/raid1/www/Hosts/bankrupt/TCREUR_Public/130819.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, August 19, 2013, Vol. 14, No. 163
Headlines
D E N M A R K
SJAELSOE GRUPPEN: Declared Bankrupt After Rescue Talks Fail
G E R M A N Y
SUNWAYS AG: Averts Insolvency Following Out of Court Settlement
WIESMANN GMBH: Files for Insolvency in Muenster Court
G R E E C E
* GREECE: DBRS Assigns 'CCC' Long-Term Currency Issuer Ratings
ARNOTTS: Seeks Potential Acquirer for EUR368.6-Mil. IBRC Loan
H U N G A R Y
MAGYAR TELECOM: Seeks Approval for Debt-for-Equity Swap
N E T H E R L A N D S
E-MAC DE 2006-1: Moody's Comments on Servicer Advance
SPYKER NV: To Delist From Amsterdam Stock Exchange on Sept. 13
R U S S I A
INSURANCE GROUP: Fitch Downgrades IFS Rating to 'BB-'
INVESTMENT TRADE: Moody's Lowers Long-Term Deposit Ratings to B3
* RUSSIA: Egypt Woes May Spur Bankruptcy of Travel Companies
S W E D E N
NORTHLAND RESOURCES: Requests for Termination of Reorganizations
SAAB AUTOMOBILE: To Restart Trollhattan Factory Production
U N I T E D K I N G D O M
BEATBOX BARS: Owes GBP1.37 Million to Creditors, Accounts Show
THOMSON LOCAL: In Administration, Cuts 170 Jobs
X X X X X X X X
* BOND PRICING: For the Week August 12 to August 16, 2013
*********
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D E N M A R K
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SJAELSOE GRUPPEN: Declared Bankrupt After Rescue Talks Fail
-----------------------------------------------------------
PropertyEU reports that Sjaelsoe Gruppen has been declared
bankrupt but projects already under construction in its home
market will continue.
Sjaelsoe Gruppen on Friday said that last-ditch restructuring
talks with its creditors terminated without reaching an
agreement, PropertyEU relates. Subsequently, a Danish court
issued bankruptcy notices and appointed trustees for Sjaelsoe
Gruppen and its subsidiaries Sjaelsoe Gruppen Danmark and
Sjaelsoe Gruppen Retail, PropertyEU discloses.
Sjaelsoe Gruppen's international operations in Sweden, Finland
and Poland are also expected to close down, PropertyEU notes.
Efforts will be made to recover equity for the group's
stakeholders from the remainder of the business, PropertyEU says.
"The trustees will in the near future, and in cooperation with
the companies' main banks, explore possibilities of setting up a
management company, in cooperation with construction
organisations associated with the above projects, seek to ensure
the widest possible values for the companies' creditors and other
stakeholders," PropertyEU quotes the company as saying in a
statement.
According to Berlingske Business, Sjaelsoe lost DKK500 million in
2012 alone, and its overall debt had reached a reported DKK3
billion.
During the height of the construction boom of the 2000s, the
firm, which was responsible for development of some of the city's
most recognizable buildings, was worth an estimated DKK6 billion,
Berlingske Business discloses. Analysts referred to Sjaelsoe's
fall as the last big collapse of the Great Recession, Berlingske
Business notes.
Delisting
Sjaelsoe Gruppen on Aug. 16 disclosed that it will be deleted
from NASDAQ OMX Copenhagen as per August 19, 2013. The trading
of the securities will still be suspended up to and including
August 16, 2013. The delisting is due to the company's
bankruptcy.
Sjaelsoe Gruppen is a Danish property developer.
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G E R M A N Y
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SUNWAYS AG: Averts Insolvency Following Out of Court Settlement
---------------------------------------------------------------
Sunways AG on Aug. 15 disclosed that the company achieved its
goal to avert the opening of insolvency proceedings. Following
an out of court settlement with the applicant bank, the Konstanz
local court issued a relevant order to terminate the preliminary
insolvency proceedings against the assets of Sunways AG,
Konstanz, and Sunways Production GmbH, Arnstadt. During the
proceedings, Sunways also reached agreements with important
creditors on the settlement of remaining claims.
Hoong Khoeng Cheong, Chairman of the Management Board/CEO of
Sunways AG commented: "We were able to reach a first milestone
and to remove many burdens from the past. Our current market
environment, however, remains difficult and will undergo further
changes. This means, we still have a lot of work ahead of us."
Looking back at the past few months he added: "[Thurs]day I would
like to express my thanks to all those who supported us in
achieving our goal: There is our majority shareholder, without
whom we would not have been able to avert insolvency proceedings.
I would like to thank our creditors for their readiness to
negotiate and our customers for their patience and their
understanding of the one or other difficulty. And my thanks go
to our employees and the management team for their confidence and
commitment."
Hoong Khoeng Cheong mentioned in particular the good cooperation
with the preliminary insolvency administrator appointed by the
court, Dr. Thorsten Schleich from the law firm Schleich &
Kollegen that is specialised in insolvency law, as well as the
mediating role of the City of Konstanz and the Thuringian
Ministry for Economy, Labour and Technology in crucial
negotiations.
"The fact that Sunways regained its stability is a strong signal
for the German photovoltaic industry. With Sunways, a company
operating all over Europe, the industry has a modern and highly
innovative company on the market. It is the task of politics to
support such companies in difficult situations. They contribute
their part to the energy system transformation in Germany. And
only together with them the transformation can be a successful
one. Thuringia, too, is benefitting from the company's stability:
thus the future of the Sunways production site in Arnstadt has
been secured", said Matthias Machning, Thuringia's Minister for
Economic Affairs.
The Lord Mayor of the City of Konstanz, Mr. Uli Burchardt, also
feels relief: "The long period of trepidation and uncertainty for
the company and the employees is over. Now, the conditions for a
successful financial regeneration of Sunways have been set. This
is not only good news for the company itself, but also for the
employees and the business location. The company is able to look
forward again and I hope that as many jobs as possible will
remain in Konstanz. Taken together, there is reason for
confidence that Sunways will have a future in our city. It is a
good sign, too, for Konstanz as a location for industry and
technology."
Dr. Thorsten Schleich described his time as preliminary
insolvency administrator as a "major challenge for me and my
team. With the creditor arrangement and the following
termination of the preliminary insolvency proceedings, however,
the best possible result was reached in cooperation with the
Sunways Management Board and the majority shareholder." The
opening of insolvency proceedings could have led to an asset
stripping and liquidation of the company. Dr. Schleich is
particularly pleased by the fact "that this provides a
perspective for the preservation of jobs for the approximately
180 employees in total of Sunways AG and Sunways Production GmbH
in Konstanz and Arnstadt." As companies in the photovoltaic
industry are still facing a difficult market environment, it is
"essential to further implement the already initiated
restructuring and realignment measures. I wish the companies and
their employees much success with this."
With successfully averting insolvency proceedings, the future of
the Group and qualified jobs have been secured. Sunways can now
continue to pursue the realignment of the business that had
already been started in December 2012. "For the future, we want
to position our business even more market- and customer-
orientated. Sunways has more than 20 years of experience and
know how in photovoltaics. We want our customers to considerably
benefit from this extensive system expertise," said Hoong Khoeng
Cheong, Chairman of the Management Board/CEO of Sunways. Sunways
plans to gradually complement its product range with solutions
for the smart consumption and management of self-generated power
and to provide extended service offerings to its customers.
On May 7, 2013, the Konstanz local court had appointed a
preliminary insolvency administrator and instituted protective
measures against the assets of Sunways AG, Konstanz, and its
wholly-owned subsidiary, Sunways Production GmbH, Arnstadt.
Hoong Khoeng Cheong stated at that time: "We want to use the time
ahead and, with the support of all stakeholders, avert insolvency
proceedings." Sunways achieved this goal some days ago.
Following an out of court settlement with the Company's former
principal banks, the Konstanz local court issued a relevant order
to terminate insolvency proceedings on August 13, 2013. Besides
this arrangement that includes a waiver on the part of the banks,
Sunways was able to reach agreements with key suppliers on the
financial settlement of receivables and remaining claims under
long-term supply contracts for raw materials during the
proceedings. In addition, the majority shareholder has made an
offer to other creditors of the Sunways Group to purchase their
existing claims against a financial compensation.
Sunways AG -- http://www.sunways.eu-- is a Germany-based company
engaged in the development, production and distribution of solar
cells, and related equipment for use in the photovoltaics sector.
Its main products include silicon-based monocrystalline,
multicrystalline and transparent solar cells for the generation
of photovoltaic energy, and solar inverters for efficient energy
yield.
WIESMANN GMBH: Files for Insolvency in Muenster Court
-----------------------------------------------------
Weixin Zha at Bloomberg News reports that Wiesmann GmbH has filed
for insolvency at a local court and said it's seeking strategic
partners and investors.
Bloomberg relates that Wiesmann said in a statement on Aug. 15
Rolf Haferkamp remains chief executive officer and plans to
restructure the company. Operations will continue at the
headquarters and plant in Duelmen, Bloomberg discloses. Engines
are supplied by Bayerische Motoren Werke AG, the world's biggest
maker of luxury vehicles, Bloomberg notes.
"Wiesmann may have been hit by declining sales within Europe's
car industry," Bloomberg quotes Stefan Bratzel, director of the
Center of Automotive Management at the University of Applied
Sciences in Bergisch Gladbach, Germany, as saying. "Often, it's
a mix between decreasing sales and rising costs for production
and design that drives niche producers into insolvency."
Wiesmann said the company filed for creditor protection -- a
process comparable to Chapter 11 in the U.S. -- at the Muenster
court on Aug. 14, Bloomberg relates. According to Bloomberg, the
court appointed Norbert Kuepper as the insolvency administrator.
According to CarBuzz.com, the insolvency administrator will
likely now order the cessation of car production and sell off
assets. The company has been found insolvent just a few months
after revealing its limited-edition 25th anniversary MF4
Clubsport-S, CarBuzz.com notes. Co-founders Martin and Friedhelm
Wiesmann are reported to have left the company last year,
CarBuzz.com recounts.
Wiesmann GmbH is a German maker of retro-style luxury sports
cars. The company, which markets cars combining "timeless design
and modern technology" -- has 110 employees. Wiesmann was
founded 25 years ago by brothers Martin and Friedhelm Wiesmann.
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G R E E C E
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* GREECE: DBRS Assigns 'CCC' Long-Term Currency Issuer Ratings
--------------------------------------------------------------
DBRS, Inc. has assigned long-term foreign and local currency
issuer ratings for Greece at CCC (High) with a Negative trend,
and short-term foreign and local currency issuer ratings at R-5
with a Stable trend.
Greece's ratings are underpinned by the unprecedented amount of
financial support the country received from its Euro area
partners which has had a highly beneficial effect on its cost of
funding, the maturity structure of its debt and on roll-over
risk. Additional factors supporting the rating include the
progress which Greece has made in reducing fiscal and external
imbalances built up in the run up to the financial and sovereign
debt crisis. Moreover, Greece's ratings are further supported by
the completion of the restructuring and recapitalization of the
country's banking system and by the structural reforms carried
out to date.
Greece's creditworthiness is, however, impaired by its extremely
high government debt to GDP ratio, which is likely to weigh on
growth and the country's ability to reduce its stock of public
debt. In addition, the nascent nature of the fiscal and external
rebalancing constrains the ratings, as does the country's high
unemployment rate. The Negative trend reflects the possibility
that additional official sector funding to cover the EUR11
billion funding gap identified for the 2014-2015 period could be
made conditional on further restructurings of privately held
debt. Also driving the Negative trend is Greece's still
vulnerable economic landscape which, coupled with the need to
press on with structural reforms and fiscal adjustment, could
lead to a resurgence of political and social instability and
reignite the risk of a Greek exit from the Euro area.
Going forward, DBRS would change the trends on the long term
ratings from Negative to Stable if the creditor countries adopted
measures to materially reduce the country's stock of debt, thus
fostering a more growth-conducive macroeconomic landscape.
Conversely, Greece's ratings could be lowered if the country
failed to meet key performance criteria associated with the
assistance program, thus hindering the sovereign's ability to
meet its obligations and reducing the likelihood of a
restructuring of officially held debt in the near future.
DBRS takes comfort in the reduction of the deficit from 10.8% of
GDP in 2010 to 6.3% in 2012 (net of the operations to
recapitalize the country's banks), and in the reduction of the
primary deficit from 4.9% of GDP in 2010 to 1.3% of GDP in 2012.
However, DBRS notes that the fiscal slippages which have occurred
so far in 2013 and the large fiscal adjustments required to
improve the primary balance to 4.0% of GDP on a permanent basis,
continue to warrant some concern.
Greece's external balances have also been wound down with the
current account deficit declining from an average of 12% of GDP
over the 2006 to 2011 period, to 3.1% of GDP in 2012. Moreover,
Greece's unit labor costs have adjusted between 2009 and 2012,
aided by decentralized wage bargaining and reductions in the
national minimum wage. However, improvements in unit labor costs
have yet to translate into commensurate reductions in relative
price inflation and in widespread improvements in
competitiveness. Furthermore, growth in exports has remained
elusive, and the improvement in the current account resulted
almost exclusively from the sharp fall in imports, associated
with the contractions in investment and household consumption.
The impact of one-offs, such as the reduction in interest
payments abroad, which resulted from the private sector
involvement (PSI) in the debt restructuring of March 2012, also
contributed to the correction in the current account.
DBRS further believes that the completion of the recapitalization
of the country's four largest banks, coupled with the increase in
deposits by domestic residents and with the lower reliance by
financial institutions on central bank liquidity, are also credit
positive.
Under the assumptions of the assistance program, the Greek
economy is expected to start growing in 2014, albeit by only 0.6%
per annum, after a contraction of 4.2% in 2013. The recovery is
expected to be driven predominantly by a sustained rebound in
investment and net exports. However, DBRS believes that
investment is likely to be hampered by investors' concerns over
the prospects for domestic growth, against a backdrop of high
public sector debt and the nascent recovery in the Euro area.
Weak foreign direct investment due to slower than anticipated
progress on privatizations is also likely to put downward
pressure on investment.
Greek unemployment reached 27.6% of the labor force in May whilst
youth unemployment increased to 64.9%. A return to growth is
paramount to arrest a further deterioration in the labor market,
to halt the erosion of the country's stock of human capital, and
to lower the number of jobless to a level compatible with social
cohesion and political stability.
Greece's public debt is expected to reach 176% of GDP in 2013
before declining to close to 160% of GDP by 2016 and 124% of GDP
by 2020. However, DBRS questions whether Greece can sustain such
a high debt burden, even if it is in decline, for such a long
period. Even under a more benign growth scenario, the European
Commission expects that the debt ratio will remain at around 140%
of GDP by 2018. DBRS thus sees the restructuring of official
holdings of Greek debt, which would help put the debt ratio on a
more sustainable path, as a possibility.
ARNOTTS: Seeks Potential Acquirer for EUR368.6-Mil. IBRC Loan
-------------------------------------------------------------
Ciaran Hancock at The Irish Times reports that Arnotts is working
on a plan to restructure its EUR368.6 million debt. This
includes securing a potential acquirer for the loans to the
company held by state-owned Irish Bank Resolution Corporation,
which is in liquidation, The Irish Times notes.
Arnotts has engaged financial group Investec to seek a potential
acquirer for the IBRC loans as part of a wider a process aimed at
reducing its debts to a sustainable level, The Irish Times
relates. The company's other lender, Ulster Bank, is
participating in this process, The Irish Times discloses.
Arnotts Chairman Nigel Blow told The Irish Times that its
corporate adviser Investec had identified "four or five" groups
interested in helping the company refinance its loans with IBRC.
According to The Irish Times, these are a mix of financial and
trade players and indicative bids are due by the end of August.
It is understood that Ulster Bank remains supportive of the
business and will participate in an overall restructuring of the
company's balance sheet, The Irish Times states.
Under the terms of IBRC's liquidation, its loans to Arnotts must
be sold by the end of this year for no less than current market
value or be transferred to the National Asset Management Agency
to be worked through over time, The Irish Times discloses.
Mr. Blow, as cited by The Irish Times, said having the IBRC
portion of its loans transferred to Nama would not be the "ideal
option" for the company "but we have to be conscious that this
might happen".
Mr. Blow stressed that the company was not for sale as this
activity relates solely to restructuring its loans, The Irish
Times relates.
IBRC's loans to Arnotts are some EUR230 million while Ulster Bank
is owed about EUR140 million, The Irish Times says.
According to The Irish Times, Mr. Blow said Arnotts Holdings Ltd.
reduced its losses to just over EUR3 million for the year to the
end of January 2013 compared with EUR19.4 million in the previous
12 months.
Arnotts is a Dublin-based retailer.
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H U N G A R Y
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MAGYAR TELECOM: Seeks Approval for Debt-for-Equity Swap
-------------------------------------------------------
Tom Freke at Bloomberg News reports that Magyar Telecom BV, the
owner of Hungarian telecommunications company Invitel, asked its
bondholders to vote on a debt-for-equity swap on Aug. 15 as the
company seeks to reduce borrowings and attract new investment.
According to Bloomberg, Magyar Telecom, controlled by Mid Europa
Partners LLP, said in an Aug. 13 statement that the company set
an Aug. 15 deadline for responses to its restructuring proposal
and has support from holders of as much as 65% of its notes.
It's preparing a scheme of arrangement, a U.K. court process
requiring a positive vote from holders of 75% of the notes, if it
doesn't get 90% approval for the deal, Bloomberg discloses.
Magyar relates that the company said on July 15, Mid Europa
offered to invest EUR25 million (US$33 million) as part of a
restructuring deal for Magyar Telecom that would include
bondholders swapping EUR174 million of notes for a 49% stake in
the business, Bloomberg recounts. According to Bloomberg, the
company's July 15 statement said that some EUR329 million of the
bonds are outstanding.
Magyar Telecom defaulted on its 9.5% notes due December 2016 in
June and the notes are now trading at about 45% of face value,
according to data compiled by Bloomberg.
Headquartered in Budapest, Hungary, Magyar Telecom --
http://www.telekom.hu/-- provides telecommunications services in
Hungary. The Company provides voice services and data
communication services. MATAV's voice services include
automatically switched telephone services, operator-assisted
services, Digifon services, voice mail, televoting, World Card
and other services. Its data communication services include ISDN
(integrated services digital network), Infobridge, high-speed
data communications services, leased-line services, Internet
services, audio and video transmission, cable television and
other services.
* * *
As reported by the Troubled Company Reporter-Europe on July 19,
2013, Moody's Investors Service downgraded the corporate family
rating of Magyar Telecom B.V. to Ca from Caa3, and the
probability of default rating to Ca-PD/LD from Caa3-PD.
Concurrently, Moody's downgraded Invitel's EUR350 million 9.5%
senior secured notes due 2016 to Ca from Caa3. Moody's said the
outlook on the ratings remains negative.
=====================
N E T H E R L A N D S
=====================
E-MAC DE 2006-1: Moody's Comments on Servicer Advance
-----------------------------------------------------
Moody's Investors Service has reviewed the program of the issuer
in conjunction with the announcement that the servicer advance
will not be provided to redeem the Put Notes on the Put Date on
August 25, 2013.
At this time and strictly on the assumption that there will be no
obligation to effect a mandatory redemption under Condition
6(d)(v)(3) for E-MAC DE 2006-1 B.V., a failure to redeem the Put
Notes on the Put date on August 25, 2013 will not, in itself,
result in any reduction or withdrawal of the ratings of the
notes.
The assumption of no obligation to effect a mandatory redemption
is made solely for the purpose of defining the hypothetical
circumstances to which this press release relates and should not
be taken to be necessarily consistent with the assumptions that
underlie Moody's ratings of the notes. Further, for the avoidance
of doubt, Moody's does not express a view on any particular
objective under the conditions of the notes.
The principal methodology used in this rating was Moody's
Approach to Rating RMBS Using the MILAN Framework published in
May 2013.
No cash flow analysis or stress scenarios have been conducted as
the amendments have not had an impact on the cash flow analysis
conducted at closing.
Moody's carries these ratings for E-MAC DE 2006-I B.V.:
EUR27M B Mortgage-Backed Notes, Downgraded to Ba1(sf);
previously on April 13, 2011, Baa1(sf) Placed on Review for
Downgrade
EUR17.5M C Mortgage-Backed Notes, Downgraded to Caa1(sf);
previously on April 13, 2011, Ba2(sf) Placed on Review for
Downgrade
EUR11.5M D Mortgage-Backed Notes, Downgraded to Ca(sf);
previously on April 13, 2011, B1(sf) Placed on Review for
Downgrade
EUR7M E Mortgage-Backed Notes, Downgraded to C(sf); previously
on April 13, 2011, Caa1(sf) Placed on Review for Downgrade
SPYKER NV: To Delist From Amsterdam Stock Exchange on Sept. 13
--------------------------------------------------------------
DutchNews.nl reports that Spyker NV said in a statement that the
company will delist from the Amsterdam stock exchange on
September 13.
The stock exchange warned investors nearly two years ago that
Spyker was not 'in order', following its takeover and subsequent
bankruptcy of Saab, DutchNews.nl relates.
According to DutchNews.nl, the company has until September to
prove it is financially healthy but said this will not be
possible. "Despite the restructuring measures taken Spyker has
not recovered to the extent that it can return to the official
market," DutchNews.nl quotes the statement as saying.
Spyker NV -- http://www.spykernv.com/-- is a Netherlands-based
holding company engaged in the automobile industry sector. As of
December 31, 2011, the Company, formerly Swedish Automobile NV,
operated within one business segment, namely Spyker Sports Car.
The Spyker Sports Car segment comprises the design, development,
production and sale of motorcars and Grand Turismo (GT) racing
under the Spyker brand name. The Company markets its products in
Europe and the Middle East, the United States and Asia. As of
December 31, 2011, the Company had such wholly owned
subsidiaries, as Spyker Automobielen B.V., Spyker Squadron B.V.,
Spyker Events & Branding N.V., Spyker Holding B.V., Spyker of
North Americal LLc and Spyker Cars UK Ltd, as well as owned 51%
shares of Spyker of China Ltd and had shareholding in other
companies.
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R U S S I A
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INSURANCE GROUP: Fitch Downgrades IFS Rating to 'BB-'
-----------------------------------------------------
Fitch Ratings has downgraded Russia-based OJSC Insurance Group
MSK's (IG MSK) Insurer Financial Strength (IFS) rating to 'BB-'
from 'BB' and National IFS rating to 'A+(rus)' from 'AA-(rus)'.
The Outlooks are Stable.
Key Rating Drivers
The downgrade reflects the weakening of IG MSK's stand-alone
position. The level of support coming from Bank VTB
('BBB'/Negative), IG MSK's controlling but minority shareholder,
meanwhile remains strong.
IG MSK continues to report a weak underwriting performance with
its combined ratio worsening to 123% in 2012 (2011: 115%) under
IFRS reporting. As a result, in 2012 IG MSK's capital was eroded
by a net loss deriving from the RUB4.3 billion negative
underwriting result and RUB2.7 billion impairments on non-
marketable investment assets. In 2012, the exhaustion of IG MSK's
equity was prevented by the RUB5.1 billion capital provided by IG
MSK's holding company. Fitch views the available level of support
as a major positive rating factor underpinning the ratings.
Despite the significant capital injection in 2012, IG MSK
breached compliance with the regulatory solvency margin, which
fell further to 103% at 6M13 (2012: 110%), below the minimum
required of 130%. According to the insurer, the non-compliance
was technical in nature. A number of intra-company and intra-
branch mergers resulted in unidentified receivables balances
which were deducted from IG MSK's available capital.
Despite the presumably technical nature of the non-compliance, IG
MSK filed a financial strengthening plan with the regulator at
end-July 2013. As part of this plan, IG MSK's shareholders have
committed to inject RUB1.4 billion in Q413 to secure the
restoration of the insurer's regulatory solvency margin to a
compliant level (according to the insurer, it should improve to
145% at end-2013).
Fitch's central expectation is that Bank VTB will acquire almost
all of IG MSK after the sale at auction, scheduled for early
September 2013, of 50% minus one share of Metropolitan Insurance
Group (MIG), IG MSK's holding company. Bank VTB expects to
announce its new strategy for the management of its insurance
subsidiaries in Q413. Fitch expects that the merger of the two
key non-life companies VTB Insurance ('BBB'/Negative) and IG MSK
is unlikely in the near term, but IG MSK may be more closely
integrated into the group.
Fitch understands that IG MSK would in the first instance seek to
restore underwriting profitability in its core motor segment
through a tighter pricing discipline accompanied by improved
quality of service for retail customers. The unfavorable local
operating environment may mean that it will take some time for IG
MSK to restore profitability. The agency therefore views the key
challenge for IG MSK is to manage its shareholders' expectations
relating to profit generation.
Fitch understands that the weak underwriting performance
continues in 2013 with the combined ratio worsening to 112% in
H113 from 105% in H112 under Russian GAAP reporting (the company
does not report interim results under IFRS).
The key factor behind the deterioration of its combined ratio in
2012 was the retention of business volumes at higher acquisition
costs, whereas in H113 the underwriting result weakened because
of a worse loss ratio. In 2013 IG MSK started restructuring the
portfolio following a 10% decline in gross premiums written. The
insurer is also suffering from deteriorating losses in local
compulsory motor third party liability insurance, where the
insurer wrote 43% of its premiums in H113 and 39% in 2012.
Rating Sensitivities
An upgrade is possible if IG MSK demonstrates a sustainable
improvement in its underwriting profitability.
A downgrade is possible if IG MSK's stand-alone profile worsens
further or the prospect of support weakens.
INVESTMENT TRADE: Moody's Lowers Long-Term Deposit Ratings to B3
----------------------------------------------------------------
Moody's Investors Service has downgraded to B3 (stable outlook)
from B2 the long-term local and foreign currency deposit ratings
of Investment Trade Bank (Russia). Concurrently, Moody's affirmed
the bank's E+ standalone financial strength rating (BFSR) with
stable outlook, as well as its Not Prime short-term local and
foreign currency deposit ratings.
Moody's rating action on Investment Trade Bank's ratings is
primarily based on the bank's audited financial statements for
2012 prepared under IFRS.
Ratings Rationale:
The rating announcement primarily reflects Investment Trade
Bank's weakening asset quality and potentially insufficient
coverage of problem loans by loan loss reserves, its weak
financial performance stemming from elevated credit losses, as
well as the low capital adequacy level.
Moody's notes the bank's weakening asset quality metrics:
although the share of loans overdue by more than 90 days
increased moderately to 5.7% of total gross loans at year-end
2012 from 5.3% reported a year earlier, the share of corporate
loans that are "impaired but not overdue" soared to 15.5% of
gross loans from 7.2% as of year-end 2011. Against the background
of these impairment dynamics, the coverage of problem loans
(including 90+ overdue and impaired loans) by loan loss reserves
(LLRs) appears low -- with the LLRs accumulated at year-end 2012
accounting for 9.1% of the gross loan book (2011: 7.8%). Moody's
believes that Investment Trade Bank's management heavily relies
on the collateral behind the impaired loans when estimating the
bank's provisioning needs, however the rating agency has so far
observed only limited progress in the sale of repossessed
property by the bank. Moody's also notes high concentration of
Investment Trade Bank's loan portfolio to the risky construction
and real-estate segments: at January 1, 2013 these credit
exposures together stood at 117% of the bank's total equity (a
minor improvement from 149% reported at year-end 2011).
Moody's explained that heavy provisioning charges (4.14% of
average gross loans) have already hit Investment Trade Bank's
profitability in 2012, whereby the bank posted a net IFRS loss of
RUB400 million for that year. The rating agency does not rule out
the possibility that further substantial credit losses may occur
once the impaired loans migrate to the non-performing category.
Moody's cautions that Investment Trade Bank's capitalization does
not provide an adequate buffer to cope with these asset-quality
challenges. Although the bank's statutory capital adequacy (N1)
ratio was boosted to 11.8% at July 1, 2013 through an attraction
by the bank of a RUB2 billion subordinated loan, Moody's notes
that willingness and financial flexibility of the shareholders to
inject Tier 1 capital to the bank are uncertain. Importantly,
according to the bank's audited financial statements for 2012
prepared under IFRS, approximately 34% of its equity remains tied
up with non-core property holding repossessed as a result of
foreclosure on defaulted loans. This further decreases the loss-
absorption capacity of the capital buffer, while simultaneously
jeopardizing the bank's financial performance as the liquidity of
these assets is questionable and the current volatile economic
conditions in Russia may drive material fluctuations in its
market value.
More positively, Moody's notes Investment Trade Bank's relatively
good earning generation with pre-tax pre-provision income (PPI)
accounting for 2.48% of average total assets in 2012, sound cost
efficiency as reflected in its cost-to-income ratio of 52% in the
same reporting period, as well as the bank's historically
granular core customer funding.
What Could Move the Ratings Up/Down?
An upgrade of Investment Trade Bank's deposit ratings is unlikely
given the negative rating factors. Any upgrade may only
materialize following a significant improvement in the bank's
capital base and other financial fundamentals, and following a
substantial reduction of its non-core investments and credit
concentration levels.
Investment Trade Bank's ratings could be downgraded if the bank
faces further significant losses due to a reduction of fair value
of its non-core assets and/or defaults by large borrowers, and if
these losses are not sufficiently matched by capital injections
from the shareholders. Any material weakening of Investment Trade
Bank's liquidity profile may also lead to a downgrade of its
ratings.
Principal Methodologies
The principal methodology used in this rating was Global Banks
published in May 2013.
Headquartered in Moscow, Russia, Investment Trade Bank reported
total audited IFRS assets of US$3.7 billion and total equity of
US$320 million as at year-end 2012. The bank's net IFRS loss for
2012 amounted to US$12.9 million.
* RUSSIA: Egypt Woes May Spur Bankruptcy of Travel Companies
------------------------------------------------------------
Itar-Tass reports that Russia's Federal Tourism Agency does not
rule out that some of travel companies in Russia might go
bankrupt because of the current development in Egypt.
"The situation is very difficult," Yevgeny Pisarevsky, a deputy
head of the Federal Tourism Agency, told Itar-Tass on Friday.
"As an agency responsible for the development of tourism and the
protection of Russian tourists abroad, we do not want this to
happen. But such risks do exist."
Itar-Tass relates that Mr. Pisarevsky said insurance companies
are unlikely to cover all the losses travel market players might
sustain.
"It is neither the liability of tourists nor that of travel
companies," Itar-Tass quotes Mr. Pisarevsky as saying.
"Obligations are not fulfilled for reasons beyond the control of
either party. And once there is no responsibility, neither are
there grounds for insurers to pay."
Companies, in his words, are sustaining losses from business
activity, which is aimed at deriving profits, and are running
their business at their own risks, Itar-Tass says.
"All the companies active on this market were aware of their
risks," Mr. Pisarevsky, as cited by Itar-Tass, said. "Moreover,
they were warned a month ago that the situation could develop
under the worst scenario and that tensions could further
escalate. They were recommended to shrink their programs. Some
did it, some -- not."
Mr. Pisarevsky also said that it was the job of travel operators
and transport companies to draw up evacuation plans, Itar-Tass
notes.
Earlier, Maya Limidze, the executive director of the Russian
Association of Travel Operators, put a preliminary estimate of
losses Russian travel companies might sustain from instability in
Egypt at US$35 million, Itar-Tass discloses.
===========
S W E D E N
===========
NORTHLAND RESOURCES: Requests for Termination of Reorganizations
---------------------------------------------------------------
Northland Resources S.A. and, together with its subsidiaries,
disclosed that the Swedish subsidiaries Northland Resources AB
(publ), Northland Sweden AB and Northland Logistics AB on Aug. 8
requested for the company reorganizations of the companies to be
terminated.
The request is made due to the fact that the reorganization plan
and the composition for the companies, which was approved by the
court on the July 12, has entered into force and become legally
binding. Thus, the purpose of the company reorganizations has
been fulfilled. A decision from the District court to terminate
the company reorganizations is expected in two weeks and will
then apply with immediate effect.
The Norwegian subsidiary, Northland Logistics AS, is not going
through a formal reorganization, but has previously agreed with
all of its creditors on a payment plan identical to that of the
Swedish subsidiaries. Since the composition of the Swedish
subsidiaries has now entered into force, this payment plan is
legally binding for the creditors.
"Northland Resources is one the most extensive and complex
businesses which has so far been reorganized in Sweden. It is
therefore a pleasure to announce that the reorganization has been
extremely successful. The success is to a great extent a result
of the loyalty and devotion of the employees of Northland
Resources, as well as the Pajala region as a whole, who have
stood up for the company during the whole reorganization process
although the future of the company at times could be in doubt.
As a result, the operations of Northland Resources can now
continue with maintained job opportunities for the employed
staff. In my opinion the reorganization has also been favorable
for the creditors whom have not been forced to waive any portion
of their claims or rights against the companies, other than by
postponing the date of payment," said Lars Soderqvist, the
administrator of the companies.
About Northland
Headquartered in Luxembourg, Northland Resources S.A. is a
producer of iron ore concentrate, with a portfolio of production,
development and exploration mines and projects in northern Sweden
and Finland. The first construction phase of the Kaunisvaara
project is complete and production ramp-up started in November
2012. The Company expects to produce high-grade, high-quality
magnetite iron concentrate in Kaunisvaara, Sweden, where the
Company expects to exploit two magnetite iron ore deposits,
Tapuli and Sahavaara. Northland has entered into off-take
contracts with three partners for the entire production from the
Kaunisvaara project over the next seven to ten years. The
Company is also preparing a Definitive Feasibility Study for its
Hannukainen Iron Oxide Copper Gold project in Kolari, northern
Finland and for the Pellivuoma deposit, which is located 15 km
from the Kaunisvaara processing plant.
As reported by the Troubled Company Reporter on July 15, 2013,
Peter Pernlof, Acting CEO and COO of Northland Resources S.A.,
disclosed that the Lulea District Court approved on July 12 the
reorganization plan for the Company's Swedish subsidiaries.
As previously disclosed, the Lulea District Court held
composition proceedings on July 12 in connection with the
reorganization of companies Northland Resources AB (publ),
Northland Sweden AB and Northland Logistics AB. During the
proceedings the companies' creditors approved the terms of the
proposed composition. The District Court held in accordance with
this and approved the reorganization plan and composition.
Norwegian subsidiary Northland Logistics AS is not going through
formal reorganization, but has previously agreed with all of its
creditors on a payment plan identical to that of the other
subsidiaries.
* * *
As reported by the Troubled Company Reporter-Europe on April 1,
2013, Moody's Investors Service affirmed the Caa3 corporate
family rating and bond rating of Northland Resources AB.
Concurrently, Moody's has applied the 'limited default' ('/LD')
indicator to the company's Ca-PD probability of default rating
(PDR), to reflect the recently missed interest payment on its
outstanding notes, which the rating agency considers a default
according to its definition of default. As a result, Moody's PDR
for Northland has been affirmed at Ca-PD/LD. In addition, the
outlook on all ratings remains negative.
SAAB AUTOMOBILE: To Restart Trollhattan Factory Production
----------------------------------------------------------
Autoevolution reports that bankrupt since 2011, Saab Automobile,
now owned by National Electric Vehicle Sweden, will reportedly
restart production at its Trollhattan factory and relaunch the 9-
3 model next year.
According to Autoevolution, Swedish news website Aftonbladet,
quoting sources familiar with the matter, said Saab will have
more than 400 employees working on an updated 9-3 model in late
September. The vehicle will be powered by a turbocharged engine
and introduced next year as a four-door sedan and convertible,
Autoevolution discloses.
The second-generation Saab 9-3 was introduced in 2002 and built
in three body styles until 2012 -- four-door sedan, four-door
station wagon and two-door convertible, Autoevolution recounts.
A third-generation 9-3 was announced in early 2011 for the 2013
model year, but bankruptcy and the brand's sale put the new
iteration on hold, Autoevolution relates.
About Saab Automobile AB and Saab Cars N.A.
Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV. Saab halted production in March 2011 when it ran out of
cash to pay its component providers. On Dec. 19, 2011, Saab
Automobile AB, Saab Automobile Tools AB and Saab Powertain AB
filed for bankruptcy after running out of cash.
Some of Saab's assets were sold to National Electric Vehicle
Sweden AB, a Chinese-Japanese backed start-up that plans to make
an electric car using Saab Automobile's former factory, tools and
designs.
On Jan. 30, 2012, more than 40 U.S.-based Saab dealerships filed
an involuntary Chapter 11 petition for Saab Cars North America,
Inc. (Bankr. D. Del. Case No. 12-10344). The petitioners,
represented by Wilk Auslander LLP, assert claims totaling US$1.2
million on account of "unpaid warranty and incentive
reimbursement and related obligations" or "parts and warranty
reimbursement." Leonard A. Bellavia, Esq., at Bellavia Gentile &
Associates, in New York, signed the Chapter 11 petition on behalf
of the dealers.
The dealers want the vehicle inventory and the parts business to
be sold, free of liens from Ally Financial Inc. and Caterpillar
Inc., and "to have an appropriate forum to address the claims of
the dealers," Leonard A. Bellavia said in an e-mail to Bloomberg
News.
Saab Cars N.A. is the U.S. sales and distribution unit of Swedish
car maker Saab Automobile AB. Saab Cars N.A. named in December
an outside administrator, McTevia & Associates, to run the
company as part of a plan to avoid immediate liquidation
following its parent company's bankruptcy filing.
On Feb. 24, 2012, the Court granted Saab Cars NA relief under
Chapter 11 of the Bankruptcy Code.
Donlin, Recano & Company, Inc., was retained as claims and
noticing agent to Saab Cars NA in the Chapter 11 case.
On March 9, 2012, the U.S. Trustee formed an official Committee
of Unsecured Creditors and appointed these members: Peter Mueller
Inc., IFS Vehicle Distributors, Countryside Volkwagen, Saab of
North Olmstead, Saab of Bedford, Whitcomb Motors Inc., and
Delaware Motor Sales, Inc. The Committee tapped Wilk Auslander
LLP as general bankruptcy counsel, and Polsinelli Shughart as its
Delaware counsel.
===========================
U N I T E D K I N G D O M
===========================
BEATBOX BARS: Owes GBP1.37 Million to Creditors, Accounts Show
--------------------------------------------------------------
Peter Law at Wales Online reports that accounts reveal the extent
of the debts of Beatbox Bars Ltd.
Beatbox went into administration with debts totaling GBP1.37
million, Wales Online says, citing the company's statement of
affairs.
According to Wales Online, the document lodged with Companies
House shows that Welsh Government body Finance Wales is owed
GBP243,974, while Cardiff council is owed GBP46,682.
The paper also states HM Revenue and Customs is owed GBP328,706
-- the highest amount of debt on the list of Beatbox Bars Ltd.'s
100 creditors, Wales Online notes.
Beatbox went into administration last month, citing financial
difficulties after a downturn in trade last winter, Wales Online
recounts.
The statement of affairs was submitted by Beatbox Bars director
Daniel Biscombe, who founded the firm with Nathan Vaughan,
Ian Dakin, Claire Biscombe and Alex Power in 2004, Wales Online
states.
According to Wales Online, The 25-page document says the total
assets available for preferential creditors has a book value of
GBP140,175, but is estimated to realize GBP23,100.
A summary of liabilities lists preferential creditors
(GBP82,231), debts secured by floating charges (GBP322,227) and
unsecured non-preferential claims (GBP940,820), Wales Online
notes. The estimated total deficiency is GBP1,372,178, Wales
Online discloses.
Beatbox Bars Ltd. ran city center nightspots Fire Island, Ten
Feet Tall and Buffalo in the Welsh capital.
THOMSON LOCAL: In Administration, Cuts 170 Jobs
-----------------------------------------------
BBC News reports that about 170 people have been made redundant
after Thomson Local, which produces business directories, went
into administration.
Staff was summoned to the firm's headquarters in Farnborough,
Hampshire, where they were told the news, according to BBC News.
BBC News relates that database specialists Corporate Media
Partners has since bought out the firm saving about 340 jobs.
All products and services purchased from Thomson Local will
continue, a message on its website said, the report notes.
BBC News relates that as part of the deal, the firm's printed
directories and digital products will remain.
Thomson Local has been operating for more than 25 years with 174
editions of its directory delivered to more than 22 million homes
each year. It has 10 regional sales offices throughout the UK
but details of where the job losses will be felt have not been
revealed.
Thomson Directories was the UK subsidiary of the cash-strapped
Italian yellow pages company Seat Pagine Gialle.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week August 12 to August 16, 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 * * *