revenues and an operating profit of
approximately GBP10.8 billion and GBP274 million, respectively.
Following a merger with Iberia in January 2011, BA now reports as
part of International Consolidated Airlines Group S.A. (IAG),
which is incorporated as a Spanish company with its shares
trading on both the London and Spanish Stock Exchanges. In 2012,
IAG generated revenues and an operating loss (before exceptional
items) of EUR18.1 billion and EUR23 million, respectively.


HAYES HOTEL: In Receivership Over Debts to AIB
------------------------------------------------
Belfast Telegraph reports that Hayes Hotel in Thurles, Co
Tipperary, has gone into receivership over debts to state-owned
bank AIB.

Accountants Kieran Wallace and Padraic Monaghan of KPMG were
appointed as joint receivers over the 34-bedroom Hayes Hotel in
Thurles and the 70-bedroom Creggan Court Hotel in Athlone, Co
Westmeath, according to Belfast Telegraph.

The hotels are both owned by Frank and Mary Mulcahy's Mulcahy
Enterprises.

The report relates that both hotels will remain open following
the appointment of receivers.

Hayes Hotel is well-known to match-goers travelling to Semple
Stadium for big games including Munster finals.  It is best known
as the site where the GAA was founded in 1884 by Michael Cusack,
Maurice Davin, John K Bracken, George McCarthy, PJ Ryan, John
Wise-Power, and John McKay.


NEW LOOK: Launches GBP800MM Bond Offering to Repay Part of Loan
---------------------------------------------------------------
Duncan Robinson and Anne-Sylvaine Chassany at The Financial Times
report that New Look has launched an GBP800 million bond offering
to repay part of a loan that rolls up interest as extra debt and
was blamed for scuppering the fashion retailer's aborted initial
public offering in 2010.

New Look has launched an GBP800 million bond offering to repay
part of a loan that rolls up interest as extra debt and was
blamed for scuppering the fashion retailer's aborted initial
public offering in 2010, the FT relates.

The remaining PIK notes were due to mature in 2015, but will now
not do so until 2018, giving vital breathing space to new chief
executive Anders Kristiansen, who took over the business late
last year, the FT notes.

New Look, owned by private equity groups Apax and Permira, will
pay a coupon of 12% on the new payment-in-kind notes, compared to
9% plus Libor the retailer had paid previously, the FT discloses.

The refinancing will leave New Look with a net debt to earnings
before interest, tax, depreciation and amortization ratio of 5.8,
paving the way for another attempt at an IPO, the FT states.

The chain has struggled in recent years, as rivals such as
Primark dominated the low cost part of the market, the FT
relates.  The retailer parted company with its former chief
executive Carl McPhail in 2011 after poor trading updates,
recounts.  Late last year, New Look was forced to beat off
suggestions that it was close to going into administration and
wrote to suppliers to reassure them of its financial strength,
the FT discloses.

New Look is a privately owned value fashion chain.


NORTHSHORE YACHTS: In Financial Trouble; Talks With Creditors
-------------------------------------------------------------
Laura Kitching at Practical Boat Owner reports that Northshore
Yachts, one of Britain's most prestigious boatbuilding companies,
is in financial difficulties and its trading future is uncertain.

The report relates that FRP Advisory, the recovery and insolvency
specialists, are advising the directors of Northshore Yachts and
the works have closed.

It's thought that discussions with creditors are proceeding as
they consider how best to preserve their position, the report
notes.

Itchenor-based Northshore Yachts manufactures the Southerly
Yachts range.


PRICEY MEDIA: TV Production Firms Placed Into Liquidation
---------------------------------------------------------
InsolvencyNews reports that model-turned-business woman Katie
Price has placed two TV production companies that she ran with
her brother into liquidation.  Pricey Media Limited and
Marvellous Creative Group Limited -- which was created through
the merger of Pricey Media with Rain Media -- have both now been
placed into liquidation.

The report says the company had previously enjoyed some success
when TV channel Sky Living commissioned reality show "Discovered
By Katie" -- which followed the highs and lows as Price attempted
to establish her own modelling agency.

However, Marvellous Creative Group Limited applied for members'
voluntary winding up and appointed London-based insolvency
practitioners Paul Weber and Martin Linton of Leigh Adams LLP to
close down the company, according to InsolvencyNews.

"It is a members' voluntary liquidation. It is a solvent company
which was shut down for tax reasons only. There has been an
orderly wind down of the assets," the report quotes Mr. Weber as
saying.


RESTOVER LODGE: Moorfields Appointed as Administrators
------------------------------------------------------
Simon Thomas -- sthomas@moorfieldscr.com -- and Shelley Bullman
-- sbullman@moorfieldscr.com -- of Moorfields Corporate Recovery
LLP were appointed Administrators of Restover Lodge Limited on
April 15, 2013.

The independent budget hotel group has 3 locations across the UK
in Peterborough, Doncaster and Rotherham.

Moorfields will continue to trade the hotels to maintain their
business and protect value while they are marketed for sale.  All
employees have been retained.

With the assistance of specialist management agents, Moorfields
have taken steps to implement a programme of improvements to
ensure customers are provided with an improved level of service.



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


* BOND PRICING: For the Week April 22 to April 26, 2013
-------------------------------------------------------

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

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

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

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

GERMANY
-------
BNP EMIS-U.HANDE          9.750  12/28/2012      EUR      58.32
BNP EMIS-U.HANDE         10.500  12/28/2012      EUR      47.62
BNP EMIS-U.HANDE          9.500  12/31/2012      EUR      64.67
BNP EMIS-U.HANDE          7.750  12/31/2012      EUR      49.92
COMMERZBANK AG            6.000  12/27/2012      EUR      73.49
COMMERZBANK AG            7.000  12/27/2012      EUR      60.71
COMMERZBANK AG           13.000  12/28/2012      EUR      47.48
COMMERZBANK AG           16.750    1/3/2013      EUR      73.77
COMMERZBANK AG            8.400  12/30/2013      EUR      13.74
COMMERZBANK AG            8.000  12/27/2012      EUR      43.32
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      69.20
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      64.90
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      67.10
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      72.90
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      71.60
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      74.20
DEUTSCHE BANK AG         12.000   2/28/2013      EUR      75.00
DEUTSCHE BANK AG         11.000    4/2/2013      EUR      73.80
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      69.50
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      72.10
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      70.30
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      68.00
DEUTSCHE BANK AG         11.000   1/18/2013      EUR      73.10
DEUTSCHE BANK AG         15.000  12/20/2012      EUR      62.10
DEUTSCHE BANK AG         12.000  12/20/2012      EUR      66.50
DEUTSCHE BANK AG         12.000  12/20/2012      EUR      41.90
DEUTSCHE BANK AG         12.000  12/20/2012      EUR      68.10
DEUTSCHE BANK AG         10.000  12/20/2012      EUR      74.90
DEUTSCHE BANK AG         10.000  12/20/2012      EUR      72.10
DEUTSCHE BANK AG         10.000  12/20/2012      EUR      63.00
DEUTSCHE BANK AG          9.000  12/20/2012      EUR      62.90
DEUTSCHE BANK AG          9.000  12/20/2012      EUR      73.40
DEUTSCHE BANK AG          8.000  12/20/2012      EUR      61.20
DEUTSCHE BANK AG          8.000  12/20/2012      EUR      70.40
DEUTSCHE BANK AG          8.000  12/20/2012      EUR      69.50
DEUTSCHE BANK AG          8.000  12/20/2012      EUR      38.60
DEUTSCHE BANK AG          7.000  12/20/2012      EUR      69.40
DEUTSCHE BANK AG         12.000  11/29/2012      EUR      65.20
DEUTSCHE BANK AG          9.000  11/29/2012      EUR      67.10
DEUTSCHE BANK AG          6.500   6/28/2013      EUR      53.50
DEUTSCHE BANK AG         12.000    4/2/2013      EUR      74.50
DEUTSCHE BANK AG          8.000  11/29/2012      EUR      71.50
DZ BANK AG               15.500  10/25/2013      EUR      71.05
DZ BANK AG               15.750   9/27/2013      EUR      74.86
DZ BANK AG               15.750   7/26/2013      EUR      71.21
DZ BANK AG               15.000   7/26/2013      EUR      75.00
DZ BANK AG                6.000   7/26/2013      EUR      69.50
DZ BANK AG               22.000   6/28/2013      EUR      73.36
DZ BANK AG               18.000   6/28/2013      EUR      69.28
DZ BANK AG               14.000   6/28/2013      EUR      73.43
DZ BANK AG                6.500   6/28/2013      EUR      67.14
DZ BANK AG                6.000   6/28/2013      EUR      65.07
DZ BANK AG               19.500   4/26/2013      EUR      61.83
DZ BANK AG               18.500   4/26/2013      EUR      57.11
DZ BANK AG               17.000   4/26/2013      EUR      15.42
DZ BANK AG               16.500   4/26/2013      EUR      59.63
DZ BANK AG               15.750   4/26/2013      EUR      43.33
DZ BANK AG               14.500   4/26/2013      EUR      56.77
DZ BANK AG               20.000   3/22/2013      EUR      70.81
DZ BANK AG               18.500   3/22/2013      EUR      74.74
DZ BANK AG               13.000   3/22/2013      EUR      74.16
DZ BANK AG               13.000   3/22/2013      EUR      73.95
DZ BANK AG               12.500   3/22/2013      EUR      72.97
DZ BANK AG               12.250   3/22/2013      EUR      74.07
DZ BANK AG               13.750    3/8/2013      EUR      54.29
DZ BANK AG               10.000    3/8/2013      EUR      68.17
DZ BANK AG                9.750    3/8/2013      EUR      73.96
DZ BANK AG               15.000   2/22/2013      EUR      74.66
DZ BANK AG               10.000  11/23/2012      EUR      72.63
DZ BANK AG               18.000   1/25/2013      EUR      61.25
DZ BANK AG               19.000   1/25/2013      EUR      44.10
DZ BANK AG               10.250    2/8/2013      EUR      71.38
DZ BANK AG               10.250    2/8/2013      EUR      71.88
DZ BANK AG               15.000   2/22/2013      EUR      70.66
DZ BANK AG               15.000   2/22/2013      EUR      71.94
DZ BANK AG               15.000   2/22/2013      EUR      69.43
DZ BANK AG               15.000   2/22/2013      EUR      73.27
DZ BANK AG               15.000   2/22/2013      EUR      68.24
DZ BANK AG               15.000   2/22/2013      EUR      67.09
DZ BANK AG               11.500  11/23/2012      EUR      74.94
DZ BANK AG               16.750  11/23/2012      EUR      63.46
DZ BANK AG               20.000  11/23/2012      EUR      41.34
DZ BANK AG                5.000  12/14/2012      EUR      69.68
DZ BANK AG                9.750  12/14/2012      EUR      66.05
DZ BANK AG                6.000    1/2/2013      EUR      74.23
DZ BANK AG                9.500    1/2/2013      EUR      71.10
DZ BANK AG               12.000    1/2/2013      EUR      65.09
DZ BANK AG               16.250    1/2/2013      EUR      68.65
DZ BANK AG               10.500   1/11/2013      EUR      66.00
DZ BANK AG               14.000   1/11/2013      EUR      48.04
DZ BANK AG               15.500   1/11/2013      EUR      53.41
DZ BANK AG               12.500   1/25/2013      EUR      50.73
GOLDMAN SACHS CO         13.000   3/20/2013      EUR      74.90
GOLDMAN SACHS CO         17.000   3/20/2013      EUR      73.30
GOLDMAN SACHS CO         16.000   6/26/2013      EUR      74.30
GOLDMAN SACHS CO         18.000   3/20/2013      EUR      69.10
GOLDMAN SACHS CO         14.000  12/28/2012      EUR      72.60
GOLDMAN SACHS CO         15.000  12/28/2012      EUR      71.70
GOLDMAN SACHS CO         13.000  12/27/2013      EUR      72.70
HSBC TRINKAUS            25.500   6/28/2013      EUR      57.61
HSBC TRINKAUS            30.000   6/28/2013      EUR      46.90
HSBC TRINKAUS            26.000   6/28/2013      EUR      48.63
HSBC TRINKAUS             7.500   3/22/2013      EUR      74.76
HSBC TRINKAUS             7.500   3/22/2013      EUR      74.06
HSBC TRINKAUS             8.000   3/22/2013      EUR      67.07
HSBC TRINKAUS             8.500   3/22/2013      EUR      67.98
HSBC TRINKAUS            10.500   3/22/2013      EUR      72.84
HSBC TRINKAUS            10.500   3/22/2013      EUR      62.42
HSBC TRINKAUS            10.500   3/22/2013      EUR      45.38
HSBC TRINKAUS            10.500   3/22/2013      EUR      65.52
HSBC TRINKAUS            12.000   3/22/2013      EUR      72.94
HSBC TRINKAUS            13.000   3/22/2013      EUR      60.74
HSBC TRINKAUS            13.500   3/22/2013      EUR      60.07
HSBC TRINKAUS            13.500   3/22/2013      EUR      61.08
HSBC TRINKAUS            14.000   3/22/2013      EUR      74.53
HSBC TRINKAUS            14.000   3/22/2013      EUR      61.21
HSBC TRINKAUS            15.000   3/22/2013      EUR      71.40
HSBC TRINKAUS            15.500   3/22/2013      EUR      41.52
HSBC TRINKAUS            16.000   3/22/2013      EUR      72.28
HSBC TRINKAUS            16.000   3/22/2013      EUR      67.45
HSBC TRINKAUS            16.500   3/22/2013      EUR      74.88
HSBC TRINKAUS            17.500   3/22/2013      EUR      58.58
HSBC TRINKAUS            17.500   3/22/2013      EUR      65.46
HSBC TRINKAUS            17.500   3/22/2013      EUR      56.90
HSBC TRINKAUS            18.000   3/22/2013      EUR      74.29
HSBC TRINKAUS            18.000   3/22/2013      EUR      69.93
HSBC TRINKAUS            18.000   3/22/2013      EUR      66.09
HSBC TRINKAUS            18.500   3/22/2013      EUR      55.92
HSBC TRINKAUS            18.500   3/22/2013      EUR      73.85
HSBC TRINKAUS            18.500   3/22/2013      EUR      69.38
HSBC TRINKAUS            18.500   3/22/2013      EUR      39.60
HSBC TRINKAUS            19.000   3/22/2013      EUR      55.12
HSBC TRINKAUS            19.500   3/22/2013      EUR      71.17
HSBC TRINKAUS            19.500   3/22/2013      EUR      67.58
HSBC TRINKAUS            20.000   3/22/2013      EUR      72.33
HSBC TRINKAUS            20.500   3/22/2013      EUR      56.78
HSBC TRINKAUS            21.000   3/22/2013      EUR      70.74
HSBC TRINKAUS            21.000   3/22/2013      EUR      54.43
HSBC TRINKAUS            21.000   3/22/2013      EUR      70.19
HSBC TRINKAUS            22.000   3/22/2013      EUR      38.33
HSBC TRINKAUS            22.000   3/22/2013      EUR      54.00
HSBC TRINKAUS            22.500   3/22/2013      EUR      67.68
HSBC TRINKAUS            23.000   3/22/2013      EUR      52.08
HSBC TRINKAUS            23.500   3/22/2013      EUR      65.24
HSBC TRINKAUS            24.000   3/22/2013      EUR      61.96
HSBC TRINKAUS            24.000   3/22/2013      EUR      67.46
HSBC TRINKAUS            24.000   3/22/2013      EUR      73.10
HSBC TRINKAUS            26.500   3/22/2013      EUR      61.24
HSBC TRINKAUS            27.000   3/22/2013      EUR      53.26
HSBC TRINKAUS            27.500   3/22/2013      EUR      43.48
HSBC TRINKAUS             6.000   6/28/2013      EUR      74.16
HSBC TRINKAUS             6.500   6/28/2013      EUR      68.24
HSBC TRINKAUS             7.000   6/28/2013      EUR      73.22
HSBC TRINKAUS             8.000   6/28/2013      EUR      49.20
HSBC TRINKAUS             8.000   6/28/2013      EUR      72.27
HSBC TRINKAUS             8.500   6/28/2013      EUR      69.16
HSBC TRINKAUS            10.000   6/28/2013      EUR      73.12
HSBC TRINKAUS            10.000   6/28/2013      EUR      67.56
HSBC TRINKAUS            10.000   6/28/2013      EUR      67.11
HSBC TRINKAUS            10.500   6/28/2013      EUR      46.20
HSBC TRINKAUS            11.000   6/28/2013      EUR      63.23
HSBC TRINKAUS            12.500   6/28/2013      EUR      63.33
HSBC TRINKAUS            13.500   6/28/2013      EUR      61.67
HSBC TRINKAUS            14.000   6/28/2013      EUR      70.50
HSBC TRINKAUS            14.000   6/28/2013      EUR      43.06
HSBC TRINKAUS            14.000   6/28/2013      EUR      61.82
HSBC TRINKAUS            15.500   6/28/2013      EUR      67.79
HSBC TRINKAUS            16.500   6/28/2013      EUR      59.22
HSBC TRINKAUS            16.500   6/28/2013      EUR      41.80
HSBC TRINKAUS            16.500   6/28/2013      EUR      71.08
HSBC TRINKAUS            16.500   6/28/2013      EUR      59.77
HSBC TRINKAUS            16.500   6/28/2013      EUR      67.72
HSBC TRINKAUS            17.000   6/28/2013      EUR      57.46
HSBC TRINKAUS            17.500   6/28/2013      EUR      74.75
HSBC TRINKAUS            17.500   6/28/2013      EUR      71.43
HSBC TRINKAUS            18.000   6/28/2013      EUR      70.95
HSBC TRINKAUS            18.500   6/28/2013      EUR      73.14
HSBC TRINKAUS            18.500   6/28/2013      EUR      57.51
HSBC TRINKAUS            19.000   6/28/2013      EUR      40.97
HSBC TRINKAUS            19.000   6/28/2013      EUR      74.92
HSBC TRINKAUS            19.500   6/28/2013      EUR      71.78
HSBC TRINKAUS            19.500   6/28/2013      EUR      59.74
HSBC TRINKAUS            19.500   6/28/2013      EUR      56.67
HSBC TRINKAUS            19.500   6/28/2013      EUR      71.65
HSBC TRINKAUS            21.000   6/28/2013      EUR      54.87
HSBC TRINKAUS            21.000   6/28/2013      EUR      64.56
HSBC TRINKAUS            21.500   6/28/2013      EUR      68.02
HSBC TRINKAUS            22.500   6/28/2013      EUR      60.02
HSBC TRINKAUS            23.500   6/28/2013      EUR      64.88
LANDESBK BERLIN           5.500  12/23/2013      EUR      72.60
LB BADEN-WUERTT           9.000   7/26/2013      EUR      74.42
LB BADEN-WUERTT           6.000   8/23/2013      EUR      74.40
LB BADEN-WUERTT           7.000   8/23/2013      EUR      72.18
LB BADEN-WUERTT           9.000   8/23/2013      EUR      69.10
LB BADEN-WUERTT          10.000   8/23/2013      EUR      73.11
LB BADEN-WUERTT          10.000   8/23/2013      EUR      71.91
LB BADEN-WUERTT          12.000   8/23/2013      EUR      68.83
LB BADEN-WUERTT          12.000   8/23/2013      EUR      69.40
LB BADEN-WUERTT           7.000   9/27/2013      EUR      74.38
LB BADEN-WUERTT           9.000   9/27/2013      EUR      71.33
LB BADEN-WUERTT          11.000   6/28/2013      EUR      67.25
LB BADEN-WUERTT          11.000   9/27/2013      EUR      70.06
LB BADEN-WUERTT           7.000   6/28/2013      EUR      73.23
LB BADEN-WUERTT           7.500   6/28/2013      EUR      67.52
LB BADEN-WUERTT           7.500   6/28/2013      EUR      72.98
LB BADEN-WUERTT           7.500   6/28/2013      EUR      73.55
LB BADEN-WUERTT           9.000   6/28/2013      EUR      69.23
LB BADEN-WUERTT          10.000   6/28/2013      EUR      71.99
LB BADEN-WUERTT          10.000   6/28/2013      EUR      68.21
LB BADEN-WUERTT          10.000   6/28/2013      EUR      65.70
LB BADEN-WUERTT           5.000  11/23/2012      EUR      49.15
LB BADEN-WUERTT           5.000  11/23/2012      EUR      18.44
LB BADEN-WUERTT           5.000  11/23/2012      EUR      49.68
LB BADEN-WUERTT           5.000  11/23/2012      EUR      70.65
LB BADEN-WUERTT           5.000  11/23/2012      EUR      71.98
LB BADEN-WUERTT           7.500  11/23/2012      EUR      73.69
LB BADEN-WUERTT           7.500  11/23/2012      EUR      41.51
LB BADEN-WUERTT           7.500  11/23/2012      EUR      67.76
LB BADEN-WUERTT           7.500  11/23/2012      EUR      42.64
LB BADEN-WUERTT           7.500  11/23/2012      EUR      64.20
LB BADEN-WUERTT           7.500  11/23/2012      EUR      15.76
LB BADEN-WUERTT           7.500  11/23/2012      EUR      61.12
LB BADEN-WUERTT           7.500  11/23/2012      EUR      63.31
LB BADEN-WUERTT          10.000  11/23/2012      EUR      36.96
LB BADEN-WUERTT          10.000  11/23/2012      EUR      14.49
LB BADEN-WUERTT          10.000  11/23/2012      EUR      58.79
LB BADEN-WUERTT          10.000  11/23/2012      EUR      55.36
LB BADEN-WUERTT          10.000  11/23/2012      EUR      71.19
LB BADEN-WUERTT          10.000  11/23/2012      EUR      69.90
LB BADEN-WUERTT          10.000  11/23/2012      EUR      67.15
LB BADEN-WUERTT          10.000  11/23/2012      EUR      38.06
LB BADEN-WUERTT          10.000  11/23/2012      EUR      56.82
LB BADEN-WUERTT          10.000  11/23/2012      EUR      70.92
LB BADEN-WUERTT          10.000  11/23/2012      EUR      74.57
LB BADEN-WUERTT          10.000  11/23/2012      EUR      56.18
LB BADEN-WUERTT          15.000  11/23/2012      EUR      46.61
LB BADEN-WUERTT           5.000    1/4/2013      EUR      51.63
LB BADEN-WUERTT           5.000    1/4/2013      EUR      38.27
LB BADEN-WUERTT           5.000    1/4/2013      EUR      67.54
LB BADEN-WUERTT           5.000    1/4/2013      EUR      18.70
LB BADEN-WUERTT           5.000    1/4/2013      EUR      57.92
LB BADEN-WUERTT           5.000    1/4/2013      EUR      63.31
LB BADEN-WUERTT           7.500    1/4/2013      EUR      54.39
LB BADEN-WUERTT           7.500    1/4/2013      EUR      65.07
LB BADEN-WUERTT           7.500    1/4/2013      EUR      51.99
LB BADEN-WUERTT           7.500    1/4/2013      EUR      32.90
LB BADEN-WUERTT           7.500    1/4/2013      EUR      58.58
LB BADEN-WUERTT           7.500    1/4/2013      EUR      72.77
LB BADEN-WUERTT           7.500    1/4/2013      EUR      16.46
LB BADEN-WUERTT           7.500    1/4/2013      EUR      59.10
LB BADEN-WUERTT           7.500    1/4/2013      EUR      67.25
LB BADEN-WUERTT          10.000    1/4/2013      EUR      66.61
LB BADEN-WUERTT          10.000    1/4/2013      EUR      30.35
LB BADEN-WUERTT          10.000    1/4/2013      EUR      52.62
LB BADEN-WUERTT          10.000    1/4/2013      EUR      70.66
LB BADEN-WUERTT          10.000    1/4/2013      EUR      15.06
LB BADEN-WUERTT          10.000    1/4/2013      EUR      52.34
LB BADEN-WUERTT          10.000    1/4/2013      EUR      60.85
LB BADEN-WUERTT          10.000    1/4/2013      EUR      49.73
LB BADEN-WUERTT          10.000    1/4/2013      EUR      61.11
LB BADEN-WUERTT          10.000    1/4/2013      EUR      58.93
LB BADEN-WUERTT           5.000   1/25/2013      EUR      74.47
LB BADEN-WUERTT           5.000   1/25/2013      EUR      72.12
LB BADEN-WUERTT           5.000   1/25/2013      EUR      25.04
LB BADEN-WUERTT           7.500   1/25/2013      EUR      22.14
LB BADEN-WUERTT           7.500   1/25/2013      EUR      65.50
LB BADEN-WUERTT           7.500   1/25/2013      EUR      61.75
LB BADEN-WUERTT           7.500   1/25/2013      EUR      67.92
LB BADEN-WUERTT           7.500   1/25/2013      EUR      65.65
LB BADEN-WUERTT          10.000   1/25/2013      EUR      73.79
LB BADEN-WUERTT          10.000   1/25/2013      EUR      57.74
LB BADEN-WUERTT          10.000   1/25/2013      EUR      70.62
LB BADEN-WUERTT          10.000   1/25/2013      EUR      61.42
LB BADEN-WUERTT          10.000   1/25/2013      EUR      55.00
LB BADEN-WUERTT          10.000   1/25/2013      EUR      62.58
LB BADEN-WUERTT          10.000   1/25/2013      EUR      72.60
LB BADEN-WUERTT          10.000   1/25/2013      EUR      20.18
LB BADEN-WUERTT          10.000   1/25/2013      EUR      74.43
LB BADEN-WUERTT           5.000   2/22/2013      EUR      72.06
LB BADEN-WUERTT           7.500   2/22/2013      EUR      62.21
LB BADEN-WUERTT          10.000   2/22/2013      EUR      55.52
LB BADEN-WUERTT          15.000   2/22/2013      EUR      47.17
LB BADEN-WUERTT           8.000   3/22/2013      EUR      68.03
LB BADEN-WUERTT          10.000   3/22/2013      EUR      65.16
LB BADEN-WUERTT          12.000   3/22/2013      EUR      66.23
LB BADEN-WUERTT          15.000   3/22/2013      EUR      74.79
LB BADEN-WUERTT          15.000   3/22/2013      EUR      59.20
LB BADEN-WUERTT           5.000   6/28/2013      EUR      68.83
MACQUARIE STRUCT         13.250    1/2/2013      EUR      67.09
MACQUARIE STRUCT         18.000  12/14/2012      EUR      63.38
Q-CELLS                   6.750  10/21/2015      EUR       1.08
QIMONDA FINANCE           6.750   3/22/2013      USD       4.50
SOLON AG SOLAR            1.375   12/6/2012      EUR       0.58
TAG IMMO AG               6.500  12/10/2015      EUR       9.73
TUI AG                    2.750   3/24/2016      EUR      56.50
VONTOBEL FIN PRO         11.150   3/22/2013      EUR      68.40
VONTOBEL FIN PRO         11.850   3/22/2013      EUR      55.54
VONTOBEL FIN PRO         12.000   3/22/2013      EUR      65.10
VONTOBEL FIN PRO         12.050   3/22/2013      EUR      62.30
VONTOBEL FIN PRO         12.200   3/22/2013      EUR      43.92
VONTOBEL FIN PRO         12.200   3/22/2013      EUR      70.66
VONTOBEL FIN PRO         12.700   3/22/2013      EUR      71.00
VONTOBEL FIN PRO         13.700   3/22/2013      EUR      42.16
VONTOBEL FIN PRO         14.000   3/22/2013      EUR      63.30
VONTOBEL FIN PRO         14.500   3/22/2013      EUR      50.88
VONTOBEL FIN PRO         15.250   3/22/2013      EUR      40.58
VONTOBEL FIN PRO         16.850   3/22/2013      EUR      39.28
VONTOBEL FIN PRO         17.450  12/31/2012      EUR      56.96
VONTOBEL FIN PRO         17.100  12/31/2012      EUR      50.44
VONTOBEL FIN PRO         17.050  12/31/2012      EUR      54.28
VONTOBEL FIN PRO         16.950  12/31/2012      EUR      56.32
VONTOBEL FIN PRO         16.850  12/31/2012      EUR      60.40
VONTOBEL FIN PRO         16.700  12/31/2012      EUR      71.48
VONTOBEL FIN PRO         16.550  12/31/2012      EUR      73.86
VONTOBEL FIN PRO         16.450  12/31/2012      EUR      73.60
VONTOBEL FIN PRO         16.350  12/31/2012      EUR      57.44
VONTOBEL FIN PRO         16.150  12/31/2012      EUR      63.18
VONTOBEL FIN PRO         16.100  12/31/2012      EUR      71.56
VONTOBEL FIN PRO         16.050  12/31/2012      EUR      72.06
VONTOBEL FIN PRO         15.900  12/31/2012      EUR      73.46
VONTOBEL FIN PRO         15.750  12/31/2012      EUR      74.18
VONTOBEL FIN PRO         15.250  12/31/2012      EUR      57.52
VONTOBEL FIN PRO         14.950  12/31/2012      EUR      74.14
VONTOBEL FIN PRO         14.700  12/31/2012      EUR      73.84
VONTOBEL FIN PRO         14.600  12/31/2012      EUR      72.78
VONTOBEL FIN PRO         14.600  12/31/2012      EUR      53.42
VONTOBEL FIN PRO         14.550  12/31/2012      EUR      73.38
VONTOBEL FIN PRO         14.500  12/31/2012      EUR      63.86
VONTOBEL FIN PRO         14.450  12/31/2012      EUR      53.02
VONTOBEL FIN PRO         14.350  12/31/2012      EUR      70.94
VONTOBEL FIN PRO         14.350  12/31/2012      EUR      71.90
VONTOBEL FIN PRO         14.300  12/31/2012      EUR      71.30
VONTOBEL FIN PRO         14.300  12/31/2012      EUR      48.14
VONTOBEL FIN PRO         14.100  12/31/2012      EUR      74.06
VONTOBEL FIN PRO         14.000  12/31/2012      EUR      70.76
VONTOBEL FIN PRO         13.600  12/31/2012      EUR      72.66
VONTOBEL FIN PRO         13.550  12/31/2012      EUR      57.82
VONTOBEL FIN PRO         13.500  12/31/2012      EUR      61.24
VONTOBEL FIN PRO         13.150  12/31/2012      EUR      70.92
VONTOBEL FIN PRO         13.050  12/31/2012      EUR      67.64
VONTOBEL FIN PRO         12.900  12/31/2012      EUR      50.58
VONTOBEL FIN PRO         12.800  12/31/2012      EUR      46.66
VONTOBEL FIN PRO         12.650  12/31/2012      EUR      56.42
VONTOBEL FIN PRO         12.650  12/31/2012      EUR      73.70
VONTOBEL FIN PRO         12.550  12/31/2012      EUR      73.98
VONTOBEL FIN PRO         12.250  12/31/2012      EUR      68.20
VONTOBEL FIN PRO         12.000  12/31/2012      EUR      61.78
VONTOBEL FIN PRO         11.950  12/31/2012      EUR      72.42
VONTOBEL FIN PRO         11.950  12/31/2012      EUR      56.12
VONTOBEL FIN PRO         11.950  12/31/2012      EUR      49.92
VONTOBEL FIN PRO         11.900  12/31/2012      EUR      72.76
VONTOBEL FIN PRO         11.850  12/31/2012      EUR      68.54
VONTOBEL FIN PRO         11.750  12/31/2012      EUR      55.44
VONTOBEL FIN PRO         11.700  12/31/2012      EUR      61.98
VONTOBEL FIN PRO         11.600  12/31/2012      EUR      74.12
VONTOBEL FIN PRO         11.450  12/31/2012      EUR      54.80
VONTOBEL FIN PRO         11.400  12/31/2012      EUR      58.20
VONTOBEL FIN PRO         11.150  12/31/2012      EUR      72.30
VONTOBEL FIN PRO         11.000  12/31/2012      EUR      70.90
VONTOBEL FIN PRO         11.000  12/31/2012      EUR      70.64
VONTOBEL FIN PRO         10.900  12/31/2012      EUR      66.40
VONTOBEL FIN PRO         10.550  12/31/2012      EUR      58.50
VONTOBEL FIN PRO         10.550  12/31/2012      EUR      58.28
VONTOBEL FIN PRO         10.500  12/31/2012      EUR      41.50
VONTOBEL FIN PRO         10.050  12/31/2012      EUR      63.46
VONTOBEL FIN PRO          9.950  12/31/2012      EUR      52.92
VONTOBEL FIN PRO          9.950  12/31/2012      EUR      61.94
VONTOBEL FIN PRO          9.900  12/31/2012      EUR      72.76
VONTOBEL FIN PRO          9.650  12/31/2012      EUR      70.46
VONTOBEL FIN PRO          9.600  12/31/2012      EUR      72.14
VONTOBEL FIN PRO          9.600  12/31/2012      EUR      71.92
VONTOBEL FIN PRO          9.500  12/31/2012      EUR      59.22
VONTOBEL FIN PRO          9.400  12/31/2012      EUR      73.08
VONTOBEL FIN PRO          9.400  12/31/2012      EUR      54.40
VONTOBEL FIN PRO          9.350  12/31/2012      EUR      72.40
VONTOBEL FIN PRO          9.250  12/31/2012      EUR      41.18
VONTOBEL FIN PRO          9.150  12/31/2012      EUR      73.58
VONTOBEL FIN PRO          9.050  12/31/2012      EUR      73.74
VONTOBEL FIN PRO          8.650  12/31/2012      EUR      66.36
VONTOBEL FIN PRO         18.500   3/22/2013      EUR      38.32
VONTOBEL FIN PRO         20.900   3/22/2013      EUR      72.12
VONTOBEL FIN PRO         21.750   3/22/2013      EUR      73.52
VONTOBEL FIN PRO          8.200  12/31/2012      EUR      65.04
VONTOBEL FIN PRO          7.950  12/31/2012      EUR      52.66
VONTOBEL FIN PRO         19.700  12/31/2012      EUR      62.56
VONTOBEL FIN PRO         23.600   3/22/2013      EUR      70.72
VONTOBEL FIN PRO          4.000   6/28/2013      EUR      44.06
VONTOBEL FIN PRO          6.000   6/28/2013      EUR      63.20
VONTOBEL FIN PRO          8.000   6/28/2013      EUR      71.76
VONTOBEL FIN PRO          7.700  12/31/2012      EUR      67.42
VONTOBEL FIN PRO          7.400  12/31/2012      EUR      55.46
VONTOBEL FIN PRO          9.550   6/28/2013      EUR      74.90
VONTOBEL FIN PRO          7.250  12/31/2012      EUR      53.62
VONTOBEL FIN PRO         13.050   6/28/2013      EUR      72.48
VONTOBEL FIN PRO          7.389  11/25/2013      EUR      44.60
VONTOBEL FIN PRO          5.100   4/14/2014      EUR      32.80
VONTOBEL FIN PRO         18.200  12/31/2012      EUR      72.38
VONTOBEL FIN PRO         18.200  12/31/2012      EUR      73.86
VONTOBEL FIN PRO         18.850  12/31/2012      EUR      50.70
VONTOBEL FIN PRO         18.850  12/31/2012      EUR      63.10
VONTOBEL FIN PRO         18.900  12/31/2012      EUR      51.46
VONTOBEL FIN PRO         18.950  12/31/2012      EUR      68.80
VONTOBEL FIN PRO         19.300  12/31/2012      EUR      66.04
VONTOBEL FIN PRO         20.000  12/31/2012      EUR      69.94
VONTOBEL FIN PRO         20.850  12/31/2012      EUR      72.94
VONTOBEL FIN PRO         21.150  12/31/2012      EUR      68.12
VONTOBEL FIN PRO         21.200  12/31/2012      EUR      54.82
VONTOBEL FIN PRO         21.200  12/31/2012      EUR      74.18
VONTOBEL FIN PRO         22.250  12/31/2012      EUR      66.40
VONTOBEL FIN PRO         22.700  12/31/2012      EUR      66.06
VONTOBEL FIN PRO         24.700  12/31/2012      EUR      43.38
VONTOBEL FIN PRO         24.900  12/31/2012      EUR      51.50
VONTOBEL FIN PRO         26.050  12/31/2012      EUR      69.82
VONTOBEL FIN PRO         27.600  12/31/2012      EUR      40.62
VONTOBEL FIN PRO         28.250  12/31/2012      EUR      38.08
VONTOBEL FIN PRO         11.000    2/1/2013      EUR      55.10
VONTOBEL FIN PRO         13.650    3/1/2013      EUR      35.30
VONTOBEL FIN PRO         10.100    3/8/2013      EUR      74.60
VONTOBEL FIN PRO          5.650   3/22/2013      EUR      68.18
VONTOBEL FIN PRO          7.500   3/22/2013      EUR      73.88
VONTOBEL FIN PRO          8.550   3/22/2013      EUR      61.34
VONTOBEL FIN PRO          8.850   3/22/2013      EUR      73.64
VONTOBEL FIN PRO          9.200   3/22/2013      EUR      65.12
VONTOBEL FIN PRO          9.950   3/22/2013      EUR      70.06
VONTOBEL FIN PRO         10.150   3/22/2013      EUR      59.84
VONTOBEL FIN PRO         18.050  12/31/2012      EUR      64.74
VONTOBEL FIN PRO         17.650  12/31/2012      EUR      73.18
VONTOBEL FIN PRO         10.300   3/22/2013      EUR      70.72
VONTOBEL FIN PRO         10.350   3/22/2013      EUR      73.54
VONTOBEL FIN PRO         10.750   3/22/2013      EUR      46.30
WGZ BANK                  8.000  12/28/2012      EUR      59.08
WGZ BANK                  8.000  12/21/2012      EUR      66.08
WGZ BANK                  5.000  12/28/2012      EUR      73.18
WGZ BANK                  6.000  12/28/2012      EUR      67.75
WGZ BANK                  7.000  12/28/2012      EUR      63.10
WGZ BANK                  6.000  12/21/2012      EUR      74.00
WGZ BANK                  7.000  12/21/2012      EUR      68.47

GUERNSEY
--------
BCV GUERNSEY              8.020    3/1/2013      EUR      56.54
BKB FINANCE              10.950   5/10/2013      CHF      62.57
BKB FINANCE              10.150   9/11/2013      CHF      73.89
BKB FINANCE              13.200   1/31/2013      CHF      50.08
BKB FINANCE               9.450    7/3/2013      CHF      68.52
BKB FINANCE              11.500   3/20/2013      CHF      59.30
BKB FINANCE               8.350   1/14/2013      CHF      54.15
EFG INTL FIN GUR         14.500  11/13/2012      EUR      73.04
EFG INTL FIN GUR         17.000  11/13/2012      EUR      64.12
EFG INTL FIN GUR         12.830  11/19/2012      CHF      70.07
EFG INTL FIN GUR          8.000  11/20/2012      CHF      62.03
EFG INTL FIN GUR          8.300  11/20/2012      CHF      64.99
EFG INTL FIN GUR         11.500  11/20/2012      EUR      55.05
EFG INTL FIN GUR         14.800  11/20/2012      EUR      65.84
EFG INTL FIN GUR          9.250  11/27/2012      CHF      68.70
EFG INTL FIN GUR         11.250  11/27/2012      CHF      64.89
EFG INTL FIN GUR         14.500  11/27/2012      CHF      31.64
EFG INTL FIN GUR         16.000  11/27/2012      EUR      59.21
EFG INTL FIN GUR          9.750   12/3/2012      CHF      72.96
EFG INTL FIN GUR         13.750   12/6/2012      CHF      35.12
EFG INTL FIN GUR          8.500  12/14/2012      CHF      58.17
EFG INTL FIN GUR         14.250  12/14/2012      EUR      66.29
EFG INTL FIN GUR         17.500  12/14/2012      EUR      62.97
EFG INTL FIN GUR          9.300  12/21/2012      CHF      64.50
EFG INTL FIN GUR         10.900  12/21/2012      CHF      64.73
EFG INTL FIN GUR         12.600  12/21/2012      CHF      64.81
EFG INTL FIN GUR          8.830  12/28/2012      USD      57.56
EFG INTL FIN GUR         10.000    1/9/2013      EUR      52.73
EFG INTL FIN GUR          9.000   1/15/2013      CHF      27.36
EFG INTL FIN GUR         10.250   1/15/2013      CHF      23.41
EFG INTL FIN GUR         11.250   1/15/2013      GBP      73.41
EFG INTL FIN GUR         12.500   1/15/2013      CHF      28.91
EFG INTL FIN GUR         13.000   1/15/2013      CHF      74.41
EFG INTL FIN GUR         16.500   1/18/2013      CHF      50.63
EFG INTL FIN GUR          5.800   1/23/2013      CHF      69.35
EFG INTL FIN GUR         19.050   2/20/2013      USD      74.67
EFG INTL FIN GUR         15.000    3/1/2013      CHF      71.34
EFG INTL FIN GUR         10.000    3/6/2013      USD      71.83
EFG INTL FIN GUR         12.250  12/27/2012      GBP      67.82
EFG INTL FIN GUR          8.000    4/2/2013      CHF      63.34
EFG INTL FIN GUR         16.000    4/4/2013      CHF      23.40
EFG INTL FIN GUR          7.530   4/16/2013      EUR      49.58
EFG INTL FIN GUR          7.000   4/19/2013      EUR      55.27
EFG INTL FIN GUR         12.000   4/26/2013      CHF      66.95
EFG INTL FIN GUR          9.500   4/30/2013      EUR      28.64
EFG INTL FIN GUR         14.200    6/7/2013      EUR      71.88
EFG INTL FIN GUR          6.500   8/27/2013      CHF      51.39
EFG INTL FIN GUR          8.400   9/30/2013      CHF      63.25
EFG INTL FIN GUR         19.000   10/3/2013      GBP      74.39
EFG INTL FIN GUR          8.160   4/25/2014      EUR      71.56
EFG INTL FIN GUR          5.850  10/14/2014      CHF      57.06
EFG INTL FIN GUR          6.000  11/12/2012      CHF      56.98
EFG INTL FIN GUR          6.000  11/12/2012      EUR      57.81
EFG INTL FIN GUR         10.500  11/13/2012      CHF      65.60
EFG INTL FIN GUR         10.500  11/13/2012      CHF      65.60
EFG INTL FIN GUR         12.750  11/13/2012      CHF      22.70
EFG INTL FIN GUR         12.750  11/13/2012      CHF      71.49
EFG INTL FIN GUR         13.000  11/13/2012      CHF      22.91
EFG INTL FIN GUR         13.000  11/13/2012      CHF      74.82
EFG INTL FIN GUR         14.000  11/13/2012      USD      23.41
EFG INTL FIN GUR         10.750   3/19/2013      USD      71.27
ZURCHER KANT FIN          9.250   11/9/2012      CHF      62.81
ZURCHER KANT FIN          9.250   11/9/2012      CHF      54.03
ZURCHER KANT FIN         12.670  12/28/2012      CHF      70.24
ZURCHER KANT FIN         11.500   1/24/2013      CHF      59.11
ZURCHER KANT FIN         17.000   2/22/2013      EUR      59.39
ZURCHER KANT FIN         10.128    3/7/2013      CHF      64.97
ZURCHER KANT FIN         13.575   4/10/2013      CHF      74.72
ZURCHER KANT FIN          7.340   4/16/2013      CHF      70.68
ZURCHER KANT FIN         12.500    7/5/2013      CHF      70.56
ZURCHER KANT FIN         10.200   8/23/2013      CHF      67.39
ZURCHER KANT FIN          9.000   9/11/2013      CHF      69.23

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

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

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

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

SWITZERLAND
-----------
BANK JULIUS BAER          8.700    8/5/2013      CHF      60.55
BANK JULIUS BAER         15.000   5/31/2013      USD      69.05
BANK JULIUS BAER         13.000   5/31/2013      USD      70.65
BANK JULIUS BAER         12.000    4/9/2013      CHF      56.05
BANK JULIUS BAER         10.750   3/13/2013      EUR      66.60
BANK JULIUS BAER         17.300    2/1/2013      EUR      54.65
BANK JULIUS BAER          9.700  12/20/2012      CHF      75.00
BANK JULIUS BAER         11.500   2/20/2013      CHF      47.15
BANK JULIUS BAER         12.200   12/5/2012      EUR      54.40
CLARIDEN LEU NAS          0.000   6/10/2014      CHF      62.19
CLARIDEN LEU NAS          0.000   6/10/2014      CHF      62.13
CLARIDEN LEU NAS          0.000   5/26/2014      CHF      65.30
CLARIDEN LEU NAS          0.000   5/13/2014      CHF      63.03
CLARIDEN LEU NAS          0.000   2/24/2014      CHF      55.39
CLARIDEN LEU NAS          0.000   2/11/2014      CHF      54.50
CLARIDEN LEU NAS         18.400  12/20/2013      EUR      74.64
CLARIDEN LEU NAS          0.000  11/26/2013      CHF      64.17
CLARIDEN LEU NAS          4.500   8/13/2014      CHF      48.74
CLARIDEN LEU NAS         16.500   9/23/2013      USD      57.03
CLARIDEN LEU NAS          0.000   9/23/2013      CHF      50.04
CLARIDEN LEU NAS          3.250   9/16/2013      CHF      49.05
CLARIDEN LEU NAS          7.500  11/13/2012      CHF      58.71
CLARIDEN LEU NAS          7.250  11/13/2012      CHF      74.60
CLARIDEN LEU NAS         10.250  11/12/2012      CHF      73.60
CLARIDEN LEU NAS          0.000   8/27/2014      CHF      55.45
CLARIDEN LEU NAS          0.000   9/10/2014      CHF      51.16
CLARIDEN LEU NAS          0.000  10/15/2014      CHF      57.48
CLARIDEN LEU NAS          5.250    8/6/2014      CHF      51.70
CLARIDEN LEU NAS          7.000   7/22/2013      CHF      72.18
CLARIDEN LEU NAS         10.000   6/10/2013      CHF      70.08
CLARIDEN LEU NAS          0.000   5/31/2013      CHF      55.87
CLARIDEN LEU NAS          6.500   4/26/2013      CHF      58.21
CLARIDEN LEU NAS          0.000   3/25/2013      CHF      59.57
CLARIDEN LEU NAS          0.000   3/18/2013      CHF      74.71
CLARIDEN LEU NAS         12.500    3/1/2013      USD      74.21
CLARIDEN LEU NAS          9.000   2/14/2013      CHF      66.37
CLARIDEN LEU NAS         11.500   2/13/2013      EUR      57.40
CLARIDEN LEU NAS          0.000   1/24/2013      CHF      66.96
CLARIDEN LEU NAS          8.750   1/15/2013      CHF      68.73
CLARIDEN LEU NAS          8.250  12/17/2012      CHF      61.30
CLARIDEN LEU NAS          0.000  12/17/2012      EUR      67.37
CLARIDEN LEU NAS         12.500  12/14/2012      EUR      72.83
CLARIDEN LEU NAS          0.000  12/14/2012      CHF      36.53
CLARIDEN LEU NAS         12.000  11/23/2012      CHF      47.83
CLARIDEN LEU NAS          8.000  11/20/2012      CHF      74.87
CLARIDEN LEU NAS          7.125  11/19/2012      CHF      58.17
CLARIDEN LEU NAS          7.250  11/16/2012      CHF      58.79
CREDIT SUISSE LD          8.900   3/25/2013      EUR      57.79
CREDIT SUISSE LD         10.500    9/9/2013      CHF      66.05
S-AIR GROUP               0.125    7/7/2005      CHF      10.63
SARASIN CI LTD            8.000   4/27/2015      CHF      68.67
SARASIN/GUERNSEY         13.600   2/17/2014      CHF      71.51
SARASIN/GUERNSEY         13.200   1/23/2013      EUR      72.52
SARASIN/GUERNSEY         15.200  12/12/2012      EUR      73.12
UBS AG                   11.870   8/13/2013      USD       4.68
UBS AG                    9.600   8/26/2013      USD      15.21
UBS AG                   10.200   9/20/2013      EUR      61.15
UBS AG                   12.900   9/20/2013      EUR      57.98
UBS AG                   15.900   9/20/2013      EUR      55.99
UBS AG                   17.000   9/27/2013      EUR      73.19
UBS AG                   17.750   9/27/2013      EUR      73.50
UBS AG                   18.500   9/27/2013      EUR      71.56
UBS AG                   19.750   9/27/2013      EUR      74.84
UBS AG                   20.000   9/27/2013      EUR      70.19
UBS AG                   20.500   9/27/2013      EUR      74.87
UBS AG                   20.500   9/27/2013      EUR      71.43
UBS AG                   21.750   9/27/2013      EUR      72.53
UBS AG                   22.000   9/27/2013      EUR      71.57
UBS AG                   22.500   9/27/2013      EUR      70.55
UBS AG                   22.750   9/27/2013      EUR      67.91
UBS AG                   23.000   9/27/2013      EUR      72.72
UBS AG                   23.250   9/27/2013      EUR      68.81
UBS AG                   23.250   9/27/2013      EUR      68.35
UBS AG                   24.000   9/27/2013      EUR      69.47
UBS AG                   24.750   9/27/2013      EUR      65.71
UBS AG                    8.060   10/3/2013      USD      19.75
UBS AG                   13.570  11/21/2013      USD      16.25
UBS AG                    6.980  11/27/2013      USD      34.85
UBS AG                   17.000    1/3/2014      EUR      74.48
UBS AG                   17.500    1/3/2014      EUR      73.41
UBS AG                   18.250    1/3/2014      EUR      73.31
UBS AG                   18.250    1/3/2014      EUR      74.28
UBS AG                   19.500    1/3/2014      EUR      73.10
UBS AG                   20.000    1/3/2014      EUR      74.53
UBS AG                   20.500    1/3/2014      EUR      71.30
UBS AG                   20.750    1/3/2014      EUR      71.59
UBS AG                   21.000    1/3/2014      EUR      72.44
UBS AG                   22.250    1/3/2014      EUR      74.19
UBS AG                   23.000    1/3/2014      EUR      71.55
UBS AG                   23.250    1/3/2014      EUR      70.29
UBS AG                   23.250    1/3/2014      EUR      70.57
UBS AG                   24.000    1/3/2014      EUR      72.95
UBS AG                   24.250    1/3/2014      EUR      68.40
UBS AG                   24.250    1/3/2014      EUR      70.18
UBS AG                    6.440   5/28/2014      USD      51.67
UBS AG                    3.870   6/17/2014      USD      38.08
UBS AG                    6.040   8/29/2014      USD      35.22
UBS AG                    7.780   8/29/2014      USD      20.85
UBS AG                   11.260  11/12/2012      EUR      47.13
UBS AG                   11.660  11/12/2012      EUR      34.35
UBS AG                   13.120  11/12/2012      EUR      68.36
UBS AG                   13.560  11/12/2012      EUR      36.51
UBS AG                   13.600  11/12/2012      EUR      56.96
UBS AG                   13.000  11/23/2012      USD      62.55
UBS AG                    8.150  12/21/2012      EUR      72.14
UBS AG                    8.250  12/21/2012      EUR      74.88
UBS AG                    8.270  12/21/2012      EUR      74.19
UBS AG                    8.990  12/21/2012      EUR      72.49
UBS AG                    9.000  12/21/2012      EUR      69.13
UBS AG                    9.150  12/21/2012      EUR      71.84
UBS AG                    9.450  12/21/2012      EUR      74.42
UBS AG                    9.730  12/21/2012      EUR      70.24
UBS AG                    9.890  12/21/2012      EUR      66.37
UBS AG                   10.060  12/21/2012      EUR      72.98
UBS AG                   10.060  12/21/2012      EUR      69.64
UBS AG                   10.160  12/21/2012      EUR      73.41
UBS AG                   10.490  12/21/2012      EUR      68.12
UBS AG                   10.690  12/21/2012      EUR      71.60
UBS AG                   10.810  12/21/2012      EUR      63.85
UBS AG                   11.000  12/21/2012      EUR      67.59
UBS AG                   11.260  12/21/2012      EUR      66.14
UBS AG                   11.270  12/21/2012      EUR      70.63
UBS AG                   11.330  12/21/2012      EUR      70.28
UBS AG                   11.770  12/21/2012      EUR      61.53
UBS AG                   11.970  12/21/2012      EUR      65.67
UBS AG                   11.980  12/21/2012      EUR      69.02
UBS AG                   12.020  12/21/2012      EUR      64.27
UBS AG                   12.200  12/21/2012      EUR      56.09
UBS AG                   12.400  12/21/2012      EUR      68.07
UBS AG                   12.760  12/21/2012      EUR      59.39
UBS AG                   12.800  12/21/2012      EUR      62.51
UBS AG                   12.970  12/21/2012      EUR      63.87
UBS AG                   13.320  12/21/2012      EUR      66.64
UBS AG                   13.560  12/21/2012      EUR      65.71
UBS AG                   13.570  12/21/2012      EUR      60.85
UBS AG                   13.770  12/21/2012      EUR      57.41
UBS AG                   13.980  12/21/2012      EUR      62.18
UBS AG                   14.350  12/21/2012      EUR      59.29
UBS AG                   14.690  12/21/2012      EUR      64.44
UBS AG                   14.740  12/21/2012      EUR      63.53
UBS AG                   14.810  12/21/2012      EUR      55.58
UBS AG                   15.000  12/21/2012      EUR      60.59
UBS AG                   15.130  12/21/2012      EUR      57.81
UBS AG                   15.860  12/21/2012      EUR      53.88
UBS AG                   15.920  12/21/2012      EUR      56.41
UBS AG                   15.930  12/21/2012      EUR      61.51
UBS AG                   16.030  12/21/2012      EUR      59.10
UBS AG                   16.600  12/21/2012      EUR      50.18
UBS AG                   16.710  12/21/2012      EUR      55.09
UBS AG                   16.930  12/21/2012      EUR      52.30
UBS AG                   17.070  12/21/2012      EUR      57.69
UBS AG                   17.500  12/21/2012      EUR      53.84
UBS AG                   18.000  12/21/2012      EUR      50.83
UBS AG                   19.090  12/21/2012      EUR      51.52
UBS AG                   10.770    1/2/2013      USD      38.33
UBS AG                   13.030    1/4/2013      EUR      73.40
UBS AG                   13.630    1/4/2013      EUR      71.63
UBS AG                   14.230    1/4/2013      EUR      69.95
UBS AG                   14.820    1/4/2013      EUR      68.36
UBS AG                   15.460    1/4/2013      EUR      74.82
UBS AG                   15.990    1/4/2013      EUR      65.39
UBS AG                   16.500    1/4/2013      EUR      73.32
UBS AG                   17.000    1/4/2013      EUR      73.98
UBS AG                   17.150    1/4/2013      EUR      62.69
UBS AG                   17.180    1/4/2013      EUR      74.58
UBS AG                   18.000    1/4/2013      EUR      73.54
UBS AG                   18.300    1/4/2013      EUR      60.23
UBS AG                   19.440    1/4/2013      EUR      57.99
UBS AG                   19.750    1/4/2013      EUR      69.92
UBS AG                   20.500    1/4/2013      EUR      70.21
UBS AG                   20.570    1/4/2013      EUR      55.94
UBS AG                   21.700    1/4/2013      EUR      54.05
UBS AG                   21.750    1/4/2013      EUR      69.65
UBS AG                   23.750    1/4/2013      EUR      66.55
UBS AG                   11.020   1/25/2013      EUR      67.05
UBS AG                   12.010   1/25/2013      EUR      65.34
UBS AG                   14.070   1/25/2013      EUR      62.22
UBS AG                   16.200   1/25/2013      EUR      74.54
UBS AG                    8.620    2/1/2013      USD      14.04
UBS AG                    8.980   2/22/2013      EUR      72.86
UBS AG                   10.590   2/22/2013      EUR      69.90
UBS AG                   10.960   2/22/2013      EUR      67.35
UBS AG                   13.070   2/22/2013      EUR      63.96
UBS AG                   13.660   2/22/2013      EUR      61.23
UBS AG                   13.940   2/22/2013      EUR      73.02
UBS AG                   15.800   2/22/2013      EUR      67.24
UBS AG                    8.480    3/7/2013      CHF      58.00
UBS AG                   10.000    3/7/2013      USD      72.30
UBS AG                   12.250    3/7/2013      CHF      59.20
UBS AG                    9.000   3/22/2013      USD      11.16
UBS AG                    9.850   3/22/2013      USD      19.75
UBS AG                   16.500    4/2/2013      EUR      72.16
UBS AG                   17.250    4/2/2013      EUR      72.45
UBS AG                   18.000    4/2/2013      EUR      73.44
UBS AG                   19.750    4/2/2013      EUR      69.63
UBS AG                   21.250    4/2/2013      EUR      69.05
UBS AG                   21.500    4/2/2013      EUR      73.98
UBS AG                   21.500    4/2/2013      EUR      73.88
UBS AG                   22.250    4/2/2013      EUR      67.19
UBS AG                   22.250    4/2/2013      EUR      69.43
UBS AG                   24.250    4/2/2013      EUR      65.24
UBS AG                   24.750    4/2/2013      EUR      68.24
UBS AG                   10.860    4/4/2013      USD      37.21
UBS AG                    9.650   4/11/2013      USD      27.17
UBS AG                    9.930   4/11/2013      USD      24.77
UBS AG                   11.250   4/11/2013      USD      24.39
UBS AG                   10.170   4/26/2013      EUR      67.84
UBS AG                   10.970   4/26/2013      EUR      66.50
UBS AG                   12.610   4/26/2013      EUR      64.06
UBS AG                    7.900   4/30/2013      USD      33.75
UBS AG                    9.830   5/13/2013      USD      30.07
UBS AG                    8.000   5/24/2013      USD      63.90
UBS AG                   11.670   5/31/2013      USD      35.12
UBS AG                   12.780    6/7/2013      CHF      62.60
UBS AG                   16.410    6/7/2013      CHF      64.70
UBS AG                    9.330   6/14/2013      USD      22.00
UBS AG                   11.060   6/14/2013      USD      28.17
UBS AG                    6.770   6/21/2013      USD      10.43
UBS AG                    7.120   6/26/2013      USD      29.83
UBS AG                   15.250   6/28/2013      EUR      74.98
UBS AG                   17.000   6/28/2013      EUR      74.05
UBS AG                   17.250   6/28/2013      EUR      72.59
UBS AG                   19.250   6/28/2013      EUR      70.54
UBS AG                   19.500   6/28/2013      EUR      70.28
UBS AG                   20.250   6/28/2013      EUR      74.82
UBS AG                   20.500   6/28/2013      EUR      70.91
UBS AG                   21.000   6/28/2013      EUR      68.62
UBS AG                   22.000   6/28/2013      EUR      71.86
UBS AG                   22.500   6/28/2013      EUR      66.83
UBS AG                   23.000   6/28/2013      EUR      67.15
UBS AG                   23.500   6/28/2013      EUR      71.72
UBS AG                   24.000   6/28/2013      EUR      68.94
UBS AG                   24.500   6/28/2013      EUR      67.97
UBS AG                   11.450    7/1/2013      USD      27.96
UBS AG                    6.100   7/24/2013      USD      30.07
UBS AG                    8.640    8/1/2013      USD      27.87
UBS AG                   13.120    8/5/2013      USD       4.62
UBS AG                    0.500   4/27/2015      CHF      52.50
UBS AG                    6.070  11/12/2012      EUR      65.82
UBS AG                    8.370  11/12/2012      EUR      59.26
UBS AG                    8.590  11/12/2012      EUR      53.53
UBS AG                    9.020  11/12/2012      EUR      43.76
UBS AG                    9.650  11/12/2012      EUR      37.64
UBS AG                   10.020  11/12/2012      EUR      71.72
UBS AG                   10.930  11/12/2012      EUR      64.23
BARCLAYS BK PLC          11.000   6/28/2013      EUR      43.13
BARCLAYS BK PLC          11.000   6/28/2013      EUR      74.83
BARCLAYS BK PLC          10.750   3/22/2013      EUR      41.06
BARCLAYS BK PLC          10.000   3/22/2013      EUR      42.44
BARCLAYS BK PLC           6.000    1/2/2013      EUR      50.37
BARCLAYS BK PLC           8.000   6/28/2013      EUR      47.66
ESSAR ENERGY              4.250    2/1/2016      USD      72.62
MAX PETROLEUM             6.750    9/8/2013      USD      40.36


                            *********

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

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

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

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


                            *********


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

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

Copyright 2013.  All rights reserved.  ISSN 1529-2754.

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

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

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


                 * * * End of Transmission * * *